Full text of Commercial and Financial Chronicle : July 6, 1961, Vol. 194, No. 6070

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The COMMERCIAL and FINANCIAL

ESTABLISHED

Volume

1839

194

Reg. U. S. Pat. Office

Number

New York

AS WE SEE IT

Editorial

which

controversies

The

6070

have

been

raging

unions

now

all. The other

us

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

Central

have their eyes on

not in

in

the

are

agencies

Let

no

would fasten upon
one

that

suppose

we

"bank

is

tic

costs

or

many

of

much

longer

bank

antitrust

the

run

in

public interest.

population

were

on page

the

of

United

States

Economic

doubled.

fivefold.

more

total

American

the

of

times what

10

the

has

what

hanking

rally?
over

ber.

Public

afforded

are

tential undertakings in our

my
was

HAnover 2-3700

it

sys¬

a

Bow,

Nebraska,

'

complexity

increasing

from the free

and open

of

banking

problems,

the

greater scope that larger organizations can offer
promising young men, the advantages of electronic
accounting that can be afforded only by institu¬
tions with tens of thousands of customers — all
make it

increasingly clear

(Continued on page 26)

State,

with th£ SEC and po¬

Municipal

starring on page 32.

Housing

JAPANESE

STATE

AND

MUNICIPAL

Lester, Ryons
623

So.

SECURITIES
Securities Co.,
*

BONDS

Offices

THE FIRST NATIONAL CITY BANK

Dlgby 4-7710

NT 1-8759
Office:

Head

•

Affiliate:

Nikko

•

in

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

U

OF NEW YORK

30 Broad Street

TOKYO

Inquiries Invited

on

Securities

Co.

Bond Dept.

Bonds

and?

Notes

Teletype: NY 1-708

New York Correspondent

—

Municipal Bond Division

THE

CHASE

Southern

California Securities

•

Kasai

SAN FRANCISCO

Agency

Members Pacific Coast Exchange

Ltd.

Teletype:

New York 15

Co.

Members New York Stock Exchange
Associate Member American Stock Exchange

New York 4, N. Y.

Telephone:

&

Hope Street, Los Angeles 17,
California

25 BROAD STREET

Company




Broken

and Public

Giemical Bank
BOND DEPARTMENT

town,

boy.

bined, were it not that the iron law of relative
efficiency is making the small unit bank more
and
more
of an anachronism.
The constantly

"Securities in Registration" Section,

The Nikko

NewJorkTrust

was

population

home

Municipal

Securities

how

i
Germany, France, Canada, Japan, England, Italy
are now challenging our economic
pre-eminence — each has a streamlined banking
system in which from three to 11 vigorously com¬
peting nationwide banks control the bulk of the
commercial banking resources of the country and
are
geared to serve nationwide industry both at
home and abroad.
A country as rich as ours per¬
haps could afford the luxury of having several
times as many banks as the rest of the world com¬

complete picture of issues now registered

a

and

individual small-town bank, just as they
local independent telephone system that

the

Housing,

State and

telephone:

securities

system,

—countries that

hundreds of

away

did

when I

happened to
structu¬

moving

institutions

the

served

than half that num¬

is

banking

afford to pay the high price
arrangement? When the National

we

System was established a century ago,
banking structure composed of thou¬

the

ated

has

*

doubt, in the face of these facts, that the American
banker

mergers are

banking system, there were no such things
telephone, the automobile, or paved roads.
Developments such as these should have obliter¬

James L. Robertson
sound and serviceable indepen¬
dent banks disappear, having
been absorbed by bigger institutions.
Can anyone

24)

bank

the

system,

Every year

that

our

In 1920 our country had
30,000 banks; today we

have less

can

small

time

as

$22 billion
to almost $300 billion.
But

country

distribution,

necessary.
Since
of our
country has
changed
from
overwhelmingly rural to
over¬
whelmingly urban.
When we cut the pattern

tem have risen from

our

the

a

of

that

resources

banking

antiquated

perhaps

amount

The

our

Banking
sands

helped

The question now becomes:
country even achieve so much with

SECURITIES NOW IN REGISTRATION—Underwriters, dealers and investors in corporate

U. S, Government,

Copy

pitch—in both voice and
somebody else, one of

think

to

for this outmoded

in circulation today

than

And

was.

high enough (in

(Continued

as

has

like

act

seem

an

What is required, he insists,

begin by assuming

me

money

is

markets.

time when tariffs

a

salvation.

did

Gross National Product has in¬

nothing to enable American producers to compete in the
There \yas a

who

only

such

growth has been even greater.

real problem.

relation to relative costs) to make

the

those
our

How

tlje^1956

and

act

substance—and

appraises

importance in determining whether a proposed merger

about

have risen to the

neutral

Cents

production,

and general prosperity?
Now I must change the

of

isolated

an

point where foreign compe¬
In any event, this
lack of virile
competition from abroad lays a heavy bur¬
den upon the American
consumer, and of course does
so-called

merger

system that
miracles of

its

Robertson

if I were one who
is unalterably opposed to bank mergers:
Since I
was born—a half-century ago, give or take
a few
Let

have here

these

a

bank

is in

them.

pay very much lower wages and as a
endure less restrictions on
production. In

again becomes

Mr.

legislation spelling out a clearer standard as to competi¬

tion's

high customs levies are not
enough to enable domestic producers to compete on even
terms with
foreign producers, and when they are high
enough for the purpose it is often not long before domes¬

tition

1960

bank

contradictory

by three Federal supervisory

departments.

taking up the merger gauntlet.

creased

even

antitrust

and describes the circle banks are forced to

laws;

enterprises which
instances

pending
conflicting,

problem" in the light of

merger

years—the

some

today's

banking

State

and

y^ars Congress has laid high tariffs upon imports and
they are defended on the ground that United1 States
companies can not without help compete with foreign
have to

settle

holding law, the

a

^^gmusual situation except in technical detail. For

rule

doubts

Governor

will

marshals the "pro" and "con" merger arguments;
the

subsidies under

union

suits

and inconsistent stands taken

position to
existing laws, and hence can not
the absence of changes in the law meet the
charges

draw

banking

merger

competitive
achieve

Washington, D. C,

which the

concerns

50

Will Be Truly in Public Interest

ping companies which, by reason of their American
registry, are sitting ducks for the labor monopoly. The
companies, or most of them, have been able to stay in
business only because Uncle Sam pays them a subsidy
of

Price

Determining if Bank Mergers

in the
Shipping industry involve in a striking way some of the
most important and often overlooked aspects of indus¬
trial relations in this country today. Very briefly one
of the main points of the conflict turns on an effort by
the unions to reach enterprises which have found a
perfectly legitimate—and we might say quite necessary
—way of avoiding operating costs which would make it
impossible for them to compete with foreign ships.
Every one knows the exactions of the unions from ship¬

at the expense

7, N. Y., Thursday, July 6, 1961

MANHATTAN

Pershing A Co.

BANK

LOS ANGELES

Net Active Markets Maintained

Brokers

To Dealers, Banks and

T. L.Watson & Co.
ESTABLISHED

CALIFORNIA

1832

Block Inquiries

Members
New York Stock

American

Commission

Orders

Invited

Executed

BONDS & STOCKS
On

All

Canadian Exchanges

Exchange
Exchange

Stock

DIVERSIFIED

CANADIAN

LOBLAW, INC.

CANADIAN DEPARTMENT

Teletype NY 1-2270
25 BROAD

STREET

NEW YORK 4, N. Y.

DIRECT

VIRES TO MONTREAL AND

TORONTO

•

PERTH AMBOY

Grpokatiom

Goodbody a Co.
MEMBERS NEW YORK STOCK EXCHANGE

BRIDGEPORT

2 BROADWAY

NEW YORK

1 NORTH

LA SALLE ST.

CHICAGO

Electronic

DOMINION Secur
40

BANK OF AMERICA

Exchange Place, New York 5, N. Y.

Teletype NY 1-702-3

WHitehaU 4-8161

Industry

MUNICIPAL BOND DEPARTMENT

N T. & S.A.

SAN

FRANCISCO

•

LOS ANGELES

2

For

The Commercial and Financial Chronicle

(62)

The

in the investment and advisory

in the Overlarge

New York

Call "HANSEATIC"

is

Inc.

New York Hanseatic

Corporation

tion

priced end of
$450 mil¬
lion lingerie

Exchange

It

cial

position,

and

growth

Teletype NY 1-40

4-2300
BOSTON

PHILADELPHIA

SAN FRANCISCO

.

which

Wire

allow

System

it

to
Richard D. Meyer

1961

& CO.
Security

Dealers

earnings.

I

Bids

Odd Lots

on

stores.

—

40

★

WHitehall

Teletype

No.

3-7830

NY

In

the

began
a

line of foundation garments

eventually

"Lycra "

a

new

of

is

should

million

and

•

.

The

current

view

of

ratio

and the

1

$1.40

is*;a

dividend
share.

per

In

which
of

payment, is also

rubber,

but

is

much

lighter,

stronger
and
possesses
breathing qualities that
rubber

American Furniture

does not.

Bassett Furniture Industries

of

this

until the mi:die of next year,

the

"Lycra"

LYNCHBURG, YA.
—5-2527—

Wire to

profit

line

of

to

expects

margins

exceed

its

add

is

about

allow

pre¬

this

dition,
in

15%

it

of

to

capacity,

exploitation

-

-

■'

line.

It

should

will

company

the

be

could

into

turn

contest

They

Boothe

the

andsell

of

queen

lingerie makers

manufacture

inherent

date

two

profit potential.

foreign

into

in

and

other

to
to

ing

borrowed money

development work

Liquid

4-2727

Continuing Interest in

Fischer & Porter Inc.

cost but do no"'

a

on

with smaller down

Richardson

Co.

Stouffer Corp.

*

o-

Keyes Fibre Co.

periods than
conventiona'

repayment
offered

BOENNING & CO.
c.s>.abLished

payments and

by

with

1914

<

1529 Walnut Street

115

Broadway
N. Y.

New York 6,
CO 7-1200

Philadelphia 2, Pa.
LO 8-0900
Teletype PH 30

ATT

see

these

might

from

this

add.

contracts

While

source

are

line
com¬

per

as

a

no

solicitation

circumstances

of

an

offer

to

to

of

headed

D.

a

by

a

Boothe, Jr. Mr.
nriginallv
formed

the indi¬
general ac¬

as

has

Boothe

over

proven

the

that he is not only a good
and

salesman

of

energetic, aggressive

an

who

;

commands

the

of his em¬
ployees and associates.
The company has a strong active

and

respect

and

Board of Directors with 9 of the 11
members

not

with

concerned

the

a

Bernard Feshbach '

•

an

in

average of 39%

the past five

for

a

day

day running of the com¬
but rather with the broader,

to

5.4%

years.

also

includes the Executive Vice-

due

to

buy,

any

as

offer to sell,

INDUSTRIAL STOCK INDEX
23-Year

Performance

of

35 Industrial Stocks

non-<

•

an

B.

OVER-THE-COUNTER

in Utah

drop
a

N. Q.

president and General Manager of

Construction,
Mr.
E.
W.
Littlefield and, some ; highly re¬
In addition, earn¬
garded investment bankers.
should increase an
The
company,
at' the end of
I960, had 2400 lessees and property

1960

1961

be construed

*

group

recurring loss).

ings for

IT!

in

P.

regarded

individual

includes

earnings

%
o

formed

was

1954

had

loyalty

pany

year

(This

insig¬

nificant, they could develop sub¬
stantially in the future.

(This is under

December

by

\

natural
rather

•

Leasing

Boothe

a

leasing

against

merchandiser

have increased

earnings

now

more

than owning.

years

with

me

expensive. (2)
for charging lease costs
is

be changed and (3)

Boothe

aoVJR

plus factors some of
are
(1) Lease

policy
making
decisions.
The
Boothe, a leader in the general chairman of the Executive Com¬
equipment leasing field, is a rela¬ mittee is Mr. Frederick W. Ackertively young (six years old) com¬
man,
President
of
Greyhound
pany
whose earnings per sha^e
Corp. The Executive Committee

others

foundation

to

may

Mr.

price.

It would not be

the

leasing

the

factors

minus

ideas but

reasonable

the

time

with

ceptance of equipment leasing by
U. S. industry as
a
useful tool.

is

Corp.,

seems

one

In

cooperation

generally

remarkable

record

To

in England, and

in

vidual who pioneered

Leas¬

company
a

have

product lines the

pany
—

licensees

agreement

Australia.

extended

Exports—Im ports—Futures




A

generally

U. S. Leasing Corp. in 1952 and is

earnings

surprising

SUGAR

queen."

selling at what

should be added.

DIgby

an

to-

com¬

entered

I

beauty

my

morrow

with

company, one

NEW YORK 5, N. Y.

a

ination

n o m

company's lingerie products under
the "Vanity Fair" name with the

STREET

s
OFFICE:

YORK

the

leasing then offer:
obvious advantage. (2) Leasinr

prejudice

in my
opinion,
a
p o p u 1 a r ity

present production.

will

LAMB0RN & CO., Inc.

Refined

of

cost plus work

Methods

Exchange

for the beauty

the

—

search- and

financing

sents,

Vanity Fair will have no
overseas investment, but will have

Raw

as

As with all

Since the stock market still repre¬

plants

help and supervision of the

WALL

growth

contracts

allow rentals

the

Leasing Corp.

agreements

1924

v

-

.

Last year I suggested Kerr-McGee
Oil
as
an
"ugly duckling that

have

modern

most

the

With this ad¬

summer.

this

Bootha

pany.

99

ex¬

Calif.

York Stock

Realizing the vast potential of
foreign markets, management has
begun
to
enter
into
licensing

Psychotherapy
since

Defense

(1)

longer

Market.

Members New

and

of

outside of the United States.

•

future

the

those

an

Analyst, Irving Lundborg & Co.,

the

over

Pioneers in Mental Health

Co.9 Ltd.
\'. "•

Telephone: BEekman 3-3622-3

industry. Some of the factors arc

BERNARD FESHBACH

pres¬

industry, with an ultimate
sales capacity of more than 25%

New York 23, NX

.

149 Broadway, New York 6, N. Y.

comoany.

completing a
new
Ala., which will

full

ready this
five

151 Central Park West

NEW

billion dollars

a

j--.

'

advantages which in turn should
insure

is in

new

on

the

25%

foundation

FOUNDATION, Inc.

Securities

the

Menlo Park,

■

DAI

will

business.

Vanity

and

substantial .rate
of equipment

expects it to top

possible.

plant in Butler,

AMERICAN MENTAL HEALTH

SECURITIES

of the traditional

Vanity

ently achieves in the lingerie part

the

offices

JAPANESE

volume

Counter

feel

The 'company

tax

York City

branch

ones,-the market significant for smaller, growing
more
generously,
evaluate companies, and (4) Leasing can be
a- selling
tool by the
earnings of Vanity Fair, the used as
leading company in its field.; The. e q.u i p m e n t manufacturer, not
stock is traded in the Over-the- geared to leasing his equipment,

TWX LY 77

New

our

its

ket.

SIRADER and COMPANY, Inc.

to

ha:

Fair will
probably capture an impressive
part of the quality segment of this
the $400 million foundation mar¬

I

market.

Private

be

dominant fabric in the foundation

Commonwealth Natural Gas

LD 39

should

wires

position to accelerate its lending institutions. (3) Leasing
already good growth.
As sales enables a company to expand its
and
profit margins continue to plant immediately instead of wait¬
improve because of jthe impact of ing until it can generate the cash
new
lines as well as the growth internally.
This
is
particularly

but

1965

very

I feel this company

Large scale availability
is not expected

NY 1-1557

Mobile, Ala.
Direct

cellent

synthetic

by

Life Insurance Co. of Va.

then

position represents
a
method
(through
of the company and its earnings
purchase option agreements) for
progress, an increase in this divi¬ companies to acquire equipmen'

DuPont synthetic.

/-l 700

financial

strong

dend which only represents a 40%

of

into

come

since

very

a

dollar

The

to

and

allow interest

This material has the basic advan¬

,

1952

capitalization consists sim¬ to be considered a cost. For com
shares of*Common panies
doing governmental
re

modest

a

ov :t

rleans, La. - Birmingham, Ala.

of by 1965 at the latest.
Leasing equipment offers many

tages

Trading Interest In

began

in

of 617,500

healthy 5 to

new

$30

share.

per

stock.

to

made

be

were

Sales

share

per

excess

The

exhaustive

after

company

manufacture and distribute

will

in

ply

mid-1980,

shares

progresses.

year

earnings

$3.50

re¬

ability.

research,

1-2762

well

is

be

demonstrated

has

and

definite

—

Exchange Place, New York 5
Phone:

Management

garded,

(To Brokers and Dealers)

the

as

and

products to over 3,000
department and specialty

better

quar¬

expect these gains to acceler¬

ate

sales force

own

these

sells

BONDS

Its

1960

the previous year.

petti-skirts, negligees and similar
lingerie items.

of

number

greater

integrated manufacturer of
quality' nylon nightgowns, slips,

Ass'n

similar

the

$0.74- compared with the $0.69

mestic

Members
Y.

N.

industry

transportation equip¬
company's 15.3% pre-tax excluding
spite of substantially ment, on lease by leasing com¬
larger
advertising
expenditures panies rose from $40 million in
1954 to $227 in 1958 and over $400
was comparable to that of the I960
million in 1960 and the industry
period.
Earnings on a
slightly

Vanity Fair is the leading do¬

INC.

HAt

New Q

the

in

margin

conservative 13 times estimated

a

offers

also

The

ter.

earnings

stock, at
its recent price of 48, is selling at

GROSSMAN

in

million

by the mid-sixties. The

S.WEINBERG,

March

own

sales

and

Boothe

decisions.

Exchange

earn¬

31, 1961 showed sales of $6.4 mil¬
lion, up 9.5% over sales of $5.8 grown at

should

double

Private

These

reduced

The three months ended

potential

CHICAGO

»

Stock

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

leverage of a small common stock
ings from $3.22 per share in 1959, capitalization (347,671 shares) and
to $3.11 in 1960.
a high debt to common stock ratio
Pre-tax
profit-margins in this with a top quality - credit rating
"off" year were 14.6%, and the among
banks,
insurance
com¬
company earned an enviable 24% panies and pension funds.
on its equity.
The general equipment leasing
"ft

record, a
strong finan¬

Broadway, New York 5

increase.

factors

combined

able
Member

consecutive

fifth

envi¬

an

York stock Exchange

American

Butler, Ala. plant.

been for these factors,

Co!

Steiner, Rouse &
Members

If aggressive and capable with a
strong
"outside" Board of Di¬
earnings would have shown their rectors to help in policy making

higher

business.

the

of

it had not

the

has

Bought—Sold—Quoted

Members New

incurred

expenses

initially introducing the
"Lycra" line of foundation gar¬ additional 50% to an estimated
ments.
Earnings were probably
$1.25 and at $1.50 for 1962 very
also retarded by initial construc¬ much
probable. Management is

name

the

consecutively

by

1920

Stock

Louisiana Securities

Senior Analyst, Hayden, Stone & Co., New York
City. (Page 2)

million in 1955 to $27.8

non-recurring

the

quality
in

American

Inc.—Richard

Mills,

Fair

Vanity

ended Dec. 31, Boothe Leasing Corp. — Bernard
I960.
Feshbach, Analyst, Irving Lund¬
Earnings
increased
from
borg & Co., Menlo Park, Calif.
$2.01 per share in 1955 to $3.11
in
1960.
This
was
in spite
(Page 2)
of

anticipate
sales
and
earnings
growth
of
10-15%
per
year
by multiples
upwards of twenty times. Vanity
Fair
Mills,

Remember, when its
Over-the-Counter,

Associate

Alabama &

million in the year

City

markets

stock

risen

have

from $21.6

Vanity Fair Mills, Inc.

facilities.

Established

Week's

Their Selections

different group of experts

Sales

.

Analyst, Huyden, Stone & Co.,

Today's

Nationwide

Thursday, July 6, 1961

Participants and

field from all sections of the country

D. MEYER

RICHARD
Y—"

Senior

highly experienced trading
organization and extensive
wire system offers you

WOrth

.

D. Meyer,

the-Counter field, our

nationwide

This
Forum

participate and give their reasons for favoring a particular security.

Experience Pays...
Our 40 years

Security I Like Best...

A continuous forum in which, each week, a

"Over-the-Counter"

120

.

/

Brokers, Dealers only

Banks,

.

or

security referred to herein.)

'

located

,

-in

50

states.

Continued

:

It

on

leases
page

27

.

,tFODDER ON REQUEST

National Quotation Bureau
Incorporated

46 Front Street

v

New York

4, N. Y.

Volume

194

Number

6070

.

.

The Commercial and Financial Chronicle

.

'

■

EDP: Still in Its
By George W. Dick,*

(63)

Q

contents

Infancy

Vice-President of Radio

Corporation of
Systems Dept. of Electronic Data

America's Commercial

LlCHTEIlSTflfl

b.s.

Processing Division, Camden, Neiv Jersey

AND

_

Articles and News

Problematical

ability of electronic data processing physical equip¬
outspace its usage is the uppermost question in Mr, Dick's

ment to

of the "Era

start

of Total

Data

Processing."

for education is stressed in the vivid
of

The underlying need

mation

3

logic.

on

In comment¬

Screening the Coal Stocks—Ira U. Cobleigh___

5

99

ing on the millions of dollars wasted in R/D, the writer says this
it is

because

occurs

on

given problem.

a

Apparently this is the

—Joseph Boneparth

V

only unsolvable problem in the EDP world.
is

my

to

15

credible speeds
the

achievements of the past 15 years
in

computer technology, we have

thus

managed
the

scratch

surface.

to

barely

to

(I

somewhere,

someone,

from

far

certain

result

has

by man's limited

years

tasks.

been

—Henry

on

off

thinking

business¬

the

extend

and

how¬

through
electronics, the means to give man
virtually ' complete control * over
ever,

the
is

we

provide,

can

conducted—not

just

on

on

roads
Far

problem.

faith

in

genius

the

ability

to

better.

of

of

trans-state

man's

of

that

a' few

immediate

victims

of

habits

change, at home

Therefore,
the

the

enthusiasm

my

future 'from

truckdriver

or

The

questions

wares

learn

be most

can

First,

are:

manufacturers

as

brought

for

successful

in

agements
tools
of

of

The

the

future

normal

>

the

is

speed

hour?.

an
on

must

act fast

only to

save

survive

petitive

The

fed

the

figures collected
with

little

computer itself.

although

But

horsepower

a

is

60

miles

on

that

an

if

but

an

one

money,
the

coupling

acquisition,

in¬

collection,

been

•

..

Internal

Bonds

___

J

trol

—

in

all

[

■

■

■■ ■

.

15

_

,

.
.

.

to

Cleveland

Los Angeles

Philadelphia

San Francisco

We

Can

Hope

St. Louis

berkey

photo, inc.

17

_

Regular

Features

As We

V-

See It

and

1

(Editorial)

Insurance

'r

*

-f

Cover

Businessman's

Stocks

16

Bookshelf

-

Coming Events in the Investment Fieled

baird-atomic, inc.

16

48

standard brand
paints

Dealer-Broker Investment Recommendations

...

8

Einzig: "Sterling Crisis Bound to Depress British Equities"

10

From Washington Ahead of the

12

vahlsing, inc.
News—Carlisle Bargeron

31

Market

17

.

.

and You

.

(The)—By Wallace Streete

Mutual

Funds—Joseph

£

C. Potter

permachem corp.
¥

20

of

computer

data
data

gathering,

or

guidance,

we

data

data

information

and

will create
the

the

In

1960s

a

of man's

trol

devices

electronic

to

Our

over

be

Reporter
Utility

Securities.

Securities Now

Prospective

Security

begins the

era

State

in

date

Best

Salesman's

Offerings

Washington

ware

of

data

processing,

Continued

on

Corner

and Industry

(The)

9

Southern Gulf

6

and

You

___

Utilities

48

22

Twice Weekly

Copyright 1961 by William B. Dana

COMMERCIAL and

The

Founded

1868

DANA

B.

Park

D.

DANA

SEIBERT,

TELETYPE NY

Every

1-5

plete

Worcester

state

Issue)

statistical

records,
Glens Falls

Thursday

vertising

Other

city

Office:

3,

HI.

6,

(general

and

every

issue

corporation

and

Chicago

July

news,

135

—

Treasurer

and

news

Febru¬

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

Bank

$45.00

La

Salle

St.,

2-0613).

and
per

rate

foreign
must

be

Quotation

year.

Note—On
the

STate

Publications

ad¬

Monday (com¬
quotation
bank clearings,

South

matter

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

Other

etc.)

(Telephone

second-class

W« V. FRANKEL & CO.
INCORPORATED

1961

market

news,

as

Subscription Rates

9576

GEORGE J. MORRISSEY, Editor

ST., NEW YORK 4, N. Y.

Schenectady

to

SEIBERT, President

Thursday,

Chicago

>

Place, New York 7, N. Y.

CLAUDE

Members New York Stock Exchange

TELEPHONE HAnover 2-4300

Reentered

COMPANY, Publisher*

REctor 2-9570

WILLIAM

Company

CHRONICLE

FINANCIAL

'




20

,—

control
page

Spencer Trask & Co.

Newark

2

con¬

what happens because of

25

Nashville

45

_

(The)

Reg. U. S. Patent Office

Boston

32

Tax-Exempt Bond Market—Donald D. Mackey

PREFERRED STOCKS

Albany

28

Registration

Security

of Trade

WILLIAM

BROAD

Broadway, New York 5

of

reasonably assured

ability to extend his

21

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

DIgby 4-4970

Public

Published

specialized in

4

major developments in the hard¬

zombies,

For many years we

May

Governments

on

Security I Like

total data processing.
can

Wilfred

23

flow

Processing

com¬

Observations—A.

traffic.

but in order

Banks and Bankers—i

About

con¬

1960s—The Era of Total Data

future, not

world's

the

News

equipment for data

that

exactly news, but computers and

25

_______

"

'

Chicago

Indications of Current Business Activity..

•

the com¬

"turnpike" network for

Still Used Only Part Time

have

inc.

Exchange Place, N. Y.

help

communications, display and

Management

horsepower

control

40

Direct Wires
Tsunao Okumura Sees Broadening Buying Interest in
Japan's

element—

one

vital

with advanced

education

has

By

ness.

Now, back to hardware! It's not

been

done

processing system

and

compiled

We

have

data

facts

puter will be

markets.

computer

been

In the years before us,

enough to take ad¬

in

has

the

ment, defense, industry, and busi¬

will be available in the

to

groundwork

after

"horse¬

in

350

the

mackie,

&

19

be

a

industry

of

^____

Singer, Bean
-

encompassing systems for govern¬

education.

vantage

only

to

accept?

emphasis

built

tool

a

to

limit

from

Peterson.

;

„

only

desire

Therefore, I predict

creasing

Aid

18

to

is

industry

good

into play

from

be

the

that

been

and

man¬

power" battle at the moment.
what

is

ready and useful ahead

are

their

we

convincing

basic

fort.

our

advantageously

applied, and, secondly, will

no

____

by pencil-pushing, by manual ef¬

we

can

how

-

request

Teletype NY 1-1825 & 1-4844

Bank

with

and

now,

has

computer

hardware,

the

'

HA 2-9000

highways, the
turnpikes, that allow

certain reservations, the electronic

point of view must be in context.

—William H.

on

Primary Markets

broad

until

Up

hate

and

Lange

of

present

our

distant destinations.

in business.

or

15

vicinity.

lay

swiftly and conveniently to

move

alio understand this
humanfnature: Most men

much of
are

bigger,

W. Babson

U, S. Was Once Undeveloped
Too, but Received

the

But I

build, the

Carvel

4-6551

Del Webb Com. & Warrants
*Prospectus

Outlook for Exports and Imports

—J.

STREET, NEW YORK

Electronic Int'l Cap.

14

My Investment Philosophy—Roger

of

mode

period
passable

to

motorist

the

machines

new

owner

his

in

A

in the future

network

Yes,-we can provide the elec¬
tronic hardware. I have an abid¬
ing

we

available—but

confined

was

remoteness of data sources
minor

time.
was

automobile

to-day basis, but far in advance,
a

methodology,

excellent

were

their

for

and the

will be at worst"

cats

Amer. Int'l Bowling

—Reed J. Irvine________

of the

plateau of advancement

a

transport

day-

a

computer

backers

in which his business

manner

your

Hydrothermal Prod.*

12

began to achieve general accept¬
ance.
The Maxwell's, the Model
T's, the Marmons and the Ricken-

man's

1970,

By

powers.

Wallich

'

comparable to that reached by the
autotnotive
industry when
cars

back

C.

Business Outlook in Japan and Elsewhere in Far East

curtailed

awareness

competent electronic machines

In

are

have been built to take the paper¬
burden

on

White Shield

The

'■

work

bidding

cats

prove

11

to

about these years that I am going
to discuss.) It is true that highly

man's

of

dogs !

WALL

New Look at Business Cycle Policies

a

machine's total potential.

will say a similar thing

now

perform

overall

sure

am

10

but dependent
human beings

of

right time. Computers have essen¬
tially
been
part-time
workers,
acting only when specifically told

remarkable

truly

the

ability

systematize, prepare programs for,
and push the right buttons at the

years.

Despite

Taking

capable of prodigious labor at in¬

stimulating assignment
to "blue sky" a little, to discuss
where electronic data ^processing
probably will go
in the
next
10

fear

Telephone: WHitehall

Commercial Banker and the Equipment
Leasing Industry

cheaper to duplicate experiments than to find

out what has been done

It

by

and

Infancy—George W. Dick

NY

Foreseen, for example, is the full cycle of auto¬

machines arrive at decisions based

as

in Its

MPA

haven't got! Let's

Cover
it

Still

that's the

.

.

we

description of fascinating array
EDP:

CO

AILUROPHOBIA
.

Interest—J. L. Robertson

probabilities said to lie ahead in the next 15 years resulting from

equipment gains.

Page

Determining if Bank Mergers Will Be Truly in Public

dealing with startling developments making this decade the

paper

3

account

of

— Monthly,
Postage extra).

the fluctuations in

of

exchange,
remittances
for
subscriptions and
advertisements
made

in

New

39

BROADWAY, NEW YORK 6

Record

(Foreign

York

funds.

WHitehall

Teletype

3-6633

NY 1-4040 & 1-3540

I

4

The Commercial and Financial Chronicle

(64)

in

namely

OBSERVATIONS...

convertible

currency.

typically
ti?e
terms
is

pattern

strated

by

demon-,

of

(the dirty word "Loan"
studiously avoided) agreement
just concluded
(June 21)
with

(The President, Governors, and
Executive

soft

goes

Bank

(By Proxy)

WASHINGTON, D. C. — The in¬
exorability of the push toward

"underdeveloped"
lending is splendidly highlighted
by the newly revealed ground
in

liberality

rules

the

IDA

Interna¬
tional Development Corporation).
of

(the

time of this multilateral

At the

lending Agency's formal proposal
by the U.
S. Governor of the
World

Bank

at

Delhi

New

in

1958,
the
"Liberal
Aid" contingent raised a hue and
September,

to

cry

forestall

entering

its

the

aegis of Uncle Shy lock (President
Eugene

fisted,

his "tightbanker-motivated" World
and

Black)

Bank.

Supporters of the

Agency's

new

dichotomy between the loose

credit-granting

purposes

of IDA,

in

the

in

the

IDA.

for

institu¬

two

tions likewise overlaps.
of each are kept

And

Only the

finance

will

the

total of

largest,

at

from

the

of those

expectations

who feared stringency, along with

those
of

who

expected

lending

guarantee

a

soundness

and

con¬

sistency,
to ■ emerge
from
supervision over the

the

Bank's

new

groundless.
However, the shift to softness is
seen by the "Hard Loan" cohorts

agency are revealed as

the

as

price

necessary

paid

by

of strategic political compro¬

way

Had

multilateral

this

not

been rescued by the World
now
operated as the
best deal possible by way of com¬
agency

Bank,

and

promise,
with

as an example, the latter's
compulsion by the articles of in¬
corporation, to confine its lending
to
productive purposes; and the

more

would

we

"give away"

a

irresponsible,

still

agency

SUNFED

proposal.

another
of

each

only non-capital repayment by the
debtor
at
any (time
will be a
"service

disbursed

shall

be

relevant

to

But

bank-affiliation

the

porters

also

the

saw

sup¬

for

need

curtailing
the
contradiction
in
policies
between
the
spawning
Aid

agencies.

Such

consistency

flexible

heavily
ments

tries

as

of

expected to be furthered by

dual
area

time of

Bank

and

IDA

by

a

shall

balance

of

underdeveloped

pay¬

coun¬

conventional

do

less

bear

loans.

of

course

softness

in

the

of cost of borrowing and the

kind

single set of officials.

as

IDA's pattern of credit-granting
thus far indicated, follows the

managerial double-functioning for
the

the

on

than

both

was

financing

in its charter

and

repayment; but not in the
ultimate

of

Contrast

contrast

"soft"

which

followed

business-like

the

and

the

by

ones

has been

Bank

and

relentlessly invoking, is clearly
demonstrated by the loans which

repayment,

the

have

bodies

two

extended
IDA

million
terms

to

concur¬

the

Sudan.

extending

was

credit to

$13

a

the Sudan at its

above-cited, the Bank
granted to the same State one of
its
customery loans, calling for
as

5%%

interest

annual

plus

1%

commission, with the princpial to
be repaid over
25 years whose
instalments

annual

will

begin

in

1968.

Indicating the over-all contrast
is

the

Bank's

showing

the

long-term

interest

record

charged

as

averaging 5(4 % and the maturities

Complete Investment Service
UNDERWRITERS

•

BROKERS • DEALERS •

these

between

two

agencies, it is already evident that
a
happy
result
vis-a-vis

such

other economic-aid

ticularly

Sc Co.
Members

as

an

the

agencies,

bilateral

par¬

is

ones

policy divergence has also

evidenced

in

loans. Its

by

Fund

million

1959,

the

of

case

k

credit

extended

extended

tic

agencies

in January,

1960.
greater

aid-giving

opera¬

among our domes¬

promulgated

as

President

Kennedy,

them

the

and

25-year

should be

in

tions, not only

but

by

between

international units.

Also, the President might well

to

define

their

partially
McKee

Exchange

Nunnally

by way of comment

element

on

piece relating to

recent

"defensiveness"

McKee

the
in

of

for

and

believe

industrial
there

that

conceptual
distinction you
capital
outlays

the

draw

between

which

contribute

directly

growth and those which

primarily

in

necessities

of

not

sure,

can

go

two

sub¬

a

of

amount

in

research.

is

however,

how

I

RICHMOND, Va.

far

mitted

those

will

be

sell

one

the

of

members
Richmond

New

the

Stock

York

at

which

cite

you

as

ex¬

amples of defensive expenditures)
appears to contain significant ele¬
ments

of both

Mead, Miller

growth and defen¬

factors.

sive

This

applies

Admit Four

even

strongly to
research
ex¬
■BALTIMORE, Md—Mead, Miller
penditures. Thus, I think it might & Co., Charles and Chase Streets,
be extremely difficult to make an
members of the New York Stock
appropriate adjustment which Exchange, have announced that
would effectively introduce more
William F. Coleman, William U.
realism into investment analyses
Hooper, Jr., Joseph Snyder, and
of future growth prospects.
Frank
J. Taylor,
Jr. have been
Incidentally, you may be inter¬ admitted to general partnership in
more

in

book

recent

a

his

distinction

"Investment

by

a

and

between

the firm.

(Mac-

To be V.-P. of

millan, I960) in which the author
attempts to introduce the concept
of "defensiveness" into the theory
of

manner

much

in

investment

which

in

you

the

Donaldson Lufkin
On

same

have used

hope that

of

value.

some

Stock

They, of course, represent only my
views

and

those

not

else connected with

13 James E.

Cross

interest rates and with

no

Exchange.

of any¬

Samson

Du Pont.

yours,

Associates

Branch

OSSINING, N. Y.—Samson Asso¬
ciates, Inc. has opened a branch

Leonard M. Wilson

office

Business Economics Section,
du Pont

I.

E.

Nemours &

de

C.

Wilmington, Del.,
June
We
son

28, 1961

existence.

Croton

Avenue, un¬
of Lorraine

management

Stevenson.

Johnson, Lane Officer

heartily agree with Mr. Wil¬
it would be extremely

ATLANTA, Ga.

that

Smith,

difficult to make quantitative ad¬
justments to reflect the "defen¬
sive" factor in "growth" expendi¬
tures. Our emphasis is on the need
for investor realization of the fac¬
tor's

4

at

the

der

Co.,

Jr.

has

—

Herschel F.

oecome

assistant

secretary of Johnson, Lane, Space
and

Co., Inc., Commerce Building,

members

A.W.M.

of

the New

York

Exchange.

we

are

pleased

to

announce

congress kibitzes

maturity.

the

the
In

fast-buck

our

reflections

the Congressional

SEC's

hearings

supervision

over

on

the

on

the

This

of

has

Roth,

stock

markets, we suggested the result¬
ing linking of governmental sanctification

formation

of

the

firm

of

game

last week

gambling
been

Gerard

MEMBERS

25

BROAD

NEW

YORK

street

•

Co.

5.

STOCk EXCHANGE

new

york

4,

n.

y.

activities.
promptly

now

substantiated by Chairman Mack's

Merrill

Lynch, Pierce, Fenner

&

Smith

as

INCORPORATED

70 PINE

STREET
143

to

publicized challenge to
Exchange President Funston
whether

of his

NEW YORK 5, N. Y.

offices in the U. S., Canada, and abroad




broadly
Stock

recent

speculative
ploited

Thus,
veal

advanced

leakage
Warnings about the

excesses

profit-wise

our

f

by

was

August Legislators

themselves

as

being

GENERAL

Emanuel Gerard

PARTNERS

Alan

Roth

ex¬

"insiders."
re¬

con¬

of

■

Very truly

long

to

will

Vice-President

a

Donaldson,
Lufkin
&
Jenrette,
Inc., 80 Pine Street, New York
City, members of the New York

will find these

you

comments

July

become

the term.

a

the

Marketing Department

1

Growth

Economies"

Mature

in

large

Call

and

Exchanges.

posed to grants, including "loans"

block?

ad¬

many

ing

On July 13,

—

Bocock

to

partnership in Scott &
Stringfellow, Mutual Building,

practice. The motivation
capital outlays (includ¬

for

S.

Frederic

am

in actually separating

in

To Admit Partner

to

the

to

response

competition.

Scott, Stringfellow

made

are

that

Nunnally has been named

managing partner of the firm.
Norman A. Cooledge has been
admitted to general partnership.

expenditures for plant and equip¬
ment

announced

have

loan, credit, and grant. In his
Foreign Aid message he stated his
strong preference for loans as op¬

terms

a

in¬

been

January,

million

$31

a

unification

have

Development
the tune of a $12

to

loan

and

needs

our

Surely there

Like

is

This
your

one

Loan

radiotelegraph

Serving Investors

correspondingly

Dear Mr. May:

own

satisfied

circuit to Honolulu

Offices

mind

thus used by

as

cash
flow, omits
defensive nature.

I

ternal

New York Stock Exchange • Pacific Coast Stock Exchange
Midwest Stock Exchange • American Stock Exchange
Honolulu Stock Exchange * Chicago Board of Trade
and other leading commodity exchanges

44

Stock

earnings. Citing- du Pont,
example,
we
maintained

withholding loans to this country,
following its long-time rule, be¬
cause
of its defaulting on its ex¬

Dean Witter

CHICAGO

investor's

the

in

Greece. The World Bank has been

•

York

corporate

bring

brief

been

NEW YORK

New

We

last.

creased

Such

•

the

denotes failure of the outlay to

doubtful.

LOS ANGELES

27

many

"Defensiveness"

entitled

succeed in avoiding

may

contradictions

•

of

Belgian economist, A, Lamfalussy,
Divergence

Inter-Agency

filiation

SAN FRANCISCO

that

in

least

ested

averaging 20 years.

DISTRIBUTORS

While the World Bank-IDA af¬

Private leased

April

bers

Investment

and

—

ATLANTA, Ga. — Courts & Co.,
11 Marietta Street, N.
W., mem¬

below

"Rockets,

outlays regarded as spelling ex¬
pansion are really defensive, and

validity
these

between

rules

ground

IDA,

of

maintained

stantial

The

following
column

our

Growth"

vl

is

prescribes only that they shall

be

and

The

conditions

decisions."

the amounts
outstanding,
to

on

meet the administrative costs.

rently

their

charge" of three-fourths

1%. annually

While

IDA's

of

of the principal
repayable annually for
10
years,
and 3%
for
the final 30 years.
The

be

to

Nunnally,Cooledge

box

15, vthat the current overemphasis on
research
activities,
along
with

Thereafter, 1%
will

finally adopted in the fall of 1960.

terms

not specified

only

1971.

It

The

begin

Thus, the first repayment of any

specifically
prescribed
avoidance of taking into account
the political character of the bor¬
rowing country — "only economic

are

to

10-yea-r "period of grace."

a

mail

our

Satellites

ex¬

kind will not be due until Aug.

to

The New Ground Rules

bank's

after

Courts Co. Names

*

against current income.

foreign

in

is

*

letter

refers

us

Amortization

even

the U. N.'s

as

repayable

Exchange

Thursday, July 6, 1961

.

—should be regarded as an offset

interest-free.,

is

stricken

be

threatening

-

is

It

of

The

—at
years.

It

change.

$320.29 million.)

Now

which

amount

on

The term is 50

potential

a

the

spent

1961.

separate,
with the United States' subscrip¬
tion

half

be

the National
Highways during the first
31/2
years of the country's Third Five
Year Plan which began April 1,

funds

and the Bank's business-like pur¬
poses;

officio

ex

offices

membership

mise.

affiliation with the Bank realized
the

serve

identical

World

of the

Directors

Stock

medium for the fast-buck.

a

*

India. This $60 million credit will

shylock

the

.

the

is

uncle

with

cerned
as

"credit"

MAY

WILFRED

A.

BY

This

.

JULY

6.

1961

DIGBY 4-1717

Stock

y

Volume

194

Number 6070

.

.

The
Commercial and Financial Chronicle

.

about

Screening the Coal Stocks

to

transport, or handier to burn,
But, withal, a solid demand for
coal (bituminous) has persisted in
areas,—for electric util-

mam

+oQfei-ieSa \
industry.

steel

specialized

a

w

These somewhat
demands have caused

coal shaies to be classified

as

cy-

with

be secured
geographic

may,

in

the future, be profitably served
by Consolidation Coal pipelines.
.

jn

addition

its

to

coal

holdings
-33 mines in Virginia, West Virginia. Pennsylvania and Ohio—

Consolidation has
jn

est

withi
bon

cical

National

year's

low

up

must

Other

also,

0f

coal

isiand

Potash

Co.

and,

Standard Oil of Ohio, a carcalcining plant in West Vir-

to

operating

Creek

keen
2020

to

operating to 2020

a D

'

enoush

reserves

'

'

This

is

much

a

smaller

thev^the cvclicals not the
analysts)^ axDDetr ^o have laesed

hlhinH
"

Sfovvi

xne

lagged

marKei.

prise, with 220 million tons in

es-

It

reserves.

has four
(Powhatan) mines in
Ohio — the biggest on the Ohio

River, and is in a position to
benefit from low cost water trans-

with current assets> a* the 1960 one mine in Ohio, one in Virginia,
year-end, of $136.7 million against one in Pennsylvania, a Dakota
liabilities

current

of

only

$22.4

coal

shares

not

are

fashion-

reserves

2.8

of

billion

tons,

plus

^

shares lack the glamor of an electronic or a cosmetic issue, they
make

up for it, in part, by the
tangible values delineated in their

sheets.

balance

sion

today

the

in

first

largest
the

contracts.
In addition to a solidly successful coal operation, North Ameri-

Consolidation

can

a

Coal

is

comfort-

a

(the fourth largest coal

discus¬

for

States

with

DALLAS, Texas—David J. Powell
President

investment services

and

the

appoint¬

St.

Louis,

_

_

on

its

_

own

4 million tons

account

J.

In

the

nroducts
pioaqcts

Island

Island

cyclical

transportation

Creek

Creek

Coal

is

Coal

equity,

since

a

highly

about

60%

Texas IBA' Group

Keystone of the expansion
is the just-completed

gram

into

pro¬

1962

move

and

larger quarters, in

the Boatmen's

Bank Building Ar¬

new

cade

Mr.

Peltason

&

in

of Fusz-Schmelzle

portfolio analysis, and

cialist

Louis

in
area

the

evaluation

industries.

has been with the CP

Mr.

was

Central

associated

Antonio,
April

Now

Cadle

the

America

Texas,

10,

April

at

the

Wuille-Sohngen

ARCADIA,

Calif. —Wuille-Sohn¬

gen

& Associates, 333

hill

old

Boulevard

Investment

Republic Co., for several

is

East Foot¬

continuing the

business

Wuille Co.

years.

We take

of

Kennedy

/

pleasure in announcing that
William A. Lee

has been admitted

to

the firm

as a

General Partner
:

•

y.

jn*}

.

uoj

'

It
it

imagination and mibuilt ana onerates a 108ouiit and operates a iuo

coal

pipeline which delivers

million
minion

2

a

watered
crude

tons
tons

a
a

from

in

vear

>eart
thick

(about

slurry
oil)

coal
coai

of
01

as

mines

its

to

for metallurgical

If the demand

coal

.....

variable

rnore
i

As

offset

than

is

for

found

in

coaA;.,an oiyet is touna in

higher profit margins
enabled

—

margins

Island

Creek

JnaI nav?. „"aDie2 Isiana
to

earn

$4.26

After

a

share

a

slow

in

start

LreeK

a
in

Creek

operated

at

Texas Eastern Transmission, it has

consideration the

under
nun
tion ui
of

a

construe-

350-mile pipeline to the
pipcunc
iu
me
ouu-iinic

Eastern Seacoast.

This would cost

almost

million,

and
require
an
equity investment of about $15
million apiece by each company,
The line would carry 6 million
tons
annually.
There's
quite
a
problem here in acquiring rights
of way; and, of course, long-term

share net.
The balance sheet items
Creek

are

funded debt, book value of $30 a
share and working capital of
$6^60
per
share.
There are 2,068,000
shares of ICR common listed on
the New York Stock Exchange,
Current price'-is 27% at which the
yield, on the $1.50 dividend, is

•

A

There

1

1,

shares of North
nrP_

American Loai outstanding, pre

ceded ^^$2%

debt rf which $2^mmion han
of
notes, convertible
into
until

19V2

at

common

We take

11/1/67.

o^ver-th?-counter amT^Rs
currentlv

around

with the
withpthp

1947,
1Q47
rate

John Coggeshall

Dividends

iq

^Iv

shice

has become

indicated
jnrii

present
nrP<3Prit

Earnings

in

are

of

uptrend,

an

with per share

net of 18c for the
first quarter of 1961, against 10c

year! ^North^AmeTican
thus

might

as

deserve

WITH

OF

William

U. Hooper, Jr.

Joseph

the

of

and

fense

Yorfy Stoc\ Exchange
Stocl{ Exchange

many

totem

are

39

Broadway

New York 6, N. Y.
Telephone DI 4'4100

pole,

July 5, 1961.

stocks, have al¬
—
competition,
electric

generat¬

coal

ourning

We

take

pleasure in announcing that

choo-

McKEE NLNNALLY

sturdy industrial de¬

a

would

not be alive to¬

has

been

named

Managing Partner

GENERAL PARTNERS

day
EFFECTIVE

JULY

1.

1961

cost

reserves,

priced
The

MEMBERS
NEW

YORK

STOCK

STOCK

EXCHANGE

EXCHANGE

(ASSOCIATE) 1

PHILADELPHIA-BALTIMORE STOCK

CHARLES & CHASE

never

«

EXCHANGE

contracts,

outlined

replace

favorite,

but

IBM
they

ground,

assets

9-0210

with

has

today

as

analysis.

/

been

may

present

do

in the

fashionable

in

even

methods

by
of

an

present
security

admitted
in

market

a

and not to be viewed

disdain,

ultrasonic

NORMAN A.

COOLEDGE

and

transportation.

issues

earlier day,
LEXINGTON

improved

favorably

sturdy balance sheet, and,

STREETS. BALTIMORE 1. MD.

TELEPHONE:

greatly

efficiency,

long-term

efficient

Mead, Miller & Co.

and

it not for extensive low

were

operating




July 1, 1961

Members Njew

choo. Thus the companies left have

Jr.

developed

AMERICAN

on

shares

ing plants, over production, mine
cave-ins, price wars, and the demise

AS

the

on

efficient

more

Snyder

Frank J. Taylor,

coal

lists

to coal
occurred

happen
ready

William

realize that

we

it
should be pointed out that just
about all the things -that could

F. Coleman

firm,

our

Members American

low

very

of

Bacon, Stevenson & Co.

gain.

While

PLEASURE

ADMISSION

General Partner

a

look

investment
THE

a

Coal

by those who like to
combine
rising
earning
power
with a cyclical potential for mar¬
ket

pleasure in announcing that

60c.

second

ANNOUNCE

STREET, NEW YORK 4, N. Y.

Telephone! HA 5-4848

by

are

mere are

ont<;tanfHnP

roal

Ycommon

WE

BROAD

among

offered

is

common

of Is-

all favorable—no

80

specula-

rommon

companies,
AnWimn

589,603

nificant improvement in 1961 pei

land

coal

1961

^ar. Alter a siow stait in iaoi.
Island

t

ANortn American.

Illuminat-

Electric

additional

f

American Stock Exchange (Assoc.)

Exchange

llvei element, not common among

peak

100% of capacity during May-a
ing Company. In partnership with phenomenon that suggests a s.gCleveland

®

,

members

proc-

essed ^ the process plant works
satisfactorily; and thus an m-

terestmg and

Andresen & CO.
New York Stock

July 1, 1961

8

St.

Anthony Hotel.

Previously

with

of

St.

organization

in St. Louis since 1954.

San

through

a spe¬

of

Association

will hold its 1962 annual meeting

a

Co., Inc., supervisor of research

and

he

ANTONIO, T e x a s — The
Texas Group of the Investment
Bankers

formerly

was

Meeting

SAN

(322 North Broadway).

mine wastes to alumina and'aluminum sulphate. Another plant at

mine wastes waiting to be

justified.

Vice-

by Walter W. Cruttenden, general
partner.

its sales are for metallurgical
coal use, and demand is closely

its

of

Consolidation has shown
L,on._oiiaation nas snown

1

$125

co-

announced

Qf

considerable
tiative
native,

as

resident

as

been

company) Strategic North Ameri¬
can. This venture has a pilot plant
at Niagara Falls, N. Y. to convert

may seem

use.

the

Cadle

have

a

Eppler, Guerin &
Fidelity Union

Stock Exchange. Mr. Powell is a
regional Vice-President of Hugh
W. Long & Co., Inc. with head¬
quarters in Dallas.

ments of Charles M. Peltason and

managers,

of

mined

were

mile

and

July 13 will become

Turner, Inc.,
Tower, members of the New York

facilities

in

Powhatan, Ohio, is expected to go
on stream in .August, bringing
by lessees
and 5.6 tied to the fortunes of the steel total annual capacity up to 40,000
million tons sold for the accouiit industry.
At this juncture, the tons. While it is impossible to
of others
In point of use
43% steel business appears in an up- predict the success or the ultimate
of
output went to utilities and trend and
consequently a con- magnitude of these new opera28%
to
steel
and
coking oven structive view of Island Creek tions, there are billions of tons of
In

on

Eppler, Guerin

corn-

dervaluation.

an¬

an

capacity of 40 million tons.
1960 it produced 29 million tons

St. Louis

Pany

is Consolidation Coal,
producer of soft coal

nual

Of

in the U. S.) owns jointly
with Strategic Materials Corp., (it
also owns 66,000 shares in this

durable, if not a dramatic, equity; and today's market
price may represent a modest un-

Coal

candidate

United

$2.00

able and

Consolidation
Our

share; and a cyclicai peak in 1957 produced a per
share net 0f $2.90 in that year,

rate of

Expands in

collieries division, and three shut- vice-president

down mines in West Virginia. For
i960,, shipments were 6,335,000
able, they are, at least, funda- other real estate, are most con- tons of mined coal and 179,000
mental.
Many
of
them
have servatively carried on the balance t°ns purchased,
earned money and paid dividends
sheet at $92 million. Only $18.3
A favorable factor for North
for
long periods of years; and miHi0n in debt precedes the 9.- American Coal is maintained prodquite a few have been steadily 081,000 common shares outstand- uct demand assured by the sales
building up their net worth, and ing and now trading on the New to
electric utilities, which, for
publishing
balance
sheets
evi- York Stock Exchange at around I960, accounted for 67% of total
dencing meaty book values and 35.
The $1.40 dividend is pro- sales.
About two-thirds of total
magnificent solvency.
So if coal tected by earnings running at the output is sold under long-t;erm
million. Coal lands with estimated

^

If

Powell to be V.-P.

enter-

stocks.^ And cyclical stocks ginia.
^numl^ C<^f'm^alyst^m^nly be^
Fina»cial position is excellent portation. The company also has
cause

Cruttenden Co.

Chester

North American Coal Corporation

471/2% inter- timated recoverable

a

5

ST. LOUIS, Mo. — Broad expan¬
sion of Cruttenden, Podesta Co.'s

Last

than down, particularly
if the earnings' curve ascends.

so

utilities

advance.

in

stock

cyclical
was
20

a postwar high" of 56%. At
there appears to be more

2.7 V2

the

areas,

the

favorable

a

against

prospects of three interesting coal companies.
contracts

Pricewise

in

phase.

room

Among our energy sources, coal
has been, for decades, losing out
to its competitors, either because
other fuels cost less, were easier

two

51/2%.

appears

By Dr. Ira U. Cobleigh, Enterprise Economist
A short review of the

(65)

as

our

a

General Partner

firm.

6

(66)

The Commercial and Financial Chronicle

DONALD

D.

Although increased business
tivity

MACKEY

continues

to

be

evidence
been

unusual, if not

an

changed but little. Although

the

bidding for new issues has remunicipal
bond
business.
The cently been
at
levels
adjusted
Bond Buyer reports that a record downward
in order to invite a
total
of
$1,001,432,386 of long- ready investor reception, the genterm financing was accomplished
eral level of high grade secondary
during the month; bringing the market offerings has .continued
six months' total to $4,458,894,041. about unchanged. The Commercial
This
extraordinary
tax - exempt and
Financial
Chronicle's
high
investment activity has been sue- grade 20-year general obligation
cessfully transacted throughout a bond yield Index is about unpefiod perfused
with
general changed from a week ago. Wherebond
marketing
difficulties.
A as
the
yield
averaged
out
at
technically weak Treasury market 3.423% a week ago, it continues

a

unique month for the state and

with

its

broad

influences

has

placed both corporate and municipal bond markets in an almost

at that average

add
to

accomplishment has left its

wounds

and

dealers

may

their

and

be

In

,

business

record

in

records

no

.

T

than

they

view

of

new

issue

volume

wonder, that
tories
a

it

the

presently

are

is

obtained
has

variouslv

sarily

made

inven-

swollen.

As

matter of fact, the record under-

This

be used

if

as

dollars

of

offerings
intermittently shown

ac-

a

half-

and

state

nicipal

the

an

curate criterion. More than

mu-

have

been

during the
past few weeks. These two volume
figures

not

seem

unreasonably

related, however, at least for this
normally busy underwriting season.

have

Downward price adjustments
been rather reasonably ac-

companying
coincidence

expected
issue

this
to

record-breaking

the

end

that

respite from heavy

volume

portend

may

sub-

a

few^days

past

the

prices for secondary market state
and

tax-exempt

'"■'•'v.,

week

leads

average

the

scheduled

endar

area,

30

municipal bond offerings has

-

stands

at

total

day

c§K

roughly
does

not

include
$51,865,000
New
York
Housing .Finance Agency (19642004) bonds to be bought at negotiated
sale
and
reoffered
as
close
to
July
12
as
possible
through the syndicate headed by
Phelps,. < Fenn
&
Co.,
Lehman

Brothers,

Smith,

Barney

&

Co.

Morton i&
Co., Inc.
only piece of negotifinancing apparently close to
the marketing state,

and

W.

This

is

H.

the

ated

jn

the

onl

large

offering

new

issue

commercial demands. It appears to
us
at
this intermediate

juncture

that

ON

the 7

highly

the

inflationary forces set in

tion

category
added to

the

calendar

the

recently' involves $60,315,000 Public Housing
Authority-serial bonds to be bid

for

of

purposes

gains.
total

rate

money

mo¬

priming the
1-

V'"v;v

The

structure

Port of

unlikely to be effectively
propelled by means of the socalled

"nudge"
control.

Treasury
out

The

issues, is

line

of

of

method

debt

market

Unless

relatively
categories
to

as

well

appear

inordinate.

as

better

a

for

other

with

as

bond

.

so

securities

awkward,

of

relationship

is

carefully developed by the mana¬
gers the entire bond market may

likely suffer. From the municipal
market
viewpoint, prices might
well

appear

adjusted

interest but there

investor

to
be

can

no

con¬

sistent isolation from the situation
as
a
whole.

July 11 (Tuesday)
Benton Co.,

Richland SD 400, Wash.
1,658,000
Chattanooga, Tenn.
.1
•
3,000,000
College of Texas, A & M, Texas—; 5,000,000
Detroit, Michigan
2,700,000
Heath, Ohio
1,000,000
Honolulu City & County, Hawaii
7,000,000
Long Beach Unified S. D., Calif...
1,000,000
Los Angeles, Calif.
18,800,000
Manchester, Conn.
1,155,000
Memphis, Tenn.
13,500,000
Old Saybrook, Conn
1,428,000

3,530,000
3,600,000

Recent

Financing

In last week's article the

•

of

award

$29,500,000 Harris County

Flood

Control

bonds

District,

reported but

was

and

Texas

SERIAL^SSUES

6,000,000

Pontiac, Mich.
Salina, Kan.
University of Texas.

results

no

of

general

obligation
(1962-2001)
bonds

awarded

by

the

Bank

to

the

Harris

account

tax
were

managed

Trust, and

well

were

limited
which

Savings

received

by

Ketchikan, Alaska
New York State Housing Finance

vestors

the

70%

sold.

reported

issue
The

unlimited

tion

(1962

general obliga¬
1981)
bonds
which

-

Co.

by

and

the

the

Sacramento-Yolo Port Dist., Calif.

Guar¬

Lovington Mun. Sch. Dist. 1, N. M.
Milwaukee County, Wis

$1,052,-

On

six
to

the

Chase

The

The

unusual

was

that

and

syndicate
Manhattan

aspect

it

bonds
were

headed
Bank.

this

of

sale

3.40%

3.25%

1974-1975

3.25%

3.15%

derwriters

1978-1979

3.35%

3.20%

Co.

Asked

3.65%

Springfield, Ore.
Washington State University
—

Included

and

the

among
were

the

Harris

3.30%

Savings

Bank,
Bank

other
Trust

the

and

Continental

3.80%

3.65%

National

3.50%

3.40%

31/2%

1980

3.45%

3.35%

3.70%

3.55%

tional Bank of Oregon. The bonds

1977

3.75%

3.65%

were

3%

1980

3.60%

3.55%

to

scaled

to

in

3.50%

and

one

cent

per

Trust

yield

1980.

turity which bore

from

The

Co.

of

1.60%

last

ma¬

one-tenth

a

coupon

was

The volume of

the

seven

sale

was

of

this

period

managed
in

$9,000,000. The largest
Paso, Texas,

submitted by the group

by

The1 First

Dallas and

National

including the

Worth National Bank, and others.
The bonds were priced to yield
from

1.60%

bonds
Also

to 3.75%.

has

business.

Incorporated

7:30
9:00

p.m.

1962-1981

10:00

a.m.

1963-1971

11:00

a.m.

To date the

generated

About

remain

in

only

two-thirds

1964-200|1

2:00 p.m.

1963-1982

4:30 p.m:

10:00 a.m.
_——-

1962-1981

2,000,000
9,600,000
4,802,000
1,700,000
8,000,000
1,400,000

1962-1981

10:00
11:00

1963-1981
1962-1986
1982-1981

11:00 a.m.
10:00 a.m..
Noon

1962-1981

2:00 p.m.

2,674,000

1962-1986

1:30

1962-1993

Noon

1962-1981
1964-1996

2:00
10:00

9:00 a.m.
a.m.
a.m.

p.m.

July 19 (Wednesday)
S.

Charleston,

2,500,000

C.

1,300,000
4,200,000

Menasha, Wis.

Mississippi (State of)
^Nortr. east Missouri

fair

of the

Continued

on

•

1,363,000
-1,561,000

1963-2000

1966-1968

5:30 p.m.
10:00 a.m.

1,200,000

1962-1985

Noon

1964-2001

10:00 a.m.

.

July 21 (Friday)
Special Sch. Dist., Del.___
St. Andrews Presbyterian College
Carolina

>

July 24 (Monday)
Coldwater, Mich

1,995,000

1962-1986

Eugene, Ore.

1,000,000

1962-1981

10:00 a.m.

8:00

p.m.

Armory Board

1,000,000

1962-1971

1:30 p.m.

1,120,000

1962-1991

8:30p.m.

1962-1991

9:30

1961-1991

1:00 p.m.

Mexico

State

July 26 (Wednesday)
Alaska

(State of)

13,975,000

Michigan (State of)_
North Carolina (State of)

35,000,000

Ga.

July 27 (Thursday)
2,850,000

Tampa, Fla.
Triton Sch. Bldg. Corp.,

Ind

1,700,000

July 31 (Monday)

v

:

Charleston, West Virginia________

4,000,000

Noon

Aug. 2 (Wednesday)
Maryland (State of)—1
16,943,000
Public Housing
San

Admin., D. C

60,315,000
4,000,000

Jose, Calif

,

the

7

*

1962-1981

11:00 a.m.

1962-1981

10:00 a.m.

Aug. 9 (Wednesday)
Wichita

Sch.

Dist.

No.

1, Kan..__

1,600,000

Aug. 22 (Tuesday)
Cook County,

111
Mun. Dist., Calif.__

Rio San Diego

El Paso

County, Texas

Sent. 13

rev¬

page

a.m.

17,160,000

10:30 a.m.

25,000,000

2,400,000

:

Sept. 5 (Tuesday)

June 29, Atlanta,
$1,000,000 Airport
(1963-1991)
bonds
to
on

a.m-

1,340,000

City, Okla.——

Newark

North

p.m.

•

College
Oklahoma

-"

State Teachers

account.

awarded
enue

a.m.

2,000,000

—

amounted

Republic' National Bank, Merrill
Lynch, Pierce, Fenner & Smith,
Inc., El Paso National Bank, Fort

account




-

Newark, N. J.
South Milwaukee, Wis
Stockton Unified Sch. Dist., Calif.

(1962 - 1985)
to market on Thurs¬

Bank

1961

the

value

par

$2,520,000 El
general
obligation

bonds

Clark, Dodge & Co.

a.m.

1966-1991
1962-2000

2,000,000
3,000,000

Monroe, Louisiana

was

td

due

bonds, came
day, June 29. The high bid for the

Municipal Bond Department

p.m.

Spring Lake Heights, N. J._______

largest issues scheduled

in

issue,

our

a.m;

July 18 (Tuesday)

issue under¬

writing during the past week

to less than

1,

new

exceptionally
light
July 4 holiday. The
for

Manager of

10:00

July 17 (Monday)
Development Commission.
Western Illinois University
;

New

Holiday Curbs Business

July

.

Florida

re-

offered to yield 4.50%. The pres¬
balance is $3,431,000.

and

________

of

ent

Vice-President

8:00 p.m.

1:30

1,600,000

Smithers & Co. and The First Na¬

1979

31/4%

a

a.m.

1,960,000
8,354,000

-/

Hopkins County, Ky._.

Chicago, John Nuveen & Co., F. S.

3V4%

as

10:00

July 20 (Thursday)
un¬

Smith, Barney &

1980

Charles V. Smith

p.m.

4:00 p.m.

July 15 (Saturday)

late hour.

a

1978-1980

of

2:00 p.m.

7:30

took

1978-1979

the election

.

11:00

Douglas County Sch. Dist. 66, Neb.
dlendale Unified Sch. Dist., Calif.

to

000.

to be sold at such

,y*-

a:m.

2:30 p.m.

2,400,000
1,000,000

down

3.40%

pleasure in announcing

9:30
Noon

1962-1991

3,500,000

sold

3.40%

We take

a.m.

1962-1981

Corpus Chnsti, Texas

been

3.50%

Y.

9:00

1962-1966

anty Trust Co. of New York group

3.50%

STREET, NEW YORK 5, N

;

8:00 p.m.

1,000,000
11,429,000

.__

have

1978-1980

Incorporated

a.m.

Noon

1964-2004

7,000,000

Bloomington, Minn.

1980-1982

Clark, Dodge & Co.

a.m.

July 13 (Thursday) "

Northern

Morgan

3%%

1961 Index =:3.423%

a.m.

10:30

.

51,865',0D0

is

tax

bought

were

about

today

$6,185,000. The $5,000,-

as

000

Trust

appeared

balance

Jersey Highway Auth., Gtd.__ 3%
New York (State)
3%
Pennsylvania (State)
3%%
Vermont (State)
3V8%
New Housing Auth.
(N. Y., N. Y.)'3%%
Los Angeles, Calif
3%%
_______

a.m.

10:00

1962-1991

1,450,000

.

Agency

and, after the initial order

period,

place 10 p.m.
New York time. It is very unusual
for a sizable general market issue

3V4%

9:00

[Negotiated offering headed by Phelps, Fenn & Co., and including Lehman
Brothers, Smith, Barney & Co., Inc., & W. H. Morton & Co., Inc., as co-managers.]

in¬

3.80%

3.40%

a.m..

11:00

1962-1981

,

given due to the late hour
sale.
The $24,500,000 various

1978-1980

1977-1980

10:00

were

31/2%

____

10:00 a.m.

1962-1991
1962-1986

—

bidl

New

10:30 a.m.

1963-1976
1962-1986
1962-1981
1962-1971
1962-1981
1966-1991
1962-1981
1962-1981
1962-1979
1962-1991
1962-1981

—

awarded

taken.

Bid

3:00 p.m.

1

seems

attracted

(State).
Connecticut (State)

61 WALL

1,500,000
1,000,000

—j_.

Portland, Ore.

8:00 p.m.

1963-1982
1962-1991
1962-1986
1962-1981
1963-1976

1,600,000

Portland, Ore.

be\?asily

California

July 5,

1,300,000
5,580,000

Flint, Mich.
North Monterey Co. U. S. D., Cal.

ket; the relatively moderate vol-

seems

summer mar-

Maturity

7:00 p.m.

July 10 (Monday)

Meriden, Conn.

should

1962-1981

1,387,000

8, Kan.

Cinnaminson Twp. S. D., N. J

(1963-1981)

Rate

New York City, N. Y

Cos. HSD

School District

ume

7:30 p.m.
8:00 p.m.

July 7 (Friday)
Kingman-Reno

Knoxville, Tenn.
Maine (State of)

wel1 tailored\to the

1964-1987
1962-1986

4,300,000
1,400,000

Mich
Washington Twp. Sch. Dist., N. J.

Wednesday, June 28, $10,r000,000 Dallas, Texas, Independent

REPRESENTATIVE

Baltimore, Md
Cincinnati, Ohio
New Orleans, La
Chicago, 111

July 6 (Thursday)
Jackson U. Sr D.,

propagandized

improvement in the general econ¬
omy may lag dangerously behind

by
MARKET

Ac¬

money
market
con¬
tinues to be easy and well kccommodated to the less than
pressing

a

ih^the

runs

the 30-day

This

at .present.

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

July 12 (Wednesday)
off

,

issue volume,

calendar

now

as

technical

for August V This offering

Yield Index Unchanged

the

the

Whereas

the
new

stantiaHy reduced inventory situation before very long.
:

During

neces-

However,

new

$350,000,000.

billion

prices

Volume Small

holiday

record

List may

Much

at

some

period of light

$500,000,000

Blue

tone

not

and

public.

to

thereof

In

the

market

ago.

done

peer

Pending

little

of

volume,

the

general

week

a

been

reduced

writing
volume
has,
as
we've
previously pointed out, induced
inventory

its

ahead,
improvement in

we

heavy

dealer

in

hasten

market seems likely.

m

month's

lasi

believe

we

of

measure

would

we

easier

bond

Record Inventory, Too
In

that

be

them

June

collectively handled a
volume; but there were
in profits!

mechanical

market,

of

proud

efforts.

the

the

but

scars;

disregard of this fairly

SOme

accurate

rnent

of July 5.

as

tually

market

in

chronically
nervous
condition,
However, this formidable invest-

yield

Thursday, July 6, 1961

Larger Issues Scheduled For Sale

ac¬

forecast

variously
in extremely
strident
tones, there is but fragmentary
June has

.

Wishful Thinking?

TAX-EXEMPT BOND MARKET
BY

..

1,750,000

(Wednesday)

Harris, Co., Houston Nav. Dist.,Tex.
Los

Angeles Dept. of W. & P., Cal.

9,000,000

15,000,000 '

—

.

____.

Volume

Number 6070

194

.

,

.

The Commercial and Financial Chronicle

(67)

Form

Tax-Exempt
o,

Atlanta

Airport

commercial

from

2%

traffic.

4%.

to

$370,000 bonds remains in
at

this

Revenue

Issues

term

issues

ground

have

last

an

yield

June

29.

average

The

of

previous

Chairman

son,

top

execu¬

public

as

Midwest

Stock

been

announced

by

year, it
Norman

board

of

partner

in

Co.

senior

a

Freehling,

Meyeroff

group

members
are

of

elected

to

point

of

Super

formulating

general

of

*

member firms,

Corp. He is also director
Fidelity Life Insurance

Laner & Co. Formed

chairman

been

Jr., President of Real Estate

West

search

Corp. (Chicago), Frank W.

in

Jenks,

President of International

are

ization.

West Washington Street to engage
in a securities business.
Officers

with

Seventh
securities
John

G.

offices

Street

to

at

811

engage

business.

Officers

a

are

Jackson, Vice-President;
Jack
H.
Gray,
Secretary

Herman

Haryestor Co. (Chicago), Nicholas

Elsie

P,

Rutner, President; James

M.

Re¬

M.

and

Veeder, Chairman and

dent of Granite

and

Treasurer.

Louis)

and

Presi¬

City Steel Co. (St.

Kenneth V.

of

Zweiner,

was

P.

offices

173

at

the

<

:

-i,

Country Club under the

formerly with Leason & Co.

ment

Inc.

and

Mrs.

of

David

Edith

•

This

term

portion

slight dip was partly
attributable
to
the
$118,000,000
Kentucky Turnpike flotation. The
this

of

offering
is quoted

(4.85s due July 1, 2000)
about

at

99-99

view

In

nervous

market

to

quite favorable

be

a

this

ment.

of

would

develop¬

*

:

The Indiana Toll Road

,

Jan.

1,

1994

80-80 V2

as

ing

tively
spring
for

Bonds
80

poor

sold

in

some

80Vs.

at

and

Rela¬

largely

were

dip.

In

the

meantime

With

$19,600,000

Cash and Due from Banks

,

brought

-

Measured

by

total

($494,045,000), street inven¬
continue

to

tutional

float

interest

reduce

Loans Guaranteed

this

ahead.

With

this

■Y-:

proved technical situation the taxits

WILLIAM

.

or

.

3,583,500

O.'l

?TT

•

THOMAS

13,435,924

J.

19,080,111
28,920,555

.

932,714,171

Pulp and Paper Company
J.

ANGELES,

Schneider
staff

has

Calif.

been

—

added

Victor
to

General Cable

W.

Chairman and

24,452,836

.

Liability for
Acceptances Outstanding

Investors, 3932
Boulevard, members of

the Pacific Coast Stock Exchange.

.

.

63,852,563

.

Chief Executive Officer
Cyanamid Company

American

JOHN

Other Assets

.

Total Assets

;

National Association of Manufacturers

9,124,168

.

MINOT

$2,052,773,714

.........

GREENFIELD

PARK,
N.
Y.—
Bruns,
Nordeman
&
Co.
have
opened an office in the Pioneer
Country Club under the manage¬

McGOVERN

W.

President

Accrued Interest and

Bruns, Nordeman Office

Corporation

MALCOLM

G.

Customers'

California

of

Wilshire

16,185,916

.......

Banking Houses and Equipment

the

MacDONALD

R.

Chairman and President

980,714,837
U. S. Government Insured

LOS

LUKE

L.

President, West Virginia

.

.

KIRKWOOD

C.

President, F. W. Woolworth Co,
DAVID

Mortgages

'•

,

Company, Inc.

HARVEY, JR.

ROBERT

own.

F.H.A.

*

/

■

Continental Can

I.

ib:

Chairman, The Flintkote Company

Other Loans

With Calif. Investors

•/.

.'

.i

FOG ARTY ^

C.

President

Insured

|

PETERSEN

E.

107

45,249,440

.

"

by

MURPHY

of the Board

/V,*W"

.

U. S. Government Securities

exempt bond market might better
than hold

GEORGE A.

403,523,999

.

by U. S. Government
its Agencies

Loans Secured

im¬

possibly

.

or

considerably
during
the
of light new issue volume

weeks

492,650,531

Loans:

be

may

$

.

465,792,863

relatively
However, anticipated insti¬

high.

111 HECTORS ;
.

^

July 5 Blue
municipal bond

state

.

Stock in Federal Reserve Bank

the

List

1961

30,

Chairman

Other Securities

and

.

.

by y. S. Government Agencies

is

quoted 84-85.

tories

■

Securities Issued orJUnderwritten

redemption fund. Today the bonds
are

.

U. S. Government Securities

to requirements, aB6W
to be placed in the

up

CONDITION, JUNE

Securities:

fund, and with other fundsi

$4,000,000

OF

(two.

year's interest) placed in the bond
reserve

' '

NEW YORK

-

ASSETS

it

Authority may
start redeeming some of its

bonds.

■

STATEMENT

during the
responsible

revenues

is reported that the
soon

7:77 V

<

low '

as

during the last report¬

at

this

due

were-quoted

period.

volume

IRVING TRUST COMPANY

the

seem

MILLIKEN

K.

Vice President and Treasurer

Deering Milliken, Inc.

.

ment

of

Harold

M.

DON

LIABILITIES

Schechter.

Deposits.

Charles

O.

.

.

2,164,864

.

Portfolio

8,314,024

Total Liabilities

at

New

the

the management of

F.

R.

a

Ocean

David Weisman.

Capital Stock (5,412,161 shares—$10 par)

Ruth Joins

business

years,
was
formerly
Shearson, Hammill & Co.

many

for

with

65,328,387

Undivided Profits
Total

33,929,825

Capital Accounts

153,379,822

Capital Accounts.

raty Road.




.

(J. S. Government Securities pledged to
other purposes

secure

deposits and for

V

•.

.

..

,

;

-; ■

'

FEDERAL

RICHARD

INSURANCE

H.

.

f

CORPORATION

Corporation

WEST

of the Executive Committee
L.

WIIITMARSH

York, N. Y.

...

DEPOSIT

of the Board

Chief Executive Officer

FRANCIS

MEMBER

Corporation

National Dairy Products

Chairman

amounted to $117,671,349

REISS

STEWART

Chairman

..

,

E.

and

$2,052,773,714

.......

H.

Ronthor Reiss
E.

Thos. Joyce Opens
ANTONIO, Tex.—Thomas F.
Joyce is conducting a securities
business from offices at 417 Gar-

.

President

New

SAN

of the Board

RAYMOND

Total Liabilities and

ANGELES, Calif. — Reuben
has joined the staff of

investment

:

Telephone & Electronics
Corporation

54,121,610

Surplus

Ruth

the

Company
POWER

C.

General

White, Weld & Co., 523 West Sixth
Street.
Mr. Ruth, who. has been
in

Chairman

CAPITAL ACCOUNTS

White, Weld & Co.

F.

of the Board

Otis Elevator

under

(Special to The Financial Chronicle)

LOS

Chairman

Paper Company

PETERSEN

A.

DONALD

branch office
House

Great Northern

LeROY

1,899,393,892

.

SWAMPSCOTT, Mass.—H. Hentz
& Co. has opened

PAINE

S.

PETER

66,023,362

.

Other Liabilities

New Hentz Branch

MOORE

W.

Senior Vice President

7

Doud.

of the Board, General

Chairman, Canada Dry Corporation

Acceptances: Less Amount in

office at 228 South A Street under

of

15,721,193

.....

Dividend Payable July 1, 1961.

OXNARD, Calif. — Hemphill,
INJoyes & Co. has opened a branch
the. management

ROY

Expenses

MITCHELL

Telephone & Electronics Corporation

$1,807,170,449

.

Taxes and Other

Hemphill, Noyes Branch

G.

Vice Chairman

a

branch

Hotel

&

manage¬

Narzisenfeld

Narzisenfeld.

week's
a

and

Cities

,

.,

heimer & Co. has opened
office in the Takanassee

Laner

weekly sell-off of close to half-apoint.

Co.

Twin

FLEISCHMANNS, N. Y.—Oppen¬

Laner, Treasurer, and Ralph
Mr.

of

of Maine

Oppenheimer Office

.

Laner, President;

Goren,- Secretary.

Paul,

Chapter, Young Presidents Organ¬

CHICAGO, 111.—Laner & Co. has

Illuminating Co., James C. Downs,

formed* with

Wall

North Central Life Insurance
Co.,
North Central Financial
Planning
Corp., and Wall Street Planning

nomi¬

or

St.

elected a direc¬
Street Investing Cor¬

Co.,

in

policies.

They cannot be members
nees

of

been

Mr. Sanborn is
president and
director of the North Central

gov¬

view¬

public

of

Sanborn,

poration, it has been announced
by John H. G. Pell, President.

who

of

Exchange

tor

Valu

the

represent

Theodore

Harri¬

the board

the

advisory
Ralph M„ Besse, Presi¬
Electrical

by

ernor^, is

the

of- the' Cleveland

of

G.

Stores, Inc., Minneapolis.
; Function of the advisors,

■

New

dent

and

governors

Thomas

was

formed

3.79%, making for

was

Minn., has

term

ANGELES, Calif. —Rutner,
Jackson
&
Gray, Inc. has been

little

as

tive

Freehling, Chairman of Midwest's

(Special to The Financial Chronicle)

reporting

3.82%

the

Exchange for the coming

LOS

Smith, Barney & Co.
Bond Index figured to

average

to'

Director of Wall Street Inv.

are

Form Rutner, Jackson

period. The

Turnpike

has

of

Six

—

tives have been selected

&

revenue

a

CHICAGO, 111.

John M.

.

account

given

during the

are

President of the Harris Trust and
Savings Bank (Chicago).
Re-elected to a third consecu¬

•

A H VI ROTS
irLU.VJ.GUlO

9 rfl PR

1230

Hubinger and Mr. Philipmn were
formerly officers of Max Philipson & Co., Inc.
•

Off Slightly

The toll road and other

J\

securi-

a

offices at

President and Treasurer; and Eu¬
gene P. Hubbard, Secretary.
Mr.

.:

writing.

from

advisors

ran

A' balance

engaging in

l

a

Hubinger,
President; Meyer Philipson, .Vice-

during

Yields

business

is

Officers

-

the last decade has ranked among
the top ten airports in the nation
in

Inc.

-vT

first Naitonal Bank Building.

consisting of White, Weld
& Co., Courts & Co., The Johnson,
Lane, Space Corp., Wyatt Neal &
Waggoner, and J. W. Tindall &
The

Y.—Hubinger-Philip-

ties

account

Co.

N.

son

Bond Market
Continued from page 6

Hubinger-Philipson r

UT.ICA,

7

8

(68)

The Commercial and Financial Chronicle

Canadian

DEALER-BROKER

Pacific

Memorandum

—

sin

Avenue,

Milwaukee

—Wills, Bickle & Company, Ltd.,
44 King
St., West, Toronto, Ont.,
Canada.

AND RECOMMENDATIONS
IT

UNDERSTOOD

IS

THE

INTERESTED

SEND

TO

THAT

FIRMS

PARTIES

MENTIONED

THE

WILL

FOLLOWING

BE

Porce-Cote

jE. Carpenter & Co.—Memoran¬

ment

Cerro

salem

Corporation

Report

—

—

Shearson, Hammill & Co., 14 Wall
Street, New York 5, N. Y.
Also

LITERATURE:

is

bulletin

a

Chemi¬

on

cals.

Canadian

Budget

Review

—

the

and

Econ¬

Bank of Mon¬

—

treal, Secretary's Office, P.. O.
6002, Montreal 3, Que., Can.

served—Utah Power & Light Co.,
Dept. K, Box 899, Salt Lake City
10, Utah.

Box

Canadian

Stocks

Common

Profits

Corporate

and

Chart Analy¬

—

sis—Draper Dobie & Qo., Ltd., 25
Adelaide St.,
Canada.
Canadian

West, Toronto, Ont.,

Economy

Discussion

—

Broadway,

Co., 2
New York 4, N. Y.
&

Electronics Indus¬

and

try in Puerto Rico—A Survey by
Richard L. White—Economic De¬

Administration

velopment

Commonwealth
666 Fifth

Puerto

of

of
Rico,

Ave., New York 19, N.Y.

Japanese Market

—

Review—Nik-

Securities

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

ko

koshi Ltd.

Review—Ya-

—

Securities

New

of

Co.

Ill Broadway, New
York 6, N. Y. Also available are
reports on Nissan Motor Co. Ltd.
Inc.,

York,

Ltd.

and Yashica Co.,

available

Also

—

of

analyses

are

Yawata Iron & Steel; Fuji Iron &

(elec¬

Limited

Hitachi

Steel;

tronics); Kirin Breweries; Sumi¬
tomo
Chemical;
T o y o
Rayon;
Co.

Chemical

Yoko¬
hama Rubber Co.; and Showa Oil
(plastics);

Co

Outlook

Mid-Year

Review

—

market conditions—Hirsch &
Broad

Corporation
McDonald & Com¬

Union Commerce Building,
'
:

pany,

of

Co.,

St., New York 5, N. Y.

Also in the same brochure are an¬

alyses of U. S. Rubber and Gran¬

Cleveland 14, Ohio.
American

ham

Meter—Survey—Abra¬
Co., 120 Broadway, New

&

York 5, N. Y.

Also available is
of Wilson & Co.

survey

American
ment

Research

&

on

Gulf

Mobile

American

Railroad

Bulletin—

—

&

Parker

Redpath,
Broadway, New York 4, N. Y.
available

is

chart

a

memo¬

randum of Texas Gulf Producing.

son

between

stocks

used

Averages
counter

the

the

industrial

over-the-

35

stocks

in

used

Quotation

Bureau

Averages, both as to yield and
performance over a 23period — National Quotation
Bureau,
Inc.,
46
Front Street,

year

New York 4, N. Y.

and

—

data

Central

on

of

Georgia,

Northwestern,

&

Central,

Missouri

Missouri

Pacific

-

reviewing

highlights pf its development
methods of investment

agement—Calvin

Bullock

man¬

Ltd.,

1

Wall Street, New York 5, N. Y.
Treasure

Chest

in

the

Illinois

Kansas-Texas,
St.

and

Louis-

opportunities in the

in-

area

St.

and

Joseph

cluding

bearing
Noel

&

York

5,

Biederman

Analysis

Co.— Memo¬

Colgate-Palmolive

Company—

Dempsey-Tegeler

Colonial

of Hussman Refrigerator

Co., and

Boeing Company — Analysis —
Dean Witter & Co., 45 Montgom¬

Street, San Francisco 6, Calif.
An¬

—

alysis—Hornblower & Weeks,
Street, New York 5, N.
available

data

are

on

Oil Company, Homestake

United

Fruit,

Electric

40
Y.

Pure

Mining,
Bond

&

Share, Fedders, American Optical,
Chicago

Western

North

&

and

Ceco Steel.
Border

Chemical

Co.,

Ltd.—Bul¬

Bucholz, 330 East 43rd
St., New York 17, N. Y.
Stratton

&

Corporation—

Analysis—Loewi & Co., Incorpor¬
ated, 225 East Mason Street, Mil¬
waukee 2, Wis. Also available is a
report on United States Servateria

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

2

Continental

Copper

Steel—Re¬

&

Trailer

Fruehauf

Co.

Report

—

Glatfelter

H.

Co.

Memoran¬

—

Philadelphia 2, Pa.

Report — Winslow,
Cohu & Stetson Inc., 26 Broadway,

Hoogovens

—

York

New

4,

64 Wall

Street, New York 5, N. Y.

International

&

Co.,

York

New

Broadway,

Co.—Re¬

Harvester

view— Fahnestock

is

available

4,

65

N.

Y.

review

a

of

Textron.

Mining

Analysis

Corp.

—

Schirmer, Atherton &

—

Co., 50 Congress Street, Boston 3,
:• >■
vX ,ViA

Mass.

International

graph

—

Telephone

Data

Tele¬

&

B. C. Christopher

—

Co., Board of Trade Building,
Kansas City-5, Mo.
Also available
data

on

Avco Corp.

Roth

Kayser

New York
a

Also available

4, N. Y.

memorandum

Maremont

on

Wall

Domestic

the

national Oils

a

report

and

Oils

a m p

i i)

ref¬

Oil

n

&

Kerr-McGee
Oil
Inc.,
Murphy
Corp.,

Co.,

Tidu:tri*>s

Oil,

Standard

Co.,

Oil

of

Data

—

and Texaco.
—

Paine, Webber, Jackson & Curtis,
25 Broad Street, New York 4, N. Y.
data

Dela¬

Power & Light and Jones &

Missile

Franklin Corp.

trade

Florida Capital Corp.
Greater Washington Industrial

Systems—Report—Shields

F.

dum—E.

