Full text of Commercial and Financial Chronicle : July 27, 1961, Vol. 194, No. 6076

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The COMMERCIAL and FINANCIAL

ESTABLISHED

1839

Volume 194

Number 6076

was

New York

AS WE SEE IT

Editorial
It

Reg. U. S. Pat. Office

7, N. Y., Thursday, July 27, 1961

Price

Cents

Copy

a

From Decartelization to Revival of

foregone conclusion that any substantial turn
for the better in business would
bring a broad and in¬
sistent demand by the labor unions for higher rates of
pay and all the rest which in this day and time go with
a

them.

It

about

was

dustry this

as

certain

that

the

automobile

West Germany's Branch-Banking

in¬

By Atlolph E. Grunewald, Associate Professor, Depart¬

would be the large branch of business
which would be expected
by the unions to "set the
pattern" for another upward sweep of labor compensa¬
tion and labor costs.
No one, therefore, is in the least
surprised at what is now taking place in Detroit and
year

Writer traces the

German
trol

the steel workers launched

nence,

similar

reestablished

and
all
to

positions

of financial

evasion

of

practical
have

In

Grossbanken

The
of

purposes.

bank's

The

reborn

power

is

World

of

proscription against bearer stocks for

helped provide the financial boost for that

general collapse which occurred at the end

the

fore

said

the

and

resurgence.

history of the German banking system from
the latter third of the 19th century is rich in dra¬
matic
developments.
Inflations and depressions

hardly expect, we are afraid, that the
Kennedy Administration will do very much to prevent
the present campaign from
taking the course the others
have, without exception, taken for a long number of
The

years.

President's

advisers

have

than

more

follow
the

end

issued

once

quite clear that they think that our defense—
probably our only defense—against continued and
in the end ruinous inflation is to be found in the
public
spirit and moderation of management and labor. We
have no doubt that a
general wave of higher prices
would be frowned upon
by Washington—Though how
effective such frowns would be is certainly problemati¬
cal— but it is clear that there is no
really influential
party or element in public life at this time which would
undertake to place pressure upon the unions in behalf
of real moderation in their demands
upon employers.
course,
are

institutions

curred

with

surrender

succession.

One

of

of

which

Germany

on

which the

groszbanken"
lished

in

was

the

re

oc¬

tion

May

of

Western

tion

also ordered

to decentralize according
Through the command of the West¬

banks

the

three

1 The

lying

A. E. Grunewald

banks

east

2 Prior

of

in

the

the

World

to

German

outside

"Bundeslander," the three

could

also

be

Russian

Oder
War

-

were

Zone

Neisse

II,

and

counted

the

were

River

socialized.
were

Those

confiscated;
the Berliner

two other banks,
Reichs-Kredit-Gesellschaft

AG

the
"Groszbanken."
These
however, did not maintain "daughter banks."
The
Reichs-Kredit-Gesellschaft AG no longer exists. The Berliner
among

banks,

Handels-Gesellschaft

Bank, the Dresdner Bank, and the Com-

but

its

juridical

has

seat

is

——

SECURITIES

West

branches

split into 30 re¬
gional banks or "Teilinstitute." The Teilinstitute
legal parts of their respective parent
Groszbank which contin(Continued on page 5)

Filial-Grossbanken—the

former

the

having

Filial-Grossbanken

Handels-Gesellschaft

of

prohibited
from
of the

one

remained

following discussion of this interesting pe¬
riod is divided into three sections: the decarteliza¬
Deutsche

the

"Lander" or "States" was
Grossbanken in the British

The

which

Berlin

and

permitted to continue their
centralized basis; but, in 1948, these

a

the borders of

The

"practical politics," though ob¬
viously the political setting is largely the result of past
politics and of the generally pro- (Continued on page 24)

on

American

first

Allies,

ern

Allies.i

of

at

were

the

In

to

1947.

commercial

German

the

in

were

to "Lander."

neutral¬
postwar
through the decarteliza¬

policies

to divide the banking

was

decentralization of the Filial-Gross¬

zones a

business

ized in the immediate
years

immediately.

banks

being

after

economy

three

four

according

zone

estab¬

-

the

ordered

the "Filial-

West

banks, among them the

step taken

banken

position of the three
as

order

Berlin

into

closed

major banks with large branch
networks known

next

French

unconditional

the

of

an

occupation zones. All the
private banks in the Russian zone were ordered

It is also the phase in

9, 1945.

such attitudes toward wages and wage

matter

a

quick

The

most

credit

and

Of

in

all

system

interesting phases is
the rebuilding of the banking
system after the complete col¬
lapse
of
the
monetary
and

it

earners

other

each

brought with it the destruction
On April 28, 1945, even be¬

Filial-Grossbanken.

The

need

II

hostilities, Soviet General Berclosing art banking houses
prohibiting every banking activity. This order

sarin

coun¬

War

Grossbanken.

affected

One

stature.

current

Decartelization and Reconstruction of the Filial-

key investments, general cash dividends,

the

try's phenomenal economic

Practical Politics

their

promi¬

the writer charts the financial growth, branch expan¬

sion, holdings in

of

post-World War II Allied Military Con¬

imposed decartelization to regained concentration.
their

evaluation

an

complete cycle of the three principal West

banks from

depicting

campaign at a time
when the general business outlook was possibly not
quite so promising. It was early in 1960 that the in¬
dustry finding that it could get no help or encourage¬
ment from Washington (to
say the least) capitulated.
a

ment;2 the three Filial-Grossbanken as they exist
today; and a summary of their development and

Michigan State University, East Lansing, Mich.

is evidently destined to occur there during the
weeks, perhaps months to come. It was in 1959 when

merzbank, all with headquarters in Berlin—after
World War II and their subsequent re-establish¬

of Accounting and Financial Administration,

ment

what

made

50

its

in

main

West

office

in

Frankfurt/M,

Berlin.

Underwriters and distributors of

—

REGISTRATION—Underwriters, dealers and investors in corporate

NOW IN

STATE, MUNICIPAL AND
securities

U. S. Government,
Public

tial

a

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

BONDS AND

Federal Land Banks

Municipal

HAnover 2-3700

Federal Intermediate Credit Banks

JAPANESE

STATE

Securities Co.,

Chemical Bank

So.

DIgby

BONDS

Hope Street, Los Angeles 17,

NY
Office:

Head

New York 15

•

Affiliate:

SAN

Nikko

•

1-2759

THE FIRST NATIONAL CITY BANK

Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier

U

OF NEW YORK

Inquiries Invited
California

FRANCISCO

LOS

Co.

Association

United States Government Insured Merchant

Marine Bonds and
International Bank for Reconstruction
an

in Claremont, Corona del Mar,
Encino, Glendaie, Hollywood, Long Beach,

TOKYO

Securities

Banks for Cooperatives
Federal National Mortgage

Offices

•

Kasai

Federal Home Loan Banks

Members Pacific Coast Exchange

Ltd.

Teletype:

4-7710

30 Broad Street

Co.

Members New York Stock Exchange
Associate Member American Stock Exchange

New York 4, N. Y.

Telephonfe:
DEPARTMENT

623

&

California

25 BROAD STREET

Company

1

MUNICIPAL

AND

Lester, Ryons

SECURITIES
The Nikko

NewlhrkTrust

NOTES

Dealers in and Distributors of Securities of

Securities

BOND

PUBLIC HOUSING AGENCY

"Securities in Registration" Section, starting on page 32.

Housing,

State and

telephone:

afforded

are

undertakings in

Bond

Dept. Teletype: NY 1-708

New

York

on

Southern

Securities

Correspondent

—

Pershing & Co.

and Development (World Bank)
Municipal Bond Division

O

THE
MANHATTAN
BANK

ANGELES

Net Active Markets Maintained

To Dealers, Banks and

UNDERWRIT1R
DISTRIBUTOR

T.L.WATSON&CO.
ESTABLISHED

SBALBR

DIVERSIFIED

Brokers

CANADIAN

LOBLAW, INC.

CALIFORNIA

1832

Block Inquiries

BONDS & STOCKS

Invited

Members
Commission

first




Executed

On

All

I

American

Stock

CANADIAN

Exchange

DEPARTMENT

Commercial

Teletype NY 1-2270

gouthweAt
company

Orders

Canadian Exchanges

New York Stock Exchange

Fishing
25

BROAD

STREET

DIRECT

WIRES TO MONTREAL AND

TORONTO
MUNICIPAL BOND DEPARTMENT

NEW YORK 4, N. Y.

Goodbody

&

Co.

BANK OF AMERICA

MEMBERS NEW YORK STOCK EXCHANGE
BRIDGEPORT

•

PERTH

AMBOY

2 BROADWAY
NEW YORK

1 NORTH

LA SALLE ST.

CHICAGO

-

40 Exchange Place, New
Teletype

NY

1-702-3

YorkS.N.Y.

WHitehall 4-8161

N.T.&S.A.
SAN

FRANCISCO

•

LOS ANGELES

2

The Commercial and Financial Chronicle

(370)

Banks, Brokers, Dealers only

For

The Security I Like Best...

Professional Service

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

This
Forum

OVER-THE-COUNTER

The.

AUGUST HUBER

Trask & Co.,

Partner, Spencer

than

more

leading O-T-C issues.

Nationwide facilities for

of all

broadest coverage

O-T-C markets.

Bendix Corporation

around 62, the
Bendix
Corporation

selling

shares

of

have

ranged between 44%

high

of 89

over

Earnings last year
(fiscal year
years.

New York Hanseatic

Exchange

Sept.

and a
the past several

...

Corporation
Established,

The

turn.

American Stock Exchange

Teletype NY 1-40

BOSTON
PHILADELPHIA

CHICAGO

•

SAN FRANCISCO

•

.

Private

Nationwide

Wire

Monthly

our

Telephone: BOwling Green 9-2895
is

not

orders

an

for

offer

any

or

for

solicitation

STREET

Prof¬
August Huber

run

Refined

quarterly

the

essary

cents

95

the

third

$1.30

esti¬

in

better

or

with

quarter

the

around

current

The

of

gins

has felt the

year

automobile

lower

profit mar¬

narrower

military contracts and
for research and

on

increased outlays

development.
Over

the

few

next
the

for

years,

company

is

the
en¬

About
15%
of the
company's sales represent a wide
variety of automotive parts; 6%
industrial products, 10% commer¬
cial aviation items.

Liquid

Exports—Imports—Futures

DIgby

4-2727

QUOTATIONS?
WILL

THEM

FIND
IN

Bank & Quotation
Record
(Only $45

per

(Single Copy

a

military

broad

orders.

aviation

line

of

These

products

other programs in
which Bendix participates are (1)
the
guidance
system
for
the
Pershing tactical missile; (2) sub¬
system or support equipment for
the
Polaris,
Minuteman,
Titan,
Terrier, Tartar and Skybolt pro¬
grams—including control devices,
tracking systems and launching
equipment.
Communications
equipment is being developed for
the
Advent
space
project, and
Bendix is an important partici¬
Among

pant in the Mercury "man-inspace" program.
Only last month, Bendix was
selected by the Navy to develop
the new long-range Typhon mis¬
sile. This weapon is designed for

shipboard interception of enemy
missiles, planes and vessels. The
management believes Typhon
work could mean a major system

bound

give
on

you

all

well

Over

as
-

publication

listed

will

the

-

securities

"hard

to

Counter

as

find"

prospect of (a) increased
production next year,
(b) the continued expansion
of government defense expendi¬
tures with emphasis in the fields
in which Bendix is most active,
a

sales

and

Bendix around 63,

call:

WILLIAM B. DANA CO.
25 Park Place

New York 7, N. Y.
REctor 2-9570




funds

sile

out¬

components

conditions
a

tronics

c o m

-

panies in this

controls,
systems, is an¬

branch

offices

SECURITIES

Ap¬

DAI WA
Securities Co., Ltd.

of

and,

space

tool

At

Telephone: BEekman 3-3622-3

in

the

as

elec¬

industry.

For the

developments include a
"alloying"
technique
for
making ceramic-metal combina¬
tions for high temperature use in

Natick,
—

near

Boston—there

MUNICIPAL

just such

a

Through

resistant;

the

T. Reid Rankin

material that

mutual efforts

Neil E.

the

Lazlo J. Bonis
graduates

Rogan,

and Ole A. Sandven, all

Institute

Massachusetts

of

Technology, the Ilikon Corp. was
development in the field

of

carried

on

a

group

scientists,

chosen
as

team

a

of care¬
work is

and

new

can

tremendous

atom

WEST VIRGINIA

the

are

VIRGINIA
NORTH

chambers

will

CAROLIN

call

match

Eh

to be encountered hun¬

pressures

dreds

which

CAROLIN

SOUTH

only

stand up under
heat
generated;

smashers and space-simula¬

tion

of

miles

above

the

earth's

RICHMOND,

surface.

ma¬

terials, engineering and science.

Together, with

metals

BONDS

of

missiles,
nose
cones,
skins for
missiles,, and aircraft where heat-

company.

OFFICE:

simulated

under

outer

production

NEW YORK

149 Broadway, New York 6, N. Y.

new

fully

our

JAPANESE

Other

field.

of

to

vacuum

and

VIRGINIA

Probably the most understand¬
able development is the aluminum
bubble

.

.

fected

developed and per¬
Ilikon's
scientists.

.

by

Molten

aluminum

is

blown

into

ideas

developed in high tempera¬ paper-thin bubbles and filled with
ture materials, electro-chemistry a specific
gas.
The bubbles are
and corrosion, physical and me¬ gas tight and
extremely light in
chanical
metallurgy
and - new weight. They can be formed into
material
forming
techniques; a honeycomb, or blown individ¬
new
materials and their
appli¬ ually. They can now be used to
cation for government and indus¬ build
"flotation"
chambers
for
try and pure research to develop ships—making a ship unsinkable,
future products in the new space- while at the same time
stronger.
-

A "

age.

The company

Four

principal products have
been developed to date: One is a
thermal
history
gauge,
which
gives a recorded history of tem¬
peratures over a set-time period.
This gauge,

the size of
for

a

a

method

is now working
blow

to

on

bubbles

these

with

helium, to be used in air¬
planes
which
can
make
them
"lighter-than-air" aircraft; ships
that

would

not

sink,

airplanes

that could not crash—sounds fan¬

which is only about
tastic—but, it is
dime, can be placed,

example,

at

fected

the

points of
two
stress and strain under high tem¬

Ilikon.

at

for

uses

will be

now

being per¬
are only

These

"bubbles."

There

in due time. You
give food and friendship
new developments are ex¬
to be completed and li¬ with every $1 package you send
censed
to
commercial
develop¬ to the world's
removed and the thermal history
hungry thru the

peratures in

is recorded and quickly read, in¬
dicating which parts should be re¬

ment

more

many

jet engine. After
Three
a commercial jet flight from New
York to California, the gauges are pected
a

-

in

1961.

Ilikon's business will, of neces¬ CARE

Food Crusade, New

York

placed or retained on the subse¬ sity, be contractual research and
quent flight. Compare this with development work in the field of

earnings.

appears rea¬

Another
Ilikon

has

is

material.

STAP

developed

a

new

ma¬

primarily
and

devoted to its present
projects (based upon

future

ideas

of

contract

ening.
The

its

as

a

15.5 times the

Over-the-counter

research

research

staff) with
constantly lessr

-

present

Ilikon is

plant

built

a

Quotation Services

for

modern

glass and steel
one-story, air-conditioned build¬
probable $4 share earnings for the ets and missiles where stress and
ing in the Natick Industrial Cen¬
current fiscal year, and well be¬ strains at high temperatures will
tre, Natick, Mass., a short distance
low an earlier peak of 89.
In a be encountered. This metal, many
from Cambridge and Boston. The
more
heat-resistant,
and most modern
good future year, potential earn¬ times
instruments needed
ing power could be around the having a very high strength-to- for research are used. Included
area of $6 to $7 per share.
weight ratio at elevated temperais a
12-ton electron microscope
with, a 50Q,000-times magnifica¬
tion. This microscope has a reso(This is under no circumstances to be construed as an offer to sell, or
sonably priced at

or

longer term

favorable

outlook for

quota¬

tions.

Write

high

suggest

long time.

The

the monthly prices

those

di¬

standing re¬

of

wires

now

tion, but not necessarily the flaws
that occurred in flight and which
may result in jet failure at a sub¬
sequent moment during flight.

a

automobile
This

Mobile, Ala.
Direct

engineering and sci¬
the standard technique of sub¬ materials,
jecting the various metal compo¬ ence, for corporations and gov¬
ernment agencies.
It is the hope
nents to X-ray and microscopic
of management that within five
examination which will show the
Ilikon's activities' will be
results at the time of examina¬ years

for

$4)

—

nec¬

to

toward

is

NY 1-J 557

;

7

and

year)

HArover 2-0700

New Orleans, La. - Birmingham, Ala.

today, with a comparable
quality, reliability and guarantee
feature, from any other source.
This type of equipment is used to
test the reliability of critical mis¬

invest¬

Mass.

Exchange

able

it

formed to undertake research and

missile and space work
(23%), with the balance com¬
prised of electronic devices, etc.
Bendix'
participation
in
the
missile and space field covers a
wide range. It holds prime con¬
tracts for the Navy's Talos mis¬
sile.

Need Hard to Find

YOU

from

derived

rect
ment

Stock

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

called

search

mated for the final period.

(41%),

—

Members American

...

first quarter
were
82 cents per share second
quarter 90 cents per share; about
in

City

sometimes

Therefore,
becomes

include

—

exotic materials

Co!

Members New York stock Exchange

enter the second industrial

we

trend is upward.

so-called

Raw

the present
in use.

components

miracles.

share
significantly,

per

but

is

SUGAR

,,

A catalog is shortly being issued
the containing a complete line of high
space-age, metallurgy is the key vacuum equipment developed by
which will unlock the scientific Ilikon
Corp. Nothing
is avail¬

The bulk of sales—about 69%—

NEW YORK 5, N. Y.

the

on

T. REID RANKIN

revolution,

$792-

outlook

WALL

listed.

As

last

couraging.

99

is

with

particular securities

LAMB0RN & CO., Inc.

Steiner, Rouse &

and

research, is director of the
plied Physics Department.

rhe Nomura Securities Co., Ltd. production,

This

rockets

tlikon Corporation

influences

York 6, N. Y.

stock

Stock Exchange.

New York

^

61 Broadway, New

(Page 2)

$750 million
compared

Earnings

Stock
Digest, and our other reports
that give you a pretty clear
picture of the Japanese
economy as a whole.
for

Analyst, Lubetkin, Regan
Kennedy, New York City.

&

kass,
who
is recognized
as
a
leading authority on high vacuum

$4

Write

kin,

Members New York Stock Exchange

million.

IN JAPAN

The

;

about

its should

Opportunities Unlimited

of

B o ught—S old—Q uoted

Corporation—T. Reid Ran¬

space

fiscal

at

year

year's

System

Louisiana Securities

Analyst, Lubetkin, Regan & Kennedy, other development. Mr. Imre Far-

the

current

Broadway, New York 5

WOrth 4-2300

for

development

Ilikon

'Ultra

estimate

sales

G

-

Corporation—August Hu¬

marketwise,
relative
to
space travel. Uses for STAP ma¬
earnings, and affords a terial
are
unlimited.
STAP
is
than average income re¬
lighter and cheaber to make than

New York

manage¬

ment

1920

Associate Member

120

Alabama &

industries, along with missile and
space devices, provide a basis for
encouraging potentialities. Mean¬ tures than the
existing metals
while, Bendix is a well situated now in
use, will increase the payissue which is still realistically
load in outer

better

1960)

,

product lines for the avia¬
tion, automotive
and electronic

current

$4.88
share.

per

extensive

;

.;

new

priced

were

\

•

The

Members New York Stock

Currently
•

Week's

Participants and

ber, Partner, Spencer Trask &
Co., New York City. (Page 2)

regular $2.40 per share
currently yields almost

4%.

Neiv York City

in

Bendix

dividend

MARKETS
500

Thursday, July 27, 1961

.

Their Selections

of experts

participate and give their reasons for favoring a particular security.

Positions

.

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

in

•

.

terial which will be used in rock¬

solicitation of an offer to buy, any security referred to hereinJ

.

,

Continued

on

Page 17

for 48 Years
National Quotation Bureau
Incorporated

Established 1913

;

46 Front Street

j New York 4, N. Y.

CHICAGO

f

SAN FRANCISCO

Volume

Number 6076

194

.

.

The
Commercial and Financial Chronicle

.

(371)

CONTENTS

Our Financial System
And Economic Growth
Washington, D. C.

Page

is certain

Federal

Reserve and Treasury

officials

Our

be trusted to

can

»

-

System and

Economic

Matt S.'Szymczak--J-J

,

high

a

Financial

is1 the

Cover

Growth—

fear

you're

Branch-Banking—Adolph E. Grunewald—

of money and banking experi¬

policies ensuring economic and financial stability and

pursue

KATHISOPHOBIA

From Decartelization to Revival of West Germany's

(1) outlines enigmas and conflicting goals facing the Fed; (2)

ence:

tired

phone

rate

of

what

economic

growth;

and genera!
matters

liquidity in

today.

money's

purchasing

its intrinsic value,

not

also

takes

note

of the

Credit

.'

are

all familiar with the long

•

The

Full

commerce.

chasing

a

The

other

for

the

standard

other

ties

fulfilled

adays

Obsolete Securities Dept.

T h

•

;

.

of

be

self-regulating

the

interna¬

economically

it

which

today,

and

speaking,

to the 19th century

ideas

money

the

we

seem

about

changed

of

are

have become

no

into

of what

eral
and

in

so

money,

accjustomed to the

was

once

what

matters

is

banks

to

su¬

To

Start

Year's

of

Second

Half-

Electronic int'i Cap. Ltd.

20

Singer, Bean

11

Nicolson

L.

*

HA 2-9000

&

*

Color

Currency—James

M.

Whalen

__

mackie,

Teletype NY 1-1825 & 14844

Validation of Seven E. German Dollar Bond Issues Approved-

19

Louis

23

Direct Wires to

Rasminsky

Heads

.

Bank

of

Canada

*

National Mutual Fund Association Formed
Studies

Yield

later

and

System

; but

accordance

recent

Federal

only

System

the

in

the

require

reserve

ratios

it

years

dyna-therm
chemical
As

We

See

It

19

is

sufficient
to

for

Dealer-Broker

Investment

Recommendations.

permachem

Join

corp.

ECM"_

9

___

From Washington Ahead of the News—Carlisle Bargeron

alaska

15

international
Indications of Current Business Activity

31

Market

17

.

.

and You

.

(The)—By Wallace Streete

aqua-chem. inc.

Mutual Funds—Joseph C. Potter

News

About

Banks

1

26

Bankers

and

18

Observations—A. Wilfred May

J.F.ReiIly&Co.,Inc.

4

39
Our

Reporter

Governments

on

Broadway, New York 5

22

DIgby 4-4970
Public

Utility

Securities

23

Securities

Now

Registration

in

32

Offerings

Security

45

Security

(The)

brought under the su¬
pervision of the Federal Reserve
or some
other authority to make
Continued

on

1868

State

Trade

of

Tax-Exempt

and

page

Industry

(The)

ST., NEW YORK 4, N. Y.
TELETYPE NY 1-5

D.

Mackey

14

You

Twice

Utilities

48

Weekly

Copyright

U.

B.

Glens Falls

Worcester

S.

REctor
CLAUDE D.

Subscriptions

Possessions,

Thursday, July

27,

corporation news,
city news, etc.)

Chicago

3,

111.

135

South

(Telephone

Canada,

of

Countries,
Other

clearings,

and

Other' Office:

Dominion

1961

bank

Bank

$45.00

Salle

STate

St.,

2-0613).

and
per

Febru¬

rate

foreign
must

be

States,

and

$65.00

$72.00

$68.00
per

account

of

the

year;

per

S.
of

in

year;

INCORPORATED

39

,

—

extra).

fluctuations

New

York

funds.

WHitehall

3-6633

in

exchange,
remittances
for
subscriptions
and
advertisements
in

BROADWAY, NEW YORK 6

Monthly,

Postage

of

made

W» V. FRANKEL & CO.

year.

Record

(Foreign

U.

Members
per

Publications

Quotation

year.

Note—On

the
La

matter

United

Union,

Other

Editor

Every Thursday (general news and ad¬
vertising issue)' and every Monday (com¬
plete
statistical
issue—market
quotation
state

in

Territories

Pan-American

Treasurer

MORRISSEY,

second-class

Subscription Rates

to 9576

SEIBERT, President

SEIBERT,

as

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

New York 7, N. Y.

2-9570

DANA
J.

Reentered

Office

COMPANY, Publishers

DANA

Park Place,

WILLIAM

Patent

by William B. Dana

1961

Company

CHRONICLE

FINANCIAL

records,

Schenectady

Southern Gulf

16

29

GEORGE

Chicago

22

_

Market—Donald

Bond
and

Washington

Members New York Stock Exchange

TELEPHONE HAnover 24300

2

.

Corner

Salesman's

of funds would also

sources

Spencer Trask & Co.

Newark

8

Einzig: "European Monetary Union Tempts Britain to

25

Nashville

bellanca corp.

the

confine itself

PREFERRED STOCKS

Boston

enterprises

48

-

The COMMERCIAL and

Albany-

continental

Cover

:

,.

Stocks

Coming Events in the Investment Field

WILLIAM




(Editorial)

Insurance

and

Reg.

BROAD

27

a

have to be

Founded

St. Louis

and

Municipal Bonds

Published

25

Government

oil

were

controlling the credit creation
member
banks,
or1 whether

other

course,

Philadelphia

with the monetary

Reserve

tender; and to safeguard its pur¬

specialized in

Differential

Security I Like Best

of

Angeles

implement the right to vary

whether

by its serving as legal

For many years we

Los

26

National

the

controversy
has slowly been developing as to

its

Cleveland

Chicago
San Francisco

IBA

Prospective

to

inc.

40 Exchange Place, N.Y.

be

already

was

when

Reserve

In

representa¬

acceptabilityof

have

Heinicke Instruments

13

15

Credit Money Multiple Expansion

ceptability, not its intrinsic value.
assured

Marked

needs of the country.

is

commodity,

is

i

Economy

foreseeable

important.

so

the member banks'

purchasing power and general ac¬
General

Amer. Int'l Bowling

Economy—

twenties and thirties did the Fed¬

money

gold

Masten

Warrants

money,

Reserve

established,

that I. convertibility
not important any
more.
Since money is recognized
as a means of payment and not a
tive

Changing

a

to

System

Federal

standard
money,
and could be converted
into it; today, all classes of society
use

in

and

note

Banking

coins
and
banknotes
acceptable because they rep¬
"real"

unlikely

set legal re¬
requirements for demand

recognized

for

we

of

power

commercial

its

much

too

thing,

one

and

the-

the need to limit the creation
and deposit liabilities by

sure,

gold standard:

money

in

why the Federal Reserve

deposits, is

waters

must have intrinsic value.
early days of the market

resented

Failures

opted

legal tender but also

System's

economy,
were

Bank

12

;

Management Consultant' Views U. S. Capital Outflow—

Bank

serve

longer wedded to the belief that
In

Common

gold standard;

appears

reversed

That is

did

though,

calm

reached

For

Del Webb

11

pervision of the commercial banks.

de¬

again, there appears little prospect
that the world at large will return

that.

Cobleigh__

,

*

monetary au¬
for
price

a

have

decision

issue of

world-wide

Thirties

from

blows

have

Butler

its

how¬
ever, cannot be limited to legal
tender money.
About four-fifths
of our money supply consists of
bank money, i.e., demand deposits
in commercial banks, and for that
reason monetary management im¬
plies not only control; over the

.

and-the

of

recover;

role

YORK

4-6551

automatic regulation

Management

system based on
longer exists today. Two

currency

our

U.

eco¬

future.

gold, between different countries
through international trade and
international capital movements.

wars

the

under

nations

this

matically determined the distribu¬
tion
of that
money
commodity,

have

WHitehall

10

practically
for con¬
scious management of money, and

through the forces of sup¬
ply and demand; and that auto-*

to

Steel—Joseph L. Block.

Babson___

David

strive

an

money

all

money

livered

STREET, NEW

Telephone:

Faced with this choice,

the value of

the total amount and

depression

A

Public opinion now¬

to

posite of

automatically convertible
into one another; that determined

not

T.

Roger

monetary management is the op¬

nations

no

a

and economic growth.
policies require the con¬
scious management of the supply
and
price of money, and such

especially its
saw
the heyday of
the international gold standard, a
monetary system that made the
currencies
of all
gold standard

world

even

such

But such

Szymczak

and

century,
second half,

gold

WALL

99

ployment

S.

M.

•

last

tional

Months—
10

Lockheed—Ira

F.

Healthier

and to pursue policies
will help attain full em¬

which

tobacco

That

Six

stability,

precious

metals,

for

Commercial

most

sovereignty -and
pursue
various

expects

thorities

function, from
shells, hides
and

Next

the

'

back on
if they
system

to

nomic goals.

money

to the

in

nation's financial and

economic

commodi¬

go

a

freedom

differ¬

not

that

is

abridges

the
enturies,'
over

this

gold

could

and

why

reason

would

ent

William

Freedom^

Government's

countries

c

Rates

Livingston

and

John

payments

many

*

.

3

:

Prosperity Ahead—Not Anemic Recovery—

power

Limits

of'

mediumr

how,

If

junk,

of

and

things;

Interest

J.

Outlook

Boeing

operations.

universal

value

with

high

history of money: how one or an¬
other commodity in common use
slowly came to be accepted as a
standard

and

Homer

is primarily the re¬
sponsibility of the central bank,
through keeping it scarce and in
proper
relation to the needs of

are

down.

sitting
sitting

monetary policy should control some of

financial intermediaries'

our

We

and

Szymczak

Mr.

not effective

or

contends

(3)

financial system and the questions being raised as

our

to whether

and

acceptability,

us.

of

of

o
-

power

COMPANY

AND

Articles and News

City, and Professional Lecturer, Georgetown University,

banker with 28 years

LicHTtnsitin

B.S.

By Matt S. Szymczak,* Consultant, C. J. Devine & Co., New York

Retired central

3

Teletype NY

1-4040

&

1-3540

-

4

The Commercial and Financial Chronicle

(372)

8.4

OBSERVATIONS...
BY

STOCK

OPTION

Particularly significant in show¬

ing the crucial importance of the
which are ap¬
plied to the enterprise's earnings,
are the rises in price in the face
of

management,

likewise

The

following is a summary of the statement by this writer be¬
fore the Finance Committee of the U. S. Senate; July 21, 1961*:
■

Please

note

that the

views

volatility

ex-

pressed are strictly my own; and
which

for

the

I1

publication

associated with carries

no

am

respon-

sibility.
I

PART

in

price-earnings

the

ratios of all stocks. Thus, a company's stock price fluctuations are
determined,
not
so
much
by
the earnings or other corporate
criteria as by the size of the mul-

presently constituted, our
Stock
Option system's workings
are
completely irrelevant to its
constructive and laudable aims. In

providing managerial incentive via rewarding the hardof

working executive's achievements
as measured by the intrinsic value

earnings

on
Standard & Poors
Composite Index rose
but their share prices

share

per

500-Stock

by
gaine(i

34%.
Conversely,
following
decade,

oniy

during

the

company's
company

hereinafter).

determination

Tbe

who has

matter

been

responsible

lows:

determinants

effective

more

1947
i952_I

i96i

(estimated")™---

divergence of market price fluctuations from earnings is indisputa-

evidenced by the'long-term
of unceasing and violent

TT+.i:x

(The

so

.

((T

as

to

terminate

of

process

of

Finance

Committee.

Anrninoa

rph

„

rvf

so

Ss

*

..

.

Average

,.

QtnrUrc:

,

not

The

Code,

heard

of

guarantee.)

Members

covered

of

"Reset"

capital gain further con¬
tradicts the premise that the latter
are
fortuitous and risky,
which
elements provide the justification
a

their

for

favored

tax

treatment

(including the 25% rate
and exemption via death)

Established

in

UNDERWRITERS

20%

stock

the

options

Typically, American & Foreign
Power recently took advantage of
this "Resetting" privilege. Thirtyfive options had been issued from
1955 to 1959, at prices (100% of
the concurrent market) ranging

DEALERS

Specializing in
RETAIL

DISTRIBUTION

from
and

PACIFIC

210

W.

7th

LOS ANGELES

LA 658

MAdison

The

directors

on

day of the price modification. In¬
dicating the extent of the option¬

TELEPHONE
TWX

17%.

to

May 28 last, re¬
duced them (with shareholder ap¬
proval, via proxy) to the newly
lowered market price as of the

SECURITIES

STREET

14, CALIF.

11%

thereafter,

COAST

had de¬
of more than

period of at least one

a

Third

7-2571

ee's

"rate-cut," on May 15 last,
the market price was $10 V2 and
on May 25, $11.
This

was

Lauderdale,

Ft.

Ave.,

ceiling
in this

Troster, Singer & Co., 74 Trinity

City, have an¬
the installation of direct

New York

Place,

nounced

private wires to Edward L. Bur¬
ton & Co., Salt Lake City, Utah,
and

Vercoe

to

&

Co., Columbus,

Ohio.

so

technique of getting outright share
ownership to the corporate exec¬
utive, either by bonus routine or
additional salary-type compen¬

as

sation.

First Madison in

New York City
First Madison Corporation is con¬

securities business from
79 Madison Ave., New
firm was formerly
L. J. Termo & Company, Inc.
ducting
offices

a

at

York City. The

Lomasney, Loving
Announce Phones

the in¬
centive objective, and also reduce Lomasney, Loving & Co., 67 Broad
the
harmful
divergence
of in¬ St., New York City, have an¬
would

This

terest

accomplish

the

between

controllers

management-

the stockholding-

and

nounced that their new
number

is

telephone
Green

Bowling

now

the trading department
Bowling Green 9-8165 re¬
mains unchanged.
9-1800;

owners.

number

New Sudler Branch
AURORA, Colo.—Amos C. Sudler
& Co. has opened a branch office

Morgan Named V.-P.

at 1505 Dallas under the manage¬

DISTRIBUTORS •

•

over

ment

of

Of

C.

B.

Morton

Joseph H. Ullmer.
ST.

LOUIS, Mo.—J. L. Si Morgan
has been elected a vice-president
of the B. C. Morton Organization,

Amos Sudler Branch
Amos

Colo.

LAKEWOOD,

C.

branch
under the

it has been announced.

Sudler & Co. has opened a
office

at

8652

management

of

Colfax

Howard J. Ruff.

Forms Mutual Sees.
PASO, Tex.—James M. Peter¬
son is conducting a securities busi¬
ness from offices
at 10120 BallyEL

mote

Drive under the firm name

of Mutual Securities.

Morgan
will work with
President Albert A.

Mr.

Vice

Sales

-

Brown.

entered the mutual

Mr. Morgan
fund

field in

1951

as

for

Texas

manager

& Co.

In 1953 he became

national

of Man¬
He then became
vice-president of FIF Associates.
sales manager for shares

aged Funds, Inc.

stated

management's

"The

the

Japanese Securities

Plan

Directors

of

Board

that

authorized

in

Public

of NEW YORK, INC.
Brokers and Investment Bankers

is

so

Utility

Holding

under

because

here—in

tion
1933

of the Commission's

contrast

under

and

the

the

to

issues
jurisdic¬

its

Act

disclosure.

tual

JAPAN

Management

nies

Fund

Act

(The Mu¬
Compa¬

are

Two utility companies' cases of
"Resetting" the price have re'

cently

occurred.

OF INVESTMENT SECURITIES

is

specifically barred from
all
options
by
the
Investment
Companies Act of 1940, sec. 18-D.)

COrtlandt 7-5900

UNDERWRITERS AND DISTRIBUTORS

of

which

Securities

1934

Correspondents inprincipal cities

throughout the United States and Canqda

new

confined to

YAMAICHI SECURITIES CO., LTD.




com¬

the

obligation to approve

Affiliate of

1870

Status

SEC's

jurisdiction of
the 1935 Act must get the SEC's
option - issuing
permission
in
every instance (including control
over the "Reset" privilege).
This
panies

BROADWAY, NEW YORK 6

of

in

granted."

were

The

YAMAICHI SECURITIES COMPANY

111

1955

achieving its
purposes
is
ma¬
terially impaired when
current
market prices of the stock are
substantially below the prices at
which
most
of
the
outstanding
options

TOKYO,

be¬

effectiveness

the

Middle

South

Dominick
Members New

&

Dominick

York, American & Toronto Stock Exchanges

14 WALL STREET

divi¬

Merritt

King

sional

justification:
lieves

120

nations.

other

most

Hence,

has

year.

1922

Meeds,

&

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

country, and complete exemption

option

the

Bissell

Laird,

Extends Wire

the

under

accorded

by

Wire to Florida

Troster, Singer Co.

the

clined by an average

Pacific Coast Stock Exchange

Laird, Bissell

change,
have
announced
the
opening of a direct private wire
to Roman & Johnson, 15 South¬

Conclusions

the fair market value of the stock

HARBISON & HENDERSON

re¬

compensation. (And, incidentally,
of diluting the equity of the other

the option price were reduced
during the term of the option. In
1954,
however,
the
Code
was
amended to permit such a reduc¬
tion, without the option holder's
sacrificing such tax treatment, if

an

of the

east

if

,

manager

Fla.

tion

valuation

restricted

to

as

price practice per¬

option holder would
right to the tax

an

lost

associated

the statute accomplishes
option-ee executive's
nearcertainty of receiving additional

facto

market

stock

D.

become

has

with them

Frederick

that

announced

Forsch

the

II

Implications

ex-post

Code

Industrial

capitalized by

were

era.

has

York

sub¬

future
market from

Bear

Loeb & Co., 30 Wall St.,
City, members of the
New York Stock Exchange, have
New

a

mitted by

"Resetting"

the

Kuhn, Loeb & Co.

shareholders.)
Calling such assured compensa¬

the

value
persist¬

other

their

to

to

directly

and/or
not

treatment

tho

a

Some

amendment to the Internal Reve¬

1959.

Dow-Jones

the

jn

will

long as options are
used, either the "Reset" should be
the broadest implications. This is
eliminated, or the profits there¬
so
not only in compounding the
from
subjected to taxes as or¬
option-ee's above-depicted mar¬
dinary income, with a reduction
ket-playing role, but also vis-a¬ of the
present confiscatory rates.
vis our broad tax structure.
In any event, in line with our
Such
mid-stream
change-in- demonstrations in both Sections I
the-deal is specifically 'permitted and
II
and
above,
the
option
by the tax statute. Prior to a 1954 should rather be replaced by a

ine earnings Ot tne .5U STOCKS

the full proceedings is in
publication
by the Senate

to

one-way

.

at OVer 18 times in

special tax treatment now accorded
certain
employe
stock
options."
The

revision's

witness

ex¬

privilege, that
lowering of
the option's contract price in the
event of a subsequent decline in

,oF** JnT.? ^
nt C?i
(Standard &
s) 1so d at
^im^s their earnings in 1950, at

the

transcript

option-holding

Broad

The

is

to 13 times in mid-1953, and up

C1„C

S.1625 "To amend the

achieve¬

Contract-Juggle)

21.
,

or

F. D. Forsch Joins

of search department.

number

provision or instance of "Re¬
setting" when the security has
risen instead of fallen. (In other
words the arrangement is for a

YOU-LOSE"

the

c,.

not at¬

are

Thursday, July 27, 1961

any

17- 49 6-21

"HEADS-I-WIN TAILS-

—77,
★ At

Code

8-19

PART

have

on

7-18

37

*

nue

.

57

16-

the market.

15 times at the end of 1952, down

hearing

24-

1.95

ently haphazard capitalization by

record

Internal Revenue

3.12

geared

earnings,

9.9

~

be

criteria;

the

from money rates to all im-

3.61-

stock

the

recent Bullish

This

Surely his incentive and reward

I io!s
—

portant investor psychology. This

bly

III

I_II

1953

'

our

7-18

the

of

should

8.7

.

4-16

31

2.68- 2.22

ap¬

ecutive.

9®

are

market conditions, ranging all
way

Price-Earnings Ratio

Year

Basically contributing to the
market's pricing, is of course, the
value factor of the earnings. But

39

13-

Company's

ments

price
by
investors
rather than by the

therefor.

change

12-

1.74

Thus, the market fluctuations of

market

of

psychology,
stock's fluctuating market price
earnings, is
which
determines
the
reward, again demonstrated by the 15-year
does not reflect changes
in the course of price-earnings ratios on
welfare
of
the
enterprise — no 125 Industrials (Moody's), as folThis is true mainly because the

1-17

2.52

tributable to the efforts

the

1939-1949

contract

2.07-

Aircraft-

Westinghouse

SEC's

the

secured

stantially increase during

1.80-

Manville

United

such

Ratio

'50 '60

*60

Company

on

3.04-

Steel_

Paper

Johns

Price
'50

1960

Can___$3.17-$2.06 $23-$35

Bethlehem

the

The Evidence
From

stock, the op- while the earnings showed a net
has really in- rise
of
42%, the share pfiCes
volved the option-ee in a playingwhich, of course, registered their
the-market operation,
(with capitalization
by
the
market,
"loading of the dice,
as discussed
gained a full 270%.
the

of

tioning

American
Inter'l

Erngs.

Per Share
1950

^th^'market c«S

RESULTS VS. THE AIMS
As

lieu

Stock

Edison

Presumably,

Price-

Earnings

in

used

March 16 last, to lower
the outstanding option price and
has retained the privilege.

proval,

the

in

be

can

.

Kuhn,

Ohio

The

reduced

curred

it

the future.

earnings, which oc¬
following individ¬
ual
Dow-Jones
Average
issues
during the decade.

OPERATION

IN

application for permis¬

price was SEC
approved. While the privilege was
subsequently
dropped
by
the

market multipliers

THE

.

sion to reduce the

multiplier

MAY

WILFRED

A.

Utilities'

multiplier in 1950. In 1960 the
was 18.9.

.

NEW YORK

Volume

Number

194

6076

.

.

The Commercial and Financial Chronicle

.

the

to

Decartelization to Revival

ued

as

could

made

be

the disposition of these Teilinstitute.

Organizationally and
nomically, however, they
completely
not

were

into

were

They

independent.
to

allowed

even

eco¬

enter

The

legal

basis

share¬

new

Stock

frustrate

attempts

any

concentration

ing provisions

the

into
the

at

the

of

at

follow¬

written

were

Groszbankengesetz

Allied

Bank Commission.

(a) The shares of the Nachfolge-

the "Gesetz uber den Nie-

institute must be "Namensaktien,"

was

derlassungsbereich

stituten,"
1952.

March

on

Popularly

Kreditin-

von

passed

known

29,
the

as

or

order paper,

and not "Inhabe-

raktien,"
ferable

or bearer stock, trans¬
by delivery. The name of

the stockholder had

stock

to

must

the

name

and

of each stockholder
size

of

maintain

his

well

as

German

market

and

provision in the law

no

prohibiting endorsement in blank,
this
provision of the
law
was
circumvented

through

endorsement

of

blank

a

almost

all

the

Nachfolgeinsitute stock certificates
enabling
them
to
circulate
as
Inhaberaktien. This

was

tolerated

appear on
this was
the
stock
certificate, and
the in silence by the Allied authorithe first step toward reconsolida¬
each institution
an
independent tion.3 Credit institutions, includ¬
TABLE I*
■and
non-political
administrator, ing those of foreign ownership, in
The Nachfolgeinstitute of the Deutsche Bank, Berlin
who served as trustee for the as¬ the
legal form of a corporation or
sets within the
borders
of one
(in 1,000 DM)
Kommanditgesellschaft
auf
Land belonging to the Teilinsti¬
RheinischeNordAktien,4 that were engaged in de¬
tute bank, was appointed.
Suddeutsche
deutsche
Westfalische
Each posit and short-term credit activi¬
Bank
Bank
\
;vh" :' A Bank
Teilinstitute was also given a new ties were how
permitted to estab¬
Total
Munchen
Dusseldorf
Hamburg
n a m e
T h e
Filialgroszbanken lish branches within one of three
Assets
1,450,865
3,757,500
1,549,080
747,554
themselves, with their main of¬ regions instead of being limited
Liabilities
1,404,665
3,617,000
1,492,880
719,454
fices in Berlin, continued as legal to one of the Lander.
This law,
entities, but they were shorn of all although not specially applicable
56,200
140,500
56,200
Equity Capital
28,100
power. The Teilinstitute continued
only to the Grossbanken, was
to be liable for the obligations of
nevertheless of great importance
divided into:
the
Filial-Grossbanken, but the to them. As a result, it was called
a.
40,000
Capital stock—
20,000
40,000
100,000
latter were not allowed any voice for
short the "Grossbankengesetz."
b. Legal
25,000
reserves
10,000
5,000
10,000
in
the
affairs
of
their former
Under its provisions, each for¬
c.
Free reserves—
6,200
6,200
3,000
15,500
branches.

correspondent credit rela¬
tionship with one "another.
For
a

"Grossbankengesetz,"

books

holdings. However, as.
foreign to the

securities

was

appeared
tificates and in

the

as

.

.

5

However, only those whose

names

residence

Namensaktien %re
there

ties.

register book and record

therein

Allowed

treatment of the Filial-Grossbank¬
en

Nachfolgeinstitute
a

recommendation

the

for

To

further

the

Reconsolidation

regarding

Groszbanken

No Bearer

First Step Toward

1

page

legal entity until the de¬

a

cisions

from

old

holders.

Of German Branch-Banking
Continued

(373)

the stock

on

the

stock

cer¬

record

eligible to vote.

were

(b) No Nachfolgeinstitut could
acquire the shares of another; this
provision was later modified to
permit
5%

the
the

of

acquisition of up to
capital stock. Exercise

of
voting rights,
prohibited.

(c)

Persons

however,

who

was

officers

were

(Vorstandsmitglieder) or directors
(Aufsichtsratmitglieder) of one
Nachfolgeinstitut
mitted

the

at

officers

time

directors

or

not

were

same

per¬

be

to

another

of

Nachfolgeinstitut.
(d)
own

No
of

permitted

was

one

than 5%

more

stock

to

of the capital

Nachfolgeinstitut if
owned more than 5% of the
capital stock of another.
V
one

he

.

Grossbank

mer

Allied

break
was

policy, in endeavoring to
the borrowing system,

up

based

the

on

conviction

that

the banking system had been an
important instrument in rearma¬

ment, in serving the
Nationalsocialist

of the

cause

movement

and

into

three

operate

in

the

more

West

(a)

Teilinsti¬
tute in the smaller Lander, how¬
ever, had difficulties achieving a
normal

diversification

proper

balance

and

demand

adequate

of

risk,

between

for

capital

credit,

and an
to service

base

the needs of the larger firms.
The demands of the Allies

bank

decartelization

three

The

Lander

areas:

(c)

i

d

Wurttemberg-Hohenzollern.

banken

was

in

each

was
neither politically nor eco¬
nomically justified. Consequently,
within a short
period of time,

the

made

major

to

overcome

disadvantages

decartelization

law.

If

of

the

the
Ger¬

man

economy were to meet the
obligations imposed on it, a sound
banking
system
was
required.

of

i

*

one

which

working

one

of

new

3 An

additional

required

five

and

activities

operate

short-term

should

on

about

credit

permitted

4 A

ship

mixed

and

reestablish

to

two

a

a

to
re¬

national basis.

years

of

36,000

8,000

8,000

93,000
22,500

of

discus¬

sions and consultations, a compro¬
was found.

mise solution

the

limited

a

corporation.

a
are

is

5 Each

tution"

to

in

and

liabilities

of

stock

each

way,

was

dated

the

The

(Vienna:

cr

mere

liable

are

investment

These

August

Commerzbank

in*

down

u.

Disconto

Commerz-

West-

u.

Kredit

Capital Stock Prorating

Bank

Deutschland

Bank

Hamburg

Dusseldorf

Frankfort/M

Total

406,657

884,163

290,147

1,580,968

392,907

853,913

279,147

1,525,968

13,750

—

capital

30,250

11,000

55,000

Issuance

of the

Continued
6 He

Capital stock—
b. Legal
reserves
a.

27,500

10,000

1,250

2,750

1,000

5,000

continued

50,000

to

unevaluated

ing

in

the

Manzsche

Franz

Seidel, Die Nachfolgebanken in Westdeutschland,
Verlags-und Universitatsbuchhandlung, 1955), p. 19.

(Vienna:

quoted
the

as

West

shares.

30,

German

securities

AG.

&

Members ZNjeu) York Stock

Co.

Exchange

Established 1920

120

NEW

Telephone: WOrtli 4-2300

Teletype:

F

BOSTON

CHICAGO




•

NY 1-40-1-2

PHILADELPHIA

BROADWAY

Exchange

YORK

•.

Nationwide Private Wire System

YORK

5,

N.

Y.

5, N. Y.

Telex: NY 2239
SAN

FRANCISCO

Telephone
REctor 2-2300

Teletype
NY 1-483

1-484

zone

River.

Corporation

NEW

on

hold

These

1-485

and

These

"Restquoten"

1949,

foreign

to

page
his

6
old

institutions

legally and to possess
unevaluatable assets ly¬

institu¬

Wertheim

•

the

exist

and

S'viet

Oder-Neisse
•Source:

continued

also

Groszbanken

12,500

New York Hanseatic

BROADWAY

of

Filial-Grossbanken

former

Securities

120

stock

the

of

Nachfolgeinstitute to shareholders

External and Internal

Stock

former
broken

liability balances, are presented in
Tables I, II, III.

(in 1,000 DM)
Bankverein

the

of

capital stock and re¬
as opening asset and

Foreign

American

three

the

of

ACTIVE TRADING MARKETS

Member

shares

well

serves as

of the Commerzbank, Berlin;

Commerz-

into

1'or Banks, Brokers, Dealers, Institutional Investors

Associate

In this

equity capital of the Nachfol¬

geinstitute

(Komple-

Discontobank
AG;
the
Bank, the Bank fur Handel und
AG;
and
the
Commerzbank,

Berliner

of

form

Filial-Grossbank

of the

issuance

Berliner

Industrie

be

to

Nachfolgeinstitute were the open¬
ing balance sheets of Jan. 1, 1952.

a
few months after the end of the
blockade.
The
Deutsche
Bank
erected

Dresdner

be

not

shareholder received shares in the

just
the

to
as

Nachfolgeinstitute
proportionate
to his former holdings.6 The basis

tions, with the permission of the Western
Allies, were opened in the fall of 1949.
order

were

the

in

old

"daughter insti¬

a

Berlin.

so

of the Filial-Grossbanken.

by shares cf stock.

maintain

West

charged

injure the claims of creditors.

Assets

of the former Filial-Grossbanken

continued

to

old

evaluating

liabilities

and

transferred, proceeding

Filial-

partner¬

One

unlimitedly liable

evidenced

the

were

determining and
assets

for

divided into:
form

mentare) and the remainder (Kommandit-

The

Lander basis,

a

gional basis,| or
After

be

36,000

The Nachfolgeinstitute

Grossbanken.

which

operating as corpora¬
engaging primarily in

the

of

however,

years,

was

deposit

21,000
6,500

TABLE

Equity

question

The
major
whether credit in¬

corpo¬

Filial-Grossbanken
with

rations and issuance of the shares

isten,
Kommandit-Aktienar)
only to the extent of their

and

115,500

Liabilities

establishment

officers

Berlin Filial-Grossbanken,

the

necessary..

stitutions

44,000

of the Nach¬

case

became

tions,

44,000

Source: Franz Seidel, Die Nachfalgebanken in Westdeutschland,
Manzsche Verlags-und Universitatsbuchhandlung, 1955), p. 19.

Assets

partners

under

were

27,500

capital

folgeinstitute, the adaptation was
to
take
place
through
an
"Ausgrundung," that is, through

legal

circumstances

In

year.

The

transferred to the old shareholders
—

Adaptation to the provisions of
the law had to take place within

With the progressive consolidation
of the West German
economy, a
reconsideration of the untenable

Teilinstitute

626,804

2,520,655
2,405,155

these

Thus, of the previous thirty
Teilinstitute in the eleven Lander,
there remained only nine Nachfolgeinstitute in three regions.5

were

the

Total

900,996
856,996

*

little enthusiasm among the Ger¬
It was felt that the order

were

Frankfort/M

965,354
921,354

Capital stock
b. < Legal reserves

mans.

efforts

Dusseldorf

654,304

divided into:

permitted tp establish

bank

Bank

a.

,

central

Rhein-Main

Bank

and

Each of the former Filial-Gross¬

the

banken, but to the Bank deutscher
Lander, acting as trustee. Subse¬
quently,
the
new
shares were

Rhein-Ruhr

Assets

Equity

that

transferred

be

order paper which, however, were
not to
be issued to the
Gross¬

Hamburg

e n,

them.

shares

n*

(in 1,000 DM)

The Lander of Baden, Bayern,
Hessen,
Rheinland - P f a 1 z,
a

Grossbanken

transferred against the issuance of

Hamburger

Liabilities

Wurttemberg-B

19.

Kreditbank

and

Nordrhein-

of

p.

The Nachfolgeinstitute of the Dresdner Bank, Berlin

Westfalen, and

a

Universitatsbuchhandlung, 1955),
TABLE

divided into

areas.

for

with

met

of

The Lander of Bremen, Ham¬

(b)

a

Seidel, Die Nachfolgebanken in Westdeutschland, (Vienna:

Teilinstitute.

was

burg,
Niedersachsen,
Schleswig-Holstein;

supply

Franz

Manzsche Verlags-und

required

assets and liabilities of the former

to
•Source:

or

instead

numerous

Germany

the following

to

profitably, the

banks

"N achf olgeinstitute"

in fostering cartelization.
The Teilinstitute operated with

varying success. While those
the larger Lander were able

to be divided

was

successor

The establishment of the Nach¬

folgeinstitute

and

exchanges.

east of
shares

traded

the
are

on
<

(374)

6

The Commercial and Financial Chronicle

Reunification Cleared

Decartelization to Revival

The passage of the

Continued from page
based

was

their^

"relationship

the

uoon

the

5

holdings

relative

former Grossbanken

of

toe

of

capital stock

(in Reichsmarks) to the total new
capital stock of the Nachfolgeinstitute

(in Deutsche Marks).

capital

stock

frKtonte

;S

Deutsche

the end

This

prorated

of the

Bank

had

war

at

set at

This

DM

established

ratio of

value

10

to

of

holder

6y4.

RM

Deutsche

100,000,000.
exchange

an

For every par
shares
of

100

bank

stock,

received

share-

a

shares

in

the

slnce at least 1948;

of

exchange

relationship of 1

shareholder

shares with
in

the

Nachfolgeinstibe seen from Table I,

as may

in the

was

the

tj

a

thus

j

received

Bank

jn

of

DM

Rheinische

AG,

-

250

tors

Westfalische

Dusseldorf,

par

Bank

toe

and

the

Sud-

deutsche Bank AG, Munchen.

The Dresdner

Filial-Grossbanken

mer

Bank

not

on

93,000,000. This gave
ratio

of

10

to

an

6.2.

ex-

For

on

the

Berlin

and

for

Stock

the

for

the

146.25%

were

quoted

Exchange at

Deutsche

Bank,
Bank,

Dresdner

for

with

a

par

_

„

„

,

value

of

vided

among

DM

.

620, which

di-

was

the

relationship of 7:12:12.
The
a

Commerzbank

Berlin

capital stock of RM 100,000,000.

mu

The

j,

.,

capital stock of the Nachfol-

geinstitute
DM

was

established

50,000,000. This gave

an

change ratio of 10 to 5. For
.

par

received
DM

stock, the

stock

500,

with

buying a share
of Deutsche Bank stock, par value
rm 1000, paid RM 1490 on June
28, 1944. On the establishment of

the

Nachfolgeinstitute,

shares with
In

which

in

October,

nine

at

the

was

603

1954,

shares

of

Nachfolgeinstitute
on

prices

the

were

from

180%

new

stitute

then

betweep

was

10 rm

1

to

Manzsche

p.

The

Verlags-und

At

total

the

not

yet

total

Deutsche

end

of
of

inflated

assets

of

In

date

cf

Berlin

both

of

the

Drpsd-

merged in Mav

cases

merger

and ,ce.ntral
in

mi

the

Jan.

was

Bank

effective

*

Western Germany

°
han^BflnWetpS the Commerzn

dorf?

b-

was

raised

from'60

million DM; these shares

Nachfolgeins«ttoe?n the basis of
one for one. A simi ar process had
and

the

by

the

merzbank
made

the

retroactive to

1937,

of

•«'that
ate

®s
if

old

three

•
.

10 "Berliner
ruary

6,

11 "Die

Ausgabe," Die

Welt, Feb-

1959.
Dritte

mere

EM.18

It

is

of
0I

also

found

in

of

100%

Drancnes
branches

new

The

high

,

level

.

the

number

wnicn
which
,,,

were

were

,

Western Ger-

Oc?^? l^T These
Resented in Table

are

Percentage

since

V

from

increase

which

calculated

is

ronsiderprl

the

in

armrais

?n°u/a De C01lsiaereq in appraisextent of expansion.

mvr

The market

is attrihn

to^e^yeStoSty^

of

1960

kali ot

accounted

w

at

they

.

.

:

■

ed

_

'

present

it

t.me.

<s

merely

Gr-vszhank," Der Volks-

wirt, September 20, 1958.

durch

branches

of

tiveiv

the

the

For the financial

Deutsche

Dresdner

Wirtschaft

(Frankfurter

Allgemeine .^eitun«0.
1958,
14 Through correspondence.

i

dividend

Dienstleistungsertrage,"

die

groups distribute

of par value for the years
1955, 1956, 1957, and 1958 respec-

Kruk, "Schrumpfene Zins-

soanne-mehr

bUx

'14%

«?.«<»««» can ope.
and economically

13 Dr.* Max
Blick

toe

to its shareholders cash divi-

c^banS" doeVnlJ ?I"ds °f 10%> 12%. and 12%, and

tne

purposefully
were

prices and dividend

record of these institutions reflect

-independent legal organizations than

t?

Bank
and

a

distributed
a

a

72.

vpar

r**

j

AG

AG

the

AG

plus

p.

i_

Bank

and

paid

1959

the

16%

Commerzbank
14%

dividend

2% extra. On Dec. 31, 1960,

TABLE IV
Financial Growth of the Bank Groups in the Post War Period
Old Cap. Stock
of the

Balance Sheet

January 1,1952*

Bank—

Groszbanker

Millions RM

Cap. Stock

Reserves

-October

31, 19G0t

Capital Stock

—2—All Thre

Reserves

'

Millions DM—-

Jan. 1,

Millions DM

'52

e

Ba nks

Tota!

Oct. 31, 'GO

%

divided
250.0

93.0

22.5

220.0

the Commerzbank in the relation¬

227.0

38.3

100

50.0

5.0

180.0

158.0

20.6

27.7

650.0

635.0

100.0

100.0

♦Source:

410

Rudolf

38.5

68.0

Herlt, "Das unvollendete Bankentrio," Die Welt, March 31, 1958.; tSource:

AKTI

Dusseldorf

243.0

—Expansion

Oct. 31 ,'(i0t

Millions DM

33.8

Commerz Bank

41.1

ship of 5:14:4.
Total

Jan. 1, '52

%

250.0

provide

•

not limited to their balance sheets.

Gross-

Groszbanken.

■■
•

Jan'

Between

Evidence
of
the
growth and
expansion of these institutions is

balances,

billion

■

likely

appear

—

the

thread

40.5




time

a

at

of the losses which

^s v s and bal

sheet totals by 224.5%. The
declared reserves, however, have
expanded by 833.8%.

billion

"

bJfa

WaS

July 1, 1958,

reconcentration

at

en

___

Bank.

which

merger,

Also

lhore than 167-5%> and the bal-

the
tae

^ ^ the

Deutsche

Dresdner

Tarf

1960

1, 1952, and Oct. 31, 1960, the
capital stock has grown by slightly

bal¬

h

100.0

exchange ratios

31

Generous Cash Dividends
amount 618 hillinn

160

measure

Oct

on

■

to 150

were ex-

changed for those of the other

followed

capital

Dpiit^ohp Mark<s hn

and

i960.

iu Germany, oi iuu /0 since
1937- The combined balance sheet
totals of all bank groups in West-

^

150

These

in

1952

„

tmaTsCr?nSet1he™n!3wanar^^f

°ffPlce? ™ere estab~

,

ex¬

value

the

SSSh^rese^e^and^
t

financing had

the

Dresdner Bank

some

1

'g

1, 1957,

Frankfurt/M.

_•+

b-

every

Nachfolgeinstitute

28.1

bank

7;2^

of

the

at

combined

a

Deutsche Bank

among

"

shows

ance

1960 had

at which armament

1957

1957, to form the Dresdner
AG.

Univer-

24.

*mal ^rossban^en
Filial-Grossbanken

sheet

DM.

Bank

de

p. 23.
9 F>"anz Seidel, Die Nachfol gebanken in

Si

IV

Reichmarks prior to World War
ti apd

end of

bank

stock of the Filial-Grossbanken in

Germany.

With the culmination of the Com-

sitatsbuchhandlung, 1955),
Westdeutschland,

Bank

ner

dm.

1943' according to The Wiener Compass,
as
quoted by Franz Seidel in Die Nachfolgebanken in
Westdeutschland, edited
by Professor Dr. Hans Krasensky,

commercial

Even allowing.tnat the purchasing °
na^
a Y?
P°wer of the Mark is only half opeedtroughout
as great today as it was at that fa ?
Tnd
tlm.e' stl11 ihe Grossbanken show fi

SXSSS'

(Vienna:

former

Table

Today

and established
themselves as prominent lnstitutlons in tiie economy o± West

into

April 30

all

been impressive. Since Jan. 1,1952, Prese ted a

directed

Deutsche

of total bank assets and

of

Nachfoleeinstitutp

Bank
by

the

fSource:

assets.

^

ance

on

S

348

1952.

banken. was

been

7 The exchange ratio accepted
positors

of

lished

had risen substantially,
ranging between 369% and 376%;

the

45.5%

*}lia!" G™ssba?ken.

Nachfol-

centrally

founded

1,

Bank, Berlin, Similarly, the three

banken

were

was

137

75.8%

for 12.1%

corn-

Grossbanken Nachfolgeinstitute

v

including the three Nachfolgein-

to

Gross-

a

Previouslv
AG

West German exchanges

ranging

of

The

converted

were

was

The growth of the Berlin Filial-

Commerzbank AG.

original Grossbank.

(Group)

par

343

—

Frankfurter

The Filial-Grossbanken

Nachfolgeinsti-

system.

branches

re-

a(jdition, he continued to hold

shares
In

he

t

a par value of

book value of 878Vs.

a

shareholder
a

the

penalties, the Commerzdecided upon
a
centrally

managed

value RM 1000 shares of Com¬

merzbank

of

had

89

n

tax

bank

Commerz-

the Nachfolgeinsti-

tute of the Dresdner Bank in the

$122

103.6

45.8%

Allgeme/ine Zeitung, February
Through correspondence. JAs of December 31, 1960.

tute being daughter banks of the
third. However, late in 1958, just

7%% and 9%%.:10

stock

105.4

169

*Scurce:

decentralized basis

a

of

geinstitute

bank.8 An investor

Restquoten

holder received

on

two

out

every par value RM 1000 shares of

stock, the share-

$189

83

-.

Total

form

shares of these banks

Dresdner

Bank

92

Commerz Bank

The Commerzbank was expected
-jq remain

31,1959

245

Filial-Grossbanken

with

Dec.

Dresdner Bank__.

geinstitute could be effected with-

prices of shares of the

change

to

Payment Offices

168

___

piete.i2

10% and 13%.8 By February, 1959,

DM

Deutsche Bank__.

Percentage
Expansion

Dec. 12, 1959t

directed

the

For example,

geinstitute

at

reunite

twenty-eighth of June, 1944, the

fare badly.?

The capital stock of the Nachfol-

established

WOuld

cotoreUeTand

Deposit and
-Branches

Jan. 1, 1952*

;

.

bank it appeared at first,'how-

188%; Restquoten ranged between

was

the

■

■■

Bank (Group)—

prior to expiration of the period
in which merger of the Nachfol-

quoted

Berlin has

did

capital stock of RM 150,000,000.

a

for
Filial-Grossway

'

-

1.

ever, would take a different view,

however, shareholders of the for-

DM 625 and
a

both

in

the

on
RM

one

comparison with other secof
the
German
econpmy,

AG,

-i

Hamburg, and shares with
value

2 ; 2.

:

value of DM 125,

par

Norddeutsche

u

T>anw

centre!*

stock

for

DM

one

156.25%

tute,

all the

Shareholders Did Not Fare Badly

Bank of total par value of DM 625.
The division of the new capital

The

and

;''■' "'/

of

Filial-Grossbanken, The Commerzto

basis

149%

among

of

25th

the

Dresd-

?ert°a^edeaarsnedresUe^e1s

Nachfolgeinstitute of the Deutsche

stock

reunification

capital

a

The new
capital stock of the tnree Nachfolgeinstitute
of
the
Deutsche
was

upon

the

on

cleared

V

Growth of the Bank Groups
In the Post War Period

the collapse of the Third Reich, banken As a practical matter,
Although the establishment of they already were operating to
a large extent as unified
systems.11
Nachfolgeinstitute became effec- It was clear
from the beginning
tlv^ dan*
J952'
^ ba
that
the
Nachfolgeinstitute
of
a^ed profitably as Teilinstitute the Deutsche Bank and the

able

Berlin

stock of RM 160,000,000.

Bank

suffered

Nachfolge-

ln

institute.

The

then

was

Groszbanken

1956,

Thursday, July 27, 1961

.

Branch Network

zur

:

Kreditinstituten,"
Dec.,

.

TABLE

"Gesetz

Aufhebung der Beschrankung des
Niederlassungsbereiches von

Of German Branch-Banking

.

3,757.5

-

11,161.4

a.

M.

%

150.0

Bal. Sh. Tolal
.

%

197.0

2,520.7

7,745.0

136.6

207.3

1,581.0

6,594.4

260.0

317.1

7,859.2

..

25,500.8

167.5

224.5

Through correspondence.

ENGESELLSCHAFT

Frankfurt

Capitr 1 Slock

Hamburg

Volume

194

Number

6076

.

.

.

The Commercial and Financial Chronicle

(375)
the shares

of

AG,

quoted

the

Deutsche

of the total amount of stock

Bank

out¬

the
Dresdner
Bank
AG,
shares
at
692%, and the Commerzbank AG,
shares at 650%.

at

The

Vorstand

three

at

780%,

members

Filial-Grossbanken

the

of

held

a

concentrated
such

in

key

lion DM.21

steel, coal, and chemicals.
Of the 380 positions, the 11 Vor¬
stand

members

Bank

AG

of

the

controlled

Deutsche

the

161,

14

"Cost

erally exceeds
Today,

as

market"

or

ern

The explanation of this promi¬
nence and
success
in small, but
,

tors in the years after World War
II enabled them to offer essential

assistance

shareholdings. Notices of the dec¬

stand

members

bank-Gruppe,
number

of

held

one

by

98.15

The

Aufsichtsrat
man

each

average

Commerz-

was

positions
On the

31.

held

man

highest

from

10

to 15 posts. These banks also own,
in
their
own
name,
substantial
stock. Of special interest, perhaps,
is the fact that these banks have

laration

or

of

the

size

of

individual

dividends

are

include

printed
As it is

The

bank

then,

for

small

a

largest

dividends

for

the

million

DM.

in

the

The

30%

a

Deutsche

tion

the stock at stockholders meetings.

Deutsche Investment Trust Gesells c h a f t
fur

decartelization

mbH,

banken

is

Western

only
Examples

of

Deutsche

Bank

factors

have

considered

concentration

21

Through

of

as

-

the

the

at

5.5

resident

(c) A

50%

E.

but

Zehr

ownership

will

an

Har¬

Ripley

1951

Assistant

Vice

Presi¬

-

dent

in

Buying

the

F. Donald

the

Kenney

De¬

graduate

a

of

liam

York

School,

named

Cambridge,

Mass.

erick

C.

Crouse, Jr. and Fred¬
Sloan, also at the New

headquarters,
Assistant

stock

of the company.

FT.

DuBovy Farms Co.

LAUDERDALE, Fla. —Palm

Beach

Investment

opened

branch

a

Professional

ap-

lessened

ter,

Co.,

the

has

FLUSHING, N. Y. —Joseph

in

the

Bovy is engaging

office

Bldg.,

under

Inc.

Sunrise

Cen¬

management

of

Orgain E. McCullough, Jr.

business

from

Thirty-fifth
firm

name

Examnles

Dresdner

«">.».♦
VU'

(a) A

25%

i

v

AG,

-

in

capitalized

Balance Sheet

at 4 million; and
(c) A 31% stock ownersbio

Flender

-

Werke \

Commerzbank

listed

are
or

and

owned

more

merzbank

by

AG

holdings

below. All

a re

the

31 st December 1960

(abridged)

Dec.31,1960 Dec.31,1959

Cash
from

446.7

548.6

1

Due

1,008.6

2,109.1

2,171.9

I

320.0

of which

Treasury Bills
Medium-Term

Notes

AG.

on

; (b) Karstadt AG;
(c) Beton-und-Monierbau AG;
(d) Lubecker Flender
Werke
-

300.0

502.2

Borrowed

188.5

Acceptances outstanding
Loans

(long term)

Loans

on

3,532.7

434.3

390.5

64.6

59.8

Pension

80.5

66.5

Reserves for

153.8

148.6

67.7

82.2

11,221.9

on

a

Trust

Parties'

Risk

..

Participations
Land and
Other

Buildings

.

r

Assets

16.0
'

a

........... r................

Trust Basis at Third

Parties' Risk

55.9
257.4

64.6

79.7

16.5

Other Liabilities
Profit

•138.8

135.0

Special Purposes

59.8

146.2

.

Reserves

37.8

40.0

40.0

11,221.9

10,473.8

AG;

(e) fichnellpressenfabrik AG;
(f) Deutsche Hypothpkenbank,

16.2

50.7

299.1

'

10,473.8

term)

Basis at Third

1,914.4

Funds

4,230.3

(long term)

Loans

2,766.5

2,200.4

Deposits

Savings Deposits

4,607.3

2,927.9

501.0

Government

Time

9,288.2

4,775.5

Deposits

395.3

1,058.4

250.0

9,903.8
Demand

223.5

on

Syndicate Basis

Loans

250.0

Reserves

97.7

Loans (short and medium

(a) Kaufhof AG;

Capital Stock

941.8

Other Securities

Investments

Dec.31,1960 Dec.31,1959

Deposits

481.8

Banks

Equalization and similar Claims

Con*

LIABILITIES

1,389.1

Bills

of

at

Expressed in Millions of Deutsche Mark

ASSETS

in

AG.18

participations

as

at

million;
(b) A majority interest in Elbschlosz-Brauerei, capitalized

Examples

year

stock

and

75

Lubecker

business

Bank

stock "interest

Faufhof

A favourable

~

Bremen.19

-The

three

reestablished

Filial-

Grossbanken—in addition to

trolling

a

substantial
an

portion

of

extensive net¬

work
of
branches, and owning
significant blocks of stock in in¬

dustrial

and

frequently

commercial

represent

firms

and

the stock left

with

shareholding

customers

ministrative
15

them

purposes.

Expressed in Millions of Deutsche Mark

con¬

total bank assets in Western Ger¬

many,2o having

Profit and Loss Account for the Year 1960.

—

vote

1960

Social'and Welfare charges,

Operating

32.7

Pensions
7....

*

30.2

Additional

Depreciation

for

Allocation to

on

Land and Buildings

57.6

RECEIPTS

1960

1959

Interest and Discount

218.4

175.3

Commissions, Fees and Other Receipts

312.7

284.3

531.1

460.1

53.7

136.2

Expenses

Allocation to Legal

However,

A 181.5
-

Other

Taxes and Similar Dues

by their
ad¬

1959

204.6

EXPENDITURES
Personnel

109.7

10.0

10.0

25.0

Reserve Fund

-

Profit

Leitende Manner der Wirtschaft, 6th

35 0

40.0

...

25.0

40.0

531.1

Special Reserve Fund

460.1

Auflage,
"Spezialarchiv
der
deutschen
Wirtschaft," Hcppenstedt & Co., Darm¬
stadt,
1957/58.
Annual
Reports, 1957,
the
Deutsche
Bank
AG,
and
the
Dresdner Bank AG,
Commerzbank-Gruppe,
First-half, 1958, Annual Report.
of

_

16

"Grossbanken und Investmentgesell-

schaften," Deutsche Woche, Munich, Jan¬
uary

28,

1958.

We

are

17 Ibid.

Soar

18

We

"Grossbanken und Investmentgesellschaften," Deutsche Woche, Munich, Jan¬
uary 28, 1958.
19

Through

correspondence.

20 Hans

Janberg, "Gedanken zum AufWestdeutschen Bankwesen," Der
Bebtrieb, Nr. 51/52, December 31, 1957,
bau

p.

der

1238.




represented in Berlin by the BERLINER DISCONTO

BANK, in Kiel by the Bankhaus WILH. AHLMANN, in the

a

Province
are

by the SAARLANDISCHE KREDITBANK.

DEUTSCHE BANK

closely connected with all parts of the world by

widespread network of banking correspondents and

Representative Offices abroad.

AKT1ENGESEELSCHAFT

our

DUSSELD0RF

•

FRANKFURT

(MAIN)

•

Du¬
securities

at

144-45

under

the

of DuBovy Associates.

oih

1960

a

offices

ownership of

AG participations
holdings:?:; • • -

t

...

the

of

in

Avenue

-

-

been

Palm Beach Inv. Branch

GmbH, capitalized at
million; and

Wichelhaus P. Sohn AG,
capitalized at 3 million.i?

have

Vice-Presidents

Fanto

J.

invest¬

Mcl.

Holy Cross College, Worcester,
Mass., and Harvard Business

,

(e) A 1°0%

.

been elected Vice-Presidents. Wil¬

partment in 1958. He is

power

'

time, the

same

,

8

a

in

Joseph
V.
Yakowicz, of the New York of¬
fice; George E. Burden, Manager
of the Boston office, and Richard
M.
Coulton,
Manager
of
the
Rochester, N. Y. branch, have

and

elected

their

,

and
as

also
V

ment firm announced that Andrew
D. ' Cornwall
and

of

of political events this
antagonism

Kabelindrstrie AG, capital-.-;
bed at 6.76 million; >;
(d) A 43.7% interest in Deutsche
.

continue

continue

Chicago office.

At

of

Telefonwerke and

will

Vice-President,

capitalized
DM;. >• U
:

stock

Deutsche

a

and

Vice-President,

Munich,

million

Cum-

corporation

(a) An interest in Hugo Stinnes
Corp., New York;
(b) A majority interest in the
Bayerische
Electrizitatswerke,

E.

the

in

an

allowed to reestablish them-

that

in

resident

firm.

Not

were

be

Ores

tment

nve s

scene.

correspondence.

of

as

was

of

Groszbanken

director

responsibilities

which must be destroyed. Accord¬

the

announced

loway,, Presi-

riman

be used to further
socialistic
aims
and

and

Exchange,

have

charge of its Chicago
office; Donald E. Nichols is with¬
drawing.-' from
administrative,

by

Sil-

of

20

staff

of
the
ingly, the Filial-Grossbanken were
Filial-Gross¬
dissolved. However, in the course
on
the

made

Incorporated,

mings Parker has been elected
will

was

F.

Co.

Mr. Kenney
joined the

reappeared

they

Wall

"

other

percent

Stuart

banking

might

national

of
the

policies

Allies, the
have

in

it

announced

i

branch-

the factors which the

AG

participations and stock holdings:
v.",

<

significant

powers

which

West German economic

Dresdner Bank AG.16

a

excessive

;.>/>•>'>' Summary

number
of
years,
fur •V After a
relative dormancy imposed by

Wertpapieranlagen
100%
owned
by the

of

Allied

the

and

directorates

ever, among

Deutsche

mbH,

extensive

City,

63

&

Broad Street, New York, members
of the New York Stock

dent

total commercial bank assets in a
few banks. These are also, how¬

participation

Gesellschaft

Wertpapiersparen

and
com¬

organizations, and the concentra¬

share¬

Allgemeine Deutsche Investmentgesellschaft mbH, capitalized at
1.8

revival

industry. The

an

numerous

holders, relays""all important mes¬
sages, and represents and votes

Bank AG has

^

office

fee,

collects

companies in
Western Germany. The Commerz¬
bank AG is a participant in the

the

fac¬

system, the legal right to
daily newspapers.
inconvenient, time-consuming, and own unlimited amounts of com¬
mon
stocks
and
to
vote
these
subject to inadvertent oversight,
stocks as well as others left with
many
shareholders forego
per¬
sonal supervision of their stocks' them by their depositors, the hold¬
ing by their executive officers of
and entrust the shares to bankers.
in the

participating interests in the three
investment

and

merce

other

and

important information

in

growth of Western German

Blair

Kenney has been elected
Vice-President of Harriman Rip¬

Co., Incorporated,
Str, New York
•

Blair Announces

Official Changes

Elected V.-P. of Harriman

ley &

panics maintain no record books
and
not > know
do
their
share¬

of these

vvuu;

F. Donald

industrialized Western
Germany lies in a number of fac¬
operation

f

a

highly

The

.

again take their place
among the
major banks of the world.

Ripley & Co., Incorporated

Germany and of the world.

tors.

holders

the

of West¬

tically all stock in Western Ger¬
many is bearer paper, The com-,

AG,>121, and the
of

re¬

.

war, prac¬

Vorstand members of the Dresdner

Vor¬

and

Bank,

the financial institutions

gen¬

Bank

11

old

and Commerz¬
bank, but they have also regained
positions of
prominence among

value.

par

before the

the

of Deutsche Bank,

names

Dresdner

par value outstanding in De¬
cember, 1960, the •* Grossbanken
held, at cost or market, 1.088 mil¬

industries

as

spected

small. Of 31.4 billion DM of stocks

total of 380 Aufsichtsrat positions
in 1957-58. These positions were

under

pearance

standing, the percentage owned
by Filial-Grossbanken is relatively

were

7

HAMBURG

8

;(376)

The Commercial and Financial Chronicle

Organ, New Hampshire Ball Bear¬

UNDERSTOOD

Bank

SEND

THAT

THE

INTERESTED

FIRMS

PARTIES

MENTIONED

THE

Natural Gas

Stocks—Quarterly compari¬

of

leading banks and trust
companies of the United States

body

—New York Hanseatic

bulletins

Broadway,

Central

son

New

Also available is
dum

card memoran¬

a

Broken

on

Hill

market

Analysis

—

Co.,

2

of

Mack

on

Georgia,

Developments

Gold

Front

York

Exchange

tin—C.

F.

&

Co.

Credit

Patterns

Security
Bank
Utah, Salt Lake City, Utah.
—

Facts

nessmen

hattan

Plaza,

for

American

Bulletin

—

Bank, 1
New

—

York

15,

—

N.

N.

Also

available

&

—

Bank

City

John

H.

Stocks

Bank

Meeds, 120
5, N. Y.

Stocks

—

between

Averages
the

Ya-

and

the

industrial

35

McKinnon, 2 Broad¬

American Marietta

randum—R.

Co.

used

Quotation
to

—

in

Bureau

yield
over

a

and
23-

Pressprich & Co.,
Pine St., New York 5, N. Y.
Analysis

—

Dean

—

Analysis—du

St.,

Laboratories—

Pasquier,

Seskis

&

46

Bausch

Beech

&

Lomb,

Nut

Inc.—Bulletin—

2

Savers—Analysis
Cohen, Simonson & Co., 25
Broad St., New York 4, N. Y.

Front

Boothe Leasing Corp.—Memoran¬
dum
Irving Lundborg &
1184

Co.,

Chestnut

St.,

Street,

New York 4, N. Y.

quarterly

Island

120

Menlo

Jack

27

on

dividend

Coal

California Liquid
Gas Corp. —
Analysis—Hooker & Fay, Inc., 221
Montgomery St., San Francisco 4,

Champion Paper & Fibre—Analy¬
sis—Stein Bros. &

Boyce, 6 South
St., Baltimore 2, Md.

Calvert

Pacific

and Toyota Motor Co. Ltd.

Rubber Industry—Review—David
L. Babson & Co. Inc., 89 Broad

ko

Securities

Co., Ltd., 25 Broad
Street, New York 4, N. Y.
Also
available is an analysis of Mitsu-

Sales Finance Industry with
ticular reference

Stock

Market

Survey
Co., Ltd., 61
York 6, N. Y.
—

ley

Broadway,

Boston

Also

available

are

analyses

oi

&

Silver

Yawata Iron & Steel; Fuji Iron &

Coe

Steel;

York

Hitachi

Limited

(elec¬

tronics); Kir in Breweries;

Atlas

par¬

Co.,

50

Congress

Co.,

United

Chemical;

Toanenryo
Chemical

T o y o
Rayon;
Company; Sekisui

Oil
Co.

(plastics);

6,

39

—

Broadway,

New

tive figures
the

Yoko¬

U.

on

—

brochure

—

Co., 135 South La
St., Chicago 3, 111.

Lake

Ontario

Co.,

Portland

New

&

Sons,
5, N. Y.

York

—Daiwa

Stock

Market

Review

—

Acme

Co., Ltd., 149
Broadway, New York 6, N. Y.

on

&

Co.

Boston

Inc.,

85 Devonshire

Street,

available

A.

26

Broadway
Co.—

data

are

Frue-

on

*

Milk—Memorandum—

Valley

Financial

Corp.

Cement

14 Wall

issue

Smith

5,

of

N.

Y.

Reader"

tive

Insurance

& Co.,
Broadway, New York 6, N. Y.

Air Products — Memorandum
A. G. Becker & Co.
Inc., 120 South

figures—Robert

H.

Huff

&

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

La

Salle

are

Street.

Also

memoranda

Chicle, Black

on

Louis

Bros.

Courts

Fire

and

Brick

Co.,

Richardson-

Stores

Report

—

—

&

Co., 11 Marietta
N. W., Atlanta 1, Ga.

available

St.,

pleased

Corp.—Report—Adams
Co., 5455 Wilshire Blvd., Los
Angeles 36, Calif.

announce

Science

Investors

100

First

National

Montgomery
Francisco 4, Calif.
J.

to:

A.

Hogle

Inc.

—

Schwabacher

—

Co.,

the installation of direct

private wires

St.,

&

San

City, Utah

a

&

40

Wall

Components Inc.—Bulletin—

bulletin

on

Garrett Corp.

Co.,

Triangle

50

Data

—

Purcell &

New

York

4,

craft.

74

New

York

Security

Trinity Place, New

HAnover 2-2400




Dealers

Colonial

General

.

are

York

on

Co., Inc., 99 Wall
St., New York 5, N. Y. Also avail¬
memorandum

a

on

All

&

New York

World

63 Wall

&

Chemical

Ltd.—

Memorandum—R. L. Warren Co.,
818 Olive St., St. Louis
1, Mo.
Olin
Mathieson—Memorandum—
Pershing & Co., 120 Broadway,
New York 5, N. Y.

Memorandum

Stearns

& Co.,
5, N. Y.

York

1

Wall

Manufacturing

Bear,
St., New
—

Co.—Re¬

port

—
H. Hentz & Co., 72 Wall
St., New York 5, N. Y. Also avail¬

able

is

an

H.

analysis

of

Von's

Co.—Bulletin—

Finance

—

Report

National

Report—Evans
Park

Ave., New

Batteries,
&

Co.,

Analysis

Inc.

Lewis

Parker

—

Ford

Inc.

—

—

&

&

Inc., Vaughn
Dallas 1, Texas.

Co.,

—

Review

Com¬

Building,

—

Fahne-

&

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

of

Fruehauf Trailer

Winston-Muss

—

C<»

Memorandum

5, N. Y.

Joins

Henry F. Swift

(Special to The Financial Chronicle)

SAN

FRANCISCO, Calif.—Aaron

Senderman has become associated
with Henry F. Swift & Co., 453

Montgomery

Street,

members

the

investment

business

in

San

Francisco for many years, has re¬
cently been with Hannaford &

Specialists in Canadian Securities

Principal for
Brokers, Dealers and Financial Institutions
as

Securities, Inc.

Members: New York
Security Dealers Association

25

Broadway, New York 4, N. Y.
•

HAnover 2-0433-45

•

NY 1-4722

Orders Executed at
regular commission rates

through and confirmed by

The

Principal

National

25

of

the Pacific Coast Stock Exchange.
Mr. Senderman, who has been in

Talbot and Stone & Youngberg.

TELEX 015-220

—

Halle & Stieglitz, 52 Wall St., New
York

—

Inc., 300
York 22, N. Y.

St.,

St., New York 5, N. Y.

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

Broad

Westgate California Corporation—

Wilson & Co.

—

25

Airlines

Analysis—John

stock

Nitro

Co.,

pany,

Cookie

—

4, N. Y.

