Full text of Commercial and Financial Chronicle : July 5, 1962, Vol. 196, No. 6174, Section 1

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Established

1839

Reg. U.S. Pat. Off.

Volume

196

Number 6174

EDITORIAL

New York 7, N.

Y., Thursday, July 5, 1962

Price

50

Cents

Copy ^

a

In 2 Sections

—

Section

1

Threat to U. S. From the ECM and

As We See It

The labor

monopoly has taken occasion to provide the
an elaborate
program designed to stimu¬
late business and to
encourage a greater growth rate in
American industry. This organization, the
AFL-CIO, is
in large part an
outgrowth of the encouragement of the
New Deal and the Fair Deal, and its
suggestions now
are quite consistent with its
origin and sponsorship. So
is the reasoning presented in defense of this drastic
President with

deviation

from

traditional

By E. G. Collado,* Vice-President and Director of
Standard Oil

the

President's

recent

cautions ECM not to become

against outsiders.

Labor's View

we

ments.

'

bontain

There
the

as

is

,

Disputes Washington's data

be

important

as

semi-socialistic

ideas

that

*

Will

Clayton

Public

in

those

international

ent

it

sues

omy

riers
and

world

a

a

is¬

the

on

the

are

now

actively negotiating for membership

Municipal

then

Underwriters

Common

Market

will

movement

deserve

wide liberalization and
remain the real

expansion of trade should
objective
(Continued on page 24)

State,

Supplement: Section Two

Municipal

Housing

Lester, Ryons

NewYork

Offices

•

BOND DEPARTMENT

MEMBERS

FIRST

NATIONAL CITY BANK

in

Inquiries Invited

770-1234

Milk

135 So. LaSalle Street

w

1-1246, NY 1-457

Bonds and
Exchange
Exchange
Exchange

Stock

Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier

Securities

EXCHANGE

on

Bond Dept. Teletype: NY 1-708

To

T. L.Watson & Co.
ESTABLISHED

DBALjSJR

Active

Dealers,

Members

Markets

Banks

CHASE

—

MANHATTAN

Pershing & Co.

Maintained

and

Brokers

CANADIAN

Canadian Securities
Inquiries Invited

Commission

New York Stock

Exchange

American

Exchange

Stock

THE

1832

Block

FIRST

York Correspondent

Bond Division

BANK
Net

UNDERWRITER

New

Notes
Municipal

Southern

California Securities

Chicago 3, III. FRanklio 2-1166

if

Agency

Members New York Stock

Members Pacific Coast

jE^MIDWEST STOCK

Co.

Los Angeles 17,

Associate Member American

CHEMICAL BANK NEW YORK TRUST COMPANY

Y.

Hope Street,

&

California

Dealers

•

So.

623

Corporate & Municipal

Orders

Canadian

CANADIAN

Executed

BONDS & STOCKS
On

All

Exchanges
DEPARTMENT

Teletype NY 1-2270

<£}0Uthu>€4t
25 BROAD

COMPANY




deci¬

only if the regional trade liberaliza¬
tion made possible by it can be translated into a
general worldwide liberalization of trade. World¬

1930's.

alert
In the immediate postwar

dangers.

same

j(Au

-

Chemical

DISTRIBUTOR

a

this accolade

to these

MULLANEY, WELLS & COMPANY
Distributors

telephone:

as

step forward in achieving closer economic
political integration of the Free World. But

Sometimes today I wonder if we are still as

I.D.A.C. Convention

(AOL

P.O. Box 710, New York 8, N.

*

,

These developments have been hailed
sive

clearly the effect

characterized

The prog¬

the

Must Lead to World Trade Liberalization

the

which

autarchy

the

against this background that in 1957 the

in the Common Market.

the world economy of restrictive policies of na¬

tional

of

Area

participated.

us

of

The

and

of

much

counterpoise to the Common Market.

codes drawn up in negotiations
in which all interested parties

All

of

Common Market countries in moving
toward elimination of all tariff barriers
among the members and to
eventual economic
integration has caught the public imagination. Its
success—again with strong U. S. support — has
created an almost irresistible pressure on the other
European countries and, as you know, the United
Kingdom and other members of the Free Trade

of achieving this objec¬
were
to
be multilateral

remembered

elimination

rapidly

means

Emilio G. Collado

the

1

was

ress

quota arrangements and in

tive

made

was

the European Free Trade Area, came into

econ¬

to all markets.

progress

grouping,
being as

I

unrestricted by tariff bar¬
or
by exchange controls

access

some

the historic decision
to set up the Common Market. At the same
time,
under British initiative, another regional

which all countries would have
free

While

and Public

Securities

NY

foster

to

was

to

six continental countries took

the goal of those who partici¬
pated in the postwar economic

development of

failed

rencies.

is worth recalling that

discussions

a

Union facilitated

pres¬

economic

on

Housing,

State and

teletype:

discussions.

considering

countries

in liberalizing trade and
multilateral basis.
Then in the

remaining bilateralism among OEEC members, the
EPU constituted a form of European discrimination
against the dollar and other non-European cur¬

on investment poltrade liberalization and expansion.

think that in

come

Government,

as

played

A

U. S.

return-

It

have

out of these circles time and
again in recent years.
listing of them would appear hardly worth the space
required. Their analysis of the current Situation and
its alleged needs are also quite familiar to all who have
given the outgivings of this and other labor groups
much attention in recent years. However, so
widely
have such doctrines as these been disseminated, so ar¬
dently have they been preached by Keynesian and neoKeynesian economists and so extensively have they been
adopted without much thought by so many politicians
that
this
outspoken sponsorship of such fallacious
doctrines needs once again to be
(Continued on page 25)

Free

In preparing this paper I found my thoughts going
back 17 or 18 years to the, postwar international
economic conferences and the important role which

avowed

old

investment

on

European

progress

through the early GATT and International Mone¬
tary Fund negotiations, most of the momentum in
liberalizing trade came through the Organization
for European Economic Cooperation.
It is inter¬
esting to note that while the European Payments

self-defeating. Ending the "crossroads"

icy is held

by the leaders of organized
nothing new in the proposals. They

same

the

assume

major

liberalization.

discriminating

length of time, and shows how intended policy of dividing
foreign investments into certain areas for tax purposes can

Mr.

therefor

exclusive club

Misgivings expressed

official Washington and the public gen¬
erally now have before them labor's id£a of what gov¬
ernment ought to do in the;
premises, as well as the
workers.

an

economic-political strength, and
freely moving international trade and invest¬

want

In any event

reasons

the
much

1950's, Europe, with U. S. encouragement, chose a
basically regional approach to trade and payments

pro¬

World wishes to foster its
that

current

•

self-defeating aims in Administration's

exposes

posed tax treatment of income from foreign subsidiaries, and

American

appeals for suggestions for the
problems without bothering about
basic principles suggest that the union officials
may be
right in this feeling.
of

make

payments

Paper

philosophy and
practice. It is the belief of the labor leaders, so it is
said, that the President is now sufficiently disturbed
about the general economic situation and outlook to
render this an excellent time to place labor's idea of
what ought to be done before the chief executive. And
solution

period

Company (New Jersey)

STREET

NEW YORK 4, N. Y.

Dominion Securities

MKCT WIRES TO MONTREAL AND TORONTO

Goodbody

&

Co.

Grporatioit

.

MEMBERS NEW YORK STOCK EXCHANGE
J

BRIDGEPORT.

PERTH

AMBOY

2 BROADWAY

NEW .YORK,

i

\1 NORTH LA SALLE ST.
CHICAGO.

„

'

40

MUNICIPAL BOND DEPARTMENT
,

BANK OF AMERICA

Exchange Place, New York 5, N. Y.

Teletype NY

1-70JZ-3

WHitehall 4-8161

N.T.&S.A.
SAN

FRANCISCO

•

■;

•

LOS ANGELES

The Commercial and Financial Chronicle
2

Forum

of experts
and advisory field from all sections of the country
in which, each week, a different group

A continuous forum

We

do!

can

in the investment

it's

we

specialize in it—Indus¬

j and broadest

required

Call "HANSEATIC."

the fancy

h

m u c

most
t a bles
also

d

Member

Associate

Exchange

Stock

American

t

e s

*

nuts

can

"as

etc.

Continuous Markets

in

great

are

'
4

First

us

them,

these

From
sprang

,

.

requirements,

massive industry.

a

It is

Furniture^

Bassett

Industries

Furniture

Craddock-Terry Shoe

can

everyone

All Issues

R. F. & P.

is

cheerfully share) it
few

that

bet

safe

a

will

do

The housewife
and in most civilized coun¬
is
benefitting from
such

anything about it.
here

STRADER and COMPANY, Inc.
•

-

Victor 6-1333

New York

.

GROSSMAN

N.

Y.

wife

where
go

Bids

on

for

—

★—

-

Exchange Place, New York 5
Phone:

WHitehall

Teletype

.

1-2762

NY

No.

":

3-7830

of

noil-recurrent.

had

ago Realized that the term
"value added by" manufacture" is

long

acres

the

to

'

;
1

\ QUOTATIONS?
YOU WILL FIND

•

THEM

IN
31
r

.
.

.

'

•

.

.

.

•.

.

.

4

:

4

Bank & Quotation

to©

many

roster of success:

X

Record

v*

among

(Only $45

per

(Single Copy
Thii

give

you

all

on

j

bound

well

as

—

publication

listed

prices

securities

Write

or

quotations.

call:

WILLIAM B. DANA CO.

j'

25 Park Place
New York 7, N. Y.

!

as

those "hard to find"

Over-the-Counter

,

will

REctor 2-9570




A

r

r^r>flr»ning Interest in

L. ]E.

Carpenter & Co., Inc.

Keyes Fibre Co.
Richardson Co.

^IUj44 Melikian, Inc.

BOENNING & CO.

profitably in 1961.
economies

<

in

are

'•

•

Established 1914

The Alison

new plant and. dis¬
facilities/also additional
earnings from recent acquisitions.
Frozen foods have improved in
price: Good earnings for 1962-1963 :
are
possible. They cannot as: yet "
be relied on; it was seen what

tribution

Building
Rifatenho.use Square
Philadelphia 3, Pa.
LO 8-0900

-1

:

'

'

*-

—
Ill Broadway
New York 6, N. Y.
CO 7-1200

*

hanoened

in

such flukes

processor.

1961-1962.

However,

We will bid

is

are' rising and

are

INACTIVE

capable. " "Sales

af¬
by general business condi¬
tions'. Interesting new projects are
being developed which have im¬
portant income potentials. - The
relatively-modest - capitalization
gives strong leverage and good
not much

SECURITIES

fected

tax

benefits

At

company's

--

are

around

on

abnormal.'

are

I' Management

available,

recent

Morris Cohon& Co.
Members: Pacific Coosf Stock Exchange
New York Security Dealers Assn.

v

,

19 Rector Street, New

prices,7 the

the

stock,- listed'"in

-

York 6

Dlgby 4-5460 • Teletype: NY 1-2187

pros-

A f'

GLENN C. PETERSEN
*

Vice-President, Seligmann
•'

have many times been ifesreed to

^

&

Milwaukee, Wis.

Co.,1
-

•

•'

•

I

"

namely /that

face,

four

have been fairly well cleaned up

-

old
business,., See¬

years

grocery

ago, ;an

and with

R

consumption rising, pub-1

largely in the metropolitan
York

area

and

New

its environs and a

few smaller

cities, including Pitts¬
burgh and Cincinnati. There was

D y n a m
common

,is

no

doubt

that

the

company

was

a

i

cs

stock

security

that fits these

.requirements.
-

-

In

.the

Oct.

5th

issue

the

earnings in the currant fiscal year
(souId readily run hi $3 or better!
a share. The 1961-1962 baas should;
work in.favor of

d ia tion

a

*

Be
demand-7 should %e higher j
Prices of frozen foods have im-j:

Brothers, IncM came under
management. Seeman's was proved to .more normal levels
noted chiefly for its "White Rose" which should help 1962-1963 earn-?
brand tea .and xoffee and a iim-. ing power. Given a happy com-,
bination
of '.favorable
factors;
ited
wholesale
line
distributed

$4)

the monthly

than

new

.

year)

•

6,N.Y.

BEekman 3-3622-3

Telephone:

v; frozen

.

However, this blow has not dis-~ NYSE, has'unusually good
'•;> *
"spirited the company. It may, in- pects. w' * v

'

About

man

'

-

'

'!

NEW YORK OFFICE:

farming Is xa Radiation
dynamics, Inc. * - —
gamble. It may lead to reforms ki
A security which meets the re¬
procurement, .perhaps, ©r elimination of a substantial proportion quirements that are necessary for
capital appreciation is a
son
aplenfy. Too narrow a base of marginal output reducing the
capitalization and a large
for ©Derations, insufficient capital, risk of glut.
' "
exposure ih
too little acquaintance with the
* Since the end of the 1961-1962
that field
of
business and
inflexibility were fiscal year, surplus inventories,
operation, and
them.
wholesale

j

; Securities Co., Ltd.

149 Broadway, New York

prospect from

fact, have taught a potent
lesson, impressing a demonstra¬
tion - that
farmers
everywh^e

big names in its
Borden's, Campbell's Soup, Corn; -Products, General Foods, National Dairy Prod¬
ucts, National Biscuit are. a few.
Many have been less successful,
of course. Usually, there was rea¬
has

Need Hard to Find

■.

divisions

Substantial

contracted to sell the output

their

;

foods operated

actual

idle nor a debatable one. It

an

Other

proved too gener¬

cally its book value.^
'

,

items,

prices of a few days ago.
It has
the com-' taken its losses, which were due-:
-activities operated to a natural freak and should be:;
-

Nature

had

work gives short

industry which caters to .this trend

j not

food

business was respon¬

party's .other
profitably.
;

'

>

-

because all

it

trifles...: Is not the Marginal packers were compelled
of life lengthening and the to dump and prices plummeted,
population of the U. S. increasing and so did inventory values. As
its average height?
Housewives a result, not -only did profits "of.
but .red
will not willingly go back -to the nine months disappear,
thralldom of the kitehen. We may ink displaced black to the extent
be sure that this feminine "bill „of a final 1961-1962 loss of $$82,i
of rights" will spread rapidly and 000,„ of 67c a share.
The stock
plunged to 13% and at the end of
vigorously.
June was selling at 13%, practi¬
It should be observed that the

(To Brokers and Dealers)
40

non

possibilities, but also
piieeedented $1,639,006, equivalent some road blocks.
to $2.45 a. share1, on outstanding' ; " The
various reasons, outlined in
stock. The shares reached a high, the
foregoing, seem to point to the
of 46 in 1961.
V.
1
following interesting ready-made
So far, the recital of the com¬ "special
.situation"
now* within
pany's progress is a pleasant little the grasp of the patient seeker of
tale of hard work and expansion speculative gains:
'
: ~
followed by deserved and reward¬ .*: Seeman
stock
has
been
de¬
ing. success. Then mis f.o r t u n e. pressed 71% : from.' its 1961 peak
struck and it was a sad blow. The and 64% from its 1962 high at the

span

Odd Lots

and

to a wholly un-; important

shrift to .such

BONDS

meats

.

Feb. 25, 1961 rose

and

husband

both

out to

D AI WA

and

also

pre-cooked dishes, ready to bake ous, practically everywhere in the
United States, with crops up to
pies, and whole dinners ready to
eat in a half-hour or less. Those 50% over 1960. Neither Seeman,
seeond among the
of us who have.' knowledge of the which ranks
superior taste -of fresh - roasted country's frozen food paekers, mrchicken
or
freshly ..cooked spa¬ any other, freezer apparently, had:
ghetti.sauce may throw our hands reekoned with such largesse. Pro¬
was
way*
up - and
so
high and declaim against the bar¬ duction
barity of such goings on, but the was that of other farmers * who
home

Ass'n

Dealers

Security

.

to: management, advertis¬
financial help.
It will
supply not only the groceries but
ing

r

& CO. INC.
Members

branch offices-

SECURITIES

creating

upon

companies and a, leading brand,; which the chains now handle, at
"Snow Crop,", were also bought/
competitive prices. The latter will
Net income for the fiscal year to be
interesting to watch; it has

•'

WEINBERG,

our

layout

Seeman Broth¬

.

S.

<

JAPANESE

costs of distribution and taxes.

It has also entered

adding about $30 million* to 3
sales. Other frozen food:

sible

Co.J*

City

in

1960, Seabrook Farms

merged into

frozen food

gadgetry and advances -as electric

TWX LY 77

-

Private wire to Shields <ft

*

tries

VIRGINIA

LYNCHBURG,

NY 1-1557

.

Mobile, Ala.
Direct wires to

<

while
there are many people who assert
that we were better fed in grand¬
father's
day
(a -belief
which

nowhere near its peak and,
American

HAndver 2-0700

New Orleans, La.-Birmingham, Ala.

move

.

;

of

yond their seasons.

Virginia Securities

Co!

Exchange

American ' Stock ' 'Exchange

'

-

ers,

preserved, salted,
keep them available be¬

to

Stock

New

Members

this month from its
headquarters and dis¬

pects to

annual

George L. Bartlett

is"

quantities,

' v*

York

Members

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

necessary

was

was

be

various

but

Call

general

b erri6s and

System

Wire

(Page 16)' " /

Stejner, Rouse &

Correc-

—

in its. a chain of. supermarkets -to be
operations.
Control lof j operated by independent retail¬
Farms changed the pic-:
ers," providing
everything from
it

lure. In late

:

SAN FRANCISCO

Private

as

Seabrook
.

;

eaten

Nationwide

except

g o •

Fruits,

edible.

•

PHILADELPHIA

must

make them

CHICAGO

Pennsylvania and
Maryland and Vir¬

Seeman's had not partici-'
pated in the frozen foods business

through vari¬
steps to

•

BOSTON

tion:

W.
in

tofore,

ous

Teletype NY 1-40

worth 4-2300

r a

Kavanagh-Smith & Co.

%

ed.

main ly

•

York 5

120 Broadway, New

-

carbohy-.

the

Established 1920

Bought—Sold—Quoted
—

ginia, was taken over. This union inefficient
JLeggett
with
Seeman . was. tribution facilities in New York to
moderately successful -from the. a new plant built -in Carlstadt,
start.
.
N. J. It is expected that this move
-In
May- 1958, control of Sea- will produce annual economies of
brook Farms was acquired. There- ■ several hundred thousand dollars

Sugar must be
extracted and

CORPORATION

City.

York

of

be"

p r o c e s s

HANSEATIC

into

extends

must'

I

central

south

New

Louisiana Securities

&

Thomson

Glenn
C.
Petersen, Vice - President,
Seligmann & Co., Milwaukee,
Wis. (Page 2)

by Leg¬

March, various assets of J.
Myers & Co., which operates

suits

Alabama &

and

George L.

—

Radiation Dynamics, Inc.

v

the

of

operated

now

its area has, however, been
broadened.
As recently
as
last

of

ve g e

race;

label

gett;

of prepara¬

tartar scarcely

"Pre¬
The combined grocery di¬
well-known

is

vision

measure

a

Steak

tion.

the

Inc.

Partner,

McKinnon,
(Page 2)

.

well-regarded line

old,

an

mier."

history that his foods

his human

coverage

City

learned early in

Aboriginal man

executions

NEW YORK

York

TSeio

and

Brothers, Inc.

Seeman

Corporate Bonds. For
accurate

& McKinnon,

Partner, Thomson

fea¬

•

tured

Municipal

Government,

Co., was taken over, Leggett

GEORGE L. BARTLETT

Stocks;

Utility, Preferred

39

Thursday, July 5, 1962

.

Selections

Bros,,

Bartlett,

trial, Bank and Insurance,

LD

Seeman

Over-the-Counter,

If

fast,

.

-

Participants

Their

favoring a particular security.

participate and give their reasons for

Week's

This

•

e

•

Brokers, Dealers only

For Banks,

and

.

(62)

Commer¬

of

**

ce

i

a

improved earn-[

ma

d

e

t h

(This is under
m

a

no

-

*

circumstances to he construed

*

♦

*

<

<offer to sell, or
referred to 'herein.)

as m

solicitation of an offer to huy; any security

'

I

©f Kalvaar), which by their articles,
©f incorporation, is the maximum
I

* "i:t: \ v

Xtimtmuedaii^pnge

INDUSTRIAL STOCK INDEX

e

feeling the full effects of the nib¬
same
state3 Glenn C. Petersen
bling awav at its customers, main¬
.* ment
;about
the frozen foods industry has its
ly
neighborhood
single
stores,
" r "
5 Kalyar and in the interim it had:
small chains, hotels, etc. by the own troubles.
fippreciated some 250 points and
ascendancy
of
the
food
chain j Seeman Brothers, also has sev-j even more gratifying is the factSoon
after
the eral factors working in its favor; that ^Incorporated Investors: has'
supermarkets.
change in control, another whole¬ Which should be helpful this, yeari boughtr 5,300 shares (this, is i 5 %;
sale grocer, Francis H Xeggett & For one thing, the company ex-' ©f :the
outstanding issued common,
•

Q. B.

OVER-THE-COUNTER

Chronicle, I

ings which are not much subject
to
general industrial
vagaries;"
1961-1962 showed," Of course, thafr

.

N.

andj

I

FLn. q. nciah

*id

of

23 -Year Performance

35 Industrial Stocks
PQLDER ON REQUEST

'

National Quotation
.

Incorporated

46 Front Street

w

>

Bureau

;

"

*®w Yerk. 4j N. Y.

Volume 196

Number 6174

.

.

The Commercial and Financial Chronicle

.

(63)

CONTENTS

3

*

.

'

1

'

Thursday, July 5, 1962

1

a

U.S.

By Dr. H. Dewayne Kreager,* E'conomtc Consultant, and Member,
r ..
Board of Trustees, Puget Sound Mutual Savings Banks,
r.

^
(

.

,

Since
7

.

.

Seattle, Washington^

i

.

the statistics donotshow illn*ss,Dr.

diagnostic approach 4o
is holding its

omy

own

;

Articles and News

1

.

Kreager tries

The

;

econ¬

structural changes. ' One of the new problems cited was
competitive ability of the closely supervised American industrial¬

ists

the

versus

transition

European government-supported cartels.

through

Once the

;

>.

..about

the

than

.

o

n

a

ternational

Product, - and
generally '
5%,.it is diffi¬

.national

cult to realize

which

we are on

-

in

era

which

the
;

is

not

growing
definite

nomic

l
.

*

factor

leader

which

•

:

but

in

growth.

is

our

novy

own

ideal than

.

a

eco-

The

much

lows,

tions.

of

r

:

•

-

-

'

■

-

is

longer wagging

no

tail

of

the

rest

economic1 tail in turn.

c

of

pi

reasonable

a

:

the

J.

on

Margin Calls During May 28*31'

Western

As

some

-

.as

-

and

.;

.

It.i,..!.,-..—...
Insurance

(Editorial)

1

StockS-____.____.____

19

39

in

best

/.

res toe-

restrictiohs

directions

two

some

»■
,

>

17

vRton Corp.

29

Control Data

(The)

17

J

{

.■

at

Mutual; Funds__^_____:__^

Estey Electronics

'Nsta

20

Notes____;___;_^_

23

are""

News About Banks and Bankers

.

Our

Reporter

Public

;

Utility

V ,;t.

;

!

•

Governments

on

Electronic IntT Cap. Ltd.

19

...

i

Observations ■;

.,

'5

i.,

Securities

20

Singer, Bean
&

•
.

semblance of 'di-

Prospective Security Offerings

..

4

.

Monroe Auto Equipment

23

Securities Now in Registration___l-_____________ 30

once

Electronic Capital

-

;

Mackie,

HA 2-9000

45

ma

40 Exchange Place, N. I

Teletype NY 1-1825 & 1-4844

-

Security I Like Best (The)

.
.

2

Direct Wires to
f"

i

cherished

'

'

Security Salesman^ Corner...—^;....;

28

Chicago

of

Cleveland

Los Angeles

«

nation

million compared to our 180 mil-

'aShington and You_-l_i____ j_

-

The

.

in.

go,

drastic

7

soul

go, or any other

the

eco-

Continued

/

.

.

on page

* "

-

25 Park

movement

.,

largely self-sufficient for genera-

__!____ 48

WII.LIAM

B.

and

FINANCIAL

'

DANA

WILLIAM DANA

Patent Office

S.

COMPANY, "PUBLISHER

Place, vNew York 7, N. Y..

"7.*7; "

CHRONICLE

Beg. II.

;

v» "•

;

REctor 2-9570 to 9576

v

"V"; ':r:..;r€iiAUDE:.D. '.SEIBERT, vPre»ideiit >'.1."'**

equality, without a
searching review of

its own domestic business and
governmental practices?
*
Given a reasonable degree of

the

vast distances of two great oceans,

COMMERCIAL

Published Twice Weekly

S. Competitlve Firms

trade

Washington

6

-

j

toward

:

Market__l

San Francisco

;

enterprise.^

can we

Philadelphia

9

St. Louis

Tax-Exempt Bond

Compete With Europe's Cartels?
How far

(The)'. 1..;_._ 1".^.

State wf Trade-and Industry

our

cause

" "

Can U.

over

to

anatomy

can

built-in

free private
•

.

risky

a

nomic antibiotics

$800 billion compared to our $500
billion and a population of ;*25Q

tions in terms of the massive

DIgby 4-4970

'

Europe" 19

of Current Business Activity_________

Marketand You

-

be the final ran; ;
Government .subsidy'.Is at' -^

swer.'

have

by

Broadway, New York 5

■

-.

today these existing and potential

isolated

tVom

as Seen

8

Washington Ahead of the News

Indications

inent must not

Civil-

.

J. F. Reilly&Co. ,Inc.

48
4

Einzig: "Our Dollar Problem

>rk.

7 Various forms of compensation -'
from
the government 'for disf
located industries '* and 'employ- -

become the World's
greatest* economic power.
Even

Gross National Product of

EQUIPMENT

>

Coming Events in the Investment Field._________

From

It

of

rection/

ization, .will

Market" countries

MONROE AUTO

^

27

r___

"Dealer-Broker Investment Recommendations..;..

1 rV

is- not<

antiseptic for ecodegree it has., already followed nomic wounds. In Its' application 3
that schedule, before the end of we shall'.have to
guard against the
this decade. Western Europe,4the
permanent harm that such -eco-

and

E. F. MacDONALD

Sparkman 22

of

movement
It

equalization of such

an

still keep

.

reasonably to the schedule

Protected

John

,

-degree,:/7

in developing a public policy and

it has set up for itself, and to ;the

of

THE JAPAN FUND

Brother Robert B. Brown 18

;

elimination of tariffs and

an

move

Seven will follow suit. If the time
table for. European economic unity

li°n',

Murray L. Weidenbaum 16

Commentary

employment. It .is a
difficult thing indeed fo try .to

.

a

•

;
v

commerce:*

sources

EfJigland will join the Inner Six
of the Common' Market next
year,
which means the. rest of the Outer

CommPn

.

As We See

moved

world.',' The rest of the Free
is now beginning to wag

ancient cradle

•

'Bank

i

- ;

eccn-

more

quotas and other restrictions

World

holds

•

Regular -Features

c

*

downward, ■ others
will
rv;:
have to be adjusted lupward, tern- iv- l'
whfch emerged from World War
porarily at least, if we are to
•
II as the greatest
military .and avoid economic disaster, to. many
^.
economic
power fhe
World has of
our
greatest industries and

our

J

s

,

and finance in

an

^equality in

world

and it all has to do with
the speed with which
things happen these.days: The United'States,

the

.

Period

highly

payments, or the soundness of the
American dollar.
In a Lsen^e * the
situation can be described as i'o-1-

the. economic

^

CONTROL DATA

15

Second Look at Profit Margins of Corporations

NYSE Reports

now

economic reality.
;r>
possible., that free
trade in. the pure is «a goal that
;
may never be reached. ?Essentially>-c
what our trade policy muit seek
an

to achieve is

known, is

L. Robertson

Inventory Cuts Cause of Postwar Recessions..;^ 25

■M

we

^

find ourselves.

free trade has been

problem as
more than just the Common Market, or the deficit in international

ever

DYMO INDUSTRIES

James L. Sheehan 14

-

.

will make

It As

eager

nations

STREET, NEW YORK
Telephone: WHitehall 4-6551

f

Credit Status of Railroads

on

*

.

Loans.—>______^_____Hon.

sun

omy,

•

Dept.

WALL

Palyi 10

•

•

only im p ortanf^tb othei*

•

no

cept in .the .days of barter,

in interat-ronai"*

trade

99

Secondary Mortgage Market for Conventional

trade policy and our place in
<of world commerce,,. Ex-. •;

-our

expanding
participation.

•

V

v

mistakes,, many
them, in the process of revolving ; >-

of

our

commerce

we now

We

verge of an
~

7

CRYING

Hon. John C. Diefenbaker 12

:^

living in these fifty states has had
the background of experience and
training that qualifies him as an
^expert in the -disciplines of intels-

;

ho vets around-

that

V

SUCCEED

Obsolete Securities

4

Debt

Melchior

Banksr___L^^-i__^____^_w__James

in

world

live is the fact that

i

1

and Private

--1

.

"

;*•

nomic. wealth

7%; of

N at i

N

.

vast Gross

our

A

3

An Economist Looks at the Aerospace
Industry

of .our continental
emerging foreign trade policy area, the U. S. is now a part of,
problem.
In a Nation in which and not a nation apart from, the
foreign trade has never rrepre—rest of the World. Not the least
4 '
"
v
•
of our challenges.in this hew in¬
sented more
mnro

.

One Federal Agency Should Supervise
Commercial

longer a good road map for our economy.:

said

•

'

Impact of Earnings
...

M

WITHOUT
REALLY

-

Ira U. Cobleigh

'

of Public

„

A

be

Economy
-H* Dewayne Kreager

■-

'*

ditional business cycle indicators no longer show'^ relationship 10
;;the business cycle and, therefore,, he declares 1hat business

should

1

Sluggish

a

Canada's Emergent Action for Exchange Problem

'

v

More

•

./

recession, or depression illness ahead. In making another type of
'"diagnostic approach, Dr. Kreager -claims 'that our significant, tra-

no

,

;;

i

•

.

v

;

are

•"

for

TO

O

Convertible Preferreds

First Trillion "Dollars

is
completed, hy about'1965, the Seattleite predicts our economy is
bound to go up in very substantial terms. During the interim, until
that bullish turn occurs, he sees no predictable periods of serious

-

Outlook

•

s,

phase of national and international life

our new

:

Merger-Made

postwar,1

built-in
the

Economic

HOW

O

IN BIDDING

new

a

The Seattle economist finds that the
while still digesting many of the

PAGE

Threat to U. S. From the ECM and Foreign
t
Investments Tax Proposal-.^
E, C. Collado

the reasons why the economy con-

uncover

'trariwise acts sluggishly.

-

\

AND

<

*

|

.

E.F.

SEIBERT, Treasurer '
GEORGE

-

J.

MORRISSEY, Editor

Thursday, July 5,1962

;

Every Thursday (general news <and
Monday
(complete statistical
issue

.

advertising

issue)

and

efvery

market

quotation
records,
City news, etc.). Other
Office: 135 South La Salle St., Chicago
3, 111. (Phone STate 2-0613).

■

;

corporation news,

-

26

—

bank clearings, state and

Copyright

!962

by

William

B.

Dana

Company

'

Second

class postage

For many years we

have

at New York,

specialized in

In

United States, U. S. Possessions and members
$65.00 per year; in Dominion of Canada

Union

other countries $72.00 per year.

Spencer Trask & Co.
Founded

THURSDAY EDITION
j

C

1868

In -Uiiit»d

~

(

Members New York Stock Exchange

25 BROAD

ST., NEW YORK 1N. X

TELEPHONE HAnover 24300
Albany
Nashvflie




Boston
Newark

-

rl \

r

""'•7

TELETYPE NY 1-5

per

Chicago

Glens Falls
'Worcester

(52 issues

$68.00

and

Dominion

members

of

per

per

year;

year)

of rPan

American

Canada "$21.50 per

year;

year.

'

r\

m V. FRANKEL & CO.
INCORPORATED

; 7
OTHER
Dank "And' Quotation

PUBLICATIONS

-Record—Monthly, $$6.60 per

extra.),

Uote-^-On

*•

•

account

of

the

remittances vfor foreign
;

Schenectady

in

yeat;

-

Pan American

c

.Postage
■

per.

,vOther countries .$23.50

of

:
ONLY

Statfes, 'U, B. Possessions

Union :$20jOO
,

'

Y.

MONDAY AND THURSDAY EDITIONS XliW issues
pet year)
.

^

N.

1

SUBSCRIPTION RATES

..

.

paid

inade^ln New

subscriptions

Yofk funds.

•'

in

(foreign

year

'

...

fluctuations

the

rate

Of

and advertisements
.

,

39 BROADWAY, NEW YORK 6

,

•

.

exchange,
•

•

WHitehall 3-6633

be

must
.

-

.

Teletype NY 1-4040 A 1-3540

I

The Commercial-and Financial Chronicle
4

Thursday, July 5, 1962

.

(64)

with

a
quite superior earnings
performance, in recent years. It
has increased
in net per share

Merger-Made Conv. Pfds,
By Dr. Ira U. Cobleigh,

Enterprise Economist

last year was
forma including

the resurgence of preferred stock as an
especially as a medium of exchange in mergers;
notes about three high quality issues.

By M. R. LEFKOE

$4.29 ($4.60 pro
Columbian Car-""
During the past few months, the
bon). Current dividend is $2.40.

Offering some comment on
investment vehicle,
and

k

earnings in each of the past four
years, with 1961 earnings up al¬
most 8% over 1960. Per share net
^

For

years,

some

had been

41/2% Preferred
April, 1961, Transamerica
Corp. proposed to acquire Pacific
Finance
Corp.,
by offering 58
shares of its new 41/2% convertible
preferred for each 100 shares of
Pacific Finance common. This pre¬

utility financing, and their func¬
tion in capital structures was in¬

taken

creasingly

over

In

the

by

debenture. > Because
interest is deducted before

subordinated
bond

taxes, and

preferred dividends are
after-tax income, a

advantage to com¬
stockholders in leverage and
income flow caused the debenture
considerable

mon

to

appear a more

-.1

security.

desirable senior
V-

-

•

"

-'

'

•

•

Merger

■

'

•

;

y

■

Advantages of

dividend

Preferred

common.

^earned

three times

over.

is

The op¬

good a pre¬
ferred as Cities Service $4.40 at
around par is not uninteresting,
ferred,
in turn, was
(and is)
convertible into 2-84/100 shares of as the yield equates current sav¬
Transamerica common. The mer¬ ings bank interest; and the poten¬
tial "swing" from the conversion
ger
was
approved and Trans¬
america 41/2% preferred has since privilege in so progressive a com¬
been actively traded on the New pany might prove quite rewarding.

from

paid

at
101, and the common at 49. Thus,
the preferred, yielding 4.36% now
sells at 21 point premium over the
present value of 1.63 shares of

Transamerica Corporation

preferred stocks

losing ground, except in

.

York

inventories, industrial .materials
has been declining prices, manufacturers' new orders
.While« most
other for durable- goods, liabilities of
economic indices have been point¬ business failures, industrial and
ing upward. Last weekj however, commercial building contracts, the
the
Commerce
Department- re¬ hiring rate in manufacturing, and
leased its monthly Survey of Cur¬ the average workweek. The three
rent Business which shows that which are still rising are: private
the business outlook is not quite housing starts, the layoff rate in
as
healthy as most economists manufacturing, and the change in
have thought. A look at some of the number of businesses.
T J
the figures reported indicates that
While there are some special
the business upturn which began
reasons why
some of the
Indi¬
about 15 months ago has already
cators
are - pointing
downward
begun to slow down appreciably. (those particularly affected
by the
stock

Cities Service preferred sells

portunity to buy

Stock Exchange.

so

'Newmont Mining

Corp. 4%

market

substantiaflly

:

-

The Federal Reserve Board's in¬

decline

in

steel production) and
special reasons for the
point during May on a seasonally rise of the three which are still
adjusted basis.
This index has climbing (housing was affected by
been sluggish throughout the year weather
during the early months
and has been barely able to rise of
the year with a consequent
dustrial production index rose one

also

some

merger added the fourth
'Cumulative Preferred Stock
(then) independent auto¬
On
April 12, 1962, Newmont
however, mobile finance company to the
Mining acquired Magma Copper
new factors enter the picture. The
Transamerica picture, and rounded
one point monthly.
A closely re¬ backlog of permits currently be¬
selling stockholders, if they accept out the lines of financial en¬ Co., by exchanging one share of lated item, the seasonally adjusted
ing worked off and the layoff rate
its new 4%
preferred for each
cash, or debentures, incur an im¬ deavor in which this company has
workweek
of
manufacturing which has been affected
by provi¬
share" of
Magma
mediate capital gains tax liability, concentrated. Transamerica's prin¬ three-quarter
establishments, fell slightly during sions in labor contracts), what is
preferred is
.Copper. The new
based on the cash par amount of
cipal assets is its wholly-owned
May for
the
first
time
since particularly significant about the
convertible into Newmont com¬
the debentures they receive. If,
subsidiary, Occidental Life In¬
January.
mon at $90 per share.
sluggishness of these indicators is
instead,
stockholders
of the surance Co., whose equity, alone,
Figures for industrial and com¬ that they cover the period before
Newmont Mining might be de¬
merged company are offered pre¬ is approximately equal to the cur¬
mercial failures were not avail¬ the
stock market sell-off in late
ferred
(or common) stock, the rent quotation for Transamerica scribed as an investment company, able for

;

„

For

The

Preferred Stock

merger

largest

purposes,

,

is
regarded
as
an
transfer
of
equity;
creating no taxable income; and
the capital gain (if any) is taxable
only if or when the new securities
are
sold.
Merging stockholders
transaction

common,

equivalent

america

often seek

an assurance

of income,

which preferred stock

offers, and,
the returns on
preferreds have frequently been
higher than yields on the related
commons. If, to this fixed income,
in

recent

there is
ture

years,

added

a

conversion

fea¬

"a sweetener, then share¬
holders of the Selling corporation
may

as

find the exchange offer^so
that they will eagerly
promptly ratify the merger.

attractive
and

Further, for the corporate buyer,
the tax status of the preferred is
a

major

maximum
income

against

on

advantage,
since
the
tax applicable on the
such dividends is 7.8%,

52%

on

taxable

interest

received.

Accordingly,

preferred "con¬
verts" have
certain special ap¬
peals, not only for implementing
mergers, but to investors, gener¬
ally.

There

are

three

excellent

examples we'd like to present to
you

today.




Pacific

32.

Fire

Surety,
Insurance

Co., important and extensive real
estate properties and a substan¬
tial

figures

it
is
an
impressive institution,
broadly participating in the pro¬

America

National

May, but even the April
just
made
public
give

operating company and a man¬
agement company. In any event,

failures and the current liabilities

an

addition, Trans¬

In

owns

duction of natural

resources

under

competent, efficient management.
Income is derived principally from
dividends, supplemented by fees
for services, and net gains on the

portfolio of blue chip market¬

able securities.

Transamerica

for

reason

Both

concern.

the

of

May and June.

companies which failed
reached their highest point of the
year. With many small companies
unable to raise equity capital pub¬

preferred sells,
licly due to the faltering stock
currently, around 114, yielding at
market, this crucial index of busi¬
sale of securities.
Dividend re¬
that price, about 4%. The TA com¬
ness health will most likely con¬
mon, into which it is convertible, ceipts in 1961 were $14.5 million,
tinue to reflect a downward trend
out of the $18 million in total
is worth about 91, at the moment.
in the months to come.
At their 1962 highs, the common income.
v t
.s-.u.-q.
Newmont's equity holdings./are
reach 48% and the preferred, 141.
Wholesale Prices Receding.
Those who are satisfied with an panoramic and profitable; 16.4%
Wholesale prices continued the
Corp., Ltd.; fall
assumed; 4% j yields and a call on of Cassair Asbestos
begun in January. This index
a
blue chip common may find 4.6% of Continental Oil; 12.1% of fell two-tenths of a
point in May
Corp.; 54.9% of and is now down six-tenths of a
long-term contentment in Trans¬ Cyprus Mines
america 41/2 convertible preferred, Granduc Mines; 57.5% of O'okiep
point from its high. Commodities
Copper Co., Ltd.; 2.9% of Phelps other than farm
acquired around current levels.
products and food
Dodge Corp.; 3.9% of St. Joseph also fell
fractionally in May. This
Cities Service Company
Lead; 37.4% of Sherritt Gordon latter
figure is of greater signifi¬
$4.40 Convertible Preferred
Mines, I^td.; and other invest¬ cance since it reflects the demand
In January of this year, Cities ments including 45% of Atlantic
by manufacturing
concerns
for
Service
Co.
acquired,
through Cement Corp., 100% of Newmont
matgrials needed in the produc¬
Oil, 51% of Dawn Mining Co., tion
merger, Columbia Carbon, by of¬
process.
fering .67 share of its new $4.40 76% of Idarado Mining, 29.1% of
Seasonally
adjusted
personal
preferred for each Columbia Car¬ Tsumeh Corp., and interests in
bon common share. The preferred Palabora Holdings, Ltd. and Pala- income, at annual rates, hit $440
billion in May. Despite it being a
($100 par) is convertible into 1.63 bora
Mining,
Ltd.
In
copper,
new high, the rise
over the pre¬
shares of Cities Service common. nickel, lead, zinc, iron, asbestos,
vious month was only one billion
Cities Service ranks among the uranium,
oil,
gold,
silver,
and
dollars.
This contrasts with sub¬
major integrated oil companies, cement, Newmont is a significant
stantial
gains
during
previous
factor.

figures will show

months.

Mining

common

sells

the New York Stock

on

Exchange
at 57 and pays $2.40. The 4% pre¬
ferred sells (also on NYSE) at
87,
providing a yield of about 4.60%.
The conversion potential is, at the
moment, a little remote, although
Newmont

common

86% this year.
dividend on this

as

did sell

as high
Certainly, the

new

preferred

is

handsomely assured, the yield is
attractive; and the long-term call
on so elegant an
equity as New¬

mont

common

Since

so

could prove gainful.
has been said

little

recently in favor
of preferred
stocks, today's price may prove
of

interest to those investors
have been seeking hedged

some

who

investments, at this time, rather
than

full-scale position in com¬
mon sto ks. The convertible
pre¬
ferred is now reasserting its im¬
a

portance, and usefulness, and

you

in

will

recovery

the

trend

has

been

preferred

that

they are
hybrid securities, offering neither
the

a

sales is

con¬

indicator
leading indicator by

the National Bureau of Economic

Research, if the trend continues,
the falT in May will prove to be
of
greater significance than it
would appear on the surface.

the end of the

^slackening in capital ex¬

penditures will probably be

before

Unfavorable News
While

on

business
ment

cent

the subject of current

conditions,

some

should be made
rash

sent

been

letters: which

of

•

com¬

the

on

re¬

have

The'. Walt''Street

to

other

business pub¬
criticizing these publica¬
tions for printing articles which
tell of worsening economic trends.
and

Journal

lications

letter-writers

The

that

if

stories

to feel

seem

printed which
predict a business decline, or even
mention a slackening in economic
are

growth, consumers will stop buy¬
ing and businessmen will stop
producing.
I

would

be

the

first

to

agree

that the destruction of confidence

is

of the

one

crucial

recession,
confidence

and

of

causes

increased

uncer¬

not the result of news¬
articles which report facts.

tainty

are

paper

Wall

The
swer

to

durable

in

goods

orders

before it is noticed in most

Street

these

Journal's

criticisms

is

an¬

espe¬

cially apt in view of all the cur¬
rent
talk regarding
censorship:
"If we and other news organlza-

GB

We

are

pleased to announce that

other

sectors of the economy, this is one
of the most significant estimates

J ohn D. De Simone
has been admitted as a;
General Partner

nor

outlined today, however, seem to
offer
an
attractive
compromise.
One can have little doubt about

the maintenance of the preferred
dividends here, and substantial
rise

in

ject

commons

market

impossibility.

price of the sub¬
is by no means an

a

diminished

however,

re¬

released by the Commerce
potential
of
common
De¬
the certainty of fixed partment.
income and principal, provided
by
bonds.
Majority of Leading Indicators
These
convertible
pre¬
ferreds which we
Heading Downward
have
briefly

.

reached

Role of the Press in Reporting

gain

stocks,

be

year—if not before

the end of the current quarter.

A figure for net new orders in
manufacturing was not released,
however, an advance estimate for
the durable
goods industries
showed
a
leveling off in May.

flected

with

retail

coincident

ao
rather than

mergers.

quarrel

of

sidered

Since

The

an even

business

One can never be hurt by know¬
Higher yields
on
bonds
and ing the truth — only by evading
higher interest rates paid on sav¬ the truth. If the facts are that
ings (by savings and loan associa¬ ^confidence is being destroyed and
tions, mutual savings banks and uncertainty is increasing, then a
commercial banks) continue to at¬ recession will ensue whether the
tract savings in increasing
vol¬ facts are reported by the news¬
ume, but retail trade has started papers or not.
It is not the re¬
to falter. Estimated sales, season¬
porting of the condition that will
ally adjusted, fell in May for the bring on the recession, but the
first time in many months. Since condition itself.

may expect to see more of them
offered as financial vehicles for

stocks

July

greater
activity and
that the high point of the current
decline

■

Newmont

-

I believe that the June and

total

A look

at

the

12

leading indi¬
cators originated by the National
Bureau

shows

of

that

Economic
nine

have

Research

already

Garvin, Bantel & Co.
Members Mew York Stock Exchange
American Stock Exchange
V,

120

Broadway; New York 5

Telephone: REctor 2-6900

started

pointing down, while only
three are rising. Those which are
falling include: corporate profits,
stock prices, changes in business

July 1,1962

1

v

Volume 196

Number 6174

.

.

The Commercial and Financial Chronicle

.

(65)
tions tried to print
only
news

trating

'uplifting'
simply be perpe¬

would

we

fraud

a

the public.

on

the

if such

censorship could be effec¬
tive, which fortunately is doubt¬
ful, then people would be deceived into

countless

nomic decisions.

wrong

impact will be any more'- As
negative than it will be positive, losses

OB SERVATIONS...

And

BY A.

"I

trust

spective

WILFRED MAY

to

a

KEITH

simple question:

■ BAD NEWS FOR THE CONSUMER ECONOMY
(INCLUDING MRS. TINNIN'S SUPER-MARKET)

ability to inform?

Or should

we

put

on

mantle of

a

unlimited arrogance and
presume
the people only what we

to..tell

.think is good for, them?

:

In ithis - country

.

is

v

- a -newspaper
private enterprise whose busi—

a

is

ness

It

news.

conform

to

the

good'

some

or

such
to

nation's

up

'economic

broader

The

'national

it

moment

a

other

some

."In

tion,

of

real

a

ceases

becomes
or

special interest.

its

national

of

course

interest—if

informed public is the best guarantee of making sensible economic
and political decisions.
:: r
^

The

—

rise

of

(through direct ownership in pub-

licly-.-held. companies )••• to

a

high oL 17,010,000,

out of

six

of

the

or

nation

million

103

one

A DISSENT

.

additional

The

FROM

MR. FUNSTON

Asked

.

to

comment

...

on

our

pre-

new ceding
supposition of vulnerability

adults,

s

with

indirect

the^consumer,

invested

are

in equities for them by a variety
of financial institutions
as
just
—

reported

enthusiastically by: the
New York Stock Exchange in its
1962 Census

of American Share-

owners.

of

of

specific

to the

economy

the

"I

do not subscribe, however,
to the general proposition which

break-

Census'

over-all

protracted
these

Bear

Market.

sumer

event of

Among

as

shareholder

total

represents

.

to

that the

.

damage

in

smaller

a

number.

cally.

because
to

other

any

censor

the

of

way

is

to try

and thus defeat

news

the purpose

newspaper,

newspaper."

a

Facts are facts—uncertainty is
uncertainty — depressions are de¬
pressions. No amount of conceal-

ing the facts
will

clouding the issues

or

change

that

which

actually
people realize
this, the better off we will be.
exists.

The

sooner

Elects

ret*recI anc* otherwise

JS®

of

the

State

tax-exempt

se-

jng photos)

elected J. C. L.

"Like

finds

were:

she

of

as

vin

of

Barney
E.

Co

Carlton

J. C. L.

as

Tripp

Secretary;

Heeseler
as

of

.

White,

members

of

Bank

the

very

at

the

were

of

Governors.

aire

economic

be

apply

short term

are

V

.

.

results.

ing

be¬

MORE

1

|nSs and over-six-months holdings, the timing of losses

1

important

*

T,

,T

J

TT

•

owner.

who

Of course,
has
seen

the

advent

of

trouble

activity from this
threatening. This re-

seems

of

Just

as

the

Funds,

at

a

makes

feel

tightening of his

strings.

/

fortunate
differs

in

-—

for

more

much

distressed

stock market decline than
have

been

five

years

understanding which
shareownership implies.
"I think,
therefore, that it is
difficult
assess

the

consumer

surely,

it

is

jamboree

no

-p*

'<■

rYSS II
•

;

reason

5\

WEST

ORANGE, N. J.— Jack S.
that,
although
"1962" Skakandy of First Eastern Investmost
respects
from ment Corp.; Red Bank, has been
un-

can

again

have

so

widely spread repercussions.

installed

Jersey

as

President of the New

Association

Investment

of

Dealers.'

J.

FROM OUR MAILBOX
—ON

TAX

economy

to

W.

Co.,

MOTIVATED

PORTFOLIO MANEUVERING
The

Maneuveringwherein

Weller

of

J.

Bloomfield,

President

and

W.

N.

Weller

J.

Treasurer

new

In

addition

ancj Mr

to

Mr.

Weller, other

Skakandy

new

officers

we

called attention to the opportunity

are*

by the market decline
Vice President—Phil Bugen, Ineffecting tax-reducing trans- vestment Services, Inc., Belvidere,
actions
immediately, in lieu of n j
their customary illogical "eleventh
''

presented

for

President—W

Vlce ^resldem

hour" year-end concentration.

Income
Dear Mr.

I

May:
in

am

thesis
sion
But

the

of

in

agreement

your

some

with

the

of

elaboration

is

June

4.

in order.

on

Ebensnereer

w^JLDensperger
Corp.,

Ocean

City, N. J.
Secretary

tax-strategy discus¬
column

Planning

—

Mrs.

Merriam

Orange, N. J.

of

feel, finally, there is
for concluding that

Exchange

Exchange

if5

MEMBERS

MIDWEST

STOCK

STOCK

YiaM5

EXCHANGE
EXCHANGE

are
AMERICAN

pleased

to

announce

tkat

EXCHANGE

(associate)

THOMAS
ANNOUNCE

THE

REMOVAL

•

□ NE

CHASE

NEW

OF

THEIR

NEW YORK

CITY

5,

N.Y,

\]

Telephone
Dlgby 41800

19 6 2




our

firm

Department

•

1

2.

tke Institutional

in

PLAZA

.

JULY

MODER

Las kecome associated witk

MANHATTAN

YORK

D.

OFFICES

TO

bowling

green

9

-

2 d 7 □

July 3, 1962

,

,

,.

G.

Gross, Arlington Funds, Inc., West

Members American Stock

STOCK

of

the association.

Members New York Stock

YORK

&

outgoing

'un-U.ti. '

NEW

'

lliSLcLll

••

-

-1

y

T-i^rifAlV

^

.

*

U6£Ll6TS

"

shareownership.

"And/I

welfare."

not

impossible
the short-term impact

broader

economic

if

T
,

•

"

speculative stock market

a

*

purse-

,

event

any

poorer

:

•

-

fluctuaN
tions of hi?, ,assets'value will
pre- -t.

"1929,"

The losses, regardless of

Seidman & Seidman,
Certified Public Accountants,
New York City.

richer; continued minus

some

in
six

over,

J. S. SEIDMAN.

constantly

sumably make him feel

profits

or

category, reduce the profits,

ing
of
plus-sign
capital
gains
(with disregard of income yield)
during the long Bull Market made

In

months

the daily weekly, monthly

shareholder

are

The ceremony was conducted by

equanimity. I doubt, there¬
that today's new sharewould be

material.

both

•

t

six

selling and reporting.

and yearly over-emphasized
post-

the

there

months, but not both—then the
timing of the losses becomes im-

"scorekeeping" throughout the

activities

the times of

If

category—that is, either

one

under

from
the
great
emphasis
which has been centered on
capi-

tal

91%.

only

suits

Tax

which

to

business

area

over

the six month period has run
go
against the under-six-months profits, and hence can save taxes up

Ilon*

Surely

on

holdings must first be

The losses, therefore, save
the 25% tax. Losses taken before

of the investment
company share-

for

becomes

losses

gory.

boom-growth

^

that

offset against profits in that cate-

t

1

•

in

six months

VULNERABLE

SPHERE
r.

economic

building the nation's future
its

de¬

More than that, he has the
added financial resources
and

concerned

safeguarding

a

ago.

important
role
in
the
[sic] economic drama";
as a
whole, that
it "will prove helpful and inform-:

and

arguing that

the

on

he would

the

with

A

*

from both under-six-months hold-

mar-

"passing

following
communication
refers to "Observations" of June
14 ("Opportune Time for Investor

by

"each play-

everyone

not

am

owner

American

to

stock

mere

•

*

with

profits melt away or who
has even seen paper losses may
very well feel poorer than he

fore,

an

ative

well fear that it
signalling a general

very

paper

more

Exchange President Keith
of

the

a

cushion

home"

characterization

as

for the long term, .who
savings, and emergency
funds, and are generally in the
above-average income brackets.
These people, therefore, have a

office,

at

regards

crash

phase."

vested

super¬

much

down

have

and 0f the Census

Board

of

citizenry
ket's

"But, the new owners gen¬
erally are those who have in¬

super¬

broker's

a

Main Street types, as

and

Treasurer.

Chase Manhattan

elected

in

goes

did feel before.

,

Funston's

Henry Milner of R. S. Dickson
Co., Inc. and John J. Ward of

The

whether

or

feels

action is

Smith,

Weld & Co.

&

the
-

Cur-

&

in-

Also bearing on our
worry over
stock market-to-business re¬

Vice Presi¬

S.

,

newly-

(presumably so interpreted
fore the Market reversal).

Halsey, Stuart

throp

that

than

stockholder

a

shareholders

women

result
impact of

as a

with

may

impact

of

-shoppers
"candidly"
a shopping basket—

many

market, '

E.Barron

-

its

extending

romantic

be

restrict

cline in the price of one's shares
does not have a psychological

today, Mrs. Bess Tinnin of Denver,

officers

n

of

may

to

recession.

broad

a

couple of thrifty

a

coming

decline

general market

must: be

snapped with

President.

W i

pair

a

market

Tripp of Tripp
& Co., Inc., as

dent;

representing

market

and

(includ-

typical

seven

communal cross-section

weds to

Co., Inc.,

on

the

does

non-stockholder

the

AJnericanlhareownlng"'popi^

lation with running data

in

owns

buying
psychological

apt

knowledge of economics,
may be frightened when

who

Street

accompanies
"statistical
portrait"

detailed

^

decline

inclined

general

little

cen¬

Exchange

from

&

been

Street in Wall

dividuals

and

Rockwell

have

a

consumer

the

"I

municipal

Other

losses

less

will' the

the

on

Stock Exchange (where
frenzied and sensationally

governments,

elected

of

Tn"

,

so

that

is

one

,

a
j

Main

curities issued

by

his

have household incomes of

rc?ef
tbir(Is own shares listed
New York

The

status

realize

much

more than half having
first acquired their stock
through
a broker.

r

the

non-

,

instance,

stockis apt

a

not, of itself, signal a
depression. Hence, he

employed adult males 6.3%, of the
total; that two out of three shareowners

For

price of the stock he

tered)4, with

Municipal Forum
of
New
York, a body of nearly 700 members
who
are
vitally interested
in

to

housewives and non - employed
adult females comprise 34%, and

Tripp

The

should

rules

•

a

p

holding population to three mil"By virtue of being

the Market's
1959-1962
stratospheric super-structure; that

publicized

Municipal Forum

it

WeeW.■magazine, leansvtomiriinai-

zation

the

how

a

car¬

?fcci°nf term- My reference to
+L°SSeSu
-Is'
profit*ucln^ them by security

results

of a nationwide
poll of the peopie's stock market-to-business expecta tions, conducted by Business

more

having 17 million

stockholders instead of

a

con¬

be

may

owner, a person, per se,
to be better educated economi¬

run

years). -But,
these

whether the losses

CHEERING POLL

stock market decline

a

result of

a

.

economy

susceptible

the fact that the current

are

advanced

you

findings additionally substantiate
viewing-with-coneern the potential impact on the economy of a

newspaper,

to

five

realized,

released

unab-

any

-

variety

not

else

<

with

year;

six'month period has\'significance both as to profits and
shareholding population's
Reporting as unique the question l°ssesOn the profit side, once
market
losses
or
write
downs,
by a 14-year-old boy, "Daddy, is the six month period has passed,
president Funston has sent us the
ti.ere
going to be a depression the t°P tax rate on the profits is
following
communication
f dated
because
of
the
stock
market?" Jjmited to 25%.
Profits on less
Juiy^
(Daddy, busy figuring out ticket tnan six months holdings can be
"You
raised
a
question to books to Disney
land; let the an- Iaxe^ at from 20 to 91%, depend—
which
there's
no
categorical swer ride); the
survey concludes
on
brackets of the particuanswer.
that
the
great majority
of the *ar taxpayer. If there are profits
of

at any rate, trebling
during
the
1952-1962
print news because it iz Bull
Market;
with
4,500,000
good, bad or indifferent, but be*. "Johnny - Come - Latelys" coming
cause it is news.
We don't know in (for a subsequent hang-up) on

does

a

succeeding

* r

currently

used

sorbed losses permitted to be
ried forward for the

FUNSTON."

*

be

can

-

whose savings

owners

func-, downs

agreed, that is, that the best

"This

No.-1

America's shareowning population

A

true

does

newspaper

a

gets

Government

performing

serve

and

newspaper

appendage

it is

set

highfalutin notions, it

be

an

not

to
anyone's preconceived

ideas., of
interest.'4

is

A

\

f ITEM

*

■

short-term

•

securities

on

$1,000

-

very

you

Sincerely,

■

indicate,

you

only lirhitedly as an offset against
ordinary income (to the extent of

per-

question

the

some

raised.

_

"So it is

adds

;

eco-

Should the public be informed to
the best of our

this

5

Cable Address
Delafield

.

6

The Commercial and Financial Chronicle

(66)

tive

Tax-Exempt Bond Market
By DONALD D. MACKEY

effect

cial

and

view it.

we

;

<

k

.

,
-

There

•

-

-

Awards "

are'several

sold

last

as

^

and

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

; -

that

f1963-1978 V bonds
(1963-1978) bonds

*

Thursday, July 5, 1962

Larger Issues Scheduled For Sale

.

issues!

new

week

.

.

7.\ In

;

7

are'

Kansas

worthy of comment. Late Wednes¬
day, Winter Haven,- Florida sold
$1,100,000- Utilities ; Service- Tax

municipal bond Wide Spread Between "New"-and
market continues to be generally
"01d'< Merchandise
:
receptive to new. issues and par.The disparity in prices as be-. Revenue
Revenue
state

'*

•

Recent

which
The

th$ general finan¬

on

economic, situation,,

.

to
to

July 9 (Monday)

City S. D., Mo

1963-1982

Noon

1964-2001,

11:00

1983-1982

1,600,000

10:00 a.m.

July 10 (Tuesday)'
Adelphi College N.

a- Bangor.
a Bangor,

Maim*
Maine

"

•

a

.1,040,000
4.86(1.000
4,850,000

1965-1992

a.m.

7:30 p.m.

1963-1972

11:00

a.m.

10:00 a.m.

the

period
State of

$100,000,000
bonds

effect

has had the

—"

.

'77

i

t

with

mid-

of stabiY4

%

soon
.

'

lizing the market as both dealer
and

banks

light

new

issue

.

volume

*

California scheduled ahead, this spread

v

market, in

to

came

June

since, the

dealers., have

vigor*

to

narrow

There
J. ucx c

has
liAXo

been
DCCH

may

extent..

some

.

r.

.

•'*

1964-1972

v-aouaiuy

\

—„

.

#

—•

11:00 a.m.

1964-1982

Noon

1963-1992

Other major ^members of the Los Angeles Sch. Dists*, Calif._/___ / 21,000,000
o
■
~"
winning group are Pierce,-Cam-* Memphis, Tenn.
23,000,000
son, - Wulbern - Inc., - Robinson-- Sf7 Louis' Co. : Hazelwood / S/D.

casualty
company interest in distress merchandise resulting from syndicate
some
cuiiic

& Co.,'J. C; Bradford & Co. and Detroit, Mich. L/_-_____::__L____'__r
5',975,000
R.-S. Dickson & Ca./Inc.r at a net Greater Peoria Sanitary & Sewer ;*
x-:7/7
interest"cost' of3.321%.
:- V Disposal District, Ill.__^irilZl.<_
20,000,000

2:30

— ^

JTT1.X-W*

T

—-

-

U."

'

•*

*

7

,i

OO

V

p.m.

~

-

-

"w

.<

000--vi964-1982.-

-6:00p.m.

1963-1972

000

Noon

(Wednesday)
.

after having
been
down drastically
(20-35

marked

basis

points

3

or

to

?
Firming Interest Rates?

Wall
wall

points),

5

.

n„n

marketplace

Street

persist
persist

rumors

......

.

".000

,1963-1971 " Noon

Gainesville,. Fla.____r_^lJ^:_::i7.' 3,800,000 .1968-1990

10Q1V

/10«0

1L:00 a.m.
7ll:00a.m7

\p5^00 sch??i
Hempstead-U F S D No.vll>N ;V.>1 2,215,0001963-1992
to
to bonds on a-bid oi 100.1299 carrying Litchfield IndeprSD #465t.MlnU.'- 1;390,000.' 1965^1992
ruS-' ifi.KAa.r.O'T ^?a8ara Falls, N."
" ^SOO.OOO' :1983-1982

'

8:00p.ln;

,

Auth.

otCrces

2:00

1964-1988

Tlipley
considerably less than
Thus

the

issue

new

point.

one

market

be categorized as aggressive

the

can

of -rates.has.- emphasized

0f

dividual

7

investors.

With

recent

heightened.

light
volume of
new
issues
has
seemingly been
well
absorbed, although inventories
of
state
and
municipal
bonds continue to be annoyingly

rates

voluminous.

well

Although

direction

develop

may

tors

of
'

as

,

"

reduced.; under

was

•

& LO.,-J, U
lOftQ

3.35% -m
hu'^inpc^

+H

lg63

over

Q

to-

Pin<,P

•

...

.

nf

QS'CK.

in

Af

the

11:00

a.m.

rT1.

„

,

•

..

4-

AT

i

-r.

t

1,900,000. :1963-1982

—

Water Control &
•Improvement Dist. No. 1, Texas
—^
->
——

-

c

The Franklin National iBank of

11:00

7

If"

13,500,000

1964-2001

-

.2,400,000

11:00

a.m.

1963-1982,-Noon

7

~

July 16 (Monday)

7 7 7'

" V-

a.m.

2:00 p.m.

;.

■

Washington Local Sch. Dist., Ohio

f^ vnrlf1
Cascade Co. HSD No. 1-A,
SS.:
SiooT' .Pima;Co:_S. D, No. 1, Ariz.
Nn

8:30 p.m.

TupWav the' Schaiectady-County, N; Y.—2,000,000 -1963-1992

wS<t] 0Q7.?,nnC®l^

money

"

'

^ ^

-J-IlSiriCl IN.Oj 1, lia.—

+V»k "

'^t

1QQ1
199^

nn

would

abruptly precipi-

managers would

8:00p.m.

.

.

Tarrant County

supply and demand, as -t
through
political
and 7

According to the Blue List total economic expediency, it
of state and municipal offerings, seem
unlikely that the
volume

.

period of time due to the fee-.

a
a

-2,000,0007 1984-1981'

•

July 12 (Thursday)

:.:7 "-7'r'

•.

1963-1982
Canton,;Mass^
'
1,105,000
central Regional H: S. Dist/Ocean ' ;7 <
'
; '
' 7
ohielas_
- Co.,
County, N: J.__—;• -1,595,000
1962-1981
rt
-faTu^'Florida-Develonment Commission 25,000,000 1 965-1990
Bradiera &,,Co.,.-Lee Sacramento, Calif.
-7,905,000: •1963-2000
,

trend toward higher

a

>-'•.v'."--7"'

:

-

.

Sts Ljt-oCt2FZ'7°"-Re0rga":

3%% coupon and a:.'fc

a

100.285.

a.m.

?iber+ J^embe^s of the .wmnmg

some

pressure being exerted on longRemains Disturbingly
term U. S. Treasury issues,,,this
High
• 77 caution
and suspicion has been

Inventory

the

Inc^ naming

policy

a

of caution particularly-^ among., in-

while

secondary market lags.

This

Canacuan^cnsis with its tightening
•

Co::

&

p.m.

11:00

v

"

'

7

.8:00 p.m.

Mont." "3>000,000
3,782,000

_

.

1963-1982

__

.4*-

'>;

-*

y_

1963-1985-

r;:;;:
000,0j0

or

7

-fh

h

$514,^66,400

and,

and

vague

amount

they

as

than

more

is

stock- and
ephemeral
are,
this
enough to

as

4i

j

irr.kQior.PoH

pppr.nrnv

4.

j

tL.

institutional

nn

ripfinitk

Q

reacted

unbalanced eppnomy on a definite

lB'/boul reILessl0n
Tax-exempt

t

with

bond market factors

u.

'l

-

•

during the past

more

7;'-.

bonds may now
generally be purchased at yields
which make obvious tax
almost

.m

all

of

classes

^ew

" C base
sec0nd

to

sense

'

f

-

other members

of

' High Sch

v

-

the

winning

.Eastman

.

Dist

Lafayette, La.

Dillon,

umer njemoeis oi xne wmning
arp

junta
uuntct,

as

-

tive values in almost any market"
do

good

grade
irk

^

Commercial

Banks

Heavy Buying
be

and

by far the

therefore notable tax-exempt

bond buyers. The Bond Buyer has
reported that over $5 billion of

long-term tax-exempt bond issues
have been floated during the first
six

months

volume

of

has

1962.
been

This

record

handled

by

dealers

during a period when
prices were for the most part
rising. Through these months the
commercial

sistent
made

customers
it

and

possible

it

have

absorb

half

ended

at

guessed

that

yield

3.08%

•'«-* -'

1

•

—

./o tQ

i

u

25,000,000 -1963-1987

Financial
averages-

New Richmondk Ohid exempted

5goanwest;Local 5.-D.^Onior^---^-

Index

.

.

This"

week.

.

village school district

'(186371984)7Suffolk County, N:

bonds

3.2772%. The runner-up' bid

utilizes a prescribed list
high" grade v bond
offerings
actually appearing-each week in
the

lists.

A

at

week

3.092%.

the

ago

It

Index
to

seems

us

3.2976%

seem

to

discounted

have

persuasive
the

across-the-board

an

reduction '

There

this
is

effect

income

tax-exempt

on

such

enough

cuts

be

session

much

>

tax

thinking

«of Control)>
' 7

7

:•

^.ioivnnrt*-*

1963-1982

'

bonds;

1.80%

suhiect7.

carfyirig

and

i.l'J225;000-; 1963-1982

11:00

a.m.

1983-2000

11:00

a.m.

------——--

-a •

^

will be reoffered to yield
in 1963 to 3.40%'in 1984/«

ROPkv

f

River

^

aj.

.

*

•'

~

"

'

-

•

.

^

4

/"Ju

^f7

University of Texas Board of Re-

create

Noon-;;

_

________

10:00

a.m.

July 25 (Wednesday)

needed

have

>

1983-1982

• - k
/• 7
jo 400 000 ' 1963-1982
~ol "MesTTsT Dists" :
'
^ *-f"7~ ' ' ; 2 100000 7l&64-i97,irv1X:baa'm.
Ohio 77r~
1 300 000 ' 1963-1987"' Noon

What

,

8-:00 p.m.

Quiricy, Mass.

2,080,000
1.500,000

some

country's large commercial banks

a.m.

.

important subject 7 'Qne 0f
July 24 (Tuesday)
the
more 'interesting
superficial plan could a
"1 °f
.
^ ^hurs- ^chorage Indep. S. D., 'Alaska_^_' • 4,250,000
abruptly be set in motion should day's concurrent sale oi $5 000 000 New-York ;City:-i-_--__-_-__7__7 .103,000,000';
lhe ball keep rolling
on

"•

11:00

1964-2001

j7-x______
; 2,430,OUO
July 19 (Thursday)

•

Noon

.

Haddonfield S. D., N. J
_______7
Montgomery Co., Va.7______l-.____

& Co;, First of Michi- *nallxq Tpy3<!
Corp., B. J. Van Ingen & Co. Marieona Co

coupon

Noon.

1963-1982

r»,217,000.
.

a.m.

2:00 p.m.

1963-1982

;2,5tu,uutr

Upw^sity> of South Florida (Bel.,
.'

-McDonald

The

imnortant

was

F i eld,

a.m.

11:00

1964-1982

;:jwO,TO
:■

11:00

1963-1977

winning- group are" Merean- - Wayne County, Mich.__v_-—--^e_ • 11,750,000
tile Trust Co., St. Louis, Missouri-/7 '7:77777■'7v''7, 7
julv 23 (Monday)
gan

Congress,

:

Major members associated with

bonds

of

submitted I by

cost1 of

1963-1981:

2,125,000
13,645,000

the

authorized

confused

this -vitallv
vitally

of

interest

net

a

Richards & Co., Merrill Lynch,
Pierce, Fenner & Smith group.

that the forces of financial sophis-

tication

at

p.m.

11:00a.m.

jl«65-1992-'

Hblyoke,-Mass.
--Milwaukee County, Wis.-—______
'-Tenn.

.

of

stood

ac-

in

8:00 p.m.

^^.^7
1963-1985 ,7 6:00

-

1,350,000

Also
last
Thursday,v^a
grou^)
headed by The Ohio Co. was^^ the
successful
bidder for." $2,500,000

7

,

and

this

Sr

•

p.m.

1963-1980'

1,825,000
2,500,000

Phoenixville Area Jt. S. Auth.;-Pa. >
3,385,000
1963-1892 ■ 8:00 p.m.
> T„lv 1*- IWw!ii*»d-av^';"•*-i;
- July 15 vvveanesoayj
;
1964-2001 "7 9:00 a.m.
Alabama State Bd. of Education_77 2,126,000

count is $2,290,000.

average

during

half-year's
im-commercial
Many
of
the

up

out

should

of the

portfolios.

Chronicle's

stride,

in

be

Commercial

this

been
accomo.
workmanlike fashion,

a

may
more than

they

con-

has

ss/fely

It

volume

to

business

enormous

Moreover,
plished in

bank

banks have been

The

*SSoHM

3.6.0%, the unsold balance

nn<y

Dangerous
;

+1

o

Hasty Tax Action Could Be
persistent

most

q i^orA

'

issues

yielding from 3.75%-4.00%.

Continue

The commercial banks continue
to

revenue

-12:00

-1964-2001.

1,587,000

3.t0%-3.15% represent

mgs.

a.m.

-

111

203

-.1-f-I-

Colo

•

No

,^ar.:J?^h_.S^l.)?i'u^n^cu^es^^S^S"Mi<;higan;st9t6^):":i::;:Z^i: good"rela-.

buyer very much a
distant prospect for general otfer-

11:00

Arkansas State College, Board of

3V2%

a

*

■

1964-1991

AidDdina cuuuuig rnidnte auui—

Bank; was ...'Trustees, State College,-Ark.4^-coupon
Cook County, New Trier Township

Manhattan

svndicate

•

j__

tne
cnemicai ;Bank
Trust -Co.." and. The

bidder for

it)0 089

investors.

x_.

by

York

Noon

doubled

their

tax-exempt

portfeiio Loidipgs during the last .has
10

months

interested
nqmbers

and-:

in
ot

relatively
and

still

behind

in

Untold

banks
,

are

their

programs,

are

actively

market

smaller

exempt bond
seem,

are

the

taxit. would

potential buyers at

this market level.

\

MARKET ON

.

a

been

political

cannot

the

evils

of

effectively
supplant
a
cumulatively bad
A

fast

tax

cut

Board

Directors

of

tions

State

3y4%
_____

3%%,

♦Delaware

(State)2.90%o
Housing Auth., (N.Y., N.Y.)__ 3V2%
Los Angeles, Calif
33/4%
Baltimore, Md.____3Y4%Cincinnati, Ohio (U. T.)
3^%
New

_____

3y>%

Maturity

C

J

Devine

a

Co

0f

100.0027. with

group

F

3.30%

3.15%

o

S

3 15%

3.00%

3.15%

3.00%

"

•

u

.

'Corp., Weeden & Co.-, J. C.

3.00%

3.15%

3.00%

1981-1982

3.40%

3.25%

1981

3.15%

3.00%

3.15%

3.00%

Inc., Stern Brothers & Co. and
Rowles, Winston & Co , Second

3.25%

bidder

1981
1980

3.30%,
r

■*

iqra

iqqr

2:00 p.m,

7. 7
;.
1964-1983

;

14,827,000

(Wedn^davl

...

3.15%

3.35%

3.25%

ford

T0,00D,000a

August 6 (Monday)
College Dist., Ariz./i - 71,555,000-

&

,Co.,

Pollock

Rauscher,

&

Pierce

.

Co., Inc., Johnston,

Lemon & Co

was

Roosevelt &

a

Drexel

&

Cross

Co.

for

this

of

issue

•No apparent availability.
.

2.9051%. Demand

has

been

Continued

good and
on

page 46

-

•;

...;

—

,

/

•

-

.
-

v

August 8 <Wednesday):'.-.

~

San Antonio, Texas
20,000,000. 1964-1983
Wichita Sch. Dist No. 1, Kansas..' 4,086,000 v 1963-1982
/
7 •; , ■ '" '
August 15 (Wednesday)
; - ^ ; '
—___

Jacksonville,. Fla, __:
nntaflamio

.

"

7,250,000
2,880,000

i
-

1965-1974 ; 2:00 p.m

August 7 (Tuesday)

.

^

v:j

rnnntv

L___

9 ann onn

"

'

„

'

Sept. 1 (Saturday)

Grandville Sch. Dist., Mich
Jacksonville, Fla.
1

-7, 7

San Jose,

1963-1982

2,300,000.

-

—2,150.000
7,650,000

7 /
" Sept. 12 (Wednesday)
Calif.7____7___
4,400,000
,

-

10:00

a.m

11:00

'• 7,650,000

wic

Outagamie County,,Wis.

and

Blyth & Co, Inc. group with a net
interest cost

-

...

^,

-

Co., Inc., Ira Haupt & Co.,.William
E.

"

-

Brad-

1981-1982

3%

7rn non

July 31 (Tuesday)

Los Angeles, Calif.
w
t
wis......

.

2.70%

3V4%

q

August L1VV eanesaay;

.v

Yuma Co. Jr.

other members of the winning
group were American Securities

3.15%

3.35%

-

M^ss,.7__-7----i_:__-7:l '72,000,000 7

f„7elds ranging from 1-60% t0•

2.85%

1981

r

AllfflNf

■»

re-

1981-1982

*

/

St. Lo.uiS,

net--interest

1974-1975

-

' /

-

7- :;'

offered the bonds due in 1963-1982

1981-1982

J

••:

San Diego Unified Sch. Dist., Calif.

S

syndicate

+

+

7;

winning'bid

a
a

_

•

& Co.y;

and

Asked

3 ono,

1981-1982

1981

,

/ 7

_

340%

1981-1982

July 3, 1962 Index=:3.092%




&

cost of 2.8876%. The

Bid

'

to

awarded

were

managed by Phelps, Fenn

interest. Smitbers & Co.;on

1982

„

^Hammond Sanitaiy-District, Ind.__- ..3,7o0,000 .1964-198o

rated issues of these sister institu- * * "•

a

nega-

Permanent

University Fund bonds. The "Aaa"

rate.tinkering,could have

REPRESENTATIVE SERIAL ISSUES

Pennsylvania (State)__

♦Chicago HI
New York, N. Y...J

conven-

if accompanied by further

Rate

Philadelphia, Pa._

tax

A .."quicky"* tax

tax. circumstance.

(State)________________ 3Mj%
♦Connecticut (State)
3%%
Mew Jersey
Highway Auth., Gtd._ 3% - York

national

accent.

cut

California

♦New

a

tion without benefit oLa dominant

a.m

11:00

a.m

Volume

196

Number 6174

.

Financial Chronicle

The Commercial and

.

.

i

.

\v''

''91

;

4m.

.I?'

' i,

/

U

ptown

Headqu arte

Downtown
133

»'

44

wall

Banking Offices in Greater New York

of Condition, Jun30,1962

"

a

^

.y

CtlNTON R. BLACK, JR.

assets

•

/

.

>

1

v

;

President/ Mount Vernon Mills, Pnc.

.*■

„.

i. r.

i'''

THOMAS M. BANCROFT

•

i,

street

Statement

BARNEY BALABAN

;

1 y y:

"par k -ave nue 'ui

3 so

r s:

President, Paramount Pictures Corporation

.y

;

.

Headquarters:-'

DIRECTORS

i'vb.;.'.

7

(•7)

Cash and Due from Banks

•-

.

.

.

.

>

.

•

.

•

$1,695,092,486

•

-

" Chairman, C+ RL Black* Jr. Corporation

II; S.

>y

GoverrrmerrtyObligafrons

^

.

^

1,130,944,457

.

'

o

f ALVING. BRUSH

f

r.

Chairman/

>> '%r^\\

American Home Products

i

Corporation

;

JOHN B. CLARK

"X y *

President, Coats & Clark Inc.

' -

.

i":

State,

*

~

\

•■■■

u

Other Securities

nJ'S

,

Municipal ancf Public Securities

460,420,407

.

;

y

;

.

•-

•

m-rj • j...

1 • v:

•

_

f

• • ■

,

33,056,509

•

!

'•

jCdtEMAN^

JOTN A.

,

'y'

r

Partner, Adler; Coleman & Company

';.;T

\

U'UU

'

''

r|

.vy^y/vl,

^

Ji*

-

.

'

Other

Chairman, George A. Puller Company /V. X;

:

RICHARD G. CROFT

:'

MORSE G.DIAL

I

/

HORACE C. PtANIGAN

;X•

JOHN M. FRANKLIN

•

•

•

•

•

•*•

^i-.•

^

•

•

A.

■

•

2,369,944,394

•

Mortgages

,

: 85,643,594
t

.

;

.

u:;.<•

...

.

;

.

.

>• ^

Vt

,

.) -y.

70,090,580

ti'l

Liability

-

.

.

'

on

Acceptances

.

.

•

•

.

•

•

•'

...

192,328,679

.

!• 30,368,430

.

f,

;

„

43,883,170

•

X.VVi

,

'..^V

r

•

Mortgages

Customers'

5

..-V;. A Chairmen, fxecutive Committee

-

•

Banking Premises and Equipment.

,

Chairman, Union Carbide Corporation

,x.

•

'

Chairman, Great Northern Paper Company

y

t
*

U. S. Government Insured f.

VV".<

' i;<•'.

lour.crandail
•

Loans

V,

{„

r

\

-

;v

V

$6,111,772,706

^

Chairman, United States Lines Company

*

WILLIAM S. GRAY

v

^

*.

I

Chairman, Finance Committee

liabilities

;

.

GABRIEL HAUGE
,,
J
.
/' /
"-i.: /;* •
Vice Chairman of the Board
.y.

"rtv

.

t

'

7

•'

*

.

^.V

*

f. VICTOR HERD

I

Chairman of the Boards,
America Fare

,i-

BARRY

t.

l-

,

y

1 'i

4

: <

.

:

:

,

■' ■ y

* *•

v

1:

i

iy^

-

,

Dividend

American
■'

-■

'fr- r~-.

A

President ;V

;

.",'t

y;

•...

'

'^"■V■

V-

.

.

.

.

.

•.

195,822,922

.

.

;

.

.

51,303,793

.....

.

x

.

.

.

•

t

•

25,110,873

•

r

•••••

93,318,875

•

•

•

.

.

.

V..>'•

.>-

I
.

$ 175,780,005

=

•

•

•

•

.

.

.

.

.

•

•

.

.

200,000,000

•

.

?

Undivided Profits

,

86,157,075

461,937,080

'

President, Phelps Dodge Corporation
RICHARD S.

.

5,859,334

f;!

'■ yv":* '

ROBERT G. PAGE

.

v

y.

X

.

Accrued Expenses, etc.:

•

^

;, R. E. McNEILL, JR.

.

Capital Stock ($15 Par) '. f. ;

Telephone and Telegraph
'r.:'*

.

Payable July 2, 1962

■

.1

■'' »■;':

Company

.

Capital Funds:

c-;; -

,-y

•

.

Reserve for Possible Loan Losses

jl

y ;
J
Chairman, Emigrant Industrial Savings Bank

-

.

'

•

JOHN T. MADDEN '

EUGENE J. McNEELY

.•

Other Liabilities 1.

>

H
.

i

Reserve for Taxes,

-«

>

y

.

;

'V

--

-

-

President, Cluett Peabody & Co., Inc.

President,

x... y.

$5,278,4T9,829

Acceptances

7

X• Vv';'

f

LEITHEAD

£iJU.

Deposits

•

President/ The Brooklyn Union Gas

■\Company

V-'v

'"^-a

-a

7

Loyalty Group'- '•,1

JOHN E. HEYKE

i

-

«

,

'

••

..

A ~'r"

C

REYNOLDS, JR.

$6;i 11,772,706

.

/

:

;

«

X

President, Reynolds Metals Company
CHARLES J; STEWART

u. s.

Chairman of the Board

at

•

were

GEORGE G. WALKER
t,

•

"

,

L

-

:

V * V

-

.

•

*

^

.

:

i

~

!

purposes as

required

or

$341,462,288

permitted by law.

T

i

*

President; Electric Bond and Share

pledged for various

,«5
i

Company

-

*.-v■■

r

.•'y..
1

J. HUBER WETENHAtl

..

+

'■';*

President, National Dairy Products

Corporation




.

.

^

-■

.'

Overseas Branches: 7 Princes Street, E. C. 2; 10 Mount
Street,W. 1, London

v

.

>

..

y

Representative Offices: Paris, Frankfurt

am

Main, Rome, Tokyo, Beirut, Manila

.

X f

y-

•'

'

*

'

Member Federal

Deposit Insurance Corporation

-

*

J i

8

The Commercial and Financial Chronicle

(68)

Economic Role

Women's

DEALER-BROKER

Today—

Kalb, Voorhis

—

Yield

Memorandum

—

is

INTERESTED

SEND

TO

ten stocks with

on

yield of 4.9%—-Dean Witter &

a

Co.,

Street,

Montgomery
6, Calif.

45

•

Aluminum Industry

—

Analysis

—

& Co., 21 Broadway,
4, N. Y. Also available
are
discussions of Supermarkets,
Aerospace
Issues, and
Southern
Goodbody

New York

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

Review

Japanese

Market

Yamaichi

Securities

of

Co.

—

New

Inc., Ill Broadway, New
York 6, N. Y. Also available is an
analysis of the Japanese Food In¬
dustry and comments on Hakuyosha Co., Ltd., Kanto Race Club
Co. and Korakuen Stadium Co.
'
York,

Pacific.

Bulletin on three
west coast and three
east coast
banks—Birr & Co., Inc., 155 Sansome
Street,
San jFrancisco 4,
Stocks

—

Calif.

Canadian Bank Stocks—Compara¬

including p/e ratios
and yields—Annett & Co. Ltd., 220
Bay Street, Toronto, Ont., Canada.
tive

Market—Survey—Daiwa

Japanese

figures

Premium

Low

Convertible Bonds

Report — Salomon Brothers &
Hutzler, 60 Wall Street, New York

—

5, N. Y.
Comment

Market

Brochure

—

Winslow, Cohu & Stetson Inc., 26
Broadway, New York 4, N. Y.
Market Outlook

—

Shields & Co., 44

Wall Street, New

455

Ltd.,

Business Guide

Canadian

booklet

vised

of

Bank

—

Re¬
Nova

York 5,

—

partment, 44 King Street,
Toronto, Ont., Canada.

San

Canadian

Schapiro

Bonds and

Cosmetics Industry

Preferred

Gas

List

Ga.

—

in

Public

Worry Stock?

Utility

Stocks

Courts

Utility

Memorandum

ton

&

Co.,

New York 5,
Puerto

Inc., 52 Wall Street,
N.'Y;
*
* * Water

Rico

Payments

Problems

Discussion

—

Gold

—

New

Stores

Corp.

Report

—

—

Moseley & Co., 50 Congress

Street, Boston 2, Mass. Also avail¬
able

comments

are

Oil

of

New

Standard

on

Jersey

Royal

and

Savings

&

,|

.

Com¬

Holding

Loan

—

W. E. Hutton

Co., 14 Wall Street, New York
5, N. Y.
Sugar—Bulletin—Lamborn & Co.,
99 Wall Street, New York

Fay, Inc., 221 Mont¬
Street, San Francisco 4,

gomery

Calif.

Also

is

available

discus¬

a

sion of R. H. Macy & Co., Inc.

Specialty Company

Review

Loewi

&

Co., Inc., 225
East Mason Street, Milwaukee 2,
—

Wis. Also available is

review of

a

Rockower Brothers, Inc.

Cyanamid

Co., 25 Broad Street,
4, N. Y. Also available

&

New York

reviews

are

of

—

Review

American

—

Tele¬

phone & Telegraph, Ford, General
Electric,

May Department

lists

Oil

of

New

securities

of

American

Jersey and

which

interesting.
Viscose

appear

;

.

Stores,

Corp.—Discus¬

Oppenheimer, Neu & Co.,
Broadway, New York 5, N. Y.

Also

available

Friden

Inc.,

comments

are

Lockheed

on

Aircraft

Corp. and Broken Hill Proprietary

Co., Ltd., Australia.
American

Viscose

—

Bulletin

—

Filor, Bullard & Smyth, 26 Broad¬
way, New York 4, N. Y.

ticular

in

Electric

current issue of

"Monthly Invest¬
ment Letter"
Hayden, Sone &
Co., Inc., 25 Broad Street, New
York 4, N. Y.

Review

in

values

Indiana

reference
&

Power

Gas

&

to

Co.,

in

par¬

Savannah

Southern

Electric

Co., Cen¬
tral Vermont Public Service Corp.,
New
Jersey
Natural
Gas
Co.,
Michigan Gas Utilities Co., Bridge¬

—

Japanese

Chemical Industry
—
Analysis—Nomura Securities Co.,
61 Broadway, New York 6,

port Gas Co., United Utilities Inc.

Ltd.,

phone—A. M. Kidder & Co., Inc.,

N. Y.

1

and

Southwestern

States

Wall Street, New York

Tele¬

5, N. Y.

BARTH

our

Time Inc.

BROTHERS, INC.

—

Memorandum—

Co., Inc., 731 Wilshire
Boulevard, Los Angeles 17 Calif.
Borman Food Stores

Inc.—Report
Co.,
Building, Detroit 26,

Morrison

—

Penobscot

&

Morrison

Mich.

data

CKP

Bulletin

—

Gillette, Hartfield

on

Walt

and

Corp.

—

Stores

Disney Productions.

Developments

Ltd—Analy¬

sis—Halle & Stieglitz, 52 Wall St.,
New York 5,

Calumet

N. Y.

CHICAGO AERIAL IND.
ALLISON AYRES

DEVOE & RAYNOLDS CO.

Industries

randum—

Inc.

—

Memo¬

Cruttenden, Podesta &

Miller, La Salle Jackson Building,
Chicago 4, 111.
Chrysler Corp.—Comment—Paine,
Webber, Jackson & Curtis, 25

Street, New York 4, N. Y.

available are comments on
Bell & Howell Co., Illinois Power
Co and Steel Stocks. Reports on

Raytheon

UNISIIOPS, INC.

Y.

of

American

Also

BURNS INT. DETECTIVE AGCY.

Inquiries Invited

Cards

Hudson

available

Inc.

—

are

John

Garvin

Central

Electric

&

D.

admitted

reviews

Cyanamid,

Co.

and

Boland

&

New

available is

De
as

Simone

Bantel

8c

Grolier,

Inc.

Sherrerd, 1500 Walnut
Philadelphia 2, Pa.
W.

Robert

Baird

&

Avenue,

Fixed

Income

Analysis — John
Co., Inc., 30 Broad
—

4, N. Y. Also
analysis of Reeves

Soundcraft Corp.
Coleman Engineering Co.,

Inc.

American

Street,

Stock

—
Holton, Henderson &
Co., 621 South Spring Street, Los
Angeles 14, Calif.

Colgate Palmolive Co.

—

Co., 110 East
Milwaukee 1,

it

has

by

George

Wis.

K.

A. L. Mathias

Garvin, senior

—Stein

partner.

Company—Analysis
& Boyce, 6 South
Calvert Street, Baltimore 2, Md.
Bros.

McQuay Inc.

Mr. De Simone

has been asso¬

Analysis — J. M.
Dain & Co., Inc., 110 South Sixth
Street, Minneapolis 2, Minn.
—

Mesabi Trust
dum

Units

—

Johephthal

ciated
the

&

to

serve

Prior to

Memoran¬

—

York.

—

Memorandum

Robbins

&

Newark

—

C.

forerunner of the present
City Bank of New

National

—

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

Reheis

at City. Bank, Farmers Trust

a

First

Inc., Woodward
Building, Washington 5, D. C.

120

joining Garvin Bantel,

Mr- De Simone worked .for. eight.

dum—Weil & Co.,

Memorandum

Delafield Firm

D.

Adds Thos. Moder

2, N. J.

Co., 744 Broad Street,

Delafield

Richardson

&

Delafield,

45

Members New York

Security Dealers Association

Company and

lected

Convertible

a

list of

association

the

announced

have

with them in the institutional de¬

Roberts Lumber—Memorandum—

partment of Thomas D. Moder.

Irving J. Rice & Co., Inc., Pioneer
Building, St. Paul 1, Minn. Shawinigan

Water

Power

&

Jos. Wise Forming

—

Study — Kernaghan & Co., Ltd.,
Bay
Street, Toronto, Ont.,
Canada*O
Standard

Investment Firm
'

Oil

Company

of

f

New

Jersey

— Report—Butler,
Herrick
Marshall, 76-11 Thirty Seventh
Avenue, Jackson Heights 72, N. Y.

&

Texas

Eastern

Memorandum

Transmission

Grey

—

Drug

Stores

and

Dover Corp.

F.

."

'

City,

to

business.

Cohen, Simonson
Co., 25 Broad Street, New York
4, N. Y. Also available are memo¬
randa
on
Dow, Xerox,
Collins
Radio,

'

'

r

'

'

—

Memorandum

securities

engage

in

He

formerly in the

was

municipal
J. A.

a

.

department

bond

—

&

Co., 7616 Girard
Avenue, La Jolla, Calif.

We maintain active

First Calif. Office
Calif.

CONCORD,

Company

branch

office

at

—

has

William E.

Mt. Diablo
management

1889

Boulevard under the
of

First
Cali¬
opened a

Pooley.

trading market in:

Colonial Stores, Inc.
Common Stock

R. S. DICKSON & COMPANY
INCORPORATED

se¬

Debenture

Trinity Place, New York 6, N. Y.

