Full text of Commercial and Financial Chronicle : June 21, 1962, Vol. 195, No. 6170

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Established 1839

Reg. U. S.Pat. Off.

Volume

195

Number

EDITORIAL

It

is

not

6170

New York

As We See It

altogether
recall

to

number of

In

easy

very

advocated

measures

the basis of that

on

easy to comprehend is the swiftness
of the later shift to the notion that almost infinite
growth

still ahead of

was

encourage
doctrine is

us

if

only

it. It is obvious,
now

almost

we shaped our policies to
however, that the growth

fetish with

nearly all politicians
and many economists in this
country most of whom are
quite as ready to experiment in an effort to attain in¬
definite growth as the former New Dealers were in their
endeavor to solve all our problems by a redistribution of
a

,

Lesson

premises

on

decisions

takes

in

and

principles

changes prompted

dilemma

(2)

revolving around

spectrum

of

organizational
cludes

the

science"

(1)

securities

disastrous

decoying

role

Evaluational

of

four categories, using electric utilities as a

corporate

.

structure

into

opportunities

.

grinding out

several

.

.

.

layers.
never

norm,

One

been

The

Now

companies

the

greater

a

a severe
tumble, it
review the premises and the prin¬
which investment and speculative

under

of

The overexuberant psychology

18 months ago

placed
by

a

by

has been re¬
colder realism and

experience when times were good and conditions im¬
proving. We have often taken a sort of mild interest
during periods of prosperity in measures designed to
head off depressions or limit their
severity. The pro¬
posals brought forward at such times have been for
purposes of influencing the rate of business activity at
some

future date when

presumably there was need for
something to prevent a sharp recession in business ac¬
tivity. Now, however, the emphasis is less upon keeping
a
boom going than upon
helping it to attain greater
vitality and volume, and at least
(Continued on page 26)

stock

that

the

wonder-wonder

U. S.

Government,

Public

ings

Armand G.

Erpf

erratic—were applied compa¬
customarily applicable to growth
companies, overlooking the fact that science com¬
panies were brilliant but radical speculations sub¬

New York

or

taken
appear

at

the

16th

Municipal

Securities

Annual

in today's Pictorial

success

be

a

was

MULLANEY, WELLS & COMPANY

Field

corded

623

Distributors

•

high

Day

of

770-1234

NY 1-457

Offices

Securities

MEMBERS
MIDWEST STOCK

EXCHANGE

FIRST

135 So. LaSalle Street

NATIONAL CITY BANK

Co.

in

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

New York Correspondent

—

Stock

Municipal Bond Division

THE

MANHATTAN

Active

Markets

Maintained

Dealers, Banks and Brokers

Canadian Securities

DIVERSIFIED

CANADIAN

Block Inquiries Invited

American

Notes

CALIFORNIA

1832

Members
New York Stock

Bonds and

BANK

To

T. L. Watson & Co.

Housing
Agency

Southern

Pershing ft Co.

Chicago 3, III. FRanklln 2-1166

ESTABLISHED

Exchange
Exchange

BONDS & STOCKS

Commission Orders Executed On All
Canadian Exchanges
^

CANADIAN

i

m

DEPARTMENT ;

Teletype NY 1-2270

Southweit




&

Hope Street, Los Angeles 17,

California Securities

Bond Dept. Teletype: NY 1-708

Net

company

So.

Inquiries Invited

1^

VKDBR.WRITBR

first

unrelated to their assets
(Continued on page 23)

Municipal

Members New York Stock Exchange

Corporate & Municipal

w

SISTRIBUTOXt

concept of regular sales

State,

the

Supplement.

Associate Member American Stock Exchange
Members Pacific Coast Exchange

BOND DEPARTMENT

NY 1-1246,

the

multiples

California

Dealers

•

telephone:

with

since the valuation had to

Lester, Ryons

CHEMICAL BANK NEW YORK TRUST COMPANY

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

be spectacular but they should

may

confused

and PvJblic

Underwiters

Chemical
Nov York

phenomenal

The rising multiples accorded equities since 1958
brought to the public market a wide variety of
service type companies which had been in exist¬
ence for many years,
but privately owned. These
companies, where the base was strong and the
position not readily assailable, were properly ac¬

rable to multiples

Investment Association of

achieving

price demoralization, so

generous valuations.

or

minor

were

a

increases, which certain types of mass
consumption and service companies may portray.
The discovery principle and the breakthrough po¬
tential are the paramount considerations in their

which captured the
imagination of the public and
professionals alike.
To these
many hundreds
of companies

—

dollars,

and earnings

science

multiples if you
will
but in this case largely
multiples of sales since earn¬

with

Housing,

State and

teletype:

not

fields

valuations

billion

a

even

where

broad

a

segment of securities largely in

PICTURES IN THIS ISSUE—Candid photos
-

suffered

heavy revaluation of

contra

severe

lar volume

and had to sustain the shock of
a

of many

a

50% increase in unit output, dol¬
only the equivalent of the previous
year, damaging the image of invincibility. Applied
science shares continue a fascinating field for valid
speculation. By and large they are speculations

the relation¬

market

or

half

to

Administration.
The

the fortunes

breakthroughs, suffered

deepening of the chasm in
of

in

occasioned by

c t s brought volume but no
losses; obsolescence was rife in
that remarkable products were replaced by newer
ones; cash resources here and there ran out; and
industries, for example the semi-conductors, whose
aggregate sales had gone from a few million dollars

that the market has had

advice is rendered.

plateau of monotonous earnings.

were

Government

than there is at present/*

is necessary to

ciples

a

downfall

profit,

recall,

through this sort of

Copy

of these
variety of causes:
product development, brilliantly conceived, and
promising breakthroughs were delayed or vitiated;

and

of

ship between industry and the

It is of interest to note that this is, so far as we
the first time that we have been

a

Why The Decline?

analysis divides equities

into

.

staid

to

"wonder-wonder

the

the confidence

Philosophy

valuations, and

or

entrepreneurial

conclusions reached is that "there has

New

investment
market's de¬

Probe of the market's tumble in¬

concerns.

securities.

multiples

from

number of

A

guiding
by the

cline, and pointedly examines the investor's and speculator's

mized

...

Cents

ject to vicissitudes and that growth companies are,
or
should be, companies which have carved out
for themselves portions of the civilian market in
which they had demonstrated a mastery, a supe¬
riority, a franchise factor, and a record of growth
which permitted and even invited a
higher mul¬
tiple than would be applicable to either the cyclical
companies or industries, or pedestrian companies

Carl M. Loeb, Rhoades & Co., New York

wealth and income. The President last week well

epito¬
popular feeling on this subject when he said that
"the important point is that
they (the Republicans)
recognize, and the Government recognizes, and every
group recognizes the necessity
of attempting to
work out economic policies which will maintain our
economy at an adequate rate of growth. That's the great
problem for us."

50

Today's

By ArmandG. Erpf, General Partner,

.

7

as¬

sumption. Still less

Price

Reviewing the Bases for Investing

even for those with
good
vividly the degree of fervor
with which the early New Dealers preached the "mature
economy" doctrine, or to realize fully the type and

memories

7, N. Y., Thursday, June 21, 1962

25

BROAD STREET

NEW YORK 4, N. Y.

DIRECT VIRES TO MONTREAL AND TORONTO

Goodbody

&

Dominion Securities

Co.

Grporahom

MEMBERS NEW YORK STOCK EXCHANGE

BRIDGEPORT

.

PERTH AMBOY

2 BROADWAY

1 NORTH LA SALLE ST.

NEW YORK

CHICAGO

40

Exchange Place, New York 5, N. Y.

Teletype NY 1-702-3

Garment Industry
MUNICIPAL BOND DEPARTMENT

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

WHitehall 4-8161
SAN

FRANCISCO

•

LOS ANGELES

Chronicle

The Commercial and Financial
2

The Security I

Brokers, Dealers only

For Banks,

Nation

Cover the Entire

Call "HANSEATIC"
wide

dealers

States.

in the investment and

advisory field from all sections of the country

have

Next time you

trading

a

potential markets—they also as¬
of accurate executions.

you

Members New York Stock

American

lance

7,

New York 5

•

CHICAGO

•

SAN FRANCISCO

System

Wire

Private

Nationwide

1

-* *•'

..

1

7

I

Office

was

lo¬

Call

us

First

American Furniture

.

Bassett

n

opened

late

1955

and,

interconnected with the exist¬

be

total

plant

STRADER and COMPANY, Inr.

Net
,

-

VIRGINIA

Victor 6-1333

-

New York

7

'

TWX LY 77

Private wire to Shields &

,

profit

before

taxes..i..

Net profit after taxes.......
Shares outstanding...........

Earnings
Price

Co.,

City

$2,960,000
1,671,000
255,000
125,000
489,740

orders..................

per

share....

17-121/4

range....;.

^OVJR Wof,

9/1/62

TAX FREE

INCOME
Maturity

Coupon

Price

1992

5.50

100

1993

5.60

101

MUNICIPAL

IMPROVEMENT DIST.

General

Obligation
Municipal Bonds

CALIFORNIA

FROM

INCOME

OF
TAX

obligation

High Yield TAX FREE

scientific importance,

Forces

with

and

on

Bonds./

South

and

Atlantic

•' v

..-.'r'-*-'-f
_

City

.•»••••••••••••••••

•*•••«••••••••

c

State

••»»•»••#•»*«

.

,u

./

C

VJt'ih

,




iV.Am

& CO.

U.. V'j

INC.

Members

N.

Y.

Security

Dealers

Ass'n

D

Zone....
CFC

CO.

1

*

Boise Cascade Corporation

L
7
7
BoiseCascadeCoiporahon
*

timber

owned

reserves

of

:

owned

:

port an annual cut of over 550

repre-

among forest

panies. Since the inception of this operations

company's cash position is
There is no long-term

excellent.

funded indebtedness and the

can

grow

on

ducer

Current

assets

of

'
The
formed

March

31,
1962, were $2,294,000. Cash items
$243,000. Current liabilities were
only $731,000, or 3.1 to 1.
as

stability

the

in

cffl+p„

.

,

Western

present

-

company

was

May of 1957 through
the consolidation of Boise Payotte

Lumber Co. and Cascade Lumber
Co., marking the first mpve of the
present management.. Following

1

,

(This is under
as

a

no

solicitation

of

an

to

offer to buy,

any

growth

,

to

e

SrninS awSSna
,

'

,

offer to seli, or
security referred to herein.)
as an

[

NEW ALL TIME HIGH

Detailed Analysis

$o.82

:

MORELAND & CO.
;
1

'

Members

7

Stock

Midwest

V'-. Detroit

Stock

~

7'

Exchange

:

Exchange

159J. Penobscot Building
BETROIT 26, MICH.
,DE 75

WOodward 2-38S5
•

Branch

„

Office

—

Bay Gity, Mich.

to

o2rft

XS-

.

Cascad®

1961

N. Q. B.

those reported in 1956. Net income
1901 was jus^ over $3 million

share, down from $3.4
million or $0.91 a share Hie year
before. The drop in earnings re*
suited from a decline in residential
or

Mailed-

On Request

7;;'

$137.6 million—Up "5% from
1960 results and nearly four times

were

AND PROFITS AT

REVENUES

Boise's

a

| SmdujdTiesV7"However, aince

be construed

1-2762/..

and should increase the

nonrecurring ex*
jpenses-associated with jAUnt imLWjieler jproveip^ntf t5and increased corniin^er,an<i Jpetition iri the concrete products

:

',

circumstances

and

of expansion, construction,

Stockholders'equity was $2,14QT,program
000, and book-value per'-share ;
$4.38 against $3^8 ,.of like 1961 j integrated^odueer,
period.
*
v
.
saler and retailer/qf

2-6830

7

-

in

^s planned

ngt

,

fielders

United

..

.

3-7830

NY

HUES, WC.

an

River will add further elements of

com-

the company has nearly
i quadrupled in size and now ranks
as
the third largest timber pro-

has operated for the past six

months without external funds.

W. Graeme Bretall

program

com¬

—

ASSOCIATED TRUCK

'company's

of non-defense industrial applications will be undertaken in the

'

No,

Teletype

million board feet. It is the company's policy, hot ±0, harvest more

a unique; situation, in the timber, than it

product

★

WHitehall

Phone:

timber, is sufficient to sup-

before the end of the year. Concentrated marketing in the area

future.

—

Exchange Place, New York 5

40

more

<

,

Jf

Odd Lots

on

(To Brokers and Dealers)

than 550,000 acres, carried on the
books at a fraction of its true
value.
This timber, along with
.adjacentstands of government-

r»

Northwest Co., Seattle, Wash.

Bids

Backing up this large, well-in-

forest pioductsindustry,t. For the annual basis therebv nreservinfi
past five years the
highly remanagement is constantly at work
'garded man17 to obtain the best possible oitilizaagement has
| tion frbrh this valuable resource.
pursued' a
..Boise's latest and largest expan¬
program - of
sion ' move .came in April of 1962
inte grated
£.§>iyheh it acquired Columbia River
g r o w t h
Paper Co. for $60 million in cash.
through exColumbia River, with sales of ap¬
ipansion into
proximately $27 million last year,
related fields.
is the largest producer
of fine
In
addition, the * firm has in T h i s Ion gpapers in the West. In addition to
development a General Purpose .range plan is
its operating facilities Columbia
Analog Computer. The first ele- resulting in a
River owns in fee over one billion
feet of:prime standing timber lo¬
ments, which can be incorporated vitality and
into
existing computer installs- stability s e 1cated primarily in Western Ore¬
tions, are expected to be available ? d 0 m
found
gon. The acquisition of Columbia

near

BONDS

known fact that

tegrated operation are oompany-

;

7 7

Research Dept., Pacific

onager,
.7

»"

1

SEATTLE

GROSSMAN

in an

between Colorado and Wash¬

7iriPP wl fwell

W. GRAEME BRETALL

m„

.

GRANDE

WEINBERG,
«

^m^u^ber

,/^-7'77

7

,

South

'

While the majority of the com-'
pany's activity to date has been
in
connection
with
government
sponsored
programs,
Milgo has
built up
a
strong product line
which could readily find a market
in non-defense oriented industry.
Process control, data processing,
and sequencing programmers are
but
a
few* of
the
applications
which the company's present systerns could perform.77

pany
»•«•«•*••••••••••••••

Address

H

ington. While its primary markets
are
the West Coast and Rooky

NASA.

rru

Nam®

S.
t-7

,

virtually every missile and satel¬
lite .tracking range in the United
States and at such far-flung over¬
seas locations as Australia, South
Africa, and the islands of both

The
Send info., without

area

has enjoyed con¬
7 hrw Pn£e*S apProx^ma^y
with-"all branches of the A
bias, .8 /^a?keq. 7
;7.77:7.. <7. *

...

STATE

north¬

west corner of the country

283^-151/2

company

Pacific.

AND

BEekman 3-3622-3

Telephone:

outlets areft

principally in the

located

SS6:* ~y's

the

FEDERAL

YORK OFFICE:

NEW

149 Broadway, New York 6, N. Y.

the
with, its

heed, General Electric, The Martin
Co., and a host of others.

Armed

EXEMPT

along

retail

and

wholesale

From its inception, the company
has enjoyed brilliant management,
with planned depth.
7

Milgo has installed its systems at

INTEREST

plants

growTh sTge,7icant7 hfih^lhan
the national average which should

tracts

ESTRO

,

area.

}rfo nRCA apS ^eneeralEDv' .77 St°7 7 active* traded in
ST.
Over-the-counter market, and

The

ISSUE

DAIWA
Securities Co.9 Ltd*

.

Milgo has served a wide crosssection of industry, including in
its list of customers such outstand-

NEW

291/2-131/2

branch offices

our

Home-based in Boise, Idaho,

company's

40c

26c

\

Direct wires to

has

service

1961

9c

*

NY 1-1557

Birmingham, Ala.
Mobile,Ala.

SECURITIES

For the Year

$3,078,000
-3,485,000
393,000
194,000
489,740

HAnover 2-0700

New Orleans, La. -

JAPANESE

Ended Sept. 30

$1,363,000
1,553,000
84,000
7 43,000
487,084

Exchange
Exchange

products; the manufacture
an(j
sale
of concrete
products,
ready-mix concrete and aggregate;
the
sale
of building materials
through 14 wholesale and 129 retail
outlets; the wholesaling of
recreational equipment, and the
financing and servicing of construction loans. In a further move

(unaudited)

Sales

Stock

Stock

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

and

product line the com¬
introduced, within the
last two years, factory-built build¬
ing components and can now offer
a
complete home package produced at any one of eight plants,
strategically located throughout its

area

v

York

to refine its

over

1961

American

wood, pulp and paper, corrugated
containers, multiwall bags and re¬

pany

occupied by the
100,000 square feet.
For
the
six
months ' ending
March
31, 1962, Milgo reported
the following significant figures:
firm to

Ended March 31

All Issues

LYNCHBURG,

engineering

For the Six Months

New

39

May 1, 1962,

ing facilities and will increase the

~

New

lated

by October, 1962, will

1962

LD

on

consolidated

new

occupancy

Craddock-Terry Shoe
R. F. & P.

District

Western

building, which will be ready for

William L. Dewart

Industries

Furniture

was

a

building of 37,000 square feet. This

inception has
played
leading roles in such important
programs as Mercury, Discoverer,
Wallops Island, and MISTRAM.
Currently, the firm is participat¬
ing under a contract with Gen-

Virginia Securities

that

an-

age. Simultaneously,
it was announced that work had begun on
a

its

since

recently

Members

Members

n

Co.

Aa

ing and harvesting of timber and
conversion into lumber, ply-

in order to broaden market cover-

F 1 a.,'
organized in

am

O

Construction Finance Co.—are en-

.

company

-

nounced

Miami,Continuous Markets

symbols.

The

,

network.
i

.!

Co.,Monarch- Lumber

capable not only of the conink-plot, but also of

special

stru mentation'

cated

nDxir

its

complex, oc-*
topus-like in-,

Milgo,

lo

production of its new

printing the complete alphabet, all
numerals, and a wide variety of

-

this;

of

products. Boise Cascade
and its "principal wholly-owned
A
TLXav»v»t
"KTATrillfli
subsidiaries—Ames Harris Neville

gaged in the ownership and management of timberlands; the grow-

•

manufac- '

ture

1

nAIIA-

STEINER* ROUSE & CO.

.....

,

:

ventional

are
.

design,

and

a-P

viwrv/limli av>

—

Research

of

iumber

and

Milgo completed development
is in current

key

.a

*

Bought—Sold—Quoted

Graeme

'5epirqo'
Seattle, Wash. (Page 2).

fully transistorized Plotting Board,
All
of
Milgo's Plotting Boards

over

;

Milgo

the

Teletype NY 1-40

4-2300
BOSTON

■+*

progress^vigi¬

development,
•

Stock Exchange

PHILADELPHIA

i

rwAtrt rf

on

development activity. During the
1961-1962,

,

Manager

Bretall,

work

its

with

William

Boi&e Cagcade Corp.—W.

first half of fiscal year

position and

constant

maintained

contributor in 4

Member

120 Broadway,

or¬

on Feb. 20, 1962,
tracking system

world-wide

w a s

Established 1920
Associate

Glenn

into fame

bited
a

.

John

Astronaut

&

and missile programs, Milgo
has devoted a considerable amount
of time and effort to research and

Electronic

CORPORATION

wjbrth

Concurrent

—

Dewart, Analyst, John Muir
New York City. (Page 2)

in

the Advent Program.

Corporation,

HANSEATIC

Louisiana Securities

GLOTRAC,
a
highly advanced
tracking system to be used with

Exchange

Alabama &

particular security.

space

Milgo Electronic Corp.
When

him.
NEW YORK

This Week's

Their Selections

Dynamics/Astronautics

eral

WILLIAM L. DEWART

Analyst, John Muir & Co.,
New York City

>

problem, don't limit yourself to
regional service. Our large trad¬
ing
department and extensive
facilities not only broaden your
sure

Thursday, June 21, 1962

Forum Participants and

Milgo Electronic Corp.

traders fast and reli¬
service and blanket cover¬

reaching banks, brokers and
throughout the United

age,

which, each week, a different group of experts

participate and give their reasons for favoring a

affording
able

Like Best...

A continuous forum in

advantage of our nation¬
network of private wires,

Take

...

(2878)

end there has been

a

Continued

year7

sharp pickon

page

21

OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX
23

-Year Performance

of

35 Industrial Stacks
FOLDER ON REQUEST

National Quotation Bureau
,

Incorporated

46 Front Street

•

Mew York 4, N. Y.

i

!

Volume 195

Number

6170

.

.

A Bullish View

The Commercial and Financial Chronicle

.

(2879)

CONTENTS

the

on

3

Thursday, June 21, 1962

Stock Market's Future

LlCHTtnSTEin

us.

AND

By Anthony Gaubis,* Investment Counselor, New York City;
Publisher of "Business and Investment Timing"

COMPANY

'

Mr.

We

Articles and News

PAGE

highs in the market

new

in the next;

averages

STAMPS

•

six to eight months;

spells out the evidence supporting his optimistic

Reviewing the Bases for Investing in Today's

point of view; offers general investmenbselection advice backed by
several illustrative
i,

•

s

should

have

;

this

seen

predicts we

„•

is devalued—followed

by a ■ downward trend.

realistic pricing, plentiful

money

Securities Trainees' Program
Life

supply, tendency for institutional
during the past 14

higher ratios to earnings. To help reduce the risk of future panics

a

instead

one

a

of

10 point

Sponsored by IBA__

4

..Dr. Ira U.

Problems
:

Obsolete Securities Dept.

99

WALL

Cobleigh

do

as

to

help

the

much

loose

than

as

a

William

Robert E. Brooker

MONROE AUTO

11

I

have

that

they

con-

the

public

who

have

;

that

what

Anthony Gaubis

of

of

some

to hold

Study

stocks

to

that

or

buy

have

been

J.F.Reilly&Co.,Inc.

would
reverse

seem

making

to.

Bank and Insurance
Businessman's

point

mention that
ing

cesses

in

one

to

causes

the

I

market

vociferous
cline. The

becoming
after

an

especially

extended

de¬

18

___M. R. Lefkoe

sense

I

leading

am

27
18

..

and You (The)

you

forecast

too

seriously

Our Reporter

on

Public Utility

A. Wilfred

May

4

Governments

19

Securities.

26
28

2

Security Salesman's Corner
State of Trade and Industry

American Safety Equipment

Singer, Bean

mackie,

&

HA 2-9000

INC.

40 Exchange Place, N. t.

Teletype NY 1-1825 & 14844

43

._

Security I Like Rest (The)

Direct Wires to

Chicago

Cleveland

Los Angeles

21

Philadelphia

(The).

Tax-Exempt Bond Market.

16

-

Donald D. Mackey

St. Louis

San Francisco

Washington

6

Washington and You...

The

COMMERCIAL

Published

unless

48

in

actual

practice

of

years.

Even

WILLIAM

then, - the
possibilities of occasionally being
wrong (or right!) should not be
ignored, but I think we might all
make fewer mistakes if we tried

25

D.

1

York

Stock

(general

(complete

MONDAY
In

United

by

1962

Bank

AND

$65.00

per

J.

MORRISSEY,

E. F. MacDonald

Editor

issue)

market

quotation

and

every

records,

William

made

Dana

New

Company

York,

N.

Y.

RATES

THURSDAY EDITIONS

in

year;

per

(104 issues

per

year)

Dominion

Canada

of

$68.00

per

year;

year.

in

year;

$23.50 per

and

Postage

B.

at

ONLY

(52 issues

per

year)

States, U. S. Possessions and members of Pan American

$20.00

countries

Quotation
extra).

Note—On

I

.

States, U. S. Possessions and members of Pan American

Dominion

account
for

of

of

Canada

$21.50

per

year;

year.

OTHER

Worcester

,

advertising
—

postage paid

countries $72.00 per

United

Union

Glens Falls

and

issue

SUBSCRIPTION

In

TELETYPE NY 1-5

'

,

SEIBERT, Treasurer

news

statistical

class

Exchange

Schenectady

DANA

THURSDAY EDITION

ST., NEW YORS 4, N. Y.

REctor 2-9570 to 9576
,

.

25

other

Chicago

7, N. Y.

President

WILLIAM

S. Patent Office

PUBLISHER

news, bank clearings, state and city news, etc.). Other
135 South La Salle St., Chicago 3, 111. (Phone STate 2-0613).

Office:

1868

COMPANY,

CHRONICLE

U.

Thursday, June 21, 1962

corporation

page

■

Thursday

Every

Monday

on

DANA

GEORGE

by opinions of individuals
Continued

B.

SEIBERT,

'

not to let ourselves be influenced
or con-

FINANCIAL
Reg.

Park Place, New York

CLAUDE
t

and

Twice Weekly

remittances




22
20

Observations._______——

forecasting
over, al

studies

period

TELEPHONE HAnover 2-4300

Newark

£—1..

News About Banks and Bankers.'

know the record of the fore¬

caster and his favored

Founded

Nashville

...Wallace Streete

to the fact that

up

Spencer Trask & Co.

Boston

5

Indications of Current Business Activity...

other

Albany-

Electronic Int'l Cap. Ltd.

*

Market.

Union

25 BROAD

9

think

PREFERRED STOCKS

Members New

Electronic Capital

Contradiction"

Second

specialized in

Caldor, Inc.

8

Einzig: " 'Disinflationary Inflation' Is No Idle

Copyright

have

Recommendations

Elco Corp.

Know the Forecaster's Record

severity of the setback

For many years we

Investment

Dealer-Broker

Mutual Funds...

.

ex¬

is the

Commentary.

Carlisle Bargeron

proach to short-term market fore¬
casting, it will probably be on the
day after someone finds a way of
beating the roulette wheels in Las
Vegas.
•
'
-

to

tendency to become
progressively more optimistic as
prices advance; with the chronic
pessimists

two others. Common

or

widespread

48

From Washington Ahead of the News

current

it is very important not
to take any stock market
appraisal

occasional

46

Coming Events in the Investment Field

Prospective Security Offerings

I

like

21

...

that if anyone is ever going to
find a fool-proof technical ap¬

sug^

of the contribut¬

stock

133%

Stocks

I

Bookshelf

Securities Now in Registration

of this axiom

should

the

a

us

Market Excesses

this

about

Broadway, New York 5
DIgby 4-4970

——(Editorial)

tells

or

represents the truth.

At

at

was

39

As We See It

,

people to accept profits in such
issues, or to at least avoid buying
them when they were selling at
2 or 4 times current quotations.
No one can refute the logic that
the more the price of any security
declines, the better the relationship of its price to basic values.
However, much of the Wall Street
gest that the

it

46

Regular Features

ly discovered technical relation¬
ship which is supposed to Jbe, the
ultimate answer in forecasting be¬
cause it worked in this
particular
instance, and retroactively in one

headlines because of the extent of
their declines, as they did to get

propaganda

of

46

______

Fund

Annuity

supported quite frequently by
groups of younger technicians who
proclaim the virtues of some new¬

of the

some

advance

an

—

the

setting

was

....

CENTRAL DATA

Roger W. Babson 17
Special Market

on

are

difficult to get people

on

for

market

DYMO INDUSTRIES

10th Anniversary of Nation's First Variable

'

dominated by emotionalism rather
than economics or logic. I suspect
as

^

NYSE Releases Interim Data

levels in October, 1960.
: The
voices of these pessimists

that most customers' brokers have

_}; (;

authors

the

when

just emerging from one
fortunately rare occasions

where the stock market has been

•

the

CORPORATION

14

R.S.Reynolds 15

*

in

catastrophe when the stock mar¬
ket was recording its lows, in the
summer of 1949; in late
1957; and

are

A'

on

within the next four years. Some
of the same voices were predicting

found it

.

least

requires
violating
the
cardinal
rule of merchandising, which sug¬
gests that it is never wise to argue

We

„

at

;

and

base

"always right."

_r.—Robert C. Liebenow

KINNEY SERVICE

The Aluminum Industry: A Short-Term Outlook
1

against
extremes
of
emotionalism, but this frequently

of those

^

through

lH

Profitable Opportunities in Railroad Properties

when

sidered

•

lived

extremely negative propa¬
ganda were every bit as pessimis¬
tic in March, 1938, when the DowJopes Industrials were on the
verge of an advance of 60% with¬
in eight months; or in April, 1942,

with customers who must be con¬

:

.'

current

customers

.

us

Unfortunately, many of the less
experienced investors do not know

indirect

tiousj^bj t$py must try to protect

,

Those of

advice and market influence.

the

direct

Quite frankly,
1 do not envy their position in the
financial field'ATo do a conscien-

-

Basis"...

perhaps even through
the 1929-1932 period — recognize
the fallacies behind this type of

happens to the
stock market.

V

have

1937;

n u a

stake in

I

now on.

Phoney "Liberalism". _H. L. Spencer

conse¬

the second largest bear market
record — that which started

are

and

v

dire

more

in Wall Street

largest

•

from

quences

11 y in
contact with

~

even

and

t i

.

