Full text of Commercial and Financial Chronicle : July 28, 1960, Vol. 192, No. 5972

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The COMMERCIAL and FINANCIAL

Established im

Volume

Reg. U. S. Pat. Offic*

Number 5972

192

New York 7, N.
Y.,

AS WE SEE IT

\ Editorial

Thursday, July 28, 1960

Price

50

Cents

a

Copy

A Professional

perspective were ever needed, it is needed now
in these days of charges of "imperialism," accusations of
"exploitation" of weak countries, and the universal de¬
mand that backward and poverty ridden peoples be
miraculously salavaged. Russia and China, taking their
cue from their masters, Marx Lenin and Engels, scream
daily about "imperialism" and what it is doing and likely
If calm

Individual
By Frederick N. Goodrich*, Vice-President, United States
Trust

the world, while at the same time they practice
their own brand of conquest. The peoples
of various countries, notably right now Cuba, are bitterly
to do to

Drawing

with avidity

in

portfolio; and (4) Determining
portions; types and maturities.

Others

losing rather

of

the

old

so-called

powers

use

where

of

no

cipal—frequently

State and

Housing,

telephone:

aggressive investor
aged

to

emphasize

the limitations
taxes.

tor

tax

on

is

A

charitable nature—coupled with the tax laws
it easier to cash capital
gains through

—makes

pro¬

gifts. A charitable nature also makes
income

seem

-v

Bankers

the

to

growth

seek

good sense to accept professional advice;
vision to look at the
long term prospects.

by

n

The prudent and the
far-sighted have always
understood that attention must be
given to prin¬

same

Low

cipal

tax

both
F.

N.

first, income
to

higher

Goodrich

current

market—and

have encouraged a trend toward smaller cash
pay¬

focusing

principal

the future potential.

on

The long bull
encouraged an
increasing number to concentrate on growth. After
all, purchases in mid-1949—11 years ago—of a

Lester, Ryons
623

the

tax

laws—have

(Continued

on page

22)

Underwriters and distributors of

STATE, MUNICIPAL AND
PUBLIC

to

Members Pacific Coast

SQUARE, S.W.I.

the Government in:

PAKISTAN,

AND

~

HOUSING AGENCY
NOTES

the first national city bank
of new york

Inquiries Invited

UGANDA, ADEN, SOMALIA,

Bond Dept.

RHODESIA

Teletype: NY 1-708

New York

T. L.Watson&Co.
H

New York Stock

canadian

-

Direct

Block Inquiries Invited

Stock

Exchange

STREET

Goodbody

NEW YORK 4, N. Y.

PERTH AMBOY

BANK

Pershing A Ge.

to

buy

expire

&

-

2 BROADWAY
NEW. YORK

Co.

on

the above rights
September 16,
.

Private

Wires

to

Toronteu

Associate Member American 8took

40

1 NORTH LA SALLE ST.
•

HAnover 2-6000

the current market.

Dominion Securities
Grpoeation

MEMBERS NEW YORK STOCK EXCHANGE
*

Development (World Bank)

MUNICIPAL.
FOR

DIRECT WIRES TO MONTREAL AND TORONTO

dallas
r" BRIDGEPORT

—

Halifax

Teletype NY 1-2270

BROAD

International Bank for Reconstruction
and

THE

CANADIAN DEPARTMENT

£outhwe&t
25

and

Chase Manhattan

Southern

Montreal, Winnipeg, Calgary,
Vancouver, Victoria and

Canadian Exchanges

American

offer

1960 at

Commission Orders Executed On All

Exchange

We

which

securities

Members

Correspondent

CHICAGO

>

Mortgage Association

United States Government Insured Merchant
Marine Bonds

The Bank of Nova Scotia
Rights '

To Dealers, Banks and Brokers

ESTABLISHED 1832

Exchange

Cooperatives

Federal National

California Securities

NORTHERN AND SOUTHERN

-'U.''

on

Federal Intermediate Credit Banks

Banks for

Exchange

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

BURMA,

Federal Land Banks

Federal Home Loan Banks

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

KENYA, TANGANYIKA, ZANZIBAR,

7

Co.

Offices

ADEN,

In:

CEYLON,

&

So. Hope Street, Los
Angeles IT,
California

Members New York Stock
Exchange
Associate Member American Stock

BONDS

STREET, S.W.I.

Branches

-




to

of Securities of

Net Active Markets Maintained

company

attention

portfolio of General Elec-

STATE AND MUNICIPAL

UNDERWRITER,

first

second:

it by resisting the temptation of
income and to make it grow by

conserve

Taxes encourage a large
portion of individual investors to seek capital gains
yet discourage many from cashing these gains.
Income taxes and the changing tastes of investors
ences.

are

and

Principal and Income

inves¬

safety and

income.

exempt

the

KENYA, UGANDA, ZANZIBAR

30 Broad Street

dealer

larger divi¬

a

worthwhile.

also profoundly
actions; courage
to assume
necessary risks and ignore fluctuations;
patience to wait for long term results; broadmindedness to pay capital
gains taxes when desirable;

brackets diminish these differ¬

Head Office:

ST. JAMES'S

13

INDIA,

distributor

more

personal characteristics
the investor's investment

affect

income after

is encouraged by the

London Branches

TRUST COMPANY

New York 15

individuals—particularly

expectancy generally discourages seeking growth
yet also discourages cashing any large gains on
existing holdings.

encour¬

The conservative

limitations

BANK LIMITED

54 PARLIAMENT

bond department

by

provision for paying out prin¬
forces us back to emphasizing

Long life expectancy and high earned income
generally encourage the seeking of growth. Short

dend

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

BANK

and

hand, trusts are frequently
planning for the avowed purpose
investing for growth.

of

NATIONAL AND GRINDLAYS

,

NEW YORK

corpora¬

reasons,

BONDS

HAnover 2-3700

CHEMICAL

the

Dealers in and Distributors

Municipal

Securities

in

other

On the other

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

Government,

Public

for

created by estate

securities

U. S.

confidence

earnings

trusts

there is

income.

differences between aggressive
and conservative investors. The

territory in the more back¬
globe. All of (Continued on page 24)

/

(1)

ing for Individuals

than gaining

ward sections of the

The

Features of Invest¬

Income taxes accentuate

never

colonial

bond

of

Other

Distinctive

Imperialism in History
Japan, too—whether voluntary or not is not important
—is no
longer driving to spread her domain in the Far
East.

a

portfolio selection and management.

stock

has

one

the growth in the price of the stock.

comments, I want to touch on four topics:
(1) Distinctive features of investing for individ¬
uals; (2) Principal versus income; (3) Choosing a

large scale,
and for a number of decades we have been
doing just
about what Britain has been
doing with her former
empire.
was

the:

if

tion—growth

In my

now

of the American Indian)

meet

income

of

cator; and (3) need to avoid over-diversification and inertia

quite free to manage their own
affairs—and do so. Other areas are
being relieved of
control or direction from London as
rapidly as seems
feasible. Of course, our imperialism
(except at the ex¬
pense

and

to,

which includes advice to resist the
temptation of higher cur¬
rent income and to focus on future
potential, and to use past
market trends as a guide but not as a certain, reliable indi¬

Perhaps the first essential truth for us all to bear con¬
stantly in mind is that, except for the Communists, this
is not an age of imperialism. On the
contrary, old em¬
pires are dissolving—often if not usually with the con¬
sent and blessings of the former
imperial masters. Brit¬
ain has, of course, led the
way. Hundreds of millions of
people formerly directly or indirectly under the thumb
are

approach

influencing role of taxes and investors' personal needs and
characteristics; (2) criteria in winnowing out companies

so-called western countries are being
they had better do more for this, that and
other slothful people or Communists will appear on
scene and, in the process, take over.

of the British

philosophical

trust's requirements. Considered, for
example, are

Soviet Russia, for aid and comfort. The United

States and other

the

bank's

portfolio selection for the individual and to

govern

warned that
the

his

by many corporations and larger plowbacks

growth. In our thinking about the resulting
capital gains types of income, confusion has arisen
between plowed back
earnings—certainly a form

lessons learned from, investing, Mr. Goodrich offers a terse
review of the gamut of considerations he believes should

assailing foreigners and foreign capital that have entered
their countries—and turning to the arch imperialist of
the day,

upon

outs

for

Company of New York

.

Exchange Place, New York 5, M. Y.

Tel. WHitehadl 4-8161

„

Jde, NY 1-702-3

CIVIC

BONDS

CALIFORNIA'S
IMPROVEMENT

MUNICIPAL BOND DEPARTMENT

BANK OF AMERICA
N.T.&S.A.
SAN FRANCISCOr

•

LOS ANGELES

2

The Commercial and Financial Chronicle

(358)

For Banks, Brokers, Dealers

The Security I Like Best

only

Forum

Call "HANSEAT1C"

A continuous forum in which, each week, a
in the investment and advisory

broad range

Department, Boettcher & Co., Colorado

of

nation¬

our

wide wire system.
sure

the widest

possible

Dr.

Pepper Company

coverage,

in

States.

the

completion

1920

pansion

Associate Member

5

Teletype NY 1-40
•

PHILADELPHIA

•

CHICAGO

FRANCISCO

SAN

At

under¬

Write

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

C.

..

IR3 Nomura
61

...

-

of

Last

tender

n

,AJ

SOClintlOS Co., Ltd.

Broadway, New York 6, N. Y.

Telephone: BOwling Green 9-0187

prices,

ket

United

simultaneous¬

to

approxi-

and,

competing

the

Nevertheless both political parties

population
As

of

the

matter

a

of

United

fact,

trying

are

international in scope

company is

the

for

*

td

outbid

is

not

an

offer

solicitation

or

orders for any particular

for

securities

stock

try

expensive
as

by

or

Atlas

open

to

share.

a

den

stock¬

should

have

Cor the

cumulated

about

working capital.

leaders

the

company's franchised
and fountain syrup is

of

sion

west virginia

Parker, formerly

north

is

program

President

of General Foods. He

carolin

make

carolin

the

Perhaps at

program

at

occur

a

We,

in

slowly but surely

are

destroying confidence in
rency,

these

Under

conditions

for the moment

tional efforts, will gain
acceptance
a national basis. If this
proves
to be the case,
large rewards are

in

iBank & Quotation
Record
(Only $45

per

(Single Copy
bound

give
on

you

all

well

Over

as

rent assets
1

over

stock,

on

-

the

will

securities
to

Counter

-

enjoyed
the

New

York

as

lished
total

an

sales

mately
quota¬

share

all

time

or

B.

out, of

the

Uranium,

Rio

sprung

of

Lisbon

$12,500,000.

amounted

to

85

call:

DANA

y

CO.

accruing from
ties, earnings

today is

not

King. Ura¬
longer a
The days of

any

in

neighborhood of $1 per share,
With the major
portion of ex¬

pansion expenses to be
completed




as

a

is

circumstances

solicitation of

an

offer

to

to

nothing

are

sensational

about 4.3

now

of the common

WALL

NEW

STREET

YORK 5, N. Y.

There

about

it

SUGAR
Raw

million shares

outstanding (sell¬

an

a

—

Re fined—'Liquid

Exports—Imports—Futures

oversupply

of

uranium.

several months ago, Jesse

Chief
sion

of

of

U.

S.

Atomic

Energy

Commission, said: "The long
is

over a

shortage,

not

Now,

may

you

an

or

over-supply."
not agree

may

leading uranium

expert but certain

financial

undeniable:

ernment

contracts

uranium

through

Hidden

Splendor

operates

un¬

$17 and $20 million
now

and

1960

cash

flow

the

$10 million.

a

be construed

den

any

offer

to

sell,

statistics

facts

present

gov¬

to

purchase

1966

will

In

reach

to

industries
sales.
and

or

security referred to herein.)

an

nice

we are
no

developed
a

fine

It

—

no

has

an

assured

all

worries

and

Hid¬
—

in

i

,

price which gives

profit margin.

Therefore,

fond of its Preferred
Stock;

glamor but

35 Industrial Stocks

its

market

a

splendid return!

of

20-Year Performance

other

about

assured

OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX

reliable

controls.

practically

N. Q. B.

ura¬

skill

extremely
and

be

uranium

Splendor has therefore

year

In the very near fu-

as an

amassed

cost

contrast

mid-1966.
should

have

mining to

range

possible uranium

with the nation's

appear

But

Johnson,

the Raw Materials Divi¬
the

concern

DIgby 4-2727

year.

have

between

buy,

99

ing also in the Over-the-Counter

a
no

LAMB0RN & CO., Inc.

be

now

acquired for about $10.50.

companies

REctor 2-9570
under

the

and

can

nium

tween

the

M

which

experienced

der assured government contracts
until
1966 and
will be able to
mine and sell ore valued at be¬

activi¬

25 Park Place

share

honored,

:

per

New York 7, N.
Y.

each

this merger mix.

and

estimated

year); $0.55 premium

a

important and powerful At¬
las Corporation which dominates

cents, and

expansion
are

dividends

stipulated par value of $ 11, which
gives a total amount of $12.87 for

very

approxi¬

Earnings

to

Uranium, Mountain Mesa

small-time operation.

estab¬

record,

amounted

MINING

the little prospector are over.
Big
business has arrived and it is the

of its range for many
sales

general

Stock of "THE

SPLENDOR

has

merger
de Oro

Stock

years.

syrup

in

in particular.
Here
have today one of the nation's

which

The

this year, despite substantial
costs
Write

Uranium

nium

find"

tions.

WILLIAM

developed a few years
believe I have found such

I

situation:

largest, widest ranging, and most
experienced uranium companies

consecutively for
years), to yield 5%, is in the

year

in

COMPANY"

been paid

Last

good re¬
and small

a

risk,

Uranium and Radium

>

$1.32

There has been much talk about

we

ratio of 2.4

a

liabilities.

Teletype NY 1-2978

(66 cents for each share

70 cents

HIDDEN

of

current

one sugges¬

with

and the Preferred

capitaliza¬
slightly
over
$1 million of long term debt. Net
working capital at the year-end
approximated $2 million, and cur¬
to

this:

received

bad odor it

Remaining
■

like

an

ago,

■

out

Street, New York, 5

Telephone DIgby 4-0985

market around $8 a
share) paying

a

consists

80 Broad

the

years

gain possibilities. Any
approach might prove to be
expensive mistake. In an in¬

is

directors.

LEWIS & STOEHR INC.

return to stockholders should work

dustry which still suffers from the

are

673,200 shares of common
outstanding, 21% of which
owned directly or
indirectly by

20

$4)

—

"hard

minimal

have

year)

monthly prices

listed
those

there

satisfied

Exchange, selling at $12 per share
and paying 60
cents
(dividends

publication

the

that

be
on

stock

lower part

This

in

two

other

only

tion

YOU WILL FIND THEM

offing

only

tion:
turn

on

the

in

')

have and the return is excellent. There

I

capital

in

retired

■.if

Only

that the preferred

we assume

be

^

but the investment looks
very safe

.

it seems likely that Dr.
Pepper,
by virtue of its long standing
reputation and aggressive promo¬

QUOTATIONS?

our cur¬

financial and political

our

system.
.

as¬

internal and external bur¬

dens which

market will shortly consume
vast quantities of soft drinks and

Need Hard to Find

on

the other hand, have

on

sumed

age

.RICHMOND, VIRGINIA

sensational recovery that a des¬

from Spain, Portugal, Italy, Greece
and other neighboring countries?

tious moment. A burgeoning teen¬

fW.

European example—

for the
importation of additional workers

propi¬

more

Germany has made such

perate search is going

tory could Dr. Pepper's expansion

call

will

one

a

time in his¬

no

just to

—

If

■

,

Airways

million

about $7 million will be required

and

Western

R.

national

company

overproduction

mention

to Dr.

came

World, suffer

unemployment while

Pepper several years ago at which
time policy was formulated
to
scope.

south

W.

from

again

Vice-President

a

of the Free

$20-$25

New York
■

to eliminate the preferred shares.

to

Largely
responsible
for
the
dynamic character of this expan¬

virginia

it
-r

ac¬

in cash and

distributed to wholesale jobbers.

municipal bonds

Black Clawson Co.

The

any regard to
economic self-dis¬
cipline. Is it not a shameful sit¬
uation
that
we,
the self-styled

and

solvency

Bankers

eliminate

By the end of 1961 Hid¬

Splendor

Investment

Broadway,N.Y.6 COrtlandt7-5680

mar¬

possible.

as,

111

Corporation

preferred

soon

Ltd.

Tokyo, Japan

for

in that Dr. Pepper is available in
bottles and cans in many foreign
nations.
Vending machines are

bottlers,

'

Yamaichi Securities Co.,

com¬

calls

Company

York, Inc.

Affiliate of

sinking

sold

This

of New

required premium is only 55 cents

other

each

without

votes

of

holders

effectively in the world markets.

States.

Preferred

by

write

Yamaichi

Over-the-

a

or

Securities

anticipate these sinking

probably

these

Deuble

H.

Albert

mately 78%. This year will bring
about coverage of nearly 100% of

ly,

the

information

current

Call

around

The

requirements

will

domestic

demand

in

purchases.

thus stimulat¬

ing

States

selling

market.

can

fund

franchises, to bring its total
population coverage of

new

or

Brokers &

pany

leeway in re¬

Dr. Pepper added 34

and

*

branch offices

STOCKS
For

redeem¬

year,

issue by the end of 1965. The

corpora¬

our

Par

designed to retire the entire

tions has much

ducing

year

fund

impor¬

our

a

Stock has the benefit of

gen¬

to

JAPANESE

share plus accrued

a

share

a

Counter

business

tant

$11.55

$10.50

expenses none

Like Best".

the
T,

eral

following features:

dividends

and

higher

acceptance, the com¬
pany will be in time to profit from
the growing teenage market. The
ingredients of growth are present
and
the time
element
is right,
therefore, it is the "Security I

able at

Mobile, Ala.

Direct wires

1959 about 860,-

66 cent dividends

de-

mands

Astarita

(end of

the

NY 1-1557

La.-Birmingham. Ala

we

value $11 each; 6% cumulative

face of

ing labor
George

*

consider
capitalization: Loans

increas¬

ever

to 400 and

whole.

a

with

We have four million

In the

impressive if

modest

640,000

unemployed.

new

New Orleans,

000) preferred shares outstanding

hard to find. Dy¬
possibilities are lacking in

advent of

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

payable have been reduced to $1.4
million; there are now only about

very

markets.

our

with national

economy

is

namic

likely, Dr.
Pepper meets

IN JAPAN

Exchange Co., Inc.

"Security I Like

the

present

this program

management.
If, as seems

Opportunities Unlimited

are very

of N. A. S. D., N. Y. City

taken with the

Nationwide Private wire System

;

■

Splendor Mining Company

Best"

w a s

;

'

York Stock

American

HAnover 2-0700

6% Cumulative Preferred

pro¬

four years ago

120 Broadway, New York
BOSTON

Hidden

Nearly

gram.

American Stock Exchange

of
ex¬

Members New

Members

ture this amount should climb to
'.V '
about' $12 million. Tfrese figures
the

Members

Bought—Sold—Quoted

Steiner, Rouse & Co

realistic

,V

President Yorkville

virtual

V

growth

a
a

ALBERT H. DEUBLE

for

national

is
at

price.

be

will
year

a

This

available

It

the

Corporation

management.

South¬

the

also

New York Hanseatic

WOrth 4-2300

Louisiana Securities

Pepper

Company—George C.
Manager New York
Stock
Exchange Dept., Boett¬
cher & Co., Colorado Springs,
Colo. (Page 2)

year,

situation

popularity during those years

ern

Established.

seventy-fifth

anniversary of this company and
a
soft drink which has enjoyed
wide

HANSEATIC."

"Call

Alabama &

Selections

Astarita,

sales

Springs, Colo.

This year marks the

getting

youre

Week's

it would seem likely
beginning with 1961 both
and earnings should trend
sharply higher. The purchaser of
Dr. Pepper at this time, therefore, Hidden Splendor Mining Company
—Albert H. Deuble, President,
can
enjoy a 5% return on his
Yorkville Exchange Co., Inc.,
money while anticipating benefits
New York City (Page 2)
to
accrue
from
the
expansion
program and the injection of new

GEORGE C. ASTARITA

Manager New York Stock Exchange

through

To make

this

service and

a

Thursday, July 28, 1960

Participants and

Their

that

Trigger-quick

.

field from all sections of the country
Dr.

department offers

Contacts

different group of experts

.

participate and give their reasons for favoring a particular security.

Our experienced trading

reaches

This

.

.

.

,

■

FOLDER ON REQUEST

National Quotation Bureau
Incorporated

46 Front Street

New York 4,

H.

¥•]

Number 5972

192

Volume

.

The Commercial and
Financial Chronicle

.

.

(359)

Inadequate Depreciation
Policies

CONTENTS

Dangerous

are

uHCHTEM

lly Dr. Robert M. Weidenhammer,* Professor of Finance, School
of Business Administration, University of Pittsburgh

AND

Articles and News
A

Management—Frederick

—Robert

-

--

grated steel plant
since the late

if we

even

realize

fully

importance of
the two other

government

it

in resi¬

R. M.

10-year pro¬

jection of
ital

Weidenhammer

These

of.

manufacturers? it

proper to begin by analys¬
ing the historical role of this seg¬
seems

ment of

our

These facts
appear to be significant:
economy.

the

Historical Analysis

(1) Going back to 1880,
the

capital-output
investment

we

ratio,
in

find

that

plant

is

and

1880-1920

as

machinery, steam, and later elec¬
tricity, were applied to large scale
operations and replaced labor. But
about

chinery

1925- this

ratio

because

was

new

designed

has
ma¬

not

only
to save labor
but
also
capital,
especially in plant-space occupied.
The

modern

steel

the

first of which
in 1926 and
retired

increased

sheet to such

an

only most of
and

rolling
was

mill,

installed

only last year,
output of rolled

the

extent

the

dangerous

that

not

back-breaking

jobs

in

the

hand

old

rolling mills were elimi¬
nated but also that
now one
modern
out

single

continuous

more

vestment

sheet

mill

at

cost

equipment than

old

a

for

turned

lower

plant

in¬

and

had the dozens of

hand rolling

mills housed in
dozens of
separate buildings now

replaced.

Trends
a

Jameson, Jr

caused

'

\

more recent

16

Real Estate Syndication
for the Smaller Investor

—Bertram

Lewis

18

J.F.ReilIy&Co.,Inc.
39

Regular Features

illustrate

fast

as

••

:^ '• r':>

■

.

.

.'.'V

-

-'

■

(Editorial)
k*

)V'

V:

•

'
•*

.

' .v'-:

V

,7"*' ' ''

.

Bank

plants. This very fact has
observers to predict

at least not to rule out

again

of

this

the

an

trend..

'■

:

and

residential

.

•

.

;

25

per

such

investment

foot

square

Einzig: "Will Britain Abolish
'Security Sterling'?"

9

Indications of Current Business
Activity

limit,
need

how

and
for

then

Mutual Funds

square

reach

.

would

the

grass root plants
the relative role of

plant and

total

of

relation

|to

which

investment

output

gains.

might

NSTA

exhaustion
use

limited

^___

of

Our

Other

old

Reporter

&

perhaps

a

on

Utility

15

Securities

i

Prospective
Security

electronics industry seems
require a very low capitaloutput ratio, and that one of its
major location factors appears to

Security

Salesman's

The Market

The

j-

full

of

Offerings

uni¬

...

and

St. Louis

19

You—By Wallace Streete

Security I Like Best

The State of Trade and

16

-

Coastal States Gas

2

Friendly Frost, Inc.*

Industry

4

cross¬

Tax-Exempt Bond Market—Donald D.
Mackey

Cormac Chemical Corp.

6

Washington and You_
40

Cormac

page

7a

■"

'

-

•>

>

'

24

BarChris
Published

For

many years we
have specialized in

Twice

Weekly

Copyright

The COMMERCIAL and

PREFERRED STOCKS

FINANCIAL

ary

WILLIAM

Spencer Trask & Co.
Founded 1868

v,

TELEPHONE
Albany
Nashville

ST., NEW YORK 4, N. Y.

HAnover 2-4300
Boston
Newark




Schenectady

SEIBERT, Publisher

WILLIAM DANA

SEIBERT, President

,

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Worcester

;

Other

Office:

3,

HI.

135

South

La

Salle

(Telephone STate

matter

office

Febru¬
at

'

\

7" '

7-

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Prospectus

on

request

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of March
8, 1879.

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Thursday, July 28, i960

TELETYPE NY 1-5
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as

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25 Park Place, New York 7, N. Y.

GEORGE J. MORRISSEY, Editor

Members New York Stock Exchange

25 BROAD

B. DANA

25,

v

-X'y : ';v:7
*

Reentered

-;.7 - J

B. Dana

.rvCompany

CHRONICLE

Reg. U. S. Patent Office

77

I960 by William

Photocopy

•'

•-•' 7

on

Dallas

Philadelphia

34

Corner

•"

Continued

Angeles

San Francisco

26

the

is

to

Cleveland

raw

observation,
we
might
the rapid expansion

ratio

Chicago

36

Los

very

of good

inc.

40 Exchange Place, N. Y,

Teletype NY 1-1825 & 14844

Governments

Securities Now in Registration

that

propinquity

mackie,

HA 2-9000

5

Direct Wires

Public

resources

of new sources of
As

May

accelerate

to

the

Singer, Bean

18

-

in

are
the geographical
population as source of
demand and of labor, as well as

mention

Notes

Bankers

Observations—A. Wilfred

;

in

materials.

Common & Pfd.
20

21

trend

and the

Corp.

Lancer Industries

new

factors
shifts

Franklin

37

;

News About Banks and

a

both increase

this

Herman Smith

process

increases

might

Servonics

40

8

has

when

^

Stocks

dis¬

proceeded year by year
and the question has been raised

of

Insurance

.

Dealer-Broker Investment Recommendations

expan¬

S

__^Cover

Z ■\'i:".

1

.

To-take

steel

making horizontal
sion impossible. Still the
of
capacity increase per
foot

and

Coming Events in the Investment Field

early

industry as an
example: Many of our best steel
plant locations have, for decades,
been fenced in by
rivers, lakes,

the

Broadway, New York
DIgby 4-4970

As We See It

invest¬

as

currents, and while I lean toward
the assumption of a further de¬
cline, frankly I have not yet come
to any clear-cut conclusions.
(2)
In
the
middle
twenties

example: The

IONICS, INC.

Surest Way to Bolster Confidence
in Our
Currency

but it was
for 25% of its

may

SPORTS ARENA

.

14

some

output

tonnage of steel
required in the
construction an(j
equipment
of
tne
Morrisville, New Jersey plant
0
the
United States Corporation
yas less
than half the
tonnage in

ASSOCIATES

13.

—Frederick G. Shull

versities. But this whole question
of the future trend of the capital-

Plant and
Equipment Saving

ACOUSTICA

'

'

-

—Ray M. Gidney
The

■

.

'-../'r'l .7".

Slowed! Down Demand for Crude Oil

_

ment in

be

Or

S.

.'!•

•••' a'

Commercial Banking Must Become
Progressive Banking

Geneva,

tricts,

from

falling

—Minor

12

'V-V7-77 '■-■■■''•r.f'-V*..

annual in¬

per

war

than twice

more

facturers,

been

incir
inte¬

for the

'•

.

BAIRD-ATOMIC, INC.

Modern Research

on

v

...

.

reason

reversal

.

$135

the

highways,

since

10

-V:.'.

The Outlook

,"V. :V

;

thir¬
\

BOWLING

!

Westcott_

—B. A. Warner_

plant

AMERICAN INTL.

10

capacity,

examples

equipment needed to produce one
dollar of annual sales
by manu¬
rose

___'

How Commercial Banks Can
Cash In

than

plant

why since 1925 in¬
vestment in equipment has risen

or

the

of

'

STREET, NEW YORK
Telephone: WHitehall 4-6551
;

4

privately

the

•

99 WALL

cost.)

cap¬

needs

ton

sold after

To make

ing.
a

built

cost about

got

hous¬

dential

Babson_____.____

.—Richard A.

Utah, plant during World War II;

and the longer

cycle

37-

the

inventories

of

W.

Short-Term Interest Rates and the
Commercial Banks

50% increase in steel ingot
capacity between Jan. 1, 1950 and
Jan. 1, 1960 was
considerably less
because the rest was achieved
by
adding to existing facilities. (The

segments of
investment,
namely the
cyclical swings

dogs

Obsolete Securities
Dept.

'*

*—Roger

.

twenties, did cost
$191 per annual ton of ingot ca¬
pacity while the average cost of

relative

the

built

Wiedenhammer—

many

and

Near Term Price Picture
of Wholesale Commodities
Prices

recessions.

equipment outlays are relation to output capacity
the achievement of the construction of such a
both
cyclical stability and the would have required in the
desired rate of lortg-term growth. ties. But a new grass root
like Morrisville, which
This defini¬
is
dentally the only new fully
tion stands
mm

so

BIDS

why
"long"

:

Weidenhammer lists the determining factors shap¬
investment outlook in the 1960's; comments on the changing
of plant and equipment to output and on capital costs to

to

keys

on

;777,:7-7'<

Z'~i-'..r,'V'';
American Machine &
Foundry Company—Ira U. Co.bleigh__

v

Plant and
the

M.

•'••

rate than ours. Dr.

causes

___Cover

'X:'

larger scale production and marketing, and lower 7
composition with new capacity being added at a higher

and denies increased capital spending

Goodrich

__

-

costs, economies of

ratios

we're

Inadequate Depreciation Policies Are
Dangerous

,

output;

-—that's

cats

depreciation policies comparable to what foreigners enjoy, in¬
stead of raising tariffs, and prevention of recession to assure
steady
investment are prescribed. This, the author says, should permit
our manufacturers to fight back against mounting competition from
abroad stemming from such foreign developments as: declining fuel
and

ing the

N.

NY

MAKE

KING-SIZE

Professional Blueprint for Individual
Portfolio

■

COMPA

WE

page

Author's autopsy of our production capacity and efficiency
supports
his urgent recommendation to increase steadily tha pace of our
capi¬
tal outlays in order to avoid depressions, promote growth and
cope
with foreign competition. Liberalization of our corporate profits tax

average age

3

St.,

2-0613).

,

year;

$68.00
per
per year.

S
of

In

year;

W"! V. FRANKEL & CO.
INCORPORATED

■

-

Other Publications
•Bank
$45.00

and
per

Quotation

year.

Note—On
the

rate

foreign
must

39

Record—Monthly,

(Foreign

account of
of

the

Postage extra).
fluctuations In

exchange,
remittances
for
subscriptions and advertisements

be mad*

In

New York funds.

BROADWAY, NEW YORK S
V

/

t

T.

t

f 7

i

WHitehall 3-6633

Teletype NY

1-4040

&

1-3540

The Commercial and Financial
4

certainly

earnings,

.&Foundry Company
m

..

b :

M

'

1

vV'-,

so

Steel
...»

this year.

Carloadings

The

located in lines popular
— missiles,
leisure

items, electronics and

considerable

*

T

net

sales,

over

$283.9 million for
nual net
riod

iq^'q

an

an

.1959 arld aa a -

the same pefrom $2 million to $19

income,

rose

in

struction ot lanes,

the

Plans

capacity, equipment for the Iargest
bakeries; and perfected its

AMF

s

equipment.

adverb[sing

^akes

sirv

i+

machinery has
ume-produced for the
automotive, clothing and electrical

as
As

industries.

a

been

national defense
It

5500

contract

mile

Titan

brought

McAdams

which Mr.

temporarily
death
1958.

'

assumed

of Frank J.

Mr.Allen's

V

Vice-Presidents.

were

fiiRng these two important
management posts," Mr. Calkin
«jn

said

divercfrnncf

ICBM.

the

most

business,

progressive.

large
large

AMF

in

making

the announce-

marketing

June

firm

improvement

was

has

of

tons.

If

tons

by

they
Jul

fu^

more

is

that

working

company's

development, production and testing contracts up to $166 million,
Other
outer
space
business at
AMF would include a $15 million
contract for design and development of radar installations to give
warning of and protect against
nuclear weapons.
The company
made the first launchers for

however,

a

new

31

_

who

aSencv

in

l943

afc^reS-dent

was

T949

in

^ n
.

a a a

the

that

immediate

steel

gains

place

future, and be-

builders. There s a good chance

'£

will

are

take

for

nation's largest fabricating in- cause
dustry, the pick-up in contracts a^rpnfiv
in June should provide a power- currently

01 wnats Deing done
.

Nonresidential construction and
said.:
railroad carbuilding will also
"Unfortunately, housing con- contribute to the upswing. Both
tracts still show no sign of an should require .more steel than
upturn. Outside of housing, how- they consumed in 1959.
ever,
nearly every important
Household appliances aren't excategory of construction ..showed pected to take as much steel as
strength in June. Notable gains they did last year.: The same apover a year ago were reported for plies to oil and gas drilling, houscommercial and industrial build- ing starts, electrical machinery,
ings, schools, churches, highways, cans, tractors, farm equipment
and electric utilities."
H
>
and service centers.
y:
June contracts, according to the
Last week steelmakine oneraDodge figures, totalled $3,472,- tions climbed 2 8 points to 54.6%
276 000, down 5% from June, of capacity. Qu^ut: About 1,
1959566,000 ingot tons. For the first
ful business stimulant," Dr. Smith

which it
-

a

momeritum,
additional support
c °S?1e
from machinery

contracts

time^>ee A-prlF JT.Joungstovm
/"g i1 ^ti

weekiy

is

possibie to

clearings

will

be

obtain
10 2%

Mr

problem

(up

45

2

heavy

which

points).

of

buying

scrap for overseas
nniintArartinf*
thp

"low

country, indi-

the

.

as

.

demand

eate that for the week ended
elected
a
Saturday, July 23, clearings for
and a dicities of the United States for

joined

"
e

j

S£

the

chief cities of the

utiiized."

McAdams

to 14g
t,
wil,

generally regarded
minimum

;

.

Allen joined Rudolph Xve thoST0Tthe corresp^
^Qu_^nthe^-?usscll Law, Inc. m
lagt
Qur preRminarS
arose. Foreign competition, due to 1920 an<I in 1931 was elected a
stand
at
$28 206 864 224
lower labor costs combined with Vice-President of that company totals stancr at. $28 20b 864,224
modern manufacturing equipment before it merged to become Albert a|
st ? 5^5 5 .J, 2
^
challenged AMF abroad. The cor- Frank-Guenther Law, Inc
He
^
for some of the
P°rate answer has been to en- became a Vice-President of the
fAiwI?
large the AMF international divi- new company following its mer- principal cities follows.
sion> i° beef upon the overseas ger1Q™
was e^ecie<^ a director
'
%

lapd,

This

fall

wlthin x miuion tons of tl

under wbJch the will be upon telegraphic advices from the steelmaking
talents c mpiled by the Chronicle based
younger officers

our

month

believed that consumer inwere about
16.5 million

yentories

Bank C.earings Show 10.2% Gain

m

,

For dec-

postwar recovery of Japan, West
Qermany, Italy, France and Eng-

total (at the end of June) of Titan

also

Reynolds

the+ world. With the sensational recctor

an
$81,567,000 contract
building of 36 new electro-

mechanical launching systems for
the

Mr.

position

a

the
in

f0]iowing

ades it exported its specialized
machinery to many countries o

AMF plays
recently

was

awarded
for the

n

corporation doing a
corporauon aoing a

international

Missiles

role.

miv

construe-

the

it

2 million ton drop

beginning of the

fity of product mix is a strong ~bo "wiir"°provVde '°us:: with "a
°ver 1959 Week
'" Stetet
insurer of stability and depend- broader management team operaBank clearings last week will
been vol- ability of earning power.
tion It is our further intention show an increase compared with op|rated at
petroleum,
International Business
to reconstitute the executive com- a
Continued

Other

vital

0ver

calkins had

fftc^ntn

packing machinery which it
over the world,

has marketed all

In

relations

public

and

President

As

di-

The competence and efficiency

nrnniirt

national

the

agency.

with which AMF has handled all

nf

of

position as vice-Chairman is one
a leader jn that hag been unfilled since 1952.
and filtering Both are members 0f the agency's
board of directors and previously

leading

...u:»i.

u:

j

and

officer

cxecutdve

Cuno

of

StSKS theTot^l program! and "he

a

of the board of directors has been
announced by Howard W. Calkins,
Chairman of the Board and chief

,Uieselmesspeaks

,

also the world

is

acquisition

Engineering Corp.
liquid conditioning

completely automatic "AMFLOW"
system by which fermentation,
mixing and forming of broed has
become one continuous manufacturing process.

the

the

construction

and

„

of

and

news

that

"Because

versification) lines, the company

machinery,

industrial

researched

economist

a

At the

a
good
sign
for
business
activity in the second half of 1960.

produced has recently acqumed the Maxim
most modern high speed, high division of Emhart Mfg. Co. and

has

It

Along merger (and further

sophisticated and quite

-

is

«£ has a ^vision for the con-

American Machine &

Foundry has been a major manu-

specialized

said

addition to pinspotters,
bowling equipment and supplies,

Diversity of Products

facturer of

tion

in

of

predict

chief

? J J?S?2

m^F
and
makes,

(In this case the "ball" is a
bowling ball!)

;

-

c. An.

has!

v"

100), the highest point it
has reached this year. The Index
for May was 244.
Commenting
on
the
trends
shown by the figures, Dr. George
Clme Smith, Vice-President and

in

rack°up a^eordTkT «£?'n33
have somethfng on the half AMF

For years

automatic

tQ

longer deliv

for^liquidation

looks

Steel

over

equals

bowling, but
abroad the demand is eager and

well

even

volume of any nonstrike month
since July, 1958. Assuming consumption of at least 6 million tons
user million tons. will shrink by
inventories Some analysts
1.5

responded

tlie American market

,

eries;;^-'-'/-^:; :'

,

.

Not only has

total rental incQme

"

-

,

housing, gains in non-residential
building and heavy engineering
pushed the seasonally adjusted
Doc-ge Index of (1947-49 average
construction contracts
to
272

the company's

of

about 90%

improvement

'

the mills to quote

showed

June

.

lier. Pinspotters are leased (as is
gQme otber machinery)
and pro-

$26 3

uSf fir

Sqqo

notf that

1° year penod,
million for

a

from

advanced

Failures

Commodity Price index

excess - inventories
to end next
month.
/ - * \\ ' '<■ \ . *
year ago, F. W. Dodge Corporation
At most, domestic shipments of
said on July 28.
;
steel this month will not exceed
Despite continued weakness in 4.5
million A tons—the
smallest

and its backlog for these Pin~nP
beauties was 54% greater at the
end of this June, than a year ear-

Hint

background

as

■j- Business

May, although they remained below
the high levels reported
a

.

find of interest a brief report
progress and profitability
of this energetic company.

in.

States

United

,

v

A

^

Construction -contracts ' in

automation.

'

the

Auto Production

.

'

with investors

availability of pin boys — either
school kids or often random em- A Tj"1 £1 T . TTIppf q
ployed oldsters whose undepend- A.,I • vJ. lJ. XJlt/LLo
able, casual or careles pin-setting •* r
at
^
a 11 •
international •:operations.
Our often annoyed or enraged avid iVlCAQdlllb, rllltJll
topic for today, American Machine keglers. Then, after years of re,
& Foundry Co., is almost a text search, AMF introduced, in 1952,
The election of John V. McAdams
honk
examnle
of
this two-fold its patented pinspotter which au- as
President of Albert Frankcorporate 'development
It has tomatically, instantly and accur- Guenther Law, Inc., and of Howdiversified
and
expanded with ately resets bowling
pins, and ard C. Allen . as Vice-Chairman
some
remarkably fine results at assured a fabulous upsurge in the
Tr-nn-rn|
the cash register.
Long term popularity (and profitability) of
shareholders in AMF have good bowling throughout the world So
reason
for contentment in their far AMF has more than 75,000
investment
and other
investors pinspotters installed or on order;
may

Food Price Jndex

TRADE and INDUSTRY

the - modern

-

.

;

earnings would justify it. Present
rate is only $1.30.
AMF is a fine
company,

Production

Electric Output

:

Retail Trade

The State of

well
managed
large
scale American
corporation is along two lines—
diversification and expansion of
of

trend

Just

Thursday, July 28, 1960

.

fancy

a

.

on

.

excellent an

recommended

be

Cobleigh, Enterprise Economist

Recording a steady' expansion of earning power from machinery)
missiles, Rowling, bread, electronics and atomics.
The

.

dicated that another increase may

•

By Dr. Ira U.

.

not

equity.
The quarterly dividend has been
increased each December in the
past four years. Mr. Patterson in¬
for

ratio

American Machine
r.

Chronicle

(360)

demand

from

don.\estlc mi^s- S,tefs pnce
rZafn°.d at ^Tb7 afros

ff®dfjter2®"ted at $3L67 a g
2.

.

JY' J S*

...

,

.

Price flShting is jarring steel
service centers. Steel reported. A
highly competitive situation has
developed since last spring. Price
cutting attending efforts to lin¬
load heavy stocks and stimulafe
demand has forced the lowering
of pubjjgbed prices. Some d"
tributors are offering steel bel<

sales organization, and in certain m itwz.
NewYork__ $14,744,783 $12,958,130 +13.8 the newly published minimums
instances, to acquire foreign plant
Albert Frank-Guenther Law, Chicago— n,440,000 1,270,187 +13.4
facilities. This makes possible not Inc. has offices in New York City, ^landnelphia
^164,000 1.057,000 + 7.1
Auto Industry Holds Key to
only more dynamic coverage of Boston, Philadelphia, Chicago,
0
J ' y
' '
+
Steel Production
.^Estimated.
Autos- hold
the
key
to an
f?reign markets but even importa- San Francisco and Los Angeles,
Increase in
major upswing in steel produc
^on *nto the U. S. of company
Urgent Orders Indicates
tionr And the steel industry ha
Prod"ats made cheaper abroad.
J. C. Henderson & Co.
Upturn in Steel Is Starting
been anxiously waiting for a clu
AMF sees in the international
A jj
«
;
c
-

the

Sergeant missiles, and is the
continuing sub-contractor on this

project; it is to develop transport
elements for the Mmuteman inter-

Adds rour to otair

•

continental

missile; and at its markets a more rapid growth poGreenwich, Conn, laboratory it is tential for many of its lines than
working on astronautic robot, an exists in the U. S., a higher profit
electronic thinking machine that margin and a broadening of the
may
be our first outer space base of corporate earning power,
traveler.
AMF, headed by Mr. Morehead

DES

MOINES,

Iowa

Hurshel

Many steel consumers are run-

to the automakers plans.

The auto industry has at

ninS short of the metal, Steel, the

las

reported started ordering steel, accordin
Runyan and Col. Homer Miller July 25v
to The Iron Age, the nationa
have become associated with the
They are placing small orders metalworking weekly. But, th
Sales Department of T. C. Hen- with the mills for fast delivery, magazine notes, the orders aren
In atomic energy AMG has been Patterson,
Chairman,
and with derson & Co., Inc., Empire Bldg., and many who normally would be as informative as the steelmaker
a
leader.
It has built seven re- Mr. Frank X. White as Interna- members of the New York Stock booking tonnage for September would like. They have both pos*
search reactors, and is working on tional Vice-President, is eager and
Exchange.
are asking for late July or early tive and negative characteristics
14 more.
It also
has-been build- energetic in its promotion of overMr. Johnson was formerly with August shipments. At some sales •
- « •
.
^i^Se fe.hC?te ihlghl5: iasulated seas salesTaylor, Rogers & Tracy, Chicago, offices, orders are coming in at
On
PIus si^e:
control elements for opAfter reciting at some length Illinois.
the best rate since April. .!
. U...
Orders are coming from al

1 ng 3

atnmio

fuehng spread
the products and the geographic
responsible for

profits

at

Surber

Robert

Johnson

Marie

metelworking

weekly,

Steel declared that the pickup quarters. Medium- and

?

d

'

p

AMF, what can we say about its
orancn
common stock in today's market? BOSTON, Mass.—The B. C. Mor- will proceed slowly through
ent
AMF 1? a^ti
L
The stock sells for 59, down from ton Organization has opened an August.
ucts for leisure time iTfe
ol £eco f° klgh of 743/4: lt earned office in Lexington, Ky. with- When automakers start releastoys and bicvcles swimminu anJ fu:
first
Willard L. Dougherty as resident ing big orders, the market will
skin-divine eduin'ment ^
^
year
a new record high manager, Bernard Carver, Presi- tighten, and steelmakers will have
to
ing goods
Of bourse
itThiS^ wW ^et ear^inSs and the dent announced. ..office, located at to quote longer deliveries. When
quote longer deliveries. When
backlog of orders. So we would
The Lexington
contribution
to
the
oursuitT'nf
00 we would
The Lexington office, located at that happens, smaller users will
that happens, smaller users will
leisure is in bowling • Time was share
b
1*
m.
expect AMF t
™raroun(I $3 a 321 South Ashland Ave., is the come into the market with a rush,
T_.gv, ,lme w.as share for this °
year. On that basis fourth to be opened by B. C. Mor- They will all try to build inven•

And

Leisure Products

thpn

in

an

Onnroi,r

area

-

+a

when

-

—

bowling

depended




on

the

the

stock

sdlfaround "20
|R

5) TTlllP

OA

4 i wiV»o

times

4av*

ton

{*%

in

TJT

4-t

■%

Kentucky.

small-siz

in urgent orders indicates that the supplier companies as well as tn
upturn in demand is starting. It automakers are placing orders

4

—I

—

' xi.

tories simultaneously, forcing the

Many of-these had bought

hm

recent months. Thei
placing of steel orders indicate
they are receiving releases fro
the auto companies for new mode
production.
production.
All product lines are repre
All prod—.
„
die
dlo
sented — strip, carboncold-rolle
sheet~and hot- and
and alio
or nothing in

i

_

bars,

'

.i

and

*

_

•

"i

stainless

steel.

*Pn

Th

Number 5972

192

Volume

.

OBSERVATIONS...

The Iron

Tnmotive
a

the

Orders
tember,

and

to

same

on

every

Blue

BILLIONS

..

.

,

and

OF

,,

,

List

•

1

/\w*

"f

And Corporate

.

of

On the

i.*

_

£

"L.

•

"L

'

_

_

_

*

production, the
^

ucnii

g

bunch

can

Detroit

the

.£1.
automotive

\

n

i

the

world/

merry

his past constructive role of brake

the

managers

free

lunches)

orders-in both

his

on

a

Daybreak. Accord,

'^'

♦

party

cohorts'

treasury

other

underlined
this

by the President here

morning

revelation

at Sena-

your

ROCKY

large

a

the

A

LEWIS

AND

SEQUEL TO "ADLAI AND
fefe* WILMA"

:

'

Needs, specifies, righteously, that
In our article from Los Angeles
holding off. Railroad buying' 'there -be - no - pricewceiling
on jasj. Week
(July 21) we explored
all been ceased to be a fac- America s security. » But the doc- the
qUeStion of analogy of the
in. the market. v-V,
a %
^
;
ument contains not a word about
political
"proceedings" v; at
that

has
tor

On

"o

the

"the

other

mpa n

a

loval

onnnv

hand

the

?h,n

"

veteran

^okesman

yminority

Gilbert, because of sincere
for the facilitation

education

nf

hi*

concentrates

oarativelv

few

nnhUc'c

on

snecific

a

com-

"net"

ic

&L&

and

shareholder

tive

voting, and the post-meeting
report,
vigorously
Will'the "Madison Avenue" P.R.
defended minority voters co-own- wizards be
continuing their dom¬
ing the property!
;
ination in both fields—alike over
And similarly in the realm of the
minority dissenters as well as
politics (elevated from the gutter those in The Chair?,
;
without

but

importance

doubtful. Farm implement makers
ara

fo/bothV managers
defenders of the

faith

*

:

promise for in to Governor Rockefeller's

by

fore. Truly, a public relations tri-

"in the

ac

of

con— but
victions or because he has becc
policies gradually "grooved" therein

tor Thruston Morton's breakfast, umph

finished pump-priming philosophy. Their
goods inventory leaves the timing Accord,
in discussing Defense
but

orders,

fall

company

the

functions shots
broadly; widely scatter^
in^
hie
rnntinnin«

the emphatic along with that all-decisive vote
intention, made result remaining just about as be-

Mr.

hold some

pliances

on

.

A_ phase of dissimilarity vis-a-

and of the recald-

schism

for

Rights in

ft™?

via
his

of

his informal remarks,

in

with

of Civil

oiner lenow" is being affected), v

bot^teadeh

(accompanied

August Congressional Session was becoming quite meticulous

support the market. Ap- the impression that he has given

ing to

of

(excepting
-*

way

»

their

on

_•

imP°rt^n=e .of the trant stockholder (still with noise)

p*

to remain wholesouledly
houses" reaction.
Nixon's on-arrival press act" himself.
Other large steel users are fail- conference did nothing to dispel

in
districts.

change

moXr

bliked

..

sacrosanct issues
is
..im

so

with the

»

y
the votes, they continue

The Context of in the corporate
Appeasement ,
And,
onward

£V':';aire budget sabota^ng

likely to result from the abandonment (should he be elected) of

Tweedle-Dum Tweedle-Dee
worry has naturally grown.
Surely the developments here
area. in Chicago warrant the observer s

Ordering still seems
in

? ?'S®

ward by Candidate, no-Candidate,
for Aug- Draftee-Candidate, Governor

orders.

centrated

pushing of Mr

further and further Left-

_

to

until they

the

*

users to N

keeTequipment Saturday's1''
io_k^p cqu yi
y baturaay s

hSX'^resC ei
pressed

hard

running

^ with'
2:

+n*'

llc~rc

question of issues, there

Stances,

.«

.

non

.

September
bepteriiuci

pro-

access

one.

'

paf'iisar oteeVvers Tave workability of the 5eTy .the.me llcatlon of his new book, "DIVIfor s°mpa£L°'TorrfineotIr can be Sotten Promptly, beginning . DENDS AND DEMOCRACY," (in
t£e piospeci mat vice rresiaent August 8, with the openmgmf the. which our ;full-time defender of
Camnaien hV the rppnnvpnpH Con- ttio email

•

magazine notes, afKing
take deliveiy oLs
Bate ol incoming orders

the

of

On the Platform Issues—Political

XLher automobile production. ; voters' opportunity to register a-"XX "tXT"65
w uwai uxc
ib uut ui nunExcept for rush orders, mills ciear-cut choice between the
efhtgiB otherwlse
De mO c r a t^eledUomcam- "Suferine®fhahheersY
vvill still be fW on ^faqesta Government-ers and the Private p*igm£ numbe?Uofto a
Wng mana*ers).

S
from

start

else have ready

or

.

coming in
expected.
q
call for delivery in Sep- Nixon's liberalism from 1952
indicating no earlier.than yOU please), will eliminate
orders are
later
than

month
monm

•

:

metalworking weekly notes

Th,

sweetness

the

5

august respectability
(and an are both points of analogy and
constructively "do the trick" NAM member) gave a luncheon,
dissimilarity between the corpoof .conveying the root Democratic!- attended
by 14 prominent guests rate and political handling.
"DIFFERENCE"
To
w
...
..
--,r
CHICAGO Julv 27
A substantial BePub
.an
regarding from the managerial world, to both dissenters, fine lip service
renre^ntatinn ^of the Republicans
honor Mr. Gilbert (hitherto "that is paid to their demands' but in
representation of fhpthe paymg of the Welfare bllL
An early laboratory test of the
corporate gad-fly")
by
Right Wing along with a number
rvt*lr oki 1 i4-ir lap°™°jy,test
1
4-L
tSv
the .corporate gad-fly ) on the pub- mo?t instances,' when b,
on the pub- most
when
,

EIGHTY

for

factors:

Negative

of

from

ceedings,

And "it worked."
vein, the following
the chairman of an industrial

In

company

parts

notably

companies,

some

Suppliers, are placing orders
October and November.
v

mike

to

brotherly love.
year

various

i'01

leading New York
change over to

a

attitude

an

are

get on first mill schedproducts. And

asking, to
ules

Users

hole-fillers.

of

decided

bank

BY A. WILFRED MAY

h

etmv

(361)

President

traditional
Age says,
"fevers are ordering on the
ds of normal 45-day lead times
This indicates the orders are not
T
follows

mix

Auot

"ferns

The Commercial and Financial Chronicle

of

cure

of

the

those

of ' the former precinct days)!
There too we find the "management" chief (i.e., the Republican
V.-P. who has likewise "rigged"

* " *
V

•

NON-PARTISAN

"COMM^CLH^"
In its handing out of free sam¬

ples

the

to

both

at

press

the

to : spend almost half the Democratic and GOP. Conventions, •.
Age says.
;
9»;;;;the' -.verge .of concluding.-tnat those revealed in.the proceedings night appeasing that too-noisily instead of limiting them to either, .
Consequently^ the Improvement
between the involved in the political minority's trouble-making dissenter. -. ;*. the, distributor^' pf MURINE have !
showing up in automotive steel -Republicans
a n;d
'Democrats.-vociferous,.^:; whole-souled uprisBoth protagonists of-:jthef;mi- displayed tiaV^ularly appropriate f_
orders must bb^considered reia- •'Promise °f
fis^l re^onsibihty,, i^gs for 'Adlai Stevenson, as norityjjn their - respective areas, W^grit^. 'I^or this product is, of .
tive. By themselves
they're not consls^s.in
s editing-down furthered by Mrs. Roosevelt; and Messrs. Rockefeller and Gilbert. aU things, an EYE WASH (which ,
enough to carry the industry. Rate °/s ^?rry ^°1pJlps1^^
,?aniziri§p °Mhe equally voluble missions evidently not only get pleasure g competitively < supplied,
as
of incoming orders
hasn't been the New Deal fiscal policy as Tax championed by Mrs. Wilma Soss, from the public image which they Harry Truman has insisted, by
enough to change
August
de- an(^ ax' sPe9^ a
spend, collect
cojorfu} President of the in- are creating, but also find it prac- the primaries as well as the Con- „
livery time significantly. In the and collect, to once-each tax and ^omitable Federation of Women tically useful to make a continu- ventions proper).
East, delivery times have actually spend and collect.
But °bserv- shareholders in American Busi- ous minority record for a future
shortened for some products.
ar?cf,of tbe Pr°cess of Democratic ness. We pointed out that although scaling of the communal heights 1?^-^ n.yon*AT»T7
There's a possibility that con- platform-formulation, and the surity
ia(jies> ai0ng with their fel- —into the White House for the 1? Ol III \Jl0gOiy~
fmm-under inventories,

The. Jrori '

'out

of

some

the

similarities,

as

York

_

^

.

.

^

men,

tinued low

order intake

-

for

next

month could actually cause an extension
of
lead
times
if
some

mills

forced

are

to

shut

down

or

further reduce operations.

,.

Brain-Trusters

economlcs

ruled

matically

out

53.8% of Jan. 1, 1960 Capacity
The

American

Iron

Institute announced

erating

rate

panies

will

of

and

that

the

Steel

the

steel

*95.4%

average

op-

com-

of

steel

capacity for the week beginning July 25, equivalent to 1 533
-

000 tons of

(based
tion

on

of

ingot and steel castings

average

weekly produc-

1947-49).

These

96.5%
week

and

1.550 000

ton^

beginning July

of
in-thp

Actual output for last week
be-

r«V8' !u?°

Was e"ual

—

|n their similar lack of that little

hausting and fruitless.
^nd am0ng the dissimilarities,
we cjted the observance of truth-

disputable. This is not only owing fu}nesS) perhaps because of the
to
Pl^form s detailed specifi- legaj proscriptions, of all statecatioils of tbe R^phts oj Man (to ments made from the corporate
the G9ve.ri?me^1t s
rostrum.
more sigmBcantly) to thefect that
We now continue the company
the Democratl.^ leadership knows meeting — political convention
9x9cdy.wba^
an
ere comparison, with the latters back*s §oin&ground locale shifted to the GOP's
,

Suellinff It Out
what

can

the

Republicans

and

vvnat can tne nepuDiitdiis aim

interested

18

x

...

outside the Platforrn Committee),
makes tne fact of difference in-

figures

compared with ^ actuai

(a

both in and
„

..

#

on

-—

owning

all

the

Standard

Oil

harmless Proposal for an endorse- matter of a good supply of votes, shares they want, public service BEVERLY HILLS, Calif.—Gregment ®f debt reducjion^wa^ dog- their plaints have been self-ex- is their life s logical aim.)
ory-Massari Inc. has been formed

_

This Week's Steel Output Based

~—«

,

,

.

,.

^oundlnS discussmns by chester iow_protagonists have had the former to the SEC for Mr. Gil- liirociclOT,:
Bowles and som^
tbe Kfnnedy floor, and also some of the justice, bert. (Both gentlemen reputedly MRSSRri r 1YIR

non-partisans do

to

amphitheatre here.
*
*
Grace,

Eugene

hem

chief

gteel

*

„

former

who

4U1

Bet.hle-

died

political

In

convention

cedure

the

of

chairman

the

pro-

autocratic
is

functioning
indicated by

with offices at
twvp
,

South Beverlv

326

in

fn

<jpf»iiritip«?

a

f?

.

_

,

business. Officers are Robert N.
dispensable qualifications: A voice Gregory, President; Paul Massari
loud enough to shout down any- and George W. Gregory, Vice-

this

correct

description

of

in-

in the hall, and an astigmatism
can
conveniently overlook
any delegate demanding the floor
at the wrong time or for the

one

that

Presidents.
.

T._OQCliror

cbo' Secretary-Treasu e . B°bG
N. Gregory was formerly with

purpose.
On the stock- Crowell,
holder's carnival day, in contrast, Daniel

Weeden

wrong

theucomPany chairman enjoys Mr.
no
such protection; the efficient

this Gilbert

unfailingly

the"two'parties?^poUcies eompre- week, some 20 years ago unwit- retain possession of
hensively^ It must be taken ?nto ^^^'^Tdt^wS^pa'ss a"t

to

manages

and Ravmond A. Yar-

c

G

6.

Reeves

&

and Mr.
JTT

Co.

Co.

&

Massari

were
p

,

previously with Hayden, Stone &

a good loud Company.

6 utll!zatlon of the account that the present genera- thft coming^hamnTonl (Sf stocka,nn.Ual caPacity of tion of voters does not even re- loMersT gfass iTw^ While actual
wrceninl! fnet.ut?ns- Estimated member who Harry Hopkins was, ™rs g'ahSvSS' Hsticuffswas
cast
based t tat—itvTs V
e—ic stagna53.8%.
apacity,, is tion of the.later 1930s.
pjay of temper at protests against

f

Jan

148*570

iofio

Q7n

m^agemenlfopen d£

The correct key, in our opinion,
"oohth ago the
operating rate has been supplied by Governor
&ed on 1947-49 weekly produc- Dewey. At his press conference
'

a

salaries

'

,uose

was

common

in

tjmes

'
...
,
,
,,
Production here, answering the query put by
if.',13'000 tons. A year ago the ac- May Craig, Maine newspaper
fhrnnvurtChaseBanlt
at fen y pr0duction was Placed woman
and TV lnte,"J1lW( Prertrient Mr WinthropAldrich
JJ 345,000 tons or *21 5%
At
"needier," Mr. Dewey replied that President, Mr. wintnrop Aiaric ,
S time the
was'vk- the difference will
about mto expectorahng mto the ocean

1870

l5?onr? "94% and

b^'only

Industry

(st

4.1

the steel

uuvvn

union.

Budget
®Se

wpplri?^
k,y
e

*JI 0 jUc6°w is based

Production

for

on.

on avers
1947-49.

Director Maurice Stans
writer this morn-

disclosed to the

ing,

a

partmental experts, shows that the
five-year cost to the Treasury of
Idlo« -jftftftn
the "Rights of Man" items promNearlv on1!
ised in the Democratic platform
hetroit
workers in the wouid total $80 billion; with the
nationaihf ? nndL 50'.000 workers annual dollar blitz ranging beChryslpr n
be ldled during tween $15 and $20 billion. Under
over cB,,s
model Change- the assumed, but warranted prem•^ Reports
*
shutdown. Ward's Automo- L that a major difference , in
Cai

Main Fa-tor

in

Outputf ChrvsVr Shn^nln
ov.

,

denotes

Skd-hlf said
.-

-

a

difference

-

Such

. highlight
the
the company managers

incidents

reaction to stockholder contention
which has transpired over recent
years. Five years ago, on the advice obtained from financial pressmen invited to a "strategy meeting" the day before he was m
for" his institutions annual shareholders'
meeting and
another
sure "needling", from "that QU-

in bert pest" (Lewis D. Gilbert,

who

that Chrysler and kind that can be understood by had become more legitimate and
ker^Packard Corp. wound the public, we believe such a effective as the protagonist of the
'Continued on •page' 38 "succinctr^^statcment: will truthfully small stockholders
rights) t e
^




Correspondents inprincipat cities

throughout the UnitedStates and Canqda

detailed analysis by his de- change in

UNDERWRITERS AND DISTRIBUTORS
OF INVESTMENT SECURITIES

Dominick

&

Dominick

Members New York) American & Toronto Stock
14 WALL STREET

;

>

and

George

Exchangee

NEW YORK

,

The Commercial and

bonds secured by a

TAX-EXEMPT BOND MARKET
BY DONALD D.

prior lien on

motor vehicle

license taxes.

state

MACKEY

During
of the

bond in the growth category.
through- the lengthy strong period

market, capital gams meant
than did
Suddenly
bond frustrated growth stock owners

The market's stock

out the past week.
seems

technical
improvement more to most investors
an inevitable result of the
tax-exempt i n c o m e.

2.75%" to

from

yield

to

prices

than half of the is¬
has been sold, it is reported.

3.90%. More
sue

large

only

Wednesday's

offering involved

issue

Delaware Co.,

new

Delaware

$10,525,009

seems

by $1.4 billion,

debt

national

although

holding,

insignificant relatively,
of
great
importance

<

Prices Rise Again
The Commercial and Financial
Chronicle s state and municipal

psychologically.
Although

fvpp

have

reserves

substantiafly rlduced,

bond yield Index was reduced
presently appear to average in the *MS week to 3.37%. Last week
$100,000,000 area, against a re- the average yield was 3.396%.
centlv much higher average, it is TJlis represents an average market
obvious that the consistent pres- rise f°r selected high grade 20rence
of free reserves at all,
is yedr bonds of about three-eighths
a plus factor in the trend toward
& point. It is a sizable gain
an
easier reserve situation and a f°r this category of investment,
consequently higher bond market, although long Treasury bond isbeen

and

;

.

_

state and
municipal issues has recently been
greatly reduced, due largely to
the

supply

habits

of

offering

large

vacation

to

avoid

a

the traditional
August. The 'been 3.94%. This represents an
little new issue average market rise of about one

in

of

month

coincidence

new

issuers

of

of

1961-1990

.

Tyler Indep. School Dist., Texas..

1961-1990
1961-1980
1962-1981
1962-1978

1,500,000

;

4,500,000

1,500,000

:

^'Chesapeake Bay Bridge and
Tunnel

p.m,

1962-1980 ;

10:00 a.m.

District,

\r

1961-1975

Noon

,

,

2000

200,000,000

Va

\

The First Boston Corp., Allen 8c
Willis, Kenny & Ayres, Inc.
2,700,000 1963-1990 11:30 a.m.

♦Negotiated underwriting to be bandied by
Co., Merrill Lynch, Pierce, Fenner & Smith Inc.,

1,805,000

______

3,000,000

1961-1980
1964-1994

Noon
10:00 a.m.

(Wednesday)
1,170,000

Wichita School Dist. No. 1, Kansas

1963-1990

7:!30p.m,

2,500,000

1961-1980

9:00

1961-1980

8:00 p.m.

a.m.

Aug. 4 (Thursday)

—

with the New York State

Housing Finance

8:00

Aug. 2 (Tuesday)
Boston, Massachusetts

-

tracted

1962-1986

Aug. 1 (Monday)
Seattle, Washington

series

million

2:00 p.m.
11:00 a.m.
10:00 a.m.
7:30 p.m.

July 29 (Friday)
Farmington School District, Mich.

pledge revenue bonds Will be
4%s due 2000; and $30 million
series B second pledge revenue
bonds will be 5y2s due 2000; and
$100

p.m.

;

3,150,000
1,810,000
2,310,000
.1,500,000

Pennsylvania.—

Everett, Washington
joint managers are The First Hartford, Connecticut
Boston Corp., Allen & Co., Merrill
Mississippi
Lynch, Pierce, Fenner & Smith,
Inc., and Willis, Kenny & Ayres,
Aug. 3
Inc. The $70 million series A first
Cadillac, Michigan.......

-the

2:00

•

5,480,000
C third Boston Metro. District, Mass..
pledge revenue bonds will be 53,4s Indianapolis Flood Control Dist.,
Indiana
1,610,000
due 2000; all to be offered at par.
The- signing is expected to take
Aug. 5 (Friday)
place Monday, Aug. 1,. and de¬
livery of the bonds is anticipated Waterloo, Iowa
—
1,000,000
sues as well as dollar quoted revfor early
September. A nation¬
enue
issues made greater gains
wide
Aug. 9 (Tuesday)
group
of underwriters is
over the same period. The Smith, involved.
Los Angeles County, California..
11,200,000
Barney & Co. Turnpike bond
New
Ulm
Independent
School
New York Housing Agency's
yield Index was 3.88% on July 21,
District No. 83, Minnesota——1,100,000
which was the last reporting date,
Financing Program
Ohio State Univ. Dormitory Ohio, ,'i 4,360,000
The previous week's; Index had
Phelps, Fenn & Co. have con¬

Interest

Investor

Strong
The

Thursday, July 28, 1960

5,150,000

Pennsylvania

Co., Institution District,

Jamesville, Wisconsin—•_
Tucson, Arizona
.....

tbat

.

the

.

.

the following tabulations we list the bond issues of
$1,000,000 or more for which specific sale dates have been set.
Information, where available, includes name of borrower,
amount of issue, maturity scale, and hour at which bids
will be opened.
^
July 28 (Thursday)

Houston, Texas various purpose
limited
tax
(1961-1985)
bonds.
with have become more interested in The winning group was managed
temporarily upsetting variations, tax-exempt bonds.
•
;
">v
by The First National City Bank;
for a few months. The Treasury
* The
political
situation,
too, of New York and included Harappears to be in a stronger posi- engenders
more interest on the riman Ripley & Co., The Morgan
tion than recently, as the August part of investors in tax-exempt
Guaranty Bank, Shields & Co.,
refunding
announcement
(ex- bonds since- nary a - politician
Kulin, Loeb & Co., and others.
pected today) approaches.,'; With exudes hope that tax relief is The reoffering is being made at
heavy cash balances, and with a even in sight. Actually, most of
yields
ranging from 2.00%
to
budget surplus for the past fiscal them seem willing to prepare us 3.60%. Reports indicate a good
year, bullish sentiment has been for higher taxation even though
reception for the offering.
easy to come by. The easier stock there is signal evidence that the
market and the general political burden of our Federal, state and
Chesapeake Bays Imminent
inferences
concerning
easier local taxes is beginning to frusYesterday an information and
money have recently contributed trate the vigor of our economy,
price meeting was held for the
much impact to more widespread This situation is turning investors
$200,000,000 Chesapeake Bay
investor interest in bonds gener- gradually
to
reconsider
tax- Bridge and Tunnel District issue.
ally. The planned reduction of exempts, at least as an interim The

strong Treasury
has persisted,

extremely
market

.

In

Co., John Nuveen &

&

Peabody

municipal

and

state

market continued strong

sudden

'Chronicle

Larger Issues Scheduled For Sale

Halsey, Stuart & Co., Inc., B. J.
Van
Ingen & Co., Inc. Kidder,
Co., and others were high bidders
and
are
offering the bonds at

The

Financial

(362)

6

Agency for the

1962-1984

10:00

1961-1975

Noon

2:00 p.m,

1963-1980 $;
1961-1999

a.m.

J 11:00

a.m.

Aug. 10 (Wednesday)
2:00 p.m.

6,600,000

1960-1989-

3,000,000

1964-1989

11:00

1,300,000
the $30,000,000 ment of about $100,000,000 may Terrebonne Parish, Louisiana.:
bonds in the secondary market, Washington Toll Bridge Authority
be brought to market this year,
I
Aug. 15 (Monday)
generally available at still gen- 4.9C% issue due 2000 was being possibly in mid-November. Among
erous yields. As indicated by the
offered at par by Blyth & Co., the
principal members of the syn¬ Cabrillo Jr. Union Jr. College Dist.,
Blue List, the high total of state Inc.,
California
2,000,000
Smith,
Barney
&
Co., dicate will be Lehman Bros.,
and municipal o f f e r i n g s was- Lehman Brothers and their group,
Tri-Cities Mun. Water Dist., Calif.
3,000,000
Smith, Barney & Co., and W. H.
reached on July
12, when the-The issue met with good investor Morton & Co. This State agency
Aug. 16 (Tuesday)
figure was about $473 million. At reception and most of the issue was set up at the last session of
that
time, just two weeks ago, has been placed,
the Legislature in order to attract Niagara
Co., Water Dist., N. Y.
4,500,000

1961-1980

10:00 a.m.

1961-1985

11:00

and the dramatic surge
Treasury security prices, has

pressure,
in

forced

investors

consider

to

"point for that week. If averaged
today the market rise would be
.

the

more.

plentiful offerings of tax-exempt

A

week

marketing of approximately $525,-

housing bonds over a
period of time. The first install¬
of

■000,000

Macomb

Co., Michigan
—
Marin Co. Municipal .Water Dist.,
California...-

——

ago,

-—,—

.

the

municipal

erally

market
Markets

easy.

and investor interest

was

gen¬

were

thin

Recent Financing
A few interesting if not impor-

passive..

was

funds

middle

to

income

a.m.

7:30 p.m.

1963-1990

1961-1990

housing

Aug. 17 (Wednesday)

financing.
Fresno

Agency,

Redevelopment

tant new issue offerings were
California
1,000,000
brought to market on Tuesday of H. L.
this week. Lake County, Fla.
Aug. 18 (Thursday)
about $327 million, dollar quoted MLeesburg) School District No. 1
Westlake City Sch. Dist., Ohio...
2,100,000
.
markets are higher and stronger awarded S6.5OOT00 general oblieaand
general investor interest is tion
(1962 - 1979) bonds to the PHILADELPHIA, Pa.—Harry L.
Aug. 23 (Tuesday)
active. Although there has been group headed by B. J. Van Ingen
Heffelfinger and Ralph T. Harker Cherry Hill School District, Mich.
1,200,000
considerable dealer market acti- & Co., Inc., John Nuveen & Co.,
have formed a partnership, H. L. Iberville Parish, Louisiana
1,000,000
vity for purposes of mark-up in White, Weld & Co., Equitable SeSan Mateo Jr. College Dist., Calif.
5,900,000
prices before reoffering, it is ap- curities Corp., and including sev- Heffelfinger & Co. with offices
Washington
34,000,000
parent that an almost unprece- e^al others. Prices were scaled to
dented total of tax-exempt bonds yield from
2.75% to 4.00% and
Aug. 24 (Wednesday)
has gone out of the market during the reception given the offering
the past two week period.
East Bay Municipal Utility Dist.,
was good.
Currently, circumstances are
quite different marketwise. The
Blue List total of
municipals is

a.m.

