Full text of Commercial and Financial Chronicle : July 21, 1960, Vol. 192, No. 5970

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ESTABLISHED 1839

Number 5970

192

Volume

Reg. U. S. Pat. Office

New York 7, N. Y.,

AS WE SEE IT

■mm

iFranklin Roosevelt

won a

By John T. Mas ten, Professor of Economics,

rate he is

How will

ap¬

our

monetary authorities resolve their

growth and employment in the face of

credit pinch in the

those of his Democratic

ing loans and investments—permitting more debt and infla¬

1960's?

to create

predecessors. In fact, when the

battles
of

problems," he
are

says,

not all won—and

one

"are not all solved and the
we stand today on the
edge

consider, in
changes

economy

over

that

The old

era

ending. The old
But Not

ways

the

New Era of the
the candidate

all out for

(Continued

prosperity

decade

burst

the

1959.

1950's

the

The

dec¬

tempered

strike in
of

economic

one

was

growth and progress

and also

on page

with

ended

and

ade

one

The

of inflation.

decade

was' marred

Korean

War,

the
the Cold War
and
by two minor economic
Probably all of these factors are inter¬

John T. Mas ten

recessions.

related, yet it would be difficult to conclude that
this has not been one of the better periods in

1920's and the dismal aftermath. But

does

future. * Our

steel

Kennedy and his advisers were wise
politics to speak of a "New Era." There
probably too many still living who remember the

are

the

question began with a recov¬
from the 1949 recession

•

our

ery
■

will not do."

the

of
in

some

place

taken

impact
of
these
events
upon
American com¬
mercial banking.
The third is
to indicate some of the possible
implications of these events for
detail,

Of course, Mr.
in the
ways of
'

fashion,

have

The first

ten years. The second is
to study, in somewhat greater

"New Era"

American

24)

economic

history.

uncertain

these

SECURITIES NOW IN REGISTRATION—Underwriters, dealers and investors in

securities

U. S.

afforded

are

State and

rate at which

partly

upon

our

which

period is used.
been

rate

rates

near

Registration'" Section, starting

measure

The adjusted rate seems to have
year.
Some contend that this

per

insufficient

for

other

would

embark

on the
has grown; it depends
is used and what time

general agreement

economy

and

point

higher

growth

countries, including the U.S.S.K.

be most

unfortunate

our

nation

were

inflationary "crash" program
expansion simply to achieve a more favorable

statistic.

sirable,

upon

This does not mean that growth is unde¬
quite the contrary; the objective of any
system should be in the direction

modern economic
of

maximizing economic welfare. The distinction
production for consumption and invest¬
as
opposed to production for the sake of
production..
/
T
;
.11
\
At the beginning of the decade, in 1950, interest
rates were low and money was plentiful and cheap.
This situation had been aided by the policy of
"pegging" interest rates which frequently forced
the Federal Reserve System to buy Government
is between
ment

securities which, in turn, had the effect of making
bank reserves

readily available. The banking

sys¬

tem, in early 1950, had free reserves of around
$1 billion. By the end of 1959, free reserves were
negative (net borrowed
(Continued on page 22)

corporate

State,

Municipal

26.

on page

and Public

Housing

NATIONAL AND GRINDLAYS

Municipal

BANK LIMITED

STATE

Office:

Head

Securities

that

indicate

gains were made during the decade.
Gross
national product advanced
by 86%, dis¬
posable personal income by 75% and industrial
production by 64%.
The income measures of
growth must, however, be deflated to account for
a rise of about 22% in the price level.
This means
that the $222 billion increase in G.N.P. during the
decade was equal to only about $135 billion in
terms of goods and services.
The balance of $87

Government,

Housing,

Expansion

welfare

substantial

complete picture of issues now registered with the SEC and poten¬

tial undertakings in our "Securities in

Public

national

our

billion reflects the effect of inflation.

past

poverty and surplus.
I believe the times de¬
mand invention,
innovation, imagination, decision." At
another point he observes that the "world is
changing.
.

objectives.

summary

the

...

use

safeguard against economic catastrophe.

economic

tions of

asked to

Measures

There seems to be

opportunities and perils—a frontier of un¬
fulfilled hopes and threats.
The New Frontier of
which I speak is not a set of promises—it is a set of
challenges. It sums up not what I intend to offer the
American people, but what I intend to ask of them.
Beyond that frontier are uncharted areas of science and
space, unsolved problems of peace and war, unconquered
pockets of ignorance and prejudice, unanswered ques¬
.

are

1950's, when they

favorable position, to meet the greater con¬

This article has three broad

of unknown

Bankers

1960's than they did in

grow¬

tingencies ahead than in the past decade and, thus, provide

frontier—the frontier of the 1960's—a frontier

a new

wisdom in

were

made.

were

question is that

gold reserves will be used

debt problem.

our

Kennedy appears to be
planning to employ on his new frontier and the stuff of

his

answer

larger reserves behind deposits expanded by

tion to solve

studied with care, little difference is found in

fundamentals between what Mr.

"The

Professor Masten's

A Decade of Economic

concern for

resort to devaluation or lowered

which the New Deal and Fair Deal

Copy

parently planning to conduct, his campaign under, this
banner, and we are afraid that the notion conveyed or
intended to be conveyed by it has no more merit than
matter is

Cents

times, we can only hope that the 1960's will prove
satisfying.

University of Kentucky, Lexington, Kentucky

well known for this slogan as were Franklin Roosevelt
any

Face Credit Pinch in the 1960's

dently believes in the political power of slogans. His is
the "New Frontier." He may or may not in time be-as
Truman for theirs. > At

Price

Banking System and Economy

large following with his "New

[Deal." Harry Truman felt the need of some appearance
of originality—even if he sought and won the support
of the New Dealers—so he came forward with the "Fair
Deal." The Democratic Candidate, Mr. Kennedy, evi¬

and Harry

Thursday, July 21, 1960

26, BISHOPSGATE,

and

MUNICIPAL

Lester, Ryons & Co.
So. Hope Street, Los Angeles 17*
California

633

LONDON, E.C.3.

Agency
Bonds and

Members New York Stock

telephone:

London Branches

HAnover 2-3700

54 PARLIAMENT

CHEMICAL BANK

ST. JAMES'S

BONDS

STREET, S.W.I.

Offices

SQUARE, S.W.I.

Bankers to the Government

NEW YORK

Exchange
Associate Member American Stock Exchange
Members Pacific Coast Exchange

Branches

INDIA,
bond department

PAKISTAN,

CEYLON, BURMA,
ZANZIBAR,

THE

Chase Manhattan

OF NEW YORK

KENYA, TANGANYIKA,

Inquiries Invited

Southern

BANK

California Securities

UGANDA, ADEN, SOMALIA,

New York 15

Bond Department

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

THE FIRST NATIONAL CITY BANK

in:

30 Broad Street

Claremont, Corona del Mar,

Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlaads,

in: ADEN,

KENYA, UGANDA, ZANZIBAR

TRUST COMPANY

Notes

NORTHERN AND SOUTHERN

Bond Dept.

Teletype: NY 1-708

New York

Correspondent

—

Pershing id,

HAnover 2-6000

RHODESIA

Net Active

Markets Maintained

Dealers, Banks

and Brokers

The Bank of Nova Scotia;

UNDERWRITER
DlSTR.IBTTi'Oifc

;

■"•■•

DEJAXifcSR, -V

CANADIAN
SECURITIES

T.L.WATSON&CO.
:ESTABLISHED 1832

Members
New York Stock

first

American

Stock

Block Inquiries

Commission Orders

Exchange

company

* "

BROAD

STREET

DIRECT VIRES TO

buy the above rights '
expire on September 18,

Direct

Private Wires to
Toronto
Montreal, Winnipeg, Calgary,
Vancouver, Victoria and

Invited

Executed On All

MONTREAL AND TORONTO

Goodbody &
MEMBERS NEW YORK STOCK

OAXJXJAS
•

Rights

'■

MUNICIPAL.

Halifax

FOR

CANADIAN DEPARTMENT

NEW YORK 4, N. Y.

BRIDGEPORT

to-

1960 at the current market.

Teletype NY 1-2270

offer

which

Canadian Exchanges

Exchange

<&otU/Ut>€4i:
"

Co.

EXCHANGE

2 BROADWAY
NEW YORK

PERTH AMBOY

1 NORTH LA SALLE ST.

CHICAGO

'.!.-.7s

Dominion Securities
grporatiotf
;

Associate Member American Stock

Enhance

Exchange Place, New York 5, K. T.

Tel. WHitehall 4-8161

Tele. NY 1-70*4

BONDS

CALIFORNIA'S

(

CIVIC IMPROVEMENT
MUNICIPAL BOND DEPARTMENT
{

BANK OF AMERICA *
N.T.&SA.
SAN FRANCISCO

LOS ANGELES

The Commercial and Financial Chronicle

(282)

For Banks, Brokers, Dealers

The Security I Like Best..

only

This

Forum
A continuous forum in which, each week, a different group of

Specialists for
35 years

over

in the investment and advisory

experts

Quarterly

Comparison of Leading Banks

York

City; Members New York Stock
Exchange

Broadcasting-Paramount

increase

revenues

request

v' *

with

"U'V:•

'■

Established

PHILADELPHIA
Wires

Private

Broadcasting

the

& CO.

20%

quarter
the

Leonard

number

should record

Private Wire to New York

popular television shows
''Maverick," "Cheyenne," "77

selling several

center

City

Vought
been

INTERESTED IN CANADA'S
EXPANDING ECONOMY?

new

shows,

the

Prairie

ing

over

Chicago,

WLS

the

radio

aircraft

limited,

was

other

half

and

constant

try,

Com¬

recently

are

panded

touch with

Australia

investment

Nesbitt,

bonds

Thomson^ and Com¬

their

corporate

Canadian

and will be

fur¬

investment.

revenues

NESBin, THOMSON
.

soon

148,600
in

total

integrated and duplicated

are

expenses

are

eliminated,

ment believes 4%

Central

America

manage¬

after taxes

can

ex¬

Based

value

1959

volume,

$20.00

per

engage

both

the

wholesale

and

retail fi¬

nancing of mobile homes.
National Data
owned

Processing, a 51%
subsidiary, probably will

•

and

second

the

(This is under
as

circumstances

solicitation of

offer

stall

company

It has contracts

optical

ment

store

Shamrock
Federal
for

five

scanners

City
in

Stores

New

Oil

have

in¬

Maison

depart¬

Orleans)

and

Gas.

Reserve Bank

and
„

The

contracted

installations of magnetic

be construed

buy,

Investment

Bankers

BOUGHT

SOLD

—

three

for

chemical,

over-the-counter

for

■)x

(to

sources

many

L.A. DARLING

M0RELAND & GO.
Members

Midwest Stock Exchange
Detroit - Stock Exchange

1051

Penobscot

DETROIT 26,

Building
MICH.

WOodward 2-3855
Branch Office

DE 75

—-

Bay City, Mich.

put-

every

standing share.
Military

activities

the bulk of Chance
and

earnings.
producing the
the

F8U-2N

based %
craft

still

furnish

Vought's sales

The

Company

fourth

version

Crusader

Black Clawson Co.

carrier-

aircraft Salesof

this air-;
trending downward, the
is
funded
through fiscal

New York Airways

are

plane

1962, but probably will continue
beyond that date. Other military
projects include the development
and
production
of
an
actuator
system for the Minuteman.

Chance

Vought
divisions

military
direct
Bids

its* efforts

have

been

realigned
in
in

its

order
new

LEWIS & STOEHR INC.
80 Broad

Street, New York, 5

Telephone DIgby 4-0985
Teletype NY 1-2978

areas.

submitted

several promising projects. Chonce

Vought was on the winning Boe¬
ing team for the Dyna-Soar, the
onlv program whereby
trols

his

flight 'in1'
the earth.

submitted

pany

man

con¬

<HOfA

and

snace

any

as an

offer

security referred

sell,

herein.)

the

The

bid

Com¬

for

the

portion—estimated
to be at least 15%
of the total
program. Chance Vought apoears
to be one of the

prime candidates
(Supersonic Low Alti¬
tude Missile), and the Missilier,
(the Navy plane designed to carry
the Fagle missile). The
Company
has designed a unique sonobuov.
for

SLAM

the

Solus,

which

would

have

long

life instead of a short life
for anti-submarine warfare. While
individual

Blanche

to offset the low birth rate in

Broadway,N.Y.6 COrtlandt7-5680

opera¬

currently
about
$13 %.
Vought owns about one

not be

company.

an
upward
trend
babies now coming

mill

building

trades

tinue

projects can¬
predicted, the Comnany is

get

and

its

should

con¬
new

business.
Chance

for 47 Years

$30 per share at year end
book value equalled

National Quotation Bureau
Incorporated

while

$39,13. The capitalization is simple,
consisting of 1,189,390 shares of

Quotation Services

Vought's strong finan¬

cial condition enabled the
acquisi¬
tions
to
be
made
without
any
dilution. Net current assets ex¬
ceeded

Over-the-Counter

military

highly regarded

1959.

optical' scanning character sensing

changes in theatre
which, however, may

111

Tokyo, Japan

dis¬

transmission
operations will
be
automated by systems of this type.
The
minority portion,
20%, of

machines in commercial operation.
N. D. P. is a remarkable small

any

■

Brokers

man-carrying

net.

Vought Industries, Inc. could earn
$2.00 a share after taxes and have

con¬

States

petrochemical, oil production and

re-entry

war

and

can

Westinghouse

rolling

Industries, the second largest pro¬
ducer, carries more than 4% down

ac¬

being started and

resume

with the

COMPANY, INC.

25 BROAD ST. 140 FEDERAL
ST.
NEW YORK 4
BOSTON 10

past decade,
increased
from

programs.

counting

AND

nies

opinion, cash earnings
should exceed $18 million or
$4.20
a
share this year and net income
should be around
$2.50 a share
against $1.92 a share for
1959, not

nish any information about Cana¬

dian

television

cessions in the park.
In my

transactions,
to

well

Grand

retaining its profitable food

investors

equally glad

the

compa¬

interest for $7.5 million on the
basis of $2 million down and
$5.5
million payable in five
years yet

is always ready to help in¬

stitutional

promis¬

very

On a $500,000 Chance
Vought in about 2 years.
Disneyland, ABC- The
Company
has
established
Paramount recently sold its 35%
Crusader Finance
to

and

•nd stocks.

pany

Concomitantly,

re-selling American tel¬

evision

corporate

acquired

Foreign

company.

tivities

•11 types of Canadian investment

municipal issues,

The

can

power

that

Chance

for

and

1949 mobile home production was

Award Records, another profitable

network of

government

privately-

total.

Record

possibilities

—

three

acquired.

already 4.5%

ABC-Paramount.

Affiliate

Yamaichi Securities Co., Ltd.

in¬

Gulf

control

Authoritative

Mobile homes have

for

year

duPont.

owned producers of mobile homes

Farmer

Company

York, Inc.

the

information

steel

were

Gillette,

station

this

tions)
F. Siebert

subsidiary
ranking be
earned.
This
initial
target
amongst the "top 10 in the indus¬
appears attainable since Guerdon

Canada, the U. S., and

Europe, is in

the

present

predict

Muriel

housing starts, in¬
creasing sharply to about 12% in
company also owns interests in 1959.
Vought Industries, Inc., is
Microwave As s o c i a t es
(24%), now the only mobile homes
pro¬
Technical Operations
(21%), and ducer which operates on a na¬
Dynametrics (33%), growing elec¬ tional scale.
Prior earnings are not
tronic companies
producing micro¬ available.
1960
is
a
transition
wave
equipment, radar compo¬ period. When the three

Par

popu¬

constantly expanding.

high

analyze

tribution),

serving the Corn Belt and which
46,243 units annually
had previously owned a half in¬
units in
1959.
in

this

control

in
1959 Chance Vought
realigned its
military divisions and simultane¬
ously embarked on a diversifica¬

^uch

of New

scan

automatically

Utilities., (to

aircraft

for

manned

as
doing research work in indus¬
trial and scientific fields. Its Am-

untapped

industry and

Inc., through

and

involved,

tems

has

Publishing Company which pub¬ ing future. In
three leading farm papers
production, has

nents and semi-conductors

Canada, the world's 6econd larg¬

pany,

record

write

Yamaichi

Securities

automation

process at

information

operate
the process
directly. I. S. I. has installed sys¬

produc¬

lishes

terest
'

and

owned

offices in

control

manufacturing

control

scan¬

ning). Chance

record in 1961.

new

current

4"' Call

times

many

optical

season ABC

and

pro-forma
"Flintstones," an animated adult
basis the new subsidiary, Vought
comedy show, and many others.
Industries, Inc., had sales of $60
Last year, ABC
acquired Weeki- million in
1959, estimated to be
Wachee Spring, a Florida tourist
of
the
nation's

TWX LY 77

Thomson

worth

record

NCAA football games by

LYNCHBURG, VA.

Nesbitt,

process

soeeds,

and

"Hongkong" sponsored by
tion program.
Industries, Churchill, Sat¬
In
late 1959,
urday Night Fights and The

STtlADER and COMPANY, Inc.

are

em¬

(m agnetic

Commonwealth Natural Gas

lation

its

the cost.

the

process

branch offices

STOCKS
For

ployees from 16 to. 145 in one
If N. D. P. can penetrate the
field and tap a small portion of
the potential, this small invest¬

trial

Strip,"
"The
Untouch¬
years.
Realiz¬
ables," "Rea 1 McCoys," "The
that
the
Donna Reed Show," "The Law¬ ing
"future
of
rence Welk Show," "Robert Tay¬

Life Insurance Co. of Va.

Its

increased

reading

Sunset

Dassett Furniture Industries

resources.

has

to
operator of the process, and

for such

American Furniture

vast

systems. Briefly, the systems

Kaiser

has

Information Systems, Inc., 80%
owned, designs and installs indus¬

important stake

our

JAPANESE

year.

data

Burroughs,

all of the installations. Character

data

strong demand for time

Sustained high ratings continue

Trading Interest In

nation,

IBM,

of the magnetic encoders for

formation

est

sensing has outstanding potentials.

near

NY 1-1557

Mobile, Ala.
Direct wires

awarded

was

homes and has

trial

HAnover 2-0700

New Orleans, La. Birmingham, Ala
\

Company

built

some

Co.,

selling

Members New York Stock
Members American Stock

its initial step in

ment; will

Steiner, Rouse & Co

the contract for the San Francisco
unit. The other four systems will

character

another

1-2762

—5-2527—

istics. The

sensing

lor's Detectives" and "The Rebel."
The management has succeeded

LD 39

check sorters

coming

WHitehall 3-7830

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

control

Teletype No.

for the 1960-1961 year and with
higher rates being effective for the

Dealers Ass'n

Exchange Place, New York 5
Phone:

City, (Page 2)

There is

INC.

Siebert, General Part¬
& Co., New York

Stearns

ner,

Bought—Sold—Quoted

Aircraft,, Inc.-r-

National Cash and Pitney-BowesFerranti Ltd. N. D. P. is
supplying

Vought Aircraft Inc.

Vought,

Vought

Muriel F.

evenings, second only to CBS with
broadcasting
revenues
in
1960
likely to be up another 20%-25%.

(To Brokers and Dealers)
40

long

position for the processing-^
indus¬
nationally in the both

two

season

Chance

working capital, is now the na¬
tion's largest producer of mobile

Jarvis

com¬

television

Odd Lots

for the

New York City

Chance

BONDS
Bids

good to

Members: New York Stock Exchange
American Stock Exchange (AssocJ

■

will show another outstand¬
ing increase bringing the company

Members

Security

Louisiana Securities

Para¬

Leonard

processing checks. N. D; P/s de¬
sign has certain unique character¬

this hard
is making.

progress

management

■

pany

time

in¬

Of 1960. This

the

Chance

year

S. WEINBERG,
GROSSMAN

im¬

are

discount

General Partner, Stearns &

leading

9.3%

•

first

SAN FRANCISCO

margins

—

MURIEL F. SIEBERT

last year and
to 23% for the

Principal Cities

$5-$6

run.

creasing from

CHICAGO

•

networks

Teletype NY 1-40
•

looks

drawn closer.

are

per¬

three

Exchange

Broadway, New York 5

WOrth 4-2300

climb

profit
and

working

total

Associate Member
American Stock

centage of the

1920

1959, with

ABC's

Corporation

rates

billings

$125.6 million
in

could

proved

from $21

New York Hanseatic

BOSTON

1953

has occurred

million

120

perhaps

the ABC

division since the merger in

selling

next three-five years appear much
more
favorable in that earnings

Important developments are go¬
ing on at ABP. A steady and rapid

United States

Why is ABCa
higher
price earnings ratio than some
other comparable
companies? It
is probably due to the fact that
prospects for earnings gains in the
Paramount

Hayden, Stone & Co., New

American

Companies of the

V.".

Alabama &

Selections

Jarvis,
Partner, Hayden, Stone & Co.,
New York City. (Page 2)

the depression years.

N. LEONARD JARVIS

Partner,

Thursday, July 21, i960

«,

participate and give their reasons for favoring a particular security.

Bank Stocks

Available

Participants and

Their

mount

and Trust

field from all sections of the country
American

Our 113th Consecutive

Week's

Continued

page

-8

Established 191i

46 Front Street
CHICAGO

New York 4,
BAN

N.Y.

FRANUIflCO

Number 5970

Volume 192

The Commercial

and Financial
Chronicle

(263)

Special Situations" in

CONTENTS

Today's Stock Market
Grimm,* Vice-President of Walston

Eldon A.

fly

New York

AND

City

LET

days

;raight

national

that

defense.

The

each day.

the

They have

"Red"

threatening

and
their shooting
down
of

vival.

military budget is going to
increase, no matter which party is

cratt.

started

who

with

out

sions,

well

"short"

the

market
as

Corp.—Ira U.

Cobleigh

AMERICAN INTL
—Paul

BOWLING

McCracken

Canada—Growth Rates and Trade Potentials—John Davis

BAIRD-ATOMIC, INC.

Democrats

Unrealistically High Priced Stocks Should

are

Be Avoided

ACOUSTICA

—Ray R. Neuberger

ASSOCIATES

as Secretary
Kennedy also

hike

SPORTS ARENA
—Kenneth Field

between

various

■

World events

are

■

IONICS, INC.
Not All Who Diversify Become More Competitive

—Roger W. Babson

Frospects

depend

great

from

here,

J.F.Reilly&Co.,Inc.

Regular Features

39
As

See

(Editorial)-..

_Cover

and Insurance

Stocks

21
J

Boeing

Indeed, here is

Comings Events in the Investment Field

Bowl-Mor

a company

that has charged off $165

fast

r:"

'6'oeing

Airplane:

will be considered first for several
reasons.

DIgby 4-4970
-r-r

Bank

suffer somewhat:

(1)

Broadway, New York S

selections will also

side

deal

the trend of the stock market,
a
whole. If the market dips

"long"

moving

will

action

million,

a Minuteman missile.
Here at or $20 a share over the past few
home, the big election is less than years in order to develop and
build jet airliners. Despite
this
four months
away.
Out of the
burden,
Boeing has
still
noise and tumult of the political huge
conventions, there may arise a operated at a profit- Last year,
comparatively young ■:[; man who earnings of $1.65 a share were re¬
will
help to lead ■'< our nation's ported, and it looks at though 1960
could increase to about
economy and purpose to new and profit
because development ex¬
greater heights, and to alert us to $2.50
the
gravity of our peril. He may penses on the jet airliners are on
the way down now. In the mili¬
be a
Democrat, or he may be a
tary field, Boeing is famous for
Republican.
B-52
bombers,
the solid-fueled

Dealer-Broker Investment Recommendations

Micro

What

Democratic Victory

Would

November,

Minuteman

shall

money—and
this
bring about a
strong

rally in the

spending—such

aetense, housing,
welfare
pump-priming proj ects.
a

--and

This

Martin

vs.

n^ean some further inflation
hence a
rekindling of in-

thai as
sinn»

and coppers. All of
:.

'•"*

D.em°cratic

Co.

Boeing

stock

had

might

have

speculative stocks, plus
ion»for honorable menonmy

list

Public

many years

Governments

Securities Now in Registration

Security

Salesman's

The Market

and

could rise to around $3.25 or

cents

year

ago.

Continued

Exchange Place, N. Y.

Direct Wires

Cleveland

Los Angeles

Dallas

Philadelphia

You—By Wallace Streete—

Security I Like Best

The

State of Trade and

St. Louis

Coastal States Gas

•

Friendly Frost, Inc.*
Industry

Cormac Chemical
Tax-Exempt Bond Market—Donald D. Mackey

Washington

and

You__

—

Members New York Stock Exchange

4, N. Y.

TELETYPE NY 14

HAnover 24300
Chicago

Schenectady

Glens Falls
Worcester

Cormac Photocopy
BarChris

16
Twice Weekly

Company
Reentered
ary

Reg. U. S. Patent Office

CLAUDE D.

Thursday,

SEIBERT, President

Editor

Other

post

*Prospectus

office

requeat

New

Issue)

Office:

HI.

135

South

Salle

St.,

(Telephone STate 2-0613).

Bank

$45.00

and
per

Note—On
the

rate

foreign

Quotation

year.

account of

—

-INCORPORATED

Monthly,

Postage

extra).

the fluctuations In

exchange,

subscriptions

must be made

Record

(Foreign

mi FRANKEL & CO.
39 BROADWAY, NEW YORK I

Thursday

Febru¬

Other Publications

statistical

Chicago

the

Subscriptions In United States, U. B.
Possessions,
Territories and Members of
Pan-American Union, $65.00 per year; in
Dominion \ of
Canada,
$68.00
per
year;
Other Countries, $72.00 per year.

July 21, 1960

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

plete

;■ ■

Subscription Rates

York 7, N. Y.

SEIBERT, Publisher

WILLIAM DANA

vertising

1942,

matter

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

REctor 2-9570 to 9576

25,

second-class

DANA COMPANY, Publishers

;

Construction*

CHRONICLE

FINANCIAL

GEORGE J. MORRISSEY,

25 BROAD ST., NEW YORK

Corp.

Incoming
on page

Founded 1868

inc.

•

Spencer Trask & Co.
Boston

' 40

Corner

The

25 Park Place, New

Newark

mackie,

HA 2-9000

San Francisco

Prospective Security Offerings

WILLIAM B.

Nashville

Singer, Bean

Chicago

PREFERRED STOCKS

Albany

The COMMERCIAL and

have \ specialized in

TELEPHONE

May—

Utility Securities—

Published

For

Wilfred

Bowling

Teletype NY 1-1825 & 1-4844

$3.50 against $2.24 last year. Re¬
sults for the first quarter of 1960
climbed to 88 cents a share vs.

Obviously,

Our Reporter on

its recent level of about 27%.

year

benefit from public works.
PurP°ses,

Observations—A.

Amer. Int'l

News About Banks and Bankers

Electro Refractories

headed

sharQa
building material
wnnii ,and;; other issues which
Id

spwLJ*??1®8*

Funds

dinary expenses are mostly out of
the way now, and earnings are
upward at this time. It
looks as though per-share net this

conquest

Mutual

Baird-Atomic, Inc.

bal¬

(2) Grumman Aircraft: Here is
another company which incurred
heavy
expenditures on a new
civilian
jet
plane,
the "Gulfstream." However, these extraor¬

iareinow Pr*cec* at 'Reces¬

levels.

1957 top of 61 and last year's high
was.-46%: Probably, "BA" stock
could recover to about $40 a share

umii

ai™

and

Indications of Current Business Activity

The latter contract is shared with

+ln <inflation hedge" com10C^. such as PaPer shares
g timberland holdings, as

num

sion

for

special rail¬
trains,
the
Bomarc
anti¬
aircraft missile, Vertol helicopters,
and the Dyna-Soar space glider.

should,

market, and in high-grade
preferreds. We should also wit¬

Einzig: "Whither British Econmy?"

Dot

road

still

see

easier

ness

around the nation

victorious

are

bond

intercontinental

listic missile, which can be hauled

Mean

If the Democrats
in

the 10 speculative can¬
which
appear
to enjoy •

average" prospects. I must
however, that future price

warn,

occa¬

the

side.

Average

are

didates

this

the

Development

"above

business of ours
represents a hard way to make
an easy living. In regard to some
of the "glamour stocks" which are
quoted at 50 to 60 times earnings,
I

for

Above

Here

book about his escapades.

Indeed,

asked

stock and ran his
stake up to $2 million by stock
market speculation — and then
a

4-6551

Problems and Considerations in Attracting New Plants

Canadian penny

wrote

STREET, NEW YORK

Telephone: WHitehall

Grimm

The Issue of Vigorous Growth Versus Price-Level
Stability

not as clever as the

I'm

dancer

the

$2% billion and $3 billion in de¬
fense outlays.

Eldon A. Grimm

Cer¬

tainly,

99 WALL

Government and Banking—Hon. A. Willis Robertson

has

of 60

power.

of Defense. Senator

Game" by a
to

DOGS*

envelope.

-..-Cover

—-

government, possibly

I f e e 1
football coach
who has just
lost the "Big
the

score

Economy Face Credit Pinch

victorious, Senator Symington, a
leading advocate of unsurpassed
air, missile and space power, will
likely have a high post in the

some

ways,

AND

The

American airIn

General

beach-head

only 90 miles from the Florida
Keys. We are in a fight for sur¬

war

threats,

CATS

reason

and

years,

becomes

*C}ean-up kit on request.
Send us stamped addressed

flavor of

Communists have taken
one-third of the world in the

past

and

1960's—John T. Masten

Eldon
a

CLEAN

Obsolete Securities Dept.

the

over

Page

"Special Situations" in Today's Stock Market

weighted heavily with

menace

o w,
due
,..ostly
to

Russian

in the

prices may fluctuate.

difficult time to dis-:
L "special situations" in the
QCk market. Stock prices have
iffered a sharp decline for two
iday is

Banking System

COMPANY

YOUR

Articles and News

well known market letter bearing his firm's name
elucidates on 20 speculative situations half of which he considers
worthy candidates for "above average" prospects and the remainder
for "honorable mention."
In arraying his list, the order of which
does not necessarily indicate any preference, Mr. Grimm is not
unmindful of the uncertainties in today's market climate and thP
fact that

CITEIMIH

B.S.

& Co., Inc.,

of a

Author

remittances

for
advertisements

and
In New York funds.

WHitehall 3-6633

Teletype

1-4040

4041

(264)

policy aims? To what extent are
they limited by the statute: to¬
gether with
the
administrative
and political practicalities?
^
^

OBSERVATIONS...
BY A. WILFRED MAY

Steel

Production

The State of

;

Retail Trade ' '
-

joe and jack

The "Wall Street" TargetThen and Now
ANGELES —Kennedy

LOS

(Joseph

pere

^Arizona),

Senator
Kennedy forthrightly and vigorfrom attacks on securities pracously speiied out his aims in this
tices., J. M. Landis, under whose area> :"The
costly tight money
avid aegis the preliminaries
(in poiicy can and must be reversed,
the form of a gigantic study made
rpbe goard must increase our sup^
^
by" the LU1,„UU8i«„ pursuant to.
(Commission
of
t-.

r111

—

Kennedy) made his pany Act of 1935. sec. 300) leading
quirements must be made flexible
mark during the First 700 Days
to the Investment Companies Act
for the expansion, and contraction,
of Roosevelt in getting the New Gf 1940
were
initiated, is now 0f bank credit
Open market poliDeal's epochal securities regula- chairman
and general counsel of
cies and tbe discount rate should
tion off the ground. Knowing his a
leading trade association in that be more
aggressively utilized .. ."
way around the tough corners of
industry, The Association of MuThe
degree of influence that
P.

Wall

Street

(for: example,

from" participating

fresh

tual Fund Plan Sponsors,

Inc.

-•>•* shouid

"typical
Libby-Owensa

Again reflecting the change in
pool operation in
^ surr0Unding "reform" atmosFord),
Joe
was
in
a
unique
pbere> were the consequences of
position to bring anto some kind
j.be So-called Fulbright investigaof harmony the violent opponents
tion of the stock market via the
and proponents of the drastic reQpen hearings conducted :by this
forms legislated under the Securigenate sub-committee in March,
ties Act of 1933 and the Securities
1955
Foii0wed by a further price
chairman

tne

this

Seclf*hep™taS
Gommispon, ne periorme
change
most

effectively

ruks^nto

shape

setting

and

res torin 2

the

political

exerted

over

r>oard

years

Even Garter Glass,

evidenced

"while

in the following:

the

■

mav

Federal
if

never

Reserve
it

by the flood of glamorforecasting, and by

comDietelv indenendent of leeislaas

purchasable

sssr* p

' srasrts.iss k
f.rUM, lo b.
wl.b.d

W«l Street'. Ch»nfcd "Vlll.ln,lent

objections from the militant
Already Mr. Junior Kennedy
Flynns, along with broad together with the brains-trusting

John

sections of

outraged public

thatjit may pemanently hold such
a high place of appreciation m the

and

politics-trusting Los Angeles
Furthermore, at his departure Platform writers, is shifting the
(for subsequent Rooseveltian serv- attack on Wall Street from the

ice

Maritime

Commission

chairman, and Ambassador to the
Court of St. James'), Mr. Kennedy

approach

securities

that of the interest

doings

rate

Most measures of economic activ-

^ntl^af JmakfRfSile

if not

country as

dangerous

for political

Positive!;ywai^erous, tor ponucg
vanaais xo practice tneir
arts

?gainst

with

conducted J wiiTirn ZdC
by William O. Douglas,

Thus,

this

if'
be

*ii

will

time

attacked

"Wall

the

succeeding

aegis of money 'charger," in
chairman, James former role as the

now,

is
is estahlishnd
established

"hard-

administer
statutp.

the

place
i-

reform

area

bee"

the

•

fu.

result

badly

its

both

Role?

gaily

—

: ~

arena.

:::

!be.,P°':?_CfI.!rena:_T.hlS 1Sn,0t.t0
imply that the
of

(with

dollar values

monetary policies

shared

himself>

wh0

are

Industrial production was down
point in June to the MarchApril level of 109% of the 1957
one

the

scene

little political mileage achievable

issue.

two crucial

are

What

are

the

^ i^Sy'- te°Sr^

Nominee's

well

most

the

announce

Koav*
hppn

herel

fas

M -pAvvvt
1
infnrmalTv

our

manager

and

the

while

goods

output

slightly

rose

Production of

consumer staples

put of processed foods and of 7*1
fuel

our

Sales

lighting increased. Production

apparel

also

increased

and

while output of such

television sets declined. Auto
semblies

rose

moderately further.

Some decline in
dirafpd
dicated

for
for

.Tnlv

July

assemblies

is in-

nwinf

owing nartl,, to
partly

stnnnafip/anH

work

as-

in June.

Output

iron

*V"X,

ined in

and

steel

Department

other

nonfood

commodities

wmwu tummuuiueb.

Bank Credit and Reserves
Total

commercial

hank

i^eased^ZSt

moderate loan
0ff^et nnlv in

tioL
tl0ns.

na5. uj

hold^s

the

■

second week

decrease for the

a
a

month

seas?nal Proportions. Out-

re-

PrInr\oni+fi

mPW?

depositfdecline^snghtly

Member bank borrowings from

lion

ending
supplied

during^he^fow'weeks
JuTy lS. Lse^ves we^
principally

mainly

and'

i)y

Construction

in-

f4T3T5 tmi"ion in System
an

were°TbTo'rbe'd

outflow o£

currency.

Security Markets

The value of new construction
Yields on U. S. Government sepi!4 in Place during June was down curities continued to decline from

from thel^'.^arter.

and

in service industries and State and
local government Unemployment
about

one

to early July when for
iu
July
most.issues they reached new lows
for the year. Yields on short-term
issues subsequently turned up as
the Treasury auctioned $3.5 billion March, 1961 tax bills for cash,
and refinanced three-fourths of a
$2 billion maturing bill with a
new one-year issue.

Xiei^f c on1 corporate and bonds
State
1 o a
government.

F^,,:vm„nr

mid-June
nuu-u une

million

4.4

have been relatively

jab?e- Common stock

prices

hav

aeclinecl somewhat
Bank

Clearings for July 16 Week
Were 2.6% Above Same Week
Last Year
RnnV

ohnw

nloa _.tfo

„r

wil

week w

a
a

...

«n

y^ar

^ twi co.mparei
Preliminary figures
•

million reflecting an unusually
SwrWhi?6
he
still
some
practical
unofficial large increase in the number of
p f advlces from.
sanctions against the political or- teen-agers entering the labor force
ca
fLl
Ct
dering
of
unsound
policy,
as and a contraseasonal rise among
ate that for the week ended Sat,
increased "market" pressure from adult 30b seekers. As a
result, the urday, July 16, clearings from all
The

hand,

there

are

seasonally adjusted rate of
most

authoritative

Nominee's

FOUNDED 1855

SnP
June.

^ \

demand
ucmanu ucpusiis uecuneo sugnuy.
__

£i aFd someTtheF Tonlurtbte cmittef

the

sec-

increaspd

JunVwhiteproZctlonof crudl

Employment

abroad.

Members New York Stock
Exchange

ln holdings Ot HSC
U. S. Governv,uve"1"
ment securities. . The seasonally

fthft

30 Broad Street

exSansfon

further
wac,

rrndit

schid^leda't 5^% oTcapac/Jv cTm" ^efderal Reserve averaged $435
million "and" excess" "res^veT

rose

the

0ther

some

de-

seheduled at 53% of capacity compared with 61% in June, suggest-

members,

easily

of services also
of
oi,, continued
increase, but " there were de¬
creases in prices of new and used
autos, gasoline, appliances, and
•
s".
««.—»»,a.m

tllctxi

Treasury," clined slightly in June. Paralleling
curtailments in output, employment declined at steel mills and
cheap-money scuttling famous aircraft plants. Meanwhile, there
Treasury-Reserve Accord arrived were further gains in employment

manager

Prices

Uti^Ul

nowpr

at under President Truman's
ond regime, could

t^fevel 2?

home goods

aslfurniture, air conditioners, and

of its other officials.

door-mat

•

price

was
early July a* the level of a JS*
year
ago. In recent weeks, prices of in-

further

the

versed.

and

the latter does possess real
power
over
the
Board.
For
example,
the

McKean Thompson
appointed

Chairman

some

sharply because of unfavorable
weather in preceding months.

industry,

consumer

Apart from worry over whether
Seasonally adjusted employment
"the Reserve will
again become in
nonfarm
establishments
de-

Syndicate Department

has been

has

appointTve powers oFS
Board's

appointed

Prv

craft

mem-

President

some

Comm^Uv

P"ces of many foods declined but
fresh vegetables rose

that

Raymond F. Glover
has been

Also

areas

Based on July 1 conditions, crop
production was officially forecast
at 118% of ^the 1947-49 average,
e(lthe record levels of 1958
and 1959. Total livestock production is also expected to be about
the same as in 11959.

fntheol? "ome

i!S slightly to a seasonally aaj USiea
adjusted
^ acctsuumiy
annual rate of $53-4 billion, Outsame party inmower nossesses the
lays for residential and industrial
st^n^patronage^vhiD^o ^ceen his construction changed little but exCongress in line
And the Pres
Penditures for other types generdent
in direct re^tionshin wfth ally dec}!ned- The value of new
the Reserve derives
construction in the second quarter
al^oimh with (T^lav ^rom hfs as a whole was about unchanged
tioned

pleased to

other

1statute-hook

^ ®u ^re

,-1—■'SXTtajST'dHl

materials increased.

points at

Qver-all nroduction of enuinment

9 ?U

vice ^resident s Utrice would

olrOOrlTr
alreadv

are

ap-

ixit ?f,Lyndon Johnson from the

outside

And it must be realized that the

here'

Today,with the long-continued represent other than
sincerely and
and the policing al- deeply held convictions.
There

"^^.Appnpriaconfirmation

the
the

sssr^ervsarvs

Jun^ T-A1
T^rS chned insteel In the
June.
inrougii of Julv

tPZVai
lecnrucai.

umy

The

Industrial Production

Hi-

iivyu

inf01^ai ^(fnirol notpnt^ls

market

ready achieved, there is certainly

ctnu.

ur®ached

1 he wholesale commodity

ing

Professors Galbraith and Schlesin8er

v^uiigicoo

nrtw

tions-purse,

uSa

^he e^rlv ciSbad^ i^model^har^P^ adjusted money suppiy, which had
nvJ
hnfiinpfif.m,ininMK declined sharply in May in asso-

brain-trusters

his

pvt^t.
exieui

Kennedy

provisions

only alter policy through

can

This is not to

Senator

dntv

the enactmentj>f new legislation.
R t
this statpmpnt is to
^roat

that the Fed-

eral Reserve's role will appear in

for the political
f°r

and ethics)•

bull

thp

j new high—3% above

supply increased.

Conjress—-and not to other than dllUdltj dUUlllOIldl
aircraft,
additional
the Executive. The Congress le- gains in activity were widespread

been

having

ash"-burned
"Crash

decimation

this way

-ring
Clam0rl°S

drastic and government action
the

It is in
— —

took

which

....

The Reserve

chalked

senior Kennedy

the
in

record

Board

of thp indPthe inde-

one

rLnon«ihilitv

with

rectly to the
iv mc

of Departure

realize

nnn

pendent agencies with

lieu of his
"peddler of

xtLvAj

This

worthless securities."

Point

must

basically that the Reserve

Street"

the

and finalized under the
M. Landis.

tentialities

onj

—n

he held "responsible."

mhno

both
first quarter of this year and
in June at advanced levels,- and second quarter Of last year,
commodity prices generally were
;*
;r.

An intelligent and fear-

"cheap money" serving as the ponnd
litically popular slogan. With the nivolves as much of sanctity and
^
Of consequence to the American
toward
major measures
subse- Federal Reserve directly responquently completed and put into sible for that "burden of Repub- people as a like discharge at duty
effect; as the segregation of broker lican high money," of course by the Supreme Court of the
United States."**
rim :s:v.
:
»i,
and
dealer
activities, and most through the domination of "Wall
Weighing the"interference" ponotably, the drastic investigation Street," the private banker will
had act tu uiuuw the SEC's work
set in motion

Udu

into corporate reorganizations,
The latter was a herculean job

ann

should

tive and executive influence

Commodity Price index

rate. Sales at apparel and denart

.Tn.hi

ity continued to show little change

^^^15 alXso

market

authoritative "tips"

the 47

of its
the
apostle 0f monetary purity who
fathered the Reserve Act, realized
the need for some compromise—

pieasingdofhat part of the public
enchanted

t.h.p

down, returning to the MarchApril level. Nonagricultural employment also declined slightly
and, with a rise in the labor force
unusually large for June, unemployment increased^ Retail sales
expanded, approaching the April
high Bank credit and the money

existence.

dud—although

nnryp.nr

agency,
has
matter of continuing con-

troversy

lettnr

Production

ment stores also advanced, Th£
thneo
at
those -at appliance arid furniture
of the Federal Reserve Bui- ?torex declined: In-the April-June
im.ll

stable. Industrial production edged

can

independent

been

rise of 25% this show proved a
compiete

following national summary

nnnAi.ti.nnji

and

ctaSn of the^ad^iistra^
administrating

The

•

Business Failures

TRADE and INDUSTRY

pj^ "money' by" Truing" teor® <*
business and financial
HoldtaTcon^ Government6Bim ^Reserve"re- conditio will appear in: the July

$e-^bUc
it

rood Price
Index

Auto

ami

Carloadings

During his pre-Nomination PriOregon

Electric Output

■* i.

■

succinct,

clear
disclosure
of

policy

intentions,

and
the

and

of his appraisal of the
"independence" element, is contained in the

Continued

New York 4, N. Y.

page

ployment

♦♦From
250.

Carter Glass's

>in

the
in

high

May from the

reached

approaching

April.

a 2%
record

Sales

produced autos
a

the

wpplclv

United

States

possible
•

from

obtain
9fi<70

above those for the corresponding

in June, following
in

cities

which

weekly clearings will be 26%

^Seasonally adjusted retail sales

Cii^OUn'eY*yinF:T)' domestically
'*

unem-

Distribution

37 rose

Adventure

5.5%

£Lvllian Iabor force from 4.9%
May.
|

decrease
.

rose

7'^^

6.5 million

rose,
annual

week last
totals
a£?ain«?t

year.

stand

Our
at

preliminary

$27,288,831,95.0

^Q7 «or nm

for

the

against $26,597,808,601 for
q
same week in 1959. Our comparative

summary

for

the

principal

follows: .'

16 were as

The Commercial

and Financial Chronicle

(265)

ending

for, week

centers

juiy

Number 5970..

192

Volume

•

perienced

•«

41960

1959

^ Br* ^ra U. Cobleigh, Enterprise

303,154 $13,105,669 f9.1
1,362,296
1,467,359 —7.2
1 102,000
1,119,000 —1.5

SlSphif

765,706

774,630

£ swift account of the
land

Despite

The

Slowdown
,

himself.

Land

old

Port

for

as.

has

wf»ct Cnact

for steel countless centuries, been man's
the mid- favorite long term : investment
rest of July, to rise in Home ownership hL Proved one
n
proved one
the
70s.
+p

Steel magazine looks
.Derations to continue in
for the

Charlotte

TamismP

famous

bordered

4ft

most of the great fortunes in his-

most

week re- tory. They're still making people
low point but they've stopped making land"
clifThtlv
"'Cktug iauu,
t.V to
sllChtlv
S
UU'
of 42.2% oL capacity ta a shgtty s0 land is m a continuous long
more vomstJ3.l%.
Outpp... was term uptrend price-wise, if only
its
nf

,nnat.

oanan

1.513,000 ingot tons.
Unfortunately, the rising output
was not accompanied
by sigmfigains in order .entry, the
metalworking weekly said.
f
This week s one bright spot in
steelmaking is the rise in the
prices of scrap, an important raw
material in the production of steel.
..

Historically,
been

acquired

prices

scrap,

velopment

nave choicest sections

our

delayed for a* week- or
dustry

seiline
selling

state,

progress

they

of
of

,and
land

h0Uses

.two, and property
-

the
the

and
and

buildine
building

it, then not just
land

must

will

well

do.

these

company

houses

builds

attractively
...

;

1959

common

per

was

$1.40,

net

the.

from $1.07

for

and

men

for

Management

carefully

highly
competent.
Cowles,: President
of

0Owles Magazines, Inc. is Board

Chairman/ Frank E. Mackle, Jr.,
renowned home builder is Presi-

dent The Board includes Louis
chesler (President of Universal
Controls), H. H. Bassett, Chairman

operating and de-

Gardner

u^U.,cT,^°Prtnnn
3U'UUU
ho.mesltes a"d nt ^l^nrodnced
3?^ Tl-000 ,homes
®°*d]
7
mfiVfan
g™t hnZt
tinv
!Z'
'

the

making levels management
General
Development is re¬

garded

of Operations

riSS/wnS

landscaped

cisjon

To give you some idea of the,

everything
0ffer in the way

location, convenience
nleasnres.
B,.t
pleasures.
But the
the

—

Magnitude

doesn't just sell lots and

any

The

located,/planned

ieisura
leisure

and
and

and

romantic

long term potentials,

women.

provide

& tP0

Florida
businesses the volumeof climate,

Both

about

and

tfibrA

ri^r

xue performer
cumm

ana nig «u, auo.

*i,uuu

between

mto

low

The point to note

and

5/1/75; (convertible into common

Jhey "f pla"nmg'eourse' ,0,;0
to build
their plots. The aver
h",,H "" thp,r n,nt"' Thp avPr"
age buyer's
age
is surprisingly

Fort

Community Development

sub-

p?r^ retirement-minded, and 78% million have been projected, and
?, those qaestl0ned indicated that a per share net moderately above
1959.

v'-jlx-

ututlQi wcvw^mcm

^at.

include

Beach,

of sunny Florida,

growing

old ,tract

been

Executive

the

Committee

are

they 11 have
for

Titusville.

the

tha^

ship-of

purchasing

Prupano

Sebastian, Vero Beach and

Land Holdings

.If your

good even though August
to automakers have

some

corporate

the auto steel outlook
Steel said the auto steel outlook

merits

pierc|

countrythe year earlier. Last year's gross
A recent survey of these buyers revenues were $67.24 million. For
ind>catef. they are tor the mo* 1960 gross revenues of around $75

ln-

mey

aay

nationwide
franchised
of realtors throughout the

group

developed

holdings

smaller

acreage

bought ^

where

Park is being

some

iok''

advertising,

section

acre

Capitalization and Earnings

through

„„„

mine
armnsilarge acquisi-

45 150

Pmf Malbar

Other

icueui

the

are

Who

$2'000 and may be paid for' $1° actlve market: perfon
down and $1° a month- Buyers manyterm DOtentials.
feel it has quite
thmnffh .natirmwiH** lonff
are
reached

230

over

but

company,

popular sized homesite is 3

somewnere

-profitability has seemed assured, large scale land developments is

market since January.
is

fastest

stantial

rise in the

the first

ton,

operating

was

cause this land „
and located in

bellwether of the indus-

recent

most

far.

UIDSI

was

dustrial

de-

solid economic grounds. And be-

try's operating rate. Steels price
composite on No; X^J1®
steel went up 34 cents to $31.67 a
gross

iac
The

swaths-of Florida

vast

broad

from General Development. The can buy the 6% debentures due

7-mile

sites have been sold and

tion

jand for ultimate resale and

arterv

come

tnai

.--i-.1 • *6n>

wlnderine

River.

homes built

—,

...

motor

the
St
me
w
me Wanaerillg bt.
Here 20,000 home-;

on
°n

IUdS_

Lucie

When, therefore, General Development Corporation prudently

assets.

build their own home. Well over liave a choice: they can buy the
100,000 people have bought land common now selling at 14 or they

embraces

area-

"eniovs

and

frontage
irumage

scarcity value is considered.

about

traveled

Florida

mTleJ

They

muugni

Trail

waterfran?

turesoue

„in© -second land

Itput.
V
Ingot production last
(U„ded
b0U.nAe5 from the year's
in

South-

!*;«+,♦

valuable

do they come
from all over

where

and

from?

com-

the

nf irinrirU

Capitalization consists of $43,350,000 in debt followed by 6,the world, attracted by Florida 277,757 shares of common stock
climate,
their natural yearning listed on the Toronto and Amerifor
land
ownership, and
the can Stock Exchanges. Investors

they

successful techniques by which this unique

yearning for land is
man

Canadian mineral development

company—all these create
panorama

what about the buyers?

wunity living for people in their later, leisure
years<

Auto Steel Good
Autodom's Planned

Outlook for

for the

much

Economist

company converts acreage into
convenient, comfortable

+1.2

Boston

Land Buyers

S14

York—

Nc«'

builders

home

Florida.

000's Omitted-—\

orders./:

•

'.uiciiiciii

giving,

Wiumu

numcs,

unci

cinu

&uupjjiiig

cticcta -; iui

nearness

water.

Let's

tion and community centers.

And;

oamp

nrn(Jn

*"■

#»iirr#>nt

r»act

■

-x

^Advantages'and leisure pleas- centers, churches, schools^-recrea- l.-.'.

autc( /output; dres

to- trim

Decisions

iAu

ha„pd

i<5

have

that

tpphninup<?

—-

"""

of Manufacturers :Trust Co., New

York-

r>.
1
same lecnniques • inai iwve . . There are 16,000,000 people in
elec- me
eiec
of General of coursej the utilities
been so successful ,n selling land
America todayi 65 or older. Hunsituation} About 1 million .Development Corp. and see how trici.ty,/ watery ; sewage disposal ioee" bo succ^siui m w wuu America today, 65 o of them are
unsold cars are in dealers hands extensively and how wisely it has telephone servic
and dre.d? of,^ousa"ds
about to be,' and
or in transit.
; ;
J -.selected- 4ts huge acreages/ with -the community planning.
planning.
• r e t i r e d+bri.abou
ially trained salesmen--'
Cutbaefcs'iwill ijrobabjyt be madq' the/5b3^%uSiS^i in rtiiid^- ' - So thii theri, is the General De- sp!,taa"y
—eagerly shopping for homes in
in September production of new > Qeneraj ;
Development
either velopment program—first to pro- 1/
asse': picture at General balmy, congenial retirement corncars
even though 4t'& pqssible : ov/ns
iri fee,- holds under mort-.; vide sound and attractive home- ^Pevdopment is
Hi^itics. General • Development

li'P hpinp made because of the iri-■
ai-e being made because of the iri-

i««i" +:+

look

+v,^

the

holdings

veritory

—

e®arerincludod in'^"Snaf'deaTer's
ll™8' and:

...

that >final

runs

on-1960 ^models

gagg -or has*purchase options on,
aver
185,000 acres
of choice
its pre, Florida terrain. This makes the
foi^ third quar- pomuanv-not -onlv
the
largest

will-be- curtailed:/ One

pf the Big >

Three has reportedly cut

liminary program
ter

That may. well be the

the industry.,

Although

pattern

- ^,

tonnages

smalL

in: three-communities*'
automakers

the

now,

won't be released

big

orders

until, the

latter

;: ;

part of next month
».

U. S. compact cars

•

gaining
foreign automobiles, Steel com¬
I^Pl (Jn

mented.

onTOW»

It's

AV*11

are

AAYV%_'

/~kc

Detroit

but

„

achieve

...

-t0

that

tlle

vai-ue

growing

^'fV;;

•

The largest is the 92,500 ,acre

means:; Actual, construction

their

and

supervision " of/development

finance/company;

investors,
General Development Corp. ap-

Ontario Metal and for stock-minded

Plating Ltd./holding world-wide:

never

but

Statement of Condition

until U. S. automakers
get their
smaller models on the market.

RESOURCES

cars
like Volkswagen
and
Renault will continue to, clean up

June 30,

The aluminum
industry's "Little
Three" producers are in the black

expect

reported.

this

The three

aluminum

making

year,

PgflL

capacities

Ulecn™ent

to¬

million tons.

Loans and

Several

Three"

oecome

are

Deposits.

$ 93,192,450

..•••

the

doing and

cneoi

/•

com-

how

71,745,539
and Other

State, Municipal
Securities.

watching

LIABILITIES

_nd TAue from

Banks

taling 300,000 tons.
The
whole
industry's capacity is about 2.4

!plJs are
Little

1960

K01

52,531,581

• • • •

192,765,354

Discounts

may

Accrued Income

1,456,841

Receivable.
/. /•

•

■

5,224,279
V

Aluminum
Co., Harvey
Aluminum
Co., and Ormet Corto

/./ "■

stepping

metalworking.

Conflicting

$361,786,214

^T^l^come

1,568,965

504,584

Dividend Payable in July 1960

14,796,875

Other Liabilities.^

349,206

Reserve for Contingencies.

Capital Funds:

$12,614,587,

Capital Stock...

...

Surplus.'..

Banking Houses.

primary producers if Ana¬

UP sales

• •

4,476,655

•.

15,000,000

Undivided Profits.

7,534,013

(Par Value $12.50)

conda

P ration are
successful in

•

Unearned Income

Steel

annual

have

Other Assets

1,715,055

•

35,148,600

Total Capital Funds

$418,631,099

Factors in Steel

.; ••

■

$418,631,099

Industry Outlook
'

ciiPauses

current

steel

Lester E. Shippee,

farA*3 are deePer - than- seasonal
Ti.

Raymond

°rS and inventory correction,

Pomeroy

Chairman

Day, Executive Vice President

John B. Byrne,

C. Ball, President

Chairman of the Executive Committee

lr°n Aqe
says.

*as? factors

behind

low

the

The Connecticut

°.. Production will keep steel
♦hp ca 10ns at a low rate through
ma
aaimer and into autumn, the
Magazine

Ono„

Banlc

AND TRUST COMPANY

predicts.

HARTFORD,

c°ntrol
co

n/eidown

But

Aen

nes?
-

Uo^nf

n°t to be dismarket decline,
have been lengthened
d by low rate °f busiare

0ng maj°r steel

buying for the

Continued

member

consum-

e?cePt for the annual picksteel

CONNECTICUT

sum-

and

ers

and the

K;0 Kon^sChave0tbceirsold work is done under contract by rights to a metal chrome plating pears to offer some interesting
SS°°i
h^'"irea4f "buiit!. -Mackle Co., perhaps the most ex-'process; and Chemical Research, and unusual values.

.ctllvli

again reach 1959's record 609,539,

rourse

the

be¬

editor

lieves that imoort sales will

hnsOly- to/

well-rounded communities where owned utility service properties F1®nda'.
r
L
for-CQhbtry's largest community de- those in the later leisure years rapidly expanding to meet surg- other friendly^ climates as well
velopment corporation. The major may enjoy a serene, happy winter ing population demands; substan- California, .the Southwest and the
of broad stretches of real estate are/free, living comfortably ' within tial home office facilities; a land Bahamas. Both for home-seekers

W%r^£LS-; Flwida

output of ;l-96h models- by

i 100,OOQ^,/.a<c£es:
stands ready to serve them not
and clear, and over $90 mil- oniy wjth the happy prospect of
/substantial^' {nHthatTh^^wine^valte of land and home ownership >

sites—then to encourage, and ar-lare
range for, building thereon and free

new

page

<4!