"We Can't Control Output on a Farm-to-Farm

the front line"

;and

-

The Failure of

ing the country with their "I told
you so" propaganda and predic¬

who have been part of Wall Street
for twenty-five years or longer,

"on

are

EQUIPMENT
McKinley 12

the latter group have been flood- ;

tions, of

mind

Dr. Gordon W.

tributed

any

YORK

4-6551

E. F. MacDONALD

McChesney Martin, Jr. 10

change in the Index.

since the end of April can be at¬
in part to the fact that

can

group

organi¬

zation.
in

more

straighten out some of
thinking in Wall Street

can

other

or

NEW

WHitehall

5

The Housing Outlook for the Year Ahead
1 feel that customers' brokers

STREET,

Telephone:

The Short-Term Outlook for Retailing Industry

one-point change in the 30 stocks
a

3

Let's Stop Retreating From Realities of Our

contributed by the misunderstood D-J industrials average, Mr. Gaubis

results in

*

Anthony Gaubis

Stocks! Attractive Vehicle for Market

Reentry.....

and expects stocks will continue to sell at.

suggests it be split so that

^Armand G. Erpf

'

,.

cushion the fall

to

the Stock Market's Future

on

::

He refers to today's

funds not to reduce their holdings in shifting
of adjustment,

A Bullish View

x

year's lows, and a likely 10% D-J's rise over last

year's highs between November and early 1963—particularly if gold

months

Greater Opportunities. J

companies, and indicates the qualities forecasters

Specifically, the investment advisor

possess.

give

PAD

Gaubis forecasts

m V. FRANKEL & CO.
INCORPORATED

PUBLICATIONS

Record—Monthly,

$45.00

per

year

(Foreign

39

BROADWAY, NEW YORK 6
*

the

foreign

fluctuations

subscriptions

in New York funds.

in

and

the

rate

of

advertisements

exchange,
must

be

—«f

'•w

WHitehall 3-6633

Teletype NY 1-4040 & 1-3540

The Commercial and Financial Chronicle
4

OBSERVATIONS...
WILFRED MAY

BY A.

means

for acquiring

ership

on a

FALL-OUT

MARKET EXPLOSION

THE

FROM

"proving offsets to the surges of
sales and purchases by the pub¬

A
INVESTIGATION

SUGGESTED ADDENDA TO
PENDING

of

lic."

that on the completion
its own Special Study of the

v

hope

Omissions

Crucial

Wholly, omitted are the yeasons
which prompted the sudden
frenzied selling, particularly
by

performance

,

on

black—and grey—days of

wrapping-up of the findings
for September.

final

scheduled

report President
submits
"preliminary

Funston

data"

?

first

the

In

Findings

Preliminary

The

identification of various

on

participants in the frenzied mar¬
ket proceedings, including the fol¬
lowing: those responsible for the
selling "pressure" on Black Mon¬
day, May 28 ("long-term 'invest¬
ment accounts' [sic] held by the
public"); the "investors" who sold
during the following Tuesday
morning's further decline
("smaller accounts"); the buyers
during that afternoon's rally
("larger investors were more
evident, generally buying shares
of well-known companies"); and
the

in
Thursday's
("many of the buyers were
middle-income ranges").

the

interesting but superficial,

Also
are

the

the

small

with

Exchange's fip4iA§s' that
odd-lot

institutions, bought
over

ance

the

three-day

men,

with

on

bal¬

period;

largely centered

that activity was
in

investor, along

no

pronounced ac¬

tivity by the ladies; and that dur¬
ing the Thursday rise, "many of
the buyers were
come

The
the

Exchange

Floor

"other

in the middle-in¬

group."
also

finds

that

along with

Specialists,

members and member

ganizations," played

a

or¬

vital role,

would

buyers' long-term in¬
retirement incomes and

value

a

—

urged by the Exchange itself

vestors'

in its House

independent:
("Your Social Security may fall

help them to become
short of

far

And any fixed

that.

retirement income you plan today

painfully small twenty
years
from now. That's why it
may be a
good idea to include
good common stocks in your
plans."
Again, "Stock holdings
make you part owner of a com¬
pany.
And many blessings can
may seem

flow from

that.").

.

Thursday, June 21, 1962

Why the Shifts of Purpose?
their

indeed

stock

been

so

acquisition had
motivated, what

the

market immediately
Statement
by
the
of
the
Republican

—

Committee

the

midst

(Happily, President Hoover,
has

as

President

Kennedy today,
personally disassociated himself
from this political
*'

..

TAX-HAVEN
Panama's
and
on

Gilberto Arias,
last

week

intention to continue

in¬

them

so.

While income belonging to U. S.

residents, cannot, of

investors, par¬
ticularly the "long-term" variety,
to change their minds and dump
their stocks so precipitously?

course

sequent painful Split-by-the-Mar-

OFA

other possible

Many
the

speculative

of

causes

might
by conscien¬
tious Exchange polling of the mar¬
ket
participants.
For
example,
light might be shed on the actual
be

excesses

unearthed

effects

WASHINGTON, D.

ever

vestment

C. —The

In¬
of

Association

Bankers

acceleration

of

the

ticker's

"flash"

technique,

to

present

delays

heavy-volume

days.

The

on

"flash"

increased

combat

list

to

has

100

its

now

stocks,

of
which 90 or more will be
printed
on
the tape in strings about six
times during a session.
this latest gadget for
quotation
speed-up,
is
completely out of line with, if not
actually a saboteur of, investment

further

conduct

The

—

fering

a

Exchange Highlights
Basic

1 he

most

woman

zation
who

—

is

valuable

in

—

or

brokerage organi¬
necessarily the one

a

not

sells

man

the

most

Ideally, he is the

securities.

man

who

helps

the

right people select the right
amount of the right securities
for
the right reasons."
From the
Statement

of

G.

Keith

President N. Y. Stock
SEC Special

Funston,
Exchange to

Study, May 25, 1962.

Actually,

the

accomplishing
expressed

this

ideal

change's

no

mission

system,

115 BROADWAY

The

-

no

goes

as

a

of

perfectly

so

under

order

-

stantiating it
market

impossibility
the

Ex¬

pay com¬

-

far in sub¬

major

cause

of

boom-and-bust.*

and

the

pile up
its
earnings completely free of cur¬
taxation. Furthermore, such
triangulary
operating
Panama
companies have not been required
rent

income

file

tax

in

returns

Panama.

or

our pending tax program
primarily directed at "tri-

is not

angulation"

by major American
such practice as well
as further opportunities in Vene¬
zuela, Haiti, and Bermuda along

companies,

with

Panama

taken

care

should

perhaps

be

of in ancillary legisla¬

tion.

•' ' •

include this

area

of its Break

investigation, by ask¬

ing

the

*cf.

in the extension

market
so,

OBSERVATIONS.

Dealers

mation! and

of

May

sL

1962.

signed

a

to acquaint the registrant

rules, practices and pro¬
the
organized ex¬
changes, with particular reference
to the New York Stock Exchange.
It also covers the regulations of
the Securities and Exchange Com¬
cedures

of

mission and the National Associa¬
tion of Securities Dealers pertain¬

ing to market and brokerage office
procedures, and emphasizes sound
business practices essential to good
brokerage-customer relationships.
Specific topics covered

New York Stock Exchange.
Listing Requirements of the

New York Stock Exchange.

Stock

Exchange Procedures.

Stock

Delivery and Transfer.

Other Security Markets.
Current Problems of the Securi¬

concentrated

four-

week classroom

course is designed
primarily to give trainees an in¬

tensive basic indoctrination

so

that

they

may become integrated into
the securities business much more

The following topics will

be covered in detail:

ties Business.
These

two courses provide an
excellent and economical program
for training new personnel, either
or women.

men

in

new

ton

ment in both

courses

tals

of

registrants. Fundamen¬
Investment Banking may

be taken separately, but employ¬
ees
of stock exchange members
will benefit most from taking

combined

course

ments and Corporate Reports.

Instruments

of Investment

Banking.
Basic

Special

of

Investment

room,

all costs of instruc¬

meals, text materials,

and notebooks.

Applications

Problems

of

of

Major

Marketing of Securities.
Investment Policies and

Programs.

of

training

Washington office accompanied by

ment folder and

mation

Classes

Securities.

this

for

should be sent to the IBA

remittance in full.

Financial

the Corporation.

Analysis

tion,

program

Concepts

the

tuition

alone and $650 for both

Banking.
State¬

The

program.

charge of $485 for the Fundamen¬
tals

Financial

will be lim¬

ited to 80

courses covers

Read

Trainees will live

dormitory

on the EvansCampus; they will attend
classes in the Technological In¬
stitute Building nearby.
Enroll¬
a

Economics of Investment

The

are:

Securities and Security Markets.
Constitution and Rules of the

sound basis for sub¬

Howard, with the assistance of
other faculty members in the
Northwestern
Finance
Depart¬

to

will

Broker-Customer Relationships.
Protection of Customers.

course, Fundamentals
Investment Banking, will be

How

Business

exami¬
provide

qualifying

The first

This

of

with the

IBA

the

School

and experienced speakers on
variousfphases of stock brokerage
will supplements rhis.jiipstruction.
Stock Exchange Operations is de¬

In addition

sequent, more advanced study as
the
registrant matures through
experience.
:
^

rapidly.

Ex¬

gram

nations,
these
courses
comprehensive background infor¬

ment.

Stock

course,

teach this portion of the dual pro¬

the National Association of Secu¬
rities

Program

second

western

preparing the registrant for the
New York Stock Exchange and

participants

to what degree,

The

to

Yield.

Exchange might well also

whether, and if

Chairman

Chicago,

Harold W. Torgerson and Bion B.

n;..' <vu

—

BARCLAY 7-8500

Panama
can

solely to this subject. Professor
Loring C. Farwell of the North¬

offered from July 22 to August 18
and will be taught by Professors

a

Abuse

*..»♦ r.

•-

NEW YORK 6. NEW YORK

both

of¬

cooperating in

are

Education Committee.

under almost any defi¬

'■

1951

in Pan¬
business

its

concentrated five-week
of two courses for train¬

Exchange

of

CALIFORNIA DIRECT WIRE TO

ENGLANDER & CO., INC.

United States

change Operations, will be offered
concurrently from July 22 to Au¬
gust 24, with the last week devoted

America and the New York Stock

program

of

nition!

BEVERLY HILLS, CALIFORNIA

States,

Securities Trainees'

ket of IBM.

Surely

THE INSTALLATION

a

puzzle of what has caused the sub¬

been

PLEASED TO ANNOUNCE

of

United

bor¬

"triangular"

conducting

outside

its

outside

incorporated

but

ama,

income

tax

While

Finance

unchanged
country's tax rules and

state of his
its

of

of both the

us

enterprise

either the U. S.

UNLIMITED

Minister

earned

transactions. Thus

to

*

the Treasury,
his visit here

formed

line.)

*

the'Exchange com¬
ees in the securities business from
munity's relentless over-emphasis
July 22 to August 24 at North¬
of capital appreciation
("making a
western University, announced
fast buck"); manifested, as one of
Curtis H. Bingham, IBA President,
a
thousand
instances, by some
What caused them to feel subse¬
and President, Bingham, Walter
member firms'
score-keeping of
quently that either retirement in¬ changes in the Dow Jones Aver¬ & Hurry, Inc., Los Angeles. Secu¬
rities firms are encouraged to en¬
come isn't so important after all,
age
via out-door electric signs.
roll their employees for the full
or that common
stock ownership And additional questionnairing
(not necessarily on the psycho¬ program covering Fundamentals
.won't do the trick; or that they
analytic couch) might ascertain .of Investment Banking and Stock
can
Exchange Operations.
get their ownership "bless¬ why male sellers were
revealed
This two-course offering is de¬
ings" better elsewhere? What as more fickle investors than the
signed to provide the general
caused them to shift their con¬ women.
knowledge of securities, securities
cept of the stock market to a ring
markets
and investment princi¬
Flashy Investing
for betting on the course of busi¬
ples and practices which is essen¬
—(or playing with numbers?)
tial for a person training to be¬
ness or other external events, or a
Most timely in
highlighting the come a registered representative
numbers'
game,
in lieu of the Exchange's delusions in
portraying of an organization in the securi¬
itself as an investment institution ties
business, according to Robert
is its proud announcement made
Mason of Merrill Lynch, Pierce,
last Wednesday (June
Fenner
&
Smith
13), of fur¬
Incorporated,

caused those selling

WE ARE




motivating

not

does

Panama

of such

timing

ders;.

National

as

paid, and to the
payments.

statement about business condi¬

drop s,"

to

accruing

enterprises relate
both to the gross amount of taxes
owned

is

post-1929 debacle.
v

benefits

Panama's

foreign

which

Chairman

Incidentally,
the
findings
on
how the Split fever got the Bull
Market "investors" so hopped-up
might well provide the solution
to that now so widely discussed

ther

EST.

method of

a

as

utilize

discrediting the Administration.
Every time an Administration
official gives out an optimistic

tions,
a

to

Administration's

our

abroad.

to

con¬

some

foot

on

of

pending proposals for tighteningup on U. S. companies' earnings

Republican

beginning

the stock market

(as

well

as

effort

existing
context

in

are

brought home un-taxed, the
privileges are now
of

be

particularly timely interest in the

-

sis

high

circles

certed

the rest of the Wall St. community.

well

If

magazine)

sis

believe that there is

consistently

procedure

;

boost stock

*

sold.

now

"Persons

[sic]

as

a

Business",

American

of

been respon¬
acquisition

"1929-Again" Department

pant SPLITOMANIA. LThis most
$460,000 popular Bull Market delusion em¬
early in braces the credo that slicing a
1961, stated that its members in share unit into smaller pieces au¬
"helping you to own your share tomatically increases the issue's

capitalism" in
advertising campaign
cratic

shares
*

"agency of demo¬

recall that this

participants

rally
in

,

of the

well discon¬
tinue its huge propaganda outlays,
as too tough a job for it, and the
high-minded Exchange should
frankly and straightforwardly ad¬
mit its continuing performance as
an anti-investment, if not an out¬
right gambling, institution.;v,
a
might

had

pressure

sible for their previous

If, on the other hand, the Ex¬
change's pollsters find that today's
so
predominating
sellers
had
bought for other than its pro¬
claimed investment motives, the

the
bustedSome Constructive Suggestions
boom, the New York Stock Ex¬
(Respectfully Submitted)
those "long-term investors". We
change will not be found to have
would like to learn from the par¬
As also includable in the Ex¬
evaded the basics of the situation.
Following
the
initial
findings ticipants whether their previous change's later reports, we suggest
which have just been
released, stock acquisitions had been responses from the current sellers
additional instalments will be prompted by the past representa¬ as to their having been previously
tions by the Exchange itself. We influenced, as buyers, by the ram¬
coming along during July, with a
market's

,

sales

business own¬

long-term value basis?

institution

We

,

.

(2880)

about

An announce¬

additional infor¬

these

be obtained from

courses

may

Education Com¬

mittee, Investment Bankers Asso¬
ciation of America, 425

Thirteenth

Street, N. W., Washington 4, D. C.

•>

Volume 195

Number

6170

.

.

The Commercial and Financial

.

Chronicle

(2881)

in

Life Stocks! Attractive

coming

but the above
strongly document

years,

comparisons,
the

Vehicle for Market Reentry

typical

Well, let's

the

Dow-Jones
with

these

are

compare

vestment in

By Dr. Ira U. Cobleigh

FROM WASHINGTON

for life stocks.

case

How

$10,000 in¬

a

30

stocks

Industrial

$10,000

gains?

invested

of

the

Ahead of the News

...

Average

in

the

30

BY

stocks

Citing the choice values which
in

a

market sell

off has

now

volume, the velocity and the

descent of the stock market in the

zation

not-so-merry month of May, while
creating more agony than ectasy,

Market to worry about. It has low
labor costs (below 20% of gross

have delivered

income), it supplies an indispensible commodity, delivers consist¬
ently high returns on invested
capital,
is
virtually
depression
proof, and has averaged a growth

one

desirable

very

by-product. They have compelled
investors to re-appraise
security
values

to

—

winnow

the

wheat

from
the
chaff.
Investors have
learned the hard way that it takes

rate

fashionable romantic

electronics,

stocks, such

industry

ter in the noonday sun when com¬

it

is

that

in

doubled

parison shopping" knowledgeable
buyers, arranging for the invest¬

come

ment

was

of

funds

new

planning

or

reentry into the market at this
stage, are increasingly turning to
life

insurance

stocks.

Here

the

growth
gain
and
glamor have
been solidly demonstrated, not for

just

a

year

ously for
This

two,

or

but continu¬

three

over

generations.

is

record

truly impressive,
and as investors and analysts now
review it,
they become excited
about life stocks and frankly won¬
der why they didn't start

buying

them

years

ago.

Ever-Growing industry;

Life insurance; is

tive

most'attrac¬

iridtiytry1/' It! deals

thing that

never

Money!

—

a

problems,

It

in

some¬

out of style

goes

has

since

A

no

1950.

been explained in

Premium

in¬

1935

$670 billion of life insurance

in force

($52 billion above 1960);

and for the year 1961, the income
of life companies was a
whopping

$23

billion

—

$18 billion in

dustries

feeling

are

"profit
squeeze," life insurance is racking
up
new highs
in assets, income
a

part in earlier

Will

It

Happen Again?

million

potential

new

buyers.

ance

advances

in

insur¬

medical

science, the
life
is
steadily

human

of

span

life

Due to remarkable

lengthening; which means that
people keep paying premiums for
many

more

high

Further, the
stocks, the

years.

leverage

in

life

Speaking of other industries,

the

same

There is
of

this

ten

against

4.11%

1960), and the plowback and
pounding of earnings should

com¬
con¬

tinue to build stockholder equities
at an unusually rapid rate.

no

order

in

Net

Worth

10

vs.

Life

that gains

assurance

be

Gains

duplicated

in

1960

over

% Gain

• •

Stocks

INDUSTRIALS

June, 1952

International

2.

Eastman

3.

Sears

4.

General Electric

Business

Kodak

Roebuck

5.

United

6.

General Motors

7.

E. I.

States

du

—

Steel

Pont de

Nemours

8.

American Tel. & Tel..

9.

Radio

10.

Machines

Corporation of America--

Standard Oil of New Jersey

.

LIFE

STOCKS

1.

Franklin

2.

U.

3.

Government Employees Life
Commonwealth Life

4.
5.

6.

Life

S. Life—

Continental Assurance
National Life & Accident

7.

Connecticut General

8.

Travelers Insurance-

9.

Lincoln National Life

10.

Aetna

$10,000
10,000
10,000
10,000'
10,000
10,000
10,000

10,000
10,000
10,000

„

June, 1962

since

been to pay

21,276
20,426

113

*$43,118

j-331

10,000

10,000
10,000

$254,050

252,414
235,281
126,437
74,575
71,163
62,858
50.400

%

2,441
2,424

2,253
1,164

Republic National

20.8

United Services

24.9

This

retention

feature

of

the

Value

quite

long-term
as public
works and various
loans, would
not
be
counted
in
the
regular
budget at all.
capital investment, such

This

would

billion

$92.5
in expenses, from which
figure they would subtract
billion in loans and public

those

612
529

statistics

of

works

programs, the Federal
economists could claim a surplus
of

$9.3

billion, just by claiming
that the $8.8 billion didn't really
exist.

The

would

money

the

government

However,
foreign aid
loans

since

with

industry,

pleased

400

quality
vant.

in

the

life shares

a

the

Has

1

President

would

appear

soned

life

Frederic H. Brandi

theory

government

out-dated.

What the Administration
to

do

is

really

to

the

sell

arep't

in

(although interest
is

cold

a

on

In

an

from

crease

even

ours,

as

is

to

the

the

it

is

and

unable to

stimulate business

industry properly.

government
excuse

to

would be
in, as

move

deficit spending.
his

In

commencement

rection

the
may

wthout

Yale, the President himself de¬
scribed
as
a
"myth" the tradi¬
view

that

Federal

the

of

Be Corporation
As of July 2,
New
ber

Stock Exchange mem¬

York

will

corporation,

with offices
New

be

York

City. Officers will be
Richter, Chairman; James
A.
Richter, member of the Ex¬
change, President and Treasurer;
Charles

has

been

To "Admit to Firm
Malcolm J..

20%

path

business.

of all

the

120

This is

Broadway,

New

York

Kennedy travel.** Exchange,
Ad¬

sed

a

on

July 1 will become

partner in the firm.

dustrial

rel

equities

of

Fowler

has

been

Brothers

&

Co.

and

charge of the firm's
Bank

Mr.

of

joined

our

with

Kidder, Peabody
FOUNDED
cMembers

elected

Vice-President

ing.

that

X

comparable

Assistant

the

to announce

PHILIP D. DAVIDSON
has

New

Fowler

of

will

new

Mexico
was

in

BOSTON
LOS ANGELES

office in
Build¬

formerly

with Quinn & Co. in Denver.

•

New York 5,

N. Y.

an

Stern
be

Co.

1865

SKjw York and JYinert can Stock Exchanges

20 Exchange Place

June 18, 1962.

PHILADELPHIA
'

'

'

City,

members of the New York Stock

"ADA'ers.'^ would

have Mr.

Babbin, National Sales

Manager for A. L. Stamm & Co.,

confidence

that, in
current
decade, life shares
again signally outperform in¬

formed

at 350 Madison Ave.,

pro¬

but

-

Richter & Co. Inc., a

the immediate di¬

market,

deficits

surpluses

Syndicate Department

anv

address

at

A. L. Stamm & Co.

Thus the
given an

done in Europe.
In France and
Germany,
government
expendi¬

it!

on

eco¬

private sec¬
through taxes. and Max Fabrikant, Vice-Presi¬
Anything else is deficit spending'.
dent and Secretary.
Messrs.
What
some
people around Mr.
Charles
and
James Richter
are
Kennedy want to do is to deprive
the
private sector of as much partners in Richter & Co.
money as possible, and then claim
come

tor of the economy

many

conclude

that

boost

greatly in¬
present rates of
to

Rietaer & Co. to

we

shape

the national

such

growth

sophisticated view than the cliche
that deficits are inflationary."

$9

economy

viewpoint

way

nomic

be

wants

fiscal

the

ment

lating budget figures) and that we
are
really floating around in a
surplus that should justify a tax
cut and more spending.

now sell at about
prices in 1960. Thus,
today's buyer may get the benefit
of two years growth in assets and
net worth—without paying a dime

We

Stories

prevent it. He said "honest assess¬
plainly
requires
a
more

a

that

idea* that

bad

one

rele¬

ALBUQUERQUE, N. M.—A. Dar-




is

decline

Stern Bros. Branch

New York, June 20, 1962

budgeting

by newspaper writers sympathetic
to the Administration have been

the

Chairman.

Dillon, Read & Co. Inc.

a quiet educational
campaign has begun to convince
the public that current Federal

create inflation and that

invests

long-range basis can
ignored as a budget item.

stature.
as

quarter of 1961.

an

be

may

market

Heller,

Meanwhile,

stocks

considerable

and

dar

some

nouncement
as

the

a

of-these issues into
favorable range?
The answer

for

August Belmont

W.

viser, recently boasted that gov¬
ernment spending in the fourth
calendar quarter of 1962 will be
$10 billion above the same calen¬

tional

of

many

get repaid, there is

flaw

to be "yes."
Sea¬
today can be
purchased at 16 times 1961 earn¬

to announce the election of

Walter

in¬
quiry about current price levels of

ings; and

are

float

it.

commodity, credit

never

serious

would

cover

out,

go

There js no doubt that the

impressed
the

means

and

like to

Timing

a

sure

own

again!"

as

reducing
of reducing

the

the

pen

oppbsed
to

methods

dividends.

stock

is

policy

extolling European budgeting

$8.8

their average

We

$93

and

revenue

of

billion

buyers. They believe "it will hap¬

374

^6.

mat with

mean

tax

in

matter

a

latter

that continues to attract life stock

For

f$1,125

a

companies,
practice
has

general

frequent

50,000

Gain

taken in each year with
current expenditures. The amount
of money borrowed for
money

tures boost business; because they
Thus, it is growth in market don't have our system of govern¬
value, rather than current income
ment, and their own governments

47,357

$122,454
fAverage

earnings is

life

nothing or only 10%20% net in cash dividends, retain¬
ing the rest. Recognition of this
plowback,
and
growth
in
net
worth, is given in the form of

brought
*Average

of

most

646

404

of

must

118

Gain

budget"

amount

15.5

149

Value

the

24.5

21,489

June, 1962

"capital

a

match

Travelers Insurance

186

104

essence

would

Jefferson Standard

179

319

Administration

the President's chief economic ad¬

In

increases in Federal expenditures

231

the

as

13.3

27,881
24,889

415

up

And

15.4

Gain

run

spending

Continental Assurance
Life

to

deficits.

or

Franklin

1,499

June, 1952

$10,000
10,000
10,000

%

$159,930
51,509
41,855
33,082
28,487

Investment

10,000
10,000
10,000
10,000

Life

Value

10.6

intends

ble another spending spree.

"modern"

a

billion a year
that can't be juggled by manipu¬

Capital and Surplus

Year 1961

I

ministration

higher deficits. Treasury Secre¬
tary
Dillon advised the House
Ways and Means Committee that

plan
"capital" budget.
Of course, this would make
possi¬

of

debt

YEARS

Investment

been all wrong in
keeping
track of the money we
spend. We
should adopt the European

year

Company

OVER

have

on

representative companies.

may

.

anything the
Growth

Aetna Life

1.

in

cam¬

being pursued by the
Kennedy Administration that we

but

1961

we

period.

propaganda

is

long-term bonds to

in

As proof of this, note the fol¬
period. lowing increases in capital and
Then,1 we've compared those re¬ •surplus in a single year
(without
sults with investment ip 10
leading attaching any value to changes in
life insurance companies
during reserves or insurance in force) for
a

intensive

paign

(4.25%

have tabulated below 10 blue chip
stocks and set down their growth
over

An

rising trend in investment returns

.

and profits.

$10,000 INVESTMENT
Industrials

>

Our population will boom to 210
million in 1970, bringing some 30

pre¬

miums and $5 billion from invest¬
ments. This year, while other in¬

.....

-

paragraphs, but in a nutshell it's
this: "More people—buying more
life insurance—and
living longer!"
Right now, life insurance cover¬
age per family
in the U. S. is
$10,800 vs. $4,600 in 1950, and the
figure jumps each year.

bil¬
alone.

between

...

"What caused it?". "Will it happen
again?" The "What caused it" has

$126

over

and 1960. At the end of 1961 there

inventory

no

obsolescence,

no

i

now

quadrupled

records
An

are

stocks.-..

examining these compara¬
performance records, you're
quite likely to ask two questions.

15%

lion, up $7 billion in 1961
They have increased consistently
in every year since
1890, and have

"com¬

current

above

life
After

tive

$126 Billion in Assets

petition stiffens, sales slacken and
profits are squeezed.
So

of

of

Common

no

Total assets of the life insurance

melt like but¬

can

renewal, and

annually dur¬
ing the entire Twentieth Century.

something more than glamor to
justify a 50 times price/earnings
ratio,
and
that
quotations
of
as

for 10,
15, and 20 year periods,
ending January, 1962, are—$27,500
vs.
$90,000, $42,000 vs. $207,000,
$65,000 vs. $430,000—all in favor

costly outlays for plant moderni¬
or

CARLISLE BARGERON

making up the Alfred M.
Best Life Stock Index. The results

created

of stocks which has, for three generations, consistently
outperformed other quality equities.

group

I

The

the

5

CHICAGO
SAN FRANCISCO

6

The Commercial and Financial

(2882)

porate bond markets. Late in the
day it was reported that the Fed¬

Tax-Exempt Bond Market

had

eral

some

Larger Issues Scheduled For Sale

Harwich, Mass.
Indianapolis Sanitary District, ind.
Islip, Union Free S. D. No. 9, N. Y.
Jacksonville Beach, Fla
...

It is thought that there will not
be an announcement concerning

munici- week ago. Derived from the yields
pal bonds has been trendless dur- on actual offerings, this Index av- new Treasury financing made this
incr
the
past week despite the erages out at 3.092%. A week ago week. It is held rather that the
transaction of sizable new issues the yield was 3.096%. In view of announcement will be made in
and
secondary market business, the apparently large volume of early July. In Washington it is
The season's largest issue, $100,- business transacted last week, this speculated
that more than the
000 000 State of California bonds, evidence :of
a steady market is cash financing terms may be in¬
was
purchased by a large group remarkable in face of the nervous volved at that time. It may be
headed by several New York and conditions
circumscribing all that some advance refunding may
Chicago banks. The underwriting phases of the investment industry, be envisaged; what this should
was
successful but the distribuAt the moment of the drastic mean to the bond market is diffi¬
tion of the issue is best described stock market break last month, cult to guess at present.
as
limited. A few of the banks state and municipal bond invenRecent Awards
took the bulk of the loan down
tories were at a record peak and
for portfolio and other purposes, prices for tax-exempt bonds genThe new issue calendar for the
A
smaller number of insurance erally were at somewhat unrealis- past week totaled a little over
companies purchased bonds, and tic high levels for the average $178,000,000 but this of course in¬
market for state and

vari-

investor. Despite this culmination

ously took down the balance save
for about $9,000,000 which remains
in account. Other issues of lesser

factors, inventories
have been reduced to more man-

of

members

the

and

volume

the

group

importance

of

adverse

.

_

.

...

„

for

carecl

now

demand

bonds in
the

a

sensitive phase of

very

it

market,

volume of

awkward

an

points

the ab-

up

normal circumstances under which

As

municipal bond dealers are presentiy attempting to operate. Caution among individual
investors
deriving from our confusing economic picture and its dangerously

in

ers

of

tax-exempts

that

go

erate

new

S.

bid of

issue calendar. Through

&

thus far constituted, there

are

the

absence

of

the

to

arrive

views

intelligent

at

for

issues.

new

so-called/'king-size

investor
com-

balances

although

there appears to be nothing

losses

for

the

issue volume

few

weeks

is

market

tially

at

would

more

net

Had

the

time

of year, the
under substan-

be

than

pressure

it

has

vf.,,

Yield

Index

Commercial

c*

j

Steady
and

Chronicle's

high grade general
obligation 20-year bond yield Index is about
unchanged from a

action

an

lacked

and

markets
as

were

Rate

logic>

New

Pennsylvania (State)
Delaware (State)

_

New

coupon

tge

fered

(U* T<)

Chicago,
New
•

;

■

.

-—

York, N. Y

_

There

grade

"No apparent

were

issues

Asked

3.30%
3.15%

1981-1982

3.15%

3.00%

100.5986

3.00%

The second bid

2.70%

lar

for

3y4%

1981-1982

3.15%

3%%

1974-1975

2.85%

2.90% |

1981-1982

3.15%-3.00%

2.70%

1981-1982

3.15%

3.05%

First

1981-1982-

3:40%

3.30%

associates.

1981/

3 15%

3 0Q%

31/2%

1981

•

3.15%

31/2%

1981

-

3.35%

3.25%

3.30%

3.20%

3.35%

3.25%
1

3y4%

1981

3% V

1980

3.092%

3.00%

price

a.m.

1,990,000
1,100,000

1 963-1982
1963-1978

2:00
2:00

P'erinton,
Sch.

Mendon,

Dist.

No.

1,

N.

Y.

-Indiana.

p.m.
p.m.

r

5,000,000
1,100,000
1,875,000
1,695,000
4,735,000

1964-1981
1963-1992
1963-1982
1963-1991

1,220,000
2.40.0,000
4,997,000.

1966-1982
1962-1981
1963-1991

10:00

a.m.

2:00
2:00
11:00
8:00

p.m.

a.m.

p.m.

2:00 p.m.
11:00 a.m.
1:00p.m.

-

Arir,

,

p.m.

'

2,500,d00

1963-10«4 - "Noon •'

1,600,000
1,800,000
1,950,000

1963-1992
1963-1980

2,115,000

1963-1984

;

7:30
8:00
2:00
7:30

-

.

pm.
p.m.

p.m.
p.m.

-

1,700,000

1964-2001

10:00

a.m.

of Regents "' 5,000,000

—LA.

10:00

a.m.

:

Texas, Board

a.m.