Hutton

Bank

of

Nord

Prospectus

i

•

74

New

York

Security

Dealers




Photoeopy

Co.

&

Inc.,

Street, New York 5, N. Y.

Robinson Technical Products—Re¬

Hentz

&

Co.,

72

Wall

New York 5, N. Y.
Report—

-—

J.

—

Co., 50 Broadway, New

4, N. Y.

R.

Crysdale, of Mills, Spence

Co., Ltd., Toronto, was awarded
the association's gold medal for
in

standing

top

the

advanced

while John MontgomeryCuninghame, Dominion Securities
Corp., Ltd., Toronto, was awarded
course,

the silver medal

as

runner-up.

the introductory course,
D.

Street, Chicago 3, 111.
Also
available is an analysis of Univis

ties

—

San Diego Imperial Corp.—Bulle¬

San

&

Co.,

New York
Francisco

Milam

6,

115

Broad¬

Y.

N.

Mines

of Mexico—

Pitman

—

Building,

&

Co.,

Antonio

San

5,

Texas.

Watlington, Dominion Securi¬
Corp., Ltd., Toronto, won the
medal
for
top
standing

silver
while

F.

D.

Securities
bronze

was

D.

Scott,

Corp.,

Dominion

Ltd.,

medallist

Toronto,

for

Chas. Smith V.-P.

Of Clark, Dodge
Charles V. Smith, manager of the

municipal

bond

department

Street, New York

City, members

of the New York Stock

has been elected

Co., 29 Broadway,

New

York

Building,

Garden

"

Association

Manufacturing

Co.

Exchange,

Vice-President

a

Corp.—Memorandum—Blunt

Ellis
roe

6, N. Y.

of

& Simmons, 111 West Mon¬
Street, Chicago 3, 111.
Also

available

is

memorandum

a

Electric

Warner

Brake

on

Clutch

&

Company.

Stokely Van Camp—Discussion in

July

Investment Letter—Hayden,

Stone &

issue

Co., 25 Broad Street, New
Also in the same

4, N. Y.

discussions

are

Fruit and Utah
Vim

United

of

Idafio Sugar.

Laboratories—Memorandum

—J.

W. Sparks & Co., 120 Broad¬

way,

New

York

Union

Western

Analysis—J.
Wall

5,

Bacon, Stevenson
Admits Cogges'hall
Bacon, Stevenson & Co., 39 Broad¬
way, New York City, members of
the New York
Stock
Exchange,
have

announced

merly

Hogle

partner in Coggeshall &

a

&

Co.—

Co.,

40

Security AssociatesSterling, Grace Inc.
Associates

Street, Chicago 3, 111.

Schildberg Opens

berg

is

111.—Homer

^conducting
from

Franklin

Grove
of

name

PARK,

1120

at
under

the

B.

Schild¬

was

formed
New

and

Officers

—

Pictures Corp.

—

are

Avenues.
R.
Grace,

Oliver

Herman

dent;

liam

Gaines Gwathmey, Jr., Wil¬
R.
Hambrecht, Albert W.

Duncan Sterling, VicePresidents; Robert A. Lebo, VicePresident
and
Treasurer;
and
Charles

McDonell,

Secretary.

Inv.

Planning of Tenn.

NASHVILLE, Tenn. — Investment
Harry Rovno Opens
Planning Company oU Tennessee
BRIDGEPORT, Conn. — Harry is engaging in a securities busi¬
Rovno is conducting a securities ness from offices at 1720 West End
Ronald
E.
Fields is a
business from offices at 1407 Nor¬ Avenue.
principal of the firm.

Street.

Renewal Guaranty

Best Plastics
Grocerette Vending
i

■'

Record Vending

■

■■

Denver-Golden

Tele-Film Electronics

—

Amos C. Sudler & Co.

Re¬

120
Broadway, New York 5, N. Y. Also
bullet'n

in

the

Denver

-

DN

Smith-Corona Marchant.

Pepsi

same

Cola

Co.

is

a

review,

CK

4-4221
Direct

—

Survey—Robert

W. Baird & Co., 110 East Wiscon¬

at

England

Gade, Presi¬
David R. Grace, Executive
Vice-President; Clement Cleve¬
land III, J. Dennis Delafield, J.
George Frings, Morgan H. Grace,
Chairman;

ly with Robert G. Lewis & Co.

view—L. F. Rothschild & Co.,

of

Teletype NY 1-376; 377; 378

Security

offices

with

former¬

Homer

berg & Company. He

Park

Fla.

Sterling, Grace, Inc.,

-

been

securities Lind, and

a

Road

has

Jr.,

Schild¬

B.

offices

business

of

Hicks.

Analysis — Parker Ford & Com¬
pany,
Inc.,
Vaughn
Building,
Dallas 1, Texas.

H.

admission

Coggeshall to general part¬
nership in their firm
effective
July 5. Mr. Coggeshall was for¬

WINTER

DIXON,

the

John

Y.

N.

Telegraph

A.

the firm.

Street, New York 5, N. Y.

Analysis—Cohen. Simonson & Co.,
25 Broad Street, New York 4, N. Y.
Paramount

of

Clark, Dodge & Co., Inc., 61 Wall

Schweickart &

America's

Companies, Franklin Na¬

second

standing.

SanGamo Electric Co.—Bulletin—

120

Bank

In

Miss June

Inc.

Electronic

&

cov¬

&

61

Newest

Oxford
•'

Trinity Place, New York 6, N. Y.

HAnover 2-2400

England,
and

London,

City, N. Y.

Troster, Singer & Co.
Members

Co.,

tional

Request

on

Products

Memorandum—Blair

York

in

New
York
City
wrote examinations

business.

Technical

Purcell &

coast,

Brussels,

York 5, N. Y.

Corp.—Memorandum

Techno Fhnd Inc.

employed

students,

by Investment Dealers from coast

Detroit—Bul¬

Mid-States Business Capital Corp.

*

&

in

association

Broadway, New York 6, N. Y.

Midland Capital Corp.

,*St. Louis Capital, Inc.

Electronics.
Robinson

man

5, N. Y.

Broadway, New

Narragansett Capital Corp.

The

Finance

the

year,

National Airlines Inc.—Memoran¬

letin—Laird, Bissell & Meeds,

Growth Capital Inc.
Marine Capital Corp.

f

on

Co., 44 Wall Street, New York

National

Inv. Inc.

are

past

ering all aspects of the Investment

firm

Associates

in Investment

courses

Canada

completed

Nassau,

on

Wells

Inter¬

with particular

C h

to

Refining
Ohio

Street, New York

Also available is

5, N. Y.

Laughlin Steel Corp.

We

successfully

of

Gardner

and

Massey- Ferguson—Report—Bache

ware

,

have

Investment

The

Deltown

reports

are

Inc.

S. S. White Dental Manufacturing

Co.. 36

of

Association

—

Investment

Corp.

Dealers'

available

Foods

Co.—Analysis—Straus, Blosser &
McDowell,
39
South
La
Salle

&

-

to

Corp.

on

-

members

of

Westgate California Corporation—

Memorandum

—

Small Business

Electronic Capital

Brand

&

&

TORONTO, Canada — Three-hun¬
dred and thirty - four
employees

Rice—Report—Sid¬
ney
Jacobs
Co.,
40
Exchange
Place, New York 5, N. Y. Also

York

International

is

Complete Courses
In Financing

reports.

1, N. Y.

River

Skil

N. Y.

Hydro Electric Utilities-—Analysis
—Greenshields & Co. (N. Y.) Inc.,

are

Thursday, July 6, 1961

the

Memorandum

New York 5, N. Y.

way,
P.

.

Analysis—Blaha & Co. Inc., 29-28
Forty-first Avenue, Long Island

way,

available

Citizens & Southern Capital Corp.

Corp.s—

—

Harris, Upham & Co., 120 Broad¬

Also

Boston Capital Corp.

Measurements

tin—Carreau

list of 20 stocks for income.

a

Indiana

Companies

Develop¬

Salle

Loew's Theatres.

Microwave

For Banks, Brokers and Financial Institutions

&

Corp. — Analysis —
O'Neill & Co. Inc., 30
Columbia Broadcasting System— George,
Memorandum—Ross & Hirsch, 120 Broad Street, New York 4, N. Y.
St. Regis Paper Co.—Analysis—
Broadway, New York 6, N. Y. Also
A. C. Allyn & Co., 122 South La
axailable
is a
memorandum
on

erence

Brunswick Corporation—Report—

of

Safticraft

4, Calif.

Newborg & Co., 25 Broad Street,

letin—Don

Radar

Street,

Analysis—Hooker & Fay Inc., 22*
Montgomery Street, San Francisco

Also

Inland Container Corp.

Research

Rockwell Standard

Co.^

Service

Mortgage

&

Co., 1000 Locust Street, St. Louis
1, Mo. Also available are analysis

Wis.

survey

list of sug¬

a

Corp.—Analysis—Suburban
Corporation, 560 Jeru¬
Avenue, Uniondale, N. Y.

port—H.

dum—Yarnall, Biddle & Co., 1528

Furniture

—

a

Investors

20 Broad

Light & Power.

Walnut Street,

Corporation—Report in¬
comparison with 5 other
companies—Van Alstyne,
Co., 40 Wall Street, New
N. Y.

Corp.

Growing

West—28 page brochure about

dustrial

Chi¬

San Francisco.
Barden

Briggs

Booklet

Power

is

Hickey,
26
Broadway, New
York 4, N. Y.
Also available are

Also

market

the

England

&

Wall

Dow-Jones

the

in

and

1894

New

Interstate Power,
Electric,
Niagara

Light,

quesne

with

Boston

to

Bangor & Aroostook—Data—Vilas

industrial

listed

the

National

Since

reference

report on the
particular
Edison, Du-

a

Utilities

Electric

port—Purcell & Co., 50 Broadway,
New York 4, N. Y. Also available

compari¬

up-to-date

an

—Report—Thomson & McKinnon,
2 Broadway, New York 4, N. Y.

Pressprich & Cj
48 Wall Street, New York 5, N.

Develop¬

Ohio

&

Stores

Auehincloss,
2

of New York

randum—R. W.

Standard.

Rockwell

and

Bottling

—

Boise Cascade Corporation

Over-the-Counter Index—Folder

a

Analysis—Colby & Com¬
pany, Inc., 95 State Street, Bos¬
ton, Mass. Also available are data

ery

ite City Steel.

showing

Cola

Also, available is

Greetings
—

Sekistii

Oil Company;

Toanenryo

25

American

cago

Survey
—Nomura Securities Co.. Ltd., 61
Broadway, New York 6, N. Y.
Stock Market

Japanese

:Ss

—Analysis

Also

Japanese Market
maichi

*

Coca

Mohawk

—Goodbody
Electrical

#

is

.

City

.

available

omy

available

Kingsport Press, and

dum—Davis, Rowady & Nichols,
Building, Detroit 26, Mich.

Buhl

PLEASED

1,

gested securities.

L.

INVESTMENT LITERATURE

Also

.

Trading Phone

—

CH. 4-2493

490

Volume

194

Number

6070

.

.

.

The Commercial and Financial Chronicle

(69)
Steel

Production

Electric

The

Output

The State of

Retail

Food
Auto

TRADE'and INDUSTRY

could

on

their

Failures

and

cars

Commodity Price Index

through

land, Ohio
June

25

are

financial
month

of

business

conditions

of

May

of

revival

record in their

on

review

and

that:

brought

The

further

a

business

activity. This
important
indicators as personal income, re¬
tail trade, employment, construc¬
tion, and industrial production.
reflected

was

in

such

Total personal income has been

moving
first

since February. In the

up

quarter

stepped
up their spending for services and
soft goods, but cut back on dur¬
able
goods.
More
recently the
consumers

latter

category has shown im¬
provement, notably in automobile

sales.

all

For

bined, sales
dip

a

stores

July 1—
New

York__

/

1,198,000

Steel

same

threat

of

Workers

Marcn,

as

dates.

Holding the
maintaining
security
strike pose the problem.

summer

automakers

are

acting

threat

is

buying in

a

factor

the

U.A.W.

of

up

Instead,

in

1961

an

tons

2,400

steel

tons

steel

The

final

8,000 tons

models

and

product

ordered

thinking in Detroit.

for

out

for

June

2,500

ber

delivery,

for

quarter

strike,

will

best

from
most

good

If

What

of

and

there

September

month

of

the

in

automakers.

no

in

the

auto

Continued

For

DIRECTORS

on

to

66.8

This

value

of

CLINTON

ALVIN

months

ended

Construction

LOU

R.

121

OFFICES

GREATER

IN

NEW

YORK

CRANDALL

CHARLES

A.

Statement of

Condition, June 30, 7961

DANA

Chairman, Dana Corporation

May.
of

BRUSH

Chairman, George A. Fuller Company

awarded

running ahead

G.

Corporation

the

with

contracts

Head Office: 44 Wall Street, New York

BLACK, JR.

Chairman, American Home Products

The

during

R.

Chairman, C. R. Black, Jr., Corporation

construction

steadily

Company

Company

did

as

earnings.

new

Trust

BEINECKE

declined

factories advanced in May,

increased

J.

Chairman, The Sperry and Hutchinson

million

higher than the 5.1% of a year
ago.
Average hours worked in
weekly

BALABAN

President, Paramount Pictures Corporation

virtually the
months,

was

manufacturers

N

HORACE

last

C.

FLANIGAN

RESOURCES

Chairman, Board of Directors

year.

Industrial production, especially
in durable goods industries such
as

steel,

has

been

rising

World War II

The

their

is

same

true

of

the

gerli

GABRIEL

rise.

index

OSWALD

of

production

Stock of Federal

L.

barry t.

recovery,

KENNETH

Rubber

during
the

upswings. One
month

tion

of

in

year

showed

15%

in

first

12

Vice

postwar

the
the

produc¬

in

Clearings for

Week

E.

Power

Deposits

was

for

obtain

7.9%

REYNOLDS, JR.

Liability

781,759,339

which

weekly

the

leading

on

130,853,887

Acceptances and Foreign Bills

49,842,416

-

Other Liabilities

ROBINSON

Company

V

SARGENT

it

J.

STEWART

Reserve for

6,455,480

Taxes, Unearned Discount, Interest, etc.

.

39,656,074

..

""Reserve for Possible Loan Losses
Dividend

Payable July 15, 1961

54,879,293
.

.

3,275,350

.

Capital Funds:

Capital(5,039,000shares—$20 par)

TAYLOR

Chairman, Union Oil Company of California
george

g.

$100,780,000

Surplus

100,000,000

Undivided

Profits

."

49,847,169

walker

250,627,169

President, Electric Bond and Share Company
J.

HUBER

$3,772,100,844

WETENHALL

President, National Dairy Products

is

Applicable to

Corporation

cover

such future loan losses

as

may

develop. None

are

at present known.

clear¬

year.

stand

at

United States Government and Other Securities carried at

Our

HENRY

week

in

summary

money
was

1960.

the

centers during the
as




follows.

VON

ELM

public funds and trust deposits and for other

Honorary Chairman

$177,370,337

purposes as

required

or

are

pledged to

permitted by law.
"V

*

f

Our

for

C.

secure

$29,-

against $27,609,865,095

same

past week

Endorser

above those of the

totals

comparative

as

Company, Inc.

REESE H.

the

corresponding week last
preliminary

$3,236,511,175

Outstanding Acceptances

President

tele¬

upon

from

States

to

B.

CHARLES

Saturday,

for

LIABILITIES

President, American & Foreign

Ended

1, clearings for all cities of

United

$3,772,100,844

RABE

S.

Coca-Cola

chief
cities of the country, indicate that
for
the
week
ended

possible

15,293,909

Chairman, Executive Committee

Preliminary figures compiled

by the Chronicle based

ings

G.

WILLIAM

prece¬

clearings last week showed
increase compared with a
year

the

128,759,568

Mclaughlin

President, Reynolds Metals Company

Bank

July

24,188,045

Liability for Acceptances

7.9% Increase

a

advices

46,195,830

Authority

RICHARD

Above 1960 Week

graphic

1,408,815,211

....

1959. If

cycle follows

July 1 Show

ago.

Customers'

Chairman, Trust Committee

HENRY

an

MocLELLAN

output.

Bank

6,023,400
25,870,643

Chairman, Triborough Bridge and

WILLIAM

dent, the next nine months should
bring a substantial rise in indus¬
trial

v.

Tunnel

following

1955; and 22%

present

265,670,567

Reserve Bank

Chairman, Emigrant Industrial Savings Bank

28% in 1950 (including
early -Korean War period);

the

73,231,221

MADDEN

george

1947;

the

F.

the low point: 23%

over

Mortgages

Company

T.

after the low

recession,

index

increases

the

earlier

994,743,213
783,309,237

Accrued Interest and Other Resources
JOHN

the percentage gains in industrial
of

$

.

Banking Houses and Equipment

Chairman, Union Asbestos and

Concerning the trend from here
on, it is interesting to compare

months

.

Mortgages

way.

production

.

Loans, Bills Purchased and Bankers' Acceptances

leithead

President, Cluett, Peabody & Co., Inc.

in 1946,
1949, and
exception was the 1954
which was slower in

getting under

.

Other Securities

JOHNSTON

Simpson Thacher & Bartlett

for

recession
The

.

Securities

HAUGE

recovery

1958.

Banks

U. S. Government Insured F. H. A.

Chairman, Finance Committee

above the February
low. This was about in line with
the first three months of
from

Government

S.

from

State, Municipal and Public Securities

6%

was

U.

Due

Chairman, Gerli & Co., Inc.

up¬

current

Reserve

industrial

May

paolino

un¬

were usually
vigor¬
early stage, and the

Federal

total

franklin

industrial output since

swings in
in

m.

Chairman, United States Lines Company

and

along

with manufacturers' new and
filled
orders.
The previous

ous

john

Cash

Representative Offices: London, Paris, Frankfurt a.M., Rome, Tokyo
Y
Member Federal Deposit Insurance Corporation

the

late

depends

On the over-all steel
The Iron Age adds that

the

auto

be

year.

year

September-October

earlier

Septem¬

is

could

the

happens

months

average

month.

per

looks

better.

com¬

BARNEY

to

schedules.

July steel orders by automakers
drop 20% below June. But

August

Meanwhile, inventory control is

good

a

coming changeover period.

round

July, will order
8,000 tons for August and,
barring
a
strike, 8,000 tons for September.

orderly clean¬

have
many

may

automaker

of

to

Recently,

generally
low
level
of
stocks of auto steel have
resulted
in
frequent requests for emer¬
gency orders, sometimes as low as
25 tons for a specific

buying

pattern of automotive

a

reasons.

The

smaller automotive di¬

a

as

The

now.

summer

the

representative.

confirm that contract negotiations
not

hole

buying. Tonnage may vary
widely, depending on the size of
the automaker, but the
pattern is

Purchasing agents in General
Motors, Ford, and Chrysler all

orders.

or

this level has

over

plants have been carrying as low
as
14 days'
inventory because of

buying.

bulge

The Iron Age cites these

influencing

Detroit

great

steel

August. So the

not

steel

on

no

go

good

in August orders.

vision

on

They concede the strike
danger, but say the situation will

are

is

plans of

theory that there will not be

steel

There

possibility is not influ¬
buying decisions at

strike.

labor

negotiations

year

in the last several

been

a

no General Motors plant
carrying over a 21-day supply
steel. Any buyer who wants

to

nates the

with

but

have

This is supported by steel sales
offices in Detroit, which have not
noticed any- effects of auto labor

tiations

to 4,768,000. The
unemployed to the total
force, seasonally adjusted,

average

this

of

models

1962

buying policies of the automakers.

unchanged

out was

Unemployment

as

the

example,
is

with

introductiQn of 1962 models domi¬

EDWIN

April

,6.9%.

by the United

late

them

Age reports. Steel buy¬
ing plans for July and August are
moving along normally, in spite
of the Aug. 31 deadline in
nego¬

4,962,000

three

largely ignoring the
strike

a

of

dollar

3.8

The Iron

'

in

May.

was

0.2

—

are

Employment climbed from 65.7
million

same

—

918,318

2.5

buying plans of the auto

industry

Sep¬

rose

adjustment.

labor

1,201,000

+13.5

Buying Moving Normally
Spite of Strike Threat

In

Auto

unsold

not clear until late

Steel

little above the level of the first
four months of 1961 after seasonal

ratio

+

883,811

a

from

1,319,675

billion (preliminary) was

about the

in

$14,788,767

1,352,542

Boston

leave

In fact, steel
inventories, both
Of steel and new cars, control the

auto¬

in

steel

Most

%

$16,785,279

Chicago
Philadelphia

by

strike

this time.

-(000s omitted)
1961
1960

,

in May following
April. The May figure

in

of $18.1

retail

Week End.

a

this

encing

faced
A

hands, well in advance of

introduction

But

The Cleveland Trust Co. of Cleve¬

this:

200,000

over

Index

Production

Business

is

tember

Trade
Price

dilemma

makers

Carloadings

9

on

sales.

market,
late

or-

page

30

10

The Commercial and Financial Chronicle

(70)

intentions

exact

Sterling Crisis Bound to
Depress British Equities
By Paul Einzig

'>

of

impending major sterling crisis will

unques¬

Einzig

foreshadowed
the
likelihood
of applying
the new
devices of surcharges on indirect
taxes
and
a
small payroll tax.

bound

is

sterling

to

are

t

contends

aid

that

including the

ments,

U.

"grave

in

S.,

disservice" to

significance. It has long ceased to
be profitable for arbitrageurs to
keep

forward

finance, suggested that nothing

could

be

than

easier

profit¬

increasingly

becoming

is

make, a

to

funds in sterling with the
exchange covered, and it

ernment
of

through

in

able for holders of sterling to en-r

have to

There

are

little

branch

fortunately
that

doubt

will

there

prove

rule.

It

tain

that

the

of

another

familiar

period.
Up to

the

such

We

a

post-war

with

on

only

are

Together

the

of "leads and

operation

the

that

is

action

account

of

have

unions

trade

their

ceived
in

of'

on

forward sterling

ever,

a

symptom

The

be

to

of considerable

hurry

a

disclose

to

Amalgamated

and

Shipbuilding

this request.
This is not
surprising, seeing that it has be¬
come the officially declared policy
resort

to

an

their

to

high

would

be

offer to

is

Bank

Caterpillar Tractor Co.

England
the

in

to

1986

under-i

Blyth & Co., Inc.
Dean Witter & Co.

Kuhn, Loeb & Co.

Glore, Forgan & Co.
Kidder, Peabody & Co.

Ripley & Co.

Lehman Brothers

Merrill Lynch, Pierce, Fenner & Smith

1

Incorporated

#

Smith, Barney & Co.

Stone & Webster Securities Corporation

White, Weld & Co.

Incorporated

Dominick & Dominick

Drexel & Co.

Incorporated

Francis I. duPont & Co.

Hallgarten & Co.

Hornblower & Weeks

Hemphill, Noyes & Co.

W. E. Hutton & Co.

Paine, Webber, Jackson & Curtis

American Securities

A. C. Allyn and Company

F. S.

Moseley & Co.
Wertheim & Co.

Salomon Brothers & Hutzler

Corporation

Bache & Co.

Incorporated

Lee Higginson Corporation

Reynolds & Co., Inc.

Spencer Trask & Co.

Alex. Brown & Sons

G. H. Walker & Co.

Schwabacher & Co.

Walston & Co., Inc.

Wood, Struthers & Co.

R. S. Dickson & Company

Elworthy & Co.

Baker, Weeks & Co.

First California Company

Incorporated

!.1

First of Michigan Corporation

McDonald & Company

011

such

unaware

that

who think

be

instead of gaining gold.
cf the gold re-',

decline

produce

situation

the-

done

been

Putnam & Co.

itself to such an ex¬
tent by now that we could afford
to expand without risk of infla¬
tion.
Instead, a dangerous over¬
full employment was allowed to
and

spree

spending

a

William R. Staats & Co.

spree.

The

government's reluctance in
dealing with the situation effec¬
tively is greatly encouraged by
the
well-meaning assistance re¬
from

Western

central

banks

and

States
the
to

European

by the United

Treasury. Were it not for
that it will be possible

fact

hold

with

sterling
assistance

such

conceivable

in

aid

the

of

face

that

pressure

of

any

might

develop this summer, the govern¬
ment
would
probably take the

crisis

sterling

impending

more

seriously.

Treasury

J. Barth & Co.
Blunt Ellis & Simmons

Bateman, Eichler & Co.
J. C. Bradford & Co.

Courts & Co.

Chapman, Howe & Co.

Secretary

-

of

the

Snyder,
United States

Davis, Skaggs & Co.

Halle & Stieglitz

in the Truman Admin¬
istration, paid a visit to London I
told him that the greatest possible

WiUiam Blair & Company

Brush, Slocumb & Co. Inc.
Crowell, Weedon & Co.
-

Hill Richards & Co.

Treasury

IrGng Lundborg & Co.

Mitchum, Jones & Templeton

The Ohio Company

June 30, 1961.




The Milwaukee Company

Inc., Boston;
Linton Nelson, Delaware Fund,

W.

Bradley,

in

organization,

R. Johnson,

Franklin

Mo.;

Fund,

Colonial

The

Philadelphia;

Whitney

S.

& Howard, Inc.,
Henry J. Simonson,

Eaton
and

Boston,

addition to including management

Jr.,

National

investment

New

York.

constitute

companies which now
membership of the

Series,

Securities

the

NAIC.^would also include invest¬
investment

ment advisers of

Roth, Gerard Co.

com¬

underwriters of in¬
vestment company shares.
The
plan,
if
approved
by
member
companies, will become operative
panies

and

outlining

search

securities

and

re¬

Gerard & Co.,
Broad Street, New York City,

15

firm, Roth,

members

Massachusetts Inves¬

of

trustee

plan,

the

investment

An

1.

George
Whitney, NAIC President, and

K.
a

New NYSE Firm

the

of

Stock

New York

tors

changed,

the

responsibilities

its

and

Mr.

text

their

public it serves.
Mr. Whitney stated that a sepa¬

Struthers

organization,
representing
closed-end, management'
invest¬

investment

the

in

this

investment

•

will

.

v

*

place parti¬

securities

on

re¬

will

also

available to

be

investors.

indus¬

MacGregor
Bowling Centers;:

provide facil¬
and dis¬
semination of information about
the investment comoahy business.
The Institute will

the

research

the

"

form¬
Wood,

the manage¬

company

Institute.

for

firm

institutional

may

ities

in
*

was

with

handle indivic ual accounts and its

im¬

become members of the
broadened
Investment
Company

try

Co.

emphasis

research

he added, all

portant segments of
ment

as

organizations.
way,

&

new

cular

com¬

in the. Institute

participate
In

Mr.

search, concentrating on firms in
the growth field.
The company's
Investment Advisory Service will

field, would also be invited

associated

The

•

companies, now in the proc¬
and other allied

groups

to

School,

department.

of formation,

pany.

Brothers

department.

affiliated

erly

rate

ess

Eus'neis

vard

the

ment

research

e

been

previously
L.ehman

who is also a graduate
cf Brown University and the Har¬

industry'and

the

to

graduate of Brown

Gerard,

con¬

and

changes

these

of

significance

the

in

made

was

t'

in

bership of the Association and its
activities

a

has
with

associated

the scope of the mem¬

to broaden

Roth,

University,

the proposal

said

Whitney

firm.

new

Mr.

increased.

have

collection

Common Offered

medium

Public

members may
be informed and represented with

shares

vnll' also

It

provide

a

offering of 120,000 common
of
MacGregor
Bowling
Centers, Inc., at $4,625 per share
is being made by Rowles, Winston
& Co., and Fridley & Frederking,
Houston, and associates.
Of the
total, 100,000 shares are being sold

its

which

through

respect to Federal and state regu¬
latory developments affecting the
investment

industry

company

or

of its segments.

any

The

administrative structure

will

association

the

be

and

ernors

all

and

be

total

be

the

corporate

purposes.

of

124 lanes.

Four

located

are

is in Tucson,

one

in

of

these

Houston

Ariz.

Upon

completion of this sale, capitaliza¬
tion

and

consist

will

debt

^Lan, three separate

divisions^^will

at

company

and

offi¬

of the

Under

estimated

centers

partners or trustees of mem¬
Institute.

cers,

bers

must

company

of 5309
South
Park Blvd., Houston, Tex., oper¬
ates five bowling centers with a

divisMn

companv

Governors

the

proceeds,

other

The

trustees of members of

investment

the

Net

and

members, with seven
elected
each year for

of 21

or

of

$388,750, will be used by the com¬
pany for the repayment of debt

Board of Gov¬

a

account

20,000 for-certain stockhold¬

ers.

by the revision. As at
present, the management and ad¬
ministration of association affairs
unchanged

will be vested in

the

for

of

generally

mon

of

$878,188

of

400,000 authorized com¬

shares

(par

20c)

of

which

represent various elements of the

be

by declaring that in
would

circumstances

States

ever

the

no

United

grant Britain financial

assistance again

in time of

In the

peace.

present situation, too, Brit¬

could

and

work out its

should

own

governments

or

offer

grave

disservice

-

people,

even

be!

if

left

to'

investment
these

will

(2)

The

and

(3)

Those

banks

The

,

established

known

to

they

render

the

a

British
oblige the

to

210,000 will be outstanding.

business;
(1)

as

Form

The

Companv

Underwriter

Division;

The

Investment

activities

Adviser

each

will

be

•

of

the

Capital

D. C.—Interstate

Capital Corporation is engaging in
securities business from offices

a

in

-

of

Interstate

WASHINGTON,

Division;

Division.

central

.be

company

be

Investment '

salvation,

assistance

which
.

City,

association would be
Company In¬

would

ain

Piper, JafTray & Hopwood
Sutro & Co.

The Robinson-Humphrey Company, Inc.

Inc., New York; Cornelius Roach,
&
Reed,
Inc.,
Kansas

ap¬

service he could render to Britain

Incorporated

Hooker & Fay, Inc.

for

members

expanded

Hardwick

J.;

N.

Wade ell

being sub¬

now

Inc.,

The

Mutual Fund,

Scudder, Stevens & Clark,

Stires.

stitute.

officers

When in 1947 Mr. John

Robert W. Baird & Co.

Bacon, Whipple & Co.

the

plan,

Elizabeth,

Inc.,

fully
investment

three-year terms.
At least 11 Governors must

Head

Incorporated

Watling, Lerchen & Co.

proval,

of
the

phia; Fred E. Brown, Tri - Con¬
tinental Corp., New York; John R.
H a i r e,
Fundamental Investors,

a

it may be more

the

members

to Former U. S.

Recalls Advice

McCormick & Co.

Incorporated

Shuman, Agnew & Co.

would

have righted

t Incorporated)

Newhard, Cook & Co.

McDonnell & Co.

,

.

Goodbody & Co.

^

Invest¬

of

renamed Investment

a

inflationary

ceived

Clark, Dodge Sc Co.

as

develop, accompanied by a wages

Incorporated

Incorporated

Eazard Freres & Co.

rate

ought to have been allowed
its full material and
psychological
effect.
Had
that

in states in which such underwriters are qualified to act as
dealers in securities and in which the prospectus may legally be distributed.

Harriman

bank

serve

1writers only

Eastman Dillon, Union Securities & Co.

the

even

failed

the

And

to

Goldman, Sachs & Co.

that

fias abandoned

why the conventional
to produce the de¬

reason

last year

Plus accrued Interest from June 15, 1961

#

to

of

Inc., Los Angeles; Jos. E. Welch,
Wellington Fund, Inc., Philadel¬

the

of

,

approved

representative of the
company business.
mitted

composed

ef¬

;

curb

to

seem

if

human

than

more

that the
official policy aimed at preventing
it from producing its effect. Ow¬
ing to
the
adverse
balance of
pavments, • Britain ought to have
lost at least £200 million of gold

Price 99.50%

,

they

unemployment,;

Governors

Association

that

so

and

committee

special

a

members

following:

plan to enlarge the scope and pur¬
pose
ox the
23-year-old associa¬
tion

by

represents

,

study

of

Charles H. Schimpff, Chairman,

Companies has

In

sired effect last year was

4%% Sinking Fund Debentures

The First Boston Corporation

National
ment

months

President American

of

Board

plan

proposed

NAIC

Co. Inst.
The

its

broaden

public.

several

|

NAIC to Be

Institute

the

enabled. to

be

fort

Oct.

understood

faith

its

the

of the several

will

useful service to its members and

its house in order.

to put

measures

association,

panded

be

The

the

;■

of

lines

any

statutory

to the

on

association with no
sanction.
As an ex¬

voluntary

a

the part of the British

taking

pointed out that
continue to be

Whitney

Mr.

under¬

an

on

su¬

the Institute would,

government to adopt the necessary

Since

greed will not be pun¬

by

devices

be obtained from

conditional

made

should

assistance

any

sure,

rate

Those

may

demands

have

.Exchange^was formed on July 1,
Trust, pointed out that since0
it has been announced by Alan
its they tried to restrain their greed.. the Association was established
Roth-, and
E m a n u e 1 f Gerard,
y\
•"
V '•
f-? tl)0 >* industry's
activities
hav( founders and
general partners of
No Faith in Use of Bank Rate
.broadened,
its
needs
have

$50,000,000

Copies of the prospectus

payments

bank

squeeze.

unions

weapon

Due June 15,

were

the adverse balance of
and the orgy of wage
amply justify the pres¬

however,

by

appointed
will

which

sional committees. '

purely specula¬
tive without any justification for
it in the economic situation. Since,
sterling

and

Board

the

of

member

a

Board

pervision and control of the divi¬

It would be different if pressure
on

have been reassured

credit

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

an

his

that

declared

.7.

This is not

the

regard

that

government does not seem
in

from

terms

rate, intends to dis¬

any

ished

is, how¬

his

to

the

who

union, at

He re¬
request

demands.

answer

uncertain

no

and

Doubt

exercise restraint

to

wage

an

President

trade

Government Policies Still in

The widening of the dis¬

count

sterling.

in

confidence

longer.

the

Under the

Selwyn Lloyd also repeated
his exhortations addressed to the

not

support

to

agreed

sterling.

restoring

in

succeeds

ernment

banks

central

the

unless the gov¬

con¬

is

it

Mr.

Engineering

next few months,

sterling will

on

be

Governors

of

needed.

Unions

respect of payments for
and
exports
they are
likely
to
assume
considerable
dimensions in the course of the

these

realized
urgent and drastic immediate

imports

pressure

with

accentuated

before

siderably

in

beginning

the

at

Pressure

become

lags" in

of writing the
appears to
have
been
relatively
moderate,
mainly because the effect of sell¬
ing on account of private interests
has
been neutralized by buying
which

the practice

of all these movements.

time

the

of

extent

are

lent of their British assets.

sterling

become

of

of

owners

Britain

in

of cov¬
ering their exchange risk by sell¬
ing forward the sterling equiva¬

to- this
virtually cer¬

major

have

feature

other

and

factories

i-everting to

1961

experience yet

the

which

crises

American

exception
to be

shall

we

of

summer

no

seems

be

can

that

indications

also

under

government

proceeding

matters.

outward interest arbitrage.

by

the Stock Exchange

gov¬

be in any undue

does not seem to

haste

.also

is

The

consideration.

gage in

on

playing

will

enabling

by

government

it to avoid facing the facts a little

postponement

a

schemes

some

the market on the as¬
sumption that there is bound to
be a setback every summer. Un¬

fortune

the

expenditure by

capital

of

.

Meanwhile, the only thing that
done is a review of gov¬
ernment expenditure in the hope
of- finding administrative econo¬
mies.
The possibility of cutting

British people.

LONDON, England —r Some time
ago a well known British author;
who is innocent of any knowledge

British

Thursday, July 6, 1961

.

.

is being

central banks

by

any

,

and govern¬
support of sterling, constitutes a

rendered

being

to the limit author¬

go

the finance bill.; In

by

he

those limits are very mod¬
est and
they cannot be applied
before the end of July.
•

and

abandonment of faith in bank rate to correct economic excesses

whether

indicate

not

did

case,

government's

deplores

He

accentuated.

be

Lloyd,

wyn

ized

of vigorous
presently in sight, the pressure on

absence

the

of which

none

measures,

in

that

says

the

defense

Exchequer, Mr. Sel-

cellor of the

intends to

Dr.
anti-inflationary

tionably cause a setback to British stock market this summer.

in

taken

It is true, the Chan¬

sterling.

He

that

contends

Author

concerning

be

to

measures

.

the

Officers

du

Pont

are

Circle

James

P.

Building.

Radigan,

President; 1 Elias

The

J.
Elitier,
vice-President; A. C. Nipe, Secre¬

Chairman of each such committee

tary; and D. M. Sloan, Treasurer.

three
bv

a

divisions

divisional

directed

committee.

Jr.,

Volume

194

Number

6070

.

.

The Commercial and Financial Chronicle

.

(71)

I

Commercial Banker and the

gardecl
the

as

transitional phase

a

development of
Retail

omy.

a

in

Compares

Growth of LeaseRental Field to Consumer
""

rental econ¬

bankers

and

econ¬

business

Subsidiary of Electric Autolite Co.

use

honest

appraisal of equipment leasing

an

Boneparth predicts
and for banks

foresees

rental

a

most promising future for this type of financing

a

and

service equipment leasing:

rivaling

economy

the

consumer

growth

in

and handle

the

«redit; and (3) growing in size and becoming important

of

members

financial community—replacing instalment finance

our

tages and disadvantages of leasing concludes positive factors out¬

leasing is more than
a topic of passing interest on our
economic scene.
Its impact has
already been felt.
Measured in

Equipment

$1

billion in cost
of

equipment
lease

on

day.

to¬

trades

small

sive

even
con¬

servative esti¬
the

future. Indeed,

Joseph Boneparth

with expendi¬
tures for new plant and equipment

running
around

$35

few

next

years

tainly doesn't appear to be
the realm of likelihood.
Commercial
themselves
about
rate

of

rate

billion, a tenfold in¬
equipment
on
lease

the

within

annual

at , !an

crease1'in

banks

cer¬

beyond

owe

all

learn

to

it

they

to
can

equipment leasing—to sepa¬
fact from fancy—to deter¬

of

the

competitive situa¬

keenly
is

then

this

new

What is equipment

concept?

leasing?

Defines Equipment Leasing

it

for

in

rather than tax de¬

land

been

and

routinely

of the lease.

buildings have

leased

for

cen¬

turies, leasing of productive busi¬
ness
assets in important volume

machine tools,
electrical and
other similar types of equipment,
developed ,the use of various new
since 1950, such as

office, automotive,

terms such

as

Finance

"finance equipment

"service equipment

leasing" and
leasing."

newer,

Service Equipment

finance

leasing.

equipment

leasing,

as

differentiated from service equip¬

eliminates all ele¬
of service to the equip¬
The
lessee
absorbs
all

leasing,

ments
ment.

and

service

collateral

expenses,

conventional

methods

s11 :t

productivity obsoles¬
cence.
Therefore, this type of net
lease contemplates that all costs,
or

and

of every
whatsoever re¬

obligations
nature

the
leased property
which may arise or become due
during the lease term, whether or
not
specifically mentioned, are
paid by the lessee.
Service equipment leasing con¬
lating

for

ing

attractive

ductive
tion

un¬

assets

of

in

ownership

the

usually

confirmed

However,

on

to




cj9 9$cnditicn

of business June 30, 1960

ASSETS

Cash and Due from Banks.

LIABILITIES

.

.

$

U. S. Government Obligations.

979,404,810.19

Capital Stock

Surplus

State, Municipal and Public
Securities
Other Bonds and Investments.

Loans.

.....

34,864,800.36

.

Banking Premises and Equipment

71,517,427.42. $

Contingencies

421,517,427.42

Taxes, Expenses, etc..

Dividend

.

10,082,211.97

.

Payable July 1, 1961.

27,999,359.73

,

5,509,783.50

.

170,352,033.63

167,769,491.61

Acceptances Outstanding (Net)

Accrued Interest and Accounts

Receivable.

248,280,920.00

.

Reserves for

52,653,247.20

.

Customers' Liability on Acceptances

.

.

Reserve for

2,241,146,158.30

...

$101,719,080.00

Undivided Profits

540,859,750.78

;

.

($12. par)

589,390,766.03

.

Other Liabilities,

6,643,918.59

.

.

.

.

;

16,800,545.46

Deposits

19,695,087.41

Other Assets

.■

.

.

;

.

3,980,166,668.76

.

.

.

$4,632,428,030.47

$4,632,428,030.47

Securities carried at

deposited to

secure

$240,286,938.95 in the foregoing statement are
public funds and for other purposes required by law.

Q)i'i€c/oH

c€cmmit/ee

'tMdvt&clu

Goods Retailers
N. Baxtfr Jackson

believe

I

realm

the
1965

we

it

of

may

is

within
possibility that by
very well see the
entirely

expiration of one-third of our
present durable goods retail busi¬
nesses.
Large leasing companies
of a magnitude such as the large
finance
companies may be im¬

day. A substantial pbrtion of the

equipment

market

will

be

leased

rather

than -pur¬

chased, with all the inherent ben¬
efits and problems of consumer
credit
assumed
by
the leasing

companies.
There

is

nothing

far

Chairman,

Kenneth E. Black

President,

The Home Insurance

President,
Pittsburgh Coke & Chemical Company

of the Board,
Dry Goods Corporation

Partner, Cravath, Swaine & Moore

Chairman

of the Board,
Sears, Roebuck and Co.H. I. Romnes
Western

Richa.rd K. Paynter, Jr.
Chairman

of the Finance Committee
' and Executive Vice President,
New York Life Insurance Company
Chairman,

Courtaulds North America, Inc.
Robert G. Goelet
Hulbert S. Aldrich

Robert Goelet

Real Estate

Joseph A. Bower

Chairman

J. Albert Woods

Chairman, Nichols Engineering
& Research Corporation

Real Estate
Vice Chairman

Retired

Charles H. Kellstadt

Maurice T. Moore

,

New York

C. Walter Nichols

Henry L. Hillman

Chairman, Trust Committee

.

Senior Partner, Drysdale & Co.

Dunham B. Sherer

Company

Robert J. McKim
Associated

Honorary Chairman of the Board
Robert A. Drysdale

and Chemical Corporation

United States Rubber Company
Adrian M. Massif.

Frank K. Houston

Lammot

du

Thomas R. WilliaMs

Ichabod T.

President,

Williams <6 Sons, Inc.

John K. Roosevelt

President,
Electric Company, Inc.

Partner, Roosevelt & Son
Graham H. Anthony

Pont Copeland

President, Director and Member
of the Executive Committee,
E. I. du Pont de Nemours & Company
William S. Renchard

Chairman,,
Committee,
Vceder-Root, Inc.

Executive

Vice

,

'

•.

.

Frederick E. Hasler

Chairman,'
Haytian American
Sugar Company, S. A.

President
James Bruce

Howard W. McCall, Jr.
First Vice President

Director

of Various Corporations

B. F. Few
James B. Black

Harold W. Comfort

Chairman of the Board,
Pacific Gas and Electric Company

William P. Worthington

Grant Keehn

Percy L. Douglas

President,
Otis Elevator Company

Gilbert H. Perkins

President, The Borden Company

Trustee, Duke Endowment

Home

Senior Vice President and Director,

Equitable Life Assurance Society of

Vice Chairman

Chairman of the Board,
Life Insurance Company

Isaac B. Grainger

the United States

Consultant to the Bank

Alert instalment finance

companies, sensing the trend, are
entering the leasing field on
a limited
scale, and overseas, al¬
though the
activity of leasing

now

productive assets to industry is
just appearing on the European
continent, the leasing of home
television sets to the general pub¬
lic is

Corporation

President, National Distillers

Chairman

H. E. Humphreys, Jr.

will

durable consumer goods

more

President,

World Trade

Roy F. Coppedge, Jr.

Harold H. Helm

therefore be in the hands of pro¬
and

IBM

Partner, Harris, IJpham & Co.

'

portant members of our financial
community, Replacing instalment
finance companies as known to¬

Arthur K. Watson

Chairman. Executive Committee
Henry Upham Harris

110 Convenient

MAIN OFFICE: 165

Offices in Greater New York

Broadway, New York 15, N. Y.

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

Correspondent Banks Throughout America and Abroad

big business in Great Brit¬

ain today.

Charter Member New York Clearing House Association

Instalment

purchasing with

characteristic of

ownership

could

use

without

easily

be

its
full
re-

Member Federal Reserve System

<

•

finance

acquiring

without

n«

Sharp Drop in Durable

Forecasts

method, a net rental fee is paid
regularly throughout the years of
the lease without regard to mal¬

expenses,

conditions.

term debt
to

■t

f

of

horizon.

kind

these

At the close

depreciation, - retained
profits,
equity and debt financing.

fetched
about these prognostications.
In¬
deed, they are already on the

as

function

der

the long

markets

their operations have found leas¬

profits

through leasing cannot result

TDcncteribed SPtatmnent

of the grow¬
ing needs of our dynamic econ¬
omy. Leasing played an ever in¬
creasing
part
in
providing
a
means
of acquisition beyond the

repair and maintenance,
licensing, taxes of any nature and
insurance.
Under
this
leasing

'such

candidate

a

substantial

equity

The

fessional lessors, and finally more

Leasing

ment

hardly

to them

and

inore

-

Finance

rather

Smaller firms not having avail¬
able

with idle, unproductive

since

of which
' \

1824

ated by the demand

used

vs.

subscribers

ownership.

is

cash

leasing

methpds of financing,
leasing is one.

lessee under finance leas¬

preciable life of the asset deter¬
mines the duration
While

telephone

we

~

tight money markets, with short¬
age
of credit from
established
sources have
encouraged alternate

consum¬

In

company

leasing,

in the past,

Service leas¬

ing only pays the leasing company
periodic payments which aggre¬
gate equals the cost of the equip¬
ment plus interest and a leasing
service fee during the base term
lease. Usually, the renewal rental
or sale income after expiration of
the base lease term is the princi¬
pal source of profit to the finance
equipment lessor.
Under service
leasing, the equipment is returned
to the lessor and additional prof¬
its are generated through the leas¬
ing of the same equipment to an¬
other lessee and ultimately from
the sale of the equipment.
With new plant equipment be¬

more

Equipment leasing is a method
employed to gain the possession
and use of capital assets. Usually,
the economic

recognizes

.

-of

that

jFounded

equipment, leasing
part in their port¬

tion in commercial banking today.

What

com¬

American

the

use

their

to

coming available after World War
II, income producing equipment
should play a
was acquired by American indus¬
folio planning, or indeed, whether
try with a cost in excess of $250
they can afford to eliminate it billion.
This large expansion of
from their thinking in the light
new
plant capacity was acceler¬
whether

mine

everyone.

than requiring

equipment.

than
or

user

measured

of

national

IBM,

as

growth

recognize

ing is, of necessity, more expen¬

when

mates

Its growth

eyes.

the

maintenance, taxes and so forth
during the life of the lease. In

modern

most

such

effective

ment

industry.

figure,
that
impact, is

the

gener¬

ate
must

templates that the lessor assumes
all the obligations of repair and

or

Yet that

against

To summarize the various
past,
present and future factors that
have and will continue to

before

very

resulting in more goods
being produced.

and services

nually by American corporations.
is in the making

service leas¬
leased equipment is re¬
turned to the lessor, while under
finance leasing, through
options
of
either
purchase
or
reduced
rental, the lessee continues in pos¬
session of the leased equipment

the im¬
pact is now in
of

increase

pay¬

A rental economy
our

been fhe

ing the

lars,

excess

rental

not

most instances, under

dol¬

of

terms

important

companies put to leasing of equip¬

companies and some of the misconceptions entertained about this
business

equipment

ments account for 22% of all lease
and
rental
payments made an¬

er

the

Described are the various types of leasing

fructificative

market,

property still ac¬
greatest
leasing

the

is comparable to that of

Certainly,

companies as they are known today. Analysis made of the advan¬
weigh the negative ones.

more

real
for

economy

history of
over the
long run.
Gross National
Product'continues
to rise, with a
good portion of the

financing in the 1920s.
a progressive, growing com¬
can, be
Machine & Foundry, and United pany,, working ^capital
more
profitably employed as an
States Shoe Machinery would not
investment in labor,
inventory
have attained their present posi¬ and receivables than
by being tied
tions without the use of leasing. up in fixed productive assets.
A

lessors lease durable consumer goods

as

full ownership.
Of
methods, rentals bear
immediate relationship to

two

panies

(2) eliminating in five years hence one-third of our durable

goods retail businesses

these

While
counts

Many

(1) ushering in a

financing

,on

the productive life of the product.

discounting lease obligations. The experienced lessor

finance

1320's;

he can give, Mr.

as

made

without

these
as

in

has

past decades.
Both
instalment
purchases
and
rentals permit the enjoyment of

By Joseph Boneparth,* President, Equilease Corporation,

In

buying

has

our

Financing

omists well know the impact that

instalment

this

11

Member Federal Deposit Insurance Corporation

pro¬

dilu¬
re¬

page

28

12

The Commercial and Financial Chronicle

(72)

indicates

FROM WASHINGTON

favors
A

it

is

coming

and

is

held

be

to

in

Geneva late next month attended

by 25

...Ahead of the News

tary
is

nations, at which

system

New Look at
Business Cycle Policies

quotas

that

the nations
buy and sell cotton textiles.

The

BARGERON

CARLISLE

BY

Taking

volun¬

devised

be

to

a

expanding

of

Thursday, July 6, 1961

.

.

he

up

it.

conference

.

underdeveloped

a

by

By Henry C. Wallich,* Professor of Economics, Yale University,
New Haven,

nations will

Conn.

be asked to exercise "restraint" in

their

pouring

low

priced

goods

A look into what

>

abroad. The industrialized nations
The
bill

National

just

and

now

and

the

Committee

Labor

before

Committee is

Rules

House

of legislation

ever

proposed to Congress. It purports
to

be

just

an

aid

defense

and planes.

guns

are

as

national

to

In

reality it is a bill to placate
proponents of Federal aid to pri¬
vate schools. What Congress can't
do under the general $2.5 billion
aid

education

to

flicts

with

hopes

because

it

con¬

the

Constitution, it
accomplish under this

to

It only
gives
aid to
the
purchase
of
equipment needed in the teaching
of national defense subjects.

passed under Eisenhower.

of the most de¬

one

ceptive pieces

House

by the

approved

Education

Education

Defense

A

bill

Carroll

man

by

sponsored
D.

Congress¬
of

Kearns

Penn¬

sylvania, seems to give the neces¬
sary
aid to the private schools
and there is no. doubt about its
to

taxes

come

all

from

deduct

their

tuition

in¬
fees

and

private schools.
Private
schools obviously should be en¬
couraged. If they were abandoned
the education load on the public

paid to

private

schools

tion of certain

for

the

construc¬

classrooms and for

the

purchase of physical educa¬
tion equipment and gymnasiums
for physicaTfitness programs. The
would

classrooms
the

be

devoted

to

mathematics,
science and modern foreign lan¬
guages. Just how the classrooms
could be policed to insure that no
other subjects are taught is diffi¬
teaching

of

cult to understand.
A

National

The

textile

industry is in an
uproar and more than 200 mem¬
bers of Corigress have protested
to
the
President
regarding the
State

dis¬
im¬

Department's plan for
tributing low-priced textile

other Western na¬
tions.
They urge abandonment of
the plan because they feel that it
ports

among

commits

United

the

unreasonable

high

States

level

to

of

an

low-

priced imports in the future.

Defense

Education

Act expiring a year from now was

kets

President

Kennedy denies that
there is such a plan as yet but he

their

open

All

income

that

nations

this

to

suggested

sending cotton goods

country impose
quotas initially

selves

them¬
equal to

an

bank would be

the

bility.

The

parison

Kong and perhaps
for Japan.
These

it

but not so fast as
domestic
markets,
leaving
expectations of growth for
expand,

our

some
our

from

goods

time

same

take

to

agree

cotton

the

industrialized

other

would

At

mills.

own

the

increase
quotas would

countries

quotas

the

of

under¬

developed countries.
President

Kennedy at his recent
press conference indicated he was
somewhat provoked at the atti¬
tude

the

of

dustry.

domestic

textile

in¬

He said our exports of
greatly exceeded imports

cotton

of cotton goods and that a balance

had to be maintained.

but

American

on

the whole

Improvements

A

g r a

Several

offering
issue

of

Tractor

$50,00,000
Caterpillar
4%%
sinking fund

Co.

dud

debentures
tures

interest

mately

The

deben¬

priced at 99 ¥2% and

are

crued

1986.

to

4.66%

yield

ac¬

approxi¬

to

maturity.
A sinking fund, commencing in
1967, provides for payments suf¬

ficient

to

redeem

at

direction

the

to

con¬

tributed
this.

lower

inhere ntly

greater

bility

sta¬

1920's.

collar,

the

stable

tax

labor

industries,

diminishing

as

mortgage

and

guaranteed,

remainder

potential
all

looks

about

the

up,

on

spots

have

as

solid than it

be

was

an

the

would be ex¬
of statistical
I

would

judgment rather

on

though

even

i

politics
this

may

judgment.

changes of this kind should

temporary.

sider the

possibility of a total sus¬
of
withholding
for
a
month or two, with a correspond¬
ing adjustment for taxpayers
paying
quarterly.
That
would

dur¬

have the

"automatic stabilizers."

we

accidents.

pension

we

have been helped

we

a

They should not
continuing gain or loss of
revenues.
One
might even con¬

ing the '20s.
Next,

If

lead to

whole

a

as

kinds

all

economic

Tax

build¬

been

to

sometimes becloud

some

that

when

7%,

some

device.

effect, for
unemployment
sometimes
has

a
formula,
recognizing
that

most

While

economy

more

to

take

than

our

and

is

basis.

trouble

know

ing

of

(part

to

prefer to rely

debt is government in¬

good

formula

suggested,

posed

proportion

a

A

the

Discretionary

preferable to

as

were

reached

have

nerable.

of

me

cut

been

workers,
par¬
highly cyclical

the

amortization

or

rates

Administration

the

instance,

jobs —
service

technical,

goods

and

by

automatic

of

has

in

tax

cannot be quickly changed

strikes

A

Production

sured

income

put the tax change into effect also
Henry C. Wallich

proportion
today

fiscal

allowing him to raise

personal

action

with,
instance,

force

flexible

range,

con¬

as

higher

I believe, in the

more

without great waste.

trasted

the

in the
stabilization

to¬

economy

for

of

the

of

day

Fiscal Policy

temporarily. Changes in tax rates
clearly seem preferable to changes
in public expenditures. The
latter,
except for a
relatively modest

the

is

in

breakthrough

of

President

to

First,

there

be done.

policy. The most promising device
appears to me a mandate to the

of
the
labor
force, and in fadt
absolutely. Meanwhile, the bank¬
ing system has become less vul¬

underwriting group
by Blyth & Co., Inc., is
for public sale a new

the

and

come

policy will

fac¬

tors have

next

development

quite
t i fying.

been

nationwide

•headed

The

is

durable

Debs. Offered

extend

can

we

monetary policy, but it has proved
rather inflexible in application.

periods

peace

ticularly

.7

hopes

mathematical

counter-cyclical

but does suggest what should

move

with

some

of

inventory fluctuations

com¬

Tractor Co.

DITION

wise

maintaining sta¬
is not perfect,

in

in

present

rigid

proposed,

extreme

record

sales here, with a
certain percent cutback for Hong

their

Caterpillar

OF

been

the

done

job

good

a

jobs.

EMENT

has

moderate

a

war,

has

economy

white

*V/!va;XVX?.;^

technique to

it

the international scene, the economist doubts an international central

Since

has

department

changes. Prof. Wallich, also

tax

which

supplement monetary stabilization of business investment. Turning to

these

principles
the
State Department hopes to work
out a network of precise bilateral
agreements to allocate the world's
The

not the

with

tax
•

trade in cotton textiles.

but

application

ceptable to buyer and seller.
Within

and should be doing to temper the business

we are

cycle endorses the promising idea,

mar¬

increasingly to foreign cloth.
quotas must be mutually ac¬

then

This bill would provide loans to

would

return

constitutionality. It would permit
citizens

schools would be unbearable.

bill.

in

quickest effect and offer

complete

by

that

assurance

the

cut

temporary.

was

sinking
fund redemption price, $2,500,000
principal, amount of debentures
as

1st

of June 30,

NATIONAL BANK of

annually. The sinking fund is cal¬

1961

a

pensation.

Finally, there should be no ef¬
fort to aim the action at consump¬
tion (the lower brackets)
or in¬

come

vestment

culated to retire 95%

PASSAIC

COUNTY, PATERSON, N. J.

prior
at its

ASSETS
U. S. Government Bonds

Municipal Bonds

Other Bonds and Securities

Demand Loans, Secured

Demand Loans, Unsecured

Time

Loans, Secured

Loans

and

F. H. A.

Discounts

Insured

Mortgages

V. A.

Guaranteed Mortgages
Other First Mortgages

Federal

Reserve Bank Stock

Banking Houses

.-

Furniture and Fixtures
Customers Liability a/c

Acceptances

Accrued Income Receivable
Other Assets

company,

option, may make additional
sinking fund payments not

fund

-

The

debentures

re¬

prior to June 15, 1971
for refunding purposes by money
borrowed

at

interest

an

cost

to

the company of less than 4%%.
The proceeds from the sale will
be used to repay short-term bank

incurred

debt

expenditures
ventories

amount

to

to

finance

and

and

short-term

is

draw

unemployment

com¬

Taxpayers whose in¬
shrinks, including corpora¬
tions, pay lower taxes. This too
has

added

substantially

to

know

sta¬

bility.
we

have at

cycle.

The

centage
strikes

actively
used
has
bqen
monetary
Fiscal
policy.
policy,
i. e., the creation of a budget sur¬
plus or deficit, has been used
is

a

the

across

instrument

most

much

advance,
the

brackets)

upper

because

and

time,

not

do

we

often

which

not

the

of

two would best respond to stimu¬
lation. The tax change should be

disposal
discretionary
our

a
whole
array
of
policies with which to combat the

business

in
at

even

Finally,

(the

primarily,

tical

board,

for

me

everybody,

same

fairer than

as

dollar

the

per¬

everybody.
cut

as

That

an

iden¬

increase

or

for

has sometimes been

proposed.

less

A

actively. Potentially, it
more
powerful tool than

be

device

of

worked

this

out

kind

will

without

a

not

great

capital

increased

receivables.

debt

recession starts, men losing their

jobs

in¬

This

is

not

offer of these

an

The

estimated

only

by

securities for sale.
the Prospectus.

The

offer

is

made

to

$51,000,000 at July 12,

NEW

ISSUE"-1

June

29,

1961

1961.

I

$243,112,041.13

Caterpillar Tractor, incorpor¬
in 1925, is the largest manu¬
facturer of earth moving machin¬

120,000 Shares

ated

Demand Deposits

$111,110,745.46

Deposits

U. S. Government

Acceptances Executed
—

of

Manufacturing activities
ried

19

2,297,474.14
46,700.00

;

'

17

Handy Offices
throughout

Passaic

County in

Paterson,

91 207 01

5,500,000 00
7,000,000.00
4,637,275.07

Surpjus
Profits

$243,112,041.13

at

on

nine

Mountain

View,

Preakness,
Ringwood,
Borough of Totowa,
Wanaque Borough,
West

<

m

COUNTY

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Value

Stock

$.20

per

share)

Price

Company sales in 1960 amount¬
to $716,038,000 compared with
$742,337,000 in 1959. Profit for the

$4,625 Per Share

ed

year

with

was
$42,580,000
compared
$46,518,000 for 1959.

*100,000
and

the

new

20,000

shares

of

outstanding

stockholders

of

the

Common

shares

Stock

of

Company,

are

the
as

being

Common

described

offered

Stock
in

the

by

the

Company,

are
being offered
Prospectus.

by

Milford

and
as

its

of

of

the

consolidated

April

bentures

NATIONAL BANK
PASSAIC

(Par

States, three in the United
Kingdom and one each in Aus¬

30,

1961

shows

total

cofnpany

subsidiaries

and

justed for the sale of the

OF

the

tralia, Brazil and France.
'

Pompton Lakes,

PETERSON

chairman of the Board

Common

car¬

in

plants

United

Capitalization
F. RAYMOND

are

MacGregor Bowling Centers, Inc.

Bloomingdale,
Clifton,

$25.00 Par)

major
engines.

a

diesel

1,525',069

for a/c Customers

TOTAL LIABILITIES

equipment, and

manufacturer

1,902 176 45

Common Capital Stock

(220,000 shares

and

ery

105,451,609.01
3,549,784.80

Deposits

Reserve for Unearned Income
Reserve for Interest,
Taxes, etc
Reserve for Loans and Discounts
Other Liabilities




not

are

deemable

LIABILITIES

Undivided

The

exceeding $2,500,000. The sinking
redemption price is 100.
Optional
redemption
prices
range from 104V2%
to the prin¬
cipal amount.

$ 30,928,604.28
47,986,566.84
" 33,369,764.07
224,000.00
19,346,396.73
1,287,886.28
2,472,161.78
42,325,188.46
24,669,801.88
8,604,173.05
27,514,223.26
375,000.00
2,545,809.16
175,737.96
91,207.01
912,954 71
282,565.66

TOTAL ASSETS

Time

maturity.

annual

Cash and Due from Banks
State and

to

issue

of the

When

as

new

funded

ad¬

mon

of

preferred stock of $100

and 27,190,410 shares of
stock

of

no

par

value.

the

only
the

Prospectus

in

those

may

States,

undersigned may

be

obtained

where

legally

and

by

from
those

distribute

the

the

under¬

persons

to

Prospectus.

debt

$150,000,000, short-term debt of
subsidiaries
$19,992,000,
178,595

shares

of

signed,

de¬

of

par

Copies
whom

com¬

Rowles, Winston &

Co.

Howard, Weil, Labouisse, Friedrichs
and

Company

Fridley
Scherck,

&

Frederking

Richter

Company

Volume 194

Number 6070

,

.

The Commercial and Financial Chronicle

.

(73)

:

;
of

deal

political discussion.

will be reluctant to

gress

der

to

the

very

limited

executive

Congress,

Congressional

a

when

the

session,
general

A

in

is

has

in

were

depreciation
of

means

allowances

stimulating

restrain¬

or

in

ing business investment. Once
get

this

of

received

suf¬

within the next few years.

accelerated

of

area

we

in the
depreciation

problems

present

our

a

as

be

discussion by now to have
realistic chance for enactment

Inventory

transfer

not

ficient
a

supplement. Several countries, in¬
cluding, I
believe, the
United
Kingdom, Germany, Sweden and
Canada, have employed changes

case

any

mechanism

order

or

committee

Congress

would

desirable.

this

power over tax rates.

A veto power for the

for

Con¬

surren¬

even

straightened

out, the next step
might be to look into the use of
these devices for business cycle

IMF, since under

ings

central bank route

of

I

dimly see the prospect1 that
something might be done to avoid
extremes

tions.

of

inventory

fluctua¬

These fluctuations

only

are

occasionally the primary cause of
a
recession.
They
almost
in¬
variably, however,
aggravate
a
recession

either

once

intensify

or

has

boom,

a

started.

At

times

Now

that

If

Sphere

Bundes bank
to

dampen
the
great
German
boom, it discovered that German
the

Reserve

in

short

single

element

during

a

the

ventories

declined

rate of $8 billion.

at

annual

an

Only 15 months

created

in the fourth quarter of
were

declining at

can
help of
inventory fluc¬

reduce

to

tuations.

a

policy

Monetary
course

1960, they
$3 billion rate.

Credit restraint

duce
ease

may

may re¬

inventory

purchases, credit
encourage
them. But

whatever
been

these

effects

have

may

past, they evidently
have been inadequate to reduce
inventory fluctuations below the

It

has

ness

Andresen Co.

foreign holders of dollars,
which I would regard as a dubious

Progress

on

Wililam A.

We

now

procedure, it should at least enjoy

international

benefits

some

tous

the

extend

to

step,

Off.

worse

take

into

from

in

possibility

of

the

deficit

been

of

dom

to

same

The

to

two

system might offer
of

means

inventories.

The

corporate

might

be

those

corporations

stable
a

cut,

for

an

stabilizing
tax

instance, for
that
pursue

inventory policy.

have

We

precedent for this in the merit

rating

winch

system

employer's

unemployment
the
In

tax.
in

declines

labor

determines

liabilities

under

the

smaller

The

employer's

an

force, the less tax he

applying this principle

pays.

to

in¬

ventories, allowance might have
to

be

made

cyclical

for

the

characteristics

ticular

industries.

industries

goods

stabler than
tries.

different
par¬

the

naturally

are

dustry standard.

such

to
a

be

in

equitable

growing businesses

would

making

as

and

among

contract¬

ing

businesses,
businesses
with
large inventories and with small
inventories, and whatever other
infinite
variety
the
American
business

system

deal

thought

of

would

have

to

offers.
and

go

these ideas would
be

called

however

A

even

this

great

discussion

forward

proposal.

that

fruitful
nomic

a

„

before

deserve to

believe

I

would

field,

because

payoff

might

Business

has been

be

a

major

cause

Its

a

stabilize

the

at

eliminate

*An
the

address

45th

by

annual

Prof.

Wallich

meeting,

Conference

of

into

Conference

Board,

runs

it.

Lee

will

of

direct

A

member

Bond

Traders

the

4th

National

New

before

Economic

Co.,
dent

Industrial

York

City.

the

of

with

charge

of

department.

Weeden

are

their
.

continuous
deficits of

kind

;

plan

of

}\A

also

help

balance of

our

number

a

of

something
Federal

heard

like

puzzling

in

the

have

We

for

the

has

mented

in

strengthen
valuation

banks

the

Dean Witter & Co.

White, Weld & Co.

facilities

June 30,1961

more

have

been

imple¬

been
in

sterling
caused

of

Incorporated

arrangements

already
Europe

speculation

Merrill Lynch, Pierce, Fenner & Smith

International

informal

central

among

Kidder, Peabody & Co.

in¬

great

a

proposed. Something of the latter
kind

Eastman Dillon, Union Securities & Co.

Blyth & Co., Inc.

also

Monetary Fund. In addition,
less

is¬

bank,
international

stand-by

to

McDonald & Company

Incorporated

proposals for

an

Reserve.

available

or

Smith, Barney & Co.

mechanism

central

proposals

crease

announcement

an

pay¬

in the

required. This second step

international

an

of

out

us

constitutes neither an offer to sell nor a solicitation
offer to buy these securities. The offering is made only by the Pro¬
spectus, copies of which may be obtained in any State from such of
the undersigned as may lawfully offer these securities in such State.

This

addition

in

improvement

We have heard

sues.

'

'

international

could

international currency

is

(plus accrued interest)

great delusion to think

a

100%

No

accounts.

order

June 30, 1961

ISSUE

NEW

to

against

by

the

the

German

V

re¬

175,000 Shares

Mark.

Critisizes—International Central
Bank

At

well

may

move

ternational
cial

tion, if there is
tion.

But

helped to

Finan¬

historically
lender

a

a

today

last

financial
no

excep¬

normal

evolu¬

the

necessary

them

The

be

for such

strike

me

as

that

have

been

would
in the jlirst place
deprive the United States of its
facilities

of

financing

payments

paying

deficit

dollars

to

balances
the

IMF,

could

no

would

In the

to

sec¬

place, the proposal would

dollaf guarantee to its existing

automatically

from

solicitation

Smith, Barney & Co.
Incorporated

Eastman

Dillon, Union Securities & Co.

'

•

•

their

Harriman Ripley & Co.
Incorporated

•

Hornblower & Weeks

Merrill

Lynch, Pierce, Fenner & Smith
1

re¬

quire the United States to extend
a

nor a

a

dollar

transferred

reserves.

sell

by

other

and foreign countries
longer hold dollars as

part of their
ond

be

official

to

an

countries. Under the central bank

foreign

offer

an

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

They

results

feasible

This announcement constitutes neither

bank, moreover,
being unnecessarily
a

burdensome for the United States.

of

Share

dead institution.

a

proposals

made

tax

a

Price $19 Per

international central

an

bank would

international dollar liabilities. This

prove

(Without Par Value)

have
of

conditions
of
cooperation
and
discipline do not yet exist. With¬
out

Trap Rock Corporation
Common Stock

in¬

an

bank.

resort, and the world
system probably will be

proposal,
of business

to establish

sought

balance

frequently

time, the world

central

systems

New York

Idea

future

some

Paine, Webber, Jackson & Curtis

•

&

vice-presi¬

as

Due July 1, 1986

Price

-

Club, Mr. Lee had

been

Twenty-five Year 51/4% Debentures Due 1986
July 1, 1961

trad¬
*

Corporate

Thompson Ramo Wooldridge Inc.
Dated

effective

firm's

the

Incorporated,
in

and

announced. Mr.

ing department activities.

This

firm

the Ameri¬

Exchange,

July 1, it has been

previously

the

investment, but
obviously without decisive success.
Here, too, the approach via to the




to

move

necessary part of any cyclical
stabilization program.

stand-by

the

IMF

risk

low, it clearly exists. We

Exchange

a

dol¬

payments

some

con¬

stabilization

past has

may

the

the

must
is

this

consequences.
is assessed as

Stock

can

Stock

members

years.

stand

balancing

be

business

system

expand

of

If

or

eco¬

nothing of

the

Co., 30 Broad St.,
City, members of the

$25,000,000

must

actions

to

ments,

present

therefore would pay big dividends
in
terms
of
stability. Monetary

policy in

resources

busi¬

the

this difficulty. But

eco¬

Stabilization

investment

fluctuations.

negotiated.

Whether

high

domestic
say

partner in

must balance

of

simply
Investment

be

can

dollar,

and

we

can

•

some

the

siderable.

Business

few

safeguard

First,

of

always

difficulties

overcome

tax cut

of

to be less
principle than
of
seems

stability, to
political

the

admitted

&

Nondurable

based, not on abso¬
lute stability of inventories, but
on performance relative to an in¬

have

banks,

proposal to

kind We have experienced..',It

be

Considerable

ex¬

Monetary
of arrangements among

matter

what

dollar.

that

the

seperate

currency

durable goods indus¬
tax
benefit
should

The

therefore

of

a

an

International

or

central

of

nomic

degree of free¬

international

our

raises

tax

alternative

Fund,

form

York

associate

,

be

international

maneuver,

currency

nancing of particular inventories.

the

of

some

time

that

apply to
patterned after regulation W! or
regulation X. Business credit is
too unspecific to be tied
to fi¬

panded

the

New

will

greatly increased

last

the

retain

To

that

practicable to
inventories
something

take

general

a

of Andresen

clearly falls short of adequate

and

Lee

by the large balance of payments

tories has been discussed. I doubt
be

preferable.

should

approach
Whether this

as

security.
Its
breakdown
would
have incalculable consequences for
international

ambitious

less

operating with an
monetary system

York

of

more

this front is essential.

New

that

ternational credit facilities.

a

are

momen¬

rather than reduced in¬

generous

arrangement

down

today

account

has

would be

would

about

evident

vulnerability

which

applying
selective credit policies to inven¬
it

this

form

the

States

gold guar¬

a

factors. In the United States, they
must especially take into account

balance

u.i'.

■:

The

United

such

impeded

only

policies

cycle

necessary.

be; much

not

concern

lar,

certainly

Wm. A. Lee Joins

rates

become

level

would

the

similar

some

the

This

tary

actually experienced. Mone¬
policy is
not
sufficiently
powerful, though without it we

or

Federal Reserve action, but it also

the

in

appears

among
the
major
countries may be more
promising.

guarantee.

other countries where yields were

rate

$11 billion, a turn-about
billion. Nine months later,

as

present,

the

When

pushed

at

case

last
year
to
recession, a heavy
outflow of funds began to Eng¬
land, Germany, Switzerland and

higher.

of

restraint.

term

counteract

later, in the second quarter of
1959, they were expanding at a
of $19

the

businessmen borrowed abroad and
nullified

instance,

interest rates

raised

Federal

For

pursue

completely independent business
cycle policies. When the German

been

largest

are

found

convertible, nations have
they can no longer

that

the

cycle.

gold

a

be

antee to

fore

major' currencies

inventory fluctuations have

first quarter of 1958 non-farm in¬

enjoy

currency

seems

Looking farther into the future

difficulties in Europe,
to

For the immediate future there¬

International

The

the

to

its constitution all the Fund's hold¬

stabilization.

Stabilization

13

.'A

Incorporated

Dean Witter & Co.

trading

14

The Commercial and Financial Chronicle

(74)

future

Business Outlook in Japan

taking

there

is

this

hold,'
cling

stronger

a

inclination

less

to

total

to the old restrictive mechanism.'

panies,

And Elsewhere in Far East

No

being

as

J

Reed

By

Chief, Far

Irvine*,
Reserve

Section,

Eastern

International Finance Board of

of

Division

she

and

recapitulates Japan's phenomenal postwar

country's ambitious goals and prospects.

praisal does not minimize factors of concern;

is

and stresses
The encouraging ap¬
notes that the intro¬

that

of the

duction

attributes

security yen system paves the way for ADR's;
in

success

large

borrowing

of private

sums

tain

to

in, the

Over

the

past

economic

decade

dependent

Micawberism"
—that

is,

will

titude

last

turn

This

up.

in

part

from the feel¬

ing

that

Ja¬

just

good

onlyJ

the

sible
do

it

Reed J. Irvine

to

I learned
ous

channeled

long

it

couldn't

last.

The

how danger¬

ago

to

this line of

pursue

have

in¬

been

proved

wrong

year

after

year, as Japan has gone
adding miracle to miracle. Let

bear in mind that this is

a

on
us

additional commodities

that has succeeded in doubling its

exports
its

and

the

than

more

industrial

1955 and

doubling

production between

held

that

it

would

be

be

able

double

to

its

ex¬

still

liberalized.

be

low

a

percentage

other

to

sure

speed

the

generally agreed

underdeveloped
countries.
significant expansion of

Since

was

ful,

was

might very

and Western

be

to

outlook

pansion
it

not

was

the

S.

for

expected.
trade

ex¬

not particularly hope¬

thought

that

well become

Japan

heavily

no

believe

expected.

It is

that

Japan

has

for

restrictions.

selves

have

the
The

been

maintenance

Japanese

confidence

favorable than the

of

rate

exchange.

waiting period of only

a

The adoption of the

borrower
and

from

the

se¬

Both

ernment and

the

fairly heavy
World

the

Japanese

$362
gov¬

private corporations

have begun to borrow in the New
York

market.

nearly

$90

placed

Loans

million

in the

last

at

gross

totaling

have

two

think

been

years.

Of

$3,500,000

fering

was

ADR's

shares

of

SONY

made

with

in

each

common

Corp.

the

ADR

form

stock'
of

representing

stock.—Ed.

of¬

200,000

Note.

10

should

we

business cycle.
in

assume

announcement is

not

an

offer of

these securities

for sale.

The

offer is made

ing forward toward

has

boom

which

by only 68% over
The latest

therefore

than

stronger

been

even

earlier
one
the
phrase
the
greatest

losing
little

for

steam

Industrial

few

a

activity

i

but preliminary seasonally
adjusted figures for March show

year,

a

whopping 4% increase

over

ruary.

'

Feb¬
'

.

'

•

rate

20%.

of

One

There is

the

is likely to
limiting factor, but we have

seen

evidence

some

months

that

foreign

Japanese goods

in

of

billion

$4.2

the

in

of

months.

for

the

third

months of this year,

sified

investment

diver¬

Without
incurring federal capital gains tax at
the time of
exchange for Fund shares,
investors

have

the

diversification and
ment

Ohio

company.

opportunity for
professional invest¬
The -objective of

management.
Franklin

Fund

Inc.

is

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




investors

may

exchange

blocks
a

of

acceptable securities, with

minimum market value

for

Fund

based
Fund

on

Inc.

shares.
one

for

The

of

exchange

share of Ohio
each

$10,000,

depends on four agricultural and
forestry products for three-quar¬
ters

on

at

is

Franklin

$20.00 of market

value of securities

count and
ance

more

described in the

pan

Prospectus.

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

through April.

from The Ohio Company,
Manager of the Fund.

will

tinues its

larger volume of imports, and
exports fail to keep pace.
Another
concern

curb

trend.

factor

which

the

boom

OHIO

COMPANY

High St.

investments

when

they

above the

Exchange

Columbus 15, Ohio

were

were

1953

average.

especiallv

April.

is

operate

is

the

price

nearly

prices

The

earnings

goods, with textiles ac¬
for the largest
share.
new export

potential

is

very

important for
possibility

in view of the

Taiwan

which until last
Taiwan's second largest

that rice exports,
year were

foreign exchange earner, may be

sharply reduced in the future.-

-

India's Slower Pace
The

less

5%

that

official

the

statistics

expansion

indicate

of

have

than 1 %
In April
above the

The increase was
in March and
cost-of-living index

sharp

its

of

quarter of Tai¬

development of

causing

1953 average.

thev
Member of the Midwest Stock

if-,

a

exports in 1960 were manu¬

.

a

may

half of its

industrial
•production in India has been con¬
since June 1961,
siderably slower than in the other

Wholesale

been creeping up
51 N.

that

and

About

counting
This

balance-of-

rapid rise, sucking in

hand, last year de¬

four-fifths

factured

Nevertheless, Ja¬

encounter

other

1955.

wan's

payments troubles if output con¬

tribution,
Dealer

in

than covered

than $200 million from December

the

vided

ac¬

deposited, less com¬
pensation -to the Dealer Manager, as

This

earnings from the four
agricultural exports that had pro¬

donations, and the bal¬

has been

export earnings.

export

by capital inflow. Japan's foreign
exchange reserves rose by more

to

THE

current

its

rived only a little over

be covered by

may

other net earnings on

of

only slightly less than the ratio
that prevailed in 1955.
Taiwan,
is

seasonally adjusted annual rate,
exceeded $1 billion. Half to twothirds of this

replacing imports

goods of domestic manufac¬

ture, and despite a rapid rise in
industrial output the country still

a

a

Of

directed toward

with

The trade deficit for the

first four

Philippines

rapid industrial
the two, Taiwan

very

to have had more success
in exporting manufactured goods.
The Philippine policy toward in¬
dustrialization has been largely

has been
past six

exports

little

a

very

appears

In April they recovered to

trend

a

expansion.

up

annual rate

the

still

are

the

and

have had

rate of $4.1

a

there

Taiwan

recent

not keep

fast-grow¬

as

small.

demand for

may

well

potentialilties of investment
but our direct in¬

vestments

that domestic demand
a

as

in Hong Kong,

evidence right now

no

This is evidence
industry is highly

competitive

sustained.

be

capita.

per

ing. American firms have recently
been showing greater interest in

pardoned
for
wondering
how
much longer this hectic pace can
v

goods produced in Hong Kong toS. $500 million, or about

taled U.

that Hong Kong

be

may

ployment in Hong Kong has risen
130% since 1953, exceeding even
the rate-of expansion in Japan by
a wide margin.
In 1960, exports of

$165

The first-quarter increase in in¬

dustrial production was at an an¬
nual

in terms of indus¬
development. Factory em¬

trial

only
a
than 1% between No¬

more

down

Ohio Franklin Fund Inc. is

domestic

gross

in recent years

months.

,of $4.4 billion, and
the begin¬
ning of a new upward surge, all
we can say at the moment is that

$20.00 PER SHARE

the

of

quarter

rose

vember 1960 and February of this

an

OFFERING PRICE:

industrializa¬

—

while this could mark

fP"| FUND INC.

and

press¬

product of those countries, with
prosperity since the time of the the highest degree of industriali¬
zation in'Hbhg Kong, Taiwan, the
Emperor Jimmu. It is still to be'
seen whether it will be more sus¬
Philippines, Thailand and India.
tained..! We are now in the testing Hong 'Kong has undergone the
period. The boom seemed to be most remarkable transformation
Reiki"

"Jimmu

year.

COMMON STOCK

South
been

have

varying
degrees
of
success.
Manufacturing and con¬
struction generate from 10% to a

billion in the first quarter of this

OHIO FRANKLIN

Asia

with

tion

the

produced

pro¬

Southeast Asia

of

countries

The

period.

quarter of 1960 to

1,000,000 SHARES

primary

the

in

the

rate
NEW ISSUE

outlook

Turns to South and

Exports, seasonally
adjusted, declined from an annual

only by the Prospectus.

cire

Southeast

rise

as

decade.

fact

through March of this year.
The previous boom of 1954-57 saw
index

be

tention.

production

1958

33-month

to

well

ducing countries.
However, the
development of industry in sev¬
eral of these countries merits at¬

with .output.
This

Japan

the

the

that Ja¬

index, seasonablly adjusted, rose
85% in the 33 months from June

a

as

all distinguished
that they are more
agricultural- rather than indus¬
trial, there is some temptation to
lump them together and sneak of

The cycle has been

industrial

recession

of

Since the Asian countries other
than

strong boom phase since mid-

a

1958. ' The

going

not

are

one

boom over the coming

has solved the problem of the

pan

there

that

Though I am wary of pessimistic
of Japan's future, I don't

-.

performance,

past

periods

views

be
1

Looking
would
be rash to call these ambitious
goals
impossible.
However, J it
would be equally rash to assume
at

Concern

Some

,douj?lin£

exports by 1970.

rise in

by
Causing

official pro¬

for a
2,
national product and a 130%

jections-call

government-to-gov¬

exceedingly rapid rate.

an

Factors

Bank

that institution

now owes

million.

a

slow

in

How¬

validated investments may
be repatriated at the official

Japan has been

of

recognizing
this,
largely,
I
think, because of "reverse MicawWith

his

Depositary
Receipts
system1, which is designed to-fa¬
cilitate
the
trading of
selected
Japanese stocks in this country.

in

berism."

the person re¬
investment a rate

American

them¬

somewhat

to

invest¬

an

curity yen system should clear the
way for the
introduction of the

jus¬

tification

may

quite

valid balance-of-payments

possible

now

repatriate

two years.

pres¬

now

an

any

rate after

rapid progress

be

trade with the U.

now

coun¬

that

I

can

required
investment

was

give

ever,

liberalization,

and

port¬

time through the
market, which was
on
May 1.
This, of

official

is

up

at

is

It

patriating

liberalized.

been

only be done if the Japanese could
develop new export markets in

Europe

Japan.

somewhat less

compared

Japan is under considerable

this could

Further

,

taken

and

course,

62%

This

industrialized

had

imports

in

exports

10 years and that

to

years

fully repatriate

ment

sched¬

are

also

in

security yen
inaugurated

tries, but progress is being made.
As recently as a year and a half
ago only about a third of Japan's

tremely unlikely that Japan would
even

uled

with

One assessment of

1960.

Japanese situation prepared in

1955

1960 six

in

commodity imports are now
free of quota restrictions, and this
will rise to 65%
in July when

country

of

The latest Japanese

counts, and has, moreover, grown

Japanese

direct

make

to

completely

necessary

Approximately

has

government

.

been

in

investment

to

of

in

through

June

up

restrictions.

medium

may

have been remarkably stable.

ary,

About

have

Japan more
attractive to foreigners.
Prior to

On the

analysis with respecjt^o, Japan.
pessimistic prognostications

The

Japan.

been

action

exchange and import
contrary, she is
the process of liberalizing her

tighten

controls.

in

folio

most-favored-nation

Japan has not found it

take

to

Europe, which
redepositihg the funds
with their head offices in Tokyo..

in sales to Europe has come

denied Japan

Japan's ^success in borrowing
sums of money
in private
money markets abroad indicates
that there are ways for develop¬
ing countries to get foreign as¬
sistance other than through the

now

higher interest

funds

banks

branch

over

the

and

accounts

the

these

of

have

treatment.

that

to

was

half

spite of the fact that the Euro¬
pean
countries have persistently

to

demonstrate

years,

such

to

available

rates

in

sen¬

thing

five

past

crease

about

advantage of

1955

have risen about 140%

the

be

was

the

impinge upon efforts
to expand output and exports. So
far however, export prices, which
are available only through Febru¬

represents

tracted

consider

we

double

were

year

.

rope

that

and

true

as

to both the U. S. and Western Eu¬

too

to

mind

bleak

this

ising five or six years ago. Sales

pan's econom¬
ic performance
was

keep

level, exceeding $4 billion. The
largest gains were made in pre¬
cisely those markets—the U. S.
and Europe—which the forecast¬
ers thought to be
the least prom¬

at¬

has

arisen

to

Japan's position today. As I have
already noted, Japanese exports

something

bad

in

forecast

the

conviction
that

well

is

It

growing tightness in the economy,
which

ernment grants and credits.
The
billion. Most of prerequisite, of course, is confi¬
borowing in the' dence in the ability of the coun¬
New York market to finance-Japa¬
try to maintain a reasonable de¬
nese
trade.
However, since July gree of financial stability and in
1960 when the government began
its ability to develop along lines
to
permit non-residents to hold that will augment its ability to
convertible yen deposits in Japan, meet its international liabilities.
over
$200 million has been at¬ Japan
has
succeeded
on
both

controls.

what I would like to call "reverse-

alone

doubt reflect a

price increases no

Japan

per annum.

$1.4

this

.

external aid and in¬
import

on

liabilities

total

A

hopes India will endeavor to sus-

voke tighter exchange and

analyses of the Japanese position
have often been characterized by

capital makets of the West.

Short-term

export position.

better

a

However,
a debtor

country and is borrowing heavily

of economic progress

The writer also examines the pace

and Southeast Asia and

in South

reparations.

in

company

large

few countries in the

a

Japan is still very much

regard held in its financial stability and ability to meet international
liabilities.

•

Japa¬

bonds issued by a

seven-year

amounts to. over 9%

to

country

the

to

reportedly because

cost of
services
growing shortage of
labor.
The attraction of workers
to the better paying jobs in manu¬
facturing is reported to be having
a
noticeable impact on the level
of wages in the service sector. The

firms since the interest cost

top-ranking

substantial

fairly

out

of

form

and

money

paying

amounts to

this

sharply than wholesale

more

caused by a

high

these

at

in

attractive

been

on

Even

years.