Offices—ready to serve you—in 21

federal reserve system

member

Connecticut communities
federal deposit insurance

corporation

The Commercial and Financial Chronicle

(266)

bership. The bonds were reoffered

TAX-EXEMPT BOND MARKET

DONALD D. MACKEY

has had

bonds

better tone throughout

of secondary market holdings

ume

The close runnermade by the F. S.
Smithers & Company group.

shelves.

dealers'

bid

The

was

In the following tabulations we list the bond issues of
$1,000,000 or more for which specific sale dates have been set.

Information, where available, includes name of borrower,
of issue, maturity scale, and hour at which bids

amount

will be

opened.

issue, $30

northwest

other

Thursday, July 21, 1960

| Larger Issues Scheduled For Sale

morning.

day
up

The market for tax exempt

to 4.30%.

yield from 3.10%

good investors reception was gen¬
erated
and
only $6 million of
bonds remain in account yester¬

...

July 21 (Thursday)
Washington Toll Bridge
The total of state and municipal million
Generally speak¬
1,000,000
ing, the markets for all debt se¬ bonds as shown in the "Blue List" Authority Second Lake Washing¬ Birdville Ind. School Dist., Texas
?
curities have been improved with has recently been over $460 mil¬ ton Toll Bridge Revenue Bonds, Davis & Salt Lake Counties Sewer
the leadership, almost unfaltering, lion. As reported on July 20, the was bid for yesterday. Two large
District, Utah
1,750,000.
deriving from Treasury bill and total is down to $418,812,200. This groups had been formed to com¬ Eaina-Morningside Ind. Sch. Dist.
No. 273,.Minnesota
bond issues.
With member bank change, although not conclusive, pete for this authority (a public
——,
2,000,000 ?,
free reserves greater than in re¬ indicates
that the market
i
1,000,000
may agency of the State of Washing¬ Westbrook, Maine
cent years, the demand for bills soon have reached a point of more ton) offering but, due to under¬
July 22 (Friday)
has been steady. With the Treas¬ active strength—such as the gov¬ writing difficulties, these groups
ernment markets have been re¬ merged and made a joint bid nam¬
ury apparently facing little dif¬
Carlsbad, New Mexico.1,950,000
ficulty in providing for the $9.6 cently experiencing. The rise in ing a 4.90% interest rate for the
term callable bonds due Jan. 1,
billion
July 25 (Monday)
Aug. 15 maturity, since municipals has been more passive
less than
$4 billion is held by than active, largely reflecting the 2000. The group is jointly man¬ Jurupa Community Services Distaged by Blyth & Company Inc.
the
public,
the
market
seems strength in government securities.
trict Improvement District, Calif.
1,550,000
likely to show further improve¬ Municipals now seem closer to and Smith, Barney & Company
the

past week.

—-—

—

1964-1990
■

8:00

1963-1990
.

p.m.

8:00

p.m.

•

1963-1990
1961-1980

Noon

1961-1970

3:00

1964-1985

8:30

p.m.

ment.

going it on their own.

Interest

Rate

Manipulation

Not So
In

connection

Easy

with

The
market

the

for

Treasury securities, it is inter¬
esting to
note
the
contrasting

implications

between

the

Democrat

platform and its spending-growth philosophy, and the

Lower

Index

Yield

Chronicle's

municipal

and

state

again indicates
a slight market rise.
The average
yield a week ago was 3.408%.
On July 20 the average yield was
3.396%, which represents a mar¬
bond

yield index

betterment

about

featuring in today's headlines by

ket

the President of his billion dollar

of a point, in the high
grade category of secondary of¬
ferings.

surplus for the current fiscal
These

points

bond

longer term
returh

structure

market.

From

viewpoint,
a

however,

lower rate interest

by no means as¬
sured. The power of interest rate
manipulation appears still very
much open to question.
We

seems

have

called

repeatedly

at¬

tention to the resistance of inves¬
tors to purchase tax exempt bonds
at
the
rising levels-, that have

prevailed,

during

the

few

past

months.

This

has

reasonable and

been

eighth

not disturbing to the

seem

current

year.

decidedly antithetical view¬

general

reluctance
substan¬

$27,062,000 Nassau County,
issue bought by the

The

York

New

Chase Manhattan Bank group

briefly mentioned here
out, marked a slight
change in approaching large new
as

sell

The

issues.

and

market

the

quick to respond. Those re¬
latively few bonds not placed
with investors were quick to be
marked

helped

manageable

ket"

atmosphere

"buyers

during

the

into

since

has

secondary

Good

factors

are

beginning to change, temporarily
at least. The free reserve situation

has set up a

ership

very

the

The heavy
municipal

favorable lead¬

government

volume
new.,

issues.

state

issue

and

financing

two

largest

Utility Revenue bonds at competi¬
tive bidding.
This issue will de¬
fray the cost of building the Car¬
men-Smith Hydroelectric project
the

McKenzie

River

which

will

expand the system,, thus en¬
abling future growth. The high

ing

bid

June

teiy

has

and

subsided

may

for

the

continue moder-

light

during August. With
temporarily off the
arket, inroads are being made
!n the
extraordinarily large vol¬
his

pressure

this

time

Ira

was

made by

by Blyth

group

from

3.00%

Also

them

Company, who
prices yielding

3.70%.

headed by John Nuveen &
Paine, Webber, Jack¬
Company

group

Company,

& Curtis, Weeden &

son

and others. Yields ran from 2.75%
to

4.00%

The

1978.

fered.

improvement
general
obligation
(1961-1965)
bonds was bought by the Chase
prices

(State)
Jersey Highway Auth., Gtd—
ew York
(State)
ennsylvania (State)
ermont (State)
ew
Housing Auth. (N. Y., N. Y.)
s Angeles, Calif
altimore, Md
incinnati, Ohio—

—

.—

—

Orleans, La.
hicago, I1L
ew

York

County,
bonds

which included nation wide

mem¬

Pa., Institutional
sold

Short-term

Maturity

1978-1980

Bid

Asked

3.85%

municipal
obliga¬
fetching bids ..reflecting
.

City, N. Y

1980-1982

3.45%

3.35%

1978-1980

3.35%

3.25%

1978-1979

Turnpike Bonds Yield Index has
remained unchanged for the last

3.15%

3.05%

two

Tunnel

District,

Va.__

Mississippi

11:30 a.m.

1964-1994

10:00 a.m.

Noon

3,000,000

7:30p.m.

County, California-_

New

Independent

Ulm

District No. 83,

11,200,0G0

—.

School

Minnesota.

1963-1980

2:00 p.m.

1961-1980

10:00 a.m.

1963-1990

7:30 p.m.

1962-1985

1,100,000

2.30 a.m.

Aug. 10 (Wednesday)
Terrebonne

Parish,

Louisiana

1,300,000

Aug. 15 (Monday)
Tri-Cities Mun. Water Dist., Calif.

3.40%

3.30%

been

noted.

San Mateo Jr. College

3%%

1980

3.45%

3.70%
3.35%

3%%

1980

3.40%

3.30%

The

2,500,000

Aug. 9 (Tuesday)
Los Angeles

3.80%

last

3,000,000

Aug. 23 (Tuesday)
Parish, Louisiana

—

Dist., Calif.

Washington

1,000,000

5,900,000
34,000,000.

—-

Chesapeake Bays Nearer to
Market

3.60%

Sept. 8 (Thursday)

13.50%
The

flotation

$200

million

Los Angeles,

California.

•-

4,000,000

10:00 a.m.

Chesapeake Bay Bridge and Tun¬
nel

are

District

bonds

imminent.

continues

The

within

the

Sept. 14 (Wednesday)

underwriters

attempting to bring the issue
market

weeks.

Greenwood
.

South

Metro. Sewer District,

Carolina—-

ing later this week. This is the
only large negotiation now ap¬

1,600,000
Oct.

and

Thus

far

the

two

Los

Angeles

Co.

Texas
and
ton

$10,525,000

are

serial

bonds

$34,000,000
serial

There

will

State

bone's
be

Flood

set

Houston,
July 27

Washin-

for

(Tuesday)

Control

10,000„000
Nov.

(Tuesday)

City Harbor District,
California
—12,000,000
Dec.

volume

during this period is traditionally
light. Higher prices appear likely.

Los Angeles

Aug. 23.

others but

—

large

issues scheduled for bids through

August

—

12,000,000

District, California
only

;;

(Wednesday)

Power, Calif.
Oct.

Suggests Higher

Prices

Los Angeles Department of Water

pearing close to market.
Low Volume

h";

few

Details may be forthcom¬

LOCAL STOCKS

—

9:00 a.m.

1978-1980

ATLANTA 3, GEORGIA

1963-1990

1977-1980

JAckson 1-0316

2000

1961-1980

3i/2%
3%%

RHODES-HAVERTY BLDG.

200,000,000

Wichita School Dist. No. 1, Kansas

Iberville

CORPORATE BONDS

Noon

Aug. 3 (Wednesday)

July 14.
improvement since then has

MUNICIPAL BONDS

—-

...

Some

J ESTABLISHED 1894E

p.m.

1961-1975

1,805,000

3.05%

3.396%

8:00

10:00 a.m.

2,700,000

3.05%

a.m.

1962-1980

Everett, Washington

3.15%

3.95%

1962-1986

4,500,000

Hartford, Connecticut

3.15%

4.00%

10:00 a.m.
7:30 p.m.

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

1978-1979

1980

1962-1981
1962-1978

^Chesapeake Bay Bridge and

1974-1975

3.75%

2:00
11:00

Aug. 2 (Tuesday)

3%%

3.60%

p.m.

1961-1990
1961-1980

1,500,000

■

3ys%

1977

p.m.

1,500,000

Seattle, Washington

reporting periods.
figure was 3.93%
on

1979

2:00

a.m.
a.m.

Aug. 1 (Monday)

Smith, Barney & Company

3%%

July 20, 1960 Index

STATE AND

excess

3y4%

p.m.

July 29 (Friday)

;

Farmington School District, Mich.

rate

the

ago

3.00%.
The

2:00
10:00
11:00

a.m.
p.m.

2,310,000
1,500,000

Tyler Indep. School Dist., Texas—

ity awarded $45,870,000 notes on
a 2.046%
annual net interest cost.

3.70%

1963-1985
1961-1985
1961-1975

a.m.

Cadillac, Michigan——1,170,000

reception.

a.m.

3,150,000
1,810,000

Tucson, Arizona

including others. Priced to yield
% to 3.65% the issue met with
investor

11:00
11:00
11:00
3:00

p.m.

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

2.20

good

1962-1979
1961-1989
1961-1980
1963-1990

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

Texas

Delaware Co.,

District

(1961-1990)

the, group
headed by Halsey, Stuart & Com¬
pany, Merrill Lynch, Pierce, Fenner &
Smith, Ira Haupt & Com¬
pany,
Butcher & Sherrerd and
were

many weeks
would
have
been

—

Houston,

Boston, Massachusetts

general obligation

p.m.

July 27 (Wednesday)

from

yield

1:00
3:00
9:30

re¬

day, $2,925,000 Erie

same

3y4%
—

and

group

2.35% to 3.30%.
On the

—:

street

Bank

9:00 a.m.
Noon

1962-1990
1961-1980
1962-1981

■

5,600,000
6,000,000
1,645,000
1,500,000

Assumption Parish S. D. No. 1, La.

with

investors. A small issue of $450,000

Albuquerque

1961-1979
1961-2000

5,150,0001961-1990

Georgia

Thibodaux, Louisiana

reof¬

y were
not
issue went well

The

and

1979

maturities

1980

Company, Inc., Hal- tions are
&
Company,
Inc., the increased demand for this
First Boston Corporation, Lehman
type of tax exempt paper.
The
Brothers,
Drexel
&
Company; New York City Housing Author¬

3%%

County,

El Paso Co. Sch. Dist., No. 12,

Stuart

sey,

Rate

onnecticut

DeKalb

1,000,000
1,175,000
2,200,000
1,400,000
7,770,000

19, Al¬

buquerque,
N.
Mex.,
awarded
$4,980,000 water general obliga¬
tion
(1961-1980)
bonds
to
the

headed

MARKET ON REPRESENTATIVE SERIAL ISSUES

(State)

Housing Auth., Alabama

Maryland State Road Comm., Md.

July

Tuesday,

Not

alifornia

Andalusia

awarded the bonds

and

Haupt

reoffered

northwest

part of the country. On July 19
the City of Eugene, Ore., offered
$25,500,000
(1965-2004)
Electric

City School Dist., Calif.

___

ously offered but for which bids
were refused. The State did better

p.m.

July 26 (Tuesday)
Alhambra

Colo.
Florida St. Bd. of Education, Fla.
The State of California came to Lake
County Special Tax School
market
on
Tuesday with a $3
District No. 1, Florida
million issue of general obligation Milwaukee
County, Wisconsin---harbor bonds
(1955-1984) previ¬
Newport Beach School Dist., Calif.

offered

underwritings

that presented some problem dur¬
resent

others. The offering is be¬
ing made at par.

many

Manhattan

Our

technical

market

Recent Financing

good

Technical Position

the

clean

proportions.

this week involved the

Now

market

mar¬

part of the period.
Municipal Market in

latent

brought

issue

interest

investor
that

from one-half to one

This

point.

the

bonds

was

tiated by technical market factors.

buy

priced to
investor interest

issue

Shields

Allyn & Company,

Company,

last

and

week

Moreover, it has enabled investors
to

one-

Brothers,

Lehman

Eastman
Dillon,
Union Securities Corporation and

and Financial

Commercial

includes

and

Los Angeles

(Tuesday)

County Hospital Dist.

California

7,000,000

\
—--

Number 5970

Volume 192

The

Commercial

and Financial Chronicle

(267)
level

price

has

•

been

relatively

quite stable, but its gain in
put has exceeded that of

dence is quite clear that

out-

reactions

countries

Stability
•

reducing casual factors responsible for it. From his
for the phenomenon, the former
member of the Council of Economic Advisors notes that its source
is multi-dimensional in character and he submits several suggestions
this

matter

enough

1949-58

inflation,

rose

the

are

identify.
were

(i. e., stabilizing) side, rechange. And a growing proportion of Americans now
expect rising prices not only in
actions

can

the

an-

surprisingly

.price level and

had to

live

period

come

«„

mind; but even here there are
offsets—e.g., the increased prices

request

their

mon

houses,

stocks.

sistance

on public
asunemployment
also
apparently

'<•

can

about

longer

our

competi¬

tive position in
international mar¬
kets. Recent developments in our

external

transactions

aging, but it would

are

encour¬

be premature

assume that
they are back in
balance. To some extent recent
improvements reflect
essentially
nonrecurring factors — e.g., ex¬
ceptionally large exports of cotton,
and large deliveries of
civilian jet

pound, mark,

t Creep

seems

likelihood of anything like
a galloping inflation in this country; it is reasonable to suppose
that acceptance of creeping inflation would tend to accelerate the
creep.
The same over-reaching
forces giving us a slowly rising
Price level when our target is stability would, in all probability,

com-

Second, while there

Those

and

compensation

their

Creeping Inflation Doesn

once

Fourth,

unconcerned

the

these pensions

the postwar

extensively have been back¬

ing away from it.11

come changes tend to be regarded
as
merit increases, whose puraircraft. The domestic
purchasing
chasing power is being eroded by
power
of many currencies
(e.g.,
who have higher prices,
the

People whose

accumulated at

pjrewar

move

most
-

vorable

average

per year had an

they

pensions

In some of his comments he lectures on the
useiessness of escalation clauses to protect savings, wages, etc.,
rebukes those businessmen and economists who have developed a
state of mind that finds price competition archaic; and inquires
proposals to hold hearings on a price increase
might accelerate rather than limit price rises.

example,

hard

forward on policy."

whether

has

;

short-run, but also for several
gain in output of only 2.5%
years ahead.*0
Moreover, the exsubstantially below that of pectation of price increases has a
Switzerland.
;
socially disorganizing effect. PeoMoreover, for all of the discus- Ple still resent them even if their
sion about
inequities arising from incomes also rise, since these in-

of leading explanations

level

rapidly. Norway,
whose price level

—

level justifies

polarity of views

price

the fa-

nual

creeping inflation pose a threat to the economy's vitality in
tha long pull?
Dr. McCracken uncovers evidence pointing in both
directions and, therefore, concludes concern about a rising price

reduce the

for

rate of 5.4%

Does

review

from

McCracken,* The University of Michigan

By Paul W.

whose

mcreased

consumer

the} expectation

rising prices have been

many

Versus Price Level

yen)

con¬

siderably greater than their dollar
equivalent, at current exchange
rates, would imply. Low air fares
and rising incomes will make
it
possible

for growing numbers in
this country to take
advantage of
these lew domestic
price levels
abroad, which will be equivalent
to an increase in our

recent years the nation dustrial nations. "No one, he said, have been
disadvantaged by the
has been engaged in a Great De"surely, will feel that price stabil- postwar
imports. And
doubling of the price
prospects
for
bate on the relationship between ity has been well won if the cost level 9 But if the
reasonably
stable
scope of these
price-cost levels are at least as
economic growth and a
stable turns out to be economic stagna- inequities is limited to those that
promising in many other countries
price level.
tion—albeit stagnation at a high have been clearly identified their also cause us to over-reach
our
as they are in the U. S.
Two positions
level."4
alleviation should not
pose
in- target when that target is a price
During

stood out

have

this

For

sharply

very

trov

r s

high

priority

stable

price

as-

misplaced because they feel
that there has been a
tendency
to
exaggerate the propensity to

the one

hand,
the view that

inflation in the modern
economy.
The
Joint
Economicv Committee

reasonably
stable price

begins its

level

ment,

essential

-n

ongoing
Dr. P. W. McCracken

prod uctive

(ian«mittpd

Economic
the

gres^in January! 195^

economic.giowui

"confidence

of the

stable in the

the"

that

will

dollar

reasonably
ahead."1
The

years

Senator

communication

Douglas

took the

last

position:

same

My interest
directed

icy

stable

feeling
more

not

that

monetary pol-

in a

toward.,

value

December,

foliar the
of
on

based

stability

price

important national objective

than either maximum sustainable

growth

high level of employ-

or a

ment, but rather
that

the

billw otfhe;hpositi?n is,level sta:
that and
bility of the price
whieye It have

•

ion

cessayly.-large pr°p0r"

unemDlnvpd

unempioyed,

bility
cost.

pro.dac*lv.e price sta¬
resource!s
and this is

purchased at too great a
The most effective
exponent
point of view has been the

of this

late

Harvard.
In his
last
statement on this matter
r

•

rchm?n^Economic he questioned
Committee on
20, 1959,

M
larch

hether

would find any "way

reconcilin^jaaximum growth
clnri'
»a

3 I8
ng that

pr'ce )eve1'

con~"

"in any
event, reconanon of the
two objectives will

skiolHtlme'

' '

hls

''"3 Dag Hammar"
address

nm-r the Economic

u°cils discussion

view°tL1C situation'
that price

last

and Social
the

stability

excessively

July,

world

exPressed the

the

the epopomy
XT__

Now

white

heat,

and

1959,

CCitt!
196°.

the

was

be-

I960, Economic
Joint Economic
Congress), February 2f

-v

ngreJ,

'
»

President,

^anua>T
^resident,

Marck

11.

20,

the

temperature of this

are

democracy
can
major
mistakes

they

price

solution to this. problem that it

rise.9

seems to be- In a fully escalated
economy each
wage
oi
price
w°hld automatically change for

plans
level

spending,

consumers

reaction
of
inflation has tended

to restrain further increases in
the

?nV

r,ain turlfter increases in tne

1
price

The

level,

not

accelerate

mechanism

response

where

level

the

stable,

general price
with changes in

gTess>

Seymou,-

lst

Harris,

$ession), 'study

November 26
gcf

Geor5e

op.

Paper

short,

morlrof

acceptance

creeping

wQuld

ineyi.

for

^alation, but less
the
the

general it became,

pressures

useful ii would be-

rful

McGraT-Hiii,

is n°t diffi-

cult to understand that countries

Also Eva Mueller,

one has been

which

have

utilized

Growth, and
1959,
<79th

Finally, the
ence

!0 George Katona, op. cit., p.

lessons

experi¬

concerning the relationship
creeping inflation
and

economic

growth

ineluc-

not

tably suggest that for the long pull
we
could grow more
rapidly by
accepting I a
persistent
upward
in

trend

the

price level. Clearly
impede the orderly
channelling of savings into capital
formation by creating distortions
in the capital markets. Escalated
savings bonds, for example, would
would

produce

pressures
for
similar
protection of savings deposits, life
insurance, and savings and loan
shares. This, however, could only

be done if assets

these institu¬

tions

weye

these

interest-earning

mortgages,
11

.also

Monthly

Bank

246-62.

Provide

between

escalation

^ss,
pp

Clauses

No Protection

the liabilities

Katona_

192-211.

tably create
«eneralized

i„ci-

, 959

Center""'(New"lYork:

dialectical i960),

"The

V"aSes) reflecting shifts in market

forces.

reassuring aspects. While the evi8C<-

(including

MTotrool

however, have its less
'

wage

change

^^
dition

embracing

acquiescing in creeping infla- individual ? prices

Escalation

this

automatic stabilizer.
policy

P™e
in

price different from the

among

=0—rs has been to provide

"P Jn

level; and only changes

it.

at leas^ up to par. These Ureat
Debates are a means by which a

escalated.

assets

others

—

Review,
Federal
York, June 1959,

New

Continued

198,

difficuj{; ^0

for

have had

happy aspect;

that polarization

of views that makes

it extremely

difficuit

achieve

the

minimal

essential

for

moving

policy forward
,

Thiere ar<2, it seems to
.that

be
delineated and
seriatim'-First would

should

'reued

out

FAIRFIELD

adversely affect
economic growth and the orderly

functjoning 0f our economy? Second, does the modern economy
have much of an inflationary bias?
Third

what

done

can

COIJMTI

OFFICES

TRUST

COMMUNITIES

COMPAMY
MEMBER fEDEPAl

the

Strengthen

resistance

to inflation?

economy

Does Inflation

Help

Hinder

Growth?
Is

THE FAIRFIELD COUNTY TRUST COMPANY

Stable price level an essen-

Harold E. Rider, President

tial condition for sustained and
vigorous

growth

economic

erally? A strong case can be made
^ jt js noti or at least that the
de]eterious effects of

flation

have

between

very

increases in
an

try 'with
and

greatly

over-

correlation

ciose

postwar gains in

Austria is

the

creeping in-

Internationally there seems

drawn

and

been

the

output

price level.?

example of a coun-

high

rate

STATEMENT

level.

prjce
-

York

RESOURCES

JUNE

30, 1960

LIABILITIES

19,220,572.19

Capital

37,948,146.96

Surplus

Other Bonds and Securities

15,938,615.79

Undivided Profits

Loans and Discounts

and

Equipment...'.

6,615,062.50

1,633,982.62
$ 13,735,295.12

17,236.19

Other Assets

1,245,254.13

Other Liabilities

3,596,777.37

2,394,941.11

Unearned Discount

319,602.24

Deposits .1.

$186,010,047.50

Total

........

Liabilities

$186,010,047.50

Times, July 7, 1959, p. 43.

RiDGEFIELD

7 Mark W.
Leiserson, "A Brief Interpretive Study of Wage-Price Problems in
F.urrpe," Joint Economic Committee (86th
Congress, lst Session), December 11,1959.

STAMFORD
DANBURY

DARIEN

BETHEL

NORWALK

GLENVILLE

NEW CANAAN

RIVERSIDE

WILTON

OLD GREENWICH

NOROTON HEIGHTS SO. NORWALK SO. WILTON GEORGETOWN-REDDING
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

1,457,420.78
167,176,136.36

Switzerland's

1043^ 86tli, Congress,
January 26, 1960, p. 1.

5,486,250.00

Reserves....

Other Real Estate

Total Resources

108,969,096.76

Banking House, Furniture

GREENWICH

Cash and due from Banks. .$

Committee (Report
6 Ibid,

CONDITION

U. S. Government Securities

5 "Employment,
Growth and Price
Levels," Report of the Joint Economic

2nd Session),

growth

relatively large increase in

„

and

order,y economic processes gen-

OEPOSi? INSURANCE CORPORATION

the

88-9,

page

avoid. This one, how-

bas bad hs \ess

ever

are

e.g.,

Reserve
pp.

those

minimize

But

corporate bonds. In

of
policv
that
totalitarian governments find very

4 New

2Hei
UePcrt
—rtaofnfu'

...

Debates

cur-

indicates

consumers

buying

the

Thus, the

inflaMenar'v bfa- of
must be reduced'.8
-

Great

emphasized in in-

^nuar^'io'c^ ReP_°rt
nuary

for

their

expect

tion does,
'

healthy thing. Americans usually
bave at teast one cr two going at

major
before

matter, Deiore

The Committee does, however,

^gfe^ed

...

lh»

tail

evidence

Professor Sumner H. Slichter

general

Simuitan-

the

tendency

high

the

And

been|c^ing infjation

i1 3 pnorlty -ln„ "a~
..!
S policy during resrnL hnu'fi, .°me amonf thls
f.TJL price level without
,at T ?annpt,have
stable
keepp.™.

and

reasoned

objective

price stability is an essential prerequisite to their achievement."*

tinnai

-capacity,

concensus

conclusion

em-

°£

eous]y achieved "5

value

Chairman of the Federal Reserve

Board,

national

our

auctive-

the Presi-

indispensable

"an

that

Con-

COndctntinuLgatonomicVSh
continuing
fe firm

Levels
•

his

economy.

said

Price

«rowth
output and Pf°~

degree of- stability,

potential of

dent

and

sentence*

rate

realizing the

our

this

Employ-

"A high and stable rate of

dition for
full

report

Growth,

with

con-

own

level only slowly rising,
Third, the use of escalation to
1"nlnll7llze inequities is not the easy

superable problems.

level

-eems

is,

There

others

signed

con-

Financial Chronicle

The Commercial and

memorandum
Financial.
1
^
is

INVESTMENT LITERATURE

RECOMMENDATIONS

AND

New York 5, N.
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WILL BE PLEASED

THAT THE FIRMS MENTIONED

UNDERSTOOD

TO SEND INTERESTED

Teaching* — Review& Co. Incorporated,

Automated

New York 5, N. Y.
memorandum

120 Broadway,

Also available is a

Sanborn Co.

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113th consecutive

—

quarterly comparison of leading
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United States—New York Hanseatic Corp., 120 Broadway, New
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Telephone & Electric Utilities —
Bulletin — Goodbody & Co., 2

—

Investment- Japanese Stock Market — Survey
Bank of Nova Scotia, —Nomura Securities Co., Ltd., 61

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Also available is a review

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Companies-

Defense Leadership

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—

Survey

of political and social aspects af¬
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Survey—E. F. Hutton & Company,
Market Outlook — Bulletin—
61 Broadway, New York 6, N. Y.
Deetjen
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Also available is a memorandum Emanuel,
Broadway, New York 5, N. Y.
on Warner Bros.
Europe Today

Review—First

—

Outlook—Review— F. S.

Market

Bank of New York, Moseley & Co., 50 Congress St.,
Boston 2, Mass. Also available is
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—

Wall

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Casualty

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memorandum

Com¬ New York

Insurance

Decca.

Bank

City

Stocks

—

panies—Review of 10 companies Mid-year earnings comparison of
Hogle & Co.,, 40 Wall St, leading banks—Laird, Bissell &
New York 5, N. Y.
Meeds, 120 Broadway, New York

—J. A.

Chains—Discussion in 'In¬ 5, N. Y.
vestor's Reader"—Merrill Lynch, Outlook for the Railroad Industry
Pierce, Fenner & Smith Inc., 70 —In the July issue of "Exchange"

Food

Pine

New York 5, N. Y.

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—

The

Magazine,

Exchange

Also in the same issue are reviews Wall St., New York 5, N. Y. —
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Cummins
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Company, 20 cents per copy, $1.50 per year.
Beatrice Foods Company, Asso¬ Also in the July issue are articles
ciated Dry Goods Corp., Torring- on Public Utility Regulation,
ton Manufacturing Company, Har¬
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Indiana General Corp. and Singer

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Market

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Fortunes
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■

Review"

"Business

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—

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Cleveland,

showing
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Cleveland, Ohio. Also in the same stocks

Gross

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Product—Discus¬

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Wall

Street, New York 5, N. Y.
Growth
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ness

Without

Inflation—Busi-

in the Intermountain Region

—First

Security

Bank

Utah,

Salt Lake City, Utah.

the

the listed

used

issue; is a review of the rate of Averages
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up-to-date compari¬

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and

the

industrial
Dow-Jones

over-the-

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National

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Averages, both as to yield and
market performance over a 20year period — National Quotation
Bureau, Inc., 46 Front Street,
New York 4, N. Y.
Oxygen

the

Steel Industry

—

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Stroud

available

Also
on

Industrial

Power

Memorandum
Co.

—

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Street, Chicago 3, 111.
Corp.

—

Review—

Co., 65 Broadway,
New York 6, N. Y. Also available
is

review

American

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of recommended Common Stocks.
Lead

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Our

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Company.

American

Can. Co.

Metalcraft
—

Blair & Co. Inc., 20

Review—

Broad Street,

New York 5, N. Y. Also available
is a review of North American Car
and

analysis of Pillsbury

American Marietta

Co.

Trinity Place, New York 6, N. Y.

HAnover 2-2400

Teletype NY 1-376; 377; 378

Co., 36 Wall St., New

$9,029,184 including $8,815,000
convertible into common at $40.00.

Inc.—Analysis—Russell

Saxe, 50 Broad St., New York
4, N. Y.
*
r

Earnings this
recede

„

Metro Goldwyn Mayer

Memo¬

—

for

randum—Francis I. du Pont & Co.,
1 Wall St., New York 5, N. Y.

Electric.

Street, Boston 9, Mass. Also avail¬
is
an
anlysis
of
Chance

Miniature

Vought Aircraft.

Memorandum

able

American

Smelting

&, Refining

Company—Analysis^—Green, Ellis
& Anderson, 61 Broadway, New
York 6, N. Y. Also available is a
on

North American

Bearings

year

about

The

1959;

probably will

$3.00 from $4.12

downward

sharp

trend of sales and earnings of
first half

the

should be reversed dur¬

ing the, last half of 1960. Sales for

Precision

stock and long-term debt

common

Analysis— Also available are memorandum
du Pont, Homsey & Co., 31 Milk on G. C. Murphy and Tung-Sol

the

—

half' should

last

exceed

comparable 1959 period. The

the

divi¬

Courts & Co., 11
dend should be continued at $2.00.
N. W:, Atlanta. 1,.
Georgia. Also available is a se-. Next year, Vought Industries, Inc.
lected list
of
Over-the-Counter should start to contribute to earn¬

Marietta

—

St.,

issues.

Nachman Corporation

•/

Analysis
Co., 208

ings.":;';:'-'

is
The j
condition and j
alysis—Paine, Webber, Jackson & North American Car—Analysis— strong financial
Curtis, 25 Broad Street, New York H. Hentz & Co., 72 Wall St., New respected
position
in
military j
4, N. Y. Also available are an an¬ York 5, N. Y. Also available is a
pro j ects limit the downside risk, j
alysis of Frank G. Shattuck Co. bulletin on Air Line Earnings.
The acquisitions of Vought Indus¬
and data on Seaboard Air Line
Northern Illinois Gas Companytries, N. D. P. and Information j
Railroad, Zenith Radio Corp., Del¬
Bulletin—- The Illinois Company.
ta Air Lines and the Oil Industry.
Systems
c o m p 1 e t e 1 y
change
—

Webber-Simpson

—

Big Bear Stores Company

Incorporated, 231 South La Salle
St., Chicago 4, 111.

—

An¬

alysis—'The First Columbus Corp.;
42 East Gay Street, Columbus
15„
Ohio.

One

Hour

Bulletin

—

Valet
De

Incorporated

Witt

Conklin

Or-

summary,

clearly

South La Salle St., Chicago 4, 111.

Chance Vought

special

situation.

Chance Vought's corporate
-

and

afford

outstanding

image!
capital]

gain potentials.

Bishop & Babcock Manufacturing
—Memorandum—J. N. Russell &

YOUR OPPORTUNITY...
For

available.

Carolina National Bank.
Bowl Mor Company

Inc.—Analy¬

sis—Schirmer, Atherton & Co., 50
Congress Street, Boston 3, Mass.
Carolina Pacific Plywood Corp.—
Memorandum— Peter Morgan &

Co.,

149 Broadway,

limited time there

you

are

are some rare

quoted.

Chronicle bound sets

interested—do not delay. Write your

needs telling the years you are missing.

Prices will be

gladly

Be prepared with complete sets to better serve your

clients. It pays!
EDWIN L.

BECK

Care of Chronicle, 25 Park Place, New York 7,

Telephone REctor 2-9570

New York 6,

N. Y.

5, N. Y.

Continued from page 2

—

Wachovia
Bank
Building, Charlotte 2, N. C. Also
available is an analysis of North

Security Dealers Association

The Security
I Like Best

—Bulletin—Morgan Davis & Co.,
63 Wall St., New York 5, N. Y.

Incorporated,

Members ISew York

Potoma

International Resistance Company

Bowling Chain Industry—Analy¬
sis—R. S. Dickson & Company,

York

Inc.—Analysis St., Toronto, Ont., Canada.
Bulletin
—Reynolds & Co., 120 Broadway, Lancer Industries
New York 5, N Y. Also available George, O'Neill & Co., Inc., 30
is
an
analysis of International Broad St., New York 4, N. Y. ■

Co., Inc., Union Commerce Build¬
ing, Cleveland 14, Ohio.

TRUSTER, SINGER &

Berlind,

Union Bag Camp Paper—Bulletin
—Bache

Co.—Memo¬

Bagdad Copper Corporation—An¬

Over-the-Counter Securities?

Products—Memorandum

Top

American Airlines,

memorandum
Aviation, Inc.

Blocks of

Co.—

N. Y.

(N. Y. Inc., 64 Wall St., New
5, N. Y.

Salle

Petroleum

—

Weill, 37 Wall St., New York 5,

York

City Line

National

Carter,

Ltd.—

Greenshields

9, Pa. Also
analyses of Waters

Cruttenden, PoCo., 209 South La Salle
Street, Chicago 4, 111.
;

Tip

Corp.

are

desta

Plywood.

Lakes

Broad

Philadelphia

Memorandum

Co.,
115
6, N. Y.

—

Great

Analysis—

—.

Aeronautical Corp.
Texas

memorandum

York 4,

Manufacturing, Inc. and National

;

Nordeman
&
Broadway, New York

Corporation—Analy¬

Stores

Haupt

-Isfew

--V

Fiber ^Co.

available

Co., Ill Broadway, New York

Street, Bruns,

Becker & Co.

& Co., Inc., 123 So.

Street,

St., Milwaukee 2, Wis.

•/-.

•

Taylor

Insurance

Fahnestock

—

The

Corp.—Review—Ira

Building,

Southwestern Electric Service Co.

207 East Michi¬

Memorandum

Co.,

sis—Chesley & Co., 105 South La
Allied

Savannah Bank & Trust

Gamble Skogmo—Memorandum—

,;v.

';VJi

—

6, N. Y.

A. J.

Co.—Analysis
Co., Inc.,

Savannah, Ga.

N: Y.

der &

Corp.

Nitrogen

Southern

—Varnedoe, Chisholm

—

Inc., 60 Broadway,

Ferro

4, N. Y.

Allied Radio

231

Co.,

Laidlaw

—Analysis—:A; .G.

gan

Co.—Memo¬

Co., Inc., 1 Wall Street, New
York 5, N. Y. Also available is a
report
on
Commercial Solvents

—
Memorandum—
Co., 25 Broad Street,
New York 4, N. Y.
;

McBee

Royal

Analysis

Telephone Co.

Ericsson

Milwaukee

Inc.—Report—A. M. Kid¬

Aldens

Eur of und

Freehling,

C. B. Whitaker,

—

Broadway, New York 5, N. Y.

Corpo¬

Zappa & Co., Inc., 25 Broad

Peterson & Co.—Memoran¬
dum—Kidder, Peabody & Co., 33
South Clark Street, Chicago 3, 111,
Row,

Comprehensive statistical analysis
120

randum

World Financial Co. and Spencer
Chemical Co.

—New York Hanseatic Corp.,

Lamps.
Alaska Oil & Mineral

Allyn & Co., 122 South La
Street, Chicago 3, 111. Also
available are analyses of Trans
Salle

Analysis
—Westheimer and Company, 326
Walnut St., Cincinnati 2, Ohio.

Meyerhoff & Co., 120 South La
Salle Street, Chicago 3, ill.
Also
available
are
data
on
Philips

National City
55

Analysis

Company—Analysis—

Chicago 4, 111.

Emery Industries, Inc.

Yl^.tf.'.*•,

Ross Electronics

Advance

Hutchins

—Mitchell

•—

and

Richardson

Perkins.

Dynacolor Corporation

Manage¬ Japanese

Calumet

Hecla and Brooks &

—Review-

memoranda

are

N. Y.

York 5,

Stocks

Motors,

—

comparative data on Electric
Broadway, New York 6, N. Y.
Toronto, Ont., Canada.
Also available is a discussion of Utility Companies and reports on
Canadian Oil Stocks — Memoran¬
C o p e 1 a n d Refrigeration Corp.,
the new administrative amend¬
dum—Jackson,, McFayden Securi¬
ment to the foreign investment Pillsbury Co., Resistoflex Corp.,
ties Limited, 11 Adelaide Street
law of Japan and analyses of Sony, Spiegel, Inc., and Western Auto
West, Toronto 1, Ont., Canada.
Supply Co. ' V;
Mitsui Bussan, Fuji Electric Man¬
; "
*
*
*
'
.Chemical & Pharmaceutical In¬ ufacturing, Nippon Steel Tube,
dustry — Comparative figures— Isuzu Motor, Toyo Rayon, Toyota
AMP Inc.—Analysis—Laird, Bis¬
Smith, Barney & Co., 20 Broad Motor, Mitsui Chemical Industry,
sell &U Meeds, 120 Broadway, New
Street, New York 5, N. Y.
and Kirin Breweries.
Consumer Electronics

Growth
data
on
American
Bobbie Brooks, National
Aeronautical, RCA, Ryder System
and Union Bag Camp Paper Co.

York 4, N. Y. Dial Finance Company—Analysis
memoranda oil
J. M. Dain
&
Co., Inc., 110Japanese Cotton Spinning Indus¬
try—Analysis in July "Investor's Allied Laboratories and Informa¬ South Sixth St.j Minneapolis 2,
tion Systems, Inc.
Minn. Also available is an analy¬
Digest"—Yamaichi Securities Co.
of New York, Inc., Ill Broadway, Treasury
Financing—Review—C. sis of Unilever, N. V.
New York 6, N. Y. In the same is¬ F. Childs and Company, Inc., 1 Dixon Chemicals — Analysis —
Wall St., New York 5, N. Y.
sue is an outline of revised Japa¬
Hardy & Co., 30 Broad St., New
nese Foreign Investment Regula¬
Trucking Industry — Report — York 4, N. Y. Also available is a
tions and a review of the Tokyo Bateman, Eichler & Co., 453 South review of United Carbon Co.
Stock Market. Also available are Spring St., Los Angeles 13, Calif.
Dow Chemical — Memorandum —
reports on Taisei Construction Co., Utility Growth Stocks—Analytical
Reed, Lear & Co., Grant Building;
Ltd. and Toyo Toki Co. Ltd.
brochure—Carl M. Loeb, Rhoades
Pittsburgh 19, Pa. Also available
New

Also available are

Capital

Canadian
Review

—

South

Gevaert, S. A.—
Bear, Stearns'&
Co., X Wall St.. New York 5, N. Y.

Memorandum

Report—Searight, Ahalt & O'Con¬
nor,
Inc., 115 Broadway, New Radio Corporation of America
York 6, N. Y.\v
*
Arialysis—Golkin; Bomback & Co.
Crane Company — Review — Pur- 25 Broad St., New York 4, N.
y!
cell & Co., 50 Broadway, New
Republic Aviation — Analysis—
York 4, N. Y. Also available i re
Hemphill, Noyes & Co., 15 Broad
data
on
Scovill
Manufacturing
Street, New York 5, N. Y.
Also
Company and Olin Mathieson.
available is a review of

Gas.

Broadwav
r
/
'•

Produits

Photo

Control Electronics—Analytical-

Y. Also available

Electric

115 Broad-

Company,

New York 6, N. Y.

way,

California

memorandum

Carolina

PARTIES TEE FOLLOWING LITERATURE:

Broadway,

McDonnell

Carreau &

Pay Television — Review — L. F.
Rothschild & Co., 120 Broadway,

Thursday, July 21, 1960

ganization, Inc., 120
New York 5, N. Y. #

Company—Bulletin—

Cola

Coca

Analysis of five year outlook—
Jesup & Lamont, 26 Broadway,
New York 4, N. Y. Also available

DEALER-BROKER

IT IS

...

(268)

N. Y.

Number 5970

Volume 192

The Commercial

and

Financial Chronicle

(269)

American hands. Even higher
fig¬

Canada—Growth Rates

ures

And Trade Potentials

metal

the

mining

hazards of the new order, projects a faster rate of
growth for Canada than for the United States.
This projection,
handles its trade relationship with Canada.

chieftains
were
being

preceded
rather than

have

not

tariffs

seen

other

search uncov¬

be.

the

rea¬

son

for

this

selves

making

with

things

which

tradition

United

scale

guessed
it, buried land

you

mines

How

is,

some

with
chang¬

ways,

Canada.

The

old

ing but

new

hazards

order

forever

are

We need more
than
political
emancipation
to
solve our economic problems and
put us on easy street.
But let us go back a bit. Visitors
getting in its

way.

to Canada in the 1880's and

tones.

described

Things
terms

had

extremes

but

re¬

made

but

same

the

smaller

market

of your

efficient

was

domestic

our¬

of the

many

(or less)

much

this

find

are

for

would be if

size.

things

could concentrate

the development and manufac¬

ture

goods

with

broader

North American appeal! The

con¬

The

most

promising

negotiation

that

field

for

industrial

materials. By industrial materials
I

decade. With the outbreak of war
in Korea it became obvious that

and the prospector were

prepared
far afield. True,

this

been

and

agriculture
in

few

had

favored

timber trade

life,

for

was

established

areas

the

and

flourishing. But
average
Canadian,

was

the

experience to be endured.

No wonder that the
typical immi¬
moved
on
to
the
United

grant

States

his period of appren¬
in Canada was over and

once

ticeship
had

accumulated

change in
change in

his

pocket to

afford

scenery.

Looking back
century,

enough

one

which

begun

is struck by the way

things

was

nent and to
settle

the

Wheat was
of our

in what is

already becoming

one

soon to move down the

with its emphasis on the
Production of munitions was folowed

the

1920's

the

con-

fr.rU5r0n of
or the

numerous large mills
manufacture of pulp and
PaPer. More
United States capital
as

coming

inn

cities

and

industry in
tak-

was already

look°n 3 typ*cal North American

Materials
the

II proved

whiS
Unit

United
to

United

fashion. In

gram

States

thing.
factories

States. Often priorities
es5ablished and defense pro-

few

with

a ^ttle

sic*es could

mi?Q

knowl-

give and take
help to maxi-

?UJutotal effort- A11

these

The

first

arrangements

but

were

whose

for

the

population.

Can

that the

assume

the

character?
cautious

obstacles

American

trade

and

2%%

must

assume

Under these circum¬

a year.

in 1970 and exceed 28 million two

decades from

Canadian-

will

persist

much of their present form? The
Choice I suggest is crucial. Produc¬

see us

home.

past

for

This

two

would

division of labor between

better

our

The

now.

combined

effect

to 3% increase in

productivity and

two

or a

can

by the United

they

are

reduce

herent in

slowly

the

higher rate of

came

was

Others

the

and

other,

United

specializing in

truly efficient

manner

however, be in for

an era

perity. On balance

cer¬

namely

productivity,

factor.

one

of goods

with the

labor force.
up

in¬

per

same

annum.

the

Those
effect

who

what

the

money

will

see

rates
a

give

The

offer

ance,

money

for

Hemisphere

measure

the

add another 2% to 3%

tional

have

the

accounts.

case,

over

the

this

Were

Canada's

quarter

mean.

The effect

Continued

nor a

solicitation of offers

buy

any

of these securities.

July 20, I960

State Loan and Finance

Corporation

5.40% Sinking Fund Debentures Due 1980

Control

Dated

July 15, I960

Due July 15, 1980

Canada's

geographical location
was
a
strong point in! its favor.
Its vast untapped resources were
not too far away and could be
brought to market over internal
lines of supply. Rail connections
and pipelines could be employed
as might
Lake shipping in some
instances.
Continuity of service
could also be guaranteed by means
of long term contracts with sub¬
sidiary
companies
in
Canada.
Various corporations, which had
never

Montreal

and

may

be obtained in
as may

state only from such of the several
lawfully offer the securities in such State.

any

survey

turned loose in

northland.
was

The

for

develop¬

unprecedented pro¬
portions. We gained a host of new

ment boom of

industries
vestors

and

United

Glore, Forgan & Co.

Eastman Dillon, Union Securities & Co.

bought themselves a sub¬

Perhaps this is the time to stress
ownership and con¬
trol involved. Well over 50% of
the amount of

industry is now in

Goldman, Sachs & Co.

Merrill Lynch, Pierce, Fenner & Smith

Lehman Brothers
White, Weld & Co.

Incorporated

States in¬

stantial stake in Canada's future.

Canadian

Johnston, Lemon & Co.

Can¬

result,

resource

of¬

Toronto.

numerous

were

Canada,

all

Copies of the Prospectus

Underwriters, including the undersigned,

before ventured outside the

United States, began to set up

ada's

Price 100%
and Accrued Interest

•

A. C. Allyn and Company

Hornblower & Weeks

F. S. Moseley & Co.

Incorporated

R. W.

Pressprich & Co.

a year

performance

$20,000,000

but

inflation.

to the expenditure side of our na¬

different

NEW ISSUE

Western

needed to fill

were

obliged

costs could, on bal¬

offering is made only by the Prospectus.

going to have

impression

happening

century

saving bank account might be governed by quantitative

what I

sell

United

the

some

may

to make allowance

interest

it depends

what

current dollar terms I

Canadian Rising

much

upon

In order to

should be

not help to close the gap

much

of pros¬

Productivity could go

rate of

compound

75%

for

stop gap

sources

The
may

and when.

would,

able to produce a greater volume

a growing
proportion of its raw material
supplies. Stockpiling was advo¬

other

popu¬

growth

States is prepared to take from us

in a

which in¬

This advertisement is neither

her

neighbor to the south.

States

1951

may

lation

tain lines and processing resources

investors
presently
of the oil and natural
non-fuel mining, 60%
of the chemical and 50% of the pulp and
paper
industries of Canada.

65%

A somewhat

States

control about

gain

much larger

e. a

the trade barriers be¬

Canada

studied

gas,

wall.

refining and otherwise

1 United

continue

modern

advantage

can

may

damaging in that

the

living standards

sharply with the degree of

manufacture,

now

continuation of

panies would certainly go to the

vouch for that.

States,

are

smelter for the refining

of base metals

I am, there¬

mill for the production of news¬

3%% to 4V2% range.

States were removed. Some com¬

tween

equipped and extremely efficient.
seen

the

fore, suggesting that Canada

history, i.

if many of

countries. Resource processing in¬
dustries are typically large, well

Anyone who has

growth
in output per man year of about
2% per annum. But let us think
for a moment what would happen

paid jobs for Canadians. The other
a

recent

our

reasons.

is that it would result in

conditions

perhaps expect

One
is that it would provide more well
see

product

1960's and 1970's.

process more of our own

resources

national

gross

special
Commission to

elsewhere

look

crews

*abor could turn out

ed^S.udovetailed

be *

Canadian, I would also like

this matter. It

Meanwhile

a ^uahty and at prices
were acceptable in the

well

alarming conclusion that the

one

an^as tJlat Canadian
n

future.

factors

augurs

increasing

were

Policy

into

fices

What World War II
Proved

World War

sets

growth

momentum

phenome¬

appointed

now

Canadian prairies.

Coast and through the
newly
opened
Panama
Canal.
World
war

also

other

ous

have

principal exports and lum¬

ber was
west

Factors

thing will be done and stances, the present population of
export activities will be truly 18 million could reach 23 million

that

Hampers Canada's Growth
As

changed. chasm which was bound to widen
Sixty years ago land hungry pio¬ with each passing decade.
neers
were
beginning to surge
northwestward across the conti¬ Growth of U. S. Ownership and
known

but

sense

Growth

Closer examination reveals vari¬

beginning to rise in

uncertain

look

term

from

were

President

the

over

short

costs

sources
no

import

Shortages

non.

cated

to the turn of the

Other

safe

economic
I

crease

were unpleasant.
A vast and in¬
hospitable territory remained to
be explored and
only the trapper

venture very

dilemma.

accept
the
products
which they are capable of
produc¬

ing? Setting

potential.

sensible
our

vious, could be equally beneficial.

mean minerals and wood
prod¬
ucts which the United States has

export outlets
States. I may be

Import tariffs, like those imposed

extremes, by and large,

and these

means

United

dustrial

of the resource indus¬

sequences for Canada would be
far reaching, while the results for
the United
States, though less ob¬

1890's

painted the Canadian landscape in
somber

was

of fertili¬

still

States

and

tenth

one

John Davis

ceiling

ment of reserves and the creation
of new assets in Canada and then

eliminated

commodities

ered

break

this

the

economic

our

Canada's high birth rate, which
those very types of in¬
rose markedly in the
1940's, shows
activity which are most few
signs of abating. Immigration
likely to be productive in resource into Canada
has been less predict¬
rich countries like Canada.
able. But even
assuming that it
In attempting to assess Canada's
drops to a fraction of its post¬
industrial potential I find myself war
rate,
Canada's
population
very f much
on
the horns of a should go up, on the
average by

proprietors
expanding

laboring the point, but is it not
foolish to lay out hundreds of mil¬
lions of dollars on the establish¬

trading arrangements.
Many Canadians would like to

re¬

case

a
2*£% increase in the nation's
import restrictions,
zers
and farm
machinery being under these
labor force would be to raise the
circumstances, is like
notable exceptions. We have contivity can
increase rapidly or constant
dollar value of Canada's
cutting off your nose to spite your
tined to trade
suffer as a result of protectionist
freely in these com¬ face. It can be a
total output of goods and services
painful procedure
modities, production being con¬
policies. Unfortunately, it is this
the ieffects of which cannot easily
by at least 4J/2%, and by as much
centrated in a number of
productivity factor which is so
large be patched up afterwards!
plants on either side of the Inter¬
fundamental to any calculations as 5%% a year. Most projections
national
which I might make as to Canada's for the United States fall in the
Boundary. Needless to
Uncertainty Over Exports

wives.

Careful

tries,
in

open

desert
their

peace

stored, the manufacture

economy in ten
could be stupen¬

This I consider to

measure

foresee. In order

cannot

national

years

extent which the busi¬

play

Canadian

our

twenty

truer

practice uneconomic in the inter¬

on
or

he, therefore, lo¬
cates his mill or factory in the
importing country. Not only is this

And,

in the

say,

the

United

even

the

Import

dous.

nessman

concerned about the size and rate
of growth of their markets.

farmers in both our countries
have benefited as a result of these

followed
across

involved

refuse

after

become

even

mine.

destructive

and to

enterprises. It will be increasingly

The author

regarding the price competitiveness
and output outlook for Canada's industrial materials; rejects antiinflation step of credit restriction if it means achieving stable price
level at the cost of increased unemployment; and sees in a fluc¬
tuating exchange rate a useful mechanism to cope with the awkward
effects of domestic inflation.
In substance, the writer says his
country's prosperity is intimately bound up with that of the United
States, and freer exchange of goods mutually beneficial.
disbanded

will

the

passes

are

the

planning in that they may
surplus capacities at times

create

goods

year

of good

these,

and managers of these

answers questions

returning
from
the
Middle East after World War II
reported a strange new phenome¬
non.
Contrary to custom Arab
sheiks and

each

heavily

is shown to depend upon the crucial problem of how the

Travelers

by-product
along with
United
States

materials

new

quotas

and

capital

States

ously arising

raises and

gas,

ing sectors of our entire economy
the signs all point in one direction.
As

United States

processing
forest

resource

natural

industries,
among the most rapidly grow¬

Commentary on the changing Canadian old order, and the continu¬

however,

for

oil,

substantially

are

Columbia Electric Co., Ltd.

quoted

chemicals1.
owned

John Davis>* Director of Research and Planning, British

can

industries

Auchincloss, Parker & Redpath

Riter & Co.

page

The Commercial and Financial Chronicle

(270)

change

cyclical

Unrealistically High Priced
Stocks Should Be Avoided

occur

Optimistic
*

could

well

very

Direction of the Economy
On

the

subject of business cy¬

Kaman Aircraft

cles, I feel that the extreme move¬

By Roy R. Neuberger, Partner, Neuberger & Berman,
New York City,

ments

Members New York Stock Exchange
with

high

There

partner recommends what a portfolio should comprise in the light

the small

broker-dealer also imparts specific advice to

credit; voices con¬
growth and earnings outlook and in the

investors who have been buying outright or on

A/A

fidence

business

the

equities to bonds for the long term; and cautions that the

choice of

easily made money in the past provides no criterion for future re¬

Mr.

sults.

Neuberger says there

enhance

should

percentagewise

the problem to¬
day of investing one's money
wisely, it is necessary to take into
In considering

consideration

great

many

novel

this

believe

equation
greater

than

ever

Any

ap¬

evaluation

the

Neuberger

affairs at work, not only here but

throughout the entire worlds
These forces must be
on

world-wide

the

examined

basis

because

which has taken
United States
changed our relative position
drastically. Our ability to com¬
recovery

place

outside

the

has

pete

successfully

world

the

markets has been weakened con¬

siderably by rising costs here and
greater production elsewhere, so
thai
profit
margins
are i being
squeezed. Taken along with other
fact
of

such

jrs

the

years

many

credit and debt

expansion, the
peak this year in busi¬
ness outlays for plant and equip¬
ment, the level
of inventories,
probable

orders

new

order

and

backlogs,

etc., it is not difficult to visualize
a

cyclical character in

tic

One

economy.

difficult

domes¬

our

the

most

things to judge is the ef¬

fect of an adverse swing in many
of these factors on the psycho¬

logical and speculative attitude of
the

millions

some

many

years

securities

investors

them¬

still

cases

earnings

should

Roy

financial

and

that

know

These

Even

politi¬

economic

cal,

and

the 50% still
I may be old-

that

are

today selling at 60 or 70 times
earnings could very well sell at
one-half that multiple and then

embraces

tion

prospects for

come.

praisal of the
present situa¬
an

fashioned

their

be¬

fore.

make

retained in equities.

price-earnings basis. I feel
that
the group characterized
as
growth companies which have at¬
tained these extremely high priceearnings ratios have outdistanced

variables

held

high

that

the number

lot of difference what stocks are

duce those issues selling on a very

statement, but

but I think
should
be
taken to eliminate pr greatly re¬

nothing

the

times more

ten

double,

too

high.
hence

years

triple

quad¬

ruple and the prices of the stocks
remain
unchanged, they would
still be selling at a basis of 15 to
'30 times earnings and be yielding

tained

country

the

moment.