HAnover 2-2400




Commonwealth

—Analysis

Teletype NY 1-376; 377; 378

—

Edison

Company

Equitable

Members Midwest Stock Exchange

Corp., 322 Union Street, Nashville
3, Tenn. Also available are anal¬
yses
of Jefferson Standard Life

NEW

CHARLOTTE

Securities

RALEIGH

COLUMBIA

of

Hogle & Co.

fornia

Hutton

'

Joseph B. Wise is forming Joseph
B. Wise Company, Inc., with of¬
fices at 40 Wall Street, New York

—

&

Bonds.

74

Wall

Street, New York City, members
of the New York Stock Exchange,

Company—Analysis—
A. C. Allyn & Co., 122 South LaSalle Street, Chicago 3, 111.

ties &

phone

He

collateral

division, which works with
throughout the country in
placing individual loans secured
by listed convertible bonds.

Street, St. Louis 1, Mo.

Corporation of America

firms

banks

Philip Carey Manufacturing Co.—

—

the

continue

loan

Metal Goods Corp.—Memorandum
—G. H. Walker & Co., 503 Locust

Devices

in

for

years.

will

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

six

John D. De Simone

Memoran¬

with

firm

—Eastman

Troster, Singer & Co.

been

announced

Analysis

Dillon, Union Securi¬
Co., 15 Broad Street, New
York 5, N. Y. Also available is an
analysis of Commonwealth Tele¬

Ex¬

changes, ef¬
fective July 1,

—

Analysis

of

members

York
an

and

the New York
and

Johnson Service—Memorandum-^

Wisconsin

bro-

money

kers

Gas, and Co¬

Analysis—Butcher

—

been

partner in

Co., 120 Broad¬

New York City,

way,

has

general

a

lumbia Broadcasting System.

E.

Street,

WERNER TRANSPORTATION

In Garvin Bantel V

v:.,v

Greeting

Transamerica

R.
~

Life

365

COMPANY, INC.

DIALIGHT CORP.

Co.,
Building,

Analysis — Shearson, Hammill &
Co., 14 Wall Street, New York 5,

Radio

Electronic

Bell

—

&

Co.,

—

Spring Street, Los Angeles
14, Calif. Also available, are anal¬
yses of Financial Corp. Of America

Cinerama, Inc.
MAUL

Gibson

craft.
THE MASTAN

Whitaker

Home

Securities,
and
memoranda
on
Liggett & Myers, Masonite, Stew¬
art Warner Corp. and United Air¬

Trading List:

VITAMIN CORP.

C.

years

Bulletin

Also

Recently added to

randum—L.

Polymetric

—

j:

Memorandum

De Simone Partner

Frank Fehr Brewing Co.—Memo¬

South

America

Smith,
Street,

Inc.; 120 Broad¬
New York 5, N. Y.

way,

Mitchum, Jones & Templeton, 650

Broad

For banks, brokers and financial institutions

—

Analysis—Westheimer & Co., 326
Walnut Street, Cincinnati 2, Ohio.

Bank' of

Colby & Co., Inc., 85 State Street,
Boston 9, Mass. Also available are
—

N. Y.

,

sion—
120

Broad

South La Salle
Street, Chicago 4, 111.;

Co.—Memorandum-

&

American

20

Salle

McDonnell & Co.,

N.
—

Co.,

—

Sincere & Co., 208

Louisville 2, Ky.

Burroughs

utility companies with

Motor

&

Zale Jewelry

Business

Co.

Insurance

Memorandum

—

Barney

_

Ford

Life

New York 5,

,

Kentucky

&

Inc.,

Utilities

Rothschild

International

Allied

Stores Corp.—Discussion-

Xerox

Co., 120 Broadway, New York
5, N. Y. Also available is a dis¬
of

States

Analytical Brochure —William

Blair & Co., 135 South La
Street, Chicago 3, 111.

&

Dutch Petroleum.

Hooker

United
—

Camera and Instrument

Machines.

Re¬

—

Limited, 55 York Street, Toronto
1, Ont., Canada.

120 Broad¬

F.

Broadway, New York 5, N. Y.

port— Canadian Business Service

New York 5, N. Y.

cussion
,

Walston &

small

Corp., 120 Broad¬
New York 5, N. Y.
List

S.

*

5, N. Y.

and

—

Allied
F.

Rico, San Juan, P. R.

way,

Investment

Co., 120 Broadway,
N. Y. Also available

&

list of High Yield Stocks.

a

and

York Hanseatic

For

Resources

&

—

is

—

Witt

United Asbestos Corp. Ltd.

National—Memorandum

Corp.—Review—L.

Report

—

—
Bulletin
Organization,

Company
Conklin

120

Corp.—Review

—J. W. Sparks & Co.,
way,

*

Corp.

New York 5,

Authority — Report—Government
Development
Bank
for
Puerto

—

Draper, Sears & Co., 50 Congress
Street, Boston 2, Mass.
International

Stocks—

Comparative Figures—G. A. Sax-

—

&

—

over-the-

35

Common

panies— Analysis

Growth Stocks

Dow-Jones

the

sficTdhe

York 4, N. Y.

New

Memoran¬

'

Issues

industrial

performance over a 23period — National Quotation
Bureau,» Inc.,
46 Front Street,

Co., 11
Marietta Street, N. W., Atlanta 1,
—

the listed

market

Analysis—Brand, Grumet
& Seigel, Inc., 67 Broad Street,
New York 4, N. Y.
&

Folder

year

Market

Selected

—

counter

dum—Hemphill, Noyes & Co., 8
Hanover Street, New York 4, N. Y.

Electric

New

compari¬

used

Averages

Stocks—Report—H. Hentz & Co.,
72 Wall Street, New York 5, N. Y.

A

1 Chase
York 5,

industrial stocks used in
_the National Quotation Bureau
Averages, both as to yield and

3, 111.

Do You Have

Inc.,

M. A.

—

up-to-date

an

between

stocks

Market analysis

120 South La Salle

Convertible

son

Reynolds

Standard

showing

Meyerhoff & Co.,
Street, Chicago

Freehling,

Co.,
Plaza,

As¬

House

Survey

—

Over-the-Counter Index

—

—

Clearing

Y.

N.

—

Wills, Bickle
& Co., Ltd., 44 King Street, West,
Toronto 1, Ont., Canada.
Cause & Effect

&

Manhattan

Digest

Investor's

Monthly Bulletin

—

Thursday, July 5, 1962

—De

review of American Distilling

a

Fairchild

H'irsch

sociation Banks

West,

—

N. Y.

York

New

Scotia, Business Development De¬

Discussion

Stores

Allied

Aluminum

Craig Street,
West, Montreal, Que., Canada.

curities

—

*

*

—

Memo¬
randum—Jackson, McFadyen Se¬
Stocks

Canadian Bank

'

National

Diamond

Francisco

Bank

.

Tuboscope

Thomasville

and

Co.

5, N. Y.

Yield—Bulletin

THE FIRMS MENTIONED WILL BE PLEASED
PARTIES THE FOLLOWING LITERATURE:

THAT

UNDERSTOOD

New York

Co.

—Fahnestock & Co., 65 Broadway,
New York 6, N. Y. Also available

companies with high yield—Laird,
& Meeds, 120 Broadway,

RECOMMENDATIONS

AND

Insurance

Diamond

listed

on

Bissell

IS

.

Furniture Industries.

& Co., 27
William Street, New York 5, N. Y.
Study

INVESTMENT LITERATURE

IT

.

r

ATLANTA

YORK

*

GREENVILLE

GREENSBORO
.

JACKSONVILLE

\

Volume

The Commercial and Financial Chronicle

Number 6174

196

Electric

Output

the

~ "

Steel Production

The State of-

improvement

first

the

of

the

noted

year

has

stalled.
Index

Food

Price

Auto

Buying Policy

Production

Business

,

No

ing Executives
anxious

Failures

ward

commitments

the June

statistics.

indicator,

used by

tomed

out,"

has

centage

when asked to describe, in

large

so

minor degree

a

their

attitude

about

the

a

cut

per-

a

in-

in

picture. "Apprehensive,"
"cautious," "worried," were used
by others. Only 15% chose "satis--

in

Percent

number of 30- and

migrating
category.

Days

40

33

15

43

21

12

8

is

,8

29

Supplies-—!-

Production Materials

90

'

6 Mos. t<
1 Year

4

6

.

:

.

24

8

43

30

a
41

15

24

45

23

6

Capital Expenditures

13

6

15

27

j

'

"i

f

Specific

to-off

price

'

.»

•

.

Commodity

Reflecting the

Comments of members continue

<

Supplies

MRO

60-day buyers
hand-to-mouth

the

to

60

Days

Production Materials—

Capital Expenditures

were being ordered
shorter
notice
with a

even

on

Reporting

30

May—

plies, however,

Purchasing Executives report
"no change" in this month's em¬
fied."
;However, 27% note that, ployment figures, when compared
while the trends may be disap¬ to last month: 28% report higher,
pointing, they are still "optimis- 55% same, and 17% lower, all
tic." Most express "concern," not within 1% of the last report. Here,
so much for where business is as
again, it is not so much what it
for the direction it seems to be is doing, as what it is not doing
that is bothersome. It appears that
going.

month's

appropriate

Days

Mouth

MRO

of
commitments
is
during June. MRO sup¬

detected

this

the

shortening
.

Employment

business

occur

time

action is at hand.

Hand to

June—

common

production material and capital
goods trend discussed in the past
few reports, and no sign of further

ventory levels.

word,
present
a

reported

for

in

noted

are

As is

did

fluctuation

of
word

in

the

in for¬

.

is the

indicated

near

tion's stimulus far capital expan¬

significant changes

with this

"Concerned"

ditions

report,

draws

9

sion. In light of the business con¬

more

for

as

f

Commodity Price Index

51% of the Purchasing Executives

growing

are

time

unveiling of the Administra¬

the

Trade

Retail

TRADE and INDUSTRY

of

rate

since

Carloadings

(69)

L

situation

qualifies for mention
side.

steady-

in

2
39

.

Changes

general

4
1

June,

Metals

reports

were

price

of

on

the

up

prominent

dips,

with

in
un¬

.

These

i

answers

obtained

were

on

tax and

depreciation

it

and

creasingly obvious

becomes

"signs of fatigue," noted by
the N.A.P.A. Survey Committee,
last month are more prominent,
month's

NEW

and

order

new

are

that Purchas¬

as'further deterioration is evident

this

relatively
noted.

over

few
For

10 years,

changes

specific
the

only

first

easiness

time

ming

in

in

Only 27% re¬
port new orders up. This is a drop
from the 58% peak of September,

YORK

production figures.

1961. A
is

worse

24%, the largest
percentage to report such during
the same 16-month period.
Pro¬

Securities Issued

Better

New Orders:
June

49

34

45

May
Production:

———

May

,

.

we asked our
second
half

April,
the

18

46

"

asked the

tion

Mortgages:

special ques¬
Now, 37% say

President

continue

much

Continental Can

by
;

111,465,235

.

.

.

992,244,686

June

marks

month

committee

higher

'

:

z

third

the

that

the

prices

24,336,970

;

.

.

.

76,225,939

.

Other Assets

of

:.

Total Assets

.

.

.......

.

$2,423,869,943

McGOVERN

of the Board

Deposits

MINOT

$2,154,358,841
16,286,252

Expenses

Payable July 2, 1962

.

.

the

New

K.

MILLIKEN

PETER

11,330,038

.

Total Liabilities

*

.

S.

PAINE

President

Great Northern

LeROY A.

2,263,840,355

.

MOORE

Chairman, Canada Dry Corporation

79,657,062

Other Liabilities

MITCHELL

York, N. Y.

ROY W.

;>»'■ 2,208,162

;

Portfolio

now

Chairman

of the Board

DONALD

Capital Stock {5,520,405 shares—$10 par)
Surplus

69,874,635

.

.

.

.

.

.

.

.

C.

Chairman

55,204,050

.

Undivided Profits

the

first

time

in

a

Total

Telephone & Electronics Corporation

year,

those

reporting

outnumber those reporting

higher.- This
last

since

lower

is > not

inventory v
v
.

160,029,588

Capital Accounts.

Capital Accounts.

.;

E.

.

desirable.

Lower

levels

are

Chairman

U. S. Government Securities pledged to secure deposits and for
other purposes amounted to

$205,353,979.

FRANCIS
\

.

.

MEMBER

FEDERAL

DEPOSIT

— ,

.

V

■

•

■:

.

since the- 196(P1961 recession "botfiL

-

'•

V

'




.*41

-

.

v.4

-

••

a«r--

INSURANCE

WEST

of the Executive Committee
L.

WHITMARSH

New York, N. Y.

by

CORPORATION

of the Board

Dairy Products Corporation

RICHARD H.

.....

28%, up from 18%
so
reporting last month;: while.—*.
21% report higher stocks, down
from 44% in March. Only once,
reported

STEWART

National

$2,423,869,943

.

that the rate of

than

E.

Former Chairman

month's

report noted. :
inventpry accumu¬
lation had dropped sharply since....
the March survey and that 36%
considered their inventories higher

H. REISS

President, Ronthor Reiss Corporation

Total Liabilities and

.

surprising

34,950,903

.......

POWER

of the Board, General

RAYMOND

Purchased Materials Inventories

Company

ACCOUNTS

CAPITAL

.

Paper Company

PETERSEN

Otis Elevator

1961-1962 period.

levels

""

Vice President and Treasurer '

DON G.

..............

Dividend

developing is remin¬
second quarter of
1960, when a similar decline oc¬
curred going into the recessionary
period of that year. That decline
differed only in that it developed
from a higher plateau in existence
for a longer time than has been

For

'

National Association of Manufacturers

Deering Milliken, Inc.
LIABILITIES

Acceptances: Less Amount in'

of the

Chief Executive Officer
Cyanamid Company

JOHN W.

down¬

changed levels. Nevertheless, the

true

Chairman and

15,539,818

.

Taxes and Other

of

'

Corporation

G. MALCOLM

Chairman

reporting

sloped

has

,

Accrued Interest and

number

members

General Cable

W.

American

for
Acceptances Outstanding

>

-

Chairman and President

Customers' Liability

consecu¬

LUKE

of the Board

R. MacDONALD

J.

14,507,000
Banking Houses and Equipment

KIRKWOOD

West Virginia
Pulp and Paper Company

14,407,000

:

'100,000

and, for the first time in
11
months, more
report
lower
prices than higher, 10% to 6%.
These percentages must be con¬
sidered small in light of the heavy
majority reporting generally un¬

iscent

DAVID L.

;
.

Real Estate

longer.

C.

President, F. W. Woolworth Co.

Chairman

wards

pattern

ROBERT

-

....

Company, Inc.

Chairman, The Flintkote Company
.

Conventional First Mortgages on

Commodity Prices

FOGARTY

[

I. J. HARVEY, JR.

same

month.

this

BOARDMAN, JR.

THOMAS C.

50,683,030

.

PETERSEN

Executive Vice President

\.aV

-

Insured

or

F.H.A. Mortgages

certain, the present status of our
indicators justifies serious doubts
that the business expansion will

tive

•/

U. S. Government Insured

better, 41% same, and 22% worse.
While it is still too early to be

r

v

E.

President

ARTHUR G.

1,154,392,951

the first
said better,
43% same, and 18% worse. Be¬
cause of events in the last 60 days,

half. At that time, 39%

we

45,848,832

,

MURPHY

of the Board

61,483,461

.

533,721,839

Other Loans

1962

WILLIAM
i

in comparison to

looked

426,389,546

r

.

.

U. S. Government Securities

members
of

.

,

Loans Secured

18

/

.

by U. S. Government
its Agencies

7 21

53

36

In

r;7-

■

or

29

.

Loans Guaranteed

.

June

.

Loans:

Worse
24

Same

27

—-

GEORGE A.

Underwritten

or

by U. S. Government Agencies
Other Securities

worsened condition.

a

605,145,426

Chairman

XL S- Government Securities

proved levels, the smallest num¬
ber so noting since the previously
mentioned turning point, and 18%
report

$

Securities:

duction figures are equally dis¬
couraging. Only 29% tell of im¬

1962

DIRECTORS

Cash and Due from Banks

by

reported

CONDITION, JUNE 30,

ASSETS

■

order situation

new

OF

STATEMENT

1961, and is the lowest percentage
so reporting since the start of the
current
recovery
in
February,

market stem¬

from

Continued

commodity

one

tin

the

apparently

Irving Trust Company

,

The

in

in¬

•

recently by the National Associa¬
tion of Purchasing Agents' Busi¬
ness
Survey Committee in their
latest
survey.
The
Committee
Chairman is E. F. Andrews, VicePresident in Charge of Purchases,
Allegheny Ludlum Steel Corpora¬
tion, Pittsburgh, Pa.
r
■v

to dwell

possibilities,

'

moves
on

page

to

47

The Commercial and Financial "Chronicle

10

.

..

(70)

Bureau

As Seen From Europe
<

-

—

By Paul Einzig

'•■-.'.■V

;

•

,

FifSt TriHiOll DoURIS AJX.
Of
x
Xlimun x/uiiwiu

« only tte
especially the'
of Labor — realized the

Administration

—

damnable effect of those phoney 'V
figures on the prestige Of the
United States abroad it would do

*

,

By Melchior Palyi, Chicago, Illinois

something about it. The American,

,

Thursday, July 5, 1062

..

unemployment' figures are a free:
gift to,Communist propaganda all
over the world, las they are presen ted as evidence of the ineffi-;

Painful reminders

the accelerating pace of our total debt notes

on

pessimistic about
the ramified effects upon tbe finaneiaj position and prospects of
the dollar refers to our lack of public and official realization of the '<•:
business, and the mortgage structure — particularly in view; of the
adverse changes that have occurred. Dr. Einzig recommends we elimistock market debacle. :Dr. Palyi dops not "assume that a wholesale
ciency pf -capitalism v in general
nate our foreign aid and reserve it for major emergencies. He; reports ;
and of the American Capltalistj >
credit-liquidation-crisis is in, the offing at tbis tiftie'% but be does dote
dollar devaluation^ widely anticipated1 as a solution to a depression ;
the second-look being given to tbe: credit-worthiness of firiiii. Ha
system hi particular.
V
^ "^
WhileCanada has ,1 made an
here, and suggests we remove that fear by giving evidence ofalter- y
points out it took 186 year* to hit the trillion dollar debt mark and
impressive gesture showing reali-j ~
that the1 current rate of Inorease Should accomplish the-same amount
native anti-depression plans. The London economist also suggests
,
zation
of thet need. ior drastic *
in oniy 20 year** A large segment of oar GNPt he adds, contributes
we eliminate the "phoney* figures in our unemployment data Which
; utile or
measures, there Tids 15eCh no lii,•
nothing in carrying the federal debt, v
' •; he calls "a free gift to Communist propaganda." Further, warning
dication of any change hr the
l;
v
'.■■J';-";'"'*: ?v;V' Cf'"0vM
is given that de Gaulle may use French. holdings of dollars to
: ; attitude of the United States. It As of Dec.
Five-Fold Debt Increase1
SI, 1961, the nation's
bring pressure upon us similar to what Poincare did to England : v : is feared that it may take years totid tiet indebtedness amounted
; r
V >
since 1929
:
y:
points listed as to why Europe is

One of the seven

•

-

*

^

;

sterling balance in the late twenties.

with official

/

v

^

^

^

: V

before
makes

LONDON, England

>

of

recent weeks,

the absence of any

(7)

Would Cut Foreign Aid
The

evident in London as in
continental foreign exchange mar¬
so

main

'

of the adverse

cause

of

mission of Britain and other
coun-$44-od d ; bil-tries, and the progress of economic |jon . debt of
integration* within the Common t h e pension*
Market, is liable,to affect Ameri- f un a s mancan • foreign
trade
adversely, aged b y. t h e
though nobody is in a position to u
S.
Treaspredict the extent of the adverse Ury. The goveffect. Uncertainty does not help eminent
a sto'strengthen confidence in the sumes that

payments, the cost Of
American foreign aid, could and
Sterling itself had. a weak
should be eliminated, or at any
undertone in recent weeks, but
rate largely mitigated. It is amaz¬
the main pressure was directed
ing that American opinion fails to
against the dollar. Possibly a re¬
realize that all the generous eco¬
covery in Wall Street may bring
nomic aid in Latin America, India
some relief, but the basic trend is
dollar.
and elsewhere does not secure any
expected to remain adverse.
Now that a settlement of the
goodwill in those countries for the
European pessimism about the
United States. Foreign aid should Algerian:' problem
is
really - in
prospects of dollars is due to the
be reserved for major emergencies. sight the likelihood of wholesale
following considerations:
repatriations
of
French
dollar
Regardless of repeated denials,
(1) The balance of payments re¬ a
dollar
devaluation
is' widely funds must be envisaged. Such a
mains persistently adverse.
anticipated, because it is feared trend would greatly increase the
(2) There is a widespread feel¬ that a business recession might French official holding's of dollar,
balance

kets.

"one

,

...

ing that sooner or later President develop and that the Administra¬
Kennedy might raise the price of tion might then resort to that
gold in order to improve business solution. Evidence 'of alternative
conditions.

,

;

1

^

-

(3 Faith in the non-stop rise in
Street gave way to \ doubts,

and

speculators

foreign

vestors act

arid

in¬

the United States.

Lack
of
realization
by
American ; official
and
public
(5)

opinion of the adverse change
generates
pessimism
about
the
about

of

measures

to

Common

Market

foreign
trade
pessimism.

is

on

American

viewed

,

recession and

a

business1

would

go

a

towards removing such

with

Melchior Palyi

Dr.

t s
made by the future beneficiaries
of the social security, arid the railway. pension funds wbtild be tax
revenues like any other.
(If an
insurance
company
Would "invest" the premiums of the insttred " im^itsoiowrifn J.OU.'s,. the
management would land in the

that General de Gaulle will make

hands. Unless the traditional.anti-rGaulle

if .the

pay men

political use of the power which
these holdings' will place in his

;"

t_

■

•.

attitude^ of^the -White-penitentiary.) The true over-all.

,

the severe setback in Wall Street.

ally,+de ^Gaulle will be strongly

in

foreign port-,
; !
.; :
reach the first; trillion of
debts, it took 186 years. At the
current rate of increase—$50 bilon the average Of the last
iom ^ears—it would take a mere
is; being held

Meanwhile, temporary movements tempted to repeat Poincare's strat- folios, (See Table I).
apart, the trend of i capital move¬
ments is.expected to be adverse

•RVpnnh

to the

wprp

!

dollar.

'

to

Krfniinl ^1^2

w

Lfnn

political

nurnoses
'

ft

unemployment

figures are hot based on the num¬
ber of genuine registered unem¬
ployed
but
on!
a
grossly
„

AlC tendentious sampler

survey

which

4*'

t

20 ,ye?r? *° get to

that in many respects the remedy
for the dollar difficulties! is in
the

hands

of

the

United

trillion.

Administration,

the

of

rate

Ae second

impatient

But

States' Frontier-men

need

debt. accumulation is

t6 accelerate

All of these shares

advertisement appears

having

jriomic

been sold, this
:

as a matter

of record only.

hanced.

V., i' **

if4 the Vate

should

"growth"

;

■

New Issue

t

:.r.

■,

(Table II). The money: supply
comprises'; the: total 1 of net, ad-;
justed sight deposits and savings,
in all banks, plus:the "savings
capital" of the building and loan
associations,
which
has
sky¬
rocketed from $6.6 billion in 1929,
to. $73.2. billion
at • last vount,
growing lately at an annual rate
of gome $8 billion.
:, -;; >
.

The two inflation denominators

,

^.expansion of outstanding xredits
and of the money volume—^are
clcteely Interrelated, of course. If
the' former appears to: rise* stxme->
What slower than the latter, it is
of

beoause

fact,

the

mentioned

Federal idebt is

that the

before,

improperly shortened iri the official statitstics by about $44 billiota Roughly every dollar put in
circulation
"produces"
a
three
dollar neMncrease of debt of one
.

or another. The. reverse is
true, also: one out of every three
dollars of debt is "monetized,"

kind

while .the other two. dollars of
debt

absorbed by non-bank

are

tovfestoft,- be - it individuals; in\,f .h-

tctprisei

How Much of GNF Can
•.

• -

the pebt?;

f;;

eh- revOrse"

ii i■>

Welfare

of 'the

side

Carry,

,

the debt is thq

The growth ^f

eco-

A»>'■>

-

'

■■■

of

be

V

/

:

-

New jtitotiohal funds, or business en^

■worry;

likely, to accelerate. In fact, it has

i.

too, ; is the com¬
with
the Simultaneous
the
moneysupply

Of

,

pocket*

—as

balances and4t»is widely expected

de

Instructive,
parison
growth

House and the State Department, indebtedness was in the .order of
It may take some time before which has been evident-ever since about $996 billion. At this writing,
is
and
France it has passed the fiirst trillion;
changed,
foreign investors and speculators 1940,
would recover froiri the shock of conies to be treated as an equal barely more than 2% Of the total ^
.'

Very few people in Europe rea¬
bring lize that the persistently high
official American
- •

improvement. •
(6) The effect of the European
an

way

fears.

accordingly.

likelihood

revive

long

(4) The high published figure of
unemployment tends to under¬
mine confidence in the prospects
of

policies to avoid
to

Wall

price level has doubled;* even in
"real" terms, the debt has risen;
>
'

pocket,;

other

1929r-when

tWo-£ihd-*a-half-fold,

it to "the

owes

present the volume of debt is
about five times larger than what

the threat Liquidation got' under
way. In the meantime, thev general:

nearly. !

on the dollar in Europe
continues unabated. This pressure

.

is Interesting to note that at

it was at the end of

^

it is evident that

pressure

is not

mate

French

further decline
the United States gold reserve

in

$931 billion; This official estiis incomplete! it does not

to

opinion _realize
doing
something

Substantial withdrawals of the need for
count as part
dollar holdings following about it.
: • ■ '
;
1
the net Irion
a
settlement of the Algerian
The expansion of the European 3 e b t
edness,
troubles is anticipated.
Common Market through the ad- the

In spite of

—

further *: deterioration

a

American

*pro^es^

;c--.t.i

table I

;

j

"

Public' imd Private- Debt, Net,. 1957^61

■

r;

■

:

r

-s r

(Billions of Dollars)

*

,

_

*
19f»8

1961

1959

1960

A783 ^ 847

«84

937

iTpml.;publmldebtJ-il-ii-'S^;i>_L^^^.L:l;ii 271; 284 -299

301

313

233
243
51-56

241

248

^ 60

«"v-:w.

r.

•

J

•

*

••'•-r

.1 t

|f«57

Total public and private debt_——+.+«: i lmff739

50,000 Shares

vFed.eral;Government and agency.224
Btate and local governments___'li_«:-:«.-~
47

H

;

v

'
-

"

65

^583

i

"

295

146

138

-165

-157'
■

honcorporate': debt r221' 241* 266
y s Farm, total
23
24
"
Nonfarm, total ui—
J- 201'- 217 242.<5Mortgage (urban) _______132 145; 161

i-

{$.50: Par

| Stock

-

t'V;
;

^

Value)'

:;

f-

^ "i1

.

..

V -"J

r

.

s

r

-

Consumer>r
?-s T.,
(Dept. of

>]'■ '■ ' *•*

V!
■1

-

'

Kenneth Kass
V

:

J. J. Krieger & Co., Inc.




■,

IrvingWeis & Co.
*

.j

.

■

•

s

«.

e

'20

56

57

17

v

,

r

r

-r

Money Supply
{Pfivatdy Held)

■'* ;

:

■■

______

j

347

-

'

169

'

490

739
:

-784

'V.....

'884

>

:

846

.

.937

•,

iv.:

<Deptt-of Cowmetce, "Business. Statistics," 496l£ and

Majr^.loSS.*);•;**/\^

igi

t

'

Dec,,, 4961, -—Li.,_——- 343
Apr., -1962_^

Total Net Debt

(Public and' Private}

:

June,1929
61
June;
r"-47
Dec;, 1950—>191
Dec., 1957—: 278
Dec., 1958—u—_„
291
Dep., 1959
——
301
Dec,, v1960l_^U_-_*_>—,315:

1
.

A

ig

13
52'

(Billions of Dollars)

End of Year

'

ur

175

190

16

~-14r'

.

TABLE H

(»r Month)

f

29
284

'

(t;-'

,

25

263

Commerce, "Survey of- Carre»t Business")

'i!

Price $12.00 per share

-

-U --13 i
'45 ; 46J

-■V'.v>Financial

v

v,

■iti

J 13

^Commercial
r

312

288

VTotal individual ririd

-

12

10
2

^ %;-ShO]rtiterms''_--tl--^_______---»I-'X^ ^2-../ •*2r->.'vV*2

r

Common

12

10"

• 12
;c; 12*
i'0, YAIO
10

•^Railway corpOrations _L-_Ut>jl3;

S

624
'312

:j

.*

,W4.

J

»

/

-

.

Number 6174

Volume 196

The Commercial and Financial Chronicle

(71)
of

crease

the

National

Gross

prices. A, further break of
stock market could not fail to

Product is achieved by a two-to-

ate/nationwide repercussions

three-fold rate of increases in the
amount of "mortgage11 the nation
as a whole incurs. But the burden

the-real estate market.

d

bted

*

"

dis

T

!>

pros-.

" —T

"or-

'

on
T

;

Thffiaahciaj"^

_

"

VrtiinfV
^
JL UtUIlg : VVylilyll b

ere-

v

'

-J

A

■

/J. */.

of New York has achieved
from
iuvh ,uum
men

V

■••"XT-

l

.

broad

a

membership of professional
the
me

T)

^

XT 71

^

'

^

Associajtionls T^sSd New N. Y. Offices

the

-.,x

-

...

...

.

,

.

the

and

Corpora4:«S
wellas-stocks/deciined/c^^ *
education of its members. To this opening
*w,

J as

..

.

,

ul,..umiclJ(

,.Mire.

end' the. activities of 'the Aasoci- York City at One Chase Manhatation: include monthly luncheons tan Plaza. The firm, a member
vear?9fB 'with pi uxiunenc speakers and eve- of the New York and Midwest
prominent speakers and eve¬
wnu

ning'lectures

<l4ehds

jna?

Thf most Significant aspect .of kefs
"cbld-bloode^' ; judgment,
this colossal ..debt
accumulation^ is Every lengthening of the' finanthe fact that it continues,, if with
leverage disturbs the chances
year-to-year variations, .^e^war- for new financing • and may ac-

•

time record, increase or .$57:2:. biH
in

lion

^*

-

■

t. j..

*

v

^

v?

1

i

to

open

:

both

Stock

men

'

*V

4

•

*

i

f

Exchange,

formerly

was

located at 63 Wall Street. Harold
H* Sherburne -is resident partner,

'

.

m

IV Rowe Price Adds

^

•

<=

r

.

•

Baltimore, Md.—t.Rowe Price

N. Y; Customers Brokers

nbunced^ha^M. J^enkin^&om-

,

Miss Mary DeSapIo of R. W.

•

^womcn.
£•'* »i

C. Merrell, retiring

' -

Pressprieh
Cd.,was elected~
Vice President; Miss Mary E. Con-

tually endanger the price of oiltstanding corporate bonds/ Para-

due entirely to

1944 -was

:/'<■

and

r

,

announced
the
new.- offices,in New

of

wn;

elected^ P?^iS oit^Yn^e

^lable
-^tributes

ar m

Co., investment

"kave

trtlvr

f

stockpiling of
s|nce the, drop of the Dow-;Jonhs
commodities,
industrial shaf e. Mox, The debthttle. or .nothing ta.carrying, potential Of a';busipdss.
;of. New-York' ior the
that has;to tarry,theeost of
se.ry- rfirni |s closelyrelated to itsnet
icing of debts, publid and:private, worth that
on the marf

-i

*

-"3^; Whipple &
large^egment °L«*

•

BaCOIL Whipple

wo.

banka-and*
oanKs and

major
major

^

11

D(' Leon ReihmaiB, President of

well, Jr., Leonard Primack, Wil- American Electronics Laboratories,
SrCo., Secre- liani B. Thompson and Donald W.'
Inc., will be guest speaker at the
was beaten'in the boom year 1959
to-rise in the "face of lowy.br/de- tary and-Miss Kathleen A. Blair,
; ( +$63 billion).—the: year of the- chntpg; government bond yields, of C. J. Lawrence & Sons, Treas- Weaver have joined, their counsel meeting of the Association of Cusborrowing; /.that

Federal

J/'dcttdcalhr,-.' their yields- •may /tend;

fitter

roy, of Dean

-

.

/'Eise^pwer deficit" of $15..bilr/phe - stock exchange -

debacle-is . urer. //,,-/',./,.■.•/// //,;V division, and Albert C. Hubbard,. tamers Brokers, to be held July
a/qiia*itativet.-*VFounded : in 1956, the Young Jrl, has joined the research divi- 2nd at 4:15 p.m. at the New York
.t^$3T biHion) and- downgrading of a number of cor-. Women's • Investment As^piation sion
Society of Security Analysts.
"recover4* last porate bonds • '
*• '<' v '
'' i,"
investment Association sion.
</l-$53 billion).. Ijt peacetime, : /, ;
,
t(Jse
'
bv:<
™ ^ate/of ^.increase/«up-" likely to result

li°i^

sided ip 1^60
fetill did not-quite
year

nfeW?^urr!Lth^nec^he
debtrincurrmg
reflects
ine

P^tOf rnniH
the*
va]11afirm

of..

stocKmarSt
hp

th

re-

thrnw-

a

I
•>

Vmrtffetarvflehci^^ mtlnkey wrench .toto tKe gears of
secondary .th® corporate dfcbt;ration, "if
temporarily-only. That will mean
a

role only.

setback 'to business investment

a

rapidly rising component of

A

in

new' plant and equipment-i-a .
Recession, possibly sharper than v
any previous one of this era.
; ; ;

the Debt Is its municipal sector—:

outstanding bonds
states, c municipalities,
-The stock -market debacle Will;
and their subdivisions, This sector>
influence business and credit in '
came out/of the Great Depression
relatively
unscathed,- with the more tharv-one way^-Much consolatiqn is being drawn from the
lowest
percentage ' of - defaults
fact that loans on. the purchase •
among all categories of d^bts. But
of securities are far less signifi- /
then, the total of state and local
the volume of
issued

by

.

today than they were in 1929, >
tlwinks to the official (70% !Ymar-

gin requirement. But the margin

reduced to $13,6 . billion by \
of 1946, From there

end

the

on,

*«w.

break than the exchanges

Cash and Due from Banks.
U. S. Government

■*
*
*
fV "
Futhermore, corporate, securi¬
play/ a substantial role J as

of the Debt

matter of fact,

a

to

take a second
debit accounts1 as

the pace

own

Especially so, under the

In

impetus of the Kennedy Admin¬
istration's
inflationary > policies.

growth of dwelling, .martgages, 4n particular, is being artl-,
ficially- boosted by cheap credit,
and government guarantees,-also,
by the easy-going practices of the
credit, institutions which compete
for a.bigger slice of the mortgage

•

jpie. The latest stage Of this reckTes? trend is the 30-year 5%%'
."mortgage on hOmes/ with • 5%'
down, guaranteed by the Federal
Housing Administration. The next

(step/will be, presumably, virtually
down payment whatsoever—
J as in the late 1920's.

at
as

the

•' 64,128,569

Receivable.

•

-'vz

•

>

among

occur

N. Baxter Jackson

,

i

r

'.! /;

of Directors of

\

ture

prices
values?

clined
houses

the

•

stock

'

.

-r

-

•

■

./

-

•

*

•

been

sociated
,

'

b 1

11,116,036

Deposits

.

.

.

..

Rubber Company
/

'as!

a

is

member
Investment Club.

unexpected

a

$37.0J72,944 in the foregoing statement are

the

/./

{

.

"

The Home Insurance

V

r

Woods : "• ,!
' Chairman,
Courtaulds North America, Inc.

"

'**'

*

"

■/'.,.
Vice Chairman

/'v -•

Chairman of Trust Committee

I

JAMES B. BLACK

•

'.r

,

•-

f
.

Sears, Roebuck and Co.

Percy L. DouqlasPresident,
Otis Elevator Company
Ci't

•

-

<r\.

,

•

\r

.

f

.,

•

& Research Corporation

.

Joseph A. Bower
H. I. Romnes
Western Electric
©u

President,
Company, inc.

Retired

Thomas R. Williams

Arthur K. Watson

.

Pont Copbland

Jqhn K. Roosevelt

Vice President, Director and Member

Executive Committee,
E' IdU Pont de ftmoarm & Company*
•„

(

,

f

v

„

-

.....

■'

*■;

Partner, Roosevelt & Son
Graham H. Anthony

*

J.

...

•

'

I

^

President

McCall, Jr.

"

Chairman,

Finance ComOrittee,
Veeder+Root, Inc.

/

;

Adrian M. Massie
Howard W.

,

Frederick E. Hasler

Consultant

Chairman,

Haytian American

:

Harold W. Comport

Sugar Company, S. A.

<

James Bruce

President, The Borden Company
Senior Vice

President,
Equitabk Life Assurance Society of

B. F, Few

.the United States
Charles E. Daniel
I

Austin R, Zender

-

President.

National Distillers
and Chemical

.

Chairman,

-

Daniel Construction Company. Inc.

Trustee, Dttke Endowment

William P. Worthinc.ton
.

IBM World Trade Corporation

-

.

Chairman of the

Gilbert H. Perkins
:

Vice Chairman

Chemical International Finance, Ltd.

Isaac B. Grainger

Corporation

1

;

Consultant to the Bank

Ill Convenient Offices in the New York Area

:

,

LONDON OFFICE; 25-31 Moorgate, London, E. C. 2
>

the

setback, of

share

affect real

^

Correspondent Banks Throughout America and Abroad

estate SAN FRANCISCO, CaiiL-^Robert'

But
way.

-

that is, precisely, W. Faas is how with Bache & Co.
They have .not de- 235 Montgomery Street He was

appreciably: (as- yet),, but previously
are unsalable
at current Inc.




..

■

.r

•
v.

with Walston-& Co.,

,

/S5->

t

y.

v *

^

Charter Member/New York Clearing House Association /

Member Federal Reserve System

*

-

.

•./

Board,

Home Life Insurance Company

MAIN QFFICE;" 2jf) Pine Street, New York 15, N. Y.

^

'•

,

Director of Various Corporations
Grant' Keehn

President,

..

President,

Ichabod T. Williams & Sons, Inc.

"

-

Chairman of.the Board,
Pacific Cos and Electric Company

New York

Chairman, Nichols Engineering

■

Trustees, Profit Sharing Fund

and Director,

/

C. Walter Nichols

Chairman of the Board of

'/'./•'

r

^

Senior Partner, Drysdale & Co.

Real Estate

.

'

Honorary Chairmen of the Board

Vice Chairman

.-■//•.-.

Boston

(Special to The Pinakcim, Chboi»icix) i

*

Robert A. OrVsdalb

>

Life
New York Life Insurance Cam nan v
Insurance Company

.'

Frank K. Houston

President,
Company

Dunham B. Sherer

Lammot

Now With Bache

exchange.

^oriilniffee

*

Registered
Representaof

.T

CV

tive since 1950.

He

4,153,040,631

■«

•:

$4,904,012,697

Charles H.Kellstadt

; '
Chairman of the Board,
Associated Dry Goods Corporation

f-

../

-

r; & "

.

.

President,
Pittsburgh Coke & Chemical Company '

-

Partner, Cravath. Swaine & Moore '■

-

'*•?

as-/

Horn-

.

—

•

Henry L. Hmlman
t

'

.

with1.

owe

Weeks
W. A. Monroe, Jr.;

f

the Boston office of

.14,087,118

.

*"

" Chairman,

Hulbert S. Aldrich

-

Square. /"' "; ■/;.//
/Mr. Mompe,M .
has

89,000,000

.

*

-

Chairman;

r

Robert Q. Goelet

'•

v

.

.

f" J. Albert
-

.

.

;.

July 1,1962:

./.."..

Payable,

William S. Renchard.

:

'

office,

10 Post Office

5,933,613
161,319,213

Kenneth E. Black

♦

-

RiCHARD.K. Paynter, Jr. -"
'
Chairman of the Board, i

■

quarters at the "

Boston

.

.

Bills

,1,

.with head--

should

if

What

under

from

arises

quarters;

threat to the
mortgage struc¬

serious

'■

'

Group; Inc:,

Market and Debts

of the

Dividend Payable

Other Liabilities.

carried at

/Maurice T. Moore

r

i."

•Distributors

.

most

'

-

Robert J. McKim. '

T

<

29,941,991

$4,904,012,697

.

Patriae*, Harris, Uphani & Co.
•

H. E; Humphreys, Jr.

,

by

A

;:

*

Hajrold H. HELM

.

-

BOSTON, Mass. — William A.
Monroe, Jr., has been appointed
Resident Vice President- for the
New England §tat<(S by.^>e Boar<|

tion.

stability

.

ChairmanExecutive Committee
Henry Orh/Vm Harris
/
" -

.

tended % savings and loan asso-

Stock

.

.

Acceptances Outstanding (Net)

22,692,626

--—■

*

■■/ ^

United ptates

ex¬

the Veterans AdministraEvidently,
the fact that
mortgage credits mature in instal¬
ments, not in lump sums, is no
protection against defaults.

/,

'

12,114;464

.

,

.

Reserves for Taxes, Expenses, etc..

;

.

'•

v

88,575,667 $ 438,575,667

Contingencies

;

.

.

.

'*

248,280,920

.

..

'

.

-ciations and insured by the F.H A.
or

.

'**'■■

r.

.

-i

/

taw.

•

slows

those

.

.V''«'•>

r-

>

„

• ■.

.

Securities

"

idown the process

to

/

*"

'

:

.

seem

v

.

Monroe V.-P. of

Vacancies
of rental
■buildings in 1950 and,for .7.7% in
early- 1962.. An
oversupply of
•
housing is in progress, that may
reach critical
dimensions in ; a
year or two—unless the turbulent,
wages

.:

Other Assets'.

_

last year, with

before it reaches
the
crisis
stage.
Incidentally,
'most" bf: the mortgage/ failures

-

.

./;■

notwithstanding the

of. construction

,

Accrued Interest and Accounts

/

suffer, The,1950 drop in the annual increase of corporate shortterm indebtedness/ (from $18 bjil- u.J
lion r^ite in 1959 to: $5: billion)
reflected the business ■ recession.
In 1961, the' increase amounted; to
$8: billion, a moderate',upturn,
Currently, .all- signs indicate: a
slow-dbwn ; o f ; th e /short-term
credit flow; at ieast of the-rate]at r"
which it fends: to grow. Yet; there /
is no. reason to sssune > that- a/ /.
wholesale credit-liquidation—a-isis!-r£s in.the offing at this time.

in the num¬
foreclosures. The / latter

Reserve for

2,465,312,002

-

$235 million involved.
; accounted ■; for
2%%

•rise

22,926,224

Customers' liability on Acceptances .157,466,476

rate of vacancies and

has risen to 9,414

;

.

■/

..

'

Undivided Profits

578^03,308

.

-rapid increasein the percentage
of

• >-

"

the urban mortgage
debt/is growing at a $15 billion

ber

.

.

Loans,

,

;

<S)2. par)

.

Surplus:

/r

.

.

1

r/ ; Presently,,

»WTi>

$101,719,080':

.

.

.

/no

annual; pace,

.'

.

643,902,165
'

Banking Premises and Equipment.

their

corporate bond portifotfos.
as the-stocks drop, the
of

.

Capatal Stock

937,865,291

.

.

.Other Bonds and Investments

their

fact,

credit-worthiness

The-

look
w^l

Securities

;■

^lintprab!, The hanks have

—

f
of tViQ TSobt'c increase tends to anthe Debt's inprpnep fpnds t.n ac

celerate.

State, Mumcipal and Public

'

$

.

Obligations

.

ties

The <^Prog*ess,,

,

LIABILITIES

ASSETS

..i: i-

-

.

of business June 30, 1962

were

taxes.

•

>

_

vthis^despite"ever-increasing local

.As

efl ^anditicn

At the close

rGSulstiuu. lias b^n .evaded bysubtetfugds; r AndJ it

coming out /at the ^
; compound annual rate of 10 to i
15% of. tho outstsrnding votiim^^
issues

^6on€ienMd

cant

obligations in the hands of the
public was moderate: $16.7" bil¬
lion at the peak in 1933. It had
been

CHEMJCAL BANK NEW YORK TRUST COMPANY

'

Member. Federal Deposit Insurance Corporation

The Commercial and Financial Chronicle
12

cost

The

Canada's Emergence Action
For

Exchange Problem

made for over

ment on

of Prime Minister's stateaction follows:

There has been

developing an in¬

creasing
degree
of uncertainty
and
instability in the financial
markets which has intensified in
last

the

few

requiring
mediate

gent action.
Dealings in

been

international

balance of

payments, to the level of the ex¬
change reserves, and to Govern¬
ment revenues and expenditures.
The first measure the Govern¬
ment has taken is designed both

have

excep¬

tionally large.
These

reserves

being

now

Canada's

exchange

the

markets

exchange

Canada's

fallen, and the
announced
are calculated to redress this posi¬
tion.
These measures relate to

im¬

de-

in

contained

measures

The

the

million

a

exports

third

The

,

action

of

course

re-

y^ars

on

with Kidder

It
■

™

ductions in expenditures

"

is

nnl

the belief

Z

of the

h

formerly

was

Peabodv & Co

First Investors

Governt

+

'

months ahead.

jn

involving reamount-

program

a

January 1, 1962. He

^objectives , and
these
will%: continue to be

pushed forward with great vigor

result, the Government has de-

cided

at these

aimed

■

A

Vice President of Blair & Co., Inc.
Mr. Chisolm, who is a member
^ e Investment Advisory De¬
partment, joined Clark, Dodge on

a

Pver

programs,

ditures, covering all departments
and activities of government.
As
a

have been

essential

of the planned expen-

review

to

•

v,

^ve "ea(* of .the firm s Research
PepJ'■ ]0fel ,af' Dodge
i?. 19^9- ?J10^
that, he was a

be

than
before.
Many steps which the Governmerit has takefj in the past four

important matter of
Government
expenditures.
We
have recently conducted a care-

ful

dpvplnnmpnt

and ;0.

Exchange

iQ

Canadian

in

invest

to

also

Stock

+.

increase

must

greateryextent

the

to

lates

York

Beirne Chisolm, Jr. an Assistant
Vice President, it has been an¬
no-J^ce™.'
■
Mr: Fl?leY> wh<o is admimstra-

presents

further

they

but

prepared

Reduction

Spending

situation

present

Canadians

must

year.

Government

JL W (J

John W. Finley has been elected a

onjy a challenge but an opportunity to Canadians. Not only

lead to an
improvement in the current international
account
of some
$300

Tlirn

Vice President of Clark, Dodge &
Co., Inc., 61 Wall Street, New
York City, members of the New

not

program,

emergency

A

to

must keep her costs of production down, and strengthen her
competitive position.

the

of

effects

the

with

other

T\

A

circumstances permit.

inrWrv ' and

dollars.

measures

emer¬

import

1

tempo-

are

improve her balance of international
payments,
Canada

combined

temporary

measures

To

and the reduction of
tourist exemption will,
to-

the

pi

and will be removed as soon

rary

surcharges

was

these measrequired to assure

purpose,
are

OlSXK. JL/OQ2f6

would emphasize again that these

estimate that the

the

be

in

or,

year

year.

of

will

visitors, $100

a

overseas

as

We

have consequently

days to a point

of

constructive nature

introduced to improve our current
international ' accounts.
I
emergency

a

effect

previously avail¬
able and has been paying for the
excess
of imports of goods and
services over exports out of re¬
serves of gold and United States
which

tal

times

three

case

gether
The text

which

tive,

$25 worth of

to Canada duty-free

apply to Canadian tourists who
are
already outside the country.

of a minority governing party anticipate that the normal in¬
of capital will revive.
Pledge is given to defend the exchange
rate at 92 '/2 cents U. S.
~

of national
ures

-

ists will be allowed to bring back

re-elected

against foreign capital in-flow, the

ously well known stand

exchange

any

Thursday, July 5, 1962

It is anticipated that the normal and conserve the strength of the
inflow of capital' will revive and national economy.
longer-term measures of a posi-

This temporary reduction of the exemption will not

Canadian tourists can

flow

-

.

than we can afford in
present circumstances. Under the
temporary order, returning tour-

once

postponable imports, and reduction in duty-free goods
bring into the country.
Reversing his previ¬

essential and

not be imposing
controls.

in

exchange, is far

higher

the

change problem, Prime

exemption,

this

of

of foreign

terms

goods

with Canada's deteriorating ex¬
Minister Diefenbaker announces arrangements
$1 billion cash and credits, temporary tariffs on non¬

Taking emergency action to cope

head

.

(72)

Names

BUFFALO, N. Y .—First Investors

vp

^

CorP-> 698 Delaware Avenue, has

balance of ing to $250 million in a full fiscal overcome ber temporary difficul- announced the appointment of
payments
and to
have
been
ties and will assure that she will Fred
as
manager
produce revenue. It consists of a
such that a
temporary,
graduated surcharge of expenditures which the Gov- continue her economic progress to in its Buffalo office,
comprehensive
Mr. Wiley had been group manon
certain
classes
of
imports ernment will place before Parlia- new high levels.
program has
which
will
be
imposed within ment.
Canadians have never failed in ager in the Syracuse office.
He
John G. Diefenbaker
become neces¬
the scope permitted by the exist¬
sary to relieve
ing authority granted by Parlia¬
measure up
on
the
Canadian
the
pressure
ment. Approximately one-half of enues resulting from import sur— xosponsitoilitios 3nd I cull upon ull 1955, und. wos promoted to group
dollar in the exchange field, to
will have the effect of Canadians to support, in a spirit manager in 1960.
all imports will be exempted from charges
bring about greater stability in
.=-.
_
any surcharge.
These consist in reducing the budgetary deficit by
our international transactions and
about $450 million in a full year;
the main of basic foodstuffs, raw
to strengthen our
exchange re¬
A further financial measure rematerials, industrial components
^
serves.
and agricultural machinery which- lates to
the composition of the ^
Exchange Emergency
either enter directly into the costs exchange fund.
Sales o| gold and 1

v e

to

ents

o p m

Canada's

improve

international

reflecte^^th^r^vi^ed^sTimates

Wiley

combln^wfrtL^increaTed1rev? the

the

Under

of

constitution

this

Canadian

of

production

or

are

Government has the -highly essential for other reasons,
responsibility to conduct the na¬ or enter directly into the cost of
tion's affairs and, within the au¬
living of the average Canadian.
thority given by Parliament, it

country, the

will do

Parliament cannot le¬

so.

gally be called together for some
weeks.
The situation demands
action
which cannot wait until
be

could

Parliament

convened.

Government therefore is im¬

The

mediately announcing and enforc¬
ing

designed to meet

program

a

I trust
that the leaders of the other Par¬
the needs of the situation.

parties will recognize
that Canada was faced with an
exchange emergency which placed
liamentary

the

countries

Western

through similar

have

emergen¬

and have
overcome them by taking correc¬
tive emergent measures. The Ca¬
in

cies

recent

years

fundamentally
strong and sound and we believe
nadian economy is

with

that

ports

a

combined

effort

on

all Canadians we shall
overcome Canada's immedi¬

of which

some

15%

a

The

accounts.

ernment

surcharge

will

be

such

includes

cash

dollar

Canadian

equivalent

balances

gold

ment

A

■

surcharge

10%

posed

will

be

im¬

the remaining group of

on

imports, amounting to $650 mil¬
lion annually at recent levels, for
most of which it is possible for
consumers
to
defer
their
pur¬

soon

production is

or

which

for

now

Canadian

available.

will apply to im¬

The surcharge

United States dollars
approximately $1,100

and

ports.

of

holdings

stand at

million.

these

reinforce

To

.

re¬

immediately, the Govern¬

serves

Bank

the

and

Canada

of

be

made

services

for

including

payments of dividends and inter¬
est. This is a condition which has
existed

for

years

many

and par¬

It is estimated that the

derived

from

will be
lion in

of
a

these

the order

substantially last year, it remains

import

continuing problem. Canada has
capi¬
tal inflows from abroad.
These

capital imports have been ap¬
proximately equal to the deficit
in Canada's current international

ment

on

give noti¬
general agree¬

tariffs and trade of these

and will be pre¬
pared to consult the other coun¬
tries
who
are
parties
to
this
agreement and who may be af¬
fected by the measures, subject to
the needs of the emergency situa¬
measures

tion.

Inflow

Canada's immediate difficulties,

however,

by

a

have

been precipitated

drying-up of the net capital

inflow and very

capital outflow.

recently by

a

net

Canada has not

been receiving the

inflow of capi¬




A

temporary measure
designed to conserve foreign ex¬
change relates to the tourist ex¬
emption under which Canadians
travelling abroad are allowed to
bring into Canada, duty-free, $100
worth

of

goods

once

every

Securities

Loans,

Loans,

224,000.00

Secured
Unsecured

Time

and

F.H.A.

Discounts

Insured

First

Other

Mortgages

Mortgages

375,000.00

Bank Stock

Reserve

Federal

27,941,644.75
7,603,023.25
31,371,973.04

Mortgages

Guaranteed

V.A.

19,895,822.90
1,837,575.51
2,032,428.03
44,359,745.82

Secured

Loans,

Loans

&

drawing $300 million in foreign
exchange.
The Government has
arranged a line of credit of $400
million from the
Export-Import

Other

number of important

a

Bank

in

The Bank

Washington.

with

in the

United Kingdom

the

amount

million.

of $100

financial

international

This

support adds well over $1 billion
in cash and stand-by credits to
Canada's exchange reserves
but
by

means

no

bilities

now

2,625,054.59

;...

* 139,344.59

Fixtures

exhausts the possi¬
to Canada to

her

reinforce

Accrued

Income

reserve

1,204,398.11
380,415.68
....$260,163,930.46

Receivable

Assets
TOTAL

ASSETS

Liabilities
Demand
Time

Government

Deposits

Reserve for Unearned

Income

Reserve for Interest, Taxes,

Reserve
Other

$ 109,752,823.21
118,810,566.75
' 7,132,961.67

Deposits

Deposits

U.S.

for

Loans and

1,999,250.37

:

1,492,383.69
2,936,035.01
33,700.00

etc

Discounts

Liabilities

;

Acceptances
Acceptances Executed for a/c Customers
Common Capital Stock
(220,000 shares - $25.00 Par)
Surplus

5,500,000.00
7,000,000.00
5,189,815.91
......$ 260,163,930.46

Profits
TOTAL

299,389.27
17,004.58

....

...

Undivided

LIABILITIES

position.
F.

actions

These

17,004.58

Liability a/c Acceptances

Customer's

open

by friendly coun¬
tries and institutions constitute an

RAYMOND PETERSON
chairman of the

Board
%

impressive vote of confidence in
Canada and I express the thanks
Canadian

the
The

to

defend

value

people to

Government

of

the

the

established

is

last

them.

determined

foreign

exchange

Canadian
month

dollar
at

NATIONAL BANK
PASSAIC

OF

92V2C

It Is the Government's

17 HANDY OFFICES IN...

in¬
Paterson,

tention

climate

to continue to

in

CanadJ

maintain

hospitable

foreign investment and,

as

a

to

Friday,

the

Pompton Lakes, Preakness, Ringwood,

I stated

Government

will

Bloomingdale, Clifton, Mountain View,

Borough of Totowa, Wanaque Borough and West Milford
Member

on

COUNTY

as

.

U. S.

four

months, or if they travel overseas,
$300 worth once every 12 months.

34,954,814.45

Municipal Bonds

Bonds and

Demand

Furniture

of

second

$28,990,843.48
51,210.192.44
5,000,649.24

Federal Agencies

of

and

Other

Banks

Bonds

,

Tourist Exemption Decreased

Capital-

Bonds
State

steps.
Canada is exercising its
borrowing rights with the Inter¬
national Monetary Fund and
is

account.
Reverses Position on

Government

Houses

$200 mil¬

The Government will
fication under the

become accustomed to large

surcharges
of

full fiscal year.

ticularly since the end of World
War II.
Although this deficit in
our
current account
diminished
a

revenue

U.S.

Banking

have taken

of Canada has entered into a re¬
commodi¬
ports from all countries except the
ties last year, the highest in his¬
ciprocal
currency
arrangement
few countries,to which the gen¬
with the Federal Reserve System
tory, exceeded commodity imports eral' (maximum) 'tariff rates al¬
of, the
United
States
in
the
for the first time in nine years.
ready
apply. Their ." trade with
amount of $250 million, and has
However, there still remained a Canada is
very small.
made a comparable arrangement
large deficit in the payments to

of

Due from

Cash and

emand

Credit

official

Canada's

now

Assets

to

Stand-by

wines
and
spirits,
jewelry, perfume,
etc., totaling
some $150 million of annual im¬
champagne,

N.J.

Minister of Finance will earmark

im¬

of imports which
luxury
items as

NATIONAL BANK of PASSAIC COUNTY, PATERSON,

1st

the

Accordingly,

expenditures.

1962

of June 30,

these

ordinary

meet

to

balances

as

CONDITION

OF

STATEMENT

Govern¬

ment does not intend to use

cash

to their joined the company in November,

Past to

o|-uther.v

corresponding
substantial increase in the Cana¬
dian dollar cash balances in Gov¬
in

resulted

have

Canadian

on a group

chases

problems.
Canada's exports

out

fund*'in recent months"

exchange

the sales of ex¬
change reserves during this fiscal
products are available. These two year, to be used only for the pur¬
categories, that is those exempt pose of financing increases in our
and those subject to the 5% rate, reserves.
include some 87%
of imports at
Over $1 Billion Cash and
recent levels.

the part of
ate

surplus capac¬

alternative

which

of

A

Other

ap¬

ity exists in Canada and for others

posed

ment.

Non-Essentials

on

some

for

on

surchrrge will be

5%

categories amounting to
$2.3 billion of annual im¬
of a less essential nature,

plied

immediate

take

passed

The

Government

an obligation
action within
the limits of the powers conferred
on
the
Government by Parlia¬
on

to

Increases Tariff

dollars

States

United

branch

Federal

Deposit

Insurance

Corporation

Volume

196

Number 6174




.

.The Commercial and Financial Chronicle

(73)

13

■j

•

K.

AMERICAN STORES COMPANY
changes its corporate

name

to

ACM MARKETS, INC
•(EFFECTIVE JUNE 28, 1962)

1
L* >■

>0

•si;'

If
t

H f:

f

This name-change
tion from the
ness

was

is the final step in the transi¬

days when the company's busi¬

done entirely in retail outlets called

"American Stores."

Presently, less than 1% of

total business is done in stores bearing
Extensive

name.

advertising and promotion efforts

have well established the "Acme''
introduction in the
kets

this

twenty-five

name

since its

company's self-service

years ago.

mar¬

it

more

closely in the minds of the public, with
,

the stores that it operates.
>

Acme Markets,

nation's fourth

largest food chain, with sales for the second
secutive year in excess of

con¬

$l-billion. At present,

a

copy

California, under the

name

are

operated in

"Alpha Beta," by the

company's Alpha Beta Acme Markets division.
Highlights from the latest fiscal
March 31,1962, show sales up to
net

earnings

up

common

the

ended

stock—and cash dividends of
a

5% stock dividend. For

present, the company's symbol listing on

the New York Stock

f

year,

$1,034,000,000;

to $13,330,067—or $5.71 per

$2.00, in addition to

.

-s;

Exchange remains "ASC."

'Im

•

of the company*s current annual report, write:

Acme Markets, Inc., 124 North 15th

and California. Of this

American Stores and 67 markets

■Vf,.

For

being operated in

total, 747are Acme Markets; 32 still bear the name,

share of

Inc. is the

are

Pennsylvania, New Jersey, Delaware, Maryland,
West Virginia, Virginia

The change in the

company's official name will now serve to identify

retail food markets

846

Washington, D. C. and eight states: New York,

4

►

Street, Philadelphia 2, Pa.

-x

I

t.

:

(,.*•!
H

v

,

.

14.

r

The Commercial and Financial Chronicle

(74)

of

Impact of Earnings on
Credit Status of Railroads

of the utility industry 9.41%

utility industry underscore the definitely
latter to investors.
Though an essential backbone to the country's transportation sys¬
tem, the railroad industry is held to be a classic example of a reguiated industry earning an extremely low rate of return on investment and having a dangerously narrow margin of profit. Earnings
must be improved to restore railroad credit and ti popularize rail
securities.
Until this is done, railroad issues will have a limited
appeal to knowledgeable investors with courage.
Telephone System and the

discouraging plight of the former vis a vis the

/

read, hear and
regarding the many
ills of the railroad industry. One

These

days

we

witness much

for instance, might be emh asizing

group,

19478

p

-fPM

f eatherbedd i

n

interesting to note that had
in 1960 enjoyed the same ratio of net earn-

be main-

may

healthy state.

a

the

;.

railroad industry

as

"A

will

■

-

.

to

in- *

continual

less

or

more

capital funds is essential
healthy railroad system. In

a

in

I

at this time is

I
1

ing

dis¬

criminatory

I

| tent. Lack of traffic growth, how¬

petitors, fail¬
to permit
James L. Sheehan
i n t e g ra ted
transportation
companies, poor management, etc.
ure

There is

doubt

no

corrective

a

so-

lution

to any and all of the soills, mentioned in a broad
sense above, would go a long way
towards restoring health-to this
sick industry
sick in a Jjipancial

called

sense.

.

.j,

*

in other words, if the
rkf 4Vl
rtriVl-wi
AAHI/1
L
ills of the carriers could be

Stated

OUty

lllo

tunities

A

/\

large, and many now unknown
will surely develop.-'-" 7V •5
are

from

uals.
j"

'

alert,

cient

that confidence in the

so

thp

of

(3)

with

■

„,

i

'

•

V

•'

TABLE

banks,

ljt

1

*
:•

%
*k

-■

'i'

■"

^

as

* "*«*'1

\M

I

$561,957
864,689
1,273,484
1,312,200
1,065,842

■

1949_

1950—___

.

•„

n.

_

to the investment in the
le
'

1953

1,259,797
820,246

,

1954

1955______

•

•

1

the railroad industry is not some-; terrh

re^

JWng thqt h^s just. conie to lig^,.v>*A'l>rA^^;

-

__

1957„_.
1958___.
1959__

JJ_,

I960—

__

$1,227,857
1,394,705
V . 738,036
818,002
919,154
*

-

for sound

non"

Average

""

sl^h\ nnterruptions, nnnfnrtr
-since hlong
nKmir

tnn

rimn

nf'rhh

about the turn of the century. The
iharging of^;the rail.industry;
Kosto
fo? the ' five-year : period ended A
;
withvth e yea^^l^O^V 'averaged.
^ajjp*
:•
property^
Pef. annum;, while .during i\iT3.PQllluS (JXllCGrS
1

the next

A A

five-year period, 1906 to

credit

Average
r
-v
1956-60___ $1,019,550

Conditions,

Sin °± "Profit

-

Boston-

seems

In studying op- ' :

:;;

niscourarinir

to

to the ^year
at - 31.0% of
•;

•

Corporation,

*

,

-

,

„.

b

•

^

-

.

t

•

e

n

has

a

n

-

/

Mr.
Hardy,
who /joined

.

erations for the calendar year

the

■

tion

corpora.in *1941;

is

•

-

-

e

nouneed.

r'-

Investors

it

"

1960
? f?*sc°uragmg to investors
1946-50— $1,015,634
1951-55— $1,148,886
and plant investment at the close , ^InvestorscollecUyely, have no.
t
^
v 196i:__>__
$646,452 of that year; I found all Class I absolute standards to guide their "
channeling of funds intu industry.
TABLE II
V - "
i
;
' '/ railways had a combined investment in road and equipment facil- However, they are most Reluctant
Percentage Earned on Year-end Net Investment (C)
ities
totaling $35.1
billion
ahd; to, invest aft regulated, industries *
Railroads
Bell System
Utility Industry
$26.4 billion after deducting ' ac-\where either earnings on invested * ^
A
B
A
*
B
A
B
cruals for depreciation and amor- capital are! low or where the inatr1951
6.4%
4.0%
5.5%
9.8%
9.3%
5.7% tization. Corresponding figures forprofit does not afford ade"

at1, a1*

It IS a pondltion ihat, has grOWh Meeting of the RaUwiad Public Relations
progressively; worse, with .some Association, White-Sulphur-springs;- West
1962.

pertinent to examine at try- was- subsequent
this point the comparative earn-^™06 ;when it stood
ins status of our large regulated revenues.
% ". *
it

service industries.

Average

-

•

Sheehan^

;

1956„_.

909,521

<

•

.

1951______ $1,413,955
1952„_^__ - 4,340,912

temporary basis.';

the

lationship as between debt .and
equity
*v
: •'"*
(4) Lastly and most importantly,>
especially in the case of a regulated
industry, fhe" regulatory
processes must recognize and per-,
mit adequate earnings in relation
;_n

rogard the putchass of^

haVe been getting stronger.
. ...railroad securities^asa relatively
V'The relativelyjlow. rate, of/refor the employ-;
turn and narrow profit margin of ment ,ot tunds, on
strictly short-

Capital Expenditures of Class I Railways

(000's omitted)

1946——

of

satisfactory

a

*

Total

/ulnlty itrdustry

^ •?????;'

assurances

^

e x c 1 u d e," of

fu-V

financial structure-of

The

eanized

Moreover, the establishment

■.f

.

savings

^„S.e?aflr?ad'

Pr°t!t - has been declining,, where- this . connection I

pfitprnH^p

^

3nd

Se i0n,th0Se /4rnt0^ Wi^h

effi*-

and

H

',WiS

on 3 highly: SGlcctivG bssis

of net earnings to operating rev- courage and an mtimate^knowl-

v-,.

-vv.

the business must be properly or-

mutual funds and individ-

as

.

the r^ilrosds th6 rstio of net csrn

post

ft

nrocressive*

tioned

life

pension funds,

i..■

'

'

tiiTp

reservoirs of credit, such
insurance companies,

our

the

as

at

•-#-

•

* *

'

_

ings substantially—possibly three
*

erlv

sound

a

mmmTinitv

thp

tion with other borrowers, to at-'
1AM
~.A.
'
maintenance of
tract long-term investment funds

well

so

have

of

(2) Management must be prop-

credvi,t stltus:industry, s.tatus wou,ld
?uc.h a in competienable the

question then arises: Why is
necessary to increase earn-

it

industry

must5 be es^ntS to the weltSS
that
$ boaSSL ld
tiv'e

Assuming the need for substantial capital funds each year, beyond those that might be genera^ed from operations, it is not only
important but, imperative that the

resolved, the earnings of the indus¬
try would substantially increase.

The

The known opporimprovements,

such

for

railroad

,

Why Earnings Must Be Improved

many

permit better or more economical
operation usually entail capital
expenditures.

* of

•

v

ever,.

com¬

as a class im the minds
investors. However, I am conrailroads,
fident the. popularity of railroad
light and
securities, and-.-, a - restoration .of
meet certain requisites*to attract
:
® :
.• 5
•• ,^--.railroad
credit,.generally, cannot
investment funds if they are to
i My next series of figures; (Table be achieved without adequate
progress as rapidly as they-should II)1 are; d;he: .'comparative * pretax earnings.
Therefore, pending the
and provide the public with the and after tax operating earnings restoration of sound credit con-r
best possible service at the* lowest-°f the last ten years for the rail- ditions to the industry, railroad
possible cost. Among these requi- road industry, Bell "System/.and- securities- will undoubtedly.. consites may be cited*"
- --<.-utility^-industry-,
both-in,:relation, tinue to have a restricted market
(U The* service function which to net plant investment and, oper- status. Their purchase to any imcontinual

sUCh as? the

funds

new

••

does not eliminate need for
capital funds.
Improvements to

taxation, sub¬
sidies to

This cause does not
exist, but it is. likely to re-

traffic.

now

securities

t° only, $788 million before the
payment -of fixed or contingent
telephone, and electric interest'charges.*
;';s,
power companies, must' >
•/fWfaiino-•'Fartiin^
'

of

influx

turn, although not to the old ex-

regulation and

to

and political influcompel industry to

Industries requiring a

need has sprung pri¬

marily from the constant expansidn made necessary by increas-

due

earnings figures for the rail in-* " *"»
y Conclusion ^
,;Wdustry is perhaps readily appar- 1 In conclusion,. I should like to
adopt for its survival-the most ef-* ent when" it- is realized ! the I960 say I do not profess to know ex-**
ficient methods to hold down and pretax earnings of the ' railroads actly what assurances are required
reduce costs.
1
:
\ directly from operations amounted to once again popularize railroad
almost

ences

follows:

the past the

itself

vorably with that Of the'Bell Sys-

to this

answer

predicament
finds

investment of the railroad indus-"

try"would have swelled; the earn-1*" tem or;lhe electric-light andpower
essary to mention the constructive jngs'of thie railroad industry $2".67/v'lrJ^ustry'"For instance, at the close
.
effect a healthy railroad system:, z billion, while )the "application of
long-term debt of the
spending between $l1/z and $2 bil- the pretax rate of return Of 9.41% . railroad industry was the equivav*;.
lion per annum for capital ex- earne.d by* the utility industry to .■*entvof-31.7% o£ the: net invest-;

the

industry

External Financing'

passing, it hardly seems nee-

In

of

flow

the

contend

■»

,

Access to

given to us as far!
back as 1934 by the -late Commis¬
sioner Eastman when, as Federal
Coordinator of Transportation, he competitive
reported,

,

was

while

g,

others

fourfold?! The

or

question

creased efficiency of operations,
V Witness for example, in 1961 the

-

Bell

comparisons of the Class I railroad industry to

Thursday,, July 5, 1962

on

net plant investment.

.

Several different

.

industry handled 563 billion tonmlies which required 386 thousand
train miles; in 1932 it required
In recent years it was estimated ings (pretax) to operating reven-/392 thousand train miles to acrailroad capital expenditures
to ues as did the Bell System, its net commodate 234 billion ton-miles
modernize and improve the trans- railway oper. income would have Net
ton-miles per freight train
portation facilities of this country been $2.17,billion greater than re- hour, a reflection of both the load
should average between $1.5 and ported
while the. corresponding and speed factors, was 36% higher
$2.0 billion per annum. Byway ratio of the utility industry would i*1 1961 than ten years previous,
of contrast, such expenditures in have increased railroad pretax net almost twice the figure of
1941
the postwar period have averaged by. $2,251 billion. On the basis of and about 2^4 times as great as
only approximately $1 billion per. net plant .investment, the 13.08% the figure reported for 1931.
annum.
/
-•/>•>: v ^.(pretax),earned: thereon by they The capital structure of the railV ' hi '
■' V-.';
h /. ,Bell 'System if applied ;to the net r(>ad -industry compares quite fastructure

capital

tained in

& Merle-Smith,

By James L. Sheehan,* Partner, Dick
v
New York City

'

.

satisfactory credit base must

a

contemplate the issuance of stock
as well as bonds in order that the

.

-member.

a

of the munici^.

-

pal
ment

depart¬
the

in

>

Philadelphia
office1 of

-

the

__

1952

...

6.9

4.4

10.0

5.5

r

9.6

5.8

1953

6.6

4.4

10.3

5.6

9.4

1954

4.4

3.5

10.7

5.8

9.4

5.8

1955

6.1

4.4

11.8

6.3

9.8

5.9

11.5

6.1

9.8

5.9

11.1

6.0

9.3

12.3

6.6

9.1

5.7"

13.2

7.1 '

9.4

7.0

9.4

5.9

Bell

Telephone

-

corporation,
Philadelphia

Qaate protection against declining

System, were

B.9

13.1

the

1956__

5.7

„

1957

....

1958

...

4.2

•

4.7

3.5

3.8

2.9
"

1959

...

1960

—

3.9

2.8

3.0

2.2

<

"

5.7

f

5.7

v

hill ion

A—Stated

before

B—Stated

after

C—Excludes

NOTES—

deduction

deduction

...

of. Federal

of

taxes.

Federal income taxes.
and supplies. ^

;

V

'

;

.

•

;

14.5%

/

21.3%

12.0%

28.5%

17.4%

16.0

10.2

21.5

11.8

30.4

18.2

10.4

22.5

12.1

30.6

1953

15.4

1954_i.

11.7

9.3

23.4

12.8

31.3

1955

15.3

11.2

25.4

13.6

32.1

13.9

10.1

25.5

13.6

31.9

19.3

11.9

8.8

25.9

13.9

31.2

19.1

8.0

29.1

15.6

31.4

19.8

7.6

30.8

16.5

31.9

19.9

6.1

31.1

16.6

1957

—_

—

_

1958__^_.
1959

10.5
.—

1960-___.

10.4
8.3
!

'

A—Stated

*

/•»

before

B—Stated after




—NOTES—
deduction

deduction

of

^

'

Federal

of Federal

"

31.9
w

»

income

income

.

\

the

.

is m.xne

George j. Brunjes Was.

than

J

Aftef

utilities.

expenses

19™', Although the trend of 1957.,

and
®

Federal inConie

+0

the'Beil

nf

*

ap-

System-

-

investment

nlant

revenues

taxes)
\

for

were

taxes.

taxes.
f

was

the

Bell

.•

in

taxes

and

,

the

corre-

excess

balance

of

railroads proportionate, share

expenses

...

:

Assistant

'Appointed

Managers

,

_a. ...squiei xveunei,
bee°^ Pre«y•'well arrested in re- and Andrew F,Pimley,.Jr.
cent ye.ars- " 1S believed the pres- - /Mr. Thompson is in the investent ratio of 43% _of total intercity ment department-of the San Franto1 have

tommi es handled by the railroads
m,

of

•

First .Boston .m

,

<;

total - intercity- ,• ton-miles has arel J. Lerov Thompson; JL," Peter
b^31 dechnmg over the years,.the T Buchanan J Squier Reimer,
rate ,of .decline /appears

rwpmipii

sponding ratio was 31.1%,' and*
similarly that of the utility industry 31.9%. In relation to net

19.2

20.1

pniioi

wprp

18.5
.

the

other

whereas

19.3

1956

for

taxes, the aggregate earnings 'remaining for the railroad industry

B

1952

;

As far as essentiality of service

1960

year

revenues

viding for operating
taxes

A

1951

9.1%

Gnerating

lion

Utility Industry

B

r

1924 and is in the

important service is concerned, the railroads con-pointed a manager in the invest;
industries were $9.5 billion in the ^inu^
be' the .backbone,of Jour merit department, of the New York
case
of the railroads, $7.9 billion transportation, system, accounting office, ! 20.. Exchange
Place.'. Mr;
for the Bell System and $11.9 bil-r
y
-Brumies
ioined
First Boston in

'

Bell System
A

joined
corDoration in

low rate of return <oh • investment, corporation.*^ AMZ4.

after the

r:,;

Mr. Larkin

for these three

-

■

"Margin of Profit"

B

.2^str.y earning an extremdy

Buiidipg.
Rubin Hardy

•

Percentage of Operating Revenues Carried Through to Net Earnings
Railroads

454(14 billion

:

income

cash, and materials

A

and

National Bank

considered temporary) or in-.
creases in costs. The railroad in-.
•'yustry is the classic example of an

plant investment to be $50^3

gross

..

—

"J°liime;(even though such 4ecMire;

$24 1 billion and $18.8 billion, respectively, while the utility industry (privately owned Class A and
B
electric utilities)
reported its

1961

would increase

1

substan-, C1SC°

.

■

=

.

om;e» ^00

, c Hf

„=

,

st.

^aniornia;ov.»

tia^y if all modes of .transporta- Mr. Buchanan and Mr. Reimer are
be placed on an eco- in the investment departments
than a political basis., ^ New .York office; and Mr,

(other than" income tiom were to
only equal to 2.98% ,^n?,m3c rather
,

rail

industry, while the
System operating earnings

the equivalent of 13.08%

on

Management,; despite the many
handicaps under which it is compelled to function, has done a tre-

its net plant investment and those mendous^ job

in

promoting

in-

Pimley. is- jn the
• r'
-

partraent

.

investment de-

oL vthe

Philadelphia office.

-

•

corporations
' -

Volume 196

Number 6174

.

.

The Commercial and Financial Chronicle

.

(75)

15

Federal
Deposit Insurance. Cor; potation has ah insurer's interest
in the soundness of practically all

banks; and others stress the view
; that it

is

easier

deal

to

with, a;

In

single/ administrator,
like
thek
Comptroller of the Currency/than
,

v

By J. L, Robertson,* Member of Board of Governors, Federal

r

'//

-

Reserve System.

.

/ * /. *

with

try

our

a
a

to maintain its position of

is

velopan'econthat-

omy

and

cdun-

more

convinced that if

more

as

able

work,

are good bonds with five to
maturity; mutual funds whose prices in a bear market are
adjusted to the D-d Average; and five of the
big transcontinental

railroad

Despite the difficulty

t

an effort to implement the monetary policy of the moment; (2) it
? is doubtful that ah banks should

***

not know what will happen they

in the stock market between
now;

prance risk,, and ^ligations;; and
luu-' ue

friends in the bank*u~oughout the coun-

many

for

both

gone

being bought
basis, / with

are

on

^ for

in-

an

payment
in

monhTtheheve

every

to;

: The Industrials have,

iS

smVl TnvestoTa " U

the

from" what, is supposed to be proper
>
supervision. But, like everything
from else in this world, mutual funds

hlSh of'734.81 to 535.70; y,,

a

'rftSRh™"

stocks

5%-6%.

stalment.

yoiTVead ffiB
bu|

"

select

select good stocks
paying

£x..-faa> agency I do

n

to

bear

a

market, Mr. Babson says it can be done
and/or any sound investment advisory service should be able to

1

ba

stocks.

profit and income in

again* in

The Utilities

-

have

gone

133.98 to 103.33;

:

.

^av.e beenl enshrouded hi/(and so.'

This

impeded by)

means

have both their advantages and

,.

.

.

^ the'r disadvantages.

have gdthat the Dow

+uSo l°?g a?-the

Tone*

sales excee^

clouds,-of. emotion, vra,,,the redemptions; the managers 6t
disclose my,, Pique, fear of loss of power, and '{
A'- whatever Value charges* of power-grabbing, r: ; h
have.
-r:
r.; :J am quite aware that the pro- v.
fh..., ol1
..
...
n^w
*.'•
'-T
"posalf am making now may- stir
«,£ }£
ed to

,

to

they

may

^

nVfta!^n' 881681 then the managers of the
//up these emotions. However, I am t-SSiw*9^,thh cycle was in funds are compelled to sell securi'As I see the picture, the time convinced that the people of this
Figurinf? thi*
roii^hlv
27<7
!ies> and.1the mutual funds may
has arrived, when we, a's a"nation,; country will'1 not—and: should hot
drop if nothdig for investors to temporarily. suHer, even though
ipust determine the. kincf of;
:^be-satisfied-with a system that
^ultimately rebound. Mubanklng system we want, whether b? its very structure almost in-.
marmn or on lotn
tual funda m the long run must
it be &Voaftouahce/Qf-^
pettiness and bickering, in. ^
gQ
and down as the general
dependent units,

and

•/

i

eliminate: our

>

of

balance

Preferable investment media discussed

ten years

from rose-colored glasses to' black^

r

1 ones, and back and forth:

Bear Market

a

By Roger W. Babson

'

^e^uShr«e^fsl

well

seven

"!

best suited to financing
dynamic economy.-1.< y
Hepently X have undertaken ttua.

willing

and

or

/
On the other hand, (1) in ap1' praising the soundness of loans
; or investments,
bank examiners
should never be obliged to switch'

manner

all v who

are

three

-tash^Andet the risk of estranging

W

can

provide work
opportunities
for

of

men.

;

Thirty years at experience have convinced Mr* Bobertsoa that all
Federal supervision of commercial banks should be performed by one
agency. The self'fermed "elder bureaucrat" is wed aware of the re¬
actions his proposal may stir but is strongly convinced that we no
longer oan afford to overlook the long« overdue drastic reforms1
needed to correct overlapping, cross-purpose activities performed
by
diverse agencies. Mr* Robertson suggests the organizational structure
of the proposed agency which would take on sole
jurisdiction over
charters, branches, mergers, holding companies, insurance, examina¬
tions, etc. He,, also, discusses bow such an agency should he financed,
how to handle the problems posed by dual
banking; and the stand/
•
1 yards
In- selecting the new members.
" 'k
yyv'v;
Recently I have become

Board

a

Pecislon Must Be Made

-

a

pay me

nts

problems,'
•

each, of

^

us

not just those
in

apposition

to

cope

of branch

ment

with
issues/

haps

a
rapid y. development " of in the_ name of equity and
holding company i bankihg.4, Wq ness, hank supervisory standards
decisions must decide whether-, inr view, ot are increasingly'reduced.i to the
in the role which he plays In olir the changing size Of business Units level of the lowest or most lenient.
society; be it large or
Wa^ ef Mergers :aspect of
large banks

major

James L Robertson

but each of us
Mis eacn or

»>-•

-

.• .vt

.

-oiTmS^:

economic,
liteal life must be

smaU.^y a few
in this^u^we wish^ many ^
have
■'with

somak and po-

proved. We cannot afford to drfrt,
in the belief that what wd have, is

.

,;

•

bmneh^W a redely few

men dominating the. entire banking :1 system
and^'v-^pcal
bfHdeSi

Severe Tos^
'them^

fhdse

wave or a ergers^

d^.

-

-

operated by subordinates), or !to^^-Act, or by the Congres&-is necesotherrthings, that public officials'' edhtihue^ the existing System of safy.-During the past few years weto improve

government rather than .to maintain the: status quo for- the sakewhatever power.it

of

ninrf

■

A«

&®-a'c
labored in

1

and

provides.

know

hankenr

I

"

have

l„nZ

the field of bank super-

institutions and oppor-;,; bave witnessed a wave
tunities for many; men^ to, reach^^ ,aad .atA,tbe moment
the top and formulate
numerous

policies.^ We .need

•

in/the

determine

the

future

sortie ' suggestions / designed

to

Under

improve

vofionf

l

iinvfnrm

onn

..

,

;

•••'.

? "

m
Everyone, is-

that" Federal"
like the

bank

-

among

but

-

.supervision-

Topsy;, that it. ij

agencies^

is
Is, not
not

a .-new

a pew

-

•i

^

sianaaras

.j

.

mi

arm

i>

.

been

over

.

more

noticeable

the years Federal

is

bank

that

in

^u^^Ct.'^tter. 9'f ;;bCtlBri^QduC^

,We^ks as

1

ea/y as l9 9, by Representat^

,

^ ®aa?nsenator

bV

mbn

:

°T the Senate headed by .Senator

-

i,

/

-

each

the

would

have,

concentrated-

that

out

better

will be

the wm

pressed

arrangement,

one

effective in carrying
of Congress,

as

.

ments

can

he made for and against

of the

.

ex-

tl<mS couW

fit this category

are

can

•

» »n investor

to be Ultra,

conservative, he might divide his

or

be bought to yield
investors in.

to

50%-or-higher
inflation

of

bonds

bracket.

tax

Would

.

of

not

T

over

nrnfnr

to

..

five-ten

ruiv

"

t

^

Probably most/of
have mutual funds. In

: "

I" •• ••

'

-

.

^

° j,,
railroad

no

«

-l'-i

nil

anH

yield.
them-

minprai

sets which go

.

,

their

j

-

_

These securities

are

»*>■« •.

tainly, they

«•*. <=«can

all give

up

proposals.; For

^
being offered for sale but have been placed

privately through the undersigned. This
'•*•••

-

matter

announcement appears as a

of record only.

,

m0jt easily be, met J>ut

Ifni

wS?i5"

SnnmAnSL« ^

ic^

the

weigh

Treasuryj

serially

1965

-

f

1974

$500,000
Senior Subordinated Notes due 1965

the

record of hearing, piled

t

to

for

a* member

of

have" to read; and

Continued

on

r

1974

-

w

Pom^-Including, statistical tables

'qthers- the"Board

heavily the fact that the

;

d

docu^lnte Sfore

Ct/hcdmmoh

the

$500,000
Senior Notes due

+

onm

and

to

'

iw

P"1®,i^r^'o+ ilo
vprl

of surplus Federal Reserve funds

ferred

Century Acceptance Corporation

f
w

ex-

their

an

tractive investment.

many cases,

not

page

21

PARKER

a<?

a long way toward
dividends irresPec-

readers passenger business and be

my

•

t

valuable oil and mineral as-

r

• -

Mutual Funds

"

able to

good

a

that thev want

• vaiiiahip

vears

.

-

.

then be

will

rpar]pr„

selves

imaturlty: This is very important

and

even. greater
,,

the

eouities of th»bis? transomdi«*nt.al

-

which otherwise wohld be trans-

the banking-laws,-and




.

^

shaping the banking structure in

in

which

are

"

bank-

machinery with the view of devis,
a

would

stocks

Stocks which

Byrd)

myself

ing

good

„

ihilitir

anotH ^1^008
they
being

,

select

Su^

supervisory powers in the FederalReserve, some "in the Federal
Deposit
Insurance ; Corporation,
and still others in; the Comptroller
of the Currency. Plausible argu-

examine

iSmSv-

same, company

gson^lybecluse oF^rf-

SSi i

»

to

wU1 pay 5%"6%-

safety with

r

'

tolerance, and willingness to work
harmoniously to solve the difficult
problems that constantly arise.
However, .the fact that the system
has been made to. work .as well' as
it has does not argue for the proposition that, public- oficfals
like
not

able

He

hv the three

.,th.i

■

On the other hand; any
long-established invest¬
advisory service should be

ment

only

corooration

lt>ility of inflation,.I prefer to buy

Se

.*S?,
^to diHere^^

but

,.

profit.

secure

the

my

past/ear

the

v."

is very dif-

sound,

T

.

derided

cases

-

should

for

roa(ls;

»

1L

in 1937, the .Hoover Com- t, .Take, for examjde, the Board of
mission 'in 1949, and the CED's Governors of the Federal Reserve
pervision has been charaeterized, Commission on Money and:,crddit «^stem. . All of the members of |
with rare exceptions, by an under-? ih 1961. And some will remember ~ that Board, on which I have the j
standing that the successful opera- that in 1938 the crazy-quilt pat- honor to serve, have more than a
tion of this intricate arrangement tern of Federal bank supervision fulltime job just -keeping abreast \
of ever-changing economic condi¬
requires a high degree of comity was the major subject of the
and cooperation, together with an Federal Reserve's Annual; Report. tions and developments, in this
atmosphere of candor, patience, * " Some 1 of
the
past : proposals Kqhjryas..abroad'- and

not

•

on

equivalent of 7%

ft

raptors

anyone,

SVs^rt Sgflnstitu^%>
hodgepodge arrangement have

sfluTteW

Selection,;

,

about.3% to any investor, and the

.

^posslble-for

jnafI
of

; k

ficult to , select stocks for both
profit and income—and especially

indus-

some

tax-exempt ■ municipals,

turnpikes;

idea; Tt has
idea. It has hppri t.hp ipattern .of decision.
been the

^ Congress by, Senator

''' -

bonds

good

Importance of Careful

" In a'bea* mark^

kTe v e n u e. bonds issued on the money amongst these five rail-

.V:i«aasggaaaaasi%i.Am

of the fact

several

Staiuiurv

,A

;.namely, that ail Federal

banking system itself/has
like

grown.up

divided

<

aware

~

31/%

stocks of the

n*

on

Federal

products.,

whiie

Li! J

banking

Department of Justice
Bank Supervision i wife, respect to the competitive
One^^Agency;f<..factors,..their .decisions, do. not

and s strengthen • the
Such an analysis leads me - as
system; Of' bank ' supervision..! hope they will constitute, ft has,led others;,before me—to
something more than the ."piti-j a - conclusion which :for. Many.
fullest infinitesimal fraction of a years
I have-sought to avoid,
-

[

"

again

bonds—which precede in secdritv

:

.

make

t

b

chips"
dround

vievs ^ the other-two
intends

i

w

-ba?8k

laxity" which too often tor mergers, and notwithstanding
-stowvisory- stemlards.".to :«»e fact that each :of them re-

field

f

B

structure of the countrv...We face

n

back

come

V —"=. S?eUr.g>U'rcoan;:; f

*rr<^ arf

one^Recadq with the^detal;-,,race
Perhaps my long

Reserve System..
exnenence

Ve

supervisory

si'We to face these issues squarely,

them

^ ^ ^ Dow-Jones

g

ha4 nothing to/ear and
.

in a bear
sure that the price

?ark?.t to be

stocks/afd

what About Bonds?

of mergers
a wave of
new

^ nw-mutual funds

Wv

other'Rand

the

Prices,

holding^ companies. - How * these
structure that will make it pos^' applications are dealt with many
a

nn

been J"nds,wl11. decline in price also. It
ff°^" therefore is important when buy-.

dav +0 much higher orices

good enough/This mea^aTpong
—like me—must seek

vetw

their -safe-deposit box
see

the .Reorganization

Oe

feel

I

who have their

probably

^nmK acuon—-erzner Dy tne Fresi-

.

who

md

,a™t

j

—haust make the right

/ EISEN

/ WAECKERLE /

ADAMS & PURCELL, INC.
KANSAS CITY

S, MISSOURI

at-

"

^

The Commercial and Financial Chronicle

they

year

LIKE BEST...

THE SECURITY I

thirds

In¬

in

Dynamics,

getting delivery of 3 Kev machines

the University of

this quarter are

Mississippi, National Aeronautics
and Space Administration Lewis
Research Center, and a 1.5 Kev
machine will also be delivered to
Brookhaven National Laboratory.

product is a new type of radiation
accelerator
that
is
one-third

In addition, orders recently have
built
been placed for 3 Kev machines
by its competitor, High Voltage
Engineering. A milestone in RDI by Cornell University and Boeing
Aircraft Corporation.
progress came last year when the
RDI had its first sales last year
Cambridge Air Force Research
Center accepted their Dynamitron and had total sales of $180,000 for
machine^ The Center's bid virtu¬ the year which showed them a
ally specified a Van de Graff ac¬ $790,000 deficit, but this included

cheaper to operate than that
-

ing and development costs which
will be non-recurrent. In the first

Engineering,

of this year, they had
sales of $250,000 plus and earnings
of about 26$ per share. The back¬

recommended the
purchase of RDI's machine. This
was

1.5 Kev and RDI still

prove

to

had

themselves capable
the bigger 3
Kev

to

produce

machine.

Division

been passed
this

year

in the first quarter of

when Convair accepted
Convair's

Since

itron.

their

Kev Dynam¬

their 3

of

delivery

just

has

milestone

another

and

chance

the

them

acceptance

70
Universities, research centers and
manufacturing companies, which
of

Dynamitron,

apparently

1

Dy-

NOTICES

DIVIDEND

m

the

on

fA M* MANUFACTURING
; COMPANY '

OHld^;

CLEVELAND' 10,

DIVIDEND No. 169

a

forty-five cents (45Q
the

share

THE TITLE GUARANTEE

to shareholders of record

NOTICE

DIVIDEND

DD
^■^3 Guarantee of The Title
Trustees
Company have

at the
vf

close of business

v

COMPANY

payable August 24, 1962,

pany,

,

common

stock is traded in

Market at

Over-the-Counter

the

current bid of 20.

a

;

Y

the

industry's

distinguishing

the substantial decline in

profits vyhich

aerospace

August 6, 1962.

..

being dependent on military expenditures or air transportations Mr.

i

-

-predicts aerospace will rewardingly continue to be one

^

Weidenbaum

-

•

of

the

industries*

largest

the scientists and engineers in

the

.