1990

11:00 a.m.

1962-1982

1:00 p.m.

—

-

...

Heffelfinger
Opens Own Co.
-

!•+•

i>

i

Political

Chma

*

e

a

This

that
in

surge

derived
have

of buying has not
from
institutions

been

somewhat

behind

their state and municipal bond

buying

programs,

individual

investors

temporarily
purchase

holdings
common

but

of

also
who

from
may

emphasizing

be

tax-exempt

the
bond

against

holdings of
stock, particularly those
as

bonds

the

to

syndicate

managed

Fort

to 3.10%,

Alameda—Contra

the issue is better than

sold

$7,700,000
cation

of

St. Antnuny maep.

Tuesday

on

State

Board

Florida

of

were

No.

Edu-

(1962-1981)

H.

L.

in the

SERIAL ISSUES
Maturity

Bid

Aiked

Heffelfinger

Ralph

T.

ment

to

conduct

business.

3V2%

1978-1980

3.80%

3 65%

1980-1982

3.35%

3*.25%

merly

3%

1978-1979

3.30%

3 20%

3%

1978-1979

3.15%

3%%

1974-1975

3.15%

3.05%

3%%

1978-1979

3.15%

3.05%

3V2%

1977-1980

3.35%

3.25%

SHORT
Pflatz

(State).

Vermont (State)

Housing Auth.
Los Angeles, Calif
Baltimore, McL-Cincinnati. Ohio

(N. Y., N. Y.)

3%%

1978-1980

3.75%

3.65%

3^4%

1980

3.45%

3.35%

3y2%

w Yofk
NewYorkCitV "if'~Y
City, N. Y

1980

314%

New Orleans, La.

1979

¥£t%
3%

1977

193q

July 27, 1960 Index=3.37%




3.40%
,

3.50%

HILLS,

has

Angeles, California

Red
K.

offices
to

3,75%
3.97%

3>60%

3.92%

mutual
Pflatz

fund

was

act

M.

at

10:00 a.m.

4,000,000

Wing

Indep.

;

School District,

2:00 pm.

1,500,000

Francisco, California

21,455,000

1961-1975

Greenwood Metro.
South

Carolina

Sewer District,

1,600,000

...

•

10

as

Sept. 20 (Tuesday)

a

consultant.

Mr.

&

Co.

Milwaukee, Wisconsin

formerly with Kidder,

•Peabody & Co. and Bruns, Nordeman

2:00 p.m.

1963-1985

Sept. 14 (Wednesday)

J.—Hugh

Terrace

...

Minnesota

Opens

N.

~

1,000,000

Sept. 12 (Monday)

San

opened

Windermere

Los

for¬

were

Samuel

H. M. Pflatz

282, Minnesota...

16,500,000 ,1961-1980

3.30%

3.60%

'in

——

invest¬

an

3.05%

Pennsylvania

Both

1

Sept. 8 (Thursday)

Phillips & Co.

partners

2,000,000
9,157,000

(Wednesday)

School District

Harker

Philadelphia National Bank

Building,

3'%%

New

10:00 a.m.

1961-1995'

Transit

Costa

District, California

half sold.
Also

.1

■.

...

Sent. 7

others. Scaled to yield from 1.90%

Connecticut (State)
New Jersey Highway Auth., Gtd...
New York (State)

...

Myersj Florida......

Rochester, New York

including Lehman Bros., Weeden
&
Co., Fahnestock & Co., and

Rate,

(State)

2.30 a.m.

Sept. 1 (Thursday)

by Halsey, Stuart & Co., Inc. and

MARKET ON REPRESENTATIVE

California

30,000,000

—

7:30 p.m.

1962-1985

j

lax-fcxemp s

only

California

Milv/aukee
Countv,
Wis., a
ighly rated credit, sold $6,000,000
general
obligation
(1961 - 1980)

j

Aids

1961-1985

10,750,000
Oct.

5

(Wednesday)

Los Angeles Department of Water
and

Power, Calif.

12,000,000

-

—

Volume

Number 5972

192

.

.

The Commercial
and Financial
Chronicle

.

(363)
Oct.

18

(Tuesday)

Angeles Co. Flood Control
District, California ■»

Tnc

V

Jack D. Rich

Opens

^
■

10,000„000

:

'■

-

Nov.

,::New

VV

.

engaging in

(Tuesday)

from

...v

•

12,000,000

New York

at

332

Rich

is

heimer & Co. has opened

business

East

'Negotiated sale to be underwritten by a syndicate managed by
Phelps, Fenn
Co
and including, among others, Lehman Bros., Smith, Barney &
Co., Inc
and
H-' Morton & Co., Inc.
-■

Los

13

LEXINGTON
Investment

PARK,

Md.

Securities

been

OLYMPIA, Wash.—Melvin
ville and

branch

'

California

'

'■

C.

Franzen,

formerly with Balogh & Co., is

7,000,000

Street,

a

principal.

1040 BellRoad to
engage in a securi¬

more

of

ties

business. Officers
Simon, President and
-

Melvin Scoville Branch

business.

Marvin ;

BELLMORE, N. Y.¬
Ronald Mark &
Co., Inc. has been
formed with offices at

branch

and

Pax

—

has

•

•

under

508

WASHINGTON,

a

the

Washington

of

direction

of

N.

4803

L.

Co.

/

$30,000,000

Bridge Authority
4.90% Second Lake
Washington Toll Bridge Revenue Bonds
January 1, 1960

date

on

subject

Due

redemption prior to maturity as a whole at
any time on or after January 1, 1970
after January 1°,
1965, at prices, plus accrued interest to the date of
redemption, as follows:

or

January 3, 2000

on any

interest payment

to

Callable
Period

Callable

In Part

Jan. 1, 1965 to
July 1, 1969 incl.

in part, by lot,

or

as a

Callable

Whole

Period

103

July 2, 1985

to

In Part

July 1, 1990 incl.

Callable
as a

101

Whole

102

Jan. 1, 1970 to
July 1, 1975 incl.

10214

105

July 2, 1975

July 2, 1990 to July 1, 1995 incl.

to

July 1, 1980 incl.

1001/2

101

102

104

July 2, 1995 and thereafter

July 2, 1980

100

to

July 1, 1985 incl.

100

IOD/2

103

Principal and semi-annual

interest (January 1 and
July 1, first coupon payable January 1, 1961) payable at the
principal office of the Seattle Trust and
Savings Bank, in Seattle, Washington (the Trustee), or at the
principal office of the fiscal agency of the State of Washington in k

7;'!vo\:

the City of New York, N. Y. Coupon bonds
as to

both

in $1,000 denominations, registerable as to
principal only or
principal and interest with rights of conversion at the expense of the holder. v'3 f'!

•••"•

-

'

w*.

n >"

4ut.;

Interest exempt, in the
opinion of Bond Counsel, from Federal Income Taxes
under the
existing Statutes, and Court Decisions

The

Washington Toll Bridge Authority, a legally constituted public agency of the State of
Washington, is authorized by Chapter 266
to
design and construct an additional bridge, including approaches, to carry traffic across Lake
at a site in the
Washington
vicinity of Union Bay and Evergreen Point. The proceeds from the sale of the Bonds will be
applied to the necessary
costs of
constructing the Bridge and its approaches.
of the 1957 Session Laws

These Bonds will

be, in the opinion of Counsel, valid and legally binding obligations of the
Washington Toll Bridge Authority, secured
first and direct charge and lien on all tolls, other,revenues and income derived from the
operation of the Second Lake Washington
Toll Bridge after
providing for the costs of operation, maintenance and repairs of said facility. They are further secured under an
agreement between the Authority and King County wherein the
County will make certain advances to the Authority, when
necessary,
to meet the
payment of the interest on the Bonds, to redeem the Bonds in accordance with the minimum
debt service
requirements
or to maintain the Bond Reserve
Account in
by

a

accordance with the Bond Resolution.

f

.

Price 100% and Accrued Interest

These Bonds

are offered when, as and if issued and received by
us, subject to prior sale and approval of legality by Messrs.
Weter, Roberts & Shefelman of
Seattle, Washington, Bond Counsel to the Authority .This is not an offer to sell these securities, said-offering is made only
by means of the official statement,
copies of which may be obtained from such of the undersigned and other underwriters as may lawfully offer these securities in this State.
-

•v

Blyth & Co.. Inc.

Smith, Barnev & Co.

.

(Incorporated)

B. J. Van

Kidder, Peabody & Co.

.

r

■

m
A. C. Allyn and

;

.

.

John Nuveen & Co.

1

Lehman BrothersEastman Dillon, Union Securities & Co.

Ingen & Co. Inc.

C. J. Devine & Co.

Shields & Company

/■

;

Equitable Securities Corporation

'

.

Company

Incorporated'*'

•

Merrill Lynch, Pierce, Fenner & Smith
'\f

■

Incorporated

Blair & Co.

R. W. Pressprich & Co.

Dean Witter & Co.

''j-jjj.

Bacon, Whipple & Co.

Incorporated*

Salomon Bros. & Hutzler

•

Braun, Bosworth & Co.

Incorporated

R. S. Dickson &
Company

Dominick & Dominick

Stone & Webster Securities
Corporation

'\VV-v.

A. G. Becker & Co.

v

Dick & Merle-Smith

Incorporated

Francis I. duPont & Co.

First of Michigan Corporation

Foster & Marshall

Incorporated

Ira

Haupt & Co.

Wood, Struthers & Co.
Eldredge & Co.

Inc.

''

*

Ray Allen, Olson & Beaumont, Inc.
Goodbody & Co.

'

.

Howard, Weil, Labouisse, Friedrichs
and

Lee Higginson Corporation

Hemphill, Noyes & Co.

Barcus, Kindred & Company

Grande & Co.

Harkness & Hill

Incorporated

Incorporated

Harold H. Huston & Co.
1

Company

Schwabacher & Co.

'

■

McLean & Company, Inc.

Stroud &

Company

The Illinois




New York Hanseatic Corporation

Hallgarten & Co.

Shearson, Hammill & Co.
Julien Collins &

Hirsch & Co.

Company

J. A. Hogle & Co.

-

Company

Tripp & Co., Inc.

.

A. M. Kidder & Co., Inc.

f.

Roosevelt & Cross
Incorporated

Blunt Ellis & Simmons

Incorporated

Johnston, Lemon & Co.

John W. Clarke & Co.

Wm. P. Harper & Son & Company

Incorporated

•'

Stern Brothers & Co.

-A.'.

L. F. Rothschild & Co.

'

Wm. E. Pollock & Co., Inc.

First

Washington Corporation

:

Rand & Co.

..

.

and

Ave.,

W., has been changed to Waters

; &

July 22, 1960

Bonds shall be

i

Waters

Wisconsin

New Issue

Dated

■

Calif.—The firm

Robert

Company,

Melvin J. Scoville.

Sidney

Treasurer,

Now Waters & Co.
name

at

are

Gwendolyn Simon, Secretary,
■•••'"

J. Sco¬

Associates has opened

office

a

NORTH

office at 2300 Oakland Beach Park

Shields

formed with offices at 311
Midway
to engage in a securities

(Tuesday)

Angeles County Hospital Dist.

a

was

Drive

Dec.

Form Ronald Mark Co.

LAUDERDALE, Fla.-Oppen-

Pax Inv. Sees. Formed

100,000,000

—

FT.

previously Boulevard under the direction
The First Sierra
Corporation. Neil Van Wyck.

with

f

D.

securities

a

offices

Avenue.- Mr. Rich

York State Housing Finance

Agency,
s.

15

Angeles City Harbor District,
California ————--—

1

_

FRESNO, Calif.—Jack

Tn«

Qppenheimer Branch

; \

(Special to The Financial Chronicle)

,

7

R. D. White &

Company

■

8

,

The Commercial and Financial Chronicle

(364)

■//

available is

:;-v&

,

^
WILL

PLEASED

BE

Banks

figures

Seventh

113th consecutive

—

Street,

Calif.

comparison of leading

14,

•<.

—

Review

—

Ya-

—
New York Han- maichi
Securities
Co.,
of New
Corp., 120 Broadway, New York, Inc., Ill Broadway, New
5, N. Y.
York 6, N. Y. Also available are

United States
seatic
York

reviews of Komatsu Manufactur¬

Bond & Money Market Review—
National

First

of

Bank

ing Co. Ltd. and Ebara Manufac¬

Chicago,

turing Co. Ltd.

Dearborn, Monroe & Clark Streets,

Chicago, 111.
Market

Saunders

Cameron

Street,

Yonge

Review

—

Limited,

1,

Toronto

Canada.;

55

Broadway,
Also

Ont.,

the

■

ysis— New York Hanseatic Cor¬
poration,
120
Broadway,
New
Y.

'

list—Courts

&

Suggested
11 Marietta

Co.,

Street, N. W., Atlanta 1, Ga.
Control Computers — Survey

—

„

Electronics Industry

—

the

to

of

amend¬

Analytical brochure
&

Stone,

Model,
Broadway,
—

G.

Coke,

and

Gas, Light

Gas—Paine,

United

Webber, Jackson
&
Curtis,
25
Analysis
Broad Street, New York 4, N. Y.
with particular reference to BenAlso available are data on Colum¬
dix Corp., Sperry Rand, Zenith
bia Broadcasting
System, Spar¬
Corp., Collins Radio, General Pre¬
tans Industries, Boston Edison and
cision Equipment and Philco Corp.
Industry

—Bache

&

Y.

6, N.

Finance

Aetna

Company—Analy¬
Richter
Company,

sis—Scherck,

320 North Fourth

1,

Street, St. Louis

Mo.

—

Metal

Report

Climax

Alcoa

vs

Goodbody & Co., 2

—

Broadway,. N.

Y.

are

memoranda
Pittston

available

Also

Corp.

Ampex

on

Co.

—

36 Wan Street,
Y. Also available

Newmont Mining Corp.

American

Herbert

Photocopy—Analysis—
Stern

E.

&

Co., 52 Wall

Street, New York 5, N." Y.¬
American- Viscose
120

Corporation

—

Upham & Co.,
Broadway, New York 5, N. Y.

Bobbie

Brooks Inc.

Brothers

Orvis

&

—

Review

Co.,

—

Broad

15

Street, New York 5, N. Y. Also in
the

circular

same

Brunswick

olive

reviews

are

Corp.,

Colgate

of

Palm-

Columbia Broadcasting

Co.,

Street, New York 5, N. Y.

New

York

Over-the-Counter index

—

Folder

Fabulous

Fibres—Report—Calvin showing an up-to-date compari¬
Bullock Limited, 1 Wall Street, son between the listed industrial
stocks
used
in
the
Dow-Jones
New York 5, N. Y.Favorite
stocks

Fifty

at

the

—

Selected list of

third

quarter—Van

Alstyne, Noel & Co., 40 Wall St.,
New York 5, N. Y.

Averages
counter

the

and

the

industrial

National

35

Report—Ross, Knowles & Co. Ltd.,
25 Adelaide

Ont.,

stocks

Quotation

used

in

Bureau

Neu & Co., 120
Broadway, New York 5, N. Y.
Petroleum—Data—Purcell

Creole

Averages,

both as to yield and &
Co., 50
performance over a 204, N. Y.
period — National Quotation

Broadway,

market

Fire

&

pany

Insurance

Casualty

Stocks—Data

on

Com¬

39 of

the

year

Bureau, " Inc.,

46
Front
New York 4, N. Y.

Street,

major stock, fire and casualty
companies—First Boston Corpora¬
Rail Mergers—Discussion of profit
tion, 15 Broad Street, New York 5,
opportunities—Edwards & Hanly,
N. Y. Also available is a report on
100 North Franklin Street, Hemp¬
Baltimore National Bank.
stead, N. Y.
Indian Market—Report including
review of Indian Sugar Industry—
Harkisondass Lukhmidass, 5

Haman Street, Bombay, India.
Insurance

Stocks

Robert

Huff

H.

—

&

Bulletin

Soviet Bloc Trade in Latin Amer¬

ica— Report in "Latin
Business
Highlights"
Manhattan

—

Co., 210 West

New

York

issue is

a

Aircraft—Data—

Vought

over-the- Oppenheimenr,

American
—

Chase

Bank, 18 Pine Street,
15, N. Y. In the same

discussion of the Future

Electric

York

*

-•

Bond

New

Co.

of

Yale

Towne

&

Re¬

Parker

Memo¬

Precision

Corpo¬

—

Cleveland

Magnavox

Company

randum—John

report—A.

Detailed

Manufacturing

Transformer

R.

Memo¬

—

Boland

&

'irr-*.;

Trading Markets in.

:'V;/

C.

Radio

Corp of America

Review
Allyn & Co., 122 —Fahnestock & Co., 65
Broadway
La Salle Street, Chicago 3, New York
6, N. Y. Also available

South

111.

—

available

Also

reports on
Company,

are

Colgate

Palmolive
Paper

Rap-in-Wax

Products,

and

is

review

a

Red

Fish
A.

Street, New York 5, N. Y.

pany

Street, Minneapolis

2, Minn.

Holman

—

Memorandum

Place, New York 5, N. Y.
Metalcraft Inc.

—

V. S.

Wickett

&

rated,

Wall Street, New York

99

Company,

Incorpo¬

5, N. Y.
randum

Hancock

—

—

Memo¬

Securities

Corp., 79 Pine St., New York 5,
N. Y. '

■

National

-

•

Distillers

Forgan
New

•

-

&

Analysis

—

Co.,

York

Chemical

and

Glore,
Street,

—

Wall

45

&

Co.,

—

Co.,

42

American

Coal

—

Memo¬

Lamula

Inc.,

130

York

Investors,
Street,
New

38, N. Y.

Oil

William

Recovery

5, N. Y. Also available
reviews of Ventures Ltd. and

are

Corporation.

Marquette

Diego Gas and Electric—An¬
alysis— Cohen, Simonson & Co.,
25 Broad

Street, New York 4, N. Y.

Simplex

Paper

H.

—

Goddard

Memorandum-—

&

Co.

Memoran¬

—

Jennings, Mandel
121 South Broad
Street, Philadelphia 7, Pa.
Longstreth,

Oklahoma Mississippi River Prod¬
ucts

Line, Inc.

Inc.,

Spartans Industries
Hill-

Richards

Spring

&

—

Analysis-

Co.,

Street,, Los

621

South

Angeles

Sperry Rand Corporation—Analy¬

Bissell & Meeds, 120
Broadway, New York 5, N. Y.
Spiegel, Inc. — Analysis — Sch-

Broadway,

Standard Oil Company (Indiana)
—Analysis—Hornblower & Weeks,
40 Wall Street, New York 5, N. Y.
Also
available is an analysis of

Company,

i

/

Technical

Operations, Inc.—
Memorandum—Woodcock, Moyer,
Fricke & French, Inc., 123 South
Broad

Street, Philadelphia 9, Pa.
Corp. — Memo¬

Union

Financial

Analysis — H. randum—The Ohio Company, 51
Co., 72 Wall Street, New North High Street, Columbus 15,
5, N. Y. Also available is a Ohio.
/
—

Hentz &
York

.

bulletin

on

Railroad Mergers.

United

.

Greenfield

Corporation—

Bulletin
Carreau & Company,
Stern, Frank, 115 Broadway, New York 6, N. Y.
Meyer & Fox, Union Bank Bldg., U.
S. Vitamin & Pharmaceutical
Los Angeles 14, Calif.
Corporation
Bulletin — De Witt
Memorandum

—

—

—

Pacific Finance

alysis

Corporation—An¬

Reynolds

Conklin

:

Organization! Inc.,

reports on Texaco
Westinghouse
Electric
Corporation..
are

Joins Saunders,

Stiver

Inc.

Electric Bond & Share Company-

Manly Markell Associates, Inc., 11;
West 42nd Street, New York 36, Saunders, Stiver. & Co., Terminal
Tower Building, members of the
N. Y.
;::/'
V Midwest Stock

Review

Ernst & Company, >120
Broadway, New York 5, N. Y.
—

Endicott

Johnson

Corporation

and,

(Special to The Financial Chronicle)

.

Paddock

of California —Study—•

CLEVELAND,
Shanabruch is

Ohio — Ralph E.
affiliated with

now

Exchange.

—

Analysis—W. E. Hutton & Co., 14
Wall Street, New York 5, N. Y.
Ets-Hokin & Galvan,

Inc.—Analysis--Winslow,
Cohu
&
Stetson,
Inc., 26 Broadway, New York 4,

Pall

Corp.—Memorandum—R.

Pressprich & Co., 48 Wall Street,
New York 5, N. Y.
Pembina

Pipe

Lines

—

•

>

W.

Memo¬

Form M. Horowitz Co.
Michael

Horowitz

Norman

and

Fischer,- both members
of the
randum—Jackson, McFadyen Se¬
-American Stock Exchange, have
curities Limited, 11 Adelaide St.,
formed Michael Horowitz & Co.
N. Y. Also available are data on
West, Toronto 1, Ont., Canada.
with offices at 19 Rector Street,
Freuhauf Trailer.
Pioneer Metals Inc;
Report- New York
City. Mr. Horowitz has
Securities
Fairchild Camera and Instrument Hancock
Corporation, recently been active as, an indiv¬
Corporation —Analysis—Eastman 79 Pine Street, New York 5, N. y. idual floor
broker. Mr. Fischer in
Dillon, Union Securities & Co., 15 Plough, Inc.—Review—Gooley & the past was a
partner in CosBroad Street, New York
5,,N...Y._ Company, 100 Pearl Street, Hart¬ .grqye,' ..Whitehead
Miller,
Falconbridge

Nickel

Mines

Lim¬

Faradyne Electronics Corp. —
Analysis — Ross & Hirsch, 120

Financial Federation
—

L.

F.

Rothschild

Broadway,

New

Also in the

same

on

Inc.—Report
& Co., 120
5, N. Y.

York

circular

National Steel.

Harn

Specialists in Canadian Securities

Principal for
Brokers, 'Dealers and Financial Institutions
as

—

Members: New York

data

25

\

Corporation

Darius

are

Grace Canadian

Broadway, New York 4, N. Y.

TELEX 015-220

Report

Securities, Inc.

Security Dealers Association

•

HAnover 2-0433-45 • NY 1-4722

Incorporated, 80 Pine St.,

New York 5, N. Y.

Orden Executed

TROSTER, SINGER & CO.
Members Aew York

74

Security Deulers Association

Trinity Place, New York 6, N. Y.

HAnover 2-2406




'

'

Teletype NY 1-376; 377; 378-/

120

&

Co.,
120 Broadway, New York 5, N. Y.
Broadway, New York 5, N. Y. Also
—

Broadway, New York 5, N. Y.

& Distribution

14,

Calif.

Share—Analysis
—Robert Garrett & Sons, Garrett
Building, Baltimore 3, Md.

Company Ltd., 25 Adelaide Street,
West, Toronto, Ont., Canada.

(b) Natural Gas Companies
Transmission, Production

85

Devonshire Street, Boston 9, Mass.

Martin

Corp.

dum—Warner,
&

Street'

Wall

York

sis—Laird,

5, N. Y.

randum—John

54

Com¬
Carl M. Loeb

randum— Auchincloss, Parker &
weickart
&
Co.,
29
Redpath, 2 Broadway, New York New York
6, N. Y.
4, N. Y.
North

Inc.,

Chemical

&

Review

Rhoades

J.

Mine Safety Appliances

&

San

Report

—

Drug

—

New

Corp.

Corporation.
Company—Report

—R.

Marquette Corp.—Memorandum- Rexall
Piper, Jaffray & Hopwood, 115

Mertronies

Dana

Boat

Wall

Company.

South Seventh

of

—

ited—Analysis—Draper Dobie and

(a) Operating Utilities

Co.

Street, New York

—

Firm

&

...

ration, National City East Sixth Inc., 30 Broad
4, N. Y.
Building, Cleveland 14, Ohio,

available

&

Power Co.

Auchincloss,

Company.

20, Calif.

Lester Engineering

—

Chance

Electric

—

Orange & Rockland Utilities, Inc.

'

;

Cooler and

—

Street West, Toronto,

Canada.

Cross

La

Laboratory for Electronics, Inc.— Redpath, 2 Broadway New York
Memorandum
First California 4, N. Y. Also available is a review

North American Aviation—Memo¬

Analysis—Harris,

Instrument,

view

—Hanson & Hanson, 40 Exchange

System, Harris Intertype Corp.,
City Bank Stocks — International Telephone & Tele¬
are bulletins on Hooker Chemical
Mid-year earnings comparison of graph Corp., Revlon, Inc., R. J.
and Kratter Corp.
leading banks—Laird, Bissell & Reynolds Tobacco Co. and War¬
Ethical Drug Stocks—Analysis— Meeds, 120 Broadway, New York ner-Lambert Pharmaceutical Co.
Canadian Chemical Co., Ltd. —
Hemphill, Noyes & Co., 15 Broad 5, N. Y.

Co.,

New York 5, N.

4, N. Y.

Corporation

cific Lighting, Peoples
&

Shattuck Co.

Electronics

Incorporated—Review—Ira

AMP

Haupt & Co., Ill Broadway, New

4, Conn. Also available in the
review are data on
General

Hydromatics, Inc.

Fibreboard

Inc.

pany,

—

Frank

and

Motors

5, N. Y. Also available
is a report on Philip Morris, Inc.
and an analysis of Bowl Mor Com¬

and

120

Natural Gas Industry — Review
Hayden, Stone & Co., 25 Broad
with particular reference to
Street, New York 4, N. Y. Also
Union
Gas,
Columbia
available are reports on Standard Brooklyn
Gas System, Consolidated Natural
Packaging,
American
Greetings
Corporation,
P.
Lorillard
C©„ Gas, Northern Natural Gas, Pa¬

American

Co., 1 Wall Street,

New York

American

New York 5, N. Y.

Report

&

foreign

Life Insurance Stocks for Growth

Roland

Y.

Y.

and Kirin Breweries.

660 Madison Avenue,

New York 21, N.

discussion

a

administrative

new

N.

6,

York

is

Survey

Corp.-^Report—A.

Vending

Kidder

*

Allied Chemical—Analysis—Dean
investment
Witter & Co., 45 Montgomery St.,
law of Japan and analyses of Sony,
San Francisco 6, Calif.
Mitsui Bussan, Fuji Electric Man¬
Memorandum —
ufacturing,
Nippon
Steel Tube, Allied Stores
Isuzu Motor, Toyo Rayon, Toyota Francis I. du Pont & Co., 1 Wall
Motor, Mitsui Chemical Industry, Street, New York 5, N. Y.

—

Globus Inc.,

—

Co., Ltd., 61

*

Company,

largest' Corporation, 300 Montgomery St.,

15

—

York 5, N.

—

New

available

ment

Citizens Utilities Company—Anal¬

Conservative Stocks

Securities

—Nomura

—

ABC

York

Japanese Stock Market

Canadian

Nickel

randum—First

M.

companies of the Japanese Market

banks and trust

Compara¬

ford

Ltd.—Analysis—Golkin, Bomback
& Co., 25 Broad Street, New York Potomac

Department, Bankers Trust Com¬
pany,
16 Wall Street, New York

Angeles

Los

—

Thursday, July 28, 1960

.

same

San Francisco

#

quarterly

/.

the

on

15, N. Y.
Bank Stocks

Union Gas.

banks in the United States—Bond

PARTIES THE FOLLOWING LITERATURE:

SEND INTERESTED

TO

;. i

FIRMS MENTIONED

THE

5,

S.

Broadway,

120
N. Y.

States

United
tive

THAT

UNDERSTOOD

Co.,

York

New

AND RECOMMENDATIONS
IS

data—F.

Industries—Statistical

&

Major

of

.

and Brooklyn

Chalmers

Allis

International

Representative

Stocks

Moseley

IT

review of the Petro¬

a

leum situation.

INVESTMENT LITERATURE
\h-

Also

Trade.

American

Latin

of

DEALER-BROKER

.

Imperial Chemical—Memorandum
Bank

Bunting & Co., Dominion
Building,
Toronto,
Ont.,

Canada.

..

.

Data—du

Milk

Mass.

Also

-are

data

on

in

Street, Boston
the

same

;

&
Membtn: Principal Slock

Pont, Homsey & Com¬

31

regular commission rates

-

Inspiration Consolidated Copper
pany,

at

through and confirmed by

—Alfred

9,

circular

United States Freight,

Th*
-

National

25

Auocialion

Exchange* ♦/ Canada
of

Security

Dealer*

Broadway, New York 4, N. Y,

-

'

Number 5972 v.

192

Volume

.

The Commercial and Financial Chronicle
Bank Rate

ment

ized

u

capital

as

to

ensure

prof¬

way

than

of attracting "hot money." If the
authorities were well advised they
would discourage such an influx
rather than encourage it. Since

manifest- it is necessary to maintain
about the

rumors

so

in seunsatisfactory
of paying for a trade deficit
an

curities

.

in

optimism,

a

ential

for

is

influx of short-term bank

This argument is, however,

unconvincing.
as

investment

less

a

Investors

fully
liable to recall their capital as
are

bankers. It is true, once they cease
to
depend on security sterling

tend

or if the differ¬
London and New

ther.

be

York

equity prices conies to be
regarded as being too narrow, or
if

the

The

capital is needed at home.
overseas
capital is in¬

more

in

securities

British

retained in full

as

addition

an

t° the gold and dollar reserve,
Experience has proved that
increase

If

the

the

in

encourage
T«

tends

reserve

.

increase

is

,

due

.

to

to

.

a

w

lar#|e

export surplus, as is the case with

Germany,
there

then

should

be

it

is

some

remain.

Is

*

it

really

out of its way to
a

bring about such

""--'d''
-

-

T)

T

T.fYPPTW AA/u
OllZ*

This

of an early
abolition of "security sterling" is
widely canvassed. It would mean
that non-resident holders of Brit¬
ish securities would be in a posi¬
tion to repatriate their capital by
selling the sterling proceeds of
their securities
in the ordinary
way instead of having to find a
buyer who wants to invest it in

Paine, Webber

Ohio — Daniel J.
become
associated

COLUMBUS,
Lorenz
has

with Paine,

Webber,

favorable -balance

But repatri-

equilibrium
the

,

responsible for the
of
payments.

With Westheimer Co.

increases as a CINCINNATI, Ohio — Charles
ation may be decided upon irrespective of the view taken about result of an influx of short-term Thomas has joined the sales staff
sterling's prospects—if the pros- or long-term funds, and if it pro- of Westheimer and Company, 326
pects of the London Stock Ex- duces its inflationary effects, then Walnut Street, members of the
But

high change

to be viewed with

come

if

reserve

___

_

,

the disequilibrium that caused the New York Stock Exchange.

and

announcement

is neither

is

discount

its

an

offer to sell

at

securities

El Paso Natural Gas

Company

Common Stock
(Par Value $3.00 Per Share)

holders

want

capital

their

patriate

of these securities.

1,136,890 Shares

slight.

very

moment when many

of British

any

July 28, 1960

possibility of a decline in
demand for security sterling

a

solicitation of offers to buy

NEW ISSUE

But the
the

nor a

offering is made only by the Prospectus.

security sterling

good market in

to

re¬

be

cannot

The

ignored.
The

Company is offering to the holders of its Common Stock, through transferable Warrants, the

supposed object of the au¬
thorities in considering the aboli¬
tion of security sterling is, in ad¬

right to subscribe for additional shares of Common Stock

dition to their ideological

attitude

at 5:00

towards

encour¬

offer the Common Stock pursuant

liberalization, to

shares held of record

age
the investment
of
foreign
capital in British securities. It is

at the

close of business

on

at the rate of one share

for each fifteen

July 26,1960. The subscription offer will expire

P.M., Eastern Daylight Time, on August 11, 1960. The several Underwriters may
to the terms and conditions set forth in the Prospectus.

'•

assumed that if investors have the

of

assurance

patriate

their

being able
capital at

to

re- -

an

of¬

Subscription Price $29 Per Share

ficially guaranteed exchange rate
without having to depend on the
demand for security sterling they
will be more inclined to
acquire
British securities. After .the pro¬
posed change they would have the
definite
to

sell

the

sterling

their securities at

$2.78, while

at

of

for

the

rate

being

Copies of the Prospectus

proceeds

may

be obtained in

Underwriters, including the undersigned,

able

any state

as may

only from such of the several

lawfully offer the securities in such state.

of

rate not below

a

present

decline

a

sterling
figure is a theo¬
security

well below that

retical

of

assurance

White, Weld & Co.
Incorporated

possibility.

Would

Stone & Webster Securities

This

Be

A

Wise

Step?

There is
room, however, for two

The First Boston Corporation

Corporation

Blyth & Co., Inc.

Lehman Brothers

opinions whether the abolition of

security sterling would really in¬
spire

confidence

abroad.

uation in
oo

Britain

desired,

and

ircumstanees

"jplies that

J-fu
with

leaves
in

the

the

much

to

^

Pierce, Fenner & Smith

Dean Witter & Co.

Smith, Barney & Co.

always be proceeded from
of genuine strength.timing on the eve of the late

Paine, Webber, Jackson & Curtis

Incorporated

p.?si90n

oricu

*

2iat

Liho
tn

does

m°ment
not

appear

a

The Dominion Securities

sterling

likely,

i*

Ladenburg, Thalmann & Co.

strJ°!I!c^de
the seasonal
sea™
^ of sterling> not with its

G. H. Walker & Co,

weakness.

Possibly the
th
*at>on.°f a weak dollar in
Prpci!!
*n connection with the
*•

change.

feallv
x..

*n

so

01

f°r

Britain
_

.

to

an.y case> would it be
wise

to -encourage

an

the

'I

Lee

Wertheim & Co.

F. S. Smithers & Co.
•

.

foreign
 capital-in


Drexel & Co.

L. F. Rothschild & Co.

Hallgarten & Co.

election may make it

mTQ!uadvisable
^ke the

Corporation

Hemphill, Noyes & Co.

W. E. Hutton & Co.

its

y .silou^cl n°t be ignored,
.nations should be timed

am?

Dominick & Dominick

Clark, Dodge & Co.

Bear, Stearns & Co.

wJ""Ler and autumn pressure
th
n°t be very fortunate. Even,

,

Merrill Lynch,

hazard Freres & Co.

upon
Liberalization

ouid
n

Kidder, Peabody & Co.

Incorporated

that

we can well afford to
doubt.

Glore, Forgan & Co.

Harriman Ripley & Co.

Goldman, Sachs & Co.

ze might be looked
s°me

Securities & Co.

Incorporated

existing

gesture

Eastman Dillon, Union

A. G. Becker & Co.

Unfor¬

tunately, the basic economic sit¬

*

\

&

of ficer of Lorenz &
Co., Inc.

degree

ing sterling forward.

securities, for there is a

in British

Jackson

inflation in order to correct a dis¬

The

existing situation is not too in¬
convenient to overseas investors

'

(Special to The Financial Chronicle)

In practice, the

British securities.

rl

VV lull

Curtis, Huntington Bank Building,
that Mr. Lorenz was formerly an of¬

right

they are in a position to hedge
against the exchange risk by sell-

possibility

The

worthwhile

result?

Government's alleged intention to
relax further, the
exchange re¬
strictions for the benefit of non¬
residents.

and
will

for the British Government to go

an

inflationary tendencies.

.

The gold will be spent

the international indebtedness

the

vulnerable

sterling tends to
become, unless the dollar proceeds
of the surplus investment
are

9

adverse balance of payments will
to become aggravated fur¬

viewed

to

come

between

more

of

and whether it would, after all, be a wise step.

of optimism

with

It may be argued that an influx

England —. In spite of form of the acquisition of British
ihP
unfavorable change in the securities on overseas account? As
Rriti"h balance of payments, sterit is, foreign funds have been
rn* developed a remarkably firm
streaming in as a result of the
Wencv since the middle of July,
high Bank Rate. It is not a very
There is reason to believe that satisfactory state of affairs to baland dollar reserve has ance our trade deficit with the aid
the gold

wave

neutral¬

itable.

nNDON

itself

be

an

vested

funds.

i

Street

don for interest arbitrage is

economist examines the many nuances that prob¬
or will not abolish
sterling." Such a step is designed to encourage foreign
investments and would guarantee repatriating of capital proceeds at
a rate not below $2.78 compared to a theoretically lower rate for
"security sterling." Dr. Einzig comments on the timing of such a

increased perceptibly as a result
of official buying
of dollars to
moderate the rise of sterling. This
improved situation has given rise

could

if the prospects of

.or

Wall

that the transfer of funds to Lon¬

determine whether his country will

move

funds

remain overvalued

British monetary
ably will
"security

of

by

pessimism,

move¬

the

on

appropriate forward
exchange policy. Instead, the in¬
flux of bad money is encouraged
by allowing forward sterling to

By Paul Einzig

1

in order" to discourage

inflation, its effect

Will

tn

(365)

Higginson Corporation

Shields & Company

Equitable Securities Corporation
Salomon Bros. & Hutzler

,

r

Estabrook & Co.

Shearson, Hammill & Co.

Spencer Trask & Co.

10

The Commercial and Financial Chronicle

(366)

further

Near Term Price Picture

for the most part are
ample, and productive capacity in
many instances is excessive. Such
conditions are now not conducive

Supplies

to

price

a

.

By Roger W. Babson

.

in

spiral

or

Thursday, July 28, 1960

.

Short-Term Interest Rates
And the Commercial Banks

the

either

farm products. But war
certain
sudden
deaths
could

metals

.

-increases.

price

general

.

or

By Richard A. Westeott, The First National Bank of Chicago, III,

quickly change the outlook.
Writer

little pointing

sees

Chicago banker describes some

to general wholesale price increase in the

wages

Transamerica

and transportation costs cannot be absorbed. This does not

mean,

Mr. Babson continues, that inflation is a "dead duck," par¬

ticularly if the Democrats win the Presidential election.
f.Vv ••V-;.v'.'l.•?&**V';'1 ' 1

•:•

Now that fears of further drastic

Names Officials

•

-

,
,

the

of

Record

-

crease

r

Indexes

commodity prices as
a
whole are at a relatively high
level, it is interesting to note that
little

of

has occurred
three

this price inflation
during the past two

The Bureau of
Labor's
overall price index recently stood at 119.5, compared
with 119.7 a year ago, 119.2 two

or

years.

and 117.4 in June 1957.
Industrial prices also have been
fairly stable, the 1960 June average of 128.2 comparing with 128.2
a
year ago, 125.3 two years ago,
years ago,

for

125.2

and

June

Farm

1957.

have

however,

.

down

Board

bank's

totals
the

corporations;
role

in

have

despite
market

and, states how this

determining

The substantial decline, in interest

over

rates since January,

usually

1960 particu-

larly short-term rates, has come
as something of a surprise to close
market ob¬

the

market

money

of the year loans

decline

and

through
early
begin rising as

then

and

summer

fall

reserves.

course

winter

seasonal

and

servers

fallen
money

growing

perhaps, with actions to increase bank

named

loan

approaches.

pattern

is

This

accom¬

panied by a similar movement in
demand deposit totals as
they are

non-profes¬
sionals alike.

drawn

Many

com¬

mercial

Farm Products, Cattle and Hogs

bank¬

and later rebuilt. While this is
the
normal
seasonal
movement
in
loans and deposits, it is

and others

ers

Some supply stringency is

indicated in a few new-crop canned
vegetables, particularly corn, and
peas.
This could
mean
higher
prices. Generally large plantings
of feed and food grains last spring
point to a sizable total outturn,
barring serious crop damage. The
new
crops,
plus
generally
big
carryovers,
should exert downward pressure on prices of most
farm
products
over
near-term

commercial

the

deposit

stresses

Author foresees further cuts in rediscount rate combined,

office

and

loans;

large

elected

the

to

Chairman,

bank

in

of the very

rates.

u„„p

have

Hoi

Jchn R. Beckett

in view
continuing

demands

a point in
case, for
trending downward,
total bank loans have increased
by
$1.6 billion. While this upward

instead

ema¬

John R.

Beckett, well-known San nating from
Francisco
investment
banker, to. most sectors of
him

succeed

President

as

Sept.

corporation effective
will

Brower

Mr.

chief

the

of

As

officer

executive

Richard

A.

Westeott

it

increase

during

psychological

quence

has

movement

conse-

a

of

weeks,

the economy.

15.

continue

also

borrowings

has been

uary

loan

strong

W. Brower

ace

repay

submerged by the cyclical swings
in business activity which
irregu¬
larly recur. The period since Jan¬

drop,
of

down to

quickly

it

found

very
difficult
to explain the

as

Prices of fed cattle rr-ay weaken

commodities.

pasture conditions generally good,

to

ranchers

I expect such shifts
Hence, it is vitally
important to buyers and sellers to
study and appraised the supply-

continue.

in

prevailing,
or
in individual
items. These ratios will largely deter.V'ine
price
action
of
group

hurry to sell
cattle; but I forecast rather
heavy runs by late summer or
early fall, with some price weakness.
Hog prices are working up
to a s u m m e r peak — perhaps
around
$20 per cwt. The next

members,

broad

demand

ratios

likely-, to

prevail,

whichever

itself

gro'<p

may

way

the

be moving.

are

see

the

fall

should

year

be

downward,

early

or

winter

ago.

nothing in the near-term

barring war, that could
strong upward pressure on
of industrial commodities.

should

move

though

Metals

no

feeder

low
Industrials and

More

be

above

Inflation

that

of

a

Ahead?

<re,

which

office

factors

are

slowed

in

recent

resulted from a rapid
in
business inventories

the

first

quarter,

credit

consumer

strong

demands

and

a

to

of the

of

tion

the

Democrats

ahead.

However,

al¬

a

inflation

dead

is

win

the

by

no

Should

duck.

served

the

forthcoming

lowance must be made for higher
wage and transportation costs, not
all of which can be absorbed by

national election, the groundwork
for
further
price inflation will

modities sometime before the year
is out.

be

has

since

board

with

since

Mr.

President of

as

which

in

office

outstanding

1951.

;

President

and

nationwide

to

response

les-

a

Outstanding in the metals
is the fact that

group

inflationary.

In

conclusion,

available

to
on

statistics

the

I

see

basis

of

little

San

Francisco

members

offer

to

buy

•

any

offer

to

sell

nor a

He

solicitation of

an

of this Stock. The offering is made

N.

Saul Fisch is

sentative

NEW ISSUE

New

have

their firm

only by the Offering Circular.

the

of

Exchange,

J.—Hirsch

it

a

in

York

Jersey, office. 11

price

Newark,

how

New

I

is

232

Dayton Ave.
securities business.

to engage in a
Partners are Richard

P.

have

Germany

(.opies of the Offering (circular
in any

State only

to

the

may

be obtained from the undersigned

extent that

lawfully offer the securities

the

undersigned

in such State.

seven

by

days

LAIRD, BISSELL & MEEDS
Broadway, New York 5, New York

July 27,1960




firm

has

ican

leased

AC&R is

an

..

tional

the
from

&

what,

Telephone

Corporation.

and

inter-

money

all

bank

deposits, are
highest levels

as

20's." While

these,

oft-re-

commercial

seeking
rates, they hidte more

grain of fact. And this
a

clear

t

con-

some-

understanding of
developments since

o

i?ans

P?

Plcture has changed and that
money ls easier,
Loans Up and Deposits Down
jn vjew 0f the increase in bank
ioans
wby bave

deposit

fallen?

exist

af

Apparentiy

reasons

rates.

impact

two

have

had

interest

on

janJary

since

totals

least

and^both

significant

a

commercial

banks have continued to liquidate

holdings of government securities

_nearly $3.5
been soid

billion

have

either

allowed to mature, a

or

continuation of the trend in

prog-

ress

throughout most of last

year,

these

been

securities

liquidated

the

borrowings, incurred in
the previous six months to finance
as

rising pace of business and
trade during the fall months and
holiday season, are repaid. Thus,

have

they have passed into

the hands of other investors-individuals, business corporations and
other
investment
institutions,
which

have

paid

for

them

by*,

drawing down their demand deposits

held

commercial

with

banks. During a period of monetary restraint, when the Federal
Reserve System, is attempting to
restrict the amount of credit made
available
bank

by

banks,

commercial

reserves

to increase

are

(or

are

permitted

not

increased only

through banks borrowing from
the Federal Reserve, a step taken
some

times

reluctance).
banks

find

Thus,

at

possible

it

loans only by re-

ducing their investment holdings,
such

reductions

are

of

of most larger

case

therefore,
CV J to be convinced the credit

during

the

the

+V,1S+ Jf131*! ty,.sUrSrjS.1J5»"
that banks find it diffi-

would

months

,

conderably higher

in

bank loan demand is
characterized by a decline in loans

early

same

versus 51.9% on Dec.

JQ
*959

n

*° increase their

Pattern

.

,

deposit totals at the

*

such

•The normal seasonal pattern in

the

^

im^ loans have been increasing,
resulting in a steady rise in the

with

;

commercial

year

,

As

to

the

Seasonal

System.

Telegraph

(the
some-

the first of the year.

Amer¬

associate of Interna¬

to.

banking
present time, often
defensive ring to ward off

operation

the

that

After

since the

money market

investment

Radio

rates

fusion has served to distort

privately subscribed

which

Cable

in

seem

the

loan

a

week and is effected

a

means of a

channel

120

than

Stock

service will be

disap-

a

i set the price
services

at

in

a

lower

by
Exchange
firm of Oppenheimer &
Co., 25
Broad Street, New York
City. The
new

as

in our economy.

relation

at

.

may

demand,

the entreaties of borrowers

fices in New York and
Frankfurt,
West Germany, is announced
York

the

of goods and

comments

peated

inauguration of a leased radio
teleprinter circuit between its of¬

New

interest

easier.

seen

circles

The

the

bulk

in

we've

Oppenheimer Wire

Offering Price: $4.00 Per Share

that

really

loans,

Common Stock
West

corne

still not certain

am

such

To

from

of borrowed money)
are exempt from
the

remaining

Morton

and Herbert S. Friend.

(Par Value 10£ Per Share)

months

"In spite of the decline in rates'

with

at

maiket

of supply and

freely traded

N.

offices

recent

resulted

St.

J. — Morton
and
Friend Associates has been formed

ESC ELECTRONICS CORP.

of

have

believe

repre¬

Commerce

at

own

pointment to those who

that

of the

CLIFTON,

s

fact which will

a

Stock

Morton & Friend Associates

75,000 Shares

be

workings

Co.,

associated with

registered

the

will

clearly

announced

now

as

borrowing costs asr has
generally suggested. Instead,

been

movements

&

if.

9

JjS! havin§ declined $8.3^
*}ave witnessed

ratios

substitutes

near

lowering

was

1955.

With Hirsch Co.
NEWARK,

an

1946.

in

supplies, in almost the near-term picture pointing to

This advertisement is neither

in

appointed Vice-President in

£,

^aA

banking for
money and capital assets
firm
of
Blyth
&
Co., Inc., is
have been laid. If the Republicans
rather than committing them for
resigning from Blyth & Co., Inc.,
an
extended term at a fixed rewin,
inflation might be
producers.; Under
the
circum¬ should
to
accept
a
new
position.
He
turn.
Nor
has
the
Federal Restances, I forecast moderately held in abeyance. In either case,
joined Blyth & Co., Inc. in New
a
small Korean-type war would
higher prices for industrial com¬
serve's role been quite as active in
York in 1944 and was transferred
.

.

bor their funds in

the

investment

coT i?-n' deposits
w+v?n SlnSe
e. ^ear

w
.

sening in concern over price level
prospects, for investors, fearing
inflation, would be prone to har-

Viceof

lower in

move

:

director

a

price level, this has hardly
been the most significant event in
the money and capital markets in
recent months. Short-term rates,
certainly, would not immediately

distinc¬

is

a more

stable

Oc¬

<

who

Beckett,

have receded in the face of

has

he

?eas0""

questionably has been in the process
of change as inflation fears

subsidiary com¬
also President of

and

panies, he is
the corporation's largest subsidi¬
ary,
Occidental
Life
Insurance
Company
of
California,
with
headquarters in Los Angeles. He

Supplies, for the most part, will
easily suffice for requirements in

further

in

adsS'be

predecessor

will continue

means

elected

was

who

Brower,

cidental

months

he

been a revised expectations concerning steady drop in demand deposit
the re- totals which has -also occurred
April, business prospects for
1958, was named President fol¬ mainder of the year are cited to during
this
same
period. With
lowing the sudden death of the account for the easing in money Tb'arik expanding one, might norlate F. N. Belgrano, Jr. A veteran rates throughout the economy,
^mally1 expect dem'ihd deposits
of more than 38 years of associa¬
While investor psychology
growing, or at .least
tion
with
Transamerica
and
its
Mr.

member

Despite the overall price stabil¬
ity of the past few years, the issue

exer

es

Brower

W.

Horace

of

of Trans¬

has

Corporation

He explains why

year.

increase

frequently given credit for play- steady increase in bank real estate
ing an
important role
in the loans. Not as readily explained,
further, owing to sizable market- November last year. Mr. Beckett changing investment climate. Parhowever, and of overriding sigbeen
wide
shifts
up
and ings, but should recover moder- was
elected
a
member
of
the
ticularly, the "liquidation of in- nificance to banks and the mone^
in prices of many individual
ately later in the summer. With board to take effect immediately,
flationary
psychology"
and market generally, has been the

have

pri.

the

affects

*v

'•1 ■■_

•* *

higher

face

'

Despite the overall price stability of the past several years, there

I

america

F ■',*

of directors

board

costs on Dec. 1, and_
Pass a part of them along.

wage

products prices are slightly under
the year-ago level.
months.

pici

".(■ v"1(

1

The

not mature. The steel

may

makers,

Although

very

i.

,V-

-11 !

all instances, are easily ample for

of the unique factors accounting
rapid drop in short-term interest rates since the first

vary

importance

mand for metals; but such an in-

few selected groups.

a

of
the

price inflation in the U. S. appear prospective
near-term
requireto have temporarily subsided, this ments. Thus, a sustained price rise
is an opportune time to check the over the immediate future is unoverall situation with regard to likely. A fall pickup in business
wholesale
commodity
prices.:
I and.especially automobile producalso venture a forecast on the out- tion.
could increase overall delook for

the

for

short-run, barring war and serious crop damage, except where higher
•

any.

increase

in

otherwise

expanded.

serving to offset
deposits which
occur

as

With this in mind, then,
"Excludes

U.

S.

loans

,

Government

the undeposits

S.ch have increased approximately $2
SffiB. ,hu5
* p'rl
""

Number 5972

192

Volume

...

The Commercial and
Financial Chronicle

(367)

why the mrPise in
loans thus far. in 1960
f.s been more than offset by a
reduction in bank holdings of se¬
curities thus leading to a steady
sewered question is

deposits. This is

in

decline

$500

by

term government securities
yield¬
a
lower
return
in
recent
months. In
addition, of course, the
traditional reluctance of banks to
borrow steadily has also been at

ing

over

work, encouraging them to apply
free reserves first to
reducing Re¬
serve Bank
borrowings. The slow¬
ness

with

rate

was

which

the .rediscount

realigned

with

other

short-term rates is perhaps some
How-, measure of the Fed's undecided-

government securities,; the
most of which have come indi¬
rectly from the portfolios of com¬
mercial banks.'While, current
statistics are not available, busi¬
ness
firms increased their hpldines of government securities by
$2 5 billion in 1959, and individu¬
als made even more sizable addi¬
tions to their holdings. Both trends
have undoubtedly continued into

deposit totals).
ever, with loan/deposit ratios al¬
ready at high levels banks
apparently have been reluctant to do
so

since it would

ness

concerning the business out¬

look, for it has
time that

some,

been

evident- for

increase in the

no

have meant

an
money supply could be expected
further deterioration in their
to occur, as long as the strain on
liquidity. It is also to be. presumed banks'

liquidity

that the Federal
Reserve has been
less than anxious to
encourage a
rapid expansion in bank
loans,

tinued

year

clining.

1

activity

very

Even

at

of

was

being

short-term

same

short-term

reduced

shift,

have

ings

of

adding to their hold¬

been

government

million

securities;

Bank

it points up the growing

and

the

fu

activit

an

increase in bank credi

deposits probably
will
b
necessary if business is to con¬

seen,

to

by the
commercial banking
system, mak¬
ing the events of recent months

*

tinue

It

prosperous.

should

be

pointed out, however, that to the
extent holders of demand
deposits
economize on their idle balances

somewhat
unique. .During
past
periods of rapidly declining inter¬
est rates, a sizable
expansion of

(which

more and more are
doing)
seeking to invest them tem¬
porarily, they will be supplanting

by

the

role

of

supplying

rates

downward. The cur¬ borrowers/
situation finds commercial

in a rather peculiar
posi¬
tion, for with loans continuing athigh levels, deposits declining and
short-term money market rates

were

serves

re¬

commercial

credit

to

That

this

banks

by

short-term
has

been

happening is evidenced by the
steadily rising rate of turnover in

investments

of the
pressures upon
contradiction that mained. Otherwise, the decline
them.
A
in. would. follow, For this to occur
further increase in loans will in¬
business loans have been increas¬ required reserves would not
have the rediscount rate would have to
evitably lead to a deterioration in
been offset to the extent of
ing at the same time companies
$700 be quickly and progressively re¬
liquidity while
It may seem a

upon

business

(except, of course, should an in
flationary boom develop which, a
time,- few are predict

issues).

have

we

contributed

of

media- the present

banks

the

dependent

course

(particularly ing) for

government

not

entirely
ture

time the supply

short-term
was

in

invest¬

investment

This market

rent

de¬

present,., if

ment at the

terest

time

were

seeking

ings and a rising level of demand
deposits) has served to propel in¬

' con¬

same

funds

re¬

11

demand deposits, as idle funds are
to increase bank re¬
transferred temporarily
(through
(through open market se¬
the mechanism of a well
organ¬
curity purchases) it is doubtful trending
downward, banks are ized money market) to borrowers
whether an immediate expansion
being hard pressed to adjust to all who put them to active use.
in
bank
loans
and

Fed

that business

prospects continued uncertain and
that the
possibility of a rapid ex¬
pansion in economic

Market and Large f

the

short-term interest rates

perhaps feeling during the
early

months of the

at

positions

■

first of the year has been the
of a significant increase

sult

commercial bank investment hold¬

even

current year.

Corporations

since

continued to borrow
reserves
(at
4%) in order to increase their
loans (and

chase

Money

weekly

borrowings

have declined
million and
an

sale of
government securities
by
the Federal
Reserve. On the sur¬
face, commercial banks could have

individuals and large business
corporations^ -actively - reducing
their idle deposit balances to pur¬

the

Reported

bank

1st

additional
$700 million in bank reserves
have
been absorbed as a
result of the

ex¬

as the
particularly,

investors,

of

banks.

member

Jan.

major part

in

plained,

Vptult

serve

by reductions in Reserve duced

security holdings.

of

to

bank

attempts

encourage

liquidity

a

rebuilding

positions.

build

Or

a

to

re¬

liquidity meet head-on with

rediscount

that

rate

is

New
A

Josephthal Branch

branch office—believed to
the first to be located in New

new

be

York
City's famed "Silk Stock¬
loan/deposit ratios
adjust than other money-market
rates, ing" District—has been opened by
high and rising further, banks, as to and become comfortable with
making it advisable further to re¬ Josephthal & Co., members of the
very
an
alternative, might have seized their higher loan/deposit positions duce
borrowings from the Fed New York Stock Exchange. ;
mendous internal cash flows from the
■
opportunity afforded them by before loans would be increased rather than increase
short-term
Situated at the corner of 68th
depreciation and retained earn¬ a lower level of
further. Although, experience has
required reserves
investment holdings. Under these St. and Third Ave. as
ings are, much of the time, more (due to the
part of
decline in deposits) shown there is no maximum level
circumstances a good likelihood Imperial
than sufficient to finance capital to
House, a luxury resi¬
rebuild their liquidity
posi¬ of loans in relation to deposits, exists that additional
steps may dential apartment building, the
requirements while still permit¬ tions
by purchasing government upward adjustments from previ¬ be taken to
ease the
pinch being New Josephthal office represents
ting the accumulation of sizable securities
instead of using freed ously high levels take time.
felt by the banks. These
sixth branch office
may take the
holdings of temporary, short-term reserves to
for
the
reduce their borrow¬
investments.
The higher interest
the form of further cuts in the re¬ 50-year old brokerage firm. ♦
ings from the Federal Reserve.
Summary
.; •;///./
The new office will be manned
rates of
recent years have
also This has
discount rate combined,
hardly been an attractive
In summary, then, one is led to
perhaps,
by nine registered representatives.
encouraged individuals and busi¬
with actions to increase bank re¬
prospect, however, with the re¬ the conclusion that the
rapid de¬

however,

With

bank

banks

would need time to

market importance of the
large corporations whose tre¬

higher

money

,

.

firms alike to

ness

deposit balances,
liquid, nearly riskless

when

vestments
and

economize

rewards

quickly
However, once initiated

fall.

Even

is better

pense

in

interest

rates

interest

small

a

as

the

serves.

Nor

such

are

Graham

is

manager

it

this

announcement
•

3j//.n

J;

j.s neither an offer to sell nor a solicitation of an offer to buy
/
The offer is made only by the Prospectus,

^

by

any

of these Debentures,
'
-

has

been

non-bank

i

all.

at

none

this

$50,000,000

inves¬

tors that has driven interest rates

steadily

downward vin

months.
The
term

,".

recent

•

growing demand for short-

International Harvester Credit

investments,
particularly
securities, has
oc¬

government

curred at the

Corporation

time the sup¬

same

ply has been sizably reduced. Be¬
tween

January and April, owing
to a marked
improvement in the
government's budgetary
position,
the
outstanding marketable public

43/4% Debentures Series B Due 1981
Dated

debt has been reduced
by $1.7 bil¬
lion.

August 1, 1960

Outstanding issues maturing

in

Interest payable

one year os
less (the sector of
the market where
the rate decline
has been the

most

declined

even

rapid)

more

issues

or

New York City

Price 100V4% and Accrued Interest

$6 billion in 2-5-year note

outstanding.
surprising that this
in

February 1 and August 1 in Chicago

August 1, 1981

by

billion, this sizable reduction
having been offset by an increase
of over

Due

-

have

rapidly,

$8.6

:

•

It

is

hardly

marked

shift

the

supply of short-term gov¬
ernments, coming as it does at the
same
time investors have been

continuing
ings of

sulted

to expand

their hold¬

short-term issues,- has
in
a
marked j decline

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

may

legally

re¬

in

interest rates.

Where Do Commercial
Stand?

But
ne

Banks

MORGAN

.V

where, then, does this

STANLEYS;CO.

GLORE, F ORG AN &

WILLIAM BLAIR & COMPANY

leave

commercial banks which
play
an
important role in deter¬

THE FIRST BOSTON CORPORATION

BLYTII <fe CO., INC.

such

mining the level
ates.
The

of

money market

decline

in

deposits

companying the shift of govern¬
ment securities into the hands of

EASTMAN BILLON,

UNION SECURITIES & CO.

HARRIMAN RIPLEY & CO.

thn;b?nk

LEHMAN BROTHERS

2 been

SALOMON BROS. & HUTZLER

i

Up

e' the

Other factors

reserves

S ^-employed

could

if

MERRILL LYNCH, PIERCE, FENNER & SMITH
Incorporated

have

banks

in

a

Incorporated

STONE &

re-ex-'

However,
required reserve
commercial banks

e^ucti°n in

tho J?
ded
rowmeanl of reducing

lgs

from

their

their bor-

Federal




Re¬

WEBSTER SECURITIES CORPORATION
DEAN WITTER & CO.

deposits)/

ha*

SMITH, BARNEY & CO.

had

X ?r. lnci?ased their loans or
wmfrn ? their investments (which
would
have resulted
Pansion m

LAZARD FRERES & CO.

Incorporated

r,i

reduced.

GOLDMAN, SACHS & CO.

KIDDER, PEABODY Se CO.

investors has meant
hn
"i°tal of reserves which
tw Sr?re recluired to carry with
lr, ederal Reserve banks has

July n, 1960.

and

Robert Arnel is assistant manager.

prospects

recom¬

than

Unquestionably,

.

continuous accumulation of liquid

investments

since

in¬

are

practices continue

rates

cline

of: careful

management of funds
grasped.

Richard

discount rate set at 4% and short-

for

for the holder 4%

earn

the

up

such

on

idle

their

■

WHITE, WELD & CO.

V

12

The Commercial and Financial Chronicle

'(368)

existence

How Commercial Banks Can

10 years ago. The humber of lives which have been pro-

longed

Modern Research

on

these

lable.

been

business entirely. I am
glad to add that I understand the
western railroads have been tak-

passenger

ill-

of

number

which have

nesses

Cash In

the

and

cured

by

ing a much more enlightened and
progressive attitude towards their

products is almost incalcuOne could continue indefi-

Netv York

products which

today's living but which simply
30 years ago. These
things are the end products, the
fruits if you please, of organized
research. One can only conjecture
how
few", if any, would be in
existence today if we had waited
for them-to be originated by solitary inventors working in homedid not exist

A primer on

what banks can and should do to utilize research and

public relations to improve their competitive position is furnished by
York

New

banker who speaks from experience. Mr.

lower average

returns of banking, compared to industry, to back¬

wardness—until
'

Warner relates

recently—in

engaging

in

which is

research

now

being rectified with happier discernable results. He admits the higher
interest rates

but

provided by S. & L. Associations is a disadvantage,

made

commercial banks* other advantages can offset this lure

avers

laboratories

barns,

or

which

able

take

to

share

waiy

the

was

such

over

their

of

market

three years or

large

a

in

the

last

Belatedly, they

so.

Historians

have referred to the were and would be at any time tury came about.
.
■
Eighteenth Century as "the age of we wanted to know. At one time,
Not alone in the realm of physiand,
in
retrospect,
it in 1943, when the ultimate out- cal
science
has
research
been

compact cars and they have had

refson"

J®to

was.

it

that

it

of the

come

by no means

war was

growing

in

almost

segment

difficult wm

judge

any

XUCA'

A

%i

1

\

histo¬

v a

r

j

15

the

ended

contem¬

rians have

the

In

nevertheless

porary

v/x

rescue

JVM.O

—

—

sociuiugjcai

in the form of

entirely new method of refining or "cracking" crude oil in
order
to
produce
much
larger
quantities of the desired type of
gasoline.

shape it are
h a p p e ning,
some

"Uiia

our

an

which

events

lllc

to

came

the

time

scxexxues—mat

is,

tuc

_

years

since

research

industries

o u s

the

war

of

activities

have

been

wants. This is often referred

"market

research" and

"motivational

to

controlled

from

time

For

foundation

which

had

of

dislike,
jn

what

certain

causes

them

to

and not in

ways

man

do

and money, but

me

with

was

the

spectacular

a

developed

,

among the results

and

it

is

*

,

well

r.

:

ha^revolutionized the entire field
electronics and communication,

it not been for unlimited research

long period of time backed

induing the growing and already
lmnortant field of data
processing.
In brief, had there been no re-

„

war

three

could have lasted two

longer

years

millions
dollars

of

lives

worth

called

of

at

and

a

cost

billions

or

isistor.ere W°U

code

the

without

Japanese

and

enabled

T

of

In

'

„

the

field

medicine

the

have been

of

,

.

chemistry

results

even

of

more

and

research

spectacular,

The term "miracle drug" has become a part of the
vocabulary of

guns

armed
us

aVe een n°

transistor.

of

property. Simiquiet and care-

heroes

solved

forces

only

a

confusion

in

call

the

public

-

for

Commercial Banks, a
non-profit
organization which has been Con¬

ducting a national education campaign through advertising in ma«azines
having
wide
circulation
throughout the nation to create

a

namE
institutions^ervme bcmks"-and to explaln what we can do for people
u

thev

practically

to

estimated

intercept messages and learn exactly where their naval forces

prescriptions
for

It

everyone.

that

medicines

at

has

least

written
which

been

70%

today
were

of

call

not

in

comparison

o

with

industry,

J

n

this

ing,

well

that

le«

conditions

o

lYlQllTlPr

than7hejr
to

the

1—+

During the last five

romnrphon«ivp

That is one reason why they have
been able to take such a large
share of the long haul
passenger

'

.

7,

.

are

notoriously

public

passengers

outside

railroads

ing exte?
id
d

The

as

concerned

far
To

at.

:
• j
1
individual

it appears that
their managements would be
very

.7

industrylevels,

one

And: it ,is

up.

might
too
too

none

Although banks have been

widely known

as the? champions
of free enterprise
competition, all too many

system

our

and free

of

them

as

happy if they could get out of the

how-

bank

waking

early.

in
the

.

,

of

of

observer

—

y

,

colloquial language,

coun-

backward

relations

are

have

been-

acting

....

^

as

.

.f

though competition did not exist.
Let us. now try to document these
assertions.
•

Within the last three

-

the

years

Association of Reserve City Bankers has sponsored a
comprehensive

This

announcement

is

and

not an

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

NEW ISSUE

any

highly significant research
project which has yielded some
rather distubing conclusions. First
of all, the share of the commercial
banking system in the total assets
of all financial organizations was
found to have

declined from 56%

in 1900 to 44%

100,000 Shares

in 1929 and 31%. in
While it is true that h portion

1956.

of this decline

represented finan-

cial business which banks couldn't
or for other reasons did not wish to

handle, such

as

insurance,

nevertheless

was

downward

trend

there
significant

a

in

the

propor-

tionate share of commercial banks
in the total of short term loans to

business, holdings of farm mort-

COMMON STOCK

residential mortgages, and
savings deposits. The tremendous
expansion in our entire financial
system since 1900—total assets of
gages,

(Par Value $1.00 Per
Share)

standing
creased

bag

increased

volume

of

642%,

their

out-

mortgage loans has
some
900%.
If any

doubts

that

associations
•

savings and loan
attracting savings
b

are

i

•

-

*

inone

•

business

■#

.

which might have gone
banks, just compare results for

to

the past fourteen

fifteen years.

or

which

Higher Interest Rates
is

to say that this debeen beyond-our

easy
.—w

velopment

w

has

control because savings and loan
associations

not bound

are

by

cer-

tain ^fal restrictions which apply
to banks and
able

to

texesi

they rare /therefore
higher rates of in-

pay

uxcxxx

we

die.

xnis

is

true,

01? the band wagon and is as far as jt goes, but there are
m ^e^fa.ru
a. gratify- 0ther - advantages to depositing

3umj)e.

,

railroads in my part of the

facetious

years,

In

their

that

HT

moTTeafthanalive^

some

try

bank-

have

the

It

thus

known national

the

be

The Answer to S. & L. Assns.'

Then the airlmes beeah

from

de-

must

were

-

™ no some research into tne attiresearcn into the atti-

business

In the fourteen year
period from 1945 to 1959, savings
entrusted to savings and loan as-

stocks of most New York banks
quote'd iri* the'open market

Example

tonio

ar^cj

the

under

the

It

however,

in

were really in a bad way

magazine

handsomely.

theless, it must not be forgotten
that
only a few years ago the

vided

a

of

field.

have existed in the past 20 years,
Koc
KAnn
QYIP^Khas been, in a manner of speak
ing, one of the "safe havens
for
capital and that fact must be
taken into consideration. Never-

aaa

airlines

for

Those in the savings and
loan
field have been years ahead of us
in promoting their own
cause, and
the results in cold statistics show
that their efforts have
paid off

wbjle

exception

textile

recognized,

,rea ■ot i-eseart:h, one m,,gnt

a

institutions.

SOciations

the

pressed

search

larly it was the
fully guarded work of what might
that

of

with

—

exploits of the Armed Forces. Had

be

and

what we, perhaps
erroneously
commercial banks. There is a

invested in banking is so materially less than it is m industry,

act

other

researc

to

more

resuu

had

banking is a very late arrival on
iess of name, its basic purpose is the research scene. Perhaps that
very much the same, namely, find may be one reason among many
out what people like, what they why the average return on capital

n

search activities - waste of time
a —r

'example,
example,

underlying the
tne
victory of the forces of freedom
in world warn was a broad and

the

them

Regard-

time

to

fnHav

In

sometimes

research."

by the amount was $35 million. A goodwill. -—--wars and dipomacy at the
political rugged and forceful industrialist
level, the real causes are usually of the Nineteenth Century would
Cites Airplane-Rail
less easy to perceive. *7
have called most of today's rem
4.'

„

budd

tne Put)llc-

as

ex¬

mnnxr

over

wanted

changing needs ana wishes

beings and the satisfaction of their

growing
in
almost
geometrical ways, and to determine what
peoprogression. To illustrate, a few of pie think about various businesses
pressed
the
the
opinion that
outstanding examples might and
the
units
which
comprise
our
be mentioned.
It is well known
time, the
therm "As a man thinketh in his
Bradford A. Warner
that the Bell Telephone System
Twentieth
heart, so is he," is just as true
crvonrlp
111 inn
rlnlloro
Century, will be known to future spends many
million dollars a today as it was
2,000 years ago.
generations as "the age Vof re- year f°r research in both pure jf we know what
people really
search."
While superficially the and applied sciences. Last year, think of
us
and why, we
have
destiny of the world is shaped and according to the Annual Report, won half the battle to
gain their

,

public

antirinated
search by the petroleum industry techniques of dealing with human ™ today had they amicipatea

"

period of history at the

nnai

bank

able to give a reasonably accurate identification of

some¬

is

deep

the

of

.hTtterare facing the facS'
Now thatjthey*are!;acmg^he tacts,

geometrical

Although

times
to

undeniable

almost

seems

were

comr

have recognized that a substantial

attracting savings.

man's

minority

were

many of the discoveries and inventions of the Nineteenth Cen-

in

business

.

basements

in

Thursday, July 28, 1960

mind between banks, mutual
sav
right up in the front
ings banks and savings and loan
ranks
of industry
in their re- associations. In the
mind of John
search to determine just what the
q pubiic, excepting an informed
public wanted or needed in the
minority, all are just "banks"
way
of improvements
to
their
- •• •
•
- •
•.
'
product. In recent years, however, Banks Public Relations' Program
they seem to have slipped back a
One
of ' the
important consebit, for otherwise the small
fpr-quencesof this -research, was the
eign cars would not have been formation of the
Foundation

panies

of

City

.

deal

Years ago the automobile

commonplaces

are

.

great

passengers.

nitely talking of the articles and
By B. A. Warner,* Vice-President, Manufacturers Trust Co,

.

have

grown

to

more

than

one's

savings
to

^ay

in

decree

a

bank

a

which

offset the lurp nf

SKntS^^Oi^K
f?r_^nateLyi

render a
wider variety of
services under the same roof than
can

Gan a

savings and loan association,

This is important to

some people,
question arises, how many

0£ them know what
-

bank"

"full service
™

a
-

can

really do to help them?
If we are not telling
them, then
we
are
not "cashing in" on the
valuable
search
We

information

has

made

which

re-

available to

us.

satisfy virtually all finan-

can

cial needs of both business and the"

individual, with the exception of
insurance, and in some parts of
the

country,

I

understand

that

.

banks may legally enter this also
brokers or agents.
;

as

The fact that our banks still
have the exclusive
right to carry
checking accounts should help to

give

the

us

"inside

term

"full

convince

really

service

the

nance"

where

the

we

much as
use of the

as

bank"

public

"department

if

track"

exploit this advantage
we
can.
Through the

we

stores

can

we

that

are

of

customer

fi-

may

not

only have a checking account
a savings
account, a personal loan, a
safe-deposit box, a
mortgage loan, and if he is a busibut also

ness

if

man,

not,

commercial

a

loan

a

secured

loan, or

by accept-

38

commercial banks

Price: $5.00
per Share
Copies of the Prospectus
such

other

dealers

as

the tools to work
with, if only we
will use them

times the total at the beginning of the period—has carried the

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

may

may

able collateral.
search in

along with the

tide and thereby has obscured the
that our
growth has been

fact

much slower than that of

our non-

banking competitors and indeed,
only a little over half as rapid as

Myron




39

A.