(Thursday)

Boyle County, Ky
Cahandafgua, City S. D., N. Y
Chicopee, Mass.
Cranford Township S. D., N. J
Forrest County, E. Forrest Utility

Univ. of

a.m.

etc.

July 2 (Monday)

-

Cedar

Falls, Iowa

..

..

{

1963-1977

2,500,000

_.

2:00 p.m.

July 10 (Tuesday)

__

—-

and

of¬

were

July 12 (Thursday)

other

two

importance

Commission

Florida1 Develonment

high

-

Hillsdale1 Local"Sch.

last

John

Dist., Ohio..

25,000,000
1,100,000

St.

of

coupon

11:00

1963-1983

11:00 a.m.

a.m.

The

.

District No. 1,

""I

:

•

'

•

11:00 a.m.
Noon

1964-2001
1963-1982

July 16 (Monday)

2.70%

coupon.

i-A, Mont.
Westfall Local Sch. Dist., Ohio...
Cascade

designating a dol¬
100.531 also for a
was made by the

National

1 985-1990

City

Bank

'

Co. HSD No.

8:00 p.m.

3,000,000
1,395,000

July 17 (Tuesday)
Arkansas State College,

and

Board of

'

2:00 p.m.

■

.

$2,445,000.

:

?

;

Robinson-Humphrey Gompanyjnc.

„

.

San

Diego Unified Sch.

July 31 (Tuesday)
Dist., Calif. ; 14,827,000

Los

West

.

jAUis, Wis,

.

Stuart

&

Co.,

associates and there

Inc.

were

and

five ad¬

Noon

10:00 a.nj.

1964-1983

———

• v-

,

———

.2,880,000

Jacksonville, Fla.
.

interest

-

.

cost

to

2.841%

Continued

on

net

pay0 47.

August

L

ditional bids ranging from 2.83 %
net

—

7,650,000

Dist., Mich.—2,150,000

jacks6nviller^^Fla.-^

■;

1964-1983
1963-1982

15 (Wednesday)

Sept. 1 (Saturday)

i

Grandville Sch.

8:00 p.m.

-

■TvI-'-"

August 7 (Tuesday)
Angeles, Calif.^ * 7,250,000

—

Bank

Halsey,
ATLANTA. 3, GEORGIA

j-'t4r"

:

and Harris .Trust and Sayings
—:—
at af net. ihterest" * cost < of
August 8 (Wednesday)
2.8J2%-. The second bid; of2.825% "^an AlntOniO, Texas.
20,000,000
net interest cost, -was made
1,086,000
by: ..Wfchitai Sch.: Dist. No. 1, Kansas..
Co

-




10:00
11:00
11:09

$50,-

New
Haven,
Conii.
awarded
.$9,480,000
public i m p r o V em e n t
:
(1964-1982) bonds to the group
managed jointly by Bankers Trust

LOCAL STOCKS

JAckson 1-0316

a

balance being

CORPORATE BONDS

.

1975-1992
1963-1991
1963-1983

•

STATE AND MUNICIPAL BONDS

,

p.m.

Trustees,'State College, Ark.____
1,587,000 1964-2001
Other members of the winning Cook County, New Trier Township
High Sch. Dist. No. 203, 111
1,825,000
syndicate are First National. Bank
2,500,000
of Chicago, Kuhn, Loeb. & Co., Lafayette, La
Orlando Utilities Commission, Fla.
14,000,000
1965-1992
Smith, Barney & Co., Harriman
Phoebixville Area Jt. S. Auth., Pa.
3,385,000
—Ripley & Co,, White, Weld & Co.,
F. S. Moseley & Co., Clark, Dodge
July" 23 (Monday)
& Co., Coffin & Burr, Inc., 'Na¬
Dallas, Texas
12,400,000 1 963-1982
tional State Bank of Newark, New
Tlock^ River, Ohio
1,300,000" 1963-1987
Jersey. Reoffered to yield from
V
^
July 24 (Tuesday) 1.60% to 2.90%, this issue attracted
broad demand with the present Anchorage Indep.>S. D., Alaska^.. • 4,250,000

3 ESTABLISHED 18941;

RHODES-HAVERTY BLDG.

8:00

___

Baptist Parish Sch.
La._
1,900,000
Tarrant County Water Control &..
.
due
1963-1976
to - the syndicate
Improvement Dist. No. 1, Texas
13,500,000
headed by Morgan Guaranty Trust. Washington Local Sch. Dist., Ohio
2,400,000
Co. on their dollar price bid of

3.40%

=

1964-1985

yield.

of

3.30%

,

3,250,000
11,600,000
4,000,000
5,270,000
1,127,000

_

Agricultural & Mechanical College
of Texas, College Station, Texas

Thursday with bidding very com¬
petitive. Buffalo, New York sold
$9,663,000 various purpose bonds

cor-

availability.

The

4.35%

1981-1982

June 20, 1962 INDEX

I 1

a

1982

_

iif'
111.

at

3%%

Housing Auth., (N.Y., N.Y.)__ 3V2%
Los Angeles, Calif.1
3%%
Baltimore, Md.
3i/4%
■

Bid

a.m.

_

jy2%

Jersey Highway Auth., Gtd._ 3%

New York State

Maturity

11:00

_—

municipal dollar
adversely affected

the government and

/

1963-1982

__

MARKET ON REPRESENTATIVE SERIAL ISSUES

California (State)
Connecticut (State)

1,475,000
10,000,000

-

,

the

were

11:00 a.m.
Noon
2:00p.m.
10:00 a.m.

on a group
Blcomington Ind. SD #271, Minn.
1,410,000
priority basis and an addKr Greater Peoria Sanitary__& Sewer_„
:tional $30,000,000 of bonds moving
Disposal District, 111......
20,000,000 1964-1982- Noon
out of account during the order Los
Angeles Sch. Dists., Calif
21,009,000 " 1__
period. Since the original offering Memphis, Tenn.
23,000,000
1983-1992
"2:30 p.m.
the account has sold down to yes¬ Toledo, Ohio
1,472,000
terday's balance of $9,000,000. The
July 11 (Wednesday)
1987 maturity carried a one-quar¬
Litchfield Indep. SD #465, Minn.
1,390,000
1965-1992
8:00 p.m.
ter of 1%

credulity of traders seemed to increase

11:00a.m.
11:00 a.m.

Dallas Ind. S\ D., Tex

June 28

1987, this issue

1963-1982
1963-1992
1966-1987
1962-2001
1963-2002
1965-1992

and

The tax-exempt market develparticular nervousness on
Tuesday following a very dull
session on Monday. Street rumors
persisted that involved an increase

such

in

D.m.

3:30 p.m.

000,000 of bonds sold

in the discount rate. Even though

"

Financial

3.40%

to

attracted wide demand with

.oped

been.

The

may

Unwarranted Thinking

during the past
as
large as it

been

this

cases

accounts.

new

often

many

ment of last week. This issue
come to market in the fall,

1-964

7:30

a.m.

Central

.

1963-1993
1963-1992

p.m.

Winter Haven, Fla

Co.

p.m.

1:00

Pittsford,

Morris

Corp., Salomon Brothers & Hutzl'er, and L. F. Rothschild & Co.
Scaled
to
yield from 1.80%
in

new

since the $92,000,000 New York
cit.v Transit Authority announce-

small

have usually resulted in diminish-

ing profits and in

S.

8:00

11:00

Passaic- County, N. J

calendar will be enlarged much
before fall.
In the negotiated issue sphere Bank, Stone & Webster Securities

bidding
Recently,

through rather special bank interests, new issue volume has been
fairly well taken. However, account

William

by

1963-1997

1984-2001

Houston, Texas
Oyster Bay Cent. S.D. No. 4, N. Y.

net interest cost

3.2835%

a

made

a.m.

1963-1992

Georgia State Highway Auth., Ga.

the last

and

11:00

1,453,000
18,800,000

Fd'sbn Township, N. J

made

was

a.m.

1965-1992

a.m.

Baltimore County,

Other major members of the
District, M!iss.
winning account included Smith, Irondequoif W. Cent. SD #3, N.Y.Barney & Co., Lehman Brothers, Islip'Central Sch. Dist., #7, N. Y.
Drexel & Co., Chemical Bank New New Mehmond Exempted Village
;
York Trust Co., Continental Illi¬
School District, Ohio.
nois National Bank and Trust Co., Orange Indep. Sch. Dist., Texas
The Northern Trust Co., Kidder, Point Pleasant Sch. Dist., N. J.___
Peabody & Co.; Phelps, Fenn & Port Arthur Indep. S. D., Texas
Co., The First National Bank of Richland, Wash.
Boston, The Philadelphia National^ St. Joseph's College, -Renssalaer,.

no

issues.
The
largest issue aggregates $25,000,000
panies
and
other
institutional and there 'are but three which
buying reduced to the "hand to total between $20,000,000 and $25,mouth" variety, there is relatively
000,000. Moreover, there is but
little general demand by which little indication that the new issue
In

business, and with insurance

associates

and

A.

was

July the new issue schedule totals
but $375,000,000. Of this total, as

nor-

mally substantial segment of state
and municipal bond interest.
>vy

on

11:00

a.m.

2:00 p.m.

(Wednesday)

Md
Coeymans, New Scotland, Bethle¬
hem etc., Central S. D., N. Y.__

the Bank of America N.T. &

by

Agencies Bldg. Corp.__
Juno 27

-

situation (current Blue List
total is $504,288,600) the market
seems further favored by a mod-

_

Babylon Union F.S.D. No. 7, N. Y.

as

3.247% net interest cost

tory

upsetting
influence
upon
the
equity market has deprived deal-

focused

eyes were

1,900,000
1.300,900
3,634,000
12,500,000
4,400,000
14,150,000
2,840,000
13,185,000

2, N. Y.

Permsyfvania State PS Bldg. Auth.
Wauwatosa, Wis.
Wis. State

11:00
10:00

(Tuesday)

Houston Indep. Sch. Dist., Texas...
Mifrfiesofa State Bd. of Investment

Co., The First National Bank of
Chicago, Halsey, Stuart & Co.,
Inc. submitted the highest bid, of
a
3.2075% net interest cost, for
the bonds maturing 1964-1988. The
runner
up
bid
designating
a

into the summer months
with a relatively favorable level
of municipal bond prices, and with
at least a close to average invenwe

Haverhill, Mass.

subtracted

was

3,500,000

Brbokhaven U. F. S. D. No.

1963-1982
1964-1993
1963-1992
1963-1892

(Monday)

Heights, Til:!—

Arlington Indep. Sch. Dist., Texas

expected three groups bid
for this issue. The syndicate man¬
aged iointlv by the Bankers Trust

appeal to broader investment
and as soon as the economic atmosphere is better clarified. a more inviting tax-exempt
bond market is likely to develop,

Although these have been welperformances,
and
well

Authority, Pa.

June 26

the California loan last Thursday

and

_

June 25
Arlington

total, the calen¬
amounted to a meager $78,-

dar

,.

_

Moreover, the market level may

come

issue

000,000. All
.

Technical Position Favorable
Investors Cautious

this

—

Nazareth Area Sch.

from the over-all

although

orderly

been

has
lower.
ket

were

last week.

the

when

Macon, Ga.

and

loan

1,400,000
8,100,000
2,705,000
1,200,000
7,500,000
1,300,000

___

....

$100,000,000 State

Veterans'

California

of

ageable proportions and the mar-

similarly disposed of in the course
of

cluded the huge

Thursday, June 21, 1962

June 21 (Thursday)

tables.

The

.

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

least helpful in restoring
confidence along the trading

at

was

.

.

In

at present. This

such rate change

DONALD D. MACKEY

By

I

fit to disavow any

seen

Chronicle

7^650,000

*

.

—__.c_

'

10:00 a.iri
^

ll:00.a.m

Volume

195

Number 6170

*,

.

The Commercial and

.

Financial Chronicle

(2883)

7

New Issue

$100,000,000

State qf California
lA%,

3%,

"

330%, 340% and 5% Veterans' Bonds

Dated July lr 1962
Due

Principal and

interest

(February 1,1963
or

and semi-annually thereafter August 1 and
February
at the option of the holder at the First National
City Bank, New

1) payable

York,

Coupon bonds in the denomination

of

$1,000. registerable only

February 1,

shown below

Sacramento, California
Chicago, Chicago, Illinois.

to both principal and interest at the office of the State
Treasurer.

as

Interest exempt from Federal and
California Income Taxes under present laws

Legal Investment, in

as

at the office of the State Treasurer of the State of
California,
New York or The First National Bank of

-

opinion, for Savings Banks and Trust Funds in New York,
California and certain other States
and for Savings Banks in Massachusetts and
Connecticut and eligible as security for
deposit of public monies in California
our

These voted

bonds, to be issued for Veterans' purposes, in the opinion of counsel will be valid and
legally binding general obligations of the State of California,
payable in accordance with the Veterans' Bond Act of 1960 out of the General Fund of the
State, and the full faith and credit of the State are
pledged for
the punctual payment of both
principal and interest. The bonds are authorized for the
purpose of assisting California war veterans to
acquire farms and
homes, the cost of which must be repaid to the State on an amortized
purchase basis.'
AMOUNTS, RATES, MATURITIES AND PRICES
(Accrued interest
'A'

•

Amount

Rate

$2,600,000

Due

5%

2,600,000 i 5

To Yield

Amount

1964.
'U+J.l*80%

Rate

$3,200,000

To Yield

Due

:

5%

1970

or

.

2.60%

2.00

; 3,200,000

5

1971/ 2.70

5.

1966

2.15

3,200,000

5

1972

2.80

3,000,000

5

1967

2.30

3,400,000

5

1973

2.90

3,000,000

5

1968

2.40

3,400,000/5

1974

3.00

3,000,000

5

1969

2.50

3,400,000

1975

100

2,600,000

,

.

3

,

V

'):

-

r.

Price

or

Amount

Rate

Due

$4,000,000

100

3%

4,000,000

3

1977

100 f

4,000,000

3

1978

3.05%

4,600,000

3

/

1979

3.10

V

4,600,000

3V4

1980

3.15

/

4,600,000

3y4

1981

3.20

•

—

>

Price

Yield

1976

,

These bonds

-••«/*'

When,

as

are

to be

•

initially issued by the State of California at not less than their
par value, and a taxable gain
Investors are required under existing regulations to amortize
any premium

/

r

$5,000,000.

~

Due

31/4%

1982 •' «r"100

5,000,0005,000,000

3.30

1983

3.30"

1984/83

5,600,000
5,600,000
5,600,000

3.30

1985/83
1986/83

3.40
3.40

1/4

.

100

100

3.35%'
100

1987/83
1988/83

-

or

Yield

100

4.35%

February 1, 1983

purchased at

a

discount

'

-

:

,

/

us and subject to approval of legality
by the Honorable Stanley Mosk, Attorney General of the
State of California
and by Messrs. Orrick, Dahlquist, Herrington &
Sutdiffe, Attorneys, San Francisco, California

V

The First National Bank
/

v

Halsey, Stuart & Co. Inc.

of Chicago

Chemical Bank New York Trust Company

Continental Illinois National Bank

'

and Trust

The First National Bank

The Philadelphia National Bank

of Boston

R. W. Pressprich & Co.

Paine, Webber, Jackson & Curtis

W. H. Morton & Co.

Alex. Brown & Sons

Dick & Merle-Smith

Dominick & Dominick

Lee Higginson Corporation

/

Stone

City National Bank & Trust Co.
J

Company

Kansas City, Mo.

Co.

'

Company

The National State Bank

& & Co.
Schwabacher

Newark

•

Fitzpatrick, Sullivan & Co.
V

Stern Brothers & Co.

Estabrook

V

I

Hemphill, Noyes & Co.

W. E. Hutton & Co.

Braun, Bosworth

Co.

Goodbody & Co.

.

First of Michigan Corporation

Hirsch & Co.

'

The Illinois Companv
Incorporated

Tucker Anthony
'
/

*

Baker, Watts & Co. /

Incorporated

L. F. Rothschild & Co.

J. C. Bradford & Co.

Kean, Taylor & Co. V

Geo. B. Gibbons & Company

'

Baxter & Company

/

Co.

Phelps
Fenn& Co,*
"

Carl M. Loeb, Rhoades & Co.

Incorporated

Incorporated

Robert Garrett & Sons

Kidder,
Peabody & Co.
■■/

First Western Bank and Trust Company

Hallgarten & Co.

of Western New York

Federation Bank and Trust Company

'

Lehman Brothers

&
Salomon Brothers & Hutzler

The Bank of California

■

R.S. Dickson & Company
/

,

Spencer Trask & Co.

■

Webster Securities Corporation

Mercantile Trust Company

'V

Bacon, Stevenson & Co

The Northern Trust

..

Francis 1. duPont & Co.

F. S. Moseley

Smith, Barney & Co.

Company of Chicago

American Securities Corporation

Incorporated

The Marine Trust

on

may accrue on bonds

paid thereon.

Bankers Trust Company

Laidlaw & Co..

Rate

and if issued and received by

-

Drexel &Co.

redemption as a whole or in part in inverse numerical order
interest payment date thereafter at par and accrued interest."

any

Amount

5,800,000

Bonds maturing 1984 to 1988 inclusive
subject to
or

<

•

added)

.

Price

1965

.

to be

R. L. Day

Rand & Co.

of Long Island

Granbery, Marache & Co.

J. S. Strauss & Co.

Robert W. Baird & Co.

:

T

-

.

King, Quirk & Co.
Incorporated"'

'

Reinholdt
,

_

Gardner

Incorporated

,

.

~

June 18, 1962.




.

.

.

'

/ ;;

Statements herein, while

not guaranteed,

are

based

upon

information which

we

believe to be reliable.

'

"

*

Barret, Fitch, North & Co,
Incorporated

Second District Securities
& Co., Inc.'

^

*

" C. F. Childs and Companv
j

The Franklin National Bank

*

Tripp & Co., Inc.
\

8

The Commercial and Financial Chronicle

(2884)

Co., 15 Broad Street, New York 5,
an analysis

DEALER-BROKER

N. Y. Also available is
of

Company

Insurance

Home

of

New York.

INVESTMENT LITERATURE

Viscose—Memorandum

Haft & Co.,
Broadway, New York 4, N. Y.

AND RECOMMENDATIONS

26

Sprayregen,

Memorandum

—

—

American

—Memorandum

TO

THE

THAT

UNDERSTOOD

IS

PARTIES

INTERESTED

SEND

FIRMS

Also available are memoranda on

Southland Life Insurance Co. and

Southwestern Life

Expenditure

Capital

Business

available is

analysis of Becton,

an

of issues which appear

Canadian Dollar Discount and its

at current

effect

producing gold—Memo¬

on

randum—Hector

Chisholm

M.

&

Co., Limited, 82 Richmond Street,
West, Toronto 1, Ont., Canada.
Evaluators

Changing

Market

—

including data on 25 issues
which appear interesting — E. F.
Hutton
&
Company,
1
Chase
Manhattan
Plaza, New York 5,
survey

N. Y.

which

of issues

Review

—

attractive

appear

—Hemphill, Noyes & Co., 8 Han¬
over Street, New York 4, N. Y.
Federal

Administration

Housing

Debentures—Bulletin—New
Hanseatic
New York
Growth

Corp., 120
5, N. Y.

Stocks

Broadway,

Fair

At

York

Prices—

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

is

a

report

Railroad

on

Stocks.

International Enterprise

A

—

discussing

new

organization

of
international
companies, de¬
velopment of strategies for inter¬

national growth and expansion of
American corporations
abroad—

McKinsey & Company, Inc., 270
Park Avenue, New York 17, N. Y.
Japanese Bank Stocks—Review—
Yamaichi

Securities

Co.

of

New

York;" Inc.,

Ill Broadway? New
York 6, N.'Y. Also available is a
discussion of Nippon Columbia Co.
Ltd.

Asheville, N. C.

Stocks—Review—Reynolds &

Oil

Co., 120 Broadway, New York 5,
N. Y. Also available are reviews
and

Torrington Co.
Finance Company.
of

Over-the-Counter Index

showing

in

used

stocks

listed

the

Pioneer

—

Folder

compari¬
industrial

up-to-date

an

between

Dow-Jones

the

Averages and
the 35 over-thecounter industrial stocks used in

Bureau

Quotation

National

the

Averages, both as to yield and
performance over a 23year period — National Quotation
Bureau,
Inc.,
46 Front Street,
New York 4, N. Y.
market

Portfolios for Varying Investment

Butler,
ThirtyAvenue, Jackson Heights

Objectives

—

Brochure

—

Herrick & Marshall, 76-11
seventh

Review—Bulletin with

Securities

particular reference to Champion
Spark Plug, Distillers Corpora¬
tion-Seagrams Ltd., First National
Stores,
Martin
Marietta
Corp.,
Metro

-

Goldwyn

Suburban

Orvis

&

Brothers

and

Mayer

-

Corp.—

Gas

Propane

Co.,

15

of

Securities

Government

United

the

officers

ested

in

and

securities

others
of

Japanese
Daiwa

Market—Review—T h

e

Securities

Co., Ltd., 149
Broadway, New York 6, N. Y.
Market—Discussion—C.

Childs

F.

First

Boston

which

Stocks

appear

a

inter¬

the

U.

Saxton &

S.

offer

Life

Witter & Co., 45

folios — Bulletin — Investment
Bankers Association of America
425

Thirteenth

Street,

W.,

N.

Washington 4, D. C.
Natural

Analysis

Gas
—-

Pipeline

First

Stocks—

California

Com¬

pany, Inc., 300 Montgomery Street,
San
Francisco
20,
Calif.
Also

issues

A.

Co., Inc., 52 Wall Street,
5, N. Y.

Municipal Bonds—Their
Insurance

20

York

New

place in
Company Port¬

of

interesting—G.

Company,
Inc.,
141
West
Jackson Boulevard, Chicago 4, 111.

and

List

Yield—Bulletin

on

attractive

issues

yields

which

—

American

Express

Radiator

&

Standard

Sanitary Corp. —Analysis
man

Dillon,

Union

P.

H. Tube

&

Corp.

Equipment Company—

—

East¬

Securities

financial Institutions

SONY CORP. ADR'S

ELECTRIC CO., LTD. ADR'S
(.TOSHIBA)

111. Also available

National

First

are

Bank

Pacific Power

ganization,

Hammermill Paper Company, In¬

Inc.,

New York

120

Broadway,

bulletin

a

United Artists

Company.

Huyck Corporation

Swank

Collins

Aiken

&

Corporation—
Analysis—Auchincloss, Parker &
Redpath, 2 Broadway, New York
4, N. Y.
Commonwealth Edison
randum

Memo¬

—

Goodbody

—

Co.,

&

2

Broadway, New York 5, N. Y.

Canada—Analysis—
Royal Securities Corporation Ltd.,
of

St.

244

James

Street,

available

Street,... West,

Boston

is

Corporation, Industrial Ac¬
Corporation,

ceptance

Mines,

Ltd.

and

Noranda

Northern

Tele¬

phone Limited.
Consolidated

Oil

Gas

&

Inc.—

Memorandum—Monroe B. Scharff
&

Co., 40 East 49th Street, New
York 17, N. Y.
E

s

t

Municipal

r o

Improvement

District—Information
bonds

on

tax

free

yielding 5,50%—Grande &

Co., Inc., Dept. CFC, Hoge Bldg.,
Seattle 4, Wash.

of

—Memorandum

Life

Berry, Douglas
Fitzhugh, Inc., Stahlman Bldg.,
Nashville 3, Tenn.
—

&

Industries—Review—L.

Litton

is

Communication

Lynch
Inc.

&

Primary Markets

Corp. and Gulf Oil

Corp.

Broad

Street,

Surety Corp. — Analysis—
Dempsey-Tegeler & Co., Inc., 1000
Locust Street, St. Louis 1, Mo.
Florida

turing

Co.

—

pany

Report

—

Street, Louisville

Incorporated,"

Street, Little Rock, Ark.

Memorandum

&

Company
Building,

American

Pan

Memorandum

Distributing

&

Manufac¬

Co.—Memorandum—Mid¬

Forst

&

Sons Inc.—Bulletin

Irving J.

—

Incorporated,
St.
Paul
1,

World

Rhine-Westphalia

Electric

Analysis

Co.,

Power

Bear,
Stearns & Co., 1 Wall Street, New
York

—

—

Capital

Form Tower

&

Machinery—

Life

Insurance—Memo¬

randum—Sutro

&

Boulevard,

Co., 9804 WilBeverly Hills,

Calif.
Franklin

Realty—Memorandum—

Milwaukee

Company,

207

East

Michigan Street, Milwaukee
2, Wis. Also available is a memo¬
randum
Investors.

of

National

Realty

Brokerage

Brokerage Co. has
formed with
offices at 15
in

securities

a

are

been
Park

New York City, to

Row,

engage
business.. Partners

Morton Greenberg and Herbert

W. Greenberg.

Forms Cosmos In v. Co.
ISLAND

LONG

CITY, N. Y.—
engaging in
securities business from offices

Elias

Kontanis is

G.

40-27

at

the

St. under

Twenty-ninth

firm

name

of Cosmos Invest¬

ment Co.

Leasing—

Memorandum—Saunders, Stiver &
Co.,
Terminal
Tower
Building,
Cleveland 13, Ohio.

Epic Planning Formed
VALLEY

STREAM,

N.

Y.—Epic

Planning Corporation is engaging
in

Ft.

Steel

Avenue.

at 24 Gault

5, N. Y.

Rochester

Equitable
Brokers
Limited,
60
Yonge Street, Toronto
1,
Ont.,

Worth

offices

from

Airways—

Abraham &

—

Broadway, New York 5, N. Y.

Corporation

Opens Office

Tower

Royal Bank of Canada—Report-

Associates,
600
Old
Country Road, Garden City, N. Y.

The

Ritchko

ONEONTA, N. Y.—Fred Ritchko
is engaging in a securities business

West

213

Marcus—Analysis—Birr
Co., Inc., 155 Sansome Street,
San Francisco 4, Calif.

Pioneer

Avenue, New York

City.

Trulock & Com¬

—

Fourth

—

conducting

business from offices

Son, 419

pany

Pako

securities

a

Memoran¬

&

—DeMott

shire

Rappaport Opens Office

a

First

Franklin

Teletype NY 1-376; 377; 378

Cookie

National Old Line Insurance Com¬

120

4, N. Y.

Co., Inc., 232
North
Canon
Drive, Beverly Hills, Calif.

Trinity Place, New York 6, N. Y.

Company—Analysis—

Jefferson

Minn.

&

Dealers Association

Mother's

Rice

25

of

Street, under the direction of

at 527 Madison

5, N. Y.

Co.,

a

Alexander Dempster.

E. R. Moore

Analysis — Greenshields &
Inc., 64 Wall Street, New

&

direction

Albert I. Rappaport is

York

Report—

the

under

opened

Montgomery

Hanly, 100 North Frank¬
lin Street, Hempstead, N. Y.

Co.,

—

has

400

branch off ice at 210 North Mon¬

a

roe

wards &

&

Stores

at

Branch

Calif.—James

Opens Branch Office

Metromedia—Memorandum—Ed¬

Neiman

National

Co.

&

office

Street,

~

Co., 65 Broadway,
New York 6, N. Y. Also available
is a report on Fruehauf Trailer.

—Analysis—John Schuss & Co., 67
Broad Street, New York 4, N. Y.
Falconbridge Nickel Mines Lim¬

First

>,.? V'

J. Pierce Gannon, Jr.

—Fahnestock &

Fairchild Camera and Instruments

—

,

May Department Stores—Bulletin"

2, Ky.

Interchemical

42

Corporation—Analysis^—MONROE, Mich.—Renshaw, McBell & Farrell Inc., 119 Monona
Keown & Young, Inc. have opened
Avenue, Madison 3, Wis.

Comment

on

FRANCISCO,

branch

Markite

West

Memorandum—Cantor, Fitzgerald

Troster, Singer & Co,

Rexach Construction Company.

Fairchild Camera & Instrument-

data

at

Renaire Foods, Inc. and.

dum—J. J. B. Hilliard

are

?

Hansen

M.

Systems

G. Becker & Co. Incorporated,

available

Harry

offices

Hansen Opens

Analysis—P. W. Brooks & Co.,

on

formed

with

•

SAN

Broadway, New York 4, N. Y.

Also

Corp.

review of Xerox Corp.

a

has

Co.

F.

60

Ga.

&

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

A.

—

Frank

Frank

&

Baker, Simonds & Co., Inc., 151
West Congress Street, Detroit 26,

Courts
&
Co., 11
Street, N. W. Atlanta 1,

Harry

Broadway, New York City, to en¬
gage in a securities business. Mr.
Frank was formerly President and
Treasurer
of
Frank " Investors

Insurance

Ex-Cell-O Corp.—Memorandum-

Mich.

Harry Frank Forms Co.

Mass.

9,

discussion

a

American

Lincoln

Report—

—

Rutner, Jackson & Gray, Inc., 811
West Seventh Street, Los Angeles

Polaroid.

Rothschild

Consolidated Mining and Smelting

Company

State

Also

New-

—

17, Calif.

Analysis—Colby & Company, Inc.,
85

Bulletin

Vangas Incorporated

Talley

and

—

& Company, 1401 Walnut
Street, Philadelphia 2, Pa.
burger

—

Inc.

Copper

Company and Lane Bryant Inc.

Morrison Knudsen

on

Consolidated

spiration

5, N. Y. Also available

Chicago,

Corp.

Group—Report—Carl M.

Gyrodyne Company of America—
Bulletin—De
Witt
Conklin
Or¬

International Business Machines—

of

5, N. Y. z

Unilever

z.

analyses of

Light Company,

&

Marlin-Rockwell

and

Alex




"American

Loeb, Rhoades & Co., 42 Wall St.,
New York 5, N. Y. Also available
are
data
on
Anheuser
Busch,

Industries Inc.

Securities Co., 15 West 10th
Street, Kansas City 5, Mo.

HAnover 2-2400

on

■v.;/' -'z

Inc.,

Street, Chicago 3,

land

74

Cyanamid.

South La Salle

New York

Members New York Security

5, N. Y. Also available is a

Analysis—A. C. Allyn & Co., 122

Hardy

TOKYO SHIBAURA

York

York

Analysis—
Adams
&
Peck, 120 Broadway,
New York 5, N. Y. Also available
are
analyses of Stein Hall & Co.

Clark

Betts—Analysis—J. A.