.

distinguishing characteristic of the aerospace industry

as we now call it, the
industry, to explain to

the unique nature of the market

of

some

r

The second

or

aerospace

others

tc

The One-Customer Market

useful for
the

It is most desirable and

aircraft,

and major contributors

employers,

A,-tbougfr troubled somewhat by its financial problems unlike
its assured accelerating technological trend rate.

R &

the
of accel¬

production- application
erators thus putting this industry
on
the
threshold
of
a
major
breakthrough
that • could make
the above projections understated.

points

segment of the eeonomy. The industry's future is expected to follow
the marked trend toward diversification aud to detach itself from.

:
"

:

of
up

analysis

jeopardizes the future capability of this technologically progressive

-

spent on research working on

for its
sales

important

products. The bulk of the
roughly four-fifths over

—

and

;

fascinat-

the

i

CORRECTION

technical

customer, the Department of De¬
fense.
The
remainder
is; made

n

g

achievements

.

product

and

be

dif¬

ferent. As best

attempt

present
try

a

to
view
M.

L. Weidenbaum

the Pacific Coast

of

members

Street,

Stock Exchange.
previously with

Mr. Godderis was

.mil

keen
case

Skaife & Co., and York &

DIVIDEND

Co."

given product, a company is not
competing for a share of the mar¬
ket but usually for all or none of
it. Boeing competed against the
North American Aviation Co. for
the' production of the B-70 super-

SOhic bomber.- Many thousands of

product- line.

general

and is designing, the B-70., V
similarly, a great number -of
larity goes. The differences be- firms prepared proposals for astween the aerospace industry and sembling
the Minuteman interindustries generally are striking.
^continental, ballistic missile. Boe¬
same

That is

about

far

as

as

won,

the simi-.

..

,

NOTICES

—

industry

aerospace

sell

the-

T„

—

—v.

type of competition. In the
of a prime contract for a

is man-hours of engineering effort
of various companies „Were invested by each company
goods*..and services of in its: proposal. North American

the
composed
that

moti¬

highly scientific market.
Moreover, this single customer
market makes for an extremely

national

our

surveys,

research, or other tradi¬
marketing activities. The
techniques must be adapted to a
tional

part of

as

consumer

vational

indus¬

this

of

ringing,

I will

I can,

as

/

tally different marketing problem.
There is little need for door-bell

will

bit

a

.V

fact that the hulk of the
industry's sales is made to a government market makes for a to¬

produce.

role

My

■

The

almost seem to
mass

is made to a single

—

lines.

they

which

years

primarily to the commercial air¬

innovations

-

on

shares of the Com¬

common

Economist's

characteristics

tion, ^ vulcanization ' -of : -rubber J
goods,- manufacturing of special
types of polyethylene plastics, etc.
Millions
of
dollars
have been

Montgomery

dividend of
per

'

semi-conductors,- food 1 preserva¬

RDI

'

•

Boeing Company, Seattle, Washington

space

tries,

On June 22, 1962, the Board of
Directors declared

The

up-grading of

products,

surgical

their

-

i,

By Murray L. Weidenbaum,* Corporate Economist,'

conditions, nuclear energy, crosslinking of various plastics, etc.
The 10% use in industrial applica¬
tion
is
in
the
sterilization of

lead time

manufacture

of

simulation

in

dealing

v

EHIUH

jr.,

of over $250.00 per share
the present price earning
Voltage Engineering.
At this time 90% of all acceler¬
ators sold are used in research
ratio of High

economy—sort of the
+V.of
wii«V>+ CCAI a? n HPview that you might get as a de
tached
observer on the outside
looking in. I hope that this per¬
spective will be of some value.
Last year RDI had about 1% of
Swift Adds to Staff
Th^ .aerospace industry — the
dynamic industry producing airthe industries' sales; this year they
v(Special to The Financial Chronicle)^
will" have about 10%
and next SAN FRANCISCO, Calif.—George craft, missiles, and spacecraft —plays a unique role in the Ameri^A. Godderis has been added to the
can
economy. Like other indus-v
DIVIDEND NOTICES
staff of Htenry F. Swift & Co., 453

acceptance,

bids

requested

some

waiting the out¬

Convair's

of

come

have

were

to

needed

An Economist Looks at

projected

a

RDI

and

$1,400,000

now

give

machine,
they
can
reasonably Kavanagh-Smith & Co.
predict sales of $1,500,000 to $1,- The article on the above com¬
600,000 for this year. This, they
pany, authored by Robert B. Dix¬
feel, will produce earnings be¬
on, President of United Securities
tween $1.10 and $1.30 per share
Co., Greensboro, N. C., which ap¬
for 1962.
peared in our issue of June 28,
Mr. Morganstern, President of
contained
several
typographical
RDI,
has
told the New York errors.
Thus, the figure in the
Security Analysts that he expects fourth
paragraph concerning net
his
company
to
double
High income of the company in the last
Voltage
Engineering's
rate
of
six
months
of
the fiscal
year
growth which would produce the ended Oct.
31, 1961 should have
following sales:
been
$147,000, not $417,000.
In
1962
$1,600,000
paragraph six, the figure on pre¬
1963
3,500,000
tax income for 1961 should have
1964
7,000,000
appeared as $811,300, not $81,300.
1965
12,000,000

Conva ir

Dynamics'
gave

is

log

feels that because of the

,

General

w^llild

quarter

search personnel
machine

engineer¬

the write off of all their

by High Voltage
but because RDI's
Dynamitron far outperformed the
Van de Graff accelerator, the re¬
made

celerator

$6.00

which

using

people that will be

Some of the

my

opinion, is even a better buy than
Kalvar, because, it has turned the
profit corner, whereas Kalvar has
not. RDI has only 138,000 shares
of stock outstanding and its only

*

Thursday, July 5, 1962

.

.

3 Kev price

the bigger

for

figuring on 20%.
conservatively
per
share earning

are

oneu-can

figure

machine.

vestors could make'.

Radiation

are

1965

In

machine of which two-

namitron

2

Continued from page

commitment that Incorporated

7

.

(76)

16

.

,

R. G. Hengst,

declared

Secretary

seven

Manufacturing plants in 18

and

dividend of twenty-"

a

half (27%) cents per

a

CITY INVESTING COMPANY

share designated as the third reg¬
ular quarter annual dividend for

Canada and Brazil.

981)

1962, payable August 17, 1962 to
stockholders of record on August

cities, located in six states,

on

3, 1962.

CO

R

PO

•

President

June

on

Stock

Ave.,

of this company

declared the regular
dividend of
12% cents per
the
outstanding
Common
company,

payable August

to stockholders of record at the
close of business on July 12, 1962.
1962

HAZEL

T.

BOWERS,

Secretary

10, OHIO

CLEVELAND

Y.

1962

the

of

New York 21, N.

of Directors

27,

quarterly

3,

N

RATIO

The Board

share

WILLIAM H. DEATLY

CZL.EX/IT" E

Madison

Rapid

The

teristic

paying

most

share

have

CLEVITE

40

years

stockholders.

A dividend of 22c per

of

on

tions with
listed

on

common

the

New

Stock Exchange,
smaller

declared

payable September 28,

our

may

1962 to

holders of record
A dividend of

stock
York

A

quarterly dividend of $.40
share on the Common Stock
has been declared, payable July
27, 1962, to stockholders of

August 31,1962.

on

$1.0614

per

share

Preferred Stock has

the 414 %

record

a

far

been declared

payable October 1,

1962 to holders of record

31, 1962.

the close of business
,.

v

Checks will be mailed.

August

H. R. Fardwell, Treasurer

compan¬

ies, have equivalent or

at

July 6, 1962.;

on

and

other

these
Common Dividend No. 223

New

York, June 27, 1962.

color

development

The Board of Directors has declared

a

quarterly
A

$.30

per

share

September

on

30,

Common Stock

1962

record at close of business

400

company-owned

and 3,700 associate
'

Western Auto stores




to

of

Wm. E.

BENEFICIAL
IEFI
NA
FINANCE
SYSTEM

Quarterly Dividend of Thirty
(300) per share on all
of Com¬

the outstanding stock
bustion Engineering,
been

Thompson

31,

Inc.

&

Secretary

July 2, 1962

unT'eosT

a

typical refrig¬

$80.

(Prices

may

have sold one ]et transPort

be

1S

equivalent to having sold 20,000

refrigerators or 62,500

vacuum

The commercial transport marworld—or free world —

J

L® ^erican cobinaniefmust
^0multe S th£ mSkrf asSnst

ancestor, the B-29 of 20

ago.

is

firms whQse

been improved very

not

a

of

designed

a

those
Some

are

producfs

are

and' manufactured
at
substantially below

prevailing in this country.
of these foreign firms also

receive

wider

-

rates

labor

missile.

ballistic

question

government subsidies or
- owned
enter-

government

grill or a narrower body or a more' Prises
Our success to date has been
pleasing color, but of a product
achieved in good measure through
so
technologically advanced that
being the first to offer the airlines
it bears little resemblance to ear¬
products
of outstanding design
performance. Quantity orders,
combined with high labor produc¬

products of the same industry.

lier

This

and

factor of rapid technologi¬

cal advancement should

be borne

in

tivity,

other economical characteristics of

Vice-President and Treasurer

ono_

.-cleaners. When American Airlines

record at the close of business

Lambert J. Gross

other

Boeing-Company be-,. ,.pUrchaseci thirty 707 jet transports
gan to build B-29 bombers during
kack
1955, this sale alone was
World War II, passenger automoequivalent to 600,000 refrigerators
biles had been produced for dec- or 1,875,000 vacuum cleaners.
;
ades. The B-52 missile-platform

July 17, 1962.

Vice-President

comparison,

cleaner

auto-

almost

has

declared, payable July
1962, to stockholders of

tum tQ that

When the

intercontinental

Cents

stockholders

September 14, 1962.

Over 1,350 Finance offices,

By

Automobiles certainly
signifi¬
cantly over the same period, but
the changes have been slow and
gradual. Boeing, in contrast,, is
now working
on the Minuteman

Dividend No. 235

soaps

erator may cost $250 and a vacuum

to

were

almostutre^
unrecognizaoie.

be

It

cash dividend of

ug

Aa

oonV,M

vears

ENGINEERING

of

slightly higher West of the Missis¬
technological
sippi.) This means that when you
experienced in £he.u p
Tj
.•
.
+
,
.

industry^ todau's

aeromace

Iave
h

133rd CONSECUTIVE QUARTERLY CASH DIVIDEND

company

line

example, nas a nign unit cost,
aPProxirnately $5 million a copy!

of speaking, if

industries

from its

BENEFICIAL FINANCE CO.

soap

full

marketing problems here, too, are

jet bomber of today is a far cry
in
both looks and performance

COMBUSTION

best

rather

is

economy.

maintain the rate of

Philadelphia, June 26, 1962

payable

Let

lattice

or

.J. H. Mackenzie, Treasurer

longer dividend records.

civilian

^nHnrerl {ifth of aircraft sales, which Thp
are
produced „rimarilv
to
thp
ai'r,inP9

a

of

manner

a

per

fraction of all

publicly owned

model

a

competition

quite successfully,

ufe production of rei
where tb"
feature thidifferent

assortment

the

Common Stock has been

un¬

than

Less

share

one-tenth of the corpora.:

frtgerators

work. In

broken cash returns to

or

COMPANY

NOTICE

:

Payment of this dividend
marks

Ins,

and

ELEVATOR
DIVIDEND

AT

OTIS

Company

second

sens

change?inSengtLsVagril"s bodies1

Improvement

pany's 160th consecutive
quarterly dividend.
NEWS

been

the

in

This

missiles.

of

type

The

a

The United Gas

on

June 28. This is the com¬

unusual

vigorous civilian-oriented industry, the auto-

America. Compare

Minuteman

either-or

industry ranks among the
dynamic large industries in

space

won that competition and will
assembling and testing all of

the

the

of

,TI<tnme

dividend of 35

a

cents a common

be

is its uniaue technology. The aero-

automobiles
is

ing

of Technology'

Rate

distinguishing characaerospace industry

The first

mind

in

the

analysis

of

the

one.

belief,

it
'

is

V"

the

in
dominating
/

and

and
modern facilities, Lave offset to
some extent the effect of lower

the aerospace industry because,
my

advanced engineering

manufacturing

•

"

techniques,

Continued on page28

Volume 196

The Commercial and Financial Chronicle

Number 6174

in

increase

modest

The Market.... And You

(77)

-

dividend

the

FROM WASHINGTON

each year for the last eight years
—the rate was upped from 25 to
30 cents this year-again—there is

BY WALLACE STREETE

little

in

undue

the

picture

"warrant

to

this

over

concern

com¬

Ahead of the News

...

pany's fortunes at the moment.
The

Certainly

to

boom

ability of the stock market
a couple of good rallies
without any sharp slump between
was
starting to -clear the air in
stage

,

Wall Street this week
rays of

optimism

show' up/-

and

some

starting to

were

the

for

little

in

way
of
prevalent
virtually since

have

times

railroads

the end of World War II but that

had

influence in stemming the
enthusiasm
that
carried
stock
no

prices higher arid higher for a
dozen
years.
Depressing results
Monday morning
sell offs that had taken place half from the carriers once would have
been enough to weigh on the stock
a dozen weeks in
a row finally
ended. It was replaced this time market importantly in the days
by a rally that gave the industrial before planes, trucks and boats
were invading the cargo handling
average one of the better lifts it
The

'■

ominous

has had since

the

arket. "■'

May 28 break.
Volume was Undistinguished, al¬
though with
a
holiday
inter¬
rupting the week, it was not un¬
usual that many investors were

fication

involved

from

in

other

matters

than

.

As

far

the

as

in

1929."

technicians

are

has

been

■

_.■

,

diversi¬

much

both in product

years,

in

and

/

.

in specific companies

even

recent

lines

commitments

new

past profits/ American Vis¬
and rayon were once

cose

buying and selling stocks.
Not "Another

There

""

pretty

much the complete story. But in
recent years it acquired a large
stock interest in Monsanto Chem¬

concerned, they had perked up to ical after the two had formed
where there was a general move Chemstrand Corp. and then Avisco
to tick off the various differences sold its interest in a stock deal to
between this era and that of 1929 Monsanto, It owns half of a pulp
as
well as? the specific reasons company and has a joint resin
why
this
doesn't
have
to
be. operation in Avisun Corp. set up
"another 1929."
by Avisco and Sun Oil. Lately
The
ment

point

one

of

agree¬

near

that the credit structure

was

of the country — for business as
well as investors — is nowhere
near

strained

as

it

as

was

a

Another point
cited most frequently is that busi¬
ness
is holding to a high plane,
still showing no sign that the
generation

market

fact

ago.

will

that

affect

there

is

it.

The

very

debate

a

over

whether there will be

American Viscose has been avail¬
able

about

at

level

as

current assets which

its

same

gives

no

valuation

to

its

indicates

year

experts

can

now-

that
few
evidence

find

that it is inevitable.

'While
there
was
a
bit
of
optimism showing up, few were
willing to make any flat state¬
ments that all the market prob¬
lems were over, or that the 194961

advance, longest sustained

run

in

history,
will
be
resumed
swiftly. The $100 billion slash in
the paper value of listed stocks
was rough enough to scare away
many neophyte investors, if not
of

some

vesting

well.

as

industrial
the

older

the

hands

at

in¬

As far as the
is concerned,

average

mid-December

late

to

June

missed by 0.85 of
point from shading this index,
full 200 points.
downturn

a

a

block,

to the prospects of its eventu¬
ally merging with Stauffer Chem¬

ical

which

would

both

and

spur

add tax advantages to distribution
of the Monsanto shares to Avisco
holders.
New

Arrival
.

next

Monsanto

nor

Oi* .the

recession

a

the

Liquidation

Scene

■

The

greeting card business, a
growing one, would have little to
do with any recession in the hard
goods industries but that has been
of little

help to the newly listed
Greeting Cards on the
Stock
Exchange. It
came on to the board just in time
to have all the selling around it
Gibson

New

York

chill

enthusiasm.

So

held in

only a little
point range.

seven

Gibson

is

far

more

it

has

than

third
seven

as

doubled sales and earnings

years

is

and

poised for another new
profit showing this year.
It
has been expanding aggres¬
sively recently, including acquisi¬
record

tions

in

and

graphical

serving

new

Last

geo¬

it
started a joint-venture operation
Cheering Feature
bf paper party products to add a
One encouraging facet as far as
individual stocks are concerned, logical line that can be handled
by its own salesmen. Little in this
was that the prime selling targets
—the glamour issues of the past— promising picture seems likely to
be affected by general business
were making something of a stand
even
while other sections of the conditions or by any flips in the
market

tion.

were

still feeling liquida¬
as International

stock

Such issues

Machines, Polaroid and
posted their lows for this
year two weeks before the indus¬
trial average made its low. Ameri¬

year

market.

A Distiller

Business
Xerox

areas.

Spreading Out

American Distilling in a highly
competitive field has been little
with

concerned
and

since

outside problems
has

1953

watched its
Telephone, which had achieved
something of a glamour status in profit increase every year with
recent years, posted its low the nothing in sight that should inter¬
day after the break) and even rupt the new records this year.
As a medium-sized distiller do¬
before that day was over had
rallied strongly. In short, it would ing well in the states where local

can

have

been

than

a

few

impossible for more
bargain hunters to

have

acquired; these shares below
par.
The low has never been
threatened in the months since the
break.

and

state

A

that

Diversification

random

the

horizons.

plex

these
it

fortunes

days
in

was

of

a

industrial

is far
1929

few

com¬

different

when

of

the

the

giant

industries pretty much called the
turn
for the economy and
the

stock market
tic *

fibres,

makers,
make

as

well. The synthe¬

electronics,

are a few
"business"

missile-

of these
much

that
more

diversified and, possibly, immune
to a
general '• business recession
that would spread out from, say,

rough times in the steel industry.




A couple

the

shares

back to 100 from the all-time

peak
nearly 140 that it had posted

of

ing

quotas on Canadian imports have
by promises "to study
the situation."
been met

can, head off a recession.

The results of the survey show:

1

Service Industries
restaurant

Corporate Profits-—The decline
mate.
During - the
third * -of
a in the first quarter of this year to
mate.
For during the third of a the level of the fourth quarter of
century when the company paid last year, was a real body blow,
its traditional $9 dividend — no since earnings for the latter pe¬
more and no less—it was strictly riod were below the Eisenhower
in

favorable market

more

a

cli¬

.

an

issue purchased on an income
basis.
But since the stock split

that

a

ence

been

In

General Business Failures—-Dun

of the giant ness failures for the week ending
role in advanced sci¬ June 15 increased to the highest

and space age

level in two months. There

operations.

event, at the peak the
price was better than 25 times the
company's earnings, from an aver¬
age of 15 V2-times in its days as
an income item;
and the current
standing of only a shade over
any

354

for

failures, compared
the

under

the

previous week.

—

the

that the shares at

means

period 13, 675.

least are more reason¬
ably priced currently than they
very

had been.

"^The

views expressed in this

article

Construction—While

residential

of

the

reasons,

stock

businessmen

business

boost
and

market

plunge is only beginning
to be felt. More significant, gains
in
industrial plant construction

market

.

pre¬

interviewed

act

so

to

and

employment

increase

revenues.

The Eisenhower tax reform

pro¬

calculated to re¬
by $7.4 bil¬
lion but actually resulted in only
a $2.8
billion cut in 1955.
The
following
year
revenues
were
$5.5 billion higher than before the
1954

gram of

was

duce Federal revenue

not

cide

tax

noted that basic tax reform would

construction is up, the outlook-is
clouded because the shock of the

are
sluggish, and by no means
necessarily at any time coin'
comparable
to
the
"renewed
those of the "Chronicle."
surge" of 1956-57. Unless there is
They are presented as those of the
a
basic tax reform, designed to
author only.]
encourage plant construction, the
economy would really be hurt and
unemployment would increase.

do

for

agreed that a quick tax cut would
help mightily, but stressed that it
should
be
accompanied by re¬
duced government spending. They

same

.

17-times

effects

Most

24,247.

the

cancelled

dated it.

305
Failures

Eisenhower for

enter¬

plunge, because reservations

were

with

Kennedy to date

Under

reported

resulting in severe loss of income
and jobs in the hotel and restau¬
rant industries.;
Travel agencies
reported they have not yet felt

awareness

new

company's

Hotel" and

—

associations

Administration's

policies have badly
hurt their members.
Many con¬
ventions, banquets, meetings have

and Bradstreet reported that busi¬

and

the

tainment tax

par.

there were two dividend increases

mills

are
closing, down in
Western states. Appeals by
industry to the government for

form and reduced Federal
spend¬

with

cut.

The Kennedy tax cut proposals
would not particularly help the
situation, according to Republican
experts in the House, because they
would not be accompanied by less
erally depends on what happens
spending, but would produce only
to the stock market. Unless there
further inflationary deficits and
RICHMOND, Va. — After thirty
is improvement in two to three
contribute to a worsening of the
years of specializing in state and
weeks "real trouble" lies ahead.
municipal bonds, the five partners
economic situation.
*
of F. W. Craigie & Co.f 616 East
Automobilesr-Although domes¬
Main
Street, have organized a tic car sales to date have been
corporate affiliate, Craigie & Co., good, the rate does not yet reflect
Inc.
The new firm commenced the market plunge. FOr continued

Craigie Forms

Retailing—Sales of luxury items
are
declining due to the stock
market slump.
The outlook gen¬

Corp. Affiliate

,

Coffin & Burr

operation July 2, 162.
The announcement

W.

.

..

,

made by

was

senior
partner of F. W. Craigie & Co.,
who will be President of the new
company. Other officers will be
Mark A.
Smith, Vice-President;
Walter W. Craigie, Jr., Vice-Presi¬
dent; Jack D. Howe, Secretary;
F. ; Willson
Craigie,
Treasurer;
Miss Louise W. Willard, Assistant
Secretary and William J. Watkins,
Craigie,

Sr.,

Assistant Treasurer.
a

general

in

corporate securities,
according to Mr. Craigie.
"We have formed the

asked

us

to

be

main¬

Transfers Leland

tained. "The bulk of the new car
sales is to motorists who already
own

BOSTON^ Mass.—Coffin

less than five years old.
confidence

cars

Should

141

consumer,

change, these
their present

could keep
at no real in¬

cars

Here

—

there

is

real

York

fering
imports

to

of

Canadian

handle

all

their transactions rather than

Mr.

soft wood,

due

1954

to

a

price

dollar

which

have

been

laid

moved

to

as

joined

the

firm

Trading Departments.

and

transferred to New

was

'member of the Syndi¬

cate

as

a

Corporate Bidding De¬

and

partment.

off

,

the tax exempt portion."

his brother and the firm
verted

to

a

was con¬

partnership in

This announcement is neither

an

offer to sell

nor a

offer to buy these securities. The offer is made

solicitation of

an

only by the prospectus.
June 28,1962

New Issue

1936.

in

of its leading became associated with the firm

among the top
field which is a

the
a

field where brand

abound.

in 1947 and

was

made

a

80,000 Shares

Common Stock

partner in 1958. Walter W. Craigie,
Jr.

was

employed in 1956 and

(50c

was

The
company's
marketing techniques admitted as a. general partner in
that have helped it out-pace the 1961. Both Miss Willard and Wil¬
industry in general are now aiming liam J. Watkins have been em¬
at the open states where 70% of
the nation's beverage market is ployees of long standing.
Mr.
Craigie emphasized that
available.
names

Alumatron International, Inc.

general

par

value)

aggressive

F.

Statistically,
American

thing of

a

are

^ available
more
than 40 %
under the-high- reached last year.
At less than 11% times estimated

earnings

W.

the shares of
Distilling are at some¬ most
bargain level since they firms

of

this

year,'

and

for

shares that have been offering a

in

the

said that the
no

Copies of the prospectus may be

known

way

con¬

endeavor will

detract from that firms'

municipal -business.

obtained in

from only
lawfully offer these

any state

securities in such state.

municipal

country, will:
new

share

undersigned and other deialers as may

Craigie & Co., ope of the

widely

tinue its activity, in this.field and

in

Price $5.00 per

such of the

B. C. Malloy, Inc.

in

member of the Boston

a

of

F0 W, Craigie & Co. was founded
1932 as a sole proprietorship
by F. Willson Craigie. Walter W.
Craigie, Sr. was associated with

the

Manager of the

just

in

a

New

York

reduction for United

workers

as

their

in

an¬

Leland,

In 1960 he

amounts

States customers. More than 200,-

000

Leland

Order

and the recent devaluation of the

Canadian

has

office

C.

Trading and Order Departments.

subsidized

badly

Partner

office,

Boston

Manufacturers

Lumber

exchanges,

Alan

that

General

trouble, though not linked as yet
to the market.
According to the
National

principal

nounce

& Burr,

members of the
Exchange and

Stock

York

other

convenience.
Lumber

Milk Street,

New

persons

new cor¬

poration at the request of many
of our customers, both individual
and institutional," said Mr. Craigie.
"These customers," he continued,
"have

must

Association, the industry is suf¬

The firm will transact

business

confidence

sales

the

rated

are

high rating in

point being made is

nation's

than

Era

control

carried

had

Mark A. Smith joined the firm
distribution, American Distilling in 1934 and was made a
general
been sperading
out to the
non-control states to expand its partner in 1948. Jack D. Howe

dozen

This

setback

and

many

has

brands

u-

agencies

neglected
by
research
depart¬
ments
after
it
had
seemingly
Acceding to a survey made by
topped out after a good runup
,the
Republican
Congressional
following its fir^t stock split in
Committee, only a levelling off
1959, has been appearing in occa¬ of the stock
market, basic tax re¬
sional studies after the market

Walter

the

rated

American Telephone, somewhat

,

a

largest in the field and in

BY CARLISLE BARGERON

Reviving Interest in A.T.T.

the

been

17

Hensberry & Company

Jay Morton & Company, Inc.

r

The Commercial and Financial Chronicle
18

remaining years.
(A subsequent Conclusions and Investor Advice be .underestimated as a help to
change .in* sample was: made
As far as the profit margin chart profit margins.
r
;
195,6, but comparison of the ratios .js concerned, then, we can draw * Barring any event of extraordiin an overlap period shows, them these conclusions:
(a) the chart nary consequences such as a major

at-Profit

A Second Look

to

identical.)

almost

be
ing

,

-

...

'

critical look at general
declining. Data, confined to manu¬
facturing corporations reported in the FTC-SEC "Quarterly Financial
Reports," reveal profit margin downward trend for the past six years
but not for the longer-term trend over the decade. This Is not con¬
strued to mean that there is room for complacency about profits—
particularly in our basic industries. Brother Brown's findings include:
(1) in 1950, $1 out of every $8 of profits came from inflation, and
1955-57 period encompassed an inflationary windfall; (2) impact of
changing depreciation rules on profits and cash flow;; and (3) indica¬
tive value of profit margins when they decline and, at the same time,
earnings per share increase. Based on given premises, outlook
depicts overall profits per dollar of sales fluctuating within 4%-5%

,

on the 4.3% level, with an upward frpm - reports , of Vmanufacturing and it is likely to continue.
..
bplge near the middle. And sud- corporations only, and inferences ,
;
/
,
denly, the long-term downtrend-about other.-types of companies
^
\ conclusions
" • 1 . ..
no
longer seems so certain. But :are hotwarranted. - V
.? The profit margin trend of all
there are still; some adjustments.
;I„vestors
be particularly »an"faeturing ^corporations
has

.

.

the

^
wsxy
r
past 6
years>.ubut: th6j longer-term trend

tnem quantitatively;;«
.
>:• individual firm
Even in the last
er
As shown by Table I, the profits >6 vears.
desnite overall trends

cisive inclination either upward

it

19543
1950234f°r

eifc

clined," he
merely

chart

been

data
'•

ao

the

in

:fue^aie

statement is
and

available
any

and

Br.RobertB.Brown

informed

tions.

Profit After Tajros

•

f

'

'

-

'

as

r

r

7a;

''Y

\

::

■

i'

■

4
C

"...

r

Profit margins

•,

i

have shrunk from

7.1% to 4.3% and the trend looks

is

it

let's have

still

going

down.

But

chart

the

started

1950—a most unusual

year.

;

with
The

Korean War erupted in June, and
people which had experienced a
decade of shortages and deterio¬

superimposed

currency

amount

considerable

buying
The

a

"scare"*

of

demands.
large segoperating at

„

was

that

a

was

Coi.
"

A:

a

materials,

and

-

-

•

ui

4.u

t»

"A "

•

4.28c
;

2.10c

6.63

4.53 ;

2.75

5.40

2.75

8.15

5.48

2.80

8.28

4.80

2.95

1958—

4.12

3.23

1959-....

4.82,

3.03

7.85

4.40 '

3.15 *

7.55

4.25

3.28

7.53

>

-

"

I960..
1961

Col.

B:

of

these

(Billions of dollars)

35.7'

;

"cash

148.9

from

March

in

Some

December.

"bookkeeping"
on

to

invested

in

j^^tive With
fixed^asgic and

Only the profits, adjusted as In

idea

profits

the inventories

can

be

by

most

^0nrnrmAtn?tvyS1S' >ave
profitability.
^

when

36.7

37.7

—1.0

37.3

t

34.1

—0.3,
—1.7

33.7

i';'

44.9

44.7'

—2.7

43.2

—1.5

37.4

-+0.3'

46.8

—0.5

45.0

_

-1.0

38.3

.0

46.1

Li

costs)

given amount of

a

ciution

<as
i«

is

•

43.1

,

as

41.7.

37.2

v

46.4

i

a

per

v

mcnt

that![

■: (5)

products Which are not
homogeneous in nature.
Government - will

-

violatioo

:

;

46.2

of

■<'/-

•-

-

soti-trust
"--f ••*»"

depre- penditures ef manufacturing

4

Finally, In 1951 the sample used
in making the estimates was reT'
vised and the overlap indicates
that the profit ratios determined

1957——

...

~

.

5;".

••

1956

B

18.7
Chock Full O'Nuts—
4.7
Columbia Gas6.6
Commonwealth Edison J.
5.4
General Foods——
9.4

Avon Products

replacement
x

'

was

we

can

$1 out o£

see
,

«

eve^

—

4;8

...

-new

one.

Therefore, it

°f p.roflts ceDtableline from 1950
procedure to
tinuous

is

'

unac*

run a con.

through the

Co1-

fee is $304)0.
■

: 1958

-

6.7

6.6

21.6

22.5

24.2

10.3

11.5

12.3

12.3

6.2

6.2

6.5

6.8

5.5

6.2

6.2

6.3

10.8

11.6

11.7

n.a.

"

13.4

16:7-

17.2

17.4

18.1

12.0

11.5

12.2

13.6

14.5

6.2

7.3

7.7

8.7

8.9

n.a.

j

Not

available.

TABLE V
Earnings per Share

Coca-Cola

24.5
16.5

;

11.8

21.9

/•

/f

Corning

Dollar 1 / E. I.
) A":
Fooa

—

.

owiM.

-

3.4

date
ins Corporations. Available from

>•

Horicer Chemical Co..— 23.3,
16.0

fphilip Morris,; r_,
Inc.—

—

:^oa
16.0

,

3.79

4.70

16.8

;

1.68

1.51

23.0
A 2.7

30.9
—

ran

3.08

1.00

17.4

23.3

-?»'•••* :0/>'

1961

$4.10

2.13

18^

...

ica

.

83

to

,

$1.72

-19.5%

25.8%.

.—

•

77

per
,s:

1952

1961

1952
•

85

.4.3

1961

I960

5.0

18.4

4.0
18.8
8.1
6.2
5.0
> 9.6

1959

3.4

1057

Oper. Profit Margins

of.Sales ; ' " c r*
1954

;v.v :

11.7
Corporation—6.3

92

80

and re-

,

78

by the old sample were-isignifil'
in~cantly higher.than those of the.Col, aj Profits After Taxes

that

derived from the inflation.




-

44

1961—-

costs of inventory),

Table I

5.4

1958—^"! 4.1:
/

AA

Institute

Peabody Coal—~——- 12.3

84%

4.8'

1960

■

freshments. One day registration

.

1.7

5.2

for Corporate Profits.
(Inventory Valuation Adjustment
is a correction of corporate profits made by taking book costs less

A

Purex

4.5c

1956——

From

c.^ce*

Procter & Gamble—_i

"A

1955™,,

195^-4-

speaker of .their

with

firms

American Metal Climax

TABLE IH

.

Registrants may

style luncheon^

TABLE IV

was

were allowed by the Internal Rev-;
enue Code of 1954. ' " •
'
|

justment

informal quiz sessions the separate
in
duiing rooms during
buffet—

«

| rates (per cent of capacity).; This;

1954-—

_

During luncheon the ; speakers

reg^tration fee °f $75 00

much in line with operating

.

r

other-fixed for piaut and equipment has been- .
ifor replacement and moderniza-- covers all sessions of the
over - a
larger
tion. < This emphasis on more effi-. as well as all luncheons

Department of Commerce's Inventory Valuation Ad-

the

from

re-

for .each day's meeting will hold

Since: 1958, 70% of the ex-

means of production rather
cent, of the sales, dolJar.;than excessive capacity should not

Year;

favorably

t

_

,

cases,

for

Sessions and
Luncheon

the enrollees a chance to partici-

weU'as

spread

so

Pate. ■ these open discussion
me^ing^.

to depend upon legal harass-,

iaws/

gins have tended to rise and fall
very

Corporate Prof its < before taxes)

years

~

it is

[ •This explains why the profit-mar-

45.1

0.1

."Meet-the-Speaker

,

| ampunt of sales dollars, it declines dent

42.0

.

;i

but

~

that
of the decade
of
the s!°wer
methods of depreciation
achieved were. usfd at^ the time, thus imobtained proving the profits. Faster methods

168.9

;

.

-be so effec-

steel, prices,

creases

Col. B: Inventory Valuation Adjustment
near capacity.
can be seen in Table
III.; Source.
!The
great surge
of
demand Co1- C: Adiustea Corporate Profits
—,
nf,u0 ™+{n'rt
Tnuu
brought on another round of in-.
■
•
t/r^ir-iTo
flation, the B. L. S. Price Index
Another reason why the later is the 1962 McGrawrHill Survey.
1950 was
0f Business Plans,
of
Manufactured * Goods
rising n°f comparable with
or

15 years.

doubtful that it

analyzing the above data, is

41.0

in the last

not

"tha^^

Another point' to remember in

j

.

will

inter-

for

figures,

,&r6 s

C

"

—1.2

in

taken

be

must

returns cash

sets.

(

were

preting

I

±.

.did

^m'vis

-

w,

.

the Institute.
wages
increase in future as fast as they;
The Workshop

Depletion

and

.

...

.

_(3) industrial

of Sales

Dollar

v...

.

,

Dollar

per

Sales

Depreciation

Care

—a-

Taxes

•

Announced for Fall

.

-after

Col* At Profits

f '

lulaiie laX InSt.

here at Tulane/
Minor Wisdom of
price increases, and the inventory the United States Court of Approfits of 1950-51 and 1955-56 are peals for the Fifth Circuit will
; preside over all major sessions of
likely to recur,

■'

_

r.

.

,(2) Competition from domestic r versity Genter
and foreign ,firms will discourage • ' Judge John

'

s

.

^

the

.

.7.75

,

-

stated profits, if, as sugpreviously, the increment.
•
* depreciation from the ac- NEWORLEANS, L a. -Th$
s'celeration is added to the profits, Twelfth Annual Tulane Tax Instithen
the
improved profitability tute will be held in New1 Orleans
will be evident.
t
n
' on Sept. 26-28, 1962, at the Uni-

7.35

.

.

gested

in

7.28

1955^_i__-

tnere is no

m„„

public shortly, thereby profor
faster
depreciation...

reduce

6.38c

2.38

1957.1

—5.0

outlook for overall

is not likely to gain any
con&dgnce (, in afe. sincerity

-

A revised BuUetin F will be

• (1)
made

,

"...

C

B

1956

42.2

acffretfafps

corded in the steel price affair,

■

.

*viding

.

4.25

1952.

weighed in this connection:
•
*

.

"

•

-

r

-

•

great

'jecture, but several factors must

,

TABLE 11

••

40.6.'

the

tration

Outlook

The

not

does

as

Year

1-*

of

room for complacency. Profits are
fkg iffeblood of the free "enternrise
T
i
ft
T.T
system, and as long as the profit
margins of some of our basic ind4Striescontinue] to dwindle, the
health of the entire economy is

mdefinitely,-„but

obtained from the Reports
shows a fair de-gree of stability (see Table II).'

B

studv

a

"be

running a.business, such,

waffps

.

A

operating rates, the out¬
etc T impute to a particu-

Thi"

mentioned above,

Per Cent of Sales

TABLE

depreciation, in-

as

flatipn}

with rising earnings per share and

That portion at-

r

factors such

-

of

costs

.ns

sales,

■

varied enormously,

aBd a.n investor would be wise to

.

si

•

*®s.ults

of

A
*
e
'
.
a
.Another consideration is whether

^ "depreciation to the after-:tax prof^

Manufacturing Corpora-

1959.-a

normal

upon

result

ment of business

"

±

The following chart, made

1955-___

a

rating

*

^ °S

j

Year

closer look at this.

a

Misleading Base Year

First,

'

*55 *56 »57 *58 '59 '60 *61
55
5/
5
^

*53 >5/

'52
5

'51

like

.

brief list

-Investors; are usually-,..'Concerned from

andecniin—

by^ccderatioTSf

4

r

50

.

a

-iviooays nanaoooK,. snows a nst
bf companies, whose earnings per
uver uie yeaxs pemg biuuiea -iuh qhare increased over the last 10
-would slightly improve the trend sr*are incrqdsea over uus
in the later years of the decade. : y^rs wbile. profit margins were
some
analysts add the > entire;.d^iniiy&-?■>
- couyse, these trends

-

'

cpAmc

-

.

>for U. S.

prudent

a

QO

provides

the profit margin, by itself, is such look
*indicator of nrofitabilitv
;
ic* .r°
y° a parncu.a ^goocu indicator 01 proiiiaDiiity. jar firm the conclusions derived

increases in

dollar terms

the vears beinc studied

over

u

•

said, of; course, about particular
a°™?,ara?s' for ■ their individual

IV

Handbook of
St0cks second 1962

make them essentially consistent

of determin-

+•

•+

over the decade indicates no de¬

tobjtobte added to £?%££% TablePV Handbook shows list Ke™d ™iU
tojhe tne proms to
ah^taken iromthe
should be
D®en painted, still

most-quoted , source of ag-

The

;

Ample
proof of the
press.

nnrnoce

Iu

th^

.,

Table

margins.

Hel(J

edition,

beV,P

correction should

(b)
the depreciation

the

fnr

m

£rom Mood*.s

Wide,

-...

,,

.

larger amounts-of nlant

be considered,

should also

adjusted

.

,

' m aonar terms, increases in
two ways: (a)- by acquisition of

whether the situation is really

ing

said

bit. ;

further

xl°

to

,

.

should, be
a

S and

,

times

before

1957680

is

to

something
had

which

...

,

Correction for Depreciation

A

objective of this article
weigh the significance' of this

It

repeating

*

e

which

was

used

been

,.

,

data to

man^corporations^i^e increaSd °;^daWBwarri.' This cannSt be ;

fl? 1955-57 period .included

downward

often figures on

have

marline
,

dollar has de-

many

them. All too

nrofit

ag^egate

inflationary ..windfall. Copse- their
quently the rise in that portion of taken

speech before has been a factor in the bear marthe New York Financial Writers ket which began six months ago.
Association,
Treasury
Secretary < However, statistics can be deDillon said that "over the postwar ceptive at times and one must be
cautious about basing conclusions
turns
period the
on

about applying generaliza-

difficult

is

an

the

prof¬

least mentally.
to evaluate

!?ade

?
since

;

limits for some time to come.

its in the sales

ing ,a continuance of at least the

wiard, though not as sharply as is moderate economic growth rate
1950 should shown in the chart (the profit °f the last 5 years, the profits per
the analysis, margin for the last quarter of 1361 dollar of sales of all manufacturFor consistency, the chart should was 4.8%—-the highest quarterly
corporations should*fluctuate
start with 1952, the first full year rate in the last 2V2
years), and within the 4-5% limits for some
of use of the revised sample. *.
(C) the 10-year trend is not down- time to come. Except for the exu.Now the picture looks somewhat ward at all. It should be borne in berant
1955-56 period, this has
different. The line begins and ends mind that the
chart is derived been the range for the last decade

opinion held that they have been

When, in his recent

disarmament, and assum¬

the war or

(b)

1952,

excluded' from'

be

study of profit margins takes a

Definitive

with

start

trend in the last 6 years is down-

-

For all these reasons,

-

Chairman of the Finance
lona College, New Rochelle, N. Y.

By Brother Robert B. Brown,
Department,

should

.

As

»

1952 Base Gives Truer Picture

share of

Thursday, July 5, 1962

...

(78)

0.98

13.8

.

..

8.88

-

0.57

.;

j4.13

1.70
1.63
~

fc.

5.61

Volume 196

Number 6174

.

The Commercial and Financial Chronicle

.

.

(79)

19

THE FRANKLIN NATIONAL BANK OF

; -

LONG

ISLAND,1 MINEOLA,; Nt Y.

r

June 30, *62

;

.■

Total

Deposits

Dec.31,'61

$
$ '•
993,594,664 904,817,991
906,549,036 821,948,485

resources
—

.Cash and.due from

banks

.

U." "S. 'Government

Consolidations

•' New

branches

New

•

Officers; etc.

•

Revised

■

H. ? Moore,

William
Bankers

.

Trust

Chairman -of

Company,

Presidents

'New

York.

York, announced July 2 the elec¬
M

of

„

Vice -Presi-

•?•••-•

•

bank m

Revdent. Mr. Gev

ers,

foreign

June,

*

bank

Vice-

V

Paris

^ rH?

ioreign division

"

the

first

x

.

T.Total,

,

*

J

York

to

proct,.

t

I

...

,

Anthony

4,923,857

--

'--.V:;

v

Canino, Robert G, Baltimore, M&.-i?~:
Fitzgerald, Clement F. Hamilton;;: r ry;;: % 1*^.

TWUM T.

d»

orie^ ; ^TSliki-hAi

"

Rugani, and

Walter

-

?^a

i,089,«€7^39'
zvasjmiBS'!
W,815s,3

^ (

-

.

-

"

^

^

_

-

MA

nuunced: June

28

by Conttnental:./v..7

Rugani_are>wjtlY Mde bank S'"7

duc^ry Diviponx M^^s. Barflett^;
Irish, Kleinhans and Snipley
with the National

City -Bank, New
York, has<announced'4he appoint-

of. James R., Bimpsqn ;as~w.-a• *
Vice-President inf the Investment irving trust

Advisory Departtnent of the bank's

^ D/!lS/0n', '
The-bank also

K

: ■'J VX,
announced
•

;

'

.

the Overseas Division and -Robert:
Rice- of the National Division • as
Vice-Presidents. ^
'
m
;
;,
-

,

to become supervisor of the Carib-

*

No

y

iuiid'gs

in" charge

of

C

* ?° /Chicago and at the new
.431^631^512 branch before going to Zurich.
H.

continue" in

.....

Swatte

1

"

'

June30, '62

Total

;

,

has

»

.....

,

...

A

Mar. 31, '62

special

holders

•

,

^Vm'it?°hoid'ffs
'I

'

5anks__ 1,009,070,830

Loans

-

,

2,142,788,273

2,529!o32i274

155,309,607 "

*

,

proval of

624137 412

profits

*

*

•

,

Chemical

Bank

New

York

nounced that the board

has

tors

formally

i$t

i.'.that

an¬

the

with the Long Island Trust Com¬

r

chemical bank new york trust co.
york

'62

$
Total

resources-

Dec. 31,'61
$

4,904,012,697 5,046,859 057

U.

S.

banks—

Go"t,

937,865391

1,090,895,359

f*1-

143rd

State's

anniversary

profits

88,575,667

*

William
A.

E.

Clarke

*

were

80,197,532

,'

Bachert

and

ijM

.«a,

_

.

capital

common

:'B-

Aug. 10.

on
'

*

with

igan,

7 "

stock

*

mutual

on

July 3.
t

.

<5

Bankers

Chase

The

First

Bank &

.

-

•

: V

'•

«.

Tract

"

First

:

National

mvi-

<BML)

Co

Manhattan

Prioe

Price

„

-

in

has

Cifcty

J

67%

Bank

from

First National

Bank -of

Bank

Citizens

by

r

(t.e

to

increase

$3,600,560

from

_Q_o.

x_

rqok7s

value of $5 each, to

$3,690^75

consisting of 738,115 shares of the
1

„

,A

Harold

Guthlem

to

>

Deputy

*

-

,

o„

been

'
pro-

A"ditOTi

tional Bank of Lon* Island.

,

12.1

The board of

tional Bank

'• -'

■

•'

10.8

of Cleveland—— 47 Va

1.60

3.37

1.70

3.09

and Southern

NatT Bank—

55

;

Crocker-Anglo National Bank

36

Seattle-First

National

Bank

Fort

county,

Worth,

20.0

432

369

16.0

37.1

3.54

14A

38.1

1.60

2.63

16.7

29.3

1.60-

?-S2"

13.6

41.7

1.70

45 Va

■

Based

on

estimated

.

3

363

Lincoln,

NATIOKAL AKD GRINDLAYS

•"

Bank Limited

*

BANK

Head Office

INSURANCE

Bririkley

26 glSHOPSGATE,

MINERVA

LONDON

*

Bought—Sold—Quoted

June 13

on

North

and

LONDON. E.C3

Telegraphic Address

STOCKS

Bank

bank

has

a

sun»lus

tS1 Cashier*

A

Laird,Bissell& Meeds

Richland
••

Members New York Steek Exchange
Steek Exchange

Members •American

Bankers
ADEN

KENYA

Telepbene:
BeU

BA relay 7-8600

•

UGANDA

•

ZANZIBAR

Brandies in
ADEN

Teletype NY -1-2241-If

Speekdimte in Bmnh Stmckm

the Government in

INDIA* PAKISTAN

-

\

to

*

120 BROADWAY, NEW YORK 5, N. X

."

JimMcBee.

and

Telex Nos. 22368-?

a

Charles

36.2

earnings for 1962.

"

The

435

1-6.0

3.36

National

Fort Worth), Tarrant

rexas.

15.9

2.22
3.41

Average decline

te the Northeast National
of

375

'

*

issued

30 6

12.8

1.40

58 V2

Wells Fargo Bank—

436

14.8
v

.GO

*

Security First National Banki—

-

was

369
41.0

i

1.68

48

directors, First Na-

*

29.6

"

1.50

"

of

*

"

•

35.9

15.3

.

,

32.0
29.6

t

13.8

/

Omaha, Neb., announces the election of Robert E.
Johnson, Jr. and Edwin A. Langley to Assistant Trust Officers.-*
-

'

4.03

*'

*

;-

*

he

been associated with the bank

'

-r

A charter

.

"
has
t

Assistant Auditor of Security Na-

since 1952.

3.53

^

consisting of 720,112 shares of the

Par

3.95

^.58

Wachovia Bank ifc Trust Oo._,—— 27

*

Trust Company,

the New/.Yqrk .State5

stock

12.2

1.60

Nebraska,^has changed its title to
Mr^'c<ri&iHT';nn* - First-National Bank- & Ttust Com-'..
was
giveh^pxincota.
" ;r,

Department

capital

13.4

4.66

.2.00

First National Bank in Dallas-—.—— 44
-

37.2

32.2

'

12.8

49 Vu

.Republic National Bank <Da5as-)—— 50

.

3.90

4.00

Chicago—__ 62

of Detroit

National City Ba-rik

12.8X

450-

——119

'62 High

-12.4

-

4.15

2.00

Morgan-Guaranty
Trust
Co
101
Continental-Illinois National Bank &
Co.__.l-

"3.90

'

3.00

43
u

Trust

2.60
2.80

77
Oo._

Ratio*

4.40%

$1.97

62%

% Price

Earnings Decl. Since
Yield

dend

-

$44%
Bank;

Manufacturers-Hanover Trust

-

Continental

*

•.

Chemical Bank-New York Trust Co—

the Cashier, Otis Radford.
■

-

.

•

National

*

*

Current
^

•

a

*

"

:
•

__

capital» of $250,t
000 and a surplus of $350,000. The
President is Henry F. Eckfeld and

7

oldest

*

Yhrk,

New

■proval

George has

appointed Vice-




.

increase

ptecipitous a drop in bahk shares has occurred with these
as they are.
Obviously the declines have occurred on

so:

Commercial Bank of North Amer-

moted
undivid.

^

York,

S'Srt-dnr- 4-153'040-631 4-352.'ra,7i2 same par value
from

..

,4.^.

..

no

■

-$1,000,000 to $2,000,000.

savings institution, The Bank for
Savings, New York, celebrated its

,roliio

juiae 30,

^4,

-

been

somewhat defensive in character, institutional
buying could develop first in the bank portion of the equity field. Any such buying
could produce a rapid rebound in
prices of these stocks.

'

its

.

MM

followed the Over-the-Counter
investors regard bank stocks as

Sept 17 to Allen Park, Wayne County, Mich-

#*'*•

York

Banking

pany.

.

t«m

.

He joined the bank in

7, for ap- A charter has been issued to the
2V2% stock dividend- First National Bank of Allen ^^Park,

*

dropped

-A

shares held

i

Francisco and New York
offices/
a^' returned to
Chicago to serve

Bank

New

of direc¬

proposed plan to merge the bank

new

a

,

Trust

Company, New York, June 29

Comnanv.

on
stockholders of record

'.New

Chairman Harold H. Helm of the

Federation

which is payable

150,904,408

*

•

the

™eM J Aug.

win
1,086,971,455

1172 188 477

discts.

&

UEdirka.

by

helped increase rates. In addition the extension of maturities
and
the trend towards a
higher

'Chicagodn 1920, served in the Sah

..

meeting of the--stock-

of

Trust

SSrSSd-firr3-921-'1^732
-from

published

Treasury financing

"

.

•

.

Juiie,'1962

been

p,S^0i
JL.

'nTr,«

.«•

-s:

4,981,932,466 4,847,327,618

resources-

of

and

undivided

$
•

time

,

.

7WN AM/t/Wm

—

V

Quarterly

on

A

-

...

"

;r

& Co., Inc. bank earnings df the 25
largest com¬
mercial banks are estimated to be
dowh 3.4% from the six-mcrnth
period of 1961. This decline compares
favorably with the decline
in the first quarter of 1962
which amounted to 5.1%. This com/\tP
4iih
.1
mencement of a turn m Hthi-I ■1^—
bank'earnings is attributed to higher

.

•

Stock

.

M:"A.'SchapiTo

He will continue in this hs- Empire TYust Company, -New, in
the trust and investment
departsignment which is' part of the York. Mr. Degener is m charge of., nients; He
concluded his career
Special Industries Group handling the bank's Electronics Division., with the bank
as head of its trust
the
bank's
relationships in the Mr. Brunie also announced the investment committee.
fields of transportation, petroleum appointment of William B. Far*
-•
and public utilities, v.. *v
'
rington, John V. Vogt and Richard
J. Wieler as Assistant Vice-Presia stock dividend the First Na•
*
*
dents.
'
*'• ttenal Bank and Trust of RockMORGAN GUARANTY TBLJST COMPANY
; '
*
*
*
"
\
ford, Rockford, Illinois, increased
OF NEW YORK
.

Bank

•

-

1

.1954.

!

•

midlan© trust

marine

204,524,497 215,352,41^

this
.

,

'

the

Statlte

largely offset by the higher interest paid

peroentage of municipal holdings by

De

'

.jCstgo, III.
,

been

banks has helped increase earnings from this source. "Should the
co ^;
elected ^ Vice-President; of th6'
indicators point
Jo the need for higher rates (by the Federal
J
new york
.;•<*,* c-' -T-:' " A First' National
Bank
and ' Trust
Reserve Board) this will not be felt immediately by banks but the
j®ne 30,162 Mar. si; 62
Company of Evanston, Ill. He will
psychological impact should produce higher bank stock prices.
$
v
r^ '
be in Charge of the bank's
newly<.
Generally bank shares are considered In the category of
^^sources-^--820,m^88
established investment divisions
institutional securities as they are held largely, by sayings banks,
Gash and due.Ir.Ofn
7jVtr: ;dg Swarte Tetired a vear "' mutual funds, insurance companies,, and fiduciaries. It is unusual
: banits
the

Mr. - Rice ..joined " the
bank's Paul A. Degener, Jr-' has been.
Transportation " Department in elected a Vice-President ©ib the

'

In

i

the

j, ,

has

Jamaica,,. ando Puerto

......

™»o.

baDkers\t

deposits.

openi^ date-w^s announced,

•

,426,389.548'

...

bte

rise

mscS;--

u-

which includes the

Rico. ; He' wili

selling at close
level since 1957. Banks
away
the average of 15 times
earnings

on

investments although there has
London'r interest-rates. - The greater volume of

.

■<

-

otarity

'

^

,

be

of

basis

lowest

selling

T^resnebtive'of a"™i«ihV

but Kennedy sa»d Beutmard will:;
work with bank personnel both in U loans

assignment.

■

will

;.Mar/3ir'62 /Zurich office.^

york :

category
On the

are

•

came
Manager of the San Juan,
Puerto Rico, branch. He returwed,
to the -bank's head office in 1954

'

and

June so, "62'

ca^h and due

;

In 1945 he joined the
Caribbean District-and in 1950 be¬

Bahamas,

/

new

Brace

partment.

area

r

company,

,

tjndivw.

Mr. Dimon entered the bank in
1929 with the Foreign Tellers De¬

bean-East

i

*

^

___^_;2,154,358,841 1,872507781

•

v

,

are

City banks

^

Frenck ^banking execuhi^s been with
the
Banqpe de TUnion Parisienne*
will. join Gdntinental on July 1

jjve

TOrt

the .>x>ep®sUs
appointments of John T. Dtawm of

-

-

nard,Va

are

Division.^

ment

Chairman;

^

the

the
State Bankers Association indicates that bank earnings for New
York -City banks may be somewhat
higher for New York Pitv

«

_-■

BavicL M,. Itenrredy,

Corporate-^ SS^SS^'^S

First _National

ft-

V

»a

and

,

.

the highest yield level since 1958.
York City yield on the
average 3 %%V

earnings—-the

or New

2i369i®44i394

Undivjd.

and price
approximately

is

—the lowest level since
1960.
Although stock market action
may carry the price of bank
stocks to lower levels there
are
several factors on the horizon
which could cause bank
shares to move counter to the industrial
market.. With an increase in
the bills offered
weekly by the
Treasury the rate, is currently
approaching the high level of 1962
(2.80%)..The New York City bank loans continue
upward which
implies a healthy economy. In addition free
reserves are at the
lowest -level for the year ($300
million). "These factors suggest u
possible increase in the rediscount. rate
by the Federal Reserve

11X^732^706 A,332,

; Parity hold'gs 1,130,944,453
Learn & <afects,;
i

times

from New York

mlsises

Trust .Company,; New

Lambert. G.
■

This

average.

^o1C5 earninSs ratios New York
12

+

32,502,682

•5,i89,8i®-

l.

,,ce that date tnere
^ shares which

in the p™*

1960.

vTvSFtz

r-

the

on

'

-

+-u

.

June30,1962 Dec. 31, 1961
$260,163,930 $2o2ibJo4,780
235,696,352
227,619,78®
843
28,990,8'

-SL?-

substantlaL declme
them

of

.?

-*u

^

reasonably priced

n

average decline

jncr,„Cco/

away from New
Although
tms^ does not place these equities in
yield stocks,
this is the highest level since

'

■' '

resources.^

.

bwere

an

„

bank <?tnrW<5

Banks

national bank of

passaic, new jersey 7

shown

^

4%

.

A:

a<*o

to

Industrial

from the high of
1962; Those

.

,

same extent

brought them

appear even more attractive on a yield
®arninSs basis. New York bank shares now
yield

-

was announced-June .28 byv Harold EL Mortimer^ Jri- has been
Harold H. Helm, Chairman.;-:nv
; elected an Assistant iVice-PresiThey are: G. Scott Bartlett, Jr.,- dent of Maryland National Bank^

Mar.3i, v62

'■*

$

J

^Tot^LresourAeS-

r

'S

-

ha<? henn
- makes

-York,

1938^

June 30,J82

,^1

Vr

...

security

New

fSp
since.
'

Manufactureks^hanover trust co.
*

-

.Mi'/V*'"

have

this period.

in

A few weeks

.

that these equities

sue-

retired July" 1.
Mr. Olmsted has
been a'Vice-President since 1952.

229,41,7,622 149,302547

;V-

-

has

Dow Jones Index of

,

to. 1937. He

;

*iL

international ^division

security faeld'gs
The appointment of tea
As^fcjnte
-Secretaries
at, Chemical r Bank .Undivided profits-

rjLii'

don-office from 1933

•

thx

;bank stocks below

ocow•

36.3%

of

weeks

decline of 26%

a

*

614,475^302*.:V* :

; -*;r ■■ Tr-,-'" V.

-Government

*

shares has shown

;

to the

^at?s <* the ?«*nt bear

behavior in recent
reasonable levels for
purchase. The

U. S. Government

WWMaa,lHM*ore

'

fjiv
of the

;

stock.

National

holdings 105,708,192 106,034,421
Deposits
Loans ■& discount? 3D4,487»568 •284330,866
-Cash
due from
Undivided profits—
11,936,372 >iU,585^81,7 banks x—A

years

:

new

no^declira« ~in Price

market,, price

-

Senior Vice-President in charge of:--

<

l

•;

U.-S.

1932,: served

^

x.-»

was

Mass., elected J. Warren Olmsted

595,291,353 512,493,453

banks

Trust: in
two

i "689,017,026

resources:

and due from

CURRENT OUTLOOK FOR
BANK STOCKS

X

Casta

joined .Bank-,

the

First

named ;ap

Deposits
*

*

$500,000 to $625,000"

*

vork

new

from

by the sale of

June 30/62.Mar. 3ij'6?

-

Total

since 1954. He.

in

of

.

P,r.e sident

for

the

the bank in

was

This Week—-Bank
Stocks

*•

„

.

,naJ Etonk^ East 1[slip,
York,
in

*"< *,<^

banking de¬
partment, has

ers:

He

-

*

t,

Islip,. New

creasefl

in

international

a

.

Janiiary, 1922.

l£3n.

.

did

gjj
East

<.

-

...

AssistenJ j Vice-President'
apd
Assistant Treasurer m 195? 1959.

division of the

been

. ■
»

Mr. Clarke joined

who heads

the

.

,«

-

.

ofNew

department joined

*

-

j

-

■

.

holdings 156,974,164 131,229,918
Loans &
discounts 557,224,746 530,791,720
Undivided profits.;.
2,361,104
12,321,403

Mr. Bachert ot the pvestment
research

.

ao

Bank

,

.

tion

of the

•.

security

Capitalizations

r

:

..

'—;i_.7 74,3i2>256. 102,458,313

•

-

CEYLON 'BURMA
' EAST AFRICA

SOMALIA

AND THE 9WOPC8IAS
..

—

The Commercial and Financial Chronicle

1961.

MUTUAL FUNDS

\

.

company

..

:

.

holdings of

Club,

ice

Seaboard Airlines Railway. Dur¬
summertime, but that doesn't And, since Steel is the bellwether,
ing the same period it reduced
the
general market will rally.
mean, as Gershwin wrote:
.. the
holdings of Atchison, Topeka &
That's why I've marked the 31st
living is easy."
Anyhow, Porgy
Santa Fe, Beech-Nut Life Savers,
of July on my calendar with a big
and Bess were Catfish Row sandConsolidated Foods, H. J. Heinz,
red. circle.", M
lappers, who, are a long way eco¬
Montana-Dakota' Utilities, Texas
Even
more
emphatically, the
nomically, if not geographically,
Pacific Coal & Oil and Union Pa¬
market is saying that it has mis¬
million

folks in this
cific Railroad.
It eliminated its
country, including South Carolina, givings about Bethlehem, the No. 2,000-share
holding
of Illinois
2 steel producer, where the cur¬
who invest in stocks. For the in¬
Central Railroad.
rent yield works
out to almost
*'
*
*
vestment community generally—
8%r
' ;; •
and for investment stewards, es¬
17

pecially—it is High Noon.
For in the days ahead a good

mutual fundmen and in¬
vestment counselors will see the
newest vogue put to the ultimate
test. What these people have been
saying, on the record and in manto-man
talk, is that henceforth
they'll be paying much closer at¬
tention to bread-and-butter equi¬
ties
the companies that have
long records of dividend payments
rather than the recently fashion¬
able growth stocks that yield little
or
nothing and sell at fanciful
price-earnings multiples even
many

—

now.

fundmen
steels has been restrained for
of

enthusiasm

the

couple of years, it has been non¬
existent in the weeks since Presi¬

May sales of Delaware
Fund and Delaware Income Fund
Record

shares

a

the arbiter
But the kind

dent Kennedy became

product pricing.
yields that portfolio gather¬
ers haven't seen since 1953 is not
restricted to steels by any means.
of

of fat

W.

by

announced

were

President of Dela¬

Linton Nelson,

Management Co., Inc., na¬
distributor of both Lfnds.
Delaware Fund sales totaling $3,ware

tional

056,635

up

were

from

recorded for May,

$1,675,060

1961, while re¬

demptions fell-to $398,198 from
Ohio Rail¬
$658,850. Sales of Delaware In¬
holds out promise of better
come Fund amounted to $526,272,

Thus, Chesapeake &
way

which has

a

priced

is

cover,

Southern Railway,
pretty thick dividend

and

8%

than

than 6%.

'

to

yield

better

as

the men

who honey¬

yields
weigh decisions that will alter
fund portfolios, they make circles
on
their calendar for this month
of July, when directors will be
meeting in corporate boardrooms
to review second-quarter earnings
and decide whether to maintain
quarterly
dividends. The most
momentous day of the month will
be the 31st, the date when United
States

list for juicy

Steel Corp. meets.

can

confusion

confined

that

hardly be a secret

are

some

been

intermediate-term
too

The

effect

on

the

near-term

since funds which would be

into

other

normal

securities

conditions

more

obligations.
this, there is evidence that those
who
have
been
purchasers * of
long-term fixed income bearing
are

not inclined

now

totaled

all-out

in

In

maturity

spite

*

to add

deposit

Lines.'

from

news

leads

which

*'0

(

to

you

and

funds

other

these banks
likely to
continue to be among the princi¬
pal
buyers
of
the
short-term
Treasury; issues.
However,
the
purchases of near-term Govern¬
ments by corporations, the nondeposit banks and other investors
do
not
have
any
inflationary
effects on bank deposits or the

..

is

sponsoring, along with the pre¬
cut v in
taxes,
that
the
budget for the year ending June
dicted

and still

30,

1963,

a

likely

not

is

other than
The

readily from

very

of

amount

show

to

them here.

sizeable deficit.
deficit

the

is

the

not

predicted by very many
market followers since it
is too early in the new fiscal year
much.

tive: "We're like kids with a fresh

confronted

allowance

by

386,598,
against
$518,840,836
a
earlier. Net asset value per
share at the middle of the fiscal

whole

It's not a ques¬
tion of whether to buy—but what?
If only those fellows in Washington wouldn't block the doorway!"

trays of goodies.

THE
The Funds Report
Bullock
total

that
assets
-on
May
31
to
$67,401,756,
com¬
$76,472,082 at Nov. 30,
asset value per share
at May 31, down from
per
share figure six

Fund,

net

amounted

pared with
Net

1961.

$12.10
$14.40

A mutual fund

was

income and

the

ties

months

Ltd.

reports

earlier. M

CFO

reports

cline in total net assets from

730,995
769,857
value

Address.

a

de¬

$41,-

Nov. 30, 1961 to $34,-

on

May 31, 1962.

on
per

share

Net asset

declined

from

$18.46 to $16.06.
-State.

City

,

*

$7.05,,compared, with $9

year was
a

year

earlier.

During the second quarter the
company added six companies to

As

away

long

sult

in

Istanbul.

semi¬
annual report, announces net as¬
sets on May 31 amounted to $1,313,042,000, an increase of $10,403,000 for the past 12 months.
Net asset Value of $13.71 per share
compares with $15.02 on May 31,
Wellington

80 Pin* Street,

New York 5, N. Y.




Composite

*

Bond

*

or

compares

$9.12

its

portfolio

and

increased

in¬

Newcom¬

George E. Bates of the Harvard
University
Graduate
School of
to

the

advisory boards of

Massachusetts investors Trust and

Massachusetts

Stock. Fund.

Investors

Mr.

Growth

ica, Socony Mobil Oil, Southwest¬
ern
Public Service and Virginia
Electric

&

Power.

the

Williston

Bates is James

Professor

of

&

Stock

Fund

no

a

share.

This

with $9,281,748 of assets

porator
for

the

of

Middlesex

Institution

Savings and senior advisor to
new

Institute of Business Ad-

our

and

past

doubt be followed.

Scared Equity Money

Going

Into Bonds

The market for long-term obli¬

/

is not expected to move
of the plateau which
it has been in even though rates
gations
too

as

out

far

whole could go

a

what from present
be

expanding

down some¬

levels if there
of

continuation

a

which

interest

evident

in bonds.

the

has

Much' of

these purchases1 of fixed income
bearing obligations is due in some
measure to the belief on the part

investors

of

that

the

common

stock market is not too attractive

at this time because of the
which

uncertainties'

many

still

'

round it.

; sur¬
•

•

Investments

Pressprich Buffalo Branch
BUFFALO, N. Y.

Allied

eliminated:

Chemical, Anaconda, Burlington
Industries, Cerro Corp., Champion
Spark Plug, Chicago Pneumatic
Tool, Freeport Sulphur, Fruehauf

Chase

Manhattan

appointed
mon

Ltd.

*

stock

,

.

fice is headed

the

Worldwide

com¬

Fund,

R. W. Press¬

jointly by Harry M.

Dent, Jr., and John R. Gronachen,
as

co-managers.

Mr. Dent

the

was

Buffalo

formerly manager
office^ of L. K.

Co., and Mr. Gronachen
formerly- with Dominick &

Simon &
was

Dominick.

*

Growth Securities Ltd.
SALEM,
Ltd., is

111. — Growth Securities
conducting a securities

business from offices at 500 North

Broadway. Officers are Gilroy

A.

President; B. F. Shamburger, Executive Vice-President
and
Secretary; and Bernard J.
Buenemeyer, Vice-President and

Puckett,

Bhnk has been

registrar,, of
of

r

*

—

prich & Co. have announced the
opening of a new branch in the
Genesee Building.
The new of¬

Invest¬

mittee of Harvard Trust Co., Cor¬

in

confidence

of

loss

tern which has worked in the

will

of

Trailer, Mellon National Bank &
Trust, Ohio Oil, Republic Steel,
ment Management at the Harvard
Sheraton
C o r p. • - of
America,
graduate school. He is a director United Gas Corp. and United
and member of the Trust Com¬ States Rubber.
'
R.

the

1961.

.

puts net assets at May 31 at $8,-

801,744,

in

Fund,^

of

deficit

the

as

the monetary unit,
near-term interest rate pat¬

been

*

DISTRIBUTORS GROUP, INC.

University of

During
the latest six-month
period
new
investments
were
made
in
Avon
Products,
Dow
ers
are
Whitney Holding Corp.,
Chemical, Eastman Kodak, Gulf
Burroughs, Florida Power, Life
States Utilities, Marsh & McLen¬
Insurance Co. of Virginia, Lock¬
nan,
Minnesota Mining & Man¬
heed, Sterling Drug.
ufacturing, Radio Corp. of Amer¬
*
*
*
the

vestments in 38 others.

named

Canadian Fund, Inc.

Name.

year

the

Business Administration has been

stocks selected for their

Mail this advertisement.

second

quarter of its fiscal year on May
31 with total net assets of $498,-

at

of
will continue to be
from the dollar and

Federal Government does not re¬
■

the present fiscal period and there
are
no
indications that there is

ministration

the

by

gold holdings.,

our

economy

it does
appear
as
though the Treasury will have to
be raising new money for nfost of
However,

center to

attracted

,In this way some

pressure

taken

being

money

to have such estimates mean very

be

return which will be available to

should

Growth

Stock Fund completed the

-

In the words of one fund execu¬

quality.

are

one money

will

another

.

.

..

.

great time.

mon

types

,

investment Ontario Paper.
*
*
*
sources
will be finding its way
into investment channels in no Massachusetts
Investors

investing for
growth possibili¬
through seasoned com¬

been

the

.

the

of CROUP SECURITIES, INC.

has

institutions,

have been

take, the
the future

From Dec. 1, 1961 to May 31, going to be any change in the
they're not responsible for a good deal of
going to ignore yields of 6% or sideline-sitting, fresh funds con¬ 1962, the company added E.JL du method of getting these -funds.
tinue to pour into the coffers of Pont
de
Nemours &
7%. When a quality stock such as
Co., ~Ford This probably means that the bulk
Steel returns 7%, as it does, then the mutual funds. And since those Motor,
Ludlow
Corp.,
Socony of the new money or deficit funds
believe that
inflation has Mobil Oil, Swift & Co. and Uni¬ will be obtained through the sale
the market is saying the dividend who
will not be maintained.
If it is run its course are a small mi¬ versal Leaf Tobacco.
It elimi¬ of
short-term
obligations, with
paid, then Steel will rebound. nority, chances are money from nated Flintkote and Minnesota &

STOCK FUND

that
about

buyers of Government bonds,
especially with reference to the
inflationary implications which
could result if large amounts of
these obligations were sold to the

rather than dividends,

COMMON

said

future.

..

Washington,
wonder
Keystone Income Common Stock
wq'll continue to have Fund S-2
reports investors bought
This betting is only of inci¬ dividends. There are even people
41.9% more shares in the first six
dental
interest to the portfolio close to this Administration who
months of fiscal 1962 than in the
people, whose prime concern is to have the colossal gall to contend
corresponding period last year.
snap up stocks that pay 5%, 6%
that corporations should not re¬
There also was an 18.2% decline
and even 7%, assuming prospects ceive realistic depreciation allow¬
in redemptions. '/
*•'*" ;■
'
are bright for continuance of the
ances, but should be compelled to
Total net assets at May 31 were
current dividend rate.
fall back on the funds used to pay
Says a portfolio manager of one dividends for plant moderniza¬ $100,057,710, or $11.42 per share,
against $117,593,513 of assets and
balanced fund: "While most peo¬ tion."
While this factor, no doubt, is $13.86 a share at Nov. 30, 1961.
ple buy stocks for capital gains,

describes

all

of

and

at least

range

foreseeable

.,

whether

prospectus

there

•

latest

booklet-

unless

of

making size¬

of

program

the

written

that business will

deficit,

and

for

the distant

much to their positions as
yields decline because of the un¬
certainty that is creeping into the
economy.
The. concern over the
Government

far

so

very

offerings of Government bonds ,in

very

course

a

for

liquid Gov¬
As against

ernment

not

broad and sizeable de¬
long-term bonds there
is not likely to be any important

being

used to buy the most

issues

is

mand

going

now

and

bonds being

istration

or

under

are

issues

used from
time to time. This is the pattern
which has,worked for the Admin¬

market has been favorable

money

long

May, 1961.
dim
able
commitments
in
long-term
view of steels and railroads, there
bonds.
Investment Trust of Boston rer
are oil
and gas equities that are
economy as a whole.
Treasury to Be in Market on
tempting fund folks. Pure
Oil ports total net assets on May 31
amounted to $62,962,899, or $10.29
Continuous Basis
yields nearly 6%, earns it with
Firm Short-Term Rates
per share. On May 31, 1961, value
plenty to spare and sells at about
The
deficit
in
the
Federal
Expected
'
per share was $12.59. Fiscal year
five times cash flow. And El Paso
budget for the fiscal year ended
Because it is expected that the
ends May 31.
'•
Natural Gas, which has never in
June 30, aggregating $7,000,000,*
*
*
Government will be in the money
its history trimmed the dividend,
000 is now largely
a matter of market for most
of the current
In its semi-annual report, Inter¬
is priced to yield around 7%.
history. And thoughts in the fi¬ fiscal period, it is not expected
national Resources Fund, Inc. puts
This much is certain: defensivenancial, district are now turning that short-term rates will deviate
total assets as of May 31 at $17,minded
fundmen
have
become
to the size of the deficit that is
very much in the pattern which
662,544, or $4.26 per share. Value
yield-conscious.
With top-grade per share at Nov. 30, 1961, close to be expected for the current is expected to continue in use.
fiscal year which is just getting
issues such as American Can and
The rates on the most liquid Gov¬
of the fiscal year, was $5.37.
General Motors carrying an indi¬
under way. "...V-/,'
fevfcw;.-'
ernments are expected to be kept
During the latest quarter these
It is evident from the many un¬
cated; 'return -of 5% ,*>ifris not easy
high enough so that the restless
new
names
were
added to the
to
resist "the bargain counter."
dertakings which the Government funds which can be shifted very

earned.

.

has

the common
stock market is apparently find-*
ing its way into the money and
capital markets in some measure.

$235,071 for The
Redemptions what might happen to our gold
$55,923, down from $65,020 holdings, are not conducive to an

,

those who take a

for

And

people are betting that the divi¬
dend will be paid, although not
,

which

largely to

month of 1961.

pretty
heavy
portfolio:
Carreras, Fuji
Bank,
wagers being made in Wall Street Still, as one fund counselor put it:
General Motors, Mitsubishi Bank,
on whether Big Steel will vote the
"Every time we're tempted to
Sumitomo Bank and United States
usual 75 cents. Surprisingly, many rush out and buv, we read the

there

CHIPPENDALE, JR.

position of the dollar along with

with

compared
same

The

,

Even

comb the stock

It

for

BY JOHN T.

Gas Serv¬
Co., National City Lines and

ing Trust Co., Louisiana

It is

If

Our Reporter on

.

First Bank* Stock
Corp., Tennessee Gas Transmis¬
sion and acquired First Camden
National Bank & Trust Co., Irv¬
Diners'

High Noon

the

..Thursday, July 5, 1962

.

announced

also

increased

has

it

that

f

.

The

POTTER

BY JOSEPH C.

at Nov. 30,

$10.23 per share

and

from

.

(80)

20

Treasurer.

196

Number

6174

;

:

The Commercial and Financial Chronicle

.

One Federal Agency

(81)

supervision, eliminate conflicting
interpretations of law, and lead

important that the Board of Gov-

to

Should

System

greater consistency

and

holding

Continued from page

scientious

judicial

15

analyze J hundreds
of
material in a single

case.

of

the

a

new

on

that

while, these different and ever- self-serving arguments auvanced
expanding tasks—each of which by tne applicant, but also ^the
demands
careful, objective, and more objective arguments o± those
time-consuming a n a 1 y s i s and representing only the public^ mthought —-but we must be con-■•.■teresi. He would be expected to

better

cerned

lest

their

quality of
judgments and decisions, the imwhich
•:

of
overstated.'1

portance

cannot

be

!'

;

also

In

view

all

of

this,

reached the

conclusion

should be established

I

It

would

be

be

n

_

by

advice

and

of

consent

To it should be transferred all the

bank

and

bank

supervisory
vested

in

holding

the

_

company

presently

powers

Federal

Reserve

the Comptroller of the
Currency and the Federal Deposit
,

Corporation. The latter

two would be

into
for

the

completely absorbed

Commission, except

new

the currency functions

of the

Comptroller's Office, which should
be

transferred

to

the

ot

Tne

Reserve
The Commission would have all

,

we?f of the prob-

£e

"insurance"

of

1

directors.

It

would

also

required
sued by
"visorv

authorized

or

aeencies

be

headed

^

•

mission

other

and,responsible' to

the Commission.

unit of the
a

.

Commission, headed by

Director of Bank Examinations.

He
-

separate

a

would' be

in

charge

of

:

all

examiners, now employed by the
Comptroller of the Currency, the
FDICy and the Federal Reserve
System,'; Since the Director
of
,

r

office, he,
too, -, should beap-:
pointed by and be accountable to
the Commission.

to

His job would be

that every national bank
effectively examined, that the

see

was

.

laws of the land
that the

mission

were

regulations

in

obeyed, and
of the-Com-

banking in
they
demand

all

of

that the Com¬
its activities,

insurance,

entirely

by

be

sup-

eral

appropriated

eral

any

reason

neces-

by the

Fed-

Banking

covered

in„11t.pH

by assessments on

hank^

V

.

Dual

Of

In

addition, the Director of

aminations

would be

submit to the Commission his

port

and
respect to

to act
*

to
re-

recommendation5 with

course,

as an

expected

advocate of the public

interest in connection with quasi-




New Officers

Neb.,
elder

else

The

may

right solution

willing to put

are

Syndicats,

an

organization of

secretaries of partners and

women

syndicate

managers
of
leading
Wall Street investment firms, has

un-

elected

the

pany,

following officers for
year:
Winifred P.
secretary
to
Wickliffe
of Hayden, Stone & Comr
Inc., President succeeding

Betty,

aside

Lewis

the

ensuing

with

all

the

open-minded-

' //■ *

order to aid them in the performof their statutory

duties.
present time most states
do not have supervisory forces
large enough to examine their

/'

*

At the

without

banks

state-chartered
material

assistance

from

Federal1 Reserve

the

the

FDIC.

either

System

Consequently,
of

Federal

or

the

examina-

gradual. .1 would suggest that
a goal of three years be set within
which those states could develop

Federal

Be

,

M.

Loeb,

Stone & Webster Securities

Corp.,
succeeding Barbara Russo of Cof¬

fin &

IWan & Cr\

Frvrmed

i>evan ot v*o. r ormea

Burr,

The

as

Secretary Treasurer.

members

of the

Executive

WASHINGTON, D. C.—Bevan &

Committee

Company, Inc., has been formed
with offices at 1025 Connecticut
Avenue, N. W., to engage in a securities business. Betty R. Bevan

will

Betty Lewis of Carl M.
Loeb, Rhoades & Co.; Mary O'Rourke of Reynolds & Co.; Claire

is

Co.

President.

Miss

Bevan was
formerly with Whitney & Co. and
Blair & Co., Inc.

for

the

coming

Banking Commission

Federal examinations of banks in

that state would, not be made

—

would achieve greater uniformity
and effectiveness—as well as rethe cost

—

of Federal

bank

year

be:

Happener

of Goldman, Sachs &
Marguerite
Kascle - of

and

Riter

&

Co.

With Sandkuhl Co.

-

Abbott, Proctor Branch

(Special to The Financial Chronicle)

WINCHESTER, Va.—Abbott, Proc¬ BEVERLY HILLS, Calif.—Harold
branch JS. Ritzer has joined the staff of
office at 8 South Braddock Street Sandkuhl & Co., Inc., 8901 Wilunder the management of William shire Boulevard. He was formerly
with Samuel B. Franklin & Co.

Schutte.

Wh^re would this plan leave the

the

Commission.

new

relieve the

1962 EDITION

.

This would

Federal Reserve

Sys¬

tem

of
a
grea^ deal of work,
which, while important, is not es¬

sentially - inter-related

*

with

Common Stocks

its

primary function of.f regulating
the supply of money and credit.
In my view, there are few func¬

/

.

V

On Which

1

;

,

CONSECUTIVE CASH DIVIDENDS

tions

in
a
capitalistic economy
important than- this.- If,' for
any
reason, the flow of
money
and credit is too large in relation

Have Been Paid From

more

to the volume of goods

ices available

tion

is

them

the

evil.

On

failure

keep

in

the

vast

of

the

the

—

with

most

We

the

economy

growing
result

can

under-utilization

all

chaos.
know

alone

economy."

of

-j'
that

and

is

to

199

200

25 cents each

-

up

On orders of 100
cover

15 cents each

-

or

more,

a

three-line imprint

the front

on

is included without extra cost/

■

■

/

•

.

Commercial & Financial Chronicle
Wm. B. Dana Co., Publishers

monetary

stabilize

Equally important

are

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

the

cannot

and businesses

(including agricul¬

But I do

policy is

—

our

spending and savings habits of
people, and the pressures of labor
ture).

BOOKLET

28 PAGE

credit

excessive unem¬
ployment, and—in extreme cases

policy

1

hand,

and

resources,

—economic

'

COST OF THESE BOOKLETS

of

other

money

pace

of

—

of the consequences

aware

which flow therefrom

v

:

serv¬

purchase,- infla¬
results.
Everyone

usually

now

and

V-

5 to 138 Years

for

is satisfied with a State Super- many other factors, such as fiscal
viscr's reports of examinations, policy,
public
psychology,
the

duce

Carl

and Jean Antaki,

address bir Mr. Robertson before secretary to Orland K> Zeugner of

,,

nesse^BankCTs^ssn^Mc^i^ T«n!n~

A.

that, if the dual banking system is
to be maintained, Federal bank
examinations
eventually * should
be confined to national banks, except to the extent that/.the Federal Reserve, the Federal Banking
Commission, or its Director of Insurance, might need to have ex-

ance

of

*$hoades&''Col;

-

one

-

would be

Reserve Would
Better Off

charter, branch, except perhaps for spot-checking,
holding company apThis
sort of
an
arrangement

He

awkwardness.

Federal

Banking

every

merger, and

plication.

Ex-

required

Someone

of the questions Federal Reserve System?' Exactly
which always looms up when a where it is—as the central bank
pjan sucj1 as this is discussed is:. of this country — except that its
What happens to the dual banking examination and
supervisory
system?
My answer; is/simply functions would be transferred to

the

,

Bow,
Washington's

an

tor & Paine have opened a

msured banks)..

of

to all three.

Syndicats Elect

the

of which, we are capable."' v

ness

each prob-

on

all

Commission,
the
Insurance,
or
the their
examinat.ing staffs to the
Federal Reserve Board, and,
of point where they could assume
course, all reports of examinations the
fulj burden of supervising
would be- made freely available state banks.
After that, assuming
Director

in

transformed

Broken

of

find the

we

issue

this

be focused

men

needs

for

never

as

country, that
the judgment
of
more than one mind.
Every man
is .tied
to
some
degree
to his
special background and experience,
and
consequently
is
not
wholly free from bias and prejudice.
Therefore,
I
believe
the
public interest is best served by
requiring that the minds of sev-

be

sary

0ne

less

Plumridge

rities, Inc.

develop a better solution. But of
one
thing I am certain, we will

merger,, or

of

to

banks to the extent deemed

„

experience,

have

bureaucrats.

volved but also the public and to
the direction of the development

tion in those states would have to

insured

into

holding
well as in
the promulgation of regulations—
are SO important not
only to the
-individuals and institutions
in-

member

nonmembar

from

that

UpStart from

for tne

agency,

application,

company

withdrawal

were

and

an

am

the problem the lessons I have

years

court to be

E.

recently
been
with
Frank
Investors
Corp. was for¬
merly President of Eastern Secu¬

alternative ways of doI can only bring to bear

learned

•

charter,

a

complied with.
In
addition*: he would be authorized
and
required v to. examine state
-

unless

istrator of such

Theo.

come

sake of

Conse-

Examinations, like the Director of
Insurance,
shoqld be - a career
man, with an' indefinite term of< aminaticns made of state banks in

;

conclusive,

reviewing

what will

are

tng jt.
on

Some may think that it would
be better to have a single admin-

.

There also would be

and

final

do not know

this

there

De-

delay and

The '

a career man

has

the people who

that everyone will agree that
there is a job to be done.
But

should

lem—even at the expense of some

De

would handle the deposit
insurance
and
related
functions

by

judges.

Commission

eraj deposit insurance would still

Vof a Director of Insurthe new Commission,
by

Director.^wouId> be.

of

the

of

and

sure

mem-

funds (the cost of providing iea-

•

performed by the FDIC.

propose

and

than

ported

-

ance,

now

care

pncious.

a role that
Federal agency

shareholders.

quently, I

Directors of Insurance and of
„ws+

their

or

-

a

Street,
Plumridge,

Mr.

own,

as "It mayn't be human gore!" I

both facts

selected with
that is called for

selection

a

llc interest, rather than the banks

pret the Federal banking laws.

-

my

proposal.
To borrow a
phrase from Dickens, I hope that

wholly without evidentiary support or clearly arbitrary and ca-

examination costs, the purpose of
supervision is to protect tne pub-

is-

inter-

Examination

analyze

same

cisions

Furthermore, I questiion whether
banks should be burdened with

would

and

who

William

15

City.

However, in formulacthese views, I have been

j

0f

^

the

in

a trade association

?

« unbecoming a

or

be

Inc.,

York

my mind and
conscience, rather than my
heart, and abide by their dictates,

be

udAlng indus1try> as
to

ability

the

supervises, or assume t e lole

-

super-

it

and

fdmfnister

otherwise

to

be¬

my,

Commission would

new

Consequently, its
bership should, be

emergent, that., the agency
wiU'treat as'wards the'institutions

are now

of the three

any

has

obliged to look to

Selecting Members

and law.

fAnSer' usually latent but some-

promul-

gate all regulations which

Plumridge

them.

ing

.

t

j.i

i

agencies

run

de6ree of knowledge of

*e

the

,

"member-

or

ship," Slid removal of officers

Co.,

New

—

by

branches,-mergers, holding comparlies} « fiduciary'5 and ^foreign
banking' activities, as well as'disciplinary actions Such as termination

o

in

a

anc
^ dm organizations beoWcharters; «« supervised there is always the

!

&

E.

associated with A. M. Lerner

come

espe-

speed, efficiency, and uni- rancor, personalities, and politics,
mg n.° assessments on tne banks
formity. My own view is that the: as well as rigid resistance to Michel,
examined.
Shreve
problems involved
for example, change, and proceed to debate the
When a supervisory agency is

Federal

the jurisdiction now exercised
the existitig agencies

Theodore

full-

by

exclusively

are

the

almost exclusivey concerned with
quasi-judicial functions
calling

,,

banks on an assessment basis The
expenses ol the FDIC are borne
by the funds obtained through
assessments against i nsur ed
banks, and the costs of Federal
RelerYe supervision are paid out
?* Federal Reserve funds, involy-

Board,

Insurance

pressed

lenient

or

,

,

•

Congress has provided for the financ^ai support ot bank superViSlon- At
Present tim+e
expenses of the Office oft the
Comptroller of the Currency are
borne by the supervised national

the

staggered-term basis.

on a

concentrated

reached without consulting either
my
associates on the Board of

a

•

Care

^em ^at has bothered me lor
^me time 1S the way in which

Commissioners, each to be
appointed by the President, with
Senate,

,

.

five

the'

banking

eliminate,

attention

concluding, let me state
dearly that the view 1 have ex-

,

Financial Support

Com-

headed

With A. M. Lerner

in

arrangement

to

serve

demand

Plumridge

Conclusion

more

provide

the

generous

lnsured banks.

agency

°fi,g7SnTni "7 Banking
called the Federal £eTPSrt
mission.

connection with examinations

that there

a new

to
an

after

-

T. E.

Reserve

permitted

people
cially qualified for the job.

treatment from the Federal super-

determination any question for
have;-interpretation; of law arising in

and

soul-searching,

be

would

Such

visor.
;

that

time

substantial part of the temptation

piinary proceedings.
He would
refer to the Commission for its

"

Decries Proposed New Agency

painful

the

of

bank

guidance

would

be

rePort to the Commission any in- for banks to switch from state to Governors or the officials of any
other
agency.
Having
worked
stance in wnich an insured bank national, member to nonmember,
ci0Sely with all of them for many
1S engaging in unsound practices or vice versa, depending upon
years, it is
only natural that I
or violations of law tnac mignt which group
appears to
receive feei great affection for each of
warrant the institution of disci- the
most

volume

sneer

diminish the

to

another

or

and

industry.

Federal

are

the decisions would

consistent

,

serves

one

Federal

the

should

to
devote all of its time and effort to

policies,

supervisory
agencies, would be dealt witn, instead, by the new Federal Bank¬
ing Commission', it seems likely

such applications, so
that tne Commission would nave
before it not only the tacts and

agency

of
Con-

pages

shoulder, for

men can

proceedings

three

of

ernors

merger

applications, for the task, without diverting attennow
passed tion to bank supervisory matters

which

example,
upon
by

in

company

Since all merger

Supervise Commercial Banks

21

'

Volume

one

of

essential

believe monetary
the
as

most
an

potent

equalizer

among the others. It is sufficiently

Please

enter

Canadian

our

order

Common

for

Stocks

Copies of booklet on
accompanying dividend

^—

with

tables.
Firm Name

Address

By

—

Date

The Commercial and Financial Chronicle
22

.

.

.

(82)

the

Secondary Mortgage Market

Obviously,

Senate's

of the National

the objectives

Bankers

believes

our

and

pension

tapping

institutional funds.

other

In

obtaining congressional ap¬
proval for a Federal charter, how¬
ever, there1 are many considera¬
tions. In the first place, the propements- must clearly demonstrate
the advantages that such a facility
would provide to the home-buy¬
*

the have broad authority to stabilize
desirabil- the mortgage market, including
ity of establishing a market for access to the U. S. Treasury when,
mortgages. The national mortgage necessary. ~
■*„•/
associations were
intended pri- / A similar proposal was made by
marily for the marketing of FHA the ,y United- States Savings
and
insured mortgages, the authority Loan
League and the National ing public. Questions will be
for which was established in the League
of Insured Savings As- asked as to what extent such a
same
Act; but they ; were made; soCiafions; Such a facility would system would ease the flow of
available also for the marketing be initiaily/capitalizea by the Fed- credit and make it possible for a
of non-insured mortgages.
era! Home -Loan Bank Board and home buyer to obtain mortgage
One of the principal purposes -would.have tne power to buy and financing with the ininimum ef¬
was to provide a means whereby
aU types of mortgages that fort at a reasonable cost. •••••> :4

;

Committee, brought together by the American
Association, but queries some considerations which he
must be met before Congress would approve Federal charter

leaders of

by

gages

in

activities

early 30s recognized the

United States Senator (D.-Ala.)

endorses

housing expert

Market

Mortgage

■

the

financing

home

For Conventional Loans
By Hon. John J. Sparkman**

;

sion funds, to be used to buy FHA
and VA mortgages at the going
market price. The Board would

to

obligations

other

and
public.

bonds,

Thursday, July 5, 1962

*

"

for

to estimates made

meet this

reviews

and

rates,

interest

gage

home

It

is

gratifying

commercial

to

so many
interested in

see

bankers

subject of mortgage finance.
months in government

the

In

recent

we
heard a

terests

how.

the

of

in

tors

,

one

mort¬

From

and

to

62%

in

Hon. John

Sparkman

study and

a

submit

a

to come. As¬
given that the
Federal Board will have adequate

have

units

new

been

contrary, it seems
that the commercial banks'

investment of

$30 billion in
accumulated

over

to regulate, the proposed
corporations adequately to protect
tne public interest,' «
••
Another problem that needs to
be taken care of is the breaking
,

,

restrictions in
which lower
the marketability of conventional
mortgages and which do. not per¬
mit
investment
by .banks
and

this

with

rests

early

the

conventional mortgages.
These are : some of the condi¬

tions

V

'< -

'

'•',*.

100,000 mortgages extent, .forlong-term
insured each year. In addi- a member has access to

financing,,
the credit
Federal Home

than

which

past 28

••

in

were

o|it-

lending institutions in

n.e®?edv;

^

The Board stated* that Tor liof FHA,- Qtuidity purposes and, to a limited

days

laws

of-state

sible

less

other

procedures for providing credit To
member institutions whenever

when

financial

our

institutions—the savings and loan

existing

state

many

ary^

handled than was pos-

to be

had

great deal of credit

a

of

down

and

enterprise to-be Site-,
cessful,
a
considerably
larger
quantity of mortgages would have

their

own

FHA loans

business

a

.