Spring St., Los Angeles 14, Calif.
J. J. B. Hilliard

Memorandum

Co., 15 Broad St.,

5, N. Y.

Mohawk Rubber—Memorandum—
William R. Staats & Co., 640 South

Mother's

—

-—Laidlaw

Trans

Members:

Teletype NY 1-376; 377; 378

data

Corporation

Memorandum—

—

New

Association

York 6, N. Y.

Electric

Wood, Walker & Co., 63 Wall St.,
York 5, N.- Y.

Troster, Singer & Co.

Drug

Ristine &

Texas Instruments—Memorandum

Grace Canadian
—

Broadway,

General

P.

Business

N. Y. Also available are data on
Grumman Aircraft and Rohr Air¬

Columbus, Ohio

F.

St.,

Machines Inc.

VERCOE & CO.

Members

and

of

Glass, and U. S. Freight.

Sterling
New

Swank

review

a

—

Factor—Review—Ira Haupt
Co., Ill Broadway, New York

6, N. Y. Also available

is

Heyden Newport Chemical Corp.,
National
Tea
Co.,
Pittsburgh

St.,

Grocery Co.

Taylor, Bergen, Lynn & Lee, 1830
West
Olympic
Boulevard,
Los
Angeles 6, Calif. Also available is

and

St., New York 4, N. Y.

available

Max

1

G B

Also

Stores—Analysis—

Co.,
New York 5, N. Y.

EDWARD L. BURTON & CO
Salt Lake

Memorandum

—

Birr & Co., Inc.
155 Sansome
San Francisco
4, Calif.

Opelika

Memorandum

to

&

Co. Inc.

Lucky Stores

Olivetti

Electrada

Decker, Hammond

Schuster

Northwest

Corp.

Electro
are

analysis of Ed.

an

—Report—Hemphill, Noyes & Co.,
8 Hanover

Also available

Kawneer

Green

&

We

Milwaukee 2, Wis.
is

Broadway, New York 4, N. Y.

Allis Co.—Analysis—Loewi
Inc., 225 East Mason Street,

& Co.

Develop¬

Share,

Bro¬

—

Saxe, 50 Broad

Standard Kollsman Industries, Inc.

Beryllium,

Co.,

Edison

American

Corporation

50

Oil—Analysis—Eisele
King, Libaire, Stout & Co., 50

&

29

&

&

Merrell Inc.

Stocks—Compara¬

Corporation of America

South Penn

same

Safeway

on

Bond

Research

Co., A. P.

the

Note

— Gruntal
& Co.,
Broadway, New York 4, N. Y.

—

Co.—Analysis—
Son, 419 West
Jefferson St., Louisville
2, Ky.

Electric

Siegler

In

Also

reports

are

ment

"Investor's

Lynch, Pierce, Fenner
Inc., 70 Pine St., New

—

Life

Bank

Analysis

Simulmatics

Credit Corp.

American

Fibre, Pall Corp., Chas. Pfizer &
Co. Inc. and Southern Bakeries Co.

Sheraton
—

St.,

Lockheed Aircraft Corporation

State

Stores,

9, Mass.

Columbian

Co.—Bulletin—Sutro Bros. & Co.,
St., New York 5, N. Y.

St., New York 4, N. Y.

is

issue

—

Security

,

Falls

Corp. —
Report—A. M. Kidder & Co., Inc.,
1
Wall St., New York 5, N. Y.
Also available are data on Dresser
Industries, Inc.

Y.

able
cur¬

Gas

80 Pine

V. S. Wickett &

York

*

Oswego

Co.,
N.

&

Citizens

and

■

,

Sealright

Salle

of America.

&

Dallas 1, Texas.

chure—Russell &

Metalcraft Inc.

rent

Electric
—

Republic National Bank Building,

Plate

Publishing

Trailer.

—Merrill

Co.

Stocks—Comments

selected issues—J. H. Goddard

Edward

Diners Club, Inc.—Review in

Trust

Steel
Analysis — Blair &
Inc., 20 Broad Street, New
York 5, N. Y. Also available are
analyses of Champion Paper &

Securities

Life Insurance

Compara¬
large banks in

15

Bankers

—

Republic National Life Insurance
—Memorandum—Sanders & .Co.,

Lanes-—Report—Stearns &
80 Pine St., New York 5,

6, N. Y.

—

Service

Analysis

Bache & Co., 36
Wall St., New York 5, N. Y.

Ltd.—Memorandum—James

Richardson

Co., 5455 Wilshire Blvd.,
Calif.

William

&

Analysis — Havener Securities
Corp., 165 Broadway, New York

New York 15, N. Y.
*

Japanese

&

—

Co.,
Department, 16 Wall Street,

Bond

hama Rubber Co.; and Showa Oil
Co.

S.

Banks

Co.

Sutherland Paper Company

Delaware

Jacques

N. Y.
States

Collier

Paul

R. Rothschild & Co.,
Broadway, New York 5, N. Y.

First

Sumi¬

tomo

Crowell

St.

—r

Co., Inc.,
4, N. Y.

Crowley's

Street,

Public

Corp.—Report
—Butcher & Sherrerd, 1500 Wal¬
nut St., Philadelphia
2, Pa.

Analytical

Incorporated—Analysis—

Olmstead,

Jerrold Electronics

KVP

Con¬

Los Angeles 36,

Suplee, Yeatman, Mosley
Co., Inc., 1500 Walnut St. Phila¬
delphia 2, Pa.
,■
' '

—

of

C.

Allen &

Memoran¬

—

review

a

—

Protective Security Life Insurance
Co. — Memorandum —

Inc.—Memorandum

Electronics

York
is

Review

—

Co., 120 Broad¬
5, N. Y. Also

Allyn & Co., 122 South La
Salle St., Chicago 3, 111.

—

Corp.,
210
West
Seventh St., Los Angeles 14, Calif.

Memorandum

—

Report

hauf

2, Mass.

&

&

Also

Credit

and Pioneer Finance—F. S. Mose-

—Nomura Securities

New

to

Milwaukee
—

Viner

120

koshi Ltd.

lapanese

Chicago

Review—L.

Street, Boston 10, Mass.

A.

—

New York

Review—Nik-

Plough

Parker, Ford & Co., Vaughn
Building, Dallas 1, Texas.
dum

Corp.

Power Company.

sumers

long¬

Analysis

—

New

way,

available

payers.

Bulletin—Schweickart

—Steiner, Rouse & Co., 19 Rector
St., New York 6, N. Y.

—

Aircraft

L. F. Rothschild &

Lence

Chas. Pfizer & Co.—Memorandum

Japanese Market

Piper

—

Jerrold

Company—Report
& Company, 7616

Finance
Co.—Analysis—
Shearson, Hammill & Co., 14 Wall
St., New York 5, N. Y.

Co., 1001 East Main

Amman

&

Hutton

Girard Avenue, La Jolla, Calif.

Broadway,

St., Richmond 19, Va. Also avail¬
able is an analysis of Robertshaw-

Park,

Calif.

era

Producers, Copper Refining
Industry, Canon Camera Co. Inc.

Pfizer
F.

Pioneer

article

an

Creek

Blair

Life

Calif.

National Quotation

Inc.,

—E.

Fulton Controls Co.

Memo¬

—

W.

Ampex Corp.

and

time

J. C. Wheat &

New York 4, N. Y.

way,

—

over-the-

stocks

as

Folder

compari¬

Dow-Jones

performance

Bureau,

of the Japanese Heavy Duty Elec¬
trical Equipment Industry, Cam¬

the

both

period

year

—

Chas.

Or¬

Imperial Chemical Industries Ltd.
—Discussion in July-August is¬
sue of the "American Investor"—
The American
Investor, 86 Trinity

—

—

listed

in

National

market

Broadway,
(

Index

industrial

Averages,

reviews

the

used

—

Laird,

—

up-to-date

an

counter

Y.

are

Memorandum

Hill,
Darlington
&
Grimm,
Broadway, New York 4, N. Y.

York

stocks

Ill Broadway, New York 6,

Y.

&

—

Co., Inc., 61 Broadway, New York
6, N. Y.

showing

maichi Securities Co. of New York

Inc.,

City

Over-the-Counter

of

busi¬

—

Thomson

80

the

Can

York

New York

Chase Man¬

Review

American

Associated Testing

Bissell

Chase Manhattan

Japanese Market

Hayden,

5, N. Y.

son

Italy

—

Stone &

Witter & Co., 45 Montgomery
San Francisco 6, Calif.

Re¬

—

view— First

Co.

mem¬

Along

Bulletin

—

Inc.,

Inc.

Conklin

New York 5, N. Y.

trols

Alden's—Memorandum

Stocks,

Engineering.

Third Quarter Statistics

Inc., 141
West Jackson Blvd., Chicago
4, 111.
Instalment

&

ganization,

Industries,

Witt

Thursday, July 27, 1961

.

—

New

Street, New

Standard—Bulle¬

Childs

an

Comparative figures—First Boston
Corp., 15 Broad Street, New York
5, N. Y.

the report—W. E.

5, N. Y.

Gold

Culver Co.

-

New

Money and Credit

Hutton & Co., 14 Wall

Also available is

York

Inc., Dixie Terminal
Building, Cincinnati 2, Ohio.
on

Co.

Lewis & Co., 63 Wall Street, New

Stocks—Bulletin

—Pohl & Co.

—Comments

Air

Craig Systems Inc. and

on

New

on

Inc.,

Emery

Bank

4, N. Y.

Commission

New

Trucks

McNeil Machine

Bank

Good-

—

Indiana, and Spiegel, and

oranda

Manufacturing

Pacific

;

Analysis — Place, New York 6, N. Y. — 15c
Wm.
H.
Tegtmeyer & Co., 105 per copy, $1.00 per year. Also in
the same issue are discussions of
South La Salle Street, Chicago
3,
Illinois.
Audion-Emenee,
Giannini
Con¬

Broadway,

Hemphill, Noyes &
Co., 8 Hanover Street, New York
Cincinnati

Alberto

Philip Morris, Public Service

—

Sons.

&

Co., 25 Broad Street, New
Also available are, York 5, N. Y.

4, N. Y.
of

PLEADED

BE

Brass

Scott

analysis of Minneapolis Brewing
Company.

LITERATURE:

Freight, New York

Proprietary.

Berlin Crisis—Discussion of effect
on

&

York

Corp., 120
York 5, N. Y.

WILL

FOLLOWING

M.

ville 3, Tenn.

i

TO

O.

Inc.—Analysis—Equitable Securi¬
ties Corp., 322 Union
Street, Nash¬

AND RECOMMENDATIONS
IS

—Bulletin—De

and

Akron

INVESTMENT LITERATURE

IT

Hawaiian

ings

DEALER-BROKER

;

Stock

Association

Exchanges
of

of

Security

Canada
Dealers

Broadway, New York 4, N. Y.

Volume

Number 6076

194

.

.

The Commercial and Financial Chronicle

.

ities

By Dr. Paul Einzig ;V/.-''-'.

;

far in

excess of her liquid
join forces with West¬
ern
Germany, France and Italy,
with their large and growing gold
and
foreign exchange reserves,
would undoubtedly reinforce the
defenses of sterling.
are

assets.

Tempts Britain to Join ECM

(377)

To

All

is

not

glitters.

gold, however, that
unity with
Europe

If

Developments regarding Mi Jean Monnet's idea of a Western Euro¬

should be achieved at the cost of

Monetary Union present a greater temptation and, thus, make

disintegration of the Sterling
Area, then the disadvantages of
.the change from the point of view
of the technical position of ster¬
ling might outweigh its advan¬
tages. For at present rather more

pean

it

ever

more

Dr. Einzig

join the E.C.M.

difficult for England not to

a

disquieting paradoxical facts regarding

adds to this view of his, the

rigid opposition taken by those bound to benefit from Britain's

the

membership. He, further, points out that the Union would want to
control over Britain's domestic inflationary policies.

exercise some

LONDON, England — Before very
long the British Government will
declare
not

its

of

whether

intention

to embark

view

or

negotiations in
the European

on

joining

,

Common Market. The chances are

that the decision will be in favor
of
negotiating about the possi¬
bility of reaching an agreement
which would safeguard the vital
interests of the Commonwealth,

the

other

of

members

Euro¬

the

interests

agricultural

than half of the

the

show

inclination to indicate their

least

willingness

make

to

sacri¬

any

fices, either to pave the way for
a
compromise, or to compensate
Britain for losing the advantages
of joining the Common Market.
Opposition Ignores Advantages

advantages have be¬
distinctly
more
tempting

those

Yet
come

pean

during the last few days. M. Jean
Monnet's vague idea of a Western

British

European Monetary Union is re¬

Free Trade Association, and
agriculture.
If
in
the
course of the negotiations it will
be
ket

that the

found
is

not

Common Mar¬

prepared to make

ac¬

ceptable
concessions
there
always time to withdraw.

is

In Britain and in the Common¬

no

the

to

sectional

Rome

Treaty.

The

involved

interests

will

doubt mobilize all their

politi¬

cal influence during the next few
months

to prevent an agreement.
Unfortunately
their
attitude
is
purely destructive.
While doing
their

utmost

chances
neither

the

ernments

unions,

of

destroy
the
European
unity,

to

Commonwealth

nor

Gov¬

trade

British

the

interests

industrial

Common

chances

are

it

that

will

withdrawal:

Unless

ment.
ket

and

be confined to the Common Mar¬
as

at

present constituted,

whether Britain

and

or

other West¬

ern European countries will par¬
ticipate in the proposed arrange¬

ment.

It

involve

would

some

mon

Market
could rely
on
arrangement implicitly.

new

Yet it

ain's

external

short-term

liabil-

outside

Common

Market

give

Would the

run.

West

elected

York

agencies and with the
European edition of the "Herald
Tribune" in Paris.

Doremus

a

MacGregor

has

be

enabled

cost

to

Forgan

& Co. Incorporated, 45
Street, New York City. Mr.
MacGregor was formerly with
Wall

v

&

Company, founded American Securities Corporation
Of the oldest firms and prior thereto was New York
in its field. In addition to the Manager
for Singer,
Deane &
New York headquarters, regional Scribner.
in

1903, is

one

We

are

pleased to

announce

that

Frederick d. Forsch
has become associated with
as

Manager of

our

sterling,
given

us

Research Department

Kuhn, Loeb & Co.

economic

continue

with

of

the

its

impunity,

July 24, 1961

or

other

wage

the

at

countries

of

the Common Market? Would
insist

not

of

they
wage in¬

limiting

on

in

creases

Britain

to

the

could

be

cease

pleased to

opening of

be

to

sterling
liability on

a

then

Government

are

announce

the

a

Direct Private Wire to

enforced

European

But

We

extent

increases in continental
Europe? If some such

wage
Western

ROMAN &

Monetary

the

if

British

JOHNSON

15 S. E. Third Ave.

able and will¬

were

a

Fort

limit, sterling

Lauderdale, Florida

would not nbed any support from
the Common Market.
It

most

seems

British
cate

unlikely that the

Parliament

abdi¬

would

its

privilege of determining
Britain's economic policies. And
even if it did, the attitude of the
trade

unions

could

still

frustrate

Laird, Bissell & Meeds
Members New York and American Stock

efforts to coordinate British
economic policies with those of

Exchanges

any

(Formerly L. J. Termo & Company, Inc.)

the

Common
of

absence

Market.

some

in

Yet

such

tion, the experiment of

our new

telephone number will be

completely.
stage is bound to be reached

A

Broadway, New York 5, N. Y.
Bell Teletype NY 1-1248-49

Telephone BArclay 7-3500

Monetary

Union is bound to fail

Effective Monday, July 24, 1961

120

the

coordina¬

a

WILMINGTON^DEL.

NEW HAVEN, CONN.

PHILADELPHIA, PA.

DOVER, DEL.

SALEM, N. J.

SALISBURY, MD.

at which fundamental diseouilibrium

resulting from
inflation

wage

the

would

British

force

ZURICH, SWITZERLAND

DALLAS, TEX.

the

Common Market to abandon ster¬

bo 9-1800

ling

its

fate, or at any rate
a painful adjustment
exchange parities at which
support could be continued
to

to insist

on

of the

Trading Department Number

its

without undue

sacrifice.

would

it

But

BO 9-8165

be

perhaps

too

much to expect the British Gov¬
ernment to see quite so far. Ad¬

(Unchanged)

hesion

Lomasney, Loving 8c Co.

to

Union scheme

tary
even

more

difficult

has
to

made

celebrating

our

Fiftieth Anniversary by

refuse

trade unions which would be
abled

moving to

new

and larger quarters on the top

floor of the East Ohio

Building,

These facilities will enable

us

on

to

July 31, 1961.
serve

our cus¬

more

effectively.

announce

that

James R.
has

continue

to

live

joined

us

Taylor
in our

to

en¬

Municipal Bond Department

in "a

fool's paradise, and the Common¬
wealth Governments which would
benefit
ain's
tain

tomers

to

pleased to

it

join the Common Market. Yet the
are

are

Western

the progress of the Mone¬

reason

We

We

European
Monetary Union would
relieve
pressure for the immediate future,
and this certainly presents con¬
siderable
temptation.
For
this
a

it

by

an

financial
do

to

from

increase
strength,

their

best

to

of
are

Brit¬
cer¬

prevent

Wm. J. Mericka & Co., Inc.

joining.

Established 1930

E. C/La Montagne With

Fulton, Reid & Co., Inc.
2100 East Ohio




Building

1717 East Ninth Street

CLEVELAND 14, OHIO
Phone 241-1920

,

INVESTMENT SECURITIES

East-West Securities
PALO

ALTO,

Calif. —East-West

1101

Union Commerce

Securities Co. has opened a branch

Bldg*

•

AAA 1-8500
Member'Midwest Stock Exchange

July 25,1961

&

Cleveland 14, Ohio

office at 422 Waverley Street un¬
der the management

of E. Clinton
La Montagne.
Mr. La Montagne
was
formerly President of La
Montagne, Pierce & Co. • :

been

Vice-President of Glore,

ment under which Britain would

ing to apply such

Telephone: OR 9-8090

Glore, Forgan

Russell

an arrange¬

Union.

NEW YORK 16, N. Y.

company, Mr.
Sweeney
had been with several other New

the

German

public tolerate

would

79 MADISON AVENUE

C.

Dubroff

are

British

over

the Western

First Madison Corporation

Of

Prior to his association with the

Com¬

policies upon which the fate of
sterling must depend in the long

limit

Announcing—

V.-P.

120 Broadway, New York
City,
national
and
advertising
public relations firm.

pany,

unconditional

an

their authorities

control

a

Boston,

,

countries

holders of

guarantee to
unless

the

inconceivable that

seems

inflation

point of view
some
such an arrangement ap¬
pears
to present very tempting
advantages. As things are Brit¬

New York
public relations
department of Doremus & Com¬

Mar¬

residents

policies.
Britain's

the

neither Common Market residents

French

From

Common

nor

of pooling of gold and
foreign exchange resources, and
the integration of monetary
degree

the

in

Doremus Agency

prepared to f underwrite
sterling to an unlimited extent

the

ket

any

located

are

Philadelphia, Chicago, and San
Francisco, and correspondents are
located
in
Pittsburgh, Detroit,
Washington, D. C.,
George F. Sweeney, formerly with Cleveland,
Dallas and London.
Sidney J. Dubroff, Inc., has joined

is

would

it will

of

of distrust in sterling.
If
Sterling
Area
should
dis-!
integrate, the resulting increase in
the potential pressure on sterling
would hardly be compensated by
the
lessening
of
the
pressure
through the
proposed
arrange¬

materi¬

whether

is

result

a

the

alize in the not too distant future.

question

as

wave

The

wealth there is growing resistance
to a virtually unconditional ad¬

hesion

growing support within
Market,
and the

ceiving
the

sterling balances
are held by
Sterling Area coun¬
tries, and they are not subject to

offices

9

10

(378)

The Commercial and Financial
Chronicle

at

Credit and Interest Rates

deficit

for

which

year,

the

ends

entire

June

Livingston,*

National

Bank I

Chairman

of

of the

Board,

The

the

First

demands

sector will

Chicago, Chicago, Illinois

These
No change in banks'
dua

to

By Joseph L. Block,* Chairman, Inland Steel
Company,
Chicago, III.
• - -•
•■

expected, however, to

are

months

maturities.

ahead
Mr.

with

greatest

Livingston opines this
Fed's

policy

interest

cause

from

rates

applied to

pressure

may

cause

relative

to

rise

credit

in

^

outlook

for

rates

must

level

and

credit

and

on

interest

consider

pace

the probable
of business activ¬

ity
in
the'.
period
under
review.

the

that

ment

the

recession

been

the

early

in

of

has

'

of

his

the

'

purchases.

firmer

trend

rising demand for mortgage

a

anticipated

increased

demands for funds by the private
be added the demand

Fur¬

for funds

ther

by governments.

rise

in

borrowing

A fur¬

by

Homer J. Livingston

present

*

-

the

record

issues

volume

approved

of

by

new

voters

last
con¬

November,

likely

government
are
larger
in
January-June period of each

that

the months
and

by

activity
vious

ahead

record

mand

for

sector

of

activity

in

will

accelerate

year-end

economic

be well

may

In- these

and

business

the

above pre¬

levels.

circumstances, the de¬
credit

by the private
the ' economy-*-rbusiness

tinued

well
expansion

locally

sponsored

The

and

as

tend

to

exceed

borrow

to

deficit.

ahead.

This, together with

plant

the

and

indicated

months
some

equipment
-

by

recent

the

receipts

Federal government

estimated

spending

six

"Business
Bank

Mr.

Outlook

19fal"

ot

National

by

Last

the

by

Sponsored

of

Federal

the
year

finance

This

$10

year,
or

and

the

of
et
Six.

seasonal

part

a

$11

of

the

DIEGO,
Calif. — Effective
July 27, N. C. Robert & Co. Incor¬
members vof

the

Exchange,

formed with offices at 625 Broad-*

Officers will be Norman C.

way.

Roberts

Company. i

inasmuch

as

the

' :u-

of

name

Calif.

The

—

Continental

ticipated

:

Mutual

Federal

government is expected to operate

cisco.

Inc.

The

firm

main¬

branch office in San Fran¬

a

"

.

'■

'

We

announcement

is neither

an

offer

The

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

to

buy

steel

second

45

its

material

leading

*An

of

Mtnths

an¬

the

for

First

Business

optimistic

17%.

abhut

;

half;" The

sectors

the

of

National

consumer

his

of

the

current

three

re¬

to be

appears

major

to be

seems

recent

losing

reluctance

B.

office

of

of

the

Albert

are

President of
the
a

and

significant

agency.
Mr. Kreuzer

joined

quarters

steel

New

rising

sales

activities.

business

key

ahead

markets

for

construction.

in

steel

Public

two

and

construction

are

picked

in tne

up

quarter, and the auto
makers
expect further gains in
the second half.
The output
of
other

and

containers

should

be stimulated by

outlays and
activity.

steel

Unterberg, Towbin Co.

rising consumer
increased industrial

in the second
pleasant but neverthe¬

production

half

Paine, Webber, Jackson & Curtis

is

hazardous

a

Crowell, Weedon & Co.

undertaking.

though steel consumption

to

increase

commensurate

with

Mitchum, Jones & Templeton

the

customers

to

our

stocks

predict.

Schwabacher & Co.

Sutro & Co.
p




Francisco offices.

%

Semple, Jacobs
Name Officers

Lee, lnc.,5 Troster, Singer & Co.
.

..

recovery

on

and

100

to

lion tons for the year.
mean

from
and

an

increase

of

the first to the

would

make

members

of

the New

York

Stock

Exchange, will elect the following
officers

of -the
company: -L.
Steel, Vice-President and
Secretary;
Sigmond
C.
Seelig,
as

.

Donald

,

Vice

-

President

Walter

L.

and

Schwab,

Treasurer;
Vice-Presi¬

dent; and Warner A. Isaacs,
sistant Vice-President.

As¬

M. S. Maimer Co. Formed

to

change Place, New York City, to

steel

add

strong

a

the

105

mil¬

This would

second

full

engage in a securities business.

as¬

nearly 30%

the

corporated, 711 St. Charles Street,

difficult

of

about 55 to 60 million tons in the

half, and

ST. LOUIS, Mo.—As of Aug.
3,
Semple, Jacobs & Company, In¬

M. S. Maliner & Co. Inc. has been
formed
with
offices
at
40
Ex¬

will

more

Based

rate

business

expect ingot production to be

second

Mason &

amount
far

a

be

sumption that steel inventory re¬
building will soon get under way,
we

Bingham, Walter & Hurry, Inc.

is

Al¬

can

at

the

recovery,

their

business

•••".

Hoist, Cummings & Myers and the
Kudner Agency in their San

second

expected

•

office.

expand. While
housing market has not been

which-

Incorporated

cisco

is also expected to

the

Incorporated

-

the San Fran¬

survey

machinery

—

less

*

of

manager
Richard B. Kreuzer

Translating this optimistic gen¬
eral
picture into a forecast of

Donaldson, Lufkin & Jenrette

in! 1952

production

as

and

,

McGraw-Hill

in

York

City,

customers, to

our

the

agency, which
has its head¬

mean

in

increase

by

recent

cans

Alden & Co., Inc.

public

relations

a significant increase in
He later was appointed an adver¬
corporate capital spending in the
tising. account executive.; Previ¬
second half, which means betterously
he
was
associated
with

Copies of the Prospectus may be, obtained from such of the undersigned
as are
registered dealers in securities in this State.

Newburger, Loeb & Co.

national

d.vertising

now

Auto production

Dempsey-Tegeler & Co.

As¬

an

sistant Vice-

indicates

Share

Company

Francisco

Law, Inc. has been elected

pur¬

strong,
residential
rising and appliance
sales should move up with them.

Burnham &

San

Frank-Guenther

durable

starts

J. Barth & Co.

by

FRANCISCO, Cal.—Richard

Kreuzer

some

to

particularly

E. F. Hutton & Co.

Six

By AF-GL Agency
SAN

Govern¬

economy.

the end of 1961. This should

A

(Without Par Value)

C. E.

the

Last

Kreuzer Named %

spending is obviously head¬
upward, business expenditures
expected to improve, and the

inventories

Common Slock

per

the

at

sponsored
cf Chicago.

Bank

ment

1961

Instruments, Inc.

$10

for

quarter,

million tons, a

support
their
manufacturing

Price

Block

seminar

consumption and additions to steel

Servonic

the

as

modern

our

Mr.

goods. Most fore¬
predicting that
industrial
production
will
be
above previous
record highs by

95,000 Shares

place

"O

by

19C1"

of

skep¬

It should

;•

address

"Outlock

gained

the last half of 1960."

is brisk and
broadening in
all

a

July 26,

been

that steel will

hold

civilization.

Be¬

prospects for steel production' in

chase

of these Shares.

any

the

over

are

casters

This

in

ex¬

'"doubting

any

have

be clear to all

continue to

year.

Optimistic About the Second Half

are

tains

in

about

increase

ed

Inc., 1330 Broadway, has
changed to First Continental

this

little faster than

a

covery

firm

now

for

the low side.

on

who

rea¬

tons

of

confidently

ingot production for the first half
was

Funds

sea¬

ingot

months

upturn

the <second

Now First Continental
OAKLAND,

Securities

sonal

,./

the

cause

momentum

employment

tical about the outlook.

could

Happily that guess has proved to

be

Roberts, President; E. Keene Wolcott and W". Duncan Waterman,
Vice-Presidents; Helen M. Thomp¬

six

by

confounding
Thcmases"

occurred.
we

42 ,million

first

the

(caused

pected later in the year, must be

Joseph L. Block

that

be somewhat

New

will

steel industry
problems, including
particularly the profit
its

import¬
However, the resurgence
the industry thus far in
1961,

of

sonably expect production to total
about

the

and that which is

to

said

102.

was

ed steel.

these

also

second

for the

and

other materials and from

developments have
I

79,

was

by
price advances) and the continu¬
ing competitive pressures from

that

of

it

has

squeeze

is,

able

report

been

billion that

will be borrowed will not be

be

106 for the

for

cost increases not compensated

half
It

1960

the

course,

most

take

first

than

since 1957. The

and about

1960

year

still

steel

1961.

to

Chicago.

Corporation .'t;.
Stock

of

Of

indeed, good

rirsc,

SAN

is obliged to
this

full

during

place

better

year

index

The

year.

half

some

would

5%

best

second half

consumption

N. C. Roberts to

porated,

outlook

of
production
(1957-59 =
woul^ be about 119.for the

100)

inven¬

in

ment

both

Be

about

improve¬

the

Livin^st^n

for

half

index

At that

that

end, and

months.

customarily results in a
surplus of receipts over
expenditures. Conversely, in the son, Treasurer; and Domingo A.
July-December period, which is' Bonet, Secretary. All, except Mr.
now
ahead
of
us,
expenditures Bonet, are partners in Norman C.

is

in

the

next

address

York

seasonal

begun,

in

and

projects.

this

accumulation, if it has not already
certain

as

of

revenues

consumers—will

expand, re¬
flecting the rising level of busi¬
ness
activity.
First,
inventory

rise

the

recovery

the

year's second

1961

liquida¬

bond

by the
of
state

more vigor¬
widespread than many
observers anticipated earlier this
year.
In addition, it now seems

and

the

and the

would

*An

municipalities is indicated by

was

the

belief
steel

states

and

about

ex¬

pressed

sector must

expansion is apt to be
ous

ahead.

I

tion

Months

these

time

tory

in

hous¬

sentiment

tom of the 1958 recession.

probably will lag the busi¬
as
it has in the
three
previous
postwar
cycles.
Therefore, I doubt that there will
be any change in the prime rate

Finally,
in

strongly

to be great¬

shorter

December's

maturities.

on

ness

in

to

consumer

the

optimism

gloomy and steel production was
at its lowest point since the bot¬

banks

in

buying and in the credit

recent

To

thermore, it is
beginning t o
appear
that
the

consumers,
see
a
rise

credit.

since
this

spring.

of

will

we

ing starts indicates the likelihood

under

way

income

case

finance

recent

business

the

Last

the

rise in short-term
commercial borrowings from

activity should im¬
employment situation

,the

relative

months

However,

est

economic

demands

re¬

the

in

consumer

from

covery

in

voices

55 to 63 million
100 to 105 million tons for the
year. This would be 5% ahead
of last year—the best one since
1957.

or
'

a

specifically, I would expect>

the upward pressure

which

rently, there is
general agree¬

More

suggests

tons

rise in the interest rate

a

h3ad

which, assuming strong recovery, he translates into

ex¬

so.

increase in credit demands by
business.
Second, the expansion

and

Cur¬

businessmen,

an

prove

•

of

surveys

the

characterized
or

-k'

Reserve

These combined factors

suggest

,

structure

Any meaningful statement

an

cause

Federal

from

has

past 15 months

change in the

a

probably

in

policy

that

ease

shorter term

ease.

Steel

undoubtedly be heavy.

gradual shift

•

.

government

circumstances—i.e.,

demands—will

customary lag of loans with business recovery. Rising busi¬
mortgage credit demands, plus government bor¬

rowings,

the

panding economy and rising credit

prime rata is anticipated in the last half of 1361

ness, consumer and

the

of

Thursday, July 27, 1961

.

The Outlook for Steel

'

1962.

panding economy, but in addition

By Homer J.

.

fiscal

30,

Thus, in the last half of 1961,
not only will there be the
rising
private credit demands of an ex¬

In the Next Six Months

.

Oppenheimer Branch Mgr.
EAST

ORANGE,

Ridolfo

has

been

N.

J.

—

Nat

appointed Resi¬

dent

Manager of Oppenheimer &
Company's East Orange branch

office at 569 Main Street.
The new Resident

Manager has

been

active

half,

business

year

for the past

in

in

ther

the New

eight

securities

Jersey

years.

area

i

Volume

Number

194

6076

.

.

The Commercial and Financial Chronicle

.

(379)
electronics division, Lockheed

Boeing and Lockheed

Electronics Co.

Its other

tions

r

half

include

rocket

By Dr. Ira U. Cobleigh, Enterprise Economist
,r ' •
■ •
; 1 :
•.4>.
/
capsuled projection of the ascending prospects and the market
,

A

orbit of these major space-age
■

K-rations

used

to

mili- van

basic

be

j tary rations. > They still are
it's a different "K". The "K"

now

and

the

.

stands

for

rations

:

are

Khrushchev

.

the $42-odd billion we

i

•

:

spend

,

f

:

•

■v

•

;

...

its

It

is

in

these

..areas

.for.'each

100 .shares

of

Pacific

.

.

modification

in

production ther rise

and

a

,

.in

in

1962

net

the

on

to

around

present

shares'
rstock
stock
.' the

outstanding.

dilution

is

$4.25

7,500,000

*

are

convertible

into

com-

'

:fnon at

$24.27 and sell above 190.

"

•LK common appears

esting

balance
In

decade.

of this

the

Boeing

field

of

has

now

orders for

of

;

(about

parts.
at 500

fast

in spare and

replacement

The jet that, cruises along
or

600 miles

an

hour

at

to slow down, for
least, the demand for

and

newer

'model

'

yUhV

,

lii

other
of

On

the

_B-52
,-is
.

military

serjes

,the

logical

lion's

share

s.

Congressional

for

the

million

appropriation

1962) for craft in that cate¬
gory.
Boeing is also working on
;an order (that; may be increased)

should

•earning

power

; Soar

generate

in 1982.

-

or

.

sizeable

Its Dyna-

The

Bomarc

asked

a

to

stockholder.

in

operate

economy

in

recession

at

in total

more

"/

Form

In any event,

sector

a

which
all

or

more

three

•

years more.

The
one

a

Boeing name is a respected
air transports
and aero¬
The company has achieved

in

space.

nice

balance

between.

commer¬

cial

and military business.
It has
consistently
pioneered
in
ad¬

in

the

priority

by

of

at

around

49

with

a

$1.50

divi¬

dend, appears to be an equity of
and of promise in diversi¬

merit

fied aircraft.

a 1960-61
and 38.) Also
4V2% debentures convertible
common at $50 have a lively

range

the

into

(Stock has

between 23

look about

them at 120.

LOCKHEED

,"The

amounted, to

ness

with

alone

The results

at Lockheed for the

last

couple of years have been a
bit uneven* but in 1961 the com¬
pany
has taken on a new and
more attractive look.
Historically




Montgomery
Hill

merly

The FIVE

a
striking pastel shade
Exclusive from Paree,
The kind for Cocktail
parties,

Mr,
for¬

was

Senior

.

Vice-P resi¬
dent

of

J.

Strauss &

Chit

chats, and afternoon tea.

s;

Peacock blue and yellow
Will feature the TEN dollar

Co.
Houston Hill,

Jr.

been

With

associated for many years.

/

a

Kelly

there

is-

imminent.,'

Colo. — Ranson & Co.
Inc. has opened a branch office at
.1845 Sherman St. H.Jackson Shir¬

ley and William F. Scott

no
•

are

as¬

sociated with the new office. Both
were

formerly

Denver
Mr.

&

with

Pink tafetta for the TWENTY

Trimmed with Irish lace,
A reconstructed

With

a

smile

Scott In

photo,
on

:v

.

This

v

under

announcement is
to

*»

-

-

buy,

;•'•-•

Issue

:-•••

,■

or

'

as

a
'

■

•.

no

47-35 43rd

Street,

Woodside 77, New York

Syndicate department and

Shirley in the municipal de¬

McCullough Co. Now Corp.

Form Chase

are

Jackson's face.

JAMES M. WHALEN,

the

partment.

.

Chase

Planning Corp.

Planning

Corporation

been

formed

John

Street,

New York

in

securities

engage

Officers

with

a

offices

Sidney

are

President;

Samuel

S.

has

at

90

City,

as

an

securities
tion.

business

as

a

Brass"

;

/./

formerly proprietor,
Treasurer; William

President and
L.

Sec¬

McCullough, Jr., Vice-Presi¬
dent; John S. McCullough, ViceSecretary; and J. P.
Harrison, Assistant Secretary.
President and

offer of these securities for sale,

or

as

an

offer

solicitation of an offer to buy, any of these securities. The offer of these
' securities is made only by means of the Prospectus.

';

-•

/

••

t

CZ'/;/ /'z' 120,000 Units'

:

top
from

Bramalea Consolidated

.

lion

52%

of sales in

Y

/./. / //

: ;

Developments Limited

$6,000,000 6lA% Sinking Fund Debentures due July 1,1973
(Principal and interest payable in U.S. dollars)

Polaris ^program

the

in

Lockheed

gross.

is

600,000 Common Shares (without

also

the

zines

front

all

pages

of
of

The
first, "Discoverer," is phasing out,
handing the spotlight over to two
dazzling newcomers. The "Samos"
does

country.

Offered only in Units each consisting of (a)

$50 principal amount of De¬
bentures, (b) five Common Shares and (c) two Common Share Purchase
Warrants, each evidencing the right to purchase one Common Share.

automatically what that U-2
was doing for us when he

pilot

shot

was

"Samos"

ment

is

in

the

down
is

Russia.

The

"spy in the

sky"
most

over

the

awash
the

world.

ride

With

ing system

it

Price $100 Per Unit

equip¬
"Midas"

The

Revere

to

alarm").

the

with

photographic

Paul

("ready

of

the

sky

and

an

can

of rocket exhausts

spread the
infra-red sniff¬
smell

Copies of the Prospectus may be obtained in any State from only such of the
underwriters as may legally offer these securities under the laws of such State.

the heat

myriad miles
away
and give us a 30-minute
warning of a ballistic missile at¬
tack.
and

Polaris

satellite

a

accounted

for

business.
work
space

of

its

to

competence in
Lockheed should

$300 million to
annually from this

million

some

years

to

Johnston, lemon & Co.

has

made

shearson, hammill & co.

substantial

in diversification. It ac¬
quired, in the fall of 1959, Stavid
Engineering Inc., which has be¬
basic

element

amott, baker & co.
Incorporated

burns Bros. & Denton, inc.

in

an

gairdner & company inc.

SINGER, DEANE & SCRIBNER

progress

the

r. w. pressprich & co.

come.

Diversification

come

hayden, Stone & Co.

gross

division for

Lockheed

francis i. dupont & co.

pioneer

proven

projects

able

$500

Because

and

shields & company

32%,

and

spacecraft 22%
($295 million) Of Lockheed's 1960

be

value)

maga¬

the

over

par

240,000 Common Share Purchase Warrants

news¬

items

lead

and

papers

July 27,1961

"

'

corpora¬

Officers'are> William L. Mc¬

Cullough;

to

Golden,

Dimson,

circumstances to be construed

JACKSON, Miss.—W. L. McCul¬
lough Company, Deposit Guaranty
Building, is now conducting its

business.

retary and Treasurer.

_

•

\

r

Don't worry about the
FIFTY,
The HUNDRED dollar and
up,
You really haven't seen
many of these
Since Hector was a
pup.

Cruttenden, i

Co., Mr.

note,

green carnation

On Alexander's
coat,

Ranson Co. Opens
'Denver Office

Podesta

:

Kennedy look.

delivering almost $400 mil-

AIRCRAFT CORP.

'

405

Street.

book,

our

a

Kennedy on down. For
Lockheed, missile and space busi¬

satellite,

possibly above $5 in 1962. On

at

for the

one

A Thomas Jefferson crewcut
•To give the

:

./

stream

main

perceptive

this basis, Boeing common, selling

fices

And here's

.

President

Research

technology
through
its
and Development pro¬
gram.
Boeing has also been do¬
ing an effective job in converting
sales into net.
Against $3.01 per
share earned
in
1960, the first
quarter this
year
produced 75
cents, and the full year should
deliver close to $4.15 per share,

se¬

from of¬

the

of

year

a

•;

.

vanced

and

to

Security Outlooks

New

business)

./ /-/.•

;

made

tinue in volume for two

gaudy
be-

pay

multiples

transport,

sibly

a

type, production, possupplemented
by
orders
foreign nations, may con¬

■from

•

troop

advanced

by

to offer

seem

the prime contractor in the Agena
satellite series. These models have

course,

\ -

••

Joseph Rhodes, Pres¬
ident and Treasurer; and Barbara
Rhodes, Vice-President and Sec¬

and

cargo

has ,1960,

proved a dependable anti-aircraft
'missile and though it will be re¬

placed, in due

they
.

not

price/earnings

Officers

military effort and accorded

glider has received
publicity and represents a
long term program with signifi¬
cant profit potentials for several
years.

~

'

This

airplane

are

space

future

ness;

a
gingham design
background red and white,

The TWO the colors of Harvard

busi¬

DENVER,

business will be Security Outlooks Inc. has been
single contributor ' to -formed with offices at 100 West
•42nd Street, New York City, to
airframe; earnings in 1961.
!
?
in a securities business.
v.
The Navy^s P3-V-1 anti-subma¬ •engage

later.

much

,

more

It is in spacecraft and satellites
In space hardware Boeing shep- _that .Lockheed has -been making
herdsthe, Minuteman
ICBM its greatest progress. Its programs

which

•

and 35

with

order

on

ready to fly and test in 1963, and
to enter production ($500 million,

20

Boeing C-135 military air
.transports.
•

contenders),

are

come.

jet

(fis¬

cal

for

are

.

(a military version
Electra) should continue in
production certainly through 1962
retary.
and
probably
longer.
For
the
longer range, Lockheed has an
Air
Force. order
for
prototype
model C-141, a sophisticated new

bombers

$525

a

„

of the

Boeing's

the

major

these

rine

-

side

contender

of

Re-

the i dargest

manned

of

plane was
speci¬

and

Air Transport
preference to three

(in

to

■

/

C-130

selected

Military

a

'

'/

re¬

conduct

a

Some rouge on Father
George's face
To make the bill look
bright.

'

Military Business and Space
Hardware;

by

; Service

couple of years..

every
v

fied

'

topics for today,

vcome

"competitively

inter¬

an

46 y2.

Together/Boeing and Lockheed,
our

I

a

commercial!

faster

continuing business in

The Lockheed

seems

enough

while

•

velop;

and looks for¬

division in the order of $400 mil¬
lion annually plus another $200
million

sizable

foreign

Hill,

curities

f

sumption of dividends is expect¬
able this year.

pair parts and service should de¬

steady gross from this

a

'this

on

as

at

$10,000 a-plane .'attractive entries into rising air¬
borne
earning power, and you
production,
a

of roughly

alties

jets

backlog

a

200 planes

over

$1 billion dollars)
ward to

;

commercial

speculation

•

•

With

& Co. and

had

options are exercised and
3%
debentures, converted.

These

Jr.

report

The ONE will be

effective Sep¬
tember 1 will

if

all

.....

formed

Houston

a

Washington's latest news,

She plans to print new
currency
In attractive,
up-to-date hues.

Hill, Jr.

has

with which he

possible

In tlae

FRANCISCO, Calif.—Hous¬

ton

11.2%

An

;

(Special to The Financial Chronicle)

SAN
,

year.

COLOR CURRENCY
The treasurer has made

'

definitely

We'll talk about the airframes .america common at $35.15.
Lockheed lost money last year.
first.. In commercial planes (about
7% of 1960 volume) the company •For 1961, we would expect total
had some problems with its Elec- nncome of above $1.4. billion and
tra and Jet-Star which resulted a net of $3 per share; and a fur¬

.

Boeing has long been

is

V Lockheed has also owned 22.4%
'.of the stock in Pacific Finance

write-offs last year of $55, mildistin- 'lion. The
picture in military air¬
guished
manufacturer - of
air
craft is far more attractive. The
frames and in recent years has Lockheed F-104
Starfighter. has
: moved forward into a dominant
been acclaimed and adopted by
position
in
jet transports.
Its
many nations.
Lockheed expects
"three series,
the 707
(domestic to do around
$700 million of ihland international), the intermedi¬
plant sales of the F-104 in the
ate range 720, and the short haul
"next four years, and/to " receive
727, give Boeing a complete line
royalties on over 1,200 planes, of
"of tested and proven jet trans¬
this model to be built in Belgium,
ports that should deliver a solid
Canada, Holland, Japan and West
stream of earning power for the
"Germany. In addition to net roy¬
V

and

Lockheed seems, to offer its -Finance. 'The new
preferred, in
major speculative appeals.
."r: : " : turn, is convertible into Trans-

COMPANY

BOEING

of

.still

derricks, a
shipbuilding com¬

that

chest," Boeing and Lockheed, now
seem to be in a vigorous upthrust.
W'e have singled them out for dis¬
cussion today.
•
•'•••
•

it

Own Inv. Co.

manufac-

a

and

cranes

minded.

merger

in "a

sales from -(315,937
shares), .which,, under a
But its dy- Imerger,. will- be converted
into
namic
expansion
has ; been, in -Transamerica 4%%
preferred on
missiles, satellites, spacecraft and the basis of 58 shares of
preferred
electronics.

annually on defense,
; give
or take
another $20 billion
-for moon-shooting. Two animated
: beneficiaries
of operation "war; now

*

plant,

H. Hill, Jr. Forming

acquisi¬

interest

Lockheed

pany.

.

company,,

gleaned 45%
airplanes last

but

~

engine
of

idrydock

,,

manufacturers.

airplane

turer

.

a

II

'.

12

The Commercial and Financial Chronicle

(380)

Consumer

Full Prosperity Ahead—
Not Anemic Recovery
Butler,*

By William F.

Vice-President,

key

economist foresees

bank

York

disagreeing with the

in

Moreover,

fears of anaemic recovery, Dr.

annual

The Chase Manhattan

Council

after

Listed

forecast is

lion,

also, lists

economist,

'

challenges

million

unprecedented prosperity.
.

.

...

ing ahead in strong fashion. The
recession ended in February. In-

second quarter of next year.

production

'and

already

has

6%

advanced

The

should

ment in

regain its previous
peak
this

,

summer.

Thus, this has
been the mild¬
est and short-

est

the

of

postwar
cessions.

are

lies

What

is

one

of those

when the fine

ing becomes
in

fish

William

simple

as

that

we

ahead—from

is
in

year

second quarter
secbnd' quarter of

for

national

a

program,

housing

new

to

30%.

product

That

million

1.4

over

means

starts
a

should

than

periods,

housing soared upward 25The

is

reason

that

we've

ability of builders to produce

moment and admire the

attractive product at
price.

of that forecast;
The number of jobs should exprecision

To

Our net exports

why this sort of

see

an

attractive

an

tend to level off
business boom in

omy.

The

The
about

Year

inventory

since the main
sion

was

adjustment

This

over.

and

Ahead

cause

is

of the

p

$11%. billion to

=i
at

a

the

1

rate
first

nf
of

almost

0

cutting
$5

billion

quarter of this

clining

P

year.

This is the

trend

is

duction

in

L,$7 biUion in spending

in

ernments.

A

of

5.9

including

year

That is far from

at

come

120

Federal

the

on

Index, will represent a
considebale accomplishment.
Yet it will not be good enough.
Unemployment will still be 5%
of the
that

labor

force

represents

the

versus

4%

full

employment.

not be

will still

We
full

producing at

will

Full

Recovery?

0._

^

lull
at

of

use

-

would

of

rate

a

productive

our

That

resources.

GNP

mean

a

$580 bil¬

ssome

lion at the end of next year.
We

did

sion.

not' achieve

after

covery

Thus,

the

The

the

of Economic
that

well

we

ment,

shall

such

—I believe

again

experience

we

are

wrong

will achieve

a

full

two

think

broad
the

categories.

failure

to

fully in 1959 and 1960

plained in large

First,

recover

can

measure

be

by

ex-

na-

full

and

factors

at the Federal level.

This

announcement

is not

an

offer of these securities for sale.

The

that

for

five

For

years

been

factor

been

the

of

has

and to

unfavorable.

been

adjusting to the end

slower growth in

a

capital per worker
and
housing,
autos
and
other
durables per family. Replacement
demand has been rising from un¬
usually low levels at the end of
the
war.
Now, however, these
factors are becoming more favor¬
there is

and

this

see

latest

potential for

a

in

growth

good

the

these

spelled

issue

publication,

markets.

out,

of

look at
favorite

my

Business

Brief,
which
is
issued
bi-monthly by
The Chas$ Manhattan Bank.
All in all, it seems to me that
there

cogent

are

in

for

reasons

to

recovery

ex¬

carry

us

back
to
a
full
prosperity level
lasting through 1962, and perhaps
through 1963 as well.

Disturbing
What

glowing

It

to

that two

seems

of speculation in common
Stock

prices

profits

porate

outlook, they will
speculative area. The re¬

a

sult—a

boom

Another

is

offer is made only by the Prospectus.

in

the

no

political

in

is

the

I

to predict what

way

the

midst

in the Far

cussions

of

time

a

of

in Berlin,

on

East, or somewhere
significant reper¬

the

course

of business

in the United States.

OHIO FRANKLIN

FUND INC.
In

incurring federal capital gains tax at
the time of
exchange for Fund shares,
have

the

opportunity

for

diversification and professional invest¬
ment

Ohio

The objective

management.
Franklin

Fund

Inc.

is

of

possible

long-term growth of capital and in¬
come
through selective participation
in the progress
and industry.

Individual




of American business

exchange

blocks

of

acceptable securities, with
a minimum market
value of $10,000,
for Fund shares.
The exchange is
based

on

one

share of Ohio Franklin

Fund Inc. for each $20.00
value of securities

in

the

economy's

must be

done. Avoiding in¬
particularly important
helping to bring our inter¬

more

for

is

This

ance.

the

must do to maintain

we

integrity of the dollar.

Problem

Number

Three

:

is

described in the

of market

deposited, less

com¬

as

Prospectus.

Investment dealers and individuals

from

The

Ohio

ous

our economy

all

Company,

Manager of the Fund.

COMPANY

High St.

investments

of

nation. I
them,

Columbus 15; Ohio

or

with any one in

confines

shall

list

of

some

challenges,

rigor¬

can't
for

deal with

that

matter

detail, because of
this

paper.

But I

flux of

workers in this decade

new

13 million. As

things stand,
be properly
trained for the jobs that will exist
in a vigorous, growing economy.

—some

few of them will

too

Moreover,

we

individual

an

need to give every
opportunity to de¬

velop his talents to the full extent
of his

capabilities.

Problem

Number

greater

secure

part

Four

efficiency

is

importance

to

the

on

of

business/ management.
going to be tough and
competitive in the decade ahead.
Markets

are

This

as

is

should

be.

But

must

business

do

it
an

better job. An important part

even

of

it

that

means

that

job involves providing
challenging opportunities for in¬
dividuals,
along with adequate
motivation

partly, I suppose, in
trips by ris¬

—

the form of frequent

ing

executives

young

-

Greenbrier.

Problem Number
role

our

in

This is

to

the

Five involves

world

economy.

a

failure

the

to

//.-..,.,

large and complex sub¬
ject—bujt it is important since
meet

international

our

responsibilities

could

jeopardize

domestic prosperity. We must

balance

our

of

payments

control,

velop

and we must de¬
international financial

new

mechanisms
world

to

guard

financial

against

crisis.

We

a

must

steadily in the direction of
expanding world trade—and we

move

must

international

support

de¬

velopment, through private for¬
eign investment to the maximum
possible extent.
There

other

are

these five

problems

be¬

rehabilitating
cities; overhauling our farm
program;
getting
the
railroads
—

back

on

more

efficient

tion.

YET

their

feet; and securing
public administra¬

five problems
I
singled out—revising Federal
taxes, controlling inflation, im¬
proving education,, making busi¬
the

have

ness

management more effective,
assuming our proper inter¬
national responsibilities — strike
and

the

as

real

economic

to

the

these

face

nation

chal¬

.

can

.

the
leading
necessarily
in

/

measure

up

challenges, I believe

we

an

of

era

unprecedented

that

the

nation

or

no

the

Federal Government will have the

great wisdom to follow my advice
to

the

letter.

confidence

But

that

I

the

have

basic

American

people will do what is necessary
to
support a growing, vital and
exciting economic future.

of

not

consider to be their order

what I

—

they

are

all

*

An

annual

address by

Dr. Butler before the

meeting

the

of

Rubber

Manufac¬

turers

Assn., White
Sulphur
Va., June 26, 1961.

W.

Springs,

important.

Joins

Number One is |to revise our tax

system. We place far too heavy a
burden on saving and investment,
initiative
are

to

and

enterprise. If we
enjoy
prosperity
and
economic
growth,
we

over-haul the tax

structure.

Straus, Blosser

CHICAGO, 111.—The appointment
of

Arthur J. Jacobson

tered

representative

as

a

regis¬

has

been

announced

by Straus, Blosser &
McDowell, 39 South La Salle St.,
members

of

the

New

York

and

Congress is going to consider this
problem next year. It is vitally

Midwest Stock Exchanges.

important

sociated for eight years with
Salk,
Ward & Salk, Inc., mortgage bank¬

tions

Exchange

number of

are a

economic challenges confront¬

ing the

of

may obtain a copy of the Prospectus,
in states where authorized for dis¬

Dealer

lieve there

to

improve the quality and quantity
of education. We face a great in¬

growth and prosperity. I have

the

pensation to the Dealer Manager,

51 N.

Member of the Midwest Stock

production; and
increases in line with

wage

illusions

genuine

OHIO

money

real

advance

If

period ahead, I do not wish
imply that everything is rosy,
that there are no problems. I be¬

must

THE

hold
the

in

in the

tribution,

investors may

in

lenges of the 1960s.

generally optimistic

a

increase

to

OFFERING PRICE: $20.00 PER SHARE

investors

taking

view of prospects

Ohio Franklin Fund Inc. is a diver¬
sified investment
company. Without

growth

me

Other Problems

COMMON STOCK

the

our

else could have

1,000,000 SHARES

to

must

prosperity;

yond

ele¬

arena.

troubles. Developments
or

is

we

the

all

pattern of the past.

most
disturbing
developments
in

is

of

bust

and

going to happen. But this nation

•

NEW ISSUE

plenty

are

high today. If they go higher, as
they could in view of the cor¬

international

de-

me

happen that would
change the outlook. One would be

be in

so

supplys in line with the potential

under

upset this

could

wave

Two.

keep

keep

Elements

could

forecast?

a

Number

avoid inflation. To do

our

things

and

income

do three things: Balance the Fed¬

stocks

invested

of

corporate

Z

.

Problem

period of backlog demand

ment

actually

tax rates.

basic

markets

going through a
basic adjustment in markets for
private durables goods—plant &
equipment, housing, autos, appli¬
ances,
furniture and other con¬
sumer
durables.
The population

know
•

is

swinging to the

side.

have

were
unduly repressive. We had very
tight money—to the point where
supply

expecting
carrying through

beyond

favorable

We've

the

individual

national payments into viable bal¬

for

underlying

too familiar

tional economic policies that
money

of

Goods

Durable
reason

durable goods are

we

in

bracket

about large .efficiency.
We've .been, making
That may very progress
along these/ lines, but

understatement

recovery

1962

the

gov-

About half of this will

reduction

a

upper

in

a

Senators asking them to

support realistic depreciation and

flation

second

stocks.

My reasons for this belief fall

and your

worry

the

Private
A

fearful

In my judg-

forecasts

we

day.

Council

are

recovery

jnto

"be

the

that

means

budget

President's

Advisers'

anemic recovery.

an

re¬

reces¬

forecasters, in¬

Federal

to

pecting this

full

a

1957-58.

many

clined.

have

year and
the cost of

thing,

one

Frontier

budget surpluses.

To

problem, then, is whether
the
expansion will continue
through 1962 and carry us back
a

For

.

The

to

restrictive this

New

don't

Thursday, July 27, 1961

.

eral budget in times of

I do not believe we
have policies that are com¬

able

capacity.

were

.

general

However,

a

I

by Federal> state and local

i„

quarter,

total

a

banner

a

the e/°?omy

•

them

hiiii™

Western Europe

Government expenditures are
headed up. We look for an in-

adding to
inventories in early 1960 at a rate
of

decline by

decline if the

Japan tapers off.

,

reces¬

the shift from

or

is

important

this

eluding

may

$2 billion in the next year. Imports will rise, while exports may

a recov-

fourth

mean

375,000 imports.

^

pand by 2 3/4 million.

ery is in prospect, consider trends
in the major areas of our econ-

the

for

dol-

This

caught up with the backlog of
demand for housing—the limiting
factor is no longer the supply of
mortgage money. It is, rather, the

billion—pause

in
would

of 6V2

year

rise in

a

that in previous recovery

'

rise 9% to $556

Hon

when

production^should
12%;
V

Gross

lift

housing

lar terms of about $3 billion.
is a much smaller increase

Industrial
rise

new

hence.

normal

the

In

1962—

/

perfectly
a

the

1961 "To the

"of

It
are

period.

recovery

shooting

as

and

anual rate

an

the

of

flation.

been

.months

recent

for

de¬

these policies — we
problem of coping with in¬

a

replace¬

Auto sales have

Reserve

from their present rate of 1.3 rail¬

barrel.

a

obvious

persuasive.

should

Butler

F.

forecast-

ness

the incentives to cut costs

as

ment's

busi¬

of

art

the

had

sales

yery—

The
easing in mortgage credit,
plus the stimulus of the govern¬

occasions

rare

.was.

Housing appears to have turned
upward after a two-year decline.

This

ahead?

plant and equipment,

Auto

potent
There

very

reasons

direction

the

year — but the trend
moderate, • is*«4s-up.
about over.
Surveys point to an
When you add all these trends
uptrend in the second half. A year together you get a picture of a
from now expenditures should be
broadly based, vigorous recovery,
running at a rate of $52 V2 billion, To attain by the second quarter
an
increase of $6V2 billion.
The of next year a GNP at a rate of
emphasis will be on moderniza¬ $556 billion, and industrial pro¬

which

tion,

re¬

new

in

million

invest-

in business

decline

cars—about

good

next.

•

nose-dive early this
an annual rate of five

g^ouid reach

annual rate of production by the

dustrial

rising

goods.

was

flationary medicine.

bil¬

$25

.

a

ment level.

shift to building inventories again
will add at least $8 billion to the

is mov-

>

durable

really took
year — to

\

At the moment, business

increase

this

parably

biggest

sumer

of

a

and

change will be in
autos, appliances and other con¬

upset this optimistic

numbers of rigorous economic

a

be solved to achieve an era of

that must

should

con¬

The Federal budget swung

large deficit in 1959 to a
good-sized surplus in 1960.
All

income

personal

from

7%.

or

The

possible wave of speculation in common stocks. The

a

income.

from

rise in the

a

Thus, over-all
purchases
of
goods

services

Butler explains why we will be using

problems that could

the

among

rate, of

taxes

sumer

and enjoy full prosperity through 1962 and, perhaps 1963 as

GNP)

total

to

govern¬

of next year.

fully our productive resources ot the end of next year ($580 billion
well.

add

and

$361 billion in
the second quarter of this year to
$388 billion in the second quarter

Economic Advisers'

of

will

ment

by end of the second quarter next year (GNP of $556 billion).

covery

housing

They should support

broadly based, vigorous re¬

a

clined.

,

of inventories, plant &

areas

equipment,

Bank, New York City
New

Markets

The increase in prospect in the

.

and

that

business

individual

associa¬

businessmen

realistic
tax
changes.
that, I urge each one
to write your Congressman

Mr.

Jacobson

support

ers,

More

that

with

in

similar

than

of you

a

as

was

loan officer

formerly

as¬

and prior to
Mortgage Co.
capacity.

Advance

Volume

194

Number

6076

.

.

The Commercial and Financial Chronicle

.

members

Changing Economy

a

number

June, 30,
suspensions

pensions

factors

indirectly

are

occupies but

isolated

ability
bank

small role in the decline of bank failures.

bank

forestall

Federal fiscal

to

deposits

banking

and

banking

of

of

less

He foresees

state of

and

1934-40

banks

were

no

commercial

bank failure

the

cause

is
n

today

fre-

t 1 y

q

e

u

much

how

of

*%/ •

may

someone

.

pilfered,
particularly
a
banker, and if no personal loss is

have

involved.

who

1934,

volved, the

a

other

in

'

Period

*

"V '.r No.'

1921-1933-14,808

Av. per yr.

1,139.0

.•«>'

•

312.,...

1934-1940

..

.

44.6
3.6

»

62

1941-1959

Compiled
Statistics,

Federal

Reports,

educational

ample

training opportunities for em¬

even

p.

more

showing of our banking
since
1941. Changes
in
many areas have taken place dur¬
ing the past 20 years, but not all
are
equally significant. At the
same
time, it cannot be deter¬
mined just how important each
area of change is
relative to an¬
other. No quantitative or qualitasystem

cf

refers

to

all

Statistics,

Monetary
of

Governors

System,

281-283.

pp.

and

Banking

serve

the

Washington,
The

Federal

D.

C.,

Re¬

1943,

term

closed

banks

either

"•
to

the

public

.temporarily. or ^permanently
uy
'supervisory authorities or by the banks'
boards
cial

.

of

directors

difficulties,

banks .closed
-

of

on

the

serve

of

soundness

but

as

is

it

non-insured

companies

banks,
54
not regu¬

1




"

comparable

by the banking system in

1920s

those

to

most

is

should,

for

example,

After

careful

a

the

in

to

order

have

in

F; D.

and

individual

be present

in

/of

the

1959,

banks.

439

during the first nine years

deposit

.banks

These

insurance.

had

439
1,400,000

than

more

deposits of
nearly $600 million. All but about
with

depositors

the
C.

I.

to

it

unless

is

able

isolated failures
a wave

to

from

p.

1941

1950

1959

817

968

1,241

2,250

3,156

3,564

4,721

9,790

operated
Source:

____

Monetary Policy and the Man¬

agement of the Public Debt, Senate Docu¬
ment No.
123, Part I, 1952, p. 549 and
Annual

and

runs

___

Branches

Report

F.D.I.C.,

1959,

Group banking is not

protection

sive

as

branch

total

Insured

Banks, Federal Deposit Insurance Corporation, Washington,
D. C.,
Dec. 31, 1960.

Prior
banks
to

to

state

and

the

1933,

banks

Federal

the

npmber of bank holding com¬

the number

spite
50%

still

over

decline of more
since 1920, there are

of

a

of banks

under

13,400

in

banks

the

By 1959, the number of holding
companies controlling more than

United States. For this reason, our

one

usually referred to as
a
"unit" system, in contrast with
the
system found
in countries
such as England or Canada where

the number of banks to 413. These

system

is

less than ten banks with extensive
Annual

Report,

Federal

Deposit

413 banks

held

7.9%

of

Continued
7 For

data

on

Deposit
Corporation, 1957, p. 65.

In-

Union Electric
First Mortgage

consolidation

the

Public

8

Company
Due

July 1, 1991

Price 101.608% and accrued interest

..

.

,

solicitation of

an

offer to buy these securities. The offering is made

only by the Prospectus which may be obtained in any State in which this announcement
only such of the undersigned and other dealers as may lawfully offer these securities

is circulatedfrom
in such State.

System

were

HALSEY, STUART & CO. INC.

nation and

of Dec. 31,
a

total

banks

1929, only 8,522 out of
24,633
commercial

- Federal
31, 1940,
only 906 out of a total of 14,895
commercial
banks
were
subject

were

subject

only

state

to

has

number
about

By

350.

to

Dec.

regulation.2
since

.

During

•

the

bid.,

p.

16.

period

•.

-

.

I. duPONT

FRANCIS
WEEDEN

& CO.

& CO.

IRA

&, CO.

HAUPT & CO.

HIRSCH &. CO.

.„'

INCORPORATED

NEW

YORK

WM. E. POLLOCK & CO., INC.

HANSEATIC CORPORATION

The

declined

-

BURR

COFFIN

CO.

INCORPORATED

of

examination.

&

R. W. PRESSPRICH

BACHE &,

AND COMPANY

A. C. ALLYN

to

J. C. BRADFORD &

CO.

COURTS & CO.

COOLEY & COMPANY

,

FREEMAN

& COMPANY/

THE ILLINOIS COMPANY
INCORPORATED

July 25, 1961.

J

"

28

and

ab¬

Debt, Joint Committee on the
Report,
Washington,
D. C.,
I, p. 556.
'
Ibid., p. 551.

1952, Part

Bonds, 4M% Series Due 1991

or a

corn-

page

sorptions between 1921- and
1951
see:
Monetary Policy and the Management of

July 1, 1961

offer to sell

all

on

Economic

surance Corporation, 1959.
6 Annual Report, Federal
surance

In-

bank had increased to 48 and

to

regularly subject to exami¬
regulation by the Fed¬
eral authorities. For example, as

their

control declined from 978 to 387.8

belonging

Reserve

its
have

and

banking

decreased. Between 1931 and 1945,

$30,000,000

national

only

exten¬

relative ipiportance seems to

■

Dated

112.

p.

as

panies declined from 97 to 33 and

Changed Banking Structure

than

283.

AReport to

1935-1950

operating

branches

the

meet

Branches

Their

and

Years,
1935

Banks

be partly or even largely
psychological, but it is none-theless real.
•'
'
*

5

Ibid.,

Banks

NO.

may

The

,

were

accumulat¬

The

II.

Table II

by

of bank

liquidation.

mass

Table

Selected

the iso¬
lated bank failure; has prevented,
and
is
likely to prevent, these
ing into

in

Commercial

a

to create the
The fact is that the

occasioned

demands

in

borrow

*

3

flected

power

funds directly.
D.

as¬

also

funds, for the Treas¬

ury would have
disturbed market

F.

would

call

for additional

given

While relatively few banks have
branches, those that do seem to
be expanding their facilities
rapidly.
This expansion is
re¬

should the Corporation
upon the Treasury

choose to

I. C. made disbursements to

depositors

problem

(chain bank¬

banks.

time of possible economic

This

crisis.

trust

a

(4) Through a more rapid rate
of growth for large than for small

the

be

or

ing).

government

would

ways:

.

Most of these disbursements were

made

there

American

several

(group banking).
Through the acquisition of
independent banks by an

(3)

situation, the Corporation
disposal
equal, as a mini¬
mum, to 5% of the total deposits
in all operating banks.0 Since the
invested

.

several

a

is

in

800

over

company

in

would need to have at its

fund

in

in

occurs

for

accounted
of

Through an expansion of
branch banking.
(2) Through the acquisition of
independent banks by a holding

make

disbursements

necessary

such

we

many

(1)

recur.

analysis,

that

concluded

banking

situation

a

have

decline

a

Concentration

question
that the present deposit insurance
fund would be entirely inadequate
no

similar to that of 1930-1933

of

the number of banks.7,

early 1930s. In its
Report, the Corpora¬

"There

due

was

that

failed, thus reducing

absorptions

sus¬

and

1957Annual

In

1934

Between

Supervision

a result*

'Vl '

losses

1940

fact

the total number of banks. Since
this date, bank consolidations and

meet

tained

to

the

banking

our

inadequate
the sole explanation.

but

system

1921-1933,
-14*808
banks - suspended- opera¬
account cf finan¬
tions. Of this number, 3,305 were
does not include

only, temporarily a%
*;
uv

tfie i)&nlc holiday.

to

to

likely to do so in

are

is

proved

Board

non-insured.

were

This announcement is not an

article

this

of

purpose

C., however, recog¬
of $2y3 billion
adequate

prior

small banks

the future. All of this contributes

to endeavor to account for the im¬

1

while

banks

trust

protect

poration.

The

the

by deposit
only 358 com¬

Many bankers have taken advan¬
tage of these opportunities - and

to
from Banking and
283 and Annual
Deposit Insurance Cor¬

Source:

Monetary

to

covered

were

tunity to learn is there for those
who
may
wish
to
participate.

Periods

Selected
•x

raised

was

banks.4

American Institute of

for

'

limit

July

on

Corporation amounted to $2,336.7

ployees with and without college
degrees.
The
facilities
of
the

Table I
Suspensions

the

deposi¬

per

larly engaged in deposit banking;
were private banks and, there¬
fore, ineligible for Federal de¬
posit insurance. Total assets of the

also been aggressive

Banking are
available to bank employees and
ments.. During the period 1921-.
in most of the larger communities,
1933 inclusive, there were 14,808
special classes are available cov¬
bank
suspensions and the year
ering a wide range of practical
1933 alone records 4,000.1
subject matter. In addition to the
As
indicated
in
Table I, the
A. I. B., there are many "schools
number of bank suspensions de¬
of
banking"
and
"management
clined
drastically following
the
conferences,"
sponsored
usually
passage of
the Federal Deposit jointly by a state bankers associa¬
Insurance Act in 1933. However,
tion and a college or university.
the rate of bank suspensions be¬
At a higher level, there are sev¬
tween 1934 and 1940 still averaged
eral graduate schools of banking,
nearly 45 per year. Beginning in such * as
jthe Stonier Graduate
1941,
the;
number
declined School of Banking held at Rut¬
markedly, averaging less than four
gers
University with an annual
banks per year. It would appear
enrollment of about 1,209. Add to
that deposit insurance alone can¬
these the numerous conventions,
not
account for
the vastly im¬
conferences, group meetings, etc.
proved record since 1941.
and it is obvious that the oppor¬

Bank

$2,500

85

areas.

providing

and

quently due to losses suffered by
banks as a result of default by
borrowers
on
loans and invest¬

Commercial

Of

in

knowledgeable

Banks have

fre¬

more

was

cause

but

were

not

are

tration

fund

be

a

mercial

the
fields
of
economics, accounting,
law, communication skills and in

bank failure
usually brought disaster to many
who, as a result, lost all or part
of
their savings.
Bank failures
were
a
common
occurrence
and
while fraud, was sometimes
in¬
to

Prior

Federal

million, Dec. 31, 1960. These assets
ing but is also likgly,. to be ^n
consisto'almost entirely of U. S.
indication of capacity for further
^Governments securities. The total
advancement As is tr.ue.' of busi¬
insurance fund is equal to about
ness in general, bairiks are staffing
'0.85% of total deposits in insured
their organizations with more men

i.'jylast&i0

Jotin

a

not

sets at

insurance

with the period of

education. This back¬
only makes a direct
contribution to managerial train¬
ground

that

problem of liquidating

offices

college

a

the

1, 1934 and to
$10,000 on Sept. 21, 1950. By De¬
cember 30, 1960, 24,391
banking

banking. Banks are recruiting a
larger number of employees with

people seem
to enjoy read¬
ing the details

a higher
degree of concentration. Concen¬

largely

would

the

banks and has resulted in

instill

banking

added

$5,000

1930s, bankers
probably much better

are

to

our

securities,

tor

informed and trained in the art of

and

involved

the

the 1920s and early

defalca¬

tion

of the Banking Act

established

coverage up to

banking.

As compared

in

be-

press

served

1934. The Act provided insurance

ac¬

Bank Management

makes

headlines

of

has

Deposit Insurance Corporation
which began operations on Jan. 1,

that have occurred in
each of the major areas affecting

occasional

today

assessment

1933

of

changes

$

The

1934.

brief historical

a

and

count

the

in

citizen

.

The passage

presentation is, therefore, of
special significance. What is

presented is

period prior
to

by

viewed

that

Deposit Insurance

of

average

also- probable

insurance

available funds

the

the

recent

;

younger

mercial

is

It

in

regulatory agencies have up¬
graded their personnel and re¬
quirements 'since the 1920s and
1930s.
Vc',
/

-

tive

generation are aware of
uncertainty with which com¬

failure

bank

between 1930
of deposit

public confidence in

dominate

banking 'system.
American banking has, neverthe¬
less,
undergone
a
structural
change
since
the
1930s.
This
change has reduced the number of

success

tion states:

supervision

result of the

a

billion
The

the

con¬

state

utmost from bank management, and avers
must still prove its effectiveness under
non-inflationary conditions.

the

of

years.

the

of

as

$1V3
1933.

operations

13

commercial

resulted may be com¬
pared with losses to depositors of

nizes

that the

appear

Federal

regulation,

rate

policy

Americans

of

branch

loss which

The F. D. I.

.

not

are

three-tenths of

system.

un¬

establishment of the F. D. I. C., is
a factor accounting for the lower

weights can be ascribed to
the various changes. The sequence

few

data

or

cent, had been paid in full
end* of 1959.5 The small

per

the

over

sus¬

is

one

by

and

54.4%.3

to

rate

clusive, it would

possible

repetition of

a

member bank
to 33%

due to many factors
adequacy of supervi¬

extension

into the chaotic

degenerate

will

as

equal

equal

these

While

indus¬

reserves;

margin for

a

existence

.

present high ratio (52%) of loans

leaves

1930s.

early

monetary-fiscal

Probably

5,000 depositors,

sion, capital requirements, size of
bank,: location of bank, mana¬
gerial capacity, etc.
- •
d.y-

expansion than in the 1934-40 period, but that there is

requiring

pattern

in

Federal Reserve Notes and

The writer notes that the

1920s

the

'

:

policy; and capacity of inflation to reduce a debtor's

likelihood

less

Con-

demands

meeting

1929,
were

were

doubtedly
including:

changed character of bank assets and qualitative

discounts

future credit

by

runs

concentration

increased

failures;

quantitative changes in

and

directly

examined which indicate that deposit insurance
a

to

try's structure;

burden.

banking's viability

improved bank management and outside supervision;

are:

F.D.I.C.'s

and

affecting commercial

in

differential

The

sidered

Reserve

while state non-member bank

of Kentucky, Lexington, Ky.

and

Federal

banks

of

of

By John T. Masten, Professor of Economics, University

alone

the

of

System, 10,918 were non-member
state banks and 585 were private
banks.
As
compared
with
the

In

Numerous

(381)

i \.4

McDonnell &
'

1

INCORPORATED

co.

14

(382)

The Commercial and Financial Chronicle

3.357%

TAX-EXEMPT BOND MARKET
DONALD

BY

This

ago.

fractional

a

will

vorable market factor.

state

The

and

municipal

bond

Treasury

change in the Bank of England's bank rate from 5% to 7%
had been more than enough to
disconcert the bond people. It had
again focussed attention to the
gold flow and kindred international financial problems that had

the

been recently in the

done fairly well
in its own right for the past few
weeks, responded enthusiastically
to the successful financings last
mid-week involving both the corporate

and
With

kets.

bond marShell 4%s' well

placed,

and the Treasury operasatisfactorily accomplished,
municipal bond dealers whooped
up the dollar quotes and participated in some generally gratifying wholesale and retail business.

background,

activity and
heavy volume of municipal bond

Officials and others have been
trying to rather naively forget
them while indulging in international financial operations to an
unprecedented degree and extent,
The U. S. seems to courageously
or
otherwise underestimate the
quixotic motives and values involved in world - wide economic

business

and

tion

On

Thursday
the

20-21)

and

Friday

(July

broad
of

was

bull

market

proportions.

The stale and swollen inventory
that
had
obtained for

substantially

was

rec-ted within

cor-

few brief sessions

a

6%

mestic

accurately.

to

under

verse

The

•>'

current (July

totals but $378,441,000
that a large proportion

spectacularly

most

of

last

involved

volume
riod

than

for

w

,

weeK

^

and

.

work
for

proceeded

the

.

continuance

market

interest.

of

this

However,

en

the
y

bond

business

quiet

very

and

tern

the

set

ominous

oa<.-

Jhese issues were variously

the

innuendo

had

In

the

the

dealers

dollar

course

of

erally

off

were

quoted

in

the

morning were
half-point or
from last Friday's high.
a

Unorthodox U.S. Money
On

Tuesday,

planation
market

the

for

this

reversal

an

orderly

has

and

An

n

r;

/ox

x

others

Savings

1,206,000

Tampa, Fla
Triton Sch.

Bldg. Corp., Ind.___

Kent State

University, Ohio

11:00

a.m.

1962-1991

11:00

a.m.

1,512,000
(8,270,000
2,850,000
1,700,000

.

Onondaga County, N. Y

1962-1981

1,511,000

Huntington UFSD 3, New York__
Maricopa County, Ariz

1962
1963-1976
1962-1990

11:00

a.m.

ll:C0a.m.

1964-1991

l:C0p.m.

11:00

the

2,500,000

11:00

1962-1999

July 29 (Saturday)

Bank,

Blount Co. Utility Dist., Tenn.

So.

%

1,000,000

1963-1995'

11:00

The

tries.

both

unsold

an

Charleston, West Virginia--

4,000,000

1962-2000

Noon

Maricopa Co., Mesa HSD 207, Ariz.

1,800,000

1962-1971

11:00

Berlin, Conn.

from

Fort

On

of

\

•

[,)

$905,000

k

f

Tuesday, July 25, ( an issue
$2,500,000 West Palm Beach,
Fla., various general, obligation

School District

.

Maryland
Public

bids and

attracted rsix

bonds

(State

awarded

was

to, the

San

managed
jointly by Ira
Haupt & Co., and Merrill Lynch,
Pierce, Fenner & Smith, Inc.; and
including A. C. Allyn & Co:, J. C.
Bradford & Co., Francis I. du Pont
Co.

&

other

and

for

16,943,000

The
present,
reported at $407,000.

of

.

Rolling Hills

Sch. Dist.,

Ohio—

-

Churchill Area Sch. Auth., Pa.—_•
is 'Clark County, Nev.__
—

3,790,000
3,000,000

_________

26,

1962-1981

many

the

11:30

1961-1990
1962-1984

:

1962-1992
1962-1981

7.30

p.m.

11:00

a.m.

1,700,000

1963-1981

7:30 p.m.
<

.

8:00p.m.

the

Aug. 8 (Tuesday)

*

„

4,086,000

Mobile, Ala.
Mt.

—

a.m.

10:00

a.m.

1984-1991

•'

1:30p.m.

1963-1981

10:39

1962-1990

Noon

19:2-1981

10:30

1964-1988

Noon

14,000,000

S.

D., Calif.__
Pennsylvania General State Auth.
St. Petersburg, Fla

major

10:00

1963-1981

1,590,000
8,000,000
1,415,000
25,000,000

—

Unified

Diablo

1962-1981

3,500,000
3,150,000

11:00

1962-1981

11:30

&

Glore,

YOrk

1,250,000

1963-1982

Ladenburg, Thalmann & Co. and ;/

are

brisk

Braun,

entirely favorable and

market

persist

may

for

future. The visible supnew issues
is still only

near

.grade

20-year

derived

shows

Co.,

Lazard

Freres

3.80%.

A

/Co.

&

The

bonds

yield from 1.70%

balance

from

bond

yield

current

Index

offerings

State

The

sought

of

North

of

bids

submitted

was

3V2%
(State)
3%%
Jersey Highway Auth., Gtd.__. 3%
New York (State)
3%
Pennsylvania (State)
3%%

Maturity

Bid

Ask*d

Also

on

the
account
by the Wachovia Bank &

on

1978-1980

3.75%

3 60%

1980-1982

3.40%

330%

1978-1980

3.50%

3 40%

1978-1979

3.30%

3.20%

bond

1974-1975

3.20%

3.10%

3y8%

1978-1979

statehood

3.25%

3%%

1977-1980

3.40%

3.25%

3%%

1978-1980

3.70%

3.60%

31/4%

1980

31/2%

(N. Y., N. Y.)

i98o

31/4%

197*7

3%

26,

3.40%

1980

Index=:3.35%

3.3C%

3.40%

^

1979

31/4%

x.

New York City, N. Y._

3.15%

3.30%

3.50%
•

•

3.40%

3.55%"

3.40%

3.60%

3.55%
.

Alaska

975,000
1991)

was

by

to market with $13,general obligation (1962bonds. This was the first
came

since

last

awarded

to

year.

the

it

issue

group

by the Bankers Trust Co.
including Halsey, Stuart &
Co., Inc., the Chemical Bank New
York Trust Co., C. J. Devine &
Co., Kidder, Peabody & Co. and
others.

the

loan,

on

Wichita

Sch.

Dist.

;
a.m.
-

''

No.

<

The

major portion
$12,500,000 will be

ferry and road construc¬

a.m.

-2:00 p.m.
a.m.

(Wednesday)

1, Kan.___,

1,250,000
,

1962-1971

8:00 p.m.

9,125,000
3,292,000

1962-1976

11:00

1,600,000

1962-1981

10:00a.m.

a.m.

Aug. 10 (Thursday)

Michigan

(State of)
Richmond County, Ga._—:

2,000,000

1963-1990

1,900,000

1962-1989

Neon

5,395,000

1964-1976

11:09

a.m.

1,480,000

1983-2000

11:00

a.m.

,2:00 p.m.

Aug. 14 (Monday)
Incline General Impt.

Dist., Nev.__
Michigan State Board of Education

Aug. 15 (Tuesday)
Carteret School

Paducah, Ky.

District, N. J

—

—

1,400,000

1962-1986

8:00 p.m.

7,050,000

1983-1988

1:00

1962-1987

10:00

a.m.

1963-2000

10:00

a.m.

p.m.

Aug. 16 (Wednesday)
California

(State of)

University of Mississippi—

225,000,000
2,422,000

Aug. 21 (Monday)
King County, Washington

man¬

and

of

Auff. 9

County S. D., Utah
County, Va.___
Maryland State Roads Commission
Fairfax

achieved

The

aged

spent

/:

Box Elder
'

Wednesday the State of

offering

many

;

County, Va.—_——

Carolina

$17,160,000
serial (1962-1981) bonds on July
26., The high bid. for the issue
headed

a

Vero Beac.),

&

CO.,
Inc.,
Securities
Forgan
&
Co.,

reoffered to

were

to

Bosworth

were

last

Connecticut

Vermont

a.m.

Noon

Sound

group

approxi¬
$26,000,000
is
reported
heavy and the large- mately
after the initial order period.
volume items are well spaced. The

was

a.m.

11:30 a.m.
Noon /; >

1982-1999

The

Co., Inc., Halsey, Stuart & Co.
and First of Michigan Corp. In¬

the

.11:30a.m.

-

1962-1981

____:—
largest, $35,000,000 State of Michi¬ Anchorage, Alaska !____;
Trunk Line Highway (1962- Anchorage Indep. S. D., Alaska—
.Frankfort Sch. Bldg. Corp., Ind.__
1986) bonds, was awarded to the
Grossmont Union High S. D., Cal.
group managed jointly by Blyth

in

11:00a.m.

:1962-19.80

1,594,000

Twin
saw

issues.

a.m.

1962-1981 -11:00 a.m.

1.000,000

College, N. Hamp._
Myers, Fla
Falls, Idaho——

gan,

among

1,041,000

11:00

v

-

Dartmouth

sizable

1:00 p.m.

Aug. 7 (Monday)./-

Ones

July

three

4,000,000

Aug. 3 (Thursday)
„—L_C_
.1,100,000

Fort

Week's Big

Wednesday,

1962-2001* Noon?
1963-1986
10:00 a.m.

10,000,000

cou¬

balance

1964-1976

60,315,000

"

-----

yield from

various

1962-1990

Meaway, Mass. LL—_% .1,425,000
North Hempstead S, D. 10,. N. Y.
4,525,600

underwriters.

scaled to

Jose,; Calif. —2—_
Conn.

,

1962r1980

'

of)_____—______

Housing Admin., D. C—

Bloomfield,

a.m.

»

1,860,000

1, N. Y

v

a.m.

9:00

2,470,000

Sacramento Unified Sch. Dist., Cal.

ac-:

count

a.m.

p.m.

1982-1986

Aug.v 2 ((Wednesday)

'

(1962-1986)

*2:00

1962-1981,. 11:00

1,300,000

City Sch„ Dist., Ohio__
Madrid,..Potsdam & Waddington

of

1962-1981 ' 11:30
1963-1993

-2,085,000

Lakewood

I'i1

account.".

1,900,000

1

__

Hamilton-Wen'r.am R. S. D., Mass.1
Palds Verdes Peninsula USD, Califs

indus¬

priced to
to 3.40%. At present

balance

1,300,000

Wayne, Ind—

2,500,000

Factors

of
moderately

bond

a.m.

Aug. 1 (Tuesday)

were

.

remains in

bonds

of

number

bonds

yield 1.50%

market level continues to be rela-

ex-

a.m.

July 31 (Monday)

1,200,000

ply

gen-:

a.m.

;

Fla._

the

the

a.m.

July 28 (Friday)

Watertown, Conn,

New




July 27 (Thursday)
Mass.

Dillon, Union

Rate

July

-

market

\

_____

20,

Fastman

a

(State)

(State)
New Housing Auth.
Los Angeles, Calif
Baltimore, Md
Cincinnati, Ohio
New Orleans, La
Chicago, 111.

July

on

of

involved in the municipal bond

through
an
anduring mid-morning,

•

volume,

important
non
scheduled negotiated issues
seem planned for marketing dur¬
ing this period.
•.
no

1967-1991
1962-1990

Technical

known

California

three-quarters

reported

as

Attleboro,

of

slight market gain since
reporting. The yield averages' Trust Co; "The issue, which was
nouncement
at 3.35%
this
week
as
1.40%
to
against priced to yield from
3.10%, was about half sold upon
MARKET ON REPRESENTATIVE
SERIAL ISSUES
the initial reoffering.

made

/about

1%

benefited

increasing

an

cluded

PoHcy

form

formidable

a

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

highly productive farm land and

also

quick

in

if

^t present the technical factors

more

apparent

a

bore

pons.

into

not

Larger Issues Scheduled For Sale

Portland, has shown ex¬
tensive, growth
in recent years

3.90%

-go

is

south of

2.00%. to

we

this

particularly in that

improve¬

average

In

due

reoffered.