Thursday, July 6, 1961

.

prices in 1960,
of
the
rising

which

borrowing

nese

the underdeveloped countries and

confounded its pessimistic critics

performance which

has

for

credits

extended

has

15

rates

foreign aid today. Japan, in fact,
prefers to think
of herself as
among
the aid-giving countries,

Governors of the Federal

System, W'ashington, D. C.

Far East financial expert

of- Japan

candidate

likely

a

to

think

would

one

Aid

No

.

rose

been
com¬

have paid. 7 and
for credits maturing in 14

7V2%
Needs

$40 million has
by Japanese steel

borrowed

.

Asian countries which
dexes.

For example,

publish in¬

with 1953 as

100, Japanese production last year
exceeded

280, Taiwan

s

exceeded

.

Volume

194

Number 6070

.

.

The Commercial and Financial Chronicle

.

(75)

Indian

third

quarter figure was
The Indian index is be¬

only 158.
lieved to

understate the true rate
industrial
growth,
since
it

of

probably

does

weight to the
have

not

give adequate
industries that

new

developed since 1951. How¬
Indian expansion definitely

ever,

lagged in 1957-58
slow

demand

the result of

as

for

Indian

cotton

down

to

below

around

$700 mil¬

stand

they

safely be allowed
to go much lower. The third fivecan

the

textiles

and

together with
shortages of needed supplies that

resulted

from

and

the

import restric¬

tions imposed to curb the drain

on

foreign

exchange.
There was a
sharp pick-up in 1959 and 1960,
in
spite of continuing raw ma¬

heavily

finally

the amount of foreign

assistance

that

obtained.

be

can

invest

asking how
money, I have

years

own

decided

information

India's

an

inquiries dur¬

many

my

making

to

in

disclose

this

this

.weekly

re¬

her

in

success

in

proportion

growth, while
imports have expanded at an even
more
rapid rate than industrial
This

output.

widening
earnings

has

trade

deficit.

1960

in

The

of

in

for

pay

India's

balance

a

Export

could

two-thirds

ports.

resulted

had

im¬

to

ity.
in

Indian

official

circles

of

the
ex¬

There

port' recovery in the
of

1960.

the

If

scribing

emphasizing
is evidence of

of

this

—

which

Gibson

sustained

This

con¬

when

invisibles, gifts and loans, and

$725.

of

of

drawdown

foreign

India's

reserves.

exchange

reserves are now

reserves

These

were

heavily

address

National

Mr. Irvine

by

Industrial

cinnati,

years

panies

drawn

York

City,

the
Board,

May

26,

such

before

Conference

1961.

of

investments

in

long

The

term

small

a

way.

were

no

greeting cards. We
comic

valentines
friends and

not

of

takes

the

\

The

future,

a

has

an

to

years

that

time.

even

come.

all

we

are

Greeting cards

retain

our

circle

of

but the sending of them
time and yet often takes

place of

make

Gov¬

ernment

no

in

thing
is

only

friends,

industrial

it

future

one

short

financing agency bonds and agri¬
and
bonds, municipal, public- culture
forestry
financing
corporation bonds andTSQme pri-r. agency bonds—one can withdraw
vate
long-terpi bank bond,S|;as yen for investment from a trans¬
"still another giant step towards ferable non-resident ,deposit
yen,
the
complete
liberalization
of account Which one can own as! a
-

as

believe

greater

as

and

feel

some

that

my

(representing
my
the stockholders)
making 100,000 people happy

are

one

as

of

each year. This is one illustration.
But

to

now

a

second,

which

capital transac¬

overseas

tions."
In

a

"will

stimulate

and

broaden |

the
exchange of capital between the
United States and Japan."
Prior to this revision foreigners
unable to invest in Japanese

were

bonds

government

and other

which

bonds

lected

se¬

tended

to

hamper broadened investor inter¬
est.

respite

This,

fact that

the

recognized
lucrative
investment medium in Japan, he

these bonds have been

and

safest

the

as

most

said.
"The

yield in Japanese govern¬
is one of the highest
in the world—7% or over annual¬

ment bonds

semi-annually, with 7
maturity,"
Mr. Okumura
pointed out; adding that invest¬
paid

ly,

years

now be made in dollars,
pounds or other foreign
currencies in addition to
Japa¬

ment

can

sterling

nese

a

letter^ They surely

millions of people
above company

happier.

in which I

have invested has the following to

Okumura
explained that
the secondary (bond) market had
been relatively small and inactive
,

War II.

after World

Investment

such

firms,

No¬

as

found it difficult to float
government bonds to the public,
"because of high money rates and

mura,

competitive and exceptionally
stock market," Mr. Oku¬

active

said.

mura

offset this

In order to

in

Bond

a

initiated

year,

of this

January

the No¬

(at

a

nupiber

to

nation—whether

a

mocracy,

or

it

is

food, good seed is probably
greatest need.
Furthermore,
few people understand that unless
age of

the

seeds

each

carefully

are

year

from

selected

healthiest

the

the

quality of the seeds
quickly runs out and the vege¬
tables ultimately return to their
plants,

wild

native

state.

Furthermore, a
purchaser
of seeds cannot
tell
whether they are good or bad un¬
til after they are planted, which
is too late.
It is absolutely im¬
,

portant,

therefore,

,

itf

of

If;you

greeting

divide

to

tion.

cards

which

As

illustration

an

official

the

of

rate

nually to

offer to sell

an

able

from

sales

the

billion seeds.

250

some

stockholder, I have the
planting half a billion
each year!
I really get a
of

great kick out of this.
Seeds

and

Greeting

s_'.

I. under n

Cards in

Russia
When I
the

best

was
-

in Moscow, I found

people

treated

nor a

the other

hand, the two businesses

which

allowed

were

ment

ing

were

the

seeds depends absolutely
the character of those in it,
the preparing of greeting
requires an artistic original¬

of

upon

while
cards

which

ity
with

money

cannot be purchased
or forced upon peo¬

ple. It must be voluntary. *

With California Inv.
LOS

ANGELES,

staff of

has

Calif.—E. Harry
added

been

Wilshire Boulevard.

solicitation of

any

delivered by
freely re¬
patriated in the currency involved

offer to buy any

1961

160,000 Units

be

may

^

in the transaction.

The
following;,regulations on;
repatriation of principle must be
observed:
(1) when foreign cur¬
rency is used for investment, re¬
patriation is possible only after
the purchased bond has been held
for two years or more, after which
time it may be sold. One may also
buy a bond of more than two
years maturity and hold it until
maturity.
However, in the case
of government notes and one year
discount financing agency deben¬

tures, these bonds having a
of

maturity

only

when
and

of

year

one

held

(Each Unit consists of One Share of Class A Common Stock and

ci.able

at

$5.50

per

share, expires

Price $5.00 per

period
less,

Warrant, exer-

twelve months from its date, and One Warrant,

expires thirty months from its date.)

exercisable at $6.00 per share,

or

Two Common Stock

purchase of Class A Common Stock. One

Unit

issue

new

a

Recreation Enterprises, Inc.
Purchase Warrants for the

is sub-,
its maturity

to

be repatriated in
foreign currency; (2) when a non¬
resident
deposit, yen
account is
principal

may

Copies of the Prospectus

used, repatriation in foreign cur¬

securities and in which the

is permitted
only when
having periods of matur¬

rency

bonds

may

be obtained from

any

of the several Underwriters

only in the States in which such Underwriters are qualified to act as

ity of two years or more are pur¬
chased and held until maturity.

Prospectus

may

dealers in

be distributed legally.

I. M. Simon & Co.

repatriated princi¬
proceeds received from

other cases,

In

pal

or

a

bonds

of

sales

must

A. C. AHyn

deposited

be

& Co., Inc.

Stern Brothers & Co.

H. 0. Peet & Co.

non-resident deposit account.

Securities

Nomura

Co.,

headquarters

its

maintains

Ltd.
; in

offices

are

and

Dempsey-Tegeler & Co.

100 branch
located in Japan, Ho¬
New York.

Reinholdt & Gardner

Newhard, Cook & Co.
1

Over

Japan.

Tokyo,

E. F. Hutton &

Co., Inc.

George K. Baum & Co.

Scherck, Richter Co.

jri

This stimulated considerable in¬

in

terest

with' the

sharply

these

bonds

resultant, volume

rising

within

S34.460.000
1961
000

from

in

sale

the

at

:

of

a

the

level

a

December

months—

few
end

of

May,

of $28,550,000,of

1960,

Mr.

Okumura said.
In

order

to

Government

Form

bonds

bonds,

in

—

Japanese

long

-

term

short-term notes, munici¬
pal bonds and government guar¬
anteed
public corporation bonds




&

Bernard

P

c/o

a

Bernard

Bateman, Eichler & Co.

has

Inc.

been

Halle &

at 80 Avenue

Zwickler, to

and

•

Secretary.

,

A. G. Edwards & Sons

Stieglitz

Inc.

Edward D. Jones & Co.

Stifel, Nicclaus & Co., Inc.

Zuckerman, Smith & Co.

Barret, Fitch, Ncrth & Co., Inc.

en¬

Straus, Blosser & McDowell

Zwickler,

Seymour

Deutsch,

Fusz Schmelzle & Co.,

Seymour,

—

securities business. Of¬

are

President

and

Co.,

Seymour

in

ficers

Y.

N.

with offices

formed

gage

invest

Seymour, Bernard

BROOKLYN,

Treasurer,

and

B. C.

Vice-President
•

7

•

.

Christopher & Co.

Smith, Moore & Co.

-

4-

to

the

California Investors, 2932

June 30,

interest

bonds

govern¬

seed
card
This is because the rais¬
and

concerns.

continue

the
greeting

supervision

business

to

under

manufacturers

as

Regardless of the method of in¬
these

On

and

yen.

vestment,

were

ballet dancers.

scientists

transfer¬

of

I

words, I have the great
satisfaction of knowing that, as an

The offering is made only by the Prospectus.

of, these securities.

the
one-

other

In

Fierman

the .seed

of

volume of this company,;

This advertisement is neither

ex¬

by

which

give about

with

deal

companies of the highest reputa-

the

divided

stockers—of

would

half billion seeds per stockholder.
All these seeds sold add up an¬

de¬

a

ruled by com¬
whether
it
is
an

one

munism,
or
underdeveloped nation with in¬
creasing population and a short¬

the

sold,

of
—

non¬

slight dis¬

nolulu

executive said.

mura

rived

apathetic

was

Trust

Investment

one

change), it is possible to receive
immediately foreign currency de¬

in

interest in these securities

other

from

If sold

in

count

am

Japan.
Deposit
be purchased and

can

residents.

and

number

seeds

_

corftrpend

up

of

transferable

are

scribed

yen.

Mr.

tax

also

yen

cable to New

York, he said
the new revision, which now al¬
lows a foreigner the privilege of
investing
in
Japanese
Govern¬
ment internal bonds, as well
as
some
other selected bank bonds,

.

non-resident

on selec¬
the character
of its product that it does not pay
great dividends; but if I did not
get the money in cash dividends
money

keeping

average

,

Japan's

is

marvelous.

more

Although there are several seed
companies in the United States, I
think this one is the largest of all.
Not only are seeds very essential

sent out to

we

I

and

to

commercial

in

boy, there

a

started I felt that it had

Ltd.,
try's

Nomura Securities Co.,
views the Japanese Minis¬
of Finance ruling June 27
permit non - resident foreign

still

stock;

Inc.

enemies; but I do not remember
sending a Christmas card, or East¬
er card, or
birthday card. As soon
as this greeting card industry was

including national railroad bonds,
Nippon Telephone & Telegraph
bonds, public housing bonds and
certain private bank bonds such

the Board,

was

terrible

which

Buying Interest
In Japan Internal Bonds

Okumura,; Chairman

started

things

had

See Broadened
Tsunao

I would
stockholdings

this

on

dividend

a

leading
greeting

which print
headquarters are in Cin¬
Ohio. All of these com¬

When I

*An
New

not

were

four

com¬

raised

dividend

a

Asgrow Seed Company

Cards,

of the

one

much

so

tion and

but, if it missed

even

me.

cards. Its

upon.

a

Greeting

is

companies

siderably brightened.

financed by small net earnings on

especially appeal to

spends

honor

be
2 Average

own

ex¬

last quarter
be

can

Indian prospects will be

pocketbook.

I am today de¬
two companies by way
of illustration
the products of

growing awareness

a

importance
ports.

self-sustainabil-

its

There is

in

as

To illustrate—this

ceived

my

little

well

as

are

for

cabbage,
also stu¬

I
would
get the satisfaction of
knowing that the number of seeds

demonstrated

had

exports

industrial

heart

my

as

the company, you get a result of
nearly 100,000. I have always re¬

has

India

in

seeds, such

sells nearly 70 billion carrot
seeds
each
year.
The
company

one
company sells annually
by the number of stockholders in

share

Frankly, I try to invest in

Figures

seed.

pea

bean
many

pany

this

faction

lease.'

reply

investment.

year,

expanding

•

I

on

so

ing the past two

plan targets will therefore depend

to

to how he invests his

as

jute were drawn down
low levels.

very

only

for in

I have had

has decided

two companies to illustrate what ha looks

are

something which is doing much
good, so that I will have a satis¬

raw

cotton and

to

Singled out

small

broccoli, and celery,

Babson

inquirers Through his column

money.

of

pendous.

life Jong principle, Mr.

a

to many

of the

The realization

Discarding

-

growth, in contrast with
that of Japan, Hong
Kong and
Taiwan, has not been export-ori¬
ented and has therefore not as yet

terial shortages. Inventories of
to

1959.2

billions

By Roger W. Babsoa

plan, which began the first
of April, will tend to greatly ex¬
pand import demand, while only
modest export expansion is pro¬
jected. The plan calls for balanceyear

of-payments
deficits
averaging
$1,350 million a year, which is
roughly double the deficits in 1958

jute,

they sell 10 billion
seeds, 7 billion of corn, and

My Investment Philosophy

lion, and the government does not
think

15

Stix & Co.

16

(76)

The Commercial and Financial Chronicle

earning^ due to dilution through stock offerings. Certainly any
legislation ameliorating the branching situation could well make

BANK AND INSURANCE

the First National (deposits $340 million)
Alabama law permits only limited

been

This

Week 4- Bank Stocks

The North Carolina

decade

Districts.

are

exceeded

was

The

ton, but operates only in the District of Columbia. Although the
earnings record has been favorable, the geographical confinement
might mean some slowdown in the growth rate.
The larger of the two North Carolina
banks, used in this study,
the Wachovia (deposits of $680 million).
This institution has

is

aggressively branched throughout North Carolina, where state¬
wide branching is permitted.
There are now approximately 70
offices with representation in all major areas.

The rate of

Lewis
the

&

Stoehr,

initial

class

Advertising

as impressive as its competitor but the
branching is now over and earnings growth should be
more favorable.
Although the capital position is not as strong as
North Carolina National's, the low dividend payout
permits a
build-up of the "capital to deposit ratio" to the "normal" 9 or 10%.

A

share.

will benefit from the development of port facilities in

the

sents

the

of

merger

three

(deposits of $461 million)

small

banks

1960.

in

The

repre¬

earnings record of these institutions is impressive; however, the
bank has to extend into areas of the state where they

present

not

represented in order to benfit from retail banking. This
may impede earnings growth.
With the high payout it does not
are

likely

seem

that

dividend

performance

will

be

good

the

over

immediate Mature.
The

four

remaining banks are located in the Sixth Federal
Reserve District (Atlanta).
This district had the greatest deposit
growth of any district in the 1950s. It is expected that this should
also continue
sent

through the present decade. The four banks repre¬
largest banking institutions in Georgia, Florida and

the

Alabama.
•

•

■"

•

:

-

I960

Price

Citizens

and

National

First

P/E

Earnings

Ratio

% •'

•

%
Div.

Yield

Payout

Southern

(Savannah)
(Atlanta)

$61

$3.35

18.2

$1.80

2.95%

47.8

58

2.97

19.5

1.60

2.76

53.9

13.5

1.40

2.69

36.5

'

First

National

(Birmingham)

52

3.84

First

National

(Miami)

64V2

3.41

18.9

1.60

2.48

46.9

34y2

2.02

17.1

1.00

2.90

49.5

4.50

2.88

40.3

.50

1.79

32.3

North

Carolina

(Charlotte,

National

Riggs National
Wachovia

__i__

C.)

N.

(Washington, D.C.)

Bank

and

(Winston-Salem)

156

11.17

14.0

28

Trust

1.55

18.1

Co.

_

% Inc. Earn. Per
Share 3/31/61
Over 3/31/60
Citizens

and

National

be

cancel

% Inc. Earn.

%

Per Share I960

Inc. Earn.

the

by

to
promissory note executed
of the purchase price of

a

predecessor

company

company,

facilities

tion

to
produc¬
and

electric

of

for

the

plastic signs and
The balance of the
proceeds will be applied to the
company's proposed program of

Neon

signs.

erection

699

of

new

boards,

and

for general working capital.
Ruth Outdoor Advertising Co.,
Inc., Albany, N. Y., operates its
general outdoor advertising busi¬

principally

ness

Eastern

New

Canadian

in

York

border.

the
of

the
company
owned
operated over 211 billboards.
intends

the

use

utilizing
enter

31,

and
The

further

pro¬

painted bulletins
lighting
and
to

Neon

of outdoor ad¬

media

new

a

of

to

the

to

Dec.

1960,

company

of

area

State

As

1960

Bank

—1.2

21.8

12.8

10.0

—2.7

16.5

31.5

9.6

1st

Natl.

(Atlanta)

1st

Natl.

(Birm'gham)

*

10.5

40.6

8.0

1st

Natl.

(Miami)

•

16.0

35.3

7.3

No.

Carolina

vertising, namely "Junior Panels."
These
6x12
ft.
panels
can
be
placed on walls strategically lo¬
cated in heavily populated areas,
cities and highways.

♦

9.2

51.9

52.0

7.3

(Washington. D. C.)

consist of 80,000 shares of class A
and 60,000 shares of class B stock.

♦

General Economics

Wachovia Bk. & Trust
—4.8

1.3

21,1

Common Offered

♦Not-reported.

Public offering of 130,000 common
shares
of
General
Economics

and

made

by

ning,

Inc.,

the

of which

is

the

smaller

Citizens
held

The bank and

and

for

the

cities.

Further

Southern

representation

Holding

holding

bank (Bank of

occurs

Company, the stock

benefit of the stockholders

company have 32 offices.
Florence) is being merged.

of

the bank.

At present another

Corp.,

earnings growth has not been as
competitor but its branching occurred
position may be stronger for this reason. In both
dividend
payout is substantial,
consequently dividends

impressive

as

its

and

banks

its

chief

should

grow no faster than earnings.
Capital positions are rela¬
tively strong. The First National of Atlanta (deposits $499 million)
may have to undergo expansion to benefit from retail
banking

outside

to

of

the

Atlanta

As yet

tistics

Fortieth

should not fail

—

of

that

appears

with

the

growth

the First National

area

Sta¬

Annual

Year

by the company for work¬
ing capital.
the

company, whose

same

active

as

in

Market

the

the

Commercial Credit Insurance

as

a

Management Tool—Clyde William

Phelps—Educational

and

Bank

of

to

enjoy substantial increases in earnings.
this has not reflected itself as fully as possible in per share

Their

Editors

and

How

Fortunes

of the

"Wall

Head

Bernard

NATIONAL BANK

Office;

(paper).

Well

a

Functioning Fi¬
nancial System—R. H. Beckhart—

University of Queensland Press,
Brisbane, Australia (paper), three
shillings.
Electrical and Electronics Industry
in Puerto Rico—Richard L. White

istration, 666 Fifth

Avenue, New
19, N. Y. (paper).

European Common Market: Prob¬
lems

and

Opportunities

Frontier

of

in

American

the

Busi¬

ness—Sylvan Gotshal—Weil, Gotshal & Manges, 60 East 42nd
St.,
New

York

ration

17, N. Y.

(paper).

Annual Report for Year
Dec. 31, 1960 — Federal

—

Ended

Deposit

Geis

Associates

lncfusirial

Trade

of

and

National

City

Data—First

Bank

New

York,
55
Wall
York
15,
N.
Y.

New

(paper).
Rican

terly Report
ernment

Puerto
Rico

Securities

to

—

Investors

is

THE

New

finances
insurance

The

1,

1961,
the

of
of

Dividend

Stock

Stock

FE

of

to

N.

Y.,

of

Selling

Yrourself

use

business

and

James

Mangan—Prentice Hall

T.

social

Inc., Englewood
(cloth), $3.95.
Sell

Like

King

—

Cliffs,

Ace

an

A

success

—

Live

Textbook

26, BISHOPSGATE,

LONDON, E.C.S.

OF DETROIT
on

PARLIAMENT STREET, S.W.I.

13

Bulletin

ST. JAMES'S
to

the

Government In:

ADEN,

Laijrd, Bissell & Meeds

KENYA, UGANDA, ZANZIBAR

Members New York Stock
Exchange
Members American Stock

Branches in:

Exchange

BROADWAY, NEW YORK 5.
Telephone: BArclay
Bell

Teletype NY

7-3500

1-1248-49

Specialists in Bank Stocks




N.

.

i

INDIA, PAKISTAN,
Y.

KENYA.

new

UGANDA,

CEYLON, BURMA,

ADEN, SOMALI

REPUBLIC,

NORTHERN AND SOUTHERN

RHODESIA

$2
be

per

building,

equipment, re¬
development,
sales

and

The

company

Frankford

Ave.,

Philadelphia,
the
a

29,

whose

was

1942

and

address

Allen

incorporated

and

Stock
ation

Valuation

—

Bureau

Adolph

Business
gan

in

E.

Federal

succeeded

St.,
on

to

business

1941. It is engaged in the
business

manufacturing

drugs

and

and

Tax¬

Grunewald

•—

of Business and Economic

Research,

Graduate
School
of
Administration, Michi¬

State

University,

East

Lan-'

sing, Mich, (paper), $1.
Techniquest. of Monetary

Control

—Joseph Aschheim— Johns Hop¬
kins
Press,
Baltimore
18, Md.

(cloth), $4.50.
DIVIDEND

NOTICES

Directors

has

this

1961

day declared

Thirty
No.

Cents
(30c)
per
share,
202. on the Common Capi¬

Company, payable September
holders of said
Common
Capital
of

on

the

AMERICAN
can company

books

business

July
M.

COMMON

STOCK

of

the

Company

28, 1961.
SWEARINGEN,

Broadway, New York

5,

N.

1961 a quarterly dividend
of fifty cents per share was declared on the
Common Stock of this Company, payable
On

June

27,

August 25, 1961 to Stockholders of record at
the close of business July 21, 1961. Trans¬
fer

books

will remain open.

Checks will be

mailed.
,

Y.

selling

pharmaceuticals.

CHASE
MANHATTAN
BANK 5
The

Board

declared

of

DIVIDEND

Directors of The Chase

NOTICE

Manhattan

Bank has

dividend of

62Vz$ per share on the capital stock
payable August 15, 1961 to holders of record at
the close of business July 14, 1961.
a

of the Bank,

The transfer books will not be closed in connection with
the

payment of this dividend.

„

JOHN R. HENRY, Secretary

Treasurer

is

of The Lannett
Co.,
partnership formed in December

of

a

Solid,

Avenue, New York 11, N. Y.

used

promotion, and working capital.

June

TANGANYIKA, ZANZIBAR,

at

by the company for investment in

SQUARE, S.W.I.

Request
Bankers

120

Securities
Co., Inc.,
City, is publicly offer¬
150,000
common
shares
of

search
54

J.

Wolfe, Prentice-Hall Inc., 70 Fifth

New York

a

London Branches

N.

Like

of

Lannett Company
Common Offered -

will

—

Workable Sales Techniques—John

AND

27,

Assistant
120

proceeds

to

your person¬

COMPANY

June

this

registered
close

TOPEKA

RAILWAY

York,

Board

dividend

being

at

Company, Inc.,

Gov¬

(paper).

Secrets

NOTICES

ATCHISON,

SANTA

payment

Net

Quar¬

—

Development Bank for
Rico, San Juan, Puerto

Dreyfack—-Employee RelaDIVIDEND

the

share.

the

Company Get Ahead—Ray¬

mond

tal

Lannet

They

By

—

ality, outlook and ideas, to attain

Criteria of

a

ing

Y.

Street Jour¬

Netherlands

NATIONAL AND GRINDLAYS
BANK LIMITED

N.

People—How to

and

and

11,

timore 2, Md.

life

life

Millionaires

nal,"

Fifth

Division,
Commercial Credit
Company, Bal¬

and

of

York

The

—

$3.50.

Puerto

States, Washington 6, D. C.
(paper), 50 cents (quantity prices
request).

on

prin¬
cipal, sells mutual fund securities
insurance,

60

New

(cloth),
New

Company,

United

address is

underwriters,
broker

Avenue,

Studies in

e e s

Street,

Over-the-Counter

both

as

Six

Goronwy R

—

Automation and UnemploymentChamber
of
Commerce
of
the

Your

be used

The

'

Philippines—Basic

sale will

42nd

the Commission

How to Cut Costs to Help You and

First Continental
W.

Influ¬

Credit—Prentice-

Statistics, 50 Broadway, New York
4, N. Y. (paper), $4 (hard cover,
$4.50).

Plan¬

being

130

Their

(cloth), $4.95.

Insurance
Corporation,
Washington, D. C. (paper).

is

branching but attempts have been made
It

Metal

St., New

share

per

of

and

Book—American Bureau of Metal

R.

anticipated growth of the Miami
Miami

$5

premiums.

area.

Florida prohibits any
circumvent this law.

at

York. Proceeds from the

Here again the longer-term

earlier

New York

Federal Deposit Insurance Corpo¬

Generally, state-wide banking exists in Georgia, The Citizens
and Southern National Bank
(deposits $622 million, including
affiliates) has offices in the major cities (Atlanta and Savannah)
through

Bureau

of

Hall, Inc., Englewood Cliffs, N. J.
(hard cover), $3.95; (paperback),

Made

American

7.7

<

of

Avenuei

Lexington

17, N. Y. (paper).

New

Co. (Winston-Salem)

As¬

Advertisin/g Agencies,

York

National

several

Organization—American

sociation of
420

Roster

-^-Economic Development Admin¬

9.0

17.7

and

Reserve

Reserve

Report

Money

Macmillan

1961*4962

For the year 1960, the company
had total income of $169,803. Upon

National

(Charlotte)
Riggs

—The
on

Wealth

—

1961—June

Jobs, Prices, and Growth

American Association of Advertis¬

Agencies

6,

Governors

of

Credit:

and

on

ing

being

are

&

York

Federal

Multi-Millionaires:

per

completion of current financing,
outstanding
capitalization
will

% of Deposits

1956-60

Southern

(Savannah)

$3

Wiesen-

New

Mid

in

of

$2.00.

Outdoor

at

Capital Account

Per Share

Over 1959

80,000

speculation.

a

used

part

as

mote

Bank

National

Inc.

securities

expand

combined

making

of

Net proceeds from the financing
will

Wilmington.

as

is

Ruth

of

Co.,

The

offered

dividend increases should be favorable, as few
banks enjoy as low a payout.
Recent developments include an international division which
run

shares

Money

BOOKSHELF

sale

(cloth),

Wiesenberger

Federal

ence

Inc.,

public

J.

L.

Inc.,

System,
Washington 25, D. C. (paper), 600.

Businessman's

f

Class A Sold

earn¬

of

The North Carolina National

Market

issue

the

Advertising

N.

61 Broadway,
(cloth), $25.

1961

bulk

long

Co.,

Labor

Ruth Outdoor

Hall

Funds—Arthur

berger—Arthur
N. Y.

ings growth has not been

Over the

Cliffs,

the

Robert

—

Prentice

Bulletin—Board

The Riggs National Bank is the
pre-eminent bank in Washing¬

in

Money

Market

—

nadian

continue its favorable

to

25

Investment Companies—1961 Edi¬

this present decade.

over

Street,

(paper),

tion—Covering 348 U. S. and Ca¬

by only three other Federal Reserve

Fifth District is expected

deposit growth

34th

Y.

$4.95.

rate of deposit growth in the past

a

N.

Make

Englewood

ment's

in the fifth Federal Reserve District

to

Gardner

all of the banks have benefited from this.
In the
of these banks future growth depends
upon favorable

some

West

19
1,

Commodity

legislation which will allow further branching and also manage¬
performance measured by its willingness to take advan¬
tage of changes in legislation.

National; the Riggs National and the Wa¬

This district had

which

of

case

chovia Bank and Trust Co.

(Richmond).

How

impressive, earnings may tend to be somewhat cyclical.
area
under discussion,, continues to
experience economic

growth, and

Inc.,
York

cents.

The

SOUTHEASTERN BANKS

Thursday, July 6, 1961

tions,

branching.
The largest
bank in the state is the First National of
Birmingham (deposits
$377 million). The economic complex,of the state is made up of
heavy industry and agriculture. Although the bank's record has

STOCKS

.

New

unusual growth bank.

an

.

■
.

MORTIMER J.

PALMER

Vice President and

Secretary

194

Volume

Number 6070

THE MARKET

.

.

.

The Commercial and Financial Chronicle

.

.

plus

AND YOU

.

(77)

of the brighter year-tocomparisons at a

some

earnings

year

time when

WALLACE

BY

STREETE

such

reading

not

was

pleasing.

very

Gulf
Oil, however, held well
despite a secondary offering of
$64 million of its shares by a
The string of

for

listless stock markets

and

weekend

a

There

new

low

bidding

for

to

a

moves,

units

and
have

and
expansion,
expensive. So Cerro's earn¬
record has yet to show the

new

been

ings

this year.

for

while

sales

Obviously all these

that

holiday

a

turnover

dropped

random

between

sandwiched

session

its

of

the Peruvian work has held level.

continued to grow this week, but
this time in part due to a

two-thirds

full benefits of the diversification
some

was

In

moves.

fact, its joint operation

pany

1960

We Can Hope

of related trusts. The com¬
for the recession year of

group

"...

showed

review

earnings of $3.20 a
share from $2.90 the year before
and

a range

full

wasn't

this

even

give it
10

running

points

enough
as

this

for

much

as

In
fact, the shares have shown little
year.

with Newmont Mining to set up a

life

cement

until

1963.

occasionally, but overall progress
was not
conspicuous and most of
them were still well under their

Peru

copper

1961

Rails Drab

drab

were

generally

but

steady. They showed no

signs of

coming to life to take over market
leadership as hoped by followers

neglected section. With the

of this

in

partners

a

new

are

enterprise

dis¬

last

.

3-for-l

"I

in 1951. The company is a
cash-stock payer, having larded
the

$1

cash dividend

with

tinguished — Newmont, Phelps
Dodge and American Smelting.

cent

3%

to

stock payment last year.

is

a

shares

have

been

well

de¬

flated from their high of the last
half dozen years.
At

the

high

they sold
worth,
lately have been available below
$40 where on the earnings poten¬
of

$64

at about their current

net

higher-yield items
around, since the play in stores
stocks generally seems to have
skipped by it. Its indicated return
is
nearly 5V2%. The unknown
quantity about Allied is what luck
it will

all the

payments, on the brink of
bankruptcy, there was no life in
the
hard-pressed Eastern roads.
Moreover, when it comes to the
better quality roads where profits
have held up well, the only occa¬

projects are producing, the price
earnings ratio was an indicated
eight times or less. Even on the
basis of estimated

earnings for this

earnings
turn

sional
ited

ratio

and

spate of buying was lim¬
mostly to Norfolk & Western
and with no follow-through to it.

in

been witnessed

70% increase in profits
the
average
of
1951-53,

showing
from

a

the best showing

which is by far

Western

&

Norfolk

still

is

digesting its recent merger with
Virginian.
That
was
ac¬

the

complished late in 1959, but the
company's projections are that the
full benefits will not become ap¬
parent until the end of this year
with the completion of the plans
to interconnect the two. Estimates
a

will

it

that

are

$12

save

this

and

year,

is

million

considered

conservative.

thinking behind any favor¬
to railroad securi¬
ties is that their costs have prob¬
The

attention

able

ably reached bottom through the
efforts
to
cut
expenses

have

as

nical

It

Products.

furnaces,

vacuum

shock

and

Robinson

is

around

show

makes

high

chambers

text

vibration

and

mounts

the general public is
unfamiliar. Robinson
active in expanding and

has been

their

recent

reports, which is an

unusual ability in the

rail business.

Business Machines. Here,

again, its

expansion
and
diversification
steps have yet to be reflected fully
in

earnings,

shortly

should
of the

but
some

as

endeavors

show

within

sho^t

or

the

two.

They •

The

bright spot of growth in an

otherwise stagnant business

is the

piggyback operation, a blend of
truck-rail movement that jumped

despite a decline
railroad carloadings.
Since the piggyback shipments are
still only around 2% of total rail
revenues, and projections are that
third last year

a

overall

in

will

piggyback revenues in time
account
for
a
fourth
of

rail

there obviously is room
much more expansion.
The

revenues,

for

major

problem of railroads gen¬

erally is to find some way
of
increasing their handling of total
intercity traffic. And so far the
piggyback idea is the only one
that has struck paydirt.
Coppers Gyrate

have been the
and, more times
than not, the undervalued ones.
In this group
the one that has
done the most to change its nature
is
Cerro
Corp., the old Cerro
de
Pasco Copper
company that
was
best known as a Peruvian
Copper

gyrating

shares

ones

are

those

at

of

presented

any

author

do

the

"Chronicle."

as

those of the

Electric

a

&

Bond

an

of

dent has to say about the defects of the present
system, but it is far from clear that his Adminis¬

runs

a

these

man¬

so

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

This announcement is neither

year

any

of these securities.

June. 30, 1961

days

350,000 SHARES

company,

Bond that makes it

Standard Brands Paint Company

tax

are

a

COMMON STOCK

is that its

rare

($1.00 Par Value)

free, being con¬

a

return of capital from its

on

utility investments. It is

sidered
losses

buy

NEW ISSUE

chemical
One feature of Electric

dividends

individual income tax structure.

a

part interest in

a

our

sales

engineering company, a chemica^
speciality construction and engi¬
neering company, as well as hav¬
ing

bodied in

agement of G. Sellers Smith, Jr.

Elec¬
quality portfolio,
Ebasco Services, a top-flight
has

tration is as yet prepared to go all the way in
curing the infirmities of the present or any other
system with rates as progressive as those now em¬

Share, the old

Listed

investment

Bond

Some

encouragement is found in certain things the Presi¬

that has stressed

company

diversification.
as

St., under the

rate

be prepared for the next session of Congress.

only.]

Walnut

Kennedy

newer

doubled
span

1401

President

We shall all have to await the tax program to

time coin«

i

company.

Piggyback, the Bright Spot

necessarily

with

Nat'l Sees. Branch
including
one
elec¬
company that makes as¬
PHILADELPHIA, Pa. — National
semblies and components for com¬
Securities & Research Corporation
puters. Some three-fourths of this
opened a branch office at
division's work is for international has

resultant sharp increase in

despite lower revenues in

not

cide

tronics

tric

creases

improve¬
the preced¬

acquiring,

also

profits. Several roads, in fact, have
been able to show earnings in¬

is expected

substantial
over

the

structure. We can thereby
goal of a higher rate of economic
growth, a more equitable tax structure, and a
simpler tax law. I know these objectives are shared
by—and, at this particular time of year, acutely
desired by — the vast majority of the American
people."—President Kennedy to Congress.

and

which

completely

the recession. And they
have the capacity to handle in¬
creased
business
economically
a

a

of

work toward the

subsiding,

are

appropriate

an

a

[The vieivs expressed in this article
do

public utility holding colossus, is

with

taken

session

tee, the program should be aimed at providing a
broader and more uniform tax base,
together with

Tech¬

frantic

through

costs

for the full year

earnings
ing fiscal period.

One of the most misunderstood
issues

have

that modernization

now

expansion
to

recently.

Misunderstood Item

with

industry.

in the

such

to

ment in

profit-making ability is
superior to even that of some of
the
better grade railroads. One
N. & W.'s

statistical tabulation rates it with

markets

seem

next

and the Joint Economic Commit¬

is
moving into the discount field. Its

the shares are ayailable at
only a bit more than 11 times
earnings which is a conservative

year,

and

"Progressing from these stud¬
particularly those of the
Committee on Ways and Means

other store chains, Allied

Like

the

research

comprehensive
program to be placed
a

ies,

department stores the customers
who have departed to the suburbs.

interest

the

Congress.

ing to recapture for two New York

once

undertake

before

have in door-to-door sell¬

tial that should show

planning to shift its shares from
the
American
Exchange to. the
New York Stock

Exchange.

Price $14 per

Changed Stature of the Chemicals

Share

The prime

chemical companies,
long the growth ones in the stock
market until
took

over

been

"science" stocks

the

well

the

mantle, have not
regarded by investors
for a long time since competition
has been keen, newcomers in the
field active and earnings on some¬
thing of a plateau.

Copies of the Prospectus may be obtained from only such of the underwriters,
including the undersigned, as may lawfully offer these securities in this State.

The
chemical
issues,
conse¬
quently, are now grouped with the
"cyclical" industries which benefit

Sutro Bros. & Co.

Allen & Company

importantly in times of business
recovery, such as now. Meanwhile
one

tabulation

shows

that

out

Ladenburg,Thalmann&Co.

of

Goodbody&Co.

13 chemical

so

six

below

the issues

what

can

the

are

be

E.F.Hutton&Co.
incorporated

companies, nine were
selling below the 1957-1960 highs
and

J. C. Bradford & Co.

1956-57 peaks

Dempsey-Tegeler & Co.

Finkle & Co.

still available at

considered

deflated

J. A.

prices.

William R. Staats & Co.

Hogle & Co.

Sutro & Co.

mining company.
From

purely an extractive

busi¬
into

the company has gone
fabricating and added oil, gas
ness,

cement to its
a

shares,

despite

and stirring, haven't come
favor to anything like
interest. And where

handful of years ago

its Peruvian

accounted for
most of its revenues, now products
made in the United States account
metal

Oils Still Neglected
Oil

operations




back into
the degree

that obtained in the years immeditely following World War IJ.
And

this

nounced.

is

in the face of

turn

in

Kay, Richards & Co.

occasional

their

a

pro¬

fortunes

•A

,

so

directing the Secretary
Treasury, building on re¬
tax studies of the
Congress,

tax reform

of the

New Haven in default on its bond

comprehensive

tax structure which is

am

preparation of

Allied Stores in the chain group
one

a

of the

split

The

highs.

Rails

Its

the

for

tive reform.

split in 1959. They had also been

plant in upstate New York

since

ever

time has not permitted the
necessary

complicated and so critically important to so many
people. This message is but a first though urgent
step along The road to construc¬

to

top-grade
issues
including,
at
times, Eastman Kodak, Reynolds
Tobacco and American Telephone.
Electronics were
given a whirl

isn't scheduled to start production

17

Stem, Frank, Meyer & Fox

Straus, Blosser & McDowell

18

The Commercial and Financial Chronicle

(78)

Outlook for Exports and

over

mestic

Summing

Imports of Primary Markets
Commodity Corp.,

we

these various ten¬

up

gather the impression
calendar, U. S. ex¬
crude
materials
and

1961

for

of

ports

By J. Carvel Lange,* President, Industrial
New York City

do¬

usage.

dencies,
that

months'

six

some

was

crude foodstuffs will be about un¬

/V.v:-

Some $200 mil¬
exports of crude mate¬

changed
lion

long run pros-L
pects for individual and total basic crude materials and foodstuffs.

Commodity expert reviews import-export short and

1960.

on

less

rubber

Crude

Last October's corn carry¬

wheat.

in

1961.

Any

slight increase in domestic rubber
consumption should be more than
offset

have

inroads

by

Natural

thetics.

of

new

syn¬

prices

rubber

as

whole, are unlikely to equal

a

the

level.

1960

A

rials—principally because of less

im¬

in wool

increase

modest

cotton and less coal—will be about,

ports can be anticipated for 19:1,

is that imports will decline around

offset

especially

milliojj compared to 1960 and exports will remain unchanged
leaving the latter at $4.2 billion and $4.6 billion for imports. Looking

crude

for 1961

estimate

over-all

His

,

$150

grains.4

<

indicate that demand

trends

leading

America's

among

primary exports
favorable in 1961

customers for her

be

will

more

upward trend. More¬
undergoing somewhat of an

production

postwar
and oils prices is

in

leading

for

countries

various

of

example,

shows

a

year

pattern

of

will

in
Japan, West
Germany,
the
Netherlands,
and India; or

their

year ago as

dom

J. Carvel Lange

ex¬

in

Kingdom

renewed

of

pattern

and

acceleration.

tobacco,
the

and

unusually

quite

purchases

1960.
Coal

United

a

tobacco

principal
buyers
of
United King¬
Netherlands, upped

two

American

Italy,

Canada,

'

*

•

higher

40%

some

ports should also increase in 1961,
but to a lesser extent than in 1960.

ntage

the

be

Unmanufactured

The

in

result of these

a

as

than last.

sub stantial

as

also underway.

the total value of
exports
this
calendar

soybean

gains over

exports
should continue
long-term
downtrend
in

their

1961, as in recent years with the
possible exception of exports to

(Table I) is the Japan and Germany,
leading crude material exported.*
Exports
of
hides and
skins
Both the quantity and value
of should increase further in 1961
raw
cotton exports in 1960 were
because of low^ Argentine cattle
approximately double 1959.
We slaughter and firm prices.
anticipate a reaction this calendar
Then, under the category of

yT'
Cially„ taft6-r ^Ugw'
WAeti hlgiler1eoX^°^P"CeS support
80'nt?
effect under 196 -6
price

°Vil™VlfnLa0"°S
greatly reduced

stocks have

sur'e

been

fSo\aTfic^ULwrtsCiWePerset!:
cotton

mate

calendar at

for

exports
little

a

over
v

1961

bm
6 million
o

crude foodstuffs, we -find that
wheat gets top billing with threequar(ers 0f wheat exports under
government programs. The pressure

to

push United States wheat

1959.

compared

Perhaps

under direct

about

or

for

will

of cotton

export

in

be moving

government program,

the

proportion

same

as

export^

as

a

i,

...

—

in

exporter of crude ma¬

an

as

In

quantity terms the broad
swings of United States imports
of

materials tend

crude

the

of

movement

durable

goods

to follow

consumer

non¬

Our

orders.

own

private weeklyf sbries on consum¬
ers' nondurable

goods.new orders

interesting
think, significant pattern.

has

been

and,

we

tracing

an

nondurable goods

orders have been in

trend

last

since

have

also

retail

general

a

September

been

generally

new
up¬

and

below

thus signalizing un¬
der-ordering. This pattern (which
continues

on

latest

figures) fore¬
in

shadows

further increases

ders for

nondurable goods iri the

or¬

months

ahead, followed by a re¬
newal of the rise in imports of
crude materials during the latter
of

months

1961

the

of

terms

into

and

in

1962

r^jatiopship already

mentioned..-, /: v.->''
Petroleum

(Table

is

II)

the

^reriateJrT^sUJun pThpAomeSic
Precia^ec^- Last June the domestic
wheat
amounted to two

years'usage. The current domestic
crop

^arfidunts to two years'

also/

The

usage

official

is to

hope

like

something

of

rid

in exports,

usage

get

year's

a1

of which some

the

materials

crude

im¬

ported. Crude petroleum imports
may be moderately lower in 1961,
with

small

a

offset by

increase in

quantity

second

"place

among

should also push

and other grains
in 1961.

up

Here

a

year ago.

crude materials exported

crease

further

from the

corn

1960—should in-

States in

sure

in

1961, with low

is

the

though

largest

increase

to

real,

is

item.

less

*

Pres-

exports,

corn

than

for

Libya,

in

be

and

lower

value

of

because

date

below

year-ago

steel; shipments.
Copper prices
are
rising, but began their ad¬

1960

vance} from levels below the
average.

imports

tin

of

ores

are

to increase much this year,

having

already recovered in 1960 to levels

in 1956 before the sale
government's
longhorn
the Wah Chang Corp.,

existing
of

the

smelter to

experiencing difficulty in

which is

obtaining an adequate supply of
Indonesian ores. Tin prices
are

in the buffer tin
pool's selling zones. The value of
lead and zinc imports should be
less in 1961 than 1960 because of
but

strong,

lower

are

prices. Importable

average

still remain subject to

quantities

quota limits imposed in

1958
im¬

ports should also increase in 1961,
largely because of the growing
popularity of many foreign to¬
baccos
for
blending
purposes.
Some

million
of
Havana
cigar leaf and wrapper from Cuba
is, however,| potentially subject to
embargo and could not be readily
$25

from

substituted

foreign

sources

been
redistributed
other offshore suppliers).

has

quota
among

hides
and
skins
should also be well sustained be¬
of

Imports

firm

of

cause

domestic

prices and greater

leather

of

production

these securities.

offer
The

to

sell

nor a

solicitation of

this

offer

imports of crude

for 53.0% of total

foodstuffs and amounted to a little

billion. Net imports of
coffee were 22.3 million

$1

over

green

But 1961, as

year.

a

whole, will

likely see a larger quantity im¬
ported than in 1960, to meet rising
consumption and later stock re¬
building. In value terms, the 1961
total
will
likely be moderately
lower than in 1960 following the
which

recent years,

trend of

persistent

due do

been

has

falling

under the pressure of an
extreme
world surplus of both
prices,

and

production
flow

coffee

of

on

carryover.
The
world markets

progressively brought
regulation by international
agreement, and the price fall has
is

being

been

^jqyyed down,£ if not halted.
persisting'; move toward

But

a

cheajper coffees, especially African
itobiistas, for instant preparaftpns,
reduce

the

continues

to

value

bag of imports.

per

Cocoa

coffee

tea

and

in

1960,

average

next

ranked

to

$199 million—

at

$143 million for cocoa, $56 million
for tea. Quantities of cocoa beans
imported
and

million

444

from

rose

1958 to 480 million in

lbs. in

arrivals

1961

grindings indicate a

and

the

of

continuation

The

1959

1960.

in

million

522

to

total

in¬

quantity

value of

cocoa

I

United States Exports of Crude Materials and

(million dollars)

concentrates

in

both

year,

Est.

730

Cotton

338

Tobacco

.__i.

-i

of

and

to

buy

any

661

988

700
532

312

829

430

473

354

347

378

393

-526

359

378

.354

320

•

"

<

62

77

244

317

359

2,137

1,913

2,587

2,389

852

1,000

67

428

2,514

3,109

696

734

374

359

475

564

523

187

178

180

203

192

74

61

55

66

73

1,331

1,332

1,280

1,447

3,845

4,441

3,417

3,360

—

85

55

229

59

Other

1961

1960

452

321

Hides
All

1959

366

334

Oilseeds

Oils,

1958

1,060

732

Fats,

should

quantity

because

Crude Foodstuffs

v

:

1957

1956

Crude Materials

(a)

.

ex¬
Total Crude

AH

of

Materials

Crude Foodstuffs
;

•

t'

570

Total

Crude

Total

(a)

Foodstuffs

and

(b)

Combined

<•

V

June 26, 1961
TABLE

United

130,000 Shares

614

,;r

.

Grains
Vegetables

Other

other

offer is made only by the Prospectus.

NEW ISSUE

■

1960

new

cessive inventories.

an

1,

•

coffee accounted in

Green

crease.

footwear.

Wheat

an

be virtually unchanged
in total this year because of off¬

under

tobacco

Unmanufactured

should,

foodstuffs

of

Imports
however,

bags, or almost a million bags less
be about than in 1959, because of a destocking move which has persisted
last, but
unlikely through the early part oj this

- -

; t Tinplate demand may
the same this year as

Fruits,

is not

imports of petro¬

because of lower

.

(assuming, of course, rea¬

ores

be put

may

setting tendencies.

Algeria,

Imports of iron and ferro alloy¬
ing

whole

a

as

$2.8 billion for 1961—$100
million or so less than for 1960,
at some

this year. Demand for copper has
been retarded during the year to

Corn,

announcement

materials

leum, of ores and concentrates. ^

(b)

This

ported pulpwood from 20% in the
1920's to around\T0% by 1947, and
currently to less than 3%.
United States imports of crude

Imports. of
non-ferrous
ores
rose
sharply in 1960, with chief
increases in copper and tin.
We
expect lower copper ore imports

Coal

United

sistent reduction in the use

past inventory liquidation, and a
domestic ciip slightly srrfaller than

sonable international stability).

corn

be¬

usage,

imports should also
keeping with the per¬
of im¬

Pulpwood
be lower in

TABLE

production

three-quarters will be under govExports of

drought damage.

lower prices due to in¬

creasing competition from the

Arabia

•

in

revival

some

aver¬

prices together with reduced
shipments from the Philippines
because
of
past
typhoon- and
age

(unlike sugar, where Cuba's U. S.

30%

of

wool,

apparel

for

of

cause

sales,

leading crude material import. In
1960,
petroleum
accounted
for

Exports of crude fats, oils, oilseeds

well

terials and crude foodstuffs.

ernment program.

agricultural

whole.

7.8 million

to

third of the 1961

a

Of course, the United States is
also
an
important importer, as

int0 export channels * a11 P°s"
carryover

bales

to¬

taken

only, assuming no similar
development this year.

Consumer

Cotton

Raw

of crude materials

million

causes,

des tination

perce

:,'v'

petroleum exports at some $9

1961

Our studiesshow that in soybeans,

the

of

each

the
fats

reversal • of
downtrend in

important

long

Industrial

■;;Y'

importing
country
stocks, low tirely exceptional $173 million ex¬
Mediterranean olive crop, and ports of crude petroleum in re¬
curtailed soybean exports from sponse to the Suez crisis.
By
China because of food shortage. contrast, we put United States
An

1960.

in

than

■

gether, will, however, apparently
be higher than in 1958 and 1959
but not as high as 1957, when the
export of these groups reached
$4.4 billion—due largely to an en¬

upward move.
Our studies

,1'Y• •
foodstuffs

crude

and

primary product imports will be in an

he surmises primary prices are

over,

^.*V-

-

■

Total exports

beyond next year, Mr. Lange anticipates further declines in exports
due to reduced export subsidization and common market barriers
whereas

by some $200 million more
foodstuffs, principally more

1961

of lower

reflection

in

strengthened somewhat dur¬

ing 1961 thus far, but for the year

should be lower,

Copra imports

should

imports

further

decline

Thursday, July 6, 1961

.•>

.

States Imports

i

550
198
80

-

1,640

1,828

4,227

4,217

—

II

of Crude Materials

for Consumption

And Crude Foodstuffs

(million dollars)

General Economics
(Engaged in

Broker-Dealer

and

Life

Est.

Corporation

Insurance

Agency

(a)
Crude
Iron

Operations)

1956

par

353

872
444
386
190
224
157

895
450
326
236

128
96

104

112

79
49

80
54

96
88

41
95

48
54

68
56

36

29

Furs

Hides

66

Copra

42
59
37

Fibres

(1)

i

Pulpwood

Copies of the Prospectus
dealers

as

may

may

Crude

Cocoa,

First Continental Planning, Inc.




.

•

Street, New York 36, N. Y.

205

139

144

115
96
71

120

64
51
25

55

100

75

55
23

345

323

377

346

365

3,211

2,761

3,096

3,011

2,885

1,170

1,093

1,003

990

221

216

199

193

146

162

172

70

78

79

85

1,439

—

Tea—

Crude

Total

(a)

■

68,

122
70

,

•>

190

220

267

330

275

270

Foodstuffs-—2,035

2,020

1,937

1,824

1,723

1,705

-~5,231

4,698

4,920

4,734

and

(1) qotton;

185
.

242

—

Total

114

—

I—

1,376

194

-

-

Shellfish
Bananas———1

Fish,

state.

26

208

197

Foodstuffs

Other

ISO West 42nd

Materials-

Crude

Coffee

be obtained from the undersigned and from such

legally offer these securities in this

.

375

351

Total

(b)

.

880

280

3,089

Other

Price: $5.00 Per Share

508

256

-

DiamondsUndressed

290
211

79

Ores

940
368
251
234
164
112

90

Ores

Tobacco

value)

980

1961

1960

161

Ferro-Alloying

Wool.

(]<£

1959

242

and

Non-Ferrous

^

^1958

466
402

Petroleum

Rubber

Common Stock

1957

833

Crude Materials

——

(by Combined

sisal, henequin, jute.

5,124

.

4,530

Volume

194

Number

6070

.

.

The Commercial and Financial Chronicle

.

(79)

bean

imports will likely be less,
each of the past

in

as

Our

years.

low

import period, aver¬
bean prices should be

cocoa

age

in

lower

1961

quantity

of

increase

in

than

1960.

tax on tea, the
the Stamp Act, the
Sugar Act, against—to quote from

in

tea

imported

should

University, New York City

Review

the absence of drought in

policies and principles responsible for

sequently,

countries.
such

of tea imports for

Professor

other

thinkers

and

small

gories,

we can look forward to a
value of United States im¬

total

ports of crude materials and crude
foodstuffs of around $4.6 billion,
almost

$150 million less than last

because of lower imports of

year

crude materials and

virtually

un¬

changed imports of foodstuffs.

By

comparison, as already mentioned,
United
Statesexports of crude
materials

and

should

combined

in

changed

foodstuffs

crude

about

ibe

1961,

un¬

around

at

$4.2

billion.

For

Union's

prospects,
United States exports of primary

headed for further
increases, at least next year, be¬
cause
of continuing pressure
to
dispose
of
surplus
agricultural
seem

production, notably grains, and
the growing popularity abroad of
such non-surplus items as Ameri¬
tobacco

can

American

and

N

it should be

and reduced Federal assistance vo

ports

United States' ex¬

bf ' primary
diminish

then

could
perceptibly,
by
products

perhaps as much as one-third.
Proposed variable duties on
agricultural imports by nations of
the European Common Market to
make up the price difference be¬
tween home and foreign products
would restrict American exports
of

wheat,

fruits

vegetables,

and

dairy items to
Common
Market
countries, but
would have less impact on exports
poultry and

some

items

such

of

and

fats

and

oils, because of the
of
production
of

insufficiency
these
the

of

within

commodities

latter

area

cotton, tobacco,

as

Market

Common

the

o

i

s s

o n

and

learned
all

rather

the

Permanent

paraphernalia in. the
developer's kit
figure constructively', if

figured

United

the

by

States, but also by other

agricultural

countries.

exporting

Again looking beyond 1961, we
can

foresee that United States im¬

ports of primary products will be
in an
uptrend through 1962, at

least, with economic expansion
creating higher demands for im¬
ported crude materials, notably
ferrous and non-ferrous ores, also
various
imported tropical food¬
stuffs such as coffee, cocoa, tea,
and bananas. Imports of fish and
ing

trend

items

continue the

should

shellfish

as

of

recent years.

natural

rubber

and

ris¬

Such
raw

wool will be encountering increas¬

ing encroachment from synthetic

substitutes, but not sufficiently to
offset the general impression of
higher

1962

imports.

primary

Primary prices have already re¬
sponded to major current surplus
situations, and have in many in¬
stances been brought under rather
firm

schemes.
move

by

support

stabilization

Somewhat of

in primary

an

upward

bunctious

offspring

Cathay,

♦An

address

New

by

Mr. Lange

Industrial

York

before the

Conference

Board,

City.

away

Bayes, Rose Co. Formed

City.

,




New

grown

ful economy, on

either side of the

Iron

Curtain, and with the highstandards; and its behooves thinkers and politicians to
est

living

sights

how

on

it

was

the

salient

originally

,

point of this
serialized
in

.

Challenge, New York University's
economics journal, is that American growth is the achievement of
b.u

s

i

if

And

n e s s.

Coolidge

as

government:

central

,

a

government,, a
- equal

measure

writ¬

a

savers

entrepreneurs

patents

are

the

on

the. harvester

laid

them

in

But

owned,

the

office is.

fact

an

arm

served

to

unlimit

con-

the

of

American

doers

like

Cornelius

Vand'erbilt, Andrew Carnegie, and
Henry

In

Ford.

addition,

there

millions of unsung and mostly

are

who took
a

chance with shares in

a

railroad, an oil well, an
works; the
workers from

canal,

iron

a

Europe with but

neat

backs

growthmanship?

from

or

bundle

a

their

on

Africa with chains

their feet who sweated in steel

on

holds

of

the

certain:

NHigtory

times

a

business

civilization, a
do-it-yourself inventors
it
yourself
entrepreneurs
who
utilized
the
proprietorship, the
partnership, and the corporation
devices

to

pool

savings

plowed their savings into

Nefyv

Economic

Affairs.

tered after

to

few months

a

or

(Special to The Financial Chronicle)

KANSAS

CITY, Mo.—Bernard F.
has
become
associated

Wagner
with

H. O. Peet & Co., 23 West
Street, members of the New

10th

York

and

Midwest

the market

the

local

eler

&

with

office

Co.

and

is

sign

a

of

•

especially
have

survival

and

commercial

significant

been

birth

ber

and

consumer

nesses

of

nesses,

Corp.

in

,

the firm.

lumps.
But there

can

line

breaks in Ameri¬

are

growth.
The upward trend
has dips along the way. In

1837, for example,
sion

climaxed

long depres¬

a

Jackson's

second

Administration,

which had wit¬
nessed much wild speculation and
inflation.

1865

From

on

defeat

Central N.

Y. Branch

COOPERSTOWN, N. Y. — Central
New York
Investing Corporation
has

opened

Pioneer

a

branch

Chuch

&

the

in

low

for

sion

of

talked

up

1890's,

the depres¬
the Populists

free silver, the gradu¬
and government

ated income tax,

ownership of the
in

1929.
The

.

.

railroads.

And

(Special to The Financial Chronicle)

LOS

ANGELES, Calif. — C. Ray
is engaging in a securities

Miller

business from offices at 629 South
Hill Street.

.

American

unfinished.
a

C. Ray Miller Opens

In

decades.

the

Up

growth
to

now

story is
it's been

Eric Rosner

dramatic human interest story of

engineers, and work¬
men,
of strokes of genius and
strokes
of
foolishness,
of
the
architects,

libertarianism

of

Thomas

Paine,

Eric

Rosner

curities
609

is

West

174th

Opens

engaging in

business

from

an

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

any

of these securities.

The offer is

July 6, 1901

NEW ISSUE

150,000 Shares

Lannett

.Company, Inc.

Common Stock
(No Par Value)

Offering Price: $2.00 Per Share

Copies of the Offering Circular may be obtained from the undersigned
such dealers as may legally offer these securities in this state.

and from

into

thriving small
and, in a significant
instances,

and,

contributed

big

greatly

num¬

big

busi¬

small,

have

into
or

have

busi—

to

American

NETHERLANDS SECURITIES COMPANY,
30

INC.

BROAD STREET
»■

NEW YORK

4, N. Y.

»r

,

a

offices

se¬

at

Street, New York

City.

rates.. Enter¬

have

at

under

the management of Roger B. Hall.

business

industrial,
acceptance,

office

Street,

.and Reconstruction laid the South

prises by the millions, rural and

grown

»

Steven Inv.

consumer

subservience.

But

of Dempsey-Tegprior thereto was

.

of this rate behind the Iron

Curtain

Ex¬

Burke & MacDonald.
\
'
i

test—that

is,
win consumer acceptance. In other
words, there has always been,
every year, a business mortality
rate in America, a symbol of con¬
sumer
sovereignty; and the ab¬
sence

Stock

changes. Mr. Wagner was former¬
ly in the municipal department of

coun¬

a

.

few

a

$3.95.

pages.

Wagner Joins Peet Co.

and then died, having failed

pass

127

BALA CYNWYD, Pa. — Steven
store, an agricultural imple¬
Investment Corporation is engag¬
ment dealership, a coastal sailing
ing in a'securities business from
vessel,- a stable, a clothing store,
offices in the Barclay Building.
a
filling
station,
and
so
,on.
John Greenbaum is a principal of
Growth came in bits as well as

economic policies of Mother England.
The
colonists
rebelled
against not so much the arrogant
personality of King George III

launch private enterprises. Many
of the fledgling enterprises sput¬

Illus¬

try

Mercantilist

and

An

the U. S. Economy in
by
Haig
Babian
and
York University Institute

-

years

figured in it.

of

,

of government is

society,
land of
and do¬

won¬

Edited

others.

gangs; the small businessmen who

Patent

This announcement is not

one
eco¬

foreign

no

Frontier:

once

a' business

as

and

"aid"

Permanent

Action.
of

American

the world,

government's

The

but

answer,

mills and packing houses and road

of

the

der

trated

architects

industrial

so

business did not
perform its act of growth alone,
that in the wings was a silent,
limited partner, which over the
years
has
become
increasingly
less silent and less limited: th<
U. S. Government. A big reason
for the limited partnership role:
Mercantilism,
The editors of Challenge review the ineptitudes and countof

talks

*THe

growth turn out to be both think¬
ers
and doers—political thinkers
like Thomas Jefferson, Alexander
Hamilton,
and
James
Madison,

and

that

frictions

who

growth has been the

So

patents,^vir-

the

Rostow,

is

every

that

growth

W.

Colin Clark,
and John Kenneth
Galbraith. Who's right and who's
wrong?
Who talks growth, and

off.

them *prisuccessful
one in its own way a propellant
to economic growth and a more
abundant life,
one

every

W.

thing

growth, and the liber¬
tarian economy and society took

the electric light, the typesetting
machine, and so on for thousands

vately

modern'

as

nomic

Limited

economic

hearth
furnace
for
making steel, the sewing machine,
rubber, dynamite, wire rope, the
Pullman car, the safety razor, the
electric street car, refrigeration,

tually

such

future

government

-

and now milliions of

with

nomic freedom—worked.

r0Ws), the steel rail for railroads,
0pen

Eisen¬

Constitution, a Bill of Rights.
The design — political and eco¬

of

(which not

down

and

theoreticians

Calvin

said, the business
of America is business, this busi¬
ness has been a highly successful
one.
The testy upstart that hum¬
bled
mighty Britain was from
colonial

<

.

be found in the

the

Dwight

as
Frederick
Jackson
Turner,
Charles Beard, and Garet Garrett

growth story—the small investors

less

.

For

won

Bayes, Rose & Co., Inc. is engag¬
ing in a securities business from
offices at 39 Broadway, New York

the

into far and
the richest and most powerhas

with

and

testimony

America

National

in

a
geoToday the offspring,
graphical accident that Columbus
bumped into in his search for

prices is under¬

,

eco-

World.

K

way.

the

in

surge
beginning
several
generations ago of Europe's ram-

work

only

all,

at

nomic

trade

not

a

economic

proposed duties have been
vigorously
opposed
at
general

negotiations,

as

comes

of the

These

and

History of the U. S.

welcome reminder that soft infla-

done.

tariffs

Frontier:

tion, cheap interest rates, massive
public spending, permanent government gifts and loans—to name

they

One

of

hower.

unknowing doers in the American

the

Economy in Action"*

—didn't

^limiting "checks
throughout their

of

steel

and

America.

modern

worked.

gathered the grain in sheaves and
tied a string around each sheaf

H. Peterson

Dr. W.

An Illustrated

some

design

system
with
co
States, with States' rights,

only reaped but at the same time

own

"The

balances"

tripartite

stantly created, accumulated, and

reaper,

backyard: the economic developSo

can

along

Here

credit-

of

responsibility

their

plow, the harrow, the planter, the

ablejob of
growth
in

ment

in

Federal

dully calls fixed capital—the very
sinews of industrial well-being.
;

often

their

harass

with such late economic historians

wove

unique

upgraded what the accountant

men

too

overlook

keep their

on

j

1

a

growth

investors

other

and its related African territories.

agreements

who

Product—proe

to

out

schoolboy knows
ought to know, the Founding

and

L

rejected,

willingly

eat

as every

Fathers

•

of more than a century ago, the
original mechanizers, automaters,
mass
producers, and innovators,

1

a

n

workers

•

limited

a

Thus,

;
or

Frontier"

was

Officers

and

homely wisdom
Lincoln, the bold ex¬

perimentation of Franklin Roose¬
velt, the sense of balance and

Offices...

intervention.

are
the musty designs and blue¬
prints of tinkerers and inventors

Gross

t i

a

of

growth were

with

-

U. S. Patent Office, authorized in
Article I of the Constitution. Here

soy¬

possible to foresee greater em¬
phasis on farm production curbs,
foreign buyers.

in

rate

beans.
year,

German

the Soviet

or

7%

or

partnership
mercantilism

this

annual growth

-

Beyond next

West

much

6

American

economic growth.

none-too-reli¬

able

in

and

economists

longer range

products

foreign

trumpeted but

Longer Range Outlook
for

risked

production

and

the

—

of

boom, for example,

f

As

talk

growth

"miracles"

willingly

grew

Europe's

Permanent

people,

Independence

New

of George

purpose

the

(shades of Parkinson's
One may differ with the Chal¬
Law). In short, colonial freedom lenge editors here and there
on
and economic growth was all but ' some
of their emphasis and inter¬
stopped
by
excessive
economic pretations, just as one
may differ

hardly

are

of

nobility of

Washington,
of Abraham

ten

their

economic

office,

patent

investors

all

business

doers,

government's

these various cate¬

up

of

;

reminder

the

substance"

today's underdeveloped

from "The

architects

the

as:

cut

growth which

our

of

swarms

our

\

praises clear

culls

Peterson

reminders

less than in 1960.

Summing

published book

recently

to be found in prescriptions compounded for

;

put the total value
1981 at slightly

we

of

Declaration

and

.

'

5

1961, at least along
with population, but prices should,
we think, be moderately lower in

impor¬
tant producing areas—as, for ex¬
ample, in Pakistan last year. Con¬

the

—"a multitude of

By Dr. William H. Peterson,* Associate Professor of Economics,
Graduate School of Business Administration, New York

The

the

Molasses Act,

despite some recent signs of price
strength during the present sea¬
sonally

against

as

15 U. S. Was Once Undeveloped
Too, But Received No Aid

indicate

studies

19-

20

The Commercial and Financial Chronicle

(80)

stock

that

fered

SECURITY SALESMAN'S

at

to

ticket

BY JOHN DUTTON

He

the

Proudly

CORNER

quoted

was

57.

make

,he

boss

MUTUAL

54 V4.

at

Thursday, July 6, 1961

.

of¬

able

the

and

When his

bid

was

purchase

brought

his

to

his desk.

54

luckily

..

FUNDS

trade

left

it

employer

BY

on

JOSEPH

C.

POTTER

saw

this he called the trainee in to

see

him. "Why did you put that ticket
on

Tell the Truth

desk?" he asked. "I thought
want to confirm the

my

stock

It has become

salesman

a

recognized fact in
day when

a

that the

all sales work

might

misrepresent,

"gild the lily," is now a thing
of the
past.
Such a policy has
been disproven. It never was ac¬
or

by firms

cepted

of integrity, al¬
were
those
who

there

though

believed that in order for
man

to

have

to

and

successful

be

"stretch

the

possibly there

The customer

issue

market

to

came

offered

the

surprise

still

who

some
would

the

his

Several
You

The

as

a

security salesman and

a

dealer in securities.

and

retired

over

all

more

have done busi¬
of

Many

these

people

still write him and ask for advice
on

their investments

he

is

no

though
longer active in the se¬

business.

curities

even

When

you

re¬

in

be

he

the

him

Several

am

without
it

of

those

a

as

This
a

told

man

who

customer

ten,

but
a

invest

his

for

would

had

buy five,

fifteen

over

wife's account

relatives.

for

also

once

talk

tax

bonds from him several
year. Sometimes he would

exempt
times

never

he

me

can

In

the

and

mind

the

of
was

lots

salesman, the
customer
tagged as a buyer of small
of

bonds,

this

and

Authority
Bridge"
when

of

"George

bonds

Washington
to

came

friend

my

learned his

York

told

lesson that

market
me

it pays

he

to

always tell the complete, and the

quality

whisked

for

between

Chicago in

passengers

New

York

and

couple of hours and

a

the Atlantic in
And

they

few

a

000
a

dime

it, but

on

important
and

the

of

one

investors

customer

in

was

of

one

hundreds

of

large

small

professional, as well
individual
clients,
that
this
has

serviced

The personal

over

the years.

integrity of the

man

each, jet
aircraft
are
cheap;
corporate
debts

eased not on whit by the
high cost of borrowing; the gov¬
onerous,

has

ernment

competition,
cut

into

created

which

needless

only

not

has

but forced

revenues

rec¬

It

"As

in

other

every

individual

airlines

group,

the

not

all

are

experiencing the sad performance
of the industry, nor is the
current
outlook

the

To

pany.

number

of

for

same

be

each

there

sure,

com¬

are

of problems which

all

these have

effect

a

varying degree

each

on

carrier.

companies

Also,

have

their

own

problems, disadvantages and
advantages. The prudent investor

lication

will exercise his skills to the full¬

successful

tic

est,

will
no

be

just fine for
longer will have

trucks

another

bridge

new

us,

since

to

send

thirty

through traffic and

we

country.

our

just

there

when

him

their

is

just

Instead of
the

easily

sold

hundred

he

salesman

his

was

for

that

the

issue

Basic

if

the

other

institutions

are

a

daily

and

occur¬
are

commission, agency basis,
those in which the firm
firm

markets.

There

place in this organization
man who thought it

young

good

the middle

in

just

business to change the

to

make

of

another

the

game

hundred

dollars.

he

Coburn, Middlebrook Brch.
TORRINGTON, Conn.—Coburn &

told

Middlebrook,
opened

Integrity

friend
sit at

At the

one.

he

hired

a

request of

young

man

a

Street,

Incorporated

has

branch office at 40 Main

under

the

direction

of

a

Harding Tulloch Office
BANGOR,
loch

order from

the

to

buy

out-of-town dealer

100 shares of

inactive

an

Ltd.,

industry
are
thoroughly canvassed. It notes:
"On the basis of

tions

'flying

high'

provided
More

physical

airlines

the

in

levels

ton-miles

than

opera¬

&

office

Maine—Harding

Co.
at

15

has

opened

State

management

a

Tul¬

branch

they

service.

before

were

when

industry

Much the

the

generous

during

basic

seem
same

oil

—

thing, of

and

course,

another

railroads,

as

matter

of

buying into (or bypassing) an.in¬
dustry, the life of the investor

freight shipper.

business

handled

records

with

.Also, actual
shattered

domestic

all

revenue

would

be

If it

were

a

lot easier.

a

But

in the

passenger-miles
and
express,
freight and mail ton-miles at new

final

analysis, the people who buy

and

sell

highs."

companies.

this

unable

abundance

of

justments, total
increased

enues

operating

to

record

a

billion.
bother
ume

rev¬

$1.9
don't

For
people
who
determining whether vol¬
gains
are
being
carried

through to net profits, this would
like
onto

the

ideal

growth

industry
stocks.

sophisticated investment
ment

takes

dustry
red

that

swaps

while

even

is

the

sheets,

income

structures

and meaningful merg¬
figures to fare better under
aegis of competent profes¬

ers,

the

sional investment management.

The Funds

Report

American Business Shares Inc.

for

assets

$4.68

of

end

having been sold, this

appears

only

each

the

of

outstanding.

the

airlines

low"

on

have

the

been

score

At

fiscal yearend, Nov. 30, net assets

of

$25,363,096, equal to $4.24 on
of the 5,981,079 shares then
outstanding.
each

riod

announcement

the

Corp.,

fund

Creole

Addison

Gold

added

Petroleum,
Mines

Kerr-

Ltd.

booklet-

Wellington

prospectus
describes

A Name to Remember

THE
Geriatric Pharmaceutical

Corp.

When

Investing

COMMON
WELUNGTON

STOCK FUND

Common Stock

of

GROUP SECURITIES, INC.

A mutual

fund

income and

Offering Price: $4.00

investing for
growth possibili¬

ties

through

mon

Per Share

stocks selected

quality.

seasoned

com¬

for their

*

«S$^FUND w
—

a

Balanced

Fund

seeking conservation of
capital, reasonable

cur¬

rent

income, and profit
possibilities.

Mail this advertisement.
CPC

Ask your

investment dealer

Name_

for prospectus

T. M. Kirsch Co.
54

Wall Street

.

New

.

BOwling Green

9-5970

1

1

*1

write to

Address.

York

5, New York

City_

.State.

DISTRIBUTORS GROUP, INC.
80 Pine Street,




or

New York 5, N. Y.

pe¬

Chrysler

-

65,000 Shares

to

5,970,506
the last

were

phasizes,

of record.

as a matter

re¬

May net

$27,968,548, equal

were

on

shares
em¬

is

situations, or
study balance
accounts,
route

to

ports that at the

publication

with

who

analyze
time

in¬

registering

deal

investor

an

gains.

H.

The

ink

black

it

to

must

But

manage¬

dim view of

a

to

hasn't

stocks

During the latest six-month
All these shares

in

to be in doubt."

could be said about
many

industry

this

factors

and

As the Bullock

Tulloch.

a

caution,

examples.

under

Peter

with

of

made available to the air traveler

volume

Street,
of

the

were

as

of

mixed

amount

period

1960

inasmuch

peak

latch

the business. After several months
the trainee received a
telephone
an

Bullock,

airline

sound

Thomas F. Eagan.

to

the trader's desk and learn

trunk

Reflecting

is known from coast to coast told
this

Calvin

of

business and also certain fare ad¬

three

"sticky."

was

in

have

customer

kill the sale

a

rules

hundred

could

funds

no

was

happened."
a

a

except

thousand, but he thought

might

him

what

houses

most

and most of these orders

maintains

discovered

was

order for

an

bonds

on

still
that

value

told

banks,

mutual
rence

that

plenty of bonds

were

which

well

as

unlisted

the

Orders running into tens

dealers,

ries."

have

of

one

of thousands of shares from

miles

the fer¬

over

for

"flying

NEW ISSUE

a

of

airlines have in common, but

individual

monthly pub¬

history."

concludes:

even

a

profits

what appears to be

crucial period of their

ord-high promotional and adver¬

Perspective,

$5,000,000.
net

almost

'^entered

have
a

tising expenditures, and deprecia¬

In

of

1959,

as

pact of jets and rising expenses—
the publication comes to the con¬
clusion that the domestic airlines

tion allowances

cover

deficit

a

recently

the

simply don't
costs of the new airplanes.

domestic

$62,000,000.
After a study of the vital fac¬
tors affecting the airline
industry
—competition, mergers, the im¬

not
are

from

estimated

are

sustained

totaled

dealer

income

at $1,200,000. That's the poorest show¬
ing since 1948, when the airlines

As

jet age.

later this

net

operations

their

financing highequipment in the

capital

bined

more

retain

allure for bankers

priced

—

the basic difficulties of the domes¬

mental

New

define

indeed, last year they
hardly off the ground. Com¬

foundation

that

me

Port

airlines
had
glamour.
They still retain that difficult-to-

profits
were

who heads this organization is the

think

We

first

of

of

that

for the Dairyman's Association up

Another friend who is a dealer
in over-the-counter securities and

issue

recall

here.

persisted over a period of
several years.
It was about the time when the
image

into

pleased.

firm

available, but I was certain
they would be bought by investors

business, you
experience.

city

only

bought

investment
from

most

and

My friend told me, "That
was
my lesson.
This man was a
professional investor and I could

from

letters

fit

What the young trainee did not
know was that this customer was

thousand

people
you
sold securities twenty-five years
ago and they want your advice,
and when you have a lifetime of
accomplishment behind you in the

ceive

weeks

making

his

order.

I

hundred

two

another

bonds.

don't

you

do

we

his first order from

was

the

he was told,
did not have

you

sorry

way

memory

to

But they scarcely qualify as in¬
visiting in the city where the
stitutional favorites and individual
originated and the local
investors
have
no
difficulty in
broker told him^hat he was very
restraining their enthusiasm for
grateful for the excellent execu¬
these stocks, as a group. The rea¬
tion of his order. He said he con¬
sons are plain enough: at
$5,000,firmed
the trade
to
the
client

him

see

the

for

and

one

organization."

very

had

only

Streeter

order

customer's

he stopped to

so

thank

and

later

agency

the

was

Much to his surprise
"I

with him during his business

career.

vicinity

now

is

He

friends

has

the country who
ness

thirty

over

to

reason

the fol¬

me

spent

story

Sure

for

who told

man

lowing
years

Know

Never

days

is

business

felt very happly about his sale.

point.

an

tax

the

hours.

our

the investment busi¬ tioned this to the customer he
ness
So, without
nothing could be more might kill the sale.
helpful to a salesman than to stating this fact, he replied, "I
build
a
reputation for candor, think I could get you a hundred
honesty, and integrity. It has been thousand if you want them. We
my
good fortune to have heard are in the underwriting group and
still bonds available."
the following anecdotes recently there are
and I pass them along as concrete The customer placed an order for
examples to illustrate and prove a hundred bonds and the salesman
the

on

him, "If you think this
can't work around here.

you

There

In

agree.

ex¬

handle

Wall

any
once

way

thought
he men¬

if

that

order

stock

and

should not

across

account and the salesman

(erroneously)

regular

It

in and told

the

in

made

basis.
Later that day his boss called him

"They

bonds

customer

change, commission

still about

were

unsold

I

good purchase," the trainee
He was told to charge

a

the

attractive, how many do
think you can get for me?"

$10,000,000

since

replied.

sound

At the time there

bit;

to

asked,

was

principal

as

such

sales¬

the

Much

bonds.

he

you

a

a

telephoned his customer and

man

might

he

was

dairy farmer who lived in upstate
New
York.
As usual, when
an

sales¬

a

facts"

are

around

die-hards

whole truth.

Flight From Reality

might

you

Wellington Company, Inc.
Philadelphia 3, Pa.

and

Volume 194

Welch
Co.

Number 6070

t

Scientific Co.

H.

J. Heinz

eliminated.

was

*

sis

$

.

.

The Commercial and Financial
Chronicle

.

the
publishing field with new
holdings in Harcourt, Brace &

World
Per

share

assets of

Bullock

Fund

Ltd. increased from

and

and

an

Rinehart

&

tablished

a

report

of

to

of

fund

the

the

fund.

Total

assets

were

$70,940,082 on
May 31, 1961, compared to $56,153,046 on Nov. 30, 1960.
;

-

*

;

At

the

sis

*

Colonial

annual

shareholders

held

voted

change

the

Growth

James

&

H.

fund,

Boston,
adopt

a

policy and to
to

name

Colonial

Energy Shares Inc.
Orr, President of the

announced

policy

new

in

to

broader investment

Shares

that

under

investments

the

will

be

made in growth areas outside the

field.

energy

desirability
vest

fields

the

as

consumer
goods,
industries, pharma¬
finance, and stated

service

ceuticals
that

the

being able to in¬
companies operating in

in

such

He emphasized

of

and

the

fund

expects to make a
number of commitments in these

shortly.

areas

Colonial

mately
total

Growth

23,000

net

&

Energy

shareholders
in

assets

and

of

excess

$65

million.

assets
Fund

come

increased

the

annual

amounted

30,

1960,

to

months

report.

Net

$19,952,042
$17,664,731

and

31, 1960.

Net asset value

assets

Nov.

on

on
per

May
share

during the period to
$8.66 on Nov. 30 and

rose

from

North

received

from

value of

of

new

investors

stocks.

with

This

the

money

in

com¬

investment,

general

of

to

pro¬

invested

assets

net

stocks

in

rise

holdings, raised the

portion

in

63.7%

on

eliminated.

31, compared with 58.6%
30, 1960.

on

Nov.

Common

first

half

cluded

of

in

added

stocks

fiscal

the

the

in¬

year

Steel, Conti¬
Maytag and Union

Steel,

Pacific.

and

Republic

were

Steel

and

eliminated.

were

*

*

,

United

sjs'

June

will

M.

increase

to

Hickey,

revealed

special report

a

the

that

new

Business
much

indicators

of

one

the

on

that the

expansiomwith

President,

trict

that

23

a

put

was

share

share,

a

of

at

$120,452,344,
from the $7.65

up

mid-1960

at

as

but

down

$8.67 at Mar. 31, 1961, prin¬
cipally because of the payment of
10-cent

a

the

dividend.

has

company

holdings of Ford
Creek

and

have
*

value

of

Co.

and

Holdings

electronics

been

in
in¬

reduced.

*

Securities with

said

eliminated

Motor

Coal.

electrical

dustries

Hickey

12

market

$151,095,839

have been
tentatively accepted for exchange

for

shares

it

Westminster

in

announced

was

mailed
the

of

to

Fund,

report

a

depositors.

Based

on

value of the securities depos¬
in the
"tax-free exchange"

ited

is

follows:

as

Basic

industries, 27.4%; consumer goods
industries, 22.3%; scientific indus¬
tries,'^ 19.4%;
service
industries,
10.7%;
financial,
10%; '! retail
trade, 8.8%,
and miscellaneous,
1.4%. Westminster reported

there

1,112 depositors and that the
average
deposit
amounted
to
$135,877.
were

*

❖

*

The net asset value of Wellington

tive

history and

1956)

fund's

gain of 15.7% from

a

$13.42

the

in

value

reported

six

previously,
Walter
L.
Morgan, President, stated in the
semi-annual report. Wellington
highs during the first six months

of

market value

a

$104,476,916.

that

The report notes
1,700 securities
to the fund.
Only

than

more

offered

were

347

of

those

securities,

deemed

were

bothered

long-term

investments, were ap¬
proved for retention in the port¬
folio.
*

Estimated profits of Electnc Bond
&
Share Co. slipoed to 52 cents
per

share in the first half of this

year

from

1960

for

cents

period,

65

like

the

Walker,
President, told the annual meet¬
ing of shareholders. The decline
attributed

was

tion

chiefly to

dividends

in

a

from

an

subsidiary.

Ebasco
con¬

At June

16,

reported, Electric Bond &
net assets of $185,365,-

was

Share had

053,

or

compares

program

also

a

fear.

Hence

$35.31
oer
share.
This
with $167,131 925, equal

it

does

seem

credit

change

conditions

as

going

are

to

much.

very

Treasury

facing the imminent

are

ositions

of

providing

not only with

ury

also

with

the

is

and

doubt

no

means

but

what

and refunding

money

tions

which

very

Government would be able to

change at least
ligations

is

It

be

opera¬

undertaken

Any

ble

share, at the compara¬
period.

1960

$

ij:

Total

net

dustrial

assets

Fund

Financial

of

climbed

to

a

In¬

of $242,039,155 during the
fiscal quarter ended May 31.
At
Feb. 28 the total was $219,880,413
Mav

31,

and

at

was

1960,

the

figure

$176,348,450.

asset

value

from

$4.61

Meanwhile, net
per share rose to $5
on
Feb. 28 and $4.21

expected that the

term

securities

funding

During
fund

the

latest

broadened

its




quarter

investment

the
in

re¬

operation would be a
in
the
Administration's

change

policy

of the

part

a

of

taking

of

care

how it will handle the
000
on

3V8S
the

and

4s

maturi¬

mainly

through

the

erally
as

known

in

is

financial

with

of

An

security

obligation

an

flotation

Governments.

termediate-term

first of August.

Non-Federal

gen¬

circles

maturity

a

opinion of

some

ket

specialists

that

the

the

The

which
this

in

However,
July
vided
be

a

in

way

Sept.

15

Bonds

pro¬

straight cash

are

attention

by

corporate

capital

bonds

obligations still
yield to investors.

because

give the
And this

is in spite of the better yields that

being registered

are

bonds.

There

is

in

still

movement

both

that

issues

the

sued

that

same

the

yield is

As far

concerned,

are

interest

more

in

yields

this

are

traction

there
in

group

of

alty

companies

bonds

will

included.

ting the bonds out before interest,
rates move up more might have
most favorable results on corporate
bond prices in the not too distant
new

flotations might

consequently slow down to snail's
pace.

Inv. Co. of Tenn.
In Nashville
NASHVILLE, Tenn.—The Invest¬
ment

Planning Company of Ten¬
has

nessee

tary;

new

been

End Avenue

and

Philip

Mr.

Treas¬

Woody,

Fields

formerly

was

Mutual

for

manager

Funds of America, Inc. Mr. Wells
Mr. Woody were with Clark,

Landstreet

Kirkpatrick, Inc.

Directors

the

of

Harold

W..

new

company

William
II, Edward Kirkpatrick,
Jr., and Beverly W. Landstreet III,

are

Clark,

Nelson

all officers of

Clark, Landstreet &
Kirkpatrick, Inc.

Kalman Adds to Staff
(Special to The Financial Chronicle)

selected

because

have

and

a

is¬

the

ST.

PAUL,

Minn.

—

to

reinvesting their
dividends acquired $68,Wellington Fund shares

announcement

buy

any

cott

Building,

Endiof the

members

Midwest Stock Exchange.

Form

that

Triangle Investors

is Triangle Investors Corporation has

these

been

formed

with

offices

tax-sheltered

John Street, New York

largely

from

as

exchanges

from

mutual

come

or

It

stocks.

is neither

dealers

new

in

stocks,

an

offer

to

sell,

nor

a

the

to

were

shares

bonds

an

offer

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

NEW ISSUE

July 6, 1961

tendered

six

the

50,000 Shares

months

equivalent to 1.5% of

aver¬

with

1.4%

assets,

age

in

of
for

fund

compared

the first half of

1960.

Decitron Electronics

Oppenheimer Branch
LIDO BEACH, N.

heimer

&

seasonal

Co.

in

opened

the

Hotel

under the management
T.

Corp.

Y.-Oppen-

have

office

their

Common Stock

Lido

(Par Value $.01)

of Samuel

Cohn.

Rittmaster, Voisin to Admit
Price

As of July 1.

Rittmaster, Voisin &
Co., 250 Madison Avenue, New
York City, members of the New
Stock

York

Exchange,

have

'

'

*

•
.

\

$2.00 Per Share

ad¬

mitted Sarah Klein to partnership.