&

Hogle & Co., 40 Wall Street, New

Mayfair Industries, Inc., National
Bagasse Products Corporation, and

Thomas

Per¬

—

is

ited

For banks, brokers and

Memorandum

—

Street, St. Louis

-V

shing & Co., 120 Broadway, New

analyses of Diamond Crystal Salt
Company,
Kaivar
Corporation,

Marietta

*

Co.—Analysis
—J.
R.
Williston
&
Beane,
2
Broadway, New York 4, N. Y.
American

pany, 211 Carondelet Street, New
Orleans 12, La. Also available are

Dean

Montgomery St.,
San Francisco 6, Calif.
*

Gulf Oil

reports

Corporation,

—

Com¬

and

300 North Fourth

2, Mo..

;

Incorporated, 120 Broadway, New
York 5, N. Y. Also available are

Exchange Place, New York 5, N. Y.
Selected

Howard, Weil,

—

Friedrichs

Labouisse

Co.,

Co., Inc., 110 So.

Analysis—Edward D. Jones & Co.,

on

Steel

Industry — Government, Governmental Credit
Analysis—Nomura Securities Co., Agencies, International Bank for
Ltd., 61 Broadway, New York 6, Reconstruction and Development
—

Analysis

—

Electric

Louisiana

Central

&

Lambert.

memorandum

New York 6, N. Y. zv:'

Dain

North American Car and Warner-

States

Chemical

N. Y.

Company, 115 Broad¬

memoranda

are

M.

Sixth Street, Minneapolis 2, Minn.
Tennessee
Gas
Transmission—

20

Que.,
Canada.
Also
available are analyses of Algoma

comprehensive 156 page handbook
designed for the use of invest¬
ment

Bulletin—

—

Incorporated,

Montreal,

edition—

20th

—

&

Carreau
way,

Inc.

Wilcox

&

Super Valu Stores—Memorandum
—J.

Street, New York 5, N. Y.

Also available

Analysis—Moreland & Co., Penob¬
scot Building, Detroit 26, Mich.
Babcock

Broad

Co.

&

Propane

N.Y.

Memorandum

Broad

Street, New York 5, N. Y.

^

Japanese

Avenue,

Page

35

72, N. Y. ;WV

dimension of American BusinessBrochure

interesting
levels—McCarley & Co.

Incorporated,

son

Convertible Preferreds

Values—Discussion

at

Look

and

Lines—Detailed

Associated Truck
New

Insurance

analysis of Neiman Marcus.

an

Dickinson & Co.

Plans—Survey—Shearson, Hammill & Co., 14 Wall Street, New
York 5, N. Y.

—Blair

Company, 7616

&

Jolla, Calif.
Gas Corp.—
Bulletin—Ross, Lyon & Co. Inc.,
41 East 42nd Street, New York 17,

—

—

Hutton

Suburban

Company, 208 South La Salle St.,
Chicago 4, 111.

Greyhound Corp.

Webster—Memorandum

&

F.

Girard Avenue La

Memorandum
J. W.
Arkansas Western
Gas—Analysis Genesco
—Parker,
Ford
&
Co.,
Inc., Sparks & Co., 120 Broadway, New
Vaughn Building, Dallas 1, Texas., York 5, N. Y.

WILL BE PLEASED
FOLLOWING LITERATURE:

MENTIONED

THE

Stone
—E.

Los

Building,

Union Bank
Angeles 14, Calif.

and

Sincere

—

Thursday, June 21, 1962

.

Fox,

Transportation

—

IT

Irving

Lundborg & Co., 310 Sansome St.,
San Francisco 4, Calif.
General

American
—

Friden

.

.

a

securities

offices at 38

business

from

Todd Road.

,

Family Programs Formed

Canada. Also available is
on

a report
MacMillan, Bloedel and Powell

River Ltd.

Security

Life

Insurance—Memo¬

Products

Corp.

—

Memo¬

randum—William

Inc.,

50

David & Motti,
Broadway, New York 4,

N. Y.
&

Inc.

has

been

Avenue, New York City, to engage
in a securities business.

Form Jerome-Richard Co.
Jerome-Richard
formed

Poor's

Corp.—Memo¬

randum—Stern, Frank,

Meyer

&

with

has

Co.

been

offices at 50 Broad¬

New York City, to engage in
securities business. Partners are

way,
a

Standard

Programs,

formed with offices at 333 Seventh

randum—Johnson, Lane, Space &
Co., Columbus Bank & Trust Co.
Building, Columbus, Ga.
Solite

Family

Richard
P.

Venticinque and Jerome

Perlongo.

:

Volume

195

Number 6170

.

The Commercial and Financial Chronicle

.

.

(2885)

tionary trend.

"Deflationary Inflation" Is

further from

j

.

By Paul Einzig

j

.
„

'

Dr.

Einzig describes the paradoxical

inflation"—wherein wage
stead of into
will

t

a

They

;

.

goods

inflation induces

inexorably bring

What is

flight into savings in¬

a

further

the pre-war business cycle. He strongly re-

on

or

is

booming

declining, at the expense of fixed income

or

recipients, and profits and dividends. Dr. Einzig would like to see an
all-around cut in wages to wipe

and

out excess paid in the past year or

labor

purchasing

power

loss. Unless

-

it

LONDON, Eng.

—

"Deflationary

inflation"? What

an

absurbed self-

chines,
the

so

that they have reached
a further in¬

stage at which

J

crease

what is

to

happening in Britain and,

presumably,
States

also

in

the

United

other industrial

and

shortly

the

before
office

assumed

of

when

the

war

Government

cialist

vent

For instance

So¬

Blum

M.

in France, its ad¬

followed by a wave

of
steep wage increases. In spite of
this the atmosphere was distinctly
was

deflationary because the wage in¬
flation
inspired distrust amidst
which much of the increased

purchasing

sumer

con¬

power was

instead of being spent, and
demand
for
capital

saved

rather than spend.

The

increases have re¬
contraction of
profit margins, which is causing
cuts in dividends, and capital gains
on
Stock Exchange transactions
have been replaced by substantial
capital losses. The result is a fall
sharp

a

in

demand

is

bound

for

luxuries

have

to

this

and

repercussions

far beyond the

circle of those di¬
rectly concerned.
The worst
reversal

of
the

of

it all

is

trend

that the

has

dividends

equipment declined.
This is exactly what

in

is going on
days. The policy of wage

our

restraint

Britain

in

is

crumbling,

and

excessive wage increases are
conceded week after week. Not¬

withstanding this, there is no sign
of any boom in consumer demand.
Recipients of higher wages save
the

surplus,

and
because

surplus,

than

more

of

an

failed

employment may not go on
forever, or because they anticipate strikes resulting from a stif¬
fening resistance to wage demands.
of

as

booming.

mands

phony
creases

are

and

falls
the

the

have

prospects
not

unions

Unless the trade unions

counsel of the Association of Stock

other

June
are pre¬

time,

nothing

could

prevent

some

painful

very

start

from

a

much

a

a

lower

Inv.
A

new

reinforced

that

by
wage

would reverse the

seems

nothing

disaster

would

de¬

short

the

teach the trade unions their much-

in¬

needed lesson in

defla¬

such

elementary good

sense.

Planning Branch

Street,

announced by

>

an

The

savings, because

certain types

The

East

Orange,

to

is

sales

to

Morton Feren, Pres.

develop

a

new

continue

of

ness

Hy

the

Investment busi¬

Patashnick, 20

Street. Officers

are

nick, President; Abraham Patash¬

staff

nick,

force.

Clerk;

and

Patashnick, Treasurer.

offer to sell

nor a solicitation of an offer to buy
offer is made only by the Prospectus,
V

issued

for
out¬

standing instalment buying debts
is a form of saving. But there are
no figures for bank balances and
owned

by

members

any

of these Bonds,

'

Consolidated Edison Company
of New York, Inc.
First and

Refunding Mortgage Bonds,

Series V, due June 1,1992

of

the lower income groups, yet such

Dated June 1,1962

savings must have increased late¬
quite appreciably. Moreover,

Due June 1,

1992

ly

the

total

of

too,

must

have

small

shareholders,

increased

in

Interest payable June 1 and December 1 in New York, N. Y.

re¬

cent years.

One of the

is

the

comes

among

groups.

of this trend

inequality of in¬
the

lower

income

Active workers have
in

ceeded
'

causes

growing

obtaining

Price 101.937% and Accrued Interest

suc¬

substantial

increases in their real incomes at
the expense of old age pensioners
and

other

recipients of fixed in¬
purchasing power

whose

comes

has become reduced

as

a

result of

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

the increase in the cost of living.
This

change in the redistribu¬
tion of purchasing power has nec¬
essarily produced a deflationary
effect, through the operation of
the Keynesian rule that a larger
proportion of the higher incomes
is saved and
is

spent.

a

The

smaller proportion
curtailment of the

pensioners' purchases was not off¬
set by a corresponding increase in
the

fect

of

wage

strong unions
consumer

most

MORGAN STANLEY & CO.
BLYTH & CO., INC.

EASTMAN DILLON, UNION SECURITIES & CO.

GLORE, FORGAN & CO.

demand

by wage earners.
Likewise, the decline of real earn¬
ings of members of occupations
with an unfavorable bargaining
position more than offset the ef¬
plunders by the
on the volume of

demand.

In

any




HARRIMAN RIPLEY & CO.

LEHMAN BROTHERS

Incorporated

SALOMON BROTHERS & HUTZLER
STONE & WEBSTER SECURITIES CORPORATION

case,

belonging to
the latter category have already
bought their television sets, auto¬
mobiles and electric washing ma¬
wage-earners

GOLDMAN, SACHS & CO.

June 20, 1962.

SMITH, BARNEY & CO.

WHITE, WELD &CO.

>

State

Sidney Patash¬

a

decline of

to

ADAMS,
Mass. — Hy
Patashnick, Inc. has been formed

of Government

specially

savers.

and

similar laws in

$100,000,000

part
assumes
forms
for
which no statistics exist. The sta¬
tistics only cover savings banks

(left)

Patashnick Incorporates

Elliott Goldsmith is assigned as
manager

and

This announcement is neither

Committee

NORTH

City,
Exchange Place, for Invest¬
Planning Group of 19 South

Harrison

of

District

Klepinger

it uniform with

office in New York

such

their

F.

■

ment

Indeed

Senate

Robert

are

money

at 40

lesson. But it

Hughes

other jurisdictions.

have to pay a very high price for
a

Mr.

Exchange Firms, and several

the

minors for investment and make

their excessive
were

With

before

adjustments,

industry would be able to make
fresh

14.

appeared

Robert W. Barker, representing the District of Columbia Bar Asso¬
ciation. They testified in favor of S. 3146, Senator Bible's bill to
broaden the existing District Law, to permit gifts of

business cycle of the pre-war type
from taking its course. The de¬

velopment of large-scale unem¬
ployment would then bring the
wage plunder to an end, and after

witnesses

Adequate Data

the increase of

deposits

WASHINGTON, D. C. — Another major step toward legislative
uniformity was taken when Francis J. Hughes (center), general

unions to their

large

securities

of

pre¬

pared to change their attitude in

published figures of small
savings do not properly indicate

small

even

from

The

and

_

level. Everybody concerned would

if industry

argument

>

the

feeling that in the circumstances

Lack

press

claims

wage

still

They

classes

uneasy

full

/

senses.

to

stepping
up their demands for higher and
still higher unearned wages.

investment

to bring the trade

concessions

living. Unfortunately the
wages
is a
one-way
street. They rise when industry
is booming, but
they also rise
when industry is depressed. In¬
deed the sharp fall in profits and

vented

wage

in

sulted

un¬

last year

the

to

of

further

Other Repercussions

coun¬

tries. It had happened on previous

occasions.

of their wages induces them

save

of

order

of

trend

involuntarily in the form of disastrous unemployment.

contradiction! Yet that is precisely

tax

cost

voluntarily learns its lesson, the writer concludes, it will learn

*

all-round,

an

wipe out the

whose purchasing power has suffered as a result of the rise in the

two, and a corresponding increase in old age pensions and tax con¬
cessions to those who suffered from

In

of

-

prevent this:
from producing a deflationary ,'ef-•'
feet, there should be a correspond- ■
ing increase in old age pensions,

proaches labor for'its one-way "unearned" wage increase, whether
business

two.

accentuate

atmosphere

needed is

cut in wages, to
earned increases

luxuries.

for

and

would

deflationary
uncertainty.

phenomenon of "deflationary

spending boom—and forebodingly warns it

consumer

Hearing

would further reduce demand for

the
-

At Senate

by further cutting into
profit margins, would further dis¬
courage capital expenditure and

capital
.

could be
Wage in¬

truth.

creases,

No Idle Contradiction
,

Nothing

the

9

DEAN WITTER & CO.

Hyman

S.

The Commercial and Financial Chronicle
10

gether, even if it were minded to - currently advanced, that ii the
do so, That involvement is itt part- Federal Reserve were merely to
due to wars, both hot and cold, a wave/the wands of monetary pol¬
and in part due to the evolution. icy,
we
could, have more new
of a society where mass popula- - homes,, more rapid construction oI
tion alone accounts for regulatory' vitally needed schools,- hospitals,
requirements
undreamed of in and other community facilities,
Thomas Jefferson's day. For bet¬ more new automobiles, more;_hew
ter or for worse, and for richer or highways
to relieve the traffic
poorer, that involvement is going-* jams We have already, and per¬

Retreating From

Let's Stop

Realities of Our Problems
Martin, Jr.,* Chairman,

By William MoChesney

of the Federal Reserve System,
Washington, D. C.

Board of Governors

•

the

reality of the indissolubly wedded life of business and government,
and of the fact that the Fed does not have a magfcat wand to solve
all

our

volved
tween

not to

same

is

involvement

But

continue.

to
not

educate those who fail to face the

attempts to

Martin

Chairman

•

haps

absorption.

as

if

reached

must„ be

entire ; the

the

•

tell

<

(

men

what

they

can

of

first

govern

ourselves. If

course.

not self-control,

cumstances,
there

with

to

offer:

all

of

us

less

and

have

the

com¬

our

of

W. McC.

realities of

stead

Martin, Jr.

of

In

established by

one

centuries

Greeks

foundation
know

it.

.

:

-

.

-

ago-

civilization"

of

:

~

.

play written by Aeschylus
the defeat of the Per-;
at Salamis, some lines, are

a

devoted to the difference between'

the

and the Oriental

Greek

The

Greeks

fight

Recently, at
the
very
moment some
people
were
rushing headlong to
selT
stocks, the Federal Reserve was
urgently advised by telegraph to
make it easier for others to buy
stocks on credit, and thus to "save
the country from doom."
More
concretely,, it was also proposed
■that J we set a standard ratio of

prices to earnings that would fix
free¬ the price of every corporate stock!

ways

as

men

in

That, it

seems

to

me,

cable today to men in

retreating from

in

men

a

fake

cannot conceivably

They

furnish

a

Solution

to a

we

truly Curative

quick,

painless

easy,

hard,

and

stubborn

painful problem. But some,-1 am
.will expect them to do just

sure,

1

that.
A

short

time

•/

wise and
experienced European statesman
remarked
in
my
presence
that
there is great need in the world
today for the qualities of courage,
patience and faith. In dealing with
the hard problems of our times, I
think

shall indeed have meed

we

of courage,

shall

we

ago,, a

patience and faith,

have

also

need

as

the

of

spirit of ceaseless, purposeful in¬
quiry that has marked this great
University for three and a quar¬
ter centuries.
1

self-

Praise Dr. Walter Hallstem

hibitions.

-k

is appli¬ stem from credit causes-;

,r„*:

.

:

•

powers at that mo-,
ment—and in those circumstances
more

—was

!

likely

this

At
pay

point, I should like to
tribute to Dr. Walter Hall-

a

stein, who is with us here today.
In his service as President of the

European

Economic Community,
intelligent plan-'

he has combined

ning with courage, patience and
faith to achieve freer markets and

productivity
and
effi¬
We alT Wish him and the;

greater
ciency.

Market

Common

continued

sue-,

•>.

cess.

In

country, the responsibil¬

our

ity of the government-—and it is a
responsibility - in which the Fed¬
Reserve

eral

shares—is

to

foster

climate of

opportunity that will
encourage
our people
to apply
their enterprise and; ingenuity in
(2) that; bettering the'lot of themselves/

government* using- those

problems in¬ and business alike.. The, law has
them in dignity: its mandates as well as its pro¬

free

determination

and

shall need to
actions.

substitute for.

serve as a.

wilt

the

to defend what is

our

facing

becomes

as

and

own

And

understanding.

they

can.

unlimited.

and

are

the process we are

mencement

we

sians

then they are not

adults, all
America,

over

a

in¬

could

precious to;
Opposes Lower Stock Margins
trouble, of course, is that' them, the Persian Queen is; told./
"Have
they no masters?" she asks.
talking more, and thinking
In these proposals, insufficient;
less. In consequence, we are .be¬
"No," she is told. "No man calls weight seems to have been given
coming more assertive and less Greeks slaves or vassals." And to these considerations: (1) that
reflective, more personal and Herodotus adds: "They obey only credit powers were being invoked
less
rational,
more
irritable the law."' * ;'v:
to dure a- price drop that did not

the

that

Reserve

the flow of goods and serv¬

The

we

tion

like

as
.

Talking More and Thinking Less

should

I

that

the

of life.

But they con¬

sugg.es

as

to .celebrate

have

are

temptations.
flict

can

we

our men

ancient

the

capable of that great thing which
we
call democratic government."

cir¬

the

In

that

all

means

for their

—

Federal

crease

to draw them here. But i am bold' less

ning! point is

Woodrow
"We^laim
greatest democratic peo¬
ple in the world, and democracy
warned,

country, of

do

Thursday, June 21, 1962

.

-

to be the

of Yale to

alumnus

an

Harvard

a

■_

democracy, As President
once

be

irreparable damage inflicted - ices sufficiently to meet at once
family, and all of its all human wants. If the Federal
Reserve possessed such magic,. I
friends as well.
■>'
assure you we would use it. But
f.
Finding the Dividing Line ;
*
of course there is no such magic,
I am not' wise enough to know • and all of us will be better off
t
where the lines of a practical and - if we do not act as if there were.
enduring accommodation Will be:
Unfortunately,, the demand for
found, nor foolish enough to try' magical solutions continues, end¬
enough to suggest that the begin¬

Wilson

certainly

the entire

on

"involvement is not the same as absolution"
suggests where the beginning of the dividing line may be found.
As for the erroneous notions about the Fed, Mr. Martin holds that a
cut in stocfc margins would hurt rather than help the market, and
that a wider flow of credit would not produce all the goods and
services we need and, perhaps, add more gold to Fort Knox.
of Harvard, if not

would

and

and

It is courageous

it

'accommodation > fine world indeed if, by merely
this union > opening wider the. spigot.of credit,

Obviously, ■ - an1

household is not to be torn apart;

that government is deeply in¬
in the economy's conduct, and that an accommodation be¬
business and government must be reached if the economy is
be torn apart and irreparable damage inflicted. The Chairman
economic problems. He warns

downright foolhardy, to give this

gold in Fort Knox too.

more

Well,

between the partners to

points out, however, that

chance to

,.

(2886)

a

their

families

their

and

eommu-.

nities, and thus- promote the gen¬
intensify1 eral welfare of the country as a

to

rather than to relieve the

excite-: whole.
Within

-'

:

-

*

"

declare

a

moratorium

remarkable1

One

governing land.

childish

' v,"

;

ways.

on

prudence impels me, in
assemblage, to steer clear of
the celestial heights and confine
myself to the earthy fields of
business
and
government.
For
Now

exafhple

of

this

present day immaturity appeared
in the press at the time of the
recent stock market plunge, when
desperate, soul was quoted as
saying: "The only thing that can
us now is
Washington."

one

the

press

replete with another
example, now familiar to all. The
quotation in this case takes this
form: "Someone, somewhere and
somehow,
must
save
us
from
Washington," v
'

That sort of thing might be all

very

well

in

spirit

a

of

good

"i turn into an uncivil war, with
business, the Government, and at

caught

up

the

in

one

professions

about

all

ment is that theirs is

and

at historic peaks, as is
cost of living. Yet, too many

the

govern¬

indissolu¬

an

individual incomes, and corporate

profits
people

ment

lead to any destination

could

a

what's the right price for

us

This, I submit, is a rather curi¬
ous approach to the settlement of
our problems and one
unlikely to

■

Be that

is

conduct

as

it may, the Govern¬

deeply involved in the
the economy, and it

of

not

extricate

are

people, living in all parts of our
country, offering to buy or sell in

much of

still

unemployed,

too

business structure

our

is

accordance
vidual

with

their

judgments

as

own

We

a
republic, a constitu¬
democracy - in which the
general welfare is expressed in
political procedures-, forms,- and
.

institutions;

to their indi¬

for

food, for shelter, for
clothing and the rest—on which
—

entire

our

economic

been built?

system

itself

alto-

FIND

Does

anyone

whole,

Bank & Quotation Record
(Only $45

per year

—

(Single Copy

—

$4)

*

prices
"hard

all

on

to find"
m

•

-

listed
Over

securities
the

-

-

as

well

Counter

as

quotations.

,

^

v

*

{

Write

-

or

»

4

call:

WILLIAM B» DANA CO.
25 Park Place, New York 7, N. Y.




REctor 2-9570

those

economy- rests

can

sure.

has

:

.

But
and

seriously believe
individually, or as

our

place,,

/■"' '

remains

is

part

a

firm

is

V'

much

there

Let

accept it

and
v

«*>

to be-

in it

done/
for all/

and
activity is
diverse, that there is need for the,
us

desirable

would

efforts

each

of

of

our

as

necessary

human

that

proceed in

of

us.

And

let

us

to the execution

peace

separate tasks.
"

1

""

..."

*An address

•

by Mr. Martin before the

Harvard Alumni

(

Mass., June

Association, Cambridge,
1962.

14,

,

■

in

fact

been

historical

the

above

ernment of the United States have

average. In recent years, however,
the rate of growth has fallen be¬

thought

low

do

that

of

the

thus far, and I am
they are not going to

For

the growth rates recorded in other

industrial

mistakes individuals make in

years,

also

and

countries.

immediate

below

Acceleration

so.

Mason Bros. Adds

so,

convinced

thing, they prize
liberty too much for that. For an¬
other, they are too aware that the

more1

our

(Special to The Financial Chronicle)

rett

men

can

master and

son,
the

Few needs could be
at

rea¬

sharpened and clarified by
discipline of objective study.

this

time

economic

as

that

thought.

so

pressing

for

rational

Underscoring

itself

to'

requests

that

it bring

Washington can save us," on the
one side, and "someone must save

well

as

Washington^

©W

to

there

are

other

-nfthat need.. One is

a

examples

to- the staff

Coast

Stock

Exchange.* He

was

forperly with Sellgren, Miller &
Co., Inc.

Named Director

-

Allan

at

some

point

off-international

-

Harris

Mr.

Harris

was

President
of
Central
Investing Corp.
of

Yotk

New

Utica and prior thereto was with

which lie much deeper. They cannor

Co.

&

formerly

the basic causes of
adverse balance of payments,

overcome

our

G. D. Harris Forms Co.

r

ROME, N. Y.—George D. Harris
is conducting a securities business
from
offices at 129 Glen Road
South under the firm name of

as

domestic miracles.

notion^* re*- -,nok-cure~th©s©^ basic- causes,

■I

added

been

Brothers, First Western
their Building, member of the Pacifier

These foreign exchange operathe? tionsr of courser cannot'do more
than help to give us added time

Fed Is No Miracle-Maker
But

has

Hoover, Greenwich, Conn.,
formerly associated with the in¬
vestment banking firm of Lazarcf
Freres & Co., and for 17 years
President of Compania Minere de
Give Time, Not a Qure
Guatemala, S.A., has been elected
In entering this year into oper¬
a
director of New York & Hon-';
ations
in foreign exchange
de¬ duras Rosario
Mining Company, it
signed to protect the dollar against
has been announced.
speculative
forays, the Federal
Reserve may, I fear, have opened

that need are, such ideas as. "only

.us
from
other.

}

of Mason

deemed

faith that

•;

OAKLAND, Calif.—-Douglas Gar¬

one

feasible, and own affairs may offset one an¬
accordingly be¬ other, but mistakes by wielders of
ing devoted, to bringing it about. centralized controls are likely to
That is as it should be. For, ii® be aggregative and may be disas¬
the
establishment
&£
business trous. As has been noted, Nazi
schools at Harvard and elsewhere, Germany was so well organized
we
have long shown recognition that
it could make only major
that
the business
process
is a blunders.
rational process, not a mystical or
Foreign Exchange Operations
magic one, and we have indicated
therefore

improve it by the exercise of
This bound publication will give you the
monthly

of

a deep and abiding faith that the
foundation, on. which our Ameri-

much attention is

YOU WILL FIND THEM IN

center

market

dom and material progress. I have

be better off,
either in terms of living standards
or
of freedom, if these decisions
which till now has aimed at little were centered at one point, and
in a few minds, instead of being
more than the allocation of scarce
left to individual judgments over
' v.
resources,.
v.
1
The American economy's rate of the country at large?
Neither the people nor the Gov¬
growth in the postwar years has

is

QUOTATIONS

the

;

that Americans
a

the

knitting together individual free¬

change

kets

At

of life is

way

vidual needs, wants and-abilities?
anyone
really want
to
this process, or the like
processes of free and open mar¬

are

tional

indi¬

Does

the advance of Ms country.

to

prices

determined by millions of free

are

postwar

NEED HARD TO

tablished

.

ton of steel."

a

continuing auction where

a

as

are

bly wedded life, although it is not
still operating below most effi¬
always, and certainly not now/
cient levels, and our growing pop¬
marked by marital bliss. Nor will
ulation needs more job and busi-.
it become more so if either part¬
ness opportunities.
\ •
ner fails
to respect the responsi¬
Growth
has now
become - the
bilities and rights of the other. Of
course
there can be difficulties focal point of attention in eco¬
nomic affairs, because, if we can
even in this. As one writer recent¬
increase the size of the pie speedi¬
ly observed,
"The trouble with
the mixed economy
V is that ly and steadily enough, everyone
can
have a slice or a still larger
everybody's
responsibility
gets
mixed with everybody else's. U. S. slice, and none will have to yield
Steel is telling us what's best for any of his present share to his
'the strength and security of the neighbors.
That, incidentally, is
a
target
for
economics,
nation'—and the President is tell¬ quite
ing

gigantic affray.

befitting

business

.

1

of

ties

.

ignored reali-

-

fun, but the truth is, it is
being said by adults, and in all
tanousness.
Well, I don't know
bow silly we can get, but I suspect
ve are doing our bickering best.
Worse still, the recent; outbreak
ci guerrilla sniping is threatening

one

One of the often

that

democratically es¬
framework, it is the re¬
proposals to stimulate the 'ecbn- suggested ; would
have
meant
omy, and all the attention lavished bending to a totally different pur¬ sponsibility of the individual—and*
on the market's decline, it is easy
pose a legal authority granted to equally so the business firm—to
to forget that the American, econ¬ prevent the- excessive use of credit apply his5 talents and energy free-'
ly and fully, to the work before
omy today is at the highest level
in stock market transactions.
■
him. Thus he can fulfill his po¬
in our history, and it is still mov-;
Is it too difficult to understand
ing up. The totals of employment, that the market for securities is tential and, in so doing,-contribute

•/-'Amid all the publicity given to- meht, and (3) that using them

.

clean

least

these, as you will see, I
questions than answers,
problems than solutions.

more

and more

and the air have

been equally

in

even

have

save

But

.

#

Hagan Investing Corp.
*

«

-

l

J-'

i

i

.

i,

..

i

.

St

Volume

195

Number 6170

.

.

The Commercial and Financial Chronicle

.

(2887)

should

The Short-Term

not

so

narrow.

The

optimistic

as

is

consumer-

footage, where

to overextend

increased

his level of debt. This is another

why

reason

view

take

we

toward

.

" 1,'

*

retailing head takes

a

■

•

,

indicates.

Now let's
turn our
attention
from the general economy to wjiat
has been going on within the Tetail industry. One of the outstand-

moderately optimistic view toward

expenditure prnspects after surveying and comparing the

economic

evidence.

Turning tc developmento within retailing, he

;

of the imperative need for increased merchandising produc¬

warns

•:"

tivity. Discussion touches on the increasingly competitive nature of
the retail business

in the form of new and modernized plait t

**

the

Decreasing and Increasing Costs

V
-

shopping area to the shift* the increasing cost? of doing business at a
gaining strength^, and the
relative constancy of selling prices in the face of increasing costs,

time when lower cost forms of retailing are

:

of. 1962

matate

is

;

second quarter

of 1968. Sinee
we

in the

are

15th month of

-

the

is

sales

is

note

of

tion..

.In

billion from January,; 1961

increase of.

With
-sion

level

$3.1 billion

l-96fr

m

thev

Robert E. Brooker

instalment

of

snorv ruHt

business

r

.

•

-

,

v

l.i.rv.: A o:., 2 ..
.the
expansion

v

(1958-61)
,

>

t-

t;

•

,

come

an.

phaseof
^as 0

The

.

th^^etail"2? SJl'iaSI

current

high

.

level

.

v

and

within

downtown store had

of

-

suburbam

efficient

more

plant

the-Central Business

trict."

m/.

r

'

Dis-

7-

-xamnle

rapid3 shift

time when lower cost forms

*

.

the

about

are

of

area

30%

taxes

the

over

last

five

years. In payroll

taxes, under ex¬
can already foresee

isting laws, we
(assuming *, a
constant. payroll
level) an increase of about 25%
from

1961

to

1963*

Over

the

last

five years, realestate taxes re¬
lated to sales have increased about

illustrates

the

of - in-

50%.;V->::^;':;
-..v

»

/V-, -

;

■,

'IrteamfMS

iSim,tl ^tension

costs which

control, such

mentioned,

we

must

efficiencies

of

retail

in

total

Shifting

here too

peaking of the retail sales

improve the

margins.

distribution

expect lower profit
The need for increased

merchandising productivity is im¬
perative

and provides the chal¬
lenge to the retailing industry.

♦Remarks
of Mr. Brooker
before the
National- Industrial Conference
Board. New
York City. *

I

.

Fidelity Phila.

|v

Municipal Div.

i;

PHILADELPHIA,. Pa.
and

announced

nicipal

Trust

-—

>

the

opening of a
division, under

bond

direction of T.

■

!• Selected

indicators

1

which

*

t.

PORTLAND, Ore.—Philip F. Wax
to remind is now with Walston & Co.,
Inc.,
anyone in the retail industry that 901
Southwest Washington St. i
while our costs of doing business
have been increasing, the selling
Now With Wm. R. Staats
price changes have been relative¬
ly small. - The annual increase in
v (Special to The Financial Chronicle)
isn't

necessary

the

department i the

to

new increasingly competitive environ-

LOS

ANGELES, Calif.T-Donald T.