During
the past period of nearly two dec¬
ades

there

equity
occurs

has

prices
more

been

that

than

rise

hardly
in

once

ever

man's

lifetime.
have

this

Presumably people who
built up large'assets during

period

worth

haps
fold
had

least

increased
in

that

the

ment

would

the

mostly

these

if they have
good invest¬

For

the

average

circumstances
a

position'

stocks

and

There

are

many

today

are

re¬

companies that
between 5 and

selling
earnings and affording
ranging from 4% to 6%

times

yields
that

would

consider

entirely

satisfactory in value. I do pot feel
everybody's investment judg¬

that

ment

should

day-to-day
stock

prejudiced

movements

the

market.

account

not

necessary

pur¬

conscientiously

looks for growth but does not
pay
a

ridiculous

price

specific with relation to the fixed
income securities, but it does
make

the

unmanned

Council

Development, could
bring about patterns

well

that

stimulate

will

toward

rate

our

economy

growth

greater

than the present 2 to 3%

per

Bigelow- Sanford,
son ville

ters

liner

will

its

Inc., Thomp¬
headquar¬

the

move

newly acquired Crestbusiness

boat

from

Little

an¬

Falls, Minnesota to Thompsonville
num.
At that time, if my ideas where
production is scheduled for
prove to be correct, I would late
fall.s A complete line of fiber¬
progressively
increase the per¬ glass and aluminum boats will be
centage in common stocks, for in made for East Coast distribution.
my
opinion the very long pull
has
always
favored
intelligent
At Underwood Corporation in
e q u i t y
investments which of
Hartford,
employment has
in¬
course involve a risk, rather than
creased
this year from 2,400 to
fixed income securities whch have
2,900 and it is expected that jobs
rarely paid off in the long run.
will be raised by another 200 to
I go
along with the popular reach 3,100 by the end of Decem¬
beliefs that the population will
ber, 1960. This increased employ¬
accelerate from
1965
on
in
the ment is the result of the gradual
United States, and, for that matter,
stepping up of production of reto an even greater extent in
many styled product line being sold by
.

other

parts

population
an

the

factor

enormous

world.

alone

The

calls

expansion

expanded sales force.

for

should
be

word

,of

advice

given for what it

worth

small

may

investors

those

to the field of

newcomers

investment.

the

1946.

indeed

The "new

proportions

fared

well

very

1937

have

and

would certainly be a disservice to
inhibit those whose
knowledge of
the

markets

whose
of

instinct

securities

Will

say

people
fool's

the

and

been

Paradise

and

which

move

living

obstacles

sure

far

that

during the
be

many

way

that

the

easy

first
order

all,

time I believe that the
gross busi¬
ness of the
country will grow suf¬

vestor

concerned,

ficiently
so
perhaps be
corporate

must

that

there

50%

increase

earnings.

have
a

have

Therefore

the

50-50

this

time

ratio
as

year

present

business
vanced.

two

cycle
An

have

bonds

phase

gets

occasion

further
for

and

changed

capital

successful

the

would

and

new

First
ness

Connecticut

Investment

Bridgeport
initial
the

license

Small

those

gains should
they

such

should

until
and
a

who

outright,

have

salted

time

less
as

markets have

been

Connecticut

Business

its

name

will

issued

of
the

Administra¬

West

control /systems

the

tion

ad¬

such

ings

the

and

basis.

stock

and

accessories!

of'

poration- of

Farmingdale,

market

Cor-

further

Farmingdale, a research
velopment organization,
izes

the

field

and

de¬

special¬

^hydraulics,

pneumatics and electronics.

Named Directors
The

election of

and

Lee

Samuel

Nashem

Magid

directors

Major Pool
E q u i p m ent

Corporation,
manufacturers
of

and

sand

gravel filter

for

systems

mercial

com

and residen¬

announced.by.
David

Greene,

President.
Mr.

Magid is

President
the

invest¬

ment

Samuel

Magid

banking

firm of Hill, Thompson & Co., Inc.,
New York City.

Glover&Thompson
With Jos. Walker
City, members of

New York

Stock

York

New

Exchange,

Glover

division

United

announced

has

been

appointed man¬

the syndicate department,
McKean Thompson manager

ager of

and

of the sales

department.

Model, Roland
To Admit Everitt
Model,

Aircraft

that

its

Roland

selec¬
returns

price—earn¬

120

Stone,

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

change,

oh Aug. 1 will admit

Everett to

ter A.

Everett

has

Wal¬

partnership. Mr.
with

been

for some time.

the

firm

Form Burr Agency

EAST
Burr

Sikorsky Aircraft of Stratford,

NORTHPORT, N; Y.—The]
Agency, Inc. is engaging in
business from offices

securities

283

Larkfield

Road.

Officers

President;
Eileen
Lesberg, ~
- President j
and Secretary; and Joseph Landry,
are

Carll

Treasurer.

Burr,

;

Jr.,
Vice

:,y.'/'t;v

Primary Markets in

LongI

Key engineering personnel
moved to West
Hartford
development work i
and production will be
conducted, j
will

where

CHAS.W. SCRANTON & CO.
Members New York Stock Exchange

CONNECTICUT

aggressive

over-priced

missiles, has pur-1

New Haven

our

economy
been tested by

realistic

Corporation

Farmingdale Manufacturing

chased the major assets,
including
patents and test equipment,

SECURITIES
New
'

until

"advanced stage"
official.

company

for aircraft and

probable business readjustment

and

the

Hartford, one of the coun-1
largest
producers
of
fuel I

try's

implies, ' the
i d e equity

and' long-term
loans
diversified small businesses.

their

away

in the

Chandler Evans

p r O v

capital

Corporation,

been

some

Busi¬

S-62 helicopter has been certified
for commercial operation by the

(1) For those who have always
a great deal of
credit, I sug¬
gest that they now operate on an
outright basis.
For

has

Small

Company

in¬
two

used

(2)

are

small
these

suggestions:

buying

exclu¬

in
nat¬

are

others

make

devoted

sively to the manufacture of solid
state porcelain capacitors.

investors.

people

some

For

must

philosophy

cautious

bold.

not

term.

hence 'after

downward

desirable

stocks would
probably be
a

long

between

and
I

this

say

somewhat

viewpoint,
already indicated

pessimist

will

amount

After

urally

are

develop

profit margins
but at the same
as

small

criterion for future
think that people with

are

according to

micro¬

capacitor divi¬
made
available
in

Space

results.

there will

ceramic

Trumbull will be

curities to enhance percentagewise
perhaps five or ten times more
than the averages.
In this con¬
am

Monroe

"VK"

the

was

miniature

sion.

tion.'

decade

June.

company

nection I

plant

selection

good. For these I
belief is that many

have

users

have announced that Raymond F.

production

increasing
for

pasJ

Negotiations for sale to!
Angeles Airways and other-

Los

Some- newcomers

Th^

sengers.

Vitramon, Inc., formerly head¬
St.,
quartered in Trumbull, took pos¬ the
session of a new headquarters and

regarded

This
new
facility, when
increase manu¬
generation completed, will
in Wall Street has never seen bad facturing capacity four fold and
will accomodate
900
breaks
employees.
in
the
markets
such
as
The
company's first division to
occurred in 1919 and 1929, or even

well

Agency.

Joseph Walker & Sons, 30 Broad

Advice to Small Investors

Perhaps

Aviation

S-62, the first U. S. built,
turbine
powered helicopter to
receive
such
certification,
is
a
singleengine aircraft/capable of
carry¬
ing a pilot, co-pilot and 11

tial swimming
pools, has been

the

well.

Federal

Island.

Economic

very

they have made
money in the past should not be

"i.

for

extent

some

for it, I think
there will be Opportunities in the
10-year period ahea^ for such se¬

previously mentioned

Dubious About Keeping inflated
'

level

with

maturities under five years.

Stocks

attractive

"Pollyanna"

short-

securities

usually at

them
one

por¬

bonds

and

are

make

one

concentrated

municipal
revenue), and in

government

I
of

prices

which

50%

market, the latter

(mainly
term

ten¬

common

in the bond
tion

much

period,

recommend

net
per¬

benefit

their

seen

quadrupled,

selections.

person

50%

have

and

purchased by the intel¬
ligent investor. A^/'^/'/viv- . v - . ,

chases.

cupidity
rampant in the

and-

manned

safeguards

many

cases

seems

are

stock that I believe should

that this is not
—which

helicopter-like

lower

study the
blades to

2% based on increased
dividends at that time. I feel that
1

policy to be followed by people
of Substantial net worth, 1 feel
time for

The
United
Aircraft Corpora¬
ten-year period. Corporations; are
tion of East Hartford has formed
spending a huge amount in irean
Industrial Power Department
search which will ultimately
pay at its Pratt &
the pendulum"Tias swung too far
Whitney Aircraft
off in earnings and dividends. If
division.
This
so
that the price which must be
Department will
our
government
is
sensitive
to
develop new uses for Pratt &
paid for an assumed growth is out the
revolutionary aspects of what
of reason.
Whitney engines as well as new
is going on in the world at
large, products for the industrial power
This is not to say that all secu¬
particularly ; Asia,
Africa
and field. Formation of this
Depart¬
rities are inflated at the present South
America, we would be in ment follows a
program already
time. I might say I am a person a
very good position to help sup¬ initiated with work on the fuel
not without optimism and know
ply billions,
brains and know- cell as a power source and the
of many securities that are real¬
how, that would not only be good planned use of P&WA
jet engines
istically priced for long-term in¬ for the world
generally but cer¬ to push natural gas through trans¬
vestment, and it is this type of
tainly for the United States as mission lines.

only

selves, which is to say, the prices
By diligent research I think it
people will be willing to pay for is
possible to find companies with
equities under a less favorable
strong
management
but
whose
outlook.
business may have been
tempo¬
Relating this to the investment rarily adversely affected. In such

contract

to expand the nation's tainer decelerates and lands in
economy.
Opinions that are ex¬ helicopter fashion. This defense
pressed by Keyserling, Galbraith, contract will put Kaman into the
the
Rockefeller
Brothers
report field of space age technology.

people will disagree
that
strong
action

There

factors.

five

perhaps

use

awarded

program

than the averages.

sensibly priced growth

many

are

strong managements which in the next ten years

securities with

Force

Corporation of

been

experience gained from eight
Federal Reserve policy, social se¬
years of work developing "Rotocurity and many new social de¬
chute,"' a" Votary wing ' recovery
velopments
indeed
are
accom¬
device which operates like a small
plishing this ironing-out process.
helicopter. When a Rotochute
Some time in the next year or
equipped
container is released,
two I would expect our govern¬ folded blades
snap
into position
ment, no matter which party is and aerodynamic forces then
in control, to have an ambitious cause the. blades to
spin. The con¬

variables said to exist than ever before in today's

of the many more
market. The

Air

has

that
space
capsules safely to earth.
do inhibit .major downward
Kaman will base its research on
swings.
Large taxes, an active

Wall Street

come,

Bloomfield

have experienced in the

early part of the century are un¬
likely to be seen in the future.

have

price-earnings ratios which

their prospects for many years to

outdistanced

stocks

about

Dubious

Thursday, July 21, I960

Future

the

About

Connecticut Brevities

time next year.

some

York—REctor

Hartford-^-JAckson

2*9377

7*2669

Teletype NH 194

Volume 192

Number 5970

The Commercial

and Financial Chronicle

(271)

t<? take specific

actions in specific

the year; stock prices declined and

circumstances. Although it is within the
prerogative of the

there

was

movement

Congress out of equities.

Hon. A.

l>y

Willis Robertson,* Senator (D.Va.), U.

A?0 ™1S' l}

S. Congress

expert on banking (1) belabors proposal to provide

cenate

C<=?nC+

for the

A u/

retirement of Federal Reserve Bank stock; (2) singles out trends of
an inflationary character;
(3) makes use of our monetary history
in warning against financing spending programs through central bank

AfA
date
makes

irAuf 7
the

relationship of Government
its broad aspects,
vital one throughout

b en

The

of this country.

history

the

struggles of

The

ob¬
sound
and freely cir¬
cur¬

for

Union.

re¬

too

inelastic,
central banking

recur¬

ended

1865.

Sen. A. W. Robertson

easy

recent

behind

the
perfect

;

The Keynoter of the Con¬

except

years,

argued

that they

the

upon

basis

gold, silver and greenbacks.
almost

300

of trial
and error, the United States found

itself, to quote from
The

recent book,

rpppnt

rWpinnm,w

deblfe. abmft

continuine

Federal Reserve System, ed¬

Randolph,

listed

under

Soon after the formation

the

laws

different

of the

chartered

banks, but due to

commercial

plan

this

bill

quire" nTemb^r banks^to

re-

fhp

nnnn

m?l
navmint
to

ThP hill hoc

case

relationship of member
Federal

only

Reserve

banks

System,

lack

super¬

vision, failures from

poor manage¬
ment and the absence of a
central

State

rights

banks.

and

But

the

powers

proprietary

heavily from the
banks, they issued paper

State

stock

its

of the

money

which resulted in
inflation and the
whole system of
redemption broke

down.
In

response to

•

tighten the

money supply, and in
1816
the
second Bank of
the United States
came into
existence. It was a cen¬
tral bank in
every sense of the
word, and its ruthless

policy

deflation

established

institutions,

the result of compromise and

monetary

and

neither

cal

was

banking

system

wholly politi¬

wholly private, which
neither
wholly
centralized
nor

was

Reserve

which

Reviews Interest

Despite the

Warns

Against

Printing

Press

own
a

history which

warn us
central bank which is an

the

Treasury,

other

and

which

nations

revolution

and

against
arm

the history of
shows

that

dictatorship

.,.

Art

onks could not furnish re1A the National Banking
I 3'' under which the Fed-

erai

tonnA0vernment issued
neithocalled Greenbacks,
manv

latinn

paper

with
backing,

/
nor silver
which are still in circunotwithstanding the pious
.

st;and and resist.

inflation

cause.for

concern.

of demand deposits at banks

rise did not,

■

in the

meantime,

even more serious trouble.

was m0re than 7% above a year
Am°"g other trends of inflaag°"' '
tioriary character, are the continAlthough the

money

supply has

uing

demands

for

government

declined thus, far in 1960, other spending, although combined

Fed-

and

loan

aBout

associations

the

Government

has

been

United

same.

short-term

ever-present to finance additional

activities

States

able debt in the hands of the publie has also continued to expand,

response

lessening

and

market-

with

additional

monetize

that

debt,

debt

—

short, to finance by inflation,

Thb''pricedwhge

spiral,

y* Continued

arising
page

This advertisement is not and is under

authorities

have

circumstances to he construed

offering of these securities for sale or a solicitation of an offer to
buy any of such securities. The offering is made only by the Prospectus.

660,000 Shares

The Futterman

Corp oration

Class A Stock

Changes

per

share)

to which I

continued

Price $12 per

their

inflation.

quarter

1960,
increased

product
to

the

first

national

gross

$17

billion

Copies of the Prospectus

be obtained from the undersigned only

may

in those States in which the undersigned may legally
offer these securi¬
ties in compliance with the securities laws of the respective States.

seasonally

rate

$500

adjusted annual
billion. Although a

ter of

1960 showed

Van

Ilayden, Stone & Co.

Alstyne, Noel & Co.

Shearson, Hammill & Co.

Walston & Co., Inc.

increase of

Sutro & Co.

Mason Brothers

Reinholdt & Gardner

course,

are

suifpH

shall have to contend in the
Jon£ run> and which bankers, have
fundamental obligations to under-

(Par Value $1

Rate

pressure

Money

But, of

to revulsion
the end products of uncontrolled
ernm
Federal -Govinflation..
;
frnm elu
sou§bt to divorce itself
Recently, the monetary and
Stn+
banking system, while
S governments sought to banking system has had to carry

accompanied

was

un¬

4% in total output, after adjust¬
ing for price rises.
\ >
the debate con¬
> In
1959 interest rates rose to,
tinues. In recent years, impatient
10
the
battle between
Andrew advocates of vast
1929.
spending pro¬ their highest levels since
-Jackson and Nicholas
Biddle to
grams
have insisted that their This was in response to heavy de¬
mvoke the bank's
charter which schemes can be financed
painlessly mands for funds and, despite much
-Jackson won in 1832.
the
Federal
Reserve
—by increases in the money sup¬ agitation,
But soon
again the pendulum' ply, created through central bank System refused to interfere un¬
swung to money expansion
through support of Treasury borrowings. duly in the money markets. Not¬
tkfno,d °f booming prosperity They disregard the lessons of pur withstanding these interest rates,

11 tbeir own banking laws.
GnuQUrgerd need of the Federal
Cn Tent during the War BeStatA
states for funds which

related to

System—

by the steel strike during the lat¬
ter half of last year, the first quar¬

resulted, at least in part,

Tho

however,

have referred, the Federal Reserve

nor

dominated.

depression in
This, in turn, ultimately led

S °*dePression
hem* The

A major

ago.
was

part of this increase was a reac¬
wholly
decentralized,
neither
tion to the slowdown occasioned
wholly national nor wholly State

iQinm^rst business
819

occasionally has happened
Blstory, the public enthusiS ±0^' bunks turned in that pe-

year

alterably opposed.

adjustment, and reflected the les¬
without
sons of history.
It provided for a

that ended in
the panic of 1837.
As

policies favoring economic growth

which

this, the Federal

Government tried

was

Federal

domination

year,

under the leadership of Woodrow
Wilson and Carter Glass, the Fed¬

tally

of May the
about 2% below

interest

stock, the existence of this

bank, they did not become strong
eral Reserve Act was passed. As
During the War of with most successful governmen-

rowed

was

^,flatl0nary Danger

rnajor liquid assets held by the eral, State and local expenditures
member banks have in the
System Public have expanded, but at a already total 30% of our total outis that of
participating in the elec- somewhat lower rate than the put. With taxation near this level
tion of six of the nine directors of previous two years. Expansion in of 30% of gross national
product,
the appropriate Federal Reserve time and savings deposits in banks resistance to further taxes to fiBanks; and a return of a 6% an- has been slower than a year ago, nance more government spending
nual
dividend
on
their
and the temptation is
stock. But the inflow of funds to savings is great,

institutions.

1812, when the Government bor¬

its

Pe.spite
current lessening of
inflationary psychology I believe
Jhera ,are bu.lt-m inflationary
MS
M

°utside leading financial centers lead to

ownership usually
proprietary interest and
is not the

early
of

over

control—which

The

member

substanstial rise in its rate of rise in the price level of 2% a
turnover. At the end of May, the year would mean a doubling of
seasonany adjusted rate of turn- prices in 35 years^ assuming such

stock

implies

the

1 n

payment of

nominal fee

because

money supply since the first of the •; Even a slow rate of continuing
Vear>

mem^ershin

banks;

sured

the

surrender

citnrk

Reserve

the

upon

supply

unusually large tax receipts during this period. The decline in the

ownership by member
States; and a hodgepodge currency
Government, the Secre¬ system that included
banks
are
important conceptual
gold and sil¬
tary of the Treasury, Alexander
aspects of the System.
.A
ver, bond-secured national bank
Hamilton, urged Congress to grant
■>s. This arrangement is a link in
notes, and a supply of green¬
a charter creating
a Bank of the
backs.
." In an effort to stabil¬ the concept of a monetary and
United States. Hamilton's Report
ize banking and to discharge its banking system which brings into
on the bill to establish the
Bank
constitutional duty to fix the value proper
relationship both public
set in motion a debate which has
and private interests, centraliza¬
of money as well as to coin
it, the
not yet ended.
Over the objec¬
tion and
decentralization, and the
Congress in 1908 created the Mon¬
tions of the Jeffersonians,
Con¬
of
the
System
etary Commission. In 1912 that "independence"
gress in 1791 granted a charter to
passing popular demands.
Commission recommended a cen¬ from
the Bank of the United
States, but tral bank along the lines of the The removal of this link might
when that charter
well be interpreted, and
expired in 1811, present Federal
indeed,
Reserve, but the
the Jeffersonians blocked its re¬
Aldrich bill of that year was de¬ it might well be intended by some
newal.
•'
feated primarily because the Sen¬ of its advocates, as a step in the
State governments in the mean¬
ate felt it encroached too much direction of political domination
had

and at the end

part of this decline

stock.

thpir

reserves

fate, from 4 to 3Vz% ' in
June, was further evidence

of the

Bank

Federal

time

months

the level of

and

five

the

privately held, money
supply declined, by about $2.5 bil-

the

ited by Herbert V. Prochnow,
Edmund
"with a national
banking system
what he called
infected by the weaknesses of cur¬
"the havoc of paper money" high
While the Federal Reserve Banks
rency inelasticity and immobility;
on his list of the inadequacies
of
could operate without
a
capital
variety of State banks operating
the Articles of Confederation.

Convention,

stitutional

the first

year, t

troduction of a bill to
provide for
the retirement of Federal
Reserve
The

additional,

belief that the fight against infla¬
period of the preceding v tioh was succeeding, htl least for
two • years the Government had the time
being.
k
:
;/•••,
been a net borrower.
A
I? ;

lion'

years

changed Federal Govbudgetary position, for

same

money

After

mainsprings

the

movement

dangers,
System, since

through net repayment of debt. In

the

liveth'."

tended

were

rency, was one

1 know that

say

the

inflationary

the Federal Reserve

March, has been adding to its
holdings of United States Govern-

this year, the Federal Government
made funds available to markets

■

The most

every

money, not altogether
different from those we have had

culating

and

over

desire

want

Mc-

There followed political contests

ex¬

tain

and

facility tended to aggravate
ring panics after the War

dis¬

perience.

1896:

and the lack of

heartening
monetary

Bryan

greenback to be able to stand

debt,

cen¬

Kinley

which which

expediency,

National bank currency, because
of the structure of the Federal

nated in the
Constitutional
Convention of
1787 followed
almost a

between

deemer

Colonists,
which culmi¬

tury

debate

Congress,

Attacks Plan to Lessen Fed's
:
Independence

expressed
by the infidel,
Ingersoll, in the free silver

Bob

end

American

the

hope

banks.. Member
banks
in
the
some of us had been
strug- .meantime have gradually reduced
possible for the Board
gling while others were advocat- their borrowings from Federal Re?ns which ™ay Be mo- ing more [liberal spending, serve banks. The Federal Reserve
unP°Pu.lar» But which, Through the first four months of System's reduction in the discount
the

i-Ao AI1
spa^.lflc monetary poltes would seldom be free from
political

System from passing popular demands."

hanking, in

long run, will be vindicated
by economic events. Congressional

independent banking system, Senator Robertson holds stock owner¬
ship to be an important link in the matrix which resolves "public and
private interests, centralization and decentralization and 'independ¬

ThP

short-term

funds

The easier credit market situation so far this year has reflected ment securities, thereby providing

Sy,stem "as mainly a
A "Broad, general ,ernment

j'
of

+0;??

support of Treasury borrowings; and (4) calls on bankers to exer¬
their citizenship responsibilities. In a vigorous defense of our

cise

ence' of the

,^ontIarJ t? J:he
^ Federal Re-

the

ity

high level of economic activ¬
during
1959
resulted
in
a
volume

record

funds

raised

through credit and equity markets
than $60 billion, or one-

—more

above

third
at the

same

1958.

Paradoxically,

System was being accused
stifling economic growth.
•

the

first

quarter of
1960,
credit market activity
is, the amount of
gaged and the inflationary effect funds raised was unusually small

the burden of restraint upon

infla¬

„

;

Fusz-Schmelzle & Co., Inc.

,....

Rouse, Brewer, Becker & Bryant
Birr & Co., Inc.
Charles A.

Straus, Blosser & McDowell

Frank Knowlton & Co.

Taggart & Co., Inc.

Albert Teller & Co.
First California

Wilson, Johnson & Higgins

Abroms & Co., Inc.

Company

Incorporated

Henry F. Swift & Co.

Bateman, Eichler & Co.

First Securities Company
■

•

Bellamah, Neuhauser & Barrett

White & Company

Chicago

Boenning & Co.

Fairman & Co.

time the Federal Re¬

serve

J. C. Bradford & Co.

tion, because of the deficit financ¬
ing in which the Congress has en¬

and well below the level of

Baker, Simonds & Co., Inc.

C. F. Cassell & Co., Inc.

Clark, Landstreet & Kirkpatrick, Inc.

however,

of the

Hanrahan & Co., Inc.

price-wage spiral.

While

ing

some

budgetary

were

advocat¬

restraint,

others

fell

off—that

year

earlier.
These

reduced

credit

demands

Of the were acompanied by sharp de¬
Federal Reserve System in vari¬ clines in interest rates during the
ous ways.
Resolutions were sub¬ first three months of 1960. In ad¬
mitted and speeches were made, dition,
inflationary expectations
in attempts to direct the System were modified after the turn of
struck at the independence

Hallo well, Sulzberger, Jenks, Kirkland & Co.

McNeel, Rankin and Budd, Inc.
Hannaford & Talbot
A Corporation

Pierce, Carrison & Wulbern, Inc.

Harbison & Henderson
"

J. R. Williston & Beane
July 20, 1960

Leason & Co., Inc.

,.,

I. M. Simon & Co.

The Commercial and -Financial Chronicle

(272)

uct.

^They are just as important

the

cost

materials

raw

the

small

community's location
/i
::/

disadvantage.

was

community

with another.
union

By Kenneth Field* Ph. D., J. D.
Giving his
Fields

Dr.

personal, professional views

own

provides a check-list on how small communities should

contemplating movement to
evaluate

siderations

demns

national

them

our

and

ability of

one

because

policies

labor

unions

plants is a
small commum-

new

in many

Federal

the

States

po icies

operate

commu¬

nities.

smaller

self-adjust¬

plant and equipment. This
requires many years. Con¬
sequently, the businessman must
look well beyond current costs and
prices. He must forecast these
for a long enough time to get his
He

back.

cannot

sure

cost

fore, have to give special attention
to any factors which might change

free enterprise

his cost factors unfavorably.

Fed¬

policies

and

jeopardizing

of any of the price
items; so he will rely
principally upon his ability to
control his costs as efficiently as
his competitors.
He will, there¬

ing economy,
often called a

eral

for

of the

and

are

economy.

con¬

process

really

com¬

the product of
a

responsible

investment

The

munities

inventory of con¬

confusing and conflicting. He holds

handicap
small

of its people—particularly the substandard worker.

many

United

the

location with

arriving at a decision. The writer

prospects of the smaller community and the employ-

prospect of

dim

a new

national

our

survival

the

industrial location,

about attracting new industry. In so doing he provides companies

The

statutes
inter¬

have

The

fered with the

cost

Costs

labor

case/-but
every
has.. some
marginal
employees. Any increase in
wage
costs may tip the balance in

major

self-adjusting
mech anisms

the cost of labor will be investi¬

industrial

small

Kenneth

Field

where

many
communities are

fighting for their economic lives.
The same is true of large segmen s
of

As the country

agriculture.

made

mistakes

iegislation.

tended to pass .more Jegudation to palliate the mistakes rather
has

than to correct the

.lation.: The

or.1f"®1 4W
country is nowle|t
a

crossroads where many o£
tional economic policies are self

blen

inflation

bank

deposits

through reckless FederalsperxOi g
is no longer a cure for basic
.
The party is over and the
try must face things m the light
of day.
.

by which existing

wage

different

communities

plant locations will he deter

the basis of comparative
unit costs.
The business will ap¬
on

ply

its itemized cost analysis to
community and select that
community which offers the loweach

total unit

cost.

S?me indivi¬

dual

costs may be higher
some
be lower, but the total will
control.
However, the total cost

may

studied

basis

and

current

The

reflect

also

newspapers

of the basic fabric of
the community—how it reacts.
A
great

deal

plant that must pay out over a
quarter of a century must fore¬
the future community integ¬

the

least

cost.

two

other

matters will require close atten¬

•

each

item

and

both

antici¬

pated future basis.

best

the

prospect would
hold
threat of labor disputes and pos¬
sibly strikes even if the practices
could be avoided.
Labor

can

to pay for the production of given

Perhaps

costs to return the initial
ment to the business

over

invest¬

the life

turn

ity

new

other

than

strife.

production

stay

strike happy

plants from

faster

for labor

are

factor
a

bad

will

commun¬

reputation

Interruptions of
very

business

the

bodes

National

well;

Labor

Small

wide

swings

Policy

and

the

Community

costly.

employer

given small community, but small
communities
lot

whole could do

correct

them.

First

and

foremost of the national problems
are
the great nationwide
labor
tered

by Federal statutes.

nationwide

They

uniform

These

beyond
set

can

rates

wage

decree, for example, that
person who can produce less

can

than two

dollars worth of product
can be employed in an

hour

per

industry by setting a minimum
wage of that amount.
When the
employer lays off the employee
who

isn't

hour

worth

two

dollars

and

hold¬
ing legislative matches under
the
thermometer

the

cost

than

shovel¬

concluding the labor aspects
of. this discussion, I
suggest that
the smaller communities
and the
farmers should press their
repre¬
sentatives in Congress to
correct
the present laws which
permit
industry-wide labor monopolies.
Labor unions are desirable
to per¬
mit the employees of an

forces

cause

rather

ing coal in the furnace.

establish¬

ment to negotiate

as a group.
But
nation-wide labor monopolies
are
neither necessary nor

desirable.

to attract new plants. Be¬

way

neW,legislation t6; swell the unem¬
We are "a
great
nation to; heat the room
by

big city wage
rates
on
small communities,
it
starts the process of economic de¬
struction for the small community.
The
mechanism
for
adjustment
has been removed.
There is now
no

speeches

ployment rolls.

uniori takes

When the national
over

personal

view

economy of this

disadvantages,

they become obsolete. When busi¬

location-to-location

able

that the

country will

old plants will not be replaced as

make

the

not

appropriate

and

day-to¬
orders will be filled day adjustments until labor unions
plants and small are limited in size to single em¬
community employees will be laid ployers. Then if one group of em¬
dips

ness

machinery

produces at less cost then
the overpriced labor, the union
lobbies for Congress to spend tax¬
payers money to use the unem¬
ployed and insure that the rest
of The

economic community sup¬

ports the union members in the
style to which they have decided
they should become accustomed
Somehow the farmer and the citi¬
zens of the small communities are

Pay more for auto¬

ex^f.?

mobiles, electrical products, farm
equipment,

and

the members

monopolies;

the

that

of these great labor

live

can

ployees

There

afflu-

spend

But

their other needs.

let

home

bring

this

the

small

community.

matter

iTi?? iiSm£ community does not
usually have a favorable location
with respect to raw materials used
in

products sold in distant

kets.

The

mar¬

materials have to

raw

be shipped in, the finished
prod¬
ucts
have
to
be
shipped out.

Transportation cost is
Each year

item of

that transporta¬

tion cost

becomes

vantage.

Every

unnecessarily

every unnecessary

maintained
sary

jobs,

carried

diesel engine,

freight station

continue

unneces¬

every payment of

ing two hour's work,

crew

eight

for do¬

every

simi¬

featherbedding practice keeps

costs.

increases
In

other

this

transportation

doing it aggravates

overreached

itself,

would

company

an¬

able to

policy which needs bid lower for the available busi¬
attention, that is the im¬ ness. Each team of employers and
pact of uniform wage increases on management could bargain within
the competitive structure of any the framework of its own selfgiven industry. I am sure that if interest. The free enterprise econ¬
a
few large companies agreed to omy,
actuated by
self-interest,
national labor

competitors,
thorities

the

would

Anti-Trust

would be

functioning again.

au¬

rushing in

)

■

•

/'*.

■

I''V->.

.:•»

.Taxes are a prime con.sideratic
stop the process with all trumpets
blowing.
But
somehow
those jto .qvery^ company* Whatever,
shared with the government rim
same few companies
can make a
.

national
with

pattern wage agreement
large union and increase

the costs of the

first

tive

price

competitors by the
the assured price
cut and these same government
champions of small competitors

cover

will

mean

amount

same

in the forefront

opposing

of those

produced.
of

the

the taxes

The compet
product mu;
the taxes can

paid. The wage of the err
ployee must permit him both 1
live and pay taxes. Too
high tax<
endless

trouble

for

increase in prices. ready located business. They dm
Yet the marginal competitor can¬ other
businesses to locate els(
not survive unless there is a price where.
any

increase.

The

The facts of the matter

that

are

every

new

company will tabulate

type of tax and fee it will

we have very confused and con¬
flicting national policies. The es¬
of the free enterprise system
is its capacity to adjust. The small
community could survive because

have to pay in comparative loca
tions.
In
conjunction with this
search, it will normally inventory
all
restrictive
ordinances
and

weights

could

decide

for

rates of pay it was
sons

itself

what

willing to

ac¬

It could find work for per¬

cept.

who

were

slow

had

physi¬
Now
it
is
pushed
by national legislation and
Federal agencies with a mission to

cal

defects.

around

serve

which has

scant

considera¬

tion for local problems.

community

succeeds

Once the

new

minimum wage legis¬

lation

to increase coverage and
raise the wage rate the substand¬
ard worker must meet in his
pro¬

duction—or

again

become

unem¬

ployed.
In

other

legislation,
on

including

load

bridges and streets.

Taxes and

restrictions, however,

matters which can also change
from year to year.
There is no
are

dependability except

the con¬

science and character of the

munity show

com¬

massive stability

There

can
be
no
ultimate
re¬
straint qn tax increases except as
is
restraint
on
spending.
The point to

finding there

employment for its members who
can
produce only a substandard
quantity and thereby has reduced
its
unemployment
rolls,
along

study

future

taxes

of the

the

spending habits
being developed today. The guides
in this factor will be found in the
community record. Has the com¬

munity been spending more on
community projects, country club
type schools, and the like than it
can

afford?

Have the community

thought leaders fronted for bon

this

ponder

the

connection
case

you

may

issues

small

em¬

nance

cover

costs

current

mainte

construction

proj

ployer who came to me two years ects which
should
have
beei
ago,
There was the possibility spread over a
longer period? Doe
that he would be
the c o m m u n i t
caught with a
y press suppor

minimum

increase.
For propaganda on deficit
spending t
he had employed, in produce
purchasing power an
phase of his operation, a large like doctrines? These all cost their

many
one

wage

years

number

haps in

physically,

and

per¬

mentally, sub¬
standard individuals. It was im¬
many cases

material
persons

whether
or

one

he
to

used

three

given

amount of work provided he

the

same

total wages.

paid

He had de¬

liberately set out to employ the
unemployable. But an

otherwise

increase

hour's pay to a train

lar

disad¬

worse

fireman

facet

serious

comes

small

? whlle .the farmer and the
town citizen have less to

another

sence

substitutes

which

selling price of the prod¬

communities

cut prices to drive out some of the

Matters of national labor policy
are not within the control of
any

must be able to absorb strike costs

the

small

usually resolve the matter of bet¬
ter living conditions which cannot
be moved against the. disadvant¬
ages of congested urban living by
accepting sufficiently lower wage
rates to equalize or better the
competitive unit cost disadvant¬
ages.
In truth there is no other
way to equalize them.
It is a case
of take lower wage rates or not
work in the community.

wide

move

bode ill.

with.

Strife

Is it

The

sources.

material

raw

great.

relieving unemployment.
But
time the communities, and
not
Congress, get the problem
under
control, Congress passes
each

nities located at natural transpor¬

gives

in place

off.

balance

competiitve disadvantage to start

This leads to a further main
facet of investigation. What is the
labor history and prospect for the

community?
community?

practices
grown
up
in
older
plants. That may be as an initial
matter, but if labor unions have
abused their power to impose and
retain such practices in the older
plants, it would be sheer folly to
anticipate they would not attempt
to impose them on a new plant. At

Business plants are sunk capi¬
tal.
Once money has been used

types of equipment and plant
buildings it is committed
The
only way to get it back is to use
the new plant to'produce
goods
which sell for enough above other

bound

Congress

munity has certain cost disadvant¬
ages compared to larger commu¬
centers

other employees or in
favor of

labor saving machinery
of employees.

wage rates work against the small
community. The usual small com¬

tation

favor

"of
national

uniform

The community is a grinding force
that can keep disturbing forces

have

^emized

tested

not

that

Rates

Similarly,

from lower cost

monopolies extend way
single
employers
and

will

Since the unit sales price is not
matter of control, the relative

will

try.

Assuming he finds an adequate
supply, he will then study
the unit costs.
The occupational
rates are usually only a fraction
labor

^der

control.

est

to a
other
coun¬

monopolies which have been fos¬

establish^

mined

any

press

rates may be affected.

^product

public

institution in this

greater extent than of
agency or

ulation

thoroughly in the process
locating a new plant. The busi¬
nessman
will
have
a
manning
table for the proposed plant.
He
will develop information as to the
availability
of
manpower
and
womanpower for each occupation
to be filled.
Where surplus skills
do not qxist, he will develop po¬
tential training costs and substi¬
tute skill's. ' If he is to compete
for skills,
he will estimate the

terprise

misconception is the

the

tion: (1) the fringe wage struc¬
ture, and (2) the idle time prac¬
discussing the
tices.
Vacation
payments, shift
forces grinding on the smaller
differentials, overtime premiums,
communities, I wish to state the holiday pay, company paid insur¬
economic premises within which
ance, pensions, and welfare plans,
a
small community must attract
reporting allowances, jury pay,
new industrial plants.
pay for death in the family, and
The crux of the analysis is unit the like now add another third or
selling prices.
Any business en¬ one-half to the occupational rate
which considers locating in some communities. These have
a new plant must sell
to be figured in the unit cost of
at a price set by competition in
a product.
Similarly, if union re¬
market.
The only control the strictions require the hiring of
company can exert over that price more persons than are necessary
will be the influence that can be
to man an operation or require
brought to bear by withholding its excessive rest periods or idle time
own production from mai*kct. O for any reason, the unit cost of the
product is increased*
The labor
viously, the desire to
new plant is totally inconsistent
practices in a community which
with the purpose of withholding prevent getting a fair day's' work
the production of the plant from for a fair day's pay will militate
market.
So for all Praotmal pur- against obtaining new plants for
poses, the company starts with a the community.
market price over which it has no
You may say that the new plant
Before

merits

I believe that

fault

swings with the disturbing forces.
Cnaracter and stability in the pop¬

amount

defeating, the post war shortages
have
filled,
international
competition is becoming severe,
and

to use force and violence in inter¬

fering with others although they
know it is not legal at other times.

leaders,

gated

Dr.

point

the

Decries Uniform National .Wage
•'

rity because it has to live with it

factor in any manufactured prod¬
uct.
Because of its importance,

omyhto

comparison
of

the strike history
of the community, the record of
the police in affording police pro¬
tection
during strikes/ and the
record of the courts in granting
prompt injunctions in cases Of il¬
legal interference with entering
and leaving plants, etc. will be
investigated
thoroughly
in
the
local newspapers and elsewhere.
The newspapers will be an ob¬
ject of special attention because
they are a force in the commu¬
nity.
For example, many em¬
ployees in many communities be¬
lieve that the mere calling of a
strike makes it legal for pickets

cast

Labor

The reputation

extreme

establishment

determining whether to locate in
one

Thursday, July 21, I960

the

minimum

would hit him three fold.

wage

was

shadows before them.

Politicians are but mirrors o
the actions of the
people they r;eP
resent.
Most of them are fair!
practical

merchandizers.
The
know they must get votes to sta
in office
just as a grocer must ge
customers

stay

considering the necessity of elimi¬ the
merchandise the
nating this whole

force and hiring
standard replacements who would
do three times as much work
per
person

in order to keep his total
his income. His

wage cost within

business

They study what is necessary to
get this group and what is neces
sary to get that group. They offei
wants

just

the

They lose office
wrong items.

custome
grocer

if they

does

stock th

But those who ar

in office at
any given time rel'lec

of the people they rep-

actions

the

reffv

they may
Jr represent what a majority
n#Ihe citizens want. You may not
SIp free spending and free taxbut if you take no action and
beneficiaries of free spending
nr, free taxing put out the propaactions because

get out the

community will not

into a

concerned with : whether a
minority is permitted to run the

community.-It will decide^whether
he community is acceptable with;ut reformation.
The govern¬
mental climate must be right. The
community seeking to attract new
busineSs should document its case.
The tax rates are readily avail¬
able and can be shown on a trend
basis
The local newspaper files
will provide much of the history
on community attitudes— and re¬
sults.

put

into

Phure.

readily

Then

establish
self.

good

ported

team

sales

leaders,

indexed

data,

economist,

executive.
of

sociation

sell

it¬

top
sup¬

the

and

Mr.

may

Chamber

business

lawyer,

Field

annual

banquet

Commerce
associations at

will

As¬
the

and

affiliated

Corporation, 15

own

for multiple users. An item
of special
interest will be the
condition on which roads are kept.
Individualized

items

will

in¬

clude available land and the

con¬

this week

tained; available
buildings
their suitability for different

armaments
anxious

the

"ammunition"

use

they have

for

which

with

the

high.

very
are

Broad

Street,

New

have been elected
it has

ob¬

D.
of

York

City,

Vice-Presidents,

been announced by George

Woods, chairman of the board
directors.

their

which

can

new

ma-

workers.

This applies
textiles,
and
many
other products. It seems as though
this competition from Europe will
cause unemployment in our country sooner or later.
to

own

plastics,

labor

strike

against

industrial

manage¬

battle

and

well be compared to military
between

nations.

two

States

be caught in

may

for

his

dictator
labor

give

few illustrations

necessary

management
seems

co¬

unneces¬

nation which

professes
Christianity and the teachings of
sary

Jesus.
It

N/vVf■ ■'••/••N;'-/J

will

our

own

hold

from

difficult

enough

against competition

abroad

petition

and

operate; but this

with increased costs but

prices

tional

make

and

domestic

com¬

between

without

corporations,
competition created

the

tion. General Tire

holders and members of the labor

manufacGeneral Mills has

missiles!

tures

replace

even

Management

of this domestic internal competi-

wandered

industrialists

continuing to make

chines
Donald M. McLean

United

average

declining

Let

competi-

there,
low, but

German

warfare

products.

developing

Not only are wages very
the efficiency of the workers

Bentley 3rd

the

that

businessman

Competition

astounded

was

Versus

which, results in serious strikes.

may

added products of

now

will

last trip to Germany,

tremendous

ment

cold

the

may

During this cold war, it is too
bad,"to see,.the competition be¬
tween
labor
and
management

others which, in many cases, have
no relation to their basic products,
This not only causes overproduction, but it reduces profits. I fear

subject

Russia

fight

have

business

large losses.

Labor

■' ;,V'

sell

own

into missiles and rockets

World,

lines.

own

and

squeeze,

tion

Geo. A.

in their

their

Before World War II, the lead- This especially is true now, while
ing manufacturers were content the cold war with Russia is in
to make their own' products; but
progress. Some believe that a na¬

Foreign

and

ditions under which it can be

which

suffer

his prediction, he

V--'''- -teV:

buy

investments;

Competition With Ourselves

missiles, rockets, subetc. Either there must

During

siding data will be a one trip sur¬
vey

amounts

war.

Warehouse

con¬

continue to

probably

standardized for many
and
railroad

etc. can be

companies which
within their own

those

some

neglected

quantities.

COMPETITION, which will be

the

particularly flat rate tariffs, lists
of railroads, trucklines, highways,
users.

vast

United

the

can

reduction

can

are), or World War III
inevitable. However, my mes-

its

r' *

Russia

nor

sage

have

will

With respect to

sway.

forecasting World
neither

(Khrushchev
is

specific requirements. These must
be met on an item by item basis.
However, much of the information
can be assembled in readily usable
form. Electricity rates, gas rates,
freight rates to logical locations,

but

marines,

this

Plant Specifics

plant

III,

money

Bentley
3rd
and
McLean, formerly as¬
Vice-Presidents of The

now

spend ' such

■ •

Each

not

George

hold

the effective competition we face from the Free

a\;"v

;•

States

and

over

those firms that have expanded

ll"

Names Two V.-Ps.
sistant

These

expanding

raises misgivings about
companies that have diversified into new
businesses with which they have had no experience, but
praises

the

War

First Boston

take

alerts

Brookville, Pa.

First Boston

are

predicts economic competition

past

Finance
President of

past

By Roger W. Babson

and

American

the

Donald

Carbide.

fields should be safer

Doubtful that the armament
spending-pace of the Cold War can
tinue without a let up, Mr. Babson

Society for Advancement of
Management,
P ttsburgh
Chapter. This address was
delivered

joined with Sun Oil Company to
produce polypropylene, thus com¬
peting in the petrochemical field
with Dow, Monsanto, and Union

Not All Who Diversify
Become More Competitive

but

sound

Pittsburgh
President

team

properly

decisive.

business

bro-

community should

sales

business

vote, and carry

fhe elections, the representation
^Now^ new business considering
„nmin£
'

community facilities. All of this
information should be

essential

now

from

away

its

basic

food products to make precision
instruments! Textron, basically a
textile manufacturer, is buying
into various new businesses with
which it has had no experience,

labor

unions

should

increases

Both

realize

stock¬

that

wage

without

corresponding
increases in production or quality
are dangerous. They
could result
in stockholders receiving smaller

dividends;
could

the

Expansion versus

leaders.

suffer

detriment

and wageworkers
unemployment,
to
of

the

nation

whole.

Diversification

Added to the competition from
While there is no legitimate
Bentley is in the under¬
Building data should reflect load¬ writing department of the New Europe, we also have much from reason for much of the above
York office and Mr. McLean
is Japan. I could give illustrations diversification, there is justificaing dock
characteristics,
crane
facilities, heating'"and air condi-; in the sales d e p artment in which would seem to you un- tion for companies to expand jfr
believable. These involve a great their
•;.:t
own t lines.
(Pittsburgh)
tioning, and general age and con¬ Philadelphia.Merrill Lynch, Pierce, Fenner &
Mr.
dition. One of the main features
Bentley joined the New variety of articles ranging from Consolidation Coal is becoming
Smith Incorporated, 70 Pine St.,
York office of The First Boston
table
of

Mr.

uses.

Merrill Lynch
To Name V.-Ps.

■-

community

doilies,

competition today
of free or cheap

Corporation in. April,' 1952 and
appointed an assistant Vicecost
buildings.
Where buildings are not available, President in Jan;,. 1957.
Mr.. McLean joined the Phila¬
it is not uncommon to have con¬
tractors guarantee construction of delphia office of the company in
is the provision
land

buildings at

construction.
to

lease

price
have

low cost per unit of
Another gimmick is

plant facilities with the
purchase for a nominal

right to

after

substantial

rentals

July, 1950 and became
Vice-President

paid.
This
arrange¬
ment permits
fast write-offs
of
investment
(as
rentals : before

purchase) for Federal income

tax

purposes.

assistant

Feb., 1959.

Where the cost factors

frequently decide
The

which

radios,1

television

f a n t

for

sell

m e r

are

Sears

can

big
.

all

seems

detrimental

manufacturers

can

wageworkers.

and

cameras,

sets.

t i c,, and

a s

which

Three Asst. V.-Ps.

The

only

possibly

concerns

profit

companies

increasingly active in the field of

organic

from

such

ducer

Viscose,

this

cellophane

nylon yarns

paper,

has

now

plastic-chemical field,
It is wise for
new

a company

to seek

markets for its available

materials.

American

New

York

wise, New

major pro-

and

rayon

legitimately gone all-out into the

Roebuck, v Montgomery

chemicals;

American

and. and

Ward, and the chain stores which

For First Boston

raw

Viscose

has

York

City,

members

appointments of three as¬
vice-presidents have been
announced
by The First Boston

This

announcement

is neither

The

Exchange, on
July 29 will elect T. Ellis Barnes

(St. Louis), Milton S. Boyce
(Milwaukee), William A. Emerson
(St.

Petersburg,

Fla.), Dakin B.
(Atlanta), Charles S. Galbreath
(Indianapolis),
Alan
D.
Gulliver,
Robert
A.
Nathane
(Seattle), and George L. Shinn
(Philadelphia), vice-presidents of
Ferris

the company.

offer to sell, nor a solicitation of an offer to buy
offer is made only by the Offering Circular.

any

of these securities.

Corporation, 15 Broad Street, New
rela¬

are

York

the

plant

City:

NEW

Douglas Campbell, Jr.,
ber of

the

New

York

ISSUE

These Securities

are

offered

speculation.

mem¬
underwrit¬
a

150,000 Shares

housing, postal facilities,

ing department. He joined First
Boston in February, 1954.
Thomas L. Cassidy, also in First

protection, police protection,

Boston's underwriting department.

SERVICE INSTRUMENT CORPORATION

study

the

sewers,
tire

new

company will

availability

water,

shopping facilities, banking facil¬
ities

and

these

schools.
is

inventory

new

in any at¬
businesses.

ocumented

u/PiCrr°v!l ^Uin§

relations

It should

basis,

the

in July,

company
.

Rahner,

investment

(a Delaware Corporation)

member

research

de¬

his-

then,

throw

Common Stock
(Par Value, lOtf per Share)

prepare a well-

labor

of itself.

William
of

the

partment, who joined First Boston
in August, 1957.

Conclusion

conclusion, I suggest that

ommunity should

joined

1955.

important

tempt to attract

E. J.

Mayner Now

the

?• community force behind
£°J">n that labor contracts
.ube neS°tiated and lived up
hll,n tae sar«e basis as any other

Offering Price—$2

With Bache & :Co.

per

thD

business

in?h
In

refi

contract;

Once

made

a!e1.n°t to be broken

durs ky illegal stoppages,

-r

ber; 3§ree until
making it

North
ner,

Roxbury

Co.,

445

well-

dftMted/jtieji / dJectiHtieb

V. Hall
York
York

Co.,"44

Wall Street,
City, members of the
Stock

Exchange,

25
will admit Marvin
A.
Kirschenbaum,
member
of
the
Exchange,
to
partnership.
Mr.
Kirschenbaum has recently been

ioHed°'thbefe should

active

brcker

and

prior

partner

Joseph

inven-

and

license rates,
rates> utility rates,

f parsmt, IHttrpljg & (En., Jitr.
MAIN

JSn-r maiutain a future
means °
In& within its current

on request.

Drive. Mr. May¬

P. V. Hall to Admit

of its thrift New
y in public spending, New
aPd taxing and that July

cour

tranrnJ
availahi1!

Offering Circular Available
July 21, I960

who has been in the invest¬

EEe£ h.istory

borrnu -G
the crg'

Bache

officer of John B. Dunbar & Co.

" be
a

with

formerly with Shearson, Hammill
& Co. and prior thereto was an

involved.miC Strik® that
.and

ciated

ment business for many years, was

Ed¬

—

J™* 9re reached but not
vlolence in any period

Calif.

HILLS,

ward J. Mayner has become asso¬

rea-

proper

fair and

(Special to The Financial Chronicle)

BEVERLY

Co.

individual

thereto

OFFICE

50 Broad Street, New York 4, N. Y.-

STAMFORD

West Pork PIcc-*,

BOwling Green 9-5190
Please send

copy

DAvis 5-3541

of the Offering Circular relating to Service Instrument Corporation.

NAME-

ADDRESS.

McKenzie

CITY

HOUSE

Stcmford, Conn.

.TEL.

floor
was

of the

Stock

The

tively equal, community facilities
location.

even

sistant

Community Facilities

been

will

apiece,

was

low

and

-STATE.

The Commercial and Financial Chronicle

(274)

have

Canada—Growth Rates

remained
since.

ever

relatively
.

Price

And Trade Potentials

Continued from page

result of good man¬
agement, actually encounter in the

changes in the order of magnitude
of those outlined in Table I.

may, as a

future. ;7
Nor

of the

ignorant

fact

Population estimates and fore¬
that most forecasts are outdated
casts of gross national product are
useful in that they provide us with by decisions taken after they have
served
their
purpose.
It
may
a framework within which the de¬
therefore be appropriate to repeat
mand for industrial materials may
a little ditty which could be said
be assessed. We find, for example,
to have a bearing on forecasting
that these needs are rising more
in general:
:?
; y '
than twice as fast as the North
.

labor

American

them

converting

which

force

finished

into

7'7: V-

match the

total of all types of

sum

economic

activity, the
requirements
of

rial

United
still

expand
have

and

Canada

and

States

considerably

ought to

burn."

domestic

Being Priced Out of World

and 1980.

now

both

A question which has been

ering Canadians

Cent

of the Combined Output of
Goods, and Services in Canada and

both¬

much of late

very

be simply phrased. It is this:

can

"Are we, in

the United States, 1926-1980" out¬
lines what has been happening

fact, pricing ourselves
out of world markets?" Certainly

and what overall trends may
effect hereafter:

our

be in

wood

products

our

comes

394

100

162

market.

and

potash;

able

these

which

the

readily avail¬
Not only do we

are

Canada.

large reserves but trans¬
portation costs and other fggidhal
possess

considerations

suggest' that

export surpluses

speed

uranium, thorium,
nium,

the
platinum
group
of
metals and helium. They too rank

high

the list

shock,

earnings

hourly

total

the

and

100

142

211

100

III,

potential Ca¬
d

e a

out

"Annual

to confront Canadians.

after
something has had to give.

our

economy,

year

investors

tional

year,

having things

The result has been

irregular

can

future

continent

and

demands

this

Canada's7 present

the

as a supplier of raw
materials. Even in going part way
towards meeting these projected

have

mum

exports

our

expanded
two

well

far out into

really

qualify

TABLE

which

Industrial

Percent of the

Output

Goods

States, 1926

Fuels__

3.1%

3.0%

2.9%

1.3

1.7

1.1

0.9

0.6

Total Materials.

6.2%

5.5%

5.2%

4.8%

•Including Sawlogs and Fuelwood.
Forest

tively.

Products

0.4,

are

Those

of
Sawlogs
proximately

for

and

4.9,

Total Materials exclusive
Fuelwood
would
be
ap¬
and

4.6

index

manufac¬

higher

respectively.

19502.

Even

need

for

same as

was

eight years ago.

have

only

have

actually

few

our

ent

gone

export

down.

category

102 4

2,033

____

accounts

TOTAL

;7;
Bulletin.

AND

155%.
the

•

3 6

45.5

2,901

DEPOSITS

15 2

8.3

32.3

_—___

de0°ftits

TOTAL

20,192

189,277

net

deposits

rate)—

Total bank

during the decade of the 1950s.
During, the same period, bank
premises,. furniture. and fixtures
and other real estate, increased by

Decrease
39 7

and Other
Assets

Premises

Miscellaneous

% Incr.or

22 7

78,582

_______

ASSETS

LIABILITIES

20.2

$243,423

TOTAL

1949

$49,211

110,694

AND

Dec. 31

22.4

Consumer Price Index

Net demand

Deer. (—)

(billions of $)____ 257.8
Disposable personal income (billions of
$) 191.2
Indust. production (Index
1947-49 = 100)
97.0

SECURITIES

1959

ASSETS
1

Bank

Annual

1959.

Report
J

52 9--"

n
;

;
r

the

A
''

80*5
56.7;.;

7
Federal

Deposit

Insur-

7V
.

Summary

and

Some

Implications for the Future
The .decade

the. 1950's

was

n>arke<][ by /prosperity, ,econom
growth anciexpansion. It was ai
a
period pi inflation *: but on
much more restraioedbasis tna
was

true vof the

previous ,aecaa .

Number 5970

Volume 192

•

The Commercial

and Financial Chronicle

(283)
controls were used'ex-- continue, to decline

j
*

4*/\

iinclf.c

lhprDoca

T-£

total

4-Vn-v

to restrain posits increase. If the

naively' in an 'effort

de-

-these

percentage

the

employment. Whereas com- lion, an additional $6 billion in
prcial banks entered* the decade; bank reserves would be required.
m'
"-'ie "'reserves of
nearly $1 At 5%, only $2 billion in addiThey
ended the decade tional reserves would be needed.
net borrowed
reserves
of While bank reserves are intended
wpr $400 million,/As a result, primarily as a tool of monetary
interest rates in 1959 were about control,
they still constitute a
Irnnhle the level prevailing at the part of an individual bank's
St of the decade.
V
primary liquidity. How low can
Commercial banks, during the we safely permit liquidity to fall
mvear
period, liquidated-Gov- without getting into difficulties?
securities : and greatly
The 1960's could very well proexpanded their lending activity, duce a credit pinch, not only for
T oans and discounts increased by the commercial banks but also for
over 163%. The great demand for
the Federal Reserve system. In the
credit had the effect of reducing "old days," a credit crisis usually
bank liquidity both in terms of meant
debt liquidation, bankcash
assets
(primary reserves) ruptcies, deflation and depression.
and in terms of short-term mar- In the future we are likely to try
Stable investments (secondary to solve the problem by devalualiquidity

IpvpI

orobably

anH

minimum

unknown—

cannot

deter-

obvious

quite

mined

the

While

that

pnmmercial banks do not stand in

favorable

position

moments

imposed

■

the

Individual banks

nroblems

liquidity
upswing of the

the

past

likely

are

with

confronted

1950 to meet the re-

they did in

rWaHe

meet

1960's

the

pantingencies

+1ip

cycle while credit losses will add

the downthe 1960's is

their problems

swing

Banking

likely
but for

tion,

Brooklyn Union Gas
„

—

ment.

emnlovment in the private sector of

around $280

billion by

investment

Bank

than the 4%

figure

p„eJ

frrfnlpmin^'thp

are

'•*

Tfl

dur-

Ooen

wpen

Branch

orancn

know what the credit needs of the

& Co. will open a branch office in
Gary, Ind., in August—its third
branch in Indiana, and its 17th
nationwide —
Robert A. Po-

Federal Government will be dur-

ing the 1960's there is little
further

reduction

portfolios

State

local

and

room

bank

Government

issues.

likely to increase and banks
may be expected
to
add
to
their
tax
exempt

desta, managing partner of
the
Chicagobased invest-

portfolios.

ment firm, has

nancing

needs

credit

fi-

governmental
are

evident

needs

governmental

will

the

private
of

sectors

the

that

Federal

Power

culty is anticipated
sufficient gas to meet

restated

above

adjust

for

figures,

tively.)

respec-

;

Sales growth since deliveries of
natural gas began late in 1959 has
been

quite substantial and reflects
and effective marketing
program.
Despite
econaggressive

1951-1955.

the last four years,

however, the record has been
tifying.

Since

1957

about

gra-.

18,000

Power Commission.

As the

competing

fuels

Since

the

gas

there

creases

received

have

1951 -when

year

first

company

been

rates

crease

there

total

bank

deposits

1970

not

$400

Even

question
that
may
well be
raised at this point is where the
reserves will come from

to support this

level

Howard

Gross

new

seem^ unreasonable.*!

necessary

the

office,
inflation, Associated
billion by with him is Peter Megremis, reg-

deposits.

additional

ager

deposits?

istered representative, who joined

the Cruttenden, Podesta head-office staff in Cihcago last September, after service with The Gary
National Bank.