Certainly

for

families

of' the

on

be

power

re¬

.tne Board was of the
opinion that no such facility was
the interest cost to be paid on' the 1 necessary at that time. Tne Board
associations', obligations. For such' pointed .to. a number of: built-in
income

terest

must

surances

In the report submitted in Janu-i

questionable worth because of
the small margin between the in-

we

homes.

own
*

On the

me

can

million

18

mortgage fi¬
nance.

ket concept for years

port on the desirability *o£ estab¬

of

record has been good,
be justly proud of the

built since World War II and that

lukewarm

a

these

cooperation

and

have made in this
country when one considers that

than

interest

we

progress

commer¬

more

of

•

"JOur past

cial banks had
no

of

minimize the

possibility of the
failing. : Otherwise,; ir¬
reparable damage could be done
to The secondary mortgage mar-,

of formation of new financial insti¬ lishing- a secondary market for
conventional
loans
within
the
tutions by private capital.
"
"
ply the catalyst to make it work.
Also, tne prone incentive was Federal Home Loan Bank System,

would get
impression

that

tions

.

make

the 30s. - These condi¬
were
not conducive to the

ditions

.

well,

be

.

venture

the home finance industry to sup¬

the comments,
the

considering why such associations were never established,
one will recall the depressed con-

must

facilities

capitalized and soundly conceived
to

V In 1960, as a follow-up of-the
Committee's mortgage credit
study, , the • Federal Home Loan
Bank Board was requested -to

*

,

In

.

imagination

tutional inves¬

gages.

scinded.

of

insti¬

various

credit study conducted by sociations were formed. •, Conse- .When-money-was tight.
my Subcommittee two years ago,* quently, in 1946, the authority, to m Nothing , ever
came,
the United States has a plentiful form
such associations was
re-?proposals.->7.
/..

,

r. The

gage

in¬

the

about

According to the mort¬

America.

labor, capital, and technical knowWhat is lacking is the mix
these ingredients, and that is
where
I
constantly
solicit
the

deal

great

'

supply of^akl the ingredients to do
the job—land, building materials,

circles,
have

contemplated by the savings and
loan-groups also would have auDespite several amendments to thority to warehouse mortgages in
the 1934 Act to encourage private
prater.To assure a readily available
enterprise to organize such mort- source of credit for savings and
gage associations, no private as- loan - associations > during
times
plished. between capital surplus
capital shortage areas. '
*
.

.

of

interests* assure
ance must be given that, the pro¬
posal will not be harmful To any
segment of the industry. /: >
v.

and

mortgage field.

to; consideration

addition

the A consumers'

could be

in the '

post-1934 developments

In

interchange of mortgage funds, wore
eligible investments
for
more effectively accommember -institutions, Tne facility

an

field of finance to

He questions the stickiness of,

requirement still stands.

inapplicability of changes in supply and demand to, mort-

the

and

as

America, and says the challenge to the

housed
'

Senator Sparkman sticks
to extent of housing still needed for decently

secondary mortgage market facility.

a

experience. over the
of trial and error

years

indicate must be met to
full

the

secure

the proposal by
segments of our.very
broad housing industry. V ;
T I believe that the Congress will

,

the

support; for

various

associations, the mutual savings
banks, the life insurance com¬ lion, the FHA itself was newly facilities of the
formed and the market' had not Loan Banks. In recent years, the
panies, as well as the commercial
a
lend
sympathetic- * ear7 to the
banks. Our system of savings and yet sufficiently accepted the FHA Board has encouraged .tne use of
of mortgages, indicate a very real*
it can;-be convinced
./
* ^
. participation loans to stabilize the •iproposaT if
capital formation is, of course, the program
interest in this subject.
The failure to form such assoavailability .. of investment funds !? that it' is'in the,; public interests
key to the financing of these
We have also heard recently a
ciations, and the urgent necessity between ' capital
shortage and and if it can be Clearly demon-T
homes.
great deal of concern expressed
for additional capital to help recapital surplus areas. The Board strated that such a facility will
mortgages

its

and

savings of $75 billion, which, after
all, represents a potential source

'

-

to the

as

Q

It

mortgage funds.

supply

the

on

of

predicted
by some that the higher interest
rates permissible
under the re¬
vision would

ings

into

from

the

cause

the

was

a

shift of

commercial

savings

banks

loan

and

sav¬

asso¬

ciations and mutual

savings banks,
and
thereby reduce the capital
available for mortgage lending. It
may be too early to answer fully
whether or not this may be true,
but the experience for the first
quarter of 1962 would

to up¬

seem

predictions.
The savings for the first

months

1962

of

were

three

the highest

record. In the month of March

on

to

what

and

years,

we

vive

with

the

countries

have
of

not need any new authority.
Federal National
Nevertheless, it prepared the
ciation in 1938 with capital fur- draft of a bill which it sent to my
nished by the Reconstruction Fi- Committee
for consideration, if
nance
Corporation. - Once
tne the occasion demanded.%
-

I have become familiar

as

housing
startled

been

problems
the

of

in
I

world.

by their lack

FNMA

corresponding home financ¬

a

ing system.
tries

with

no

to

I found many coun¬
system for savings,

inheritances

genuity of

and

the

for

What

only
do

a

our

ability

National

Mortgage Market

tions showed

a

increase

over

the 1961 first quarter.

The
is

interesting

that

among

tions.

the

thing about

increases

it

occurred

all major savings institu¬
The commercial

tablished

a

banks

to

finance

lion and the mutual
a

new

record

savings banks
$755 million for

of

the quarter.

Adequate

Housing

million

16

This

in

is

billion of

ence

sity

purpose

1950-60.
funds

new

made

vary

as

home starts vary, increasing from

"Housing Needs and a Housing
Program for the 1960's." I related
some of the
problems that I fore¬
saw in financing the* construction

billion by 1970.

of 16- to 20-million

housing units

during the 1960 decade.
the
that
care

estimated
would
of

be

new

number

required

This
of

is

units

to

take

family formation by

1970 and to cut in half the 11-mil-

lioh

units

that

subkandard

in

were

I threw out the
men

considered

1960.

challenge to the
this

re¬

^

I
repeaf this now because I am
convinced that home financing is
the key to attaining
successfully

the

goal

of

a

dece'ntly




billion

One

of

in

1961

to

about

$20

y

^

the

important findings
involved the estab¬
lishment of adequate facilities for
the buying and selling of all types
of
mortgages in the secondary
of

the

study

market.

1

*

•

The authority to establish

ondary

mortgage

for conventional

market

housed

The

National

'

ap¬

proved June 27, 1934, contained a

provision

authorizing

lishment

of

associations

the

national
to

estab¬

mortgage
and

sell

first mortgages and to finance the

activity through the sale of notes,

facilities

such

^ef interested niortgage-lendine
lend ?

the

system,

flexibility,

For,

system. works,
capital will flow
and, with maxi-"
the peaks and
and demand will

differ-

and

their

:

capital

institution

■

to

•'

ment of the industry should be
out,.either in its formation

or

in .its ultimate policy decisions
"V

As I ^understand it, this Comhas

mittee

V

*

mortgage

is

a cen-

to

needed

promote stability in the flow of
mortgage funds in order to avoid
the

peaks

and. valleys

.in

the

that

are.

availability

of

mortgage credit funds.
'

The

N.

A.

H.-B,

proposed

a

government corporation, operated

by

a

board representing the varielements

of

the

•*

;

more

capital

requirements

were

mind the Federal largely Unchanged from I960, and

in

the

yet

interest rate charged for
mortgages remained

conventional

almost, the
:

same

during the year.

that the imperfec¬
tions in the mortgage market are
one
of the causes, and the varir
ability in the fees, commissions,1
recognize

I

,

and

charges

wonder

is

another.".

-

what

to

is

extent

But

housing industry
and
the
public,
with
authority to draw upon untapped
sources of
savings, such as pen-

I

real

the

the

aggressive competL
tiori for savings by the thrift, in¬
cause

stitutions

in.

order

to

maintain

elements of the lending and build- high dividend payments... 1

'

bank

involves
-

billion—a 48% increase over 1960.

rThe

National'./As-- }?* industries, as welt as the pub-

•.

<

savings
flowing into the thrift institutions
by far than any other year—$25

an,

assure

it

when

fail

to

seems

I*1 order to succeed, a secondary

:
market • facility must be broadly mortgage money;
The year 1961 had
acceptable, and no significant segleft

of-mortgage

.By the way—speaking of supply

and demand^-I have often won¬
dered
about ,.the : stickiness
of
mortgage interest rates and why
the theory of supply. and demand

home-building fields,

a

apparently

According to the
sociation of Home Builders,

ous

purchase

that

to

either of

opinion about the neces-

bank"

•

Housing Act,

on

considerable

a

\

;

chartering of two corporations:
°he to insure conventional resigage credit independent of gov-' dential mortgages,, and the other
ernment financial support,
The ;,to buy and sell insured mortgages
term
"centralmortgage
bank'! and to . issue debentures secured
became" a
byword in legislative hy mortgage collaterals The eorcircles as a-symbol to change the porations , wouid
be privately
existing system., This term, .how- owned, and financed, but would
ever, has
many definitions;
and be . subject to supervision- by a
one of the most difficult problems.
Federal board or commission ap¬
is to describe in detail what is -Pointed
by the," President, with
meant ^by
a
"central mortgage representation from all important

tral

facility

of

of

a sec¬

mortgages is not
'

new.

•«,

the

measures,

of

common

irt\the field of finance to help

develop\a plan to meet
quirement

$12

two

perfect

during

Last year I spoke at your First
National Mortgage Convention on

in

adequate flow of residential mort-.

the

The need for

would

mum

Markec Commit-

if

investment

more

into the

a bill
Senate?to

in 1956 and in 1957, now^ver,c-cated further aoDeals for a more

non-farm

credit

new

study

a

repeal;

authority similar

Shortages

an

to

from

comes

certainly

on

been

economic feasibility.

required

contrast

this

for

the period

these

be

the construction of

estimated

available
Still Stands

would

funds

units.

$100

Challenge of

these

period. The Committee found
that approximately $160. billion
new

introduced

because

year

of

proposal

for ..leg-is-

demand

No action was taken

adequate credit
would be available during this 10-

es¬

recent

most

A

restore

that

of $6 bil¬

record

new

i insure

,

Theoretically, such; a facility
at optimum efficiency

should do all of these things.

:

'■)Endorses ^ABA s Recent Proposal
I The

•

operating

'•••'

^

their

will, in fact,, decrease
'• .'t '
/•

tional Mortgage

provided by the rescinded statute.

certain actions needed to be taken
to

..

will make
easily. Vavailable,

more

tee, a group of outstanding ex- /valleys of supply
perts. in the field of .mortgage be removed—the result should be
more mortgage funds at less cost.
lation to create similar facilities lending",-brought together by the
as were contemplated by the 1934
Mortgage Finance Committee of
Act
"
r
•
■
-■
> r . the; American Bankers Associa- Questions Stickiness of Mortgage
."V. • .• * '• 'Rates v ' •.
;In each of-the two years imme- M0"-. Thf ABA Is. to be comcontinuous

was

-

31%

7%

'

■

and

cost.
r

currently being made by The Na¬

"Central

a

v

mortgages

.

investment

of

flow

mortgages,

•

'

than $900 mil¬

more

whopping

a

Not

diately following the
A

w.

into

.

to

great deal more in the future 1

In 1960, rny Subcommittee on
increase Housing completed a study of the
over March a year ago.
The first- mortgage
requirements
for k the
quarter figures for these associa¬ years 1961-70 and concluded that

lion.

Still

Yet there appears to have

a

have done in the past

we

demonstrates

pri-'

any

J

* A

-

be chartered.'

Mortgage Bank"

in-"

have.

we

for

■

this subject

ing and perfecting the great sys-''
'i

the need

associations to

FNMA

people in establish¬

our

established, it seemed

was

the

increase

funds

of the
Mortgage Asso-

creation

the

to

remove

vate

no
capital accumulation, and no
housing. We can be, thankful for
our

concluded,atherefore, teat it did

moribund building indus-

a

led

try.

In recent

it has done.

other

alone, net increase in savings in
the savings and loan associations
amounted

that

forget the greatness of this system

tern that

all

set

believe

I

Sometimes

revision of

effect of the

Regulation

v

Some may not recall

it, but the
present ceiling on 1 interest pay¬
-1 believe that the objectives of able by national banks—Regula¬
—was
the Committee's proposals are un- tion
placed there as a
result of findings of Senator Gar-;
assailable; that is, to provide a
ter Glass and Congressman Stegall.
private/facility to help the'mort¬
that
unbridled
competition and
gage market
operate more
ef- unfair bidding for the savers'
ficiently and thereby reduce the dollars, and subsequent. careless
frequent problems resulting from lending practices^ were (some of
,

cyclical
„

...

,

,

variations,
w

^

the

and
.

,.

,

.,

in,.

equltable geographic distribution

the

causes

the

late

-

I

have

°f mortgage funds, as well as to matter, but
attract

more

savings

into

mort¬

of the

bank failures of

1920s.
not

looked

I noted

into

some

this

concern

indicated by the Home Loan Bank

Volume

196

Number. 6174

.

.

The Commercial and Financial Chronicle

.

'

'

'

-

,

(83)

^

Board about this, and I believe it
might be worthy of further study.
I

July 13.

An increase in the cash
dividend rate to $1 starting with
Sept. 15 payment (compared
with 96<? pro forma after the
split)

examining ihe
many
extremely interesting de¬
velopments that are taking place
in the banking and
lending fields.
However,' I have limited my re¬
to

The

der

-I hope

.f

that my

problems
sional

support

There are

some of

Congres-

nddress

Jt

a._l

**

f

million in

fee

are

Southim Union Gas hacliW be-

*■
larg-

t

v

pfescott

and

27,000

Co.

pipelmes sales to
—
ent
distributing
•

Franklin &

Co:,

Inc.,

'«
a

Board;

and

Chairman

ef

refineries

plants

-

.'

Robert

.

.

..

'

•

in

the company began

&

some

in

of

*"

bin was with Skaife &

properties

were

,

„

the number

.

of

customers

-

*

-

.

'■

..._rpW

,

NOTES

».

..

.

,

A

s l°nS-*errn debt, 47%, semor
Preferred stock 16%; convertible

"delivery-oi'

?JGCo'Q|^'t>

BOND CLUB OF DENVER

eo^on stock equity, 28%. Pres-.
It)' enJ; plans call Jor. (financing this,
construction

far

so

bank loans5 how~

Pv0grai?

as

The 28th Annual Summer

Outing of the Bond Club of Denver has
Friday, Aug. 9 and 10. Activities
annually attracts national interest/include
dinners, contests, stage shows, and a golf

"been scheduled for
Thursday and
for this outing, which

Cocktails,

luncheons,

tournament to be held at Columbine
Country Club on Friday.
Reservations should be directed to Henry A. Perry, c/o Bos"

worth/Sullivan & Company, Inc., 660 17th Street, Denver 2, Colo.

v

.tions in .New Mexico, Arizona and
Colorado are -subject to commisgrowth; the citiesOf si(?n regulation, and" in .Texas to
El Paso and Austin in Texas an'd: municipal jurisdictidK.
Texas, New'.'
Albuquefque in New Mexico haye Mexico and Arizona, have "fairshown a gain in combined popula-,. Y^hie" -statutes and reeent deci-.tion of 84% in 1950-60;: continued- Sions in these: three "States -haverapid growth has been forecast favored a return on total capital

department of Vilas
with

;

Parts

the

of

area

showing

are

excellent

.

••

»*•

/

.

meriyv'i! with ' Suplee, .'xYeatlnah^
Mosley,"Co., Irfc. in Philadelphia,
Franklin, who holds the firm's
Exchange membership, in the past

I

T\/Tr^vc

ii

i

nr»n

mn-

j

]a'

if.„

'

; t

ln\7Pa't«>rl

nf

7 *5^

cnrmc.

or"

mnvo

■

A4.

r

j'

-r.

:

.

,0
-

lisuny

*>

«

-

■*.

,

t

,

'fi

'

•

OVER-THE-COUNTER
'

'

'

'

'

'.

\

•

Common Stocks

4.

On Which

CONSECUTIVE CASH DIVIDENDS
Have Been Paid From

.

a

Wham-O

'

5 to 178 Years

-

President,
.'.

OtUOR

...

.

.

.

,

'

••

edt

fr.1-

Southern-Union Gas Gathering .possibly due in part to "spin-offs1
s
n0
Tr'' Presld^nt Company,: was/organized inr 1951. of producing, properties ; such as
^
^ieG^er ^o facilitate sales of gas to inter-; Delhi, Aztec, etc. Earnings deof the;
Pacific^ CoasL Stock Ex- staie pipelines^ and is subject tof clined from $1.51 in 1950 to 960 in
change and the Midwest,' Stock
independent producer-type regu- 1953 but advanced to $1.85 in 1961.
SxcJlan^''apSlation by the FPC. It has assets of/ Delays in' obtaining increased
the Board of Directors of Wham-O
ab0ui;
million, and last year rates in New Mexico were probManufacturing Company ;of; San; sol(j 23
billion cf df gass of' which ably responsible for some lag in
Gabriel, Calif./■ according to t an,.
a^0pt - one-tenth
went C to ^ the/ earnings
in/, recent, years,' ;s, and
announcement by- Arthur KvMelin;
paren^ company;
•• -:
'•
••
"
while some relief was finally obu'

:

to

_

Ur-nnlrlin

_.r

,1962 EDITION

"

aa

•

Co., Inc.

Hickey\was formerly -in .the plants in-a number of cities./ '^

'Hickfey.tcMr./ Rift'er^rwas

■rvr

:

with

copperT£e company s capital structure

compete with electricity

Mr.

/

associated

1942, the El Paso

n

1949

nuisitions

petrochemical

million cL"-a day.to:-a new paper
mill in Arizona. While it-has to'

Leavit"& Co.. Mr.; Undy was/forK
.*

become

Dillon, Union Securities

was about doubled by various "ac-

production;-oil

and

Port

near

have

Eastman

property was acquired in 1944 and
ZnAtC

•

•,

.

Konter and Maraldine McCub-

bin

company was

Assistant

mutual fund

*'

Jo-'

Wink,

f^er» the latter may be retired
Treasurer; residential
customers
are ' conJm-ough proposed sale of conver-:
Harry L. Undy, James W. Carpen- cerned, the company is.
benefiting tible preferred stock on a rights
ter, Albert W. Franklin, Jr., and from ;the sale of gas for fuel to>^asls early next yearL^o F. Spellman, Vice-Presidents, expanding "electric generating \ Southern Union's utility opera-v

•Mr.'

•

-

P.

were

;

Another

whollv-ownerl

tained last December, this.may not

subside"

Anotner. wnoiiy ownea jsuosia ,
adeonato
An increase was,
distributes t.ovs Barnes sn6rt-';1^ry> Southern Union Production,, prove-aaequate.
ah merease wass
ine
about $24 million invested in also .obtained in Austin/ Texas,
Mr^^CruTtenden^is a member of leases ' and producing wells; 'It which approximates 11(S a share,♦WT'Rn^irf Directors of Bon Ami spends* about $3.2 million per ;most of which will not be re->
Am
the Board of
designs, manufactures

,

anH

•

•

^urrt

•j

''C^naTW^ELDECV
TG^ a

•

•

^

'

'

eopipGG

'

0.

drilling

of

wells

48

Included

.flected until 1963.

and

been

about $800,000 for acquisition- pL' j: Earnings for 1962 are expected
new oil and gas leases.
Some 40 to approximate $1;48 on the com-

v'-

/

,A.

i.
"n '
*.•"
VVestGO Corporation

\X7
:

.n

for

.

V

tion, also

.

•

■*

Avenue.' Officers

James

"are

>

B/ pal holdings are in-the San Juan

are

McDo'riald,

President;-Joseph P..
Walsh and Richard D. Henke, Vice

and

P

J

and

counter

in

•v
>

id ent s;."Robert

Treasurer,- and Harold
Secretary.

;

C." Ewan,

F; H0ner,;
r

1

/

split

is

on

a

Permian

Basin and Anadarko shares
At the end ;of 1961 the
;

Basin.

consecutive

to 24^

50 cents each

25 to 199____J

•

30 cents each

200 up

being distributed : about
; '/ V '
'
;
—

On orders of 100

had approximately 143,500 gross acres under lease in. the

have

cost of these booklets

V

:

dividends

markets.

,5-for-4

important, interests are basis (or an increase of 25%) to
Gulf Coast Embayment,:- holders of record June 25, the new

the

listed

1

other

"

res

The

years

1961, percentage yield, and December 31 quota-

:

second preferred stock early this

Basin (the-i4Four Corners Area")Vyear.

of

analysis of the difference between tfae over-the-

an

"

•

number

PAGE BOOKLET

paid, cash dividends paid during the twelve months to

December 31,

to 60 wells are drilled'a year ,de-; mon-stock, following the current
pending-on depth and cost; The 5-for-4 split, or about the, same

AURORA, Colo —Westco Corp. is Production Company owns leases as the 1961 earnings—despite am
"engaging in a securities business in seven, states -and has^pil^and increase of 18%. in the number oft
from -offices' at 12111B East 14th
gas production .in five.' Its;.prirtci-. shares due to conversion of the

-

/

or

more, a

^_20 cents each

three-line imprint

on

...

the front

company
v

Nortrice

Nortrice

ing in

Associates, Inc.

Associates, Inc. is
securities

a

offices at

engag-

business from

154. Nassau Street, New

Four

section, of which
producing leases,' and
had some 150 proven locations yet
to be drilled. '*
' • ~
?
vv

,

tary.

*

n,

,

«

n

i

Ziegler Opens Branch

.

in

The

industrial

Corners"

should

in the

vaiua5ie: especially if used in the
southern California market where

demand is expanding at
of

about

an

annual

Utah

rate

ioo

>

jjiirio'n

_

J

requirements
-

/ *•
f

W

Hartt:fiVU
nansrieia

EL

Onpns

v/pens-

and

might

B. Dana Co., Publishers

Commercial
25 Park

•

Financial

&

Chronicle

Place, New York 7, N. Y.

Idaho
Colorado

Please

Wyoming

Counter Common Stocks" and

UTAH

POWER

899, Dept. K

order for

booklets

_

,

t

Firm Name

'

«

•A

,

ML. t.

C*ll|KMI^.

UJvit

1

By

'

-v

*

1

on

"Over-the-

accompanying dividend tables.

•

Inquiries held in strict confidence.

D

our

/Salt Lake City' 10, Utah
*,

;

enter

Address

Write for FREE COPY
Box

a
The company also has «

PASO, Tex.-^-Ira W. Hartsfield! substantial holdings ;ir> the Rocky
is engaging in a securities busi- Mountain
.region, twhich area is
ness
from
offices
at
5309
Alps undergoing the most active exDrive.
He
was
formerly
with ploration program of any U. S;
George R. Wright Co.
'
section., At the present time a




in

retard

sales of the San Juan gas for
few years.

Wm.

area

we serve

prove

cf:per "
ST. LOUIS,
Mo.—B.> C. Ziegler day.
However, if either of the
and Company of West Bend, Wis., Enchilada/or Rock
Springs^ Pipe
has opened a branch office in the Line
projects receive.. FPC ' apAmbassador
Building under the: proval, this would take care of
management of John F.- Kauffman. southern
California s .immediate
.

.

opportunities

properties being developed

"Four

included without extra cost.

Facts about

were

York

City. Officers are Norman
Wishnick, President and Treasurer, and Beatrice Wishn c
Sec
-

is

cover

Corners

111,000

'

FRANCISCO, Calif.—Robert

...

.

^

*

-

g :,

-

President and Assistant Secretary;
Daniel G. W. Del Rio, Vice-Presi-

:

disposed

Arthur;
mining
in
Arizona
and
New
Mexico; potash and uranium mining in New Mexico; and varipps
military centers; Late last year^

the

B. Ritter,r ViceTreasurer; John. W.
Hughes,, Vice-President, and Secretary; 'Wallace M. Orr,k,Vice-

:

Jioma. While

Over

direftcu.st6"?^S were'added

President and

dent; and

(Special to The Financial Chronicle)

SAN

executive of Bear,

an

\ >

distributing gas in a number of
towns in Texas, New Mexico,
Colorado, - Arkansas, and Okla-

u

mdependsystems.

to t.hia svstpm m 1QR1 ' • »
to the system in 1961,:,,'.

a

tive July. 15,; with offices at 45
Wall'Street, New York City; Officers will be Paul K./ Hickey,

President

U

are

hoefom°id effec- VA gas
be formed eHW* include oil and

wHl
will

•-

■

,

T^aSu ?y 1930 the

serves

200 customers, of which
served, indirectly 'by

97^?nn^

Forming

R

Adzona

Hickey, Franklin

SanL

a

service in the boom town of
'

Exchange,

Also elected directors

seph Smith,

with J. N.

.

Two With Eastman Dillon

dent, of the Lehman
Corp.
f;

was

Photo, Inc/

He is

tions.

tion; .Washington, D. C.

Hickey,

Perfect

A.

Stearns & Co., and Alvin L. Tho-. &
Co., 601 California Street,. Mr.
gim)ings in fee late 1920s when; a
small group of Dallas oilmen con-. rell, Perfect Photo Vice-President Konter was formerly with Wil¬
K
in charge of West Coast
liam R. Staats & Co. Mr. McCubopera¬

'.^*' Atnmnorrsrrlrs nnri CTniTiirs.Santa
Fe.: Carlsbad, Albuquerque,
TMtmr

by Sen. Sparkman before

ivr».i

$14

which T toUowing
fee 1°.,71

. .

(

NAn

of

John

—

with

Russell & Co., Inc.

a general
partner and Direc• sburce.
Hence on a long-' tor of Research of Bear, Stearns &
basis the Production Com-' Co., and was formerly Vice-Presi¬

have/increased'range

revenues

1950 despite
parly is expected to make 0 subseveral
"spin-offs" of operating1, stantialcontribution , to
system
subsidiaries.
The, company sup-'
earnings v/>'
-

-

director

Mr. Geisler

affiliated

Paine,
Webber, Jackson & Curtis, Union
Commerce Building. Mr, Furlong
was formerly with
Ball, Burge &

re¬

Lloyd Coughtry has been elected
a

f

Kraus.

selling

v

v

■

Ohio

become

revenues-of $58- outside

from

this proposal,
problems yet to

in this
fefe* venture.

success

Company is major wiidcatting program is un¬
medium-sized gas sysV
dOrway,'largely'financed by an

million;

viifere *°U ^

WeS

been

Named Directors

Gas

terns, with annual

the

for

many

Union

of tne

one

comments will

-obtaining

in

Southern

•

help you understand

■

Southern Union I Gas Company

un-

discussion.i

by President Reid.

stofck* has

\

secondary mortgage

a

(Special to The Financial Chronicle)"

cently over-the-counter around 23.

developments in
the home mortgage
field, and par¬
ticularly to the proposed estab¬

lishment of

Furlong and John W. Geisler have

Two With Paine, Webber

the

recent

market facility which is now

CLEVELAND,

is forecast

could continue

marks

23

,

Date

24

The Commercial and Financial Chronicle

(84)

And Foreign
-

Continued from page 1

^United

the

of

States

that

and

is

why one of the central issues today is U. S. trade policy and the
direction of our relations with the
new urgency

of

signs

This has ac-i
with recent
preoccupation of the

Market.

/Common
quired a

a

them

lead

the

turn

to

''

Common

discrimination

economic

of

cle

an

against outsiders, ylf this
happen, it would indeed

should
be an

United

States

The

twist.

ironic

supported

consistently

has

the

movement as

Market

Common

a

step in achieving closer economic
and

integration

political

have

To

World.

Free

of

the

it lead

to

compartmentalrzation
political division of the Free

economic
and

would

World

be

crushing blow

a

against

to the West in its struggle

the Soviet economic offensive.
To

such

avert

possibility

a

re-

quires strong affirmative action
by the United States, and this is
Administration's

the

makes

what

expansion program so important. The basic goal of a new"
trade program should be to give
trade

levels

Market constitute at least 80% of
world trade, the President would
be empowered to reduce tariffs
to zero. ;The CED would give the
President more flexibility by al~
lowing him to reduce tariffs on
particular items ta zero, whether
or n°t they meet the 80%
dominant supplier" test, as long as the

reductions of all tariffs,
to 50%. The averaging
especially
and other
members of the Free Trade Area
are^hot successful in present ne-'
ffptoaitions to J0lrL ihe Common
Market;, without Britain a large
number of important commodities'
could not meet the 80% dominant
sVppi1?f' test. I am also concerned
about the exclusion of Canada and
Japan two of our most important
trading partners—from the list of
countries with which the Preside.nt. could negotiate reciprocal
elimination of tariffs on th se
items which meet
e
%.t .
came out

sufficient

President

the

bargain-

in his negotiations

ing authority

IjLrnffin J
flexibility of the ^veragi g ao.

export prices and ex¬
earnings for many coun¬
tries, the IJ. S. and some European
governments seem to favor stabi¬
lization" of prices through vague
and broad commodity agreements.
For some time negotiations have
been

proceeding

.

interna¬
which

ah

on

tional coffee agreement in

consuming
with

countries

join

would

producing countries.
I am
skeptical of any such

somewhat

approach if it does not attack the
central problem
of overproduc¬
tion of the particular commodity
.

diversification

and

the

of

In this

omies concerned.

econ¬

connec-.

the/1959 coffee- agreement,
little
encouragement; - de¬

fion

offers

mounting-surpluses — and
almost two
years of world exports—no major
producing country has yet taken
concrete action to curtail produc¬
tion. Perhaps a preferable altera-,
ative would be, while seeking a
longer range solution to overpro¬
duction and a gradual transition
to a freer market, to increase our
spite

record stocks equal to

obtain reduction

efforts to
excise

?s
in
thp
80% formula embodied in
Present bill.
The CED rejects the Adminis-'
tration proposal for special adjustment assistance to business
and workers displaced by import
,

of

taxes

nation

r

A

Hayden, Stone Installs Order System

very

change

<*-''«

economically ex- approach
would be
elusive club and a powerful vehi- <more flexible if Britain
into

Market

commodity

by their

in

inhibit

and

the

of the

of

market for coffee and other

Market

Common

similar

com¬

be

not

concessions

the

from

Common

Market. The progress of the ComMarket; countries

mon

has

been

remarkable, and
not even the
potentially explosive agricultural
inter-

has

been

allowed

with

that

progress.

By the

the

common

issue
fere

middle

this

of

internal

tariff

have

will

year

industrial goods

on

been

to

reduced

an

aver-

ahead of the
Against this
background, the temptations for.
politicians to use the economic
of 50%, well
original timetable.
age

cohesion

the

of

six

create

to

a

political force, will .be
great. To avert this situation will
require
concerted
political and
economic pressure bv the United
States, but vital tool will be sufficient negotiating flexibility on
reciprocal tariff reduction.

separate

,

Committee

The

Development

pleted

a

which

it

has

for

Economic

recently

com-

on the subject in
basically endorsed
the objectives of the ^Administra-

study
has

tion's

trade

CED

report,

nized

exoansion

for

bill.

example,

item-bv-item

that

The
recog-

negotia-

tions required by the present law
are

inadequate and that the Presi-

dent

must

reduce

the

have

tariffs

on

authority to

broad categories

With such a withdrawal or deferral balanced by new or acceler! ated concessions on other items,
The CED is al^o explicit on the
thorny issue of agriculture.
It
states that "liberalization of agficultural trade should be a cardinal point of U. S. policy," and
lhat the United States "should not
be deterred from pressing this
point by the fact that we do not
allow the free marked to function
in
agriculture
at home."
The
President's trade proposals do inelude a provision enabling him to
eliminate tariffs on tropical prod-

ucts provided that commensurate
concessions are made by the Corn-

Market countries on such
products and on certain temperate
products
when he judges
this
would be necessary to expand or
maintain U. S. exports of such a
mon

commodity. But these provisions..
do n°t So to the heart of the

the

the

way

This is. a*+*" pR

Common

concluding
my
com¬
trade, I want to em¬
phasize that if we are to take
advantage
of
the
opportunity

differ

in

respects
bill

a

number

from

now

CED

the

being

of

important

Administration
considered

by

tariffs

for

over

a

authority

to reduce
five-vear period by

whptp the U.S. and the Common
fhI°TT c11 mJ3^tri^1 items
where




it

returns
any

developed

apparent that

becomes

areas

abroad than on a

comparable
investment
in . this
country.
,./'/• ; ; :,\ / •

policy to curtail foreign in¬
is
extremely
short¬

vestment

.

.

I will not dwell on this any
I perhaps do not nee-d
out that curtailment of longer because my purpose is not
As detri¬
U. S. investment, even for a rela¬ to talk about taxes.
tively short time, would mean the mental - as"the" effects'; 'of: the; Ad¬
irretrievable loss to foreign com¬ ministration's tax; proposals mightr
petitors of profitable investment be, their greater significance jiS
as
a reflection
of the underlying'
opportunities.
'
attitude on the U. S. Government
Opposes Channeling Intent
toward foreign investment. In my
sighted.
to point

,

Of particular concern

view

to me also

at a. crossroads on
policy, and this is gs
issue in our foreign

are

we

is the effort of the Administration

investment

to

crucial

_

compartmentalize investment
by geographic areas. At the same economic policy" as the ' direction
time the Treasury hopes to deter1 of trade policy.
I do not believe
imaginative use of research, par¬
is
consistent/ that
atv-a time
investment in the developed coun¬ it
ticularly in those areas where the
is > em¬
tries it hopes to stimulate invest¬ when the United States
U; S. has a commanding position;
ment in the developing countries. barking on a trade expansion and
to develop new products and new
But
this .attitude
overlooks the liberalization, program, it should
ways of doing things;
interdependence of foreign invest¬ also move toward a restrictionist
on
ments. This is no where better ) - attitude
foreign
investment
Taxing Foreign Investment
lustr&ted than in the international and the flow of capital. •
'•••
Although I have suggested some oil business.
-If the United States is to take
Investment in ex-,
differences—perhaps of emphasis
the initiative in breaking down
ploration and producing in a de—on
trade policy, I think I have
restrictionist tendencies of
evloping country such as Libya is any
made clear my view that the Ad¬
dependent on our ability to refine the European or other regional
ministration's initiative in trade
and market such oil in industrial- ' groupings,
it must- stand forthpolicy deserves wide support and ized
countries, and this" in tur i rightly for an international econ¬
I have testified to that effect be¬
requires
heavy
investments ./in omy in which both trade and in¬
fore the House Ways and Means
move
freely across
refineries and other facilities in vestments
Committee.
I wish I could say
Only with
the
developed
countries.
Any national boundaries.
an

.

■

the

about U. S.

same

in

policy
it

has

for

foreign

to

regard
At the

vestment.

Government

in¬

time that

same

been

trade

promoting the need
expansion, the present

Administration has made clear its
desire to

discourage U. S. invest¬

abroad

ment

countries. As

the

in

developed

one means

of

accom¬

policy

aimed

investment

at

and

such

dividing foreign
channeling it to

policy

a

tinued

can. we

assure con¬

toward the eco¬
unity of the Free World on
our future depends.
progress

geographic areas wou'd, nomic
therefore, be sdif-Hefeating. ; In- . which
stead of promoting economic de¬
An -address
by Mr. ~ C-llado to the
velopment such a policy would; graduating class of The Fletcher School

certain

.

retard

it. /

; / ■

Another

of Law and DHlrmacy of Tufts Univer¬
. *
•/.
•
the 1 Treasury." sity, Medford, Mass., June 8, 1962.

..';/ / '

•

reason

for

offers

its

tax

proposals

on

,

-helP more effectively if we used
our own
resources
more
effi¬
Specifically,

the United

States and Western Europe should

proposals

Congress. The Administration bill
provides

:

.

ciently."
Contrasts Proposals

the

the exchanges.

Club

Market

complicated and time consuming
item-by-item negotiations.

However,

the operation of the system's most im¬

matter, for it is not primarilv plishing this objective, the Treas-.
foreign income is to achieve "tax
through tariffs but through quotas ury has asked Congress to make
neutrality," whatever that means, Women's Bd.
and other similar devices that the\ far-reaching changes;in the U.\S.
between domestic and foreign in¬
major industrial; powers, includ- tax treatment of income from for¬
vestment. ; The Treasury argues
inS the United States, protect eign subsidiaries,
•
that the present tax system lacks';
their agricultural interests. A funThe
Administration's
attitude
damental redirection of ticking largely stems from the U, S. bal¬ "neutrality" because foreign.. cor¬ The Women's Bond Club of New
porate tax rates are less than 52%
of both domestic and international ance of
payments situation.
The in some; countries and investors, York has announced the election
agricultural policies is needed, Treasury contends:.that 'a dollar
ofv Mrs., Sally R. Harshbarger as
are encouraged to delav - dividend
We can no longer afford "to de- invested in Europe today does not
President. She is with the invest¬

vote to agricultural production
to° much labor and capital —too
countries themselves have gone much of both in the wrong places
about
reducing
their
internal and to divert the resulting surtariffs, and they are unlikely to Pluses to underdeveloped counshow
much
interest
in
further tries whom we would be able to
of commodities.

of A. T. & T., explain

E.

and

obtain.

to

easy

Arthur

and

on

regional

„

will

It

Hayden,

Hurst (center), the firm's
of communications and planning, listen to Donald Ander¬

the trading floors of

Before

groupings
to insure that they reduce to the
other

<left),

Bell

Graham

offices.

domestic

31

Vice-President

portant element, the reperforating transmitter which, in addition
to being a time-saver, increases accuracy by eliminating four or
five written and oral procedures in the firm's order room and on

the

modities.
ments

&

orders, direct to the American Stock Exchange from any
firm's

the

Stone

the

Hayden, Stone
has
installed

Company,

odd-lot
of

son

which

Europe

broadening

American Telephone & Tele¬
Co. Incorporated, 70-year-old
brokerage firm,
a
communications system that
makes possible the transmission of odd-lot orders direct to the
floor of the New York Stock Exchange and round-lot, as well as
graph

conjunction with

in

Working

director

discrimi¬

tariff

Western

competition.
Import competition which trade liberalization will
is only one form of adjustment to provide to expand U. S. expprts
economic change, and there are and promote economic growth,
lowest
possible level, or elimi- already general programs such as we must remain competitive. This
nate
altogether,
their
common Area Redevelopment to assist ad- will
require keeping our labor
external tariffs and other impedi- justments.
In any case, the CED costs under effective control and
ments to expansion of trade on a
would ameliorate the need for tax and fiscal policies which will
multilateral basis. The U4.*S. ne^M adjustment assistance by staging create
a
climate
of
confidence
gotiations with the Common Mar- tariff cuts on those items where necessary to bring about greater
ket, if they are successful, would more rapid reductions- would re- investment. Such an increase " in
lead
to
such
multilateral trade suit in serious hardship to an ininvestment
would
enable
us
to
expansion
because
the
United dustry, serious hardship being in¬ spur
not
only
cost
reduction
states has already indicated that terpreted - to
mean
persistant through modernization but also
any concessions it gives or obtains
losses
and
unemployment.
It the introduction of new products..
would be extended to other na- would also provide for withdrawTo
meet
the
challenge
of
in¬
tions under the most-favored-na- al or deferral of a tariff cut in
creased
foreign competition our
tion principle.
■/
.
%
case , of
such^ serious hardship, businessmen
must / also
make
the

with

Thursday, July 5, 1962

.

.

nature, tend to contradict efforts
at liberalizing trade. Faced with
the problem
of generally lower

might average

which

objectives

political

with

countries

Market

Common

agreements, which*

Profits Tax

*

■

alaout

words

few

Threat to U. S. From ECM

.

?eree to eliminate gradually quoW/ch "ow; llml* agricultural
a
to reduce through
g .l
f? any tariffs which are
substltuted for such quotas,

terms for

balance

at

least

Commodity Agreements

Before leaving the subject of
say

a

of
12

to

distribution

payments
15

years.

The time factor is crucial bfiesm«*o
none

of

the

Administration

spokesmen
question
the - longrange benefits of foreign invest¬
ment; instead they argue, as the
President

himself said in his Na¬

tional Association of Manufactur¬

speech, that "We cannot wait

ers

until

1970."

.;

;

.

abroad

of

by

the

reinvestment

after-foreign-tax

thoroligh study of this matter,
we disagree strongly with the
Treasury's conclusions. Our own

and

a

balance of pay¬

ments return in two to five years
for air individual average project
in

Europe.

With such handsome

department of United States

ment

Carnegie

and

Steel* Corporation

-•'/•

earnings. But this, argument does; Pension Fund.
not

take

account

of the

fact

most foreign governments
more

Government
over

rely far

heavily than does the U. S.

taxes,

on

excise taxes, turn¬

indirect

other

and

taxes which cannot be used to off¬

set

U.

S.

income

taxes

income
United

is

Secretary
under

brought

States.

our

In

Dillon

the

D.

Pratt

Mrs.»Miriam

Dixon,

M.

Brokaw

Schanek, Clancy & Co., Secretary,
and

Jeanne

H.

Klein,. Reis

the

tors

admitted

that

investment in the

-

Brundage,

of

to

testimony

•

Vice-President;

Rose,

&

Chandler, Inc., Treasurer.

present tax system the

average

Story

the

total-tax burden is already higher
on

Irma

Mrs.

when

home
his

•

The other officers elected were:

that

My associates and I have made
a

analysis shows

_

agriculture, I would like to

in.

return

of

the

Club

are

Funck and Marion

Trust

Company;

and

Direc¬

Dorothy R-

Quell of Irving

Eunice

Jupp ".of

Loomis, Sayles & Co., and Flora
Apelian
&

of

American. Telephone

Telegraph Company.

;

Volume

196

Number 6174

.

.

.

The Commercial and Financial Chronicle

Continued

25

free choice

on the
part of a
people. That is the reason
why .it is so essential that a
a

As :We See It

(85)

free

from page 1

challenged. "For almost a dent political power. Even at wise choice is made of what is
decade," say the leaders of or¬ the risk of tiresomeness it is to be produced, and why it
ganized labor, "the economy therefore the part of wisdom is essential that monopoly be
has lacked enough demand to to sit down and dissect these avoided so that the proceeds
sustain
a
steady - upward strange ideas, and find out of current m production will
momentum.:
• '
flow
into
the
hands
that
r
- just what is wrong with them.
It is true, of course, that should receive it. When such
be-,
the lines of reasoning which facts as these are-borne in
possible production and.,
actual
sales
has '• repeatedly demolish this type of doctrine mind it becomes clear that a
slowed America's g r o w t h are also old, and hoary. They program quite different from /
rate. America's rising ability; are so familiar to the careful that of the union leaders is to
/
to produce a growing volume student of economics that it; be desired.
of goods has not met a rising appears
almost: a work of
ability to sell that potential supererogation ■" to repeat
production. Both -are essen¬ them/Yet we simply can not
tial for economic growth and; afford to leave the floor to
Cause of Postwar
economic health.
superficially plausible
>' : :: these
"The key problem has been prophets of fantasies. It was
long, long ago that thoughtful Recessions
the weakness of demand
This weakness has persisted people came to understand
Business
firms
liquidating
in¬
in both the private and pub¬ the relatively simple fact that ventories have caused nearly all,
if not all, of the declines in pro¬
lic
sector. .In
other
words, production of necessity
creates-the ability of someone duction and jobs during postwar
consumer
buying and busi¬
business slumps, according to a
ness
investment demand in or other to buy all that is volume of economic
studies re¬
produced. Its logic was so un¬ leased by the Joint Economic
the ,so-called private sector

"Since

1953,

the

gap

In

tween

September

*

,

.

.

,

Inventory Cuts

.

-

..

...

T

has

been

not

rising rapidly
enough to keep America's
men, plants and machines at

assailable
decades

that
one

no

for

Committee of Congress on June 28.
Dr.
Gary Fromm of Harvard

many

of much

con¬

University fed

Without

"This' is

full

such

the

crux

uti¬

of

sequence

Lord

a

U.

even questioned it.
Keynes in the middle of
the great depression, when so
lization, sustained growth can
not occur at the proper pace. many were so earnestly seek¬
ing some explanation of what
"At the same time govern¬
was
taking place and so ar¬
ment spending at all levels—
dently seeking some "solution"
Federal, state and local—has for current
difficulties, came
not been great enough. It has
forward with an elaborate
not
included either enough
treatise in which he called
actual
purchases/ or; invest¬ this r
long familiar principle
ment
in, necessary
public into
question and developed
services to create an offset for
a. set of notions or equations
the private sector's weakness.
of his own. They were all too

work.

into

S.

economy

electronic

"model"
a

computer

questions

of

of

the

high-speed
along with

what the recessions

of 1953-54 and 1957-58 would have

like

been

if

business

firms

their inventories only

cut

much

as

of

as

they did cut them. ;The
In

answers:

50%

had

half

the

the

1953-54

slump,

inventory

cuts ac¬
counted for 44% of the decline in
the

Gross

National

in the 1957-58

cuts

GNP

and

Product;

and

recession, inventory,
declines

were

equal—thus if business firms had
been able to hold their

inventory;,"

cutting to only half the reductions
actually made, half of the declines

the

widely i accepted for a time, in the nation's production and
problem—lack of balance in but not very much is left of jobs would have been avoided, y
a
Rep. Henry S. Reuss (D., Wis.),
moving economy—and im¬ them now since the more
who is heading a Subcommittee
balance in the growth of the
thoughtful elements in the study of the role of inventories in
kinds of activities that would
population have had the time business recessions and recoveries,
said that the studies released on
spur demand either public or to
give them careful analy¬
private to produce such sales. sis.-In point of fact the au¬ June 28 tend to confirm findings
of other studies
■

v•.

"America
wait until

cannot

afford to

industries

new

ap¬

future date. In

pear at some

the meantime,

therefore,'the
government must of necessity
represent

major

a

thor

these

rise to

rapidly rising demand for
goods and services and, in
turn, the basis for more rapid

Production

him¬

silly."

Creates

But

however

all

be, let it be stated
and

;

Own

Demand

growth of private business in¬ that
consumer

doctrines

"sour and

as

stimulus

for

vestment and

of

self in his later years referred
to much that, they had given

of

found

to

may

once more

recently made for
and
"strongly

some way

stabilize

could be

business

in¬

ventories, periodic recessions
could probably be avoided."
A
second
study released
by
tional

quite simply and directly
the very process of pro¬

duction

suggest that if

Frederick
«

this

Committee

the

Stevenson

the

of

Industrial

Na¬

Conference

Board, gives the results of a sur¬
vey of large manufacturers, show¬
ing that 53% of manufacturers'

production is in
from

response

customers,

to orders

almost half,
47%, of the goods produced are
for
inventories
accumulated
in
and

or

either

goods or
necessity
dis¬ expectation of future orders.
Familiar Dogma
The
NICB
'•> ; tributes purchasing power
study also makes
among
those who pro¬ comparisons between manufac¬
Now. all " t h i s
is
turers' sales and their forecasts of
fairly duce
equal to the sales price sales,, made in advance of the sales
familiar dogma, particularly
of what is being produced.
period," which show that manu¬
since Lord Keynes initiated

kets."

his

mar¬

:

services

revolution

in

of

thinking T^iese
form

take

payments

the

ofi wages, rents,
the like and are

profits
and
widely
distributed among the people
cies -should
be
o bvious
and among industries. Thus it
enough, although continued
is hardly less than silly to say
repetition of such rather in¬

about the role of government
in economic affairs. Its falla¬

volved doctrines tend to make
converts

;

-and

'

the

wishful

thinking of the rank and file
often
leads
to
oversights
which
occur.

otherwise

would

In any event

kinship
notions

of

Presideni

these
much

fto

and

his

not

the close

specious
that

the

advisers

yhave been saying of late, and
to

so

much

of

the

that-

as

statesmanship,

strongly -suggests
.

would not do for
nore

us

that
all to

it

ig¬

what the unionists have

to say, or

ft) forget their evi-




be

purchased

consumer

by

business

or

vestor. Of course,

the
in¬

it is obvious

that neither the consumer nor

the

investor

buy

all

of

Failure

is

required

this

to

production.

the part of either
to choose to buy and to con¬
sume
can

passes

^are producing or
produce
more
than

could

familiar

political balderdash that

we

could

on

what is
and

sult in

a

mistic

shows
sales

what

not

outcome of

is

produced
a

is

lack of

so

but is rather

been

overly

opti¬

;:

1957-61, the report

manufacturers'

in

each

best

rarely

year

their forecasts by

more

than 3 %

%, but their poorest sales
generally fell 10 to 15%
below their expectations. " ~
; '
month

The

Rep. Reuss said that the surveys
public now are being re¬
viewed by a Subcommittee task
force'of business

university

executives

economists

who

of

will

on

various

Subcommittee

will

your

.Professional; Equity
Rosoff

ties

South

from

Beverly

name

offices

Drive

at

•

a

special

pictorial

section will identify

firm with the important municipal field and

the

Chicago markets.

mercial

under

York

315

&

Financial

7, N. Y.

Park

Chronicle, 25

Place,

New

(REctor 2-9570)—(Area Code 212)

^

the

of Professional

Planning Co.

in

For further information contact Edwin L. Beck, Com¬

HILLS, Calif.—Herbert
conducting a securi¬

is

business

published

Your advertisement in this special

hold

active

F.

of Chicago, Sept. 13-14,

representatives, who will take

as¬

hearings beginning July 9.

BE VERLY

our

section.

pects of the inventory problem.
The.

Municipal Bond Club

photographs, to be

reports evaluating and
summarizing
these
and
other
papers

the

of the

heta* Sept. 11-12 and the following outing

will be covered by

and

prepare

technical

proceedings of the Municipal Conference

I. B. A. to be

made

firm

ability to do

that

>

month

exceeded

decline in the rate of

absorb

have

in recent years. Reviewing

the five years

being produced
will ordinarily re¬

production, but this failure to

an

facturers

Equity

*

\

l

•-

%

f 4 ■♦

■;

26

The Commercial and Financial Chronicle

(86)

For

a

Continued from page

age group.

This is

segment of

our consumer

1963-64, with a pickup in late
1964.
Through it all the pattern
is not one -of peaks and valleys,

equality or freedom, can a

trade

have

izable investment. And until after

Electric

General

or

a

Westing-

a

not fewer jobs, is a

Sluggish Economy

3

time when more jobs,

national need.
(4) Costs are rising, labor costs,
material costs, product costs, at a
time when labor supply.-is ade¬
quate, material supply more than
abundant and plant in a position
of serious excess capacity. Never

at

occurs

The Economic Outlook

but the general level of a saw
compete with a Phillips
tipped up slightly. The pattern is
Lamp Company of Holland? The
iwo American companies are sub¬ choppy but fairly regular. - The
house >

.

'

a

peal to and get along with others.
We are no longer the boss.

most dynamic
economy.

who have gone

men

(5) Obsolescence iri American
industry is a symptom of the mys¬
terious economic malady we are

enough in their careers, whose
families have approached a size
where the new and bigger house,,
the second car, the boat, the fur
coat for the wife become

willing to pay
when we needed

less.

the

are

far

so

for more

more
more

been

we

These

1965 there

are

these families

real-

trying to diagnose." Starting about
1957
we
began
to 1 acquire
a
*

despite

(5) The significant increases in

How

enterprise

on

a

basis

The tool of statistics is not un¬

government itself is
dedicated to the welfare of the
most favored corporation—in this
case the Phillips Company?
Phil¬
lips is the world's largest in its

field. It is

like

to build or

to insuring

its

new

computer

be taught
operate computers, but

few people

can

program

a

com¬

puter or effectively use its results.
That is why the human mind is
still important.
It can evaluate.

a

dedicated

marvelous

mechanism. Anyone can

wonderful company.
But it does not have to make fuU
disclosure of its financial affairs.
It does not bear the tax load of
its American competitors. And it
thrives under, a government that
is

a

It

feel.

can

In the

same

sense

a

degree of

momentum, the sheer impulse of
people to move, up or down or
sidewise, the calculated risk of

suc¬

cess.

the unknown, must be fed into
No, the circumscribed, closely
interpretation of statistics before
supervised corporate, structure of
they mean much to us.
an
American company in most
Statistically we are setting new
instances cannot compete with a
home-run records in all of our
Government-supported industrial
business indexes this year. Gross
cartel abroad. This is but one of
National Product at about $550
the many internal problems we
billion Is at an all-time high. Our
will have ,to solve if we are to

efforts to participate in
freer world trade something more

make

our

than American
Do not
very

built-in

eltruism.

misunderstand

me.

I

unemployment

our

our

economy—

much for the new trade pro¬
and its approach to world

gram

equality. The success of this
effort is in a sense the essence of
the survival of our standard of
living and our way of life. I am*
merely emphasizing that the task
is by all odds the most difficult
economic assignment this Nation
has ever attempted. The economic;
sacred cows we are going to have
to sacrifice before we are through
wilLrireate many a political up¬
heaval.
£/",->
t

of

I

lem?

do

we

wish

unravel this prob¬
could. But I airi

consumer

I

that holds

willing to make an attempt at it
though a new approach to analy¬

power.

using essentially the same tech¬
nique that a diagnostic physician
would probably use in attempting
to find out why the patient's ex¬
amination
shows
normal
blood,
pressure,
good reflexes,
proper
weight, good bone structure, good
appetite, and yet he is below par,
lacking in vim, vigor, and vital¬
ity, and generally out of tune with
his surroundings;

old plant ■ work. > At least 25 %
capacity Iri the
today is; obsolescent,
incapable: of effectively compet¬
ing in national or -world-" markets
except under 'rare-conditions of
optimum demandand price. This
obsolescence is a detriment to our
national aconomic security no less
than an inadequate hrilitary orgariizatiori would be . hazard to
our

of Vthe industrial

United States

This is the^factor

promise for the business

our

plateau
in

our

of short

and downs

ups

economy.

,

anything, else has led-

,

istration, to

r

percentages

Consumer Buying Lull and
Standard of Living Desire' 'V

itself?

■

•

».

during World

War II and in the dramatic decade
of

growth

lowed

the

that

immediately fol¬

war.

Our

business

cycle since 1957 has lost its roll¬
ing motion and has acquired a
•

sawtooth effect—a modest drop in

1957-58,
tooth

in

little pickup to a saw¬
1959, a modest drop in

a




Of

of

the

individually, corporately, and na¬
tionally, in an economic, sense We
will have to; learn to pUt pride of

consular is running

nomic

as

it applies

to- the

body

individual. To grow again we will
have to learn to take more risks,

scared.

He

achievement arid - accoriiplishmerit
ahead, of the safety of routine se¬
curity. It is not paternal- govern¬
ment that' is to be criticized, but
the willingness: of the vast ma¬
jority of the people to want arid
accept paternal government, The
drive for security can da more To
lower; out standard, pf living, to
inhibit
the !l potential "J1 economic
growth strength of our society and
our econririiy than any other single
.

.

factor in Ariiericanlife- todayv

i

1

:,»-

,

,

,

asset

of

;

next; to

people. A standard
living, is hot so^much a result

ard

is

a

that

depression. We did not do it in
Depression pf the 1930s.
It was not until war provided an
absolutely limitress consumer for
which we could produce That we
escaped, from the Great Depres¬
sion.- The cold/ bitter,-paradoxical
a

the Great

honest with ourselves perhaps we
would admit that what Americans
like

best about their way of life
is their standard of living.
They,
are not only determined to keep
are

they
the

American principle that "my
are-

have, never, prpveri that
spend bur way "in br out of

we

we can

mentum that provides the reason
for growth. If we are completely

and improve it, but
equally
dedicated
to

Government Spending*; ;;•> (.

(7)" We-have to leatn that:goy-»
is. not a panacea
for our economic ills; The truth is

of living is not a statistic, it
built-in psychological mo¬

it

;

ernment spending

industrial arid economic prog¬
ress as it is a cause. A high stand¬
of

;

truth is that our postwar progress

Old

and

,

that have occurred

than

t^e .Admin¬
prbgram

servative nature of -our body eco¬

t

children will live to experience
(1) Neither business nor the much more
crowding than we will
actually growing very little. The consumer shares this confidence;
ever know.
; ;
1
long-term economic outlook is still despite generally better profits for
But there are some temporary
as bullish as it ever was.
In fact, the former and rising incomes for
if we assume, as we must, that we the latter.
1
" problems in our p.opu 1 a tip n
growth. Remember that population
will at least maintain our stands
(2) With money supply ade¬
growth alone does not spell, eco¬
ard of living, and wd add the
quate, interest rates attractive, in¬ nomic
growth—witness China and
built-in population growth we are
comes rising, these factors are still
India over the centuries. In fact,
experiencing, there is no place to not reflected in terms of the level
economic growth can be achieved
go but up, and up in very substan¬
of
consumer
expenditures they without a
population increase. Ac¬
tial terms.
should create or justify.
tually, unless accompanied, by a
Instead:
The Outlook and the Problem
rising standard of living and an
Of Statistics
(1) People are in a retrench¬ increase in the rate, of produc¬

digesting slowly the built-in
changes in our industrial economy

.

prices and wages continued to rise.
The manipulations of man had
caught up with and passed the
laws of supply and demand. And

shops the market place for
price. He has a feeling of insecu¬
(1) People still are the most
rity : that
his
higher
level
of
important economic fact of all. income
and all his; built-in-gov¬
tell any businessman that the ball
Their
needs
and
desires, their ernment
club known as the U. S. Economy
^aranteed. security pro¬
willingness to. work to satisfy
grams cannot cure. He knows that
is far from having its best year.
those desires, when related to the
every few years the economy will
Maybe it is the teamwork; I cari't natural physical economic
assets,
dip downward, that any job, any
be sure. But for purposes of our
or lack of them, as provided by
industry, or any community can
discussion let me refer to it as
nature, constitute the basis of a
bq caught in the shifts of indus¬
momentum. ;
t; //'•
living economy. But we have more trial
progr ess* He is playing it
people now than we ever had be¬ safe.
•
.; V7'"":
Paradoxical Problem:
fore. At 18 per 1,000 per year our
(3) That term, "standard,of livThe following paradoxical prob-: rate of population1, increase is phe¬
Jem occurs- to me.. It may not bd nomenal ~ one. pf the highest in;,ing" deserves a little. attention.Amefiea's, standard of.; livmgis;
correct, it 4 may* not--even be "rear the world.; 18 -per .thousandp'eF
sonable, but it will challenge one's year means over 3.8 million new perhaps our greatest economic
modated

tional economic statistics, we are

are

a

•

things*in ourt<oconomy, -the new*
different things, how built-in dur¬
ing the; war and postwar period,
and to which our economic diges¬
tive system has not yet accom¬

.

Right now, however, since about
and probably through 1966,
economy is a little like a fine
healthy dairy cow, chewing her
cud, not producing milk and not
out foraging for new grass.
We

seek

fbr
our

•

,

1957

militaryc?eGurity". It is perhaps

capital construfctiop outlays as a deduction against
corporate iriepme taxes; In short,
(2) Consumers
are
becoming a part of ;the -cud this .economic
smart; -they, are becoming wary cow of ours has vtp: digest before
in the market place; they have it can' go foraging for new grass
learned from experience. 1957-58- is the obsolescence; in our indus¬
marked something entirely new iri trial plant;
...
recessions in this country. For the
(6) The built-in^desire for se¬
Present Population Hindrance
first time in history, in the midst
curity, the tendericy: to let the
And Future Boon
of a recession with an abundance
paternal: government, do it, con¬
of plant, materials and labor, both
tributes to the excessively con¬
First, what are the different

;
*
*"VJ' persons every year; in. the IT* S.
Recognizing that GNP'statistics Or, to, pirt it.anotjher way,- a purely
great economic powers, * not
way,
this rate of
THE great, economic power, and look good, that money is available, hypothetical
its efforts to adapt its symbols of personal expendable income ris¬ population increases, even if we
were to reduce it constantly
everyf
government and business and its ing, conditions generally prosper¬
year so that there would be no
way of life to this new role, that ous and affluent (unemployment
increase at all in the 100th year,
we
should consider the general in certain areas notwithstanding),
would convert our
185
million
economic outlook today*
and that Washington; D. C. radi¬
ates confidence, optimism and the population to more than 380 mil¬
Nationally the economic outlook
lion persons in those 100 years.
is one of transition. In the midst promise of a balanced 1963 budget
Look around you. Feel crowded?
of generally high levels of pros¬ —I am concerned about the fol¬
Don't! Our children and grand¬
perity and record breaking na¬ lowing:

our

Germany, Japan and

England;

boom of the future, but it is still
this national,' security - need
five or six years off. Meantime? ;
eradicating. obsojescence- in
A continuation of the sawtooth
industrial, plant ' that mpr;e .

sis of the national economic scene,

the

..

excess

parts of vFrance arid Italy started
after "the war with new plants. We
are still trying to make much bf

batting departments are set¬
ting new records I don't need to

within the' context of
America's new role as only one- of thinking:

!is

capac¬

the United States is iri

population, growth. '

and

trade

It

problem.

Even though our pitching, fielding

am

industrial

the consumer segment of our econ¬

.

wherein the

of

a position
capacity with the pos¬
Is there a solution? Yes, and sible exception of electric power,
omy a r e in th e "distribution, again it lies in people. The young¬ natural gas distribution arid tele¬
shares," the service industries, not. sters who have been crowding our phones. And/again, these are pri¬
in.the wealth creating process of high schools are now
crowding * marily service industries. ; 1
;

y.

,

private

excess

ity.

,

trend is up statistically but the
and
■
4
;
anti- growth is anemic.
Statistics always bother me, as
monopoly. Their every financial
an
economist.
They are useful the creation of more production our colleges. In another four or.
move is supervised by public reg¬
ulatory agencies. They pay sub¬ tools, like a road map to a tourist. and consumption, of real goods. five years the real bumper, baby
stantial
taxes.
Annually
they But statistics are like a road map Without increased production and crop that started after' the war
must make a full, public account¬ in the -sense that mo matter how consumption of real goods there will reach a point of marriageable
;
age. Assuming that we maintain
ing of their affairs for stock¬ good the map may be, it cannot tell is no true economic growth.
holders, the public, the govern¬ you what the roads will be like
The suggestion in this paradox our standard of living, we, will
ment and the Internal Revenue when, you get there, what kind of is that pur statistics (GNP) may increase
our
current
marriage
Service. Can they compete effec¬ accommodations to expect, con¬ be accurate mathematically, even rate of 2.8 million persons (1.4
tively under trade equality with ditions of the weather, or how conservative, but somewhere be¬ million marriages) per year to: a
Phillips, in which the Government friendly the people will be. Sta¬ tween what our statistics tell us level of four million persons or
and Monarchy of Holland are the tistics are measures of progress or should be and4 what is actually two million marriages a year. The
most substantial stockholders, in failure, but their ability to fore¬ going on in our economy is a wide 600,000
additional new families
which the
added to our economy each year,
government works cast trends depends, entirely on never-never land of unreality.
after 1965 represent a tremendous:
hand-in-glove as a part' of free how they are interpreted.

ject to a rigid philosophy
structure of anti-trust and

chronic

Today it may be said safely
million less oL that
every production industry in

one

in

a

Thursday, July 5, 1962

.

.

that- greatest
man's weakness

going to have it better than I

a direct result
manifestation of
—
war, and riot

prosperity "is

of

kids

the prbduct ofyanything we did in
chological drive, flacking iri un-* peacertiriie: before that - war;. >
developed. nations, which caused a ; We accord f great atteritiofl to? a
man to
seek the better job, the billion or two increase iri defense
did." Herein lies the"human psy-*

higher income, to have the better expenditures. Actually, except to
house, the second -car, the boat," the extent .that ; it creates new
the fur coat for his wife! It is our products and
new
demands to
desires, and .our willingness to build into our economy, defense
work to fulfill them, that keeps spending is neither a growth fac¬
the wheels of American industry tor: nor an
ment mood, proportionately, pay¬
vuplift factor , in oiur
tivity, for both labor and capital,
•
;
economy. I ask you,.seriously, in
ing off old debt at a faster rate a population increase is more of a turning.
a $550 billion economy; how many
than
customary, acquiring new handicap than a help.
International Competition arid
billions would we have to increase
debt at a slower rate, albeit the
Also, right now, for a few years, ; t ; - • < U.; S. Obsolescence
government spending in any given
total debt structure continues to
our maj or population, growth is in
(4) The Common Market I have year, to have a .real effect upon
rise.
young people under 18 and in
In
fact,
already discussed.
This is the economy.
government
(2) They are saving their money older people over 65. These are
great unknown pf living in an in-" spending, except at state and local
at near record levels, or investing the non-income
producing ^seg¬ ternational rather, than a national
levels, is" not growing a£ fast as
it, they hope as a hedge against ments of our economy. They con¬
world, and1 to which we have not the economy itself.. The truth is
the future.
sume
but they do not produce.
yet become accustomed.
What; is that government spending at the
(3) Business capital investments And you have to have increases worse for American
ego, which ;so national level is important only
for plant and equipment are also in both to grow. ;
often expresses itself in a rather as a sustairiirig fafctor in "our econoperating in a retrenchment phi¬
More particularly, in these early dogmatic
altruism, is that we can omy, not as a build-up factor.. But
losophy. The preponderant pro¬ years of the 1960s our.population no longer get; away with
dealing this is mot to condone increased
portion of capital outlays is to cut tree shows a net loss of one mil¬ with or
giving to the rest of the government spending as a virtue
costs through
modernization, not lion, malq income, earners,, and world only in terms of what ap¬ because it is meaningless. In fact,
to create new plants.
And this family heads in the 35-44 year peals to. us.
We now have to ap¬ it is to suggest that it is riot de.

-

.

.

.

.

,

,

,

.

.

.

,

Volume 196

fensive
f"»

/\'k» 4-

Number 6174

spending, but the

Vvl 111 4-

TV*

J

M

1

spending

and plant efficiency are
important than ever before
Obsolescence is slow paralysis in
itself. Only so much of it can be
'1

national, state and local levels
that is creating the tax problem
that drains away our risk capital,

which

heart

fact

that

the

is

the

insurance

adjust

policy of the long inventory line
of
supply,
which cushioned so
this body economic pf ours, in many economic, recessions for
spite of its basic good health, is many months on end, often long
sort of an old fashioned case of
enough for the recession to corshould

we

admit

that

what

ails

M

y\

41%

/\/\ W Mil 1AM r\«k.

/\

Population Pace Exceeds New
^

has

people

great

any

found/themselves

satisfied

they

as

backlog

of

reservoir

a

agement

Unemployment.

built-in
nomic

in

tumor

at the

tional

This

is

body

our

moment

We

for

a

accumulating
through a depression and
two
wars has now been, largely satis-

ar®

calls

a

world of internalife, spelled out

new

economic

is>

all,

after

merely

the

biggest

and most challenging of the ecopov- nomic adjustments that we have
erty and want. Some will remem- to go through at this time as the
ber World War I as I do, when the nature of national and internashortage of flour was the major tional economic life enters a new
prosperity than

more

but

have

also

we

before

ever

too

much

;v

—

is

nearly

now

'

vr

,

-

.

It may be a

American
one

eating

was

little

a

over

C(incidentally,

business

at * Iea.st flv®

cycle

such.

as

Here

we

that

take

changed

P
"

war.

you

wheat

!l

>"/*•''stY

v

J-J'

•

:

can

ilCrUi to
< v
..

.

^ ^ .

_

.

u

.

vpith

th.e hidder}

,,,

President

Fimston

that the

formation

see

demand

new

to

ternational

600,000 ad-

Yor^

balance

^cchange,

wtollt

.

iSchange dicing S S-31

.

SrfrfSmaintaln'^ Stand"
Housing

*

is

that

be

.

example

u "good

our

traditional

approach

y^rs would^ugge^'that^owCT

30

to

large extent.

a

S-

example has

^

«

«!,

M

number

Exchange's

22,900

of

general

day.
shows

a

report

maintenance

or

day

a

margin'accounts

arose

brokera2e firm

requirements

pared with about 4 000

com-

day dur-

a

previous three weeks

*

~D°;Ui

ptJ&isxss.
^

*^

common

^able Irolder^^lMtetf
stocks* to exercise their
stocks to exercise- their
rights. During»the

\

subscription

previous three-week period, calls
to
special subscription accounts
averaged about 1,300 a

day.

"V

An additional 3,906 margin calls

:

day, during May 25-31, stemmed

Regulation

;

T.

These^ calls were
routine
notices to customers making new buying commitments in their margin accounts.
largely

During the nrevious three weeks

jjuiing tfte previous ttiree weeks.

bySExchaiige Sr"" *

f1? accumulative factor inhere

interest rates and deficit spending

of

i- *•

the

to about

involved the,liqiudaUonlof:securi- similar calls averaged about 1,600

\

'

rose

from the Federal Reserve Board's

of

power of the in- habit, apply it to population and. New
Stock
of payments,, population
growth, and come up
*o/xS.
the common markets, the emerg,. with the 1.5 billion bushel
the dollar value of all transactions
ditional families; each year
over ing trade policy program,,
what-surplus that plagued the nation 0„ tte
and above present annual family ever
you wish to call it.
It may in 1933 and which is still with us .?
tne i^cnange aunng May^oai
from the

years away

increased to 10.3

'•

shares,

from Exchange

a

eating

H

_

An estimated 15900 calls
to

-x;xx

UvV Qr T?PTirtT*t^

bushel less of wheat per year

than he consumed before the

"

v

..

The

in terms of the trade policy

us

1

27

that:

starting

problem and the common market,

ecohave

surprise, for, a"! moment, when I What is more^he never reacquired
say' that interest"rates from now the habit of eating that additional,
on will have little reaction to the
bushel.>

needs

fied: And ye

situation

complete./-"- rC x
: (3) Interest Rates.

The
The

is gone.

demand

of

today.

are

• "M»#

million '

Qmckly, if less deadly, than they portage
to teach people to
did before. Fortunately our adap- eat less bread.
-The effort was Association, of Mutual Savings: Banks,
tatio'n'tb the new; inventory man-';
succ€^fui';.':.:By.;.^919vthe. average Seattle, WasR. ^
f-;, ; y 'V[-1

ever

period m
which the wants, needs and desiresof people have been as well
in

average volume

~

this

adjustment,
to

year,

JobOpportunities.

wL

time in the history of man-;

no

kind

?

y\..yvM

M

Our

majettsggga'gafftgaattsagfes'sass as
At

«%

power on

stops

perhaps,

built-in

(87)

unspent, discretionary spending this period we will be better off
ilt
VXniH^
J"\-£
^
the part of the consumer, than ever before. '

V\ /\«VT/NVt

(6)

obvious,

More

the new factors

still have to

we

In

•

beating.
,

to

M. Mr.

before 'the

tolerated

Backlog of Demand
on

4-1^.

A,

L—.

more

at

(8) Finally,

The Commercial and Financial Chromcle

.

tivity

perma-

VI .Av VI

neht built-in. non-defense

.

,

special subscription ac«The total estimated dollar value counts, nearly 40% of the margin

,

largest
particularly
depends
for

on

tne

nousmg

•

marxet

..

its

'ill-

where

ux_ payxnems,

me xieeu

lu

"hAttr

AM

fry will be -controlled by outside

rather than internal economic factors. I believe it is almost inevitable that the trend in interest

A#

rates

will

years

to

1959./' For

years we

Wo/.h.

iniy

the

he

rS

*

-IV*

some

in

was

to

year

for /

.inward

...

nrp-

i.

■

*■'

unempto^lnt

when

interest

rates,

were

in ''he spring

purrentlv

*

hp^inninff

Monday,

on

atlton

ttarexbess

0f

come.

28:

May

millioiloB

$80a

than

more

Tuesday, May 29,

ers; in the spiring of

to

IkI^"bor SmS

We

hpjir

■

abou* 5600 mlUi<m on ThurS"
day, May 31.
~

x

i

»

.

,

1961.

calls averaged about 1,200
in

These

a

day,

™th .?boat 20?.a„d?7
the previous three weeks. CallsBnViorwinfinn,

.

nnnnnnin

About one out of nine open on ^ec^ OTtemption accounts
0 §T?n
accounts carried by Ex- >nvolvmg aU other listed issues
TTncm
change member firms at the end averaged 1^69 a day, compared
"nwnT of May
some
43,300 out of with. 1,100 a day m the earher

accumu-

of

vrar

some

—

that should be

-, tidnepxE
(4)
tCapital
A.seru
$47

a

ciuuuii;

aiiuieiiu

387 000

received

temporary, even/if'1'written
"A+Pn margin
period '

one

calls

more

or

period.

during the

;iit'm^kriast'~amUhS:^^IrioT nfhSSitened ^.rket Tc- tio^'clmpded^y^the3 E™c^^e
pri/ until the demands of
halfmiU

1961-when

of

T'lis comPareti w'}Ji total in connection with AT&Ts $960
esttoated dollar 'sales on the Ex- million financing through a nghts:
estH^ted dollar sales on the Ex- miUkm financing through a rights
c aIJfe„0, "f?! than $500 million offering to itecommra stockholda c?ay'

•

the brunt of the 15-vear

j-u.u,ymciit nuw

1960

available" labor

our

^

thought that slowness in
the'housing market was the result
of tight money or , the high cost

it

eacfr

.

TYj.

«

.uaiauce

maintain the stability of the U. S. fnrhe'hut nnlv "l ^ eaeh" vear"tn
dollar, demand higher interest available iohs Henre the naradov
lusher
ratd3, particularly short-term, and at various moments in recent
arn
at various moments^ in recent
a balanced budget. -What I
years, of more people taking home
saying is that more and more from"'lanoay" Se^-than^^^^b^OTe^Sd
iw4/\i*Art4i VA+Art
4U$/«i
now on interest rates in this coim- *lsP*ya
ta

prosperity. We are : five
years
away
from ' any imnrnv,C
=nv improvemefit in housing-demand substantial enough to put the lumber induslry, largest source of income
in
the Pacific . Northwest,
back
.

thenewAdmmiSrrio $38 bilUon in recent years
a
the Exchange President was
outlays-' for1 plant atid lion additional new families each ' tivity^ ui
number of written notices sent to
benefits and again lowered inter- equipment have been
operating at year Can create the demand to put ad
Hie
Exchange study covered customers by 25 representative
est rates, those actions simply did near record levels.
Again the sta- more people to work
calls issued by member firms from member firms which handle apnot have the expected effect upon tistics are
misleading. The ratio
m Tnrp_
T don^t nPPd tn

^ty^: °ttiefIxchTnae^sident

tration increased housing program •,xvate
capital

Son estiSItes

-

«

mo^ev
the

or-the cost of

lack

housing

but

Mam

-S keeps
tol

expenditure
aU

plateau.'

„M,

;No Longer Count

technique

Some of

colleagues

seriously
and4 will

ago
-

..

when

A

:

^ -

mv

verv

try

S!
cycle
show

a

pew

indicators;
a

twist

levels : have

;

ex-

*"

5^tantial amount of

go

customers

studv

does

not

AA»ini-n

contain

any

data

•

...

:

,

..

'

for each of the last ten years.
,cawi-ur.-»i«r xaa« rai jcaiB.

potion of capital; outlays that
new

for

plant

rv
Of

the calls sent n„f during May
out

ucts

better

beginning in some cases, like series of preliminary reports on
interest rates, to divorce them- the Exchange's special study of
,seives from a relationship to the the market at the end of May, Mr.
are

New plants ere- * business
cycle.; To this

..th^t no - longer Modernization
:

'

a sub- ployment, taxes no longer react der were not due until after June 1.
our obsoles- ,-with the business cycle, or at least
Commenting on the third in a

?!e new.:products and

iw

.

w

a

Before wf can haYe a tru®r®"r^ There you have it wages,prices, 25-31, more than 60% were met
furgence of economic growth vin interest rates, v capital expend!- by June 1 (the cut-off date of the
*
gantry,^t.alone a boom, we tures> consumer spending, em- stiidy). By and large, the remain-

relationship to the business
v

r<»Ti+o.

* ^efnse^n .tax ieveis has . diction, such as commercial banks,
little averaged a fantastic 9% per year factors and foreign sources.
»

new jobs..aiso

add

capita

per

produces old prod-- take-home pay.
;but with fewer jobs.
whBt -e^"'is'
,

cycle;

remained
w
quite a few

fnr

for

?^ wdl have had to correct

-

-ffnH
and

twicf

^

littl?-

^
tw'oSi 6ence . through modernization to
SwSwtlEi-nT+Ko SSrf- Fuermi ia shaP upward swmg in
me

tax

fairly/ constant

generally received member firms.
'
on
May 28.) The
The estimated number of calls

^

it

bnci

nfpvaminirio

S

np^^iinf
plant..

^

„

At least it's interesting
stimulate ttonking.

today

afitTninJ

eco-

question

UoToXv

fnr
of u going for new

'

let

era|

fairiwrnnctant

rc=^rvTced "by"^cha^ge
were

?mw?dvnlfipaSt

while I am orf mis eco
wnue i am on this ecodiagnosis - let me trv One

nomic

,

$£??{
Fed- and 27

'was
fnr years»' althGu^h the trend
in the involving other credit areas over
Which^state and local which the Exchange has no juris-

in ow,
Now 'v

more

years

..

..

Business Cycle Indicators

nomic

Jill10^ capital 01utliay
ten

-

demand, that,

of

on a
;

money

T*
thaftto^S no longer bear
A>^4W?liJfn oalit^Lth^
to business cycles.

People still have to be employed

_

hpfnrA

.

Wnmo

pan

r'

we

;

v

.

there'

-

With "all

these indexes out of step Witn the
mese inaexes out ot sten with the

.noted, consumers'" new
wariness
in
the market
place.

already

nrt

on

popW

each

oaiAnriancalendar
calend

rfav
day,
margin

accounts which received calls

was

21,000 on Friday, May 25; 200
Saturday and Sunday, 29,400

on
on

Monday, 23,100 on Tuesday, 200
on Wednesday (Memorial Day)
and 17,800 on Thursday,
These margin call statistics, Mr.
Funston said, support earlier prelimmary surveys indicating that,
while margin calls by member
firms, rose in response to greater
volume and lower price levels, in

of transactions handled for customers during the three-day

study—together with preliminary
findings reported on June 14 and

totaled
in

crease,/regardless of the cost-ofliving, was built in,to our economy,
wages and priegs have moved constaptly in oilly qne direction-,up.

out

the great majority of cases the
calls did not result in liquidation.
The results of the margin call

gin

or

nn+

May 25-31, to the 43,300
43,300

calls issued was relatively
small in view of the total, number

Funston said "the number of mar.

could

income'

cpnt.

sent

35
the

June 25, and information now
being gathered—will be assimilated into a final report on the

aTwe^knewrihem SkS three' Greeks

preceding May 25, overall market activity. The final
Seriouslv
I doubt that husin^s when volume averaged 4.1 million
report will include data on odd and
what is ..the consumer?
Not in-/cvcies statisticallv or eranhicaUv
shares a day, Exchange member round-lot transactions, activity by
eluding government purchases of Je a„v loneer a good road man Arms sent out an estimated 6,900 institutions, buying and selling
lnndnr
Vioxrm
xroiid
gog.o,ro8a nup
They ;no longer have any valid goods and services the consumer
margin calls per business day. from abroad, and other aspects of
for our economv
relationship
to
the
traditional is three-fifths of the American
T
^ i
During May
Z: *.
v
+
25-31, with daily cash and margin transactions.
\
business cycle.
1
; ,•*;,
: economy — in fact, almost two^2kW1k Teferenc®:to. W
v.
(2) Inventories. We have nearly thirds. He is $300 billion in a $500
completed adjustment to an en- billion economy.. His discretiononxr

rrr,

,

,

.

,

—j

-

.

,

tirely

.

at

new

both

situation in inventories,

the. manufacturing ,and

spending

ary

power

one-third of that

power,

'

distribution

levels.- The

practice of the 12
.

and

15 month

inventory, common to most- all
business before the war, has given
to the one to' three/month
inventory. Every level of business
now depends upon its supplier to
way

<■

-

built-in

represents

$100. billion dollars.

or

business

'S*co

outiook' ohhr ill terms of

?,

P

over

What he does

with that discretionary-spending
power determines perhaps more-xfjSisSSSw
than any other factor, what
the economy is going to seek. By
discretionary spending :power - I
i,
y

y'

HiAr^

intn

Ievel'4^^v^cd'g^o^eot^e^~'
.

-

•

.

he does not have to c
The economy is not -sick. In
»maintain its inventories. Fed back spend for food, housing, clothes, fact, it is m pretty good shape. It
through distribution channels this education, transportation and *s primarily that we are going
places a very high premium ori other necessities of life. He spends through; a new phase of national
production efficiency of the man- if for the bigger house, the other • andi .international economic life,
ufacturer -and the raw material
car, the summer home, the f ur > There j are no predictable periods- ;
supplier^His flexibility must be coat for the wife.. A lot of It has' pi serious recession or, depression
greater than ever before: He has gone into savings, into retirement illness-ahead, although quite a
to Team that 69 to 70% of capac- programs, into the stock market., number of periodic bouts with re- ,
ity is the level that needs to be Much of it has been sterilized and cession flu will occur. ^Meantime,
the'most efficient in his business, is yielding product only in terms °.ur five-year economic indiges^
and that the old-ideal of operatingT of a modest interest or^^ dividend^ tiom will, take another five years
at 95 or 100%
of capacity is a return. Before we can begin the to cure.
'
trap door to cancelled orders and true upward swing in our econ-"
The long-term outlook is just as
an
inability to take on new and orhy we will also have to uncork good as it ever was.' Barring an
more -profitable
orders. Produc- at least part of this backlog of all-out war," when we are over




mean what

,

.

.

,

.

Remember those in need across
the

gift

world.

Every $1 sends one

package

thru

the

CARE

,

Food Crusade, New

York 16, N.Y.

.

/
)\

*

f

i.

ChrBnicle

The Commercial and Financial
28

rates and subsidies

foreign wage

governments.

by foreign

aspect of
industry is its em¬

Another rather unique
aerospace

ployment requirements. I believe
that this is an area of especial
significance to the participants in
this
conference. A fundamental
shift has been occurring in the
composition of the work force of
the
industry. The proportion of

production workers has declined
steadily,
from
three-fourths in
1951 to just about half today, and
is likely to decline further during
the 1960's. This reflects the chang¬
ing production patterns of the in¬
dustry and increased emphasis on
i'

rising portion of the
industry's work force
college graduates, often

Clearly,

a

nomics

will

be

degrees.

advanced

with

this demand increas¬
ingly covers—but is not limited to
—almost every type of engineer,
as well as physicists, astronomers,
mathematicians, and other holders
Moreover,

/v

of science degrees.
The industry

employs the largest
engineers

number of scientists and

United

the

in

States.

The

indus¬

try^ scientific work force of 95,000
constitutes 12!/2% of all scientists
and

Engineers at work in Ameri¬

can

industry. Moreover, the indus¬

of

sampling

"any

that,

public
opinion
shows a fairly
widespread
hostility toward

profit."

'•

makes

contributing

a

Newsweek

editor- to

v::

"•

Hazlitt,

Henry

Magazine,

*

somewhat similar obser¬

a

"The indignation shown
people today at the men¬
the very word
'profits'
indicates how little understanding
vation,

by

many

of

tion

craft

space

search

rising

at

recent

years.

on the function of profits
society (citations available

request).

upon

Profits

(1)

incenHve

viewed

are

activity.

economic

to

an

as

They are a necessary ingredient
for
both
supplying the savings
required for new investment as

Did Since June 7
If you

believe

of the

some

news¬

ties

there

are

few

a

things

you

during

have noted, of

we,

ernment
vate

relies

primarily

pri¬

on

industry for the design and

we

our

JOHN DUTTON

a period, as paper headlines,
the stories re¬ should know, or eventually learn.
substantial de¬ leased by syndicated columnists, The papers. are • usually wrong
cline in profits, which represent and even certain government of¬ when
they give reasons for a stock
the basic ability to finance these
ficials, you would think that the market advance or decline, the
activities privately. As our gov¬ recent decline in the stock market
politicians know less, and when

has

profits play in our economy."

omists

However,

occurred

BY

What the Small Investor

re¬

been

rate in
this rise

advancing

an

CORNER

the

to

have

facilities

and

SECURITY SALESMAN'S

require¬

The

company-financed

for

ments

essential

so

defense.

Nation's

production of

Let me synthesize briefly the
writings of these and other econ¬

are

plowed back, mainly for labora¬
tories, wind tunnels, and .other
research and development activi¬
ties and facilities which result in
the
new
aircraft,
missile,
and

there is of the vital function that

aerospace

those

textbook on eco¬

standard

his

in

in

technology,

advanced

Ad¬

ministration in Washington, states

earnings

retained

These

present

the

to

consultant

a

from page 16

Continued

7

of these companies.

Aerospace Industry

e

operations

sustaining the

merely

An Economist Looks at

the

Thursday, July 5, 1962

.

(88)

systems,

our weapon

have here an undramatic
fundamental
question con¬

a
dastardly
plot
directed
against the small investors, the
politicians in office at this time,

was

the

integrity of the American
but
economy, andNqlso that a few un¬
cerning the future capability Of named, malignant individuals
a major portion of our private en¬
started all the selling, encouraged
terprise system. I would like to the market decline by their ma¬
leave that as a matter for one's
nipulations, and that the little
own
further individual delibera¬ fellow had stopped buying because
may

tion.

that

believe

I

it

be

would

presumptuous^of me to do further.

he

litter

a

gether in

The aerospace industry is by

be

ways seems to
or

;;i The Future of the Industry

scared to death. There al¬

was

a

its

a

"big bad wolf",

the market gets a front page play,
or

commentator

news

a

gives out

or radio,
they do this is to sell
papers, or to stir up an emotional
following that will keep them in

opinion oh the T. V.

an

the

reason

the forefront of the intense

com¬

petition for public acceptance that
is

constantly

go

challenge to their

a

When you want facts

careers.

own

elsewhere—better still, keep a

few records

of your own.

.

of

them, who get to¬
plush office somewhere

What

the

Small Investor

*

Really Did
in
Manhattan's
den
of iniquity
looking that
In all this welter of confusion,
engineer these things. These
for devoting such savings to in¬ area of business. A look to its
stories
appear
every
time* the talks of investigation, hints of
vestment in the plant and equip¬ future should, be rewarding. First
news media,
and the politicians, plots against the Administration
ment and R & D required for of all, we should note that a basic
witness the age old law in opera¬ and the economy, the story has
economic growth.
change has Occurred in the struc¬
tion, that goes; "Everything that been widely spread that the small
(2) Profits stimulate risky and ture of the firms operating in the goes up must eventually come investor has
not
been
buying
uncertain
undertakings and en¬ aerospace industry. The typical down, and the longer and higher stocks.
They state he has been
courage
new
innovations.
This aircraft company used to be con¬ it goes up, the longer and sharper scared to death; besides the evil
element of profits arises as a re¬ sidered essentially as a military
will be the fall."
short sellers
have
been
driving
turn to innovators and entrepre¬ airframe designer and manufac¬
But someone has to be the goat, his stocks down. Let us see how
turer. Today these firms are rec¬
neurs.
so
it is always a mystical few much truth there is in all
this.
ognized as diversified aerospace
(3) Finally, profits furnish the
masterminds, professionals (who Let
us
look at the facts. Since
oriented to a
high are
incentive to cut cost and improve companies,
they?), or bad people, who
June 7, 1962, I have kept a record,
efficiency. The prospect of greater degree towards science and engi¬ make it so difficult for the promisers in Washington to keep their day by day, of the odd-lot balance
profits encourages companies to neering.
,
use
the minimum amount of the
$1}§ typical^^qrospace company promises, and all the poor little of purchases and sales and also
has a product line which covers
nation's resources
investors
to
protect
their hard
t to,:; provide
a the
the amount of stock sold short by
major fields of the industry earned
given product.
savings that they have in¬
the odd-lot speculators. Here are
military aircraft, 'missiles, vested in common stocks.
Professor Samuelson points but
space,
and
commercial aircraft.
If you are a salesman of securi¬ the figures:
that, "It is misleading to talk The
degree of diversification is
well

furnishing

as

incentive

the

nature

very

forward

a

..

try concentrates the highest pro¬

portion
of
its
scientists
and
engineers on research and devel¬
opment work. Approximately
three-fifths
of
the
industry's
work force is primarily
assigned to research and develop¬

scientific

The
remaining two-fifths
engaged in management, ad¬

ment.
are

ministration,
production, opera¬
tions, sales, etc.
Moreover, with the broadening
of the markets and product hori¬
of the

zons

industry, other profes¬

sional

backgrounds are required
increasing numbers — account¬
ing and finance, personnel,, plan¬
in

ning, economics, and business ad¬
ministration generally.
Also, opportunities in the semitechnical categories have been

panding,

such

openings

as

ex¬

for

electronic

technicians, engineering
aids, draftsmen, laboratory assist¬
other

and

ants,

skills

often

At
5

institutes.

the

tion, it
typical

risk

of

might

oversimplifica-

be

said

that

the

industry em¬
ployee of the past .was a factory
worker and that the typical newhire is a college graduate with a
aerospace

professional

degree,

or

high

a

school graduate with further
spe¬
cialized training.

The full economic and

sociologi¬

cal

impact of this shift may not
yet be fully realized. The average
employee in our industry in the
1960's—and his family—will have

quite

different demand for

a

about

serv¬

'profit system.' Ours is

a

profit-and-loss

system."

On

a

that

note, I would like to discuss the
profit and financial situation of
the

aerospace industry. In terms
sales, the industry has totaled
about $11 billion a year for each
of the past four years.
,This com¬

of

to just

pares

billion

a

manufacturing

industry,

and

a

little above the $10 billion a year
combined total for lumber and
furniture.
v
'
contrast

to

the

over-all

stability in the level of sales, net
profits of the industry (both be¬
fore
and
after
taxes) .declined
steadily from 1957 to 1960. Un¬
doubtedly the write-offs of the
extraordinarily large development
expenses

commercial airliners

on

have been

major factor in the
decline ; of the
industry's profit
margin on sales from 3% in 1956
to

a

a

small fraction of 1%

in 1960.

Even

tjie 3%
figure was only
about half of the average profit
margin for American manufactur¬

ing- companies generally.
gins has occurred if

examine

we

data on>;<the return* on 'the
stockholder'sinvestment. Net

profits

downtown to

be

may

sultant

a

burlesque houses
legitimate theatre

symptomatic

impact

on

of

the

the Seattle

re¬

area.

The Unique Financial Structure
A

fourth

distinguishing charac¬
the aerospace industry

teristic of
is

its

financial

cussing

:

the

however, I

structure.

subject
not

am

of

about

In

dis-

profits,
to

ap¬

proach the wailing wall, rend my
garments, and recite the Book of
Lamentations.
I

will

ferent

attempt

a

approach.

somewhat

First

of

all,

dif¬

let

us
briefly examine the role of
profits in our economy. Although

there may

be

on specific

J?

aspects, there is

mon

trend

a

range

of opinions
a com¬

or

viewpoint on the
role of profits in the
writings of
economists
generally, liberal as
well
.

conservative.
Professor Samuelson of M. I.
T.,
as




the

after

taxes

of net worth for

from

24%

factors

have

the

was

such

the

as

that

long

exist to exert

influence

on

in 1960.

sharpness of the
due; to temporary
commercial

write-offs, there is good
believe

declined

in 1956 to 1%

Although
decline

precent

a

the major aero¬

companies

space

as

-

reason to

term

factors

strong downward
the industry's profit
a

margins.