Loma

Broadway, New

NEY

Yorl

BOwling Green

9-8121

6, N.

&

CO.
:

the growth of the entire financial
system.
To
put it a bit more
we

slice
,

simply,

a

of

now

have

a

smaller

larger pie.

.

of

significant

this

conclusion

research project was
about half of the
people

ing

the

sample

commercial

bank

that

compristhought that a
was

simply

Not
but

properly. :
only at the national level,

also

at the state
level, has
banking been conducting research,

I

know,

Kansas
been

a

for example,
that
Bankers Association

the
has

outstanding

among state organizations in its research activities, not only in the area of mar-

keting

.

.

Another

Industry-wide rebanking has given us

but

operations.

also
I

am

in

the

sure

area

of

that if the

member banks of that Association

have utilized

the

mass

of informa-

tiori collected by cooperative re;

-

Continued

on

page

23

Number 5972

192

Volume

.

The Commercial and Financial Chronicle

.

.

increasing on the average by
000 barrels daily per year.

Outlook for the Slowed
Down Demand for Crude Oil
The

small increase in
the relatively lev¬
eled total market from 1956 to 1960. This, of course, is based on
assumptions indicated by the writer Who explains the significance of
and the reason for changes in crude oil demand. Shown, also, is the
diverse reaction to this state of affairs by oil producing states and
the serious' Problem of adjusting conservations, imports and industry
operations to the slowed rate of growth for crude oil.

of

in

of the slow-down

involved

increasing
;

knowledge,

.

.

*?

v

m—

supply.

the

as

0uU

j

.•

—j

k

for c „

.

,

.

J **•

»•.

(Special to The Financial Chronicle)

PORTLAND, Ore.-—Laurence H.

w

dustry operations to a more modwas formerly
erate rate of growth in the total -With E. F. Hinkle & Co., Inc.
demand for crude oil.
Two With Foster, Marshall

during the first

_

*

x—3

BMSssssrsis

obvious and important
between
sharing
a

an

mI

ated

with

Bache

&

Co.,

Oil Demand

of

New

director

assistant

/

'

\

and. James W. Perkins have

the

staff

of

Southwest
Street.

Foster

Sixth

joined
Marshall,

&

Avenue

Oak

at

...

Thomson, McKinnon Brch.

training,' it has been announced. NEWNAN,
Ga. — Thomson
&
Mr. Rasch was previously as- McKinnon has opened a branch

sociated

„

St.,

Wall

36

a'g

York Cjt
of

investment firm

the

(Special to The Financial Chronicle)

PORTLAND, Ore.-—Ray J. Oreste

the

with

Stromberg-

office at 21 Spring

Street under

are

of

trend

; (1) U.
continue

fact that the
petroleum de¬
mand since 1956 has averaged less

S. Jameson, Jr.

it

event,

any

Minor

in

is

a

total

.

oil

as

close

with

of

It

is

increase

likely

will

be

oast five

gS

tln

the

during

pecjeral

d^paZ^o"

Division

of

from of*ices. at~ 90

Battle Hill Avenue under the firm

International

Telephone & Telegraph Corp.

oil

of

M.

J.

Bogan

Bogan, Jr.

was

Co.

tinue the investment business of
y^vinn M.^ Manning. Officers .are

&

formerly

Berry & Co. and Eisele

V. M. Manning &

.

refineries and increased production of natural gas liquids will

name

Mr.

1956-1960 period. For exampltei
-V. M. Manduring the coming five years, oil GREENVILLE, S. C. )een formed
consumption may be expected to ning & Co., Inc. has been formed
with offices in the South Carolina
^crease by about 3% per year ,
;
^
,
" (2) Upgrading of crude oil at National Bank Building to.com¬

important factors re- 400,000 barrels daily each year in.
conservation. During the the preceding 10 year period.
yearsi a highly signifiRecoenizine
the
imoact
of a
cant change has taken place in the
rate of.
in
trend of total U. S. crude oil de- consumption 0n the demand for
mand,
with
a
correspondingly cru(je oil the question remains as
significant effect on conservative to why there has been no increase
of the

lated to

slackening

rate

than

less

200,000 barrels per day per
compared

the

that

S, oil consumption will
to increase.
increase.

pre-1956
to period but greater than during the

than
year

demand

G.

years

for domestic and imported crude

Rowing market and attempting to
§row in a static market.

oil consump-

considerations

such

increase

petroleum

is"one

..

(see table)

-

logical
and
economic ;;
factors affect¬

crude

in

five

r»

VV estneimer Lo.

The above bnef analysis of Carlson Division of General Dy- the direction of Gilbert T. Kaap.
factors that have affected the de- namics Corp. since 1957 as senior
overall U. S. energy consumption mand for crude
oil provides a specialist in training and manageM. J, Bogan Opens
which, it is interesting to note, basis f°r commenting on the outhas also failed to increase since
*-or
future. A number of ™ent development. Prior to 1957, SPRINGFIELD, N. J.-Michael J.
1956 as rapidly as in the past. In general conclusions are indicated: ne y^as industrial relations repre- R0gan> Jr. is conducting a securiVarious

tion.

knowledge of
t h e
techno-

The

my

able

been
furthered
by

for

of

supply

difference

for crude oil.

best

W^e«-kA*

increase over
(Special to the financial chronicle)
but the in- HAMILTON, Ohio — Sylvester

will

1960,

next

WJfrL

been

m

satisfactory evidence is availto explain fully the causes

no

have

ing

the

demand for crude oil
static from 1956

has

six m0nths °f I960 was approxi♦An address by Mr. Jameson before
mately the same as in 1956. In- the interstate on Compact Commission
creases, therefore, were offset by in Detroit, Mich.
nnn/Iimfinn
A+LV>*»
.v'
decreased production in other
Rasch With Bache
states, with four States accounting
for most of the reduced output. Stanley A. Rasch is now associ¬

T

demand

To

conservation

an

oil, total

major factor in changing the trend There is

improving the
recovery of oil
and gas. These
advances

x_i—.

ts ™!

200,000 barrels
this slackening
in .°^ consumption has been the

:

and

waste

the

65,000
barrels • daily.
With
no
change in total demand for crude

"

TYlOTA

.•

Reaction

r

producing
states, great by more than
has been made m reuuC-v daily. Obviously,

the
tfress

^
in&

v.

conservations programs fore, was cut in half and reduced
CfTPaf. hv
thoTI
9HH HHrt
Kir»r>nlr«

and

States'

have taken place

Interstate Oil Com- in total petroleum demand, there-

the

rui^h
+

which

ports" show that various changes small increase in the total market

Independent oil Industry' spokesmen anticipate
domestic and imported crude oil, as compared to

Th

tions, total

13

Keeping in mind the fact that crease is likely to average in the Shetter has been added to the
there has been no increase in the range of 150,000 barrels daily per staff of Westheimer and Co., First
total demand for crude oil since year
or approximately half the National Bank Building.
1956, data on "U. S. Crude Oil growth
that occurred prior to
Production and
Crude
Oil
Im- 1956. Clearly, this is a relatively
Now With Mav & Co

J'A/V

V-

180,-

through
Diverse

Jameson, Jr„* Executive Vice-President, Independent
Oil Association of America

Minor S.

n

(369)

Libaire, Stout & Co.

Form Coral

Co.
with

& King,

.

Corp.

NEWTON, Conn.—Coral Corpora¬

tion, 6 Queen Street, is engaging
in

a

are

securities
Allen

M.

business- Officers

Sperry,

President;

r—
crude^QjlrfJeman^4A§inpe./JIl?56-- 'continue to supply part of the Malcolm M. Manning, President Corydon S. ^Sperry, Vice-Presibtepn- den^ Treasurer and Secretary,
During the TO year period im- when total petroleum demand was jpcrpa^e -Ah the .vconsumption of and ireasurer; William
mediately ; following v.;World>lWar ''increasing on the average, fey180'- 'Petroleum ,A,
ediately following,: Worlds" War increasing
Mxv.
products.
•
a"^ Mrs* '
~
^
rns
II, the total demand for crude oil !Q00-barrels per day bach year. The
000.barrels
each
■
'
"
'
Marv
HarrelL Secretary. A..r.
; (3) Assuming- that there will be iVlarY C uarreu, & c exa y.

activities.

in

.

produce following facts

to

States,

required for

products

petroleum

,

were

for

been
uccn

increase

no

1I1L1CCIOC

liu

for

mand

petroleum

since

However,

1956

market for domestic and

IcJOU

IIIG

IS

SalTiG

SS

total

industry^

as

Will
W11JL

.

deducing
oil

3^

«

_

for

crude

oils

",u

residual

and

residual

less

market.

But,

the

oil

fuel

not

operate
uFticu,c

to

reduce

barrels daily.
situation has confronted

fuel

day per year. In
of

year

oil

and

Oil

are

responsible

jevellmg-off in the total
1

r.crucje? And, what
ed

con-

v

What

in

be

1946

through

1956,

total

•

'Q

an

per

day

per

Due 1980

Price 100%
and accrued interest

year.

(4) If imports of unfinished oils
finished products other than

To

summarize, the

ment of inventories, the

be obtained in any State only from such of the several Underundersigned, as may lawfully offer the securities in such State.

Copies of the Prospectus may
writers, including the

maladjust-

upgrading
in output

of crude oil, the increase

^90,000 of natural gas liquids, and the m-

of

average

buy these securities»

Company

5V4% Sinking Fund Debentures

would have
25,000 barrels per day per year.

ex-

andJexnn0rft«?e-r0leUm.Pr0di:
exPorts) increased each

barrpiby

from offices at 1402 Mitchell Road.

Secretary.

other

not increased,
for crude oil
increased by another

consumn+?leUm demand (domestic
ucts

—

and

in the future?

From

110-18

Ferguson Opens Office

are m mux
pic Arthur

Seaboard Finance

for

demand

for the residual fuel had
demand the total demand

may

at

$40,000,000

f

Demand

arise.

offices

68th Avenue.

This announcement is neither an offer to sell nor a solicitation of an offer to
The offer is made only by the Prospectus.

other words, part

increase

the

barrels

questions

from

-

same
0 c u
(3) If there had been no increase in domestic production of
natural gas liquids, the total de-,
mand for crude would have increased by an average of 25,000

servation agencies and the industry in the past
quarter
of
a
century.
■ •>£

Mowed-Down

Y.—Chang C.
a securities

Cheng is engaging in
business

more

gasoline, light fuel oil and

like

No
state

FOREST HILLS, N.

Major planning

the ties business. Officers
uu&ilic&&. uniucio

(4) Based on these considera- dent and

F wh'en^the^total" requirement Products hasbeen "^ymaklng
more 0
?
8,000,000

Form

un-

other EAST MEADOW, N. Y. — Major
do
not Planning
Corporation has been

lighter products (accompanied bv

'

for domestic and
imported crude
oil
will
average
aoproximately

irS

.

c,

since

(2) If U. S. refineries had not
"upgraded" crude oil to produce

ap¬

1960 will be the fifth consecutive

io

v

1957.

production
activities
bave been based on supplying a

Two

.......

products

geared

"growing

,

demand for crude oil as was the Harris, President and Treasurer, Dover, Del.—John D. Ferguson is
case in the 1956-1960 period.
and Helene Harris, Vice-Presi- engaging in a securities business

1aay,P®yidT'

demand

the

in inven-

changes

that imports of

increased imports of residual fuel
historically
to
a
oil), the total demand for crude
steadily increasing
demand
for
would have increased by an aver¬
crude oil, Exploration
develop¬
age of at least 55,000 barrels per
ment
and

been

_

increase under the mandatory im- formed with offices at 121 BellPort P™gram, these two factors more Road to engage in a securi-

have

TnctpaH

vonr

^Q-7

State conservation programs, as

well

than

of 75 000

average

an

j

which had theeffectof

llltj

fully

been

by

i

imported

lyOO.

significant

tories and

through 1960, the total

Da™^

trend of total crude oil demand, I

not

1956

v

significance of this change in the
suggest, has
preciated.

-

fn^eased

^nd 19affiinThe
111

no

ehanee

Hmand7or"cnide*oil'"would

total uvlwlox
de-

The

oil.

crude

pertinent:

inventories of refined products

„

from

products.
there has

the
U1U

in

ill

are

,

finished

tZeStnLrdTPmeetaexpSg
needed to meet expanding
demands

,

««

.

the United

in

XT--

AOOU

mPer daY* In contrast, from crease in imports of products
in d
Ugl1 I960, the increase other than residual fuel oil reaver-meS^C &nd exP°rf demands suited in a static - total demand

Blyth £/ Co., Inc.

Lehman Brothers

195R

day°ldy The
Per year.

through

barrels per for crude oil from 1956

annual

growth

1960

while

oil

consumption was

Increase or Decrease
:

1.95(>

1000 B/D

C,S1(o °J! Prf,duction:
-n 9 States*.^:

1960 (1 st. 6 Mos.)
1 (MM)

B/D

1,655

2,225

-645

550

935

T°tal Crude

Oil

Supply

barrekUHofi the states
Nebraska

Kansas
^

i or-

1,000

8,090

8,045

-

-

35

''Ox-.

,'— 45

—

—

and

Texas.




Harriman Ripley &) Co.
Incorparated

7.0

65

Glcre, Forgan £5? Co;

I

La^ard Freres & Co.

Merrill Lynch, Pierce, Fenner ^Smith
Incorporated

Stone & Webster Securities

.

Corporation

Incorporated

6.0

-

Goldman, Sachs & Co;

Smith, Barney & Co.

-13.1

White, Weld

V

v ;

0.6

in which crude oil producticn has increased by 10,000
since 1956: Kentucky, Louisiana, Mississippi, Montana,
Dakota,
Dakota. Utah, and Wyoming.-. tCaliform»,
Utah.'and Wyoming.

Mexico,,. North

Uklaboma

34.4%

570

4,270

535

Dillon, Union Securities & Co.

Carl M. Loeb, Rhoades & Co.

I960 versus 1956
1000 B/D
Percent

4Q1ti

Tti

Eastman

,

... •
■ , -

July 27, I960,

■

& Co.

Dean Witter £/ Co.

,,r

The
14

Commercial and Financial Chronicle

branches, or
of banking offices

the Treasury,

of

to

asset
rival financial institutions, and those bankers who have severely limited the interest rate
they pay on savings accounts are chastised. Mr. Gidney heartedly
endorses progressive steps taken by banks and supervisors, so long
as they are sound and legal, and warns banking progress cannot be
# ^
geared to the least progressive states or banks.

-

v

Total

designed to per¬
whose laws
do not authorize regular branches
to establish facilities which will
make it easier for their customers
to reach them.
It is a develop¬

$284,358

TABLE II

Total Assets

(In millions of dollars)

■

Commercial banks

II.

really

we

erations

are

we

should

in

banking

legis-

1

a

t i

'

Banking
tem,

uieir

nual

be

An¬

Ray

issued

fleet good

with

the
me

but
our

oi

gimun

and will re

soon

effective

and

growth during the past

banks of the nation . and to
3% of the commercial banking

ings
54

An

assets.

facfor

important

in

this increase in relative assets was
the

absorption by the national sysconsolidations, merg-

for

;w_ uf
a brief review of
situation as it now

Here is

branch
stands-

In

(1)

they have not been
V

many cases
**

'

■

'
■■■•.--■
Laws permit branch banking

.

.

Maryland

doin§ the best that is within their Alaska

Oregon
Rhode Island

South Carolina

iered(On timeland savings deposits5 A>ist.»' Columbia
an<*
In the
per'°« °j Louisiana

was

national system

the

$877.8 million of assets.

At the

end of the year

number of banks and

the

respective

shown

in

branches in

systems

Table

1959 the

crease

with
!

All

commercial

increased

$5.3

banking

billion

in

assets

1959,

very close to the
of 1957, but only
of

$5.4 billion gain
about one-third
the $16.1 billion gained in 1958

and

much

below

the

banks

31,

1949-1959,

grew

at

a

in

average

commercial

much

slower

In

in

states

some

the

banking offices has
establishment

of

of

branches.

As

and with

•

investigations we
Ur\*»iKirf

hnnlrp

n+

the

to

y

»

*4,347

425.6

cost of

new

Mississippi

Virginia

existing bank

Missouri*

Wisconsin

Branch banking prohibited

Colorado

Montana

Florida

Texas

Illinois

West

bank

of

In the matter of

banks,

an

offer to sell

nor a

solicitation

buy

to

any

oun

office

position

National Bank
organizing

of these securities.

a

tern.-

'

that

is

matter

J

often

more

come

»

t

time

•

-

"

'

_

discussing

±

mutual problems

fuller knowledge of
going on so that we can all
together for improvement.

work

Obviously, the state bank
visors have the

same

close

Street & Co., Inc.
44 Wall

St., New York 5, N. Y.




with

contacts

them.

tional Association of Supervisors
State

of

Banks,

with him

have

and

cussed matters of

several occasions. We

on

look forward to working with him
in every possible way.
*

Important Bank Legislation
Now

like

should

I

to

comment

legislative

Federal

on

matters.

Very important amendments
enacted

tional
with

1959

in

Bank

Act

date

to

So

the

enactment

Board

of

permit vault

„

sys-

-

,,

service

of

interested

we

to

have

note

new

been

develop¬

ments in the field of credit

ing

such

grantso-called check

the
credit type of revolving loan, the
charge account/ credits, arrangements
whereby
employees
in
plants and offices can work together cooperatively with their
as

the

authority

cash to

count as

«
Federal Deposit In-

pasg

bin H.R. 8916 to simplify

surance

the

Credit Developments

giving
of

Governors

Federal Reserve System

to

and

of

the

was

up

accomplishment,

reaj

a

were

bringing the Na¬

important changes. It

many

helping to build and

healthy banking

a

dis-

interest

common

methods

prescribed for com¬

puting the base for F.D.I.C. assess¬
ments
and
increasing by about
11% the amount of the annual re¬

fund

on

insurance

ments. The

premium pay¬

bill is very

important

to. insured. banks and should receiy® active^ support. It is no
makin§ good progress but need
your support to bring about enactment.
A most important bill titled "An
Act to amend the Federal Deposit
.

Insurance Act to require Federal
approval for mergers and consolbanks, idations of insured banks," known

making available to the public
orders

money

drawn

on

/and

as

April 4, 1960, passed the Senate
on May 6th, and was signed by the
President on May 13th. It places
final authority over bank merger
transactions of insured banks in

many other services. It is essential, of course, that the plans
adopted shall not be inconsistent

applicable laws and careful

the

S.

1062,

three

passed

Federal

worked out to the best

Russell &
50 Broad

99 Wall

visory

should

the Federal agency

believe

done with

Saxe, Inc.

St., New York 4, N. Y.

V. S. Wickett &

advantage,

We

Ave., New York 21, N. Y.

super-

interest that

have in this field, and we wel-

also

must
be "given
to
making each plan sound and legal,
Each step should be tested and

Corp,

Broadway, New York 6, N. Y.

Globus, Inc.

t

wbat is

was

consideration

[Managing Underwriter)

660 Madison

stay

—

more

t

with

UNDERWRITERS

39

and

1

obtain

and

should

we

employer to obtain the benefits of

may be obtained from only such of the Undersigned
legally offer these securities in this State.

First Broad Street

them

various banking services, methods

Copies of the Offering Circular
may

that

have
.

branches,

as

To return to the matter of

of

as

say

we

point of view

my

so-called "Vault Cash Bill"

New

Share

per

develop-

to

con'-

SMITH, INC.

Price $3.00

the

In

»

well

as

new

pursues

82,000 Shares Common Stock
Share)

like

the

much

per

would

I

good opportunity for the success¬
operation
of
the
bank
or
branch and where over-banking

forms

(par value lOff

a

ful

July 25, 1960

HERMAN H.

years

^.7."
i.
x,.
,
..
profited greatly from the visits of
representative bankers to Washington and we would like to have

banks have a rel¬

or

assets.

banks

new

offering is to be made only by the Offering Circular.

NEW ISSUE

banking

in

part

from

the

where

moderate

maintain
This announcement is neither

tant

ments.

give authorization where there is

Wyoming
a

charter

to

town

a

volume of de¬
posits and we consider it neces¬
sary to proceed with care even in
places where existing banks have

our

Chartering

in

substantial

Virginia

laws

Hampshire

disinclined

are

atively

new

no

it begins to atdeposit growth,

Dakota

Nebraska*

branches;
savings banks had
a
total of 13,984

great

a

and'to7akran\eVen"more'lmpor-

we

substantial

Tennessee

14,694

offer

problems

they have done through the

day circumstances'come

after

and

stages
We

On

proposed* sorgam-

providing good capital protec-

tain

New

These

challenge to State Bankers Associations and to their professional
staffs to carry on the great work

—

providing banking quarters
because of the necessity

Pennsylvania

Have

organizations. We need to develop
better and better methods. -

no1-.u

f

nrnnncon

also

Michigan

in

slow indeed. We need the
stimulus of active minded and
forward looking individuals and
very

consider it necessary to te-'-We have enjoyed working with
quire substantial capital for each Commissioner of Banks Irving C.
bank, partly because of the high Rasmussen, President of the Na-

to the task of

The

827

81.1

mtorm neign- longer. We could thus spend

~

Oklahoma*

(3)

tno

nity for presentation to and consideration by us of protests or
comments which
may
be made

South

(4)

branches;

•-+•+•

Kentucky

1959, 4,549 banks supervised
by the Comptroller of the Currency had
4,798"i branches; 8,917

447

Corporation. In the course of our

Massachusetts

come

"*
J
System

tion while the bank is in its early

North Dakota*

31,

had

com-

of

Ohio

the Table I quoted above, on Dec.

banks

the

New Mexico

Minnesota

and 518 mutual

of

New York

Kansas*

in¬

shown

pro-

Deposit Insurance

and the Federal

and

New Jersey

Iowa*

banks, while in many states it has
"come largely through establishment

areas

Indiana

the

and

to

as

~
Reserve

~
Federal

the

^ zation.

limited operations and powers in states marked*

the number of banking

the

growth of $8.7 billion for the past
10 years.
In the 10 year period, I state
Dec.

premises

growth

as

I.

334.1

permit branch banking we

within limited

ily available to the public. For
example, we may cite the continuous and substantial improvement

of

Under present

Laws

(2)

P0,5/41™ 'n.'hls regard very carelu41y leat 11 aPfear that they do

offices.
were

38,943
63,472

--

Maine

many. They should consider their

*n

needs

and

relative

Vermont

Washington,..;'

A great deal has been and is
being done along the line of mak- Alabama
ing banking facilities more read-

to

■

Utah

Idaho

takeovers, and conversions of
banks, while through like
methods, 29 national banks went
into the state systems.
The net
movement

'

North Carolina

Hawaii

flrm interest rates? I know a good

"

Nevada

not really want savings deposits,

ers,

investigations

£!!&,

boring banks of the proposed new
charter and afford full opportu-

.

tern through
48 state

heeause

tions from the Board of Governors

banks
gained power. How many banks do you
slightly
in their relative asset toow whi^tave ^yerely tauted Connecticut
position to 46.9% of the banking
™te f
they have of-.
assets in the commercial and. sav-

states

business early in 1960.

My information is that in the same
period 99 state banks were chart-

Pr°vin£ state laws our officeappli- munity and obtain recommendabranches, where must +;—n
f0u0w
Cnvsmnrc

National

year.

seven

opened
chartered

banks

for business and one was

and began

venience

uicu

methods

powers,

op-

national

chartered

^ankin^ laws provided that in ap- capital, prospective earnings, conof ar?J state because
Congress has provided
Congress has

maintaining and improving their
position in our financial picture.

Gidney

M.

54.7

21,493
14,622

savings banks--—Savings and loan associations.—..—
Fed. & State chartered credit unions

tensive

comparacompa a

buggcsi

and

to

as

nfsta^e

—cable.

Report

will

service
service,

laie

sound

Sys¬

our

position

their^rate^ofGrowth^siig^esMhat

National

$245,415

Mutual

Prohibit branch banking, and ered and commenced business. In
have no laws rela- considering applications for nakranchef- I am
tional charters we make very exthese figures with the purpose o

lines6an^performinglrea"

public
pubiic

supervision.
Speaking for
the

our
in

are

j—i——

i

-

sound

and

o n

that

report

to

and National

excellent

to

tfood

>

and

in bank

good
State

relatively few exceptions. Clearly

op¬

erations

is

It

banks

limitations

with

cases

Higher Interest

making the
progress

within limited

Urges Banks to Offer

that

certain

23

(2) permit branch banking
areas and in many

states

tively to make

banking,

branch

statewide

collec¬

and

Increase

$158,550

___________

pace

.Table

individually

Percnt of

1949—Dec. 31—1959

,

than mutual savings banks,
Extent of Branch Banking
♦As of December 31, 1958.
ing." The subject is not new but is savings and loan associations, and
Our present information indiever changing and it is important
Federal and state chartered'credit
that we check over our activities unions as shown by the data in cates that
19 states (1) Peri™f structive course. In 1959, 23 newly

My subject is "Progressive Bank-

$6,478

J

Financial Institutions

proving very help¬

ment which is

ful.

9,939

states

in

banks

38,943

offices 23,923

These have been
mit

447

13,984

banking

parking lot of¬
fices, and other equivalent titles.

10 years commercial bankings'

4,694

518

*

*—.9,939

Branches

types
of
to as tellers'

1,164

8,917

$133,325
112,090

banks

offices

Head

windows, facilities,

percentage increase lagged much behind that of

,

referred

branches

simplifying mergers and
Gidney. Bankers

consolidations of insured banks are reviewed by Mr.
reminded that in the past

limited

authorize

an

1959

$3,821
1,493

4,798,

Mutual savings banks. _

important
enact state laws to

been

has

Increase for

Assets

4,549

banks

National

State commercial

in providing

made

being

is

There

ranging from the extent of branch

banking today to the recently adopted law

Total

,

adequate banking offices.

Washington, D. C.

developments

banking

■(In millions of dollars)—
Branches

Number

passed the round figure of 24,000.
It is obvious that important prog¬
ress

I

Recapitulation

As of today's date this
doubtless reached and

23,923.

movement
Current

v

Thursday, July 28, I960

.

^

number has

of

By Ray M. Gidney,* Comptroller of the Currency, Department

total number

a

Commercial Banking Must
Become Progressive Banking

are

.

TABLE

head offices and 9,939

■

.

(370)

attitude
Bank

a

that

this

be

definitely progressive

on

the

part of banks,
supervisors should also be

progressive and should assist their

Company, Inc.

St., New York 5, N. Y.

banks
ods. If

in

moving ahead in meth-

merger

agencies.

the

House on

bank

that

considering a

shall consider the

history and

super-

It specifies

financial

condition of each or

the banks involved, the

adequacy

capital structure, its future
earnings prospects, the
general
of its

management, the
needs
of the
progressive element among our community
to
be
served, ancl
banks or supervisors, it might be whether or not its corporate pow-

to

be

our

banking

limited

to

progress were
that of the least

character of its
convenience

and

Number 5972

192

Volume

.

.

.

The Commercial and Financial

consistent with the pur- the House. In the 85th Congress,
Federal Deposit In- in 1957, Senator Robertson intropCtnce Act. It also provides that duced a comparable provision "as
surance
ADpropriate agency shall also ♦;part of his major financial instithe
into consideration the effect
tutions bill, S.- 1451. This passed
^the transaction on competition the Senate, but again the bill" died
/Including any tendency toward in the House. S. 1062 was intronopoly) and shall not approve duced in the 86th Congress, in
mo
iJ transaction unless, after con- 1959, by Senator Robertson on be1
spring all "of such factors, it finds half of himself and Senators Ful.ring
of
thp transaction to be in the public
bright and Capehart. This was
and Capehart. This was
the transaction to be in the public bright
•«fprp*t Each agency will be re- amended by the Senate Banking
irpfl to request a report on the
and Currency Committee. It was
^
mnetitive
factors •/ involved passed by the Senate with a tocomp

Chronicle

(371)

ore

Our Reporter on

e

of the

cp*

ir

.

cnnorai

1

^

■

15

refunding is to give the "cash
payment" idea a try-out and this
was a mild surprise in the finan¬
cial district. The money and capi¬
tal markets

that this is
such

BY JOHN T.

CHIPPENDALE/ JR.

strong enough so

are

good time to try out
scheme which should keep

a

a

"free riding" at a minimum and at
the

same

time

make

possible

best distribution of the

new

the

secu¬

/. :

rities..."
rVUn

.

,

'

^

"Advance

,

demand for Govern^ the certificate

+

range. There should
no trouble on the part of the

obllgations is being all fixed be
reflected
prices for

improved

men

Treasury

in

making

available

Offers

The

to

Refunding

Looked

thinking

in

for

the

financial
that
the

the

Znts ioi consultation and notice toeramending fhe bill, the House,
h?for™stS
-W
W
ol
one
of thl passtdthe Senate
"the SF 1"}° !30nds from pities. securities when exchange offers ?eS?ding„?° that selected ma-

mal

m

probable failuie .of

one of the passed the Senate bill. And the The defensive
senate

banks.

nas

accepted

now

the

view that the bill with House amendments which clarity
explanatory material develthe substance
oped during its consideration by 01 tne senate Dill.
Congress
provides clear proce"This long process tries the
dures relative
to bank mergers, temper of those who must suffer
Those charged with passing upon
under it. But in my judgment the
mergers should
now be able to repeated improvements in S. 1062,
proceed with confidence and un- in the course of this slow process,
derstanding and to act in a man- show the real merits, the real
npr conducive
to the healthy de- benefits, of the legislative process
It is my

the

banking system,

velopment of our

at its best.

■

^!ntnteslP?rSappUcation™f
and we hope it will work

the bill

satisfaction of all.

out to the
r

nrX
praise

Great
n

for

;

for the

gressional enactments and those of
1960 which I have just mentioned
is due to the Chairman of the Senon
Banking and
ate Committee
Currency,
Honorable A.
Willis
Senator

Virginia,

of

Robertson

Capehart of Indiana, Sen¬
Fulbright of Arkansas,
Jr., of Del-

Homer

Fulbright, and

Canehart

the

and

members^oftheBankSe
members of the Banking

sions

and

JPSfc

reasons

bankers

have

a

why progressive
interest in

great

which

they

have

turities will be cut down to

Tn

Serve

of

Banks, the principal

the

4%s

that

owners

the

due

come

middle of August.
..

.

„

obiigatjon will be made available
to them, in addition to the other
the

or

issues which would be in

short

maturity

Refunding Terms Available Today
The

As ^asfte non"Federal °W;

anonuncement

by

the

I

Bennett of

Utah, and other memSenate

bers of the

Committee

matters of

seek to

intermediate-term

or

Elect

New

CHICAGO
Women

Chicago

their

as

of

President

Estimates

are

t"*

^

---•»

—.

—

....

....

.

Honorable Paul Brown

bring their conclusions to the at-

Georgia, Chairman of Subcom-

tention of their Federal and State

to

rency;
of

mittee

2

No.

the

of

mittee

House

Com-

on Banking and
Currency,
Congressman Abraham J. Mul-

to

o

ter of New

York, to Congressman
of New York,
Congressman Edgar W. Hiestand

Clarence

Kilburn

of

California, and Congressman
Joseph W. Barr of Indiana.
In

commenting

on

the bill just

before final action by the Senate,
Senator Lyndon Johnson of Texas
said:

shape

Government

and

should

Federal

standing

be

able

f0r

to

which
of the

supply
refunding
issues
will appeal to the owners

this

issues

will

be

proving the House amendments to
S. 1062, and
sending the bill on to
the President for his
approval, is
event which deserves comment,

Mary

Advance

of

Mortgage
Corporation
elected

was

Vdce-Prdsident

reopened

and

iviiuuici

deal,

Mooney
Burton

Cash Refunding a Mild Surprise

Doris

M.

Vincent &

Kempes

Senator

Fulbright

Capehart, all
lated

and

"Thie

complimented

-liii

Convention

in

Boston

recently,

good comment on the
desirability of bankers interesting
themselves in Federal legislation.
gave a very

interested
a

should

only in securities with

near-term

due

still

The Estate will serve again
this ant Treasurer.

expected.

be

in method which will be used in

date, usually

as

He said:

reckon with is that most banking
bills do not rate very high on the

public appeal chart. They usually

entail / technicalities
difficult
to
explain,

which
much

260,000 Common Shares

are
less

of

4.

banking
factors, for the
nates

a

for

this

u

and

competitive

consideration of
bank mergers It elimi-

number

oi-

gaps

in

statutory framework, which

the
now

Permit

many bank mergers to ocwith no review
bv anv Fed-

eur

eral

agency.

thorough
ate

It
provides for
a
review bv the annroDri-

Federal

bank

at-

pney, under these

s ve

standards,

°i

supervisory

comprehen-

and with the bene-

any information which may
—»u.vi«iauun
wiuiu
may

,

tne
Our

me£nf wh^U^iC^wa^d0^
continue to

be

exempt

from

the

thler.ger provisions of-section

"I^h

..We hear many expressions of
view? as, to what the decade of the
Sixties will bring. That will dePend in'important, measure upon
what we a11 contribute to the
Progress and betterment of our
banking system. It is a cause
worthy of our best efforts and we
must work together. I know that
bankers will do their part
♦From

a

talk by Mr. Gidney

70th Annual Convention

t

Bankers Association,

7




in

produce

business.

Price
* v. ./»

£

£..■ >•;.

t

.

* JL

t

.

$20 Per Share

L

This announcetnent constitutes

V

^

neither

Ft

an

offer

to

sell

solicitation-

nor a

offer to buy these securities. The offering is made only by, the Pro¬
spectus, copies of which may be obtained in any State from such of
the undersigned as may lawfully offer these securities in such State.
of

an

Minneapolis, Minn.,

Smith, Barney & Co.

.

ber§ has become associated with
Richard E. Kohn & Co., 20 Clinton

Antitrust Act-

it died

.

before the

Richard Kohn
NEWARK/ N. J. - Milton Wein-

beea 3 Sl°W and arduous
° br*ng this legislation to

Senate, but

;

of the Minnesota

Street, members of the New York
Stock Exchange, as a customers'
this
representative. He was formerly
Con PreS6I?t stage* In the 84th with Walston & Co., East Orange,
brietfeS-S' in 1956, Senator Ful- and before that was for many
Pass d lntr°duced S- 39UThis years in the wholesale fruit and
the
task

(Par Value $1.00 Per Share) V

quality and objectiveness of
approach to Congress what

wppli.ed by the Department of June 7' 1960'
fr
t-ce in the report required
bv
them, of the bank mergers
With

of

.

other groups may be granted by
virtue of their numbers or the

legislation.

ut

Chicago Musical Instrument Co.

portant group numerically. It follows that we must earn through

standards,^ taSK Popular appeal of their specialty "

Clear

both

Proposed

Senator

should be congratu-

significant piece
and

and

•

A.

of
J.

Co.

^uailllinu

Congress, the Senate, the Sen- dramatize. Frequently, they are of
Banking and Currency Com- prime interest only to banking itmittee, its chairman, Senator Rob- self, which is a relatively unimchairmen,

Mrs.

Lois

maturing obligations. The largest
However, it should be borne in
Recording
holders of ^the Aug. 15th maturity mind that the Treasury usually gecretary. Mrs. Marjorie Rosen of
Committee on Federal Legislation, are; tbe FederM
Reserve Banks likes to have a surprise-Tor the Mullaney, Wells & Company was
jn speaking before the American and
Governixient .accounts, and financial district when it comes re-elected Treasurer and Miss
institute of Banking at its Annual ordinarily the Central Banks are into market, so the unexpected pearf Seamonson of the Lehmann
iviuuiuc

ate

former

Miss

Trenkle

The

ertson, and its

Trust

Bank.

$1,500,000,000 and $2,000,000.000 of new bonds, due in eight
tween

the

M.

Savings

"One of the realities we have to

"The action of the Senate in apr

an

legislative representatives. Mr. M.
Monroe Kimbrel, Chairman of the
American Bankers Association

excenent

Doris

and

improve, thehr. methods of

js in the legislative program and

1960-

season

Harris

:On

Banking and Cur-

on

chosen

the

Miss

,

Committee

have
for

Kempes of the

be-

that

investment

1961

areas.

maturity.

Officers

111.—The

extension of the Government debt

legislation. They should

not

W

The package deal
which is being looked for in this
refuncjing
operation
should
bey0nd any question result in an

Treasury as to how it will provide
for the refunding of $9,561,000,000
of 4%s which fall due on Aug.

is

Chicago InV. Women

ers of the 43/48 a.re concerned, it
aPPears as though a longer term

issue

but this

B°"eXpeCte4 untU 8 later date'

15th, and $800,000,000 of Federal
National Mortgage
Associations to 10 years and carrying an interfamiiiarizing
themselves
with .3%s maturing Aug.
23rd, will est rate of say 3%%, should come
Banking and Currency; also,; to pending and prospective measures most likely be made known today out of the Aug. 1.5th venture of
Honorable Brent Spence of Ken-, ,so
that-they may have a thorough (July 28)., It is evident that the the Treasury. In addition, there is
tucky, Chairman
of the House and sound understanding of what money and capital markets are in also talk that certain of the outo n n e c

more

taken

1965,

TP

meet the needs of the Federal Re-

The proceedings on the imporindicate

occa-

workable proportions and at the
oblilations which Lve been in same time the due date will' be
the intermediate range. It might Pushed ahead and the coupon rate
happen again in this refunding uPPed. The bonds mentioned as
provided, of course, the powers
most likely candidates for this
in

obligation with

an

part of the basket deai which wiu

rency Committee for the. persistence and the thoroughness and
the ' statesmanship
which
they
have displayed in carrying this
matter through to a satisfactory
conclusion."
/
" ■;-v

along, there have been

$600,000,000.
Banks will take on slightly longer ™o?ioS of 1962/67; the 2V2s of
The impending operation of the maturities for a modest part of 1963/68, and the 2%s of 1964/69.
Treasury has been a leading force their holdings. This would help ; Akere tmaY also be offers made to
bl. the money and capital markets the Government extend the aver- ?
lssu<~s which are considered
with theppiniops very^trong that age maturity of debt. ;
r? 2%s the bulky side, such as
the b?_on of
a

}n,add}}l°^Jhere
Cur- ^is QUit/ likely to be offerings as

tant bills I have mentioned clearly

Senator Prescott Bush of
t i c ut, Senator Wallace

come

other

and Cur

Senator J. Allen Frear,

C

common

for the bond market.. The Treas-'
ury, by offering only $9,000,000,000 of new securities for cash and
retiring $10,400,000,000 of obligations that come due next month, that be tailor the offerings in such talked about undertaking of the
will cut' the Federal Debt by a fashion that the Federal Reserve Treasury are the 2%s of 1959/62;

bond, that is

ator J. W.

aware,

in

favorable factor

a

to1ISr" rSK yea^wilT bf the
Senator

ertson and
Senator

ConCon

1959
1959

the

tone

stocks has been

BIyth & Co., Inc.

Eastman

Dillon, Union Securities & Co.

Goldman, Sachs & Co. Hornblower & Weeks
Lehman Brothers

Merrill

Kidder, Peabody & Co.

Lynch, Pierce, Fenner & Smith
Incorporated

Paine, Webber, Jackson & Curtis
July 28, I960

,-: T

Dean Witter & Co.
A

-

'

1

.

Assist-

16

The Commercial and Financial Chronicle

(372)

THE MARKET

and

AND YOU

...

in

better

act

its

with

tune

position as a leading member of
v/hat admittedly is the hot growth
field

moment.

the

at

"Not Overvalued Statistically"

Industrial

stocks

together

put

time

all-

old

peak of 685, so the consen¬
still that it is a trading
expected without indicat¬

be

can

technical rallies

in which

market

industrial average worked to

the

the

on

is

sus

this week
the skein. In the process

snap

assault

full-scale

evitable rally showed up
to

present to warrant any

at

scene

a

unprecedented string of 11
declines in a row before the in¬

rather

distance of its
1960 low but, at least temporarily,
was able to hold without seriously

ing that all the caution is to be
replaced with renewed enthusiasm
yet.

threatening to penetrate that

Apart from such broad, over-all

within

touching

level.

things
the

chagrin, after the rail
confirmed a classic
bear market signal early in March,
the
industrial
average
worked
down to the 596-599 area. The
In

averages,

had

average

closing low

both attractive despite the
general trend and of sufficient
basic value to be bought regard¬
less of whether market indicators

point
record since is

early June it

to

would hold in

election

600-660

a

outlook,

The

clear.

The

area

followers

its

offsetting

steadily

year.

in the

shared

general demand for

issue that is involved in this

any

field.

bia

activities by

small
portion of the company's entire
operation. But they do offer an
area of growth
potential. Appar¬
ently the company is increasing

gen¬

its

be stimulated

Broadcasting

in

interest

has

requiring re-learning; dips into observations of many former Ameri¬

of the

reins

release

some

the economy and the mar¬

to

in

of

in

involved

issues

Africa.

in

the

Its

two

holdings, how¬
ever,
are
Tsumeb
Corp.
and
O'okiep Copper which have been
unaffected by the unrest in that
African

largest

value

hold¬

Newmont's

of

ings, which also include oil and
gas
companies,
figures
out
to
above $95 a share which makes
the

market

discount

price
more

of

around
than

59,

a

the

and

volume

terest

to

to

trend,

dearth

aren't

has

of

aver¬

signifi¬

of much

been

in¬

holds

an

severely de¬

conversely, has been
up well against the
when critical levels are
or,
hold

approached such

penetration

normally
tional

the

who

someone

that

pressed,

of

as

year's low,

a

generates

third

a

trinsic

value

of

securities

but

sharply to
of

from

its

12

to

ently

due

was

version

of

about when

is

of market fol¬

nothing

the

on

a

leader

already,
rec¬

issues but
was

has

of

the

With

to

rather

total

in

they

called.

were

As

the stock has been

around

a

fourth

high of earlier in the

the

con¬

brought

debentures

redemption
week, which

coming

next
will end the dilution of the
stock,

Do you know wken to sell and cask in

who hay

on

stocks

signals that
high and sale should be considered. It also

outlines which stocks should be sold first
For

protecting capital and intelligent defense of market
profits, this
booklet is must reading. Its cost of
$1, may save thousands!
Y°«own

copy

dollar. You may

WILLIAM
25

B.

PARK

will be rushed

use

DANA

to

you

immediately

the order form below if

CO.

you

'

on

receipt of

one

desire.

enclose

Name

Street

$1.

Kindly rush

my

copy

:

:"

■>•

'■■■.

statistically.
have

stocks

other

that

our

to live it over again. And it seems
to me that the great
majority of

reposi¬

tories.

The

American people must have
forgotten the monetary history of
their
country,
otherwise
they
the

question;
therefore

arises:

How

in thern. Their range
half dozen

mere

a

in

this

neglect

points.
a

was

best

would

bolster

their

irredeemable

confidence

in

American dol¬
lar?

A

highly

Frederick G. Shull

reasonable
to

would

be

to

seem

for

us

to

prove

years,
us

is there

any

to display that

fidence? The

good

reason

necessary

answer

for

con¬

is that there

quarter

this year to where they fidence in the people of the U. S.
nearly half again; above as to restore to them a currency
the
corresponding period a maintained on the sound founda¬

for

the

of

Prospects for the rest tion of
are
rated favorable matters

ago.

year

seen

that

thirds

of

produces
free

the

world's

com¬

fidence in

our

two- selves—for

nearly

gold

standard.

stand,

now

running well past have greater

the half billion level for the
pany

the

year

with sales

reason

to

have

dollar than

we

have

ings

As

foreigners

our

spite
be

the

fact

the

deal¬

that

brink

flareup de¬

it

to

seems

citi¬

our

should be accorded the

zens

same

showing the privilege—the privilege of laying
advantages of its broadened a five, ten or twenty-dollar bill on
participation. It made the move a bank counter and walking away
into pharmaceuticals by acquiring with a gold piece of the same de¬
three drug producers in 1958 to nomination.
That can
easily be
on

of

full

be

|

record,
a good
the

of

"WHEN

TO

the privilege of renow and ready to foreigners,
The company's earnings deemability of our paper money
in gold, on demand—a
as a matter of fact, was
privilege

digested

off.

one even

drug

field.

before it entered that existed
It has pushed to greater part

throughout
of

our

history

the
as

a

SELL

STOCKS"

sales

for

the

cash

ments

to:

payout

have

a

but

been

low

one

these

on

they

high
In

as

50%

in 1956 and

our

citizens would raid their govern¬
by ment's stockpile of gold if
they

stock payments that have run 5%
in recent years although
as

Is there much likelihood that

pay¬

bolstered

ran

1957.

the

accorded the privilege of redeemability? It seems highly un¬
likely that such would happen;
were

electronics, where the for only
skyrockets have been cut back a his

a

money

bit

crackpot would
out of

a

draw

savings bank

hard, the hunt was more for that is
earning him $35 a year for
large operators in the field that each
$1,000 of such deposits and
have been neglected rather than
hoard gold at no interest return.
for
bargains among the recent And what better
policy could our
favorites. Bendix Corp., which has
government
possibly
adopt
for
become
an
important
missile- giving the American
public con¬
electronic
operation,
offers
an fidence in its
currency, and in its
above average yield
running well bonds, than by assuring the
public
the

4%

bracket and

sells

with

money

the

with

—

and since irredeemable is the op¬

of redeemable — a leading
economist pointed out

posite

monetary

that if irredeemable paper money
is sound money, then paper money

redeemable

sarily
That

be

in

gold

must

unsound

an

could

-

only

neces¬

currency.

that

mean

throughout the greater part of our
as a nation we have been

history

operating with an unsound cur¬
rency—that it took a New Deal to
prove
to us that printing press
paper money is better than gold.
What nonsense!

Adam

our¬

with

To correct this situation

paper

which we are operating. Certain
high officials in Washington fre¬
quently refer to our present cur¬
rency as "sound money." But since
that currency is irredeemable

Smith

and

Alexander Hamilton

gone

foreign central banks
and nations, since they continue
"Pay Off" Seems Near
to enjoy the privilege of
exchang¬
Nestle-LeMur,
which
jumped ing their American dollars for
into
the
drug field two years gold at the U. S. Treasury at our
ago, has been comparatively in¬ official-price of $35 a troy ounce.
active after the initial

satisfied

be

con¬

we

never

nickel off the gold standard in

supply.

not

we

can

method

been

;lt has been said that a nation
forgets its history is likely

gold at Fort
Knox and

were

As

good a background as I know
discussing the monetary his¬
tory of this nation is provided by

for

in

statement

a

"Wealth of

lished
a

is

book pub¬

a

13-years before

nation in 1789.

as

the

only

included

shelf '

book

in

set out

Economics

on

as

-

we

Smith's book
five-foot-

Eliot's

Dr.

known

Smith's

Adam

Nations,"

the

Harvard

,;

Classics; and it presents this pro¬

statement;- "The raising of
the coin has

found

the denomination of
been the most usual
which

has been
pearance

In

1933

"raised

expedient by
bankruptcy
disguised under the ap¬
of a pretended payment."
our
; political
leaders
real

a

public

denomination

the

of

our

coin," whereby, in effect, they de¬
clared a 20-dollar gold piece to be
35-dollar

a

mately. To
dient"

be

may

the inflation
over

we

the past

It

much of
experienced

charged
have

27 years.

Hamilton,

Alexander

was

|

piece, approxi¬
that dishonest "expe¬
gold

Secretary of ,the Treasury under
President Washington, who was
instrumental

in

the

establishing

American dollar in 1792. It is evi¬
dent

that Hamilton

a

was

sound-

leader in setting
our currency standard in terms oi
both
gold and silver. Since we
possessed very little gold in 17»A
as compared
with the neariy 2U;000 tons we have today, it appar*

money

ently
silver

man,

was

of

gold an
protect tn

felt that both

were

quality

a

needed
our

to

currency.

At any

at

that henceforth our
currency shall rate, the first move was to gw
earnings
where be maintained "as
good as gold." the Dollar a value of 412.50 grain
fantastic multiples are the rule. That can be
accomplished on'y by of silver, nine-tenths fine, wnic
Obscuring the per-share results return to the
gold standard, mean¬ amounts to 371.25 grains of pu
are
abnormally large research ex¬ ing, a redeemable paper
silver. Then, on the theory tha
currency.
penditures that run double the
It is doubtful that
many people gold was 15-times as valuable a»
reported net income. Neverthe¬ have
any clear conception as to
silver, the dollar was also giv
less, the firm is pointed toward what 20,000 tons of
gold might a value of 24.75 grains of fine g
record sales this year and
per- look like—which
which '24.75
is exactly onetonnage is the
some

•

■'

up

present

about
one-half
of
Treasury for redemption resents
the
world's
known
stock
in
of
gold, they
gold
could practi¬
Therefore, we should be the last
nation on earth to worry as to our
cally exhaust
our
entire
ability to maintain our currency
on the gold standard.
stockpile of

sharp pickup in demand for nickel is not unless, and until, our Gov¬
that jumped earnings for the first ernment exhibits sufficient con¬

into

.

PLACE, NEW YORK 7, N. Y.

Gentlemen:
I

metal

Ignored

the

shrewdly—
stand by helplessly while

Accordingly, we think investors will be eager to read this
timely new
monograph—"WHEN TO SELL STOCKS." It sets forth the 7 basic
guides
for selling stocks and
clearly defines the 9 proven market
too

to add

seem

report. The yield is

soundly—even

to

are

only

to

were

the U. S.

and
earnings! each nation prior to 1933.
past seven and the
Bolstering Confidence in Our
pattern showed no signs of slow¬
.■>'Currency
ing down in this year's interim
:yA:"
'

YOUR market profits ?

selling. Too many
prices and their market profits melt away.

when stocks

and

to lose confi¬ parent that we have about 400
dollar, and carloads of gold—enough to load
their dollars at four 100-car freight trains. It rep-!

were

dence in the American

foreigners that we,
wanting for followers for some ourselves, have confidence in our
time and the recently split shares dollar.
But, with the irredeemable
of
International
Nickel
have paper dollar with which we have
moved narrowly ever since trad¬ been
operating for the past 27

record

ARTHUR GRAY, JR.

warn

would

overvalued

Prime

year

AND

investors

high

ago

to

By DR. IRA U. COBLEIGH

comes

year's

quarter

a

foreigners

is sound then is gold-redeemable money unsound?

supplement its old-line cosmetic accomplished if Congress will re¬
business. These acquisitions: seem store to our .citizens, as well as to

"WHEN TO SELL STOCKS"

Thousands of

price tag

issue that at the very least

an
not

is

pay

,

A

un¬

year.

DO YOU KNOW?

falter wken it

ab¬

an

t(^

por¬

grown

forced

a

debentures

consequence,

date

there

is

where this

46%

der its

But

work

c

the last decade. In part the rough
treatment accorded the stock rec¬

a

lowers.

i

field

business

available at

circle

r o n

to

non-entertainment

tion

So to that extent the ability of the
wide

t

c

degree in the

a

its

average to hold is

rather

le

lines

a

this

under

has been

Corp., which

expanded

is

comforting to

it

harshly" handled. RCA already has

life in the stock market.

way of

is

one

half of its historical high of three

con¬

play in electronic
in the market setback

the in¬

mont itself.

it

enable

ent

chagrin, and added selling.

It has nothing to do with

historically,

and,

is

It

normally high discount for New¬

plant under

electronics

did share to

addi¬

some

the

in

the downside

on

e

since

work

importantly.
Radio

action

the

able

value.

asset

If

if^we insist today that irre¬

leaders; and poses this question:

deemable money

good part because of its hold¬

ings

disturbances

ing started

new

its

expand

en¬

ket, in turn.
While

large,

a

a

can

been available at

will

struction which

would

are

this

by government spending and that

courage

Colum¬

privilege of gold redemption at the established mint rate. Mr. Shull is

pained by the monetary history we have forgotten and the lessons

metal shares. It has
depressed levels

of

given to ways of bolstering foreigners'

writer

currency,

company

years

Electronic

were

authorities

ap¬

to be continuing the uptrend

the

monetary

and

Columbia, despite its
electronics
division, has not

industrial

factors

increased

this

more

were

nation's

eral business might

a

yield
price-

pear

until

hopes that the fall pickup in

any

holdings

our

with large

one

larger such discounts avail¬

giants.

able

metal

investment

of the

depressing

the

of

issue

strictly

an

have

elements
were
the continued lag in steel
operations
and
the pattern of
rising sales but lower income for

cant

a

not

concern

Shull,* New Haven, Conn.

on money asks what better policy
employed than allowing all foreigners and all Americans the

could be

months. Newmont

is

the

business prospects for the fall, and

ages,

in the first six

from

expectations that industrials

some

modest

has

ratio,

earnings

Broad¬

average

Noting the increasing
confidence in

payment

both because television time sales

outline, the market is
still living up to some widely held

the

Combination

like Columbia

An issue

indicated

year

continent.

casting, with an
and selling
at a

high

as

broad

In

down.

full

The

656.

was up

or

Good

A

that time it held. On the rebound
of

up

By Frederick G.

section, the above-

yield is available in Newmont Mining which returns about
4%. More importantly, it earned

of sup¬

one

port around that area. The read¬
ing was 599.61 on May 2 for the
clearest test of the support and

as

analysts

various

to

appear

599.10 on March

was

that

issues

8.

The

the "market" and the
there was no dearth of

as

In the metal

but

Thursday, July 28, 1960

.

The Surest Way to Bolster
Confidence in Our Currency

average

its

.

better market climate, RCA

a

could

STREETE

BY WALLACE

.

12-times

—

City




share results

are

expected to com¬ approximate amount we have on
favorably with last year's hand. Let me
picture it in this
despite
the
larger
number
of way: Since 50-tons of
any metal
pare

shares outstanding,

v

is

a

fair

carload, it becomes

ap¬

fifteenth of 371.25.
Under that set-up

.

we

ward for the next forty
no

-

'

went

years.^,(i-

change in our currency

sta

in the early 1830s there
who felt that the 15-

Rut

,

Number 5972

192

Volume

0

those

f?

relationship wasn't quite
?; Mhat it ought to be 16-to-l,

ss
Jhange
2e
e,

f

They made the

was made.
by leaving

the silver-con-

of the dollar exactly where
had been originally set; but

lev

its original 24.75 grains_to
grains resulting in the de-

,22

:i;A

that well-known ofof gold, namely, $20.67

S-price

^ ounce.

other words, 480
divided by

In

troy ounce,

erains per
(57

Webster played a leading role.
His address, "A Redeemable
Paper Currency," delivered in the
U S. Senate on Feb. 22, 1834, in¬

arguments in favor of the
importance of specie-backed cur¬
cluded

rencies. Following ai e some

of his

statements as to what con¬

stitutes honest

money:

indeed, that all paper

"I know,

of

as

value whatever.

no

-

Dr.

White's Findings

Fearing
too

far

that

in

what

men

irredeemable

had

money

done

sound

went

to

on

that

say

of that character is
not "paper money" in an odious
sense; that it is the "representa¬
tive of gold and silver"; that it
"serves the

the

cheapest,

the

is

"it

tained,

of gold and
when so sus¬

that,

to

its

not

civilized

have

"I

ored to

endeav¬
the country against

warn

irredeemable

already

against

paper;

the

nations,

wisdom

degree

of

inflation

give value to

of any

any paper,

bank, one single
than such paper is

moment longer
redeemable on

demand in gpld and silver."
If

we

believe

to

are

Daniel

with the sound

principles he has
so clearly
stated, as above quoted
—then, ever since 1933, this na¬
tion

has

been

operating

with

a

to us by the

have

we

ex¬

these
past
27-years
abandonment
of
the

the

later, Dr. White has this to

pages

expression of honest business life.
A financial system of assured

world's

honesty is the first

civilized

At

Canton,

tance

when

plane
our

in

attempt

real

in

their

hold

once

its

in terms of

that
and

operation
planets

as

the

as

those

in

their

What Dr. White is say¬

ing is that

per

if

All of them show

the existence of financial laws

which

nation

a

monetary

has

es¬

standard

fixed weight of gold

a

monetary unit, it has placed
standard in a definite orbit;
it can no more change that
in

its

orbit, properly,
than it can change the planets
in their orbits.
In other words,
as he
wisely says, "there are fi¬
nancial

laws

eration

as

as

a

great

At

in

their

by

hold

the

such

been

this

as

par

that

one's

Never before

Star.

•

In

entire

the

And

finally, at Oyster Bay,
Y., in July, 1904,*"when he was
being formally notified that he

to $17

Mr.

national

and

Mellon

we

when

mean

honest

an

and

the

temporary political ex¬
pediency, not because of shifting

of

say

this

book

a

which

carries

"In

so

far

as

this

gold in certain mining centers, but
in

ance

accordance

the

with

what

we

fundamental

national

of
re¬

princi¬

morality

a

and

its

this

You

Now,

What Would Teddy Roosevelt

seem

Say Today?

as I

mentioned earlier, we
forgotten the mone¬

they

shall

the

brow

shall

*

An

not

of

American

phreys

of

by Mr. Shull
the

Branch

Adventure With Greenbacks
We went
forward from
1837
until 1861 with no further
change
in our
currency.
But, with the
Civil
War
upon
us,
President

Lincoln evidently felt it
necessary
to

temporarily

withdraw

the

privilege of redeemability in gold;
and

that

years

he

held

through

for

No.

General

1,; S.

(Secretary-

David

A.

R.)

prompted
needed

on

by

era.

the

part

fact

that

m

Clap Wooster Chapter, D. A, R.t
New'Haven, Conn;

Gerstley Sunstein
To Admit Partner
PHILADELPHIA,

to have

tary history of this nation; but I

Pa.—Martin J.
4 will be ad¬
mitted to partnership in Gerstley,
Sunstein & Co., 211 South Broad
Street, members of the New York
Whitman

Aug.

on

hope I have filled in on some of
the outstanding features of what
and Philadelphia-Baltimore Stock
present-day "modern" Repub¬ constitutes sound money — fea¬
Exchanges.
licanism—a Republicanism which tures, that had the
strong support
promised to restore our currency of
such
well-known
American
Named Director
to the gold standard, but which, leaders
as
Alexander
Hamilton,
after nearly eight-years in office, Daniel
Webster, John: Sherman, Richard P. Walker, president of
hasn't lifted a finger to carry out Andrew D. White,
Henry Cabot American - International
Alumi¬
that reasonable campaign promise. Lodge, Theodore Roosevelt, An¬
num
Corporation, announced the
drew Carnegie, and Andrew W.
In 1908 Andrew Carnegie ad¬
dore Roosevelt would think of

our

.

dressed

the

Economic

Club

Mellon.

of

Those

who

have

confi¬

York, and, in that address, dence in the opinions of these
he gave strong support to the gold great
Americans, it seems to me,
standard in the following words:
should be willing to join them by"There is only one substance in
the world which cannot fall in supporting a return to the gold
New

value,

because

election

of

James

Hodes

to

foreign

with

was
we

***

of

money recognized
commerce. In the 1870s,

the

war

behind

those who felt

get back

on

a

we

full gold

there

us,

ought to
standard,

,la§ in that movement

tu

ne

then Senator John
anc*

who

was

Sherman,

„of the "Resumption
'

later

Act

became

cretary of the Treasury under
in 1877. Favor¬

Resident Hayes,
er action

was

taken

on

Sher-

s

:

'Resumption Act," and it
became effective on Jan.
2, 1879.
*n that accomplishment SherAna

!

|
'

This announcement is neither

the

was

;

NEW ISSUE

Hodes is

a

general partner in the

investment firm of Hardy

& Co.,

members of the New York Stock
•

;

ful

in

effort

that

—

in

•

.

Reeves

cele¬

had

Price $5 per

ture."
in

of

If

economic

our

Mr.

Lodge was

that reference

struc¬

correct

and I firmly

—

believe he was—then for the
27

the

years

operating with
ture
has

from
been

an

which

Lainl &

past

has been
economic struc¬

S.

U.

Share

Copies of the Prospectus may be obtained from only such of the undersigned
as are licensed' or registered brokers or dealers in securities in this Stale,

himself, Lodge referred
the gold standard as "the cor¬

nerstone

Share)

to

succeed
to

Company, Corporation

A.

the

cornerstone

Alex.Brown & Sons

Francis I.duPont & Co.

Interstate Securities Corporation

removed; and I leave it

leceived strong support from to your judgment as to what is
White, Yale 1853, and likely to happen to any structure

Parrish & Co.

R. C. Crisler

Adams & Peek

colrew ?'

Cornell University.
regard for Dr. White
.by
fact that a
of Th
m adorns the wall
othpf
C°mm°ns, along with the
^reats" of
On- gradfew
White spent the next
ttiatii?' *S -ln Eur°Pe on a diplo-

frbm which you remove the cor¬

suanpomi?sl^n and in further

bear out:

YaiJ)U2?er
J Is. ,hlSh
likpnl
^

Sinn

vo

Yale?

.

pur-

+°f his studies; and he
ibvestiJnr6 to„make a thorough
Sation of the
 experience of

found

The

nerstone.

Robinson-Humphrey Company, Inc.
v.- •

President

No

States

has

concern

Gold

ever

for the

of

—

as

the

United

displayed greater
preservation of the

Standard

Roosevelt

the following ex¬

Logansport, Ind., in Septem¬

ber, 1902, he said: "An honest cur¬
rency

Ilainson&Co.

Co., Inc.

I.M.Simon & Co. Stroud & Company
Incorporated
-\.'V

'

J. R. Willislon & Beane

Parker, Ford & Co., Inc.

Stein Bros. & Boyce

Hamershlag, Borg & Co.

Kormendi & Co., Inc.

than Theodore

cerpts from his addresses clearly
At

July 26,1960

he

fact

nominated

been

,

,

.

Common Stock
(Par Value $1.00 Per

by that convention. And in 1900,
in a speech at Canton, Ohio, form¬
ally notifying President McKinley
he

;

Broadcasting & Development Corporation

actually wrote the plank adopted

that

nor a solicitation of offers to buy, any of these
made only by the Prospectus,

offer to sell,

300,000 Shares

Massachu¬

from

Senator

an

securities. The offering is

is the strongest symbol

and

Dallas

Rupe

Son, Inc.
&

the

company's board of directors. Mr.

Exchange.

standard.

it is in itself the

setts, Henry Cabot Lodge
(the
elder) who demanded of the party
leader, Mark Hanna, that there be
a gold-standard plank in the plat¬
form. Senator Lodge was success¬

to

form

it

as

buy war supplies in
foreign markets, and gold is the
only

And

brated

Presumably

Lincoln's

Standard.

Hum¬

before

the Mary

I sometimes wonder what Theo¬

waged

was

18

next

period known

a

"Greenback"

that action

the

great monetary bat¬
in that famous
political campaign for the Presi¬
dency—the opponents being Wil¬
liam Jennings Bryan of "crown
of thorns, cross of gold" fame, and
William McKinley the Republican
nominee supporting the Gold
tle

time-

our

Helmet!"

Cornerstone 27 Years Ago

a

In 1896 the

down

press

the

planets in their courses."
Called

tired

a

promptly

restore

Gold

address

Treasurer

derly funding and gradual liqui¬
debt."

aroused

leadership in Washing¬

our

"You

honored

budget, and to carry out
program for the or¬
war

so

that

currency that is

"miserable, abom¬
inable, and fraudulent."

of

crown

people this 'New Deal' Paper Hat!

reasonable

dation of the

to

ton:
upon

the

government is concerned itsr
policy has been to keep its ownhouse in order, to maintain the
gold standard unimpaired, to bal¬

production

labor

we
need
today is an
public that will put real
meaning into a paraphrase of
Bryan's words—a public that will

$26
In other words, by

in these words:

ard

matter of

the

Presidency;

What

title, "Taxation: The People's
Business," in which book he gives
strong support to the Gold Stand¬

...

in

the

aroused

debt from

skillful

finances

wrote

we

stable

currency.
So long as the Re¬
publican Party is in power the
gold standard is settled, not as a

conditions

for

of

nominated him by acclamation.

re¬

handling of
nation, Mr.
been
nominated to succeed
Mellon, in that three-year period,
himself, President Theodore reduced the Debt by $9
bil¬
Roosevelt had this to say: "We lion.
And, in 1924, Mr. Mellon
of

him

shall hot press down -upon

brow

convention

the Treasury
Harding; and in

years

billion.

careful

Mellon be¬

W.

had

what

citizens.

refus-*

of

President

three

duced the

N.

speak

million

closing, let me say that Mr.
Bryan, in 1896, uttered the fol¬
lowing meaningless words at the
Chicago convention which nomi¬

nouncement

Andrew

Secretary

under

just

with gold."

know

180

In

•

1921

came

of

is

Eisen¬

thorns; you shall not crucify maning to call the star, nearest of all* kind oil a cross of
gold." His vigor
stars to the true North, the North
and
forcefulness
in
that
pro¬

capita of circulation
large as it is today; and
moreover,

President

as

in

"You

ard of value would be like

easily do this?

and
Representa¬
Congress, urging those
leaders to promote restoration of
our
currency to the gold standard.
Such action should provide a real
service designed to benefit our

the stand¬

as

one

Senators

tives

gold

privilege of serving

per

circulation,

leaders

in value of any of the commodities
nated
that to deny to gold
its'

civilized

State

excellent condition.

the

said

can

hower, Vice-President Nixon, and

—and

the

op¬

which

real

as

those

their

as

occupies
a somewhat similar
position with
respect to other commodities, in
that gold is the most nearly fixed

Fair, Syracuse,
N. Y. in
September, 1903 he said:
"This nation is on a gold basis.
The treasury of the public is in
has

then

He

the

of

similar results in kind

degree.

the

wisdom."

history, un¬
circumstances, has

whatever

with

imperatively demanded

position

of

der

compared

power."

ples

other

have

in

vital need of
keeping our financial
system on the high and honorable

paper money:

kind in human

nations

And how

IT

Why, simply by writing letters to

January, reserve."
Mr. Carnegie went on to com¬
commemorating the anniversay of the lamented President pare
gold to the North Star, say¬
McKinley, and referring to the ing that that star, as we all know,
leading role McKinley had played is the most nearly fixed in its
in that great
gold-standard politi¬ position of any of the heavenly
cal battle of
1896, Roosevelt said: bodies; that it is the star about;
"All other, issues sank in
impor¬ which the solar system revolves.

as

"Every

essential."

Ohio,

standard
of
value, and
gold, which the banks of

is

1903,

gard

same

that

...

say as to what happens when na¬
tions
operate with irredeemable

standard

Webster—and I thoroughly agree

to

Gold Standard in 1933. And, a few

tablished

to

intrusts

clearly demonstrated

that

abominable, and
policy which attempts

it

of every citizen." The
of those words has been

paper of banks which do not pay
specie for their own notes; against

miserable,

idea

possession

courses."

fraudulent

the

on

them the power to raise or
depress
the value of
every article in the

culating medium."
tinued:

based

(373)

money every dollar of which is at

redemption in standard coin
recognized in the commerce of

reached

con¬

ex¬

of

not

he

are

nation intrusts
the issue of a

any

legislators

currency

best and the most convenient cir¬

And

White's

Following

money.

"Whenever

purposes

and

silver";

France; and

cerpts from that book:

since

Webster

to

paper

story formed the basis of his small
book, "Fiat Money Inflation in
France," which is a masterpiece
on the
subject of what constitutes

perienced

paper money

foot¬

to good effect in
support

holder."

basis; that

follow

unfortunate

steps of France, Dr. White, in the
early 1870s, brought to the atten¬
tion of Congressmen and
business¬

circulate on a specie
all bank notes, to be
safe, must be convertible into gold
and silver
at the will of the
to

ought

might

we

the

so

iel

sound

people were
out their paper
money
with other waste
paper and trash

throwing

"Resumption Act."

of the 1830s Dan¬

that debate

In

currency
became so depreciated
value from 1789 to 1797
that by
that latter
year the

of the

Webster's Views

Daniel

paper

in

he did

maintained from 1837

price was
until 1933.

irredeemable

money at the period of her Revo¬
lution. White found that
France's

official-

That

ounce.

pgr

with

and Financial Chronicle

dollor, comes to

srsins per

9992
con

relationship. It also

16-to-l

resulted in

The Commercial

.

France

gold-content■

the

dropped

£

,,,

Laird, Bissell & Meeds

Paul D. Sheeline & Co.

.18

The Commercial and Financial Chronicle

(374)

investment.
It
certainly
liquid as a securities in¬
vestment. That goes without say¬
ing; just as it doesn't fluctuate,
day to day as does a stock. But
the tremendous increase in realty
realty

Real Estate Syndication
For the Smaller Investor

isn't

have

market than exists for many

to investments in stocks. Among the arguments advanced in
favor of this investment medium, Mr. Lewis satisfyingly notes the

porate securities in this

number of participants and

greater liquidity resulting from growing

cor*

as a

today

the

in

investors

of

thou¬

of

tens

sands. We have marketed

partner¬

who are close not required. It is a second income
ship shares for investors without
to the situation, an alarming lack in which the investor need take
difficulty. Although the syndicate
of information, and at times mis¬ no active part other than endors¬
form in its essence is not a liquid
conception about real estate syn¬ ing his monthly check. The syn¬
dication general partner arranges one, we can unequivocably state
dicate invest¬
that under its present operation,
for management and other details
ment
among
of operating the property. There such investments have been liqui¬
the very peo¬
fied without difficulty
in but a
is no need even for sale or manip¬
ple who should
few short days.
ulation, as the value does not
be best inFurthemore, the interest or dis¬
change daily as in the case of the
formed
about
There

to us,

seems

signif i

his

say

c a n

t

s

t

a

There

billion

such

Bert Lewis

Business men
securities, persons
who have proven their interest in
a second income from investment,
seem,
in many instances, to be
poorly informed about real estate
syndication. This is unfortunate
because these persons ordinarily
are sophisticated and rather wellinformed about the opportunities
that provide capital':gfOwth and a
^second
k

"

bit

one-sided,

but

I

do

want

to

offer it as my own small effort to
explain and clarify the workings,
and

of

the advantages of
real
estate
syndication for the
average small busniessman-incourse,

vestor.