During the 1950's, the United
States lost about $5 billion in gold,
Foreign short-term dollar bal-

Hotel,

downtown
a y .(
&" Massachusetts).

coimer of Fifth

its own "broad
tape," a translux projector carryances
are
already nearly twice jng latest stock quotations, a comA e
$7-5 billion of "free gold." prehensive investment research
Any conversion of these claims
library, and a direct wire to the
would further
deplete the mone- Chicago head'office.
gold

stock.

will

feature

expanding

of°hand-to?hand

In- Investment Planning Opens

crease. This would tie
up a larger
portion of the monetary stock and

BALTIMORE, Md.—Investment
Planning Corporation has opened
reduce the portion available as offices in the Equitable Building
backing for member bank deposits to engage in a securities business,
in the Federal Reserve
Offices are G. George Fink, PresiIn 1949
member^bank reserve dent, and C.*H. Fink, Secretarydeposits were equal to 11.5% of Treasurer,
—

the total
deposits of the

banking system. By 1959, the
Percentage had fallen to 8.2%.
1

percentage will undoubtedly

the

Report

F.d.i.c.

projects

its

1957

Annual

a figure of $377.5 billion
.banks, I have projected

BEVERLY

HILLS,

Rnvhnrv

Drive

furrent

fnv
for

of the demand

nnvifl

securities.
There
is
cn#.h
such a liquidation from

Geary

portfolios.

Kane

President,

aggregating

de-

residential

$4.4

million

annual basis (based on sales
at the time of the reduc-

Last
a

week

further

the

rate

company

adjustment

net

reduc-

tion of $1.1 million in annual

re-

Despite these actions the
has had a compound rate
of revenue growth of 4% annual-

venues.

company

future growth.
At present
population of this relatively
underdeveloped
area
is
about
term

the

225,000

and

industry

Construction

the

sparse,

Narrows

Bridge, scheduled for completion
in 1965, will undoubtedly be a
stimulant to the growth of the
island, particularly in the industrial category.
At present about
1,500 new homes are being constructed annually in Staten Island
it

rise

estimated

4,000

face of the lower rates and

levels^Indis

ores

attractive1 for a
combination of longer term earn

gS growm andriffngdividends"
ancl nslng dividends.

ings growth
^

XT A ST1 FYlCif
19
XylWJlJ XJlbt. XU
;

D1,A"UAV1

AppOlHlS- JtvlGDGr
/

•

Thomas H. Choate,

chairman

District Committee No. 12 of the
National Association of Securities
Dealers, has announced the

ap-

as con-

sultant

and

adviser to

the

committee.
Mr.

Rieber

since
been
of

1949

has

secretary

the

mittee

com¬

which

comprises

the

states of Con¬

necticut,

New

York and

part

New

Jersey.

Rieber

George E.

The appoint¬
ment

makes

use

possible
Rieber's

Mr.

the
47

better

of
experience in the securities busiyears

37-years in administrative
work, said Mr. Choate,.-partner,
ness>

the NASD, the self-regulating orgauization of the over-the-counter
securities

assisted
the

market, since
the

present

1941.

establishment

He
of

system

quotations

of publishing
over-the-counter

securities in the

press,

Prior to his appointment as district secretary in 1949, he also
served as secretary to the association's

National

Uniform

Prac¬

tice Committee.
R i

Mr.

r's

administrative

duties

sumed

by George J.

secretary

will be asBergen who

has been with the association since
1950.
Mr. Bergen has served as

secretary of the National Uniform
Committee, secretary to

Practice

year-end basis has slightly exceeded 7% in each of the last six
In 1962, amortization of
extraordinary costs of conversion
years.

is still considered

the promising area of long-

to be

and

that this will

the bridge

con-

struction advances.

Manipi pi*

iNamea L/IrectOr

The

Teleregister

announced

Shaw

Corporation has

the election of Leo

the

Board

to natural gas will end and could Mr. Shaw is a partner
permit some further reductions in vestment banking firm
rates.
*
burg, Thalmann & Co.

Directors,

in the

in-

of Laden-

In order to meet the anticipated

sales

growth the company is undertaking a major expansion pro-

With Auld & Co.
(Special to The Financial Chronicle)

gram estimated to cost $110 mil-

lion for the period 1960 through
1964. For the current year expenditures will be about $20 million.
About $35 million of the longer
term program should be financed
through retained earnings, depre-

PORTLAND, Ore.—John L. Mor¬
gan is now with Auld &
1026

Northeast

through

public

sale

Joins Fairman Staff

internally generated funds and the remainder will
obtained

dolph & Co., Inc.

ciation and other
be

Co., Inc.,

Multnomah.

(Special to the financial chronicle)
T OQ

aimt^tpt ttq

roiif

Additional gas is obtained from

of securities. At present the capiGELEI5,Ca:Ut-PhUip G.
talization of ratios are 49% debt, Andrews has become connected
8% preferred stock and 43% com- with- Fairman & Co., 210 West
mon stock and equity.:: It is not Seventh Street, members of the

Tennessee Gas Transmission and

expected that these ratios will be

Transcontinental
once

Gas

Pipeline,

the company's sole supplier,

is still the major source of supply.

are

and

is.ane, rreMucm, ax u
Steffen, Vice-President and

Secretary.

is about 4 million.

Staten Island

Calif. —Ken¬

engage

Total population of the

heat.

area

Cabot &

Roxbury Drive to engage

Davia

Govemment
room
room

somc

1950V by

gas

Co. has been
formed with offices at 404 North
nedy,

liauidating

in the

water

144,550 indicating a large number
of conversions from other fuels to

Kennedy, Cabot Opens

'f i>ij,hoV"Sf,rsurebaba:;d1m^n%P"ieclht securities business.ii Officers
WtrtIlai-.ba.nks,met

and

heating,

the

heating installed. At the end of
last year there were slightly over ly and expects that this will rise
100,000 residential customers us- moderately over the coming seving gas for space - heating and eral years.
The ability to make
about 12,000 commercial and in- these rate reductions has been of
dustrial customers. Saturation of immeasurable aid to the sales pro-

commer¬

cial

the

heat

gas

abou^^ae?v?S?ThS

is reasonablv priced at

ent

»"«isms »aws«f«a.T ksx' at s c» d'-m« c—t,(

monetary gold stock.

tary

have

now

natural

seven

for

which will result in

cludes all of Brooklyn, Staten Island and a small area in Queens,

man-

provides

the pipelines seems likely which > White, Weld & Co.
will be a major aid in stabilizing
Mr. Rieber has taught brokerage
costs.
While the outlook is for a ; procedure and accounting at the
further gradual rise in field prices Columbia University School of
the increment should be smaller Business and the New York Instithan it has been in recent years, tute of Finance. He has been with

resident

in-

with

Over the coming year settlement
of. rate cases.with at least two of

made

c?
At

fhls level the shf?es trt about fn
linSe wfth other utihtfes havi^
coISp

com-

propaganda instrument,

tion).

the increased cost is passed on to
its customers subject to refund of
any
amount ultimately
not allowed to the pipelines; thus there
will be no effects on the earnings

is budgeting 20,000 sales this
Over 98% of the new homes
the
service
area,
which in-

result

Srnin^tiPlH^ A°7

fany has a fuel adjustment clause

year.

will

Davout in

pany's suppliers have rate appUtl0ns Pendin.S before the Federal

pany

An expansion of bank loans and

ThP nrP^nt

which

Rieber

ser & McDowell in Gary, is

investments

chnrP

Gas costs have been rising refleeting the precipitous increase
jn fteld prices and all of the com-

and

ner

dividend

levels

underemployment

$o 20

com-

depression.

con-

George

been added

annually and the

should

635 million cubic feet,

tive

growth

current

pointment
+

J^ange which ^added 13c and 10c valuable
to 1959 and 1958

permitted by the receipt of
heating
customers was low in the period

estimated

have difficult and has provided dealers
this

the

peak day requirement in 1965 of

lie Service Commission last year
required utilities using acceler- of Brooklyn Union Gas. Nonetheated^depreciation for tax purposes less, the price of gas is of great
to reduce their reported income concern to the company as it has
taxes am amount equal to the tax made sale of gas for industrial use

omies

1960's

No diffiin obtaining
an

antici¬

sales

price of 28 the
shares are selling at 16 times 1960
earnings of $1.75 and about 12 V2
times the longer term estimate of

—

enlarging their lines.

residential heating customers have

greater

earnings

Commission

in the Gross,
forthan
they were
in., the. merly
with
1950's. The unacceptable alternaStraus,
Bloseconomy

—

or
announced their intention of

have

natural gas, connection of

Howard

(Note: An accounting policy
statement by the New York Pub-

announced,

the

tfrnMiallneiUmM
in me.^.zu
range py iyo4

been

GARY, Ind.—Cruttenden, Podesta

While

se_,_ cohsiruction program.

Unfortu-

Cruttenden Company

faster rate

reached

on shares then to be outstanding,

catastrophe.

portant winter peaking gas for the
company. Last year Transcontinental increased its storage deliveries 230% to 74.5 million cubic
feet per day.
Total daily delivo-

nately, other safeguards

economic

ing daily requirements each of the
pipelines operates underground
storage fields which provide im-

not

ing the 1950's.

and

Sound commercial bank administration is one safepard against

1970

portfolios

likely to increase at

total

also
bank loans should expand in the needed. Nevertheless, bankers will
1960's at a rate comparable or need to use greater wisdom in
even
higher
than that
of
the meeting
the problems
of
the
1950's. If such
a
rate
prevails
1960's than they did in meeting
total
loans
would
expand
to the problems of the 1950's.vmm to be maintained,

the economy are

higher rewards.
If economic growth .and

for

This
ment.
This would facilitate' a
would
facilitate
further expansion of the debt
structure. We would, in fact, try to
solve the debt problem by creat-resumption of^the upward trend
*ng more debt and probably by in earnings, although at a slower
inflation. Inflation tends to reduce ^atf; Management is estimating
the burden of past debts insofar f1-75, assuming normal weather
as debtors are concerned. In this fpr the remainder of the year and
respect, inflation and bankruptcy this figure would appear to be athave a lot in common. Even with- tamable. Over the^ longer term
out inflation, the adequacy of our g™™td
sales.aPd a less raPld
gold stock to meet the needs of rate
^as (rost increases augur
the 1960's may be questioned.
®arninSs improvement of

that the company is tied in with
all
pipelines serving the
New
York area. In addition to provid-

wa^e increases, (3)
residential erres from all lines is 190 million
ra*e reductions in the service area cubic feet and storage facilities
■■
of Brooklyn Borough Gas Com- provide an additional 115 million
Pany (acquired June 1959) and during the heating season. All of
<4) an increase in local taxes. The the pipeline suppliers have expresent outlook for 1960 is for a pansion plans pending before the
„

around

the

tinue.
At

being

view

growth
however, the rising secular trend
of

Earnings of Brooklyn Union Gas
c?-for 1959 were $1.67 compared
with $1.68 for the previous year
and
^as the first instance
since 1952 that earnings did not
fise - substantially. Nonetheless
the 87% r*se during the period is
equivalent to a 9.3% compound
annual increase Among the reasons for
decline last year
were: (1) Warmer weather, (2)

dilution

increase

pated

K. HOLL1STER*

...

pitfalls With inflation, the problem would
the successful it will offer become even more acute.
provide

;

at least by a reduction in
the 25% gold certificate
the 25%
requirerequire¬
,

total

13-14%.

SECURITIES

efnment

rpcprves)

figures common stoik frtay
again in 1963,

be sold in 1961. and

■>

tendencies and'-'yet ; is as low as 6% in 1970, and if "

inflationary

Texas

Eastern

Transmission

•

altered

materially

during

Pacific Coast Stock Exchange. He
&
-

this

was

♦Substituting

for Owen Ely.

construction

program.

Based

ick

formerly with
&

A. R. Freder-

Company, Inc.

Commercial and Financial Chronicle

The

(284)

the notion that all is

now

Continued from page 1

;

the product of original minds
having seen a light from heaven which is denied to the
irest of us. But new ideas or not, it is evident that the
;;Democratic candidate is "asking" a great deal of us all.

j f

changed and that the future

will have little resemblance to the past and will be able
to find little of value in its experience. It makes an ex¬

dressed up as

cannot

AS WE SEE IT

background for a claim that youth rather than age
and experience should be in high places. But what seems
to be the candidate's idea of solutions for these new prob¬
and these

lems

heretofore

unheard of

difficulties ?

One

acceptance address in vain for any tangible clue
—that is any direct clue. As a matter of fact amid all the
rather highfalutin rhetoric we find a statement that his
you have adopted."
And with this sentence he dismisses the matter.

"promises

in the platform that

are

It is to the Democratic
turn

thinks

platform, then, that we must
half-specific terms the candidate
the solutions for the unprecedented situations
new
problems. And when we do, we find little

find

are

and brand

that is

new or

what

different from what the Democratic oldsters

of them —have been advocating for a long
time. As a matter of fact, the problems there enumerated
are not even set forth as
particularly new, and certainly
the solutions are hardly the brain children of "youth,"
but at bottom are the work of Roosevelt, Truman and

—

many

their advisers of decades ago. The complaints and the ob¬
jectives listed are ones to which the public has been
listening for a long time past. If these are candidate Ken¬
nedy's "promises," then it would appear that some one

else should have written his acceptance
"We

Democrats,"

speech.

the platform writers, "believe
that our economy can and must
grow at the average rate
of 5% annually, almost twice as fast as our
average an¬
say

nual rate since 1953. We

pledge ourselves to policies that
goal without inflation." Offhand we are
unable to say just when this
growthmanship school came
into prominence—after the New Dealers
gave up the idea
of a mature economy—but it was
certainly not yesterday,
and it was not in the 1960's. It is now an old, old file on
which the politicians of some schools insist upon
gnawing.
And what are the policies that are to work these wonders
with our future growth? Are
they new or novel? Well, the
platform says that the party "as a first step in speeding
economic growth, a Democratic President will
put an end
to the present
high-interest, tight-money policy." We are
certain that William
Jennings Bryan would have written
just such a sentence were he still around!
will achieve this

And

Versus Price Level Stability
Continued from page 7
order to have our

savings deposits
protected, would
we
be willing as borrowers to
have our obligations rise as the
price level goes up? The only
feasible way to accomplish this
would be through interest rates
enough higher
to provide this
price level protection, something
and other assets

which

yields that has prevailed recently
may well reflect the fact that con¬
cern
about the price level has
already forced borrowers to pay
higher interest rates.
Moreover, the postwar inter¬
national record in
that

came

upon

hearing the Republican
whether of McKinley ideology or not — holding
forth in any other
way for a long, long while. Nor is the
notion that one of the policies with which to reach such
end is that of

"creating new industry in America's
depressed areas of chronic unemployment" an unheard of
suggestion—hardly one that requires turning from the
old to new ideas to fit new
problems. The complaint is old
remedy is

There is much

old.

higher and sustained rate
of economic growth can be pur¬
chased
by
permitting creeping
a

inflation. It is true that countries
with the most rapid

gains in out¬
put have tended to be those with
the greatest price increases.
In
commenting, however, on Profes¬
sor
Elichter's data showing this,
Arthur

points out that
-single case, in

Marget
is

"there

not

Professor Slichter's list of foreign

countries, in which a relatively
high rank in terms of percentage
increase in real product per capita
has

with

associated

been

rela¬

percentage

culties that
be

called

sudden halt had

'expansionist'

those

monetary and fiscal policies which

alleged by their defenders to
the
only
kind
of
policies

were

maximum

What

bias?

the

are

modern

inflation
the

the

supply
50%

the

ratio

now

pro¬

"young of heart" would

claim that this constitutes
any real solution for poverty,
real or imagined! We can

only hope that the glorious and
are not to have to
depend

rather

upon any

mysterious 'Sixties
such broken reeds.

The Democratic
party—and

end

the

.75, about
the
long-run

about

.50.

This

saying that in¬
held

than they

these

use

replace

own

avowal, the

Presidential candidate—will "take
positive action to raise
farm -income to full
parity levels and to preserve family

farming

Roosevelt!) Of

way

surplus

of life." (A mixture of Hoover and

course, we are not told what that

holdings

depleted

sulted

real assets re¬
less money
held

not

dollars

the

not

economy

spent) but in

disappear
by being

spending at

rate

that outran our productive
capacity. Again in 1955 and 1956
we
saw,
particularly
for
the
durable
goods
industries,
that
prices can still respond to a surge
of demand.

expect
more

that,
less

be reasonable

after

decade

sustained

price ad¬
vances, some time would be re¬
quired to achieve a stable pricecost

level

even

after

excess

positive

demands faded out of the picture.

be, but we are informed that "As long as many
Americans and hundreds of millions of
people in other
countries remain underfed, we shall
regard these agricul¬

Habits of thought develop more or
less
conscious
biases
toward

action is to

tural riches and the
not

family farmers who produce them,

actions

that

have

the

effect

pushing prices and costs upward.
Decisions

made

then

extend

into

a
liability but as a national asset." And then "the
Democratic President will
sign, not veto, the efforts
of a Democratic
Congress to create more jobs, to build
more homes, to save
family farms, to clean

less ebullient market periods. But
attention has turned increasingly

simply

excess

streams, and rivers, to help depressed
employment for our people."

rise

the

new

polluted
and to pro¬

vide full

There is, of course,
much, much

areas,

of the

same

of the old,
old balderdash which cannot
possibly
palmed off as new ideas to fit a new era—and

sort

be
certainly

recent years

there is

to the view that

to the problem than

demand. The sharp
price level after 1955

has

been particularly disturbing.
Except for limited segments of the
12 Arthur

Lessons

American

May 1960,

W. Marget, "Inflation:
Recent

Economic
pp.

Some

Foreign Experience,"
Review, Proceedings,

206*7.

output that
fiscal policies

might have made

possible,

must

prices
the

from

stronger demand
There

market.

not

much

taken

have

price

least

action

avoid

the

outright
decline
in
corporate
profits per unit of output which
did

occur.

this

sense

the

con¬

modified

allow

for

the

this

demand

ductive
unions

does

not

capacity.

exceed

And

pro¬

big labor

extract from

can

manage¬
ment wage gains and other bene¬
fits
that
exceed
the
average

annual improvement in produc¬
assumptions that prices generally
tivity.
The
economy
is
then
are more rigid on the down side.
confronted with a baleful choice.
Second, there is what might be
If we do not permit an increase
called the fixed-cost hypothesis.
in money demand, the unchanged
Professor
Schultze
of
Indiana
money
demand buys a smaller
University
deserves
credit
for
quantity of output, and we get
articulating this view. The argu¬
unemployment. To avoid unem¬
mentation
can
be
summarized
ployment we must allow enough
something like this. Price-deci¬
of an expansion of money demand
sions in^key industries are
to take the full output
off the
cost-oriented. Costs are increas¬
market at higher prices, thereby
ingly fixed—salaries, depreciation,
validating successive increases in
etc. In his study Professor Schultze
the cost-price level. And we need
identifies
the
sources
increase in Value added by manu¬

facturing per unit of
certain periods.
IV

VALUE

OUTPUT

added

output

Wage

ADDED

PER

unit

7.7

per

taxes

flation

the

Session),

September

1.3

States."

(86th

1959,

Joint

Eco¬

Congress,
p.

1st

period not
generally characterized by exces¬
sive demand for output, the two
principal elements of fixed costs
(salaries and depreciation)
ac¬
counted for two-thirds of the total

increase in
of

output,

the

value

and

increase

During
rise

added

about

from

unit

per

third

1947

1955.

1955-57, then, the slow
output resulted in higher

non

really

part of

of the

primitive

This

stances.

and live
circum¬

cars,

our

the

all

re¬

markable in view of the consider¬

effective

continue to

Henry

price

that
be

very

the

activating

way

interest. One wonders

consumer's
if

evidence

survey

reductions

could

Ford

ever

have

made it if he had had at his elbow
a

bevy of financial analysts and
making available to
our modern wisdom about the

statisticians
him

unresponsiveness
price reductions.

demand

The evidence also is
even

cess

demands

less-than-

problem?

some

used to button our

over

our

side

daring does seem to have gone out
of pricing; Price reductions have
come
dangerously close to being
considered quaint—something we

that

spread

the labor side.

unit costs because fixed costs had
be

unit

Is this market-power phenome¬

able

10.

From 1955 to 1957, a

that

will have the same
tendency to confront us with the
choice of a rising price level or
full employment whether it be on

shoes, crank
generally
in

Schultze, "Recent In¬

United

Committee,

mind

did when

unit
1.6

Charles L.

nomic

—2.2

unit of

per

output

SOURCE:

1.0

7.2

costs

5.6

4.2

per

output
of

3.9

unit of

costs

bear

market power

On the business

unit of output

9.6%

of
9.0

per

the business
1947-55

of
—29.8%

per

output
Depreciation
Profits

UNIT

points)

unit

——

costs

for

output

MANUFACTURING

cent

per

output
Salary costs

money

for

and

be weighed against the effects

cited

often

are

illustration of this in opera¬

Indirect

businesses

and

Now it would

by his

sis

excess

was

is another way of

dividuals

than

the

ratio

GNP

historical

(since

extend coverage to several million workers not
tected." We wonder if even the

1956

and

case

tion.

inflationary

traditional

clear.

war

out

hour and

particular

on a

ventional excess-demand hypothe¬

of money demand relative to our
productive capacity has been the
source
of much of our postwar

pledge to raise the minimum

now

1955
a

the

sources

economy's

That

would have said it! And, what is to be done about it? "We

$1.25

investment"

bulge of demand
limited segment
Market-Power Phenonenon
of the economy, which produces
Third, there is the view that
increases in
these prices, raises
we
now
have
in
our
economy
the general price level because we
aggregations of market power that
can no longer count on offsetting
can
force our price-cost level
up
price reductions elsewhere in the even in
the absence of excessive
economy (even where demand is
money demand for output.
Big
slack). The
differentially large
businesses can raise prices even
rise in machinery prices during
Therefore,

concentrated

Value

their financial affairs. The attempt

wage to

side.

ex¬

can

1955-57

Inflationary Causal Factors

demand
credit

easier

sufficient

hypotheses to

be identified. First,
now sticky on the down

plain this
prices are

(In

are some
eight million families whose
earnings are too low to provide even basic necessities of
food, shelter and clothing." Just as Franklin Roosevelt

the income scale

Moreover, prices continue to' be
responsive to the state of demand
as well as costs, as the
particularly
large price increases for machin¬

would

Examines Three Hypotheses

CHANGE

needed to hold for the conduct of

same.

return

was

At least three

about 50% more money

of the

of price
increase
without
that country's
getting into such serious difffa¬
high

tively

"At the bottom of

consistently higher, historical evidence to
suggest that
relative to the labor force, than in
in a boom easy credit and
budget
the preceding prosperity. And the
policies make for lower prices
strength of demand generally per¬ And it is
reasonable to suppose
mitted
only
a J relatively
slow
that, if demands had been stronger
growth in output after 1955.
in
1956
and
1957,
businesses
ployment

party

and the

sense proves

our

very

palatable politically. The reverse
spread between bond and stock

"The Democratic party accepts full em¬
ployment as a paramount objective of national policy."
So, unfortunately, have all other politicians—or must of

not

seems

demand did not out-run
productive capacity. Unem¬

economy

compatable with 'the
growth.' "12

them anyway—since the New and Fair Deals
the scene, and we do not recall

cycle will produce

greater

it goes.

rate

price effect from lower fixed costs
per - unit
of
output,
with
the

rate of

Course—Unfortunately

ness

ery
in the 1955 to 1957 capital
goods
boom
demonstrated. The

cellent

reads his

Thursday, July 21, I960

quite clear

the. absence of ex¬
unit labor costs of

capacity

output.
Prices,
being production will rise. From 1955 to
cost-oriented, reflected these 1957, compensation of employees
higher unit costs. Some would, in manufacturing increased 12.6%.
then, draw the further conclusion According to the new Federal Re¬
that
tight monetary
and
fiscal serve Index, manufacturing output
policies in this period forced the increased only 3.5%. Thus labor
price level even higher by limit¬ costs per unit of output must have
ing the rise
in
output, which increased about 9%. While em¬
increased fixed

output,
higher.

which

costs

per

pushed

unit

prices

ployee incomes naturally rise
prices rise, it is clear that
was

this

when
there

phenomenon

This, it seems to me, proves too than wages, like other prices, mov¬
n\uch. Rate-of-return targets that ing upward within the context ot
are one

involve

element in pricing policies
a

considerably longer-run

view than operating rates expected
over

view,

short

period.

according

study,

order

"to

This
one

considered
prevent

longer

pricing

essential

cyclical

shorter-run changes in volume

hourly earnings,

ad¬

or
or

changing amounts of overtime,

ing price, with the expectation
that the averaging of fluctuations
over

over, average

justed to exclude the influence ot
shifts between industries and

product-mix from unduly affect¬

in cost and demand

generally inflationary situation.
one thing, there was not gen¬
erally excessive demand; unem¬
ployment throughout remained at
about 4% of the labor force. More¬
a

For

the busi¬

creased

4.3%

from

July, 1958. Thus

in¬

1957, to
in a reces-

July,

even

Lanzillotti, "Pricing Objectives
in Large Companies," American Economic
Review, December 1958, p. 923.
13 R. F.

Number 5970

192

Volume

The Commercial and Financial
Chronicle

(285)

sion we
i

wage

',tefif^Tufetturingeal- ™Wces growfat a'rateea'uafto con^aikif f

s?rt.2S»™S

SS t!°S KSVTr,

°f mlnd ar6 »?• boweyer, in its efforts to

K»S™,rSfP;".w^,S!

sources than should be necessary

SiS SSfyiSrSi«"SX;

®iiWigP«PI»HW
pI

Ser'of iw
changes.
ConcresJ adonSn
Economists may also have consome procedure for annrovin^
tributed to the state of mind that
manufacturing whole budget afLii 1 Innr?
vigorous pricing belongs to the
Ttpu of ovef SS each so^lich°rSe and buggy era' °ur meas"
P
Budgeting k
hv
Heffnftfnn S urements of price elasticity, often

business

icpd

efr

pI€Ec Jr

President had the

the in- veto and if the

unit

profits pei un
1°%-

allocation

jfll

bias

inflationarv

S"ZCL°JrtSSSnS

th.t

constitute

tban

olnim«

•

ously changes in consumer prices can be taken. Whatever success
will and should continue to inflU- we can have, gievn some evidence
fnce wage levels. But these esca- that natural economic forces are
lators are themselves a source of also moderating these inflationary
th? inflati°n they are designed to biases' wil1 be a contribution to a
safeguard the income recipient more complete utilization of the

tentatlve
we

and
uncertain against. For one thing it is gen- economy's productive
resources
bave been willinS to ad- erally agreed that our price in- and to a more rapid and ongoing

Hpedfic tern hf'
buttressed businessmen dexes probably are subject to
ll a specific item in- in this comfortable-pricing view some upward bias. Tying wages
whJth^rUh
,fn asc?rtain^ng that they are all too anxious to to an index that overstates
therefore

vnhp

believe a™But it

is also evident that shortfalls in

Bnrcin7t"o=become'Too"'rtiff "onrt

P"?"?f. l° bac°™,e

a"f

®I

it,

•

order to

re-

through limitations

policies

polarity of views on this
matter enough to move forward

imposed

policy.
.
(1) The nature of our current
policy discussions points to the
desirability of amending the Em-

ara some changes in the consumer
price index that ought not to re-

ployment Act to include a reasonably stable price level (not "level
of prices") as an objective of national economic policy. Clearly it
is one of our objectives, and our

inflationary

future of America s

eco- seasonal

reasons, the higher prices
simply reflect the fact that there

marily because of seriously defi- JY

duce the

nomic

cient

instruments

pri-

policy,

monetary

businesses in pricing for volume
and tak?ng thelr chances on proffiscal ds- » 18
accident this policy

and

has characterized

policies.

But

the

market-power

continue.

the

problem.

for

merely tidy

some

language in

For

ago.

dimension

thing it would stiffen the national will to find ways of achieving sustained,
vigorous
growth
and
relatively full employment

trolled, we had creeping inflation,
without at the same time courting From 1942 to 1945 the consumer
the disorganizing effects of creepprice index rose over 10%, the
ing inflation.
Moreover, to the smallest annual rise being 1.7%
extent that uneasiness about price from 1943 to 1944.
While price
our

problem,

substantive

also

And it is

open

rent

for

strong

with these
in

part

problems

opinion.

able

the

T h

nomic Report

priqe-making and wage-making
Process will perform better.
This
is a desirable objective, but it is

can

hculation

its

help in focusing

views

and

pro-

grams is

always good for the Administration itself
ro\

Txru-i

polic es
poncies

a™
assure

a'ldreasonable
monet?7

Report

&TaS1' man0vWtcrittoL^riCoef
current

that

policy,

we must

change

profits

said

sure

output,
in

^niincnnhv

flatly

QJLC>

costs

and

manufacturing

emtiioyees ^^21
P°r'\mf,teof output;-rf '
,prof'te in mamif'fng
unit

wnh

g^oblem

thls

dpp-

trust

thfs mult

that

agree

continue

^or meaTof Ireattag

■

" ig o r o" s 1 y

cSnSpwtite !maloyees—

intellectual

the
an

market-nower

side

wage

discussion

antecedent

essentiai

Be-

that

public

this

flected
fUct

have

als0

may

re.

basic philosophical con-

it has been the objective of

blic

policy

centrations

encourage

power

^ket-"
to
£ct£e bargaining

that

can

decide

education

that

(as

our

allocation of

our

want

hope

bill, that is
rise

The new SCATS system for Teletype communication is now operating at an nine offices of McDonnell & Comnanv

After

tTme
0rLr from Sv
the

Incornorated

operation

rewired
branch

Stock

similar

much

defending
operXr"s speed

to
or

upon

shall)

taxes to pay the

decision about the

the

incomes. It is not

price

level,

and

has

thantwomin-

Previouslv

reauired

orders

five minutes

anv

branch

one

and Ms length of

contact with the home office

York

Citv

Chicago
eeles

has

branch

Detroit

San

office

Exchanges

beonslichtlvless
utes

the

for

York

floorofHheNew

American

New

offices

Denver

Francisco

Mcmain

Los Anwell

Toms'

River, Asbury Park, and
Newark, New Jersey and 250 Park

Avenue'

does not imply that the real value
of

week's

one

max mum

done through n "
nell & Companywhose
individually. If office is at 120 Broadwav

than

an(j increase

provide
services

essential

System

better be

government
we

by which

ourselves

New York.

McDonnell

"Company's

majn

office, 120 Broadway, are
the system's controller units. An

operator, say in San Francisco,
has a buy or sell order for the'
of course, be expected floor of the Exchange. He preto rise as productivity improves,
pares
his order on a perforated
and should rise. But these autojape form ancj places the tape into
matic escalators surely leave the the transmitter unit. A
tors also-from labor contracts. Incomes can,

tape 12
union leader in an awkward po- inches
long
can
hold
approxisition to claim much of a bargainmately two orders or 25 words of
ing victory. If the arithmetic has a message and is transmitted in
been correct, anything beyond ex- about 10 seconds. The central contending the old contract must pro. trol office "calls" the office se-

duce an

upward drift in labor
cosls per unit of output.
While we are at least far along

transmitted automatically at max-

fice.

nnr^rentlv

con-

Jems, we are ap^rently making
P™8!!Sf;J1h® a ,ePla'

and

the

message

imum speed to the New York Of-

SlnCe

°IfifsLfive

each on the McDonnell & Cornpany's two circuits, each office is
contacted once every 50 seconds

f^asenflas^.St
wnlrfin
"J?®,.0/,,
»SimfPTSveJ by the
mechan,smsmanufacturingf
for over- ever, should a message not be
J1"1® a"d
l waiting transmission at an office,
XI
to 2^ W® COn^°
Th
abJy aboya 11JJ-to-2long passes that office and continues
run average

in the labor

quentially

maMng

™

decisions developed tardily.

u
In

incomes

taxes, but
collectivization

„

SCATS

'»-

in our ability to deal with the

has

come

increase

overall sequentially to the next office. As

contrarv

wplfare

"emedia
rfm®ai5i

has

action

trust

program

did

the

Joint

raaavof

agreement.
°

weemustnbear

wide

these

country's

Guidelines
are

And

few

zeal

„0+

an^

for
we

Moreover

proportion

the

larger

work

force

^ ^it

0ffice

This

will

permit

anyone

proceed cau-

skjbed, technical, and managerial

Innmaehes at
T ml 'nti tn.sf ftoM hv

P°sts indicate structural changes
in the labor market that should

is aimed M

further moderate the problem of

£ond Pnd

wa§e

other intelligence during periods

l10Usly

J?a"tdra, '"'Jj'i^gram

^^rectton rSe'ouTphlto"
sophical

preconceptions

tell

P ' ltL

keyCard

the

type-

to directly pretapes of research information,

ter

pare

knowledge

syndicate

use

quotes,

When

the

-garfh' becomes
" this analysis is realistic, we SCATS system again
come to two conclusions about the available, the prepared tapes can
compatibility of our objectives. be fed to' lt for high speed trans-,

units

nower

mented P°W

with

Slls ^re^to

Conclusions

While no one yet has succeeded First, we should not in principle
in producing an acceptable full- be disturbed because we seem to
to blown program to deal with the face the_ problemrolI aeMev g a
of

nrnrtr3m

dpff^ned to
Moreover, tne^ larger annual
An additional unit designed to
increments
the labor force in PrePare only tapes is now being
the decade ahead, and the growing instaiied at McDonnell's central

eco-

there

measure

our
i

tba"

that turn out to

the

col-

encourage

tren^theMng6 ouro^ntiJ- neHHvl^econol^3Ti't

Emnomie Committee in its recent

8.4

cause economists were themselves
siow in facing up to its existence,

competitive

President

The

eeonomy-

rfimrt

—

the

reasons

difficult

have

anti

with

a?fe0SrtseX^hereC?s gjnera

lilf leems

epvpn

fmm

"ovnpripnpp

that final

1 T0 UMW

haimfacti,.'

Compensation^

but

"make

problem

at least a reasonably well-devel-

balance between demand and
produetive
capacity are not enough,
tbey.are essential. The Joint Ecoits

Slde

Pnce

market-power

nomicleommtttee in

been

power

the

°n

(5)

».

severai

jpor

really

are

McDonneI' 'nStJj',S

productivity. But the pace of the the orders are received in New
Thus we find increases has shown a persistent York, they are placed directly on
doubtful whether price and wage Olives ^SphtcaHy ^ conwa's smMtofn Sf959 3 Cf0nVey0r
^^totonhnn^
justification boards are a fruitful fused when we face expressions ofan<J
t^e rISssiSn year of ®
t ™it°h Ihe Fxchtnge floo?
way of going about it
this market

Eco-

opfnionandan annualm?

public

Power
/gs

a"d sentiment within which the

nublic

President's

each

make

depend

will

climate

als° creata

P"ce increase

cur-

program

shall, be

incentives

deal

for

to deal
with prices and
costs. How effec-

lively

bub « t.would

ef>

developments in prices and
and

Facing Up to Labor's Market

limited period after the case is
made before a Federal agency
a

safely large and to
defer as long as possible any price
reduction. Most of these proposals however, really look toward
finding some way of creating an
environment of public attention

explicitly

detailed review of recent and
costs

it.

once again be made respectable, and, better yet, essential for doing business.

question
whether proposals
to
prohibit price increases for only

(2) Sections 3 and 4 of the Emcall

something

tion could

also be lower.

o£

for

estate

be wise to drop improvement fac-

the public for such controls would

employment, production and pur- would limit the rise in the price
chasing power and a reasonably level or accelerate it. It would
stable general price level."
drag out the price increase proc-

about

these

real

consumers

these

could

with which peace-time
restraints would have to contend

it read "and to promote maximum

amended

And

price index is also inby changes in sales, ex-

ciseS and

com-

right in the local

themselves

consumer

fiuenced

given income has.gone down.
My own feeling is that it would

pressures

amending the final part of Section
2 of the
Employment Act to make

should

munities.

consumers'

toward

contribution

Act

are

the

would be milder, the tolerance of

make

safeguarding the price level. This
step could be done simply through

ployment

budget

some

a part of
declaration of

national intent would

difference

Through the simple device of more careful shopping, the
stern discipline of price competi-

is itself

this

A price policy designed

Proposals for a to
provide
increasing
volume
Federal agency before whom price should be nothing short oi an
and wage adjustments would need article of faith for every busito be justified are not promising, nessman. *5
As J. M. Clark points out, even
Some of the monopolies, inciduring the war, with prices con- dentally, that make a significant

one

level prospects

most prof-

our

than

is less to consume, and there is no

Y. shared levels of living theoretical reason for adjusting
'ban the daring of this Nations money income. Moreover, the

our free economy, this drive for
the widest possible markets must

years

arise

not

n°niic Me has been more at the
heart of our rapidly rising and

(4) More intractable problems
begin to emerge when we turn

passed 14

does

processes.

even because we know so little
about what would constitute non-

eco-

policy should show it.

act

political

liable industries. If we are to
maintain the vigor and vitality of

This would

by
Our problem

Opposes Price Hearings Proposal

of national

basic declaration

Aep%rer. fi8'euntedRby.Dr\ McCracJe*

to. the true price level

?° this oueitfoT But some"steps occuf Drimtrilytecai^rf'TrroS In a speech to a business audience ault. in corresponding income adJhe taken and it would bl ortodemeSaboutth»iust tw0 year8 ago, the President laments If prices of fresh fruits
Zrmmidv reassuring irwe couia ana tiSZe of changes in policy, suggested this when he said:
enormously reassuring if we could and liming of rhLve* 7nZw
?nd vegetables rise because for
of
freezes in the growing area, or
begin to take them, in

economic expansion.
—-

mways aaa up to too much.

these biases?

to reduce

gram

rein!?^ £

'lindterf

oomneting

Suggests a Forward Moving Policy
:
1 nlP«r therefore that
S

thp

weie i

creases

because

raised

nrices were

wase-cost dimension of our price-

proper

balance

among

objectives

mission.
wuh
cess£ul

^ SCATS

experience,

r.r.wr,Q_v

system-s sucMcDonnell &

finHc;

that

helpful things that to some extent compete with branPh yffices everywhere are
from the Federal Reobjective should be to strengthen can be identified. First, we must each other.In most ar^s of pol cy bnked more rapidly than ever beand
Department of Commerce.
and
protect competition, not to recognize ■ candidly that the prob- our objectives are mult d men- fQre with the ^00r 0f the New
note!
protect competitors. More vigor- lem does exlst» ar?
th.at to rfc°8~ sionM; there is no reason to think York Exchanges. The company is
c°vers' toSemSidf rai -Reserve's
in^Px ous competition Wili certainly ac- mze ^ as a Pru°.blem+ 1S n0.t to be
a ec.onomic P°llcy should be an similarly in contact with other
forcomj^nsati^^^^emphiyees also celerate Ptha t painful process anti-labor. This step is now exception.
leading Exchanges throughout the
profits total
manufacturing^. Corporate which Schumpeter aptly described largely accomplished. The Joint
Second, we should obviously try COUntry.
dpfinitirn" manufacturing includes, by
nrnres^of creative destruc- Economic Committee; itself con- to reduce the degree of incompat-..
?t°fitVb Totbe tion
duded cautiously t h a t market ibility of our objectives in order
.
Rranrh Manner
lterns, this should
also include profitsmi
+n this
Power exercised by strong unions more nearly to achieve all of
Axe orancn Man ger
SincCeCrporate manufacturing businesses.
There is,^however, more to this has contributed to inflation in re- them. During recent years, in LOS ANGELES, Calif.
The
d<me by "or mant'facturins- activities \se Problem
than monopoly in tne cent years (The Committee was order to avoid the disorganizing newly opened office of Axe SetuH,change in0rtaofaT8iroHtlSin-°ianiL" "^Report on Employment, Growth, and not spectacularly successful or reSults of an unsustainable surge curities Corporation at 530 West
SOURCE:

Basic

rV£

mind

that°our' level problem

some

data

•

—

the

Was. siSn>ficantIy

diffeient

ioctuVin^dn"-C°rfu°rflteyears.
pr°fits in
,r,ng
during these

from

manu-

Price

Levels, Joint Economic Committee.

Report

Session),

1043

January

(86th

26,

Congress, 2nd

1960.

—

i5 Whlte House

Press

May 20, 1958, p. 5.

have

e ease

ex,

been

Operating

with

volume of Unemployed rew
v,
r
j

Sixth Street, IS Under the direction Of Bruce F. WilCOX.

The Commercial and Financial Chronicle

(286)

Thursday, July 21, 1960

ADDITIONS

* INDICATES

Now

Securities

NEW
NOTE—Because

the

Registration

July 22
'v;r

(Sterling,

Grace

$5,000,000

Co.)

Stone

Alaska

Empire Gold Mining Co.
April 12 (letter of notification) $300,000 of 6% income
multiples of $100 each. Price—At
Proceeds—For

mining expenses. Address—
Juneau, Alaska.
Underwriter — Stauffer Investment
Service, 1206 N. W. 46th Street, Oklahoma City, Okla.
Research

Laboratories, Inc.

500,000

July 25

Common

American

Common

Bowla

$410,000

Arkansas

Bowla

Valley

(A.

(Ross,

.Common

—

(Drexel

Co.)

Cafeterias

for

(Richard

Labs.

$300,000

Common

75,000

y.■

Gray

Co.)

Inc.

Edwards

and

Magaril

Co.)

$297,000

Inc.—
Inc.)

Co.,

Common

$2,010,000

Lyon

Avnet

Units

(Willis E. Burnside & Co., Inc.) $300,000

Chemical Packaging
(Mainland

Sons)

Co., Inc

Securities

Corp.

Corp.)

Co.,

Campbell

Jeffrey-Robert

and

•

30,000

Sons)

and

Inc.

Globus,

$616,000

Common

—Conv. Debentures
&

Noyes

Co.)

$2,000,000

Inc

Hogle

Inc.)

150,000

Co.)

Corp.

Machine,
A.

——

Noyes

.Common

——

Co.)

102,500

Conetta Manufacturing Co., Inc
Murphy &

Common

Inc.)

Co.,

$500,000

Custom Craft Marine Co., Inc.
Dechert

Holman

Dynamics

Co.,

Common

Inc.)

$255,000

Corp.—_

(Plymouth

——Common

-Debentures

$400,000

——..Units

Electronics

(R.

Battery Corp

Units

_—

Inc.) "$390,000

Avnet Electronics Corp..

(Pearson,

O'Neill

(J.

$126,600

Common

Bruce National Enterprises,
(George,

Corp

Industries, Inc..

(Hemphill,

Industry, Inc.—Common

Co., Inc

Company,

Cellomatic

and

$450,000

& "'Co.,

Edwards

(Hemphill,

Co.

Arkansas Valley Industries, Inc;—..Common
;

Associated Testing Laboratories, Inc

(Sandkuhl

Inc.)

Astrotherm Corp.

(Palombi Securities Co.)

Brook

Crow

Thompson

(A.

——Common

(Monday)

Automatic

Forgan

$50,000,000

Co.)

(Monday)

(Hill,

240,000 shares

Co.)

Electronic Corp

(8/8-12)

May 26 (letter of notification) 100,000 shares of common
stock (par 10 cents). Price—$3 per share. Proceeds—For
general corporate purposes. Office—48-14 33rd St., Long
Island City, N. Y. Underwriter — Morris Cohon & Co.,
New York, N. Y.
7/',

(Pistell,

$297,500
.

Langley & Co. and Courts &

(No underwriting)

Ameco

Glore,

Corp....Debentures

Sav-A-Stop, Inc. ———————i_—Common
August 1

—

Inc.)

Powertron Ultrasonics, Inc.——

notes to be offered in

Alderson

~t.''

50,000

Co.)

(Sandkulil & Company,

Research Development,

Stanley & Co.,
William Blair

Common

Edwards Engineering Corp

(W.

value.

.—.Common
Inc.)

Co.,

Capital

(Hayden,

Inc.
May 23 (letter of notification) 120,000 shares of common
stock (par five cents). Price—$2.50 per share. Proceeds
—For construction of buildings, purchase of equipment
and for working capital. Address-^—Wiggins, Colo. Un¬
derwriter—Ladet & Co., Inc., Denver, Colo.

face

Corp

Allyn

(Morgan

Corp..—.

Oxford Manufacturing Co., Inc..

Agricultural

Capital
(A.

(Friday)

Aviation Employees

Cubic Corp.

of the underwriter
considered as firm
,

REVISED

International Harvester Credit

awaiting processing by the SEC, it is becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed

offering dates.,/,

ITEMS

ISSUE

•

Florida

CALENDAR

ISSUE

large number of issues

items reflect the expectations
but are not, in general, to be

SINCE

Securities

Corp.)

Common

$300,000

Electri-Cord Manufacturing Co., Inc.—Common
(E.

$287,500

North

Co.,

Inc.)

\J."

$299,700

•

Chemtree

Cola Bottling Co.

Allegheny Pepsi

Corp.

9, 1960, filed 200,000 shares of common stock and
$500,000 of 6%% first mortgage bonds, due 1963 through
1972. Price—$5 per common share (par 50 cents), and
bonds at 100% of principal amount. Proceeds—To pur¬

Co.,

the

and

outstanding shares of the Cloverdale Spring
the balance for the general funds. Office—

Guildford Ave., Baltimore, Md. Underwriter—Weil & Co.
of Washington, D. C.
Allied Bowling Centers, Inc.
29 filed $750,000 of sinking fund

Dec.

debentures and
300,000 shares of capital stock, to be offered in units of
$75 principal amount of debentures and 30 shares of
stock. Price—$108 per unit. Proceeds—For general cor¬
porate purposes.

Office—Arlington, Texas. Underwriter-

—Rauscher, Pierce & Co., Inc.,
offering has been postponed.
Ameco Electronic Corp.

Dallas.

Note

This

—

Securities

(Adams

Boat
E.

(J.

Peck)

Coburn

Securities

Common

Associates,

Co.)

Securities

E. S. C. Electronics

Federal

Steel

120,000

Co.)

For

Hydrometals,

•

American

Bowla-Bowla

Corp.

April 15 filed 120,000 shares of
for

rants

the

purchase

common

price
and

cover

two

installment on the purchase
bowling centers; for furniture

thereon; and the balance to be added to
working capital and be available for general corporate
purposes. Office—400 38th St., Union City, N. J. Under¬
writer—Hill, Thompson & Co., Inc., New York.

ceeds

—

inventory, expansion, and to increase ac¬
Address—Loudon, Tenn. Underwriter
Holman & Co.,, Inc., New York, N. Y. Offering

American

Eleclronics, Inc.

(Offering
&

reduction. Office

—

Co.,

Inc.;

1725

Reich

Inc.;

Godfrey, Hamilton,

Co.

Investing

Co.;

Shearson,

Hammill

Steel

Co.

250,000 shares

Safticraft

Merrill

Lynch,
Pierce
$125,000,000

Inc.)

(George,

O'Neill

Co.,

Inc.)

(P.

Michael

& Co.)

Not

H.),

Wickett

Common
$300,000
V

exceed

Inc

Inc.)

"•

$300,000)

Co., Inc.——J—

Sachs

Co.)

362,114

.Common

Consumers Power Co

(Smith, Barney & Co.) 260,000 shares

Union

Ave., Memphis, Tenn. Underwriter—Union Secu¬
rities Investment Co., of
Memphis, Tenn.
American Mortgage Investment
Corp.
April 29 filed $1,800,000 nf 4% 20-year collateral trust
bonds and 1,566,000 shares of class A
non-voting com¬
mon

stock.

proposed that these securities will be
offered for public sale in units
(2,000) known as In¬
vestment Certificates, each
representing $900 of bonds
and 783 shares of stock.
Price—$1,800 per unit. Proceeds
—To be used
carry

them

principally to originate mortgage loans and
until

disposition. Office

market
—

210

conditions
Center

Underwriter—Amico, Inc.
•

Control

American Research &
Jujne 28, 1960, filed

are

favorable

for

350,000 shares of common stock. Price
"To be supplied by amendment.
Proceeds—To be added

Continued

page

;

Witter

Co.)

Common
X^ri:

125,000 shares

Drug Fair-Community Drug Co., Inc.—Common
(Auchiiiclcss,

Parker

Redpath)

150,000

Drug Fair-Community Drug Co., Inc.—-Units
(Auchincloss, Parker

Redpath)

(Offering

..Common

stockholders—White,

Weld

Co.

Inc.)

1,140,000 shares

Brothers

and

Blyth

Debentures
&

Co.,

Inc.)

Street
Broad

PDST)

Bruce

$40,000,000

Common

Inc.;

Corp.

Inc.)

Woodcock,

Russell

Moyer,

Saxe

and

$300,000

Common

Co..

Inc.)

$700,000

Common

$242,670

•

(Tuesday)

August 4

a.m.

EDT)

—Debentures

$100,000,000

(Thursday)

American Research & Development
Corp.—Com.
(Lehman

August 8

Brothers)

350,000

(Monday)

Alderson Research Laboratories,

Inc.—Common

(Morris Cohon & Co.) $300,000

Arnoux Corp.

4. rCommon

'—

(Shearson, Hammill & Co.) 133,000 shares

Common

».

underwriting)

.Common

—

(G. H. Walker & Co.) $11,000,000

■National Patent

Whitmoyer
/

134.739 shares"

Narragansett Capital Corp....

and

Ross,

Lyon

(Hallowell, Sulzberger, Jenks,

■

Common

Kirkland & Co. )• $510,000

Whitmoyer Laboratories, Inc
Sulzberger,

$150,000

Co.)

Laboratories, ' Inc.—

(Hallowell,

{////^'///.

Development Corp...—J-Common

August 9

Jenks,

.......Debentures

Kirkland

$500,000

Co.)

American

(Tuesday)

Electronics, Inc...—...Common
&

Co. i

300,000

Louisville & Nashville RR
to

.—Bonds

Trans-Coast

$23,000,000

received)' $7,530,000

Investment

Brothers)

;

.^Equip, Trust Ctfs.
-

Common

...

400,000

\i/

(Wednesday)

Seaboard Air Line RR
(Bids to be

Equip. Trust Ctfs.
Invited) $3,030,000

August 10

(Nassau

United

(Lehman

Brothers)

Sheet

———.Common

stockholders—underwritten by
Co., Inc.) 32,842 shares

Read &

Cenco Instruments Corp.

(Wednesday)

___Conv. Debentures
$5,000,000

(R.

Dillon,

Infrared

Common
Securities

Metal

Service)

$125,000

Common

(Thursday)

;

Industries, Inc.—

:•

Co., Inc.—

W,, Pressprich & Co,) ,170,000 sharesj

August 11

(Lehman

"•

Capri Pools, Inc

(Thursday)

Black Hills Power &
Light Co
(Offering

60,000

Legg & Co.) 1,000,000 shares

(Lehman

July 27

Co.,

Street

Wickett & Co.,

(Bids

Southern Counties Gas Co
(8:30

Inc.)

Corp.—

Co.;

(Shields

Seaboard Finance Co.__
(Lehman

Co.,

$500,000

El Paso Natural Gas Co

July 28
(8/4)

$38,101,600

Corp

(Dean

St., Little Rock, Ark.

Development Corp.

EDT)

Ladenburg,

Inc.)

Southwestern Bell Telephone. Co

/ti

-.—Debentures

a.m.

First

(Globus, Inc.

Data

per

Pierce

(No

for subscription by holders of common stock of record
June 1, on the basis of one share for each
six shares
then held, with rights to expire at 2:00
p.m. CST on
share. Additional shares may be sub¬
scribed for at $8 per share.
Price—$8 per share. Pro¬
ceeds—To increase capital and
surplus. Office — 1455

August 2

(Tuesday)

Chicago Musical Instrument Co.^1*—!—.Common

(11:00

.—.....Common
$300,000
:

—

Dalto Corp»

July 26

217,278

Co.)

(Equity Securities Co.)

American Frontier Life Insurance Co.
Nov. 30 filed 200,000 shares of
capital stock

Aug. 30, at $7

French;

(Goldman,

being offered

Wegard
&

-___„_„_._..::_„::Common

Western Publishing

..-.Common

—„

and

Wilier Color Television System, Inc

Common

Securities,

—

Co.

1,000,000

Klapper Associates,

(11

Corp.; Globus, Inc.; Russell & Saxe, Inc.;
Co.; Inc. and Street & Co., Inc.) $246,000

(Harwyn

Inc.

Co.)

;-:

..Capital

Bache

Co.;

stockholders—Underwritten

(John

Street

Softol, Inc.

Variable Annuity Life Insurance Co. of
America

$825,000

Development Corp
(Herman

and

United States Boat Corp

Common

Saucon

Fenner

Corp.

Broad

Com.

Debentures

and

Smith,

Curtis

$4,125,000

$2,336,960

Corp

$962,500

.Common

Common

Corp.)

(Richard

$300,000

(Hayden, Stone & Co. and Lowell, Murphy & Co.)

(Laird

V. S.

Common

Reeves Broadcasting & Development Corp..

Boston

(L.

Magnus

Common

Corp.)

Inc.

Staats

United Aero Products

Piper, Jaffray & Hopwood) 561,500 shares

(General

•

(D.

Fricke

stockholders—underwritten

and

Sons)

Hammill

(Rauscher,

Globus,

and

Co.)

Steck Co.

Co.) $800,000

Navajo Freight Lines,

including construction
West Sixth St., Lo«
Angeles, Calif. Underwriter—Shields & Co., New York
City.
debt

$2,500,000

National Fountain Fair Corp.—

(First

June 13, 1960, filed 300,000 shares of common stock
(par
$1). Price—To be supplied by amendment. Proceeds—
For general corporate purposes
and

Units

Smith,

(8/9)

Inc.)

•.

Units
&

Corp.

Debentures

Midwest Technical Development Corp

For

—Expected sometime in September.

Co.,

(First

(letter of notification) 290,000 shares of
stock (par 10 cents). Price—$1 per share. Pro¬

counts receivable.
A.

Shore & Co.

30, 1960

common

•

Republic

American Duralite Corp.

—R.

Lyon

Harold

war¬

fixtures

June

Byilesby

$1,400,000

Jackson

Brown

Thalmann

Renmar

Conv.

60,000

initial

additional

$500,000

stockholders—underwritten

(Ross,

stock and

shares,
The company proposes to offer these securities for pub¬
lic sale in units consisting of two shares of stock
(par
25 cents) and one warrant. Price—$6.50
per unit. Pro¬
ceeds—To

Inc.)

125,000

Lomasney &

Webber,

Namm-Loeser's
(Offering

Kings Electronics Co., Inc

(8/1-5)

additional

Planning,

Co.)

Metropolitan Development Corp

—Class B

Inc.

(Offering

(Paine,

(William

$295,000

Foto-Video Electronics Corp
(Fund

$290,000 ' "

Inc.;

Products, Inc

Common
&

Co.,

Capital
A.

Alex.

Corp

May 19 (letter of notification) 100,000 shares of common
stock (par 10 cents).
Price—$3 per share. Proceeds—
general corporate purposes.
Office — 37 E. 18th
Street, New York, N. Y. Underwriter—Palombi Secu¬
rities Co., New York, N. Y.

Lestoil

Shearson,

(Westheimer

(7/25-29)

.Common
&

Witter &

(Myron

$300,000

Edgerton, Germeshausen & Grier, Inc.—-Common
Co.)

Patterson

Investors Funding Corp. of New York—Debentures

Common

145,000 shares

(No underwriting)

$100,000

Corp

(Kidder,' Peabody

Inter-County Telephone & Telegraph Co..—Com.

Common

Inc.)

$300,000

Lee Filter Corp

„

Co.,

(Laird, Bissell & Meeds)

(Dean

$300,000

....Common

:———.Common

Finance

Ltd., Hardy & Co. and Jack
&

Inc

(McDonnell & Co., Inc.)

Fairmount

$110,000

.——.Common

Dynatron Electronics Corp
(General

Units

Inc.)

Co.—

(J.

—

Co.,

Dwyer-Baker Electronics Corp
(Frank B. Bateman,
M. Bass

Rule

$300,000

Inc.)

Investment

Evans

$750,000

Corp

Drug Associates, Inc...
(Fidelity

Inc.—Com.

Industries,

(Flomenhaft, Seidler & Co., Inc.)

$262,750

Corp.)

Colorado Real Estate & Development,
Continental

Electromagnetic
•

(Havener

June

chase

Common

Brothers)

..Common
135,000

(Monday)

August IS

(S.

Common

(R-

Hclman

(R.

Holman

Co.,

Common

Pearson

Co., Inc.)

50,000

(Morris Cohon &

Co.,

Class A
New York

Co., Inc.)

(Edward Lewis

Tplpohone & Electronics Corp
(Equity' Securities Co.)