Copies of the Prospectus

R. W.
„

Cooper Opens

signed

may

may

be obtained from the undersigned in

any

State in which the under¬

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

(Special to The Financial Chronicle)

PALOS

VERDES
ESTATES,
Calif.—Robert, W. Cooper is con¬
■

ducting
was

a

at

securities business from
2417

formerly

curities

Via

with

Company.

Sonoma.

He

Diamond

Se¬

45

and

funds, and underwriters of

issues.

solicitation of

at

City to act

during the past six-month period.

Liquidations

H.

Donald

Webb has bfeen added to the staff

of Kalman & Company, Inc.,

casu¬

especially.

the

money

common

This

share¬

present

with

formed

West

1720

at

and

issues.

has been

insurance

however,

due

anticipatory offerings of

issues for the purpose of get¬

at levels that have at¬

for

indicated,

Sept. 23As

These
new

attrac¬

more

the tax-exempt bonds

as

purchases

the

distant

more

tive in the non-Federal

or

coming

distant

too

corporate bonds, principally

because

of the

determine whether

are

from

privileges
owners

con¬

not

future.

the

Government bonds into newly is¬

or

given the

these

President; James E. Wells, Secre¬
the

in

proposition

exchange

of

to engage in a securities business.
Officers
are
Ronald
E.
Fields,

More

these

best

sues

is

cor¬

down

slow

the

in

ly

bit

operation

siderably

urer.

refunding.
the

issuance

the

will

Nashville

which

for, that is whether it will

re¬

are

Treasury

on

impending
the

maturing

whether

rights

mature

mar¬

that

securities

market continues to be held main¬

$2,239,000,000

include

money

lowers

offices

Attractive

It is,also

the

for

in¬

of between five and 10 years.

due

come

As

ties and the raising of new money

Govern¬

$9,975,000,-

which

securities.

porate bonds, there is a growing
feeling among capital market fol¬

future, since

middle-

make

to

ment will make known next week

and shareholders

offices

12 months earlier.

due

Governments and the tax-exempt

holders adding to their investment,

new

high

coming

are

decision

.

to $31.83 a

part of the ob¬

a

which

ex¬

for intermediate-term issues.

shortly.

will

in¬

an

Treasury Dillon re¬
cently expressed the hope that the

of

the

issues with

or

the

of

Treas¬

Treasury will use near-term obli¬
gations for most, if not all, of the
new

issue

an

these

of

owned,

Treasury would like to

funds, but

new

the ways

prop¬

taking care of the issues that are
maturing in the very near future.
There

the

tary

Ahead

The money and capital markets,
but more likely the money mar¬

ket,

publicly

are

short-term

Financing

is not likely to be any let¬
in the offerings of tax-exempt
obligations even though these flo¬
tations are pushing up the yields

termediate-term maturity in this
refunding operation.
And Secre¬

bust

though the level of interest rates
or

or

money

high.

investors,

income

the

and

not

new

of 320,000 shareholders—

new

New

reduc¬

engineering and

Services,
struction
it

G.

George

31

were $1,302,000,000, repre¬
senting the combined investment

000 000 of

*

*

May

On

restric¬

For

with the .boom

re¬

current fiscal year, the

revealed.

sources

which

attractive

be

to

of the

port

use

future, it does not ap¬
pear
as
though the money and
capital markets are going to be

23/4s

in

credit.

due

what

the monetary
higher interest
lessening of the

of

either

up

ity nearly all of it is held by the
public. There is no question but

foreseeable

the highest month-end figure
(adjusted for the 100% stock dis¬

tribution

in the

for

there

whereas with the Sept. 15 matur¬

as

the

availabiilty

will

31,

eco¬

by

maturing issues, more
$4,292,000,000 of the 4s and

than

by

measures

rates 'and

$15.53 per share on May

was

in

Favored

the

3V8S

(fast)
another boom and bust
psychology.
It is this fear of in¬

Fund total assets reached all-time

having

betterment

*

June

a

Of

nomic conditions will bring about

Big

ex¬

and

the

authorities such

$8.56

is

than

more

Issue

Treasury

so

a'

closed-end

investment firm

Intermediate

very

side,

the economy

flation that results

or

CHIPPENDALE, JR.

most quarters of the financial dis¬

in¬

change-type mutual fund had ac¬
cepted a selective list of individual
securities representing 33 indus¬
tries

of

course

com¬

refunding purposes for the fore¬
seeable future.
As against this,

still

are

favorable

issues for the

ing maturities, there is not likely
to be any offering of long-term
bonds

told the annual meeting of stock¬
holders.
Net asset value of this
June

T.

end¬

investment

$970,000, equal to 7 cents per
share, from $776,674, or 5 cents a
share, in the year-earlier period,
William

JOHN

about

sis

net

for first fiscal quarter

come

ing

Corp.

months

Depositors of Diversification Fund
Inc. have received

mediate-term

BY

passing opinion around that this
recovery will be a very vigorous
one.
However,
it
appears
as
though there is no fear yet in

•

the
*

which

aviation

Aviation

United Fruit also

Fund

Bethlehem

nental

the

Lockheed

American

May

common

in

were

where

classifications

Commonwealth

year

placed about 72%

along

industry,

fund, the diversification in broad

cur¬

range

portfolio

$8.69

May 31, 1,960. r
During the first half of its

rent -fiscal

noteworthy

$9.84

on

mon

Most

record

a

six

31, S. Waldo Coleman,
and Robert L. Cody,
informed stockholders

Chairman,
President,
in

to

the

In¬

try to lengthen its debt maturity
by exchanging some inter¬

es¬

Far-

previous

field.

the

Commonwealth

in

ended May

*

:!••

of

$23,962,031

also

Bayer, while adding
holdings in the
merchandising, finance, business
equipment, utilities and cosmetics
its

Island
*

Net

It

position in

from

Shares currently has approxi¬

Expected
Even though the Treasury may

benfabriken

eliminations

Energy

meeting,

Winston.
new

21

No Long Government Bond

Western

Publishing
increased position in
Holt,

$11.98 on Nov.
1960, to $14.50 on May 31,
1961, according to the semi-annual

30,

(81)

M. L. Lee & Co., Inc. ^

i\

22

The Commercial and Financial Chronicle

(82)

EDP: Still in Its Infancy
_

Continued from page 3

the motorist behind you.

instrumentation, and communica¬

however,
imagine

tions.
Some

of

the

most

break-throughs will
of

area

Within

have
in

seen

the

last

greatly

the

components.

three

years

we

such major advance

one

general

solid state

in

come

computer
the

significant

employment

of

transistors which have

the

reduced
main

.computer

size

of

its

frame,

it

second.

be

can

gained if
to

jn

,

Yorker.

on

^he

from
own

Yet,

certain
and he

my

data

to

the

hardware,

he

communica-

the

manufac-

expect delivery,

can

duction, price, and shipping facts,

ingly important.

Organization

agent records

all the necessary

between

outlying

*

In

the

availability,

spoke

making

up-to-date

more

now,

pro-

undertaken.

like

Some problems,

the weather analysis and forecasting problem, are really too big
^or Present day computers. More

insurance

business, the
policy order on a

a

Americans

On the scientific side, there is
and will increasingly be, no
end to types of scientific problems

with the

computer system pulling together

between

all

knowledge available from the best
the world has to offer,

learns when

customer

Co:m-

mUnications

.

also

the
the

if

languages, they would not
have time to translate everything
written. Computers will do more
of
this, thereby increasing the
information retrieval problem but

representative direct

computers,
points and a
central computer, will be increas-

one

Even

three

a

electric motor,
A telephone

or

Thursday, July 6, 1961

.

.

construction

a

company's
data
center
order.
At computer

speed,

will play a vital role.

him

local

places

COmputer

of

type

turer's

processing

tions

on

needs it fast.

from

call

payroii.)

our

total

foreman

job in Wyoming finds he needs

concept which calls for advanced

same

as

be

must

8 months

years,

Coming Logical

com¬

the

second

one

31

to

is

a

concep-

realize that

in

is

14 days.

and

the

you

nanosecond

second

of

New

company's space technological
break-throughs, Buck Rogers

you can

tiny segment of time

a

proportion

better

a

The

what I know about just

,

billionth

one

is

Perhaps

tion of such

one

.

Seriously,

nanosecond, if

a

a lot
the cartoons

of my material from
in

The

suspect that I've drawn

now

.

Computers produced by differ- special form which can be scanned
to transmit
the data
over
telespeed
and
more
information
component design and computer ent manufactures until very resary power and air conditioning
compactness resulting in
unbe- cenfly have been total strangeis, phone, or telegraph lines directly storage^plus better -remote comto go with it.
■•.
•'
to
his
firm's
data
center.
The rnunication devices are needed and
lievable
speed of operation. In u?able to talk freely to one ac¬
As
the /.economics
and
tech¬
?b
M°re satellites
company
with
these
inevitable othe*:
Because each ' producer's computer then takes over, even
nology of manufacture are licked,
in the next 15 machine
was wired differently writing the policy and storing the hkc TIROS II will send cloudr
whole
circuits
will
be.
micro¬ break-throughs
data for billing.
c°Yer
directly to the comdesigned to handle data in
miniaturized smaller than present years, there will be some radical a
.=
puter of the future which will be
In the department store, small
and constructed
day component parts. My company changes in the logical orgnniza- various fashions
read> analyzed and result in action of computer hardware — a;i
engineers with minds of their electromc devices on the cou ter curate
already has developed a tunnel
and timely — long-range
effort
to
more
closely
approxi-there has existed a veritable will record sales, passing the in- forecasts>
diode computer circuit, scarcely
formation
mate
the
along
to
the
stores
functioning
of
the electronic Tower of Babel.
larger
than
a
special
delivery
Branches of science not now uspanion equipment, and the

We

neces¬

talked thus

have

about

far

-

.

'

.

T

,,

,,

,

.

—

stamp,

capable

and

of

switching

performance approaching the
speed of light.
*

In

addition

vices,

we

toward

solid

to

state

de¬

moving
rapidly
liquid state tech¬

are

using

nology in component development,
as

well

gaseous state

as

that

decision

coming generations of

com¬

smaller

and

—

greater

and

follows

then

capable
speeds.

greater

of
It

the

that

computers

utilizing such components will be
increasingly compact, use far less
power than is now required, re¬
quire little

or no air conditioning,
inherently reliable beyond
I have in
present imaginations.
my office a counter from Dr. Hol¬

and be

first

lerith's

Bureau,

machine built in 1890.

Certain

purpose

of

15

able

be

thinking
based

the

future

may

ment, the

be

for

much

have

enough

in

already
gone
far
technological sense,

a

that

words

new

many

have

and

to

The

•

will

computer

its

own

correct

available

its

be

able

,

to

maintenance routines,
own
trouble by alter-

nate

routing and, where needed,
give an alarm indication of trouble

location

without-

in

of

microseconds

talk

milliseconds

of

terms

thousandths

to

for

second; then

a

for

millionths

of

a

second. The speed ranges of exist¬

ing

developmental

today

microseconds,
what

in

operate
has

or

components

thousandths

of

for convenience,

been

labeled

as

the

nanosecond range.

Now,
that

it

tiously
the

has

been

short
face¬

the time lapse between

as

changing of

green

is so
described

nanosecond

a

and

the

tinues
As

in

traffic light to
horn blowing by
a

while
to

the

com

delve

,

more

and.

operation and function of

brain, we apply this
knowledge to the organiza-

of

the

electronic

imitation,

„

,

.

„

,

.

Computers to Build Computers
.

Today, computers are helping
design computers and test computers. It's entirely feasible that
to

computers

will

in

large

measure

build computers. This is automation in full cycle.
(I'm sure

you

the

when

and

ard

COBOL

computer

will spread,

ing and
figures right
;

the

material.

possible
data

be

data

same

turned

feed

the

it¬

almost

•

that

will

true

today.

The:-traffic

such

*

experiments

will

.

.

relationship of an individual's
brain wave pattern to his state of
alertness. John Doe would be informed whether he is a one-martini case or can safely order a
second without materially affect-

-

•

*

.

lights of big cities

.

.

be

word.

introduced

into

a

traffic

'

conditions.-- '

'

•

has

My

own

invented

takes
out

direct

a

already

company

typewriter

dictation

that

and' turns

printed version.
We" can
only begin to imagine the impact
a

a

$pe

sophisticated
attached to

tern.
Let
of

a

device

computer
.

..

me

,the

this

of

exolore here

fascinating

sys-

some

more

probabilities

that lie ahead in the next 15 years,
'

"

Probabilities in
Direct

Next 15

communications, with a
a point of sale al-

ready has been demonstrated'
cessfully."/

sue-

Credit card inputs through tele-

phone attachments have been'sugand

one

such

,

House

.

field

the

center

perhaps

,

ters

read

noted

in

obtain

the

benefits

in

the

spend-

'/f

information,

be,

the

..

The

come

80,000 Shares

will

wasted
merit

Advertising Co., Inc.

Class A Stock

cec'ures.

will

be

problem is, not
one

it

as

inforination

occupy

is
C

.

in

in

research

^nP?f

ihihi u,i ilhiu

manufacturers,

are

reac¬

not

making'- it
human

rely

to

necessary

research.;-/'

/

re¬

Automation

Industrial

One of

Industry

will

have

its

at

dis-

^ i10]1//!, afe poVaf plant-wide'integrated'autoand
develop-

field

any

as

sonably sure' a communications
-network,Is Possible and. plausible
the 1970's to aid justice by

increasing

an

of computer time.

This includes the o.rgan-

•

We,

on

amount

the

indi.

more

agreeing-on the semantics.

Nevertheless,
trieval

when

data

jzing and indexing laws, judicial
decisions and; legislative acts to
provide a legal information dis{nbution center.'
/ " '•

un"

will

"

July 6,1961

o£

a ,Possible danger situation^
A- national conference on law
and electronics recently held, exPlured the uses of computer and
.machine language in juaicial pro-

time

more

easier

hardware

a

library

-.

codified the informa-

solution.
much

alternate

computer.s

storage in the
the local level. Doc-

or

the

\

f

,

Whole problem of: looking
vast

can

electronic
the
best

by the
-determining

processed
ne,

best

of

f-

so

b

and

for

then

can

case,-

preventative medicine.

4^

in

NEW ISSUE

..

symptoms

Vrom whonf dateTas cates

obtained

computer on
tors

of

-particular

a

—specialists
been

list

the

is being advanced.

is neither an offer to
sell, nor a solicitation of an offer to buy
of these securities. The offer is made only by the Offering Circular.

the

.

•"

will- help solve the
increasing
air
traffic- problem.
jrbgbt D|an information for literaHfthousands of flights daily can

com-

at

,'f

job

Computers

county medical society headquar-

installation

announcement

potential,

,

a

the

scale,

process

will b e extended with the computer taking
jnt0 account not only previous experience but1 present and future

of

doctor will be able to dial

broader

a

placement

medicine, ./the
computer will serve as a diagnostic clearing house
for the benefit
of the individual physician.
The

Years

computer from

gested,

;

:

In

,

puter

,

.

On

•

.

Medical Diagnostic Clearing

tion




the

be quite advanced, though, before
every patrol car will have a cornwill be under computer control,
putex\
r •
/ >
from "the source oi with strategically located sensory, ;•
The commercial airline pilot
It is even remotely devices passing the word back to
can be checked for his Endurance
within this period the computer center of changing " level under varying conditions.1
and

a

organized

Ruth Outdoor

and

are far behind

detail and with great accuracy the

future

much closer to solution. The

any

simulat-

Biology

comc computer applications mvoivmg man himself. It will become possible to study in minute

The

more

another vital

related

This

problems.

J

company,
meanwhile,
will
be
guided by the computer in day-today operations and in planning

lan-

large degree

Study of Man Himself
From

out

system.

computer's memory by the spoken

more

human

new

tion

machine

operate.

we

into the

the

tell

to

do
of

the

by

computer, readremembering facts -and

formed

used

to

use

documents

scan

of

We

The

quired data into

Thus, maintenance could be per-^nf

equipments.

needed

what

monthly bills will

any

usefui ways of

intelligently its present and
operations. Its power destep toward a data traffic "turn- mandand
requirements can be
pike" network.
:
■
v:h'V-' changed almost
instantly to meet
are
moving very quickly, to the effects of-weather and other ing his ability to find his * way
advanced electronic devices that
affecting forces.
This: latter is ,bome. The state of the art will

had to be added to the engineering
vocabulary to describe capabilities

stopping,

utility, company's main of¬
processing, thus
obviating the need for periodic
meter reading on the spot.
One's

cut drastically

can

universal

guages

program

use.

time

iL

do

similar

constantly

is

the

computer

will-be extracted
the necessary opperformed, and the re-

future

run

We

will

own

decisions

The

their

fice for computer

only makes it possible for the
interchange of programs between

into

at

^-nd

Ph/Jical sciences' but are now

transmitted automatically

be

the

to

COBOL

now

thus generated becomes a part of
the computer's library of mformation

instruc-

C0mputers, but

its

Plain English

feeding

>not

data

out.

for

developed,

tions into the computer.

memory,

printed

been

basic

a

vocabulary

logic.

on

will

has

computer

of

jng computers to
w-p

ing

~

(COBOL)

The computer will learn from
experience.
For example, when
the computer system is asked, to
prepare a Profit and Loss State-

erations

not

arriving

m

strictly

a

data processing computers

from

much

do

data

TT

™°"JluTs!nef Oriented Language wa^r nega^°Tndreele1c^ric^rmeters Sociology both

^computer may

years

to

„

trol.

involving

°rs; However, the
101 to

^
of

,.

Under sponsorship of the U. S.
Department of Defense a Corn-

designed witn the abillty to consider such unpredictable

It's

larger.

such

be

for order fulfillment,
logging, and inventory con-

computer

COBOL
,

TT

.

,

from

satellite-borne

aware

may

electronic

Census

computers are almost this small
today. The main frame of general

fully

.

The

ponent about four inches by four, suits
inches.

are

logic

of

com¬

We

depend
more
on
emotion,
prejudice or force of
habit
than
plain, unadulterated

never

The

brain.

man's

thought processes are
illogical more often than not. A

technology.

puter components will be smaller
and

human

is

that

it

is

UthiC?^.eFerTnn
/ a

matic
wdj

operations

make

These

systems.

of control

use

devices,

data Processing computers, communications links and industrial

on a glven control computers, to not only

problem

Interestingly

enough,

informa-

Xetro^car^t ^eTthe^per^

io0lvedrefhrnVuihPfh0ebl^PS Tl ?
netic
tape, tut
not
traditional
Price: $3.00
per

Share

nenf ^"^0' tVe fronT of£e

r/tll beP video tmnleirfented

™a"a~

similar to the television
used.

A

computer

"tapes

would

now

search

the video file for specific informa-

Offering Circular

LEWIS &
80 Broad

on

request

STOEHR, Inc.

Street, New York 4, N. Y.

tion, like

patent search for

a

ex-

and

'

.

Industrial electronics promises
to transform the entire industrial
function into one continuous process with each part, automatically

ample, * and
print
out
entirely
electronically
any
information
requested, or, the searcher may

relating back to tue other to form

only want to look at

tions in the fiel.1 cf industry are
in the general areas of measuring,

picture of
the document in question and will
have

the

ability

from

location to call it to
ture

viewing

tions here

probable.

are
-

a

tube.

his

remote

a

own

pic-

The

implicafantastic, but highly
"

-

-

-

~

a

synchronized operation,
Most

of

the

computation
tronics

today

computer

and

is

applica-

control.

Elec-

three
Only
installations

doing

all

jobs, but in unrelated form.

in

a

relatively

few

has the feedback loop been

close^

.

Volume

194

Number

6070

The Commercial and Financial Chronicle

(83)

by connecting
tronic

all three

up

elements

.

make

to

elec¬

plete self-monitoring, self-adjust¬

ing, fully automatic production

processing

system.

accounts

BANKS AND BANKERS

Invariably,

Consolidations

New

•

Branches

New

•

Offices,

revealing. These results have

stimulate

helped
interest

first

The

control

to

moted

become

M.

to

Ellis

has

been

Vice-President

MANUFACTURERS

pro¬

of

the

process

industries, like power, oil,
chemical, any refining proc¬
ess,
steel, aluminum, etc.
Next
will be single, simple product

David

gas,

nounced

then

Mr. Ellis, who joined

actually

the

He

is

assigned

responsible

will depend

comes

for

to

the

group

Bank's

replacement of existing tools
plants.

Treasurer,

Swifter

in

1949,

he

was

pro¬

moted to Assistant Vice-President

Managerial

in 1954.

Decisions

wealth

correlated

of

made available

Bank

also

and

information

these

partment.

planalp,

be

able

to

see

broad

the

trust

from
U.

credit

trends

*

they take shape and make pro¬
jections on a precise basis.
He
will be able to properly associate
these findings with his own com¬
pany's spot in the overall scheme

*

of things.

He will be able to

banks.,

994,743,213

shift

to

those

more promise,
even^
hitherto unavailable

most

Cash

liam

1,408,815,211

and

1,486,209,903

tary

dis¬

will

able

be

do

to

these

of

all

things better if first, he wants to,
and

second, if

help him to

profits

49,847,169

manufacturers
these tools better.

Relatively more money, compared
with Engineering, will be spent
in education and in the develop¬
ment

of

ence

those

Management

Sci¬

programming packages that
make

can

these

predictions come

true.

the

Bank

York

Bank

banks

979,404,810

operations
Commerce, June

recently

bank

589,390,766

567,451,541

Commerce

*

.

Russell

L.

tl;

*

*

Jun.

Cash
from

charge

international banking division and

U.

by now may have won¬
why there has been no

mention

of

total

the

probable effects
processing on gov¬

data

ernment.

I

have saved

the

"des¬

due

two

Morgan

Guaranty

A

banker

he

years,

the

for

was

York

with

than

more

40

Trust

when

Company

it

J. P. Morgan

merged

was

Co. in

&

*

of

presents

field

processing than gov¬

ernment. Federal

the

our economy

promising

more

a

for total data

are

Henry

agencies already
largest users of

Nation's

computer systems, yet in no area
there

is

pressing need for
help to handle the mil¬

more

electronic
lions

of

documents

deemed

18,562,741

BANK

in

ernment

Government

motion.

The

already has well doc¬

less fantastic than

areas

I

I have

of the

some

just discussed.

at this point that one
thinking I have reached
predicted an era of data
processing that is 21st Century
am

due

out

—

Let

we

me

point out that based

present day knowledge of

our

what

we

can

have and what

have

in

terms

Although

of

know

sible

to

consider

facts in the

60's

ideas

these

as

and

early 1970's.
The picture of the executive of

the future may sound inviting. He
is seated in Palm Beach at his
own

remote computer inquiry con¬

sole

and

viewing station, not

like

the

control

vision
ger

station.

agement
and

room

of

un¬

tele¬

a

He has at his

fin¬

tips the opportunity of calling

for review any

see

Davison

retired

several months

executive
He

little

of

reports.

series of man¬
He can talk to

a

Vice-

and

has

•

been

in

i,,u,

-•

with

■

Pitts¬

National

and

1924.

predecessor

He

was

Vice-President
of the Bank in

elected

Di¬

and

coln

107,448,102

10,093,625

N.

Y.

was

The
was

of

Avenue

a

shares

of

ing 10,000 shares,

The

ago,

Bank

of

organized

*

The common
North

Shore

Chicago,

by

*

National

Chicago,

creased from

June

:|:

modest

(Number

of

*

*

Illinois

on

June

small store
in the old

on

Springfield,

in

when

1921

Bank

Springfield,

111.,

*

All

dividend

(Number

of

effective

June

Bank

of

132,000 shares,

par
*

si:

By a stock dividend, the common
capital stock of The First National
Bank of Anniston, Anniston, Ala.,

increased

was

$1,000,000

from

$750,000

effective

June

M.

The

X

si;

capital stock of the

common

to

in

Mansfield,

increased from

$350,000

by

Avenue,

A.

Cancelliere,

1866

Samuel

Montrose

the

Williamsburgh

Bank

from

and

effective

June

par

outstanding
value $25.)

July

on

602
be¬

1

President

*

new

16,000

may

is

be

.

in

shares,

*

a

Association,
creased

from

of

its

Boise,
common

$5,500,000

to

Idaho,

bouncing

a

$6,500,000

Werlinich, President of
of

McKees

Rocks, will

outstanding

65,000

shares,

value $100.)

as a matter

of record only.
July 6, 1961

75,000 Shares

Class A Common Stock
(No

par

value)

off satellites.

But
a

long before this happens,
great exchange of information

must take

tronic

place between the elec¬

data

processing

and

our users.

ing

up

While

we

per

Share

gear¬

to help management solve

many of their problems, a whole
host of new ones will be created

just

Offering Price: $4.00

industry
are

because

of

the

1

tremendous

Copies of the Offering Circular may be obtained from the Undersigned in
Slate in which.the Undersigned may legally offer these shares.

any

capability that will exist.
•

The

ing

era

may

but

mare,

of Total

be

a

Data

Process¬

management night¬

wit?

p-oper

First Weber Securities Corp.

planning

and education should be the dream
we

have all been working toward.

*An

Diego.

farther,

than




If

we

the

reach
-early

address

National

lysts

by

Federati-n

Societies,

Mr.
of

Dick

before

Financial

Richmond,

Va.

r.

the

79 Wall Street

.Ana¬

ft

ef¬

fective June 20. (Number of shares

of these shares having been sold, this advertisement appears

conference

in¬

capital stock

to the Bank

on

of

stock dividend of the First
Security Bank of Idaho, National

By

NEW ISSUE

1970's, the Vice-President in Ta¬

to/

stock

(Number

DATA PROCESSING, INC.

hiti

t

stock

a

$350,000

23.

shares

si:

Rocks,

WPNB.

announced
by
Horace
C.
Flanigan, Chairman of the Board.
came

to
19.

(Number of shares outstanding
40,000 shares, par value $25.)

*

*

McKees

Bank, Pittsburgh, Pa. according to

was

Groark,

1

outstanding
value $10.)

$400,000 by the sale of

came

turers Trust Company, New York

in 1942.

19.

shares

H:

Appointment of Thomas Groark
as
a
deputy auditor of Manufac¬

of

in¬

its common capital stock ;
$1,200,000 to $1,320,000 by a -

from

he

joined J. P. Morgan & Co.

out¬

value

:!:

National

dividend

K. Hogg has been ap¬
Assistant Vice-President

safe

30,

par

creased

$300,000

*

"provide
a

effective

shares

standing 110,000 shares,
$10.)
The

of

in¬

was

$1,000,000 to $1,100,-

si:

the 28th community office of
Western
Pennsylvania
National

income

Bank

111.,

stock dividend

a

21

outstand¬

capital stock of The

was

Chartiers

Lin¬

Brooklyn,

to

in¬

stock

value $100.)

par

Bank

The

years

Wash¬

stock effective March

First National

*

❖

opening

in

new

(Number

Mansfield, La.,

9,772,650

Savings

Inc.,

capital

$800,000 to $1,000,000 by the

1959.

Department of Mellon
National
Bank
and
Trust
Co.,
Pittsburgh, Pa.

261,240,731

❖

1.

Columbia,

committee.

began

Mr.

1936

Invest¬

in the Trust

115,313,885

108,783,875

profits.

7.

of

common

New York 5, N. Y.

the Vice-President at his

console in San
a

Morgan

ago, he had continued as a mem¬
ber of its board of directors and

compo¬

"hardware," systems pro¬
gramming packages, and devices,
it is possible, plausitefe, and fea¬

•

Mr.

from the company

that

we

175,831,561

289,333,672

Undivided

its

pointed

holdings

&

Commerce

District

July

v

of

years

*

Frederick

549,699,756

depository for their savings."

nents,

•

the

in

Bank

Senior, Vice-President

457,503,858

discounts

security
Loans

of

*

'

'

Government

8.

Bank

25

Bank

President, Trust Division.

from

banks

and

stuff.
on

of

the

'

U.

*

stock

elected

.:•••

rector

Mar. 31, *61

535,490,131

and

the

Mr. Ferguson, became associated
with the Bank in 1943 as Vice-

628,779,888

resources

with

Executive

joined

*

Total

completed

service

000

elected

was

Herr

Senior

YORK

families

sure

be

may

NEW

Guaranty Trust Company of New

Federal

umented their expected computer
uses for the
1970's.
They appear

OF

Jun.30,'61

1959.

retired

He

Officer

burgh

:{s

Davison,

1931.

Mr.

17,877,513

York, died at the age of 63.

nec¬

to keep the wheels of gov¬

essary

no

Pomeroy

been

Banks since

profits.

THE

*

Directors, Pittsburgh

1959.

133,883,106

Undivided

*

Vice-President.

elected

325,330,417

Deposits

Vice-President of

a

Guaranty

New

Vice-Chairman

single facet of

123,657,455

155,901,995

Corporation*

and |
the
International

4,500,652

from

343,829,452

&

Ninety-five

No

534,855,102

discounts

companies,
the
Guaranty
International

Banking

*

in Government

633,354,255

subsidiary

Morgan

sert" for last.
Use

Mar. 31, '61

748,176,995

economic research officer for

was

42,399,003

120,863,162

4,637,275

*

Assistant
Treasurer in charge of the County
Trust Co. office by the New York
Central Railroad Station in Mount

*

S.. Government
security holdings

Loans

47,986,567
126,219,831

profits.

President in charge of the Invest¬
ment
Division in 1945.
He was

YORK

NEW

33,868,880

*

Boschen*

212,620,134

Lambing

ment
TRUST

198,878,628

and

banks

in

*

MIDLAND

647,042,951

resources—

in

37,850,081

Jun. 30,'61

Cash

dered

*

MARINE

220,112,139

holdings

has

Senior

948,518,931

39,794,561

235,483,668

discounts

Mr.

profits

Total

approximately

Harry

sale of

Apr. 12,'61

man, Trust Committee; and Robert
D.
Ferguson
has
been
elected

Undivided

died at the age of 64.
was

ing

387,620,081

965,986,029

JERSEY

30,'61

Vice-President of the Bank; Philip
K. Kerr has been named Chair¬

dis-

C.

from

OF

National Bank, Pittsburgh, Pa. has
announced that Malcolm E. Lamb¬

30,1961 Mar. 31, 1961

451,223,812

BANK

was

1901, and had total

$10,000,000.

Government
&

The Board of

YORK

363,347,697

counts

THE

of

resources

ington,

243,112,041

*

NEW

F.

new

The Bank of McKees
Rocks

from

*

hold¬

and

President and Manager of the
community office.

July 5

30,928,604

due

security

1,562,805,283

ings

NEW

;

and

S.

Loans

of

of

Harry

Pasquarelli,

Stayduhar, Dr. Willard
Tannehill,

creased

NATIONAL

banks
U.

Govern't

S.

security

Cash

Wardburgh

FIRST

resources

Cash

new

478,815,289

Deposits

of economic research in the Bank's

Total

1,832,482,276

banks

anty Trust Company of New York,

Mr.

the

Bank

Board

Mr. Irwin has been named Vice-

Vernon,

*

Jun.

due

Vice-

a

*

PASSAIC,

June

1,747,900,510

and

Treasurer,

announced

E.

$

COMPANY,

Morgan ..Guar¬

THE

be¬

2,022,805,712

resources

Deposits

*

the

of

for

BANK,

Secre¬

appointment
of
Owen
as a Vice-President.

Undivided

HANOVER

Total

.

(

Trust

*

State

J.

*

Banks.

67,303,330

Wardburgh,

President

which

Superintendent

*

.

Riley

approved by Oren

was

State

Undivided

71,517,427

as

com¬

announced

application

Root,

2,241,146,158 2,315,692,200

profits

National

30

charter under the title of Bank of

U.

*

Deposits

The

:'

f

of

Assistant

as

Assistant

and

the

29.

735,126,661

dis-

and

granted

charter

Kolb, President,

Loans

ings
Loans

Commerce

of

effective June 30, Walter

came

;

46,717,989

began

of

its

under

Govern't

S.

Finance Corporation.

One

of

$

Kurz

Newark, N.
New

*

Directors

the

Thomas A.

established in

Cashier.

June 30.
The

Industrial

.

we

use

Mar. 31, 1961

of

*

$

3,980,166,669 3,636,999,911

new

w!',,

.

30,1961

K.

744,436,455

YORK

security hold¬

a

businessman

NEW

Board

*

;

of

will be William A.
Calvert,
A. Irwin, Samuel M.

the

Company
of
Morris
County,
Morristown, N. J. appointed Wil¬

hold¬

TRUST

due

and

from
U.

certainty, the

tomorrow's

YORK

4,632,428,030 4,374,930,456

counts

'l/

plant facilities.

resources

Deposits

bear

select with

The

Undivided

THE

$

run

locations for

advisable

Yes„

which

*

574,402,144

783,309,237

Loans

members

x

ings

*

NEW

Jun.

Total

his firm's existing plants more ef¬

or

BANK

COMPANY,

ficiently, place renewed emphasis
on products already being turned
out

of

Chairman of the McKees

Advisory Board.

Other

Assistant Vice-Presi¬

dent from Assistant

3,236,511,175 2,753,793,573

security

Rocks

F.

*

Directors

due

as

CHEMICAL

Bacon to

become

$

Govern't

S.

de¬

department, and
Eugene T. Gagen, investments and
financial planning department.

communications. The businessman
will

in

Appointed
Assistant
were
Harry P. Ab-

Treasurers

use

and

computers, controls,

the

Eugene J. Olson to Assistant

Vice-Presidents

swiftly for the de¬

cision makers of business and in¬

of

announced

promotions of Richard G. Keneven

the

dustry tnrough the intelligent

of

3,772,100,844 3,304,617,856

resources

and

mercial
The

One of the most valuable results
from total system programs is

E.
Mar.31,1961

$

ness

depreciation

Better

and

Total

busi¬

and

of

'

counts

the

COMPANY,

Jun.30,1961

the Bank

in Colorado, southern Illinois,
Iowa, Kansas, Missouri, Nebraska,
and Wyoming. Named an Assistant

economics

the

Board

'

Cash

and

on

*

County National Bank,
Worcester, Mass., elected Wilbur

YORK

.

Deposits

1929, is in the United States
Chase
Manhattan's
department,
national -territorial
organization.

Yes, even com¬
computers.
The
technology will be available. How
fast it

an¬

in

complex.
making

puters

Rockefeller, President,
yesterday.

TRUST

NEW

Chase Manhattan Bank, New York

plants,

31

total

Worcester

completely automated will be the

more

*

The

William

industries

where
with

opened

$660,000,000.

Capitalizations

of

,

manufacturing

Revised

•

tremendous

a

electronic

in

entire plants.

etc.

Brooklyn,

were

deposits of $4,318.30. Today, over
310,000 depositors have entrusted
$587,108,000 to this institution
which has total resources of over

or

where the over-all system concept
has been tried, the results have
been

"of

section

NEWS

com¬

a

23

'

f

par

>

24

The Commercial and Financial

(84)

Chronicle

.

.

.

Thursday, July 6, 1961

should then have the good
system, or even one remotely
things of life made and dis¬ like it, unattainable. It would,
The
economically ideal tributed by those most capa¬ however, appear to be rea¬
the
it profitable for foreign pro¬ on
import of
foreign
feasible
for
those
ducers to enter this market, goods must be paid by some¬ system is, of course, one in ble of doing so at the lofwest sonably
which
the
production of
not
as
exporters
to
this one in the form of higher
possible cost. Of course, no who control international
goods is apportioned among
country
but
as
producers prices.
one
Ships and other en¬ the
expects in this day and destinies, including our own
peoples of the world by
here behind the tariff walls.
ideal government,
to
bear
such
terprises which enjoy sub¬ the market place. But such time that any such

AS WE SEE IT

Problem

The Real

Foreigners
still

of

can,

sidies

course,

themselves

set

business

Continued from

in they

up

producers in this

as

their

page

able

are

services

could

someone,

to

at

course,

1

provide

less

than

otherwise,

the

must

make

up

the

difference.

taxpayer

but

of

system involves refusal to

a

interfere

by
or

the

with

free

imposition

other

markets

of

tariffs

restrictions.

We

system will be permitted to
operate.

International

ries and the
national

rival¬

dangers of inter¬

wars

make

such

a

simple facts always in mind
—and resolve to deviate from

the

ideal

lutely

only

when

abso¬

and only to

necessary

but in that event
they must now pay the same
high labor costs that are re¬
quired of domestic producers.
The problem now confronting
American producers is, there¬
fore, no longer so much the
kind
of
competition that
would
be
engendered by
foreign producers moving in
behind our tariff walls, as it
is in meeting the competition
that foreign, concerns
(many
of
them
operating modern
plants built since the war
with
funds provided by
country,

United States
which

taxpayers)
subject to the

not

are

exactions of the

monopolistic
organizations of wage earners
in this country. There are in¬
where

stances

this problem
quite acute in re¬
The wage earner

has become
cent

years.

is, of

quite obviously
in upon for¬
eign factory owners and op¬
course,

unable

to

move

erators.

yy:

As

might be expected, the
migration of capital for the
purpose of avoiding this type
of
difficulty is now in a
direction

opposite

to that

of

past. Now it is Ameri¬

years

capital which is moving
foreign countries, not to
escape tariff duties so much
can

into

as

find

to

locus where

a

produce at costs

can

titive

with

—and

foreign producers

thus

be

fully

more

abroad

able

in

markets

now

where

Here

velopment

share

to

the

we/find

ourselves under
caps.

they

compe¬

handi¬

severe

have

we

that

is

de¬

a

analogous

to the

registration of Ameri¬
ships under for¬
eign flags in order to operate
owned

can

in

of

one

the

tive

areas

two

are

in

most

the

different

technicalities'.
principles

the

no

The

only

The

in

basic

identical.

are

No

Let

competi¬

world.

Solutions
one

suppose

that

tariffs

imposed on most
of our imports and the other
restrictions,
the
subsidies

paid to ships flying
the

device

under

foreign

fleeing

of

countries

keep

industry

l°t

—

to

it

our

where

labor

reason

that

our flags,
registering
flags, or the

of

to

is

able

costs
no

one

within

of these devices or
provide any real

any

FIVE

suppose

MAJOR STEPS

stratagems
solution

for

the

economic

problems involved, whatever
they

do

may

to

enable

dividual

companies

going

to

In

or

any

someone,

and

to

TO FURTHER

PROGRESS

in¬

keep

increase profits.

all

the

cases

usually the ultimate

AT

GREAT

controlled

consumer,

the

is required to pay

fiddler.

Tariffs




imposed

LAKES

and

STEEL in

operated

Detroit, the computer-

80" Mill of the Future—

AT MIDWEST STEEL
and

efficient

fastest, most powerful hot-strip mill in the world—will

provide

provide

galvanized

more

and

better automobile

body sheets.

steel

near

industry with the
sheets,

Chicago, the most modern

finishing
hot-

plant in existence will

finest quality tin
and

cold-rolled

plate,
sheets.

Volume

the

Number 6070

194

.

The Commercial and Financial Chronicle

.

(85)

is

would in

unavoid¬

No

As

to

situation

in

the

our

difficulties.

leave

permit them to fail

exactions

de¬

now

manded

us

to

bring imperative deifor still larger sub¬

mands

sidies.

With

Hayden, Miller

The easy solu¬

would not be in the best in¬

CLEVELAND, Qhio—Matthew A.

tion

of

terest

Jenkins

would,

similar
come

with

up

casions—

It

that

to

be

course,

such

upon

simply

here

usually

we

pay

a

of

or

sidy to the companies of suf¬ dized

either

has

anywhere else in the Hayden,
Moreover, substantial

additions

sub¬

public

merce

world.

oc¬

the

to

of

costs

shipping

subsi¬

joined

staff

of

Miller & Co., Union Com¬

Building,

Midwest
Jenkins

the

members

Stock
was

of

Exchange.

Thompson RamoWooldridge Inc.
Debs. Offered

(Special to The Financial Chronicle)

of the world.

tion of American owned
ships
registered abroad could solve

of

thus

and

the

by the unions. It
that much further from any would be quite in keeping
sort of rational economic re¬ with our procedures in other
lationship with the remainder branches of business, but it

shipping industry which has
been the subject of so much
discussion of late, let it be
said that the imposition of
killing costs upon the opera¬

none

pay

point of fact simply
bad practices one. step

further

Way to Proceed
the

ficient size to

carry

that

extent

able.

the

Mr.

formerly with Saun¬

Public
offering
of
$25,000,000
Thompson Ramo-Wooldridge Inc.

(Cleveland,
tures

Ijiardly

ders, Stiver & Co.

due

Ohio)

1986

is

5V4%

deben¬

being made by

an

underwriting group headed by
Smith, Barney & Co. Inc. and

McDonald &

priced

are

could

25

Co.

at

The

100%

debentures

and

accrued

interest, to yield 5.25%.
Net proceeds received from the
will be added to the general

J-7"

sale

funds

of

Thompson Ramo.
The
plans initially to reduce
outstanding Regulation V loans

company

by substantially the

amount.

same

The debentures may

not be op¬

tionally redeemed prior to July
1, 1966 through borrowings at an
interest cost to the company of
less than 5.25% per annum. Other¬
wise they are optionally redeem¬
able

at

prices
ranging
from
through June 30, 1962 to

105.25%

after

100%
The

Thomas E. Millsop and Paiil H.
ii)z

top

at National Steel

men

June

issue

mandatory

Carnahan,

30,

1984

plus

interest.

accrued

George M. Humphrey,

payments

has

the

annual

benefit

sinking

beginning July

of

fund

1,

1965

calculated

to

debentures

Corporation, talk about...

prior to maturity; the

retire

80%

of,the

company may increase the sinking
fund, payment in any year by an
amount not exceeding the man¬

datory sinking fund

NATIONAL STEELS

$300

MILLION

is

the performance of re¬
consulting and advisory

search,

NEW

CONSTRUCTION
f<-

services
«

•

•

the

and

electronics

and

nent

means

is nearing
is

a

completion. Costing in

signal of continuing

result of

a

years ago

other parts for

b/National Steel

tractors,

new

fidence with
of

huge

amounts

thing, throughout

solid foundation for

our

are

willing

of private
economy,

to

which

con¬

to

It is the kind

obvious

are

benefits, of

.

value for

that will result

our

more

to

employees—it

stable
our

assurance

jobs.

:

,

,

peak demand. In

the

means

period, the expansion

means

with

a

greater
.

.

.

owned

And

steel

competitive

stronger

pany

at

consumer

steel—it

of

your

dollar in the products

you

as

an

American

against inflation; it

—it

means

means a

greater

facilities

come

we

think you'll

employees,

agree

you

Counties, Calif.; Watseka
Hoopeston, 111.;
Scuthfield,
Warren and Portland, Mich.; St.
Louis County, Mo.; Alliance, Neb.;
Camden, N. J.; Danville, Pa., and

means

greater

buy.

means

a

more

Catherines

St.

powerful

and

East

ptrength for

Recreation

Enterprises
Units Sold

about them.
news

and for

for

Pursuant to
our

you.

June 29,

a

GREAT

LAKES

STEEL

•

WEIRTON

STEEL

•

MIDWEST

STEEL

•

STRAN-STEEL

PITTSBURGH,

PA.

DIVISIONS:

M.

Simon

•

ENAMELSTRIP

•

HANNA

FURNACE

•

NATIONAL

of

at

$5

per

unit.

of

one

share

stock

to

STEEL PRODUCTS

\.

purchase

A

shares.

mated

"y

&

publicly

Louis,

I Steel

1961 pros¬

' Co.,
St.
offered
160,000
Recreation
Enterprises

I.

pectus,

common

AND

Toronto,

Ontario, Can.

into operation dur¬

that it will be good

CORPORATION,

lo¬

Cleveland, Euclid and
Ohio; Los Angeles and

consists

SUBSIDIARIES

plants
are

and

more

our customers, our company

subsidiaries

Orange

means

industrial base for national security.

new

1958
Corp.

by the com¬

operated

its

and

Inc.,

STEEL

in

Canadian

and

and

units

NATIONAL

company

name

into it.

merged

Domestic

operations

cated

ing the months ahead, we'll tell

supply in volume during periods of
any

a

As National Steel's

expansion

us

our

newly added modern techniques of foreign producers.

And it

more secure,

'

^

customers—this
of steel

better,

as

you

and

means

provide

throughout

was

America faced with competition against the low-cost labor

from this construction program.
to

The

products.

adopted its present

.

to

course,

costs

higher efficiency,

means

better products because of better steel. It

which provides the
.

you

weapon

There

produced.

position in the market place.

substitute.

no

ever

Minerva,

back this

money.

factors

have firm

widespread American prosperity

and for which there is

stability and lower

and the better.

It is tangible evidence that private citizens

uniform quality

most

company—it

to our

National Steel. It is the

never-ending search for the

highest and

automobiles, trucks
and miscellaneous

when the Ramo-Wooldrldge

of $300 million, it

excess

progress at

confidence in the future and

of the

compo¬

parts

other

begun three

the

and

aircraft

ment,

and

program

fields,

of

of

space

and auxiliary equip¬
for
aircraft
en¬
largely
gines, a wide range of engine and

to you

\
The huge

manufacture

products in the missile and

jf;1

manufacture

and what it

,

principal
business
of
Thompson Ramo and its subsidi¬
aries

OF

payment.

The

a

and

unit

class

A

warrants

two

like number of class

Net

at

Each
of

proceeds,

$680,000,

■

will

be

esti¬
used

by the company for expansion and
working capital.
The company of 6000 Independ¬
ence Ave.,
Kansas City, Mo., op¬
erates

a

24-lane bowling center at

City and has leased a 32lane center to be opened in that
Kansas

In addi¬

city in September 1961.

tion, the company owns the Kan¬
sas

City franchise in the National

Bowling
consists
A

League.
of

common

class

B

1,000,000
and

common

Capitalization
$1 par class

110,000
shares

of

$1
par
which

160,000 and 110,000 shares, respec¬

tively,

are

now

outstanding.

E. F. Hutton Adds
(Special to The Financial Chronicle)

KANSAS

CITY,

Mo.—William J.

Kenna, Jr. has been added to the
AT WEIRTON STEEL in Weirton,

W. Va.,

new

and im¬

proved facilities throughout this division will increase
the production and improve the quality
tin

of Weirton's

plate, galvanized sheets and cold-rolled sheets.




OUR

NEW

RESEARCH

CENTER

will

be

National

A BASIC OXYGEN STEELMAKING SHOP,

Steel's headquarters for the expanded, continuing ex¬

two

ploration of

construction

new

manufacturing

and better

processes

raw

and

materials, facilities,

products

of

steel.

of the

crease

the

largest vessels
at

Great

ever

Lakes

built, is

Steel

in

flexibility and efficiency of

including

now

Detroit
our

under
to

in¬

operations.

staff of E. F. Hutton &
920

Baltimore

Avenue.

Company,
He was

formerly with Quinn & Co. of Al¬
buquerque.

'\

\

immediate

its

Determining Bank Mergers
Will Be of Public Interest
what is meant

1

Continued from page

has

that the small local unit bai)k

outlived its place
There

play

feel

who

those

in

our economy.

are! I have tried to
part, successively,
of

you

the

bank

the

that

movement, unless arrested
will spell the doom of
the
freeenteprise system,
and
those
who
contend
that people

merger

right

now,

who

bank mergers and
cling to unit banking today are
like those who opposed the in¬
ternal combustion engine in 1911
and stood firmly behind the horse.
oppose

by the mouth-fill¬
ing phrase "problems of manage¬

ment succession."

Often the initiative
the

I

let

me

that

warn

pressive generalities
analyzed

be

must

skepticism.

both sides
nlentv

with

of

word

untruth, I gave a
false impression by

pletely

im¬
of

example in my
without speaking

For

earlier remarks,
a

on

the

com¬

fail¬

ing to mention certain additional
facts and by juxtaposing facts that
had no valid relationship to each
other. It is true that we had 30,000
banks

and

the
motive
is
un¬
adulterated megalomania or fool¬
ish rivalry—the driving desire to
be the largest bank in the city
or state, not the second largest; or
even
a
thirst for power for the
sake of power.

that

of

San
the

are

We

only

with

banks

by

merger

of the argu¬

some

told, it is safer and cheaper
an
independent sub¬

we are

"branch"

urban

what

supervisors
"de
novo

we

call

than

bank

small-town

or

create

barbarously

trouble of 30 years ago.

the

from

away

district of the city; and often,

ness

to

part

a

a

acquainted with the

all

are

customers"

because they became in¬
solvent
during
the
banking

of
movement

as

look at

told,

a

electronic
I attempted to play on the heart accounting is mentioned more and
by conjuring up
a
picture
of more frequently as a reason for
thousands 4 of
small,
inefficient merging. We are sometimes told
banks
in
which
feeble
octo¬ that a $20 million bank, for dx-'
genarians
were
making
shaky ample, cannot efficiently utilize
entries
in
handwritten ledgers,
any but the smallest of the mar¬
trying to put off for
But

such
all

we

of

banks

know.

the

a

inevitable

the

real

I

large banks

as

no

mention

of

made

and

more

figments,

problem

among

few

liquidation.

are

afford

mergers

fully able to

utilize

In

electronic

ac¬

fit

of

their

but

the

to

the

number

in

conviction

of

economists that by reducing
of

market

competing

banks

inevitably
reduce also the vigor of banking
compettion and the general bene¬
a

fits

the

to

from

area

we

that

economy

result

competition.

Well, so much for the need for
skepticism; I may have spent too
long on a point that preoccupies
me

from year to year—the
is a most elusive

more

fact

that

truth

These

the

do reach

we

bank

conclusions

problem,

merger

on

they

the

Ameri¬

to

of the

some

are

reasons—

advanced

are

justify the hundreds of merger
we see every year. It

proposals
would

fruitless

be

evaluate

to

them

generally, for they must be
related
to
the
facts
of
specific
Each of these

cases.

reasons can

appealing—especially to the
superficial observer. Why should
an elderly banker, who has spent
a
lifetime building
a
successful
institution, be forbidden to reap
the

of

benefits

judgment

good

would

which

work

to promote
family? Who

.

an

arrangement

several

small

banks

give superior service to

tomers

emotional

generalities.

the

his

stockholders, while releasing
power for other productive

of

and

"selling"

way as

of

oppose

under
can

a

welfare

hard

by

than

hodgepodge

be

very

will be realistic evaluations rather
a

better

and

cus¬

returns

to

man¬

use?

What valid objection is there to a
Reason for Mergers

city

Why do banks merge? In the
early 30s, which is as far back as
my
banking
memory
extends,
most

mergers were

tions.

A

from
But

for

the Second World

have
different

President

willing

is

place
A

reasons.

and

able

or

may

old

to

wish to

marketable
bank.

War

family-owned bank
may
with another because the

merge

may

taken

mergers

quite

it

liquidation.

or

has

carry

no

Promising

of

a

young

sons

on.

obtain the

stock

Or

an

entire

growing

serve

metropolitan

Why Oppose Mergers?

objection, of course, is
characteristically
American

the

notion

embodied

in

hack¬

such

neyed but meaningful expressions
as

"the

free

enterprise system,"
competition," and the
most other countries,

"freedom of
like. Unlike
the

United

national

put

it

States

policy

broadly

great

many

tions,

that

President

large bank
the

of

through the

Nineteenth-century

future.

America

needed

to

to lubricate a
economic machine—but,

serve,

as

massive

banks,

only

not

at that time, to
provide
the
capital
that
was
absolutely essential for the na¬
tion's development. I think it was
Preston
Delano, an outstanding
Comptroller of the Currency, and
long

remarked to
West

built

was

necessary

vated

of

our

by

a

qualifica¬

people

will

be

long run, if most

may

services

another

of

large

want
the

bank

merger route—this is




enterprises.

they

con¬

regard

financial concentration as
singu¬
larly evil because, in addition to

bank

prerequisite to
A number of

a

as

merger.

states also have enacted laws that

considerable extent,
philosophy embodied in the

parallel, to
the

a

the federal legislation.

The

Bank

Act

Merger

of

1960

for the first time enumerated fac¬

tors that federal

supervisors must
consideration in passing

into

take

The ulti¬

proposed mergers.

upon

mate test is embodied in the stat¬

provision

utory

the

that

Comp¬

Board of Governors,
Deposit Insurance
Corporation, as the case may be,
shall not approve a proposed
troller,

the

Federal

the

or

in the Bank Merger Act. The first

bones

merger

"factors"

Seven

epochs

enumerated

are

quality

twentieth

capital,

century as

an

ment, earnings prospects, and "the
convenience

of

banks

the

are

of multiple-office bank¬
bulk of bank customers
longer business enterprises,

no

Unless

to

impede

economic progress,
bow
to
change
and

our

must

we

wish

we

seriously

officer

growth
of
to this. In

unprecedented

branch banking attests
1951

had- less

country

our

banking offices;
nearly 25,000.

today we

20,000
have

Crucial

crucial

The

is

question

where

balance

be¬

opposing
convenience, efficiency,
and economy on the one side, and
the less tangible long-term values
of
"free enterprise,"
"individual

forces

of

initiative,"

and "vigorous
the other.

com¬

con¬

that its com¬
adequately
Or is its only executive

is

being

not

elderly

an

the
wellmanaged, serviceable,
and with
promising futures, so that there is
no
"banking need" for the merg¬
er?

These

are

that

on

few of the ques¬

a

ourselves.

ask

we

Merger

the times.

the

that

the

is

sign

of

will have "on
(including any ten¬

merger

competition
dency

Act

deals with the effect

It

toward

monopoly)". Those
are the words of the statute; could
any
thing be simpler and more
straightforward? As the Senate
considered

that

the

Merger Act pointed out in its

re¬

only

—the

weighing

of

unfavorable

and

application

the

factors to actual

seven

favorable
aspects
of
a
the

terests

officials.

governmental

our

sys¬

benefits and
detriments
are
dealt with, for
better or worse, by the people's
representatives in government—
the
legislative,
executive,
and
judicial branches, all three. In our
system of government, the com¬
opposing

—

in

situation

a

which there is

ternative
of

one

gested,

to

the

and

Government,

arises

practical al¬

no

merger

—

have

I

reasons

where, for
sug¬

bank must either merge

a

with another

plexity of this process is multinlied by the fact that we have
both
sovereign
states
and
a

or

go out

of existence

are,

sovereign
often

Federal

with

in

powers

responsibilities
the

same

areas

and
of

Each of the 50 states has bank¬

ing laws and a bank supervisory
The Federal Government
has
at least
three. In
addition,

system.

despite its status as a

antitrust
banking
"regulated

industry."
Bank

have

mergers

missible

for

Federal

both

many

and

been

years

state

per¬

standards

objectives

or

that

guide
or

concern

was

whether

the

continuing bank would be a sound
and

serviceable

effect
was a

institution.
on

banking

The
com¬

secondary consider¬

go

let us say, four banks in a
small city. All are doing reason¬
ably well, are well managed, and
no

serious

ond largest
to

merge.

problems. The

sec¬

and the smallest wish

the

If

merger

is

per¬

mitted, it is contended, substantial
economies

and

heightened

effi¬

ciency will result, additional serv¬
ices

will

be

offered

to

the banks'

customers, and the combined bank
will be
better
able to
compete
with

the

city's largest bank.

Hypothetical Problem
On the other hand,

the banking
public of the city, of course, would
thereafter have only thrbe alter¬
native

competing sources of bank¬

ing services, both

on

the depo:it

and loan sides. That is to say, as a
matter

of

of

the

decade "The
Bank Merger Problem", in capital
letters, has become a major prob¬
lem—to
legislators,
administra¬
tors, and the public—for the first
past

and

on

arithmetic, the number

competing banks will drop from

may

flow

from

both

the

words

of

the

this imponder¬

public

(But, for the
ercise,

ing

the

merger

of this

purposes

to

—

banks.

the

and

ex¬

need not bother weigh¬

one

possible benefits secretly

any

offered

bank

to

officers

for

per¬

suading unsuspecting stockholders
to

vote
I

the

for

merger.)

hope bankers will

this process,

through

run

however briefly, with

situation

real

(other than their
own!) in mind, because it will in¬
a

their tolerance

crease

toward

the

apparent

shortcomings of ^super¬
visory decisions regarding bank
mergers. We are acutely aware of

shortcomings;1

these

and

we

can

fervently

only
few

hope that after a
years' experience we—

more

or

our

successors

will

—

through the merger glass
less

see

trifle

a

darkly.

"Right" for Different Reasons
As
the

is

generally

past

during

known,

year

bankers

intent

consummating

mergers

have

countered serious difficulties

on

en¬

quite

apart from the apparent inability
of

consistently,

or

banks

state

the

make

supervisors to

some

their minds—either

example,

up

expeditiously,
clearly.

or

that

Federal

is set

When

members

are

Reserve

System,

of

for

to consolidate, it

propose

hurdle

race, with
higher and higher as

hurdles

the

a

they approach the finish line. Un¬
der

state

law, the Banking Com¬

missioner

must

be

persuaded to

give his approval. After that ob¬
stacle

has

been

surmounted,

Federal

awesome

Reserve

the

System

looms ahead. The Reserve Bank of

the district investigates the pro¬
posal minutely, and then the Fed¬
Reserve

decide

must

Board

whether the merger would "be in

public interest".

On

occasion, the Reserve Board

concludes that

would not
interest", after
State supervisor has reached
contrary conclusion. This is

"in

be

the

the

the

hard to

take, I

but most

sure,

am

to

accept this
unavoidable, in a federal

as

system like
the

merger

a

public

bankers have

recent

come

ours. More painful is
experience of .certain

bankers who

successfully

the

ran

gauntlet of bank supervisors, only
be

to

challenged

ment

of

trust

laws.

afraid,

Justice

by the

These

anti¬

people,

I

tjaat

this

certain

are

Depart¬

the

under

am

is

bureaucratic muddling run riot.
I

was

a

unwise

as

lawyer before I
to

trator, and

become

as

lawyer I

a

was

so

adminis¬

an

can

say

that, under the presently govern¬

ing federal
to be

no

statutes,

escape

there seems

from this dilemma

—the possibility, now an
that
to

jurisdiction

departments
"Go

actuality,

proposed merger is subject

a

the

ernment

the

of

and

ahead"

that
the

of

coordinate

federal

while
other

one

may

gov¬
says

say

"Verboten". In contrast to the sit¬
uation

in

other

tries,

Congress

bank

mergers

regulated

has

indus¬

decided

should

that

subject

be

not only.to the jurisdiction of the
bank

supervisory

agencies

but

also to the

jurisdiction of the De¬
partment of Justice and the fed¬
courts

eral

under

-

the

antitrust

laws.
Enter
To be

statute, read in

that

that if the

rency

proposed merger would

like

up

four to three. And it is clear from
the

weigh

able against the benefits you guess

the light of its legislative history,

ation.'
Within

us¬

is quite otherwise. There

case

laws, but

supervisors in per¬
prohibiting mergers. In
those far-off days the supervisor's

main

ual

of

under

these earlier laws seldom enumer¬
ate

its
community
needed services. However, the
deprive

face

activity.

miliar, would actually increase or
competition, and to what
And after resolving that
preliminary question—perhaps by

risk

Occasionally

—

is

one

extent.

of

cases

tem, such conflcts of opposing in¬

on

Under

fourfa¬

some

lessen

the

is

exercise, try and decide
amalgamation of a

the

pair-ef banks in
city with which

bank

system".
It

promoted by

certain

eral

merger proposal—that is steadily
increasing
the
consumption
of
tranquilizers by bank supervisory

petition"

Just for

whether

port, competition is "an indispen¬
sable element in a sound banking

these

be

must seem to them that the course

The seventh factor named in the

Committee

sometimes

the

tween

Question

strike the

should

than

lic interest would

approval.

unaggres¬

today's salaries? Or,
contrary, are both banks

Bank

The

factor" to the extent that the pub¬

operation?

him at

have acknowledged the
changed' circumstances.

we

of

one

man, running a
bank that cannot afford to replace

tions

extent,

Is

weakened

rescue

a

Thursday, July 6, 1961

.

sive management, so

reality, exemplified in such devel¬
opments as these. And, to a great
force

a

the

of

needs

Or has it mediocre and

put together. And this simple fact
is one of the many reasons for the
the

in

dition; is this

served?

growth

and

community to be served."

munity

ing:

the

assets,
adequacy
of
competence of manage¬
of

the world

counts than the rest of

with

concerned

are

—

.

deciding, as we often must, that
"competition will be lessened, but
it is hard to say how much"—then

Merger Act of 1960

tors"

petition

observers

agencies

sory
any

.

broadly

that,

banking and group banking in the

possible

Some

law

a

ferent needs. It is unreasonable to

culti¬

are

1960

regard the development of branch

relatively large
vigorously competing

economy

in

six—often called "the banking fac¬

should

a

holding companies,

bank

have dif¬

the

on

different

But

of

speaking, requires the approval of
one
of the three federal supervi¬

broken banks.

mitting

without

sion"

of

mentor, who
years ago that the

me

Congress enacted a

"unless, after considering
all factors, it finds the transaction
to be in the public interst."

revered

my

1956

In

law to "control the future expan¬

now,

important

more

to

sider this policy
especially impor¬
tant
in
banking;

obtain

the

as

bank,
to

advancing
frontier,
a
vigorous pioneering spirit; and the
technological revolution exempli¬
fied by the assembly line lay in

adopted

number of

a

dur¬

stantly

principle,

and

our

better off, in the
areas

has

the

Presidency in a metropolitan bank
to the Presidency of a small-town
or

here

Congress
has
enacted
laws,
which
apply to

The chief

more

Assistant Vice-

geographi¬

area?

larger
bankers

prefer the supposedly greater

opportunities of

its

bank

save

expanding

bank

cally in order to continue to

opera¬

strong

bank to

receivership

small

he

weak

a

since

most

rescue

relatively

absorbed

existed

that

ing the nineteenth century. There
was an enormous country, a con¬

stockholders,

and

only some—that

bank in such

when

conditions

we

the

few

banks, in cities, towns, and vil¬
lages, developed from the special

economy.

commodity.
a

advertised

see

banks'

the

customers,

here is to

What I hope to do
marshal, in perspective,
relevant
truths, so that

we

"Banking," but that if two or
three such banks merge, they can
afford
to
buy and fully .utilize
full-scale equipment, to the bene¬

important, I carefully avoided
many

devices

years

in

can

any

recent

very

velous

counting and with no management
succession
problems.
And
most
reference

system
of thousands of independent unit

located downtown.

branch."

ments I made in favor of mergers.

years

banking

probably have more checking ac¬

simply

And

be

half billion dollars of resources.

to

modern

national

cannot

the
but

not

and loans of enor¬
corporations that
adequately served, we

deposits

mous

American

busi¬

But the overwhelm¬
the thousands
that are no more, dis¬

appeared

for

Francisco,

Chicago, and
example, for

economy.

The

time.

and

politan areas, a flight residential,
mercantile, and industrial. Banks
stress the need to "follow
their

literally

year.

banks

city

same

banks in New York,

than

majority of

ingly

the

they sometimes emphasize
the growing importance of nation¬
wide banking competition — the
need to be able to compete with

merge,

monopoly

independent
through merger

disappear

every

in

large
wish to

relatively

and
the

"flight to the suburbs" in metro¬

less

of

hundreds

banks

two

ill effects, it tends

concentration
throughout

spawn-

true

have

also

is

one

to

accident.
Besides being a nation on wheels,
rolling over an incomparable net¬
work of good roads, the American
people are uniquely a banking
people. With far less than onetenth of the world's population, we

now

it

15,000;

the

suspect,

banks

Skepticism Necessary

from

comes

that is
absorbing the other (to judge by
the size of premiums being paid
for banks these days). Sometimes
larger bank,

When

But

:

The Commercial and Financial Chronicle

(86)

26

of

Sherman

Act

painfully logical, the fact

the

Comptroller of the Cur¬

concludes

that

the

merger

two

Philadelphia banks would
competition, it should not"
approved unless the favorable be "in the public interest" and the
Department of Justice wants to
aspects of other factors clearly
lessen

be

outweigh the adverse "competitive

enjoin

the

merger

under, the

Volume

194

Number 6070

.,.

The Commercial and
Financial Chronicle

.

(87)

the

have

two

reached

conclusions.

Under

laws, the only tests

conflicting

the

antitrust

whether a
transaction tends to lessen
compe¬

tition

are

is what the law considers

or

attempt to monopolize. Even if

an

the

transaction

admittedly would

be in the public interest for other
reasons,
the antitrust laws may
prohibit it, and it is the explicit
duty of the Department of Justice

to enforce those laws,

the

On

...

other

clear,

fectly

it

that

effect

of

a

competition is only one
of
the
several
factors that the
bank supervisors must consider.
If the

FDIC, let us say, finds that
proposed merger will contribute
so greatly to the convenience of a
community as to outweigh "the
lessening of competition, from the
a

public interest viewpoint, the
FDIC is not only
authorized, it is
to

cludes Standard

Co.,

approve

Oil

Co.

of

Calif.,

Lockheed,
Walworth
Technology Labs and

Space

Shattuck

Co.

All

of

the

per¬

merger on

obligated

line ground
support equipment to
a
dredge and construction equip¬
ment.
Its
list of customers in¬

company's leases are noncancelBank' lable, full payout net leases. This

is

the

the

increased

everything from electronic equip¬
ment, executive aircraft and air¬

Sylvania,

and

—

means

able

the

th^t the total

to

rental

pay¬

the

company will exceed
cost to the
company of

total

acquisition). The lessees pay
licenses, taxes and insurance

all
and

are

tain

and

also

obligated to main¬
repair the equipment at

their expense.
A

point

of

<

•

worth

90%

over

■

noting

Boothe's

is

that

Leases

in¬

volving gear are renewed at the
expiration
of
the
initial
lease

mended

term. About 60%

adversely

of

ment

might

the compet¬
short, the Depart¬

In

on

Justice

and

the

FDIC

each other: "You

renewed.

ally

between

cost

and

to

try to persuade the courts
"No" to the same merger

say

proposal.
To

people,

many

this

Federal

Reserve

ample,

Board,

competent

whether

merger is

a

"in the public

interest" when all factors

sidered,

this

ex¬

decide

are

con¬

settle

should

the

blocked

to

be

Board

and

convinced,

are

found

and

not

contradictory,

.

inconsistent

essential

administrative

if

we

avoid

to

are

general disintegration of

standards

in

the

maintenance

of

banking competition.

renewal of the lease based

value.)

?

'

The

.!,•

Problem
are

who

gome

:the

courts' decisions

ing

antitrust

suits

Philadelphia

hope that

in the

pend¬

.

:'/■

.

regarding the
Lexington

and

Service

can

-be settled otliewise than by legis¬
lation.. But the litigation, will have

■visors

worthy

a

than

purpose

give

1' better

if it does

bank

super-,

of * the
competition

'"■concept

•relative importance of
-in deciding whether

proposed

a

Would promote the public

merger

In the

meantime, we must deal
with the merger problem as it
is,
under existing law. The
problem,
to

most

problems

that

amount

anything, is not susceptible of

pat

solution.

It

has

already been
enlarged and distorted, chiefly due
to

the

absence

sufficient

of

skepticism in analyzing the posi¬
tions of people who claim that all
the

valid

arguments

are

on

their

side.

hope that all of

us

will

profit from the sometimes painful

experiences, of the past
that

the

banking

supervisors

year,

and

bank
Congress
will

industry,

and

in

succeed

working out improved
procedures that will regulate bank
"in

the

utilize

all

severance

with

it

public
our

and
and

solved

if

resources

of

intelligence,

we

in¬
per¬

sells—leasing

rate

will

tinue.

and

to believe

reason

do

The

that this growth

anything

stock

excel¬

product
there is no

is

but

traded

con¬

in

the

Over-the-Counter Market and has

ma¬

a

relatively thin market.

the

Mesirow to Admit
CHICAGO, 111.—Mesirow & Com¬
135

pany,

acquiring and maintaining
equipment
is
expensive

thin

profit
cost

off

in

margins.

Exchange,
Morton

was

1960

but

the

com¬

pany
is confident that the loss
will be recovered over the next
few years. Had Boothe

off

directly to

earned

surplus 1960 earnings would have
approximated $1.00 per share.

business

from

of¬

fices at 320 Fulton Avenue.

charged

write

securities

a

:

Rothschild

is

conducting

a

Pre-tax

Index

1955

127
467

100

1,031
1,577
2,015
2,753

221

I960....
(est.)

Net

Earnings
-47,439

73

1956.......

1959

Schamberg to limited
•

Index
-155

107,047
280,594
407,080
633,784
590,077
900,000

337
431

589

3,200-3,350...

LET

595

Company is engaging

Madison

City. Partners
and

3 With

Richard

Avenue, New
are

all

Godfrey, Hamilton

(Special to The Financial Chronicle)

100

Net

Earnings
-28,000
57,000
140,000
201,000
309,000
289,000
435,000

262

380
592
551

Index
-151

Earnings

Per Share
-

100

-.085

Leonard

ey,
Index
-147

.16

100

245

.40
.57

356

US

RESERVE

broker

surance

California.

in

•

the

Service

of

Godfrey, Hamilton, Magnus &

542

507

.88

550

.83

519

formerly

were

with

Graham

King, Inc.

1.25

SPACE

FOR YOU

NOW!

but

State

and

Credit
where

of

Boothe-

Western does not have any

icant impact on

signif¬

earnings.

stature,

over

in,

business

a

85% of the funds used

borrowed, is of obvious im¬
portance. It is very significant to
are

that

clude
sion

Boothe's

insurance

creditors

companies,

in¬

pen¬

funds

and banks. Recently a
headed by the Ford Foun¬

group,

dation, extended to the company
a .secured
line of credit of $10,000,000 (the group includes Guar¬
dian

Life, Wells-Fargo American

Trust*

Mass.

and

Mutual,.

and

Continental

Life

line

.

addition "to

of

State
As¬

credit

-

in

its

already -.existing
line, in the form of an agreement
to
purchase - $10 million of 6%
secured notes will permit the
company to,undertake leases with
terms- of

six

from

to

ten

years.

Previously
tions

leases of these dura¬
problems in financ¬
payments
of principal

offered

ing.

No
be

Boothe

due

having

until

the

1966

right

with

of

one




Riviera

col¬

Hotel, Palm Springs, California

lateral substitution.

Capitalization of the company
consists of 347,671 common shares
with

book

value

of

all

the

warrants

increase the number

ing

shares

by

The Commercial

and

of

$11.69 per
share
and
$3.5 million of sub¬
ordinated notes due April 3, 1969
with
warrants
attached
giving
the holder the right to buy the
stock at prices ranging from $36
per share to $42 per share. Ex¬
a

5.7%

would

year, cover
tion

Financial Chronicle will, for the twentieth

the proceedings of the National Security Traders Associa¬

Convention, both pictorially and editorially in

Make your

advertising

space

reservation

now so

our

that

in

turn

bring; into the company $720,000
$840,000 depending upon when
warrants

the

exercised.

were

immediately be

For

further information, write:

The COMMERCIAL and FINANCIAL
ing system that is able and willing
to

meet

the

needs

of

a

and expanding economy.

dynamic
—

CHRONICLE
25 park place

""An

the

address

75th

Annual

by

Mr.

Robertson

befrre

Convention of the

Michi¬

gan
Bankers
Association,
land, Mich., June 23, 1961.

your

represented in this outstanding issue. Regular advertising

to

Book value would

issue of Nov. 9.

firm will be

of outstand¬

and

Mackinac

Is¬

John

Co., Inc., 14 Newbury Street. All

The income from both

Producers

and

O'Neil, Jr. have joined the staff

250

352

O'Donnell

J.

Inc.,
a
wholly
subsidiary is a licensed in¬

owned

Frederick
Hess.

A.

acquired for the
to

;

BOSTON, Mass.—Gerard J. Chen¬

Earned

1958.......

at

Broadway, New York City.

Rental Income

1957..

Stock

July 6 th will admit

securities business from offi¬

a

ces

Flatto

securities business from offices at
350

Street,

York

•••>.

Flatto-Hess
in

York

Hugo Rothschild Opens

Hugo

on

G.

Salle

New

Form Flatto-Hess Co.

HEMPSTEAD, N. Y. — Allied
Planning Corporation is engaging
in

the

partnership.

Allied Planning Formed

The

Federal

of

South La

members of

this

on

perspective, to deal

phase of our con¬
tinuing
effort
to
maintain
a
progressive and cpmpetitive bankas

it

in

Stock

company

,

This

interest."

be

can

formation

difficult

a

has proven itself to be an
lent merchandiser of the

or

mergers in wavs that will be truly

problem

the

the New York

Boothe-Western

ercise

It is my

is

addition

of

Exchange, on July 6th will admit
Ingeborg G. Rowe to partnership.

major motion picture pro¬
ducer,
bencjh .printers,
optical
printers
and
other
specialized
equipment for the industry.

will

interest.

like

earnings

chore.

In

selling

current year

one

•temperament, I doubt that it

a

-

•

leases

surance) \This

more

'

also

Mutual

served

range

•

purchase

1961

Mayr & Company, 50
Street, New York
City,

members

growth

estimated

dilution

Leasing, a lessor of business
chines, it was decided that

written

Jos. Mayr to Admit
Joseph

at less than 25 times

been

earnings experience
in 1960 was due to a
$156 thou¬
sand
non-recurring write off.
After the acquisition of Federal

small

me

Broad

The table below
amply portrays
growth of the company. The

cost of

to

that finding a stock with Boothe's

(39%).

dip

seems

remarkable

the

5.6%

it

proprietary items. Pro¬

will settle this aspect of
the problem. Despite my. optimistic
mergers

no*

or

conclusion

rate

has

5.7

equals

company,

ducers

note

Only Legislation Will Solve the
There

either

first time

reason,

or

d

into

Hence, they believe that
applicability of the anti-trust laws
is

rec o v e r e

that

decisions.

chaos

is

been "".taken

conflicting,

and

It

ness.

through sale of the equipment

considerations

that ' so long as
we have
multiple bariking systems
and
multiple
supervisors, with
differingf philosophies,
we
will
have

the

of

1956

in acquiring the
operations of- Producers

by the

Others

excess

below

five

growth

earnings

table

equipment at the expiration
initial
lease
period.
Its

recovery by Boothe represents the
most profitable part of the busi¬

Co.

outweighed by the public-

without

noted

Service

account

on

Interest benefits.
v

original

also

leasing

have

:account

op¬

gener¬

of

solely

competitive

already

of

be

the

the

of

matter, and the merger should not
be

10-15%

should

the

25% with the average near 12.5%.
(The residual value is the value

an

for

to

it

run

$13.47

(000 omitted)

that the residual value of some of
the equipment runs as much as

of the

is

intolerable situation. They believe
that
if
Congress considers the

in

least

addition

annual

share

are

purchase

customers

are

would

of all leases

Boothe's

tions to its

absolutely right!", and yet the one
would say "Yes" and the other

assure

well

factor

at

In

average

per

this

promptly—even though other fed¬
eral
agencies may have recom¬
itive factor.

year

in

to

15%.

some

acquiring the equipment (includ-'
with
ing the cost of money to finance
the

In
100.
In

Continued from page 2.

Frank

hand,

under

Act,

Merger

THE SECURITY I LIKE BEST...

27

new york

7, n.y.

rates

prevail.

&

28

(88)

The Commercial and Financial Chronicle

PUBLIC UTILITY

caused

Thursday, July 6, 1961

.

.

was

in

The

BY

OWEN ELY

of substantial new generating capacity has
irregularities in the credit for interest on construc¬

tion, which amounted to about 10 cents
with

been

increased

22

cents.

31, 1961 has been estimated. In
panying the March statement,

assumed the

area

(Pima

86%

in

of

the
time, while high summer temperatures are made
comfortable by very low humidity and
temperatures at night
30-40 degrees.
The University of Arizona is located at
Tucson.
more

decline

at

company

the

end

of

1960

debt, 14% preferred stock and 38% common stock
The company had placed 58,000 shares of 5.10% preferred
privately last September. The number of common shares
growth

Revenues

(Millions)

1960
1959

20

indicated

Share

on

Net Property

$23

is

record

Earned

$1.18

5.9

electric

Accordingly,

Price Range

$ .79

struction

the interest credit

probable factors in this generous appraisal.

are

Should future regulations of

With

1958

17

6.1

1.02

.72

1957

15

6.6

1.06

.70

14

7.5

1.01

.60

7.3

.79

.54

16—11

_

1955
1954

11

6.6

.82

.48

12—

9

6.2

.70

.42

8—

7

8

6.9

.61

.40

8—

ture

1951

6.9

.60

.38

7—

5

6

6.9

.54

.35

6—

5

__

1950

.

*

__

Adjusted for 2-for-l splits in 1953 and 1959.

Since

1910

Arizona

has

retained

its

lead

principal

copper producing state, and now accounts for about half of U. S.
output. Tucson has provided the electrical requirements for Silver-

bell

mine

mine

since

since

May

March

1954,

Pima

and

1959

mine

will

since

provide

April

1957, Duval
requirements for

the

Commercial Banker and the

Equipment Leasing Industry
quired

when

sources

are

of

record

growth in the

with

dealing

of

sources

and

306%

about

or

15%

annum.
The year 1960 showed sus¬
transfer of 2,150 personnel of the 43d
Davis-Monthan Air Force Base, and a reduction of

per

growth despite the

Wing from

1,250 employees at Hughes Aircraft. These reductions were com¬
pletely outweighed and the general economic "let-down" in the
nation went almost
customers

unnoticed,

added

were

to

the

as

4,000 electric and

4,200

over

gas

system.

Several

major shopping centers were completed or enlarged
during the year. A $16 million construction program is under
way
in

the

downtown

including a nine-story apartment building,
11-story office building and a part of a new city hall com¬
St. Joseph's Hospital has been
substantially" completed.

new

a

plex;
While

in

the

this

promotion

Increased

of

the contract
was

to
18

was

the

exoansive

iq

take

construction

installation

in

year, substantial

future due

near

and

of

construction

improvement
activity

industry

subdivision piaimng

m

of

care

anticipated population
employment was also anticipated

Titan missile

silos for

Air

the

existed

forecast for

was

growth!
the

on

Force, for which

let last November.

Initial central station service
furnished to Arizona Portland Cement in November
1960; its
kilowatt hour use is expected to exceed 50

annual

million.
of the past decade the company purchased a
very substantial proportion of its power needs.
In recent years,
however, it has gradually built up its own generating
In

that

earlier years

last

capacity

786

year

purchased

lion purchased
1960

was

million

kwh

compared with

as

3.7

in

1953.

million

and

generated and 143 million
million generated and 221 mil¬

day's output of electricity in

this

was

than

more

the

Generating capability at the

1960

(Room

opportunities

engage

area

in

in

securities

a

are

business.

Donald

A.

Ross,
Vice-

President; Robert I. Glass,
President;
and
Greta
E.
merich, Secretary-Treasurer.

Idaho

were

formerly
associated
Ross, Lyon & Co., Inc.

Colorado

Em¬

All
with

Now Tri State Sees.
Tri-State
been
Write for FREE COPY
Box

POWER

899, Dept. K"

Salt Lake

City 10, Utah

Inquiries held in strict confidence.

SLIGHT

credit.

private

is

this

In

contracts.

it

interesting

note

that

ment

agencies permit

government

to

procure¬

leasing

by

their contractors under their "cost

plus fixed fee" contracts as a di¬
rect cost to the contractor, where¬
interest

as

not

borrowed money

on

is

costs

Broadway,

-A

of Allen H.

bert

<S\»UKtLj (jjsf




Mr.

New

the

York

investment

Gewirtz.

City,'

to

business

Officers

are

Gewirtz, President; and Her¬
Pollack, Secretary-Treasurer.
Pollack

Bache

&

Co.

was

formerly

with

under

mitted

Postponed

uninformed

executives have

ness

of

Only

many

believe

that

leasing

been

is

busi¬
led

to

method

a

taxes,
their
rude
awakening to the fact that taxes
are
only postponed—not avoided
by means of leasing—has come as
a
great shock to them.
However,
in
businesses
which
pay
high
taxes, the inability to finance cor¬

through retained
earnings
has
encouraged
com¬
panies to use leasing as a means
of expansion.
Constantly
rising labor
costs
and
competition
from
abroad
have forced companies to vigor¬
growth

ously
has

automation

pursue

the

caused

which

abandonment

of

production

tools—re¬
rapidly with new
labor-saving equipment. In many
instances, leased equipment has
been the means by which these
automation programs have been

made

them

operative.

Those
in

were

responsible

for the growth
of leasing up to the present time,
but what of the present?
One
measure

permits

spread
the

over

down

lesser

sideration
to

in

use

method of
Then

instalment

This factor is

—frequently
sion

payments
to
be
longer periods with
payments than does

traditional

method.

per¬

against

Growth

Factors

Other

important factors assist¬
ing in the present growth of leas¬
ing are:
(1)

Leasing

lessee's

improves

Leasing

(2)

echelon

and

higher

eliminates

capital budget

com¬

mittee

approval required in most
companies
before
additional

equipment
"debt

be acquired.

worth"

to

often

so

can

Avoidance by the lessee of

(3)

ratio

restrictions

required by senior lend¬

to

foreseeable
the

the

virtue

cost

the

of finance
this lower

of

financing

equity

of

affect

may

when

assets

lease

term.

credit

important

the overriding con¬
management's deci¬
the

leasing

finance

offs of
equipment-costs through the ac¬
too, faster write

-

course, any elimination
permission to use the cost of
leasing in government "cost plus

fee"

fixed

And

adoption

the

finally,

and more manufacturing
of the use of leasing as an

more

firms

In

our

factors

the

growth

future

of

consideration

in

of

leasing

must, of course, recognize that
the past and present factors pre¬
we

viously discussed will continue to
have
a
profound
influence
on
leasing— Then too, we can ex¬
pect keener" competition
among
leasing
companies,
with
many
newcomers arriving on the scene.
all

As

in

our

future leasing

vie

atives

other

each

variety
as

situations,
companies will

competitive

with

wider

new

to

offer

a

of leasing altern¬
conditions appear.

of

durable

goods, for
<a.s
industry,
will offer leasing as an alternate
method of financing the acquisi¬
tion of their products. In the re¬
tail field, once the prejudice in
favor
of ownership is overcome,
leasing will take a more impor¬
tant
position
beside
the
more
facturers

consumers

as

well

traditional

methods

insallment

financing.

of

consumer

leasing,

as

it becomes

Having examined both sides of
coin, I feel certain that you
agree that though these ad¬
verse
growth factors may, from

the

will

time

to time, slow the growth of
leasing, the positive factors so far
outweigh the negative ones that
the future of leasing in our econ¬
omy is well assured.
It is already

entrenched—not

well

another

as

"gimmick"
but
genuine and much needed
financing

obtaining

credit to

|

between

credit

as

a

means

intermediate

term

fill the vacuum existing
conventional

credit

bank

short

available

t^rm

long

the

and

now

term

in the

only

capital markets or to strongly
capitalized companies.
Having
examined
leasing,
it
would

be

well

to

briefly

discuss

the three distinct

types of leasing
which provide this

companies

relatively

kind of service.

new

Well Known Companies
The

the

service

oldest

type.

leasing

and

In

Ryder

the

are

automotive

tional

Inc.

is

known

field

Hertz

and

the
better
regional, na¬

among

with

known,

company

w£ll

most

System,

large

and

international

tions.

However, there
of

opera¬

thou¬

are

this

type of
operating successfully on

company

local

to

basis.

In

addition

purely

a

auto¬

mobiles and

trucks, air condition¬
ing, television, food service equip¬
ment, and vending machines are
of

some

the

equipment
leased

types

now

by

of

durable

being

service

such -service

leasing

companies.
The

the

finance

leasing company,
type, favorably com¬
equity and debt base

second

in

pares

structure with the commercial fi¬
nance

companies as we know them
today. The interesting development

in

the growth of these companies

is that upon entrance
mercial

of the

finance companies

com¬

in the

field of finance leasing, well capi¬
talized- finance leasing companies,
such

as

cial

have

ours,

entered into

some

finance

seriously

of the

commer¬

activities,
namely collateral lending and the
financing of conditional sales con¬
tracts.

-

company

■

.

more

type of leasing company
is one which is nominally capital¬
ized and,
in reality, serves the
function

ac¬

leasing

ceptance by those who tradition¬

this

ally shy away from

above

new

possi¬

A third

Finally, familiarity with equip¬
ment

might

sands

sales tool.

important

contracts

bly lessen the area of activity for
finance leasing.

Corp.
(5)

by

widely used, will increasq/its

acquisition.

of

of

obsoles¬

of

productive

depreciable life is much
than the duration of the

longer
base

rental

date in the
accomplishes

avoidance

fixed

on

whose

final

a

future

lessee's

cence

of

acceleration

The

And

of

balance sheet ratios.

Not to be outdone, many manu¬

factors

large

are

charges

income.

payments

avoiding

porate

lease

true

a

" direct

as

(4)
While

pay¬

ers.

permitted.
Taxes

by rental

than

depreciation
permits a larger cash flow during
the base lease term since leasing

to complete government

connection,

ing
Securities Co., Inc., has
with offices at 2061

formed

continue

Mr.

WL tL

and

a

important advantage to a grow¬
ing company with a tight work¬
ing capital position is that leas¬

Wyoming

„

capital

public

or

offered

rather

when

ready and im¬
mediate
source
of
productive
assets to fulfill the requirements

placing

3504), New York City, to

Officers

Utah

UTAH

private

Leasing provides

inefficient

Opens

Glass & Ross, Inc. has been formed
with offices at
10 East 40th St.

industrial

we serve

average

end of

Glass & Ross
Facts about

so

were

121

The record

kwh

monthly output in 1936.

in the

tradi¬

ments

area

upemoloymenf,

some

March

the

witnout

assets

at

tained

area

fastest

tapped.

time lag encountered

necessary

the

was

re¬

growth companies found
leasing serves their particu¬
lar'Vi'^d by ma'kihg available pro¬

is impressive. During the
growing city among the top
122 cities, gaining 368% in
population—20 times faster than the
nation as a whole.
A gain of 61%
is forecast for the coming
decade.
The probable gain in kwh sales in 1960-70 is
estimated
Tucson

capital

Rapid

tional

The

celeration

11

private

that

ductive

past decade

in

desirability

of

cost

factor—any fu¬

a

compared to the cost of leasing.