Brock has become connected with

William R. Staats & Co., 640 South

Spring

Street,

members " of

Exchanges.
merly

Mr.

with

Co. and

an offer to sell nor a solicitation
of an offer to buy
of these Bonds. The offer is made only by the Prospectus. >
:

WfiO

are

Brock

followed the

Hayden, Stone & Co.

any

.

:

.$:to,ooo,ooo
of Aust ralia

Twenty Year 5'A% Bonds Due July 1, 1982

;

pattern. Aver¬

same

earnings, seasonally ad¬
justed, had a slight dip in Jan¬
uary, 1962, but are now continue
age gross

ing

Dated

July 1, 1962

some

durables

and

for

"

.•

.

Interest

Softness exists - in
areas,-mainly in new orders

upward.

for

-v

,

Due

•

July 1, 1982

payable January 1 and July 1 in New York City

machinery

and

equipment, and lower stock
prices may affect consumer con¬
fidence.

.

:

"

sales

Retail

Price 97'/2% and Accrued Interest

up
9% in
April. Non-durable goods, are ap¬
proximately 5% above the corre¬
sponding month in 1961, and du¬
rable goods are up 17%.
So far,
this year, department store sales

6%

are

were

ahead of 1961.

'

.

Copies of the Prospectus
Consumer

Durable and

Durable Sales

Non-

-

such

be obtained in

may

of the undersigned

"

as may

any State from only
legally offer these Bonds in

-compliance with the securities laws of such State.

Personal

consumption expendi¬
tures, a somewhat more steady
series, has been on the rise since
the first quarter of 1961. The per¬
,

of

cent

the

labor

force

currently

MORGAN STANLEY & CO.

unemployed, while still high, has
been

reduced

each

month

since

September, 1961..
A

of

THE FIRST BOSTON CORPORATION

KUHN, LOEB & CO.

moderately optimistic balance

1962

should

vance.

in

7.75%

to

result

in

an

ad¬

disposable income of
$393 billion in
consumption ex¬
penditures should reach $365 bil¬
lion for 1962 (up nearly 8% over
1961) while remaining at about
1962.

HARRIMAN RIPLEY & CO.

Incorporated

BLYTH & CO., INC.

•

Incorporated

THE DOMINION SECURITIES CORPORATION

reach

Personal

65% of GNP, or 93% of disposable
income. Our type of business ex¬

personal consumption
penditures of $102 billion in
goods..
'■ ■4\;:
pects

EASTMAN DILLON,

KIDDER, PEABOBY & CO. :
,

Incorporated

<■

'

-

-

.

,NAMSACHS&CO.
DLOG.OC

Incorporated
h

\

-

•

,

"

-

'

-•

r

'•{
.

LEHMAN BROTHERS

*

;

;

SALOMON BROTHERS & HUTZLER

1

SMITH, BARNEY &
Incorporated

HALLGARTEN & CO.

LAZARD FRERES & CO.
•

MERRILL LYNCH, PIERCE, FENNER & SMITH
1

ex¬
our

SECURITIES^
UNION

^

.

:
*

WHITE, WELD & CO.
?

r •.

•

'
_

Consumption expenditures for
durable goods in 1962 should be
about $46 billion, up 8.5%* while
non-durable goods expenditures




June

20h1962.

y,

"l:r VL. V ",v-V

-

.

•

•

:

"'

•

was

for¬

Dempsey-Tegeler

are

Com m on wealth

the

New York and Pacific Coast Stock

,

important to the retail business
climbing at a healthy pace.'
Average hours work per week,
after-a slight dip. in December,1961, and January, 1962, are again
climbing.
The index of weekly
payrolls for production workers

the

Anthony Coculo.

Walston Co. Adds

This announcement is.neither

December, 1962, or January,
1963.
A
weakening of - durable
goods sales in the 4th- quarter• of
1962 might influence this. *
;

has
mu¬

(Special to The Finatstcial Chronicle)

TV time costs are increasing
at about 10% per year.

year.

a

in

Fidelity

Company,

-Walnut ^Streets,

,

of

compared,, to.jyepaymept,.increased efficiency„of;'the

curve

I have

or;,

fore

; in
the: 16th month of the
expansion phase.
If there is ten¬
dency; for the cycle to shorten,
this
would
indicate
a
possible

be¬

are

as

very

the: Dallas case the downtown sumer Price Index for all items
stores are remaining and the sub-' excluding
food ' (but
including
that as this retail cycle continues, urban foatage is a large net in- services, rents, medical care, etc.)
^he rate of increase, of debt should ; creasy.- Third is. the adjustment has averaged slightly over 2% per
decrease and instalment credit ex- 'of .foatage to population, plus the year in the last five years."' The

mqnths^Thc toning moi t

our

our

Broad

high level
Gf spending with the possibility

+

ments of

Philadelphia

Consumer
Price
Index for
suburban locations, and non - durable
items,
excluding
the
adjustment • of * downtown* food, have averaged slightly over
shopping areas to this shift. ! Tri: 1% per year; 'whereas the Con¬
stores

-

and savings is allowing the

'consumer to maintain

y
1'^
5for To whfSS
43
1

one

square- feet

located

debt

.

last

retailing,

In

department store-space, plus the
relocation of one downtown de-v
;-I^
partment store into a new, better

not limit retail sales in the

'

cau-r

had been built in the sub¬

to, been closed. The ratio-of footage
This compares to to the population increased to 1.9

the economy in the expanphase of the cycle, the cur-

rent;

-

a

of

to
advertising
costs,
we have had increases at
rapid
rates. Newspaper dis-r
in 1962, and plans have been an—
play rates over the last five years
nohnced for at'least aii additional
have increased at 3% to 3Va % per

a

in 1960 and has steadily decreased to 11.2%
in early 1962.

a

Xu-

ah

Veara

>

of

"

There

area

square feet

tii?naj 750 000 square feet of department store and discount sales

12.1%| of personal disposable*in- "

:

most

urbs and

an

;''r

about 1.5

or

^Sfour

Consumer instalment, debt in- footage

•come

quite

good..

1958,

.the largest dollar increase
on.recr-250,006
ord: Instalment debt amounted to -

look for retail

nation's

?rea PS^ati^ ^^OO1000°saulr!

-and $5.5 billion in 1959, which was

expansion, or
about midway
by usual stand¬
ards, the out¬

at

leased only about three-quarters

January,. 1962.
>

current

;•

In

.*

v-

the

Of

one

major department store sales

appliances;for the first garter of
1962 are almost 13% above a year

bptimlstie. We expect the expaosion phase of the current general
; business cycle.
«to run um the '

.

•

:

estimated at. $155 billionv u^
moderately, about «%■;;. Sales of basie major

•

;

.

,

the

gaining strength.
(excluding
publicized growth markets, there » the
^Federal income tax > the out¬
.were 1.25 million square .feet of
lay relative to, sales has increased

Dallas,

are

.

From

and

new

main

"

modernized plant; for examples In

>

rapid shift to suburban areas and adjustment of the downtown

The economic outlook forthere-'

business in- the form of

Since prices are expected to re¬
stable and there are ele¬

•

yond

profit side, in addi¬
tion
to 'the
competitive
sales
forces prevailing in the retail in¬
ing features has been the increas- dustry, there is the factor, of the
ingly competitive nature of the ^
increasing cost of doing business*

.

consumer

new fixtures allow ipent in
which retailing is operat¬
display of, merchandise ing has given rise to a. number of
foot; which' tends to efforts to increase
efficiency.

make the total competitive situa¬
expend!-- tion more acute than the simple
T• ; measurement of square footage

.

National

cubic

per

Increased Retailing Competition

•«..

By Robert E. Brooker,* President, Montgomery Ward & Co.

moderate.

a

consumer

tures.

11

'

&

The Commercial and Financial Chronicle

12

.

.

Thursday, June 21, 1962

.

(2888)

The Housing

Dime of

Outlook

Brooklyn Displays

Economist,

By Dr. iOordon.W* McKiriJey^ Vice-President and Chief
" '
FWDddge Corporation, New York City

*'

;

—

Upward forces are found to offset substantially the downward forces
market. Dr. McKinley does not anticipate a boom in
1962, but he does show why he sees a very High 1962 level for
residential ^construction- with the housing market progressively imin the housing

..

>;

proving as the year unfolds." Specifying these observations, Dr.
McKinley expects 1,400,000 nonfarm housing starts which exceeds,
incidentally, the average postwar year. In dollar terms, he sees
more than $18 billion in residential construction in 1962, or 13%
above the 1981total which, also, exceeds any previous year.

the United States as a whole has:.'
risen from 2.6% in 1950 to 7.7%
at the end of 1961. The homefound .themselves, in owner
vacancy
rate has risen

probably not been any

There has

during the past 15 years
the experts on the housing

time
when

outlook have
so

'i

wide

a

from 0.9%

dis¬

end of

agreement as
at
present.
The
only
point
which
does

on

there

be

agreement

is

that

various

It should be empha¬

that

current va¬

sized,

however,

cancy

torical

rates are not high by his¬
standards in the
United

States.

I cite the rise in vacancies

simply to indicate that the hous¬
ing market has moved out of the
era
o£ extreme shortgage into a
more normal buyers
market.

to

seem

1.2% at the

in 1950 to

1961.

the

signs,
and

measures,

Other Disturbing Signs

•

clues

the

in

di¬

Jnv

into

at-;.?

t

of "doubled up" families
individuals, there have been
& numi^^ofuiesser, yet .neverthe-

these

Gordon

w.McKiniey

less, disturbb^ signs m
conflicting--trends housing market: Prices

t o

~_

^

understandable and

more

a

of

used

sighs of weakfirst time,, since

homes have shown

manageable pattern, I will devote ening * for the
my brief discussion to the follow- World War II. Delinquencies and
ing three questions: First, what foreclosures,! although still very
are
the principal r^aspns which low,
are
rising. In some, few
have been
a

.

and

an

gather-

,

in

rise

number

rections.
*

the

to

vacancies and the reduction in the

■

t e-ixx.p

(left) recently returned from a special Presidential assignment in West Berlin,
Qeorge c. Johnson, President and Chairman of the Board of The Dime Savings Bank of Brooklyn
examine a model of existing and proposed construction at the Presbyterian Medical Center. This is part
of the Medical Center's exhibit that is now on display at the main office of "The Dime," Fulton Street
and DeKalb Avenue, arid will continue through June 29th.
v
;
an(j

,

addition

In

housing
field
all -point
in
different?

General Lucius D. Clay,

1--—

1—

—

Take the,case of

^

vacancies, for, at about the present level. 'There

ejxample. The- -general- 4rend ,in
vacancy rates in the United States
has been upward ever since 1950,
yet this did not prevent us from
having a boom year in 1955 and
again in 1959. Moreover, few
people- seem> to realize^-that for

--rj

-

of-4961/

Awards-^ for-apartment

-

^will continue.to he a large volume buildings^have been particularly
. of-lendable funds: Mortgage funds
strong, running 69% ahead of lhst *
The
in particular will be in ample year.
gain - in residential
supply both because of rapid awards has been well distributed
the
United
growth of the traditional sources throughout
States,
such as savings and loan associa- with all parts of the country extions and life -insurance com- cept the Plains -States showing
u—t

-

:..a—^

—

weak

rest

of

F.HA and VA other words, demand Jor bousing banks, - pension funds, and. even - all-out boom- throughout - -1962.
ior speculative Jn.receni months has, been, grow- -.frnm, .Iabor' «unions. Housing .in-They do -indicate, howeverf lhat
ahead? Third, from an evaluation building. Reports from builders ing more rapidly than the supply 1962 will therefore not be held builders are moving ahead conof the
relative impact of these • and from real estate boards in of housing. It is unfortunate that back by a scarcity of funds, as fidently and1 that
J actual
*
* housing
•
upward
and
downward
forces, many sections of the country lack this basic fact has been obscured was the case in some" previous starts in the next few months will

evidence
may

that

there

is.

hqusipg,. shutdown in

new

i. strengthen... in..,, the.. months.vcn mml.tmn n.t

conclusion

what
about

the

be

can

probable

reached

number

of

housing starts and probable volresidential

of

ume

construction

enthusiasm.

s

/

Perhaps most disconcerting of
all the signs of weakness has been
the 20% drop in the government

expenditures during the remainder

figures

of 1962?

from

on

an

nonfarm housing starts,
rate of 1,434,000

By the publicity given to a few
localized situations where a temporary over-supply has led to
sharp
cutbacks
in
residential
construction.

annual

Funds Availability At Lower
Rates

run

years,

Improving

at

high level. Earlier
bad weather prevented
proposed work from being
a

very

this year,

Business in

some

Second Half

activated but this meant that the

A third factor

contributing to a
stronger housing market will be
the

growth in employment and incomes
which
is
likely to take

backlog of proposed housing was
rising. In March, housing starts
jumped upward to above a 1,400,000
annual rate,
responding as
might have been expected on the

in October, 1961 to 1,149,000 in
February of this year. Although
A second factor which will have place in the months ahead. After
the first point to be recognized is the
rate rebounded sharply in
that the great
postwar housing March, the preceding four month a favorable bearing on the volume a rather slow start in the first basis of the January and Februshortage is over. The two most decline called attention to the of housing output in the months half
the year, I expect gross ary Dodge figures. Current
striking evidences of this fact are foci- that following each of the ahead is the rather unusual situa- national product to move ahead awards indicate a continuation of
previous
postwar
recessions
in
tion
in
the
capital
market,
and
in
quite
rapidly
in the last six this high level of housing starts.
(1) the rise in housing vacancies
In

considering the elements of

weakness in the housing market,

,

—

and

(2) the decline in undoubling
of families Or individuals previ¬

Rise of

million
United

married

lion

counles

bled

un"

in

some

counles

these

ie

same

than

one

had

million

"dou-

household

familv

other

numher

the
own

mil-

three

often with their parents.
this

in

their

living

were

the

three

over

without

States

household

with

were

fallen

verv

By 1961,
tn

During the

perL~re warJ^

less
same

undoubling of families and

individuals
and

created

an

unusual

nonrecurrent demand for 3.5

million housing

units during the

period

Of the total de-

1947-61.
_

mand"

the

_

housing, ""perhaps "as
housing units a
was thus accounted for by
spreading
out
of existing
for

much
year

_

as

250 000

families and individuals into separate quarters
The slowing down
and virtual disappearance of un-

doubling in the past few
is

one

that

1958

housing

residential mortgage market
particular. I referred earlier to
the fact that housing has usually
reached a peak and begun to decline quite early in the business

months, to reach an annual rate
of about $580 billion in the final
quarter. An advance of this magnitude will still not give us a fully
employed economy, but it will

wenJinto a long Period of gradual recovery following each of the
decBne even while the rest of the postwar recessions. The principal
economy continued to advance. In reason for this early downturn of
the current cycle, the rapid rise in housing has been the rather
Bousing starts to a peak in Octo- severe tightening in the mortgage
ber' *961, and the decline there- market which occurred in each
a/^er' was sufficiently similar to recovery period. Housing was held
down during these business re-

mean a very substantial increase
m Both employment and incomes,

—

of the rest of

economy

during

years

of the clearest indications

lip

the
in

suggest that the trend over the covenes not only by rising inter-.
rest of this year might be down~ est rates, but by an actual scarcity

undo"! ward"

net
bling of about 1.5 million individ¬
uals
previousy living
together.
This

and

the initial
business recovery but reached a
peak quite early and thereafter

Normal Market

a

there

1947

1954,

spurted far ahead
the

ously living together.

In

1949,

of

effect
of funds.
funds. The
The effect,

the

conclusion

seem

that

to

the

lead

to

housing

market will remain weak in the
montBs ahead. But now let's turn
t° the other side of the picture,
^Be first point I should like to
maBe is that the disappearance of
the great postwar housing shortaSe.is not by any means sufficient
by ltself to lead to the conclusion
that we will have a poor housing
year in 1962, ^Be automobile indiistry many years ago caught up
wltb the war-caused shortage of
au*om°BBes, yet in 1962 the industry appears to be well on the

the
1950

rise

in

vacancy

rates

dime

The rerdai vacancy rate for




believe

the

of this

evidence

can

be

evidence?
indicates

for residential construction, with the housing market
becoming
progressively
strongerastheyearunfolds.Government figures on housing starts
have recently become so erratic
that it is difficult to arrive at a
a good

year

ating

it safe
1962

so wildly fluctu¬
"" " '
series. I nevertheless think

—

a

to

conclude that the year

will

construe-

to other capital uses, or (where tion contract awards in recent
the funds did remain in the mort- months. As in generally known,

residential construction contract
awards. In February we revised

gage market) forced the builder
to pay a heavy discount in order
to bring the artificial rate into
line with true market yields.

upward our 1962 forecast of the
expected volume of housing
awards, and events since then
appear to bear out this more optimistic prediction. We believe
that residential
construction
awards in 1962 will exceed $18
billion, 13% above the 1961 total
and higher than in any previous
year. Although as I have already
indicated there are some depressive influences at work in the
housing market, it seems to me
that an objective balancing of all

ceilings imposed by governon FHA and VA mortgages
—ceilings which diverted money
away from the mortgage market

Construction Contracts
>

The

final

factor

which

con-

vinces me that the housing market will be quite bouyant during
the remainder of this year is the

strength

in

residential

the F. W. Dodge Corporation publishes reports on construction contracts awarded throughout the
United States. Once a I month we
The present
capital
market make public a national summary
situation, however, is entirely un- of contract volume, by major type
like that during previous business of construction. These figures are
recovery periods. Interest rates
in general have risen very little

from the low point of the recession. Mortgage loan rates are
lower today than a year ago.
There is no scarcity of capital
indication that we cannot rely in way
to challenge the all-time funds and mortgage lenders are
the future on the extra demand sales record set in 1955. Too often, competing fiercely for available
which undoubling has provided in
.xose ^Bo are bearish on housing loans. Looking ahead over the rest
the past
cite evidence which, while it may of this year, it seems to me probqimna'r pvidpnrp Of an adPmiotA P1?*? tha? „w.e are doinS a good able that the general structure of
suddTv of housing is nrovided bv J 1" sa.tlsfjtg Pent"uP demand interest rates is likely to rise very
have caught

with the
bousing shortage which was the
legacy of the depression and war
years. At the same time it is an
we

I

"

Surprising Gain in Residential

rom-

ment

All of the evidence I have cited

thus far would

conclusion

drawn from all

firm estimate of

apartments.

com¬

rate

Somewhat

what

see
1,400,000 nonfarm
housing starts, which would put
it substantially above the average
year in the postwar period.
Even more significant will be
the trend in the Dodge figures on

was

was

pounded by the artificial interest

Vacancy Rate Has Declined

and a correlative increase in the
number of families able to afford
new homes. It will also swell the
ranks of young people able to get
married and move into their own

Conclusion

Now,

watched very closely because they
indicate the future trend of construction expenditures and because construction expenditures in
turn have a most important bearin£ on tBe general business

outlook.

,

I am happy to say that the vol- the upward and downward forces
ume of contract awards in the supports our prediction that housfirst three months of this year has ing output will be maintained at
Been exceptionally large. Total a very high level throughout 1962.

construction awards for the first
-£?rJlousul& does-not ®rove.aiab«Ughtly.fjetwran now-and-thetsnd*quarter
eurrent housing outlook is of
the year, but that mortgage same quarter in 1961, and resiloan- rates will
probably remain

—_

.
Conference

th. National industrial c
dential awards were 22% ahead New York City.

Board,

,i i}\\ *' ifWft&V.'.HtfK 4 rti'cv
<7^

Volume

195

Number 6170

.

.

The

.

Commercial and Financial Chronicle

.

Phony "Liberalism"
during the past 30 years of what he calls "phony liber¬
up the score, Mr. Spencer adjudges it has been
"disastrous failure," and has created more problems than it has

a
*

solved*

rt

Mr.

Spencer

expresses

~
!■*♦*«*

J;:i 'I ;
t+

ing stops"

we will wind up, he says, in socialism.

•

.

,

far

too

of

many

have

acquired

spot.

They

dangerous

a

blind

have become
suckers
the

for

He

so

de¬

voted

to

the

have

and

this

H.

L. Spencer

the

time-tested

eating
bureaucrats

provided us with great
it at least has had the

than

from

the

of

that
tnat

it

it
it

today

and

manipulating
Washington;
Our

now

are

financial

levers

currency

" is

the

When
wnen it
11

stability

,

in

econbmie

iq
is

and

infected
miectea

lignant virus of
ever, it produces

in

businesslike

a

areas

way at any rea*
recognized

arc

Dublic

01

SPCtor

of

ine puonc
sector,
01
in which constitutionally

course,

mama

orized

inflation/ how-

which

of

we

greateSt

lv

Dermjf

their

them with

loaders

action

nuhlic

is

neces-

And, thirdly, the cost of

govern-

a

cow

lasV 31 ^devoted

to

abroad

but

a

conserv-

sinrp

snrint? of

generally
trine

it

1Q61

recognized

President

has

^

'

ha*

hppn

that

the

the

doc-

accented

infiati0n. Congress, lackjng f jrm leadership, has become a
confused

and

to the crime while Sec-

atmarentlv

heloless

retarv of the Treasury Dillon
should

be the

J^ivencv

natural

said

has

who

guardian

the

of

powers

-

haver been

neverth^IesS

.

allocated

by

J1.? in, paction.

liberal; it

dona

leads

Tt

ic

not

trulv

urilimited'-.backdoor^ spending-:in
•

foreign aid-without Congressional
approval; (2> Power to raise or

loss

of free-

the tvrannv

and^repudiaUon, tne tyrannv

|n

it cost

yeas.

onenati0nal income.
In

our

family of four $336;

a

1962, that

cost

mwA

i*.

The question

to

will be^$3,472.
u ^
t.4

'.not
tbey

these

figures

.

available tor the

are

*

f Commerce: "
_

' :

'

'

based

taxes

solely

our

free

the

almost jus¬

and

assumption

enterprise,

combination

look

from

the

with

abroad

hard

a

at

our

tional

policy

should

mined by the results obtained
+w wi* +v^

On

'

iS-Snnc Siinrl?

judged disa

s faiur

.

Pnr

For the

ment in debt and inflation

is

aware
don't

care

oned

—

It

should

be

emhlaz-

11 snouia De emoiaz
DANGER!
.
STOP—
.

LOOK—AND

On

page

un page

PrivateDebt

the

Tf),; outweigh its poli¬
usefulness.

and

charge the cost to

As

the

history

"liberalism"
in

also

may

Pub^'Tnd

^ theuSted

States

is given as . $1,02.6,800,000,000^than a .trillion dollars of

your

of

30

becomes

perspective

;

•

barriersi'-.A.r^/ iudged any -jaeans.^ Xack of. legislative *
by his moves in-the steei price ]^ults m the first half of the
situation^' hev/;apparently : seeks S^-th -.Congress and present.Com. -

-

it

its

Charges Dictatorial Powers and

,—-Spending"
There
inere

are
are

'

•

r

two
<dand
two facts
tacts which
wn en stand

constitutional

would

indicate

trouble:

-

ever'

"i

:

:

'

,

S1="r

^'ng for what amount to the
°f

'

.

powers

a, dictator, powers that are re-

u,aTrmiy

by Hitler. And,

dly, this Ad
ministration is already spending
more, and we are enjoying-it less,'
thari
riod
In

in
of

seco

any-other peacetime -pe^

history.

support of the Kennedy

gram

priest

pro^

Dr. Arthur Schlesinger, high

of

the

philosophy,

so-called

says

"liberal"

in the Saturday

Evening j^ost of May 19, 1962, that




prerogatives
may
be
in'

he

His failures there/ how- *

inconspicuous-in

are

parison
■

:

.

with- .his

failures

by

inflation

deficit

great
our

and

spending
danger

free

by

the

to

economy

become

is
announce

listing

of

and- form

of

•

of life

^

a way

cynically designed by .clever and.
unscrupulous
-

men

toward

utopia

on

capitalism

a

highly

of socialism.

the
:

burned

.

Trading commenced June 18, 1962
Trading symbol GBY

and

this

practically destroyed
hemisphere the interna--

tional

prestige

eernecj

about before

;

he
.

,

was

so

v.'

,

talked too ..big and did too
little in Laos and that

we

ted

our

a

and

strange

use

equipment to

of

fight

permit-

and'

many

policy

have

these

ures

of

the

only

more

fail-

created

a

cumulative image of weakness and

'

'V

are

...

.

BATTERY AND SPARK PLUG DIVISION

FRENCHTOWN PORCELAIN COMPANY

Storage Batteries and Spark Plugs

Technical C:ramics

FILTQRS, INC.

SHOUP VOTING MACHINE CORPORATION

monev

non-Communist part of the Congo
—all

the Company and their principal products

con-

election, that

.

The divisions oj

'

Subminiature and Microminiature

relays; giass-to-metal seals

Voting machines and acc:ssorhs;
Toll collection devices and

equipment

and

lure

improbable

the Monroe Doctrine while Cuba
^

the

investment incentives of.

conservative
us

destroy

to

of its Common Stock, Par Value $1.00

for-

a

solvency

government. For it is

AMERICAN STOCK EXCHANGE:

away

ap¬

continued *

has

com-

in

eign affairs. That we fiddled

clear

becomes

gressional reluctance to part with

to set prices.

of

years

more

lower tariff

power

grand¬

parent that government by slogan,

savings

•

pleased to

A

pass.

GENERAL BATTERY AND CERAMIC CORP.

^

*

:

.

LISTEN

^vLlable^

:

hopeful by-product of this situa¬
tion-is that the magic formula
embraced by politicians of both
parties wherein they tried to buv
your vote with your own money

all children,

post of which too few are
and about which too many

sign

come

and'dcoriomic

tical

A

.

.

eyed

dwind-

penalties, of deficit spending

have
any nabe
deter-

>

allies, does not want to be led,

our

in

■

Our continued

preoccupation with foreign
aid
and the mirage of "world leader¬
ship" in a world that, including

ernment prodigality will currentThere are those who will feel
ly prove unrewarding:. When the that with a Gross National Prodfull impact ef massive over-pro-- uct of half a trillion and a debt
duction meets head on against the of more than a trillion we are en-

his

on

va¬

at

condition
similarity to that

1930's

ther effectiveness.

-

•

will^o^theT.wisp.. pf. /'liberal',' gov-

-:

con¬

that over¬
indulgence in the dangerous drug
of Federal prodigality has finally
produced an immunity to its fur¬

powerr.over -production rent Business published by the
and serious unemployment due to Department of Commerce (the

in' data issued by the Department
-

is

unsatisfactory

hut

public

of

were

is: Is it worth it? It

of

aware.

many

than

rate

strange

a

tifies

r.hasjng

•-?}* •'.m sP^e ^ adulatiomby, Dr...
own;; judgment/;; (3)- - Power
to Schlesinger and a .ren^xkable despend -vast sums on public wofksi .^.^
pubhe;support, Mr. Ken-.r
at- his discretion^; "(4X Power ,to^-hedy. has^not -had clear sailing. b'r
lower

and

it . is not truly aon 1 care.
to

renudiation

the face

apartments

higher

a

of the late

Success-or failure of

spending with reckless expansion
of government power always ends
'

Even in

This
has

..History attests .,that, inflationary too clearly shown by a statistical
reaction

too

spending

kL is possible- that Dr; Schlesinger is

wantai'^l> Power for
c

Qf

askSi^^O

sPend us into
further debt. While many of Those

fc-W-

that ,; continuing

aiarm

of

the
bottom of the great depression.

their decline and fall,

Ken- fQ?

*?edyred lnk.budgets.urenocause
fpr

adding

are harmful; that big spending is ling gold reserves, is producing a
8°°d and that socialism and the set of embarrassing contradictions.
welfare state are the waves of the The fact is that 30 years of "liberalism" have created more prob¬
future. And this is the generation
into whose uncertain hands c lems than they have solved, while
Passing the future of the country by undermining confidence at
home and abroad in the integrity
and our form of government—
their protection and preservation and credit of the United States,

of

accesSorv

result

reckless

and

cant,

society are doomed; that our Constitution is an outmoded document; that thrift, saving and ?
policy of intelligent conservatism

policy at home is the
'

the

zeros.

deficit spending and with
to come, unemployment has

al" professors and their text books
has had a profound effect on col-

Russian plan for winning the cold
war.

the

of

looked.

Criticizes Professors

will

fiscal

out of

tinued

The twisted thinking of "liber-

freedom

ative

Probably

ran

-

shocking, there is a, present added
complication that cannot be over¬

govern-

currencies

^

While

con-

pr0vide for the ultimate
subjugation of the United
states.
Inflation and debauched

that

been.

years

nation

every

We have been

lege undergraduates. In combination with the shoddy teaching of
progressive education, it has produced indoctrination of a whole
generation with the belief our

use

have

—

tn

^

deficit

spending,; MrviKenneay now

ruined
it.

form of constitutional

tfon

/ii#^$10^ billion,, in,,thai current
I recortf.of 25- years out it win cost $162.0 billion, or

the

our

forming prescription. It
drug partiy made up in Mosand heartily approved for our
by the Soviets in the belief

that- type

niiciwmrni Kmam

with

has

marks

machines

we

Flying in the face of all

tried

the

of

to buy a loaf of
bread,
only speculate as to what
Germany's debt and GNP must

years

and

while

Germany,
inflation, ex¬
region
thoroughly,

period

one^can

ment as well.

habit

and

of

and

common

outraged

ground well
her

house

have been told
prosperity, the

of this poisonous

more

conservative

been

new.

temptuously robbed of our birth- more
right by a group of "liberal" soremained' stubbornly
high;
7.2
cialist conspirators who, in cap million
of our people are on relief;
and
gown,
have inflicted their foreclosures
on
homes
jumped
heresies upon us and our children,
50% in 1961 and'in the second
doing their best to destroy no
quarter of that year 8.1% of rental
only our economic freedoms but

and

administration

bS^to^i^^e^tf<^?snfieIrf"''fdr?-s-iJk5le
its operations Whereas:-^ lTiei»TnustiiiR.Avlimit, however,
banlS natoir
! 5
in 1929-the "public sector",cost us. beyond which the pursuit of this
of

that

American people should careless-

perpetuation in their

Therp

Sion" oCcredit^ the vaS^expen^Ses for armLent and fear ^e
direction

power—re-election

authorized puonc action is neces
a growth that is
sary. But when those limits are
nature..and, based exceeded,'waste and inefficiency

in

cancerous

the
tne

which

preceding inflationists

our

But,

new

plored

give is
We are a

people
for 30

13

finding it grim and exceedingly
unpleasant. When it took a basket

experience, we have deliberately embarked on the ver>
type of inflationary1' experiment

intensity of devotion that

an

to

more

-

growth.

with
wim

stoked

in

abused^word, stolen costs of t s danger us experi-

blood stream of the nation which
nourishes

been

this

this

should

patience.

nw» ?wi ''iwrnxmrnxtfifflZ

territory. But this is
Many other nations
throughout history have trampled

human

than before,

fires

has

„

J currency as tne economic

ui

all:

war

that

anger.

know it.

the

^ls

in

'

\

of

tering

far from

,

aroused

native

0ur

to believe our governments, Aa-;
deficits wiu be entirely approtional, state or local, can create
'•
economic
welfare
by
spending
W .
'
.
' ,
vast amounts of the taxpayers'
A11
ls
hard earned substance in waste- £am^-.? ^ Si?~£a
lit>eralism, a
ful undertakings, or that they are beautiful but
organizations which can do a job
corrupted by the radicals,

no

busy

so

^vatching

devoted

are

first

—

Secondly
it. iswishflil'
thinking
beconaiy,
it
is wisniui tninking

a condescending
smile
bright young men who
they have all the

answers

to

is

civil service jobs.

convinced

are

things

money—more

works
works.

gets

clock

who

to office and

-

or ovine
proving

dedicated

welfare,

and

—

the years,

more

errors

whereas,
exceptions,
they are a group of self centered,
ambitious and ruthless politicians
backed by an army °f 2 /z million
tax

discarded

mention

luililiment,

notable

some

these-

But

s

of

nation's

with

we

of
ot

re-

be.

patriots

But

to

sense

It is strange indeed that in this

may jwm

several glaring

are

line

concept of a sound currency. Belief in "good money" has, over

virtue
virtue

more

he

so

have

by

*+ time of what

individual

spiritual

selfless

the

com-

rewards;

the

welfare

own

of

ently forgot¬
pletely

that

control.

thing

easily

slow

the

and

all-consuming

-

■>

,.

amount

dedicate to the public
argues

not

home and

lessened

.

national

0ur

.look like amateurs.

thought: First, the
assumption that those in control
of the public sector are a
group

appar¬

and

with

V-*!•. I'

devoted to the public sec-

There

;
in

"Let's Get Go¬

that

,,

„

wnatever tnat may

propositions of
"G rowth,"
"Moving
Ahead"

.'