Defines

Real

Estate

Syndication

First of all, a real estate syndi¬
cation
is
simply the means by
which

liquid than a

more

in

Mr.

Seaberg is

member of the

a

*

*

share

of

office

$3

a

million

hotel

or

building—and in real estate,

the greater the relative size of the

holding, Jhe greater
security for the investor.

property

is

investnienj; provides

excellent tax shelters. In sortie in¬

stances, the investor
to

earns

cash of

12% while taking'a tax loss
other income. In many

against
cases,

returns

ment

for

on

the

syndicate invest¬

first

five

years

are
completely or substan¬
tially tax free. The reason for this
is principally due to the fact that

the

By

*

sale

of

J.,

its

capital stock from $900
000 to $1,050,000, effective
July n
(Number of shares

-

Adams, Pierce
M.
Davis,
Stephen P. Pendias, William E.
Scott and Nicholas Ustin from As¬

outstanding-!

105,000 shares,

Vice-

to

N.

new

common

ilton

Vice-President

the

at

time

right

being

course

businessmen
up

same

appointed

were

Everett H.

time the following

Assistant

Senior

Vice-

their

which

under

estate

survivors

benefit

need

ment

experience, manage¬
manipulation. I might

or

diversification

add,

within

estate is recommended

real

Frank

Mr.

tant

a

*

under the present

form

makes

fication

this

syndicate

type of diversi¬

possible even

ampng

in¬

of moderate resource.

vestors
No

investment

in

a

free

in

National

*

Bank

and

Trust Company in

The

den City, N. Y., will open its first
Suffolk office July 26, in Melville,

named

Vice-President

of

bank's

Hainfeld, Jr.,

Security
Island,

the

Union

In

the

Banking

1959,

he
in

National

was

charge
Depart¬

appointed
in

"has 'also

assistant

the

Vice-

Administrative

Office.

of

New

in

G.'^ilbhrn

William
been

President

National Bank
Amityville,

New

ment.

si!

Si!

Vice-President

Department.

Levittown,

!i!

the

1946, he became

a

Long

*

*

*

York,

Eugene
Levering Norton,
July 21 at the age of 79.

will open its newest branch office

building

econ¬

Vice-President

Department. In 1942, he
named
Vice-President and,
following the merger of Mellon

Asistant
Vice-Presi¬
types
of
properties in,,, various dent, has been named manager of
sections
of the country — and the
branch.
sible

Denton, Vice-Chairman

Long Island Trust Company, Gar¬

abroad. The small investment pos¬

an¬

July 25 by

was

Trustee.

*

Com-

The

Business

Savings Bank,

York, Mr. Ross D. Hill, has

been elected

Trust

Pa.

Pixley Joined The Union
Company in 1936 as Assis¬

Trust

The Vice-President and Treasurer
New

and

Mellon

of the Board of Directors.

*

of the Union Dime

R.

named!

at

nouncement was made

today—just President. William F. Fortunato of

within stocks—to cover various

as

*

Bank

announced Frederick

business

for

*

from

without

can

income

established

retirement

workable

and

many

*

Pixley has been

Pittsburgh,

pany,

and James E. Stubenrauch.

a

of setting

means

a

thus

*

Vice-President

National

for

by

taken

as

very

a

income

estate

value $10).

par

President.

At the

TriKt

*

stock, the
National
Bank
has increased

Center

Union,

the promotion of Ham¬

announces

career

Augusta

*

Union

initiative in

or

more

the

*

Irving Trust Company, New York,

is

can

with

Company, Maine.

Savings Bank of Brooklyn, N. Y.

Diversifi¬ Smith

as

1931

Board of Trustees of the Brevoort

real

the

stock

90%, the amount of
buy a major prop¬
erty is relatively small; this is
certainly not the case in the stock
market with its present 90% mar¬
gin requirements. Thus, a $5,000
investor may actually obtain 1%

10

Saving

Presidents: Carl Biebers, Jr.,
full Philip
K.
Graham,
Alden
W.
profits, and certainly more liquid Hammond, Kenneth K. King, Jr.,
than a small business, with a large William T.
Lybrand, Kenneth E.
sale

Street Bank

Company, Boston, Mass
Mr. Smith is
also J

of the bank.

equipment.

Real estate
a

month, may
participation
stock invest¬

President Di1

State

Trustee of the Melrose
Bank, Mass. He began his

and

the

the

announced
by
Horace
C.
Flanigan, Chairman of the Board

into

of

in

of

and Trust

was

cation

Because

cash which

r

rectors

*

ment, coming each
actually make the

Capitalizatio ns

announced.

chines

nine

Revised

•

turers Trust Company, New York,

existence

of

BANKERS

Offices, etc.

elected Senior Vice

Seaberg,

tied up in accounts Monaghan, Augustus L. Putnam,
inventories and ma¬ Andre F. Python, William D.

the

retirement ancOme.

or

often do

New

member of the Lower Brook¬

invest¬ sistant

realty

a

Gustaf

of

•

part of it
receivable,

high

as

in

presentation may^-appear

This

investment

can

from

Branches

mortgages ranging from 50 to

of

syndicates.

invest

estate.

of

in real estate

work

market.

in

who

dollar

one

the

in¬

vested

real

tribution

ment which demands

high
That

extremely

an

in

money

show

than $10

more

is

business.

own

means

t istics

which

his

of

leverage

edge of recent

all

concentrate

to

thoughts and energies on the

conduct

knowl¬

with

free

nessman

vestment
I

investment

an

form which leaves the small busi¬

Significant inform.

It is

stock market.

this extremely

New

•

country. lyn Advisory Board of Manufac¬

Syndication - underwriters
are
extremely large, with lists

'

disposal of the modest investor.

Consolidations

1,000 investors, who
represent
a
larger Appointment

over

themselves

pares

the extent of diversification at the

which

with

Thursday, July 28, I960

.

BANKS AND

a

syndicators and broker-dealers are in
close
contact.
Some
properties

to the smaller investor, and how it

now

created

has

interest

market

vast

explains what real estate syndication is, why it is avail¬
advantageously com¬

Mr. Lewis

able

Syndication Investors

.

NEWS ABOUT

as

investor

By Bertram Lewis,* Executive Vice-President,
Corp., New York City

.

August 13 at Shirley,
L. I., shopping center.
on

Norton

Mr.

the

first

died

President

$
!;!
H!
all the needs of
of
the
Finance
and
Guaranty
everyone. But certainly real estate The Office of Comptroller of the Company of Baltimore in 1911. He
allowable accelerated depreciation syndication offers much to arouse Currency
has issued a merger was also a former President of the
bears relation only to the book the interest of self-employed per¬ certificate approving and making Atlantic Trust
Company, and the
value of the physical property and sons anxious to provide for their effective, as of the close of busi¬ Baltimore Trust
Company.
retirement. It certainly is a useful
*
*
itfurnishings, and not to the over¬
ness, July 8, the merger of The
all appreciating market value of beginning toward the end of pro¬ First National Bank of
Greenport,
Election of Russell R. Berman as
the
property. Remember, real viding a substantial tax-free ef¬ Greenport, N. Y., with common

omy

answers

.

group
of people pool
to buy or develop a
of property because of its
proven or potential high rate of estate is
Vice-President of The Ohio Citi¬
fort-free
and
work-free income stock of
a fixed
commodity; more
$100,000, into the Valley
return. Current syndicates thus
zens Trust Company, Toledo, Ohio,
for the small businessman.
land certainly can't be
Stream National Bank and Trust
created,
furnish the small investor with a
has been announced by Willard I.
and key locations can't even be
Company, Valley Stream, N. Y.,
*An address by Mr. Lewis before the
means by which he can take ad¬
Webb, Jr., President. His eleva¬
duplicated. Those who have sold New York Lions Club, New York City, with common stock of
$943,900. tion from
vantage of the stability and high their own
Assistant Secretary was
home, or had an offer July 25, 1960.
The title of the bank is Valley Na¬
return that is the essence of real
voted at the bank's Board of Di¬
to do. so, know that real estate
tional Bank of Long Island, with
estate investment.
rectors meeting held July 20.
values have generally risen de¬
capital stock of $1,088,900, divided
There have, of course, been real
*
*
*
spite so-called
"boo k"
depre¬
into
217,780 shares of common
estate syndicates for many years, ciation.
stock of the par value of
$5 each. Ronald A. Hill, former Assistant
but only in the past few has this
High cash returns
*
*
*
at the Oregon office of The Ohio
ranging
field opened
up
to the smaller from 10 to 15% after
amortization
Permission
has
been
investor. In the past, private
received Citizens Trust Company, Toledo,
of mortgages are
certainly a hall¬
from banking authorities to
Ohio, has moved to the Colony
groups of large investors pooled mark of
open
realty estate investment.
branch
in
the
same
an office in
capacity.
individual investments in excess
Levittown, Frederick
In addition, there exists the im¬
Norwalk
of $100,000 in a
Co.," Inc., a Delaware Hainfeld Jr., President of Long Donald A. Adams, previous Col¬
syndicate. Today, portant
refinancing factor through
investors can become syndication
ony. Assistant, has been assigned
corporation,
is
offering
Trust
100,000 Island
Company,
an¬
mortgages obtainable on syndi¬
to the Parkway Plaza
shares of common stock ($1.00 par nounced.
The new
partners for as little as $1,000.
office as
office, will be
cated, properties, by which part or
value) at $5.00 per share, through located in the Newbridge Shop- Assistant Manager.
Elmer N.
These syndications are formed all investment
moneys may be re¬
Nichols was promoted from the
Myron A. Lomasney & Co., un¬ ing Center at the intersection of
under the direction of established
turned, and yet the investor con¬
derwriter.
Levittown Parkway
and New¬ personal loan collection depart¬
organizations', "Who analyze * avails tinues 'to
their

a

money

piece

M. A. Lomasney
Sells Norwalk

—

Common Stock

receive

able

properties, buy contracts
the best 'possible terms to
those
judged good investments,

under

offer

limited

partnership shares
in a single
state
or
nationally through an
SEC registered
transaction; take
title to the property, and either
manage
it, hire management or
either

lease

to

it

investors

back

to

the

builder

for

the distribution

<

his

original limited partner¬
ship share. As the mortgage mar¬
ket eases, this

refinancing will be
ever-increasing boon to syn¬
dicate investors.
Thus, mortgage

an

amortization adds to the effect of
normal

supply and demand factors
creating capital appreciation.

in

The

syndicate

investor

is

not

or

choosing his property blindly. He
sellers. Such arrangements to pro¬
is investing with a professional
vide sound income
(ranging from
organization, whose very exist¬
10 to
15%

are

on

operative

moneys

with

invested)

apartment

houses,

ence

depends upon

success

of each

one

the

complete

of its syndica¬

bowling alleys, country tions.
Any number of real estate
clubs, industrial properties, office
appraisers,
independent brokers

buildings, hotels

and

motels,

wherever
careful

extremely
close
and
analysis reveals their is

security and
sure

proven
such returns.

ability to

as¬

advantages

does this form of investment
have
for the small businessman?
First of all, it is one
investment
in
which active
management is




syndicate

available to
their

underwriters

are

analyze properties for

clients.

The

reputation of
the syndicator is
fully publicized,
and

Outlines Advantages

Now^ what special

and

even

the

smallest

investor

may meet

with the general part¬
and personally discuss the en¬

ner

tire transaction-with him;''

Improvement
<

in

■

a

real

-

misconception

and

we

about

the

use

ceeds

for

balance

the

of

the

pro¬

company's working

Levittown

sells

gas

high

"Norwalk"

under

the

which

since
and

compressors

of

its

nection with

lation

and

parts

It

its

the
con¬

erection, instal¬

every

of

its

plant

*

future.

stock

a

are

*

Manager

for

*

dividend

Lake

The

Shore National Bank, Chicago, HI
has increased its common capital

shares

*

shares,

outstanding

par
•:

—-

250,000

value $10).

"p/''sfc

*

*

is now
De¬
office, at

banking

service

and The Rye National
Bank, Rye,
N. Y., approved an
agreement to

available at the Public Bank,

consolidate.

a

the

the

the

certificate

Upon
of

Comptroller

receipt

approval

of the

of

from

Currency, the

two banks will consolidate
at the
close of business on

July 29. All
offices of both banks will
reopen
on
Aug. 1 as National Bank of

Westchester, White Plains, N.
Total

assets

of

the

Y.

combined

,-bank/ will be in, .excess
of $200,in
000,000 and capital and surplus

State in the

United States and in
many

countries.

also

supplies

maintenance

almost

for

for

employees in

the

its

name

at customer's
Ndrw'alk compressors

in

been

and

compressors

site.

trade

has

1864.

replacement

services

By

designs, constructs Shareholders of National Bank of
pressure
air and Westchester, White Plains, N. Y., Airport

by the
company
predecessors as a trade
compressors

*

•

used

sells

to,- Assistant

v

compressors

name

near

*

The company

and

ment

Oregon.

stock from $2,000,000 to $2,500,Office, which will be 000, effective July 13. (Number of

opened in the

capital.

use

Liquidity

In the concept of liquidity,

find

\

Norwalk will use approximately bridge
Road in the unincorpo¬
$100,000 of the proceeds for ad¬ rated village of Levittown.
Charles H. Woolley, III of Hunt¬
ditions to and improvement of the
company's plant, machinery and ington Station, Assistant Secre¬
equipment.
The
company
also tary and Assistant Manager of the
plans to pay one half ($227,221) Stewart Manor Office, has been
named Manager of the bank's new
of its 6% serial
promissory notes

troit, Mich., at the new
Metropolitan Airport.
sixth

Public

the Detroit

$12,000,000.

*

J.

Phillip

*

*

Oakdale State Bank of

Owatoona,

Owatoona,

the

name

and

State Bank

Minn.,

new

First
Meriden, Meriden,

location
of

is
of

the

Minn.
#

t:

*

*

..........

The National Bank of Toledo,

To¬

ledo, Iowa, with capital stock o
$80,000 was converted into a sta

foreign
Mr.

It lS

office m

area.

•

over

Bank

Smith

has

been

bank

under

the

title

The

Stat

July

f

Bank

National

Fourth

of

/Tulsa, Okla., has increased

.

The Commercial

.

.

and Financial Chronicle

capital stock, by a
Itk dividend, from $1,200 000 to
SlOOO, effective July 15.
common

/Number

outstanding—

of share

5^0 shares,
H!

nor

par
*

value I''"
$10).
*

Corp. Debentures

BY

Forgan & Co.

Blair

outstanding - 64,000

shares

shares, par

value $5).

issue

H<

*

^

Progressive Bank and Trust
New Orleans, La., has
changed its title 'to The Bank of
The

romuany,

Orleans and

New

Trust Company.
*

*

Hi

National Bank
of
Glenwood Springs, Glenwood
Springs, Colo., by a stock divi¬
dend, has increased its common
capital stock from $125,000 to
$250,000, effective July 15. (Num¬
ber of shares outstanding—25,000
First

The

shares, par

and

People Are People

to

quickly at

a

premium.

wholly-

Harvester

the

International

will

add

-

securities.

The corpor
ation, a
owned subsidiary of

Co.,

A young salesman

came up to me
sell, the other to hold. Finally the
recently and fairly exploded. He stock got up to around 58 and
had just been
exposed to a sit¬ began to falter so the salesman
uation that happen^
very
often who had been' "advising to "hold"
when
certain
investors
become called
the
client
and
yield approx¬
suggested
emotionally entangled with their that it might be advisable to sell
maturity. The

net.

proceeds of the sale to its
general
funds to be available for the

The

which

so

some

ties

are

often

factors

present when

people buy and sell securi¬
makes

security
of

emotional

it

imperative

salesman

the

rules

that

learn

a

certain

is the new

Trust

The

debentures will be

deemable

except

prior

that

to

under

non-re¬

Aug.

1,

1970,

special re¬
demption provision applicable
a

Aug. 1, 1965 through July 31,
under

certain

conditions

of.

lemon

he

learns

bargain. Not
securities.
believe

that

live

to

with

so

There

is

it

with

In the twelve-month period be¬

Hs

❖

Hi

*

Chairman of the
Board of The Bank of California,
N. A., San Francisco, announecd
Elliott McAllister,

appointment of Ray E. John¬
as Assistant Trust
Officer at

the
son

his

Washington

Tacoma,

office.
Portland

The

land,

Ore.,

to The

Trust

has

Port¬

Bank,

changed

Oregon: iBank.

its

ginning Aug.
tures

will

103V4%,

1,

1970, the deben¬

be

redeemable

thereafter

and

at

prices
declining to the principal amount
and after Aug. 1, 1978. Under

certain

conditions

at

people

touchy to

are

their

own

firms

separate

the titles of Frank

could

After

it.

warranted

bit of discussion the sales¬

of

has

psychologist

to

be

good

as

a

security analyst.

of

as

a

Don't Tell Me What to Do
It

that this salesman had

its

1,

on

or

1965.

The corporation finances whole¬
and

retail

sales

tional Harvester

United

Company
farm

is

dealers

The

a

Interna¬

Company and its

and

States.

of

the

equipment

is

farm

sold

approxi¬

to

mately 4,700 independent dealers
located
throughout the country;
its motor trucks are sold to 4,800
dealers,

majority of which are
equipment dealers

a

all

This

his

from

the

cus¬

stock that

bet

your

back, at 52, 100 shares that was
sold at 58. "Buy it back" exploded
the customer. "Boy, are you out of
your mind? I sold that dog at 55J/2
and am'I glad .I

am

out of it. I

made mine and that's what I call

on

an

order

was

days the stock ran up to about 61.
The customer telephoned and was

He gave this salesman
going over. Forgotten was

very upset.

quite

a

effort

the

to

this

up to
required

salesman

42

ex¬

blandishments

upward against the con¬
of the com¬

petitor's advice to sell at 48 and
Up. "You and your percentage,"
said the customer, "I'll percentage
them myself from now

on."

r'et£ps&d

stock'

down

was

the

by

salesman

customer

learned

when

about

it.

It

in the customers' account with

another firm. The stock acted well
and this salesman constantly

kept

advising his client to hold, while
at the same time he was told that
a

salesman
tried

firm

other

the

from

to

get the customer to
sell it from the 49 level upward.
had

This

went

salesman

on

for

weeks;

one

telling the customer

to

while. SOME
THEY

Parker, Ford & Co.
Announces Expansion
DALLAS, Texas—Parker, Ford &
Co., Inc., announces the transfer of
its Dallas headquarters to larger
quarters and the establishment of
a branch office in Ardmore, Okla.

kellpig, came, in and it

firm

The

offices

in

the

211

well,

construction

and

addition,

In

tional

retail

has

equipment
of

some

in

which

This marks the sixth
the

office

Dallas

in

expansion
the

also

history

dent

Ch^]es [^. Scott noted.

The Ardmore office will be the

company's sixth branch office and
from
a
market
survey

to around '55. Our
salesman then called his customer

stems

him a few market quo¬
tations. Gingerly he approached
the subject of what to do with the
remaining 400 shares and his cus¬
tomer told
him that he wasn't

in that

and gave

showing

economic

the

potential

city, it will have a direct
to the
Dallas facilities. J.

wire

Dewey
leader

Clemens,

Ardmore

will be manager.

he had decided to keep
If it went down to about 52 he

worried,
it.

expected
shares

this

to

he had

that

salesman's

course

back

buy

there

was

the

100

sold at 58

suggestion*
no

thank

on

Of
you,

Speer & Company
MONTCLAIR, N. J.—Armin Speer
has
formed
Speer
&
Company
with offices at 28 Stephen Street
to engage

in

a

securities business.

Interna¬
farm

cities,

120

motor

trucks, and retail outlets for trucks
about 180 other locations.

at

Notes receivable

Frank

Inc.

Ginberg

Abraham Strauss

25 Broad

(after deduct¬

discounts, unearned
finance charges and reserve for
losses) held by the Credit Corpo¬
ration amounted to $450,610,309 at
deferred

ing

Street, New York 4,
N. Y.
30,
1960 compared with
(Tel: DIgby 4-2980) and April
Abraham Strauss & Son, Inc., 115 $354,984,024 at April 30, 1959 and
Broadway, New York 6, N. Y. $384,767,769 at October 31, 1959.
(Tel:
Total indebtedness of the Credit
BArclay 7-0130).
Strauss, Ginberg & Co., inc., Corporation at June 30, 1960 was
Will
discontinue all business Ac¬ $396,620,500. This total included:
short-term
notes
amounting to
tivities as of
July 31, 1960.
$298,120,500, long-term senior debt
of
$71,000,000 and subordinated
indebtedness of $27,500,000.

Longstreth With
Broad St. Sales

All

of

the outstanding

the

Credit

by

the

on

stock of

International

Harvester

Human

Company. Total capital stock and
Frank M.
Longstreth III has been
surplus at April 30,1960, amounted
appointed
district
manager
of
to

mad
oi

Street

Sales

est

Michigan, Kentucky,
Virginia and Western Penn¬

sylvania.

Mr.

Longstreth

J^ahe his headquarters
land, Ohio.
Before

will

$61,658,995."

Walker & Wight Join

opened

joining

Broad

Street

Gordon
Ga. and

pa es' Mr. Longstreth
of the
&er

Incorporated, has

branch office in the
Hotel Building, Albany,
at 28-13th Street, Colum¬
a

was mana- bus, Ga. Wendell B. Wight will
mutual funds depart¬ be
in
charge
of
the
Albany
branch
and
Cullen J. Hoffman
of Warner, Jennings, Mandel will be manager of the Columbus
Longstreth, of Philadelphia.
branch. Both were formerly pnn- a

?

;

li.




speeded the expansion of many private
enterprises, from fine hotels to small out¬
board fishing fleets, and from flour mills
to electronics, textile, cement and con¬

tainer plants.
As fiscal agent,

the

Bank provides

technical guidance in all financing under¬
taken by the Commonwealth and its
Authorities and

municipalities, thus

as¬

suring the orderly distribution of, and an
ever-broadening market for, these fully
tax-exempt Puerto Rican bonds. These
soundly conceived borrowings have en¬
abled thriving Puerto Rico to enjoy mod¬
ern
and constantly improving electric

III

water, sewer, highway and school
systems and harbor and airport facilities.

H

power,

p|

GOVERNMENT DEVELOPMENT

ment

.,ri0r thereto he had been with
cipals of Hoffman-Walker-Wight
e
Philadelphia sales department Company of • Albany and: Hoffot
Reynolds & Co. at"
m,an-Walker Company, Columbus.

with

development. It supplies mediumterm loans to industries, and thereby
serves
to
supplement available credit
sources in Puerto Rico. These loans have

Ga.—Robinson-Hum¬

in Cleve- phrey Company,

vision joined

this

Robinson-Humphrey Co.
ATLANTA,

and

efforts

prudent capital have brought great prog¬
ress in living standards, health, education
and commerce in Puerto Rico.
Our Bank has had a leading part in

Corporation

Ohio,

golden island

a

Corporation is owned

P. 0. Box 4591

>

San Juan, Puerto Rico
mm

civic

and veteran business man,

equip¬

retail

four

of the firm, Presi¬

year

outlets for

about

Ervay

Building.

ment is sold to more than 100 dis¬
tributors.

of its

space

North

Harvester farm
as

entire

the Vaughn Bldg.—

than double the

more

the

leased

has

20th floor of

57.

to

Then morp
went "lower

this

salesman, but it had already been

was

a

WHAT

WHO DON'T!

of

You're Right But You're Wrong

Only a. few

MEAN

SAY AND THERE ARE OTHERS

keep him in the stock

from

the

security buyers for
PEOPLE

fi¬

around

way

advance

are

given to sell 100 shares which was

had not been purchased from

the

Harvester's

advance

of

a

you

done at about 58. In the next two

about two months time. The stock

acquired

tractors, earth and material mov¬
ing equipment and power units.

one

holding

have

customer

nally conceded and

and

of

crawler

nursed

level
58.

of

machinery and construction

International

42

about

lines

various

including

the

seems

maker

leading

trucks,

in

Harvester

The

higher

you

and

hedge

market."

this

right,

stant

declining

prices

are

profit

some

tended

.them

started

after Aug.

under

Ginberg & Co.,

point

a

taken

with

into

equipment
As of Aug. 1, I960, Frank Ginberg
and Abraham Strauss, will form

that

shares that you can sell at a

all

carefully

motor

Forming Own Cos.

a

extreme sensitivity and the secur¬
ity salesman who expects to deal

tomers

redemption

distributors

Strauss & Ginberg

quite

400

scale upward if mar¬

a

beginning to

to

ability and intelligence if
they take a loss on an investment,

non-subordinated indebtedness the
debentures may be redeemed at

sale

flf*'

on

action

ket

discredit

a

on

title

UiiW

be sold

with

level. If you

their

lower

Bank's

the

investor

people's
people who

some

are

or if they sell too
soon, or buy too
in¬
and
Trust declining non-subordinated
late, or make any of the mistakes
debtedness
the
debentures
are
City, Utah,
that other better balanced indiv¬
callable
at
special
redemption
title of the Tracy-Col¬
iduals take in their stride. These
Company, Salt Lake prices.

City, Utah.

the

him that he would be glad to buy

that

Tracy-Collins
Bank
Company, Salt Lake
lins

100 shares which would still leave

particularly man finally said, "Why not sell a profit. If I can pick up about 13
pur¬
chase of receivables. The
apply to this type of salesmanship. 100 shares and play percentages. points on 500 shares in this mar¬
proceeds
A man may
may
be applied initially to the
buy a car, a suit of You have a good profit, the stock ket that's good enough for me."
reduction of short-term borrow¬ clothes, a boat or a house, and is beginning to look tired; if you
There is one thing you learn
unless he's picked up a real AAA are
ings.
wrong
you
still have 400 after you have been dealing with

1970

*

£

4.73%

sold

that

to

sold, down

would

William

from

value $10).
Hi

imately

to buy the

customer said

and, if
level, he
give him an order.
Markets being what they are,
the stock began to decline farther
and the other day it hit 53. Being
a young man of long memory, and
attending to
his
business, our
salesman telephoned the customer
and reported the fact, reminding

it

&

Company placed on the
National Bank of Selma, market on
July 27 $50,000,000 of
eiima Ala., has increased its International
Harvester
Credit
pnmmon capital stock from $200,Corp. 4%% debentures series B
00 to $320,000 by the sale of new due
1981; priced1 at 100y4% And
ock effective July 13. Number accrued
interest to
of

JOHNDUTTON

like

would

if he

asked

he would watch the stock

City

rhr

the stock had advanced to 62. The

100 shares and the

underwriting group
of
113 investment
firms headed
jointly by Morgan Stanley & Co
Glore

he treated the salesman after

to place an open order

nationwide

;

the rough

apologies for

any

way

salesman

Sell At Premium
A

19

(375)

SECURITY SALESMAN'S

#

♦

*

u

T

.

To,edo' Iowa' effective Int. Harv. Credit

of

punk

Number 5972

192

Volume

BANK

FOR

Fiscal Agent for

PUERTO RICO

the Commonwealth of Puerto Rico

45 Wall Street
New York

5, N. Y.

pi

II

20

The Commercial and Financial Chronicle

(376)

FUNDS

Istel

Fund,

June

30

Inc.

at

amounted

assets

net

that

to

reports

$19,170,131,
equal
to
$32.64;/; on
each of 587,326 shares. This com¬

with $16,699,799 and $31.92

pares

each

on

end

Everybody Happy?

of

shares at the

523,122

of $37,869,286 compare
$37,016,012,
or
$43.25 per
share at Dec. 31, 1959 and $36,514,064 or $42.67 per share at June
30, 1959.

•

Is':

s!s

The

The

'ft

and

Securities

six-month
from

come

$498,426,

Eddy, Director of
Dominick Fund

period

Charles B. Eddy, Jr., a
Vice-Presi
dent of Chemical Bank
New

net in¬
equalled

investments

York

Trust

58 cents per share;
gain on investments
was $649,712 or 76 cents per share
and
net
unrealized
appreciation
net

1959.

of

Thursday, July 28, I960

.

with»

BY ROBERT E. RICH

Is

.

assets

Net

MUTUAL

.

or

realized

been
a

Exchange
hand, believes stocks can
Commission has approved a plan decreased $103,404 or 12 cents per
go a long way to offset the erosion
share after allowing for distribu¬
siderable for those with an ap¬ of insurance values arising from whereby Madison Fund may sell
tion of $139,051, or 16 cents per
majority interest in Canton
inflation and he is a strong advo¬ its
preciation of the good life (bowl¬
unrealized
appreciation
Co. of Baltimore, which handles share of
cate
of
variable
annuities.
His
ing, boating, private planes, pic¬
included in the value of the divi¬
ore and general cargo along with
company
has about 2.3% of its
ture-taking, Florida land), it is
waterfront terminal facilities. The dend paid on June 23, 1960.
interesting
to
reflect
on - the assets in common stocks.
$
:J:
:J5
approved
plan
would
enable
checkered career of a corporation
Last week, a published report Northside Warehouse
Corp., a sub¬
Combined net operating income
that has stressed
public pursuit indicated that the men in the
sidiary
of International Mining of Investors Diversified Services,
of happiness for a half century.
Executive Suite of this country's
Corp., to acquire the 433,195 out¬ Inc. and its wholly-owned sub¬
Unfortunately, the company rarely
leading life insurance companies standing shares of Canton com¬
has been able to give much pleas¬
sidiaries for the first half of 1960
In

age when investment
rewards
have
been
not
incon¬
an

other

maintain

ratio of

a

common

stocks

Senior

came

citizens

But

have

no

investment

closed-end

a

company.

guise,

akin to the Pru's.

will

in

even

Graham-Paige

its

new

quite

never

got over its fascination for leisuretime activities. It obtained control
of

a

called Royal Ameri¬
which has a major stake in

company

can,

Florida

Garden,

land, and Madison Square
the world-famed sports

The behavior of the stock

arena.

and the absence of dividends have

combined,
venture

the
for

however,

to make
experience

grim

a

Last
week,
just
the
same,
Graham-Paige was at it again. The
sports-loving directors of its lean
fortunes
York

were

baseball

bidding for

a

franchise.

As

New

£

While

there

*

are
obviously
thought
within

of

"life"

-7-

field

on
the
subject
of
stocks, the country's in¬
vestment leaders (as distinct from
the general public) are just about

unanimous in

stocks

agreeing that "life"
choice

are

Indeed,

investments.

investment

leaders

lamwrt the fact that
companies

in

field

registered

hardly less mighty Prudential In¬ past

several

easily

average,

have,

years

companies

investment

in

the

period last

Broad

Street

the

second

comparable

year.

the

unless

*

*

Gross
shares

sales
in

*

of

the

Delaware

first

half

Fund

of

1960

broke all previous records for the

period, reports W. Linton Nelson,

an

announce¬

ment made
bv

A.'-V.

a

rick
Presi¬

Stout,
dent.
The
nick
a

Charles B.

Eddy, Jr.

Domi¬

Fund

is

closed-end

i

n v

estment

company

managed by
Dominick & Dominick. Its
shares
listed on the New York

are

Stock

Exchange.

Reeves Broadcast.
Stock Offered

President

mid-year
Assets

and

of
Delaware
Manage¬
Co., Inc., national distributor

investment

Delaware

adviser

Fund

for

both

Delaware

and

repre¬

outperformed

during

1960

was

to shareholders.
share were equivalent
to $12.48. This was up from $12.24
three

start

report

months

the

of

earlier

$12.95

and

reported

first

pany's

public sale

of

common

proceeds

Net

irom

the

com¬

stock.
the

financ¬

ing will be used by the company
to
pay
in full promissory notes
payable to Grace National Bank of
New
York, and the balance of
the proceeds will be added to the

1.3%

company's general funds and used
at the for various corporate purposes.

,,

1960.

Reeves

Broadcasting
&
De¬
sent
a
Net assets totaled $11,771,246 at
33%
increase
from
the
velopment
Corp.,
with
head¬
$8,928,544 in the first six months June 30, compared with $11,534,152
quarters in New
of

1959. Repurchases of

Fund

Delaware

March

at

York,

31.

ganized

shares, meanwhile, dropped

to $1,506,227, compared with $2,the 281,915 in the first half of 1959.

on

of

per

below

Totaling $11,880,154, they

the

Group,

quarter

"one of relative
stability in com¬
parison with stock prices in gen¬
eral,"
according
to
the
fund's

ment

have

community is no stockholding interests. Metro¬
thoroughly
familiar
with
the politan and
Pru, as an example,
longtime difference between are
mutually
owned
by
their
Frederic W.
Ecker, boss of the policyholders.
Metropolitan Life Insurance Co.,
Life insurance stocks during the
and Carrol M. Shanks, chief of the
Co. of America. Mr. Ecker

of

of the Income Fund.

many

the

must

investment

surance

realized

was

filiates

two
the

common

best
The

agency

of

specifically ap¬
insurance fraternity in the prin¬
Total net earnings, including net
proved by the SEC.
ciple of common stocks demand
gains on sales of investments, was
*
:!:
top quality. Besides, states such
$5.37 per share in the first half of
Southwestern
Investors,
Inc.
as New York set a ceiling on their
1960,
compared
with
$5.41 per Public offering of 300,000 shares
reports
net
assets
at
June
30
common stock holdings and insist
share in the first half of 1959.
of
Reeves
Broadcasting & De¬
totaled
$2,562,570,
or
$13.87
a
that purchases be made only in
velopment Corp's common stock at
*
*
*
share, against $2,411,762 and $14.07
a
companies with excellent dividend
price of $5 per share was made
a share a year earlier. Shares dur¬
The pattern of change for in¬
records.
on July
26 by Laird & Co., Corp.
ing the year increased to 184,772 vestment assets of Whitehall Fund,
*
$
*
and associates. The
offering marks
from 171,375.
Inc., the balanced mutual fund of

one

unhappy
stockholder
lamented:
"They're due for a hit."

over

ficiaries? High-grade stocks. Even
the firmest believers within the

schools

shareholders.

well

With

$100 billion stashed aw'ay in bonds

director

Dominick
Fund, Inc.,
according to

$25 a share. The sale was
subject to approval of the Federal

amounted
to
$7,801,126 or $5.37
per share, compared with $7,741because
Madison
Fund, 655 or $5.32 per share for the same
difficulty in recalling such cdrs and mortgages, the "life" com¬
which
is
registered
under
the period of 1959.
as the
Graham and Paige. In the
panies could become a major force Investment Company Act, owns
No net gains were realized from
years
following World
War II, in the market if they were to be
8.3%
of
the
common
stock
of
sales of investments in the 1960
Graham-Paige gave up the manu¬ stirred by fears of a new infla¬ International
Mining. The act for¬
facture of pleasure cars and be¬
period, while 9 cents per share
tionary spiral. The major bene¬ bids
transactions
between
af¬
stockholders.

to

ure

has
elected

The

for

mon

Com,

P a n y>

*

*

in¬

State
Net assets of The Fully Admin¬

of

1960 for

istered Fund increased from $10,-

by

714,100

*

under

the

was

or¬

of

the

Feb.

15,

laws

Delaware

on

the purpose

of acquiring
assets of Reeves

Sound

the

merger

Studios,
Inc.,
Reeves
$11,004,400 on June 30, according Products, Inc. and Southern
the
Space
Age reports
a
per
share
net
asset to Herbert R.
strong belief that common stocks outdistanced
Anderson, President Broadcasting Co. Reeves Sound
favorites.
do
value of $13.18 on June 30.
not
This of
represent proper invest¬
Group Securities, Inc.
Studios, a pioneer in its field, has
ments for a
life insurance com¬
Over the
counter
and
a
out
of amount, together with
special
The June 30 assets equaled $9.16 been in the business of furnishing
pany. A mere fraction of 1%
of sight, they reflect a tremendous capital gain distribution in Feb¬
sound
recording
services
and
a
share compared with an asset
Metropolitan's
more
than
$17 growth industry. At the close of ruary of 22 cents, is
equal to
facilities to the phonograph record,
value of $9.26 a share on Dec. 31.
billion in assets is represented by World War II, life insurance in $13.40. The net asset value a year
radio, and industrial, theatrical
Mr. Anderson reported that the
common
stocks—largely defensive force totaled a little more than ago was $13.98, and three months
and
educational motion
picture
American Telephone & Telegraph, $150 billion.
proportion of the Fund's assets in
That figure now is ago it was $12.68.
industries, and for the television
has

never

made any

secret of his

dustrial

equities

and

Massachusetts

have

many

Investors

Dec.

on

31,

Trust

1959

to

.

at that. Some years ago
took
a
dim
view
of

equity
would

that
sell

additional
which

has

he

said

rights to
shares

of

Mr. Ecker

subscribe
A.

advanced

Pru's

Mr.

over

a

half

trillion!

T.

&

rather

Shanks,

to

T.,

sub¬

years.

on

tial

factor

business.

important

in

rising

What's

*

#

were

862

and

cheap—historically

tically

—

have

been

buying

Investment leaders
pros—have been selling the shares.
Indeed,
Fundamental
Investors
has gotten rid of its 63,000 shares
—

of the country's No. 3

Diversified

dumped

its

Colonial

11,200

auto maker

shares

Fund

Incorporated
Investors

for

Street

weeks

with

not well with

EST. 1925

has
talk

110,150,489

been

that

a

the

quarter,

the

investment

new

trust

in

the

Jan.
of

1, 69.7%

trust

ments

eliminated

in

14

invest¬

companies in the
equipment industry,

agricultural
and

its

two

reduced

its

commitments

in

others.

government

*

was

Chrysler.

Net

assets

total

record

a

of

period-

$11,665,345

30, for gains at 16.7%

590.387

❖

*

June

on

30

a

on

in six

year

G.I.T.'s per share value
came

to

cents

ago.

June 30

on

per

Fund,

closed-end

in¬

$6.84. Adjusted for a 36share capital gains dis¬
earlier

in

the

it

year,

the
equivalent of $7.20 on
that date, compared with $7.19 on
Dec. 31. 1959. The fund's per-share

to

to

$44.25

share,

per

the

highest

June

30

into

existence

in

ern

Fund
A

a

year

%

❖

net

are

objectives

possible

income

ago

as

Corp. operates
broadcasting facilities

long-term

growth

for

Prospectus

each fund is available

of

its

upon

this

which

on

and

request

asset

June

30

together

$22,528,419,

a

with

year

Shares
of

with

on

share.

of

Feb.

This

1

earlier.

of

1,408,893

stock, $1
of

Atlanta

«—

Los

Angeles

of

common

$866,783

value, and

sundry debt.

Trust

work

on

amount

capital-gains
cents

a

is equal to

with

share

$9.04

sponding net asset value
share

a

year earlier.

of

I.

duPont

New

&

Co., members of

York

Stock

opened two
and

senior

by

the
has

A.

Texas,

it

is

duPont,

Rhett

partner.

Swampscott,

Parlow,

associated with

ties

field

ten

years,

Boston

Exchange,

offices in Boston,

Houston.

Sydney
Mass..

new

in

Boston

the

for

securi¬
past

the

is manager of the new

office

at

80

Federal St.

a

Nathanield
corre¬

$8.92

nationwide net¬

its

security and commodity
brokerage offices to 77, Francis
of

Mass,

reports

share

This

compares,

Expanding

Houston
—

shares

par

announced

each

the
26

of

s;s

$8.78.

was

$21,-

each

on

&

value

distribution

paid

Lord, Abbett & Co.

properties

area.

Upon completion of the current
financing, outstanding caoitalization of the company will consist

came

each of 3,304.654

$7.64

shares

Century
net

were

Fund

capital
and
shareholders.

and operate

own

in the Charleston

New duPont Offices

compares

t

from your investment dealer.

Chicago

has

in

#

assets

This

2,848,306

Common Stock Investment Fund
Investment

-—

motion

industries, and
rendered
such

Broadcasting

television

Funds

equal to $6 81

New York

television,

other

particularly

mid-1957.

shares.

current income.

the

and

$7.39.

figure reported since Abacus Fund

total

a list of securities selected for

for

supplement to services rendered
Investors by Reeves Sound Studios. South¬

General

reached

ending
June

of

Management
Corp. Ltd. reports that at June 30

investing in

tracks

picture

a

value

came

Income Fund

industry since its inception. Reeves
is engaged in developing
motion picture films and sound

Products

services in connection with and

/

vestment company, announced net
asset value on June 30 was
equal

Incorporated




cash

was

Abacus

its

:

£00 Berkeley Street, Boston, Mass.

and

to 7.1%; and
increased from

22% to 23.2%.

Mutual

THE PARKER CORPORATION

bonds

bonds

corporate

751.505

on

on

July 1; holdings

on

decreased from 8.7%

tribution

possible long-term growth of

A prospectus

steady

69.3%

&

list of securities selected for

A mutual fund

remained

during the six months:

Trust

During
made

stocks

common

from

and

buzzing
all

213,785

A mutual fund investing in a

capital and income.

total

year,

205,085.'

Investors

eliminated
5,000-share interest.
Wall

June 30

Charleston, South Carolina, and
of International Telephone
months and 35.2% in 12 months. the company has two real estate
Telegraph Co., and increased its New
high total compared with subsidiaries, Braemar Corporation
the
holdings in 23 other companies.
$10,004,073 last Dec. 31 and $8,- and North Pimlico Corporation,
the
The

and statis¬

stock.

while

on

were

period to

amateurs, reasoning that Chrysler
shares
was

assets

there

12-month

the

difference between
the amateur and the professional?
The answer: The pro knows. The

MUTUAL FUND

net

$1,493,822,047,
and
there
113,366,516 shares outstand¬

shares outstanding. The number of
shareholders increased during the

interest rates.
.

total

been net assets amounted to $1,539,750,-

they've
beneficiaries of

*

were

money-lending ing. On June 30 of last

the

Hence,

the

The

Inci¬

dentally,
rich
insurance
com¬
Metropolitan panies, like banks, are a substan¬

stantially in the intervening
The

well

that

even

a

manager

Ware,

prominent in

investment

of

the

new

circles,

1S

office there

in the Texas National Bank

Bldg.

Number 5972

Volume 192

.

The

.

.

Commercial

and Financial Chronicle

(377)

On the Family Plan for man and wife the cost will be about

$50. less for the wife from New York and Philadelphia. Family
plan will not apply west of Chicago.
Suites at Sun Valley are limited both in size and number.
Those who wish to host cocktail parties may want to use the
following facilities:
r

Redwood Room will accommodate 250 persons; Duchin Room
will accommodate 100 persons; Ram will accommodate 100 persons; Lodge Ski Room will
Creek will accommodate 100
mile

from

the

accommodate 40-50 persons; Trail
persons inside (approximately one

Lodge).

;

?

For

reservations, those planning to attend should communi¬
cate with:
'■
U'U■
:
■

NSTA HALF-PAGE CLUB

JOIN

A salute to William "Ham"

III,

Gregory,

Gregory

SPECIAL

&

Inc.,

City,

who

their

usual

New

have

Traders

Convention

SUN

TO

Annual

P.M.

Leave

6:21

P.M.

Leave North

New

1960

10:00

7:00

end

Chicago

Leave

Omaha

A.M.

Leave

3:30

P.M.

Arrive

September

NSTA Convention Schedule
has

announced

the

Accumulation plans for the pur¬
chase of mutual-fund shares con¬
tinue

Leave

P.M.

Arrive

6:45

A.M.

Arrive

Omaha

Union Pacific

3:45 P.M.

Arrive

Chicago

Milwaukee RR.

5.45

P.M.

Leave

11:38

A.M.

Arrive North

1:45

P.M.

Arrive New

Union Pacific
Union Pacific

Friday, September 16, 1960
PROGRAM

11

SUNDAY, SEPTEMBER
12:00

Noon

I

Registration

3:30

P.M.

P.M.

President's

8:00

P.M.

Dinner

9:00

P.M.

Dancing

riodic

with

Pennsylvania RR.
Pennsylvania RR.

Phila,

York

A.M.

Past

10:00

A.M.

National

11:30

A.M.

and

Stock Offered

Municipal Forum

P.M.

Luncheon for Ladies and Gentlemen

1:00

Officers'

Breakfast

Committee

Meeting

10:40 A.M.

Leave

6:00

P.M.

9:00

P.M.

A.M.

Cocktails, Trail Creek Cabin
Barbecue, Trail Creek Cabin

P.M.

7:00

5:30

5:30

P.M.

16,

September

of

1960

Sleepers may be occupied until 8:00 A.M.
Leave Portland
Northern Pacific

Dancing

Barney

3:30

8:30

A.M.
A.M.

Golf Tournament,
Ride

Leave

P.M.

Milwaukee RR.

Seattle

1:00

P.M.

Luncheon

1:25

Fashion

and

Wednesday,

Tennis, All Sports, Chair Lift
Show

for

Ladies

5:30

P.M.

Ice

6:30

P.M.

Arrive Chicago

Buffet

9:00

Ice

Dinner

Ladies'

P.M.

of

P.M.

Officers

Dinner

Details

and

the

will be announced

Presentation

of

Officers

Teams

later.

'

Frank "Pancho" Willmarth, the well-known Caricature Artist
who was
present at our 1953 Convention at Sun Valley, will be
with

again for two days this year.
at Sun Valley is informal.

us

Daytime dress

suits,

sun

Sports attire, swim
clothes, berrnudas, levis (for horseback riding) is the

thing.
A warm
wrap
around Sun

viduals

is recommended for outdoor dining or walking

Round Trip

the All Expense Trip, which includes

Pullman, all meals

and

be

made

as

early

baggage between

on

the train

hotel

and

as

possible with Earl

There

train, will be

approxi¬

as

is made with

those traveling to Sun

Sun Valley bus.

Chairman:

Two in

Chicago

Compartment

Each

From

Two in

Bedroom

Each

$205.00
375.00

380.00

Philadelphia

360.00

365.00

To Sun Valley
Returning via

Two in

Each

From

rooms

at

Sun

455.00

Valley, also
« in the All
Expense costs.

at Seattle,

v" sipglg rooms and.. minimum rate suites will *be at the
enailenger Inn. There will be a limited number of suites only
at the
Lodge. ' ■
-■
r.




'

f'

Seattle.
Jackson

&

Curtis,

the

principal products in¬
line of elec¬
organs; the Gibson line of
guitars, other fretted musical in¬
the

Lowrey

struments

and

electronic

fiers; and the Olds line
instruments.

large

It

domestic

also

is

ampli¬
of

importers

band
of the

one

of

ac¬

cordions, and
a
distributor
of
violins and other stringed orches¬
tral instruments.
The company's
products
4,000
to

as

are

sold

by more than
throughout
the

dealers
markets in

other countries

throughout the world.
Consolidated

sales during the
ended April 30, 1960 totaled
$22,253,883 and net income was

Schlicting, Wm. P. Harper & Son

Skating

Show:

Mrs.

Helen

J.

Zimmerman,

the

year

ended

May

&

Gannon,

Inc.,

J. S. Strauss, San Fran¬

cisco; Derele Swails, Geo. Patten Co., Portland; Preston Phipps,
S. Jones Co., Portland; Dan V. Bailey, Foster & Marshall,

April 30,

Named Controller of

Donaldson,
Eugene J. Messenkopf

Burke,

Activities: Leslie Howard,

in

1959.

Bingham,

Boston; Mrs. John O'Rourke, J. P. O'Rourke & Co., Chicago.
Special

$1,327,231, compared with $19,057,496 and $1,081,261, respective¬
ly,

Ill, Gregory & Sons, N. Y.

Seattle.

Fashion

have not been

$1,-

of

year

Costume Party: W.
Walter & Hurry, Inc., Los Angeles.
Ice

470.00

450.00

& Co.,

and

notes

Its

clude

EVENTS

Seattle

Hunting & Fishing: Hugh

$305.00

465.00

York

Philadelphia
Hotel

Each

$300.00

Chicago
New

Two in

Compartment

long-term

United States and Canada, as well

Sidney J. Sanders, Foster &, Marshall, Seattle.
Division: Claire B. Sanders, Foster & Marshall,

Tennis: William H. Gregory, Jr.,

Bedroom

shares

common

tronic

golf, tennis and bowling tournaments as well
available for those attending the Convention.

Golf: Taylor Patten, Blyth & Co., Inc.,
Bowling: Robert Diehl, Paine, Webber,
Los Angeles.

Portland and Seattle

issuance

40,000 shares, consisted of

ments.

Trains leave Boise at

CHAIRMEN INDIVIDUAL EVENTS

$210.00

New York

Women's

to

The company is a manufacturer

Bus arrives Sun Valley 5:35 P.M. and

CHAIRMEN INDIVIDUAL

Returning Direct

stockholders

and distributor of musical instru¬

r

To Sun Valley

of

iaries.

will be

mately (Federal Tax included):

the

325,699

Fare $5.96.

other sports

financing

new

company and consolidated subsid¬

P.M. and 11:40 P.M.

3:55 AM.

number

714,025

should accompany

Distance, Boise to Sun Valley, 185 miles.
Union Pacific has two trains from Boise to Shoshone where

and transfers of indi¬

shares
offered, 40,000
being sold by the com¬

are

and represent

a

of

may

connection

was

The of¬

1960, adjusted to reflect

Secretary of NSTA, Reinholdt & Gardner, St.
Registration Fee ($50 for members; $65 for

be turned in at Sun Valley Garage; however, a
turn-in charge of $15 will be made.
Avis cars may not be turned in at Sun Valley Garage. Rates
are
the same for both—$10 per day plus 10 cents per mile.
cars

stock

share.

plan for the ultimate impact of
gift, estate and inheritance taxes.
Capitalization as of April 30,

Valley by plane that at the time they make plane reservations
they also make reservations for a rental car through the airline
to be ready at Boise on their arrival.
Hertz and Avis Rental Cars are available at Boise Airport.
Hertz

The

per

diversify their investments and to

reservation.

12:35

Valley village in the evening.

The cost of

hail and

by

for

Check

The Convention Committee suggests to

Dancing
Bowling Tournament for Individuals and

of

should

New York

nonmembers; $65 commercial; $40 for Ladies)

Reception

P.M.

Hagensieker,

Louis.

Bridge Tea

8:30

Arrive

(Chicago,

and 220,000 shares are being sold

Pennsylvania RR.
Pennsylvania RR.

Arrive North Phila.

AM.

Reservations
A.

Meeting

Luncheon at Redfish Lake

7:00

A.M.

8:30

14

National Committee

Noon

4:00

7:03

Skating Exhibition

Election

12:00

pany

Thursday, September 22, 1960

WEDNESDAY, SEPTEMBER
A.M.

Pennsylvania RR.

Skating Costume Party

7:30 P.M.

9:30

Milwaukee RR.

Chicago

the

shares

Milwaukee RR.

Leave

P.M.

4:00 P.M.

Cocktails

P.M.

Of

1960

Arrive Milwaukee

P.M.

2:55

and

Gentlemen

September 21,

shares

Chicago

for the first time.

Breakfast for Presidents of Affiliates

9:30

of

fering makes securities of Chicago
Musical Instrument Co., organized
in 1920, available to the public

Monday, September 19, 1960

TUESDAY, SEPTEMBER 13

Co.

&

priced at $20

Northern Pacific

Seattle

Arrive

stock

111.) was made July 27 by an un¬
derwriting group headed by Smith,

Union Pacific

Arrive Portland

offering of 260,000

common

Musical Instrument Co.

P.M.

9:30

Public

Union Pacific

Sun Valley

Friday,

Speaker: Mr. George Romney
President, American Motors Co.

.

com¬

May

Chi. Mus. Instr.

1960.

Thursday, September 15,

8:30

•

This

in

32,720

Saturday, September 17, 1960

Reception

MONDAY, SEPTEMBER 12

.

payment basis.

30,137 in June, 1959.

Optional Side Trip to Portland and Seattle

.

the

Sand Painting Exhibition

6:30

at

month,
June, 30,163

pares

Pennsylvania RR.

Chicago

investors

than 30,000 a

reported. In
voluntary and contractual accu¬
mulation plans were opened for
the purchase of shares on a pe¬

A.M.

Valley

attract

more

NAIC

8:30

Cheyenne

to

rate of

10:15

Sun

Total assets of 155

in June of last year.

Thursday, September 15, 1960
Association

of May.

of

Union Pacific

Valley

RETURNING

program and special train schedules for the 27th annual conven¬
tion to be held Sept. 11 through Sept. 14 at Sun Valley.

of

assets

Union Pacific

Cheyenne
Sun

combined

on June
30,
1959, was $14,971,906,000.
Redemptions of shares in June
totaled $85,436,000, compared with
$71,402,000 in May and $70,194,000

1960

10,

had

mutual fund members

Milwaukee RR.
Union Pacific

1:00

members

$16,096,613,000 on June 30, com¬
pared with $15,765,214,000 at the

Leave

P.M.

account.

one

mutual-fund

NAIC

Pennsylvania RR.

Saturday,

Traders

than

Pennsylvania RR.

Phila.

■

shareholder

Pennsylvania RR.

York

Arrive Chicago

A.M.

'

"

158 mutual-fund

investment ^ company mem*
These companies have some

The

Friday, September 9, 1960
8:00 A.M.

page

'

accounts,
representing more. than 2,100,000
shareholdrs, individual andinsti-.
tutional, many of whom have

Wm. H. Gregory III

Security

$181,577,000.

bers.

Association

Zeeman, Jr,

National

Investment Companies. Purchases
in June a year ago amounted to

end

VALLEY

Daylight Saving)

5:00

advertisements.

The

$178,013,000
June, an
increase
over
May purchases,
which totaled $159,620,000, accord¬
ing to the National Association of

more

sup¬

-

purchased

of mutual-fund shares in

The NAIC has

Convention

Thursday, September 8,

Supplement by

renewing their half

Harry L.

27th

Not

evinced

port of the National Secu¬

rity

Investors

member companies and 26 closed-

(All Time Shown Is Standard Time

York

splendid

SCHEDULE

Up

From May Total

4,500,000

Harry Zeeman, Carl Marks

Co.,

TRAIN

NSTA

Sons, New York City, and
&

Fund Sales

James

B. MacFarland, Stroud & Co., Philadelphia, Pa.
Casper Rogers, Casper Rogers Co., New York, N. Y.
Edward H. Welch, Sincere and Company, Chicago, 111.

21

1

will

become

Lufkin
August

on

controller

and

a

holder of

voting stock in Donaldson, Lufkin & Jenrette, Inc., 5i
Broad
Street, New York City,

June

members of the New York

Portland.

Exchange.

,

Stock

22

The Commercial and Financial Chronicle

(378)

action—one

market

Portfolio Management
income

Continued from page 1

Eastman Kodak, American
Products, International

trie,
Home

Business

Machines,
Minnesota
Mining and Minneapolis Honey¬
well—all pretty high grade situa¬
tions

would

—

taxable

at

1000%

or

after taxes. This is

of

cess

1400%,

about
at 25%,

of

most

over

in

ex¬

25% compounded annual

a

Even if these stocks

return.

in

resulted

have

gains

average

were

selling at half of their present
prices, the average gains would be
nearly 500% after taxes. How can
interest

dividend income

or

pete with this?
Yet

that

\

■

also

must

we

the

com¬

object

understand

investment

of

principal is to produce income.

If

investment

an

does

current income

income, it has
Let
At

look

us

of

or

no

at

not

produce
promise future
principal value.

those

present prices,

stocks.

six

they yield less

than 1V4%

and capitalize earnings
40 times. But at 1949 prices,

some

present dividends yield about 17%
and

present earnings are
ized less than 3 times.
I

think

fair

a

principal

is

is this:
as
virtue

analogy

income

to

capital¬

is to happiness. If we concentrate

virtue,
piness as
on

hope for hap¬
by-product.
If we

we
a

concentrate

can

on

principal, both its

growth and safety,

ing

the

assure

tion

future income.

on

of

way

we

future

choos¬

are

which

course

will

best

returns

thinking
principal

of

whether

—

the

on

safe

return

bond

a

one

of

or

is

of

the

cipal values—with
10

or

secret, concentration
far

as

as

one

future

on

re¬

realistically

can

look ahead.
Ill

Choosing

Stock

a

Portfolio

I will try to cover a number of

those

stocks

tober.

Philips Lamp has advanced

Emphasis on long term pros¬
brings the best results—
short term or long term.
At the
Trust Company we periodically
pects

list of relatively attrac¬
stocks, usually numbering 30

prepare a

tive
to

35, out of the considerable
larger number that we are will¬
ing to buy. This list is prepared
informally but carefully for the
guidance of our account execu¬
tives.

put

We

find

minds

our

temporarily
term

ter

do

ally

and

the "more

we

including

less

we

short

on

we

longest

con¬

period

judge, the bet¬

can

results

our

the

stocks that look

the

on

ahead that

on

cheap

results,

centrate

that

become—usu¬

short

our

term

market results.

For example, tak¬
ing our recent record, we are
naturally pleased that our choices

of stocks since last October-—when
we

started

—have

than
ages.

keeping account of this
done considerably better

the

recognized

The

stocks

stock

that

aver¬

have

con¬

tributed
those

most
substantially are
bought for the longest term

results:

stocks

like

Eastman

the

most,

come

and

in CIT

as

Electric,

been

pick

our

mediocre.
an

or

If

Rochester Gas

results

This

we

said:

let's

1960 will be a good year—we will
sell before the others—our results
were

I

particularly

poor.

Consider the investor who says:
am
retired, I have no family,

—no

want
now

me

plowback stocks for me—I
my
dividends and results
imd

in

the

futore. Buy

the income utility or that high




Goodrich

100%.

over

the most, over 20%.
that the Philips Lamp

means

prob¬

trends

adverse

ence,

than favorable

we

tions.

more

information
has
been against the end of an era in
which
obtain, but the Dutch have equities have enjoyed
satisfactory
led the way, the Germans are fol¬ conditions and the possible
com¬
lowing and we are working hard ing of an era in which
they
at

of the

stock

They will

some

reliable

duce

unnecessary

be

not

should

trends

results

soundly based,

Conditions—even

not.

others

those

that

re¬

but

investments

in

with

IBM

When

no

of sale.
portfolio of

power

receive

we

a

stocks, bur 'early reviews are very
tion; they
tive

concerned with the

are

consider unattrac¬

we

unsuitable.

or

diversifica¬

with

concerned

The

more

we

oil

The

industry, long the giant like a stock, the more willing we
of successful investment-, came to are to have too much of it. Never¬
for every $100 for the Goodrich
a
significant turn in its affairs theless, while we know that we
investor—and continues, 1 believe,
three
years
ago.
The insurance cannot have too much of the right
to have better prospects.
These
industry, for so long so outstand¬ stock, we do normally diversify
are short term results from look¬
ing, has come upon more com¬ among a reasonable number of
ing for the superior long term
petitive times. The paper indus¬ issues.
We have a high opinion
prospects.
try, pre-war cut throat, postwar of quite a few companies.
Each
Or take the investor who looked
steady growth, has for the most field has its peculiar risks.
In
over
the Dow Jones stocks back
part settled down to competitive human terms, a good investment
in

December

that

1949

decided

and

Chrysler's 9% yield

humdrum

conditions.

Trends

do

have
a
certain
persistence, but
they are nevertheless dangerous¬
Chrysler investor has ly fickle. So we are thrown back
lost over 25% of his market value on our own hard
digging and on
while the Eastman investor has our
persistence and judgment in
increased his by 700%. The East¬
visualizing the futures of indus¬
man investor now has over $1,000
tries and companies.
market value for each $100 for the
Furthermore, we run into the
Chrysler investor—as well as hav¬
danger of over enthusiasm re¬
ing a 12% dividend return on his
garding favorable trends.
It is
purchase price versus 1%% for
fine to
rely heavily on plowed
the Chrysler man. It has been the
back earnings and growing sales
Eastman
investor who
actually and
profits.
But in the practical
obtained the 9% yield—and more.
investment world we

attractive

4%.

than

was more

Eastman

Kodak's

The

measure

how

But

do

judge the long

we

term

results to

large extent by

a

prospects? Naturally we are
looking for industries with excel¬

ket

lent

prospects

market action,

not

beset

other

for

with

factors

sales

growth,
oversupply
or

and,dfor hcompanies

industries

find

,

in

investing mainly in the attractive
industries, such as electrical and
electronic equipment, growth util¬
ities,
drugs,
office
equipment,
photographic
and
reproduction,
and

other

labor

saving devices;
final analysis we are
picking companies, especially as
many do not fall neatly into an
industry pattern.
Does General
in

the

Foods specialize in foods

labor

or

saving? Is it the insurance plus
tips the balance in favor of

that

Sears Roebuck?

sify

pick

How do

clas¬

we

American

not

Express? We did
Minnesota Mining
as

representative

of

industry.
Why is General American Trans¬
portation, generally classified as a
railroad equipment, so successful?
An industry or
company with
attractive

an

is

prospects

suffi¬

not

cient.

The.method of financing—
particularly the plowing back of

earnings

is usually

—

decisive

a

factor.

Take the electric utilities:
difference
between
Florida

'the

Power

and

Light's

250%

growth

share

since

California
results
the

in

biggest

than

more

earnings

1949

and

Edison's

from

factor

per

Southern

30%

several

growth

factors,

is

the

but

Florida

company's

ability to finance its
equity needs largely out of plowed
back earnings.
So

must

we

judge future sales

prospects,

profit margins, man¬
agement, plowback—and we must
estimate
the

from

potential

this there is

these
and

no

dig

work
are

hard;

and

ment

to

risk.

re¬

field

contacts

experienced
this

Use

For

equipped and

extensive

management

required;

both

real short cut:

search must be well
must

factors

the

judg¬

information

is

essential.
Can past market action
To

a

limited

acted

well

likely
than

to
one

poorly.

If

help us?

extent—yes.

rience shows that
in

act

a

which

Expe¬

stock that has

the

well

past

is

more

picked

IBM

on

where the
does
and

in

and. XYZ

basis

of

im¬

more

maximizing profits.
word on respectable

a

with

These

mediocre

prospects.

the

prime enemy of
good
results among experienced
investors. The experienced inves¬
are

will

tor

with

not

bad

usually
with

stocks.

much

portfolio

income

current

good

and may show a substantial
tal

gain

original cost.

over

holdings

must

of

return

safety

be

look

attacked

with

stock
term re¬
rely
on

to

long
short-term;

not

with

not

—

an invest¬
high element

a

ignoring the fact

that any inflation will cut

sharply

intQ this return.

A good bond in¬
does not compete
very well

come

against attractive equities. How¬
as
equities become higher
priced relative to values, their in¬
come
potential declines and the

ever,

risk

element

increases.

•

A

bond's
become
substantially more attractive, par¬
ticularly a tax exempt return to
return

and

safety

individual

an

in

them

investor.

The

equity capitalizations

of

rise

earn¬

ings and dividends and the higher
prevailing interest returns have
not

yet in

balance

bonds;

opinion swung the
in favor of
they have certainly

my

decisively
but

narrowed the

tractiveness

margin of equity at¬
have

and

made

degree of security that
in
individual

seems

sirable
much

any

de¬

portfolios

less

portions

years

should

research

be

higher in in¬

portfolios

than

few

a

ago.

to types

As

capi¬
These

discretion but with energy.
To sum up on choosing a

portfolio:

in¬

trouble

substantial

a

maximizing

costly to obtain. For
these reasons, even though we
are
fairly optimistic on the economic
The problem is
outlook, we believe that bond pro¬
and a

have

inertia

provide

than

Third, it is to produce
ment

holdings of re¬
dividual
spectable tired old blue chips that

curities,

of fixed income

tax

exempts

se¬

generally

have the most to offer in the
pres¬
ent
market to
individuals in a
Federal

tax bracket above 30%.
choice of bonds, competent
research enables us to
buy sound
issues which are rated less than
In

our

companies

with

second

and

third rate prospects because their
stock prices look relatively
cheap.

We

looking for future re¬
turns
and
potentials, but with
strength and quality of conditions
are

into consideration.

taken

appraisal

of

our

returns,

future

In

we

emphasize both potential and se¬
curity.
The potential of an IBM
Texas Instruments

or

consideration.

But

in

we

the

tential

price conscious

risk.

to

a

po¬

So

those companies
but solid prospects

slower

of

expanding earnings with a high
degree of certainty—selected com¬
panies in the food industry, in

retailing,
and
not
American Telephone.
it

has

substantial

seemed

attention

excluding

the

countries

British

to

that

us

should

be

and

in

parts

low

cost

Dutch

of

not

steel

com¬

pany, Broken Hill—the still lower
cost Australian steel
company—
both
with
well
protected
and

growing markets, the leading West
German chemical
companies, and
many others.

These countries

their

their

financial

porate

policies

costs

are

markets

are

lower;

and

cor¬

just recently
moving toward .ours; the stocks
are generally
cheaper; and inter¬
are

nationally speaking
to

be

in

the

same

equivalent?

or

first

question here

proportion

should

is

be

why

above

that needed for liquid reserves for

emergencies.

We expect that

the

economy will continue to grow,
that some inflation is more
likely
than deflation, and that our

equity

we

boat

all

seem

together.

are
used sparingly,
if at
all, since they are relatively high
price due to their tax advan¬
tage to corporate holders.
Con¬

in

vertible

bonds

and

preferreds

sometimes offer to individuals an
attractive combination of a good

equity with safety. However, un¬
investors, the in¬
is frequently not inter¬

like institutional

dividual
ested
p r e

in

f

the

err e

corporation bond or
d" and * will generally

either buy the equity or avoid the

situation.

outweigh immediate cash income
requirements except in trust s

Foreign bonds, Inter¬
bonds, commercial
paper and bankers acceptances of¬
fer tax advantages to
foreign in¬

where

vestors.

of

fixed

most

productive

the long term?

over

investments
Does not this

there is a legal separation
principal and income?

The
not

next

above

question

fixed portion

our

is

this.

ties?

buying

a

The

sentially
term

I

pri¬

—

reserve for

answer

think

Is
and

over

—

emergency reserves

marily

equi¬
is

es¬

except for quite short

no,

desirable

reserves

as

we

buying program, delay to
develop our best equity ideas or
hold back pending the
settling of
pursue a

acute emergency.

some

nent reserve is

at

serve

an

but
that

eager fare

that

at the stand—as
But what of

to take

pected

10

an

We cannot

no

value

re¬

an

a

in

the

•

or

the

were

shorter

When they are higher,
emphasize the intermediates,
i.e., the longer end of our matur¬

•

■

*

we

expect
our

the

need,

except

1 *

drastic upset in the
in the state; insurance

in

and

dollar

belive that

country's

the

the

need to

going to
keep interest rates in a fairly high
range for some years to come.
are

Conclusion
To

sum

up

these

comments

briefly:
(1) When investing for the in¬
dividual we must take account of

taxes, personal needs
*•

enough re¬

good

equity holdings to

resources

protect" the

the functions of

'•

some

emphasized

maturities.

capital

reserve.

■

reason¬

yields

upon

hold

First, it is insurance: insurance
against

we

When

come; and second, we
the demands

decline

we

the fixed income
portion?
*.V-17

economy

low,

safety with

trusts requiring full cash income,
for reaching for extra bond in¬

ex¬

pected decline.
And we will not
know when to get back in.
So our
fixed income portion is not
best

are

return.

minimize

long term
prospects, they may well be
higher not lower, after the ex¬

a

able

sults from

whatever.

any certainty.
If
stocks with attractive

as

Our objective is to pro¬

greatest

turities too long for two reasons:

concept I be¬

predict such

What, then,

20 years.

vide

rule

decline

with

thought of

particularly in tax exempts, gen¬
erally on a scale of 1 to 15 or 1 to

ity scale. However, even today we
try to avoid stretching our ma¬

intermediate

This

on

As to selection of maturities, we
recommend
balanced
maturities,

take

reserve.

20%

or

market?
lieve to be of

the type of
security
depends
the tax situation.

like

advantage of

stock

primarily

always to stay first,

a

Obviously,

income

not

could

had

Bank

is

instead

because of the

taxi

one

re¬

a

national

we

A perma¬

certainly not

all,
taxi

last

serve

Commonwealth;

only Philips Lamp, but Hoogovens
—the

this

the

given to the stocks of leading for¬
eign companies in the common
market

The

the

able attention to

And

and cash

also

today we
should look hard at the price of a
Polaroid.
We should give favor¬
with

portion of fixed income securities

of

to

pro¬

first

relationship

and

determine the

we

our

obvious that price must bear

satisfactory

do

must

is

we

looking for his¬
cheapness, nevertheless it

torical
is

not

are

sense

stocks

Types and Maturities
How

choices will be above average. Are
not well chosen equities
always

judge the degrees of certainty that
the potential will be reached and
the degree of risk that a drastic
change in prospects may occur.
While

observe

ence;

buying industries

travelled;

the

stocks

does not lie—it

answer

lie

not

acting

Machines

than

Finally,

is

security

basic needs is
more

our

important

vestment returns.

and hard experi¬
trends, but do not AAA. ! Corporation^ and govern¬
rely on them; consider price, but ment bonds
are
fused in low
not too much;
diversify reason¬ bracket portfolios. Short Treas¬
uries
very little into account. We
are
are
ably; avoid mediocrity.
frequently used for
faced
with
this
short
problem
term funds,
right
and discount
IV
now, and the answer is not easy.
Treasuries are sometimes attrac¬
tive to individuals. Preferred
However, I am confident about
Determining Bond Proportions,
five. What if it is

been

office equipment and knew noth¬
ing else about the companies—
and

favor-

our

growing more rapidly than we,
being earlier on the road we have

one

Business

What if

future

looked at the rela¬
tive market action of Internation¬
al

wise—but still by

are

the

in

has

we

capitalizing the
excellent compounded potential of 1965 but
ourselves
taking the inevitable risk element

with

We

management.

mar¬

action—by long term market

action if

portant

R§vcompany has doubled its earn¬ sults,
profit* ings but multiplied its price by hard

depressing

q

our

with

result

tection of

we

best

The

it.