1961.

mine; where full-scale operation is expected during late
a combined
daily ore production
of 38,000 to 40,000 tons.

not

by

be

prospective

a

possibility is in
ownership

financing

leasing

Mission

These four mines will have

is

could

asset

where

reduction

future

Continued from page

the

as

the

Another

equity

6

7

1952

any

equal to the depreci¬

of

situation

dilution

18—14

10

_

1953

terms

life

lessee.

a

of

poned through the lengthening of

the

16—14

12

1956

elimination

possible

another deterrent to

31—15
1

the

advantages of tax payments post¬
lease

cents, the yield is only about 1.7%.

the

taxing authorities limit the full
deductability of rental payments
under a lease obligation, the de¬
sirability
of
leasing
might be1
lessened at that time. In addition,

able

34—23

1.15

lessee company may assume.

a

con¬

on

conven¬

cause

place restrictions
the amount of such obligations

on

a

recovery in

a

financial

tional lenders to

and

dividend of 80

33—24

.76

as

might

debt

the

lessees'

of

statements

For the 12 months ended March 31, earnings per share dipped
At the recent over-the-counter price around 42, the stock
was
therefore selling at 40 times earnings—probably
a
record
high for current P-E ratios. However, the possibility of a rate
increase (Arizona is now a "fair value" state) and the proba¬

Approx.

dends

Earnings*

6.2%

its

bility that there will be

Divi¬

statement to stockholders accom¬
President Davis said: "Our most
company must now seek an in¬

a

the

w

follows:

as

in its rates.

that

in

obligations

leasing

structure

to $1.06.

outstanding is 2,430,000.
company's

net

on

completed before the latter part of July. Until these studies
exhibits have been completed, we are unable to determine^
the amount of rate increase that will be requested."
i

long-term

The

company's return

be

equity.
stock

public accounting socie¬
ties of the required reporting of

and

48%

was

indicate

by

certified

prerequisite to adjustments
gas rates, an application was filed with the
Arizona Corporation Commission on April 28, 1961, requesting a
determination of the fair value of the company's properties and of
a fair rate of return.
The company is now proceeding to complete
the studies necessary for the preparation of exhibits to be filed
with the Commission.
We do not anticipate that this work can
crease

cotton

Capitalization of the

studies

recent

leasing's future growth.
example, the adoption

For

property account has declined from 7.5% in 1956 to 6.2% last year;
and a further decrease to 5.6% in the 12 months ended March

economy of
pattern of "cattle, copper, cotton and climate"
being the finest in the world), but in later years
the aircraft and electronic industries have built
plants in Tucson,
and Hughes Aircraft is the
city's largest employer. Tourists and
retired people are encouraged by the fact that the sun
shines

the

table the

adverse

affect

~

As indicated in the above

Tucson Gas, Electric Light & Power serves
a population of about
261,000 in Tucson and environs together with a rural area
about 50 miles in length.
The city of Tucson is an important
health and tourist
center, and manufacturing plants have been
constructed in the area in recent years.
The original

entirely free- of
there are cer¬
factors that might

aren't

To be sure,

clouds.

tain

but the distant

indeed,

bright

horizons

share in 1960 compared

a

cents in the previous year. Unlike its neighbor, Arizona
Service, Tucson does not use "flow-through" for deferred
taxes; if it had done so in 1960 share earnings would have

income

Company

is

17

Public

Tucson Gas, Electric Light & Power

firmly convinced that the
future of leasing in our economy
I'm

construction

some

Free

Cloud

Not

264,000 kw (including a 75,000 kw generator put in operation
early summer) compared with the peak load of 202,000 kw.
A 100,000 kw unit will be completed in 1962.

SECURITIES

.

ideas.

of

a

money

service

type
its

of

broker.

charge

company

cost

of

made
is

The

by

slightly

financing.

Ail

Volume 194

Number 6070

.

.

The Commercial and Financial Chronicle

.

(89)

t„£ecompanynfs ontiie^a^ of the hnTbeTwe'eTliUle^r no" emphasi! condftfon^ T
lessee's' credit
and, in most inthe
lessee's own

with

stances,

This "back door"

credit resources

extension of credit by the lessee's

bank

own

usually

affects

the

lessee's credit line. For the larger
amount lease transactions for excellent rated lessees
the lending

other

institutions,

than

banks,

finance this type lease

which

insurance

companies,

and

trusts

are

p e n s 1 o n

eleemosynary institu-

tions.

broker

The

type

leasing

I believe, has only

pany,

com-

limited

a

future since it serves no economic

function and acts only as a finder,

together, for

bringing

ultimate lessor

fee, the

a

and the

lessee.

A

leasing company certainly
handle the limited amount of

finance
can

type of business available,

brokei

.,

Impact

„

the Economy

on

That leasing has had
effect

our

on

The

evident.

profound

a

is clearly

economy

developing

impact

of leasing on marketing is no less

pronounced.

In ever increasing
manufacturers of machinery and equipment are offering leasing as another means of
marketing their product.
It has
been seized upon by alert management as a valuable sales tool,
Indeed, those manufacturers who
numbers,

versus

serfous consMeratZ

Of course
a

lease

as

a

capitalized asset and

limit

will

volume

sales

manufacturers

those

leasing

an

as

vis-a-vis

who

offer

alternate method of

acquisition
romnethive 1 v

"

k i

, n e a

n *

the

P.
'
adoption by manufacturers of a
well conceived leasing plan, carefully and thoroughly presented to
the sales force, will be an absolute
necessity in the very near future.
The success or failure of a leasing
P

y

-

plan
is
dependent
u po n
the
thought and preparation given the
its
its

and
ana

nlan
pian

imnlementation
impiem

the sales organization.
mg

companies,

them

bv

/

Some leas-

being one of

ours

continuing

used for intermediate term credit,

The opportunity of acquiring
additional income and other beneJlts through the discounting of
lease

obligations is

eral

advantages

new

manufacturer

opportunity
leased

replace

to

model

an

with

the

excellent

just

another

int.ermpdiat.p prpHit

when

ownc7tZersth
their'

maintain

relatjonshins

an

be

more

alwavs

a

rela-

bank

retains

the right of rejection of the credit

0f any lessee offered bv

leasing

a

company for discounting recourse
to the lessor may or mav not be

additional factors

The
and

of

ease

bv

the

pniwtinn

reauirement

i_f

of

haye

Obligations

Leasing

and

the

Analyst
With respect to the balance sheet
treatment of leasing obligations,
it

would

to

be

state

history of finance

leasing,

mercial banks have been the chief
f

source

ds

f

iPat?in«

for

Pnrn

such

debentures.

as

At that time

the

part they

play in their

now

It

believed

is

that

com-

long-term

credit provided by insurance com-

mvestment bankers, char-

funds

as

well

as

well-capital-

jzed manufacturers to their

own

u"?6 .C0Vf
steady state

„

Posslbly reach the
a
some time in

future.

An analogy of this situation would be to compare the re-

lationship of the banks with the

presumptuous of me
done,

the banks with the commercial

gations. A

to

should

be

say

survey

by the Harvard
100

Business Review of more than

Anv

rnmmprHai

automobile

hank

nmxr

lenders

tend to dis-

opportunities for banks to extend
intermediate term credit to leas-

tect

and

augment

their

present

obligation en- high rate of earnings.
tirely, others place more or-less
-The mechanics of lease disemphasis on the obligation by counting by banking institutions
relating it to the duration of the are reasonably simple. There alregard the leasing

:

lease

term.

The

longer .the term,

emphasis is placed on
obligation as long term
A three to five year lease

the

more

the

lease

debt.




Clear

company manufactures

a complete

line of paints for interior

.

and exIt also

terior home decorating.

( tPT*I
VJ
lctUl lO

smls

ln

"f

retail

own

outlets,

linoleum, floor tile, wallpaper,
window shutters, steel ladders,
Qf/^lr
A 11
0^171
^S' brushes, imported bamboo
k^tOCK All C)0lCL
blinds and a line of accessories
t
^ems Hseci lr? decorating the
renwtftwth°''
York City, interior and exterior of residential
{ep.orts ]hat the recent public of- and commercial buildings.
Ik'"8 °f 65;°0<>shares of Geriatric ,/or the 12 months ended Sept.
m

iriv

u

n

at

w

t

.

Pharmaceutical

Corp.,

at

$4

per

ready have been well defined

pro-

cedures developed by the banks
now . participating in .this activity,
Most banks treat the discounting

advertising

AnV commercial bank

now ac-

gonr^a_i1,i^11tm?nt. credit

"atuJa^canZdaZ1 to augmenfitl
dSounS^KS
tions

aXem'lnjf
cldure

for

credits
for

and

30, I960 the

company had net sales

for

working canital

T\

capital.

I

The comPany» of 45 Common-

an

wealth

Blvd

Bellerose

N

K

Y

was organized in New York State

onl

in

on

a

instafiment

their

direct

com-

^oScSeslrTc0natSt$04Ckpe0r£shDaartea
pirA wiw' Qpiritkl r*™'

radical departure

no

the

philosophy

business

must

of
be

adopted.

Credit Line Approach
por

tbose

banks

who

do

not

their installment credit

use

°°0 are n°W outstandlng.

bv

Net

departments for this type of busi-

a

proceedl

wmWld

of

T>)pr>lfT'n"n TTlopf
JL-'cCllIOIl JlllGCl.

T

Jv-V

T

T

construction
memory

unit;.

for research and development of
new

computer

for expanded advertising and sales pro-

OOHlHlOn vJIIGrGfl
M

a

computer and

financ

"the^ company
or

a

the'

from

for the purchase

credit

credit operations is necesto discount leases. Only the

wish to

11

T,he of4fering of 75'000 sbares of

sal o/gfiaLfc
tlcals' °f lts 11 Products, the

as

operating

departments,
ment

n

paging'if ft" dbtrZS

and

coT St°Ck eonslsts,of 500-00<) 10-cent-

for

as

from their present routine install-

sary

All

StOCK All Sold

dhiZlTalercontracts Fo; there
basis

PrnPOdQinrr

were

are

leasfng CoZr7ts

banks

"r*

j

jQ^Q

UdfLd/ X lOCGSSlIl^

efg'Untherlying Pany has developed nine prepara? has been
h°S"
chicking and policing "onf. and is !b? exclusive licensee bllkf7osl7 Thf secuHtils
oracUrallv the slm! f°r'he ren?a"mng tw0-Authorized offered
specufation

AT

programs;

motion; and for training
,

£" ^ew York
Publicly offering today
(July 6) 50,000 common shares of
Decitron Electronics Corp., at $2
p^r share9f the total, 30,000
s^fr^.s ar® being sold for the acJ
of the company and 20,000
•

.

person-

nel.
Data Processing, Inc., Waltham,
Mass., is engaged in the research,
design and development of advanced digital computer programs,

These

programs are primarily in

the areas of scientific

program-

ming, operations research, advanced

either

offering a credit line to
well-fir^nced leasing companies,

r<fc1+|r^i+!!q
r ui }°gi.cal Programs, and advanced
^eeds» estimated at $50,000, will business programs. The company
use<*
comPany ^or re- sells its programs and services to
a^i+o?evel0pment' and the government, to computer

capable
of
conducting periodic
clean-ups of their loan obligations,
with or without an assignment of

manufacturers, to firms having
The company of 850 Shepherd their own computers, and to cornAve- Brooklyn, N. Y., is in the panies seeking programs designed

ness, the commercial loan department could

the

leases

instances

readilv

enough,
of

the

Also

is

transaction

by

the

using
lease

it

bv

in

individual

transaction

the

discounted
ment

collateral.

as

where

leasing

conduct

the
as

large
be
assign-

may

collateral

ing companies. Those banks who plus whatever other protective
choose to ignore this opportunity measures are required, including
at present, will have to seriously receiving the rental payments dievaluating leasing obligations in reconsider this matter in the very rectly.
The differential, in all
the debt structure of a company, near future if thejA^Wish to pro- these methods, between the prinsome

Point

'

#

'

important lenders, such as banks
and insurance companies, reveals
a
widp divergence of opinion in

While

*!1ma Bankers Association,

1

a

Alabama^

supplied by company owned
trailer trucks from the main plant
warehouse in Torrance, Calif. The

.

Seminar8

Credn

•

leasing subsidiaries, will repre- acceptance of
sent at least 50% of the term dojng indirect

leasing companies in the light of
the present day relationship of

what

it

o

instalment

*

comParatlyely shoit from such

that financial finance companies.
analysts have yet to agree on any
These thoughts are presented to
uniform treatment of lease obli- demonstrate that there are vast
Suffice

*An

Annual

com-

iousl

nnmnaratfupiv

thp

lenient

marketing today.

"n un^

manager"

sources as
and appliance dealers

to

terms.

in advanced

OdUJ

chart

forred

credit base of leasing companies,
Leasing eliminates obso- This does not mean that banks
lescence. Leasing conserves work- wi^ n°t continue to play an iming capital. These considerations portant role in the future financalone make
leasing a powerful inS
of leasing companies, but
sales tool and an absolute necessity rather that the banks
loan volavailable

makes

OOffllllOIl SalG

=7 ^ accepted by a bank from account of the company and 6,500 current financing, outstanding
Zn/Zi ,'Cf ^herc recourse is for the underwriter. Net proceeds, capitalization of the company will
In/lalLTen} cre£1.t da" estimated at $158,550, will be used consist of $3,310,579 of sundry
femma^ily in ^^hlir^fscounting
fmpany for'the develop- debt and 520,000'shares of com^'"
COndUional sales cZractf Ta"
°f ,a niW P.reParation, for mon stock.
conaixionai saies contracts additional

ksto

customer

7™"™

credjt than th
nnrinc*

b

e

present

wUl

u-7uring,t:

sion

used

,

1

■

itable foundations, trusts and pen-

leasing
stimulates
sales
properly.
Leasing

nance

.

n

fina^ S3 w'S? JSSL? XT*
:"™Uybshare was all sold. Of the total, of $11,904,708 arid net earnings of
"^""e 01^iinance leasing com ing the amount of business that 58,500 shares were offered for the $520,119. Upon completion of the

presently
why fi-

the

TTnrthprmnrp

panies,

It is not difficult to see

from

customer

commercial banks desirable.
should seriously consider engag- 0f safetv
!n§ in this ever-growing field of enhanced

the olde

improved one.

gained

continued

or

why

reason

piece

equipment through the
options offered to the lessee, gives
the

with the lessee, thereby providing to the bank all of the collat-

Since

of present commercial finance
various pany relationships

a

y.

«

expos-

contact

tionship.

portant, but will be relegated to

of

ad^trn

bank's deposits, as well as
ing the bank to direct

Value to Banks

previous models, leasing, by cansmg more frequent reappraisal of
use

i

c

the bankers' role will still beim-

continued

hankint
accep7ng

J//'?1

T>_

Brands Paillt

^

•

improve their product line over

the

nerfnrm^S

i

„

Otandard

„

use

manufacturers

weHal having! re.11atvj1ons.hiPs

as

Q+ _ _ A „

Sutro Bros. & Co and Allen &
7 Pr'me Co" ^e joint
of
derwriting syndicate which is
of credit, discounts that lessee's receive tlfe
rentals that grow un! C°3 l0Ca\ baSiS*
making the initial public sale of
leasing obligation. This situation der the lease file a chattel mort
,Althou§h I am not an unbiased the 350,000 common shares of
only occurs when doing business gage on the leased eauinment as obs®rver> 1 have tried to give Standard Brands Paint Co. at $14
with the broker type or under-fi- additional
protectionZheTbankf f" °"Z aPP^isal of equipment Per share.
*
anced equipment leasing company, are satisfied with iust an assien
{eas!ng- * believe that equipment
Net proceeds from the financing
If manufacturers conduct their ment of the lessor's" "right title i?asmg has great promise as a will, be used to pay the present
own
leasing operations, working and interest" in the lease instru- !in?ncinS and marketing device, owners of 96% of the company's
capital will be absorbed in this ment.
it is no economic cure-all. Used stock for that stock; to pay the
operation. This extension of credit
wisely however, it will do more remaining outstanding balance of
by manufacturers may place them
Indirect Collections by Banks
to counter the deterioration of our debt owed to a predecessor cornin the position of requesting bank
Depending on the financial re- industnal strength through ob- Pany; to retire the company's
lines to help them finance their sponsibility
of
the
discounting sole®cence than any thing cur- presently outstanding 8% debenleasing operations—or they may lessor, indirect collections of the tt Jy br\
economic horizon, tures; to retire other debt; to pay
offer their paper to banks.
In rentals may be permitted bv the vT7 wl7' 11 Wlll» through plant for the purchase of the remaining
either case, this noses some interbank. However, the bank usually m°dernization
and automation, 4% of the stock of the company
esting questions.
has the rental payments remitted ;0r<%
e+ world-wide competi- from its employees and others;
Since ownership of equipment to it directly with the differential be advantage that traditionally and for general funds of the cornis not a chartered function of a between the discount rate and the
n °urs*
Pany, of which $170,000 will subbank, the role of the banker in leasing service charge credited to
Commercial bankers are as in- se<luently be used for the ixonthe field of finance equipment the lessor's account after credit- terested as anybody in the resur- struction of two new stores. \
leasing would be the traditional ing the loan with the appropriate &en.ce of American industry. With
The comPany; of 4300 W. 190th
one of a lender.
amount of principal repayment. their help
that process can be
.Torr.ance, Calif., operates 15
Although commercial banks tra- The latter method of collecting sP.eeded—and in so doing, banks £etail Paint stores in a like humditionally have been suppliers of rentals is an added advantage to will be among the prime benefi- beiJ. of communities in southern
short-term credit, with the advent the bank since it increases the ciaries of a revitalized economy. California. All of the stores are

freely offer the services of

With

satefcon!

conditional

as

wh?ch sti[uhrs

pan4/As basing companfes b™Stated^ presenta^on Hfons"1 wilf be'^nanced"'^
and
of leasing plans.
g^efde^ee by ioff-frm cr°edit

to

treated

a4insV

not continue to use cash and time

payment plans to acquire equipment.
However, the lack of a
well thought out leasing program

var^nntf™

°Peration with a lessor conducting
^ local business, this bank is pre?
Se?ted With the °PP°rtunity to de-

liability
tends
to
weaken
the tracts
reouirin? th*camf™ +
7
paving available intiborrowing ability of the lessee procedures 11 he
r
knowledge of the overall
Another weakening and perhaps guard
aft a r k hv third
commitments of its cusmore
important factor, is where partv creditors Somp
in
au.tomoblle and truck
the lending institution,' in
in
to
the lessee has an established line the assignment of the right to conducted
I n fc •buslness

of installment credit financing and
term loans to business, an increasfail to adopt this new sales tool ing number of aggressive and formay find themselves at a strong ward looking banks have allocated
competitive disadvantage. This a portion of their resources to be
does not mean that customers will

"FT?

LmZvitZ65 ,contracts-/ f?Ct'

treat

29

cipal

reduction, discount charge
and the leasing service charge
would be periodically remitted to

the lessor.
The

discounting of leasing ob-

ligations
fits

to

creates

the

bank

collateral
in

bene-

addition

to

being a source of income. When a
bank conducts a lease discounting

f

nnn

,

business of designing, engineer- to utilize the potentialities
manufacturing and selling modern computers,

of

ing'

electronic equipment for the U. S.
For the three months ended
Government. Authorized capital- March 31, 1961, the company had
lzatlon consists of $113,400 5V4% net sales of $35,797. Upon compleconvertible

subordinate

deben-

tion

of

current

financing,

out-

tuJ"es due June'30, 1970 and 600,- standing capitalization will consist
000 sharjs of common stock (par 0f 95,000 shares of class A and
?"enncenP

of whlck 98,550 and 115,000 shares of class B

common

26g^00 shares respectively will be stock.
outstanding on completion of this
saie-

oelected oecs. Inc.

RvlUcL,r Marr.^c Factor.

WASHINGTON, D. C.~Selected

oyne&oy i^meb iLdbion
CHICAGO, 111.—Edwin A. Easton
has been named secretary of H.
M. Byllesby and Company Incorporated, 135 South La Salle Street,
members

Exchange:

of

the

Midwest

Stock

securities, Incorporated, has been

formed with offices at

1025 Connecticut Ave. Everell K. Burgess
is President of the firm; John D,
Bower is Vice-President, and B.
Guerry Moore, Secretary - Treasurer.

30

The Commercial and Financial Chronicle

(90)

STATE OF TRADE AND INDUSTRY

Motors'

and

Oldsmobile

Buick,

also

divisions

Pontiac

worked

on

Monday.

at steelmaking plants are cutting

9

Continued from page

than

more

Steel

usage, and export movement is

at a rate

for July came in
indicates July will

ders

that

slower.

show no
10% drop from June.

a

been

have

people

July

ig6^

July^

week

for

production

stitute,
ended

1 925 000

wag

tons

Production this year through
July 1 amounted to 45 071,000 tons
L
^ Ika
60,386,000 tons (124.7%) in the
June .2*»
Jhe institute concludes with
Index of Ingot Production by Dis-

industry

™

six

pledged during the first

months, Steel magazine predicted.
Its survey of plants that purchase one-third of all the capital

ended Jjily . 1,

/ nwe

1961» as follows

equipment bought by metalworking shows that hesitancy by in-

Pwe1*EndinV

depreciation reform is a major
reason why spending plans are not

juiyi, iy<»i

North East Coast._

higher.

Buffalo

Metalworking
managers
point
out
that
the
Treasury Depart-

Pittsburgh

centrated

86
90

the toll mounted to

the

Southern

Western

120

was

doubt

Others

* index

in

for

on

average

1957-1959.

continues

July 8 will decline for the sixth
consecutive time
partly because
of the July 4 holiday. Steel esti—

industry poured 1,970,-

000 ingot tons last week.

Produc-

tion

69%

equivalent
1960 capacity.
was

to

of

Steelmakers

are
viewing the
dip in operations as a
brief interruption—not a reversal

seasonal

—of the trend toward

higher

erations, the magazine
Operations
have
dropped

op-

says,

only

four points in the last five weeks.

in

month of 1960, April 23.4%, and
first
quarter
showed 1961

year

ago.

slightly in

one

July and that orders
climbing again next

month.

used

for

raw

steelmaking

being watched.
Although a major

closed

withdrew

its

pro-

published

semifinished

plants

only,

day

but

(Mich.)

for

extended

its
to

program at San Jose,
Saturday overtime.

Calif,

nounced

it

had

assembly

concluded

1961

Wednesday

last

and would begin 1962 production
Aug. 7, cleared the last 102 units
from its South Bend facility dur-

export—particularly blooms, bil-

ing the week to be exported,
This week, most car making

not

and

In

is

similar

said

to

competition
with
S.
steelmakers

ac-

reflect

spite

the

of

afford workers

in

believe

shortages

curtail

plate.
cents

Tin
a

of

their

they

don't

the

metal

production

has

jumped

of

about

pound in the last two
.

.

a

long Indepen-

Kansas City, Lorain, (Ohio), Los
Angeles and San Jose on Monday,
Eleven other Ford plants
closed until Wednesday,

heavy melting grade de-

Chrysler Corp. scheduled Monpre-holiday
shifts
at
its

Motors,

at

Kenosha

assembly

plants

of

General

or

corre¬

revenue

more

3.7%

Output

Than

amount

of

Higher

total).
1,406

This

week's

was

increase

of

the

3,362

1959

Cumulative

of

increase

an

responding week of
above

over-all

12.7% above the

cars or

cor¬

and an
36.8%

1960

cars

or

electric

energy

Institute.
kwh.

Output
that

above

week's total of

and

the

by

was 313,000,000
of the previous

14,870,000,000 kwh.

kwh.,
or
3.7%
of the comparable 1960

537,000,000

above that

week.

piggyback loadings

for an increase of
3.6% above the cor¬
responding
period ,of 1960 and
76,704 cars or 41.3% above the
corresponding
period
in
1959.
cars or

There
road

class

58

were

rail¬

S.

U.

I

systems originating this type
in

the

week

current

com¬

one year ago and
corresponding week in

pared with 53
in

49

the

1959.

Intercity Truck Tonnage for Week

Ending June 24 Was 1.2% Above
Same 1960 Week

truck

week

ended

ahead

of

the

responding
American

Inc.,

June

tonnage in the
24, was 1.2%

volume

half

one

the

of

week

one

per

that

this

the

of

truck

pre¬

This

year.

is
in

week

successive

second

which

tonnage
cent—

Truck

of

0.5%—below

vious

cor¬

week
of
1960,
the
Trucking Associations,

announced.

was

the

in

led that of
the previous year. The last two
weeks have been the first periods
unaffected

holidays

tonnage

the

by

ditions, in which
that

led

of

occurrence

unusual weather con¬

or

production in the United
24,

240,648,000
board
feet
with 240,668,000 board
feet in the prior week, according
to reports from regional associa¬
tions.
A year ago the figure was
243,035,000 board feet.
Compared with 1960 levels out¬
put dropped 3.9%, shipments were
down 3.9%, and orders rose 1.5%.
Following are the figures in
thousands of board feet for the
compared

weeks indicated:

of

a

June 17

June 25

1961

1961

Production

240,648

240,668

243,035

236,844

239,124

246,428

250,953

239,336

247,249

Unfilled

orders-

Of

flects

handled

tonnage
carriers

mon

at

more

truck terminals of

than 400

of

com¬

freight

general

Loading
the

week

600,001

The

terminal

showed

from

a

for

survey

increased

last

tonnage

ago at 20 localities.
points reflected tonnage

year

Fourteen

from

decreases

the

terminals

1960

of

cars,

was

the

Association

Railroads
a

of

announced.

decrease of 2,152

cars

resents

the

Bradstreet,
index

of

is

sale

price

foodstuffs

raw

It is not

index.

Its chief
the general

show

to

trend of food

rep¬

total of the

31.

cost-of-living

function

Inc.

price

sum

pound

per

prices at. the whole¬

level.
Clearances

Help

Retail

Trade for Week Ending June 28

Although

unseasonably

some

cool
into

gains

in

weather

some

cut

areas

this

week, extensive
reduced-price clearance sales pro¬
motions

merchandise

summer

on

helped over-all retail trade in the
week ended

match

Wednesday, June 28,

week

a

what exceed
in women's

coolers

earlier

a

and

some¬

Volume

ago.

year

apparel, furniture, air

and food products showed

increases, but sales
appliances, new passen¬
ger
cars,
men's
apparel,
floor
coverings and linens were down
of major

The total dollar volume of retail

at

at

ville

Indianapolis,

and

other

two

cities—Louis¬

Birmingham—also reg¬
tonnage increases,
9.5% and 9.4%, respectively. Of
those
points showing decreased

istered

sizable

traffic, only Pittsburgh terminals
reflected
a
drop
of
as
much
10%.

as

in

trade

immediately

the

to

preceding week, 12 reporting met¬
ropolitan
areas
registered
in¬

estimates

varied

the

from

ing percentages:

com¬

Middle

Atlantic

+2 to -f-6; East North Central +1
to

West

+5;

North

Central and
-f-4; South

East South Central 0 to

Atlantic,
Coast

Mountain

—1

to

Pacific
England
+2.

and

New

+3;

and West South Central—2 to

Sales

Increased
The

Department
the

Kansas

City

reflected

tonnage

Federal

showed

notable

of

a

Board's

in¬

ended June 24,

increase of 2%
period
last
year.

like

the

week

of

on

taken from

an

the

increase

»

Above

sales

as

Reserve

for

ended

12.8%

June

was

17, an
reported.

The four-week period ended June

24, 1961, sales advanced 4%
last

over

year.

According to the Federal ReT
System, department store

serve

in

sales

above

3%

In

ended

June

same

the

preceding

the

ending June 24
reported

the

Jan.

2%

a

four

weeks

5% increase

a

above

from

showed

showed an
the same period

over

For

year.

week

sales

17,

8% increase

City for the
24, sales were
period last

June

the

year.

last

York

New

ended

week

1960

1

to

increase

was

period,

June

24

last

over

year's sales.

Now With

Reynolds

(Special to The Financial Chronicle)

and

gains

store

dex for the week

1961,

2%

1960 Week

country-wide basis

tonnage, while 22 areas
showed tonnage decreases. Truck
also

this

parable 1960 levels by the follow¬

creased

at

ended

week

ing to spot estimates collected by
Dun & Bradstreet, Inc. Regional

while

Compared

the

Wednesday was unchanged to 4%
higher than a year ago, accord¬

level.

BOSTON, Mass.—Walter S. Chapin

has

become

Reynolds & Co.,

affiliated

125 High

with

Street.

He
Wholesale Commodity Price Index

Close

Comes

to

Price increases

1961

index up to

which
the

was

1961

March
index

271.71 (1930-32 = 100),
just a fraction below

high

21.
was

A

of

at

Form Assoc. Underwriters
LITTLE

ROCK,

Ark.—Associates

Underwriters, Inc. has been
formed

with

Avenue

to

offices

engage

in

at
a

3625

Lee

securities

business.

Officers are Aychel D.
Barnett,
President;
Archie
J.
earlier
the Coates,
Secretary-Treasurer, and
Aubrey L. Andrev/s, Vice-presi¬
on the cor¬

set

271.72

week

269.96

was
formerly with Hemphill,
Noyes & Co. and Goodbody & Co.

High

grains, flour,
lard, hogs, lambs and hides offset
declines on rubber, tin and steel
scrap
this
week
boosting
the
daily wholesale commodity price
on

and

on

it stood

year

dent

and

Director.

271.39.

Wholesale Food Price Index Rises
For Second

the

in

Week

second week

wholesale

by

food

Dun

Row

a

in

a

&

was

ago.

up

Bradstreet,

fractionally from

for
the

an

$5.90

increase
of both

Teller Co.

of

0.7%

the. prior

,

ration.

Officers

are Albert
Teller,
Treasurer; Peter L.
Assistant Secretary;

President and

and

year

Incorporates

PHILADELPHIA, Pa. — A 1 b e r t
Teller & Co., 123 South Broad
St.,
is now doing business as a corpo¬

and it Cardamone,
a

On July 3 the index stood at

$5.94,
from

row,

index,

price

Inc., advanced this week,

revenue freight in
ended June 24, totaled

American
This

Cent

&

.

Food

For

throughout the country.

compiled

Below
Preceding Week
Per

One

Dun

Nationwide Department Store

the
weekly survey of 34 metropolitan
areas conducted by the ATA De¬
partment of Research and Trans¬
port Economics. The" report re¬

For the

Freight Car Loadings for June 24
Week Decreased Four-Tenths

The

wholesale

ago.

1960

Shipments

lard,

oil, cocoa, eggs and,
Lower in price were hams,,
sugar and potatoes.

1961 traffic has

year

responding date last

June 24

bellies,

rye,

were

cottonseed

These findings are based on

9.9% and 7.6%.
Lumber

corn,

in

week

slightly.
Intercity

week-to-week

States in the week ended June

this

year-to-year

Louisville

Shipments Were 3.9%

Behind 1960 Volume

year-

hogs.

to¬

262,466

9,060

terminals
Lumber

wheat,

Summer

week.

for the first 24 weeks of 1961
taled

a

higher

quoted

cost

a

nals

electric light
and power industry for the week
ended
Saturday,
July
1,
was
estimated
at
15,183,000,000 kwh.
according to the Edison Electric.
distributed

wholesale

and meats in general use.

that

in

City and Denver showed
gains of more than 10%. Termi¬

Week

1960

in

Commodities

included

Kansas
Electric

week and the similar date

or highway con¬
(piggyback) in the week
ended June 17, 1961 (which were

Truck

year.

Hamtramck plant, making small

v" 8f3 C6ntS ft0,$37 a tion
<Wis->- and a* least four combinaVacation curtailments




and 32 in the similar week of last

day

American

week

were

m scraP Pri?es Dodge and Plymouth cars, and at
™JESteels composite pnee its Warren, Mich., truck works,
on No. 1
tnn
ton.

preceding

the

in

Day holiday. Ford Motor
Co., however operated at Atlanta,

rrmtiniipf

Eros6,
gross

Canadian failures climbed to 54

dence

the

rising price of
say

factories were scheduled to be
closed Monday and Tuesday to

foreign

markets.

steelmakers

will

10

move

producers

U.

world

tin

announced

The

sharp

tin,

slabs—other

and a decrease
14%
below
the

week

38

de¬
6.4%
week in
of 97,796

or

one

Thursday, July 6, 1961

.

a

or

cars

tainers

totaled

Studebaker-Packard, which an-

for

steel

States

earlier.

from

41,336

1

ago.

highway trailers

slightly fewer failures than a year

Dearborn,

at

Wayne and Wixom,

model

are

steel

Central

North

ac¬

week-toCasualties

the

of

failures.

in

East

The

Truck
making also climbed
over the year-ago level, rising to
25,323 for the five-day period
ending June 30. Gaining some 6%
over 23,825 trucks for a like session last year, it was also more
than 10 % above the 22,906 produced last week.
\
A The reporting service said that
only one car making plant was
idled for the week, Ford Motor
Co's st- Louis facility, which will
also be on vacation next week.
Ford

steel and

rise

the

1960,
cars

or

all

for

counted
week

*or *irst llme

They're confident that sales and
shipments
will
decline
only

of export

and

regions

geographic

Four

be

to

construction

except

manufacturing.

the

emphasis

all

heavier than last year in

This week, for the first time in jumped to 72 from 58, in the West
1961, U. S. passenger car produc- North Central'to 17 from 12, in
tion exceeded output for a corn- the South Atlantic to 38 from 30
parable 1960 period, Ward's and in the Pacific to 88 from 63.
Automotive Reports said. •
In contrast, five regions reported
The statistical agency also said declines during the week, with
that total June production, which the most noticeable drop in the
it estimated at 562,000, repre- Middle Atlantic States where 76
sented the best month for the concerns failed as against 99 in
industry this year. The rise was the previous week. Year-to-year
3.5% over 542,303 units turned trends also were mixed; the same
out in May, and trailed the same four regions suffered considerably
month of last year by only 8.3%. more
casualties
than
in
1960
May was 11.3% behind the same whereas the other five had

six

first

46, and among service con¬
to 23
from 28.
Mortality

service, with the sharpest upswing
from
1960
levels
appearing in

Production Exceeds

represent-

the

production based

S. Car Production Exceeos
°utput °L Sa™
Per,0d

during the second

did

of

production

weekly

the

leading

are

casualties held steady
while the toll among con¬

27,

lines

Total industry.,— 103.3

enacted.

were

42.

cerns

trailing 1960 by 41.2%.
Ward's said that this week's
output of 126,389 was off fracterial
handling, testing and tionally from 128,216 cars turned
inspection,
and information out in the previous week, but a
processing.
full 1% above 125,868 autos proSteel output in the week ending
duced in the same week of a

tion.

175 from

from

it

and

where
164,

trade,

retail

in

con¬

was

manufacturing, up to 56
In wholesaling, on the

in

and

nonsteelmaking types of facilias
equipment for ma-

lets,

increase

cent

per

below the corresponding

traffic

week's

The

ties—such

have

1960.

87
113

steelmakers

on

in

St. Louis

months.

ducer

$100,000 also increased, turning up
to 281 from 276 last week and 244

struction contractors dipped to 45

dollar volume)

prices

under

107

spending uptrend,
(respondents in-

materials

liabilities

Cincinnati

ing two-thirds of the nation's ca-

Prices

previous week and 34 a year ago.

at

survey

start

in the

failures, climbing from 31

other hand,

pacity) indicates the industry will
order
10% more equipment (in

will

1939 when 264 occurred.
Liabilities in excess of $100,000
were involved in 45 of the week's

in prewar

with

of

crease

than

115

equipment

the

businesses failed

more

132

Steelmakers

mates

some

Chicago

tion reform

The

and

year

well,

Detroit

against in most other quarters, ineluding organized labor.
An
earlier
survey
by
Steel
found
that
the
industry would
spend, over the next two years,
$550
million
more
for
capital
equipment than it presently plans
to shell out if effective deprecia-

on

23%

As

1959.

from

•

than

in

244

last

week

comparable
the

122

political advantage of the move,
since probably no action by the
Kennedy administration has received more criticism from businessmen
—
and the move has
caused no marked reaction for or

half

upturn lifted casualties

considerably above the 278 in the

84

___

preceding

Cleveland

taxmariship."

21

to 326 in the week ended

This

one

preceding week.
The loadings represented

loaded with

week, reported Dun & Bradstreet,
Inc.

of

the

sponding week in 1959.
There were 12,502 cars reported

in

calls the plan "tangled

man

eluded

Corp.

Week

June 29 from 307 in the

102

Youngstown

proposal falls
far short of providing any real
inceptive for investment in modern equipment.
ment's tax incentive

Steel's

Motors

Commercial and industrial fail¬
ures rose

Casualties

*index of ingot

dustry over government action on

One

Chrysler Corp.

29.6%;

American

Pre-Holiday

American Iron and Steel In-

fallen

plans to order $2.2 billion worth
of capital equipment during the
second half, up 4% from the volume

Co.

7.8%.

1

(*103.3%), 2.7% under outEquipment to Rise in Second Half put of 1,978,000 tons ("106.2%) in
Says "STEEL"
the week ended June 24. *
metalworking

Motor

According to data compiled by

Metalworking's Orders for Capital

The

output, General

Business Failures Turn Up

m&lvfnLallTthebre iTafbeenno
late rally, July could have
flat
the magazine says.
flat, the magazine savs

Ended

Week

week's

this

12.2%;

Steel Production Data for the

saying

Of

Motors accounted for 50.4%; Ford

four-tenths

or

below

.

James

Mr. Teller
etor

T.
was

of Albert

which the
sociated.

Hogan, Secretary.
formerly propri¬
Teller

&

other officers

Co., with
were

as¬

Volume 194

Number 6070

.

.

The Commercial and Financial Chronicle

.

(91)

31
V

Indications of Current

The

following statistical tabulations

latest week

Business

Activity

week

or

production and other figures for the

cover

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

quotations,

are

either for the

are as

of that date:.

'

Latest

IRON

AMERICAN
Indicated

steel

AND

STEEL

Week

INSTITUTE:

operations (per cent capacity)

..July

8

July

8

Month

Previous
Week

Year

Latest

70.0

1,978,000

2,052,000

NEW

42.7

1,218,000

Equivalent to—
Steel .ingots

oil

and

gallons

42

Crude

As

castings

PETROLEUM

AMERICAN
Crude

and

Gasoline

:

to

(bbls.

average

June 23

(bbls.)'

average

fuel

oil

fuel

oil

June 23

;

7,865,000

8,224,000

8,049,000

30,714,000

29,089,000

29,055,000

2,315,000

1,741,000
12,952,000

June 23

_

output (bbls.)
output (bbls.)

2,276,000

•

June 23

<

11,925,000

12,745,000

5,824,000

5,922,000

203,399,000

210,493,000

27,583,000

Oil

fuel

Residual

fuel

ASSOCIATION

(bbls.)
(bbls.)

oil

OF

at
at_

AMERICAN

Revenue

freight loaded

Revenue

freight

207,682,000
29,211,000
102,666,000

90,259,000

45,175,000

44^039,000

40,592,000

U.

600,001

602,153

578,767

of cars)__June 24

(no.

493,285

'494,064

495,925

municipal

Bituminous

(U.

$469,600,000

$399,900,000

$686,400,000

177,200,000

228,800,000

225,400,000

298,300,000

Retail

STORE

SALES

SYSTEM—1947-49

steel

Finished

Pig iron

INDEX—FEDERAL

PRICES

METAL

Lead

(New
(St.

&

(E.

York)

AND

INDUSTRIAL)—DUN

460,000

*159

137

124

1

(000's
CIVIL

(New

15,183,000

14,870,000

14,646,000

13,887,000

278

6.196c

6.196c

6.196c

6.196c

June 27

$66.44

$66.44

$66.44

$66.41

State

.June 27

$37.17

$37.83

$36.83

$31.00

M. J.

U.

•

: ,^

.

30.600c

30.625c

32.600c

28.350c

28.125c

30.025c

31.275c

at

Cotton

DAILY

11.000c

12.000c
11.800c

Crushed

12.000c

13.500c

Stocks

at

11.500 c

11.500c

13.000c

26.000c

26.000c

26.000c

117.000c

111.125C

Cake

26.000c

119.125c

..June 28 V

101.625c

July

-July

87.45
91.77

89.64

4

88.95

88.95

89.78

87.59

A

4

85.85

85.98

86.51

Baa

4

81.54

81.78

82.03

78.90

July

4

84.17

84.30

84.81

82.90

July

4

87.99

88.27

88.81

87.72

87.86

88.81

86.91

—

Group

_™July

87.96

:

•

86.61

,

4
4

3.87
-•••

4.66

s

3.92

3.82
4.60

4.38

4.35

4.29

4.49

4.49

4.43

4

4.72

4.71

4.67

Shipped

-July

Baa

-July

4

5.06

5.04

5.02

4

4.85

4.84

4.80

4.56

4.54

4.50

4

4.58

4.57

4.50

372.0

369.2

368.9

303,272

320,360

336,864

325,848

331,806

323,223

95

92

93

94

451,761

444,833

432,421

435,798

113.63

113.56

113.46

110.21

All

OF

!

sales

Total

2,875,840

1,817,080

3,955,140

2,991,170

Annuity

June

488,280

237,760

705,800

466,660

42,600

14,300

64,100

213,020

638,360

June

482,810

227,320

702,460

457,080

.June

982,652

528,911

1,265,891

861,976

initiated

transactions

Total

on

the

MONEY
As

sales

June

120,230

37,720

197,210

141,970

Other

sales

June

831,986

489,526

1,215,333

873,855

INSTITUTE
of

Total

sales

June

952,126

527,246

1,412,543

OF

4,580,302

2,697,331

5,925,891

4,204,476

sales

June

648,240

392,610

918,040

of

sales

June

3,820,086

2,179,036

5,152,103

3,686,175

June

4,468,326

2,571,646

6,070,143

4,464,075

sales

LOT

AND

DEALERS

EXCHANGE
Odd-lot

sales

Dollar

Odd-lot

ODD-LOT ACCOUNT OF ODD-

SPECIALISTS

ON

N.

Y.

dealers

IN CIRCULATION—TREASURY DEPT.
April 30 (000's omitted)

personal

1,258,957

2,500,321

June

value

2,026,451

9

$113,739,038

$75,039,166

$125,401,172

1,908,875

Number

orders—Customers'

of

Customers'

short
other

total

sales

June

9

June

9

8.387

4,373

11,169

2,096,042

1,341,912

2,630,473

1,798,997

9

$108,594,583

$70,931,639

$125,622,698

$88,290,519

value:

Dollar

June

2,104,429

1,346,285

2,641,642

1,805,585

121,400,000

$650,100,000

$31,800,000

$31,900,000

$31,600,000

$404.7

*275.1

273.6

*109.4

113.3.

*86.3

72.6

•72.4

72.0

42.6

•42.5

40.7

50.8

47.6

50.9
10.9

of

10.9

36.0

13.1

income

10.9
•35.6

•12.9

12.1

12.5

32.2

28.4

9.5

9.3

396.7

income

26.5

9.5

nonagricultural

13.9

27.6

32.5

insurance

14.0

27.6

income

12.5

14.0

persons

interest

•394.5

388.3

Round-lot sales by dealers—
Number .of

shares—Total

sales

June

831,600
831,600

5TO~230

575,920

332,070

672,100

PRICES

510,230

396,650

June

sales

Round-lot

396,650

6^4,650

purchases by dealers—Number of shares

619,350

RECEIVED

NUMBER

—June

sales—

Other

664,650

June

Short

BY

U.

—

S.

FARMERS
DEPT.

TURE—1910-1914=100—As
All

farm

OF
of

EXCHANGE
FOR

Total

STOCK

ROUND-LOT

"Short

STOCK

INDEX

—

15:

products

236

—June

754,840

438,430

1,047,280

877,660

9

19,582,830

11,881,720

25,779,940

17,262,740

June

sales

9

June

:—...

9

20,347,670

12,320,150

26,827,220

18,140,400

grain

Food

grains™

and

hay

•240

•225

•228

♦248

249

*247

151

.

q.

Feed,

sales

Total

Cotton

fresh

226

233

250

vegetables,

239

230

Commercial

sales—

sales

Other

THE N. Y.

(SHARES):

MEMBERS

OF

ACCOUNT

ON

ROUND-LOT STOCK TRANSACTIONS

AND

round-lot

SALES

12.5

AGRICUL¬

May

Crops—
TOTAL

89.5.

35.7

professional

Transfer payments
Less employees' contribution for social

Total

•$411.3

87.7

Dividends

6,588

9

.

132,500,000

110.7

income

and

Personal

sales

9,800,000
59,300,000

165,600,000
164,700,000

276.9

*

.June

sales

Customers'

56,900,000

65,600,000

COMMERCE)—Month

income

labor

Rental

$98,330,496

purchases by dealers (customers' sales)—

11,500,000

UNITED STATES

Farm
9

$270,200,000

64,100,000

$413.7

IN THE
OF

industries

Business

June

109

May (in billions):

Other

(customers' purchases)—t

shares

110

106

126,900,000

Government—

STOCK

SECURITIES EXCHANGE COMMISSION

—

by

of

Number

FOR

105

$681,700,000 *$796,700,000

Service
STOCK TRANSACTIONS

108

56,400,000
10,800.000
61,000,00
154,000,000

Wage and salary receipts, total
Commodity producing industriesManufacturing only
Distributing industries

775,900

Other
Total

of

Total

Short

6,832,000

9,516,000

LIFE

values

(DEPARTMENT

1,015,825

—June

purchases

16,348,000

•6,674,000

April:

payments-

PERSONAL INCOME

Total round-lot transactions for account of members—
Total

•15,529,000
•8,855,000

TO

Total

floor—

purchases

Short

'

—

PAYMENTS

Policy dividends

393,580

sales

99.4
171.5

RESERVE

63,500

440,210

*92.7

•160.4

108

FEDERAL

endowments

Surrender

June

Other

■

Matured

<

June

5,208,000

93.9

Disability payments

sales

7,084,000

•5,041,000

164.4

benefits

570,430

sales

Total

•

Death

2,420,740

!

purchases.

12,292,000

*6,429,000

15,683,000

BENEFIT

656,730

Short

•11,470,000

avge.=100)—

•

INSURANCE

3,298,410

Other

97,600

11,616,000

workers)

(1947-49

THE

340,590

3,033,390

117,700

$272,600,000 •$325,200,000

OF

1,476,490

';

floor—

73,100

8,995,000
6,688,000

485,410

..June

the

off

113,800

of

goods

2,547,980

1

initiated

132,000.

DEPT.

goods

June

sales

■

226,400

5,056,000

S.

SERIES—Month

(production

goods
indexes

___June

transactions

H

6,560,000

REVISED

POLICYHOLDERS

3,954,200

57,300
61,600

*

110,300
PAYROLLS—U.

INSURANCE—Month

1,930,660

....

83,500

Unadjusted

in stocks in which registered3,109,370

'

43,900
,,

199,600

manufacturing—

ERNORS

LIFE

June

sales—;

Other

31.

SYSTEM—1947-49=100—Month of May:
Seasonally adjusted

MEM¬

purchases

'

INDUSTRIAL PRODUCTION—BOARD OF GOV¬

BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS

Short

May

goods

Nondurable

OIL, PAINT AND DRUG REPORTER PRICE INDEX—
ACCOUNT

80,600
...!

manufacturing

Durable

AVERAGE=1(M)

120,900
93,200

69,200

number of employees in manufac¬
turing industries—

314,504

.June 24

116,900

101,300

Estimated

378.5

338,921

204,500

189,300

67,500

manufacturing
Payroll indexes (1947-49 avge.=100)—
All manufacturing

Y

ASSOCIATION:

270,500
190,800

119,200

All

4.64

4

LABOR

Employment

4.75

INDEX

357,300

138,100

'

AND

Nondurable

4.95

4

13,700

252,400

668,100

245,500

(bales)-

Durable

5.28

-July

10,300
401,800

May:
All

4.80

A

Transactions of specialists

31

(bales)

EMPLOYMENT

4.59

FOR

19,400
395,000

163,100

(bales)
Produced

4.44

4

.

332,000

292,500

(tons)
'! '

Linters—

4.78

Aa

TRANSACTIONS

(tons)

May 31

(tons).

phmoed

3.88

4.65

4

896,030

180,000

of

(tons) May 31.

Prociuced

OF

-July

PAPERBOARD

mills

at

(tons) May
(tons)-

Stocks

AVERAGES:

Aaa.

1,278.000

607,000

PROD¬

COMMERCE—Month

(tons)

85.46

4-

__

:

COMMODITY

SEED

1,607,000

787,000

and Meal—

84.81

—_—______

DAILY

COTTON

OF

$2,885,000

1,002,000

1,277,000
947,000

I

$1,789,000

1,115,000

—

Produced

85.07

90.91

YIELD

of

Hulls4

-July

_

Group

AND

(tons)

Stocks

AVERAGES:

Group

Month

—

!

Shipped (tons)

86.78

Total

$355,000

330,000

Received

10.800c

86.65

Other

$914,100

EN¬

Seed-

12.000c

11.500c

.

pig, 99.5% )
York) at

RECORD

—

municipal

SEED

11.000c

90.48

Total

$50,917,000

May:

10.800c

4

1949

$86,114,000

omitted):

construction

and

12.000c

4

ROUND-LOT

7,093,000

12,262,000
3,336,000

$2,392,000

CONSTRUCTION

construction

11.000c

-June 28

.

NATIONAL

4,846,000
19,638,000

13,127,000

$367,900

liabilities

NEWS

UCTS—DEPT.
30.660c

corporate

MOODY'S

$10,835,000

10,117,000

32,562,000

19,162,000
6,798,000

construction

COTTON*

Aaa

BOND

$23,215,000

10,791,000

$80,471,000

service

S.

Public

QUOTATIONS):

Aa

MOODY'S

131

1,273

24,776,000

Federal

Total

Private

ton)

PRICES

Utilities

131

1,441

$18,944,000

liabilities.

June- (000's

254

87.23

Public

214'

123

liabilities-

GINEERING

307

87.58

Industrials

135
564

245

1,545

omitted)

326

-July

Railroad

229=-

123
704

255

ENGINEERING

June 27

(primary

Straits

Average

238

CASH DIVIDENDS—PUBLICLY
REPORTED BY
U.
S.
CORPORATIONS—U. S. DEPT. OF

June 29

Louis)

BOND

622,000

2,274,000

731

;

liabilities..

10.800c

Aluminum

MOODY'S

291,687,902

533,000

2,412,000

COMMERCE—Month of May:

at

tin

9,022,000

308,000

&

at

St.

8,130,000

382,000

127

at

Louis)

(East

*9,065,000

408,000

at

(delivered)

Zinc

8,970,000

PRICES:

gross

refinery

Lead

tZinc

Commercial

350,071,832

424,000
2,680,000

970,000

152,200,000

July

Electrolytic copper—
Domestic
refinery at
Export

235,900,000

36,500,000

June 24

lb.)

(per

(per

138,000,000

63,200,000

RESERVE

(per gross ton)_

steel

Scrap

-177,600,000

48,700,000

June 24
June 24

(in 000 kwh.)

COMPOSITE

AGE

230,800,000

Total

BRADSTREET, INC
IRON

388,100,000

June 29

AVERAGE=100

(COMMERCIAL

FAILURES

174,500,000

109,394,776

167
j.

liabilities

240,800,000

1,508,000
110,317,963

BRADSTREET

liabilities

279,500,000

362,000

1,453,000
110,426,853

INSTITUTE:

ELECTRIC

output

&

issues-

collateral

number

Construction

MINES):

and lignite
(tons)
anthracite (tons)

DEPARTMENT

Govt.

number

June 29

.

coal

Pennsylvania

Electric

OF

S.

other

on

number

Wholesale

$456,700,000

;

S. BUREAU

;

shares

U.

on

number!

June 29

and

-

balances-

bonds

number

Manufacturing

1

June 29

$3,151,000
130,000

50,000

433,000

358,862,078

credit

Commercial service number—

.June 29

.

Feumu.

COAL OUTPUT

EDISON

listed

borrowings

Total

;

construction

State

of

borrowings

$3,986,000

40,000
453,000

U. S

535,815

;

construction

Public

value

Retail

641,337

-!

construction

S.

Private

listed

Construction
June 24

cars)

received from connections

NEWS-RECORD:

Total

of

Wholesale

RAILROADS:

(number of

value

Manufacturing

$4,096,000

269

free

FAILURES—DUN
INC.—Month of May:

106,887,000

46,091,000

June23 r '

Ago

accounts-

balances

banks in

BUSINESS

ENGINEERING CONSTRUCTION—ENGINEERING

CIVIL

,-yX

-June 23

customers'

Member

203,242,000

27,154,000

29,580,000
105,956,000

_

Distillate

of

in

Member

6,106,000

Stocks at refineries, bulk terminals, in transit, in pipe lines—
Finished and unfinished gasoline (bbls.) at
June 23
Kerosene
(bbls.)
at
*
June 23

hand and

on

margin
debit

customers

Market

2,223,000

12,688,000

5,395,000

to

Market

-

June 23

net

extended

Total

8,231,000

27,275,000

carrying

customers'

Cash

6,803,010

7,054,410

7,105,260

June 23

(bbls.)

output

Distillate

7,096,760

Month

EXCHANGE—

(000's omitted):

firms

Credit

oi

STOCK

May 31

Total

output—daily

stills—daily
(bbls.)

Residual

1,925,000

of

Member

INSTITUTE:

condensate

output

Kerosene

tons)

(net

each)

runs

YORK

Year

Month

Ago

Ago

68.0

66.0

Previous

145

153

203

Oil-bearing

209

250

•217

285

crops.

202

261

Fruit

286

218

LABOR

PRICES, NEW SERIES

—

—

Potatoes

U. S. DEPT. OF

All

commodities-

All

—June 27

118.8

118.7

118.8

119.4

—June 27

86.4

85,8

86.5

87.7

June 27

107.5

107.3

107.8

241

*251

—

:_:_1

91.7

91.1

92.1

96.4

other than farm

and

foods,

-June 27

127.7

127.7

127.7

-

products

128.3

:

Poultry

•247

237

305

*309

139

145

•154

239

and

eggs

Wool—

UNITED

STATES

BUREAU

252

241
292

animals

231

253

107.5

June 27

—'

———.——

foods

commodities

*405

Dairy

products———-——„—.—

Meats

•241

•516

Meat

"

Processed

178

517

Livestock

(1947-49—100):

Commodity Group—
Farm

176

Tobacco
WHOLESALE

OF

EXPORTS

CENSUS

—

AND

IMPORTS

Month

of

April

(000's omitted):
•Revised
sold

on

tNumber of ocders notrreported since introduction of Monthly Investment Plan.-" fPrlme
basis at centers where freight from East St. Louis exceeds one-half cent a pound.
.

figure.

delivered




Western
•

Zinc

Exports

Imports

-

$1,705,500

$1,934,200

$1,817,800

1,041,900

1,230,500

1,26^300

32

The Commercial and Financial Chronicle

(92)

.

Thursday, July 6, 1961

.

.

ADDITIONS

* INDICATES

Now

Securities

in

Registration
Offering—Expected in

Hindley & Co., New York City.
mid-July.
of

NOTE—Because

the

with

index

and

items reflect the

but

The dates shown

as

secondary purpose of owning investments in entities en¬

firm

business. Proceeds—The com¬
the proceeds estimated at $851,895 as a
reserve for the acquisition of interests in life insurance;
for furniture and fixtures; for the establishment of a
sales organization and for working capital.,. Office—The
Rector Building, Little Rock, Ark.
Underwriter—Ad¬

^A:G:E Funds, Inc.
30, 1961 filed 200 co-ownership participations in
the company's 1961 exploration and development fund H.
Price—$5,000 per unit. Proceeds—To evaluate, acquire
and develop oil and gas leaseholds. Office—120 South La
Salle St., Chicago, 111. Underwriter—None.
June

U.

Productions,

vanced

1,

Systems,

Accesso

30,

manufacture

sale

and

Corp.

plans

company

Price — $5.
life insur¬

invest in

to

Proceeds—For investment.

Office—1730

St., N. W., Washington, D. C. Underwriter—Affiliated
Underwriters, Inc., Washington, D. C. Note—This regis¬
tration

June

29.

withdrawn June

was

Inc.

Aileen

27, 1961 filed 200,000 outstanding common shares.
Office—29 W. 38th St.,

holders.

New York City. Under¬

Leonard & Sons, Inc., New York
A-Drive Auto

Underwriter—None.

—Anchorage, Alaska.
Air

19,

May

Master

26,

1961

Corp.

A

common

Business

amendment.

minum
other

—

manufacture

The

windows

storm

and

doors,

and

and

sale

other

of

Proceeds—For working capital, and
corporate purposes. Office—20th Street, and Alle¬
products.

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

and

—

Inc.

annual

of

offering

of

stock

common

Trap

Corp.,

Rock

175,000 shares
of

New

West

York

Nyack,

Y., is being made by an under¬
writing group headed by Smith,
Barney & Co. Inc. The stock is

priced at $19
New

York

largest

Rock

is

the

supplier in
City metropolitan
of crushed stone, used prin¬
producer

New

area

Trap

cipally

and

York

the

as

coarse

ingredients

phaltic

to

make

as-

con¬

crete.
The company plans

to enter the

aggregate
business
expend
approximately

lightweight
and

to

$3,160,000 for this purpose. It in¬
to construct a lightweight

tends

aggregate manufacturing plant on
tidewater near Kingston, N. Y.,
adjacent

to

shale

deposits

owned in fee or under option.

—

lated

items for men, women and children.
Proceeds—
inventory, taxes, accrued sales commissions and
working capital. Office—Washington, Ga. Underwriter

—D. H.

Blair &

Co., New York City (managing).

Alside, Inc.
May 11, 1961 filed 200,000 outstanding shares of common
stock to be offered for public sale by the present hold¬
ers thereof. Price—To be supplied by amendment. Busi¬
ness—The manufacture and sale of aluminum siding and
paneling for houses. Proceeds — For the selling stock¬
holders.
Office—3773 Akron-Cleveland Rd., Akron, O.
Underwriter
Reynolds & Co., Inc., New York City
(managing).

4,

ness

Corp.

1961
The

—

(letter

stock

of

notification)

75,000 shares of
per share. Busi¬
pre-stressed concrete

(par 10 cents). Price—$4

sale

of

pre-cast

and

panels for swimming pools and pumps, filters, ladders,
etc. Proceeds—For building test pools; advertising, in¬
ventory and working capital. Office—102 Mamaroneck

Mamaroneck,

Investments &

N. Y. Underwriter—Alexandria
Securities, Inc., Washington, D. C.
Corp.

28, 1961 ("Reg. A") 75,000 common shares (par
10 cents). Price—$3.50. Business—International air and
freight forwarding. Proceeds—For expansion, ad¬

vertising and working capital. Office—80 Wall St., New
York. Underwriters—V. S. Wickett
liams &

American

stock

26,

Co., Inc., and Wil¬

Electronic

1961
be

to

the rate of
—To

&

Lee, Inc., New York.
Laboratories, Inc.
10,632 shares of class A

filed

offered

one

for

subscription by

share for each

new

cubic

$3,243,000
long-term

10 shares held.

July

1st

will

supplied by amendment. Business—The com¬
pany is engaged in research and development in the field
of electronic communication equipment. Proceeds—For

construction,
poses.

new

Office—121

equipment, and other corporate
North

Seventh

Form Feit,

American

28,

Facsimile

common

1961
stock

(letter

Corp. (7/1C-14)
of notification) 40,000 shares of
25 cents).
Price—$3 per share.

(par

manufacture of facsimile

communication

Gale Co.

Co., Inc. has been formed with of¬
fices

125

at

in

gage

Officers

Broad

Street,

securities

a

are

to

en¬

YOUR PRIME SOURCE FOR

business.
Presi¬

Robert B. Gale,

dent, and James J. Feit, Secretary-

all

NEW

admit

William

The

(Special to The Financial Chronicle)

LA
is

JOLLA, Calif.—Kenet Pearce

engaging in

from

offices

a

at

securities business
Girard Ave.

7644

under the firm name

Tobey, Kirk Partner

of Pearce &

Co.

BOUGHT

1

of

July 1,, Tobey & Kirk, 52
Wall St., New York City, members
of the New York Stock Exchange,
admitted

Victor

H.

Weintraub

to

Irving Rice Adds
ST.

PAUL, Minn.—Gerald J. BalMerrill

linger,

G. D. I. Plans Branch
MIAMI,

Fla.

branch

office

—

Inc.
at

G.

D.

has
2828

I.

L.

Plans

opened

a

Southwest

22nd

Street,

under

of Neil E. Bahr.

the

direction

-

SOLD

-

for Banks, Brokers,

QUOTED

Institutions

(Special to The Financial Chronicle)

partnership.

Distributors,

pur¬

Street, Philadelphia.

Underwriter—Suplee, Yeatman, Mosley Co.t Inc., Phila¬
delphia, Pa.

Forms Pearce & Co.

Ropner to partnership.

As

Price

be

ELIZABETH, N. J.—Feit, Gale &

Admit

Timpson & Co., 63 Wall
Street, New York City, members
of the New York Stock Exchange,
on

common

stockholders at

equipment. Proceeds—For equipment; sales promotion
and advertising; research and development, and work-

filed

stockholders. Price—$9. Business—Manufacturers
of women's wear. Proceeds—For working capital. Office

now

proposed plant will have an initial




.

000 by

Robt. Timpson to

aggregate

Portland cement

or

(7/17-21)

filed 120,000 shares of common stock.
Price
To be supplied by amendment.
Business — The
manufacture and sale
of plastic film raincoats and re¬
1961

Treasurer.

which is combined with sand and
other

Rainwear Corp.

28,

Robert

share.

a

repay¬

Business—The

principal
amount
of
debt and
1,041,025 shares of common stock.
of

Almar

April

•

Miami,

1961

issuance of the shares,
capitalization
will

consist

Proceeds—For

100,000 class A common shares, of
offered by the company and 30,-

8,

aggregate.
Upon

rink.

which 70,000 are to be

yards (350,000 tons) of lightweight

N.

the

of

outstanding

Public

skating

loans, working capital and general corporate
Office — Sunrise Highway, Copiague, N. Y.

April

500,000

of

roller

(par 10
ice-

an

Inc.

June

Edward

capacity

system parts

(managing).

Alix

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

N. Y. Trap Rock
Common Offered

missile

Office—6900. West Road 84,
Fort
Lauderdale, Fla.
Underwriters — Stein Bros. &
Boyce, Baltimore & Vickers, MacPherson & Warwick,

radio

—

and

rocket

Proceeds—For repayment of loans, ex¬

pansion and working capital.

Electronics Corp.

Underwriter

electro-mechanical

and components.

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

Inc.

Underwriter—None.

May

ic Airtronics International Corp. of Florida
June 29,
1961 filed 199,000 common shares of

Proceeds—To repay a loan, acquire new quarters,
expansion, inventory, and working capital. Office—
142 Mineola Blvd., Mineola, N. Y.
Underwriter—H. B.
Crandall Co., New York.

Y.

and

of

purposes.

ocean

alu¬

for

N.

Ice,

ic Amerford International

ucts.

Hicksville,

'N'

June

Price—To be supplied by

thereof.

which
110,000 shares are to be offered by the company and
89,000 shares by stockholders.
Price—By amendment.
Business
The
manufacture of
electronic, mechanical

St.,

Weather Roll

29, 1961 ("Reg. A") 40,000 class A shares
cents). Price—$3. Business—The operation of

Avenue,

of class

shares

200,000

filed

present holders

aluminum

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

mercial

it All
June

the

(managing).

Advanced

—

stock, of which 50,000 shares are to be offered for public
sale by the company and 150,000 outstanding shares by

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

Price—$10. Business—

of bowling centers in
For expansion and working

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

common

strators, office equipment and working capital.

Leasing System, Inc.

held.

operation

Proceeds

states.

Amcrete

purchase of aircraft demon¬
Address

Proceeds—For

Price—$3.

1961 filed 100,000 shares of class A stock, ol
which 75,000 are to be offered for public sale by the
company and 25,000 shares, being outstanding stock, by
the present holders thereof. Price—$10 per share. Busi¬
ness—The company is engaged in the business of leasing
automobiles and trucks for periods of over one year.
Proceeds—To repay loans; open new offices in Philadel¬

shares

and

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

May

ic Air Alaska, Inc.
June 19, 1961 ("Reg. A") 75,000 common shares (par $1).

Underwriter—Ralph B.
Ci^y (managing).

nine

each

construction

several

writer—Goodbody & Co., New York.

metal tiles and other types of
Proceeds—For the repayment
of loans and general corporate purposes.
Office — 3425
hangers,

Bagley Avenue, Seattle,, Wash.

The

—

Price—By amendment. Proceeds—For the selling stock¬

acoustical ceiling systems.

Jan.

Investment

concerns.

ance

is engaged in the design,
fluorescent lighting systems,

of

Affiliated

K

filed 40,000 shares of common stock and

tile

August.

Business—The

Business—The company

acoustical

share for

For

•

43,000 shares of preferred stock (par $10) to be offered
for public sale in units consisting of one share of com¬
mon
and one share of preferred stock.
Price—$15 per
unit.

company
and 100,000 shares for All-State Properties,
Inc., parent. The stock will be offered for subscription
by holders of All-State Properties on the basis of one

skating

Inc.

Instruments,

May 29, 196*1 filed 400,000 common shares.

Corp.

1961

Ave., Miami, Fla. Underwriter—Clay¬
Corp., Boston (managing).

Bowling Centers, Inc.
(7/24-28)
19, 1961 filed 300,000 shares of capital stock, of
which 200,000 shares will be sold for the account of the

ment

equipment for industry. Proceeds—For new facil¬

ities, sales program, demonstration laboratory and work¬
ing capital. Office—37-05 48th Ave., Long Island City,
N. Y. Underwriter—John Joshua & Co., Inc., New York.

W. 5th

Allstate

in late

Inc.

6, 1961 filed 100,000 common shares.
Price — $3.
Business—The design manufacture and sale of automa¬

Jan.

Note—

ISSUE

REVISED

May

Price
—$1.15 per share. Business—The company was formed
in March, 1961 to engage in the development, manufac¬
ture, sale and lease of electronic, electro-mechanical and
electro-optical equipment.
Proceeds — For equipment,
developmental work and working capital. Office—1208
Title Insurance Building, Minneapolis, Minn.
Under¬
writer—Naftalin & Co., Minneapolis. Offering—Expected

June

tion

Inc., Little Rock, Ark.
withdrawn June 29.

Scientific

Advanced

("Reg.

Abbey Automation

Underwriters,

May 19, 1961 filed 875,000 shares of common stock.

Inc.

(par 10 cents).

1961

use

This registration was

A.") 100,000 shares of common
Price—$3. Business—TV film pro¬
ductions. Proceeds—For general corporate purposes. Of¬
fice—130 W. 57th St., New York, N. Y.
Underwriter—
Marshall Co., New York.
June

stock

insurance

the

will

pany

T.

in

gaged

offering dates.

A.

management company with the related

fice service and

expectations of the underwriter

N.

—2700

•

Corp.

13,1961 filed 300,000 shares of common stock. Price
.—$3.50 per share. Business—The company was organ¬
ized in October, 1960 to operate an insurance home of¬

accompanying detailed

general, to be considered

not, in

are

accuracy.

the

in

Management

Investment

Advanced

ITEMS

•

PREVIOUS

ton Securities

Jan.

predict offering dates

to

high degree of

a

the

in

•

the SEC, it is becoming

awaiting processing by

increasingly difficult

large number of issues

SINCE

Boyle,

Phillip
added

Rice

Donald

W.
to

&

Boone, Robert

C.

F.

Seamans

the

staff

Company,

Pioneer Building,

laneu

S$. SIEGEL

Giblin and
have
of

been

Irving

J.

Incorporated,

members of the

Midwest Stock Exchange.

39

Olgby 4-2370

Broadway, New York 6, N. Y.
Teletype No. N.Y. 1-5237

Volume

194

Number 6070

.

.

The Commercial and Financial Chronicle

.

(93)
rng

capital. Office—160 Coit Street, Irvington, N. J. Un¬
Associates, Inc., New York, N. Y.

derwriter—Shell
American

April

21,

Finance

1961

Co., Inc.
$500,000 of

filed

convertible

ordinated debentures due 197.1; 75,000 shares of

stock, and 25,000 common stock purchase
be offered for public sale in units
shares

common

10

and

sub¬

common

warrants

consisting of

30

debenture,

$200

one

warrants.

to

Price—

$500 per unit. Business—The company and its subsidi¬
aries are primarily engaged in the automobile sale fi¬
business. One additional
subsidiary is a Maryland
savings and loan association and two are automobile
insurance brokers. Proceeds—For the retirement of de¬

nance

and capital funds. Office

bentures,

New York City.

York

New

1472

—

Broadway,

Underwriter—Lomasney, Loving

& Co.,

City.

American
See Marsan

Misscltronics Corp.

Industries, Inc., below.

American

Mortgage Investment Corp.
April 29, 1960 filed $1,800,000 4% 20-yr. collateral
and

bonds

stock.

mon

offered

trust

1,566,000 shares of class A non-voting
It

is proposed

that these

securities

com¬

will

be

for

public sale in units (2,000) known as In¬
Certificates, each representing $900 of bonds
and 783 shares of stock. Price—$1,800
per unit. Proceeds
—To be used principally to
originate mortgage loans and
vestment

until market conditions are favorable for
Office — 210 Center St.. Little
Rock, Ark.
Underwriter—Amico, Inc. Offering—In late July.
carry them
disposition.

American

NEW ISSUE CALENDAR

A

(7/17-21)
6%

Antilles Electronics Corp.
(7/10-14)
May 8, 1961 (letter of notification) 100,000 shares of class

Orbitronics

common stock
(par 10 cents). Price — $3 per share.
Address—San Lorenzo, Puerto Rico. Underwriter—Fras-

&

er

July 7
Church

Co., Inc., Philadelphia, Pa.

Price—$7,500

unit.

per

(Friday)

Electronics

(Paine,

Webber,

(Paine,

Webber,

Gordon

(A.

Mohawk

Science

D.

(Offering

general

corporate

Office—303

purposes.

Nortnlake

E.

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

—

Joseph

American

Photocopy Equipment Co. (7/17-21)
May 16, 1961 filed 435,000 shares of common stock, of
which 50,000 shares will be offered for the account of
the company and 385,000 for certain
selling stockholders.
Price—To be supplied by amendment.
Business—The
manufacture

and

sale

of

desk-top photocopy machines,
and supplies, and binding equipment. Proceeds—

paper

The company

will

its share of the proceeds for gen¬
eral corporate purposes. Office—2100 West
Dempster St.,
use

Evanston, 111.
Underwriter
York City (managing).
American

Recreation

Lehman

—

Brothers,

ordinated

debentures

u

1973.

Price—By amendment.
gen¬

Eastern

Ave.,
Sacramento, Calif. Underwriter—York & Co., San Fran¬
cisco (managing).
it American Sports PEan, Inc.
June 29, 1961 filed 200,000 common
Business—The

operation

of

—For

expansion.

Mass.

bowling

American Univend Corp.

May 29, 1961 filed 100,000

WaJtham,

Price

purposes.

E.

—

56th

By

Office—

St., New York.
Underwriter—Robert
Martin Associates,
Inc., New York.

A.

Amity Corp.
Jan.

17,

1961 filed

$1).

88,739 shares of common stock (par
share. Business—Land development,

Price—$3 per
including the building of an air strip, a marina, and a
housing cooperative. This is the issuer's first public fi¬
nancings Proceeds—For general corporate purposes, in¬
cluding $170,000 for construction and $12,000 for debt
reduction^ Office—Equitable Building, Baltimore, Md.
Underwriter—Karen Securities Corp., New York City.
Note—This statement is expected to be refiled.

Amphicar

Corp.

of

America

set

sales

and

a

parts depot in Newark, N. J.,

service

organizations, and for work¬
ing capital and general corporate purposes. Office—660
up

Madison

Avenue,7 New York.
Underwriter — Herbert
Edmond & Co., Inc., 115 Broadway, New York.
filed 40,000 common shares. Price—$15.50.
The insuring of
animals, primarily race
horses, trotters and pacers. Proceeds—For expansion and
—

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

York.

York-(managing).

nated

debentures,

issuance
warrants

on

to

156,250

conversion

common

of

the

convertible subordi¬
shares reserved for

debentures

and

5-year

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

basis of

Price

purchase

one

unit

125,000

for each

common

100

common

shares held.

unit. Proceeds — For expansion and
working capital. Office—1270 N. W. 165th St., North
Miami Beach, Fla. Underwriters—Ross, Lyon & Co., Inc.,
and

—

$100

per

Globus, Inc., New York.




$5,000,000

Corp..

Common

&

Co.

Inc.)

$300,000

&

Co.

Inc.)

$300,000

Common

Hinkley

..Debentures

Inc.

and

Warren

W.

York

&

Co.

Controls, Inc
Inc.,

and

Lieberbaum

&

Co.)

$150,000

Systems, Inc
&

Common

Co.)

$350,000

Handmacher-Vogel, Inc.
&

Common

Sherrerd)

Income

shares

Planning Corp

Income

245,000

Properties, Inc

Units

(Espv & Wanderer,
(Eisele

Lithonia

&

King,

Inc.)

Class A

Libaire,

Stout

Lighting, Inc

(Bache

Co.

&

$200,000

&

Co.)

$1,462,500

....Common
Robinson-Humphrey Co., Inc.)

and

_

226,000

shares

M-G, Inc.

devices

Micro

the

in

use

repay

missile

(R.

D.

Modern

&

Co.

&

shares

Common

&

Co.)

$400,000

Common

Co..
M.

and

Inc.;

L.

Hallowell.

Lee

Sulzberger, Jenks,
Inc.) 150,000 shares

&

Co.,

Construction

Homes

Nash (J. M.)

100,000

Corp..

Co

(Harriman Ripley

a

Co.)

Inc

Blauner

Kirkland

&

Baruch

Vending,

(Milton

and

loans, purchase

Winston

Electronics

Model

electronic, electrical and

for

Common

(Rowles,

convertible subor¬

par.

Proceeds—To

Units

& Co.) 275,000 units

Co., Inc

(Robert

the basis of

one

Debentures

share for each share held.

Renaire

for

working capital.

Office—2 North 30th Street,

July 22,

with

share.

per

shares

upon

being registered.

July 11

York

common

diversified

Proceeds

For

the

and Alessandrini

&

—$4
fire

per

and

share.

(Kuhn,

stock.

Co.

Loeb

8,

cents).

and

Dempsey-Tegeler

Debentures
underwritten

—

by

Hornblower

Eastman
Weeks

&

Stetson

Inc.)

&

&

168,000

Co.

&
L.

Co.)

shares

Common

Inc.

Day)

and

Tucker,

1,000,000

Anthony

&

shares

Common
125,000

Co.,

Inc

&

Marache

&

shares

Units

Co.)

units

54,100

(Wednesday)
Electric Power
9

Bonds

Co

PST)

a.m.

$8,000,000

(William H.) Inc

(Kidder,

Dillon,

and

$7,138,400

Common

Stone

(Bids

Rorer

Co.)

&

shares

Inc.)

July 12

Peabody

Common

and

& Co.

130,000

Brockton
common

shares.

Schmidt,

Roberts

&

Parke)

shares

Co., Inc., New York

(Bids

(Kidder,

Youngwood

Electrarc,

continued

on

page

34

shares

&

300,000

Metals,

Electronic
and

Inc.

Common
Co.)

Amos

shares

Common

Inc

Treat

&

Co.)

$300,000

(Friday)
(P.

.Common

de

Rensis

&

Co.,

Inc.)

$500,000

..Common

Progressitron Corp.
(Netherlands

Securities

$300,000

Co.)

Versapak Film & Packaging Machinery Corp..Units
(Hill,

&

Thompson
and

Hampstead

Co.;

Globus,

Inc.)

Investing

(Amos

July 17
.

Almar

C._J3udler

&

Corp.

$468,750

.Common

Wej-It Expansion Products, Inc

Visual

Teaching Machines, Inc. (7/17-21)
("Reg. A") 75,000 common shares (par 10
Price—$4. Business—The manufacture and dis¬

40,000

Inc

(managing).

1961

received)

'

Underwriter—

City

be

Peabody

(Bruno-Lenehner,

(co-managing).

Proceeds—To estab¬

York

Preferred

Co

to

Diamond Crystal Salt Co

July 14

New

(Thursday)

Edison

Price—$5.

repayment of loans,

Office—Bellemore, L. I., N. Y.

Audio
June

Common

.

100,000

Corp..

$1,062,500

Co.

California

150,000 shares of common stock. Price
Business—The manufacture and sale of

Street

Co.)

Corp.

(Granbery,

Office—50 Broad Street,

burglar warning systems.

Broad

Units

$1,620,000

Development

Outdoor

subsidiaries, buy equipment to make component
parts of warning systems now manufactured by others,
reduce indebtedness, add to
inventory, and for working
First

&

Co.;

Cohu

(Blyth

invest¬

lish

capital.

Co.)

Oceanarium, Inc.

inventory and
general corporate purposes. Office—88 N. Highland Ave.,
Ossining, N. Y. Underwriter — Christopher & Co., Inc.,
—

shares

Common

&

(Hayden,

July 13
Atmos-pak Inc.
27, 1961 filed

95,000

Corp

CompuDyne

City.

June

Co.)

Harvey Aluminum (Inc.)

open-end company
sale and issuance of

Securities, Inc.

Common

Towbin

Loving &

stockholders
Securities

Winslow,

Underwriter—Capital Counsellors, 50
Broad Street, New York City. Note—This company was
formerly the Irving Fund for Investment in U. S. Gov¬
ernment

to

Union

an

the

Debentures

(Tuesday)

Dry

(Offering

Proceeds—For investment

in U. S. Government securities.
New

A

$600,000

Inc

R.

—

which will become

redeemable

shares

Business

Inc.)

Press, Inc
Richter

Canada

(7/24-28)

1960, filed 2,000,000 shares of
$25

—

Co.,

218.000

Atlantic Fund for Investment in U. S. Government

the

Color

(Sclierck,

Industries, Inc.
1961 filed $1,500,000 of convertible subordi¬
nated sinking fund debentures due 1976. Price—100%
of principal amount. Business—The
production and sale
of chicken feed, hatching chicks and poultry. Proceeds
—For new facilities, the improvement of
marketing im¬
provements, and for working capital. Office—Dardenelle,
Ark. Underwriter—A. G. Edwards &
Sons, St. Louis, Mo.
(managing).

Price

$750,000

& Leasing Corp

12,

Inc.

Inc.)

Inc

Unte'rberg,

Foods,

World

Arkansas Valley

Securities

Co.,

(Dempsey-Tegeler

Ariz. Underwriter—None. Offering—Imminent.

May

E'.

(Lomasney,

Phoenix,

Common
$260,000

&

Brooks

W.

Taddeo Bowling
United

$2,000,000

Inc.)

&

Instruments,

(C.

Price

Co.)

Motti,

Common

Brooks

W.

(P.

Business—The processing of black
and white and qolor film. Proceeds—To
repay loans and

&

&

Foods, Inc..

Servonic

share.

Baird

David

Foods, Inc
(P.

new

W.

(William,

Processing Laboratories, Inc.
March 23, 1961 filed 2,100,500 shares of common stock
to be offered for subscription
by common stockholders
—22 cents per

Inc.)

..Common

(Schrijver

Audiographic Inc.

20, 1961 filed $625,000 of 5%

Control

Hinkley

J.

Co.

(Globus,

Feb. 27, 1961 filed

Anodyne, Inc.
June

&

Gilbert Data

dinated debentures due 1971, to be offered for
subscrip¬
tion by common stockholders on the basis of
$500 of
debentures for each 100 shares held.
Price — At

•

^Animal Insurance Co. of America
June 29, 1961

Business

Fairfield

Inc.

1961 filed $1,630,000 of 6%

ment company,

June 15, 1961 filed 100,000 common shares.
Price—$5.
Business—The manufacture of amphibious automobiles.

Proceeds—To establish

Common

Co

writer—None.

on

Proceeds—For the repayment of debt, purchase of addi¬
tional machines, and other corporate
120

J.

Chemical

$120,000

Simmons)

Arizona Color Film

Business—The leasing of vending machines
sale of merchandise for distribution therein.

the

&

Proceeds

amendment.
and

Common
Inc.)

Units

Ellis

Renaire

Street,

shares.

$1,085,000

Co.)( $300,000

Offering—In late July.

(8/1-4)

common

Common

Stowers)

Q-Line Instrument Corp

centers.

Winter

&

building, and for working capital.
Office — 755 Park
Avenue, Huntington Station, L. I., N. Y. Underwriter—
Lomasney, Loving & Co., New York City (managing),

Underwriter—None.

Office—473

E.

Corp

Price—$6.

shares.

$300,000

Co..

$900,000

vertising and promotion, and working capital. Office—
1608 First National Bank
Building, Minneapolis. Under¬

electro-mechanical

by

shares

Common

Associates)

Associates

(Butcher

computer fields.

1721

D

(Stroud

19, 1961 filed 1,000,000 common shares. Price—
$1.15. Business—The marketing of an electric hot water
heating system. Proceeds—For inventory, salaries, ad¬

Industries,

150,000

Insurance

Proceeds

Aqua-Lectric, Inc.

ceeds—For repayment of
eral corporate purposes.

—

Co.)

Eastern Lime Corp

June

Arcs

Common
$900,000

Inc.
Wolf

Vacuum

(Donald

and

improvements, equipment and general

Business—The manufacture of

Office

space

telemetry systems.

Business—The operation of seven bowling centers. Pro¬

loans, working capital and

with

corporate purposes.
Office—76 S. Bayles Avenue, Port
Washington, N. Y. Underwriters—Cruttenden, Podesta
& Co., Chicago and
Spear, Leeds & Kellogg, New York.

May 19,

Centers, Inc.

due

leasehold

Inc.)

shares

Common

Electronics

(Donald

communications, radio frequency analysis, missiles

and satellites and radar and
—For

Co.,

stockholders—J.

(Blunt

shares, of which 60,by the company and 60,000
Price—$6.50. Business—Manu¬

A

shares

Common
375,000

&

(Fraser

connection

140,000

Co.)

&

Apache Realty Corp

in

Dillon

Class
Curtis)

stockholders—underwritten

(Shell

Antilles

Simmons, Chicago (managing).

devices

Eastman

$15,000,000

(Monday)

Mar¬

•

New

June 26, 1961 filed $1,250,000 of series A convertible sub¬

■_

to

July 10

quette Ave., Minneapolis, Minn. Underwriter—Blunt El¬

stockholders.

and

Co.)

American Facsimile
Corp

Bid

N.

to

(Lewis

shares

523

>

Debentures

&

&

Sherman

Benefit

Automotive

—

Co

$320,000

Curtis

__

Resources

Survivors'

Applied Research Inc.
June 23, 1961 filed 120,000 common
000 shares are to be offered

Office

&

shares

Co

Dowd

(Offering

Apache Realty Corp. (7/10-14)
31, 1961 filed 1,000 units in the First Apache
Realty Program. Price—$5,000 per unit. Business—The
Program plans to engage in the real estate business, with
emphasis on the acquisition, development and operation
of shopping
centers, office buildings and industrial prop¬
investment.

Becker

F.

Photronics Corp.

ic American Packing Co.
June 29, 1961 filed 150,000 common shares.
Price—$4.50.
Business—The processing and sale of canned salmon.

■

G.

(R.

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

Proceeds—For

Inc.)

&

Securities

Insurance

March

used

Co.,

(Paine, Webber, Jackson &
Inland Life Insurance Co

L.

of

100,000

Jewelry Corp

gram.

earth

Curtis)

_

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

facture

&

Jackson

Union

corporate purposes.

by

&

General Acceptance
Corp

Apache Corp. (7/20)
March 31, 1961 filed 300 units in the
Apache Gas and
Oil Program 1962.
Price—$15,000 per unit.
Business—
The acquisition,
holding, testing, developing and oper¬
ating of gas and oil leaseholds.
Proceeds—For general

lis &

Common

Common
Jackson

(Fraser

fering—Expected in mid-August.

For

$275,000

First Small Business
Corp. of New Jersey..Capital
(Shearson, Hammill & Co. and Heller &
Meyer) $3 750 000
G-W.
Ameritronics, Inc
Units

erties.

June 1, 1961

Inc.)

Corp.

Equity Capital Co

Busi¬

acquisition, holding, testing, developing and
operating of gas and oil leaseholds. Proceeds—For gen¬
eral corporate purposes.
Office—523 Marquette Ave.,
Minneapolis. Underwriter—APA, Inc., Minneapolis. Of¬

—

Common

Management,

Capital

(Oifenng to stockholders—underwritten
by Bear, Stearns
I
612,463 shares

ness—The

Proceeds

™

Builders, Inc
(Associates

Apache Corp.
May 29, 1961 filed $750,000 of participating units in the
Apache Canadian Gas & Oil Program 1961 to be offered
for public sale in 100 units.

33

Co.)

\

$300,000

(Monday)

Rainwear
(D.

H.

Common

Corp
Blair

&

Co.)

120,000

shares

Continued

on

page

34

34

(94)

The Commercial and Financial Chronicle

Continued from

33

page

Shell

Oil

Co.

Debentures

(Morgan

American

Finance

Co., Inc

(Lomasney,

American

Loving

(Lehman

Co.)

&

Finance

shares

(APA,

Machines, Inc
be

to

named)

Chemonics
&

Corp

Fontaine

(Grant,

Puller

D.