.

will-improve

nis
cur¬

rently

ten

we

matenal

'Tiber-"
are

ing"

amount
sector.

tor

alism."
We

1

the

tended

,

of our national wealth we reserve
for private,, satisfaction and the

sources

slogans of

phony

1

both at

be

under

inflation

;

•

is

countrymen

our

,u

And

•r'

f<

S that
fvw the
J?6 .fu",
*lSlIe 0 +^e
"balance between tne

nSmft

tn admit hnf +h
sad to
but the truth

advised

actuality of what -has* happened4 is
.far from those hopes.
There is

.

Unless.
"government by slogan, by inflation, and by continued deficit financ- v<

-

The

»»

,

r.": graduates in whose hands the future of the country lies.
-

that,

beloved country
to
realistically

greater danger of

birthright, and that the twisted thinking of "liberal'? professors
their text books has, had a profound
effect upon college

and

policies

brought

remarkably similar to those seized by Hitler"; and declares a
of liberal socialist conspirators have contemptuously robbed

our

.

perils of more inflation would be

great concern at the continuation of

group
tV

well

and

pur

would

war

these policies; charges President Kennedy is hiking fdr "powers that '
are

Hopes

abroad; that the danger of atomic

In adding

we
re-

quirements

_._

hope

came

progress

sound

_

Raised

believed would be

we

resolute

un¬

sound money

cheap
foreign
competition
have subsidized and there are

have to give.

would

deficit-financing, and of

'.

jj

there

leadership,

r

in

been

Kennedy,
his

West Coast contributor rakes ttie resuJts of the "fantastic" increase

not

expectations,

for
more
reckless
spending to provide more full employment to create more overproduction
something will

a

Address

under what

By H. L. Spencer, Pasadena, Calif.

alism."

has
our

For, to those who listened to the
inaugural
address
of
President

*

in the cost of government, of persistent

that

accordance with

•

Inaugural

•

(2889)

uncertainty

The Failure of

r

■< r^ryvi«wvv<*ft**wt

.

14:

six

,

farms .is culti-

"

The

^

trade.

suiners last year.

"

<

V

,

•

.

..

i

-

„

kt

„

.'

_

.•

.

.

Pa,lv<Ly Huhbell, Inc.^of'Bridge*

■

Thursday, June 21, 1962

Pratt & Whitney. Aircraft, East

'

•;

The

"need

Liebenow,* President, Board of Trade of the
City of Chicago', Chicago, Ili.
'•

»

on

free^-world

.products of some 60 million acres
cropland moved to foreign con-

Farm-to-

By Robert C.

for

.of

99

a

filled

-aores

vated

"We Can't Control
! On

Commercial and Financial Chronicle

The

.(2890)

'

'

•

people1 of foreign nations
nnd

want

•

change of
r/

pursuing a national agricultural ;
policy of bankruptcy, Mr, Liebenow- advocates the Chicago Board of
Trade proposals for direct Federal payments to farmers f»e substituted for high support prices, The high expenditures lor a few years

?el1;

policy of tunning a
liability, get us out of the
present ruinous jungle, and restore farming to free enterprise. As It
is now, he points out, even with disincentives to the efficient farmer,
39.1% of our farms sell^t.3% of the farm products. Other than in
the American Farm Bureau Federation's opposition to this ^lan,. Mr.
Liebenow agrees with their other agricultural policies. He praises
the Administration for what it is doing to aid agricultural exports^
and urges it to enact policies in accord with its espousal of the

.of two.

v

•

.

*

.

;

wonderfully efficient national asset into a

:

companies, to

that

spacecraft

to

sent
tion

.

Harvey Hubbell makes electri-

as

.design

will

be

moon.. The., designa-*
made fey North American

tne

was

segment 'of p.tuiecohbinx. .Tl$s .leg-*;; I.*
'<*' >" ££«.?•/»«
tiohal
islation wf 11 providethe Executive.,/ Acme ^ Wire. Co.,; Hamden, has
Branch
annh*1*" a-P /^amwlofo/1 • o V\r4t*r *
-vvW#\vUWiu4

;;

sensibly handled, he adds, would reverse our

Supports -Tariff Bill

:

-

one

^ofne a division of Harvey Hub- Apollo,

goods for theirs,

our

'

Reproaching the Administration for

HarttoM,.- has been selected

° 8£rchase theKellems Co., Inc..

aerimltnral

nnr

Aeronautics And. 'jSpace
The cbntract, . together
iRP'PFMIf? niTfi tfl

fl1

Hl\7lt5inTl

expanding
We

realize

that

forms

some

;mainn€
essary, out we reel tms bill' wouitt^v-cvHjjwwiy-e.. ivto; far toward breaking down those i^Ur ^xpan^;on; pTograrrt. So far Parailelroontr-acts- were let to- inwhich1 Are nonessential rdn^ which Acmexfeas xspept "ufeout $500,900;
different approaches to
J

'■%

4

free market system.

•vxxx/

frankly face the facts tions to help themselves. Our pro¬
implications of our modern ductive -capacity 1 is.. helping to
agriculture — an agriculture un¬ build a» political, ; economic and
surpassed anvwhere in the world. social structure oriented toward
freedom. It is strengthening the
It is probable
free world.
' v.-. t" •/_ ^ ;;
that the 1960's
must

We

and

most

be

will

We Owe

decisive years
this

for

I

' "

/.

"

The nation owes

tion. As I view
the scene,

Bebt to Nation's

a

Vs';-;vFarmers

na-.

debt of grati¬

a

tude' to farmers for the magnifi-/

am

wheat may not be Aood for soybeans.v Trade< 'agreement$/. thu^
Should be^ evaluated/hot only .on a'

coiApany. is also rearranging its plaht in East Hartford.
'. ■ ,
foil -wibding-Aepartmeiit and in- - :
*
*
*
;
, i
italling.nevf hiaehinery.
• /
The Ferkin^Elmer Corporation
.

that lie ahead,

pent contribution they made to
- * /
: * ••
/
victory, in World/ War It and to product-hy-product^^ ahd /country^ ;>t
The
the part they played in speeding* by-country basis; but should*.be -; Atomic Cetierating Plant.

although they:'

world recovery

convinced
that the years

will

role

trou¬

be

some

patience,,

to

that neverthe¬

Robert €. Liebenow

less there will
emerge a
world

of

considered

The

war.

States

and

opportunity.

V

exaggerate.
it

farm

new

hope

after the

United

food making

has

is

.;;

.

';

the. framework

■of three :Wgest Connecticut electric
prOfitabje foreign coin'pandee are considering joint
possible - open to • as /cohstrudtkm r of- a $70 million nu-

Stock. Erb & Gray is a dealer for •
scientific instruments of both do- '
mestic and foreign manufacture,
Among the products it handles is H.ft. 0900 are sufficiently flexible and:; • operate * it
are
Hartford an electron microscope produced
to permit negotiations, in the in- Electric
Light -Co.,. The Oonnecti- by Hitachi, Ltd;, Ahe firm with •
terests ©f all American farmers cut
-Light - & . Power • €0;,,• and'whom
Perkin-Elmer formed : a ;
without sacrificing protection United Illuminating Co. The plant jointly' owned, company in> Japan •
needed for
partio^lar commodities, would
have
a •
350,000-490,000. last year, y •
;*
": ^ r x} ;
Increased purchasing power,
es^ '^kiiqwatt^v'capacity and would- be > Perkin-E l m e r ' s new 108,000 :
pecially in jhe Common - Market; ready by 1*968.'It would fee the square foot research and engi- *
Countries,. provides^ great oppor- se£bnd" nuGlea'r generating station iieering center in Wilton, Conas

,

agricultural products as pos- :cIear: pG\ver -plant in the state,
sible.
We. belieye the terms of The^ eOiApanies- which would own
many

.

.

that
man-hour
years.
In the

most! amazing fact

a

production
tripled in 20

in

as many

markets

played for our allies during the
.war and to the needy world in the
postwar era is simply impossible

irk¬
and try

blesome,
our

which

per

However, if we are to arrive into
this more favorable era, yye must

past 10 years it has almost, doiu-r
bled.
There have
been greater
lay the foundation now by apply¬ changes in agriculture Ah pur life¬
ing our wisdom toward under¬ time than in all the previous 2,000
tunities
standing today's complex forces. years.
x
must have the ability to rec¬

>

of

the

free

enterprise matter of fact,

system.

,

One of the

v

great factors in our

favor is the tremendous technical

ability and physical resources that
the
United- States can bring to

the

logical

breakthrough, Scientific

ui

enable

t

..

it what you will-Aechno-

bargaining

.use

power to which he

supplying "New England with 4%

^t.
concessions- that/ will . plant xwould x have > double
the
United

pxpand exports.

one

Call

.

The. Yankee necticut, was - formally- dedicated
Company's sta-: last month" and is now, fully ©ction invRowe, "Mass., is already eupied.
* "
v/ ^
t

WiU pave access Through H-R; 9900 of itsAleetric
power. The projected
v

of the dreams
of the Soviets is to. have some day
an
agriculture as productive as
ours.
'■ •.'X
>v

.*

.

that;the President will

sure

ognize

pansion

States

.

/

.

,

v

-

to

•.

„

.

+

;;;

t

•

:

X

.sh0uat^ hke

c' we
to
compliment Secretary Frehman

But

we

must

use

it wisely..

%£*¥&

L

*

,

,

f

Aircraft

Air

;

.

;

Bloomfieid

of
a

contract by

-

means

that

for >• $8,763^243 to
helicopters.
Nick-

named "Huskie'- the twin rotor
helicopter is an Air Force crashConnecticut River,; i n c lu d ing* rescue craft: ' Its < radical rotors
Connecticut sites, are under con- make it possible for a pilot to fly
Rowe

. $43.7
million = at
Seyeral iocations aiong the

sidprution. The

new

plant .would

directly

^

v.:

*

'

•

over

a

burning

a

public squares
and even from the history books.
Witness the complete failure of
the Communist agricultural poli¬
cies—a maior monument of failure
due to

regimentation and the de¬
a competitive market¬

struction of

ing system.

Witness the resultant

the

abundance

that

this

path through the flames for resr

S'S^"sonnel^^ CU^nb

of

:
,

.

Air Force bases, has recentlv est "
tablished three new international •:
altitude and distance records.
i

J. Greene
;

With

^

ministration has put forth in the

blessed

>

cuing occupants. The "Huskie,?
presently stationed at forty-eight

.j

befn

;

aircraft,

.

pursued his*gosd*^:

eliminated from the

:

:

and using the rotors it may blast /

we

.

*
.

Force

: H43-B

meed f ot- sustained
effort, but the / The Ravmond F n c in p p r i ti ?
;
must^ further
ues
removed
from
Communist expand markets and other outlets
Laboratory, Inc., Middletown, in
David
places of prominence. Witness the for farm products, not only at
I have
most pleased with
number of names of former "he¬ home,
but also amorig friendly
David J. Greene & Co., 72 Wall
the constructive efforts this Ad—
roes"
whose
names
have been people over the world who need
tts A jengineers 'and techni- 'Street, New York City, members

This

;
•

compared, to

.

ture.

Kaman

the

the struggle.

Cpmmunist countries, Witness the
shuffling about of bodies and stat^

•;.

and would cost about '$70 million make

Praisps Opening
Onpninp- TTir nf
Prajses
Up of Foreign "*
T

:
:

the has been awarded

Rowe plant

power output of the

^

,

This is one revolution, or production explo¬ SL J1
v,ma30r ,and . successful^^ be .part,of the over-all develops
ne
made
to - obtain, merit of power in New England
of the great advantages which a sion—the fact is that this trend to exfort
concessions
from the ..Common and
could/supply power to sec- *
free society has over a regimented abundance of our agriculture is
Market countries m recent months.
lions of the region and also New
one.
Witness the power struggles irreversible, cumulative, and con¬
continually going on between tinuing. This is good'. It is prog¬
+■YoPk . undfer .. an ■ arrangement;
Communist
nations
and
within ress. It promises much: for the fu¬ '■■nJ? Si
tLriterest and are pleased with Consolidated Edison. bear in

.

.

.

for expanded sales of agr in. .New t
England.
ricultural
commodities.-'\Wev'dte•

Our productive efficiency was
the forces for what they Clearly evident to Mr. Khrushchev
are
and bring both courage and during his recent visits. He ad¬
resiliency to the fore so that the mitted that United States agricul¬
critical situations will be resolved ture was far more advanced than
in favor of a continuation and ex¬ that of the Soviet Union.
As a

We

-

of Norwalk has acquired Erb & •
Cray ScienUfic, Inc. of L.os An- ' through an exchange of *,

.

*

/
.

bf the, New;York Stock'Exchange, ;
announced that Robert J. Eavitz, ;

embloV-

utilizing our abundance
A,,
;
opening up new markets w/-.
1
•
■
x -•
formerly with, the law firm of /'
"However,
there
are sev.• Management- has - reported
that j70rr Hand, Whittakei* & Watson, ;
put ino the battle to utilize even
era! .phases of this Administra•ri?e
saleshas-been'rejoined their, company in the
more
of
the abundance
of our
*
farms. The War against Hunger is hop's policies whichr cause me a Rhzed during the first two months, Research Department.,
,
;
' /
'
/
the only war in which all coun¬ great deal of concern. As a matter of 1962. Barring; drastic changes
nation is

producing.

There must be

tries

areas

even

in the world

gaged;

*

more

should

vigor

be

en¬

and

in

abroad.

AMs-*

v.;

"■'*■. •'. ■, '
man's policies must be causing the sustained, throughout
the year. KANSAS CITY, /Mo.—Anthony D. ;
This opportunity imposes on us
/The United States is a great
rest of the Administration serious Raymond
.Engineering plans, to Eausch is new affiliated With ;•
a -rather
awesome
responsibility.
concern.
^
fetdrt
power in the power struggle, and
Adding
*
/additional
* plant Blyth & Co., Inc., 1004 Baltimore
No longer can men excuse an un¬
vjje should not forget this* for one,
Pvoei^wf
X, XX fepace
this "Spring to. accommo- Avenue. ; He was fortperly with
willingness to dos something about
moment.
We grew strong under
date '.increased operations.
The George K; Baum & Co., and prior "
human needs by saying that hun¬
free
enterprise.
We
must
not
thA
Accn^Qfi?x 'Af fcoihpany: manufactures items in thereto with First Securities Cbih- :
ger is-inevitable. Now. more than to
weaken ourselves by allowing
^
space field;
pany of Wichita. '
V,
ever before, the
;X ; ;•
problems of free
government
enterprise under a world food
supply, must be ap¬ problems of international econom- ;
burgeoning bureaucracy to weaken
ics
serves as a clear call to the ?
proached
by practical men 4n
us.
practical ways .to attain a goal that American people to assume the /
firm

low standard of living.

•

.

„

a

-

All around us is evidence that
the farmers of this nation are do¬

ing an outstandingly efficient job
of providing the foods and fibers
essential

to

our

national

well-

is

possible,

and distant.

even

though difficult

economic
times

role

essential

in, these

★ -Barden Corporation xf

appropriate to our ;
.The farmer is perhaps the most •strength;.and resources.
In this {
important American internation¬ speech the - President said: "In
ally. Efficiency and technological every sense of the word, therefore,
advancement have made it ,pos¬ capitalism is on trial as we debate,
J

being. The production. efficiency
of our farms and, ranches under- sible for our farmer
not-only to these issues. For many years in 1
glrds the American standard of
satisfy constantly increasing do¬ many lands,i we have boasted of ;
living—the highest in the world. mestic agricultural
demands," but the virtues of the., marketplace :
The breakthrough in our
agricul¬ also to produce a quantity of com¬ under free competitive enterprise i
tural technology, while creating modities
sufficient to make him a of America's ability to compete, of. ■/
some grave and difficult
tempo¬ vital supplier of foreign* markets. the-vitality of our system in keep- :
rary problems, also provides us The urban citizen
probably has ing abreast with the times. Now •
with an opportunity, never before little
conception of the extent of the world will see whether we* ]
made available to
any nation in international trade in
agricultural meant it or not—whether America /
the world, to help
developing na¬ commodities. One out of every
Continued on page 45-




trading markets in

I

and

'

'

.

* *

★ .Connecticut Light & POwet

•

Z

.

*?

v -.*

★ Southern New-England Telephone

★ Stanley Works

:•

.

'

*'

*

..

1

-

.

.

'

and

other. Connecticut Securities

Chas. W. Scranton
'

,

,

*

; ,MEMB£RS-N€W

YORK SJOCK-EXCHANGE.

&
..

'

209 Church Street
*-

*

New York: REctor
Bell

•

New Haven 7, Conn.

2-9377

Teletype; "NH 194

•

,Hartford: JAckson 7-2669
,

?

,

'

Co.
.'

-

*

hi

Volume

195

Number 6170

.

.

The Commercial and Financial Chronicle

-

to

best

first

Indieaturns,

A Short-Term Outlook

this

industries, the aluminum industry's decline in profits
has not been accompanied by a drop in sales. Mr. Reynolds' inten¬

begin

by briefly reviewing
the record of the past five years
the

in

1955,

aluminum

there

was

of

aluminum.
Alumiii

of

producers

enter

When

followed
toiiowed

about

in¬

to

tomers

did

the
tne

1946

throueh

1955

example

oegan

a

round

new

oi

that took nearly three
The expansion
based

aceepted economic
tire

on

forecasts

that

demand in I960,

consumer

By 1960 this

lb%

£
.^7 : ' v
Production

capacity

new

was

40%, at a cost of more
$500 mjllion. In addition we
another

$500

million

to

modernize and

expand our fabrifacilities. The number of

eannH+v

to

til™

-

Our

economists have

a.5%

engines

are

in

us

ca-

;;
„

.

y

r

■•••.

Now,

TCmSw'SiffaS
major

reason

,

ror

..

,

res

we

Common

no

cut

our

Market

lower

But

ours.

freiffht

Market

232

North

Htill

Cahf

DaVldSOIl With
iVAOV/il. v viuil

insists

-

cut

IT*

11

T>

1

1

KiduS!*, P63,bOUy'.

ihen'

rates

hs--

.

members of the New York Stock

we

almost

need is eaualization of

Vnat we neea is equaiizauon ni
just

not

oniv

be

obtained

aluminum
a
the

reduction.

industry
:*nausixy

President

be

This

throueh

Exchange, have announced that
philiD
D
Davidson
has
ioined
.V1111^. r/
i- t1 T
JOinea
them in the Syndicate department.
e

purpole
proposes
propos

given

rieht

Elects Exec. V.-P.

plusses and minuses for the alumi-

num

Diversified

Services,

-Investors

Inc.,

needed increased
inrreaced ,-cnpP
pected
W(e.

•

^ectio" °f ThomasW. Moses as

|
T. Goodman With
lower profits. Further
against prices and profits
being provided by unneeded
surplus imports.

Charles Plohn Co.

pressure

let

make

me

few

a

re¬

,

,

industry's' foreign
13%

were

...On

of 'tot^il

-fbese

Countries

that

Y

^

i

is

the

aluminum

increased

at

Theodore

fact

shipa

far

dustrial growth.
In

addition,

have two char-

we
*;r

-p*'

r—* ~

and'

i

5

ingot

acteristics for which the aluminum,

Goodman

has

distribution outlets

..

pound of new capacavailable to builders
ity we added for the automobile. +riai
customers
'
firms, we added -.about one more

and
~

i

r..

'

.

**

i

,

t

Thirj

pound
were

for

other

.customers.** We
detenrdned to 'have an' ade-

quate

supply of
growing needs of
r

metal

,

our

the

customers,

v

„ru

,

What happened
is well

to the

'between

economy
of

for

known.

1956

natitms

and

1960

The nation's

growth slowed

down.

rate

Alumi-

num

consumption did not reach
the predicted level's.
-Durable
goods particularly were hard hit.
l

■

Ni-neteen-sixty

be

a

was

a

year

out

°L downturn and

of recovery.

For the

industry

past

500

was

factors in the aluminum industry's

and

a

securities business from of-

^
recovery and continued growth.fic.es at M Susan Circle. Officers
^'V .'Finally, we have the most effi- are Arthur Lefevre, Jr., President

•

*•

the

ing

-

,.

balance

-

of

'

plants in the

world.. This
u4

•„

means

we

are

in

a

j.~

position

to

and Treasurer, and L. A. Lefevre,
Vice-President and

copr«tarv

Secretary.

years,- the
capacity
was

and

600

—

u

^hhini^i

our need £or;

.piapt-s andj-

thousand

What has been the effect of this

In

r

capacity

1956

the

pn

our

aluminum

mary

11%.
In

In 1961 it

1956

the

profits?

ratio of net

to sales for the three

requires constant< modernization
^nd expansion. The three largest

aluminum producers

expendi-

tures in 1961—well below the $500
million spent in 1957—but still a

substantial amount.,
The

ether

two

have. "squeezed"

factors

leading pri-

producers

was

return

was

down to 5 %.
on

assets

it

.

.

Reason for Drop in Profits.

However, the drop in profits is
solely to idle capacity.

not due

Five

other

factors -have

con-

26 cents. But today
it is down to 24 cents.
'
•

1962

But in other
in-

profits has

industries,'

a

jdro'p.

been

accompanied
by a dron in sales, in contrast to'
other industries aluminum^ sales,*
have

continued

I've
terms.

been

to

grow.

talking. in

.revenues

—_

.-$71,759^267

$60,229,364

12,293,006

9,687,789

i."

operating ineomet-_^___^_w_^

Net

ancome

before

minority

interest

and

pre-

1

Now

let's

get

a

of

aluminum

—3.6%

over

tbit

more.,

Balance for

common

8,601,551

6,983,406

—^-r-$ 4,679,212

$ 3,878,409

—

stock of Westgas

Shares of

common

stock outstanding April 30__

2,763,351

2,665,540

$1.69

$1.46

$1.71

$1.49

.

2,400,000 tons

Earnings

11%; but they
sharp decline in-

per

share—

•

;

rose

offset by a

exports.
Business

year

ferred dividends-i_j„J

general

1960. Actually domes-

shipments
were

were

~7

*

specific. In 1961, total shipments

.




1961

•

All of these factors have caused'
profits to decrease. '
;

-

We had

Operating
r

Net;

.

product development:

April 30

our

.,

on

ended

was

began to turn up in'
tnbuted significantly to our de- the latter
part of 1961 and alumi- '
creased profits.
num shipments reaehed an annual
First, -we realized early, in this rate of 2/600^000 tons
during the
period that we needed to - place fourth quarter.
*v.
•'•
..more
emphasis than ever, before
In tbeifirst three months of this
-

months

are;,

The price of a pound of alumir
num
in 3.956 was 24 cents. Last;
summer

12

which

profits

low prices and steadily
increasing \
labor rates and other eosts.

for

these three companies was better
than 7%. It was less than 3% in
1961.
„

;

;.'

•

our

Summary of Consolidated Earnings

about

spent

$125,000,0.00 for capital

^,

profit

WESTERN POWER & GAS COMPANY AND SUBSIDIARIES

expenditures. Om the
contrary, competition for markets;

to^f-

excess

-

doo

-.

,

..

-

;

;

;

two

exoess

s

between

to

1961

hardly better—though it

year

.

turned

j-'

•

shipments again increased—

i

-

„

,

indus-

•,

-

become

associated with Charles Plohn &
Co., 4 Albany Street, New York
City, members of the New York
Stock Exchange, as Manager of
the underwriting department.

Tirst •JVIutuai 1I1V.
»•
industry -is well known--aggres- Tr)TrWqTnN -p T
First Mutual
,be substantially sive markpt development and good JOHNSTON, R. I.
first Mu
325 million pounds merchandising., These
are
key Investors Corporation .is conducshould

.

employment

.

have

side

greater rate than the nation's in-

to" help- dlaL wfth'^un-, cicnt

exports

••

,

bright

since. 1946

ments

help the
aluminum export picture. Exports

a

the

to make sure our new mill and
buUdJog products are made easily'/

-

..

For every

Inves-

industry. On the dark side of tors Building, has announced the

a second factor, we have also
our

J

to 4%. Theirs would be cut to 8%.

duty

-

Summary

m European nations slowed down.
An improvement in the growth of

onen

.

a

Cantor,

double ours! Ours would go down

estimated

year they
only 7%.- In. 1961, the economic growth of several leading

tremendous volume
market <or
tn
open to
us.
_

Canon Drive, Beveriy

to

anI

of

tariffs.

20%

a

have

installation

resulted in

.

_

the

Inc

us

i0Wer tariffs.

favor

our

s

alnrninnrri will
will
aluminum

115 Broad

wire

us access to
.The Common

thev will reduce their tariffs

that

-were

weigv"
S^^ator payloads. Now the cusJom^rs of me railroads are_asking
,

1<)W€;r

nounced

Inc

Yor^ cit'

New

Ifi

CXIKX

& Co

broader

shipments in 1960. Last

or •aluminum.

?ars

action was (foo provide the automo»»_
•bile .companies, with whom we
V
had contracts, metal for their ex- expanded

will

lt~'70*PT*fl

A 1

Englander & Co
.

cutting

n

?

direct

drastically

pan

•

you, have heard of the
'marks'WIf'oiir
aluminum freight
.carsTHere>itrade Exports

eK?^!l

'

Fitzgerald

tariffs,

Foreign Trade

....

City,

are

is another example where money
,s.pef1^ 0 * develop.' praetieak

of

'
tariff

when business is slow

win WOrk in
.

York

n
aluminum
I;e
Now iet's
s
add up—briefly—the
ae
MINNEAPOLIS,
fat
rc^
Minn.

S tSSSS

company

and

*°uth? "ft™ ™

against

auto

before

Kidder, Peabody & Co., 20 Exchange Place, New York City,

,

.::^^e':,oP®J^uaS.ratMs<of

jg

Reynolds

California

What

-

Present .-level

oVF

most^-million
tonS per year.
Our
increased its
,.

-

Mr.

Economic Conference of
Industrial Conference Board.

markets.

we

tne

Many of
new

/

Common

aluminum will have its

lower freight rates made pos- this year
these alurninum freight higher than the
eff8' I ;
ra oa
ihdustry - is 0f fabricated shapes

±ue

-

by

Annual

vyclll L\_/±

eco-r

on primary aluminum
by both sides would still leave the

v
interesting to note, however,

mand for

the

make

natural

a

commerce

in the duty

<

;

r

is

eating
primary producers rose to six and
they. were equipped to supply al-

tuns.

"

biggest impact on the big "three"
;—Alcoa, Kaiser and Reynolds. Y

-

•.

now

for i

M

wheels.

num

creased

.*

jf

we

National

necessarily give

Thg

what

IvUVc. rnus any. increase m de-

using mcreas-

Cadtiiae

of

completely in place. Pri- Ta?
mary aluminum capacity was in-

spent

■

that

•

vear
year,

aluminum. Another promising de-generally velopmerrt is our work on alumi-

almost

than

,

'

tha* the three,

mm

capacity would be needed

to meet

not

.

v

_

shipments

u^d fpr

y

.

are

had

we

in

was

was

It

turers had to be shown first: For

complete.

program

are

in-nlare

S?nymcasrs atoomXtie^anufa'c-

R. S. Reynolds

maustry

years to

first
nrst

-

Automobiles

From

expansion

trv>c

produce
this^others

30,000 tons wgre.

S3 Stoum
£th the exception of a few sLrt
num

shipped.

The rise in'aluminum demand
has, . 0j
course,
increased
the
operating rate of the industry. It
|s now
85% of the indus-

examnlei
example,

an
an

.

Tn
in

veans.'

cus-

aSmiim

As
as

we

usus.

.

alloca¬

l

_

purselA^.*
^^ must
long dominated by

materials
materials,

is

unit

However,

^
themSw?md?tL^eSthe
them.

vestigations
looking t into
our

de-

sWell ti"™ |nd

Con¬

tions

profits

our

markets

other
otner

fact

gressional

product

were

Even with increasing

J®
practical by actually^_makttig
the
product

were

several.

just

world

how

.

~

was

In

2,480,000 tens

5tn

the

( ,QTv|"fyr

ahZ?- Market
tariff
.str,ucture wiU
fis"
criminate
against
matter

velopm^t. In many-cases, we must
prove tet the aluminum product

alumi¬

there

than

new.,-

reaches

the

nomic

from 1961. This would top aluminum's record year — 1959—when

new

a

free

demand

Englander Wire to

are

foj;
the alumi- industry.
establish

to

pro-

talk

a

the
New

broad

the

imaginative and daring.
new
speeds of transportation and communication, the
gram

with

-

■'

expected. :

u m

sellingfor
higher prices
than was pri¬
mary

of

industry.