&

attempting

as

an

re-

Marshall, Inc., Merrill
Lynch, Pierce, Fenner & Smith,
Inc., and Pacific Northwest Co.
This district, which is located just

problem and the

required
Fall
period,

of

r

point

a

&

was

squeeze

led last week's

-

ment

$1,200,000
(1965 - 1996)
to yield from

among,

Trust

Foster

,

revenue

quoted in terms

course

showed

dex

&

and

nimble and

issues

including

Harris

are

The present new issue calendar
through
August
totals
in
the
neighborhood of $540,000,000. Less
the
$225,000,000 State of Cali¬
fornia issue scheduled for Aug. 16,

•

improvement. The Smith,
Barney & Co. Turnpike Bond In¬

the First National Bank of Oregon
and

Steady

market

(1962-1974) bonds was
syndicate managed by

a

of

carT

not

The. bonds

not

underwriters

municipal section- of the

market,

real

by

Bonds

which

issues

$1,129,000
bonds is reported at this writing.
Cn Monday, July 24, an issue
of $2,500,000 Clackamas
County,
Oregon Union High School Dis¬
won

hour

Thursday)

(last

20

anncuncement.

of dollars of

of

balance

trict No. 5

late

The toll road and other

group

which

were

which

1996
were

The issue

Of

market is to prevail.

l;Lrn?pf?v 1C oil\SCDre
were
pretty well shaken.

l

a

scaled

an

demands

be

per-

dealers

has

issue

3.75%,

over-all

sale

the

later stabilized but

were

bearish

market;
a

The

to

1992

Will

issues

coupon

of IGulfport

coupon

the

July

are down slightly and per¬
haps the average yield is slightly
higher as of today due to the selloff following the Bank of England

to 3.75% in 1991. The

1%

a

offered.

debt shaping up for flota^ion, an(j wjth state and municipal
financing forming up to a new
record volume, it would seem to
us
^]lat higher
borrowing rates

quoted down, with bids vigorously
hit early in the session. These
markets

ried

industry^ has
suffered - thereby.
with a heavy volume of
govern-

bordered

Treasury

to

that

ment

JJ*1
ve norJ-existent. The easv
market
for
seemed

pressure

rates

and continues to. The
have earnestly and dip-

been

the

sud-

was

political

Continuously, the profit

eioped, it became apparent
that

the

interest

investment

new

as

of

economy
desperately
to be dynamic.

to

Monday with high hopes

on

a

eagerly

for

attempted to appease
these political pressures while at
the same time attempting to serve

'

Dealers

effort

lomatically

R

Review

belabored

lower

dealers

market

year.

in

market,

prevailed

similar pe-

any

during this

because
for

during
probably

secondary

bond

our

most of the bond dealers involved

good

week

more

on

directly ad-

a

investment

ceedingly

probably been

retail. All factors considered, it is
quite apparent that retail business
was

effect

had

ord volume of financing in almost
all the categories of debt securities. However, it has been an ex-

26) state and municipal bond Blue

of the business has

the

banking industry
has accomplished
a
fine record
this year in handling a near rec-

List figure

indicates

of

present foreign policies has

progressively

adjudge

•

•

The fact that the

phase

problems that entangle the U, S.

this bullish

m

difficult

important

monstrous financial and economic

subsequent
withdrawn from the

or

problems,

This

traded for

is

mone-

closely adhere to the
higher concept of basic
rates. This is a difficult

or

money

seemingly pivotal market
juncture.
The extent to
which

temporarily

rates that dominates

discrepancy in equating our foreign financial relations with do-

a

melee

largely

countries

dealers, or professionals, which is always the situa-

market

American

our

tary policy throughout the rest
of the world. All of the old world

between

were

and

bonds

York and

maturities

to

money

municipal bonds
reported last Monday was actually as low as $369,496,000. As
against the $500,000,000 total that
had variously prevailed for several weeks, this represented a remarkable change in market pace,
Much
of
this market
activity

markup

three

last

to

Dollar

including
the
Bankers
Trust Co.,
Halsey^
Stuart & Co., Inc., Equitable Se¬
curities
Corp.,
Merrill
Lynch,
Pierce, Fenner & Smith, Inc., and
others.
The
$3,000,000
Greater
Port of Pascagoula
(1964 - 1994)
bonds
were
reoffered
to
yield
from 2.50%

Since

to

Due

aver¬

quotes

balance is available at this

no

The

yield was reduced to 3.78%
against 3.82% the week before.

age
as

was

1.70%

from

the last sampling date.

writing.

by the First National City

Bank of New

2.50%

banks

by political considerations is generally antithetical to the traditional concept of

total of state and

bonds

headed

was

tated

as

tion at

totaling

bonds

system, two basic, theories seem
odds; the so-called modern U. S.
notion of low money rates dic-

(dealer and investor demand
immediately responded to the improved
criteria.
The Blue List

was

obligation port
$4,200,000 to the

Port

at

as

1

general

central

-

-

situation
months

entanglements,

of

yield

issue

sale

Thursday, July 20, the State
Mississippi awarded two issues

of

to

.

The

3.90%.

On

While trying to equate the money
rate situation as between Europe's

Inventories Also Melt

.

financial

priced

Recent Awards

A

having

market,

enhanced.

be

Thursday, July 27, 1961

.;.

tion. It is hoped that through im¬
proved travel conditions, the al¬
ready burgeoning tourist trade, a
major factor in Alaska's economy

repre¬

gain

against
last week's very -sharp gain. As
previously alluded to, the inven¬
tory level seems presently a fa¬

MACKEY

D.

week

a

sents

.

2,393,000

1963-1S91

1:30 p.m.

Aug. 22 (Tuesday)
Cook County, 111

Montclair, N. J
Rio San Diego Mun. Dist., Calif—

25,000,000
1,562,000
2,400,000

*

10:30
1962-1986

8:30 p.m.

1982-1981

2:30 p.m.

Aug. 24 (Thursday)
Glendale, Calif.

_____________

3,250,000

\

Aug. 29 (Tuesday)
San

Diego

Unif. Sch. Dist., Calif.

20,000,000

a.m.

1963-1982

.

Volume

Number 6076

194

.

.

The Commercial and Financial Chronicle

.

Healthier Economy Marked
Start of Year's Second Half
;

••

•

•

■

\

.

v
!

r

...

t

.

"

(

' -1

*

■

V,. .' ;v'
laymen whom I meet and talk
.

with.often

express

of

status

financial

bombarded

conflicting

with

programs.

:

i
The

'.v

.

aid

-

,,

V

:

f

outstanding feature of ficonditions over the first

COal

the

Employment

spring.

upspurt in stock market activity,

manufacturing, mining,, and construction suffered from the drop

The

up

modifies

in the Senate

making

atomic

When

satellites.

the sharp

was

Industrial

Dow-Jones

Education and Labor Committee;
;
a_ Negro,
a speech
July; 14, told a Philadelphia, convention of the National Association for the Advancement of
Colored People that,'until Negroes
have equal membership' privi-

com*
her

to

energy.-

withdraw

their

'

:

and

'

<

Lipscomb,
Republican of California, directing a study of the
enforcement of the Export Con-

from

gas

Russian

to

sites.
Hagerty admitted that some
local unions may bar Negroes,

1949 and its relation*

but contended the Building Trades
department lacks power to force
their
with
compliance
general
14
—
*

trol Act of

op-

position and get behind the bill,
It will now very likely pass. The
coal producers are still against it.

,

ship
to ~ the
Battle,-Act,
and
Trading with the Enemy Act.

in business, and responded only

six months of 1961

AFL-rCIO policy.

President

is getting
mileage over

Kennedy

Forms Belfiore Investments

We are now extending the sale maximum political
grudgingly to the rebound in+ac- 0f c subsidized farm surpluses to Congress' authority for him to
ning of the year to an all-time tivity during the spring. Factory Iron Curtain countries.
To be appoint 73 Federal judges.
high of 706 in the middle of May, work weeks, however, showed a £ure we have a surplus 0f farm , Deploring the backlog of Fedbefore trailing off to 684 at mid- steady improvement.
•
products* that-we desire to sell eral Court cases, President Ken-

age

Althought

year.

Aver-

from 616 at the begin-

rose

in-

the

of

part

in investment interest

crease

was

id anticipation of some improvement in general business later in
the year, inflation

psychology and
speculative enthusiasm heightened
buying impatience. /
Bond prices were on the upside
.

latA' in this
late inH this

ihtil
until

credit

oeriori
period

in

conditions

Personal incomes edged downearly in the year. Lengthened
factory - work weeks and
wage increases, however, restored
the rising trend to personal incomes, which hit a
hew record
level by midyear. The foregoing
study indicates to me that, on the
ward

the

easv
as "easy ;whole,
| whole,
as

economy; weathered
"resting period" quite well;

banking 'the

the

weathered

economv

the

*

J. Haggerty of the
AFL-CIO
building trades department, and
Representative
Adam
Clayton
Powell, Chairman of the House

a

This
enough for the United Mine

Workers

in-

came

with

was

winter, and improved only slightly
in

that

.short-lived.

into

program

conditions
prepattern. Unemployment rose sharply during the
mixed

a

reported

#

developed

C.

t'

■

Wash. Apparently their ban the sale of agricultural
was

the matter

Employment

sented

Securities Markets

nancial

foreign

EmDlovment and Incomes

:

■'

-

■

has

leges with whites in AFL-CIO
craft unions, he would block a
an amendment was added proAlso before the House is a reso- pending bill to reduce restricviding $5 million for a research lution by Congressman; G. F. tions on picketing at construction

victory

through

products

,

•

^PsP^ltSuJ^v Hanford,

creased

■

shippers made public. So far the
coal and private Department of Commerce has repoweii interests had succeeded in fused to m^ike them public. At
killing in the House'a proposal to the
same
time,
Congressman
provide $95,000,000 for an atomic Delbert L. Latfca, Republican of
energy
electric power plant at Ohio, is sponsoring legislation to

,

^

aided by,

rise,

re-

ports from -the optimists and pes¬
simists.
Therefore,
I
think
it
would be helpful to readers to
have a brief survey of economic
developments through mid - year
1961.

.

(week

we
combination of

mamed. under, the handicap oi
traffic
and
parking problems.
Farm land prices continued to

confusion as to
business and
conditions, having been

true

the

.

..

.

■

I"

Last

.

.

'

;i

concludes "The economy weathered the 'resting period' quite well, ;
and has emerged- on a healthier footing." v
' Y;;"

The

■.

.

/•

tiff

between
two pressure group
spokesmen—

BY CARLISLE BARGBRON

Mr. Babson C,

cipal sectors-sees improved posture for the economy.

\

*

A

-

,

Summing up of first'half year's developments in the economy's prin-

Federal marshals and the
judge's
staff.

...Ahead of the News

i..

„

,

the

on

world market,, and, too,
a
humanitarian people

we

are

who

tion and that is in

regard to the tirement, Mr. Kennedy
giyes to Khru- *100 posts to fill.

assistance, this
shchev in his world conquest de-

signs. In many respects
W Q; ctfa+Acrin rriat^riat
-Earlier

this

the

year

-

food can
;i

*

be a strategic material,

Mfi?re
^
under

»««««

of. both

House

A qof \V P?, luring-'grinding.machines to
flOO U;. \ .i * Soy'iht ijThinn*This aetion
*
];Uhion. This action

&lUb

firm

S

naZ

'

•

General Business

decline

to

during

and
February, then in March regained
January

G

G

Industrial production continued

F.

c.

has

Childs

and

onliy;! after

Rranrk

oraut11

Whittier Blvd. under the manaseWhittier Blvd. under the manage-

and.-hient of K. E. Halbert,

week!

ir°Th l0f, in t.h°3f from Russell, S. Hawkins investment I*.
Second
months. Thereafter, output ftW° Vice-President of the as
nation's

sharp.y.
:

cations

breaath

The
that

and

;

*

firm. Mr.
Haw kins
Hawkins

.

vigor

its

the

the

rebound

fourth

,

Notwithstanding

course.

New

York

rnnawccman
^'OXUail

r
treet./'Mr.
Hawkins, who
joined
C.
F.

been

experience that over¬
colds, and indigestion
best to "rest treat"1* ent,"

It

has

respond

usually without my having to re¬
sort to pills. So, too, the reces¬
sionary period provided the
needed rest for the economy to
appear to correct such imbalances
excessive inventories and debt,

unduly

high price

and

cost

shot

were

Thnmao
X ii VIIIWO

ivr

AU,

Ppllv
JL

a

J.

He
riawk.as

Roll

B.

Co.,
..usscil b.

N.

Y.

active

New

construction

expenditures
continued the generally sidewise
trend of 1960.

Commercial, industrial, and .public utility outlays for
hew

rates,

construction

but

these

were

were

at

record

new

offset

by

home build-

because of residential, com-

mercial,

industrial developments in outlying areas made accessible by new highways. Urban
real

and

estate

values,




however,

re-

!

u

w

juavauuv

r\

ljn

a

(Special to The! PiMANCiAt Chronicle)

are

offering is made only by the

Prospectus.

In addition, he is

member of the American Insti-

CORPORATION

the Men In Finance Club of New

York

University, and past president of the Money Marketeers of
New York University,

41/2% Convertible Subordinated Debentures due 1981
■

'■

'

?

pace ColWe Issues
n

-

_

.

.

.

■

V

The Company is offering to its shareholders the right to purchase the Debentures through
transferable Subscription Warrants at the price shown below, on the basis of $100 of Debem •
tures for each 50 shares ofCommon Stock held of record at the close of business on July 21,1961.

_g;„,

_

"roiessionai Mgt. orochure
iphe

art of professional management and what it is has been ex_
a new

,

.

,

Subscription Warrants expire at 3:30 P. M., Eastern Daylight Time, on August 7,1961.
The several underwriters may offer the Debentures pursuant to the terms and conditions set
forth in the Prospectus.
^

The

brochure released

by Pace College, New York City,
entitled Professional Management.
It
areas

describes
that

the

five

determine

;

critical

the

1

success

Subscription Price 100%

or faRure ^f a business. It tells ;
w.management became profes-

SI0,I?a'- " te»s how management

w

Copies of the brochure may be
obtained by writing to the directot of the Graduate Division,. 41
Park

York.

Row,

New

York

:

38,

^U

Arnold Opens

for

Copies of the Prospectus

ing
and
highway
construction.
However, housing starts began to
edge upward after the beginning

firm

;

1

Judgeships, incidently, are the
iniHpst form of natrona^e. Thev

$6,938,900

be taught,
The free brochure also describes
the Pace College management ^
program. Classes for the fall 1961
of
the year, and
road building semester in its Master of Business,
took
an
upward
spurt in the Administration degree program— j
spring.
for mature college men and1
Real estate prices were gener- women who seek greater manage- ;
ally steady during this. period, ment
responsibility — will open
Suburban
property values held Thursday, Sept. 21.

the low levels of

V/

Hechtlmger, Secretary,

organizations of New York

bonn salesmen.

plored in

New Building and Real Estate
:

thus far.

This

tute of Finance, and the Bankers
Club of America, a governor of

*

ministration's legislative program

years

The
biggest source of disappointment during the first half of
1961
v/as
the lethargic pace
of
consumer
spending
for
goods.
Monthly
retail
sales
figures
dawdled
along at
rates
below
those for the year-earlier period.
This, however, rr ay have been a"
blessing * in disguise, since consumers
were
building up future
buying potential ,by adding to
fheir savings and paying off their
<

extent

.

&

a

-

j

i^e

This explains to a

the amazing success of the M-.

,

C.

structures.

instalment debts.

-

been1

has

many

among

K

r

New Issue

formerly
partner
in

was

;

..,

Adell, Cohen & Hechtlinger, Inc.
fprmed^with^ oftices> at

,

,

Childs in 1953,

my

exertion,

-A\

and

life-long appointments (con- CATHEDRAL CITY,. Calif.—Harhag focussed attention on "aid to tingent upon good behavior) pay- old D. Arnold, .Sr,,.is conducting
tbe enemy'' through exports.
He ing $22,500 a year to Federal a securities business from offices
wants
the
names
of
American district - judges
and $25,500 to at 69-850 Highway 111.

of-

government, the business
was largely the result of

Harbor

Repubiican of Washington Stace,

firms

fice, 1 Liberty

curative'* forces.

and

_

tne

initiated

measures

natural

as

Kp^Pearl

headquarters
at

the extensivfe

back at American boys.

his

makes

economic

^

-shipments of scrap metal to Japan

his

makes

since World War II. had

pump-priming

by

expander

business upturn^were mdi-

r'ecesrion
run

factories

strong Con-

election

the

the

Beifior^

Company,

the

announced

Ifeversed

NW

nf

LA HABRA, Calif.—International
Securities Corp. has opened a
branch office at 2530 A, West

was

a

tt*

o

w

;

the series of key votes have been
taken. New Frontier legislative
lieutenants are brutally frank in

p

Tncpnh

International

has

jurists

seven

Democrats

the

r

investments

Now, more than two months
later, however, he has named
onlv

Depart-

now

n

i?'

Jr

io01' Thirteenth'

nedy originally asked for 60 new
judgeships.
Congress responded
by giving him 73, Together with
those vacated by
death or re-

want to feed the hungry,
there is a major considera-

But

WASHINGTON

HoUof Adell, Cohen
with prices depressed by the hu^e ^ u
volume of new offerings.
*>OldW

15

judges on U. S. Court of Appeals.
Along with each judgeship come

FROM WASHINGTON

By Roger W. Babson

'

'i

.

..

i.

'

(383)

1

:

New t'

may

be obtained from the undersigned, and the

other

underwriters, only in states in which they are qualified to act as
dealers in securities and in which the Prospectus may legally be distributed.

F. EBERSTADT & CO.

EASTMAN DILLON, UNION SECURITIES & CO.

PAINE, WERBER, JACKSON & CURTIS
-

July 24,1961.

'

*

LEHMAN BROTHERS
WHITE, WELD & CO.
Incorporated

16

The Commercial and Financial Chronicle

(384)

Steel Production

Electric

Retail

The State of

compiled by the Chronicle, based
upon telegraphic advices from the
chief cities of the country, indi¬

Trade

Food

Price Index

cate

Auto

Production

Saturday,

Business

TRADE and INDUSTRY

figures

Preliminary

ago.

year

Output

Carloadings

Failures

the

July

22,

clearings

for

is

it

which

ended

week

of the United States for

all cities

Commodity Price Index

for

that

possible to obtain
clearings will be 7.2%
above those of the corresponding
week last year.- Our preliminary
totals
stand
at
$30,008,588,090
against
$28,003,024,898
for. the

weekly

the recovery
scene, sidies to farmers, veterans and
Brief, a bi-monthly others, and interest) have been
report on U. S. business issued mainly responsible for pushing
July 26 by the Chaste Manhattan government expenditures to 27%
Bank, New York City, found that of gross national product. Certain
things are moving along "in good types of expenditures — for
schools, roads and law enforce¬
fashion."
are linked to population
The report noted that personal ment
Surveying

In

Business

*

.,

tive

week follows:
Week End.

—

growth and consume a relatively
Istable proportion of the gross na¬
tional product. Transfer payments
and. defense
spending,
on
the
other hand,
depend largely on

income is up 2Vz % over last year,
industrial production is near pre¬

vious highs, inventory liquidation
has ended, government spending

has increased at a $2 billion an¬
nual rate for each

tration

past year, and housing and retail
sales
are
showing
moderate
increases.
.

/

and

conditions

current

quarter of the

•

report

concluded

if

that

third-quarter rise in invest¬ present trends continue, it might
new plant and equipment,
be difficult to hold government
a moderate rise in housing and a
spending at the current percent¬
continued $2 billion-per-quarter age level, and that an increase
rise in government spending (in¬ involves "a heavy risk that the
cluding that of Federal, state and growth of the private economy
local
units)
are
factors which may be held back," especially in
could operate to keep the recov¬ view of the burden placed on sav¬
ery moving, according to the re¬ ings and investment by the pres¬
port. It foresaw a possible resump¬ ent tax system. Positive tax re¬
tion
of
inventory accumulation forms, however, could stimulate
and pointed out that rising in¬ the economy so that the govern¬
comes have placed consumers in a
ment might increase the dollar
position to support an increase in totals of its spending while main¬
instalment debt
a development
taining its percentage share of the
important to increased sales of gross national product, said the
durable goods.
report.
^

ment in

1961

York

%
+

7.4

+

0.3

835,293

,

+

850,762
v,,"4

,

'

i

August Steel

1.9
*

■

"

i

A

Output to Be

model changeovers.

Look for

steel
shipments
be lower in September than
in August. One company says it
overbought for July and August
and must balance inventory by
cutting back steel receipts (up to
60%) in September. Other auto¬
makers
are
reportedly
running

into the

GAS CORPORATION
62nd

consecutive
quarterly
dividend

Common Stock—28c per

difficulties.

same

Despite

the

automotive

uncertainty
requirements,

steelmen

are

confident that fourth

demand

from

about
most

the

holders of record August
R. GOULD

car

Bank

^spending

and transfer payments
{payments for social security, sub¬

Clearings for Week

July

22

Were

August
steel
production
over
July's even if automotive demand
falls short; of original estimates,
Steel magazine said on July 24.
Ingot output should approach
8.3
million tons—surpassing the
eight million tons estimated for

July but failing to equal June's
8.5 million.

Financial Vice President

new

TEXAS GULF

%

SULPHUR

models.

COMPANY

said

general business re¬
covery from the recession now is

160th

running

Quarterly Dividend

ahead

three

of

six

to

schedule.

months

It

has

the

expected to be

the

1,850,000

estimates the

on

tons

a

the

hat declared

Directors

25

cents

Bank

show

,

per

increase compared

with

view held by steel¬
Cleveland, Pittsburgh,

They're encouraged
by signs of better demand for cold

a

the

on

15, 1961, to stockholders of record

ber

the close of business August 18,

at

magazine

HAROLD

1961.

KLINE,

B.

Secretary.

industry poured last

rolled

sheets,; bars,

plates,

and

Some steel prices are still fluc¬
tuating. One company hiked base
prices 5% to 7% on certain grades
of stainless steel, while another

structurals.
The

Continued

■

outlook

is

not

as

rosy

on

30

page

United States Pipe

and Foundry Company

New York, N. Y.,

Chicago

where

mills

some

Beard

of

a

The transfer books will

esti¬

DIVIDEND

NOTICES

motive

United States Pipe

and

remain open.

Foundry Company

JOHN W. B RE'NN AN, Secretary & Treasurer

tonnage will be off 40% to

DIVIDEND NOTICES

Y

July 21, 1961

Directors this day

declared
quarterly dividend of thirty cents (304)
per share on the outstanding Common Stock
of this Company, payable September 15, 1961,
to stockholders of record on August 31, 1961.
The

in

mate their July and August auto¬

EQUITABLE

States Lines

CITY INVESTING COMPANY
980

The

a
..

Madison

N.

21,

Y.

N.

Y.

Directors

July 19,

/

1961

of

Common

T.

Stock

of

BOWERS,

record

at

Stock

DIVIDEND

<

»

the close of business on August 11, 1961.
HAZEL

Common

•

COMPANY

value Common Stock of the Com¬
pany,
payable September 7,
1961V to,"
holders

Company

tt.rr-t

of this Coin* 'v
declared a stook +V
of five per* cent -on the $5.00 >'y
of

Board

pany on
dividend

Ave.,

par

DIVIDEND NOTICES

share

the
in

and the East.

^clearings this week will

an

;•

10,020,000 shares of the Company's
capital stock outstanding and entitled
to receive dividends, payable Septem¬

with

par

of

of

dividend

;1 Production of steel this week

is

Board

The

makings of the fastest upturn in
postwar history.
.

Consecutive

week.

That's
makers

Ended

7.2%

Above
Corresponding 1960 Week

the national economy, Chase Man¬
hattan pointed out that defense

I, 1961.

MOREHEAD,

—

Commenting on the changing
role of government spending in

share

Payable August 15,1961 to stock¬

will be strong. Rea¬
(1) The inventory of unsold
cars
(920,000 vs. 1,065,000 a year
ago) is small enough to pose no
problem.
(2)
Strength
in
the
used car market presages strong
Steel

3% to 5% upturn in

a

SUBURBAN PROPANE

Automotive

may

demand for the

3 to 5% Above July's

;

DIVIDEND NOTICES

sons:

+10.1

1,310,109
1,164,000

1,406,405
1,168,000

..

Boston

Thursday, July 27, 1961

companies

,

1960

$16,231,238 $14,744,783

Chicago
Philadelphia

policy rather than popu¬

The

(000s omitted)

,

July 22—
New

adminis¬

lation.;
.

centers

.

levels.

quarter

for the leading
during July 22

summary

money

May and June

.

The slump in the Midwest can be
traced
primarily to automotive

week in 1960. Our compara¬

same

from

50%

.

Pittsburgh; Pa.

Secretary.
The Board of Directors has authorized
At

Cities Service
INTERNATIONAL

I

HARVESTER

Directors of Cities Service Company declared

quarterly dividend of sixty cents

($.60)

per

share

on

its

Common Stock, payable September 11, 1961, to stockholders of
record at the close of business




$1.09

per

share

per

on

of International

the

the

on

Common

tember

Company have declared
quarterly dividend No. 172 of one
dollar and seventy-five cents ($1.75)

1,

($.50)

the

on

Stock,

5.60%

Pre¬

per

dividend of fifty cents
share payable September 8,

1961, to holders of Common Stock
record August 1-8, 1961.

of

THOMAS R. CAMPBELL, Secretary
.

One Broadway, New York 4, N. Y.

,

cents per share

Stock,

1961,

share

Preferred

ferred Stock and 46 %

Harvester

payable

all

to

Sep¬

holders

record at the close of business

of

August

10, 1961.
H. S. Netting, Jr., Secretary

the preferred stock,
payable Sept. 1, 1961, to stockhold¬
share

per

August 11, 1961.

fbanklin k. foster, Secretary

July 25, 1961.

of

Convertible

$1.40

COMPANY
The Directors

a

dividends

4.36%

Dividend Notice

of

the. payment of a

meeting held July 25, 1961, the

Board of Directors declared quarterly'

COM PA NY

The Board

a

on

ers

of record at the close of business

on

August 4, 1961.
GERARD J. EGER,

„

Southern

Secretary

Railway
AMERICAN ELECTRIC

Company

UALITY

AEP
DIVIDEND
POWER COMPANY, Inc.

NOTICE

New York, July 25, 1961.

| Southern California ||
Edison
Company
*

r r

206th Consecutive Cash Dividend
on

•

(47c) per share on the
Common Capital Stock of the Company,
issued and outstanding in the hands of
the public, has been declared payable
September 11, 1961, to the holders of
record at the close of business August

cS
07\

seven

dividend

of

Seventy Cents

on

the

of

(70<)

per

without

par

DIVIDENDS

Southern

Common

Stock

The

Railway Company has
today been declared out of the surplus of

A re9u'arcluar'erly dividend of Forfy-

r\

A
share

value

Common Stock

cents

net

profits of the
ended

the

Company for the fiscal

December 31,

1960,

payable
September 15, 1961, to stockholders of

year
on

record

15,

the close of

at

1961.

'
J.

business

J.

.

MAHER,

dends:

Secretary

4.08% SERIES

'

Dividend No. 46

.

25.Vi cents,

W. J. ROSE, Secretary
'
* *

per

-.4.24% SERIES.

.

Dividend No. 23

Sinclair

4.78% SERIES
•

-

-

l
'
.

jptf

CAL1F0RNIAPACIFIC

regular dividend

(104)

per

of Seventy Cents

share has been declared

29% cents

September 1,

1961, to stockholders of

record at the close of

10, 1961. Checks

wili

business August

be mailed.

Vice President and Treasurer

tember 1, have been

declared at the

.

2b4

.

25^

5.40% Convertible Preferred

274

.

...

5% Convertible Preferred

5Vz% Convertible Preferred

21Vz4
22VW

\
©

A. T. Co.

:D.

J. Ley,

July 17, 1961

.

.

.

.

On

.

vice-pres. a treas.

July 19, 1961

a

quarterly

dividend of 50 cents per share
was

following rates per share:

Common.

July 25, 1961

•

declared

on

-

share;
'

1-

'

<

'

V

share.

The above dividends

Quarterly dividends payable Septem¬
ber 15 to shareholders of record Sep¬

.5% Preferred
Harry L. Hilyard

per

J'

STOCK

COMMON

DIVIDEND No. 123

the Common Stock of The American
Tobacco Company, payable in cash on

per

•

\

Dividend No. 55

UTILITIES COMPANY

upon

share;

Dividend No, 15-.

; 4.88% SERIES
30% cents

A

share;

•

26 V2 cents per

224TH COMMON DIVIDEND

of

CUMULATIVE PREFERRED STOCK:

.

10,1961.

July 26,1961.

the payment

following quarterly divi¬

August

on

,

Board of Directors has

authorized

the Corpora¬

are

pay¬

able August 31, 1961, to stock¬
holders of record August 5.
Checks vjill be mailed

from
Company's office in Los
Angeles, August 31.
the

tion's Common Stocki payable

September 8, 1961 to stock¬
holders of record at the close
of business

on

August 10,

1961.

SINCLAIR
OIL CORPORATION
AOfl Fifth Avenue

hlew York 20. N. Y.

P. C. HALE,

July 20, 1961

Treasurer

7
Volume

Number

194

6076

THE MARKET

.

.

.

The Commercial and Financial

.

.

dend

AND; YOU

.

Chronicle

return

(385)

yields with Allied Stores'
running well above 5%.

In the tobacco

section, American

tion
age.

prominent in being able to post
a
new
high, has since held close
to that level
despite irregular
—

Industrials

nothing in the

shares

trading

were

or

assault

convincing

a

that

volume

inspiring ei¬

news

determined

a

high

wander

would

the

on

retreat

on

constitute

a

selling climax.
There

evidence
and

that

great

a

that

waiting for

selling climax be¬
fore they would take any more
aggressive
attitude
toward
the
market
and, as usual with the
a

market,

widespread

without

fulfillment

expectations

only served
to keep investors cautious and the
market

in

the

doldrums.

made

Earnings reports were spotty,
downright drab, and where
results were lower than expecta¬

tions, the shares reacted a bit
sharply.
Higher than
expected
largely
ignored,
particularly in the oils. In this
section it took a good report plus
were

hiked dividend and

a

ment to

the

a

stock pay¬

moderate buying in

spur

issue.

Electronics

swinging issues
much

was

glamorous

the

were

though there
these longhad "had it."

that

issues

None of them

wide-

even

talk

much inclined

were

to

get anywhere near their previ¬
peaks. But, on the other hand,
they weren't conspicuous on the
ous

lists

of

new

lows

with

per¬

any

Outstanding

drugs,

Drug

the

for

a

have

to

better.

The

have

also

The

reacted

a

peak.

after

its

development of.
product that could open up

new

was

important earnings from the die¬
tary food market. There is as yet
no
indication
what
the
highlypurified cellulose product, named
Avicel, will do for Avisco's earn¬
ings but it should be apparent

whether there will be

year

Much

tered

the

of

neglect that

general dislike of
shares.
far

cen¬

rayon

than

varied

alone.

is

It

the

half

a

company

But Viscose's interests

more

field

are

acetate

owner

of

Alaskan pulp

mill, sharing the
ownership with Puget Sound Pulp.
It currently accounts for from a
quarter to a third of the growing
cellophane market.
It is also a
holding company, to a degree,
through its large block of Mon¬
an

santo

Chemical,
issue, which it

Issues

13% of the
received for its
half interest in Chemstrand Corp.
some

The bundle represented a

holding
equal to about $41 a share for the
outstanding Avisco shares. That,
by coincidence, was the low price

have

from

their

1961

well

been

deflated

peaks.

Baxter

Laboratories, listed on the senior
exchange only for a shade over
two
months,
nevertheless
had
carved out a 53-76 range in the
brief period before reacting be¬
low the 60

line.

Serving a wide variety of hos¬
pitals, clinical laboratories, whole¬
sale distributors and armed forces,

Baxter's

business

was

recession-

resistant to where it posted
sales last year.
overseas

record

It has been active

markets

to

where

fifth of its business

from abroad.

operations

There is

no

comes

appar¬

ent

let-up in its growth pattern
so
far, so the downturn in the
market price
merely makes the

liberalized

candidate

a

dividend

of the company

in

for

time,

since the current payout is only a
bit

half

over

the

of

profit

the

is expected to show for

company

this year.

Interesting Item in the Rail Area
Railroad

shares

thoroughly

rather

were

neglected,

the

bank¬

ruptcy of the New Haven and the
other

cases

where dividends

keeping

jeopardy
fanciers

which

the benefits of

rails

solvent
trols

in

has been reaping
cost-cutting by the

via

automatic

electronic

and

are

the rail
Railway

even

General

wary.

Signal,

con¬

that

devices

boost

efficiency, has been taking
steps to lessen its dependence on
line

housewares
tion of

and

in the

now

through acquisi¬

Regina Corp., floor polisher
cleaner maker. It has

vacuum

also

been

devoting research to
highway
controls
and
aircraft
devices and ground control sys¬
tems.

time

the

add

diversification

promise

that

in

will

it

radically lessen its
railroad business
both
growth and more

dependence
add

to

its

of

All

moves

on

diversification

the

among

companies is American & Foreign
Power which
first

able to boost its

was

profit comfortably
despite the loss of its Cuban in¬
quarter

stores

stocks

continued

to

cause

of

a

attention, in part, be¬
seeming determination

by the old-line companies to meet
the

non-utility

in

projects

The

America.

forged to

a

new

is

ex¬

in

proportions

time.

these

of

success

While

doldrums,

yet

the

peak

produce the things
needed in the un¬

are

limited future of the

new

the

facture

is neither mi offer to sell nor a solicitation of an

half
of

year,

tractual
ment

the

dollars

million

a

this

of con¬
develop¬
particularly in

research

and

high

calendar

by the end

consisting
and

sales,

field.

vacuum

securities. The

offering is made only by the Prospectus.

$1

million

with

of

10-15%

net

profit

margin

rived

from

profit

a

after

growing

the fast-

on

Common Stock
per

sales

its

of

stores

are

than

policy

the

and

less

of

units of proven

on

profitability is best illustrated by
the fact that this year's schedule
calls

for

closing 130 older stores
while opening 170 new ones, most
in

Share)

of the Pacific and

give it well over half of its
volume today. Nearly two-

10 years old
concentrating

Spellman Engineering, Inc.
(Par Value $.10

areas

Southwest regions to where these

thirds

150,000 Shares

the

growing

rapidly

more

population centers.

Safeway

is Pot only concen¬
sales, but is cost-con¬
and working aggressively

trating

Price

$6.00

per

on

scious,

Share

lift

to

its profit

margins. Projec¬

for this year

tions

give the chain
profit
potential
that
would
nearly double the dividend re¬

a

Copies of the Prospectus may be obtained from any of the undersigned or other dealers or
brokers only in states in which such underwriters, dealers or brokers are qualified to act as
dealers in securities, and in which the Prospectus may be legally distributed.

margin

taxes.

The

depend upon
what portion of total sales is de¬
will

contractual

research

and

development, and what

tion

comes

from its

por¬

Frederick L. Ehrman

Richard P.

Oakley

products.

own

Corporation, it was announced by
Capitalization consists solely of: Robert Lehman, President of the

350,000

shares

such

With

a

of common
small

successful

contracts
flected

would

in

stock.

number

conclusion

quickly

substantial

be

re¬

per

active

mar¬

share.
The stock
ket in the

enjoys

an

over-the-counter
it

sells

at

mar¬

about
a

corporation.

of

Mr.

Ehrman

became

partner

a

of of Lehman Brothers in

net

This is not

1941

and

Mr. Oakley in 1958. Mr. Ehrman
is also a director of Beckman In¬

struments, Inc., Continental Air
Lines, Inc., TXL Oil Corporation
and Monterey Gas Transmission
Co., and a trustee of New York

$13
high of University Medical Center.

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

an

an

offer to

$35,000,000

Northern Natural Gas

quirement
another

which. also

dividend

hints

at

Company

4%% Sinking Fund Debentures
Dated July 1, 1961

Due November 1, 1981

Price 101% and accrued interest

Copies of the Prospectus may be obtained from any of the several under¬
writers only in states in which such underwriters are qualified to act as
dealers in securities and in which the Prospectus may

largest retail chain in the country.

areas

26, 1961

•New Issue

the

For

1962, it is antici¬
pated that sales will approximate
year

yield approaching 5%.

a

shares

offer to buy these

board of directors of The Lehman

methods, by large industrial cor¬
porations;
Management anticipates sales of

legally be distributed.

Blyth ft Co., Inc.
Eastman Dillon, Union Securities & Co.

The First Boston Corporation

Glore, Forgan & Co.

Goldman, Sachs & Co.

Harriman Ripley & Co.

Lehman Brothers

Kidder, Peabody & Co.

Incorporated

announcement

P. Oakley, partners of Lehman
Brothers, have been elected to the

and

products

new

Lehman Corp.
Frederick L. Ehrman and Richard

Amply financed and recognized

obscure, it is an issue with promise
and

and has concentrated
thh

age.

in scientific circles, income is re¬
ceived thfough license to manu¬

still

Safeway has been growing with
•determination,
eliminating
its
still offer average to liberal diviolder
and
less
profitable units,
the

Named Dirs. of

the

is

moves

while the general market has been

in

metallurgy in the spaceIlikon is destined to be a

Latin

commitment

houses.

has

in

has several millions committed to

competition of the
Defensive Food Stores Come
They also have
an advantage this year in that the
Through Again
peak selling season during the fall
Results of the food stores' op¬
and holiday periods will not be
erations
through
the ' recession
restricted this year, as they were
have
proved
once
again
that
last year, by the recession. Their
people continue to eat even when
prospects for 1961, consequently, business isn't in a boom stage.
are
considerably enhanced par¬ Hence they are defensive issues
ticularly since they have been for trying times. But even when
aggressive in opening up suburban general business is good, some of
stores to keep up with the popu¬
them are able to expand impor¬
lation shifts. One large service's
tantly including Safeway Stores
index of the larger department
which has grown to the second
stores

to

share—down from

intense

discount

team

a

where

pected to grow to hundred-million
The

as

per

case

price the
specula¬

and 1961 should be the
of "fruition" for the bril¬
liant ideas of its three founders.

is young and ably

ket

the

in

this

attractive

managed. Brilliant engineers work

of

aim

The

zero.

attract mild

The company

At

an

year

lution of 5.2 angstroms; was made
in Japan.

Foreign Power is to diversify out
of the utility field and already it

come.

May.

leader,

Continued from page 2

shares,

stable profits to its future.
Also

I Like Best

they know

railroad business. It is

Avisco stemmed from

on

is

It

markets.

best, but
the

Avisco

to

spur

long neglect

1961

from

under

some

a

for

at 62 at their

were

at

nearly

favor

of

seems

shares that sold at 63 in 1951, and
never
reached that
level
since,

other

sporadic at¬
tack in Washington, were moder¬
ately heavy despite the fact that

in

turn

issue

an

for Avisco shares this year and at
that level the market rated all

sistence.

The

out

but

is

widespread acceptance of it.

some

earnings

they

a

Viscose

been

a

than

peak.

while,

next

Spotty Earnings

the

has

long

of the public investors were

many

&

much

was

institutions

some

attractive

more

at

American

in this week's stock market,

range

ther

to

limited

continued
their

in

around

in

Tobacco which recently was a bit

WALLACE STREETE

BY

$29

stock offers

17

Incorporated

Merrill Lynch, Pierce, Fenner & Smith

Smith, Barney & Co.

Incorporated

Incorporated

Stone & Webster Securities Corporation
A. C. Allyn and Company

White, Weld & Co.

A. G. Becker & Co.

Incorporated

Dean Witter & Co.

Hemphill, Noyes & Co.

Incorporated

Hornblower & Weeks

W. E. Button & Co.

Lee Higginson Corporation

F. S. Moseley ft Co.

Salomon Brothers & Hutzler
Alex. Brown & Sons

W. C. Langley & Co.

Paine, Webber, Jackson & Curtis

G. H. Walker & Co.

Baker, Weeks & Co.

Clark, Dodge & Co.

Dick & Merle-Smith

Incorporated

Dominick & Dominick

Hallgarten & Co.

L. F. Rothschild & Co.

Hayden, Stone & Co.

Schwabacher & Co.

Swiss American Corporation
Weeden & Co.

Spencer Trask & Co.

Tucker, Anthony & R. L". Day

Robert W. Baird & Co.

Incorporated

Riter & Co.

Stern Brothers & Co.

Burnham and

Company

Incorporated

Cruttenden, Podesta & Co.
Good body & Co.

J. M. Dain & Co., Inc.

First of Michigan Corporation
Kalman & Company, Inc.

E. F. Hutton ft Co.
Incorporated

Kirkpatrick-Pettis Company

McCormick ft Co.

Newhard, Cook & Co.

Shearson, Hammill ft Co.

Piper, Jaffray & Hopwood

Storz-Wachob-Bender Co.

Blunt Ellis & Simmons

Courts & Co.

Elworthy ft Co.

payout
improvement that has been under¬

Irving Lundborg & Co.

McDonald ft Company

The Milwaukee Company

way

steadily for the last four
The sales goal for this year
is nearly $21/2 billion, or an in¬

The Robinson-Humphrey Company, Inc.

years.

J. Barth & Co.

tinuation

Pierce, Carrison, Wulbern, Inc.
C. E.

Van Alstyne, Noel 8C Co.

Unterberg, Towbin Co.

The Johnson, Lane, Space Corporation

The

Robinson-Humphrey Company, Inc.

Spingarn, Heine 8C Co.

McDaniel Lewis 8C Co.

John H. Harrison dC Company

Varnedoe, Chisholm 8C Co.
Incorporated

A1--1.;




boost

for

con¬

annual

an

of about 5%, and there is
sign that its growth in stores,

William R. Staats & Co.

Bateman, Eiehler & Co.

Caldwell Phillips, Inc.

Brush, Slocumb ft Co. Inc.
Chiles-Schutz Co.

Lee W. Carroll ft Co.

crease
no

Courts & Co.

of

sales and

profits is anywhere

near

the ultimate that the management
thinks it can achieve.

[The views expressed in this article
do

not

cide

They

necessarily

with
are

those

at

any

of the

presented

as

author-only.y

time coin¬

Crowell, Weedon & Co.

-

Estes & Company, Inc.

Halle ft Stieglitz

„.

►

.

T

v n 6.

Ellis,'Holyoke & Co.

J. J. B. Hilliard & Son

Loewi ft Cow
Incorporated

Mitchum, Jones & Templeton
Pacific Northwest Company
Sutro & Co.

Mullaney, Wells & Company
J. Cliff Rahel & Company

Talmage ft Co.
Woodard-Elwood ft

"Chronicle.**
those of the

Davis, Skaggs & Co.

July 26, 1961.

'

The Ohio Company

Shuman, Agnew ft Co.

Harold E. Wood & Company

Company

E?

18

The Commercial and Financial Chronicle

(388)

*

of

$5
sisting

Branches

New

•

Offices, etc.

New

•

Revised Capitalizations

•

Director

each, to
$2,941,520 con¬
of 588,304 shares of the
par value by the New York
State Banking Department.

BANKS AND BANKERS
Consolidations

Cashier.

same

NEWS ABOUT

*

William

S.

Casazza

have

N.Y.

National

First

New

York

branch
the

Karachi

John

is

in

of

Manager

branch

continue

Pakistan

its

opened
Karachi.

in

K.

Including

branch,

Karachi

the

erates

branches

82

in 29

overseas

sistant

*

*

also

an¬

Mr. Flanigan.
*

*

*

Greater

-

Bank,

Morgan Guaranty Trust Company

Edmund

of^New York will expand its serv¬
ices in Europe and the Far East
by opening representative offices
in Rome, Frankfort, and Tokyo
this
year.
Henry C. Alexander,

Watkins have been elected Senior

of

the

Board.

Chairman

of

the

Vice-Presidents

A.

Harry

and

Negotiations

com¬

Valley

of

of East

Co.

Na¬

with

Osborne

Hampton, L. I.,

York.

New

In

joint statement

a

the

issued

by

banks, the merger has
been approved by directors and
the proposal will go before the
stockholders. The controller of the

must also give approval.
-

*

*

*

-r.

.

Andrews

■

T.

Vice-President and

has

been

$

Carl

*

L.

Maurer

and

Rudolph

A.

Chairman

of

Bank

Schlumpf, both formerly Assistant

mens

York, announced that it will open

Vice-Presidents,

its 122nd

named

Provident

office
view

Co.,

New

New York City

on

July

29

banking
at 607 Sound-

ficer

Kaufman

in

the

will be

Vice-Presidents

been

an¬

Trades-

of

bank's

the

mercial Division

Foreign
Com¬

August 1.

on

Permission

The

Audit

to merge with Camp Curtin Trust

Co.,

of Frank W.

As¬

Pullen, Banking Operations, all
formerly
Assistant
Treasurers,

Manu¬

have been elected Assistant Vice-

Trust

Presidents.

of

sen,

*

*

appointments
of
Elias
A.
Sadallah as a Vice-President and
sistant

Dougherty

Vice-President

facturers

Trust

Co.,

as

an

of

New

York,

announced

by
Horace
C.
Flanigan, Chairman of the Board.
are

Mr.

Sadallah began his
with

career

tional

Bank

the

in

1929

and

He

Na¬

joined

Park

the two banks in 1931.

appointed an Assistant
Secretary in 1948 and an Assistant
in

He

1951.

Assistant

will

an

were

America,

Roland

A.

stock

As¬

ter

Bank

New

of

York,

North

received

to

from

Dauphin

Company,

Deposit

Harrisburg,

Pa.,

Harrisburg, Pa., under char¬

title of Dauphin Deposit
Company, was approved as
July 12 by the Board of Gov¬
the

of

Federal

Reserve

System.
*

*

Baltimore,
liam B.

Md.,

Bank,

named

Walter

J.

Andrew

who

has retired.
*

Frank R.
of

the

*

*

Elliott, retired President

Harris

Trust

and

Bank, Chicago, 111, died
In
N.

St.

Bank

1900

W.

When

he

the

and

St.

to

work

18.

j

~

•

tive date

i~

a

of

the

*

of

Eliot

G.

Fitch,

•

election

of

President

Eugene

W.

G. Edward Stevens

Mr.

Hart

1957

fnrnnor)
formed

Hart

and

of

their

newly

Department
elected

was

January

in

Assistant

July of that

Assistant

an

Cashier

He

year.

1956, and
in

named

was

Vice-President

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

any

First

*

National

Moines,

increased its

Des

Iowa,

capital stock
$200,000 by a

common

$100,000

stock

dividend

2,000

of West

to

effective

July 1.
outstanding
value $100).

shares

of

shares,

par

*

*

*

stock dividend, the common
caoital
stock
of the
Stockyards
a

National

Bank,

U

was

i

n

Stock

o n

increased from

$150,000
to
$232,500
and
from'
$232,500 to $250,000 by the sale of
new stock effective July 6. (Number of shares outstanding 25,000
shares, par value $10).

Mo.,

has

and

has

I

promoted

and

President.

"

M.

The
Bank

St.

of

July 26, 1961

T

On

,

the

an

"

..

.

Carolina

^

ap-

to merge
Trust

ARCS

INDUSTRIES, INC.

Both

5M% Convertible Subordinated Debentures
Due

Bank

in

located

is

the

District.

Reserve

date

of

Columbia."

of

are

effective

The

Columbia,

National

Federal

be

to

as

of

The

Company is offering to holders of its Common Stock rights to subscribe for
at the rate of $500
principal amount of Debentures for each
at the close of business on
July 26, 1961. Subscription
Warrants evidencing such rights will expire at 3:30
P.M., New York Time, August
7,1961. Both during and after the subscription period, Debentures may be offered
by the underwriters, as is more fully set forth in the Prospectus.

the

100 shares held of record

-

Subscription Price 100%

Bank,




Copies of the Prospectus
from such dealers

as

be obtained from the undersigned and
lawfully offer these securities in this state.

may

may

\

Comptroller of

Harris

President

County,
W

is

O

Frosch and the Cashier is Thomas

The Bank has

$200,000

and

a

capital

a

of

surplus

$300,000.
_

,

Tr

,

Ralph

TT.

TT.

H.

Viney,

Vice-President

a^M, Petroleum

,

,

of the

engineer

First National Bank of

Fort Worth,

Texas, announced his resignation,

Lomasney, Loving

&

Co.

Mr.
Fort

been

with the

Worth Bank since

1957^ and

Viney

Modesto West Side Office,
William G. Boston,, Assistan,
Cashier of Riverbank Office, was
Y?n<rJ^' 5*
%
1 the Auburn Office James
£re|g was appointed Assistant
Cashier and Manager of the-In_

stalment Loan Department.

has

_

^ Robert B^wasap^omted
fjce

Cashier

wbj

he

in September.
the

of

C.

Ernest
*

Calif.,

Francisco,

Karachi,

of-

new

Webb, Jr.

*

overseas

branch

West

Pakistan, was
July 26 by President

Beise.

Clark

branch

new

is

Van

D.

geles,

*

*

Calif.,

and

charter

under

Calif.,
title

and

Ef-

Bank.

^

^

The

and

Farmers

Hemet,

Bank,

United_ California
feetive July ^14.

capital stock of The

common

National

Bank

San

of

Bernardino, San Bernardino. CaliL
increased

wag

fr0m

$800,000

to

$95(^000 bv the sale of
effective

June

new stock,
(Number ' of

30.

skares outstanding 190,000 shares,
ValiiP

par vaiue

^ nrn

%'UUL

By the sale of new stock the comcapital stoek of the Cam-

mon

munity

National

Bank

County, Buttonwillow,

Kern

of

Calif,

was

increased from $300,000 to $500,-

Par value $20).,:

. •
_

Presiden-t

Pasadena National

Pasadena,

Fetzer.

Modesto area.
Wayne E. Lucas, Manager of
the bank's Riverbank Office, succeeds Mr. Elliott as Manager of

July 3 issued a

on

the

to

Thp

of
.

the

of

Currency

charter

I.

•

office

The

the above Debentures

velopment program for all Bank
of
California
offices
in
the

shares

*

*

of

Side

West

000, effective July 1. (Number of
outstanding 25,000 shares,

the close of business Aug. 4.
*

Manager

will

and

charter and title

Carolina
Banks

Fifth

August 1, 1971

° First

"The

of

South

South

of

Columbia,

of

C., under the

S.

Elliott,
Modesto

at the Modesto Main Office
head the Business De-

ager

Merchants

-

and

Bank

National

First

Loan

named Assistant Man-

was

American

Bank

Hill

Fort

M>

*

R.

the Comptroller
application

July 5,

proved

Instalment

Division,

bank's

merged

Company, Clemson, S.C., into The

$1,630,000

Frank

*

*
„

_

appointed

Credit Ex-

as

Oenen, who has many
years of international banking experience in the Far East.

both

John

is

*

*

of these securities.

the

Manager of the

Manchester

of

Louis

in

Supervision

S.

Cashiers.

officer

new

serve

aminer

J.

Kuehn

R. S.

Reilly,

Assistant

former

_

ancj

Assistant United Calif ornia Bank, Los An -

to

were

Richard

was

Assistant Cashier at the Head Offjce

announced

George
H.
Pfister,
formerly Assistant Vice-President,
has been named a Vice-President;
and former Auditor W. C. Imming
was appointed an Assistant Vice-

promoted

,

Department.

Alton A. Perkins

in

Cashier;

Also

.

.

Opening of Bank of America, San

-•

.

Vice-President

to

,

,

*

Former cashier C. H. Stolte was

and

NEW ISSUE

^

R!cha,rdasRyGordon. !las. ?011??
Vice—President in the

the bank

Assistant

of

bank, it, has been announced
Mr. William H; Harlan, Jr.,

President.

4,405,931

*

js scheduled to open

officers

officer

new

a

Louis,

five

promoted
named

St.

of

Bank

si.oopss

83,549,635

4,689,717

fornia's Watsonville Office, which

,

Manchester

^^^83
83,714,222

*
The following changes in the executive staff
of The
Bank
of
California, N. A., San Francisco,
Calif., were announced by Elliott
McAllister,
Chairman
of
the

Office,

Moines,

Des

from

(Number

*

Bank

West

Vice-President

*-

-

26,337 813

profits

Reserves

the
*

Jennings who has been promoted
the post of Assistant Cashier.

an

and

in

195'-

to

This announcement is not

nsecurify Hholdinf
& discounts

Investment

Mr. Stevens, joined the Bank as
Manager of the Installment Loan

Co.

first

Apr. 12,'61
147,694,454

24,197,481

*

of

finonno
finance 4iTrioin-n
division.

ou+n
auto

Chicago.

bank's

BANK,

UTAH

144,604,477

_

joined the Marine in

head

as

&

the

CITY,

Government

s.

undivided

Vice-Presi-

as

T

;

dents.

of

became

National

NATIONAL

LAKE

Loans

.

'

*

the
Marine National Exchange Bank,
Milwaukee, Wis., announced the

Savings Bank in 1907, Frank

Elliott

FIRST

resources.....

banks

u.

-

j

determined.

*

Co.,

Harris Trust

First

June 30,'61

the

title

4.

j

to be

is

Harris

the

ZIONS

Company, St. Johns." The effec-

&

as

a

Personnel

the

"Clinton National Bank and Trust

for

was

the

Johns,

charter

under

Harris

W.

of

elected'

and

5ep°sits.-r—— 127,627,463 128,760,626

under

former

N.

incorporated
and

went

Savings

July

*

BaJlk of Arizona, Phoenix, Ariz.

ap-

Trust

and

Johns,

*

Burrow "was

Director

the Comptroller
application
of

ah

Phoenix, Ariz,

Vice-President

*

National

^

been

Valley

date

Wil¬

Alexander, Comptroller to

succeed

Bank,
*

Qarj

has

the

Total

*

National

has

Lawson

Director of

Mich, and The State Savings Bank
of Elsie, Elsie, Mich., to consoli-

the

Baltimore

The

C.
a

National

1946,

and

ernors

*

increase its capital
$2,869,775 consisting
of 573,955 shares of the par value
approval

Trust

for

named

*

Commercial

with the Federal Trust
Co.,
Newark,
N.
J. He
joined
Manufacturers Trust Company in

appointed

Walter

Treasurers.

:

career

was

an¬

Schmidt, of the Perry Avenue
Office, was named Manager.

Mr. Dougherty began his bank¬

and

also

K.

Avenue

located at 67 Broad St., New York.

1946

Moore

Street Branch Office

continue his assignment with the
bank's Personal Loan Department

ing

Theodore

Office; James A.
Murray, Securities Markets Divi¬
sion; Bernard F. Smith, 16 Wall

was

Vice-President

and

Tatje, Cor¬
porate Trust Operations; Lawrence
W.
Brueckner,
Investment
Research;
Jacques
S.
David,
Western Division; Alfred F. Kelly,

Manufacturers Trust Co. with the
merger of

Mr.

that

nounced

banking

Lebanon

Division

*

Yards, Kansas,

Christen-

280 Park Avenue Building
Project; Henry W.' Parker, Credit

*

3

proved

By

Department
that Arthur C.

nounced

and

Mr. Geurtz will join the

the

of

Simultaneously, Mr. Moore

of¬

'uv

charge.

also

company.

Ave., Bronx, New York'"'*"

Peter

have

July

Trust Co., Phila¬

delphia, Pa.

Trust

On

Mr.

,

Manufacturers

he

1952.

in

*

in

Trust

Moore, Chairman
Ebert, as head officer of the First Westchester
Bank,
New
Rochelle,
constituted Metro¬ National
Board,
an¬
nounced plans for the new offices politan Banking Department, will N. Y.
*
*
*
r
U-V-v..
be responsible for the bank's New
today.
The Rome office, serving the York
City business; while Mr. Raymond C. Kolb has been ap¬
Mediterranean region, is scheduled Watkins will be in charge of its pointed
Cashier of Mellon Na¬
National
to open next month. It will be New
Banking Depart¬ tional Bank and Trust Co., Pitts¬
located temporarily at via V. E. ment.
burgh, Pa., according to an an¬
Orlando No. 3, Rome. The Frank¬
Mr.
Ebert's
entire
business nouncement by Frank R. Denton,
furt office, serving Central and career
has
been
spent
with Vice-Chairman of the bank. Mr.
Northern Europe, is to open in Bankers Trust
Co., beginning in Kolb succeeds Carl R. Korb, who
temporary quarters in September, 1928. Mr. Watkins, spent some is retiring August 1 after 46 years
and the Tokyo office, serving the years in the former firms of J. P. with the bank.
*
*
*
Far East, in October.
Morgan & Co. and Morgan & Cie,
Morgan
Guaranty
has
two Paris,
before
joining
Bankers Appointment of Arie J. A. Geurtz
branch offices in London, one in Trust Company in 1941.
as
Assistant
Treasurer
was
an¬
Mr. Moore also announced that; nounced
Paris, and one in Brussels.
by
James
M.
Large,
$

Director

as

.

David
elected

William H.

by

the

of

and

President

as

two

currency

Walter

elected

1943

SALT

reported

are

in

1919,

in
in

*

for merger

of Bankers Trust

Co., New York, it was announced

retired

Clinton

*

Treasurer

and

New

Brooklyn,

tional Bank of Long Island, Valley

Trust

1923

••

elected President of the bank.

was

Company,

pleted

became

in

Vice-

newly

Ebert

F.

He

Thursday, July 27, 1961

.

'

Vice-President

•

Stream, New York

•

were

the

*

George Krehl as an As¬

Secretary

nounced by
*

44

at

as

dent and

York.

located

appointments of Henry S.
an Assistant Vice-Presi¬

Mohr

countries and 89 branches in New

Develop¬

Business

St., New York.

The

First National City Bank now op¬

assignment

present

Department

Wall

Cowan.

his

bank's

the

ment

elected

at

1956. He will

sistant Secretary in

of

City Bank

been

Savings

1911,

He

*

Hedley and Albert J.

Presidents
York

The

*

.

.

<

Nova

The

1of

of
Nicks,

Bank

Scotia, F. William

announces

that the bank

s

newest

international office is now open
n^L*-es' a.t ®11 Wilshire

VI

?]v£Jhe F.
off**wdl be
of James
Musgrove.

in

charge

Appointment of T. C. Marshall, as
a

in " the

representative

states

0f

cana(ja,

The

Royal

Montreal,

headquarters
announced,.

United

Bank

Canada,

,

of

with

in Dallas, Texas,, is
He succeeds
H.
E.

McClenaghan

who

has

been

prior to that was associated with
First Nationar City Bank of New

named Assistant Supervisor, Corn-

York.

at

•

^

.

0

*

mercial

-

Head

Industrial

Development

Office, Montreal.

Volume

Number

194

Commercial and Financial

The

6076

Chronicle

(387)

permitted St. Paul to

pay

higher cash dividend each

year since
averaged 55% of pre-tax invest¬
earnings over that period. The present cash dividend rate
is $1.44 annually.
•
r
•

BANK AND INSURANCE

Dividend

1946.

payments

a

to creditors among whom are
dollar bond holders.

ment

A A,A

STOCKS

dated and the proceeds distributed'

have

.

St.

Paul's

underwriting

profits

in

1960

primarily

States member of the Board, said:
"It is too early to say how much"

.because of losses incurred in Hurricane Donna. Premiums written
^increased

8% to $173.2 million. The $2.1 million hurricane loss
•sharply reduced the company's profits in the property lines, al¬
though results were 'satisfactory overall. The company's "Easy
.Auto" plan, which is a low cost, safe driver policy designed to
■meet the competition of the direct writers, continued to grow
rapidly in premium volume. However, total automobile business

This Week—Insurance Stocks
COMPANY'

ST. PAUL FIRE AND MARINE INSURANCE
St.

Paul

Fire

Marine Insurance Company is the 15th largest
casualty insurance company in the nation. During
1960 premium volume reached $173.2 million. The company was

'failed to

originally formed

(underwriting earnings was partially offset by the gain in net in/vestment income, as total adjusted earnings fell to $3.27 per share
compared with $3.62 in 1959.
v.a ;•

stock

&

parent

a mutual organization in 1853 and became a /
1865, Operations are carried on through the

Indemnity Company,

former subsidiary,

a

•

merged into the

was

:

-

is. licensed to write insurance in all states,
the District of Columbia, Puerto Rico, and Canada. Through its
membership in the American Foreign Insurance Association,-the

participates in foreign insurance underwriting. All lines
are
written through approximately
14,000 agents
throughout the country. The company has obtained an
extremely well-balanced book of business, almost equally divided
[between fire and casualty lines. No single line represents more
than 17% of the company's total premium volume.
insurance

-

-

,

cents

per

satisfactory profit because of

said

hard hit

were

company

by severe

•

•

the

in

first three

was

throughout the country during the first

quar¬

premium volume advanced 4% and net investment in-*

nearly 7%. It is anticipated that full year earnings will be
in excess of those recorded in 1960, in the absence of a major
catastrophe such as Hurricane Donna.
come

The common stock of St. Paul Fire & Marine has fully par¬
ticipated in the 1960-61 bull market in: insurance stocks. The pres¬
ent price is 75 V2 bid, an all-time high for the stock. At that price
the stock yields 1.9% and sells at a 36% premium Over its March
31 estimated liquidating value of $55.50. There are just over 4 mil¬
lion shares of common stock outstanding which are traded in the

[
•

over-the-counter market.

-

•

-. ■

.

•

Dollar Bond Issues
Under the terms of the new

in 43 states,

Federal

has shown consistent growth since its affiliation
Life insurance in force increased nearly $100 mil¬

ratified
Senate

$102 million at year end and operations

'

y

/■I'

:

r1

k

office

was

will

Life
'

During 1960 the company's home
moved to St. Paul from Helena, Montana. While Western
not contribute significantly to earnings for a number

I960' to'$581.6 million.

in

lion

Si

because of the inherent heavy costs involved in expand¬
ing a small life insurance operation, it provides St. Paul with
necessary life insurance facilities as the industry trend to all-line
insurance underwriting continues.

tive
_

Premiums

Loss

Assets

—(Millions)—

Ratio

-

■

other

: 3.8

355.4

59.1

36.9

4.0;

92 issues

389.9

62.4

35.8

1.8

treaty.

66.9

35.7

—2.6.,

161.2

11.4

I960—

173.2

11.1

i96if—

40.6

2.3

N.A.
Per

the

the

Board,

Validation

would

be

.

•

Est.

•.

.

Earnings*

because
more
than
$350,000,000 worth of these Ger¬
necessary

man

dollar

sold

in

the

bonds, which had been
United States during

the 1920s and which had been

purchased for retirement

old

German

American

and

1953,

holders

have

The

or

received

Validation

new

Board

has vir¬

tually completed its work on the

Pomerania

are

of

the

bonds

of

Co.

and. the

and

by the German issuers and gov-'
ernment, were looted from the
vaults
that

the

of

city

Berlin

banks

1957...

sian

armies
in
April
1945.
To
prevent payment on these looted
bonds, it was agreed during the

London Debt Settlement negotia¬
tions in 1952-53 that machinery
for examining the bonds to deter¬
mine which were eligible for pay¬
should be set up.
Board

Bonds

Broad

Then the

for

German

established

was

1958_.
1959_.
1960-

1961"f-

$2.73

$38.51

CLEVELAND, Ohio—Fulton, Reid
& Co., Inc., members of the Mid¬
Stock Exchange, have
an¬

west

nounced

their

July 31 to
ters

new

removal

effective

and larger

1.70

36.46

1.12

2.18

3.67

44.71

1.20

3.62

48.42

1.28

Prussian

Ohio
year

celebrating

East

of -these

holders

,

,

Republic, and under the re¬
amendment

Bankruptcy Act

to
are

the

German

to be

on

its

50th

The

3.27

51.58

1.37

in

.41

55.50

liqui¬

Wilder V.-P. of

Wood, Gundy Co.
TORONTO, Canada —William P.
Wilder has been elected
of

the

Wood,

Board

of

a

member

Directors

Gundy & Company,

President.

_

2.35

62-51

_

2.60

76-61

*Adjusted for
tFirst

,65

equity in unearned premium reserve.

quarter.

N.A. Not

*

.

,

'

a

no

solicitation of an offer to

■

26, 1961

NOT A NEW ISSUE

.

available.

St. Paul has

.

v

*

.

circumstances to be considered

as an offer
buy any of these securities.
offer is made only by the Prospectus which is available only
such States where these securities may be lawfully sold.
or

emphasized tax-exempt bonds and common

stocks

the years. Municipal bonds repre¬
of total invested assets at year end 1960, an un¬

in its investment program over
sented

46.5%

usually high

percentage within the insurance

120,000 Shares

industry. Interest

^yields from 1960 bonds purchases reached 4.76%. Approximately
two-thirds of the company's common stockholdings are in public
•

•

Devonbrook, Inc.

substantial appreciation in mar¬
management has placed greater em¬

utility stocks, which have shown
ket values.

In recent years,

phasis on growth stocks in its common stock buying
commitments including the stocks of Polaroid,

with 1960 new
Haloid-Xerox,

■

Corning Glass, and American Home Products.
The consistent growth in St. Paul's net investment income,
an annual
compound rate of 8.2% over the past decade, has

Common Stock

Harcourt Brace,
at

(Par Value $.10 Per Share)

NATIONAL AND GRINDLAYS
BANK LIMITED
Third Quarter

Head Office:

26, BISHOPSGATE,

London Branches

54
13

Price $5.00 Per Share

Statistics

LONDON, E.C.3.

11 N.Y. CITY

PARLIAMENT STREET, S.W.I.
ST. JAMES'S SQUARE,

Bankers to

S.W.I.

the Government In:

KENYA, UGANDA,

Branches In:

INDIA, PAKISTAN,

UGANDA,

ZANZIBAR,

ADEN, SOMALI REPUBLIC,

NORTHERN AND SOUTHERN
RHODESIA




Bulletin

on

Request

Laird, Bissell & Meeds
Members New York Stock Exchange

CEYLON, BURMA,

KENYA, TANGANYIKA,

BANK STOCKS

ADEN,

ZANZIBAR

Members

120

American

Stock Exchange

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

Teletype NY

1-1248-49

Specialists in Bank Stocks

GLOBUS, INC.

of

Lim¬

ited, 36 King Street, West, and has
been appointed Executive
Vice-

.36

62-52

_

'to sell

Anni¬

versary.

bonds

expect

This announcement is under

quar¬

the

guaranteed by
Western Germany,

the

were

in

Fulton, Reid in
New Quarters

$1.04

2.02

61-42

_

at

Street, New York City.

Dividend

$2.06

57-39

_

after

by the Rus¬

was overrun

top floor of the East
Building. The firm is this

payment under the
terms of the London Agreements.
The headquarters of the other
three
companies were in areas
now
outside the jurisdiction
of
the Federal .Republic.
However,
assets
in
substantial
quantities
which belong to those companies
have been located within the Fed¬
may

cent

registration

Co.

behind the Iron Curtain.

companies

eral

start

Electric

These companies
had
headquarters in cities which

now

receiving
seven bond

will

Works

1961.

1,

their

included under the 1953

It

$53-39

_

re¬

purposes

'

1956-.

i

The validation program became'

,

Value*

a

,

Liquidating

Total

sub-,

within

Statistics

Share

Net

Investment
Income

been

bonds
amounting to approximately
$450,000,000 in value.

37.5

••

these

payments

59.7

1959—

Year

1.6%

and
cash

320.3

•

of

since

—2.3

11.6

-

value

38.1

149.1

Approximate
Price-Range

face

64.2

1958—

,

.

276.0

2.5

have

issues

Co.,

Power

39.4%

138.6

addi¬

seven

Public

Saxon

East Prussian Rower Co. on Sept.

The

59.0%

$257.0-

$7.4

1957—:

-

Margin

„

$123.2

•

Ratio
'

■

1956—
•

Profit

Expense

Admitted

Earnings

Written

Year

Total

Reported
Operating

bond

effec¬

became

30, .1961,

of

initially approved for validation
by the treaty in 1953.
Approximately $253,000,000 in

dated

....

Net

tional

which

and

June

dollar bond issues have been vali¬

Statistics—Growth and Underwriting Results

Selected

Republic
of
Germany
by
the
United . States

issues

Approved

Inc., Brandenburg Electric Power

added to the list of 92 such issues

of years

V

treaty

between the United States and the

with St. Paul.

-<

of

"Validation of Seven East [German
.

but the company

with assets of

P

be

completed

year.

30

field. Western Life is

(i,.

function

stantially

Dollar

in 1957, St. Paul entered the life insurance
one of the smaller companies in the life field

Montana)

(Helena,

that

will

of

expected

Validation

standards and a

of high underwriting

'management philosophy of conservatism that is a characteristic
of the company's entire operations.
.
Through the acquisition of Western Life Insurance Company

it

registration

make

member

he

ment

record an underwrit- *
the industry and the .
underwriting losses incurred

automobile business. St. Paul has achieved this superior record

on

"through the maintenance

informed

decidedly
worth¬
Erwin
Blumenthal,
the

Board's
-

is

indicate

bonds

German

; the past 30 years has the company failed to
ing profit. The exception was in 1957 when
'

to

while."

substantial increase

a

share from the 66 cents earned

weather experienced
ter. Total

.

>.

•

pressive records of growth and profitability throughout the insurance industry. Only three of the 14 stock insurance groups with
larger premium volume than St. Paul have recorded a higher underwriting. profit margin over the past decade. St. Paul's average
underwriting profit margin over the period is 3.7%. Only once in

a

recorded, compared with slight profit in the first three months of 1960, due prin¬
cipally to the heavy losses resulting from the severe winter

>

h

these

•

! located

St. Paul Fire and Marine has established one of the most im-

earn

-months of 1960. An underwriting loss of 2.6%

company

of

Board

signs

enough

^ During the first quarter of 1961, St. Paul's earnings fell to

.141

/

\

;

The St. Paul group

5

the
the

•

Company and Western Life Insurance Company. St. Paul Mercury
parent at the end of 1956.

all

margin declined from 4% in 1959 to 1.8% in 1960. The decline in

and two subsidiaries—St. Paul Mercury Insurance

company

but

tin the number of claims. The company's total underwriting profit

as

in

company

$1,000 bond holder may receive,'

a

•

stock fire and

the

Douglas W. Hartman, the United

.

declined

19

LIEBERBAUM & CO.

The Commercial and Financial Chronicle

(388)

20

the Council of Economic Advisers

To Address

to

Univ. Seminars
CHICAGO, 111. —The School of
Banking at the University of Wis¬

consin, sponsored by the Central
States

of

Conference

Western

state

16

bankers'

mid-

associa¬

tions, announced that the panel of
speakers for its evening seminars
had been completed.
The

following

individuals

are

scheduled to address the seminar
sessions of the School of Banking
when it convenes next month:

Monday, Aug. 14—Dr. Beryl W.
Sprinkel,
Vice - President
and

Economist, Harris Trust and Sav¬
ings Bank, Chicago, 111. Subject:
"The

Economic

Childs Sees. Name

"Cur¬

Policy."

C.

New

Threats

to

Freedom

in

ernment

Washington

of

correspondent

the

St.

Post-Dispatch.
Subject:
"Report From Washington."
Thursday, Aug. 24—Gen. Carlos
P.
Romulo, Ambassador of the
Philippines to the United States.
Subject: "World Tensions."
will

attend

the

John

the

School

J.

1,250

1

t i

e c

of

o n

and

Clarence

Frederick

J.

By David L. Nicolson,* Managing Director, Production-

two-week
of

to make

tional

W.
Head of

yses

Mr.

the

Bosh

Stack

the first

Mortgage Association
Federal

and

Associates.

largest international management consulting

as

warns

proposal

to

to

U.

tax

the

S.

crucial

investment direction,

Housing

and

Anal¬

—

investments abroad.

effective

distribution
wide

in

FNMA

efforts

acceptance

stock for

re¬

of the

investment

pur¬

strongly unified Western World

as

firm

a

munism
tion

Close, one of the nation's
specialists in Capehart
financing
and
in
other
large
FHA-insured loans, has personally
handled
negotiations
involving
hundred

several
of

A

million

dollars

these types

of financing in all
parts of the United States.

of

against

business,

Com¬

prime

considera¬

western

European

world,

demands

tions.

Com¬

BROOKLYN, N. Y.—J & R Cowen
Securities Co., Inc. is engaging in
securities

a

at

business

2015 Foster

from

Avenue.

offices

consideration
over¬

a

solicitation of

an

offer to

buy

any

of these securities. The

This

offering is made only by the Prospectus.

have

ISSUE

July 26, 1961

132,000 Shares

U

:■

principle that this

common

by the
strengthening of European unity,
as
a
preliminary to building an
will

effective

furthered

be

Atlantic

Union.

An

es¬

sential to this concept is
(Par value $.10

share)

per

ing

U.

and

the

S.

this

$10.00

economic

the

share

per

continu¬
in Europe

investment

extension

of U.

Another basic

ence.

Price:

S.

influ¬

corollary to

European

concept

of the Prospectus

Western Germany) to get together
may

be obtained from the undersigned

only in states in which the undersigned is qualified
securities and in which the

Prospectus

may

as a

with

the

European Free Trade
(Austria,
Britain,
Norway, Portugal, Sweden and
Switzerland). Eventually, I be¬
lieve these developments will be

dealer in

Association

be legally distributed.

forward
effectively
in
pushed
ways
that will make important

James Anthony & Co., Inc.

contributions
will

the

towards

inter¬
and

World

Western

the

of

ests

bulwark
against communist influence.
solidify

an

offer to sell

securities. The

nor

a

solicitation of

an

offer to

buy

any

of these

sultants

strong

a

International
This announcement is neither

offering is made only by the Prospectus.

management con¬

work

closely with

very

at

close

hand

structive impact of the
'

t.

businessman in all of

It

is

my

America's

Common Stock

American

the foreign

of U. S.

peace,

considered belief that
best

ambassadors

for

prestige and goodwill are

share)

production and sales experts
from the United States.
They set

share

through their for¬
eign
subsidiaries by
providing
good working conditions, paying
high wages, plus fringe benefits,
and maintaining progressive man¬

these

a

Price $2

per

fine example

agement policies.
They also con¬
tribute personally to the better¬
ment of the communities where
Copies of the Prospectus
and

dealers,

may

be obtained from the undersigned, and such other brokers

as may

legally offer these securities in this State.

SCHRIJVER
37 WALL STREET

&

NEW

CO.

YORK

5, N. Y.

located. They en¬
ter into the local life, are active
in charity drives and take posi¬
tive, active interest in civic wel¬
fare activities and in social, busi¬
ness and community affairs. They
become
important exponents of
their plants are

public

good
United

July 24, 1961




the

of
a

from its foreign in¬

.-{American companies' operations
been increasing in Europe

have
at

way

States

relations
and

the

for

the

American

of life.

These

American ways

an

year.

established in countries

were

longing
Now

the

to

Common

than

more

700

be¬

Market.

U.

S.

sub¬

sidiaries and 500 British firms

are

established in the European Com¬
mon Market. In 1959 no less than

$750,000,000

invested by U. S.

was

firms in Western Europe.
The

Common

Market

is

ing at the rate of 6%%

grow¬

per

an¬

It

is, without question, the
fastest growing trade area in the
world
today.
The
demand
for
goods is growing dynamically, as
the
population
seeks
a
better
num.

standard

of

the

sees

great

living^ Great | Britain

Common

new

of

Market

as

a

with

market

mass

population

a

between

165,000,000 and 170,000,000.
The popula¬
tion of the U. S. on April 1, 1960,
approximated
180,000,000.
Em¬
ployment in the Common Market
last

year approximated 70,000,000
against .68,639,000 in the United

States.

Reproves Plan to Tax Foreign

Earnings

I

The

extension of American in¬
fluence
in
Europe, essential to
maintenance

of peace and devel¬
opment of prosperity, in my opin¬
ion, will be retarded by the recent
tax proposal by the Kennedy Ad¬

ministration
tion

which

income

earned

of

subsidiaries

U.

would

S.

tax

corpora¬

abroad

at

the

American level of 52%.
The enactment of such tax

legis¬

lation would jeopardize America's
most
dynamic
good
will
force
abroad—the
the

U.

S.

businessman—

production and sales

experts
prime factors in
raising the standards of living
throughout the World.
who

have

been

The proposal by the Kennedy
Administration to end tax defer¬
ral

profits

on

American

earned

subsidiaries

abroad

by

would

make it difficult for U. S. corpora¬
tions
to
compete
effectively

abroad, curtail profits and, there¬
reduce the dividends paid

fore,
to

millions

holders.

of

American

Another

adverse

share¬

effect

would be the

of

of doing

rate of about 20%

average

Between 1958 and 1960,
464 subsidaries of U. S. companies
a

con¬

Foreign Plants

Gilbert Data Systems, Inc.
per

the

communities where he operates.
Praises Example

(par value $.01

.

U. S. companies in plan¬
ning investments abroad and
observe

175,000 Shares

side

there was a net inflow to this,
country of approximately $9,000,000,000.
/: •
.r
,
.
'

many

NEW ISSUE

lifted

vestments. Between 1957 and 1960

for

calls

Common Market
countries (Belgium, France, Italy,

Luxembourg, the Netherlands and
A copy

economic

ledger, there is

made money

differences of
conflicts of interest

many

Business men
who
generally
the first and overriding
objective
the achievement of a
strongly
unified
front
against
communism—seem to agree in the
goal

Class A Common Stock

have

;

basic

hfernafional Cablevisiosi Corporation

activities

clear
record that the United States has

unity of thought, regard¬

accept

rt

the

American

David L. Nicolson

in other areas.

NEW

their

On

coun-

and

Ameri¬

the economies of America's allies.

and Common

the

American

by

in foreign countries

men

living standards and strengthened

States

opinion

leadership

cause

Canada, the

of

already
steady raising

a

prestige abroad, I believe, be¬

can

industrialists

this

in

is of tremendous value to

meetings with

less

those

demands

resulted

business

recent

United

of

operating.

rides all other

in

labor

improvements
in
and working condi¬

of the standard of living in every
area
where American firms are

problems.

J & R Cowen Securities

the

for

These

have

monwealth—a

M y

by

scales

wage

members

which

in
foreign
throughout the
regularly
have
sparked

countries

States

the

projected

communities

the

United

of

the

all

nations,
and

barrier

is

emphasized to
or

Nicolson

prospects the chances of her joining E. C. M.,
our tax plan will accelerate British firms'

of FNMA operations by C. F.

me

offer to sell

Mr.

predicts enactment of

tries

an

abroad.

against communism which he says necessitates
set in international investment
including
those by our firms. He comments on Britain's
changing trade and

Market

This announcement is not

earnings

problems of creating a viable free

bulwark

a

continuation of the pace

com¬

foremost

of

world

man

Mr.

name

istration's

draws attentiton

to

poses.

firm

of Britain's

that one of our most dynamic forces for
goodwill abroad will be jeopardized by the passage of our Admin¬

market in Federal Na¬

sulted

Sav¬

Thursday, Aug. 17 — The Hon.
SCARSDALE, N. Y.—Irwin Bosh
Barry
M.
Goldwater,
United
Stack is conducting a securities
States Senator, state of Arizona.
Subject: "A Conservative Speaks." business from offices at 191 Sprain
under

as

known

one

reprovingly

Childs together with Mr. Ostema's

Bosh Stack Associates

Hon." Road

firms

-■

well

Administration debentures.

semi¬

is the

a

stock

mon

McDonough, Vice-Presi¬

ings Bank, Chicago,
nar faculty
leader.

is

mortgage bankers

session

Banking.

Ostema

|

Engineering Ltd., London, England

Close

,

bankers

dent of the Harris Trust and

Race."

of

e

Mr.

.

,

Approximately
of

Heller,. Chairman

Inc.,

in the

dealing in corporate and mortgage
finance.
*. '*
A ...Aw.
A;

Louis

Wednesday, Aug. 16—Dr. Krafft BROOKLYN, N. Y. —G and H
Ehricke,
Program
Director, Securities, Inc. is conducting a
Convair
(Astronautics) Division, securities business from offices at
General Dynamics Corp. Subject: 66 Court Street.
"America's Outlook in the Space

W.

Company,

securities, has announced

Ostema

A.

Walter

and

oldest investment firm

Wednesday, Aug. 23 — Marquis as Vice-Presidents of Childs Se¬
W. Childs, syndicated columnist,
curities Corporation, its subsidiary

G & H Securities

Aug.' 21—The

Management Consultant
Views U. S. Capital Outflow

country specializing in U. S. Gov¬

the

Middle East."

Money and Credit."

Monday,

Childs

F.

the

Director, Oriental Institute, Uni¬
versity of Chicago. Subject: "The

Thursday, July 27, 1961

.

A

Ostema & Close

Tuesday, Aug. 22—Dr. John A.
Wilson, Andrew MacLeish, Dis¬
tinguished Service Professor and

Outlook for Business."

Tuesday, Aug. 15—Gaylord A.
Freeman, Jr., President, the First
National Bank of Chicago. Sub¬
ject: "A Critical Analysis of the
Report
of
the
Commission
on

President. ' Subject:

the

rent

.

.

U.

based

S.

probable curtailment
corporation's" foreign-

research

programs

which

Volume 194

have

contributed

Number 60761.

many

goods and

services of value.
If all of the non-remitted over¬

earnings of U. S. companies

were

taxed at the American level

52%, the American firms would
not be likely to be able to over-

pete with
only 30%.

local

and

firms

ward

pelling

and

would

less

and

pay

for

American

position.

welcome

If

-

the

world

is

standard

better

of

to

a

more profitable
must be developed,

tion
more

goods

and

services

be

can

distributed throughout the world.

One example

Europeans want the United States
to have a big investment in their

change in the tax

of this is the fact that Great Brit¬

future. This desire is in line with

structure would swing some U. S.

ain expects by 1966 to be deriving
10% of all her power from the

the

ily in the country.

The proposed

investment from Europe back to
the United Kingdom, where tax
rates are slightly higher than in
the U. S. but European subsidi¬
aries

U.

of

K.

firms

to local taxation

as

U. S.

higher

defeat President Kennedy's desire
to

see

flow

greater

of

private
capital to less developed countries,
where
the
more
meagre
profit
opportunities could not offset the
losses

a

incurred

European

on

in¬

vestments.

Meanwhile, the world is moving
steadily
toward
Free
Trade.
Greece and Turkey have agreed
to

negotiate

with

Finland

the

and

' •" V

K.'s

U.

-y';" "

:

Accelerated

:

Investments

*

liquidate

or

Canada

'

J. E.

TUSKEGEE, Ala.

Since

it

is

J. E. Bridges &

West to

Western

strong

achieve

Europe,

ed

"As

Outer

the

intend¬

joining the Common Mar¬
It seems probable that the

ket.

British

rate

wider

Common

continue

tions

advocated for

hut

step

a

.

toward

a

between

some

In contrast to

time.

this, British inter-

Commonwealth trade is declining.
It formerly approximated, half of
all

trade

now

for

Great

Britain

approximates

Meanwhile

and

only

40%.

trade

British

Europe has risen until it
approximates 33%%.- This is one
reason for the surprising wav that
barriers
against Great Britain's
entry into the Common Market
have been dropping away in the
Of

in somewhat of

a

course

she is

dilemma about

entry into this group; but we be¬
no longer be a choice
between
the
Commonwealth or

lieve it need

the Common Market.

Britain's

first

wealth's
must be

Common¬
too

considerations

strong Uriited Kingdom

a

: and
a " Strong
united
Europe. The Common¬
is
held
together
by

economy

Western
wealth

political

interests
than

defensive

less
and

that are
formerly,

economic

Commonwealth

rela¬

changing. Take, for
example, Canada and Great Brit¬
ain.
The Canadian trade gap is
widening. Canada's' sales in the
United Kingdom were up 20% in
I960' They will be more than $1,000,000,000 in 1961.; ; Meanwhile,
tionships

are

the United Kingdom,

in 1961 ex¬

pects sales to Canada only to be
around $600,000,000; and further¬
more

"Buy

Canada

develop her
campaign fur¬

may

Canadian"

ft

is

of

investment in

Market
to

ther.

The United Kingdom,

possibility
preference
destinv

therefore,

of

of revising imnerial
and many think the
the

United

Kingdom

lies with Europe.

Income

Two years

retired

to become

Chairman
Smith

F.

announced.
Now

Settlement.

di¬

a

He
joined
American
Broad¬
casting in 1946 as Vice-President

and

member of the

and director iri charge of the com¬
pany's relations With the Federal

Executive

Committee

Robert H.

of

Hinckley

Communications Commission.

American

Broadcasting-Paramount Theatres,
Inc., Mr, Hinckley is one of the
founders

and

one-time

a

Flax

SPRINGFIELD, Mass.—J. Clayton

entered

with

service

govern¬

the

now

Federal

Emergency Administration and in
1933

named

was

Incorporates

Vice-

Flax & Co.,

Hinckley

ment

a

returned to Washington as Direc¬
tor
of
the
Office
of
Contract

has

rector

assistant

an

ad¬

agency

in

ministrator

of

the

charge

11

western

of

later, Mr. Hinckley

from

government service
Vice-President of the
Sperry Corp., but after two years

Fund,

Charles

that

the

ness as a

J.