Common
*

(Bids

invited)

October 6

Equip. Trust Ctfs.
$6,270,000

(Thursday)

Sachar

(Monday)

Properties,

(Bids

October 19

Bonds

Virginia Electric & Power Co

Electric

Union

(Bids to be Invited) $25,000,000

(Tuesday)

(Bids

(Wednesday)

August 17

(White,

Natural Gas

493,425 shares

Co.)

Weld &

Common

Pipeline Co. of America. ___Cum.

$16,000,000

(Bids

Preferred

October 25

Pfd.

East Central Racing & Breeders
Inc.

Ellis

(No

Co.—Common

Units

—

(Bids

•

Continued from page

and will be avail-:,
investment
policies, as the management may approve, (a) in new
projects and (b) in company in which the issuer has
already invested funds. Office—200 Berkeley St., Boston,
Mass. Business—Registered investment company.
Un¬
general funds of the company

to the

able for investment

in accordance with its

derwriter—Lehman Brothers,

New York.

American & St. Lawrence Seaway

Land Co.

538,000 shares of common stock, of which
350,000 shares are to be publicly offered. Price—$3 per
Jan. 27 filed

off mortgages, develop and im¬
and" acquire additional real estate.
Office—60 E. 42nd St., New York City. Underwriter—
A. J. Gabriel Co., Inc., New York City.

share. Proceeds—To pay

properties,

prove

•

April 11 (letter of notification) 50,000 shares of common
stock (par one cent). Price—$2 per share. Proceeds—

St.,
Co.,

Inc., 250 Fulton Ave., Hempstead, N. Y.
Arco

underwriting)

$700,000

Electronics, Inc.

December 6

well, N. J. Underwriter—Drexel
Philadelphia.

100,000 shares of common stock. Price
— For general corporate pur¬
poses, including debt reduction. Business—The distribu¬
tion of equipment used principally in the electronics,
aircraft and missile industries. Office—New York City.
Underwriters—Clayton Securities Corp., Boston, Mass.,
and Maltz, Greenwald & Co., of New York City. Offer¬
ing—Expected in mid-September.

—$4 per share. Proceeds

•

149,511 shares of

common

stock.

+e$p-e^errec* shares at $52
tu

The company is

per share,

<*ers

offering

and common shares

the; additional

Shore

common

Mexico

Development Corp.

(letter of notification) 12,000 shares of;
stock (par $4) and 48,000 shares of convertible
(par $4)

nare of common

Pe^ Un^* Pr°ceeds

fl* CJ 2n'
ferred

be offered in

and four shares of
—

Securities, Inc.

•

units of one
Price—

preferred.

To develop land as a

—Scottsdale, Ariz.

Arkansas Valley Industries, Inc.

(8/1-5)

afUae ?» 1080, filed $400,000 of 6% convertible subordinSlnking fund debentures and 30,000 shares of comi
a stock, $3 par. $200,000 of the debentures will be
.e*5 1° Arkansas Valley Feed Mills, Inc.; the re—T
i?r of
registration will be publicly offered. Pricecu ° be supplied by amendment. Proceeds — To retire
"ank loans and increase working capital. Office
St Tar^anelte, Ark. Underwriter—A. G. Edwards & Sons,
atm

—-nj

Louis,

Mo.

•/

•

tourist

Underwriter—Pre¬

.Bonds

(Minn.)

invited)

$35,000,000

purchase of all or a substantial interest in or the
one or more other companies engaged in1
the business of insurance or finance or to further sup¬

formation of

plement the funds of the three subsidiaries. Office—930
Bldg., Washington, D C. Underwriters—Sterling,
New York City and Rouse, Brewer, Becker

Tower

Grace & Co.,
&

Bryant of Washington, D. C.
Avionics Investing Corp.

(8/22)

shares of capital stock (par
$1).
Price — $10 per share.
Business — The issuer is
a closed
end non - diversified management investment
company.
Proceeds—For investments in small business
concerns in avionics and related fields, with a proposed
limit of $800,000 to be invested in any one such enter¬
prise.
Office — 1000 - 16th Street, N. W., Washington,
D. C.
Underwriter—S. D. Fuller & Co., New York City.

July 12, 1960, filed 400,000
-

•

Electronics

Avnet

Corp.

(8/1-5)

1960, filed $2,000,000 of convertible debentures,
due 1975, to be offered for public sale by the issuing
company
and 150,000 outstanding shares of common
stock to be offered for the account of selling stockhold¬
ers.
Price—To be supplied by amendment. Proceeds—
June 15,

the

to repay

debentures:

short-term bank loans, to

and for working capital. Office—70
State St., Westbury, Long Island, N. Y. Underwriter—
Hemphill, Noyes & Co., New York City.

maintain inventory,

Bal-Tex Oil Co.,

*■

Inc.

(letter of notification) 300,000 shares of
class A common stock.
Price—At par ($1 per share).
Proceeds—For expenses for development of oil proper¬
ties. Office—Suite 1150, First National Bank Bldg., Den¬

1960, filed 250,000

shares of commdn stock

Automatic Cafeterias for

•

(no

Industry, Inc.

'"V

(7/25-26)
May 31 (letter of notification) 42,200 shares of common
stock (par 10 cents).
Price—$3 per share. Proceeds—
For general corporate purposes.
Office—Dover, County
of Kent, Del.
Underwriter — Richard Gray Co., New
York, N. Y.
' yV'Y
Y
•

Aviation Employees

Feb/8 filed
per

sidiaries;

maining

(7/22)
stock. Price—$2

Proceeds—Together with other funds, will be
in the shares of the company's three sub¬
for general corporate purposes; and the re¬
balance will be used from time to time for

share.

invested

Corporation

2,500,000 shares of common

ver,

1960

17,

Colo. Underwriter—L. A. Huey

Warsaw

Bowling Corp.

amendment. Proceeds—
bowling centers, includ¬
ing the repayment of any temporary indebtedness so in¬
curred, and for working capital. Any balance will be
used for general corporate purposes, which may include
equipment of additional bowling centers, or the purchase
of such centers from' others, and the reduction of in¬
debtedness.
Office—100 Medway Street, Providence,
R. I.
Underwriters—Sutro Bros. & Co., New York and
McDowell, Dimond & Co., Providence, R. I. OfferingExpected in late August or early September.

I960

preferred stock

and Harold C.

par). Price—To be supplied by
To furnish and equip additional

Slauson Ave., Los Angeles, Calif.

June 28,

Lyon & Co., Inc., Globus, Inc.,
all of New York City.

June 27,

common

ra*e
one new sbare f°r each 10 shares
r-ui
record date for both groups is June 23 with
rights to expire on or about Sept. 16.
Proceeds — To
wpa7c?e e(iuivalent portion of bank loans. Office—1900
west
Arizona-New

of 8% subordinated convertible
1970, 154,000 shares of common

& Co.,

Atlantic

iies

• Belkraft Home Products Co.
July 8, 1960 ((letter of notification) 8,900 shares of com¬
mon stock
(no par). Price—$10 per share. Office—3441

preferred at the rate of one

purchase

(Tuesday)
Power Co.

June

—Ross,

warrants.

s£are *°.r eacb 10 shares held. Common stockholders
be
entitled

(8/1-5)

pay

outstanding preferred stock will be en¬
new

•12.000.000

loans, purchase new equipment and the balance for
working capital. Office—Indianapolis, Ind. Underwriters

early August.

per sbare> initially through subscription

titled to purchase the
will

Bonds
tnvltedi

stock purchase warrants. The
company proposes to offer these securities in units, each
unit to consist of $100 of principal amount of debentures,
50 common shares, and 15 warrants exercisable initially
at $2 per share. Price—$200 per unit. Proceeds—To re¬

*960, filed 44,278 shares of preferred stock, and

jny-

Astrotherm Corp.

stock, and 46,200 common

—

& Co., New York and

Astrex Corp.

May 24 filed $308,000
debentures, due July

the

(8/8-12)

J., and Winter Park, Fla., and the balance will be
added to working capital.
Office—Clinton Road, Cald¬

•

& Telegraph Co.—Debentures

(Thursday)

(Bids

$50,000,000

—

Arden Farms Co.

Arnoux Corp.

to be invited)

May 25 filed 75,000 shares of common stock (par 10
cents). Price—To be supplied by amendment. Proceeds
—To retire $100,000 of short-term bank loans, to provide
additional facilities and equipment for plants at Wayne,

140,000 shares of class A common stock.
To be supplied by amendment. Proceeds —
$350,000 for general corporate purposes and the balance
for
working capital. Office—New York City. Under¬
writer
Michael G. Kletz & Co., Inc., New York City.

Offering—Expected in late July

(Tuesday)

Northern States

Bonds

May 23 filed 133,000 shares of common stock. PriceTo be supplied by amendment. Proceeds — For general
corporate purposes and working capital. Office—11924
W. Washington Blvd., Los Angeles, Calif. Underwriter—
Shearson, Hammill & Co., New York.
Associated Testing Laboratories, Inc. (7/25-29)

May 10 filed
Price

Bonds
$25,000,000

received)

Georgia Power Co

July 12, 1960, filed

American Stereophonic Corp.

For general corporate purposes. Office—17 W. 60th
New York, N, Y. Underwriter—Hamilton Waters &

(Bids

Public Service Electric & Gas Co

Whipple & Co.)

Simmcns and Bacon,
154,916 shares

(Thursday)

November 3

Association

—

September 20 (Tuesday )
iBlunt

$50,000,000

EDT)

(Bids to be received) $250,000,000

$25,000,000

Electric Brake & Clutch

Warner

a.m.

Florida Power Corp

(Thursday)

September 15

Co. of America.——Bonds
Inc. and Halsey, Stuart & Co. Inc.)

Co.,

(Dillon, Read &

Bonds

American Telephone

Gas Pipeline

Natural

invited)

Bonds
$16,000,000

invited)

(Bids to be invited) $10,000,000

Inc.) 150,000 shares

(Dillon, Read & Co.,

av^..•

(Wednesday)

October 20

Bonds

Utah Power & Light Co

Co., Inc

Harcourt, Brace &

(Wednesday)

Utah Power & Light Co

$35,000,000

invited)

(Bids

September 14

—Debentures

Bell Telephone Co.—

(Bids

August 16

Electric Co

Louisville Gas &

(Tuesday)

September 13

•

■

(Tuesday)

October

Units

Inc

$30,000,000

invited)

to be

YY Y-, ,Y-.

(Ross, Lyon & Co., Inc. and Globus, Inc.) $600,000

Common

JXf., Inc. and Globus, Inc.) 70,000 shares

Debentures

Columbia Gas System, Inc
(Bids

August 29

Bonds
$25,000,000

invited)

(Wednesday)

Northern Pacific Ry.„^

Transnation Realty Corp
—Warrants
(Ross, Lyon & Co., Inc. and Globus, Inc.) 35,000

Michigan

$120,000,000

received)

Diego Gas & Electric Co

San

$264,900

Realty-Corp.—

Lyon Ss

(Ross,

August 24

—^.Common

Transnation Realty Corp——
—
Debentures
(Ross, Lyon & Co., Inc. and Globus, Inc.) $700,000

Transnation

(Tuesday)

October 4

Bonds

(Bids to be invited) $60,000,000

$100,000

$300,000

Common

Telephone Co

Electronics, Inc..

rnpr-h-Ohm

Bonds
$60,000,000

(Bids to be received)

$215,000

Inc.)

Southern California Edison Co

—Common

and Earl Edden Co.)

August 23 (Tuesday )

Co.) 75,000 shares
——

Bros,

(Bertner

Perin

Telephone Co

(Bids

——Common

Corp

cpaied Air

Co.) $600,000

A. Lomasney &

(Myron

American Corp.——

Poto

(Arden

(Wednesday)

September 28

Reilly-Wolff Associates, Inc...

$12,000,000

(11:00 a. m. N. Y. Time)

New York

Common

—--—--

—Bonds

Indianapolis Power & Light Co

135,000 shares

Common

Holman

$600,000

(Tuesday)

September 27
Common

...Common

:
underwriting)

(No

$330,000

Inc.)

Corp.
(R.

Cavitron Corp.

.Debentures

——

(Monday)

September 26

Common
$350,000

Inc.)

Co.,

(Harriman Ripley & Co., Inc.)

Winston & Co., Inc. and Netherlands
Co., Inc.) $1,200,000

$12,000,000

(Bids to be received)

Securities

Parotronics, Inc.

Bonds

Telephone

Rochester

$564,900

Products, Inc

Electro-Tec Corp.

and Schrijver & Co.) $500,000
—

Deluxe Aluminum

Common

——

(J.

Co.)

Deluxe Aluminum Products, Inc

Conv. Preferred

Capital Corp

National

Securities

.Bonds
$20,000,000

(Bids noon)

$4,000,000

Co.)

.Common

(Pleasant

(Ernst wells, Inc.) $400,000

Cohon & Co.

(Morris

Chematomics, Inc.

Common

Weld & Co.) 325,000 shares

Packing Corp

Inc

Fuller

Pacific Power & Light Co

.Capital

$300,000

(W^it6(

Medal

Ttpmco

Co., Inc.)

Paper

TTitchburg

fltcnuuiB

G01C1

$325,000

(Wednesday)

September 21

(Monday)

Avionics Investing Corp

Securities Co., Inc. and J. A. Winston

(Netherlands
(tNCU

mirl

Bros.)

(Bertner

Units

Development Corp

Dnnhar

August 22

Research & Mfg. Corp.

r'nnsolidated
Consouua

Ave., Cincinnati,

& Co., Denver, Colo.

Ohio. Underwriter—None.

Benson-Lehner Corp.

June

1960, filed 75,000 shares of common stock, of
to be offered for public sale by
and 7,500 shares, being outstanding stock,

27,

which 67,500 shares are
the company

the present stockholders thereof.
Price — To be
supplied by amendment. Proceeds—$950,000 will be used
to repay short-term bank loans the proceeds of which
were used for working capital, $100,000 will be advanced
to subsidiaries as working capital, and the balance will
be added to the company's working capital. Office—1860
Franklin St., Santa Monica, Calif. Business—Engaged in
the development, manufacture and sale of data process¬
ing equipment, research and service in the field of in¬
formation retrieval, and the development, manufacture
and sale of scientific calmeras. Underwriter — Bear,
by

Stearns

August.
Black

Co., New York. Offering—Expected
<•'

Hills Power & Light

;

Co.

■,->

in late

■.r-./s.

■

(7/28-8/11)

of common stock, to be
subscription of holders of outstand¬
ing common stock on the basis of one new share for
each 12 shares held. Price — In the aggregate, not in
excess of $1,000,000. Proceeds—Together with other funds
dhd funds on hand, will cover the remaining- cost of the
June

28, 1960, filed 32,842 shares

offered initially for

Continued

page

^^ammercia^anarinanciaL

(Z88)

Continued from page 27

Bristol

rants

fiscal 1960 construction program, including
the repayment of interim bank loans obtained for such
purpose. Office—621 Sixth St., Rapid City, S. Dak. Un¬
derwriter—Dillon, Read & Co. Inc., New York.
company's

Dynamics, Inc.

June

28, 1960, filed 124,000 shares of common stock, of
69,000 shares are to be offered for public sale for
the account of the issuing company and 55,000 shares,
which

being outstanding stock, by the present holders thereof,
price—$6 per share.
Proceeds—$100,000 for expansion
and further modernization of the company's plants and
-equipment; $100,000 for research and development of
new
products; and the balance
(about $123,000) for
working capital and other corporate purposes. Office—
219 Alabama Ave., Brooklyn, N. Y. Business—Designing,
engineering, manufacturing, producing, and selling elec¬
trical and mechanical assemblies, electronic and missile

purchase

60,000

shares,

common

and

charge account service and credit facilities for merchants
by discounting customers' sales tickets.
Proceeds—To
redeem

$300,000 of outstanding 6% subordinated partici¬
pating debentures at 110% of principal amount, to in¬
crease working
capital, and to reduce indebtedness. Of¬
fice—620 11th Street, N. W., Washington, D. C. Under¬
writer
Auchincloss, Parker & Redpath, Washington,
D. C. Offering—Expected in late August.
—

Proceeds—For

general

corporate

purposes.

Office—650

Lincoln

Place, Brooklyn 16, N. Y. Underwriters—Sand&
Company, Inc., New York City and Newark,
and J. J. Magaril
Co., 37 Wall St., New York, N. Y.

kuhl

N. J.

Bruce

National

Enterprises,

Inc.

(7/25-29)

rate

Office—1118

purposes.

Fla.

Underwriter

—

N. E. 3rd Avenue, Miami,
George, O'Neill & Co., Inc., New

York.
•

Buzzards

Bay Gas Co., Hyannis, Mass.

June 7 filed 27,000
outstanding shares of common stock,
to be offered for sale by American Business Associates.
Price

ion

Proceeds—For general corporate purposes.

Street, New York, N. Y.

Office

Business—In¬

•

To be supplied by amendment. Underwriter—
Coffin & Burr, Inc., Boston, Mass.
Offering—Indefinitely
postponed.
—

Byer-Rolnick Hat Corp.
May 9 filed 100,000 outstanding shares of common stock.
Price
To be supplied by amendment. Proceeds — To
selling stockholders. Office—601 Marion Drive, Garland,

manufacture

exchange

resins.

Underwriters

Texas

and

—

Straus,

Dallas

Blosser

Rupe & Son, Inc., Dallas,
&

McDowell, Chicago,
Note—This offering has been
indefinitely delayed.
•

111.

F. C.

Funding Inc.
May 6 (letter of notification)

75,000 shares of common
stock (par 10
cents), Price—$2 per share. Proceeds—For
general

corporate

Office—90 Broad St., New
York 4, N. Y. Underwriter—Darius
Inc., New York, N. Y.
purposes.

Offering—Imminent.

•

Campbell Machine, Inc. (8/1-5)
■June 20, 1960, filed
102,500 shares of outstanding com[mon stock (par $1). Price—To be supplied by amend¬
ment.
Proceeds—To selling stockholders.
Office—Foot
of Eighth Street, San
Diego, Calif. Business—The com¬
conducts

pany

pair

and

shipyard business which consists of

maintenance

re¬

Navy and commercial
Underwriter—J. A. Hogle & Co., Salt Lake City,

[vessels.
[Utah.

■

\ic Capital

Investments, Inc.
filed 60,000 shares of

-$11 per share. Business—Issuer

common

stock.

Price

closed-end,

capital and

—

For

general

corporate

purposes.

No. Fourth St., Milwaukee, Wis. Underwriter

-The Marshall

Capri

company providing
services to small business

advisory

Proceeds

concerns.

Co., Milwaukee.

Pools,

Inc.

[June 23,

1960

(letter

common

stock

(par

|Proceeds—For

notification)

one

cent).

expansion,

Price

125,000 shares of
—

share.

per

tooling,

[Securities Service, New York, N. Y.
Castleton's, Inc.

[June 13 (letter of notification) 160,000 shares of com[mon stock (par $1). Price—$1.25 per share. Proceeds—
[For working capital. Office—1350 Foothill Road, Boule[vard, Salt Lake City, Utah. Underwriters—Potter In¬
vestment Co. and Whitney & Co., Salt Lake City, Utah.
Corp.

(9/26-30)

[June 17, 1960, filed 40,000 shares of common
stock. Price
$15 per share. Proceeds—To finance the
company's anti¬
cipated growth and for other general corporate
purposes.
Office—42-15 Crescent
St., Long Island City, N. Y. Un-

j writer—None.

Ceilomatic

May 20

stock

ling of
I—$100

Battery Corp.

(7/25-29)
$270,000 of 6%

(letter of notification)

teed 5-year
fmon

convertible notes and 6,000 shares

guaran¬

com-

(par 10 cents) to be offered in units consist-,
$90 note and two shares of common stock. Price

per unit.

Proceeds—For working capital. Office—

[300 Delaware St., Archibald,

Pa. Underwriter—Willis E.

Burnside & Co., Inc., New York, N. Y.

]• Cenco

Instruments Corp.

(7/28)

[June 23, 1960, filed $5,000,000 of convertible subordi¬
nated debentures due Aug. 1, 1980. Price—To oe supplied
[by amendment. Proceeds—To be added to the general

■funds of the company. Office—1700
W. Irving Park
Rd.,
■Chicago 13, 111. Underwriter
Lehman
—

[York.

[★

Brothers, New

Central Charge Service,

[July. 18,

1960,

Securities

Packaging Co., Inc. (7/25-29)
(letter, of notification) 115,000 shares of com¬
(par 10 cents). Price—$2.50 per share. Pro¬
ceeds—For general corporate purposes.
Office —755
Utica Avenue, Brooklyn, N. Y. Underwriters—Mainland
Securities Corp., 156 N. Franklin Street, Hempstead, N.
Y.

and

Jeffrey-Robert Corp.,

S. Oyster Bay Road,

382

Hicksville, L. I., N. Y.

filed

$2,000,00

[fund debentures, due Aug.

Inc.
of

subordinated

sinking

31, 1975, with attached

war¬

17, 1960

(letter of notification) 150,000 shares of
Price—$1 per share. Proceeds—

stock (no par).

common

market > analysis, and research.
Los Angeles, Calif. Under¬
writer—Holton, Henderson & Co., Los Angeles, Calif.
For

working

capital,

Office—1931 Pontius Avenue,

•

Manufacturing Co.,

Conetta

Inc.

(8/1-5)

June 3 filed
10

125,000 shares of class A common stock (par
Price—$4 per share. Proceeds—For general

cents).

corporate purposes including the reduction of indebted¬
ness,

Connecticut &

these securities for

Chemtree

Corp. (7/25-29)
April 19 (letter of notification) 262,750 shares of com¬
mon stock (par 10 cents).
Price—$1 per share. Proceeds
—For general corporate purposes.
Office—100 W. 10th

Street, Wilmington 99, Del. Underwriter—Havener Se¬
York,, N. Y.

curities Corp., New

be offered for the account of

present holders. Price—To

be supplied by amendment/Proceeds—From

the public

offering, will be used for normal expansion and possible
acquisitions.
111.

Office—7373 North Cicero Ave., Chicago,
Underwriter—Smith, Barney & Co. of Chicago, 111.

and

New

York

For

repayment of certain advances made to the company.
724-14th Street, N. W., Washington, D. C/ UnCorp.

Office

stock, $1 per share; debentures in units of $1,000 at their
principal amount. Proceeds—For initiating sight-seeing
service. Office—Washington, D. C. Underwriter—None.
M

City Gas Co. of Florida

Consolidated Realty Investment Corp.
April 27 filed 2,000,000 shares of common stock. Price—
$1 per share. Proceeds—To establish a $250,000 revolving
fund

for initial and intermediate

financing of the con¬
pre-fabricated type residential or
buildings and facilities upon properties to
be acquired for sub-division and shopping center devel¬
opments; the balance of the proceeds will be added to
working capital. Office—1321 Lincoln Ave., Little Rock,
Ark. Underwriter—The Huntley Corp., Little
Rock, Ark.

27,1960, filed 120,000 shares of
be

common

stock. Price

supplied by amendment. Proceeds — Together
with other funds, will be used for
repayment of $2,800,000 of bank loans which are expected to exist in such
amount at the time of

closing the stock financing, $500,complete the company's conversion and construc¬

tion

and the balance for general corporate
Office—955 East 25th St., Hialeah, Fla. Busi¬
ness
The company and its subsidiaries distribute
gas
through underground distribution systems in the Miami
program,

purposes.

commercial

•

Consolidated

Research

Manufacturing Corp.

(8/15-19)

May 27 filed 50,000 shares of class A and 50;000 shares
of class B stock (par 10 cents). The company proposes
to offer these shares in units of one share of each class.

Price—$6.50 per unit. Proceeds—For equipment, sales
expansion, increased advertising and marketing program
budget, and working capital and general expansion. Of¬
fice—1184 Chapel Street, New Haven, Conn.
Under¬
writer—Bertner Bros., New York.

Power Co.

(7/26)

June 15, 1960, filed $38,101,600 of convertible
due 1975, to be offered for subscription by
record

of 3:30 p.m..

debentures,
holders of

EDT, July 26, at the rate of $100

of debentures for each 25 shares of stock then held with

oversubscription privilege,' and rights to expire

Aug. 12, at 4:30

p.m. EDT. Price — 100% of principal
Proceeds—For the company's construction
pro¬
Underwriter—To be determined by competitive

amount.

gram.

June
—To

000 to

—

Consumers

March 30 filed 165,000 shares of common stock and
$330,000 of debentures (10-year 8% redeemable). Price—For

public sale in units, each consisting

derwriter—Shannon & Luchs Securities

City.

Circle-The-Sights, Inc.

Inc* '

$260 of notes due Oct. 1, 1991 and one share of stock,
provided that the minimum purchase shall be 10 units
for a minimum consideration of $3,600 ($2,600 of notes
and 10 shares of stock). Price—$360 per unit. Proceeds—

•

Chicago Musical Instrument Co.
(7/26-28)
June 15, 1960, filed 260,000 shares of common stock (par
$1), of which 40,000 are to be offered for public sale
by the company and 220,000 are outstanding and are to

Chesapeake,

struction of custom

bidding. Probable- bidders: Halsey; Stuart &• Co. .Inc.;
Morgan Stanley & Co.; First Boston Corp. and Harriman
Ripley & Co. (jointly); Kuhn, Loeb & Co. and Ladenburg, Thalmann. & Co.x(j ointly L Bids—Expected to be
received on July 26 at 11:00 a.m. (New .York
Time).
Information Meeting—Scheduled for
at the. Bankers Trust Coi, 16 Wall

12th floor.

July 22 at 11:00

a.m.

St., New York City,

—

area

which

the process of conversion from
liqui¬
gas to natural gas systems. Underwriter
—Kidder, Peabody & Co., New York. Offering—Expected
in late August.
are

Civic Finance

July

1960

filed

Corp.'
$650,000

capital

notes,

series due
(subordinated), with warrants to purchase common
shares, and 40,000 shares of common stock. Price—To be

supplied by amendment. Proceeds—To be added to the

cial

financing and supplies funds to business concerns
Wisconsin and neighboring states.
Office—530 North
Water St., Milwaukee, Wis. Underwriter
Robert W.
in

—

Baird &

Co., Inc., Milwaukee, Wis.

• Colorado General Life Insurance Co.
July 11, 1960 (letter of notification)
300,000 shares of
common stock
(oar 30 cents). Price—$1 per share. Pro¬
ceeds—For surplus account and
working capital. Office
—4710 W. Colfax,
Denver, Colo. Underwriter—None.
Colorado

Real

Estate &

Development.

Inc.

(7/25-29)
June 23, 1960, filed
150,000 shares of common stock (par
$2). Price—$5 per share. Proceeds—For
general corpor¬
ate purposes. Office
704 Midland
—

Denver, Colo. Business—Intends
sition

acreage

unimproved
into

acreage,

prepared

sites

Savings Building,

to engage

the

in the acqui¬

develooment

that

for

single-family homes,
multiple dwellings and commercial
improvements, and
the

sale of those sites to builders and
others. Underwriter
—Adams & Peck, New York.

Commerce Oil Refining
Corp.
Dec. 16, 1957 filed
$25,000,000 of first mortgage bonds due
Sept. 1, 1968, $20,000,000 of subordinated
debentures

due
Oct. 1, 1968 ana
3,000,000 shares of common stock to be
offered in units as follows:
$1,000 of bonds and 48 shares
of stock and $100 of debentures
and nine shares of stock.
Price—To be supplied by amendment.
Proceeds
To
construct refinery.
—

York.

Underwriter—Lehman Brothers, New

Offering—Indefinite.

Commonwealth Development & Construction
Co.
May 24 (letter of notification) 60,000 shares of common
stock

Consumers
June

(par five cents). Price—$5
For working
capital. Office—11th
burg, Pa. Underwriters—Vickers,

per

share. Proceeds—
Main

Sts., PennsChristy & Co., Inc., 15
William St., New
York, N. Y. and First City Securities,
Inc., New York, N. Y.

21,

1960

Water

Co.

(letter

notification) 3,500 shares of
Price—$28.25 per share. Pro¬
ceeds—To go to a selling stockholder. Office—95 Ex¬
change St., Portland, Me. Underwriter—H. M. Payson &
Co., Portland, Me. •
* ■
stock

common

•

1980

company's general funds to provide additional
working
capital. Business—The company is engaged in commer¬

(8/10)

repayment of in¬
debtedness, working capital and inventory. Office—2838
[N. Naomi Street, Burbank, Calif. Underwriter—Nassau

Cavitron

Underwriter—Pleasant

stock

mon

non-

[diversified management investment
[Office—743

resistant

heat

fied^ petroleum

[July 15, 1960

equity

high

Chemical

—

Tex.

market

and

March 16

•

April 29 filed 335,000 shares of common stock (par 10
cents), Price—$6 per share. Proceeds-—For reduction
of outstanding
indebtedness; to pay off mortgages on
certain property; for working capital and other
corpo¬

June

share.

—122 East 42nd

Co., Newark, N. J.

•

Thursday,'July 21,

April 29 filed $585,000 of 4V2% promissory notes and
2,250 shares of common stock; It is proposed to offer

common stock (par
cents), of which 175,000 are to be offered for public
sale by the company and 13,300
shares, being outstand¬
ing stock, by the present holders thereof. Price—$3 per

Offering—Expected in late August

Brooks Labs. Co., Inc.
(7/25-29)
May 31 (letter of notification) 108,000 shares of common
stock (par 10 cents) of which 28,000 shares are being
sold for selling stockholders. Price — $2.75 per share.

tends

Inc., New York.
early September.

the purchase of machinery and equipment, and for
working capital. Office—73 Sunnyside Ave., Stamford,
Conn. Underwriter — Pearson, Murphy & Co., Inc., New
York City.
:

Chematomics, Inc. (8/22-26)
June 24, 1960, filed 188,300 shares of

hardware components and special tools and fabrications.
Underwriter — William David & Co.,
or

Computer Equipment Corp.

ad¬

ditional 60,000 common shares. Price—To be supplied by
amendment. Business — The issuer provides a retail

Chronicle

(par $1).

Continental

Boat Corp.
(7/25-29)"
B
(letter of notification) 100,000 shares of
common stock
(par 10 cents). Price—$3 per share. Pro¬
ceeds—To purchase raw
materials, advertising and for
June

15,

1960

working capital. Office — 1815 N. E. 144th St., North
Miami, Fla. Underwriter—J. E. Coburn Associates, Inc.,
New York, N. Y.
■'
"r
/
•

Control

Data Corp.

(7/26)
125,000 shares of common stock. Price—
To be supplied by amendment.
Proceeds—To repay $1,500,000 of bank loans and the balance to be used for

June 2 filed

working capital and general corporate purposes. Office
—501 Park
Avenue, Minneapolis, Minn, UnderwriterDean Witter & Co. of
Minneapolis, Minn, and New York
City.
Country Club Corp. of America
4
April 29 filed 200,000 shares of common stock (par 10
cents). Price—$3 per share. Proceeds—For repayment
of

outstanding debt; including payment of mortgages,
notes, and miscellaneous accounts payable; for

taxes,

general corporate purposes and construction of
cilities.
Office —1737 H.

Street,

new

fa¬

W., Washington,
D. C.
Underwriter—A. J. Gabriel Co., Inc., New York.
Offering—Expected in late July or early August.
•

Cubic

June

Corp. (7/22-25)
1960, filed 50,000 shares

of capital stock, of
being offered for the account of
25,000 shares for the account of sell¬
ing stockholders. Price—At-the-market at time of offer¬
ing. Proceeds—For additional
working capital. Office—
5575 Kearney Villa
Road, San Diego 11, Calif. Under¬
writer—Hayden, Stone & Co., New York City.
which 25,000 shares
the company, and

are

Custom Craft Marine
Co., Inc.

(8/1-5)
(letter of notification) 85,000 shares of com¬
(par 25 cents). Price—$3 per share. Proceeds
—For general
corporate purposes. Office—1700 Niagara
Street, Buffalo, N. Y. Underwriter—R. A. Holman & Co.,
Inc., New York, N. Y.
March

mon

stock

Dalto Corp.
29 filed

March

offered

for

(8/8-12)
134,730 shares of common stock, to be
subscription by holders -of such stock of

record
May 2 at the rate of one
two shares then held,
Price—To be

new

supplied by

for

each

amend-

volume 192-. -Numbet,-«970

pnt

•

Proceeds^—For the retirement of notes

tional working'tapital;-Offiee^Norwood,
writer—None. •£" r ; ^ / •
•,

The
and Financial
Chronicle

Commercial

and addi¬

N. J.

pechert Dynamics Corp. (8/1-5)
31, I960 (letter of notification) 100,000 shares

Co., Inc., New York, N. Y. Note—The underwriter
states that the size of this
offering may be increased. ;

• EDSCO Manufacturing
Co., Inc.
July 14, 1960, (letter of
notification) 24,500 shares of
common stock.
Price—At par ($10 per share). Proceeds

fommon

stock (par 10 cents). Price—$3 per share. Pro¬
ceeds—-For expenses pf offering, to pay instalment con¬
tracts for electronics research, and sales promotion, and
nther' general purposes. Office—713 W. Main St., PalJjyra, Pa. Uiifler^
Corp., New
York, N.
,■/
v
v

Aluminum Products, Inc. (8/22-26)
filed $330,000 of convertible debentures, and 70,ooo shares of common stock. Price—For the debentures,
100% of principal amount; for the stock, $5 per share.
Proceeds—-From 10,000 shares of the common stock, to
the present holders thereof; from the rest of the offer¬
ing
to the company to be used for expansion and as
working capital. Office—6810 S. W. 81st St., Miami. Fla.
Underwriter— R. A. Holman & Co., Inc. '
Deluxe

Oct. 15

Ltd-

Detroit Tractor,

—To purchase
and for

machinery and equipment, real property
operating capital.
Office
801 W. 8th Street,
—

Vancouver, Wash.
-

Office—1221 E. Keating Avenue, Muskegon, Mich.

Underwriter—To be supplied by amendment.

quisition of Hope Homes, Inc., Browntown Water Co. and
Cantor & Goldman Builders, Inc., with the balance to
be used as working capital.
Office—29A Sayre Woods
Shopping Center, Madison Township, P. O. Parlin, N. J.
Underwriter—Lee Higginson Corp., New York.
Offer¬

ing—Postponed.
Diversified

Realty Investment Co.

April 26 filed 250,000 shares of common stock.

Price—

$5 per share (par 50 cents). Proceeds — For additional
working capital. Office—919 18th Street, N. W., Wash¬
ington, D. C. Underwriter—Ball, Pablo & Co., Washing¬
ton, D. C..
-

Drug Associates,

Inc.

(7/25-29)

one $1,000 debenture and
100 shares of common stock.
Price—$1,100 per unit. Proceeds—For general corporate
purposes. Office—1238 Corlies Ave., Neptune, N. J. Un¬
derwriter—Fidelity Securities & Investment Co., Inc.,
Asbury Park, N. J. -■ ■■

Drug Fair-Community Drug Co., Inc. (7/26-27)
June 10, 1960, filed $500,000 of subordinated sinking
fund debentures, due Sept. 15, 1975, with attached war¬
rants for the purchase of 25,000 shares of common stock
A, $1 par, and 150,000 additional shares of said stock.
These debentures and warrants will be offered in units
consisting of a $500 debenture and a warrant for the
purchase of 25 shares of stock. Price—$500 per unit, with
the price of the stock to be
supplied by amendment.
Proceeds—Of the stock
of

50,000 shares will

issue, the proceeds from the sale
to selling stockholders. The pro¬

ceeds from the remainder of the registration will be
added to the issuer's
working capital and, together with
other funds, will be used to
repay indebtedness and to
open 15 new stores in 1960-61. Office—1200 South Eads

St., Arlington, Va.

East Alabama

Express, Inc.
(letter of notification) 77,000 shares of common
(par $1). Price—$2.50 per share. Proceeds—To

April 1
stock

repay notes

available for general corporate
purposes. Office—Eliza¬
beth, N. J. Underwriter — McDonnell & Co. Inc.. New

—109 M

York City.

payable, reduce equipment purchase obliga¬
tions, accounts payable and for working capital. Office
Street, Anniston, Ala. Underwriter—First In¬
Savings Corp., Birmingham, Ala.

East

Central

Inc.

Racing and Breeders Association,

(9/15)

July 5, 1960, filed 200,000 units of 200,000 shares of

cap¬
200,000 warrants to purchase capital stock.
Each unit will consist of one
share and one warrant for
the purchase of an
additional share exercisable within
12 months.
Price—$3.50

ital stock and

per unit. Proceeds—First step in
the management's
program if this financing is successful

allocating $10,000 to finishing a training track
and $25,000 to
property accruetnent and mainten¬

ance, is the construction of about 15 stables to accommo¬
date 32 horses each at an
estimated cbst of $22,500 each.

additional $200,000 has

tion

been allocated for construc¬

building covering an indoor
and $74,000 for
working capital. Office
Underwriter—None.
a

training

—

track

Randall, N. Y.

•

Edgerton, Germeshausen & Grier, Inc. (7/25)
May 5 filed 120,000 shares of common stock
(par $1) of
which 20,000 shares are now
outstanding and are to be
offered for public sale
by the holders thereof and 100,000 shares are to be offered

by the company. Price—To
supplied by amendment. Proceeds—For general cor¬
porate purposes. Office — 160 Brookline
be

Ave.,' Boston,

Mass/Underwriter—Kidder, Peabody

& Co., New York.

Edwards Engineering
Corp. (7/22)
April 8 filed 85,000 shares ofof which
70,000 shares are to be offered for; .the accoqiit of the
issuing company and 15,000 shares,v representing' out¬
standing stock, are to be offered for'the'account-"OP the

present holders thereof.
Price—$3.50
ceeds—For general corporate

per

share.

Pro¬

including sal¬
aries, sales promotion, moving expenses, and research
and development work.
Office—715 Camp Street, New
Orleans, La. Underwriter—Sandkuhl & Company, Inc.,
New York City and
Newark, N. J. '
purposes

Electri-Cord

Manufacturing Co., Inc. (8/1)
(letter of notification) 99,900 shares of common
(par 10 cents). Price—$3 per share. Proceeds—

June 15
stock
For

general

corporate

Office—2554 E. 18th
Underwriter—E. M. North Co.,

purposes.

Street, Brooklyn, N. Y.
Inc., New York, N. Y.
•

Electromagnetic Industries, Inc. (8/1-5)
22, 1960 (letter of notification) 75,000 shares of
common stock
(par 10 cents). Price—$4 per share. ProJune

ceeds-^For general corporate
purposes.

Office—Greeley
Ave., Sayville, L. I., N. Y. Business—Manufactures and
sells transformers, magnetic components and electric in¬
strumentation

and

control

devices.

Underwriter—Flo-

menhaft, Seidler & Co., Inc., New York, N. Y.

Dunbar Development Corp. (8/15-19)
22, 1960 (letter of notification) 75,000 shares of
class A common stock
(par 10 cents). Price — $4 per
share. Proceeds—For
general corporate purposes. Office

June

—237

Sylvester St., Westbury, L. I., N. Y. Business—Pur¬
chase of land and
building of homes. UnderwritersNetherlands Securities Co., Inc., and J. A. Winston &
Co., Inc., New York, N. Y.
Durox of
Minnesota, Inc.
:
V
April 11 filed
$650,000 of 7% first mortgage bonds and
120,000 shares of common stock
(par $1). The offering
will be made in units of one
bond ($100 principal amount)
and 20 shares of
common stock

principal

amount

plus

or one

unit of 50 bonds at

interest. Price—To be
supplied/ by amendment. Proceeds—For additional plant

and

equipment

and

accrued

to provide

working capital to

com¬

mence and maintain production. Office — 414
JRdg., St. Paul, Minn. Underwriters—Irving J.

Pioneer
Rice &
Co., Inc., St. Paul, Minn, and M. H.
Bishop & Co., Min¬
neapolis, Minn.
•

Dwyer-Baker

Electronics

Corp. (7/25-29)
(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Pro¬
ceeds—To pay current
maturity of mortgage and notes
and for
working capital. Office—7400 N. W. 13th Ave.,
Miami, Fla. Underwriters
Frank B. Bateman, Ltd.,
June 20, 1960
common stock

—

^alm Beach,
Jack

Fla., Hardy & Co., New York, N; Y., and

M. Bass &
Co., of Nashville, Tenn.

20,

common

1960
stock

products, for the purchase
additional equipment and working capital. Address—
Ga.
Underwriter—Gaston-Buffington-Waller
lnc., Atlanta, Ga.
.1
:
/ ; J :
new

^orcross,

■

•

Dynatron

April

•

Electronics

Corp. (7/25-29)
29, I960 (letter of notification) 100,000 shares of

common stock

(par 10 cents). Price—$1

share. Pro¬
Office—178 Her-v
ricks
Road, Mineola, N. Y. Underwriter—General Securi¬

ceeds—For

general corporate purposes.

Developments, Inc. of Florida
(letter of notification) 100,000 shares cf

21, 1960
stock

common

(par 10 cents). Price-—$3

per

share. Pro¬

ceeds—To

establish a new office, for
salaries, research
development and working capital. Office—424 W.
Davis Blvd., Tampa, Fla. Underwriter—Carr-Rigdon
Co.,
Inc., 4700 Nolensville Rd., Nashville, Tenn.
and

Electronic
June

cents).

Specialty Co.

it Executive Travel Club, Inc.
July 11, 1960, (letter of notification)

—

Electro-Tec Corp. (8/22-26)
July 1, 1960, filed 135,000 shares of

common stock (par
cents), of which 75,000 shares are to be offered for
public sale for the account of the issuing company and
60,000 shares, being outstanding stock, by the present
holder thereof.
Price—To be supplied by amendment.
Proceeds—To be added to the company's general funds

used for

general corporate purposes.

Office—10

Romanelli

Ave., South Hackensack, N. J.
Business—
Design, development, manufacture and sale of slip ring
and brush block assemblies, switching devices and re¬
lays for electronic equipment. Underwriter—Harriman
Ripley & Co., Inc., New York.
(7/26)

21, 1960, filed 1,136,669 shares of common stock.
Company proposes to offer the shares for subscription
by common stockholders of record July 26, 1960, at the
one new

rights to expire
Price—To be

share for each 15 shares then

held, with

about Aug. 11, at 5:00 p.m. (EDT).
supplied by amendment. Proceeds—To be
on or

used in part to, repay not less than $10,000,000 of current
bank loans and the balance will be used largely for in¬

vestment

in the

notes

and

150,000 shares of
(par 50 cents). Price—$2 per share. Pro¬
advertising and working capital. Office—205
Fayette Street, Baltimore 2, Md. Underwriter—None.

common

stock

ceeds—For
W.
•

Fairmount Finance Co.

(8/1-5)

May 6

(letter of notification) 58,000 shares of
stock (par $5).
Price—At par ($5 per
Proceeds—For working capital.
Office—5715
Road, Fairmount Heights, Md. Underwriter—J.

class A

common

terson &

share).
Sheriff

T, Pat¬

Co., Inc., 40 Exchange Place, New York, N. Y.

Farmers' Educational &
Cooperative
Union of America
March 29 filed $2,500,000 of registered

debentures, series
D, maturing from 1969 to 1980. Price—To be offered
in units of $100. Proceeds—To
pay notes maturing be¬
fore Dec. 31,
1963, with $1,107,000 to be contributed to
surplus or loaned to subsidiaries. Office—Denver, Colo.
Underwriter—None.

^
Farms, Inc.
,
June, 13 (letter of notification) $298,000 of 10-year 5%%
debentures, to be offered in denominations of $1,000,
$500 and $250 each.
For

•

Price—At face value.

Proceeds—

working capital.

Office—818 17th Street, Denver 2,
Underwriter—Wayne Jewell Co., Denver, Colo.

Colo.

Federal

Steel

Corp.

(7/25-29)

March 30

(letter of notification) 59,000 shares of com¬
mon stock (no
par),. Price—$5 per share. Proceeds—For
an expansion program. Office—3327 Elkton
Ave., Dayton
3, Ohio. Underwriter—Westheimer & Co., Cincinnati,
Ohio.

it Fidelity Electronics Corp.
July 11, 1960, (letter of notification) 150,000 shares of
common stock
(par 10 cents). Price—$2 per share. Pro¬
ceeds—For general corporate
purposes.
& Hancock Streets,

Underwriter

—

Office—Fairview

Riverside, Burlington County, N. J.
Securities, Inc., Philadel¬

Metropolitan

phia, Pa.

■

it First Investors Corp.
July 19, 1960, filed 270,000 shares of outstanding class
A common stock. Price—To be
supplied by amendment.
Proceeds—To selling stockholders. Office — New York
City. Underwriter—Bache & Co. Offering—Expected in
late

August.

•

Fischbach & Moore, Inc.
June 28, 1960, filed 300,000

outstanding shares of

mon

stock. Price—To be supplied by amendment.

ceeds—To

com¬

Pro¬

selling stockholders. Office—New York City.

Underwriter—Allen & Co.,, New York
City. OfferingExpected in late August.
.

be added to the general funds in anticipation of
capital requirements,: possibly to include acquisitions.
Office—5121 San Fernando Road, Los Angeles, Calif.
Underwriter
Bateman, Eichler & Co. of Los Angeles,
Calif. Offering—Expected in "early August.

rate of

Opportunity, Wash.
Underwriters—Standard Securities Corp. and Pennaluna
& Co., Spokane,
W&sh. and Herrin Co., Seattle, Wash.

150,000 shares of common stock (par 50
Price—To be supplied by amendment. Proceeds

—To

and be

Evergreen Gas & Oil Co.
June 20, 1960 (letter of
notification) 2,000,000 shares of
common stock
(par five cents). Price — 12^ cents per
share. Proceeds—For expenses for oil and
gas develop¬
ment. Office—E. 12707
Valleyway,

filed

June

(letter of notification) 37,450 shares of
(par $1). Price—$4 per share. Proceeds

promote the sale of

Electronic

El Paso Natural Gas Co.

Dynamic Center Engineering Co., Inc.

June

Business—The company manufactures and
precision steel measuring tapes and wood folding
rules. Proceeds—To be used
by the company to purchase
two leased plants in
Elizabeth, N. J. The balance of the
proceeds will be added to working capital and will be
sells

Underwriter—Auchincloss, Parker &
Redpath, Washington, D. C.
June

Rule Co.
(8/1-5)
1960, filed 145,000 shares of common stock (par
$1), of which 40,000 shares will be sold for the account
of the company and
105,000 shares for the accounts of
certain selling stockholders. Price—To be
supplied by

amendment.

Underwriter—Laird,

•

May 6 (letter of notification) 100 units of $100,000 of 7%
sinking fund debenture bonds and 10,000 shares of com¬
mon stock
(par $1) to be offered in units consisting of

Evans

Boulevard, Palisades Park, N. ,J.
Bissell & Meeds, New
York, N.'

surface

Sept. 25 filed 367,200 shares of common stock (par $1).
Price—To be supplied by amendment. Proceeds—For ac¬

selling stockholders. Office — 214 West
St., Ennis, Texas. Underwriter—Kidder, Peabody
Co., New York City. Offering — Expected in midAugust.
&

•

and after

Diversified Communities, Inc.

Proceeds—To

Knox

June 17,

stock,

poses.

'-v

it Ennis Business Forms, Inc.
•
July 14, 1960, filed 74,546 shares of outstanding common
stock (par $2.50). Price—To be
supplied by amendment.

€. S. C. Electronics
Corp. (7/25-29)
May 17 (letter of notification)
75,000 shares of common
stock (par 10
cents). Price—$4 per share. Proceeds—
For general
corporate purposes.
Office —534 Bergen

May 26

purchase of machine tools, payment of $95,000 of notes
and accounts payable, and for general corporate pur¬

Underwriter—None.

•

vestment

filed 1,375,000 .shares of class A stock. Of this
1,125,000 shares are to be offered for the com¬
pany's account and the remaining 250,000 shares are to
be offered for sale by the holders thereof. Price—Not to
exceed $3 per share. Proceeds—To be applied to the

ties

Under-

Mav

(289)

common

stock

subsidiary
companies, principally El Paso Natural Gas Products Co.
Underwriter—White, Weld & Co., Inc. (managing), New
York City.

Fitchburg Paper Co., Fitchburg, Mass.
(8/15-19)
June

28, 1960, filed 325,000 shares of class A common
stock, of which 217,000 shares are to be offered for pub¬

lic sale for the account of the
000 shares being

issuing company and 108,outstanding stock by the present holder

thereof. Price—To be supplied
by amendment. Proceeds
—Together with other funds, will be used to purchase
and retire the
outstanding preferred stock of the com¬
pany at a cost not in excess of
$114,000; to pay in full
the outstanding 5%% notes held

by New England Mu¬
tual, the unpaid principal amount of which at June
lf
1960

was

$787,500; $1,400,000 for construction

and

larger plant for the
$450,000 for completion of

Decotone

new

Products

Division;
a new office
building; and the
balance for additional
working capital.
Underwriter—
White, Weld & Co., New York.
it Fleetcraft Marine Corp.
July 5, 1960 (letter of notification)

150,000 shares of
capital stock (no par) of which 112,500 shares are
being
offered by the
company and the
remainder for the
account of the selling stockholder.
Price—$2 per share.
Proceeds
To pay off debts and for
working capital.
Office
c/o Robert R.
Chesley, 1235 E. Florence Ave.,
—

—

Los

Angeles, Calif. Underwriter—Garat

Los Angeles, Calif.
•

Polonitza, Inc.

Florida Capital Corp.

June 9,

(7/28)
1960, filed 500,000 shares

common stock
(par
$1). Price—To be supplied by amendment.
Proceeds—To
finance the issuer's investments in
small business con¬
cerns, which will be engaged in land

development

Continued

page

The Commercial and Financial Chronicle

(290)

Continued from page 29
electronics.

Office

■

•'-''v-V

1201

Harvey Bldg., West Palm
Beach, Fla. Underwriter—A. C. Allyn & Co., Inc., Chi¬
cago, 111.
■
' ; < .'
11
•

Florida

—

Co.

Insurance

Home

March 30 filed 17,500 shares of common stock to be of¬
fered to holders of the company's 85,995 outstanding
shares

common

the

rate

one

Unsubscribed shares will be offered to

shares held.

em¬

ployees and officers of the company who are stockhold¬
ers without further offering of such unsubscribed shares
to other stockholders of the company. Price—To be sup¬
plied by amendment. Proceeds—To be added to the com¬
pany's general funds to be held in cash or invested in
securities. Office
1335 Biscayne Blvd.. Miami, Fla.

Gross

+ Florlanda Corp.
July 12, 1960 (letter

Ford

Proceeds

•

has

replaced with

Foto-Video

been- withdrawn.

It is

Guardian

expected

•

Gulf-Tex

Corp.

(7/25-29)

of California

Office—167-199 First Street, San Francisco, Calif.
Underwriters—Bear Stearns & Co., of New
York, and

pany.

Schwabacher

Hawaiian Pacific

shares of

common

holding company organized under Illinois law in
December, 1959. Proceeds—$600,000 will be transferred
to the general funds of Funded
Security Life Insurance
Co., a newly organized legal reserve life insurance com¬
wholly owned by the issuer, for investment in in¬
producing securities and expansion through ac¬

pany
come

quisition. Office—-2812 W. Peterson Ave.,
Underwriters—H. M. Byll(?sby & Co.,

Chicago, 111.
Chicago, and Kal-

man

Gateway Sporting Goods Co.
July 7, 1960 filed 70,000 shares of common stock
(par
$5). Price—To be supplied by amendment. ProceedsTogether with the proceeds from
loan from
a

anticipated $700,000

insurance company, will be used to retire
$425,000 bank loan and to finance the company's ex¬
an

pansion program. Business—The
company is principally
a
retail
organization specializing in
sporting goods,
photographic equipment, toys, wheel goods,
luggage and
related recreational lines. Office—1321
Main St., Kan¬
sas

City, Mo. Underwriter—Stern Brothers

sas

City, Mo.

•

General

Co., Kan¬
**

Sales

will be used for additional
working
and facilities for the Portland

(par $1).

Proceeds—$75,000

capital, inventories

Discount Center; $75,000
Center; and $50,000
working capital for General Sales
Acceptance
Corp. for credit sales to member customers.
The bal¬
for the

same

purposes in the Salem

to provide
ance

of the proceeds will be
used to open two

Oregon and Idaho. Office
Portland, Ore. Underwriter

—

New York.

Offering—Expected

Gold Medal
Packing
June 17, 1960, filed

1105

new

stores

Fennekohl

Broadway,
& Co., Inc..

in late August.

Corp.

(8/15)
100,000 shares of 25c convertible
pre¬
(par $4). Price—At par.
Proceeds—Ap¬
proximately $150,000 will be used to
discharge that
portion of its obligation to Jones
& Co. pursuant to
which certain
inventories are pledged as collateral.
ferred

stock

indebtedness to Jones & Co. was
June 15, 1960 in
connection with

pany s
be

obligations to

used

for

the

bank.

construction

house, and the balance will be
purposes.

The

initially incurred on
refinancing the com¬
addition, $15,000 will

of an additional smoke¬
used for general
corporate

Office—614 Broad Street,
Utica, N. Y. Busi¬
ness
The
company is engaged in the
processing, pack¬
ing and distribution of
meats and meat
products, prin¬
cipally sausage
products, smoked meats, bacon, and meat
specialties.

It also

sells certain
dairy products. Underwriter—Ernst Wells, Inc., 15 William
Street, New York

amount;

•

Heldor

June

Electronics

Manufacturing Corp.

(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Pro¬
general corporate purposes.
Office
238

stock

ceeds— For

—

Lewis

Street, Paterson, N. J. Underwriter—S. Schramm
& Co., Inc., New
York,, N. Y. Offering—Expected in late
August.
'!'/

ic Home Builders Acceptance Corp.
July 15, 1960, filed 1,000,000 shares of common stock.
Price—$1 per share. Business—The newly organized firm
expects to deal in mortgages and make various kinds of
estate loans. Proceeds—For
general corporate pur¬
poses; Office —- 409 N; Nevada, Colorado
Springs, Colo.
Underwriter—None.
real

Honey Dew Food Stores, Inc.
June

24, 1960

convertible

Price

—

(letter of notification)

subordinated
100%,

debentures

These

$300,000 of 7%%
July 1, 1970.

due

debentures

are

convertible

through June 30,1965 into capital stock at $2.50
per share
including June 30, 1962, at $3.33% per share from
July 1, 1962 to June 30, 1964 inclusive and at
$4 per
share from July 1, 1964 to June
30, 1965 inclusive. Pro¬
to and

ceeds

—

For general corporate
purposes.

Office

—

811

Grange Rd., Teaneck, N. J. Underwriter
Vickers,
Christy & Co., Inc., 15 William St., New York
5, N. Y.
Hydrocraft, Inc.
June 20, 1960 (letter of
notification) 180,000 shares of
—

common

(letter

notification)

50,000

Price—$3

corporate

per

;

stock.

shares of

share.

Office

purposes.

Pro-

—

3000

Underwriter—

:i/vV.Jt.V

Beef, L. & W. S., Inc.
filed

Offering

Corp.

(par 25 cents).

general

89-25

200,000

Proceeds—To

outstanding

common

selling

stockholders.
Price—$10
per share.
Office—200 South Craig
Street, Pittsburgh,
Pa. Underwriters—Amos Treat &
Co., Inc., New York,
and Bruno Lenchner,
Inc., Pittsburgh, Pa. OfferingExpected sometime in August.

sory

Trail

Ranch, Inc.

28,

1960, filed $585,000 of 6% convertible promis¬
notes due 1965; 171,600 warrants to purchase the

said notes; and 57,200 common shares issuable
upon con¬
The company proposes to
offer its
common
stockholders rights to subscribe to the
notes
at the rate of $5 principal amount of
notes for each share
of common stock held.
Each stockholder is
entitled to
one
subscription right for each share held; and three
version of the notes.

rights

are

amount

required

for

one

$15, the minimum subscription.

The company is authorized to
engage in

ing and ranching business.
,

Proceeds

company to obtain the necessary

various
bank

financial

commitments

some

44,000

the

general farm¬
To enable the

connection

and

acres.

Blvd., West Palm Beach, Fla.

—

Business—

funds required to meet
in

loans, mortgage payments

with respect to

note

with

carrying

Office

—

its

charges

Southern

Underwriter—None.

•

29, 1960

common

For

Indian

convertible sub¬

For construction expenses, new

—

Illinois

June

1970, and 100,000
Price—Debentures, at 100% of
common
stock, to be supplied by

amendment. Proceeds

Corp.

April 28 filed 90,000 shares of common stock
Price—To be supplied by amendment.

stock.

•
Helicopters, Inc.
May 19 (letter of notification) 60,000 shares of common
stock (par $1).
Price — $5 per share. Proceeds—Tor
purchase of equipment, tools, inventory and working
capital. Office—Heliport, Stapleton Airfield, Denver
2,
Colo. Underwriter—Insurance
Stocks, Inc., Denver, Colo.
Offering—Expected in late August or early September.

Co., Inc., St. Paul, Minn.

•

Industries, Inc.