July 24
—Common

&

Co.)

Allstate

City Gas Co. of Florida
Color

Peaboay

112,278

Co.)

(William,

Dallas

David

Guerin

&

Motti,

Inc.)

Turner,

Inc.)

BBM

Bramalea

Ets-Hokin &

Alstyne,

Factors,

<f nomas

Jay,

Noel

200,000

Inc.

209,355

Co.)

Globus, Inc.)

(Thomas

Jay,

Globus, Inc}

and

Greenwald

70,000

Paine,

Webber,

&

Curtis)

Ripley
&

Harvey

&

Co.,

House,

Inc.)

Underwood,

1,250,000

&

Co.)

Anthony

Co.,

&

Saxe

&

V.

Inc.;

Thomas,

Common :

Wickett

S.

&

Co.)

Dominick)

E.

(Paine,

bin

*

Co.)

150,000

(Michael

&

Curtis*

Ihnen

$6,250,000

&

Renshaw)

125,000

(Pierce,

Carrison,

Inc.)

150,000

(Paine,

Taffet

Jackson

Curtis)

200,000

Co.

Vic Tanny

Co/, Inc.)

Parker

&

300.000

(S.

July 18

D.

Puller

&

320,000

Capital

(Flyth

Seaboard

Co.

Common;,

&

Co.)

Inc.)

Brothers)

Natural

Gas

(Lehman

Suval

$13,750,000

150,OOo

to

Continued, from

&

page

teaching
texts.

program

purchase

of

D.

(Amos

140,000

Moyer,

working

capital.

Automated
June

by

Union

Lazard

&

33

machines,

language

laboratories

Proceeds—For repayment

Office —216

of

debt,

E.

Diamond

Street,

Underwriter—To be named.

Plan, Inc.
("Reg. A") 100,000

Merchandising Capital Corp.
by

amendment.

common

(8/1-4)

stock. Price

Business—A

closed-

1961

Canleen

Co.

of

30,

26,

and

Canteen

filed

general

Co.

of

$22,686,500

corporate

purposes.

to

Gas

October

Common

Georgia

'

Brukenfeld

&

Co.)

Inc.)

Co.)

18

Inc.

(Wednesday)
be

October 25

A

New England

and

Debentures

to

to

Bonds
be

received)

Preferred
be

received)

common

of

convertible

subordi¬

of deben. for each 32 shares
held of record June 30

development,




a

division

Price

manufacture,

—

At

sale

par.

and

with

Business—

leasing

of

Power

be

to

.Bonds

received)

$20,000,000

to

be

(Bids

acquisition

of

Willmor

the

Bohn

Dupli¬

International

$15,000,000

(Thursday)
Bonds
to

be

received)

Road, Southfield, Mich.
Equities Co., Miami, Fla.
it Bergen

Bonds

received)

Co

$30,000,000

Street, Wichita, Kan. Under¬
& Co., Inc., Denver, Colo.

of

$8,000,000

Power Co

December 7
Gulf

Bonds

Proceeds—For

$15,5.00,000

(Wednesday)

(Bids

Photocpy Manufacturing Corp. (7/24-28)
May 26, 1961 filed 50,000 shares of common stock. Price
by amendment. Business—The assem¬
bly and sale of accessory equipment for photocopy ma¬
Co.

Bonds

$12,000,000

December 5
(Tuesday)
Virginia Electric & Power Co

$340,000

—To be supplied

cator

Corp

received)

(Wednesday)

(Bids

Co.

Second

named)

Co

(Bids

Vacuum

East

be

$500,000

$2,000,000

EDT)

Common
to

shares

Common
:___

m.

•

Georgia Power Co

(Tuesday)
a.

Shearson, Hammill & Co.)

shares

Electric
to

(Bids

$550,000

Inc.)

&

Power

$2,400,000

11

Capital

and

stockholders—underwriters

(Bids

BBM

$5,000,000

Underwriter

—

Internationa.1

Pipesupport Gorp.

June 29, 1961 ("Reg. A") 12,000 of 7% convertible
pre¬
ferred shares. Price—At par ($25). Business—The manu¬
facture

of

equipment
marine

and

hangars
for

the

related

and supports used in piping
electric power, refinery,
industries.

and

chemical,
Proceeds—For working

capital. Office—50 Church St., New York. Underwriter
—None.

'

...

,

_

•

Bid D

May

17,

class

a

Chemical Co.

(letter

1961

common

(7/10-14)

of

stock

/

:Xl(',:

notification)

60,000

(par $1). Price

$5

shares

of

share.
Office—1708 W. Main St., Oklahoma
City, Okla. Under¬
writer—Donald J. Hinkley & Co.,
Inc., Denver, Colo.
—

.

per

Blackmail

Merchandising Corp.
8, 1961 filed 72,500 class A common shares. Price.
—By amendment. Business—The wholesale distribution

Corp.
St., New York City. Underwriter—
Shields & Co., New York City (managing).

June

ic BSF Company

expansion; inventory and working capital. Office—1401
Fairfax Trafficway, Kansas
City, Kan. Underwriter—
Midland Securities Co.,
Inc., Kansas City, Mo.

Office—42

June

30,

W.

1961

ordinated

15th

filed

$2,500,000

debentures due

repay

debt

Office—818

and

as

of

1966.
a

5%

reserve

Market St.,

convertible

Price—At

for

par.

sub¬

Proceeds

possible acquisi¬

Wilmington, Del.

Under¬

i
•

•

■

.

■

.

■

.

.

-

•

Badger Northland, lnc<
16, 1961 filed 100,000 common shares, of which 68,000 shares are to be offered by the
company and 32,000
shares by stockholders.
Price—By amendment.
Busi¬

June

ness—The
For

a

stock

America

July 1, 1981 being offered for sub¬
stockholders on the basis of $100

rights to expire July 18.
The

Co.

September 27

Units

$600,000

Enterprises, Inc.

writer—None.

America

filed

expansion

1961

&

1,070,000

Rochester

Inc.)

Lenchner.

i

nated debentures due

scription by

(Offering

writer—Donald J. Hinkley

tions.

1981.

Automatic

Ltd.)

J

...Common

Bruno

&

$5,000,000

$600,000

Corp.)

Fuller

$40,000,000

.

Inc.;

D.

Staats

Common

Co.

—Bonds
EDST)

a.m.

(Friday)
Western Union Telegraph Co

1961

fice—1007

(managing).

Office—Merchandise Mart Plaza, Chicago. Underwriter
—Glore, Forgan & Co., New York (managing).
•

R.

Common

&

$300,000

Septembers

units

French,

Co.

$20,000,000

Common

Inc.)

300,000

Control Corp.
(7/10-14)
(letter of notification) 60,000 shares of
common stock
(par $1). Price—$5 per share. Proceeds
—For advertising, new
products and working capital. Of¬

—To

$12,000,000 of sinking fund deben¬
Price—By amendment. Business—The
manufacture, sale and lease of vending machines. Pro¬

May

(William

-Common

Inc.)

!

Automotive

March

Co., Inc., New York City

Automatic

ceeds—For

&

shares

Bonds

received)

underwriting)

and

vending machines. Proceeds—For the repayment of debt,
the construction of a factory addition at
Whippany, N. J.,
and for other corporate
purposes. Office—Merchandise
Mart, Chicago, 111. Underwriter—Glore, Forgan & Co.,
New York City (managing).

City. Underwriter

due

Co.

■>

£*/

100,000

Co.,

and

Co.

Co.,

(Bids

Gift

supplied

14,

&

"O' V

Securities

Electric

shares

non-diversified management investment
company
formed to provide financial
assistance to concerns active
in the
vending industry. Proceeds — For investment.
Office—10 East 40th
St., New York

June

&

Corp.

July 25

Common

underwritten

127,570

end

tures

Pitfield

Corp

(Sandkuhl

Vinco

Corp

Co.)

May 24, 1961 filed 400,000 shares of

&

&

&

Co.

Class

Treat

Bonds
$6,500,000

chines.

Automated

•—Blair

C.

Co.)

1,000,000

$600,000

Inc

Blauner

Thoroughbred

shares

12, 1961
common shares
(par
10c). Price—$3. Business—The manufacture and sale of
"Gift Bookards" designed to
provide simplified gift giv¬
ing for business and industry. Proceeds—For advertis¬
ing, sales promotion, repayment of
loans, working capital
and the establishment of
national dealerships. Office—80
Park Ave., New York.
Underwriter—J. Laurence & Co.,
Inc., New York.

be

Blauner

155,000 shares

Fricke

Treat

Karen

equipment, research and development and

Gaithersburg, Md.

—To

$5,859,400

Co.)

Corp.^—^^
&

11:30

(No

Common

Co.)

Co.)

August 18 (Friday)
Lytton Financial Corp

Debentures
&

Tassette, Inc

shares

Co

stockholders

Freres

and

&

Blauner

Industries

(Milton

Common

Brothers)

Products

(Offering

of

Inc.-

Seymour

W.

to be

(Wednesday)

Certain-Teed

tribution

Kaplan

Common

Hammill

Co.)

,

$375,000

Markets, Inc
D.

(S.

July 19

H.

■

Superstition Mountain Enterprises, Inc.__Common

Inc.)

Inc.;

and

Brod

(Amos

Northwest Natural Gas Co
Northwest

Co.

Electronic

shares

196,109

Corp

&

Co.

Bruno

&

T.

(Woodcock,

Independence Life Insurance Co. of America__Cap.

(Lehman

&

Co.,

Mercantile

(Milton

Capital

Mosle

John

Philadelphia Laboratories, Inc

underwriting)

(Rotan,

J.

Packer's Super

(Tuesday)

Southwest

and

snares

(Tuesday)

(Bids

Common

Securities

(A.

shares

Cable Carriers, Inc
(No

Inc.

August 15

$900,000

Shearson,

(Bache

National

Common

Co.)

Treat

and

Stearns

shares

Enterprises, Inc

Co.,
Co.)

754,730

Consumers Power Co

.Common

Mortgage Guaranty Insurance Co

Capital

Redpath)

&

Co.)

Common

(Globus,

$780,000

730,00*0' 'shares

376,369 shares

Development Corp

(Auchincloss.

(Bear,

Common

(Harriman Ripley &

U. S. Home &

Beane)

Magna Pipe Line Co., Ltd

Inc.) $396,000

Broadcasting Co

&

Ctfs.

Capital
&

(Monday)
Financial, Inc

Second

100,000 shares

Corp
J.

Common

&

Kletz

shares

Electronics, Inc
(Pialkov

Taft

&

Williston

Brothers

(Netherlands

Common

Webber,

G.

Kane-Miller

shares

Swingline Inc.

Peabody & Co.)

(Edward H.) & Son, Inc

(Lehman

Common

Wulburn,

Kidder,

Interstate Department Stores,

shares

Spellman Engineering, Inc

R.

(Amos

Speed-O-Print Business Machines Corp.__Common
(Rodman

and

shares

Equip. Trust
$7,200,000

August 14

$15,000,000

Common

&

Common

Jackson

Co.)

Common
(J.

shares

Capital Corp
Webber,

&

400,000

(Tuesday)

(Bids

Ben. Ints.

Hammill

Inc.)

received)

be

Northern States Power Co

Common
shares

60,0000

Corp

Co.

&

August 8

$2,000,000

Inc.)

Hydro-Space Technology, Inc.

Class A

Unterberg, To

Southeastern

Co.)

Co.

Co
to

(Dempsey-Te6eler &

Debentures

Co.,

shares

Te^as Capital Corp.___

shares

Inc
&

100,000

(Friday)

August 4

Common
336,625

Common
Inc.)

First Surety Corp

$600,000

Co.)

100,000 shares

Co.)

Associates,

(Dempsey-Tegeler

Garan Inc.

shares

Slater Electric, Inc
(C.

&

Fuller

Blauner

Steel

(McDonald

$990,000

82,500

D.

(Shearson.

Common
&

Common

$600,000

Mortgage Fund

Florida

and

Inc.

D.

Dimension

First

Common
Lee

&

Ripley Co., Inc
(Dominick

Fifth

(Milton

$300,000

Inc

Williams

Stearns

(S.

&

Corp.__:

&

.

(Lids

Common
Inc.)

shares

Merchandising Capital Corp.—Common

Pacific

shares
...

Inc.)

125,000

Co.)

Common

Stone

Martin

A.

(Blair

Northern

Common

150,000

Co.

(Robert

Automated

.Common

Schools, Inc

(Bear,

Common

(Grant, Fontaine & Co.)
(Russell

Co.)

&

$100,030

...Commop

—

Univend

shares

200,000

Inc.i

Co.,

.

Faradyne Electronics Corp

Marine Structures Corp..

Metropolis Bowling Centers,

$300,000

Corp

&

(Globus,

$1,648,500

Inc.)

&

Treat

Famous Artists

$420,000

International Cablevision Corp
(James

(Amos

Common
Kletz

G.

Inc.)

&

Corp..

(Tuesday)

August 1
American

Class A

Devonbrook, Inc.

j

Inc

(Michael

Won,

(hayden,

$600,000

Corp

Shore

C.

Stone

(Hayaen,

Laboratory, Inc.

Units

Inc.)

Harold

and

International

Plan

shares

i_
Co.

&

Treat

Neuhaus

shares

200,000

Development Corp. of America

shares

Common

and

Co.

Rcvlpath)

Production

(Amos

247,500

&

Inc.

Radiation Instrument Development

$12,000,000

(Shearson, Hammill & Co.)

Capital

Jackson

Lease

'...Common

Publishing Co., Inc

(Globus,

Common

Cosnat Record Distributing Corp._

s..ares

Gulf-Southwest Capital Corp
(Harriman

Consolidated

Co.

&

Goodway Printing Co
i

Co.)

Parker

(Lewis,

Co.

$700,000

Maltz,

Dornost

■

Developments, Ltd.__Units

&

(Hodgdon

Common

Winston & Co.;

■[.?■

Units

(Monday)

July 31

Common
$50,000,000

shares

$800,000

underwriting)

(No

50,000 .shares

Capital Properties, Inc

Debentures

Factors, Inc

Co.)

Chrislin Photo Industries

Maltz, Greenwald &

Co.;

&

Consolidated

(Auchincloss,

shares

-

Capital

Inc

50,000

Boyce)

&

Bros.

Security Acceptance Corp

Cal-Val Research & Development Corp.____Capital

units

Common

&

Winston &
and

Federal

Co.)

Galvan, Inc

(Van

Federal

&

(Stein

..Common

Co

Controller

$2,000,000

Co.)

&

Counsellors)

(Shields

Units

(Courts

34,345,'jOO

received)

be

(Friday)

July 28
Rowan

Bear,

Inc

Securities,

(Shields

shares

Dumas Milner Corp

by

$100,000

Photocopy Manufacturing Corp

—Common

390,000

Co.)

Stearns

(Capital

$273,125

:

&

Government

Units

Airmotive, Inc
(Eppler,

(Bear,

shares

Reproductions, Inc

&

Atlantic Fund for Investment in U. S.

Common

&

.

Equip. Trust Ctfs.

*

to

Common

.

& Co., Inc.; White,
Co.) 160,000 shares

& oo.; Blyth
Dean Witter &

Southern Pacific Co

Capital

stocKiiiuac.s—u-me.-wriiten

Bowling Centers,

Common

Co.; Evans MacCormack & Co.; Stone
and Sellgren, Miller & Co.) $300,000

(Kidder,

to

Stearns

units

—_—

and

Co.

(Monday)

(Offering

&

Youngberg

&

July 26 (Wednesday)

Minneapolis, Minn.) $4,500,000

Allstate Bowling Centers, Inc

Units

8,000

Units

Peaoouy

(Kidaer,

(Bids

150,000 shares

Canandaigua Enterprises Corp.—
(S.

■

Common

$300,000

Redpath)

Parker &

Inc.

Thursday, July 6, 1961

.

.

Washington Water Power Co.

$200,000,000

July 20 (Thursday)
Apache Corp.__

Common

Group, Inc

(Auchincloss,

Co.)

Weld

$1,250,000

435,000

Brothers)

(Underwriter

CMC

&

Units

Photocopy Equipment Co

Audio Visual Teaching

Stanley

.

manufacture

of

farm

equipment.

Proceeds—

plant, purchase of land, retirement of preferred
and working capital.
Address—Kaukauna, Wis.

Underwriter-

of soft

goods lines and artificial flowers. Proceeds—For

it Bloomfield

Curding

Industries,

Tnc.

June 29,

1961 filed 300,000 class A common shares. Price
—$5. Proceeds—For advances to a
subsidiary, purchase
of

additional

thereon.

land

Office

and

3355

the

construction

of

bui1

Poplar

Ave., Memphis,
Underwriter—Lieberbaum & Co., New York.
—

Bloomfield Industries, Inc.
1, 1961 filed 140,000 shares

May

which 40,000 shares
the company
and

are

to

100,000

be

of

common

dings
Tenn,

stock,

of

offered for public sale by

outstanding. shares

by

the

present holders thereof. Price
To be supplied by
amendment. Business—The manufacture and
sale of food
service equipment
(for
—

Bel-Aire

April

14,

common

—For

Products, Inc.
1961 (letter of notification)

stock.

Price—At par

repayment

of

loan,
plant, and working capital.
a

150,000 shares of
($2 per share). Proceeds

new

equipment, lease of

Office

—

25970

W.

8

a

mile

restaurants, hotels, etc.,) and
houseware and hospital products. Proceeds—For
product
expansion, working capital and other corporate pur¬
poses. Office—4546 West 47th
St., Chicago, 111. Under-

Volume

194

Number 6070

.

.

.

The Commercial and Financial Chronicle

—
Westheimer & Co., Cincinnati and Divine &
Fishman, Inc., Chicago and New York City. Offering-

writers

•

Haven

stock.

30, 1961 (letter of notification) 70,000 shares of
common stock (par 10 cents).,Price—$4 per share. Pro¬
ceeds—To increase inventory, • reduce indebtedness and
for working capital. Office—11933 Vose St., North Holly¬

June

-r

New York.

Street,

Underwriter—White, Weld
(managing).

Inc., New York

17, 1961

April

systems

& Co.,

tal.

stock

^ Boulder Lake Corp.'
1961 filed 315,000 common shares. Price—$2.50.
Business—The acquisition, exploration and development
of mineral properties.
Proceeds—For construction of
roads and buildings, purchase of machinery and explora¬

California
June

bowling centers principally in Italy, and for expansion
working capital. Office—80 Wall St., New York.

Underwriters—V.

Wickett & Co.,

S.

Cal-Val

June

Consolidated

Price — $100 per unit.. :Business — The
is building a planned industrial-commercialresidential community at Chinquacousy, Ont., near To¬
ronto. Proceeds—To repay debt and for working capital.
Office—P. O. Box 129, Brampton, Ont., Canada. Under¬

Broadcast.

1961

International,
(letter

stock

(par

Business—Producers

Inc.

of

radio

and

television

Edison Co.

programs.

(7/13)

A.)

construct

Ellis

Simmons, Chicago.
Hemes,

Inc.

subordinated
of

common

stock, to be offered for sale in 100,000 units, each con¬
sisting of $10 of debentures and three common shares.
Price—To be supplied by amendment.
Business—The
construction financing and sale of shell homes. Proceeds
sales

the repayment
offices

and

Business

Funds, Inc.

.

—

Underwriters—Clark, Dodge & Co., Inc.,
Alex. Brown & Sons, Baltimore, and Rotan,

Houston, Texas.

Mosle & Co., Houston.

—

Dallas

Rupe

•

•

Alexandria, Va.

Capital

Underwriter—None.

Southwest Corp.. (7/18)

May 8, 1961 filed 1,250,000 shares of common stock.
Price—$11 per share. Business—A small business in¬
vestment company.
Proceeds—For investment.
Office

&

Son, Inc.,

Dallas, Tex., and

Hillcrest

Avenue,

Dallas,

Texas. Underwriter—
(managing).

Rotan,. Mosle & Co., Houston, Texas

Carrington
June

14, 1961

(George S.)

Co.

("Reg. A") 60,000 class A common shares

(par $1). Price—$5. Proceeds—For repayment of loans,
equipment, inventory, and working capital. Office—125

investment

Price—$3.75.

L

Pro-

company.

for

each

':>*>■■

••

Products

common

stockholders
shares

15

Corp.

held

on

of

■

•

* ••'*•••

- ••

(7/19-8/3)
shares to be offered
the basis of one new
about July 19,
Price—By amend¬

record

rights to expire about Aug.

3.

Business—The manufacture of building materials,
principally asphalt roofing. Proceeds—For working cap¬

Office—120 E. Lancaster Avenue, Ardmore, Pa.

ital.

derwriter—Lazard Freres &
•

Chalco

Un¬

Co., New York (managing).

Engineering Corp.

Jan. 30, 1961 filed

171,428 shares of common stock. Price
share. Business—The company is engaged in
me business ol engineering, research, development, man¬
ufacturing and installation of custom communication sys¬

$3.50

per

and

electronic, electro-mechanical and mechanical/
devices for ground support facilities for
missile and space programs of the U. S. Government. The
company
also manufactures special purpose products
sold for military use.
Proceeds—For the repayment of
loans and for working capital.
Office —15126 South
and

Broadway,

Calif. Underwriter — First
City (managing).

Gardena,

Broad

Street Corp., New York

^ Challenger Products, Inc.
June 30,
1961 filed 125,000 common shares. Price—$5.
Proceeds—For the repayment of debt, purchase of new
equipment, and working capital. Office—2934 Smallman

Underwriter—Pistell,. Crowe,

Pittsburgh, Pa.

St.,

Inc.,

New York.

Charter

Industries, Inc./
100,000 common shares.
Price—$4.
of molded plastic products..
up production and p;ant expan¬

1961 filed

22,

manufacture

Proceeds—For starting

sion.

Office—388
—

Codwise Ave., New Brunswick,
Securities Corp., New

Standard

NY J.
York

(managing).
Chemonics Corp.

(7/17)

(letter of notification) 100,000 shares of )
common stock (par one cent). Price—$3 per share. Busi¬
ness—Manufacturers of printed circuits for the missile1;
industries. Proceeds — For general corporate purposes?
Nov.

1960

14,

capital. Office—990 S. Fairoaks Ave., Pasa¬

and working

dena, Calif. Underwriters—Grant;

Fontaine & Co., Oak¬

land, Calif, (managing); Evans MacCormack & Co.,
Angeles, Calif.;* Stone & Youngberg, San Francisco
Sellgren, Miller & Co., Oakland, Calif.
Full O' Nuts Corp.

Cnock

•

Los
and

April 7, 1961 filed $7,500,000 of subordinated debentures,
due May 1, 1961. Price—To be supplied by amendment.
Business—The operation of a chain of restaurants in the
New York City area, and the packaging and retail sale
of coffee.
Proceeds—For expansion.
Office—425 Lex¬
Avenue, New York

ington

N. Y.

17,

Eberstadt & Co., New York City

Chrislin

•

Photo

Industries

Underwriter—F.

(managing).

Corp.

(7/24-28)

15, 1961 ("Reg. A") 50,000 shares of class A stock
(par five cents). Price—$6. Business—Developing and
designing products.
Proceeds — For general corporate

June

Office —17 Jeffrey Lane,

purposes.

Underwriter—Lewis
Church Builders,

•

Feb.

Wolf,

Inc.

Inc.,

Hicksville, N. Y.

New York.

(7/7)

6, 1961 filed 50,000 shares of common

stock, series

Business—A closed-end diver¬
sified investment company of the management type.
Proceeds—For investment.
Office—501 Bailey Avenue,
Fort Worth, Texas. Distributor—Associates Management,
Price—$5.50 per share.

2.

Inc., Fort Worth, Texas.
Cinema

May

2,

Syndicate, Inc.

1961

(letter of

notification)

100,000 shares of

cent). Price—$3 per share. Busi¬
ness—The production of motion pictures. Proceeds—For
the repayment of loans; purchase of equipment; produc¬
tion of four motion pictures, and working capital. Office
—619 W. 54th St., New York, N. Y. Underwriter—Fontana Securities, Inc., New York. N. Y.

common

stock (par one

City Gas Co. of Florida

•

(7/17-21)

1961 filed 112,278 common shares.
Price —By
amendment.
Proceeds—For repayment^ of loans, pnrchase of tank cars, and expansion.
Office—£55 E. 25th

June 15,

Underwriter—Kidder, Peabody &
(managing).

Street, Hialeah, Fla.

Co.,
■

Straus, Blosser & McDowell, Chicago.




Avenue,

—6517

Byer-RoEnick Hat Corps
June 27, 1961 filed 100,000 outstanding common shares.
Price—/By amendment. Proceeds—For the selling stock¬
holders. Office—601 Marion Dr., Garland, Tex. Under¬
writers

Capital

common

Robinson-Humphrey Co.,

1,300,000 shares of capital stock. Price
—$11. Business—A small business investment company.
Proceeds
For
investment.
Office — 201
Main
St.,
York:

to the

June

June 2, 1961 filed

New

motels or restaurants adjacent

track. Proceeds—For construction,

ic Cap'tol Research Industries, Inc.
28, 1961 filed 165,000 common shares and 75,000
stock purchase warrants. Price—For stock, $2;
for warrants, 20 cents.
Business—The manufacture of
X-ray film processing machines. Proceeds—For repay¬
ment Of loans and working capital
Office—4206 Wheeler

of debt, the opening of additional
of home sales. Office-

the financing

Adrian, Ga. Underwriter—The
Inc., Atlanta, Ga. (managing).

Busi¬

Properties Inc. (7/24-28)
April 21, 1961 filed $600,000 of 9V2% debentures due
1977 and 12,000 shares of common stock to be offered
for public sale in units of $1,000 of debentures and 20
commoq shares. Price—$1,000 per unit. Business—The
company plans to purchase and lease back three build¬
ings to be erected by Tower's Marts, Inc., for use as
retail discount department stores. Proceeds—For acquisi¬
tion of the above properties. Office—36 Pearl St., Hart¬
ford, Conn. Underwriter—Hodgdon & Co., Inc., Washing¬
ton, D. C.
•

photo-mechanical equipment.
Proceeds — For selling
stockholders.' Office—Prudential Plazal, Chicago. Under¬

May 25, 1961 filed $1,000,000 of convertible
debentures
due
1981
and
300,000 shares

par.

working capital
and general corporate purposes.
Office—26 Broadway,
New York City. Underwriter—S. D. Fuller & Co., New
York City
(managing).

Manufacturing Co.

Co., Inc., Milwaukee and Blunt

hotels,

\

ment.

The manufacture and distribution of carbonated

supplied by amendment. Business—The company owns a
majority stock interest in Finger Lakes Racing Associa¬
tion, Inc., which is erecting a thoroughbred race track at
Canandaigua, New York. The company plans to engage
in recreational and entertainment activities and may

12, 1961 filed 170,680 outstanding common shares.
Price—By amendment. Business — The manufacture of

&

shares held of record about July

Canandaigua

race

subordi¬

Office—611 Central Bank Build¬

26, 1961 filed 127,632

June

(7/11-27)

Enterprises Corp. (7/17-21)
V
May 2, 1961 filed $4,000,000 of sinking fund debentures
due 1976, 240,000 shares of class A stock, and warrants
to purchase 120,000 shares of class A stock to be offered
for public sale in units, each consisting of $500 of de¬
bentures, 30 class A shares, and 6-year warrants to pur¬
chase 15 class A shares at $5 per share. Price—To be
•

June

writers—Loewi

1961

business

for subscription by

systems

Office—100 Park Ave.,
Dillon, Union Secu¬
rities & Co., Hornblower & Weeks and Winslow, Cohu
& Stetson, Inc., New York.

a bank loan, and for construction. Office
St., Brockton, Mass/Underwriters—By com¬
petitive bidding. Probable bidders: Kidder, Peabody &
Co.; Kuhn, Loeb & Co., and Stone & Webster Securities
Corp. Bids—To be received at 49 Federal St. (8th floor)
Boston, Mass., up to 11 a.m. (EDST) July 13, 1961. In¬
formation Meeting — Above address July 11, 11 a.m.

'W.

June

Underwriter

—

convertible

and

-

Certain-Teed

tems

Development Corp.

New York. Underwriters—Eastman

Main

—For

&

expansion and working capital.

of notification) 60,000 shares of
five cents).
Price—$5 per snare.

stock, prepay

Builtweh

Foothill Blvd.,

and alcoholic beverages, extracts and syrups in the U. S.
and Canada. Proceeds—To prepay short term loans, for

June 6, 1961 filed 40,000 shares of preferred (par $100).
Proceeds — To retire all outstanding 6.40% preferred

&

bonds due
loans.

bank

11, with rights to expire July 27. Price—At

general corporate purposes. Office—3 W.
57th St., New York City. Underwriter—Harry CW<»r Co..
New York, N.Y. Note—This issue was temporarily sus¬
pended by the SEC on July 3.

Brown

of

;

Inc., Denver.'

Business—The

ness

1976

Underwriters—Boettcher & Co.; Bosworth;""
Sullivan & Co., Inc., and Peters, Writer & Christensen,

debentures for each 33

Proceeds—For

—36

first mtge.

small

8, 1961 filed $7,r88,400 of convertible subordinated
debentures due July 1, 1981 to be offered for subscrip¬
tion by common stockholders on the basis of $100 of

("Reg. A") 160,000 common shares (par 25
Price—$1.
Proceeds—^For repayment of loans,
machine rental, working capital and general corporate
purposes. Office—2833 St. Charles Ave., Suite 4, New
Orleans, La.
Underwriter — Copley & Co., Colorado
Springs, Cole.

Brockton

of

repayment

June

Corp.

cents).

2,

the

Canada Dry Corp.

June 2, 1961

common

$8,000,000

Compton, Calif. Underwriters—J. K. Norton & Co. and
Stern, Zeiff & Co., Inc.; New York.

New York City (managing).

—

of

ing, Denver.

with

(7/12)

Electronics, Inc.
May 29, 1961 ("Reg. A."V lOOjOOO common shares (par
10 cents).' Price—$3. Proceeds—For repayment of debt
and working capital.
Office—18601 S. Santa Fe Ave.,

warrants.

writer—Shields & Co.,

16,

due

ceeds—For investment.

share

Calvideo

company

•

(man¬

filed 200,000 common shares. Price—By
Business—Engineering research and de¬
velopment in ground support equipment in the missile,
rocket and space fields.
Proceeds—To repay loans and
for general corporate purposes.
Office—19907 Ventura
Boulevard, Woodland Hills, Calif. Underwriter—Auchin¬
closs, Parker'& Redpath, Washington, D. C.

$10 per share) to be offered for public sale in units, each
consisting of $50 of debentures, five common shares and

June

:

amendment.

Developments, Ltd.

19,

Brisker

Power Co;

For

Research

Inc_^ New York City.

1961 filed $6,000,000 (U. S.) of 6V2% sinking
1, 1973, 600,000 shares of com¬
stock and 240,000 12-year warrants (exercisable at

two

Business—A

(7/24-28)

V/;

(par

such

Corp. of Denver
19, 1961 filed 600,000 common shares.

June

geles.

,

and Thomas, Wil¬

fund debentures due July
mon

Under¬

San Bernardino, Calif. Un¬
bidding.
Probable bidders:
Halsey, Stuart & Co. Inc.; Kidder, Peabody & Co.; First
Boston Corp.; Merrill Lynch, Pierce, Fenner & Smith
Inc. Bids—July 12 (9 a.m. PST) at the office of O'Melveny & Myers, Room 900, 433 South Spring St., Los An-

(7/24-28)

May

—

shares

repayment

80,000 common shares
debentures, and 70,000 outstanding;,
common shares to be sold
by stockholders. Price—(De¬
bentures) At par. (Common) $2 per share. Proceeds—
For construction of a new building. Office—Port Washington, N. Y. Underwriters—Brand, Grumet & Seigel,
Inc., and Kesselman & Co., Inc., New York.

derwriters— Competitive

and

Bramarea

filed

1961

For

Central Investment

Electric

Proceeds

Office—2885

»<

30, 1961 filed 200,000 common shares. Price—$5.
Proceeds—For the construction or acquisition of a chain

& Lee,

1,

1991.

k Bowling Enternazionale, Ltd.

liam,

C.

Proceeds

1961

debentures

underlying

Proceeds—For working capi¬

Boulevard, Greenville, S.

$2.50.

—

Laboratories, Inc.
filed $200,000 of

20,

nated

named.

be

Price

Center

June

,

June

of

and

derwriter—Cruttenden, Podesta & Co., Chicago
aging).
.;v/;/:;

properties. Address—P. O. Box 214, Twin Bridges,
Underwriter—Wilson, Ehli, Demos, Bailey & Co.,

Billings, Mont.

Office—Kirk

—

cents).

debt, inventory and working capital. Office—300 Dela¬
ware
Avenue, Archbald, Pa.
Underwriter—Armstrong
& Co., Inc., New York.
-

in 1954, is engaged in the
special material handling
commercial use based on

Photo, Inc.
May 29, 1961 filed 170,000 class A shares, including 50,000 to be sold by the company and 120,000 by stockholders.
Price—By amendment. Business—The processing of
photographic film, wholesale distribution of photographic
equipment, and operation of retail camera stores. Pro¬
ceeds—For exampansion, equipment, and working capi¬
tal.
Office—116 North 42nd ; Street, Omaha, Neb.
Un¬

June 28,

M-ont.

For working

Calandra

74,950 shares of

&.Co., New York, N. Y. Offering—Imminent.

tion of

industrial

for

company-owned patents.

,

(par 10 cents).
Price — $4 per share.
Business—The rnail order sale of religious, books. Pro- '
ceeds—For moving expenses, new equipment and work¬
ing capital and general corporate purposes.
Office—889
Broadway, New York. N. Y. Underwriter—D. H. Blair
common

—

common

10

Carolina,

pany which began operations
research and development of

Cedar

writer—To

(letter of notification)

Proceeds

Georgia.

North

Carriers, Inc. (7/18)
March 23, 1961 filed 196,109 shares of capital stock. Price
—To be supplied by amendment.
Business—The com¬

Bookshelf of America, Inc.

•

and

in

business

Cable

26, 1961 filed 160,000 outstanding common shares.1
Business—General printing. Pro¬
Office—130

finance

June

Office—1009 Wachovia Building, Charlotte, N. C.
Underwriter—Auchincloss, Parker & Redpath, Washing¬
ton, D. C.

Inc.

selling stockholders.

Carolina

^ Cellomatic Battery Corp.
20, 1961 ("Reg. A") 100,000

through its 20 subsidiaries, is engaged

consumer

Leominster, Mass. Underwriter—Clayton Se¬
Corp., Boston, Mass.

curities

1961 filed

capital.

Price—By amendment.
ceeds—For the

the

South

wood, Calif. Underwriter — Pacific Coast Securities Co.
Offering—Expected in late July.
List Publishing Co.,

company,

in

March

Blue

(7/17-21)
150,000 shares of class A common
Price—To be supplied by amendment.
Business

—The

Industries, Inc.

35

Water St.,

Finance Group,. Inc.

CMC

April 28,

Expected in mid-July.
Blue

(95)

New York

Clark

Equipment Credit Corp.

April 21, 1961 filed $20,000,000 of debentures, series A,
due 1981. Price—To be supplied by amendment. Busi¬
ness—The financing in the U. S
and Canada of retail
time

sales

of products

manufactured by Clark EquipContinued

on

page

38

36

(96)

Continued

Commercial and Financial Chronicle

The

from

35

page

which

pany,

plans to change its

name

to Consolidated

Production
ment

Co., parent. Proceeds—For the repayment of debt.
Office—324 East Dewey Ave., Buchanan, Mich. Under¬
writers—Lehman Brothers and Blyth &
Co., Inc., New
York City (managing). Offering —
Temporarily post¬
poned.

Laboratories, Inc.
1961 filed 200,000 shares

of

per share.
Business—The company plans to
in the development, manufacture, packaging and

engage

sale of industrial chemicals and

latex, resins and plastic

compounds for industrial and commercial

Proceeds

use.

—For

plant additions, repayment of debt, and working
capital. Office—1450 Ferry Avenue, Camden, N. J. Un¬

derwriters—Ross,
both of New York
Coastal

June

Lyon
City.

Acceptance

6, 1961

series
to

notes

("Reg. A")
be

to

$1,000. Price—At

&

Co.,

Inc.,

and

Globus,

Inc.,

Corp.

offered
par.

in
denominations of $100
Proceeds—For working capital.

St., Manchester, N. H. Underwriter—
Eastern Investment Corp.,
Manchester, N. H.
Color

Reproductions, Inc. (7/17-21)
May 10, 1961 (letter of notification) 950 units of $95,000
of 6% subordinated debentures, due June
30, 1971, and
47,500 shares of common stock (par one cent) to be
offered

in

units, each unit consisting of $100 of deben¬
tures and 50 shares of common stock.
Price—$287.50 per
unit. Business—The company makes color
photographs
and reproductions for churches,
institutions, seminaries
and schools. Proceeds—For
equipment; sales promotion;
repayment of loans; construction of buildings and im¬
provements of facilities. Office—202 E. 44th St., New
York, N. Y. Underwriter—William, David & Motti, Inc.,
New York, N. Y.
Columbia

Research

Group
June 20, 1961 filed 5,000,000 preferred shares
(par one
cent). Price—$1. Business—The production^'of religious
and educational phonograph records. Proceeds—For gen¬
eral corporate purposes. Office—3600 Market
Street, Salt
Lake City, Utah. Underwriter—None.

stock

common

Business—The
miniature

60,000

shares

of

(par 10 cents). Price—$3.50 per share.
importation and sale of electronic subProceeds

components.

—

For

repayment

of

debt; advertising, inventory and working capital. Office
Foxhurst Road, Baldwin, L. I., N. Y. Underwriter—

—3

Fund

Comptometer Corp.
March

31, 1961 filed 160,401 shares of common stock to
for subscription by holders of
outstanding
stock; 6J/2% subordinated convertible sinking
fund debentures, series A, due 1970; and option
agree¬

be

offered

common

for

ments

the

will be issued

share held

purchase
on

of

common

the basis of

shares.

Warrants

right for each

one

common

the record date, one right for each share
conversion of a series A debenture, as if
such debenture had been
converted, and one right for
each share issuable under the option
agreements.
The
warrants v/ill provide that one new share will be issuable

issuable

son,

on

upon

for each

eight rights tendered. Price—To be supplied by
amendment. Business—The company's activities are or¬
ganized on a divisional basis—Business Machines, Com¬

bers:

Halsey, Stuart & Co. Inc.; White, Weld & Co. and
& Co.
(jointly); Harriman Ripley & Co., and
First Boston Corp. (jointly); Morgan Stanley & Co. Bids
—Aug. 15, 1961 at 11:30 a.m. (EDST) at 300 Park Ave.,
New York. Information Meeting—Aug. 10, 1961 at 11 a.m.
(EDST) at Bankers Trust Co., 2nd floor, 16 Wall St.
June

19,

Leasing Corp.
("Reg. A") 100,000

1961
Price—$3.

cent).

one

Underwriters

—

To be

named.

CcmpuByne Corp. (7/11)
May 12, 1961 filed 168,000 shares of common stock, of
which 120,000 are to be offered for
public sale by the
company and 48,000 outstanding shares by the present
holders thereof. Price—To be supplied
by amendment.
Business—The furnishing of instruments and systems for
missile sites, and the design,
"development, assembly and
manufacture of electronic and other devices used in the
control of aeronautical and missile test facil¬
ities. Proceeds—For
automatic

inventory expansion, research and
development, the redemption of outstanding 6% deben¬
tures due Dec. 1, 1961, and
working capital. Office—404

South Warminster Rd., Hatboro. Pa.
Underwriter—Hayden, Stone & Co., New York City (managing).

it Concrete Designs, Inc.
June 21, 1961
("Reg. A") 75,000 common shares (par
10 cents). Price—$4. Business—The
design, manufacture
and installation of pre-cast
reinforced, concrete building's
and building products. Proceeds—For
repayment of loans,
expansion, inventory and working capital. Office— S. W.
44th Avenue, and Griffin
Road, Fort Lauderdale, Fla.
Underwriter—A. M. Shulman & Co.,
Inc., 37 Wall Street,
New York.

furniture

and

aircraft

industries

and

Proceeds—For the purchase of
the "Conolite" business of Continental Can
Co., Inc.; the
repayment of debt; moving expenses, and
working capi¬
tal.
Office—Suite 414, 52 Broadway, New York. Under¬

1961

filed

Co., Inc., New York.

200,000

common

holding company for concerns engaged in
pleasure-boat industry. Proceeds—For working
capi>\ tal and other corporate purposes.
Office—809 Cameron
Street, Alexandria, Va. Underwriter—Alexandria Invest¬

Securities, Inc., Washington, D. C.

Consolidated

Production

Corp.

May 26, 1961 filed 200,000 shares
—To

be

supplied

by




of

amendment.

•

a

processing problems and equipment. Proceeds—To de¬
velop data processing systems and for working capital.
Office—8113-A Fenton Street, Silver Spring, Md. Under¬
writer^— First
Investment
Planning Co., Washington,
District

stock.

Business—The

Price
com¬

Columbia.

of

De-Flectronics,

Inc.

-j

April 13, 1961
—

photocopy and distributing machines. Proceeds—For
working capital, advertising, research and expansion.
Office—200 Park Ave., S., New York. Underwriters—
Treves & Co. and Reich & Co., New York.

Proceeds

the

For

—

purchase of inventory;

manufacturing facilities and working
Third

both

of

capital^ Office—50

St., Mount Vernon, N. Y. Underwriter—Theo¬

dore Arrin

&

Co., (managing)
City.

New

Denver

and T. M. Kirsch & Co.,

York

Real

Estate

Fund

Investment

in the business of

May 15, 1961 filed 600,000 shares in the Fund. Price—
To
be
supplied by amendment.
Business—The Fund
will offer investors the opportunity to participate jointly
in large and diversified real estate investments which

and re-insurance.

offer

poses.

—For investment.

Life

Cortez

Insurance

Co.

Jan.
12, 1961 filed 500,000 shares of common stock
Price—$3 per share. Business—The company is engaged

writing life insurance, annuity policies
Proceeds—For general corporate pur¬
Office—304 Main St., Grand Junction Colo. Under¬

promise of growth and increased values.

writer—None.

Underwriters

it Cosmetic Chemicals Corp.
June 28, 1961 filed 100,000 common shares
(par one cent).
Price
$4. Business —• The distribution of cosmetics.

Boettcher

—

search,

advertising, sales

working

Office—5

E.

capital

52nd

Nance-Keith

Street,

expenses,

other

and

New

inventory,

corporate

York.

re¬

purposes.

Underwriter—

amendment.

Business

common

shares.

Price—By

&

Proceeds

Office—660 17th Street, Denver, Colo.

Bosworth, Sullivan & Co., Inc., and
Co., both of Denver, Colo, (managing).
—

Development Corp. of America (7/24-28)
filed 200,000 shares of common stock (par
10 cents). Price—$3 per share.
Business—The develop¬

March 30, 1961
ment

and

construction

communities
rate

Corp., New York.

Cosmodyne Corp.
June 12, 1961 filed 100,000

in

The manufacture of

Office

purjboses.

8,

to

single-family residences
Proceeds—For

5707

general

and

corpo¬

Hollywood

3oulevard,

Underwriter—Amos Treat

& Co., Inc.,

—

(managing).

Devonbrook, Inc.
June

of

Florida.

Hollywood, Fla.
New York City

equipment
for the storage of super-cdld'Ilquids^aAd gases. Proceeds

(7/24-28)

sold

manufacture

—

of

equipment, repayment of
loans; general corporate purposes and working capital.
Office—3232
W; El Segundo Blvd., Hawthorne, Calif.
Underwriter—Dean

new

Witter

&

Co.,

San

Francisco.

Of¬

fering—Expected in Mid-August.
•

Cosnat

May 26,

Record

150,000

shares of

(7/24-28)

common

stock, of

which 105,556 shares are to be offered for
ent

holders

ment.

public sale by
44,444 outstanding shares by the pres¬

thereof.

Price—To

Business—The

filed 120,000 outstanding common sha^s
by stockholders. Price—$5. Business—Manu¬
facturers of women's apparel. Proceeds—For the selling
be

be

supplied by amend¬

manufacture

and

distribution

of

1961

stockholders.

Office—1400 Broadway,
derwriter—Globus, Inc., New York.
•

Distributing Corp.

filed

1961

the company and

New

York.

Un¬

Diamond

Crystal Salt Co.
(7/13)
May 22, 1961 filed 300,000 shares of outstanding common
be supplied by amendment. Proceeds—
To selling stockholders.
Office — 916 South Riverside

stock. Price—To

Drive, St. Clair, Mich. Underwriter—Kidder, Peabody &
Co., New York City (managing).
Diversified

Industries, Inc.
12, 1961 ("Reg. A") 24,059 7% convertible pre¬
ferred shares (par $5) to be offered for subscription by

phonograph records. Proceeds—For the repayment of
debt, and working capital. Office—315 W. 47th St., New
York. Underwriter—Amos Treat &
Co., New York City
(managing).

June

it Cott Bottling Co., Inc.
29, 1961 filed 335,000

June 5,

shares

—

by

The

be

to

are

165,000 shares

shares

common

offered

stockholders.

manufacture

of

the

by

of

which

company

Price—By

and

amendment.

carbonated

beverages.

common

ferred

stockholders

for

each

10

on

shares

the

basis

of

of

share

one

held

common

of

of

pre¬

record

on

1961. Price—About $5 per share. Proceeds—To
repay debt, and for working capital.
Office—8450 San
Fernando Road, Sun

Valley, Calif. Underwriters—R. E.
Hills, Calif.; Hardy & Co., New
York; Arthur B. Hogan,<Inc., Burbank, Calif.; Wedbush
Bernhard & Co., Beverly

Proceeds—To

&

expansion.

S. Walker &

repay loans,
increase inventory and for
Office—177 Granite Street, Manchester, N. H.
Underwriter—R. W. Pressprich & Co., New York.

Cressey, Dockham & Co., Inc.
June 15, 1961 ("Reg.
A") 100,000 common shares (par
$1). Price—$3. Proceeds—For working capital. Office—
1 IGA Way,
Salem, Mass. Underwriter—Mann & Creesy,
Salem, Mass.
j
Crown Aluminum Industries Corp.

May 1, 1961 filed $2,000,000 of convertible subordinated
debentures due

1976.

ment.

—

Business

enameled

development of
nue,

new

Pittsburgh,

Price—To be

The

aluminum

supplied by amend¬

manufacture

and

distribution

oi

siding and aluminum accessories.
expansion, new equipment and the

Proceeds—For plant

products.

Pa.

Office—5820 Center Ave¬

Underwriters —Adams

Allen & Co., and Andresen &

&

Peck;
Co., all,of New York City.

June 23, 1961 ("Reg. A") 2,491 common shares
(no par).
Price
$100. Business — The sale of eggs, poultry and
—

poultry

products.

merchandising
State

8,

Proceeds

—

program and

For

repayment

of

loans,

working capital. Office—229

St., Dover, Del. Underwriter—None.

Custom

May

Shell

1961

Homes, Inc.
of notification)

(letter

stock

common

(par

10

Co. and Wheeler

& Cruttenden, Inc., Los Angeles; M.
Co., Long Beach, Calif., and V. E. Anderson
Co., Salt Lake City.

&

Dixon

March

Chemical

31,

1961

Industries,

filed

Inc.

$2,046,900 of 6%

ordinated income debentures due

convertible

sub¬

1981

being offered for
subscription by holders of the company's common stock
of record June 20 with rights to
expire July 10. Price—At par.
Business — The manufacture of sulfuric acid.
Proceeds—For the construction of a new plant and for
working capital. Office—Broad and Hepburn Rd., Clif¬
ton, N. J. Underwriter—P. W. Brooks & Co., Inc., New
York

City (managing).

.Dollar

Mutual

Fund, Inc.

April; 25, 1961 filed 100,000,000 shares of capital
Price'— $1
fund.

share.

per

Proceeds

—

For

Business

—

investment.

A

diversified

Office

—

736

stock.

mutual
Midland

Bank

it Custom Farms, Inc.

cents).

120,000
Price—$2.50

Bldg., Minneapolis, Minn. Underwriter—Fund Dis¬
tributors, Inc.
•

Dornost

June1 14,

Publishing Co.,

1961

filed

cent). Price—$1.

100,000

Inc.

(7/31-8/4)
shares

common

(par

Business—Magazine publishing.

one

Pro¬

ceeds—For general corporate purposes and
working cap¬
ital. Office—43 W. 61st

shares
per

of

share.

Street, New York. Underwriters
—Globus, Inc., and Harold C. Shore & Co., Inc., N. Y. \
it Douglas Microwave Co., Inc.
29, 1961 filed 100,000 common

Proceeds—To erect sample homes, repay a loan, and for
expansion and working capital. Office—412 W. Saratoga

amendment.

St., Baltimore, Md. Underwriter—T. J. McDonald & Co.,
Washington, D. C.

—For

29,

Inc.
1961

cents).

("Reg. A") 160,000 common shares (par
Price—$1.15. Business—The manufacture of

Proceeds—For repayment of loans, development
products and working capital. Office—209 Wilder
Bldg., Rochester 14, JM. Y. Underwriter—McDonald, Angames.

of

new

Minneapolis.
Dallas

May 26,

(7/24-28)

common

'

26, 1961 filed 60,000 shares of common stock.
$4.25 per share. Business—The company acts as
consultant or advisor in matters pertaining to data

Price—

of

50

Price—$6.

Business—A

&

.Datatrol Corp.

April

E.

June

shares.

the

ments

new

2212 McDonald

—

assemblies.

it Dadan,

it Consolidated Marine Industries, Inc.
20,

(par

1961

—

electrical insulation.

June

Office

("Reg. A") 100,000 common shares (par
10 cents). Price—$3. Business—The distribution and sale

19,

.

&

sales promotion and working capital.
Ave., Brooklyn, N. Y. Under¬
writer—A. J. Frederick Co., Inc., New York.
plant equipment,

it Copycat Corp.

Conolite, Inc.
1, 1961 filed 170,000 class A shares.
Price
$5.
Business—Manufacturers "Conolite," a laminate used in

(par

June

S.

June

shares

common

(letter of notification)'1-12,000 shares of
common stock (par 10 cents). Price—$1 per share. Busi¬
ness
The manufacture of electronic components and

Business

writer—Amos Treat

of

—

170,000

Jarvis Ave., Chicago, 111.

construction,

purchase

automobiles, advertising and promotion, and working
capital.
Office—527 Broad St., Sewickley, Pa.
Under¬
writer
H. B. Crandall Co. and Cambridge Securities,
Inc., New York.

repayment of debt and for working capital. Office—5600

the

shares

common

Proceeds—For

June

for

Components, Inc.
("Reg. A") 120,000

1961

6

cents). Price—$2. Business—The marking and fabri¬
cation for metal parts. Proceeds—For moving expenses,

Shields

munications and Electronics, Business Forms, Burke Golf
and Worthington Golf Ball Divisions. Proceeds—For the
West

Data

June

—For

Planning. Inc.. New York. N. Y.

f

customers.

10

23, 1961 filed $40,000,000 of first mortgage bonds
Aug. 1, 1991. Office—212 West Michigan Ave., Jack¬
Mich.
Underwriters—(Competitive) Probable bid-

due

Proceeds—For

Components Specialties, Inc.
April 20, 1961 (letter of notification)

(8/15)

June

Continental

$125,000 of 10-year registered

Office—36 Lowell

•

Co., New York City (managing). Note—This
formerly was named Cador Production Corp.

Consumers Power Co.

stock.

common

aircraft engines
Proceeds
Tor
realty acquisitions, the repayment of debt^and for ex¬
pansion. Office—6114 Forest Park Road^JDadlas, Texas.
Underwriter—Eppler, Guerin & Turner, Inc., Dallas.
Business—The overhaul of

amendment.

for commercial and military

Hammill &
company

Clarkson

April 27,
Price—$2

Corp., buys and manages fractional interests
producing oil and gas properties. Proceeds—For in¬
vestment, and working capital. Office—14 North Robin¬
son,
Oklahoma City, Okla.
Underwriter — Shearson,
in

Thursday, July 6, 1961

.

.

.

Airmotive, Inc.
1961

thereof.

Price

—

To

be

shares.

manufacture

of

Price—By
microwave

components, test equipment and sub-systems. Proceeds
repayment of loans, research and development,
advertising, purchase of equipment and other corporate
purposes.

Office—252 E. 3rd Street, Mount Vernon, N. Y.

Underwriters—J. R. Williston & Beane and
Hill, Darling¬
ton

&

Grimm,-New York (managing).

ic Duke Shopping Center Limited Partnership
June 28, 1961 filed 269 units of limited
partnerships in¬
Business—The acquisition and
shopping center at Alexandria, Va.
Proceeds—For the purchase of the above property. Of¬
fice—729-15th Street, N. W„ Washington, D. C. Under¬
construction

filed

holders

Business—The

terests—Price—$1,000.

(7/17-21)

390,000 shares of common stock, of
which 350,000 shares are to be offered for
public sale
by the company and 40,000 outstanding shares by the
present

June

supplied

by

of

writer—Investor
D.

C.

a

Service

Securities,
,

'

Inc.,
•

Washington,

/

Volume

194

Number 6070

.

.

The Commercial and Financial Chronicle

.

(97)
Milner

Dumas

•

Corp. (7/17-21)
1961, filed $2,000,000 of 6%

24,

May

ordinated debentures due
shares of class A

convertible

it Electro-Temp Systems, Inc.
30, 1961 ("Reg. A") 75,000

sub¬

June

1971, and 400,000 outstanding
stock to be offered for
public

common

sale

by the present holders thereof. The securities will
in 200,000 units, each
consisting of one $10 par
debenture and two class A shares. Price—To be
supplied
by amendment. Business—The manufacture and sale of

products used in cleaning, sanitation
household laundering. Proceeds—For
debt and product

expansion.

derwriter—Courts & Co.,

maintenance
the

loan, inventory, promotion and advertising, and work¬
ing capital. Office—150-49 Hillisde Ave,
Jamaica, N. Y.
Underwriters—Planned Investing Corp, New York and
a

Office—Jacksori^Miss.

Bayes, Rose & Co, Inc., 39 Broadway, New York.

and

repayment

it Electronic Instrument Co., Inc.
28, 1961 filed 175,000 capital shares, of which 118,000 shares are to be offered
by the company and 57,000
shares by a selling stockholder.
Price—By amendment.

of

June

Un¬

Atlanta, Ga. (managing).
^ Dunlap .& Associates, Inc.

June 30, 1961

will

filed 75,000

offered

be

by

common

Business

The
manufacture of electronic
equipment.
Proceeds—For repayment of loans and
general corporate

shares, of which 60,000

the

company and 15,000 by stock¬
Price—By amendment. Proceeds—For purchase
sites, expansion, and working capital. Office

holders.

Atlantic

429

Dominick

St., Stamford, Conn.
Dominick, New York.

&

Underwriter

—

Office

purposes.

City, N. Y.

of building
—

May

11,

4642

of

common

precision

—

$3. Business

instrument

gears.

•

Proceeds—For

for

general

corporate purposes.

Office—175

the

Dixon

Corp.

(letter of notification) 100,000 shares of
(no par). Price—$2 per share. Office—
Rd, Baltimore, Md. Underwriters—Bertner
Edden

&

Co, New York, N. Y.

Capital Corp.
(7/7)
filed 612,463 shares of

1961
for

basis of

subscription by

one

new

stockholders

common

share for

each

three

to
on

shares held.

be

—

in the electronics field. Proceeds—For
investment.
Office—1400 Fifth Ave, San
Diego, Calif. Underwriter—
Bear, Stearns & Co, New York City (managing).

^ Dynamic Toy, Inc.
1961 ("Reg. A") 81,000 common shares (par 10
cents). Price—$3. Business — The manufacture of toys.

cerns

Proceeds—For

it Empire Fund, Inc.

June 30,

advertising, development of

products

new

expansion and working capital. Address—109 Ainslie St.,
Brooklyn, N. Y. Underwriter—Hancock Securities Corp.,

June 28,

New York.

Business—A

E. C.

offered

a

P.

I., Inc.
June 14, 1961 ("Reg. A") 52,500 common shares (par 25
cents). Price—$5.50. Business—The training of person¬

G.

•

March

Air

subscription

Petroleum
each

10

by

Corp., parent,

Crescent

on

shares

the basis of

of

Office—385
—Sutro

manufac¬

other

Proceeds—For the

corporate

Eastern

purposes.

(7/10)

the

of

production

Proceeds—For
debt.

quarry

a

limestone

shares.

cement

build and

companies.

unit.

Business—The

Commonwealth

of

company

Puerto

Rico

to

luxury, beach-front hotel in San Juan.

construction.

of

7%

offered in units consisting of

convertible subordinated

debentures
one

due

1971

Price—By

amendment.

to

Proceeds—To

Business—
open

5

new

loans and other corporate purposes. Office
Gandy Blvd., Tampa, Fla. Underwriter—Courts
& Co., Atlanta (managing).
repay

—3665

Underwriter—None.

Price—$2. Proceeds

For

advertising and promotion,
working capital. Office—247
St., Asheville, N. Y. Underwriter—Courts &
Co, Atlanta.
legal

and

audit

—

fees,

and

Charlotte

•
Equity Capital Corp. (7/7)
April 7, 1961 filed 100,000 shares of common stock (par
$1.25). Price—To be supplied by amendment. Business
The making of short-term construction and second
mortgage loans, and the buying of improvement loan
obligations from the holders thereof. Proceeds—To re¬
—

Edo

June

.

Corp.

14, 1961 filed 108,971

amendment.

equipment.

Business

—

common

shares.

Price —By

The manufacture of

Proceeds—For

the

selling

electronic

stockholders.

Office—1404 111th Street, College Point, N. Y. Under¬
writers—Paine, Webber, Jackson & Curtis and Kidder,
Peabody & Co., New York (managing).
Eichler

Homes, Inc.
May 16, 1961 filed $2,000,000 of convertible subordinated
debentures due June 1, 1973. Price—To be supplied by
amendment. Business—The erection of apartments and
homes in So. California. Proceeds—For the purchase of
additional land.

Office—Palo Alto, Calif., Underwriter—

J.

Co., San Francisco, Calif,

S.

Strauss

&

Electra International,

(managing).

Ltd.

May 5, 1961 filed 70,000 shares of capital stock. PriceTo be supplied by amendment. Business—The manufac¬
ture of products in the automotive ignition field for sale
outside of the
and

United

States. Proceeds

—

For research,

development, and working capital. Office—222 Park

Ave., South, New York City. Underwriters—Robert A.
Martin Associates, Inc., and Ezra Kureen Co., both of
New York

City.

Electrarc, Inc. (7/14)
April 21, 1961 filed 100,000 shares of common stock,
Price
$5 per share. Business — The research and de¬
velopment of arc welding and wire shielding. Proceeds
■—For
equipment, working capital and miscellaneous
expenses. Office—505 Washington St., Lynn, Mass. Un¬
derwriter—P. de Rensis & Co., Inc., Boston, Mass.
—

tire

debt

and

for

working capital.

Office

—

430

First

Avenue

North, Minneapolis, Minn. Underwriter—Paine,
Webber, Jackson & Curtis, New York City (managing).
Ets-Hokin &

Galvan, Inc.

(7/17-21)

Price—By amendment.

and electronic systems in

—For

general

corporate

Business—Installs electrical

missihN&jstallations.

purposes<^Office—551

St., San Francisco, Calif.
Underwriter
& Co, New York (managing).

—

Proceeds

Mission

Van Alstyne,

Noel

Eurofund, Inc.
May 18, 1961 filed 551,250 shares of common' stock (par
$1) being offered for subscription by stockholders on the
basis of
ord

one

June

share for each two shares held of

new

(EDST). Price

—

companies

of

having
operations
in
the
Common Market Area of Europe.
Proceeds — For in¬
vestment. Office—14 Wall Street, New York City. Un¬
derwriters—Glore, Forgan & Co, (managing); Francis
I. du Pont & Co.; Shearson, Hammill &
Co, all of New
York City.

Controls,

Inc.

(7/10-14)

May 19, 1961 filed 150,000 shares of common stock. Price
per share. Business—The manufacture of electronic
state

engineers

power

from

controls

designed

specifications

by
supplied

the
by

company's
customers.

Proceeds—For

* Electro-Miniatures Corp,
1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—$3. Business — The manufacture of elec¬
tronic and electro-mechanical devices for the aircraft,

June-19

radar,

missile and rocket

industries. Proceeds

For the

selling stockholders. Office—600 Huyler St, Hackensack,
N. J. Underwriter—Burnham & Co, New York/




Office

Underwriter—Bear,

(managing).
•

Faradyne

Jan.

30,

Electronics

1961

filed

680 Fifth
Ave, New
Stearns & Co, New York
—

Corp.

$2,000,000

(7/24-28)

of

6%

convertible

Price—100% of principal

sub¬

amount.

Business—The company is
engaged in the manufacture
and distribution of
high reliability materials and basic
electronic components,
including dielectric and electro¬
lytic capacitors and precision tungsten wire
forms. Pro¬

Cortlandt

Street,

Belleville,

writer—S. D. Fuller Co.

N.

J.

capital.
Under¬

^Federal Design Corp.
30, 1961 ("Reg. A")

June

80,000 common shares (par
Business—The supplying of tech¬

cent). Price—$2.

one

nical

personnel to industry under contract. Proceeds—
of loans, expansion and
working capital.
Office—136-04 Northern
Blvd., Flushing 54, N. Y. Under¬
writer—None.
For repayment

•

Federal

Factors, Inc.

(7/17-21)

May

8, 1961 filed $700,000 of 6J/2% convertible sub¬
ordinated debentures due 1976 and
70,000 shares of com¬
mon stock.
Price—To be supplied by amendment. Busi¬
ness—A finance
company.
Proceeds—To

repay
loans,
working capital. Office—400 S. Beverly
Drive,
Beverly Hills, Calif. Underwriters—Thomas Jay, Win¬

and

for

ston

&

Co. and

Co, Beverly Hills, Calif.; Maltz, Greenwald
Globus, Inc., New York, N. Y.

&

it Federal Manufacturing & Engineering Corp.
June 30,
1961 filed 535,002 common shares of which
92,782 shares will be offered for subscription by stock¬
holders

basis of 1 new share for each 5 shares
held,
92,782 shares offered for subscription by stock¬
holders of Victoreen Instrument
Co, parent firm, on the
basis of one new share for each Victoreen
share held.
Proceeds—For the repayment of bank loans and other
on

and

corporate

purposes.

Office—1055

Stewart

City, N. Y. Underwriter—None.
Federal Tool

&

Ave, Garden

.

(>

-t

Manufacturing Co.

12, 1961 filed 300,000 outstanding common shares.
$5. Business—The manufacture of short-term
stampings out of metals. Proceeds—For the selling stock¬
Price

—

holders.

Office—3600 Alabama Ave,
Minneapolis.
derwriter—Jamieson & Co, Minneapolis.

Un¬

it Fidelity Small Business Investment Co.
28, 1981 filed 200,000 common shares to be offered
for subscription by stockholders on the basis of two new
June

shares

for

small

each

business

vestment.

share

held.

investment

Office—2338

Price—$6.25.

company.

Business—A

Proceeds—For in¬

Central Avenue,

N.

E, Minne¬

Underwriter—None.

Fifth Dimension Inc.
(7/24-28)
May 25, 1961 filed 60,000 shares of common stock. Price
—To be supplied by amendment. Business—The
design,

development, manufacture and sale of precision instru¬
ments
ceeds

for

Milton

measurement

For

—

Office—P.
D.

research

and

and

control

applications.

Pro¬

product development.
483, Princeton, N. J. Underwriter—■
Blauner & Co, Inc., New York
(managing).
O.

new

Box

First Diversified Fund

May 15, 1961 filed 20,000 shares of the Fund. Price—
$100 per share. Business—The Fund was organized in
May, 1961, to provide investors with an opportunity to
an interest in diversified
income-producing proper¬
ties, chiefly real estate. Proceeds—For investment. Of¬
fice—627 Salem Avenue,
Dayton, Ohio. Sponsor—The
Dahio Co, Dayton, Ohio.
N

own

June

equipment, repayment of a loan, inventory, advertising and working capital. Office—114 Man¬
hattan Street, Stamford, Conn.
Underwriters—Globus,
Inc., and Lieberbaum & Co, both of New York City.
it Fairmount Chemical Co., Inc.
June 28, 1961 filed 150,000 common shares of which
125,000 shares are to be offered
by the company and 25,000

Mortgage Fund (7/24-28)
12, 1961 filed 1,000,000 shares of beneficial inter¬
$15. Business — A real estate investment

ests. Price

—

trust. Proceeds—For
Boston.

investment. Office—30

Federal

St.,

Underwriter—Shearson, Hammill & Co, N. Y.

First

National

Real

Estate Trust

June 6, 1961 filed 1,000,000 shares of beneficial interest
in the Trust. Price—By amendment. Business—Real es¬
tate investment. Office—15 William

St., New York. Dis¬
Inc., New York.

tributor—Aberdeen Investors Program,
First

Small

Business

Corp.

of New Jersey

(7/7)

April 18, 1961 filed 300,000 shares of capital stock (par
$1), to be offered for public sale by the present holder
thereof. Price
$12.50 per share. Business — A small
—

business

investment

company

organized

in

July,

1960,

by the National State Bank of Newark, sole stockholder.
Proceeds—For investment and working capital. Office—
810

Broad

St., Newark, N. J. Underwriters—Shearson,
Co, New York City and Heller & Meyer,
Orange, N. J.

Hammill
East

—$1

solid

corporate purposes.
York City.

rec¬

rights to expire July 7, 3:30 p.m.
$16. Business — The Fund invests in

securities

Facrfield

—

eral

with

30

company

First

June 1, 1961 filed 209,355 common
shares, including 100,000 to be sold by the
company and 109,355 by stockhold¬
ers.

(7/24-28)

common

the

—

apolis.

Equitable Leasing Corp.
19, 1961 ("Reg. A") 90,000 common shares (par 25
cents) to be offered for subscription by stockholders.

share and

common

Office—1205 Ponce de Leon
Avenue, San-

June

"

stores,

per

the

a

&

turce, P. R.

by

June

will be operated under a
30-year lease by a
subsidiary of Sheraton Corp. of America. Proceeds—For

be

drug stores.

by

own

Underwriter—An-

shares of which
and 236,625 by
By amendment. Business
The
company provides home
study courses in the visual arts
writing and photography fields.
Proceeds—For
gen¬

Underwriter—Francis

The hotel

it Eckerd Drugs of Florida, Inc.
29, 1961 filed 90,000 common shares and $900,000

The operation of

America

of

the

June

debentures.

of

Underwriters—Stroud

Office—Kutztown, Pa.

of

Co.

repayment

and

Co., Inc., Philadelphia and Warren W. York & Co., Inc.,
Allentown, Pa. (co-managers).

$10

more.

Co, Newport Beach, Calif.

Price—$150

formed

was

in Kutztown, Pa., and

for

equipment

new

or

Underwriter—

Enterprise Hotel Development Corp.
May 19, 1961 filed 242,000 shares of common stock and
9,680 shares of preferred stock (par $100) to be offered
for public sale in units of one
preferred and 25 common

Offering—Expected in late July.

operation of

Insurance

Address—Anaheim, Calif.

J. Mitchell &

March 31, 1961 filed $900,000 of subordinated debentures,
due 1976.
Price—At 100% of principal amount.
Busi¬
ness—The

$20,000

14, 1961

chine.

Central Avenue, Dover, N. H. 'Underwriters
& Co. and Gregory & Sorts, New York

Lime Corp.

of

June 5,

Bros.

(managing).
•

and

value

Street, Boston, Mass.
Inc., Chicago.

Engineered Plastics Container Co., Inc.
1961 ("Reg. A") 100,000 capital shares (par $1).
Price—$3. Proceeds—For equipment and working ma¬

share for

Business—The

held.

equipment

Crescent

of

one

ture of power and servo components.

purchase

be offered

to

stockholders

common

Schools, Inc.

fileidj 336>625
be sold

stockholders. Price

Co.

(letter of notification) 30,000 shares of
capital stock (no par). Price—$10 per share. Proceeds—
To go to selling stockholders. Office—2801
W. Roosevelt
Road, Little Rock, Ark. Underwriter—Consolidated Se¬
curities, Inc., 2801 W. Roosevelt Road, Little Rock, Ark.

Underwriter—Stern, Zeiff & Co., Inc., New York.
June

&

market

a

School

Becker

Empire Life

—

for

having

Office—44
A.

operate IBM electronic computers and punch card
tabulating equipment.
Proceeds
For expansion and
working capital. Office—116 W. 14th Street, New York.

Devices, Inc.
16, 1961 filed 150,000 common shares

"centennial-type" fund which plans to offer
exchange of its shares for blocks of corporate

securities

nel to

Eastern

1961 filed 1,250,000 shares of capital stock to be
exchange for blocks of designated securities.

in

tax free

Famous Artists

innnnn3'
100,000 will

Office—471

stock

common

Business

ceeds—For the payment of debts and for
woorking

supplied by amendment. Business
The
company is licensed under the Small Business Invest¬
ment Act of 1958 and
provides long-term investment
capital and management services to small business con¬

&

Street, Newark, N. J.
Co, New York.

dresen &

ordinated debentures.

Products

Earl

Price—To

Amityville, N. Y. Underwriters—Flomenhaf,
Co., Inc. and Lomasney, Loving & Co., New
(managing).

York

and

be offered

Avenue,
Seidler

York

Electronics

May 25,

purchase and rebuilding of automatic gear-cutting- ma¬
chines, prepayment of a note, inventory, a new plant
and

Island

stock

Belair

Bros,

Manu¬

—

Blvd,««Long

1961

common

facture

Northern

Price—By amendment.

The
manufacture of chemicals.
Proceeds—For pur¬
chase of equipment and
the repayment of
loans. Office
117 Blanchard

.

Electronic

shares of which 100,to be offefred by the
company and 25,000

000 shares are

33-00

—

it Dynamic Gear Co., Inc.

shares by a stockholder. Price

—

Underwriter—Goodbody & Co, New

(managing).

June 29,

1961 filed 125,000

(par

cent). Price $4. Business—The sale of
refrigeration
machinery and equipment. Proceeds—For repayment of

sold

be

shares by stockholders.
shares

common

one

37

First

&

Small

Business

Investment

Company

of

Tampa, Inc.
Oct. 6, 1960 filed 500,000 shares of
—$12.50

share. Proceeds

common

stock. Price

To

provide investment
capital. Office—Tampa, Fla. Underwriter—None.
per

—

• First
Surety Corp. (8/4)
May 31, 1961 filed 754,730 outstanding shares of capital
stock to be offered for sale by stockholders.
Price—By

amendment.

Business—The

company

owns

Continued

Surety Savon

vaae

38

r

r

38

Continued

The Commercial and Financial Chronicle

(98)

This

frtym page 37

plans to change its

company

name

to G-W Indus¬

tries.

ings & Loan Association,

California corporation; op¬

a

trustee under
deeds of trust. Office—237 Olive Ave., Burbank, Calif.
Underwriter—Dempsey-Tegeler & Co., St. Louis (man¬
erates

insuranec

an

and acts as

agency,

a

aging).

& Moore, Inc.
June 29, 1961 filed 50,000 outstanding common shares.
Price—By amendment. Business—Electrical contracting
on office
buildings, industrial plants and missile, radar
and power plant installations. Proceeds—For the selling
stockholders.
Office — 545 Madison Ave., New York.
Underwriter—Allen & Co., New York (managing).
it Fischbach

Fiato

1961 filed 2,000,000 shares of participation in
Price—$10 per share. Business—A new real

Fund.

the

investment

estate

Proceeds

trust.

—

For

investment.

Office—Highway 44 and Baldwin Blvd., Corpus Christi,
Texas. Distributor—Flato, Bean & Co., Corpus Christi.
Flora

May

Mir

24,

Candy Corp.

1961
stock

common

Business—The

(letter of notification) 85,700 shares of
(par 10 cents). Price—$3.50 per share.
manufacture of candy products. Proceeds

■—For repayment of

loans; working capital, and expan¬
Broadway, Brooklyn, N. Y.
Under-'
writers—Security Options Corp.; Jacey Securities Co.
and Planned Investing Corp. all of New York City.
sion.

Office—1717

Florida

Capital

23, 1961 filed 488,332 common shares to be offered
for subscription by stockholders on the basis of one
new share for each two shares held. Price—By amend¬
Business—A

small

business

investment

company.

Proceeds—For investment. Office—396 Royal Palm
Palm Beach, Fla. Underwriter—A. C. Allyn & Co.,
York
»•

Way,

New

(managing).

Florida

Steel Corp.
(7/24-28)
8, 1961 filed 100,000 common shares to be sold by
stockholders. Price
By amendment. Business -— The
fabricating and warehousing of steel products. Proceeds
—For the selling stockholders. Office—1715 Cleveland

June

—

St., Tampa, Fla. Underwriters—McDonald & Co., Cleve¬
land and Kidder, Peabody & Co., New York (managing).
Foamland
June

22,

U.

1961

S.

A.,

Inc.

filed

150,000 commqn shares, of which
90,000 shares are to be offered by the company and
60,000 shares by the stockholders. Price—$5. Business—
The manufacture and retail sale of household furniture.
Proceeds—For acquisition of new stores, development of
new

furniture

rate

purposes.

items, working capital and other corpo¬
Office — Cherry Valley Terminal Road,
West Hempstead, N. Y. Underwriter — Fialkov & Co.,
Inc., New York (managing). Offering—Expected in early
September.

due

1981

shares. The debentures
and

the stock

Business

and
are

262,500

outstanding

to be offered

by stockholders. Price

The

processing

of

common

by the company

—

By amendment.

films; the
wholesaling of photographic supplies and the develop¬
ment and sale of film processing. Proceeds — For con¬
struction of a new plant, purchase of equipment, mov¬
ing expenses and for other corporate purposes. Office—
1874 Washington Ave., New York. Underwriters—Shearson, Hammill & Co., and Emanuel, Deetjen & Co., New
—

photographic

Fox-Stanley Photo Products, Inc.
March 29, 1961 filed 387,500 shares of common stock
(par $1) of which 50,000 shares are to be offered for
public sale by the company and 337,500 outstanding
shares by the present holders thereof. Price—To be sup¬
plied by amendment. Business—In May 1961 the com¬
plans to take

over

the businesses of The Fox Co.,

San
St.
of

Gelman

June 6,

Instrument

shares (no par).
Proceeds—For repayment of debt, purchase

of

common

equipment, research and development, and working

capital.

Office—106 N. Main Street, Chelsea, Mich.

•

General

June

Martin

Un¬

ital.

Office—1105 Hamilton St., Allentown, Pa. Under¬
writers—Paine, Webber, Jackson & Curtis and Eastman
Dillon, Union Securities & Co., New York (managing).
Insurance

Corp. of Wisconsin
June 16, 1961 filed 348,400 common shares to be offered
for subscription by stockholders on the basis of one new
share for each two and one-half shares held.
amendment.

Price—By

Proceeds—For

expansion and other corpo¬
Office—8500 W. Capitol Drive, Milwau¬

rate

purposes.

Underwriter—Piper, Jaffray & Hopwood? Minne¬

apolis

(managing).

General

Spray Service/ Inc.

June

23, 1961 filed 90,000 class A common shares and
warrants to purchase 90,000 class A common shares to
be

offered in

units, each unit consisting of one class A
share and one two-year warrant. Price—$3.50 per unit.
Business
The manufacture of a spraying machine.
Office—156 Katonah Ave., Katonah, N. Y. Underwriter—
Ross, Lyon & Co., Inc., New York (managing).
—

^ Geoscience Instrument Corp.
22, 1961 ("Reg. A") 125,000

June

common shares
(par
cent). Price—$1. Business—The preparation of min¬

one

erals

and

metals

for

the

electronic, metallurgical and
geoscientific industries. Proceeds — For repayment of
loans, purchase of equipment, expansion, working capital
and other corporate purposes. Office—110-116 Beekman
St., New York. Underwriter — First Philadelphia Corp.,
New

York.

^

(William) Corp.
6, 1961 filed 105,000 shares of
80,000 shares are to be offered by the
shares

by

stockholder.

a

Antonio, Tex., and the Stanley Photo Service, Inc.,
Louis, Mo., which are now engaged in the processing
photographic films and the sale of photographic

Price

of which

common

and 25,amendment.

company

—

By

Business—Company manufactures dental supplies. Pro¬
of

a

bank loan and general

Office—7512

S.

Greenwood Ave.,

Giannini

Corp.
Feb. 27, 1961
(letter of notification) 30,000
common
stock (par 10 cents).
Price — $10
—

For

shares
per

of

share.

general

corporate

Office—30 Broad Street, New York, N. Y.

purposes.

(T.

R.)

Medicine

Co., Inc.
May 26, 1961 filed 110,000 shares of class A stock.
share.

per

Business—The

Price

manufacture, marketing

distribution of proprietary drug products.

and

Proceeds
advertising and general corporate purposes. Of¬
fice—1496 H Street, N.
E., Washington, D. C. Under¬

—For

writer—None.
•

1961

Systems, Inc.
filed

175,000

of

common

stock.

per share. Business—The affixing of price tags,
packing, warehousing of apparel and other services for
department and chain stores. Proceeds—For plant addi¬

tions, repayment of debt and working capital. Office—
Ave., New York City. Underwriter—Schrijver
& Co., New York City.

441 Ninth

Frederick-Willys Co., Inc.
April 20, 1961 (letter of notification) 150,000 shares of
common stock
(par five cents). Price—$1.15 per share.
Business—Manufacture of family recreation equipment.

which 50,000.shares are to be offered for public sale by
the company and 15,000 outstanding shares by the

Proceeds—To repay debt, purchase additional
equipment,
for research and
development, and working capital. Of¬

fice—6519

Nicollet Avenue,

Minneapolis, Minn.

Under¬

writer—Continental Securities, Inc., Minneapolis,

Minn.

Frontier

Airlines, Inc.
1961 filed 250,000 outstanding shares of com¬
mon stock. Price—To be
supplied by amendment. Busi¬
ness—The transportation by air of
passengers, property
March 16,

and

mail

between

66

cities

in

11

states.

Proceeds—For

the selling stockholders.
Office
5900 E. 39th Ave.,
Denver, Colo. Underwriter—To be named.
—

•

G-W

Ameritronics, Inc. (7/7)
25, 1961 filed 80,000 shares of common stock and
160,000 warrants to purchase a like number of common
shares, to be offered for public sale in units, each con¬
sisting of one share of common stock and two warrants.
Jan.

Each warrant will entitle the holder thereof to
purchase
one share of common stock at
$2 per share from March

29,

Research, Inc.
filed 65,000 shares of

1961

common

stock,

of

pres¬

ent

stockholder.

Business

does

—

The

telephone

Price—To

sales
are

be

supplied by amendment.
consumer
research,
promotion and prepares articles

company

and books which

conducts

related to

or

relate to merchandis¬

ing advice to the teenage youth and student fields. Pro¬
ceeds—For working capital. Office—205 E. 42nd
Street,
New York City. Underwriter—McDonnell &
Co., N. Y.
• Gloray Knitting Mills, Inc.
June 30, 1961 filed 125,000 common
amendment.

&

Business

—

The

Office—Robesonia,

shares.

manufacture

Price—By-

of

boys and

Co., New York

Pa.
(managing).

Underwriter—Shields

•

Goodway Printing Co. (7/17)
May 23, 1961 filed 247,500 shares of no par capital stock,
of which 60,000 shares are to be offered for
public sale
by the company and 187,500 outstanding shares by the
present holders thereof. Price — To be supplied by
amendment.

Business—Commercial

printing

and

the

August 1961 and at $3 per share from September 1962
February 1964. Price — $4 per unit. Business — The
company
(formerly
Gar
Wood
Philadelphia
Truck

publication of technical journals for prime defense con¬
tractors.
Proceeds—For working capital. Office—4030
Chestnut St., Philadelphia, Pa. Underwriter —
Paine,
Webber, Jackson & Curtis, New York City (managing).

Equipment, Inc.), distributes, sells, services 5nd installs
Gar Wood truck bodies and equipment in
Pennsylvania,
Delaware, and New Jersey, under an exclusive franchise.

April

to
to

Proceeds

For general corporate purposes.
Office—
Kensington and Sedgley Avenues, Philadelphia, Pa. Un¬
—

derwriter—Fraser & Co.,




Inc., Philadelphia, Pa.

Note—

Gordon

21,

common

&

1961
stock

Breach, Science Publishers, Inc.
(letter of notification) 80,000 shares of
(par 10 cents). Price—$1.75 per share.

Business—Publishers of scientific textbooks.
For

320,000

shares. Price—$5.

common

Proceeds—For

investment.

estate

gen¬

Office —• 112 Powers Bldg.,
Rochester, N. Y. Underwriter—George D. B. Bonbright
&

corporate

purposes.

Co./Rochester, N. Y.
Inc.

6, 1961 ("Reg. A") 60,000 class A common shares
(par $1). Price—$5. Proceeds—For opening of new dis¬

count concessions and working capital. Office—2 Geary
Street, San Francisco, Calif. Underwriter—Midland Se¬
curities Co., Inc., Kansas City, Mo.
Greater Arizona

May

1961

1,

Mortgage Co.

(letter

100,000

of notification)

shares

of

stock

(par $1). Price—$3 per share. Proceeds
working capital. Office—Mayer Central Building,

common

—For

Suite

115, Phoenix, Ariz. Underwriters—Henry Fricke
Co., New York, N. Y. and Preferred Securities, Inc.,
Phoenix, Ariz.
*
Greene

(M. J.)

Co.

June

14, 1961 ("Reg. A") 75,000 common shares (par
10 cents).
Price—$4.
Proceeds — For expansion, and
working capital. Office—14 Wood St., Pittsburgh. Under¬

writer—Hess, Grant & Remington, Inc., Philadelphia:
Growth, Inc.
.' '•
May 17, 1961 (letter of notification) 100,000 shares of
common stock (par $1).
Price—$3 per share. Address—
Lynn, Mass. Underwriter—Mann & Creesy, Salem, Mass.

Properties

Growth

May 9, 1961 filed 100,000 shares of common stock. Price
—To be supplied by amendment. Business—The com¬
pany plans to engage in all phases of the real estate
business. Proceeds

To reduce indebtedness, construct
apartment units, buy land, and for working capital. Of¬

fice—Suite

—

418, Albert Bldg., San Rafael, Calif. Under¬

writer—Pacific Coast Securities Co., San Francisco, Calif,

(managing). Offering—Expected in late July.
Gulf-Southwest

May

19,

1961

Capital

Corp.

(7/17-21)

filed

1,250,000 shares of common stock.
supplied by amendment. Business — The
company is licensed as a small business investment con¬
To

—

be

Proceeds—For investment. Office—Esperson Build¬
ing, Houston, Texas. Underwriters—Harriman Ripley &
Co., New York City and Underwood, Neuhaus & Co.,
Inc., Houston (managing).

cern.

Hagar Inc.
March 31, 1961 filed 200,000 shares of

Price—$5.
food

Business—The
freezers

and

common

financing

frozen

stock

foods

to

(no

sale

and

the

of

con¬

Proceeds—For the repayment of debt and work¬
ing capital.
Office — 2926 Fairfield Ave., Bridgeport,
Conn. Underwriter
Marron, Sloss & Co., Inc., New
York City (managing). Offering—Imminent.
sumer.

—

Harn

Corp.

June 20, 1961 filed 150,000 common shares of which an
undisclosed number will be offered by the
company for
subscription by stockholders and the balance (amount¬

ing to $300,000 after underwriting commissions)
stockholder. Price—By amendment. Business—The
ufacture

by

a

man¬

of

products for baby care such as quilts, pil¬
knitted garments, etc. Proceeds—For the repay¬
loans, purchase of raw materials and equipment,

lows,

improvements, and working capital. Office—
St., Cleveland. Underwriter—J. R. Williston
Beane, New York (managing).

1800 E. 38th
&

Handmacher-Vogel, Inc. (7/10-14)
May 17, 1961 245,000 shares of common stock, of which
94,950 shares are to be offered for public sale by the
company

holders

and 120,050

thereof.

Proceeds—

working capital.
Office —150 Fifth Avenue, New
York. Underwriter—First Weber Securities
Corp., N. Y.

outstanding shares by the present

Price—To

be

supplied

manufacture

and
and costumes. Proceeds—For the
and inventory and for

7th

Ave.,

New

sale

by

of

amendment.

women's

suits

purchase of eauipment

plant modernization. Office—533
City.
Underwriter
Butcher &

York

—

Sherrerd, Philadelphia, Pa.
•

Hanover

June

Insurance Co.

16, 1961 filed 150,500 capital shares. Price

amendment.

Proceeds—To

111 John

—
By
capital.
Office—
Underwriters—First Boston

increase

Street, New York.
Corp. and R. W. Pressprich & Co., New York (manag¬
ing).

«

Harper

mens' knitted sweaters. Proceeds—For general
corporate
purposes.

eral

Business—The

Gilbert Youth

May

filed

leasehold

(7/10-14)

shares

equipment. Proceeds—For working capital and possible
acquisitions. Office—1734 Broadway, San Antonio,
Tex. Underwriter—Equitable Securities Corp., Nashville,
Tenn. Offering—Expected in mid-August.

future

1961

20.

.

ment of

Gilbert Data

April 14,
Price—$2

expan¬

Realty Corp.

Business—Real

Un¬

derwriter—Kidder. Peabody & Co., Inc., New York, N. Y.
Gibbs

(I.)

household

Business—Research, development and manufacturing in
Proceeds

Proceeds—For

Bldg.,

.

Gordon

par).

Scientific

technological fields.

subsidiaries.