1562 Main Street, is

conducting its securities busi¬

corporation. Officers

Clayton

Treasurer;

Flax,
Henry

P.

special

that

LaBrode, Clerk.

solicitation of

an

offer to buy

any

of these securities.

thereof by the Department of Law nor the Attorney General of the State of New York.

NEW

ISSUE

200,000 Shares

will

*«"

connec¬

Market

-

Corporation

ment

difficulties
be

cannot

nor a

solved.

Common Stock

is only half of that of the

Common

Market

protection

territories,

overseas

(Par Value 10$ per Share)

of

mostly

French.

Price $3.00 per

Solving Britain's Entry Into E.C.M.v
Some of the suggested solutions
retention of the status

Share

include:

quo, with each group keeping its
own
tariffs; a single system of
preferences, based on an average

of

the

different ones; or
the abolition of all preferences
and tariffs; thus opening Europe
to world primary products.
One
of the arguments for the

latter is

country can always replace
tariff protection for its proteges
by direct financial/nelp to meet

which

State in
.

;in

may

the undersigned may

BRUNO-LENCHNER. INC.

AMOS-TREAT & CO., INC.

a

special

of the

Another

situations.

vantage
that

European

latter

ad¬

solution

markets

in

July 25,1961

is

South

America would not be prejudiced

by

be obtained from the Undersigned in any
legally offer these shares
compliance with the securities laws of such State. ■-

Copies of the Prospectus

present

This advertisement is neither

exclusion of the latter's pri¬
products. Furthermore some

of the

their
ter

states

new

continue

do not

exclusive

old masters.

the

system

!

wish

links

offer

to

sell

solicitation of

nor a

an

offer to buy

any

to

with

Under the

an

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

mary

Not

a

July 27, 1961

New Issue

lat¬

Commonwealth

200,000 Shares

would not be discriminated against
in the Common Market.

To

summarize," the Inner Six
think Britain is Coming into the
Common

Market.

British

official

Williams Brothers Company

opinion is convinced^ of the wis¬
dom of the move; there is much
inclination

less

Commonwealth

to
in

think
terms

of
of

Common Stock

the

The United

(Par Value $ 1 Per Share)

eco¬

political links.
Kingdom is no longer

scared of competition; and, in

fact,J
regards competition as a stimulus
to efficiency. This presents a com¬
plete

swing

in

opinion

from

and the United States

ago.
The most powerful argument of

year

is

that

the

most

dynamic

joining.

European Common Market is con¬
tinuously widening outlets
and

Naturally, Great Britain still plays
a
big part as senior partner in
the Commonwealth, particularly
with the new countries that have
been established or are about- to

encouraging industrial growth. *
Against
this
background
al¬
though American industry chal¬
lenges the world, it will constantly
meet stiffer competition. Foreign

are

Share

a

Britain

all. enthusiastic about her

Price $21.25 Per

Copies of the Prospectus
is circulated

may

be obtained in

any

State in which this announcement

from only such of the underwriters, including the undersigned, as may

legally offer these securities in compliance with the securities laws of such State.

Reynolds & Co., Inc.
i

v

*

mJ

*

>■

■**

;

»A V*

.

•*

are

and

McAllister,

states, Jr., Vice-President; and F. Arthur

.■I;

African,

Common

some

offer to sell

Overall, the Commonwealth pref¬
erence

all

Great




President

offering is made except by the Prospectus which has been filed with the Department of Law of
the State of New York. Such filing does not constitute approval of the issue or the sale

countries and of Great Britain do
none

an

con¬

years.

Industrial

anyway.

is growth situation in the whole
widely recognized
as
a
logical world is in the Common Market.
force in
developing stability of Productivity in Europe has been
leadership for the Common Mar¬ rising at a world record rate for
ket, and Holland, Italy, West Ger¬ several years. The creation of the
Furthermore,

•

Financial

and

nomic rather than

though prosperous now, is worried
about her balance of trade. Con¬
sideration is being given to the

many

Fund

the

countries

accelerate,

true
of

present

that

the

and

In¬

dustrial

with

Western

last six months.

of

Financial

supervised

No
.

Britain

European
countries, including the Common
Market
(inner six) nations," he
was stating what business men in
m'any
European
countries 'had

-

association

a

director

and

struction of Washington National

Hawaii and Alaska.

Co.

This announcement is not
-

even¬

•

was

Airport.
In 1940, he left the C.A.A. to
accept an appointment as Assist¬
ant Secretary of Commerce, re¬
maining in that post for three

Program

been

a

be¬

we

tually will outweigh other British

for

of

name

While iri charge of

year.

Las

Mr.

James E.

1938

agency, Mr. Hinckley estab¬
lished the
Civil Pilot Training

casting Co.

securities

Southside under the firm

Commonwealth reservations about

area

a

in

the fol¬

the

obviously to the

so

Gunnar

document

—

lowing

President of the American Broad¬

business from offices at 115 West

$300,000,000 in the Common

Lange of Sweden, in January,
1960, said that the signing of the
EFTA

United

Bridges Opens

Bridges is engaging in

tries announced that it would in-

lieve that this consideration

Seven free trade

the

;'

C.A.A.

Market in the next decade.

Trade Association.
Minister

and

in

States.

ation, there is little doubt that
British companies will try to ac¬
celerate their rate of investment
in Common Market countries. Al¬

interest of the

Trade

Nicolson at the
York, before a
specialists. Mr.
this, had com¬
meetings
with

the investments they already have
there—due to adverse U. S. tax¬

vest

address

industrialists

hold off additional investments in

Europe and to reduce

An

by Mr.
Empire State Club, New
group
of World Trade
Nicolson, just prior to
pleted
a
series
of

forced to

are

agreed to
negotiate with the European Free
When

the Commonwealth countries

the

DENVER, Colo. — Robert H.
Hinckley, former chairman of the
Civil Aeronautics Authority and
Assistant Secretary of Commerce,

Europe

unify the Western world as a
firm bulwark against communism.

in E.C.M.
If American firms

Common

has

Western

to

-;l

ready many British companies are
investing heavily abroad.
Only
recently Imperial Chemical Indus¬

Growing Free Trade Trend

Market.

'

\

own¬

firms at present. The proposed
tax rate probably would

er

atom.

States,

'

subject

are

are

mutuality of interest of the

United

joined

and became its chairman

Director of FIF Funds

elected

obtain

living, more
produc¬
so that

effective,

firms

progressive

reasons

firms to continue their expansion
abroad in order to hold their own

He

Hinckley Is Elected

otherwise extend¬

ing their production and sales in

markets at home

mass

are

the United States. These are com¬

in Great Britain to step up im¬
provements. Productivity and in¬
dustrial efficiency, is rising, stead¬

com¬

who

States and

Britain's entry. It is felt that such
action would also stimulate back¬

disadvantage.
An
American subsidiary in
Italy, for
example,
could
not
pay
the
level of 52%

into

abroad

and

the

American

and

to the

are

move

of

c o m e

formed,

ports

(389)v 21

firms, directly and indirectly, are
building plants- in the United

40% ;of her ex¬
sterling area.
But the majority of British in¬
dustry is not afraid' of the in¬
creased competition which would
result from entry into the Com¬
mon Market. Leading firms have
accelerated operations recently to

improved products. Consequently,
such curtailment of
foreign re¬
search, in the long run, would
deprive American consumers of

seas

The Commercial and Financial Chronicle

.

be

and

new

.

'*

22

The Commercial and Financial Chronicle

(390)

bing off,

SECURITY SALESMAN'S
CORNER

the month.

who

sion

who

speculators and those
primarily interested in

are
are

investing.

You

cannot educate

speculator to become
■—you

must

an

him

take

a

investor

as

he

is.

statements

out

at

the

They make

a

end

profes¬

more

or

into

than

investors.

several

They

classifications.

fall
Such

Compulsive
individuals
to

''beat

Gamblers:

Use
As

cannot resist the

up

the

every

urge

such

eral

game" whether it is

horses, cards, dice, dogs or stocks.
They are active accounts in a

and also a
bookkeeping * depart¬

accounts,

competent
ment

back

to

them

to

it

all.

recent

in which the

bonds

along with the

Your

Common

new

way

issue
was
taken, showed that both of these

can't

You

fiscal period,

new

nature

Sense

raising

money

successful ventures.

were

be

the

expected,

new

in which most of the
issues
of
corporate
moved

have

after

up

price

in

offered to the
public in spite of the downtrend
that took place in quotations of
many of these bonds before the

As was

shortest

way

re¬

they

were

the most syndicates had to be dissolved,
there is seems to indicate that there is a
no
let up in the demand for the .sizable supply of
money available
most liquid
Treasury issues. ; In for long-term capital issues that
addition,
the
Federal
Reserve are quality obligations.
obligation

funding

was

favored security, because

a

you

of them.

' I

up.,.

from

The

operation of the

security salesman, it is
to make the best of
your - job.
Your: business is to
service accounts, protect your in¬
vestment -clients when they ask
for advice, and attempt to guide
your
speculative accounts away
from "booby traps" if you hear

brokers,
policing agencies. They
work hard and they try to make
the

decisions—they deserve
dollar they earn. You are
fortunate if you have one, or sev¬

These

come

Corporate Bonds in Demand

Government, in making pub¬

lic the results of its first refunding

to

informed

as:

The

few
more
powers
to the SEC and some
money
will be spent; but

change human greed ahd cupidity.

make extra work for the

ferent

will

CHIPPENDALE, JR.

T.

JOHN

BY

a

little good of a permanent

in

People who have speculative ten¬
dencies
are
psychologically dif¬

GOVERNMENTS

and

written,
granted

of

of

or

Thursday, July 27, 1961

Our Reporter on

there will also be a
new
crop
along when the next
period
of excessive speculation
arrives. A few new laws may be
learn,

speculating in the
special situations,
particular classes of securities, or
even grains
and other commodi¬
ties.
These
are
not the people
who create overpriced markets, or
market

it always does. The
the present crop of

described in the be¬
ginning
of this piece
will be
handled
by the two factors of
"time"
and
"reality."
A lesson
will not be learned, however, be¬
cause some of these people never

Some Observations Pertaining to the Servicing
Of Speculative Accounts
correct

of

.

.

speculators

BY JOHN DUTTON

A security salesman must be able
to
differentiate
between
people

as

education

.

Banks

were

takers of this security.

In

However, the size of the turn-ins
for the other two refunding ob¬
was

much

the favorable side.

on

a

V

there

than

more

opinion

of

amount

that

around

surprise but very

ligations

Sometimes it is best not

addition, there is

passing

a

will

be

a

breathing spell in the new issue
market for corporate bond offer¬

*

to give any advice to a specula¬
The
world
tension
is :-still
a
ings.'- This would be helpful since
tive account but certainly it is '.factor in; the money market
as
it would give the Corporate bond
customers of brokers
absolutely .essential that you-are well as in the capital market and market time to digest/ the'-new
People
Who
Want
Something and security salesmen, you should
.not taken in by slanted and biased "the * ..s.tock - market.
Accordingly,, bonds which have come into the
for Nothing: They put their funds know how to judge their category,
information. *• In
the
next .few until there, is some lessening in market -for sale.
into schemes that offer very high deal
with
them
and
recognize
interest rates and never investi¬ them. " There
are.' some security weeks, this column will present this'/market;, force, it is not ex¬ /-, It seems as though the policy
•a
-few ' suggestions
for .''security pected that ..'there; will be any
gate before they grab their prize. firms* that do not trade with spec¬
which the administration- adopted
salesmen who are servicing spec? important, change in the monetary
They usually keep quiet because ulators, but today such organiza¬
of' leaving the capital -market or
ulative accounts that have been policy- which 'has been in effect.
tions
they are ashamed of their stupid¬
specialize
in institutional
/long-term bond; sector/ to /nohv,
of practical
value to others /in Therefore, ' interest rates? should
ity and don't complain to the accounts, mutual funds, and tax.Federal' borrowers such as coxpo-"
remain pretty much, as they have
authorities after they have been free bonds. It is a very rare sales¬ this business.
ratibns, state and local, entities is
been. for. the. foreseeable future. /
taken.
man that does
not run into some
They also rush into the
working out very well. To b.e sure,
stock market when it is making speculative clients these days.;
:
there has been an. upward trend
'British Bank Rate Increased
:
new highs and
boiling with activ¬
in. the yields of these new- bond
The Furor About Regulation
//jT/he demand for short-term ob¬
ity. They are motivated primarily
offerings but this has attracted
ligations .continues as heavy /as
by greed and avarice and even¬
During the
past, few months
buyers. so ' that they have gone
ever .and,. according to. .some
ad¬ over.' In
tually get their lesson. They fol- there has been another outpour¬
addition; the?.somewhat:
Loring T. Briggs and Edward L; vices, the flow of foreign^funds,
lowr
tips from people who are ing of statements by various gov¬
higher rates which the corporate
Madden, Jr. have become asso¬ into our near-term securities has
supposed to be "in the know." ernment officials and others con¬
borrowers, have; / had
to
pay / in
ciated with Second District Secu¬ picked
up sharply of lath. This isThey never read a prospectus, nected with the security business,
order to
get the needed? money
rities Co., Inc., 1 Chase. Manhattan "believed to be due in some meascare less about records, and want
that rules should be tightened so
does
not amounts/to"' very., much
:
■
ure" to the confused world condi¬
all the "hot" new issues, but if as to protect investors. These pe¬ Plaza, as Vice-Presidents.
since
the
Federal
Government
tions/especially with reference to still
they happen to latch onto a slow : riodic, vocal effusions have been
pays 52% of the bill./The tax
B. M. Rubin Opens
the Berlin situation; Also the un¬
deal will either throw it back on going on for the pasf 30 years and
free, yield, increase has likewise
British economic condi-the market and hit a supporting they usually .come after the mar¬ NEW ROCHELLE, N. Y. — Ber- certain
not been/ tod important insofar as
tions
had •• brought
short - term the
syndicate bid, or cancel their in¬ ket has had an excessive dose' of trand* M. Rubin is engaging in a
public borrowers' are - -con¬
funds into, our. money market.,
dication one hour before the pub¬
bullish enthusiasm, and a horde securities business from offices at
cerned, z
■• -."// //•-"-/J'/•*//-< -..XA:
v.
However," this -week's sharp in¬
lic offering providing they have of
little" firms
have
found
'
•
* '
the 51 White Oak Street.
crease
in the British -bank rate
heard the underwriting is "sticky." golden key to the small specula¬
tors' avaricious appetite for lowFrank-Street Co. Formed ; from 5%' to >7%. will- most-likely
Those Who Wish
to "Take
a
serve
to take money out' of Our/,
speculative,
Flyer" Occasionally: These people priced, - border-line,
PITTSBURGH, Pa.—Frank-Street near-term issues because- of the
hew issues and have "gone pubr
are at least honest and
intelligent
& Co. has been formed with of-,
higher ^yields that will be avail¬
to the extent that they limit their lie."
During the past 18 months fices at 134 Carlton House to en¬
able-in-London.
• ;
;
/,/.
there has'been evidence of such
PHILADELPHIA
Pa.—The /, 36th
risks and know they are speculat¬
Even- though.; the
interest in Annual Field
in
a
securities >business.
a
boom in the security markets gage
Day Outing of-The
ing.
They want a few "kicks"
bonds- is concentrated in corporate
Frank
ahd it has been a virtual "bonan¬
Bond
Club of Philadelphia will
Gioyannitti, formerly an
and if they can afford it,
they
/and tax exempt obligations, there be held on
make a bet on a stock once in a za" for many promoters, under¬ officer -of
Friday, Sept. 29. at 'the
Pittsburgh Hanseatic
is »steady
buying and a fairly Philmont
writers of stock issues,, account-,
while.
Country Club, Philmont,
Inc. is a principal of the firm., .
sizable amount of long-term Gov¬
Pa. -; ;
ants, lawyers and large and small
;
./
..//•.
.; ■ ■" '*•", ";•,;
■ z-'■ ■
Informed, Professional Specula¬
ernment bonds are finding a per¬
.' Willard" S.
investment firms.
The -salesmen
Boothby, Jr. of East?
tors:
These
rare
individuals
do
New Stanton-Lewis Office manent home in institutional port- man Didom Union Securities &
have also had a picnic.
folios/ mainly of the p u b 1 i c Co., President of the Club, stated
not need, nor do they desire un¬
The people who have bought GLENBURNIE,
Md. — Stantonpension fund variety.
that this year the sports activities
solicited advice, information, or these questionable securities
ap¬ Lewis & Co. has opened a branch
will be held in the morning and
"tips" from a broker or a sales¬ pear to be quite happy, but re¬ office at 904 Genine Drive under
Money and Capital Markets
completed in time for luncheon.
Acting Well
man.
They
want
service,
and cently some of the veneer is rub¬ the direction of John R. Baum.
An
elaborate
luncheon
will
be
The improved feeling and tone
served, with entertainment during
/which is evident
in
both The
most

profitable

way

for

all these types

Since

many

brokers.

of

specu¬

lators ..'are.

•

.

2nd Dist. Sees.

.

.

.

•

,,

.

Hold

.

.

.

.

.

-

and after the meal.

and
capital
markets
is
being attributed in some measure
money

This advertisement is neither
securities.

The

an

offer

to

sell

nor

a

offer is made only by

solicitation of
means

an

offer

to

buy

any

of these

of the offering circular.

the successful

to

July 25, 1961

Government

and

mally

re¬

with

along

raising

money

-new

the favor¬

V

/

1

♦

J

„

evident

;

American Facsimile

from

both

cases

that

Corporation

or

proper

Federal

corporation
in
their
operations created a very sizable
demand

COMMON STOCK

and

securities.

these

for

It appears as

capital

though the money

markets

have

been

going along pretty much accord¬
to plans since the monetary
authorities
have
kept sufficient

(Par Value $.10 Per Share)

ing

available

funds

markets to

to

make

both

new

these

of

money

and

refunding ventures of the Treas¬

Price $3.00 Per Share

problem while at the same
time there is a supply of money
ury no

seeking

an

outlet

in 'long-term

non-Federal bonds. This has meant

Copies of the offering circular

may

be obtained from the undersigned.

that

corporate

and

exempt

tax

bond issues

have been well taken

in

instances,

many

former

Shell Associates, Inc.
40

Exchange Place




New

HA-5-6S96

York, New York

bonds

making

the
better

with
a

sheltered
obligations because the floating
supply of the latter securities as
well
as
the
new
offerings
are
showing

much

bonds.

than

heavier

the

than

tax

the

corporate

the

after¬

and

enter¬

after

exchange
<

■"""

'

r

ferent and attractive features."

the

pricing of the
obligations that were being used
by the Government and the nonright

conclude
stock

There will be

Outing will for¬

Mr. Boothby also announced the
appointment of nine, .committees
charged with planning "very dif¬

able reception which was given to

large corporate bond issue of
the
Shell
Oil
Company. * It
is

•

the

as

tainment.

the

40,000 Shares

diner

no

noon

funding

operation,

NEW T«STJE

Outing

Chairmen of the

,,,

mittees

various com¬
Arrangements, Leon¬

are:

ard

S.- Bailey of G. H.
Walker
Co.; Attendance, Stuart MacR.
Wyeth of Stone & Webster Secu¬
rities Corporation; Entertainment,
&

Harry

K.

Hiestand,

Reynolds

&

Co.; Golf, Oliver DeG. Vanderbilt,
III of Blair &
Co., Inc.; Minor
Sports, George W. Schwinn, Jr.
of Dean Witter & Co.; Publicity,
Clifford

C. Collings, Jr. of C. C.
Collings and Company, Inc.; Stock

Exchange,
of

Stroud

Theodore
&

E.
Company,

Eckfeldt
Inc.

and

Joseph E. Smith of Newburger &
Co.;
of

Tennis; Lawrence A. Brown
Hallowell, Sulzberger, Jenks,
& Co. and Trophy, A.

Kirkland

William

Battin

ster Securities

of

Stone

&

Web¬

Corporation.

Stanton-Lewis Branch
WASHINGTON,
Lewis &

D.

C.—Stanton-

Co. has ooened

a

branch

o/fice at 3910 McKinley St., N.
under
npv

D

the

management

Harder.

of

W.,
Rod-

Volume

194

Number 6076

.

The Commercial and Financial Chronicle

.

.

(391)

wake

Rasminsky Heads

PUBLIC UTILITY

In

Bank of Canada

SECURITIES

OWEN

BY

of

1930,

where
announced

was

of Directors of the
ada

that

Louis

the

by

Bank

Board

of

Columbus & Southern Ohio Electric

of

became

the

tion

serves electricity to a popula¬
1,112,000 in Columbus and its suburbs. Columbus

of around

-

is the capital of

Ohio, is

important university site, and

an

a

major

wholesale and retail marketing center. Good transportation facili¬
ties and its strategic location have attracted to the
city and its
environs a wide variety of industries.
Residential sales provide
of electric revenues, commercial 25.3%, industrial 23%

41.5%
other

10.2%.

•

•

*

-

and

*

The company
Columbus Transit

has two subsidiaries, Simco Incorporated and
Company, but their earnings are not consoli¬
dated (except for cividenc.s) with those of the parent
company.
Simco, which has a joint interest with Peabody Company (from
which Columbus buys all its

coal), had net income of $202,000 last
The other subsidiary, Columbus Transit, operates a fleet of
trolley coaches and 159 motor buses to provide transit in Co¬

year.

138

the

and

lumbus

suburbs.

The

transit

company's net

income

last

d

Columbus

& Southern

Ohio

Electric

serves

growing terri¬
having been greater
a

population ga.ns in its service area
during the past decade than in the state of Ohio, while Ohio grew
faster than the nation. Franklin County, which includes Columbus
and the suburbs, showed a population gain of 36% and this county

tory,

accounts for about two-thirds of the company's business. The

pany's kwh. sales increased 134%
annual growth rate of nearly 9%.

in the

decade,

or

:

an

com¬

average

the

Reconstruction

ment.

and

of 1950, but in

cal

approved

been

eral

he

govern¬

ment.

;

.

-Mr.

'

he

In

,

his

Develop¬

appointment

new

Rasminsky will also

President

serve as
Industrial De¬

the

of

velopment Bank.

Control

in

foreign

From

minsky

Louis

of

Rasminsky
,

in

delegation to

past six and oneDeputy Gov¬
He is the third
the Bank sinoe its
in

establishment

lowed

served

1934

for

20

—

Graham

fol¬

years,

by Mr. James Coyne, who

held the

post for six and one-half

years

and recently resigned in the

the Bretton Woods

and

Financial

of the

man

ment

of

International

he

The

announce¬

Henry J. Si-

by

President

Jr.,

of

1960 (due to a rate increase) $2.98 was reported,
The 1960 earn¬

Mr. Sullivan
Assistant
ment

was

previously

Department of Manufactur¬
Company.

Form

Forjan Associates

of the
Fund.

Monetary

ing a securities business from of¬

Canada

in

fices

at

on

York

William

15

Street, New

City.

II

*

m

u

\

M

of these shares having been sold, this advertisement appears as a^ matter
*

•

"

'

'

-

;

*

of record only.
1

:

,

mercial

and

1960

4.1%

were

for

up

5.6% compared with 3.7% for

industrial.

.

com¬

had

been

retarded

|

In

considering the increase in
industrial sales, allowance should be made for the fact that the
sales

||

**

July 26, 1961

-

dential sales in

by the steel strike.

I

80,000 Shares

"Other" kwh."

sales, which amount to 15% of the total, made the best showing
with a gain of 11.3% in 1960, largely because of housing develop¬
ments in certain
energy, sold

areas served by wholesale customers.
Moreover,
to public authorities increased more than usual because

GORDON AND BREACH,,

several large state facilities (which previously had obtained power
from state-owned heating plants) began using the company as a
indicated

As

the

in

table

below

the

rate

of

return

SCIENCE PUBLISHERS, INC.

V

of power.

source

net

on

propexty oeciin^d iio.ii 6.5% in
to 4.o-vu m x»;ju;
iiiv com¬
pany applied for various rate increases and on July 31, 1959, the
Uti ities

Public

Commission

of

Ohio

granted the
covering residential and other secondary

increases

tric service in Columbus and the
of

Franklin

to

about

County,

$3,600,000

Common
(Par Value $.10

rate

company

voltage

surrounding unincorporated

pending,

•

areas

estimated

were

to

amount

The City of Columbus appealed this
decision to the Supreme Court of Ohio, but the company was per¬
year.

mitted to continue to collect the

Share)

elec¬

These increases

a

Stock
per

rates while the appeal

new

Offering Price: $1.75 per Share

was

Cn May 24, 1960, the Supreme Court upheld the Com¬

mission order.

•

fi

.

Between Dec.

2, 1959 and March 5, 1960, the other 18 incor¬

porated municipalities

in Franklin County authorized the

Copies of the Offering Circular may be obtained from the Undersigned
State in which the Undersigned may legally offer these shares.

%•:

i

First Weber Securities Corp.

about $550,000 a year.
The

Commission

still

has

pending before the Public Utilities
application for increases in areas not affected by

company
an

in any

com¬

pany to apply the new Columbus rates in their areas. The increase
in revenues from consumers in these municipalities is estimated at

8:

M

New York 5,

79 Wall Street

:£

N. Y.

the

changes made in 1959 and 1960. It is understood that these
increases if granted in full will amount to $950,000 per annum or
about 17 cents per share.

.v/.v.vlv.v.v.v.vii

As of Dec.

31, I960, the company's capital structure, excluding
bank loans and current sinking fund requirements, consisted of
54.7%

long-term debt, 12.8% preferred shares and 32.5%

The stock

approximated 65-51).

this year to $2

Revenues

% Earned

1959—

Dividend

5.5

2.40
2.02

1.60

.

5.2

2 57

1.60

2.23

1.60

36-29

1955—

39

5.5

2.18

1.60

35

6.3

1.84

1.60

1953

i

28-23

5.6

2.15

5.9

2.07

1.40

27-21

.31

5.2

1.84

1.40

23-19

23

6.1

2.30

1.40

23-19

"

1950—

SYSTEMS, INC.

32-26

32

__

HUPP

35-28
-

34

__

1952—
1951

Circular.

50.000 Shares

32-26

5.9

__

offer to buy any

an

.37-31

42

.1954—

solicitation of

July 27, 1961

43-33

1.60

4.8

44

__

nor a

Price Range

1956—

..

offer to sell

ISSUE

v.. 54-39

$1.70

52

__

1957—1

Earned

$2.98

46

__

1958

6.0%

$57

NEW

an

The offering is made only by the Offering

of these securities.

-Common Stork Record-

on

Net. Property

Years—

__

(range in 1961
The dividend rate was raised

making the current yield 3.3%. The price-earnings
the 1961 estimate of $3.15 is 19.

ratio based on

—

This announcement is neither

has been selling recently around 60

to recent date

I960

common

No equity financing has been done since 1955.

equity.

__

.

1.45

,

.

CLASS

A

COMMON STOCK

(Par Value $.10

per

Share)

OFFERING PRICE: $3.00 Per Share
Mazal Security Planning

Sirota, Taylor & Co.

BROOKLYN, N. Y.—Jeno Taub is

Sirota, Taylor & Co., Inc. is con¬
ducting a securities business from

engaging in
from

under

a

offices
the

securities business

at

200

firm

Keap

Street

offices at 26

of

Mazal

Copies of the Offering Circular may be obtained from
other dealers

N.

Opens

Y. —Harry

S A U G U S,

D.

is engaging in a secu¬

such

State.

BAYES, ROSE & CO., INC.

LeDonne

Opens

Mass.—Salvajjore V.

is engaging in a

securi¬

ties business under the firm
Salvatore

name

rities business from offices at 429

of

Mayfair Drive, South.

from offices at 425 Central Street.




the undersigned and from

legally offer these securities in this

Broadway, New York

S. V. LeDonne
H. D. Silverstein
Silverstein

may

City.

name

Security Planning.

BROOKLYN,

as

V.

LeDonne

&

Co.

39

Broadway

WH 4-9325

an

Manager in the Invest¬

Trust

ers

.

All

the

investment company.

Forjan Associates, Inc. is conduct¬

agreement

represented

Na¬

Confer¬

Economic

When the Fund was organized

1946,

made

was

monson,

served as Chair¬
drafting committee on

articles

joined

poration, 120 Broadway, New York
City, as Manager of the Public

in 1944, and

ence

the

conferences.

member of the Canadian

was a

has

Utilities Division.

Ras¬

Mr.

1954,
as

financial

He

Towers

op--

1951.

Sullivan

tional Securities & Research Cor¬

played an active part
Canada's representation at in¬

ternational

.

of the Bank.

of

-

'period he

since;

Governor

to

served

half years has been
ernor

concluded .its

December

1943

appoint-

Mr. Towers'
Executive Assistant.
During this

with

Bank

this

Walter

Foreign Exchange

Board

erations

exchange
matters,
has
the

in

W. Sullivan With

Nat'l Sees. Res.

Chair¬

until the

and

>

1942

Officer

continued

finance

In

Board.

Alternate

the

and

ment

interna¬

Canada

the

and

•

Ex¬

Chief Executive

became

tional

served

of

man

minsky, who
an authority
on

was

Foreign

the

Control Board.
In 1941
appointed Assistant to the

Chairman

Ras¬

of

Section

change

Fed¬

the

by

and $3.15 is esUmated for the calendar year 1961.

ings were moderately affected by the recession, which had more
effect on the company's sales than the steel strike of 1959. Resi¬

Di¬

Bank

.

The 1959 earnings of $2.40 were only slightly above those

below.

1959

International

tablish the Economic and Statisti¬

pointment has

r

The company's share earnings record is indicated in the table

of

since

and

Executive

Mr.

1940 and for the

$220,000.

year was

Board

been the

sky returned to Canada and the
following year he was invited by
Mr. Towers, then Governor, to es¬

Rasminsky,- 53,

is

•

for

League's

Bank. The ap¬

Columbus & Southern Ohio Electric

has

rector

Mr.

he

Executive

1950

as
Governor of the Bank of Canada,

Can¬

the

its

specialist in monetary and finan¬
cial matters. In 1939, Mr. Rasmin¬

has been appointed the new Gov¬
ernor

leading

with

Rasminsky joined
League of Nations Secretariat

the

ELY
It

dispute

a

officials in Canada.

23

New

York, N. Y.

24

(392)

The Commercial and Financial Chronicle

AS WE SEE IT

Continued from

productivity

page 1

in current

means

usage.
One would
and
one
suspects

suppose,

crease

in

productivity

as

.

.

thus

defined could actually be ac¬

.

Thursday, July 27, 1961

earner

is

in

no

way

to

be

credited.

philosophy of the par¬ fixed income. A growing pro¬
that the companied by a smaller out¬
ties, both Republican and portion of these in this coun¬ man in the street,
All Ought to Share
supposes, turn of goods and services per
Democratic.
And past poli¬ try today are the retired or that
There has, of course, been
productivity means the worker. What is more, even
tics involve rank favoritism incapacitated
recipients of amounts of goods and services the rise in
production per astounding improvement in
in legislation as well as in the social
turned out by an individual
security.
hour of work—so far as
the production of goods and
Another current
any
policies of the parties. Until
fallacy is —merely that and nothing
one
services. It is now possible to
some
the notion that if the com¬ more. The fact
really knows what it is—
way is found by which
is, of course,
this general slant in favor of pensation
of wage
earners that the term refers only to is almost wholly, if not quite provide a great deal more of
the labor monopolies and all does not rise faster than
"pro¬ the amount that he produces altogether, a result of large the good things of life, and
the rest can be eliminated
ductivity" no harm may be per hour of work. Since the investments in machinery and it is naturally
quite right and
from political
campaigns, we done by higher and
higher number of hours worked are equipment and the improve¬ proper that the wage earners
may as well expect the unions
Those who argue in on the whole tending to grow ment in the
to
have their way for the wages.
manufacturing should share in this sort of
this way forget what the word smaller and
most part year in and
smaller, an in¬ techniques for which the wage progress.
year
It is, however,
out. And we
hardly need ex¬
pect improvement of a major
fessed

sort until

we
get some down
earth realism in this field

to

of labor relations.

That

^

realism

in

industrial

relations

thinking should be¬
gin, possibly must begin, with
an

abandonment

the

popular misconceptions of

the nature

of

of

the

of

some

relation of

the compensation of labor to
the economy in general. One

of the

first

of

these

miscon¬

ceptions that ought to go by
the

board

is

the

notion

that

higher

wages, less work and
restricted activity on the Dart

of the wage earner somehow

stimulates

economic

economic

growth

activity,
and

eco¬

nomic welfare

generally., The
old, old fallacy that higher
wages add to the purchasing
power of the people and thus
stimulate

demand

and

im¬

prove markets is widespread,
and is, of
course,

sedulously
preached by wage earner
groups in the process of try¬
ing to get higher wages.
It

is

facts

strange what simple
be

can

completely

so

overlooked when
this

is

sort

a

under

subject of
considera¬

tion.

Why should it be need¬
public that
purchasing power is created

ful to remind the

in the process of the
produc¬
tion of goods, and unless some
one

of the factors of

tion

deliberately

income
the

(which is

not

actual

same

produc¬

hoards

his

likely)

command

over

currently produced
goods will be created whether
wag^s

are

higher

lower.

or

Artificially high

wages may,
indeed, favor one element in
the population at the
expense

of

others, and this is

the very sound

one

of

why

reasons

the great rank and file should
be dubious of the wisdom of

permitting union
force

the

their

managers to

members

compensation

higher

of

and

MIDWEST, NATIONAL STEEL'S
The continuous

galvanizing line shown above and

tin

are

plating line

the

Even
holds

the combination of steel's

electrolytic
our

division, strategically located in the important Chicago
They incorporate the most advanced techniques known to

modern

Galvanized steel made

by the continuous line method is
new uses

kinds

The

constantly finds
...

products which

are

so

galvanizing and tin plating lines will

modern facilities for

engineering; they produce the last word in quality.

that it

strength with zinc's protection. Demand

for tin plate grows, too, as more items
go to market in tin

new

Midwest Steel
area.

higher.
At

an

the first major facilities at work at

NEWEST

Midwest Steel
the

superior

in manufactured products of many

a

producing hot and cold rolled sheets... making
source of supply for the Chicago district and

fast-growing, steel-consuming

improved in quality and durability by

as one

cans.

be followed by ultra¬

major

area

served from it. We

that Midwest has been constructed not

also

soon

of the

are

proud

only for top efficiency but

cleanest, most attractive industrial plants

ever

built.

Expense of Others
when

prices

competition
within

normal
relation to costs, the
gain of
the union
monopolies is at the
expense

of the remainder of

the

FIVE OTHER

community at large since
prices rise and the income of

MAJOR

those who are not members
of the unions do not rise
pro¬

portionately.

Of

course,

worst sufferers from
any

all

such

called
men

changes

rentiers,

and

get along

are

that

women

on a

the

who

is

STEPS

FURTHER

the

V,

/

...

V

PROGRESS

and

AT

so-

GREAT LAKES

controlled

the

fastest,
provide

must

relatively small




TO

j

r.

and

STEEL in

operated

most powerful
more

and

Detroit, the computer-

80" Mill of

the

Future—

hot-strip mill in the world — will

better

automobile

body sheets.

OUR

NEW

RESEARCH

CENTER

will

be

National

Steel's

headquarters for the expanded, continuing ex¬
ploration of new and better raw materials, facilities,

manufacturing

processes

and

products

of

steel.

*

Volume

194

Number

6076....

The Commercial and Financial Chronicle

.

(&93)

equally the right of
man

to

and

union and

no

a Competition would also hold
belongs greedy unions in check if per¬

many

who

woman

the bene¬

are

mitted to do

ficiary of no hold-up by these
organizations to share in these

blessings.
these

For the most part

outgrowth

of

the

associates.
mitted
will

to

exist

from

taking

in

of

and their

Competition if
full

these

prevent

the

are

genius

economic managers

per¬

vigor

elements

than their

more

&

Co.

vestment

improvements

just share of current output.

so.

Force

opened

in¬

Ramstein

at

an

Air

Air

one

Force

of the

bases

in

world.

The first of 35 such investment
centers to be opened by Bache &
Co. at Air Force
Exchanges on
more

than

half

the

shares

air

bases

in

Inc.,

Devonbrook, of 1400 Broadway,
N. Y. City, is engaged in the pro¬
duction

and

distribution of popu¬

larly-priced items of wearing

quotation board
linked to the Bache & Co. branch

parel, principally suits for

office in Frankfurt.

in

the

college

and

stock

10-cent

par

consists
common

ap¬

women

post-college

Union Electric
Common Offered
An

Paul Jolles

Opens

underwriting

group

by

Halsey, Stuart
PHILADELPHIA, Pa—Paul Jolles offering an issue
is

conducting

from

be received by the company.

stock

a

Devonbrook

at $5 per share. Proceeds from the
sale will go to the selling stock¬
holder and no portion thereof will

Europe, the Ramstein installation
features

of

Authorized

800,000

shares, of which 600,000 will be
outstanding upon completion of
this financing.
-

Globus Inc., and Lieberbaum &
Co., New York City, are making
a public
offering of 120,000 com¬
mon

Base, Germany,

largest U. S.
the

has

center

of

Common Offered

New Bache Branch
Bache

group.

Devonbrook, Inc.

a securities business
offices at 6824 Sylvester St.

Kidder, Peabody Branch
HARRISBURG, Pa.
Peabody

&

Co.

—

has

K i d d

e

r,

maker

Building

under

the

man¬

managed

Co.

of

Inc.

is

$30,000,000

bonds, 4%% series, due July 1,
1991, at 101.608% and accrued in¬
terest to yield 4.65%. The
under¬
writers won award of the
bonds
at competitive sale
July 25 on a
of 100.909%.

a

branch office in the Payne-Shoe¬

&

Union Electric Co. first
mortgage

bid

opened

agement of John F. Page.

25

'

Net proceeds from the
will initially become

financing

part

general

funds

of

of the

the

company,
reimbursement
of
its

through
treasury for capital expenditures.
The

general funds will be subse¬

quently used to retire shortrterm
bank

loans;incurred in

part

for

1961 construction

costs; to finance
fcontiriuing additions
to its property and
plant; and for
the

cost

other

of

corporate purposes.

The

bonds

redeemable

are

at

regular redemption prices ranging
from 101.61% to
100%, in' each
case with accrued
interest.
v
,

The

of

company,

315

12th

N.

Blvd., St. Louis, and its subsidi¬
aries

supply

sections

of

electric

Io\yaj having
lation
of

of

service

to

Missouri, Illinois and
an estimated

2,200,000 within

popu¬

an

area

about

19,200 sq. miles.
The
largest part of this electric service
is

provided

souri,

in

northeastern

Mis¬

including the metropolitan

St. Louis

Natural gas service

area.

is supplied by the
company in 19
communities
and
one

Missouri

Illinois community.
For

the

12

•
.

months

ended

V

Mar.

3.1, 1961, the

company and its sub¬
had
unaudited
consoli¬

sidiaries

dated

operating
$158,993,491 and

of

revenues

net

income

of

$26,397,264.

Servonic Instr.
Common Offered
C. E.

Unterberg, Towbin Co., New

York

City, is manager of

an

un¬

derwriting

group offering 95,000
shares of Servonic In¬

common

struments, Inc. at $10 per share.
The
offering marks the initial
public sale of the company's

com¬

stock.

mon

Of

the

95,000. shares
shares are being

50,000

offered,

sold for
and 45,000 for cer¬
tainselling stockholders.
Net proceeds from the sale of
the

its

company,

common

added

funds.

INTO

PRODUCTION

initially will be

company's

general

Subsequently, the

intends

DIVISION, SWINGS

stock

the

to

to

use

the

company
funds for the

purchase of production machinery
equipment; for additional test
equipment; for miscellaneous im¬

and

provements to plant and facilities;
and for expansion of the research
id

Midwest Steel is

is.

an

important part of an overall construction

$300,000,000.

a-

results: for
ig

It

our

will

be substantially completed

employees,

more secure

jobs; for

this

better supply of the highest, most uniform quality of steel yet

program

involving all operations of National Steel and costing well

duced. And for you, the

over

The

year.

and

consumer,

pro-

still better values in the million

products made of steel. We will be bringing you the news
about other phases of this program as they swing into action.

our customers, a

/T\

NATIONAL

STEEL

Lit

CORPORATION,

SUBSIDIARIES

AND

PITTSBURGH,

PA.

GREAT

LAKES

STEEL

•

WEIRTON

STEEL

•

MIDWEST

STEEL

STRAN-STEEL

•

•

ENAMELSTRIP

•

HANNA

EURNACE

•

NATIONAL

£
m

of

the

program.

proceeds

be

The

company, of 1644 Whittier
Costa Mesa, Calif., is en¬
gaged in the research, design, de¬
velopment- and manufacture of a

of

mechanical

STEEL PRODUCTS

The

will

working capital.

as

Ave.,

variety

I Steel

DIVISIONS:

%.

.tI

development

balance

made available

one

id
di

and

largely

proprietary

electro¬

devices

comprised
potentiometer
type

of

transducers for missile, space ve¬

hicle, aircraft, ground support and
underwater ordnance applications.
The company's sales are largely
customers who
employ these
products in military applications.

to

the

For

28,

1961,

sales

of

of

six

the

months ended
company

$666,789

and net

had

Feb.

net

income

$56,678. Upon completion of
financing,
outstanding

current

capitalization of the company will
of 261,050 shares of capi¬
stock,
a
term loan
in the
amount of $94,096, and a $50,000
consist

tal

short-term
AT

STRAN-STEEL in Terre Haute,

facilities

are

new

new

finishing-line

boosting quality and output of popular

color-coated steel panels for
line of contemporary




Stran-Steel's handsome

pre-engineered buildings.

NEW

BASIC OXYGEN FURNACES at Great Lakes

Steel. Construction
oxygen

will

add

furnaces
new

will start in

—

the

capacity

1961

on

largest

ever

and

greater

two

built

—

basic

which

efficiency.

AT WEIRTON STEEL in

Weirton, W. Va.,

new

the

production and improve the quality of Weirton's

tin

plate, galvanized sheets and cold-rolled sheets.

loan.

Eisenkraft

and im¬

proved facilities throughout this division will increase

bank

Allan

Eisenkraft

Opens

has

opened

fices at 132 West 43rd

of¬

Street, New
York City, to engage in a securi¬
ties
business.
He was
formerly
with

Arden

Perin

&

Co.

26

(394);

The Commercial and Financial Chronicle

ability to get the right kind
people.
And we're prepared

FUNDS

MUTUAL

$25,000

pay

a

to

year

the

$1,750,110

son-Humphrey

Company;

tively, in the first six months of

John

of

1960.

of

right

and

The Funds Report
Today and Tomorrow
Walter

Benedick,

mutual

fund

who

folks

tells

field,

that

us

Benedick

the

will

funds

own

of

dean

a

be

that the

record

of'

fund.

a

President

of

Investors

Planning

the

past

What

prospective

"They should never lose
sight of the fact that mutual funds

that

can't

vestments

stressed too
long-term in¬

five-year,
20-year goals.
to

geared

and

10-year

be
are

even

He passes on this bit of advice
that

intelligent

every

funds

stress

must

to

seller

of

clients:

not

are

trading

should not be regarded as
ties in the usual

and
securi¬

accounts

sense

of the word.

are

essentially

Mutual

funds

financial

planning devices,
de¬
to
help
the
investor

signed

"are

ness,

purchased

acquired for
longer term."
His

anything

ever

but

lent

the

fund by

There

quarrel
the

will be

with

funds

his

that

The
lions
to

the American

of

time

makes

a

people. Here again
point that can't be

Americans

but
the

nor

know-how

have

have

inclination

to

emphasized often enough in deal¬

profitably. These people,

ing

ful

with

much

a

the

public:

mistake

to

"It

is

redeem

as

fund

shares simply because the market
is off as it is to buy them
solely
because
of
generally rising se¬

curity

prices. How the market
performs over three, six or 12
months
really should not enter
into the picture at all."

their

in

an

its

1,000

that

earnings

tired

the

their

rily for income possibili¬
ties. Send today for Free
Prospectus and descrip¬

now

Institutional
Fund

NATIONAL SECURITIES &

than

staff

income

staff

$3>3n

■

'

1,000

benefits

members

of

reports

assets

June

*

30,

Investors

and

army

of

amounted

with

to

$64,113,148,

share.

per

This

of

candlestick

the

for

makers

professional

or

com¬

cussing

this

need

the

$49,906,279
June 30,

share

on

*

*

Corp

of Fla.

will

di¬

within

company

the

30 days, it
was announced
by Gilbert P. Edwards, President.
The

new

owned
start

as

a
wholly
of ICOF, will
with
invested

company,

subsidiary
operations

soon

final

as

Administration.

bakers

vest

in

authorization

is

Small Business

It

expects to

in¬

industrial

ventures, par¬
ticularly
electronics
and
other
technological industries offering
growth opportunities.

eager

investment

other

*

day

*

Madison Fund Inc. reports that at
June 30 net assets amounted to

has made

$160,968,977, equal
each
of
7,150,707

a

one

a major contribution to
fast-growing Big Board house,
were

"You'll

have

the

of

June

com¬

first

30.

New

its

fiscal

ended

year,

J.

Frank

C.

Tindall

W.

&

Co.; Treasurer: D. Graham Holloway
of
North
American
In¬
vestors;

and

Robert

L.

Sergeant

Arms:

at

Wansker

of

First

Fidelity Securities Corp.
The
speaker
noted
that
the,
Securities and Exchange Commis¬

sion

other

and

regulatory bodies
in seeking to
expose unscrupulous practices but
that this is "negative" education.
have been vigorous

3,000 shares
Corp.; 2,400 Ha¬
waiian Pacific Industries; 20,000
Tesco Stores Ltd.; 3,000 Tropical
Gas
Co.; 20,000 Zenith Electric
Supply Co. Increases—3,900 shares
—

Mart

Okanagan Helicopters; 1,010 J. B.
Beam Distilling Co. Reductions—
shares

400

Lily Tulip Cup Corp.;
4,000 J. C. Robinson Co. Elimina¬
1,300

—

shares National

Corp.;

Inland

2,100

Corp.; 5,300 Atlas Sewing
Inc.

Centers

to

$22.51

fast-

shares

buck boys but there will be
many

thi^

year

year

realized

thing that has keot us from mov¬
ing into the fund field is the in¬

earlier.

income for

ment

more people interested in a
long¬
time investment program. The
omy

a

was

gain

$12,237,812.

the first

often it throws

the

have

Mutual
declared

Investors

the

regular

Sept. 1 to stock of record July 31.
dividends from investment
for

the

cents

past

months

12

and

capital-gain

distributions amounted to 40 cents.
*

„.

.

Whitehall

June

at

assets

*

*

in

reports net
amounting to

30

werej$ll,771,246 and $12.48.

ures

Nat'l Mutual

ATLANTA,

Ga.

stock

a

—

public
no

one

market

ever

asserted

that

bility of

everyone

is

the

responsi¬

in the invest¬
ment business to "take a positive
attitude toward educating people
on

the

subject of prudent invest¬

ing."
Mr. Fox-Martin

a

possible solution to their invest¬

problems."
added, however,

He

the

iences

of

was

installed

mutual

President:

funds

investor, assets

funds

mutual

should

be

much

underwriters

fund

focused

the

as

Harry

mutual

the

public eye on
industry" but

fund

that the "direct approach can only
be made on an individual basis

by people like you, the retailers
mutual fund salesmen."

or

profession's responsibility to diag¬
nose and prescribe ably for your
financial* health

client's

the

protecting

compares

was

with

responsibility
for
patient's physical

his

health."

Arcs Industries

the speaker

Pursuant

fund

salesmen.

officers

were:

Berchenko

of

Co.; Vice-Presidents: Coy

R. Lander of A. M. Kidder &

Co.,

Inc.; J. Coleman Budd of Robin¬

to

July 26,

a

1961

pro¬

spectus, the company is offering
stockholders the right to

common

subscribe to $1,630,000 of 6% con¬
vertible subordinated debentures
due

1971

the

on

debentures

to

expire

bentures
accrued

basis

$500

100

The

de¬

priced at 100%

8,

and

1961.

interest.

Lomasney, Lov¬
ing & Co., New York City, is the

principal underwriter.
The

of 755 Park Ave.,
Station, L. I., New
York, is engaged primarily in the
company

Huntington

manufacture of
and
use

electronic, electri¬

mechanical
in

the

components

missile

and

com¬

fields. Authorized capitali¬

puter
zation

consists

of

the

above

a

mutual investment fund of
diversified
stocks selected for investment

quality and income possibilities. See
investment
prospectus,

dealer
or

CALVIN

mail

for

free

this

ad

I

American

par

common

proximately
now

stock

of

326,001

which
shares

outstanding.

FOR INFORMATION

INVESTMENT INSURANCE TK,

Business Shares

your

bookletto

A Balanced Investment Fund
The

BULLOCK, LTD.

anced

Established 1894
ONE

WALL

STREET, NEW

Company
between

selected

for

selected

YORK

on

5

invests
bonds

Prospectus
't

conceived, researched, prepared and

sponsored by Tyler Kay

portfolio bal¬
preferred stocks

and

growth

"packaged" listed securities

a

and

stability,
for

in

as

common

GET IN TOUCH WITH

stocks

possibilities.

upon

TYLER

request

v

Name.

LORD, ABBR-TI^ CO.

Address




New

York

Atlanta

—-

Chicago

Los

Angeles

—

KAY,

TELEPHONE

TL

2-6112

OR 775 MAIN STREET, BUFFALO 3, N. Y.
San

Francisco

(Business

letterhead please)

de¬

bentures and 500,000 shares of 100

Insurance-Against-Capital-Loss
common

of

shares

July 26, with rights

Aug.
are

of

each

for

held of record

y

is

be

may

less important than

no

doctor's

of

net

;

•

Mr. Fox-Martin asserted: "Your

for

Those

the

offer

mutual

organization which was formed to
represent
the
rapidly
growing
of

services mutual

and

to

higher. He said that advertising
and public information programs

cal

ranks

that with
product, conven¬

investment

have

installation meeting of the

at the

in¬

have

To Stockholders
"The

package of 'instant'

it

funds

Debens. Offered

needs to be informed that

has invented

billion

$20

mutual

said to be

Inc.

Fund

that
who

than

more

ment

■

34

declared

shareholders

"found that mutual funds provide

Total

income

all

❖

dividend of 8 cents per share, pay¬
able from investment income on

were

too

.

million

vested

All

bad light on

Fox-Martin

2.6

"have
Inc.

wisely.
a

investing."

of
*

and Mrs. Investor

invest

on

half

and

investment

on

to

Net invest¬

$1,621,722

This

how

Mr.

Purchases

Federal

shares.
This
compares with assets of $141,549.402, or $20.84 a share on 6.792,594

told:

always

half

Budd &

*

of the country's leading
investment counselors, a man who

we

major changes in its
portfolio for the

stock

mon

Fund Association. Mr. Fox-Martin

per

next

services that will help today plan
for the needs of tomorrow.
Dis¬
with

these

vestment

re¬

from

is

of

doesn't tell Mr.

profit—and no one
will,"
said
Milton
FoxMartin, Vice-President in charge
of sales
of Hugh W. Long
and
Company of Elizabeth, N. J., in a
speech
July
13th
before
the
newly-formed
National
Mutual

assets

$226.07

*

colleges,

butchers,

Secretary:

Jr.

and
Funds

"It educates the public ^bout
things
to
avoid,", he
said.
It

Mutual

net assets

capital and surplus of $1 million

An

America;

Mutual

*

Investing

Fund Ass'n

received from the

Broadway, New York5,M.Y.

Keeble

Corp. reports

*

•

1960.

*

universities, private schools and
non-profit or research organiza¬

Established J 930

;

were

1960.

receiving

are

net

reports that

$258.79

and

stocks

members

stated.

$12,620,549, or $13.41 a share. A
year earlier the comparative fig¬

tions.

RESEARCH CORPORATION

120

to

June

pares

ly, participation in CREF is limit¬
ed

Inc.

Investment

more

was

versify its real estate operations
by launching a small business in¬

the

dividend

CREF, according to William C.
Greenough, President. Incidental¬

tive literature.

of

Trust

at

*

and

toward

to

Research

shares

new

*

30

share

a

capital apprecia¬

beneficiaries

annuity

$6,591,586.79.

of

*

June

staff

colleges

common

and

college

Sales

Investor

at

$6.84

of

of assets.

Right

with

securities selected prima¬

the

annuities,

on

in¬

As¬

$14,491,805, equal to $7.14 a share,
against $11,665,345 of assets and

it is known,

as

members

in the fund

tion

fund

staff

of

Funds

year ago were

2,273,257.

or

of

retirement

series

to $9,600,923.61.

Hs

at

their

five

the

of

Custodian

General

tributions

SERIES...
mutual

their

to

CREF,

type

ter," it

Fund

*

figure

has reached $196,000,000 in assets.
This total resulted from the con¬

INCOME

a

of

al¬

this

share

a

The company

in

Washington

earlier.
*

than

institutions

share,

a

$23.03

Shares outstanding during the pe¬
riod increased to
the new high

yet

making

amounted

$16.52

be "virtually fully
growth-type common
during the second quar¬

invested

*

or

months ended June 30

assets

a

compares

$12,193,097,

year

a

vari¬

operation,

available

members.

is

of

year

are

annuity

HATIONAL

sets

-

educational

ready

share,

$22,619,591,

This

issued by the

Retirement

tenth

totaled

share.

a

creased 46%

Col¬
Equities Fund.
That group is only now marking

lege

$24.03

Franklin

success¬

own

continued

Cleveland

the

money

more

assets

or

$185,375,077 and $14.39

tions

*

during the 12 months reached the

Thus, we find that
76,000 educators now

the

at the start of 1961.

.

total

individual stock.

able annuities

During
sold
Dow

it

*

assets

For the 12

appraising the worth of

or

Machinery.

*

want no
part of guessing each turn in the
market

and

Homes

or

work,

own

net

year

reports
first half

compared with $227,099,787 of as¬
sets and $16.38 a share on Mar. 31

assets

equiva¬

Telephone &

period

.

net

the

nor

invest their

Shoe

with assets of

money

neither

net

a

American

same

\.

a

invest,

of

mil¬

many

this

$246,448,242,

Energy Fund reports that at June

of funds and fund

plain fact is that

of

B.

Tindall

Corp.

of

end

to

30

of the most

one

30

$71,909,997,

*

plans.

convenient investment method yet
devised for the vast majority of
he

offering

extensive lines

soundest, most

contention

the

are

disposition to

no

re¬

*

Investors

the

at

;'•>' stocks

/. ;

Chemical,
Gulf
Oil,
Noranda
Mines, United Merchants & Manu¬
facturers and Weyerhaeuser Co.

the

term

*

June

at
to

$22.51

United

selling the need rather than the

pursued

*

Telegraph, Brunswick Corp., Otis
Elevator, Rexall Drug & Chemi¬
cal, Smith, Kline & French and

Planning Corp.
his philosophy of

has

objectives by enabling
longeconomic growth."

to

chases

Investors

achieve his

$51.62
with

share, against
$0.74 a share on Dec. 31, 1960,
and $20.47 a share on June 30,
1960. During the latest six-month
period the company made pur¬

be

him to share in the nation's

that

amounted

gjowth-

stock mutual fund should

*

ports

short-

as
no

or

compares

as

that

*

respec¬

,

years

for satisfactory

term investments. But

$4,172,697,

This

i!'

"Many growth stocks," says this
30-year veteran of the fund busi¬

point

assets

Consolidated Investment Trust

and its prospects
performance five,
10 or 20 years hence. In his view,
there are no
exceptions to the
long-term nature of fund invest¬
ing. His yardstick applies to all,
from the aggressive growth-stock
type to the conservatively man¬
aged balanced fund.

often: the funds

net

$38,616,498 and $45.12 a share at
Dec. 31, 1960, and $37,869,268 and
$44.25 a share at June 30, 1960.

pleased by the semi-annual re¬ should concern the investor is the
ports of the companies which are; suitability of the fund to his spe¬
now
coming to hand.
But the cial needs, its performance over
Corp. of America also makes this

share.

per

same

thing generally applies to the in¬
terim

puts

of June 30 at

reasons

$4,153,327,

*

National

Fund

Thursday, July 27, 1961

.

to

C. POTTER

Abacus

.

of

man."

BY JOSEPH

.

© Tyler Kay 1961

ap¬

are

.

Volume

194

Number 6076

.

.

The Commercial and Financial Chronicle

.

(395)

IBA Studies Yield

(by value) of the bonds submitted

Spellman Engr.

to them.

It

Differential of

probable that 1961 will
produce an unusually heavy vol¬

Govt. & Mun. Bds.

ume

seems

of bond elections for

year."

WASHINGTON,
of

change

debt

in

U.

to

appears

factor

D.
S.

rate

elections

Government

are

of

in

for

future

which

$1,249 million
to be voted upon in Novem¬

stock

municipal
and
bonds, according to

The

backlog of bonds authorized
since mid-1956, but not yet sold,
declined by $33
million during

the latest issue of the IBA Statis¬
tical
Bulletin
(June), published

by the Research
vestment
America.
reached

,This
in

a

relationships
1954.

the

Department, In¬

Bankers

Association

conclusion

the

is

quarter

million.

voters

to

have

total

a

Since

of which have

since

proceeds

from

of

approved nearly

yet to be sold.

by

points

article

that

out

sales in

1961

in

the

municipal

will establish

high if sales

$8.2

billion

rate

indicated

bonds
a

seasonally
for

first

to

small

repay

administration

loans.

gether

company,

Drive,

of

722

Brook-

Orlando. Fla.,

spe¬

materials,

struction,
tion

repair

tract
sub

or

1961, the

year

in missile

outstanding

systems, missile ground

ended March 31,
and its subsidi¬

current

that

joined

James

their

A:...
,v
,/
study: comparing yields
municipaland • government

•on

.

v

•

the

Mr.

yields

Form

Major Syndications

formed

Upon

42nd

of the

with

offices

Street, New

engage in

a

at

York

;1 A.

types of bonds and tax deviations
the

from

"norm"

examined.

are

.Many- factors affect the

yield of
municipal"and
government bonds, " but the
major factor influencing devia¬
tions from the "nonpar', relation¬
differential

ship

between

since

1954

the

tend

have

During periods

national

rapidly,.yields

to

change in U. S.

Government debt'.
when

'

appears

the rate -of

been

debtis rising
municipal bonds

on

•

fall below their "normal"

to

relationship to government bonds.
During periods when the national
debt is contracting or rising rather

[slowly, municipals tend to

sell at

relatively high yields compared to
government bonds.
•%

*

fir

In the

■■■

4$%:^ ^

early months of 1961 in¬
on long-term munici¬
pal bonds have been higher than

s

ir"

terest rates
"normal"

relative

to

If

.1958.

•<*v

t

-■•me:

**

Considering past experience,

this is not
has

I

•

government

bonds for the first time, since last

been

WSm

unexpected, since there
relatively little change

A#.'

*

in the U. S. government debt dur¬

ing the past

year.

which

have

may

Another factor
caused

government bonds to sell

tively

IK,

S.

at rela¬

low

yields compared
to
"municipalsduring f the
early
months of this, year is the Federal
.

Reserve's

"operation
nudge,"
probably depressed longterm
government
bond
yields
relative to yields on other long-

which

term

bonds.

The TBA Statistical Bulletin also

indicates
quarter

that

of

RECORD ATTENDANCE.
attendance

ever

Nearly 19,000 share

recorded by any

owners

business. There

was

attended the 1961 annual meeting of A. T. & T.

full and free discussion of

many

This

was

the largest

matters—evidence of democracy at work.

during the first
$2,120 million in

1961

State and local government bonds

sold,

were

in the
on

about .12%

preliminary

and

May,

than

more

Now...2,000,000 Bell Telephone Share Owners

period of 1960. Based

same

it

reports for

April

that

more

appears

than $3.4 billion of such bonds were
sold during the first five months
of 1961. This

represents

a

NEW

A

ally adjusted annual rate of about
which, if maintained,
establish

1961

as

DEMOCRACY

IN

season¬

AND

$8.2 billion
would

MILESTONE

a

AMERICAN

BUSINESS

record

for municipal bond sales.

year

Bonds

for elementary and sec¬
ondary schools totaled $781 mil¬
lion, a new first quarter record,
exceeding by 33% the volume of

the

first

-and

quarter

sewer

of

bonds

1980.

Water

accounted

for

$332 million of first quarter sales.
New York

was the largest issuer
dunng the first quarter
with $340 million in bonds
sales,

of

bonds

followed

by California with
million, Kentucky with $154
lion, Pennsylvania with $99
lion, Texas with $96 million
Illinois with $92

$256

mil¬
mil¬

and

in

new

bond'

authoriza¬

tions

during the first quarter, of
which $200 million was for ele¬
mentary and secondary schools
and

$96

sewer

million

dicates
1960

people is

a

the

country's
million

over two

dramatic testimonial to,

for

water

A great many are

ten shares.

42%

the American economic system. Here,

ditional 31

for all the world to see,

erally in the

is democracy

at work.

The

service
the

wife.

result

of

is

a

communications

increasing value to both

public and business and

element in

vital

a

national defense.

The

and

owners

of American

own¬

%

More

are

are women.

An ad¬

joint accounts,

names

than

gen¬

of husband and

300,000

are

tele¬

phone employees.
In addition
many

to

Telegraph Company stock

are

every

section of the country.

the

share
you

the

direct owners,

millions of other people have

an

holdings of their insurance

com¬

for

that

1961
pace

phone service
over

volume.

quarter,

voters

During

the

approved




first
78.1%

enjoy today. Nor

This year

tal

for

alone share

owners

$961,000,000 in

new

have
capi¬

by subscribing to A. T. & T. stock.

Given

the

opportunity to plan

boldly for the future—and with

earn¬

level that makes such

prog¬

ings

on a

panies, pension funds, investment

ress

companies, unions, savings banks, etc.

will make further contributions to the

Without the money

BELL

you

730,000 employees.

that A. T. & T.

possible—you

TELEPHONE

can

be

sure

that

we

growth and security of the nation.

and

bond approvals
with the record

in the business,

would there be work and wages

Preliminary in¬
April and May in¬

keeping

have put

owners

could not possibly have the tele¬

furnished

important, beneficial interest through

Telephone

people in all walks of life, in

small share

About 290,000 own fewer than

ers.

projects.

formation

are

of

ownership

largest business by

million.

American voters approved $421
million

The

SYSTEM

16

East

City,

securities business.

both

on

the

Company.

defines the "normal" rela¬

bonds

tionship .between

Taylor
in

five

The IBA

R.

firm

months.
•'

J.

Major Syndications, Inc. has been

financing,

capitalization

Wm.

—

municipal bond department.
Taylor was formerly with

aries had gross income of $994,441

of

Co.

Building, members of the
Stock
Exchange, have

announced

has

company

and net income of $35,249.

&

Midwest

Ohio

the

the direction of John Neuberger.

complex

Inc., Union Com¬

merce

-

completion

highly

Ohio

Mericka

responsibilities
as
prime
contractor require those

and unusual problems encountered

the

CLEVELAND,

services.
For

Taylor With

Wm. J. Mericka

such

missile
fuel
systems,
steam
generating systems, air-condition¬
ing systems and water treating
systems, from plans designed and
drawn by engineers or architects.
The company provides basic en¬
gineering services when its con¬

cializes

in

systems

as

office at 750 So. Cleveland under

new

Jas.

rehabilita¬

and

mechanical

of

and

brings to¬
equipment and

company

craftsmen for the purpose of con¬

PAUL, Minn.—J. P. Penn &
Co., Inc. has opened a branch

adjusted

the

company

The

ST.

financing will be used

balance of the proceeds will
be added to general funds and
used as working capital.

haven

maintained at the

are

the

purchase
warrants;
$11,563 of sundry debt.

mechanical contractor and

a

engineer, the

The

J. P. Penn Branch

Bulletin

the

business

•

Another

at

the company's common shares.
A portion of the net

mid-1956

$20 billion in bonds, almost 57%

study of the yield
experienced

first

$11,193

of

As

$6 per share. The offer¬
ing marks the first public sale of

ber.

company will consist of 525,000
shares of common stock; 52,000
stock

"

Pierce, Carrison, Wulbern Inc.,
Jacksonville, Fla., is manager of
an
underwriting group which is
offering 150,000 shares of Spellman
Engineering Inc.
common

bond

between

government

-

million

scheduled

months,

be the principal
the yield differ¬

affecting

ential

C.—The

$1,784

Common Offered

tary mechanical problems.

"off

an

As of May 1, IBA records

showed

support systems, and other highly
specialized commercial and mili¬

27

to

28

The Commercial and Financial Chronicle

(306)

the

to

.

.

Thursday, July 27, 1961

.

extent

bank

ment in bank assets, since 1929, is

13

deposits o To

reflected in the increased holding
°,f government securities; many of

some

banking is a substibanking, particu-

group

tute for

J!165?, ar®

branch

is

prohibited

However,
operate

state

across

coexists

Chain' banking
hv

nne

rather

th,n
tion.

In

r»r-

Jarr0y, JecAurit^s alone accounted

that

^ VI.
there

°r

While

these

increase

coraora"
were"

115

figures indicate an
1939, they are lower

over

in

There

Table

1931.io
to

seems

Banks

Figures
to

suspensions

fn

n

this

Rennrt

U. S.

P

u

thf>

of

?J

lu

held
in

less

19.6%

1954,

$10

total

bank

commercial
and

largest

number

posit

size

within

of

in

assets

assets

1959.

The

banks, by

the

classification,

de-

falls
mil-

$2 million to $5
lion group. In
1954, there were
4,340 banks in this classification
and

in

1959

there

increase

an

of

4,345,

were

five

the

banks.

1960

56.4

24.1

47.2

9.1

25.5

23.1

_

12.7

10.0

21.8

40.4

21.9

79.9

—

—

89.5

87.9

7.8

9.7

8.7

2.9

accounts

—

.9

_13.9

Federal

Reserve

Bulletin.

The

item

"other

assets"

repre-

6.7%.

only

During

the

period, there

was a decline in the
total number of banks and at the
same

time

ward

larger banking units.

factual

there

data

was

this

on

trend

a

to-

it

clear in

would

to

seems

concentration

that

some

for

bank

fact.

In

record

be

but

is

in

the

of

the

United

the form of excess reserves,
This, in turn, also accounts for the
negligible volume of "borrowing"
for
that
year.
While
membthbanks were not as liquid in 1960
in

in

as

have-been

failures

1940,

fewer.

with

pared
ment

is

larger

1929.

mainly

This

is

com-

system

historical

and
and

a

mestic policy must weigh the danger of

monopoly against the benefits of banking stability.
In any
event, with over .13,400 commercial banks, the banking system of
the United

States is far from

monopolistic.

lng

In

compete with

Simii

many

including, in some
the Federal Government.

areas,

Distribution of Assets
c.

Since

change
assets.

ly

a

1flon

.1^29, there has been a
m the character of bank
This change is undoubted-

factor accounting for the
showing made

proved

by

lm-

com-

ISermaLbankf as ,con?J?„a„r,ed yltb
the 1920s and
early 1930's.

not

the

It

is

whole

story, however, as
bank assets were less
liquid at the

t!^!L

ialn

of

percentage

securities"
a

more

portfolio

conservative

private

of

vency

business

public and pri¬

sectors

cLl iQd9Wah1ni ■8+.baSks
1942, defalcation has
0

agement of

a cause

credit

a

10
p.

-

Bulletin, July,
t

Op.

552.

Reserve

Senate

cit.,
•

-




.

,

has been
at the ex¬

squeeze

1929, although it may be as
high as is necessary to facilitate
liquidity.
Legislation, in 1933 and 1934,
gave the Board of Governors the
to

control

margin

relative to the purchase
In

over

assets.

At

loans

loans

of certain

1929, loans to brok¬
were
over $9,700

21% of member bank
end of 1960, such

the

equal

were

to

about

only

2% of member bank assets. While
it is possible
serve

Monetary and Fiscal Policy

that bank credit

can

basis for excessive spec¬

as a

ulation, there is little proof that
margin controls are capable ..of
preventing excessive speculation
or.that loans to brokers and deal¬

give

the

liquidity

of the system in times
of stress. This expansion of money
has also served as a basis for inflation and is thus a mixed bless-

ing.
The

Glass-Steagall Act in Feb-

ruary,
1932,
is very important
since it added government securities to the collateral against which

Federal

Reserve

notes

could

be

issued.
The subsequent increase
in government debt, and a reduction in required gold certificate
collateral

25%,

(gold prior to

have

internal

easily
notes

form

money very

deposit drains

be

less

liquid than an ex¬
panded volume of consumer „and
are

real estate loans.
It is difficult to prove,

the

of

can

Federal

"The

elaborate

for

reserves,

to
of

more

by

an

Reserve

legal

pro-

collateral,

to conceal the facts as to the se-,
curity."11 A bill currently before
Congress would eliminate even

1960,
123,
>

given

experience and
with.

They also

greater

N,

Banking,
The
Ronald
Y., 1947, p. 604.
-

to

recessions

This

to have

seem

willingness

Postwar

mild.

tools to work

more

could

have
be

a

them.

use

Credit
Press
C<LU
*

GNP
level

local

Federal

in

659

and

the

of

in¬

state

the

at

as

government.

bank suspensions

only 42 in

1939.

By

1960, total governmental expendi¬
tures

had

most

of

risen

this

Federal

to

20%

increase

level

and

of

GNP;

in the form

of

national

security expenditures. In
1960, there were only two bank
failures, mainly due to internal
irregularities.

than

policy changes since 1929
more
pronounced than
the monetary changes. Total
even

$17

billion

in

1929

billion in 1961.

to

has been monetized by

ing

system,

supply

of

$290

over

Much of this debt

adding

money.

the bank¬
the

total

Between

1941

to

and

mix

was

more

successful, in 1960, in holding un¬
employment to a relatively low
level. However, monetary and fis¬
cal
policy must still prove its
worth in

have

holdings

have since de¬
billion, as banks

$61.8

diverted

direction

of

in

resources

more

the

profitable,

but

less secure, business and personal
loans.
Of
even
greater signifi¬
cance,

Federal Reserve Bank

own¬

ership, of, government, debt

has
risen from $2.3. billion in 1941 to
$27.5 billion in 1960. This has cre¬
ated

additional

"high

bank

powered"

enables

the

system

to

reserves

which

money

commercial

monetize

banking

debt

multiple of about 7l/2

or

by

a

times.

The growth in government
spending over the years has
changed the relationship between
the governmental and the private
sector of the economy. This change
is reflected in Table IV.
Expenditures

Gross

of

National

as

a

Per

Cent

Product

(selected

Total,

all

years)

1929

1939

1944

1960

8U

14.6

45.7

20.0

5.7

42.1

10.5

1.4

41.9

8.9

9.0

3.5

Federal
National

1.2

security-

and

local__

—

6.9

Source:
in

the

Compiled

from

Federal Reserve

data

appearing

Bulletin.

world free of cold

a

war

conditions
our

when

production

half of
absorbed for

nearly

was

late

increasing num¬
ber of commercial and industrial
failures has occurred, in spite of a

gradual

the
8%

in

trend

upward

wholesale price level of about
since 1955.

evidence

The

falling

were

accompanied by

prices

indicate

to

seems

that

in

1930's
increased

the

an

number of both business and bank

failures. The impact of World
II

caused

1943

War

particularly

inflation,

This

1948.

and

period experienced a much lower
rate for commercial and industrial

Since

the

1948,

has

trend

been

upward in the number of business
failures
what

accompanying

reduced

some¬

a

inflation.

of

rate

However, bank failures since 1948
shown no marked increase,

government to

"continuing pol¬
icy and responsibility" for "pro¬
viding useful employment oppor¬

ported

tunities."

loans.
the
failure of bank suspensions to rise

but the

If

we

sions

The

means

less

are

language

is

clear

and ultimate effects

certain.

that cold

assume

will

rate

a

of

increase

ten¬

war

and

that

expenditure
expand,
the impact could
spell further inflation. This may
not, however, be
and

war

as

certain

post-war

in

as

period.

Throughout the world, the balance
between supply and demand for
items

most

inflation.

is

less

is

It

favorable

the

for

magnitude

of
government expenditures relative
to

revenues

that

will

be

the

key

1940's

and

factor.
Inflation

Inflation during

'50's

was

largely

the

outgrowth of
monetary and fiscal policies of the
war
and post-war period. Since
the

an

impact of inflation

financial

system

is

upon

our

it

great,

so

deserves separate consideration.

Inflation has
a

factor

undoubtedly been
reducing the number

in

bank

and

failures.

Following 1922,
continuing through 1928, con¬
wholesale prices

sumer

and

uated

within

a

fluc-

of

range

about

seven

index points. Bank suspen¬

sions

were,

above

the

however,
low

of

498

at a rate
banks in

1928.
Beginning in 1929, prices
began to fall sharply and by 1933,
wholesale prices were 31% below

the

1929

level.

The

accompanied

fall

by

in

prices
in¬

great

a

in the number of bank

pensions, reaching an
peak of 4,000 in 1933.

sus¬

estimated
rose

until

the 1937-1938

recession, when they
rather sharp decline.
Bank suspensions in 1937 and 1938
registered

a

59

54

and

respectively,

somewhat above the level of 34 in
and 44 in

1935

1936. With Ameri¬

can
entry into the war in
prices began to rise and the

ber of bank

1941,
num¬

suspensions began to

decline. The years since 1941 have

inflationary pres¬
typically there have

and
about

three

bank

failures

year, due mainly to internal
irregularities, rather than to losses
per

sustained

on

loans

and

invest¬

Inflation

has

the

the

of

<

in which the
individual factors affecting com¬
mercial banking may be properly

borrower.

When

nominal

are

repaid. There
and

are

industrial

more

commer¬

failures

when

falling than when they
rising. During the period of
are

maximum

bank

averaged

about

The period

failures, 1930-33,
26 600

1944-1947,

a

per

no

evaluated

way

of their

in terms

year.

period of

inflation, witnessed only two bank

rela¬

tive

importance.
Some
of
the
changes are of a comparatively
permanent
nature
and
in /clve
modifications

structural
social

of. the

Included in this
group
are:
(1)
improved bank
management, (2) deposit insur¬
ance, (3) increasing concentration
in banking, (4) asset distribution
and (5) some aspects of monetary
and fiscal policy. <■..
system.

the

of

Some

forces

accounting

for the improved

position of com¬
mercial banks may be unique in
the sense that they reflect unusual
post-war conditions. Whether we
like it

fact

not,

or

rate of

have

must accept the
and the high

we

inflation

that

governmental expenditure

number

thus

and

economy

of

underwrite

to

served

unanswered

the

the

reduce

failures.

bank

is

question

still

A

whether

monetary and fiscal action would

effective in maintaining
high level of income and em¬

prove
a

as

ployment under

a different set of
relationships. Infla¬
largely been an out¬

international

has

tion

growth of

and

war

prepara¬

war

Unanswered

tion.

the

is

too

question of whether this kind of
definitely.
Thej

a

in¬

maintained

be

can

..

asset, distribution

of com¬
mercial bank funas today is more
suitable for the maintenance cf
liquidity and
true

the

of

solvency

than

late. 1920's. and

was

early

However, at the end of 1960,
commercial

total

discounts*

52%

of total

bank

loans

equal

were

bank

and

nearly

to

deposits.

The

magnitude of the amount indicates
the

that

margin

for

possible
is con¬
siderably less than it was in the
credit

future

1934-40

expands,

expansion

period. As loan volume
bank liquidity tends to
and the system becomes

vulnerable

losses

to

re¬

increasing,
demand
rises
and
with
higher
selling
prices, loans can more easily be

prices

Conclusions

is

There

more

effect

ducing the burden of indebtedness
values

on

correspondingly.

decline

ments.

cial

against potential losses

This may account, in part, for

30's.

been marked by
been

more

stimulus

Following 1933, prices

were

banks had estab¬
adequate
reserves

1960,

By

government

will

the

1958.

lished

the eight re¬
recession year of

the

in

the

commercial and industrial failures

time

the

below

ployment Act of 1946 commits the

9.5

units

well

level. The

1930's

except possibly for

for

Table IV
Governmental

of

number

remained

have

sures

.

late

tensions. The language of the Em¬

crease

to

the

in

failures and also of bank failures.

different

a

was

clined

with that prevailing
1930's, but so far, the
bank suspensions has

comparable

with

creased from

billion;

rise, reaching

post-war peak of 15,445 in I960.13
This rate of failure is more nearly

between

not

1945, commercial bank hold¬
ings of Government securities in¬
$21.4 billicn to $90.8

con¬

governmental
spending
produce full employment
in 1939, a somewhat larger amount

While

did

of

Fiscal

for

rate

industrial

a

the

at

was

industrial

failure

and

has tended to

pe¬

The

at

well

as

level

were

1929

14.6%.

to

evident

was

There

been

more

coincidence.

mere

The year 1944 reflects war

11 Westerfield, Ray B., Money,

of

and

are

was

'

and

8.1%

the

1955,

cerns

war

obvious. Between 1929 and 1939,
governmental spending rose from

au¬

how"

"know

they did in the 1920's and
Certainly they have more

State

-IIL1®S5'athe1B°ard of Govern°rs

of the Federal Reserve

ignore the

we

trend toward a larger
and larger role for government is

failure

an average

of about 1,160 per year.

concerns

commercial

inflation.

the

but it is

monetary

more

elastic.

accommodated

expansion
visi0ns

this

made

hand-to-hand

1933)

if

supply,

money

.

Federal debt has risen from about

Since the debacle of the 1930's,
the
controls
over
money
have
been changed. While these changes

Even

riod,

dealers

and

million,

are

_

Document

economy.

in

was

are

assetsn has misman" the 25% requirement.

Probably the greatest improve.

9 Federal

of

avoided, it has been
pense of the primary liquidity of
the banking system.
Primary li¬
quidity today is no higher than it

•

n

banking

expanded

the

enter-

+

ffh

the

credit needs of the

.

bant

commercial

have

compared with retirement, and redemption and
Vionir'
.'e^e wer'e 42 against inflation are largely
irf u»4nUSPcu^1(inSi q£> +v! ?
camouflage so far as providing
Pv?
argest safety to the Federal Reserve
oiir^rprfr in
sujpensions oc~ notes is concerned and serve only

Pi

from

addition,

meet

thorities

as

v

require¬

reduced

In

that

prises,

be-

addition,

othe?* lenders;

the

to

possible,

to

centrated
to

For

1943.

reserve

been

12%.

a

of

policy- However, in 1960, the burden of maintaining the liquidity
of the system rests to a greater
extent upon the solvency of the
government as opposed to the sol-

probable

that

have

to

in

the

incomes and

crease

down¬

been

in

re¬

1930's.

Canada

clear

banks,

country
ments

improve-

terms

sion in the money supply and in
so
doing se|ve to increase the

it

has

26%

government

in

system is less subject
widespread bank failures. Do-

England,

from

"other

States,

with

down

ers

con-

comparison

1948,

since

However,

de¬

1933

in

dollar

For

ers

monetary
authorities
greater freedom of action, they
also permit an extensive expan-

by

ava¬

the

example, the reserve
requirement for central reserve
city banks is currently
16%%*

reflects

of the improved record
solvency is due to this

terms

the

reserves

ward.12

also

opposed

it

quired

ancj

has tended toward increased concentration.
Current
political

policy

1934.

securities. The nature of the loan

respect,

banking

of

"gold

followed

the trend in commercial bank

is

that the Ameri-

appear

commercial

can

every

valuation

More

subject

While the evidence is not
nor

the

which

the
liquidity

system

excess

from

lanche"

than

desirable.

plete

resulting

and

Reserve

absorb

securities.

mainly vault cash and due
bank
items
but, in 1929,
"bank
premises" absorbed over
2% of "total assets."
In 1940, the
high percentage for "other assets"
represents mainly excess liquidity

or

How-

the

to

sents

i

for

give

from

oneJ' h* A195t'^they accounted for
The asset distribution, in 1960,
2
bankassets and, in is substantially improved as com-

1959,

to

power

million

bank

46.8%

1940

de¬

only

in

' '

12/28

Source: Compiled frcm data appearing
in Banking and Monetary Statistics and

'

,

with

;

assets

Capital

P

.1,

,

banks

insured

higher

While

6/30

Borrowings

The
T

16.7% in 1959.
Banks with deposits of more than
$250 million held 44.6% of all
1954

■'

securities-

securities

Deposits

seem

n

than

of

but

V

Years

1929

_

Gov.

Other

of

contention.
of

1959, shows that

posits

'

-1

Loans

that

are

available which

are

verify

was

vate

Member

6/29

smaller institutions while
mergers
tend to create larger institutions.

Annual

original intent in this action

22%

Principal

of

Selected

for

Other

bank

most

Since

system

for

Items

Sheet

Balance

tendency
in American commercial
banking
for
large banks to grow more
rapidly than smaller institutions.
a

to the fact

were

III

Distribution

Percentage

be

This may be due

increase

enabled

than the 176 chains and 908 banks

reported

The

member

set

since
usually corporate bonds.
Bank
December, 1960, member banks
caPital aecounts were relatively may now count all vault cash as
higher,
higher' in 1929, but so too were a part of their legal reserve. This
in 1929' but so too were
borrowings by member banks. was not true of the earlier period.
The changing character III. bank Reductions in bank reserves have
-°-fassets is shown in Table

eontrn'llinff

chains

thev

while, in 1929, they ™

lssues

some

Jti

a

1945,

securities" are more likely to be

chain

in

hv

•*u1°iooo C^an+uGha^ ^v?1"
pared with 1929, is that
other

to

mnr-o

than

}

branch
;

similar

controlled

are

manner

uSs

is

banking except

banks

asse^s while loans to purchase and

and

lines

with

banking
group

may

banking

group

frequently

restricted,

or

frm ant* ^ghly

llcluldIn 1929, loans accounted
for over 56% of member banks

larly in states where branch banking

rate for commercial and

power

Continued from page
mercial

suspensions and

power

reserve

Changing Economy

a

governmental purposes. Deficit fi¬

nancing of a large portion of the
war
expenditures resulted in ari

level and twice that amount.

In

bank

requirements
within
a
range between the previous fixed

Commercial Bank Failures

economic
element

today

declines.
of

rests

The

strength
in

their

for

securities

the

1960,

of

banks

portfolio

government
end

during
principal
of

which,

at

equal

to

were

24.2% of total assets. Government
securities

is

are

confidence

and

its

safe

as

in

the

long

as

there

government

ability to meet its obliga-

12 An

upward ' adjustment- was made
during the 1951-53 period to check the
inflationary impact of the Korean War.
13 Business

Bradstreet
World'

failures

based

on

Dun

Inc., information cited in

Almanac -and

Dun's ;Review.

&

The
-■>

Volume

194

Number 6076

.

.

The Commercial and Financial Chronicle

.

(397)
tions in money
able value.

that is of accept¬
'

•

.

While commercial banks do not

the

possess

capacity for

same

an

additional

credit expansion, as in
1940, there is little likelihood that
banking will degenerate into the

chaotic

state

of

the

early 1930's. At the

1920's

and

time, the

same

next 20 years may not be as favor¬
able

as

the past 20;

if

we

assume

that many of the elements

lending

strength
unique

the

to

to

system ' were
1941-1960 period.
1934-1940 period is
-

the

*

Possibly

the
typical of what may be ex¬
pected in the future, barring of
course major wars. If this is
true,
the burden of achieving success
more

will

fnore

depend

Our Financial System •,
And Economic Growth
Continued from page 3

monetary
fective.

The

on

on

the

other

banks

is

stitutions

arwi

institutions

clear:

the

are

com-,

hand, and

one

all other financial

ef-

distin-

between

now

hanh-c
banks

fully

for

reason

guishing until
mprrial
mercial

modern

management

on

only financial

which

As

far

as

legal

we

en-

tell,

can

banking evolved

goldsmiths

of fen

were

known

economist

side-

as a

willing tb
valuables

quote

Gilbert Data

well-

a

(Samuelson)

"such establishments

at first

were

simply like parcel checkrooms

or

Systems, Inc.

warehouses.

Stock Offered

receipt, later presented that receipt, paid a small fee for safekeeping, and got back his gold.