Second, it is to help us sleep at
nights. In human terms the pro¬

any

industry,
on
the
other
hand,
changed its profit conditions for
time.

to

long term portfolio
at the Trust Company are in that
trust received in the 20's entirely
on

little

same

risk,

overdo

not

persisted over a long period—can
change drastically. The can indus¬
try was outstanding for growth
before World War II, but well be¬
low average since 1950.
The steel

the better at about the

We should

diversification

will

not.

diversification

portfolio.

have

in forecasting future results. Some
are

of information.

sources

our

A word is due on

past
market
only as sugges¬

use

can

Thursday, July 28, 1960

.

hard to

ones.

such

However,
trends

even

.

Accurate

investor has $250 in market value

have

automotive stock because

Oc¬

last

declined

Ko¬

dak, International Business Ma¬
chines,
Philips
Lamp,
General
Telephone, Vick Chemical, Min¬
nesota
Mining,
General
Foods,
American Express, Texas Instru¬
ments, Litton Industries, Haloid
Xerox, Universal Match, Houston
Lighting, Southern Company and
Florida Power and Light. Where
we succumbed to
high current in¬

selected

we

has

but

points briefly:

changes
100% or

or

are going to
be a lot more
important than the difference of
3%. in dividends.
Just take

these

sults

their

50

or

2 ,or

in

•

15

or

more

growth of earnings and dividends
stock. This I think is the real

well

be

his principal values. But his prin¬

margins,

a

he

Will

served? At any given time he will
have his dividends received plus

Concentra¬

principal values is another
saying concentration on

rail.

would

ably be right.
Trends — usually
being dependent on inherent con¬
ditions—have
a
certain
persist¬

.

and

personal

.

characteristics.
(2)

,We

must

concentrate

on

principal values first, current in-

Number

Volume 192

oy/z

The

Commercial and Financial
Chronicle

(379)
and then seek
that amount of in¬

second, in order to best
both principal and income

only

„nme

gjje

the

reS/r>tSin

stock port¬

choosing a

results.

fprm

fixed income
cash proportions, we must

a„d

by

Annual

School

day's work
and

address

Tenth
uate

cept that few of

Mr.

Forum

of

us

"see

can

our¬

security which selves as others see us." It shows
and the invest¬ tellers, guards, officers and other
employees
going
through
their

human needs

*An

determining

(A) Tn

extra

ment situation
suggest.

must concentrate on long

folio, we

and

surance

Goodrich

the

at

Finance, Grad¬
Administration,

on

Business

it

as

to

seems

then, through

them,

"flashback"

a

device, how it looks to the
tomer

and

what

cus¬

York

University,

New

York

City.

his

careless,
by the

em¬

ployee.. Then follows another

New

sacrifice of potential

recognize the

in

se¬

mind

as

result

a

different

goes
of

treatment

on

in¬

in which the "right way"
is shown in " contrast to the
pre¬

thing.
In

How Commercial Banks Can

Cash In

Modern Research

on

the

Continued from page 12
aware

(6)

may

open

are

their

relatively
Only

tellers

where
collar"

homes.

Per¬

a

few

said

that

them

by

bank
name;

could

just
of

cipal

know

why

reasons

choose

to

rather

than

do

to

render?

proportion—16 %

same

going to engage in research,
halfway measures are a waste of
time and money. Do it
and keep it up, if

How

with

else?

of

them

couldn't

the

was.

public

is

remember

This indicates
not

conscious" about banks

"name

as
as

had

we

supposed.

(10)

us

Only

about

18%

of

instalment

of

know

loans

to

pay

vaca¬

(11) Television was indicated to
be the strongest advertising me¬

about what the public, both

more

customer

and

thought about
we were

non-customer,
and

us

dium

the service

where

where

we were

find out,

we

and

Alfred

excludes

survey

less

Results of Manufacturers
first

Trust's

summarize

why

particular

amply confirmed.
the

some

reason,

of

(2) Next
in
courteous and

as

was

same

ratios, in general,
people who had changed

banks in the two preceding

was indicated that the
people who changed
anks because of
what they conumber

of

aered poor
service

us

treatment

mes

the

ecause

barges

was

or

discourtethan five

more

number

they
were

something to im¬
and friendli¬

who

thought

changed

service

too high.

(4) Some 41% of

as

possible

things which had been

who

this

Once

largely

a

would-be

and

into

come

had

the remainder of the

matter

been

the

done,

problem

was

communica¬

of

'

»•'; What

customers

Film Can Show

a

studies

Our

film

sound

indicated
was

by

500

requests

for

the

correspondent

film

banks

English-speaking

abroad.

countries
received a

decision

Recently

What

they
as

are

one

number

of
customer
complaints
reaching official levels during the

first 12 months after the film

shown to

32%
What

the

gained

we

In

employees dropped
preceding year.

our

from

was

in
intangible
only be guessed.

can

addition

to
our
improved
of the importance of
friendly treatment

knowledge
courteous

and

of

customers, we learned some
other things which influenced our
policies:
(1) We made changes
advertising media.
(2)

We

in

our

of research

an area

that I must confess our bank has
not yet explored. That is the anal¬
ysis of one's own customers. In the
average bank a substantial
tion of one's customers are

por¬

savings

depositors. The importance of sav¬
ings deposit in Kansas, for ex¬
ample, is illustrated by the fact
that commercial banks at the end
of last year held over

How

many

have the up-to-date addresses of
the remainder of them?
If we
would

cultivate

savings

our

cus¬

tomers for checking
accounts, in¬
stalment loans, safe deposit

boxes,

etc., how

going to

are we

commu¬

with

that

of

any

What effect did all this have

on

statement and bal¬
ance sheet, you may ask. The only
answer
is that, frankly, no one
knows.

bank

and

The

earnings are so
that the

complex

single

any

isolated.
terest

one

of

All

have

rates

numerous

effects

scarcely

can
us

affect

that

factors

of

be

know that in¬

gone

during

up

the last five years, and that alone
would account for the increase in

that we
have improved our share of the
total deposits of banks in the New
York City market—not as much
as
we
would
have
liked,
but
earnings.

our

the

nevertheless

ward
have

We

know

have

we

gone

and not backward.

improved

for¬

We also

percentage

our

share in the instalment loan busi¬
in the New York

ness

somewhat
but

a

City market

spectacular,
gain is better than a loss.
nothing

—

whole
an

job. No matter how strong
impression may be, it tends to

fade with the passage

provide the necessary "follow-up,"
a
series of
monthly
discussion
group

at each banking
the
in charge, in which all em¬

meetings

office under the leadership of

paying higher rates for
savings, why do so many depos¬
itors stay with us? There must be

and research is the
way we can find out. If we
find out why certain people choose
to

reasons,

leave

their

savings with

us

in

preference to competitors who pay
higher rates, wouldn't that be val¬
uable

information

Banks Have Neglected

Public

Relations

These

Couldn't we'do1
could

better job if we

a

substitute

fhc^'for

moral, if you
Research

point
a
want to call it that.

is

not

a

"miracle

drug"

please don't expect too much
from it right away. Banking has

—so

is what

call

we

it.

on

recent

more

bank

example

"Insured Edu¬

our

cation Loan." Income taxes being
what they are, it was not difficult
to re£ch the conclusion that
many

families in the upper-middle
upper income brackets

and

having

are

difficulty in financing the cost of
higher education for an increasing
number

of

daughters.

Our

their

and

sons

problem

to

was

method

a

which

longer-term

is, for

course—at

rate was

rate of interest which

a

too

permitted

high and the terms

under
short

too

the

overcame

plan.

the

news

the

State

our

but

last

On

laws

year

we

and

on

obstacles,

August 11, 1959
new

financing—that

period longer than the
four-year
undergraduate

a

usual

were

would pro¬

announced the

we

the

first

appeared

in

day
the

that

press,

telephone switchboard of

months
made

Loan

with

since

about

our

Department was
calls. In
the
10

that
900

time

we

education

have
loans

for

a total of nearly
$3,000,000.
"Knowledge is power." This is
the principle underlying most of
today's research, in banking as

elsewhere.
the

more

if—we

The

we

can

more

we

know,

do, if—and only

know how

to

Research.

cash in

on

.

*An

addres

Kansas

by Mr. Warner before the

Bankers Association's

agement

Bank Man¬

Clinic, Lawrence, Kansas.

work?
We know from

published statis¬

and

it is easy to

say that certain
types of competing organ¬
izations have the "inside track"

other

the

and

standpoint

freedom

of

taxation

from

"ceilings" as
liberal lending and

as

more

render.

meaning of

This

is

the

real

"full service bank."

a

Providing Services at Lower Cost
There

is

still

another

which research
ful

and

the

can

profitable
of

area

be

to

area

most

which

the

public is now obtaining from nonsources
but which we

banking
could

render

at

lower

cost

usually faster than others

and

One

can.

doesn't learn about these opportu¬

nities

through

opinion

polls

or

direct market research. If you ask
John Doe what additional services
he

would

like from his

bank, he
that, everything is

will either say

Seaboard Finance
Debentures Sold
Public offering of $40,000,000 Sea¬
board
Finance
Company
5*4%

sinking fund debentures due 1980
made on July 27 by an under¬
writing group headed by Lehman
Brothers and Blyth & Co., Inc.
The debentures are priced at 100%
plus accrued interest. The offer¬
ing, representing the first public
was

sale of the company's debentures,
sold quickly at a premium.

Seaboard,
which
is
primarily
in
making
loans

all

in

and

sales

engaged
personal

finance,

will

add the proceeds from the offering
to

its general funds. The proceeds

use¬

That is

us.

services

in

be applied initially to reduc¬
of
short-term
bonds
origi¬

may
tion

nally incurred to lend to custom¬
to

and

ers

purchase

receivables

in the ordinary course of business.
The company, whose
executive office is in Los

principal
Angeles,
Calif., conducts its lending opera¬
tions through 561 offices located
in

443

cities

Canadian

in

43

provinces.

states

and

4

.,4.:.

....

Operating income of the com¬
during the six months ended

right as it is or else come up
with something impractical like
a
telephone call if his balance

pany

isn't sufficient to

in the six months ended March

ing check.

One

ations

the

the

like

money

eight

10

or

office

at

ago. The postorder is traditional,

of

which

those which
and still

earn

in

the; sale

situ¬

presented by
business some

thousands

stood in line to

prices

incom¬

years

money

Late

an

study

one

order

hundreds

people

cover

must

were

of

buy

mil¬

every

year

far

above

bank could charge

a

profit.

a

1952

our

bank

started

of

so-called
Register
having contact with the
d.s° dealt with some other bank; public were required to partici¬ neglected its public relations, in¬ Check Personal Money Orders.
Hp u
*.ess ^an
them pate, was made a part of the pro¬ cluding its customer relations, for Initially the fee was 15 cents per
so many years that we cannot ex¬
pip? I
another
commerorder, for any amount up to $250,
gram.
pect a cure overnight. If you have which,
umu
k, and slightly over half
except
for
very
small
The
film itself was produced

ployees

services and cashed in

dis¬

for

guess¬

tics that savings is one of the areas
of serious erosion of our
business,

lions of money orders

consequences

research

market

new

in

guiding our
business"' detyfelopment
efforts?

and

of time. To

how

of
a

swamped

earnings

our

example
covered

tions,

cannot

competitors.

an

Personal

as

it

confuse

of

tellers' time per order. This is

nicate with them if we don't know
where they live and who
they are?
Most; of us have competition
from savings
and
loan associa¬

We revised

our

quite

would not violate the usury laws.
The
prevailing
instalment loan

depositors?

deposit liabilities. But as an off¬
our advertising
set to these advantages, we can
to integrate the
offer the saver a number of other
name of our bank so closely into
services
which
our
competitors
the copy that it would be difficult
of

13

seconds

average

savings

(3) We expanded our Monday
evening banking hours program.

ways

of

was

it amounted

cost

vide

investment policies which do not
have to take account of demand

such

an

orders

them, according to the F.D.I.C.
report. How many of us-can truth¬
we know more than
a
very
small percentage of our

fully say that

well

4)

to

the

clerical

find

loans for vacation expenses.

in

issuing

low—in

bank, and the cost

our

$455,000,000

of

from

advertising

stopped

of

means nearly $400,in additional gross in¬

year

for

Another

There is still

Frankly,
some
difficult to measure, but
tangible indication, the only

the

made to produce one.

was

the results?

were

that

However, it was realized that the
film,
alone, would not do the

we

a copy of it from the
library of the J. Arthur Rank
Organization in Great Britain.

far

strongest medium of communica¬
tion with our employees, and the

officer
our

information

customers

bank.

their

personnel, a reason
by about 21% of those who

^ars. It

to
we

tion.

importance

we

considerable period of
received and honored

a

We

from

to

did

we

lessons

courtesy

the

annoy

of

answered.

eir

the

do

customers

friendly treatment

by the bank's

applied to

what

done which tended to irritate and

was

72%

much

as

about

\

(3) The

is

of our employees toward cus¬
tomers. To that end, we gathered

people

bank

About

respondents gave this

given

observation.

ness

reason

a

the

bank, but
should neverthe¬

on

to

the

prove

(1) Our belief that convenience
location was by far the most

choose

for

learned from market research: We

things we found out and then
tell you what
we did about them:-

of

this

in"

decided

the

important

medium

a

you

this

"cash

Survey
I will

have

Now

interesting and,
instances, surprising.

some

as

thought that

most

were

it

small independent

Po-

litz, Inc., a market research or¬
ganization, and the results of their
in

of recollections by

high cost of television advertising

wrong. In order to

retained

we

right

were

in terms

the respondents. I realize that the

rendering. We wanted to

know

for

over

the

public seemed ready for the idea

If the

to

tion

benefits

any

needed

that

demand

a

come

next month.

as well as credit unions and
finance companies, and, with com¬

that

customers

business

someone

So

expect it to

you

yield worthwhile results, and re¬
member that the tesults are not
going to show up next week or

petitors

of these questions
tion expenses so as to avoid draw¬
is negative, then we need to con¬
duct market research at the in¬ ing on their savings. On the other
hand, a majority thought it was
dividual bank level.
quite all right to borrow to buy
About five years
ago
we,
at an
automobile or pay for home
Manufacturers
Trust
Company,
improvements.
decided that we
answer

film.

thoroughly

film

which bank it

the prin¬

our

the

was

the

you

request for

half

even

borrow

re¬

throughout the United States and

about.

are going
service which we

well

as

us

deluged with

slightly. This
000

language, if

much higher in a smaller commu¬

know

portion of our customers

many

correspondent

our

were

compelled to order 30 prints
of it, all of which were in circula¬

from

contact personnel.

tics of our customers by age, sex,
(9) 64% of the respondents re¬
place of residence, income level
called that they had seen or heard
and
general financial position?
some bank
advertising, but about
How many of us know what pro¬

a

great

rough indication of the friend¬
The

among

poetic

-—said they knew someone at their
bank. Perhaps this ratio 'Would be

of us know the characteris¬

elsewhere for

around

time.

(8)

thought of our
training film as

were

16%

our

warm

solely an internal matter, we had
a
surprise coming. As word got

said they were
not, and 4%
couldn't remember. This
may be

adequately

ourselves

customer relations

to

greeted

liness of

had

we

quests

in industrial

a

the
customers,
which
also
spreads to their friends and helps
build business for the bank.

banking facilities

scarce

creates

of

we

80%

a

conduct

banks,

let us ask
nity than in a large city, but it is
questions: How
something for all of us to think

ourselves

ployees'

feeling of good will in the minds

reflection

a

cities.

of

(7)

collar"

near

"blue

be only

the fact that

areas

advice of
Socrates to
"know thyself".
In banking this
means
knowing one's customers
because
the
customers
of the
bank are an integral part of it,
so that for
a bank to "know it¬
self" it must of necessity know
something about the people who
make its business possible. To test

many

near

of

honored

we

"white

and

haps this

themselves. Un¬
til
comparatively recent years
m0st banks have ignored the time

of whether

work,

workers

of individual research, con¬

matter

are

together

with another "flashback"
showing
the correction
in the em¬

While

So-called

they

ducted by banks

the

Monday,

branches

our

workers tend to bank

important

the

also

is

There
area

was

way,"

how

from 6 to 8 p.m.

Research

Individual Bank

choice

when 72 of

activities, they are well
of how valuable it is.

search

second

"wrong

less

touch not

Spring."

are

quence

ceding

Drink deep, or

the Pierian

23

March 31,

1960 amounted to $31,196,930 compared with $27,808,330

31,

1959. Net income in the respective

periods

was

$4,042,454

and

$3,-

820,582. ~ '

Beginning July- 15,
1966
the
is
required
to
retire
$2,600,000
principal
amount
of
debentures annually. For the sink¬
ing fund the debentures will be
redeemable
at
the principal
amount. They also will be option¬
ally redeemable
after
July
15,
1968 at an initial price of 103V4%
and
at
decreasing prices there¬
company

after.

*

;■

Chase Securities Formed

,

nr.

u

? mu^ual savings bank. The

probable

reason for the latter was

l6h rate of interest paid on
swings by the mutuals. / '
.

57%

v

JVi?

day

of

evening
was

the

respondents
banking hours;

the preferred day, but




by

a

professional

organization

supervision of a com¬
mittee of bank officers. The script
was based on incidents which ac¬
under

tually
the

the

occur

in branch offices, but
is based upon the
psychological con¬

treatment

time-honored

decided

that

research

is

a

good

thing for your bank, don't imagine
moment that tone survey, is

amounts,
volume

going to solve all your problems.
One might paraphrase a famous

1958

quotation from Alexander Pope:
"A little research is

a

dangerous

we

considerably less
office fee. Our sales

was

than the post

for ia

Tose

Tapidly,1 -so' that by
selling nearly two

were

million money orders a year. Last
year we

and

raised the fee to 20 cents

volume

dropped

off

only

PHILADELPHIA, Pa.—Chase Se¬
curities Corporation is engaging
in,

a

fices

securities business £rom of¬
at

Officers

37
are

South
Ruth

13th

Chase

Street.

Gilbert,
Treasurer; Sarah
Chase, Secretary; and Martin B.
Louis, assistant Secretary.

President

and

24

Financial Chronicle

The Commercial and

(380)

.

fairly and honorably with peoples in other parts of
the world who have capital, making use of their capital
for a reasonable price for some reasonable time. How
many are really prepared to do any such thing?
deal

AS WE SEE IT

Continued from page 1

to be really a new movement in history.
From the earliest times aggressive powers were for cen¬

which appears

actively engaged in spreading their domain and

turies

aggressive, was none other than China. Of course,
always been given to imperialism, and it would
be difficult to name a number of others which through

Russia has
not

active and aggressive imperialists. None,
save only Russia and China, appear to be making any seri¬
ous
effort to broaden or enlarge their domain in any
the

ages were

A

second observation

is that most if not all of the

the exploited, are in all prob¬
ability economically better off today than they would have
been without the activities of the imperialists of earlier

backward

peoples,

even

vast regions and large numbers of human
beings are the victims of disease, hunger and poverty in
a
degree that is hard for us in more fortunate portions of
the globe to visualize; of course, in some instances at least
this abject state is in sharp and disturbing contrast to the
status of the owners of the capital that has been at work
in their land. And, in some instances at least, these un¬
fortunates have suffered and are now suffering from ex¬
Of

years.

course,

ploitation. Naturally this is a situation which all honorable
men look upon with abhorrence. Yet one has but to ask
himself what would be the
had their been
to doubt

investment of

no

whether,

status of these unfortunates

foreign capital to begin

net balance, imperialism has been an

on

unmitigated economic scourge.

Inadequate Depreciation
Policies are Dangerous
Continued

of the present

past,

or

with the nature

situation and its origin. The key question

has to do with the future. How are these situations to be

improved and who is to undertake the task of effecting
such improvement. Times have, of course, changed and
human conscience no longer tolerates much of the sort of

thing that has taken place in the past. Nationalism is ram¬
pant, and even the lowliest country now insists that it be
master of his own territory and assets—and few there be
who are inclined to question its claim. But being master
of one's own domain, and improving one's economic status,
may be two quite different matters. Thanks in part to
professional trouble makers in the Kremlin, many of these
lowly peoples have reached the conclusion that they may
rightly demand this and that from foreigners—or else
merely report to Moscow and all will be well with them.

33%

of

of

plant

Obviously,

such notion is utterly absurd. The

any

Communists have

no

with the

good things of life
may shout to high heaven
anything that they can get
that all they are interested
rest, but he would be naive indeed to take such talk seri¬

ously. Doubtless here and there the Soviets have done a
little to alleviate suffering (where we have done a
great
deal more) but what the Kremlin is
really interested in is
getting control of peoples and governing them through
puppet governments—for whose benefit we leave to the
judgment of the reader. We have been more than liberal
in
granting aid of all sorts to a great many peoples. Much
of it we have considered
gifts and nothing else. But all this
is but a drop in the bucket to what is
required to raise
the plane of living of
many,-many millions of people to
what we should regard as a
respectable level.
In consequence we hear a
great deal about
investment in these lands. There are those—and
them are in high places in

government—who

private
some

seem

of

to sup¬

(3) Plant and equipment outlays
about
uct.

virtually

no

hope of a profit. There are
peoples may be |ielped in
position, but in the final

analysis they must themselves be their
There

are

own

salvation.

(G. N.

in which backward peoples can
improve their condition. They, can do what Russia did and
{ What China is supposed to be doing—lead a spartan life
(to put it mildly) while
devoting a very large part of their
current efforts to

preparations for future production. That
they can provide their own capital at the expense

move

of procedure

It is doubtful whether such

a

be made to operate
successfully,
except in what amounts to a slave state in which wise as

well

as

cruel

can

leadership is available.




P.)

The other way is to

information

detailed

has

become available
About

of

75%

done

today

which

and

have

and

73% of all
plant and equip¬

27%

additional

into

working
capital. Of
$450
billion
spent,
in

which

6%

and

about

28%

was

capital market, of
equity financing
debt
financing.
The

was

72%

earnings

retained

from

came

and

depreciation,
the
rising
in
Of the funds spent,

contribution

latter's
recent

%

the

the

22%

other

the

on

some

funds went into
ment

data

of funds. In the

uses

period

postwar

for

corporations

by

we

sources

only since 1946.
total business is

years.

modernization

for

went

and

only Vz for expansion.
Impact of Recessions and
Foreign
Of

total

Competition

plant

accounted

age
as

for

high

as

percent¬

a

45.7% in 1946 and as low
36.4% in 1958, with an aver¬
as

of about 41%. By contrast,
public utilities and the com¬

age

the

munications

industry

have

(mostly

shown

a
strongly
trend,
while
other segments such as railroads

upward

have shown

a

relative decline.

Manufacturers

percentage of the available mar¬
and the unavoidable capacity
increases inherent in the replace¬

ket

(3) Cost savings from techno¬
logical innovation. The basic oxy¬
about 60% of
the investment and some 15% of
gen converter saves

the operating

ing

in

also to

years

foreign

competition.
Obviously
our
public utilities, trade, serv¬
ices, finance, communication,
construction, and inland trans¬
portation are not exposed to the
degree
of
foreign
competition
that recently has been felt by the
s t e e 1,
automobile,
typewriter,
sewing machines, cameras, and
certain

segments

chemical,

ery,

the

machin¬

and

of

textile

industries.

their

In the

The

Sixties

present

and projected
capacity utilization. The
ingot capacity of the steel indus¬
try on Jan. 1, 1960 was 148.5 mil./
tons. Output has been as follows:
of

1955

H7.0

_

1956

converter

will

account

of

steel

output instead

carbon

the

3%

112.7

1958

85.3

1959

93.5

I960*

in

next

fact that "Research

and Develop¬
outlays of American busi¬
ness were over $9 billion in
1959
and are scheduled to hit $10.7 bil¬
lion in
1963
is most promising,

ment"

but

it

takes

of

from

sion

of

ferrous
and
ent

will

steel

and

further

steel

capacity

manufac¬

cars, and
domestic inva¬

from

plastics,

Increases
in

net

as

markets

metals,

concrete.

in¬

the

wood

of

next

non-

pres¬

deeade

further

depend
on
what
safety margin to meet temporary
peak demands the industry wants
to

from

5-10 years be¬
spent on
research
leads to plant and equipment out¬
lays traceable to such research.
money

Foreign

have, the constant strive of
corporations to keep at least their

manent

eign competitors pay only a 30%
tax and enjoy the benefit of more
liberal depreciation allowances.
(7)

The

cash

rise

flow

lowances

98%

of

from
and

the

internal

depreciation
retained

to

be

the next decade

al¬

profits;

of the plant and 60%

equipment

of the

depreciated

in

is already in use

The

availability and cost
funds and of equity
financing. In
the
past
decade,
especially in the years 1955-1957,
plant and equipment outlays have
of borrowed

been

in

the

upper

of their

range

historical

role

in

Some

the

stimulants

of

our

economy.

which

provided a favorable climate for
capital outlays in the fifties will
be

at

work

in

the

sixties—

the predictable sharp in¬
in net new family forma¬

as

in

the

second

half

of

the

the

and

"research

and

development."
But other stimulants, such as the
sharp
increase
in
defense
ex¬
penditures in 1951
ernment grants of

and

the gove-

five-year

tization

certificates,
temporary factors.

amor¬

seventies

equipment outlays of
facturers in the sixties?
As

borrowing,
that

while

to

the

manu¬

funds

needed

residential

the

may

high interest

the

and

municipal
contract
severely,

rates

depreciation

drive

invest

to

eliminate

cash

before

prices rise further. The net effect
may therefore be inconsequential.
(4) One of the important new
factors reducing the demand for
capital needs of manufacturers is
the certainty that in the next dec¬
ade the

world

will have

an

over¬

abundant

supply of low cost na¬
tural gas and
oil products, not
only from the rich wells of the
East

also

but

from

and

from

Russia

North

and

its

This

satellites.

development will
exploration activity
in
this
country which now re¬
quires the drilling of many more
and much deeper wells to produce
an
equal quantity of hydrocar¬
cut down the

bons.

further

A

the

be

will

consequence

reduction

in

profitability
of new investments designed to
increase the thermal efficiency of
energy generation in all forms.
Lower Fuel

Costs for Foreign

Competitors
us

again to what

I consider a most important point,
namely the enhanced competitive

capacity of foreign manufacturers
which for the first time in history
will enjoy fuel costs
closer to
ours.

(6) Foreign manufacturers will
become steadily more competitive
with ours as they reap the cost

advantages from large scale
duction

pro¬

and

marketing in corriFurthermore,
as
they conclude the present job of
rebuilding the ravages of World
War II and progress in their va¬
rious phases of industrialization,
a larger proportion of their labor
markets.

mon

forces

and

available

If

facilities

will

become

enhanced

for

export

want to avoid

we

depressions

and

stagnation, to minimize reces¬
sions
and
promote
the
steady
long-term sustainable growth of
our
economy,
wq
need steadily
rising plant and equipment out¬
lays for two purposes: for the ex¬
pansion of our capacities and for
the cost-reducing results gained
from, modern facilities.
We
have, in our past, gone
through periods when expansion
of capacity of certain industries
went
ahead
too
fast
and
this

faulty investment caused bank¬
ruptcies and a sharp drop in in¬
vestment and thereby contributed
to a subsequent depression. There
is no guarantee that this might
not happen again.
But .a much
more
likely danger of the next
decade
of

is

that

the

under

reduced profits

impact

caused by for¬

competition our manufac¬
might
both
lower their
sights and lack the means to mod¬
ernize
their
facilities.
Further¬

eign

turers

if

more,

tinued

we

should

deficit

in

face

our

a

con¬

balance

of

fiscal
authorities might be so afraid of
an
outflow
of
gold during the
next recession as to fight it with
payments,

a

hard

done

our

policy, just as. was

money

in

monetary

1931.

practice

steady

investment,

manufacturers need both the

cash

flow

that
re¬

and

the

reassurance

government will fight future
cessions
the

building,

public, utility expansion, arid
projects

from

allowances but it wrould

as

effectively

three since

as

it fought
II.

World War

high

cost
of
experience has shown

financing of state

it
would
business in the

than

the sixties
(3) Inflation, it is hoped, is no
longer a factor. This would pro¬
vide a higher percentage of the

To

Which factors will most
signifi¬
cantly effect the outlook for plant

(1)

on

rather

only

were

and

baby

Conclusions

to customers if for¬

on

postwar

development,

have its effect

Depreciation Policies

(6) The burden of a corporate
profit tax of 52% which cannot
be passed

the

begin to march to the altar

drives.

Our Tax and

vs.

probable
con¬
tinued high level of
expenditures

decade

significant
competition from

products, such

also

of

incidentally,
was never opposed to the resulting
shrinkage in miners' jobs. The

decade

vary
between
mil. tons. The lower

175

creases

imports

salesman

best

Lewis,

equipment;

for

assumes

tured

the

as

new

the companies making coal mining

fore

when

cars

(5) This brings

plant and
cost of labor.
John L. Lewis in his heyday of
pushing up miners' wages was re¬
(5) The cost of
equipment vs. the

tion

estimates

and

of

produced.

now

as

wero

Even if the recent fall in the
birth
rate should
prove
to be a per¬

aluminum.

crease

105-110.0

For the end of the

140

15%

Development of new prod¬
especially if they protect
present markets from competi¬
tion by other industries or open
new markets. As an example, the
steel industry is now preparing
to offer thin tinplate in competi¬
tion with aluminum, and colored
steel in competition with anodized

such

Estimated

output

for

(4)
ucts,

still

115.2

1957

*

by

long

(2) The high postwar birth rate
will, for the late sixties, create
substantially
expanded
markets
for
housing,
house furnishings

Africa

so

as

expectations

favorable.

Near

expect

some

profit

open

the end of the decade the oxygen

(8)

rate

that

manufacturers

hibited

is

the

today.

Factors Determining the Probable
Investment in Manufacturing

(1)

with

This saving

furnace.

pronounced

have

the last few

costs of steel mak¬

compared

as

hearth

proved
susceptible to the impact
the three postwar recessions,

and

of

equipment.
(2)
The
age
composition
of
plant and equipment and their
ability to meet domestic and for¬
eign competition on a cost basis.

more

of

modernization

and

ment

garded

and

equipment
outlays
of
business,
manufac¬
turers in the postwar period have

figure

two ways

of all save bare life
itself.

of gross national prod¬

3%

More

importance. The first is that foreign investment may not
of itself raise the
poverty ridden peoples to a very dif¬
ferent plane of living. The second is that
private invest¬
ment is not
likely to flow into areas where it is so badly
many ways in which backward
their efforts to
improve their

recent

for manufacturers should average

pose that this is the answer to the problems which face
the world. As to this^, there are two observations of vital

treated that it has

in

accelerated

years.

intention of

supplying these peoples
gratis even if they could. They
that they have no interest in
from these backward peoples;
in is being helpful, and all the

this

and

investment,

has

trend

defined

Utterly Absurd

to say,

3

page

present they are about 50%. Since
1925
annual
equipment
invest¬
ment has risen at twice the rate

AT&T)

is

from

accounted
for
only
total facilities while at

raised

But all this has to do with the

Thursday, July 28, 1960

crop

equipment

direction.

.

and

fighting among themselves for spoils. The fact is that one
of the earliest, if not the earliest of these and one of the
most

.

have

not' in¬

Must Fight Recessions to
Encourage Steadier Investments

Advocates of long-term capital
budgeting
have
promised that
such practice by itself would help
to

minimize recessions.

But

with

25

(381)

obsolescence of their

rapid

„rP

Silities

modern equipment their
cash flow

through "Research and can buy.
Development'' our manufacturers
Picking the Better Alternative
,ften cannot afford to contribute
Opponents to the liberalization
in
a
Stable economy by invest¬
ment in recessions before the fa- of depreciation allowances granted
"ilities are really needed. Techni¬ as of Jan. 1, 1954 have blamed
cal innovations may make them the recession of 1957-58 and the :
nutmoded before they are even disappointing pace of business re- "

BANK AND INSURANCE

to

Our

use.

government

them by an unflag¬

chould assure

since
on
the flow of cash

covery

ging resolve to fight recessions
with prompt monetary and fiscal

tion

measures.

three-fifths

threat to the profitability,

A new

the life of some of our
manufacturing industries has ap- *
not

if

oared

the stage. -This threat

on

(after

tax

the

to

profits

allowances)

sonal

income

drawn

that

by nearly

after

tax

per¬

increased less than
conclusion

plant and

increased

were

is

equipment

faster

than

the

competition from friendly ability of the consumers to ab¬
sorb the output of the
enlarged
and Japan today and from
facilities. To this contention the
the U. S. S. R., its satellites, and
following should be considered:
Red China tomorrow. We hear a
(1)
Was the pre-1954 balance
lot about the low wages in these
countries, but we will not and between the flow of funds to in¬
the

is

Europe

vestment

compete with
consumption
Instead we more conducive to economic
should focus our attention on an¬ growth without inflation than the
other aspect of this present and present balance?
future foreign
competition,
(2) Does not any period of in¬
namely that their annual plant creasing investment draw man¬
and equipment outlays as a per¬ power and
goods away from pro¬
centage of their existing equip¬
duction for consumption until the
ment are much higher than ours. increased
output of the modern¬
Tlie U. S. S.' R. with a manufac¬ ized and
enlarged facilities raises
turing output of some 40% of ours real
consumption because of lower
cannot

we

them

ever

that basis.

on

produces more than four times as
many machine tools as we do.
that

follows

It

competitors will not only have a
growth of manufacturing

capacity but a much lower aver¬
age age composition of their fa¬
cilities. Their plants will be more
modern than ours and

from

aside

their costs,

will

wages,

be

Foreign

Meet

Must

Tax

and

Corporate profit taxes and de¬
preciation allowances greatly fa¬
countries

market
our

own

six

market
not

situation.

The

nations

only to

to

common

have

agreed

mutual

tariff reduc¬
tions but also that the burden of
all direct taxes; personal and cor¬

porate, should not exceed 50 %
of all government revenues, while
rely

we

90%
If

on

direct taxes for about

(3)

Seeing

the handwriting

of

fiercer foreign competition on the

wall, is now not the time to mo¬
bilize against it by further mod¬
ernization

of

our

facilities before

domestic unemployment increases
and
consumption declines?
address

have

raising

eral revenues
not

and

as

a

Fed¬

rule

it

is

Pursuant

to

offering
circular, 75,000 shares of the 10c
par common stock of E S C Elec¬
tronics Corp. were offered pub¬
licly at $4 per share by Laird,
Bissell

&

a

The

the

July

system totaled $651 million. The Macon bank will add another
$7.6 million to total assets and will bring the 37th office to the
network.

Citizens

The

&

Southern

National

Bank,
although the home office is in Savannah, has its main executive
office at Atlanta.
Branches are operated in Athens, Atlanta,
Augusta, Macon, Savannah and Valdosta. Affiliate banks, owned
through the Citizens & Southern Holding Company, include those
located in Albany, Atlanta, Augusta, Avondale Estates, Dublin,
East Point, Decatur, LaGrange, Newnan, and Thomaston.
Thus
the system extends throughout the state of Georgia.
The stock
in the Citizens & Southern Holding Company is owned beneficially
by the stockholders of Citizens & Southern National.
During the past five years, the need for additional capital
has been marked by frequent stock rights given to raise capital
funds for meeting the growth opportunities uncovered.
Subject
to a special stockholder meeting scheduled for August
11, C. & S.
plans to issue 100,000 new shares. About one-third of the new
shares will be used to effect the City Bank merger and the re¬
mainder v/ill be issued through purchase rights to present stock¬
holders on the basis of one new share at $35 for each 21 shares
held. This offering is the fifth in less than five years. Steps to
meet the growing industrial needs of Georgia by C & S are further
accentuated by the establishment of the first complete industrial
development department in the Southeast and the setting up of
service offices in New York City during 1956 and in Chicago in
1957. The links between financing and fostering business interests
in Georgia and the Southeast with interests in the North are
thereby strengthened.
Among pioneering steps by the bank was the formation in

in

business consists
facilities, staff
and know-how of its engineering
company's

the

of

laboratory

department. The company does
not rely upon any patents for its

ployees, of whom 12 are electri¬
cal
engineers
and
physicists;
<

two,
mechanical engineers;
12,
laboratory technicians and drafts¬

and
20, model-shop em¬
by the manufac¬ men;
by their customers. In ployees. About 70% of their work
consists of design engineering and
world markets,
however, our
manufacturers cannot compete on 30% is production engineering.
While

some

of

The

made

were

Citizens

in

1959

Southern

&

and

Investment

investments

additional

seven

Business

Small

have

been

made to date

during 1960 for a total of nearly $400,000 in 12 small
diverse Georgia businesses.

and

.

COMBINED

(IN
ASSETS—

STATEMENT

-

-

.

CONDITION

OF

MILLIONS OF DOLLARS)

—Dec. 31 ,

Cash

factor

absorbed

ap-

the system but for 9 new branches in several
Georgia communities.
On June 30, 1960 total resources of the Citizens & Southern

—Dec. 31 ,

1959—

Dec. 31,1957

1958—

'

N. Y.
important

turers but

terms with foreign
producers
paring corporate profit taxes at
rates which in some
countries

In line with forward
looking management, five additional branch offices were opened
and one bank, Bank of Albany, was
acquired during 1959. The
recently announced expansion program for 1960 not only includes
a pending consolidation ot the City Bank & Trust
Co., Macon into

orders

are

U.

Government

securities

Other

estate)

47.5

I-

48.6

:

1.8

100.0%

of

shares

15
of

per

share

one

of

record

the

at

$29

the basis of

on

held

common

July 26,
Subscription rights will ex¬
pire at 5 p.m. (EDT) on Aug. 11,
on

1960.

White,

Weld & Co. Inc. will
standby group to under¬

manage a

write the issue by purchasing any
unsubscribed portion

shares.

mon

of the

com¬

■,?

v

.

Net proceeds from the

financing

will be added to the general funds
of the company.
It is expected

that the proceeds will be used to
repay current bank loans and for
investment in securities of subsid¬

iary

companies,

principally

El

Paso Natural Gas Products Co.

On

July 26, 1960, directors de¬

clared

dividend

a

share on the
payable Sept. 30,

per

of

32 V2

cents

stock,

common

1960

to

stock¬

holders

of record Aug. 26, 1960,
including the shares issued in con¬
nection with the
The

present offering*
equivalent to an

dividend,

annual

rate

of

$1.30, is

the" 96th

consecutive dividend paid by

the

company.

The company is engaged princi¬
pally in the operation of a pipe

line system for the transmission of
natural

The

gas.

sells

company

natural gas to distributing compa¬
nies and municipalities for resale
and delivers gas

trial

directly to indus¬

customers.

pany's
the

western

States.
the

of

the

of

southern

company's
from

pipe
west

Mexico

and

the

in

United

portion of
line system

Texas

Arizona

California-Arizona

com¬

located

are

part

The

extends
New

All

customers

across

to

border.

the

The

northern portion, formerly owned
by the company's subsidiary, Pa¬

cific

Northwest
Pipeline Corp.,
prior to the merger of that corpo¬
into the

1959,

t

ex

Mexico

1.9

100.0%

11.5

price

I960.

31,

(13.8)

stock

common

each

stock

ration

4.6

(14.8)

(45.2)

2.3

15.5

assets.——

$636.3

100.0%

$678.6

/

on Dec.
from -New

company
e n

ds

and

Colorado
through
Wyoming, Idaho, Oregon
Washington, to the Canadian

and

LIABILITIES—

border.

(Time

Other

sidiaries

'■

89.2

605.4

(116.4)

Deposits)—

.

liabilites___—

.

(19.2)

90;5

(.19.3)

•

2.3

100.0%

100.0%

The information

presented in the tables represent combined
statistics of The Citizens & Southern National and affiliate banks?
For the three years

ending in 1959 the following gains were made:

Capital funds 43.7%, Total loans 28.9%, Total assets 17.7% and
Total deposits 15.2%. During 1959 loans increased 21.3%, assets
6.7%, deposits 5.7% and capital funds 19% by year end. This
record of growth ranks well above, average among U. S. banking
organizations and represents an active participation in one of the
nation's fastest growing regions, the Sixth Federal Reserve Dis¬
trict. Correspondent banking is particularly important to C & S.
SELECTED
Net

Year

•

196(P

—

PER

Operating

Earnings

on

Book Value

'

Value

Dividends

Approx. Bid
Price Range
43

$1.50

$2.06"

—

% Earned

Book

$40? 02

and

41

1959____—

3.50

50

3.70

1.50

41.54

8.9

48

million cubic feet per day.
For
the
four
months

April 30,
its

4.44

'1.50

41.37

11.0

40

designed and engineered by

1956

3.G2

1*50

■39-.3SD

After suitable re¬
& a cut in the corporate search, the laboratory develops a
profits- tax and
liberalization of prototype model which is usually
depreciation
allowances
would subjected by the customer to vari¬
a
temporary revenue loss ous electrical, environmental and

1951

2.30

1.25

33.71

1960, the

subsidiaries

operating

had

and

consolidated

of $175,484,000

revenues

and net income of

ended

company

$18,610,000.

BacK Director
Robert

Bach,

New York
City,
of Wertheim & Co., in¬

vestment

bankers,

elected

was

a

director of Motor Wheel Corpora¬

34

1957__:——

transmission

tion.

39

1958—.

branch

pipe lines and 7,784 miles of field
gathering lines, having a delivery
capacity of approximately 3,436

partner

STATISTICS

SHARE

The company and its sub¬
own
about 10,228 miles

of main

(19.1)

•

2.4

;

$636.3

100.0%'

$678.6

90.1

573.0
(110.5)
15.4

2.4

16.2

liabilities

Total

7.2%

7.5%

$47.9

8.4%

$57.0

funds_„
Capital
Deposits

•

panied by manufacturing designs
most show only the

302.6

17.7.

of

Utah,
Total

accom¬

and drawings,

4.0

27.2%

..

4.3

54.1

.

24.5

27.3

(13.8)

(51.3)

assets__

Other

155.8

26.8
367.3

(Real

21.9%

.

14.7

99.8

Loans

$139.1

24.9%

$169.2

S.

shares

subscription

share,

outstanding

its

the right to sub¬
1,136,890
additional

for

for

is offer¬

Gas Co.

of

stock

common

the largest banking system in the Southeast.

state-wide

holders

scribe

(GEORGIA)

Among the top fifty commercial banking organizations in the
United States, the Citizens & Southern banks in Georgia represent

Broadway,

120

Meeds,

most

25

the

even

This Week—-Bank Stocks
THE CITIZENS & SOUTHERN NATIONAL BANK

Stock Offered

a

compete only ; among themselves
the corporate
profit tax is a con¬
venient method of

ing to

Company to provide capital for small but growing Georgia busi¬
nesses.
The bank was granted one of the first two licenses in the
entire nation by the Small Business Administration under this
relatively new method just getting underway. Five investments

products nor does it have any
perfectly sound case to demand of patent applications pending. Suc¬
their government a liberalization cessful development of its prod¬
of depreciation
allowances and a ucts depends upon the scientific
cut in the
corporate profit tax and technical competence of the
from 52 % now in force.
company's
engineering
depart¬
As long as our manufacturers ment, which is staffed by 46 em¬
manufacturers

our

Rights to Holders

1958

our

manufacturers,
faced
shrinking exports and rising
imports, ask for tariff protection,
except in selective cases they will
have to guard against
destroying
our
remaining export markets.

BURRINGTON

ESC Electronics

New York 5,

of Federal income.

with

But

and

common

compared

as

supply

therefore lower prices?

by Dr. Weidenhammer
before the annual meeting of the National
Industrial Conference Board, New York
City.

Depreciation Policy

manufacturers in the

increased

and

*An

lower.

vor

costs

foreign

our

faster

even

to

and

1.

El Paso Natural

that

deprecia¬

rose

The

Gas Co. Offers
BY LEO

corporations

and

while

third.

one

fact

El Paso Natural

Pfar to
that of

ing

average

less

than

half

ours, quite aside from be¬

entitled

depreciation

to

more

liberal

allowances.

Natu-

ultimate
to be
the

*

to

electrical sppecifications

to be achieved by a

delay network

company.

the

Treasury until the eco- mechanical tests. These tests may
JJmic growth of the country take weeks or months to com¬
J?eTs Out. To maintain a budget plete. The time lag between an
cow? i' we may have to close initial inquiry and a quantity pro¬
me

°Six

On

months,

.

8.6%

i

•

9.2

.(.

;

,

6;8

34

-49

25

COLLEGE PARK, Md.

1960

B.

per

presented have not been adjusted for stock pur¬
stock dividends of 5% in 1958 and 4.347% in 1959.
Nonetheless the total number of shares to be outstanding will total

Also the figures
chase

rights

T, B. Allen Opens

w

35

30

share basis the C & S banking system growth trends
obscured due to the frequent sales of additional stock.

a

become

1.50

or

Allen

is

—

engaging in

a

Thomas
securi¬

ties business from offices at

7404

Baltimore Avenue under the firm
of

Allen

&
Company. Mr.
formerly with H.' F.
Weekley & Co.

name

Allen

was

only 1,500,000 after the pending merger and the steps being taken;
indicate an improved per share record during the period ahead.

,

loopholes

or

use

erJ! indirect tax, such
ai
sales tax

and

tempoa

gen-

exempting all food

necessities.

rowi' -n competition
countries

today

and

with

rnanufacinoo
weapons, that is, the
Sf llve,s and the cash flow, to
a Ho
? * This Peril noay be only
in
n? on
hcrrizon today but
swpo
coming decade it may
farS ov?r SOme of our manuthpv ^ers
® a hurricane unless
y are
equipped with the most
our

+■




if any, may range

several

weeks

and sev¬

Adams has joined Na¬

Ronald K.

tional Securities &

Research Corp.

representative in the states
and Washington, it was
announced
by
E.
Wain Hare,
a

of Oregon

Vice-President.
In his new position, Mr. Adams
will work under the direction of
Rufus Lee Carter, Vice-President
in

charge

territory.

quality of this issue has been strengthened by acceptance in
stock as a qualified legal investment

.

of the
r f

Pacific
-VI.

Coast

Our Mid-Year

1959 of Citizens & Southern

The

With Natl Securities

as

The

for savings

eral years.

the

Ve to accePt their economic

turiwf? and give

duction order,

between

with friendly

and China tomorrow

wpk

■ehaii

a

as

Earnings Comparison of

banks in Massachusetts.

introduction

of

the

C

&

S

charge

account

service

in

March, 1959 involved a non-recurring cost in excess of $500,000.
By year end there were 2,100 participating merchants and more
than 35,000 credit card users being; serviced. Including interest in
affiliates, net operating earnings of $2.06 for the first six months
of 1960 compare with $1.64 in 1959 period. At the recent price of
41
a
yield of 3.6% is obtained on the indicated $1.50 annual
dividend. The number of shareholders now exceed 5,000; the bank's
personnel are well represented in ownership.
Through investment in the stock of The Citizens & Southern
National Bank a representation is obtained in the fast growing
Southeast region, in a leading holding company situation and in
the banking operations in Georgia, the largest state east of the
Mississippi River.
_

LEADING N.Y. CITY
BANK STOCKS
Available

on

Request

Laird, Bissell S Meeds
Members

New York

Stock

Exchant*

Members

American

Stock

Exchange

120

BROADWAY, NEW YORK 5, N. Y
Telephone: BArclay 7-8500
Bell
-

Teletype NY

J-224S-4#

Specialists in ,Bank Stocks

26

The Commercial and

(382)

Financial Chronicle

.

.

Thursday, July 28, 1960

.

ADDITIONS

★ INDICATES

Securities

Now

in

number of issues

of the large

NOTE—Because

Arco

increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed
items reflect the expectations of the underwriter
but

are

not, in

general, to be considered

as

(Michael

G.

(A.

&

Co.,

$140,000 shares

Inc.)

Inc.)

Co.,

&

(General

offering dates.

Powertron

500,000

Investing

&

$300,000

Corp.)

Chemtree

Co., Newark, N. J.

Address—Wiggins, Colo.
Co., Inc., Denver, Colo.

derwriter—Ladet &

Campbell

(J.

Cellomatic

Battery

Securities

Units

Corp.)

^

(Richard

Whitmoyer

$287,500

Manufacturing Co., Inc
(Pearson,

Continental

Murphy & Co.,

Boat
E.

(J.

Inc.)

Inc.)

Edwards

Steel

Hydrometals,
(Offering

Telephone

(Bear,

Stearns

Carl M.

H.

(Ross,

Corp.,

(no par). Price—$3 per share. Proceeds
equity of the corporation. Office—1800
David Stott Bldg., Detroit, Mich. Underwriter—None.

C.

&

Co.,

Inc.;

Shore & Co.
&

!

Trans-Coast

Co.

&

■

Ameco Electronic Corp. (8/1-5)
May 19 (letter of notification) 100,000 shares of common
(par 10 cents). Price—$3 per share. Proceeds—
For general corporate purposes.
Office — 37 E. 18th
Street, New York, N. Y. Underwriter—Palombi Secu¬

August 10

(William

Lestoil

(Offering

(8/8-12)

(J.

&

217,278

Co.)

by

Electronics, Inc. (8/9) 13^, 1960, filed 300,000 shares of common
be

(par

supplied by amendment. Proceeds—
corporate purposes including construction
debt reduction. Office
1725 West Sixth
St., Los
general

C.

Fricke

&

&

&

&

Co.,

Co.,

Inc.)

Inc.)

and

Inc.)

Co.;

Western

60,000

Netherlands

Fairmount

&

&

Inc.; Woodcock, Moyer,
Corp. Russell & Saxe and
$300,000

362,114

(Morris

on

page

27

National

..Common
•p

Corporate officers and executives listed in Dun and Bradstreet's "Million Dollar
Directory" report the Chicago
Tribune as their first choice
among Chicago newspapers.
The general
public also prefers the Tribune over other
Chicago newspapers. To sell your securities and services

(Ross,

Brook

Lyon

Labs.

(Sandkuhl

&

Chicago and Mid America, put this preference for the
to work for
you. Your Tribune representative
will give
you details.

(Mjkagu Qfcilnm*
Mld

A** WOMO'I
America
s most

N | WSr a r | ft
widely circulated market table




pages

and

Patent

Inc.

J.

J.

Inc.)

Magaril

Christy & Co., Inc. and First
Securities, Inc.) $300,000

Sealed Air

$616,000

(Lehman

Co.)

$297,000

'

&

$600,000

Techno

Fund,

(The

City

Co.,

Inc.)

$300,000

Common

Cohon

&

Co.)

75,000 shares

.Common

and

Earl

Edden

Co.)

$100,000

Common

Ohio

Inc........
Co.

and

i'/J■

$750,000

Common

,

Merrill, Turben

&

Co., Inc.)

Electronics, Inc
(Edward

Lewis

Co.,

Common
Inc.)

$300,000

Telephone & Electronics Corp...
(Equity

Laboratories, Inc

Securities

Co.)

...Common

$264,900

Transnation Realty Corp

shares

(Morris Cohon &
Co.) $300,000

.Common

$5,000,000

Tech-Ohm

125,000 shares

350,000

"

_

(Purvis & Co.)

(Ross,

Lyon

&

Co.,

Inc.

Debentures
and

Globus,

Inc.)

$700,000

Transnation Realty Corp

(Monday)

Research

....Common
200,003 shares

^.....^..^.......Common

Bros,

1

Development Corp.__._Com.

Brothers)

$150,000

Corp.____.

(Bertner

v

Common

System Meat Co

(Thursday)

American Research &

Alderson

Co.)

Common
$500,000

Co.)

Common

A. Lomasney & Co.)

(Morris

Inter-County Telephone & Telegraph Co..__Com.
(Dean Witter &

&

Roto American Corp

Common

—

(Vlckers,

.

Development Corp

Schramm

Common

.Common
and

Schrijver

Components, Inc

Units

Globus,

-

Co., Inc. and Netherlands
Co., Inc.) $1,2C0,000

Pacotronics, Inc.

shares

Co., Inc...

Co.

August 8

6 ft I AT I $ T

Inc.

and

Winston &

A.

(S.

...

Co.,

Conv. Preferred
;.

Co.

v •' •••' Securities

.

Rotating

75,000

Common
325,000 shares

(Cruttenden, Podesta & Co.)

Commonwealth Development & Construction

August 4

H/TJ

&

Company,

in

Tribune

Co.)

$290,000

(Globus, Inc. and Ross, Lyon & C(k)

Debentures

Laboratories, Inc
&

Inc.j

Needham Packing Co

(Wednesday)
(Drexel

Co.,

Capital- Corp.

(J.

^

$100,000,000

Astrotherm Corp.

;

..............Common
&

Weld & Co.)

&

(Myron

Associated Testing

Where Preference Works For
Yon

Winston

A.
.v y

—2

Cohon

.

Continued

Co

J.

(Ernst Wells, Inc.) $400,000 r»"

National

EDT)

Common

Co., Inc. and
CO., Inc.) $300,000

Patterson

Itemco, Inc.

shares

Southwestern Bell Telephone Co
a.m.

1".

■;»*

-Common

_

Co.)

..Units
4

$325,000

Gold Medal Packing Corp

Co.,

Street

Bros.)

Securities

(White,

Common

(Tuesday)

(11

shares

(Monday)

Finance

(J.

Investors Funding Corp. of New York
..Debentures
;
V
(No underwriting) $1,400,000

August 3

135,000

Securities

—

Angeles, Calif. Underwriter—Shields 8c Co., New York
City.
■/
L.y

Common

..J

Brothers)

&

shares

Wilier Color Television
System, Inc
~
(Equity Securities Co.) $242,670

August 2

....Common
shares

170,000

Fitchburg Paper Co

Publishing Co., Inc
Sachs

Co.)

Dunbar Development Corp

$825,000

Wickett & Co., Inc.)

(Goldman,

Inc...;

&

(Thursday)

August 15

$1,000,008

Street
Broad

$300,000)

Consolidated Research & Mfg. Corp

$300,000

Capital

Co., Inc.

First

French;

Inc.)

Industries, Inc..

(Netherlands

Wegard
&

Pressprich

.Common
Pierce

$175,000

Securities,

(Lehman

Common

V. S.

:

stock

Inc.)

Corp.

Winston

and

$4,125,000

...Common

(Bertner

O'Neill

Curtis

&

Sons)

Metal Co.,

W.

Securities

United Aero Products Corp
(L.

&

.....Common

Sheet

Infrared

Common

(Rauscher,

For

Jackson

Brown

——

August 11

,

250,000 shares

...Common

Terminal Electronics, Inc

290,000 shares of

Units

Webber,

$300,000

Klapper Associates,

(George,

A.

United

(R.

Netherlands

$125,000

Softol, Inc.

Common

and

Inc.)

—l_____Common

(Copley & Co.)

Ladenburg,

Steck Co.

(J.

Corp.

shares

Corp.

Co.,

American

and

stockholders—Underwritten

Winston & Co., Inc.

Safticraft

stock

Price—To

A.

(D.

—Expected sometime in September.

For

Roliton

shares

Corp. of America.....

Renmar

(par 10 cents). Price—$1 per share. Pro¬
inventory, expansion, and to increase ac¬
counts receivable.
Address—Loudon, Tenn. Underwriter
—R. A. Holman &
Co.,, Inc., New York, N. Y. Offering

$1).

to

shares

1,000,000 shares

Securities Service)

(Harwjn

Co.,

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

June

1,000,000

400,000

and

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

Organ

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

American Duralite Corp.
June 30, 1960 (letter of
notification)

Co.)

Co.

Common

Brothers)-

Products, Inc

...Capital
&

Equip. Trust Ctfs.
$7,530,000

Co

Common

Alex.

$962,500

Bache

$2,000,000

(Wednesday)

(Paine,

.Common

Thalmann

April 15 filed 120,000 shares of common stock and war¬
for the purchase of an additional
60,000 shares,

—

&

Co.;

Navajo Freight Lines, Inc

rants

common

&

Hammill

Shearson,

Staats

Namm-Loeser's Inc.

Co., New York, N. Y.

American Bowla-Bowla Corp.

ceeds

R.

Co.)

Legg & Co.)

(Nassau

Co.) $800,000

'

shares

Capri Pools, Inc

Inc.; Reich & Co.;
Godfrey, Hamilton, Magnus

Lomasney & Co.)

..Common

150,000

——

(John C.

Units

Metropolitan Development Corp

stock

$500,000

Conv. Debentures
&

LDT)

America

.Capital
A.

Co.)

Investment

-

(Myron

Co.)

and

300,000 shares

Lee Filter Corp

•

&

Variable Annuity Life Insurance Co. of

Globus,

and

&

Noyes

(Lehman

\:

...Debentures

Witter

Loeb, Rhoades & Co.)

Lyon

Harold

stock

—To increase the

$510,000

Debentures

shares

Corp.

(Noon
>«w

Common
Dean

Co.)

—Common
300,000

Louisville & Nashville RR

.«

Covl{$lf),0Q&Q9ft3'A'iA

Corp.;

&

Kirkland

Co.)

Noyes

Electronics

M.

«/<>«»

Kings Electronics Co., Inc

100,000 shares of

Avnet

Debentures

Corp

Boston

First

&

Jenks,

&

(Hemphill,

Telegraph

____________

Industries

(The

&

..Common

Kirkland

Corp....—_—

(Hemphill,

'

$295,000

___Conv.

America

Inc

Electronics, Inc

Electronics

Avnet

.Common
$297,500

to stockholders—underwritten by
Byilesby & Co., Inc.) $2,500,000

International

Kaiser

American

Common

Inc.

shares

(Tuesday)
(Shields

_

Inc.)

Co.)

55,000

Common

Corp..
&

Common

Corp.)

Jenks,

Sulzberger,

$300,000

Company,

(Westheimer

Sud

Co.)

Engineering Corp.!
(Sandkuhl &

Federal

&

Bass

Co—

Laboratories,

August 9

Bateman, Ltd., Hardy & Co. and Jack
M.

—Common
$700,000

Inc.)

Co.,

Securities

Sulzberger,

(Hallowell,

$300,000

Dwyer-Baker Electronics Corp
(Frank B.

&

Whitmoyer Laboratories, Inc......

$500,000

Common

Associates,

Common
$11,000,000

Common

Corp...

Coburn

„____Class B
$500,000

Inc.)

Corp...

Bruce

(Equitable

(Hallowell,

Conetta

Planning,

Capital Corp.

Western Kentucky Gas

Jeffrey-Robert

.Common

$300,000

Common

United States Boat

Common
and

.—...

Inc.)

145,000 shares

(G. H. Walker & Co.)

$300,000

___Conv. Debentures
$5,000,000
/(,

Corp.

Common

$299,700 V,

Inc...

Seidler & Co.,

(Fund

Narragansett

Chemical Packaging Co., Inc
(Mainland

Co., Inc
Inc.)

Co

Common

Brothers)

Co.,

(McDonnell &, Co., Inc.)

102,500 shares

Corp

(Lehman

Common
134,739 shares

Foto-Video Electronics Corp

Inc

Hogle & Co.)

A.

Com.

$750,000

Industries,

(Flomenhaft,

Rule

Evans

$150,000

Cenco Instruments Corp

porate purposes. Office—Arlington, Texas. Under writer
—Rauscher, Pierce & Co., Inc., Dallas. Note — This
offering has been postponed.

•

Inc.)

Development, Inc
Peck)

&

North

M.

Electromagnetic

$2,010,000

$262,750

Corp.)

——

(E.

Common

Inc.)

Co.,

(Willis E. Burnside & Co., Inc.)

Bowling Centers, Inc.
Dec. 29 filed $750,000 of sinking fund debentures and
300,000 shares of capital stock, to be offered in units of
$75 principal amount of debentures and 30 shares of
stock. Price—$108 per unit. Proceeds—For
general cor¬

rities

Common
Securities

Electri-Cord Manufacturing

$126,600

Common

Machine,

Un¬

Allied

common

O'Neill &

(Darius

Allegheny Pepsi Cola Bottling Co.
June 9, 1960, filed 200,000 shares of common stock and
$500,000 of 6%% first mortgage bonds, due 1963 through
1972. Price—$5 per common share (par 50 cents), and
bonds at 100% of principal amount. Proceeds—To pur¬
chase the outstanding shares of the Cloverdale Spring
Co., and the balance for the general funds. Office—
Guildford Ave., Baltimore, Md. Underwriter—Weil & Co.
of Washington, D. C.

• Adstate Consolidated, Inc.
1960 (letter of notification)

Co.)

....Common

75,000 shares

Co.)

(No underwriting)

Industry, Inc.—Common

C. F. C. Funding Inc

Alderson Research Laboratories, Inc. (8/8-12)
May 26 (letter of notification) 100,000 shares of common
stock (par 10 cents). Price—$3 per share. Proceeds—For
general corporate purposes. Office—48-14 33rd St., Long
Island City, N. Y. Underwriter — Morria Cohon & Co.,
New York, N. Y.

July 20,

Stearns &

Dalto Corp.

Gray

133,000 shares

Corp.

Common
$300,000

Enterprises, Inc

(George,

shares

—

Colorado Real Estate &

$450,000

Inc.)

Cafeterias for

Bruce National

working capital.

Crow

(Richard

Common

30,000

Sons)

--.Common

(Havener

(Monday)
(Palombi Securities Co.)

Automatic

&

Debentures
$400,000

Sons)

Corp.

(Bear,

Common
$410,000

Electronic Corp.__—

Ameco

&

Hammill & Co.)

(Shearson,

(Adams

Agricultural Research Development, Inc.
May 23 (letter of notification) 120,000 shares of common
stock (par five cents). Price—$2.50 per share. Prooeeds
—For construction of buildings, purchase of equipment
and for

Edwards

G.

Inc

Industries,
Edwards

G.

Benson-Lehner

Common

(Pistell,

$390,000

Arnoux Corp.

—Common

Sav-A-Stop, Inc.
August 1

.Units
Inc.)

Co.,

Valley Industries, Inc

(A.

shares

Ultrasonics, Inc
(No underwriting)

★ Adson Industries, Inc.
July 20, 1960 (letter of notification) 150,000 shares of
common stock (par 10 cents). Price—$2 per share. Busi¬
ness—The company is a general contractor. Proceeds—
For general corporate purposes. Office—116-55 Queens
Boulevard, Forest Hills 75, N. Y. Underwriter—Bennett

Corp

&

Valley

—Common

National Fountain Fair Corp.—

firm

Bowla

Thompson

Arkansas

.Common

Corp

Allyn

C.

Bowla
(Hill,

(A.

Kletz

Capital

REVISED

Arkansas

Electronics, Inc..

Florida

ITEMS

ISSUE

PREVIOUS

•

American

CALENDAR

(Friday)

July 29

awaiting processing by the SEC, it is becoming

Registration

ISSUE

NEW

SINCE

(Ross,

Common
>•

„

,

...

;

Lyon

Transnation
,

(Ross,

&

Co.,

Inc.

and

.Common
Globus,

Inc.)

70,000

Lyon

&

Co.,

Inc.

and

Globus,

shares

.Warrants

Realty Corp.__.__.
Inc.)

35,000

Number 5972

192

Volume

The CoTnmevcial and Financial

, . .

August 24

(Tuesday)

August 16

hif*an Bell
Telephone Co
-Debentures
jficnigau ^ (n;00 a m EDT) $35r000 000

(D

August 29

$25,000,000

Clutch Co

Electric Brake &

Co.)

(Monday)
(The

,

& Co.)

Heldor Electronics Manufacturing Corp.-

•'

Inc

Video Tapes,

iDempsey-Tegeler

rhematomics, Inc.
L

&

Hdman

A.

September 13

Co.)

$564,900

(Bids

(R.

Electro-Tec Corp.

—Debentures

September 15

—Common

(No underwriting)

Common

Corp.——

Pearson

A.

(R.

Holman & Co.,

Inc.)

—Class A

Reilly-Wolff Associates, Inc
Perin

(Arden

&

Co.,

$215,000

Inc.)

September21

invited)

American

(8:30

a.m.

$50,000,000

EDT)

Bonds

be

$25,000,000

received)

(Tuesday)

Telephone & Telegraph Co.—Debentures
$250,000,000

(Bids to be received)

(Thursday)

Bonds

Georgia Power Co

—Bonds

Bids

December 6

$20,000,000

Northern

..Bonds

(Bids to be received) $12,000,000

California time) $60,000,000

a.m.

to

November 3

$50,000,000

Rochester Telephone Co

Bonds

Bonds

11

(Thursday)

October 25

$700,000

(Wednesday)

(Bids noon)

California Edison Co._

Bonds

(Wednesday)

(Bids

..Units

•

August 23 (Tuesday)

"

$16,000,000

Invited)

Co

Electric

October 20

Pacific Power & Light Co

Southern

be

Florida Power Corp

(Tuesday)

(Bids to be

;

,

Public Service Electric & Gas Co.————Bonds

50,000 shares

to

(Bids

(Bids

100,000 shares

September 20

$30,000,000

be invited)

to

(Tuesday)

$10,000,000

—

Common

Sloss & Co., Inc.)

iMarron,

ti'VX'y

—.Debentures

18

October 19
Union

Preferred

'Inc.

t

Miles-Samuelson Inc.

N

East Central Racing & Breeders Association

Co., Inc.) 135,000 shares

t

1

Louisville Gas & Electric Co

$16,000,000

(Thursday)

$25,000,000

invited)

(Bids

October

Bonds

invited)

(Bids to be invited)

$330,000

—

(Harriman Ripley &

be

be

(Thursday)

Bonds

$28,000,000

Utah Power & Light Co

$350,000 '

Holman & Co., Inc.)

A.

to

to

.Bonds

*

Columbia Gas System, Inc

Utah Power & Light Co.

Common

Co., Inc.)

October6

September 14 (Wednesday)

-Common

:•/;
^

Electric Co.—

(Bids

-Units

Capital

—

$4,000,000

Common
$120,000,000

(Bids to be received)

San Diego Gas &

(Tuesday)

to be Invited)

$60,000,000

(Bids to be received)

! October 4 (Tuesday)

-Com.

$300,000

Inc.)

Properties, Inc.——

(Bids

Aluminum Products, Inc

npluxe

Co.,

Common

Aluminum Products, Inc
(R.

&

-—.—Bonds

Telephone Co.—

;V;

(Ross, L>on & Co., Inc. and Globus, Inc.) $600,000

—,

(Pleasant Securities

Schramm

Virginia Electric & Power Co

Fuller & Co.)

D.

.

$300,000

Co.)

&

August 22 (Monday)
Avionics Investing Corp.——
AV
(S.

Sachar

'

(Thursday)

August 18

(S.

V

$660,000

Co.)

York

,

New York Telephone Co.—

Common

Marshall

$12,000,000

N. Y. Time)

m.

September 28 (Wednesday)

|

$300,000

Capital Investments, Inc

Common

Simmons and Bacon, Whipple
vk1* 154,916 shares !"1-

&

Ellis

Rinnt

,B1

npluxe

&

(11:00 a.

Units

Corp.__

:

Bonds

Indianapolis Power & Light Co

$1,500,000

New

Inc. and Halsey, Stuart & Co. Inc.)
r";

urorner

V

Common

-•

(Tuesday)

September 27

.

(Purvis

Common
$600,000

underwriting)

(No

Read & Co.,

/nilinn

Mobile
^

.

Majestic Utilities

Pipeline Co. of America-____ .Bonds

Gas

$6,270,000

(Thursday)

Co., Inc.) 150,000 shares

(Dillon, Read &

hiril

at

C Inc..:

(Noon EDT)

(Monday)

September 26
Cavitron Corp.

Equip. Trust Ctfs.

(Purvis & Co. and Amos C. Sudler & Co.)

Pipeline Co. of America___Cum. Pfd.

nTninral Gas

Natura

I

Common

493,425 shares

Co0

(White> Weld &

3

August 25

& Co., Inc.-

Brace

(Wednesday)
.

27

(383)

Northern Pacific Ry—

(Wednesday)

August 17
tinrmurt

Uarcoui I,

Chvonicle

States

Il2.u00.000

invited t

(Tuesday)
Power

(Bid*

r

toe

to

to

be

Bonds

(Minn.)

Co.

$35,000,000

invited)

"

■/••

"ontinued from page

26

American Frontier

>

*

Life Insurance Co.

held, with rights to expire at 2:00 p.m. CST on
ug. 30, at $7 per share. Additional shares may be subcribed for at $8 per share. Price—$8 per share. Pro-

hen

capital and surplus. Office — 1455
Memphis, Tenn. Underwriter—Union Secu¬
Investment Co., of Memphis, Tenn.

eeds—To increase
nion Ave.,

American

Mortgage Investment Corp.

collateral trust
onds and 1,566,000 shares of class A non-voting coraon stock.
It is proposed that these securities will be
ffered for public sale in units (2,000) known as Inestment Certificates, each representing $900 of bonds
nd 783 shares of stock. Price-—$1,800 per unit. Proceeds
To be used principally to originate mortgage loans and
pril 29 filed $1,800,0U0 of 4% 20-year

any

them until

market

isposition. Office

-—

conditions

favorable for

are

210 Center St., Little Rock,

Ark.

nderwriter—Amico, Inc.
American Research &

unit. Proceeds — To develop land as a tourist
Office—Scottsdale, Ariz. Underwriter—Pre¬
ferred Securities, Inc.
$25

200,000 shares of capital stock being Offered
or subscription by holders of common stock of record
Tune 1, on the basis of one share for each six shares
Tov. 30 filed

rities

(8/4)
une
28,1960, filed 350,000 shares of common stock. Price
To be supplied by amendment. Proceeds—To be added
o the
general funds of the company and will be avail¬
able for investment in accordance with its investment
olicies, as the management may approve, (a) in new
rojects and (b) in company in which the issuer has
Development Corp.

•

Mass.

Business—Registered investment company.
derwriter—Lehman Brothers, New York.
American & St. Lawrence Seaway Land Co.

Un¬

common stock, of which
are to be publicly offered.
Price—$3 per
Proceeds—To pay off mortgages, develop and im¬
properties, and acquire additional real estate.

ooO.OOO^shares

V

ce~760 E. 42nd St., New York City. Underwriter—

A' J.

Gabriel Co., Inc., New York City.

—Dardanelle, Ark. Underwriter—A. G. Edwards & Sons,
St. Louis, Mo.
Arnoux Corp.

(letter of notification) 50,000 shares of common

/

s

(par

one

cent).

Price-—$2

per

share. Proceeds—

J, g£ne?al corporate purposes. Office—17 W. 60th St.,
w
ocnrS'
Y. Underwriter—Hamilton Waters & Co.,
250 F»lton

'

^

Ave., Hempstead, N. Y.

Shearson, Hammill & Co., New York.

rie

140,000 shares of class A common stock.
suPPlted

by

amendment.

Proceeds

—

Seneral corporate purposes and the balance
wru!l0rk^f. capital. Office—New York City. Undernier
Michael G. Kletz & Co., Inc., New York City.

for

1

i

.

Astrex Corp.