Office—Stewart
—

cor¬

Chi¬

Underwriter—Bacon, Whipple & Co., Chicago.

cago.

retail credit jewelry business and has

Houston, Texas. Under¬
writer
Paine, Webber, Jackson & Curtis, New York
City (managing).
/;

Price

Getz

June

000

sion.

a

insurance

Granco,

7, 1961 filed $15,000,000 of convertible subord. de-8

Life

life

two

June

(7/7)

bentures due June 1, 1981. Price—By amendment. Busi¬
ness—A finance company. Proceeds—For working cap¬

General

conducts

pany

Associates, Inc., N. Y.

Acceptance Corp.

Thursday, July 6, 1961

.

.

• Gordon
Jewelry Corp. (7/7)
May 5, 1961 filed 140,000 shares of class A stock. Price
—To be supplied by amendment.
Business—The com¬

June

Co.

196r ("Reg. A") 50,000

Price—$6.

—$3

York.

pany

Street, New York City. Underwriter—J. R. Williston & Beane, New York City (managing).

porate purposes.

29, 1961 filed $3,500,000 of convertible subordinated

debentures

W. 34th

ceeds—For repayment

it Fotochrome Inc.
June

(7/24-28)

kee.

Corp.

June

ment.

Inc.

derwriter—Robert A.

Realty Fund

April 21,

Garan

May 29, 1961 filed 120,000 shares of common stock. Price
—$6.50 per share. Business—The manufacture of men's
and boys' sport shirts.
Proceeds—To equip a new plant
at Lambert, Miss., and for working capital.
Office—112

.

June

;,

(H. M.)

-

Co.

15,

1961 filed 180,000 common shares
(par $1) of
150,000 shares will be sold by the company and
30,000 shares by stockholder. Price
By amendment.
Business—The manufacture of stainless steel and nonwhich

—

ferrous corrosion resistant fasteners and
parts. Proceeds
working capital. Office—8200 Lehigh Ave., Mor¬
ton Grove, 111. Underwriter
Blunt Ellis & Simmons,

—For

—

Chicago.

Harvey Aluminum (Inc.)
(7/11)
May 16, 1961 filed 1,000,000 shares of class

St<Su' *>rice—T°
The

production

mill

products.

of

A

common

supplied by amendment. Business
primary aluminum and aluminum

Proceeds—For

expansion.

Office—19200

So. Western

Ave., Torrance, Calif. Underwriters—Kuhn,
i^b ™Co>' Inc*> and Tucker, Anthony & R. L. Day,
both of New York
City (managing).
Harvey House, Inc. (7/17-21)
May 8, 1961 filed 140,000 shares of common stock. Price
per share. Business—The
publication and distribu¬

—$3
tion

For

of

educational

expansion

and

books
the

and

materials.

repayment

of

Proceeds

debt.

—

Office—5

194

Volume

Number

6070

.

.

The Commercial and Financial Chronicle

.

South Buckout Street, Irvington-on-Hudson, New York.
Underwriter—Michael G. Kletz, & Co., New York City

Utah.

(managing).

(99)

poned.

Hathaway Instruments, Inc.

May

which

•

1961 filed 351,280 shares of

5,

up

to 90,000 shares

are

stock,

of
to be offered for public
common

sale by the present holders thereof and the balance by
the company.
Price — At-the-market at time of sale.

Business—The

design, manufacture and sale of electric

power recording
Avenue, Denver,

instruments. Office—2401 E. Second
Colo. Underwriters—Bear, Stearns &

Co. and Wertheim &

Co., New York, N. Y. Note—This
be withdrawn. The company is expected

statement will
to merge

Investment Corp.
1961 filed 13,000 5% preferred shares ($100 par)
and 13,000 common shares to be offered for sale in unitsof one preferred and one common share.
Price—$101

unit. Business—The acquisition and development of
estate.
Proceeds—For investment, repayment, of
debt, and working capital. Office-^660 Grain Exchange,

per
real

Underwriter—None.

Minneapolis.

Hickory industries,
March

1961 (letter of notification) 25,000 shares of
stock (par 10 cents). Price—$5 per share. Busi¬
Manufacturers of barbecue machines and allied

9,

common
ness

Inc.

-—

equipment. Proceeds — For general corporate purposes.
Office—10-20 47th Road, Long Island City, N. Y. Under¬
writer—J. B. Coburn Associates, Inc., New York, N. Y.
Offering—Imminent.

—

Whitney

offering

&

has

Co., Salt Lake City,
temporarily post¬

expansion, general corporate purposes, and to offset
deficits anticipated during the commencement of certain

been

Florida operations. Office—New York
City. Underwriter
James Anthony & Co.,

Inc.

Inc., New York

June

29, 1960 filed 600,000 shares of com. stock (par $1)
Price—$2.50 per share. Proceeds—To further the corpo¬
rate purposes and in the preparation of the concentrate

May 29,

and

and

enfranchising of bottlers, the local and national pro¬
motion and advertising of its
beverages, and where
necessary to make loans to such bottlers, etc.
Office—

704

Equitable

1961

7,

(letter

Corp.

notification)

of

60,000

shares

of

stock. Price—$5 per share. Business—Manufac¬
tures electronic equipment and components. Proceeds—
common

For

For

& Son, Inc. (7/24-28)
May 16, 1961 filed 75,000 shares of common stock. Price
—$5 per share. Business—The construction of public and
private swimming pools and the sale of pool equipment.
Proceeds—To

and

for

reduce

working

indebtedness, to buy equipment,
capital. Office—Montvale, N. J. Un¬

derwriter—Amos Treat & Co., Inc.,

New York City.

iIncome

Planning; Corp. (7/10-14)
1960 (letter of notification) 5,000 shares of
cumulative preferred stock (no par) and 10,000 shares
Dec.

29,

ordinated

debentures

due

convertible

sub¬

mobiles.
—4101

and

Price

—

By amendment. Proceeds — To organize a new
subsidiary, for plant expansion, and for working

capital. Office—70th St., and Essington Ave., Philadel¬
phia. Underwriter—Rambo, Close & Kerner, Inc. Phila¬
delphia.
Home-IVTaker

Stores, Inc.
(letter of notification) 85,700 shares of
common stock
(par $2.50). Price—$3.50 per share. Office
—2306 Foshay Tower, Minneapolis, Minn. Underwriter
—M. H. Bishop & Co., Minneapolis, Minn.
May

17,

1961

Houston

Inc., Teaneck, N. J.
Income

Properties, Inc. (7/10)
March 31, 1961 filed 150,000 shares of class A stock (par
50 cents).
Price—$9.75 per share. Business—Formerly
known

•

York

Corp.

9, 1961 filed 583,334 common shares to be offered
subscription by holders of common and class A stock.
Price—By amendment. Business — The operation of a
for

Proceeds—For

pipe line system of natural gas.

expan¬

working capital and general corporate purposes.
Fla. Under¬
writers—Blyth & Co., Inc., Lehman Brothers and Allen
& Co., New York.
sion,

Office—First Federal Bldg., St. Petersburg,

•

Howe

Plastics

&

Chemical

Inc.
March 29, 1961 (letter of notification) 40,000 shares of
common
stock
(par one cent).
Price—At-the-market.
Business—The manufacture of plastic items. Proceeds—
For the repayment of debt; advertising and sales pro¬

working capital. Office—4077
Avenue, Bronx 57, N. Y. Underwriter—J. I. Mag-

motion;
Park

aril
•

Companies,

writer—Lehman

&

expansion

and

Co., New York, N. Y. Offering—Imminent.

Hunt Foods & Industries Inc.

$38,799,500 of convertible subordi¬
nated debentures due July
1, 1986, being offered to
the holders of the outstanding common on the basis of
$100 principal amount of debentures for each 12 shares
held of record June 28 with rights to expire July 14.
Price—At par. Business—The company processes, pack¬
ages and distributes food and grocery products. Proceeds
—For construction and working capital. Office—FullerMay 23,

1961

filed

ton, Calif. Underwriter
York City (managing).
•

—

Goldman, Sachs & Co., New

("Reg. A") 50,000 class A common shares
(par 10 cents). Price—$3. Proceeds—For inventory, re¬
search and development, and working capital. Office—
Commerce Center Industrial Park, Highway 301, North

Sarasota, Fla. Underwriter—To be named.
Hydro-Space Technology, Inc. (7/24-28)
May 12, 1961 filed 300,000 shares of common stock, of
which 155,000 shares are to be offered for public sale by
the company and 145,000 outstanding shares by the pres¬
ent holders thereof. Price—$3 per share. Business—-The

engineering, production and sale of cartridge
devices, the evaluation of propulsion systems
and propellants, and the production of buoyancy de¬
vices for underwater research and defense. Proceeds—
design,

actuated

new

equipment

and

facilities,

H. Kaplan & Co.,

of
N. J.

the repayment

loans and working capital. Office—West Caldwell,
Underwriters—Michael G. Kletz & Co., Inc., and

John

both of New York City.

and inventory;
marketing and sales promotion; repayment of loans; re¬
search and development; moving expenses and installa¬
tion costs; preparation of catalogues and other literature;
reserves
and general corporate purposes.
Office —15
Holmari Boulevard, Hicksville, L. I., N. Y. Underwriter
—United Planning Corp., Newark, N. J.
Proceeds —For

purchase of equipment

Hydroswift Corp.
Oct. 20, 1960

filed 120700CTshares of common

.

stock. Prioe

firm, which was organ¬
ized in February, 1957, makes and wholesales products
and services for the fiberglass industry, including par¬
ticularly fiberglass boats known as "HydroSwift
and
"Skyliner." Proceeds—For general funds, including ex¬
pansion. Office—1750 South 8th Street, Salt Lake City,
—$3

per

share. Business—The




Aug. 1, 1981 to be offered for sub¬

scription by common stockholders on the basis of $100
of deben. for each 20 shares held. Price—At
par. Business
—Operation of department stores. Proceeds—For ex¬
pansion, working capital and other corporate purposes.
Office—111 Eighth Ave., New York. Underwriters—Leh¬
Brothers and

man

Shearson, Hammill & Co., New York

(managing).
lnvesco Collateral

Corp.

March 6, 1961 filed $900,000 of 6%
registered subordi¬
nated debentures to be offered in three series of
$300,000

each, due June 30, 1965, 1966 and 1967, respectively.
Price—$4,315; $4,190 and $4,079 per $5,000 of debentures.
Business—The company, a wholly-owned
subsidiary of
Investors Funding Corp. of New York was organized
under New York law in June,
1960, to purchase, invest
in and sell real estate

mortgages.

ment. Office—511 Fifth
'•

Proceeds—For invest¬

Avenue, New York City. Under-

writer—None.

Israel-America

Hotels, Ltd.
1961 filed 1,250,000 ordinary shares. Price—$1
share, payable in cash or State of Israel bonds.

June 8,
per

Business—The operation

of hotels.

"Isras"

Israel-Rassco Investment Co.

ceeds—For

the construction of
hotels, office buildings,
housing projects and the like. Office—Tel Aviv, Israel.

Underwriter—None.
•

I vest

Fund, Inc.
150,000 shares of

and 25,000 outstanding common shares by the
(par 50c). Price—For debentures—100%;
For stock—By amendment. Business—The manufacture
of basic component parts for the electrical and electronic

whose stated
—For

writer—S.

Industrial Materials, Inc.
stock (par one cent). Price—$2 per share.
ness—The manufacture of a new patented fiber
common

material to
For

used

be

expenses,

1025

in

glass

rocket motor cases. Proceeds—

equipment and working capital. Office—
Bldg., Washington, D. C. Underwriter

Shoreham

—Atlantic Equities Co., Washington, D. C.
In'arcd

Life

Insurance

Co.

(7/7)

May 18, 1961 filed 375,000 shares of common stock. Price
supplied by amendment. Business—The writing

—To be

of

—

A

offering.

Price

Business

non-diversified,

open-end investment company,
objective is capital appreciation. Proceeds

investment.

Office—One

State

Street,

Boston,

Underwriter—Ivest, Inc., One State Street, Boston. Of¬
fering—Expected in late July.
Jackson-Commerce Realty Co.
June 16, 1961 filed $6,780,000 of limited partnership in¬
terests to be offered publicly in units. Price—$10,000

unit. Business—Real estate. Proceeds—For working
capital and possible acquisitions. Office—1440 Broadway,

per

New York. Underwriter—None.

Jefferson Counsel Corp.

March

13, 1961 filed 30,000 shares of class B

common

stock (non-voting). Price—$10 per share. Business—The
company was organized under Delaware law in January
1961 to sponsor the organization of the Jefferson Growth

Fund, Inc.,

of
Busi¬

(letter of notification) 150,000 shares

April 27, 1961

common stock.

—Net asset value at the time of the

industry.

ic Industrial Gauge & Instrument Co., Inc.
June 28, 1961 ("Reg. A") 75,000 common shares (par 10
cents).
Price — $3. Business — The sale of industrial
gauges, valves and allied products. Proceeds—For pro¬
duction, inventory, working capital and repayment of
loans. Office—1403 E. 180th St., New York 69, N. Y. Un¬
derwriter—R. F. Dowd & Co., Inc., New York.

Ltd.

27, 1961 filed 30,000 shares of ordinary stock.
Price—$62 per share. The company may, but is not ob¬
ligated to, accept payment in State of Israel bonds. Pro¬

company

purposes.

con¬

March

stockholders

Proceeds—For expansion, inven¬
general corporate
Office—109 Prince Street, New York. Under¬
D. Fuller & Co., New York (managing).

Proceeds—For

struction and operation of a hotel at
Herzlia, Israel. Ad¬
dress—Tel
Aviv, Israel. Underwriter—Brager & Co.,
New York.

Feb. 20, 1961 filed

•

Hydrodyne Industries, Inc.
May 19, 1961 (letter of notification) 75,000 shares of
common stock
(par one cent).
Price-—$2.50 per share.
Business —The manufacture of hydraulic components.

15,

nated debentures due

^ Industrial Electronic Hardware Corp.
June 29, 1961 filed $1,000,000 of 6% convertible subor¬
dinated debentures due Aug. 1, 1976 to be offered by the

tory, introduction of new products and

June 15, 1961

For

June

March 10, 1961

equipment

Hupp Systems, Inc.

Brothers, New York City (managing).
Department Stores, Inc. (7/24-28)
1961 filed $5,859,400 of convertible subordi¬

Interstate

(7/18)

Inc.

15

of such 7% cumulative preferred shares
as
are
ten¬
dered to the company during a
period commencing June
12. Office—500 South Broad
St., Meriden, Conn. Under¬

which

filed 165,000 shares of common stock (par
10 cents). Price—$3 per share. Business—The engineer¬
ing, designing and precision machining of electronic
components. Proceeds — For research and development,
inventory, equipment, start-up costs of semi-conductor
production, and for working capital. Office—78 Clinton
Rd., Caldwell Township, N. J. Underwriter — Edward
Hindiey & Co., New York City.

for each

Business^—1The manufacture and sale of
silverware, flat¬
and table accessories. Proceeds—For the
retirement

May

Industrial Control Products,

M.

ware

King, Libaire, Stout & Co., New

24, 1961 filed 150,000 shares of capital stock, of
100,000 shares are to be offered, for public sale
by the company and 50,000 outstanding shares by the
present holders thereof. Price — To be supplied by
amendment. Business—The writing of life and disability
insurance, principally in southern California. Proceeds—
To be added to the company's general funds. Office—99
South Lake Ave., Pasadena, Calif. Underwriter—Blyth &
Co., Inc., New York City.

H.

on the basis
of $100 of
shares held of record June 30
with rights to expire about July 17.
Price — At par.

Independence Life Insurance Co. of America

June

Office

—

by common stockholders

debentures

(managing).

City

Underwriter

International Silver Co.

tion

Price Investors

Underwriter—Eisele &

42nd Place,

May 16, 1961 filed $7,822,000 of convertible subordinated
debentures due Aug. 1, 1981 being offered for
subscrip¬

Corp., the company owns and
operates six apartment houses and plans to construct
two more.
Proceeds—To repay debt and for working
capital. Office—1801 Dorchester Road, Brooklyn, N. Y.
as

Proceeds—For the selling stockholders.

W.

Chicago.
Byllesby Jk Co., Chicago.

—

1979

195,000 common
shares to be offered for public sale in 6,500 units, each
consisting of one $100 debenture and 30 common shares.

finance

(par 10 cents) to be offered in
units
consisting of one share of preferred and two
shares of common. Price
$40 per unit. Proceeds—To
open a new branch office, development of business and
for working capital.
Office—3300 W. Hamilton Boule¬
vard, Allentown, Pa. Underwriter—Espy & Wanderer,

of

International Parts Corp.
June 20, 1961 filed 300,000
outstanding class A common
shares to be sold by stockholders.
Price—By amend¬
ment. Business—The sale of
replacement parts for auto¬

of class A common stock

•j( Hilco Homes Corp.
June 30, 1961
filed $650,000 of 6%%

repayment

debt, advertising, inventory, and
Office—790 N. E. 7bth St., Miami, Fla.
Underwriter—Albion Securities Co.,
Inc., New York.

Office—Lansdown, Pa.
Underwriter—Woodcock, Moyer, Fricke & French, Inc.,
Philadelphia, Pa.
(Edward H.)

1961

working capital.

general corporate purposes.

Ihnen

(managing).

Marine, Inc.

'
("Reg. A.") 75,000 common shares (par
cent) of which 60,000 are to be sold by the company
15,000 by the underwriter. Price—$4. Proceeds—

one

Securities

T A Electronics

April

International

Building,

Denver, Colo. Underwriter—
Corp., Denver, Colo. Offering—
Expected in September.
/

Industrial

I

Hazeltine

Note—This

I C

with Lionel Corp,

June 5,

Underwriter

Utah.

39

non-participating ordinary life and group life insur¬
Proceeds—For investment and general corporate

ance.

purposes. Office—175 W. Jackson Blvd., Chicago. Under¬
writer—A. G. Becker & Co., Chicago (managing).

a new open-end diversified investment com¬
of the management type. Proceeds—For organiza¬
tional and operating expenses. Office—52 Wall St., New
York City. Underwriter—None.
pany

Jolyn Electronic Manufacturing Corp.
April 24, 1961 (letter of notification) 64,500 shares of
common
stock (par one cent).
Price —$3 per share.
Business—The

manufacture of

machine

tool

products,

drift meters, sextants and related items.

Proceeds—For
repayment of a loan, working capital, and general cor¬
porate purposes. Office—Urban Avenue, Westbury, L. I.,
N.

Y.

Underwriter—Kerns, Bennett & Co., Inc., New

York, N. Y.
•

Kane-Miller Corp.

(7/24)

May 17, 1961 filed 120,000 shares of common

stock. Price

^ Instrument Systems Corp.

—$5 per share.

filed 150,000 common shares (par 25 cents).
Business—The manufacture of precision in¬
controls for the aircraft and electronics
industries. Proceeds—For expansion and working capi¬
tal.
Office—129-07 18th Avenue, College Point, N. Y.
Underwriter
Milton D. Blauner & Co. (managing),
M, L. Lee & Co., Inc., Lieberbaum & Co., New York.

and distributor of grocery products to institutions, res¬
taurants, steamship lines and the like. Proceeds—For
inventory, and working capital.
Office — 81 Clinton
Street, Yonkers, N. Y. Underwriters—Netherlands Secu¬
rities Co., Inc., and Seymour Blauner Co., both of New
York City and J. J. Bruno & Co., Pittsburgh, Pa.

(7/17-21)
May 23, 1961 filed 164,850 shares of class A common
stock. Price—$10 per share. Business—The construction
and operation of television cable systems. Proceeds—For

June 29, 1961 filed $1,200,000 of 6%% convertible sub¬
ordinated debentures due 4.968. Price—At 100%. Busi-

June 28, 1961

Price—$5.
struments

and

—

International Cablevision Corp.

Business—The company is a wholesaler

• Keller Corp.

Continued

on

page

40

40

Continued

The Commercial and Financial Chronicle

(100)

from

ness—The

39

page

general
ness—The

development of land, construction of homes
activities in Florida. Proceeds—For repay¬

N. Y.

operation

corporate

of

Proceeds—For

Underwriter—Tau lnc

L.

I.,

acquisition

debt,

Yetter

of

Long Island Lighting Co.
June 2, 1961 filed $25,00u,000 of first mtge. bonds, series
L, due 1991. Proceeds—For construction.
Office—250
Old Country Road, Mineola, N. Y. Underwriters—Com¬

Homes, Inc., and
Bradley Place,
Rogers & Co.,

general corporate purposes. Office—101
Palm Beach, Fla. Underwriter—Casper

Inc., New York (managing).

petitive bidding. Probable bidders: Halsey, Stuart & Co
Inc.; First Boston Corp., and Blyth & Co., Inc. (jointly);
W. C. Langley & Co. and Smith, Barney & Co. (jointly).

Keltner Electronics, Inc.
May 31, 1961 ("Reg. A.") 150,000 common shares (par
25 cents).
Price—$1. Proceeds—For reseaicii, working
capital and repayment of debt. Office—1045 W. Hamp¬

Offering—Expected in late July.
Lytton

Underwriter—Scimiidt, Sharp,
Stout St., Denver, Colo.

St., Englewood, Colo.
McCabe & Co., Inc., 1717

den

March

Financial

30,

Kirk

June

(C.

16,

F.)

1961

Laboratories, Inc.
100,000 common shares.

company

filed

Price—By
amendment. Business—The manufacture of pharmaceu¬
ticals. Proceeds—For repayment of a loan, purchase and
inscallation
of
equipment,
development
and
promo¬
of

tion

new

W.

23rd

tor

Street, New York. Underwriter—Hill, Dar¬

Inc.

Dec.

23, 1960, filed 100,000 outstanding shares of class A
Price—$6 per share. Business—The manufacture,
packaging and distribution of a line of diagnostic serums
and cells used for the purpose of blood grouping and
testing. The company also operates blood donor centers
In New York and Philadelphia. Proceeds—For the selling

■tockholders.

Office—300

West

43rd

Street,

New York

City. Underwriter—None.

Krysfinel

Corp.

April 12, 1961 filed 90,000 shares of class A stock. Price
—$2.50 per share. Business—The company produces ferrites, which are ceramic-like materials with magnetic
properties, and conducts a research and development
program for ferrite products. Proceeds—For the repay¬
ment of a loan, research and development, new equip¬
ment and working capital. Office—P. O. Box 6, Fox Is¬
land Road, Port Chester, N. Y. Underwriters—Ross, Lyon
& Co., Inc., and Schrijver & Co., both of New York City.
Lafayette Realty Co.
April 28, 1961 filed 129.3 limited partnership interests.
Price—$5,000 per interest.
Business—The partnership
owns

a

contract to

purchase the fee title to the Lafayette
Detroit, Mich. Proceeds—To purchase the
property.
Office—18 E. 41st Street, New York

Building
above

in

City. Underwriter—Tenney Securities Corp.,
Street, New York City.

18 E. 41st

be

—To

common stock. Price
by amendment. Business — The im¬
distribution in the U. S. of French per¬

fumes.

M.
-

Proceeds—To E. L. Cournand, the issuer's presi¬
selling stockholder. Office — 767 5th Ave., New
York City. Underwriter—Goldman, Sachs &
Co., New
York City (managing).

Israel

Oil

Prospectors

Corp. Ltd.
Oct. 27, 1960 filed 1,500,000 ordinary shares.
Price—To
be supplied by amendment, and to be
payable either
totally or partially m Israel bonds. Business—The com¬
pany was organized in October 1959 as a consolidation
of individual and corporate licensees who had been
oper¬

ating in the oil business as a joint venture. Proceed*—
For exploration and development of oil lands. Office—
32
Rothschild
Blvd., Tel-Aviv, Jarael. Underwriter—
None.

International Corp. (7/31-8/4)
June 14, 1961 filed
125,000 common shares, of which
40,000 shares are to be offered by the company and

85,000

shares by stockholders. Price—By amendment.
Business—The leasing of trucks and cars. Proceeds—To
repay loans and for working capital. Office—9 Chelsea
Place, Great Neck, N. Y. Underwriter—Hayden, Stone &
Co., New York (managing).
Lewis & Clark

9,

1961

common

Marina, Inc.
of notification)
150,000 shares of
(par $1). Price—$2 per share. Address—

(letter

stock

Yankton, S. D. Underwriter—E. W. Behrens & Co., Inc.,
Sioux Falls, S. D. Note — E. W. Behrens &
Co., is no
longer underwriting this issue. The new underwriter is
The Apache Investment

Planning Division of the Apache

Corp., Minneapolis.

interests

in

be offered

in

exchange for real property,

real

property and mortgages on property
in Florida. Price—$10 per share. Office—1230 N.
Palm
Ave., Sarasota, Fla. Underwriter
Liberty Securities
Corp., Sarasota, Fla.
—

Lincoln
March
Price

30,

—

Business

filed

Net asset value
—

A

plus

shares
a

7%

of

common

stock.

selling commission.

non-diversified, open-end, management-

type investment company whose primary investment ob¬
is capital appreciation and, secondary, income

jective

derived from the sale of
put and call
For investment. Office—300 Main

Distributor—Horizon

options. Proceeds—

St., New Britain, Conn.
Corp.. New Britain.

Management

Lithonea

Lighting, Inc. (7/10-14)
May 23, 1961 filed 226,000 shares of common stock of
which 136,000 shares are to be sold for the
account of
the company and

holders.
-The

90,000 shares for certain selling stock¬
Price—To be supplied by amendment. Business

manufacture

of

fluorescent lighting fixtures for
commercial, institutional and industrial buildings. Office
—-Conyers, Ga. Underwriters—Bache & Co., New York
City and Robinson-Humphrey Co., Inc., Atlanta, Ga.
Long Island Bowling Enterprises, Inc.
May 24, 1961 (letter of notification) 100,000 shares of
common

stock

(par 10 cents).




1961

Price—$3

per

share. Busi¬

Office

8150

—

Sunset

Boulevard,

printed circuits for the electronics industry. Proceeds-^
$124,000 for new plant, $76,000 for equipment, and $110,000 for working capital. Office—1191 Stout St., Denver,
Colo. Underwriter—R. Baruch & Co., Washington, D. C.

Micro-Lectric,

Inc.
12, 1961 ("Reg. A") 55,000 common shares (par 10
cents). Price—$4. Business—The manufacture and de¬
sign of potentiometers used in computers, ground control
guidance systems and missiles.
Proceeds—For tooling
June

and

production; repayment of loans; equipment; adver¬
tising; research and development and working capital.
Office—19 Debevoise Avenue, Roosevelt, N. Y. Under¬
writer—Underhill Securities Corp., New York.
Microwave

May

12,

A.")

$300,000

of

6Y2%

sinking

per

Price—$3

filed

share.

Instruments

&

of common stock.
Business—The research, develop¬
additional

equipment,

ment

and

re¬

Office — 116-06
Underwriter —

Planning Co., Washington, D. C.

Mod-Continent Corp.
June 5, 1961 filed 140,000
advances

shares.

common

General real estate.

—

devices and

microwave

of

search, inventory and working capital.
Myrtle Avenue, Richmond Hill, N. Y.
First Investment

Inc.

shares

120,000

ment, manufacture and sale
instruments.
Proceeds—For

Business

("Reg.

Semiconductor

1961

Proceeds

subsidiaries.

to

Price—$7.50.
For invest¬

—

Office—997

Monroe

Price—At

Underwriter—First Trust Co. of Lincoln, Neb.

June

notes

offered

be

to

in

units

of

$1,000.

par.
Proceeds—For repayment of loans, and
working capital. Office—1331 S. 20th St., Omaha, Neb.

M-G, Inc. (7/10)
May 26, 1961 ("Reg. A") 100,000 class A common shares
(par $1). Proceeds — For new equipment, construction,
and working capital. Address —
Weimar, Tex. Under¬
writer—Rowles, Winston & Co., Houston, Tex.
ir SViPO Videotronics, Inc.
June

28,

filed

1961

60,000

For

shares.

common

Price—By

expansion.

Office—15

E.

53rd

Street,

New

York.

Underwriter—Francis I. duPont & Co., New York (man¬

aging).

,•,

Magna
June 1,

Pipe

Line

Co.

1961 filed 750,000

Ltd.

be

Canada.

Price—By amendment.
build

and operate
pipeline from

Island and

a

shares, of which 525,-

an

in

Business—The company

underwater

British

natural

Columbia

subsidiary will build

gas

Van-

pipeline from

a

Angeles, Washington.

to

Office—508 Credit Foncier Bldg., Van¬
Underwriters—(In U. S.) Bear, Stearns &
Co., New York. (In Canada) W. C. Pitfield & Co., Ltd.,

B. C.

Montreal.
&

Power

1961

7,

filed

Income

40,000

Fund,

investment. Office—1002

common

Price

shares.

Proceeds

First National Bank

For

Bldg., St.

Industries, Inc.
June 14, 1961 ("Reg. A") 100,000 common shares
(par
10 cents). Price—$3. Proceeds—For
repayment of loans,
working capital.

Marine

—

Cambridge St., Min^
Kalman & Co., Inc., St.

Corp. (7/17)
(letter of notification) 100,000 shares of
(par one cent). Price—$3 per share. Pro¬
ceeds—To purchase raw materials,
advertising and foi
working capital. Office—204 E. Washington St., Petaluma, Calif. Underwriter—Grant, Fontaine & Co., Oak¬
stock

land, Calif.
Marks

16

1961

filed

Corp.

95,000

Proceeds

—

common

For

shares.

expansion,

Price

—

acquisition

By

of

facilities and other corporate purposes. Office—153-

Ave,, Whitestone, N. Y. Underwriters—Ross,
Lyon & Co., Inc., and Globus, Inc.,New York (managing).
Marsan

6,

filed

television

camera

manufacturer.

Proceeds—For

equipment, research and development,
expansion of the Missiltronics Division, advertising, in¬
ventory and working capital. Office — 136 Orange St.,
Newark, N. J. Underwriter—T. M. Kirsch & Co., New
York City. Offering—Expected in
early August. Note—
company

formerly

was

named

American

Missil¬

Corp.
Co.

June

19, 1961 ("Reg. A") $300,000 of 6% convertible
15-year subordinated debentures due 1976 to be offered

for

subscription by stockholders for 14 days in units of
each. Price—At par. Proceeds—For working cap¬
ital. Office—300 E. Pine St., Hattiesburg, Miss. Under¬
writer—Lewis & Co., Jackson, Miss.
$100

•
Metropolis Bowling Centers, Inc. (7/17-21)
May 1, 1961 filed 198,000 shares of common stock, of
which 120,000 shares are to be offered for public sale by
the company and 78,000 outstanding shares by the pres¬
ent holders thereof. Price—About
$5 per share. Business
—The acquisition and operation of bowling centers, prin¬
cipally iii New York City. Proceeds—To improve exist¬
ing properties and acquire other bowling centers. Office
647 Fulton
Street, Brooklyn, N. Y. Underwriters—
Russell & Saxe,
Inc., (managing); Thomas, Williams &
Lee, Inc., and V. S. Wickett & Co., New York City.

Micro

March

Price

Electronics Corp.
(7/10-14)
31, 1961 filed 125,000 shares of common stock.
$4 per share. Business — The manufacture of

—

filed

the

repayment

New

York.

York

75,000

Inc.,

Park,
Washington,

common

Price

shares.

—

By

factoring in the textile

Proceeds—For

of debt.

working capital, and
Park Ave., South,
Higginson Corp., New

Office—380

Underwriter

—

Lee

(managing).

Miniature

Precision

Bearing, Inc.
105,000 class A common shares of
50,000 shares are to be offered.by the company
and 50,000 shares bv a stockholder and
5,000 to certain
employees. Price—By amendment. Business—The manu¬
facture of ball bearings. Proceeds—For
repayment of
debt and capital improvements.
Address—Keene, N. H.
16,

1961

filed

Underwriter—Tucker, Anthony & R. L. Day, New York
(managing).

Min&hrome, lnc#
June

16,

1961

("Reg. A") 150,000 common shares (par
Price—$1.15. Proceeds—For film processing
machines; "'machinery installation and working capital.
15

cents).

Securities, Inc., Minneapolis, Minn.

Minnesota

Valley Natural Gas Co.

June 1, 1961

("Reg. A") 15,584 common shares (par $10).
Price—$19.25. Proceeds — For expansion and construc¬
tion. Office
1750 Hennepin Ave., Minneapolis, Minn.
Underwriters—Woodard-Elwood & Co., J. M. Dain &
Co., Inc., Minneapolis and Harold E. Wood & Co., St.
Paul.

Missile-Tronics Corp.

May

8,

1961

(letter

stock

Business—The

(par

of

notification)

10

cents).

manufacturers

151,900
Price—$1.50

of

shares
per

of

share.

technical

equipment.
machinery and office
equipment; reduction of current liabilities; research and
development and working capital. Office—245 4th St.,
Passaic, N. J. Underwriter — Hopkins, Calamari & Co.,
Inc., 26 Broadway, New York, N. Y.
Proceeds

Mite

—

For payment of loans;

Corp.

23,

1961

filed

325,000

capital

shares.

Price—By
mechanical,
electro-mechanical and electronic equipment, including
sewing machine attachments, small electric motors, Po¬
laroid Land cameras, etc. Proceeds—For equipment, re¬
payment of loans; research, development and engineer¬
Business—The

amendment.

manufacture

of

and general corporate purposes. Office—446 Blake
St., New Haven, Conn. Underwriters—Kidder, Peabody
& Co., New York and Charles W. Scranton & Co., New
Haven, Conn, (managing). Offering—Expected in early
August.

purchase of

tronics

Co.,

Garey

ing

Industries, Inc.

1961

125,000 shares of class A common.
Price—$4 per share. Business—The issuing firm is a
holding company for Jersey Packing Co., and a closed

This

&

Business—General

apparel fields.

June

Tenth

June

1961

and

•

Polarized

amendment.
new

Price—$10.
Proceeds—For in¬

Address—Elkins

Factors Corp.

common

Structures

1961

27,

Mill

May 31,

Office—6425

neapolis; Minn. Underwriter
Paul, Minn.

June

Underwriter—Best

'shares.

company.

capital.

—

Mammoth

1,

working

Co.

common

D. C.

By

—
-—

Paul, Minn. Underwriter—None.

common

investment

and

—Continental

Inc.

amendment. Business—A mutual fund.

and

70,000

Office—980 W. 79th St., Minneapolis, Minn. Underwriter

Mairs

June

Pa.

Proceeds—For

construction.
couver,

Business—An
vestment

Investment

filed

which

offered for sale in the U. S., and 225,000

transmission

22, .1961

June

(7/24-28)

common

000 will

plans to

Middle Atlantic

amendment.

amendment. Business—The production of television com¬
mercials and motion pictures for industry.
Proceeds—•

Merchants

951,799

Proceeds—To repay loans and

Thursday, July 6, 1961

.

.

Ave., Memphis. Underwriter—James N. Reddoch & Co.,
Memphis.

Fund, Inc.
1961

a
subsidiary, Title Acceptance
under trust deeds securing loans

Corp.

26,

the

30, 1961 filed 2,500,000 shares of beneficial interest

in the Trust to

M.

equipment

circuit

^ Liberty Real Estate Trust of Florida
June

B.

May

Feb.

Lease Plan

May

capital.

fund

dent,

"Lapidoth"

working

Bremerton to Port

supplied

portation and

trustee

by the associations.

cover

Lanvin-Parfums, Inc.
May 17, 1961 filed 440,000 shares of

through

as

Hollywood, Calif. Underwriters—William K. Staats &
Co., Los Angeles and Shearson, Hammill & Co., New
York City (managing).

lington & Grimm, New York (managing).

stock.

associations.

and

agency,
made

the stocks of several California savings
It also
operates an insurance

owns

Corp., acts

products and for working capital. Office—

Knickerbocker Biologicals,

be

loan

and

Corp. (8/18)
filed 300,000 shares of capital stock.
supplied by amendment. Business—The

1961

Price—To

•

alleys.

Address—Mattituck,
New York, N. Y.

related

and

ment

521

bowling

of

purposes.

.

Mobile
June

27,

Estates,
filed

1961

Inc.
140,000

common

shares.

Price—$6.

Proceeds—To purchase land, construct and develop about
250 mobile home sites, form sales agencies and for work¬

capital. Office—26 Dalbert, Carteret, N. J. Under¬
writer—Harry Odzer Co., New York (managing).
ing

Model Vending, Inc.
(7/10-14)
April 27, 1961 filed 150,000 shares of common stock. Price
—To be supplied by amendment. Business—The opera¬
tion of vending machines for the retail sale of cigarettes,
candy and a variety of other food and drink products.
The

company

chines

also

operates coin-type

amusement

and

devices.

phonograph

Proceeds

—

ma¬

For

new

equipment, modernization of accounting procedures, and
general corporate purposes. Office—4830 N. Front Street,
Philadelphia, Pa.
Underwriter—Milton D. Blauner &

Co., Inc., New York City (managing), Hallowell, Sulz¬
berger, Jenks, Kirkland & Co., Philadelphia* Pa., and
M. L. Lee & Co., Inc., New York City.
Modern

Homes

Construction

Co.

(7/10-14)

May 10, 1961 filed $5,500,000 of subordinated debentures
due
to

June

be

15,

offered

1981 and 550.000 shares of

common

stock

for public

sale in 275,000 units, each unit
consisting of $20 principal amount of debentures and two
common
shares. Price—To be supplied by amendment.
Business—The construction, financing and sale of shell
homes principally in the southern and southwestern por¬
tions of the U. S.

Proceeds—To finance the sale of addi-

Volume

194

Number 6070

.

.

tional shell homes. Office—P. O. Box 1331, Valdosta, Ga.

Underwriter—Harriman

Chronicle

The Commercial and Financial

.

Ripley & Co., New York City.

Moderncraft Towel Dispenser Co., Inc.

30, 1961 filed 80,000 shares of common stock, oi
which 73,750 shares are to be offered for public sale by
the Company and 6,250 outstanding shares by the under¬

vertible
common

ceeds—For advertising, research and development, pay¬

amendment.

debt,

of

and

working

capital.

Office

—

Main

20

Belleville, N. J. Underwriter—Vickers, Christy
Co., Inc., New York City.

Street,
&

Mohawk Insurance Co.

•

Co.,

&

Dowd

39

Inc.,

Broadway,

Underwriter—R. F

April

6,

N.

Y

Inc.

(letter of notification)

1961

11,

York

New

Monticello Lumber & Mfg. Co.,

75,000

shares of

stock (par 10 cents). Price—$4 per share. Busi¬
ness—The sale of lumber, building supplies and hard¬
ware.
Proceeds—To repay loans and for working cap¬

common

Address—Monticello, N. Y. Underwriter—J.
rence & Co., Inc., New York, N. Y.
ital.

Mortgage Guaranty Insurance Co.
Oct.

Lau¬

(7/24-28)

$1). Price—To be supplied by amendment. BusinessInsuring lenders against loss on residential first mort¬

principally

loans,

gage

single

on

family

Proceeds—For capital and surplus.

homes.

non-farm
Office—606

Wisconsin Avenue,

Milwaukee, Wis. Underwriter
—Bache & Co., New York City (managing). Note—This
stock is not qualified for sale in New York State.
West

•

Motor

May

Travel

(letter

1961

2,

common

Services,

stock

(par

Proceeds—For

an

of notification)

260,000

Price—$1.15

25 cents).
advertising

program

shares of
per

and

share.

working

Office —-1521 Hennepin Avenue, Minneapolis,
& Co., Inc., Minneapolis,
Offering—Immirient.

capital.

Underwriter—Bratter

Minn.

Minn.

Investment Trust Fund, Series B

Municipal

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
investment.
Sponsor—Ira Haupt & Co., Ill Broadway,
New York City. Offering—Expected in early August.
Municipal

Investment

Trust

Fund,

First

Pa.

Series

April 28, 1961 filed $6,375,000 (6,250 units) of interests.
Price—To be supplied by amendment.
Business—The
fund will invest in tax-exempt bonds of the Common¬
wealth of Pennsylvania and its political sub-divisions.
Proceeds—For investment.
Sponsor—Ira Haupt & Co.,
Ill Broadway,
eany

New York City.

Offering—Expected in

NAC

Charge Plan and Northern Acceptance Corp.
June 27, 1961 filed 33,334 class A common shares. Price
•—By amendment. Proceeds—For working capital. Of¬
fice—16 East Pleasant St., Baltimore, Md. Underwriter
—Sade & Co., Washington, D. C.
(managing).
Nuil-Tone, Inc.
May 26, 1961 ("Reg. A.") 86,250 common shares (par
10 ce.cs). Price-i-$3. Proceeds—For research and work¬
ing c< oital.
Office — 1515 N. E. 2nd Ave., Miami, Fla.
Undei writers—Aetna Securities Corp., New York; Ro¬
Johnson, Fort Lauderdale, Fla.; Nolting, Nichol
& O'Donnell, Inc., Pensacola, Fla. and Guardian Secu¬

man

6z

rities

Corp., Miami, Fla.

Nash

(J.

Co., Inc. (7/10-14)
filed $1,000,000 of series A subordinated
due July 1, 1981 and $1,000,000 of series B
subordinated debentures, due July 1, 1981.
M.)

March 30, 1961
debent ires,
convertible

supplied by amendment. Business—The
manufacture of a variety of industrial products includ¬
Price—To

ing

wot.

auxiliary power plants, centrifugal pumps, inboard ma¬
rine engines and a line of leisure time and sporting
goods merchandise. Proceeds—To retire on or about Oct.
1, 1961

all outstanding 7V2% convertible debentures; to

and for other corporate purposes
Office—208 Wisconsin Avenue, Milwaukee, Wis. Under¬
writer—Robert W. Baird & Co., Milwaukee (managing).
repay

bank

it National

loans,

Hospital

Supply Co.,

22, 1961 ("Reg. A") 100,000 common shares (par
10 cents). Price—$3. Business—The distribtuion of me¬

dical supplies.

Proceeds—For inventory, advertising and

promotion, expansion, repayment of loans and working
capital. Office—38 Park Row, New York. Underwriters
—Edward

Lewis

&

Co.,

Inc.

and

Underhill

Securities

Corp., New York (co-managers).
•

National

Mercantile

Corp.

(7/24-28)

filed 100,000 shares of common stock
and five-year warrants to purchase an additional 20,000
common
shares, to be offered for public sale in units
consisting of one commop share and one-fifth of a war¬
rant.
Price—To be supplied by amendment.
Business
•—The distribution and retail sale of phonograph records.
March

29,

1961

Proceeds—For the repayment of loans

-

and for working

capital. To expand retail operations. Office—1905 Kerri¬
gan Avenue. Union City, N. J. Underwriter—A. T. Brod
&
'

er

Co., New York City and Rodetsky, Kleinzahler,
& Co., Jersey City, N.. J. (co-managing).

Walk-

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

capital, and Other
Office—Mallory Plaza Bldg., Dan-

equipment, plant expansion, working
corporate

purposes.




of

—

unsubscribed

any
furnishes

high

shares.

to

oil

the

filed

1,386

Office — Meadow Brook National
Mineola, N. Y. Underwriter—None.
•

gas

Telephone

Co.

of

Stockholm,

telecommunications

Sweden, manu¬
equipment, remote control

electromechanical and electronic components,
supply assemblies. Proceeds—To repay loans
and for working capital. Office—553 'South Market St.,
Galion, Ohio. Underwriter—None. systems,

Gas

Illinois

Cc.

\

1

,

,

being
offered for subscription by stockholders on the basis of
one new share for each 16 shares held of record June 22,
with rights to expire July 11. Price—$49.50. Proceeds—
May 24, 1961 filed 450,037 shares of common stock

Office—50 Fox St., Aurora, 111. Under¬

Boston

Corp., and
both of New York City.
writers—First

Glore, Forgan & Co.,

due June 1,

1976, warrants to purchase 108,200 shares of
stock, and 324,600 shares of common stock to
be offered for public sale in 54,100 units, each consist¬
ing of $50 of debentures with an attached warrant to
purchase two common shares, and six shares of common.
Price—To be supplied by amendment. Business—The
construction, sale and financing of shell homes. Proceeds

common

—To repay debt; establish a branch sales office, and for

working capital.
Office—Walden Drive, Augusta, Ga.
Underwriter—Granbery, Marache & Co., New York City.
Pacific Air Lines,

derwriter—Blyth & Co., Inc., New

June

York.

debentures

ment. Business—The

III.; 15 So. Fifth Street, Minneapolis 2, Minn.; Ill Broad¬
way, New York 6, N. Y. Underwriters—(Competitive)
Probable bidders: Halsey,
Stuart & Co. Inc.; Merrill
Lynch, Pierce, Fenner & Smith Inc.; Kidder, Peabody
& Co., and White, Weld & Co. (jointly); First Boston
Corp. and Blyth & Co. Inc. (jointly). Bids—Expected to
be received on Aug. 8.

June

13,

filed

1961

$6,500,000 of first mortgage bonds

140,000 common shares. Price—By amend¬
ment. Proceeds—For the repayment of bank loans and
Office—735

S.

W. Morrison

Oreg. Underwriter—Lehman Brothers,

—San

Underwriters

Hooker

&

St., Portland,

New York (man¬

shares.

Price

($1). Proceeds—For mining expenses. Off;ce—
W. 11th Avenue, Eugene, Ore. Underwriter—None.

—At par

^ Occidental Petroleum Corp.
June 29, 1961 filed $3,962,500 of subordinated convertible
debentures due 1976 to be offered for subscription by
common
stockholders on the basis of $100 principal
of debentures for each 100 shares

held.

Price—

Business—The acquiring and developing of oil
and gas properties.
Proceeds—For exploration and de¬
velopment of oil leases ana working capital.
Office—
8255 Beverly Blvd., Los Angeles.
Underwriter—None.
par.

(7/11)

May 22, 1961 filed 125,000 shares of common stock, of
which 62,500 shares are to be offered for public sale by
the company and 62,500 outstanding shares by the pres¬
ent holders thereof.
Price—To be supplied by amend¬
ment.
Business—The
company
operates "Marineland
of the

Pacific,"

an

exhibition of fish and trained aquatic

animals, near Los Angeles, Calif. Proceeds—For work¬
ing capital.
Office—Marineland, Los Angeles County,
Calif.
Underwriter—Blyth & Co., Inc., New York City.
Old

May

1,

Empire,

Inc.

filed $700,000 of convertible subordinated
due 1971.
Price —At par.
Business —The

1961

debentures

packaging and distribution of cosmetics,
pharmaceuticals and household, chemical and industrial
specialties. Proceeds—For the repayment of bank loans,
property improvements and working capital.
Office—
manufacture;

(managing).

it Pacific States Steel Corp.
June 21, 1961 filed 100,000 outstanding shares of capital
stock (par 50 cents) to be sold by stockholders. Price—
$6. Business—The manufacture of steel products. Pro¬
ceeds—For the selling stockholder/Office—35124 Alvarado-Niles Road, Union City, Calif. Underwriters—First
California Co., Inc., and Schwabacher & Co., San Fran¬
cisco

V

(managing).

Packer's Super

—$6

(7/24-28)

Markets, Inc.

Proceeds

53rd

—

food

stores

&

York

in

New

the

of

York

retail

22
City

area.

25
Underwriters — Milton D.
Co., Inc., and M. L. Lee Co., Inc., both of

For

general corporate

Brooklyn,

St.,

operation

Business—The

share.

per

self-service

City

N.

purposes.

Office

—

Y.

(managing).

it Palmetto Pulp & Paper Corp.
June 28, 1961 filed
1,000,000 common shares.
Price—»
$3.45. Business—The growth of timber. Proceeds—For
working capital and the possible purchase of a mill.
Address—P. O. Box 199, Orangeburg, S. C. Underwriter
—Stone & Co.

May

>

American

Pan

1961

11,

stock

Inc.

(letter of notification)

—Fred Martin &

Parish

Resources,

40,000

of

shares

(par $1). Price—$7 per share. Office—600

Federal

Glendale

Bldg., Glendale 3, Calif. Underwriter
Co., 1101 Woodlapd Dr., Norman, Okla.

(Amos)

& Co., Inc.

23, 1961 filed 208,000 outstanding common shares.
Price—By amendment. Business—Business advisors and
June

—For

Inc.

International

—

consultants to

Oceanarium,

common

transportation of passengers, prop¬

Fay, Inc., San Francisco

* Northwestern Chemical Corp.
.
June 15, 1961 ("Reg. A") 300,000 common

At

convertible sub¬
180,000

general corporate purposes. Office
Airport, San Francisco.
Walston & Co., Inc., New York, and

Francisco

aging).

amount

and

working capital and

common

(7/18)

due 1986 and

construction.

1976

erty and mail by air. Proceeds—For repayment of debts,

New

$20,000,000 of first mortgage bonds
Offices—15 So. La Salle Street, Chicago 4,

Northwest Natural Gas Co.

due

shares to be offered in units, each consisting of $100 of
debentures and 10 common shares: Price—By amend¬

Blauner

(8/8)

1961 filed

23,
1991.

due

Power Co.

States

Inc.
filed $1,800,000 of 6V2%

1961

26,

May 25, 1961 filed 100,000 shares of common stock. Price

it Northern Natural Gas Co.
June 28, 1961 filed $35,000,000 sinking fund debentures
due 1981. Price—By amendment. Proceeds—For repay¬
ment of loans. Office—2223 Dodge Street, Omaha.
Un¬
Worthern

Kidder, Peabody & Co.,

—

Drug & Chemical Co., Inc.
(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Busi¬

and power

Northern

debt, purchase of equip¬
working capital. Office —

stock

ordinated

to be
May
15 with rights to expire Aug. 25. Price—To.be supplied
by amendment.
Business — This subsidiary of L. M.
Ericsson

200,-

^0,000 by stock¬

Outdoor Development Co., Inc.
(7/11)
May 25, 1961 filed $2,705,000 of subordinated debentures

June

March 30, 1961 filed 22,415 shares of common stock
offered for subscription by stockholders of record

factures

and

City, N. Y. Underwriter—Havener Securities Corp.,
York, N. Y.
'

New

Electric Co.

North

common shares of which

company

"

1

1

1961

2,

land

Bldg.,

Bank

by the

City.

,

ness—Manufacturers of drugs. Proceeds—For expansion,
and working capital. Office—38-01 23rd Ave., Long Is¬

Business—The/company has applied for a New York
State license to sell life, accident and health insurance
and annuities.
Proceeds—For general corporate pur¬
poses.

mutual

Price—By amendment. Business^-The processing
potatoes into various packaged frozen products.

common

Price—$350.

shares.

common

raw

sold

be

Ormont

North Atlantic Life Insurance Co. of America

1961

will

May

industry. Proceeds—For general corporate purposes, in¬
cluding $880,000 for the purchase of 20 additional liquid
nitrogen high pressure pumping units.
Office—3602 W.
11th St., Houston, Texas. Underwriter — Underwood,
Neuhaus
&
Co., Inc., Houston, Texas. Offering—Ex¬
pected mid to late July.

2,

New York

plant expansion and
Ontario, Ore. Underwriter
New York
(managing).

company

and

Inc.,

ment,

Yates, Heitner &

Business—The

nitrogen

pressure

new

Proceeds—For the repayment of

Nitrogen Oil Well Service Co.
May 22, 1961 filed 100,000 shares of common stock.
Prices—$10 per share for 51,000 shares to be offered to
Big Three Welding Company; $10 per share for not
less than 24,500 shares to be offered to holders
(other
than Big Three) of the outstanding common on the basis
of one new share for each lVs shares held; and $10.60

1321

Inc.

June

000

holders.

Rapids, Iowa. Underwriter
Woods, St. Louis, Mo.

Co.,

it Ore-Ida Foods, Inc.
29, 1961 filed 220,000

Trampoline Co.

Cedar

&

June

(letter of notification) 9,400 shares of com¬
(par $1). Price—At the market. Proceeds—
For the selling stockholders. Office—930 27th Ave., S.W.,

be

dworking and packaging equipment, power saws,

Address—Col-

stock

mon

For construction.

August.

Nicholls

of

May 4, 1961

June

Inc.

capital.

working

sale

a

which will hold only convertible debentures and
U. S. Treasury bonds. Proceeds—For investment. Office
—One Maiden Lane, New York City. Underwriter—G. F.,

linsville, Va. Underwriters—Cruttenden, Podesta & Co.,
Chicago and McDaniel Lewis & Co., Greensboro, N. C.

per

17, 1960 filed 155,000 shares of common stock (pai

construction and

The

—

Proceeds—For

homes.

(7/7)

fice—198 Broadway, New York City.

Business

stock.

common

fund

of debentures and. two common shares. Price—By

of $10

Nissen

Aug. 8, 1960, filed 75,000 shares of class A common stock
Price—$12 per share. Proceeds—For general funds. Of¬

April

1961 filed $1,500,000 of 8% sinking fund con¬
subordinated debentures due 1976 and 300,000
shares to be offered in units, each consisting

12,

Price—$4 per share. Business—The manufacture
and sale of an improved towel dispensing cabinet. Pro¬

ment

Maiden Lane Fund, Inc.
7, 1961 filed 300,000 shares of
Price—$3 per share.
Business—This is
One

Nationwide Homes, Inc.
June

41

865 Mt. Prospect Avenue, Newark, N. J. UnderwriterLaird, Bissell & Meeds, Wilmington, Del.

bury, Conn. Underwriters — Lee Higginson Corp., New
York City and Piper, Jaffray & Hopwood, Minneapolis
(managing).

March

writer.

(101)

nue,

the

specialty and department stores. Proceeds
Office—500 Fifth Ave¬

selling stockholders.

New York. Underwriter—The James Co., New

York.

it Parkview Drugs, Inc.
June 21, 1961 filed 141,000 common shares (par $1) of
which 100,000 will be sold by the company and 41,000
by stockholders. Price—By amendment. Business—The
operation of a chain of retail drug stores and licensed
departments in closed - door membership
department
stores.
Proceeds—For expansion.
Office—2323 Grand
Avenue, Kansas City, Mo.
ter

Underwriter—Scherck, Rich-

Co., St. Louis.
Patent Resources,

Inc.

May 24, 1961 filed 150,000 shares of common

stock. Price

amendment. Business—The com¬
pany was organized in November 1960 to acquire, exploit
and develop patents, and to assist inventors in develop¬
ing and marketing their inventions. Proceeds—For gen¬
eral corporate purposes. Office! — 608 Fifth Ave., New
York City. Underwriters—Darius, Inc., New York (man¬
aging); N. A. Hart & Co., Bayside, N. Y., and E. J.
Roberts & Co., Inc., Ridgewood, N. J.
—To

be

Pell

supplied

by

Pharmaceuticals,

Inc.

May 24, 1961 ("Reg. A.") 150,000 common shares
five cents).
Price—$2. Proceeds—For equipment,

(par
ex¬

Office—1 Bel¬
Ave., Bala-Cynwyd, Pa. Underwriter—R. P; & R.

pansion, inventory, and working capital.
mont

A. Miller &

Co., Inc., Philadelphia.
Continued

on

page

42

42

The Commercial and Financial Chronicle

(102)

Continued from

(7/24-28)
May 26, 1961 filed 75,000 shares of common stock. Price
—$8 per share.
Business—The development, manufac¬
ture and sale of pharmaceuticals, vitamins and veterinary
products.
Proceeds — For the repayment of debt, and
other corporate
purposes.
Office — 400 Green Street,
Philadelphia,
Pa.
Underwriter — Woodcock,
Moyer,

ness—The

Fricke, & French, Inc., Philadelphia.
Photographic Assistance Corp. v
June 27, 1961 filed 150,000 common shares. Price—$1.
Proceeds—For expansion, equipment and working cap¬
ital. Office—1335 Gordon St., S. W., Atlanta, Ga. Under¬
writers—Globus, Inc., and Harold C. Shore & Co., Inc.
New York (managing).
Photronics

Feb. 24,

relocation of

Quality Importers, Inc.
1,

Office—55 Fifth Ave., New York.
derwriter—Sutro Bros. & Co., New York.
v.vj.-':

working caiptal.

—The

shares

offered by the company and 100,000

000 shares are to be

design, development and manufacture of optical
systems

electro-optical

and

components

used

in

aerial

reconnaissance, photo-interpretation, photo-grammetry and optical scanning devices. Proceeds — For
working capital, research and development, and new
equipment. Office—134-08 36th Road, Flushing, N. Y.
Underwriter—L. D. Sherman & Co., New York City.
Pickwick

Organization,

in the

the

business. Proceeds—*

estimated at $444,000, will be used to buy

construction and

homes

to start building

($175,000), to repay a bank note ($65,000),
with the balance for working capital. Office—Hunting¬
homes

Station, New York. Underwriters^—Theodore Arrin &

ton

Co., Inc., Katzenberg, Sour & Co., and Underhill Secu¬
Corp., all, of New York City.

rities

Pickwick Recreation Center,

April 21,

stock

common

—To pay

Inc.

(letter of notification)

1961

Price—$3

(no par).

per

share.

Proceeds

Office—921-1001 Riverside Drive,
Underwriter—Fairman & Co.. Los An¬

purposes.

Burbank, Calif.

geles, Calif.
Pilgrim Helicopter Services,

Piatt

and

veda

Boulevard,

May 29, 1961 filed 150,000 shares of class A stock. Price
—$5 per share. Business—The company is a real estate
firm.

Proceeds—For

investment.

Office—

Underwriter—None.

Polymetric Devices Co.
May 24, 1961 filed 90,000 shares of common stock. Price
—$3.75 per share. Business—The company sells devices
for the measurement

or

control of pressure,

temperature,

acceleration, displacement, strain and force.
working capital. Office—130 South Easton
Rd., Glenside, Pa. Underwriter — Weil & Co., Inc.,
Washington, D. C.
torque,

Research,

Polytronic
will

000

be

Inc.

filed 193,750

common

for

company

sold

holders. Price—By

the

shares, of which 150,and 43,750 for stock¬

amendment. Business—Research and

engineering and production of certain
electronic devices for aircraft, missiles, oscilloscopes,
electronic vending machines and language teaching ma¬
chines. Proceeds—For expansion, repayment of debt and
working capital. Office—7326 Westmore Rd., Rockville,
Md. Underwriters—Jones, Kreeger & Co., and Balogh &
Co., Washington, D. C. (managing).
development,

Precision

May

15,

1961

common

Specialties, Inc.
(letter of notification) 100,000 shares of
Price—$3 per share. Busi¬

stock (par 10 cents).

ness—The
ceeds—To

manufacture
repay

loans

of

precision instruments.
Pro¬
for construction, purchase of

equipment; research and development, and working cap¬
ital. Office—Hurffville, N. J. Underwriter—Harrison &
Co., Philadelphia, Pa.
President

Airlines, Inc.
13, 1961 ("Reg. A") 150,000 class A common shares
(par one cent). Price—$2. Business—Air transportation

June

of passengers and cargo.
rent

liabilities

and

Proceeds—For payment of

taxes; payment of balance

certificate

and
working capital.
Avenue, Rockefeller Center, N. Y.

nental

Bond

&

Share

Office

—

on

630

cur¬

Progress Industries, Inc.
26, 1961 filed 75,000 common shares (with
rants) of which 55,000 shares will be sold by the
June

com¬

and 20,000 by stockholders. Price—$10. Proceeds—
payment of debt, the establishment of a new
plant improvements and working capital.
Office—400 E. Progress St., Arthur, 111. Underwriterthe

subsidiary,
Tabor

& Co.,

Decatur, 111. (managing).

Progressitron Corp. (7/14)
June 9, 1961 ("Reg. A") 100,000 common shares
(par 10
cents). Price—$3. Business—Manufacturers of electronic,
electro

mechanical

and

mechanical

devices.

Proceeds—

For

general cornorate purposes. Office—14-25 128th St.,
College Point, N. Y. Underwriter—Netherlands Securi¬
ties Co., New York.
Pueblo
June 6,

Supermarkets, Inc.
1961 filed 100,000 outstanding shares

to be offered for public sale by stockholders.
Price—By amendment. Business—Operates seven super¬
markets in Puerto Rico. Proceeds—For the
selling stock¬
holders. Office—P. O. Box 10878, Caparra
Heights, San
Juan, P. R. Underwriter—Merrill Lynch, Pierce, Fenner
common




•

Rorer

(William

Inc. (7/12)
of common
public sale by the present holders
supplied by amendment. Business

1-3.),

May 24, 1961 filed 130,0U0 outstanding shares
stock to be offered for

thereof. Price—To
—The

be

manufacture

ceeds

For

—

Office

the

4865

—

sale

and

Stenton

pharmaceuticals. Pro¬
selling stockholders.

of

the

of

account

Philadelphia, Pa. Under¬

Ave.,

& Co., New York City and
Schmidt, Roberts & Parke, Philadelphia( managing).
Controller

Co.

(7/28)

Business—Devel¬

designs and produces electronic instruments for the
detection of atomic radiation.
Proceeds—For working

equipment. Proceeds—For the retirement of debt and
product expansion.
Office—2315 Homewood A^eq^e,

capital, and expansion.
Office — 61 East North Ave.,
Northlake, 111. Underwriter—Hay den, Stone & Co., New
York City (managing).

Baltimore, Md. Underwriter—Stein Bros. & Boyce, Bal¬
timore, Md. Offering—Expected mid to late July.

amendment.

Price—By

stockholders.
ops,

Ram
Dec.

Electronics,

Inc.

for television receivers and other electrical

circuits. Pro¬

tory furniture for schools. Proceeds — For expansion,
general corporate purposes and working capital. Office
—Meadow & Clay Sts., Richmond, Va. Underwriter—■
B. N. Rubin & Co.,

Rudd-Melikian,

Tool

powered tools. Proceeds—For working capital. Office—
411 N. Claremont Ave., Chicago, 111. Underwriter—Aetna
Securities Corp., Newr

York (managing).

Price—At

Price—$10.

and similar items. Proceeds—For

promotion and manufacture of
capital

and

general

Jacksonville
&

Road,
Co., New York.

a

corporate

product, working

Office

purposes.

—

300

Underwriter—Stearns

Pa.

Hatboro,

repayment of loans,

new

ic S. O. S. Photo-Cine-Optics, Inc.

Investing Association,.Inc.

May ?2,^l^f . filed
ticipating "notes to

Inc.
16, 1961 filed 130,000 common shares.

June

ers

9, 1961 filed 100,000 common shares. Price — By
Business—The manufacture of electrically

Estate

Inc., New York.

Business—The manufacture of automatic coffee dispens¬

Corp.

amendment.

each.

Business—The

Underwriter—General Se¬
57th St., New York City.

dustrial Ave., Paramus, N. J.
curities Co., Inc.,^ 101 West

June

Inc.

170,000 common shares.
Price—$5.
manufacture of special purpose labora¬

23, 1961 filed

general corporate purposes. Office—600 In¬

ceeds—For

Ram

Royal School Laboratories,
June

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

1960

28,

ness—Manufacturers of electronic and replacement parti

June

$50,000,000 series A 6% ,20-year par¬

be issued in 2,000 units of $25,000
100% of principal amount. Business—

29, 1961 filed $50,000 of 6% subordinated deben¬
due 1969 and 50,000 common shares to be offered
in units consisting of $10 of debentures and 10 common
shares. Price—$40 per unit. Business—The manufactur¬
tures

organized in February 1961 to invest
on income producing properties and
in land on which buildings have been erected. Proceeds
—For investment. Office—60 East 42nd St., New York

vision production

City. Underwriter—None.

52nd

The company

first

in

was

mortgages

Inc.

Recco

(letter of notification)) 60,000 shares of
stock
(par one cent). Price—$5 per
licensed department in
1961. Office—1211 Walnut St., Kansas City, Mo. Under¬
writer—Midland Securities Co., Kansas City, Mo.
April 17,
A

class

1961

common

share. Proceeds—To open a new

Reeves
June

Broadcasting & Development Corp.

16, 1961 filed $2,500,000 of convertible debentures.
par. Business—The operation of TV stations

Price—At
and

(managing). Offering—Expected in August.
Reher

Research

Simmons

Inc.

May 8, 1961 filed 150,000 shares of capital stock. Price—
$6 per share. Business—The research and development
of

in the

processes

field

of

surface

and

biochemistry.

Proceeds—For

plant construction, equipment, research
development, sales promotion and working capital.
Office—545 Broad St., Bridgeport, Conn.! Underwriter

and

—McLaughlin, Kaufmann & Co., (managing).
•

Renaire

research and development, working
corporate purposes. Office—602 W.
St., New York .^Underwriter — William, David &
Motti, Inc., New Ydtk.

ment, advertising,
capital and other

•

the company and 125,000

shares of common stock, (par $1)

125,000 shares are to be offered for sale by the
and 25,000 outstanding shares by the presen;
holders thereof.
Price—At 100% of principal amount,
for the
debentures
and $6
per
share for the stock.
Business—The retail distribution of food freezers, frozen
foods, groceries, vitamins, proprietary medicines and
sundries, principally in the Philadelphia and Baltimore
trading

areas.

of installment

Proceeds—For construction, the purchase
sales of food

contracts resulting from the

Office—770 Bal¬
Pike, Springfield, Pa. Underwriter—P. W. Brooks

freezers, and for working capital.

timore

Co., Inc., New York City.
Riverview ASC,

shares by stockholders.
—

Washington

Ave.,

For

—

The

printing

expansion. Office

Titusville, Fla.
York.

—

2823 So.

Underwriter—Albion

Securities Co., Inc., New

•
Ripley Co., Inc. (7/17-21)
May 19, 1961 filed 82,500 shares of common stock, of
>,000 shares are to be offered for public sale by

Inc.

gift

of

Price—By amendment. Business
wrap
papers.
Proceeds — For

equipment and working capital. Address—120 TwentyFifth Ave., Bellwood,
111. Underwriters—Stifel, Nicolaus & Co., St. Louis and Walston & Co., New York.
Science

Capital

Corp.

May 9, 1961 filed 450,009 shares of common stock. Price
—$8 per share. Business—A small business investment

Proceeds—For investment. Office—Juniper &
Sts., Philadelphia, Pa. Underwriters—Blair &
Co., Inc., New York City; Stroud & Co., Inc., and Wood¬
cock, Moyer, Fricke & French, Philadelphia, Pa.

company.

Walnut

•

Science Resources,

(7/7)

Inc.

June

13, 1961 ("Reg. A") 100,000 common shares. Price
—$3. Business—The furnishing of business management
to consulting scientists and the arranging of financing
for

companies. Proceeds—For expansion. Office
Story St., Cambridge, Mass. Underwriter—Lewis

science

—One

Marshall Roberts & Co.,

Inc., New York.

Recording Instruments Corp.

ScuTy

1961 ("Reg. A") 100,000 common shares (par
Price—$3. Business—The manufacture of pre¬
cision recording equipment. Proceeds—For repayment of
June

14,

10 cents).

a

loan, general overhead, equipment and working cap¬
Office—Bridgeport, Conn. Underwriter—Moran &

ital.

Co., Newark, N. J.
•

Seaboard
stock

mon

holders

Electronic

1961 filed

April 26,

to

Corp.

(7/24-23)

100.000 outstanding shares of com¬

be offered

thereof.

for public sale by the present

Price—$5.50

per

share.

Business—The

of

manufacture

warning signals, control boxes, intervalometers and related equipment for aircraft and mis¬
Office—417

18, 1961 ("Reg. A") 100,000 common shares. Price
—$3. Business—Real estate and utility development in
Proceeds

Manufacturing Co.,

Specia ty

1961 filed 113.600 common shares of which 40,000 shares are to be offered by the company and 73,600

sile application.

•

Inc.

May

Florida.

Clair

St.

June 19,

Wolf Associates (managing) and

(WIO)

Foods, Inc.

March 30, 1961 filed $700,000 of debentures, 6V2% con¬
vertible series due 1976, to be offered for public sale by

and

ing,. renting and distributing of motion picture and tele¬
equipment. Proceeds—For new equip¬

recording studios and the development of real estate

properties in North Carolina. Proceeds—For expansion,
the repayment of loans, for working capital and other
corporate purposes. Office—304 E. 44th St., New York.
Underwriter—Laird
&
Co.,
Corp., Wilmington, Del.

&

•

-—

Rowan

company

pany

For

Laboratory,

of which

war¬

^ Rodney (Vietals, Inc. I;'"-""'
30, 1961 filed 140,000 common shares. Price—$10.
Proceeds
For the repayment of debt and oiher cor¬
porate purposes. Office—261 Fifth Ave., New York. Un¬
derwriter—Amos Treat & Co., Inc., New York (managk ing). r.v-' /: • ;;•//, •
\
V'y{- :1'V
■ v

May 29, 1961 filed 50,000 shares of common stock. Price
—To be supplied by amendment. Business—The manu¬
facture and sale of industrial controls and electrical

CAB

Corp., Maplewood, N. J.

materials.

June

(7/31-8/4)

1, 1961 filed 100,000 common shares, including 86,666 to be offered for sale by the company and 13,334 by

Fifth

Underwriter—Conti¬

selling stockholder.

a

writers—Kidder, Peabody

June

Proceeds—For

June 7, 1961

Co., New York.

Real

New York City.

repay

Office—700 N. SepulCalif.
Underwriter—H.

Segundo,

El

cosmetics,

Proceeds—To

Radiation Instrument Development

Corp.

investment

&

items.

working capital.

for

loans

Hentz

pharmaceuticals,

of

related

and

Offering—Imminent.

Inc.
April 25, 1961 (letter of notification) 16,363 shares of
common stock
(par $1). Price—$5,50 per share. Proceeds
—For general corporate purposes. Office — Investment
Bldg., Washington, D. C. Underwriter — Sade & Co.,
Washington, D. C.
-

manufactuer

fluid

lighter

common

100,000 shares of

for construction, working capital and, general

corporate

ness—The

Busi¬

amendment.

Price—By

stockholders.

Inc.

real estate and construction

land for shell

by

Inc.

May 23, 1961 filed 110,000 shares of common stock.
Price—$5 per share. Business—The company is engaged
Net proceeds,

./.•/

shares of which 80,-

19, 1961 filed 180,000 common

June

10 cents). Price—To be

and

Un¬

by

Business—The sale of building

,

1961 filed 200,000 common shares.
Price —By
amendment.
Business—Imports and distributes Scotch
and Irish whiskeys.
Proceeds—To repay loans and for
June

Price—By amendment.
Proceeds—For
repayment of a loan and working capital. Office—2715
Market Street,Wheeling, W. Va.
Underwriter—Arthurs,
Lestrange & Co., Pittsburgh, Pa. (managing).shares

pansion, and working capital.
Office — 1562-61st St.,
Brooklyn, N. Y. Underwriter—William, David & Motti,

Rabin-Winters Corp.

1961 filed 150,000 shares of common stock (par
supplied by amendment. Business

-A Roberts Lumber Co.
'
June 28, 1961 filed 55,000 common shares cf which 20;000
shares are to be offered by the company and 35,000

of technical equipment. Pro¬
business; new equipment; ex¬

manufacturers

ceeds—For

(7/7)

Corp.

stock

common

*

•

1961

8,

May

(7/1.0-14)
(letter of notification) 65,000 shares of
(par one cent). Price—$4 per share. Busi¬

instrument Corp.

Q-Line

Dominick,

New York

Inc., New York, N. Y.

Philadelphia Laboratories, Inc.

Conn.
Underwriter — Dominick &
City (managing). --

dletown,

early August.

or

Office—One Factory Street, Mid-

product development.

Ne\y York. Offering—Expected in late July

& Smith Inc.,

41

page

Thursday, July 6, 1961

.

.

.

Proceeds—For the selling stockholders.

Canal

Street, New York City. Underwriter
City (managing).
J.

—Amos Treat & Co., Inc., New York

Second
June

Business

(8/14-18)
shares. Price—$3.
The purchase of notes, mortgages, contracts,
Financial, Inc.
filed 100,000

1961

20,

—

common

etc., from Shell Home Builders. Proceeds—For invest¬
ment.
Office—2740 Apple Valley Road, N. E., Atlanta,
Ga.

Underwriter—Globus, Inc., New York.

the company and

Security Acceptance Corp. (7/28)
March 7, 1961 filed 100.000 shares of class-A

ent

stock

57,500 outstanding shares by the pres¬
Price—To be supplied by amend¬
Business—The manufacture and distribution of

holders

ment.

thereof.

photoelectric
and

other

street

controls, centrifugal blowers
equipment.
Proceeds—For new

light

electronic

and

common

be offered

$400,000 of !Vz% 10-year debenture bonds, to
in units consisting of $100 of debentures and

25

of stock.

shares

Price—$200

per

unit. Business—The

purchase of conditional sales contracts on home appli-

Volume 194

Proceeds

ances.

Number 6070

.

.

.

The Commercial and Financial Chronicle

For working capital and expansion.
St., N. W., Washington, D. C.
Under¬

—

Office—724 9th

(103)

^ Southern Growth Industries, Inc.
June 28, 1961 filed 100,000 common shares.

writer—None.

Business—A

if Semicon, Inc.
June 30, 1961 filed 125,000 class A common shares. Price
—By amendment. Business—The manufacture of semi-,
conductor devices for military, industrial and commercial
use.
Proceeds—For equipment, plant expansion and new

ceeds—For investment.

Address—Sweetwater Avenue, Bedford, Mass.
Underwriter—S. D. Fuller & Co., New York (managing).
Photo Industries,

business

investment

working capital.
Price—$6.

write!—Nat

Pro¬

company.

June

Greenville, S. C.

chase of

Southern Realty & Utilities Corp.
May 26, 1961 filed $3,140,000 of 6% convertible deben¬
tures due 1976, with warrants to purchase 31,400 common

Price

shares.

common

Price

—At 100%

Photo Suppliers, Inc., is engaged in the importation and

repayment of debt, the development of property, work¬
ing capital and other corporate purposes. Office—1674

ment of

distribution

of a wide variety of photographic equip¬
Proceeds—For the repayment of debt, advertising

York

Underwriter—N. A.

Servonic

Instruments,

Inc.

research, design, development, manufac¬
precision devices consisting primarily of

ture and sale of

electromechanical transducers, for a variety of military,
industrial and scientific used. Proceeds—For new equip¬
ment,
1644

plant expansion and working capital.
Office—
Whittier, Calif.
Underwriter — C. E. Unterberg,

Minerals

&

Chemical

Co.

Oil

Co.

23, 1961

tures

due

Proceeds—For

•

Industries,

Inc.

company plans to change
Industries International Inc.

Note—This

uretnane

of

altitude

high

its

breathing

of debt, the

Automations,

controlled

automation

devices.

Proceeds

which

by

Electric

Inc.

(7/17-21)

150,000 shares of , class A stock, of
100.000 shares are to be offered for public sale

18,

uie

1961

filed

company

present

holders

amendment.

and

50,000 outstanding shares by the
Price — To
be supplied by
manufacture of electrical

thereof.

Business"ij—The

equipment, principally wiring devices and lighting con¬
trols
used
in
industrial, commercial and residential
buildings. Proceeds—To reduce outstanding loans, pur¬
chase additional equipment, and for working capital.
Office—45 Sea Cliff Avenue, Glen Cove, L. I., N. Y.
Underwriter—C. E. Unterberg, Towbin Co., New York
City (managing).
:
.

Southeastern

Capital Carp. (7/17)
May 16, 1961 filed 500,000 shares of common stock (par
$1). Price—S12.50 per share. Business—A small business

Proceeds—For investment. Office
Nashville, Tenn. Underwriters
—Paine, Webber, Jackson & Curtis, New York City
(managing) and Johnston, Lemon & Co., Washington,
d. c.
'■<& •
.; : ■
investment company.

—Life & Casualty Tower,

Southern American Fire Insurance

'

Co.

(letter of notification) 23,500 shares of
commonJstock (par $4). Price—$ 10-per-share. Office—
c/o Guilmartin, Bartel & Ashman,
1527 Alfred I. du
Pont BuiMmg, Miami, Fla. Underwriters—Beil & Hough,
19,

1961

Inc., St. Petersburg, Fla.; Nolting, Nichol & O'DonneU.
Inc., Pensacola, Fla.; Sterling, Grace & Co., New York.




St., Morristown, N. J. Underwriter—E.
Hartford, Conn.

June 28, 1961 filed $500,000 7%
due 1971 and 200,000 common

Secu¬

subordinated debentures
shares to be

offered in

advances to a subsidiary, establish¬
ment of branch sales offices and working capital.
Office
—336 S. Salisbury Street, Raleigh, N. C. Underwriter—
D. E. Liederman & Co., Inc., New York
(managing).
Sterile

Medical

Products,

Inc.

1961 ("Reg. A") 120,000 common shares (par 10
cents). Price—$2.50. Business—The sharpening of sur¬
gical blades. Proceeds—For general corporate purposes.
Address—Jamesburg, N. J. Underwriter—Louis R. DreyJune 2,

ling & Co., New Brunswick, N. J.
Stratof ex,

Inc.

120,000 common shares. Price — By
amendment. Business
The manufacture of hydraulic
and pneumatic type hose, primarily for the aircraft and
June

1961 filed

8,

—

industries.

missile

Proceeds—For

repayment

of

loans,

working capital. Address — P. O. Box 10398, Fort
Worth. Tex. Underwriter—First Southwest Co.. Dallas.
and

Stratton Corp.

1961 filed $650,000 of 5% convertible subordi¬
debentures, due Dec. 1, 1981. Price—At 100% of

principal amount.
of

a

Business—The development and op¬

winter and

Mountain

Stratton

construction.

summer

recreational resort

in southern Vermont.

Office—South

on

Proceeds—For

Londonderry,

Vt.

Under¬

writer—Cooley & Co., Hartford, Conn.

June

27,

nated

due

1981.

convertible subordi¬

Price—At

par.

Proceeds—*

plant expansion, working capital

and other corpo¬
Office — Basin and Cherry Sts., Norristown, Pa. Underwriter—H. A. Riecke & Co., Philadel¬
phia (managing).
purposes.

Sun

March

(7/7)

i

policyholders, employees and company representatives.
Price—$21.70 per share. Business — The company is
qualified to write life insurance in the state of Missouri,
Proceeds—For expansion of the business into other states
and for reseives. Office — 4725 Wyandotte St., Kansas
City, Mo. Underwriter—J. E. Stowers, Kansas City.
•

Industries

Suval

Inc.

(7/24-28)

April 27, 1961 filed 125,000 shares of common stock, of
which 100,000 shares are to be offered for public sale
by

the

and 25,000 outstanding

company

shares by the

present holders thereof. Price—$4 per share. Business—■
The manufacture of supported vinyl plastic sheeting for
the

automobile, furniture and clothing industries.

Pro¬

ceeds—For additional equipment, product expansion and

capital.

working
N.

Office—Cantiagua

Underwriters

Y.

&

—

Milton

D.

Road,

Blauner

Westbury
&

Co., both of New York City.

Co,

1

and
r

if Swanee Paper Corp.
'
29, 1961 filed 150,000 common shares, of which
35,000 shares are to be offered by the company and
115,000 shares by the stockholders. Price—By amend¬
ment. Business—The production of tissue paper products.
Proceeds—For general corporate purposes. Office—205

June

E. 42nd

St., New York. Underwriter—Blair & Co., Inc.,,
(managing).

New York

Swingline Inc. (7/17-21)
14, 1961 filed 200,000 outstanding class A common
Price—By amendment. Business—The manufac¬
ture of stapling machines. Proceeds — For the selling
stockholders. Office—32-00 Skillman Ave., Long Island

June

City, New York. Underwriter—Paine, Webber, Jackson
& Curtis, New York (managing).
if T. F. H. Publications, Inci
22, 1961 ("Reg. A") 60,000 common shares (par
10 cents). Price—$5. Business—The publishing of books,

June

pamphlets and magazines. Proceeds—For repayment of
loans, production of new garden books, installation of
air-conditioning and working capital. Office—245-247
Cornelison Ave., Jersey City, N. J. Underwriter—Arnold
Malkan & Co., Inc., New York.
T-Bowl

International, Inc.

1961 filed 400,000 common shares, of which
325,000 shares are to be offered by the company and
75,000 shares by stockholders. Price—By amendment.
Business—The operation of bowling centers. Proceeds—
For expansion. Office—27 B Boulevard, East Paterson,
N. J. Underwriter—Peter Morgan & Co., New York.

June

T.

15,

V.

Development Corp.

May 26, 1961 filed 100,000 shares of common stock. Price
—$5 per share. Business—The manufacture and sale of

replacement knobs for television sets. Proceeds—Fcir the
repayment of debt, the expansion of product lines and
working capital. Office—469 Jericho Turnpike, Mineola,
N. Y.
Underwriters — Kesselman & Co., and Brand,
Grumet &
•

Taddeo

stock

Seigel Inc., New York (managing).
Bowling & Leasing Corp.

(7/10-14)

1961 filed $600,000 of 8% convertible subordi¬
due 1971, 125,000 shares of common

March 31,

debentures
and 50,000

class A warrants to purchase common
public sale in units consisting of

stock to be offered for

$240 of debentures, 50 common shares and 20 warrants.
Price
$640 per unit. Business — The construction of
—

bowling centers. Proceeds—For

construction and work¬

ing capital. Office—873 Merchants Road, Rochester, N Y.
Underwriter—Lomasney, Loving & Co., New York City

•

1961 filed $600,000 of 6%

debentures

Insruance Co.

(managing).

Strouse, Inc.

For

be

nated

March 3,
nated

Benefit

30, 1961 filed 50,000 shares of common stock to
offered
initially to stockholders and thereafter to

shares.

units, each unit consisting of $50 of debentures and 20
common
shares.
Price—$100 per unit.
Business—The
construction and sale of shell homes. Proceeds—For re¬

rate

May

Pine

office personnel. Pro¬
purchase assets of Rapid Computing Co., Inc.
general corporate purposes. Office—122 E. 42nd

eration
•

Survivors'

purposes.

payment of loans,

Inc.

the

Slater

77777.:- A

if Star Homes, Inc.
.,

•

March

Brukenfeld

and for

140 N. W. 16th St., Boca Raton, Fla. Underwriter—J, I.
Magaril Co., Inc., New York.

May

Carrispji^ Wulbern, Inc.. Jackson¬

Street, New York, N. Y. Underwriter—Hancock
rities Corp., New York, N. Y.
'•.n/7-

repayment of debt, purchase of additional
equipment and inventory, and workin* capital. Office—

•

a

ceeds—To

1961 filed 70,000 class A common shares. Price
—$4, Business — The design, manufacture and sale of
—For

repayment of

ness—The supplying of temporary

June 28,

electronically

the

Staff Business & Data Aids

development of retail outlets, property improvement,
and working capital. Office—Toms River, N. J. Under¬
writer—Warner, Jennings, Mandel & Longstreth, Phila¬
delphia (managing). Offering—Expected in early July.
Sjostrom

(7/17-21)

April 17, 19bl (letter of notification) 100,000 shares of
capital stock (par 10 cents). Price—$3 per share. Busi¬

Skiffs, Inc.
1961 filed 100,000 shares of common stock.
be supplied
by amendment. Business—The
manufacture and sale of "sea skiffs" a type of inboard

•

pay

T. Andrews & Co.,

19,

repayment

For

—

Office—10

Sica

the

-

To

inventories; marketing and general corporate

Price—To

Proceeds—For

copy

—

(letter of notification) 1,624 shares of class
A common stock (no par) to be offered for subscription
by stockholders on the basis of four shares for each five
shares held, with the unsubscribed shares to be sold to
the public. Price—To stockholders, $100 per share; to
the public, $110 per share. Business—Manufacturers of
Pharmaceuticals. Proceeds — For testing new products,

Bronx, N. Y. Underwriters—L. C. Wegard & Co., 28 West
State St., Trenton, N. J. (managing); L. J. Termo & Co.,
Inc., New York and Copley & Co., Colorado Springs,Colo.

boat.

office

Proceeds

Spencer Laboratories, Inc."A

equipment. Proceeds—For repayment of
equipment, research and development, plant
improvement, purchase of inventory, advertising and
working capital. Office — 787 Bruckner Boulevard,

motor

*

Proceeds—To purchase and develop additional

Lenchner, Inc., Pittsburgh, Pa.

Corp.,

May 1, 1961

new

April

Investing

ville,

and ventilation

loans;

sells

and

Underwriter—Pierce.

Shepard Airtronics, Inc.
1961 (letter of notification) 75,000 shares of
common
stock (par one cent).
Price — $4 per share.
manufacture

of

loan and for working
capital. Office—722-32 Brookhaven Drive, Orlando, Fla.

April 26,

Business—The

It has developed part of the property to form the

Apacheland Sound Stage and Western Street, architec¬
turally designed for the 1870 period, which is used for
the shooting of the motion picture and television pro-

Machines Corp.

Speliman Engineering, Inc.

ceeds

amendment. Business—The manufac¬

—

to

purchase

6, 1961 filed 150,000 common shares. Price — By
amendment. Business—The servicing of missiles. Pro¬

ture, converting and distribution of urethane foam
products to industry. Proceeds — For expansion, new
equipment, repayment of debt, and working capital. Of¬
fice—4542 East Dunham St., City of Commerce, Calif.
Underwriter
Garat & Polonitza, Inc., Los Angeles

(managing).

For

June

May 24, 1961 filed 200,000 shares of common stock. Price

name

—

making
off
notes in the amount of $422,826, with the balance for
general corporate purposes.
Office—Chicago.
Under¬
writer—Rodman & Renshaw, Chicago (managing).

St., New York. Underwriter—Morgan

Urethane

Shelley

March, 1959 to develop real property at the
Superstition Mountain near Apache Junction,

of

Ariz.

07777—7.7A

accessories.

and

machines

Stanley & Co., New York.

To be supplied by

purposes.

manufactures

pany

Price—By amendment.

foot

patent development and
Office—812 Ainsley Bldg.,

May 24, 1961 filed 125,000 shares of common stock. Price
—To be supplied by amendment. Business—The com¬

City, Utah. Underwriter—None.

(7/19)

50th

W.

Proceeds

expansion,

(7/17-21)

repayment of loans and general corporate purposes. Of¬
fice—50

devices.