Funded Security Corp.
July 7, 1960, filed 200,000 shares of common stock. Price
be supplied by amendment. Business—The issuer
a

1960,
stock

April

Office

equipment, reduction of indebtedness, and the acquisi¬
tion of properties. Office — Honolulu, Hawaii.
Under¬
writers—Bosworth, Sullivan & Co. and Lowell, Murphy
& Co., both of Denver, Colo.

—To

11,

None.

com¬

principal

Investors

Hempstead Turnpike, Levittown, N. Y.

Underwriter—White,

June 29, 1960, filed $1,350,000 of 6%%
ordinated debentures, due September,

E-

common

Price—To be

Weld & Co., New York.

R-

July

Inc.

& Co., of San Francisco and New York.
Offering—Expected in late August.

-is

I-

supplied by amendment. Pro¬
selling stockholders. Business—The company
is engaged in the publication and sale of
junior high
school, high school,.and college textbooks, workbooks,

—■

Underwriter

—R. A. Holman & Co.,
Inc., New York, N. Y.
—Expected sometime in September.

ceeds

related materials, as well as general trade books.
—750 Third Avenue, New York.

Pro¬

Office

35, N. Y.

ceeds—To

funds from

working capital, totalling $293,092.75, will be
to the capital of Fritzi
Realty, a wholly
owned subsidiary, to purchase for cash from 177-First
Street Corp. the building
presently used by the com¬

stock.

Components Corp.
(letter of notification) 200,000 shares
of
(par 10 cents). Price—$1 per share.

stock

ceeds—For general corporate purposes.
Van Wyck
Expressway, Jamaica

Union

Harcourt, Brace & Co., Inc. (8/17)
28, 1960, filed 493,425 outstanding shares of

such

Precision

for the

June
mon

and

29, 1960,

common

Rosenberg St., Galveston, Tex. Underwriter—Myron A.
Lomasney & Co., New York.

July 5, 1960, filed 100,000 shares of common stock (par
$1) of which 30,000 shares are to be offered for public
sale for the account of the issuing
company, and 70,000
shares, being outstanding stock, by the present holders
thereof.
Price—To be supplied by amendment.
Busi¬
ness—Company is engaged in the production and sale
of popularly priced blouses and sportswear coordinates
for girls and women. Proceeds—From the stock
sale, and

Denver, Colo. Underwriters
Pur¬
Amos C. Sudler &
Co., both of Denver

Offering—Imminent.
D.

June

$5 per share. Proceeds—For purchase of Pelican Island;
for improvements on said
property; and for working
capital and other general corporate purposes, including
the general development of the
property. Office—714

Mfg. Corp.

contributed

Development,

stock. Price—At par

($1 per share). Proceeds—
inventory, increase plant capacity by adding
additional molds and jigs, research
and development and
for working capital. Office—804
Lake St.,
Huntington
Beach, Calif. Underwriter—Wedbush & Co., Los Angeles.
Calif..
V
To purchase

Infrared Industries, Inc.
(8/11) *
July 6, 1960, filed 135,000 shares of common stock
(with¬
out par value), 100,000 shares of which
are for the com¬
pany and the balance for the account of
certain
stock¬

holders.

Price—To

supplied

by amendment.
Pro¬
ceeds—Approximately $700,000 will be used to construct
and equip the Santa
Barbara, Calif, plant for which the
company has recently acquired
acreage, $450,000 will be
used to discharge indebtedness
of the company and a
subsidiary, and the balance will be used for
general cor¬
porate purposes including
working capital.
Business—
The company produces infrared
detectors for most of the
infrared

systems under procurement
by the Armed
Forces of the United States and
for civilian use as well.
Office—Waltham, Mass. Underwriter—Lehman Brothers,
New York City.

Inter-County Telephone & Telegraph Co*
(8/1)
June 16, I960 filed
125,000 shares of common stock (par
$4.16%). Price
To be supplied
by amendment. Pro¬
ceeds—$1,500,000 will be used to liquidate outstanding
short-term bank loans and
approximately $600,000 will
be applied to
reduction of accounts
payable in con¬
nection with the
company's continuing construction pro¬
gram. The remainder will be
used to pay a portion of the
I960 construction
expenditures estimated at
$3,000,000.
Office—1517 Jackson
St., Fort Myers, Fla. Underwriter
—Dean Witter &
Co., New York.
•—

•
International Harvester Credit
Corp.
July 8, 1960, filed $50,000,000 of

(7/28)

debentures, due 1981.
Price —To be
supplied by amendment. /Proceeds — For
general corporate
purposes, including debt reduction
and the purchase
of receivables.
Office—180 North Mich¬

igan

Ave., Chicago, 111.
Underwriters—Morgan Stanley &
& Co., both of New York City,
Co., of Chicago.
International Telephone &
Telegraph Corp.,

0,a^„9lore' Forgan

and William Blair
&
•

Sud

*^77.

America

5J'».196Q, filed
Price—100%

$10,000,000

of debentures due July,

(7/25-29)
16, 1960 filed $2,500,000 of convertible
debentures

principal amount. Proceeds—For
subsidiaries and general
funds. Office—67 Broad Street,
New York
City.
Underwriter—Bear, Stearns & Co., New
York.

subscription by stockholders. Price—To be
supplied
by amendment.
Proceeds—Approximately $490,000 will
be used to retire loans made
to furnish
working capital
and to finance the
company's Hydro-T-Metal
program,

• Investor Service
Fund, Inc.
July 14
1960, filed 100,000 shares of common stock.
Price
$10 per share, in 100-share
units. Business—The
company, which has not as yet

Hydrometals, Inc.
June

due 1972. The
company proposes to offer the debentures

for

and

$300,000 will

be used to retire

a loan made to finance
license to practice an
electrothermal
process for the production of
metals from oxides and
ores. The balance of such
proceeds will be added to the

the acquisition of

'
I

Inc.

Office—1415

(par Si)

bottlers, etc. Office—

Colo.

March 30 filed 250,000 shares of common stock. Price—

Underwriter—Fund Planning, Inc., New York City.

Fritzi

vis

■

full filing.

Electronics

Co.

necessary to make loans
704 Equitable Bldg.,

and

Avenue,
Memphis, Tenn; Underwriter—James N. Reddoch & Co.,
Memphis, Tenn.

April 26 filed 125,000 shares of class B stocx. Price—
$4 per share. Proceeds—$100,000 for research and de¬
velopment, $200,000 for forking capital, and the balance
for sales promotion expenses.
Office — Cedar Grove,
N. J.

Discount

inc

motion

acquisition of the
stock of Guardian Discount Co.
Price—$6 per share.
Proceeds—From the public offering, to be invested in

Underwriter& Co., Inc., Beverly Hills, Calif.

Jay Winston

reserved

are

Offering—Expected in mid-August.

Inc.

concentrate
enfranchising of bottlers, the local and national
proand advertising
of its beverages, and
where

and

3 filed 484,862 shares of common
stock, of which
200,000 shares are to be publicly offered, and the re¬

maining shares

Blyth & Co.

Price—$2.50 per share. Proceeds—To further the
corpo¬
rate purposes and in the
preparation of the

Inc.

equipment

—

June 29 filed 600,000 shares of common
stock

June

ianos, 4465 Petit Avenue, Encino, Calif.

to be

advertising,

Guardian Central Trust,

Electronics

Note—This letter

New York.

working
capital. Office—c/o Joseph J. Gross, 2411 Sunnybrook
Road, Richmond, Va. Underwriter—Maryland Securities
Co., Inc., Baltimore, Md.

Corp.
May 25 (letter of notification) 75,000 shares of common
stock (par $1). Price—$2 per share. Proceeds—To pur¬
chase tooling, a 20% interest in Arizona Biochemical
Corp. and for working capital. Office—c/o John N. ValThomas

For

Busil

handling equipment. Underwriter
I

Proceeds—For general corporate
purposes.
—
The manufacturing and
marketing of materials

ness

(letter of notification) 120,000 shares of com¬
(par 10 cents). Price — $2.50 per share.

—

ment.

stock

mon

notification) 12,500 shares of
common stock
(par $1). Price—$10 per share. Proceeds
s—For mortgage, operational expenses, and to purchase
properties for investment. Office—209% S. Baylen St.,
Pensacola, Fla. Underwriter—None.
•

Furnace Manufacturing Co.,

March 30

1960, filed
cents). Of

130,000 shares of its common
stock
the total, 50,000 shares are
being
offered for the company's account and
80,000 shares bv
certain stockholders. Price—To be
supplied by
amend¬

in July.

July 15.

Hyster Co.

(par

Beltsville, Md. Underwriter—None. Offering—Expected

Underwriter—None. Note—This statement became effec¬
tive

•

June 27,

balance of approximately $182,000 will be added to gen¬
eral working capital. Office—10501 Rhode Island
Ave.,

—

Thursday, July 21, I960

general Tunds of the company. Office — 405
Lexington
Ave., New York City. Underwriter—H. M.
Byllesby &
Co., Inc., Chicago, 111.
"•
' '
•

$200,000 will be used for the purchase of inventory for
the two new stores.
The company contemplates open¬
ing four additional supermarkets witnin the next two
and one-half years. Approximately $1,200,000 of the pro¬
ceeds of the offering will be used to finance the pur¬
chase of equipment and inventory for such stores.
The

each five

for

Greenbelt Consumer Services, Inc.
April 28 filed 40,000 shares of series A common stock
and 160,000 shares of series B common stock. Price—$10
per share.
Proceeds—$400,000 will be used in payment
of bank loans made in January to finance the purchase
of equipment for two new supermarkets which are plan¬
ned to be opened in May and June, 1960. Approximately

Offering—Expected

intends

diversified

offer
real

mid-August.

commenced

investors

estate

operations,

a
chance to participate in
ventures. Proceeds—To purchase

0rv,P
Falls Plaza Shopping Center, Falls
Church, Va. Office—1823 Jefferson
Place, N. W., Washnu

Number 5970

192

Volume

of debentures and 15 shares of capital

Underwriters—Investors Service Securities,
} and Riviere Marsh & Co., .both of Washington,
investors Funding Corp. of New York (8/1-5)
17 1960 filed $400,000 of 10% subordinated debenJun / half due December 1964 and half due December
iQffiV $1 000,000 of 10% subordinated debentures (with
nmmon stock
purchase warrants), due serially 1966iQ70- and warrants for the purchase of 30,000 common
11** *-v4*1 f\
D
rPV, A'
hares
exercisable initially at $10 per share. Price—The
Ventures (including those with warrants) are to be
ffered for sale at 100% of principal amount. Proceeds—
To be used primarily for the purchase or improvement
nf additional parcels of real estate, and some may be
,,qed to discharge debentures maturing in August, 1960.
Office—511 Fifth Ave., New York. Business—The com¬
pany's primary business is that of purchasing, develop¬
ing, financing',
investing in and selling real estate.
Underwriter—None.
C.

inn

i ^

*»

•

4-«

rv m

Lifetime

Inc. (8/15-19)
. /
filed 200,000 shares of common
share. Proceds—For repayment

Kaiser

stockholders. Office

—

York City.

New

300 Lakeside Drive,

Dean
all of

Electronics Co., inc. (7/25-29)
26 filed 200,000 shares of common stock

May

(par 10

stock purchase warrants.
The company proposes to offer these securities for public
sale in units, each consisting of one share of common
stock and one-half common stock purchase
warrant.
Price—$4 per unit. Proceeds—$165,000 will be applied
to the repayment of certain loans, $75,000 for develop¬
ment and design work by a subsidiary in the field of
infra-red instrumentation, $100,000 for continued re¬
search in the design, development and production of
components for microwave instruments, and the balance
for working capital. Office—40 Marbledale Road, Tuckahoe, N. Y.
Underwriters — Ross, Lyon & Co., Inc.;
Globus, Inc.; Reich & Co.; Harold C. Shore & Co. and
Godfrey, Hamilton, Magnus & Co., all of New York City.
and

cents)

Laclede
1

June

100,000

Gas

filed

common

Co.

maximum of 243,600

shares of common

(par $4) being offered to stockholders on the basis
of one additional share for each 14 shares of common
stock

stock held of record at

the close of business on

July 8,

rights to expire on July 25. Price—$20.25 per
share. Proceeds — Together with the proceeds from the
1960 with

bonds will be applied
incurred in connection
program and for addi¬
capital, to be used,, ior
purposes. Underwriters
Lynch, Pierce, Fenner
and Reinholdt & Gard¬

proposed sale of the first mortgage
toward

repayment of bank loans
company's construction
tions to the company's working
construction and other corporate

with the

—Lehman

Brothers

and

Merrill

& Smith
ner,

Inc., both of New York,
St. Louis, Mo.

Lee

Electronics

202

purposes.

stock

stock of Middle South held

additional 25 common shares. Price—
$350 per unit. Proceeds—To be applied in part payment
of a $250,310 bank loan and the balance to be added to
working capital and used for general corporate pur¬
poses. Office — 1111 Stout Street, Denver, Colo.
Under¬
writer—Purvis & Company, Denver, Colo. Offering—
Expected sometime in July.
an

Industries,

Inc.

15, 1960, filed 254,322 shares of common stock, to
offered to holders of the outstanding common at the rate
of one new share for each three shares held. Price—$7

June

share. Proceeds

per

—

For plant and modernization ex¬

Office—Miami, Fla. Underwriteiw-None.

penses.

Mercantile Discount Corp., Chicago,

29,

proceeds may be used temporarily to reduce bank bor¬
rowings. Underwriters—Rodman & Renshaw and H. M.
Byllesby and Co. Inc., both of Chicago, 111.
Metropolitan Development Corp. (8/1-5)
8 filed 1,000,000 shares of capital stock. Price—To
be supplied by amendment. Proceeds—To complete pay¬
ments on the company's property, for repayment of
•

June

general funds
Office—Los
Calif. Underwriters—William R. Staats & Co.,

loans, and the balance
for

to be added to the

construction purposes

Angeles,

and acquisitions.

Calif., and Bache & Co. and
Co., both of New York City.

of Los Angeles,

Miami Tile & Terrazzo,

Inc.

(letter of notification) 135,000 shares of
common stock (par 10 cents). Price—$2 per share. Pro¬
ceeds—To expand operations. Office—3628 Rhawn St.,
Philadelphia, Pa. Underwriter — Atlantic Equities Co.,
Washington, D. C.

III.;,

1960, filed 128,000 shares of common stock.
Price—To be supplied by amendment. Proceeds—To be
added to the capital fund to allow for the expansion of
business and to increase borrowing capacity, Part of the
June

Shearson,

Inc.

shares of common stock

Miami Ventilated Awning

Mfg. Co., Inc.

29, 1960 (latter of notification) 150,000 shares of
class A common stock (par $1). Price—$2 per share.
Proceeds—To retire loans, purchase new machinery, open

June

office and for working

new

capital. Office—1850 N. E.

Plymouth

(8/1-5)
June 17,
1960, filed 110,000 shares of capital stock (par
$1).
Price—$8.75 per share.
Proceeds—About $250,000 will be used to discharge bank loans, the proceeds
of which were used to
provide additional working capi¬
tal and to discharge other short - term indebtedness;
$100,000 for construction and purchase of additional

St., North Miami, Fla. Underwriter —
Bond & Share Corp., Miami, Fla.

tools, dies and machinery and additions to raw material
inventory; and the balance for general corporate pur¬
poses. Office—191 Talmadge Road, Edison, N. J. Under¬
writer—Myron A. Lomasney & Co., New York.

neapolis, Minn. Underwriters—Shearson, Hammill & Co.,
New York City, and Piper, Jaffray & Hopwood, Min¬
neapolis.

•

Ue Filter Corp.

Lestoil Products, Inc.

(8/1-5)

17, 1960 filed 275,000 shares of class A stock and
275,000 shares of common stock (par $1), to be offered
for public sale in
units, each consisting of one class
and one common share. Price—$15 per unit. Proceeds—
To

discharge certain indebtedness, and the balance will
be added to
working capital and be available for general
corporate purposes. Office—Holyoke, Mass. Business—
Underwriters

—

are

Lestoil and Lestare.

Paine, Webber, Jackson &

Curtis, New

Xpfk and Boston, and Alex. Brown & Sons, Baltimore,
Md. and New York.
•

•

Midwest Technical

Development Corp.

(7/25)

May 17 filed 561,500 shares of common stock, to be of¬
fered to holders of the outstanding common on a onefor-one basis. Price — To be supplied by amendment.
Proceeds—For general corporate purposes. Office—Min¬

Midwestern Indemnity Co.

(letter of notification) 15,832 shares of com¬
(par $5) being offered for subscription by
stockholders of record at the close of business on March

March

June

Company's principal products

144th

stock

mon

ratio of one share for each three shares
held with rights to expire on July 22. Price — $17 per
share. Proceeds—For working capital. Address—Cincin¬
nati, Ohio. Underwriter—W. D. Gradison & Co., Cincin¬
nati, Ohio.
•/\ V ■
4, 1960 in the

^ Missile-Tronics, Corp.
July 8, 1960, (letter of notification) 200,000 ^shares of
common
stock (par 10 cents).
Price—$1.50 per share.

corporate purposes.
Office—245
4th Street, Passaic, N. J. Underwriter—Edward H. Stern
& Co., Inc., 32 Broadway, New York, N. Y.
Offering—
Expected in late August or early September.

Proceeds—For general

Liberian

Iron

Ore

Ltd.

jjlay 19 joined with The Liberian American-Swedish
Minerals Co., Monrovia, Liberia, in the filing
600,000 of 614% first lien collateral trust bonds,

of $15,series A,
due
1980, of Lio, $15,000,000 of 6^4% subordinated de¬
bentures due 1985 of Lio, an unspecified number of
shares of Lio capital stock, to be offered in units. The
units will consist of $500 of collateral trust bonds, $500

•

Mobile

June

30,

common

Video Tapes,

Inc.

(letter of notification) 100,000 shares of
stock (par $1). Price—$3 per share. Proceeds—
1960

purchase

Inc.

(8/1-5)

April 27 filed 217,278 shares of common stock (par $1).
The company proposes to offer 108,000 shares of new
common stock for subscription by holders of outstand¬
ing stock of record May 31, at the rate of one new share
for each three shares held. Arebec Corp., of New York,

109,278 common shares, has entered into
to sell said shares to the underwriter.
Price—To be supplied by amendment. Proceeds—To be
added to company's general funds and will enable it to
use all or part of the proceeds in the reduction of bank
indebtedness. Office — 2301 Woodward Ave., Detroit,
Mich. Underwriter—Ladenburg, Thalmann & Co., New

which

owns

agreement

York.

(8/8-12)

Narragansett Capital Corp.

21, 1960, filed 1,000,000 shares of common stock
(par $1). Price—$11 per share. Proceeds—For invest¬
ment.
Office—10 Dorrance Street, Providence, R. I.
Business—This non-diversified closed-end management

June

intends to provide equity capital
long-term loans as contemplated by the
Small Business Investment Act of 1958 to a diversified
investment

and

group

company

make

of small business concerns.
York.

Underwriter—G. H.

Walker & Co., New

(8/15-19)
June 9, 1960, filed 240,000 shares of class A common
stock (par $1). Price—$5 per share. Proceeds—For re¬
duction of indebtedness, working capital, and general
corporate purposes. Office — 350 Lincoln Road, Miami
Beach, Fla. Underwriters—J. A. Winston & Co., Inc., and
Netherlands Securities Co., Inc., both of New York City.
National Capital

Corp.

equipment and cancel debts and

the re¬

■

(7/25-29)
May 27 (letter of notification) 75,000 shares of common
stock (par $1). Price — $4 per share.
Proceeds — For
National Fountain Fair Corp.

general corporate purposes.
Office — 3000 Hempstead
Turnpike, Levittown, L. I., N. Y. Underwriter—General
Investing Corp., New York, N. Y.
j

National Lawnservice Corp.

•

100,000 shares of com¬
mon
stock (par one cent). Price—$3 per share.
Pro¬
ceeds—For general corporate purposes.
Office — 410
Livingston Avenue, North Babylon, N. Y. Underwriter
—Fund Planning Inc., New York, N. Y.
V
11

Jan.

•

(letter of notification)

National Patent

Development Corp.

(8/8-12)

8, 1960, filed 150,000 shares of common stock (par
one
cent). Price—$1 per share. Proceeds—Net of this
sale in combination with cash on hand will be used to ■
finance the client and sales solicitation program, and the

June

balance for

general corporate purposes. Office—68

St., New York City. Underwriters — Globus,
and Ross, Lyon & Co., both of New York City.

Price—$4 per share.

14, 1960

Namm-Loeser's

•

Underwriter—To be

Colo.

liam

(par $1).
Proceeds—$150,000 as reduction of
temporary bank loans, $140,000 in reduction of accounts
payable, $65,000 to repay notes and loans payable to
Barney B. and Nathan S. Lee, and the balance for gen¬
eral corporate (purposes.
Office—6454 N. E. 4th Ave.,
Miami, Fla. Underwriter — Plymouth Bond & Share
Corp., Miami. Fla.

March 11 filed 125,000

Office—Denver,

supplied by amendment.

proposed to offer these securities for public sale in
(1,200), each consisting of $250 face amount of de¬
bentures, 25 shares of common stock, and options to

Maule

Underwriter—Paul

Chicago, 111.

Mustang Lubricant, Inc.
May 9 filed 80,000 shares of class A common stock.
Price—$5 per share. Proceeds—For general corporate

units

purchase

Dwight Building, Jackson, Mich.

C. Kimball & Co.,

(letter of notification) $220,000 of 20-year
6% series A first mortgage coupon bonds to be offered
in denominations of $1,000. Price—At par. Proceeds—
For a mortgage payment, outstanding notes, construction
of a new water supply and general corporate purposes.
Office—719 Harrison Ave., Leadville, Colo. Underwriter
—H. M. Payson & Co., Portland, Me.
June 28, 1860

June

added to the

Majestic Utilities Corp.
April 29 filed $300,000 of 6% convertible 10-year de¬
bentures, $250 face value, 30,000 shares of common stock,
and options to purchase an additional 30,000 shares.
It

Hammill &

LeadviHe Water

common

Service, Inc.

junior subordinated debentures, due 197^.
supplied by amendment. Proceeds—To be
company's general working funds. Office-^

of 6Mj%

Price—To be

of common stock (par

share of Louisiana Gas Service Co. common

one

Kings

•

000

(with an additional subscription privilege); rights begin
in August and expire in September. Price—To be sup¬
plied by amendment. Proceeds—All to be paid to Louisi¬
ana Power & Light Co. Underwriter—None.

•

Model Finance

May 26 filed 100,000 shares of second cumulative pre¬
ferred stock—65c convertible series, $5 par—and $1,000,-

Service Co.

for each 25 shares of

Industries Corp.

Oakland, Calif. Underwriters—First Boston Corp,,
Witter & Co., and Carl M. Loeb, Rhoades & Co.,

St.

$10) to be issued by Louisiana Power & Light Co. to
stockholders of Middle South Utilities, Inc., on the basis

1960, filed 300,000 shares of outstanding common
Price—To be supplied by amendment. Proceeds—

selling

Gas

June 10,196.0, filed 670,000 shares

July 7,
stock.

Pools

Louisiana

stock. Price—
$2 50 per
of outstanding
L'bt for instrumentation and automation of laboratory
equipment, for expansion of existing manufacturing fa¬
cilities and the acquisition or establishment of additional
facilities and the balance for working capital. Office—
18 Beechwood Avenue, Port Washington, N. Y.
Under¬
writers
Morris Cohon & Company and Schrijver & Co.,
both of New York.
• T. !'

capital. Office—1607 N. El Centro,
Underwriter—Dempsey-Tegeler & Co.,
Louis, Mo. Offering—Expected in mid-August.

Hollywood, Calif.

Equipment Corp.
July 1, 1960, filed 100,000 shares of common stock. Price
—To be supplied by amendment. Business—Engaged in
the manufacture and selling of fiber glass swimming
pools. Proceeds—$125,000 will be used to purchase ma¬
chinery
and
equipment;
$200,000
to purchase raw
materials, parts and components; $40,000 for sales and
advertising promotion; $30,000 for engineering and de¬
velopment; and the balance will be added to working
capital. Office—Renovo, Pa. Underwriter—First Penn¬
ington Corp., Pittsburgh, Pa.1

«•* ir* a

mainder for working

—

Itenico,

April 29

stock. Price—For

units, to be supplied by amendment, and not to be in
excess of par. Proceeds—To make loans to Lamco. Office
—97 Queen St., Charlottetown, Prince Edward Island,
Canada, N. S
Underwriter—White, Weld & Co., Inc.,
New York. Note
This offering has temporarily been
postponed.

(291)

The Commercial and Financial Chronicle

National
June

20,

Pool

Wil¬
Inc.

Equipment Co.

1960, filed $1,000,000

of 6%

convertible sub¬

shares of common
convertible, to be offered

ordinated notes due 1974 and 66,666
stock into which the notes are

public sale by the 15 holders thereof. The said notes,
initially issued on June 10, 1959, are convertible at the
option of the holder into common stock at their principal
amount at a conversion price of $15 per share. In addi¬

for

tion, the company is registering 21,000 shares of com¬
mon stock subject to warrants at $1 per warrant on June
10, 1959 in connection with the issuance

of the notes and

Price—To be supplied by
amendment
Proceeds—In the amount of $315,000 re¬
ceived upon exercise of the 21,000 warrants will be used
for general corporate purposes.
Office—Lee Highway,
Florence, Ala. Business—The company is engaged in the
business of designing, manufacturing and selling com¬
ponent parts of swimming pools for public and private
use
and in manufacturing and selling swimming pool
equipment, accessories, chemicals and supplies. Under¬
exercisable at $15 per share.

writer—None.

Natural Gas Pipeline

Co. of America (8/17)

July 1, 1960, filed $25,000,000 of first mortgage pipeline
bonds, due 1980. Price—To be supplied by amendment.
Proceeds—To be applied in part to the payment of out¬
standing bank loans and the balance used for
tion requirements.

Office

—

construc¬

122 South Michigan Ave.,

Chicago, 111.
Business—Public utility.
Underwriters—
Dillon, Read & Co. Inc., and Halsey, Stuart & Co. Inc.,
both of New York.

Natural Gas

Pipeline Co. of America (8/17)

July 1, 1960, filed 150,000 shares of cumulative preferred
stock (par $100). Price—To be supplied by amendment.
Proceeds—To be applied in part to the payment of out¬
standing bank loans and the balance used for construc¬

Office — 122 South Michigan Ave.,
Underwriter—Dillon, Read & Co. Inc., New

tion requirements.

Chicago, 111.
York.

• Navajo Freight Lines, Inc.
(7/25-29)
May 9, 1960, filed (with the ICC) 250,000 shares of com¬
mon
stock, of which 189,000 shares, being'outstanding
stock, will be offered for the account of the present
Continued

page

The Commercial and Financial Chronicle

(292)

Continued from page 31

Pearson

Corp.

the

thereof, and

account

the

61,000 shares will be offered for

issuing company. Price—To be sup¬

plied by amendment. Office—1205 So. Plate River Drive,
Denver 23, Colo. Underwriters—Hayden, Stone & Co.
and Lowell, Murphy & Co. (jointly).
Needham Packing Co.
June

1960, filed 200,000 shares of common stock.
Price—To bp supplied by amendment. Proceeds—Toward
the payment of a $2,000,000 bank loan. Office — Sioux
City, Iowa. Underwriter — Cruttenden, Podesta & Co.,
Chicago. Offering—Expected in early September.
28,

Britain

New

Gas

Light Co.
May 18 filed a maximum of 15,893 shares of common
stock (par $25) being offered to holders of the outstand¬
ing common of record July 6 on the basis of one new
share for each five shares held, with rights to expire on

July 26 at 3:30 p.m. EDT. Price—$39 per share. Proceeds—To discharge bank loans, for construction, and for
general corporate purposes. Office—New Britain, Conn.
Underwriter—Putnam & Co., Hartford, Conn.
North American Merchandising Co.
May 26 (letter of notification) $300,000 of 7% convert¬
ible sinking fund debentures due July 1, 1965. Price—
At face amount. Proceeds—To repay short-term loans
and for working capital. Office—118 Cole Street, Dallas,
Texas.
Underwriter—Parker, Ford & Co., Inc., Dallas,
Texas. Offering—Imminent.
North

Washington Land Co.

May 3 filed $1,600,000 of first mortgage participation
certificates.

Price—The certificates will be offered at

discount of 17.18% from face value.

primary
1160

Proceeds—For the

of refinancing existing loans. Office—
Pike, Rockville, Md. Underwriter—In¬
Securities, Inc.

purpose

Rockville

vestor Service

be added to

July

one

new

share for each 5^2

shares held. Price

—

Perin &
•

To be

Office—2943

•

Hole Parking, Inc.
1860 (letter of notification)

11,

Price

stock.

—

At-the-market

per

share).

for legal services. Office—449 Peyton
Bldg., Spokane, Wash. Underwriter—None.
Plastics

Fibers,

stock

Inc.

June 6 filed 100,000 shares of common stock

(par $1).

and add to

working capital. Office—North Water Street,
Norwalk, Conn. Underwriter—Myron A. Lomasney
Co., New York City. Offering—Imminent.

Nuclear Engineering Co., Inc.
April 18 (letter of notification) 30,000 shares of common
stock (par 33.3 cents). Price—$10 per share. Proceeds
—To replace bank financing, reduce accounts payable,
purchase machinery and equipment and for working
capital. Office—65 Ray St., Pleasanton, Calif. Under¬
writer—Pacific Investment Brokers, Inc., Seattle, Wash.

it Nylok Corp.
July 15, 1960, (letter of
common
stock
(no par).
ceeds—For

dustrial

notification)
Price—$6.25

14,225 shares of
per share.
Pro¬

general corporate purposes.

Avenue, Paramus, N. J.

Office—611

In¬

Underwriter—None.

(par 20 cents). Price—$2 per share. Proceeds—For

Co., Inc., New York, N. Y.

Corp. of America
28, 1960, (letter of notification)

class A

100,000 shares of

stock

(par 10 cents). Price — $3 per
general corporate purposes. Office
Hempstead Gardens Drive, W. Hempstead, L. I.,
-N. Y.
Underwriters—J. A. Winston & Co., Inc. and
Netherlands Securities Co., Inc., New York, N. Y. Of¬
fering—Expected in mid-August.
share.

common

•

Oxford

Manufacturing Co., Inc. (7/22)
May 3 filed 240,000 shares of class A common stock (par
$1), of which 160,000 shares are now outstanding and
are to be offered for
public sale by the present holders
thereof and the remaining 80,000 shares will be offered
by the issuing company. Price — To be supplied by
amendment.
Proceeds—$150,000 will be used for the
purchase of additional machinery and equipment to be
installed

in certain

construction

new

which

of the proceeds will be

Office—151

manufacturing plant facilities,
been completed; the balance

has

used for general corporate pur¬

Spring

Street, N. W., Atlanta, Ga.
Underwriters—W. C. Langley & Co., New York; and
Courts & Co., Atlanta and New York.
poses.

Pacotronics,
June 2

Inc.

Rez-Tile
June

—For

of the corporation at the rate of

one

additional share for

eight shares presently held with rights to expire on
July 26 EDT at 3:30 p.m. Price — $31 per share. Pro¬
ceeds

—

retire

bank

loans

incurred

connection

with the recent acquisition of
LePage's Division of John¬
son & Johnson.
Any balance will be added to the com¬

pany's general funds.
Office—Pittsburgh, Pa. Under¬
writer—Eastman Dillon, Union Securities &
Co., New
York.
Patrick

County Canning Co.,

March 25 filed 140,000 shares of

per

share.

Inc.

common

stock.

Price—

Proceeds—About $162,000 will be applied

to the payment of pertain

indebtedness; $25,000 for ad¬

ditional

machinery and equipment; and $118,752 for
working capital, promotion and advertising. Office—
52 Broadway, New York.
Underwriter
G. Everett
Parks & Co., Inc., New York.
Offering — Expected in
Patton

Engineering Corp.

June

3, 1960 (letter of notification) 19,000 shares of class
B common stock
(no par)^ Price—$5 per share. Proceeds
--For working
capital. AddresT- Bert Lane, North
Hampton, N. H. Underwriter—Eastern Investment
Corp.,
Manchester, N. H.

unannounced

number

common

shares.

Price—To

supplied by amendment. Proceeds—For construction

expenditures and the reduction of indebtedness. Office—
1726 Champa St., Denver, Colo. Underwriter
Merrill
-—

Lynch, Pierce, Fenner & Smith Inc. (managing). Offer¬
ing—Expected in late September.

Provident Fund for Income, Inc.
Dec. 23 filed 400,000 shares of common stock (par $1).
Price—To be supplied by amendment. Proceeds—For in¬

June

Rolitdn

Rico Telephone Co.

Roller Derby

issuing

class

general

100,000 shares of
share. Proceeds—
For general corporate
purposes.
Office—267 Green St.,
Brooklyn 2, N. Y. Underwriter—S. Schramm & Co., Inc.,
common

New

per

York, N. Y. Offering—Expected in mid-August.

be offered for cash sale to the
be issued in

warrant at a

share. The warrants were issued in
May, 1954, in connection with a previous pub¬
lic offering and included 46,000 to the
underwriter, S.
D. Fuller & Co., and 46,000 to the
company's officers
and employees.
At present there are 89,675 warrants
outstanding. Office—52 Broadway, New York. Offering
per

exchange for

May 6 filed $303,000 of partnership
interests, to be of¬

fered for sale in units.
Price—$500 per unit. Proceeds—
To acquire fee title to certain
land in St. Augustine, Fla.,

• Rayson Craft Boat Co.

July

11, 1960, (letter of notification) 100,000 shares of
stock (no par). Price—$3 per share. Proceeds
purchase additional equipment, for sales, purchase
of inventory and working capital.
Address — Gardena,

upon which will be constructed

common

son

—To

Calif.

Price—$3

(par $1) to
public, and 44,283 shares
common
and preferred
shares of four subsidiaries. Price—To be
supplied by
amendment. Proceeds—To be used
largely for reduction
of accounts payable, as well as for new
tooling, research,
repayment of an officer's loan, and general corporate
purposes.
Office—93 Worth Street, New York. Under¬
writer—Morris Cohon & Co., New York.
S.A.F., Ltd.

Pyramid Electric Co.

—Imminent.

stock (par 10).

Roto-American Corp. (8/15-19)
May 27 filed 75,000 shares of common stock

Worcester, Mass. and David G. Means, Bangor, Maine.

share for each

Proceeds—For

•
Rotating Components, Inc.
July 8, 1960 (letter of notification),

—

one

supplied by amendment.

amendment.

For general corporate purposes. Address—
Biddeford, Maine.
Underwriters — J. L. Brady & Co.,

the rate of

corporate

ley Ave., Encino, Calif. Underwriter—To be supplied by

(J. L.)

price of $3.25

remaining 145,000 shares will

purposes relating to the production
and sales of motion picture films of the Roller
Derby,
and the balance for working
capital. Office—4435 Wood-

1960

warrants at

company, and the

Price—To

Co., Inc.
(letter of notification) 50,000 shares of
common stock
(par $1). Price — $4 per share.

Proceeds

TV, Inc.

be^ sold for the account of certain selling stockholders.

writer—None.

16,

(par 50 cents).

March 30 filed 277,000 shares of common
stock, of which
117,000 shares are to be offered for public sale by the

shares held. Price—To be supplied by amendment. Pro¬
ceeds—Together with other funds, will be added to the
general funds of the company, which will be used in
furtherance of a five year expansion and improvement
program initiated in 1959, and to repay indebtedness to
banks and ITT incurred for the purchase of materials
and equipment used or to be used for said program.
Office—261 Tanca St., San Juan, Puerto Rico. Under¬

Putnam

(letter of notification)

175,000 shares of
Price—$1 per share. Pro¬
advertising, salaries and fees, travel
expenses
and working capital.
Office —- 1600 Ogden
Street, Denver, Colo. Underwriter—Copley & Co., Colo¬
rado Springs, Colo.
' r

June 23, 1960, filed 100,000 shares of common stock, to
be offered for subscription of holders of its outstanding
common stock on the basis of one new share for each five

June

1960,

stock

ceeds—For training,

Plaza, Philadelphia, Pa.
Management Corp., same ad¬
dress. Offering—Imminent.
Puerto

Corp.

28,

common

Underwriter—Provident

Underwriter—California

Investors, Los Angeles,

Calif.

54-unit Howard John¬

Motor Lodge and

restaurant, swimming pool and re¬
Center, Fort Lau¬
derdale, Fla. Underwriters—RadiAe Securities Corp. and
Jerry Thomas & Co., Inc., Palm Beach, Fla. Offeringlated facilities. Office—60 East
Coral

Imminent.

ir Red Lodge Grizzly Peak
July 14, 1960, (letter of notification) 2,000 shares of
common stock
(par $100). Price—$125 per share. Pro¬
ceeds—To develop land, for advertising, new ski runs
and operating capital.
Address — Box 695, Red Lodge',
Mont.
•

Sachar
Properties, Inc. (8/29-9/2)
July 6, 1960, filed $300,000 of 8% subordinated instalment
convertible debentures due
stock (par 10

mon

Broadcasting & Development Corp.

debentures, 50 common shares, and 10 warrants ex¬
ercisable at $2 per share until 1965.
Price—$200 per unit.
Proceeds—$200,000 to purchase the Second Ave. aind E.

(7/2S)
March 30 filed 487,392 shares of common
stock, of which

300,000
shares

shares
are

to be publicly offered and 187,392
purchased by Christiana Oil at $4.75

are

per share and distributed as a dividend to its 2,800
stockholders.
Price—$5 per share. Proceeds—To pay
a

$110,000 bank note and for general corporate

Office—304

East

44th

St.,

New

Laird & Co. Corp., New York.

York.

purposes.

Underwriter—

1970, 150,000 shares of com¬
cents) and 30,000 common stock pur¬

chase warrants.
It is proposed to offer these securities
in units, each unit is to
consist of $100 principal amount

Underwriter—None.

Reeves

—

early August.

new

City, Utah. Underwriter—Binder & Co., Inc., 541 South
Spring Street, Los Angeles, Calif. Offering—Imminent.

Giendale, L. I., N. Y. Underwriter—Myron A. Lomas¬
ney & Co., New York City.

each

stock

Rocky Mountain Natural Gas Co., Inc.
July 15, 1960, filed $2,350,000 of sinking fund debentures,
due 1980, and 235,000 shares of common stock (par
$3)
to be offered in units consisting of a $50 debenture and

variety of electrical and electronic prod¬
incorporating ultrasonic principles. Underwriter—
a

and after

2 filed 125,537 shares of common stock
(par $1),
being offered initially to stockholders of record July 11,

1960

29,

common

April 1 filed 89,675 shares of common stock to be issued
to holders of the company's outstanding stock purchase

Papercraft Corp.

Industries, Inc.

(letter of notification) 150,000 shares of
(par $1). Price—$2 per share. Proceeds
product development and working capital.
Office—11801 Florida Ave., Tampa, Fla.
Underwriters
—Vickers, Christy & Co., Inc. and First City Securities,
Inc., New York, N. Y.

Powertron

shares of common stock. Price—$4
per share.
Proceeds—For general corporate purposes,
including the reduction of indebtedness and research
and development expenses.
Office — 70-31 84th Street,

June

In¬

disposable plastic tubular
and the assembling and marketing of blood
donor sets. Proceeds — For plant
expansion, increased
production facilities, and working capital. Office—864
South Robertson Blvd.. Los Angeles, Calif. Underwriter
—Blunt Ellis & Simmcns, Chicago, III.

Progress Electronics Corp.
May 25 (letter of notification) 200,000 shares of common
stock (par $1).
Price—$1.50 per share. Proceeds—To
develop and produce proprietary items in the electron¬
ics field. Office—1240 First Security Building, Salt Lake

•

(8/15-19)

filed 150,000

Partnership

products,

None.

Proceeds—For

<—59

Limited

—The manufacture and sale of

^ Power1 Cat Boat Corp.
July 5, 1960 (letter of notification) 300,000 shares of
common stock (no par). Price—$1 per share. Proceeds—
To discharge short term debts, working capital, plant
equipment, inventories, etc. Office—15623 S. Lakewood
Blvd., Paramount, Calif. Underwriter—Holton, Hender¬
son & Co.,, Los Angeles, Calif.

vestment. Office—3 Penn Center

Organ
June

which 40,000

general corporate purposes. Office—Whitehead Avenue,
River, N. J. Underwriter—Pearson, Murphy &

ucts

$10,000,000

• Resiflex Laboratory, Inc.
July 18, 1960, filed 100,000 shares of common stock, of
shares are to be offered for the account
of the issuing company, and 60,000 shares, being out¬
standing stock, for the account of the present holders
thereof. Price—To be supplied by amendment. Business

of notification) 150,000 shares of common

South

•

filed

terests, to be offered in units. Price—$10,000 per unit.
Proceeds—To purchase hotels in Chicago from a
Webb
& Knapp subsidiary. Office—111 West Monroe
Street,
Chicago, 111. Underwriter—Lee Higginson Corp., New
York. Offering—Expected in early Augusts

Proceeds—To pay

June 14 (letter

Republic Ambassador Associates

April

20,000 shares of
($1

Broadway, Riviera Beach, Fla. Underwriter

Klapper Associates,- Inc., New York, N. Y.

• Pigeon
common

(8/1)
(letter of notification) 75,000 shares of
stock (par 50 cents). Price—$4 per share.
Pro¬
Corp.

I960

common

Manila, Philippines, Underwriter—None. Offering—Ex¬
pected sometime in September.

July

Renmar

ceeds—For the development and construction of homes

supplied by amendment. Proceeds—To be added to the
company's working capital. Office — Soriano Bldg.,

and markets

Inc.

general corporate purposes. Office
New York, N. Y. Underwriter—Arden
Co., Inc., New York, N. Y.

Philippine Oil Development Co., inc.
March 30 filed 103,452,615 shares of capital stock, to be
offered for subscription by stockholders at the rate ol

principally

poses,

Co.,

Proceeds—For

ture.

to finance inventory and for other
manufacturing costs. Office—1 Constitution St., Bristol,
R. I. Underwriter—R. A. Holman & Co., Inc., New York.

—120 E. 32nd St.,

So.

NorwaJk

Price—To be supplied by amendment. Proceeds—To re¬
duce indebtedness, purchase machinery and equipment,

turer, specializing in outdoor and office types of furni*

working capital for general corporate pur¬

Ultrasonics, Inc. (7/22-29)
June 20, 1960 filed 205,000 shares of common stock.
Price—$2 per share. Proceeds—$143,668 will be used to
retire three short-term notes, and the balance of approxi¬
mately $256,832 will be used to provide additional work¬
ing capital. Office — Roosevelt Field Industrial Park,
Garden City, L. I., N. Y. Business — Company develops

•

Thursday, July 21, 1960

ness—The company is an integrated furniture
manufac¬

to repay the company's indebtedness to Busi¬
Development Co. of Rhode Island; the balance will

utilized
ness

June

shares of common stock. Price—To
by amendment. Proceeds—$60,000 will be

supplied

Reilly-Wolff Associates, Inc. (8/22)
14, 1960 (letter of notification) 43,000 shares
of
class A stock (par one cent). Price—$5 per share.
Busi.

(8/22-26)

March 30 filed 50,000
holders

82nd
St.
properties; $51,000 to purchase the New
Rochelle property; and the
balance for working capital.
Business—The company intends

principally to deal i*1
with
unimproved real property, to sell parcels
building sites, to subdivide and improve parcels and
sell same as
building sites, and to obtain or prepare
building plans and financing arrangements in respect
and
as

5970

192 -Number

Volume

...

Southern Counties Gas

Office—598 Madison Ave., New York. UnderLyon & Co., Inc; and Globus, Inc., both
j^ew York.
< -,
cafticraft Corp., Patterson, La. (7/25-29)
lixed 27o,oo0 snares oi common stock (par 10
Pnf

short-term

Price—$3 per share. Proceeds—The company
c
LV
-s to use $50,000 to expand AWU VAAVX wa A JUL the OUit
its efforts in
sale
P,r0Jaft-craft boats nationally; $250,000 for reduction of
\c\

LlEC

borrowings; and the remaining $293,500 to
of increased inventories

necessary in the financing
rpppivables incident to the increased

Dupont. Underwriter-George.
Mgw York.
Saucon

sales volume of

O'Neill & Co, Inc.,

Development Corp. (7/25-29)

notification) an undetermined num-

(letter of

jji 28

indebtedness, research and development expenses, and
the acquisition of machinery and equipment. Office—

(7/26)

indebtedness

Cheshire, Conn. Underwriter—Adams & Peck,
City. Offering—Expected in early August.

its

parent, Pacific Lighting
Corp., which is expected to approximate $14,000,000 as
of Aug. 1, 1960. Said indebtedness represents advances
made to the company to provide temporary funds for
construction and expansion. The balance of the net pro¬
ceeds will be used to finance in part the cost incurred,
or to be incurred, in connection with such program and
to reimburse money actually expended from
income
or from other
money in the treasury of the company
for similar purposes in 1960 or any prior year.
Under¬
writer—To be determined by competitive bidding. Prob¬
able bidders: Halsey, Stuart & Co.. Inc.; Blyth & Co.,
.Inc.; The First Boston Corp.; White, Weld & Co.; Mer:rill Lynch, Pierce, Fenner & Smith Inc. Bids—Expected
to be received on July 26 at 8:30 a.m. PDST, at room
1216, 810 Flower St., Los Angeles, Calif.
Information
Meeting—Scheduled for July 22 at 10:00 a.m.. EDST at
the Bankers Trust Co., 16 Wall St., New York City.

jhort-term

of California

Co.

June 23, 1960, filed $23,000,000 of first mortgage bonds.
Proceeds—To be used to repay in full the company's

<hff,rs-"Ross,
writers—

of shares of common stock (par $1) not to exceed
5Xn OfiO Price—To be supplied by amendment. Proceeds
hpr

mining expenses. Office — c/o Wallace F. Mcnnarie Pres., 246 Beaconsfield Blvd., Beaconsfield, Que¬
bec Canada. Underwriter—P. Michael & Co., 69 Passaic
For

1960 filed $100,000,000

July 8,

(par 10
working
canitai Office—2202 Main Street, Jacksonville. Fla.
Underwriter—Pistell, Crow Inc.; of New York City, for¬

24, 1960, filed 400,000 shares of common stock. Price
—$12.50 per share. Proceeds—For investment. Office—
50 West Gay St., Columbus, Ohio. Business—A closedend, non-diversified management investment
Underwriters—The Ohio Company, Columbus,

(letter of notification) 100,000 shares of
common stock (par 10 cents).
Price—$3 per share. Pro¬
ceeds—For general corporate purposes.
Office—36-11:
33rd Street, Long Island City, N. Y.;
Underwriter —
Edward Lewis Co., Inc., New York, N. Y.

June

of debentures, due Aug.

Inc.
filed 150.000 shares of common stock. Price—$2
per share. Proceeds—For working capital. Office—PanAmerican Bank Bldg., Miami,; Fla, Underwriter—John R.:
Maher Associates, of New York. Offering—Imminent.
Sea-Highways,

•

Price—*
$2 per share. Proceeds—For the drilling of three wells
and the balance for working capital. Office—2720 West
Mockingbird Lane, Dallas. Underwriter — Elmer K.
Aagaard, 6 Salt Lake Stock Exchange Bldg., Salt Lake
City, Utah.

May 9

^Sealed Air Corp. (8/15-19)
July 15, 1960 (letter of notification) 100,000 shares of
common stock (par one cent). Price—$1 per share. Pro¬
ceeds—For general corporate purposes. Office — 330
Wagaraw Rd., Hawthorne, N. J. Underwriters—Bertner
Bros, and Earl Edden Co., New York, N. Y.
•

-Seaway

Shopping Centers, Inc.

shares of $.50 cumulative convertible
preferred stock, ($.01 par) and 90,000 shares of class A
common stock ($.01 par).
It is proposed to offer these
shares in units, each consisting of one share of preferred
at $7 per share and one class A share at $3 per share,
or $10 for the unit.1 Proceeds—To complete construction
of new shopping centers. Office — 619 Powers Bldg.,
Rochester, N. Y. Underwriter—John R. Boland & Co.,
Inc., New York. Note—This statement was effective on
it Securities-lntermountain, Inc.
July 11, 1960 (letter of notification) 100,000
common stock (par 75 cents)
to be offered for
tion by stockholders on the basis of one new

shares of
subscrip¬
share for
each 6.5 shares of class A and B common stock currently
held. Price
$1.25 per share. Proceeds — For working
capital. Office—1300 E. Burnside St., Portland 14, Ore.
—

Underwriter—None.
•

Smith, (Herman H.) Inc. (7/25-29)
May 24 (letter of notification) 82,000 shares of common
stock (par 10 cents). Price—$3 per share. Proceeds—For

Aye.,

Brooklyn, N. Y. Underwriters—First Broad Street Corp.;
Globus, Inc.; Russell & Saxe, Inc., V. S. Wickett & Co.,
Inc., and Street & Co., Inc., all of New York.
•

Softol, Inc.

June

17, I960

common

®eeds

stock

(7/25-29)
(letter of notification) 150,000 shares of
(par 10 cents). Price—$2 per share. Pro-

For general corporate purposes. Office—- 992
Business—The company
m??u*acthres cosmetics and toiletry items. Underwriter ,
--Harwyn Securities, Inc., 1457 Broadway, New York
3o, N. Y.
—
——'—"
~7

bpnngfield Ave., Irvington, N. J.

' ■' ——

Sonex, Inc.
June 29,

1960

common

stock

ceeds—For

(letter of notification)

machinery, cost of moving and

provements and working capital.
nouse

100,000 shares of

(par 25 cents). Price—$3 per

share. Pro¬

leasehold im¬

Office—185 W. School-

Lane, Philadelphia 44, Pa. Underwriter
Remington, Inc., Philadelphia, Pa.

—

"i-j

.Soitile, Inc. (Formerly South Dade Farms, Inc.)
9
2,U00,UUU shares of common stock (par $1),
w which
1,543,000 shares are to be issued and sold for
toe account of
the company, and 457,000 shares, repre¬
senting outstanding stock, to be sold for the account!
•

certain selling stockholders.

amendment.
stock
mvest

Proceeds—To

Price—To be supplied by
70% of the common

retire

outstanding at the date of the stock offering; to
in the capital stocks of six of the company's

finnen kank subsidiaries; to repay a bank loan of
to

"uu; 1° add

working capital; to retire

•

$6,400,-

certain long-

June

necessary

tools

and equipping of an additional retail
Business—Wholesale and retail distribution of
and components. Office—236-246
17th Street, New York. Underwriters—J. A. Winston
& Co., Inc. and Netherlands Securities Co., Inc., both
of New York. Note—Name is to be changed to TerminalHudson Electronics, Inc. upon effectiveness of a merger
with Hudson Radio & TV Corp., which will take place
if and when all of the shares offered hereby are sold.

ing the obtaining

retail electronics parts

Offering—Expected

Co., Inc., New York City.
indefinitely postponed.
•

South Water, Tampa,

-Bear, Stearns & Co., New York.

• Southern California

Edison

Offering—Indefinite.

Co.

(8/23)

20, 1960, filed $60,000,000 of first and refunding
mortgage bonds. Proceeds—To retire outstanding shorterm

company's construc.5 Program. Underwriter—To be determined by com¬
petitive
bidding. Probable bidders: Halsey, Stuart & Co.
t"c-; Blyth & Co.; First Boston Corp. and Dean Witter
23

borrowings

and to finance the

°* (jointly). Bids—Expected to be received on

Aug.

Fla.

bell, of St. Petersburg,

Underwriter—Donald V. Sta*»

Fla.

Three-L-Corp.

3,500,000 shares of common stock. Price
share. Proceeds—$46,098 will be applied to
the acquisition of 493 acreas of land in Fairfield Town¬
ship, Hyde County, and $15,000 for payment of the
July instalment on acquisition of about 12,726 acres in
Hyde County; $500,000 for purchase and installation of
machinery, equipment and saw mill and $75,000 for
working capital in connection with lumber operations;
$65,000 for January 1961 instalment payment on the

March 24 filed

—$1

•

per

12,726 acres; and the balance to
planting feed and pasture, raising

—

purchase livestock,
livestock, and addi¬

capital. Office—Fairfield, N. C. Underwriter—Participating dealers will receive 15 cents per

tional working
•v

Underwriter—None.

it Sfrolee of California Inc.
July 19, 1960, filed 150,000 shares of outstanding com¬
mon stock. Price—$5 per share. Proceeds — To selling

share.

Townsend

1960 (letter of

mortgage bonds and

Office—Los Angeles, Calif. Underwriters—
Stonehill & Co. and Schweikart & Co., both

stockholders.

Jones & Templeton of Los

Angeles, Calif.

Products Co.
June 20, 1960 (letter of notification) 20,000 shares of
common stock (par $5). Price—$15 per share. Proceeds
—To liquidate short-term bank loans and for working
capital. Office—178: Lehker Ave., Sunbury, Pa. Under¬
writer—Hecker & Co., Philadelphia, Pa.

Investment Co., Inc.

first
stock (par
$5) to be offered in units consisting of one $1,000 bond
and 10 shares of common stock. Price—$1,000 per unit.
Proceeds—To pay off a present mortgage and for work¬
ing capital. Address — P. O. Box 68, Townsend, Term.

June 20,

notification) $300,000 of 6%

3,000 shares of common

Underwriter—Davidson & Co., Inc.,

Knoxville, Tenn.

Sunbury Milk

Super

Food Services, Inc.

shares-convertible series
($1.50 annual cumulative dividend), $1 par. The com¬
pany proposes to sell 50,000 shares through a group of
underwriters headed by Wm. H. Tegtmeyer & Co., Chi¬
cago, 111. on a firm commitment basis; and by a preoffering subscription Central Securities Corp. has con¬
ditionally agreed to purchase 10,000 such shares. Price—
$25 per share for public offering. Proceeds—To provide
the funds to exercise an option to purchase 72,600 of the
113,003 issued and outstanding shares of common of
Progressive Wholesale Grocery Co., at a maximum ag¬
gregate price of $1,333,333. Office—Chicago, 111.

May

10 filed

60,000 preferred

System Meat Co.

of common stock. Price—$5
Proceeds —For payment of employees' sal¬
aries, first mortgage installment, accrued officers' sal¬
aries,' and the'balance for working capital. Office -

June 2
per

filed 150,000 shares

share.

Newcastle,
Colo.
•

Wyo/

Underwriter—Purvis & Co., Denver,
July.

Offering—Expected sometime in

Industries, Inc.
filed 150,000 shares of
To be supplied by amendment.

Talley

June

Price

14,
—

eeneral

1960,

cornorate

purposes,

■

it Trans-Coast Investment Co. (8/9)
22, 1960, filed 400,000 shares of common stock.
be supplied by amendment. Proceeds—From

June

Price—To

the sale of an

shares, for sell¬
remainder, for the
Trans-Coast Insurance Agency. Office

unspecified number of the

ing stockholders; from

common

stock.

Proceeds — For
including the reduction of

the sale of the

operation of the
St., Los Angeles,
man Brothers, New York City.

—210 W. 7th

Calif.

Underwriter—Leh¬

(8/15-19) r
suoordinated Installment
debentures, due in March, 1970, 70,000 shares of com¬
mon stock (10 cents par) and 35,000 common stock pur¬
chase warrants (exercisable at $4.30 per share until May
15, 1965), to be offered in units consisting of $100 of
debentures, 10 common shares, and five warrants. Price
—$143 per unit. Proceeds—To be applied toward the
company's general business activities. Office—292 Madi¬

•

Transnation

March

filed

Realty Corp.

$700,000 of 8%

New York.

son

Avenue,

Co.,

term

indebtedness; and to develop citrus groves. Office
^250 South East First Street, Miami, Fla. Underwrite*

Electronics, Inc.

202,530 shares of class A common stock, which 100,000 shares are to be offered for
public sale by the issuing company and the balance by
H. M. Carpenter, President. Price—$3 per share. Pro¬
ceeds—To be used as additional working capita^ for in¬
ventory and business expansion purposes. Office—121

Mountain Ski Corp.

York City; Mitchum,

Thurow

Note—This offering has been

March 28 filed

stock, of

1960, filed $500,000 of 8% subordinated deben¬
tures due 1975 and 100,000 shares of common stock, to
be offered for public sale in units consisting of a $50
debenture and 10 shares of stock.
Price—$75 per unit.
Proceeds — To pursue the development of the resort.
Office
Steamboat Springs, Colo. Business — Company
was organized for the purpose of developing and oper¬
ating a ski and summer resort on Storm Mountain on the
Continental Divide, about 2 miles
from Steamboat

of New

Corp.

April 11 filed $25,000,000 of debentures, due 1980. Price
—To be supplied by amendment. Proceedsr—For the re¬
duction of indebtedness and for construction expenses.
Office—Houston, Texas. Underwriter—Dillon, Read &

(par $2.50) of

June 30,

Federman,

in Mid-August.