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

July 12, 1960,

ing—Expected in mid-September.

(8/3)

May 24 filed $308,000 of 8% subordinated convertible
debentures, due July 1970, 154,000 shares of common
stock, and 46,200 common stock purchase warrants. The

to bffer th^se securities in units, each
unit to consist of $100 of principal amount of debentures,
50 common shares, and 15 warrants exercisable initially
company proposes

^Arden Farms

Co.
149^/^'
^ted 44,278 shares of preferred 'stock, and
the or f
res °t common stock. The company is offering
at $
shares at $52 per share, and common shares
The hn^r s^are> initially through subscription warrants,
titled fi
s
outstanding preferred stock will be ennew ch
,Pl!
e the new preferred at the rate of one
will hple ?*r eaci1
shares held. Common stockholders
sharp?
ed to purchase the additional common
held Ti
ra*e °t one new share for each 10 shares
right? J16 re?ord date for both groups is June 23 with
repav th expi.re on or about Sept. 16.
Proceeds — To
West
equivalent portion of bank loans. Office—1900
Ave., Los Angeles, Calif.

Jnner,9«n^n^ew ^exico
cotninnn
un

share. Price—$200 per unit. Proceeds—To re¬
loans, purchase new equipment and the balance for
working capital. Office—Indianapolis, Ind. Underwriters
—Ross, Lyon & Co., Inc., Globus, Inc.,
Shore & Co., all of New York City.

and Harold C.

stock (no

temporary indebtedness so in¬
capital. Any balance will be

general corporate purposes,

which may include

equipment of additionaFbowling centers, or the purchase
of such centers from others, and the reduction of in¬
debtedness.
Office—100 Medway Street, Providence,
R. I.
Underwriters—Sutro Bros. & Co., New York and

Providence, R. I. Offering—
Expected in late August or early September.

McDowell, Dimond & Co.,

•

Automatic Cafeterias for

(8/1-5)

Industry, Inc.

;

shares of common
share. Proceeds—
Office—Dover, County

May 31 (letter of notification) 41,848
(par 10 cents). Price—$3 per

stock
For

-

Electronics Corp.

I Avnet

(8/9)

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

June 15,

debentures:

Of the

to repay

short-term bank loans, to

inventory, and for working
State St., Westbury, Long Island, N.
maintain

capital. Office—70
Y. Underwriter—

Bal-Tex Oil Co.,

Inc.

17, 1960 (letter of notification) 300,000 shares of
class A common stock. Price—At par ($1 per share).
Proceeds—For expenses for development of oil proper¬
ties. Office—Suite 1150, First National Bank Bldg., Den¬

June

ver,
•

Colo. Underwriter—L. A. Huey & Co.,
(8/8-12)

Denver, Colo.

Benson-Lehner Corp.

i

.

27, 1960, filed 75,000 shares of common stock, of
which 67,500 shares are to be offered for public sale by
the company and 7,500 shares, being outstanding stock,
by the present stockholders thereof.
Price — To bo
supplied by amendment. Proceeds—$950,000 will be used
to repay short-term bank loans the proceeds of which
were used for working capital, $100,000 will be advanced
to subsidiaries as working capital, and the balance will
be added to the company's working capital. Office—1860
Franklin St., Santa Monica* Calif. Business—Engaged in
the development, manufacture and sale of data process¬
ing equipment, research and service in the field of in¬
formation retrieval, and the development, manufacture
and sale of scientific cameras. Underwriter — Bear,
June

Stearns
•

&

Black

Co., New York.

Hills Power &

Light Co.

of common stock, being
by holders of outstand¬
stock of record July 27 on the basis of one

June 28, 1960, filed 32,842 shares
offered initially for subscription

on

share for each 12 shares held

with rights to expire

Aug. 11. Price—$28.50 per share.

with other funds and funds on

Proceeds—Together

hand, will cover the re¬

including the repayment of interim bank loans
Office—621 Sixth St., Rapid
City, S. Dak. Underwriter — Dillon, Read & Co. Inc.,

program,

filed 250,000 shares of common

par). Price—To be supplied by amendment. Proceeds-—
To furnish and equip additional bowling centers, includ¬

used for

1000

maining cost of the company's fiscal 1960 construction

Atlantic Bowling Corp.

ing the repayment of any
curred, and for working

—

Underwriter—S. D. Fuller & Co., New York

D. C.

ing common

June 27, 1960,

such enter-**
16th Street, N. W., Washington,
City.

$800,000 to be invested in any one

Office

prise.

new

,

Development Corp.
J ,° (!etter of notification) 12,000 shares of
stock (par
$4) and 48,000 shares of convertible




in avionics and related

concerns

limit of

pay

—

aus°n

Proceeds—For investments in small business
fields, with a proposed

company.

Associated Testing

Astrotherm Corp.

(8/22)

Hemphill, Noyes & Co., New York City.

Laboratories, Inc. (8/3-5)
May 25 filed 75,000 shares of common stock (par 10
cents). Price—To be supplied by amendment. Proceeds
—To retire $100,000 of short-term bank loans, to provide
additional facilities and equipment for plants at Wayne/
N. J., and Winter Park, Fla.y and the balance will be
added to working capital. Office—Clinton Road, Cald¬
well, N. J. Underwriter—Drexel & Co., New York and
Philadelphia.
•

■

Richard Gray Co., New

July 12, 1960, filed 400,000 shares of capital stock (par
$1).
Price — $10 per share.
Business — The issuer is
a closed - end non - diversified management investment

at $2 per

Mav^n r!e^ronics- ,nlc- (7/29-8/3)
PriL

(8/8-12)

May 23 filed 133,000 shares of common stock. PriceTo be supplied by amendment. Proceeds — For general
corporate purposes and working capital. Office—11924
W. Washington Blvd., Los Angeles, Calif. Underwriter—

•

Anr??iriCia" stereophonic Corp.
SEL
ock

(8/8-12)

VaLey Industries, Inc.

9, 1960, filed $400,000 of 6% convertible subordin¬
and 30,000 shares of com¬
mon stock, $3 par.
$200,000 of the debentures will be
issued to Arkansas^ Valley Feed Mills, Inc.; the re: mainder of the registration will be publicly offered. Price
—To be supplied by amendment. Proceeds — To retire
current bank loans and increase working capital. Office
ated sinking fund debentures

—$4 per share. Proceeds

!£!Jn27 filed 538,000 shares of
prove

Arkansas

—

Avionics Investing Corp.

per

June

Underwriter

Kent, Del.
York, N. Y.

attraction.

already invested funds. Office—200 Berkeley St., Boston,

snare.

of

preferred stock (par $4) to be offered in units of one
share of common and four shares of preferred.
Price—

■

general corporate purposes.

obtained for such purpose.

New York.

it Border Steel Roiling Mills, Inc.
July 25, 1960 filed $1,300,000 of 6% subordinated con¬
vertible debentures,
due 1976, and 245,439 shares of
common
stock, of which the stock will be offered to
holders of record May 31, on the basis of 53 Va new shares
for each share then held. Price — For the debentures,
100%

of

principal amount; for the stock, $5 per share.
the construction of a steel mill and re¬

Proceeds—For

land purchase, interest payments, and
Office — Mart Bldg., El Paso, Texas.
Underwriters—First Securities Co., Dallas, Texas, and
lated

facilities,

general

funds.

Harold S. Stewart &

only).

Co., El Paso, Texas (for debentures

.;v.

Continued

on

page

28

28

The Commercial and Financial Chronicle

(384)

Continued from page 27
Bristol

Dynamics, Inc.

June 28,

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

,

Chematomics, Ihc.

•

or

early September.

kuhl

&

Company, Inc., New York City and Newark,
Co., 37 Wall St., New York, N. Y.

Bruce National

Enterprises, Inc.

•

(8/1-3)

335,000 shares of common stock (par 10
Price—$6 per share. Proceeds—For reduction
outstanding indebtedness; to pay off mortgages on
certain property; for
working capital and other corpo¬
cents).

of

rate

Underwriter

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

—

.:?York.;-:^^;A'/
•

Buzzards

Bay Gas Co.,

Price

To be

—

supplied by amendment. Underwriter—

•

due

Thalmann
•

Inc.

New

stock

common

i

(par

com¬

cial
in

Price

—

$1

per

•

share.

mon

$270,000 of 6%

23,

1960, filed

nated debentures due

In¬

fund

dtticmal

finnnn

60'00(J,

Business

—

The

com¬

Price—To
issuer




facilities for
tickets.

a

Estate &

—

offered

W.

—

704

•

Development, Inc.

Midland

Savings

of

per

share.

including the

ness, the purchase of

ing,

& Luchs
Securities Corp.
Consolidated Realty
Investment Corp.
April 27 filed 2,000,000 shares of
common

*1 Per share. Proceeds—To

the

to

to be used for expansion and
Office—6810 S W. Rlst

company

Underwriter— R. A. Holman &
Co., Inc.
Detroit Tractor, Ltd.

May 26 filed 1,375,000 shares
1,125,000 shares are to

establish

a

stock.

of
be

as

St., Miami. Fla.

cl^ss A stock.
offered

for

Of this

the

com¬

pany's account and the remaining
250,000 shares are to
be offered for sale
by the holders thereof. Price—Not to
exceed $3 per share.
Proceeds—To be applied to the
purchase of machine tools, payment of
$95,000 of notes
and accounts payable, and for
general corporate pur¬
poses.

Office—1221

E. Keating
Avenue, Muskegon,
Underwriter—To be supplied by amendment.

New

•

Mich.

Diversified

Communities, Inc.
Sept. 25 filed 367,200 shares of common stock
(par $1)«
Price—To be supplied by amendment. Proceeds—For ac¬
quisition of Hope Homes,
Inc.* Browntown Water Co. and

and

Cantor

&

Goldman

Builders, Inc.,with the. balance to
working capital. 'Office—29A Sayre Woods
Shopping Center, Madison Township, P. O. Parlin. N «»•
Underwriter—Lee Higginson Corp., New York.
Note—
be

used

as

This statement

—

derwriter—Shannon

con¬

purposes.

working capital

(par

tvSJ- rePay{Jl®nt: °f certain advances made to the company.
Office
724-14th
Street, N. W., Washington, D. C. Un¬

/

general

Deluxe Aluminum
Products, Inc. (8/22-26)
Oct. 15 filed $330,000 of
convertible debentures, and 70,000 shares of common
stock. Price—For the debentures,
100% of principal
amount; for the stock, $5 per share.
Proceeds—From 10,000 shares of the common
stock, to
the present holders
thereof; from the rest of the offer¬

of common stock.
It is
proposed to offer
these securities for
public sale in units, each
consisting
of $260 of notes due
Oct. 1, 1991 and one share
of stock,
provided that the minimum
purchase shall be 10 units
for a minimum
consideration of $3,600
($2,600 of notes
and 10 shares of
stock). Price—$360 per unit.
Proceeds—

merchants

Dynamics Corp/

1960/(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Pro¬

stock

—

reduction of indebted¬

notes

Under¬

supplies, transformers, chokes, and reactors. Pro¬
working capital, relocation, and expansion.
Office—521 Homestead
Ave., Mount Vernon, New York.
Underwriters
Standard Securities Corp., New York
City, and Bruno-Lencbner, Inc.,
Pittsburgh, Pa.

Proceeds—For general

Connecticut &
Chesapeake, Inc.
April 29 filed $585,000 of 4^2%
promissory

Proceeds—To

Office—Norwood, N. J.

ceeds—For

(8/1-5)

2,250 shares

retail

134,73® shares of common stock, to be
subscription by holders of such; stock of

power

;

war-

(8/8-12)

stock,

—Pearson, Murphy & Co., In<L
>"■
*is;

stock, of

July 26, 1960 filed 100,000 shares of common stock
(par
10 cents). Price—$4
per share.
Business—The company
makes, from its own designs, and sells high voltage

machinery and equipment, and for
Office—73 Sunnyside
Ave., Stamford,

Conn. Underwriter
York City.

..

it Del Electronics Corp.

•

$4

J

and sales promotion, and
Office—713 W. Main St., Pal¬
myra, Pa. Underwriter—Plymouth Securities
Corp., New
York, N. Y. Offering—Imminent.

Offering—Indefinite.
'/7/;;>.!.;. y
Commonwealth Development &
Construction Co.
(8/3)

working capital.

Dechert

other

Building,

stock

• •

capital

ceeds—For expenses of
offering, to pay instalment

Underwriter—Lehman Brothers, New

common

of

tracts/ for electronics research

Refining Corp.

Inc.

.

shares

filed

for

May 31,

to engage in the
acqui¬
unimproved acreage, the development of that
into prepared sites for
single-family homes,

Manufacturing Co.,

50,000

writer—None.

150,000 shares of common stock (par
share. Proceeds—For general
corpor¬

per

purposes.

\

■

record May 2 at the rate of one new share
for each
two shares then held. Price—To be
supplied by amend¬
ment. Proceeds—For the retirement of
notes and addi¬
tional working capital.

concerns

Robert

■

filed

Dalto Corp.

common

corporate purposes

an adbe supplied by

provides

Real

June 3 filed 125,000 shares
of class A
10 cents).
Price

of subordinated sinking

bvardfscoCimtUinlServifCe and,credit
discounting customers sales

py

Colorado

Conetfa

common shares, and

V00ico^mon shareaamendment.

business

1960,

March 29

May 24 (letter of notification)
60,000 shares of common
- (par
five cents). Price—$5
per share/ Proceeds—
For working
capital. Office—11th & Main
Sts., Pennsburg, Pa.
Underwriters—Vickers, Christy & Co., Inc., 15
William St., New
York, N. Y. and First City Securities,
Inc., New York, N. Y.

subordi¬

31, 1975, with attached

to

Corp.

8,

market conditions.

stock

Service, Inc.

afh®19*60' fl!?d $A2'000'00
debentures, due Aug.

...

neighboring states. Office—530 North

Office

•

•S''f 1t?eI<i?m,?aSy- °«ice-"00 W. Irving Park Rd„
•York
HI. Underwriter — Lehman Brothers, New

'

and

York.

Aug. 1, 1980. Price—To he
supplied
by amendment. Proceeds—To be
added to the
general

Central! Charge

■■

offered in units as follows;
$1,000 of bonds and 48 shares
of stock and $100 of
debentures and nine shares of stock.
Price—To be supplied by
amendment.
Proceeds — To
construct refinery.

lnf/™a
note and two shares of common stock. Price
—$100 per unit. Proceeds—For
working capital. Office
300 Delaware St.,
Archibald, Pa. Underwriter—Willis E
Burnside & Co., Inc., New
York, N. Y.
• Cenco
Instruments
Corp. (8/1-5)
$5,000,000 of convertible

:

Cubic

ing stockholders. Price—At--the-market at time of offer¬
ings Proceeds—For additional working capital. Office—
5575 Kearney -Villa Road, San
Diego 11, Calif. Under¬
writer—Hayden, Stone & Co., New York City. Note—
This offering has been
indefinitely postponed due to

16,1957 filed $25,000,000 of first
mortgage bonds due
Sept. 1, 1968, $20,000,000 of subordinated
debentures due
Oct. 1,-1968 and
3,000,000 shares of common stock to be

units consist-

June

Wisconsin

Commerce Oil

guaran¬
of

;
-

,

Dec.

(8/1-5)

5-year convertible notes and
6,000 shares
stock (par 10
cents) to be offered in

i, —>

•

which 25,000 shares are being offered for the
account of
?
the company, and 25;000 shares for "the account of sell¬

multiple dwellings and commercial
improvements, and
the sale of those sites to
builders and others. Underwriter
—Adams & Peck, New York.

.

Battery Corp.

ii

■

York, N. Y.

June

filed

financing and supplies funds

sition

Whitney & Co., Salt Lake City, Utah.
Cavitron Corp.
(9/26-30)
June 17, 1960, filed
40,000 shares of common stock. Price
$15 per share. Proceeds—To finance the
company's anti¬
cipated growth and for other
general corporate purposes.
Office—42-1.5 Crescent
St., Long Island City, N. Y. Unwriter—None.
(letter of notification)

t'.&Xiii 'SKj;

mm.

1960

Denver, Colo. Business—Intends

160,000 shares of com¬
(par $1). Price—$1.25 per share.
Proceeds—
For working
capital. Office—1350 Foothill
Road, Boule¬
vard, Salt Lake City, Utah.

teed

.

ate

stock

May 20

^

corporate

in the

$2). Price—$5

Castleion's, Inc.
13 (letter of
notification)

CeElomatic

are

June 23, 1960, filed

June

•

general

(8/8-12)

non-

Underwriters—Potter

for

St., Milwaukee, Wis. Underwriter
Baird & Co., Inc.,
Milwaukee, Wis.

expansion, tooling, repayment of in¬
debtedness, working capital and inventory. Office—2838
N. Naomi
Street, Burbank, Calif. Underwriter—Nassau
Securities Service, New
York, N. Y.

vestment Co. and

balance

Water

125,000 shares of

Proceeds—For

mon

which

acreage

cent).

1960

stock

Washington,

company's general funds to provide additional
working
capital. Business—The company is engaged in commer¬

(8/10)
one

pro¬

Ladenburg,

Co.; Allen & Co.; A. M. Kidder & Co.

D. C.
Underwriter—A. J. Gabriel Co., Inc., New York.
-Offering—Expected in August.
♦
^

exist in such

Corp. *
v
,
$650,000 of capital notes, series due
1980 (subordinated), with warrants to
purchase common
shares, and 40,000 shares of common stock. Price—To be
supplied by amendment. Proceeds—To be added to the

—

notification)

expected to

process of conversion from liquipetroleum gas to natural gas systems. Underwriter
—Kidder, Peabody & Co;; New York. ;
4*.

management investment
company providing
capital and advisory services to small
business
concerns.
Proceeds
For general corporate
purposes.
Office—743 No. Fourth
St., Milwaukee, Wis. Underwriter
••—The Marshall
Co., Milwaukee.

of

the

Civic Finance

equity

(letter

are

fied

Capital Investments, Inc. (8/29)
July 15, 1960 filed 60,000 shares of common stock. Price
—$11 per share. Business—Issuer is a

1960

which

and

program,

area

f

City,

23,

loans

—

/

Capri Pools, Inc.

of bank

Office—955 East 25th St., Hialeah, Fla. Busi¬
ness
The company and its subsidiaries distribute
gas
through underground distribution systems in the Miami

•

June

company's construction
Kuhn, Loeb & Co.;

Corp. (8/1-5)
(letter of notification) 100,000 shares of
(par 10 cents). Price.—$3 per share. Pro¬
ceeds—To purchase raw materials,
advertising and for
working capital. Office — 1815 N. E. 144th St., North
15,

common

purposes.

Street, San Diego, Calif. Business—The com¬
pany conducts a shipyard business which consists
of re¬
pair and maintenance of U. S. Navy and commercial
vessels. Underwriter—J. A.
Hogle & Co., Salt Lake

diversified

&

—

Continental Boat

June

City Gas Co. of Florida

July 6,

closed-end,

Underwriters

gram.

Country Club Corp. of America
April 29 filed 200,000 shares of common stock (par 10
cents). Price—$3 per share. Proceeds—For repayment
of outstanding debt, including payment of
mortgages,
taxes, notes, and miscellaneous accounts "payable; for
general corporate purposes and construction of new fa¬
cilities.- Office —1737 H; Street Nv W4

tion

Price—To be supplied by amend¬
selling stockholders. Office—Foot

Utah.

/.,/.://';/.:

amount. Proceeds—For the

closing the stock financing, $500,000 to complete the company's conversion and
construc¬

"•

of Eighth

1975,

with
no
oversubscription privilege, and rights to expire on
Aug. 12, at 4:30 p.m. EDT. Price — 100% of principal

Chemtree

000

—

Proceeds—To

Power Co.

filed $38,101,600 of 4%% convertible
debs.,
being offered for subscription by holders of

record as of 3:30 p.m.. EDT, July 26, at the rate of
$100
of debentures for each 25 shares of stock then- held

amount at the time of

—

ment.

Consumers

June 15, 1960

(8/8-12),
27, 1960, filed 120,000 shades of common stock. Price
—To be supplied by amendment. Proceeds
Together
with other funds, will be used for
repayment of $2,800,-

—

(par $1).

equipment, sales

writer—Bertner Bros., New York.

—

stock

share of each
class.

Proceeds—For

expansion, increased advertising, and marketing program
budget, and working capital and general expansion. Of¬
fice—^1184 Chapel Street, New Haven, Conn.
Under-

June

^ Byer-Rolnick Hat
Corp.
May 9 filed 100,000 outstanding shares of common stock.
Price
To be supplied by amendment.
Proceeds
To
selling stockholders. Office—601 Marion Drive,
Garland,
Tex. Underwriters
Dallas Rupe &
Son, Inc., Dallas,
Texas and Straus, Blosser &
McDowell, Chicago, 111.
Note—This offering has been
indefinitely delayed.

mon

unit.

Miami, Fla. Underwriter—J. E. Coburn Associates, Inc.,

•

Boston, Mass. Offering—Indefinitely

Campbell Machine, Inc. (8/1-5)
June 20, 1960, filed
102,500 shares of outstanding

per

stock, $1 per share; debentures in units of $1,000 at their
principal amount. Proceeds—For initiating sight-seeing
service. Office—Washington, D. C.
Underwriter—None.

Hyannis, Mass.

C. F. C.
Funding Inc. (8/1-5)
May 6 (letter of notification) 75,000 shares of common
stock (par 10
cents), Price—$2 per share. Proceeds—For
general-corporate purposes. Office—90 Broad
St., New
York 4, N. Y. Underwriter—Darius
Inc., New York, N. Y.

Manufacturing Corp.

March 30 filed 165,000 shares of common stock and $330,000 of debentures (10-year 8% redeemable). Price—For

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

Coffin & Burr, Inc.,
postponed....

&

to offer these shares in units of one

Price—$6.50

Chemical

Circle-The-Sights,

con¬

..///•/ cy//:.'
May 27 filed 50,000 shares of class A and 50,000 shares
of class B stock (par 10 cents). The company
proposes

Street, Wilmington 99, Del. Underwriter—Havener Se¬
curities Corp., New York,, N. Y.

Office—1118

purposes.

Research

(8/15-19)

Corp. (8/8-12)
April 19 (letter of notification) 262,750 shares of com¬
mon stock (par 10 cents).
Price—$1 per share. Proceeds
—For general corporate purposes.
Office—100 W. 10th

April 29 filed

Fla.

Consolidated

.

N. J. and J. J. Magaril
•

(8/22-26)

Packaging Co., Inc. (8/1-5)
(letter of notification) 115,000 shares of com^
mon stock
(par 10 cents). Price—$2.50 per share. Pro¬
ceeds—For general corporate purposes.
Office —755
Utica Avenue, Brooklyn, N. Y. Underwriters—Mainland
Securities Corp., 156 N. Franklin Street, Hempstead, N.
Y. and Jeffrey-Robert Corp., 382 S. Oyster Bay Road,
Hicksville, L. I., N. Y.

Proceeds—For general corporate purposes. Office—650
Lincoln Place, Brooklyn 16, N. Y. Underwriters—Sand-

financing of the

or

opments; the balance of the proceeds will be added to
working capital. Office—1321 Lincoln Ave., Little Rock
Ark. Underwriter—The Huntley Corp., Little Rock.
Ark!

March 16

(8/3)
May 31 (letter of notification) 108,000 shares of common
stock (par 10 cents) of which
28,000 shares are being
sold for selling stockholders. Price —
$2.75 per share.

Thursday, July 28, 1960

pre-fabricated type residential
or
buildings and facilities upon properties to
be acquired for sub-division and shopping center
devel¬

and 13,300 shares, being outstand¬
ing stock, by the present holders thereof. Price—$3 per
share. Proceeds—For general corporate purposes. Office
—122 East 42nd Street, New York, N. Y.
Business—In¬
tends to manufacture and market high heat resistant
ion exchange resins.
Underwriter—Pleasant Securities
Co., Newark, N. J.
•

Brooks Labs. Co., Inc.

.

commercial

sale by the company

-

.

intermediate

and

struction of custom

June 24, 1960, filed 188,300 shares of common stock (par
10 cents), of which 175,000 are to be offered for public

trical and mechanical assemblies, electronic and missile
hardware components and special tools and fabrications.
Underwriter — William David & Co.,
Inc., New York.

Offering—Expected in late August

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

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

for initial

fund

redeem $300,000 of outstanding 6% subordinated

.

/

V

withdrawn on July 22,
Diversified Realty Investment Co.
April 26 filed 250,000 shares of common stock.
Pr|ce-7
$5 per share (par 50 cents). Proceeds
For additional
working capital. Office—919 18th
Street,- N.; W., Washington, D. C. Uhderwriter^BalL Pablo & >Co., Washing-.
ton, D. C.
yy 7
was

—

Price—

;

$250,000 revolving

•'

,•

j

Number 5972

192

Volume

.

.

The Commercial

.

and

Financial Chronicle

(385)

Associates, Inc.
of notification) 100 units of $100,000 of 7%
fund debenture bonds and 10,000 shares of com-

Underwriter

fWletter

°

sin
on°

«1

Corlies Ave., Neptune, N. J.

SUIwritei' Fidelity Securities & Investment Co.,

Un-

Inc.,

Park, N. J.

Asbury

of Minnesota, Inc.

and

and

•

of

N. J.

Paso

p.m.

used

current

•

the

•

finance the

per

share.

balance

cerns,

Proceeds
be

•

1960, filed 145,000 shares of common stock (par
$1), of which 40,000 shares will be sold for the account

amendment. Business—The

ties

'

*

^

•East Alabama Express, Inc.
V;"'
April 1 (letter-of notification) 77,00Q shares

Evergreen Gas & Oil Co.

the purchase
12 months.

of

an

additional

Price—$3.50

the

share and

per

share

one warrant

exercisable

within

a

training track

surface and $25,000 to
property accruement and mainten¬
ance, is the construction of about 15 stables to accommo¬
date 32 horses each at
an estimated cost of $22,500 each.

An

•

Road, Fairmount Heights, Md. Underwriter—J. T. Pat¬
terson & Co., Inc., 40 Exchange Place, New York, N. Y.

Underwriter—None.
•

Edwards Engineering
Corp. (8/1)
^rPni, 9 *ded 85,000 shares of common stock of which
70,000 shares

are

to

be

offered

for

the

account

of

Farms, Inc.
(letter of notification) $298,000 of 10-year 5%%;
debentures, to be offered in denominations of $1,000,
$500 and $250 each. Price—At face value. Proceeds—
For working capital. Office—818 17th Street, Denver 2,
Colo. Underwriter—Wayne Jewell Co., Denver, Colo.

June 13

the

issuing company and
"15,000 shares, representing out¬
standing stock, are to be offered for the account of the
present holders
thereof.' Price—$3.50 per share.
Pro¬
ceeds—For

general

including saland research
Street, New
Orleans, La. Underwriter— Sandkuhl & Company, Inc.,
flew York
City and Newark, N. J.
corporate

ar!?s» sales promotion,
and

development

nJFe/?r'"^orc'
15

June

work.

purposes

•

moving expenses,

an

3,

(8/8-12)

Fidelity Electronics Corp.
11, 1960, (letter of notification) 150,000 shares of
common stock (par 10 cents).
Price—$2 per share. Pro¬
ceeds—For general corporate purposes. Office—Fairview
& Hancock Streets, Riverside, Burlington County, N. J.
Underwriter — Metropolitan Securities, Inc., Philadel¬

Industries, Inc. (8/8-12)
(letter of notification) 75,000 shares of
(par 10 cents). Price—$4 per share. ProAir
general corporate purposes. Office—Greeley
-e-rSayviUe, l. I., N. Y. Business—Manufactures and

22, I960

phia, Pa.

stock

•

o

Developments, Inc. of Florida
cnml ' 1960 <letter of notification) 100,000 shares Cf
cppa
mst'0ck (Par 10 cents). Price—$3 per share. ProanntT °, establish a new office, for salaries, research
?velopm*ent and working capital. Office—424 W.
Ino SyiS)??•»'Tamp'a, Fla. Underwriter—Carr-Rigdori Co.,
4700

Nolensville Rd., Nashville, Tenn.

JunJeZtr£nic

Specialty Co.

••

£ .ed 150,000
?rice—'To be

shares of common stock (par 50
—Tn u
supplied by amendment. Proceeds
cani+^ie added to the general funds in anticipation of
Off1 requirements, possibly to include acquisitions.
e
center

'5121

San

Fernando




Road,

Los

Angeles, Calif.

First

»

,

•

19,

A common stock.

City. Underwriter—Bache & Co.

Offering—Expected in

early September.
Fischbach & Moore, Inc.

1960, filed 300,000 outstanding shares of com¬
Pro¬
ceeds—To selling stockholders. Office—New York City.
Underwriter—Allen & Co.,, New York City. OfferingJune 28,
mon

stock. Price—To be supplied by amendment.

Expected in late August.
Fitchburg Paper Co., Fitchburg, Mass.
v:-1
"(8/15-19)
June

28,

*

■

1960, filed 325,000 shares of class A common

stock, of which 217,000 shares are to be offered for pub¬
lic sale for the account of the issuing company and 108,000 shares being outstanding stock by the present holder

to he offered for the

account

selling stockholders and the balance for the account
of the issuing company.
Prices — To be supplied by
amendment. Business—The company is
engaged in the
construction business, both as a general contractor and
a

builder for its

reduction

own

account.

Proceeds

—

For debt

and

working capital. Office—141 North Ave.,
Bridgeport, Conn. Underwriter—Van Alstyne, Noel &
Co., New York City (managing).
•
»;
iV,

Funded

Security Corp.
July 7, 1960, filed 200,000 shares of common stock. Price
—To be supplied by amendment. Business—The issuer
is a holding company organized under Illinois law in
December, 1959. Proceeds—$600,000 will be transferred
to the general funds of Funded
Security Life Insurance
Co., a newly organized legal reserve life insurance com¬
pany wholly owned by the issuer, for investment in in¬
come
producing, securities and expansion through ac¬
quisition. Office—2812 W. Peterson Ave., Chicago, 111.
Underwriters—H. M. Byllesby & Co., Chicago, and Kalman

&

Co., Inc., St. Paul, Minn.

Gateway Sporting Goods Co.
July 7, 1960 filed 70,000 shares of common stock (par
$5). Price—To be supplied by amendment. Proceeds—
Together with the proceeds from an anticipated $700,000
loan from an insurance company, will be used to retire
a
$425,000 bank loan and to finance the company's ex¬
pansion program. Business—The company is principally
a
retail
organization specializing in sporting goods,

photographic equipment, toys, wheel goods, luggage and
recreational lines. Office—1321 Main
St., Kan¬
City, Mo. Underwriter—Stern Brothers & Co., Kan¬

related
sas

sas

City, Mo.

.

ic General Motors Acceptance Corp.
July 27, 1960 filed $150,000,000 of 22-year debentures,
due 1982. Price—To be

supplied by amendment. Proceeds
funds, the purchase of accounts receiv¬
able, the reduction of indebtedness, and possibly for in¬
general

vestment

in

short-term

securities.

City. Underwriter—Morgan Stanley
City (managing).

Office—New

&

York

Co., New York

J- General Sales
Corp.
April 28 filed 90,000 shares of common stock (par $1).
Price—To be supplied by amendment.
Proceeds—$75,000
will be used for additional
working capital, inventories

and facilities for the Portland Discount
for the same purposes in the Salem

to provide working

Center; $75,000
Center; and $50,000

capital for General Sales Acceptance
Corp. for credit sales to member customers.
The bal¬

ance
•

are

of

—For

Investors Corp.

1960, filed 270,000 shares of outstanding class
Price—To be supplied by amendment.
Proceeds—To selling stockholders. Office — New York

July
*

ntn?»Jra!?s*?rrners>

Jimieoitronic

.

July

Underwriter—E. M. North Co.,

magnetic components and electric irirniiJu6!! *on an(* control devices. Underwriter—Flonhaft, Seidler & Co.,
Inc., New York, N. Y.

stock

Ohio.

T„ElenJroma£netic
ne

(8/1-5)
(letter of notification) 59,000 shares of com¬
(no par). Price—$5 per share. Proceeds—For
expansion program. Office—3327 Elkton Ave., Dayton
Ohio. Underwriter—Westheimer & Co;, Cincinnati,

mon

(letter of notification) 99,900 shares of common
stock (par 10
cents). Price—$3 per share. Proceeds—
or
general corporate
purposes.
Office—2554 E. 18th
*'r Bro°klyn, N. Y,
Inc., New York, N. Y.

Federal Steel Corp.

March 30

Office—715 Camp

Manufacturing Co., Inc.

(8/15-19)

(letter of notification) 58,000 shares of class A
common stock
(par $5). Price—At par ($5 per share).
Proceeds—For working capital.
Office—5715 Sheriff

°f a
building covering an indoor training track
$74,000 for working capital. Office — Randall, N. Y.

and

Fairmount Finance Co.

May 6

additional $200,000 has been allocated for construc-

ic Frouge Corp.
July 22, 1960 filed $1,500,000 of 6V2% convertible sub¬
ordinated debentures, due September
1975, and 150,000
shares of common stock (par $1), of which
filing 50,000

as

ic Execugraf Corp.
July 19, 1960 (letter of notification) 150,000 shares of
class A common stock (par 10 cents). Price—$2 per
share. Proceeds—To reduce expenses. Office—6505 Wilshire Blvd., Los Angeles 28, Calif. Underwriter—None.

&

of the common shares

.

Seattle, Wash.

unit. Proceeds—First step in

allocating $10,000 to finishing

♦

Underwriters—Standard Securities Corp. and Pennaluna
& Co., Spokane, Wash, and Herrin Co.,

for

management's program if this financing is successful

and after

Stearns & Co., of New York, and
Co., of San Francisco and New York.
Offering—Expected in late August.

share. Proceeds—For expenses for oil and gas develop¬
ment. Office—E. 12707 Valley way, Opportunity, Wash.

-

Office—167-199 First Street, San Francisco, Calif.

Schwabacher

20, I960 (letter of notification) 2,000,009 shares of
common stock (par five cents). Price — 12% cents per

Racing and Breeders Association,
Inc. (9/15) * 'V*
V.-:
July 5, 1960, filed 200,000 units of 200,000 shares of cap¬
ital stock and
200,000 warrants to purchase capital stock.
one

pany.

Underwriters—Bear

June

East Central

Each unit will consist of

manufactures and

precision steel .measuring tapes and wood folding

proceeds will be added to working capital and will be
available for general corporate purposes. Office—Eliza¬
beth, N. J. Underwriter — McDonnell & Co. Inc., .New
York City. '
y
/V- '"^y"

of common

(par $1). Price,-i42;50 • per share. Proceeds-4To
repay notes'payable, reduce^equipment purchase obliga¬
tions, accounts payable and for working capital. Office
—109 M Street,
Anniston, Ala. Underwriter—First In¬
vestment Savings Corp., Birmingham, Ala.
stock

(8/8-15)

working capital, totalling $293,092.75, will be
to the capital of Fritzi
Realty, a wholly
owned subsidiary, to purchase for cash from 177-First
Street Corp, the building presently used
by the com¬

rules. Proceeds—To be used by the company to purchase
two leased plants in Elizabeth, N. J.- The balance of the

-

Foto-Video Electronics Corp.

contributed

the company and 105,000 shares for the accounts of
certainjKselling stockholders. Price—To be supplied by
company

con¬

funds from

; of

sells

business

issuing company, and 70,000
shares, being outstanding stock, by the present holders
thereof.
Price—To be supplied by amehdment.
Busi¬
ness—Company is engaged in the production and sale
of popularly priced blouses and
sportswear coordinates
for girls and women. Proceeds—From the stock
sale, and

(8/8-12)

ceeds—For general corporate purposes. Office—178 Rt&iv
ricks Road, Mineola, N. Y. Underwriter—General {Securi¬

Co., Inc., New York, N. Y.

small

land

sale for the account of the

June 17,

share. Pro¬

in

in

Fritzi of California Mfg.
Corp.
July 5, 1960, filed 100,000 shares of common stock (par
$1) of which 30,000 shares are to be offered for public

_

100,000 ishares of

engaged

April 26 filed 125,000 shares of class B stock, Price—
$4 per share. Proceeds—$100,000 for research and de¬
velopment, $200,000 for working capital, and the balance
for sales promotion
expenses.
Office — Cedar Grove,
N. J. Underwriter—Fund
Planning, Inc., New York City.

used

selling stockholders. Office — 214 West
St., Ennis, Texas. Underwriter—Kidder, Peabody
Co., New York City. Offering — Expected in early
September. -

Corp.

investments

be

—

$10,000,000

will

issuer's

which will

development or
electronics. Office
1201 Harvey
Bidg., West Palm
Beach, Fla. Underwriter—A. C. Allyn & Co., Inc., Chi¬
cago, 111.

&

Rule Co.

Capital Corp. (7/29)
1960, filed 500,000 shares of

common stock (par
$1). Price—To be supplied by amendment. Proceeds—To

Proceeds—To

Evans

Florida

June 9,

Knox

•

To

—

—

Office—10

•

.•

the

selling stockholder. Price—$2 per share.
pay off debts and for working capital.
Office
c/o Robert R. Chesley, 1235 E. Florence
Ave.,
Los Angeles, Calif. Underwriter—Garat &
Polonitza, Inc.,
Los Angeles,. Calif. Note—The underwriter states
that
this offering has been
indefinitely postponed.

Underwriter—Harriman

(EDT). Price—$29
and

Corp.

•>

account of

Proceeds

Gas Co.

loans

Fleetcraft Marine

1960 (letter of notification) 150,000 shares of
capital stock (no par) of which 112,500 shares are being
offered by the company and the remainder <for
the

Business—

in part to repay not less than

bank

Underwriter-

July 5,

and sale of slip ring
assemblies, switching devices -and re¬

Natural

additional working capital.

White, Weld & Co., New York.

Ennis Business Forms, Inc.
July 14, 1960, filed 74,546 shares of outstanding common
stock (par $2.50). Price—To be
supplied by amendment.

Dynamic Center Engineering Co., inc.
June 20, 1960
(letter of notification) 37,450 shares of
common stock
(par $1). Price—$4 per share. Proceeds
—To promote the sale of new products, for the purchase
of additional equipment and working capital. Address—
Norcross, Ga.
Underwriter—Gaston-Buffington-Waller
Inc., Atlanta, Ga.
//(•

per

balance for

largely for investment in the notes and common stock
of subsidiary
companies, principally El Paso Natural
Gas Products Co.
Underwriter—White, Weld & Co., Inc.
(managing), New York City.

Hardy & Co., New York, N. Y., and
Nashville, Tenn.

(par 10 cents). Price—$1

EB

—To be

Jack M. Bass & Co., of

(letter of notification)

corporate purposes.

Ave., South Hackensack,

brush block

11, at 5:00

Dwyer-Baker Electronics Corp. (8/1)
20, 1960 (letter of notification) 100,000 shares of
common stock (par 10 cents). Price—$3 per share. Proceeds—To pay current maturity of mortgage and notes
and for working capital. Office—7400 N. W. 13th Ave.,
Miami, Fla. Underwriters — Frank B. Bateman, Ltd.,

stock

for general

will be used to purchase
outstanding preferred stock of the com¬

the

cost not in

a

the

June 21, 1960, filed
1,136,890 shares of common stock,
being offered for subscription by common stockholders
of record July
26, 1960, at the rate of one new share for
each 15 shares then
held, with rights to expire on Aug.

•

common

used

at

excess of $114,000; to pay in full
outstanding 5%% notes held by New England Mu¬
tual, the unpaid principal amount of which at June 1,
1960 was $787,500; $1,400,000 for construction of a new
and larger plant for the Decotone
Products Division;
$450,000 for completion of a new office building; and the

of

company's
working capital. Office

for

lays for electronic equipment.
Ripley & Co., Inc., New York.

June

April 29, 1960

shares

Design, development, manufacture

equipment and to provide working capital to com¬
mence and maintain production.
Office — 414 Pioneer
Bidg. St. Paul, Minn. Underwriters—Irving J. Rice &
Co., Inc., St. Paul, Minn, and M. H. Bishop & Co., Min¬
neapolis,' Minn.

Electronics

be

Romanelli

and

Dynatron

75,000

July 1, 1960, filed 135,000 shares of common stock
(par
10 cents), of which
75,000 shares are to be offered for
public sale fOF the account of the
Issuing * company and
60,000 shares, being outstanding stock, by the
present
holder thereof.
Price—To be supplied by amendment.
Proceeds—To be added to the
company's general funds

filed $650,000 of 7% first mortgage bonds and
120 000 shares of common stock (par $1). The offering
will be made in units of ope bond ($100 principal amount)
and 20 shares of common stock or one unit of 50 bonds at
nrincipal amount plus accrued interest. Price—To be
supplied by amendment. Proceeds—For additional plant

•

of notification)

with other funds,

retire

pany

Ave., N. W., Washington, D. C. Un¬
derwriter—Carleton Securities Corp.,
Washington, D. C.
Electro-Tec Corp. (8/22-26)

Aorii ii

Palm Beach, Fla.,

and

v;

—1346 Connecticut

np

Durox

—Together

Inc.

inventory, make repairs and

Development Corp. (8/15-19)
29
1969 (letter of notification) 75,000 shares of
]L A common stock (par 10 cents). Price
$4 per
CiarP Proceeds—For general corporate purposes. Office
M Sylvester St., Westbury, L. I., N. Y. Business—Pur¬
chase of land and building of homes. UnderwritersNetherlands Securities Co., Inc., and J. A. Winston &
Co., Inc., New York, N. Y.
nunbar

t

thereof. Price—To be supplied by amendment. Proceeds

in August.

class A common stock
(no par) and 20,000 shares of addi¬
tional common stock
to be offered to the underwriters.
Prices—Of class A
common, $2 per share; of common,
2 /2 cents
per share. Proceeds—To
expand the

100

I*? » 'office—1238

Bateman, Eichler & Co. of Los Angeles,

J9, I960 (letter

debenture and 100 shares of common stock.
per unit. Proceeds—For general corporate

000

Vi

—

Offering—Expected

• Electro Industries,
July

$1) to be offered in units consisting of

(par

ctoek

111011

Calif.

29

in

of the proceeds will be used to
open two new stores
—
1105 N. E.

Oregon and Idaho. Office

Broadway,
Co., Inc.,

Portland, Ore. Underwriter — Fennekohl &
New York. Offering—Expected in late
August.
Continued

on

page

30

The Commercial and Financial

30

Chronicle

.

.

.

(386)

Thursday, July 28, 1960

'

■■■:,// /v \.
tional

Continued from page 29

Steel

ic General

Pittsburgh, Kansas.
Co., New York City. Offer¬

Office

capital.

working

Underwriter—S. D. Fuller &

—

Castings Corp.

July 22, 1960 filed 296,649 shares of common stock (par
$1)
of which 100,000 shares are to be offered for the
account of the issuing company and the balance, repre¬
senting outstanding

it Hawaiian Electric Co., Ltd.
July 25, 1960 filed 116,643 shares of common stock, to
be offered to holders of the outstanding common on the
basis of one new share for each eight shares held. Price

count of the present

—To

stock, will be offered for the ac¬
holders thereof . Price—To be related
to the market price for the shares at the time of the
offering. Proceeds—To be loaned to St. Louis Car Co., a
subsidiary. Office —,1417 State St., Granite City, 111.
Underwriter — Hornblower & Weeks, New York City
i

(managing). Offering—Expected sometime in
Packing Corp.

Gold Medal

Underwriter—None.

September.

(8/15)

principal amount; common stock at a maximum of $10
per share. Proceeds — For construction expenses, new
equipment, reduction of indebtedness, and the acquisi¬
tion of properties. Office — Honolulu, Hawaii.
Under¬
writers—Bosworth, Sullivan & Co. and Lowell, Murphy
& Co., both of Denver, Colo. Offering—Expected in early

proximately $150,000 will be used to discharge that
portion of its obligation to Jones & Co. pursuant to
which certain inventories are pledged as collateral. The
indebtedness to Jones & Co. was initially incurred on
15, 1960 in connection with refinancing the com¬
pany's obligations to a bank. In addition, $15,000 will
be used for the construction of an additional smoke¬
June

September.
•

June

(letter of notification) 100,000 shares of
cents). Price—$3 per share. Pro¬
ceeds— For general corporate purposes.
Office — 238
Lewis Street, Paterson, N. J. Underwriter—S. Schramm
& Co., Inc., New York, N. Y.
Helicopters, Inc.
May 19 (letter of notification) 60,000 shares of common
stock (par $1). Price —$5 per share.
Proceeds —For

it Graphic Controls Corp.
July 20, 1960 (letter of notification) 6,666 shares of class
A stock
(par $5). Price—$7.50 per share. Business-

writer—None.

purchase of equipment, tools, inventory and working
capital. Office—Heliport, Stapleton Airfield, Denver 2,
Colo. Underwriter—Insurance Stocks, Inc., Denver, Colo.

corporate purposes.
St., Buffalo, N. Y, Under¬

general

Rensselaer

stock (par 10

Offering—Expected in late August or early September.

-

Honey Dew Food Stores, Inc.

Greenbelt Consumer Services,

June

Inc.

April 28 filed 40,000 shares of series A common stock
and 160,000 shares of series B common stock. Price—$10
per share. Proceeds—$400,000 will be used in payment
of bank loans made in January to finance the purchase

Price

—

subordinated

100%.

At

debentures

These

$300,000 of 7%%
due

debentures

July

are

1970.

1,

convertible

ing four additional supermarkets

through June 30, 1965 into capital stock at $2.50 per share
to and including June 30, 1962, at $3.33% per share from
July 1, 1962 to June 30, 1964 inclusive and at $4 per
share from July 1, 1964 to June 30, 1965 inclusive. Pro¬
ceeds — For general corporate purposes.
Office —811
Grange Rd., Teaneck, N. J. Underwriter — Vickers,
Christy & Co., Inc., 15 William St., New York 5, N. Y.

and one-half years. Approximately

it Hyak Skiing Corp.

of

equipment for two new supermarkets which are plan¬
May and June, 1960. Approximately

ned to be opened in

$200,000 will be used for the purchase of inventory for
the two new stores. The company contemplates open¬

?

within the next two
$1,200,000 of the pro¬
ceeds of the offering will be used to finance the pur¬
chase of equipment and inventory for such stores.
The
balance of approximately $182,000 will be added to general working capital. Office—10501 Rhode Island Ave.,
Beltsville, Md. Underwriter—None.
Furnace Manufacturing Co.,

Gross

July

D.

stock

Proceeds

of

notification)

corporate

($10

purposes:*

per

shares

30,000

of

share). Proceeds

Offietr—t?/o Frederick

Voorhees, 8422 N. E. 10th St., Bellevue, Wash. Un¬
Seattle, Wash.

Hydrocraft, Inc.

Inc.

June

20, 1960

(letter of notification)

stock. Price—At par

common

J capital.

Office—c/o Joseph J. Gross, 2411 Sunnybrook
Road, Richmond, Va. Underwriter—Maryland Securities
Co., Inc., Baltimore, Md.

Calif..

Guardian Central Trust, Inc.
3 filed 484,862 shares of common stock, of which

•

June

Discount

Co.

Office—1415

Union

due 1972. The company proposes to offer the

be used to retire loans made to furnish
working capital
and to finance the company's Hydro-T-Metal
program,
and $300,000 will be used to retire a loan made to finance
the acquisition of a license to
practice an electrothermal

Avenue,

Development, Inc.
March 30 filed 250,000 shares of common stock. Price—
$5 per share. Proceeds—For purchase of Pelican Island;
for improvements on said property; and for working
capital and other general corporate purposes, including
the general development of the property. Office—714
Rosenberg St., Galveston, Tex. Underwriter—Myron A.
Lomasney & Co., New York.

process

and

offered for the

Of

common

stock

the

total, 50,000 shares are being
company's account and 80,000 shares by

certain

stockholders. Price—To be supplied by amend¬
ment. Proceeds—For general
corporate purposes.
Busi¬
The manufacturing and
marketing of materials
handling equipment. Underwriter
Blyth & Co., Inc.,
New York.
Offering—Expected in mid-August.
• I C Inc.
(8/25)
t

ness

—

—

June

29 filed 600,000

Price—$2.50

per

shares of common stock (par $1)
share. Proceeds—To further the corpo¬

rate purposes and

and

in the preparation of the concentrate

enfranchising of bottlers, the local

motion

and

advertising

of

and national pro¬

its

beverages, and where
loans to such bottlers, etc. Office—
Bldg., Denver, Colo. Underwriters— Pur

necessary to make
704 Equitable

Harcourt, Brace & Co., Inc. (8/17)
28, 1960, filed 493,425 outstanding shares of com¬
mon stock.
Price—To be supplied by amendment. Pro¬
ceeds—To selling stockholders. Business—The
company

& Co. and Amos C.
Colo.

vis

Sudler &

Co., both of Denver,

D.

Precision Components
Corp.
(letter of notification) 200,000 shares of
stock (par 10
cents). Price—$1 per share. Pro¬
ceeds—For general
corporate purposes.
Office — 89-25

June

engaged in the publication and sale of junior high
school, high school and college textbooks, workbooks,
related materials, as well as general trade books. Office

29, 1960,

common

Van

Underwriter—White,
■

Wyck Expressway, Jamaica 35, N. Y. Underwriter
A. Holman &
Co., Inc., New York, N. Y. Offering
—Expected sometime in September.
—R.

•

Illinois

Beef, L. & W. S., Inc.

April

29 filed 200,000 shares of
outstanding common
Proceeds—To selling stockholders.
Price—$10
share. Office—200 South
Craig

issuing company and 41,667 shares, representing
outstanding stock, will be sold for the account of the

stock.

present

Pa.

holders thereof. Price
To be supplied by
amendment. Business—The issuer is
engaged primarily

lri

of

—

f°rmulation, manufacture, distribution,

feed

livestock

and

supplements, minerals, and pre-mixes for

sale
the

industry in the mid-west. Proceeds—To retire
long-term debt; for a new automated
plant, and for addi¬




with

per

and

Street, Pittsburgh,
Co., Inc., New York,
Pittsburgh, Pa. Offering-

Underwriters—Amos Treat
Bruno

&

Lenchner, Inc.,
Expected sometime in September.

commitments

.^4-:-:?

/;-v

Indian Trail
Ranch, Inc.
June 28, 1960, filed
$585,000 of 6% convertible promis¬
sory notes due 1965;
171,600 warrants to purchase the

entitled

respect to

some

it Industrial

in

connection

with i

payments and carrying charg
44,000 acres.
Office
Souther
—

Blvd., West Palm Beach, Fla.

Underwriter—None.

Development Bank of israei Limited

July 22, 1960 filed 10,000,000 6% preference C share
Price—$1 per share, payable in cash or in Israel bond
Proceeds —For use as working capital to be
used i
granting loans to firms judged beneficial to the Isra
economy.
Office—113 Allenby Road, Tel-Aviv, Israe
Underwriter—Harry E. Brager Associates, Washingto
D. C. and New York City. Offering—Expected
sometim
in September.
;
Infrared

(8/11),

Industries, Inc.

July 6, 1960, filed 135,000 shares of common stock (with
out par value), 100,000 shares of which are for the
com
pany and the balance for the account of certain stock
holders.
Price—To be supplied by amendment.
Pro

ceeds—Approximately $700,000 will be used to construe
and equip the Santa Barbara, Calif, plant for which
th
company has recently acquired acreage, $450,000 will b
used to discharge indebtedness of the company and
subsidiary, and the balance will be used for general cor
porate purposes including working capital.
Business
The company produces infrared detectors for most
of th

infrared

systems

under

procurement

by

the
use

Arme
as

wel

Office—Waltham, Mass. Underwriter—Lehman Brother
New York City.
•

Inter-County Telephone & Telegraph Co.
(8/3)

June 16, 1960 filed 125,000 shares of common stock
(pa
$4.16%). Price — To be supplied by amendment. Pro

ceeds—$1,500,000 will be used to liquidate outstandin
short-term bank loans and approximately $600,000 wil
be

applied

reduction

to

of

accounts

payable

in

con

nection with the company's

continuing construction pro
The remainder will be used to pay a portion of th

gram.
1960

construction

expenditures

estimated

at

Office—1517 Jackson

St., Fort Myers, Fla.
Co., New York..
f

—Dean Witter &
•

International Telephone &
Sud America (8/1-5)

$3,000,(

Underwrite

Telegraph Corp.,

1960, filed $10,000,000 of debentures due July

1977. Price—100% of
principal amount. Proceeds—Fo
subsidiaries and general funds. Office—67 Broad Street

New York

City. Underwriter—Bear, Stearns & Co., Ne

York.

-

-

-

.

,

,

Investor Service Fund,

Inc.
1960, filed 100,000 shares of common stocl
Price—$10 per share, in 100-share units. Business—Th
company, which has not as yet commenced operation
July

14,

intends

to

diversified
all

offer
real

investors

estate

a

chance

ventures.

to

participate i

Proceeds—To purchas

part of the Falls Plaza Shopping Center, Fal
Church, Va. Office—1823 Jefferson Place, N. W., Wast
ington, D. C. Underwriters—Investors Service Securitie
or

Inc., and Riviere Marsh & Co., both of Washington.
•

Investors Funding Corp, of New York

June

(8/2)

17, 1960 filed $400,000 of 10% subordinated deben

tures

(half due December 1964 and half due Decembe
1965); $1,000,000 of 10% subordinated debentures (wit
stock purchase warrants), due serially 1966
1970; and warrants for the purchase of 30,000 commo
shares, exercisable initially at $10 per share. Price—Th
common

(including those with warrants)

offered for sale at 100% of
principal amount.

are to b
Proceed

To be used

primarily for the purchase or improvemei
parcels of real estate, and some may t
discharge debentures maturing in August, 196
Office-—511 Fifth Ave., New York. Business—The coir
pany's primary business is that of purchasing, develoj
ing, financing, investing in; and selling real estat
Underwriter—None.
of

additional

used

to

Itemco, Inc. (8/15-19)
April 2.9 filed 200,000 shares of common stock. Price
$2.50 per share. Proceds—For repayment of outstandii
debt, for instrumentation and automation of laborato
equipment, for expansion of existing manufacturing f
cilities and the acquisition or establishment of addition

facilities, and the balance for working capital. Office
18 Beechwood
Avenue, Port Washington, N. Y. llnde
writers—Morris Cohon & Company and Schrijver
both

I.

is

of the

cents).

50

financial

loans, mortgage

debentures

1960, filed 130,000 shares of its

(par

June

Inc.
July 22, 1960 filed 191,667 shares of common stock
(10c
par), of which 150,000 shares will be sold for the account

oxides

Hyster Co.

ing). Offering—Expected in early September.

it Harvest Brand,

from

June 27,

Price—To be sup¬

'

metals

Co., Inc., Chicago, 111.

Underwriter—Paine, Webber, Jackson & Curtis (manag¬

Avenue, New York.

of

The balance of such proceeds will be added to the
general funds of the company. Office — 405 Lexington
Ave., New York City. Underwriter—H. M. Byllesby &

plied by amendment. Business—The research, develop¬
ment, and manufacture of military electronic equip:&i;; ment, and the commercial manufacture and sale of short¬
wave
sending and receiving equipment. Proceeds—For
working capital, including the reduction of indebtedness
by $1,000,000. Office—4401 W. Fifth Ave., Chicago,, 111.

Third

for the production

ores.

it Hallicrafters Co.
L
July 22, 1960 filed 300,000 shares of capital stock (par
$1), of which 100,000 shares are to be offered for the
account of the issuing company and the balance, repre¬
senting outstanding stock, is to be offered for the ac¬

Weld & Co., New York.

debentures

subscription by stockholders. Price—To be supplied
by amendment. Proceeds—Approximately $490,000 will

Qulf-Tex

—750

Inc. (8/1-5)
16, 1960 filed $2,500,000 of convertible debentures

for

Memphis, Tenn. Underwriter—James N. Reddoch & Co.,
Memphis, Tenn.

count of the present holders thereof.

Hydrometals,

June

200,000 shares are to be publicly offered, and the re¬
maining shares are reserved for the acquisition of the
stock of Guardian Discount Co.
Price—$6 per share.
Proceeds—From the public offering, to be invested in
Guardian

bank

June 21,

180,000 shares of
($1 per share). Proceeds—
To purchase inventory, increase plant capacity by adding
additional molds and jigs, research and development and
for working capital. Office—804 Lake St., Huntington
Beach, Calif. Underwriter—Wedbush & Co., Los Angeles,

120,000 shares of com¬
10 cents). Price — $2.50 per share.
For advertising, equipment and working

Each stockholder is

subscription right for each share held; and thr
rights are required to subscribe for one note in t
amount of $15, the minimum subscription.
BusinesThe company is authorized to engage in a general
far
ing and ranching business.
Proceeds — To enable
th
company to obtain the necessary funds required to
me

derwriter—Columbia-Cascade Corp.,

(par

—

(letter

1960

*

stock. Price—At par

—For general

March 30 (letter of notification)
mon

18,

common

stock held.

common

Forces of the United States and for civilian

(letter of notification)

24, 1960

convertible

stockholders

one

29, 1960

common

City.

Van

Manufacturing Corp.

(8/29-9/2)

corporate
purposes. Office—614 Broad Street, Utica, N. Y.
Busi¬
ness—-The company is engaged in the processing, pack¬
ing and distribution of meats and meat products, prin¬
cipally sausage products, smoked meats, bacon, and meat
specialties. It also sells certain dairy products. Under¬
writer—Ernst Wells, Inc., 15 William Street, New York
house, and the balance will be used for general

Proceeds—For

*

Heldor Electronics

of

various

Inc.

29, 1960, filed $1,350,000 of .6%% convertible sub¬
ordinated debentures, due September, 1970, and 100,000
shares of common stock. Price—Debentures, at 100% of

17, 1960, filed 100,000 shares of 25c convertible pre¬
ferred stock (par $4).
Price—At par. Proceeds—Ap¬

Office—189

Industries,

June

June

Printing.

'

;

;

Pacific

Hawaiian

•

capital
Honolulu, Hawaii.

supplied by amendment. Proceeds—For

be

expenditures. Office—900 Richards St.,

co

offer i
rights to subscribe to the not
at the rate of $5 principal amount of notes for each
sha
common

ing—Expected in mid-September.

.

said notes; and 57,200 common shares issuable upon
version of the notes.
The company proposes to

of

New

& C

York.

•

Kaiser Industries Corp. (8/1-5)
July 7, 1960, filed 300,000 shares of outstanding conn
stock. Price—To be
supplied by amendment. Procee<
To selling stockholders. Office
300 Lakeside Dr
Oakland, Calif. Underwriters—First Boston Corp., D
Witter & Co., and Carl M.
Loeb, Rhoades & Co., al
—

New York

City.

• Kent Publishing Co., Inc.
July 20, 1960 (letter of notification) 50,000 shares
common stock
(par $1). Price—$1.10 per share. Proc<
—To retire a short term note and for
general corpo
purposes.
Office—619 Southeastern Bldg., Greensb
N.C.
Underwriter—McCarley & Co., Inc., Asheville, J
•
Kings Electronics Co., Inc. (8/1-5)
May 26 filed 200,000 shares of common stock (Pal
cents) and 100,000 common stock purchase warrE
The company
proposes to offer these securities for pu

I

Number 5972

192

Volume

.

.The Commercial

each consisting of one share of common
common stock purchase warrant.
6t0.
ft0.
$4 ner
Proceeds—$165,000 will be applied
u oer unit.
Proceeds—$lbo,U00
PfiCe—'V* 1
nortoin
Inanfi
fUTFi 000 fr\v
Pfiie reoavment of certain loans, $75,000 for developt0
fonr design work by a subsidiary in the field of
units

•

sale,manH

one-half
♦

flf"

instrumentation, $100,000 for continued rethe design, development and production of

tpd

in

h

5earcnnm.
-.rtnpntS

•
lOr microwave instruments, and
miUUWdVC uiau uiuciiio, auu

comP°n® »

capital. office—40 Marbledale Road. TimkOffice—40 Marbledale Road, TuckUnderwriters — Ross, Lyon & Co., Inc.;
Tnc*. Reich & Co.; Harold C. Shore & Co. and

'mrking

*°

the balance
uic UdldllLc

nanitai

Y

N

ft!

Godfrey, Hamilton, Magnus & Co., all of New York

City.

Co.
®28 I960 (letter of notification) $220,000 of 20-year
ITcpries A first mortgage coupon bonds to be offered
•denominations of $1,000. Price—At par, Proceeds—
J?" mortgage payment, outstanding notes, construction
fa new water supply and general corporate purposes,
nffipp—719 Harrison Ave., Leadville, Colo. Underwriter
lo-jdville Water

!-H.

M. Payson

& Co., Portland, Me.

Electronics Inc.
,
T„np 14
1960 (letter of notification) 135,000 shares of
nmmon stock (par 10 cents). Price—$2 per share. Proreeds—To expand operations. Office—3628 Rhawn St.,
Philadelphia, Pa. Underwriter — Atlantic Equities Co.,
Washington, D. C.
Lee

(8/1-5)

Filter Corp.

Lee

I960, filed 110,000 shares of capital stock (par
Price—$8.75 per share. Proceeds—About $250,-

June 17

$D

used to discharge bank loans, the proceeds
used to provide additional working capi¬
and to discharge other short - term indebtedness;

000 will be

of which were

tal

construction and purchase of additional
machinery and additions to raw material

for

$100,000

and the balance for general corporate pur¬

inventory;

Office—191 Talmadge Road, Edison, N. J. Under¬
Co., New York.

poses.

writer—Myron A. Lomasney &

^Lence Lanes, Inc.
July 22, 1960 filed 175,000 shares of common stock

(par

§D.

Price—$6 per share. Business—The company oper¬

ates

automatic bowling centers, associated ventures such

bars, and luncheonettes, sells supplies,
and rent lockers, shoes, and meeting rooms.
Proceeds
-To reduce indebtedness, complete Garfield Lanes -in
restaurants,

(387)

and options to
purchase an additional 30,000 shares.
is proposed to
offer these securities for
public sale
units

It
in

(1,200), each consisting of $250 face amount of de¬
bentures, 25 shares of common stock, and options to

to

purchase

$350
of

additional

an

25

common

shares.

Price—

per unit.

Proceeds—To be applied in part payment
$250,310 bank loan and the balance to be added to

a

working

capital

poses. Office

and

for

used

general

corporate

1111 Stout

Street, Denver, Colo.
writer—Purvis & Company, Denver, Colo.
Maule

—

Industries,

pur¬

Under¬

Inc.

Price—$7

share. Proceeds—For plant and modernization

per

penses.

Office—Miami, Fla. Underwriter—None.

ex¬

business and to increase borrowing
capacity. Part of the
proceeds may be used temporarily to reduce bank bor¬

rowings. Underwriters—Rodman

&

Renshaw and H. M.

Byllesby and Co. Inc., both of Chicago, 111.

Metropolitan Development Corp.

on
the company's property, for
repayment of
loans, and the balance to be added to the general funds

and

acquisitions.

Office—Los

Angeles, Calif. Underwriters—William

R. Staats & Co.,
Angeles, Calif., and Bache & Co. and Shearson,
Hammill & Co., both of New York
City.
of Los

Miami Tile & Terrazzo,

Inc.

March 11 filed 125,000 shares of common stock
(par $1).
Price—$4 per share. Proceeds—$150,000 as reduction of

temporary bank loans, $140,000 in reduction of accounts
payable, $65,000 to repay notes and loans payable to
Barney B. and Nathan S. Lee, and the balance for gen¬
corporate

Office—6454 N.

purposes.

Miami, Fla. Underwriter
Corp., Miami. Fla.

—

E.

4th

Ave.,

Plymouth Bond & Share

Office—4650
Broadway. New York City. Underwriter—Marron, Sloss
& Co., Inc., New York City (managing). Offering—Ex¬
pected sometime in September.
•

Bond & Share

Lestoil

Products, Inc.

(8/10)

;?

June

17, 1960 filed 275,000 shares of class A stock and
275,000 shares of common stock (par $1), to be offered
for public sale in units, each consisting of one class
and

share.

Price—$15

unit. Proceeds—
To discharge certain indebtedness, and the balance will
be added to working capital and be available for general
corporate purposes. Office—Holyoke, Mass. BusinessCompany's principal products are Lestoil and Lestare.
Underwriters
Paine, Webber, Jackson & Curtis, New
one

common

per

—

York and Boston, and Alex. Brown
Md. and New York.
Liberian

Iron

May 19 joined

Ore

with

& Sons, Baltimore,

Liberian

American-Swedish

Minerals Co., Monrovia, Liberia, in the filing of $15,D00,000 of 6Y4% first Ren collateral trust bonds, series A,
due 1980, of
Lio, $15,000,000 of 6JA% subordinated de¬
bentures due 1985 of

Lio,

unspecified

an

number

of

shares of Lio capital
stock, to be offered in units. The
units will consist of $500 of collateral trust
bonds, $500
of

debentures and 15 shares of capital stock. Price—For
units, to be supplied by amendment, and not to be in
excess of par.

—97

Queen

Proceeds—To make loans to Lamco. Office

St.,

Canada, N.

Prince Edward Island,
Underwriter—White, Weld & Co., Inc.,

S
New York.
Note

Charlottetown,
—

This offering has temporarily

been

postponed.

Lifetime Pools Equipment Corp.

Jujy 1, I960, filed 100,000 shares of
■~To be
supplied
the

manufacture

pools.

by amendment.
and

stock. Price
Business—Engaged in
common

selling of fiber glass swimming
will be used to purchase ma¬

Proceeds—$125,000

chinery

and
equipment; $200,000 to purchase raw
materials, parts and components; $40,000 for sales and
advertising promotion; $30,000 for engineering and de¬
velopment; and the balance will be added to working

capital.

Office—Renovo, Pa. Underwriter—First PennCorp., Pittsburgh, Pa.
Louisiana Gas Service Co.

mgton

3°' 196.0' filed 670,000 shares of common stock (par
u°i^e *ssued by Louisiana Power & Light Co. to

tun
«*a

i

stockholders
one

of Middle South

Utilities, Inc., on the basis
share of Louisiana Gas Service Co. common stock

C ^ shares of common stock of Middle South held
in 5
an additional subscription privilege); rights begin
nijii ,gust and expire in September. Price—To be suplu/im

aria

amendment. Proceeds—All to be paid to Louisi-

t)

ower &

Light Co. Underwriter—None.

L™ Financial Corp.
whL ' 1960 filed 354,000 shares of capital stock, of
of th
'560 shares are to be offered for the account
out eta 1jsuinS company and 166,500 shares, representing
the nJ m& stock, are to be offered for the account of
amp/m
ent holders thereof. Price—To be supplied by
indPhf ]ent- Pr°ceeds—$2,100,000 will be used to reduce
"anitai
ness' and the balance will be used for working
.

-

and

-

mppL

lity

general

cornorate
corporate

nurnoses.
purposes.

Office—HollyOffice—Holly-

i!1 Pnderwriters—William R. Staats & Co., Los
Staats & Co., Los
S' ^abf-, and Shearson, Hammill & Co.; New York
"tiMt'es Corp.

(8/25) L :
;
■
'
of 6% convertible 10-year deres» $250 face
value, 30,000 shares of common stock,

*nt„r

!ed $300,000




at

•

..

,

be

determined

by

bidding. Probable bidders: Halsey, Stuart
Morgan Stanley & Co. Bids—Expected to
2315,

room

a.m.

Ltd.

The

1996. Proceeds—To repay advances from American Tele¬
phone & Telegraph Co., the parent company, which are
expected to approximate $32,000,000 at the time such
proceeds are received. Office—1365 Cass Ave., Detroit,
Underwriter—To

195 Broadway, New York

New York Time

on

Midwest Technical

competitive
&
be

City,

Co. Inc.;
received
up

to

11

Aug. 16.

basis with rights to

expire on Aug. 9. Price—
$4.75 per share. Proceeds—For general corporate pur¬
poses. Office—Minneapolis, Minn. Underwriters—Shearson, Hammill & Co., New York City, and Piper, Jaffray
&

if Miles-Samuelson Inc. (8/22-26)
June 22, 1960 filed 100,000 shares of common stock (par
$1). Price—To be supplied by amendment. Proceeds—
indebtedness, expansion of the business

and

general corporate purposes. Business—The company
is engaged in writing,
illustrating and producing a
variety of technical material specifically designed for
use by industry and the Department of Defense. Office—
East 26th

21

Sloss

St., New York City. Underwriter—Marron,
& Co.„ Inc. of New York City.

Missile-Tronics, Corp.
8, 1960, (letter of notification) 200,000 shares of
common
stock (par 10 cents).
Price—$1.50 per share.
Proceeds—For general corporate purposes.
Office—245
4th Street, Passaic, N. J. Underwriter—Edward H. Stern
& Co., Inc., 32 Broadway, New York, N. Y.
OfferingExpected in late August or early September.

July

^ Mitchell

(John E.)

July 15, 1960

Co.

(letter of notification) 450 shares of com¬

(no par) to be offered for subscription by
stockholders of the company on a pro rata basis. Price
mon

stock

$110 per share. Proceeds—To repay a mortgage loan.
Office—3800 Commerce St., Dallas, Tex. Underwriter—
None.
•

Mobile Video Tapes,

June

30,

common

Inc.

(8/18)

1960

purchase equipment and cancel debts and the re¬
mainder for working capital. Office—1607 N. El Centro,
To

Hollywood, Calif. Underwriter—Dempsey-Tegeler & Co.,

Mo.

Model Finance Service, Inc.

May 26 filed

100,000 shares of second cumulative pre¬
convertible series, $5 par—and $1,000,-

ferred stock—65c
000 of
Price

6Mi% junior subordinated debentures, due 1975.
To be supplied by amendment. Proceeds—To be

added to the company's general

working funds.

Dwight Building, Jackson, Mich.
C. Kimball & Co., Chicago, 111.
202

Mustang Lubricant,

Office—

Underwriter—Paul

agreement

sell

to

said

shares

the

to

underwriter.

be

supplied by amendment. Proceeds—To be
added to company's general funds and will enable it to
use all or part of the
proceeds in the reduction of bank
indebtedness.
Mich.

Office

—

2301

Woodward

Ave.,

Detroit,

Underwriter—Ladenburg, Thalmann & Co., New
<

Narragansett Capital Corp. (8/8-12)
June 21, 1960, filed 1,000,000 shares of common stock
(par $1). Price—$11 per share. Proceeds—For invest¬
ment. ' Office—10

Business—This

Dorrance

Street,

non-diversified

Providence,

closed-end

R. I.
management /

investment company
and

to

make

intends to provide equity capital
long-term loans as contemplated by the

of

Walker &
•

Investment Act of 1958 to

small business

a

diversified

Underwriter—G.

concerns.