.

initial

The

The depositor left his

gold for safekeeping, was given

/' '•

a

public sale of Gilbert
Quite obviously, however, money
Systems, Inc. common stock
is
wanted only for what it will
is being made with the offering
buy, not for its own sake. Money
of 175,000 shares at $2 per share,
has an anonymous quality so that
by Schrijver & Co., New York
one
dollar is just as good as anCity.
/'
.
V' v . .
other, and one piece of pure gold
Net proceeds from the financing
rfnnbl
nfh
TUa AaI rl
as good as another. The
goldsmiths
will be used by the company to
soon found it more convenient not
pay for the overhead trolley sys¬
to have to tag the gold
nmnf?
belonging
tems installed in
its New York
Data

oc

City

premises;

to

discharge

-

in¬

debtedness to three affiliated

cor¬

porations; and to carry on its data
processing project. The balance of
the
proceeds will be added to
working capital and used for gen¬
eral corporate purposes.
The company, of 441 Ninth Ave.,
New York, N. Y., is currently en¬

gaged in services, for department
stores
to

chain

and

stores,

the

reduce

time

designed
in

which

articles of wearing apparel sfnd ac¬

cessories

be

made, ready for
sale at retail locations. The com¬
can

receives and

pany

classifies

mer¬

oc

nn

o y-va

to any one individual

that he had left

tomer

aTerei^t
or

for

of

money

hr™'

«

nar«c?e
particle

banker

documents; and ware¬
houses, packs, or otherwise pre¬
pares the merchandise for ship¬
ment.
The company

intends to develop
processing
service with

data

a

two of its present custom¬

one

or

ers

which

1 would

be

integrated

with its present classification and

marking systems.
Upon
completion

financing,

current

outstanding capitaliza¬

tion will consist of
of

of

common

698,573 shares

stock.

for

—

lent

Anthony. & Co., Inc., New
City is making a public of¬
fering of 132,000 class A common
York

vision

Cable-

International

Corp.,

$10

at

share.

per

Proceeds will be used by the com¬
pany

—o—

duty—and, of course,
could be repeated

times whenever the

many

out

came

deposited
fashion

once

with

the

fractional

money

bank.

a

practice

be

to

more

this

In

of

keeping
led quite nat-

reserves

urally to what we know today as
"multiple bank expansion."
But
the

safety of

the^original depositthat adequate re-

demanded

ors

be

serves

kept

emergency,

for expansion, repayment of

debt and othe* corporate purposes.

and that, in an
the banks'loans could

30 Broad St.,
New
York
City,
and
its sub¬
sidiaries presently operate Com¬
munity Antenna Television Sys¬
in

tems

of

company

Vero

Beach

and

Fort

Pierce Fla., and San Angelo, Tex.
The
company
plans to
expand
such

systems

tional

and

facilities

to
in

build

addi¬

Tallahassee,

Manama City and Eau Gallie, Fla.
Authorized
000

class

stock consists of 650,-

A

and

class B
common
shares, of which 164,850
and
214,180 shares respectively,
will be outstanding upon comple¬
tion of this financing.

Central N. Y. Branch

.v;-]

banking practice has long insisted
that bank loans be short-term and

literally,

no
Today
we
this command-

but

we

comes

DanKs, oesiaes noiaing

,

•

i.

J

bilities, create new money
money.

bank

No other financial instiin a position to do that.

mtion

is

Such

°thcr

a

St.

branch
under

office
the

at

5;^

205

Harrison

management

George Harris.


1(4®

I

savings

institutions

banks

associations,

'

...

of

Reserve

ury and other responsible authori-

"

Why is it

Reserve

System

be

able

regulate the supply of money
and the availability of credit? I

have

mentioned

Federal

1^Joday.

important that the

so

before

Reserve

that

System

is

the
ex-

pected to help promote price stability, full employment, and economie growth. To achieve those
ends the Federal Reserve System

problems and no
{J.
seryea oy maxing J
pf Pv.f!L.18 ?|ryed by making light
?
°
J?' But neither must_ we
mi
p
Jfj,® P^ure
? ; *1S
^
5° i1?
ve?\
® ^crested.
® m.u s} learn
must be informed. A democa

f

i

t*

-

savings

mutual

loan

and

msu^nce compani s,

commercial banks.
recent

But it

decades

0WS1S
this

reason

innuiripc
.

j

and

m

as

TT

a

on

the

fact

•

_

changes in the rediscount rate,
variations in the legal reserve
ratios of member banks, and the

—^2^1 £

setting

Se
®

Treasurv Dhlon

nie

eoncerned

But

of

margin

requirements.
problems
arise
in
instruments.
Being

various

these

using

the

fiscal

agent

for

the

govern-

ment and charged with preventing
disorderly conditions in the market for government securities, the

Federal Reserve System must try
+a
acU
lln
nlr a!
to mesh its open market operain

nnnn

v-v\

n

tions with the funding operations
oi

tne

of

the

Treasury

Treasury

and
and

simuitane
simultane-

!n

thA

the basis of $100 of debentures for

each

50

shares

of

1961.

A
UP headed by P. Eberstadt &

g

*

stock

common

York City is underwritg the offer which expires Aug. 7.
The debentures are convertible

until their maturity
stock at $28.50

into

common

per share. They

are

redeemable at the option of

the

™en ^ ?uar|le7~ mencing Feb. 1, 1967 at

J,

3 ™ ™e i ed-

Martin

sa

^le

UndiSro
^

deHiVated

tnf^ted

be

can

natientlv

S

and

fi«™i

°thprf,>pP^nS

lat(J ^

LUldlCU

IU

clloUI "

and

CCUIIUIIIIC

ohu

financial stability and a high rate

of economic growth. They
partisans

—

they

are not
experienced,

are

used for general corporate purdeluding the current exPansion Program as follows: construction of a frozen doughnut
plant' ac(luisition and development of Properties for additional
restaurants, capital improvements
to and expansion of existing restaurants, construction of highway
poses

nth^r

all the
are

monetarv

mir

H

p

Warv

^issups

mhde

*

J ~

who

men

exr)lorp
to

down

100%.

Proceeds from the sale will be

restaurants.

.:The company of 425 Lexington
Ave" New York .City operates a

g3 reserves may simply lead to and economic growth is the great- ^y and is constructing two others.
excess reserves if there is little est contribution members of the T.he company's restaurants spefor funds; while im times financial community can make in cialize in service of a limited
0f
inflationary

requirements

severe

-1

whereas others might

pressure

act by

put

may

member banks under

—

^gs

higher

pressure,

™

re-

selling government securinullifying the attempt to

thus

restrict

credit.

Again, changes in
are effective only

rediscount rates
insofar

da
as

ixi&uicti

Udima
banks

die
are

compelled to
tu
uuxjujjciicu

borrow from the Federal Reserve

System.
finally,
lective

Margin
are

requirements,
the only type of se-

the

less

menu of quality food at low prices.

than ideological—that seems to lie

Yhe company also manufactures
and sells Chock Full O'Nuts brand
coffee, which is distributed in the

long contest—economic

before

the

us,

-

•

fv^e

countries

no

of

the

-

world

* An address by Mr. Szymczak before

New Hampshire Bankers Association,
or 8mou '
"
*'
u e
'
,

^

O

"T4

(TOraOn &

available

„

ZT

.

Slpipripp

l^nPT'^

today to

the Federal Reserve
while

healthy stock market speculation
they do not directly affect commercial credit.

in

this

countrv

,

ad-

have put the spot-

high

liquidity

of

a

and

sections

of

Early in 1961, the

entered
entered

the
xne

instant
insiani

the

com¬

coffee
COIiee

eastern and northeastern sections
^
of

+1
the

80!00® shares of

t>°Iv PordTon

country.

During 1960, the
began test marketing of
frozen whole wheat doughnuts in
company
88

.

The offerin.g
£>0mmunc

north-central

country.

business and now markets the
product in New York and in the

'

,

rnh

New York metropolitan area and
in
other
areas
in ' the
eastern

pany
P»"y

1

KreaCn.

x uuiioiiuio
System; and Qfrtplr
All Qnlrl
they help damp down un- QLUblY II11 UUIU
control

supermarkets

City.

in

been

York

New

Results of these

tests

have

favorable, and the company
exxxu
lxxc
cuxxx^exxx^
But that is only the-beginning—Is proceeding with construction
0f the problems which the Federal
' peJ, s»ar® ba^ been °ver- 0f the new frozen doughtnut plant,
Reserve
System is facing these subscribed
and the books are ,
net
•

Another

days.

problem

has

al-

means

extent

that the economy is to some
cushioned against the im-

pact of ,VxQn.ec in thn supply of
changes in the *„nnlv of

Sl0StdwTKhe 0cfferm^ was ^ad^Tby

Net proceeds from the financing
will be used by the company for
the
the comoosition. orinting, paoer
composition, printing, paper
and

and credit,

money

binding

required for the pub¬

lication of titles currently

in publication, and for working capital.
■,

Conflicting Goals

/.

i

•

_

.,

,

0f

the

of

comoanv

rn

he six months ended

Sl

znd
income

totaled

$1 046 577

°

,

p

f

nefinc0 8 Qf
Zled

1960.

For the year ended

1Q4

,

1960, total net sales
m and net income

Capitalization
of

Mar.

_

$944 837

31^

Jam

July 31,
$28,014,-

were

$1,815,557.

was

of

rom-

f ^14

'-

f

as

goals

xdVUxc.uxc,

sales

for

The company, of 150 Fifth Ave.,

Yet, perhaps the most perplex-

the

company

1961, and

15,

as adthe sale

in a publishing business specialto conflict. In the recession izing in .books dealing with ado£ 1954
ices di(J not feU
even
vanced scientific research, as well
though we had considerable ex- as text and reference works on
cess capacity and unemployment,
scientific subjects. The company
cess capacity ana unempioyinem.
scxexxuixu
suujcbis.
XXXC
^uxxx^axi^
And in the recessi0n of 1958 prices also intends to translate and pubeven
r0se.
Now orthodox monelish scientific books and journals
t
policy calls for easy money from the Russian, Chinese, Gerjn ^ perlod of recession and un- man and French languages.

A.XXXC1. X aGOXXUXXC

employment, and for tight money
there is upward pressure

^OHlxIlOll UlieicU

monetary

policy

often

when

Qn

prices

But what policy is the

completion
of
current
outstanding capitalization of the company will consist
Upon

financing,

instefi

of

to

the

^iv ' Gffec't

convertMr subordfnated

dLanLres

deludes

^crdeblntires
,
ppnt

nar

to

$6 938 900

rnmmnn
common

'

?harp«!
shares

cent par common snares.
__

A mPT"

H

of

25*

and 3 463 760

#

aPSilTli

P

r^nTnTTinTI OttPFPH

shell

°f

Associates

Inc

New

York

shires

« 40,000

of

nelThare" Nlt'lroce'eds^eltimated

M. G. Davis Co. Names Two

^ ^th. T^e^se'lof pe?fection, of course, is to hold money
just tight enoughj but not too
tight, to ensure steady economic
gl0wtj1 without price inflation.
Yet for several years now we have

at

M.

SmTnt'llle^ toromoUoT anl

G.

$89,800,

will

prices.

Joseph Mandell has also joined
m.

The Federal Reserve Sys-

tern has attempted to keep money

and credit tight enough to prevent
prices from getting out of control;
but inevitably it has been blamed
by

To

some

cap

for the slow growth rate,

it all,

a

further problem

be

used

by

the

Davis & Co., Inc.,
150
Broadway, New York City, have ®0Uipment
sales toromotion and
elected Murray Goldman, Secre- advertising, research and develop
tary-Treasurer of the firm.
ment and working capital,
G.

Davis

&

Co.

as

syndicate

Fcfat#> Pimrlinff Rranrli
t,

runqing orancn

SANTA ROSA, Calif. — Estate
Funding
Corp.
has
opened
a
branch office at 1165 Yulupa
Aye.
under the
direction of Walter
Wells, Jr.
.......
.

Coit St.,

The company of 160

Irvington, N. J., is engaged in the

^

sources

And it is

the United Kingdom (

cliffe Report)

light

.,

is

nnanciai

that many recent

both

'

principal amount of

?8i ours' -relies on our company at 104V2% of the princiJ?*®rest and Knowledge ot mone- pal amount before Aug. 1, 1964
can employ several
policy instrua+
I1scai matters as they and at decreasing prices therements:
open
market operations,
10 our economic good, lam after, and for a sinking fund corn-

institu-

tions; they are financial intermediaries, not creators of credit. That
is the rationale for confining Federal Reserve supervision to the
in

onn

its 4V2% convertible subordinated
debentures, due Aug. 1} 1981, on

•

.

SSMTSSS ^

the1Cpublicyor from°other

that

Pl
? C?mrn
s.ub?c"be at 100%

f

SSI

They held of! record July 21

tge'ther?1* Am ^^on^tock"6"' 531
ete-^an lend out only funds ^ cbJpndrCum is Resented by C°mm°n St°Ck'

ment

for

SYRACUSE, N. Y.—Central New
York Investment Corp. has opened

Federal

Faces

do draw
to provid¬

primarily short-term assets, have
also another distinguishing characteristic: they are the oniy fmancial institution that can, through
—.
'
ix.
m
buying assets against deposit ha-

1

\ vi

the

in our

and mobilizers of funds.

M
a

350,000

of the problems

some

System, together with the Treas-

reason

'

The

are

which

t'bi^^n1'^ Anlo SSaxfonr f.eady.tbeen alluded t0' structure |ir=t Weber Secunt.es Corp., New
this
that
^ >?igh YorK tIiy<
Anglo-Saxon liquidity
financial

commerciai

-

fmirismir.hgoldsmith-

the

the line when it

James

These

•

tni

fnr««

_8 quentiy, lower interest rates, for $6,938,900

Some of the Problems the Fed

some

ing venture capital and most types

Class A Offered

of

it

as a reserve

process

Ssier cred^ra^d
!owlr fnterlst rates'

throueh

consequentlv

with

11reserve
became

time

keep only part of the
against withdrawals, and to invest the rest by
lending it to merchants. In this
way the
deposited money began

ment
.

even

to

deposits

a

ens

value

.

ot

self-liquidating.
longer interpret

Int'l Cablevision

shares

■

course

customary

t

growth

.

■

..

in the

this

commercial

ai™

the

matte?^hat

to do double

and

an

a

^

niece

of matter that he actually
of
he actually

prepares

receiving reports and other

interme-

hp

in

as

was

and

tomer

so

Instead

auite

was

chandise;
pares

financial

atJemPts to
a J stimulate ec^noSic Sl°tn fhU\°iHUtS SPm?' iS °ffei>

.quest trend of the market
y
in.l°™1d meii' d!dicated
th!
ofToM "T " ^
Public" interest' and^ouV system'oi taurants located principally in
ChanSes ln legaI fes^ve ratA03 free markets and free enterprises. New York City. In addition, the
willhfe to accent
ru? VP against other : diffi- And to support all policies of company has recently opened one
Amount nf Sold culties: in time of recession lower financial and economic stability highway restaurant in New Jer-

exactly* the^ame

price tags

and
affixes
other labels; pre¬
forwards to the cus¬

the

over

SeSrs

any

and

whether an
policy might

to

actments.

and

store people's gold and
for safekeeping. To

tionary conditions.

of

£h?ck£"n °'Nuts

well,

as

Federal

accident

line of medieval goldsmiths. These

non-infla¬

diaries

historical

still

its

operations

additional purchasing power. That
this should be so is a matter of

fiscal

prove

system

question

effective monetary
not require some control

int-

modern

under

the

truly create

can

heavily unon
Monetary and

policy must

financial

raised

commercial

bank management.

effectiveness

29

leffS I

ductlon an4 sal® of facsimile cam

munication equipment. Authorized
st0ck consists of 1,000,000

10-cent

of

which

common

shares

outstanding

180,000 will be outstand
completion of this sale.

unon

g up

tt?*''PtHitetfi ytvtiW

w,ltW»Vfl

WIMWViHil '> 1

r ,M »?

uW^chpi

ViUjkWf,. i i*H<W¥W^»4«Wr1>J * W

MIT V'TTft

Jl'V*1. F<

' W V1 Ml

«DiWv fl#'WHlWW»^

The Commercial and Financial Chronicle

(398)

30

STATE OF TRADE AND INDUSTRY
midsummer picture: One mill says

16

Continued from page

July is running 8% under June,

increase on
some
stainless steel products. A
tubular goods producer also discontinued a special 4% discount
on
tubing and casing offered to
withdrew a recent 2%

This^^neverthelSs
AJllJ nrni nevertheless

noias au

^because of automotive uncer-

distributors.

Two

mills

other

advance
or(jers indicate August will equal
Qr ije^er ^e June showing.
One

.

.

holds Au-

gust predictions down to a 5%
say

held last week.
Steel s price composite on No. 1
heavy melting grade remained at Q£ these says
September orders
$37 a gross ton. Domestic mills are p0jn£ £0 further improven^feu alplacing only small tonnage orders, though the tonnage involved*. is
A surge in the world's capacity
stiH too small for significance. \
to produce steel is underway, the
^ major Midwestern mill says
Scrap

prices

181,855,000
board
feet
plant will close August 2. totaled
Cadillac, in Detroit, closed July 14. compared with 129,809,000 board
American Motors, at Kenosha, feet in the prior week, according
Wis., will conclude Rambler man¬ to reports from regional associa¬
ufacture on Friday, July 28, one tions. A year ago the figure was
week earlier than last year. Ford 184,497,000 board feet.
Motor Co. plants at several sites
Compared with 1960 levels out¬
are
dropped
1.4%,
shipments
nearing the end of current put
model making, but the company dipped 0.2%, and orders fell 3.3%.
is not expected to be "phased out"
Following are the figures in
thousands of board feet for the
until after mid-August.
Ward's
said
that
the
early weeks indicated:
July 15
July 8
July 16
changeover appears well-timed.
main

Dealer stocks
well

are

high.

1.4

1961 deto fab-

Index of Ingot Production by Dis-

million tons.

10%

least

at

for week
1961, as follows:

tricts,

Shipments of

ended

July '22,

139,700 tons in June were the best

*index of ingot

in
in

Production for

two
TWO

vparc

years.

.

_

Week Ending

„

,

B.

.

Upset

Automakers

.

A

Steel

July 22,1961
North East Coast__
96

,

Order

Pattern

Buffalo

slowed the rate of

has

1

\-y

•

now

j.

i

r

Cleveland

looks to be slower than
,

*.

,.

.an 1.

.

means

that

Total industry

TT

a.

A

>(

rp
reason

)t>

for

Annthw

i?r

talk,

M

intentional

VjV

inr

greater
TV)

or

ortmnnniL

not,

1S

tonna^P

one

fh=,

inhi thp Hbnffpmm
into the changeover

of the
Y,
?

yi

ma-

Then,

1

magazine

cites

a

cross-

section of mill orders to show the




.

.

,

223,410

Wholesale Commodity Price Index

Continues to Rise

ity price level continued its slow
climb last week, reaching a
high of 272.20 for the second

new

cars

reported

15.4% above the 1959 week.
27

in

clined.

Wheat

and

the index

ence

other

influ¬

cotton

heavily than
because
of

more

commodities,

their importance to

the economy.

The

Daily Wholesale Commod¬
ity Price Index stood at 271.85
(1930-32=100) on Monday, July
24, compared with 271.71 a week
earlier, and 269.71 on the same
date last year.
Wholesale

Wholesale

Food

Price

In¬

of

weeks

1961

of

S. rail¬

class I U.

originating this type
one

year

com¬

bellies, lard, cottonseed oil, cocoa,
and hogs. Lower in price
were corn, rye, oats, sugar, coffee,
eggs and potatoes.

Steers

The

Dun

&

Bradstreet,

Inc.,

Wholesale Food Price Index rep¬
resents the sum total of the

price
pound of 31 raw foodstuffs and
meats in general use. It is not a
cost-of-living
index.
Its
chief

per

and function
in trend of

ago

wheat, hams,

were

is

to

show

the

general

food prices at the whole¬

sale level

0.6%

Business

.

..

Failures Up Moderately
In Latest Week

Ahead of Same 1960 Week

Intercity truck tonnage in the
week

ended

July

ahead

of the

volume

American

Inc.,

15,

0.6%

was

in the

cor¬

week
of
1960, the
Trucking Associations,

announced.

Truck

ahead

18.8%

tonnage

that

of

of the

previous week of this

year. The
sharp week-to-week tonnage in¬

due

crease was

largely to a return
following the Independ¬
ence Day holiday which occurred
on Tuesday of the preceding week

to normal

of this year.

flects

Commercial and industrial fail¬
ures

rebounded to 343 in the week

ended

July

the

Economics. The report re¬
tonnage handled at more

than 400 truck terminals of

20

from

304

in

the

preceding week, reported Dun &
Inc.
This
increase

Bradstreet,

lifted casualties above the 259

curring in
last

the

and

year

37%

Some

oc¬

comparable week
the 259 in 1959.

more

businesses

cumbed than in prewar
the toll was 251.

suc¬

1939 when

Failures

involving
liabilities
$100,000 rose appreciably to

under

307 from

These findings are based on

weekly survey of 34 metropolitan
areas conducted by the ATA De¬
partment of Research and Trans¬

port

222

a

273

a

week

year ago.

There

earlier, and
was a mod¬

erate

a

tmft
•

,

halt

on

Tulv

27

Jefferson Ave

and

thp

Chrvsler

Dpcar

J®Itersor} ^ve* Lnrysier car

plant to conclude work on

1961

mid-August

Buick division of General Motors will end current model production at its main Flint, Mich,
plant July 27, and Chevrolet will
close eight more assembly sites

during the week. That company's

of

electric

energy

by the electric light
industry for the week
ended
Saturday,
July 22, was
estimated at 15,829,000,000 kwh.
according to the Edison Electric
power

Institute.
kwh.

Output

above

week's

that

total

was

of

758,000,000
previous

the

of

15,071,000 kwh.
and
999,000,000 kwh., or 6.7%
above that of the comparable 1960
week.

Central

and;

Centrafl

0 to
+4;4
East North Central and East South.
Central —1 to
to

—2

+3; New England
-•
,(

+2.

Nationwide

Department Store

Sales Increase

3% Above

1966 Week

The

Department

store

qountry-wide basis
the

Federal

sales

on

Board's

Reserve

showed

1961,

rise of 3%

a

a

■

taken from

as

in- ;

dex for the week ended July

15^

over

the like period last year. For the

July 8,

an

increase of

6% was reported. The four-week
period ended July 15, 1961, sales
advanced 3% over last year.
-

last year. For the four

ing July
reported
while

from

showed

weeks end¬

15 a 4% increase was
above the 1960 period,
Jan.

2%

a

to

1

July

increase

15,
last

over

year's sales.

No. Natural Gas

1960

0.2%

Volume

Lumber production in

Blyth & Co. Inc. and associates
are
offering publicly an issue of
$35,000,000 Northern Natural Gas
Co.
4%%
sinking fund deben¬
tures, due Nov. 1, 1981, at 101%
to yield 4.80%.
: '
The debentures

able

prior

to

size last year.

ended

July 19 moved

up

from a

week ago and continued ahead of
the similar period last year. Con¬

declining to
The

issue

and

and

sluggish
men's

activity

in

the

week

under

review

unchanged to 4% higher than

a year ago, according to
mates collected by Dun

the United

street,

States in the week ended July 15,

varied

spot esti¬
& Brad¬

Regional
estimates
from
comparable
1960

Inc.

the

benefit

of

a

of property.
expenditures by the

tions

its

subsidiaries

mated at

in

Construction
and
1961 ;are esti¬
company

$105,000,000.

.

The company, of 2223

Dodge St.,
Omaha, Neb., directly and through
subsidiaries, owns and operates a
pipeline system of about 14,300
miles" of lines through which it
transmits natural gas purchased
principally from the Panhandle
and Hugo ton and Hansford, Texas,
area
gas fields and the Permian
Basin to points in Kansas, Nebrasr
ka, South Dakota, Iowa, Illinois,
Minnesota and Wisconsin, where it
is distributed locally to domestic,
commercial

and

their

for

cus¬

sold at
town borders for consumption and
tomers

resale

42

by

or

non-affiliated
the

Of

use,

511

cities

gas
and

on Dec. 31, 1960, 130
by distribution sys¬
tems operated by the company and
the balance by non-affiliated gas

towns served

served

were

These

utilities.

towns have

a

511

cities

i i

and

population of about

3,900,000.
the

For

12

months

ended

31, 1960, total operating
the

company

and

its

Dec.

revenues

subsidi¬

$188,102,000, and net
$22,253,000. This compared
with operating revenues of $158,536,000 and net income of $18,631,were

income

000 for 1959.

Capitalization

wear.

The total dollar volume in retail
in

in the last year.

par

has

sinking fund calculated to retire
89% of the debentures prior to
maturity.
Net proceeds from the sale will
be used to repay short-term bank
loans incurred for a portion of the
1961 construction program and the;
purchase of securities issued by
subsidiary companies for their
costs of construction and acquisi¬

aries

linens

a

those redeemed in the first year,

of

cars

at

at the option of the
at regular redemption
ranging from
106%
for

prices

junior

clines in hardware and passenger

1966

company

sumer

buying of women's apparel,
wear, appliances, furniture
and floor coverings showed yearto-year increases, offsetting de¬

1,

redeemable

utilities.

of this

not redeem¬

are

Nov.

lower interest cost to the company
than 4.80%.
Otherwise, they are

low the 37

was

Shipments Were

Below

South

West
North

West

industrial

trade

Lumber

lantic,

increase among large casu¬
alties, those with losses in excess
of $100,000 to 36 from 31 in the
preceding week, but slightly be¬

com¬

distributed

and

ages:

Debens. Offered

Food Price Index

dex, compiled by Dun & Bradstreet, Inc., rose slightly in the

the corresponding week

responding

by the following percent¬
Middle Atlantic, Mountain
and Pacific +1 to +5; South At¬
levels

cessive week, on July

cost this week

piggyback loadings

first

Thursday, July 27, 1961

According to the Federal Re-=
19, accord¬ serve System, department store
ing to Dun & Bradstreet, Inc. As sales in New York City for the
in the previous week, the level week ended
July 15, sales were
receded slightly by the weekend. 5%
higher
than
same
period
Wheat, lard, hogs and cotton last year. In the preceding week;
prices moved up, while rye, oats, ended July 8, sales Were
4%
coffee, steers, rubber and tin de¬ higher than in the same period
suc¬

day week ended July 8, 1961 On July 25, the Index stood at
(which were
included in that $5.95, up 0.3% from the $5.93 in
week's over-all total). This was the preceding week and it was up
an
increase of 405 cars or 4.8% 0.7% from the $5.91 in the com¬
above the corresponding week of parable week of 1960.
1960 and an increase of 1,189 cars
Moving upward
in wholesale

the

.

week ended

The general wholesale commod¬

The

8,931

The amount

1950

a models a day later. Production of
us.u^ |?mg 1962 models will commence about
period.

pstahl?«h^» i«-fm0reudl?1nattprn fnr lho
buying
pattern for the late summer.
The

.

.

•

siderabfvSmItfn^fS Vary^??''
cult to

,,

During the present week,
Chrysler Corp. will complete its
model runout, with Dodge and
Plymouth assembly due to come

autwnaikprc have
u
automakers
overbought during the summer months. Whether

i.

1959.

was

X?ar,,ag0'.,

in

+

w«r

!';

+

186,723

159,848

Ward's said that the industry s
mon
carriers of general freight
Retail Trade Continues
total model run would amount to
throughout the country.
Above Last Year
about 5.3 million cars, compared
Sparked by clearance promo¬
with more than six million asElectric Output 6.7% Higher
tions and interest
in fall mer¬
sembled in the 1960 model year,
Than in 1960 Week
chandise, retail trade in the week
5 6 million in 1959 and 4.3 million

e

n°strike
+P-t

Automotive

•

,

stronger

Ward's

•.,,

^tuition

K

..

~

and, OldsmobUe divisions of Gen«£
4°Fs,£°rp'Vu Si I"
buildouts at three Chevrolet as®embly sites and two Chrysler
£orp- Plants, industry output for
t.he1^,ended J^ly 22 dr?pPed
J.0.
J
was
helow the 127,157 volume in the
Preceding week and compared
Wlth U2'179 in the same week of

heawUin^Pi!fnrLare ??* J?11*}**?1®

*

o

The statistical agency said that
result of phaseouts in Pontiac

auta com-

•

152,870

.

corresponding Advances Slightly in Latest Week

the

were

186,335

__

.

184,497

iy57*Ij5SI«

ior

as a

a

r,

n'

K
U.

,

in

There

50

said.

f n3
L A s

r»nrti#ac

h

production

changeover,

_

,,

_fppl

>

99.7

____

week as the auto industry entered
an
earlier . than . usual
model

provide nearly immediate delivery after demand strengthens;
and mills have kept production
relatively level in spite of the
rrru„

decrease of 11,767 cars

traffic in the current week

u* (J* passenger car production
headed into a sharp decline last

to

r>rncfrp>cc

week

a

below

2%

road systems

Changeover
Kefiected in Lower Car Output

This is the result of two factors:
Some steel producers fully intend

t

V

Earlier Model

producing more
than they are shipping during the
summer and have tonnages available for shipment from inventory.

!;;

1960, and

or

Intercity Truck Tonnage

mills in

order slowdown.

week of the coal miners' vacation

1959.

weekly

the Midwest are

summer

148,322

34.9% above the preceding
included the second

There were 58

-——

6ng 6n"

some

of

increase

an

of

announced.

which

week

pared with 53

shortened while elsewhere around

This

103
117

Western

The Iron Age says delivery
promises m automotive centers have

ings' are' noted"116 SP°

107

Southern

^1S >Poirit»

rl

Association

10,372 cars or 3,6% above the cor¬
responding period of 1960 and
84,175 cars or 39.9% above the
corresponding
period
iii
1959.

,

117

St. Louis

was

I

15

Railroads

Cumulative

,

.

July

the

cars,

was

freight in
totaled

revenue

ended

American

for

107

—

Cincinnati

indicated two weeks ago.
A

week

573,306

1960 Week

of

totaled 295,236 for an increase

102
117

Chicago

j

a

the

or

88
89

Detroit

im-

provement in August and has set
back any sharp upturn in steel
production into September.
( The uncertainty of Detroit tends
to overshadow a general strengthening of the market as orders for
August come in. The month still
looks better than July, and may
surpass
June^ The—automakers
have not dropped out of August
by any means, the magazine points
out. But the rate of improvement

!!!

From

Loading

84

Pittsburgh
Youngstown

A change in steel buying plans
by
automakers
has
cut
into
August orders, The Iron Age says.

This

.'.v.

1960

129,809

216,139

Shipments
Orders

1961

181,855

_

64,615,000 tons (*119.6%) in the loaded with one or more revenue
period through July 23 1960.
highway trailers or highway con¬ latest week and continued frac¬
The institute
concludes with tainers (piggyback) in the holi¬ tionally higher than a
year ago.

copper

should rise

,<(:(

Carloadings Show 5.5% Drop

tons (*93.6%), or 21.7% below the

five-year

estimates

Steel

liveries of refined

to

Production this year through
22 amounted to 50,568,000

July

nonferrous field, copper

ricators

33.0%; Chrysler Corp.
American Motors
Corp.

the American Iron and Steel In¬ and the
Independence Day holi¬
stitute, production for week ended day.
July 22, 1961, was 1,858,000 tons
The loading represented a de¬
(*99.7%), 0.1% below output of crease of
33,508 cars or 5.5% be¬
1,860,000 tons (*99.8%) in the low the
corresponding week in
week ended July 15.

pointed
out
that
this
in capacity means new
world markets will open up in the
building and equipping of steel
plants, in the furnishing of raw
materials for steelmaking, and in
the supplying of equipment for
fabricating steel into consumer
products.
Steel

a

Co.

cars or

According to data compiled by

growth

for

of the

9.1.%.

This

Steel Production Data for the
Week Ended July 22

1961

Production

model

one

war

Qf

nearly immediate delivery
products has kept many
buyers from advance ordering,

output was 380,934,000 tons.

headed

old

to

13.9%;

Qf many

Adding Canada's 1965 planned
capacity of 9.9 million tons, the
world could produce 572,400,000
net tons in 1965. In 1960, world

are

a

Motor

ance

for the U. S. in 1965.

sales

look

is far from stable,
and ^ could stay that way well
jnto the month of August. Assur-

times the 160 million tons planned

the

of

inventories

brightest
cleanups in the post¬
period.
Of last week's output, General
Motors accounted for 44.0%; Ford

This indicates the August-Sep-

That would be two

In

can

tember pattern

ingot capacity.
- and - a - half

of

care

that for the May-June period,

those countries will have 402,500,-

tons

cars

the current rate of orders is below

^

in 1965 in Latin
America, Europe, Africa, the Middie East, the Far East, and Oceania is expected to be about 46%
larger in 1965 than last year's
output. If the goal is
joached,
net

below

model

1961

it expects to ship 10% less steel
in August than July. This prediction is qualified by a possible
change in favor of August, but

said.

Steel capacity

000

of

ago, and by exerting some
in their control, auto makers

year

*•

magazine

.

and

its

of the company
subsidiaries on April 30,

1961, adjusted to give effect to the
sale of debentures, con¬
sisted of $290,877,000 in funded
debt,
$60,412,500
in
preferred
stock and $161,415,775 in common
current

stock.

f

;}!

Volume

Number

194

The Commercial and Financial Chronicle

6076

Indications of Current

The

(399)

following statistical tabulations

latest week

Business Activity

week

or

Latest
AMERICAN

IRON

Equivalent
Steel

Crude
42

castings

and

1,860,000

1,925,000

1,553,800

Kerosene

output

Distillate

fuel

oil

July
July
July
July
July

(bbls.)

.

(bbls.)

output

„

(bbls.)

output

Total

14

14
14
14
14

7,105,260

unfinished

and

Kerosene

(bbls.)

Distillate

fuel

Residual

7,954,000

8,224,000

28,636,000

30,714,000

8,167,000
29,558,000
2,184,000

1,995,000

2,315,000

12,560,000

12,745,000

5,757,000

5,227,000

5,824,000
207,682,000

ASSOCIATION
Revenue

AMERICAN

OF

;•

—

at

30,284,000

29,771,000

29,211,000

29,157,000

120,931,000

116,297,000

102,666,000

121,427,000

48,647,000

48,641,000

45,175,000

43,013,000

Other

602,153

606,814

414,461

494,064

438,295

$509,500,000

$594,600,000

$469,600,000

$519,800,000

202,500,000

185,700,000

228,800,000

310,500,000

573,306

420,340

July 20
July 20
July 20
-——July 20
July 20

(no. of cars)

424,984

construction

U.

construction

S.

construction

Private

Public

1

construction

State

and

._

municipal

Federal

OUTPUT

COAL

Bituminous

(U.

coal

S. BUREAU

and

lignite

anthracite

Pennsylvania

EDISON

(in

output

steel

86,200.000

96,700,000

63,200,000

17,900,000

July 15
July 15

—-

!,

7,440,000

♦1,410,000

9,065,000

64,000

382,000

123

114

159

119

AND

—

DUN

15,829,000

15,071,000

14,870,000

304

343

July 20

259

307

July 17

6.196c

6.196c

6.196c

6.196c

$66.44

$66.44

$66.44

PRICES

Electrolytic

$36.67

$36.67

$37.83

$31.17

Lead

refinery

QUOTATIONS):

(St.

Louis)

(East

30.600c

July 19

28.670c

27.850c

28.375c

31.000c

11.000c

11.000c

11.000c

12.000c

10.800c

10.800c

10.800c

11.800c

12.000c

12.000c

12.000c

13.500c

11.500c

July 19

.

99.5%)

at

11.500c

11.500c

13.000c

July 19

26.000c

26.000c

26.000c

26.000c

July 19

:

at

U.

PRICES

BOND

DAILY

1

115.250c

116.500c

113.000c

103.625c

July 25

87.56

87.65

July 25

:

.

90.06

88.27

88.27
85.33

87.79

87.08

86.11

90.06

July 25

85.33

Aaa

86.11

July 25

corporate

Average

86.78

90.91

■f

86.11

90.34

'

Aa

—

Public

Group

Utilities

Industrials

U.

Average

DAILY

YIELD

89.09

88.27

85.98

85.72

'

124

113

135

33

31

19

31,960,000
1,373,000

34,635,000

33,605,000

♦1,447,000

1,496,000

Aaa

other

public.

June:

coal

Month of June:
Copper production in U. S. A.—
Crude
(tons
of 2,000 pounds)
Refined (tons of 2,000 pounds)
U.

In

(tons of 2,000 pounds)
stocks at end of period (tons
pounds)

A.

S.

2,000

REPORTING
'"BOARD U. S. DEPT. OF AGRICULTURE—
Crop as of July 1 (in thousands):
Corn for grain (bushels)
Wheat,, all (bushels)
:
PRODUCTION

CROP

Orders

received

81.78

80.45

All

87.32

87.45

88.40

86.51

1,350,339
1,103,895

222,505

(bushels)

Durum

87.45

87.59

87.99

87.59

Other

3.89

3.87

3.92

3.75

4.70

4.70

4.65

4.70

16,502

34,105

126,321

212,339

961,357

1,150,774

(bushels)

July 25

4.76

4.76

4.71

4.73

5.10

5.09

5.04

5.15

4.90

4.91

4.84

4.85

July 25

4.61

4.60

4.54

4.67

4.60

4.59

4.57

4.59

July 25

371.6

373.1

368.9

371.4

274,741

228,454

303,272

272,867

July 15

245,221

202,725

325,848

248,079

July 15
end

73

55

92

74

July 15

period

of

REPORTER PRICE

ACCOUNT

FOR

478,595

449,261

444,833

474,165

(cwt)

114.00

113.91

113.56

109.47

Total

2,086,750

2,485,440

1,930,660

2,370,480

312,890
Total

sales

413,390

340,590

489,860

1,690,170

_

initiated

off

2,179,400

1,476,490

1,878,060

Hops

Apples,

Short

sales-

Other

sales

Other

_

initiated

transactions

Total

purchases—

Short

_

Total

L

sales

(

of

sales

Dollar

38,100

Apricots

-345,140

213,020

302,200

369,940

227,320

340,300

770,937

528,911

634,129

112,850

133,400

37,720

75,855

_

SPECIALISTS

AND

dealers

by

ON

N.

EXCHANGE

619,464

(customers'

Y.

3,548,247

2,697,331

3,324,439

571,590

392,610

603,815

2,523,189

3,324,901

2,179,036

2,799,724

3,896,491

2,571,646

3,403,539

STOCK

purchases)—t
1,464,249

1,699,060

1,258,957

1,706,392

June 30

(customers' sales) —
total sales
L_ .'

$75,586,252

$89,780,909

$75,039,166

$83,373,587

June 30

i.

■

_

orders—customers

1,370,685

1,664,644

1,346,285

1,596,200

short

sales

June 30

10,647

13,982

4,373

5,507

Customers'

other

sales

June 30

1,360,038

1,650,662

1,341,912

1,590,693

June 30

$68,634,032

$83,616,620

$70,931,639

$72,995,622

value

Round-lot

:

sales

Number

of

*

dealers—

by

shares—Total

Short

sales

Round-lot
TOTAL

FOR

ACCOUNT

527,180

396,650

484,340

417,060

5~2~7~180

484~340

June 30

484,430

546,380

396,650
332,070

ON THE N.

Y.

733,490

438,430

704,660

13,540,480

16,021,130

11,881,720

14,689,990

14,088,600

16,754,620

12,320,150

15,394,650

All

commodities-

^

July 18

=

118.5

'

118.7

118.7

119.6

1

_'—1

'

foods

—-

is

86.2

86.5

85.8

89.0

July 18

107.0

107.7

107.3

108.0

91.6

93.1

91.1

97.4

July 18

products—_'

Processed

July 18

July 18

Farm
-;;j

on

figure.

delivered

127.5

127.5

127.7

128.3




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

basis

at

centers

where

freight

from

East

187'
243

—

57,211,679

58,177,354

55,611,457
$928,340,000

59,077,233

$981,032,000
58,994,828

$416.7

•$413.2

$406.1

280.0

•277.2

274.0(

280.0

•272,2

274.0*

112.4

*110.5

112.0

88.9

•87.6

73.3

•72.9

72.2

42.8

•42.5

41.1

51.6

*51.3

47.8

11.0

(000's omitted)—

ultimate customers—Month of

ultimate customers at April 30—

of

Number

St. Louis exceeds one-half cent

a

pound.

fPrime Western Zinc
-

57,868,240?

UNITED STATES

(DEPARTMENT OF COMMERCE)—Month
June (in billions):

of

Total

personal income
salary receipts, total
Wage and salary recepits,
total
Commodity producing industries
Manufacturing only —
Distributing
industries
Service industries

Wage and

Government

.

♦10.8

11.0

36.4

*36.3

36.2

♦12.9

12.5'

11.5

•11.5

14.2

•14.2

13.9

income—

27.1

♦27.0

26.8

payments
contribution for social

33.1

•33.0

28.5

income

labor

professional-

and

Farm

Rental

of

income

persons-

Dividends

interest

Personal

Less

employees'

9.7

nonagricultural

of

income.

income

operating

Miscellaneous

deductions

available

fixed

from
fixed

for

income
charges

charges—
charges.

income

Depreciation (way & structure & equipment)
Federal
Dividend
On

Ratio

taxes

income

$61,214,646

24,707,355

23,534,894

19,882,313
4,674,491

84,749,540

15,207,822

30,870,684
18,216,277
3,797,250
14,419,027
53,294,899
22,752,357

31,045,095

79,467,362
30,971,264

stock

preferred stock
income

♦Deficit.

to

5,282,178

•15,837,273
3,710,342

48,496,098

•19,547,615

44,255,414

53,243,511
5,758,124

52,039,709

21,871,144

23,818,428

574,622

7,766,619

1,033,131

1.59

0.49

appropriations:

common

of

•$4,825,042

22,822,452
54,892,856
5,805,895
49,086,961

20,074,582

fixed

after

deductions

Net

$32,070,404

CLASS I

income

Income

9.3

389.3

Commerce Commission)—

income

Total

♦9.7

•396.4

March:

railway

Other

12.5

399.6

insurance

Total

89.2

13.0

Other

On
•Revised
cold

2,997
224

$966,758,000

Income

j—

25,621

226

203

April

Other
-

74,315
*

228

April

of

Revenue from

Total

U. S. DEPT. OF

(1947-49=100):

ft
*

—

548,120

Commodity Group—

1\
i

PRICES, NEW SERIES

25,621

Kilowatt-hour sales of ultimate consumers—

Net

sales—

June 30

—

108,515

76,885

25,938
3,123

(ton)

Month

June 30.

LABOR

7,721
16,421

45,976

■

,VJ

75,688
:—

RYS. (Interstate

June 30

WHOLESALE

37,335

SELECTED INCOME ITEMS OF U. S.

STOCK

(SHARES):

MEMBERS

OF

9,010

■

ELECTRIC INSTITUTE—

EDISON

540,730

ROUND-LOT STOCK TRANSACTIONS

AND

round-lot

SALES

417,060

June 30

STOCK

ROUND-LOT

15,636

1,943,487
■

122,770

(bushels)

crop

(ton)

Transfer

June 30

—

;

purchases by dealers—Number of shares

EXCHANGE

Total

June 30

sales

sales

Other

34,552

257,435

18,577

(ton)

Business

Customers'

Dollar

14,637*

695,319

COMMISSION
June 30

value

of

489,526

527,246

FOR ODD-LOT ACCOUNT OF ODD-

SECURITIES

—

800,361

933,761

2,963,029

June 30

—

purchases by dealers

Number

14,300

(ton).

seed

and

PERSONAL INCOME IN THE

shares

of

24,800

members—

•

DEALERS

Number

Cherries

439,840
:

sales—

EXCHANGE

Odd-lot

account

;

TRANSACTIONS

Odd-lot

319,830

2,955,380

sales

LOT

237,760

588,489
for

purchases

Short

STOCK

291,870

701,339
transactions

Other

Total

June 30

sales

round-lot

Total

218,140

650,490

—

14,111

1,978,451

(bushels)

Month

sales

Total

2,367,920

floor—

sales

Other

_

the

on

1,817,080

14,100

:_

3,489
26,451

14,693

(cwt)

(bushels)

Pears

244,530

1_

.

4,545
27,599

175,042

(lb)
—
commercial

Peaches

Grapes
*

3,264

4,222

=—-—

for sugar
beets
(ton)

2,592,790

floor—

the

3,241

.—

34,962

(cwt)

Sweetpotatoes
(lb)

2,003,060

transactions

17,912.

3,578

14,495

(cwt)

summer

258,630

Other

3,790'

3,511
17,126

(cwt)

Sugar

_

_

sales

Late

Sugarcane

of

specialists in stocks in which registeredpurchases

Other

67,137
23,943

4,636

Tobacco

BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions

10,481

8,771

62,136
21,960

26,983

spring (cwt)
Late spring (cwt)
Early summer
(cwt)

Total

MEM¬

OF

54,612.
118,091

108,948

4,354

Early

INDEX-

July 21

TRANSACTIONS

30,409

54,445

bag)—

Hay,

Winter

July 15

DRUG

32,491

•

Potatoes:

ASSOCIATION:

at

lb.

(100

427,018

T-rt-

19,350

(bushels)

Flaxseed

all (ton)
Hay, wild (ton)
Hay,
alfalfa (ton)
Hay, clover and timothy (ton)
Hay, lespedeza (ton)
Beans, dry edible (cleaned) (100 lb. bag)—
Peas, dry field (bag)

INDEX—

(tons)

AND

246,444

26,187

4.54

AVERAGE=100

1949

■

365,746

(bushels)
(bushels)

Rye

4.49

activity

orders

PAINT

ROUND-LOT

si

(bushels)

spring

Fall

-

—

4.54

(tons)

Unfilled

3,891,212.

3,175,177

142,823

spring

4.54

(tons)

of

87,667

(bushels)

(bushels)

Winter*

84.17

July 25

Percentage

106,207

106,982

1,120,517

Rice

Group—

Production

*131,847

89,006

*1,343,022

4.39

Group

PAPERBOARD

139,700

1,116,184

July 25

COMMODITY

161,073

1,259,007

July 25

NATIONAL

108,137

148,961

CROP

—

July 25

Utilities

*116,703

fabricators—

to

Delivered

112,998
141,140

Refined copper

4.35

_____

MOODY'S

i

tons)

4.41

Group.

Industrials

:)

tons)

(net

(net

4.41

Baa

OIL,

lignite

and

anthracite

INSTITUTE—For

COPPER

84.17

July 25

i

Public

79

OF MINES)—Month

———July 25

Railroad

"

'

—

A

130

51

81.17

July 25

corporate

Aa

586

58

enterprises
and development-

Barley

;

*.

500

59

83.40

AVERAGES:

Bonds—

44

126

642

systems

water

service

July 25

Government

S.

52
126

56

Oats

MOODY'S BOND

55

58

53

58

July 25

Group—

Group

60

;

79

83.53

July 25

—

36

137

81.05

Railroad

249

31

122

buildings

—

COAL OUTPUT (BUREAU

AVERAGES:

Bonds

Government

S.

35

254

58

All

of

MOODY'S

419

46

32.600c

July 19

„

at

pig,

30.600c

July 19

!

York)

(New

30.600c

July 19

.

.—.

at—

(primary

tin

!

at—

Louis)

St.

Aluminum

July 19

at—

(delivered)

60

441

80

Pennsylvania
.

1,534

69

138

Bituminous

at

York)

(New

-Lead

Straits

J.

at

refinery

tZinc
Zinc

M.

&

copper—

Domestic

Export

(E.

25

1,473

$66.41
of

METAL

109

373

24

31

service

and

nonresidential

and

Public

July 17
July 17

__+_

:

476

89

382

271

Conservation

.'

471

62

23

Water

Sewer

14,830,000

PRICES:

lb.)
Pig iron (per gross ton)
Scrap steel
(per gross ton)
(per

4118'

463

institutional

and

Military facilities
Highways

&

;

122

Sewer

July 22

INDUSTRIAL)

19

71

buildings

Administrative
Other

23

1,651

Educational

Hospital

46

50

23

buildings

Nonresidential

354,000

46

57

169

48

Residential

7,389,000

347,000

84

47

469

77

construction

Public

INDEX—FEDERAL RESERVE

INC

COMPOSITE

AGE

Finished

191,400,000

July 15

(tons)__

kwh.)___

000

(COMMERCIAL

BRADSTREET,
IRON

209,300,000

177,600,000

INSTITUTE:

ELECTRIC

Electric
FAILURES

240,800,000

312,200,000

78

5,008

399

telegraphutilities.
private
and

public

other

261

133

Industrial

AVERAGE=100—

SYSTEM—1947-49

408,900,000

All

MINES):

(tons)

STORE SALES

DEPARTMENT

OF

307,000,000

220,800,000

Other

179

251

57

utilities

Telephone

NEWS-RECORD:
Total

164

60

:

34R

180

476

Farm

Public

—

344

50

-

224,

274

Miscellaneous

227

198

recreational

and

833

184

institutional-

77

822

84

and

97

382

Educational

1,476

436

221

Religious

1,260

877

buildings

2,022

98

,

3,474

1,793

462

i.;

3,232

1,960

buildings

4,705

3,469

alterations.

and

Hospital

July 15
July 15

Ago

1,400

nonresidential

Social

Year

Month

5,120
(nonfarm)

buildings and warehouses
restaurants, and garages

Stores,

CONSTRUCTION—ENGINEERING

ENGINEERING

Office

:

date:

millions):

—_

Commercial

197,241,000

of

OF

units

Industrial

RAILROADS:

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

Revenue

CIVIL

ate„

(bbls.)

14
14
14
14

housing

Nonresidential

5,800,000

♦199,301,000

DEPT.

Nonhousekeeping

12,972,000

197,841,000

(in

buildings

Additions

2,469,000

12,922,000

June

construction

New

8,257,000
30,031,000

6,969,610

.

July
July
July
July

at

;

(bbls.)

oil

(bbls.)

gasoline

at

oil

fuel

of

S.

construction

new

6,823,560

6,930,310

Stocks at refineries, bulk terminals, in-transit, in pipe lines—
Finished

CONSTRUCTION—U.

Residential

._.

(bbls.)

oil

fuel

BUILDING

Private

average

(bbls.)

output

Residual

1,858,000

July 14

each)
to stills—daily

runs

Gasoline

53.8

either for the

Previous

Month

66.0

(bbls. of

output—daily average

are

are as

Latest

63.6

July 30

tons)

(net

of quotations,

cases

Ago

63.6

INSTITUTE:

condensate

and

gallons

Crude

Ago

in

or,

LABOR—Month

PETROLEUM

oil

Week

that date,

Year

to—

ingots

AMERICAN

Month

on

July 30

capacity)

cent

(per

Previous

Week

INSTITUTE:

STEEL

AND

operations

sieei

production and other figures for the

cover

month available. Dates shown in first column

month ended

or

31

fixed charges.

4,240,684

31,401,597?

2.571

32

(400)

The Commercial and Financial Chronicle

Securities

Now
142

of

large number of issues
awaiting processing by the SEC, it is becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
the

in

index

and

not, in general, to be considered

are

as

.

A.G.E.

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

supplies

A.

T.

Chicago, 111.

U.

June

1,

stock

(par 10 cents).

1961

("Reg.

Inc.

ductions.

Proceeds—For general corporate purposes. Of¬
fice—130 W. 57th Street, New York, N. Y. Underwriter

reserves

$3.

—

rocket

filters

and

and

on

Advanced Scientific

Business—The

1321

Lincoln

Avenue,

Instruments, Inc.

gas

Jan.

30,

filed 40,000 shares of

1961

40,000 shares of preferred stock
for

stock

common

(par $10)

Title

and

Business—The company

manufacture

five

in the design,

and

and

general corporate purposes.

Bagley Avenue, Seattle, Wash.

Office

Underwriter

capital. Office

—2700 N. W. 5th Ave., Miami, Fla. Underwriter—Clay¬
ton Securities
Corp., Boston (managing).
All

&

July

nated

Aero Electronic Products Co.

Calif.

July 17, 1961 filed'100,000 class A common shares. Price
•—$4.
Business — The manufacture of transformers for
electrical

and

equipment.

Proceeds—For

tion

and

merchandising,

corporate

phia.
•

repayment

Office—369

purposes.

Underwriter—Roth

&

Co.,

debt

of

Shurs

Ainslie

Philadelphia.

19,

which

Leasing System, Inc. (9/11)
filed 100,000 shares of class A stock, of
are to be
offered for public sale by the

1961

75,000

company

ment

•

ness—The company

is engaged in the business of leasing
trucks for periods of over one year.

aluminum

Airtronics

loan, acquire new quarters,
for expansion, inventory
,and working capital.
Office—

communities

had

Inc., New York
City, and Bruno-Lenchner, Inc.,
Pittsburgh, are offering 200,000
shares of Development
Corp. of
at

$3

per

share. The offering marks the in¬

itial public sale

of the company's

stock.

common

be

used

purchase
for

a

by the

40

communities

acre

development

financing

company

tract

and

of

has

in

the

Holly¬

to

of

con¬

ed

to

proceeds will be add¬

general funds

available

for

and

operations

will
as

be
re¬

of March 31, 1961. The
has also constructed re¬

as

lated water and sewerage systems,
well as land drainage, streets,

as

in

and

curbs

connection

and

with

landscaping
its

develop¬

ments.
For

the

March

three

months

31, 1961, the

ended

and
its affiliated companies had total

of

$53,767.

sales
come

quired.

company

of

and construction of low to medium

stock

priced/ single-family

debt.




Fpr

the

year

1960,

were

$3,290,487 and net in¬
$201,603.

Upon completion of the current

The company of 5707 Hollywood
Blvd., Hollywood, Fla., is engaged
principally
in the development

residences

offered

the

by

etc.

financing, outstanding capitaliza¬
tion

of

the

1,015,000
and

company

shares

$1,918,548

will consist
of

of

-

■

■

women

children.

and

Proceeds—

&

Co., New York City

(managing).

(letter

sale

Proceeds—For

building test pools; advertising, in¬
working capital. Office—102 Mamaroneck
Mamaroneck, N. Y. Underwriter—Alexandria

and

Investments & Securities, Inc., Washington, D. C.

by

•

American Electronic Laboratories, Inc. (8/8)
26, 1961 filed 10,632 shares of class A common

May

of

stock

to

be

the rate of
—To

offered

one

for

subscription

by stockholders at

share for each 10 shares held.

new

Class A Sold
Public

offering of 50,000 class A

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

electronic communication

construction,

equipment.

Proceeds—For

equipment, and other corporate

new

Office—121

North

Seventh

at

$109,000

will

be

used

by

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

and

delphia, Pa.

YOUR PRIME SOURCE FOR

<i«NEW

■

the

company for

inventory expansion,
promotion,
re¬
development, repay¬
debt and working capital.

advertising
search

and

ISSUES

and

ment of

The
company,
located in the
Commerce Center Industrial
Park,

Hwy.

301

designs
ment

to

and

fiberglass

reinforced
Authorized

-

SOLD

-

QUOTED

for Banks, Brokers, Institutions

equip¬

and

fi-

plastic
stock

ma¬

of

standing

shares, of which 50,000

each
upon

financing.

^

.

class

will

be

.

_

,

;

'

Jnr.
39 Broadway, New York
6, N. Y,

out¬

completion of this
...

yidneif. d SIE(iEL

consists

300,000 class A and 50,000 class
common

shares

BOUGHT

Fla.,

systems and apparatus used

terials.

B

Sarasota,

manufactures

fabricate

brously

of

North,

...//

I

..

pur¬

Street, Philadelphia.

shares of Hupp

common

Price

be

Hupp Systems

common

sundry

men,

stock

The

Avenue,

which

company

filed

for

1961

—

poses.

of

—

of notification) 75,000 shares of
(par 10 cents). Price—$4 per share. Busi¬
of pre-cast and pre-stressed concrete
panels for swimming pools and pumps, filters, ladders,
ness

proceeds from the sale, estimated

company

Miramar, Fla.; and for the de¬ sales of houses and land in the
velopment of this tract. The bal¬ amount of $882,211 and net income
of the

be

shares

common

struction

of

ance

to

are

4,

common

Corp. of Florida

199,000

in Florida containing 1,024
single family homes, of which 945
were completed and 79 under con¬
areas

land

home

struction located south of the city

filed

one

operation of bowling centers in
For expansion and working

Proceeds

1961

items

May

and

Systems,
Inc., at $3 per share is being made
by Bayes, Rose & Co., Inc., 39
Broadway, New York City. Net

roads

Net proceeds from the

will

State

company

wood, Miramar, Ft. Lauderdale,
Cape Canaveral and Jacksonville

Amos Treat & Co.,

stbek

the
the

developed and presently

and

common

29, 1961
110,000 shares

in

1955

sale

of

Business—

Amcrete Corp.

Proceeds—For

International

June

under construction such residences

Common Offered

America

Since

and

basis

To

—D. H. Blair

doors, and other alu¬
working capital, and
other corporate purposes. Office—20th
Street, and Alle¬
gheny Avenue, Philadelphia, Pa. Underwriter—Francis I.
du Pont & Co., New York
City (managing).

a

and

windows

minumproducts.

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

Florida.

storm

manufacture

the

Rainwear

28,

—

ventory

The

and

on

held. Price—$10.

inventory, taxes, accrued sales commissions and
working capital. Office—Washington, Ga. Underwriter

supplied by

—

shares

For

(8/9)

Business

states.

ASmar

lated

of debt and

amendment.

nine

Corp. (8/7)
120,000 shares of common stock.
be supplied by amendment.
Business — The
manufacture and sale
of plastic film raincoats and re¬

Corp.

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

Office—1616 Northern Boulevard, Manhasset, N. Y. Un¬
derwriter—Hiil, Darlington & Grimm, NewYork City
(managing).

Development
Corp. of America

•

April

.

Corp.

of All-State Properties

each

construction

Price

Air Master

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

capital. Office—30 Verbena Avenue, Floral Park, N. Y.
Underwriter—Bear, Stearns & Co., New York City.

1961 filed 200,000 shares of class A common
stock, of which 50,000 shares are to be offered for public

loans; open new offices in Philadel¬
phia, Pa., and New Haven, Conn.; lease and equip a large
garage in New York City and lease additional trucks.

Proceeds—To repay

The

several

May 26,

Proceeds—To repay

ucts.

share for

—

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

by holders

Office —185

working capital. Office—531 Pond St.,
Braintree, Mass. Underwriter
First Weber Securities
Corp., Boston, Mass.

the present

automobiles

equipment.

and

Inc., parent.

of

June 29, 1961 ("Reg.
A") 75,000 common shares (par $1).
Price—$4. Proceeds—For purchase of equipment, repay¬

A-Drive Auto

Jan.

5% convertible subordi¬
150,000 common shares.

Allstate

company

(par

27, 1961 filed 200,000 outstanding common shares.
Price—By amendment. Proceeds—For the selling stock¬
holders. Office—29 W. 38th
St., New York City. Under¬
writer—Goodbody & Co., New York.

Lane, Philadel¬

Inc.,

shares

repayment

Inc.
80,000 capital shares

Inc.

of
and

Bowling Centers, inc. (7/31-8/4)
19, 1961 filed 300,000 shares of capital stock, of
which 200,000 shares will be sold for the account of the

Underwriter—Hamilton Waters & Co., Inc., Hemp¬

Aileen

other

and

•

Under¬

June

locating to and equipping a new plant, purchase of in¬
ventory, research and development, advertising, promo¬

Inc.

1971

debentures, at par; for stock, $5. Business—
bowling centers. Proceeds—For expan¬
corporate purposes. Office — 100 W.
Tenth St., Wilmington, Del. Underwriters—Alessandrini
& Co., Inc. and Hardy &
Hardy, New York (managing).

stead, N. Y.

re¬

due

The operation of
sion and general

Electronics,

17, 1961

World Wide,

1961 filed $250,000

debentures

Price—For

("Reg. A")
(par 10
cents). Price—$3. Proceeds—For repayment of debt and
working capital. Office—2036 Broadway, Santa Monica,

—

Star

July 7,

May

Proceeds—For
and

8,

000 by stockholders. Price—$9. Business—Manufacturers
of women's wear. Proceeds—For working

Avenue, N. W., Atlanta, Ga. Underwriter—Best
Garey Co., Inc., Washington, D. C.

it Aero Space

Ralph B.
Leonard & Sons, Inc., New York City (managing).

electronic

Price—$3.
purchase of notes

of

Miami, Inc.
1961 filed 100,000 class A common shares, of
which 70,000 are to be offered by the company and 30,-

Walton

3425

—

cents).

loans,

sale of fluorescent lighting systems,
hangers, metal tiles and other types of
ceiling systems. Proceeds—For the repayment

acoustical

Minn.

July

tile

acoustical

of loans

is engaged

Building, Minneapolis,
& Co., Minneapolis.

it Aero Fidelity Acceptance Corp.
11, 1961 ("Reg. A") 100,000 common

public sale in units consisting of one share of com¬
and one share of preferred stock.
Price—$15 per

mon

unit.

Insurance

writer—Naftalin

to be offered

Office—120 S. Third St., Las Vegas, Nev.

purposes.

Alix

June

electro-optical equipment.
Proceeds — For .equipment,
developmental work and working capital. Office—1208

Underwriter—John Joshua & Co., Inc., New York.

acres

Underwriter—None.

Little

N. Y.

shares and oil leases

common

to be offered' in 625 units each consist¬

acres

and 2,560 shares. Price—$2,560 per unit.
exploration and development of oil and
properties in Alaska. Proceeds—For general cor¬

porate

May 19, 1961 filed 875,000 shares of common stock. Price
—$1.15 per share. Business—The company was formed
in March, 1961 to engage in the
development, manufac¬
ture, sale and lease of electronic, electro-mechanical and

Accesso Corp.

400,000

Business—The

(8/15)

design, manufacture and sale of automa¬
equipment for industry. Proceeds—For new facil¬
ities, sales program, demonstration laboratory and work¬
ing capital. Office—37-05 48th Avenue, Long Island City,
tion

rocket and missile system parts
Proceeds—For repayment of loans, ex¬

(managing). Offering—Expected in late August.

ing of 640

power

and

Inc.,

Price—By amendment.
electronic, mechanical

electro-mechanical

it Alaska Honolulu Co.
July 24, 1961 filed 1,600,000

programs.

space

of

manufacture

components.

Inc.

and

ated
Underwriters,
Rock, Ark.

Price

of

working capital.
Office —No. 15 Village
Shopping Center, Little Rock, Ark. Underwriter—Affili¬

—Marshall Co., New York.

Abbey Automation Systems, Inc.
6. 1961 filed 100,000 common shares.

repayment

Underwriter—

★ Advanced Investment Management Corp.
July 11, 1961 ("Reg. A") 100,000 common shares (par 25
cents). Price—$3. Proceeds—For purchase of furniture,

A.") 100,000 shares of common*
Price—$3. Business—TV film pro¬

June

frequency

missile,

research

stockholders.

by

The

pansion and working capital. Office—6900 West Road 84,
Fort
Lauderdale, Fla.
Underwriters — Stein Bros. &
Boyce, Baltimore & Vickers, MacPherson & Warwick,

development, equipment,
repayment of loans and working capital. Office—2 Com¬
mercial St., Hicksville, N. Y.
Underwriter — Edward
Hindley & Co., New York City.

Underwriter—None.

Productions,

the

Proceeds—For

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

for

systems,

shares
—

ISSUE

REVISED

and

(par 10

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

telemetry

ITEMS

•

89,000

Klapper Associates, Inc., New York.

radio

1961

ADDITIONS

PREVIOUS

and

shares

common

fixtures and equipment and
Office—1407 Broadway, New York.

debt.
D.

offering dates.

June

Photo Corp.
20, 1961 ("Reg. A") 60,000

furniture,

firm

Thursday, July 27, 1961

.

SINCE

Business

cents) of which 54,000 are to be offered by the company
and 6,000 by the underwirter.
Price—$5. Proceeds—For

accompanying detailed
items reflect the expectations of the underwriter

but

Underwriter—

Co., New York.

Admiral
June

the

in

Registration

Boulevard, Mineola, N. Y.

Crandall

the

.

* INDICATES

in

Mineola

H. B.
NOTE—Because

.

Dlgby 4-2370

Teletype No. N .Y. 1-5237

Volume

194

Number 6076

,

The

.

.

Commercial and Financial Chronicle

(401)

American Finance

Co., Inc.
$500,000 of 6% convertible sub¬
ordinated debentures due 19 71; 75,000 shares of common
stock, and 25,000 common stock purchase warrants to

April

21,

be offered for public sale in units

consisting of

one

(S.

business. One additional

savings

and

loan

association

subsidiary is
and

insurance brokers. Proceeds—For

two

Pan

Pickwick

the retirement

Martin

Arrin

T.

V.

&

Co.

and

8,000

units

York

Co.)

^ American Home Security Life Insurance Co.
July 6, 1961 ("Reg. A")v 198,000 class A common shares

—Common

Katzenberg, Sour &
Corp.)
$550,000

Co.

Corp
Grumet

&

*

••

BBM

to be offered for subscription by stock¬
holders for a 15 day period. Price—$1.50. Proceeds—For
legal reserves.
Office—2207 N. Main Street, Roswell,
Underwriter—None.

seigel Inc.)

((shields

Bloomfield
( westnemer

*

Mortgage investment Corp.

$500,000

Co.

.1

Second

Ripley
&

&

Co.,

Co.

(Armstrong

Jefferson

Counsel

Missile-Tronics
.y •;

""

'

(Bids

10:00

Co.,

Shepard

Securities

Co.)

Dominick)

Wegard

&

J.

Termo

Co.)

(Henry
&

Fricke

Co.,

Co.)

Inc.;

Joseph

Recreation

(Sandkuhl

-

-.-(Carl

&

Inc.

;

M.

(Hill,

Loeb,

Rhoades

1721

&

Co.

and

Co.;

Hampstead

August 1

!■
;

r

'%

yV- vy

(Blair

Co,

&

(Mitchum,

Electrarc,

Eastern

$468,750

,T:;

,/•

.

(P.

Rensis

&

Co.,

Inc.)

(Lehman

Brothers

and

Shearson,

Patent

E.

Precision

f ./

Price

—

of

Business—The leasing of vending machines
sale of merchandise for distribution therein.

56th

components
of

and

products

for

sale

&

y'--

K.

(J.

&

and

Norton

Lafayette Realty

Co.)

/

.

-

■

(Bids

11

Vic

&

(S.

Fuller

D.

.

Production

Co., San Francisco

(managing).

Corp.

—

(Milton

28, 1961 ("Reg. A") 75,000 common shares (par
cents). Price—$3.50. Business—International air and
ocean
freight forwarding. Proceeds—For expansion, ad¬
vertising and working capital. Office—80 Wall St., New
York. Underwriters—V. S. Wickett & Co., Inc., and Wil¬

Blauner

&

Stearns

/Packer's

shares1

(Milton

Taffet

Blauner

D.

&

(Fialkov

*

reduction.2 Office—Equitable

Underwriter—Karen

Building,

Baltimore,

Securities

Corp., New York
Note—This statement is expected to be refiled.

Corp.

of

Pell

Md.
City.

•

(APA,

Bel-Aire

CMC

.

way

.

,

business

Homes,

—

.

••




-

-

By

Finance

\

&

R.

Co.)

shares

209,355

&

$780,000

Beane)

Inc.;
-fe

&

Blauner

Seymour

Co.)

Co.)

Co.

$600,000

-

and

/

—_—Common

Corp

shares

125,000

Common

$300,000

Corp.)

A.

Miller

Co.

&

*

Inc.)

•

■

$300,000

Inc._

.

,

•

Common

Securities

Co.,

Inc.)

$300,000

Renshaw)

&

125,000

shares

Loving

&

Co.)

Units
$1,600,000

(Armstrong

,

Common

& Co.

Inc.)

$300,000

1 Debentures

Corp.
(S.

Fuller

D.

&

$2,000,000

Co.)

(Tuesday)
Scientific Instruments, Inc.-—Common
(Naftalin

Units

Co.)

120,000

Common

_—Z

Equities

Co.)

Inc.)

Fairfield

&

Co.

Inc.

100,000

Fontaine

Inc.

and

Simmbns)

'——Common
Evans MacCormack & Co.; Stone
Sellgren, Miller & Co.) $300,000

Peabody

(Kidder,

and

&

11:30

Inc.)

$400,000

—..Common

Lieberbaum

&

Co.)

t

(No

Wisconsin

Power

.Bonds

a.m.

(Ross,

Lyon & Co/ Inc.

and Schrijver

& Co.)

$225,000

EDST)

$40,000,000

Common

Richter

Co.)

underwriting)

141,000

shares

stockholders

by Smith,
Barney
W. Baird & Co. Inc.)

Wisconsin
(Smith,

Power

Barney

&

$5,000,000

—Preferred

Light Co

&

preferred

to

$150,000

Class A

Common

•Superstition Mountain Enterprises, Inc.—Common

and

employees—under¬

& Co. and Robert
15,000 shares

Light Co._———.—Preferred
Robert W. Baird & Co. Inc.)

&

and

Co.

50,000
I

>-V

&

shares

112,278

Co.)

Parkview Drugs, Inc

Common
Globus

•

$5,000,000

City Gas Co. of Florida

(Offering

shares

&

^

Units

Co.;

&

(Scherck,

Class A

Krystinel Corp.
<•

.

Consumers Power Co

units

Class A
—:
Co.) 170,000

Ellis

Youngberg- and

150,000 shares

Controls, Inc

(Globus

$750,000

Corp.

(Bids

Units

&

(Grant,

$300,000

Inc
Co.«Inc.)

Chemonics

shares

Group, Inc

Lyon

$1,006,250

Units

(Blunt

.

$50,000,000

Inc

Podesta

&

Apache Corp.

©

Laboratories, Inc

(Ross,

-

34

Co.)

Securities

(Lomasney,

Vinco

—Common

Co.)

Photo, Inc.

Clarkson

investment

on page

Kureen

Common

written

Office—150 Cause-

Continued

Ezra

Triangle Instrument Co

Common

(Auchincloss, Parker & Redpath)

(Cruttenden,

Price

&

(Robinson-Humphrey

Street, Boston/ Underwriter—Putnam & Co., Hart¬

ford, Conn, (managing). *
.;.V

small

——_.Capital

—

and

shares

Bowling & Leasing Corp

Ltd.)

———:
Minn.)-$4,500,000

Corp.—
Blair

Products,

Calandra

A

390,000

Apache Realty Corp.___——___—

Counsellors)

(International

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

—

Inc.)

Inc.

&

Co.,

Stone

(Albion

Taddeo

shares

Securities, Inc

H.

(D.

Edmond &

Business

shares

shares

International

P.

Advanced

Minneapolis.

Inc.

Government

parts depot in Newark, N. J.,

Proceeds—For investment.

Noel

Bruno

J.

"

:
-

Common

Williston

R.

(Rodman

Atlantic Fund for Investment in U. S.

Madison

amendment.

4

Corp7-_--——I"—I—__IT_-/Common

Capital
754,730

Co.)

&

August 7 (Monday)
Apache Corp

Builtwell

company.

/■.. "

-

Speed-O-Print Business Machines Corp.—Common

,

-

set up sales and service organizations, and for work¬
ing capital and general corporate purposes. Office—660

l

v

•

Common

150,000

Turner,

(APA

Almar Rainwear

★ Anderson New England Capital Corp.
July 21, 1961 filed 400,000 common shares.

•

$160,000

Co.)

Associates,

Riverview ASC,

Inc.

—

(Dempsey-Tegeler

America

a

.Common,
$266,217

Pharmaceuticals, Inc.__.__—___——Common

y

.

(Friday)

August 4

15, 1961 filed 100,000 common shares. Price—$5.
Business—The manufacture of amphibious automobiles.
establish

*

;

Corp.)

Co.)

&

&

Securities

-Common

First Surety Corp

June

Proceeds—To

$300,000

August 15

(Capital

Amphicar

Inc.—Common

.Common

&

Treat

Alstyne,

Plan

'

.

Common
$780,000

Inc.) $396,000

Co.

ft

&

Common

(R.

Jan.

17, 1961 filed 88,739 shares of common stock (par
$1). Price—$3 per share. Business—Land development,
including the building of an air strip, a marina, and a
housing cooperative. This is the issuer's first public financing. Proceeds—For general corporate purposes, ineluding $170,000 for construction and $12,000 for debt

Podesta

_1

(Trinity

$600,000

Electronics, Inc

Amity Corp.

y"'!'

Securities

(Hayden,

Common

Inc.)

Co.,

shares

,

Common
'j;?/;'

Long Island Bowling Enterprises, Inc

Common

Super Markets, Inc—

liams & Lee, Inc., New York."

180,000

underwriting)

Martin

(Netherlands

—Common
60,0000

Co. and W. C. Pitfield &, Co.
750,000 shares

&

.

'ky1

International, Ltd...

(J.

shares

Magna Pipe Line Co., Ltd.(Bear,

Simmons)

Teaching Machines,

Kane-Miller

Common
&

&
1

Guerin

,

Maltz, Greenwald & Co.
70,000 shares
;

Airmotive, Inc.—

(Van

Common

M. L. Lee & Co.
Co.)
$750,000

Co.;

Lieberbaum

\

Garan Inc.

Common

Inc.)

$700,000

Co.—

Corp.

A.

-

Greenwald & Co.

Maltz,

Ets-Hokin & Galvan, Inc

Lease

Co.,

Sons

,

Systems Corp
D.

and

10

&

&

Brown

$14,300,000

Common

70.000

shares

336,625

Co.)

Globus, Inc.)

(No

(Robret

-Interests

$337,500

Co.)

Alex.

&

;

(Eppler,

$300,000

—

Blauner

D.

Instrument

June

&

Inc.;

Co.)

Visual

Electra

Schools, Inc
Stearns

(Bear,

>

Cosnat Record Distributing Corp

dorp

.

1,000,000 shares

Debentures

(Copley

Hammill & Co.) 200,000 shares

(Shearson,

Cfts.

Capital
Co.

;

Brisker

(Thursday)

August 3
Consolidated

Trust

$3,600,000

Co.)

Globus, Inc.)

J.

to manufac¬

Equip.

CDT)

Mosle

$646,500

320,000

shares

200,000

Inc

(Karen

-y

Common

Co.)

&

Co.)

Winston & Co.;

Jay,

Common

Tanny Enterprises, Inc.

(Milton

.

&

(Blunt Ellis

$25,000,000

Inc.)

&

RR

August 14 (Monday)
Amity Corp. C-___________

—Common

Co.

$400,000

Factors, Inc

'/

;

r

y

Polymetric Devices Co
(Weil

Co.)

(Cruttenden,

Audio

Bonds

EDT)

m.

a.

shares

Common

Common

Rotan,

..

4

-

Long Island Lighting Co

A.

100,000

—Common
Pont

noon

Factors,

'

Common
Zeiff)

Inc.)

August 11 (Friday)
Applied Research Inc.—

Dallas

Corp.)

Fifth Dimension Inc

&

■

v

-

$300,000

Stern,

Securities

Smith

(Thursday)

and

$5,859,400

_

Co.—______

(Tenney

tape,

International

V

Roberts

J.

shares

150,000

•

E.

Bonds
$20,000,000

...—.Common

&

(Thomas Jay, Winston & Co.;

Debentures

and

Z

<

—Debentures

$30,000,000

Rippey &

Ohio

Harper (H. M.)

*

writer—Dean Witter
Amford

Federal

,

$7,200,000

Co.

Fenner

du

Dodge

and

$500,000

Inc.---—

(Harrison

Famous Artists

•

,

..Common

Inc.)

Co.

electronic computers, data
processing machines, etc. Proceeds—For selling stock¬
holders. Office—2727 W. Chicago Ave., Chicago. Under¬
magnetic

I.

&

10

(Clark,

,

$300,000

August 2 (Wednesday)
Calvideo Electronics, Inc

By

Amerline Corp.
<
July 3, 1961 filed 150,000 outstanding class A common
shares. Price—By amendment. Business—The manufac¬
turers

August

(Thomas

Hammlll As Co.)

received)

Hart

A.

Specialties,

/

;

St., New York.
Underwriter—Robert
Martin Associates, Inc., New York.

ture

N.

&

Proceeds—For the repayment of debt, purchase of addi¬
tional machines, and other corporate purposes. Office—V
120

Inc.;

Inc.)

Business Funds, Inc

Co.)

y

,,

Resources, Inc

(Darius

amendment.
the

&

.—Equip. Trust Ctfs.

be

to

Co.

(Dempsey-Tegeler &

Common y't

de

Units

Corp.—

(Amos

American Univend Corp. (8/1-4)
May 29, 1961 filed 100,000 common shares.
and

r

shares

Templeton)

$300,000

$200,000

Corp.._——

(Bids

Corp.

Inc

1

(Bids

■

Master

Federal

&

Inc.)

Texas Capital Corp

Common

Stearns

Interstate Department Stores, Inc

shares. Price^-r$6.
bowling centers, Proceeds
Office^-—473 Winter Street, Waltham,

S;

A

Procrafcts, Inc.———Common

Jones

Common
$462,110

*

Investing

IncT) .400,000

1

Common

Remington

&

....

(Wednesday)

(Francis

(Tuesday)

"California Computer

•

underwriting)

Wanderer-Inc.)

Murdock,

9

Gulf, Mobile

Ame£j££h Univend Corp.—
Common
£>***' (Robert A. Martin Associates, Inc.) 100,000 shares
./Automated Merchandising Capital Corp...Common

of

Underwriter—None.

&

and

American Sports Plan, Inc.
June 29, 1961 filed .200,000 common

Mass.

Air

...

Northern Pacific Co

expahsion.

Bear,

&

Pierce,

and

$300,000

&

.

—For

August

Common

$340,000

Yeatman.

„

«

Supermarkets, Inc.—
Lynch,

Common

Inc.)

and Globus, Inc.)

y

y

Ave.,
Sacramento, Calif. Underwriter—York & Co., San Fran¬
cisco (managing).
~
T
'
—

Thompson

»

Business—The operation of seven bowling centers. Proceeds—For repayment of loans, working capital and gen¬

Office

Corp.)

Co.

Suplee,

shares

—

Grant

(Hauser,

and

Lenchner, Inc.
$2,400,000

by

10,632

Fiberglass Products Co.—

Versapak Film & Packaging Machinery Corp..Units

-

Centers,

operation

Inc.

Transcontinent Television Corp.—,.

y
y

June 26, 1961 filed $1,250,000 of series A convertible- subordinated debentures due 1973. Price—By amendment*?*

Business—The

Co.

Thoroughbred Enterprises, Inc
^

S.

$300,000

Bruno

Securities

Karen

~

U.

$300,000

_Class

Treat

(Amos

W., Washington, D. C.
Underwriter—Stifel, Nicholaus & Co., Inc., St. Louis, v

;

(Merrill

Space Technology & Utilities Corp

^- American Realty Trust
July 25, 1961 filed 500,000 shares of beneficial interests.
Price—'$10 - Business—A real estate investment company.

.

&

Inc.)

(Bids to be received)

shares

;

Shares

Laboratories, Inc.—Common

Co.

(Blyth

Common

L.
&

140,000

stockholders—no

(Espy

Pueblo

$300,000

82,500

Inc

to.;

Peck)

Northern States Power Co.—

'

.„Common
&

•

St., N.

-

V

Andrews

Planning Corp..

/ .'V

■

T.

—Common

Processing
Inc.—-.
•

Kimberly-Clark

Common
:

E.

Film

to

(Hess,

$4,000,000

by

$162,400

(M. J.) Co

Income

'

Common

Copley

Office—303
—

(Offering

Bonds

Tassette, Inc

E.
Northlake: Way,
Seattle. Underwriter
Nadier & Co., Inc., New York (managing).

purposes.

CDST)

a.m.

Airtronics,

C.

(i.

Packing Co.

corporate

Co.——.

Common

(Tuesday)

Laboratories,

'

$227,850

Inc

"(Dominick

_

eral

Inc.)

$900,000

$300,000

stockholders—underwritten

Color

Greene

Common
Co.

Co.)

:

Inc.)

Co.)

Electronic

to

Mosley

$300,000

Service

(Netherlands

Ripley

June 29, 1961 filed 150,000 common shares. Price—$4.50.
Business—The processing and sale of canned salmon.
N.

(Onenng

•

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

purposes.

American

Common"'

.

American

general corporate

August 8

shares

Common

&

11

Capital

&

Electronics, Inc
(Adams &

$300,OoO"

inc.)

Co.)

100,000 shares

stockholders—underwritten

Transvision

Arizona

Progressitron Corp.

v

June 1, 1961

American

Co.

to

Neuhaus

y
Ormont Drug & Chemical Co., Inc.
V-y :
(navener Securities Corp.) $300,000

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

-.

and

Calamari

Northwestern Public

them until market conditions are favorable for
disposition. Office — 210 Center St.. Little Rock. Ark.

Thirteenth

140,000

Corp

(Hopkins,

.

&

(Offering

t;

Common

underwriting)

&

Common

(Globus

'

i

.carry

Office—608

Inc.)

Corp._

(No

Lewis

4

Financial, Inc.—

,

Common :

Underwood,
1,250,000 shares

Inc.)

McDaniel

units

Spencer Laboratories; Inc.———————Class A

Common

Fishman

&

Units

and

Kauxmann

&

;>■ "V-

Inc.—

Divine

and

Co.

shares

50,000

1 -Common

$300,000

—

Bear,

"

.

Jay max Precision Products, Inc._

*

.

Certificates, each representing $900 of: bonds
and 783 shares of stock. Price--$i,800 per unit. /Proceeds
—To be used principally to originate mortgage loans and

Proceeds—For

Co.)

Industries,

&

*'*;'*

vestment

American

&

Inc.)

_:

150,000

(Mcnaugnlin,

Capital
by

$3,000,000

Gulf-Southwest Capital Corp

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

(*

Co.)

Co.

(Rayden, Stone & Co.)

:

Photocopy Manufacturing Corp.!

(Harriman

American

&

&

&

'

'

'•

-

Laboratory, Inc.

and

Common

stockholders—underwritten

Stearns

(par 20 cents)

N. Mex.

,to

$900,000

Reher Simmons Research Inc

(Monday)
Allstate Bowling Centers, Inc
(Offering

Inc.)

Radiation Instrument Development

$280,OUO

July 31

City. Offering—Expected in September.

Common

Co.,

Inc.

Podesta

'

,

—

New

I

&

Laurence

Homes,

(Cruttenden,

Common

Inc.

Brand,

Co

Dowd

F.

(J.

Nationwide

Securities

Development

(Kesselman

bentures, and capital funds. Oifice
1472 Broadway,
New York City.
Underwriter—Lomasney, Loving & Co.,

<sc

Co. :Inc.;

&

Underhill

de¬

of

Co.)

Organization,

(Theodore

automobile

are

&

(R.

Units

Resources, Inc.__

(Fred.

Maryland

a

Fuller

D.

American

Insurance

Monticello Lumber & Mfg.
Co., Inc

July 28 (Friday)
Canandaigua Enterprises Corp

$200

debenture, 30 common shares and 10 warrants. Price—
$500 per unit. Business—The company and its subsidi¬
aries are primarily engaged in the automobile sale fi¬
nance

Mohawk

NEW ISSUE CALENDAR

filed

1961

33

shares

,

.

Continued

on

page

34

v

34

(402)

The Commercial and Financial Chronicle

Continued from page 33

Service Photo Industries, Inc
(N.

August 16 (Wednesday)
Industrial Gauge & Instrument
Co., Inc
(R.

Kirk

(Hill,

Mite

F.

(C. F.)

Dowd

&

Co.

Inc.)

Common

Darlington &

Automated
Common

Grimm)

100,000

&

&

Co.

Co.)

and

Charles

325,000

(Underwood,

&

Inc.)

(No

(Kidder,

Harn

Peabody

$1,996,998

Lewis

Co.)

50,000

(Tillie)

&

Co.)

Alstyne,

17

dc

300,000

(Amos

August 18 (Friday)
Lytton Financial Corp
(William R.

Staats &

Co.

and

and

300,000

&

Polonitza

Inc.)

August

21
(No

underwriting)

(Armstrong &

Co.

Inc.)

Co.)

Irvan

underwriting)

250,000

Jolyn

Co.)

Old

Empire,

underwriting)

Southern

Co.)

Inc.)

$900,000

'

1

Securities

90,000

Co.

Inc.)

Trinity Funding Corp

&

Corp.)

'

Walter

Sign

Co.

Fenner

&

Co.

Corp.)

Smith

(M.

from

page

H.

Woodhill

&

Co.

Inc.)

$300,000

,

&

33

—For

Insurance Co. of America
June 29, 1961 filed
40,000 common shares. Price—$15.50.
Business
The insuring of
animals, primarily race

&

Co.

—

Gas

pacers. Proceeds—For
expansion and
general corporate purposes. Office—92
Liberty St., New
Underwriter—Bernard M. Kahn &
Co., Inc., New
York (managing).

York.

Anodyne,

Inc.

June

20, 1961 filed $625,000 of 5% convertible subordi¬
nated
debentures, 156,250 common shares reserved for
issuance

on

conversion

of

the

debentures

and

warrants

&

Lee

Inc.)

Meeds)

Treat

Gulf

States

to purchase
125,000 common shares to be of¬
in 6,250
units, each consisting of $106 of deben¬
tures and warrants to
purchase 20 shares. The units will
be offered for

subscription by
unit for each

one

common

100

stockholders

common

Price

on

shares held.