According

to

economic

theory,

profits are the payment to a spe¬
cific factor of production—the re¬
turn to the investor."

Here, too, the

aerospace
industry is different.
For the economy as a
whole, over
one-half of corporate

profits

disbursed to stockholders
dends. In the case of the

as

is

divi¬

aerospace

industry, the proportion
years

generally

lower.

The

are

bulk

retained

for

has
of

the

and

Comm'cial

38%

92%

spares

:'

space_-.u_

8

XX.'

in recent

been

aircraft and spares

8—__.

interest

in

developing

or

39,872

38,861
26,497
13,167 ' 15,705
26,420 V.
30,655

industry extends
might
be
called

20,659
33,734

14

aerospace

also

to \ what

69,304

/■■VX 15—

,

^

not

immediately

a

>;.;A

industry.
extremely desirable for
the long-run growth and stability
of the industry to develop busi¬

19
20

part of the

main product line of the
It may be

which is not tied

ness

exclusively

•'

27,337
53,178
49,190

21—

.

*

19,259
67,457
31,289

18 _X.

nontraditional

products and services that

areas:

587.18
574.21
571.21
563.08
550.49
539.19

86,083
59,081

_.

12

diversification

shown by firms in the

603.92
602.21

601.61
595.17
580.94
574.04
563.00

13

11

'

"

The

Industrials

c

£

,

no,602
13,766

52,337

-

■

X
'

11,141,

..

58,829

32
*.

Dow Jones

;

Shares

20,689'

42,650
63,720

_____

7

ioo%,;ioo%

22

o

/

•

,

-

*P.S. During the period June 6th
through June 22, 19(52, millions of shares were
bought and millions sold by edd-lotters. The figures given are the excess of shares
bought over those sold.
V.
:'r*. '•
• .*
•

to

military expenditures or' air
transportation. The major recent
attempts at diversification have

"little fellow" is out of the market,

borne

does this look like it? Notice what

to

reasonably close relation

a

the

technical

and

administra¬

tive
capability of the industry.
They have covered such areas as
hydrofoil ships, gas turbine en¬

gines; nuclear reactors, wall panels
for commercial
buildings, and in¬
For those who care to
gaze into
their crystal ball and examine the

longer - term future, the follow¬
ing estimates may provide some
interest:

(1) The
largest

industry will

aerospace

continue to be

of the Nation's

one

manufacturing

employers

and

a
major contributor to re¬
search and development activities.

The

scientific,

engineering,

technical

portion

force

continue to

(2)

will

-

of

the

and
work

The financial future of the

industry is more problematical
and I hope that I have sketched
out

of the major considera¬
tions that will affect that future.
some

(3)

With

would

more

forecast

confidence,

that

the

I

rate

technological development in
industry will continue at an

of
our

of.

s

♦An
fore

address

the

by

National

Mr.

Ccuncil, Seattle, Wash;, June

happened

period when the
plunged from 602.21 to 539.19.
hasn't

chases during the
Dow

Notice that the little fellow

and
the headlines were
screaming "Billions wiped out by
stock market". The little fellow,

been

he

The little fellow has been

buying

heavily

moved

points

he's

scared

been

market-

the

out of

Possibly later
: on when prices get lower
(if they
the "odd-lotter", obviously liked will) he'll stop buying. But when
the
prices, for on that day he anyone tells-you that there hasn't
bought 86,083 more shares than he been{ any business around during
sold (on balance). That same little the past few weeks among the
fellow after the market had three small investors, you can see how
sharp declines in the "Dow" (in wrong they; are. The foregoing
three days 6/11-12-13) on June 14 figures prove just' the
opposite.
buying.

.

sold

the

amazing

39,782 shares
of

June

11th

of

amount

short. In the Aveek
ending June 15th,

notice that his short sales reached
the amassed total of 146,802 shares.
Look back
and

see

only

year

a

or

so

ago

what this so-called "little

odd-lot

short seller,

doing when the market was
on the "up" and going higher day
by- day. Was he selling short?
Was he adding to the downward

prices

as

have

down. He has also been

his

"short

haven't

selling"

seen

at

increasing
a

rate

we

in many years.

Yes, the little investor and the
little odd-lot speculator have been

was

pull that would have kept stock
prices
from
sky-rocketing
by
doing his short selling then? Hu¬
man nature doesn't change — nor
the

days he
much
were

2,000

as

stock

market.

was

In

those

buying

as

fast and

as

he could—his short sales

then running at

shares,

more

the rate of

or

less,

per

busy. Maybe the S. E. C. and the
other

investigators should check

him too?

who think there isn't any
around-—whom

all

these

weeks?

who

on

Meanwhile, the salesmen
do

you

the

orders

,

business

think got

(past

few

Certainly not the fellows

read

the

and

papers

said,

"What's the use, nobody wants to

buy stocks now—all the little fel¬

.

day.
be¬

There

ISC*

'■

•;
are some

Education

12,

that the the foregoing figures will give you.
Add the total of the odd-)lot pur¬

12th, the day

June

on

you

the Dow Industrials plunged 14.23

does

Weidenbaum

Aviation

tells

someone

ac¬

celerating
rate.
Over
the
next
decade, products may well be de¬
signed and produced which we
have not yet dreamed

When

fellow", the

increase.

far

earnings

6—;..

30

dustrial electronics.

A similar erosion of profit mar¬

of

of the old

Missiles

Short Sales

>'

Shares

June

,

Odd-LUt

Over Sales

19(50

1957

Military aircraft and

are

In

♦Excess of purchases

1960 sales of The Boeing Co.:

about half the $22
for the automobile

year

ices, housing, education, recrea¬
tion, and so forth. The conversion
one

by the following com¬
parison between the 1957 and the

:

'

(New York Stock Exchange)

illustrated

-

sup¬

plied by community colleges and
technical

—-

observations that

other interesting
a

brief study of

lows

are

doesn't
the

-

locked

seem

to

matter, not

i

in."
be

as

That

the

just

truth

of

yet anyway....

Volume

Number 6174

196

.

The Commercial and Financial

.

.

The following statistical tabulations

Indications of Current

latest week

week

Activity

Business

42

each)

gallons

Crude

(bbls.).

stills—daily average

to

runs

Gasoline

output (bbls.)
Kerosene output (bbls.)
—_
Distillate fuel oil output (bbls.)___!
Residual fuel oil output (bbls.)——
Finished

at—

(bbls.)

Kerosene

—1

7,278,560

7,267,660

7,284,360

8,645,000

8,299,000

30,622,000

29,562,000

27,275,000

2,411,000
*13,465,000
5,799,000

2,888,000

2,276,000

13,075,000

•11,925,000

5,044,000

5,395,000

8,645)000
31,341,000
.2*767,000

14,177,000

22

190,810,000
29,425,000

189,965,000

168,648,000

166,367,000

28,346,000

24,687,000

115,219,000

112,671,000

87,765,000

at
——.

State

43,406,000

26,943,000

—

Federal

.————

-

—

CORPORATIONS—*J.

S.

28,455,000

497,706

(tons)——
!—
Pennsylvania anthracite (tons)—————-—

Linters—Consumed

■

INC.

BRAD STREET,

INDUSTRIAL)

AND

(COMMERCIAL

FAILURES

.

COMPOSITE PRICES:

IRON AGE
Finished

steel

steel

Scrap

(per

METAL PRICES

ton)-—:

gross

Spining spindles active
Active

205,900,000

206,600,000

279,500,000
230,800,000

115,800,000

61,500,000

33,300,000

48,700,000

9,500,000

_

8,965,000

8,200,000

8,949,000

312,000

156

148

*46,520,000

16,628,000

15,471,000

DUN &
<
v
\y y ■ June 28

York) at

(New

6.196c

6.196c

6.196c

6.196c

$66.44

$66.44

$24.83

$37.17

30.600c

30.600c

30.600C

June 27

28.525c

-28.600c

28.525c

—

OF

136

61,950,426

63,950,960

57,211,679

$1,066,329

$966,758

60,309,573

60,238,163

59,077,233

12,368,000

12,340,000

11,875,000

6,987,000

6,939,000

6,582,000

5,381,000

5,401,000

5,293,000

113.4

♦112.7

103.0

16,664,000

16,631,000

9,478,000

9,424,000

16,076,000
8,996,000

7,186,000

7,207,000

7,080,000

$350,100,000

$295,600,000

$325,200,000

DISTRICT

sales

ultimate

of

9.500c

9.500c

9.500c

LABOR

All

11.000c

9.300c

9.300c

9.300c

10.800c

June 27

;

12.000c

12.000c

11.500c

11.500c

11.500c

11.500c

24.000c

24.000c

24.000c

26.000c

June 27

112.250c

111.625c

116.875c

119.250c

,

Government Bonds
corporate
—_—

U. S.

:
-July

-t——

88.27

87.94

-July

—

Average

;■

-July

Baa

Railroad

Group

: ;

81.78

81.90

l:83.66

-July

__—:—

Group———:

,ty

87.05

-July
-July

Group—_—.—.

Utilities

Public

Industrials

89.37

86.91

-July

—

89.09"

-July

.

"'■"'V-

87.72

''■<

<

ft" >■ 91.77 wd;

91.48

87:58

89.48*

y-

.

087.45 a

'

87.18

-July

*<■» 91.91
89.92

86.65

I'

90.48

'

88.95

-r,

87.32

85.85

82.40

81.54

83.79

84.55

84.17

89.23

89.37

89.09

89.23

89.78

goods

*

goods

—

(1957-59 avge.

Aa

.

'3.94

Baa

-

—

Group

:

Industrials

—-——-L

Group

Utilities

Public

Group

•---

at end of period

(tons)

4.48

June
June
June
June

activity

of

Unfilled orders

3

.

of

employees in manufac¬

i
—

PAYMENTS

BENEFIT

OF

INSTITUTE

—

benefits

4.42

4.49

4.63

4.61

4.72

4.99

4.88

4.82

4.85

4.46

4.48

4.56

,4.50

4.47

4.43

4.58

371.5

364.0

372.0

5.03

5.04

371.0

-

345,165

338,921

358,562

351,171
361,534

342,424

$704,300,000

$796,700,000

$4,749,000
614,000

1,379,000

$6,280,000

$6,742,000

$32,480

♦$32,410

24,280

*24,160

23,220

$56,770

*$56,570

$53,380

33,260

34,560

29,360

$33,200,000

$33,000,000

$31,800,000

PURCHASES —1 INSTITUTE
INSURANCE — Month
of April

INSURANCE

OF

LIFE

omitted):

(000's

,

■

'

.

*

!

,

Z

Industrial

Group
Total

MANUFACTURERS' INVENTORIES &

98

94

482,717

480,196

457,694

451,761

/

.1,250,000
$6,297,000'

.

1

_!

j.—

Nondurables.

95

592.000
'

(millions of dollars):

Month of April

Inventories—

$4,455,000

SALES—

—

J.

;—

—

336,864

97

360,643

23

164,700.000

11,500,000

/

Durables

23

65,600,000

134,300,000

629,000
1,121,000

Policy dividends

165,600,000

177,800,000

values

140,400,000

$4,530,000

Surrender

—

66,300,000

156,900,000

Annuity payments

10,900,000

72,000,000

_0__

payments

56,800,000'

11,100,000

$830,800,000

Disability

5.06

4.89
4.47

64,100,b00

62,900,000

endowments

Matufed

4.38

4.46

:

4.64

23
23

TO

LIFE

INSURANCE—Month of March:
Death

4.66

4.28

ASSOCIATION:

(tons)

Percentage

3

-

3.87

4.58

4.60
4.29

July

(tons)—.—

received

Production
^

L

INDEX

NATIONAL PAPERBOARD
Order

—-----

:

COMMODITY

MOODY'S

4.62
4.31

July
July
July
July

——

Railroad

3

-July
-July

——-—--

—■—

3.74

3.90

3

-July

'

A

lX)0)—

...

-July

—:~u.—

=

manufacturing

INSURANCE

LIFE

DAILY AVERAGES: j
Bonds

corporate

Average

of

(production workers),

87.72

-July

Government

U:!lS.

DEPT.

S.

SERIES—Month

87.99

88.81

''

MOODY'S BOND YIELD
'v

of

April 30—

turing industries—
All manufacturing
Durable goods
Nondurable goods

LIFE

,

at

PAYROLLS—U.

REVISED

Estimated number

12.000c

12.000c

June 27
—June 27

DAILY AVERAGES:

MOODY'S BOND PRICES

consumers—

omitted)

customers—Month

customers

ultimate

POLICYHOLDERS

7'"

FEDERAL

YORK—1947-49

ultimate

to

(000's

April

from

Payroll indexes

28.325c

!

June 27

—

132

148

May:
All manufacturing

30.600c

<

:_June 27

—

——

(St. Louis)
(delivered)

142

141

FED¬

SECOND

OF NEW

EMPLOYMENT AND

$66.44

$24.50

June 27

—.—

—

of

Month

Number

$66.44

"

136

SALES

326

$24.83

•

June 25
June 25

421.4

ELECTRIC INSTITUTE—

Revenue

280

265

302

8,514,000

425.3

BANK

Nondurable

at—
—
tZinc
at
Zinc (East St. Louis) at—.
——
Aluminum (primary pig, 99.5%) at
L
Straits tin (New York) at
Lead

;

17,346,000

for spindles in place June

June

=

Durable

refinery at
refinery at—

Export
Lead

Sales

EDISON

15,183,000

19,008,000

10,535,000

omitted)

HHl1—Month of May:,
(average daily) unadjusted—
(average daily) seasonally adjusted—,

Average

■

19.511,000
17,107,000

8,506,000

STORE

Kilowatt-hour
•J

19,501,000

16,901,000

June 2__

on

(000's

RESERVE

RESERVE

Sales

June 25

Domestic

77

601,824

17,346,000

$1,036,394

DEPARTMENT

127

Electrolytic copper—

106,939

693,564

17,107,000

2

spindle hours

Active spindle hrs.

J. QUOTATIONS):

& M.

(E.

June 23

304,000

—

124,613

654,811

239,900,000

321,700,000

135

;

105,558

16,901,000

(DEPT. OF COMMERCE):
Spinning spindles in place on June 2

326,000

■,—;,-y~——

2,069,940

6,373,070

;

177,200,000

•"•

(per lb.)—

May__

of June 2

as

$456,700,000

400,000

;

iron (per gross ton)

Pig

—

of

2,120,873
8,373,757

—

spindles active

666,913

867,240

2,003,193

COTTON SPINNING

7
!
•—June 30

output (in 000 kwh.)

Electric

month

712,599

'

2

231,200,000

—June 23

ELECTRIC INSTITUTE:

EDISON

$367,900

7,475,413

June

$471,100,000

June 23

STORE

$987,800

OF

BALES:

Stocks—June 2

RESERVE

SALES INDEX—FEDERAL
SYSTEM—1947-49 AVERAGE—100
——

DEPARTMENT

$93,000

$384,000

DEPARTMENT

—

$408,800,000
175,100,000
233,700,000
172,200.000

126,300,000

MINES):
—„—

26,180

♦$97,050

BY

.1

LINTERS

493,203

Cotton

$448,000,000

—

and lignite

coal

Bituminous

13,450

*26,780

DEPT.' OF

S.

Consumed, month of May
In consuming establishments as of
In public storage as of June 2

ERAL

(U. S. BUREAU OF

OUTPUT

COAL

$53,380

♦13,700

May:

omitted)
AND

599,970

580,361
502,219

590,332
495,941

592,708
'

of

COMMERCE—RUNNING

.

municipal

and

♦$56,570

13,670

26,860

$97,300

(000's

''7, ..
—June 28
—June 28
———
L_June 28
—
-——June 28
----June 28

'

.y

——

construction

Public

,7

..

construction-

Private

-

•

construction

S.

U.

$56,770

~—

!
;

COTTON

CONSTRUCTION—ENGINEERING

NEWS-RECORD:
Total

Ago

April

dollars):

COMMERCE—Month

93,259,000

43,747,000

U.

28,045,000

22
22
22

RAILROADS:
,
freight loaded (number of cars)—
June 23
freight received from connections (no. of cars)—.June 23

CIVIL ENGINEERING

of

CASH DIVIDENDS—PUBLICLY REPORTED

ASSOCIATION OF AMERICAN
Revenue

Year

Month

Total

.1

Revenue

Previous

COM¬

7,865,000

5,072,000

June
-June
.June
June

.

at——

oil (bbls.)

of

OF

SERIES —Month

Retail

7,079,110

June 22

—

_u—

(bbls.)

oil

fuel

Distillate

Residual fuel

—

at--

(bbl.)

gasoline

NEW

(Million

1,925,000

bulk terminals, in transit, in pipe lines

Stocks at refineries,

INVENTORIES—DEPT.

Wholesale

(bbls. of
—June 22
-June 22
June 22
——June 22
_.
-—June 22'

average

of that date:

Month

BUSINESS

Manufacturing

INSTITUTE:
oil and condensate output—daily

either for the

are

are as

Latest
66.0

1,646,000

1,563,000

1,501,000

June 30

(net tonsL

of quotations,

cases

Ago
56.5

PETROLEUM

AMERICAN

in

or,

Year

Ago

that date,

on

29

production and other figures for the

cover

Dates shown in first column

MERCE

Equivalent to—
Steel ingots and castings
Crude

Month

53.5

51.5

-June 30

month ended

or

Week

Week

(per cent capacity)

Indicated steel operations

month available.

or

Previous

Latest

STEEL INSTITUTE:

AMERICAN IRON AND

(89)

Chronicle

Total
Sales

CIRCULATION—TREASURY DEPT.
April 30 (000's omitted)-—

$30,150

MONEY IN

REPORTER PRICE INDEX—

OIL, PAINT AND DRUG

AVERAGE—100

1949

115.27

June 29

—

115.39

.

112.68

113.63

of

As

PERSONAL INCOME IN

TRANSACTIONS FOR ACCOUNT OF MEMODD-LOT DEALERS AND SPECIALISTS

ROUND-LOT

.

.

(DEPARTMENT

BERSy EXCEPT

stocks in which registered—

Transactions of specialists in
purchases

Total

Short
'

Other

•

sales
sales

—:

transactions initiated off the

Other

Short

sales-.

purchases—:

Total

Short
Total

sales

--

Jun® °
8

j""® ®

purchases

Other

——:-

sales

1,628,760

485,410

2,545,460
3,436,800

6,639,270

528,110
2,184,770

8,268,030

2,547,980

3,033,390

2,712,880

488,280

496,630
112,900

380,330

558,250

671,150

329,090
367,290

1,458,408
256,400

865,119
122,510

982,652

1,489,288

753,548
876,058

831,896

459,620
88,700
368,060
456,760

r.

1,108,792
187,243
982,067

38,200

1,745,688

1,169,310

42,600
440,210
482,810

of

120,230
952,126

8

5,253,142

9,274,568

4,188,059

4,580,302

1,167,283

1,998,060

688,820

-8,686,808

3,267,408
3,956,228

3,820,086

purchases by dealers (customers'
Number of orders—customers' total sales
Customers' short sales
Customers' other sales
;

•

5,062,870

10,684,868

Number

4,468,326

Other

2,026,451

$118,777,755

$260,055,556

$108,669,405

$113,739,038

92,011

3,743,255

June 8

$99,877,176

$201,400,479

June
June
June

dealers—Number of shares

ROUND-LOT STOCK
ACCOUNT

round-lot

OF

June

SALES ON THE N. Y. STOCK

EXCHANGE AND ROUND-LOT STOCK

MEMBERS

3,835,266

1,834,004

2,104,429

45,953
•

.

1,788,051

$103,899,075

8,387
;

2,096,042
$108,594,583

Other

8
8
8
8

418,160

935,120

664,650

544,490

418^160

935420

544~490

664~650

1,124,950

2,067,430

591,220

575,920

■

Personal

-

PRICES,

NEW SERIES

—

U.

8
8
8

Total

RECEIVED

PRICES

NUMBER —U.

products—

.

Meats
All

commodities

other

than farm

and

foods

on




•*

33.0

10.7

9.7

*421.3

396.4

BY, FARMERS — INDEX
DEPT. OF AGRICUL¬
= 100—As
pf May 15:
242

*237

236

♦232

325

*312

*235

276

268

*259

159

155

230

224

203

210

*220

*267

255

242

products..
vegetables, fresh

—
—

—

grains

246

241

232

*240

*203

303

303

292

130

139

•138

360

253

-

animals

Poultry and

*170

543

242

products

*286

137

543

Tobacco

255

189

Oil-bearing crops
-Potatoes

Dairy

151

—

i

517

——

;

eggs—

Wool

239
•

<

SEC¬
TIN IN THE UNITED STATES
OF MINES—Month of April (in

long tons):
in beginning

Stocks

39,501,190

18,091,230

19,592,830

Receipts

21,839,320

42,383,010

19,130,230

20,347,670

of period

—

Supply

100.1

-

at

end

"

100.1

95.2

95.5

June 26

100.1

100.2

June 26
June 26

95.8

95.9

100.8

100.7

100.8

-

(a)

95.6
-

(a)

99.6

(a)

period

scrap

.

33,815
7,080

—

30,310
6,230

7,250
40,620

40,895

36,540

33.575

33,370

29.970

7,045

7,525

6,570

—

manufacturing
—

160

125

165

6,920

transactions—:

Primary

"7

33,370

7,360

6,410

4,850

5,280

2,330

2,070

2,080

4,080

$1,181,200

♦$1,844,900

$1,706,900

1,857,400

♦1,822,500

1,688,800

(a)

92.2

of

processed

Intercompany
Consumed in
100.2

—»

:

,

(a)

Secondary
STATES
EXPORTS AND IMPORTS
BUREAU OF CENSUS—Month of April

UNITED

;

(000's omitted):
sold

figure.

27.0

33.6

S.

Fruit

19,815,190

tNumber of orders not reported since introduction of Monthly Investment Plan.
tPrime Western Zinc
delivered basis at centers where freight from East St. Louis exceeds one-half cent a pound,
a Not available.

♦Revised

14.2

29.1

33.7

422.2

incomes—

Feed, grain and hay

754,840

_June 26

—J.

11.5

—

1,039,000

'

.

12.9

11.5
*15.2

for social

Cotton

Total

June 26

Processed foods

10.8
36.3

12.7

243

farm

2,881,820

S, DEPT. OF

commodities—

Farm

.!

i

payments

nonagricultural

2,024,130

LABOR — (1947-49=100):
Commodity Group—
All

12.2
37.9

29.3

income——

employees contribution

Stocks
WHOLESALE

"

12.3

15.1

La-!—

:

Transfer

BUREAU

June
June
June

.

51.3

11.5

persons—.—

interest

ONDARY

TRANSACTIONS

—

55.9

TIN—CONSUMPTION OF PRIMARY AND

"

sales

of

income

Dividends

Meat

sales—

sales

42.5

56.2

38.0

————

professional

Livestock

(SHARES):

Short sales—:

72.9

*45.9

"

income-—__—

|_:

Food

111,944

sales—

Round-lot purchases by

Total

1,850,019

1,687,448

Short sales

FOR

5,218,796

1,799,392

sales

shares—Total

87.6

76.6

46.1

:—
.

and

Commercial

2,355,046

sales by dealers—
of

.110.5

*94.5

76.7

Crops

June 8
June' 8
?_June 8
.f

277.2

*119.2

12.7

Other labor
Business

All

sales)—

Dollar value

$413.2

*207.5

94.6

—_—

Government

Rental

*$438.9

119.3

industries

Service

'•

298.2

only

TURE—1910-1914

June 8
June 8

Odd-lot

r

10.7

ACCOUNT OF ODD-

Dollar value

Round-lot

Manufacturing

648,240

3,895,587

.

$440.9

Commodity producing industries

Less

—

shares

,

personal

Farm

June 8
.June 8
June 8

AND SPECIALISTS ON N. Y. STOCK
SECURITIES EXCHANGE COMMISSION
Odd-lot sales by dealers (customers' purchases)—?
Number

COMMERCE)—Month

OF

(in billions):
income—
Wage and salary receipts, total
May

Total

Distributing industries

DEALERS

EXCHANGE

Total

891,340

o

:———

---——

—

TRANSACTIONS FOR ODD-LOT

LOT

TOTAL

3,109,370

—June

—

sales

STOCK

2,942,610

UNITED STATES

account of members—

sales

Total

7,319,530

„uune

■

.

-

Short

8

.y }.
- —

■—

.——

round-lot transactions for

Total

•

.

sales

Total

■

floor—

sales

Other

-

•

.

.

.

■

June 8
June °
June 8

---

—

transactions initiated on the

jj

—-—June 8

—<—

sales

Total

8

— —

sales

Other

Other

floor—

purchases—

Total

A

———

sales-

Total

June 8

June
June
i-Juxie

•

—

of

3,684,730

THE

Exports

Imports

*

30

(90)

>

The Commercial xvnd Financial Chronicle

.

.

.

Thursday, July 5, 1362

I

•

t

★ 1NDICATES

Now

Securities
NOTE

—

ccwaiting processing by the SEC# it is becoming

•

L.

A.

S.

-

•

ITEMS

subsidiaries conduct

emphasis

ISSUE

REVISED

general real estate business with

a

land

development and home construction
in Fla., Md., N. Y., and
Ky. Proceeds—-For repayment

Ave., Monterey Park, Calif.

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

offering dates.

Registration

developments in the field of geodetic surveying and re¬
gional mapping. Proceeds—For debt repayment,, equip¬
ment
and
working capital.
Office—-2412 S. Garfield

Because of the large number of issues

increasingly difficult
with a high degree of

in

ADDITIONS

SINCE PREVIOUS

on

Underwriter—Pacific Coast c of debt. Office—230 Park
Ave., N. Y. Underwriters—
t
^
*
Bear, Stearns & Co., and Alien & Co., N. Y.
*
Aerodyne Controls Corp.
• Alsco
Electronics,'Inc. (9/4-7) " - "
} '
'
Jan. 29,
1962 ("Reg. A") 90,000 common.
Price—$2.
March 28, 1962 ("Reg. A")
100,000 class A common.
Business—Design, manufacture and sale of systems, con¬
Price
$3. Business
Wholesaling and distributing of
trols and assemblies for the missile, rockets and aircraft
electronic parts, kits, components, etc. Proceeds — For
industries.
Proceeds—For equipment, debt
repayment,
inventory and working capital. Office—2520 N. Broad St.,
expansion and working capital. Office—.90 Gazza Blvd., ,
Philadelphia. Underwriters—Albert Teller & Co./ Inc.,
Farmingdale, n. y. ,Underwriter—Robbins, Clark &
and H. A. Riecke &
Co., Inc., Philadelphia.
\
Co., n. y.
• /••'/
;5:-v:;'
Amerel Mining Co. Ltd./.
...iv
•
,' -"
; v
/;.-/
Aerosystems Technology Corp.
July 31, 1961 filed 400,000 copimon shares. Price—500.
April 11, 1962 filed 165,000 common. Price—$3. Business -v Business—The
company is engaged in exploration, de¬
—Development, manufacture and marketing of certain
velopment-and mining. Proceeds—For diamond drilling,
proprietary products and defense contracting. Proceeds r
construction, exploration and = general corporate ex¬
—For new products,
inventory and working capital. * penses. Office — 80. Richmond
St., W.,- Toronto. Under¬
Address—Route 15, Sparta, N. J.= Underwriter—Chase
writer—E. A. Manning,
Ltd., Toronto> <.'>'< : ;
Securities Corp., N. y. i- • •' :;'i
•'
Securities Co., San

Francisco//

.

,

—r

<

Steel Corp.

—

9

-»•

March

29, 1962 filed 100,000 common. Price—$4,50. Busi¬
ness—Sale of processed flat rolled strip steel.
Proceeds
—For debt repayment, equipment, and working capital.
Office—126—02 Northern Blvd., Corona, N. Y.
Under¬
writer—Bernard L. Madoff, N. Y.
Accurate Instrument Co.

Inc.

Price—$2.50.

April 24, 1962 {"Reg. A") 80,000 common.
Business—Manufacture

of

electronic

test

instruments

Proceeds—For new products,
debt repayment and other corporate purposes., Office—
2435 White Plains Rd., N. Y.
Underwriter—Paisley &
and

parts.

component

Co., Inc., 120 Broadway, N. Y.
:

Accurate Packaging Corp.

28, 1962 filed 80,600 common. Price—By amend¬
(max. $3). Business—Design and manufacture of
folding paperboard cartons. Proceeds—For debt repay¬
ment.

ment,
Bros.

advertising and other corporate purposes. Office
Newark, N. J. Underwriter—Baruch
& Co., Inc., N. Y. Note—This registration is being
Third St,

withdrawn.
Accurate Parts

March
ment

Inc.

30, 1962 filed 100,000 common. Price — By amend¬
(max. $13). Business — Rebuilding and sale of

starter

drive devices

selling stockholders.

for automobiles. Proceeds

—

For

Office—1313 S.

Jay St, Kokomo,
Co., N. Y. and Raffensperger, Hughes & Co., Indianapolis.
Ind.

•

Underwriters—McDonnell

Admiral

&

Automotive Products, Inc.

"(7/23-27)
Price—$4. Business

Jan. 11, 1962 filed 100,000 common.
—A warehouse distributor of automobile

equipment ac¬
cessories and supplies.
Proceeds — For expansion and
working capital. Office—3294 Stein way St., Astoria, N. Y.
Underwriter—Baruch Brothers & Co., Inc., N. Y.
.

'Master

Bolt &

Screw

/

Mfg. Corp.

;

Dec.

15, 1961 filed 150,000 common. Price—By. amend¬
ment. Business—Manufacture of standard and
special in¬

dustrial

aircraft and

missile

fasteners."

Proceeds —For

debt repayment; equipment and other"
corporate pur- <
doors, and other aluminum products.
poses.
Office — Lawson Blvd., Oceanside, L. I., N. Y.
Proceeds—For working capital, and other
corporate pur¬
Underwriter—S. D. Fuller &
Co., N. Y.
'.// / ;.
'
poses. Office—20th Street and Allegheny Avenue, Philac
American Cardboard &
Packaging Corp.; :
^
i
delphia, Pa. Underwriter — Clayton Securities Corp./k
Jan. 5, 1962 filed 150,000 common;
Price—$3.50. Business
Boston. Note—This offering has been postponed. v
/
—Manufacture and sale of cardboard
bpxes, display
Air Reduction Co., Inc.
////;.,boards,, etc. Proceeds — For general corporate purposes.
April 27, 1962 filed $44,546,300 of conv. subord. deben- : Office—1101
W^Cambria.St., Philadelphia. Underwriters
tures due 1987 to be offered for
subscription by stock¬
—Milton D. BlaTlner & Co.,
Inc.,-M. L. Lee & Co., Inc.,
holders on the basis of $100 of debentures for each 10
N. Y., and Hallowell,
Sulzberger, Jenks, Kirkland & Co.,
shares held. Price—By amendment. Business—Produc- 1
Philadelphia. Offering—Expected in August.
tion of oxygen, acetylene and other
gases, welding tools
American Fidelity Corp.
and related equipment. Proceeds—For debt
:
repayment
June 4,-1962 filed 500)j000 common.and expansion. Office—150 E. 42nd
Price—$11. Business
St., New York. Un¬
—A small business investment
derwriters
company* Proceeds—For
Kidder, Peabody & Co. and Dean Witter investment.
& Co., N. Y.
Office—423
E.
Market' St.- Indianapolis;
Offering—Indefinitely postponed/
V
Underwriters—Reynolds -& Co., Inc., N. Y., and Crut- :
Air-Tech Industries, Inc.
tenden, Podesta & Miller, Chicago.
Mar. 23, 1962 ("Reg. A") 73,500 common. Price —
$3.
Business—Manufacture and distribution of a variety of '
American Flag & Banner Co. of New
Jersey
air-supported structures, radar antennae, and solar reMay 1, 1962 filed 100,000 common; Price—$325^ Busi¬
Hectors. Pi*ofcteett$—Fbi1 't&iJansion and
ness—Production of flags, banners and accessories." Pro¬
working capital.
Office—30 Garden St., New Rochelle. N.X; Underwriter
ceeds—For taxes, debt repayment and
working capital.
«—Fned FwSessler & Co.,
Inc., N. Yi-Offering—Postponed. • Office—1000 Main Ave., Clifton, N. J. Underwriter^—
Alan-Randal Co., Inc. (7/10):
K-Pac Securities Corp;;-NrYr
■
-•
.;
"
•'
Oct. 27,1961 ("Reg. A")
120,000 common. Priee—$2.50.
•' American Gas Co.
(7/16-20)
// •,;;/'/'
v;.
•/
Business—Distributor of pens and other
advertising ma- ' March 26, 1962 filed 548,532 common to be offered for
terial. Proceeds
For working capital. Office — 11608
subscription by stockholder^ on the basis, of 3.6- new /
Ventura Blvd., Studio City, Calif. Underwriter—Pacific
shares for each share held.
Price—By amendment (max.
Coast Securities Co., San
Francisco, Calif. /
•>
$5). Business—Transportation, distribution and sale of
Alaska Pacific Lumber Co.
gas. Proceeds—For debt repayment and expansion.
Of¬
Nov. 17, 1981 filed 250ly000 common.
fice-—546 S. 24th Ave., Omaha. Underwriter—CruttenPrice — $5.75.
Business—A lumber
company. Proceeds—For construe- ■ den, Podesta & Miller, Chicago.
tion and working capital Office—614
Equitable Bldg., ;
American Kosher Provisions,
Inc.;///
Portland, Ore. Underwriter—Dempsey-Tegeler & Co.; :
Inc., St. Louis. Note—This registration was temporarily 1 June 25,1962 filed 130,000 common! Price—$5. Business
storm windows and

Feb.

—651

American

Air

Corp. '
" ; V/" /;v/
May 26, 1961 filed 180.000 common, of which 90,000 will
be sold for company and 90,600 for stockholders.
Price—.1
By amendment. Business — Manufacture of aluminum

Admiral Benhow Inn, Inc.

.

,

,

.

-

—

_

.

„

'

„

,

March

23, 1962 filed 191,578

subscription by stockholders
By

amendment

chain

of

(max.

restaurants

to be offered for
l-for-5 basis. Price—
Business—Operation of a

common
on

$18).

and

a

a

motor

hotel.

Proceeds—For

—

-

expansion, debt repayment and equipment. Office—29
S. Bellevue Blvd., Memphis.
Underwriter—James N.
Reddoch & Co., Memphis.
Adtek, Inc.
May 21, 1962 ("Reg. A") TOO,000 common. Price—-$1.15.
Business—A general advertising and technical publishing
service.
Proceeds — For salaries, sales promotion and
working capital Office—Statier Bldg., Park Sq,, Boston.
Underwriter—Paisley & Co., Inc.,' 120 Broadway, N. Y.

Offering—Expected in late August.
Advance Mortgage Corp.

April 27, 1962 filed 200,000 common. Price—By amend¬
ment. Business—The making and servicing of Teal estate
first

mortgage

loans.

Proceeds—For

debt

Office—First National Bank Bldg., Detroit.

repayment.

Underwriter

—Shields & Co., N. Y.

,

postponed.

;

.

—Manufacture and sale of
p variety .of kosher and nonkosher meat and meat products.
Proceeds—-For" debt

•

Alcolac Chemical

.-/•

Corp.

repayment,

March 23, 1962 filed 50,000 common.
Price—By
ment (max.
$6).' Business—Manufacture of

amend¬
specialtyv
chemical products. Proceeds—For
general corporate pur¬
poses.
Office—3440 Fairfield Rd:, Baltimore.
Under-!
writer—Robert Garrett & Sons, Baltimore. Offering—In¬

definitely postponed.

Aerial Control Geotronics

May 28, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Application of electronic and air photography

and

Proceeds

combination, storm-screen
—

For

an

•

Allied Doll & Toy

Feb.

windows

and,

acquisition, debt repayment
Office—5007 Lytle St.,

Pittsburgh, Pa. Underwriter—First

YOUR PRIME SOURCE FOR

Busi¬

fiberglass awnings-

aluminum

and general corporate
purposes.

Madison

Corp., N. Y.'

Corp.

27, 1962 filed 133;333

—

...,

Allied Entertainment
Corp. of America, Inc.
June 11,

1962 ("Reg. A") 60,000 common.
Business—Music publishing, recording,

Price—$2.50.
selling and dis¬
phonograph Tecords; managing of recording r
artists under contract, and the
development and pro¬
duction of jingles for TV and radio, Proceeds—For
debt

tributing

BOUGHT

repayment, expansion, sales promotion and working
capital.
Office—1697 Broadway, N. Y. Underwriter—
-

SOLD

-

QUOTED

for Banks, Brokers, Institutions

Reuben Rose &

SIEGEL

Established 1942.

Security Dealers Association

Broadway, New York

DIgby 4-2370

6,JNL Y.
-

to

HOLTON, HENDERSON & CO., Los Angeles




~

;

•

•

for the company and

120,000 for a stockholder^
Business—Publication of mass
catalogues (for department stores and mail
order firms), a semi-annual magazine and
stamp collec¬
tors' books. Proceeds—For debt
repayment and working
capital. Office—551 Fifth Ave., N. y. Underwriter—

Price—By

amendment.

circulation

Bache <&

Co., N. y. Offering—Indefinitely postponed.

Underwriter

N.

Properties, Inc.
April 24, 1962 filed *$5,000,006 of
tures due

1977. Price—At par.

-

subord.

deben¬

Business—Company and

repayment and
Brae.

Los

work¬

Angeles.

.

.

.

Modular Manufacturing Corp.

(7/10)
Nov. 27, 1961 filed 200,000 common. Price—$2.50. Busi¬
ness—Manufacture of a type of component constructed
Proceeds—For

debt

repayment, equipment, and

working capital.

Office—4950 71st Ave., North, Pinellas
Underwriter—Equity Securities Co., N. Y.

Park, Fla.

American Mortgage

Investors
8, 1962 filed 1,300,000 shares of beneficial interest.
Price—$15. Business — A newly-formed business trust
which plans to invest in first mortgages. Proceeds—For
investment. Office—305 S. County Rd.. Palm Beach, Fla.
Underwriter—Hayden, Stone & Co., N. Y. Note—This
company was formerly named American First Mortgage
Feb.

Investors.

-

/.'•

-

:

American

Options Corp.
April 11, 1962 {"Reg. A") 60,000 common. Price—$5.
Business—Company plans to sell "puts andrt calls" and
act

as a

broker-dealer.

porate purposes.
writer—Provost

Proceeds—For general cor¬

Office—120

Broadway, N. Y.
Securities, Inc., N. Y.

Under¬

American Phoenix

Jan.

24,

Corp.
1962 filed 315,000 class A shares.

Business—General real estate.
purposes.

Price—$10.

Proceeds—For corporate

Office—320 Park Ave., N. Y.

Underwriter—

Interamerica Securities Corp., N. Y.

March

30,

Plan

1962

Corp.

filed

$2,480,000 of convertible deben¬
248,000 common shares (of which
218,000 will be sold for the company and 30,000 for
stockholders). The securities will be offered in units of
tures

one

due

1982

and

$10 debenture and

icing
conv.

debt

Bonnie

—

American

one share. Price—By amendment
unit). Business—Production and serv¬
physical damage insurance on automobiles,

(max. $22.50

All-State

S.

California Investors, Los Angeles. Offer¬
ing—Indefinitely postponed.
; ;
^
/

American

Insurance Corp.
Mar. 30, 1962 filed 1,000,000 common. Price—$3. Business
—insuring of buildings against fire, lightning and other

perils. Proceeds—For working capital. 6ffice—3882
Teutonia Ave., Milwaukee. Underwriter—None.

Proceeds—For

capital/ Office—660

may

Graphic Arts, Inc.
Mar. 27, 1962 filed
180,000 common, of which 60,000 will

All-Star

TWX; NX 1-S237
Direct Wire

Co., N. Y.

Allied

be sold

39

Laboratories, Inc.
v..
28, 1962 filed 200,000 common. Price—By amend(max. $6). Business^—Operation of hospitals and medical

home.

Price—$3. Business
sale of dolls. Proceeds—For equip- <
merit, advertising, and working capital. Office — 4116
First Ave., Brooklyn, N. y.' Underwriter
Theodore
Arrin & Co., Inc., N. y.
- r ;
common.

—Manufacture and

Members of New York

American

Feb.

ing

Dec. 21, 1961 filed 100,000 common. Price—$4.25.
ness—Manufacture of aluminum and
doors.

J.

expansion and iworking capital. Office—
Ave., Brooklyn, N. Y. Underwriter—Willard
Securities, Inc., N. Y.

39 Norman

laboratories.

Allegheny Aluminum Industries, Inc.
(

.

of

per

tracks and mobile homes. Proceeds—To
purchase Ameri¬
can Fidelity Fire b^rance Co. Office—American Plan

Volume 196

Bldg., Westbury,
Co., N. Y.

Number 6174

.

.

.

The Commercial and Financial Chronicle

•"

..

t

of

American Safety Table Co., Inc.
May 23, 1962 filed $100,000 common. Price—By amend¬
ment
(max. $7).
Business—Design, manufacture and
marketing of equipment used in the sewing industry.

Rose &

Address—Mohnton,
Co., Inc., N. Y.

American

m

ness—A real estate investment company.

—For

Busi¬

Under¬

Life Insurance

States

Co.

general

Co., Inc.

corporate

Ascot Textile

Rauscher,,
Pierce & Co., Inc., Dallas. Offering—Temporarily postponed.--; ■ ■, >
American

—18

Inc., N. Y.

Office—14 W.

Corp.

Proceeds

55th

v
.

;

tal.

Ames

&

Department Stores, Inc.

April 27, 1962 filed 100,000 common. Price—By amend- ;
ment
(max. $5).; Business—Operation of: self-service
discount department stores. Proceeds—For debt repay¬

Rico.

•

St.,* Hudson,

•

sack, N'. J.: Underwriter

—

"I.^---f

\

which 80,000

30, 1962 filed 100,000 common, of
be sold by the company and 20,000

by stockhold¬
ers/Price—By amendment (max. $8.50). Business—Re¬
search, development and engineering under defense con¬
tracts. Proceeds—Repayment of bank loans, equipment,
plant expansion and working capital. Office—Paramus,
N. J. Underwriter—McDonnell & Co.; N. Y.
to

are

EDST) at
March 30,
ment

for

Arden Farms Co.

common

holders

conv.

shares to be offered for subscription by
the

of

respective

classes

on

address.

1962 filed 600,000 common. Price—By amend¬

E.

Jefferson

F. J. Winckler Co.,

stock¬

Bay State Electronics Corp.

and sale

Price—$1.50. '

of Misti-Cone humidi¬

fiers. Proceeds—For equipment,^inventories and work¬
ing capital.
Office—668 Jenks Ave., St. Paul, Minn.
Business—Manufacture,
Underwriter—Pewters,
Donnelly & Jansen, Inc., St.
purchase and sale of ice cream and other dairy products.
Paul, Minn.
Proceeds—For debt repayment. Office—1900 W. Slau-~
• Aubrey Manufacturing, Inc.
son Ave., Los Angeles.
(8/27-31)
Underwriter—None.
; March 28, 1962 filed 140,004 common, of which 100,000
-Argus Financial Fund, Inc.

for each

10

held.

Price—For debentures, at

new

share

par;

for stock, by amendment.

.

"

shares

-

(expected at $12.50 per share).
open-end investment company

-

Price—Net

asset

Business—A

value

diversified

plans to participate in the long-term progress of savings and loan associations, and allied financial busi- v
nesses.- Proceedsr—For investment.
Office—1118 Torrey

Fi¬

Argus Inc.
/
May 29, 1962 filed $4,000,000 of 6% convertible subordi¬
nated debentures due 1972. Price—By amendment. Busi-:
ness—Manufacture and distribution of amateur motion
picture and still equipment. Proceeds—For debt repay¬
ment and working capital.. Office — 5950 W. Toughy

Chicago;
Co., Chicago.
Ave.,

Meyerhoff

Underwriter—Freehling,

(7/12)
Dec. 29, 1961 filed $600,000 of 6% convertible subordi¬
nated debentures and 36,000 common stock purchase
warrants to be offered for sale in units of one $500
debenture and 30 warrants. -Price— By amendment.
Business—Manufacture of hydraulic system devices and
Arnav

Industries, Inc.

parts for the aircraft and missile industries, etc. Pro¬
debt repayment and the purchase of addi¬

ceeds—For
tional

Office — 32 Industrial Ave., Little
Underwriter—Gianis & Co., Inc., N. Y. ~
.

Artlin

Inc.

(8/20-24)

1961 filed 50,000 common. Price—$4. Business
—Design, manufacture and installation of electrical,
pneumatic, hydraulic and mechanical systems, controls
and devices to control and automatically operate indus¬
and processes. Proceeds — For general
corporate purposes. Office—3601 Merrick Rd., Seaford,
N. Y.
Underwriter — S. Schramm & Co., Inc., N. Y.
Automatic Marker Photo Corp.

1, 1961 filed 150,000 class A shares, of which 125,000
are to be offered by the company and 25,000 by stock¬
holders. Price—By amendment. Business—Sale and dis¬
tribution of a photocopy machine and supplies. Proceeds
—For equipment, expansion, and working capital. Office
—153 W. 36th St., N. Y. Underwriter—None.
Dec.

Merchandising, Inc.
May 24, 1962 filed 225,000 common, of which 125,000 are
to be offered by company and 100,000 by stockholders.
Price—By amendment (max. $6).
Business—Company
operates, owns, services and leases coin-operated auto¬
matic vending machines.
Proceeds—For debt repay¬
ment, inventories, equipment and working capital. Of¬
fice—217 N. Willow Ave., Tampa.
Underwriter—A. C.
Allyn & Co., Chicago.
Automatic

Avis, Inc.
June 22,1962

filed $1,497,300 of subordinated convertible
to be offered

debentures due 1972 and 499,101 common

Mills, Inc.

Sept. 28,1961 filed 135,000 class A common shares. Price
—$5. Business-^The purchase, conversion, decoration,




Automatic Controls,

Dec. 28,

equipment.

Ferry, N. J.
.

plant expansion, equipment, debt repayment and
working capital.
Office—South Main St., Union,, I1L
Underwriters—Pierce, Carrison, Wulbern, Inc., Jackson¬
ville, Fla. and A. M. Kidder & Co., Inc., N. Y.
For

1

it Aries Corp.
June 27, 1962 filed 200,000 common. Price—$1.15. Busi¬
ness—Company plans to provide consulting services in*
the area of programming, applications engineering, and
operations analysis. - Proceeds—For working capital. Of¬
fice—7722 Morgan Ave., So., Minneapolis.
Underwriter
—Bratter & Co., Inc., Minneapolis.;
•

;

Proceeds—

trial machinery
•

&

.

of kitchen range hoods,

exhaust fans and kitchen cabinet hardware.

•

,

and 40,004 by stock¬
(max. $7). Business—

to be offered by company

Price—By amendment

Design, manufacture and sale

which

Pines Road, La Jolla, Calif. Dealer-Manager—Argus
nancial Sales Corp. (same address).

are

holders.

/.

for
of

subscription by stockholders on the basis of $100
100 shares held and one new

debentures for -each

ment.

nigues, for use in the field of oceanography, meteor¬
ology, seismology and ionospheric phenomena. Proceeds
—For product development and working capital. Office
—43
Leon
St., Boston. Underwriter — To be named.
Offering—Indefinitely postponed.
Beaton

(John J.)

Co., Inc.

v

„

Proceeds—For

plant

expansion,

equipment and work¬

ing capital. Office—367 Main St., Wareham, Mass. Un- «
derwriter—Baruch Brothers & Co., Inc., N* Y. Offering
—Expected sometime in August.

/

...

Beauty Industries, Inc. ■-,*
>
«
April 19, 1962 ("Reg. A") 99,990 common. Price—$3.
Business—Ownership,
operation and franchising
of

.

Fjeb. 12, 1962 filed 800,000 capital shares to be offered in
exchange for certain securities acceptable to the Fund.

27, 1961 filed 160,000 common. Price—By amend¬
Business
Development pf products and teqh-

Oct.

*

Detroit. Offering—In mid-August.

Business—Manufacture

the basis of one

(7/30-8/3)

Inc.

May 28, 1962 filed 150,000 common. Price—$5. Business
—Company plans to process and can cranberries, and distribute frozen cranberries and canned cranberry sauce.

Ave., Detroit. Underwriter—

Atmosphere Control, Inc.
May 28, 1962 ("Reg. A") 200,000 common.

-

•

and sale of ultra high
equipment. Proceeds—For inventories, research,
and sales promotion. Office — 51 E. 42nd St., N. Y.
Underwriter—Globus, Inc., N. Y.

(max. $6). Business—A holding company. Primarily
concerns.
Proceeds — For acquisitions.

Office—^8469

subord. de¬
bentures due 1990 to be offered in $100 units; also 49,993
shares of $3 cumulative preferred ; stock and 205,105
of 6%

Offering—

Co., N. Y.

pressure

insurance

'

1962 filed $6,000,000

May 23;

same

&

technology and the design

sure

Atlantic Mid-Continent Corp.

*

Gianis

—

Barker Bros. Corp.

Barogenics,

Halsey, Stuart & Co. Inc.; Equitable Securities Corp.Eastman Dillon, Union Securities & Co. (jointly). Bids—
Expected July 25 (11 a.m. EDST) at 90 Broad St. (19th
floor), New York. Information Meeting—July 23 (11 a.m. '

r

Inc.

March ,30, 1962 filed
100,000 common.
P^ice — $7.50.
Business—Research and development in ultrahigh pres- *

'

Inc.

-■

<

expansion and debt repayment. Office—818 W. Seventh
St., Los Angeles. Underwriter—William R. Staats & Co.,
Los Angeles.
Offering—Postponed.

„

Arde

Mortgages & Loan Ltd.

Associates,

Y. Underwriter

r

Angler Industries, Inc. '
T
^
it', Atlanta Gas Light Co. (7/25 );
June-15, 1962 ("Reg.-A") 120,000 common. Price—$2.50.
Business—Manufacture of electronic hardware, and the ■: June 29, 1962 filed $7h500,000 of debentures due Aug. 1,
1982, Office—243 Peachtree St., N. E. Atlanta. Under¬
assembly
of products
for- the- electronics industry.
writers—(Competitive), Probable bidders: Stone & Web¬
Proceeds—For debt repayment, equipment, advertising
ster Securities Corp.; White, Weld & Co.- Kidder, Peaand working capital. Office—107 Trumbull St., Elizabeth,
body & Co.,Xjointly); First Boston Corp.; Shields & Co.;
N. J. Underwriter—Edward H. Ste?n & Co., Inc., N. Y.
March

*

J

March 15, 1962 filed 200,000 common. Price—By amend¬
ment (approx. $12). - Business—Merchandising of home,
commercial and institutional furnishings. Proceeds—For

(jointly). Bids—Expected July 18 (11 a.m. EDST)
at Irving Trust Co., One Wall St., N. Y. Information
Meeting—July. 16 (11, a.m. EDST^t same address.

being withdrawn.

-

Postponed.

& Co.

Amber, Burstein & Co., Inc.,

Note—This registration is

Barish

N.

24, 1961 filed 38,500 common^ Price—$8. Business «
bidders: Halsey, Stuart & Co. Inc.; White, Weld & Co.—Design and fabrication of precision sheet metal prod- '.t
Shileds & Co. (jointly); Lee Higginson Corp.; Kuhn,
uCts.
Proceeds — For- machinery research, sales promo¬
Loeb & Co.-American Securities Corp.-Wood, Struthers
tion, and wOrkihg capital; Office—26 Essex St., HackenNew York.

Co.

■ &

■

1, 1961
("Reg. A") 50,000 common. Price—$4.
Business—Aeronautical research and development. Pro¬
ceeds—For
working capital. Office—224 E. 38th St.,

due

Nov.

Electric

'-/v.

•.

Sept.

June

Industries Corp.4

Anchor

•

'4

29, 1961 filed $556,000 of 6% cumulative preference
dividend participating dollar-linked shares.
Price—By
amendment.
Business — A mortgage lending company.
Proceeds—For
general corporate purposes.
Address—
108 Achad Haam St., Tel-Aviv, Israel. Underwriter—
Adanim American Israel Investment Co., Inc.

City Electric Co. (7/18)
8, 1962 filed $15,000,000 of first tnortgage bonds
July 1, 1992. Proceeds—For prepayment of bank
loans and construction.
Office—1600 Pacific Ave., At¬
lantic
City.
Underwriters—(Competitive).Probable

Ohio.

Gas &

Bank "Adanim"

Atlantic

Underwriter—None.

capital.

Dec.

Underwriter—None.

dence.

'

!

Baltimore

—

selling

Proceeds—For

N..Main

Office-—34

stockholders.

/

Robbins

Co., Inc., Cleveland. Offering—Indefinitely postponed.
Atlantic Bowling Corp.

common stockholders at the rate of $100 of deben¬
(on the basis of three
rights for each share held). Price—At par. Business—
Operation of bowling centers in Rhode Island and Mas¬
sachusetts. Proceeds
For debt repayment, expansion
and working capital. Office — 100
Midway St., Provi¬

•-

ampoules.

hypodermic

T.

working

1962 filed $25,000,000 of first refunding mort- *
gage sinking fund bonds, due 1992 - Proceeds—For debt *
repayment and construction. Office — Lexington and X
Liberty Sts., Baltimore, - Md. Underwriters—(Competi- ■-<"
tive).
Probable bidders:
Halsey, Stuart & Co. Inc.;
White, Weld & Co.-First Boston Corp. (jointly); Harriman Ripley
& Co., Inc.-Alex. Brown & Sons (jointly). >
Offering—Expected sometime in July.
r

tures for each 200 rights acquired

.Ampoules, Inc. X
■-%
March 28, 1962 filed 5,900 common.Price—At-the-market.
Business—Design and development of sterile dis¬

posable

William

and

June 22,

,

by

Underwriter—Kahn & Peck, Cohn '
-

and

repayment

Underwriter—Eastman Dillon, Union Securities &

Co., N. Y.~*

June 18, 1962 filed $810,000 of 6% subordinated convert¬
ible debentures due 1972 to be offered for subscription

ment,-expansion and working capital/ Office—Mill St., ;

Southbridge, Mass.
& Co., n. y.

Co.

&

debt

1962'filed 35,000 common. Price^-$50: Business H
—Distilling and bottling of "Bacardi" rum. ' Proceeds—*
For a selling stockholder. Address—San Juan, Puerto *"

.

Underwriters—Prescott

Corp., Indianapolis.;

For

—

Bacardi Corp.

.

Office—335 W. 35th St., N. Y,

.

(7/11)

March 8,

f

Underwriter—To be
22, 1962 filed 300,000 common being offered to ;
named. Offering—Temporarily postponed.
;
stockholders, and those of parent, American States Insur¬
•
ance Co. of-record June 2, with rights to expire July 5, ;
Assembly Products, Inc.
.V:v
March 29, 1962 filed $1,250,000 of 5ft % conv. subord. de¬
-1962. The remaining shares will then be offered to the
bentures due 1972. Price—At par. Business—Manufac¬
public;- Price—$4.25 * ($4.50 to the public).4 Business—
ture of electromechanical and electronic devices.
Pro¬
Writing of ordinary and group life insurance. Proceeds
—For general corporate purposes. Office—532 N; Meri¬
ceeds—For debt repayment,
equipment and working
dian St.,v Indianapolis. Underwriter —^ City Securities < capital.
Office—Wilson Mills Rd., Chesterland, Ohio.
March

Inc.

Office—32550 Pulaski Dr., Hay ward, Calif. Underwriter
—Pacific Coast Securities Co., San Francisco.

? •
v,
Feb.. 23, 1962 filed 106,000 common.
Price—By amend¬
ment. (max. $7.50). Business—Converter of linings and
interfacings used in the manufacture of clothing. Pro¬
ceeds—For expansion, debt repayment and working capi¬
;

"

Office

Irvington St., Boston. Underwriter—None.

Babs,

purposes.

Proceeds—'For debt repayment,

relocation, and working capital.

Nov. 27, 1961 filed 150,000 common. Price—$4. Business
—Sale of dairy products, through "Dairy Drive-ins."

N. Y. Underwriter—Dana Securities Co., Inc., 80
Wall St., N. Y. Note—This offering has been temporarily
postponed.

Y< and

writers—Kidder, Peabody. & Co., N.

construction and

St.,

Proceeds—For

Office—800 Hartford Bldg., Dallas.

investment.

J.

29, 1962 ("Reg. A") 103,0)00 common.
Price—$2.
Business—Publishing of a bowling magazine. Proceeds

'•*

12, 1962 filed 1,000,000 common. " Price—$11.

Feb.

N.

Jan.

.

Trust

Southwest-Realty

capital. Office—1030 Pearl St.,
Underwriter—Mortimer B. Burn-

working

Ascot Publishing

working
Underwriter—Reuben

Pa.

and

Branch,

side & Co.,

Proceeds—For expansion, debt repayment and

capital.

loans

Long

Price—For debentures,
Business—Rental and leasing of

at par; for common, $5.
automobiles and trucks.

f cotton pillow cases. Proceeds—For inventory, repayment

'

-

J

31

share for each three shares held.

gift packaging and distribution of terrycloth towels and

Underwriter—Bear, Stearns &

N, Y.

(91)

,

•

beauty salons. Proceeds—For debt repayment; equip¬
ment; an acquisition and working capital. Office—330
Chancellor Ave.. Newark, N. J. Underwriter—Seymour
Blauner Co.,

N. Y.

Bene. Cosmetics,

Inc.

1962 ("Reg. A") 100,000 common. Price — $3. >
Business—Importation, sale and distribution of Italian >
cosmetics. Proceeds — For advertising, inventory and •
March 2,

working capital. Office—114 W. 13th St.,
writer—Granite Securities, Inc., N. Y.
Bernalen,

N. Y. Under¬

Inc.

("Reg. A") 70,000 common. Price—$2,625,

March 7, 1962

photo-

Business—Design, manufacture and installation of

•

graphic processing and control equipment. * Proceeds —
for advertising, expansion and equipment.
Office—9821 *
Foster Ave.,

Brooklyn, N. Y. Underwriter—Amber, Bur*
N. Y. Note—This letter is being with¬

stein & Co., Inc.,
drawn.

27,

Business

California, Inc.

of

Borne

Oct.

1961

("Reg.

A")

Price—$3.

85,000 common.

Manufacture of handbags and related

—

items.

repayment and working capital. Of-:
S. San Pedro St., Los Angeles. Underwriter

Proceeds—For debt
fice^-1621

—Adams &

Co., Los Angeles.

Bestform

Foundations, Inc.

185,000 common, of which 36,500
148,500 by stock¬
$20). BusinessDesign and manufacture of popular priced foundation
garments. Proceeds—For working capital. Office—38-01
47th Ave., L. I. C„ N. Y. Underwriter—Smith, Barney &
Feb.

are

1962

23,

filed

the company and
Price—By amendment (max.

to be offered by

holders.

Co., N. Y.

Offering—Temporarily postponed.

^

Big Mart Discount Stores
March 30, 1962 ("Reg. A") 60,000 common. Price—$5.
Business—Operation of one discount merchandise center
and four ladies' hosiery and lingerie stores. Proceeds—
Continued

on

page

32

32

The Commercial and Financial
Chronicle

(92)

.

.

j, Thursday, July 5, 1962
V

Continued from page 31

erect

'

homes, apartment houses, motels, etc. Proceeds—
Office—309 Ainsley
Bldg., Miami, Fla. Underwriter—Willis E. Burnside &

„

/

For debt repayment and expansion.

For

expansion, inventories, working capital and other
corporate purposes. Office—249 W. 34th St., N. Y. Under¬
writer—Amber, Burstein & Co., Inc., N. Y. Offering—
Expected sometime in August.
Blanche

(Ernest E.)

& Associates,

Co., Inc., N. Y.

March 15, 1962 filed 80,000 class A common. Price—$3.
Business—Application of electronic and mechanical data
processing techniques to solution of problems for gov¬
ernment and industry.
Proceeds—For equipment, sales

Proceeds—For debt repayment and

743

promotion and expansion. Office—10419 Fawcette St.,
Kensington, Md. Underwriters-Clones, Kreeger & Co.,
and First Investment Planning Co., Washington, D. C. "
Offering—Postponed.
Blankenship, Ostberg, Inc.
May 29, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Furnishing of market research and consulting
services.
Proceeds—For working capital and
general
corporate purposes. Office—95 Madison Ave., N. Y. Un¬
derwriters—Kenneth Kass and J. J. Krieger & Co., Inc.,
New

York.'

'•

.■

v■'yV/"•

Bloomfield

Mar.

Industries, Inc.
1962 filed $2,000,000 of

26,

subord. deben¬
tures due 1977. Price —At par.. Business —A holding
company for 16 subsidiaries in the real estate and gen¬
eral
contracting business. Proceeds—For general cor¬
porate purposes. Office—2600 Popular Ave., Memphis,
Tenn.
Underwriters—Lieberbaum
&
Co., and Morris
Cohon & Co., N. Y.
" n
conv.

.

Braun

Engineering Co.

debentures, at par; for stock, by amendment
Business—Manufacture of automotive parts,

(max. $9).
lock

nuts

For

debt

leased

aluminum

certain

and

products.

Proceeds—

repayment, working capital and purchase of
and plant.
Office—19001 Glendale Ave.,

office

Detroit.

Underwriter—Watling, Lerchen & Co., Detroit.

Brinkmann

March

Instruments,

1962 filed

26,

Inc.

100,000

77,420

shares

are
to be offered by the company and 22,580
by stockholders.
Price — By amendment (max.
$7.75). Business — Importing and distribution of scien¬

instruments.

Proceeds—For

research and develop¬
debt repayment and other corporate
purposes. Office—115 Cutter Mill Rd., Great Neck, N. Y.
Underwriter—D. B. Marron & Co., N. Y.

ment,

-

equipment,

Bruce

(Michael)

Distributors, Inc.

(S/20-24)
March 29, 1962 filed 100,000 common. Price—$5-. Busi¬
ness
Operation of self-service discount department
stores. Proceeds—To retire outstanding
debentures, and
for working capital. Office—1101 Albany
Ave., Hartford,
Conn. Underwriter—Gianis & Co.,
Inc., N. Y.
—

Buddy L. Corp.
April 2, 1962 filed 225,000 common. Price — By amend¬
ment (max. $10).
Business-—Design, manufacture and
sale

of various type toys. Proceeds—For a
proposed ac¬
quisition of another toy company. Office—200 Fifth Ave.,

N. Y. Underwriter—Milton D. Blauner &

Co., Inc., N. Y.

Offering—Sometime in August.
Cable

Carriers, Inc.

June 22, 1962 filed 1,015,564 capital shares to be offered
for subscription by stockholders on the basis of four new
shares for

each

share held

—

■

Caldwell

Publishing Corp.

June

13, 1962 filed 100,000 common. Pricei—$3.50. Busi¬
ness—Company plans to publish classics. Proceeds—For
general corporate purposes. Office—339 W. 51st
St., N. Y.
Underwriter—S. B. Cantor Co., N. Y.
Calvert

March
are

to

ers.

and

Electronics,

Inc.

30, 1962 filed 80,000 common, of which 40,000
be offered by
company and 40,000 by stockhold¬

Price—By amendment
distribution

tory,

working

of

(max.

electronic

capital

N.

$5).

tubes.

other

and

Office—220E.
23rd
St.,
Kosen & Appel, N. Y.

Y.

Business—Sale

Proceeds—Inven¬

corporate

purposes.

Underwriter—Philips,
..

V

.

Cambridge Fund of California, Inc.
Sept. 28, 1961 filed 280,000 common.
Price—By amend¬

ment. Business—General real estate.
Proceeds—Debt
payment and working capital. Office—324 E.

Long Beach, Calif. Underwriter—To be
•

Cameo

Lingerie, Inc.

re¬

Bixby Rd.,

Capital Management Corp.
s
Dec. 27, 1961 ("Reg. A") 60,000 common. Price—$5. Busi¬
ness— An investment
company which will hold mort¬
gages, land contracts, etc. Proceeds — For investment.
j Office—44 E. Indian School
Rd., Scottsdale, Ariz. Under¬
writer
Pacific
Underwriters, Inc., Scottsdale, Ariz.
—

Note—The

repay¬

ment, inventory and working capital. Office—Fa
jar do.
Puerto Rico. Underwriter
Schweickart & Co., N. Y.
Canale Chemical
Corp.

25,000

12, 1962 filed $250,000 of 6% convertible subordi¬
debentures
common

due

1970

and

warrants

shares, to be offered in units

to

purchase

of

one

$100

debenture and 10 warrants to
purchase one share. Price
—$100 per unit. Business
Manufacture of industrial
chemicals for sale primarily to the
graphic arts indus¬
—

try. Proceeds—For plant expansion,
inventory, sales pro¬
motion, research and development. Office—37
Cottage
Row, Glen Cove, N. Y. Underwriter—None.
Canaveral Hills

Enterprises, Inc.
common. Price—$5?* Business

May 10, 1962 filed 100,000

—Company

was

formed to

own

and

operate

country
club and golf
course, swimming pool and cabana
club,

near

Cape

Canaveral,




has

issuedXan

order

-

temporarily
::

•

<;

••

sus¬

'

•

Cash-O-Matic Coupon Corp.
May 25, 1962 (<fReg. A") 100,000 class A common. Price
—$1.25. Business—Merchandising of coupons by vending
machines located in supermarkets. Proceeds—For work¬

ing capital and other corporate purposes.

Office — 682
Main St., Stamford, Conn. Underwriter—Foundation Se¬

curities, Inc., N. Y.
Corp.
March 20,1962 filed 9,964 common.
Price—$100. Business
Company plans to qualify as a public utility and
furnish water and sewage disposal services
in and
around Cedar Lake, Ind. Proceeds — To construct a
sewage disposal system. Address — R.R. N. 3, Box 28,
Cedar Lake, Ind. Underwriter—None.
Cemeteries

Fla.,

and

develop

of

America, Inc.

March 27, 1962 filed $500,000 of 7 % conv. subord. deben¬
tures due 1974 to be offered
by the company and 65,000
common shares by stockholders.
The securities will be
offered in units consisting of $100 of debentures and 13

of

Price—$178

cemeteries

in

mausoleums

per

unit.
Business—Operation of
Proceeds—For construction

Kansas.

and

working

capital.

Office—3096

Hutehings St., Kansas City, Kan. Underwriter—Bernard
M. Kahn & Co.,
Inc., N. Y.
Centco

Industries

Corp.

April 30,

1962 filed 120,000 common. Price—$5. Busi¬
ness—Manufacture of plastic and rubber film
laminates,
line

of

casting, laminating and embossing machinery.
Proceeds—For new
products, debt repayment^ inven¬
tories and working capital.
Office—11-17 Clintonville
St., Whitestone, N. Y. Underwriter—Arnold Malkan &
Co., Inc., N. Y. Offering—Expected in late August. ~
a

Center Star

Gold

Mines, Inc.

April 10, 1962 ("Reg. A") 1,200,000 common.
Price—250.
Business—For exploration, development and
production
of mineral deposits.
Proceeds — For mining expenses.

Address—Box
naluna

&

Co.

469, Wallace, Idaho.
and

Standard

Wash.

Underwriters—Pen-

Securities,

Inc.,

Spokane,

■

Central

Acceptance Corp. of Delaware
Nov. 29, 1961 filed
150,000 class A common. Price—$5.

Business—A sales finance
company.
pansion. Office—526 North Ave.
Central

26,

Investment &

1962

Proceeds—For

ex¬

East, Westfield, N. J.

Underwriter—To be named.
Jan.

Mortgage Co.

filed

60,000 common, of which 50,000
by the company and 10,000 by stock¬
holders; also $1,200,000 of 6yz% convertible subordinated
debentures due 1974. Price—For stock:
$5; for deben- r
tures: at par.
Business—Company was formed to hold
the stocks of a
mortgage company, an insurance agency
are

to be offered

and

a real estate
development company. Proceeds—For
debt repayment and
working capital. Office—44

Forsyth
St., N. W., Atlanta, Ga.
Underwriters—Joseph Walker &
Sons, N. Y. and Clark, Landstreet &
Kirkpatrick, Inc.,
Nashville, Tenn. Note — This company formerly was

named

Continental Investment &
Mortgage Co.
Century Food Processors, Inc.
May 28, 1962 filed 200,000 class A, of which
165,000
to

be

offered

by company and

35,000 by stockholders.

Ave., Detroit. Underwriter—Charles Plohn &
Co.,

New York.

*

<

-

1962 filed 200,000 shares of beneficial interest.

—
A real estate investment trust.
Office—2651 E. 21st St.,
Tulsa, Okla. Underwriter—DeWitt, Herndon & Co., 720 Enterprise

Bldg., Tulsa. '
^Chemical Coating Corp.
June 29, 1962 filed
70,000 common. Price—$5. Business
—Company plans to operate a painting contracting busi¬

a

real

estate,

Proceeds—For general corporate
purposes. Office—

Santurce, P. R. Underwriter—Arnold Malkan Investment
Growth of Puerto
Rico, Inc., Santurce, P. R.
Chestnut Hill
Industries, Inc.
Nov. 29, 1961 filed
300,000 class A

225,000

are

of

$5.
plastic
—

'

Church

Builders, Inc.
6, 1961 filed 50,000 shares of common stock, series 2.
Price—$5.50 per share. Business—A closed-end diversified management investment
company.
investment. Office—501 Bailey

stockholders.

repayment,
equipment and working capital. Office—2025
McKinley
St., Hollywood, Fla. Underwriter
Clayton Securities
Corp., Boston, Mass. Offering—Expected in
September.
—

Child Guidance
Toys, Inc.
May 23, 1962 filed 100,000 common,

Proceeds—For

*

of

which

to be offered

—Production of motion picture and. television
programs.
Proceeds—For production expenses,
working capital,
debt repayment and other
corporate purposes.. Office—
40 E. 49th St., N. y. Underwriter—R. A.
Holman &

Co.,

inc., n. y. '.

•'

■;

/

.

manufacture and sale of plastic educational
toys.

Pro¬

<
*

-

■■

Cinerama, Inc.
June

1, 1962 filed
(max. $20).

ment

and exhibition

50,000

common.

Price—By

amend¬
distribution:;

Business—Production,

of wide angle motion pictures.

Proceeds
Office—575 Lexington Ave.,

selling stockholders.

N. Y. Underwriter—To be named.
Clark Cable

Corp.

April 30, 1962 filed $787,500 of 6%%

subord.

conv.

de¬

bentures due 1972 to be offered for

stockholders

mon

each

100

shares

on

subscription by com¬
the basis of $150 of debentures for

held.

Price—At

Business—Manu¬

par.

facture of

electrical, electronic and mechanical systems
components, and replacement parts for aircraft, mis¬
siles ^nd naval vessels. Proceeds—For
working capital.
Office—3184 West 32nd St., Cleveland.
Underwriter—
Robert L. Ferman & Co.,
Miami, Fla.
and

•

Coburn Credit Co., Inc.
April 27, 1962 filed $5,000,000 of conv. subord deben¬
tures, due 1982.
Price—By amendment.
Business—A
consumer sales finance
company.
Proceeds—For work¬
ing capital and general corporate purposes. Office—53
N. Park Ave., Rockville Centre, N. Y.
Underwriter—

Brand, Grumet & Seigel, Inc., N. Y. Note—This regis¬
tration

withdrawn.

was

■

College Publishing Corp.
March 16, 1962 ("Reg. A") 155,000

common.

Business—Composition, publication

and

Price—$1.

distribution

of

study manuals for examination preparation. Proceeds—
For equipment, expansion and other
corporate purposes.
Office—142 Livingston St., Brooklyn, N. Y. Underwriter
—James Co., N. Y. Offering—In
mid-July. '
*
Colonial

Board

Co.

^

v

>

X

March 28,
are

to

1962 filed 164,000 common, of which 115,000
by the company and 49,000 by stock¬
Price—By amendment (max. $15). Business—

be offered

holders.

Manufacture of shoeboard and boxboard.

Proceeds—For

expansion, equipment and debt repayment. Office—615
Parker St., Manchester, Conn. Underwriter—Putnam
&
Co., Hartford, Conn.
Columbia

Bancorporation

Feb. 23,1962 filed
$30,000,000 of convertible subordinated
debentures due 1987 and 1,500,000 common to be offered
in units of one $20 debenture and one share.

Price—By

amendment/Business—A bank holding company
recently
formed to «acquire
stock of First Western Bank &
Trust

Co.,

Los

Angeles. Proceeds—For acquisition of
stock, and working capital. Office—1000
W., Washington, D. C. Underwriters—
Bear, Stearns & Co., and Allen & Co., N. Y.
First

Western

Vermont Ave., N.

Columbia Gas System, Inc.
June

(8/1)

22, 1962 filed

$20,000,000 of debentures due 1987.
Proceeds—To refund $17,560,000 of
outstanding 5%%
series H debentures, due June
1, 1982, and increase
working capital. Office—120 E. 41st
Pierce,

Fenner

&

Smith

Inc.-White,

&

Co.

(jointly); Morgan Stanley & Co.-First BostOrt Corp.
(jointly); Halsey, Stuart & Co. Inc. Bids—Expected Aug.
1, 1962.

^ Columbia Gas System, Inc.
June 29, 1962 filed $20,000,000 of debentures due
August,
Proceeds

—

For construction

and

other

corporate

Office—120 E. 41st St., New York. Underwrit¬
ers
(Competitive). Probable bidders: Merrill Lynch,
Pierce, Fenner & Smith Inc.-White, Weld & Co. (joint¬
ly); Morgan Stanley & Co.; Halsey, Stuart & Co. Inc.
purposes.
—

Columbia Realty Trust

June

18, 1962 filed 420,000 class A shares of beneficial
interest. Price—$10. Business—A real estate investment
company. Proceeds—For debt repayment and investment.
Office—1415 K St., N. W., Washington, D. C.
Under¬

writer

—

Norman

Bernstein

Securities,

Inc.,

(same

address).

May 16, 1962 filed 150,000 common. Price — By amend¬
ment (max. $13). Business—Acquisition or administra¬
tion of mortgage loans for institutional investors. Com¬
pany also is engaged in the consumer loan business and
acts

insurance agent
Proceeds—For debt

as an

with.

or

broker in connection there¬

repayment. Office—66 Pryor
St., n. E., Atlanta. Underwriters—F. S. Moseley & Co.,

Boston and Courts & Co., Atlanta.

Computer Applications Inc.
70,000

by company and 30,000 by stockholders.
Price—By amendment (max. $12.50). Business—Design,

i

.Ave,, Fort Worth, Texas,.:
Distributor—Associates Management, Inc., Fort Worth.
Cine-Dyne, Inc.
May 25, 1962. filed 100,000 common. Price—$4. Business

Commercial Trust Co.

common, of which
to be offered by the
company and 75,000 by

Price—$7.50. Business—Design and manu¬
facture of women's, misses' and
junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt

are

sale

Feb.

1987.

Century Real Estate Investment Trust

ness.

and

S|,, N. Y.—Under¬

For equipment and
working capital. Office—3001 Michi¬

June 4,

Price

common.

writers—(Competitive) Probable bidders: Merrill Lynch,
are

Price—By amendment (max. $3). Business—Manufacture
of animal and
vegetable shortening products. Proceeds—
gan

36,000

specialties. Proceeds—For equipment, research and de¬
velopment, and working capital. Office—341 Vassar St.,
Cambridge, Mass. Underwriter—Gianis & Co., Inc., N. Y.
Offering—Expected sometime in August.
:

—For

Cedar Lake Public Service

—

nated

SEC

pending this issue.*

five

("Reg. A")

Business—Development, manufacture

.

Price—$10. Business

named.

(7/17)

Feb. 12, 1962 filed 200,000
common, of which 120,000 are
to be offered by the
company and 80,000 by stockhold¬
ers.
Price—$5. Business—Manufactuer of women's and
children's tailored panties. Proceeds—For debt

June

Office—

St., Milwaukee. Underwriters—Marshall
Co., and Loewi & Co., Inc., Milwaukee. Offering—Tem¬
porarily postponed.

Feb.

on

14, 1962. Price—25
cents.
Business-^-Manufacture and sale of overhead trol¬
ley conveyers, vertical tray lift systems, floor and over¬
head tow systems, etc. Proceeds—For
working capital.
Office
Kirk Blvd.,
Greenville, S. C. Underwriter—

Nofi.

investment.

Fourth

shares.

of which

common,

shares

tific

N.

capital.
Office—1125 Close Ave.,
Underwriter—J. R. Williston ,& Beane,

Y.

April 27, 1962

—

May 11, 1962 filed $400,000 of 6VZ% s. f. subord. deben¬
due 1974; also 109,990 common, of which 100,000
will be sold by the company and 9,990 by stockholders.
tures

Price—For

shares held. Price—By amendment (max.
Business—A small business investment company.

$10).

working

N.

York.

Chomerocs, Inc.

each two

for

New

..

...

Capital Investments, Inc.
May 21, 1962 filed 86,370 common to be offered for sub¬
scription by stockholders on the basis of one new share

Inc.

ceeds—For

Bronx,

March 23, 1962 filed 87,000 common.
ment

(max. $5).

lated

to

use

of

Price—By amend¬

Business—Furnishing of services
electronic

data

re¬

processing; equipment.
Proceeds—For expansion and working
capital. Office—

Volume

Number 6174

196

.

.

porate purposes. Office—1012 14th St., N.
ton, D. C. Underwriter—Doft & Co., N. Y.

Underwriter—L. M. Rosenthal &

42nd St., N. Y.
Co., Inc., N. Y.
30 E.

k

Office

writer—M. G. Davis, 150 Broadway,

of which 62,500 are

Jan. 24, 1962 filed 157,500 common,
to be offered by the company and

6, 1961 filed 120,000 common, of which 90,000 are
the company and 30,000 by stockhold¬
Price—$3. Business — Manufacture of miniature
coils for relays used in computers, aircraft, missiles and
Dec.

to be offered by

ers.

ers.

95,000 by stockhold¬

April 27,

Price—By amendment. Business—Design and manu¬
of digital equipment. Proceeds—For debt re¬

payment. Office—983 Concord St., Framingham,
Underwriter—Kidder, Peabody & Co., N. Y.
•

shares, of which 285,000 will be sold by company and

Mass.

$5.

—

of

Business—Development and sale of advanced program¬

120,000 common (with attached 3-

28, 1961 filed

at $2 per

Proceeds

of digital computers.

use

For general cor¬

—

•

(Wednesday)

July 18

"

(Monday)

Dyna

Mfg.

'<

Common

_

"

Inc.)

$450,000

Co.)

Co.,

&

$300,000

'if'

(V.

Western Power & Gas Co
Preferred
(Paine, Webber, Jackson & Curtis) 150,000 shares '
.

.

Witter

(Dean

Molecular
(Stone,

Pay'n

Save

&

1

(Bids

Common'

Co.)

&

shares

40,576

Witter

r

7-,'7; :{■

.

(Tuesday)

(Pacific

Coast

DeLuxe

Common

Securities

Securities

(Equity

New

(Bids 11

i:(BidS

7y 1:^

Co.) $600,000 77„ ;
', ■*;.
Co.--.Common

*: 7.(Pacific Coast Securities

.

vShelley Manufacturing
1

■

'

-

—

Inc.)

Co.,

(Thursday) >/■

July " 12

Arnav

—

&

O'Neill

(George,

;v

-

.

$357,500

77/7

...

..

$400,000

Inc.)

Co.,

&

1,200 units

;V-" .7.

(Offering

V

;.

7

•

Co

'

=

(Doft

•

&

$500,000

Co.)

Continental Telephone Co.—.:.

J.),

(John R.

Inc..

Superior
Tabach

Brooks

W.

Co.)

&

^

'

7

United

Co., Inc.)

•

■

•

,:7 '

■

—Common

$810,000

Co.) >100,000

&

Inc.

(Pierce,

1

Development Co., Ltd._—Common

(Allen

&

250,000 shares

Co.)

Lesser

•.

72,000 shares

and Leiberbaum &

& Co.

.

,

(Arnold

(Dana

:

Securities

Oceana

International, Inc.——
(Baruch

'

Brothers

Puerto Rico Brewing
'(Merrill

Lynch,

Pierce,

&

'

Smith

&

$4,500,000

Inc.)

$300,000

and I. J. Schein & Co.)
-

-

Valu-Rack, Inc.
Wiggins

&

Polonitza,

Plastics,
(Leib,

,

a
$1,000,000

Inc.)

Co.,

Inc.)

Houston Lighting &
(Bids

Consolidated

Vending

(Dana

Courtesy

...Common

Corp..

Securities

Products

$1,000,000

Co.,

..Common

Missouri Power & Light Co
(Bids

Southern

a.m.

EDST)




Bonds

12, noon

$6,000,000

Equip. Trust Ctfs.
EDST)

$9,450,000

Common

Inc.—

Investing Co.)

Common
$500,000

Warwick,

Ind/) .400,000 shares

MacPherson

&

Warwick,

Common
Inc.)

Spears (L. B.), Inc.
-

'Arnold Malkan & Co.. Inc.)

Steel Plant Equipment

200,000

$325,000

$208,980

.

,

Dowd & Co., Inc.)

$300,000

Common

\

(Tuesday)
Telephone Co

Pacific Northwest Bell
(Bids to be

Equip. Trust Ctfs.

Southern Railway Co
,

(Bids

November 7

12

noon

EDST)

$9,450,000

(Wednesday)

(Bids to be received)

$23,000,000

Georgia Power Co
(Bids

Bonds

received) $50,000,000

to be received)

$7,000,000

Bonds

Preferred

shares

Common
Common

Corp

(Joseph W. Hurley & Co.)

-

-

(Monday)

Georgia Power Co.—

Common

:

ww-

MacPherson 8c

F.

$300,000

Aluminum Corp.—

Security

•'

11

Railway Co
(Bids

Roadcraft^ Corp.

(Vickers.

150,000 shares

$30,000,000

received)

.

Associates, Inc.—

September 11

$850,000

Bonds

Plantation Patterns, Inc
(Godfrey: Hamilton,.-Taylor &< Co., Inc.)
(Vickers,

Imc.)\$402,500

Corp

(Pacific Coast Securities Co.)

French, Inc.) $900,000

Power Co

be

to

Jaap Penratt

(R.

of Philadelphia, Inc.--Debs.

Industries,
(Price

Co.)

7 "

Inc.--Com.

Fricke & French, Inc.)

Moyer,

;

September 10

$250,000

of Philadelphia,

(Woodcock, Moyer, Fricke &

Common
&

Wulbern, Inc.)

Carrison.

Esslinger's Industries
(Woodcock,

Class A
and H. A. Riecke & Co., Inc.)

$300,000

Common

Inc

Iiidustries,

Esslinger's Industries

$100,000

Lingeries, Inc
(Schweickart

$50,000,000

(Tuesday)

(Globus, Inc.,) $750,000
_

(Pierce,

(Tuesday)

July 17

..Common

7" '7Pierce, Carrison, Wulbufn, Inc.) 70,000 shares
Electromagnetic Industries, Inc.—Conv. Debentures

Instromech
Cameo

.—Bonds

Calif. Time)

a.m.

Alsco Electronics, Inc
(Albert Teller & Co., Inc.

r

7 *

•

Common

..Common

Inc

Skloot &

(Monday)
;

Capital

(Thomas Jay, Winston & Co., Inc.
.

July 30

Electromagnetic

$825,000

Co., Inc.-7_7—„L--UnitsFenner

^

—Preferred

—

$7,500,000

EDST)

(Tuesday)

(Bids 8:30

.September 4

v'

Barogenics, Inc.

Stephens (M.) Mfg., Inc

(Garat

,

—Common

:

Inc.)

Co.,

August 28

(Merrill Lynch, Pierce, Fenner & Smith Inc., and
& Webster Securities Corp.) 300,000 shares

_Ben. Ints.

$5,000,000

Co.)

&

noon

Southern California Edison Co

Common

$252,000

Midwestern Mortgage Investors—
(Boettclier

12

Stone

r,

Inc.)

(Bids

——Preferred

Virginia Electric & Power Co

Co.) $651,300

Co.,

Massachusetts Electric Co

7

(Thursday)

July 26

„

—

Manhattan Drug Co., Inc.—-

«

—Bonds

EDST) $60,000,000

noon

$10,000,000

Co.)

Lewiston-Gorham Raceways, Inc.—-——_^Units
7 - ■-i-7*'(P. W. Brooks & Cc.) $1,000,000
Mac-Allan Co., Inc.,.
-Common
(George K. Baum &

Common

12

received)

to be

shares

Co

Electric

(Bids

Malkan & Co., Inc.) $625,000

—Common

Co.—

320,468

Massachusetts

Kidder & Co., Inc.)

shares

stockholders—Bids

to

'

Co._-Debs.

Inc.

Fastpak,

Common

Carrison, Wulbern, Inc. and A. M.

(Offering

■"

$7,500,000

EDST)

a.m.

Bonds

$90,000,000

(Monday)

Iowa Public Service

Debentures

Co.——

11

(Tuesday)

140.004

Cincinnati & Suburban Bell Telephone
(Bids 11 a.m. EDST) $20,000,000

.

r

l—Class A

(Louis) Enterprises, Inc

(Morris Cohen

•,

-———Common

;

(Pacific Coast Securities Co.)

'

(Bids

and Heritage Equity Corp.)

Ackerman & Co., Inc.

August 27

(Wednesday)

Atlanta Gas Light

Common

————

Aubrey Manufacturing, Inc

shares

July 25

Common

$500,000

Inc.)

Co.,

&

(Bids to be received)

$300,000

Inc.)

Inc.) $200,000

Public Service Electric & Gas Co.„

Common
Co.,

&

..Common

*

Inc.

August 21

v

;

(Lee-Mosson

Inc

$480,000

Service Co. of New Jersey,

Radio Electric

.7

,

,

$1,500,000

Films Corp.—

Jayark

-

(Stone,

Montebello Liquors, Inc.—-------------Common
(Street & Co., and Morris Cohon & Co.) 160,000 shares

.--Common

Lomasney

A.

Grand Bahama

.

(Gianis

-..Common

(Tuesday)

July 24

(Monday)
Schramm & Co.,

$500,000

Co.)

&

Bonds
$5,000,000

(Michael) Distributors, Inc

Optech,

Markets, Inc
(Moran

7

$300,000

Federation, Inc.—

(Edward Lewis

(Myron

-

Bruce

& Co., Inc.)

Rose

~

<

received)

be

to

Controls,
(S.

.—Class A
Reuben

and

(Wednesday)

August 15

$300,000

Co.)

—Common
$485,000

Co.)

&

(Raymond Moore

Automatic

.—Common

Inc.

Co.,

7

w

August 26

$975,000

&

(Monday)

(Bids

Common

Russotto

.

Worcester Gas Light Co._^—

$1,200,000

General Investment Co. of Connecticut, Inc.—Com.
(Ingram, Lambert & Stephen, Inc. and Reuben Rose & Co., Inc.)

;

&

Bruce

7

-

Capital

Co.)

&

V

$375,000

Tujax Industries, Inc

Common

Inc.)

Jackson '& Gray,

Founders Financial

V

7

$500,000

Inc.)

Inc

Bakers,

(Costello.

shares

200,000

Gaslight Club, Inc.

v

Inc.)

Co.,

Industries, Inc

(Richard

Products, Ltd., Inc.———
(Rutner,

:

Co.,

&

.-Common
"

7 (Edward Lewis Co., Inc.) $500,000

Hydro-Swarf, Inc.

—-Common

—__—

Securities

,'v7

1

$100,000,000

received)

be

(Thursday)

August 13

'

.Common
(P.

.

Malkan

(General

Common

Co.

-

"7

$1,000,000 • "•

Inc.-

\
Co.—_7;__Debentuite9

,

Inc.——-Debentures

Industries,

River

(Balogh

.

-'•••

Mill

'*

J
(Reed, Whitney & Stonehill, Inc.) $300,000
First Connecticut Small Business Investment

"42"

Inc.) $350,000,

& Co.

Grumet & Siegel, Inc.)

(Arnold

$130,000

Co.)

Common

Industries,. Inc.,

Universal

*;.t

to

(Bids

August 9

...Common

Corp—

Servotronics, Inc.

..Common

:

Securities

Ellner & Pike, Inc

$200,000

Co.)

(Tuesday)

August 7

:/■

--Debentures

$525,000

Investing Corp.)

(A. D. Gilhart

(Brand,

$468,750

Maher Associates and Bull & Low)

(Lancer

Saw

..Common

Inc

Decorative -Interiors,

■J

-^—Common

Plastics Corp.*.—Common

Seaway Industries,

.

.

.—Common

and E. F. Hutton & Co.) .475,000 shares

(Allen & Co.

Cooke: (F.

.

34,200 shares
—

Electronics

Orion

'

•

&

Southwestern Bell Telephone

Inc.)7 $1,500,000

Siegel,

Grumet

(Cortlandt

.

.

.

'

Malkan

(Blair & Co.) 230,000 shares

'

——Common

Computer Concepts Inc..—1
•

Common

Sperti Products, Inc

-

Met Food Corp

7.

•

$280,000

)

Corp

Interonics, Inc
(Arnold

Common
$250,000

Inc.)

Co.,

&

Common

1

Securities

(Fabricant

$375,000

Inc.)

Co.,

&

Wilkens

Met Food Corp.——
(Brand, Grumet & Siegel, Inc.)

Roblin

Common
to stockholders-—underwritten by i.Cruttenden,;.'
Podesta & Miller) 548.532 shares. '.
'
'*

American. Gas
'

^7^,7.717 V:

(Monday)

July 16

(Magnus & Co., Inc.) $309,000

Realty & Construction Corp.——Units
(Lee Higginson Corp.) 200,000 units
Martin (L. P.) Maintenance Corp
...Common
.I- (Johnson, Lane Space Corp.) $500,000
A 7:
7
,

.

,

•

Common

Sportswear, Inc

Kreedman

*

.(Gianis & Co., Inc.)

Bonds

$38,000,000

received)

be

Laminetics Inc.

National Equipment &

Industries,-

$375,000

(Monday)

August 6
Four Star

$300,000

RF

(Brand,

;*■>''/?/"V.-V;

\ ?

& Co.)

Lomasney

to

(Bids

Common

(Gianis

:__.j__/iiu-:,.^;^i,^Cpmmon

,;.Babs, Inc.

Common
A.

Common

Products, Inc

Brothers

(Arnold,

.—Equip. -Trust Ctfs."
i2'noori,'JBDST) $3,540,000 X. j
\"J \..l ./■ 7

$20,000,000

Co. of Chicago—-

Belt Railway

Kapner, Inc.
Atlantic Coast Line RR.-J

—-Debentures

Inc.-

received)

be

(Thursday)

August 2

.,,

Common

(Wednesday)

July 11

7

Common

$50,000,000

EDST)

a.m.

' ;

Electromagnetics Corp.

$500,000

Co.)

to

Inc.

Diamond Dust Co., Inc
"/
x
(Magnus & Co.) $306,000

England "Telephone & Telegraph Co.—Debens.

$305,000

A. Bruce & Co.)

(Bids

Regulators,

$444,000

Inc.)

Co..

&

(Alessandrini & Co., Inc.)

American Modular Manufacturing Corp.—Common

Common

(Wednesday)

(Myron

Homes, Inc

$300,000

Co.)

Bonds
$25,000,000

EDST)

a.m.

Columbia Gas System,

$150,000

(Monday)

(Baruch

Alan-Ran3al Co., Inc..——

$375,000

Units

(Hodgdon

...

July 23

Williams & Lee, Inc. and

Inc.)