Eastern Transmission

Texas

shares are to be offered for public sale by
the issuing company and 30,000 shares are now outstand¬
ing and are to be offered by the present holders thereof.
Price—To be supplied by amendment.
Proceeds—To
supply funds for working capital. Office—205 West 9th
St., Austin, Tex. Business—The company is engaged in
the printing and publishing business and in the sale of
office supplies and equipment. Underwriter—Rauscher,
Pierce & Co., Inc., Dallas, Tex.

Springs.

outlet.

which 30,000

Storm

Proceeds—$190,000 is to be used to

the remaining balance of its obligation incurred in
connection with the purchase of Terminal stock from the
Estate of Frank Miller; $100,000 to repay a bank loan;
and the balance for general corporate purposes, includ¬

and

1960, filed 60,000 shares of common

24,

stock (par
offered for

pay

(8/1-5)

Steck Co.

Hess,

want &

Price—$6 per share.

purchase

shares of capital
shares are to be

public sale for the account of the issuing company and
the balance for the account of William Filler, President.

equipment, and
approximately $93,443 will be added to the company's
working capital. Business—The company engages in the
development, engineering and exploitation of products
and uses applying the principles incorporated in patents
covering the so-called "Coanda airfoil technique" of
atomizing liquids. Office—2635 Louisiana Ave., South,
Minneapolis, Minn. Underwriter—None.
the

Inc.

Electronics,

24, 1960, filed 166,668
cents), of which 83,334

the manufacture of the

July 15.

Office—2326 Nostrand

shares of common stock.

Terminal

products, approximatly $150,000 will be used in
products of the company and for

new

(8/15-19)

1960

14,

June

Sprayfoil Corp.
June 22, 1960, filed 250,000 shares of common stock.
Price—$2 per share. Proceeds—Approximately $250,000
will be used in the development, engineering and design

May 20 filed 90,000

general corporate purposes.

Inc.

(letter of notification) 52,980 shares of
common stock (par 25 cents). Price—$5 per share. Pro¬
ceeds—For general corporate purposes. Office—7 "East
42nd St., New York 17, N. Y. Underwriter—Equity Secu¬
rities & Co., New York, N. Y.

City.
Southwestern Oil Producers,

Electronics Corp.

Telephone &

•

Halsey, Stuart & Co. Inc.; .Morgan Stanley & Co.
Bids—Expected to be received on or about Aug. 2 up to
11:00 a.m. EDT at room 2315, 195 Broadway, New York

March 23 filed 700,000

29, 1960,

June

bers:

Co. : / •
• Seaboard Finance Co.
(7/26)
June 23, I960, filed $40,000,000 of sinking fund deben¬
tures due 1980., Price—To be supplied by amendment,
proceeds—To be added to the general funds of the com¬
pany and will be available to pay current indebtedness
and to carry additional receivables. Office—818 W. 7th
St. Los Angeles 17, Calif. Underwriters—Lehman Bros,
and Blyth & Co., Inc., both of New York.

(8/15-19)

Inc.

Electronics,

Tech-Ohm

company.
Ohio and

Cleveland, Ohio.

Merrill, Turben & Co., Inc.,

1, 1995. Proceeds—To repay advances from A. T. & T.,
which are expected to approximate
$86,000,000, with the remainder for plant expenditures.
Office—1010 Pine St., St. Louis, Mo.
Underwriter—To
be determined by competitive bidding. Probable bid-

Pistell, Schroeder &

Fund, Inc.

Techno

the parent company,

merly

New York

June

(8/2)

Southwestern Bell Telephone Co.

Garfield, N. J.
I Sav-A-Stop, Inc.
(7/28)
Mav 27 filed 100,000 shares of common stock
cents)
Price—$4.50 per share. Proceeds—For
St.,

(293)

The Commercial and Financial Chronicle

Underwriters—Ross. Lyon &

Inc., and Globus,

This company was

Inc., both of New York. Note—
formerly called the Goelet Corp.

Underwriters National

Assurance Co.

capital stock.
corporate
purposes, including payment of operating expenses, the n
carrying on of the insurance business, and for working
capital (and including $50,000 which will be certified to

May 12 filed 240,000 shares of common
Price—$7.50 per share. Proceeds—For general

State

authorities for

investigation and examination
Continued

page

O-X

\*.OTJ

The Commercial and Financial Chronicle

Continued from page 33

;

writers—Blunt Ellis & Simmons and
Bacon, Whipple &

•

Co., both of Chicago, 111.

it to procure

the certificate of authority to transact in¬
business). Office—1939 North Meridian

surance

Waterman

St., In¬
Underwriter—David L. Johnson & As¬
sociates, Inc., Indianapolis, Ind.

dianapolis, Ind.

prietary items for the
cial

—

Rhoades & Co.,
Merrill Lynch, Pierce, Fenner & Smith
Inc., and Smith, Barney & Co., Inc., all of New York

Corp.

fund

additional

in the air¬

to retire

•

United

Sheet

Metal

Co.,

Inc.

present holders. Price
amendment. Proceeds—Of the

capital

and

general

corporate

Office

West Ohio Gas

•

United States Boat
28

filed

350,000

publicly offered.
826

will be

States Pool

Price—$2

common

share.

per

stock

June

Newark, N. J.
Co., Inc., New York.

(par

St.

bowling

June

23,

I960,

common

—

Supply Co., Inc.
(letter of notification)

Western

ing—Expected in late August or
early September.
Waltham Precision
Instrument Co., Inc.
April 15 filed 700,000 shares
of common
stock (par $1)
being offered on a
subscription basis to the
company's
present common
stockholders offered June 30

l*™XnP™e.on Aug; 4$600,000 to
pay

the

with rights

Price—$2
balance

Boesch

per share.
Proceeds—
the purchase
price for

Manufacturing Co., Inc. stock; $350,000 to
pay
5r%od^attel mort§age note held by the Secretary of
U.

the

the
S, Treasury as
assignee of the
Reconstruction Finance
Corp., $200,000 to pay the 6%

part payment for the
stock
Inc.; and the balance for

corporate

purposes.

—tham, Mass.

secured

issued as
Electro-Mec Laboratory

working

Office—221

capital

and

other

Crescent Street

Wal-

Underwriter—Schweickart

•

Warner Electric
June 29,
1960, filed

notes

Co., New York.

Brake & Clutch
Co.

(8/17)

154,916 outstanding shares

u1Ce~7°y

t
hu ^uPPlied
ceeds—To selling
stockholders.

com-

Office—South Beloit

Business
Company produces
brakes and clutches used
electrically
in a wide
—

trailers

amendment. Pro¬

Wh6el brakes

111

- actuated
variety of industrial

homes and
and electric
compressor and fan
clutches used in
omotive air
conditioning and cooling
systems. Under¬

properties,

centers
—

and

apartment

Primarily for

real

and

office

estate

invest¬

National Bank
Bldg.,
Underwriter
First Western

Minne¬

Office—2205

company
■

Bell

stock.

(10/25)

new

debenture

For

improvement
Telephone services. Office—195
—

Arkansas Power & Light Co.
v
V
20, 1960, it was announced that this
Middle South Utilities, Inc."
might issue
first

subsidiary of
$15,000,000 of

mortgage bonds in December. Underwriter—To
be
determined by competitive
bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Eastman Dillon, Union Secu¬

rities

& Co. and Equitable Securities
Corp. (jointly);
Blyth & Co. and Dean Witter & Co.
(jointly); Lehman
Brothers, Stone & Webster Securities Corp. and

Weld

White,
(jointly); Merrill Lynch, Pierce, Fenner &

Co.

Smith Inc.

Bekins Van & Storage Co.
July 6 it was reported thaMhis company is
contemplat¬
ing a comjmon stock issue.
Office —1335 So.
Figuroa
Street, Los Angeles 15, - Calif, j

:^c!

Brooklyn Union Gas Co.
May

announced

was

that

the

plans

company

financing this year, but there would
1961, although the form it is to take has not

some

yet been

determined.

proposes to en¬

First

—

Corp., of

Publishing Co., Inc.

Columbia Gas

System, Inc. (10/6)
13, 1960, it was reported that the company plans
sell $30,000,000 of debentures.
Proceeds
For con¬

was

formerly called

Lithographing Co.
•

Jan. 28 filed

the Western

85,000 shares of

of 6% subordinated
for the purchase of

Printing and

Wnitmoyer Laboratories,

Inc.

common

stock and

debentures, due 1977, with

$500,000
warrants

—

Philadelphia, Pa.

Wilier Color Television

System, Inc. (8/1-5)
(letter of notification)
80,890 shares of common
(par $1).
Price—$3 per share.
Proceeds—For
general corporate purposes.
Office—151 Odell

Jan. 29

stock

Avenue,
Yonkers, N. Y.
Underwriter—Equity Securities Co., 39
Broadway, New York City.

WonderBowl, Inc.
April 14 filed 3,401,351 shares of
common stock
(par $2).
Price
$2 per share. Proceeds—For
purchase of certain
property, for constructing a motel on
said
property and
various leasehold.'
improvements on the
property. Office
-7805 Sunset
Boulevard, Los Angeles, Calif.

writer—Standard Securities
Corp.,

same

Under¬

address.

Yardney Electric Corp.

company is

principally engaged in

the

development, de¬
silver-zinc primary and
rechargeable batteries. Office—New
York City.
Under¬
writer—Kidder, Peabody & Co., New York.
OfferingExpected in late
August.
manufacture

and

sale

Probable

bidders:
Merrill Lynch,
Pierce, Fenner &
Inc.; Shields & Co.; R. W. Pressprich & Co. and
Loeb, Rhoades & Co., all of New York City.
Bids—Expected to be received on Oct. 6.
Smith

Carl

Columbus & Southern Ohio Electric Co.
June
sale

13, 1960, it
of

about

reported that this utility plans the

was

200,000

approximately

$8-$9,000,000,

common

with

the

stock

timing

raise

set

for

the last quarter of this
year, sometime after the Novem¬
ber elections. Proceeds—For
expansion purposes. Office
—215 N. Front St., Columbus

15, Ohio.

Consolidated Edison Co.
May 15 it was indicated by H. C. Forbes, Chairman, at
the annual meeting of
stockholders, that common stock¬
holders may get rights to subscribe to
convertible deben¬
stock

in the Fall.
This type of financ¬
ing would be contingent upon the
ability of the company
to get its presently"
outstanding 4% debentures converted
or

common

into common stock.
Con Edison this year will spend
about $225,000,000 on new construction
compared with
$222,000,000 in 1959 and $189,000,000 in 1958.
For the
five years through
1964, Mr. Forbes estimated that the
utility would spend $1.2 billion for
plant expansion. To
finance the five-year
program he said the company will

have to issue

another.

some

$800 million of securities of
.iv,'^ '

one

kind

Consumers Power Co.
April 29 the company asked the
Michigan Public Service
Commission for permission to issue and sell securities
-

with base value of

issue

and

sell

$73,101,600. The

first

mortgage

company proposes

bonds

$35,000,000 maturing not earlier than

of
best

amount

the

1990

for

the

price obtainable but not less favorable to the
company
a 5*4% basis. The
mortgage bonds are expected m
last quarter of the
year, perhaps in October. Pro¬

than
the

ceeds—To
and

used

improvement

finance the

the

continuing expansion
company's electric and gas

service facilities in a
65-county area outside of Greater
Detroit. Underwriter—To be
determined by competitive
bidding. Probable bidders: For bonds—Halsey, Stuart
&

July 11, 1960 filed 254.000
shares of
(par 50 cents). Price—To be outstanding common
supplied by amend¬
ment.
Proceeds—To selling stockholders.
Business—The
stock

sign,

—

Office—120 E. 41st St., New York
City. Un¬
derwriter—To be determined
by competitive bidding.

tures

(8/8-12)

10,000 additional common shares at
$5 per share. Price
For the
debentures, 100% of
principal amount; for the
85,000 common shares, $6
per share.
Proceeds—For general
corporate purposes,
including the reduction of
indebtedness, sales promo¬
tion, and equipment.
Office—Myerstown, Pa. Under¬
writer—Hallowell, Sulzberger, Jenks, Kirkland & Co..
•

(7/25-29)

selling stock¬
holders. Price—To be
supplied by amendment. Proceeds
—For the general funds
for general corporate
purposes,
including plant improvement and additional
equipment.
Office—1220 Mound
Ave., Racine, Wis.
Underwriter—
Goldman, Sachs & Co. of New York
City. Note—This

working capital.

Y.)-based

-v.

struction.

shopping

Western

Proceeds—For

non-diversified management
investment company.
Of¬
fice—375 Park
Ave., New York.
Underwriters—Filor,
Bullard &
Smyth, Hardy & Co.,
Sprayregen, Haft & Co.
and
Bregman, Cummings & Co., all of New York.
Offer¬

stock.

June 17, 1960 filed
362,114 shares of common stock
(par
$1,) of which 150,000 shares are to be
offered for the
issuer, and the remaining 212,114 shares are outstand¬
ing and will be offered for the account of

of one new share for
each 15 shares held
with rights to
expire on Aug. 1. Price — $44
per share.

closed-end

common

Minneapolis, Minn.

May 24 filed 216,645 shares of
capital stock being of¬
subscription by stockholders of record
July 14,
at the rate

(N.

common

June

apolis, Minn.

fered for

$300,000 minimum capital
requirements of the
Small Business
Investment Act. Business—A

in the real estate
business, including the purchase

ment.

Varian Associates

To he used to

buildings. Proceeds

—

Bronx

issue of

June

including

—

this
an

available.

was

$250,000,000. Proceeds

expansion

and sale of real
property and the purchase or construc¬
tion and
development of industrial and other

June 16, 1960 filed
1,000,000 shares of common stock
(par
$1). Price — To be supplied by
amendment. Proceeds—
Primarily to develop and expand the
company's busi¬
ness. Office—1832 M
St., N. W., Washington, D. C. Un¬
derwriter — John C. Legg &
Co., Baltimore and New
York.
\
* •• *

fulfill the

Corp.
filed 1,500,000

gage

of America

Venture Capital
Corp. of America
June 29, 1960, filed
275,000 shares of common stock
(par
$1). Price
$7.50 per share. Proceeds

Land

1960,
shares of
Price—$2 per share.
Business—Company

(8/1-5)

construction, new machinery, the retire¬
outstanding bank loans, and the balance for
Office—Palo Alto, Calif.
Underwriter
—•Dean Witter &
Co., San Francisco, Calif.

July

(par 50 cents). Price—$2.50 per share.
Proceeds—To pay debts and increase line
of credit. Of¬
fice—6478 Sligo Mill
Road, Washington 12, D. C. Under¬

ment

that

contemplating

be deter¬
mined by competitive bidding. Probable
bidders: Morgan
Stanley & Co., and The First Boston Corp. and
Halsey,
Stuart & Co. Inc. (jointly). .v; *'

the

dress—608 Frederica St.,
Owensboro, Ky.. UnderwriterEquitable Securities Corn.,
Nashville, Tenn.. and New
York/Offering—Expected in early August.

120,000 shares of

writer—Balogh & Co., Washington, D. C.
• Variable
Annuity Life Insurance Co.

Pittsburgh, Pa.). Business—Operating public
utility. Ad-,

Co.,

stock

Photo

reported

was

111.

Inc.

Broadway, New York City. Underwriter—To

p.myEDT.

added

Western Kentucky Gas Co.
June 22, 1960, filed
55,000 outstanding shares of common
stock (par $5). Price—To be
supplied by amendment.
Proceeds—To selling stockholder
(Henry L. Hillman of

Office—East 701 First National Bank
Building,
Underwriter
Irving J. Rice &

Paul, Minn.
St. Paul, Minn.

chain is

confirmation

and

with

•

convertible

centers.

held

Bldg., Salt Lake
City, Utah.
Business—Factoring.
Underwriter—Elmer
K.
Aagaard, Newhouse Bldg., Salt Lake City, Utah.

States

stock

then

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

112,500 shares of
cents) and $112,500 of 10-year
debentures to be offered in units of
one
debenture ($100
principal amount) and 100 shares
of common stock.
Price—$200 per unit. Proceeds—For
working capital to lease and operate additional
6%%

Department Stores,

* American Telephone & Telegraph Co.

—

Bowling Corp.
22, 1960, (letter of notification)

common

July
retail

retained
preferred

part of these over¬

;

Market Street, Lima, Ohio.
Underwriter—None.
Western Factors, Inc.

Proceeds—$221,-

Corp. which were used for general corporate
and the balance will be utilized for
working
capital, including a later repayment of $45,000 to U. S.
Pool Corp.
Office — 27 Haynes Avenue,
&

supply

Office—Chicago,

Alexander's

rights to expire on July 22, at
Price—$17.50 per share. Proceeds—To
company's general funds and will be
used for property
additions and improvements. An addi¬
tional $300,000 is to be
provided through long term
financing during the current year. Office
319 West
be

purposes,

United

stock in 1960 is- planned to
all capital requirements.

July 20, 1960, the directors authorized

2:00

applied to the repayment of loans to United

Underwriter—Richard Bruce

Co.

$40,000,000 and $45,000,000. It
is
substantial proportion of this
money

bond issue of

883

capital
improvements during 1960-63, inclusive, have been
proj¬
to cost between

June

(&/1-5)

Corp.

March 25 the company's annual
report stated that

for

Cassady Ave., Columbus, Ohio. Underwriter—R.
W. Pressprich &
Co., New York City.
March

Prospective Offerings
Acme Steel Co.

forthcoming from depreciation and
earnings. In addition, the sale of $10,000,000 of

May 19 filed 43,048 shares of common stock
being offered
subscription by its common stockholders of record
6, 1960, at the rate of one new share for each 10

the

—

purposes.

North

uled for

will

program

New York.

supplied by
public sale, for working
—

the accu¬

and adequacy of this statement. A
hearing is sched¬
July 27.

racy

anticipated that

rendered; $25,000

sales

Beach, and the development of a shopping center in
Selden, L. I. Office—526 North Washington Blvd., Sara¬
sota, Fla. Underwriter—Michael G. Kletz &
Co., Inc.,

(8/10)

for

for
transportation equipment; and $655,000 for
working cap¬
St., Coral Gables, Fla.
Under¬
writer—None. Note—The SEC has
challenged
ital. Office—6815 Tordera

ected

10%

in connection with the Florida
homes; and the balance for working capital to finance
the continued development of the
residential community
in Sarasota and the construction of
homes in West Palm

1960 filed 170,000 shares of common stock
(no
par), of which 85,000 shares are for public
offering and
85,000 are outstanding and are to be offered
account

$100,000

will be used to purchase and install a mill
for the
proc¬
essing of ore; $60,000 for rails, ties, rail cars and
related
equipment; $10,000 for ^rebuilding roads; $30,000

for

re¬

payment of loans, and the balance for
working capital.
Office—Burlington, N. J. Underwriters—L. C. Wegard
& Co. of
Levittown, N. J.; Street & Co., Inc. of New
York City;
Woodcock, Moyer, Fricke & French of Phila¬
delphia, Pa.; First Broad Street Corp., Russell & Saxe
and V. S. Wickett &
Co., Inc. all of New York City.
June 16,

•

debentures issued in payment of certain
obligations of the company for services

Proceeds—For

plant, machinery and equipment, the

Thursday, July 21, 1960

Yuscaran Mining Co.
May 6 filed 1,000,000 shares of common stock. Price—
$i
per share. Proceeds—It is expected that some

Organizations Inc.
17, I960 filed $550,000 of 7%% subordinated sinking
debentures due July, 1970 (with common stock
pur¬

chase warrants). Price—100% of
principal amount. Pro¬
ceeds—$100,000 will be used for payment of a bank loan
incurred to help finance the
disposal plant and an esti¬
mated additional $50,000 to
complete the plant; $109,000

100,000 shares of common stock
(par 10 cents). Price—$3 per share. Business—The man¬
use

purpose of expanding its commer¬
Business—Electronics field. Office—2445

Wenwood
June

(8/1)

ufacture of precision metal
products for
craft, missile and electronics industries.

business.

Emerald St., Philadelphia, Pa. Underwriter—Stroud &
Co., Philadelphia and New York. Offering—Expected in
late August.

—

Offering—Expected in mid-August.

Co., Inc.

common stock (par
$1). Price—$5 per share. Proceeds—To be used primari¬
ly to accelerate the development of the company's pro¬

—

United Aero Products
June 15, 1960 filed

Products

June 24, 1960, filed 100,000 shares of

Union Texas Natural Gas
Corp.
July 8, I960, filed 150,248 shares of outstanding class A
stock (par
$1), and 75,124 shares of outstanding class B
stock (par $1). Price — To be
supplied by amendment.
Proceeds
To selling stockholders.
Office
811 Rusk
Ave., Houston, Texas.
Underwriters
.Carl M.
Loeb,

City.

Co.

Inc.; White, Weld & Co., and Shields & .Co.
Morgan Stanley & Co.; The First Boston
Corp., and Harriman Ripley & Co., Inc.

(jointly);

Custom Craft Industries

July 13, 1960 it

was

reported

that the company

plans a

regulation "A" filing sometime in
mid-August. Pr?ce®d
—For general
corporate purposes.
Office—Miami, Fia*
Underwriter
Plymouth Securities Corp., New YorK
—

City.'

Number 5970

192

Volume

. . .

The Commercial

& Light Co.
,
announced that the company anticipates
Jline
fimncing in the fall of 1960 approximating $25,further ox
n
t undetermined type of security, and
tl
,0'°
that in 1961 it will require approximately $50,power

;fia

nually for

was

Cedar

frn

and

Harriman Ripley & Co. (jointly); Lehman

a
and Blyth

Ker<*

.Ma.u

& Co. (jointly). Information Meeting
for Oct. 17 at 11:00 a.m. at Morgan Guaranty

Sheduled
Bids—Expected to be received on Oct. 20.

Iowa-Illinois Gas & Electric Co.
June 23, 1960, it was announced that the

company's sale
$15,000,000 of first mortgage bonds in April of this
year will carry it through tne better part of 1960.
The
company plans some bank borrowing before the end of
the year and expects to be in market
again sometime in
1961, probably also for senior debt securities./
of

public offering. No

first

itc

•n

able^from"the

company.

Sutherland

Paper Co.
May 11 it was reported that a secondary offering of com¬
mon stock
is presently being discussed. Proceeds—To

Trust Co.

uilv°20d 196Mt was reported that

Rapids, Iowa.

K.V.P.

selling stockholders. Underwriter
New York.

this company is ready-

confirmation

was

■

avail¬

May 10 it

Office—62 W. 45th Street, New

000

capital

provided

rities other than

First Boston Corp., all of New York

Louisville Gas & Electric Co.

April 27

Proceeds—For

reported that this company is con¬

Registration—

»ou^x

reported that an issue of convertible de¬
being discussed and may occur in the next

was

White,

to
issue and sell
$15,000,000 of 1st mortgage bonds due 1990
s metnne
in the fall.
Proceeds—For capital expenditures,
Underwriter—To be determined by competitive bid-

are

ndustrial Timer Corp.

to Rn

Ina19?' ^

New/

C p
:

was reported that registration

of 65,000

shares of common stock is imminent. Office—
J' Underwriters—G. H. Walker & Co., and

Unterberg

Towbin Co., both of New York

City.

" erKational Mining Corp.
Port
aTnnoiinc^d June 1, 1960 in the 1959 Annual Re-,
It

intenu! nt.ernational Mining

Corp. that the corporation,
lssae $10,830,000 of 7% secured serial notes in
Wo
ctla? with its merger with Canton Co. of Baltition 'n •1
W*U be the name of the surviving corporaat n'r
ls exPected that the notes will be issued shortly

Office—De¬

pany's 39,165 shares of its convertible cumulative pre¬
ferred stock, series E, 5% (par $100) will be financed
from the proceeds of sale in 1961, subject to market con¬
ditions, of $10,000,000 of its first mortgage bonds, from
depreciation and retained earnings and, to the extent of
any remaining balance, from the proceeds of additional
short-term borrowings. *
' »
*
.

16,

Nov.

Insurance

Inc.

Co.

it was reported

that the company is contem¬

plating the placing in registration of 17,000 shares of
common
stock. About 66% of the issue will be sold
for the company's account and the remaining 34% bal¬
ance will be sold for the account of a selling stockholder
Underwriter—Van Alstyne, Noel & Co., New York.

(9/28)
directors of this company
additional series of mort¬
gage bonds in the amount of $60,000,000 and common
stock in the amount of $120,000,000, subject to the ap¬
proval of the New York Public Service Commission.
Proceeds—To retire short-term bank borrowings used to
finance construction. Underwriter—To be determined by
competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc.; Morgan Stanley & Co.. Bids—Expected to be
received on or about Wednesday, Sept. 28. Note •— The
stock will be sold to the American Telephone & Tele¬
graph Co. on or about Oct. 1, under preemptive rights.
Telephone Co.

22, 1960, the board of
authorized the issuance of an

June

Northern

finance
to

sell

was

$30,000,000 of first mortgage bonds and $20,000.-

000 of preferred stock later this year.

and

will

mature

the

rates

$1,000,000 an¬

Light Co.

(9/21)

13, 1960, it was reported that this utility plans tho
sale of $20,000,000 of 30-year first mortgage bonds. Pro¬
ceeds
To retire $20,000,000 of unsecured promissory
notes, to mature on or prior to July 31, 1961. The notes
will be used to partially finance the 1960-61 construction
—

program, which is expected to total $61,000,000. Office
—Portland, Ore.
Underwriter—To be determined by
competitive bidding. Probable bidders: Halsey, Stuart
Co.

Inc.; Lehman Brothers; Blyth & Co. and White,
Co. (jointly); Eastman Dillon, Union Securities
Co.
Bids
Expected to be received on Sept. 21 at

&
12

—

noon.

7777'

"77/

•

Panhandle Eastern

Pipe Line Co.
April 19 it was reported that this company might sell
about $65,000,000 of debentures, possibly in the third
quarter of this year. Underwriters — Merrill Lynch,
Pierce, Fenner & Smith Inc. and Kidder, Peabody & Co.,
both of New York.

Philadelphia Aquarium Co.
1960, it was reported that the company plans
$2,000,000 of debentures and common stock v
to finance an aquarium'in Fairmont Parkj Philadelphia,^
which would be city-owned and company-operated un¬
June

15,

to sell about

der

lease/ Underwriter—Stroud & Co., Inc. of

Phila¬

delphia, Pa. and New York.
Pik-Quik Inc.
June

29, 1960, it was reported that the company is con¬
templating the filing of 550,000 shares of common stock
sometime in July. Proceeds—For acquisitions in Florida.

Underwriter—A. ,C. Allyn

Office—Minneapolis, Minn.
& Co., New York.
Electric

Potomac
March 21 it

was

Power Co.

stated in the company's annual report it

is anticipated that their 1960 construction program will
amount to $39
about

million and there will be further financing
million of an as yet undetermined type.

$15

Underwriter—To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co., Inc.; First Bos¬

ton

Corp.; Dillon, Read & Co. and Johnston, Lemon
(jointly); Kidder, Peabody & Co. and Merrill
Lynch, Pierce, Fenner & Smith (jointly); Lehman
&

Co.

Brothers

Eastman

and

Dillon & Union

and Stone & Webster Securities Corp.

Securities & Co.

(jointly).

Pacific Ry.

(8/24)

reported that the Road plans to offer

$6,270,000 of railroad equipment trust certificates. Prob¬
able bidders: Halsey, Stuart & Co. Inc. and Salomon
Bros. & Hutzler. Bids—Expected to be received on Aug. 24.

.**4

Hampshire

the company's annual report
that short-term borrowings will increase progressively
during 1960 until further permanent financing is under¬
taken later in the year.
The timing, type, and amount
of this financing has not been determined.
,7, '
April 4

•

was

Public

stated

Electric

Service

Gas

Co.

(9/20)

took preliminary steps
for the sale of $50,000,000 in first and refunding mort¬
gage bonds with a maturity of not more than 30 years.
Proceeds
To pay all or part of company's short-terr**
May 18 directors of this

company

—

indebtedness incurred for construction. Underwriter—To
be determined by competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; The First Boston Corp.; Kuhn,
Loeb & Co., and Lehman Brothers (jointly)/ Bids—Ex¬
pected to be received on Sept. 20 up to 11 a.m., in New¬
ark, N. J. Information Meeting—Scheduled for Sept. 15
at 2:30 p.m. at the Chase Manhattan Bank, 43 Exchange
Place, New York City, Room 238.

it Republic Steel Corp. (7/25-29)
July 20 it was reported that registration is expected next
week of $125,000,000 of straight debentures. Proceeds—
For capital improvements leading to cost reduction, and
for expansion of capacity. Office—Cleveland, Ohio. Un¬
derwriters—First Boston Corp. (managing), and Merrill
Lynch, Pierce, Fenner & Smith Inc., both of New York

/■;/77;'/7,::-;.',.7/--77?./•;/•'"/'•7^/r77-;

City.
Ritter

Co.,

July 6 it
solidate
a

was

reported that this company plans to con¬

Underwriter—Lehman Brothers, New

City.

Rochester
March

that the
York

■■

$2,500,000 of funded debt, possibly through /
placement, pursuant to which a bond issue

be expected.

York

■:;:/,7'::

some

private

may

'• ■'

Inc.

Gas

State

to issue

Electric

Corp.
it was stated in the company's annual report
company has filed an application with the New

+•

July 11, I960, it was

7
7

1960,

New York

Lighting Corp.
announced that this company, in order to
additional pipeline distribution systems, plana

May 11 it

Public Service Co. of New

$4,000,000. Proceeds — To finance river transportation
equipment presently on order and expected to be
ordered. Office—Cincinnati, Ohio. 7< V'/V^'//

conno

$103,000,000 per year.

Nedick's Stores, Inc.

will issue and

•

(8/16)

it was announced that the company
expects to register its first public offering imminently.
The offering will consist of 75,000 common shares. Price
—To be supplied by amendment. Proceeds—For expan¬
sion. Office—198 Broadway, New York City. Underwriter
—R. F. Dowd & Co.; Inc., 39 Broadway, New York City/

about

Enterprises

Mohawk

0 °f 30-year first mortgage bonds. Under-

flhinT/7i 0 ke determined by competitive bidding. Probproeildders: Halsey, Stuart & Co. Inc.; Lehman Broth(ininti
an' Sachs & Co., and The First Boston Corp.
Whit
tii Eastman Dillon, Union Securities & Co.;
!, p®' Weld & Co., and Shields & Co. (jointly); Blyth
tn
*' Equitable Securities Corp.
Bids—Expected
Infni« re7eivec^ up to 11 a.m. New York Time on Sept. 27.
am
fn?11 Meeting—Scheduled for Sept. 22 at 11:00
Npm!
e ^lase Manhattan Bank, 43 Exchange Place,
77 York City, Room 238.
7-7 7.77,..
*

Bell Telephone Co.

was

currently

March

p°wer & Light Co. (9/27)
company

1962 and the refunding of $6,442,000 series B bonds ma¬
turing in 1961 as is not financed by the sale of the com¬

April 8 it was stated in the company's annual report
that it contemplates the issuance on or before March 31,
1961 of a bond issue in an aggregate amount not to exceed

plans

(j°intly);. Equitable Se-

nnnWas reP°rted that the

<m o

writ

Midland

cpIi

pects that such part of its construction program through

Morgan Stanley & Co.

rn,n°"'/-nc'' hazard Freres & Co. and The First Boston
Tnr! J'-?1?" y)» Merrill Lynch, Pierce, Fenner & Smith
/W\dder< Peabody & Co. and White, Weld & Co.
inn
-' Salomon Bros. & Hutzler and Eastman Dil-

An'nfli,anapolis

Securities

troit, Mich. Underwriter—To be determined by competi¬
tive bidding. Probable bidders: Halsey, Stuart & Co. Inc.;

Probable bidders:
Halsey, Stuart & Co. Inc.; Blyth

cur'itie" Cor SeCUFitieS ^

Co.

announced that the company plans to
come to market in August for the sale of $35,000,000 of
debentures. Proceeds—For construction, costs of which

ng.

Smith and Eastman Dillon, Union

Michigan

May

Electric Building, Houston,
company

•

Dillon, Union Securities & Co. and Salomon

the

Co. and
(jointly); Merrill Lynch, Pierce,

(jointly); First Boston Corp.

Co.

August's offering of $25,000,000 of 4%%
bonds was headed by Lehman Brothers,

that

Weld

Fenner

under way. Last
first mortgage

Idaho Power Co.,
' ;
March 30 it was
reported

Co.

bidding. Probable bidders: Kidder, Peabody &

new
money will be required in
1960 to support the
year's construction program, and to repay outstanding
bank loans. Studies to determine the nature and
timing
of the issuance of
additional securities are presently

—

Orange & Rockland Utilities, Inc.
April lb it was stated that the company presently ex¬

de¬

preferred stock sometime in the late fall. Office—Salem,
Mass. Underwriter — To be determined by competitive

Houston Lighting & Power Co.
22 it was announced in the company's annual
report that it anticipates approximately $35 million in

^u*z*er* Office

it Merrimack Essex Electric Co.
July 19, 1960, it was reported that this subsidiary of the
New England Electric System plans to sell $10,000,000 of

March

Texas

Underwriter—To

Halsey, Stuart & Co. Inc. and Salomon Bros. &
Hutzler. Bids—Expected to be received on Aug. 9.

few months. Office—Birmingham, Ala. Possible Under¬
writer—Sterne, Agee & Leach, Birmingham, Ala.

Eastman

construction.

ders:

,,,

Co.,
&

determined

Weld &

company

* Louisville & Nashville RR. (8/9)
July 18, 1960, it was reported that the Road plans to sell
$7,530,000 of equipment trust certificates. Underwriter—
To be determined by competitive bidding. Probable bid¬

Hayes Aircraft Corp.
bentures is

Struthers

22, 1960, it was reported that this company is
planning to issue some type •: of additional securities,
perhaps during the third quarter of this year.,, -It may
possibly take the form of a $5,000,000 preferred stock
offering, and a $4,500,000 issue of common stock to be
issued on a rights basis. Office—900 Richards St., Hono¬

Feb. 12 it

American Securities Corp. and Wood,
(jointly); Eastman Dillon, Union Se¬
curities & Co. and White, Weld & Co. (jointly); Kidder,
Peabody & Co. and Goldman, Sachs & Co. (jointly). Bids
—Expected to be received on Oct. 18.
Loeb

June

lulu, Hawaii.

by competitive bidding./ Probable bidders:
Halsey, Stuart & Co. Inc.; The First Boston Corp.; Leh¬
man
Brothers and Blyth & Co., Inc. (jointly); Kuhn,

templating the issuance and sale of approximately 300,000 shares of its common stock.
Business—Electronics
manufacturer. Office—Chicago, 111. Underwriter—Paine

•>

termined

Hahicrafters Co.

Ltd^"

City.

(10/18)

plans the
$16,000,000 of first mortgage bonds.

reported that this

was

issuance and sale of

Sept. 26. Bids—Expected to be received on
Nov. 3. Informaticn Meeting—Scheduled for Oct. 31.
uled for

Hawaiian Electric Co.,

June

reported that the company is dis¬

was

Mineola, New York. Underwriter—To be determined by
competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc.; W. C. Langley & Co.; Smith, Barney & Co. and

Underwriter — To be determined by
competitive bidding. Probable bidders: Halsey, Stuart &
Co Inc.; Morgan Stanley & Co.; Equitable Securities
Corp., and Eastman
Dillon, Union Securities & Co.
(jointly); Blyth & Co., Inc., and Kidder, Peabody & Co.
(jointly); The First Boston Corp. Registration—Sched¬

the is¬

$35,000,000 of 30-year first mortgage

Underwriter—To

Pacific Power &

Island Lighting Co.

13, 1960, it

financing, probably to

SEC.

Webber, Jackson & Curtis, New York.
Expected sometime in September.

cussing the sale of approximately $20-$30,000,000 of debt
occur sometime this Fall. Proceeds
—For construction. Office — 250 Old Lountry Road,

Co. (11/3)
Dec 9 it was announced that the company plans regis¬
tration of $12,000,000 of 30-year first mortgage bonds
Georgia Power

July 7, I960, it was

come

•

Long

Office—Detroit, Mich.

the July bond-equity
from later sale of secu¬

stock and from retained earn¬

common

ings.
June

(12/6)

Pacific

announced that in addition to the $15,000,-

was

new

financing, $33,000,000 will

the

Brothers,
*

Credit Co.
March 28 it was reported that this company is develop¬
ing clans for borrowing operations, which may include
the issuance of debt securities, and possibly occur later
Ford Motor

with

Lehman

(Minn.)

reported that the company plans

was

and sale of

competitive
bidding. Probable bidders: Halsey, Stuart & Co., Inc.; V
Merrill Lynch, Pierce, Fenner & Smith Inc., Kidder,
Peabody & Co. and White, Weld & Co. (jointly); The
First Boston Corp. and Blyth & Co., Inc. (jointly); Leh¬
man Brothers and Riter & Co.
(jointly); Equitable Securities Corp. and Eastman Billion, Union Securities &
Co. (jointly). Bids—Expected to be received by Dec. 6. ...

Laclede Gas Co.

York City.

this year.

—

Northern States Power Co.

May 11 it
suance

bonds.

tained from
temporary bank loans, to acquire the $10,000,000 required to finance 1960 construction. Office—\

'uTit was reported that $25,000,000 of first morthnnd« will be sold by this utility. Proceeds—For new
Eruption and repayment of bank loans. Underwriter
r be
.Tobe determined by competitive bidding. Probable bid' Hi
Hokev
Stuart & Co. Inc.; Kidder, Peabody & Co.
i Merrill Lynch, Pierce, Fenner & Smith Inc.
(jointand Met
! pTirst Boston Corp.; Eastman Dillon, Union Securities &

Iowa Electric Light & Power Co.
March 11 President Sutherland Dows stated that bonds
would be sold in order to
supplement money to be ob¬

(10/20)

Corp.

Florida Power

annually for four

and $4,830,000 the 10th year after the
Office—535 Fifth Avenue, New York City. Un¬
years,

■

estlnnO of new money. This company on May 31 floated
rio'ooo common share offering through Merrill Lynch,
'
Fenner & Smith Inc. and associates at a price of
F<
_

to three years, $500,000

one

(295)

derwriter—None.

share'

nine

merger.

,.,;n

$0 P
Per

and Financial Chronicle

Public

Service

Commission

for

the

right

$10,000,000 of new preferred stock. Underwriter
Continued

page

(296)

The Commercial and Financial Chronicle '. '.

Continued from page 35
—To

It will borrow about

$5,100,000 under this agreement by
October, at which time it expects to sell about $5,500,000

determined

by competitive bidding. Probable
bidders: Halsey, Stuart & Co. Inc.; Kidder, Peabody
& Co., White Weld & Co. and Shields & Co.
(jointly);
Kuhn, Loeb & Co.; Salomon Bros. & Hutzler, Eastman
Dillon, Union Securities & Co., and Equitable Securities
Corp. (jointly); Blyth & Co., Inc.; The First Boston
Corp.
1
y?;/:
Rochester

June

24,

York

State

public utility

this

—To

Halsey, Stuart & Co. Inc. Eastman Dillon, Union
& Co. and Kidder, Peabody & Co. (jointly);
White, Weld & Co.; Merrill Lynch, Pierce, Fenner &
Securities

about

bidding. Prob¬
able bidders: First Boston Corp., and Halsey, Stuart &
Co. Inc.; Eastman Dillon, Union Securities &
Co., and
Kidder, Peabody & Co. (jointly). Bids—Expected to be
received on Sept. 21, 1960.
/"
■
/•'"" .1

Union

with

Union

March

will be received on July 27 by the
company for
purchase from it of $3,030,000 of railroad equipment

Inch; Salomon Bros. & Hutzler.

April 4 it
the

Gas Co.

•'

of the issue

issues

was

—Birmingham, Ala.

not stated in the report.

stock

common

Electronics

Corp.

With White, Weld Co.
LOS

Espey Mfg. &
at $12.50 per

the

proceeds

from

will

the

used

sale

the
company to expand its operations

into

the

semiconductor

turing field; to
loans

and

standing

manufac¬

bank

repay current

discharge

its

debentures

out¬

added

the

proceeds

will

the company,

BOCA

Springs, N. Y., is en¬
gaged in the design and manu¬
facture of electronic components
and
electromechanical
devices.
The company's major products

are

specialized electronic power sup¬
plies and various types of trans¬
ponents

which

are

com¬

used

equipment and systems.

the

con

pany

235,721 shares of

out of

total

will

consist

For

the

31,

come of

the

months

ended

company

had

$2,239,520 and net in¬
$104,082, equal to 67 cents

common

Paul

firm

Hurwitz

share.

qualify

employees

Stock Exchange mem¬
as

University, Boston University and
the

Wharton

Now Olson Securities

tion

FERGUS FALLS, Minn. — Olson
Securities
Company has been
formed to continue the
investment

School

given

Institute

the

Uni¬
an¬

James
BU

been

Lee

tion,

Federal

added

Higginson

the

Corpora¬

Street.

previously with H.

Mc-

was

P. Wood & Co.

Eisele, Raynor
—

Laird

has become associated with

Eisele,

Bank Building. He was for¬
merly with Burns, Potter & Co.

Baker,

Division

In¬

directed

director

City

Continuing Edu¬

cation.
were

made

Co.; Frederick S. Moseley III of F.
S. Moseley
& Co.; Raymond J.
Laude of Goodbody &
Co.; Henry
Hornblower

Joins

the

Hornblower

BOSTON, Mass.T-Edward F. Mar¬
shall has joined the staff of Schir¬
mer, Atherton &

Co., 50 Congress
Street, members of the* New York

and

Boston Stock Exchanges. Mr.

Marshall
F.

formerly
Rutter, Inc.
.

with W.

was
.

Two.With Yates, Heitner

Weeks;
James
Jackson
Jr.
of
White, Weld & Co.; John D. Young

Schirmer, Atherton

(Special to The Financial Chronicle)

ST.

LOUIS, Mo.—John J. Bergand Joseph J. Warnick have

become

associated

with

ment

Heitner

Paul

intensive

techniques, brokerage office

procedures

Co.

Wharton

and

the
function of
organized securities markets. Fac¬

members

will

give

the

representatives

industry acting

techniques.

active operating

School

will

one-semester, 80-hour
days a week from 4

starting

offer

course

two
p.m.

mid-September.

In¬

quiries should be directed to Wil¬

Woods,

members of
Stock Exchange. Mr.

mann

was

Bergformerly with Edward

Jones & Co.

with

Yates,

Brown
the New

Building,
York

Mr. Warnick was

Christopher & Co.

liam R.

Hockenberry, Director of
Evening School of Accounts
Finance, the Wharton School,

/
/
Persons successfully
completing
these courses need not take

the

examination required by the Ex¬
change for registration of a mem¬

adelphia, Pa.

CLEVELAND, Ohio

Members of the Exchange's ar¬
rangement committee in Philadel¬

the

ber

firm

employee
who
will
handle the public's business.
This
educational requirement is one of
a
on

Fisher

Raynor & Redelfs, Inc., First Na¬

study of security analysis, invest¬

guest lecturers

Administration.

should

mann

Lee

BOSTON, Mass.—Richard

Business

quiries

Higginson Corporation; and
Arthur Pivirotta of
Hayden, Stone

courses,
with
the securities

staff

Itusiriesife^fe

of Lee

South Mill Street.

Finance,

include

courses

127

Higginson Adds

College of New York, Northwest¬
University in Chicago and the
University of California in Los
Angeles.

ulty

(Special to The Financial
Chronicle)'

only at the New

ern

business of W. R. Olson
Company,

tional

stock. ? This stock

Boston University will offer
^th//th$//frili ..term iii- September.
one-semester, 80-hour course run- \ In charge of the course will be
ning from September 27 through Professors Douglas H. Bellemore
mid-February, from 3 to 5:30 p.m. and Julian G. Buckley. Inquiries
each Tuesday and Thursday after¬ should be
directed to Dean Joseph
noon. In charge of the courts will
H. Taggart of the Graduate School
be Professor Van Dyke Burhans of
Business
Administration, 100
Jr. of the faculty of the College Trinity Place. New York
6, N. Y.

Arrangements

now

The

(Special to The Financial Chronicle)

OMAHA, Neb.

common

pariy aridselUng/stdckh^

Funston, President of the Exchange committee that includes
Exchange, said in his quarterly Horace W. Frost of
Tucker, An¬
report that the courses are similar
thony & R. L. Day, Chairman;
to
Exchange-recognized instruc¬ Richard Morgan of Estabrook &
York

601 Albany Avenue,
changed to Shell Associ¬

With

seven

1960,

The

—

stock

common

net sales of

per

authorized issue of

750,000 shares.
Jan.

Sheldon

has

30,000 additional shares of its

•

ture of mechanical

Keith

Now Shell Associates

Cowan

Upon completion of the current
financing, outstanding capitaliza¬
tion

registered

communication

Winter Park Telephone Co.//'/
^
May 10 it was arinounced that this company,- during the
first quarter of 1961, will issue and sell
approximately

nounced.

Boulevard

ates, Inc. *

tember.

•

Ocean

has been

was reported that. this New Jersey com¬
plans to register an issue of cOmmon stock in Sep¬
Underwriter—Van -Alstyriey Noel:.
Co.,. New
York City.
Z; *
pany

registered represen¬
tatives will be given this
Septem¬
ber for the first time at New York

representative.

sum

it Whippany Paper Board .Co..:-

Sanford,
plans an
of 30-year first

versity of Pennsylvania, it is

name

will consummate long-term financing during
additional frinds iri the approximate
of $400,000.-4 •> ///,'■%>;■»;//■; /';./ •,/'//- ■./;./

July 19, 1960, it

company

Fla. —Frank J.
has
become
associated
with H. Hentz & Co., 151 North

missiles, computers, radar, sonar,
navigation equipment, and mobile
airborne

York

ber firms

RATON,

BROOKLYN,

by Dudley

Registered Reps.
Courses

formerly New

Leahy

Saratoga

formers and other iron-core

was

With H. Hentz Co.

to|the working capital of Associates,

-/-'• Espey Mfg. & Electronics, with
its executive offices and plant at

and

the

principal amount of $25,200, plus
accrued interest of about
$9,000.
Balance

Calif.—William

with Hemphill, Noyes & Co.

Street.

announced

Vice-President, that the

Courses for

Co., 523 West

share.
Net

ANGELES,

J. Donovan has become associated
with White, Weld &

Sixth

that the company an¬
carry outits 1960 construction

announced

at the Bankers Trust Co.

(Special to The Financial Chronicle)

Espey Stock

was

the year to provide

(10/19)

was

1960, it

power transmission .equipment, fluid
/control devices,, and building:
plumbing'drainage * prodJune 1 it was reported $16 million of first
mtge. bonds /r ucts. Proceeds^-For general, corporate' purposes'.' Office
and $10 million (400,000
shares) * of $25 preferred stock & —Erie, Pa. Underwriter—Lee Higginson Cprp.of New
will be sold. Proceeds^—For construction
purposes and re¬ / York City.
\

$6,000,000 revolving bank credit.,

;

1960, it

Blvd., Brook¬

program it

Utah] Power & Light Co. (9/14)

Sutro Bros. & Co. is
offering today
(July 21) 80,000 shares of the

16,

24,

ticipates/ that in/order to

Proceeds — Together with
private
placement
which
is

Co.

obtainable. Office—2300 Linden

West Ohio Gas Co.
June

p.m.

„

Electric

was

Office

Southern Nevada Power Co.
June 15, 1960, it was reported that in order to meet
$8,-,
300,000 of property expenditures scheduled for 1960, the

Sutro Offers;/;

tion

$100,000,000.
proposed

Under¬

lyn, New York.

stock purchase war¬

common

August.
City.

Waldbaum, Inc..
May 11 it was reported that public financing is
being
contemplated by this supermarket chain. No confirma¬

company has arranged a

Hutzler

penses.

•

about 100,000 common shares early in
writer—G. H. Walker & Co., New York

mortgage bonds. Proceeds—To meet construction ex¬
-will be offered on-a rights- basis-to
existing stockholders
Office—315 No. 12th Blvd., St. Louis, Mo; Un«
/and may or may not be: uriderwtltten-"by One or more
derwriters—To be determined by competitive
securities brokers^'Future. ^l&ris- also^
bidding,Probable bidders: Halsey, Stuart &
Co., Inc.; First Bos- i of $2,000,000 of bonds" in the ^second 'quarter of 1961.
tori Corpj^and White, Weld & Co.
(jointly); Lehman / Office~-»132 rEast New England.Ave., Winter Park, Fla.
Brothers, Blyth & Co.. (handling the books), Eastman
Dillon, Union Securities & Co. and Bear, Stearns & Co. /■ it Zurn Industries, Inc.
'V' // %'
(jointly). Bids—Expected to be received on. Oct. 19 up '/ July 19, 1960, it Was. reporteri ihat 2'50,000 shares is: exr
peeled to / be filed shortly for the rieeourits of
to 11 a.m. EDT.
taimInformation Meeting—Oct. 17 at 3:00

certain outstanding notes through the issuance of first
mortgage bonds and other debt securities.
The timing

Bros.

offering of approximately $50,000,000

stated in the company's annual report that
expects to provide for the payment of

was

company

Salomon

by this company's bankers,
be used for expansion of the
company's jet fleet.
Underwriters—Dillon, Read & Co., Inc., Lazard Freres*
& Co., and Lehman
Brothers, all of New York.

Bids

^ Southern Natural

least

Executive

Stuart

and

presently being worked

Halsey,

Co.

it Vitramon, Inc.
•
..W't
/ ' •. July 19, 1960, it was reported that this Trumbull, Conn,
capacitor manufacturer plans a common stock issue of

will

Inc., both of New York City.

Co.

$190,000,000

and Harriman Ripley & Co.

bidders:

Meeting—Scheduled for Sept. 8 at 11:00 a.m.
time, at The Chase Manhattan Bank, 43 Exchange
Place, New York City, Room 238.

rants, and Hughes Tool Co. (parent) will purchase not
only its pro-rata portion ($78,000,000) but also enough of
any debentures not taken up by others to provide TWA

Probable

Securities

debentures with detachable

—

certificates.

bidders:

N. Y.

Trans World Airlines, Inc.
|
April 8 it was announced that the company plans to offer
to its stockholders
$100,000,000 Of subordinated income

(Jos.) Schlitz & Co.
i
March 11 it was reported that a secondary
offering might
be made this summer. Underwriters
Merrill Lynch,

trust

•

approximately $25,000,000
be offered for sale. Under¬

formation

generating capacity. Power Financ¬

Bradford & Co. (jointly).

Electronics, Inc.
13, 1960, it was reported that the filing of about
$2,000,000 of common stock is being discussed, and may
occur sometime soon.
The company is currently mar¬
ket-testing a new electronic table-top stock quotation
board. Office—Los Angeles, Calif. Underwriters—Carl
M. Loeb, Rhoades & Co. and
Paine, Webber, Jackson &
Curtis (jointly).

the

new

(jointly); Chase Manhattan Bank and Morgan Guaranty
(jointly); and Blyth & Co. and J. C.

Scantlin

(7/27)

Spring of 1961. The type of bond issued

Trust Co. of N. Y.

June

Seaboard Air Line RR.

Bros.

Brothers. Underwriter—To be determined by com¬
petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc., First National City Bank of New York, Equitable
Securities Corp. and
Smith, Barney & Co. (jointly); First
Boston Corp., Lazard Freres &
Co., Eastman Dillon,

(10/4)

Pierce, Fenner & Smith Inc.

will

(9/2.3)

that

by competitive
bidding.
Halsey, Stuart & Co. Inc.; Salomon
Hutzler; White, ^eld & Co.;- Eastman Dillon
Union Securities & Co.; Stone & Webster
'Securities
Corp. Bids—Expected to be received on Sept. 13. In¬
Probable

ing Officer: G. O. Wessenauer. Financial Advisor: Leh¬

bidding. Probable bidders: Halsey, Stuart & Co.
Inc.; Blyth & Co.; First Boston Corp., Eastman Dillon,
Union Securities & Co. and Merrill Lynch, Pierce, Fen¬
ner & Smith
(jointly); Lehman Brothers and Salomon
Bros. & Hutzler (jointly). Bids—Expected to be received

■

bonds

reported

was

first mortgage bonds will
writers — To be determined

announced that

was

revenue

man

tive

May 13 it

additional

Feb.

will depend on market conditions. Proceeds—To finance

was

Oct. 4.

the

construction of

reported that $25,000,000 of bonds is
expected to be sold sometime in the third quarter of
this year. Underwriter—To be determined by
competi¬

$50,000,000

offered in

Virginia Electric & Power Co.

announced

sometime^ in the Fall.

writer—To be determined by competitive

Bids—Expected to be received on Sept. 14. Informa¬
Meeting—Scheduled for Sept. 12 at 2 Rector
St.

tion

New York City.

Valley Authority
that, pursuant to August, 1959, au¬
thorization from Congress to have $750,000,000 of rev¬
enue bonds outstanding at any one
time, it plans its first
public offering, expected to be about $50,000,000, for
Jan.

proceeds of this sale would be used to
repay bank loans for construction and extension of facil¬
ities in service by the date of the proposed sale. Under¬

Co.

Inc.

Tennessee

for

Proceeds—The

April

common

bidders:

petitioned

San Diego Gas & EEectric Co.

shares at specified prices. Underwriter
be/determined by competitive bidding. Probable

Smith

Commission

undetermined type of stock,

Underwriter—To be determined

by competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; Blyth & Co. and First Boston Corp.
(jointly)White, Weld & Co.; Stone & Webster Securities
Corp'
(jointly); Salomon Bros. & Hutzler; Kidder, Peabody &
Co.; Eastman Dillon, Union Securities & Co. and Smith
Barney & Co. (jointly); Lehman Bros.;*Bear, Stearns
&

purchase

the New
permission
to issue and sell $12,000,000 of series "E" first mortgage
bonds, which will mature in 33 years, on Sept. 1, 1993.
Service

Public

$3,000,000 of

payment of bank loans.
*

with preferred being considered, possibly with rights to

(9/21)

Telephone Co.

1960,

of bonds and

Thursday, July 21, 1960

number

for
In

the

Exchange

insists

registered representatives.

the

last

two

years,

the

Ex¬

change has encouraged expansion
the
number
of
institutions
where Exchange - a c c r e d i t
e d
of

courses

are

available.

and

University of Pennsylvania, Phil¬

phia
of

are

Frank L.

Newburger

Newburger Jr.
Co., Chairman;

C. Newbold Taylor of W. H.
Newbold's Son & Co.; and
Lawrence

M.
Co.

Stevens of Hemphill,
Noyes &
'.:/••
./,.//■
'
"
..

New

struction

York

will

University,
given

in¬

three

separate evening courses,
starting

Wm. J. Mericka Adds
(Special to The Financial Chronicle)
—

Ernest

Perrin has been added to the

staff

Wm. J. Mericka & Co., Inc.,
Union Commerce Building, mem¬
bers of the Midwest Stock Ex¬

change.

With Ohio Company
COLUMBUS,

Ohio

—

Robert S.
staff

Meeder has been added to the
of

The

Ohio

High Street.

Company, 51

North

Number ' 5970

192

Volume

The Commercial

. , ,

and Financial Chronicle

(297)

policy-to-policy flight by the insurance

to retain his temper vis-a-vis the

««

V°u.vePat

has

Brown

snln

nir,„

J™

holders

tors and

Iurs arld depositors.
depositors

policy

th.a act.u.aI u»Pact

i„

pendence.

his

discharge

«iL

^^ statesmanlike

after

a..