&

&

Units

$100 per unit. Proceeds
For expansion and
working capital. Office—1270 N. W. 165th
St., North
Miami Beach, Fla.
Underwriters—Ross, Lyon & Co., Inc.,
and Globus,
Inc., New York:
—

Corp

Units

Corp.)

6,280

Apacne Corp. (8/15)
May 29, 1961 filed $750,000 of
participating units in the
Apache Canadian Gas & Oil
Program 1961 to be offered
for public sale in 100
units.
ness
The

Co.

Co.

Inc.)

Price—$7,500 per unit. Busi¬
acquisition, holding, testing, developing and

operating of

Inc.)

October 25

$500,000

eral

gas and oil

corporate

leasefiolds.

Proceeds-1—For gen¬
Office—523 Marquette Ave..

purposes.

Minneapolis.

Underwriter—APA, Inc., Minneapolis.'1
Apache Corp. (8/7)
March 31, 1961 filed 300
units in the Apache Gas
and
Oil Program 1962.
Price—$15,000
•

per

Ine

acquisition, holding, testing,
ating of gas and oil leaseholds.
corporate purposes.

unit.

and

—

The

as

gram.

company and its sub¬
underwriters for the Pro¬

Apache Realty Corp.
(8/15)
March 31, 1961 filed
1,000 units

in

the First Apache
Realty Program. Price—$5,000
per unit. Business—The
Program plans to engage in the real
estate
business, with
empnasis on the
acquisition, development and operation
of
shopping centers, office buildings and
industrial prop¬
erties,
Proceeds —For investment.
Office

quette
lis &
•

523

Mar¬

Ave., Minneapolis, Minn.
Underwriter—Blunt

Simmons, Chicago (managing).

Applied Research Inc.

shares

are

to

be offered

El¬

(8/11)

filed 120,000 common
000 shares

shares, of which

60

space

and

communications, radio frequency analysis, missiles

and satellites and
radar and




&

Co.)

S.

Gulf

Common

Price

repay

par.

electrical

in the missile

and

loans, purchase

to

be

the basis of

offered for

shares of

subscription by

one

new

a

common

Dept.

July 5, 1961 filed 300,000
shares

are

to

be

offered

by

the

telemetry systems. Proceeds

First
,

8,

Visual

1961

upon

the

sale

and

issuance

of

registered.

...

Teaching Mac/lines,

("Reg. A")

Price—$4.
of

.

texts.

common

Inc.

(8/11)

shares

machines,

language

Proceeds—For

laboratories

repayment

of debt,
equipment, -research and development and

of

capital.

Office

Gaithersburg, Md.
•

75,0C0

(par 10
Business—The manufacture and dis¬

teaching

program

working

stock

—

216

E.

Diamond

Street,

Underwriter—To be named.

Automated

Gift PEan, Inc.
(8/28)
("Reg. A") 100,000 common shares (par
10c). Price—$3. Business—The manufacture and sale of

June

Price

12,

1961

"Gift Bookards" designed to provide
simplified gift giv¬
ing for business and industry. Proceeds—For advertis¬

ing, sales promotion, repayment of loans, working capital
and the establishment of national
dealerships. Office—80
Park Ave., New York. Underwriter—J. Laurence &
Co..,
Inc., New York.
Automated Merchandising Capital Corp. (8/1-4)
May 24, 1961 filed 400,000 shares of common stock. Price
—To be supplied by amendment. Business—A closedend

non-diversified

management-investment

company

formed to provide financial assistance to concerns active
in the vending industry. Proceeds — For investment.

Office—lQ iEast
—Blair &

40th St., New York City. Underwriter
Co., Inc., New York City (managing).

Automatic
June

14,

tures

Canteen

Co.

of

America

due

1961

filed

$12,000,000 of sinking fund deben¬
1981.
Price—By amendment. Business—The
manufacture, sale and lease of vending machines. Pro¬
ceeds—For expansion and general corporate purposes.
Office—Merchandise Mart Plaza, Chicago. Underwriter
—Glore, Forgan & Co., New York (managing).

• Astronetic Research, Inc.
July 11, 1961 ("Reg. A'') 54,000 class A common shares
(par $1). Price —$5. Proceeds — For purchase and in¬

equipment, and working capital. Office—45
Spring Street, Nashua, N. H.
Underwriter — Schirmer,
Atherton & Co.,
Boston, Mass.

stock.

shares

being

purchase

stockholders

common

$5,000,000

indebtedness, add to inventory, and for working
Office—Bellemore, L. I., N. Y.
UnderwriterStreet Corp., New York City (managing).

tribution

—

of

received)

Securities, Inc.

Audio

and

shares of which 60,000
company and 240,000

shares

•

cents).

jr Assembly Engineers, Inc.
July 11, 1961 ("Reg. A") 100,009 common shares (par 50
cents). Price—$3. Proceeds—For plant, equipment and
working capital.
Office
3640 Holdrege Avenue, Los
Angeles. Underwriter—California Investors, Los Angeles.

filed 2,000,000

be

Broad

June

building,
Avenue,

(managing).

1960,

Bonds
to

York

capital.

Price—By amendment. Busi¬
operation of 12 self-service discount stores.
Proceeds—For working capital and
expansion. Office—
350 Fifth Ave., New York.
Underwriter—Eastman Dil¬
lon, Union Securities & Co., New York

22,

shares

reduce

ness—The

July

Bond*
$15,000,000

subsidiaries, buy equipment to make component
parts of warning systems now manufactured by others,

electro¬

Atlantic Fund for Investment in U. S.
Government
Securities Inc. (8/7-11)

•

received)

lish

shares by the stockholders.

•

be

Audiographic Inc.
'
Feb. 27, 1961 filed 150,000 shares of common stock. Price
—$4 per share. Business—The manufacture and sale of
fire and burglar warning systems.
Proceeds—To estab¬

Inc.

common

$20,000,000

(Thursday)

redeemable

ernment

Phoenix,

Stores,

Bonds

received)

City. Underwriter—Capital Counsellors, 50
Street, New York City. Note—This company was
formerly the Irving Fund for Investment in U. S. Gov¬

computer

common

be

$25 per share. Business — A diversified invest¬
which will become an open-end company

—

New

Under¬

share for each share held.

Underwriter—None.

Arfan's

$8,000,000

Broad

—22 cents per share. Business—The
processing of black
and white and color film.
Proceeds—To repay loans and
for working capital. Office—2 North
30th Street,

Ariz.

Preferred

received)

Proceeds—For investment
in U. S. Government securities. Office—50 Broad
Street,

(8/8)

on

*'

'•

company,

the

Processing Laboratories, Inc.

filed 2,100,500

$15,500,000

Co

with

Business—

and

—

Arizona Color Film

be

to

ment

Bayles Avenue,

Price—At

to

(Bids

Building, Minneapolis.

use

Power

shares

Inc.

electronic,

received)

(Wednesday)

December 7

j

160,000

Office—76

Proceeds—To

$15,000,000

.Bonds
be

to

(Bids

**

stallation of
-

by the company and 60 000
stockholders. Price—$6.50.
Business—Manu¬
of devices used in
connection with

by

facture
earth

—

v*

working capital.
Office
755 Park
Huntington Station, L. I., N. Y.
Underwriter—Lomasney,
Loving & Co., New York City (managing).

oper-

Proceeds—For general
Office—523 Marquette
Ave., Minne¬

apolis, Minn. Underwriter
sidiary, APA, Inc., will act

<

Corp.i.i.^.jj.-

for

Business—

developing

Stone

of

Debentures

:

...

m.)

a.

December 5
(Tuesday)
Virginia Electric & Power Co

...Units

Offering—Expected in late September.

1961

Bonds

$15,000,000

Co..

11

to

(Bids

Industries, Inc.

23,

Corp

received)

New England Power Co

$1,252,231.50

1

rights to expire Aug. 8.

March

(Wednesday)
be

(Wednesday)

(Bids

Common

(Tuesday)

mechanical devices for

•

Bonds
$60,000,000

-

July 26,

and

Co.

received)

Georgia Power Co.___l.-_.:.

units'

19, 1961 filed $1,630,000 of 6 convertible subor¬
dinated debentures due
1971, being offered for subscrip¬
tion by common stockholders on the basis of
$500 of
debentures for each 100 shares held of record

fields.

be

Common

improvements, equipment and general

manufacture

..Common
shares

Co

(Bids

May

The

$300,000

(Tuesday)

Georgia Power

.'

David

1608 First National Bank

with

Co.)

208,000

Electric

to

October 18

$700,000

heating system. Proceeds—For inventory, salaries, ad¬
vertising and promotion, and working capital. Office—•

Arcs

&

(Bids

1961

writer—None.

*

'

(Tuesday)

to

Utilities

$172,500

filed 1,000,000 common shares.
Price—
Business—The marketing of an electric hot water

$1.15.

&

Co.)

Electric

October 3

$193,500

(Monday)

purposes.

19,

Shares'

Common
Burstein

James

(Bids

$800,000

Higginson

Instruments

Aqua-Lectric,
June

•

5-yea-r

fered

the basis of

&

Rochester Gas

$200,000

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

horses, trotters and

Common

500,000

Corp

September 27
Common

Inc.)

Inc.)

Utilities

&

Richards

leasehold

corporate

Co.)

A

$850,000

Co.,

underwriting)

and

(Hayden,

Animal

&

(Friday)

September 2®
Pacific

Inc.)

Securities

Bissell

September 5
Computer

],

Debentures

(William,

Common

units'"

75,000

Inc.)

Photo-Cine-Optics, Inc

$2,500,000

August 25 (Friday)
Intercontinental Dynamics Corp

Continued

S. O. S.

Debentures
(Laird

15

(The

shares

&

Common

September 4

Corp.

...Units

Inc.)

(Monday)
(Amos) & Co., Inc

August 22

(Tuesday)
Reeves Broadcasting &
Development

Smith

&

September 18

...

(Hill

Fenner

Hammill

(Amber,

Parish

'West Coast Bowling Corp..

$1,500,000

(Tuesday)

Pierce,

September

Corp.

shares

Inc.-

(Amos

Common

.

(Trinity Securities

12

(Shearson,

Common

Tresco, Inc.

$230,000

$1,000,000

$761,090

Pierce,

Bennett

Realty

(Hirsch

Common
&

Grimm)

&

September 13 (Wednesday)
King's Department Stores, Inc

*

....Capital

...

&

Standard

Winston

(No

$50,000,000

Oil Corp
(Armstrong

$600,000

Security Acceptance Corp

shares

Class A

System, Inc

Manufacturing Corp.___Comihon

(Laird,

Class A

33,334

Lynch,

..Class A

Treat

Jay

Investing Association Inc._______Units
(No

Sav-Mor

&

Inc.)

Class

(Kerns,

Charge Plan & Northern
Acceptance Corp
(Sade

Inc.;

(Continental

$320,000

NAC

Real Estate

French,

Minichrome, Inc.

Units
Co.)

Co.

&

.Common

(Wednesday)

Electronic

shares

Ameritronics, Inc
&

&

(Merrill

Ferromagnetics Corp...

$20,000,000

Loeb

shares

Rocky Mountain Natural Gas Co., Inc

shares

60,000

Corp

Lynch,

(Thomas

Common

(Fraser

Co.)

underwrittlng)

(Amos

$250,000

Airlines, Inc
(No

G-W

&

September

shares

Conolite, Inc

Common

Kuhn,

(Monday)

11

Darlington

(Hill,

(Bids

Shares
Bean

September

(Tuesday)

August 30

$300,000

Flato Realty Fund
(Flato,

400,000

214,500

Class A

Cellomatic Battery Corp

Frontier

Co.

(Monday)

Chemical Co

by

1,075,791

Brothers)

A-Drive Auto Leasing

Common

Kaufmann

Aviation

(Merrill

Bid D

&

August 29
Republic

shares

,v

,

..Common

(No

..Common

200,000

Lehman

and

shares

Shelley Urethane Industries, Inc
(Garat

Co.)

Bruno-Lenchner

Shearson, Hammill & Co.)

,

Common

stockholders—underwritten

to

shares

United Investors Corp

Capital

(Offering

,

Common

150,000

Corp

Treat

•...

shares

Research, Inc

(McLaughlin,

Supronics

shares

^

Common

&

Fricke

...

Common

125,000

&

Pont

du

Moyer,

Simmons

Capital

Redpath)

I.

Common
$1,400,000

Inc.)

Co.

Western Union Telegraph

Grimm)
.

Inc

Reher

(Thursday)
Parker

&

Philadelphia Laboratories, Inc

U. S. Home & Development Corp
(Auchincloss,

Darlington

shares

Beane)

Noel

(Woodcock,

August

Common

Foods, Inc

(Francis

$5,000,000

and

&

(Friday)
Co

September8

$300,000

Hill,

Co.)

Videotronics,

MPO

Debentures

Stearns

and

<.

Common

Cressy)

&

Williston

(Van

shares

TelePrompTer Corp.

&

Beane

.Common
$375,000

Inc.)

—

Treat

(Amos

,

R.

(J.

Common

&

&

Co.

(Thursday)
Inc..

Metals,

Rodney

$300,000

Corp.

Common

underwriting)

(Bear,

Williston

(Shields

$1,000,000

Technical Materiel Corp

Inc.)

&

Treat

September 7
Common

Co.

Thursday, July 27, 1961

.

(Edward H.) & Son, Inc
(Amos

Gloray Knitting Mills, Inc

^Common

Co.

____

Ihnen

$600,000

Inc
&

100,000

155,000 shares

Neuhaus

Corp.

R.

..Common

Nitrogen Oil Well Service Co
Plasticon

Class A

Co.)

Douglas Microwave Co., Inc
(J.

Co

Plan,

Laurence

(Mann

Scranton

shares

Mortgage Guaranty Insurance
(Bache & Co.)

W.

&

Cressey, Dockham & Co., Inc

Capital
Peabody

Hart

(Monday)

Gift
(J.

shares

Corp.

(Kidder,

August 28

$225,000

Laboratories, Inc

A.

.

.

* Automatic Data Processing, Inc.
19, 1961 filed 100,000 common shares, of which
50,000 shares are to be offered by the company and 50,000 shares by stockholders.
Price—$3. Business—Elec¬

July
•

tronic

data

processing.

Proceeds—For construction and

Volume

working capital.
N. J.

Number

194

6076

The Commercial and Financial Chronicle

.

Office—92 Highway 46, East Paterson,

Automotive

Vacuum

.

..

,

.

1

,

Bowling Internazionale, Ltd.
30, 1961 filed 200,000 common shares.

Control

Corp.
'
March 30, 1961 (letter of notification) 60,000 shares of
common stock (par $1).
Price—$5 per share. Proceeds
—For advertising, new products and
working capital. Of¬
fice—1007

Donald

East

J.

•

Second

Hinkley

June

Proceeds—For the construction

is

no

Wichita, Kan. Note—
longer underwriting this
be named.,,1
•' ]'•

•

division

Office—42

W.

15th

of

Willmor

International

ordinated debentures due 1966. Price—At
—To

debt and

repay

as

British-American

Business—A

sub¬

tures—For

par: Proceeds

Wilmington, Del.

Co., Inc., Milwaukee (managing).

Dispatch Corp."
July 20, 1961 filed 100,000 outstanding

.•

Price—By amendment.

common

shares.

Business—-The transportation of

holder.

paper, documents and non-negotiable
in¬
for banks.
Proceeds—For the selling stock¬

Avenue, Chicago. Under¬
Co., Inc., New York.

supplies.

manufacture

Proceeds—For

of

expansion

of

purchase of equipment, expansion of sales
velopment of

program,

•

Bei-Aire

14,

common

June

working capital Office—4206 Wheeler
Avenue, Alexandria, Va. Underwriter—None.
June
10

named:

in

June

expansion; inventory and working capital. Office—1401
Fairfax Trafficway* Kansas City, Kan. Underwriter—
Midland Securities Co., Inc., Kansas City, Mo.

•

thereon.

Office

construction

3255

—

the

Poplar

Ave.,

of

•

B'oomUefd [industries,

May

1,

1961

filed

140,000

Inc.

buildings

Memphis,

Tenn.

(7/31)

shares

of

r

common

stock,

of

which 40,000 shares are to be offered for public sale by
the company and
100,000 outstanding shares by the

.

present

holders

thereof.

Price

North
—

—.To, be

supplied

Cable

Carriers, Inc.

Ca andra

/;

by

aging).

capital stock.

Price

which began operations

Podesta & Co., Chicago

:V./.;>■*..

•

^ '':V ,-

:

—

(man¬

-

California Computer

Products, Inc. (8/1)
("Reg. A") 75,000 common shares (par
50 cents).
Price—$4. Proceeds—For new products, in¬
ventory, repayment of loans and working capital. Office
—8714 E. Cleta St., Downey, Calif. Underwriter—Mit-

equipment (for restaurants, hotels, etc.,) and
houseware and hospital products. Proceeds—For product
poses.

working

^Office—-4546

writers

—

•

Blue

March

S\ave:i
30.

common
.

J

1961

stock

ceeds—To

and other corporate purSt., Chicago, 111. Under¬
Co., Cincinnati and Divine &
and New York City, r
; :
47th

&

Fishman, Inc., Chicago
:*

-July

capital
West

Westheimer

3,

1961

•

Growth Capital

California

July

18,

filed

1961

600,000

Inc.

shares. Price—By

common

amendment. Business—A small business investment com¬

(par 10 cents). Price—$4 per share. Proinventory, reduce indebtedness and

pany.

increase

Proceeds—For investment. Office—111 Sutter St.,

Calif. Underwriters—H. M. Byllesby &

Office—11933 Vose St., North Holly¬

San

Francisco,

wood, Calif. Underwriter — Pacific Coa^t Securities Co.
Note—This offering has been temporarily postponed.

Co.,

Incj., Chicago and Birr & Co., Inc., San Francisco.

Cal-VaB

Blue List

Publishing Co., Inc.
■•;./.
*
June 28, 1961 filed 160,000 outstanding common shares.
.Price—By amendment. Business—General printing. Proceeds—For the selling stockholders. Office—130 Cedar
Street, New York. Underwriter—White, Weld & Co.,
Inc., New York (managing).

June

.

1961

Development Corp.

filed 200,000

$200,000

due

1976

of

convertible

subordi¬

and

Corp. of Denver

Certain-Teed Products

Corp.
26, 1961 filed 127,632 common shares being offered
for subscription by stockholders on the basis of one new
share for each 15 shares held of record July 19, with
rights to expire Aug. 3. Price—$34. Business—The manu¬
facture of building materials, principally asphalt roofing.

Proceeds—For working

capital. Office—120 E. Lancaster
Ave., Ardmore, Pa. Underwriter—Lazard Freres & Co.,
New York (managing).
Challenger Products, Inc.
30, 1961 filed 125,000 common shares.

•

Calvideo

'

May 29,
10

Inc.

de¬

Offering—

(8/2)

("Reg. A.") 100,000 common shares (par
Price—$3. Proceeds—For repayment of debt

working

capital.

Pittsburgh, Pa.

Underwriter—Pistell,
/*/ ,L:

New York.

Crowe,

Inc^

■/.■■■

■*

Charles Jacquin et Cie, Inc.
July 7, 1961 filed 140,000 common shares of which 20,000
shares are to be offered by the company and 120,000
shares by stockholders. Price—By amendment. Business
—The production of cordials, vodka, rum, brandy, etc.
Proceeds—For working capital, sales promotion and ad¬

vertising. Office—2633 Trenton

Ave;) Philadelphia. Un¬

derwriter—Stroud & Co., Inc., Philadelphia

Offering—Expected
Charter
June

in

(managing).

September.

early

Industries, Inc.

22, 1961 filed 100,000

common shares.
Price—$4.
of molded plastic products.
production and plant expan¬

Business—The

manufacture

Proceeds—For

starting

up

Office—388 Codwise

sion.

Underwriter

—

Standard

Ave., New
Securities

Brunswick, N. J.

Corp.,

New

•

Chemonics

Nov.

14,

common

Yprk

1

(managing).
1960

Corp. (8/15)
:
(letter of notification)

100,000

shares of

stock (par one cent). Price—$3 per share. Busi¬
of printed circuits for the missile

ness—Manufacturers
Proceeds

industries.
and

—

For

general corporate purposes

working capital. Office—990 S. Fairoaks Ave., Pasa¬

Angeles, Calif.; Stone & Youngberg, San Francisco and
Sellgren, Miller & Co., Oakland, Calif.
•

Office—18601 S. Santa Fe Ave.,

Chock Full

O' Nuts Corp.

April 7, 1961 filed $6,938,900 of 41/2% subordinated de¬
bentures, due Aug. 1, 1981 being offered for subscription
by stockholders on the basis of one $100 debenture for
each 50 common shares held of record July 21 with rights
to

and

1961

cents).

and

Electronics,

Price—$5.
of debt, purchase of new
equipment, and working capital. Office—2934 Smallman
Proceeds—For the repayment

•

of

closs, Parker & Redpath,f Washington, D. C.
Expected in late August.

Boulder Lake Corp.

June

shares. Price—By

general corporate purposes. Office—19207 Ventura
Boulevard, Woodland Hills, Calif. Underwriter—Auchin¬

June 28, 1261 filed
315,000 common shares.

Office—611 Central Bank Build¬

Underwriters—Boettcher & Co.; Bosworth,
Co., Inc., and Peters, Writer & Christensen,

&

June

research

common

Business—Engineering

velopment in ground support equipment in the missile,
rocket and space fields.
Proceeds—To repay loans and
for

.




16,

Research &

amendment.

v

Price—$2.50.
Business—The acquisition, exploration and development
of mineral
properties.
Proceeds—For construction of
roads and
buildings, purchase of machinery and explora¬
tion of properties. Address—P. O. Box
214, Twin Bridges,

(par

For repayment of

dena, Calif. Underwriters—Grant, Fontaine & Co., Oak¬
land, Calif, (managing); Evans MacCormack & Co., Los

chum, Jones & Templeton, Los Angeles, Calif.

.

Industries, Inc.
(letter of notification) 70,000 shares of

for working
capital

—

Inc., Denver.

St.,

company

derwriter—Cruttenden,

service

expansion,

Proceeds

ing, Denver.

Carolina,

Pftoto, Inc.

amendment. Business—The manufacture and sale of food

.

filed

debentures

ceeds—For investment.

For working

(8/7)
May 29, 1961 filed 170,000 class A shares, including 50,000 to be sold by the company and 120,000 by stockhold¬
ers.
Price—By amendment. Business—The processing of
photographic film, wholesale distribution of photographic
equipment, and operation of retail camera stores. Pro¬
ceeds—For exampansion, eouipment, and working capi¬
tal.
Office—116 North 42nd Street, Omaha, Neb.
Un¬

Underwriter—Lieberbaum & Co., New York.
•

in

Proceeds

Greenville, S. C. Underwriter—To be named. Offering—
Expected in late October.
:; •'•/-;
1

;

June 29, 1961 filed 300,000 class A common shares. Price
—$5. Proceeds—For advances to a subsidiary, purchase
and

business

Georgia.

1954, is engaged in the research and development of
special material handling systems for industrial and
commercial use based on company-owned patents. Pro¬
ceeds—For working
capital. Office—Kirk Boulevard,

*

land

finance

and

in

derwriter—Fulton, Reid & Co., Inc.* Cleveland.

additional

consumer

Carolina

—$1.15. Business—The

B:och Brothers Tobacco Co.

of

1961

Central Investment

Dallas

March 23, 1961 filed 196,109 shares of

July 3, 1961 ("Reg. A") 4,000 common shares (par $12.50).
Price—By amendment. Proceeds—For the selling stock¬
holders. Office—4000 Water St., Wheeling, W. Va. Un¬

;

$2.50.

80,000 common shares
underlying such debentures, and 70,000 outstanding
common shares to be sold
by stockholders. Price—(De¬
bentures) At par. (Common) $2 per share. Proceeds—
For construction of a new building. Office—Port Wash¬
ington, N. Y. Underwriters—Brand, Grumet & Seigel,
Inc., and Kesselman & Co., Inc., New York.

Marion

Office—1009 Wachovia Building, Charlotte, N. C.
Underwriter—Auchincloss, Parker & Redpath, Washing¬
ton, D. C.

1

Enc.

—

Laboratories, Inc.

20,

nated

capital.

goods lines and artificial flowers/Proceeds—For

Building Industries,

20, 1961
cents). Price

Center

Business—The

—

Office—601

—.

the

South

—By amendment. Business—The wholesale distribution

Bloomf.'eid

Battery Corp. (8/21-25)
("Reg. A") 100,000 common shares

debt, inventory and working capital. Office—300 Dela¬
ware
Avenue, Archbald, Pa.
Underwriter—Armstrong
& Co., Inc., New York.

Dr., Garland, Tex. Under¬
Rupe & Son, Inc., Dallas, Tex., and
Straus, Blosser & McDowell, Chicago.

Merchandising Corp.
8, 1961 filed 72,500 class A common shares. Price

of soft

Cellomatic

Sullivan

writers

Blackman
June

.

>

•

(8/21) /"'/•v •''"•
fof notification) 60,000 shares of.
,>
CMC Finance Group, Inc. (8/7-11)
dommon stock (par $1): Price — $5 per share.
April 28, 1961 filed 150,000 shares of class A common
•Office—1708 W. Main SL, Oklahoma City, Okla: Notestock. Price—To be supplied by amendment. Business
Donald J. Hinkley Co. is no longer underwriting this
—The company, through its 20 subsidiaries, is engaged
issue. New underwriter
be

filed 165,000 common shares and 75,000
purchase warrants. Price—For stock, $2;

June 19, 1961 filed 600,000 common shares. Price—$3.75.
Business—A small business investment company.
Pro¬

holders.

(letter

to

1961
stock

ment of loans and

a

is

By
For

for warrants, 20 cents.
Business—The manufacture of
X-ray film processing machines. Proceeds—For repay¬

June 27,

;• Bid D Chemical Co.

1961

—

—

Byer-Rolnick Hat Corp.
1961 filed 100,000 outstanding common shares.
Price—By amendment. Proceeds—For the selling stock¬

(8/7)

(letter of notification) 150,000 shares of
Price—At par ($2 per share). Proceeds

.1'..^/'/'^

17,

28,

common

(8/10)

—

repayment of a loan, new equipment, lease of a
plant, and working capital.
Office — 25970 W. 8 mile
Road, Southfield, • Mich." > Underwriter — Internationa1
Equities Co., Miami, Fla. ;;
'V
/

class

Price

Proceeds

Proceeds
For
investment.
Office
201
Main
St.,
Houston, Texasns Underwriters—Clark, Dodge & Co., Inc.,
New York; Alex. Brown & Sons, Baltimore, and Rotan,
Mosle & Co., Houston.

—For

May

shares.

•

Price
Business—A small business investment company.

—$11.

Corp., New York.

Products, Inc.

1961
stock.

amendment.

by

;

St., Wilmington, Del,
Underwriter—Capital Management Corp., Miami (man¬
aging).
-;/.V
1 V'"./ '/;■•
-\;'V
Capitol Research Industries, Inc-

June 2, 1961 filed 1,300,000 shares of capital stock.

new

'—First Weber Securities

April

supplied

Canan¬

at

/

amendment Business—A mutual fund.
investment. Office — 900 Market

Builtwell

be

track

race

Capital Income Fund, Inc.
July 3, 1961 filed 30,000 common

Proceeds—Deben¬

company.

Business Funds, Inc.

de¬

products and working capital." Office
—25-11 49th Street, Long Island City, N. Y. Underwriter

3

construction

thoroughbred

City (managing).

financing and sale of shell homes. Proceeds
—For the repayment of debt, the opening of additional
sales offices and the financing of home sales.
Office—
Adrian, Ga. Underwriter—The Robinson-Humphrey Co.,
Inc., Atlanta, Ga. (managing).

Price—$3.
equipment and
plant facilities,

hospital

Ltd.

construction

^ Beam-MaUc Hospital Supply, Inc.
July 21, 1961 filed 100,000 common shares.
Busines;—The

Materials

&

majority

a

Association, inc.,

working capital and
general corporate purposes. Office—26 Broadway, New
York City. Underwriter—S. D. Fuller &
Co., New York

<W. A.)

Price—To

Office—4652 S. Kedzie

writer—E. F. Hutton &

Co., Colorado
/■;' ;

stock, to be "offered for sale in 100,000 units, each con¬
sisting of $10 of debentures and three common shares.

commercial

struments

&

Homes, Inc. (8/7) .//h".-'-(May 25, 1961 filed $1,000,000 of convertible subordinated
debentures due
1981
and
300,000 shares of common

^Bankers

I

Construction

Manufacturing Co.
June 12, 1961 filed 170,680 outstanding common shares.
Price—By amendment. Business — The manufacture of
photo-mechanical equipment.
Proceeds — For selling
stockholders. Office—Prudential Plaza, Chicago. Under¬
writers—Loewi & Co., Inc., Milwaukee and Blunt Ellis
& Simmons, Chicago.
'/;/■
"\v:%

manufacture of farm equipment.
Proceeds—
plant, purchase of land, retirement of preferred
and working capital.
Address—Kaukauna, Wis.

Underwriter—Loewi &

Copley

—

company owns
in Finger Lakes
Racing

daigua, New York. The company plans to engage in
recreational and entertainment activities and
may con¬
struct hotels, motels or restaurants
adjacent to the race
track. Proceeds—For
construction,

repayment of

Brown

ness—The

stock

common

Office—Jarvis Ave., at Andrews St., Winnipeg,
Manitoba,
Canada. Underwriter—P. W. Brooks & Co., Inc., New
York (managing).

Under¬

Badger Northland, Inc.
1961 filed 100,000 common shares, of which 68,000 shares are to be offered by the company and 32,000
shares by* stockholders.
Price—By amendment. Busi¬
a

160,000

Business—The

interest

which is erecting a

debt, construction, acquisition
and working capital. Stock—For the selling
stockholders,

June 16,

For

amendment.

July 7, 1961 filed $3,500,000 (U. S.) debentures, 6%
sinking fund series due 1981 (with warrants) and 300,000 outstanding common shares.
Price—By amendment.

for possible acquisi¬

reserve

a

tions. Office—818 Market St.,
writer—None.

•
Canandaigua Enterprises Corp. (7/28)
May 2, 1961 filed $4,000,000 of 7% sinking fund deben¬
tures due 1976 (convertible on or before
July 1, 1966),
and 240,000 shares of class A
stock, to be offered for
public sale in units, each consisting of $500 of deben¬
tures, and 30 class A shares. Price—To be supplied by

stock

Proceeds—For

Orleans, La.
Underwriter
Springs, Cole. « :

Corp.

convertible

Underwriters—J. K. Norton & Co. and
Stern, Zeiff & Co., Inc., New York.

'

BSF

$2,500,000 of 5%

Price—$1.

35

Compton, Calif.

(8/14)-

shares (par 25
repayment of loans,
rental, working capital and general corporate
purposes. Office—2833 St. Charles Ave., Suite 4/New

cents).

St., New York City. Underwriter—

Company
30, 1961 filed

Corp.

machine

Shields & Co., New York City (managing).
June

Brisker

June 2, 1961 ("Reg. A")

bly and sale of accessory equipment for photocopy ma¬
chines.
Proceeds—For acquisition of the Bohn Dupli¬
a

chain

S. Wickett & Co., and Thomas, Wil¬
liam, & Lee, Inc., New York City.

May 26, 1961 filed 50,000 shares of common stock. Price
—To be supplied by amendment. Business—The assem¬

Co.

a

Underwriters—V.

Photocopy Manufacturing Corp.
(7/31-8/4)
/

cator

acquisition of

bowling centers principally in Italy, and for expansion
and working capital. Office—80 Wall
St., New York.

BBIV3

•

or

Price—$5.

of

Street,

Co.

New underwriter "is to

issue.

(4C3)

Mont. Underwriter—Wilson, Ehli, Demos, Bailey &
Co.,
Billings, Mont.

Underwriter—Golkin, Bomback & Co., New York

(managing).
•

.

.

expire Aug. 7. Price—At par. Business—The operation
a
chain of restaurants in the New York City area,

packaging and retail sale of coffee. Proceeds—
expansion. Office—425 Lexington Ave., New York
17, N. Y. Underwriter—F. Eberstadt & Co., New York
City (managing).

and

the

For

Chrcslin

Photo

Industries

Corp.

15, 1961 ("Reg. A") 50,000 shares of class A stock
(par five cents). Price—$6. Business—Developing and

June

designing

products.

Proceeds

—

For general corporate
Continued

on

page

36

36

Continued from page 35

withdrawn June 15.

was

filed 160,401 shares of common stock to
subscription by holders of outstanding
stock; QVz% subordinated convertible sinking

—

ments

2.

share held

investment

the management

of

type.
Bailey Avenue,
Fort Worth, Texas. Distributor—Associates Management,
Inc., Fort Worth, Texas.
company

Proceeds—For investment.

•

Office—501

Churchill Stereo Corp.

July

at-

17, 1961 105,000 common shares and 105,000
five-year warrants to be offered in units of

tacned

share and

warrant.

Price—$3.60

one

unit. Business—
hi-fidelity, radio
and/or television equipment and the operation of six
retail stores. Proceeds
For expansion, repayment of
loans, working capital and other corporate purposes.
Office—200 E. 98th Street, Brooklyn, N. Y. Underwriter
—Lieberbaum & Co., New York (managing).
The

one

of

manufacture

per

stereophonic,

—

City Gas Co. of Florida

(8/15)

June

15, 1961 filed 112,278 common shares.
Price — By
Proceeds—For repayment of loans, pur¬
chase of tank cars, and expansion.
Office—955 E. 25th
Street, Hialeah, Fla. Underwriter—Kidder, Peabody &
Co., New York (managing).
amendment.

Clark Equipment Credit Corp.
April 21, 1961 filed $20,000,000 of debentures, series A,
due 1981. Price—To be supplied by amendment. Busi¬
ness—The financing in the U. S
and Canada of retail
time sales of products manufactured by Clark Equip¬

on

Office—5

Cosmo Book Distributing Co.

110,000 common shares. Price — $3.
distribution of books. Proceeds
repayment of a loan, inventory, working capital
and general corporate purposes. Office —1130 Madison
Ave., Elizabeth, N. J.
Underwriter—Frank Karasik &
Co., Inc., New York.
/
.

Business—The wholesale
—For

Cosmodyne Corp.
June

—For

•
Computer Instruments Corp. (9/5-8)
July 13, 1961 filed 160,000 outstanding common shares.

Business—The

amendment.

Price—By

manufacture of

precision potentiometers, electronic components and meas¬
uring instruments.
Proceeds — For the selling stock¬
holders. Office—92 Madison Ave., Hempstead, N. Y. Un¬

fering—Expected in Mid-August.
•

Concrete

Designs, Inc.

June

21, 1961 ("Reg. A") 75,000 common shares (par
10 cents). Price—$4. Business—The design, manufacture

and installation of

—

$5.
in

& Co., Inc. and Hardy & Hardy,
(co-managing).

•

C.arkson

Laboratories, inc. (8/7)
27, 1961 filed 200,000 shares of common stock.
Price—$2 per share. Business—The company plans to
engage in the development, manufacture, packaging and
April

sale of industrial chemicals and

latex, resins and plastic

compounds for industrial and commercial use. Proceeds
plant additions, repayment of debt, and working
capital. Office—1450 Ferry Avenue, Camden, N. J. Un¬
—For

derwriters—Ross, Lyon & Co., Inc., and Globus,
both of New York

Inc.,

City.

if CSe-Ware Industries, Inc.
July 25, 1961 filed 195,000 common shares of which
160,000 shares are to be offered by the company and
35,000 shares by stockholders. Price—By amendment.
Business—The

cessories

wholesaling of parts, chemicals and

related

to

the

automotive

and

Cleveland.

Underwriter—Westheimer &

fields.

marine

Proceeds—For repayment of
loans, working
other corporate purposes. Office—10604 St.

ac¬

Treat

&

Ave.,

Co., Cincinnati.

Cfute (Francis H.) & Son, Inc.
July 3, 1961 filed 1,000,000 common shares. Price—$1.50.

Business

—

The

manufacture

of

farm

and

industrial

equipment. Proceeds—For materials and inventory, re¬
search and development and working capital. Office—
1303 Elm St., Rocky Ford, Colo. Underwriter —
Stone,
Altman & Co., Inc., Denver.
Coburn Credit Co., Inc.
July 18, 1961 filed $1,500,000 of convertible subordinated
debentures

due

1976.

sumer

finance

porate

purposes.

Price—At

company.

Office

par.

Business—A

Proceeds—For
N.

53

general

con¬

cor¬

Park

Ave., Rockville
Center, N. Y. Underwriters—Brand, Grumet & Seigel,
Inc. and Kesselman & Co., Inc., New York.
—

if Co!or Lithography Corp.
July 11, 1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—$3. Proceeds—For repayment of a loan
and. working capital. Office—493 C
Street, Boston, Mass.
Underwriter—None.

<

<

.

Color

Reproductions, Inc.
May 10, 1961 (letter of notification) 950 units of $95,000
of 6% subordinated
debentures, due June 30, 1971, and
47,500

shares

of

common

stock

(par

cent) to be
offered in units, each unit
consisting of $100 of deben¬
tures and 50 shares of

common

one

institutions, seminaries

equipment; sales promotion;
repayment of loans; construction of buildings and im¬
provements of facilities. Office—202 E. 44th
St., New
York, N. Y. Underwriter—William, David & Motti, Inc.,
New

York, N. Y.

Columbia Research
June

Group
20, 1961 filed 5,000,000 preferred shares

(par one
cent). Price—$1. Business-—The production of religious
and educational

phonograph records. Proceeds—For

eral corporate purposes. Office—3600 Market
Lake City, Utah. Underwriter—None.

Columbian Bronze Corp.
1961 filed 150,000 common

July 13,

Business—The

electronic
niture.
sion.

manufacture

of

shares.

marine

equipment, hydraulic products

Proceeds—For

Office—216

N.

gen¬

Street, Salt

Price—$5

propellers

and

and metal fur¬

repayment of loans and
Main St., Freeport, N. Y.

(expan¬
Under-

writer—Lomasney, Loving & Co., New York "(managing)'




of

Price—By amenament.
carbonated beverages.

Co., Inc.; the

repay

Crank Drug Co.

July 3, 1961 filed 130,000 common shares. Price — By
amendment. Business
The operation of retail drug
stores. Proceeds—For repayment of loans, and for ex¬
pansion. Office—1947 E. Meadowmere St., Springfield,
Mo. Underwriter
Reiriholdt & Gardner, Sc. Louis

Co., Inc., New York.

—

Consolidated

Marine

Industries, Inc.
20, 1961 filed 200,000 common shares. Price—$6.
Business—A holding company ,*for. concerns engaged in
the pleasure-boat industry. Proceeds^—For working capi¬
tal and other corporate purposes. Office—809 Cameron
Street, Alexandria, Va. UndprwriterWUexandria invest¬
ments & Securities, Inc., Washington, D. C. ;

—

(managing).

Consolidated Production Corp.
(8/3)
May 26, 1961 filed 200,000 shares of common stock. Price
—To be supplied by amendment.
Business—The com¬
pany, which plans to change its name to Consolidated

Homes, Inc.
/
(letter of notification) 120,000 shares of
(par 10 cents). -Price—$2.50 per share.
Proceeds—To erect sample homes, repay a loan, and for
expansion and working capital. Office—412 W. Saratoga
St., Baltimore, Md. Underwriter—T. J. McDonald & Co.,
Washington, D. C.

(8/15)

bonds

& Co. and
(jointly); Harriman Ripley & Co., and
First Boston Corp. (jointly); Morgan Stanley & Co. Bids
—Aug. 15, 1961 at 11:30 a.m. (EDST) at 300 Park Ave.,
New York. Information Meeting—Aug. 10, 1961 at 11 a.m.
(EDST) at Bankers Trust Co., 2nd floor, 16 Wall St.

Inc.

Corp.,

The

units of

advisor

securities

one

common

will

to
be

Continental
offered

share and

for

Growth

June
50

public

•

Fund,
sale

in

Inc.

(8/14)

for commercial and

military customers. Proceeds — For
realty acquisitions, the repayment of debt, and for ex-

Continental

Leasing Corp.
19, 1961 ("Reg. A") 100,000 common shares (par
one
Cent):; Price—$3. Proceeds—For ' purchase' of: new
automobiles, advertising and promotion, ahd working
capital.
Office—527 Broad St., Sewickley, Pa.
Under¬

pansion.

Office—6114 Forest Park Road, Dallas, Texas.

Underwriter—Eppler, Guerin & Turner, Inc., Dallas.

June

—

Airmotive,

by the company and 40,000 outstanding shares by the
present holders thereof.
Price — To be supplied by
amendment. Business—The overhaul of aircraft engines

warrant.

.

writer

Dallas

May 26, 1961 filed 390,000 shares of common stock; Of
which 350,000 shares are to be offered for public sale

Price—$1
per unit. Business—The company is the sponsor of Con¬
tinental Growth Fund, Inc. Proceeds—For expansion.
Office—366 Fifth Ave., New York City. UnderwriterNiagara Investors Corp., New York.
one

stock

Dadan, Inc.
29, 1961 ("Reg. A") 160,000 common shares (par
cents). Price—$1.15. Business—The manufacture of
games. Proceeds—For repayment of loans, development
of new products and working capital. Office—209 Wilder
Bldg., Rochester 14, N. Y. Underwriter—McDonald, An¬
derson, Peterson & Co., Inc., Minneapolis. -

Co.

Continental Fund Distributors, Inc.
April 13, 1961 filed 296,000 common shares and 296,000
warrants for the purchase of stock of Continental Man¬

agement

1961

8,

common

son, Mich.
Underwriters—(Competitive)
bers: Halsey, Stuart & Co. Inc.; White, Weld

&

1 ;

Custom Shell

May

Ave., Jack¬
Probable bid-

Shields

'

:

(8/28-9/1)
■•/
June 15, 1961 ("Reg. A") 100,000 common shares (par
$1). Price—$3. Proceeds^—For working capital. Office—
1 IGA Way, Salem, Mass. Underwriter—Mann & Creesy,
Salem, Mass.
:
,■ •
Cressey, Dockham & Co., Inc.

vestment, and working capital. Office—14 North Robin¬
son,
Oklahoma City, Okla.
Underwriter — Shearson,
Hammill & Co., New York City (managing). Note—This
company formerly was named Cador Production Corp.
Consumers Power Co.

Corp.

writer—None.

Production Corp., buys and manages fractional interests
in producing oil and gas properties. Proceeds—For in¬

June 23, 1961 filed $40,000,000 of first mortgage
due Aug. 1, 1991. Office—212 West Michigan

Credit

if Crescent

July 17, 1961 ("Reg. A") 65,000 common shares (par $1).
Price—$4.50. Proceeds—To increase capital and surplus.
Office—Frank Leu Building, Montgomery, Ala. Under¬

Data

Components,

Inc.

/■. ji-A

^

June

6, 1961 ("Reg. A") 120,000 common shares (par
10 cents). Price—$2. Business—The marking and fabri¬
cation for metal parts. Proceeds—For moving expenses,
plant equipment, sales promotion and working capital.

H. B. Crandall Co. and Cambridge Securities,

Inc., New York.

Office

Cooperative

—

2212 McDonald

Ave>, Brooklyn, N. Y.
Co., Inc., New" York.

Under¬

Grange League Federation
Exchange, Inc.
July 3, 1961 filed $250,000 of 4% subordinated deben¬
tures due 1966, 10,000 shares of 4% cumulative preferred
stock (par $100) and 250,000 common shares. Price—For
debentures, at par; for preferred, $100 and for common,
$5. Business—An incorporated agricultural cooperative
association. Proceeds—For redemption of securities of
two subsidiaries and working capital. Office—Terrace

writer—A. J. Frederick

Hill, Ithaca, N. Y. Underwriter—None.

stock. Price—$287.50 per
makes color photographs

unit. Business—The company
and reproductions for churches,
and schools. Proceeds—For

manufacture

loans, increase inventory and for
expansion. Office—177 Granite Street, Manchester, N. H.
Underwriter—R. W. Pressprich & Co., New York.

June

capital and
Clair

165,000 shares by stockholders.
Proceeds—To

repayment of debt; moving expenses, and working capi¬
tal. Office—Suite 414, 52 Broadway, New York. Under¬
writer—Amos

Bottling Co., Inc.
filed 335,000 common shares of which
are to be offered by the company and

Business —The

aircraft industries and
Proceeds—For the purchase of

furniture and

writers—Allessandrini
New York

Price

Business—Manufacturers "Conolite," a laminate used

the "Conolite" business of Continental Can

of

29, 1961
170,000 shares

(8/30)
1961 filed 170,000 class A shares.

Conoiite, Inc.

for electrical insulation.

distribution

the repayment of
debt, and working capital. Office—315 W. 47th St., New
York. Underwriter—Amos Treat & Co., New York City
(managing).
■
Cott

construction,

and

Proceeds—For

phonograph records.

June

the

•

manufacture

Business—The

ment.

pre-cast reinforced concrete buildings

building products. Proceeds—For repayment of loans,

1,

'

Cosnat Record

Distributing Corp. (8/14-18)
May 26, 1961 filed 150,000 share's of common stock, of
which 105,556 shares are to be offered for public sale by
the company and 44,444 outstanding shares by the pres¬
ent holders thereof.
Price—To be supplied by amend¬

derwriter—Hayden, Stone & Co., New York (managing).

June

Price—By

The manufacture of equipment

—

loans; general corporate purposes and working capital.
Office—3232 W. El Segundo Blvd., Hawthorne, Calif.
Underwriter—Dean Witter & Co., San Francisco.
Of¬

New York.

if Ciarise Sportswear Co., Inc.
July 21, 1961 filed 125,000 common shares, of which 75,000 shares are to be offered by the company and 50,000
shares by stockholders. Price—$5. Business—The manu¬
facture of women's sportswear. Proceeds—For working
capital. Office—141 W. 36th Street, New York. Under¬

100,000 common shares.

of super-cold liquids and gases. Proceeds
manufacture
of hew equipment, repayment of

for the storage

Office—324

poned.

filed

1961

12,

amendment. Business

expansion, inventory and working capital. Office— S. W.
44th Avenue, and Griffin Road, Fort Lauderdale, Fla.
Underwriter—A. M. Shulman & Co., Inc., 37 Wall Street,

Co., parent. Proceeds—For the repayment of debt.
East Dewey Ave., Buchanan, Mich. Under¬
writers—Lehman Brothers and Blyth & Co., Inc., New
York City (managing). Offering — Temporarily post¬

1961 filed

July 6,

named.

ment

•

working capital and other corporate purposes.
E.
52nd Street, New York.
Underwriter—
Nance-Keith Corp., New York.

search,

the record date, one right for

each share
issuable upon conversion of a series A debenture, as if
such debenture had been converted, and one right for
each share issuable under the option agreements.
The
warrants will provide that one new share will be issuable
for each eight rights tendered. Price—To be supplied by
amendment. Business—The company's activities are or¬
ganized on a divisional basis—Business Machines, Com¬
munications and Electronics, Business Forms, Burke Golf
and Worthington Golf Ball Divisions. Proceeds—For th(<
repayment of debt and for working capital. Office—5600
West Jarvis Ave., Chicago, 111.
Underwriters — To be

and

r}:;

•"

28, 1961 filed 100,000 common shares (par one cent).
Price
$4. Business — The distribution of cosmetics.
Proceeds—For advertising, sales expenses, inventory, re¬

debentures, ^eries A, due 1970; and option agree¬
for the purchase of common shares.
Warrants
will be issued on the basis of one right for each common

Church Builders, Inc.
Feb. 6, 1961 filed 50,000 shares of common stock, series
sified

k" '■ ••*

•'

June

fund

Price—$5.50 per share. Business—A closed-end diver¬

Thursday, July 27, 1961

.

writer—None.
■..V •
Cosmetic Chemicals Corp.

March 31, 1961
be ofiered for
common

.

.

Office—304 Main St., Grand Junction Colo. Under¬

poses.

Comptometer Corp.

Office —17 Jeffrey Lane, Hicksville, N. Y.
Underwriter—Lewis Wolf, Inc., New York. Note—This
purposes.

letter

Financial Chronicle

The Commercial and

(404)

July

/

Business—The manufacture of electrical products such as
transistorized and
conventional tube radios,
portable

Copycat Corp.
June 19, 1961 ("Reg. A") 100,000 common shares (par
10 cents). Price—$3. Business—The distribution and sale
of

photocopy and distributing machines. Proceeds—For
working capital, advertising, research and expansion.
Office—200 Park Ave., S., New York. Underwriters—
Treves & Co. and Reich & Co., New York; <-■'«
Cortez

Jan.

Lit#

Insurance Co.

12, 1961 filed 500,000' share# "of common Stock
Price—r$3 per share. Business—The company is engaged
in the business of writing life
insurance, annuity policies
and re-insurance. Proceeds—For general corporate pur¬

if Data Management, Inc.
July 17, 1961 ("Reg. A") 260,869 class A common shares
(par 10 cents). Price—$1.15. Proceeds^-For purchase of
equipment, investments, and working capital. Office—
1608 First National Bank Building, Minneapolis. Under¬
writer—M. H. Bishop & Co., Minneapolis.
Datom

[

17,

filed

112,500

common

.phonographs and educational kits.
ing

[_x

Industries, Inc.
1961

capital

and

other

shares.

Price—$4.

Proceeds—For work¬

Office—350
Road, Orange; Ni J. Underwriter—Robert L.
Ferman & Co., Miami, Fla. (managing).
corporate

purposes.

Scotland

Beco

July
five

Aluminum, Inc.
5, 1961 ("Reg. A") 100,000 common shares; (par
cents).
Price —$3. Proceeds — For repayment of

loans; inventory; equipment and working capital.
—4250 Adams

Office

Ave., Philadelphia.- Underwriter—R. P. &
Philadelphia./• 'r

R. A. Miller & Co., Inc.,

Volume

r

194

Number

6076

Delta Venture Capital Corp.

.

.

.

The Commercial and Financial Chronicle

/

each

July 13, 1961 filed 520,000 common shares. Price—$3.30.
Business—An. investment company.
Proceeds—For in¬
vestment.

Office—1011 N. Hill St.,
derwriter—None.
•
■

10

(405)

shares held.

Crescent

Business—The manufac¬

ture of power and servo

components.

purchase

and

of

equipment

other

Proceeds—For the

corporate

purposes.

Charlotte

St., Asheville, N. Y.
Co., Atlanta.

—At

^ Dennis Real Estate Investment Trust

(managing). Offering—Expected in early August.

—1604

July 24, 1961 filed 100,000 shares of beneficial interest.
Price—$100. Business—A real estate investment com¬

June

Office

pany.

—

Hopkins, Minn.

j.

.

,'

.

—Sutro

90 State Street, Albany, N. Y.

Eckerd Drugs of
of

Under¬

writer—None.
Denver

Un¬

..

;

Real

Estate

Investment Fund

June

12,

1961

ferred shares
common

Business

1961' with rights to expire Aug. 9. Price—$5

The

—

shares.

manufacture

Price —By
of

electronic

111th

the selling stockholders.
Street, College Point, N. Y. Under¬

writers—Paine, Webber, Jackson & Curtis and Kidder,
Peabody & Co., New York (managing). Offering—Ex¬
pected in early September.
i
'

7% convertible pre¬
(par $5) being offered for subscription by
on the basis of one share of pre¬

e^ch 10 shares of common held of record

common

Proceeds—For

Office—1404

Educators Furniture &

on

Supply Co., Inc. /
("Reg. A") 5,099 capital shares (par $10).

June 29, 1961

per

share. Proceeds—To repay debt, and

Price—$20.

Office—8450

2617

San

Fernando

for working capital.
Road, Sun Valley, Calif.

Underwriters—R.

Proceeds—For repayment of loans. Office—
Kay St., Sacramento, Calif. Underwriter—None.

E.
Bernhard &
Co., Beverly Hills,
Calif.; Hardy & Co., New York; Arthur B. Hogan, Inc.,
Burbank, Calif.; Wedbush & Co. and Wheeler & Cruttenden, Inc., Los Angeles; M. S. Walker & Co., Long Beach,

• Electra
International, Ltd. (8/14-18)
May 5, 1961 filed 70,000 shares of capital stock. Price—
To be supplied by amendment. Business—The manufac¬
ture of products in the automotive ignition field for sale

Calif., and V. E. Anderson & Co., Salt Lake City.

outside of the United

Diversified Wire

&

Steel

States. Proceeds
For research,
development, and working capital. Office—222 Park
Ave., South, New York City. Underwriters—Robert A.
Martin Associates, Inc., and Ezra Kureen Co., both of
New York City.
;

July 17, 1961 filed 100,000 class A common shares. Price
•—$4. Business—The manufacture of cold drawn steel

wire, furniture springs and related products. Proceeds—
for repayment of debt, acquisition and improvement of
property, equipment, and working capital. Office—3525

,

Electrarc, Inc. (8/1)
April 21, 1961 filed 100,000 shares of common stock,
Price
$5 per share. Business — The research and de¬
velopment of arc welding and wire shielding. Proceeds
—For equipment, working
capital and miscellaneous
expenses. Office—505 Washington St., Lynn, Mass. Un¬
derwriter—P. de Rensis & Co., Inc., Boston, Mass.

St., Los Angeles. Underwriter—V. K. Osborne &
Sons, Inc., Beverly Hills,,Calif, (managing).

—

Dollar Mutual Fund, Inc.
April 25, 1961 filed 100,000,000 shares of capital stock.
Price
$1 per share. Business — A diversified mutual
—

Proceeds

For

—

Office

investment.

—

736

Electro-Med, Inc.
July 17, 1961 filed $540,000 of convertible subordinated
debentures due 1971.
Price—By amendment. Business

Midland

Bank

Bldg., Minneapolis, Minn. Underwriter—Fund Dis¬
tributors, Inc.
y
;
•

Douglas

Microwave Co.,. Inc.

—The

(8/28-9/1)

manufacture

of

medical-electronic

Proceeds —Eor- working ..capital.

June

29, 1961 filed 100,000 common shares. ■ Price—By
amendment. Business—The manufacture of microwave

Avenue;

N.

Minneapolis.

Office

—

instruments.

4748

France

/Underwriter—Craig-Hallum,

Kinnard, Inc., Minneapolis (managing).

components, test equipment and sub-systems. Proceeds
—For repayment of loans, research and development, ;;s;'

cents). Price—$3, Business
tronic

and

—

The manufacture of elec¬

electro-mechanical

devices

for

the

aircraft,

30, 1961 ("Reg." A") 75,000 common shares (par
cent). Price $4. Business—The sale of refrigeration
machinery and equipment. Proceeds—For. repayment of

Co., Cincinnati (managing).

loan, inventory, promotion and advertising, and work¬
ing capital. Office—150-49 Hillisde Ave., Jamaica, N. Y.
Underwriters—Planned Investing
jporp., New York and

a

Price

—

of

$1,000. Business — The acquisition and
shopping center at Alexandria, Va.

writer—Investor
D.

Bayes, Rose & Co., Inc., 39 Broadway, New York.

a

Proceeds—For the purchase of the above property. Of¬
fice—729-15th Street, N. W., Washington, D. C. Under¬
Service

.

Securities,

Inci,

Washington,

C.

holders. Price—By amendment. Business—The company

provides scientific research, engineering consulting and
development services to the Armed Services, U. S. Gov¬
ernment agencies and private industry. Proceeds—For
purchase,.of building sites* 'expansion, and -working cap¬

ital.

Office—429

Atlantic

St:, Stamford, Gonn. Under¬
writer—Dominick & Dominiek, New York. Offering—•
Expected in early September.
Dynamic Gear Co., Inc.
June 29, 1961 filed 125,000 common shares of which 100,000 shares are to be offefred ;by the company and 25,000
■

shares by a stockholder. Price —
facture
of
precision instrument

$3. Business

—

Manu¬

Proceeds—For
purchase and rebuilding of automatic gear-cutting ma¬
chines,1 prepayment of a note, inventory, a new plant
and for general corporate purposes.
Office—175 Dixon
Avenue, Amityville, N. Y. - Underwriters—Flomenhaf,
Seidler & Co., Inc. and Lomasney, Loving & Co., New
gears.

York (managing).

Dynamic Toy, Inc.
June 30, 1961 ("Reg. A") 81,000 common shares (par 10
cents). Price—$3. Business — The manufacture of toys.
Proceeds—For advertising, development of new products
expansion and working capital. Address—109 Ainslie St.,
Brooklyn, N. Y. Underwriter—Hancoclf Securities Corp.,
New York. Offering—Expected in September.
~r
E. C. P.

I., Inc.
June 14, 1961 ("Reg. A") 52,500 common shares (par 25
cents). Price—$5.50. Business—The training of person¬
nel to operate IBM electronic computers and punch card
tabulating equipment.
Proceeds — For expansion and
working capital. Office—116 W. 14th Street, New York.
Underwriter—Stern, Zeiff & Co., Inc., New York.
Eastern Air Devices, Inc.
June 16, 1961 filed 150,000 common shares
-

for

to be offered

subscription by :c6mmon [stockholders of
Petroleum Corp., parent, on the basis of one




Crescent
share for

:

■'

Inc.

Noel &

Co., New York (managing).

Fairfield Controls,

Inc. (8/7)
May 19, 1961 filed 150,000 shares of common stock. Price
—$1 per share. Business—The manufacture of electronic
solid

state

controls designed by the company's
specifications supplied by customers.
Proceeds—For equipment, repayment of a
loan, inven¬
tory, advertising and working capital. Office—114 Man¬
power

engineers

from

hattan

Street, Stamford, Conn. Underwriters—Globus,
Inc., and Lieberbaum & Co., both of New York City.
Fairmount Chemical Co., Inc.

June 28, 1961 filed 150,000 common shares of which
125,000 shares are to be offered
by the company and 25,000

shares by stockholders.
—The

manufacture

Price—By amendment,

of

chemicals.

Business

Proceeds—For

Electronic Instrument Co.,

pur¬

chase of

equipment and the repayment of loans. Office—
Street, Newark, N. J. Underwriter—Andresen & Co., New York.
117 Blanchard

Famous Artists Schools, Inc.

(8/3)
13, 1961 filed 336,625 common shares of which
100,000 will be sold by the company and 236,625 by
stockholders. Price
By amendment. Business
The
company provides home study courses in the visual arts,
writing and photography fields. Proceeds—For gen¬
eral corporate purposes. Office — 680 Fifth
Ave., New
York City.
Underwriter—Bear, Stearns & Co., New York
(managing).
June

•

—

Faradyne Electronics Corp.
30, 1961 filed $2,000,000 of

Jan.

6%

convertible

sub¬

ordinated debentures.

Price—100% of principal amount.
Business—The company is engaged in the manufacture
and distribution of high reliability materials and basic
electronic components, including

dielectric and electro¬
lytic capacitors and precision tungsten wire forms. Pro¬
ceeds—For the payment of debts and for woorking capital.
Office—471 Cortlandt Street, Belleville, N. J.
Under¬
writer— S.

D. Fuller Co. Note—July 11, the SEC insti¬
"Stop Order" proceedings challenging the accuracy
adequacy of this statement. A hearing on the matter

tuted
and

will be held Aug.

14.

Fashion Homes Inc.

1961 filed $600,000 of subordinated debentures

100,000 common shares and 100,000 five-year
(exercisable at from $4 to $8 per share) to be
offered for public sale in units of one $60 debenture,
10 common shares and 10 warrants. The registration also
covers 40,800 common shares. Price—$100 per unit, and
$6 per share. Business—The construction of shell homes.
Proceeds—For redemption of 8% debentures; advances
to company's subsidiary; repayment of loans; advertising
and promotion, and other corporate purposes. Office—
1711
N.
Glenstone, Springfield, Mo. Underwriters —

1971;

Inc.

"

June

28, 1961 filed 175,000 capital shares, of which 118,000 shares are to be offered by the company and 57,000
»ishares by a

selling stockholder.

Price—By amendment.
Business
The manufacture of electronic equipment.
Proceeds—For repayment of loans and general corporate
—

Dunlap & Associates, Inc.
June 30, 1961 filed 75,000 common shares, of which 60,000
will be offered by the company and 15,000 by stock¬

1

Galvan,

warrants

one

Shopping Center Limited Partnership
June 28, 1961 filed 269 units of limited partnerships in¬
construction

&

(8/14-18)
June 1, 1961 filed 209,355 common
shares, including 100,000 to be sold by the company and
109,355 by stockhold¬
ers.
Price—By amendment. Business—Installs electrical
and electronic systems in missile installations.
Proceeds
—For general corporate purposes.
Office—551 Mission
St., San Francisco, Calif.
Underwriter — Van Alstyne,

due

June

St., Chi¬

Duke

terests.

Ets-Hokin

Price

capital. Office
Underwriter —

Billings, Mont.

\

July 18,

Co., New York.

Electro-Temp Systems, Inc.

Underwriters—A. C. Allyn & Co., Chicago & Wes-

theimer &

Avenue,

shares.

common

Proceeds—For working

.

N. J. Underwriter—Burnham &

Price—$10.
Business—A small business investment company.
Pro¬
Office—30 N. La Salle

Grand

radar, missile and rocket industries. Proceeds—For the
selling stockholders. Office—600 Huyler St., Hackensack,

Drug & Food Capital Corp.
July 14, 1961 filed 500,000 common shares.

cago.

Electro-Miniatures' CorpV*'*J,"
19, 1961 ("Reg. A") 100,000 common shares (par 10

June

advertising, purchase of equipment and other corporate
purposes. Office—252 E. 3rd Street, Mount Vernon, N. Y.
Underwriters—J. R. Williston & Beane and Hill, Darling¬
ton & Grimm, New York (managing). •,

ceeds— For investment.

,

—

•

E. 16th

fund.

—

and

Corp. of America

•

($1).

par

None.

•

14, 1961 filed 108,971

equipment.

Industries, Inc.
("Reg. A") 24,059

stockholders

ferred for
June 5,

to

Corp.

amendment.

Bosworth, Sullivan & Co., Inc., and
Boettcher & Co., both of Denver, Colo, (managing).
June

1971

^

Edo

—

Diversified

convertible subordinated debentures due

consisting of one common share and
$10 of debentures. Price—By amendment. Business—
The operation of drug stores. Proceeds—To open 5 new
stores, repay loans and other corporate purposes. Office
—3665 Gandy Blvd., Tampa, Fla.
Underwriter—Courts
& Co., Atlanta
(managing).
•.
v

offer promise of growth and increased values. Proceeds
—For investment. Office—660 17th Street, Denver, Colo.

•

7%

be offered in units

May 15, 1961 filed 600,000 shares in the Fund. Price—
To be supplied by amendment.
Business—The Fund
will offer investors the opportunity to participate jointly
in large and diversified real estate investments which

Underwriters

Florida, Inc.
29, 1961 filed 90,000 common shares and $900,000

Underwriter—Courts &

ic Eternal Memorial Gardens
July 18, 1961 ("Reg. A") 275,000

Office—385 Central Avenue, Dover, N. H. Underwriters
Bros. & Co. and Gregory & Sons, New York

-

37

Office

purposes.

—

33-00

Northern Blvd., Long Island
& Co., New York

City, N. Y. Underwriter—Goodbody
(managing).
Electronic Products

1961

—Imminent.;

V;:".v C;'-,

Office—44
G.

School

Becker &

Street, Boston, Mass.

Underwriter—

Co. Inc., Chicago.

Empire Life Insurance Co. of America
March 14, 1961 (letter of notification) 30,000 shares of
capital stock (no par). Price—$10 per share. Proceeds—
To go to selling stockholders. Office—2801 W. Roosevelt
Road, Little Rock, Ark. Underwriter—Consolidated Se¬
curities, Inc., 2801 W. Roosevelt Road, Little Rock, Ark.
Enterprise Hotel Development Corp.
May 19, 1961 filed 242,000 shares of common stock and

(par $100) to be offered
for public sale in units of one preferred and 25 common
shares.
Price—$150 per unit. Business—The company
was
formed by the Commonwealth of Puerto Rico to
build and own a luxury, beach-front hotel in San Juan.
9,680 shares of preferred stock

The hotel will

be operated

under a 30-year lease by a
subsidiary of Sheraton Corp. of America. Proceeds—For

construction.

turce, P. R.

Federal

8,

Office—1205 Ponce de Leon Avenue, San-

Underwriter—None.

Equitable Leasing Corp.
June 19, 1961 ("Reg. A") 90,000 common shares (par 25
cents) to be offered for subscription by stockholders.
Price—$2. Proceeds — For advertising and promotion,
legal and audit fees, and working capital. Office—247

Factors,
filed

1961

Inc.

$700,000

(8/10)
of 6V2%

convertible

sub¬

ordinated debentures due 1976 and 70,000 shares of com¬
mon stock.
Price—To be supplied by amendment. Busi¬
finance

ness—A

and

company.

Proceeds—To

repay

loans,

for

working capital. Office—400 S, Beverly Drive,
Beverly Hills, Calif. Underwriters—Thomas Jay, Win¬
&

Co., Beverly Hills, Calif.; Maltz, Greenwald &
New York, N. Y.

Co. and Globus, Inc.,
Federal
June

Manufacturing &

Engineering Corp.

1961 filed 535,002 common shares of which
92,782 shares will be offered for subscription by stock¬
30,

holders

Empire Fund, Inc.
June 28, 1961 filed 1,250,000 shares of capital stock to be
offered in exchange for blocks of designated securities.
Business—A "centennial-type" fund which plans to offer
a tax free exchange of its shares for blocks of corporate
securities having a market value of $20,000 or more.
A.

•

May

ston

Corp.

(letter of notification) 100,000 shares of
common stock
(no par). Price—$2 per share. Office—•
4642 Belair Rd., Baltimore, Md. Underwriters—Bertner
Bros, and Earl Edden & Co., New York, N. Y. Offering
May 11,

Globus, Inc. and Ross, Lyon & Co., Inc., New York.

and

basis of 1

on

92,782

shares

share for each 5 shares held,

new

offered

for

subscription

stock¬

by

holders of Victoreen Instrument Co., parent firm, on the
basis

of

one

new

Proceeds—For

share

the

for

each Victoreen

share held.

repayment of bank loans and other

Office—1055 Stewart Ave., Garden
City, N. Y. Underwriter—None.
corporate

purposes.

Federal Tool & Manufacturing Co.
June

12, 1961 filed 300,000 outstanding common shares.
$5. Business—The manufacture of short-term
stampings out of metals. Proceeds—For the selling stock¬
holders. Office—3600 Alabama Ave., Minneapolis. Un¬
Price

—

derwriter—Jamieson & Co.,
Fifth

Dimension Inc.

Minneapolis.

(8/3)

May 25, 1961 filed 60,000 shares of common stock. Price
—To be supplied by amendment. Business—The design,

development, manufacture and sale of precision instru¬
for measurement and control applications.
Pro¬
ceeds— For research
and new product development.

ments

Office—P.
Milton D.
First
June

O.

Box

Blauner

Underwriter(managing).

483, Princeton, N. J.
&

Co., Inc., New York

Mortgage Fund

1961 filed 1,000,000 shares of beneficial inter¬
$15. Business — A real estate investment
Office—30 Federal St.,
Boston. Underwriter—Shearson, Hammill & Co., N. Y.
ests.

12,

Price

—

trust. Proceeds—For investment.

Offering—Expected in
First

June

National

September.

v

.

y

f

x

Real Estate Trust

6, 1961 filed 1,000,000 shares of

L*\

{

beneficial interest

Continued

on

page

38

I

i

:,38

The Commercial and Financial Chronicle

(406)

.

,

.

Thursday, July 27, 1961

I
Continued

Gar Wood truck bodies and equipment in

from page 37

in the Trust.

Price—By amendment. Business—Real

es¬

tate investment. Office—15 William

St., New York. Dis¬
tributor—Aberdeen Investors Program, Inc., New York.
First

of

Oct.
f

Business

Small

Investment

common

stock. Pri©«

—$12.50 per share. Proceeds — To provide investment
capital. Office—Tampa, Fla. Underwriter—None.

Surety Corp. (8/4)
May 31, 1961 filed 754,730 outstanding shares of capital
stock to be offered for sale by stocknolders.
Price—By
amendment. Business—The company owns Surety Sav¬
ings & Loan Association, a California corporation; op¬

%
k

erates

deeds

insuranec

an

agency,

Office—237

trust.

of

and acts

as

a

trustee under

Olive

Ave., Burbank, Calif.
Underwriter—Dempsey-Tegeler & Co., St. Louis (man¬
aging).

I,

i*

Fischbach

June

&

Inc.

Moore,

•

at

&

Address

resort.

buildings, industrial plants and missile, radar

June 16, 1961
for

Realty Fund (8/21)
April 21, 1961 filed 2,000,000 shares of participation in
the Fund. Price—$10 per share. Business—A new real
Proceeds

trust.

—

For

investment.

Office—Highway 44 and Baldwin Blvd., Corpus Christi,
Distributor—Flato, Bean & Co., Corpus Christi.

i. S

Texas.

Flora

J'

May

•

Candy Corp.
1961 (letter of notification)

24,

common

>

loans; working capital, and expan¬

sion.

Office—1717 Broadway, Brooklyn, N. Y.
Under¬
writers—Security Options Corp.; Jacey Securities Co.
and Planned Investing Corp. all of New York City.
Florida

Capital

Corp.

June 23, 1961 filed 488,332 common shares to be offered
for subscription by stockholders on the basis of one
new

share

shares held. Price—By amend¬
small business investment company.

Business—A

ment.

r.4

for each two

Proceeds—For investment. Office—396 Royal Palm Way,
Palm Beach, Fla. Underwriter—A. C. Allyn &

Co., New

York

Foamland

^

'

U.

June

S.

A., Inc.
filed 150,000

22, 1961
common shares, of which
90,000 shares are to be offered by the company and
60,000 shares by the stockholders. Price—$5. Business—

" |i

.

(managing).

The manufacture and retail sale of household furniture.
Proceeds—For acquisition of new stores, development of

i
'

furniture

items, working capital and other corpo¬
rate purposes.
Office — Cherry Valley Terminal Road,
West Hempstead, N. Y. Underwriter — Fialkov & Co.,
Inc., New York (managing); Offering—Expected in early
September.
new

"

*

if
'
i

*

C!
i

.

•,

$

"'i
:>

\.

shares. The debentures

are to be offered
by the company
and the stock by stockholders. Price — By amendment.
Business *— The processing of photographic films; the

wholesaling of photographic supplies and the develop¬
ment and sale of film processing. Proceeds — For con¬
struction of a new plant, purchase of equipment, mov¬
ing expenses and for other corporate purposes. Office—
1874 Washington Ave., New York. Underwriters—Shearson, Hammill & Co., and Emanuel, Deetjen & Co., New
York. Offering—Expected in September.

j\\

Fox-Stanley Photo Products, Inc.

t-

March

29, 1961 filed 387,500 shares of common stock
(par $1) of which 50,000 shares are to be offered for
public sale by the company and 337,500 outstanding

; i
//'
' \\

,

4s

shares by the present holders thereof. Price—To be
sup¬

plied by amendment. Business—In May 1961 the
pany plans

to take

over

com¬

the businesses of The Fox Co.,

San

Antonio, Tex., and the Stanley Photo Service, Inc.,
St. Louis, Mo., which are now engaged in the processing

:*l

of
photographic films and the sale of photographic
equipment. Proceeds—For working capital and possible
future acquisitions. Office—1734
Broadway, San Antonio,
Tex. Underwriter—Equitable Securities Corp.,
Nashville,
Tenn. Offering—Expected in mid-August.

w

new

of

ventory, equipment and working capital. Office—12414
Exposition Blvd., West Los Angeles, Calif. Underwriters
Coast Securities Co. and Sellgren, Miller &

—Pacific

Co., San Francisco.

offered in

units, each unit consisting of one class A
two-year warrant. Price—$3.50 per unit.
manufacture of a spraying machine.
Office—156 Katonah Ave., Katonah^ N.Y-. Underwriter—
Ross, Lyon & Co., Inc., New York (managing). '
Instrument

Corp.

erals

metals

and

for

electronic, metallurgical and
Proceeds — For repayment of

,

.

shares

the

—

stockholders.
manufacture

Proceeds—For repayment

-

Price —By

amendment.

scientific

instruments.

of

of loans, expansion and work¬

(William)

Co., Boston, Mass.

•

1,250,000 shares of common stock.
To be supplied by amendment. Business — The
company is licensed as a small business investment con¬
Proceeds—For investment. Office—Esperson Build¬
ing, Houston, Texas. Underwriters—Harriman Ripley &
Co., New York City and Underwood, Neuhaus & Co.,
Inc.,. Houston (managing). •.

•

shares to be offered in 30,000 units each
of debentures (with warrants) - and
three common shares. Price—By amendment. Business-^The manufacture, of helicopters. Proceeds—For redemp¬

6, 1961 filed 105,000 shares of common of which
80,000 shares are to be offered by the company and 25,000 shares by a stockholder. Price — By amendment.
Business—Company manufactures dental supplies. Pro¬
ceeds—For repayment of a bank loan and general cor¬
porate purposes. Office—7512 S. Greenwood Ave., Chi¬
cago. Underwriter—Bacon, Whipple & Co., Chicago.

of

$50

of preferred stock,
construction, purchase-of ma¬
chinery and equipment, furniture and fixtures and work¬
ing capital. Office—St. James, L. I., N, Y. Underwriter

tion

—Harriman
Harn

June

Corp.

June

Ripley .& Co., New York (managing).

Corp.

20, 1961 filed 150,000

common

tii

Giannini

Scientific

Corp.

of notification) 30,000
10 cents).
Price — $10

1961

derwriter—Kidder. Peabody &

improvements, and working capital. Office—
St., Cleveland. Underwriter—J. R. Willistoh
Beane, New York (managing).

1800 E. 38th

(letter

shares of
common
stock (par
per share.
Business—Research, development and manufacturing in
technological fields.
Proceeds — For general corporate
purposes. Office—30 Broad Street, New York, N. Y. Un¬
27,

Co., Inc., New York, N. Y.

Offering—Imminent.

&

Harper

(H. M.) Co. (8/10)
15, 1961 filed 180,000 common shares (par $1) of
which 150,000 shares will be sold by the
company and
30,000 shares by stockholder. Price
By amendment.
June

—

Business—The manufacture

of

stainless

steel and nonferrous corrosion resistant fasteners and parts. Proceeds

•
Hathaway Instruments, Inc.
May 5, 1961 filed 351,280 shares

writer—None.

Nicollet Avenue,

Minneapolis, Minn. Under¬
writer—Continental Securities, Inc., Minneapolis, Minn.

m

•

Frontier

March 16,

Airlines, Inc.

(8/21)

1961 filed 250,000 outstanding shares of com¬

stock. Price—To be supplied by amendment. Busi¬
ness—The transportation by air of
passengers, property
and mail between 66 cities in 11 states. Proceeds—For
the selling stockholders.
Office
5900 E. 39th
mon

Ave.,

—

Denver, Colo. Underwriter—To
•

-1

be named.

G-W

Ameritronics, Inc. (8/21)
25,, 1961 filed 80,000 shares of common stock and
160,000 warrants to purchase a like number of common
shares, to be offered for public sale in units, each con¬
sisting of one share of common stock and two warrants.
Jan.

$
"'if

r •'

an

leasehold
•

Feb.

and distribution of

stock

fice—6519

til

shares of which

undisclosed number will be offered by the company for
subscription by stockholders and the balance (amount¬
ing to $300,000 after underwriting commissions) by a
stockholder. Price—By amendment. Business—The man¬
ufacture of products for baby care such as
quilts, pil¬
lows, knitted garments, etc. Proceeds—For the repay¬
ment of loans, purchase of raw materials and
equipment,

Proceeds—To repay debt, purchase additional
equipment,
for research and
development, and working capital. Of¬

/?'!

?

(8/28-9/1)

150,000 shares of
(par five cents). Price—$1.15 per share.
Business—Manufacture of family recreation equipment.
common

Mi

subordi¬

(with attached warrants) and

common

consisting

•

.

(7/31-8/4)

filed

1961

nated debentures due 1976

.

ing capital. Office—140 Van Block Ave., Hartford, Conn.
Underwriter—Estabrook &

Getz

19,

—

90,000

The

by

Business

indebtedness, construct

if Gyrodyne Co; of America, Inc.
July 13, 1961 filed $1,500,000 of convertible

.

July 14, 1961 filed 78,000 common shares, of which 60,000
shares are to be offered by the company and 18,000

To reduce

cern.

First Philadelphia Corp.,

—

—

Gulf-Southwest Capital Corp.

May

loans, purchase of equipment, expansion, working capital
and other corporate purposes. Office—110-116 Beekman
St., New York. Underwriter

Proceeds—For

V.-f'

....

Price
.

the

New York.

specialized children's shoes.

molds, construction and working capital. Address
—Route 2, Box 129, Mount
Gilead, N. C. Underwriter—

(managing). Offering—Expected in late July./

22, T961^("Regr A") ^125,000 common shares (par
cent). Price—$1. Business—The preparation of min¬

geoscientific industries.

Business—The man-

new

The

Geoscience

of

$100 debenture for

one

Price—At par.

ifice—Suite 418, Albert Bldg., San Rafael, Calif. Under¬
writer—Pacific Coast Securities Co.„San Francisco, Calif,

one

—

the basis of

on

convertible subordi-

1970 to be offered for subscription

apartment units, buy land, and for working capital. Of-

June
one

nated debentures due

business. Proceeds

Inc.

23, 1961 filed 90,000 class A common shares and
warrants to purchase 90,000 class A common shares to
and

if Gro-Rite Shoe Co., Inc.
July 21, 1961 filed $500,000 of 6%

Growth Properties
"May 9, 1961 filed 100,000 shares of common stock. Price
—To be supplied by amendment. Business—The com¬
pany plans to engage in all phases of the real estate

June

Business

(8/8)

Growth, Inc.
■' rf
May 17, 1961 (letter of notification) 100,000 shares of
common stock
(par $1). Price—$3 per share. Address—
Lynn, Mass. Underwriter—Mann & Creesy, Salem, Mass.

Plastics Corp.

Spray Service,

Co.

None.

Wells

20, 1961 ("Reg. A") 60,000 common shares (par
$1). Price—$5. Proceeds—For repayment of loans, in¬

share

(M. J.)

ufacture

v

June

be

Greene

by stockholders

stock and working capital.
St., Chicago, 111. Underwriter —
Fishman, Inc., 134 S. La Salle St., Chicago, 111.

General

t

Arizona

—For

Frederick-Willys Co., Inc.
1961 (letter of notification)

,'1?

Each warrant will entitle the holder thereof to
purchase
one share of common stock at
$2 per share from March
to August 1961 and at $3 per share from

September 1962

to February 1964.

•r]i|

/

(par

50

General

-

purposes.

each 60 shares held.

June

Divine &

corporate

writer—Hess, Grant & Remington, Inc., Philadelphia.
•'

'

N.

common shares. Price—$5.
investment. Proceeds—For gen¬

320,000

estate

14, 1961 ("Reg. A") 75,000 common shares (par
10 cents).
Price—$4.
Proceeds — For expansion, and
working capital. Office—14 Wood St., Pittsburgh. Under¬

Inc.

purchase

filed

Gibbs
(T. R.) Medicine Co., Inc.
May 26, 1961 filed 110,000 shares of class A stock. Price
—$3 per share. Business—The manufacture, marketing

April 20,

kf

k

the basis of one new
Price—By
Proceeds—For expansion and other corpo¬

equipment,

.

■June

on

30, 1961 ("Reg. A") 100,000 common shares
cents). Price—By amendment.
Proceeds—For

" '

Mortgage Co.; '
May 1, 1961 (letter of notification) 100,000 shares df
common stock
(par $1). Price—$3 per share. Proceeds
—For working capital. Office—Mayer Central Building,
Suite 115, Phoenix, Ariz. Underwriters—Henry Fricke
Co., New York, N. Y. and Preferred Securities, Inc.,
Phoenix, Ariz.
•
V-//
•

-

Gerber Scientific Instrument Co.

June 29, 1961 filed $3,500,000 of convertible subordinated
debentures due 1981 and 262,500 outstanding common

■

filed 348,400 common shares to be offered

General Photos,

"

{

—

Office—8500 W. Capitol Drive, Milwau¬
kee.
Underwriter—Piper, Jaffray & Hopwood, Minne¬
apolis (managing).

Fotochrome Inc.

*

-

•

Underwriter—Shields

.

purposes.

stock

—For repayment of

*

1961

20,

and

corporate

Realty Corp.

Greater

share for each two and one-half shares held.

Office —130

85,700 shares of
(par 10 cents). Price—$3.50 per share.
Business—The manufacture of candy products. Proceeds

i'S

ii. f/.

>f

Mir

Underwriters

Tenn.

manufacture of boys

Office — 112 Powers Bldg.,
Rochester, N. Y; Underwriter—George D. B. Bonbright
-& Co., Rochester, N. Y.

Corp., Nashville, and Davidson &

subscription by stockholders

rate

(managing).

Ffato

investment

Gatlinburg,

(I.)

Business—Real

eral

General Life Insurance Corp. of Wisconsin

amendment.

estate

—

Cumberland Securities

The

—

Pa.
(managing). "

Co., New York

June
-

if Gatlinburg Ski Corp.
July 14, 1961 ("Reg. A") 145,000 common shares (par
$1).
Price—$2.
Proceeds—For development of a ski

Underwriter—Allen & Co., New York
•

(8/14)

Street, New York City. Underwriter—J. R. WilBeane, New York City (managing).

and power plant installations. Proceeds—For the selling
stockholders.
Office — 545 Madison Ave., New York.
v

&

Lambert, Miss., and for working capital. .Office—112

W. 34th
liston

Business

Office—Robesonia,

purposes.

May 29, 1961 filed 120,000 shares of common stock. Price
—$6.50 per share. Business—The manufacture of men's
and boys' sport shirts. Proceeds—To equip a new plant

29,

office

Philadelphia, Pa. Note—
name to G-W Indus¬

Gordon
Inc.

Garan

filed

1961

mens' knitted sweaters. Proceeds—For general

Un¬

change its

Co., Inc., Knoxville, Tenn.

1961 filed 50,000 outstanding common shares.
Price—By amendment. Business—Electrical contracting
on

derwriter—Fraser & Co., Inc.,

30,

amendment.

tries.

Tampa, Inc.

6, 1960 filed 500,000 shares of

First

■h

Kensington and Sedgley Avenues, Philadelphia, Pa.

(8/28-9/1)
125,000 common shares. Price—By

Gloray Knitting Mills, Inc.

June

•

—

This company plans to

Company

•

Pennsylvania,

Delaware, and New Jersey, under an exclusive franchise.
Proceeds
For general corporate purposes.
Office—•

Price

—

$4

per

unit Business

—

The

company
(formerly
Gar
Wood
Philadelphia
Truck
Equipment, Inc.), distributes, sells, services and installs

it!




—For

proprietary drug products. Proceeds
advertising and general corporate purposes. Of¬

fice—1496

H

Street, N. E., Washington, D. C.

Gilbert Youth Research,

May 29,

1961

filed 65,000

Under¬

Inc.

shares

of

common

stock,

of

which 50,000 shares are to be offered for public sale by
the company and 15,000 outstanding shares by the pres¬
ent

stockholder.

Business

does

—

The

telephone

Price—To be supplied by amendment.
company

sales

conducts

promotion

and books which are related to

or

consumer

and

research,

prepares

articles

relate to merchandis¬

working capital. Office—8200 Lehigh Ave., Mor¬
—
Blunt Ellis & Simmons,
Chicago.

ton

Grove, 111. Underwriter

Hazeltine

Investment

and

of

chinery and equipment, research and laboratory product
development, sales program, advertising, working capi¬
tal and other corporate purposes.
Office—102 Hobart
Street, Hackensack, N. J. Underwriter—Winslow, Cohu
& Stetson, New York (managing).

of

design, manufacture and sale of electric
recording instruments. Office—2401 E. Second
.Avenue, Denver, Colo. Underwriters—Bear, Stearns &
Co. and Wertheim & Co., New
York, N. Y. Note—This
statement will be withdrawn. The
company is expected
to merge with Lionel
Corp. Stockholders are to vote on
the merger Sept. 7, 1961.

New York

if Girder Process, Inc.
*
July 21, 1961 filed 80,000 class A common shares. Pried—
$5.25. Business—The manufacture of adhesive bonding
films and related products. Proceeds—For acquisition of
a
new
plant, purchase and construction of new ma¬

stock,

Business—The

June 5, 1961 filed

Underwriter—McDonnell & Co., N. Y.

common

power

ing advice to the teenage youth and student fields. Pro¬
ceeds—For working capital. Office—205 E. 42nd Street,
City.

of

which up to 90,000 shares are to be offered for
public
sale by the present holders thereof and the balance
by
the company.
Price — At-the-market at time of sale.