H.

Co., New York.

National Capital

Corp. (8/22-26)
9, 1960, filed 240,000 shares of class A common
stock (par $1). Price—$5 per share. Proceeds—For re¬
June

duction

of

corporate

indebtedness, working capital, and general

Office — 350 Lincoln Road, Miami
Beach, Fla. Underwriters—J. A. Winston & Co., Inc., and
Netherlands Securities Co., Inc., both of New York City.
purposes.

if National Consolidated Development Corp.
July 25, 1960 filed 70,000 shares of class B common (non¬
voting) stock. Price—$100 per share. Business—To ac¬
quire business properties, and operate, lease, or sell
them for

a profit. Proceeds—For general
corporate pur¬
with initial activities scheduled for Phoenix, Ariz.
Office—South 1403 Grand Ave., Spokane, Wash. Under¬

poses,

writer

The stock

—

will be offered

through authorized

qualified brokers.

National Electrode Tube Corp.
April 29, I960 filed 150,000 shares of

common stock (par
$2 per share. Proceeds — For general
corporate purposes. Office—88 Cortlandt St., New York
City. Underwriter — Vickers, Christy & Co., Inc. and
First City Securities, Inc., both of New York
City.
;

5

cents). Price

—

National Fountain Fair Corp. (7/29)
May 27 (letter of notification) 75,000 shares of common
stock (par $1).
Price — $4 per share. Proceeds — For
general corporate purposes.
Office — 3000 Hempstead

Turnpike, Levittown, L. I., N. Y. Underwriter—General
Investing Corp., New York, N. Y. '
National Lawnservice

Corp.
(letter of notification) 100,000 shares of com¬
(par one cent). Price—$3 per share. Pro¬
ceeds—For general corporate purposes.
Office — 410
Livingston Avenue, North Babylon, N. Y. Underwriter
—Fund Planning Inc., New York, N. Y.
Jan.

11

mon

stock

National Patent Development Corp.

(8/15-19)

June 8, 1960, filed 150,000 shares of common stock
one

cent). Price—$1

per

share.

Proceeds—Net

of

(par
this

sale in combination with cash

on hand will be used to
finance the client and sales solicitation
program, and the
balance for general corporate purposes. Office—68 Wil¬

liam St., New York City. Underwriters —
Globus,
and Ross, Lyon & Co., both of New York
•

Inc.

National Pool Equipment Co.

June

20,

I960, filed $1,000,000

ordinated

notes

due

1974

stock into which the notes

and
are

of 6%

convertible

66,666 shares of

sub¬

common

convertible, to be offered

for public sale by the 15 holders thereof.

The said notes,
initially issued on June 10, 1959, are convertible at the
option of the holder into common stock at their principal
amount at

tion, the
mon

a

conversion price of $15 per share.

company

In addi¬
is registering 21,000 shares of com¬

stock subject to warrants at $1 per warrant on June

10, 1959 in connection with the issuance of the notes and
exercisable at $15 per share. Price—To be supplied by
amendment. Proceeds—In the amount of $315,000 re¬
ceived upon exercise of the 21,000 warrants will be used
for general corporate purposes.
Office—Lee Highway,
Florence, Ala. Business—The company is engaged in the
business of designing, manufacturing and selling com¬
ponent parts of swimming pools for public and private
use
and in manufacturing and selling swimming pool
equipment, accessories, chemicals and supplies. Under¬

writer—None. Note—This issue

was

placed privately by

Kidder, Peabody & Co.
Natural Gas Pipeline Co. of America (8/17)
July 1, 1960, filed $25,000,000 of first mortgage pipeline
bonds, due 1980. Price—To be supplied by amendment.

standing bank loans and the balance used for construc¬
tion requirements.
Office — 122 South Michigan Ave.,

Chicago, 111.
Business—Public utility.
Underwriters—
Dillon, Read & Co. Inc., and Halsey, Stuart & Co. Inc.,
both of New York.

Natural Gas Pipeline Co. of America (8/17)
July 1, 1960, filed 150,000 shares of cumulative preferred
stock (par $100). Price—To be supplied by amendment.
Proceeds—To be applied in part to the payment of out¬
standing bank loans and the balance used for construc¬
tion requirements.
Office — 122 South Michigan
Ave.,
Chicago, 111. Underwriter—Dillon, Read & Co. Inc., New
York.

.i.....

>

.

•

Navajo Freight Lines, Inc. (8/1-5)
May 9, 1960, filed (with the ICC) 250,000 shares of

Inc.

9 filed 80.000 shares of class
Price—$5 per share. Proceeds—For
May

new

Proceeds—To be applied in part to the payment of out¬

(letter of notification) 100,000 shares of
stock (par $1). Price—$3 per share. Proceeds—

St. Louis,

of

City.

Hopwood, Minneapolis.

For reduction of

(par $1).

shares

Corp., of New York,
shares, has entered into

•

Development Corp.

May 17 filed 561,500 shares of common stock being of¬
fered to holders of the outstanding common on a onefor-one

stock

108,000

•

Corp.,; Miami, Fla.

Michigan Belf'Telephone Co. (8/16)
July 25, 1960 filed $35,000,000 of debentures, due Aug. 1,

Mich.

common

offer

stock for

•

1960

(letter of notification) 150,000 shares of
common
stock
(par $1). Price—$2 per share.
Proceeds—To retire loans, purchase new
machinery, open
a new office and for
working capital. Office—1850 N. E.
144th St., North Miami, Fla. Underwriter —
Plymouth

Jersey City, N, J., and for working capital.

bo

(8/1-5)
to

proposes

Underwriter—To

for each three shares held. Arebec
which owns 109,278 common

and

Miami Ventilated Awning Mfg. Co., Inc.
June 29,
class A

Inc.

31

subscription by holders of outstand¬
ing stock of record May 31, at the rate of one new share

group

(8/1-5)

ments

eral

company

common

Small Business

June 8 filed 1,000,000 shares of capital stock. Price—To
be supplied by amendment. Proceeds—To
complete pay-

construction purposes

The

York.

;

Mercantile Discount Corp.,
Chicago, III.
June 29, 1960, filed
128,000 shares of common stock.
Price—To be supplied by amendment. Proceeds—To be
added to the capital fund to allow for the
expansion of

for

Namm-Loeser's

April 27 filed 217,278 shares of

Price—To

15, 1960, filed 254,322 shares of common stock, to
offered to holders of the
outstanding common at the rate
of one new share for each
three shares held.

Colo.

purposes.
Office—Denver,
supplied by amendment.

an

June

dies and

tools

as

and Financial Chronicle

A common stock.
general corporate

\

1

Continued

on

com-

page

32

32

The Commercial and Financial Chronicle \

(388)

A- Rochester Telephone Co. (9/21)". <
July 21, 1960 filed $12,000,000 of series "E" first
mort¬
gage bonds, which will mature in 33 years, on

•

of
facilities in service by the date of the proposed sale.
Un¬
derwriter
To be determined by competitive

To
mon
stock, of which 189,000 shares, being outstanding
stock, will be offered for the account of the present

and 61,000 shares will be offered for
the account of the issuing company. Price—To be sup¬

holders

thereof,

Sept. l
Blvd., Paramount, Calif. Underwriter—Holton, Hender- / 1993. Proceeds—The proceeds of this sale will be
used
son & Co.,, Los Angeles, Calif.
to repay bank loans for construction and
extension
Powertron

1960, filed 200,000 shares of common stock.
Price—To be supplied by amendment. Proceeds—Toward
the payment of a $2,000,000 bank loan. Office — Sioux
City, Iowa. Underwriter — Cruttenden, Podesta & Co.,

(7/29)
i\
20, 1960 filed 205,000 shares of common stock.
Price—$2 per share. Proceeds—$143,668 will be used to
retire three short-term notes, and the balance of approximately $256,832 will be used to provide additional work¬
ing capital. Office — Roosevelt Field Industrial Park,
Garden City, L. I., N. Y. Business — Company develops
and markets a variety of electrical and electronic prod¬
ucts incorporating ultrasonic principles. Underwriter—

Chicago.

None.

plied by amendment. Office—1205 So. Plate River Drive,
23
Colo. Underwriters—Hayden,
Lowell, Murphy & Co. (jointly).

Denver
and
•

Needham

June

Stone

&

Co.

(8/15)

Packing Co.

28,

North

American

Merchandising Co.
$300,000 of 7% convert¬
sinking fund debentures due July 1, 1965. Price—
At face amount.
Proceeds—To repay short-term loans
and for working capital. Office—118 Cole Street, Dallas,
Texas.
Underwriter—Parker, Ford & Co., Inc., Dallas,
May 26 (letter of notification)
ible

Texas. Offering—Imminent.

May 3

certificates.

.

of

primary

participation
a

purpose

17.18% from face value.

Proceeds—For the

of refinancing existing loans. Office—
Pike, Rockville, Md.
Underwriter—In¬
vestor Service Securities, Inc.v
Rockville

1160

Nuclear

*

Engineering Co., Inc.
April 18 (letter of notification) 30,000 shares of common
stock (par 33.3 cents). Price—$10 per share. Proceeds
—To replace bank financing, reduce accounts payable,
-purchase machinery and equipment and for working
capital. Office—65 Ray St., Pleasanton, Calif. Under¬
writer—Pacific Investment Brokers, Inc., Seattle, Wash.
•

Organ Corp. of America (8/1-5)
28, 1960, (letter of notification)

June
class

A

share.
—59

N.

stock

common

(par

10

100,000 shares of

cents).

Price —$3

Proceeds—For general corporate purposes.

Hempstead

Y.

Gardens

Underwriters—J.

Drive,
A.

Netherlands Securities Co.,
Pacific

Power &

W.

Winston

per

Office

Hempstead, L. I.,
& Co., Inc. and

Inc., New York, N. Y.

—

by

competitive

bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Lehman Brothers; Blyth & CO.
and White, Weld & Co.
(jointly); Eastman Dillon, Union
Securities & Co. Bids—Expected to be received
21

at

12

on

Sept.

noon.

Pacotronics,
June 2 filed

Inc.

(8/15-19)
150,000 shares of common stock. Price—$4
Proceeds—For general corporate
purposes,

share.
including the reduction of indebtedness and research
and development expenses.
Office
70-31 84th Street,
Glendale, L. I., N. Y. Underwriter—Myron A. Lomas¬
per

—

ney

& Co., New York City.

Patrick

,.)

County Canning Co.,

Inc.
Price—

share.

Proceeds—About $162,000 will be applied
to the payment of certain
indebtedness; $25,000 for ad¬
ditional machinery and
equipment; and $118,752 for
working capital, promotion and advertising.
Office—
52 Broadway, New York.
Underwriter
G. Everett
per

—

Parks

&

*

Co., Inc., New York. Offering

—

Expected in

early August.
Patton
June
B

Engineering Corp.
3, 1960 (letter of notification) 19,000 shares

common

—For

stock (no par).

working

capital.

Price—$5

Address

Progress Electronics Corp.
May 25 (letter of notification) 200,000 shares of common
stock
(par $1), Price—$1.50 per share. Proceeds—To
develop and produce proprietary items in the electron¬

per

Pearson Corp.

of class

share. Proceeds

Bert

(8/22-26)

March 30 filed 50,000 shares of
be supplied by amendment.

utilized

to

stock. Price—To

Proceeds—$60,000 will

repay

the

company's

indebtedness

to

be

Busi¬

ness

Development Co. of Rhode Island; the balance will
be added to
working capital for general corporate pur¬
poses, principally to finance
inventory and for other
manufacturing costs. Office—1 Constitution
St., Bristol,
R. I. Underwriter—R. A.
Holman & Co., Inc., New York.

Or Perkin-Elmer Corp.
July 21, 1960 filed 100,000 shares of common stock
(par
$1). Price—To be supplied by amendment.
Business—

The company is
engaged in the
sale of scientific instruments.

struction

design, manufacture, and
Proceeds—For plant con¬
($1,400,000), machinery and equipment ($500,-

000), and general funds. Office
Conn.

—

Main Ave., Norwalk,

Underwriter—Blyth & Co., Inc., New York City
(managing). Offering—Expected in late
August.
Philippine Oil Development
Co., Inc.
March 30 filed
103,452,615 shares of capital
stock, to be
offered for subscription by
stockholders at the rate of
one

new

share for each 5 ^

shares held. Price

—

To be

supplied by amendment. Proceeds—To be
added to the
company's working capital. Office
Soriano Bldg.,
—

Manila, Philippines, Underwriter—None.
Offering—Ex¬
pected
sometime in

September.

Plastics & Fibers, Inc.
June 14 (letter of
stock (par 20

notification) 150,000 shares of common
cents). Price—$2 per share.
Proceeds—For

general corporate
purposes.
South River, N.

Office—Whitehead Avenue,J..
Underwriter—Pearson, Murphy &

Y.
Power Cat Boat
Corp.
of

notification) ,300,000 shares-of




•

Corp. (8/10)
1960, (letter of notification) 175,000 shares of
(par 50 cents). Price—$1 per share. Pro¬
ceeds—For training,
advertising, salaries and fees, travel

the basis of

one

new

Roller Derby

share for each five

be

by amendment. Pro¬
ceeds—Together with other funds, will be added to the
general funds of the company, which will be used in
furtherance of a five year expansion and improvement
program initiated in 1959, and to repay indebtedness to
and

and

ITT

incurred

equipment

Office—261

used

Tanca

or

St.,

the

for

to

be

purchase

used

San Juan,

for

Puerto

16,

of

account

supplied

by

certain

selling stockholders.

amendment.

Proceeds—For

by

amendment.

Under¬

^ Rollins Broadcasting Inc.
July 22, 1960 filed 110,000 shares of common stock
(par
$1), of which 75,000 shares will be sold for the account

(J. L.)

Co., Inc.
(letter of notification)

1960

the

be

corporate purposes relating to the production
and sales of motion picture films of the
Roller
Derby,
and the balance for
working capital. Office—4435 Woodley Ave., Encino, Calif. Underwriter—To be
supplied

writer—None.
Putnam

for

general

program.

Rico.

sold

Price—To

of materials

said

TV, Inc.

March 30 filed 277,000 shares of common
stock, of which
117,000 shares are to be offered for public sale
by the
issuing company, and the remaining 145,000 shares will

shares held. Price—To be supplied

banks

stock

expenses
and working capital.
Office —1600 Ogden
Street, Denver, Colo. Underwriter—Copley & Co., Colo¬
rado Springs, Colo.

Rico Telephone Co.
23, 1960, filed 100,000 shares of common stock, to
be offered for subscription of holders of its outstanding
on

Price—To

28,

common

Puerto

stock

shares.

Roliton

June

June

common

$3)

$50 debenture and

a

common

—

underwriter is to be named

new

of

1726 Champa St., Denver, Colo. Underwriter
Merrill
Lynch, Pierce, Fenner & Smith Inc.
(managing)^ Offer¬
ing—Expected in late September.
\
,*

dress.

50,000 shares of
(par $1). Price — $4 per share.
general corporate purposes. Address—
Biddeford, Maine.
Underwriters
J. L. Brady & Co.,
Worcester, Mass. and David G. Means, Bangor, Maine.

the issuing company and
35,000 shares, representing"
outstanding stock, will be sold for the account of John
W. Rollins,
selling stockholder, who is a director. Price
—To be supplied
by amendment. Proceeds—For general

Pyramid Electric Co.
April 1 filed 80,675 shares of

writer—F. Eberstadt &

class

B

of

stock

common

Proceeds

For

—

—

to holders

of

the

price of $3.25

common

corporate

per

share for each warrant at

one

share.

The warrants

were

issued

•

a

in

May, 1954, in connection with a previous pub¬
offering and included 46,000 to the underwriter, S.
D. Fuller & Co., and
46,000 to the company's officers
and employees.
At present there are 89,675 warrants
outstanding. Office—52 Broadway, New York. Offering

For

New

(par

repayment

Investors, Los Angeles,

Proceeds—For

an

—120 E. 32nd

and

Proceeds—$200,000

office types of furni¬

corporate

purposes.

82nd

St., New York, N. Y. Underwriter—Arden
Co., Inc., New York, N. Y.

—

York.

City.
Republic Ambassador Associates
April 29 filed $10,000,000 of

•

Safticraft Corp.,
Patterson, La.
April 29 filed 275,000 shares of

Partnership In¬
terests, to be offered in units.
Price—$10,000 per unit.
Proceeds—To purchase hotels in
Chicago from a Webb
&
mid-to-late

the

account

present holders
thereof. Price—To be
supplied by amendment. Business
The manufacture and
sale of disposable
plastic tubular
products, and the assembling and
marketing of blood
donor sets. Proceeds
For plant
expansion, increased
production facilities, and
—

South Rooertson

—Blunt Ellis &

Rez-Tile
June

29,

common

working capital. Office—864
Blvd., Los Angeles, Calif. Underwriter

Simmcns, Chicago, 111.
150,000 shares

per

share. Proceeds

o^iTK
-Inc,

of

Inc;and Fir5t City

(par 10

stock

Proceeds—The

company

the

and

Pont, Inc.

remaining $293,500 to

additional working cap¬
necessary in the financing of increased inventories
and receivables
incident to the increased sales volume of

Dupont.

Underwriter

*

New York.

—

as

George,

O'Neill

'
;

&

Co.,

Inc.,

i

• Sanco Finance
Co., Inc.
July 18, 1960 (letter of
notification) 42,577 shares of
common stock
(par $2.50). Price—$5.50 per share. Pro¬

ceeds—For general
corporate purposes. Office

616 N.
Broadway, Oklahoma
City, Okla. Underwriter—None.

• San Juan Oil & Gas
July 20, I960 (letter of
common

capital

properties.

(letter of
notification)
(par $1). Price—$2

borrowings;

be advanced to du

Proceeds—For

Industries, Inc.

1960
stock

short-term

August.

issuing company, and 60,000
shares, being out¬
standing stock, for the account of the

share.

per

$50,000 to expand its efforts in the sale
boats nationally;
$250,000 for reduction of

ital

Resiflex
Laboratory, Inc.
July 18, 1960, filed 100,000 shares of
common
stock, of
which 40,000 shares are to
be offered for
the

Price—$3

proposes to use
of Safticraft

Knapp subsidiary. Office—111 West
Monroe Street,
Chicago, 111. Underwriter—Lee
Higginson Corp., New
in

(8/1-3)

common

cents).

Limited

of

to purchase the Second Ave. and E.

St.

building sites, to subdivide and improve
parcels and
same
as
building sites, and to obtain or prepare
building plans and financing
arrangements in respect
thereof. Office—598 Madison
Ave., New York. Under¬
writers—Ross, Lyon & Co., Inc. and Globus, Inc., both
of New

•

Offering—Expected

Under¬

sell

writers—D. Klapper
Associates, Inc., and Norton Fox &
Co., Inc., both of New York

York.

New York.

Co., New York.

as

notification) 75,000 shares of
(par 50 cents). Price—$4 per share. Pro¬
development and construction of homes.
Broadway, Riviera Beach, Fla. Under¬

ceeds—For the
Office
2943

&

Business—The company intends
principally to deal in
and
with
unimproved real property, to sell parcels

Renmar Corp. (8/1-5)
July 1, 1960 (letter of
stock

loan, and general corporate

Worth Street,

properties; $51,000 to
purchase
the
New
Rochelle property; and the
balance for working capital.

Office

•

common

officer's

chase warrants.
It is proposed to offer these securities
in units, each unit is to
consist of $100 principal amount
of
debentures, 50 common shares, and 10 warrants ex¬
ercisable at $2 per share until
1965. Price—$200 per unit.

integrated furniture manufac¬

general

an

Sachar
Properties, Inc. (8/29-9/2)
July 6,1960, filed $300,000 of 8% subordinated
instalment
convertible debentures due
1970, 150,000 shares of com¬
mon stock
(par 10 cents) and 30,000 common stock pur¬

Reilly-Wolff Associates, Inc. (8/22)
14, 1960 (letter of notification) 43,000 shares of
class A stock (par one
cent). Price—$5 per share. Busi¬

turer, specializing, in outdoor

of

writer—Morris Cohon

cent). Price—$3 per share. Pro¬
ceeds—For working capital.
Office—1334 N. W. 36th St.,
Miami, Fla. Underwriter—None.

ture.

(8/15-19)

supplied by
Proceeds—To be used largely for reduction
payable, as well as for new tooling, research,

Office—93

purposes.

one

ness—The company is

Schramm & Co., Inc.,

amendment.

Realty Development Corp. of America
July 15, 1960 (letter of notification)
100,000 shares of
stock

per share. Proceeds—
Office—267 Green St.,

York, N. Y.

of accounts

•

common

Price—$3

purposes.

Roto-American Corp.

100,000 shares of
stock (no par).
Price—$3 per share. Proceeds
purchase additional equipment, for
sales, purchase
of inventory and
working capital.
Address — Gardena,
Underwriter—California

Under¬

May 27 filed 75,000 shares of common stock
(par $1) to
be offered for cash sale to the
public, and 44,283 shares
to be issued in
exchange for common and preferred
shares of four subsidiaries.
Price—To be

••

common

Calif.

(par 10).

general corporate

Brooklyn 2, N. Y. Underwriter—S.

Rayson Craft Boat Co.
July 11, 1960, (letter of notification)

caiif.

Del.

Rotating Components, Inc. (8/15-19)
8, 1960 (letter of
notification), 100,000 shares of

common stock

and after

v."' '

Office—Wilmington,

July

lic

'—Imminent.

purposes.

Co., New York City. OfferingExpected in early September.

stock to be issued

company's outstanding stock purchase

warrants at the rate of

Co., Inc., New York, N.

JUly.5, I960 (letter

A

consisting of

number

by amendment. Proceeds—For
construction
expenditures and the reduction of indebtedness. Office—

Income, Inc.
Dec. 23 filed 400,000 shares of common stock (par $1).
Price—To be supplied by amendment. Proceeds—For in¬
vestment. Office—3 Penn Center Plaza, Philadelphia, Pa.
Underwriter—Provident Management Corp., same ad¬

Perin &
common

—

unannounced

be supplied

Office—1240 First Security Building, Salt Lake

City, Utah. Note
shortly.

be offered in units

an

June

Lane, North
Hampton, N. H. Underwriter—Eastern Investment
Corp.,
Manchester, N. H.
—

Rocky Mountain Natural Gas Co., Inc.
July 15, 1960, filed $2,350,000 of sinking fund
debentures,
due 1980, and 235,000 shares of common stock
(par

—To

March 25 filed 140,000 shares of common
stock.

$3

/

to

ics field.

bidding.

Corp., and Halsey, Stuart
Inc.; Eastman Dillon, Union Securities & Co.,
and
Kidder, Peabody & Co. (jointly). Bids—Expected to
be
received on Sept. 21, 1960.
& Co.

•

June

Light Co.

(9/21)
July 27, 1960 filed $20,000,000 of 30-year first mortgage
bonds. Proceeds
To retire $20,000,000 of unsecured
promissory notes, to mature on or prior to July 31, 1961.
The notes will be used to
partially finance the 1960-61
construction program, which is expected to total
$61,000,000. Office — Portland, Ore. Underwriter — To be
determined

—

Probable bidders: First Boston

Provident Fund for

Price—The certificates will be offered at

discount

Ultrasonics, Inc.

June

North

Washington Land Co.
filed $1,600,000 of first mortgage

Thursday, July 28, 1960

.

stock (no par). Price—$1 per share. Proceeds—
discharge short term debts,, working capital, plant
equipment, inventories, etc. Office—15623 S.Lakewood
common

Continued from page 31

.

stock.

•

Co.

Office—315

275,000 shares of
($1 per share).
development of oil and gas

notification)

Price—At

expenses for

Utah

Utah.Underwriter—None.

—

Oil

par

Bldg., Salt Lake City,

Saucon

Development Corp.
-April 28 (letter of
notification) an undetermined num♦ortX
shares of common stock (par $1) not to exceed
$300,000. Price—To be
Securitie3- '
supplied by amendment. Proceed!
jr-trFof

mining. expenses.-Offiee —->c/o^Wallace F. Mo-

192 .Number 5972 ...The Commercial and Financial

Volume

Beaconsfield Blvd., Beaconsfield, Que-

246

Pips

St., Austin, Tex. Business—The

company is engaged in
™r. Printing and publishing business and in the sale of
office supplies and
equipment. Underwriter—Rauscher,

p'mda' Underwriter—P. Michael & Co., 69 Passaic
beCVnrfield N. J., is no longer the underwriter for

■St., r

\n '

underwriter is to be named,

a new

issUt"

this
*

-

ents)

Inc.

(7/29)

100,000 shares of common stock
^

filed

27

Pierce & Co., Inc.,
Dallas, Tex.

v

.Lv-A-Stop,
s
May

Storm Mountain Ski
Corp.
June 30, 1960, filed $500,000 of 8% subordinated deben¬
tures due 1975 and
100,000 shares of common stock, to
be offered for
public sale in units consisting of a $50
debenture and 10 shares of stock.
Price—$75 per unit.

(par 10

Price—$4.50 per^ share^ Proceeds—For working
office
2202 Main Street, Jacksonville. Fla.

,

—

Iwwriter—Pistell, Crow Inc., of New York City, forunderwriter—P
•®
CnhrnpHpr Rt. COJ
.

j.„il

Proceeds

"eriy Pistell, Schroeder & Co.

Office

cpa-Highways, Inc.
q filed
150,000 shares

.

nLmon

ppeds—For general corporate
SLoraw Rd., Hawthorne, N.

•

stock ($.01 par).

€eeds

—

June

•

1960

20,000

shares

of

System Meat Co.

•

Techno Fund,

Inc. (8/15)
24,1960, filed 400,000 shares of common stock. Price
—$12.50 per share. Proceeds—For investment. Office—
50 West Gay St., Columbus; Ohio. Business—A closed-

and 457,000 shares, repre¬

June

amendment.

ceeds—For

•

(8/2)

&

Co.

price—$6 per share. Proceeds—$190,000

,

•

Inc.; Morgan Stanley & Co.

on Aug. 2 up to 11:00 a.m.
at room
2315, 195 Broadway, New York City.

Texas Eastern

Stock Exchange Bldg., Salt Lake

City Utah
Sprayfoil Corp.
filed
will h
of

nfm

.

250,000

shares

of

m

the

™fnu*acture °f the products of the

deveinrT
and

iiqp

coveHvi

common

stock,

company

and for

°f necessary tools and equipment, and
$^3,443 will be added to the company's

CaP1^al. Business—The company engages in the
enH engineering and exploitation of products
^PP^ying the principles incorporated in patents

atom,vg ,.e so-called "Coanda airfoil technique" of
MinriP^I!ST quids- Office—2635 Louisiana Ave., South,
"nneapolis, Minn. Underwriter-None.

June** Co. (8/1-5)
filed 60,000 shares of common stock, of
the ice,,;
shares are to be offered for public sale by
inKanrt ng c.omPany and 30,000 shares are now outstandPrice-—T?reu
offered by the present holders thereof.
supplied by amendment.
Proceeds—To
pply j°

tvhioh

,

wc

<

JiUDDiiPrt" hv

amprwimpnt

fun<Js for
working; capital:




iTflppcos—'iu

Office—205 West 9th

Transmission Corp.

April 11 filed $25,000,000 of debentures, due 1980. Price
supplied by amendment. Proceeds—For the re¬
duction of indebtedness and for construction expenses.

—To be

Office—Houston,

Underwriter—Dillon, Read &

Texas.

Co., Inc., New York City.
indefinitely postponed.
Thurow

the

working

,

-O

pe* share. Proceeds—Approximately $250,000
Use<* *n *he development, engineering and design
Pr,0ducts> approximatly $150,000 will be used in

aunrn«rc

of an additional retail
retail distribution of
retail electronics parts and components. Office—236-246
17th Street, New York. Underwriters—J. A. Winston
& Co., Inc. and Netherlands Securities Co., Inc., both
of New York. Note—Name is to be changed to TerminalHudson Electronics, Inc. upon effectiveness of a merger
with Hudson Radio & TV Corp., which will take place
if and when all of the shares offered hereby are sold.
ing the obtaining and equipping
outlet. Business—Wholesale
and

Producers, Inc.

of common stock. Price—
the drilling of three wells
k^nce for working capital. Office—2720 West
Aao^JHf l»rd kaaie> Dallas. Underwriter •— Elmer K.

is to be used to

the remaining balance of its obligation incurred in
connection with the purchase of Terminal stock from the
Estate of Frank Miller; $100,000 to repay a bank loan;
and the balance for general corporate purposes, includ-

pay

Underwriter—To

I
?
700,000-shares
LiF+w s,a^e* Proceeds—For

capital stock (par

cents), of which 83,334 shares are to be offered for
public sale for the account of the issuing company and
the balance for the account of William Filler, President.

.

49

(8/15-19)

24, 1960, filed 166,668 shares of

25

ttT?|T"7xpec*eddeceived

iyr8?!v?oM?stem

Electronics, Inc.

Terminal

June

Sl<!e^rrclined ky competitive bidding. Probable bid™
halsey, Stuart

factory, and the balance for general cor¬
— Pan American Bank Building,

time in August.

joo,600,000, with the remainder for plant expenditures.
Wfwe-r-ioia jpipe1 St., St, Louis, Mo.

a

Fla. Underwriter — Equity Securities Co., 39
Broadway, New York City. Offering—Expected some¬

before Aug. 19.

ini«

1960

18,

stock

common

(letter of notification) 95,000 shares of
(par 25 cents). Price—$3 per share. Pro¬

ceeds—To retire short term loans; for research and de¬
velopment and for working capital. Office—1650-21st St.,
St., Santa Monica, Calif. Underwriter—V. K. Osborne &
Sons, Inc., Beverly Hills, Calif.

Transnation
March

1

filed

(8/15-19)

Realty Corp.

$700,000 of 8% subordinated Installment

stock

(par $1), and 75,124 shares of outstanding class B
(par $1). Price — To be supplied by amendment.
Proceeds
To selling stockholders.
Office — 811 Rusk

stock

—

United Aero Products Corp.

Miami 32,

^960 filed $100,000,000 of, debentures, due Aug.
ft 995, Proceeds—To repay advances from A. T. & T.,
S?nrnnt cdl?£any,;which are expected to approximate
i

July

Ave., Houston, Texas.
Underwriters — Carl M. Loeb,
Rhoades & Co., Merrill Lynch, Pierce, Fenner & Smith
Inc., and Smith, Barney & Co., Inc., all of New York
City. Offering—Expected in mid-August.

struction of

?? flruP0n request at the office of Sullivan & Cromwell,
48
on or

St., Los Angeles, Calif. Underwriter—Leh¬
Brothers, New York City.

He Transis-Tronics* Inc.

porate purposes. Office

(8/23)

Bell Telephone Co.

man

Union Texas Natural Gas Corp.
July 8, 1960, filed 150,248 shares of outstanding class A

stock (par 25

July 11, 1960 filed 100,000 shares of common stock (par
10 cents.
Price — $3 per share. Proceeds — For con¬

July 20, I960,, filed $60,000,000 of first and refunding
mortgage bonds, series M, due 1985. Proceeds—To retire
outstanding short-term borrowings and to finance the
company's construction program. Underwriter—-To be
determined by competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Blyth & Co.; First Boston
Corp. and Dean Witter & Co. (jointly). Bids—Expected
Op Aug. 23 at j8:3() a>m. (California Time),
at 601 N. 5th
St., Los Angeles, Calif. Information—Avail-

St., New York City,

an unspecified number of the shares, for sell¬
ing stockholders; from the sale of the remainder, for the
operation of the Trans-Coast Insurance Agency. Office

it Tempest International Corp.

outstanding at the date of the stock offering; to
the capital stocks of six of the company's
seven bank subsidiaries; to repay a bank loan of $6,400,000; to add to working capital: to retire certain longterm indebtedness; and to. develop citrus groves. Office
—250 South East First Street, /Miami, Fla. Underwrite?
—Bear, Stearns & Co., New York. Offering—Indefinite
invest in

Wall

(8/9)

22,

(letter of notification). 52,980 shares of
cents). Price—$5 per share. Pro¬
general corporate purposes. Office—7 East
42nd St., New York 17, N. Y. Underwriter—Equity Secu¬
rities & Co., New York, N. Y.
^ ;
14, 1960

common

common

stock

Southwestern

June

debentures, due in March, 1970, 70,000 shares of com¬
mon stock (10 cents par) and 35,000 common stock pur¬
chase warrants (exercisable at $4.30 per share until May
Tech-Ohm Electronics, Inc.
(8/15-19)
15, 1965), to be offered in units consisting of $100 at
June 29, 1960, (letter of notification) 100,000 shares of
debentures, 10 common shares, and five warrants. Price
common stock (par 10 cents).
Price—$3 per share. Pro¬
—$143 per unit. Proceeds—To be applied toward the
ceeds—For
general corporate purposes.
Office—36-11
company's general business activities. Office—292 Madi33rd Street, Long Island City, N. Ya
Underwriter *** v son Avenue, New York. Underwriters—Ross, Lyon &
Edward Lewis Co., Inc., New York, N. Y.
Co., Inc., and Globus, Inc., both of New York. Note—
This 'company was formerly called the Gpelet Corp.
Telephone & Electronics Corp. (8/15-19)

(Formerly South Dade Farms, Inc.)

Southern California Edison Co.

Price—$1,000 per unit.
and for work¬
ing capital. Address — P. O. Box 68, Townsend, Tennu.
Underwriter—Davidson & Co., Inc., Knoxville, Tenn.

Columbus, Ohio and
Merrill, Turben & Co., Inc., Cleveland, Ohio.

senting outstanding stock, to be sold for the accounts
of certain selling stockholders. Price—To be supplied by

•

10 shares of common stock.

Underwriters—The Ohio Company,

July 29 filed 2,000,000 shares ot common stock (par $1),
of which 1,543,000 shares are to be issued and sold fox

the

and

end, non-diversified management investment company.

provements and working capital. Office—185 W. Schoolhouse Lane, Philadelphia 44, Pa. Underwriter — Hess,
Grant & Remington, Inc., Philadelphia, Pa.

of

of 6% first
(par

mortgage bonds and 3,000 shares of common stock

—210 W. 7th

(8/15)

150,000 shares of common stock.

June

100,000 shares of

70%

North, Rochester, N. Y. Underwriter—Cartwright
Parmelee, New York City (managing). Offering—Ex¬
pected in September.

Trans-Coast Investment Co.

notification)

Colo.

stock (par 25 cents). Price—$3 per share. Pro¬

retire

—

operates,

and

Ave.

Products Co.

(letter of

Price—$5
per share.
Proceeds — For payment of employees' sal¬
aries, first mortgage installment, accrued officers' sal¬
aries, and the balance for working capital. Office —
Newcastle, Wyo. Underwriter—Purvis & Co., Denver,

ceeds—For machinery, cost of moving and leasehold im¬

Proceeds—To

clothes,

the sale of

.

the account of the company,

men's

,

stock (par $5). Price—$15 per share. Proceeds
liquidate short-term bank loans and for working
capital. Office—178 Lenker Ave., Sunbury, Pa.
Under¬
writer—Hecker & Co., Philadelphia, Pa.

Sonex, Inc.

Sottile, Inc.

The firm makes and sells
through two subsidiaries,
10 retail stores. Proceeds—To reduce indebtedness, with
the balance for working capital. Office —>1415 Clinton
Business

by amendment.

common

20,

June 2 filed

1960 (letter of notification)

rate will be supplied

held. The record date and interest

1960, filed 400,000 shares of common stock.
Price—To be supplied by amendment. Proceeds—From

Springfield Ave., Irvington, N. J. Business—The company
manufactures cosmetics and toiletry items. Underwriter
—Harwyn Securities, Inc., 1457 Broadway, New York
36, N. Y.
'
'
'' , .

common

shares of common

16%

for each

—To

Inc. c (8/10-15)
/
I960 (letter of notification) 150,000 shares of
stock (par 10 cents). Price—$2 per share. ProFor general corporate purposes. Office — 992

June 29,

Strolee of California Inc.

Sunbury Milk

It is proposed to offer these

■

common

on

subordinated

offered to the holders of
the basis of $100 principal

Proceeds—To pay off a present mortgage

Softol,

•

common

debentures

of

amount

be

1980, to

$5) to be offered in units consisting of one $1,000 bond

each consisting of one share of preferred
at $7 per share and one class A share at $3 per share,
or $10 for the unit. Proceeds—To complete construction
of new shopping centers. Office — 619 Powers Bldg.,
Rochester, N. Y. Underwriter—John R. Boland & Co.,
Inc., New York. Note—-This statement was effective on

June 17,

debentures, due
the outstanding

\

-

Townsend Investment Co., Inc.
June 20,1960 (letter of notification) $300,000

in units,

July 15.

it Timely Clothes, Inc. 1/:
V;;-' '<
July 25, I960 filed $840,000 of convertible

&

City; Mitchum, Jones & Templeton
Angeles, Calif., and Schweickart & Co., of New
York City.

filed 90,000 shares of $.50 cumulative convertible
^referred stock, ($.01 par) and 90,000 shares of class A

common

the

on

Steamboat

from

share.,v'

juvenile items. Proceeds—To selling stockholders. Office
—Los Angeles, Calif. Underwriters—Federman, Stonehill

—

Mav 20

shares

miles

capital. Office—Fairfield, N, C. Under¬
writer—Participating dealers will receive 15 cents per

tional working

& Co. of New York
of Los

Office

Edden Co., New York, N. Y.
Shopping Centers, Inc.

Seaway

Business — Company
of developing and oper¬

33

July 19, 1960, filed 150,000 shares of outstanding com¬
mon stock.
Price—$5 per share. Business—The manufac¬
ture of strollers, high chairs and other similar
types of

and Earl

Bros

the development of the resort;

Springs, Colo.

Divide, about 2
Springs. Underwriter—None.

330
J. Underwriters—Bertner
purposes.

pursue

Continental

1960 (letter of notification) 100,000 shares of
stock (par one cent). Price—$1 per share. Pro-

is

iv

To

Steamboat

organized for the purpose
ating a ski and summer resort on Storm Mountain

fLrican Bank Bldg., Miami, Fla. Underwriter—John R,
^her Associates, of New: York. Offering—Imminent.
Sealed Air Corp. (8/15-19)
t

—

—

was

of common stock. Price—$2
Proceeds—For working capital. Office—Pan-

•hnre

',(389)

Chronicle

Electronics,

March 28 filed 202,530

Note—This offering has been
Inc.

(par $2.50) of which 100,000 shares are to be offered for
public sale by the issuing company and the balance by
M. Carpenter, President. Price—$3 per share. Pro¬

H.

ceeds—To be used as

ventory

and

additional working capital for in¬

business expansion

15, 1960 filed 100,000 shares of common stock
(par 10 cents). Price—$3 per share. Business—The man¬
ufacture of precision metal products for use in the air¬
craft, missile and electronics industries. Proceeds—For
an additional plant, machinery and equipment,
the re¬
payment of loans, and the balance for working capital.
Underwriters—L. C. Wegard
Office—Burlington, N. J.
& Co. of Levittown, N. J.; Street & Co., Inc. of New
York City; Wo_odcock, Moyer, Fricke & French of Phila¬
delphia, Pa.; First Broad Street Corp., Russell & Saxe
and V. S. Wickett & Co., Inc. all of New York City.
United Sheet Metal
June

purposes.

Office—121

Fla. Underwriter—Donald V. Stabell, of St. Petersburg, Fla.
South Water, Tampa,

,

Three-L-Corp.

capital
North

.

•

March

filed

28

350,000

(8/8-12)

shares of

stock

to be

and the balance will be utilized for working

purposes,

capital, including a later repayment of $45,000 to U. S.
Corp.

Office

—

27 Haynes Avenue, Newark, N. J.

Underwriter—Richard Bruce & Co., Inc., New
United

York.

States Bowling Corp.

(letter of notification) 112,500 shares of
(par 25 cents) and $112,500 of 10-year
6%% convertible debentures to be offered in units of
one
debenture ($100 principal amount) and 100 shares
of common stock.
Price—$200 per unit. Proceeds—For

June

22, 1960,

common

stock

working capital to lease and operate additional bowling
centers.
Office—East 701 First National Bank Building,
St.

Paul, Minn.
Paul, Minn.
U.

S.

Photo

Underwriter

—

Irving J. Rice

& Co.,

■

Supply Co., Inc.

120,000 shares of
stock (par 50 cents). Price—$2.50 per share,
Proceeds—To pay debts and increase line of credit. Office—6478 Sligo Mill Road, Washington 12, D. C. Under^
writer-3alogh & Co., Washington, D. C. u / >

June

23, 1960,

(letter of notification)

common

t.

s

^planting feed and pasture, raising

common

publicly offered: Price—$2 per share. Proceeds—$221,826 will be applied to the repayment of loans to United
States Pool Corp. which were used for general corporate

St.

per

Co., New York City.

United States Boat Corp.

share. Proceeds—$46,098 will be applied to
the acquisition of 493 acreas of land in Fairfield Town¬
ship, Hyde County, and $15,000 for payment of the
July instalment on acquisition of about 12,726 acres in
Hyde County; $500,000 for purchase and installation of
machinery, equipment and saw mill and $75,000 for
working capital in connection with lumber operations;
;$65,000 for January 1961 instalment payment on the
112,726 •• acres; and the balance to /purchase livestock,
—$1

shares of common stock.

(8/10)

and general corporate purposes. Office — 883
Cassady Ave., Columbus, Ohio. Underwriter—R.

W. Pressprich &

Price

March 24 filed 3,500,000

Co.r Inc.

16, 1960 filed 170,000 shares of common stock (no

par), of which 85,000 shares are for public offering and
85,000 are outstanding and are to be offered for the
account of present holders. Price — To be supplied by
amendment. Proceeds—Of the public sale, for working

Pool

shares of class A common stock,

(8/1)

June

livestock, and addi- —

: .•

=

.

*.

•

Continued on page 34

34

The Commercial and Financial Chronicle

(390)

Continued from page 33

America

Life Insurance Co. of

Variable Annuity

•

16*1960 filed

1,000,000 shares of common stock (par
SI) Price
To be supplied by amendment. Proceeds-Primarily to develop and expand the company s busi¬
ness. Office—1832 M St., N. W
Washington, D. C. Un¬
derwriter - John C. Legg & Co, Baltimore and New
June

York.

Varian Associates

.

shares of capital stock being of¬
fered for subscription by stockholders of record July 14,
at the rate of one new share for each 15 shares held
with rights to expire on Aug. 1. Price
$44 per s^r®*
Proceeds—For construction, new machinery, the retire¬
ment of outstanding bank loans, and the balance for
working capital. Office—Palo Alto, Calif. Underwriter
—Dean Witter & Co, San Francisco, Calif.
24 filed 216,645

May

struction.

ing and will be offered for the account of selling stock¬
holders. Price—To be supplied by amendment. Proceeds
—For the general funds for general corporate purposes,
including plant improvement and additional equipment.
Office—1220

.

Thursday, July 28, 1960

.

Office—120

derwriter—To

Probable

E.

41st

St., New York City.

determined

be

bidders:

UnJ

by competitive
biddinei
Lynch, Pierce, Fenner M

Merrill

Smith

Inc.; Shields & Co.; R. W. Pressprich & Co. and
Carl M. Loeb, Rhoades & Co., all of New York
City
Bids—Expected to be received on Oct. 6.

Mound

Ave, Racine, Wis.
UnderwriterGoldman, Sachs & Co. of New York City. Note—This
company was formerly called the Western Printing and
Lithographing Co.

Columbus & Southern Ohio Electric Co.
June

13, 1960, it

"

sale

Whitmoyer Laboratories, Inc. (8/8-12)
Jan. 28 filed 85,000 shares of common stock and $500,000
of 6% subordinated debentures, due 1977, with warrants
for the purchase of 10,000 additional common shares at
$5 per share.
Price — For the debentures, 100% of
principal amount; for the 85,000 common shares, $6
per share.
Proceeds—For general corporate purposes,
including the reduction of indebtedness, sales promo¬
tion, and equipment.
Office—Myerstown, Pa.
Under¬
writer—Hallowell, Sulzberger, Jenks, Kirkland & Co.,
Philadelphia, Pa.
'

was reported that this utility plans
the
200,000 shares of common stock to

about

of

raise

approximately

$8-$9,000,000,

with

the

timing

set

f0I

the last quarter of this year, sometime after the
Novem¬
ber elections. Proceeds—For expansion
purposes. OffiJ
—215 N. Front St., Columbus
15, Ohio. •
Consolidated

May 15 it

Edison Co.

indicated by H. C. Forbes,
Chairman, at
the annual meeting of stockholders, that common
was

holders may get rights to subscribe to convertible
tures or common stock in the Fall.
This type of

stock¬

deben¬
financ¬

ing would be contingent upon the ability of the
company
to get its presently outstanding 4% debentures
converted

Capital Corp. of America
~
June 29, 1960, filed 275,000 shares of common stock (par
$1). Price —$7.50 per share. Proceeds —To be used to
fulfill the $300,000 minimum capital requirements of the
Small Business Investment Act. Business—A closed-end

Wilier Color Television System, Inc. (8/1-5)
Jan. 29 (letter of notification) 80,890 shares of common
stock (par $1).
Price—$3 per share.
Proceeds—For

about

general corporate purposes.
Office—151 Odell Avenue,
Yonkers, N. Y.
Underwriter—Equity Securities Co., 39

five years

management investment company.
Of¬
fice—375 Park Ave, New York.
Underwriters—Filor,

Broadway, New York City.

Venture

non-diversified

Smyth, Hardy & Co, Sprayregen, Haft & Co.
Cummings & Co, all of New York. Offer¬
ing—Expected in late August or early September.

Bullard &

and Bregman,

Precision

Waltham

Instrument Co.,

Inc.

U. S. Treasury as assignee of

the Reconstruction Finance

secured notes issued as

Corp.; $200,000 to pay the 6%

part payment for the stock of Electro-Mec Laboratory,

balance for working capital and other
corporate purooses.
Office—221 Crescent Street, Wal¬
tham, Mass. Underwriter—Schweickart & Co, New York.
Inc.;

the

and

(8/17)

& Clutch Co.

Brake

Electric

Warner

June

29, 1960, filed 154,916 outstanding shares of com¬
Price—To be supplied by amendment. Pro¬
ceeds—To selling stockholders. Office—South Beloit, 111.
Business
Company
produces
electrically - actuated
stock.

mon

—

brakes and clutches used in

wide variety of industrial

a

equipment, electric wheel brakes for mobile homes and
trailers, and electric compressor and fan clutches used in
automotive air conditioning and cooling systems. Under¬
writers—Blunt Ellis & Simmons and

Bacon, Whipple &

Co, both of Chicago, 111.
Waterman

Products

WonderBowl, Inc.

business.

expanding its

Business—Electronics

field.

commer¬

Office—2445

St, Philadelphia, Pa. Underwriter—Stroud &
Co, Philadelphia and New York. Offering—Expected in
late August.
Wenwood

Organizations Inc.
June 17, 1960 filed $550,000 of 7%% subordinated
sinking
fund debentures due July, 1970 (with common stock
pur¬
chase warrants). Price—100% of principal amount. Pro¬
ceeds—$100,000 will be used for payment of a bank loan
incurred to help finance the disposal
plant and an esti¬
mated additional
to

retire

10%

$50,000 to complete the plant; $109,000

debentures

issued

in

payment

a

sales

in

program

connection

with

the

Florida

homes; and the balance for working capital to finance
the continued development of the residential
community
in Sarasota and the construction of homes in West Palm

Beach, and the development of a shopping center in
Selden, L. I. Office—526 North Washington Blvd., Sara¬
sota,

Fla.

Underwriter—Michael

New York.

G.

Kletz

&

Co,

Offering—Expected in late August

Inc.,
early

or

September.
Western

Factors, Inc.

June 29, 1960, filed 700,000 shares of

common stock. Price
-—$1.50 per share. Proceeds—To be used
principally for
the purchase of additional accounts
receivable and also
may be used to liquidate current and
long-term liabil¬
ities.
Office —1201 Continental Bank
Bldg., Salt Lake

City, Utah.
Business—Factoring. Underwriter—Elmer
K. Aagaard, Newhouse
Bldg, Salt Lake City, Utah.
• Western
Kentucky Gas Co. (8/8-12)
June 22, 1960, filed
55,000 outstanding shares of common
stock

(par $5). Price—To be supplied
Proceeds—To selling stockholder

by amendment.
(Henry L. Hillman of
Pittsburgh, Pa.). Business—Operating public
utility. Ad¬
dress—608 Frederica
St., Owensboro, Ky.. UnderwriterEquitable Securities Coro,
Nashville, Tenn.. and New
York.

Western

Land

Corp.
July 5, 1960, filed 1,500,000
Price—$2 per share.

1
shares

of

Business—Company

gage

in the real estate

and sale of

real

common

stock.

proposes to en¬

business, including the purchase

property and the purchase or construc¬
tion and
development of industrial and other

including shopping
buildings. Proceeds
ment.

apolis,

Office—2205
Minn.

Minneapolis,
•

Western

properties,

centers
—

and

apartment

Primarily for

First

National

Underwriter
Minn.

—

and

estate

office
invest¬

Bank

the

212,114

$73,101,600. The company
mortgage bonds in the

proposes to

first

amount

oi

in

last

the

perhaps in October. The
being offered.
See "Secu-

year,

of the securities

rities in
the

of

quarter

balance

are

Registration." Proceeds—To be used to finance

continuing expansion and improvement of the

pany's electric and gas service facilities in

Expected in early September.

outside

area

of

Greater

a

com¬

65-county

Detroit.

Underwriter—To be
bidding. Probable bidders:
bonds—Halsey, Stuart & Co. Inc.; White, Weld &
Co., and Shields & Co. (jointly); Morgan Stanley & Co.;
The First Boston Corp., and
Harriman, Ripley & Co., Inc.

•

Yuscaran Mining Co.
May 6 filed 1,000,000 shares of common stock. Price— $1
per share. Proceeds—It is expected that some $100,000

determined

by

competitive

For

.

mill for the proc¬

I.:

essing of ore; $60,000 for rails, ties, rail cars and related
equipment; $10,000 for rebuilding roads; $30,000 for
transportation equipment; and $655,000 for working cap¬

^ Croft Carpet Mills,
July 27 it

*

ital. Office—6815 Tordera St., Coral Gables, Fla. Under¬
writer—None. Note—-The SEC has challenged the accu¬

Inc.

reported that

was

letter of

a

notification of

74,750 shares of the firm's 10c par common stock is ex¬
pected to be filed July 28 in the Atlanta, Ga., SEC office.

;

and adequacy of this statement. A hearing sched¬ £ Price—$4

uled for July 27 was postponed to Aug. 29 at the
request
of the company counsel.

tures

share. Business—The company manufac¬
tufted carpets. Proceeds—For in¬

per

and

ventory,

distributes

debt

reduction,

and-

sales

and

advertising

Office—205-11 Fourth St., Fort Oglethorpe,
Ga. Underwriter—A. J. Frederick &
Co., Inc., New York

Prospective Offerings

common

be

stock

offered

shares

are

Acme Steel

for

(par
the

outstand¬

City.

Co.

■

March 25 the company's annual report stated that
capital

improvements during 1960-63, inclusive, have been proj¬
$40,800,000 and $45,000,000.
It is
anticipated that a substantial proportion of this money
will

be

general
Underwriter

stock in 1960 is

planned to supply

Alexander's

July 6 it

was

retail chain
No

is

a

part of these

contemplating

confirmation

was

;

-'

over¬

an

issue of

city.

■

ic Electronics International Capital Ltd.
July 26, 1960 it

reported that this company, which
in Bermuda, is planning its ini¬
financing to occur later in the year. Proceeds — To

expects

Office—Chicago, 111.

Department Stores, Inc.
reported that this Bronx (N.

tial

was

to incorporate

acquire major equity positions

Y.)-based

common

corporate purposes. Office—Miami, Fla.
Plymouth Securities Corp., New York

—

>

forthcoming from depreciation and retained
In addition, the sale of $10,000,000 of preferred

all capital requirements.

July 13, 1960 it was reported that the company plans a
regulation "A" filing sometime in mid-August. Proceeds
—For

ected to cost between

earnings.

Custom Craft Industries

v

size

stock.

electronics

in large and mediumcompanies-outside the United States.

Underwriter—Bear, Stearns

available.

Florida

American Telephone & Telegraph Co. (10/25)
July 20, 1960, the directors authorized a new debenture

"

June

$250,000,000. Proceeds —For improvement
and expansion of Bell
Telephone services. Office—195
Broadway, New York City. Underwriter—To be deter¬
mined by competitive bidding. Probable bidders:
Morgan
Stanley & Co., and The First Boston Corp. and Halsey,
Stuart & Co. Inc.
(jointly);

Power

&

&

Co., New York City.

Light Co.

it

1

was announced
that the company anticipates
financing in the fall of 1960 approximating $25,000,000 of an as yet undetermined type of security, and
estimates that in 1961 it will
require approximately $50,-

further

bond issue of

*

000,000 of
*
r

a

400,000

new money.

This company

common share

Pierce, Fenner & Smith

May 31 floated

on

offering through Merrill Lynch,
Inc. and associates at

a

price of

Arkansas Power & Light Co.
June 20, 1960, it was announced that this
subsidiary of
Middle South
Utilities, Inc. might issue $15,000,000 of
first mortgage bonds in

$59,125

determined

construction and repayment of bank loans. Underwriter
—To be determined
by competitive bidding. Probable bid¬
ders: Halsey, Stuart & Co.

rities

&

Co.

and Equitable Securities
Corp. (jointly);
Blyth & Co. and Dean Witter & Co.
(jointly); Lehman
Brothers, Stone & Webster Securities
Corp. and White,
Weld & Co.
(jointly); Merrill Lynch, Pierce, Fenner &
Smith Inc.
/

Bekins

July 6 it

Van

&

Food

further

this

Columbia Gas
System, Inc.

*Iune
to

sell

1960> U

as

—

no

con¬

Office—Detroit, Mich.
was

of

the

Co.

announced

$12,000,000
SEC.

of

(11/3)
that

the

30-year

Underwriter

—

company

first

To

be

plans regis¬

mortgage

bo nets

determined

w '

competitive bidding. Probable bidders: Halsey, Stuart.«
Co. Inc.;
Morgan Stanley & Co.; Equitable Securitie

in

yet been

For

it

tration
with

was reported that the company plans

New

securities, and possibly occur later

year.

Dee. 9

Corp., and Eastman Dillon, Union Securities & lo.
(jointly); Blyth & Co., Inc.,.and Kidder, Peabody &>o.

(10/6)

$30,000,000 of debentures. Proceeds

Inc.

Georgia Power

are

Bridgeport 1, Conn.

Brooklyn Union Gas Co.
May 10 it was announced that the
company plans
more
financing this year, but there would be some

Plus

Ford Motor Credit Co.
March 28 it was
reported that this company is develop¬
ing plans for borrowing
operations, which may includ®
the issuance of debt

financing

details

'

able from the
company. Office—62 W. 45th Street,
York City.
N'

quarters.

expected later in the year. No
available. Address—P. O. Box
1540,

'

July 20, 1960, it'was reported that this company is ready¬
ing its .first public offering. No confirmation was avail¬

• Bobbie Brooks, Inc.
July 25, 1960 the company stated in its annual
report
that about $200,000 is
expected to be raised by long term
financing, to be applied to the $385,000 cost of
acquiring
real estate
adjacent to its Cleveland 14, Ohio, head¬

new

:V

-

—Scheduled for Oct. 17 at 11:00 a.m. at
Morgan Guaranty
Trust Co. Bids—Expected to be received on Oct. 20.

Storage Co.

some

.

Inc.; Kidder, Peabody & Co.
Lynch, Pierce,; Fennen & Smith Inc.- (joint¬
ly); First Boston Corp.; Eastman
Dillon, Union Securi-i
ties & Co. and Harriman
Ripley & Co.,(jointly); Lehman
Brothers and Blyth & Co.
(jointly). Information Meeting

reported that this company is
contemplat¬
ing a common stock issue.
Office —1335 So.
Figuroa
Street, Los Angeles 15, Calif.

is

share.

and Merrill

was

it Bridgeport Gas Co.
July 26, 1960 it was reported that

per

Florida Power Corp. (10/20)
March 10 it was reported that
$25,000,000 of first mort¬
gage bonds will be sold by this utility. Proceeds—For new

December. Underwriter—To be
by competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Eastman Dillon, Union Secu¬

1961, although the form it is to take has not
determined.

(8/1-5)

June 17, 1960 filed
362,114 shares of
$1.) of which 150,000 shares
are
to
issuer, and the remaining




real

Bldg, Minne¬
First Western Corp, of

Publishing Co., Inc.

sell

price obtainable but not less favorable to the
company
than a 5V4% basis/The mortgage bonds are
expected

writer—Kidder, Peabody & Co., New York. Offering—

certain

of

obligations of the company for services rendered; $25,000
for

and

$35,000,000 maturing not earlier than 1990 for the best

expenses.

Emerald

•

spend

Consumers Power Co.

issue

Co., Inc.

purpose of

will

year

the

with base value of

Yardney Electric Corp.
July 11, 1960 filed 254.000 shares of outstanding common
stock (par 50 cents). Price—To be supplied by amend¬
ment. Proceeds—To selling stockholders. Business—The
company is principally engaged in the development, de¬
sign, manufacture and sale of silver-zinc primary and
rechargeable batteries. Office—New York City. Under¬

racy

this

April 29 the company asKed the Michigan Public
Service
Commission for permission to issue and sell
securities

•

$1). Price—$5 per share. Proceeds—To be used primari¬
ly to accelerate the development of the company's pro¬
cial

o

improvements on the property. Office
Boulevard, Los Angeles, Calif.
Under¬
writer—Standard Securities Corp., same address.

a

Edison

another.

or

Sunset

will be used to purchase and install

Con

through 1964, Mr. Forbes estimated that
the
utility would spend $1.2 billion for plant expansion.
T0
finance the five-year program he said the
company will
have to issue some $800 million of securities of
one kind

April 14 filed 3,401,351 shares of common stock (par $2).
per share. Proceeds—For purchase of certain
property, for constructing a motel on said property and
—7805

stock.

common

$225,0.00,000 on new construction compared with
$222,000,000 in 1959 and $189,000,000 in 1958.
For

Price—$2

June 24, 1960, filed 100,000 shares of common stock (par

prietary items for the

into

various leasehold

$1)
being offered on a subscription basis to the company's
present common stockholders offered June 30 with rights
to expire on Aug. 4.
Price—$2 per share. Proceeds—
$600,000 to pay the balance of the purchase price for
Boesch Manufacturing Co, Inc. stock; $350,000 to pay the
5% chattel mortgage note held by the Secretary of the
April 15 filed 700,000 shares of common stock (par

.

.

,

(jointly); The First Boston Corp. Registration—Scheduled for Sept. 26..
Bids—Expected to be received on
Nov. 3. Informaticn
Meeting—Scheduled for Oct. 3b

Number 5972

192

Volume

The Commercial

...

and Financial Chronicle

Aircraft Corp.

HaiV9

Bros. & Hutzler.

reported that an issue of convertible deFeb
is being discussed and may occur in the next
bentnths Office—Birmingham, Ala. Possible Under*eW
^Sterne, Agee & Leach, Birmingham, Ala.
was

it

9,

Bids—Expected to be received

on

Aug.

EDT.

noon

July 19, 1960, it was reported that this subsidiary of the
New England Electric
System plans to sell $10,000,000 of
preferred stock sometime in the late fall. Office—Salem,
Mass. Underwriter
To be determined by competitive

anticipates approximately $35 million in
rep
money
will be required in 1960 to support the
neWJConstruction program, and to repay outstanding
1
J loans Studies to determine the nature and timing
issuance of additional
securities are presently

Pr°bable bidders: Kidder, Peabody & Co. and
Weld & Co. (jointly); Merrill Lynch, Pierce,

H°us2n
Mat

0

it

that

was

Ir way.

f

Last August's offering of $25,000,000 of 4%%
mortgage bonds was headed by Lehman Brothers,

f

ffJSn Difion,

Union Securities & Co. and Salomon

Hutzler. Office — Electric Building, Houston,

&

Bros.

Texas.

•

^

^

J'

_

■

.

reported that the company plans to
$15,000,000 of 1st mortgage bonds due 1990
nmetime in the fall. Proceeds—For capital expenditures,
1 underwriter—To be determined by competitive bid¬
ing probable bidders: Halsey, Stuart & Co. Inc.; Blyth
k Co
Inc. Lazard Freres & Co. and The First Boston
Cnm '(iointly); Merrill Lynch, Pierce, Fenner & Smith
Inc' Kidder, Peabody & Co. and White, Weld & Co.
/jointly); Salomon Bros. & Hutzler and Eastman Dil¬
lon, Union Securities.& Co.
(jointly); Equitable Se¬

Eie

it was

30

and sell

curities Corp.

$12,000,000 of 30-year first mortgage bonds. UndervvriterJ.To be determined by competitive bidding. Prob¬
able bidders: Halsey, Stuart & Co. Inc.; Lehman Broth¬
ers1 Goldman, Sachs & Co., and The First Boston Corp.
sell

(jointly); Eastman Dillon, Union
Co.',

Securities

&

Co.;

& Co., and Shields & Co. (jointly); Blyth

Equitable Securities Corp. Bids—Expected
to be received up to 11 a.m. New York Time on Sept. 27,
Information Meeting—Scheduled for Sept. 22 at 11:00
a.m., at the Chase Manhattan Bank, 43 Exchange Place,
&

Inc.;

City, Room 238.

New York

Industrial Timer Corp.

July 19. 1960, it was

reported that registration of 65,000

80,000 shares of common stock is imminent. Office—
Newark, N. J. Underwriters—G. H. Walker & Co., and
C. E. Unterberg Towbin Co., both of New York City.
International

Mining Corp.
announced June 1, 1960 in the 1959 Annual Re¬

was

port of International Mining Corp. that the corporation
intends to issue $10,830,000 of 7% secured serial notes in
connection with its merger with Canton Co. of Balti¬

which will be the name of the surviving corpora¬
expected that the notes will be issued shortly
at par, and will mature at the rates of $1,000,000 an¬
nually for one to three years, $500,000 annually for : our

more,

It is

tion.

nine

to

merger.

and $4,830,000 the 10th year after the
Office—535 Fifth Avenue, New York City. Un¬
years,

derwriter—None.
Iowa Electric

March 11

& Smith and Eastman
Dillon, Union Securities
(jointly); First Boston Corp.

Co.

Midland

April 8 it

Light & Power Co.

President Sutherland

stated that bonds

Dows

would be sold in order to

supplement money to be ob¬
tained from temporary bank loans, to acquire the $10,000,000 required to finance 1960 construction. Office—
Cedar Rapids, Iowa.
'
Iowa-Illinois Gas & Electric Co.

Enterprises Inc.
stated

was

in

company's annual report
contemplates the issuance on or before March 31,

i2 vf

a k°nd issue in an aggregate amount not to exceed

$4,000,000. Proceeds
equipment presently

—

To finance river transportation

order

on

and

expected

be

to

Office—Cincinnati, Ohio.

;

Mohawk

Insurance Co. 44
1960, it was announced that the company
expects to register its first public offering imminently.
The offering will consist of
75,000 common shares. Price

March

16,

-—To be supplied by amendment. Proceeds—For
expan¬
sion. Office—198

Broadway, New York City. Underwriter
Co., Inc., 39 Broadway, New York City.

—R. F. Dowd &

Nedick's Stores, Inc.
Nov.

12

it

for

was

stock.

About

66%

of

the

issue

will

be

sold

the

company's account and the remaining 34% bal¬
ance will be sold for the account of a
selling stockholder
Underwriter—Van Alstyne, Noel & Co., New York.
New York Telephone Co. (9/28)
June 22, 1960, the board of directors of this company
authorized the issuance of an additional series of mort¬
gage

bonds

stock

in

proval

in

the

the

the

of

amount

amount

New

of

of $60,000,000 and common
$120,000,000, subject to the ap¬

York

Public

Service

Commission.

Proceeds—To retire short-term bank borrowings used to
finance construction. Underwriter—To be determined by

competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc.; Morgan Stanley & Co.. Bids—Expected to be
about

Wednesday, Sept. 28. Note — The
stock will be sold to the American Telephone & Tele¬
graph Co. on or about Oct. 1, under preemptive rights.
•

on

or

Northern

Pacific Ry.

July 11, 1960, it

was

mon- stock

is

reported that

presently

selling stockholders.

a

being

discussed.
—

Proceeds—To

Lehman Brothers,

Laclede Gas Co.
May 10 it was announced that in addition to the $15,000,of

new
capital provided by the July bond-equity
financing. $33,000,000 will come from later sale of secu¬
res other than common stock and from retained earn¬

ings.

Long Island Lighting Co.
one 13,
i960, it was reported that the company is dis¬
cussing the sale of approximately $20-$30,000,000 of debt
nancmg, probably to

sometime this Fall. Proceeds
construction. Office
250 Old
Country Road,
ineola, New York. Underwriter—To be determined by
ompetitive bidding.' Probable bidders: Halsey, Stuart &
occur

r-* or

Fir'

—

C• Langley & Co.; Smith, Barney & Co. and

♦

rifst

Boston Corp., all of New Ycrk City.

Ar1Ui,?v'Ue ©as
il zi
n

it

was

& Electric Co.

reported

that

this

company

plans

the

Pro«nCi and sale of $16,000,000 of first mortgage bonds,
tpnw
For construction. Underwriter—To be deHai Ule! by
competitive bidding.
Probable bidders:
St,uart & Co- Inc-; The First Boston Corp.; LehLoeh J0t^ers and Blyth & Co., Inc. (jointly); Kuhn,
Strntu
°*' American Securities Corp. and Wood,
curiHn
^ ^°- (Jointly); Eastman Dillon, Union SePeS \Co' and White, Weld & Co. (jointly); Kidder,
J ^'&Co. and Goldman, Sachs & Co. (jointly). Bids
I. Pec ed to be received on Oct. 18.

«rl!e&Nashvi,!eRR- (8/9)
$7 son'

„?®0, it

was reported that the

£, cf sories X
tndpV"T® cover 80%

Road plans to sell

equipment trust certificates. Proof the cost of 900 gondola ears.
Proh *Tl er—be determined by competitive bidding.
le
bidders: Halsey, Stuart & Co. Inc. and Salomon

ceertt




Co.

(9/20)

—

indebtedness incurred for construction. Underwriter—To
be determined by competitive
bidding. Probable bidders:

Halsey, Stuart & Co. Inc.; The First Boston Corp.; Kuhn, 4
Loeb & Co., and Lehman Brothers
(jointly). Bids—Ex¬
pected to be received on Sept. 20 up to 11 a.m., in New¬
ark, N. J. Information Meeting—Scheduled for Sept. 13 Y
at 2:30 p.m. at the Chase Manhattan
Bank, 43 Exchange
Place, New York City, Room 238.
:
.

• Public Service Electric & Gas Co.
26,

1960

it

was

that

reported

in

addition

to

the

$50,000,000 to be obtained from the Sept. 20 bond offer¬
ing, $95,000,000 more will be needed to complete the
1960

construction program. Further financing is expect¬
in the year, with the
type and timing as yet

later

ed

undetermined.
•
Republic Steel Corp.
July 20 it was reported that registration is expected im¬
minently of $125,000,000 of straight debentures. Proceeds
—For capital improvements leading to cost reduction and
for expansion of capacity.
Office—Cleveland, Ohio. Un¬

derwriters—First Boston Corp. (managing), and Merrill
Lynch, Pierce, Fenner & Smith Inc., both of New York
City.
Ritter

July 6 it
solidate

Co.,
was

$2,500,000 of funded debt, possibly through
placement, pursuant to which a bond issue

some

private

a

Inc.
reported that this company plans to con¬

be expected.

may

York

Underwriter—Lehman Brothers, New

City.

March

1

it

Gas

&

Electric

stated

was

in

the

Corp.
/
company's annual report

to issue $10,000,000 of new preferred stock. Underwriter
—To, ?be,.determined by competitive bidding. Probable
bidders: Halsey, Stuart & Co. Inc.;
Kidder, Peabody

24 up to noon

Bids—Expected to be received bn Aug.

44

EDT.

Northern States Power Co.

suance

bonds.

(Minn.)

^ v'444v

(12/6)

reported that the company plans the is¬
and sale of $35,000,000 of 30-year first mortgage
Underwriter—To be determined by competitive

May 11 it

was

bidding. Probable bidders: Halsey, Stuart & Co., Inc.;
Merrill Lynch, Pierce, Fenner & Smith Inc., Kidder,

& Co.,
Kuhn,
Dillon,
Corp.
Corp.

White Weld & Co. and Shields & Co. (jointly);
Loeb & Co.; Salomon Bros. & Hutzler, Eastman
Union Securities & Co., and Equitable Securities
(jointly); Blyth & Co., Inc.; The First Boston
v

4

San

Peabody & Co. and White, Weld & Co. (jointly); The
First Boston Corp. and Blyth & Co., Inc. (jointly); Leh¬
man Brothers and Riter & Co.
(jointly); Equitable Se¬

Diego Gas & Electric Co. (10/4)
April 8 it was reported that $25,000,000 of bonds is expect¬
ed to be sold. Underwriter—To be determined by compet¬

curities Corp. and

itive

Co.

Inc.; Blyth & Co.; First Boston Corp., Eastman Dillon,
Union Securities & Co. and Merrill Lynch, Pierce, Fen¬

Eastman Dillion, Union Securities &
(jointly). Bids—Expected to be received by Dec. 6.

Orange & Rockland Utilities, Inc.
April 18 it was stated that the company presently ex¬
pects that such part of its construction program through
1962 and the refunding of $6,442,000 series B bonds ma¬

proceeds of sale in 1961, subject to market con¬

from the

ditions, of $10,000,000 of its first mortgage bonds,

from

depreciation and retained earnings and, to the extent of
any remaining balance, from the proceeds of additional
short-term borrowings.
-

Smith

&

ner

Pacific Lighting

Corp.

to

sell

000 cf

Panhandle Eastern Pipe Line Co.

this company might sell
$65,000,000 of debentures, possibly in the third
quarter of this year. Underwriters — Merrill Lynch,
Pierce, Fenner & SmithJnc. and Kidder, Peabody & Co.,
about

both of New

York.

15, 1960, it was reported that the company
to sell about $2,000,000 of debentures and common

June

13, 1960, it was

der

a

M.

Loeb, Rhoades & Co. and Paine, Webber, Jackson &

Curtis

stock

Underwriter—Stroud & Co., Inc. of Phila¬

delphia, Pa. and New York.
29, 1960, it was reported that the company is con¬
templating the filing of 550,000 shares of common stock

June

Proceeds

—

Office — Min¬
Underwriter—A. C. Allyn & Co., New

For acquisitions in Florida.

neapolis, Minn.
York.