CORNER

These include

of the

„of ,tax exemption, con-

this

^ ierred on the

That Little Bit Extra Pays Dividends

segment

income

of the

aware

them

awalso\etained

here's

^lZTthf Treaty'

the

has

?hpCCoundil
»Lrs

Econi>mtfr Ad-

public istate-*

his' -own

VIS..j.J

nhru,

u:„

Congress;

Zfl' have 'no*doubt ~that

any

Democratic President will
find the Federal Reserve purluina a somewhat different
policy.
1
/./'i
. 7/ new

believe that unless

Do nou

ihT President

control the
Federal Reserve Board he could
Guarantee
easier: money: and
lower interest rates?'
;
did

don't suggest

Kennedy: No, I
you

independence of

change the

the Federal
tneaeaeu

Reserve
jv

Board, but
,,

suggest with a new
President the Federal Reserve
what I do

Bmrd*would pursue"a

definite

«0UCV

wouldn't

,1/mi

nut

JL
TreasuTDenartnlent
nnto
chYnae?
'
the

aw,

°TKennedy

its

present

legal

and

constitutional

ar-

rangement I would not, but you
have to remember the President
has great

influence.

with

From extended discussions

rnator
Senator Kennedy's aides here,

with ;# his

cited remarks

And here: are

some of the difbetween stockholder and

degree

the

Board's

independence

some-

his"^toust wfth'
nis joust witn

—

treasury ±te

serve

other

...

vouchsafed: to

the

Securities and Exchange Commis¬
sion over the
past 25 years.

answer

arrived

at after

goings-on here in Convention
Hall (an arena
customarily de¬
voted

cattle

auctions, horse
shows, and ice hockey) is yes and
are

the

some

similarities:

goodkeep it than to show

do something I would" at least try

Person

BEATNIK
Disclosed

pay,

et al.

the lower
is still in litigation.
by

courts,

although perhaps not

Then
Then

securities

•

bervice instrument
n

s\ffi

I
1

Stock Offered

beatniks—at/east Pearson, Murphy & Co., Inc. is of-

letter

the

left in

wiiinrmimc

billionaires

former

ona
and

have

only

rugged

CerSffre

the koofmire
beatniks.

much

they

Corporation's

common stock

essed

from the sale of
shares will be used

proceeds

the

common

have by the company for the purchase
nothing to lose but their beards" of machinery and equipment; re-

In arW event the poor beatniks
reduced to a new low!

are now

The corporation, with offices in
York City, is the successor

New

of Morris Cowan,
controlling stockholder, Presi¬
dent
and
Director,
carried
on

to the business

INVESTMENT

OBSERVATIONS
A

bit

on-the-spot

scrutiny

its

since
Cowan

1951

under

the

name

Engineering Co. and was

that
inat

he
ne

him

was

should
snouia

spell
speu

the

over

tele¬

followed

and

received

ardved

the

reply from

received

his

He
me

letter

also

that I

and

that

instruc¬

his

following

were

department.

tions.

acknowledgement
that
I
only about five

sent to him took
_

wrote

him

brief

which

note

initialed. But that is not the point:
I

doubt

the

firms

other

with

whom he also does business would

Sloping

oMtrat^anffa1e)

^iQ^^^n^tru-

™thisforegatherfng6 if Dbu?
again

the

proposition

pvnptiv

^lutoe'e^

Cal fields and in the manufacture,
as subcontractor, of jet engine
and aircraft parts. One of the
products now manufactured and
distributed by the company is a

recently developed closed circuit

the

to dorit- for him.

explanation '§nd

to him.'Another call Was

gave it

related to the DoW Jolies averages
and a client wished to know what
the

high

dustrials
This

the

was

Dow

Jones

January

information

In¬

1958.

also

was

ob¬

tained and passed along.
don't

write

this

appear

men who are consistently pro¬
ducing business day after day and
who are retaining the good-will

of their customers

this.

This

man

big trader
of mind.

are

doing

some¬

thing else in addition to selling—
they are working for and with
their clients.' Those who go a bit
farther in giving service never re-

gret it
,

Most people are apprecia¬
are not, and who
are
congenital time wasters, of
course, deserve no consideration
v

tive. Those who

at all.

when in the right frame
He

difficult

he has his

account

deal

with,

and

idiosyncrasies, but the

This

worthwhile.

vncal

asked

obtained

minutes of my time. My secretary

At the same time, it strikes us
similarly when the 'votes that the industry may be facing
were counted
they found them- some unpleasantness in the way
selves
on
the
short-end
30-1
of growing-pains so often incurred
Likewise, the Southern delegates' in the course of an industry's
Protestations
against
"manage- long-term boom.
'
ment's" civil
rights proposal went
For example, one outgrowth of
on and
on—to a vote, viva voce, the tremendously increasing comlor

Hnminntinn

jast ona way J® So a little fa[ther
than your competition in giv ng
service
Client B was^on a vacation in

the

dthe

cashiering
had

His letter

to contact.

instructions

price of $2 per share.
]\jet

needn't worry and the latter

LOCAL

phone. He gave me the name of
the party at the bank that our
cashier

fact

were
were

this out in a letter to the bank
and to us and specifically dictated

th0se aSed 2£ and over (noting fenng today (July 21) 150,000 of
age>-is sti11 negligible. The evi- shares of Service Instrument
"In

mddebv

to m.t
to put

these
these
safe-keeping ac¬

we
we

explained
expiainea

the

that the total number

the nation's

firm.
firm.

count for him until he returned.

immediately realized—was a most
valuable population statistic. We
know

however, ~ g'SL'd-'uSon*oavment

® 7J.™f-S

■

restrained

Convention

...

au^ °.r.s

ail

CENSUS
all

...

AAW11

...

out here of Wal1 Street's recent organized primarily for the
and physical
hv the
evhn'hemnt discovery—the savings and loan purpose of acquiring, further deWilma Soss and
cohorts Jn the industry
as constituted by the
and commercially exFederation of Women Sh a r eh old
California holding companies, cer- pioiting the patent "application,
ers
over the nrliimoLJ
J+H ? tainly confirms growthmanship. inventions, processes and devices
holders'
And the Quantitative record and 0f Cowan Engineering Co.
supnorter^
^ .Stevenson prospective expansion of volume
Service Instrument Corp is enveft Sf
ieaxn0r ?2°Se" seem'to be still not too excessively
^the^^man^factoe
^-^" capitalizing per-share earnings.
(1) Like

respect that if I promised to

one

and

no.

Here

build

way

the

by your actions that you are;

(from the speech of Mrs. Katie location of plant and equipment;
Louchheim, Vice Chairman Demo- research and development; sales
era tic
National
Committee
in promotion; inventory; materials;
ADLAI AND WILMA
charge of Women's activities, be- branch and service offices outside
:
fnrp
thp
rionvpnt.inn.
.Tnlv
11. of New York: and working caniIs the political convention fore
the Convention, July 11, of New York; and working capi¬
tal for general business.
analogous to the company meet- I960).

ing? Our

think

„

"Accord"), and,
on
the The
hand, the lesser degree of

independence

made in the above and also in our
dispatch of last week to Call-

000*

-/aeLCn^rTheMT?ebasurvn-Re- indTvidualists
his

Champion

a post-script to our reference

and

o£

S^Truman
?
iruman

didn't

certainly not within a few days,
I told him that I was like him in

better

will

now

enjoytS^fexhibUed^ under Prls"

own e above-

that

the

compromise

told

he could get this information and

and-excessive management

the Democratic Nominee's election
is

shows

that is willing to do a my best to do it, otherwise I
favor for a friend, or a client, that wouldn't make the promise in the
'i sometimes slightly beyond the first place.
,
political conventions.
? fornia'Governor Brown's"esposal £s sometimes slightly: beyond the first place.
call of >duty."
Another client wanted
two
.
(1) In direct contrast to the of < cumulative - voting (propor- pn
of '1l1™"
* _ - i.i—
fraudulent statements flowing tional representation),/we learn
Thic Is c„iMni!lncuin
prospectuses of recent security isThis T„ Salesmanship Too
sues
in which my firm did not
from the political arena, is the that much of the credit is due the
regard for truth and the real facts State Director of Corporations, /punng the past week, in ad- participate. I obtained them from
.I Sobiesky, a direct descend
dition to talking with clients, ad- the underwriters and sent them to
fo?]?wfd by corporate officials — John
of
- _» ■
\
With this difference even ; more ant pf a reigning Polish ; king. vising on purchases and sales, ana- him. <•-* more ant
a
reigning Polish; king.
Another call came from an outstriking in the case of communica- The California statute forbids any: recommending investments here
tion pre- and post-"Arena" (pro- California - domiciled corporation
1*ems that,, went Gf-town client whom I had not
bl^.y by,j?l? corporate managers from selling its shares unless they
d
' \ ?assure -the:re is heard from in six months. He gave
be1?^ additionally guaranteed by provide cumulative voting. Addi- nothing unusual in this, and that me three orders and said, "When
statute).
.
tionally, under a Sobiesky ruling,
securities men with an you were
my
town a few
(2) Whereas Mrs. Soss plumps non-state domiciled corporations
are as busy doing months ago you were nice enough
fQr
closed_circuit
television wishing- to- sell "non-cumulative" these little favors as I have been, to telephone me and ask how I
Client A sold some securities wag^ even though I had done no
coverage of her and her co-own- shares here, must include a legend
ers' meetings at company expense, disclosing that cumulative voting and left the city. He called me business with you in a long while.
as one of her chief causes celebres; is not provided for, and that this on long distance to ask if I would Now I have some business for you
the TV coverage here and at Chi- means that 51% of the outstand- see to it that instead of mailing and I want you to know that I
caZ° is a super-network affair, ^g stock can elect all the direc- him a check that we make pay- also think of the people who think
and sold for tens of millions of tors> with the 49% electing none, ment to one of the banks where of me."
income.
1 In at least one case the Cali~
does buJines/'+Pe sp1elledJ?uj
A11 during the week I received
(3) The Favorite Bum, endemic forma companies boss has gone a
Proceeds of the sale, added inquiries for information from
to the stockholders' Meeting. This steP fVr1t.her* In the case of West~
J " an5c+aJ Jf* e ?Yed
fiends and clients. One man had
refers to such management, in- ern Airlines, he enjoined the sale b£eck to mv firm fL^his amminf a !fuge rea.1 ,esiate d^al Pending
dividuals, in the eves of Wilma as of additional stock because the joeck to my tirm tor this amount. and he wanted the explanation for
*
the
male
sauatters
exclud'ine company, a Delaware corporation, He also asked us to pick up some a certain item on a financial state-,
securities that were at the bank
ment of a particular company. He
women from the Board of Direchaa abandoned its initial precumulative provision.
However, as collateral that would be re- didn't want to show his interest
tors; the Gilbertian "pilferers" of

question seis
well as the legalities: we conclude
that the result expectable from
on

Local

Our "Net" Conclusion

consistent

t0rS"

con-

who

man

who

and

jrest in their welfare. There

*rV

theFavorite Son

of. chamPion L^wis Gilbert's

BY JOHN DUTTON

the net dis-

figure
and

SECURITY" SALESMAN'S

In any event, some important
asP?cts of the business, now entailing considerable c o n f u s i o n,
should be clarified for both inves-

Continue f
.
transcript* of his noisy floor demonstraters and infoUowing aC^xm , here on the terrupters.
; Favnrito
a»
fullest remans
;
•:—v;- >
(3) The iFavonte Son. As an
subjecthpprt
critical here
trative coincidence, Governor

his home town. While visiting one
of his old friends he was asked
if he could obtain some mformation: regarding a "small, publicly
owned, business that was located

With Gaston-Buffington
(Special to The Financial Chronicle)
— C h a r 1 e s
M.
Rankin ha's been added to the
^ ^ ^ qaston-Buffington-Waller,

ATLANTA, Ga.

Inc., William-Oliver Building.

Dempsey-Tegeler Adds
(Special to The Financial Chronicle)

MINNEAPOLIS, Minn.-Jack W.
Webber has been added to the

city where we both live^ staff of Demps^-Tegeter^ Co
thonffht of nfe
fnrmprlv^
thei?a1i(^al
find out
p^
Minnpa^ol^
nrnrrintlv

rnp

?fed

with

of Minneapolis.

something about this co pa y
a«d I his friend's name and ad¬
tained told him T would try. I ob-

communication and alariri system

Elected Director
Wilton

dress and went to work.

Jaffee, Jr.,

partner in

submitted by "the directors."

15pe ±;

Yaof/keeStock'Ejfchange,°has6b^

SJSff£SmwSS!'St£ if!S?*m*S3XUSiXS »ar; SOSS inthe telephone
tsrz sftars.'wrag tt'aswasf t

n<3

elected a director of United Im-

npfition

for

the

public's

tn fnpi thp attractive

deposits

known as

operation, is Engineered

Silent Alarm System.

protect

banking tistical services, but there was

sss ZZSS&sSZ
sss 'z ®tk siss.v;£sks rsssmsisw: s—»■««
SK5S ^sssjws
With Quinn Co.
£wrfafs hasa &.°sS£ aago and there
?
ssrsz
e; ,Convention Chairman ware
system
been just
few months
trf=

Now

Com
bns

similarly

1e time of the
anton

(excepting

Stevenson mob's

wasting of millions of dol-

cuch bonuses

i;i coded signal. The
to the switcher in installed, tested and

field, as dictated by the nature of the business, is in contrast

this

leased by 12

branch banks in the New York
City area.

pnrrpnt

a
was a

(Special to The Financial Chronicle)

quoted

over-the-counter

frfend? A^copy
the letter was sent to my

customer

DENVER,

En^er

Colo.

—

has 3°ined

Mrs.

the

Minnie

staff

Quinn & Co., American National
was

ssstrrirss saar-wa^wst—-—- -

The Commercial and Financial Chronicle

(298)

Indications of Current

The following statistical

Business Activity

week

latest week

Latest
IRON

AMERICAN

STEEL

AND

Indicated Steel operations

Equivalent to—
Bteel ingots and castings
PETROLEUM

AMERICAN

oil

Crude
AO

oflllnuc

Crude

(net tons)

.July 23

output

►1,476,000

1,739,000

output

(bbls.)

Distillate

fuel oil

output

365,000

6,831,210

6,811,260

6,780,960

IRON

tons)—Month

118,280,000

8,295,000

7,836,000

28,939,000

30,677,000
2,685,000

29,929,000

2,557,000

2,605,000

13,051,000

12,959,000

12,443,000

June

7,394,000

11,457,000

July

6,046,COO

5,988,000

5,749,000

201,302,000

GOVERNORS

28,755,000

207,935,000
25,788,000
101,123,000

DOLLAR

ACCEPTANCES

STANDING—FEDERAL

125,818,000

oil

at
Residual fuel oil (bbls.) at
ASSOCIATION
Revenue

CIVIL

(bbls.)

116,730,000

AMERICAN

42,679,000

41,239,000

40,394,000

456,330

549,416

648,463

552,313

523,235'

Private
Public

and

Federal
COAL

399,367

493,046

$601,100,000
304,800,000

$518,700,000
250,900,000

$583,200,000
370,900,000

228,100,000

296,300,000

267,800,000

212,300,000

218,500,000

New

228,400,000

180,400,000

139,100,000

Middle

July 14

~—

municipal.

OUTPUT

(U.

coal

—

S. BUREAU

and lignite

SYSTEM—1947-49
EDISON

ELECTRIC

Electric output
FAILURES

AGE

100

DUN

—

Lead

Louis)

(St.

(delivered)

Zinc

Straits

tin

MOODY'S

South

41,000

68,000

355,000

47,000

109

•126

13,031,000
271

353

242

6.196c

14,053,000

6.196c

$66.41

$31.00

$31.50

July 13

—

;

32.600c

31.675c

30.975c

30.100c

July 13

12.000c

11.800c

13.500c

-July 13

13.000c

26.000c

11.800c

at_

102.750C

-July 13

102.625c

101.250c

Europe

85.20

90.06

89.78

July 19

87.99

87.72

86.98

.July 19

Asia

85.07

86.57

11.500c

79.72

79.01

.July 19
July 19
July 19

Group

Utilities

Group.
Group

83.53

85.98

87.32

Crude

.July 19
-July 19

Group

CROP

Utilities

87.59

83.15

83.03

84.94

85.59

85.33

85.07

86.91

87.59

All

3.89

4.77

4.78

4.41

4.58

4.59

1,4.80

Group
Group

5.21

5.27

5.08

4.90

4.93

4.94

4.79

4.71

4.74

4.76

4.78

4.44

4.47

July 19

4.61

4.64

375.0

376.7

376.1

182,700

317,772

328,895

174,810

308,618

327,206

450,185

482,631

TRANSACTIONS

FOR

ACCOUNT

109.37

109.97

110.23

Late

2,912,540

2,480,310

2,346,590

612,800

618,890

490,050

335,610

Total

purchases
Short sales

Apples,

614,670

437,770

431,930

407,240

82,400

117,000

53,600

45,300

463,820

370,750

364,150

June 24

sales
on

2,280,270

June 24

Initiated

2,023,480
2,513,530

1,944,660

2,963,790

2,201,840
2,820,730

Hops

355,600

546,220

487,750

417,750

400,900

the floor—

;

June 24

896,918
130,730

780,025
113,750

135,210

June 24

690,895

752,697

804,645

887,907

713,250
829,140

3,736,061

3,483,448

transactions for account of members-

purchases-

June 24

sales

4,542,378

4,130,335

June 24
-

sales

825,930

849,640

678,860

June 24

3,140,327
3,819,187

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

Dollar

—

SECURITIES

dealers

EXCHANGE

(customers'

.June 24

value
.

Odd-lot purchases by dealers (customers' sales)—
Number of orders—Customers' total sales

xx; Customers'

short sales

Customers'

other sales

Dollar

value

$95,863,360

7,100

.June 24

1,981,407

$83,897,433
514,540

556,820

SALES

THE

round-lot

Short

600,200

5~56~820

514,540

570,920

670,970

607,840

914,900
18,262,700

924,740
17,511,080

June 24

826,340
15,672,170

19,177,600

18,435,820

16,498,510

14,804,890
15,387,840

Processed

foods

Meats

commodities other than farm and foods.

5In<|lude® 1.024,000 barrels

119.6

119.5

July 12

88.8

88.0

.July 12
.July 12

89.2

108.1

iSSSS.

—

107.6

107.5

96.9

97.1

128.3

128.2

July 12
runs.

128.3

§Based

new

centers°where

annual

■.1-7-

.v-

14,277
18,703

'1,797,087
7,313
17,015
53,600

106,870

121,787
74,339

76,809

28,281

30,191

28,431
"

—

3,139

3,142
117

COMMISSION—
middle

199

215

223

230

61.2

61.3

64.5

;__ZZ
Anier.

Tel.

Tel.)

(214)
V

"I
IN

GREAT

3.52

3.09
4.05

3.87

3.77

2.97

2.71

3.60

3.28

£52,546,000

£20,763,000

27,015,000

BRITAIN

(BUREAU OF

June___

£55,645,000

MINES)—

May:
wx;(barrels)
from

2.98

IZ„__

__.

ISSUES

end

3.731
3.98"

4.29

3.97

5.55

3.47
5.70

3.39 %

____^.

—

LTD.—Month

June

General

Net

27,341,000

40,085,000

•38,721,000

33,428,000
32,992,000
36,527,000

$286,470,602
8,004,740

$289,499,974
7,510,814

$284,816,926
5,350,391

$281,989,160

$279,466,535

31,832,000

(barrels)__.
(barrels)

—III"

month

(per

30,185,000

$278,465,862

mills

cent)
DEBT DIRECT

AND

funds

balance—

debt
annual

ZZZZ

rate

119.6

canacitv

119.4

S&3X2?ftTstttS&S

3.297%

3.327%

2.867%

GOVT. STATUTORY

—As

Total

face

at any

99.8

128.4

23,558

33,519
'

73,239
:___

June

DEBT LIMITATION
(000's omitted):

amount

that

may

outstanding

time

$295,000,000

obligations not

owned

Grand
under

total

face

debt

outstanding

amount

above

$289,499,974

$284,816,926

outstanding public debt obli¬

gations not subject

Balance

111,019

guaranteed

obligations
Deduct—Other

284,705,907

133,449

the

Treasury
Total gross public debt and

$290,000,000

289,366,525

$286,470,602

debt_

$295,000,000

286,330,760
139,841

public

gross

88.6

107.6

98.0

of foreign crude

14,461?:'

•

7,744

Guaranteed

.July 12

products

4.005

3,144
v

16,705

(bushels)

crop

STATES GROSS

Total

commodities

iVv

14,956

3,287
26,995

1,842,999

Outstanding—-

All

582,950

jdity Group—

Farm

3,014
*

•

CEMENT

UNITED

U. S.

June 24

Total sales

28,212
31,792

BANK

Computed
June 24

■

'14,749
-

incl.

Capacity used

WHOLESALE PRICES, NEW SERIES —U. S.
DEPT. OF
LABOR—(1947-49 = 100):
All

;__

;

CAPITAL

Stocks

564,070

sales—

sales

Comm

3,114
3,287 '•
f, r

(15)

Shipments

436,710

Jun^24

sales

Other

STOCK

EXCHANGE AND ROUND-LOT STOCK
TRANSACTIONS
FOR ACCOUNT OF MEMBERS
(SHARES):
Total

4,375

GUARANTEED—(000's omitted):

June 24

dealers— Number of shares.

18,212

3,304

46,205

(125)

Production

436,710

600,200

4,377

17,296 %•'

—

■i

(25)

(not

PORTLAND

$77,071,580

June 24

Other sales

STOCK

Banks

7.682

June 24

ROUND-LOT

Utilities

1,529,786

$91,059,280

bag)J.

__________________

Railroads

1,537,468

10,090

1,702,805

64,739
22,128

-r—-

4,020
lb.

(cwt)__

1,653,714

1,712,895

.«.st...

22,260

Railway Employment at
(1947-49=100)

Industrials

$90,089,463

7,874

.June 24

sales

Round-lot purchases by
TOTAL

1,936,738
v;

1,928,864
$91,492,427

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

1,988,507

.June 24

66,589

.___

(ton)

COMMERCE

MIDLAND

1,812,704

8,911
'

WEIGHTED AVERAGE YIELD—100
COMMON STOCKS-—Month of June:

3,510,310

$92,972,593

53,122

112,764

10,528

Month

.June 24

22,709

115,689

;

(ton)

NEW

2,056,780
$105,240,348

21,495

____w_———

COMMISSION

1,949,788

420,191

53,099

(bushels)

Insurance (10)
Average (200)

June 24

426,508

MOODY'S

purchases)—t

of shares

20,682
184,020

1,073,982

(ton)

June

3,013,510

4,601,883

3,263,485
4,113,125

204,702

32,209

(ton)

Index

496,800

3,775,553

June 24

Other sales

923,449

1,128,151

29,621

(ton

Apricots

729,618

4,361,170

252,028

___—

(cwt)

Cherries

115,890

961,143

1,091,673

June 24

sales

823,821

1,019,282

1,140,497

(bushels)

INTERSTATE

June 24

Other sales

Pears

1,271,310

223,160

____■

commercial

Grapes

1,347,468

(pounds)

Peaches

sales

,V' Oi

/x;•

beets

June 24

transactions

85,674

4,079,151

Sugarcane for sugar and seed (ton)
Sugar

2,350,990

the floor—

150,117

87,667

___

summer

June 24

Initiated off

—

138,403

108,266

257,451
34,291

Tobacco, (pounds)

3,030,790

110,771

•147,050

1,090,017

Winter (cwt)
Early spring (cwt)
Late spring (cwt)
Early summer
(cwt)

June 24

purchases-

REPORTING

Hay, lespedeza (ton)
Beans, dry edible (cleaned) (100
Peas, dry field (100 lb. bag)

June 24

transactions

CROP

«—

bag)
(ton)

Sweetpotatoes

June 24

sales

EXCHANGE

—_

—

all

110.91

June 24

sales

Number

pounds)

lb.

MEM¬

Short' sales ■'—

Odd-lot

of 2,000

Potatoes:

BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
of specialists in stocks in which registered—

Total purchases

(bushels)

(100

567,234

.July 15

•118,129

106,207

(bushels)

449,939

Transactions

Total

111,929

161,073

pounds)—

Hay, wild (ton)
Hay, alfalfa (ton)
Hay, clover and timothy

180,359

July
July

5,824

June:

(bushels)
(bushels) 4
spring (bushels)

Kay,

255,670

July

AVERAGE=100

Short

spring

Rice

382.3

.July

3,076

3,705

S. DEPT., OF AGRICULTURE—

Flaxseed

4.59

-July 19

—

(tons)

round-lot

(tons

Barley
(bushels)
Rye (bushels)

4.75

4.43

28,554

509

5,685

.—

_______

Oats

4.59

4.79

Percentage of activity—.
Unfilled orders (tons) at end of period.

Total

tons)—

(bushels)

Other

4.72

4.78

157,634
120,180

3,421
'

...

4.07

4.74

110,117
100,502

(net

of 2,000

Winter

3.84

55,920

Crop as of July 1 (in thousands):'
Corn, all (bushels)
___v.
;
Wheat, all (bushels)

OIL, PAINT AND DRUG REPORTER PRICE INDEX-

Total

tons)

(net

tons)—

PRODUCTION

85.46

4.56

NATIONAL PAPERBOARD ASSOCIATION:
Orders received (tons)

Total

:r i

59,625

(tons of 2,000 pounds)___
fabricators—

BOARD

81.29

3.76

MOODY'S COMMODITY INDEX

Other

America

Central

America

84.81

.July 19
July 19
.July 19

;

Total

79.01

■■

-July 19

Other

v^x.xxv.;v;V,,

85.85

-July 19

Short sales

$528,457,711

Refined copper stocks at end of .period.(tons
of 2,000 pounds)——

89.23

.July 19
A

Total

$579,632,031

Durum

Other

$594,323,057
'65,865,346

(net tons)_

(tons

Refined

84.06

85.07

87.59

86.91

Government Bonds

Total

81,002,065

$587,079,381

(net

Deliveries

102.625c

89.64

84.94

July 19

Other

156 918,524

$660,634,096

Copper production in U. S. A.—

MOODY'S BOND YIELD DAILY AVERAGES:

124,765,963

—_

Baa

ROUND-LOT

(BUREAU OF MINES)—

and

South

1949

32 ,553,802

82,781,385
Y.

May:

North

AVERAGES:

.July 19

Production

96, 459,843
37 989,972

$669,860,766

•-

COPPER INSTITUTE—For month

24.700c

July 13

.July 19

Industrials

35,507,015

To
-

11.000c

-July 13

—

Public

54 ,062,196

122 321,213

—

tons)

12.000c

Aaa

Railroad

62,786,697

99,401,141

________

—,

$32,349,706
105,212,859
64,795,834
106,183,722
94,933,i86
38,262,741
30,136,505
120,448,504

124, 775,904

U. S. exports of Pennsylvania anthracite (net

25.575C

12.000c

-July 13

Baa

$35 552,642

173,179,788

—

outside

Month of

30.700c

July 13

Bonds

Average corporate

V-V

•

■

City

Total

$39.17

87.75

U. S.

Z.
$25,014,047
118,206,939

—

_——

DAILY

30,999,176

York

New

$66.41

$31.17

85.59

Public

13,415,000

258

.July 19

Industrials

$983,074,000

——,i,

Central

Pacific

QUOTATIONS):

U. S. Government

Atlantic

Central

PRICES

$1,381,999,000 $1,263,464,000

DUN

—

___—

West Central

126

14,208,000

Average corporate

Railroad

144

July 12

Atlantic

COAL EXPORTS

ton)

VALUATION

Mountain,

July 14

(primary pig. 99.5% )
(New York) at

BOND

1,556,000

July 12
July 12

(East St. Louis)

Aluminum

South

8,800,000

PRICES:

gross

(E.

111,350,000
255,849,000

Electrolytic copper—
Domestic refinery at
Export refinery at
Lead (New York) at
tZinc

79,400,000

•1,855,000

July 16
INDUSTRIAL)

INC

(per

31,900,000

1,265,000

July

(per lb.)

PRICES

67,900,000

East

Pig iron (per gross ton).

Scrap steel
METAL

86,950,000

286,415,000

England

July
July

—

(in 000 kwh.)

COMPOSITE

Finished steel

19,4981000

320,514,000

Total United States^

AND

51 >451,900

INC.—217 CITIES—Month
" Y.

of May:

179,500,000
88,300,000

INSTITUTE:

(COMMERCIAL

BRADSTREET,
IRON

13,725000

93,875,000

—

PERMIT

BRADSTREET,

INDEX—FEDERAL RESERVE

AVERAGE

000

______—__—

Total

$446,600,000

MINES):

(tons)

Pennsylvania anthracite (tons)
DEPARTMENT STORE SALES

000

327,034

_—

BUILDING

Bituminous

exchange

July 14
July 14

construction—

credits__j.____—

16,842,000
74,390,000

on goods stored and shipped between
foreign countries

ENGINEERING

construction

State

$255,568

473,795,000
13,094,000

Based

construction

455,071

Dollar

NEWS-RECORD:

Total

warehouse

July 14
Tuly 14

—

$351,759,000

BANK

shipments

Domestic

54,349,000

July
July

Domestic

RAILROADS:

CONSTRUCTION

$228,601,000

OUT¬

RESERVE

NEW YORK—As of June 30:

28,494,000

July

freight loaded (number of cars).

ENGINEERING

$232,953,000

;

192,752,000

July
July

201,716,000
27,549,000
111,722,000

fuel

8,754,119

6,272,432

(000's omitted )___—

of June

BANKERS'

6,466,000

July

Distillate

10,907,634

(net. tons)—,

THE FEDERAL RESERVE SYSTEM—Month

28,434,000

(bbls.).

(bbls.) at

8,830,472

6,700,000

$250,837,000

products

May—

Stocks at refineries, bulk terminals, in transit, in pipe lines
Finished and unfinished gasoline (bbls.) at
Kerosene

Ago

produced

500,910,000

steel

DEBITS—BOARD

BANK

1,644,000

Year

Month

$375,468,000

7,836,000

July

INSTITUTE:

STEEL

AND

and steel for castings

ingots

(net

6,802,425

July

output

of that date:

are as

Month
AMERICAN

Month

July
(bbls.)

either for the

are

Latest

July

(bbls.)

average

of quotations,

v:;

12.9

(bbls.)

Kerosene

Residual fuel oil

AgO

61.0

July

stills-^daily

§1,566,000

Dates shown in first column

that date, or, in cases

Shipments

output—dally average (bbls.

production and other figures for the

cover

Year

Ago

•51,8

INSTITUTE:

Aflph )

runs

Gasoline

Month

Week

§54.6

July 23

month available.

Steel

condensate

and

Week

INSTITUTE:

(per cent capacity)

month ended

tabulations

Thursday, July 21, 1960

limitation...

obligations
authority—

Issuable

405,638

406,533

418^452

$286,064,964

$289,093,441

$284,398,474

8,935,035

5,906,588

5,601,525

Number 5970

192

Volume

and Financial Chronicle
The

Commercial

. .

announced.

models, the

eel
steel
rt

in&
Tc

is far

users

the

podge Dart
Los

Continued from page
gllto
3 nto

outlook,for Mg
from encourag-

magazine says.

cars halted July 12 at

Truck
tonnage was
also 22.1% behind that of the
pre¬
vious week of this year. -

changeover schedules
Imperial was built

—

rivpi'

the

lm-

flL-e
ton?.S

The four small cars induring the 1960 model
have resulted in better

may

stimulating the mar-

sales by

auto

keL

small cars

with four more

1961, the 800-lb. loss of

coming in

compact compared with
conventional car will have an
impact on overall steel consumpion by the auto industry.
As
the market
continues to
hump along at a low rate of orders
Lobablv not strong enough to
ctpel in a

Co.

plants

were

idled by two strikes.
An estimated

assembled

104,164

compared

year

week

same

cars

said

63.4%,

the

while

that the

The

eggs, and steers.

were

week-to-week

de¬

period last

week

week's

output
Chrysler > Corp.

ac¬

bellies,

corn,

sugar,

On the downside
flour, wheat, rye, oats, beef,
lard, coffee, cottonseed oil, and

In the preceding
July 2, sales were
24% over the like period last year.
For the four weeks ending July 9

week

cocoa.

experienced

is available.

Electric Output 5.9% Above
1959 Week

was

were

in previous
The
Dun
&
Bradstreet, Inc.
for which comparable data Wholesale
Food
Price :r Index

years

Motors

serve

Higher in wholesale price this

A number of

indicated

127,502

General

also

The

amount

electric

energy

not

cost-of

20.0%, American Mo¬

the

year.

ended

increase

represents the sum total of the
price per pound of 31 raw food
stuffs and meat in general use. It

reported

was

period, and from Jan. 1
to July 9 showed a 6% increase
over

1959n

chief function is to show the gen¬

Form VIP Programs

distributed
and

I. P.

formed

Programs, Inc. has been
offices at

with

in what
is turning out to be the toughest
since World

test

There is no
for

II.

War

weakening of prices
products. Base

prices are firm and there is no
significant waiving of extras.
However, the slump has pretty
well swept
away

the

warehouse

price reforms at

level

and

mill-to-warehouse level.
to

ances

distributors

the

Allow¬

many

products have been restored to a
great extent and jobber schedules
back

are

the

the old basis.

carbon

steel

warehouse

field, warehouses have put
through base price reductions on
standard

items

and

the

quantity

charge system has been modified
to

reduce

prices of

This Week's
On

The

Steel

54.6%

panies

steel

will

Iron

Based

Capacity

announced

operating rate

orders.

Output

American

institute

small

and

Steel

the

steel

op-

com¬

*96.9%

capacity for the week, begin-

X July 18, equivalent to 1,556,/!/ toas °f ingot
teased on
lon

and steel castings

average weekly produc-

1947_49)<

These

figures

o/nE9
witkl
actual levels of
,an.d 1,476,000 tons in the
week

Goldblum

Arthur

is President.

Zimmerman Forms Co.
SPRINGFIELD,
is

Zimmerman

business

curities
47

Gorman

offices

from

Lane

responding week in^958. Compar¬
isons are affected by the Inde¬

which fell
the current l96#week but not
the corresponding weeks
of

pendence Day Holiday
in

1959 or 1958.

Loadings in the week of July 9,
which also included the second
week of the coal miners' annual
vacation,
were
93,086 cars or
16.9% below the preceding week.
There

were

11,606

cars

reported

loaded with one or more revenue

(which

were

July

1960

included

that

ended

week

the

(piggyback)

trailers

highway

over-all total). This was
increase of 3,276 cars or 38.9%

week's
an

above the
1959

corresponding week of

and

7,319
the 1958

cars

on that capacity is

increase of
above the cor¬
responding period of 1959, and
tjnn v
on 1947-49 weekly produc- 151,492 cars or 121.2% above the
1 7^q dSl "'188.3% and production
corresponding
period
in
1958.
turn1?ns' A year a^° the ac- There were 53 Class I U. S. rail¬
at ^nnl$y Pr°duction was placed
road systems originating this type
ag0 the

1365,000

tons,

operating rate

*22.7%.

aSe'wltu°^ production
pro5*uction
etkly

is based

for

Co.
DIVIDEND NOTICES

States Lines
Company
Common

Stock

aver-

Cafor?oUiPT^ l p 16%Ford Plants
Despite EnIdleness
ed

mnilriysler

Business Failures Continue Down

close to last year.

Commercial and industrial fail¬

declining for the fourth con¬
secutive week, were down to 258
in the week ended July 14 from
271 in the preceding week, report¬
ed Dun & Bradstreet, Inc. How¬
ever,
casualties remained above
last year's toll of 242 in the simi¬
lar week, although they fell short
of the 1958 level of 279. Some 5 %
fewer businesses failed than in the
comparable week of prewar 1939
when 272 occurred.
Failures with liabilities of $5,000 or more dipped to 236 from
239 in the previous week, but ex¬
ceeded the 222 of this size a year
ago.
Liabilities ran above $100,000 for 34 of the week's casualties
—a mild rise from 29 in the pre¬
ceding week;

ures,

Wholesale

Food

Price Index
in a Row

Rises for Second Week

in a row
Wholesale Food Price Index.

For

the

the second time

The

dollar volume

total

of re¬

tail trade in the week ended July
13

was

than

higher

The Board of

Directors has,.a utilized
of a dividend of fifty cents
share payable September 9,
1960, to holders of "Common Stock of

the payment

($.50)

per

record August 19, 1960.
WALTER

FOX, Secretary

One Broadway, New York 4, N. Y.

ago, according to spot esti¬
mates collected by Dun & Brad¬

common stock
Dividend

The Board of Directors of

Central

its

and South West Corporation at

July 14, 1960,
declared a regular quarterly divi¬
dend of twenty-four cents (24c) per
ahare on the Corporation's Com¬
held

meeting

mon

Stock. This dividend is pay¬

able

August

31,

1960,

stock¬

holders of record July 29, 1960.

year

street,

Regional

Inc.

varied from the

leroy J. scheuerman

Secretary

estimates

comparable 1959

by the following percent¬
Mountain +4 to +8; East
North Central +3 to -f-7; Middle
Atlantic and East South Central
levels

Central and south West

ages:

Corporation
Wilmington, Delaware

+2 to +6; New England and West
Central 4*1 to 4-5; West
South Central 0
to 4-4; South

North

4-3; Pacific Coast

Atlantic —1 to
——2 to

+2.

Nationwide

Department

Sales Down

Store

13% July 9 Week

Department stores sales on a
country-wide basis as taken from
the Federal Reserve Board's in¬
dex for the week ended July 9,
1960, show a
below the like
the

decrease

13%

R. J.

Reynolds
Tekcco Company
Makers of

Camel, Winston, Salem & Cavalier
cigarettes

period last year. In

week

preceding

for

July 2,

Prince

Albert, George Washington
Carter Hall

DIVIDEND NOTICE

smoking tobacco

73,116 cars or 36%

the current week

com¬

50 one year ago and
corresponding week of

pared with
40

the

1958.

Truck Tonnage
Below 1959 Week

Intercity

17.7%

Cor^ closed out 1960
Intercity truck tonnage in the
Giar 0utput in the week
sen of
y 16 at its second pas- week ended July 9, was 17.7%
Aiim
Car assembly plant, Ward's below the volume in the corre¬
4tttorrwuve Reports said.
sponding week of 1959, the Ameri¬
eduction.: of
Plymouth** and can Trucking Associations, Inc.,
enripa

More hot weather and continued

DIVIDEND

totaled 276,435 for an

traffic

1947-49.

5.9% below production.

firm

Zimmerman

Compared

54 6%

were

the

under

Milton

name

Mass.—Milton J.
engaging in a se¬

full week ended

167.1%
above
week. Compari¬
beginning July 11.
Actual output for last week be- sons are distorted by the Inde¬
pendence Day Holiday which fell
£ :£\nLJuly n» 1960 was equal on Saturday in the corresponding
Tan
of the utilization of the 1959 week and on Friday in the
140 ^ni?60
annual capacity of 1958 week.
nS
net tons. • Estimated
Cumulative' piggyback loadings
pL+Cew ge *or this week's fore- for the first 26 weeks of 1960

,IO

ders

with the previous reduced-price Summer sales pro¬
motions stimulated consumer
July 2,1960, pro¬
duction
of reporting mills was buying in the week ended this
Car Loadings J3ff 17.4%
Wednesday,
and
overall
retail
35.5%
below; shipments were
From 195£rWeek
trade was up moderately from last
42.5%
below; new orders were
Loading of revenue freight for 21.6% below. Compared with the year. The most appreciable yearthe week ended July 9, 1960, to¬
to-year gains were in men's and
corresponding full week in 1959,
women's Summer apparel, out¬
taled 456,330 cars, the Association
production of reporting mills was
door
furniture,
and
air con¬
of American Railroads announced. 31.1%
below; shipments were
ditioners.
Less
noticeable gains
This was a decreassgspf 95,983 cars
27.0%
below;
and new orders
occurred in new passenger cars
or 17.4% below the corresponding
were 18.9% below.
and Fall apparel interest in floor
week in 1959 and'-ar decrease of
coverings and draperies remained
35,236 cars or 7.2% below the cor¬
vacation.^^

that the

average

of White Motor

Autocar Division
was

mill

standard

off all week for the same reason.

Fifth

111

Avenue, New York City, to en¬
gage
in
a
securities
business.

ing system is standing

over

1959

living index. Its

by the electric, light eral trend of food prices at the
power industry for the week wholesale level.
tors, 11.1% and Ford Motor Co., ended
Saturday
July
16, was
5.5%. No cars were made this
Wholesale
estimated at 14,208,000,000 kwh.,
Commodity Price
sustain a 50% operating rate), week by Studebaker-Packard.
Lowest in Over Ten Years
according to the Edison Electric
The statistical agency traced the
there are some indications of a
Institute. Output was 1,177,000,000
The
Daily
Wholesale
Com¬
drop-off in Ford Motor Co. pro¬ kwh. above that of the previous
firmer tone.
modity Price Index, compiled by
duction to a Cleveland stamping
For one thing, steel users with
week's total of 13,031,000,000 kwh. Dun & Bradstreet, Inc., declined
low inventories are trying to line
plant
walkout
and
a
Wayne and showed a gain of 793,000,000 on Monday, July 18, to 269.73
up mill commitments without ac¬
(Mich.) plant strike.
kwh,, or 5.9% above that of the (1930-32=100), the lowest level
tually placing orders. Apparently■ 4■ However,
since the stamping comparable 1959 week.
<
< since the 269.04
of July 1, 1950.
low inventory
is the policy of plant dispute was settled on July
The current index compared with
Lumber Shipments 3.2% Above
many companies,
but they are 15, Ford expects to boost compact
270.15 a week earlier and 276.14
trying to safeguard their mill car output to its normal level, Production for Week Ended July 9 on the
corresponding date a year
position without actually placing Ward's said.
Lumber shipments of 449 mills
ago. The decline was due to lower
orders.
Only five Comets were built in reporting to the National Lumber prices on grains,
coffee, hogs,
Secondly, the turn of events in the week under
review, compared Trade Barometer were 3.2% above cotton and rubber, which offset
Cuba, Africa, and elsewhere in with
2,970 Falcons and Comets production
during
the
holiday slight increases in lard, steers, and
world
politics
can
result
in last week.
week ended July 9, 1960.
In the steel scrap.
stepped up orders. With the world
For
the
rest of
the
industry, same week, new orders of these
Although wheat offerings were
situation uncertain,
many
users
most
plants worked five days. mills were 24.5% above produc¬ light in most markets, buying was
may feel more comfortable with
Rambler, however, planned a six- tion. Unfilled orders of reporting sluggish and prices fell fraction¬
bigger stocks of steel.
day schedule. Four plants were mills amounted to 29% of gross ally from the preceding week.
Among the products, galvanized
For
down
for
reporting softwood Improved crop prospects discour¬
inventory adjustment stocks.
and tinplate remain strong,
al¬
and two facilities were on vaca¬ mills, unfilled orders were equiv¬ aged
trading in rye and prices
though not up to what thev were
alent to 16 days' production at the were down fractionally.
tion.
two months ago. In the Midwest
Ward's said truck output rose current
rate,
and gross
stocks
Prices on the New York Cotton
particularly, heavy structurals are
28% over the previous week. To- were equivalent to 51 days' pro¬ Exchange were steady to frac¬
holding up better than most prod¬
duction.
taFVdlume was 19.240 vs. 15,038.
tionally lower than a week earlier.
ucts, because of heavy highway
Two truck Chevrolet plants were
For the year-to-date, shipments
construction in that area.*
Hot Weather and Promotions
Commenting on steel prices, the down July"' 15 for inventory ad¬ of reporting identical mills were
Boost Retail Trade
magazine says the industry's pric¬ justment, while 'Stwdebaker was 3.3% below production; new or¬
counted for

w'V/'-'T;

the Federal Re¬
System department
store
sales in New York City for the
week ended July 9 a
10% de¬
crease was reported over the like

$6.00 of a year ago.

is in line with the seasonal

crease

89,769 decline

built.

were

Ward's

a year ago.

beginning of the vacation season
from some shippers also cut into
volume.

last year,

opposed to the preceding

terminals

last week which had one less
work
day due to the July 4 holiday. In
the

Saturday

cars were

with

by Dun, & Bradstreet, an increase of 16% was reported.
Inc., rose fractionally from the For the four weeks ended July 9,
prior week, but it remained below a 2% increase was registered over
that bf the corresponding period the same period in 1959 while the
last year. On July 12, it stood at Jan. 1 to July 9 period showed a
compiled

These tonnage decreases were
largely due to the Independence
$5.92, up 0.3%
from the prior 2% increase.
last Day Holiday which occurred on
Monday of the reported week this week's $5.90, but 1.3% below the
According to

Angeles. Chrysler was the
first auto
company to start model

June 30
delays m
Ward>s
Imriotive "steel orders, steelmen iu¥eT?niime' volume Pointed out
t°m
that U.
swelled 16%
^--■'concerned over t.he im in the S. car
the
July 16
St? the small cars on steel 16 Ford Motorweek, even though

compound recent

«5y

(zyy;

QUARTERLY DIVIDEND

THE SOUTHERN COMPANY
(INCORPORATED)
The Board of Directors

has de¬

quarterly dividend of
per
share on the
outstanding shares of common
stock of the Company, payable
on September 6, 1960 to hold¬
ers of
record at the close of
business on August 1, 1960.

clared
35

cents

L. H. Jaeger,
Vice President and Treasurer

A quarterly
per
on

THE SOUTHERN COMPANY SYSTEM

Serving the Southeast through:

dividend of 65c

share has been declared
the Common Stock of the

Company, payable September
3, 1960 to stockholders of

Alabama Power Company

ord at

Georgia Power Company
Gulf Power Company

the

rec¬

of business

August 15,1960.
WILLIAM R. LYBROOK,

Secretary

Mississippi Power Company
i

Winston-Salem, N. C.

Southern Electric
Generating Company
Southern Services,

Inc.

July 14, 1960

Sixty Consecutive Years of
Cash Dividend

Payments

The Commercial and Financial

(300)

Chronicle

Thursday, July 21, I960

Governors

at the
Statler
Hotel, Hartford, Conn.

WASHINGTON AND YOU

Sept.

12-13, 1960

Hilt™

°n

(Denver,

Colo

Rocky Mountain Group of
Invest

ment

BEHIND-THE-SCENES INTERPRETATIONS

Bankers

ing.,
FROM THE NATION'S CAPITAL

Association

Sept. 15-16, 1960

(Cincinnati

Ohio)
Municipal Bond Dealers Groun

WASHINGTON

D. ,C.—A land¬

get rich quick
growing
trees,
but
there
is
to be made in growing
trees as a long range proposition.

small

There

also

are

land

such

The,

•

Forest' Service

high of

billion trees

were

says

than

result of

our

planted.

The

world

taking

are

and

071

1959.

delighted
planting. Tree
: farming is
sweeping the coun-'
try. It has become a hobby with
many people. Just a few weeks

the

millionth

acre

was

certified into the American tree
farm system.
/.
; V x
■

The

Fifth

the first

major

has the distinction of being Ver¬
mont's
tree
farmer
No. * 53.

-George Sokolsky, the syndicated
columnist, is one of almost 17,-

voted

the

tree

bankers
in

farmer.
in

Michigan,

and

for

are

growing

and

this

sign

There

are

Oregon
for

turn

bulk

the
the

century, the

the

timberland

longer owned by the great
companies

paper

Congress just

one

pieces of fores¬

legislation

passed

thing

The

one

fishing

need

Income
paper

such

and

for

of nearly

trees

for

when

every

de¬

••

are
increasing each
Packaging in this coun¬

for

example,

huge

has

grown

industry. Paper is

foremost

packaging mate¬
rial, followed by metal containers, glass bottles and jars, and

ture timber resources.
They are

plastic products. Packaging does
more
than just wrap, it must

tremendous.

help to sell.

times in

out

overworked

phrase,

trees don't grow
overnight.
The

booklet

the

The paper

many

industry is expand¬

world

the

years

from now, there will be
between
275 and 360 million
people liv¬

ing in
with

our

country as compared
nearly 180 million now.

That

means

have

the

double

country

will

the

growth of
the nation's sawtimber from
to¬
day's' 47 billion board feet to
105 billion board feet to
meet

demand is expected to
tinue to increase.

merous

The

16-page booklet now beZ ing issued by the Forest
Service,
Department of' Agriculture, is
based

700-page report

pre¬

pared by the Service in 1958 in
collaboration with state forest¬
ers, state

agencies and forest in¬
dustries, etc., in 1958.

"I hope everyone reads
this
16-page booklet, especially land
owners," said Richard E. McCardle, chief of the Forest Serv¬
ice.
"They should become ac¬

quainted with the situation we
face..
It is a challenge to all
American people—one I'm sure
we

can

meet if

start now to

intensify forest practices.

corrugated

products,

Buckeye Cellulose

Corporation
Foley, Fla., is the scene

continue

providing freer access
foreign markets is obtained.

[This

column

intended

plans for

These

views.]

months.

the

need

trees.

the
It

for

the

this

above
estab¬

year.

than in 1959.

other

land

use

crop

direct¬

ly affects the welfare of

land owners, according to True
D.

Morse,

Under

Agriculture.

Secretary

Small wood lands

Aug. 12, 1960

Snowflake in the east
tral part of Arizona.

cen¬

ucts

Corporation has embarked
three-year $30 million re¬
development program. The tim¬
a

berland holdings of the Ameri¬
can
Can
Company were in¬
.

the

Association meet*

Nov. 17-18, 1960

(Chicago, 111.)

Nov.

27-Dec.

Association

Aug. 18-19, 1960
Bond

Club

"Summer
bine

Convention at Hollywood
Beach Hotel.

(Denver, Colo.)

Denver

Frolic"

the

annual

Colum¬

Country Club.

June 22-25, 1961

(Canada)
Investment Dealers Association of
Canada annual meeting at Jasper
Park Lodge.-

Sept. 9-11, 1960 (Portland,
Oreg.)
Pacific Northwest
Group of In¬
vestment Bank e rs Association

meeting at the Sheraton-

Portland.

Sept. 11-14, 1960 (Sun
Valley,
Idaho)
National Security Traders
Asso¬
ciation Annual Convention.

Sept. 12-13, 1960
Association
of
Stock
Firms

meeting

the

Named Director
The election of Roy C. Breaux as
a
director of Mayfair Industries,
Inc. has been announced by W.

Goff, president.

Mr.

Breaux is a

general partner in the

banking firm

Company, members
York

Stock

investment
&
of the New

Kohlmeyer

Exchange.

Exchange
Board

Attention Brokers and Dealert:

Botany Industries
Indian Head Mills
Official Films

Southeastern Pub. Serv.

sggfl Carl Marks
WMm

FOREIGN SECURITIES

acquisition

fplSt

1111

20 BROAD STREET

TEL: HANOVER 2-0050

•

& Co, Inc.

Out! New York telephone number it

CAnal 6-3840

SPECIALISTS

NEW YORK 5, N.
Y.

TELETYPE NY 1-971

Co/

LERNER &

Investment Securities

TRADING MARKETS

Fibreboard Paper Prod¬

creased

Bankers

Indus¬

tries, Inc., will build the plant

Annual

than $32 million to
build and equip is
ready to be¬

Forest

Sheraton-Cadillac

1960 Hot Springs, Ya.)
Southeastern Group of Invest¬

pulp mill in Arizona

Southwest

the

(Hollywood

near

at
,

1960

and bleached kraft
pulps/ Construction of the first

The

Beach, Fla.)
r
outing
Country Investment Bankers

(Detroit, Mich.)

dissolving

gin.

vention

Hotel.

Basis Club annual summer
at the St. Clair Inn and

annual

are held by
than 3 million farmers and

1960f (Detroit, Mich.)
National Association of Invest¬
ment Clubs 10th
anniversary con¬

American
Bankers
Association
29th Mid-Continent Trust Confer¬
ence at the Drake Hotel.

Club, St. Clair, Mich.

A
record high of
about 36
million tons of paper and board

lished

IN INVESTMENT FIELD

use

Economic Data

28-29,

hardwoods by

the decades ahead.

Oct.

Bankers Association meeting.

and

various
paper
industry com¬
panies will help the needs for

Fall
Dinner
Grand Ballroom of

Nov. 10, 1960 (Minneapolis,
Minn.)
Minnesota Group of Investment

all points

Of course,

and

annual

the

(Miami, Fla.)
'
Florida Security Dealers Associa¬
tion
anhual/eohyenfion at the
Key Biscayne Hotel./,
/
j

few

the Biltmore Hotel.

Nov. 3-4, I960

;

past

York

Dance

lng./<//

just a few industry
expansion plans that have been
in

New

ment

own

are

announced

(New York
City)
Traders Association of

Security

the "Chronicle's"

multi-mil¬

Oct. 13, 1960 XCincinnati,
Ohio) ;
Ohio Valley Group of
Investment
Bankers Association
meeting.

pretation from the nation's Capital
and may or may not coincide with

multi-million dollar expan¬
sion program.
The Foley mill
produces 260,000 tons a year of

paper and

meeting.

Oct. 28-30,

to cost

re¬

flect the "behind the scene" inter¬

an¬

1 million non-farm owners. No

This is be¬

will

containers

Small woodlands

cause paper products are
being
used at an accelerated rate. The

'•

expansions.

trade

lion dollar container plant to be

Trade circles within the
past
few months have
reported nu¬

this

grow

Regis

con¬

New Plants Opening

Z mill at

timber needs.

Ripon

St.

Pulpwood re¬
ceipts and consumption will also
be about 6% higher this
year

that

says that by 1975 there
will be 215 million
people, and

2000, only 40

the

reports

by the

year

ing in all parts of the country.
Department of Commerce

newsprint
productive capacity is continu¬
ing to run ahead of demand, but

Service

the

production,
about
6%
1959, is expected to be

The

Forest

nounced

the

Department of Agri¬

Furthermore,

for

built at Magnolia, Miss.

time

plant

building

weeks

into

culture

fident

pro¬

October 15, 1960

ing export business amounted
to $337 million in 1959, is con¬

Company's

California.

recreation,
over the

Paper

to big business in the

pulp, paper and paperindustry, whose expand¬

board

ceremonies

recently

million

ducer

priority

comes

uses

scription

Future Timber Needs

pointed

held

were

year.

publication, Look
to
Timber, America, points
up this country's needs of fu¬

breaking

The

build
a
substantial
plywood
plant at Libby, Mont. The Flint-,
kote
Company, a major

try,

been

Ground

re¬

law

have

pros¬

United States.

Company of Middletown,
Ohio, has launched the biggest
capital improvement program
in history.

/ other under this law.-

owners.

adds

of fine timberlands

acres

South Alabama. The Crystal

Tissue

the

wildlife,

questioning whether or not
too many are being grown for

has

125,000
in

Paper Company next spring will

would

now

Your

bit more faith in this company if the
pectus wasn't printed in Latin."

area

years.

J There are so many trees be¬
ing grown in the United States
today
that
some
people
are

new

Simpson-Lee

try

wood-using in¬
Lawyers, widows and
clerks are buying
land, usually

de¬

mul¬

Bank

(Cleveland, Ohio) •,
Northern Ohio Group of
Invest¬
ment Bankers Association
meet¬
ing.

all

of forest lands for the

most important

dustries.

future profit to the

"I'd have

garded

great
is no

trees.;

Calif,)

Oct. 12, 1960

and the U. S. Forest Service

the

Michigan

and

America
Waldorf-

(Detroit, Mich.)
Group of Investment

Bankers Association

American Forestry Association

and

in small tracts, to
grow

W-

forest lands in this country. The

money

situation

will

problems

the

Oct. 11, 1960

utilization.

signed into law the multiple
use
bill involving our natural

Unlike

use

the

Hotel.

that

recreation.

trees

attention

cover

forestry

intergrated production of tim¬
ber, forage, water, wildlife and
recreation. //
.

and

example

CoQG'fS

Congress,

few weeks ago
passed and President Eisenhow¬

communities

many

Washington,

Marked

tiple

product

the

Women 38th annual
convention at
the Huntington--Sheraton

held in the West¬

fields

forest

090
property
owners
country displaying the

ever

Hemisphere, will

ern

Pearl Buck, the distinguished
American author, for
instance,

World

dinner

Ocfc 10-13, 1960
(Pasadena,
National
Association
of

the campus of the

to grow, through their leader¬
ship, the world's trees. Some of
them are internationally famous
in the world pf forestry.

ago

annual

University
Washington at Seattle from
Aug. 20 to Sept. 10 for a World
Forestry Congress/ These visi¬
tors coming to our country help

at the increase in

Astoria.

Taft Benson and other
officials,,
Federal and State, are

Day

Oct. 5, 1960 (New York
City)
New York' group of
Investment
Bankers Association of

2,000 foresters from about 50
foreign countries will assemble

Field

Abington, Pa.

planting on pri¬
vately owned land jumped from
1,326„370 acres in 1958 to 1,884,Secretary of Agriculture Ezra"

Annual

Huntington Valley Country
Club

interest in their forests. Nearly

Tree

■

(Philadelphia, Pa\
Club of
Philadelphia

Bond

35th

Nearly all the countries of the

on private lands.
A
2,118,471 acres were

Sept. 23, 1960

planting

total

Invest¬
Association faii

Bankers

meeting.

World Congress to Convene

tremendous increase

ment

In¬

anticipated demands.
Furthermore, we can't expect to
import much timber; the coun¬
tries growing it will use it."

two;

planted in

country in 1959, primarily
in

lands.

dustry and public lands cannot

fire, involved.
record

forest

Sept. 21-23, 1960 (Santa
Barbara, Calif.)
Board
of
Governors of

businessmen, retired people, and
the like, who own most of the
commercial

field day Sept.
Country Club.

Kenwood

alone meet

risks,

outing—.CqcyT

City Club;

"'The key to adequate future

owners.

annual

tails and dinner Sept. 15
at Queon

timber supplies lies with small
land owners such as farmers,

The United States Forest Serv¬
ice thinks so, and so do more
more

have the

know-how.
r

money

and

Cincinnati

have the land and

cannot

owner

10 Post Office Square,
Telephone
IlUbbard

2-1990

\
-

' •

Boston 9, Mas*
-

Bb w'

Full text of Commercial and Financial Chronicle : July 21, 1960, Vol. 192, No. 5970

FRASER