Co.,

■

Center Limited

Admiral Automotive

^

J

Common

Corp.-

Stock & Bond, Inc.)

Partnership

550,000 shares

&

Common

Corp

Thomas,

Inc.;

11:30

(D.

7

.August 1

West Falls Shopping

.—Common

Skiers; Service Corp
July 10

.—-Debentures
$12,000,000

EDST)

a.m.

Electronics
(Gateway

A

$1,200,OOCr

Co.)

&

(Bids

(Friday)

July 20
Unison

:

——^Debentures

(Pacific Coast Securities Co.)

11

(Tuesday)

Worth Financial Corp

Rochester Telephone Corp

Common

Witter

(Dean

*

Equity Corp.)
•
1

Corp.—
(Dean

J

-Capital

Heritage

Inc. and
$420,000

Co.,

Pay'n Save Corp.—..

-

$4,237,800

Common

Florida Power & Light Co

shares

102,050

Co.)

Corp.-—

Systems

Ackerman

&

34

$562,500

Inc.)

Co.,

Transmission

Wickett & Co.,

S.

&

Crosse

(Thursday)

July 19

—Units

International, Inc.—_—
"
;
(American Israel Basic'Economy Corp.)
Marin County Financial Corp

on page

'

Inc.'—

(White

Electronic

(American Israel Basic Economy Corp.) $2,760,000

Hotels

Under

(Packer-V/ilbur Co., Inc.) $360,000 7*

July 31

——Common
Securities

Coast

(Pacific

Mo.

Continued

o>f

■

Aviation,

7

Common

Vendex, Inc.

Ave., Kansas City,

N. Y. Offering—Expected in Aug.

»: *

71

1

Walston

$15,000,000

'

Israel

'V ;

7.

-Bonds

Corp

Malkan

(Arnold

1 -u-

$300,000

Co.)

&

Moore

Fairway Mart, Inc.
Common
L,.
(A. J. Carno Co., Inc.) $300,000
V. - " "
Israel Hotels International, Inc.—-—--Debentures ;

;

7

Protein

International

Co
(Raymond

■

*

,

;

& Co.,

Thompson Manufacturing Co., Inc.——.^-Common

7

t

-%—

(Bids 11 a.m. EDST)

■

July 9

;

City Electric Co

Atlantic

•.V

toiletries, cleaning chemicals, jew-

facture of cosmetics,

NEW ISSUE CALENDAR

Office—1012 Baltimore
writer—Blair

unit Business—Manu-

ming systems, for.vsolution of. business problems by the ; one-half warrant. Price—$2 per

Proceeds—For debt re¬

trucks and equipment.

cars,

Business—Renting

amendment (max. $9).

payment, an acquisition and other corporate purposes.

purchase an additional 60,000 shares
share) to be offered in units of one share and

7 year warrants to
r

Price—For debentures, at par;

20,000 by stockholders.

Products, Inc.

Concord

Nov.

100,000 class A, common. Price

1962 filed $1,100,000 of 6Vz% subord. deben¬
1977 (with warrants); also 305,000 common

for stock, by

Computer Concepts Inc. :(7/16-20)

Dec. 29, 1961. filed

due

tures

3

•

N. Y.

Consolidated Leasing Corp. of America

facture

guidance systems. Proceeds—For general corporate pur¬
poses.
Office—88-06 Van Wyck Expressway, Jamaica,
N. Y. Underwriter—To be named. /
;
~

—

525-535 E.

—

33

For general corporate purposes.
137th St., New York City.
Under¬

elery, etc. Proceeds

W., Washing¬

Computer Control Co., Inc.

Inc.

Computer Components,

(93)

Financial Chronicle

The Commercial and

.

November

(Wednesday)

28

Southern Electric
'Bids

Generating Co
to

be

received) $6,500 oao

Bonda

34

The Commercial and Financial Chronicle

(94)

(7/17-20)

:

—For

April 2, 1962 filed 70,000 common. Price—$5.75. Business
—Operation of vending machines. Proceeds—For debt

Mart of America,

Inc.
Price—By amendment.
Business—Operation of discount department stores. Pro¬
ceeds—For expansion and working capital. Office—4701
N. -Harlem
Ave., Chicago.
Underwriters—Rittmaster,
Voisin & Co., N, Y. and Midland Securities Co., Inc.,

May 9,

("Reg. A")

1962

Corp.

Price—$1.50.

200,000 common.

Business—Investment in real estate mortgages.
For

-

~

Memorial

Olson

Continental

&

Telephone Co.

ment

units

sidiary

(7/16-20)

Cooke

named

Conn.

Office—232

ates and Bull & Low. N
•

R.

Maher

expansion
N.

&

N

Y

common.

Underwriter—R.

F

Dec.

;

\

;

and

marketing furniture,, household and art goods at dis¬
Proceeds—For working capital.- Office—
St., San Francisco; Underwriter—Stewart, Eubanks, Meyerson & Co», San Francisco.
count prices.

Country Set Inc.'
Mar. 2," 1962 filed 150,000
-

-

Office—1191

common.

Price—By amend-1

("Reg. A' ) 60,000

Price

warrant)

on

-

T

per

Proceeds—For

the basis of 3 units for each
•

N.

-

for a laboratory and
Lexington Ave.,; New York

\

Dust Co., Inc.
(7/23-27)
27, 1962 filed 102,000 common/ Price—$3. Business
—Production of graded diamond powder and compound

selling stockholders. Office
St.

—

1136

Louis.

Washington

Underwriter—Goodbody & CoOffering—Temporarily postponed.
•

N.

Y.

Courtesy Products Corp.

(7/17)
May 16, 1962 filed 150,000 common. Price—By amend¬

ment
lease

(max.

$5).

Business—Manufacture, and sale

or

to hotels and motels of electric wall units
for the

preparation of coffee, and the sale of coffee,
tea, cream,
etc.
Proceeds—For debt repayment, advances to a sub¬

sidiary

and general corporate purposes.
Office—1411
St., San Diego, Calif Underwriter—Pacific Coast
Securities Co., San Francisco.

Palm

.

Cousins Properties Inc.
March

29,

1962

debentures
rants

to

filed

$1,000,000

6V2%

subordinated

1972, 60,000 common shares, and war¬
purchase 20,000 common shares. The securities
in units of

$100 debenture, 6 shares
warrant to purchase 2 shares.
Price—By amend¬
(max. $140). Business—Engaged in residential
real
estate development. Proceeds—For
debt repayment and
other corporate purposes. Office—905
Fifteen Peachtree
Bldg., Atlanta, Ga. Underwriters—McDonnell &
Co., Inc.
N. Y., and Wyatt. Neal &
Waggoner, Atlanta.
Creative Ventures Corp.
and

Diamond

one

Diamond Mills Corp.

amendment.",Business—Manufacture of
hosiery. Proceeds—For debt repayment
working capital. Office—417 Fifth Ave., N. Y. Un¬
derwriter—Drexel & Co., Philadelphia. Offering—In¬

ment

one

warrant. Price—$2.25 per unit. Busi¬

ness—A corporate guidance and interim
financing con¬
cern.
Company may also act as a broker-dealer and un¬
derwriter. Proceeds—For investment. Office—733
Third

Ave., N. Y.
New York.

Underwriter—Hampstead Investing Corp.,

Credit Department, Inc.
Jan. 26, 1962 filed $1,200,320 of 7%
conv. subord. de¬
bentures due 1974 and 54,560 common shares
to
be
offered in 2,728 units, each
consisting of $440 of deben¬




;

_/

.

.

,

Proceeds—For investment. Office'—8397 N. E.

.

trust.

Proceeds—For

investment.

1

investment

.Office—19

E.

First

Underwriter—Realty Securities,
"

V

V

-

/ .v. ;

v

,

Properties Imorovement Corpv«f .!.

15,

1962

due

.

Diversified Realty Investors

South, Sault Lake City.
Inc., Salt Lake City.

Eastern

.

Echlin

June 28, 1962 filed 1,900,000 certificates of interest. Price
estate

50,000 common shares (of which 25,by the company and'25,000 by stock¬

filed $1,400,000 of 6%'% subord. -conv.
1977, and 70,000 common shares to be
offered in units of one $100 debenture and five, common.
Price — $150 per unit. Business — General real estate.
Proceeds—For general corporate purposes. Office.—261"
Madison Ave., N.- Y. Underwriter^—Fleetwood Securities
Corp. of America, N. Y.'
1 ! 7
;
- •
/ -

Underwriter—Bacon, Johnson Realty Management
Co., Inc., (same address). Offering—Expected in Aug,

real

sold

Pennsylvania Investment Co.
V
t
•
16, 1962 filed 450,000 common. Price—By amend-,

debentures

Business—A real estate
investment
Proceeds—For investment. Office—500 Fifth Ave.,

Business—A

;

June

,

Price—$10.

interest.

be

body & Co., N. Y.
./

N. Y.

per

: /

—

•

Diversified Real Estate Trust.
March 8, 1962 filed 1,000,000 shares of beneficial inter¬

—$1

^

(max. $16); Business—A small business investment
Proceeds—For general corporate purposes.
Office
3
Penn
Center
Plaza,. Philadelhia. Under¬
writers—Drexel & Co., Philadelphia and Kidder,- Pea-

Ave., Miami, Fla. Underwriter—Karen Securities
Corp., N. Y.
'■-!'
' ./.■ -7

trust.

-

ment

Second

est.

.

^company.

•

Collateral Corp. V
•
13, 1962 filed 77,050 common. Price—By amend¬
(max. $11.75). Business—A real estate investment

company.

/'•

Eastern
March

Diversified
June

/•

& Photo Corp.

CO,, Inc., N. Y. Offering—Indefinitely postponed.1 ^, 7

Price—By

and

definitely postponed.

v

Camera

holders). The securities are to be offered in units of one
$100 debenture and 10 shares.. Price—By amendment.
Business—Operation of retail camera stores and depart¬
ment store concessions.
Company also processes black
and white film and repairs photographic
equipment.
Proceeds—For debt repayment and working capital. Of¬
fice—68 W. Columbia St., Hempstead, N. Y* Underwrit¬
ers—Edwards & Hanley, Hempstead. L. I;, and Street &

!»women's nylon

.

May 28, 1962 filed 150,000 common and warrants to
pur¬
chase 30,000 additional
shares, to be offered in units of
share and

"

debt

Jan. 23, 1962 filed 200,000 common, of which 120,000 are
to be offered by the company and
80,000 by stockhold¬

a

ment

one

000 will

repayment,;. additional personnel,
advertising and working capital. Office—77 Searing
Ave., Mineola, N. Y. Underwriter—Magnus & Co., N. Y

ers.

Eastern

March 28 1962 filed $500,000 of 6% conv. subord. deben¬

Feb.

Proceeds—For

Underwriter—Mortimer^'B. Burnside; & 'Co.*/ Inc.,

tures due 1972 and

,

of

due

will be offered

•

J.

'New York.

—For

common.

development

Industries, Inc.
75,000 common. Price—$4. Business
-^-manufacturing, labeling and packaging of long playing
stereophonic and monaural phonograph rfecords for label
record companies.! Proceeds—For equipment - and working capital: Office — 900 Passaic 'Ave.,- East Newark,

expenses

small

i g n,

Dynamic L. P.

unit. Business—Company plans to

start-up

e s

June 21, 1962 filed

: ;

5% preferred share held, 2 units for each 5% preferred
A stock held and one unit for each 10 class B shares

Price—$20

capital.

Price—$2/
and 7 production of
"packaged'* electronic circuits and sub-systems. \ Pro¬
ceeds—For new products and working capital.
Office—
317 Main St., East Rochester, N. Y. Underwriters—^Gen¬
esee
Valley Securities Co., Inc., Rochester/ and H. B.
Vesey & Co., Inc., Glens Falls, N. Y.
^
.
1
/

—.

Sept. 28, 1961 filed 140,000 common with attached war¬
rants to purchase an additional 140,000 shares to be
offered for subscription by stockholders in units (of one
one

..

debt repayment, equpiment and working

Business—D

common.

•

v>~:/A :•-•;,■!•-<

Inc.

Dyna-Mod Electronics Corp.
22, 1962 ("Reg. A") 143,000

(7/23-27)

plant. Office—360
Underwriter—None.

Ave.,

•

Co., Inc., N. Y.
./'t

Food

Jan.

Inc.

Manufacturing Co.
r~7
May 24, 1962 filed 210,000 common. Price—By. amend¬
ment (max: $25). Business-^Manufacture of replacement
parts for electrical and. braking systems of automatic
equipment. Proceeds—For! selling stockholders. Address
—Echlin Rd. & U. S. .1, Branford," Conn. Underwriter—
To be named.

*

\

Doman Helicopters, Inc.
April 19, 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two new

¬

Office—850

repayment.

.

(max. $8), Business—Design and manufacture of
sports and casual wear for girls and women. Proceeds

fnent

debt

Dyna Mfg. Co. (7/9-13);
April 2, 1962 ("Reg. A") 60,000 common of which 40,000
will be sold by compari^ and 20,000 by stockholders.
Price-^-$5. Business—'-Manufacture, installation and sale
of kitchen ventilating hoods and exhaust fans. Proceeds
—Expansion, new products and working capital. Office—
4865, Exposition Blvd., Los, Angeles. Underwriter—Ray¬
mond Moore & Co., Los Angeles,
j/:■/'A,./ *'■V/*'

manufacture and utilize all kinds of chemical materials

7

Proceeds:—For

;•

Deuterium Corp.

held.

foods.

Broadway, N. Y. Underwriter. — Godfrey,
Hamilton, Taylor & Co., N. -Y. r Offering—Temporarily
postponed.
>.
1
7.^ '.hx * "
v. •

;

Homes.

11, 1961

vshare and

estate.

real

Office—573

St., Mami,

.

460 Bay

Clark, Inc. and Stroud & Co., Philadelphia.

Proceeds—For debt repayment.
St., N; Y. Underwriter—Jackson Capi
Corp., 400 Madison Ave., New York.".;:V/M/'/

—For

—

.

Inc.
May 14, 1962 filed 157,000 common, of which 127,000 are
to be offered by
company and 30,000 by stockholders.
Price—By amendment (max. $5). Business—Importing

..

Jan. 5, 1962 filed 125,000 common.-Price—$4. Business
—Manufacture of inexpensive ballpoint pens. Proceeds

$5
Business
Construction and financing of shell, homes
Proceeds—For working capital. Address—Allendale, S. C.
Underwriter—Alessandrini & Co., Inc., N. Y.

Cost-Pius,

(max.

Equipment Corp. ~
*.
Dec. 29, 1961 filed' 100,000 common. Price—$2.50. Busi¬
ness—Manufacture of food service equipment; Proceeds
—Fob development and working capital, Office—79 WalZ worth St., Brooklyn, Underwriters -«-» Carroll Co? and
Paul Eisenberg Co., Inc., N. Y. Note—This registration is
being withdrawn.., ;
V ./.»•. t
77: /://;

1961

DeLuxe

phonograph records. Proceeds—For
debt, and working capital. Office—315
W, 47th St., N. Y.v Underwriter—Van
Alstyne, Noel &
Co., N. Y. Note—This firm was known formerly as the
v

29,

*

Drew-

Dunhill

of wood and metal framed pictures, wood utility
frames, etc. Proceeds—For debt repayment, inventory,
and working capital. Office—444 Courtland St., Mundelein, 111. Underwriter—To be named.
■' -

of

Distributing Corp.

purposes.

-

Offering—Temporarily postponed.-

sale

the repayment of

Cosnat Record

corporate

•/'

*'-t

t

industrial

Third Ave., N. Y. Underwriter—Blair. &.

filed 120,000 pommon, pt^wjiich, 9QJ ,
are to be offered by the public hndf ^(joo7bjr a stock¬
holder. Price—By amendment. Business—Production and

Cosnat Corp.
May 26, 1962 filed 190,000 common, of which 178,000 are
to be offered for public sale by the
company and 12,000
outstanding by the present holders thereof. Price—To be
supplied by amendment. Business — The manufacture

distribution

other

and

22nd

of

Duro Pen Co.,

Decorel Corp.
Dec.

Dowd

Co., Inc., N. Y. Offering—Indefinitely postponed.

and

of

Fla. Underwriter—Lancer Se¬
curities Co., 92 Liberty St., N, Y.
' -v.

Price
$4. Business — A financial investment and holding
company,!; Proceeds—For expansion and working capital.
Broadway.

W.

.

Dulany Industries, Inc.
t-V*'v'
1962 filed 400,000 common. Price—By amend¬
ment (max. $6.25). Business—The canning and freezing

Interiors, Inc. (7/16) >
7
Feb. 26, 1962 ("Reg. A") 52,000 class A common. Price—
$2.50. Business—Manufacture of draperies,'furniture and
bed spreads for hotels and institutions.' Proceeds—For

Associ¬

;•

Feb. 26,

•

and working capital*
Underwriter—Oxford

repayment

Ave., N. Y.

amendment

,

—General

Decorative

Corporate Funding Corp.

Office—39

debt

A

Office—50 Broad

Securities Corp.r N. Y.

Y.

April 26, 1962 ("Reg. A") 75,000 class A

Washington,

tal

Madison

post¬

\

Properties Corp.' • V;.-*:
March 6, 1962 filed 173,000 class A." Price—$10/Business

Western

Proceeds—For

Underwriters—John

•

Davos, Inc.
/. y
3
May 28, 1962 ("Reg. A") 35,000 common. Price—$6.50.
Business—Development and -operation of a ski resort.

Inc. (7/16*20)
Dec, 29, 1961 filed 125,000 common. Price—$3.75. Busi¬
ness—Manufacture of high vacuum systems and elec¬
tronic equipment. Proceeds — For debt repayment and
general corporate purposes. Office—145 Water St., South

-v

manufacture

tles & E. W.

Ave.,
Boston.
UnderwriterSchmidt, Sharp, McCabe & Co., Inc., Denver.
*
; -

Control Dynamics, Inc.

temporarily

$12)
Business—Design
metallurgical furnaces.
Proceeds—For debt repayment, equipment and general
corporate purposes. Address — Red Lion Rd;,' and Phil-,
mont Ave., Bethayres, Pa.'
Underwriters—Janney, Bat¬

Office—3600 M St., N. W., Washington, D. C.

Office—342

(F. L.),

Norwalk.

Price—By

and

purchase

opment, new plant and equipment and working capital

Oct. 24, 1961 filed 150,000 common. Price—$1.15. Busi¬
ness—Development and production of electronic testing
and training devices. Proceeds — For expansion and
working capital. Office—9340 James Ave., S., Minne¬
apolis. Underwriter—E. Bruce Co., Minneapolis. Note—

Co, •

been

.;>

-March 9, 1962 filed 122,700 common, of which 42,500 are
to be offered by company and 80,200 by stockholders.

Data Systems Devices of Boston, Inc.
April 26, 1962 filed 200,000 common. Price—$5. Business
—Company plans to design, develop and produce elec¬
tronic and electro-mechanical devices, including printers
for electronic computers. Proceeds—For product devel¬

'

'

-jbrever

•

^

ControiDyne, Inc.

was

in

projects

Note—This offering has

Y.

N.

poned.

Underwriter—None.

Price—By amend¬

Business—A telephone holding com¬
Proceeds—For debt repayment.
Office—111 S.
Bemiston St., St. Louis. Underwriters—Allen & Co. and

firm formerly
Offering—July.

housing

construct

to

purposes.

(max. $15).

This

to

=

.

Price—By amendment (max. $12). Business—
Design and manufacture of boys Knit shirts, sweaters,
pajamas. Proceeds—For working capital. Officn^—
/1115 Broadway* N. Y. Underwriter—Goodbody & Co.,

Proceeds—For construction and general corporate

D. C.

Co., N. Y.

warrants

V

and

Inc.

five-year

„

Feb. 26, 1962 filed 150,000 common, of which 50,000 are
to be offered by the company and
100,0U0 by stock¬

public transit system in Washington, D. C ; a new sub¬

pany.

E. F. Hutton &

and

\

,

holders.

consisting of $Lp0 of debentures and three war¬
Price—$100 per unit. Business—Operation of a

rants.

Co., St. Paul.

March 30, 1962 filed 475,000 common.

ly77

due

:

Donmoor-Isaacson, Inc.

subscription by holders of class A

Highway, Golden Valley, Minneapolis.
Wood

Underwriter—None.

aggregate of 187,500 class A shares, to be offered for
and class B stock in

an

Research, Inc.
:
•
April 19, 1962 ("Reg. A") 50,000 common. Price—$5.65.
Business—Production
and
sale
of
oxygen
dispensers.
Proceeds—For general corporate purposes. Office—6500

of models, tram service personnel, repay
Address—Municipal Airport, Danbury, Conn.

debt, etc.

C. Transit Systems,

D.

bentures

Continental

Underwriter—Harold E.

certification

"April 30, 1962 filed $6,250,000 bf 6V2% conv. subord. de¬

Securities

Price—By amendment (max.;
Business-—Research, development and construc¬
of experimental helicopters.
Proceeds—To obtain

tion

Office—1775 Broadway, N. Y,
M. Kahn &' Co., Inc., N. Y,

Products, Inc.
•'
June 22, 1962 ("Reg. A") 90,000 common. Price—$1.50.
Business—Design and manufacture of flexible, re-usable
vinyl packages.
Proceeds—For debt repayment, sales
promotion, equipment, research and development, and
working capital. Office — 2401 Pacific St., Brooklyn,
N.Y. Underwriter—Broad wall Securities, Brooklyn, N.Y.

Proceeds

Office—Scottsdale Savings Bldg.,

working capital.

Scottsdale, Ariz.
Underwriter—Continental
Corp., Scottsdale, Ariz,,

Bernard

—

Thursday, July 5, 1962

$1.25).

C-Thru

,

Investment

repayment.

.

shares for each three held.

unit
Proceeds

per

Mar. 26, 1962 filed 115,000 common. Price—$4. Business
—Design, sale, fabrication and installation of acoustical
ceilings. Proceeds—For debt repayment and expansion.
Office—1925 Euclid Ave., San Diego. Underwriter —
Holton, Henderson & Co., Los Angeles.

Jan. 6, 1962 filed 72,00u common.

Continental

Price—$550

shares.

common

Crownco

Securities Co., Inc., N. Y.

City, Mo.

debt

Underwriter

repayment working capital and other corporate purposes.
Office—129 S. State St., Dover, Del. Underwriter—Dana

Kansas

20

Business—A consumer sales finance company.

Consolidated Vending Corp.

Consumers

and

tures

Continued from page 33

...

.

Econ-O-Pay, Inc.
V
Oct: 26, 1961 filed. 1,000,000 common. ; Price^r-$3. /Busi-.
ness—A dealer recourse finance, business.
Proceeds
General

corporate

purposes.

Office—164 E. Main

St.,

Volume 196

Valley

City, N. D.

Number 6174

.

.

.

The Commercial and Financial Chronicle

Underwriter—Reserve -Funds, Inc.,

Falcon National Life Insurance Co*

Valley City, N^D.

to

are

be offered

25, 1962 filed 300,000 common to be offered for
subscription by stockholders on the basis of one new

holders.

by the company

Price—By

distribution of

amendment.

cameras,

Floseal Corp.
May 10, 1962 filed 169,420 common to be offered for
subscription by stockholders.
Price—By amendment
(max. $2). Business—Company owns and licenses carton,
pouring spout patents and die patents. Proceeds—For

—Life insurance. Proceeds
1330 Leyden

Business—Wholesale

,

pected in August.

share for each three shares held. Price—$1.20. Business
—' For investments.
Office—

100,000
and 50,000 by stock¬

Proceeds—For debt repayment, expansion,,
ancl working capital. Officer-Ill Fifth Ave., N. Y. Un¬

St., Denver. Underwriter—None.

•
Fastline, Inc.
Sept. 28, 1961 filed 100,000

lenses, accessories and optical

instruments.

-

in units of

to be offered

derwriter—Lee

Higginson Corp., N. Y. Offering—Tem¬
porarily postponed. :
'

common and 50,000 warrants
100 common and 50 warrants.

'

debt repayment and other corporate purposes. Office—
100 W. 10th St., Wilmington, Del.
Underwriter—None.

Price—By amendment. Business—Manufacture of con¬
cealed zippers. Proceeds—Debt repayment, advertising
and working capital. Office—8 Washington Place, N. Y.

,

35

sion and working capital. Office—1491 N. W. 20th
St,
Miami. Underwriter—Finkle &
Co., N. Y. Offering—Ex¬

June

Ehrenreich Photo-Optical Industries, Inc.
Jan/ 26, 1962 filed 150,006
common, of which
1

(95)

Food & Drug Research

Laboratories, Inc.
1962 filed 107,500 common, of which 100,000 /
are to be offered
by company and 7,500 by stockhold¬
registration was withdrawn;
"
1
ers.
Price—By amendment (max. $5). Business—Chem¬
• Fastpak,
Inc. ,(Y/2$-27):X;/
.'
45/000 are. to be r offered. by company and 25,000. by
ical and biological research and testing for the
food, drug, ^
Nov.; 30;: 1961, filed 125,000 common.. Price—$5. Business ;
stockholders. .Price—By .amendmenti (max. $1 per comcosmetics, chemical and related industries. Proceeds—
man share).: Business
For, expansion, ^equipment and debt repayment.
-^/Design; production; assembly,: .; ^The distribution ofnuts, bolts and other fastening. ^
Addistribution; and sale^of transformers, magnetic com->/)devices manufactured by; bthers. Proceeds—For debt, dress—Maurice cAve. at 58th St,
Maspeth; N. Y. Underportents and electronic instrumentation and)control de-'1 repayment and_general corporate purposes. Office—8 ' writers—Maltz, Greenwald & Co, arid Rittmaster, Voisln
viees. Proceeds—For equipment* debt repayment;anew
"r-5?^ort ?
'?ree??r&- T* .^n^rw^ir — Arnold & Co.,N. y. 'u,
plant and working capital. Office—Bayville Industrial /Maikan & Co., Inc., N.Y.
/V ; ;
,
Forst (Alex) & Sons,/Inc.
Park, Qreeley Ave., Sayville; L. I., N% y, Underwrtter—r ^
Federal Realty Investment Trust
TDi
March'23, 1962 filed 100,000 common. Price—By amend- /
T-T*r*
ment (max. $15).
Business—Wholesale distribution of //
toys and games/ Proceeds—For selling stockholders. Of"
fice—2885 Jerome Ave., Bronx, N. Y. Underwriter—McNdv. 17, .1961 filed .75,000 common. Price—$5. Business
■
Prrce—$500 per ■ unit. Business—A real estate invest¬
Donnell & Co., N. Y. Offering—^Temporarily postponed.
/—Design and manufacture of precision nuclear magnetic
ment trust:' Office—729 ,115th St, N. W., Washington,
instrumentation. Proceeds^-For. general corporate pur• "42"
Products, Ltd., Inc. (7/16-20)
D.
C./ Underwriter—Investor Service Securities Inc.,
poses.- Office—Sawyer Lane, Hudson, Mass. Underwriter
April 18, 1962 ("Reg. A") 100,000 class A common. Price
Washington, D. C.
^
-^Gianis & Co.. Inc., N, Y».-/n.
.<
—$3. Business—Manufacture and sale of cosmetics. Pro- y.
Fidelity Mining Investments Ltd.
<
:
:,
ceeds—For advertising, and equipment.
• Electronic
Office—1634Transmission Corp.
(7/31)
;
> V
NoV. 30;, 1961 filed 800,000 common. Price—By amend¬
18th St., Santa Monica, Calif. Underwriter — Rutner, Mirch 22,'1962 filed 125,000 common. Price—$3. Busi¬
ment. Business—Exploration and testing of mining prop¬
Jackson & Gray, Inc., Los Angeles.
ness—Manufacture and distribution of components for
erties. Proceeds—For
•

Electromagnetic Industries, Inc.

(7/30-31)

Underwriter—Jarco Securities

March 30, 1962 filed $250,000 of 6^2% con v. sutiord. de¬
bentures due 1987, also 70,000 common shares, of which

p'

May 24,

Co., Inc., N. Y. Note—This

.

?

^

,

•-

t

amaa

.

WAmv,

.

I

T

+*

*

,

V'-

/debt repayment;

ing

.

f

'

capital

—62
'

expansion, sales promotion and work¬
—
103 E. Hawthorne Ave., Valley

Founders Financial Federation, Inc.
(7/16-20) May 4, 1962 filed 135,000 common. Price—$6. Business—Commercial financing, industrial time sales financing
and factoring. Proceeds—For working capital. Office—
440 W. 34th St., N. Y. Underwriter—Edward Lewis Co.,
Inc., N. Y.

Richmond

St, Toronto. Underwriter—G. V. Kirby
Ltd./ Toronto.

& Associates,

.

Financial

Corp. of Santa Barbara
1962 filed 200,000 capital shares, of which
150,000 are to be offered by the company; and 50,000
shares by stockholders.
Price—By amendment (max.
$20). Business—Company plans to acquire a savings and
loan association. Proceeds—For acquisition of stock and
working capital. Office—1035 State St., Santa Barbara,

Office

March

Stream, N Y. Underwriters—V. S. Wickett & Co., Inc.,
Thomas, Williams & Lee, Inc., and Crosse & Co., Inc.,
N. Y.. V
//
.

•

.

V

-

general corporate purposes. Office

background music; design, construction and installation
of ^ specialized closed circut TV system. Proceeds—For

*

'Electronic

Wholesalers, Inc.
r-V tf'.:
June 18, 1962"filed 75,000 common. Price—By amend-

*

16,

•

Sportswear, Inc. (8/6-10)
1962 filed 103,000 common. Price—$3. Busi~
ness—Design, manufacture and distribution of men's
outerwear, sportswear and
rainwear,^/ Proceeds—For
plant expansion, equipment and working capital. Office*
—665 Broadway, N. Y.
Underwriter—Magnus & Co.,
Inc., New York.

■

ment (max.

$15.50). Business—A distributor of electronic
supplies, TV replacement parts, and hi-ii and stereoohonic
sound reproduction equipment; Proceeds—For debt re¬
payment, inventory, expansion and working capital.
Office—2345 Sherman Ave., N. W., Washington, D. C.
Underwriter—Auchincloss, Parker & Redpath/ Washingvton, D. C. i ;v
v "
•'*

..

\

•

"

f

a

'

■

'

*

> •

.

'

•

\

;

^ ft '4

-

'"Rd^ Westbury," N. Y. Underwriter
Stbnehill,: Inc., Hempstead, N. Y. •,

-

■?. •

.

/

3^

"

Donnell & Co., N. Y.

control.

and

measurement

/

Television, Inc.
1962 filed 211,250 capital shares. Price—By
(max. $25). Business—Production and mar¬
keting of television films. Proceeds—For selling stock¬

N.

29, 1962 filed 37,000 common. Price—By amend¬
(max. $15).: Business—A bank holding company.
Proceeds—For capital funds, reserves and working cap¬
ital. Office—3311 S. Broadway, Englewood, Colo. Under¬
writer—Boswbrth, Sullivan & Co., Inc., Denver.
;

FW-4,

..

.

,

.

A

_

.

.,

.

„

N.
•

ruHrf:^

Main St;, Bridgeport, Conn. Underwriter—P. W. Brooks
Co., N. Y. '

.
'

1

.•

investment.
^

D.

Office—1613

Eye

Underwriter—Sidnev

C.

St., N. W.,
Z.

•

and

Jan.

was

Esslinger's Industries
H
(7-/30)-. ^ ' •>; v > -

"

•

of

,.

•?

V

Inc.

/'

Oct.

ceeds— For

Sts.,

Business—A small business
ceeds—For

&

debt

Underwriter—Woodcock,- M O y
French, Inc., Philadelphia.
■
"•*; "• ' ' *

1

\

—36

State

S.

St..

Chicago./Underwriter—Allen

Offerihg—Postponed,

v

Everbest Engineering Corp.;

..

&

;

4 / a"

-

5

'

.

/

r,

•

•••'••

A* Fund Investments, Inc.
28, 1962 filed 80,000 class B common. Price—$5.
Business—Retailing of mutual fund shares. Proceeds—
For working capital and debt repayment .Office—1301

■

.

E.
•

;

"

Preiss,

-

;

^ Florida Jai Alaiy Inc.
28, 1962 filed 400,000 common. Price—$5. Business
Operation of Jai Alai games and pari-mutuel
betting. Proceeds—For rent, purchase of leased quarters,
building improvements, working capital. Office—Fern

'

Fairlane

June 13,

Finance

;

;

1^^,

1962'(VReg: A") $300^000; of 6%% sinking fund

junior subordinated debentures due 1977, Price—At
Business—An

automobile

and.

consumer

finance

par.

com¬

Proceeds—For debt repayment/ working capital
and expansion. Office — Greenville, Rd.,;
Easley, S. C.

pany.

Underwriter—Alester
s.c. v:
f

•;

.

■-

G.

Furman

Co., Inc.,; Greenville,

•/: ^ r/;

Fairway Mart, Inc.. (7/9*13)
19, 1962 O'Reg. A") 100,000

March

common.

Price—$3.

Business—Operation of five; discount merchandise
ter.

Proceeds—For expahsion,: advertising,

cen¬

inventories,
working capital and'other corporate purposes. Office—
801 Market St., Youngstown, Ohio. Underwriter—A. J.
Carno Co., Inc., N. Y.
'




;t

&

Utilities

Co.

Proceeds—a/For

Inc., N.

Y.

State

Small

Business

N. Y.

Investment Co.

Office—1180 Raymond Blvd., Newark, N. J.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Offering—Temporarily postponed.
•

■

Gaslight Club, Inc.

(7/16-20)

Feb, 28, 1962 filed 100,000 common. Price—By amendment (max. $7) Business—Company operates four "key
clubs.'* Proceeds—For expansion, debt reduction, and

working capital. Office—13 E. Huron St., Chicago. Un¬
derwriter—Myron A. Lomasney & Co., N. Y.;1
Gemco-Ware Corp.

v

May 29, -1962 filed $750,000 of 5M% conv. subord. de¬
bentures due 1982,
Price—By amendment./ Business—
Operation of water distribution and sewage collection
systems.

Hoffman,

investment.

bonds, due

mortgage bonds, due 1989, plus premium and accrued
interest, and /construction/ Office — Ingraham Bldg.,
Miami, Fla. Underwriters—(Competitive). Probable bid¬
ders; Merrill Lynch, Pierce, Fenner & Smith Inc.-Kidder, Peabody & Co. (jointly); Halsey, Stuart & Co. Inc.;
White, Weld & Co.; First Boston Corp.; Blyth & Co., Inc.
Bids—Expected July 31 (11.30 a.m. EDST). Information
Meeting—July 30 at 2 Rector St., N. Y.
Florida Water

&

Industries, Inc.
March 30, 1962 filed 100,000 class A common shares.
Price—By amendment (max. $11). Business—Design,
manufacture and distribution of toys and sporting goods.
Proceeds—For debt repayment Office—184 Fifth Ave.,

Oct. 27, 1961 filed 330,000 common. Price—$3. Business
—A small business investment company. Proceeds—For

1992. Proceeds—For retirement of outstanding 5^4% first

•>

Cinder

Garden

#

F,orida power & Ljght Co. (7/31)
June 26, 1962 filed $25,000,000 first mortgage

Underwriter—None.

Inc.

N. Y. Underwriter—Hemphill, Noyes & Co.,

OtfiC¥^41 E, Twelfth St./N.

;• Underwnter-Planned Investing Corp., N. Y.

St., Charlotte, N. C.
Stores

S.

Gabriel

—

lamps. Proceeds—New product development, inventories
and worldng capital

Morehead
G. M.

April 30, 1962 filed 140,000 common. Price—$4. Busi¬
ness—Operation of discount centers. Proceeds—For ex¬
pansion. Office—19 W. - 34th St., N. Y. 1 Underwriter—

Florida Bancgrowth, inc. >
March 16, 1962 filed 200,000 cpmmon. Price—By amendment
(max. $15/.
Business—An investment company
specializing in bank, stocks./ Proceeds—For investment
Office—3356 Atlantic Blvd., Pompano Beach, Fla.
Underwriter—Dempsey-Tegeler & Co., Inc., St. Louis.
June

April 2f 1962 filed ,100,000 class A shares. Price—$2.40,
Business—Manufacture. and sale of long-lived electric
-

3

Co..

*

^

,"

x;

common. Price—By amend¬
Business—Construction and operation of various

June

First Southern Realtv Trust

.

,

—Van Alstyne, Noel & Co., N. Y. Offering—Postponed.

r

."" N.'Y.

?

Office—1295

'

—For prepayment of debt and reduction of bank loans.
Office—141 North Ave., Bridgeport. Conn. Underwriter

Price—$1.,

company./ Pro¬
Northern Blvd.,

Underwriter—None.

Underwriter—To be named.

Jan; 23,
v.

investment

June 15, 1962 filed 600,000 shares of beneficial interest.
Price — $5. Business — A real estate investment trust.
Proceeds—For investment. Address—Little Rock, Ark.

e r,

Evans,.Inc. :
' _r.;■ ;V:• v
;
/''■,
•, ■ t';
1962 filed 130,000 common, of which 20,000 are
to be offered by the company and 110,000 by stockhold¬
ers.
Price—By amendment. Business
Retail sale of
wearing apparel. Proceeds—For working capital. Office

:

•-

:

Office—10th & Callowhill

repayment;

investment.

Manhasset, N. Y.

galvanized iron and steel productsV Pro¬

Philadelphia."

Fricke

27, .1961

Capital Fund, Inc.
filed 2,770,000 capital shares.

Polonitza, Inc., Los Angeles. Offering—Tem¬

type apartment, industrial and office buildings. Proceeds

First New York

March 28, 1962 filed $8.50,000 of 6% % conv. subord. de¬
bentures due 1977 and 112,50CK common shares.- Price-

and the sale of

»

.

Debentures, $1;000; stock, $8/ Business—Brewing of malt
beverages, the processing, cleaning and testing of metals

,'v

'

Philadelphia,
\*/ •• '

debt repayment,

plant

expan¬

..

26, 1962 filed 200,000

ment.

known
•

chain

Frouge Corp.

Co.

Washington, D. C. Note — This company formerly
as Perpetual Investment Trust.

•

a

porarily postponed.

Washington,

Securities

Mensh

Hollywood, Inc.

Business—Operation of a mail order
of women's apparel stores.
Pro¬
ceeds—For
expansion and other corporate purposes.
Office—6608 Holy wood Blvd., Los Angeles
Underwriter

sales

offices, - advances to subsidiaries and
working capital. Office—5150 Wilshire Blvd., Los Angeles. - Underwriter—Wisconsin-Continental, Inc.,- Milwaukee.'* .'7 ,7/,.--.-V
new

of

Price—$5.

—Garat &
-—For

Proceeds

Underwriter—None.

business

iSmSSmSA "sawas

'•ssi,si''%"m

Y.

Frederick's

holder.

• First Income Realty Trust

'

a#

four-passenger amphibious autogiro.

March 26, 1962 filed 150,000 capital shares, of which 70,000 are to be offered by company and 80,000 by a stock¬

^

"

r«.ri»u

a

—To produce prototype models, and finhnce general
overhead" and operating expenses. Office—10 E. 52nd St.,

''

(max.

J

r

Frazior-Walkor Aircraft Corp.

Price—By amend¬
$15).
Business—A small business invest¬
ment company. Proceeds—For Investment.
Office^—955

ceeds—For plant expansion, inventory, and equipment.
Office-^-1202 Arnold Ave./" New Castle, Del,
Underwriter—Weil & Co/, Inez, Washington, D* C/_ ; ' •

Ave., North ^Hdllywood,

Jan. 26, 1962 filed 140,000; common. Price—By amend¬
ment. Business—Company plans to produce its Gyrojet

March 9, .1962 filed 200,000 common.
ment

Pro-

Bedford

ing—Indefinitely postponed.

First Connecticut Small Business Investment Co.

(7/16-20)

Office—4030

Underwriters—Paine, Webber, Jackson & Curtis,.
Y. and Dempsey-Tegeler & Co., Inc., St. Louis. Offer¬

Calif.

ment

•"

16,

holders.

«

-

June

'

l

Four Star

March

amendment

First Colorado Bankshares Inc.

;

.

for

*' '

Financial

.

Electronics, lnc.
i-' ".;//.*»; r;*'/•y,./;V.• • '
.'"/June 4, 1962 filed $200,000 of 63A% conv. debentures due
'1974, and $50,000 common, to be offered in units of'
$200 of: debentures and 50 shares. Price—$400 per unit..
>'
Business—Manufacture
of
precision instruments,- and
devices

Witter & Co., Los Angeles.

'

Emcee

electronic

Dean

Federation, Inc.
March 30, 1962 filed 75,000 capital shares. Piice — By
amendment (max. $105). Business — Ownership of 11
California savings and loan associations. Proceeds—For
/ selling stockholders. Office — 615 S. Flower St., Los
Angeles.- Underwriters—Kidder, Peabody & Co. and Mc¬

Reed, Whitney &
f
-

—

—

'

Ellne'r •&

Pike, Inc. (7/16).' "';
May 25;'. 1962 ("Reg. A")s 50,000 common. Price — $6.
Business—Operation of supermarkets. Proceeds—For expansioh and working capital. Office—896 Old Country

*

Calif. Underwriter

Offering—Indefinitely postponed.

Four Star

March 27,

March 9, 1962 filed 146,000 common.
ment
1

restaurant

Price—By amend¬

Business—A holding

company for* a
equipment manufacturer, a wholesale distrib-

(max.

$8).

Continued

on

page

36

-

26

The Commercial and Financial Chronicle

(96)

Continued

derwriters—Leiberbaum & Co. and Morris Cohon &

from page 35

of

houseware

products and a company operating
leased discount departments dealing in hard goods. Pro¬
ceeds—For
debt
repayment, expansion and working
capital.
Office—134-01 Atlantic Ave., Jamaica, N. Y.
Underwriter—J. R. Williston & Beane, N. Y. Offering—
Temporarily postponed. :•

Gotham Investment

Classics

Inc.

pected

March

23, 1962 filed 105,000 common. Price—$3. Busi¬
ness—Design, assembly and distribution of trophies,
plaques and awards.
Proceeds—For debt repayment,
new products, expansion and working capital.
Office—
2555 W. Diversey Ave., Chicago. Underwriter—Michael
G. Kletz & Co., N. Y.

debt

Proceeds—For

(7/16-20)
Mar.

common.

Price—$7.50. Busi¬

St., New Haven, Conn. Underwriters—Ingram, Lambert
& Stephen, Inc., and Reuben Rose & Co., Inc., N. Y.
Realty Income Trust
April 27, 1962 filed 1,000,000 shares.
ceeds—For

investment.
Office—111
Broadway,
Underwriter—King Merritt & Co., Inc., N. Y.
General

Vitamin

1962

N.

Y.

&

Drug Corp.
78,000 common. Price—$2.75.
vitamins through department stores

("Reg. A")

Business—Sale

of

and

mail order. Proceeds
For debt repayment, new
products, sales promotion and working capital. Office—
88 Cutter Mill Rd., Great Neck, L. I., N. Y. Underwriter
—J. J. Krieger & Co., Inc., N. Y.
R'-

1445

S.

Proceeds—For selling stockholders.

Halsey Drug Co.
;
;■
r
30, 1962 filed 79,500 common. Price—$4. Business
—Manufacture, packaging and sale of proprietary drug
products. Proceeds—For debt repayment, expansion and
other corporate purposes. Office—1827 Pacific St., Brook¬
lyn, N. Y. Underwriters—Packer-Wilbur & Co., Inc., and
Alessandrini & Co., Inc., N. Y. Offering—In late July,

Office—

•

Granco, Inc.
23, 1962 filed $600,000 of 6% conv. subord. de¬
due 1977 to be offered in 1,200 units. Price—
$500 per unit. Business—Operation of jewelry stores,
jewelry concessions and a liquor concession in discount

Hanna-Barbara
Dec.

Bahama

Development

Research, Inc.
Feb:. 12, 1962 filed 162,500 common, of which 12,500 are
to be offered by the company and 150,000 by stockhold¬
ers/Price—By amendment (max. $8.50). Business—Di¬
rect mail selling of vitamin mineral products to eld¬
erly customers. Proceeds—For working capital. Office
—179 N. Michigan Ave., Chicago.
Underwriters—Bacon,
"Whipple & Co. and Freehling, Meyerhoff & Co., Chicago.

Business—The marketing of
cards

Jan. 23, 1962 filed 250,000 common. Price — By amend¬
ment. Business—Sale and development of land on Grand

Real

Estate

Distributors, Inc..
filed 200,000 common, of which 100,000
are to be offered by the company and 100,000 by a stock¬
holder. Price—By amendment. Business—Retail sale of
housewares,
hardware, -lighting
fixtures, automotive
accessories, etc. Proceeds—For debt repayment, expan¬
sion
and
working capital.
Office—1416 Providence
Highway,. Norwood. Mass. Underwriter—McDonnell &
Co., N. Y. Offering—Temporarily postponed. / y ///,;
Jan.

Investment Trust

,

Offering—Indefinitely postponed.
• Gilfillan
Corp.
April 4,. 1962 filed 254,000 common. Price—By amend¬
ment (max. $18). Business—Development and
produc¬
tion of radar and other specialized electronic systems.
Proceeds—For selling stockholders. Office—1815 Venice
Blvd., Los Angeles. Underwriter—Blyth & Co., Inc., Los
Angeles. -

conv. subord. deben¬

tures due 1972 and 90,000 common shares to be sold
by
certain stockholders. The securities are to be offered In
units consisting of a $100 debenture and 36 shares. Price

—By amendment. Business—Manufacture of restaurant
other type furniture which it sells
principally to
dealers in Puerto Rico.
Proceeds—For equipment and
general corporate purposes. Address—San Juan, Puerto
Rico. Underwriter—Edwards &
Hanley, Hempstead, N. Y.
and

filed

1962

150,000 common, of which 60,000
by the company and 90,000 by the com¬
pany's parent, Glen ModeSj Inc. Price—By amendment
(max. $7). Business—Design, production and sale of
to be offered

women's
—For

fashion

general

accessories, and sportswear.

corporate

Proceeds

Office—417

purposes.

Fifth

Ave., N. Y.

Underwriter—Sprayregen, Haft & Co., N. Y.
Offering—Indefinitely postponed.
★ Global Construction Devices, Inc.
29,* 1962 filed 100,000 common. Price—$10. 'Busi¬
ness—Manufacture, sale and lease of steel supports and
June

beams

used

in construction.

ment,

expansion, research,
Cedar Lane, Teaneck, N.
Cohu

&

Stetson and

Proceeds—For debt repay¬
and inventory. Office—545

J.

Underwriters—Winslow,

Laird, Bissell & Meeds, N. Y.

Gold Leaf

March

Pharmacal Co., Inc.
1962 filed 80,000 common.

13,

Price—$4. Busi¬

and sale of pharmaceu¬
tical and veterinarian products,
rroceeds—For advertis¬

ing,

research, debt repayment and working capital.
Office—36 Lawton St., New
Rochelle, N. Y. Underwriter
&

Co., N. Y.

ic Goldsmith Bros.
June 29, 1962 filed
125,000 common, of which 62,500 are
to be offered by
company and 62,500 by stockholders.

Price—By amendment (max. $8). Business—Retail sale
stationery office supplies and department store mer¬

of

chandise.
Office—77
Stonehill

Proceeds—For expansion and
working capital.
Nassau St., N. Y.

&

Underwriter—Federman

Co., N. Y.

2,

1962

filed 550,000

Business—Company plans

class

•;

*
^

March

N. Y. Underwriter—Finkle & Co., N. Y. Offering—•
Expected in August.
■' ;..'/ '•'/y/ 'y'.;/• • y

way,

.

Harrington & Richardson, Inc.

Price—By
(max.
$14).
Business—Operation of
16
supermarkets in the Los Angeles area.
Proceeds—For
selling stockholders.
Office—17602
Bellflower
Blvd.,
common.

amendment

Bellflower,
New York.

Calif.

Underwriter—Morris
■;

,

Greater New York Box Co., Inc.
Dec. 29, 1961 filed 100,000 common.
ment

($7

max.).

Cohon

^

:"vy

&

7, 1962 filed 180,000 common, of which 40,000 are
to be offered by company and 140,000 by stockholders.
Price—By amendment (max. $30). Business—Manufac¬
ture and sale of M-14 rifles to U. S. Govt. Proceeds—
Equipment, plant expansion and working capital. Office
Ave., Worcester, Mass. Underwriter—Shearson, Hammill & Co., N. Y. Offering—Temporarily postponed.
v
-•
v'/,,
V
/ yy
.■//'

.

—320 Park

y

Price^-By amend¬

Business—Manufacture of corrugated
Proceeds—For general corporate

Office—149

A

Entin

.

Greater

Nov.

14,

Offering—Temporarily

Hart's Food Stores,

filed

250,000

common.

Price—$11. Busi¬
Proceeds—

investment.

Office—952

Union

Trust

burgh.- Underwriters—Moore. LebnarH
ger, Dean & Scribner, Pittsburgh.
tion was withdrawn.

Bldg., Pitts¬

holders.
;

pedic works

operates an advertising
spot time. Proceeds—
Varick St., N. Y. Un¬
derwriter—Van Alstyne, Noel & Co., N. Y. Offering—.

working capital.

Hawaii.

Underwriter—J.

6400 Chillum

shares.

Price—$10.

to develop, operate, construct

Englewood, N. J. Un¬

Investment Trust

Underwriter—White, Weld & Co., Inc., N. Y.

Heartland

Development Corp.

March

28, 1962 filed 23,300 shares of 5% convertible
preference stocl^, to be offered for subscription by stock¬

May 28, 1962 filed 100,000 common. Price—$3. Business
—Furnishing of equipment for operation
ofycoin-operated dry cleaning and
laundry establishments. Proceeds
—

Real Estate

May 18, 1962 filed 1,000,000 shares of beneficial interest
and eight-year stock purchase warrants to be offered in
units consisting of one share and one warrant. Price—
$10 per unit. Business—A real estate investment trust.
Proceeds—For
working
capital./ Address—Honolulu,

Gruman-Bond Equipment Corp.

Office

and

Indefinite.

April 25, 1962 filed 150,000 cqmmon, of which 75,000 are
to be offered by company and
75,000 by stockholders.
Price—$10. Business—Wholesale and retail distribution
of toys, hobby lines and sporting
equipment. Proceeds

—For expansion.

children

for

agency for sale of TV and radio
For working capital. Office—170

Underwriter—None.

debt repayment, inventory and
Office—35 Engel St., Hicksville, N. Y.
R. Williston & Beane, N. Y.

Lynch, Pierce, Fenner & Smith Inc.,

Harwyn Publishing Corp.

Inc.

—For

Inc.

Jan. 29, 1962 filed 300,000 class A common. Price — By
amendment. Business — Publishes illustrated encyclo¬

-

Hawaii

Bros.,

-v-;

New York. Offering—Expected sometime in August.

Note—This registra¬
/

Westbury, L. I., N. Y.

>;•.

food
stores.
Proceeds—For selling stock¬
Office—175 Humboldt St., Rochester, N. Y. Un-

derwriter—Merrill

& Lvnch and Sin¬

Green (Henry J.) Instruments Inc.
v
April 30, 1962 filed 150,000 common. Price—$2.25. Busi¬
ness—Manufacture of precision instruments for measur¬
ing atmospheric conditions. Proceeds—For debt repay¬
ment, equipment and working capital.
Office—2500

Shames Dr.,

^

small

and

ness—A small business investment
company.

For

cf*''."..

s

March 28, 1962 filed 235,550 common. Price—By amend¬
ment (max. $16).
Business—Operation of supermarkets

Pittsburgh Capital Corp.

1961

(Paul)

Stores, Inc.
See Paul, Harris Stores, Inc.•. v

postponed.
•

,

Harris

Rd., Clifton.. N. J. Under¬

writer—D. H. Blair & Co., N. Y.

; ;

March

Co.,

/ './

,

v\yy

Harley Products, Inc. ///■■ 28, 1962 filed 75,000 common. Price—$4. Busi¬
ness—Design, production and distribution of belts and
related products. Proceeds—For sales promotion, expan¬
sion, inventory, and debt repayment. Office—476 Broad¬

("Reg. A") 60,000 class A common. Price
Business—Company plans to establish an industrial
an insurance
agency. Proceeds—For working
capital, debt repayment and expansion. Office—368 Main
St., Longmont, Colo. Underwriter—Birkenmayer & Co.,
Denver.
v'/v
';/■/;; .*/'/y//
bank and

filed 219,150 class A

Inc./vvv';;

working capital. Office—3100 Tremont Ave., ChevMd. Underwriter — Switzer & * Co., Inc., - Silver
Springs, Md. -v. /r">/'■
-s'!-v

Great Plains Corp.

1962

Enterprises,

filed 160,000 common. Price—$5. Business
—Company plans to own and operate an amusement
park. Proceeds—For property development,1 advertising,
1961

8,

erly,

—$5.

28

1962

and

March 26, 1962

June

26,

Hargrove
Dec.

holders

-

Place, N. W.,

basis of

one preferred share for each 10 com¬
Price—$12. Business—Real estate. Proceeds
—For general. corporate purposes and debt repayment.
Office—40 Beaver St., Albany, N. Y. Underwriter—None.
mon

Washington, D. C. Underwriter—Shell Associates, Inc.,

on

held.

Heck's Discount Centers, Inc..

.

June

Corp.

and manage real estate. Proceeds—For
general corporate
purposes. Office—151 N. Dean St.,




Co.

Office—116 John St., N. Y.
Underwriters—Emanuel, Deetjen & Co., and Zuckerman,
Smith & Co., N.
Y,..;y/-";'/ ;.vV

New York.

Good-Era Realty & Construction

April

Insurance

general corporate purposes.

Greenman

ness—Manufacture, development

—Droulia

Eastern

April 13, 1962 filed 381,600 common^ price—By amend¬
Business—Company plans to write cer¬
tain types of fire and casualty insurance. Proceeds—For
ment (max. $5).

purposes.

Glensder Corp.

23,

Continental Real Estate Investment Trust,

board and containers.

Offering—Indefinitely postponed.
March

Place, Baltimore. Underwriter
formerly was known as

—To be named. Note—This firm

• Greater McCoy's Markets, Inc.y///v,v

Girard

Industries Corp.
March 28, 1962 fled $250,000 of 6%

Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
ment. Office—530 St. Paul

through franchised dealers.- Proceeds—For equip-,

Hardlines

Ave., N. Y. Underwriter—Allen & Co.> N. Y.
Continental

.Price—$1.

gifts, candies and greeting

ment, Inventory and working capita l> Office—11 Tenth
Ave., S., Hopkins, Minn. Underwriter—None.

Bahama Island for residential and resort purposes. Pro¬
ceeds—For general corporate purposes. Office—250 Park

Great

Happy House, Inc. •
- •/ v
1961 filed 700,000 common shares

July 28,

Ltd.

(7/16-20)

Great

1962 filed 125,000 common. Price—By amend¬
(max. $5). Business—Operation of discount stores.
expansion, debt repayment and
working capital. Office^—6400 MacCorkle Ave., S. W.,

Gulf American Land Corp.
Feb. 28, 1962 filed

$10,000,000 of 6V2% conv. subord.
debentures due 1977. Price—At par. Business—Company
is engaged in the
development of planned communities
in Florida. Proceeds—For debt
repayment and general

'

By

N. Y.

Co., Inc., Kansas

Co.,

1

T
—

—

•

Grand

Productions, Inc.lv . v v
filed 200,000 capital shares. Price

and commercials. Proceeds
For a new building and
working capital. Office—3501 Cahuega Blvd., Los An¬
geles. Underwriter—Carl M. Loeb, Rhoades & Co., Inc.,

Proceeds—For debt repayment and
capital. I Office—182 Second Ave., San Fran¬

Underwriter—Midland Securities

29, 1961

amendment. Business—Production of television cartoons

department stores.
cisco.

Business—Manufacture

March

St., Anaheim, Calif.
Underwriter—CrutCo., Inc., 618 S. Spring St., Los Angeles.

working

amendment.

lighting fixtures. Proceeds—
For general
corporate purposes. > Office—Chicago, 111.
Underwriter—R. W. Pressprich & Co., N. Y. Offering—
Temporarily postponed.
>
V

West

tenden &
,

Price—By

recessed^ incandescent

of

,

land Hotel.

27,

holder.

—

—

Geriatric

are

,

Gourmet Restaurants, Inc.... v..
■
y
y
/
;
»
April 30, 1962 ("Reg. A") 28,213 capital shares.
Price
—$3.50. Business—Operation of restaurants in Disney¬

Price—A maximum
Business—A real estate investment trust. Pro¬

April 3,

.;

.

City, Mo.

General

$10.

Lighting, Inc.
1962 filed 300,000 common, of which 100,000
will be sold by the company and 200,000 by a, stock¬
Mar.

/

bentures

ness—A small business investment company. Proceeds—
For debt repayment and investment. Office—348 Orange

of

v

March

Connecticut, Inc.

v;-;

14, 1962 filed 200,000

Inc.

1962 filed 100,000 common. Price—$4.50. Busi¬
Growing, purchasing, distributing and selling
potatoes and processing and selling of prepared
potato products. Proceeds—For a new plant and equip¬
ment. Office—915 Southeast 10th Ave., Portland, Ore.
Underwriter—Darius Inc., N. Y.
/J."//v

Economics

Investment Co. of

Products,

May 25,

ness

equipment and working capital. Office—1252 W. PeachSt., N. W., Atlanta, Ga. Underwriter — Robert M.
Harris & Co., Inc., Philadelphia. Note—The SEC has is¬
sued an order temporarily suspending this issue.

General

Gourmet Food

whole

repayment,

Syndicate, Inc.
April 11, 1962 filed 400,000 class A common. Price — $10.
Business—An insurance holding company. Proceeds—•
For investment in subsidiaries,
and working capital.
Office—625 Madison Ave., N. Y.
Underwriter—G. E. C.
Securities, Inc., (same address).

Halo

—Van Alstyne, Noel & Co., N. Y.

tree

General

Price—$11. Busi¬
of paper.
Proceeds—Expansion and
Office—Lyons Falls, N. Y. Underwriter

ness—Manufacture

Design

industries.

'

Paper Co.
Sept. 28, 1961 filed 140,000 common.

Corp.
j//v*/
April 25, 1962 ("Reg. A") 65,000 common. Price—$3.
Business—Design and development of new products for
various

1977, 200,000 common and 6-year warrants to
purchase 25,000 common at $1 per share to be offered in
units consisting of a $10 debenture, 8 common shares and
one warrant. Price—$18 per unit. Business—Extraction,
processing and sale of rock and sand. Proceeds—For a
new plant and other corporate purposes. Address—Hal¬
landale, Fla. Underwriter—Mutch, Khanbegian, Flynn &
Green, Inc.. 115 Broadway, N. Y.
^

in September.

working capital.

-

March 30, 1962 filed $250,000 of 8% subordinated deben¬
tures due

Gould

•

General

s

other

and

Inc.; N. Y. Offering—In August..

Hallandale Rock & Sand Co.

corporate purposes.
Office—1707 H St.,
N. W., Washington, D. C. Underwriter—Rouse. Brewer.
Becker & Bryant, Inc., Washington, D. C. Offering—Ex¬

,

General

Street & Co.,

Corp.

Nov. 21, 1961 filed 100,000 common. Price—$6. Business
—Real estate investment. Proceeds—For working capi¬
tal

Thursday, July 5, 1962

.

.

corporate purposes. Office — 557 Northeast 81st St.,
Miami, Fla. Underwriters — Morris Cohon & Co. and

Co.,

New York.
utor

.

7,

ment

Proceeds—For inventory,
/

St.

Albans,

W.

Inc., N. Y...

Underwriter—Willard

Va.
...

..

*,

...

.•

,,

.

,

Securities,
•

Volume

Number 6174

196

.

.

.

The Commercial and Financial Chronicle

(97)

April 27,

Rd., Brooklyn, N. Y.
Chatkin, Inc., N. Y.

Summit Dr., La Mesa, Calif.

Jan. 29, 1962 filed 125,000 common.
Price—By amend¬
ment.
Business—Publishes "The Financial Index" and

Helix Land

Co., Inc.
1962 filed 586,000 capital shares. Price—By
amendment (max. $5).
Business—General real estate.
Proceeds—For general corporate purposes. Office—4265
,

Herlin

Underwriter—None.

&

Co., Inc.
May 29, 1962 filed 100,000 common, of which 80,000 are
to be offered by company and 20,000 by stockholders.
Price—By amendment (max. $12.50). Business—Sale of
wrist watches to holders, of food chain, cash register

capital.^.Office—2046 Bell
Underwriter—Newhard, Cook & Co.,

tapes.* Proceeds—For working

Louis.

St.

Ave.,

St. Louis.

^

t

Hickory Industries, Inc.
Aug.

40,000

A")

("Reg.

1961

31,

Business—The

of

manufacture

common. Price—$5.
machines and

barbecue

equipment. Proceeds—For equipment, inventory,
saies promotion, expansion and working capital.
Office
■—10-20 47th Rd., Long Island City, N. Y. Underwriter—
J. B. Coburn Associates, Inc., N. Y. Offering—Indefinite.
allied

High Temperature Materials, Inc. Sept. 28, 1961 filed 120,000 common. Price—By amend¬
ment.
Business—Manufacture of products from test
Proceeds—For equipment, research and

models.

devel¬

opment, leasehold improvements, repayment of debt and
working capital. Office—130 Lincoln St., Brighton, Mass.
Underwriter—To be named.
Hill Street Co.

16, 1961 filed 2,265,138 common to be offered for
subscription by stockholders of Union Bank of Califor¬
nia on a share-for-share basis.
Price—$3. Business—A

Oct.

investment

management

company.

Proceeds—For in¬
Angeles. Under¬

Office—760 S. Hill St., Los

vestment.

writer—None.

Index

other

&

Underwriter—Crow, Brourman &

Retrieval

indexes

and

Systems, Inc.

promotion, office relocation, and working capital. Office
St., Woodstock, Vt.
Underwriter—Searight,
Ahalt & O'Connor, Inc., N. Y. Offering—In July.

—19 River

Industrial Growth Fund of North

Industry Capital Corp.
Dec. 26, 1961 filed 500,000

common. Price—$15. Busi¬
ness—A small business investment company. Proceeds—
For general corporate purposes. Office—208 S. La Salle

St., Chicago. Underwriter—A. C. Allyn & Co., Chicago.
Offering—Indefinite.
•

Instromech

Sauce

Co., Inc.

,v''

March 30, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—A contract manufacturer of precision products.
Proceeds—For

acquisition of land and building, equip¬

ment, inventory and other corporate purposes. Office—
4 Broadway Plaza, Huntington Station, N. Y. Under¬
writer—Price Investing Co., N. Y.
;
Instron

Engineering Corp.
March 26, 1962 filed 120,000 common. Price—By amend¬
ment (max. $14).
Business—Development and produc¬
tion of equipment for use in testing the physical char¬
acteristics of various materials.
Proceeds—For selling
stockholders. Office—2500 Washington St., Canton, Mass.
*

-

28, 1962 filed $250,000 of 6y2% subordinated sink¬
ing fund convertible debentures due 1977 and 25,650
common shares to be offered in units consisting of one

Instrument

Feb.

$500 debenture and 50 common shares. Price—$1,000 per
unit. Business
Manufacture of liquid and semi-solid
salad dressings and specialty sauces. Proceeds—For debt
repayment and expansion. Office—109 S. Webster St.,
Madison, Wis. Underwriter—Milwaukee Co., Milwaukee,
Wis. Offering—Indefinitely postponed.
- ^
—

Holiday Mobile Home Resorts, Inc.
Jan.

31, 1962 filed 3,500,000 common and 5-year war¬
purchase 700,000 shares, to be offered in units
warrant. Price—$50 per unit,.vJ3^i,-

rants to

of 5 shares and one

and

ness—Development
sorts.

Proceeds

working

—

capital.

operation of mobile, home re¬

repayment, Expansion and
Office—^4344' E. Indian school1 RoadL
For

debt

Phoenix. Underwriter—None.
r

Hollingsworth Solderless Terminal Co.

27, 1962 ('.'Reg. A") 75,000 common. Price — $4.
Business—Manufacture, sale and development of solderless terminals and other wire terminating products. Pro¬
Feb.'

equipment, advertising and
O. Box 430, Phoenixville,
Pa. Underwriter—Harrison & Co., Philadelphia. Offer¬
ing—Temporarily postponed.
ceeds—For debt repayment,

working capital. Address—P.

Honora, Ltd.

29, 1961 ("Reg. A") 76,500 common. Price—$3.75.
Business—Purchase of cultured pearls in Japan and
distribution

in

the

U.

S.

general

Proceeds—For

corporate purposes. Office—42 W. 48th St., N. Y. Under¬
writer—Sunshine Securities, Inc., Rego Park, N. Y.
House of Koshu,

Inc.
1962 filed 75,000 class A common. Price—$5.
Business—Importing of Japanese liquors. Proceeds—For
debt
repayment, advertising, inventory and working
capital. Office—129 S. State St., Dover, Del. Underwriter
—P. J. Gruber & Co., Inc., New York.
<
March 29,

•

of

House

Vision,

equipment. Pro¬
Office—137 N. Wabash

manufacturer and distributolr of optical
ceeds—For selling

Chicago.
Chicago.'
Hunsaker

,

stockholders.

Underwriter—Hornblower
i.'i'K
•

Weeks,

&
J

■'

Corp.

1962 filed $1,600,000 of convertible subordi¬
shares.
Price
By amendment (max. $6 per common share).
Business—Construction of homes and apartments on land
March
nated

30,

debentures due 1977 and 250,000 common

—

has acquired in Southern Calif. Proceeds
and other corporate purposes.
Office—15855 Edna PI., Irwindale, Calif. Underwriter—
Bateman, Eichler & Co., Los Angeles.

which company
—For

debt

repayment

Hydro-Swarf, Inc. (8/13)
30, 1962 filed 97,000 common, of which 80,000
will be sold by company and 17,000 by certain stock¬
holders. Price—$5. Business—Manufacture, assembly and
sale of aircraft and missile components on a sub-contract
basis. Proceeds—For debt repayment and working capital.
Office—7050 Valley View St., Buena Park, Calif. Under¬
writer—Raymond Moore & Co., Los Angeles.
March

Ideal Toy Corp.

May 1, 1962 filed 490,000 common, of which 250,000 will
be offered by company and 240,000 by stockholders. Price
—By amendment (max. $20). Business—Manufacture of
toys and related products. Proceeds — For debt repay¬
ment and general corporate purposes. Office — 184-10
Jamaica Ave., Hollis, Long Island, N. Y. Underwriter—

White, Weld & Co., Inc., N. Y.

Components,

—

mechanical rotating devices.

Income Properties, Inc.

sales

promotion

International
March

pansion

and working




capital.

Office—1801 Dorchester

repay¬

and

Drug & Surgical Corp.

1962 filed 150,000 class A shares.

Price—-$4.
Business—Importing, licensing, and manufacturing of
pharmaceutical and medical instruments. Proceeds—For
working capital and other corporate purposes. Office—
375 Park Ave., N. Y. Underwriters—Seymour Blauner
Co., and Wm. Stix Wasserman & Co., Inc., N. Y.
23,

Plastic

Container Corp.
filed u 200,000 common.
Price—$2.50.
Business—Manufacture of plastic products produced by
extrusion
and
thermoforming.
Proceeds—For equip¬
International

March '

26,u 1962

ment, rent, salaries and working capital. Office—818—
17th St., Denver. Underwriter—Amos C. Sudler & Co.,
Denver. Offering—Expected in August. •
•

International

Jan.

Protein

—Distributes fishmeal and

Price—$5.

Business

animal by-product proteins.

Proceeds—For

expansion, machinery, and working cap¬
Office—233 Broadway, N. Y. Underwriter—Arnold

Malkan & Co., Inc., N. Y. Note—This firm formerly was
named Marine & Animal By-Products Corp.
•

international

April 27,

Realty Corp.

1962 filed $18,000,000 of s. f. debentures due

1977, 360,000 common shares and five year warrants to
purchase 540,000 common shares to be offered in 180,000

units, each unit consisting
common

shares

shares.

tional

and

of $100 of debentures, two
to purchase three addi¬

warrants

Price—By

(max.

amendment

$110

per

unit). Business—ReaLestate investment. Proceeds—For
debt repayment, construction, and other corporate pur¬

Office—919 N. Michigan Ave., Chicago.
Systems

Maich 30, 1962 filed 110,000 class A common and 9-month
warrants to purchase 110,000' class A shares at $4 per

share, to be offered in units, each consisting of one share
and one warrant. Price—$4 per unit. Business—Design,

manufacture of mechanical, electro¬
mechanical and electronic equipment for government
agencies and the military. Proceeds—For equipment,
debt repayment and working capital. Office—Engineer's
Hill, Plainvxew. L. I., N. Y. Underwriter—International
Services Corp., Clifton, N. J. r , v
? • •
.. .•1 \
—
«
development and

;

t

International Terrazzo

Co.,

,

Inc.

15, 1962 ("Reg. A")
75,000 common. Price—$2.
Business—Manufacture and installation of terrazzo floor¬
May

ing, and the installation of marble and tile. Proceeds—
For equipment, debt repayment, working capital and
other corporate purposes. Office—826 62nd St., Brook¬

lyn, N. Y.

Underwriter—Drourr, Lampert & Co., Inc.,

New York.

x

Equity
March 30, 1962 filed 1,605,100 shares of beneficial interest.
Price—(max. $10). Business—A real estate investment
company. Proceeds—For investment. Office—450 Seventh
Ave., N. Y. Underwriter—Van Alstyne, Noel & Co., N. Y.
Inc.

Sept. 29, 1961 filed 106,250 common. Price—Business
Theatrical
distribution and
co-production. of foreign
and domestic feature films.
Proceeds—For acquisition,
co-production, dubbing, adaptation and distribution of
films, and working capital. Office—1776 B'way, N. Y.
Securities Co.. Inc.. and S. Kas-

Co., Inc., N. Y.^Offering—Indefinitely postponed.

Investment

Management Corp.
May 10, 1962 filed 100,000 common to be offered for sub¬
scription by stockholders on a 2-for-l share basis.
Unsubscribed shares will be offered to the public. Price
—To

insurance field. Proceeds
For debt repayment,
working capital and possible expansion. Office—901
Washington Ave., St. Louis. Underwriters — Scherck,
Richter Co., and Dempsey-Tegeler & Co., Inc., St. Louis.
Offering—Indefinitely postponed.
—

Investors Realty Trust
May 31, 1962 filed 200,000 shares.

stockholders, $2.50; to the public, $3.50.

....,»y,"

...

—A

real

estate

struction

investment

lona

Price—$10.

trust.

investment.

and

Business

Proceeds—For

Office—3315

Ave., N. W., Washington, D. C.

con¬

Connecticut

Business

**

Underwriter—None.

Manufacturing Co.

Jan. 26, 1962 filed 140,000 common, of which 125,000 are
to be offered by the company and 15,000 shares
by a

stockholder.

P r i c e—$6.
Business—Manufacture
of
household electric appliances and electric motors. Pro¬
ceeds—For new products and working capital.
Office

—Regent St., Manchester, Conn. Underwriters—Richard
Bruce & Co., Inc., and Reuben Rose & Co.,
Inc., N. Y.
•

Israel Hotels

Feb. 28,

International, Inc.

(7/9-13)

1962 filed $4,036,000 of 6y2%

sinking fund de40,360 common (with war¬
rants) to be offered for sale in units of one $1,000 deben¬
ture and 10 common (with 20 attached warrants). Also
registered were $2,760,000 of 6y2% dollar debentures
due 1980. Price—For units, $1,050 each; for
debentures,
par.
Business—Company was formed to construct the
luxury hotel "Tel Aviv Hilton" at Tel Aviv, Israel. Pro¬
debentures

South

1980-86

due

ceeds—For

general

State

and

corporate

purposes.

O f f i

c

e—229

St., Dover, Del. Underwriter — American
Corp., New York City.

Israel Basic Economy
•

Jaap Penraat Associates,

(9/19)

Inc.

Jan. 30, 1962 filed 100,000 common. Price—$3. Business
—Industrial designing, the design of teaching machines
and the production of teaching programs. Proceeds—
For

expansion,

—315

&

new

facilities and working capital. Office

Central Park W., N. Y. Underwriter—R. F. Dowd

Co., Inc., N. Y.
Jackson's/Byrons

March

Enterprises Inc.

1962 filed $750,000 convertible subordinated
due 1977; also 120,000 class A
common, of
which 66,666 shares are to be offered by tft£'company
and 53,334 by stockholders. Price—By amendment (max,
$12.50 for common). Business—Operation of a chain 01
retail department stores. Proceeds—For debt repayment
and working capital. Office—29 N, W. 10th St., Miami,
Fla. Underwriter—Clayton Securities Corp., Boston. Of¬
fering—Indefinitely postponed.
13,

debentures

March 30, 1962 filed 215,000 common, of which 100,000
shares are to be offered by company and 115,000 shares

by

stockholders. Price — By amendment (max. $25).
holding company for a Jamaican Electric
utility. Proceeds—For acquisition of additional stock in
subsidiary. Office—507 Place D'Armes, Montreal, Canada.
Business—A

Underwriters

Stone & Webster Securities

—

Greenshields & Co., Inc., N. Y.

Corp. and

'

Jamoco

Air Conditioning Corp.
28, 1962 ("Reg. A") 40,000 common. Price — $3.
Business—Design, installation and maintenance of heat¬
ing, plumbing and air conditioning systems. Proceeds—
For inventory, equipment and other corporate purposes.
Office
954 Jamaica Ave., Brooklyn, N. Y.
Under¬
writer—Martin-Warren Co., Ltd., N. Y.

Feb.

—

Jarcho

Bros., Inc.

heating, ventilation and air-conditioning systems. Pro¬
ceeds—For selling stockholders.
Office—38-18 33rd St.,
Long Island City, N. Y. Underwriter—Shearson, Hammill &

Co., N. Y. Note—This offering was temporarily
postponed.
•

Jayark Films Corp.

(7/16-26)

Aug. 24, 1961 filed 72,000 common, of which 50,000 are,
to be offered by the company and 22,000 by stockhold¬
ers. Price—By amendment. Business—The distribution
of motion picture and television films.-Proceeds—For
production of films and working capital. Office—15 E.
48th St., N. Y. Underwriter—Pacific Coast Securities Co.,
San Francisco. S

Jaylis Industries, Inc.
18, 1961 filed 150,000 class A common. Price—$8.
traversing screens for

Oct.

Business—Manufactures patented
use

as

window

coverings,

room

dividers, folding doors,

Proceeds—For debt

repayment and general corpo¬
Office—514 W. Olympic Blvd., Los An¬
geles. Underwriter—D. E. Liederman & Co., Inc., N. Y.
Offering—Temporarily postponed.
'

etc.

Interstate

interworld Film Distributors,

16, 1962 filed 250,00U common, of which 125,000
be offered by the company and 125,000 by a
stockholder. Price—By amendment (max. $20). Business
—A management investment company
specializing in
to

are

March 23, 1962 filed 240,000 common. Price—By amend¬
ment
(max. $12). Business—Installation of plumbing,

Corp.

Research

Investment Securities Co.
March

Under¬

writer—Kidder, Peabody & Co., N. Y.
International

Underwriter—None.

Jamaica Public Service Ltd.

(7/18)

Corp.

26, 1962 filed 90,000 common.

dan &

$12 per class A share). Business—Real estate investment
and construction/ Proceeds—For debt repayment, ex¬

Proceeds—For debt

other corporate purposes.
Office—312 Mt. Pleasant Ave., Newark, N. J. Under¬
writer—Gold-Slovin Co., Inc., N. Y.
ment,

Underwriters—General

May 18, 1962 filed 200,000 class A shares and three-year
warrants to be offered in units consisting ot one class A
share and one warrant.
Price—By amendment (max.

Inc.

11, 1962 ("Reg. A") 135,000 common. Price — $1.
Manufacture and distribution of electro¬

poses.

Inc.

March 29, 1962 filed 150,000 common. Price—By amend¬
ment (max. $17). BusinessL-A dispensing optician and a

Ave.,

June

Business

ital.

Nov.

their

(7/30)

Inc.

Industries,

—Manager and distributor for Western Industrial Shares,
Inc., a mutual fund. Proceeds—For debt repayment and
general corporate purposes. Office—818 17th St., Denver.

the

America, Inc.

April 20, 1962 filed 100,000 common. Price t— Net asset
value (max. $11.50). Business—A closed-end investment
company which plans to become open-end in 1963. Pro¬
ceeds—For investment. Office—505
Fifth Ave., N. Y.
Distributor—Industrial Incomes Inc. (same address).

Underwriter—None.
Hoffman House

Proceeds—For equipment,

abstracts.

37

rate

•

purposes.

Inc.
30, 1962 filed 80,000 common. Price—$4. Business
—Design, manufacture and sale of young women's wear.
Proceeds—For working capital and possible acquisitions.
Office—254 W. 35th St., N. Y. Underwriters—Seymour
Blauner Co., and Wm. Stix Wasserman & Co., N. Y.
Jays Creations,

March

Jerlee

Products

Corp.

May 1, 1962 filed 75,000 common. Price—$4.25. Business
—Processing and distribution of vinyl roll plastic fabric

vinyl tablecloths, and various foam rubber items.
equipment, raw materials, debt repay¬
ment and working capital. Office—596-612 Berriman St.,
and

Proceeds—For

Brooklyn,

N. Y.

Underwriter—R. P. Raymond &

Inc., 26 Broadway, N. Y.

Co*
-

Continued

on

page 38

,

38

(98)

Continued

from

The Commercial and Financial
Chronicle

page

37

(H.)

Laboratories, Inc.

Dec.

21, 1961 filed 114,500 common, of which 82,500 are
the company and 32,000 by stockhold¬
ers. Price
By amendment. Business — Development of
simulated weapons training devices for U.
S. Armed
to

be offered by
—

—102

Dorsa

Ave., Livingston, N. J.
rights, Ahalt & O'Connor, Inc., N. Y,
Kaiser-Nelson
March

29,

1962

140,000

,

,

,

7

common,

bution of

seed.

debenture

$300

and

200

Proceeds—For

-

due
on

1977 to
the

held.

be offered

conv.

by stockholders

basis of $100 of debentures for each 100 shares
Price—At par. Business—Operation of a whole¬

units

consisting of a $500 bond and 100 shares., Price—
per unit.
Business—Conducting commercial parimutuel harness racing meets in Lewiston
and Gorhapi,
Maine. Proceeds — For debt
$500

receiv¬

Inc., Chicago. \

-

repayment, property im¬
provements and working capital. Office—33
Court St.,
Auburn, Maine. Underwriter—P. W. Brooks &
Co., N. Y.

'a ; Lilli Ann
Corp. >7-'
March 29, 1962 filed

' v„ •'i * V
7,,-7 c '
$750,000 of conv. subord, debentures
1977, also 100,000 common shares. to be
offered by
stockholders. Price—By amendment

-

due

.

-

Lewiston-Gorham Raceways, Inc.
(7/16-20) a: '•
14, 1962 filed $1,000^000 of 6%% first
mortgage
due 1977 and 200,000 common to
be offered in

bonds

Realty & Construction Corp. 7
(7/23-27) .7
April 19, 1962 filed $5,000,000 of conv. subord. debentures due 1982 and 200,000 common shares to be offered
in units consisting of $25 of debentures and one common
share.
Price—By amendment (max. $27). -Business— i
Construction and operation of office buildings. Proceeds
—For
debt
repayment.
Office—9350 Wilshire Blvd.,
Beverly Hills, Calif. Underwriter—Lee Higginson Corp.,
New York, j- •?<
"<*•
"V/ .-v
*;;N*v.

subord. debentures

for subscription

par. Business
and selling of fruits and
vegetables. Proceeds—For debt
repayment and working
capital. Office—Fresno Ave. & Charter
Way, Stockton,
Calif? Underwriter—Van
Alstyne, Noel & Co., N., Y.
•

Business—Design,

manufacture and

distribution of women's
high fashion
suits and coats. Proceeds—Net
proceeds from the deben¬
ture sale will be added to
the general funds'of the
company, a portion of which may be used to retire
short- ~
term loans. Office—2701 I6th
St., San Francisco. Under¬

■

it Kaltman (D.) & Co., Inc.
June 28, 1962 filed $1,650,000 of

r.

March

Kreecfman

.

,

,

Lewis

ordinated debentures due 1977.'Price—At

t

able, inventories, plant expansion and working capital.
Office—2301 N. Main St., Paris, Texas. Underwriters•

Row, Dallas.
& €o„ N. Y. Offering—

—Processing, canning, bottling

shares.

accounts

Ambassador

.
;
(Tillie) Foods, Inc.; :;
<
.
April 9, 1962 filed $4,000,000 of 5%%;
convertible sub¬

•

Business—Processing and distri¬

John A. Dawson & Co., and Leason & Co.,

-

.

sesame

8908

—

Indefinitely postponed.

4.

,

units consisting of a
Price—$900 per unit.

Office

Underwriter—Kidder, Peabody

(John) Sesame Corp. y /
May 24, 1962 filed $225,000 of 6% conv. subord. deben¬
tures, due 1972, and 150,000 common to be offered in

Underwriter—Sea-

of which 70,000
are to be offered by
company and 70,000 by stockhold¬
ers.
Price—By
amendment
(max.
$10)..
Business—
fleclamation of metallics from steel slag; mining of sand
and gravel; and dismantling and
salvage of industrial
buildings. Proceeds—For new plants, debt repayment
and working capital.
Office—6272 Canal Rd., Cleve¬
land.
Underwriter—Robert L. Ferman &
Co., Inc.,

Miami, Fla.

—

stockholders.

Co., Hartford. Offering—Temporarily postponed.

1Kraft

Corp.

filed

&

nam

1

ment (max.
$17.50). Business — Operation of a chain-of
clothing and dry goods stores. Proceeds
For selling

,

tical equipment Proceeds—For debt repayment. Office
—347 King St, Northampton, Mass.
Underwriter—Put¬

Forces and the manufacture of electronic control
equip¬
ment. Proceeds—For general corporate
purposes. Office

Thursday, July 5, 1962

.

Levine's, Inc.

Kidder,
Peabody & Co., Inc. Offering—Temporarily postponed.
Kollmorgan Corp.
Nov. 9, 1961 filed 100,000 common, of whicn
40,000 are
to be sold by the company and 60,000
by stockholders.
Price—By amendment. Business—Manufacture of op¬

,

.

March 19, 1962 filed 80,000 common.
Price—By amend¬

—

working capital. Address — Route 286, Saltsburg, Pa.
Underwriter—Arthurs, Lestrange & Co.; Pittsburgh. '
Joanell

Inc.

food, drugs and cosmetics; also industrial chemicals.
Proceeds—For general corporate purposes. Office—161
Avenue of the Americas, N. Y. Underwriter

frozen meat and meat products. Proceeds—For
redemp¬
tion of 2,910 $50 par preferred shares,
expansion, and

•

Kohnstamm & Co.,

Feb. 21 1962 filed 160,000 common. Price —
By amend¬
ment. Business—Manufacture of colors and flavors for

Jiffy Steak Co.
Feb. 5, 1962 fifed 65,000 common.
Price—By amend¬
ment.
Business—Processing, packaging and sale of

.

writers—Sutra & Co., San Francisco and F.
S. Smithers
& Co., New York.
Kwik-Kold, Inc.
;
- /
;
working capital.
7
March 29, 1962 ("Reg. A") 100,000 common of which
Lily Lynn, Inc.
;
•
7 7.
writer—None.
'';7'-;7' **"7
'
65,000 will be sold for company and 35,000 for stock-7 Feb. 23,1962 filed
150,000 common, of which 86,000 are to
holders. Price—$3. Business — Manufacture of certain
be offered by the
Kapner, Inc. (7/23-27)
company and 64,000 by the. stockhold¬
March 29, 1962 filed 50,000 common.
patented cooling packages, Proceeds—For debt repay¬
ers.
Price—By amendment (max. $12),
Price—$5. Busi¬
Business—Design,
ment and working capital.
ness—Mail order sale of merchandise. Proceeds—For
Office—Jennings Bldg., P. tO.; manufacture and sale of women's casual dresses.
Pro¬
Box 638, Moberly, Mo, Underwriter—John
equipment and working capital. Office—1924 Washing¬
W. Flynn , ceeds—For debt
repayment, working capitaLand expan¬
& Co., Santa Barbara, Calif.
ton Ave., Bronx, N. Y.
sion. Office—Herman L.
:;
v., »
Underwriter—Arnold, Wilkens & '
Bishins Bldg., Riverside AVe.,
Co., Inc., N. Y.
New Bedford. Mass.
Lab-Line Instruments, inc..
Underwriter
J. R. Williston &
Feb. 23, 1962 filed 142,860
Beane, N. Y.
Kaufman Carpet Co., Inc.
common, of which 122,168 are
Offering—Temporarily postponed. ?... 7 ;
to be offered by the
company and 20,692 by stockhold¬
Lincoln Fund, Inc.
March 29, 1962 filed 250,000 common.
-77?:.7i.r
; .77*
?
Price—$5. Busi¬
ers. Price—By amendment
March 30, 1961 filed
(max. $9). Business—Manu¬
ness—Operation of a chain of retail stores selling carpets
951,799 shares of common stock.
facture of an extensive line of
and rugs. Proceeds—For
industrial, hospital and .Price—Net aSset value plus a .7%
expansion, inventory, debt re¬
selling commission."
clinical laboratory instruments. Proceeds—For debt re¬
Business—A
payment and working capital. Office—1800 Boston
non-diversified, open-end, managementRd., 7 payment,
construction, and working capital. Office— 7 type investment
Bronx, N. Yi Underwriter—Michael G. Kletz & Co., N. Y.
company whose primary Investment
3070-82 W. Grand
opAve., Chicago. .Underwritfe'f^Bf. W.
lJective is capital appreciation and,
Kavanau Corp.
secondary, income
Pressprich & Co,, N. Y. Note—This offering was tem¬
derived from the sale of
put and call options. Proceeds—
Msarch 29, 1962 filed 50,000 shares 6% cum.
porarily postponed.
v
/ >r ~
preferred
;■
For investment: Office—300 Main
f
and four-year common stock
St., New Britain, Cohn.
<cvr>
V
"***
purchase warrants to be
• Laminetics
Distributor—Horizon Management
Inc. (8/6-10)
offered in units consisting of one
Corp., N. Y.
•
preferred and one
March 22, 1962 liled 80,000 common.
• Livestock
Price—$3.50. Busi¬
Financial Corp.
warrant.
Price—By amendment (max. $101 per unit).
7 ,7
' 7
'«
ness—Production and sale of gift sets,
Feb 23, 1962 filed
Business—Real estate investment.
linens, place mats,
245,000 common. Price—$10. Business
Proceeds—For debt
etc. Proceeds—For
—An insurance
equipment, moving expenses, sales
repayment and working capital. Office—30 E. 42nd
holding company whose subsidiaries in¬
St.,
promotion and other corporate purposes. Office —20
sure the lives of all
N. Y. Underwriter—Hay
types of animals. Proceeds7-To form
den, Stone & Co., N. Y.
W. 27th St., N. Y.
new subsidiaries.
Underwriter—Fabrikant Securities
Office—26 Piatt St; N. Y. Underwriter
Kay Foods Corp.
Corp., N. Y.
'•
—Shearson, Hammill & Co.; N. Y.
?,/
'7
Dec. 29, 1961 filed
88,000 class A common shares, of
• Lockfast Mfg. Co.-1
Lee Fashions, Inc.
" 7----/../? '•? 7.-'7-.
7 •
which 44,0uo are to be offered
by the company and 44,000
Jan. 11, 1962
Dec. 27, 1961 filed 163,667 common.
("Reg1. A") 85,000 common. Price-—
Price—By amend¬
by stockholders. Price—$7.
sale drug

•

business.

Proceeds—For debt repayment and
Office—425 Park Ave., N. Y. Under¬

,

v

—

,

.

,

"

'

r»

.

.

-

-

v

.

of fruit

Business—Packing and sale

ment.

juice products. Proceeds—For general
corporate
Office—241 N. Frankiintown
Rd., Baltimore.

and

purposes.

'Underwriter

ing capital,

Auchincloss, Parker & Redpath, Wash¬
ington, D. C. Offering—Indefinitely postponed.
•

Keene

—

Packaging Associates

postponed.

1962 filed 165,000. common, of which
100,000
to be offered by
company and 65,000 by stockholders.

purposes.

Office

—

947

Newark

Elizabeth, N. J. Underwriter—Hardy &
Co., N. Y.'
Keiley Realty Corp.
March 16, 1962 filed
250,000 class A
By amendment (max. $10).

common.

ing machine.
—751 Lincoln

Ave.,

—

owns

800 71st St., Miami

*
.

Underwriter—Kuhn,

Sycamore
Loeb & Co.,

retail

count stores.

Price—$5.

Office—889 Broadway, N. Y.
derwriter—Underbill Securities Corp., N. Y.

June

Un¬

Proceeds
plant. Office—1725 S. Ganlt
Ave., Ft. Payne
Ala, Underwriters—The Robinson Humphrey Co Inc'
Atlanta, and J. C. Bradford $ Co., Nashville.
Offering—
Indefinitely postponed.
.

"f. i

> »




28,

amendment

end investment
company.

fice—26

<

debt

7
i
'■«

'

and

sells

-

(Louis)

Enterprises, Inc.

(7/16-20)

March 30, 1962 filed
1,000,000 class A common. Price—
$10. Business—Real estate management and construction.
Proceeds—For debt repayment and general
corporate
purposes. Office—8737 Wilshire
Blvd., Beverly Hills,
Calif. Underwriters—Morris Cohon & Co. and
Lelberbaum & Co., N. Y.
'

/

'

7

,

:

•

7 "7

^

—
By
closgdProceeds—For investment. Of¬

Broadway, N. Y. Underwriter—Filor, Billiard'
~

'

•

&

-

,

writers-^!. R. Williston & Beane
and

N. Y.

Offering—Temporarily
28,

1962

Doft &

postponed,

filed

'

>

282,496

Co,, Inc.,

- -

r

*

•'

■

1

of which 142,500
139,996 by stockPrice—By amendment (max. $5). BusinessCanning and marketing of vegetables and meats. Pro¬
ceeds—For expansion and debt
repayment; Address—
Seagrove, N C. Underwriter—J C. Wheat &
Co., Rich¬
mond, Va. Offering—Indefinitely postponed. '
common,

to be offered by the
company and

holders.

Lunar Films, Inc.
Aug. 31, 1961 filed 125,000
.

common.

Price—-$5.75. Busi¬

ness—The production of television
films.

Price—$6.

repair-of

J' ■ 7' 7. ■* ■ : •
77 ■
■
63,000 common. Price—$5. Business
—Company provides optometric services and
dispenses
optical items. Proceeds—For
expansion, a laboratory and
working capital. Office—ISO W. 57th
St.r N. YJ Under¬

are

-

and

"

\

Lordhill' Corp.' * "
March 30,1962 filed

Lucks, Inc.

.

7,

'

Feb.

«

Lesser

-: "

Smyth, N. Y.

Busi¬

7",

.

April 11, 1962 filed 250,000 capital shares.
Price
(max. $10). Business—A diversified

|

.•>

1962

/

Gering, Neb. Underwriter
Corp., Lincoln, Neb. Offer-

ing—Temporarily postponed.
Logos Financial, Ltdi -

-. •

Price—$3.50.