13,000

Corp.
13,000 5% preferred shares ($100 par)

common

shares to be offered for sale in units

preferred and one common share. Price—$101
unit. Business—The acquisition and development of

one

per

real

estate.

Proceeds

For
investment, repayment of
debt, and wdrking capital. Office—660 Grain Exchange,
Minneapolis. Underwriter—None.
—

it Hexagon Laboratories, Inc.
1961 filed $540,000 of 6% convertible subordi¬

July 20,
nated

debentures

to

offered

be

and

50

in

common

due

units

1976

and

90,000

common

shares

consisting of $300 of debentures
shares. Price—$500 per unit. Business

Volume

194

Number 6076

.

.

.

The Commercial and Financial

Chronicle

(407)
—The

manufacture of medicinal

chemicals.

Proceeds—

For

equipment, expansion, repayment of loans

ing

Industrial

capital.

and work¬

June 28,

Office—3536 Peartree Avenue, New York.
Underwriter—Stears & Co., New York

(managing).

•

Hickory

March

9,

Industries,

1961

(letter

loans. Office—1403 E. 180th
St., New York 69, N. Y. Un¬
derwriter—R. F. Dowd & Co.,

of

Inc., New York.

Manufacturers of barbecue machines and allied
equipment. Proceeds
For general corporate
purposes.
Office—10-20 47th Road, Long Island
City, N. Y. Underwriter—J. B. Coburn Associates.
Inc., New York, N. Y.
ness

—

Industrial

—

•

Note—This

Hi3co
June

-

:>

issue is

Homes

30,

ordinated

material

convertible

195,000

•

sub-

common

shares to be offered for public sale

;

in 6,500 units, each
consisting of one $100 debenture and 30 common shares.
Price—By amendment. Business—The manufacture of

July 10, 1961 filed 740,000 common capital shares. Price
—Net asset value plus a sales
charge of up to 8J/2%.

pre-cut homes and components in the heating, plumbing
kitchen equipment fields. Proceeds—To
organize a

Business

A mutual fund. Proceeds
For investment.
Office—400 Utah Savings
Bldg., Salt Lake City. Under¬
writer—None.
"

and

finance

new

subsidiary, for plant expansion, and for
capital. Office—70th St., and Essington Ave.,
Philadelphia. Underwriter—Rambo, Close & Kerner, Inc.
Philadelphia.
•

Hoffman

July

,

18,

International

1961

filed

Instrument Systems Corp.

struments

7%

convertible

dinated debentures due 1973 to be offered for
subscripon the basis of $100 of debentures
for each 25 shares held. Price—At
par. Business—The
of

pressing

and

tal..

Office—107

purposes.

writer—J.

R.

Houston

Office—129-07

18th

Avenue,

D.

College

Blauner

&

Point,

.

Dynamics Corp. (8/25)
("Reg. A") 200,000 common shares.

July 18, 1961
Price
—$1.50.
Business—The manufacture of electronic and
electro-mechanical devices used to determine the ac¬
of aircraft flight instruments.

curacy

Corp.

idge Avenue,

Office—170

Englewood, N. J. Underwriter

International Parts Corp.
June 20, 1961 filed
300,000 outstanding class A

working

capital

and

The

operation of a
Proceeds—For expan-

—

general

corporate

shares

purposes.

Office—First Federal Bldg., St. Petersburg, Fla. Under¬
writers—Blyth & Co.. Inc., Lehman Brothers and Allen

ment.

&

Howe

Plastics

March

29,

Chemical

Business—The manufacture of plastic items.
For

the

repayment of

motion;

expansion

aril
was

centers

debt; advertising and sales pro¬
working capital.
Office—4077

and

Utah.

For

expansion, working capital and other corporate pur¬
Office—111 Eighth Ave., New York. Underwriters
—Lehman Brothers and Shearson, Hammill &
Co., New
York (managing).
•

com.

stock

cents).

Price—$2.50

per share. Proceeds—To further the corpo¬
rate purposes and in the
preparation of the concentrate

St., Van Nuys, Calif. Underwriters—Thomas Jay, Wins¬
Co., Inc., Beverly Hills, Calif, and Maltz, Green-

ton &

enfranchising of bottlers, the local and national pro^
motion
and
advertising of its beverages, and where
nececsarv to make loans to such
bottlers, etc. Office—•
704 Equitable
Building, Denver, Colo. Underwriter—
Industrial Securities Corp., Denver, Colo. Offering—
Expected in September.

wald &

& Son,

Inc.

125,000 by stockholders. Price—By amendment. Business
—The publishing of textbooks on business and economic
subjects. Proceeds — For working capital and general

(9/5-8)

private swimming pools and the sale of pool equipment.
Proceeds—-To reduce' indebtedness, to buy equipment,
and for working capital.
Office—Montvale, N. J. Un¬
derwriter—Amos Treat & Co., Inc., New York City.

filed

100,000 outstanding common shares
Price—By amendment. Business—The manu-,

(par $10).

facture of metal and plastic fasteners,
gear-cutting tools,
measuring instruments, etc. Proceeds—For the selling
stockholders. Office—2501 N. Keeler Ave., Chicago. Un¬

derwriter—White, Weld & Co., New York (managing).
Offering—Expected in early September.
Income Planning Corp. (8/8)
29, 1960
(letter of notification)

Dec.

cumulative

of class A

preferred

stock

stock

common

consisting
a

of

common.

new

one

Price

-

Office—1818 Ridge Road, Homewood,
Underwriter—A. G. Becker & Co., Inc., New York

111.

purposes.

(managing).

—Net asset value plus 8%% sales
commission. Business
—A mutual fund. Proceeds—For

Wall
tors

investment. Office—52

St., New York. Underwriter—Jefferson
Corp., New York.

Distribu¬

• Johnstown Equipment Co.
July 19, 1961 ("Reg, A") $50,000 of 6^% debentures
due Aug. 1, 1966 to be offered in
denominations of $100
Price—At par.

Proceeds—For repayment of debt.

Underwriter—None.

•

Jolyn Electronic Manufacturing Corp. (8/30)
April 24, 1961 (letter of notification) 65,500 shares
stock

common

(par

one

cent).

Price

repayment of

a

porate purposes.
N. Y.

$3

—

Business—The manufacture of machine
drift meters, sextants and related Items.

tool

of

share.

per

products,

Proceeds—For

loan, working capital, and general cor¬
Office—Urban Avenue, Westbury, L.
I.,

Underwriter—Kerns, Bennett & Co., Inc., New

York, N. Y.
•

Kane-Miller Corp.

(8/14-18)

May 17, 1961 filed 120,000 shares of

—$5 per share.
and

common

stock.

Price

Business—The company is a wholesaler

distributor of

grocery products to institutions, res¬
taurants, steamship lines and the like. Proceeds—For
inventory, and working capital.
Office
81
Clinton
Street, Yonkers, N. Y. Underwriters—Netherlands Secu¬
rities Co.,
Inc., and Seymour Blauner Co., both of New
York City and J. J. Bruno &
Co., Pittsburgh, Pa.
Keller

Corp.

June 29, 1961 filed
$1,200,000 of 6%% convertible sub¬
ordinated debentures due 1968. Price—At
100%. Busi¬
ness—The development of land, construction of homes
and

related activities

ment

of

in Florida.

debt, acquisition of

Proceeds—For

repay¬

Yetter

Homes, Inc., and
general corporate purposes. Office—101
Bradley Place,
Palm Beach, Fla.
Underwriter—Casper Rogers & Co.,
Inc., New York (managing).

shares

of

(no par) and 10,000 shares

8, 1961 Qled
share, payable

share

of

preferred

and

two

$40 per unit.

Proceeds—To
branch office, development of business and

for, working capital. Office—3300 W. Hamilton Boulevarld. All en town. Pa. Underwriter—Espy & Wanderer,
'Inc., Teaneck, N. J.
"

1,250,000 ordinary shares. Price—$1

Industrial
1961

Electronic

filed

$1,000,000 of 6%

company

Aug. 1, 1976 to be offered by the
shares by the
50c). Price—For debentures—100%;

and 25,000 outstanding common

stockholders

(par

stock—By amendment.

of basic

Business—The manufacture

component parts for the electrical and electronic

e^ninment industry.
tory, introduction of

Proceeds—For

expansion,

inven¬

New York.

"Isras"

Israel-Rassco

Investment Co.

Ltd.

March

27, 1961 filed 30,000 shares of ordinary stock.
Price—$62 per share. The company may, but is not ob¬
ligated to, accept payment in State of Israel bonds. Pro¬
the construction of hotels, office
buildings,
housing projects and the like. Office—Tel Aviv, Israel.

Underwriter—None.

]

•

Ivest

Fund, Inc.

Feb. 20, 1961 filed 150,000 shares of common stock. Price
—Net asset value at the time of the offering. Business
—

A

non-diversified,

whose stated
—For

open-end investment company,
objective is capital appreciation. Proceeds

investment.

Office

—

One

State

Street,

Boston,

Realty Co.
June 16, 1961 filed $6,780,000 of limited
partnership in¬
terests to be offered publicly in units.
Price—$10,000
per unit. Business—Real estate. Proceeds—For working
capital and possible acquisitions. Office—1440 Broadway,
New York. Underwriter—None.

of




'

-

monwealth

Ave., Boston, Mass. Underwriter—Shearson,
(managing).

Hammill & Co., New York

King's Office Supplies & Equipment, Inc.
July 5, 1961 ("Reg. A") 65,000 common shares (par $1).
Price—$2. Proceeds—For inventory and working capital.
Office—515-5th

St.,

Santa Rosa, Calif. Underwriter
Co., San Francisco.

—

Pacific Coast Securities
Kirk

(C.

F.)

Laboratories,

Inc.

(8/16)

16,

ticals. Proceeds—For repayment of a
loan,
installation
of
equipment, development
new

purchase and

and promo¬
products and for working capital. Office—

^ Kleber Laboratories, Inc.
July 17, 1961 ("Reg. A") 150,000
two

cents).

Price

common

shares

(par

of
debt, equipment, research and development, and work¬
ing capital. Office—215 S. La Cienga Boulevard, Beverly
—

$2.

Proceeds

—

For

repayment

Hills, Calif. Underwriter—D. E. Liederman & Co., Inc.,
New York.

*

Krystinel Corp. (8/7)
April 12, 1961 filed 90,000 shares of class A stock. Price
—$2.50 per share. Business—The company produces ferrites, which are ceramic-like materials with magnetic
properties, and conducts a research and development
program for ferrite products. Proceeds—For the repay¬
ment of a loan, research and development, new equip¬
ment and working capital. Office—P. O. Box 6, Fox Is¬

land
&

Jackson-Commerce

fering—In early September.

.purposes.

.

King's Department Stores, Inc. (9/13)
July 12, 1961 filed 500,000 common shares (par $1) of
which 250,000 shares are to be offered
by the company
and 250,000 shares by the stockholders.
Price — By

•

•
Jaymax Precision Products, Inc. (7/31-8/4)
July 5, 1961 ("Reg. A") 75,000 common shares (par 10
cents). Price—$4. Proceeds—For construction, purchase

products and general cornorate

City.

521 W. 23rd Street, New York.
Underwriter—Hill, Dar¬
lington & Grimm, New York (managing).

Herzlia, Israel. Ad¬
Underwriter—Brager & Co.,

Office—109 Prince Street, New York. Under¬
writer—S. D. Fuller & Co., New York (managing). Of¬

new

etc.
Proceeds—For general corporate purposes. Office—Neenah, Wise. Underwriter—Blyth & Co., Inc., New York

struction and operation of a hotel at
dress—Tel Aviv,
Israel.

convertible subor¬

dinated debentures due

facture of white paper, cellulose
wadding products,

tion of

Underwriter—Ivest, Inc., One State Street, Boston. Of¬
fering—Expected in September.

Hardware Corp.

Kimberly-Clark Corp. (8/8)
July 12, 1961 filed $30,000,000 of sinking fund debentures
due 1986. Price—By amendment. Business—The manu¬

in cash or State of Israel bonds.
Business—The operation of hotels. Proceeds—For con¬

.

June 29,

Office—1420 K Street, N. W., Washing¬
Underwriter—Hodgdon & Co., Inc., Washing¬

1961 filed 100,000 common shares. Price—By
amendment Business—The manufacture of pharmaceu¬

Israel-America Hotels, Ltd.
June

(par 10 cents) to be offered in

—-

ton, D. C.
ton, D. C.

June

ceeds—For

5,000

•

■hares of

corporate

per

Illinois Tool Works Inc.

For

Jefferson Growth Fund, Inc.
July 11, 1961 filed 1,000,000 shares of capital stock. Price

amendment. Proceeds—For expansion. Office—910 Com¬

(Richard D.), Inc.
July 10, 1961 filed 160,000 common shares of which
35,000 shares are to be offered by the company and

May 16, 1961 filed 75,000 shares of

common stock. Price
—$5 per share. Business—The construction of public and

Co., New York.

Irwin

,

(Edward H.)

Price—$5.

Proceeds—For production equipment,
repayment of loans and research. Office—13856 Saticoy

(par $1)

and

1961

Irvan

Ferromagnetics Corp. (8/30)
July 6, 1961 ("Reg. A") 40,000 common shares (par 50

I C Inc.

12,

k

poses.

\

Ihnen

^...

rights to expire about Aug. 20. Price—At par.
Business—Operation of department stores. Proceeds—

—

June 29. 1960 filed 600,0^0 shares of

open

M.

.with

Whitney & Co., Salt Lake City,
offering has been temporarily post-

Note—This

poned.

units

Office
H.

common stockholders on the basis of $100
of deben. for each 20 shares held of record
about Aug. 1

Proceeds—For general funds, including ex¬
Office—1750 South 8th Street, Salt Lake City,

Underwriter

Utah.

.

Fund, Inc., a new open-end diversified investment com¬
pany of the management type. Proceeds—For
organiza¬
tional and operating expenses. Office—52
Wall St., New
York City. Underwriter—None.

porate purposes.

•

•

common

scription by

pansion.

'

B

• Kent Washington, Inc.
July 19, 1961 filed 200,000 common shares; Price—$5.
Business—General real estate. Proceeds—For repayment
of loans,
working capital, construction and other cor¬

,
.

"Skyliner."

•

—

in

Inc., San Diego.

-

share. Business—The firm, which was organ¬
February, 1957, makes and wholesales products
and services for the
fiberglass industry, including par¬
ticularly fiberglass boats known as "HydroSwift" and

:

Underwriter

class

share. Business—The

Interstate Department
Stores, Inc. »•(8/1-20)
June 15, 1961 filed
$5,859,400 of convertible subordi¬
nated debentures due Aug.
1, 1981 to be offered for sub¬

underwriter.

as

per

July

42nd

per

withdrawn

in

•

(non-voting). Price—$10

company was organized under Delaware law in
January
1961 to sponsor the
organization of the Jefferson Growth

Ave., Riverside, Calif. Underwriter—Currier & Carlsen,

ized

.

stock

Avenue, Bronx 57, N. Y. Underwriter—J. T.-Mae& Co., New York, N. Y.
Note—J. I. Magaril & Co.

—$3

,

& Co.,

—

common

Price—By amend¬
replacement parts for auto¬

Colorado. Proceeds—For repayment of debts
and gen^fial
cprporafce,.purposes. Office—10391 Magnolia

Hydroswift Corp.

;

H.

stockholders.

Proceeds—For the selling stockholders.

W.

M.

—

Proceeds—

Oct. 20, 1960 filed 120,000 shares of common stock. Price

.

by

—

ic Interstate Bowling Corp.
July 25, 1961 filed 150,000 common shares. Price—$3.50.
Business
The acquisition and operation of
bowling

Park
•

sold

Place, Chicago.
Byllesby & Co., Chicago.

Companies, Inc.
(letter of notification) 40,000 shares of
(par one cent).
Price—At-the-market.

1961

stock

common

&

be

Business—The sale of

mobiles.

Co., New York. Offering—Expected in late August.

'

..

to

—4101

•

.

Cool-

Woodhill Inc., New York.

Price—By amendment. Business
pipe line system of natural gas.
sion,

.

Y.

(managing),
Co., Inc., Lieberbaum & Co., New York.

June 9, 1961 filed 583,334 common shares to be
offered
for subscription by holders of common and class A stock.

,

N.

Co.

Intercontinental

Ave., New York. UnderBeane, New York.

&

controls for the aircraft and electronics
Proceeds—For expansion and working
capi¬

M. L. Lee &

dry-cleaning equipment.

Fourth

Williston

Jefferson Counsel Corp.
(7/31)
March 13, 1961 filed 30,000 shares of

Address-^Johnstown, Colo.

and

Underwriters—Milton

Proceeds—For repayment of loans and
general corporate
"

(8/3)

(par 25 cents).
Business—The manufacture of precision in¬

industries.

subor¬

tion by stockholders

manufacture

—

June 28, 1961 filed
150,000 common shares

Corp.

$1,890,700

—

Price—$5.

Underwriter—Armstrong

•

each.

.f working
r

be

expenses,

Industry Fund of America, Inc.

•

'

to

(par

used in rocket motor cases.
Proceeds—
equipment and working capital. Office—
1025 Shoreham
Bldg., Washington, D. C. Underwriter
—Atlantic Equities Co.,
Washington, D. C.
For

Corp.

filed $650,000 of 6V2%
debentures due
1979
and

(letter of notification) 150,000 shares of
one cent). Price—$2 per share. Busi¬
manufacture of a new patented fiber
glass

stock

ness—The

being withdrawn.

1961

Materials, Inc.

April 27, 1961
common

15 Broad St., New York.
Inc., New York.

—

valves and allied products. Proceeds—For pro¬
inventory, working capital and repayment of

duction,

notification) 25,000 shares of
(par 10 cents). Price—$5 per share. Busi¬

stock

common

Price

gauges,

Inc.

Gauge & Instrument Co., Inc. (8/16)
("Reg. A") 75,000 common shares (par 10
$3.
Business — The sale of industrial

1961

cents).

39

equipment, inventory and working capital.

Office—

Road, Port Chester, N. Y. Underwriters—Ross, Lyon
Co., Inc., and Schrijver & Co., both of New York City.

•
Lafayette Realty Co. (8/2)
April 28, 1961 filed 129.3 limited partnership interests.
Price—$5,000 per interest. Business—The partnership
owns a contract to purchase the fee title to the Lafayette
Building in Detroit, Mich. Proceeds—To purchase the
above property.
Office—18 E. 41st Street, New York

City. Underwriter—Tenney Securities Corp., 18 E. 41st
Street, New York City.
Continued

on

page

40

40

Continued

The Commercial and Financial Chronicle

(408)

from

page

Underwriter—Francis I. duPont &

39

Co., New York (man¬

amendment.

aging).

Israal Oil Prospactors Corp. Ltd.
Oct. 27, 1960 filed 1,500,000 ordinary shares.
Price—T«
be supplied by amendment, and to be payable either
totally or partially in Israel bonds. Business—The com¬
pany was organized in October 1959 as a consolidation
of individual and corporate licensees who had been oper¬
ating in the oil business as a joint venture. Proceed*—
For exploration and development of oil lands. Office—
32
Rothschild
Blvd., Tel-Aviv, Israel. Underwriter—

"Lapidoth"

None.

ic Laurel Oak Corp.
July 20, 1961 ("Reg. A") 5,260 class A commonfcshares
(par 25 cents); and 1,000 class B common shares (no
par).
Price—$25. Business—The operation of golf and
recreational facilities.

construction,

Proceeds—For repayment of loans,

landscaping, etc.
Office—120
Kings Highway W., Haddonfield, N. J.
Underwriter —
Butcher & Sherrerd, Philadelphia.
equipment,

^ Leader Durst Tri-State Co.
July 21, 1961 filed $2,015,750 of limited partnership in¬
terests.
Price
$5,000 per interest. Business — A real
estate investment company.
Proceeds—For investment.
—

Office—41

E.

42nd

Street,

York.

New

Underwriter—

None.
•

International Corp. (8/14-18)
14, 1961 filed 125,000 common shares, of which
40,000 shares are to be offered by the company and
85,000 shares by stockholders. Price—By amendment.
Business—The leasing of trucks and cars. Proceeds—To
repay loans and for working capital. Office—9 Chelsea
Place, Great Neck, N. Y. Underwriter—Hayden, Stone &
Co., New York (managing).

June

Lee

July

Filter

Corp.

("Reg. A") 1,334 capital shares (par $1).
Price—$7.25. Business—The manufacture of air, oil and
gasoline filters for vehicles. Proceeds—For the selling
Office—191

Talmadge Road, Edison, N. J.

Underwriter—Omega Securities Corp., New York (man¬
aging).
Lewis & Clark

Marina, Inc.
(letter of notification) 150,000 shares of
common stock
(par $1). Price—$2 per share. Address—
Yankton, S. D. Underwriter — The Apache Investment
Planning Division of the Apache Corp., Minneapolis."
•

1961

9,

Lewis

(Tillie)

Foods,

Inc.

(8/28-9/8)

3, 1961 filed 400,000 common shares (par $1), of
which 200,000 shares are to be offered by the company
and 200,000 shares by stockholders. Price—By amend¬
ment. Business—The processing, canning, bottling and
selling of fruits and vegetables. Proceeds—For repay¬
ment of debt and working capital. Office—Fresno Ave.
Charter

Way, Stockton, Calif. Underwriter—Van Al-

styne, Noel & Co., New York (managing).
June 30, 1961 filed 2,500,000 shares of beneficial interest
in the Trust to be offered in exchange for real property,
interests

in

Florida.

real property and mortgages on property
Price—$10 per share. Office—1230 N. Palm

Ave., Sarasota, Fla. Underwriter
Corp., Sarasota, Fla.
Lincoln

March

30,

Liberty Securities

—

Fund, Inc.
1961 filed 951,799

—

type investment

whose primary investment ob¬
jective is capital appreciation and, secondary, income
derived from the sale of put and call options. Proceeds—
For investment. Office—300 Main St., New Britain, Conn.
company

Distributor—Horizon

Management Corp., New York.

^ Long Falls Realty Co.
July 21, 1961 filed $1,708,500 of limited partnership in¬
terests.
Price-—$5,000 per interest. Business—General
real estate.

Street,

Proceeds—For investment.

New

York.

Underwriter

Mill

re¬

Magna Pipe Line Co. Ltd.
June 1,

1961 filed 750,000

transmission

the

(8/3)

Angeles, Washington.
Credit

June

7,

Income

Power

1961 filed 40,000
Office—1002

Marine Structures

•

First

Proceeds

National

Bank

By

—

For

—

Bldg., St.

Mark Truck Rental

•

Pa.

Polarized

—

expansion,

By

—

share

(managing), and Globus, Inc., N. Y.

manufacturer.

Master Craft Medical &

Industrial

Mite

of

shares.

medical

—

Office—18 E. 41st

Securities

Tenney

Corp., New York.

Y.

Underwriter—Sulco

Securities,

Inc.,

N.

in

closed-door

C.

North

&

City.
•

Long Island Lighting Co.

(8/2)

June 2, 1961 filed $25,000,000 of first mtge. bonds, series

L,

due

Old

1991.
Proceeds—For construction.
Office—250
Country Road, Mineola, N. Y. Underwriters—Com¬

&

Micro-Lectric, Inc.
1961 ("Reg. A") 55,000 common shares (par 10
cents). Price—$4. Business—The manufacture and de¬

June 12,

Debevoise Avenue,

Roosevelt, N. Y.
Corp., New York.

Securities

•

instruments.

City

Bank,

2

Broadway, New York.

Lytton Financial Corp. (8/18)
March 30, 1961 filed 300,000 shares of capital stock.
Price—To be supplied by amendment.
Business—The
company owns the stocks of several California savings
and

loan

agency,

associations.

and

It also
operates an insurance
through a subsidiary, Title. Acceptance
trustee under trust deeds securing loans

Corp., acts as
made by the associations. Proceeds—To
repay loans and
for working capital.
Office — 8150 Sunset Boulevard,
Hollywood, Calif. Underwriters—William R. Staats &
Co., Los Angeles and Shearson, Hammill & Co., New
York City (managing).
•

MPO

June

28,

Videotronics, Inc.
filed

1961

60,000

of

shares.

Price—By

amendment. Business—The production of television com¬

mercials
For

and

motion

expansion.

pictures for industry. Proceeds—
Office—15 E. 53rd Street, New York,




Middle

June

22,

1961

Business—An
vestment

Pa.

filed

70,000

and

working

Underwriter—Best

common

Office

—

1815

Minneapolis. Underwriter
ments, Inc., Minneapolis.

First

—

Bank

Planned

14,

1961

filed

800,000

shares.

tile

ware.

ital.

("Reg.
par

kits.

A") 60,000 convertible preferred
($5). Business—The manufacture

Proceeds—For

11,

Inc.

150,000

Inc.
(letter of notification) 75,000 shares of
stock (par 10 cents). Price—$4
per share. Busi¬
1961

sale

of

lumber, building supplies and hard¬

Proceeds—To

repay

loans and for working

Address—Monticello, N. Y. Underwriter—J.
& Co., Inc., New York, N. Y.

Mortgage Guaranty Insurance Co. (8/16)
Oct. 17, 1960 filed 155,000 shares of common stock

cap¬

Lau¬

(par

$1). Price—To be supplied by amendment. BusinessInsuring lenders against loss on residential first mort¬
gage
loans, principally on
single family
non-farm
•

homes.

Proceeds—For capital and

Wisconsin

—Bache & Co.,

Price—By

filed

rence

Bldg.,
Invest¬

1961

ness—The

in¬

West

common

Main

Christy

Monticello Lumber & Mfg. Co.,

Proceeds—For

National

Midwest

20

common shares.
Price—$3.
breeding of livestock owned by others.
drilling of water test wells, purchase of
construction,
general
administrative
costs
and

common

fund.

—

Address—Glendive, Mont. Underwriter
—Wilson, Ehli, Demos, Bailey & Co., Billings, Mont.

Price—$10.

Proceeds—For

Midwest Technical Development Corp.

July

17,

land,

Midwest Investors Fund, Inc.
July 17, 1961 filed 5,000,000 common shares. Price—By
mutual

Office

working capital.

capital. Address—Elkins Park,
& Garey Co., Inc., Washington,

Business—A

capital.

Proceeds—For

D. C.

amendment.

working

Inc.

1961

Price—At

mosaic

April
shares.

and

Business—The

of microwave devices and

company.

an improved towel dispensing cabinet.
Pro¬
advertising, research and development, pay¬

debt,

26,

July

Investment Co.

investment

of

1961

Mon-Dak Feed Lot,

Inc.

Proceeds—For

Atlantic

shares.

retirement of debt,
increase of inventory and purchase of equipment. Office
—1548 E. Grand Blvd., Detroit. Underwriter — Davis.

additional equipment, re¬
search, inventory and working capital.
Office — 116-06
Myrtle Avenue, Richmond Hill, N. Y.
Underwriter —
First Investment Planning Co.,
Washington, D. C.

investment.

(8/28)
common

ment, manufacture and sale

capital

manufacture

Rowady & Nichols Inc., Detroit.

National

Instruments

325,000

Business—The

Mori-Art,

shares.

May 12, 1961 filed 120,000 shares of common stock.
Price—$3 per share. Business—The research, develop¬

Semiconductor &

amendment.

for

Belleville, N. J. Underwriter—Vickers,
Co., Inc., New York City.

June

Under¬

petitive bidding. Probable bidders: Halsey, Stuart & Co
Inc.; First Boston Corp., and Blyth & Co., Inc. (jointly);
W. C. Langley & Co. and Smith. Barney & Co. (jointly)J
Bids—Aug. 2, 1961 (11 a. m. EDST) at office of First

Microwave

and

• Mohawk Insurance Co.
(8/7-11)
Aug. 8, 1960, filed 75,000 shares of class A common stock.
Price—$12 per share. Proceeds—For general funds. Of¬
fice—198 Broadway, New York City. Underwriter—R. F.
Dowd & Co., Inc., 39 Broadway, New York
6, N. Y.

Pine

St., Hattiesburg, Miss. Under¬
writer—Lewis & Co., Jackson, Miss.

Office—19

Price—By

loans

Street,

for subscription by stockholders for 14 days in units of
$100 each. Price—At par. Proceeds—For working cap¬

writer—Underhill

of

ment

19, 1961 ("Reg. A") $300,000 of 6% convertible
15-year subordinated debentures due 1976 to be offered

sign of potentiometers used in computers, ground control
guidance systems and missiles. Proceeds—For tooling
and production; repayment of loans; equipment; adver¬
tising; research and development and working capital.

Underwriter—Trinity Securities Corp., New York

27,

and sale of

N. Y.

of

(8/16)

filed

1961

ceeds—For

E.

held.

Dispenser Co., Inc.
30, 1961 filed 80,000 shares of common stock, of
which 73,750 shares are to be offered for public sale by
the company and 6,250 outstanding shares by the under¬
writer. Price—$4 per share. Business—The manufacture

June

Office—300

shares

Moderncraft Towel

Co.,

ital.

10

repayment

March

Co.

Long Island Bowling Enterprises, Inc. 8/14-18)
May 24, 1961 (letter of notification) 100,000 shares of
common stock (par 10 cents).
Price—$3 per share. Busi¬
ness—The operation of bowling alleys.
Proceeds—For
general corporate purposes.
Address—Mattituck, L. I..

•

capital and surplus accounts.
Blvd., St. Louis. Underwriter—
Chicago (managing).

writer—Harry Odzer Co., New York (managing).

department
stores.
Proceeds—For expansion.
Office—1211 Walnut
St., Kansas City, Mo. Underwriters—Midland Securities

Merchants

to

Estates, Inc.
filed 140,000 common shares. Price—$6.
Proceeds—To purchase land, construct and develop about
250 mobile home sites, form sales agencies and for work¬
ing capital. Office—26 Dalbert, Carteret, N. J. Under¬

membership

Co., Inc. (managing) and Barret, Fitch,
Inc., Kansas City, Mo.

Price—By
Pro¬

company.

Utilities Co.

Corp.

23,

June

Medco, Inc.
July 13, 1961 filed 125,000 class A common shares. Price
—By amendment. Business—The operation of jewelry
concessions

insurance

Mobile

and

Y.

life

Price—By
mechanical,
electro-mechanical and electronic equipment, including
sewing machine attachments, small electric motors, Po¬
laroid Land cameras, etc. Proceeds—For equipment, re¬
payment of loans; research, development and engineer¬
ing and general corporate purposes. Office—446 Blake
St., New Haven, Conn. Underwriters—Kidder, Peabody
& Co., New York and Charles W. Scranton & Co., New
Haven, Conn, (managing).

New
August. Note—

common

added

each

amendment.

Corp.

10, 1961 filed ("Reg. A") 75,000
Price—$4. Business—The manufacture

for

June

Corp.

July

equipment.

loans; machinery and office

expansion.
Address—Cape Girardeau, Mo. Underwriter—Edward D.
Jones & Co., St. Louis, Mo.

American Missil¬

j

technical

of

share.

Lindell

Proceeds—For

Proceeds—For

York City. Offering—Expected in early
This company formerly was named

of

shares
per

July 3, 1961 filed 50,676 common shares to be offered
for subscription by stockholders on the basis of one new

purchase of equipment, research and development,
expansion of the Missiltronics Division, advertising, in¬
ventory and working capital. Office — 136 Orange St.,

N.

be

Missouri

acquisition of

the

tronics

Business—A

Office—4221

For

manufacturers

For payment of

Fidelity Life Insurance Co.
1961 filed 200,000 common shares.

14,

ceeds—To

Industries, Inc.
June 6, 1961 filed 125,000 shares of class A common.
Price—$4 per share. Business—The issuing firm is a
holding company for Jersey Packing Co., and a closed
camera

—

A. C. Allyn & Co.,

facilities and other corporate purposes. Office—153Tenth Ave., Whitestone, N. Y. Underwriters—Ross,

circuit television

1961

amendment.

new

Lyon & Co., Inc.

(7/31)
(letter of notification) 151,900
stock (par 10 cents). Price—$1.50

8,

Missouri

Corp.

Proceeds

film

Missile-Tronics Corp.

July

Underwriter—Vickers

1961 filed 95,000 common shares. Price

amendment.

shares

common

Proceeds—For

equipment; reduction of current liabilities; research and
development and working capital. Office—245 4th St.,
Passaic, N. J. Underwriter — Hopkins, Calamari & Co.,
Inc., 26 Broadway, New York, N. Y.

Securities Corp., New York.
Marks

Price—$1.15.

Business—The

Corp.

Scranton,

cents).

Proceeds

("Reg. A") 50,000 common shares (par one
cent). Price—$1. Proceeds—For working capital. Office
Ave.,

Ave., South,
Corp., New

(managing).

common

June 28, 1961

Cliff

Park

Higginson

Mmichrome, Inc. (8/30)
16, 1961 ("Reg. A") 150,000

May

Corp.

luma, Calif. Underwriter—Grant, Fontaine & Co., Oak¬
land, Calif.

16

Lee

(par
processing
machines, machinery installation and working capital.
Office—980 W. 79th St., Minneapolis, Minn. Underwriter
—Continental Securities, Inc., Minneapolis, Minn.

Fund, Inc.

1961

June 27,

—

(managing).

(letter of notification) 100,000 shares oi
common stock (par one cent). Price—$3
per share. Pro¬
ceeds—To purchase raw materials, advertising and foi
working capital. Office—204 E. Washington St., Peta-

—301

Office—380

and capital improvements.
Address—Keene, N. H.
Underwriter—Tucker, Anthony & R. L. Day, New York

15

shares. Price

Price —By

debt

Proceeds—For

Foncier

common

shares.

Precision Bearing, Inc.
16, 1961 filed 105,000 class A common shares of
which 50,000 shares are to be offered
by the company
and 50,000 shares by a stockholder and
5,000 to certain
employees. Price—By amendment. Business—The manu¬
facture of ball bearings. Proceeds—For
repayment of

Paul, Minn. Underwriter—None.
1,

of debt.

Underwriter

June

investment.

Feb.

common

Business—General factoring in the textile
Proceeds—For working capital, and

June

Montreal.
&

First

Miniature

Bldg., Van¬
couver, B. C. Underwriters—(In U. S.) Bear, Stearns &
Co., New York. (In Canada) W. C. Pitfield & Co., Ltd.,
Mairs

investment

Office—2615

—

Corp.
1961 filed 75,000

York.

York

common snares,

Office—508

business

Factors

repayment

New

pipeline from British Columbia to Varia subsidiary will build a pipeline from

construction.

small

investment.

and apparel fields.

Island and

cover

A

—

Proceeds—For

amendment.

of which 525,000 will be offered for sale in the U. S., and 225,000 in
Canada. Price—By amendment. Business—The company
plans to build and operate an underwater natural gas

Bremerton to Port

Business

Thursday, July 27, 1961

.

Bank

May 31,

industrial plastic devices. Proceeds—For general corpo¬
rate purposes.
Office—95r01 150th Street, Jamaica 35,

shares of common stock.
Net asset value plus a 7% selling commission.
Business — A non-diversified, open-end, managementPrice

Proceeds—For

products, sales pro¬
motion and advertising, plant removal and working cap¬
ital. Office—189 Lexington Avenue, New York 16, N. Y.
Underwriter—Continental Bond & Share Corp., Wash¬
ington, D. C.
new

Newark, N. J. Underwriter—T. M. Kirsch & Co.,

Liberty Real Estate Trust of Florida

in

slenderizing equipment.

payment of loans, equipment,

Marsan

July

&

exercise and

.

Bldg., Minneapolis. Underwriters
Lee
Higginson Corp., New York and Piper, Jaffray & Hopwood, Minneapolis.

common shares (par one
Business—The distribution of health,

Price—$2.

cent).

1961

7,

stockholders.

May

^ MacLevy Associates, Inc.
July 20, 1961 ("Reg. A") 150,000

National

amendment. Business—A mutual fund.

Lease Plan

•

company.

.

surplus.

Avenue, Milwaukee, Wis.

-

Office—600

Underwriter

New York City (managing). Note—This
stock is not qualified for sale in New York State.

Volume

194

Number 6076

.

.

The

.

Commercial and Financial

Chronicle

(409)
•

Municipal Investment Trust
Fund, First Pa.

This

subsidiary of L. M. Ericsson Telephone Co. of
Sweden, manufactures telecommunications
equipment, remote control systems, electromechanical

Series

Stockholm,

April 28, 1961 filed $6,375,000
(6,250 units) of interests.
Price—To be supplied
by amendment.
Business—Tne
fund will invest in
tax-exempt bonds of the Common¬
wealth of Pennsylvania
and its political sub-divisions.
Proceeds—For investment.
Sponsor—Ira Haupt & Co.,
Ill Broadway, New York
City. Offering—Expected in
early September.

and

due

Proceeds—For

Sponsor—Ira Haupt &
Co., Ill Broadway.
Offering—Expected in early September.
NAC Charge Plan and
Northern Acceptance Corp.
(8/21)

June 27,

1961 filed 33,334 class A
amendment. Proceeds—For

—By

common

National

shares. Price

Stuart & Co. Inc.,
Kidder, Peabody & Co., and Salomon
Brothers & Hutzler. Bids—10 a. m.

NuTone, Inc.
July 17, 1961 filed 375,000 outstanding
Price—By amendment.
Business—The

—

19,

By amendment.

—

buildings.

Business

—

shares.
Tne maintenance of

Office—60 Madison
Avenue, New York.
writer—Bear, Stearns & Co., New York

for military and industrial
use.
Proceeds
For new
equipment, plant expansion, working capital, and other
corporate purposes.
Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters
Lee Higginson
—

—

Corp., New
City and Piper, Jaffray &
Hopwood, Minneapolis

(managing).
•

Nationwide Homes, Inc.
(8/7)
June 12, 1961 filed
$1,500,000 of 8% sinking fund con¬
vertible subordinated
debentures due 1976 and 300,000
common shares to be
offered in units, each
consisting
of $10 of debentures and
two common shares.
amendment.

homes.

Business

Price—By

The

—

Proceeds—For

construction

working

capital.

and

sale

of

Address—Col-

linsville, Va. Underwriters—Cruttenden, Podesta &
Co.,

Chicago
_

and

McDaniel Lewis &
Co.,

New Era Mining Co.
July 5, 1961 filed 800,000
Proceeds—For equipment,

.■

'.

8255
•

•.

Greensboro, N. C.
shares.

Price—50c.

working

capital,

repayment

W. Colfax

Underwriter—None.

Ave., Den¬

May 1,

,

Corp.
30, 1961 ("Reg. A") 200,000 common shares (par
$1). Price—$1.50. Proceeds—For
repayment of notes and
acquisition of real estate interests.

Office—3252

Kansas

way,

Broad¬

City, Mo. Underwriter
Barrett, Fitch,
North & Co., Kansas
City, Mo.
• Nissen
Trampoline Co.
May 4, 1961 (letter of notification) 9,400 shares of com¬
—

mon

stock (par $1). Price—At the
market. Proceeds—
For the selling stockholders.
Office—930 27th Ave., S.W.,
Cedar Rapids, Iowa. Underwriter —
Yates, Heitner &
Woods, St. Louis, Mo. Note—This issue has been tem¬

porarily postponed.

Nitrogen Oil Well Service Co. (8/16)
May 22, 1961 filed 100,000 shares of common

Prices—$10
Big

per

share for 51,000 shares to be offered to

Three

Welding Company; $10 per share for not
less than 24,500 shares to be offered
to holders
(other
than Big
Three) of the outstanding common on the basis
of

one

per

new

share

for

unsubscribed

any

furnishes

high

each

IVs

shares.

pressure

shares held; and $10.60
Business—The company

nitrogen

to

the

oil

and

gas

industry. Proceeds—For general corporate purposes, in¬
cluding $880,000 for the purchase of 20 additional liquid
nitrogen high pressure pumping units. Office—3602 W.
11th St.,
Neuhaus

Houston, Texas. Underwriter
&

Co.,

Inc.,

Houston,

—

Underwood,

Texas.

North Atlantic Life Insurance Co. of America
June 2, 1961 filed
1,386 common shares.
Price—$350.

Business—The

has

State license to

applied for a New York
sell life, accident and health insurance

and

Proceeds—For

annuities.

poses.

Office

Mineola, N.

Y.

company

—

Meadow

general

Brook

corporate

National

Bank

pur¬

Bldg.,

Underwriter—None.

1961

due

1971.

Price

—

At

par.

subordinated

Business

—

The

000

will

be

sold

by the

common

company

shares of which 200,and 20,000 by stock¬

holders. Price—By amendment. Business—The
processing
of raw potatoes into various
packaged frozen products.
Proceeds—For the repayment of
debt, purchase of equip¬
ment, plant expansion and working capital. Office —

Ontario, Ore. Underwriter
York (managing).

—

New
•

Orkin

Exterminating Co.,

July 6, 1961

filed

360,000

Kidder, Peabody & Co.,
Inc.

outstanding

no

par

common

shares. Price—By amendment. Business—Pest and term¬
ite control services. Proceeds—For
selling stockholders.
Office—713

W.

Peachtree

St.,

N. E., Atlanta. Under¬
writers—Merrill Lynch,
Pierce, Fenner & Smith Inc.,
New York and Courts &
Co., Atlanta. Offering—Ex¬
pected in late August.
•

Co., Inc. (7/31-8/4)
(letter of notification) 100,000 shares of
stock (par 10 cents).
Price—$3 per share. Busi¬

2,

1961

ness—Manufacturers of drugs. Proceeds—For
expansion,
and working capital. Office—38-01 23rd
Ave., Long Is¬
land

City, N. Y. Underwriter—Havener Securities Corp..,
New York, N. Y.
Pacific Air
June

26,

1961

Lines, Inc.
filed $1,800,000 of 6%%

convertible

sub¬

ordinated
debentures due
1976
and
180,000 common
shares to be offered in units, each
consisting of $100 of
debentures and 10 common shares.
Price—By amend¬
ment. Business—The transportation of
passengers, prop¬

erty and mail by air. Proceeds—For repayment of debts,
working capital and general corporate purposes. Office
—San

Francisco

Hooker

&

International

Airport, San Francisco.
Co., Inc., New York, and
Fay, Inc., San Francisco (managing).

Underwriters

Pacific

Walston

—

States

&

Pell

Ave., New

Inc., New York (man¬
Y.,

E.

and

J.

Pharmaceuticals, Inc. (8/14-18)
1961

("Reg.

A.")

150,000

shares

common

cents).

(par

Price—$2. Proceeds—For
equipment, ex¬
pansion, inventory, and working capital. Office—l Bel¬
mont Ave.,
Bala-Cynwyd, Pa. Underwriter—R. P. & R.

Co., Inc., Philadelphia.

Philadelphia Laboratories, Inc.
May 26, 1961 filed 75,000 shares of
—$8

share.

per

ture and sale of

products.
other

Business—The

(8/28)

corporate

For

—

Price

development, manufac¬

pharmaceuticals, vitamins

Proceeds

stock.

common

and

veterinary

the

repayment of debtj_and
Office — 400 Green

purposes.

Street,

Philadelphia, Pa.
Underwriter
Woodcock,
Fricke, & French, Inc., Philadelphia.
—

Moyer,

June

27, 1961 filed 150,000 common shares.
Price—$1.
Proceeds—For expansion, equipment and
working cap¬
ital. Office—1335 Gordon
St., S. W., Atlanta, Ga. Under¬
writers—Globus, Inc., and Harold C. Shore & Co., Inc.
New York
•

(managing).

Pickwick

Organization, Inc. (7/28)
May 23, 1961 filed 110,000 shares of common
stock.
Price—$5 per share. Business—-The company is
engaged
construction business. Proceeds—,
Net proceeds, estimated at
$444,000, will be used to buy
land for shell homes construction
and to start'building
the homes
($175,000), to repay a bank note ($65,000),.
with the balance for
working capital.

Office—Hunting-,

ton

Station, New York. Underwriters—Theodore Arrin &
Co., Inc., Katzenberg, Sour & Co., and Underhill Secu¬

rities

Corp., all of New York City.

Pickwick Recreation Center, Inc.
April 21, 1961 (letter of notification) 100,000 shares of
common stock
(no par). Price—$3 per share. Proceeds
—To pay for
construction, working capital and, general
corporate

purposes.
Office—921-1001 Riverside Drive,
Burbank, Calif. Underwriter—Fairman & Co., Los An¬
geles, Calif. Offering—Expected in September.

Plasticon Corp.
which

1961

filed

(8/16)

665,666

are

shares

are

on_ the

shares

of common stock, of
publicly offered, 25,000
to be offered to
Leyghton-Paige Corp., 150,000
to be offered to
Leyghton-Paige stockholders

90,666 shares

shares

basis

of

are

to

be

Plasticon

one

share

for

each

Leyghton-Paige shares held, and 400,000 shares
be offered

to holders

of the

promissory

notes. Price —
Business—The manufacture

three
are

to

company's $1,200,000 of 5%
$3 per share, in all cases.

of large plastic containers.
Proceeds—To discharge the indebtedness
represented by
Plasticon's 5% promissory
notes, with the balance for
more

equipment and facilities.
Minn. Underwriter—None.

Office

—

Minneapolis,

Piatt Corp.
May 29, 1961 filed 150,000 shares of class A stock. Price

—$5

per share.
Business—The company is a real estate
investment firm.
Proceeds—For investment.
Office—»

New York

City.

Underwriter—None.

•

Steel

Corp.
June 21, 1961 filed 100,000 outstanding shares of
capital
stock (par 50 cents) to be sold by stockholders. Price—
Business—The manufacture of steel products. Pro¬
the selling stockholder. Office—35124 Alva-

Polymetric Devices Co. (8/2)
May 24, 1961 filed 90,000 shares of common stock. Price
•—$3.75 per share. Business—The company sells devices
for the measurement

or

control of pressure,

temperature,

ceeds—For

torque,

rado-Niles Road, Union City, Calif. Underwriters—First
California Co., Inc., and Schwabacher &

Proceeds—For working capital. Office—130 South Easton

Co., San Fran¬

cisco

(managing).

acceleration,

Rd., Glenside, Pa.
Washington, D. C.

displacement,

Underwriter

Poiytronic Research,

•

—

strain
Weil

and
&

Co.,

force.

Inc.,

Inc.

Packer's Su^er Markets, Inc.
(8/3)
May 25, 1961 filed 100,000 shares of common stock. Price
—$6 per share. Business—The operation of 22 retail

June 7, 1961 filed 193,750 common shares, of which
150,000 will be sold for the company and 43,750 for stock¬

self

holders. Price—By amendment. Business—Research and

-

sendee

Proceeds
53rd

—

food

For

stores

in

the

New

general corporate

York

purposes.

St.,

Brooklyn, N. Y. Underwriters
Blauner & Co., Inc., and M. L. Lee
Co.,
New York City (managing).

—

City
Office

area.
—

Milton

25

D.

Inc., both of

Palmetto
June

$3.45.

Pulp & Paper Corp.
28, 1961 filed 1,000,000 common shares.
Price—
Business—The growth of timber. Proceeds—For

working

capital

and

the

Address—P. O. Box 199,
—Stone & Co.

possible

purchase

Orangeburg, S. C.

of

a

mill.

Underwriter

development,

Pan

May

American

11,

common

Glendale

Resources, Inc. (7/28)
(letter of notification) 40,000 shares of
stock (par $1). Price—$7
per share. Office—600
1961

Federal

—Fred Martin &

Bldg., Glendale 3, Calif. Underwriter
Co., 1101 Woodland Dr., Norman, Okla.

engineering

and production of certain
aircraft, missiles, oscilloscopes,
electronic vending machines and language teaching ma¬
chines. Proceeds—For expansion, repayment of debt and
working capital. Office—7326 Westmore Rd., Rockville,
Md. Underwriters—Jones, Kreeger & Co., and
Balogh &
Co., Washington, D. C. (managing).
electronic

•

devices

Precision

May

15,

common

1961

for

Specialties, Inc. (8/1)
(letter of notification) 100,000

stock (par 10 cents).

ness—The
•

M^rch 30, 1961 filed 22,415 shares of common stock
bejng
offered for
subscription by stockholders of record May
15 with
rights to expire Aug. 25. Price—$25. Business—

Fifth

aging); N. A. Hart & Co., Bayside, N.
Roberts & Co., Inc., Ridgewood, N. J.

May 8,

Ormont Drug & Chemical

May

gen¬

608

—

in the real estate and

Inc.
29, 1961 filed 220,000

Underwriter—None.

North Electric Co.




eral corporate
purposes. Office
York City.
Underwriters—Darius,

Photographic Assistance Corp.

Inc. (8/30)
filed $700,000 of convertible

Ore-Ida Foods,
June

$6.
stock.

Blvd., Los Angeles.

manufacture, packaging and distribution of cosmetics,
pharmaceuticals and household, chemical and industrial
speqialties. Proceeds—For the repayment of bank
loans,
property improvements and working capital.
Office—
865 Mt. Prospect
Avenue, Newark, N. J. Underwriter—
Laird, .jBjsseljL. & Meeds, Wilmington, Del.

New West Land

June

basis

subscription by
of
$100 principal

Rich-

acquire, exploit
patents, and to assist inventors in develop¬
ing and marketing their inventions.
Proceeds—For

Empire,

•

common

of debt and reserves.
Office—9635
ver.

Beverly

Old

common

-

the

on

for

par.

National

Business—The design,
quality transistors

offered

and

By amendment.

and sale of

be

100 shares held. Price—
Business—The acquiring and developing of oil
gas properties.
Proceeds—For exploration and de¬
velopment of oil leases and working capital. Office—

At

debentures

(managing).

to

Grand

pany was organized in November 1960 to
and develop

A. Miller &

of debentures for each

amount

Publications, Inc.
July 18, 1961 filed 500?Q00 common shares
(par $1).

Semiconductor Corp.
May 11, 1961 filed 75,000 shares of capital stock.
Price

1976

Office—2323

Underwriter—Scherck,

Patent
Resources, Inc. (8/1)
May 24, 1961 filed 150,000 shares of common
stock. Price
—To be
supplied by amendment. Business—The com¬

Corp.
$3,962,500 of subordinated convertible

stockholders

common

National Periodical

Price
Business— Publishers of
magazines
and paperback books.
Proceeds—For the selling stock¬
holders. Office—575
Lexington Avenue, New York. Un¬
derwriters — Shearson, Hammill & Co., New York and
Prescott, Shepard & Co., Inc., Cleveland

& Co., New York

expansion.

Avenue, Kansas City, Mo.
ter Co., St. Louis.

of

Petroleum

debentures due

capital. Office—38 Park Row, New York.
Underwriters
—Edward Lewis & Co., Inc. and
Underhill Securities
Corp., New York (co-managers).

York

Underwriter—Kidder, Peabody

Occidental

Hospital Supply Co., Inc.
June 22, 1961 ("Reg.
A") 100,000 common shares (par
10 cents).
Price—$3. Business—The distribtuion of me¬
dical supplies. Proceeds—For
inventory, advertising and
promotion, expansion, repayment of loans and
working

development, manufacture

Proceeds—For

May 24,

June 29, 1961 filed

Under¬

National

—To be supplied by
amendment.

manufacture

appliances. Proceeds—For the selling stock¬
Office—Madison & Red Bank Roads, Cincin¬

(managing).

(managing).

—

shares.

-

stores.

five

nati.

Proceeds—For the selling stock¬

holders.

common

Drugs, Inc. (8/15)
21, 1961 filed 141,000 common shares
(par $1) o£
100,000 will be sold by the company and
41,00®
by stockholders. Price—By amendment.
Business—Tha
operation of a chain of retail
drug stores and licensed
departments in closed door
membership department
which

holders.

Cleaning Contractors, Inc.
1961 filed 200,000 oustanding common

commercial

and
consultants to
specialty and department stores. Proceeds
the selling
stockholders.^ Office—500 Fifth Ave¬
nue, New York. Underwriter—The James
Co., New York.
—For

household

Inc., New York.

National

July

(CDST) July 31, in

1705, 231 S. La Salle St., Chicago.

Price—$5.50.

(Amos) & Co., Inc. (9/18)
1961 filed 208,000
outstanding common shares.
Price—By amendment. Business—Business advisors

June

bonds

Aug. 8.

on

Parish

June 23,

Parkview

(8/8)

filed $20,000,000 of first mortgage
Offices—15 So. La Salle

Halsey,

Business—The operation of
bowling centers. Proceeds—
For expansion,
repayment of loans, and
working capi¬
tal.
Office
220 S. 16th
Street, Philadelphia. Under¬
writer—Edward Lewis &
Co.,

Price

Power Co.

1961

1991.

room

filed 200,000 capital shares.

assem¬

Northwestern Public Service Co. (7/31)
June 30, 1961 filed
$4,000,000 of first mortgage bonds due
1987. Office—Huron, S. D.
Underwriters—To be deter¬
mined by competitive
bidding. Probable bidders:

Bowling Lanes, Inc.

1961

supply

power

•

East

July 21,

23,

be received

working capital. Of¬
Pleasant St.,
Baltimore, Md. Underwriter
—Sade & Co.,
Washington, D. C. (managing).
fice—16

and

Street, Chicago 4,
111.; 15 So. Fifth Street, Minneapolis 2, Minn.; Ill Broad¬
way, New York 6, N. Y.
Underwriters—(Competitive)
Probable bidders:
Halsey, Stuart & Co. Inc.; Merrill
Lynch, Pierce, Fenner & Smith Inc.; Kidder,
Peabody
& Co., and
White, Weld & Co. (jointly); First Boston
Corp. and Blyth & Co. Inc. (jointly).
Bids—Expected to

New York City.
•

components,

Northern States
June

Municipal Investment Trust
Fund, Series B
April 28, 1961 filed $12,750,000
(12,500 units) of interests.
Price —To be supplied
by amendment. Business —The
fund will invest in
tax-exempt bonds of states, counties,
investment.

electronic

blies. Proceeds—To
repay loans and for working capital.
Office—553 South Market
St., Galion, Ohio. Underwriter
—None.

•

municipalities and territories of the U. S.

41

manufacture

shares of
Price—$3 per share. Busi¬

of

precision instruments. Pro¬
loans for construction, purchase, of
equipment; research and development, and working cap¬
ital. Office—Hurffville, N. J. Underwriter—Harrison &
Co., Philadelphia, Pa.
ceeds—To

repay

Continued

on

vaae

42

-

42

(410)

Continued from

The Commqrgial and Financial Chronicle

page

41

Prep Products, Inc.
July 6, 1961 ("Reg. A") 1,400 common shares. Price—
At par ($100). Proceeds—For
royalty payments on leases,
repayment of debt and working capital. Address—High¬

20, Thermopolis, Wyo. Underwriter—Wilson, Ehli,
Demos, Bailey & Co., Billings, Mont.
way

President Airlines, Inc.
June 13, 1961 ("Reg. A") 150,000 class A common shares

(par

cent).

Price—$2.

Business—Air transportation
of passengers and cargo. Proceeds—For
payment of cur¬
rent liabilities and
taxes; payment of balance on CAB
certificate
and working
capital.
Office — 630 Fifth
Avenue, Rockefeller Center, N. Y. Underwriter—Conti¬
one

nental

Bond

& Share

1961 filed 75,000 common shares (with war¬
of which 55,000 shares will be sold by the com¬
pany and 20,000 by stockholders. Price—$10. Proceeds—
For

the

of debt, the establishment of a new
plant improvements and working capital.
Office—400 E. Progress St., Arthur, 111. Underwriter—
Tabor & Co., Decatur, 111. (managing).
payment

subsidiary,

•

men,

Ripley Co., Inc.
May 19, 1961 filed 82,500 shares of common stock, of
which 25,000 shares are to be offered for public sale by
the company and 57,500 outstanding shares by the pres¬
ent holders thereof.
Price—To be supplied by amend¬

inventory, and working
capital.. Address—East Windsor, Conn.-Underwriter—
Willis E. Burnside & Co., Inc., New York. ; ; v -

and

26,

Progressitron

Corp. (7/31-8/4)
June 9, 1961 ("Reg. A") 100,000 common shares
(par 10
cents). Price—$3. Business—Manufacturers of electronic,

advertising, public relations, additional employees,
Office—135 W. 52nd St., New York.
Underwriter—B. G. Harris & Co., Inc., New York.

common shares.
Price—By amendment. Business—The manufacture of
airplanes and ground support equipment. Proceeds—For
the selling stockholder. Address — Farmingdale, L.
I.,
N.
Y. Underwriter—Merrill Lynch, Pierce, Fenner &
Smith Inc., New York (managing).

Business—The

photoelectric

rants)

manufacture

distribution

and

and working capital.

it Scot's Discount Enterprises, Inc.
July 21, 1961 filed 175,000 common shares.

New

York

(managing).

of

Offering—Imminent.

—

Ga.

stock and

25

shares of stock. Price—$200 per unit. Business—The
purchase of conditional sales contracts on home appli¬

Proceeds

Corp.

Publishers Vending Services,

3,

Inc.
$600,000 of 5^% convertible sub¬
debentures due 1971; 120,000 common shares

1961

ordinated

filed

which underlie 2-year first warrants exercisable at $7.50

share, and 120,000 common shares which underlie
second warrants, exercisable at $10 per share.
The securities are to be offered for public sale in units
of one $100 debenture, 20 first warrants and 20 second
warrants. Price—$100 per unit. Business—The
design,
manufacture, sale and leasing of coin-operated vending
machines
for
magazines, newspapers and paperback
books. Proceeds—For the repayment of debt, advertis¬
ing, sales promotion, and the manufacture of new ma¬
chines. Office—1201 South Clover Drive, Minneapolis.
Underwriter—D. H. Blair & Co., New York.
per

5-year

•

Pueblo

Supermarkets,

Inc.

(8/8)

June 6,

1961 filed 100,000 outstanding shares of class A
to be offered for public sale by stockholders.
Price—By amendment. Business—Operates seven super¬
common

markets in Puerto Rico. Proceeds—For the
holders. Office—P. O. Box 10878, Caparra

selling stock¬

Heights, San
Juan, Fl R. Underwriter—Merrill Lynch, Pierce, Fenner
& Smith Inc., New York.
Offering—Expected in early
August.
Quality Importers, Inc.
1, 1961 filed 200,000 common shares.
Price — By
amendment.
Business—Imports and distributes Scotch
and Irish whiskeys.
Proceeds—To repay loans and for
working caiptal. Office—55 Fifth Ave., New York. Un¬
June

voice

shares

are

to be offered by

by

stockholders.

ness—The

the company and 100,000
Price—By amendment. Busi¬

manufactuer

lighter

fluid

and

loans

and

veoa

of

related

pharmaceuticals,
items.

cosmetics,

Proceeds—To

repay

Boulevard,

Hentz
•

for

working capital.
Office—700 N. SepulEl Segundo, Calif.
Underwriter—H.
Co., New York.

&

Radiation
Inc.

June

Instrument

Development

Laboratory,

(8/7-11)

1, 1961 filed 100,000

common

shares, including 86,-

stockholders.

Price—By amendment.

13,334 by

Business—Devel¬

designs and produces electronic instruments for the

ops,

detection

Ram

June

Tool

9, 1961 filed

100,000

shares. Price

common

By
Business—The manufacture of electrically
powered tools. Proceeds—For working capital. Office—
411 N. Claremont Ave.,
Chicago, 111. Underwriter—Aetna
Securities Corp., New York
(managing).
Real

Estate

Investing Association, Inc. (8/21)
May z2, 1961 filed $50,000,000 series A 6%
20-year par¬
ticipating notes to be issued in 2,000 units of
$25,000
each. Price—At 100% of
principal amount. Business—
The company was organized in
February 1961 to invest
in first mortgages on income
producing properties and
in land on which
buildings have been erected. Proceeds
—For investment. Office—60
East 42nd St., New York

City. Underwriter—None.
Reeves

Broadcasting & Development Corp.

(8/22)

the

repayment of

expansion,

loans, for working capital

corporate purposes.

Underwriter—Laird

Office—304 E.
&

Co.,

and

other

44th

Corp.,

St., New York
Wilmington, Del

(managing).
•

Relier

Simmons

Research

Inc.

(8/28-9/1)

May 8, 1961 filed 150,000 shares of capital stock.
Price—
$6 per share. Business—The research and
development
of

in the field
Proceeds—For plant
processes

of

surface

construction,

and

development, sales promotion




and

biochemistry.
equipment, research

and

working capital

Price
Business—The manufacture of semi¬

military, industrial and commercial
equipment, plant expansion and new
products. Address—Sweetwater Avenue, Bedford, Mass.
Underwriter—S. D. Fuller & Co., New York (managing).
Proceeds—For

use.

Offering—In early September.
Service Photo Industries, Inc. (8/25)
May 26, 1961 filed 150,000 class A shares (par

one cent).
formerly Service
Photo Suppliers, Inc., is engaged in the importation and
distribution of a wide variety of photographic equip¬

Price

—

ment.

$4.

Business

—

The

company,

Proceeds—For the repayment of

and sales promotion, and other

Street,Wheeling, W. Va. Underwriter—Arthurs,
Lestrange & Co., Pittsburgh, Pa. (managing).

fice—33

East

17th

St., New York.

Hart & Co., Bayside, N. Y.

debt, advertising

corporate purposes.

Of¬

Underwriter—N.

A.

(managing).

•

Rocky Mountain Natural Gas Co., Inc. (9/12)
July 10, 1961 filed $1,500,000 of sinking fund debentures
due 1981 (with attached warrants) and 150,000 common
shares to be offered in 75,000 units, each consisting of
$20 of debentures (with an attached warrant) and two
common
shares. Price—By amendment. Proceeds—For
construction and general corporate purposes. Office—
1726 Champa St., Denver. Underwriter—Merrill Lynch,
Pierce, Fenner & Smith Inc., New York (managing).

Rodney Metals,

Inc.

Shasta

—

:

Co., Inc., New York (manag¬

F. L. Rossman &

Co., New York.

manufacture

tory

for

furniture

schools.

of

special

Proceeds

—

Price—$5.
labora¬

purpose

For

expansion,

general corporate purposes and working capital. Office
—Meadow & Clay Sts., Richmond, Va. Underwriter—
B. N. Rubin & Co., Inc., New York.

16, 1961 filed 130,000

and similar items. Proceeds—For

capital

and

general

&
•

a

corporate

Road, Hatboro,

Pa.

O.

purposes.

Office

—

300

Underwriter—Stearns

shares. Price—$40 per unit. Business—The manufactur¬

ing, renting and distributing of motion picture and tele¬
equipment. Proceeds—For new equip¬
ment, advertising, research and development, working
capital and other corporate purposes. Office—602 W.
52nd St., New York. Underwriter — William, David &
Motti, Inc., New York.
vision production

Manufacturing Co.,

Inc.

19,t 1961 filed 113,600 common shares of which 40,-

shares

are

to be offered

by the company and 73,600

Price—By amendment.

Business

The

printing of gift wrap papers.
Proceeds — For
equipment and working capital. Address—120 TwentyFifth Ave.,
Bellwood, 111. Underwriters—Stifel, Nicolaus & Co., St. Louis and Walston & Co., New York.
—

• Sav-Mor
Oil Corp.
(8/21-25)
July 5, 1961 ("Reg. A") 92,000 common shares (par one
cent). Price—$2.50. Business—Wholesale distribution of
gasoline and oil to service stations. Proceeds—For ex¬

pansion. Office—151 Birchwood Park Dr., Jericho, L. I.,
N. Y.

Industries

Inc.,

plans

Los

to

International

stock

common

(par

Business—The

one

cent).

Price

—

Angeles

change

its

Inc.

•
Shepard Airtronacs, Inc. (7/31-8/4)
April 26, 1961 (letter of notification) 75,000

$4

shares
per

of

share.

manufacture

of high altitude breathing
equipment. Proceeds—For repayment of
loans; new equipment, research and development, plant
improvement, purchase of inventory, advertising and
working capital.
Office — 787
Bruckner
Boulevard,
and ventilation

Bronx, N. Y. Underwriters—L. C. Wegard & Co., 28 West
State St., Trenton, N. J. (managing): L. J. Termo &
Co.,
Inc., New York and Copley & Co., Colorado Springs, Colo.
it Shulton, Inc.
July 21, 1961 filed 50,000 class A and
common
shares.
Price—By amendment.
of toiletries

and

household

50,000

class B
Business—The

chemical prod¬

Proceeds—For general corporate p:rposes. Address
—697
Route
46, Clifton, N. J.
Underwriter—Smith,

Sjostrom Automations,

Underwriter—Armstrong & Co., Inc., New York.

Save-Tax Club, Inc.

July 6, 1961 ("Reg. A") 150,000 common shares (par 10
cents). Price—$2. Business—A plan to stimulate retail

Inc.

June 28,

1961 filed 70,000 class A common shares. Price
—$4. Business — The design, manufacture and sale of
electronically

Photo-Cine-Optccs, Inc. (9/4)
29, 1961 filed $50,000 of 6% subordinated deben¬
tures due 1969 and 50,000 common shares to be offered
in units consisting of $10 of debentures and 10 common

shares by stockholders.

foam

Barney & Co., New York (managing).

S.

Specialty

Polonitza.
company

repayment of loans,
product, working

new

June

Clair

urethane

of
For

ucts.

Co., New York.
S.

—

shares.

Price—$10.
automatic coffee dispens¬

common

Business—The manufacture of

Jacksonville

*

Garat -&

—

manufacture

Rudd-Melikian, Inc.

Proceeds

Note—This

Urethane

to

name

Royal School Laboratories, Inc.
June 23, 1961 filed 170,000 common shares.

Co.

distribution

and
industry.

(managing).

eral
merchandise.
Proceeds—For
repayment of debt,
expansion and general corporate purposes; Office—1107
Broadway, New York. Underwriters—Blair & Co. and

ers

to

Underwriter

Products, Inc.

July 14, 1961 filed 200,000 common shares, of "which
.100,000 shares are to be offered by the company and
100,000 shares by the stockholders. Price—By amend¬
ment. Business—The importing and distributing of gen¬

Chemical

expansion, new
equipment, repayment of debt, and working capital. Of¬
fice—4542 East Dunham St., City of Commerce, Calif.

ing).

June

converting

products

cor¬

porate purposes. Office—261 Fifth Ave., New York. Un¬
derwriter—Amos Treat &

&

Shelley Urethane Industries, Inc. (8/18);
May 24, 1961 filed 200,000 shares of common stock. Price
To be supplied by amendment. Business—The manufac¬

ture,

Price—$10.
other

Minerals

April 24, 1961 filed 500,000 shares of common stock.
Price—$2.50 per share. Business—Acquisition, develop¬
ment, and exploration of mining properties. Proceeds—
For general corporate" puf ptoses." Office — 1406 Walker
Bank Bldg., Salt Lake City, Utah. Underwriter—None.

(9/7)

June 30, 1961 filed 140,000 common shares.
Proceeds
For the repayment of debt and

000

16, 1961 filed $2,500,000 of convertible debentures.
par. Business—The operation of TV
stations
and recording studios and the
development of real estate
properties in North Carolina. Proceeds—For
Price—At

Inc.

conductor devices for

For additional

—

Market

June

June

—

—By amendment.

the

55,000 common shares of which 20,000
shares are to be offered by the company and 35,000
shares by a selling stockholder. Price—By amendment.
Business—The sale of building materials. Proceeds—For
repayment of a loan and working capital. Office—2715

St.
•

in

June 28, 1961 filed

—-

amendment.

•

Proceeds

promotion and manufacture of

Corp.

transducers

Roberts Lumber Co.

of

atomic radiation.
Proceeds—For working
capital, and expansion.
Office — 61 East North Ave.,
Northlake, 111. Underwriter—Hayden, Stone & Co., New
York City (managing).

Semicon,

working

Business—The

666 to be offered for sale by the
company and

For working capital and expansion.
St., N. W., Washington, D. C.
Under¬

9th

June 30, 1961 filed 125,000 class A common shares.

capital and other corporate pur¬
poses. Office—180 Varick St., New York. Underwriter—
Paine, Webber, Jackson & Curtis, New York. Offering—
Expected in early September.

Ross

Rabin-Winters Corp.
June 19, 1961 filed 180,000 common shares of which
80,-

electro-acoustical

of

communications field.

equipment,

derwriter—Sutro Bros. & Co., New York.

000 shares

11, 1961 filed 150,000 shares of common stock of
50,000 will be sold by the company and 100,000
stockholders. Price—By amendment. Business—The

which

manufacture

Office—724

writer—None.

July
by

Proceeds

ances.
•

-

College Point, N. Y. Underwriter—Netherlands Securi¬
ties Co., New York.

$400,000 of 7%% 10-year debenture bonds, to
consisting of $100 of debentures and

be offered in units

—
For expansion. Office — 2823 So.
Ave., Titusville, Fla. Underwriter—Albion
Securities Co., Inc., New York.

mechanical and mechanical devices. Proceeds—
For general corporate purposes. Office—14-25 128th
St.,

....

Security Acceptance Corp. (8/39)
March 7, 1961 filed 100,000 shares of class A common

Washington

Roanwell

Underwriter—Globus, Inc., New York.

•

.

•
Riverview ASC, Inc.
(8/14)
May 18, 1961 ("Reg. A") 100,000 common shares. Price
—$3. Business—Real estate and utility development in

Florida.

Second

Financial, Inc. (8/7)
June 20, 1961 filed 100,000 common shares. - Price—$3.
Business
The purchase of notes, mortgages, contracts,
etc., from Shell Home Builders. Proceeds—For invest¬
ment.
Office—2740 Apple Valley Road, N. E., Atlanta,

Office—One Factory Street, MidUnderwriter — Dominick & Dominick.

City

low mark¬

stores,

new

,

•

street

dletown, Conn*

a

Proceeds—For

up.

light controls, centrifugal blowers
electronic
equipment.
Proceeds—For new

other

Price—$2.25.

Business—The retail sale of merchandise at

product development.

electro

July

Thursday, July 27, 1961

.

merchandising in New York City. Retail establishments
who join the plan will give 3% discounts to members
of the Save-Tax Club. Proceeds—For salaries to sales¬

•
Republic Aviation Corp. (8/29)
July 11, 1961 filed 214,500 outstanding

ment.

Corp., Maplewood, N. J.

Progress Industries, Inc.
June

Office—545 Broad St., Bridgeport, Conn. Underwriter
—McLaughlin, Kaufmann & Co., (managing).

.

.

—For

controlled

automation

devices.

Proceeds

the

repayment of debt, purchase of additional
equipment and inventory, and working capital. Office—
140 N. W. 16th St., Boca Raton, Fla. Underwriter—J. I.
Magaril Co., Inc., New York. /

Southern
June

Growth

1961

28,

Busines-—A

filed

small

Industries, Inc.

100,000

ceeds—For investment.

Greenville, S. C.

common

shares.

Price—$6.

investment company.
Office—Poinsett Hotel

business

Pro¬

Building,
Underwriter—Capital Securities Corp.,

Greenville, S. C.
• Southern
Realty & Utilities Corp. (8/30)
May 26, 1961 filed $3,140,000 of 6% convertible deben¬
tures due 1976, with warrants to purchase 31,400 common

shares, to be offered for public sale in units of $500 of
debentures and warrants for five 'bommon shares. Price
—At 100%

of principal amount. Business—The develop¬
unimproved land in Florida. Proceeds—For the
repayment of debt, the development of .property, work¬

ment of

ing

capital and other corporate purposes. Office—1674
Avenue, Miami Beach, Fla,
: Underwriters—

Meridian
Hirsch
York

&

City

Co., and Lee Higginson
(managing).

Corp.,

it Southwestern Growth Fund, Inc.
July 21, 1961 filed 200,000 common shares.
asset value plus 8V2% sales commission.
mutual

fund.

Proceeds—For

investment.

both

of New

Price—At net
Business — A
Office—402

University Towers, El Paso, Texas. Underwriter—None.

Volume

194

Number

6076

.

.

The Commercial and Financial Chronicle

.

(411)
•

Space Technology & Research Corp.
20, 1961 ("Reg. A") 300,000 common

(7/31)

E. 42nd

June

shares (par
Proceeds—For repayment of
debts,
furniture and equipment, and
working capital. Office—
520 Midland Savings
10

St., New York. Underwriter—Blair & Co., Inc.,,
(managing). Offering—Expected in late Aug.

New York

cents). Price—$1.

•

Swingiine Inc.

Henry Fricke Co., New \ork.

ture

of

stapling machines. Proceeds

stockholders.

and manufacture of electronic

systems, instruments and
equipment, including microwave, radar and underwater
communication

devices.

equipment, plant
general corporate

Miami,

Fla.

New York
•

Proceeds

expansion,

For

—

purchase

T.

Underwriter—Hampstead Investing Corp.,

loans, production of new garden books, installation of
air-conditioning and working capital. Office—245-247
Cornelison Ave., Jersey City, N. J. Underwriter—Arnold
Malkan & Co., Inc., New York.

(managing).

Speed-O-Print Business Machines Corp.
(8/14)

machines
in

notes

and
the

accessories.

amount

Proceeds

To

—

pay

F.

H. Publications, Inc.
22, 1961 ("Reg. A") 60,000 common shares (par
10 cents). Price—$5. Business—The
publishing of books,
pamphlets and magazines. Proceeds—For repayment of

patent development and
Office—812 Ainsley Bldg.,

purposes.

Skillman Ave.,

June

of

T-Bowl

May 24, 1961 filed 125,000 shares of common stock. Price
—To be supplied by amendment. Business—The com¬
pany
manufactures
and
sells
office
copy - making

International, Inc.
15, 1961 filed 400,000 common shares, of which
325,000 shares are to be offered by the company and
75,000 shares by stockholders. Price—By amendment.
Business—The operation of bowling centers. Proceeds—

June

off

of

$422,826, with the balance for
general corporate purposes.
Office—Chicago.
Under¬
writer—Rodman & Renshaw, Chicago (managing).

For expansion. Office—27 B
Boulevard, East Paterson,
N. J. Underwriter—Peter Morgan &
Co., New York.
• T. V.
Development Corp. (7/28)
May 26, 1961 filed 100,000 shares of common stock. Price
—$5 per share. Business—The manufacture and sale of

•

Spencer Laboratories, Inc. (8/7)
(letter of notification) 1,624 shares of class
A common stock (no par) to be offered for
subscription
by stockholders on the basis of four shares for each five

May 1, 1961

replacement knobs for television sets.

shares held,

working capital.

with the unsubscribed shares to be sold to
public. Price—To stockholders, $100 per share; to
public, $110 per share. Business—Manufacturers of

the

Pharmaceuticals. Proceeds

For

testing

new

N.

purposes.

Office—10

—

Y.

•

Kaddeo

stock
Star

construction and sale of shell homes.

advances

to

Proceeds—For

re¬

Materiel

Corp.

'

(8/16)

30, 1961 filed 50,000 outstanding common shares.
By amendment. Business — The design, manu¬
facture and sale of components for high
frequency radio
communications. Proceeds—For the

Price

—

selling stockholder.
Fenimore Rd.,
Mamaroneck, N. Y. Under¬
writer—Kidder, Peabody & Co., New ^ork.
Office—700

Techno-Vending Corp.
1961 ("Reg. A") 100,000 class A common shares
(par one cent), Price—$3. Business—The manufacture
of coin-operated vending machines.
Proceeds—For re¬
payment of loans; sales promotion and advertising; ex¬
pansion; purchase of raw materials; research and devel¬
June 9,

opment, and working capital. Office—599 Tenth Avenue,
New York.
Underwriter—International Services Corp.,
Paterson, N. J.

if Telecredit, Inc. '
July 24, 1961 filed 155,000 common shares. Price—$1.
Business—The development of high-speed electronic data
processing systems.
Proceeds—For organizational ex¬
establishment

penses,

Office—100

W.

10th

of

service

centers

and

reserves.

Street, Wilmington,

Del.
writer—Globus, Inc., New York (managing).

Under¬

July

24, 1961 filed 125,200 common
82,000 shares are to bd Offered by the

of

by

stockholders.

electronic

parts

(managing).
•

and

shares,

equipment.

.

which
and 43,-

Houston, Texas.
Co.; New York (managing).
Stratofiex,

in

*

120,000

Business

manufacture

and

summer

recreational

Stratton Mountain in southern Vermont.
construction.
Office—South

-

Strouse, Inc.

nated

—-

debentures

due

1981.

resort

Vt.

——•

1961 filed $600,000 of 6%

For plant

Price—At

par.

Address

corpo-

share. Business—The

Office—2518

tal.

trical equipment and supplies.
Proceeds — For the re¬
payment of bank loans and other corporate purposes.
Office—224 Washington St., Perth Amboy, N. J. Under-

writers—Amos Treat & Co., Inc., and Standard Secu¬
rities
Corp.,
both
of
New
York
City and Bruno-

Lenchner, Inc., Pittsburgh, Pa.
Swanee Paper Corp.
June 29, 1961 filed
shares

are

115.000

to

be




amount.

Business

The

—

management and distribution

of shares of four investment

companies, and also private
counselling. Proc^d%—To increase the sales
efforts of subsidiaries, to establish a new finance com¬
pany, and for general corporate purposes.
Office—630
Third Avenue, New York City. Underwriter^-Hecker &
Co., Philadelphia, Pa. Offering—Expected in late July.
investment

Tennessee Investors, Inc.
May 16, 1961 filed 500,000 shares of common stock to be
publicly offered, and 4,206 common shares to be offered
to holders of the outstanding common on the basis of

to finance

organized

the exploitation

Montrose

Ave., Chicago. Under¬
Co., New York (managing).

&

Tax-Exempt Public Bond Trust Found
Jan. 16, 1961 filed $5,000,000 of interests (5,000 units).
Price—To be computed on, the basis of the trustees eval¬
uation

*

of

the

underlying

bonds, plus a stated
percentage (to be supplied by amendment) and dividing
the sum thereof by 5,000:
Business —The trust was
formed by John Nuveen & Co., Chicago, 111., to invest in
tax-exempt obligations of states, counties, municipalities
and

territories

Nuveen &

of

the

public

United

States.

Sponsor

—

John

Co., 135 South La Salle Street, Chicago, 111.

Tax-Exempt Public Bond Trust Fund, Series 2
23, 1961 filed $10,000,000 (10,000 units) ownership
certificates; Price—To be filed by amendment. Business
Feb.

—The fund will invest in

states,
U.

counties,

interest

municipalities

bearing obligations of
and territories of the

S., and political subdivisions thereof which

are

be¬

lieved to be exempted from Federal income taxes.

Pro¬

ceeds—For

Salle

investment.

Street, Chicago.

Office —135

South

La

Sponsor—John Nuveen & Co., Chicago.

Taylor-Country Estate Associates

one

new

per

term

activities

of

providing

loans to small business

equity

concerns.

capital

and

Office—Life

long
and

Casualty Tower, Nashville, Tenn. Underwriter—Paine,
Webber, Jackson & Curtis, New York City (managing).
Terry Industries, Inc.
28, 1961 filed 1,728,337 shares of common stock of
which 557,333 shares are to be offered for the account
of the issuing company and 1,171,004 shares, represent¬
ing outstanding stock, are to be offered for the account
of the present holders thereof. Price—For the company's
shares, to be related to A.S.E. prices at time of the
offering. For the stockholders' shares, the price will be
supplied by amendment. Business — The company, for¬
merly Sentry Corp., is primarily a general contractor for
heavy construction projects. Proceeds—The proceeds of
the first 12,000 shares will go to Netherlands Trading Co.
The balance of the proceeds will be used to pay past
due legal and accounting bills, to reduce current indebt¬
edness, and for working capital. Office—11-11 34th Ave.,
Long Island City, L. I., N. Y. Underwriter — (For the
company's shares only) Greenfield & Co., Inc.. New
Feb.

York City.

Texas
June

Capital Corp. (8/9)
16, 1961 filed 1,000,000 common shares. Price—By

amendment.
company.

Business

Proceeds

—

—

A

business

small

investment

For investment. Office

Eighth St., Georgetown, Tex. Underwriter
Tegeler & Co., Inc., St. Louis.
Texas Eastern Transmission

—

—
104 E.
Dempsey-

Corp.

June

7, 1961 filed $30,000,000 of debentures due July
1, 1981 and 200,000 shares of subordinated convertible
preferred ($100 par). Proceeds—For the repayment of
debt and for construction. Office—Memorial Professional

Bldg., Houston. Underwriter—Dillon. Read & Co., New
York (managing). Note—This offering was temporarily
postponed.
Textilfoam,

Inc.

June 23, 1961 filed 130,000 common shares of which 100,are to be offered by the company and 30,000

000 shares

shares by the stockholders. Price—By amendment. Busi¬
—
The lamination of a synthetic foam to fabrics.

ness

Proceeds—For

expansion, working

capital and general

corporate purposes. Office—200 Fair St., Palisades Park,
N. J. Underwriters—Flomenhaft, Seidler & Co., Inc., and

Inc., New York (managing).

June

common

offered

by

shares, of which
the company and

shares by the stockholders. Price—By amend¬
Business—The production of tissue paper products.
Proceeds—For general corporate purposes. Office—205

ment.

Templeton Damroth Corp.
30, 1961 filed $445,000 of 5%% convertible de¬
bentures, due 1969.
Price — 100% of the principal

Street & Co.,

terests.

150,000

35,000

W.

writer—Bear Stearns

—None.

Supronics Corp. (8/28-9/1)
May 29, 1961 filed 90,000 shares of common stock. Price
—To be supplied
by amendment. Business—The com¬
pany is engaged in the distribution of wholesale elec¬

1959

was

Industries, Inc.
i
12, 1961 filed 350,000 common shares, of which
200,000 shares are to be offered by the company and
150,000 shares by a stockholder. Price—By amendment.
Business—The franchising and supplying of stores with
a soft
ice cream product and selected food items. Pro¬
ceeds—For acquisition of properties and working capi¬

Ariz.

•

law in

company

Tastee Freez

March, 1959 to develop real property at the
Superstition Mountain near Apache Junction,

Underwriter

per

July

—

Office—Apache Junction, Ariz.

for

Bruno-Lenchner, Inc., Pittsburgh; and Karen Securities
Corp., New York City.

Proceeds—For

Proceeds—To purchase and develop additional

376,369

offered

Office—170 Atlantic St., Stamford, Conn.. UnderwriterAmos Treat & Co., Inc., New York City (managing);

Proceeds—

in

ductions.

be

"Tassette," a patented feminine hygiene aid.
Proceeds—For advertising and promotion, market devel¬
opment, medical research and administrative expenses.

Superstition Mountain Enterprises, Inc. (8/15)
30, 1961 filed 2,000,000 shares of common stock.
Price
$2.50 per share. Business
The company was

property.

primarily
additional

and sale of

——•——

It has developed part of the
property to form the
Apacheland Sound Stage and Western Street, architecturally designed for the 1870 period, which is used for
the
shooting of the motion picture and television pro¬

to

under Delaware

Under¬

—

—

and metal parts manufacturers. Proceeds—For
working capital and general corporate purposes. Office—
701 Atkins Ave., Brooklyn 8, N. Y.
Underwriter—Levien,
Greenwald & Co., New York.

pany's

—$12

Jan.

of

use

Proceeds—For

Tassette, Inc. (7/31)
15, 1961 filed 200,000 shares of class A stock. Price

Harlingen, Texas. Under¬
writer—Nat Berger Associates, Inc., New York City.

foot

components, for

Feb.

Valley Associates''
March 30, 1961 (letter of
notification) $205,000 of limited partnership interests to be offered in units of
$5,000,
fractional units of not less than
$2,500.

makers

share for each nine shares held. Prices—$12.50
share for the public offering and $11.40 per share
for the rights offering. Business—A small business in¬
vestment company. Proceeds — To finance the com¬

on

Sun

formed

stock.

Proceeds—For the selling stockholders. Office
Highland Avenue, Cincinnati, Ohio. Underwriter
—Harriman Ripley & Co., Inc., New York City (manag¬
ing.) Offering—Temporarily postponed.

Office — Basin and Cherry Sts., Norristown, Pa. Underwriter—H. A. Riecke & Co., Philadel¬
phia (managing).

working capital.

filed

Templet Industries Inc.
June 2, 1961 ("Reg. A") 100,000 common shares (par 25
cents).
Price—$3.
Business—Licenses patents to die-

—1906

convertible subordi¬

expansion, working capital and other

1961

systems and equip¬
repayment of loans and working
capital. Office—50 W. 44th St., New York. Underwriter
—Bear, Stearns & Co., New York (managing).

stations.

/ rate purposes.

or

common

outstanding shares of com¬
public sale by the present
holders thereof. Price—To be supplied by amendment.
Business—The operation of TV and radio broadcasting

Proceeds—For

Londonderry,
writer—Cooley & Co., Hartford, Conn.

-June 27,

electronic

of communication

Proceeds—For

March

of

Broadcasting Co.

stock

mon

Corp.
•March 3, 1961 filed $650,000 of 5% convertible subordi¬
nated debentures, due Dec.
1, 1981. Price—At 100% of
principal amount. Business—The development and op¬
winter

of

communications field.