♦From

import-ex-

think

I

when

15

capacity.

<

Personally,

stop-..foreign

*!

••

get that scrap
and secondary
metal

our

.;

aluminum

objectives of Mr. Kennedy's

records^
for production and stop-- NOt
ments. It was predicted that

.

for alumicapacity. • .

establishment

y

of the yew malted
Bum

aluminum product in the market

hard to

was so

num.

The

The present record
quarter of 1959

second

steel strike,

a

the

port problem.

Forecasts made at the beginning

.

many new uses
use

In

industry.
shortage

a

to find

tion to

the annual rate reached
2^800,000 — a figure heavily in-

sive review of 4he dark and

Let's

reach

dilated by hedging in anticipation

.

bright side of the industry's performance
also notes that since 1946 aluminum shipments have increased at
a far greater rate than the nation's industrial
growth. Depicted are
the factors contributing to the profits-dectine besides the
problem
of idle capacity, and 1he reasons why the industry will benefit when
demand reaches capacity.
\
:

shipments

rise, and

benefit

.

when

;
,

other

that

•

to

year.

the

was

By R. S. Reynolds,* President, Reynolds Meuds Company

are

payments problem, I would like to
comment
briefly on the President's trade program and its rela-

record,

on

record in the second quarter

a new

of

quarter

continue

waU

vsitomiimvMnaL

{2891)

annual rate of 2,740,000 tons,

an

the

tinlike

w,rit*iwi^^7srw*wrtsawn(itt»itej(sb><^^«i^ tw«icn(*n, i4w» w

On

end-of-period basis

On

average

shares basis.

.T__—

*

The Commercial and Financial Chronicle

in

ment

latest Federal
national sum¬

the
System's
to

According

reached 2,417,000 tons in the week

the

ended March 31.
New foreign steel rod mills are
periling U. S. producers, Steel re-

market should be

Trade

Food

Price Index

Auto

Production

Security Markets

establishments

and construction
al income and

sonally

slightly further.
Com¬
credit
expanded

declined

stock

in

May

sharply

dropped

and early June.

in

production

May

in

118% of the 1957 average, up

the Anril
in steel

one-half per cent from
level.
A sharp
decline

materials,

goods, and business

consumer

ac¬

vate construction advanced 4%

residential

autos

new

in

May

to

increased

rent

con¬

seasonally adjusted, annual rate of
IVz million units, including im¬

rise

in

output

in

June.

other

home

increased

also

goods

some

in

May, while output of television
sets declined slightly from an ad¬
vanced April level. In the equip¬
ment industries, there were gains

April

-

level

sharply above

industrial, commer¬
cial, and farm machinery as well
as in freight and passenger equip¬
in

a

below thosefor

weekUast

ports, as compared to a 6V4 mil¬
lion rate a year earlier.
Depart¬
ment
store
sales
in
May
rose
somewhat further from the record
March

output of

The

and

were

figures

^
corresponding
Our
prelim
y

year.

<^674 660
074
$31,674
660,074

against

gteel

needed

buiM

%q

one

^

week in 1961. Our compara-

tive

summary

for

the

of

some

19628

WJuneni6—'

re¬

New

ported on total retail, sales were
off slightly in May following an

g

and

gcrap

heartened by a predic-

^

%
1.9

t

,

.

,

77r[ical?

—

8.1

7

fl makers

Bostor,elf5hia n'85?K

.

-

nrnpp„

btowf fUPrnaces

top

The limit WaS thOUght to be 30%.

—

heoe.siis

1,476,244

steelmakers

are

charged with molten iron to make

1961
York_'_ $17,325,642 $17,655,091

Chicago

ment.

n

dealers

'the tion by an Austrian steelmaker
that up to 95% scrap could be

for

same

principal money centers follows:

a year ago.

preliminary

the

time. Last month, the
Navy purchased 3,500 tons of steel

y

cou

aU

ship at

a

.

the
the

be-

the Navy is placing orders

cause
fQr

disturbed

are

weekfrom West Germany tor tnree
Saturday, June 16, data
missile frigates. Another order for
cities of the United States fro
more than 1000 tong Qf
plateg> to
which
is
is
possible to °bta
be awarded shortly, will go to a
weekly
figures
will be
2.3% japanese firm.

Distribution

further

adyic

on

cur¬

Production of furniture and

telegraphic
chief cities
of
dicate that for

based

firms

S.

U.

a

as

^

a

yeaf ,a7
+? rn?
-nio
compiled by the Chronicle,

executive

company

will

this week

clearings

Bank
show

rise.

"Dealer deliveries of

orders

,

told Steel he figures that when
final figures are in for fiscal 1962,

Clearings Decrease

2.3% Below 1961 Week

to

continued

activity

:

T

steel

One

-

,

Bank

residential and most types of non¬

increased

by 5% in May and
schedules indicate
a

Navv

*

the

for

May

further
tinued

mills are less than 20 years old.

...

at a
seasonally adjusted annual rate of
$59.6 billion, about matched the
record fourth quarter average of
last year. Public construction de¬
creased further in May, while pri¬

equipment.

assemblies

"Auto

while yields on
government bonds
Common stock prices
in
sharply
further

little

pacity of the U. S. is about 7.3
million tons. Only four of our

v

sea¬

construction

in

increased

tivity

production was more than offset
by widespread gains among other
industrial

new

1963—will be. four million tons
per year. The present annual ca-

Wavy "f* •lriipIe °rders
decreased
.Foreign steelmakers are winheavy trading volume.
ning a bigger slice of U. S. Navy
"Yields on U. S. Government orders, Steel said. In fiscal 1961,
securities changed little from mid- the
Navy purchased $629,124
May to mid-June. The market rate worth of foreign steel. That is
on
3-month "Treasury bills flue- 3.3% of its steel purchases. In the
tuated
narrowly
in
a
range
^en m°ntlis of fiscal 1962
around
2%%, while yields on tending June 30, 1962) the Navy
long-term bonds averaged slightly bought $1,739,151 worth of foreign
below 3.90%."
steel—7.4% of its steel needs.

Construction
of

porations
and State and
local
governments was in moderate volume from mid-May through midJune. Yields on corporate bonds

increased.

April.

"Value

mills abroad—all operational by

changed

compared with

as

security financing by cor-

third consecutive month and,

Industrial Production

"Industrial
was

5.5

5.4%

.

ported. A mill maker says cornbined output from just 11 new

State and local

unemployment

adjusted

was

bank

somewhat further. Common

prices

rate

rate

unemployment

the

and

activity. Person¬
employment edged

The

levels.

*

"New

rose
slightly further in May to
55.3 million.
The factory work¬
of business conditions, "eco¬
week increased less than season¬
nomic
activity expanded
some¬
what
further
in
May
with ally from the advanced level
reached in April. Average hourly
increases in industrial output, sales,
of autos
and nondurable goods, and weekly earnings were main¬

record

in

increase

an

rities.

Failures

Business

nonfarm

at

and
steel

cur-

circulation and were
supplied by Federal Reserve purchases of U. S. Government secu-

and

in

rency

mary

tained

liquidation

that cloud the

outflow

Output

Commodity Price Index

up

Thursday, June 21, 1962

.

Electric

Retail

TRADE and INDUSTRY

mercial

.

Steel Production

Carloadings

The State of

Reserve

.

(2892)

16

inventory

other factors

past, and a fair

upturn in steel orders and produc¬
tion should be under way,
The
Iron Age

stated,

•

•

and may have fal¬
tered a little, The Iron Age said.
The outlook for July indicates an¬
other 10% drop. Furthermore, the
is

better,

no

prospects for a resurgence of steel
buying by automakers for August
not likely to reach expected
strength.
Strongest of the major products

is

tinplate,

are

tural.

plates,

Although

even

such. furnaces,

since

above the average.

of

Production

of

70%

realize

can

substantial

.,

is

near

although

high

tinplate

capacity

rate of

mill inventories apd a low
releases by consumers are

ing.

disturb¬

-

■

.

Recent big linepipe orders

have

to plate mills, and
quite a bit of this tonnage is still
to be placed. Orders for structural
been

help

a

construction-

other

and

steel

related products are

not respond¬

well as expected. Inventory
liquidation is a bigger factor here
than expected.
■'

ing

as

,

Congressman Wilbur D. Mills
Doubts Tax Reform Passage

Wilbur

Congressman
doubts if
could
next

a

Mills

D.

major tax reform bill

get through Congress even
year.

powerful chairman of the
of
Representatives Ways
and
Means
Committee disclosed
his beliefs on tax cuts and tax re¬
form this week in The Iron Age,
the weekly magazine of the metalThe

House

steel-

appreciable increase earlier in the
Kansas city rv ,^521,186 v
505,023 + 3 2 savings when the scrap price is
"Steel
ingot
production
was year. Dealers' stocks of.autos have
pj.
7,77"
7 7 ? i 77 % 7
favorable. Last year, the U. S. proreduced
this
curtailed sharply vin May and the been
spring
and
.^Estjirnafed.
7
1 W* duced slightly less than four miltotal index for iron and steel mill stocks at department stores have
" Steel Production Data for the ~?lion tons wvia all basic oxygen
operations declined 12%. In early shown little change.
Week Ended June 16, 1962
processes.
June, ingot output declined slight¬
Commodity Prices
*
ly further. Output of construction
"The wholesale commodity price
materials as well as most non¬

and struc¬
these are

they are well

below expectations,

That's bound to boost popularity working industry.

0f

outlook

The short-term market

The

-

•

:

states

also

Congressman

high, and

current tax rates are too

they "have a strong tendency
stifle eco¬

says

to blunt incentives and

.

nomic

growth."
chairman

As

the

of

apd

Ways

.

durable

materials

May.

-

further in

rose

7

-

,7

.

.

A

Employment

adjusted

"Seasonally

employ-

NOTICES

tont(4r2V)6,as9fg7nslt;580,000

commodities
to

The con¬

price index rose slightly
in April with prices of

sumer

used

continued

generally
change.

little

show

further

cars

SrJu'irtinn

Common &
The

Board

CO., Inc.

share

of

on

Federal

Stock.
the 4.6%

The Common Stock dividend is

payable

stockholders of record

to

on

U.

the 4.6% Cumulative

$25 par value Preferred Stock is payable
September 15, 1962 to stockholders of
record August 31, 1962.

clined.

;

Secretary

The

second

Time

rose

1962
iy

half

of

Total
serves

reserves

ber

bank

Reserve

were

changed. Reserves

principally

the

about

un¬

were

gold

ture

programs

combining three production steps

made."

ing

not say

as

major

a

breakthrough

could be

area

Democrat

Arkansas

The

that

the hope

in

that

in

does

he favors an outright tax

he calls for a re¬
of the tax system.

becomes

goals must remain high
and our revenue system is to with¬
stand the stress and strain occa¬

86

The new steel labor contract
wa11 add an estimated $2 per ton to
tbe cost
making steel when it
§oes into effect July 1, The Iron

86

Ag4rep?i^d ye+sterday-

64
82

~~

Detroit

109

Chicago """"
Cincinnati-::::::::

Louis

St

103

100

Western

of

Index

based on
- 1959.

to

Production

Bottom

necessary

sioned
ment

by high levels of govern¬
spending," he said in The

Iron Age.

Congressman Mills is outspoken
rates

caPacity.

the

of

some

to

a

50%

scant

are

injurious to the economy.

"There

addition

to

the

clauses

added

of

the

cost,

that

new

maintain

contract may cause a considarable

Out

reassessment

more

production equal
In

average

the

all

revenue

in his conviction that current tax

'

production

+.

+

if

when steel orders are coming in
at a rate ^ha^ would justify steel

85 2

Total

instead,

"I believe that this

added cost comes at a time

99

—_

~

^onthorn

?moarddisruption at the local

in

general
agreement
for this country to

is

order

its

-

economic

strength

and to continue in
dominant position in today's

domestically,
its

level,
Theof Iron rAge said. This is
because

world,
our
rate
of
economic
growth in the next decade must
steel operations provisions
exceed that of any previous dec¬
WilL bottom out around 45% of worked out in some cases.
ade in history," he says.' 7
capacity — probably during the
....
•
r
July 4 holiday week—Steel maga-;
These include regional transfers,, 7. "As part of achieving this
zine predicted this week.
7
•Jnihim.um - workweek -and - inflex- objective, there must be a substan¬
of our war-engen¬
After dropping to about 1.3 mil- A]ple va.caU°n schedules. The Iron tial revision
and
revenue-inspired tax
lion ingot tons, weekly output will Afi,e s?ld there may be a reaction dered
climb toward the 1.5 million ton in union locals to the settling of system in view of the strong doubt
mark, then level off. July output wnat many feel are plant matters that such growth can be attained
under our present tax system.
will be pulled down to the lowest in Aae master contracts.
During July

4

Holiday Week

complicated security
that, are
still/being

-

& LIGHT COMPANY

re-examine

reductions

into one. The development is shapup

structure," he says, "we
our expendi¬

tax

Added Labor Costs Occur July 1

Steel

POWER

our

should

84

h~~

weekly production for 1957

PACIFIC

addition

"In

PTt^°

pipvplnnrl

*

Berkeley, Calif., by

possible tax cuts to gov¬
spending.
to
re-examining

ernment

examination

absorbed

through further

slashed

stating his belief that
too high, Congressman

cut;

S. de¬

from

pS

are

metals.

and mem¬

borrowings

uotations

While

taxes

Mills ties

in the metallurgy of refractory

and required re¬

reserves

part in acting on President Ken¬
nedy's request for an across-the-

83

of member banks increased

May. Excess

legislation. He will play a key

tax

North East Coast__

Yonn^qfown

month.

U.

and

In?f)t

Index of

jinfel6^1962

de¬

commercial

at

further

*

nuclear energy

75% by Temescal Metallur-

by

Productionfor

adjusted

the

followss I01A0WS-

not be far off, Steel reported.

may

^^eT^cKdi™""

16^ gical Corp.,

aq
'

virtually all-powerful in

Mills is

board tax cut next year.

columbi'm> / n0nferrousmetal!

with

for week ended June

in

posits increased substantially.

Federal

June 12, 1962
Bogota, New Jersey

securities

seasonally

deposits

banks

further

^posite t°" fo^^eavy meittag

11mental

Production

Ingot

of

51,348,000

to

concludes

Institute

Sstricts

ended

through

vear

Deriod*through" June

supply declined sharply in

money

in
Quentin J. Kennedy

somewhat

Government

S.

the

the close of business June 29, 1962.

The dividend

credit

bank

May. Expansion in loans was at a
slackened rate
and
holdings of

Directors

Cumulative Preferred Stock.

at

7"

of

501 per share on Common

July 15, 1962

commercial

Reserves

increased

Paper Board Company, Inc. has this
day declared the following quarterly

par

"Total

and

Preferred Dividends:

dividends:

28V\t

Credit

this

amounted

16

June

The

4%.

up

(*84.8%), in the week

tons

indpv

Bank

FEDERAL PAPER BOARD

week

for the

stnute

early May and early June, as de¬
creases
among
fresh vegetables
and meats contributed to a decline
in foodstuffs;1 Prices of industrial

DIVIDEND

production

index declined somewhat between

Congressman

Committee,

Means

nations

•

t

.

,

.

Dividend Notice
Quarterly dividends of $1.25

per share on the 5% preferred
stock, $1.13 per snare on the 4.52% serial preferred stock,
$1.54 per share on the 6.16% serial preferred stock, $1.41
per share on the 5.64% serial preferred stock, $1.75 per

share

the 7.00% serial preferred stock, $1.50
per share
6.00% serial preferred stock, $1.25 per share on the
5.00% serial preferred stock, $1.35 per share on the 5.40%
serial preferred stock, and 24 cents
per share on the common
stock of Pacific Power &
Light Company have been de¬
clared for payment July
10, 1962, to
stockholders of
record at the close of business June
25, 1962.
on

on

level

of

the

reductions
tions

by inventory
widespread vacaindus-

year

and

metal

in

consuming

results of last month's attemnt to

tries.

the

will start moving
upward again in August as mills
respond to the resurgence of auto-

raise prices by most of the large
steel companies,

motive demand.

with President

Steel

June 13, 1962




than

Steel

^H^W^Milta

output

Production
less

PORTLAND, OREGON

The cost increase comes when
the steel market is weak, and the
steel industry is still reeling from

poured

this

the

1,540,000

estimated

last

week.

will

week

rule

out

any

prices

are

still

serious

thoughts of a, price increase now.
The earliest possibility for price

Tonnage
•

and

on

that
has

dropped steadily since the figure
•

felt

Kennedy

industry

tons

the

be

The effects of the clash

;

would be selective price
increases in September. By then,
boosts
'

'

"This is

particularly true under
high rate structure
which, because of its rates and
the unevenness of its applications,
our

present

initiative

limits

considerations to
ness

and

causes

tax

busi¬

over-ride

decisions which would other¬

wise

dictated

be

of the market
On

the

by

the

signals

bill

passed

place."

current

tax

by the House and now before the
Senate,

Congressman
Continued

Mills
on

spys

page

47

Volume

Number

195

6170

.

.

.

The Commercial and Financial Chronicle

(2893)

which

Profitable

Opportunities in

the

Properties

By Roger W. Babson

;

of

attention

every

portends

well

for

them

and

con¬

the

community, and
constantly increasing

whom

it

would

for

collect

the

Interstate

Commission

Such

column which appeared
during the week of May 17, I re¬
ferred
to
the
new
corporations
which are being formed by the
Bangor &. Aroostook and the KanT
my

by

the

will

railroad

sell

the

company

land

for

which
various

purposes.
In

To

"outside

businesses"

,,l>»

}

community
fhere is a shortage of good park¬
sas
City Southern railroads. (I
think this was No. 2050, which ing spaces at the present time.
that

means

have

I

number of weeks

Every

written

columns

of

number

for

a

the

over

this

There

are

every

sections

of vacant land

vary

leasing of supermarkets and small

what
the

,

This

for

can

is

a

railroads

real

to

&

send

to

On

details

&

Co.,

other Chamber of

any

of

what

Aroostook

the

Corp.

1

is

July 1, Emanuel, Deetjen &
120 Broadway, New York

City, members of

the

Stock

will

Exchange,

partnership,
William

Ned

COLUMBUS, Ohio

Wake

the
52

case

Aroostook,

of

it has
corporation pur¬
personal loan company to

Walter

Balog

has

become

chase

their trading department.

East

Columbus

Gay

Street,

asso¬

Casey

representative

Broadway, New York City, in

for

years.)

of

Commerce

this

matter

should

with

up

more

Chamber

The Bell

the railroad

passing through its city. Said rail¬
road enlarging its facilities means
a
profit, which should mean an
advantage to your city as well
to

as

the

System helps thousands

take

now

stockholders

of

of small businesses to get

started,

the

railroad.

is

The railroad passenger business
dead
and
every
community

to grow,

should

recognize this as soon as
possible. Otherwise, the railroad
stockholder perhaps should con¬

sider

alternatives

in

other

to employ more people

trans¬

portation fields.
...

Suggestions to Chambers of
Commerce

Every Chamber of Commerce at
its next Directors' meeting should
appoint
a
Railroad
Committee.
This Railroad Committee should
meet

and

carefully

property of the

go

one

or

the

over

rail¬

more

Western Electric

of

one

of

the

Bell System with

buyer (left) discusses order with president
many
a

wide

small

businesses which

range

of tools, parts and machinery.

supply the

The Bell

System's manufacturing and

supply unit, the Western Electric Com¬
bought

materials,

supplies,

roads

pany,

further

equipment, etc., from nearly 40,000

passing through its city. It
should ask the city tax
assessors for a rough
map of the
property which these one or more
railroads
it

in said

own

might

be

Chairman

of

Committee

well

other firms last year.

city. In fact,
to

the Tax

present

have

at

Nine out of ten

the

Assessment
the

next

meeting of the Railroad Commit¬

raw

They did
ciate it

a

•

small businesses.

were

fine job for

us

greatly. At the

and

same

we appre¬

time,

our

tee. I fear that the railroad would
hesitate
to give
a
Chamber of

purchases

Commerce

great deal to them and their millions

holdings,
such

tax

of

all

its

land

in said city; hence

even

list

a

list

a

must

from

come

of

of

things for this

Railroad Committee to consider is
the amount of idle track which
now

exists.

will

want

meant

a

employees.
A

the first

$1,200,000,000

the

assessors.

One

of

Certainly the railroads
no
more
tracks, and

large part of the

from
own

to

our

money we

received

customers, while it made

our

figures look bigger, went right out

help thousands of small businesses.

probably much of its present track
could

be

abundant
other

abandoned, enabling
land

to

purposes.

be

If

utilized
the

for

railroad

company refuses to
sell
or
use
such
land,
then
the
assessors

should

feel

free

to

raise

the tax
assessments thereon. The Railroad
Committee
can
explain to
the

railroad company authorities that
it wishes to provide some addi¬
tional

earnings

rather

than

for

the

handicap

Our interests and theirs
twined.

railroad

them

wages

and business, have

of "Business

Corporation" by
suggested

things

company

a

above,

which

can

do

there

are

railroad

a

without

any

additional legislation. The Boston

Albany Railroad, which runs
through Wellesley, Mass., had two
♦

beautiful stone stations built dur-

ing

prosperious

these

it

has

times.

rented

to

One
a

of

clothes

cleaning establishment, with
a
waiting room for passengers.

small
The

mile

a

vital stake in

the Bell System.

BELL TELEPHONE

Owned

Railroad

&

-

concerns

SYSTEM

Formation

many

inter¬

by

higher taxes.

As

are

They, too, because of jobs and

anything that

other
railroad
station, one
beyond, is being demolished




by

more

members

of

Mr.
Columbus

Westheimer

Company and prior thereto
with Gallagher-Roach & Co.

similar

in

Every

ways.

Frank J,

Corporation,

formerly

was

Up

business

for

profitable

—

the Midwest Stock
Exchange.

ciated with Englander & Co., Inc.,
115

First

business
corporations
which are gradually being formed
do not change the operations of
the railroad passing through your
city. Such a "business corpora¬
tion," however, gives the railroad
an opportunity to use its right-ofway, its stations, and its oppor¬

tunities

to

and

Casey has become associated with

AddsW. Balog

Chamber of Commerce
Should

admit

Feldman

G. Fallon.

These

r

New York

Now With First Columbus

Englander & Co.

had its business
a

of

oppor¬

discover

be done. In the

Bangor

Chamber

Into

Business

factories.

the

To Admit Two

doing.

Commerce
Go

Outside

from the operation of buses to the

tunity

almost

to

Bangor

seeking land space for intelligent developments.
In

Me.;

Commerce

From

Emanuel, Deetjen

now

Commerce of that city will be glad

Importance of Every Railroad
Company Getting Permission

communities

many

is

Bangor,

are

Chamber of Commerce located in

railroads are getting permission from the I. C. C. to go into "outside
businesses"

a

small

loans along its line;
negotiating for a ma¬
chinery company to install auto¬
mation in various
plants of New
England. Its headquarters are at

to the railroad companies

revenue

from

a

make

it

through the leases of the
property.

community which has a railroad passing through it. The fact that

a

[ V

the

to

give

both

money

,

Opportunities to be found in unused realty holdings of railroads
called

also

to

has
parking

company

These would be

tribution

Railroad

railroad

which could be rented for
lots.

17

than two million Americans

&

was

18

The Commercial and Financial Chronicle

(2894)

The Carriers'

The Market..
•

-'

>

•

•

And You

.

•

raili stocks,

uncertainly this week with
strange spurts in volume showing

The

selling

however,

starting to build up that the

of

ffet

lasting low.
an
intra-day
absolute low of 553

basis,

an

do

IBM Aspects

with

*

the

The

Reversion

Forecasting

uncertainty

new

that was

added to the market came from a

government official, the Commis¬
of
Labor
Statistics.
His

sioner
view

for

recession.

a

1963

pattern,

postwar

And

the

with

slated

was

this

was

in

official

other

the

with

conflict

line

in

that

was

comment at the time of the break

since

that

the

economy

was

in

shape the market upheaval
was
merely an isolated case of
jitters. So the predictive atmos¬
good

phere is far from clear.
Blue

■;

There

was

still

the Blue Chips

some

high

issue

the
the

than 28

less

at

cash

if

And

unrest in

although the

of

mar¬

was
the

ings
for

from

Du

family holdings. Such offer¬
be expected to pop up
long time since the Du Pont

can

a

holdings
have,
been
only by a little more
third. Such shares, handed

company
trimmed
than

a

the

to

over

members

the

of

Other

Blue

Chips also
took
turns
as
selling targets, Union
Carbide being a bit prominent via
its

,

.

1

that

shares

the

far

without
were

the

ratios

profit-earnings

r

cancer

sophisticates.
-f-"-----relatively

~

that

issue

is

half century

a

has

had

never

,

„

,

has

&

Thomas

Feeley
•

Andrew Hachtmann of Wood
_

J

Co. has been named

struthers &

Vice-President* Charles A

Weisel

and Leo Bloch of Salomon Broth-

e?s

Treasurer
treasurer.

appearance

the

on

lows

Kodak

man

GanAte

and^ Eart!

low-nicotine

recent

ybars

Consol. Edison

cess

tourists

Morgan Stanley & Co., New York
City, and associates are offering

has

house

who

the

we^ ^h^s

v"

it?stock

AftM
spirt
last
F
year, the present shares held in
a 47-59 range which, by a
strange
coincidence, has also been the
Is>62 range. So the shares were
pretty much ignored in the general price runup for stocks last
and
haven't been
affected by events of this

unduly

year

year7'

to

-

normal price level. With a return
of better than 5% available, it is
a prominent and stable company
in any lineup of income situations,

of $115 million.

consistently superior performance.
I^ast

year

on

an

increase of less

than 2V2% in sales, it was able to
boost profit 10%. Projections for
this
are

year agree that the chances
good for another record per*

which

4%% coupon.

nr*n

weVe

,

ii

o

Jtr

^

ariv^ ifom

laiiesL uam in xrie nauon, it

"1

.

during
recent
years
that
banks, insurance companies, and

XVAvaa

wmcn

is jne

body of water

within the bounds of
contmental United States. With
?vf£. 550/. miles^of -shoreline, the
bathing b each e s, boat docks,
caniping and trailer sites, boating,
: water skiing and fishing are only
a eW
facilities provided
there.

Competent Management

.

But the question remains: Why
Las Vegas?: Its appealing tourist

^ty's
is a long

attractions can be found in manyother resort Cities which are not
nearly as
popular with vacationers. Only part of the reason
lies in the low. cost which is a
result of subsidization by the

gambling casinos. A second reason

^ a^eptence is .tW;Ming itself. The. final
sought-after goal. Ever and perhaps most important factor
is the competence of the hotels'

Optional redemption prices for

the bonds range from 106.94%

•

ure

since the first hotel was built on
"The Strip" in 1942, observers
the principal amount. Special re- have predicted a collapse in the
demption
price
range
from city's attraction to tourists with a
„
.
.
101.937% to the principal amount, subsequent economic decline.
Reviving Growth Attraction
Consolidated Edison of 4 Irving Given continued legal approval of
For some of the companies that
Mom vprh r*i4xr
io
mikiin
fifamHlinfy in tViA st.afp
this fnrp-

management. These hotels are run
with a precision which does credit

to

Q

to American Industry.
,
,
f

0f

..

_

:

in

fnrprnnsf

mam4ement4

aMntv is

praisai 01 management s anility

s

;S«lic^onk

fjfee, New York CHy, to.pUMUr

peUtfve'as^e^as'pSMcai C?hat betogI°qu°te ^commonlylethatllthe
face the international companies,
Texaco has been able to show a

tto bid oL XOl.117%
named the

»

which'feature

30.minute

to

in

1

cou^lfconSri

what

v

]arf st#

Vegas last year. These
purchased well over $160

.

pilres?

ranches

Qnly

J

that had

x

a

ten

vacationed

hotels,
once
financed
solely by syndicates of wealthy
individuals, have so grown in Stat-

Bonds Offered

iiv!rs^td °ut of the tobacco field,

to

These

Sano

it

available

million
in Las

^ with acquisition of a candj; publicly a new issue of $100,006,- pension funds itave now given
^ar firm and later ^by entering 000 Consolidated Edison Co. of their seal of approval m the form
o'casiWd trvinff times
•
•
■ the pen and pencil. field. It has
New York, Inc., first and refund- of long-term loans. With a cash
o-casionea
trying times.
also acquired a nut firm.
ing mortgage bonds, 4%% series, flow many major industrial cordue June 1, 1992. The bonds are porations would be happy to reJiiigh Yielding Quality Stock
There was some market excite/
Some of the quality items, cut ment in U. S. Tobacco last year priced at 101.937% and accrued port to shareholders, the hotels no
interest
to
yield, approximately longer find the raising of capital
trick in the general selling, thus when it began making some pri4.26% to maturity.
needed for expansion a difficult
3 dturned
to
respectable
yields, vate-label cigarettes for a store
The group was awarded the is- chore.
that in Texaco for instance ap- chain. Here; again, the market's
r
oachin e ^he" 4
evft?
sicklction has rCstoreTthe Thares sue at a competitive sale June 19
For the hotel owners and the
list

aprocter"&

new

the

num-

such

can

.

non-gambling items.
Gambling revenues totaled in ex-

.

In

else

horseback riding, boating, fishing
1 'hS. 1 31111 y re~

numerable other motels and hotels

million

able operation are snuff, chewing

around

Nowhere

(many

-

"The Strip", are the center of at- L
traction for tourists, although in

visitors

pipe
tobacco.
Its
cigarette line revolves mostly

,

fn'ajor hotelSj lbcated
commonly known as

what, is

were

and

,.

oiruthers & Co. has been named traction for tourists, although in-

Tobacco

The staples that keep U. S.
Tobacco an exceptionally profit-

bers.

The twelve

on

and underwriters

ers

red ink year or

draw the tourists in growing

,,

Oark County, in the

Respectable Investments

is

^e.en f°rQe3. to skip its dividend

brand.

the
low-cost entertainment and the
luxurious^ hotel facilities which

Nevada's

nsen;;almost qo%,

in

comprised of corporate bond trad¬

,

o n s

and conventoon &-

was

and

1934

old operation that
a

6 f

e y

founded

immune

from these scares is U.S

E.

1

e e

which

One

is

mercial hotels than any compai
cilities) has risen by almost 200%, rabie resort. The
city also Boasts
and property tax valuations have
five
xs-hole
golf; courses and

Thomas

Co.

The

it

11 r a c 11
primarily

desig n at e d
president
of
the
Club,

com¬

year:

Goodbody

scares

in

of

but

a

been

F

high-

.