'

\

..

Business—Design, manufacture, sale

—First Nebraska Securities.

♦'

,

parts. Proceeds—For debt repayment and general
corporate purposes. Office—430 Hegeman
Ave., Brook¬
lyn, N. Y. Underwriter—M. H. Meyerson & Co., Inc.,
New York.

a new

>

7!

7

.

;

machinery and equipment used in agriculture. Proceeds
—For debt
repayment, equipment and general corporate
purposes. Office—7th & S Sts.,

-

7v

,

the

April 9, 1962 filed 140,000 shares of
capital stock of
which 100,000 will. be offered
by company and 40,000
by stockholders. Price—By amendment
(max. $17.50).
Business—Manufacture of prefabricated homes.

Ki i

7

subsidiary).^

("Reg. A") 50,000 common.
Business—Company dismantles automobiles

Kingsberry Homes Corp.

j

'

^ Lesco Automotive Corp.

and

repayment

working capital.

i v/l'

7

1962 filed 172,500 common, of which 25,700
are
to be offered by
company and 146,800 by stock¬
holders. Price—By amendment
(max. $18). Business—
Manufacture and marketing of dinnerware and
giftware.
Proceeds—For purchase of leased plant. Office—Prince
& Meade
Sts., Trenton, N. J. Underwriter—Hemphill,
Noyes & Co., N. Y. Offering—Temporarily
postponed?

Business

—-Importing and distribution of cameras,
binoculars
photographic equipment. Proceeds—For debt

i''"

.

ness—Manufactures steel re-inforced concrete utilities,
sanitary structures, fallout shelters and play sculptures.

Lenox, Inc,

Yeatman, Mosley Co., Inc. and Wood¬
cock, Moyer, Fricke & French,
Inc., Philadelphia.

,

'

March 30,

dis¬

Proceeds—For expansion. Address—R. D.
2, North Lebanon
Township, Lebanon, Pa. Under¬

—For

7

August.

sinking ^und debenPrice—$1,900 per deben¬

ture.

Co., Inc., New York.'

writers— Suplee,

and

.

repayment, sales promotion and
working capital. Office—145 W. 11th StM Huntington
Station, L. I.. N Y* Underwriter—Blank, Lieberman &

Keystone Discount
Stores, Inc.
May 24, 1962 filed 110,000 common.
Price—By amend¬
ment ($5.25)..
Business—Operation of three

Kine Camera
Co., Inc.
Nov. 21, 1961 filed
75,000 common.

•

Beach, Fla. Underwriter—Leeco In¬

Lembo Corp.
' ?. ??;'
■/
Dec. 21, 1961 filed 100,000 common.

Proceeds—For

—For general corporate
purposes. Office—912

No.

•

•

company and

St., Cincinnati, Ohio.

77

.

Lockwood Grader
Corp.
Feb. .20, 1962 filed ,$900,000 of
6%
tures series B, (with warrants);
.

Proceeds—For selling stockholders/ Office
Ave., Charleroi, Pa. Underwriter—Moore,

vestors Corp. (a newly-formed

542,000 common, of which 205,000
317,000 by stockholders.
Price—By amendment, (max. $24). Business—Manu¬
facture, design, and distribution of plastic
toys. Proceeds

New York.

pected sometime in

»

tion, and distribute electronic parts. Proceeds—For debt
repayment, construction and working capital. Office—

Kenner Products Co.
March 30, 1962 filed

by

.

Dec. 29, 1961 filed
2,000,000 class A common. Price—By
amendment. Business—A holding company for three
subsidiaries which operate utilities,
engage in construe-

buildings. Proceeds—
Office—1620 S. Elwood St., Tulsa,
Underwriters—Fulton, Reid & Co., Inc.. Cleveland
and Walston &
Co., Inc., N. Y. Offering—Postponed.

to be offered

V/\

.7;.7

Leonard & Lynch,
Pittsburgh.

Okla.

are

;

...

Lehigh Industries & Investment Corp.

Price

Business—Company

and operates
apartment and office
For debt repayment.

of furniture hardware
for sale
furniture manufacturers. Proceeds^-For'
debt Tepayment, steel inventories nad plant
expansion;
Office—
3006 Boarman
Ave., Baltimore^ Underwriter—R 8r T)
Investors Corp., Port
Washington, N. Y. Offering—Ex¬

to

ment

—

corporate

Co.

May 25, 1962 filed 272,000 common. Price—By amend¬
(max. $20). Business—Production of a .coal min¬

Trice—$4. Business—Design and manufacture of
semi¬
rigid vinyl plastic cases and containers for
packaging.
Proceeds
For debt
repayment, working capital and
other

'

-

Lee-Norse

.

$3j50

Business'—Manufacture

scarfs

Proceeds—For debt repayment and work¬
Office—2529 Washington Blvd., Baltimore.

Underwriters—Godfrey, Hamilton. Taylor & Co., N. Y
and Penzell &
Co., Miami Beach. Offering—Temporarily

April 2,
are

Business—Importing of low priced ladies'

blouses.

Proceeds—For

filming and production and working capital.
Office—
543 Madison Ave., N. Y.
Underwriter—Fred F. Sessler
&

Co., Inc., N. Y. Note—This firm
formerly was named
Enterprises, Inc. Offering—Postponed.

Lunar

Lustig Food Industries? Inc.
Dec. 29,

1961 filed 100,000

common. Price—$6.
Business
—Processing and packaging of frozen foods and
the can¬
ning and bottling of fruits and
vegetables. Proceeds—

For

debt

repayment and working capital.
Offiee—48
High St, Brockport N. Y.
Underwriter—None.
Mac-Allan Co., Inc.

(7/16-20)

Feb. 28, 1962 filed 130,260 of class A
common, of which
65,130 are to be offered by the
company and 65,130

5

Volume

Number 6174

196'

The Commercial and Financial Chronicle

.

.

.

costume

jewelry, ladies' handbags, and accesso¬
ries. Proceeds '— For working capital. Office — 1650
Broadway, Kansas City, Mo. Underwriter—George K.
Baum & Co., Kansas City .
• McGrath (John W.) Corp. 1
June 28, 1962 filed 253,875 common.

•

Magazines For Industry, Inc.'

-

Aug. 2, 1961 filed 100,000 common, of which 80,000 Will
be offered by the company and 20,000 by stockholders.

Price—$5; Business—The publishing of business period¬

•

Magellan Sounds Corp.

"V

-

commercial

Roland

industrial

and

Proceeds

products.
equipment, and
nance

—

For

floor

other, corporate

purposes.

mainte-;

debt;
Office—76

repayment

of

Boston. Underwriter—Chace. Whiteside &
Winslow, Inc., Boston. Offering—Indefinitely postponed./

#eb. 28, 1962 filed 60,000 common (with attached oneyear class A ,warrants to purchase 60,000 common shares
at $4 per share and two-year class B warrants to pur¬
chase 60,000 shares at $4.50 per share) to be offered in
units (each consisting of one share, one class A warrant
and one class B Warrant). Price—$4 per unit. Business

St.,

'Maxwell

Industries, Inc.

June

games. Proceeds—For general corporate purposes. Office
4-130 E. 40th St., N. Y.
Underwriter—Darius Inc., N. Y.

7, 1962 filed $750,000 of 6M>% subord. sinking fund
due 1972, 75,000 common and 10-year war¬
rants to be offered in units consisting of a $10 debenture,
one common share and one warrant.
Price—By amend¬
ment (max. $21.50 per unit).
Business—Contract fin¬
isher of fabrics used in the manufacture of wearing ap¬

Offering—Temporarily postponed..

parel.

■.—Production of educational and recreational devices

'

/./

:

debentures

and

Magic Fingers, Inc.

.

Dec. 29, 1961 filed 75,000 common. Price—$4. Business
—^Production of a new electrically powered device for

Mechmetal-Tronics

massaging a person in bed. Proceeds —For general cor¬
porate purposes. Office—Route 17, Rochelle Park,
Underwriter—Stanley R, Ketcham & Co., Inc., N.

>

N. J.
Y,

search and

data handling systems..

12

Medical

Mail

Lewis.&.Co.vInc., N. Y.

Assembly Service, Inc.

i

7

•

April 27, 1962 filed 100,000 common. Price—$2.25. Busi¬
ness—Assembling of. packages for shipment ;tp pogt,'Of¬
fices, Proceeds—For general corporate purposes. Office
—145 Ave. of the. Americas,

Mart

Mammoth

Y■•}-

Studio

Inc.

plans

equipment.

O f f i c e—

and coin

Manhattan

Drug Go./ Inc.

Underwriter—Dana

(7/16-20)

■,*

,

7

St., N. Y. Underwriters — H. Hentz & Co. and Herzfeld
& Stern, N. Y. Offering—Expected in August.
Minichrome

June

and
Helena,

capital.

Office—315

E.

Sixth

Ave.,

(max;

Securities Co.; Inc.,

—Clark, Dodge & Co., Inc., N. Y.

Proceeds—For acquisition, dept repay¬

icas, N. Y. Underwriter—Hornblower & Weeks, N. Y.
p Marin County Financial Corp.

1

A") 15,000 units consisting of one
cumulative preferred and two.•> shares of
common. Pricer?-$20 per unit Business—Operation of a
marina. Proceeds r- For construction,, equipment and
working capital. —Address—Cummings, Ga. Underwriter
—First Fidelity ; Securities Corp., Atlanta.\/ ;
March 30,1962 {"Reg.

share Of 6%
.

Marks Polarized

June 27/ 1961

.Corp.:7*

filed 95,000 common shares.

amendment Business—Conducts
ment in

Price—By

electronics, optics, electro-optics, quantum elec¬

tronics, ^etc, Proceeds
facilities

and

—

For expansion, acquisition of

other corporate purposes.

Office—
Whitestone, N. Y. Underwriters—
Ross, Lyon & Co.. Inc: (mgr.), Glass & Ross, Inc., and
Globus, Inc., N. Y. C. Offering—Postponed.
" \

new

153-16 Tenth Ave.,

Marshall

Pross

-lnc«

May 29, 1962' filed '60,000 common. Price—$3.75. Busi¬
ness—Graphic design and printing. Proceeds—For pub¬

/

■'

(L..P*)

Maintenance Corp.

holder,

^rJce^$5. rBu«iness—Cleaning and maintenance
buildings and the .sale of janitorial supplies: and
Proceeds—FoF debt repayment and work¬

'equipment.




Proceeds—

,

„/

*

Missile Valve Corp*

valve.

Proceeds—For purchase of the

June

•

v

duction and development of the

•

Met

Food

Corp.

Missouri Rower & Light

Co. (7/17)

18, 1962 filed $6,000,000 of first mortgage bonds due
High

1992. Proceeds—For construction. Office—106 West

(7/23-27)

March
■

30, 1962 filed $1,500,000 of convertible subordi¬
nated debentures due 1977 to be offered by company

St., Jefferson City, Mo, Underwriters — (Competitive).
Probable bidders; Halsey, Stuart & Co. Inc.; First Boston

amend¬
and re¬
lated products to supermarkets and other retail stores in
the New York Metropolitan areas Proceeds—For general
corporate purposes/Office—345 Underhill Blvd.; Syosset,
N. Y. Underwriter—Brand, Grumet & Siegel, Inc., N. Y.

Corp.; White, Weld & Co. Bids—July 17, 1062 (11 a.mu
EDST) at One Chase Manhattan Plaza; Room 2318, N. Y.
Information Meeting — July 13 (2:30 p.m. (EDST) at
above address (28th floor).
4
/

and 34,200 common by stockholders/ Price—By
ment (max. $10). Business—Distribution of food

Molecular Dielectrics* Inc.

of which 135,009
and 15,000 by Cardia
Co. Price—$5. Business—The manufacture of high-tem¬
perature electronic and electrical insulation materials.
Proceeds—For equipment, a new product and working
capital. Office—101 Clifton Blvd., Clifton, N. J. Under¬
Sept.
are

Oct. 2, 1961 filed $300,000 of 6% subordinated convert¬
ibles due 1967 and 60,000 common shares to be offered
In units consisting of $100 of debentures and 20 common
shares. Price—$150 per unit. Business—Financing of re¬
tail sales. Proceeds—For working capital. Office—5422
Western

Ave., Chevy

•

named.

1961 filed

150,000

common,

Molecular Systems Corp.

(7/9-13)

Dec.

12, 1961 filed 140,000 common. Price—$3. Business
—Production
of
polyethylene materials of varying
grades. Proceeds — For equipment, research and de¬
velopment and working capital. Office — 420 Bergen
Blvd., Palisades Park, N. J. Underwriters—Stone, Ackerman & Co., Inc., (mgr.) and Heritage Equity Corp., N.Y.

Metropolitan Realty Trust
Dec. 20, 1961 filed 1,000,000 shares of beneficial interest.
Price—$6.50. Business—A real estate investment trust.

Proceeds—For general corporate purposes. Office—1700

Micro-Dine Corp.

1*

to be offered by the company

writers—To be named.

Chase, Md. Underwriter—To be

13* 1962 filed 206,000 common. Price—$3.50. Busi¬
ness-MManufacture, sale and-operation of vending ma¬
chines. Proceeds^—For debt repayment, inventories and

Martin

film.

St., Philadelphia. Underwriter — Meade & Co.; N. Y.
Offering—Temporarily postponed.
/
>
!

Mercury Books, Inc.

(7/23-27) - March 23, 1962 filed 100,006 ,common/.of which 20,000
are to be offered by- company and 80,000 by .a stock¬

-

de¬

Nov. 24, 1961 ("Reg. A") 300,000 common. Price — $1*
Business — Production and sale of new type butterfly

K St., N. W., Washington, D. Q. Underwriter—Eisele &
King, Libaire, Stout & Co.,tfCY. Offering—Indefinitely
postponed.
\

a

in

Mart* Inc.
April 20, 1962 filed 295,000 common, of which 140,000
are to be offered by company and 155,000 by stockhold¬
ers. Price—By amendment (max. $14). Business—Opera¬
tion of self-service discount department stores. Proceeds
—For debt repayment, expansion and working capital.
Office—370 W. 35th St., N. Y. Underwriter—McDonnell
& Co., N. Y.
'
,7 ■"■//
' v
v
'

,

sales" catalogue, developing a national sales
staff and working capital.
Office—812 Greenwich St.,
N/Y.
Underwriter—R, P," Raymond & Co., Inc., 26
Broadway, N.Y.
*' " * '/
V /

lishing

offered

Price—At par.

Miracle

Metropolitan Acceptance Corp.,'

research and develop¬

be

1967.

Kodachrome

neapolis.

Feb.

Court, San Rafael,- Calif. Underwriter—Dean Witter &
CovSan Francisco.'- • '* • ■*//> •"//'; \
'

to

patent and in¬
valve.
Office — 5909
Hollywood Blvd., Hollywood, Calif. Uuderwrtter—Brown
& Co., Phoenix, Ariz,

""

Corp.V V/'i ^

1,

14/1962 filed 55,000 common. Price—$4.50; Busi¬
ness—Publishing of newly written popular biographies.
Proceeds—For working capital.
Office—1512.; Walnut

(7/9-13)

May. 2, .1962. filed 1G2.050 capital shares, of which 27,790
are to be offered by company and 74,260 by stockhold¬
ers.; Price—By
amendment (max. $18); \ Business—A
holding company for a savings and loan association.
Proceeds—For investment.
Office—990 Fifth Ave. at

•; Murine. Development

Processes

—

debentures

$500 due Nov.

working capital. Office—980 W. 79th St., Minne¬
apolis. Underwriter—Continental Securities, Inc., Min¬

Enterprises, Inc.V
April 20, 1962 filed 104,000 common, of which 33,000 are
to be offered by company and 71,000 by stockholders.,
Price—By amendment (max. $7.50). Business—Sale of ,'
phonograph records through leased record departments.
Proceeds—For moving expenses, working capital and
general corporate purposes. Office—1692 Utica Ave.;
Brooklyn, N. Y. Underwriter—D. J. Singer & Co., N. Y.

working capital. Office—510 Ave. of the Amer¬

ment and

of

For

Merco

N. Y.

$20). Business-MManufacture/of toiletries

cosmetics.

and

.of

convertible

ordinated

May 24, 1962 filed 169,302 common. Price—By amend¬
ment (max. $26).
Business—Operation of a chain of
department stores." Proceeds—For selling stockholders.
Office—100 W. 10th St.; Wilmington, Del. Underwriter

.

ment

.

Co.

18, 1962 ("Reg. A") $50,000 of five year 7% sub¬

nominations

Mercantile Stores Co., Inc.

•

• Maradel
Products, Inc.
V
Marqh 12,. 1962 filed 335,000 common. Price—By amend¬

"

departments in department stores, and the pub¬
lishing of stamp albums and catalogues. Proceeds—For
expansion and working caoital.
Office—116 W. 32nd

Proceeds—For acquisitions, debt repayment

working

7th Ave., Renton, Wash.
Underwriter—Cruttenden
Co., Inc., 618 S. Spring St., Los Angeles.

Minkus Stamp & Publishing Co.* Inc.
April 27, 1962 filed 150,000 common. Price—By amend¬
ment (max. $6).
Business—Operation of leased stamp

Busi¬

Mont. Underwriter—Memorial Securities, Inc., Helena.

,,

Price—$3.50. / Business—Manufacture,
packaging
and
sale of various proprietary drug products. Proceeds—^
For equipment, new products, debt repayment and work¬
ing capital.
Office—156 Tillary St., Brooklyn, N. Y.

•

&

Services, Inc.
April 30, 1962 filed 1,200,000 common. Price—$1. Busi¬
ness—Company plans to acquire and operate funeral

Mass." Underwriter—McDonnell
';
...
y: ;•, 7

Corp.

620

Memorial

March 29, 1962 filed 72,000 common, of which 58,000 are
to be offered by company and -14,000 by stockholders.

«f

purposes.

(7/16-20)

Investors

May 2, 1962 ("Reg. A") 75,000 common, of which 64,200
will be sold by company and 10,800 by stockholders.
Price—$4.
Business—Company writes,.. prepares and
prints technical manuals for armed forces and industry.
Proceeds—For debt repayment and expansion. Office—

Business

Price—$10.

electronic

medical

general corporate

Mortgage

Price—$10. Business — A real estate investment com¬
Proceeds—For investment and operating expenses.
Office—1630 Welton St., Denver. Underwriter—Boettcher & Co., Denver.

City, Calif. Underwriter—Financial Equity Corp.,

homes.

for

the basis of one share

pany.

Milmanco

Los Angeles.

Main
& .Co.,

—

Business

New York
•

of

on

—

Midwestern

investment

1961, filed 250,000 common.

13,

ness—Manufacture

repayment and working capital. Office—106

St.,, Brockton,

Proceeds—For

-

stockholders

Feb. 26, 1962 filed 500,000 shares of beneficial interests.

:"

,

April 5, 1962 filed 200,000 common, of which 100,000 are
to be sold by company and 100,000 by stockholders. Price
-^By amendment (max. $15). Business—Operation of
self-service discount department stores. Proceeds — For
debt

miniature metal bellows and other

Industries

Proceeds—For

5

,

Office

Medical Video Corp.

Nov.

N; Y. Underwriter—Globus,

Inc., N. Y. Offering—Expected in August.

company.

Ave., Rochelle Park, N. J. Underwriter—

open-end.

contractual plan of other mutual

(max.
A closed-end management investment
Proceeds — For general corporate purposes.
2615 First National Bank Bldg., Minneapolis.

$7). Business

to
in the
medical industry and capital growth situations. * Office
—677 Lafayette St., Denver. Underwriter—Medical As¬
sociates, Inc., Denver.
become

on

funds, in trading in over-the-counter market, and In *
underwriting. Proceeds—For hiring and training of per¬
sonnel. Office—1300 First National Bank Bldg., Minne¬
apolis. Underwriter—None.
*

Underwriter—None.

Fund, inc.
Oct. 23, 1961 filed 25,000 common. Price—$10.
—A closed-end investment company which

Proceeds—Expansion of sales and

subordinate

Business—Design,

for each two shares held. Price—By amendment

Inc.

Charles Plohn & Co., New York.

engineering, new product development and equipment.
Office—179 Westmoreland Ave., White Plains, N. Y. Underwriter-r—T.„W.

distribution of shares

subscription by

Proceeds—For debt repayment, re¬
development and working capital. Office—

Rochelle

par.

Midweist Planned Investments* Inc.
/../
j'
May 28, 1962 filed 250,000 common. Price—By amend¬
ment (max. $7)/Business—Company is engaged in fhe

miniature products.

Magnetics Research Co. Inc.
April 30/1962 filed 100,000 common. Price—$3. Business
—Design and marketing of magnetic memory units.
Company also plans to market transistor logic units and
subsystems for use in computers, business machines and
>

convertible

Price—At

,

May 28, 1962 filed 150,000 shares of 8% convertible cumulative preferred stock. Price—$3. Business—Design
and manufacture of

$2,500,000

Midwest Technical Development Corp.
Feb. 26, 1962 filed 561.500 common to be offered

Proceeds—For debt repayment. Office—70 Wall
St., N. Y. Underwriter—H. M. Frumkes & Co., N. Y.

!:

;,;;

1977.

Minerals* Inc.
?
April 2, 1962 filed 225,000 common to be offered for
subscription by stockholders on the basis of one new
share for each four held of record June 1, 1962. Price—
$6. Business—Oil and gas production and development
Proceeds—For expansion, preferred stock redemption
and working capital. Office—14 North Robinson, Okla¬
homa City. Underwriter—None.

Dec.

Manufactures

due

.

Masury-Young Co.
'
/ /' •
4, 1961 filed 100,000 common. Price—$6. Business—

publication and

working capital. Office—600 Madison Ave., New York.'
Underwriter—Arnold, Wilkens & Co., Inc., N;< Y, Offer*
ittg—Temporarily postponed. •.«' '*:*
'
V

Inc.

1962 filed

Mid-America

.

icals. Proceeds—For promotion,, a new

39

development, manufacture and sale of components, in¬
struments and systems used in missiles and satellites,
radar and communications systems. Proceeds—For debt
repayment and working capital. Office—220 Pasadena
Ave., South Pasadena, Calif. Underwriter—White, Weld
& Co., N. Y.

$1,500,000 of 6% conv. subord. de¬
also 150,000 common shares, of
which 80,000^ will be offered by the company and 70,000
by a stockholder. The securities will be offered in units
of one $100 debenture and 10 common shares, except
that up to $700,000 of debentures and 70,000 shares may
be offered separately.
Price—For debentures, at par;
for common, $10.
Business—Operation of discount de¬
partment stores selling a wide variety of merchandise.
Proceeds—For ' expansion.
Office—135-21 38th Ave.,
Flushing, N. Y./Underwriters—Sterling, Grace & Co.,
and Norton, Fox & Co.; Inc., N. Y. :
\ /• * * \
>

Price—By amend¬

30,

debentures

March 22, 1962 filed
bentures
due
1972;

(max.

Microdot

April

Inc.

Masters,

$15)., Business—Contract stevedoring and
related operations.
Proceeds—For selling stockholders..
Office—39 Broadway, N. Y. Underwriter—Bear, Stearns
& Co.,
N.^Y.
" ■
' "
" '•
«"• r" 'vment

•

ing capital.
Office—840 DeKalb Ave., N, E., Atlanta.
Underwriter—Johnson, Lane, Space Corp., Atlanta.

by stockholders. Price—$5. Business—Sale and distribu¬
tion of

(99)

Monarch Plastics Corp.

May 28, 1962 ("Reg. A") 140,000 common. Price—$2.
Business—Manufacture and sale of plastic letters, em¬
bossed sign faces, quantity signs and boat windshields.

.

Feb.

general corporate purposes/ Office—6425 Oxford St., Si.
Louis Park; • Minn;;Underwriter—Irving J. Rice & Co.,
Inc., St. Paul;

of land and building, moving
equipment and working capital. Office—5669
Airline Rd., Houston.
Underwriter—W. L
Sauve Co., N. Y.
*'.
*
;
; /
X

Proceeds—For purchase
expenses,

Stuebner
;

Continued

on

page

40

40

The Commercial and Financial Chronicle

(100)

Continued from page
•

and
Piper. Jaffray & Hopwood,
Offering—Expected in late July.

39

Montebello Liquors,

Inc.

(7/24-27)

April 5, 1962 filed 160,000 common. Price—By amend¬
(max. $5). Business—Blending, bottling and mar¬
keting of alcoholic beverages. Proceeds—For equipment,:
inventories, advertising and working capital. Office—
Bank St. & Central Ave., Baltimore. Underwriters-

Co., and Morris Cohon & Co., N. Y.
Electro

Morse

Products

29; 1961 filed $1,250,000 of 6%% convertible sub¬
debentures due March, 1977. Price — At par.
Business—Operates retail stores selling sewing machines
and vacuum cleaners. Proceeds — For expansion and
ordinated

working capital. Office—122 W. 26th St., N. Y.

Under¬

N. Y.

Moskatel's, Inc;

payment of income taxes. Office—738 S. Wall St.,\
Angeles, Calif. Underwriter—Thomas Jay, Winston

—For

&

Co., Inc., Beverly Hills, Calif.
Mosler

March

Co., N. Y.

ment and

Business—Exploration,

-

develop¬

mining. Proceeds—General corporate purposes.

Office—90 Industry St;, Toronto, Canada.
A. C. MacPherson & Co., Toronto.

Underwriter—

York Testing

Orbit Stores, Inc.
May 28, 1962 filed 100,000 common. Price—By amend¬
ment (max. $6).
Business—Operation of two discount
type department stores. Proceeds—For equipment, in¬
ventory, expansion and working capital.
Office—725
William
T.
Morrissey Blvd., Boston.
Underwriter—

None.

:27,

capital.

working

Office—601

W.

26th

Orion Electronics Corp. (7/23-27)
(
Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi¬
ness—The manufacture of precision electronic sub-sys¬
tems for the generation, detection and control of fre¬
quencies up through the microwave region. Proceeds—
For expansion, equipment and working capital. Address
—Tuckahoe, N. Y. Underwriter—A. D. Gilhart & Co.,
Inc., N. Y. C.

St.,

Underwriter—None.

29,

Ltd. /
1962 filed 375,000
to be offered by

are

capital

shares,

company

and

Orr (J. Herbert) Enterprises, Inc.
May 1, 1962 filed 285,000 common. Price—$10.50. Busi¬
ness—Company's subsidiaries manufacture cartridge tape
recorders and programs therefor and men's and boys'

Oil & Chemical Co., Inc.
20, 1962 filed 200,000 class A shares. Price—By
amendment (max. $15). Business—Manufacture, process¬
ing and distribution of natural and synthetic essential
oils, flavor, essences, etc., to food and drug industries.
Proceeds

dress

For

Mining Co., Inc.
1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
tal. Address—Creede, Colo. Underwriter—None,
*
Pacific

$6.

Office—1900 Life Bldg., Dallas. Underwriter—
Carreau & Co., N. Y.

Brewing Co., Ltd.
Price—$1. Business
equip and operate a brewery.

—None."

ventories. Office—224-09 Linden Blvd., Cambria

Heights,
Underwriter—Harrison Securities, Inc.,

debt repayment.

.•

•

r

■

Norway (Kingdom of)
May 28, 1962 filed $25,000,000 external loan bonds due
15, 1977. Price—By amendment. Proceeds—For
acquisition
and
importation
of
capital
equipment.
Underwriters—Harriman Ripley & Co., Inc.;
Kuhn,
Loeb & Co., Inc.; Lazard
Frere^ & Co., and Smith,
Barney & Co., Inc., N. Y. Offering — Temporarily post¬

New York.

June

Ltd.

June 22,
000 "A"

1962 filed 1,050,000 ordinary shares and 3,190,ordinary shares. Price—By amendment (max.
Business—A general banking business. Proceeds—

Israel.

National

Car

Rental

System

Office

Tel-Aviv,

—

Norwood's

April

March

19, 1962 filed 200,000 common being offered for
subscription by stockholders of record June 13 with
rights to expire Sept. 11, 1962. Price—$10. Business—

1000

Milner Bldg.,

.

,

...

.

•

•

r
.

Directories, Inc.
March 29, 1962 ("Reg. A") 100,000 common.
Price—$2.75.
Business—Compilation and publication of regional classi¬
fied telephone directories.^ Proceeds—For
general cor¬
porate purposes. Office—3306 Lancaster Ave., Philadel¬
phia. Underwriters—William, David & Motti, Inc. and
Crichton, Cherashore & Co., Inc., N. Y.
National

Equipment & Plastics Corp.

(7/23-27)
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
ated

stores.

Proceeds—For

debt

repayment, store ex¬

pansion and working capital. Address — Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y.
•

National

March 23,
are
to be

holders.

Security Life Insurance Co.
1962 filed 100,000 common, of which 80,000
offered by company and 20,000
by stock¬

Price—$17.50.

Business—A

life, accident and
health insurance
company. Proceeds—For investment.
Office
130 Alvarado,
N. E. Albuquerque, N. M.
Underwriter—To be named. Note—The SEC has
—

tioned

the

ques¬

accuracy

statement.

and

adequacy

of this

registration

National

Semiconductor Corp.
May 11, 1961 filed 75,000 shares of capital stock.
Price
—To be supplied by amendment.
Business—The design,
development, manufacture and sale of quality transistors
for military and industrial use.
Proceeds
For new
equipment, plant expansion, working capital, and other
—

corporate purposes.

Office—MaUory Plaza Bldg., Danbury, Conn. Underwriters—Lee Higginson
Corp., N. Y. C.




Superettes, Inc.
("Reg.

A")

held.

75,000 common.

Nuclear Data, Inc.
March 28, 1962 filed 170,000
are

to

be

offered

by

and

Proceeds—For

tion.

Proceeds—For

Beltline
mick &

of which 30,000
140,000 by stock¬

Pak-Well

working capital. Office—3833 W.
Underwriter—McCor-

Paper Industries, Inc.-

Palmetto State Life Insurance Co.
March

28,

<

1962 filed 100,000 capital shares. Price—By
(max.
$19).
Business—Writing of
life,

amendment

health, accident and hospitalization insurance. Proceeds
working capital. Office—1310 Lady St., Columbia,
S. C. Underwriter—R. S. Dickson & Co.,
Charlotte, N. C.

—For

services.

Proceeds—For equipment, debt repay¬
expansion and. working capital. Address—P. O.

Pan American

Beryllium Corp.

Feb. 28,

1962 filed TOO,000 common. Price—$5. Business
—Company plans to mine for beryl ore in Argentina.

Box 10901,

Pittsburgh. Underwriter—Johnston, Lemon &
Co., Washington, D. C.

Proceeds

For debt repayment, equipment, and other
corporate purposes. Office—39 Broadway, N. Y. Under¬

.

Tax-Exempt Bond Fund, Series 3

—

writer—To be named.

Oct. 17, 1961 filed
$15,300,000 of units representing frac¬
interests in the Fund. Price rr- By amendment.
Business—The Fund will invest in interest bearing obli¬
gations of states, counties and municipalities* of the
U. S., and political subdivisions thereof which are be¬
lieved to be exempted from Federal income taxes. Pro¬
tional

-

•

"

■ *

•

■

PanAm Realty & Development Corp.
March 12, 1962 filed 400,000 class A stock.
.

Business—A

Underhill

Office—Chicago, 111. Sponsor—*
Co., 135 So. La Salle St., Chicago.

:

v

Business—The Fund will invest in interest-bearing/ohlit
gations of states, counties, and municipalities of the XJ. S., ;

:

„

-Price—$10.

real estate holding and development

pany. Proceeds—For general
r—-70 N. Main St., Freeport,

.

ceeds—For investment.
John Nuveen &

Nuveen Tax-Exempt Bond
Fund, Series 4
Oct. 17,' 1961 filed
$15,000,000 of units representing
fractional interests in the Fund. Price—By amendment.

W.

(max. $13). Business—Manufacture of en¬
velopes, packaging materials of various kinds, wrapping
paper, stationery, and school supplies. Proceeds —. For
selling stockholders. Office—198 W. Alameda, Denver.
Underwriter—Francis I. duPont & Co., N. Y.

Highway, Madison, Wis.
Co., Chicago.

Nuveen

Office—12333

Underwriter—Kidder,

amendment

of nuclear radia¬

activity measurement; production of radioactive isotopes
and the furnishing of
consulting and radiation measure¬
ment,

repayment.

March 30, 1962 filed 150,000 class A common.
Price—By

Nuclear Science &
Engineering Corp.
March 29, 1962 filed 100,000 common.
Price—By amend¬
ment (max. $15). Business—Research and
development
on
contracts using radioactive tracers; precision radio¬

ment

debt

Olympic
Blvd., Los
Angeles.
Peabody & Co., Inc., N. Y.

Price—By amendment (max. $12). Business—
Design, development and assembly of instruments for
and analysis

Business—Design, manufacture and

and defense electronic products.

consumer

pany

holders.

detection, measurement

Corp.

Com¬
also installs and services its TV receivers and
stereophonic units, and manufactures plywood doors.

ex¬

common,

company

Electronics

Price—At par.

sale of

Price—$4.

Proceeds—For

Office—10 Merrick Lane,
Northampton, Mass. Underwriter — Walker, Wachtel &
Co., Inc., Boston.

•"

National

1962

Packard-Bell

May 4, 1962 filed $5,023,800 of conv. subord. debentures
due 1977 to be offered for subscription by stockholders
on the basis of $100 of debentures for each
17 shares

pansion and working capital.

Jackson, Miss.

Underwriter—None.

23,

Business—Operation of superettes.

Rental of vehicles and related activities. Proceeds—For

expansion. Office

,

-

poned.

Inc.

Co., San Fran¬
(mgr.). Offering—Indefinitely postponed.

Pacific Westates Land Development Corp.
^
Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
debentures due 1976 and 300,000 common shares to be
offered in units, each consisting of $100 of debentures
and 20 common shares. Price—$200 per unit. BusinessGeneral real estate. Proceeds—For debt repayment and
working capital. Office — 9412 Wilshire Blvd., Beverly
Hills, Calif./ Underwriter — Morris Cohon & Co., N. Y.
Note—This company was formerly named Westates Land
Development Corp.
-

Office

Underwriter

Pro¬

California Co., Inc., and Schwabacher &

to

Battleford, Saskatchewan, Canada.

Corp.

Business—The manufacture of steel products.

cisco

June 21, 1962 filed 443,565 common.

Proceeds—For construction and

Steel

ceeds—For the selling stockholder. Office—35124 Alvarado-Niles Road, Union City, Calif. Underwriters—First

purposes.

—North

States

June 21, 1961 filed 100,000 outstanding shares of capital
stock (par 50 cents) to be sold by stockholders. Price—^

Production of crude oil and natural gas.
Proceeds—For
debt repayment, working capital and other
corporate

Price—$5.

repayment, adver¬
Ala.

Address—Opelika,

Outlet

Nortex Oil & Gas Corp.
April 27, 1962 filed $5,000,000 of 6% conv. subord de¬
bentures due 1977.
Price—By amendment. Business—

Business—Distribution of phonograph records. Proceeds
—For expansion of warehouse
space, equipment and in¬

debt

capital.

Feb. 28,

debt

intends

Proceeds—For

working

and

Underwriter—None.

Underwriter—S. D. Fuller & Co., N. Y.

—Company

trousers.

tising

repayment, working capital and
other corporate purposes. Office—601 W. 26th
St., N. Y.
—

North Battleford

corporate purposes.
Underwriter—None.

;

Optech, Inc. (8/20-24)
•
Dec. 26, 1961 filed 160,000 common. Price—$3. Business
—Research, development and fabrication of,materials
used in ; optical electronics. Proceeds—For' equipment
and working capital. Office—246 Main
St., Chatham,
N. J. Underwriters—Stone, Ackerman &
Co., Inc., and
Heritage Equity Corp., N. Y.

Norda Essential

Sponsor—Ira Haupt & Co., Ill Broadway,

general

Price—$4.

•

of which
275,000 by
Price—By amendment (max. $6). Busi¬
ness—Acquisition and development of oil and natural
gas
properties.
Proceeds—For drilling expenses and
working capital. Office — 5455 Wilshire Blvd., Los An¬
geles.
Underwriter—Gregory-Massari,
Inc.,
Beverly
Hills, Calif.

-National

For

v

Jed L. Hamburg Co., N. Y. Offering—In
September.

England Telephone & Telegraph Co. (7/10)
20, 1962 filed $50,000,000 of debentures due 2002.
Proceeds—To repay advances from A. T. & T., parent.
Office—185 Franklin St., Boston. Underwriters—(Com¬
petitive). Probable bidders: First Boston Corp.; Morgan
Stanley & Co.; Halsey, Stuart & Co. Inc. Bids—July 10,
1962 (11 a.m. EDST) in Room 2315, 195 Broadway, N. Y.
New

Co., Inc., N. Y.

product expansion and working capital. Office—614 W.
51st St., N. Y.
Underwriters—Gianis & Co., Inc. and

June

New York.

75c).

Price—$5.50.

common.

Business—Wholesale distribution of phonograph records
and albums.
Proceeds—For debt repayment, inventory,

Price—50c.

March

Bank of Israel

(7-16-20)

Olympia Record Industries, Inc.
May 29, 1962 filed 66,000 class A shares.

stockholders.

—

National

International, Inc.
1962 filed 150,000

29,

Business—Manufacture and sale of synthetic pearl but¬
tons.
Proceeds—For equipment and working capital.
Office—1331 Halsey St., Brooklyn, N. Y. Underwriter^.

Nordon Corp.,

Municipal Investment Trust Fund, Series B -.
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price
To be supplied by amendment. Business — The
fund will invest in tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For

(Queens), N. Y.

Sponsor—John,

111.

holder.

March

Offering—Tempo¬

Common.

Oceana

Baruch Brothers &

N. Y.

Multronics, Inc.
Jan. 5, 1962 ("Reg. A") 100,000 capital shares. Price—$3.
Business—Production of electronic parts and components
and the furnishing of consulting services in the radioengineeriijg field. Proceeds—For debt repayment, equip¬
ment, and working capital. Office—2000 P St., N. W,;
Washington, D. C. Underwriter — Switzer & Co., Inc.,
Silver Spring, Md.

11,

Underwriter—Ezra Kureen &

ceeds—For

rarily postponed.

May

believed

New Campbell Island Mines Ltd.
Oct. 13, 1961 filed 475,000 common, of which 400,000 are
to be offered by the company and 75,000 by a stock¬

100,000

Bag-O-Tunes, Inc.
1962 ("Reg. A") 50,000

Office—Chicago,

are

taxes. Proceeds—

•

,
Inc.
1962 ("Reg. A") 250,000 class B preference.
Price—$1. Business—Operation of discount stores. Pro¬

April 6, 1962
common.
Price—$3.
Business—Design, fabrication and marketing of plastic
toys, games and novelties.
Proceeds—For equipment,
working capital and other corporate purposes. Office—
275 New Jersey Railroad Ave., Newark, N. J.
Under¬

investment.

which

ic Norban (Joe)

Industries, Inc.
("Reg. A") 80,000

writer—G. K. Scott & Co., Inc., N. Y.

thereof

June

Markets, Inc.
filed 75,000 common. Price—By amend¬
ment (max. $8). Business—Operation of a chain of su¬
permarkets., Proceeds—For debt repayment, equipment,
and working capital. Office—59 Leggett St., East Hart¬
ford, Conn. Underwriter—D. H. Blair & Co., Inc., N. Y.
Offering—Indefinitely postponed.
Super

March 29, 1962

State

subdivisions

investment.

Nuveen & Co., 135 So. La Salle St., Chicago.

be

Laboratories, Inc.
Price—$5. Business—
Analyzing and testing of electronic, chemical and other
materials. Proceeds—For plant relocation, equipment,
and working capital. Office—47 West St., N. Y. Under¬
writer—Robbins, Clark & Co., Inc., N. Y.

23, 1962 filed 260,000 common. Price—By amend¬
ment (max. $20). Business—Manufacture of safes, bank
vaults, security systems and office equipment. Proceeds
—For selling stockholders. Office—320 Park Ave., N. Y.
Underwriter—Blyth & Co., Inc., N. Y.

Multi

Tele-Systems, Inc.
27, 1962 filed 82,000 common, of which 65,000 are
offered by company and 17,000 by stockholders.
Price—$3. Business—Manufacture of closed circuit TV
systems. Proceeds—For inventory, debt repayment and
working capital. Office—718 Atlantic Ave., Brooklyn,

Thursday, July 5, 1962

be exempted from Federal income

For

Jan. 29, 1962 filed 50,000 common.

March

Mott's

political

.

to

•

Co.

Safe

to

New

May 28, 1962 filed 104,000 capital shares, of which 20,000
to be offered by the company and 84,000 by stock¬
holders. Price—By amendment (max. $8.50). BusinessSale of artificial flowers and florists' supplies. Proceeds
are

Los

and

.

Feb.

N. Y.

Corp.

Dec.

writer—Standard Securities Corp.,

(mgr.).

National

ment

Street &

Minneapolis

.

Securities

com¬

corporate purposes. Office

L. I., N. Y. Underwriter—
Corp., N. Y. °
\
V
/
.

,

.

Papert, Koenig, Lois, Inc.
May 10, 1962. filed 100,000 class A shares. Price—By
amendment (max. $8). Business—An advertising
agency.
proeeedSr—For selling stockholders.
Office-r-9 Rocke?
;

feller Plaza, N.. Y,

,

Underwriters—Andmen & Co. and
Oppenheimer & Co., N. Y. Offering—Expected in Aug.

Volume

196

Number 6174

.

.

.

The Commercial and Financial Chronicle

(7/30)

Inc.

Patterns,

Puerto Rico

1962 filed 100,000 common, of which 70,000
are to be offered by company and 30,000 by stockhold¬
ers. Price—$5.
Business—Manufacture of wrought iron
furniture. Proceeds
For inventory, advertising and
working capital. Office—4601 Georgia Rd., Birmingham,
Ala. Underwriter—Godfrey, Hamilton, Taylor & Co.,
Inc., New York.

Parkway Laboratories, Inc.
1961 filed 160,000 common. Price—$5. Busftsteat
—Manufacture of drugs and pharmaceuticals. Proceeds
MTor an acquisition, research and other corporate pur¬
poses. Office — 2301 Pennsylvania Ave., Philadelphia.
Underwriter—Arnold Malkan & Co., Inc., N. Y.

Brewing Co., Inc. (7/16-20)
23, 1962 filed $2,500,000 of sinking xund deben¬
tures due 1977 and 500,000 common shares to be offered
in units consisting of a $10 debenture and two common
shares. Price—$18 per unit. Business—Company plans
to
prbduce beer and natural malta (a non-alcholic
beverage). Proceeds—For construction and operation of
a
brewery and working capital. Address—San Juan,
Puerto Rico. Underwriter—Merrill Lynch, Pierce, Fenner
& Smith, Inc., N. Y.
'

30,

March

—

•

Plasticon

Chemicals,

Inc.

Feb.

7, 1962 filed 150,000 class A capital shares. Price
—$3.50. Business—Manufacture of a plastic protective
coating and a water proofing solution. Proceeds—For
inventory, equipment, sales promotion, and other cor¬
porate purposes. Office—507 Fifth Ave., N. Y. Under¬
writer—Arden Perin & Co., N. Y.
,
\ V

Paul, Harris Stores, Inc.
April 2, 1962 ("Reg. A") 40,000 class A common. Price
—$7.50. Business—Operation of wearing apparel stores.
Proceeds—For equipment and working capital. Office—
2920 N. Tibbs, Indianapolis. Underwriters—Kiser, Cohn
& Shumaker, Indianapolis and Cruttenden, Podesta &
Miller, Chicago. Offering—Indefinitely postponed.

*

International, lno«;
May 28, 1962 filed 270,000 common. Price—By amend,ment. (max. $7). Business—Company is engaged in the
ownership and franchising of Playboy Clubs. Proceeds—
For debt repayment and general corporate purposes. Office—232 E. Ohio St., Chicago. Underwriter—Divine &
Fishman, Inc., Chicago. '
v
.
«
Playboy Clubs

•

Pay'n Save Corp. (7/9-13)
April 27, 1962 filed $1,200,000 of conv. subord. deben¬
tures due 1977, also 40,576 common shares to be offered
by stockholders^ Price—By amendment (max. $17 for
common.). Business—Operation of hardware, drugstore
and
nurseries
businesses.
Proceeds—For
expansion,

■

v

Policy-Matic Affiliates, Inc.
16, 1961 filed 200,000 capital shares. Price—$3.25
Business—Leasing of insurance vending machines. Pro¬
ceeds—General corporate purposes. Office—1001 15th St.,

Pike

St., Seattle. Underwriter—Dean Witltr &
Francisco.
;
'V
-

N.

■

March 22, 1962 filed 120,000 common, of which 100,000
are to be offered by the company and 20,000 by stock¬

W., Washington, D. C. Underwriter—To be named.

Distribution of electric

Polytronic Research, Inc.
June 7, 1961 filed 193,750 common shares, of which 150,000 will be sold for the company and 43,750 for stock¬

parts and components to industrial customers. Proceeds

holders. Price—By amendment. Business—Research and

—For

engineering and production of certaiD
for aircraft, missiles, oscilloscopes,
electronic vending machines and language teaching ma¬
chines. Proceeds—For expansion, repayment of debt and
working capital. Office—7326 Westmore Rd., Rockville,
Md. Underwriters—Jones, Kreeger & Co., and Balogh &
Co., Washington, D. C. Note—This offering was post¬
poned indefinitely.

holders. Price

—

$4. Business

—

debt

repayment, inventory and working capital.
Office—19 Wilbur St., Lynbrook, N. Y. Underwriter—
Kordan & Co., Inc., N. Y.

development,

electronic

devices

Pellegrino Aggregate Technico, Inc.
Aug. 10, 1961 filed 130,000 class A common shares. Price
—$5. Business—The manufacture of building materials.
Proceeds—For payment of income taxes and loans and
for working capital. Office—Woodbridge-Carteret Road,
Port Reading, N. J. Underwriter—Mortimer B. Burnside

^ Frefco

& Co., Inc.,

June 28, 1962

,

,

N. Y. Offering—Temporarily postponed.

Pennsylvania

Fund,

Mutual

012

Inc.

&

Co., Inc.

(same ad¬

'./"v./.-'

125th
•

Price—By amend¬

^Perfect Photo, Inc.

Feb.

Mitchell

Price—By amend¬

(max. $20). Business—Photofinishing and the dis¬
tribution of photographic equipment and supplies. Pro¬
ceeds—For selling stockholders. Office—4747 N. Broad
Underwriter—Bear, Stearns & Co.,
St., Philadelphia.

Enterprises,

28,

1962

filed

in

the

be

offered

First

Petro-Capital Corp.
28, 1962
filed

Business—A small
ceeds—For

Sherry

general

Office—6130
Underwriter—McDonnell & Co.,

Lane,. Dallas.

New York.
•

purposes.

.

-

£

♦

.

,

>

Price—$5.

Philadelphia.
Public

tion

of

six

restaurants

in

Sacramento.

—1626

J

St.,

Sacramento.




Underwriter—Stewart,

Eu-

^ Hanly, Hempstead, L. I., N. Y.

Properties Corp. of America

tain real

1962 filed 300,000 class A shares. Price—By
(max. $16). Business—Company owns cer¬
estate, general insurance agency and a mort¬

gage

servicing company. Proceeds—For debt repayment.
Fifth Ave., N. Y. Underwriter — Stanley

Office —745

Co., N. Y. Offering—Temporarily

postponed.

Regulators, Inc.
(8/1)
Jan. 29, 1962 filed 75,000 common, of which 50,000 are
to be offered by the company and 25,000 by Electronic
Specialty Co., parent. Price—$5. Business—Design and
of regulating and control devices used in
electric and electronic fields. Proceeds—For debt

manufacture
the

repayment

and

working

W. Main
A. Lomasney &

capital. Office—455

St., Wyckoff, N. J. Underwriter—Myron
Co., N. Y.
Resin Research Laboratories,

Inc.

27, 1962 filed 105,000 common. Price—$3.50. Busi¬
ness
Operation of a laboratory for contractual re¬
search, development and engineering in the chemical,
field. Proceeds—For expansion of facilities, debt repay¬
ment and working capital. Office—396-406 Adams St.,

Feb.

—

Newark, N. J. Underwriter—Keene &

Co., Inc., N. Y.

Richmond Corp.

21, 1961 filed 142,858 common.

—A real estate investment company.

Price—$7. Business
Proceeds—For debt;

and general corporate purposes. Office—220
K St., N. W., Washington, D. C. Underwriter—Hirschel
& Co., Silver Spring, Md. Offering—Indefinite.

repayment
.

Co.,. Inc.

Co., Inc.* Chicago. Offering—Indefinite¬

ly postponed.
Publishers
>

Nov.

28.

1961

Co., Inc.
filed

541.000

common.

Ridgerock of America, Inc.
Dec.

29,

1961

Price—By amend¬

ment. Business—Book publishing. Proceeds—For an ac¬

ceeds—For
poses.

debt

100,000

filed

Business—Production

Underwriter—None.

Loan

A. G. Becker &

Proceeds—For

Office

Real

Heller &

1962 filed 170,000 common. Price—By amend¬
ment (max. $17). Business—Operation of small loan of¬
fices. Proceeds -r- For general corporate purposes. Office
—41
Chenango St.? Binghamton,. N.. Y
Underwriter—

Business—Opera¬

expansion, debt, repayment and working capital.

and components. Pro->

amendment

Mines, Ltd.

March 28,

Restaurants, Inc.

amendment.

Gold

Investment Trust
May 21, 1962 filed 100,000 shares of beneficial interest.
Price—$10.
Business—A real estate investment trust.
Proceeds—For
investment.
Office—1324 Walnut
St.,

Office—1200 Seaboard Dr., Hialeah,
Ill Broadway, N. Y.

Price—By

•

April 27,

184 Woonasquatucket Avenue,

Prudent Realty

Dec. 21, 1961 filed 125,000 common, of which 75,000 are
to be offered by the company and 50.000 by a selling
stockholder.

—

Offering—Indefinitely postponed.

Underwriter—Willard Co.,

Pioneer

/

Inc.

—

Business—Loading and unloading of trailers and autos
freight cars, and freight consolidation and forward¬
ing. Proceeds—For equipment, expansion and general
purposes.

Office

Underwriter—Edwards

from

Fla.

Island, Inc.

Dec.

1962 filed 80,000 common. Price—$5. Business
of professional audio visual and sound
recording equipment. Proceeds—Debt repayment, equip¬
ment and working capital. Office—236 E. 46th St.. N. Y
Underwriter—To be named. Note—This registration is
being withdrawn.

corporate

,

Jersey,

and working

Prosperity Cleaners & Laundries, Inc.
May 15, 1962 filed 100,000 common. Price — By amend¬
ment (max. $5.50). Business—Operation of a chain of
dry-cleaning and laundry stores. Proceeds—For selling
stockholders. Office
48-12 25th St., Astoria, N. Y.

18,

common.

New

of

ceeds—For debt repayment,

•

,

—Manufacture

Piggyback Transport Corp.
April 30, 1962 ("Reg. A") 40,000

50,000

N. Y.

Pictronics Corp.

Jan.

of which

Prosper-Way, Inc.
7, 1962 filed 85,500 common. Price—$3. Business
—Development and promotion of "one stop dry cleaning
and laundry" establishments, and the sale and main¬
tenance of dry cleaning and laundry equipment. Pro¬
ceeds—For real estate, sales promotion, acquisitions, and
working capital. Office—2484 W. Washington Blvd., Los
Angeles, Calif. Underwriters—Crosse & Co.', Inc., V. S.
Wickett & Co., Inc. and Thomas, Williams & Lee, Inc .

common.
Price—$11.
investment company.
Pro¬

corporate

ity and stereophonic equipment

common,

Feb.

556,700

business

125,000

ploration of mining claims in Canada. Proceeds—For
general corporate purposes. Office—36 Yonge St., To¬
ronto, Ontario, Canada. Underwriter—A. C. MacPherson & Co., Toronto.

Realty Trust.

March

Co.

Price—$5. Business—Wholesaling of electronic parts,
supplies and equipment and the retailing of high-fidel¬

000

Investment Trust

Income

Service

ers.

April 24, 1962 filed 750,000 capital shares, of which 500,are to be offered by company and^SO.OOO by stock¬
holders. Price—50 cents. Business—Acquisition and ex¬

for

ton, Taylor & Co., Inc., N. Y.
Perpetual

;
Electric

Radio

(7/24)

Co., Inc., N. Y. Offering—Postponed.

subscription by
stockholders- of National Petroleum
Corp. Ltd., parent, on the basis of one share for each
15 National shares held. Price—$5. Business—Manufac¬
ture, use and sale of a patented tool, "Permeator," used
in completion of oil and gas wells. Proceeds—For gen¬
eral corporate purposes.
Office—445 Park Ave., N. Y.
Underwriters—Irving Weis & Co., and Godfrey, Hamil¬

See

Underwriter—Arnold Malkan & Co-.

N. Y.

Jan. 23, 1962 ("Reg. A") 55,000 common, of which 50,000
will be offered by the company and 5,000 by stockhold¬

Providence. R. I, Underwriter—Fred F. Sessler &

Promistora

to

•

automotive,

working capital.

•

a

be offered

North

common

Oceanside,
N. Y.

marine and household fields.
Proceeds—For repayment of debt, new equipment and

used

Blvd., San Leandro, Calif. Underwriter—
Associates, Inc., N. Y. Offering—Ex¬
pected in late Fall.
Corp.
filed 300,000

of

30,

* and capacitors. Proceeds—For equipment, working cap¬
ital and other corporate purposes. Office—15 Neil Court,

—

Martin

1962

0.56

of

RF

Isiieromcs, Inc. (8/6-10)
1961 filed 40,000 common. Price—$5. Business
—Manufacture of radio frequency interference filters

Underwriter—None.

319 MacArthur

18,

•

Oct.

Microwave Corp.

Robert

Permeator

holders. Price—By

July 28, 1961 filed 330,000 common shares. Price—$2.05
Business
The manufacture of vinyl plastic products

1962 filed 230,000 common. Price—By amend¬
ment (max. $8). Business—Merchandising, sale and con¬
struction of homes. Proceeds—For acquisition and devel¬
opment of land, and other corporate purposes. Office—

May

which 50,000 will
for certain stock¬
amendment (max. $6). Business—En¬
gaged in manufacturing, engineering and research under
Defense Department contracts;
also manufactures ball '
point pens, points, mechanical pencils and desk sets.
Proceeds—For equipment and working capital. Office—
Little Falls, Passaic County, N. J. Underwriter—Meade
& Co., Inc., N. Y.

June 29, 1962 filed 125,000 common, of
be offered for the company and 75,000

common, of which 51,^
stockholders for 15 days

Product Research of Rhode

Inc.

May 28,

A.

• R E D M Corp.

„

N. Y.

Perma-Bilt

to

■

-

expansion, moving expenses
by the company and 75,000 by stock-**
capital. Office—513-15 Cooper St., Camdeh,
N. J. Underwriter—Lee-Mosson & Co., Inc., N. Y.
holders. Price—By amendment (max. $12).- Business—
Design and manufacture of microwave components. Pro¬
Ram Tool Corp.
ceeds—For debt repayment and working capital. Office
May 16, 1962 filed $800,000 of 6%% subord. debentures
—33 New Broad St., Port Chester, N. Y. Underwriterdue May 31, 1972 (with attached warrants). Price—By
Van Alstyne, Noel & Co., N. Y.
amendment.
Business—Manufacture and sale of elec¬
Prescott-Lancaster Corp.
trically powered tools, and hand garden tools. Proceeds
March 30, 1962 filed 150,000 common. Price—$5. Business
—For debt repayment and working capital. Office—411
—Real estate. Proceeds—For purchase of mortgages, and
N. Claremont Ave., Chicago.
Underwriters—Aetna Se¬
working capital. Office—18 Lancaster Rd., Union, N. J.
curities Corp., N. Y. and Cantor, Fitzgerald & Co., Inc.,
Underwriter—Jacey Securities Co., N. Y.
Beverly Hills, Calif.

ment

:

basis

St., N. Y.

to

are

>

14, 1962 filed 154,800 common.

the

on

Premier

Feb.

(max. $4.25). Business—Development, manufac¬
ture and marketing of electron vacuum tubes. Proceeds
—For selling stockholders.
Office—312 N. NopaL St.,
ment

Santa Barbara, Calif. Underwriter—Francis J.
& Co., Newport Beach, Calif.

first

,

15, ,1962 filed 150,000 capital shares. Price—$1.
Business—Mining. Proceeds—For debt repayment, sur¬
veying and general corporate purposes. Office—Suite
1212, 55 York St., Toronto. Underwriter—Asta Corpora¬
tion Ltd., Toronto.
*

ing capital and other corporate purposes. Office—143 W.

v.-v;

Penta

Laboratories, Inc.
April 23, 1962 filed 85,920 common.

offered

.

-

/

Queensway Mines Ltd.
March

share for each share
held, with remaining 68,988 shares going to the public.
Price^—$2.50. Business—Engaged in real estate investing
and insurance premium financing. Proceeds—For work¬

21, 1962 filed 1,000,000 capital shares. Price—By
amendment (max. $10.29). Business — A mutual fund.
Proceeds—For investment. Office—60 Wall St., N. Y.
Underwriter—Sackville-Pickard

be

to

are

period

March

dress).

Corp. *'
("Reg. A") 120,000

Pulp Processes Corp. :
Sept. 20, 1961 filed 140,000 common. Price—$5. Business
—Development of pulping and bleaching devices. Pro¬
ceeds—General corporate purposes. Office—Hoge Bldg.,
Seattle, Wash. Underwriter—Wilson, Johnson & Higgins,
This offering was temporarily
* San Francisco. Note
postponed.
*
\
—

Oct.

working capital and other corporate purposes. Office—

Peerless Radio Corp.

Roth & Co., Inc., Philadelphia.

Plantation

March

Dec. 6,

San

quisition and other corporate purposes. Office—1106 Con¬
necticut Ave., N. W., Washington, D. C. Underwriter—

•

Pre-Cut Homes, Inc.
1961 filed 112,500 common. Price—By amend¬
ment. Business—Sale of pre-cut (finished) homes. Pro¬
ceeds—For working capital. Office—499 Jericho Turn¬
pike, Mineola, N. Y. Underwriter—A. L. Stamm & Co.,
N. Y. Offering—Postponed.

514-524

41

banks, Myerson & Co., San Francisco. Offering—Tem¬
porarily postponed.

Paragon

Aug. 25,

Co.,

(101)

common.

of stone facing for

reduction and

Price—$2.50.

buildings. Pro¬

general corporate pur¬

Address—Sebring, O. Underwriter—To be

named.

(L. L.) Enterprises, Inc.
June 27, 1962 filed 155,000 common, of which 130,000
are to be offered by
company and 25,000 by a stock¬
holder.
Price—By amendment
(max. $10). Business
—Company furnishes commercial reproductions, manu¬
factures sensitized papers, cloths and films for blueprint¬
Ridgway

printing, and sells architectural, engineering
reproduction equipment and supplies.
Proceeds—For plant expansion, equipment and working
capital. Office—5711 Hillcroft Ave.. Houston. Under¬
writers—Underwood, Neuhaus & Co., Inc. and Rotan,

ing

and

and

commercial

Mosle & Co.,

Houston.

Continued on page 42

42

The Commercial and Financial Chronicle

(102)

labor and

Continued from page 41

Ridgewood

Financial

Corp.

.March JO, 1962 filed 60,000 common, of which 11,250 are
be

to

offered

by

48,750 by stockholders.
Price—By amendment (max. $9.75). Business—Owner¬
ship of stock of Ridgewood Savings Loan Co. of Parma,
in Cleveland. Proceeds—For organizational expenses and
and

company

investment. Office—1717 E. 9th St,- Cleveland. Under¬
writer—Fulton, Reid & Co., Inc., Cleveland. Offering—
Indefinitely postponed.
Riker

March

Delaware

Corp.

-warrants

to

be

offered

and 50,000

common

units of four shares

in

and

one

warrant.

Price—$30 per unit.
development and management

Business—A real estate
company. Proceeds—For
construction, acquisitions, debt repayment and working
capital. Office—LaGorce Sq., Burlington, N. J. Under¬
writer—H. Neuwirth &
Rite

Jan.

Co., Inc., N. Y.

1962 filed

•

common.

Rcadcraft

Corp. (7/30)
Dec. 26, 1961 filed 400,000 common. Price—By amend¬
ment. Business—Design; manufacture and sale of mobile
homes

and

office

trailers.

Proceeds—For

general

cor¬

porate purposes. Office—139 W. Walnut Ave., Gardena,
Calif. Underwriter — Vickers, MacPherson & Warwick,

Inc.„ N. Y.
• Robfin

Seaway Industries, Inc. (7/23-27)
29, 1962 filed $1,000,000 of 6% convertible sub¬

March

ordinated debentures due- 1982. Price—At par. Business
—Purchase and sale of scrap steel and other metals and

operation of

rolling mill, a stevedoring business and
companies. Proceeds—For general cor¬
porate purposes. Office—101 East Ave., North Tonawanda. N. Y.
Underwriter—Brand, Grumet & Seigel, Inc.,
two

a

demolition

t Rochester Telephone Corp. (7/19)
June 21, 1962 filed $12,000,008 of debentures due 1987.
Proceeds—To repay bank loans, and redeem outstanding
4% debentures due 1963.
Office—10 Franklin Street,

Rochester, N. Y. Underwriters—(Competitive). Probable
bidders: First Boston Corp.; Eastman Dillon, Union Se¬
curities & Co.-Kidder, Peabody & Co. (jointly); Halsey,
Stuart & Co. Inc.; Kuhn, Loeb & Co. Bids—Expected
EDST).

a.m.

Rosenfeld

,

.?•,

(Henry), Inc.

March 23, 1962 filed 120,000 common. Price—By amend¬
ment

sale

(max.

$10).

of women's

holder.

Robert A. Martin
•

Business—Design,

manufacture

dresses. Proceeds—For

Office—498

Seventh

a

and

selling stock¬

Ave., N. Y. Underwriter—

Paper Corp.

of which 100,000
are to be offered
by the company and 200,000 by stock¬
holders.
Price
By amendment. Business — Develops
and printscolor, and black
and white photographic

Engineering

(max. $10). Business

Proceeds

Office—245

Stonehill

&

—

For

7th Ave..

equipment and working capital.
Y. Underwriter
Federman,

N.

Co., N, Y.

—

•

Royalty Stores, Inc.
May .29, i962 filed 75,000

common.

By amend¬
"Schlitz" and
selling stockholders. Office—235 W. Galena St., Milwaukee. Under¬
writer—Glore, Forgan & Co., Chicago. Offering—In¬
definitely postponed. '
V'

Price—$3.75.

Busi-,

Ruby Silver Mines, Inc.
1962 ("Reg. A") 2,400,000 common. Price—12%
cents. Business—Exploration and
development of mineral
deposits. Proceeds—For debt repayment and. general
Jan. 2,

corporate purposes. Address—Box

1088, Wallace, Idaho.
Underwriter—Pennaluna & Co., Spokane, Wash.
Sage International Inc.
April 30, 1962 filed 150,008 capital shares. Price—By
amendment

(max. $13). Business—Operation of mem¬
bership discount department stores. Proceeds—For ex¬
pansion and inventories.
Office—315 S. Beverly Dr.,
Underwriters—First California Co.

Inc., San Francisco and Allen & Co., N. Y.
Saiant &

23,

?

-

,♦

Salant, Inc.

1962

filed 150,000 class

A

shares., Price—By

amendment (max. $35). Business—Manufacture of men's
utility and sports' clothes. Proceeds—For selling stock¬
holders. Office—330 Fifth Ave., N. Y.—Underwriters—
Kidder, Peabody & Co., and Jessup & Lamont, N. Y.

Offering—Temporarily postponed.

Proceeds—For

Sampson Enterprises, Inc.
Feb. 28, 1962 filed 450,000 common. Price
By ame
ment
(max. $8). Business—A holding company for
—

estate concern, motor

a

inn, shopping centers, bowl¬

ing establishments, etc. Proceeds—For debt repayment
working capital. Office—222 E. Erie St., Milwaukee.
Underwriters
Straus, Blosser & McDowell, Chicago
and Dempsey-Tegeler &
Co., Inc., St. Louis.
and

—

San Francisco

Capital Corp.
April 23, 1962 filed 60,000 common.
ness—A

—For

small

business

investment.

Francisco.

investment

Office—400

Price—$12.50.
company.

Montgomery

Busi¬

Proceeds

St.,

San

Underwriter—Cantor, Fitzgerald & Co., Inc.,

Beverly Hills, Calif.
Santa

Fe

March 30,

Drrling Co.

1962 filed

160,000 common, of which 100,000
by company and 60,000 by stockholders.
Price—By amendment (max. $33). Business—Furnishes
are

to be offered




"
/
/
29, 1962 filed $10,000,000 of convertible debentures
due Oct. 1, 1977. Price—By amendment. Business—Man-"
ufaeture of pulp and paper equipment, ships, aircraft,
automobiles, trucks, construction and industrial machin¬
ery, etc. Prcceeds — For: general : Corporate purposes.
• Shin Mitsubishi Jukogyo K. K.

June

.

..

„3

manufacture

of

electronic

and

electro¬

.

mechanical

equipment, components and systems. Pro¬
ceeds—For selling stockholders. Office—408 Bank of the
Southwest Bldg., Houston.
Underwriter—Morgan Stan¬
ley & Co., N. Y. •
y •..//
/

.1

/

,

Office—1933

ated

41,864
entire

common

class

are

A

*

13,

40,000 class A
to- be offered by

Co., N. Y.

investment.

V, /;/

expenses.

Proceeds

•.

.

,

;

.

Office^—20

North

Underwriters—Coggeshall

Ernest M. Fuller

&

Co„ N. Y.

amendment

(max. $20). Business—Developtype combination: lock. Proceeds
—For equipment, research and development and worktog capital. Office—150: Broadway, N..Y: Underwriters-

—

For

a'new

Co., N. Y. /

..

Ave.,

D. C.
•

Oct.

•

.

.

.

.

•
Seg Electronics Co., Inc.
Sept. 28, 1961 filed 110,000 common.

Offering—Expected to early Fall/ ./•./

/ •

-

t

Corp/ (7/St13>;

30,-1961 filed 550,000

common.

Business—Distribution

.

• Sokol

.

Y

of

Brothers

.

.

Furniture

Co.,. Inc./

./
i.
Sept. 28, 1961 filed 160,000 common. Price—$2:58. Bmsiness—The instalment retailing of furniture, appliaii°es
and other household goods. Proceeds — For exparisiiun
and modernization of buildings, repayment of debt and
working capital. Office—253 Columbia : St, Brooklyn,
N. Y. Underwriter—Albion Securities Co., Inc.* and Price

.

Investing Co., N. Y.
•

.

Solid

Feb.

1,

State

1962

.

.

/

Products,
filed 110,000

-

A

Inc..^
common.

i.

>

Price—By amend¬

ment.

Business—Development, manufacture and sale of
semiconductor devices. Proceeds—/For a new plant, debt

1

repayment and working capital. Office—1 Pingree
Salem, Mass. Underwriter—Tucker/ Anthony & R.
Day, N. Y. Note—This registration was withdrawn,,

.

Price—By amend¬
Business—Design and manufacture of networks
transmission* filters, transceivers
equipment. Proceeds—For equip¬

.

Price—By amend¬
coin-operated insui'vending machines to brokers at sporting centers.
Proceeds—For inventory, advertising and. working capi¬
tal.
Office—420 Lexington Ave., N. Y. Underwriter—
Pacific. Coast Securities Co., San Francisco. Note — This
firm formerly was named National yending Ski Insur¬
ance Corp.
v,
/
\ *
7
V"

and

Security Aluminum Corp* (7/30) '!
26, 1962 filed 200,000 common. Price—By amend¬
ment. Business—Manufacture of alummum
sliding win¬
dows and doors. Proceeds—For
equipment, moving ex¬
penses and working capital. Office—503 E. Pine
Ave./
Compton, Calif. Underwriter—Vickers, MacPherson &
Warwick, Inc., N. Y.

repayment, acquisition of land arid
Office — 1093 Frank Rd., Columbus,

ance

:v

;

debt

Skiers Service

ment.

ac¬

Larch-

Hicks

&

For

Ohio. Underwriter—H. P. Black & Co., Inc., Washington,

.

V

r

—

working capital.

•

for data and program
and related electronic

the

on

.

Jan.

ment.

share

one

reeds

Scripps-Howard Broadcasting Co.
V
March 20, 1962 filed 375,000 common.
Price—By amend¬
ment (max. $20).
Business-—Company owns and oper¬
ates TV, radio and FM
broadcasting stations. Proceeds
—For selling stockholders. Office—1121 Union Central
Bldg.,, Cincinnati. Underwriter—First Boston Corp., N. Y.

Offering—Indefinitely postponed.

Corp., parent, "

,

Equipment Manufacturing Corp.
April 30, 1962 filed 83,500 common. 4 Price—$6. " Busi¬
ness—Manufacture
of- sterilizers, multi-dose
jet .vac-!
cine
injectors,
operating lights and other
medical
equipment.
Proceeds—For- inventories,
new
products
moving
mont, N. Y.

Research

Site-Fab, Inc. >
;
/Feb. 27, 1962 filed. 135,000 common. Price — By amendment (max. $4)
Business—Construction of homes.* Pro-

Scientific

and

and

share for each 10 company shares held,
for each 30 shares of Associated heM.

Charles Plohn & Co. and B. W. Pizzini &

quisitions and working capital. Office—560 Fifth Ave.,
N. Y. Underwriters—Morris Cohon & Co. and Lieberbaum &

*

and

(Sidney) Realty Corp.-;
1962 filed 500,000 class A shares. Price—$10.
Estate

and

Price—By

Schwartz
June

N. J. TTnderwrite»—

one new

-ment and sale of
-

18,136 common
will be offered by stockholders.
Price—By amendment
($35 max.). Business—Company develops, prints, - and
finishes "school pictures." Proceeds — For plant and
equipment, acquisitions, and working capital. Office—
1610 N., Mill St.,
Jackson,, Miss. Underwriters—Equi¬
table Securities Corp., Nashville, .and Kroeze,
McLarty
& Duddleston,
Jackson, Miss. Offerings—Postponed.

Business—Real

Development

basis of

-

School Pictures, Inc.' v
< >v
Feb. 7, 1962 filed 60,000 common and
common, of which
the company; the

Ave., NeptUpe.

Simplex Lock Corp.
/
April 20; 1962 filed 20,000 common to be offered for sub¬
scription by stockholders of the company and of Associ¬

i

■

Heck

Milton D. Blauner & Co., N. Y.'Offering—In August.

5,500 units (each

'

-■

'ty-V,

"

lnc/r -C' /•*
•-'/
'Jan. 29, 1962 filed 126,000 common; Price-—$4.50: Busi¬
ness—Manufacture, sale and development of glow lamps
for use as indicators and circuit components. Proceeds—
For debt repayment, equipment and working capital.

consisting of $1,000 of debentures and warrants to pur¬
chase 20 shares) for subscription by holders of its class
A stock and 10% debentures due 1976.
Price—By amendment. Business—General real estate. Proceeds—For ac¬
■

pected in late September.

Signalite

(Walter J.) Corp.
28, 1962 filed $5,500,000 of 6%% subordinated con¬
vertible debentures due 1977 and 110,000 5-year warrants
to purchase a like amount of class A' common.
The
company plans to offer the securities in

Office—Tokyo; Japan. Underwriters—First Boston Corp.,
Nomura Securities Co., Ltd., N. Yr Offering—Ex-

-and

■

*

•

real

—

logging; and plated seryices to soil wel). drillers, and the

derwriter—None.-.

,

sion, advertising* and other corporate purposes^ Office
—10 Charles St., Floral Park, N. Y. Underwriter—R. P.:.
Raymond & Co., Inc., 26 Broadway, N. Y.
</,.■'

March

*

quisition of property. Office—67 W. 44th St., N. Y. Un¬
/

ness—Operation of discount stores and wholesale distri¬
bution of general merchandise.
Proceeds—For expan¬

Beverly Hills, Calif.

"

Business—Brewing of

,.

' * • y;y. :/. /•; ; v -V
• vy>
Shelley Manufacturing Co. (7/11)
;
/ *'•„?' "V •.
Dec. 29* 1961 filed 55,000 common. Price—$6,50. Business
—Manufacture of automatic equipment / for handling
packaged foods; and various food serving devices. Pro¬
ceeds—For equipment, advertising, plant expansion and
working capital. Office—3800 N. W., 32nd Ave., Miami,
Fla. Underwriters-George, O'Neill & Co., Inc., N. Yr
•

Brewing Co.

Schlumberger Ltd.
May 11, 1962 filed 700,000 common. Price—By amend¬
ment
(max. $80).
Business—Furnishing /of electrical

(max. $13). Business
Operation of a chain of
junior department stores and self-service discount stores.
Proceeds—For selling stockholders. Office—1325 Watford St., Memphis. Underwriter—New York Securities
C<*. 62 Wall St.. N. Y.

—Design and manufacture of measuring, indicating,
recording, testing and controlling devices used in air¬
craft and missile systems. Proceeds — For expansion.
Address — U. S. Route 130, Pennsauken, N. J. Under¬
writer—Bear, Stearns & Co., N. Y.
" 1 ■
/

and

Inc. (7/23-27)
•;;
vV .:
r
125,000 capital shares. Priee — $3.
Business—Design, development and manufacture of pre¬
cision control components and associated products. Pro¬
ceeds
For debt repayment, equipment and working
capital. Office — 190 Gruner Rd,, Cheektowaga,:: N. Y.
Underwriter—General Securities Co., Inc.,: N. Y. / / ■"/

.

.

stockholder. Price—By amendment

beers.

'•/

•

*

'

Shainberg (Sam). Co.
; •v".
v- 'v. >
March 30, 1962 filed 236,000 common. Price—By amend¬

1

March 13, 1962 filed 150,000 common, of which 100,000
are to be offered
by company and 50,000 by a selling

Milwaukee"

*

ment

—

film.

>

repayment and expansion. Office—240 W. 18th St., N. Y.

"Old

Underwriter—None.'; /'"•••

—

30, 1962 filed 200,000 common. Price—By amend¬
(max. $9). Business — Wholesale distribution of
printing paper and paper products. Proceeds—For debt

ment

(max. $35).

general

Servotronics,

March

Underwriter—Bear, Stearns & Co., N. Y.

For

March 30, 1962 filed

"

Feb.

Photo Corp.
1961 filed 300,000 common,

29,

of stereo photographs
working capital. Address—
Portland, Ore. Underwriter — Straus, Blosser & Mc¬
Dowell, Chicago. Offering—Temporarily postponed.

design

nix.

—

Central Ave./ Phoe-

'

distribution

and

ment

Proceeds

May 1, 1962 filed 200,000 class A common: /Price—$10.
-Business—Real/estate investment. . Proceeds—For construetion of a building.
Office—565 Fifth Ave., N. Y.
-Underwriter—None. ;'■/
"-V;/
///:/-> / V*

viewers. Proceeds—For

(Jos.)

businesses.

related

Sentinel Properties Corp*

Schneider

Associates, Inc., N. Y.

Royaltone

Nov.

••

26, 1962 filed 240,000 capital, shares, of which
140,000 are to be offered by company and 100,000 by
stockholders. Price—By amendment (max. $9). Business

Schlitz

held.

corporate purposes. Office—830 N.

Inc.

Schaevitz

and

nance

Proceeds—For working capital.
Yonkers, N. Y. Under¬
writer—Arnold Malkan & Co., Inc., N. Y.

Saxon

Life

Remaining 94,822 and any unsub¬
publicly. Prices—To public,
$6; to stockholders, $5. Business—Company plans to en¬
gage in the
consumer finance, mortgage,
general fi¬

'

use.

March 2, 1962 filed 347,543 common. Price

New York.

July 19 (11

Selective

Industries,-Inc.

Office—1051 Saw Mill River Rd.,

and

withdrawn. ;

scribed shares will be offered

(7/23-27) ■.«
/
March 29, 1962 filed 100,000 common/'1 Price—^/ Busi¬
ness—Design, development and manufacture' of steel

—Manufacture

was

Financial

Corp.
Feb. 28, .1962 filed 500,000: common, of which 405,000
are to be offered for subscription by1 holders of the A,
B and C stock of Selective Life Insurance Co., an affili¬
ate, on the basis of 4 company shares for each class A or
B share and two-thirds share for each class C share of

Drugs, Inc.
28, 1961 ("Reg. A") $300,000 of 6% 15-year subord.
debentures. Price—At par. Business—Operation of
a chain of drug stores. Proceeds—For general corporate
purposes. Office—3310 New York Ave., N. E., Washingtorn D. C. Underwriter—C. A. Taggart, Inc., Towson, Md.

products for home

Ahalt & O'Connor, Inc., 'N. Y.

registration

Selective

conv.

Saw Mill River

Searight,

—

Note—This

Mar.

Price—$6. Business
—Sale and distribution of receiving
tubes, television
picture tubes, and electroinc components, parts and
equipment. Proceeds—For an acquisition, equipment and
working capital. Office—1927 New York Ave., Hunting¬
ton Station, N. Y.
Underwriter—Robbins, Clark & Co.,
Inc., New York.
62,000

derwriter

Save-Mur

Sawyer's

Electronics, Inc.

29,

Proceeds—For

Dec.

•

29, 1962 filed 200,000 class A

oil.

Thursday, July 5, 1962

ment, research and development, repayment of loans and
working capital. Office—12 Hinsdale St., Brooklyn. Un¬

equipment to major oil companies and drills
debt repayment and equipment.
Office—11015 Bloomfield Ave., Santa Te Springs, Calif.
Underwriter—Dean Witter & Co., Los Angeles. Offering
—Expected in late 1962.
for

...

*

,

.

-

Solon

L.
y-~

Industries,

Inc.
/•;.
/ 'I
Dec. 28, 1961 filed 75,Q00 common. Price—By amendment.
Business—Installation of its coin operated laundry equip¬
ment at" designated residential locations. Proceeds—For
selling stockholders. Office—115 L St., S. E. Washington,
D. CL Underwriter—None.
•;
T
\

/,

Southeastern Real Estate Trust; /

-

^

/

v

•

.

April 2, 1962 filed 7QQJ100 common.. Price—By amend¬
(max. $13.80). Business—A real estate ihvestment

ment

Volume

196

Number 6174

Proceeds—For

trust.

investment.

.

,

,

E.

Office—600

—95

Wash¬

Southeastern

29,

1961

Madison

Burnside &

ington- St., Orlando, Fla. Underwriter—None.
Nov.

(103)

The Commercial and Financial Chronicle

Thom-Tex

100,000 common. Price—$3*
Business—Construction and operation of towing boats.
Proceeds^—For debt repayment* conversion of a boat, and
working capital. Office—3300 N. W. North River Drive,
Miami, Fla.: Underwriter—Irwin Karp & Co., Inc., 68
William St., N. Y_
,
,

March 15, 1962 filed 70,000 common. Price—$4$ Business
—Manufacture of writing paper items. Proceeds—For

3, Rio Grande, Puerto Rico. Underwriter—Meade & Co.,
N. Y. Offering—Temporarily postponed.

\

•,

debt repayment and

*,

ic Suburban Water Service Co.
29i. 1962 filed 30,000 preferred: and 30,000 common
•V
shares to be offered publicly; also 3,398 preferred shares
Southbridge Water Supply Co.*
June 11, 1962 ("Reg. A") 3,000 common to be offered for
(par $16) to be offered for subscription by common
subscription by. stockholders on.the basis of; three new
stockholders on a, share-for-share basis. Price. —- By
shares for/eacn four neia. rrice—$o7.50. business—Com- ' amendment (max; $17). Business—A holding company
paiay plans, to supply water'to town of Southbridge;
for water supply firms. Proceeds—For advances to subMass.

Paper Convertings Corp.

1962 filed 500,000 common.. Price—$20. Busi¬
ness—A real estate investment company. Proceeds—For
investment. Office—50 E. 40th St., N. Y. Underwriter—

March 20,

.

working capital; Address—Highway

•

Thompson Manufacturing Co.,. Inc (7/30)
22, 1961 filed 90,000 common, of whicn uu,uuO shares
to be offered by the company and 10,000 by stock¬
holders.
Price—$4. Business—Design and manufacture

June

.

.

Underwriter—J. B. Coburn Asso¬

To be named.

("Reg. A")

.

V.

Blvd., Westbury, N.
ciates, Inc., N. Y.

B.

Realty & Construction Fund, Inc.

Stratton

Towing & Transportation Co.; Inc.

Underwriter—Mortimer

Ave., N. Y.
Co., Inc., N1 Y.

43

Dec.

are

*

Proceeds—For

of special machinery for the paper industry and the
construction of bowling alleys. Proceeds—For expansion:
and general corporate: purposes.: Office—Canal St.; Lan¬

*
working capital and general corsidiaries.. Office—Clinton,^ Conrt, Underwriter—Putnam caster, N. H. Underwriter—Packer-Wilbur Co., Inc;, N. Y. .
purposes.*;Office —' 70 Foster St,-Southbridge,& Co., Hartford.
;
~
V. *
Thunderbird International Hotel Corp.
Mkss.,Underwriter^r-Kinsley &,Adams, Worcester, Mass.
Summit* Gear Co.,line..
;v r'
Jan. 2, 1962; filed. 175,000 common. Price—By amend- •
Spears (L. B;), ,lnci.(7/30)
'v1 May 29,1962. filed! 167,000 common. Price*—$3.50. Busi~
Oct; 30, 1961 filed 65,000 common. Price—$5. Business— / ness—Development^ design and manufacture of gears; , ment ($10 max.). Business—Hotel ownership and man- •'
Operation of retail furniture stores..* Proceeds — For * and gear assemblies, precision instruments and appli- : agement. Proceeds — For construction. Office-^ 525 N.
Sepulveda BlvcL, El Segundo, Cadif: Underwriter—Vick- .
working capital. Office-r-2212 Third Ave;, N; Y. Under- / ances.^ Proceeds-^-For equipment,, working capital, and
writer—Arnold Malkan & Co., Inc., N. Y.^
*
'
i research and development. Office—5960 Main St, North- .* ers, MaePherson & Warwick, Inc., N. Y. Offering—Tem- !
porarily postponed,
v
<*
•—
:«
ix-v-yV
.•**r.-*
•••?
• Sperti
Products, Inc.-(8/6-10)
J •* ::
*
v * ^
v east, Minneapolis.^ Underwriter—Irving J, Rice & Co.,; '
^ Tira-Mall Mining Co. .
Nov. 29, 1961 filed.230,000 common of which 200,000 are /
St. Paul.,
,u
; : .
. ..
,
v ,
June 20, 1962 ("Reg. A") 410,000 common.
Prioe^—20c.
to*be offered by the company anq J0006 by stockholders. T
-Sun City Dairy Products, Inc.
;
Business—A
mining company.
Proceeds—For equip¬
Price-r-By amendment; Business—Manufacture of: drug
Oct. 27, 1961 filed 110,000 common. Price—$4. Business*
ment, working capital and: other corporate purposes/1
and food products, electrical and electronic devices ahd ; —Distribution of eggs and dairy products in Florida and

porate

.

,

Office—202

precision machinery. Proceeds—For the purchase of cer- J other southeastern states. Proceeds—General corporate
tain patents, repayment of debt;: and''working capital.
purposes. Office—3601 N. W. 50th St^, Miami, Fla. Un¬
derwriter—Finkle & Co., N. Y. Offering—Expected in
OfBee—730 Grand St., Hoboken,>N.? J. Underwriter—
Blair & Co., N. Y.
August.
';
/
...
.
/
■
,
■'

Inc., • ■} -.y'■ '•' f
••* *«; •>"
20, 1962 filed 175,000 common, of which 50,000 are
to-be offered by company and 125,000 by a stockholder.
Price—By amendment, (max. $7). Business—Manufac¬
ture and distribution of skin diving equipment and ac¬
cessories. Proceeds—For working capital. Office—7701
E. Compton Blvd.; Paramount,
Calif. Underwriters—
Truster, Singer & Co.. and Federman, Stonehill & Co.,
N. Y. Offering—Temporarily postponed.
\
*

Superior Bakers, Inc. (7/23-27)
28, 1962 Tfiled 325,000 common, of which 294,000
are to be offered by the company and 31,000 shares by a
stockholder; Price—^$3. Business—Manufacture and sale
of baked goods/Proceeds—For debt repayment and gen¬
eral corporate purposes. Address—New York & Drexel
Aves., Atlantic City, N. J. Underwriter—Balogh & Co.,
Washington^ D. C.
:,
'

Sp ortsways,

Feb.

tronic

equipment.

-

Proceeds—For-

products

new

:Szemco, Inc.

capital. Officer—2980 N.. San
cisco.

■'

insurance.

v--

21, 1961 filed 152,000 common. Price—By amend¬
ment. Business.— Production and distribution of school*
year-books and commercial printing. Proceeds—For sell¬
ing stockholders. Office—6320 Denton Dr., Dallas. Un¬
derwriters—Merrill Lynch, Pierce, Fenner & Smith Inc.,
N. Y., and Dallas Rupe & Son, Inc., Dallas, Tex. Offer¬
ing—Indefinitely postponed.
' r

.

State Life

March

ness—Production

filed •;300,000
common.' Price—By
(max. $5)./Business—Writing of life, health
investment

and

• Technical

working capital; Office—1760 High St,r-Denver. Under¬
writer—None.

v'fr \

(7/30)

■*:?

-

Stelber

Jah".

filed

200,000

V

--

Price—$3. Business;
—Manufacture .of. bicycles, tricycles and toy automobiles,
-

common.

,
-

vProceeds—For debt repayment, -moving expenses

and a
St.; Brooklyn,

'

product line; Office—744 Berriman
N.V Y.- Underwriter—Lloyd
^Securities, Inc./Offering^--

new

Expected in August.

•*

.

•/;

'.'. V ;\"r

'(M.)';.Stephens^ Mfg.'Co.,/Inc.

v"

*

(7/161

rf«

A*»

•'

Industries,

Inc.

,

Price—$6. Business—Manufacture, sale and distribuJ

.J

J?.

«

X

•

■

»

i;'t.

tion of fish foods and distribution of various types of fish
and aquarium supplies for hobbyists.
Proceeds—For a
new plant and working capital. Office—52 Cottage Plaza,
Allendale, N. J. Underwriter --L Andresen & Co/ N. Y.

/

Stratford Financial Corp. V / "

March

29,

218,000

are

.

/

1962 filed 315,000 class A shares of which
to be offered by the company and 97,000 by

the stockholders.
nance

!

company.

Price—$6.

Business—Commercial fi¬

Proceeds—For debt repayment.




Paul. Offering—Expected in August.

Office

Proceeds—^-General corporate purposes. Office

Smithers

&

1

H1

1947

A

W.

u

TT a.

TT1r

Jl

v

Thermogas Co.
May 25, 1962 filed .800,000 common. Price—By amend¬
ment
(max. $15)..
Business—Distribution of LP gas,
tanks and accessories/and gas fueled household appli¬

-

ances.

Pfbceeds^—For acquisitions, debt repayment and
'
equipment. * Office—4509 E. 14th St.* Des Moines. Un¬
derwriter—A. C. Allyn & Co., Chicago..
j_

rv

.rnn

•

n

*

.

Trans-Alaska

Nov.

flat

cars.

Office

—

6

Penn> Center

Telephone Co..

29, 1961 filed 265,000 common, of: which 250,000. are
offered, by the company and: 15,000 by a, stock¬

be

holder.. Price—$6. Proceeds—Fori construction, andt ac¬
quisition, repayment of debt, and: other corporate pur¬
poses.
Office — 110 E. 6th Ave., Anchorage; Alaska.;
Underwriter—MiltomD. Blauner & Co., Inc., N. Y. Note
—This

registration has become effective.

Trans-Western Service Industries

/

\

April 2, 1962 filed 100,000 common, of which 20,000 are
to be offered by company and 80,000 by stockholders.
Price--By amendment (max. $10). Business—Operation
of dry cleaning and laundry plants. Proceeds—For debt
repayment. Office—1167-65th St;, Oakland, Calif. Under¬
writer—Granbery, Marache & Co., N. Y.
Transarizona

Resources,

Inc.-

:

May 28, 1962 filed 500,000 capital shares. Price—$1.50.
Business—Exploration, development and production, of
copper deposit near Casa Grande, Ariz.
equipment, exploration and working cap¬
ital. Office—201 E. 4th St^Casa Grande. Ariz. Under¬

11

t~u

-r-.

n /r

_

Proceeds—For
writer—None.
Tremco

Manufacturing. Co.,

*

?

;

tt_

Thermoironics Corp., Inc.
March 30, 1962 filed 100,000 common. Price—By

coatings, sealants, mastics,, paints, etc. Proceeds — Foil'
selling stockholders. Offifce—10701 Shaker Blvd., Cleve •
land. Underwriter*—McDonald & Co., Cleveland. Offer¬
ing—Temporarily postponed.

amend¬
ment (max. $10). Business—Development of electronic
and electrical. devices used in plumbing and heating
fields and the manufacture of compact electric water
heating units. Proceeds—For equipment, working capi¬
tal and other corporate purposes. Office — 492 Grand

„

Research Inc.

Tronchemics

May 10, 1962 filed 400,000 common; Price—$1. Business
development and manufacture of prod¬

■—Research and

processing, process control and,
processing; Proceeds-—For research*

ucts in the fields of data

chemical
and

C1 v

Gray Ave./ Houston. Underwriters — FI S.
Co., N. Y., and Moroney, Beissrier. & Co.,
Inc., Houston. Note—This company formerly was named;
Texas Electro-Dynamics Capital, Inc.

•

Feb.. 21, 1962 filed 115,000 class A, of Which 40,000 are
to* be of fered by the company/and 75;000 by stockholded

1962 ("Reg.-A") 120,000 common. Price—$2.30.
Business-r-Manufacture of a machine for production of
tufted textile products. Proceeds—For debt repayment
and working capital. Office—4813 Tennessee Ave., Chattanooga. Underwriter—Irving J. Rice & Co., Inc., St.

company.1
A/I
TXT

*

additional

filed 150,000 class A common. Price — By
amendment fmax. $15)^ Business—Producer* of protectivw

Capital, Inc.
16, 1961 filed 275,000 common. Price—By amend—
ment (max. $20); Business—A small business investment

ttonn

of

Feb. 26, 1962

/Oct.

■

("Reg. A") 75',000 capital shares. Price
$4. Business—-Manufacture and distribution of. £lectrical
■Fi 14-1
PrAnAA/lo
TP
/I
fittings and connectors. Proceeds—For debt .repayment,
inventory,; equipment and working capital.. Office—814
E/29th St., Los Angeles. Underwriters — Thomas Jay,
Winston & Co., Inc.,' Beverly Hills, Calif., and I. J. Schein
Cq., n. y.;v ;
;
V
r•;/;
H Sterno

Offering

Texas Technical

^

March 28, '1962
»•>

Office—235 E. 42nd St., N. Y. Under-*

Jan. 31,

\

chase

Plaza, Philadelphia. Underwriters— (Competitive)v Prob¬
able bidders: Halsey, Stuart & Co. Inc.; Salomon Broth¬
ers & Hutzler;
R. W. Pressprich & Co.

the Lake Shore

:

Ten-Tex Corp.

Cycle;Corp. ^:;.r;_

1962

Corp.

writers-Straus^ Blosser & McDowell, Chicago.
—Expected sometime in October.

:

.