May 26,

of

Stratton

a

the

Taft

shares. Price

common

The

—

and working capital. Address — P. O. Box
10398, Fort
Worth. Tex. Underwriter—First Southwest Co. Dallas.

of

(8/3)
shares

132,000

York City.

—
By
hydraulic
V and pneumatic type hose,
primarily for the aircraft and
missile industries., Proceeds—For
repayment of loans,

eration

filed

equipment, capital improvements and working capital.
Office—27-01 Brooklyn Queens
Expressway, Woodside,
N. Y. Underwriters—Fialkov & Co., Inc.
(managing);
Stanley Heller & Co., Amos Treat & Co., Inc., all of New

J*jroce£d§—For re¬

Inc.

8, 1961 filed

amendment.

1961

fabrication

distribution

Office—1616 McUnderwriter—S. D. Fuller &

Kinley,

Electronics, Inc.

28,

per share.
Business — The manufacture of
equipment, principally electronic test equip¬
ment, partial electronic systems and assemblies, and the

of

company

Business—The

Taffet

Price —$3
electronic

payment of loans and working capital.

.June

and

April

TelePrompTer Corp. (8/16)
July 6, 1961 filed $5,000,000 of convertible subordinated
debentures due 1976. Price—By amendment. Business—
ment.

Underwriter—Lomasney, Loving & Co., New York City

a

,if Sterling Electronics, Inc.

;

Technical

June

The manufacture

(8/14-18)

—

subsidiary, establish¬
ment ot branch sales offices and working capital. Office
—336 S. Salisbury Street, Raleigh, N. C. Underwriter—
D. E. Liederman & Co., Inc., New York (managing).

shares

Bowling & Leasing Corp.

Brand,

stock to be offered for

28, 1961 filed $500,000 7% subordinated debentures
due 1971 and 200,000 common shares to be offered in
units, each unit consisting of $50 of debentures and 20
common
shares.
Price—$100 per unit.
Business—The

200

&

50,000 class A warrants to purchase common
public sale in units consisting of
$240 of debentures, 50 common shares and 20 warrants.
Price
$640 per unit. Business — The construction of
bowling centers. Proceeds—For construction and work¬
ing capital. Office—873 Merchants Road, Rochester, N. Y.

Homes, Inc.

June

payment of loans,

Kesselman

Co., and
Seigel, Inc., New York (managing).
—

March 31, 1961 filed $600,000 of 8% convertible subordi¬
nated debentures due 1971, 125,000 shares of common

Pine

St., Morristown, N. J. Underwriter—E.
T. Andrews & Co., Hartford, Conn.

.

Proceeds—For the

of product lines and
Office—469 Jericho Turnpike, Mineola,

Underwriters

Grumet &

products,

inventories; marketing and general corporate

'

working capital.
Office—
Street, N. E., Atlanta. Underwriter—

repayment of debt, the expansion

the

•

—

late September.

Office—32-00

Proceeds—For

1430 W. Peachtree

None.
i

For

the selling
Long Island
City, New York. Underwriter—Paine, Webber, Jackson
& Curtis, New York
(managing). Offering—Expected in

Spectron, Inc.
June 9, 1961 filed 83,750 class A common
shares (par 10
cents). Price—$4.50. Business—The design, development

if Technical Information Systems & Service, Inc.
July 18, 1961 ("Reg. A") 22,442 common shares (par $1).
Price—$2.50.

June 14, 1961 filed 200,000
outstanding class A common
shares. Price—By amendment. Business—The manufac¬

Bldg., Denver, Colo. Underwriter—

43

if Theil Publication, Inc.
July 25, 1961 filed 110,000 common shares. Price—$3.
Business—The writing and producing of technical ma¬

12, 1961 filed $2,420,000 of limited partnership in¬
Price—$10,000 per unit. Business—The partner¬
ship will acquire all the outstanding stock of five apart¬

ment

houses

N.

Proceeds—For

J.

—420

in

Newark, East Orange and Jersey City,

general corporate purposes. Office
Ave., Ngw York City. Underwriter—
Associates, Inc., New York.

.

terial for industry

and Department of Defense.

Proceeds

Lexington

Nat Berger

Continued

on

page

44

44

(412)

Continued from

The Commercial and Financial Chronicle

43

page

the

repayment of loans, working capital and general

corporate
Franklin

purposes. Office—1200 Hempstead Turnpike,
Sq., L. I., N. Y. Underwriter—None.

Thermo-Chem

June 14,

1961 filed 130,000

shares. Price—$4.50.
coatings for fabrics. Pro¬
ceeds—To repay a loan, and purchase equipment, for re¬
search and development, administrative expenses and
working capital. Office — Noeland Ave., Penndel, Pa.
Underwriter—Best & Garey Co.. Inc.. Washington, D. C.
common

if Thermotronccs Corp., Inc.
July 10, 1961 (''Reg. A' ) 100,000
cents). Price—$3.

and

equipment,

development
devices, principally an elec¬

ola, L. I., N. Y.
Inc., New York.
30

North

Proceeds—For

raw
materials, plant
research and development
Office—27 Jericho Turnpike, Mine-

advertising

working capital.

Underwriter—J. B. Coburn Associates,

La

Salle

Street

Realty Fund

July 3, 1961 filed 200,000 shares of beneficial interests.
Price—$5. Business—A

Proceeds—For

real

estate investment

investment.

Office—30

Chicago. Underwriter—None.
Thoroughbred
June

2,

1961

Business

—

Fla.

company.

LaSalle

St.,

Inc.

(7/31)
shares.

common

Price—$4.

breeding of thoroughbred race horses.
purchase land, build a stable, and buy

horses.

Office—8000

Biscayne Blvd.,

Miami,

Underwriter—Sandkuhl & Co., Inc., Newark, N. J.,

and

New York

to

retail

general

the

Blaha &
•

distribution

Proceeds—For

corporate purposes.

food

of

products

repayment of debt and

Office—Church

&

Hender¬

food,

Scheinman

L.

Trinity Funding Corp.

June

&

Co., New York and
Co., Inc., Long Island City, N. Y.

19,

industrial

and

consumer

Price—$6.

finance

company.

Proceeds—For

working capital. Office—1107 Broadway,
Underwriter—Trinity Securities Corp., 40
Exchange Place,, New York.

New

York.

7,

(letter of notification) 400,000 shares oi
(par 25 cents).- Price — 62V2 cents per
share. Proceeds—For mining expenses. Office—511 Secu¬
common

Valley Title & Trust Co.
13, 1961 filed 120,000 common shares. Price—$5.
Business—The writing and selling of title insurance and
the acting as trustee and escrow agent. Proceeds—For
working capital, reserves and other corporate purposes.
Office—1001 North Central Ave., Phoenix, Ariz. Under¬
writer
Louis R. Dreyling & Co., 25 Livingston Ave.,
—

•

1961

stock

Bldg., Seattle, Wash. Underwriter—H. P. Pratt &
Co., Inc., Seattle, Wash.
Turbodyne Corp.
May 10, 1961 filed 200,000 shares of common stock. Price
—$2 per share. Business — The research, development,
manufacturing and marketing of space and rocket en¬
gines, and related activities. Proceeds—For research and
development, and working capital. Office—1346 Con¬
necticut Ave., N. W., Washington, D. C. Underwriter—

Co., Washington, D. C.

(

Turf &

Paddock, Inc.
June 26, 1961 ("Reg. A") 100,000 common shares (par
one
cent). Price—$3. Proceeds—For working capital.
Office—One State St., Boston. Underwriter—Shawe & |
Co., Inc., Washington, D. C.
Leagues, Inc.

June

28, 1961 filed $700,000 of 7% subordinated sinking
fund debentures due 1976 (with attached warrants) and

140,000 common shares to be offered in units consisting
80 common shares and $400 of debentures.
Price—
$800 per unit. Business—The operation of bowling cen¬
of

ters.

Proceeds—For repayment

capital.

Lab.

Vatronic

Inc.

Equipment,

May 29, 1961 filed 80,000 shares of common stock. Price
—$4 per share. Business—The manufacture of industrial
high vacuum systems and equipment.
Proceeds — For
the repayment of

Underwriter

debt, plant expansion, equipment, sales
Office—Northport, N. Y.

Stanley R. Ketcham & Co., New York.
Offering—Expected in early August.

of debt, acquisition of a
Office—11459 E. Impe¬

—

Versapak Film & Packaging Machinery Corp.

rities

warehouse and working

Brunswick, N. J.

promotion and working capital.

Tungsten Mountain Mining Co.

April

Thursday, July 27, 1961

.

June

New

(8/21-25)

filed 250,000 common shares.

1961

Business—A

Union

wholesale

stores.

furn¬

pharmaceutical and chemical
industries. Proceeds—For the selling stockholders. Of¬
fice—Bennard & Warrington Sts., East Riverton, N. J.

City.

Thriftway Foods, Inc.
July 13, 1961 fifed 140,000 common shares, of which
66,915 shares are to be offered by the company and
73,085 shares by stockholders. Price—By amendment.
Business—The

for

T. J. McDonald 81

The

Proceeds—To
additional

85,000

N.

[

Enterprises,

filed

equipment

shares (par 10

Business—Research and

electronic and electrical

tronic water heater.

and

common

vacuum

and components in the fabrication of metal

ovens

Underwriters—R.

Corp.

Business—The manufacture of

of

research, design and manufacture of

aces,

—For

.

.

(7/31)
March 30, 1961 filed 150,000 shares of common stock and

150,000 five-year warrants, to be offered for public sale
in

units of

$3,125

share of stock and

one

one

warrant. Price—•

unit. Business—The design, development and
sale of versatile automatic equipment for packaging
items in special heat-shrinkable film. Proceeds—To re¬
per

loans, for additional equipment and inventory; and
working capital. Office—928 Broadway, New York
City. Underwriters—Hill, Thompson & Co. (managing);
Hampstead Investing Corp., and Globus, Inc., all of New
York City.
pay

for

Vic

Tanny Enterprises, Inc.

(8/2)

May

11, 1961 filed 320,000 shares of class A common
stock (par 10 cents) of which 120,000 shares will be of¬
fered for the account of the company and 200,000 shares
by the present holder thereof. Price—To be supplied by
amendment. Business—The
of

operation of a national chain
gymnasiums and health centers for men and women.

Proceeds—The company will use its part of the proceeds
for the opening of new gymnasiums and the promotion
of home exercise equipment. Office—375 Park Ave., New
York

City. Underwriter—S. D. Fuller & Co., New York

Holton,

City.

Tinsley Laboratories, Inc.
June 29, 1961
("Reg. A") 100,000 capital shares (par
16%
cents).
Price—$3. Proceeds—For repayment of
loans, purchase of equipment and working capital. Of¬

Corp. (8/28-9/1)
May 26, 1961 filed 76,109 shares of class A stock. Price
—$10 per share. Business—The company plans to ac¬
quire 15 realty properties in eight states. Proceeds—For

May

fice—2448

the repayment of

parts, and

ing capital.

other industries.

Rds., King of Prussia, Pa. Underwriter—Kidder,
Peabody & Co., New York (managing).
son

Sixth

St., Berkeley, Calif.
Troster, Singer & Co., New York.
;

:

>

Underwriter—

.

•

Transcontinent Television Corp. (7/31)
May 25, 1961 filed 400,000 outstanding shares of class B
common stock to be offered for
public sale by the pres¬
ent holders thereof. Price—To be
supplied by amend¬
ment.

Business
radio

seven

—

The

operation

broadcasting

selling stockholders. Office
N.

of six

—

70

television

and

Proceeds—For

stations.

the

Niagara

St., Buffalo,

Y.

Underwriters—Carl M. Loeb, Rhoades &
Co., and
Bear, Stearns & Co., both of New York City (managing).

Transcontinental Investment Co.
15, 1961 (letter of notification)

March

stock

common

(par

120,000 shares of
Price—$2.50 per share. Pro¬

$1).

ceeds—For advances to subsidiaries.

Office—278 S. Main

Street, Salt Lake City, Utah. Underwriter—Continental
Securities Corp., 627 Continental Bank
Building, Salt
Lake

City, Utah.

185,000

shares

ceeds

shares

common

of

which

are

shares

For

—

Office—9460

repayment of loans and working capital.
Wilshire Blvd., Beverly Hills. Underwriter

—William R.

Staats & Co., Los Angeles

Transvision
June

29,

1961

amendment.
TV

Electronics, Inc.

filed 140,000
Business—The

(managing).

(8/7)

common

shares.

manufacture

Price—By

of

specialized

equipment.

Proceeds—For expansion, repayment of
working capital. Office—460 North Avenue,

debt

and

New

Rochelle, N. Y. Underwriter—Adams

& Peck, New

Trebor Oil Co. Ltd.

May 1, 1961 filed $150,000 of limited partnership inter¬
ests

to

be
per

leases

offered for public sale in 150 units. Price—
unit.
Proceeds—For the acquisition of oil

and

First

the

National

development

Bank

of,

thereof.

Office—213

Building, Abilene, Texas.

Under¬

writer—None.
•

Tresco,

June

5,

Inc.
(8/30)
1961 filed 100,000

common

Business—Manufactures transformers
equipment.

Proceeds—For

search

development,

and

the

to

shares.
for

finance

a

Price—$5.

electronic

repayment

of

new

and for other

debt, re¬
subsidiary

corporate purposes. Office—3824 Terrance
St., Philadelphia. Underwriter—Amos Treat & Co., New
York

(managing).

—

The

manufacture

of

Proceeds—For

precision

instruments

equipment,

repayment of debt, and working
Drive and Cedar
Place, Syosset, L.

and

inventory,

capital.

the
Office—Oak

I., N. Y. Underwrite*
-—Armstrong & Co., Inc., New York City.
Tri

Metal

Underwriter

—

Co., Los Angeles.

•

Investors

debt, property acquisitions, and work¬
Office—60 E. 42nd Street, New York City.

Underwriter—None.
•

U.

S.

Fiberglass Products Co.
(8/8)
April 27, 1961 filed 200,000 shares of common stock
Price—$2 per share. Business—The company plans to
manufacture fiberglass shingles, beams, purlin and other
materials.
Proceeds
For working
capital, inventory

Works,

Inc.

June 29, 1961 filed
68,000 outstanding common shares to
be offered by the stockholders.
Price—At the market.
Business
The designing,
—

converting and equipping
It also engages in

trucks used in sale of ice
cream, etc.




Vinco

Corp.

(8/14)

19, 1961 filed $2,000,000 of 6%

dinated debentures due 1976.

pal

Business—The

amount.

convertible subor¬
of princi¬
production of gauges and
Price—At 100%

measuring instruments and the manufacture of precision

subassemblies

for

the

aircraft,

missile

and

Proceeds—Fo£ the repayment of debt,

expansion, working capital anci
ture acquisitions.
Office—9111

for possible fu¬

reserves

Schaefer

Highway, De¬
troit, Micli,, Underwriter—S. D. Fuller & Co., New York
City (managing).
Wagner Baking Corp.

—

and

equipment, and sales promotion.
Office — Clark ville, Texas. Underwriter—Hauser, Murdock, Rippey &
Co., Dallas, Texas.
U. S. Home & Development Corp. (8/17)
May 11, 1961 filed 300,000 shares of class A capital stock.

Price—To

be

supplied by amendment. Business — The
planning, development and marketing of single-familyhome communities in New Jersey. Proceeds—For the
repayment of loans, purchase of land and development
of

properties.

Office

52

—

Neil

Ave., Lakewood, N. J.

U.

S.

Plastic

&

Chemical

July 11, 1961 filed 125,000

Corp.

amendment. Business—The manufacture of

Adams & Peck, New York.
United Variable Annuities Fund, Inc.
<
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For

investment.

Office—20

W.

Underwriter—Waddell

&

9th Street, Kansas City, Mo.
Reed, Inc., Kansas City, Mo.

Offering—Expected in the fall of 1961.
Health, Inc.
June 14, 1961 ("Reg. A") 100,000

common

of

—

The

operation

a

Office—15A South Main St., West Hartford, Conn.

Underwriter—Cortlandt

Investing

Corp.,

120

Wall

St.,

New York.
Universal

Moulded

Fiber

filed

50,637

cakes

and

foods.

other

pastries

Proceeds—For

Office—13 Vesey St.,
Wainrite

outstanding

Stores,

common

Business—The

of

distribution of
selling stockholders.

and

the

shares.

manufacture

the

Newark. Underwriter—None.
Inc.

June

23, 1961 ("Reg. A") 100,000 common shares (par
10 cents).
Price—$3.
Business—The operation of dis¬
count merchandising centers. Proceeds—For repayment
of loans, expansion and working capital. Office—691 E.

Jericho Turnpike, Huntington

Station, N. Y. Underwriter
■—Omega Securities Corp., New York.

July 21, 1961 filed 183,150 common shares, of which 120,000 shares are to be offered by the company and 63,150
shares by the stockholders.

Price—By amendment. 'Busi¬

ness—The

operation of a supermarket chain and the
wholesaling of food products. Proceeds—For repayment
of loans,

expansion, inventory and other corporate pur¬
Office—2300 Linden Boulevard, Brooklyn, N. Y.
Underwriter—Shields & Co., New York (managing).
poses.

Walter Sign

Corp.

(9/15)

March 30, 1961

(letter of notification) 100,000 shares of
stock (par one cent). Price—$3 per share. Busi¬

ness
The manufacture and installation of highway
signs. Proceeds—For the reduction of debt, sales promo¬
tion, inventory and reserves. Office—4700 76th St., Elmhurst, L. I., N. Y. Underwriter—Amber, Burstein & Co.,
40 Exchange Place, New York 5, N. Y.
—

shares. Price
chain of health

studios. Proceeds—For expansion, advertising, financing
of time payment memberships and other corporate pur¬
poses.

pies,

frozen

common

Universal

Business

1961

5,

Price—At-the-market.

if Waldbaum, Inc.

shares. Price

—
By
plastic mate¬
rials for use by the button and novelty industries. Pro¬
ceeds—For the repayment of debt, expansion, and work¬
ing capital.
Office — Metuchen, N. J.
Underwriter—

common

July

Glass

Corp.
June 18, 1961 filed 275,000 outstanding common shares
to be sold by stockholders. Price—$10. ^Business—The
manufacture of fiber glass reinforced plastic. Proceeds
—For the selling stockholders. Address—Commonwealth
Ave., Bristol, Va. Underwriter—A. G. Edwards & Sons,
St. Louis (managing).
Universal Publishing & Distributing Corp.

Washington Engineering Services Co., Inc.
June

29,

1961

Business—The

filed 375,000 common shares. Price-^$1.
servicing of manufacturing companies and

professions, through various training pro¬
leasehold improvement, repay¬
ment of loans and working capital. Office—4915 Cordell
Avenue, Bethesda, Md. Underwriter—None.
engineering

Proceeds—For

grams.

if Water Industries Capital Corp.
July 21,

1961 filed 964,100 common shares.

Business—A

small

business

June 28, 1961 filed 50,000

York.

Price—$11.

investment, company.

Pro¬

ceeds—For investment.

(par

•

components.

United

..

Triangle Instrument Co. (8/14-18)
March 30, 1961 (letter of
notification) 100,000 shares of
common stock
(par one cent). Price—$3 per share. Busi¬
ness

•

Calif.

—$3.

York.

$1,000

Henderson &

Norwalk,

ton, D. C., and New York City.

to be
offered by the company and
by stockholders. Price—By amendment.
Business—A holding
company with subsidiaries in the
savings and loan, real estate and insurance fields. Pro¬

110,000

Highway,

Underwriter—Auchincloss, Parker & Redpath, Washing¬

Trans-World Financial Co.
June 26, 1961 filed

75,000

rial

units,

$10)

and

50,000

6% cumulative preferred shares
common shares to be offered in

each

consisting of one preferred share and one
Price—$15 per unit. Business—The pub¬
lishing of magazines and paper bound books. Proceeds—
For
expansion, additional personnel, sales promotion,
working capital and other corporate purposes. Office—

common

(managing).

share.

117 E. 31st

Street, N. Y. Underwriter—Allen & Co., New

York.

Vacu-Dry Co.
27, 1961 filed

June

Office—122 E. 42nd Street, New
Underwriter—Hornblower & Weeks, New York

I "v

general tanks and machine component parts for the mis¬
sile industries. Proceeds—For moving expenses, equip¬
ment,
Office

shares. Price—By
amendment. Proceeds
For expansion, repayment of
bank loans and working capital. Office — 950 56th St.,
Oakland, Calif. Underwriter—Wilson, Johnson & Higgins, San Francisco (managing).
400,000

common

,|

if Wesco Industries, Inc.
July 19, 1961 ("Reg. A") 80,000 common shares. Price—
$3. Business—The manufacture of pumps, mist coolant

research
—

and

Burbank,

development, and working capitaL
Calif. Underwriter — First Madisoii

Corp., New York.

—

West Coast

which

Bowling Corp.

(8/30)

128,434 shares of common stock, of
115,000 shares are to be offered for public sale

May 26,

1961 filed

Volume

194

Number

6076

.

.

.

The Commercial and Financial Chronicle

(413)
by the company and 13,434 outstanding shares by the
present holders thereof. Price—$9.75 per share. Busi¬
ness—The company plans to acquire and
operate bowling
centers primarily in California.
Proceeds—For general
corporate purposes.
Office—3300 West Olive Avenue,

Burbank, Calif. Underwriter—Hill Richards
Los Angeles (managing).
Western

&

Co.

and

and First Boston

Do you have an issue you're
planning to register?
Our

Inc.,

to

Corporation

News

know about it

Department

that

so

we

can

would

prepare

an

Factors, Inc.
' V
700,000 shares of common stock. Price

Would

June 29, 1960 filed

write

telephone

you

us

at 25 Park

last issue of

common stock
(81,510 shares)
vately to employees in August, 1960.

like

item

REctor

at

2-9570

may

Western

March

Land

Trust

Prospective Offerings
Associates, Inc.
April 11, 1961, it was stated that this company is seek¬
ing to acquire other firms with compatible
product lines
and that equity
financing may be needed to finance

30, 1961 filed 200,000 shares of beneficial inter¬
$10 per share.
Business
A

est in the Fund. Price

closed-end

real

—

—

estate

investment trust. Proceeds—For
Office—1031 First Western
Bldg.,

investment.

current

Calif. Underwriter—To be named.

July

12,

1961 filed 1,075,791 common shares to be of¬
for subscription by stockholders on the basis of

fered
one

share for each six shares held of record

new

York.

Underwriters—Kuhn, Loeb

Brothers, New York

&

Co.

and

Foods, Inc.
1961 filed 100,000

filed

27,

common

shares.

Price—By

ditioner

division. Office—Adrian,
Morrison & Frumin, Inc., Detroit.

amendment. Proceeds—For

capital. Office
Underwriter

—

new equipment and working
7100 Englewood Ave., Hazelwood, Mo.

G.

—

H.

Walker

&

Co., Inc., New

All

York

cents).

Price—$3.

Avenue,

New

York.

common

shares (par 10

working capital.

J.

Appalachian

Gabriel

Feb.

Light Co.

17, 1961 filed 65,000 cumulative preferred shares
(par $100) of which 50,000 shares will be offered to
public and 15,000 shares to employees and preferred
stockholders of record Aug.
For

construction.

Madison

10, 1961, with rights to ex¬
Price—By amendment. Proceeds—

Office—122

Wis.

1,

W.

Washington

Avenue,

Co., Inc., Milwaukee

Inc.
(letter of

1961

—501

notification) 150,000 shares of
common
stock. Price—At par ($2 per share). Proceeds
—To discharge a contract payable, accounts
payable, and
notes payable and the balance for working capital. Office
—7805 Sunset Blvd., Los
Angeles, Calif. Underwriter—
Standard Securities Corp., Los Angeles, Calif.

To

Co.,

For repayment

issue

Underwriter

5,

1961

filed

Business—The

purchase

capital.

of

700,000 common shares. Price—$1.
processing of wool.
Proceeds—For the

equipment,

building

rental,

Address—Box 181, Casper, Wyo.

Proceeds—For construction.

Office

reported that this

company

plans to

to

by

competitive

file

bidding.

Probable

Contact

bidders:

shares by stockholders. Price—By amendment. Business
-—The leasing of truck trailers to railroads or customers
of railroads. Proceeds—For repayment of debt and for

working capital.

Office—150 Causeway Street, Boston.
Underwriter—Putnam & Co., Hartford, Conn, (manag¬

ing).

ber

Cantor

common

Co., and John R. Maher Associates, New York.

amendment.

manufacture

Business—The

Price—By

of

silver-zinc

primary and rechargeable batteries. Proceeds—For pur¬
chase and installation of equipment and property, work¬
ing capital and other corporate purposes. Office—40-52
Leonard St., New York. Underwriter—Kidder, Peabody
& Co., Inc., New York.
York

Research

Corp.
filed 75,000

class A shares. Price—By
amendment. Business—The testing of industrial and con¬
sumer
products. Proceeds—For the establishment of a
new
laboratory and the purchase of equipment. Office—•
1 Atlantic
Street, Stamford, Conn. Underwriter—Allen
& Co.. New York
(managing).
28,

★ Zion

1961

Foods

Corp.
July 20, 1961 filed 110,000
are

to




be

24, 1960 it

common

offered by

Jamaica

mon

R. F. Dowd &

10

was

stock,

in

thfe latter part of 1961. Office — 415 Main
St.,
Pineville, Lai Underwriters—To be named. The last is¬
sue
of bonds on April
21, 1959 was bid on by Kidder,
Peabody & Co. and Rauscher, Pierce & 'Co., Inc. (joint¬
ly); Salomon Bros. & Hutzler, and Merrill Lynch, Pierce,
Inc.

(jointly);

Halsey,

Stuart

&

Co.,

Electric Co.

Feb. 16, 1961 it was stated in the
company's 1960 annual
report that this utility plans to sell both first mortgage

bonds and

common

stock in 1962 to finance its

$45,000,Office—Fourtin & Main Sts.,
Cincinnati, O. Underwriter—(Bonds) To be determined
by competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; Merrill
Lynch, Pierce, Fenner & Smith Inc.

on

the basis of

on

the

one

number

share for each
of

shares

out¬

shares

share to holders
share for each
construction. Office

Market

held.

Proceeds—For

Dixie Pipeline Co.
April 17, 196L it was reported that this firm, recently
formed by eight major oil companies, plans to build a
1,100 mile liquified petroleum gas pipeline from Texas
and Louisiana to Mississippi, Alabama, Georgia and the
Carolinas. It is expected that the multi-millionj dollar
pipeline will be financed in part by the sale of bonds
and that it will be in operation by late 1961. Office—
Tulsa, Okla. Underwriters—First Boston Corp.;, Morgan
Stanley & Co.; Carl M. Loeb, Rhoades & Co.

Inc.; White, Weld & Co.

000

Based

Street, Wilmington, 'Del.
Underwriter—
To be determined by competitive
bidding.
Probable
bidders: Carl M. Loeb, Rhoades & Co., New York; W. C.
Langley & Co., and Union Securities Co. (jointly); Leh¬
man
Brothers; First Boston Corp.; White, Weld & Co.,
and Shields & Co. (jointly); Kidder, Peabody & Co., and
Merrill Lynch, Pierce, Fenner & Smith Inc. (jointly).

Louisiana Electric Co., Inc.
21, 1§61 it was reported that the company is con¬
sidering the issuance of $6,000,000 of bonds or deben¬

Smith

held.

eight

Central

&

stockholders first

shares

—600

Feb.

Fenner

7,

sisted of 232,520 shares offered at $35 a
of record, June 6, on the basis of one

will be made.

tures

„

&

standing on Sept. 30, 1960, the sale would involve about
418,536 shares valued at about $14,600,000.
The last of¬
fering of common to stockholders in June, 1956, con¬

reported that a full filing of this
constituting its first public offering,
Price—Approximately $3 per share. Busi¬
ness—Book
publishing.
Office—9
Rockefeller
Plaza,
New York City. Underwriter—To be named.

company's

of

Power & Light Co.
1961 it was reported that the company has
postponed until early 1962 its plan to issue additional
common stock.
The offering would be made to com¬

Feb.

House Corp.

Cincinnati Gas &

shares, of which 90,the company and^ 20,000
shares by a selling stockholder. Price—$5. Business—
The processing of meat and poultry. Proceeds—For in¬
ventory and plant expansion. Office—482 Austin Place,
Bronx, N. Y. Underwriter—Finkle & Co., New York
(managing).
000 shares

—

Magazine

manufacture

St., Rochester, N.Y.

Delaware

Equipment Corp.
" '
28, 1961 it was reported that a "Reg. A" will be
filed covering 100,000 common shares. Price
$3. Proceeds
expansion of the business. Office—97-02

Business—The

—

St., Brooklyn, N. Y. Underwriters—S. B.

Ave., Woodhaven, N. Y. Underwriter
Co., Inc.

shares.

Broadcasting, Inc.
May 3, 1961 it was reported that this corporation will
issue stock later this year. The firm denied the report.
Business
Publishing and allied fields. Office — 488
Madison Ave., New York' City. Underwriter—Goldman,
qSachs & Co., New York City (managing).

June

Jan.

shares.

common

Cowles

Carbonic

—For

of

Underwriter—To be named.

1961

Caxton

Yardney Electric Corp.
July 18, 1961 filed 200,000

June

•

Lens Guild, Inc.
19, 1961 it was reported that this company plans
file a "Reg. A" shortly covering an undisclosed num¬

contact lenses. Office—353 East Main

a

fice—945 39th

June 28, 1961 filed 182,570 common shares of which 160,are to be offered by the company and 22,570

issue

to

16, 1961 it was reported that this corporation is
contemplating a public offering. Business—The manu¬
facturing and sale of cosmetics.
Office —15 Clinton
Street, Yonkers, N. Y. Underwriter—P. J. Gruber & Co.,
Inc., New York City.

party favors for children. Proceeds—For expansion. Of¬

000 shares

Under¬

bidding.

Halsey, Stuart &

Cosmetically Yours, Inc.

it was reported that this company plans
"Reg. A" shortly covering 125,000 common
shares. Price—$3. Business—The manufacture of plastic

XTRA, Inc.

St., Chicago 90, 111.
by competitive

determined

June

to

—None.

be

the

May

about

July 25,

working
Underwriter

West Adams

To

—

company

in

common shareholders. Office—4
Irving Place, New York
City. Underwriter—To be named. The last rights offer¬
ing to stockholders (of debentures) on Jan. 28, 1959 was
underwritten by Morgan Stanley & Co., and First Bos¬
ton Corp., both of New York City. The last sale of bonds
on
Nov. 23, 1960 was handled by First Boston
Corp.,
and Halsey, Stuart & Co., Inc.
(jointly). Morgan Stanley
& Co., also bid competitively on this issue.

of

it Best Plastic Corp.

and

the

the

any of the
1,000,000' shares of
preference stock approved by shareholders
May 15 annual meeting, it will be on the basis
of convertibility into common with
subscription rights to

Halsey, Stuart & Co. Inc.; White, Weld & Co., and First
Boston Corp.
(jointly); Harriman Ripley & Co., Inc.,
and Alex. Brown & Sons
(jointly).

Co., Philadelphia.

that

construction

on

that

the

mined

Proceeds—

reported

was

and

cumulative

at

a

was

72

—

decides

pany

$20,000,0001 of first mortgage bonds in late
1961
or
early 1962.
Office — Lexington and Liberty
Streets, Baltimore 3, Md. Underwriters—To be deter¬

Price—$4.

it

$720,000,000

,

Co.

Baltimore Gas & Electric Co.

Wyoming Wool Processors, Inc.
June

is

Co.

Consolidated Edison Co. of New
York, Inc.
May 16, 1961, H. C, Forbes, chairman, stated that the
company must
issue almost $100,000,000 of securities
in late .1961 and
early 1962. He added that if the, com¬

Boston

there

May 15, 1961 it

of debt, expansion and working capital.

Office—2044 Chestnut Street, Philadelphia.
■—Fraser &

First

that

Electric

Probable bidders: First Boston
Corp.;
Co. Inc.; Glore, Forgan & Co.

Corp.
However, the company
possibility that these bonds will
be sold at competitive
bidding, in which case the follow¬
ing are expected to bid on them: Halsey, Stuart & Co.
Inc.; Kidder, Peabody & Co.; First Boston Corp.; Blyth
& Co.;
„White, Weld & Co., Inc., and Merrill Lynch,
Pierce, Fenner & Smith Inc.

a

Business—The operation of bowling centers.

Office

Ave., Phoenix, Ariz. Underwriters—

The last sale

1961

1961-65

writers

was

and

stated

cents).

it World Wide Bowling Enterprises, Inc.
July 20, 1961 filed 130,000 common shares.

be named.

12,

spend

period

Co.

Service

Ohio

plans
five-year
program would require
$150,000,000 of outside financing. Present plans call for
$40,000,000 of debt financing in 1962 and about $20,000,000 in each of the
following three years. No common or
preferred stock financing is planned during the
period.
to

preferred stock on June
made privately through Blyth & Co., and
the First Boston Corp. The last sale of bonds on March
26, 1959 was also handled privately through Blyth &

common shares
(par
Price—$4. Proceeds—For constructing and
laboratory, and for working capital. Office
—34 Station St.,
Herndon, Va. Underwriter—First In¬
vestment Planning Co., Washington, D. C.

66%

July

stock.

Power

Public

South Third

18, 1958

Woodard Research Corp.
June 23, 1961
("Reg. A") 40,000

equipping

common

reported

was

Southern

Commonwealth Edison Co.

be

Office—Danbury,

Power

it

Electric

in November.

bonds

Wonderbowl,
6,

will

May 26, 1961 it was reported that this company is con¬
sidering the sale of about $5,000,000 of preferred stock
this summer and about
$35,000,000 of first mortgage

(managing).

Feb.

1961

Arizona

Underwriters—Smith,"Barney & Co.,

New York and Robert W. Baird &

"Reg. A"

a

that this subsidiary of
Co., Inc., plans to sell $35,000,000 to $40,000,000 of bonds late in 1961 or early in
1962. Office—2
Broadway, New York City. Underwriters
—To be determined
by competitive bidding. Probable
bidders: Halsey, Stuart & Co.,
Inc.; First Boston Corp.;
Harriman Ripley &
Co., Inc.; Kuhn, Loeb & Co. and
Eastman Dillon, Union Securities & Co.
(jointly).

(8/15)

July

1961.

1,

American

Wisconsin Power &

share.

&

13, 1961 it was reported the company will sell
$10,000,000 additional common stock in late 1961.

Proceeds—For expansion purposes. Office—215 N. Front

ing).

Office—350

Underwriter—A.

Co., Inc., New York.

pire Aug. 30,

shortly covering 75,000 shares of
per

Underwriter—

Conn.
Under¬
writer—Edward Lewis Co.
Inc., New York City (manag¬

Business—The financing of business

Proceeds—For

1,

Price—$4

Columbus
March
about

St., Columbus 15, Ohio. Underwriter—Dillon, Read & Co.

filed

institutions.
Fifth

American Airways Co.
1961 it was reported that

Mich.

May

(managing).
^ Wilco Commercial Corp.
July 21, 1961 ("Reg. A") 100,000

stock on May
4, 1960 was handled by a group
headed by Merrill
Lynch, Pierce, Fenner & Smith Inc.;
Shields & Co.; R. W.
Pressprich & Co., and Carl M.
Loeb, Rhoades & Co.
common

reported that a "Reg. A" will be
with the SEC
shortly covering 100,000 common
shares (par 50c). Price—$3.
Business—Automotive fabri¬
cating. Proceeds—To establish a new industrial air con¬

Lehman

(managing).

on

Inc.; Morgan
Stanley & Co.; Merrill Lynch, Pierce, Fenner & Smith
Inc., and White, Weld & Co. (jointly). The last sale of

Adrian Steel Co.
June 30, 1961 it was

Wetterau
June

determined by competitive
bidding. Probable bidders
the
debentures:
Halsey, Stuart & Co.

product for gauging the level of liquids. Office—First
National Bldg., Birmingham, Ala. Underwriter—Lehman
Brothers, New York City.

8, 1961. Price—By amendment. Proceeds—For repayment
of loans and expansion. Office—60
Hudson St., New

or

$25,000,000 of common stock in the fall. Office—120 East
41st Street, New York
17, N. Y. Underwriters—To be

—

a

Sept.

con¬

debentures,

equipment, hospital surgical instruments and the metals
industry. It also makes fluorescent lighting fixtures and

Telegraph Co. (9/8)

Office—P. O. Box 1087, Colo¬

Springs, Colo.

Columbia Gas
System, Inc.
April 24, 1961 it was reported that this
company is
sidering the sale of either $20,000,000 of

expansion program. Business
The company
manufactures ultrasonic cleaning
systems for missile

Oakland,

Western Union

Proceeds—For expansion.
rado

Acoustica

Fund

pri¬

awaiting a hearing before the full FPC with reference
to approval of its application for
expansion of its sys¬
tem, which will require about $70,000,000 of debt fi¬
nancing which is expected in the latter part of 1961.

also

be used to liquidate current and long-term liabil¬
ities.
Office — 1201 Continental Bank
Bldg., Salt Lake
City, Utah.
Business—Factoring.
Underwriter—Elmer
K. Aagaard, Newhouse Bldg., Salt Lake
City, Utah.

was sold

Colorado Interstate Gas Co.
Oct. 17, 1960 it was reported
by Mr. A. N. Porter of the
company's treasury department that the
company
1*

or

Place, New York 7, N. Y.

—$1.50 per share. Proceeds—To be used principally for
and

us

Co.

Co., Inc.,
Corp. (jointly); Eastman Dillon, Union
Securities & Co., and White, Weld & Co.
(jointly). Th«

UNDERWRITERS!

similar to those you'll find hereunder.

the purchase of additional accounts receivable

Lehman Brothers
(jointly); Morgan Stanley &
W. E. Hutton & Co.
(jointly); Blyth &

and

ATTENTION

45

construction program.

1
,

1

,

:

Continued

on page

46

•**

46

The Commercial and Financial Chronicle

(414)

Continued

& Co.

from page 45

Bids—Expected to be received on Dec

(jointly).

Inc.
March 8, 1961 it was reported that this company plans
a full filing covering
100,000 common shares. Price—$5
per share. Proceeds—For the production of TV and mo¬
tion picture films, the reduction of indebtedness, and for
working capital. Office—619 W. 54th Street, New York
City. Underwriter—McClane & Co., Inc., 26 Broadway,
New York City (managing).
Exploit

First

Films,

Bank

National

March 22,

of

Toms

(N.

River

J.)

on

shares of

new

basis of

one

was

66%% stock dividend and sale of 20,000
(par $5) to stockholders on the

for payment of a

common

share for each 20 shares held of record

new

ir Gulf States Utilities Co. (10/3)
July 25, 1961 it was reported that this company plans to
issue
about
$15,000,000 of debentures.
Office — 285
Liberty Ave., Beaumont, Texas. Underwriters — Com¬
petitive. Probable bidders: Salomon Brothers & Hutzler
and Eastman Dillon, Union Securities & Co. (jointly);
Lehman Brothers; Halsey, Stuart & Co. Inc.; Merrill
Lynch, Pierce, Fenner & Smith, Inc., and White, Weld &
Co.

reported that stockholders voted
this date to increase the authorized stock to provide
1961 it

(jointly); Stone & Webster Securities Corp. Bids—
Oct. 3, 1961 at 11 a. m;
Hawaiian
March

July
per

17, with rights to expire Aug. 17. Price — $22
share. Proceeds—To increase capital. Office—Toms
&

Power

Light Co.

May 11, 1961, it was reported that the company may is¬
sue bonds in the second half of 1961 to finance its cur¬
rent

$40,000,000 construction program. Office—25 S. E.

Ave., Miami, Fla. Underwriter—To be determined
by competitive bidding. Probable bidders: Merrill Lynch,
Pierce, Fenner & Smith Inc. and Kidder, Peabody &
Co. (jointly); Halsey, Stuart & Co., Inc.; White, Weld
& Co.; First Boston Corp.; Blyth & Co., Inc.
2nd

Gabriel

present Rocket Power, Talco and Bohanan divisions.
fall

the

ers

In

of

1961, stock of the new subsidiary would be
through subscription rights to Gabriel stockhold¬

and debenture holders with about 20%

file

to the public.

General Public Utilities

Corp.

March

14, 1961 it was stated in the company's 1960 an¬
that the utility expects to sell additional
common stock to stockholders in
1962 through subscrip¬
report

tion rights

on

held. Based

the basis of

one

picture and TV feature films.
Proceeds — For
working capital and other corporate purposes. Office—
350 Lincoln Road, Miami Beacji, Fla.
Underwriter—A.
M. Shulman & Co., Inc., 37 Wall Street, New York.

outstanding

Dec.

31, 1960, the offering will involve a minimum
of 1,141,922 additional shares. Office—67 Broad St., New
York 4, N. Y. Underwriter—None.
on

General

Telephone Co. of California
Feb.
1, 1961 it was reported that this subsidiary of
General Telephone & Electronics Corp. plans
to sell
about
2020

$20,000,000 of bonds in December 1961. Office
Monica

Santa

—

Monica, Calif. Under¬
writers
To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; First Boston
Corp. and Equitable Securities Corp. (jointly); White,
Weld & Co. and Kidder, Peabody & Co. (jointly); Paine,

Feb.

Blvd.,

1961, Barry J. Shillito, President, stated that
plans to expand its Western Surgical and
Westlab divisions into a new national medical and hos¬
pital

supply

Stone & Webster Se¬

General

Telephone Co. of Florida
Feb. 8, 1961 it was reported that this subsidiary of Gen¬
eral Telephone & Electronics Corp., expects to offer
about $15,000,000 of bonds in November. Office — 610
Morgan St., Tampa, Fla. Underwriters—Stone & Webster
Securities

Corp., and Paine, Webber, Jackson & Curtis,
.both of New York City.
Bonded Fibers,

Sept. 14, 1960 it

Inc.

20% sold to the public.
Office
Olympic Blvd., Los Angeles 64, Galif. ,
maining

Houston

Oct.

was

stock

common

Georgia Power Co.

—

11801

(10/18)

Dec.

29, 1960 this subsidiary of the Southern Co., ap¬
plied to the Georgia Public Service Commission for per¬
to issue $15,500,000 of 30-year first mortgage
bonds, and $8,000,000 of new preferred stock. Proceeds—

mission

For

construction, plant modernization or refunding of
Office—Electric Bldg., Atlanta 3, Ga.
Underwriters
To be determined by competitive bid¬

W.

Lighting & Power Co.

1960 Mr. T. H. Wharton, President, stated that
between $25-$35 million dollars is expected to be raised
publicly sometime in 1961, probably in the form of pre¬
17,

ferred

and

pending

securities, with the precise timing de¬
market conditions. Proceeds—For construc¬
repayment of bank loans. Office — Electric

and

Building, Houston, Texas. Underwriter — Previous fi¬
nancing was headed by Lehman Brothers, Eastman Dil¬
lon, Union Securities & Co. and Salomon Bros. A
Hutzler.

Hygrade Packing, Inc.
28, 1961 it was reported that this company plans

June
to

sell

about

$500,000 of common stock. Business—The
packaging. Pro¬

manufacture of industrial and consumer
ceeds—For

Ozone

Park, N.

Idaho
Jan.
sell

expansion.

Power

Office—92-00

Underwriter—P.

Y.

Atlantic Avenue,
J. Gruber, N. Y.

Co.

10, 1961 it was reported that this company plans to

$5,000,000 of com¬
the fourth quarter of 1961. Proceeds—To repay

in

and about

and for construction.

loans

mined by

Underwriters—To be deter¬

competitive bidding. Probable bidders on the
Stuart & Co. Inc.; Blyth & Co., Inc.;

bonds:

Halsey,

Lazard

Freres

& Co., and First Boston Corp. (jointly);
Lynch, Pierce, Fenner & Smith Inc.; Kidder,
Peabody & Co., and White, Weld & Co. (jointly); Salo¬
mon Bros. & Hutzler, and Eastman Dillon, Union Secu¬
Merrill

rities &

Co.

(jointly); Equitable Securities Corp. Prob¬
on the common: Blyth & Co., Inc.; Lazard
Co.; Kidder, Peabody & Co.: Merrill Lynch,

able bidders
Freres

&

Pierce, Fenner & Smith Inc. Offering—Expected in late
or early November,
1
Illinois Terminal RR.

16, 1961 it was reported that this company
the sale later this year of about $8,500,000 of first

plans

mort¬
gage bonds. Office—710 North Twelfth Blvd., St. Louis,
Mo. Underwriter—Halsey, Stuart & Co. Inc., Chicago.
Bargain Stores Corp.
May 17, 1961 it was reported that this company plans to
file a registration statement shortly covering an undis¬
closed number of common shares. Business—The opera¬

tion

of

chain

a

discount

of

stores

selling

„

household

Zerega Ave., Bronx, N. Y. Under¬

Office—1200

writer—To be named.

outstanding debt.

Power &

Kansas

Previous

bidders

for

bonds

included

Harriman

March

Light Co.

was reported that this company is
issuance of $13,000,000 of debentures
1961. Proceeds—For construction.
Kansas Ave., Topeka, Kan. Underwriter-

15, 1961
considering the

it

Ripley & Co., Inc.; Lehman Brothers; Blyth & Co., Inc.,
Kidder, Peabody & Co., and Shields & Co. (jointly);

in the third quarter of

First Boston Corp.; Morgan Stanley & Co.; Halsey, Stuart
& Co. Inc.; Equitable Securities Corp., Eastman Dillon,

First Boston Corp.,

Union

Securities

&

Gluckin

April

19,

Oct.

on

(Wm.)

1961

it

reported

Nov. 15, 1960 Mr. L. A. Horton, Treasurer, reported that
the utility will need to raise $33,000,000 externally for
its

construction

1961-65

program,

but the current feel¬

ing is that it will not be necessary to turn to long-term
securities until May 1962. Office — 1017 Olive St., St.

18.

& Co., Inc.

was

New York City (managing).

Laclede Gas Co.

Co.

(jointly). Previous bidders for
preferred were First Boston Corp., Lehman Brothers,
Morgan Stanley & Co.; Eastman Dillon, Union Securities
& Co.; and Equitable Securities Corp.
Bids—Expected
to be received

Office—800

that

this subsidiary

of

Louis, Mo.

Essex-Universal Corp., plans to sell about 200,000 com¬
mon shares. Business—Manufactures
and sells women's

it Lone Star Gas Co.
July 26, 1961 it was reported that this company

foundation garments. Underwriter—To be

to sell

named.

* Gulf, Mobile & Ohio RR (8/9)
~
July 26, 1961 it was reported that this company plans to
sell about $3,600,000 of V2 to 15 year equipment trust
certificates. Office—104 St. Francis St.,

derwriters

—

Competitive.

Probable

Mobile, Ala. Un¬
bidders:

Brothers & Hutzler and Halsey Stuart &
To be received Aug. 9 at Noon (CDST)

Gulf Power Co.

Salomon

Co., Inc. Bids—
in Chicago.

(12/7)

Jan.

4, 1960 it -was reported that this subsidiary of The
Southern Co., plans to sell $5,000,000 of 30-year bonds.

Office—75

North

Pace

Blvd., Pensacola, Fla.
Under¬
writer—To be determined by competitive bidding. Pre¬
vious bidders included Halsey, Stuart & Co. Inc.; Mer¬
rill Lynch, Pierce, Fenner & Smith Inc^ Salomon Bros.
& Hutzler and Drexel & Co. (jointly); Equitable Secu¬
rities Corp.; Kidder, Peabody & Co. and White, Weld




undisclosed amount of securities,

an

bentures," in

September.

plans

possibly de¬

Business—The

duces and distributes natural gas

company pro¬
in Texas and Oklahoma.

Dallas, Tex. Underwriter
The last issue of debentures in April

Office—301 South Harwood St.,
—To

be

1957

was

and

associates.

named.

underwritten by First Boston

Macrose

Corp.1, New York,

Industries

filing of about 500,000 common shares (par
company

owns

a

$1).

Busi¬

chain of lumber yards on

Office—2060 Jericho Turnpike, New Hyde
Park, L. I., N. Y. Underwriter—To be named.
Mainco Electronics & Marine Development Corp.
Long Island.

July
filed

1961 it was reported that a "Reg.
shortly covering $300,000 of common

17,

Inc.

it

1961

that

reported

was

corporation la
Business—The
Office—135-21

this

contemplating its first public financing.
operation of a chain of discount houses.
38th

Avenue, Flushing 54, L. 1., N. Y.

McCulloch
Jan.

9,

1961

schedule
some

Corp.

it

reported that this corporation will
public financing for late 1961 or.

was

initial

its

time in 1962.

Business—The corporation manufac¬

Office—6101

and McCulloch chain sawa^
Blvd., Los Angeles, Calif.

West Century

Metropolitan

Edison

Co.

Feb.
1, 1961 it was reported
General Public Utilities Corp.,

that

of

subsidiary

this

plans to sell about $10,-

000,000 of first mortgage bonds and $5,000,000 of deben¬
tures in August or September. Office — 2800 Pottsville
Pike, Muhlenberg Township, Berks County, Pa. Under¬
writers
To be determined by competitive bidding.
—

Probable bidders:

Halsey, Stuart & Co. Inc.; White, Weld
Co.; Kidder, Peabody & Co. and Drexel & Co. (joint¬
ly); Blyth & Co., Inc.
&

Metropolitan Food Co.
April 12, 1961 it was reported that this company plana
to sell 100,000 common shares. Price — $5 per share.
Business
Food distribution. Proceeds — For working
capital. Office— 45-10 Second Ave., Brooklyn, N. Y.
—

Underwriters—Brand, Grumet & Siegel, and Kesselman
Co., Inc., New York City (managing).

&

Metropolitan Telecommunications Corp.
July 5, 1961 it was reported that a fully registered seconday offering of this firm's stock will be made in Sep¬
tember. Office—Ames Court, Plainview, L. I., New York.
Underwriter—M. L. Lee & Co., Inc., New York (man¬
aging).
/..V
Micro-Precision
June

Corp.

reported that this company plans
"Reg. A" covering 100,000 common shares.
Price—$3. Business—The development and manufacture
of

19, 1961 it

file

to

was

a

language laboratories for the electronics educational
of electronic

field and the manufacture

and microwave

components. Proceeds—For working capital and expan¬
sion. Office—55 9th Street, Brooklyn, N. Y. Underwriter
—Manufacturers Securities Corp., 511 Fifth Ave., New
York.

Milo Components,

Inc.

June 19, 1961 it was reported that
file

A"

"Reg.

a

covering

150,000

this company plans to
shares

common

(par

ponents for the missile and aircraft industries. Proceeds
expansion, equipment, and working capital. Office

—For
—9

Cleveland

St., Valley Stream, N. Y. Underwriter—
York.

T. M. Kirsch & Co., New

Mississippi Power Co.
Jan. 4, 1961 it was reported that this subsidiary of The
Southern Co., plans to sell publicly $5,000,000 of 30-year
bonds
and
$5,000,000 of preferred stock (par $100).
Proceeds—For construction

and expansion. Office—2500

14th

St.,

June

28, 1961 it was announced that this financing has
temporarily postponed.

Gulfport, Miss. Underwriter—To be deter¬
mined by competitive bidding.
Previous bidders for
bonds were Eastman Dillon, Union Securities & Co., and
Equitable Securities Corp. (jointly); Halsey, Stuart &
Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.
Previous bidders for preferred stock included Halsey,
Stuart & Co. Inc.; Eastman Dillon, Union Securities &
Co., and Equitable Securities Corp. (jointly). Note —
been

Monroe

12,

Mortgage &

1960,

Cecil

Investment Corp.

Carbonell,

Chairman,

announced

that this company is preparing a "Reg. A" filing covering

150,000 shares of common stock.
Price — $2 per share.
Business—The company is engaged in first- mortgage

financing of residential and business properties in the
Florida Keys. Proceeds—To expand company's business.
Office—700

Duval

Street, Key West, Fla.

Underwriter
-

•

,

Monterey Gas Transmission Co.

April 24, 1961 it was reported that Humble Oil & Refin¬
ing Co., a subsidiary of Standard Oil Co. of New Jersey,
and Lehman Brothers, had formed this new company
to transport natural gas from southwest Texas to Alex¬
andria, La., for sale to United Fuel Gas Co., principal
supplier to other Columbia Gas System companies.
It
the pipeline will be financed in part by
public sale of bonds. Underwriter — Lehman Brothers,
New York City (managing).

is expected that

National Airlines, Inc.
May 8, 1961, it was reported that the CAB had approved
the company's plan to sell publicly 400,000 shares of
Pan American World Airway's Inc., subject to final ap¬

of the Board and the SEC. The stock was or¬
iginally obtained under a Sept. 9, 1958 agreement under
which the two carriers agreed to a share-for-share ex¬

proval

change of 400,000 shares and the lease of each others jet
planes during thier respective busiest seasons. The CAB
later disapproved this plan and ordered the airlines to
divest

themselves of the

stock.

Price

—

About $20

per

share. Proceeds—To repay a $4,500,000 demand loan, and
other corporate purposes. Office—Miami International

May 2, 1961 it was reported that this company, formerly
named Macrose Lumber & Trim Co.v Inc., plans a full
ness—The

6,

—None.

—

ding.

Masters

Dec.

John's

goods.

general corporate purposes. Address—Booth
Maine. Underwriter—Nance-Keith Corp.,

10-cents). Price—$1. Business—The manufacture of com¬

$10,000,000 of bonds

mon

Thursday, July 27, 1961

Harbor,

Jan.

debt

on

Jan.

reported that registration of 150,000
is expected. Offices—Newark,
N. J., and Buena Vista, Va. Underwriter—Sandkuhl and
Company, Newark, N. J., and New York City.
of

He added that 80% of the new
be retained by Houston and the re¬

concern.

firm's stock would

Santa

Webber, Jackson & Curtis, and
curities Corp.

shares

Corp.

27,

—

Georgia

Fearless

Houston

share for each 20 shares

the 22,838,454 common shares

on

Business—The production of

Price—$3.

motion

tion

nual

"Reg. A" shortly covering 100,000 common shares

a

(par 10 cents).

of the offer¬

Office —1148 Euclid Avenue,
Cleveland, Ohio. Underwriters—To be named. The last
financing by the company in September, 1959, was han¬
dled by Carl M Loeb, Rhoades & Co., New York City and
Prescott, Shepard & Co., Inc., Cleveland.
ing going

Office—

St., Honolulu, Hawaii. Underwriter—None.

the company

Co.

April 27, 1961, the company announced plans to form a
new
subsidiary, Rocket Power, Inc., by merging the

offered

Alakea

1130

.

New York City.

$5,000,000 of common stock to stockhold¬

through subscription rights later this year.

Hollywood Artists Productions, Inc.
June 20, 1961 it was reported that this company plans to

River, N. J. Underwriter—None.
Florida

about

.

tures Scott outboard motors

Telephone Co.

1961 it was reported that this company plans

8,

sell

to
ers

ceeds—For

Bay

7, 1961.

.

A" will be
stock. Pro¬

Airport, Miami 59, Fla. Underwriter—Merrill Lynch,
Pierce, Fenner & Smith Inc., New York City (man¬
aging).
New

England Power Co.

Jan. 20, 1961

(10/25)

it was reported that this subsidiary of New
England Electric System plans to sell $20,000,000 of
first mortgage bonds. Office—441 Stulart St., Boston 16,
Mass. Underwriters
To be determined by competitive
bidding. Probable bidders: Halsey, §tuart & Co. Inc.;
—

Volume

194

Number

6076

.

.

.

The Commercial and Financial

Kuhn, Loeb & Co.; Equitable Securities Corp., and Blair
& Co. (jointly); Merrill
Lynch, Pierce, Fenner & Smith
Inc., Kidder, Peabody & Co., and White, Weld & Co.
(jointly); First Boston Corp.; Lehman Brothers.
Bids—
To be received

Northern

Oct. 25,

on

Natural

Penthouse

Proceeds—For
!

u
>r

V

'vfm

'UiJJ
$rf'

1
'

1

v;

i
of

•

1

Vi

i™

Omaha

construction.

Office—2223

Neb. Underwriter—Blyth
York City (managing).
Northern

Pacific

Co.

&

St.,
Inc., New

&

Co.

■

■1

r-

g.

-

Inc.,

and Salomon Brothers
Hutzler. Bids—To be received on Aug. 1, 1961.

&

bonds in September.

&

cisco.

Underwriters

i}.

Rochester Gas

Lighting Corp.
Jan. 3, 1961 it was reported by Paul A. Miller, Treas¬
urer that the
company will probably go to the market
for $20,000,000 to $40,000,000 of new financing in 1961
and that it probably would not be a common stock offer¬

For

Sel-rex

cisco, Calif. Underwriter—(For the rights offering) None.
However, A. T. & T., which owns about 90% of the
Pacific Tel's outstanding shares plans to exercise its
rights to subscribe to its pro rata share of the offering.
(Debentures)
Competitive bidding.' Probable bidders:Halsey, Stuart & Co. Inc.; Morgan Stanley & Co., and
v

;"...

.

American World Airways,

1

need

ceived

that

1948

was

Sept.

West Penn

Pipe Line Co.

Fenner & Smith Inc., and Kidder

Peabody & Co., both of New York City

(managing).

V;

Pennsylvania Power & Light Co.
April 11, 1961 it was stated in the 1960 annual report
that this utility expects to spend $140,000,000 on new
construction in the 1961 to 1965 period, of which about
$56,000,000 will have to be raised through the sale of
However, the company now sees no necessity
securities, but expects to convert
its present $35,000,000 of bank loans to long-term debt

securities.

...

■

1960

21,

bid
>

Western Union

to

loans.

bank

on

Telegraph Co.

newly organized company, Western Union Inter¬
The plan provides for the issuance by

a

Western Union International of about
ordinated debentures and 400,000
be offered to stockholders of

issuance

the

approved

of

25%

Service

Co.

of

the outstanding

class A stock of WUI.
Then
Telegraph would purchase 250,000 shares
of class B stock for $100,000 and WUI would sell $4,500,000 of debentures or bonds.
Office — 60 Hudson
Street, New York City. Underwriter—American Secu¬
rities Corp. (managing).
Western Union

the bonds.

Wisconsin Southern Gas Co.

|

stock in March 1962. The shares will be offered for sub¬

will be sold in 1961-1962.

scription

of

privately.
1945

was

The last public offering of bonds on Oct. 4,
underwritten by Smith, Barney & Co.; First

Boston Corp.;

i

Developments

■

associates

and

City

offering

are

pub¬

licly today (July 27) 120,000 units
of

Consolidated

Bramalea

velopments

Limited

unit.

unit

Each

at

$100

consists

of

De¬

per
$50

principal amount of 6x/2 % deben¬
tures, due July 1, 1973 five com¬
shares

mon

and

two

common

purchase
warrants, each
evidencing the right to purchase
share

one

common

share.

basis

of

Office—720 Mercantile Dallas
be

named.

The

the

$2.26

Williams Bros.

charge of all mortgages outstand¬
ing
against
the
company's

Underwriter—The Milwaukee Co.,

addi¬
Geneva,

property

Milwaukee, Wis.

share.

For

figures

1959,

com¬

First

Republic Branch

was
incorporated
laws of the .Province

community!

1957 to acquire and

It

has

5,615

acquired
acres

ap¬

of land

Township of Chinguacousy,

Ontario.

Giving effect to the sale of the

capitalization
of
$6,000,000
of 6x/2%
fund
debentures,
and

outstanding

common

value.

for

Road, Lake

mon

proximately

par

incurred

Springs

of

public offering of 200,000 shares
stock

common

Brothers

Co. is being

of

Williams

made today

at $21.25 per share by

(July 27)

politan Toronto and there estab¬
lish a planned and balanced in¬
dustrial - commercial - residential

887,638

Sheridan

A

ates.

sinking

—

Proceeds—For the repayment

loans

Brampton,

of

Reynolds & Co., Inc. and associ¬

consists

Office

bank

(managing).

per

parable

reported in a company prospectus

Common Offered

Ontario in

units,

Wis.

was

undetermined amount of capital stock or bonds

short-term

tions.

Bldg., Dallas 1,
last rights of-

develop lands located near Metro¬

in the

of one

shares held. Proceeds—For con¬

Underwriter-—To

Canada

under

proceeds of the sale




20

the

12, 1960 it
an

$763,749
KINGSTON, N. Y—The First Re¬
equal to 60 cents per share.
The company has paid regular public Corporation has opened a

company

of the units, approximately $3,855,000 will be applied to the dis¬

Of the net

for each

on

that

quarterly

The

York

New

Co.,

stockholders

common

capital.
Ont.,

&

struction.

undeveloped lands, $5,000,000 will
be
applied to the payment of
current bank loans, and the bal¬
ance
will be added to working

Units Offered
Shields

share

Texas.

Dillon, Read & Co., Inc., and associates.

Bramalea Consol.

new

by

Tele¬

10 shares

In addition, American Securities Corp., New
City, would purchase from Western Union Inter¬
national about 133,000 additional shares of class A stock
giving American Securities ownership of approximately

—Pth

The last four bond issues were sold

Union

of stock.

when securities market conditions are

.

Western

graph Co. in units of $100 of debentures and

Dec.

ers—To be named.

$4,000,000 of sub¬
shares of class A stock

to

July 19, 1961, Herbert L. Nichols, Chairman, stated that
the company plans to issue about $13,000,000 of common

favorable. Office
Hamilton Afreets. Allentown. Pa. Underwrit¬

Township,

York

stockholders

Public

Hempfield

national, Inc.

new

Southwestern

Drive,

eb. 28, 1961 it was reported that the FCC has approved
the company's plan to transfer its Atlantic cable system

bonds. The issuance of an unspeci¬
fied amount of additional bonds for other purchases was
also approved. Proceeds — For general corporate pur¬
poses, including the possible acquisition of Central of
Georgia Ry. Office—Washington, D. C. Underwriter—
Halsey, Stuart & Co. Inc., will head a group that will

for the sale of equity

Hill

Eastman Dillon, Union Securities & Co., and First
Corp. (jointly); Harriman Ripley & Co.; Kidder,
Peabody & Co. and White, Weld & Co. (jointly).

Railway Co.

'$33,000,000 of

Cabin

ers;

ing—Expected in October.

$ Nov.

800

Boston

Building, Birmingham, Ala. Underwriter
—To be determined by competitive bidding.
Probable
bidders: Halsey, Stuart & Co. Inc.; First Boston Coro.;
Blyth & Co. and Kidder, Peabody & Co. (jointly). OfferSouthern

—

Halsey,

it was reported by Mr. Loren Fitch, com¬
comptroller, that the utility is contemplating
Bale of $35,000,000 of 20-year first mortgage bonds some¬
time in 1961, with the precise timing depending on
retire

Power Co.

Stuart & Co. Inc.; W. C. Langley & Co.; Lehman Broth¬

Kuhn,

pany

To

& Co., Inc.,

10,

Office

Office—Watts

8, 1961 it was reported that this company ex¬
pects to sell about $72,000,000 of debentures in Septem¬
ber, subject to FPC approval of its construction program.
Office—120 Broadway, New York City. Underwriters-

The

Westmoreland County, Pa. Underwriters—To be deter¬
mined by competitive bidding. Probable bidders:

Oct. 28, 1960

—

Office—1714 California

1961, J. Lee Rice^Jf.; President of Allegheny
Power System, Inc., parent
company, stated that West
Penn expects to sell about $25,000,000 of bonds in 1962.

Co.

Proceeds

to spend $12,000,000 for new
1961, most of which is expected to be

16, 1960 was underwritten by Blyth
City.

Feb.

handled

Witter & Co. (jointly); Halsey, Stuart & Co. Inc.;
Loeb & Co., Equitable Securities Corp. (jointly).

conditions.

stated in the 1960 annual report

plans

New York

negotiated basis by First Boston Corp., New York
City and associates. The last sale of bonds in April 1961
was bid
on
by Blyth & Co.; First Boston Corp., Dean

market

was

company

last sale of bonds and preferred stock in May and July
1960 was done privately.
The last sale of common on

reported that this company will
$35,000,000 to finance its 1961 con¬

Gas

the

Street, Everett, Wash. Underwriter—To be named.

was

Natural

Telephone Co.

1961 it

raised by the sale of securities.

a

Southern

5, 1961.

construction in

Edison Co.

last sale of preferred stock on May 12,
on

Dec.

on

West Coast

St., Los Angeles, Calif. Underwriter—To be named. The

l5r.

Inc.

March

Merrill Lynch, Pierce,

it

1961

&

April 11,

additional

an

Corp.;
Dillon, Union Securities & Co.; Salomon Broth¬
Hutzler; Goldman, Sachs & Co. Bids—To be re¬

Eastman
ers

sale of preferred stock or bonds. Office—601 West Fifth

Underwriter—To be named.
Eastern

Office — Richmond 9, Va. Underwriters — To be deter¬
mined by competitive bidding. Probable bidders:
Halsey,
Stuart & Co. Inc.; Stone & Webster Securities

struction program. No decision has yet been made as to
whether the funds will be raised by bank loans, or the

May 8, 1961 it was reported that the CAB ordered this
company to sell its 400,000 share holdings of National
Airlines, Inc., and to file a plan of sale with the board
within 30 days. The stock was originally obtained under
a Sept. 9, 1958 agreement under which the two
carriers
agreed to a share-for-share exchange of 400,000 shares
and the lease of each other's jet planes during their
respective busiest seasons. The CAB later disapproved
this plan and ordered the airlines to divest themselves
of the stock. Office—135 East 42nd St., New York City.
Panhandle

(12/5)
23, 1961, the company announced plans to sell
$15,000,000 of securities, possibly bonds or debentures.

Underwriter—To be named.

May 23,

of

sell about

Virginia Electric & Power Co.

Corp.

Southern California

reported that this subsidiary

was

March

May 16, 1961 it was reported that this firm is contem¬
plating its first public financing.
Business — Precious
metals manufacturing.
Office—75 River Road, Nutley,
N. J.

it

Peabody & Co., both of New York City (managing).

Inc.; Kidder, Peabody & Co., Atfhite, Weld & Co.
•nd 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. Bids—To be received about
Sept. 27.

1961 the company turned over its business and
Washington, Oregon and Idaho to Pacific North¬
Telephone Co., a new subsidiary. The company

1961

$32,000,000 of bonds and $10,000,000 of pfd. stock in Sept.
Ofuce—120 Broadway, New York City. Underwriters- Merrill Lynch, Pierce, Fenner & Smith
Inc., and Kidder,

determined

be

8,

Panhandle Eastern Pipe Line Co., expects to

(9/27)

To

—

maintenance of radar, micro-wave
antenna towers for military and

Trunkline Gas Co.
March

& Co.

plans to offer about 56% of the stock of Pacific North¬
west to stockholders through subscription rights in late
September with the balance being offered to them with¬
in three years. Pacific Northwest Bell expects to sell a
large issue of debentures publicly in from six to nine
months. Office — 140 New Montgomery St., San Fran¬

Pan

Underwriter

construction.

broadcast

commercial

by competitive bidding. Probable bidders: Halsey, Stuart

Telephone & Telegraph Co.

First Boston Corp.

Electric Corp.

&

and

use.
Office — 2700 Hawkeye
Drive, Sioux
City, Iowa. Underwriter — C. E. Unterberg, Towbin &
Co., New York (managing). Offering—Expected in Aug.

$15,000,000 of 30-year bonds in September. Proceeds—

west Bell

I

relay

Jan. 24, 1961 the company stated it plans to issue about

ing. Office—600 California St., San Francisco 8, Calif.

V

The installation and

Corp.

Pacific

assets in

1961 it was, reported that a registration state¬
ment will be filed shortly covering an undisclosed num¬
ber of common shares.
Price—$10 per share. Business—

2, 1960, W. D. Virtue, treasurer, stated that com¬
plans the sale of about $20,000,000 of common stock
to be offered stockholders through subscription rights
in the fourth quarter. Proceeds—For expansion. Office
—900 15th St., Denver, Colo. Underwriter—Last equity
financing handled on a negotiated basis by First Boston

Boston
Corp., and Halsey, Stuart & Co., Inc.
(jointly) and Blyth & Co., Inc. Bids—Expected on Sept.
26, 1961.

Pacific

Tower Construction Co.

July 5,

Dec.

First

June 30,

fering to stockholders in January 1957 was underwritten
by Dillon, Read & Co., New York City.

ex¬

pany

—

'

$5,000,000 after commissions and

Public Service Co. of Colorado

Office—245 Market St., San FranCompetitive. Probable bidders:

Page 16.

from

—

ic Pacifjc Gas & ECectric Co. (9/26)
July 25, 1961 it was reported that this company plans
to sell about $60,000,000 of first and refunding mortgage

h

Id
t-

:H

stock

common

on

had

subject to approval of the SEC. Business—The
purchase and operation of oil and gas properties. Pro¬
ceeds
For the development of underground reserves.
Office—35th floor,' Southland Center, Dallas, Tex. Un¬
derwriters—To be named. The last offering of common
and debentures in November 1954 was underwritten by
Hemphill, Noyes & Co., and Shields & Co., New York
and Rauscher, Pierce & Co., Dallas.

i-

le

stockholders

penses,

(8/1)

Office—120 Broadway, New York. Underwriter—To be
determined by competitive bidding. Probable bidders:

Stuart

shares to net

mon

June 19, 1961 it was reported that this
company plans the
sale of about $7,200,000 of equinment trust certificates.

Halsey,

increase authorized

that

3,000,000 to 5,000,000 shares. Robert J. Bradley, chairman,
stated that the company intends to sell sufficient com¬

Dodge

Co.,

Dividend Advertising Noticer

Appear

Producing Properties, Inc.
July 12, 1961 it was reported
voted to

47

Club, inc.

operation of dining clubs. Proceeds—For expansion and
working capital. Office—15th and Locust St., Philadel¬
phia. Underwriter—To be named.

1961.

Gas Co.

1,

(415)

June 1, 1961 it was reported that this company plans to
issue 60,000 common shares. Price—$5. Business—The

March 15, 1961, it was reported that some
$12,000,000 to
$15,000,000 of common stock will be sold to stockholders
through subscription rights in September or October.

-

Chronicle

?hares,

without

since

and

were

dividends
class

B

its

com¬

common

stock

on

by

certain

and

none

received
The

of

being offered
selling
stockholders
the proceeds will be

by

the

company

company.

1957.

company consists of
of $1 par common

other

aspects

struction
For

1960,

of

located in Tulsa,

the

heavy

be converted

in
in

con¬

any

time

into

year
ended
consolidated net

at

to

$2,740,143

on

a

share-for-

common

the

stock

option

of

at

Street

of Robert

LOS ANGELES,
ton

&

Calif.—E. F. Hut-

Company

branch

office

Fairfax

Avenue

has

at

opened

150-38

under

a

South

the

man¬

agement of Paul A.. Woods.

the

MERCED,

Opens

Calif.—Joe

Stefani

engaging in

equal

from offices at 1733 L Street.

to

John

Johnston Co. Branch
J. Stefani

31,
earnings

Dec.

12

holder.

industry.

the

amounted

shares of $1 par class B com¬
mon
stock.
The class B common
share basis

Okla., is principally engaged
constructing
pipelines
and

at

New Hutton Branch

651,205 shares

295

may

office

under the management

Giving effect to the offering,
outstanding capitalization of the
stock; and 559,-

All of the stock is

branch

I. Baron.

a

ELYRIA, Ohio—Johnston & Com¬
is

securities business

pany,

Inc., has

office at

538

Opened

Broad

a

Street

branch
under

the direction of William J. Krantz.

V',

«'

►V

48

i

Vt

The Commercial and Financial Chronicle

(416)

>

.

:'VF

WASHINGTON AND YOU

J'

Valley Group of Investment
Bankers Association annual meet¬

DR. M.T. NOGGIN

ing.

PSYCHIATRIST

BEHIND-THE-SCENES INTERPRETA TIONS

,?

FROM THE NATION'S CAPITAL

Investment

vi;
•

C. — Before
developed, there
among
a
good

WASHINGTON, D.
crisis

Berlin

the
was

loud

a

cry

work

There

and

development

of

early

2,000 miles

With

crisis facing the
feel more
secure, as
far as their constitu¬
ents are concerned, in Washing¬
ton

i<

to

the

of

I f'/ «

Congressmen

than

want

they do at home. They
that they are a part
team that is making the
feel

big decision's in the Nation's Cap¬
ital.
at

(' '

It

gives them

At the

hp.

stature

more

home.

of

board

time the chambers

same

Congress

serve

for

their

as

sounding

a

members
views

own

to

national

a

conceivable that President

5

address

to

Nation

the

result in Congress remaining

may

in session longer than

it normally

want

making

the mail that

of

have

1H V

the

V

'!■ r

been

Congress

does

United

States

ground

to

to

give

The

Khru¬

Apparently the people, already

with taxes, are
a little more, if

burdened

sorely

ready to take

on

made

1938.

in

the
over

necessaryj to build up the mili¬

about

trop's advice

on

prepara¬

that

Hitler

ington

as

and

shrewd

"very

a

Oct.

"No War Over Berlin"

u*

ment

•wi

of

which

vji

Defense

began

for

July

on

1962

incidentally, was almost
$2,000,000,000 more than the sum

V

President Eisen¬

recommended in

hower's

it

budget which he sent to

Capital Hill just before Mr. Ken¬

I

nedy succeeded him.

i *
i,y'

Defense

The

ready

>
f

the

T

gets

al¬

half of all

than

more

made

funds

by

which

will

of

care

vides

measure,

amended

be

the

for

passed

to

take

growing crisis, pro¬
active duty military

an

department

of

2,511,900

amount

-i,

i.

to

about

22,000

than' the

strength for fiscal 1961.

average

the

Under

plan

would

personnel
this

more

manner:

the military
be divided in

Army 874,000; Navy

627,800; Marine Corps 184,000 and
it

Air

Force

825,000.

'

Appro¬

travels

he

adjourns to check

on expen¬

recommend. He has stoutly
that

in

is

he

denied

junketeer.

a

Khrushchev

with

dled

Kremlin
twice

years.

that

believes

Ellender

Pilemier Khrushchev has been do¬

considerable
amount
of
"popping off" about the Berlin
separate peace treaty, etc.

ing

a

"There's
war

this

going

to

next

or

be

over

any

Ber¬

lin," said Sen. Ellender. "Mark my
word on it.
Sure there will be
.

if

is

There
'

i

considerable

quarters

some

*

about

gloom in

Washington

of

the

}

strength of Russia. But
the truth is, we are more power¬

\

ful

t
■

i

•

•i.
i

3'

i

today than

Russia.

So is

The Soviet Union's

news¬

"Izvestia,"

paper,

that

before.

ever

Russia

has

a

proudly claims
larger fleet of

'

?

rocket-firing submarines than the

(

!

United

States.

That

might

*

Navy
naval

is

still

be

true,

the

most

in all

fleet

generally

the

known

in

but

powerful

world.

the

has

been

working

on

It

is

military

an

accel¬

erated program of atomic-powered
submarines.

Apparently
up

of

(

v

going to

st'ep

the program for building long-

range

ing

are

bombers.

military

Under the pend¬

legislation, the

$448,840,000

will

I




be

used

Next
will

year

be

if

some¬

thing else."

seems

that the

tinue

for

the

outcome,

arms race

years

to

Association

1961

(Denver,

Mountain

Rocky
ment

meet¬

Bankers

Colo.)

Invest¬

Group

Association

meet¬

will

it

con¬

14-15,
Ohio)

Cincinnati

Oct.

Springs,

Investment

of

Association

13-15,

meeting.

(White

1961

Dealers

Club.

Pacific

1961

Northwest

Group

of

In¬

Bankers

Asso¬

Sept. 29,

Oct.

17,

1961

Michigan

(Detroit,

Group

annual

field

of

Philadelphia

36th

the Philmont

day at

19,

1961

Western

of

Mich.)

Investment

Association

Bankers

October 20-21, 1961

New

York

Group

City)

of investment
meeting.

Bankers Association

7,

1961

Security

Association

of

New York annual dinner dance at

Commodore.

column

is

intended

to

11th

annual

national

con¬

may

own

in

DISTRICT

Corp.

sum

for

I

(Minneapolis-St.

Minnesota

A.

Sandberg

securities

a

has

estment

of Nordic

Group

been

Md.—Su¬

formed

in

a

securities

business.

Officers are Oscar C. Casto, presi¬
dent; Woodrow A. Shriver, VicePresident; Frank B. Higdon, Jr.,
Treasurer; and Charles S. Shapiro,
Secretary. Mr. Casto was formerly
with H. F. Weekley & Co.

i

in

offices

Street,

the firm

Securities Co.

New
name

'

JT*

TUB

TRADING MARKETS
American Cement

Botany Industries
W. L.

Maxson

Waste

riARL Marks & Co Inc.
SECURITIES
STREET

TEL: HANOVER 2-0050

engaging

Attention Brokers and Dealers

J

4

20 BROAD

Co.

Bankers Association, annual meet¬

ing.

FOREIGN

was

&

cjif Investment

with

offices at 5560 Silver Hill Road to

is

118th

City, under

Official

Securities

Inc.

business from

West

556

views.]

HEIGHTS,
n v

Fund,

Eberstadt

Forms Nordic Securities
Nils

Form Suburban In v. Sees,
burban

F.

by

1938.

at

1961

coincide with

not

founded

York

24,

from the nation's Capital
or

of the
of

Board

corporate attorney.

Oct.

re¬

pretation

the

Before joining Chemical Fund,
Inc., Mr. Tritsch had been with
Heyden Newport Chemical Cor¬
poration and Cerro Corporation as

vention at the Hotel Schroeder.

flect the "behind the scene'' inter¬
and may

by

an¬

Tritsch

G.

Directors.

(Milwaukee,

Paul)

(New York City)

Traders

has

Inc.

Robert

Wis.)
Clubs

York

Fund,
that

meeting at Rolling Rock, Pa.

<£•

[This

of

Oct.

(New

Secy.

Chemical Fund

Chemical

Group

National Association of Investment

1961

Elected

Company

a

Country Club, Philmont, Pa.
4,

President of the company.

(Pennsylvania)

Pennsylvania

Investment

(Philadelphia, Pa.)

1961

Club

Place,
York, has been named Vice-

ciation Annual Convention at the

Oct.

Association annual field day.

Saul

the

at

Exchange

40

had been elected Secretary

Calif.)

Bankers Association meeting.

Investment Bankers'

research

Co.,

Chemical

Sept. 20-21, 1961

(Omaha, Neb.)

E.

an¬

16-20, 1961 (Palm Springs,

Association,
meeting at Hayden Lake, Idaho.
Nebraska

and

Lerner

Of

nual convention.

Traders

Lerner
Homer

Miller, "formerly director of edu¬

Tritsch

(San Francisco,

Security

Saul

YORK—Colonel

NEW

New

Palm Springs Riviera Hotel.

Sept. 15-17,

Col. Miller Vice-Pres.

Calif.)

National

Fund

Mr. Titus and
were
partners in

Co.;

Williams

Mr.

nounced

Municipal

California

of

Management

cation

Sulphur

Va.)

W.

Oct. 15-18, 1961

Oct.

Group annual fall outing at Queen

Hotel

come.

Group

American Bankers Association

(Cincinnati,

1961

Sept.

officer

an

Of

(Montreal, Canada)

Investment
Bankers Association meeting.

ing.

Oct.

of

Regardless

engage

\|ve

it

of Invest¬

President;

Jr., Vice-President and Secretary;
and B. S. Levitt, Assistant Secre¬
tary. Mr. Hawkins was formerly

our

circles of this country that Russia

i >

Berlin

not

the "Chronicle's"

\
'

is

crises.

more

some

On Balance

1961

Southeastern Group of

Sept. 13,

.

*

f

Bankers

Group

ing.

Bond

not

year

Ohio

Investment

of

Oct.

Bankers

Sept. 8, 1961 (Cleveland, Ohio;
Northern

a

are

(Toronto)

Group

Canadian

Club, St. Clair, Mich.

Officers

Hawkins,

Association meeting.

13,

in

Counselors Management Co.

Bankers

outing at St. Clair Inn & Country

vestment

recent

Senator

Russia

visited

has

and

in

the

in

1961

10,

M.

606

at

engage

Stephen Titus, Vice-President and
Treasurer; Merritt M. Williams,

summer

City Club and Kenwood Country

Louisianian, who has been
hud¬

Congress since 1935, has

.

t

,

Senate

ditures that he and his committee

people

for fiscal' 1962. This would
,

the

Committee,

far and wide each year after Con¬

The

House-

of

member

a

priations

Basis Club fourth annual

ment

Ellender,

perhaps the most traveled man in
the
United States Congress.
As

Congress.
The

proportions.
He is Senator Allen J.

gress

Department

appropriated

•»

of

The

1.

amount,

!'!

(Detroit, Mich.)

1961

Bank

of

Hotel.

Canadian

11,

.

fiscal

Association

Women Annual Convention at the

IN INVESTMENT FIELD

Aug.

Palace

Brown

(Rochester, N. Y.)

Oct. 9-12, 1961

Sheraton

Despite

the

at

Hotel.

National

man."

articulate

\ i

yf

EVENTS

Exchange

Stock

Fall meeting of Board of

Firms,

Governors

bad.

was

all the gloom predic¬
;
'
:
'''•■■
v.-,
"*
: tions and
pessimism taking place
Defense Costs
in
Washington, there is at least
The House about a month ago
one
ranking member of Congress
passed 412 to 0 a bill appropriat¬ who thinks that the Berlin situa¬
ing $42,711,105,000 to the Depart¬ tion has been blown up all out
•

COMING

(Denver, Colo.)

of

Association

offices
to

business.

William

Ribben-

to

Street

Hill

securities

Oct. 9-10, 1961

with

formed

South

a

military

Angeles

Calif. — Koenig,
Incorporated has

ANGELES,

Hawkins & Titus,
been

diplomatic circles in Wash¬

in

LOS

and ask him to raise his commissions!"

Ambassador Menshikov is regard¬
ed

treatment—phone his stock broker

shock

to

go

putting

was

its

records

History

tary manpower to meet the threat.
:

needs

asserted

not

con¬

Statler.

(Special to The Financial Chronicle)

"He

Poland, and, further, the

States

United

would

annual

Formed in Los

Hit¬

Adolf

to

the Hotel

at

Mutual

of

Koenig, Hawkins & Titus

pur¬

Washington

Ribbentrop

British

that

ference

ft

that the German Am¬

Ribbentrop,

(Boston,

1963

Association

Banks 43rd

Savings

in London, Joachim von

bassador

1,

27-May

Mass.)

remark

party

in

mind

to

report

ler

Ambassador's

Washington

tions.

shchev and the Communist leaders.

April

National

believe that

should

Soviet

ported

the

more

nual convention.

Washing¬

a

to be true and correct.

sham

any

Premier

Soviet

remark at

a

mistake if he

they

want

not

N. J.)
American Bankers Association an¬

denied

party that he did not believe
the people of this country would
fight over the German capital.
He
would be making a serious

home,

from

receiving

country

some

say

Sept. 23-26, 1962 (Atlantic City,

ton

war

Judging by

has

Ambassador

The

Association

Savings Banks 42nd annual con¬
ference at the Olympic Hotel.

Menshi-

United States will fight over Ber¬
lin.

(Seattle, Wash.)
of
Mutual

May 6-9, 1962

has told Khrushchev that the

kov

America, an¬
St. Anthony

Hotel.

do
not

hoping

is

Ambassador

of

meeting at the

National

Washington

Soviet

will

who

nual

further.

any

Official
that

who

country,
but

war

pushed

would.

members

this

in

people
not

Association

ers

be

of the

the attitude

about

mislead

not

(San Antonio,

1962

Texas Group of Investment Bank¬

Soviet

that

8-10,

Tex.)

strong

was

will

the

It is

April

there

Washington

brought

Kennedy's

year

Khrushchev

express
the views

audience.

%

15th annual mid¬

Banks
meeting.

Savings

hour.

in

to

and

of their constituents

l

Diplomat

1961 (New York City)
Association
of
Mutual

Dec. 4-5,

National

travel

can

Premier

hope

great

a

that

an

Meantime,

be

Nation,

craft

manned

ad¬

October.

it

production of
type of

and

long-range bombers—the

Recall Hitler's Error

home.

go

talk

was

journment. Now there is little or
no
adjournment discussion. Some
of the pessimists feel that Con¬
gress will still be in session in

/

the

and

should

law-makers

their

Congress that
expedite

of

members

many

the

"I.

Hotel

Beach

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Association

Hotel.

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(Hollywood,

Annual Convention at Hollywood

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Bankers

26-Dec.

Nov.

Fla.)

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(Louisville, Ky.)

1961

26,

Ohio

"'V'

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Thursday, July 27, 1961

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Oct.

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York telephone number is

CAnal 6-3840

SPECIALISTS

NEW YORK 5,
A

Our New

Films

King

N. Y.

TELETYPE NY 1-971

f

LERNER &
Investment

CO., Inc.
Securities

10 Post Office Square, Boston 9, Mass.
Telephone
HUbbard

2-1990

Teletype
BS 69