Speed-O-Print Business

filed $200,000,000 of sinking fund deben¬

1986.

in

formed

ductions.

Fla. Underwriter—Hampstead
New York (managing).

ment, and exploration of mining properties. Proceeds—
For general corporate purposes. Office — 1406 Walker

Shell

(managing).

City

Miami,

24, 1961 filed 500,000 shares of common stock.
Price—$2.50 per share. Business—Acquisition, develop¬

June

Beach, Fla.
Underwriters —
Lee Higginson Corp., both of New

Co., and

equipment, plant
general corporate

April

Bank Bldg., Salt Lake

Miami

Avenue,

&

communication

Towbin Co., New York City.*s
Shasta

Business—The develop¬
Proceeds—For the

if Space Technology & Research Corp.
property. Office—Apache Junction, Ariz. Underwriter;
June 20, 1961 ("Reg. A") 300,000 common shares (par
—None.
10 cents). Price—$1. Proceeds—For repayment of debts,
Supronics Corp.
furniture and equipment, and working capital. Office—
May 29, 1961 filed 90,000 shares of common stocks Price
520 Midland Savings Bldg., Denver, Colo. Underwriter—To be supplied by amendment.
Business—The com¬
Henry Fricke Co., New York,
7777•■\:77 77x-7 7/ pany is engaged in the distribution of wholesale elecA
trical equipment and supplies.
Spectron, Inc.
Proceeds — For the re¬
June 9, 1961 filed 83,750 class A common shares (par 10
payment of bank loans and other corporate purposes.
Office—224 Washington St., Perth Amboy, N. J. Under¬
cents). Price—$4.50. Business—The design, development
and manufacture of electronic systems, instruments and
writers—Amos Treat & Co., Inc., and Standard Secu¬
rities
equipment, including microwave, radar and underwater
Corp.,
both of
New York
City
and
Bruno-

(7/10-14)

April 26, 1961 filed 95,000 shares of no par common
stock, of which 50,000 shares are to be offered for public
sale by the company and 45,000 shares by the present
holders thereof. Price—To be supplied by amendment.
Business—The

of principal amount.

unimproved land in Florida.

Meridian

Hirsch

Of¬

Bayside, N. Y. (managing).

Hart & Co.,
•

17th St., New York.

East

fice—33

Superstition Mountain Enterprises, Inc. (8/15)
30, 1961 filed 2,000,000 shares of common stock.
—$2.50 per share. Business—The company was

Jan.

debentures and warrants for five

and sales promotion, and other corporate purposes.

(no
pur¬

new

equipment, research and development and
working capital. Office—2024 W. 15th St., Long Beach,
Calif. Underwriter—Morgan &
Co., Los Angeles.

shares, to be offered for public sale in units of $500 of

Inc.

May 26, 1961 filed 150,000 class A shares (par one cent).
Price — $4.
Business — The company, formerly Service

ment.

Address — Harlingen, Texas. Under¬
Berger Associates, Inc., New York City.

Super-Temp Corp.
^
15, 1961 ("Reg. A") 100,000 common shares
par). Price—$3. Proceeds—For repayment of debts,

Office—Poinsett Hotel

Building,
Greenville, S. C. Underwriter—Capital Securities Corp.,

products.

Service

small

43

Valley Associates

30, 1961 (letter of notification) $205,000 of lim¬
ited partnership interests to be offered in units of $5,000,
or fractional units of not less than $2,500.
Proceeds—For

Taffet Electronics,

Inc.

(7/17-21)

132,000 shares of common stock.
Price
$3 per share.
Business — The manufacture of
electronic equipment, principally electronic test equip¬
ment, partial electronic systems and assemblies, and the
fabrication of electronic components, for use primarily
in the communications field.
Proceeds—For additional
equipment, capital improvements and working capital.
Office—27-01 Brooklyn Queens Expressway, Woodside,
April

1961

28,

filed

—

,

.

.

Continued on page 44

44

Continued from
N.

Y.

The Commercial and Financial Chronicle

(104)

43

page

edness, and for working capital. Office—11-11 34th Ave.,
Long Island City, L. 1., N. Y. Underwriter — (For the

Underwriters—Fialkov

&

Co., Inc. (managing);
Stanley Heller & Co., Amos Treat & Co., Inc., all of New
York City.
•

Taft

Broadcasting Co. (7/17-21)
May 26, 1961 filed 376,369 outstanding shares of com¬
mon stock
to be offered for public sale by the present
holders thereof. Price—To be supplied by amendment.
Business—The operation of TV and radio broadcasting
stations.
Proceeds—For the selling stockholders.
Office
—1906 Highland Avenue, Cincinnati, Ohio. Underwriter
—Harriman Ripley & Co., Inc., New York City (manag¬
ing).
•

Tassette,

Inc.

(7/24-28)

"filed 200,000 shares of class A stock. Price
share. Business—The company Was organized

per

under Delaware law
and sale of

1959

in

"Tassette,"

to finance

the exploitation

June

&

Co.,

Inc..

New

New

(8/4)

Business

A

—

business

small

investment

Proceeds

Texas

Eastern

June

—

five
of

Transmission Corp.

7, 1961 filed $30,000,000 of debentures due July
1981 and 200,000 shares of subordinated convertible

par). Proceeds—For the

($100

preferred

opment, medical research and administrative expenses.
Office—170 Atlantic St., Stamford, Conn.. Underwriter—

repayment

Amos Treat & Co., Inc., New York City (managing);
Bruno-Lenchner, Inc., Pittsburgh; and Karen Securities
Corp., New York City.

Tax-Exempt Public Bond Trust Fund

130,000

shares by the stockholders.
ness

lamination

The

—

Turbodyne Corp.
May 10, 1961 filed 200,000 shares of common stock. Price
—$2 per share. Business — The research, development,
manufacturing and marketing of space and rocket en¬

shares of which 100,by the company and 30,000

Proceeds—For

expansion, working capital and general
purposes. Office—200 Fair St., Palisades Park,
Underwriters—Flomenhaft, Seidler & Co., Inc., and
Street & Co., Inc., New York (managing).

gines, afid related activities. Proceeds—For research and
development, and working capital. Office—1346 Con¬
necticut Ave., N. W., Washington, D. C. Underwriter—.
T. J. McDonald & Co., Washington, D. C.

',

corporate

N. J.

16, 1961 filed $5,000,000 of interests (5,000 units).

Price—To be computed on the basis of the trustees eval¬
uation of the underlying public bonds, plus a stated

Union

June

Thermo-Chem

search

tax-exempt obligations of states, counties, municipalities
territories

United

the

of

States.

Sponsor

John

—

Co., 135 South La Salle Street, Chicago, 111.

Tax-Exempt Public Bond Trust Fund, Series 2
Feb. 23, 1961 filed $10,000,000 (10,000 units) ownership
certificates. Price—To be filed by amendment. Business
—The fund will invest in interest

states,
U.

counties,

municipalities

bearing obligations of

and

territories

Office —135

South

Fla.

and New York

Pro¬
Salle

La

12, 1961 filed $2,420,000 of limited partnership in¬
terests. Price—$10,000 per unit. Business—The
partner¬

ship will acquire all the outstanding stock of five apart¬
houses in Newark, East Orange and Jersey City,
N. j. Proceeds—For general corporate purposes. Office
ment

it Technical Material Corp.
June 30, 1961 filed 50,000 outstanding
Price

—

By

amendment.

Business

—

Proceeds—For

manu¬

ment.
seven

design,

the

Techno-Vending Corp.
9, 1961 ("Reg. A")100,000 class A common shares
(par one cent). Price—$3. Business—The manufacture
of coin-operated vending machines.
Proceeds—For re¬
payment of loans; sales promotion and

advertising; ex¬
pansion; purchase of raw materials; research and devel¬
opment, and working capital. Office—599 Tenth Avenue,
Services

TempSet Industries Inc.

N. Y. Underwriter—Levien,

Greenwald.& Co., New York.

1961 filed
due 1969.

30,

bentures,

Business

amount.

Office

Transcontinental

March

six television and
Proceeds—For the
70 Niagara St., Buffalo,

—

Rhoades & Co., and

stock

common

per

ceeds—For advances to subsidiaries.

share.

185,000

to

by

be

common

offered

stockholders.

by

U.

$445,000
Price

5V2 %

of

100%

—

convertible
of

management

the

and

de¬

principal

distribution

it Transvisson Electronics. Inc.
June 29, 1961 filed 140,000 common
amendment.
TV

Business—The

equipment.

shares.

manufacture

specialized!

of

efforts

York.

corporate

Third Avenue, New York City.

purposes.

Office—630

Underwriter—Hecker &

Co., Philadelphia, Pa. Offering—Expected in late

July.

Investors,

Inc.
May 16, 1961 filed 500,000 shares of common stock to be
publicly offered, and 4,206 common shares to be offered
to

holders

one

new

of

the

outstanding

share for each

common

on

the

basis

of

nine

shares held. Prices—$12 50
share for the public offering and $11.40 per share
for the rights offering. Business—A small
business in¬

per

vestment

pany's
term

company.

activities

loans

of

to small

Proceeds

—

providing
business

To

finance

equity

concerns.

capital

the

and

com¬

long

Office—Life and

Casualty Tower, Nashville, Tenn. Underwriter—Paine
Webber, Jackson & Curtis, New York City
(managing)!
Terry

Industries,

Inc.

Feb. 28, 1961 filed 1,728,337 shares of
common stock of
which 557,333 shares are to be offered
for the account
of the issuing company and
1,171,004 shares, represent¬
ing outstanding stock, are to be offered for the account
of the present holders thereof. Price—For
the company'*
shares, to be related to A.S.E. prices at time of the

offering. For the stockholders' shares, the price Will be
supplied by amendment. Business
The
company, for¬
merly Sentry Corp., is primarily a general contractor for
heavy construction projects. Proceeds—The proceeds of

working

capital.

Tresco, Inc.
5, 1961 filed

June

Office—460

100,000

common

Avenue,

North

shares.

working

capital,

inventory

the first 12,000 shares will go to
Netherlands Trading Co
The balance of the proceeds will be
used to pay past
due legal and accounting
bills, to reduce current indebt¬

Underwriter—Auchincloss, Parker & Redpath, Washing¬
ton, D. C., and New York City.
United Variable Annuities Fund, Inc.
April 11, 1961 filed 2,500,000 shares of stock. Price-—$10

Price—$5.

per

Business—Manufactures transformers for electronic

equipment.

Proceeds—For

search

development,

and

the

repayment of

debt,

finance a new subsidiary
and for other corporate purposes. Office—3824 Terrance
St., Philadelphia. Underwriter—Amos Treat & Co., New
York (managing).
•

to

30, 1961

common
ness

stock

Universal Health,
June

The

manufacture

it Tri

offered

Business

by

—

the

The

stockholders.

designing,

for

the

Price—At

converting

the

market.

and

&

Underwriters—R.
Blaha

&

pharmaceutical and chemical
the selling stockholders. Of¬
Warrington Sts., East Riverton, N. J.
food,

Proceeds—For

fice—B^nnard

the

fall

of

1961. -

v

L. Scheinman & Co., New
Co., Inc., Long Island City, N. Y.

York and

•

*

Inc.
common

shares. Price

Office—15A South Main St., West Hartford, Conn.
Investing Corp., 120 Wall St.,

Underwriter—Cortlandt
New York.
*

'.

Universal

Feb.

23,

Manufacturing Co.
(letter of notification)

1961

135,000 shares oi
(par 10 cents) of which 35,000 shares are

stock

outstanding
shares to

common

p^ens and components in the fabrication of metal

equipment
industries.

Street, Kansas City, Mo.
Reed, Inc., Kansas City, Mo.

to be offered for the account of the
company

equipping
trucks used in sale of ice cream, etc.
It also engages in
the research, design and manufacture of vacuum furnaces,

poses.

of

Works, Inc.
filed 68,000 outstanding

mutual fund. Proceeds—For

9th

14, 1961 ("Reg. A") 100,000
Business — The operation

common

Metal

&

of a chain o,f health
studios. Proceeds—For expansion, advertising, financing
of time payment memberships and other corporate
pur¬

Proceeds—For

June 29, 1961

new

W.

Offering—Expected in

(letter of notification) 100,000 shares of
(par one cent). Price—$3 per share. Busi¬

minent.

be

,

—$3.

precision instruments and
equipment, inventory, the
repayment of debt, and working capital. Office—Oak
Drive and Cedar Place, Syosset, L. I., N. Y. Underwrite*
—Armstrong & Co., Inc., New York City. Offering—Im¬
—

components.

Office—20

Underwriter—Waddell

Triangle Instrument Co.

March

share. Business—A

investment.

re¬

—




For

planning, development and marketing of single-familyhome communities in New Jersey. Proceeds—For the
repayment of loans, purchase of land and development
of properties. Office — 52 Neil Ave.,
Lakewood, N. J.

Proceeds—For expansion, repayment of

and

Tennessee

—

U. S. Home & Development Corp. (7/17-21)
May lil, 1961 filed 300,000 shares of class A capital stock.
Price—To be supplied by amendment. Business
The

Rochelle, N. Y. Underwriter—Adams & Peck, New

general

Proceeds

equipment, and sales promotion.
Office — Clarkville, Texas. Underwriter—Hauser, Murdock, Rippey &
Co., Dallas, Texas.

Price—By

debt

for

Offering-—Expected in mid-August.

and

Wilshire Blvd., Beverly Hills. Underwriter
Staats & Co., Los Angeles (managing).

New

companies, and also private
counselling. Proceeds—To increase the sales
subsidiaries, to establish a new finance com¬

and

Corp.

—

Office—9460

investment

pany,

Holton,

S.

materials.

company

Price—By

of shares of four investment

of

—

Fiberglass Products Co.
April 27, 1961 filed 200,000 shares of common stock.
Price—$2 per share. Business—The company plans to
manufacture fiberglass shingles, beams, purlin and other

shares

the

Underwriter

of debt, property acquisitions, and work¬
Office—60 E. 42nd Street, New York City.

Underwriter—None.

of which
and
amendment.
Business—A holding company with subsidiaries in the
savings and loan, real estate and insurance fields. Pro¬
ceeds
For repayment of loans and working capital.
filed

are

shares

Investors

ing capital.

Trans-World Financial Co.

26, 1961
shares

a

Office—11459 E. Impe¬

the repayment

Pro¬

Office—278 S. Main

Street, Salt Lake City, Utah. Underwriter—Continental
Securities Corp., 627 Continental Bank Building, Salt
Lake City, Utah.

110,000

repayment of debt, acquisition of

and

United

120,000 shares of

Price—$2.50

Proceeds—For

May 26, 1961 filed 76,109 shares of class A stock. Price
—$10 per share.. Business—The company plans to ac¬
quire 15 realty properties in eight states. Proceeds—For

Investment Co.

(letter of notification)
(par $1).

1961

15,

—William R.

Corp.

The

—

supplied by amend¬
of

stations.

broadcasting

shares and $400 of debentures.
Price—•
unit. Business—The operation of bowling cen¬

per

—

Tempieton Damroth
March

be

operation

(with attached warrants) and
shares to be offered in units consisting

United Foods, Inc.
(7/10-14)
May 25, 1961 filed 125,000 shares of common stock. Price
—$8.50 per share. Business—The storing of grain for a
U.
S. Government agency; cold storage warehousing;
the freezing, packaging and marketing of
vegetables;
the freezing and packaging of shrimp; the feeding and
marketing of fattened cattle, and the operation of a
small business financing company. Proceeds—For ex¬
pansion and working capital. Office—1235 Shadowdale,
Houston, Tex. Underwriter—Dempsey-Tegeler & Co., St.
Louis, Mo.

Bear, Stearns & Co., both of New York City (managing).

75,000

1961 ("Reg. A") 100,000 common shares (par 25
cents).
Price—$3.
Business—Licenses patents to diemakers and metal parts manufacturers. Proceeds—For
working capital and general corporate purposes. Office—

radio

Price—To

The

—

Y. Underwriters—Carl M. Loeb,

N.

June

June 2,

thereof.

Business

subordinated sinking

1976

due

working capital.
rial
Highway, Norwalk, Calif.
Henderson & Co., Los Angeles.

stock to be offered for public sale by the pres¬

holders

common

warehouse

Jamaica-Ave., Jamaica 23, N. Y. Underwriters
and Earl Edden Co., New York.

selling stockholders.

Corp.,

Paterson, N. J.

701 Atkins Ave., Brooklyn 8,

(par 10

Transcontinent Television Corp.

frequency radio

Underwriter—International

shares

—Bertner Eros,

ent

*

common

ters.

common

opment; repayment of loans and working capital. Office

common

80

$800

Inc.

Electronics,

quarters; purchase of tools and dies; research and devel¬
—195-02

shares.

common

June

York.

of

May 25, 1961 filed 400,000 outstanding shares of class B

selling stockholder.
Office—700 Fenimore Rd., Mamaroneck, N. Y. Under¬
writer—Kidder, Peabody & Co., New York.

New

140,000

Co., Inc., Newark, N. J.,

City.

("Reg. A") 100,000

1, 1961

fund debentures

lar electronic products. Proceeds—For removal to larger

Underwriter—•

The

facture and sale of components for high
communications.

June

(7/25)

June

cents). Price—$2.75. Business — Manufacturers and im¬
porters of transistorized radios, phonographs and simi¬

Tayfor-Ccuntry Estate Associates

Ave., New York City.
Nat Berger Associates, Inc., New York.

Underwriter—Sandkuhl &

Trans-Aire

Co.

filed

it Union Leagues, Inc.
28, 1961 filed $700,000 of 7%

—

the

June

Lexington

Thoroughbred Enterprises, Inc. (7/24-28)
2, 1961 filed 85,000 common shares.
Price—$4.
The breeding of thoroughbred race horses.
Proceeds—To purchase land, build a stable, and buy
additional horses.
Office—8000 Biscayne Blvd., Miami,

be¬

St., Chicago. Sponsor—John Nuveen & Co., Chicago.

—420

•

June

of

lieved to be exempted from Federal income taxes.
investment.

loan, and purchase equipment, for re¬
development, administrative expenses and
capital. Office — Noeland Ave., Penndel, Pa.
Underwriter—Best & Garey Co., Inc., Washington, D. C.
and

are

S., and political subidivisions thereof which

ceeds— For

ceeds—To repay a

Business

1961

due

working

Nuveen &

Electric

23,

$30,000,000 of first mortgage bonds
1991. Proceeds—For expansion. Office—315 N. 12th
Blvd., St. Louis 1, Mo. Underwriters — (Competitive)
Probable bidders: First Bostoh Corp.; Halsey, Stuart &
Co. Inc.; Blyth & Co., Inc., and Eastman Dillon, Union
Securities & Co. (jointly); Lehman Brothers and Bear,
Stearns & Co.
(jointly).
Bids — July 25 at 11 a.m.
(EDST). Information Meeting—July 24, 11 a.m. (EDST)
at Bankers Trust Co., 16 Wall Street, New York.

Corp.

June 14, 1961 filed 130,000 common shares/Price—$4.50.
Business—The manufacture of coatings for fabrics. Pro¬

percentage (to be supplied by amendment) and dividing
the sum
thereof by 5,000.
Business — The trust was
formed by John Nuveen & Co., Chicago, 111., to invest in
and

1961

stock

rities Bldg., Seattle, Wash. Underwriter—H. P. Pratt &
Co., Inc.. Seattle, Wash.

Price—By amendment. Busi¬
a
synthetic foam to fabrics.

of

7,

common

common

to be offered

are

Paulsen

operations.
Office—422
Underwriter—None.

mining

and

(letter of notification) 400,000 shares of
(par 25 cents). Price — 62Y2 cents per
share. Proceeds—For mining expenses. Office—511 Secu¬

of

Inc.

June 23, 1961 filed

debts,

Tungsten Mountain Mining Co.

postponed.

000 shares

19, 1961 ("Rege. A") 400,000 common shares (par
cents). Price—15 cents. Proceeds—For repayment

April

Bldg., Houston. Underwriter—Dillon, Read & Co., New
York (managing). Note—This offering was temporarily
Textiifoam,

working capital. Office—1107 Broadway,
Underwriter—Trinity Securities Corp., 40

York.

Bldg., Spokane, Wash.

June

1,

Price—$6,

finance company.

it Triton Mining Co.

For investment. Office — 104 E.
Eighth St., Georgetown, Tex. Underwriter — DempseyTegeler & Co., Inc., St. Louis.
•

industrial

and

consumer

Exchange Place, New York.

16, 1961 filed 1,000,000 common shares. Price—By

company.

Thursday, July 6, 1961

Proceeds—-For

Capital Corp.

amendment.

patented feminine hygiene aid.

a

Proceeds—For advertising and promotion, market devel¬

Jan.

Texas

Greenfield

only)

;

1961

19,

Business—A

debt and for construction. Office—Memorial Professional

Feb. 15, 1961

—$12

company's shares
York City.

.

Funding Corp.
filed 250,000 common shares.

Trinity
June

.

Price

—

$2

and 100,000

stock, by the selling stockholders.
share. Proceeds—For working capital.

shares,
per

Office—516

W. 4th

Street, Winona, Minn.
Minneapolis, Minn.

Underwriter—

Naftalin & Co., Inc.,
Universal
June
to

be

18',

sold

Fiber

filed 275,000

by

manufacture
—For the

Moulded

1961

stockholders.

Glass Corp.
outstanding common shares

Price—$10.

Business—The

of

fiber glass reinforced plastic. Proceeds
selling stockholders. Address—Commonwealth

Ave., Bristol, Va. Underwriter—A. G. Edwards & Sons,
St. Louis (managing).

Volume

194

Number 6070

.

.

.

The Commercial and Financial Chronicle

(105)
^ Universal Publishing & Distributing Corp.
June 28, 1961 filed'50,000 6% cumulative
preferred shares
(par $10) and 50,000 common shares to be offered in
units, each consisting of one preferred share and one
common share.
Price—$15 per unit. Business—The pub¬
lishing of magazines and

paper

bound books.

Proceeds—

expansion, additional personnel, sales
promotion,
working capital and other corporate purposes. Office—
117 E. 31st Street, N. Y. Underwriter—^Allen &
Co., New
For

York.

Buildings Corp.
2, 1961 filed 159,403 outstanding shares of common
be offered for sale by stockholders.
Price—By amend¬

June
to

Business—The construction, operation and
leasing
Proceeds—For the selling stockhold¬
Office—850 Third Ave., New York. Underwriter—

ment.

of office buildings.
ers.

Kuhn, Loeb & Co., New York (managing).
Vacu-Dry Co.
June

27,

1961

amendment.
bank loans

filed

400,000

Proceeds

—

shares. Price—By
expansion, repayment of

common

For

and

working capital. Office
950 56th St.,
Oakland, Calif. Underwriter—Wilson, Johnson & Higgins, San Francisco (managing).
13,

1961

acting

as

trustee

and

escrow

agent. Proceeds—For
working capital, reserves and other corporate purposes.
Office—1001 North Central
Ave., Phoenix, Ariz. Under¬
writer

Louis

R.

Dreyling & Co., 25 Livingston Ave.,
New Brunswick, N. J.
—

Varco
June

Industries, Inc.
1961 ("Reg. A") 100,000

8,
common shares
(par
cents). Price—$3. Proceeds—For repayment of loans,
purchase of equipment and inventory, and working
capital. Office—815 Nash St., El Segundo, Calif. Under¬
writer—Omega Securities Corp., New York.
10

Vatronic Lab. Equipment, Inc.
May 29, 1961 filed 80,000 shares of common stock. Price
—$4 per share. Business—The manufacture of industrial
high vacuum systems and equipment.
Proceeds — For
the repayment of

debt, plant expansion, equipment, sales
promotion and working capital. Office—Northport, N. Y.
Underwriter—Stanley R. Ketcham & Co., New York.
Vendaversal

Manufacturing Corp.
9, 1961 ("Reg. A") 300,000 common shares (par 50
cents). Price—$1. Proceeds—For operating expenses and
working capital. Office—210 E. Manville St., Compton,
June

Calif.

stock to

be

offered

for public sale by the present hold¬
Business—The design, manufacture and sale

thereof.

ers

of

industrial

sweepers.
Price
Office —1201 E.

amendment.

Underwriter—Amos

C.

Sudler

&

Co., Denver.

March 30, 1961 filed 150,000 shares of common stock and

Wej-lt Expansion Products, Inc. (7/14)
May 4, 1961 (letter of notification) 300,000 shares of
common stock (par 10
cents). Price—$1 per share. Pro¬
ceeds—For plant and facilities,
moving equipment, in¬
ventory, working capital and repayment of a loan. Office
—4 S. Santa Fe
Dr., Denver, Colo. Underwriter—Amos
C. Sudler & Co., Denver, Cokk
West Coast
which

holders

Price—

unit. Business—The design, development and
automatic equipment for packaging

per

of

warrant.

versatile

in

special heat-shrinkable film. Proceeds—To

re¬

loans, for additional equipment and inventory; and
working capital. Office—928 Broadway, New York
City. Underwriters—Hill, Thompson & Co. (managing);
Hampstead Investing Corp., and Globus, Inc., all of New
York City.
pay

for

•

Vic

Tanny Enterprises, Inc. (7/17-21)
11, 1961 filed 320,000 shares of class A common
stock (par 10 cents) of which 120,000 shares will be of¬
fered for the account of the company and 200,000 shares
by the present holder thereof. Price—To be supplied by
amendment. Business—The operation of a national chain
of gymnasiums and health centers for men and women.
gymnasiums and the promotion
of home exercise equipment. Office—375 Park Ave., New
York City. Underwriter—S. D. Fuller & Co., New York
City.
opening of

dinated debentures due 1976.

pal

amount.

Business—The

convertible subor¬

production

of

gauges

and

measuring instruments and the manufacture of precision
parts and subassemblies for the aircraft, missile and
other industries.

Office—3300

Underwriter—McDonnell lot* Co.,
Western

West

Olive
&

common

Factors,

Inc., New

Proceeds—For the repayment of debt,

expansion, working capital and reserves for possible fu¬
ture acquisitions.
Office—9111 Schaefer Highway, De¬

troit, Mich. Underwriter—S. D. Fuller & Co., New York
City (managing).
«
.

stock,

ities.

York

City.'

Inc.

be used to liquidate current and long-term liabil¬
Office
1201 Continental Bank
Bldg., Salt Lake
—

City, Utah.

Business—Factoring.
Underwriter—Elmer
Aagaard, Newhouse Bldg.>»Salt Lake City, Utah.

K.

Growth Corp.
17, 1961 filed 202,107 shares of class A common
stock (par 10 cents), of which 150,000 shares are to be
offered for public sale by the company in units of 10

each;

company's
holder:

and

Wetterau

ment of loans and

working capital.

Office—4915 Cordell

Avenue, Bethesda, Md. Underwriter—None.
•

Washington Water Power Co. (7/25)
20, 1961 filed 160,000 common shares.

June

amendment.

June

27„

1961 filed

capital. Office
Underwriter

struction

Office —E.,




1411

Mission Avenue, Spokane,

Department

that

can

we

telephone

you

at 25 Park

us

would

prepare

an

like

item

us

at

REctor

2-9570

or

Place, New York 7, N. Y.

Prospective Offerings
Acoustica

Associates, Inc.
April 11, 1961, it was stated that this
company is seek¬
ing to acquire other firms with compatible
and

that

current

equity

financing

expansion

manufactures

program.

ultrasonic

product lines
be needed to finance
Business
The

may

—

company

cleaning

systems for missile
equipment, hospital surgical instruments and the metals
industry. It also makes fluorescent lighting fixtures and
a product for
gauging the level of liquids. Office—First
National Bldg.,

Birmingham, Ala. Underwriter—Lehman
Brothers, New York City.
if Adrian Steel Co.
June

30,

1961

it

reported that a "Reg. A" will be
with the SEC
shortly covering 100,000 common
shares (par 50c).
Price—$3. Business—Automotive fabri¬
cating. Proceeds—To establish a new industrial air con¬
ditioner division.
was

filed

American

,

Airways Co.

Appalachian Power Co.
1, 1961 it was reported

Feb.

—

—

1962. Office—2

100,000

H.

Brothers

common

new

Walker

&

Co.,

pects

of

the

the

be

this

plans

subsidiary
to

1961

sell

or

of

$35,-

early in

Broadway, New York City. Underwriters

determined

Arizona

Co.

of

pipelines

construction

selling stockholders.

other

and

—501

industry.

Service

Co.

and

about

$35,000,000 of first mortgage
November. Proceeds—For construction. Office

in

South Third

To be named.

18, 1958

Ave., Phoenix, Ariz. Underwriters—

The last sale

of preferred stock

on

June

made privately through Blyth &
Co., and
the First Boston Corp. The last sale of
bonds on March

as¬

26, 1959
Co., and

Proceeds—

Office—National Bank

Public

summer

bonds

construction

heavy

that

Inc.,

May 26, 1961 it was reported that this company is con¬
sidering the sale of about $5,000,000 of preferred stock

Inc., New York

—

For

Co.,

by competitive bidding. Probable
Halsey, Stuart & Co., Inc.; First Boston Corp.;
Ripley & Co., Inc.; Kuhn, Loeb & Co. and
Eastman Dillon, Union Securities & Co.
(jointly).

this

Williams

Power

bidders:

shares. Price—By
equipment and working
7100 Englewood Ave., Hazelwood, Mo.

G.

Electric

000,000 to $40,000,000 of bonds late in
—To

May 19, 1961 filed 350,000 outstanding shares of common
stock to be offered for public sale by the present hold¬
ers
thereof.
Price
To be
supplied by amendment.

of

stated

Tulsa

Building, Tulsa, Okla. Underwriter—Reynolds &
Co., Inc., New York City (managing).

was

also handled privately through
First Boston Corp.
However, the

was

that

be sold at

there

is

Blyth

&

company

possibility that these bonds will
competitive bidding, in which case the follow¬
a

ing are expected to bid on them: Halsey, Stuart & Co.
Inc.; Kidder, Peabody & Co.; First Boston Corp.; Blyth
& Co.;
White, Weld & Co., Inc., and Merrill Lynch,
Pierce, Fenner & Smith Inc.

Wonderbowl, Inc.
Feb. 6, 1961
(letter of notification) 150,000 shares of
common
stock. Price—At par ($2 per share). Proceeds
—To discharge a contract payable, accounts payable, and
notes payable and the balance for working capital. Office
—7805 Sunset Blvd., Los Angeles, Calif. UnderwriterStandard Securities Corp., Los Angeles, Calif-

Assembly Engineers, Inc.
19, 1961 it was reported that this company plans
to file a "Reg. A" shortly
covering 100,000 common
shares. Price
$3. Office — Los Angeles, Calif. Under¬
June

—

World

Color

writer—California

Press, Inc. (7/10-14)
May 16, 1961 filed 218,000 shares of common stock of
which 203,000 shares will be offered to the public and
15,000 shares to employees. Price—To be supplied by
amendment.

Business—The

printing

of

May 15, 1961 it
issue

St. Louis Mo. Underwriters—Scherck,
Co., and Dempsey-Tegeler & Co., both of St.
Mo. (managing).

processing

of

wool.

Proceeds—^For

and

the

working

Underwriter

Carbonic

or

customers

repayment of debt and for
Office—150 Causeway Street, Boston.
&

Co., Hartford, Conn,

(manag¬

Equipment Corp.

June- 28,196l it was reported that a--Tleg. A'' will be
filed covering 100,000 common shares. Price $3. Proceeds
—For expansion of the business. Office—97-02 Jamaica

Proceeds—For

"

(jointly).

ture

Price—By amendment. Business

leasing of truck trailers to railroads

Underwriter—Putnam

ing).

—
Lexington and Liberty
Underwriters—To be deter¬

and sale of hospital equipment. Office—25-11 49th
Street, Astoria, L. I., N. Y. Underwriter—First Weber
Securities Corp., New York City.

stockholder^

capital.

Office

Beam-Matic, Inc.
May 24, 1961 it was reported that this company plans a
full
filing shortly covering 100,000 shares of com¬
mon stock. Price—$3 per share. Business—The manufac¬

* XTRA, Inc.

working

1962.

and Alex. Brown & Sons

Price—$1.

June 28, 1961 filed 182,570 common shares of which 160,000 shares are to be offered by the company and 22,570

railroads.

was reported that this company plans to
$20,000,000 of first mortgage bonds in late

early

mined
by
competitive
bidding.
Probable
bidders:
Halsey, Stuart & Co. Inc.; White, Weld & Co., and First
Boston Corp.
(jointly); Harriman Ripley & Co., Inc.,

—None.

shares by

or

Streets, Baltimore 3, Md.

DeSoto Ave.,

Business—The

about

1961

magazines^ and

purchase of equipment, building rental,
capital.
Address—Box 181, Casper, Wyo.

Investors, Los Angeles.

Baltimore Gas & Electric Co.

Proceeds—To selling stockholders. Office—

Wyoming Wool Processors, Inc.
5, 1961 filed 700,000 common shares.

of

Price—By

Would

write

American

(managing).

—The

Proceeds—For repayment of loans and con¬

News
so

Harriman

June

improvement, _repay^

Corporation

know about it

similar to those you'll find
hereunder.

writer—Edward Lewis Co.
Inc., New York City (manag¬

Foods, Inc.

amendment. Proceeds—For

tion, inventory and reserves. Office—4700 76th St., Elmhurst, L. I., N. Y, Underwriter—Amber, Burstein & Co.,
40 Exchange
Place, New York 5, N. Y.

leasehold

UNDERWRITERS!

issue you're planning to
register?

an

ing).

ordinary expenses, repayment of loans
and working capital. Office—636 North La Brea
Ave.,
Los Angeles, Calif. Underwriter—Reese, Scheftel & Co.,
Inc., New York City.

Louis,

Proceeds—For

to

have

you

Our

filed

—

grams.

Do

1, 1961 it was reported that a "Reg. A" will be
shortly covering 75,000 shares of common stock.
Price—$4 per share.
Office—Danbury, Conn. Under¬

outstanding shares by selling
trading commences. Price—For the
$100 per unit. For the selling stock¬

Proceeds—For

(par one
ness
The manufacture and installation of highway
signs. Proceeds—For the reduction of debt, sales promo¬

ir Washington Engineering Services Co., Inc.
29, 1961 filed 375,000 common shares. Price—$1.
Business—The servicing of manufacturing companies and
engineering professions, through various training pro¬

City!

May

52,107

Business—The development of
in California for single-family homes, the in¬
vestment in notes or contracts secured by single-family
homes, and other phases of the real estate business.

420

June

—

Office—Adrian, Mich. Underwriter-

Richter

notification) 100,000 shares of
cent). Price—$3 per share. Busi¬

of debt; inventory; research and
develop¬
working capital. Office
204 North Fifth

and

Street, Youngwood, Pa. Underwriters—Bruno-Lenchner
Inc., Pittsburgh and Amos Treat &
Co., New York

All

At-the-Market.

newspapers.

stock

repayment

property

Walter Sign Corp.
March 30, 1961 (letter of
common

development and
stampings principally
industry. Proceeds—For the
or

Morrison & Frumin,
Inc., Detroit.

after

stock:

Price

share. Business—The
design,

per

ment,

of

per

it Wainrite Stores, Inc.
23, 1961 ("Reg. A") 100,000 common shares (par
10 cents).
Price—$3.
Business—The operation of dis¬
count merchandising centers. Proceeds—For repayment
of loans, expansion and working capital. Office—691 E.
Jericho Turnpike, Huntington Station, N. Y. Underwriter
—Omega Securities Corp., New York.
June

—$4

manufacture of precision parts
used in the semi-conductor

Avenue,
Co. Inc.,

700,000 shares of common stock. Price
share. Proceeds—To be used principally for
the purchase of additional accounts receivable and also

may

Underwriter—Allen

Youngwood Electronic Metals, Inc.
(7/13)
April 13, 1961 filed 75,000 shares of common
stock.

general

June 29, 1960 filed

—$1.50

Street, Stamford, Conn.

Co., New York (managing).

Busi¬

—

Business—The

Price—At 100% of princi¬

Atlantic

bowling

outstanding shares by the pres¬
ent holders thereof. Price—To be
supplied by amend¬
ment. Business
The design, manufacture and sale of
casual dresses for girls and women. Proceeds—For ex¬
pansion, the repayment of loans, equipment, and work¬
ing capital. Office — 14Q0 Broadway, New York City.

new

• Vinco
Corp. (7/24-28)
May 19, 1961 filed $2,000,000 of 6%

share.

per

which 68,000 shares are to be offered for
public sale by
the company and 52,000

•

for the

Price—$9.75

Westbury Fashions, Inc.
May 10, 1961 filed 120,000 shares of

May

Proceeds—The company will use its part of the proceeds

1

&

outstanding shares by the

Burbank, Calif. Underwriter—Hill Richards
Los Angeles (managing).

shares

one

to

13,434

thereof.

purposes.

stockholders

share of stock and

new

ATTENTION

ness—The company plans to acquire and
operate
centers primarily in California.
Proceeds—For

corporate

class A shares.
Price—By
Business—The testing of industrial and con¬
products. Proceeds—For the establishment
of a
laboratory and the purchase of equipment. Office—

sumer

common stock, of
be offered for public sale

are

and

company

Research Corp.
1961 filed 75,000

28,

amendment.

Bowling Corp.

115,000 shares

the

present

150,000 five-year warrants, to be offered for public sale
one

York
June

May|-26, 1961 filed 128,434 shares of

in units of

items

supplied by
St., Pomona,

March

(7/14)

$3,125

be

Western

Versapak Film & Packaging Machinery Corp.

sale

To

—

Lexington

Underwriters—Mitchum, Jones & Templeton,,Los
Angeles and Schwabacher & Co., San Francisco (man¬
aging).

by

filed 120,000 common shares. Price—$5.
writing and selling of title insurance and

Business—The

the

Wayne Manufacturing Co.
May 29, 1961 filed 40,000 outstanding shares of capital

—

VaSley Title & Trust Co.
June

Underwriters—Kidder, Peabody & Co.; Blyth &
Co., Inc., and White, Weld & Co., New York and Dean
Witter, San Francisco.

CaMf.

Uris

•

Wash.

45

^

Ave., Woodhaven, N. Y. Underwriter
Co., Inc.

—

R. F. Dowd &

Continued

on

page

46

46

Continued
Caxton

(106)

from

The Commercial and Financial Chronicle

45

page

First

House

Corp.
Jan. 24, 1960 it was reported that a full
filing of this
company's stock, constituting its first public offering,
will be made.

Price—Approximately $3 per share. Busi¬
ness—Book
publishing.
Office—9 Rockefeller
Plaza,
New York City. Underwriter—To be named.
Central

Louisiana

Electric Co.,

Inc.
1961 it was reported that the company is con¬
sidering the issuance of $6,000,000 of bonds or deben¬
in the latter part of 1961. Office — 415 Main St.,
Pineville, La. Underwriters—To be named. The last is¬
bonds

of

April 21, 1959 was bid on by Kidder,
Peabody & Co. and Rauscher, Pierce & Co., Inc. (joint¬
ly) ; Salomon Bros. & Hutzler, and Merrill Lynch, Pierce,
sue

Fenner

&

on

Smith

Inc.

(jointly);
Inc.; White, Weld & Co.

Halsey, Stuart & Co.,

bonds and

common

stock in

1962

to finance

its

$45,000,construction program. Office—Fourtin & Main Sts.,
Cincinnati, O. Underwriter—(Bonds) To be determined
by competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.
and Lehman Brothers (jointly); Morgan Stanley & Co.
and W. E. Hutton & Co. (jointly); Blyth & Co., Inc.,
and First Boston Corp. (jointly); Eastman Dillon, Union
Securities & Co., and White, Weld & Co. (jointly).
The
last issue of common stock (81,510 shares) was sold pri¬
vately to employees in August, 1960.
000

Colorado

Interstate

Gas

Co.

Oct.

17, 1960 it was reported by Mr. A. N. Porter of the
company's treasury department that the company if
awaiting a hearing before the full FPC with reference
to approval of its application for expansion of its sys¬
tem, which will require about $70,000,000 of debt fi¬
nancing which is expected in the latter part of 1961.
Proceeds—For expansion.
Office—P. O. Box 1087, Colo¬
rado Springs, Colo.
Columbia Gas

April 24, 1961 it was reported that this company is con¬
sidering the sale of either $20,000,000 of debentures, or

$25,000,000 of common stock in the fall. Office—120 East
41st Street, New York 17, N. Y. Underwriters—To be
determined by competitive bidding. Probable bidders on
the

debentures:

Halsey, Stuart & Co. Inc.; Morgan
Co.; Merrill Lynch, Pierce, Fenner & Smith
Inc., and White, Weld & Co. (jointly). The last sale of
Stanley &
common

stock

on May 4,
1960 was handled by a group
Merrill Lynch, Pierce, Fenner & Smith Inc.;
Co.; R. W. Pressprich & Co., and Carl M.

headed by
Shields

&

Loeb, Rhoades & Co.
Columbus

March

&

Southern

Ohio

Electric

Co.

it was reported the company will sell
$10,000,000 additional common stock in late 1961.
Proceeds—For expansion purposes. Office—215 N. Front
St., Columbus 15, Ohio. Underwriter—Dillon, Read & Co.
13,

1961

about

Consolidated

Edison

Co.

of

New

York,

Inc.
May 16, 1961, H. C. Forbes, chairman, stated that the
company must
issue almost $100,000,000 of securities
in late 1961 and early 1962. He added that if the com¬
pany decides to issue any
of the 1,000,000 shares of
cumulative

preference stock approved by shareholders
at the May 15 annual
meeting, it will be on the basis
of convertibility into common with
subscription rights to
common shareholders. Office—4
Irving Place, New York
City. Underwriter—To be named. The last rights offer¬
ing to stockholders (of debentures) on Jan. 28, 1959 was
underwritten by Morgan Stanley &
Co., and First Bos¬
ton Corp., both of New York City. The last sale of bonds
on

Nov.

23, 1960 was handled by First Boston
Corp.,
Halsey, Stuart & Co., Inc. (jointly). Morgan Stanley
Co., also bid competitively on this issue.

and

&

Cosmetically Yours, Inc.
May 16, 1961 it was reported that this corporation is
contemplating a public offering. Business—The manu¬
facturing and sale of cosmetics.
Office —15
Clinton
Street, Yonkers, N. Y. Underwriter—P. J. Gruber & Co.,
Inc., New York City.
Contact
June
to

"

19, 1961

file

ber

Lens

of

a

it

reported

"Reg. A" shortly covering

an

company

plans

undisclosed

num¬

shares.

common

Business—The manufacture of
contact lenses. Office—353 East Main
St., Rochester, N.Y.
Underwriter—To be named.
Cowles Magazine &
Broadcasting, Inc.
May 3, 1961 it was reported that this corporation will

Dixie Pipeline Co.
April 17, 1961 it was reported that this firm, recently
formed by eight major oil
companies, plans to build a
1,100 mile liquified petroleum gas pipeline from Texas
and Louisiana to
Mississippi, Alabama, Georgia and the

Carolinas.

It

is

expected that the multi-million dollar
pipeline will be financed in part by the sale of bonds
and

that

it

will

be

in

operation by late 1961.

Office—

Tulsa, Okla. Underwriters—First Boston Corp.; Morgan
Stanley & Co.; Carl M. Loeb, Rhoades & Co.
Exploit Films, Inc."
1961 it was reported that this company
plans
filing covering 100,000 common shares.
Price—$5

March 8,
a

full

share. Proceeds—For the production of TV and mo¬
films, the reduction of indebtedness, and for
working capital. .Office—619 W. 54th
Street, New York
City. Underwriter—McClane & Co., Inc., 26 Broadway
per

tion picture

•

,

New

York

City

(managing).




27,

Corp.

Barry J. Shillito, President, stated that
plans to expand its Western Surgical and

1961,

the company

a

basis of

one

share for each 20 shares held of record

new

July 17, with rights to expire Aug. 17. Price—About $22
per share. Proceeds—To increase capital. Office—Toms
Florida

Power

&

Olympic Blvd., Los Angeles 64, Calif.
Lighting

Power Co.

&

Oct.

May 11, 1961, it was reported that the company may isbonds in the second half of 1961

sue

concern.

Houston

Light Co.

national medical and hos¬

new

added that 80% of the new
firm's stock would be retained by Houston and the re¬
maining 20% sold to the public.
Office — 11801 W.

River, N. J. Underwriter—None.

to finance

its

cur¬

rent

$40,000,000 construction program. Offipe—25 S. E.
2nd Ave., Miami, Fla. Underwriter—To be determined
by competitive bidding. Probable bidders: Merrill Lynch,
Pierce, Fenner & Smith, Inc. and Kidder, Peabody &
Co. (jointly); Halsey, Stuart & Co., Inc.; White, Weld
& Co.; First Boston Corp.; Blyth & Co., Inc.

17, 1960 Mr. T. H. Wharton, President, stated that
between $25-$35 million dollars is expected to be raised
publicly sometime in 1961, probably„in the form of pre¬

ferred

securities, with the precise timing de¬
market conditions. Proceeds—For construc¬

on

and

tion

debt

and

pending

repayment

of

*

bank

loans.

Office

Electric

—

Building, Houston, Texas. Underwriter — Previous fi¬
nancing was headed by Lehman Brothers, Eastman Dil¬
lon, Union Securities & Co. and Salomon Bros. A
Hutzler.

Co.

^

April 27, 1961, the company announced plans to form a
new
subsidiary, Rocket Power, Inc., by merging the

June

present Rocket Power, Talco and Bohanan divisions. In
the fall of 1961, stock of the new subsidiary would be

manufacture of industrial and

offered

ceeds—For

through subscription rights to Gabriel stockhold¬

and debenture holders with about 20%

ers

ing going to the

of the offer¬

public. Office —1148 Euclid Avenue,
Underwriters—To be named. The last

Cleveland, Ohio.
financing by the company in September, 1959, was han¬
dled by Carl M Loeb, Rhoades & Co., New York
City and

Prescott, Shepard & Co., Inc., Cleveland.
General Public Utilities

Corp.
March 14, 1961 it was stated in the company's 1960 an¬
nual report that the utility expects to sell additional
common stock to stockholders in 1962
through subscrip¬
tion rights on the basis of one share for each 20 shares
held. Based

on the 22,838,454 common shares outstanding
31, 1960, the offering will involve a minimum
of 1,141,922 additional shares. Office—67 Broad
St., New
York 4, N. Y. Underwriter—None.

Dec.

on

Hygrade Packing, Inc.
28, 1961 it was reported that this company plans
to sell about $500,000 of common stock.
Business—The

Ozone

Jan.
sell

General

expansion.

Park,

Idaho

N.

Y.

packaging. Pro¬

consumer

Office—92-00

Underwriter—P.

Atlantic

J.

Avenue,

Gruber,

N.

Y.

Power Co.

JO, 1961 it

was reported that this company plans to
$10,000,000 of bonds and about $5,000,000 of com¬

in the

mon

loans

fourth

quarter of 1961. Proceeds—To repay

for construction.

and

mined by competitive
bonds:

Halsey,

Lazard

Freres

Underwriters—To be deter¬

bidding.

Stuart

Probable bidders

on

the

Co.

&

Inc.; Blyth & Co., Inc.;
Co., and First Boston Corp. (jointly);
Merrill Lynch, Pierce, Fenner & Smith Inc.;
Kidder,
Peabody & Co., and White, Weld & Co. (jointly); Salo¬
mon Bros. & Hutzler, and Eastman
Dillon, Union Secu¬
rities & Co. (jointly); Equitable Securities Corp. Prob¬
able bidders
Freres

&

&

the common: Blyth & Co., Inc.; Lazard
Kidder, Peabody & Co.; Merrill Lynch,

on

Co.;

Telephone Co. of California
1961 it was reported that this subsidiary of
General Telephone & Electronics Corp. plans to sell

Pierce, Fenner & Smith Inc. Offering—Expected in late
or early November.
J
.
,

about

Jan.

1,

2020

$20,000,000 of bonds in December 1961. Office
Santa

—

Monica

Blvd., Santa Monica, Calif. Under¬
by competitive bidding.
Probable bidders; Halsey, Stuart & Co. Inc.; First Boston
Corp. and Equitable Securities Corp. (jointly); White,
Weld & Co. and Kidder, Peabody & Co.
(jointly); Paine,
Webber, Jacksoh & Curtis, and Stone & Webster Se¬
curities Corp.
writers

—

To

be

determined

General

Telephone Co. of Florida
Feb. 8, 1961 it was reported that this subsidiary of Gen¬
eral Telephone & Electronics
Corp., expects to offer
about $15,000,000 of bonds in November. Office — 610
Morgan St., Tampa, Fla. Underwriters—Stone & Webster
Securities Corp., and Paine,
Webber, Jackson & Curtis,
both

of New York

Illinois Terminal

16,

it

1961

RR.

reported

was

that this

company

plans

the sale later this year of about

$8,500,000 of first mort¬
Office—710 North Twelfth Blvd., St. Louis,
Mo. Underwriter—Halsey, Stuart & Co. Inc., Chicago.
gage bonds.

John's Bargain Stores Corp*.
May 17, 1961 it was reported that this company plans to
file a registration statement shortly covering an undis¬
closed number of common

tion

of

goods.

chain

a

of

shares. Business—The opera¬
stores selling household

discount

Office—1200

Zerega Ave., Bronx, N. Y. Under¬

writer—To be named.

Kansas Power &

Light Co.

March

15, 1961 it was reported that this company is
considering the issuance of $13,000,000 of debentures

in the third quarter of 1961. Proceeds—For construction.

City.

Georgia Bonded Fibers, Inc.
Sept. 14, 1960 it was reported that registration of 150,000
shares of common stock is expected.
Offices—Newark,
N. J., and Buena Vista, Va. Underwriter—Sandkuhl and
Company, Newark, N. J., and New York City.

Office—800

Kansas

Ave., Topeka, Kan. Underwriter—
Corp., New York City (managing).

First Boston

Laclede Gas Co.

Nov. 15, 1960 Mr. L. A. Horton, Treasurer, reported that
the utility will need to raise $33,000,000 externally for
its

Georgia Power Co.

(10/18)
1960 this subsidiary of the Southern Co., ap¬
plied to the Georgia Public Service Commission for per¬
mission to issue $15,500,000 of 30-year first mortgage
bonds, and $8,000,000 of new preferred stock. Proceeds—
Dec.

29,

For

construction, plant modernization or refunding of
outstanding debt. Office—Electric Bldg., Atlanta 3, Ga.

Underwriters

ding.

—

Previous

To

be

determined by competitive bid¬
bidders for bonds included Harriman

Ripley & Co., Inc.; Lehman Brothers; Blyth & Co., Inc.,
Kidder, Peabody & Co., and Shields & Co. (jointly);
First Boston Corp.; Morgan Stanley & Co.;
Halsey, Stuart
& Co. Inc.; Equitable Securities
Corp., Eastman Dillon,
Union

Securities

&

Co.

(jointly). Previous bidders for
preferred were First Boston Corp., Lehman Brothers,
Morgan Stanley & Co.; Eastman Dillon, Union Securities
& Co.; and Equitable Securities
Corp. Bids—Expected
to be received

April

19,

Oct.

on

(Wm.)

1961

it

18.

& Co.,

was

reported

that

this

subsidiary

of

Essex-Universal Corp., plans to sell about 200,000 com¬
shares. Business—Manufactures and sells women's
foundation garments. Underwriter—To be named.

Hawaiian

Telephone Co.

8,

to
ers

1961 it

was reported that this company plans
$5,000,000 of common stock to stockhold¬
through subscription rights later this year. Office—

1130

Alakea

St., Honolulu, Hawaii. Underwriter—None.

—None.

Hollywood Artists Productions, Inc.
was reported that this company
plans to
a "Reg. A" shortly
covering 100,000 common shares
(par 10 cents). Price—$3. Business—The production of
motion picture and TV feature films.
Proceeds
For
working capital and other corporate purposes. Office—
June 20, 1961 it

file

—

-350

Lincoln

Road, Miami

M. Shulman &

1961

Corp.

it

its

was

Beach, Fla. Underwriter—A.
Co., Inc., 37 Wall Street, New York.

reported

initial

public

that

this

financing

corporation will

late 1961 or
Business—The corporation manufac¬
tures Scott outboard motors and McCulloch chain saws.

some

time in

Office—6101
Macrose

West

Century Blvd., Los Angeles, Calif.

Industries

May 2, 1961 it
named

for

1962.

was

Macrose

reported that this company, formerly

Lumber

&

Trim

Co., Inc., plans a full
(par $1). Busi¬
company owns a chain of lumber yards on
Long Island. Office—2060 Jericho Turnpike, New Hyde
Park, L. I., N. Y. Underwriter—To be named.
filing of about 500,000

common

shares

ness—The

6,

Inc.

1961

it

was

reported

that

this

corporation

la

contemplating its first public financing.

Business—The

operation of

Office—135-21

38th

a

chain of discount houses.

Avenue, Flushing 54, L. I., N. Y.

Metropolitan
1,

1961

it

Edison

Co.

reported that this subsidiary of
General Public Utilities Corp., plans to sell about $10,000,000 of first mortgage bonds and $5,000,000 of deben¬
was

in August or September. Office — 2800 Pottsville
Pike, Muhlenberg Township, Berks County, Pa. Under¬

tures

writers—

To

be

determined by competitive bidding.
Halsey, Stuart & Co. Inc.; White, Weld
& Co.; Kidder,
Peabody & Co. and Drexel & Co. (joint¬
ly); Blyth & Co., Inc.
Probable bidders:

Metropolitan Food Co.
April 12, 1961 it was reported that this company plans
to sell 100,000 common shares. Price —
$5 per share.
Business—-Food

about

sell

9,

schedule

Feb.

(12/7)

Inc.; Salomon Bros.
& Hutzler and Drexel & Co.
(jointly); Equitable Secu¬
rities Corp.; Kidder, Peabody & Co. and
White, Weld
& Co. (jointly). Bids—Expected to be received on Dec
7, 1961.

March

McCulloch
Jan.

Masters

mon

Gulf Power Co.

1961-65 construction program, but the current feel¬
ing is that it will not be necessary to turn to long-term
securities until May 1962. Office — 1017 Olive St., St.
Louis, Mo.

Jan.

Inc.

writer—To be determined by competitive
bidding. Pre¬
vious bidders included Halsey, Stuart & Co.
Inc.; Mer¬
rill Lynch, Pierce, Fenner & Smith

—

Feb.

He

The firm denied the report.

—

Fearless

Houston

Publishing and allied fields. Office
488
Madison Ave., New York City.
Underwriter—Goldman,
Sachs & Co., New York City
(managing).

issue stock later this year.

'

J.)

Jan. 4, 1960 it was reported that this
subsidiary of The
Southern Co., plans to sell $5,000,000 of
30-year bonds.
Office—75 North Pace Blvd., Pensacola, Fla.
Under¬

Business

•

(N.

Westlab divisions into

Gluckin

that this

River

pital supply

Guild, Inc.
was

Toms

Thursday, July 6, 1961

.

new

Feb.

System, Inc.

of

reported that stockholders voted

the authorized stock to provide
66%% stock dividend and sale of 20,000
shares of common (par $5) to stockholders on the

Gabriel

16, 1961 it was stated in the company's 1960 annual
report that this utility plans to sell both first mortgage

was

this date to increase

on

Cincinnati Gas & Electric Co.
Feb.

Bank

1961 it

.

for payment of a

Feb. 21,
tures

National

March 22,

.

capital.

Office

distribution. Proceeds
45-10

Second

—

For working

Brooklyn, N. Y.
Underwriters—Brand, Grumet & Siegel, and Kesselman
& Co., Inc., New York
City (managing).
—

Ave.,

★ Metropolitan Telecommunications Corp.
July 5, 1961 it was reported that a fully registered seconday offering of this firm's stock will be made in Sep¬
tember. Office—Ames
Court, Plainview, L. I., New York.
Underwriter—M. L. Lee &

Co., Inc., New York

(man¬

aging).
Micro-Precision Corp.
19, 1961 it was reported that this company plans
to
file a "Reg. A"
covering 100,000 common shares.
Price—$3. Business—The development and manufacture
June

Volume

194

Number 6070

.

.

The Commercial and Financial Chronicle

.

(107)
of

language laboratories for the electronics educational

field

and

the manufacture

of

electronic and

stock

sale, Pacific Northwest will sell debentures pub¬
repay a portion of its debt. Office—140 New
Montgomery St., San Francisco, Calif. Underwriter—The
last offering of common stock to shareholders on Feb.
25,

microwave

licly

components. Proceeds—For working capital and expan¬
sion. Office—55 9th Street, Brooklyn, N. Y. Underwriter
—Manufacturers Securities Corp., 511 Fifth Ave., New

1960

York.

to

Components, Inc.

not underwritten.

was

owns

Milo

last

Feb.

17, 1960

10-cents). Price—$1. Business—The manufacture of

Inc.

(par

com¬

ponents for the missile and aircraft industries. Proceeds
—For expansion,
equipment, and working capital. Office
—9 Cleveland St., Valley
Stream, N. Y. Underwriter—

Jan.

4, 1961 it

agreed to

bidders

Co.

Co.,

and

June

28,

for

preferred

stock

included

1961

it

was

of the stock. Office—135 East

Missouri

Pipe Line Co.
March 8, 1961 it was reported that this company ex¬
pects to sell about $72,000,000 of debentures in Septem¬
ber, subject to FPC approval of its construction program.

&
—

announced that this financing has

Utilities

it

St., New York City.

Panhandle. Eastern

Office—120 Broadway, New York City.
Merrill Lynch, Pierce, Fenner & Smith

been temporarily postponed.

April 11, 1961

42nd

Underwriter—To be named.

Halsey,

Inc.; Eastman Dillon, Union Securities
Equitable Securities Corp. (jointly). Note

share-for-share exchange of 400,000 shares

a

lease

of each other's jet planes during their
respective busiest seasons. The CAB later disapproved
this plan and ordered the airlines to divest themselves

Gulfport, Miss.
mined by competitive bidding.
Previous bidders for
bonds were Eastman Dillon, Union Securities & Co., and
Equitable Securities Corp. (jointly); Halsey, Stuart &
Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.
&

the

and

expansion. Office—2500
Underwriter—To be deter¬

Stuart

Airways, Inc.

reported that the CAB ordered this

to sell its 400,000 share holdings of National
Airlines, Inc., and to file a plan of sale with the board
within 30 days. The stock was originally obtained under
a Sept. 9, 1958 agreement under which the two carriers

H4

construction and

Previous

World

was

company

4

«

„

t

St.,

one

Pan American

reported that this subsidiary of The
Southern Co., plans to sell publicly $5,000,000 of
30-year
bonds
and
$5,000,000 of preferred stock
(par $100).
14th

debentures

by Pacific Telephone on
underwritten by Halsey Stuart & Co.,
other competitive bid on issue was made

May 8, 1961 it

was

Proceeds—For

The

of

Underwriters-

Inc., and Kidder
Peabody & Co., both of New York City (managing).

Co.

reported that this company plans
to sell about 50,000 additional common shares to stock¬
holders in September or October on a l-for-10 rights

Pennsylvania Power & Light Co.
April 11, 1961 it was stated in the 1960 annual report
that this utility expects to spend $140,000,000 on new

basis.

construction in

be

to stockholders
&

was

Office—400

derwriter—To

Broadway, Cape Girardeau, Mo. Un¬
The

named.

were

last

the 1961 to 1965 period, of which about
$56,000,000 will have to be raised through the sale of
securities. However, the company now sees no necessity

five

rights offerings
underwritten by Edward D. Jcnes

Co., St. Louis.

for the sale of
'

Monterey

Transmission

Gas

Co.

April 24, 1961 it was reported that Humble Oil & Refin¬
ing Co., a subsidiary of Standard Oil Co. of New Jersey,
and Lehman Brothers, had formed this new
company
to transport natural gas from southwest Texas to Alex¬
andria, La., for sale to United Fuel Gas Co., principal
supplier to other Columbia Gas System companies.
It
is expected that the pipeline will be financed in
part by
public sale of bonds. Underwriter
Lehman Brothers,
—

New York City

(managing).

Airlines, Inc.
May 8, 1961, it was reported that the CAB had approved
the company's, plan to sell publicly 400,000 shares of
Pan American World Airway's Inc., subject to final ap¬
proval

of

the Board

and

iginally obtained under

the

SEC.

The

stock

was

or¬

Sept. 9, 1958 agreement under
which the two carriers agreed to a Share-for-share ex¬
change of 400,000 shares and the lease* of each others jet
planes during thier respective busiest seasons. The CAB
later disapproved this plan and ordered the airlines to
a

divest

themselves of the stock. Price
About $20 per
share. Proceeds—To repay a $4,500,000 demand loan, and
other corporate purposes. Office—Miami International
—

Airport,- Miami 59, Fla. Underwriter—Merrill Lynch,
Pierce, Fenner & Smith Inc., New York City (man¬
aging).
'
•

.

New England Power Co.

.

(10/25)

Jan. 20^ 1961 it was reported that this subsidiary of New

England
first

Electric System plans to sell $20,000,000 of
mortgage bonds. Office-—-441 Stuart St., Boston 16,

Mass. Underwriters

To be determined

by competitive
bidding. .Probable-bidders: Halsey, Stuart & Co. Inc.;
Kuhn, Loeb & Co.; Equitable Securities Corp., and Blair
& Co. (jointly); Merrill Lynch, Pierce, Fenner & Smith
Inc., Kidder, Peabody & Co., and White, Weld & Co.
(jointly); First Boston Corp.; Lehman Brothers. Bids—
To be received on Oct. 25, 1961.
•

Northern

—

Natural

its present

equity securities, but expects to convert
$35,000,000 of bank loans to long-term debt

when securities market conditions
—9th and Hamilton
ers—To

be named.

favorable.

are

Streets, Allentown, Pa.
The last four bond

Office

Underwrit¬

issues

were

sold

privately.

The last public offering of bonds on Oct. 4,
1945 was underwritten by Smith, Barney &
Co.; First
Boston Corp.; Dillon, Read & Co., Inc., and associates.
Penthouse
June 1,

Club, Inc.

1961 it

was reported that this company plans to
60,000 common shares. Price—$5. Business—The
operation of dining clubs. Proceeds—For expansion and
working capital. Office—15th and Locust St., Philadel¬
phia. Underwriter—To be named.

issue

National

Gas Co.

Redwing Carriers, Inc.
}
May 23, 1961 it was reported that this company plans
to file a plan with the ICC covering a proposed sale by
certain stockholders of $1,500,000 to $2,000,000 of com¬
mon stock. Business—A truck, tank car transporter. Pro¬
ceeds—For the selling stockholders. Office—Tampa, Fla.
Underwriter—Beil & Hough, Inc., St. Petersburgh, Fla.
Offering—Expected about mid-August.
Rochester

Gas

&

Electric Corp.

Jan. 24, 1961

the company stated it plans to issue about
$15,000,000 of 30-year bonds in September. Proceeds—
For

Underwriter

construction.

—

To

be

Office—120 Broadway, New York. Underwriter—To be
determined by competitive bidding. Probable bidders:

Halsey,

Stuart

Co.

&

Inc.,

Hutzler. Bids—To be received

Salomon

and
on

Brothers

&

Northwestern

April 3, 1961 the

Public

Service

Co.

California

Southern

May 23,

it

Edison Co.

reported that this company will
$35,000,000 to finance its 1961 con¬
struction program. No decision has yet been made as to
whether the funds will be raised by bank loans, or the
sale of preferred stock or bonds. Office—601 West Fifth
need

Pacific

1961

was

May 12, 1948 was handled
negotiated basis by First Boston Corp., New York
City and associates. The last sale of bonds in April 1961
was
bid on by Blyth & Co.; First Boston Corp., Dean
Witter & Co. (jointly); Halsey, Stuart & Co. Inc.; Kuhn,
Loeb & Co., Equitable Securities Corp. (jointly).
on

a

Natural

Southern

Jan.

3,

urer

that

Miller, Treas¬
will probably go to the market
for $20,000,000 to $40,000,000 of new financing in 1961
and that it probably would not be a common stock offer¬
ing. Office—600 California St., San Francisco 8, Calif.
1961

it

the

was

reported by Paul A.

company

Pacific Telephone & Telegraph
March 24, 1961 stockholders of this A.

approved

Co.
T. & T. subsidiary
company to be known as

plan to form a new
the Pacific Northwest Bell Telephone Co.
cern

a

will acquire

cific

The

new con¬

the business and properties of the Pa¬

Telephone-Northwest division which operates in
Washington, Oregon, and Idaho. All of the stock of the
new company will be owned by Pacific Telephone but
"as soon as practicable" it will be offered for sale to
Pacific Telephone stockholders at a price to be fixed by
the Board of Directors. About 6-9 months after the




Co.

Gas

Oct. 28,

1960 it was reported by Mr. Loren Fitch, com¬
comptroller, that the utility is contemplating the
sale of $35,000,000 of 20-year first mortgage bonds some¬
time in
1961, with the precise timing depending on
pany

conditions.

Proceeds

Building,
by
bidders: Halsey, Stuart
Blyth & Co. and Kidder,
be

determined

—

To

retire

bank

loans.

Birmingham, Ala. Underwriter
competitive bidding.
Probable
& Co. Inc.; First Boston Corn.:
Peabody & Co. (jointly). Offer¬

ing—Expected in October.
•

Pacifsc

Southern

June 26,
sell

Lighting Corp.

of

wa$

stock

common

Stone

Feb.

on

13, 1960
Corp.

& Webster Securities

made

was

through

■jAr Tower Construction Co.
July 5, 1961 it was reported that a registration state¬
ment will be filed shortly covering an undisclosed num¬
ber of common shares.
Price—$10 per share. Business—
The

installation and maintenance of
radar, micro-wave
and broadcast antenna towers for military and
commercial use. Office — 2700

relay

Hawkeye Drive, Sioux
City, Iowa. Underwriter — C. E. Unterberg, Towbin &
Co., New York (managing). Offering—Expected in Aug.
Trunkline Gas Co.
March

8, 1961 it was reported that this subsidiary of
Panhandle Eastern Pipe Line Co., expects to sell about

$32,000,000 of bonds and $10,000,000 of pfd. stock in Sept,
Office—120 Broadway, New York City. Underwriters*- Merrill Lynch, Pierce, Fenner & Smith
Inc., and Kidder,
Peabody & Co., both of New York City (managing).
Universal Oil

Products Co.

Jan.

17, 1961 it was reported that this company may
require financing either through bank borrowings or the
sale of debentures in order to furthei expansion in a
major field which the company would not identify.
No
decision has been made on whether the
product, named
"Compound X," will be produced. Business—The com¬
pany is a major petroleum and chemical research and
process development concern. Office—30 Algonquin
Rd.,
Des Plaines, 111. Underwriter—To be named. The com¬
pany has never sold debentures before. However, the
last sale of

common stock on Feb.
5, 1959 was handed
by Lehman Brothers, Smith, Barney & Co., and Merrill
Lynch, Pierce, Fenner & Smith Inc., all of New York
City. "

Virginia Electric & Power Co. (12/5)
23, 1961, the company announced plans to sell
$15,000,000 of securities, possibly bonds or debentures.
March

Office — Richmond 9, Va. Underwriters — To be deter¬
mined by competitive bidding. Probable bidders:
Halsey,
Stuart & Co. Inc.; Stone & Webster Securities

Corp.;
Dillon, Union Securities & Co.; Salomon Broth¬
Hutzler; Goldman, Sachs & Co. Bids—To be re¬

&

ers

ceived

on

West

1961 it

about

was

Co.

(7/26)

reported that this

company

plans to

of equipment trust certificates.
Office—165 Broadway, New York. Underwriters—(Com¬
petitive)

$4,845,000

Probable

bidders:

Dec. 5, 1961.
Coast

Telephone Co.

21,

stockholders

was

company

stated in the

plans to

approved

the

issuance

of

$33,000,000 of

new bonds. The issuance of an unspeci¬
fied amount of additional bonds for other purchases was

West
Feb.

report

Penn

Power Co.

10,

Office

—

800

Cabin

Hill

Drive,

Hempfield

Township,

Westmoreland County, Pa. Underwriters—To be deter¬
mined by competitive bidding. Probable bidders:

Halsey,

Stuart & Co. Inc.; W. C.

Langley & Co.; Lehman Broth¬
Eastman Dillon, Union Securities & Co., and First

ers;

Boston

Corp. (jointly); Harriman Ripley & Co.; Kidder,
Peabody & Co. and White, Weld & Co. (jointly).
Western Union Telegraph Co.

(9/8)
13, 1961 it was reported that stockholders are to
vote Aug. 2 on increasing the authorized common stock
June
from

7,000,000 to 10,000,000 shares to provide for sale
1,070,000 shares to stockholders on the basis of

of about
one

new

current

share

for each

market

six shares

held.

Based

on

the

price of the company's

stock, the sale
$45,000,000. Proceeds—To help finance
the company's 1961, $105,000,000 expansion program. Of¬
fice—60 Hudson St., New York. Underwriters—To be
named. The last rights offering in July 1955, was under¬
written by Kuhn, Loeb & Co.; Lehman Brothers; Clark,
Dodge & Co., and Salomon Brothers & Hutzler, New
York. Registration—Expected about July 12.
would raise

over

Wisconsin
Jan.

19,

sell

1961

Power

it

was

&

Light Co.

reported that this

plans

company

about

—The

last

handled

Robert

sale

by
W.

of

Smith,

Baird

&

preferred stock in May, 1958
Barney & Co., New York

Dec.

Halsey, Stuart & Co. Inc., will head

will be sold in 1961-1962.

a

group

that will

the bonds.

Tampa Electric Co.
May 10, 1961 it was reported that this company plans
to spend over $80,000,000 on new construction in the

was

and

Co., Inc., Milwaukee (jointly).

approved. Proceeds — For general corporate pur¬
including the possible acquisition of Central of
Georgia Ry. Office—Washington, D. C. Underwriter—
on

annual

1961, J. Lee Rice, Jr., President of Allegheny
Power System, Inc., parent company, stated that West
Penn expects to sell about $25,000,000 of bonds in 1962.

also

poses.

bid

1960

spend

$6,500,000 of preferred stock in the third
quarter of 1961. Proceeds—For expansion. Underwriters

Railway Co.

1960

the

York City.

to

July 26.

Southern
Nov.

Stuart & Co. Inc.,
Bids—Expected on or

11, 1961 it

$12,000,000 for new
construction in 1961, most of which is expected to be

Halsey,

and Salomon Brothers & Hutzler.

about

that

additional

an

—To

applied to the FPC for permisison to issue up to $4,000,000 of first mortgage bonds.
Office—Huron, S. D. Underwriter—To be determined by
competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc., and Kidder, Peabody & Co.
company

on June
29,
handled by Halsey-Stuart-& Co. Inc., l^w
City. Other competitive bidders were Merrill
Lynch, Pierce, Fenner & Smith Inc.; Goldman, Sachs
& Co.; Stone & Webster Securities
Corp. The last sale

1960

York

raised by the sale of securities. Office—1714 California
St., Everett, Wash. Underwriter—To be named. The last
sale of bonds and preferred stock in May and
July 1960
was
done privately. The last sale of common on
Sept.
16, 1960 was underwritten by Blyth & Co., Inc., New

Hutzler, Eastman Dillon, Union Securities
Co.,
Equitable Securities Corp. (jointly): Blyth & Co..
Inc.; The First Boston Corp. Bids—To be received about
Sept.; 27.

Office—Watts

•

writers—To be named. The last sale of bonds

Bros. &

and

market

Aug. 1, 1961.

financing is planned this year but
issue bonds or common stock.
Mabry Hwy., Tampa, Fla. Under¬

may

No. Dale

April

St., Los Angeles, Calif. Underwriter—To be named. The

(8/1)

Office—111

by competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; Kidder, Peabody & Co., White, Weld & Co.
and Shields & Co. (jointly); Kuhn, Loeb & Co.; Salomon

last sale of preferred stock on

Ry.

next three years. No
in 1962 the company

determined

$15,000,000 of common stock will be sold to stockholders
through subscription rights in September or October.
Proceeds—For construction.
Office—2223 Dodge St.,
Omaha 1, Neb. Underwriter—Blyth & Co., Inc., New
York City (managing).
Northern Pacific

Page 16.

Eastman

(9/27)

March 15, 1961, it was reported that some $12,000,000 to

June 19, 1961 it was reported that this company plans the
sale of about $7,200,000 of equipment trust certificates.

on

was

by Morgan Stanley & Co.

Co., New York.

Mississippi Power Co.

sale

Advertising Notices

Appear

rights to subscribe to its pro rata share of the offering.
The

•

Dividend

However, A. T* & T., which
of the outstanding shares, exercised its

90%

over

June 19, 1961 it was reported that this
company plans to
file a "Reg. A" covering 150,000 common shares

T. M. Kirsch &

47

Wisconsin Southern Gas Co.
that

of

12, 1960 it was reported in a company prospectus
an

undetermined amount of

short-term

tions.

Wis.

Office

bank
—

loans

Sheridan

capital stock

incurred

for

bonds

addi¬
Geneva,

property

Springs Road, Lake

Underwriter—The Milwaukee

(managing).

or

Proceeds—For the repayment

Co., Milwaukee, Wis.

48

The Commercial and Financial Chronicle

(108)

.

.

.

Thursday, July 6, 1961

Women Annual Convention at the

Hotel.

Sheraton

WASHINGTON AND YOU

Oct.

10,

Canadian

Group

Association meeting.

Oct.

FROM THE NATION'S CAPITAL

1961

13,

Canadian

Oct.

liberal.

tremely
sored

and

crats.

bill

housing

It

something
with."

spon¬

Had

passed by the Demo¬

'

ministration

There

been

should

that

law

new

in

provisions

are

have

the

in

expected

view

b^

Aid

ate

their national convention in Los

Angeles

16-20, 1961 (Palm Springs,

the

of

National

major

Oct.

Asso¬
at the

17,

Investment
Bankers Association meeting.

Group

Ken¬

Administration re¬
quests 40-year loans which are

Western

nedy's desk, was $9,039,000,000.

allowed under the present* pro¬

Investment

riod., T The

The total cost of the new law,

President

reached

it

as

John J.

Senator

who

Alabama,

Adlai

in the Senate observed:

mate in 1S56,
and who steered the measure to
"We got a

good bill;

his

of

that it is

In

ing plans were designed to help
the

rates

bill, the down pay¬

A

It

the

10%

$15,000 of value,

payment

the next $5,-

on

and 20% on the balance
$20,000.
For
all
practical
purposes

000,

down

sales

housing

amount

to

program

down

no

under this program,

in

warts

both

houses

of

Albert

garded
led

as a

the successful attack

with

necessary

to make

ment

a

on

mobile,
or

on

even

is

to

for

a

require

and

of

Senator

of

Louisiana,

B.

table

man

buying

equity

no

he

paying

down

equity
Long.

equity,

of

(the

owner)
years,

payment,
$312,"

"That

he

amounts

which

is

1%

to

it would cost him to hire

estate

agent

to

house for him.

responsibility

get

a

rid

of




a

mere

for

The

lic

for

renewal

urban

have

en¬

land

in

development.
[This

Sept. 13,

Group

Invest¬

Association

Bankers

intended

is

to

re¬

flect the "behind the scene" inter¬
pretation

from the nation's Capital

and

or

may

may

meet¬

the "Chronicle's"

is

engaging

business

from

proj¬

EPHRATA,

loan

the

for

program

authorizes

$50,-

is

business

Cherry
name

Group

of

In¬

Bankers

Association,
meeting at Hayden Lake, Idaho.
Sept. 20-21, 1961

(Omaha, Neb.)

on

4,

Revere

Investment

1961

York

Bankers

(New

Pa.—Albert

conducting
from

Street

Public

a

H.

securities

offices

under

Mel¬

at

the

134

firm

of Mellinger & Co.

housing

Group

7, 1961

Security

of

Investment

for

elderly

ate

had

of

housing.

authorized

for

grants

City)
Association

The

elderly

4%

Housing
Agency
sum

of

facility loans
and

of

of

Stock
Exchange
Firms, Fall meeting of Board of

Governors

the

at

Brown

Palace

Hotel.
Oct. 9-12, 1961
National

Home
approved

housing
an

Banks

ference

(Boston,

T.

L.

Mutual

of

43rd

annual

the Hotel

at

Statler.

con¬

Boys joins
Management

cer

Boys has joined Mer¬
Management Corporation, 115

New York
City, as
representative.
Direc¬

tor of Sales for G. D. I. Plans Dis¬

tributors, Inc., subsidiary of Gen¬
eral Development Corp. He'was
formerly with the mutual fund
departments

ning

Financial

of

Plan¬

Renyx, Field &
wholly-owned subsidiary of
Corp.

and

Co.,
Templeton, Damroth Corp.

(Rochester, N. Y.)

Association

of

Bank

Attention Brokers

mm-

and Dealers

MARKETS

American Cement

Botany Industries
W.

tS„

Maxson

L.

Films

Waste King

Carl Marks

au¬

FOREIGN
20

TEL:

BROAD

SECURITIES
STREET

HANOVER 2-0050

•

&

Co. Inc.

Our

New

the
Finance
the

$500,000,000 although the

York

telephone number is

CAnal

6-3840

SPECIALISTS

NEW YORK 5, N. Y.

TELETYPE NY 1-971

f

LERNER &
Investment

for
In

1963

Association

Official

of

was

Savings

iijr

final

Public

1,

27-May

Sen¬

$100,000,000, so
figure represented a
compromise.

the

an¬

nual convention.

Mr. Boys was previously

(Denver, Colo.)

1961

pub¬

$50,000,000

and the House approved

thorization

(Atlantic City,

N. J.)
American Bankers Association

Broadway,

meeting.

^

The act, as finally

con¬

Hotel.

Thomas L.

City)

Commodore.

authorizes

and

annual

Olympic

Mercer

(New York

Traders

Housing

act

the

at

TRADING

law extends the

new

May 6-9, 1962 (Seattle, Wash.)
National
Association
of
Mutual

wholesale
Oct.

Oct. 9-10,

Mellinger Co.

of America, an¬
meeting at the St. Anthony

Bankers'

York

Association

Association

linger

Association

ers

National

Northwest

vestment

Hotel

demonstration

I '

1961

New York annual dinner dance at

Forms

areas.

offices

(San Antonio,

Mass.)

Sept. 15-17,

New

securities

a

.

.

1962

Tex.)

•

Association annual field day.

in

Mutual

of

annual mid¬

Texas Group of Investment Bank¬

April

Club.

Oct.

trans¬

urban

Group annual fall outing at Queen
Kenwood Country

City Club and

Nebraska

Opens Inv. Office

15th

Sept. 23-26, 1962
Dealers

views.]

own

8-10,

ference

Municipal

Diplomat

(New York City)

Association

Banks

(Cincinnati,

1961

14-15,

Sept.

Hollywood

the

Savings Banks 42nd

ing.

coincide tvith

not

at

Hotel.

(Denver, Colo.)

1961

Mountain

Rocky

Pacific

column

mass

grants for

agreed on, also authorizes $75,000,000 of direct lending funds

than

4%

would

speculation

CARNEGIE, Pa.—Violet J.. Szik-

100,000 units.

an

the

probably

couraged

$750,-

projects

More

has

The complete ir¬

of

asked

transportation demonstra¬

a

real

^HA to

was

and

meeting.

nual

originally proposed.

.

a

had

version

passed

The Admin¬

000,000 instead of $100,000,000 as

Senator

less

$1,550,000,000

tion

with

has

said

Fed¬

the

mass

house

for 20

in

The

40-year mortgage.
"After

the

-

Road.

ects

under the proposed plan would
have at any point during his

been

meet¬

ing.

ment

permitted

such land

ects

the

during

years

have

portation

Long

$10,000

a

will

aside for

unquestionably

the

of

grants, $25,000,000 would be set

payment provision.

charting

that

fiscal

House

conference.
on

available

During the debate, the Senator
from the Bayou country flipped
open the booklet containing the
transcript of the hearings on
the housing bill. Mr. Long cited
a

consider¬

do

to

subsidizing.

lai

helped turn the tide against the
no-down

going

$2,000,000,000 grant author¬
ity for the urban renewal pro¬
gram is authorized. Of the funds

interest

low

Russell

Some of the

A

freshly sanded floors

champion

rates,

four

of

000,000.

freshly painted walls."

A

amount

opponents

maintain

istration

new

a

tremendous

nancing authority.

down payment

a

the

ment

is

Govern¬

Federal

viously,
able

Ob¬

s

of Invest¬

Association

Bankers

ment

Group

Ohio)

instead of $750,000,000 for its fi¬

auto¬

family moving into

home with

borrowing of funds

out the program.

carry

Association

Hotel

National

Sept. 8, 1961 (Cleveland, Ohio;
Northern "Ohio

Cincinnati

tion

understand why it is not practi¬
cal

to

of

amount

It is going to take a

(Hollywood,

Bankers

Hotel.

year

eliminated in
Insuring the loans
development proj¬

eral National Mortgage Associa¬

I do not

...

substantial

a

Beach

April

development: loans.

a

Ky.)

1, 1961

Convention

Savings

this

next

washing- machine,

a

bicycle

a

create

building.

Wisely

Federal

(Louisville,

Dec. 4-5, 1961

IN INVESTMENT FIELD

land

law

down pay¬

a

second-hand

obviously will

The legislation

26-Dec.

Investment

EVENTS

insure

the

1961

Valley Group of Investment

Annual

in¬

Republican

the

it

"Why,

space"
proposal.
There is provided
the| sunt of
$50,000,000 for Federal grants to
assist areas in acquiring open
space land for the development
of
parks, playgrounds, swim¬
ming pools, etc.

have

are

Investment

of

Fla.)

"open

new

The

spending authority.

He declared

justification:

The

would

$27,500.

26,

Nov.

COMING

from

National
Mortgage Association is going to

re¬

on

$150,000,000.
new housing law bears a

houses

According to Republican con¬

conservative, but he

down provision.

no

raised

sought to limit the

had

to

sum

to $25,000, and for two

tentions,

Demo¬
not

is

single

for

mortgage

creased to

sought to

is

law

maximum mort¬

family houses mortgages

a num¬

Gore,

Tennessee,

housing

Group

Bankers Association annual meet¬

tremendous

debentures.

new

further liberalization

a

A

have

Senator

case

(Minneapolis-St.

ing.

$22,500

comply.

crat

the

in

1961

con¬

Schroeder.

ing.
Ohio

family

payments
and

is

gage.

Administrations stal¬

ber of the

of

instead

there

nedy Administration had recom¬
mended

pay

of increases in

This may
The Ken¬

only 3%.

include closing costs.

to

Under

the
will

under

payment

to

of
lenders off in

Administration,

cash

over

the

importance

of

national

Bankers Association annual meet¬

more

Oct.

the Federal Hous¬

authorizes

defaults,

forecasting

market

scientific if I used tea leavesS"

Senate

change

ing

first

down

my

under* the

lenders is written into this law.

regular 203 program, is 3% for

make

not meet the

payments

FNMA to Be Busy

Payment

wouldn't

it

a

families.

come

requirement for the FHA's

ment

to

years

the lower division of middle in¬

visions.

Under the

"No,

au¬

extended the pro¬
vision involving below interest
rate loans for rental housing for

on

Minimum Down

five

could

who

the

cases

24,

Minnesota

the

permitted to grant

are

annual

Paul)

Congress

private housing
they sought no down payments
at all.
Even so they got passed
some
extremely
liberal
pro¬

housing, and

for

shorter term.

public

on

hardship

monthly

without total success below-themarket interest

in

buyer

They sought

"poor folks."

Oct.

provision

the

with

11th

vention at the Hotel

£)C(£n)

40-year

version

additional

an

of

authorized

are

thorities

liberal-spending hous¬

the

Clubs

41,000
multi-laned

wide,

final

the

that

Senate and House said in effect
that

of

displacees

the

in

faction

liberal

The

Pa.

(Milwaukee,

Wis.)

criss-crossing the country.

loans

bad bill.

a

meeting at Rolling Rock,

Interstate

vast

program

miles

who feel

colleagues

the

of

roads
-

ber

of

Group

Association

National Association of Investment

result

num¬

a

Bankers

October 20-21, 1961

highway

bill with

a

But there are

heart."

a

(Pennsylvania)

Pennsylvania

placed in the United States as a

running

passage

1961

there are thousands upon
thousands of families being dis¬

Presi¬

Democratic

Stevenson's

19,

of

ally,

E.

dential

Oct.

Incident¬

displacees.

for

gram

Sparkman of

was

Mich.)

(Detroit,

1961

Michigan

amortization pe¬

maximum

the

Security

Palm Springs Riviera Hotel.

conferees before

House

and

Traders

Annual Convention

ciation

compro¬

it went to the White House was

ago.

year

a

"DisPlacees"

for

mises reached between the Sen¬

at

Democrats

the

an¬

nual convention.
Oct.

One

ex¬

platform

tremely "'liberal
adopted

the

of

1961 (San Francisco,

Calif.)

Nevertheless, a
approach could not be

passed.

sounder

Association meeting.

American Bankers Association

liberal.

have

not

Sulphur

Va.)

Calif.)

Ad¬

housing bill would
substantially more

been

(White

1961
W.

Oct. 15-18,

Gore

the

amendment,

his

won

Tennessee's

not

Investment
meeting.

Southeastern Group of Investment

along

get

cannot

I

-Bankers

ex¬

is

was

Springs,

equity at the end of 20 years is

The

—

Administration's

Kennedy
catch-all

C,

of

Association

13-15,

Canada)

(Montreal,

Group

Bankers

D.

Investment

of

Bankers

BEHIND-THE-SCENES INTERPRETA TIONS

WASHINGTON,

(Toronto)

1961

CO., INC.
Securities

10 Post Office Square,
Telephone
HUbbard

2-1990

Boston 9, Mass.
Teletype
RS 69