Capital

—For investment.

Norristown, Pa. Underwriter—Joseph W. Hurley & Co.,
•

audio-visual

ness—A:

Oct. 2, 1961 ("Reg. A") 69,660 common. Price—$3. Pro¬
ceeds—For equipment and working capital; Address—

.Norristown, Pa.

educational

of

April 30, 1962r filed 500,000 common. Price—$10. Busi¬
small business investment 'eompany. Pr-oceeds

'■

Steel P!ant Equipment Corp.

sale

and

teaching aids. Proceeds—For equipment, promotion and
advertising and working capital.
Office—1650 Broad¬
way, N. Y.
Underwriter—Creative Ventures Corp., 733
Third Ave., N." Y.
•
,'/

Insurance Co. of Colorado

accident. insurance.: Proceeds^—For

and

•Teaching• -Systems, Inc. -v
1, 1962 ("Reg. A") 50,000 common. Price—$2. Busi¬

June

127, ;1962.

amendment

:

Dec.

Industries, Inc.-.
3, 1961. filed 100,000 common". Price—By amend¬
ment, Business—Manufacture of boxes, brochures, pack-*
.aging materials and packaging machines. Proceeds—For
debt repayment and other corporate purposes. Office—
252* W. 30th St., N; Y; Underwriter—Ri P. Raymond &
Co., Inc.,- 26 Broadway, N.: Y./Offering—Expected in
late August.;'"
" • ■ //■■"-'J'

Inc.

it Trailer Train Co.
J,
June 29, 1962 filed $4,000,000 of serial equipment trust
certificates, series 1,. due 1963-82. Business-—Acquisition
and furnishing of flat cars to railroads; Proceeds—Pur¬

to

/ Taylor Publishing Co.

other

Starmatic

Nov.

,

Fluid

port, Conn. Underwriters—Stroud & Co., Inc. and Pen-ingtonr Colket & Co., Philadelphia.

corporate purposes. Office—I I P Fifth Ave., N. Y. Under¬
writer—Ira Haupt & Co., N Y. ■

International,

1,

.

Controls, Corp.
March 29,. 1962 filed 90,000 commoiti Prices—By amend-*
ment (max. $7.50). Business—Manufacture of fluid con¬
trol equipment used in missiles, helicopters and aircraft.
Proceeds—For* selling
stockholders
Address—Bridge:-'

Co., Inc., San Fran¬

and

repayment,"lea^ehofcl improvements and

,

Marts

1962 filed 550,000 capital shares. Price — By
amendment. Business —Company builds and operates?
retail discount department stores. Proceeds—For expan¬
sion. Office—41 E. 42nd St., N. Y. Underwriter—W. C.
Langley & Co., N. Y.
; /
1

—-

Fernando Blvd., Burbank,

Proceeds—For investment

Towers

— $8.
andt salp ofwon^^'s wear. Pro¬

,

Inc.

sion, and working capital. Office—1 Grove St., Mount
Vernon, N. Y. Underwriters—Godfrey, Hamilton. Taylor
Co., and Magnus & Co., N. Y. Offering—Postponed.
Feb.

expansion. pffice-^f217 E. Eight St^ Los Angeles, Calif./
Underwriter
Costello, Russotto & Co., 9301* Wilshire •
Blvd., Beverly Hills,.Calif.
Tactair

Controls,

&

(7/23-27)
29, 1962 ("Reg. A") 50,000 common. Price

ceeds—For debt

^ Standard Security Life Insurance Co. of--':-■New York,.;
?/.•• V," "■ • i v v.
/
i.'June 29,; 1962 filed 230,000 common. Price—By amend¬
ment: (max. $12). Business—Writing of life, accident and
health

,

Business—Manufacture

Time

12, 1961 filed 150,000 common. Price—By amend¬
ment. Business—Design and manufacture of time con¬
trolled switches. Proceeds—For debt repayment, expan¬

VTabach Industries, Inc.
March

perature ducting systems for use in aircraft and missiles.
Proceedsr-For, plant expansion, equipment and working
Calif. Underwriter—First California

Tork

Dec.

Underwriter—None.

Products/ Inc.
;
v
— "
VSstf 28, J962 filed 100,000 capital shares, of which *75,000
are to be offered by company and 25,000 by stockholders.
Price—By amendment (max. $10)*. Business—Design, de-?.
velopment and manufacture of* high pressure; high tem¬

expansion; equipment and working capital.

Florida Ave., Jasper,: Ala.
UnderwriterPhilips, Rosen, Appel and Walden, N. Y.

ordnance; automotive, aircraft and guided missile
parts and components. Proceeds—For selling stockhold¬
ers. Office—4417 Okechobe Rd., West Palm Beach, Fla.

and

Underwriter

Office—2220

of

Steel

Stain.ess

ceeds—For

29, 1961 filed 66,666 common. Price—By amend¬
ment ($1.50 max.). Business—Design and manufacture

working capital; Office—45 Washington St., Bingham-r
ton, N. Y.; Underwriters—Arnold Malkan & Co., Inc. and
Dean Samitas h Co., Inc., N. Y. Offering—In September.
•

:

Dec.

Electronics, Inc.
May. 25/ 1962 ("Reg.-; A") 60,000 common.
Price—$5.
Business—Manufacture, sale, and distribution of elec¬

Sandpoint, Idaho;

Top Dollar Stores, Inc.
May 1, 1962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000 by stockholders.
Price—$5. Business—Operation of a chain of self-serv- >
ice retail stores selling clothing, housewares, etc. Pro-*

r

Stack

1st Ave.,

,

.

Feb.

S.

—None.

and. food

development, working; capital andt other/ corporate
Office—7620 Lyndale Ave. Si., Minneapolis..
M. Dain. & Co., Inc., Minneapolis.

purposes.

Underwriter*—J.

Tujax Industries, Inc.

(7/23-27)

Mar. 23, 1962 filed 150,000 class A shares; of* which* 100,000 are to be offered by company and 50,000 by stock¬

Price—$8. "Business—Through

holders.

its

subsidiaries?

is engaged? in the; wholesale distribution
of electrical supplies and equipment; Proceeds? — For
debt repayment and working capital Office—514 E. 73rd
St, N. Y. Underwriters—Richard Bruce & Co., Inc., and
Reuben Rose & Co., Inc., N. Y.
the

company

Tull

May

Metal & Supply Co., Inc.

(J. M.)

47,

1962

("Reg.

Business—Wholesale
ferrous

metals

25,000 common.

distribution; of

ferrous

J

Price—$12.
and

non-

Proceeds—For
Office—285 Marietta? St., N. W., At-

and

working1 capital.
-

A")

'

industrial

supplies.

Continued

on page

44

44

(104)

The Commercial and Financial
Chronicle

Continued from page 43

1

lanta.

Underwriters—Wyatt, Neal & Waggoner,
Robinson-Humphrey Co., Inc., Atlanta.

and

Turbodyne Corp.
March 2, 1962 filed 127,500 common.
Price—$5. Business
■—Research, development and production and overhaul¬
ing of

gas

turbine

engines. Proceeds—For

debt

repay¬

ment, research and development, a new plant and work¬
ing capital. Office — 1346 Connecticut Avenue, N. W.,

Washington, D. C. Underwriter—Sandkuhl
N.

&

Y.

Co., Inc.,

leasehold expenses and other corporate purposes. Office
—2300 Republic National Bank'Bldg., Dallas.
Under¬
writer

(J. L.)

& Son,

Inc.

Utah Concrete

120,000 common, of which 60,000 are
by company and 60,000 by a stockholder.
amendment
(max. $15)
Business—Sale of
retail merchandise. Proceeds — For
general corporate
purposes. Office—East Main St.,
Scottsville, Ky. Under¬
be offered

Price—By

writer—Bear,

Stearns & Co., N. Y.

Inc.
June 12, 1962 filed 40,000 class A shares.
Price—$10.
Business—Production of electronic flash systerris for
photography, etc. Proceeds—For equipment, sales pro¬
motion, research and development, and other corporate
purposes. Office—120 Liberty St., N. Y. Underwriter—
None.

Feb. 8, 1962 filed 110,000 common. Price

—
By amend¬
(max. $10). Business — Manufacture and sale of
concrete pipe, masonry products, corrugated metal
pipe,
telephone conduit and miscellaneous concrete products.

Unison

Electronics

Corp.

(7/20)

components for aircraft and missile guidance
Proceeds—For debt repayment, equipment and

systems.

working
St., Grand Haven, Mich.
Underwriter—Gateway Stock & Bond, Inc., Pittsburgh.
capital. Office
United
June

19,

1634

—

&

Co., San Francisco.

-

Utah

June

Gas

Offering

Marion

Fund, Inc.
A") 59,900

("Reg.

ing

Bldg., Salt Lake City. Underwriter—
Corp., Lincoln, Neb.

Business—Operation of
general

life insurance

a

corporate

company.

Exchange Bldg., Seattle, Wash.

Pro¬

Office—1817

purposes.

United

Markets Inc.
(7/23-27)
15, 1962 filed 100,000 common. Price—$5. Busi¬
ness—Operation of "Foodtown" supermarkets. Proceeds

March

—For general corporate
purposes. Office—531 Ferry St.',
Newark, N. J. Underwriter—Moran & Co., Newark, N. J.

United

National

Insurance

May 29, 1962 filed 77,000
and

extended

pansion.

coverage

Office—225

S.

common.

insurance.

Proceeds—For

ex¬

15th

St., Philadelphia. Under¬
writer—Suplee, Yeatman, Mosley Co., Inc., Philadelphia.
UnitedfOverton Corp.
/ ■
Mar. 26, 1962 filed 450,000
common, of which 90,897 are
,

be

offered

by

the

and

359,103 by stock¬
holders. Price—By amendment
(max. $18). Business—
Operates hard goods' departments in discount depart¬
ment

stores.

Needham

company

Proceeds—For

debt

Office—19

repayment.

St., Nugent Highlands, Mass. UnderwritersCo., Inc., and Oppenheimer & Co., N. Y.

McDonnell &
United

Nov. 29,
—A

common.

Price—$3. Business

packaging business. Proceeds
For new
machinery, debt repayment and working capital. Office
—

Wayne

Ave., Philadelphia. Underwriter—God¬
frey, Hamilton, Taylor & Co., Inc., N. Y. Offering—Tem¬
porarily postponed.
U.

Sept.

S.

Electronic

26,

1961

Publications, Inc.

("Reg.

Business—Publishing

A") 100,000 common. Price—$3.
of military and industrial hand¬

books. Proceeds—Debt
repayment, expansion and workin? capital.
Office—480 Lexington

Ave., N. Y.

writer—Douglas Enterprises. 8856
United

March

States

30,

1962

Realty

filed

&

18th

Ave.,

Investment

Under¬

Brooklyn.

Co.

150,000

capital shares. Price—By
amendment (max. $8). Business
General real estate.
Proceeds—For working capital. Office—972
—

Broad

Newark, N. J. Underwriter—H. Hentz
United

&

St.,

Co., N. Y.

Telephone Services, Inc.

telephone holding
equipment and

company. Proceeds—For debt
repayment,

writer—J. R.
poned.

Office—645

First

Ave..

N.

Y.

Under¬

Williston & Beane, N. Y.
Offering—Post¬

United Variable Annuities

Business—A

investment, Office—20
Underwriter—Waddell

Fund, Inc.

Offering—Expected

mutual fund. Proceeds—For
9th Street, Kansas

new

W.
&

Office—80 E.
William Blair

Vendex,

City, Mo.
Reed, Inc., Kansas City, Mo.

in August.

•

Universal Industries, Inc.
(8/9)
Aug. 7, 1961 filed 100,000 common shares.
Price—$5.
Business
The importation and
distribution of Italian
marble and mosaic tiles.
Proceeds —For the purchase
and installation of new
moulds, machinery and equip¬
ment, research

and general
corporate purposes.

Office—

Road, Hawthorne, N. J. Underwriter—Edward
Lewis & Co., Inc., N. Y.
Note—This company formerly
was
named
Aero-Dynamics Corp.
Urban

Redevelopment Corp.

March 29, 1962 filed
100,000

common.

Price—By amend¬
Business—Company operates the "Kellogg Plan"
which provides 100%
financing and construction through
a
single source for renewing older
residential properties.
Proceeds—For

debt
repayment,
sales
financing and
working capital. Office
1959 S.
LaCienega Blvd., Los
Angeles.
Underwriter—Holton, Henderson & Co., Los
Angeles.
—

Feb. 14. 1962 filed 250,000
class A and 250,000 common
to
be offered in units of
one share of each
class. Price—
$5.05
per
unit.
Business—Manufacture of urethane

foams.

Proceeds—For




equipment,

working

capital,

—

on behalf
of retail stores. Proceeds—For debt
repayment and gen¬
eral corporate purposes. Office—210-07 48th

Ave., Bayside, N. Y. Underwriter—First Philadelphia Corp., N. Y.

$1.

ma¬

Welsh

an
acquisition and general cor¬
Office—1290 Bayshore
Blvd., Burlin-

1962 filed

100,000

common.

Manufacture, design

Office—204

Railroad Ave.,
writer—Keene & Co.,

ment

Securities Co.,

March

30,

to

be

holder.
ness

—

1962

<

Price

—

"j"

89,500 common, of which 80,000
by company and 9,500 by a stock¬
By amendment (max. $5.50).
Busi¬

Preparation

and

production of books, catalogues
printed material.
A subsidiary
publishes
photography books. Proceeds—For expansion, debt re¬
payment and other corporate purposes. Office
915
and

other

—

Underwriter—Searight, Ahalt

& O'Con¬

Video Color
Corp.
April 6, 1962 filed 1,000,000 common.
Price—$1.15. Busi¬
ness—Development, manufacture and distribution of
pic^
ture tubes. Proceeds—For
equipment, inventories and
working capital. Office—729 Centinela
Blvd., Inglewood,
Calif. Underwriter—Naftalin &
Co., Inc., Minneapolis.

Video

Mar. 26,
Business

Engineering Co.,
1962 filed

Inc.
125,000 class A

*

common.

Price—$4.

Company designs, fabricates, installs and
services closed circuit television
systems. Proceeds—For
debt repayment,
advertising, equipment and expansion.
Office—Riggs Rd. and First Place, N. E., Washington,
D. C.
Underwriter—Mitchell, Carroll & Co.. Inc.. Wash¬
—

ington, D. C.
Virco

West Falls
v

(7/20)

Shopping Center Limited Partnership

,

Nov. 14, 1961 filed $444,000 of limited
partnership inter¬
ests to be offered in 444 units.
Price—$1,000. Business-

Development of a shopping center at Falls Church, Va.
Proceeds—For general corporate purposes. Office—1411
K

&

St., N. W., Washington, D. C, Underwriter—Hodgdon
Co., Inc., Washington, D. C.
Western

Lithographers, Jnci,,

,

March

30, 1962 ("Reg. A") 120,000 common. Price—
$2.50. Business—General printing and lithography. Pro¬
ceeds—For equipment, debt repayment, and
inventory.
Office-^3407 N. El Paso, Colorado Springs, Colo. Under¬

writer—Copley & Co., Colorado Springs, Colo.
•

Western

Pioneer

Co.

\

Feb. 19, 1962 filed 371,750 capital
shares;0* which 175,000
are to be offered
by the company ana 496,750 by stock¬
holders. Price—By amendment
The

(max. $42). Business—
making of loans secured by first liens on real estate.

Proceeds—For debt repayment. Office — 3243 Wilshire
Blvd., Los Angeles. Underwriter — Kidder, Peabody &
Co., N. Y.
;
•

Western Power & Gas Co.

(7/18)

I.V.¬

June

12, 1962 filed 150,000 cumulative preferred (no
par). Price—By amendment (max. $50). Proceeds—For
prepayment of bank loans, redemption of 4*4% deben¬
tures due 1970, construction and other
corporate pur¬
poses. Office—144 S. 12th St., Lincoln, Neb. Underwriter
—Paine, Webber, Jackson & Curtis, N. Y.

Western States Real Investment Trust
Nov.

13, 1961 filed 32,000 shares of beneficial interest.
Price—$6.25.
Business—A small business investment
company.
Proceeds—For investment.
Office—403
Ursula St., Aurora, Colo.
Underwriter—Westco

Corp.,

facture and sale of classroom
furniture, folding banquet
Proceeds—For general corporate pur¬
poses.
Office—15134 So. Vermont
Ave., Los Ang^^s.

tables and chairs.

—-

Crowell, Weedon
was

&

Co.,

Los

Angeles.

Office—Richmond

(Competitive). Probable
Fenner & Smith Inc.;

Mich

9,

Va.

Underwriters—

bidders: Merrill Lynch,
Pierce,
Stone & Webster Securities Co.;

-

Underwriter—Lehman Brothers, N. Y. Note—This

offering

was

Widman
con¬

■

Whirlpool Corp.April 25, 1962 filed 1,000,000 common. Price—By amend¬
ment (max. $30,125). Business—Manufacture and
sale of
home appliances.
Proceeds — For selling stockholder
(Radio Corp. of America). Address — Benton
Harbor,

withdrawn.

Virginia Electric & Power Co.
May 4, 1962 filed 650.000 common. Proceeds—For
struction.

•

Aurora, Colo.

Mfg. Corp.

April 20, 1962 filed 250,000 common, of which
50,000 are
to be offered
by company and 200,000 by stockholders.
Price—By amendment (max. $5.75). Business—Manu¬

Underwriter

working capital. Address—

Way, Longview, Wash. Underwriter
Co., Miami, Fla.

—Ferman &

Under¬

filed

offered

and

P. O. Box 329 Panel

purposes.

Publications, Inc.

(max. $9). Business—Company processes plywood
into factory finished wall
panelling. "Proceeds—

sheets

Price—$4. Busi¬

Inc., N. Y.

Verlan

Co.

Equipment, inventories

and

Hackensack, N. J.

Panel

March 30, 1962 filed 135,000 common.
Price—By amend¬

sale of metal
valves,
mixers, taps, etc., for vending machines. Proceeds—For
expansion, new products and other corporate

•

Price—$1.25.

common.

promotion and advertising services to mothers

Vending Components, Inc.
30,

220,000

Manufacture of airborne and shipboard vi¬
monitoring devices. Proceeds—For equipment,
—

Welcome

Indefinitely

• Vending Co. of Alaska, Inc.
18, 1962 ("Reg. A") 6,500 common.
Price—$10.
Business—Operation of a restaurant and arcade. Pro¬
ceeds—For
inventory and working capital.
Office—
Kubley Bldg., Kechikan, Alaska. Underwriter—None.

—

Inc.

("Reg. A")

Dec.

Inc.

Note—This registration

Urethane of Texas, Inc.

Business

June

•

ment.

Co., Chicago, Offering

Proceeds—For

—

250 Goffle

Wavelabs

May 21, 1962

Baby, Inc.
•
28, 1961 filed 75,000 common. Price—$2. Business
—Company renders direct mail public relations, sales

game, Calif. Underwriter—Pacific Coast
San Francisco.

ness

Joseph St., Mobile, Ala. ;, Under¬
Co., Inc., N. Y. (mgr.). Offering—•

Proceeds—For selling stockholders.
Blvd., Chicago
Underwriter—

—

March

&

Temporarily postponed.

Jackson

purposes.

Saint

advertising, marketing and working capital. Office—4343
Twain St., San Diego. Underwriters—Hannaford & Tal¬
bot, 3an Francisco and S. C. Burns & Co., Inc., N. Y.

(7/18-20)
Jan. 12, 1962
("Reg. A") 3U0,000 common. Price
Business—Manufacture of coin operated
vending
porate

(7/30)

By amend¬

—

postponed.
•

Office—71

bration

cars.

&

Inc.

—

writer—Shields

Business—Manufacture of steam generators for
locomotives; temperature control systems for rail
buses and aircraft; and door control devices for

cars,
rail passenger

&

—

ital.

and other goods.
Pro¬
Office—2925 S. San Pedro

Price

Ripley

Waterman Steamship Corp.
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment.
Business
The carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and working cap¬

housewares,

common.

Underwriter—Harriman

For expansion and general corporate pur¬
Office—Civic Memorial Airport, E. Alton, III.
Underwriter—White & Co., Inc., St. Louis.

Underwriter—Garat & Polonitza, Inc.

1962 filed 156,762

Dallas.

poses.

,

Broadway, N. Y.
nor, Inc., N. Y.

April 11, 1961 filed 2,500,000 shares of stock.
Price—$10

per share.

diesel

are

March 30, 1962 filed
150,000 class A common. Price—By
amendment (max. $5). Business—A

working capital.

Feb. 2,
ment.

chines.

Packaging Co., Inc.

1961 filed 102,000

general

—4511

Proceeds

—

Vapor Corp.

Bldg.,

mortgage loan correspondent business.
selling stockholders. Office—1111 Hart¬

Price—$6.25. Business—Sells Cessna Airplanes and sup¬
plies; also repairs and services various type airplanes.

May 4, 1962 filed 200,000 common, of which
100,000 are
to be offered
by company and 100,000 by stockholders.
Price
$5. Business
Wholesale distribution and retail
merchandising of health and beauty aids,

St., Los Angeles.

the

Oct. 30, 1961 filed 90,000
common, of which 60,000 are to
be offered by the
company and 30,000 by a stockholder.

Milwaukee, Wis.

kitchenwares, wearing apparel

pro¬

common.
Price—By amend¬
Business—Company makes short-term
acquires, develops and sells land, and

Walston Aviation,

Office

(7/16-20)

—

tooling,

Co., N. Y. Note—This registration is being withdrawn.

—

ceeds—For debt repayment.

Co.

Price—$15. Business
automobile insurance, and the
writing of fire

—Sale of

ford

Operation of a discount department store.
Office—3629 N. Teutonia
Ave., Milwaukee, Wis. Under¬
writer
Continental Securities Corp.,

Valu-Rack, Inc.

$3.

Investments, Inc.

in

engages

Bldg.; Salt Lake City. Underwriter—First
Nebraska Securities
Corp., Lincoln, Neb.
U-Tell Corp.
Sept. 18, 1961 ("Reg. A") 33,097 common. Price
$5.

Underwriter—None.

—

12, 1962 filed 400,000

Proceeds—For

Deseret

—

background music. Proceeds—Fbr

ment (max. $22).
real estate loans,

of natural gas in eastern

Offering—Temporarily postponed.

of

Feb.

mortgage bonds due 1975, and the balance, together with
unchanged bonds, will be offered for public sale.
Price—At par. Business—A public
utility engaged in the
purposes.

<

Corp.

1961 filed 100,000 class A shares. Price

Wallace

Utah Gas Service Co.

June 18, 1962 filed $1,100,000 of 6% first
mortgage bonds
due 1982, of which up to
$800,000 will be offered in
exchange for an equal amount of outstanding 6% first

Proceeds—For general corporate

Inc., and Stone & Webster Securities

duction, engineering, inventory and sales promotion of
its products and for working
capital.
Office — 1230 E.
Mermaid Lane, Wyndmoor, Pa. Underwriters — John
Joshua & ,Co., Inc., and Reuben, Rose & Co.,
Inc., N. Y.

First Nebraska Securities

Business

Price—$5.

common.

,

Business—The manufacture of electronic test equipment,
the sale, installation and servicing of industrial and
commercial communications equipment and the furnish¬

Service Co.

Utah.

Smith

Voron Electronics

1962 filed 30,000 class; A common. Price—By
amendment (max. $10). Business—A public
utility en¬
gaged in the purchase, distribution and sale of natural
gas in eastern Utah. Proceeds—For selling stockholders.

—511

&

July 28,

Indefinitely

—

18,

purchase, distribution and sale

,Xi.

Corp., New York.

—

Insurance

1962

ceeds—For

•

Fenner

Proceeds—For debt repayment and working
capital. Of¬
fice—379 17th St., Ogden, Utah. Underwriter—Schwa-

any

March 30, 1962 ("Reg. A") 100,000 common.
Price—$1.J0.
Business — Manufacture of high-precision instrument

to

(7/26)
27, 1962 filed 300,000 shares of cumulative pre¬
ferred ($100 par). Price—By amendment (max. $105).
Proceeds—For construction. Office—700 E. Franklin St.,
Richmond, Va. Underwriters — Merrill Lynch, Pierce,

ment

Office—511 Deseret

Unilux,

•

Virginia Electric & Power Co.

June

Pipe Co.

postponed.

Mar. 27, 1962 filed

to

Kuhn, Loeb & Co.-Ladenburg, Thalmann & Co.-Allen &
Co. (jointly).
Offering—Temporarily postponed.

Corfr., Lincoln, Neb.

Offering—Temporarily postponed.

bacher
Turner

First Nebraska Securities

—

! Thursday, July 5, 1962

.

indefinitely postponed.
(L.

F.), Inc.

Oct. 27, 1961 filed 162,000 common, of which
102,OCO are
to be offered
by the company and 60,000 by ttockholders. Price—$3. Business—Operates a chain of retail

drug stores. Proceeds—Expansion, equipment and work¬
ing capital. Office—738 Bellefonte Ave., Lock
Haven, Pa.

>

Volume

Number 6174

196

.

,

.

Underwriter—Godfrey, Hamilton, Taylor &
Offering—Temporarily postponed.
'
•

(Edwin

Wiegand

L.)

Co., N. Y.
.

capital.
v

:

Co.

30, 1962 filed 606,450 commoh. Price—By amend¬
of electrical heating ele¬
ments for industrial, commercial and household applica¬
Business—Manufacture
Proceeds—For

tions.

selling stockholders. Office—7500
Blvd., Pittsburgh. Underwriters—Eastman Dil¬
lon, Union Securities & Co., N. Y., Moore, Leonard &
Lynch, Pittsburgh and Reinholdt & Gardner, St. Louis.
Offering—Temporarily postponed.
1 r
Thomas

Chronicle

(105)

Address—Box 594, Fayetteville, Ark.

writer—Don D. Anderson & Co.,
Zestee

March
ment.

Financial

The Commercial and

June

8,

Foods, Inc.
("Reg. A")

1962

Under¬

Inc., Oklahoma City.

85,700

common.

Price—$3.50.

Business—Manufacture and sale of jellies and preserves.
Proceeds—For

equipment, advertising, plant expansion
inventory. Office—2808 S. Western Ave., Oklahoma

and

Citv,

Underwriter-r—F. R. Burns & Co., Oklahoma City.

Georgia Power Co. (11/7)
12, 1962 it was reported that this subsidiary of
plans to offer $7,000,000 of preferred

ATTENTION

By amend¬
a chain of shoe
stores. Proceeds—For debt repayment, expansion and
working capital. Office — 808 Dakin St., New Orleans.
Underwriter
Howard, Weil, Labouisse, Friedrichs &
Co., New Orleans.

Do you have

capital.

Connecticut Ave., N. W., Wash¬
Underwriter—Bevan & Co., Inc., Wash¬
://: ^
' y
YY i: YV Y.Y/'Y

Office—1025

ington, D. C.
ington, D. C.
Wirslow

Electronics, Inc.

28, 1961 filed 125,000 common. Price—$4. Business
—Design and manufacture of precision electrical and
electronic measuring devices and test equipment. Pro¬
ceeds—For debt repayment and other corporate pur¬
poses. Office—1005 First Ave., Asbury Park, N», J. Under¬
writer—Amos Treat & Co., Inc., N. Y.
"V Wolf Corp.

26,

filed $4,500,000

1962

of 6.5%

convertible sub¬

ordinated debentures due 1977 (with attached warrants)

subscription by stockholders of class
A stock on the basis of $500 debentures for each 100
class A shares held. Price—$500 per unit. Business—
Real estate. Proceeds—For debt repayment and realty
acquisitions. Office—10 E. 40th St., N. Y. Underwriter
—S. E. Securities, Inc., 10 East 40th St., New York.

to

be

offered

for

Wolverine Aluminum

Corp.
March 5, 1962 filed 100,000 common. Price — By amend¬
ment (max. $6.50). Business—Processing and manufac¬
turing of aluminum building products. Proceeds—For a
new building
and equipment. Office—1650 Howard St.,
Lincoln Park. Mich. Underwriter—F. J. Winckler & Co.,
Detroit. Offering—Expected in mid-August.
,

it Worcester Gas Light Co. (8/15)
June 29, 1962 filed $5,000,000 of first mortgage sinking
fund bonds, series D, due 1982. Proceeds—For debt re¬
payment and construction. Office—130 Austin St., Cam¬
bridge, Mass. Underwriters — (Competitive). Probable
bidders: First Boston Corp.; Halsey, Stuart & Co. Inc.;

Kidder,

Peabody

&

we

can

prepare

an

Would

write

telephone

you

us

at

REctor

2-9570

Oct. 5.

or

•

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

us

Co.-White, Weld

(jointly).

& Co.

Bids—Expected Aug. 15.
Work Wear Corp.^

Mar. 26, 1962 filed 130,000 common. Price—By
ment (max. $27). Business — Manufacture and

amend¬
sale of

clothing. Company is also engaged in industrial
laundering and garment rental. Proceeds—For debt re¬
payment, acquisitions and working capital. Office —
1768 E. 25th St, Cleveland. Underwriter—Hornblower
work

Prospective Offerings
Atlantic Coast Line RR.

(7/11)

June 13, 1962 it was reported that company plans to issue

approximately $3,540,000 of 1-15 year equipment trust
certificates. Office—220 E. 42nd St., N. Y. Underwriters
—(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; Salomon Brothers & Hutzler. Bids—Expected July
11

(12

EDST).

noon

Belt

Railway Co. of Chicago (8/2)
18, 1962 it was reported that this company plans to
approximately $38,000,000 of first mortgage bonds,
due 1987. Office
Dearborn Station, Chicago. Under¬
writers—(CompetitiveL Probable bidders: Kidder, Peabody & Co.-New York Hanseatic Corp. (jointly); Salo¬
mon Brothers & Hutzler;
Halsey, Stuart & Co. Inc.; First
Boston Corp. Bids—Expected Aug. 2, .1.962 at the com¬
pany's offices. Information Meeting—July 11 (10:15 a.m.

sell

—

CDST)

address.

same

*

July 3, 1962 it was reported that this company plans to
sell $20,000,000 of debentures, due 2002. Proceeds—For
debt repayment. Office—225 E. 4th St., Cincinnati, Ohio.
Underwriters

(Competitive). Probable bidders: First
Stanley & Co.; Halsey, Stuart &
&>C^Bid^E^cted July 25 (11
EDST) at 195 Broadway, N. Y.
■jvp
;,k Y
i,
—

Boston Corp.; Morgan
Co. Inc.; White, Weld
a.m.

Columbus
Dec.

•

1961

11,

Capital -Corp. £ J-YYr^-4*^4Y-.
it was reported that this newly formed

Small Business Investment

Co., plans to sell $10 to $20
million of common stock in the late spring. Office—297
South
High St., Columbus, O.
Underwriter—To be
named.

Power

June 14, 1962 it was reported that this company plans to
sell about $40,000,000 of securities, probably first mort¬

in the 4th quarter. Proceeds—For construction.
Michigan Ave., Jackson, Mich. Under¬
writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; White, Weld & Co.-Shields & Co. (jointly);
Harriman Ripley & Co. Inc.-First Boston Corp. (jointly);
Morgan Stanley & Co.
t
gage bonds

Office—212 West

Delaware Power &

Light Co.

March 9, 1962 it was reported that the company has post¬

poned until early Spring of 1963 its plan to issue addi¬
tional

common

stock.

The

offering would be made to
the number of shares out¬

Financial

Corp.

(7/31)

*

common

Wulpa Parking Systems, Inc.
June 7, 1962
("Reg. A") 50,000 common.
Price—$4.
Business—Company plans to manufacture and operate in
the U. S. a parking device called the "Wulpa Lift."
Proceeds—For manufacture, purchase or lease of loca¬
tions and working capital.
Office—370 Seventh Ave.,
N. Y. Underwriter—I. R. E. Investors Corp., Levittown,
New York.

Y

«
.

.

specialty stores.

Proceeds—For working capital.' Office

—One Mercer Rd., Natick, Mass.

Underwriter—Lehman

,

1962 filed 100,000 class B common. Price—By
amendment (max. $16). Business—Real estate. Proceeds
—For general corporate purposes. Office—383 Madison
Ave., N. Y. Underwriter—Harriman Ripley & Co., Inc.,
New York. Offering—Indefinitely postponed.
March 30,

Zero

Mountain,

Inc.

30, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of underground cold storage facil¬
ities. Proceeds—Expansion, debt repayment and working
March




share for

on

Power

19, 1962 it

offer

457,265

Co.

reported that this company plans
right to subscribe for about
common shares on a l-for-20 basis.

was

stockholders

additional

Office—101 Fifth

the

Illinois

Power

Co.

Feb. 28, 1962 it was reported that this
utility expects to
sell $25,000,000 of debt securities in late 1962 or
early
1963. Office—500 South 27th
St.,

Decatur, 111. Under¬
on May
21,
through First Boston Corp, Other bidders
were:
Halsey, Stuart & Co. Inc.; White, Weld & Co.Merrill Lynch,
Pierce, Fenner & Smith, Inc. (jointly);
Eastman Dillon, Union Securities & Co.: Harriman
Rip¬
ley & Co., Inc.-Glore, Forgan & Co. (jointly).

writers—To be named. The last sale of bonds
1958

•

made

was

Iowa

Public

Service

1962 it

was

6,

stockholders

Co.

reported

(8/27)
that this utility
to subscribe for

plans to
right
an
addi¬
320,468 common shares on a l-for-10 basis. Ad¬
dress— Orpheum-Electric
Bldg., Sioux City. Underwrit¬
ers—(Competitive). Probable bidders: Blyth & Co.; Carl
M. Loeb, Rhoades & Co.; Ladenburg, Thalmann & Co.Wertheim & Co. (jointly);. Merrill Lynch,
Pierce, Fen¬
ner
& Smith Inc.-Kidder, Peabody & Co.-White, Weld
& Co.
(jointly). Bids—Expected Aug. 27jrInform^tioni
Meeting—Aug. 23, 1962 at 40 Wall St., New York. (
the

Jamaica Water

St., South, St. Petersburg, Fla. Under¬

Supply Co.

March 20, 1962 it was reported that
to sell $3,000,000 of mortgage bonds

preferred

and

common

N.

Y.

Bonds

this

utility plans

and $2,000,000
stocks/Proceeds—For debt

payment, and construction. Office
Underwriters—To

—

be

161-20

89th

named.

of
re¬

Ave.,

The

last

May 3, 1956 was made by Blyth & Co.
Other bidders were: Halsey, Stuart & Co. Inc.;
Kidder,
Peabody & Co.; White, Weld & Co.
The last several
issues of preferred were sold privately. The last sale
of common on May 9, 1956 was made
through Blyth &
Co., Inc.
on

• Japan Development Bank
July 3, 1962 it was reported that the Japanese Finance
Ministry has authorized the bank to issue an additional
$22,500,000 of bonds in the U. S.
It is expected that a
major portion of this financing will be completed by the
end of 1962. Business—The bank was incorporated in
1951 as a Japanese Government financial institution to
supply long-term funds to Japanese industry for the
promotion of economic reconstruction and industrial de¬
velopment. Office—Tokyo, Japan. Underwriters — First

Boston Corp.;

Dillon, Read & Co. Inc.; Smith, Barney &

Co., Inc., N. Y.
Jersey Central Power & Light Co.
June 6, 1962 it was reported that this company plans to

sell $11,000,000 of first mortgage bonds due

1992 in the

fourth quarter. Address—Madison

Ave., at Punqh Bowl
Rd., Morristown, N. J. Underwriters — (Competitive).
Probable bidders: First Boston Corp.; Halsey, Stuart &
Co. Inc.; Eastman Dillon, Union Securities & Co.-Salomon Brothers
& Hutzler-Merrill Lynch, Pierce, Fenner
& Smith Inc. (jointly); Kidder, Peabody & Co.; White,
Weld & Co.

writers—To be named. The, last rights,.offering of cqm-

•

May 4, 1959 was underwritten by Kidder, Pea¬
body & Co., and Merrill Lynch, Pierce, Fenner & Smith
Inc., N. Y. Offering—Expected in October, 1962.

June 25,

mon

on

Food Fair

May

11,

1962

Properties, Inc.
stockholders authorized

issue 756,000 shares of

rights

the

company

to

convertible preferred stock
offered to stockholders through subscrip¬

which will be
on

a

a new

l-for-10 basis. Price—By amendment.

Business—Development and operation of shopping cen¬
ters. Proceeds—To retire outstanding 6% preferred stock
and purchase up to $6,000,000 convertible debentures of
Major Realty Corp., an affiliate. Office—223 East Alleg¬

hany

Aver, Philadelphia. Underwriter—To be named.
rights offering in December 1957 was under¬
written
by Eastman Dillon, Union Securities & Co.,

The

last

New York.

Brothers, N. Y. Offering—Temporarily postponed.
Zeckendorf Properties Corp.

to

tion

Zayre Corp.
•
April 20, 1962 filed 475,000 common, of which 175,000
are to be pffered by company and 300,000 by stockhold¬
ers.
Price—By amendment (max. $20). Business—Op¬
eration of self-service department stores and apparel

one

Dec. 31, 1961, the sale would involve about
418,536 shares. Proceeds—For construction. Office—600
Market St., Wilmington, Del. Underwriters—(Competi¬
tive). Probable bidders: Carl M. Loeb, Rhoades & Co.;
W. C. Langley & Co.-Union Securities Co.
(jointly);
Lehman Brothers; First Boston Corp.; White, Weld &
Co.-Shields & Co. (jointly); Kidder, Peabody & Co.Merrill Lynch, Pierce, Fenner & Smith Inc. (jointly).
March

22, 1962 filed 61,000 common. Price—$5. Business
—Financing of commercial accounts receivable. Pro¬
ceeds—For general corporate purposes. Office—114 E.
40th St., N. Y. Underwriter — D. A. Bruce & Co., N. Y.

plans

(jointly). Bids—July 30, 1962 (12:00
EDST) at 2 Rector St., N. Y. Information Meeting
—July 27 in Room 2044 at the same address.

sale of

Co.

on

Worth

company

noon

Jamaica.

Consumers

Florida
•

(7/30)

this

tional

standing

Mar.

that

Lazard Freres & Co.

offer

★ Cincinnati & Suburban Bell Telephone Co.
(7/25)

each 10 shares held. Based

$6; for debentures $90. Business—Publishing
encyclopedias and other reference books. Proceeds
—For debt repayment, working capital and other cor¬
porate purposes. Office—290 Broadway, Lynbrook, N. Y.
Underwriter—Standard Securities Corp.,JN. Y.

reported

$30,000,000 of first mortgage bonds due 1992 Of¬
Fannen St., Houston, Tex. Underwriters
(Competitive.) Probable bidders: Lehman BrothersEastman
Dillon,
Union
Securities
&
Co.-Salomon
Brothers & Hutzler
(jointly); Kidder, Peabody & Co.Equitable Securities Corp. (jointly); Halsey, Stuart &
Co. Inc.; and Blyth & Co., Inc.-First Boston
Corp.-

June

Weeks, N. Y. Offering—Temporarily postponed.

of

was

—

the basis of

For stocks:

Lighting & Power Co.

1962 it

fice—900

on

July 31, 1961 filed 100,000 common shares and $350,000
of 6% senior conv. subord. debentures due 1972. Price—

28,

to sell

stockholders first

Inc.

Houston

Mar.

World Scope Publishers,

&

November.

Equitable Securities Corp. (jointly); Lehman Brothers.
Bids—Expected Nov. 7.
Registration—Scheduled for

item

June

Dec.

Jan.

that

so

similar to those you'll find hereunder.

Wiggins Plastics, Inc. (7/16-20)
Oct. 20, 1961
("Reg. A") 100,000 common. Price—$3.
Business—Custom compression, transfer and injection
molding of plastic materials. Proceeds—For debt re¬
payment and general corporate purposes.
Office—180
Kingsland Rd., Clifton, N. J. Underwriters—Leib, Skloot
& Co., Inc., Clifton, N. J.
V /v:;>;V,

films, debt repayment and working

issue you're planning to register?
News Department would like

an

to know about it

in

Office—270 Peachtree Bldg., At¬
lanta, Ga. Underwriters—(Competitive). Probable bid¬
ders: Blyth & Co.,
Inc.; First Boston Corp.; Morgan
Stanley & Co.; Eastman Dillon, Union Securities & Co -

Our, Corporation

•

new

stock

UNDERWRITERS!

—

—

Proceeds—For

Oct. 5.

the Southern Co.

Wiener Shoes Inc.

!
Willpat Productions, Inc.
May 9, 1962 ("Reg. A") 160,000 common. Price—$1.25.
Business—Production
of
full-length motion pictures.

Bldg., Atlanta, Ga. Underwriters—(Competitive). Prob¬
able bidders:
Halsey, Stuart & Co., Inc.; Harriman Rip¬
ley & Co., Inc.; Blyth & Co., Inc.; Kidder, Peabody &
Co.-Shields & Co. (jointly); Equitable Securities
Corp.Eastman Dillon, Union Securities & Co.
(jointly); First
Boston Corp.; Lehman
Brothers; Morgan Stanley & Co.
Bids—Expected Nov. 7.
Registration—Scheduled for

On Jan.

,

April 2, 1962 filed 80,000 qommon. Price
ment (max. $11). Business—Operation of

45

General

June

19,

Motors

1962

it

Corp.
reported

that

major
Co., Inc.,
plan to sell aboqt 2,850,000 common shares of GM. Office
—3044 West Grand Blvd., Detroit. Underwriter—Morgan
Stanley & Co., New York.
shareholders

was

of E.

I.

du Pont

de

a

-

group

Nemours

of

&

Georgia Power Co. (11/7)
On Jan. 12, 1962 it was reported that this subsidiary of
the Southern Co. plans to offer $23,000,000 30-year first
mortgage bonds in November.
Office—270 Peachtree

Massachusetts

Electric Co.

(8/27)

1962 it was reported that New England Electric
System, parent, plans to merge Lynn Electric Qo., Merri¬
mack-Essex Electric Co., Suburban Electric Co., and
Massachusetts Electric Co. The latter, as survivor, would
then issue up to $60,000,000 of first mortgage bonds, and
$7,500,000 of preferred stock. Proceeds—To redeem cer¬
tain outstanding bonds, notes and preferred stock of
merging companies. Office—441 Stuart St., Boston.. Un¬
derwriters—(Competitive). Probable bidders: (Bonds)—
Merrill Lynch, Pierce, Fenner & Smith Inc.-Eastman
Dillon, Union Securities & Co. (jointly); Halsey, Stuart
& Co. Inc.; First Boston Corp.-Kidder, Peabody & Co.Blyth & Co. Inc.-White, Weld & Co. (jointly).
(Pre¬
ferred)—Merrill Lynch/ Pierce, Fenner & Smith Inc.Eastman Dillon, Union Securities & Co. (jointly); Kid¬
der, Peabody & Co.-White,Weld & Co. (jointly). Bids—
Aug. 27, 1962 (12 noon EDST).
National Airlines,

Inc.

May 8, 1961, it was reported that the CAB had approved
the company's plan to sell publicly 400,000 shares of
Pan American World Airway's Inc., subject to final ap¬

and the SEC. The stock was or¬
iginally obtained under a Sept. 9, 1958 agreement under
which the two carriers agreed to a share-for-share ex¬
change of 400,000 shares and the lease of each others jet
proval of the Board

Continued

on

page

46

46

The Commercial and Financial
Chronicle

(106)

Neb.

Continued from page 45

Underwriter—To

bentures

purposes.

June 12, 1962 it was reported that this subsidiary of
Peoples Gas Light & Coke Co., plans to sell $35,000,000
of senior securities later this year. Business—Operation
of two
natural gas pipeline systems
extending from
Texas to the Chicago metropolitan area. Proceeds—For

Northern

Gas

sale

of

de¬

&

negotiated

a

Pan

American

World

San

under

a

15, 1964. The stock was originally obtained
1958 agreement under which the two

-Time).

Sept. 9,

the

stock.

Panhandle
March

8, 1961 !t

sale

Feb.

28, 1962 it was reported that the company's 1962
expansion program will require about $40,000,000 of
financing to be obtained entirely from long

struction. Underwriters

First

ders:

White,

borrowing. Office—2223 Dodge St., Omaha,

6

& Co.

group. The bonds were reoffered to yield 1.70% in 1963 to

able.

3.00%

Thursday also saw the award of
$1,100,000 Boyle County, Kentucky
school
building revenue,
series
1962 bonds to a syndicate com¬
posed of Merrill Lynch, Pierce,

business Tuesday, the balance was

1977.

At

the

close

of

Smith Inc.,

interest cost of 3.6424%.

net

bonds due

offered

to

in

yield

1967 to 3.75%
due

in

1964-1981

fered. Second bidder

&

10, Peoria, Illinois, Hos
Angeles, California, School Dis¬
in trict, and Memphis, Tennessee will

in 1981. The bonds
were

not

was

a

reof-

W. L.

Co.

group with a net
interest cost of 3.6871%.
The final sale on Thursday was
the $1,875,000 City School District
of

Canandaigua, New York. This

issue was awarded to the Roose¬
velt & Cross, Inc. group on a bid
of

100.30

for

net

a

interest

cost

of 3.27%.

These bonds due

1992

reoffered to yield from

were

July

re-

from .2.75%

1964-1966

Lyons

The

were

1963-

1!70% to 3.45%.

sell
issues
totaling
$20,000,000,
$21,000,000 and $23,000,000, respec¬
tively.
On
Wednesday,
Puerto

Rico

winning
Manufacturers &
Traders Trust Co., Hornblower &
Weeks, Wood, Struthers & Co.,
First of

The

Co. and
Inc.

Florida

mission will

$22,000,000
on

Development

Com¬

sell $25,000,000

These
within

good
with

six able
three

Uni¬

selling

should

same

we

be

revenue

awarded

were

(1963-1977)
to

the

Sale

go to .press,

it is reported
Controller of the

Deputy
City of New York has stated that
the
City will sell $103,000,000
a

on or

about

bers
B.

of

J.

the

Van

a

winning group
Ingen & Co., R.

are

W.

Pressprich & Co., F. I. duPont &

was

net

interest cost of 2.92%

entered by the John Nuveen




traffic

of

11.3%

less than

vehicle

with

an

1%

and

revenue

had

international

an

mote

from

land

up

increase in traffic

of

points

1962, all toll revenue
9.1% and for the 12 months

ended the

9.4%

same

date all tolls

in

96%

of

the

quirement

was

annual

interest

re-

as

,

Although
steadily

Canada
more

is

The

bank

in

ous

forms uf energy, the country
a "net importer"*of about

of

re¬

concludes,, "between

1960, Canada,
its

in

energy

by
that

fact

$300
the

.

$150

the

deficit

is

balance,
from

resources

some

amounted

million

on

deficit

annual

to

and

million.

!

•

a

revenue

decline

of

issues

more

easier

were

than

a

half

sale

of

ratory equipment, -mercury quartz
lamps
and
anhydrous ammonia

Diazo-type machines. "?■

Century

''

v

.

":

/

Acceptance

;

/

Note Financing '
Parker, Eisen, Waeckerle, Adams
& Purcell, Inc., Kansas
City, Mo.,
has announced

the private place¬

ment of

$500,000 senior notes due
serially 1965-74 and $500,000
senior

subordinated

notes

due

Corp.

of

\

*

.

The

of

company

for the

Acceptance

of ,1334

Oak \St.,

City, Mo., through sub¬
sidiaries operates finance and loan
in

Kansas,

Georgia,

Alabama, Florida and Kentucky.
It also writes credit
life, accident,
health

Stock All Sold /

Century

Kansas

copnpanies

Copymation, Inc.

used by the company

and

white-printing photo
machines used by blueprint
and photo copy shops,/office
copy¬
ing machines, photographic labo¬

1965-74

and

physical

damage in¬

surance.

quarter of its needs, according

rivers, unfathomed petroleum and

Nbrth

copy

over

still is

a

5642

Diazo-type

well

Kenneth Kass, J. J. Krieger &
Co., Inc., and Irving Weis & Co.,
again this week. ThesCommercial to the Bank of Montreal's
Busi¬ New York
City, report that their
and Financial Chronicle's revenue
ness Review for June, just issued.
recent offering of 50,000 common
bond Index averages out at
3.912%
The review says that although shares of
Copymation, Inc., at $12
on
Tuesday as against ;a 3.882% "richly endowed with extensive
per share has been all sold. Net
Index a week ago. This
represents forests, vast coal deposits, great proceeds from the isale will be

other

of

manufacture

that

possibilities for further prog¬
in the future."

the

at

indication

an

in

'

,

reduced

trade

\

becoming

self-sufficient

relatively

part

1950 and

ress

Energy Needs

>/-

conversion units for all brands of

*

1900 to

time still

"Net Importer" of

v.

bank

been

import

The

Why Canada Is

heart¬

the

1960, total Cana¬
dian
energy
consumption
rose
seven
times., Further, there has
been a postwar trend to
rely less
on
imports, which is likely to con¬
tinue in the future, the bank
says.

compared with 88% for May a
year ago and for the 12 months

the net

industrial

expensive to
home-produced f uel to

From

as

.

The dollar quoted toll road and

deficit

country,"

has

cheaper to
quirements.

was 101% of l/12th
of the annual interest requirement

1962

V

development, Western Ave., .Chicago, is engaged

where it is needed, and

were

as

May 31,

it

move :

compared with respec¬
tive year-ago periods. Net revenue

up

the

the

out.

Thus

31,

was up

Bids—Sept.. 11,

1

company

economic

of 7%. For the five months ended

May

Hutzler.

-

1

modern

com¬

was

&

y

—

an
interesting report for May's' energy-producing resources."
The > reason is that
operations.
Passenger
car
tolls ;
'"the-princi¬
for May 1962 were up 11.2% over pal
deposits of fossil fuels
in
May 1961 with an increase in Canada are situated In areas re¬

mercial

'

gas reserves and huge stores of
payment of debt, research and de¬
uranium, Canada has nevertheless,
velopment and working'capital.
during the whole period of Its
The;

?•

the pattern set by the long term
Treasury bond issues. >

meeting its requirements for vari¬

Dollar Bonds Ease

net

mem¬

Co. and L. F. Rothschild & Co.
A
second

are

bonds

Goldman,

Sachs & Co. syndicate at
interest cost of 2.8835. Other

a

Brothers

EDST).'

parent, and for construction. ;
Office—1010 Pine St., St. Louis. Underwriters-r(C om-/|
petitive). Probable bidders: Halsey, Stuart & Co.
Inc.;
Morgan Stanley & Co. Bids—Expected Aug. 7.'
/
'

products

Monday of the present week July
24, 1962. Further details
$2,500,000 Cedar Falls, Iowa, Elec¬ so far
lacking.
tric

period.

less followed

week.

Large New York City
Expected
that

weekly

more or

compared with 86%
test of the market, along .for the year-ago 12 months.
the lesser issues that sell

during the

As

the

over

ended

issues

days

general purpose bonds

On

point

Water for May 1962

Thursday,

versity system bonds.

were

Michigan Corp., Tripp &
John J. DeGolyer &
Co.,

sell

Resources bonds and

Other members of the

syndicate

will

&

Salomon
noon

Windjammer Cruises, Ltd// <
#
April 18, 1962/it was reported that the
company plans
to register 90,000
ordinary shares. Price—$4. Business—
Operation of "Windjammer", sailing
ship cruises. Pro¬
ceeds
For acquisition of additional vessels.
Office —
?P. O. Box 918,
Nassau, Bahamas. Underwriter — J. I.
Magaril Co., Inc., N. Y.

—

The Kansas Turnpike presented

Big Week Ahead

,

(Competitive). Probable bid¬
Corp.; Halsey, Stuart & Co. Inc.;
Co.-Blyth & Co., Inc.-Goldman, Sachs

These issues

$2,100,000.

The new issue calendar through
Cruttenden, July presently shows about $400,Podesta & Miller, W. E. Hutton 000,000
of bonds scheduled. A
& Co. and Russell, Long & Co.
large .proportion of this total is to
The winning bid was par and a be offered next week. On
Tuesday,
Fenner &

(8/21)

Boston

Weld

presently only $1,325,000 are avail¬

in

Co.

Inc.;
1962 (12

—To repay advances from

June 26, 1962 it was reported that this company is
considering a public offering of $90,000,000 of first and
refunding mortgage bonds. Proceeds—For the redemp¬
tion of $50,000,000 principal amount of
outstanding 5% %
first and refunding mortgage bonds, due 1989, and con¬

'external

page

Gas

was reported that this
road.plans to sell
$9,450,000 of 1-15 ;year equipment trust certificates in
September. This is. the second instalment of • a total
$18,,-900,000 issue. Office—70 Pine St, New York. Underwrit¬

*

On

Northern Natural Gas Co.

from

&

(9/11)

Southwestern Bell Telephone Co; (8/7) '
;
May 29, 1962 it was reported that this A. T. & T; sub¬
sidiary plans to sell $100,000|000 of debentures. Proceeds

on

Electric

Railway Co.

June 12, 1962 it

Co.
,

through subscription .rights during the fourth quar¬
ter of 1962 or (he iirst quarter of 1963. Office—900 15th
St., Denver, Colo* Underwriters — First Boston Corp.,
Blyth & Co., Inc., and Smith, Barney & Co., Inc.
Public Service

York*. Underwriteas—

es—(Competitive). Probable /bidders: Halsey, Stuart &

Colorado

ers

9

St.,* New

-

Southern
.

March 9, 1962 it was reported that this eompany plans
to sell about $30,090,000 of common stock to stockhold¬

Underwriters—To be
July 14, 1960, was
handled by First Boston Corp. Other bidders were:
Halsey, Stuart & Co., Inc.; Blyth & Co., Inc-Equitable
Securities Corp. (jointly); Glore, Forgan & Co.

$18,900,000

Office—70 vpine

—-

of bonds on Nov. 29, 1961 was won at com¬
bidding by White, Weld & Co., and Kidder,
Peabody & Co. Other bidders were Halsey, Stuart &
Co. Inc.; First Boston Corp.-Drexel & Co. (jointly).

111.

„

■

(Competitive). Probable bidders: Halsey, Stuart & *Co.
Inc.; Salomon Brothers & Hutzler." Bids
July 17 r(12
noon EDST)./
A/

petitive

1962 it was reported that the company expects
$125,000,000 to finance its 1962-66 construction
program. About $25,000,000 of this, in the form of a debt
issue, will be sold in the second half of 1962. Office—

Continued

issue.

Proceeds—F6r construction and the retirement of $17,-"

Service Co* of

•

Southern Railway Co.
(7/17)
"
June 12, 1962 it was reported that this road
plans to sell
\
$9,450,000 of 1-15 year equipment trust certificates in
July.
This is the lirst instalment of a total

000,000rof maturing bonds. Office—9th and Hamilton
Sts., Allentown, Pa. Underwriters—To be named. The
last

•

v

,

Oakes,
Chairman, stated that the company will require about'
$93,000,000 in debt financing in the period 1962 to 1970.'

Feb. 28,
to raise

short term

ex¬

Pennsylvania Power & Light Co.

Public

or

company

/'

able

Feb. 20, 1962 Jack K. Busby, President and C. E.

Northern Illinois Gas Co.

bonds

this

•

bidders: First Boston Corp.;,
Halsey Stuart & Co.,
Inc.; White, Weld & Co.-Kidder, Peabody & Co.
(jointly);
Merrill Lynch, Pierce, Fenner & Smith
Inc.-Blyth &
Co.; Inc. (jointly); Eastman Dillon, Union Securities &
Co.-Equitable Securities Corp.-Drexel & Co (jointly);
Morgan Stanley & Co. Bida—Expected Nov. 28.
Regis¬
tration—Scheduled for Nov. U.
i

.

„

Co.

of

that

;

<.

St.,
Birmingham, Ala. Underwriters—(Competitive) Prob¬

Merrill Lynch, Pierce, Fenner & Smith
Inc., and KidderPeabody & Co., both of New York City (mgr.). Offering
—Expected in the fourth quarter of 1962.
•

^Nippon Telegraph & Telephone Public Corp.

Bellwood,

reported

was

2

'

-r

Electric Generating Co.v (11/28) ' J
/On Jan* 12, 1962 it was reported that this
subsidiary ol
the Southern Co. plans to offer $6*500,000
30-year first
mortgage bonds in November. Office—600 N/18th

pects to sell about $72,000,000 of debentures sometime in »
1962, subject to FPC approval of its construction program.
Office—120 Broadway, New York City.
Underwriters—/

July 3, 1962 it was reported that the Japanese Finance
Ministry has authorized the company to issue an addi¬
tional $20,000,000 of bonds in the U. S., by the end of
1962. Business—The company was formed in 1952 to take
over from the Government the furnishing of public tele¬
phone, telegraph and related communication services in
Japan, and is the only company furnishing such services
in Japan. Office—Tokyo, Japan./Underwriters—Dillon,
Read & Co., Inc.; First Boston Corp.; Smith, Barney &

sale

Pipe Line Co.

;

/

42nd St., N. Y. Under-,
Pierce, Fenner & Smith Inc.

Eastern

.*

,

Southern

-

Office—135 East

writer—Merrill Lynch,

Kuhn, Loeb & Co.-Equitable Securi¬

ties

of

last

construction. Office—601 W. 5th
St., Los Angeles.-Under -

Corp. (jointly). Bids •— Expected at the company
offices between Aug. 28 and
Sept. 6 at 8:30 a.m. (Calif.

carriers agreed to a share -for-share exchange of
4U0,UU0
shares and lease of each other's jet planes
during their

England Power Co.
May 8, 1962 it was reported that this utility plans to sell
$12,000,000 of 30-year first mortgage bonds in Novem¬
ber, 1962. Proceeds—For debt repayment and construc¬
tion.
Office-^441
Stuart
St., 'Boston. Underwriters—
(Competitive). Probable bidders: Falsey, Stuart & Co.
Kidder, Peabody & Co.-White, Weld & Co. (jointly);
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.Lehman Brothers-Equitable Securities Corp. (jointly);
First Boston Corp.; Kuhn, Loeb & Co.

Ave.,

$50,000,000 of first and refunding mortgage .bonds,
P,' due 1987. Proceeds—For debt repayment and

start selling the stock within one year and complete the

New

The

'

plpns

writers—(Competitive). Probable bidders: Blyth & Co.,
First Boston Corp.-Dean Witter &
Co, (jointly); Halsey,
Stuart & Co. Inc.;

sale by July

Co.

„

& Co.. Inc;. N. Y.

company

to sell

Airways, inc.

Co., N. Y.

Eastern

Co., Inc. (jointly). Bids—
EDST) in Newark, N, J.

a.m.

Diego, Calif. Underwriter—Blyth

series

respective busiest seasons. The CAB later disapproved
this plan and ordered the airlines to divest themselves,

named.

Ripley' &

(11

A Southern California 'Edison Co; ; (8/28-G/6)
July 3, 1962 it was reported that this

:

it was reported that this subsidiary of
Southwest Gas Corp., plans to sell $2,000,000 of common
stock. Office—2011 Las Vegas Blvd., South, Las Vegas,
Nev. Underwriter—Eastman Dillon, Union Securities &

615

Thursday, July 5, 1962

.

San Diego Gas & Electric Co.
V
March 19, 1962 it was reported that this
company plans
to sell about
500,000 Common to stockholders in late
1962 to raise sbme
$17,500,000, Office—861 Sixth Ave.,

•

1962

28,

Co.-Harriman

Aug. 21, 1962

.

Oct. 30,1961 it was reported that the CAB had approved
the company's plan to sell its 400,000 share holdings of
National Airlines, Inc.
However, it said Pan Am must

expansion.
Office — 122 So. Michigan Ave., Chicago.
Underwriter—Dillon, Read & Co. Inc., New York City.
Nevada

on

Seattle, Wash. Underwriters — (Competitive). Probable
bidders: Morgan Stanley & Co.; "Halsey, Stuart & Co.
Inc. Bids—Expected Sept. 11.
V
"
'

'

Feb.

last

July 3, 1962 it was reported that this A. T. & T. /sub¬
sidiary plans to -sell $50,000,000 of debentures due Sept.
1, 2002. Proceeds — For reduction of debt due Pacific
Telephone & Telegraph Co. Office — 1200 Third Ave.,

Natural Gas Pipeline Co. of America

r

The

^ Pacific Northwest .Bell Telephone Co. ?(9/11,).

Office—Miami International
59, Fla. Underwriter—Merrill Lynch,
Pierce, Fenner & Smith Inc., New York.
corporate
Airport, Miami

named.

16,1960 was handled
basis by Blyth & Co., Inc., N. Y.

planes during their respective busiest seasons. The CAB
later disapproved this plan and ordered the airlines to
divest themselves of the stock. Price — About $20 per
share. Proceeds—To repay a $4,500,000 demand loan, and
other

be

Nov,

on

.

re¬

Exchange Corp. Opens
MIAMI

BEACH, Fla.—The. Ex¬
change Corp. has been formed to
engage
in a securities: business
from offices at 350 Lincoln Road.

Officers

are

Robert L.

Benjamin,

President; Stanton R. Moss, VicePresident
C. Moss,

and

Secretary;

Treasurer.

*

and
-

H.

Volume

Number 6174

196

.

.

(107)

Commercial and Financial Chronicle

The

.

47

TW cmr1 T\T"nTTQTPV capital investment .in plant, 1961, and a decrease of 48,629 cars Wholesale Commodity Price Index
IIvAjUxIj allQ llN-UU uXXvX property,^ and equipment^ will or 7.6% below the corresponding Fractionally Higher This Week

T^Ur* Q+ ofn rvP TP A

I ne uL3X6 01

^

.

Continued from page 9

"

frora Government

the

down

trend to plant or
department shutdowns rather than
partial work weeks is growing It
will have an effect on mill sched-

Clearings Increase

1961 Week

Above
,

,

Bank

Uling

Ml

1

•

T3rol i

i

m

flcrurAfi

nu rv

^rty

ago.

»

.

•

it

possible

is

obtain

to

wlll

r£s tteSi

'

r."...

last year. Our

.

xi

'

_

_

overall effect

steel pro-

ee

during

duction: Lower operations

soon

thev

sav

bnyiBg next

1961.

week

summary

in

-

the
centers follows:
some

of

,

(000s Omitted )

,

Second half

will lone alon« about 6%

oltoe ?fhrat

after

hassle mnd the

nrire

Set'plunge,

Steel's
steel

oenod

was'made

survev

the

sharp stock

P

'

'

QICA-fA

^

Kansas
'.»"VT

I

q4n17s

"*r 557,428

'r

.

/."•

•

-'"i

•*.

+

8.0

t~

0.3

of

-

will

---

*

,

slip below

52'548 c^s or'20i0%. exceeding the comparable monuiago level of 270.28, the current/
index fell short of the 271.71'
registered on the similar day last
year. ,
....
.
.. . ,, ;
railr°ad systems originating this . _
type ^affic in this year's week' Wholesale FoodLatest Week
Price Index
Unchanged in

compared the cox58 one yearweek
with responding ago
and 53 in

magazine predicted.: •
;
high cost of holiday labor
—double
time
and
a
quarter—
forces rnills to economize where
.

.

.

The

can,

,

will

cutbacks

but

,

Sharper than usual. Reasons:

-.(1)
the

u

assembly

I960,

.

-

with

compared
-V
..

products, or
Probably the

than feared as recently as two
weeks ago. August will also be
•

'

-

better than was expected nt the
bottom of the order downtrend,

be
-Y

areas.

■

produced. Meanwhile, Studebaker
ended its '62 model output last
week ,
•
7 '
:

—

—

mills,

TVunir

by Dun & Bradstreet,
Inc., held steady at $5.86 on July
2, the same as in the preceding
week. Continuing below the com-

Intercity truck tonnage in the parable 1961 levels as it has in
was 3'7% ev6ry week so far this year, the
ahead ,?f the vol,unie/n,
c?r- index was down 1.4% from the
r.esP01YlnS^week of 1961, the $5.94 a year ago.
™
ESSS and bellies were quoted
announced.
Truck
tonnage was

considerably higher in wholesale

befiind the^ volume tor the priCe this week, and increases also
Prevl0us week of this year.
were chalked up for flour, cocoa
These
•

weekly

findings are based on the
of v34 metropolitan

survey

and steers. These advances outweighed the declines in some nine

Ward's said that a return to arejs conducted by the ATA De-. foodstuffs: wheat, corn, rye, barsix-day work by American Motors payment 01 Research and Trans- ley, hams, lard, cheese, cottonseed
and to full ■ five-day operations P.° ^ Economics. The report re- oil and potatoes.
.
at all Chrysler Corp. plants Heels^tonnage handled at more , The Dun & Bradstreet Inc.
boosted industry volume, but tban 4U0 truck terminals ot com- wholesale food price index repreFord's resumption accounted for ^on carriers ot general freight sents tbe- sum total - of - the - price
throughout the country.
—
per pound of 31 raw foodstuffs and
the bulk of the gain,
meats in general use. It is not a
The reporting service totaled
Lumber Output Rises 0.9%
cost-of-living
index.
Its
chief
industry U. S. car output in June
Above 1961 Level
function
—4

-

recovery
c^^se of

prooessing semifinished stock that

onnagc UpWeek Ove
3.7%
Year's

Last

September is still seen As a. fair to u65,275 unit®. It placed Fords
month. A rate of in- strike losses in June at 7D,000
10% a month starting in cars, all of which will not be re-/'
August and Continuing through covered by robust July-Auglik
the fall would be an optimistic scheduling increases by that comevaluation of the market.
pany.

Steelmakers can meet part
market's-requirements by

tt«

The wholesale food price index,

compiled

Zto- Tek endtd June 23.

127357

scheduled

pilots

g

car' assemblies
---

car

to Ward's

Ztive ReZft"

most significant factor is the increasing <*f July and August tonna§cs by automakers. „
,
.-As it now stands, slow as it
will be, July will be a bit better

this holiday:
1.4 million-

Steel

they

passenger

ige^ acCMdfng

Further, the increase is not yet

ingots to an 18-month low,

tons of

industry

--

-.

Steel production in
week

of

-

_

rate

the

others,

In

capacity.

Output to Slip to 18-Month general, by
Y
Low This Weekr
-geographical

Steel

;

Fur

-

above the corresponding period ot
and 61,603 cars or .24.3%
above the corresponding period in
19?°' There were 60 Class I U. S.

1,198,000 + 2.2 still lags below 50%, even after 107,406 last week. In the same
mud
week last year 125,297 cars were
J
a mild pickup.
pickup.

1,224.000
940,175

*

.

City

a

971 91 in tho

ov,

totaled 315,014 cars for an in- 271.21 in the prior week. Although

yord Motor Co. last week boosted

.

Age .continues to remild
increase - in new
some mills, it brings
the rate of new business over 50%

%

.

York_l $18,133,308 $16,785,279
dhicagolL_:_-'
1,348,514
1,352,542

...

wh^t

,.

,

.

Yjlans

billion in-1961

.42

1960

ffor ^ Ilr6t 24 weeks of 1962 fractionally higher t 271.27 from
to
for toe fi,6t

1962 expenditures will apprcxi«5
billion
compared with

Lending

scrap to push the

C°St °f
wheat,July 2, the aaily tin.
rye, lambs and wholesale:
On
V, '
'Y\
/'
.
n
z' tJ?e
index movedCumulative piggyback loadings commodity price i

figure into

to

mate

Irm

port

orders.

.

ghiiad^hia
Boston^__^^

The

...

,

1961

1962

June 30—

New

°1

~Z

MP despite appreciable de-

TmoSs ot*30^%'abovethe

pr^iminary

Our^compara- Iron Age pointed out.

for

principal money
Week End.

slightly through

week

would

if reform

year

enoueh

buviL

iq63

available.

more

gut

3

.

five

dipping

mnct

iopi

juiy than might be expected, even Strike-Ended Ford Output to Put
totals s tan d at
$31^813*850,608,4 considering the low order rate
July Ahead of June
:
against,. $29,648,376,387,* for
theand normai seasonal factors, The
Initial' post-strike
output' by
same

rennrterf

JJf5 0^15.6% *Sf the in"ease in steel

came SOOll enougn lO Ilgure 11110

*

overall business
some
products
'
'

warrant,

be

"ite

^r--*8«res-wfll - be -7*#.
above those for the corresponding*
\yeek

pars

«S

of respondents

cent

71%

mer
boost

sum-

_

,
.r:Y;v,;.•VTy
.r

per

thev would jack up expendi
they
up expendithe last ".half of this year
i£ reforms were made this sum-

turesTn

came

through the

users

.

Saturday, June 30, data from aU' better
cities of the United States from would
which

After

14 45*5

say
say

Preliminary figures ,,
in Some cases, the disruption of
compiled by-the Chronicle, based operations' could mean another
on
telegraphic ad vices from the week added to deUvery promises.
cJuef cities of. the country in- gut fa -other. cases, with some
dicate that for the week ended mills
operating at a somewhat
imnr

year

were

TX&ia&U&e
from the entire metalworking in

also on buying plans

and

this week will of steel
compared with; mer
with me^

clearings

®w an
increase
show an .increase
a

There

cates.

ZlnHowever,°the

supply: None.

Bank

7.3%
w

shutdowns

glycerine,

steel scrap, tin, rubber,
and acetone.
In short

week in 1960.

climb to $6.5 billion by 1970.
Adequate depreciation retorm
Adequate aepreciation reform

is: Burlap.
/ployment
side are: Nickel,

On the up side
On

nn

,

receive minimum pay equal to 32
receive minimum pay c4uai iu o*

is

to

the

show

general
-

,.

Lumber production in the United trend of food prices at the wholeStates, in the week ended! June 16, sale level
.
*
tota^242,829,000 board ieet com'
„

__

^

pared with 246,503,000 in the prior
Consumer Buying Uneven
(2) User needs are low because
week, according to reports from
Although generally favorable
they are liquidating inventories of • In -spite of the modest upturn
Ward's said Ford Motor Co. regional associations. A year ago weather prevailed, retail purmill products that they-acquired in
orders, the market through-took 18% of the industry's June the figure was 240,648,000 board chases ran an irregular course in
for strike protection. '
•
July wiH be fairly level, with oc- production of 565,275^ cars, in- feet.
the week ended June 29. How(3) More steel consuming plants casional declines in order rates stead of a planned 27% share of
Compared with 1961 levels, out- eyer> gains in seasonal merchanthan
before
are
shutting as well as flurries of new orders, 635,000 cars - which weie to nave
^ advanced 0.9%,
shipments ^lfie ^eJPe,c\.^° Pnsh over-all volbeen nroduced. Car output m May
14%
higher, ' and
orders -—ume slightly above the -—
comdown for vacations this month.
probably late in the month.
totaled 673,187 units.
gained 10%
parable year-ago level., Also,
Although steelmaking will edge
Because of the Ford increases,
while new cars were selling at a
up next week, no substantial up-^teel Production Drops for ttie
industry car output in July will thnn!in^c n-f wj
+hS
slower rate than in
thousands of boara feet foi
the somewhat
turn in demand is seen before
Y Week Ended June 30,
May, they remained far above:
that July
-- According to data compiled by
top June tor.the first time m five ^eeks ndicated
August. Indications
their 1961 volume for the similar
output may be the smallest since the (Amea-jean Iron and'Steel in-» years A 3.2% increase is planned weeKi■ inoicatoa
Ju?qk96' Juiqfi?4, ,
period of June. The springtime
that of ^December," 1960, when the stitute,. production for the weeks for the two months, said Wards.
960,
*>»**<,. ,
•
,
stitute, producticai
week
total Was 5 8 million net tons.
ended June 30, 1962, was 1,501,000
The June production swelled the Production
242,829
246,503
240,648 upsurge in haroware, paint and
Scrap
is still
marking time, tons (*80.6%), as against 1,563,000 industry second quarter car out- shipments _270,534
263,158 236,844 home improvement supplies has

quiter.'

/

'

•

.

-

ever'

-

-

-

-

-

•

'

-

were

«

•

,

..

_

_

4.

_

_

^

4„

are

,

tons (*83,9%)/in the week ended. J?1#
—
-v.'Y:;.
ton for the fourth straight
.Production this year through,

a gross

Y

week.

June 23.

-

-

«

.

-

v

..

In m^Liteelr?r0iUCtl
h*om Western Contineirtal

amounted

(*112 3%),' or
v

tons

.

20.7% above
Ti,,M ,10Cr

toPeri0d thirough July 1, 1961
The
Institute
concludes with

Europe

have been eut$l per ton. Products

index

Sfr.

Production

Ingot

of

wire

nail6.

"

■' /

'

c

Production for

>VcekEnded
June XO,

steel consumption in. July

North East Coast.^

will

will be fairly high, but upers

'

1962

83
59

.Buffalo

order much additional tonAutomakers have steel on
hand and in transit to keep as¬

pot

"

Pittsburgh
Youngstown

lines running for about
60
days at the production rate
forecast for this quarter.
j

72
€7

Cleveland

page.

91

sembly

102

Detroit

m

at)C)ve
January-March... • • .... .
.ar?8T WI1
dustry s 565,275 June car

Chicago

Motors and 1.5%

American

8.5%

S. truck

output

was

held to

units last week vs. 25,289
two weeks ago and 27^267 in the
comparable week a
year
ago.
Ward's attributed the decline to
a two-week vacation shutdown by
phurt in Toledo, Ohio.

J

,

ing week, reported Dun & Brad-

-

1961 Week

Than in

82

The

amount

Higher

of

casualties

?reet, Inc. However

did not qmte reach the year-ago

level of 326 although they ran
moderately above the comparable
I960 level of 278 ana exceeded by
14 % the prewar toll of 264 in the
corresponding week of 1939,
Failures involving liabilities of
more edged up to 48
week earlier and 45 in

$190,000
Electric Output 8.8%

83

St. Louis

U.

23,246

the Willys

81

Cincinnati

Latest Week

^ '

+mT . Com^rcial to mdustrial failoutput ures reboundedand 302 in the week
int£) 613% GM Corp<> 18% Ford ended June 28 from their sharp
Motor Co., 10.6% Chrysler^Corp., downswing to 265 in the preced-

80-. Studebaker Corp.

*Index of Ingot

Z
.

!; U.

by

?£ri«sA°L™? endsd

structural angles, channels, plates,: 1062, as follows:**4
merchant bars, and bright com¬
mon

54,412,000

to

"
•
1
'
'
Failures Rebound in

;-rY

"

Tbwf 1^66Business

,

30

june

;

As steel demand Shrinks -nriees
as steel aemana snrinKs^ prices

,

^

-composite on No-. 1

SteeVs■ price"

heavy melting grade held at$2183

or

from 44

a

previous year. While an increase also occurred among cas-

the

electric energy

the electric light ualties with losses under $100,000,
and power industry for the week which advanced to 254 from 221,
Southern
101
ended Saturday, June 30, was esti- they did not equal the 281 of this
cause of model changeovers, pro-;
Western./
87'
mated at 16,520,000,000 kwh., ac- size in the similar week last year.
(Auction next month will skid to
cording to the Edison' Electric
Five of the nine major
geo180,90.0. .In September,
it will
Total
80.6
Institute. Output
bounce back to 430,000. Detroit
was 108,000,900
graphic regions reported an upkwh. less than that of the pre- turn in business casualties during
forecast 1.2 million cars for the,
1
o
4*
*Index of production based on average
vieua week's total of 16,628,000,- the week. In the East North Centhird
l.o ffiiliioii xor the weekly production for 19S7-19ffi9%
000 kwh. and 1,337,000,000 kwh., tral States the toll climbed to 52
fourth, and 6.5 million for the
year.
.Y
•
Automakers to Maintain Capital or 8.8% above that of the com- from 35 and in the South Atlantic
\
4
>
\
4
Equipment Expenditures
parable 1961 week.
to 45 from 26.
There was little
Improved Tone to July's Output
Automakers will spend an aver-

j

This month's auto production is
expected to be 575,960 units. Be¬

distributed

.

...

.

.

_

..

.

.

„

.

j

.

.

Noted

Hon

by

Age

pwi^f

.

age

The minimum work week pro-, 1965

,

vision

in

contract

the

new

steel

labor,

will

encourage
steel
plants to shut down for intervals
rather than maintaih partial operations through the current order

Age .reported

slump,^ The* Iron
this

week,

v

,

<

,

;

-

contract,
yyvhich went into effect July; !,..
•any man reporting for work must
s

In

the

new

labor

,




new

of $1.5 billion a year through

to

upgrade

tools

and

plants

to

equipment,

buy
Steel

»on

1 «*,«««•*

sun

change in New England with 12,
the

Below Last Year's Week

Loading

category.

^

The tatal dollar volume of retail trade in the reported week

.

ranged from even to 4% to fmot
higher
lnK+ vpar arcordine

thsiri

^timat^ ^35e5Sdbv Dunesti&
Inc
Regional
Bradstreet
matec

varied

comparable

from

thf?olCteT^
West
North Central
by

(Stages:

to

—England —4 to

q. Eas^- North Central —2

to -f-2;

Middle Atlantic 9 to +4"» Mnunj
4.5; West South Central and Pacific 4-2 to 4-6; South
Atlantic and East South Central
4-3 to 4-7.
a

-i

i

1

1

*

.

AlUlTl^LrOTl 1HL 1

by

.....

„

slowed slightly bu. sales are still

str™g

of

revenue

freight in

East

South

Central

^ the pacffic wjth 56.

decline

appeared

in

wi rm

*

vAfllllllvJll
Public offering of 80,000 common
shares of Alumatron International,
Inc., at $5 per share is being made
by B. C. Malloy, Inc., and Hensberry & Co., St. Petersburg, and
Jay Morton & Co., Inc., Sarasota,
Fla.

The company of 5000 -

Z

102nd

with 10,
The only

Ave., North, Pinellas Park, Fla.,
plans to engage in the sale of

Middle

pre-engineered, panelized alumi-

the

that the week ended June 23 totaled Atlantic States where the toll fell num homes and conventional
amount will be used to build and 592,708 cars, the Association of to gg brom 101 in the prior week, masonry homes, which it will
equip foreign plants to meet the American Railroads
announced. Year to year comparisons show construct on property owned by
growing demand for U. S. cars This was an increase of 2,376 cars the same or heavier casualties the purchasers. It will use the net
abroad. GM alone is spending $1 or four-tenths of 1% above the prevailing in all except two re- proceeds from this financing for
billion overseas in the next two preceding week.
gions
the East North Central and fee construction and furnishing of
years.:
The loadings represented a de- Pacific Etates which had consider-- model homes, homesite rental, adAssuming no major tax or de--crease of 7,262 cars or 1.2% he- ably fewer businesses failing than vertising, salesmen's commissions
preeiation Teforms, autodom^s net low the" corresponding week in last year..
and for working capital. .
predicted.

Almost

half

of

-

-

48

The Commercial and Financial Chronicle

(108)

.

Thursday, July 5, 1962

.

.

*

Sept. 28, 1962

WASHINGTON AND YOU

(Philadelphia, Pa.)
Philadelphia 37th
and field day at
the
Huntingdon Valley Country
Club, Huntingdon Valley, Pa.

£og#?\

Bond

ffmn,
zF-

behind-the-scenes interpretations

Club

annual

CACKLES 8 CO.

from the nation's capital

Oct. 3, 1962

-SECURITIES-

New

of sentiment and drum beat¬

ing in the Capital for a reduction
in taxes at this session, but the
odds still appear
against a. cut
this

*
^
subject of taxes is currently

year.

The

•

.

.

important story in Washington.
United
States
Chamber
of

an

The

Commerce, located in a handsome
building across Lafayette Square
from the White House, broke with
its historic position and called for
billion reduction.

$5

a

While

committee

ducting

taxation

on

con¬

was

important meeting, and

an

The

States Chamber of :

United

tion
of

Oct.

is

At

quick tax cut.

a

the

of

rates

current

excise

that the committee is not unmind¬

ful

reduction

the

impact

immediate

the

of

rate

Nevertheless,

and

accessories, whiskey, beer, wine
cigarettes, among other things.
Senator

mittee,
dent

will

Presi¬

that

ask

still

for

"temporary" raise in the
debt

the

ceiling

to

opposed

until

Finance Com¬

believes

who

national

next

year,

any

taxes

cutting

budget

become

can

Byrd, Chair¬

F.

Senate

Kennedy

another

is

Harry

of the

this

of

out

multi-billion

The

debt limit

country

stabilized with¬

more

deficits.

dollar

is at

now

an

all-

time high.
There

.a

ington
of

a

a

economists

ficials

of

who

with

the

Oct.
11-12,
Association

Firms

met

the

be

United

chieftains

can

when

Chamber

some

of

the

Com¬

get together in their

President

Walter

P.

Reuther of the United Auto Work¬
ers

in

a

of

round

speech-making

is calling for a $10 billion tax cut
in the low and middle-income tax

However, such

a big cut would
entirely too great a shock on
the Treasury which has the obli¬

be

our

United

government's

established

a

followed

this

time

tax

the

revision

Administra¬
and

so-called

loop hole closing bill is in jeopar¬
dy. Senator Byrd, as the "treasury
watch

plans

dog" on the Senate side,
to sidetrack the tax legis-?

lative bill

to

consider the House-

passed

trade
bill, regarded r by
President Kennedy as the " most
important"- bill before Congress.

The

experts

that

the

of

Dillon Apprehensive

The

'

Secretary of the Treasury,

C. Douglas Dillon, is quite
appre¬
over the tax
picture be¬
fore Congress, but has
hopes the
picture will be clarified. It is no
secret that he believes that a
tax
hensive

reduction

icans

for

would

millions
result

of

in

ministration's tax revision
ure

being tossed

legislative window
This
on

bill

an

Ad¬

the

productive

enterprise
end

meas¬

out of

the

Capitol Hill.

and

interest, grant

investment credit, and

squeeze the water out of

expense

accounts,/among other,1 things.




was

Because

stagnation

of

is

rick has been elected

of

Inc., East Ohio Bldg.,
the

Joins

Canada, already under

Jr.

has

joined

Noyes

Square.

.

are'

futile, and it

should be remem¬
bered that recessions cost
money.
The 1957-58
recession caused a
deficit of $12.5 billion.

stimulate in¬

vestment

spending, improve our
profit picture, make our products
more

competitive and accent once
again the growth element in our
y-:.-.-

Reduction

taxes
pay

would

and

pressure

of

the

staff

Co.,

&

Mr.

Longstreth

With

The tax reduction must be sub¬

:

f

10

Rowley

of

personal

increase

(Chicago, 111.)
Club of Chicago

S chirm er,

and

13-15, 1962 (Pontes Vedra
Beach, Fla.) .: \^y.yy Y^y/y uyY,'

Security Dealers Associa¬

tion annual convention.

Sept. 19-21, 1962
Calif.)

-

...»

'

;

Investment

v

Rosenthal

Mo.

has

—

become

Cruttenden,

,

Richard

V

program

the dollar than

,

Bankers

ST.

Palmer

LOUIS,

Mo.—John W. Bachhas been added to the staff

Edward

D.

Jones

North Fourth Street,

&

Co.,

300

members of

the New York and Midwest Stock

Exchanges.

Hi'-'.

■

is

LOUIS, Mo.—Robert J. Bohn
with

now

White

&

Company,

Inc., 506 Olive Street, members of

York'and Midwest

Exchanges.

Attention

—y

Stock

</' 7

Brokers and Dealers

TRADING MARKETS
Botany Industries
Official

Meeting.

Films

Waste King

Sept.

20-21, 1962 (Cincinnati,
Ohio) ' ■///, /'• //»/•:
; <'•'/.//-';

'

B.

affiliated

Podesta &

Municipal Bond Dealers Group of
Cincinnati, annual f^ll party, with
a

field day to be held Sept. 21, at
Losantville Country Club.

Our New

York

telephone number is

CAnal 6-4592

the

Bankers Association

Scherck, Richter Company.

nual convention.

an¬

LERNER & CO., Inc.
Investment Securities

10 Post Office

Square, Boston 9, Mass.

Telephone
HUbbard

Teletype

S-1990

BS

69

income

take-home

would

the

Cove Vitamin & Pharmaceutical

the

Common and

they

be

are

Carl Marks

of

at present.

FOREIGN

&

•

NEW YORE 5, N. Y.

TEL: HANOVER 2-0050

and the approving board of
directors of the organization be¬

Co. Inc.

and Warrants

f

TELETYPE NY 1-971

ISA

Common

Bought—Sold—Quoted

SECURITIES SPECIALISTS

20 BROAD STREET

ley

.

KILL, THOMPSON & CO., INC.
TO Wall Street, New York 5, N. Y.

The

.Kennedy Administration
Congress are-faced with a«

Warrants

Versapak Him & Packaging

less

stability

Tel. WH 4-4540
■.#».'it,

>

J.

*■

S4T.

**■

■Hv.

y

With White & Co.

Association

Miller, 322 North Broadway, Mr/
Sept. 23-26, 1962 (Atlantic City,
was/ formerly
with;
N. J.)
Goldman,
Sachs
&
Co.
and American

This program tossed out
by the
would aid all segments
of the
economy, President Plum¬

and

the

Maxson Electronics

....

Rosenthal

chamber

lieve.

at

American Cement

:

(Santa Barbara,

Foreign bankers recognizing the
stimulating effects of such a tax
about

>

Vy

"hopefully" reduce
for wage increases.

reduction

convention

mann

ST.

(Denver, Colo.)
Mountain Group Invest¬
ment Bankers Association Meeting.

Florida
was

Cruttenden, Podesta

LOUIS,

with

con¬

(Special to The Financial Chronicle)

Sept. 12, 1962

Post

(Special to The Financial Chronicle)

ST.

Mutual-

annual
Statler.

Edw. Jones Adds

Hotel.

Board of Governors Fall

Status

would

Congress

Sept.

&

of

43rd

the Hotel

(Special to The Financial Chronicle)

Municipal Conference at the Pick-

Sept. 13-14, 1962

formerly with Jennings, Mandell

pressure.

measures

Meeting

ley,

Says Tax Cuts Would Aid

Half-way

nual

the New

Hemphill, Noyes

Hemphill,
Office

(Boston,

(Chicago, 111.)
Financial Analysts Federation an¬

Sept. 11-12, 1962 (Chicago, III.)
Investment
Bankers
Association

Rocky

Atherton & Co,
Dollar's

Group Invest¬

Municipal Bond
outing,
yL/v-

recession

a

1963

May 12-15, 1963

of

(Gearhart, Ore.)

Northwest

BOSTON, Mass.—Charles B. Row¬

in the United States but its
spread

economy.

Stock

(Special to The Financial Chronicle)

mediately. A delay now not only

cut

Midwest

Exchange.

The tax cut should be done im¬

real

Vice-Presi¬

George M. Yaneff As¬
Vice-President of Fulton,

Reid & Co.,

business economists, believes these
things* should be done, among
others: / r ;

stantial.

Sept. 7-8, 1962

Pacific

and

sistant

major- concern,
the United States
Chamber, with
the
asserted
solid
backing
of

of

outing at the Columbine
Club.

ment Bankers Association

dent

1,

Association

ference at

(Denver, Colo.)

CLEVELAND, Ohio—Bruce Kend-

business

Boca

House.

Country

of

courts the disaster

INVESTMENT FIELD

summer

Names Officers

ac¬

the

coincide ivith the "Chronicle's"

members
current

IN

27-May

Savings Banks

EVENTS

the scene"

Fulton, Reid Co.

system—

—

at

Club.

Mass.)
National

Bond Club of Denver 28th annual

the wrong

&

a

Nov. 25-30, 1962 (Hollywood,
Fla.)
Investment
Bankers
Association

Aug. 9-10, 1962

structure

Convention

Raton Hotel

managing

COMING

substantial

tax

our

in reformation."

concerned

would withhold taxes

dividends

business

on

Amer¬

the

tax

to

views.]

own

by

on

suited

the

be easy to cut taxes
of the current deficit

perhaps another
a year from now.

may not

has had the

knowledged in theory and ignored

A

in

do

to reflect
interpretation
from the nation's Capital and may or

sharp re¬
declarations of tax

*

At

to

series of short lived periods

growth

cessions.

to

not

the "behind

States Chamber of

position that

what

[This column is intended

corporate

structure needed overhauling, said
President Plumley. The nation has

bills and meeting those
obligations
when they fall due.

tion's

and,
one

years

more

stagnation in growth.

in the face

be reduced from the present
52% to 47%.
The

of

of the

will

It

rate

Commerce for

bit

a

April

challenge

proportionately,

combined

be

Annual Convention at
Hollywood
Beach Hotel.

face

65% maximum and the 15% mini¬
that the

might

'•

that individual rates between the
be adjusted

who

conservative portfolio?"

65%; that the lowest individual
be split and a 15% rate
imposed on the lower bracket;

mum

ciation

"Could you switch me to another account executive—
one

for

rate

(Boca Raton, Fla.)
Security Traders Asso¬

National

bracket

brackets.

gation of paying

bracket

(Cincinnati, Ohio)
Group Investment

Valley

Nov. 4-9, 1962

individuals be reduced from 91%

of the big labor

economic viewpoints, but that has

happened.

Governors meet¬

Oct. 26-28, 1962 (Hot
Springs, Va.)
Southeastern
Group Investment
Bankers Association
Meeting.

to

"the

unusual

States
and

top

part

Reduction

merce

the

placed its burdens

Business and Labor Urge Tax
most

Angeles)

Exchange

Bankers Association Meeting.

immediately

That

had

is

(Los

Stock

of

Oct. 24, 1962

call for
of both cor¬
porate and individual income tax
rates.
Specific recommendations
by the nationwide organization of
business and industry include:
cut

of

might
heading for the
sharpest recession in several years.

It

1962
of

Board

Ohio

The chamber's proposals

a

emergency cut, our country

well

Investment

Meeting.

ing at the Ambassador Hotel.

Specific Recommendations

Treasury. The group advised
Treasury officials to do something
in a hurry about cutting taxes.
They felt that unless there is an
very

(Minneapolis,
//L'.':

Group

Bankers Association

best hope and prospect for future

of¬

Department of

the

1962

Minnesota

balanced budgets and fiscal sanity

and

meeting in Wash¬
few days ago of a group

was

Exchange

Meeting at the Mark

9-10,
Minn.)

the

that

convinced

is

Fall

Oct.

of

imbalance

the

on

budget.

committee

taxes

parts

auto

and

man

Stock

Hopkins Hotel.

a

up

automobiles,

on

of

ley of the National Chamber said

lies in removing immediately the
high tax rates which are stunting
barrier economic growth.
against a depression, there was
Mr. Plumley pointed out some¬
activity on taxes in other quarters
thing where there is both agree¬
in the Capital.
ment and disagreement: "We all
Congress sent to the White
.know tax reform is needed—but
House during the week an exten¬
where to begin is less easily de¬
sion for one year the present 52%
cided."
corporate income tax rate, plus

throw

8-9, 1962 <San Francisco)

Association
Firms

panel discussion of the asserted
need for quick tax relief in
an
to

Group Investment

(Detroit, Mich.)
Group Investment

conference, President Ladd Plum-

a

effort

8, 1962

Oct.

panel discussion and press

a

(Cleveland, Ohio)

Bankers Association Meeting.

marked slump in our economy

a

4-5, 1962

Michigan

taxation said there is real danger
unless there

Investment

Bankers Association
Meeting.

committee on.

after its

came

Group

Association Meeting.

Northern Ohio

Commerce's call for a tax reduc¬

of

Chamber's

National

the

Oct.

C. O. C. Fears Business Slump

WASHINGTON, D. C.—There is a

(New York City)

York

Bankers

wave

of

outing

-s ' .rft

<£<4-,

.

W,

Tele. NY 1-0154