Potomac

be

Electric Power Co.

stated in the company's annual report it
is anticipated that their 1960 construction program.will
amount to $39 million and there will be further financing
of about $15 million of an as yet undetermined type.
Underwriter—To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co., Inc.; First Bos¬
ton
Corp.; Dillon, Read & Co. and Johnston, Lemon
&
Co. (jointly); Kidder, Peabody & Co. and Merrill

Smith (jointly); Lehman
Co.
Webster Securities Corp. (jointly).

Pierce,

Brothers and
and Stone &

Schlitz & Co.
was

this

made

reported that a secondary offering might
Underwriters — Merrill Lynch,

summer.

Pierce, Fenner & Smith Inc. and Harriman Ripley & Co.
Inc., both of New York City.
Southern Natural Gas Co.

stated in the company's annual report that
expects to provide for the payment of
outstanding notes through the issuance of first
mortgage bonds and other debt securities.
The timing
of the issue or issues was not stated in the report. Office
the

was

company

certain

June 15,

1960, it was reported that in order to meet $8,300,000 of property expenditures scheduled for 1960, the
company has arranged a $6,000,000 revolving bank credit.
It will borrow about $5,100,000 under this agreement by
October, at which time it expects to sell about $5,500,000
of bonds and $3,000,000 of an undetermined type of stock,
with preferred being considered, possibly with rights to
purchase common shares at specified prices. Underwriter
—To be determined by competitive bidding. Probable
bidders: Halsey, Stuart & Co. Inc. Eastman Dillon, Union
Securities & Co. and Kidder, Peabody & Co. (jointly);
White, Weld & Co.; Merrill Lynch, Pierce, Fenner &
Smith Inc.
Tennessee

March 21 it was

Lynch,

(jointly).

Southern Nevada Power Co.

plans

aquarium in Fairmont Park, Philadelphia,
would be city-owned and company-operated un¬

lease.

reported that the filing of about

$2,000,000 of common stock is being discussed, and may
occur sometime soon.
The company is currently mar¬
ket-testing a new electronic table-top stock quotation
board. Office—Los Angeles, Calif. Underwriters—Carl

—Birmingham, Ala.

to finance an

which

-

Scantlin Electronics, Inc.

Philadelphia Aquarium Co.
June

& Co.

(jointly); Lehman Brothers and Salomon
(jointly). Bids—Expected to be received

Oct. 4.

on

April 4 it

April 19 it was reported that

Halsey, Stuart

Bros. & Hutzler

March 11 it

$30,000,000 of first mortgage bonds and $20,000.preferred stock later this year.

Probable bidders:

bidding.

(Jos.)

May 11 it was announced that this company, in order to
finance additional pipeline distribution systems, plans

j

o

Gas

&

company took

Bros. & Hutzler.

Pik-Quik Inc.

(10/18)

Electric

preliminary steps
$50,000,000 in first and refunding mort¬
gage bonds, dated Sept. 1, 1960, to mature Sept. 1, 1990.
Proceeds
To pay all or part of company's short-term

secondary offering of com¬

Underwriter

Service

for the sale of

.

New York.

660

Public

May 18 directors of this

$6,270,000 of railroad equipment trust certificates. Prob¬
able bidders: Halsey, Stuart & Co. Inc. and Salomon

pany's 39,165 shares of its convertible cumulative pre¬
ferred stock, series E, 5%
(par $100) will be financed

was

short-term

that the company has filed an application with the New
York State Public Service Commission for the right

of

May 11 it

report
borrowings will increase progressively
during 1960 until further permanent financing is under¬
taken later in the year.
The timing, type, and amount
of this financing has not been determined.
that

Rochester

turing in 1961 as is not financed by the sale of the com¬

K.V.p. Sutherland Paper Co.

.

Public Service Co. of New Hampshire
April 4 it was stated in the company's annual

(8/24)

reported that the Road plans to offer

June 23. 1960, it

was announced that the company's sale
$15,000,000 of first mortgage bonds in April of this
year will carry it through the better part of 1960. -The
company plans some bank borrowing before the end of
the year and
expects to be in market again sometime in
1961, probably also for senior debt securities.

Colo.

July

reported that the company is contem¬
the placing in registration of 17,000 shares oi

plating

company reported that there is "a rea¬
possibility" that additional common stock may
later this year or early in 1961. Office—Denver,

be sold

•

the

that it

received

to

It

P enner

common

Indianapolis Power & Light Co. (9/27)
April 18 it was reported that the company will issue and

White, Weld

White,

ordered.

Co.

Idaho Power
March

—

it

^ Public Service Co. of Colorado
sonable

Co.
announced in the company's annual

Lighting & Power

ton

35

July 22, 1960 the

Merrimack Essex Electric Co.

c

WfltCr

to

up

(391)

Fenner &

Eastman Dillon & Union Securities &

Valley Authority
that, pursuant to

1959, au¬
of rev¬
enue bonds outstanding at any one time, it plans its first
public offering, expected to be about $50,000,000, for
sometime in tbs Fall.
May 13 it was announced that
about $50,000,000 of additional revenue bonds will be
offered in the Spring of 1961. The type of bond issued
will depend on market conditions. Proceeds—To finance
Jan.

20

announced

thorization

;

4/ ■/

from

Vh/;/

Congress

August,

to have $750,000,000

Continued on page 36

36

The Commercial and Financial Chronicle

(392)

Continued from page 35

construction of

Brothers, Blyth & Co.. (handling the books), Eastman
Dillon, Union Securities & Co. and Bear, Stearns & Co.
(jointly). Bids—Expected to be received on Oct. 19 up

generating capacity. Power Financ¬
ing Officer: G. O. Wessenauer. Financial Advisor: Leh¬
new

to

Brothers. Underwriter—To be determined by com¬

man

Union

Securities

Co.

&

Salomon

and

Bros.

&

June

Hutzler

stockholders

$100,000,000 of subordinated income
common stock

purchase war#

tion

first

16,

1960, it

To

be

SECURITIES

BY

ture of mechanical power

—Erie, Pa.

shares

early in August. Under¬
writer—G. H. Walker & Co.. New York City.
common

stock

common

in

following

1956

and

in

January this

similar

1952.

offerings

ELY

The

financing
plans are

to sell $11 million bonds, reported

observed

its

Electric,

Golden

which

Jubilee

last

year, has annual revenues of about

$35 million.

It supplies electricity
(no gas, despite the title) to 143

communities

at

retail

12

and

at

wholesale in southeastern
Kansas,
the area having a
population of
some 500,000.
The principal cities
include
Wichita,
T\r\v»n

City.

all

serves

co-operatives

being

About

company's
in the

rural

_

area,

at

35

delivery

two-thirds

customers

power

of

the

of Wich-

the state's largest and
fastest growing city. While
growth
is

S^twV1Ce^re1 ^as now slowed
w.?]Yhati Population of the
nrAPcf>ri

to

!fn

and

refining of oil

become
There

increasingly

are

industries

craft,

and

also

a

gas
of

the state such

in

metal,

fabrication,

light

as

air-

chemi-

proScesCsTg™meM°pLwng "t1iefand
clay products, etc.
becoming important
With aviation

The'

Boeing's big

in

Kansas

has

1

"I

1

i

i

j

t

,<

-

The

itself has

company

fine growth record, 1959
being 2.7 times those of
the

past five

shown

bigs

years

had

^ral

a

revenues

1949.

In

have

compounded annual

a

revenues

aver-

make

ket

solid

four

p%vide

sales

the

Residential

years

35%

and

rele-

of

nueSj commercial 25% and industrial 33%. Of total industrial busi-

engines.

awarded

a

and

Another
contract

load

roc-

firm

was

for

missile

components.
Seventy percent of
the light planes
built in the United
States are made
in Wichita and
sales have
reached record highs in
the past year or
so.
Chemicals are
also
increasingly important. The

struction.

ir4«n the iPas^ decade
ed er?iP ym.ent In
three

times

manufactur¬

Kansas

'as fasTas

manufac-

The regulatory situation
state

appears

in the
favorable sinrp a fair

^^base ha^been
torically
has

However

increase.
at

had

never

In

to

1949

proximating 8A%
with

S-

comDanv

for

T

earnings

hfT

relativelv

a

the

ask

used

rate
were

t

.




Cunningham,

'r

^

David

N.

-

Danielson

and

higher

correspondng dip in share
64to $142 While

Earnings from'?$l
to

6 7%

ings increased in

Sharp

parn

l^sl-l^d.pped

sIightly in 1955 and have
sharply ln lajer years.

w!: J? '®
rill

P

nt^r

the

w

o

1961
unit

of

of

a new

_

and

agree¬

of 1959 the company
comViete\y electrically heated
homes' an increase of 90 over the
Previ°us year.
For the

12

served
ser

months

1960,

the

on

average

ended

260

June

earned

company

shares,

$2.61

or

the increased number of shares

^standing. If weather
tl0ns

condi-

are normal management has

b?en hopeful that « ca" °ffset the
dilution resulting from equity financing and produce slightly
higller earnings than last year's

high

stock

has been
54 V2

around

for

selling

or

re¬

the

near

this

year,
bigh for this year' having advanced from 43Vs. At the present
price " yields about 3%
sells
at about 19'4 times last yaal"a
ea.™mgs. These figures compare

Wlth industry

of

averages

about

4'°% and 18-4% respectively.

LOS ANGELES, Calif.—The

Ltd

are esti"

125,000 kw raised
bility to 618,000 kw, which

fee

™

ample

onn nnn
u
company sold 2
200,000 shares

Ara A. Cambere

Cambere, all of Chicago; Donald Arthur, Jr., and Anthony
Rizzuto, both of New York.

P.

Mr.

has

Cunningham,

extensive

Midwest.

He is

former partner of Glore,

a

financial

and

civic

Forgan & Co.,
experience in Chicago and the

former Vice-President for Finance of Container

a

Corporation of America and held similar offices with the Univer¬
sity of Chicago and the Peoples Gas Light & Coke Company. He

currently is Chairman of the Chicago Railroad Terminal Authority
and a member of the Chicago Public
Building Commission. He
managed the recent

revenue bond financing of O'Hare Interna¬
Airport, largest public financing ever undertaken by the
City of Chicago.
Mr. Cunningham will make his
headquarters in Chicago with

tional

executive responsibility for Hayden, Stone's
operations in that area.
Mr. Danielson was associated with
Glore, Forgan & Co. in

Chicago for nine
business there.

years

He

and formerly operated his

will

operate

own

securities

in

Chicago in new business de¬
velopment, underwriting and institutional relationships.
A staff member of
Hayden, Stone from 1936 to 1949, Mr.
Cambere has more recently been assistant to the President of
Stewart-Warner Corp. He will be resident in
Chicago in new
business development and
underwriting.
'■
Mr. Arthur

is

a

former partner

of Shields &

Co. who joined

Hayden, Stone earlier this

year.
Previously he was with Price,
Waterhouse & Co. He will continue to direct
general management

activities, particularly domestic branches, from New York. /

firm

and

Hayden, Stone & Co. has 27 branches in this country and of¬
fices abroad in London,
Amsterdam, Paris, Cannes, Milan, Monte¬
video and Hong

Kong.

650 South Spring Street, has

'

been

changed

to

MJT

Mutual

Funds, Inc.
n

r»

K.

DOlgiano
tSolgiano

1

•

BALTIMORE, Md.
giano

is

YOUR OPPORTUNITY...

^

engaging

Upens
Opens

—

in

business from offices

For

a

Ralph Bola

at

411

limited time there

available*

qppnrifiA-

East

needs

Street.

Ray McConnell Opens

curities
1408

CaW.-Ray1

-ducti^a
business, from

Chapin Avenue,

„

Me-

offices

v

/

you-are

are

some rare

Chronicle bound sets

interested—do not delay. .Write your

years you are

missing.

Prices will be gladly

Be prepared with
complete sets to better serve your

clients. It pays!

(Special to The Financial
Chronicle)

BURLINGAME,

If

telling the

quoted.

capa¬
com-

David N. Danielson

Cunningham

Mr. Rizzuto, with the firm since
1924, is office manager
director of the Electronic Data
Processing Division.

of Diversified Mutual
Funds

name

J. A.

Ara A.

At the end

company.
the company

1959

$ 5 milTllonand for 1962 25th
mllhon. Last year's new

should remain
The

Il_

_

ment to sell power to a neighbor¬

w

-

•

__

production

Now MJT Mutual Funds

$9 million

i

c

..1

_

_

of

gained

construction

Sv

J.

-

power, and enter into

The

yLrlSMs^cihSd6^ 6.8%
a

—.

costs

it possible to cancel an in¬
terchange agreement to purchase

on year-end net cently

With the peak load
of 508,-

cheap fuel

A.

year

$2.76.

wi

has

Wltar?
,;™ 7^ supplies of

James

are

made

on

people—expanded

again in 1959 and
Abbott Laboratones has a new
plant under con-

grow

A. 1

reduced

$2.73

from aircraft

r;
AtSn
completed
" <r1r
TmiTilnr!^i0t/or-Jfe8 y^®r
!
milllon, reflecting the conJJru<;tl0n of a unit at the new
2n.Evans Plant, to be comSn.£vans
Frontier
Chemical
Company— S
nnn19^1 WlS a capability
which uses
enough power to serve
160,000 kw — the . largest in
a
city of 40,000

They

compared with a revenue gain of
nearly 7%. Completion of the new
generating unit early in the year

20,

years

fuel

moderately

ing utility

Showed a^similar Sgairf

past

,

to

last

approval of the New York Stock Exchange, v

(excluding taxes and depreciation) increased less than 1%

^^

probably also about one-half.

Th?IS l0f?te^
WiShita' tha rate of return Lch?ned further
Force BaslnLr Wich?mh^nfH^H to 6% in 1955' " has increased in
lchlta has added later

itepers"SreintTL0UArmg "nitS f°r
Ordnance Pla JkhiTX!

of

-

penses

absenteeism

averaged only about half the national average in the past
decade,
and the rate of labor turn-over is

is

in connection

of

one

state

be

end

and

have

important,

number

Hayden, Stone to Admit Partners
Hayden, Stone & Co., 25 Broad Street/ New York City; merjibers; of
principal security exchanges, • have' ^nnouhcc^l that ffye' pew gen¬
eral partners will be admitted to the fitm ott/Aug. ^l^subject to

raised 16 cents to $1.64—the fourth
straight year in which it had been
increased.
Direct
operating ex-

turing.

aeri^lf„r^ian/t=LiSthn0ted/S.-an
agricultural state, the production

York City.

Last year's, share earnings of
$2.76,reflected a gain of 24 cents,
and as a result the dividend was

ness» 41 % is from the oil industry

P

'

rec-

During

general corporate purposes. Office
Underwriter—Lee Higginson Corp. of New

present."

and 18%

f

^4? fiOrt

efficiency.'

the

at

cost than
anywhere else in the
U. S. Time lost because of strikes

located

are

area

labor

World War II airplanes were
proWichita at a lower unit

_

electric

the

metropolitan

ita, which

J

of

duced in

The company

the

in

provided

points.

TJ

Pittsburg,

and Arkansas

also

Newton, El
Independence

f_)4

r\

Dorada,

ord

would

at

but also to the proven

power,

33%

and

Company

devices, and building plumbing drainage prod¬

Proceeds—For

company

may
need
additional
next year and tentative

una

&

control

about

was

Gas

and selling stockholders. Business—The manufac¬
transmission equipment, fluid

pany

adequate to carry the company
through 1961-2. The equity ratio

Gas & Electric

July 19, 1960, it was reported that 250,000 shares is ex¬
pected to be filed shortly for the accounts of the com¬

ucts.

of

England Ave., Winter Park, Fla.

Industries, Inc.

July 19, 1960, it was reported that this Trumbull, Conn,
capacitor manufacturer plans a common stock issue of

year

OWEN

Zurn

Vitramon, Inc.

PUBLIC UTILITY

Kansas

Off ice—132 East New

Exchange

100,000

'

Park

Telephone Co..
May 10 it was announced that this company, during tho
first Quarter 0f 1961, Will1 issue arid sell
approximately
30,000 additional shares'of its common stock. This, stock
will be offered on a rights basis .to existing
stpckholders
and may or may not be underwritten by one or
more
securities brokers. Future plans also include the
sale
of $2,000,000 of bonds in the second quarter of
1961.

Place, New York City, Room 238.

Stuart & Co., Inc.; First Bos¬
Weld & Co. (jointly); Lehman

Kansas

,

Winter

formation Meeting—Scheduled for Sept. 8 at 11:00 a.m.
N. Y. time, at The Chase Manhattan
Bank, 43

Probable bidders: Halsey,

White,

teniber::/Undei*write^Vart|A^|yne,JJ^e^^.^i2New

York City.

bidders:

announced

was

.

v'/:-:?;"'

&

Union

during

provide additional funds in the approximate
: '
' \,s
^
'

Whippany Paper Board

St.,

Corp.

Office—315 No. 12th Blvd., St. Louis, Mo. Un¬
derwriters—To be determined by competitive
bidding.
and

Rector

(10/19)

Vice-President,

Corp.

2

at

^,

.

was

July 19, 1960, it was reported that this New Jersey com¬
pany plans to register an issue of common stock in
Sep-

determined by competitive bidding.
Halsey, Stuart & Co. Inc.; Salomon
Hutzler; White, Weld & Co.; Eastman Dillon,
Securities & Co.; Stone
& Webster Securities
Bids—Expected to be received on Sept. 13. In¬

Bros.

penses.

ton

12

Blvd., Brook¬

'

of $400,000.

sum

reported

was

—

Probable

by Dudley Sanford,
that the company plans an
offering of approximately $50,000,000 of 30-year first
mortgage bonds.
Proceeds—To meet construction ex¬
Executive

Sept.

24, 1960, it

the year to

(9/13)
that approximately $25,000,000
will be offered for sale. Under¬

mortgage bonds

it

writers

expansion of the company's jet fleet.
Underwriters—Dillon, Read & Co., Inc., Lazard Freres
& Co., and Lehman
Brothers, all of New York.

March

5

Office—2300 Linden

announced that the company an¬
ticipates, that in order to carry out its 1960 construction
program it will consummate long-term financing

Virginia Electric & Power Co.
Feb.

for

Electric Co.

for

Thursday, July 28, 1960

West Ohio Gas Co.

Underwriter—To be determined

Meeting—Scheduled

obtainable.

was

June

New York City.

at least $100,000,000.
Proceeds — Together with
$190,000,000
proposed
private
placement
which
is
presently being worked on by this company's bankers,

Union

(9/14)

Light Co.

Weld & Co.; Stone & Webster Securities Corp.
(jointly); Salomon Bros. & Hutzler; Kidder, Peabody &
Co.; Eastman Dillon, Union Securities & Co. and Smith,
Barney & Co. (jointly); Lehman Bros.; Bear, Stearns &
Co. Bids—Expected to be'received oh Sept; 14. Iitforma,-,

with

used

tion

reported $16 million of first mtge. bonds

was

.

lyn, New York.

by competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; Blyth & Co. and First Boston Corp. (jointly);

rants, and Hughes Tool Co. (parent) will purchase not
only its pro-rata portion ($78,000,000) but also enough of
any debentures not taken up by others to provide TWAr

be

it

1

&

Power

payment of bank loans.

Airlines, Inc.

debentures -with detachable

will

at 3:00

and $10 million (400,000 shares) of $25 preferred stock
will be sold. Proceeds—For construction purposes and re¬

announced that the company plans to offers

was

17

White,

Trans World

April 8 it

Meeting—Oct.

Information

EDT.

a.m.

.

Waldbaum, Inc.
May 11 it was reported that public financing is
being
contemplated by this supermarket chain. No confirma¬

at the Bankers Trust Co.

Utah

(jointly); Chase Manhattan Bank and Morgan Guaranty
Trust Co. of N. Y. (jointly); and Blyth & Co. and J. C.
Bradford & Co. (jointly).

to its

11

p.m.

petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc., First National City Bank of New York, Equitable
Securities Corp. and Smith, Barney & Co. (jointly); First
Boston Corp., Lazard Freres & Co., Eastman Dillon,

.

se-

at

:

•-

V

.

EDWIN L, BECK

t/,.'.

v,v.

:

Care of Chronicle, 25 Park
Place, New York 7, N. Y.

Telephone REctor';2^$570'-::j/-

V

i
-

Number 5972

Volume 192

.

The Commercial and
Financial Chronicle

»

(393)

of

Current

The

Activity

week
Latest

IRON AND STEEL INSTITUTE:

.MirirtrAN

indicated Steel operations (per cent capacity)

juiy 30

§53.8

steel"mgote'iSd"castings

July 30

§1,533,000

PETROLEUM INSTITUTE:

.MFRICAN

and condensate output—dally average (bbls. of
42 gallons each)—--July 15
crude runs to stills—daily average (bbls.)..
•___
July 15
Gasoline output (bbls.)—
—
July 15
Kerosene
output (hbls.)

or

Previous

Week

(net tons)

following

latest week

statistical tabulations
month available.

or

month ended

.-Month

Week

1,510,000

(bbls.) at-———
Distillate fuel oil (bbls.) at
Residual fuel oil (bbls.) at—:

—

15

15

July 15
July 15

ALUMINUM

345,000

Pig iron

AND

INDUSTRIAL)

DUN

—

Scrap steel

(per gross

310,500,000

191,400,000
17,900,000

585,073
469,206

7,280,000

*1,320,000

340,000

41,000

$485,100,000
223,800,000
261,300,000
161,300,000

31,000,000

375,000

*108

14,213,000

Export

(New

(St.

York)

Louis)

258

296

245

6.196C

6.196c

6.196c

$66.41

$31.50

$66.41

$31.17

Aluminum

MOODY'S

:

—:
—

at

PRICES

DAILY

—

32.600c

32.600c

31.300c

32.600c

30.475c
12.000c

11.800c

12.000c

11.800c

11.800c

13.500c

13.500c

13.500c

13.000c

13.000c

RESERVE

26.000c

26.000c

102.750c

24.700c

101.500c

102.125c

86.29

83.81

104.250c

87.S4

87.75

86.11

85.59

90.34

90.06

89.51

88.27

87.99

87.59

85.72

85.07

'

85.07

>■:£?

i

i

30

,

-—

i

—

84.81

78.90

;

.

__

——

Group
Industrials Group
MOODY'S COMMODITY INDEX
NATIONAL PAPERBOARD
ASSOCIATION:
Orders received
(tons)
Production (tons)

,'^rf

85.98

87.72

87.32

July 26

3.75

3.76

85.46

86.91

87.86

TRANSACTIONS

FOR

at

ACCOUNT

OF

3.92

July
July
July
July
July

26

26

4.68

4.59

4.61

4.64

375.0

375.4

379.7

278,124
274,741

272,867

182,700

248,079

174,810

278,086
317,358

74

50

93

474,165

443,523

109.47

109.37

110.17

CAN

565,951

110.80

purchases

2,370,480

3,030,790

489,860

612,800

1,878,060

2,350,990

2,367,920

2,963,790

319,830

614,670

2,440,670
512,130
1,875,310
2,387,440
423,850

38,100

82,400

73,600

334,110

—

.

——

IT0FLTRANSACTI°NS
LOT

407,710

349,570

896,918

634,129
75,855

130,730

84,700

619,464

SPECIALISTS

sales by dealers

ON

N.

EXCHANGE

(customers'

Y.

543,674

695,319

1,091,873

Short sales
Other sales

623,374

LIFE

635,090

,

3,403,539

4,601,883

AND ROUND-LOT

Total^ ACCOUNT
*°tal

~

*"*"""

1,706,392
$83,373,587

1,949,788

$95,863,360

July

1,752,716
$87,892,034

1,988,507

1,652,876

5,507

7,100
1,981,407

8,038

$91,059,280

$79,959,726

'1,311,865
$67,845,349

July

——

.

*

484,340

July
July
N.

Y.

600,200

484,340

July

shares

540,730

STOCK

600,200

570,920

459,670

45~9l670
534,960

1,317,297

$2.29

~
—

w\?anone

hi if InVestbient
°alf
cent

a

Snst

Plan.

and foods
000

personal

.l959

barrels

bS




$4,869

$4,609

662

601

1,558

978

1,056

$6,716

$6,509

$6,266

INSTITUTE

—

of

June

—

IN THE
OF

UNITED

STATES

COMMERCE)—Month

income

$405.8

*$404.7

$383.8

total

273.9

*273.6

261.7

113.0

113.3

110.9

89.1

*89.5

87.7

72.2

*72.0

68.0

41.1

*40.7

37.2

and

Service

347^730

salary

receipts,

industries

industries

Government

390,290

Other

labor

47.7

—

income

and

I.—

914,900

July

14,689,990

18,262,700

15,394,650

July

19,177,600

748,930
14,513,250

15,262,180

494,010
13,181,710
13,675,720

;

;

Rental

of

persons—

Dividends
—

Personal

interest

income

—

of

July 19
July 19
July 19

119.6

97.4

•119.7

88.9

■'I

-

'89.3

88.4

88.2

107.7
96,8
128.3

128.1

128.3

on

new

annual

capacity of 148,570,970 tons

of 147,633.670 tons.
tNumber of orders hot reported since introduction of
on delivered basis at centers where freight from East St.
Louis exceeds
,

.

.
.

*13.9

13.1

*2.65
•

-

.

22.2

.*28.4

-26.4

-

•'

*9.3

389.1

*388.3

8.4

98.4

.

Total nonagricultural

income—;

—

TREASURY MARKET TRANSACTIONS
RECT

§ Based

-■

12.0

9.3

107.0

*98.3

128.3

foreign crude runs.

•

12.1

*12.5

13.9

28.4

34.7

*12.1

2.68

—

—

119.3

*108.4

108.0,

July 19

119.5

*

12.5

—

45.6
10.0

*36.0

36.1

12.5

income

*47.6
*10.9

,

11.0

professional

Farm

704,660

tPfime'Western Zinc sold

pound.

2.40
2.00

(in billions):

Business

July 19
farm

2.44

2.07

607

Transfer payments

-it

other than

$2.24

2.44

2.08

Less employees' contribution for social

figure. Jllncludes 1 132
1. I960 as
JanI l

*$2.29

40.7

Distributing

"

July

•

fNevised

39.8

Manufacturing only

'

__

—ommo<^ities
op

41.4

39.3

Commodity producing industries

347,730

NEW SERIES —U. S. DEPT. OF

"n

*40.4

39.5

PURCHASES

——

Wage

(SHARES):

products—
~'**—"

All

79.60

•39.9

40.4

——

of June
Total

5,432

1,644,838

commodities-

MatT* •*»»«»

99.36

81.35

40.0

INSURANCE—Month

(DEPARTMENT

1,571,175
$86,848,352

1,596,200

_

:

$91.17

*98.58

—

..

Ail

•$91.37

82.16

3,258,696

1,590,693
$72,995,622

„

rarm

290,911
365,434

:

Group

July

<

>

269,941
284,579

Industrial

428,830
2,829,866

July

Short sales

PRICES,

2,962,760

670,430

STOCK TRANSACTIONS

OF MEMBERS
round-lot sales—

267,910
332,694

(AMERI¬

CONSTRUC¬

(000,000's omitted):

Total

July

.

—

.

"lot purchases by dealers— Number of
ri^0UND-L0T STOCK SALES ON THE

128.4

$4,551

INSURANCE

3,651,760
2,753,094
3,423,524

;

,,

tn-r

V£fiE

825,930
3,775,953

.—

—

r

117.8

earnings—
manufacturing

OF LIFE

746,206

——

—

;

121.1
131.9

98.58

PERSONAL INCOME

■

..

4,542,378

603,815

July
dealers—

STEEL

goods

STOCK

total sales

shares—Total sales

Other sales
Total sales

3,324,439

sales)—

Dollar value

130.7

$91.60

OF

STEEL

Ordinary

2,799,724

July

orders—Customers'
Customers' short sales—
Customers' other sales—

132.9

121.4

goods

664,246

787,240

purchases)—t

customers'

150.2

COMMISSION

—

deafers

192.7

155.5

131.9

Durable goods
Nondurable goods

81,960

961,143

FOR ODD-LOT ACCOUNT OF ODD-

AND

SECURITIES

199.4

133.2

STRUCTURAL

manufacturing

All

324,170

546,220

July
July

;

134.5

199.4
155.9

.

!

Durable goods
Nondurable goods

25,400

463,820

340,300

July
July

!

Other sales

145.4

Hourly

Total

Short sales

__:

I

—

care

earnings—
manufacturing

All

318,670

302,200

■

round-lot transactions for
account of members—
purchases

146.1
134.4

Hours—

1,841,450
2,162,920

July

-

92.1

145.6

Weekly

321,470

July

Other sales
sales

92.9

FACTORY EARNINGS AND
HOURS—WEEKLY
AVERAGE ESTIMATE—U.
S.
DEPT.
OF

2,009,000

July
July

Short sales
Total
Total

care

Nondurable

1

the floor—

on

99.0

133.5

93.2

(tonnage)—estimated
(tonnage)—estimated

Durable

July

transactions initiated

99.6

139.8

LABOR—Month of June:

July
July

Other sales

Total sales
Other

108.2

99.4

„•

INSTITUTE

Shipments

All

initiated off the floor—

Short sales

109.5

109.7

—

TION)—Month of May:
Contracts closed

84

449,939

July

;

107.3

133.9

FABRICATED

4.57

370.8

July

:

133.8

108.9

139.8

__

4.79

137.0

4.79

4.75

103.7

137.2

Other goods and services

4.71

118.7

.108.9

5.08

4.94

139.3

104.7

_———

Public

4.75

5.28

141.4

135.3

.

Reading and recreation

4.80

5.21
4.90

128.8

104.3

I'

apparel—

4.57

4.78

131.4
124.4

:

4.59

5.17

115.2

136.3

.___

—

4.56

4.75

102;8

118.5

—

Personal

4.87

125.6

106.1

" • ,132.9

"

1—'''

Medical

26

129.9

.124.7

--

4.72

26

112.6

104.9

;

operation

4.46

4.54

134.5
111.6

115.3

118.6

1953=100)

;

v

Household

4.78

July

Other sales

/

135.8

109.3

132.9
.

(Jan.

electricity-

4.45

26

July
July

135.6

141.4

and

Other

4.10

124.0

115.0

—

home

4.74

MEM-

Short sales

.

117.7
115.2

131.2

Transportation

AND SPECIALISTS
stocks in which registered—

Total purchases

Pnn

126.2

116.7

109.7

_

vegetables

4.41

July 16
July 16

,

BERS, EXCEPT ODD-LOT DEALERS
Transactions of specialists in

sales by

126.3

119.5

4.71

July 22

AVERAGE=100
HOUND-LOT

of

$729,000

Private

REPORTER PRICE INDEX—

1949

R«°t
Number

$920,000

117.0

and boys'—
Women's and girls'-

84.94

July 16

Unfilled orders (tons) at end
of period
OIL, PAINT AND DRUG

Number of

$49,197,000

INDEX—1947-1949=100—

from home

Footwear
^

July 16

activity

Number 0f shares
Dollar value
Odd-lot purchases
by

$73,307,000

8,519,000

YORK—

'

84.94

July 26

—

,

5,069,000

$1,019,000

NEW

jfuel^piU-Lu-————
Housefurnishings

81.29

83.03

July 26

—.

Railroad Group

xt

OF

Solid fuels and

,

85.46

79.72

July 26

Public Utilities

~

22,597,000

Men's

83.53

July 26

—

Baa

DEALERS

5,232,000
18,234,000

10,877,000
6,095,000

Rent

Apparel

86.51

'

ohhi.

18,613,000

OUTSTANDING—FED¬

4.39

sales

$12,143,000

6 784,000
17,538,000

...

BANK

food

away

87.86

80.45,

-

Total

$31,063 00G'

15,632,000
23,497,000

Housing

89.37

84.04

Aa

Total

$41,111,000

__

(000's omitted)

PRICE

Other

hK 85.85

July 26

.

Total purchases

111

1,244

——:

Food

,

July 26

;-i

Group
Industrials Group
MOODY'S BOND YIELD DAILY
AVERAGES:
U. S. Government Bonds
Average corporate

Total sales
Other transactions

131

1,273

at home

11.000c

July 26

Group

of

167

1,334

liabilities-

PAPER

Fruits and

11.500c

13.000c

26.000c

July 26

Public Utilities

Percentage

130

214

103

$126,450,000

service

June

Gas

a* _IIIIIIIIIIIIII—III

A

1

633

213

number

Cereal and bakery products
Meats, poultry and fish
Dairy products

11.800c

-

.

203

135

564

Month of May:

27.125c

12.000c

July 26
July 26
July 26

—

Railroad

229

110

680

All items

29.500c

31.675c

12.000c

AVERAGES:

U. S. Government Bonds

Average corporate^—~
Aaa

of

CONSUMER

$39.50

July 20
July 20
July 20
July 20
July 20
July 20
July 20
July 20

—

at

(primary pig. 99.5%) at
(New York) at———

BOND

.1'.: rV- 228

.

liabilities

ERAL

$66.41

$31.00

40,973

number

COMMERCIAL

$66.41

36,106

BRADSTREET,

118

As

3,950

•.*>»■

liabilities

Food

at

IZinc (delivered) at
Zinc (East St. Louis)
Straits tin

r.

>•

;

service

Commercial

13,577,000

259

147

8,054

5,931

■;y

refinery at
refinery at_:

Lead

..".v..

374,000

14,208,000

2,234

number

Retail

7,342,000

V

undelivered

number

Construction liabilities

8,895,000

-i

321

Manufacturers' liabilities
Wholesale liabilities

383,400,000

i

29,555
•*> ■ < >/'•

number

Total

X.

*

:

and

Wholesale number

414,400,000

hi-;'

.

155,213

131,460

>

6,042

order

on

v•'*..*

Commercial

170,688
114,984

if'

INSTITUTE—

month)

Manufacturing

237,300,000

100,000,000

'

168,596

..

BUSINESS FAILURES—DUN &

Domestic
Lead

of

Ago

139,267

delivered

cars

•'....

$651,700,000

14,425,000

QUOTATIONS):

April

freight cars—

cars

of

Total

6.196c

of

CAR

V;

.

Year

Month

aluminum in the U. S.

INC.—Month of June:

July 19

...

J.

(end

,

28,232,000

129,352,000
54,269,000

July 19

Electrolytic copper—

freight

Backlog

120

July 19

ton)

M.

&

532,606

&

(per lb.).

(E.

649,830

399,367

New

6,534,000

new

Construction

209,300,000

of that dates

Previous

MINES):

tons)—Month

of June:

Orders for

189,859,000

$601,100,000
304,800,000
296,300,000
228,400,000
67,900,000

are as

Month

OF

RAILWAY

Month

1,585,000

204,372,000
26,883,000
103,045,000
39,879,000

PRICES:

(per gross ton)-—

AMERICAN

28,201,000

July 21

COMPOSITE

METAL PRICES

29,482,000
2,659,000

July 23

(in 000 kwh.)

(COMMERCIAL

Finished steel

7,902,000

Retail

$519,800,000

quotations,

Stocks of aluminum (short
tons) end of April

6,858,275

July 16

BRADSTREET, INC.
IRON AGE

-

.

100

6,839,560
8,034,000

456,330

607,081

INSTITUTE:

ELECTRIC

Electric output

FAILURES

=

(BUREAU

Production of primary

12,647,000

28,755,000
116,730,000
42,679,000

.

AVERAGE

'

of

cases

,

12,531,000
6,077,000

6,046,000

438,265

.

—

EDISON

201,302,000

13,051,000

29,157,000
121,427,000
43,013,000

.

--

SYSTEM—1947-49

30,677,000
2,685,000

197,241,000

15

July 15
AMERICAN RAILROADS:
Revenue freight loaded (number of cars)
July 16
Revenue freight received from connections (no. of cars)—
July 16
CIVIL ENGINEERING CONSTRUCTION —
ENGINEERING
NEWS-RECORD:
Total U. S. construction
July 21
Private construction
July 21
public construction
July 21
State and municipal
July 21
Federal
July 21
COAL OUTPUT (U. S. BUREAU OF MINES):
Bituminous coal and lignite (tons)
July 16
Pennsylvania anthracite (tons)
July 16
DEPARTMENT STORE SALES INDEX—FEDERAL
RESERVE
—

8,280,000

30,031,000
2,469,000
12,972,000
5,800,000

15

OF

iSSOCIATION

6,831,210;

in

or,

either for the

are

Latest

12.2

.

6,831,910
118,257,000

,

Kerosene

date,

(in short

——

July
r»ict.iiiate fuel oil output (bbls.)
July
Residual fuel oil output (bbls.)—
July
fitnrks at refineries, bulk terminals, in transit, in
pipe linesFinished and unfinished gasoline (bbls.) at
July

Dates shown in first column

Ago

53.0

crude oil

:

production and other figures for the

cover

Year

^Ago

*54.4

*1,550,000

that

on

37

OF U.

Net

AND
S.

GUARANTEED

A.—Month of June:

"it,

t

'

IN DI¬

' "

'

•

-

•

sales

purchases

.

367.8

SECURITIES

—

Net

.

$14,535,500

$21,829,500

$9,869,500

The Commercial and Financial

38

Continued from page

5

of

• /.:7

sched¬

their 1960 model year
on July 22.

ules

model

week in

August. '
Earlier, Chrysler had closed out

Imperials June 30

production of

increase

tonnage

due

was

largely to a return to normal fol¬
lowing
the
Independence
Day

-7 ■■

,

flects

Comets compared
last week.

■.

report re¬
at more

search Department. The

.7

y*

7

r

(

findings are based on the
weekly survey of 34 metropolitan
areas conducted by the ATA Re¬
These

Los

*

,

year.;

and

12

handled

tonnage

than 400 truck terminals of com¬

,

Meanwhile, Ward's said U. S.
car
output climbed 5.4% in the
week
ended
July 23
as
Ford
Motor Co. built 9,790 Falcons and

carriers

mon

of

freight

general

throughout the country.
Electric Output 6.2% Above
1959 Week

with 12 Comets

distributed

electric

of

amount

The

■"

S. manufacturers turned out

U.

week

Thursday, July 28, 1960

The sharp week-to-

yeai^.

in

July

Darts

Angeles.

this

Plymouths

and

Detroit

in

Dodge

.

holiday which occurred on Mon¬
early
day of the preceding week this
Studebaker-Pack-

ard will resume the third

-

.

in

cars

year

while

August

building

start

will

Chrysler
1961

.

"SPY" Opens On New York Exchange

INDUSTRY

STATE OF TRADE AND
up

Chronicle

(394)

energy

light

electric

the

by

industry for the week
ended
Saturday
July
23, was
trasted to 105,113 last week. Dur¬
estimated at 14,425,000,000 kwh.,
ing the same week last year,
according to the Edison Electric
124,446 cars were produced,
Institute. Output was 217,000.000
The statistical agency said Gen¬
estimated

an

eral

Motors

week's

110,797

took

cars

59.03%

con¬

last

of

output while Ford Motor

Co. accounted for

16.37%, Chrys¬

ler

Corp.,
13.09%,
American
Motors, 8.75% and StudebakerPackard, 2.76%.
Ward's

that

said

auto

most

plants worked five days last week,
including RambRer, which cush
tomarily had assembled cars on
a
six-day basis for most of the
However,

plants

Ford

seven

inactive, including one com¬

pact

facility, due to

parts
from
the Cleveland stamping strike that
car

shortage that is
settled

was

plant

was

a

carryover

a

July 14. Only
vacation.

on

one

reporting
service
added
that truck production rose 3.1%
the

previous

week. Total
20,842
vs.
20,214.
Nearly all truck plants scheduled
a five-day week.

over

output

was

total

Lumber

Shipments 0.4% Above

Production
Ended
Lumber

Loading of

From

revenue

of American Railroads

nounced. This

22,008

cars

was

3.8%

or

corresponding
which

above

in

week

affected

was

the

1959,

the first

by

three days of the steel
an

an¬

increase of

an

Week

shipments of 461 mills

Barometer

during the week
16, 1960. In the same

orders of these mills
above
production.
mills

week,

new

were

20.0%

amounted to 30%

orders

un¬

^equivalent

to
days' production at the current
and
gross
stocks were
equivalent to 52 days' production.
were

strike, and

increase of 24,837 cars or 4.3%
the corresponding week in

above

rate,

For the

of

year-to-date, shipments

reporting identical mills
below

orders

were

were

production;
new
4.7% below produc¬

preceding week which
eluded the second week of

;

the

There

highway

one

1960,

production

previous

July

9,

of

reporting
above; ship¬
26.5%
above; new

29.7%

was

orders

new

15.7%

were

(which

included

were

over-all

increase of

above the
1959

above

cars

was

10.1%

or

1958

week.

62.2%

or

Day Holiday which fell in
1960 week but not in

corresponding weeks of 1959
1958.

or

Cumulative piggyback
the first 27 weeks

totaled

In

284,961 for

cars

loadings

an

of

1960

increase of

35% above the

or

responding

period

cars

or

corresponding
There

were

road systems

cor-

after

ures

in

and

in

1958.

one

week

year

the corresponding

com-

ago

and

week of

Intercity Truck Tonnage 3.7%
Below 1959 Week

ended

ended

below

the volume

July

16,
in

was

the

3.7%

corres¬

ponding week of 1959, the Ameri¬
can

four-week

a

at

July

259

21,

reported

Bradstreet,

Inc.
253

with

Trucking

..announced.

decline

the

in

This

week

Dun

toll

&

com¬

in the

close

to

more

the

of

week

264

1958.

.

$5,000

cent

were

re¬

-'7

..

Casualties

similar

per

1939 when 251

corded..

of

the

succumbed than in

concerns

pre-war

in

Three

involving

or

more

liabilities
dipped to 230

from 236 in the previous week but
remained
above
their
year-ago
level of 217. An increase
among

casualties^

$5,000,

to

29 from

-those
22

under

offset

this

decline.

ing

Thirty-seven of the fail¬
businesses had liabilities in

excess

of

with

34

$100,000, as compared
in the preceding Week.

Business Failure Liabilities
At Record




rise

in

between

number

retail

in

May

failures

of

trade.

toll

Its

1958,

in

and

Business

failures

resumed

toll

remained

below

the

level

in

April and March this year. How¬
ever, dollar liabilities surged up
strongly to a record high of $126.5
Losses bulked larger in all
types

of operations and in all
geographic
regions. Most of the increase from
a month earlier
and from a year

Price

Index

Wholesale

compiled

Inc.,

by

Dun

increases,

Price Index,

Food

&

Bradstreet,
fractionally in the

dipped

latest week and it

moderately
below that of a year ago. On July
19, it dipped 0.2% to $5.91 from
the week earlier $5.92, and it was
down

1.2%

date

Commodities

wholesale

lard,

was

from the $5.98

corresponding

a

this

tea,

ago.

higher in

week

were

and

hogs.
were flour, wheat,
oats, coffee, cottonseed
oil, cocoa, potatoes, and steers.
eggs,

price

rye,

Wholesale
Index

Commodity

Down

From

There

was

Fractionally

Prior
a

Price

Week

were

2%

than

week earlier.

rubber

a slight rise in trading
flour, prices remained close to
the prior week. Domestic trading
in rice was sustained at a high
level and export volume moved
up
substantially holding prices

in

close

on

offset
slight in¬
hogs, tin and steel
scrap. The Daily Wholesale Com¬
modity Price Index, compiled by

ing data
index

a

was

269.04 of

a

week

ear¬

the correspond¬
ago. The current
lowest since the

on

year

the

July 1, 1950.

Sugar trading moved

A

were

unfavorable

steady.

weather

Africa, the

week

2%

ended

below to

Dun

& Bradstreet, Inc. Re¬
estimates varied from the

comparable

1959

levels

by

the

Mountain

Central

0

to

and

to

-f-3;

Middle

-f-4;

East

West

South

New

England

Atlantic —2

Central

North

Central

—4

to

and

+2; West

to

0;

Pacific

Coast —6 to —2.
up

some¬

slight rise in coffee volume

Nationwide Department Store

oc¬

Sales

Up

2%

1959 Week

Over

curred

Department stores sales on a
country-wide basis as taken from

Cocoa

the

Federal

dex

for

and
prices were steady.
trading lagged and prices
dipped somewhat;
there was a
sharp rise in warehouse stocks of
in

cocoa

An

Philadelphia.

increase

1960,

Reserve

the week

show

Board's

ended July

increase

an

hog

the like period last year. In
preceding week for July 9,
decrease' of 14% was reported,

the
a

For the four weeks ended July
a

transactions

the

remained

earlier.

16,

over

in

occurred

prices during the week as trading
picked up and supplies dipped.
on steers were steady and
week

in¬

of

Prices

close

to

Wholesalers

a

re¬

ported a fractional dip in lamb
prices despite steady volume and
lower receipts. Following the rise
in hog prices, lard prices moved
up modestly during the week.

1

% increase
same

Jan. 1 to

2%

16,

registered over
period in 1959 while the
July 16 period showed a
was

increase.

According
in

sales

New

Federal Re¬

the

to

System

serve

department store
York City for the

week

ended

occurred
in
York Cotton

above

the

prices on the New
Exchange last week. United States
exports of cotton for the full cur¬

July 16 were 3%
period last year.
In the preceding week ended July
9, sales were 10% below the same
period last year. For the four

rent

season

ending July 16

record

likely to amount
7,000,000 bales, com¬

weeks

to

crease

was

fractional

a

dip

are

pared with 2,800,000 last season.

period,

Trade

Slips From

the

Prior Week

like

was

level

an

8% inl

reported over the

and

16 there
Retail

from
a

Jan.

to

1

1959
Jul

gain of 6% above
in the 19a9

achieved

period.

Retail trade in the week ended
this

Wednesday slipped from the
prior
week
and
showed
little

change from
1959
period.
ume

of

made to

were

the

from

following percentages: East North
Central,
South
Atlantic, and

what during the week and prices
matched those of the prior period.

the

similar

Retailers

in

some

to hot humid weather. Year-

to-year

declines

in

most

appliances
and furniture
modest gains in men's and
en's

strong

attributed the sluggish vol¬

areas

Reports

sup¬

by

gional

South

prices

kets and transactions

earlier; rice

in

was

higher than a year ago, ac¬
cording to spot estimates collected

tial sales

fractional

dip occurred in
during the week as
volume was sluggish and supplies
were
ample. There was also a
slight decrease in oats prices, re¬
flecting a decline in trading. In
contrast, wheat prices edged up as
offerings were light in some mar¬

week

Near East and Europe.

Bradstreet, Inc., stood at
(1930-32 = 100) on July 25,

lier and 275.51

a

20

—1

&

compared with 269.73

to

trade

plies in some areas were limited.
Exporters reported that substan¬

A

which

creases

a

higher

moderately

Despite

fractional

dip in
the general commodity price level
this week, reflecting lower
prices
on some
grains, lambs, cotton and

A

prices

of the

year

quoted

cost

sugar,

Lower in

corn

tail

July

Fractionally in Latest Week

After two consecutive

269.71
an

upward trend in June, rising 5%
to 1,334. Despite this
upturn, the

Food

conditions in growing areas stim¬

ulated the buying of soybeans and

a

with the most noticeable increases

Dun

High in June

Associations, Inc., ago was concentrated in casualties
tonnage was involving liabilities of
$100,000 or
more. Eighteen of the
failing con¬

Truck

18.1% ahead of the previous week

of

excess

the highest since April

was

corn,

million.

Intercity truck tonnage in the
week

the

June

and

the

above the

1958.

_

Steady

Latest Week

off

evened

Class I U. S. rail¬

current

pared with 50
40

1959,

originating this type

traffic in the
,

of
118.9%

period

53

Hold

Commercial and industrial fail¬

1

154,760

Failures

small

for

73,900

Business

Compari-

distorted by the Indepen-

the current
the

This

cars

3,268

the

are

dence

total).
784

that

in

corresponding week of

and

sons

of

Wholesale

below.

more revenue
preceding
(piggyback) in week. It exceeded slightly the 245
occurring
last
year
and
came
July
9,
1960

ended

in

losses

furniture, general merchandise
apparel. Manufacturing and
ments
were
construction casualties held steady
orders were 24.9% above. Com¬
at
the
previous
month's
level,
pared
with • the
corresponding while mild dips were noted in
week in 1959, production of re¬
wholesaling and commercial
porting mills was 21.8% below; service.
shipments were 22.4% below; and
mills

pared

reported

cars

or

trailers

week

week's

•:

8,526

were

loaded with

an

the

Independence Day Holiday.

the

All

occurred

Compared with the
(holiday)
week
ended

in-'

miner's annual vacation and

coal

had

cerns

million dollars.

,

Down

the

•

•

•

,

17

1958.

Loadings in the week of July
16 were 150,751 cars or 33% above

Co.

Southeastern, with main offices in New Y mk, operates in 18 states, marketing liquefied
petroleuhi gas and natural gas, manufacturing ice for transportation of perishable products,
and providing freezer and cold storage facilities primarily for the packaged frozen food
industry.

of gross stocks.

reporting softwood mills,

filled

&

orders of reporting

Unfilled

of Southeastern

stock

common

New York Stock Exchange on Monday,

above production
ended July

Public

Service Company was admitted to trading on the
July 25.
Under the ticker symbol . "SPV," the stock
opened at 14, on the purchase of 100 shares by Southeastern President Charles J. Gregory.
Present for the opening sale were (from left): Edward C. Gray, Executive Vice-President
of the Exchange; Specialist William Raymond, Jr., of Chauncey & Co.; Mr. Gregory; and Oliver
J. Troster, Director of the company, and partner of the investment firm of Troster,
Singer
The

0.4%

were

tion.

freight for
the week ended July
16, 1960,
-totaled 607,081 cars, the Associatiori

in

July 16

reporting to the National Lumber

3.1%
Car Loadings Up 3.8%
1959 Week

previous

of

217,000,000 kwh.
and
showed a
gain of 14,208,000.000 kwh., or 6.2% above that
of the comparable 1959 week.

For

The

the

of

that

above

kwh.

week's

Trade

1960 model year.

were

and power

apparel

and

new

major

offset
wom¬

passenger

Form Graham & Werthem
ORMOND BEACH,
&

Fla.—Graham
formed

Werthem, Inc. has been

with

offices

Avenue
business.

to

at

East

54

engage

Robert

in a

H.

Granada

securities

Graham is a

principal of the firm.

Erwin Wurtzel Opens

linens,
floor METUCHEN, N. J.—Erwin Wur*
coverings, draperies, and air con¬ zel is engaging in a securitie
ditioners was close to a year ago. business from offices at 724 For

cars.

The

Interest

total

in

dollar

volume

of

re¬

Avenue.

Volume

The Commercial and
Financial Chronicle

Number 5972

192

DIVIDEND
United States Pipe
New

The Board

of

NOTICES

and Foundry Company

York, N. Y., July 22, 1960
Directors this day declared

quarterly dividend of thirty cents (30^)
share on the outstanding Common Stock
of this Company, payable September 15, I960,
to stockholders of record on August 31, 1960.

a

per

remain open.

The transfer books will

United States Pipe and Foundry Company

JOHN W. BRENNAN,Secretary & Treasurer

TEXAS GULF

SULPHUR

156th

COMPANY,

CORPORATION

Consecutive

Board

of

10,020,000
capital

Directors

25

of

cents

shares

stock

has

of

the

outstanding

A dividend of

declared

share

per

on

a

the

Company's

and

entitled

to receive

dividends, payable September
i960, to stockholders of record at

15,
the

of

close

business

F.

E.

1960.

August 19,

Southern

&#))
on

A regular

A

Common Stock

quarterly dividend cf Forty-

share

five cents ($.45) per share on the

•

net

fiscal

of the

profits

year

payable
business

on

of

record

15,

August

1959,
1960, to

15,
at

the close

of

1960.

J. J. MAHER,

VI.% ■

-:

Company has

Company for the

September

9,1960.
Broadway

John G. Greenburgh
Treasurer.

New York 6, N. Y.

58 th

consecutive

i

per

ended December 31,

on

stockholders

W. J. ROSE, Secretary

July 27, 1960.

(70$)

been declared out of the surplus

today
of

1960.

the Common Stock without par

on

value of Southern Railway

the Company,
issued and outstanding in the Hands of the
public, has been declared payable Sep¬
tember 10, 1960, to the holders of record
at the close of business August 8, 1960.
Common Capital Stock of

Secretary.

Quarterly dividends payable September

j

j September 1, have been declared at

shareholders

.

.

.

.

5% Convertible Preferred

.
.

[ 5.40% Convertible Preferred
i

5V2% Convertible Preferred

d.

J

.

.

.

j. Ley,

.

.

.

.

25tf

Common

Stock—25^

i

share

"

■

R.

»

GOULD

MOREHEAD,

Financial Vice President

j
221/2tf [
27M4

VICE-PRES. ft TREAS.

Birmingham, Alabama

holders of record July 29, i960.

25tf

27tf

per

Payable August 15, 1960 to stock*

the following rates per share:

J 5% Preferred
i

of

dividend

i

i

15 to

i

record

i

] Common

;
■

5
■

j
■

j

J

\Smdaih

Common Stock Dividend No. 86

■

[
J

has been declared

:

Common

Stock

of

on the
Southern

patau

The Board
cash

Directors

of

quarterly

a

per

share

on

Common Stock

On

1960 to stockholders. ?f
business September 9, I960.,.-

close

at

of

6.

Thompson

r

| Over 1,200 offices in

Secretary

Julr27,1960

| U. S., Canada and England

July 22, 1960, the Board of

Directors declared

a

dividend of

forty-five cents (450 per share
on the common shares of the
Company, payable Aug. 25, 1960,
record at the

to shareholders of

close of business

August 5, 1960.

On

July 20, 1960

dividend of 50 cents per

cities, located in six states,

NgBB-

a

regular dividend of Fifty-seven and One-half Cents
(57V2<D per share has been declared upon the Com¬

Stock of The American Tobacco Company, pay¬
able in cash on September 1, 1960, to stockholders of
mon

August 10, 1960. Checks

will be mailed.

' t.: .•

-r

,

stockholders of record at

the close of business
ust

10, 1960.

on

Canada and Brazil,

Aug¬

"

SINCLAIR
CORPORATION

OIL

New York 20.N.

M
The

Southern

Public Service Electric

HARVESTER
COMPANY

and Gas

Edison

Company

Harry L. Hilyard
Vice President and Treasurer

Mjali

July 26, 1960

NEWARK. N.J.

have declared

DIVIDENDS

quarterly dividend No. 168 of one
dollar and seventy-five cents ($1.75)

The Board of Directors has

share on the preferred stock,
payable September 1,1960, to stock¬
holders of record at the close of

the

J|P^*

business

authorized

on

the payment of
following quarterly divi¬

dends:

DIVIDENDS

QUARTERLY

August 5, 1960.

CUMULATIVE PREFERRED STOCK,

The Board of Directors has de¬
GERARD

J. EGER, Secretary

4.08% SERIES

clared the following

25'/2 cents

for the quarter

dividends

ending Septem¬

Class of

DIVIDEND
On July

20, I960, a quarterly divi-

dend of 150 per
rency was

share in U. S. cur¬

declared on the no par

value shares
able

NOTICE

of this company, pay-

September 5, 1960, to share¬

holders of record at the close of
business

August 5, 1960.

Dividend

Stock

ALUMINIUM LIMITED

Per Share

....

Series

.

Series

.

.

....

All

.

$1.02
1.045
1.075
1.2625

.

dividends

.

.

.

.

are

.45

payable

t

on

before

31,1960.

Tj

J. Irving Kibbe

JAMES A. DULLEA

Secretary

Secretary

..

lljliij
AL.CAIN1

Montreal

'V

July 20, 1960

per

share;

per

share;

4.88% SERIES
Dividend No. 51

30'/2 cents

able

.35

»:

September 30, 1960 to
stockholders of record August
or

26Vi cents

per

share.

The above dividends

Preference Common
.

.

....

Series
$1.40 Dividend

share;

19

4.78% SERIES
29% cents

Series

Common

per

4.24% SERIES

Dividend No. 11

Cumulative Preferred

4.08%
4.18%
4.30%
5.05%

Dividend No. 42

Dividend No.

ber 30, 1960:

ncHtrrts

dual mm

California
Company

International

Directors of

Harvester Company

PVBLIC SERVICE
CROSSROADS

OF

THE

EAST

■

■

••

poration's Common Stock,
payable September 10, 1960
to

I
«

„

Cor¬

on

per




TARVER,
Secretary

Dated: July 23, 1960.

INTERNATIONAL

H
220th COMMON DIVIDEND

\

!

share

the

declared

was

600 Fifth Avenue

r. co.

■

at

!■■■■■■■■■■■■■■■■■■■

quarterly

a

the

August

on

W. S.

«

Manufacturing plants in 18

VFhUS/h
'.'.'.•.'.'.'.V.V.V

a.

31,1960.

September 14, 1960 to :

R. G. Hengst, Secretary

SYSTEM

record at the close of business

close of business

■

DIVIDEND No. 161

September 30,

payable
record

declared

stockholders of record

5

No. 119

DIVIDEND

able

■

CLEVELAND 10, OHIO

of

dividend
$.25

has

company

:

STOCK

COMMON

manufacturing

BAIUIl

CASH DIVIDEND

■

Natural Gas Company/pay- !

5

|

July 18, 1960

2

A regular quarterly dividend of 50 cents per share

■

125th CONSECUTIVE QUARTERLY

the

quarterly

New .York, July 26,

A dividend of Seventy cents

at

September

GAS CORPORATION

divideniTnotice

;

;

SUBURBAN PROPANE

Company

202nd Consecutive Cash Dividend

stockholders of record

61

Railway

POWER COMPANY, Inc.

thirty'one
(313^) cents
per share was declared pay¬
able September 23, I960, to
and one-quarter

close of business

VANDERSTUCKEN, JR.,

Secretary.

AMERICAN ELECTRIC

;

July 19, 1960

Quarterly Dividend
The

dividend

CORPORATION

TENNESSEE

COMPANY

BRILLO
,..BArTURlNG

TINNiSSIE

.

are

pay¬

August 31, I960,

stockholders

of

record

to

Au¬

gust 5. Checks will be mailed
from the Company's office in
Los Angeles, August 31.

p. c.

hale,

Treasurer

The
40

Chronicle

Commercial and Financial

.

.

.

Thursday, July 28,

I960

(396)

Sle«ngBankerS Associ*«ori

WASHINGTON AND YOU

Sept. 23, 1960
The

Bond

(Philadelphia

Club

35th

Annual Field
Huntington Valley

BEHIND-THE-SCENES INTERPRETATIONS
FROM THE NATION'S CAPITAL

Bankers

C. — The
nation will shortly witness one
of the hardest fought Presiden¬
D.

WASHINGTON,

tial

campaigns

time.
it

It

in

will

be

verbal

a

from the

match

long, long

a

inevitable

seems

that

slugging

beginning.

Who is going to win? No one
for

knows
of

as

of course. But
would appear it

sure,

it

now

could

either way. In other
a 50-50 proposition,
but it may not appear that way
long.
Presidential

Each

candidate

tremendous following, but

a

in between there seemingly are
of Amer¬

substantial number

a

icans

who

the

do

either

want

not

Democrat

Republican

or

candidate.
The real conservatives in this

country do not want either Mr.

Kennedy

1

How¬

place to

no

liberal

The

Nixon.

Mr.

or

they have

ever,

in

forces

go.

this

country are extremely powerful.
Indicative of their growing in¬
fluence

is

of what

example

an

happened

the

Republican
National Convention at Chicago.
at

Governor Nelson A. Rockefeller
of

New

York,

who

has

strong

New Deal leanings at times, did
not have a chance of stopping
Mr.

The

the

Nixon for the nomination.
Nixon-Rockefeller Rapport

For

months

chief

the

New

York

executive

running fire

kept
up
a
against Nixon. In

effort to obtain party unity,
Mr. Nixon seemingly surrend¬

Johnson of Texas
mate he may

not

does

Oct. 12,

B.

This,

of
Mr.

that

mean

is

son

ticket

the

No.

man

B

c

of

Mid-Western

said

Republicans,

There

the

V

certainty that our
country is going to have one of
the youngest chief executives in
history. Mr. Kennedy is 43 and
now

a

Mr. Nixon 47. Should Mr. Nixon
be elected,

he will be 48 when

he takes office.

There

have

three

been

been

has

achieved

at a very high price.
Rockefeller,
whose
negligible
delegate strength could not as¬

him serious consideration,
capitalized on his potentialities
as a spoiler. He could not head
off the Nixon candidacy, but he
could queer it up by open or
covert attack which would play
sure

in the hands of the

Rarely has the tail

Democrats.

thoroughly
.succeeded in wagging the dog.
"The

principal

Manhattan

blur

effect

tinctions

of

compromise

further any

and

so

the

is

to

surviving dis¬

between

Republicans.

Democrats

The

Repub¬

lican attempt to buy votes with
Federal

blatant

handouts

that

as

is

not

the

of

who

were

than 48.
They were
S. Grant, who was 46;
Grover Cleveland, who was 47,
Ulysses

there, but essentially the
party pronouncements leave the
are

bow

the

he

restricted

wants

his

choice

big

of

govern¬

ment and socialism phrased."

The
the

Democratic

wildest

and

platform

wooliest

is

ever

adopted

by a major political
party in this country. The doc¬
ument

is

as

liberal

as

dreamed

ever

of

incorporating
their platform.

into

Many people in both parties
only hopeful that the plat¬

forms

of

both

Kennedy

will

that

have

was

is

been

ing for sometime. However, the
Republicans as of now do not
have solid statewide

organizations

the

and

the

used

primarily to

who

elected

younger.

He is the

set

states and

fairly active
ganizations in others.
some

Fair Sex Holds the Key

nedy
in

planning

will

run on

be

rather

A

good many of the higherups
in the Republican party
went
to
Chicago hopeful of

nedy

in

tour

newest

our

platform adopted that

would aid in holding the grow¬

ing Republican vote in the South
or even increasing it in I960 by;
adding another state or two.




states

Hawaii and Alaska which
not

the

on

presidential

of

were

itiner¬

aries four years ago.
The

folk

women

America

will be all probability determine

will

be

the

or

Dick

Presi¬

next

President, and he is the youngest

dent of the United States. There

the

are

about 5,000,000 more

of

voting

nomi¬

nated.

While

place

the

voting

will

take

years ago

in

age

States than

at

women

Bond

"Summer

bine

Pacific

ballots

537

from

the

various

states. This is the

it

is

law, although
outdated like many

long

other

If

organization
next

can

President

win, then
will

was

His

have
of

this

year

nomination

was

some¬

thing to behold. The truth is the
Kennedy organization which, of
course,
was
highly
financed,
showed up the professional po¬

liticians.
There
sionals

were

who

many

would

not

Group

Bankers

of

Sept. 11-14, 1960

and
ringing

bells, raising funds,
working in the precincts.
column

is

intended

profes¬
believe

to the hour of balloting that
Mr.
Kennedy would win the
up

paign
is

a

A

manager

real .whiz
-

against

In¬

Association

Annual

Asso¬

ence

and

Association
Firms

27-Dec. 2, 1960
Beach, Fla.)
Investment
Bankers

Annual

Convention

(Hollywood
Association

at

Hollywood

Beach Hotel.

(Canada)

Investment Dealers Association of
Canada annual meeting at Jasper
Park Lodge.

Walston Adds

Staff

to

Angus T.
Co.,

Oregon

Eccles is

with Walston &

now

—

Southwest Morrison St.

Inc., 901

Convention.

to

of

meeting

Governors

at

Stock

of

the

the

Board

Statler

-

Joins T. C. Henderson

Bankers

Association

Hilton

meet¬

ing.
Sept. 15-16, 1960
Ohio)

FARGO, N. Dak.—Manger-FisherLona, Inc., has been formed with
offices in the Black Building to
in

engage

Officers

a

are

(Cincinnati,

annual

outing — cock¬
ton has
become associated with tails and dinner Sept. 15 at Queen
City Club; field day Sept. 16 at
T. C. Henderson &
Co., Inc., 509
Kenwood Country Club.
Fifth St, Mrs. Clayton was form¬
Sept. 21-23, 1960 (Santa
erly with Dominick & Dominick,
Barbara, Calif.)
Buffalo, New York.
Board of Governors of Invest-

President;
Secretary

business.

securities

G.

Isadore

Fisher,

Erling Manger, Vice-

President;

Municipal Bond Dealers Group of

City, Iowa—Ruth Clay¬ Cincinnati

Formed

of

Hotel, Hartford, Conn.

views.]

Manger-Fisher-Lona

Exchange

re¬

coincide with

not
own

at the Drake Hotel.

Nov.

Sept. 12-13, 1960

ment

SIOUX

Bankers Association meeting.

PORTLAND,
Traders

and may or

may

10, 1960 (Minneapolis, Minn.)
Group of Investment

(Special to The Financial Chronicle)

Idaho)

Security

O. Lona,

Arnold

and
-

Mr.

Treasurer.

Lona

formerly Fargo manager for
W. R. Olson Company, with which
Mr. Fisher and Mr. Manger were
was

also associated.

Attention Brokers and

Dealer*',

MARKETS

TRADING

Botany Industries

cam¬

Indian Head

Nixon,

Mill*

Official Films

kid.

Southeastern Pub.

statewide

•
Kennedy-fororganization
is
al¬
being set up in all 50

Serv.

President

ready

states. It will take

a

Carl Marks

few weeks

to

get most of them going, but
they will be functioning full

Day.

„

20 BROflD STREET

TEL: HANOVER
2-0050

\ While Mr. Nixon is complet¬
ing his eighth year as Vice
-

President of the United
States,
he has in effect been
campaign-

Our New

York

telephone

number I*

CAnal 6-3840

foreign securities
specialists

blast for the most part
by Labor

the

Minnesota

(Sun Valley,

Sept. 12-13, 1960 (Denver, Colo.)
Rocky Mountain Group of Invest¬

the "Chronicle's"

at

are

(thousands
women

door

more

likely be Senator Kennedy.
organization for the Presi¬

Nov.

June 22-25, 1961

meeting at the Sheraton-

National

than

dential

Colum¬

flect the "behind the scene" inter¬
pretation from the nations Capital

The Kennedy Organization

the

Constitution

parties
to

thousands

[This

laws.

the

convention

Key Biscayne Hotel.

that the 19th amend¬

ciation
Both

going

Northwest

vestment
annual

537 Presidential electors

will
formally ballot. A
joint session of Congress on Jan¬
uary 6,
1961, will count those

the

at

Portland.

women's suffrage.

date

Frolic"

Sept. 9-11, 1960 (Portland, Oreg.)

adopted that opened the door to

that

(Denver, Colo.)
Denver
annual

of

Country Club.

United

elected until December 19. The
on

Club

only 40

ment

to

outing
Country

summer

Clair Inn and

Club, St. Clair, Mich.

was

November 8, the next
President is not scheduled to be
on

the St.

the

It

men.

Basis Club annual

(Miami, Fla.)
Security Dealers Associa-

annual

Nov. 17-18, 1960
(Chicago, HI.)
American
Bankers
Association
29th Mid-Continent Trust Confer¬

Aug. 12, 1960 (Detroit, Mich.)

Aug. 18-19, 1960
in

•

a

.

on

Nixon

has

EVENTS
IN INVESTMENT FIELD

speaking
states, with Mr. Ken¬
launching his stumping

are

whether Jack Kennedy

party

tion

or¬

all 50

for

Donkey

Invest¬

Nov. 3-4, 1960

Both Mr. Nixon and Mr. Ken¬

the

nominated

the

28-30, 1960 Hot Springs,
Va.)
Group of Invest¬
Bankers Association meet¬

Florida

up,

Democrats

Democrats

Republicans

than be put into effect.

getting

Republican

only United States Senator
have

at

of

anniversary con¬
Sheraton-Cadillac

ing.

COMING

but they
do have token organizations in

only ,one

going to be brother John's

are

(Detroit, Mich.)

Southeastern
ment

the

Parties

1960

Hotel.

nomination. Robert F. Kennedy,
34-year-old brother, who is

Lure of the South to
Both

Mr.

man

Norman

Thomas and the Socialists

Roosevelt,

42.

there

crats, although the enticements

voter

Theodore

and
was

so

Demo¬

28-29,

Oct.

men

President

were

bracket."

trying to stay out of a higher tax

Democrats

lican fold.

It is

"I'm

million

in
this country than Republicans.
If the GOP hopes to win, it
must
attract
many
of
those
Democrat votes to the Repub¬

If

'unity'

Oct.

Association
ment Clubs 10th

several

are

of

the

in

vention

registered

more

Association

annual

Fall Dfone
Grand Ballroom of
the Biltmore Hotel.

Dance

Republicans

in part:

"Party

(New York Citv)

Traders

New A York

John¬
on

'

meeting.

October 15, 1960

Security

younger

which usually sums up the
thinking of a substantial portion

n
IJ

National

by liberalizing
une,

_

More Democrats than

who

planks in

13, 1960 (Cincinnati, Ohio)
Ohio Valley Group of
Investment
Bankers Association

«

o

■

Oct.

ticket.

ered to the New York governor
many

ing.

I

'VoT/rp/Hfj

an

the platform. The Chicago Trib¬

i

1

course,
John¬

because

2

(Cleveland, Ohio) ■
Ohio Group of
Invest,
Bankers Association meeL

ment

'SV'/vf/J?

political
esteem and affection by the rank
and file. It is the professional
politicians primarily in Dixie,
who want to go along with the
Democrat

meeting.

1960

Northern

is held in such high

son

(Detroit, Mich )
Group of Investment

Michigan

South

Republican.

Hotel.

Oct. 11, 1960

his running

as

S

of

convention^

have saved a large
from going

the

of

area

(Pasadena, Calif)

Association

Bankers Association

Lyndon

Senator

?■.

*

Am£ls

Women 38th annual
the Huntington-Sheraton

Senator'; Kennedy

When

tapped

ran

Solid South.

once

10-13, 1960

National

high
among Southern delegates, but
those hopes got blunted. Never¬
theless, it is still too early to
say what is going to happen in
hopes

adopted,

InvertL

of

—L.dlnner at the
Oct.

Until the Republican platform
was

go

words, it is

has

Virginia, Texas,
Louisiana, Florida, and Tennes¬
see went for the Elephant party.

ub>

|

(New York Ciiv\
group of

Association

Four years ago

,

JpWa
C1$,e

Day

Country

Abington, Pa.
Oct. 5, 1960
New York

p

Phn' t, ?:1

of

. HEW YOHK S, N.
.

Y.
NY 1-971

LERNER S
Investment

10 Post Office Square.
Telephone
HUbbard* 3-1930

(

CO.

Securities

Boston

•bS