,

Located
middle

»

•-

Other tourists'
abound,

Industry.

officers

the

:

ing

reluctance here stems from the
recurring

New York.
•

anc*

Freeman

following

for

down¬

and

ing "Bye Bye Birdie" direct from

sprawling variety of attractions be found at
desert, Las Vegas is one of the such reasonable prices. While the
fastest growing cities in America
nation's top entertainers and
when appraised by almost any
Broadway shows provide the eveeconomic
standard
During the
ng attraction, one is not easily
past five years
bank deposits bored
during the day. For enjoyhave more than doubled, populament during the daylight hours,
tion-has increased by over 60%,
Las Vegas provides more swimconstruction put in place (spurred
ming pools at its 12 major resort
mainly by increased investment in
hotels> 200 motels, and 35 com-

the

modest

at

York,

more

market

available

Club

New

Club

paid to the tobacco shares which
turn

of

the election of

.

even

Riviera, one of The Strip's.most
lavish hotels, is currently present-

$6 million,^are run as efficiently

has announced

attention being

some

Traders

of

reasonably priced now for the
enterprise—a demonstrated leader
in its field and a definite growth
was

firm

$15 to

their, original cast and. presented
the price of a dinner or a
couple of drinks. For example, the

particular interest: First, the
city is as dynamic and economically sound as any to be found in
America. Second, the resort hotels,
with investments averaging about

partner in

a

was

,for

&

not, it is clear

are

investment

$20
and

facilities

whose admission price

with the same modern manCompany and out-going Presi- agement techniques as most comdent
of
The
Corporation Bond panies-to be found in American

the

12-times. Whether the reaction in
the price is over or

Eisele,

enjoy

businessman who is willing to $29 for a pair of tickets oh Broadforego a few minutes of'his Vaca- way, have' been imported with

those of the

nni

.

and

secretary

spend

shows which "are available only
But Las Vegas has another face, .to., the relatively wealthy in any
oneknownto only a "few outside other resort city? Musical Shows,

coui'

of the "Chronicle." of the city's residents. A visiting
as

day

a

tion to investigate this other face
Will find two aspects of the city

Frederick R.

profit is used,
multiple dwindles to around

the

with which most people

_

a

......

time

any

£j|eCl (JlllCGrS

double the expected

tobacco

family, have to be resold.

yii

than

more

which
have
restricted its following pretty
much to the

announced

-

the can

club

main

glittering, rooms.
Where else
or. blue-collar worker
£Greatest Re- or. blue-collar w°i

of

its recent low.

at

flow

yielding items of quality.

was

-

their

^ en'ier- guisned_„troih

sort City

onlyA

earnings result of $11 this year,
the profit-ratio can be figured out

satisfactory yield. General Motors,
for one, was obviously upset when
a 2,800,000-share secondary
in its
Pont

,

around

was

proven,
old-line companies that
have demonstrated earnings -and

stock

those

presented

are

-

ings. It has since lost half of the
peak value. Using a consolidated

There

comment it pretty much
devoted
to
the
merits
of

ent?-

f;ac?*f,S

,

necessarily at

with

They

reported 1961 earn¬

company.

ket

„

'

expressed in this article

views

not

cide

International

volatile

80-times

Uncertainties

Chip

tSS

^

ana

*

close

Official

„

[The

/

was

~

I

_

higher .indicated vieTHs

even

___

*

.■>

.

-

show

posted, -Business Machines, the picture is
the actual hourly low being 561,
jess
clear.
The
measurements
both accomplished on May 29. So
avaiiabie for the traditional yard*
far
in
the
reactionary markets gfjej^g are confusing since there
that followed the break, the worst
are
vari0us reported results, inthe list has done on any hourly
LlUuliig
ciuding Aits
bo Midic
share KJi.
of xuicigii
foreign operareading was 563, the June 14 tions>
and
the
cash
flow# At
vaav.

-X

million MaryKaye Trio and Duke Elling-"
C^rS «a+elfiSS"
/
ptice of a drink? Such
ly. dropped on gambling tables, performers^ are regularly seen in

feted 5%; is now yielding a full
percentage point more. Southern

buvine suDDort on

new

>•

;

;

a

On

Fe, which

market high had of- 'f1

at its former

dips,

any new

out something

market has carved

•

wnnirf

Vinnnc

on/i

were

BY M, R. LEFKOE
•

to hold well abovejts Railway.wM^^ad-,netted 4.6%
reaction low, would tend to show at its former high, also has been
" 1 that it not only is in fair demand up at a 6% yield at recent market
appeared at its lower price tag, but also levels. The more speculative lines

declines.

and

rough time as

ability

No pattern was discernible
with trading expanding on both
up.

rallies

a

attractive. Santa

more

Waver

■;

they
declined
sympathetically.
But to rail followers, all that this
did was to .make^their yields even

earnings of the other issues that
spOrt tne growth label. The avail-*
able - evidence, and the issue's

to

market' continued

stock

The

Thursday, June 21, 1962

.

The market: downturn,: Cdming.
on the heels of a <wage increase; /
gave

:

BY WALLACE STREETS

Raised-Yields,

..

been shorn

Avenue executives. With a budget
manirfacture, purchase and sale of true.
;
of about
about $10
the
fomnWs
S o^tinS v± ^ of
$10 million
^miUion annually,
annually, the
f^e company

but

r®venues were

o-r

—

-

T

by the market's upset,
they are available at
more reasonable prices now than
they have in years.
that

One that is mentioned on several
lists
nsis

in
in

this
mis

cateeorv is Fairrhild

category is raircnua
_

Camera v^hich

has been able to

.jr

,

.....

.,

.

operating Vegas. In fact, without it the city
about $699^00,000, probably never would have been
^

which about 80% wa? derived heard of outside of the state. Howfcan the sale of electricity, 15% ever, gambling is important in a
of natural gas and way commonly overlooked by the
the remaining 5% from the sale casual observer. Although it repT

-J!

rt

OA

1

A

AT

M ATlt VAl

rf A

AW

^

_X

i

of steam,

resents

.

.

1W

A«*AM1/\ALA J

n

.

only

LTT

about

40%

of

4L

.

the

hotels' P. R. staffs have made Las
Vegas internationally known as
"Recreation
and
Entertain,

*

ment Capital of the World/'
*•

It

is

+V.

in

analyzing
_

/

.

.

its' market

-that management is particularly

Starting with aJ populaing' to*ether with other funds, it has been estimated that only tion of 180 million people, each
the ?Se Lh?I^Pd
last
?t« Dounded l^8 1962 Growth rat^f will be applied to the company's about 30% of the tourists are hotel breaks down the tvpesr of
production faciUtfes were rlcentlv 41 % Basef m various pdee pro- construction program, estimated originally drawn to the city by the people most likely to visit Las
enlaced by ite ac^isition of jertions^ U is ^ow aimilable ^13 at ?1'1«0'000 for the
19«2-66. games of chance, the dice table,, Vegas. The vacationer's profession,
TXL Oil Corp
'
to 14-times earnings after having
the roulette wheel, the "21" games, Place of residence, income classiJ
declined^from it«
hiJlf T O
and the slot machines make it fication, religion, nationality, etc.
Americ^«
f in
*3W
Faircldfd^^is^ an^operation thafhas J'
u2XX KjO.
possible for the hotels to provide;are^ carefully..-noted-m order to
American
Telephone at times
a
J*s
aa
^®rauon^
mat
has
,
a ^igh-dass, low-budget vacation decide which advertising media are
3V2% yield

formanpp

pvptx

provement

lags

if

tho

nrnfit'im

sliffhthr

behind

increase

parnin^s

last three

years

third

n

and

Ihow

in

a

thp

Net proceeds from this financ-

money

spent by vacationers, and adept.

to

average

corn-

vnnr

rp.

..

bracket,

,

which

this

issue hasn't been able to offer for
its high A.T. & T. ad-

mitmdly was taking Its place in
the
growth lineup, which was at
odds

with

its
pattern
of
a
comfortable increase

fhown high capability in mtroduc-

TT

T)

in^ new
Products to keep its sales 10 JN 9/H16 V ."!
profits growing while its

and

bread-and-butter
conductors

haq

field,
held

semiwpII

uo

;0n June 28

ITHACA, N. Y.

—

David

will /become

T.

Barr

the

seeker

of

relaxa-i best suited to reach the right peo-

tion. It might' be said that the

•

>

a

pie. The Riviera, for example, ad-

vertises in a petroleum magazine,
since its managers believe that
people in the oil business are
likely candidates for a trip to Las
one! Vegas. Other hotels make use bf

gamblers subsidize the vacations
of the non-gamblers.

Vice-President bf J.l; S. Barr &
Top Entertainment
lnc^ savings Bank Building,
Where else in the world can
mJrT\jeaI a F year» but nological innovations made prob- members of the New' York Stock see Harry James, Billy Eckstine, radio spots, television, national
witqpiit, the* ♦dramatic^spurts*in^ lems*fdt.4esstcapable 4nakei»rt^^«fiawha»gei'
Lcruis"Prima,'^ SaralrVaughn^The' magazines}^ specialized ^' industry
thoroughly




fif

.

.

.

,

.

,

Prontwise in a period when tech- *Co

>

Volume 195

Number

6170

.

.

.

The Commercial and; Financial Chronicle

(2895)

publications, and big city
papers.,'^:.
v
j:,

news¬

Jas. McKay Joins.

■4

■.

■

.

'

Last
new

approximately

year

added to the
The Strip, and this year
1800 are scheduled to be

on

another

<

■
.

;'

'<**-,

.'*•

"

'/"•>

•

>

James McKay, formerly .Assistant
built, excluding the one currently
Secretary of the Socony Mobil Oil
construction, The Tallyho.
Co., Inc.,: has become associated
Strangely enough/this new hotel
with Francis11. duPont &
Co.-, *
will not provide gambling for/its
1
Wall: Street, * New, YorkHCity;.
patrons.,/ ;
V. - -• // : . ;;'
.

Other

of

aspects

management,

ing, architectural studies, interior
design, etc-, contribute to making.
Las Vegas hotels as well managed
as any in the
country.;: J,.'.
,
.

■

*

Although -.growth

been

in

disfavor

-

stocks

have

-

recently, there

Rand

Corp..

Socony Mobil;

a resurgence of interest
if the City of Las Vegas

marketed

were

as

a

issue,/

new

.

Dillon, Read & Co.
Promotes Officers

v:/-/?/,J

to

partnership.

■-

•

a

very-

as

security

markets* are
there
is
more

since

pur¬

a

since there is greater li¬
*
quidity and breadth in the market
money

*

of the

tions.

RK be

■

conditions.

:' f

-j.

-

r

:

•

-

V

.

k

$100 Million Issue

;:

Of California

*

.•.

;

_

/

swers

.

-

-

Buying

*

-

*

be

The caution which appears to be

present

in the

market

for. fixed
income bearing obligations is atr

■

To Admit to Firm

to

this

question appear to
on
the favorable
side
pointed out that
; the business
pattern will continue

_

Banks Extending Portfolio *

bers of -the New York Stock Ex-

tributed- to the uncertainty which

surrounds the equity market and
Go./ the: international financial situa¬

much
since it is

very

members of the New York, Stock

predictions

are

mar¬

term issues for protective
purposes

Jargely.

right

; s

-

Stern Brothers Co.;

h

o r

t

-

being made mainly, in
term and intermediate *
...

.

.

;

%It is indicated that funds which

-

•

be

seeking

an

outlet

too

in

other- than

issue

or

sale on a bid i of
100.0347 for the
combination of
coupons, a net in¬
terest cost of 3.2075079%.
1
\

Rated'Aa by Moody's and AAA
by Standard >& Poor's, the bonds
are

full

faith

and

credit

general

obligations of the State.

wrong.

Miss.

In the

"

would

an

maturities and 4.35% for the
bonds due in 1988. The
group was
awarded the issue at
competitive

ket

are

June 14

rate. This may turn out to
be so,
but it will take time to
prove it.
'
As against these

will bring about a
recession
in business and' the
economy will
turn down. It will be a
matter of
time again to
prove these ideas

ments

pub¬

oh

$100,000,000 State of California
J/4, 3, 3y4, 3.30, 3.40 and 5% vet¬
erans' bonds, series
CC, at prices
to yield from
1.80% for those due
in 1964 to 3.40%
for the 1986-87

>

increasing rate-but!these commit- '

Exchange, on July ; 1, will admit
James A; Purviance; a member of

licly offered

of

to show
progress and the economy
will move ahead if
at, a slower

the opinions of some of the
finan¬
tion. It is evident that purchases* cial
community, that the very
of government bonds goes on at an drastic decline in
the stock

City/

'

.

-..

»:

investors' money.V-

;/•//..
.

to partnership.-

advices, are considered
adequate, to meet future

>

Marketed

-

fexchange,

our

.' Investing
Psychology Geared to
rates, - despite - the
increased
; Stock Market Decilne
offerings of Treasury
bills by the government and the'
The sharp and severe decline
expectations that the new moneys of, the stock market,-to
say the,
raising operations will - be done least, is causing considerable con¬
almost entirely in the money mar¬ cern in the financial
district since
ket, are showing very few signs of there is the important question as Bankers Trust Company, The First
wanting to move up. The reason to how the economy will be af¬ National Bank of
Chicago and
being the large amount of money fected by this downturn in
prices Halsey^ Sttiart & Co. Inc. are joint
seeking near-term liquid obliga¬ of equities. The immediate an¬ managers of the group that

Mr.; De/

Mitchel, Schreiber,. Watts &
20 Broad Street/New York

that

,; Short-term

been with the firm
for-some time specializing in in¬
surance loans.
•'

the

as

-

more

Garvin, Bantel & Co., 120 Broad¬
way, New York City, members; of
the New York Stock
Exchange on
July 1 will admit John; D. ;Dehas

far

,

Dillon, Read & Co. Inc., 46 Wil¬
liam Street, New York City, mem^

change, has announced the election

indications

Accordingly, this not too long gov*
ernment bond is
coming - in for

To Admit Partner

Simone

CHIPPENDALE, JR.

than

There/are

,

Garvin,/Bantelfft

Simone

JOHN-T:

concerned

-

would be
in them

larger

passing amount of interest
as
to what will
happen to the
dollar and odr
gold holdings; Also,
chases of government bonds are
if the
economy turns down, will
increasing,' with institutional "In* ; for the more popular middle-tefm the
government be able to
take
vestors" showing ,an
enlarging in¬ maturities of Treasuries/ It; ap¬ effective
measures to revive it
terest in the 3.7/»s - due 1971 as:
as
pears «s though these
they have done in the past
institutions,
well as - the - 3%s due - 1590. It is
because
bY,making purchases of the inter-* of the unfavorable
balance of payreported: that i commercial banks mediate-term
obligations, are get-; r ments? Will the
government be in
have been among the
-prominent ting a. bit more effective, use. of a position
to.iower interest rates
buyers of the- 1971 bonds.- This their funds than * would be
the this time as they
have in the past
is being - attributed' to the belief -; case
if^ they
were* invested "in
because of the
precarious position
that rates in the capital market shorter
maturities. Also the near- of the dollar
and the loss of
will
ease
gold
somewhat, from
the term positions of these banks, ac¬ that
1950 .to, 1956/
might take place?
levels that have been
prevailing. cording to

from

when he joined

a

The international
financial situ¬
ation
is
beyond

doubt

<BY

members of the N6w York Stock-

personal policy, purchase

as

in for

important point of
uncertainty

-

Many of the hotels have made Exchange/ in r its'
Underwriting
i,
special arrangements with airlines ± Department, it was
announced by/
t serving Los Angeles4. and other A.'Rhett
duPont, Senior Partner..
"\Vestern cities to provide package
Mr/ McKay" is, a* graduate of;
tours. These tours usually include
Georgetown University,. the Har¬
f- a round-trip ticket to Las Vegas, vard Graduate School, of Business
pinner and champagne/on the» and the Columbia University. LhW
flight, and> a limousine •to /and; School/ He .was admitted
to/thew
from the airport. A resident ■; of' bar in. 1948; Mr.,
McKay served, as/
Los Angeles can obtain a tour of,
Associate General
Counseb. and..
this type for less than $25.;/; %
Assistant Secretary of the Spetry
such

come

Some Pertinent Questions
,

,•

•

should

part of the investors' dollars.

Francis I. DuPont:

•

under

{

sues

on

350

rooms - were

hotels

Our Reporter

19

interim, it wouid not be
surprising if. more and more

Valley Sees.

EFFINGHAM, 111.

—

Mississippi

fixed
income/ issues investors were to be influenced Valley Securities
Company Ipc.
being put to work in Treasury by the question as to whether or has been formed with
offices at
bills, with commercial banks now not the economy will continue to 208 East
Fayette Avenue to en¬
KANSAS CITY,; Mo.—J. Willard
.making
purchases
of : selected move ahead or turn down. This
gage in a securities business. Of¬
Olander, Jr. has been elected Vice- middle-termmaturities of
gov¬ would appear to call for at least
President
in
charge of Institu¬ ernments'. It ;is reported that the a
ficers are Edward W.
part of the investible funds be¬
'Niemeyer,
tional Sales by Stern' Brothers &
-deposit institutions are making ing put to work in the most
liquid President; M. E. Niemeyer, Sec¬
Co., 1009 Baltimore Avenue, mem¬ these commitments in certain in¬
type of obligations, namely short- retary and
bers of the Midwest.: Stock Exr
Treasurer, and Doro¬
termediate-term Treasury securi¬ term government issues. For
those
thy * B. ' Gorman, Vice-President.
change,
Mr. -Olander has. been ties, because loans have not
shown who must have a higher * return
with the firm for some time.
Edward Niemeyer was
the expected pick-up.. They are and a long-term
formerly
v
security, it would
:r

v

/are
•

Frederic

August Belmont

of

August

and

.

of

Belmont

Frederic

Chairman.
,

tinue

H.

H.

Brand!

President
Brand!/ as

will

Brandi

con-*

chief executive- officer; of

as

the firm.

.

Mr.

as

_

.

Belmont

Mr.

President

of

has

director

&

is Vice-President and

of

of

United

States

American

poration,
Great

Co.

director since

a

&

di¬

a

Viscose

Cor¬

Congoleum-Nairn

American

a

For¬

eign Securities Corporation,
rector

.

Vice-

a

Dillon/ Read

Inc. since 1946 and
1952. * He

been

Inc.,

Insurance

Com¬

of New York and American

pany

National

The

Insurance

.i.

..

..

'*

.

Belmont.

investment

The

first

firm

of

The

year

was

expanding trade in Amer¬
ica.
Interestingly enough, the
fourth August Belmont started his
investment banking career in 1931
—the hundredth business anniver¬

of his illustrious forebear.
Belmont

trustee

of

is

treasurer

American

Natural. History,

byterian

j

^

.,

•

"

/

government

to move away from
obligations with this

seem

as

as

well

though government bonds
as

selected

,

Chronicle)

'•

Hospital

in

with
and

Tcrwnsend, Dabney & Tyson
Stifel, Nicolaus & Co. Inc.

MINNEAPOLIS, Minn. —Ebin,
Robertson

&

been

formed

First

National

engage

in

a

Company
with

Inc.

offices

Bank

in

has
the

Building, to

20th

Securities of

securities business.'

the United States
Specialists in

•

Government
U. S. GOVERNMENT
'•

and1'1

■'

This

comprehensive 156

book is

federal agency

use

Securities

:

of investment

others who
-Certificates of

page

hand¬

designed primarily for the
officers

and

.

Deposit

are

institutional

of

You

of Pres¬

New

is^

concerned with

investing.

and

Museum

trustee

corporate

v

1831—a

time of

Mr.

.

was

August Belmont & Co. and act as correspond¬
ent
for
the Rothschild
banking

sary

•

;

great-grandfather who came
to this
country from Frankfurt,
Germany, at age 21, to found the

interests.

,

(Special to The Financial

his

,

;

president is the fourth

new

August

Company.

not'inclined

Ebin, Robertson & Co/

are

invited

to

write

on

your

letterhead for

a copy.

York,

trustee of

Huntington (L. I.) Hos¬
pital, trustee of Greenwood Ceme¬
tery and trustee of St. Mark's
School

(Massachusetts).

7/ie

Mr. Brandi became
dent of

a vice-presi¬
Dillon, Read & Co. Inc. in

1937 and
in 1952.
ican
•

-

president and
He is

South

a

director

Co., Ltd., C.I.T. Financial Corpo¬
ration, and a director and member
of

the

executive

Colgate-Palmolive

committees

of

Corporation and The
National Cash Register Company.
.K

He is

also

a

trustee

Downtqwn Hospital.




of

Beekman

/.t.;

FIRST BOSTON

.oCc8

'

INCORPORATED~
,

20 BROAD STREET

•-

•

NEW YORK

"

Company, In-

terehemicai

..

Aubrey G. Lanstow

director of Amer¬
African
Investment
a

☆

.CHICAGO

.

.

it

Boston
BOSTON
is
j

.V'---

y

f-ir

-

CORPORATION

20 EXCHANGE PLACE
Pittsburgh

"

Chicago

.

' NEW YORK S

Philadelphia

•

San Francisco

Cleveland

Financial Chronicle

The Commercial, and
20

National
"

of $150,000,000,
'000,000.
.v*"'" k

Worcester, Mass.
a
Trustee and

Bank,

"

is

Varnum

Mr.

'

•

*

Mr.

New Branches

•

Revised Capitalizations

"New Officers, etc.. •

•

V

*,'i,

cut,
The

of .nine

promotion

Treasurer

Assistant

by Henry C. Alexander,
Mr.-Meek

June. 18

to

men

Chairman of the Board.

an¬

was

Guaranty's interna¬
tional banking division.

June 20
by President
David Rockefeller of the Chase
Manhattan Bank, New York.
\ <
Six of the men are in the Bank's

is in Morgan

department.
They
are
Henry - H.
Beckler,
Louis
Brethauer, ; Thomas
A.
Conlin,
Charles A. Craig, Jr., Michael P.

State

nounced

metropolitan

Loverude.

Fitton and James K.

The other three men are

Vice-

Mr. Meek was formerly a

President-

V-'

A'.*:

■

The'

:r"

<
V,

New

Bank

Savings

the

of

Office

Uptown

new

officially open for busi¬

York will

Elemer

A

'">•

-

.'i

Excelsior

-

Bank,

National

Conn.

of the
Stamford,

Secretary

and

June 23rd.

Pia

■; *
* 'Jv*.
;|A;. Zukswertv, has

Clyde
named

on

/

Chairman

">•*?;•
been
.

mains

bank ;

Greenwood.
t'i

Madison

of

Bank-

National

■

Bank

New

New

York

it

announced

was

Chairman Harold

York

curity National Bank of Long Is¬
will become effective at the

150th birthday

its

observed

16, commemorating a history
of service which began in a mod¬

June

The

of

Stockholders

Bank

National

Gramatan
Com¬

Trust

and

of Bronxville, N. Y. and The

County

New

Bank

Maass,
Security National.

by Herman H.

President of

pany

*

*

*

by

H. Helm.

National'" City*

First

Company,

Trust

York

White
approved

Company,

Trust

Y., June

Plains, -N;

13

bers, President of The Gramatan
colonial
building on Wall:;
National Bank,
and William L.
Street, as a young nation faced the
storm clouds* erf: the War of 1812. Butcher, Chairman, and John A.
Kley, President, of The County
; To mark the occasion,: the Bank
Trust Company.
has commissioned a ibronze^ medal¬
Subject to approval by both the
lion, conceived by the worldSuperintendent of Banks of the
famous Spanish sculptor, Enrique^
State of New York and the Fed¬
Monjo. At its permanent-educa¬
eral Reserve Board, the merger
tional
exhibit,
"The
Story
of
agreement, as ratified by Direc¬
Banking", at 399 Park Avenue it
tors of the two banks on April 24,
replica of
portion
a

a

bank's first

the

of

calls for the issuance of 1.15 shrs.

quarters at 52

Wall Street with the staff in typ¬
ical period costume.

The

On

June

1812

16th

a

group

businessmen

York

of

County
the

of the

of

the

Plans

Since

atan

bank.

that

day

150

the Bank has served the City, the

Nation, and the international busi¬
ness
community through thirteen
major depressions and seven wars;
changing with the needs of the
times, increasing its usefulness.
First dividend was paid in 1813.
Dividends have been paid each
year since without interruption.

name

to

consolidate

and

charter : of

1962, The Gram¬
Bank

National

and

Rapid

*

William

Today the Bank has 87 branches
30

countries

urer

worldwide

and

*

*

correspondent
cial

every

area

bank relationships
important commer¬

Assistant

to

with the

Farmers

Loan

in

In

1934

Banking

Law

of

Bank

Director.

H.

and

of

of

Rdpid City, effective June 7.
;

the

Bank

National

merged with
Bank

York,

National

since

First

to

He

serve

20,000;

of

succeeds

Giles,

a

Benjamin

*

*

these

domestically, 7,000

confidence.
*

...

*

*

_

Russell
said

record

of

Clark,

on July 9,
Chairman, an¬

fractional

that

shares

to buy or

orders

now

13,000

sell additional frac¬
a whole share, and
be sent 'to all stock¬

will

holders.
*

overseas;

>

*

tive Aug. 1.-:

-_

.

Appointment of Samuel,W. Meek,

Edward

Jr.,

Cooke

as an

Assistant Vice-President

of Morgan

Guaranty Trust Com¬

pany of New York was announced




Merchants

&

President

the

of

the

of

and

Bank

terback

.

Citizens

Ohio

The

Com¬

Trust

Toledo, Ohio. Other officer?

pany,

Bank,

r

r"

■■/""X

■

and

-t

<

Byron W. Cain, has been elected
VicerPresident f '.a n d
Controller
in Dallas,
Texas.
:
~
■*
'
^ ^
I'

'

T\/r„

• iVl

I'

+w

d

the bank
®

'

i

i

in charge

#

^w1S^on*

*

rectors
-

W.

were

of

*

and

Frank

elected Advisory Di¬

the

office 'of-the

North

DiFlavf0

in charge of the Home ImproveSection, Industrial Division.

Holbrook, Ariz.f elected F. J. Jennett a Senior Vice-President.
•
*

*

of Hoibrook,

University Circle Office of
National, City Bank, of Cleveland,
Ohio, raised from Assistant Man¬

Babbitt-Lake

Office.

Shore

L.

Jones

Ackerman, Manager at the
University
Circle
Office
since

1959, has resigned.
The

Board

Los

also appointed Assistant Cashiers.
In the Trust Department, Joseph

Wil-

Executive Vice- L. Finnegan was advanced to Asbanking, Chairman of sistant Trust Officer in the Custhe Executive Committee. He sue- todian
Division,
and Perry
G.
liam

E.

Seigel

President,

Elden

ceeds

Mr.

Smith

Smith, who resigned.
continue

will

Chairman and

as

Callas

Vice-

as

F.
Schneiders,
Vice-President, was also

Senior

charter

the
of

Bank

Wood

■

v

.
.

The

Federal
8

v' *

Board

title

and

Assistant

Continental

Chairman.

the

to

Ls

Bank,

for

of

of

"

warrants

Subscription
issue

made

before April 23, on a

of

the

were

July 1 will admit Lawrence E.
Holligan, George Stames, Robert
H> Mitchell, Jr. and Kenneth N.

stockholders

System on June share for two at
its approval of the of $30 per share.
Bank

of

The

available

record

of

the

for

or

on

Brookfield

Worcester.;. County

Gilpin,

basis of one
purchase price

a

Trust

Ind.,

Union

to

Greens-

changed

Bank

and

its

title
Com¬

Trust

of Greensburg.

pany

Chicago,

111.,

Trenholf

W.

Norman

elected
Bank

a

of

-

a

f

*

*

McLeod

Vice-President
Nova

Scotia,

Dishy

v

been

has
of

John

Robert

P.

Mr.
rector

gaging

Toronto,

cago,

111.,

mond

G.

National

announced

Ruge

Division

has

in

Bank

McLeod

has

a

since

1947.

that

Ray¬

of its Investment
been
appointed

Assistant Cashier.
*

*

S. Van

*

ners,

Lipshutz,

Elgort Sees.

Dishy

Calif.^S. Van
irirtovf
Tntmctmnnt
inn
Elgort Investment Securities Inc.
465

South

formed

with

offices

.Druns,

at

H.

Swift, for many years

*

y

of

First

National

transfer

of

$5,000,000

Undivided Profits to
a

result

National

plus

of

of this

Bank

from

Surplus.

As

Now E. B. Fleming Co.

action, The First
.

will

$160,000,000

have

and

a

Sur¬

Capital

Co.
the

Co.

&

partners.

formerly
and

with

Mr.
Kalb,

Herman

&

Nord^man&'co ^ ^
inoraeman oc yo.

Jackson

*

*

The

Place.
Dishy

Paul W. Havener, President of
Havener Securities Corporation,
New York City, has been elected
a director of Standard Instrument
Corporation,

to 1955.

Directors

business
R.

Named Director

Beverly Drive to en¬
gage in a securities business. Ofa
director
of
Harris
Trust
and
ficers are Sam Van Elgort, PresiSavings Bank, Chicago, 111., died dent and Treasurer, and Mary Van
June 8.
Mr. Swift, who was 77, Elgort, Vice-President and SecreElgort was preserved on the Harris board from tary. Mr. Van
viously with R. J. Wish & Co.
1919
Harold

limited

was

Voorhis

(Special to The Financial Chronicle)

been

securities
Bernard

and Harry Hammerman, Ber¬
S. Schwartz and Daniel M.

BEVERLY HILLS,
has

a

are

and George Pollack, general part¬

Di_

been

nard

Chi¬

in

from offices at 40 Exchange

Partners

of Scotiabank

the

of

members

Co.,

&

American Stock Exchange, are en-

the

Abate Vice Presidents.

Central

Also on July 1, Daniel H. Ryan,
general partner in the firm, will

Dishy & Co.

& Trust

elected

headquarters
911

become a limited partner,

Canada.

and

Mr.

partnership.

to

East Main street.

bank's

*

Company,

has

Jr.

stames will make his

in the firm's Richmond office,

original issue of
Wood County Company, Bowling
101,000 shares for a capitalization
Green, Ohio, with The Perrysburg of $1,515,000 has now been inBanking
Company,
Perrysburg, creased by 95,000 shares to a curOhio.
rent total of 196,000 outstanding.

burg,

.

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

'

'

The

Governors

*

*

Abbott, Proctor & Paine, 2 Broad-

capital funds account
$4 365 000.

added

The

">

„

way> New

total

a

County Company.

of

nrv

,

«

TO Admit tO Firm

Amre.es,

hap completed an additional capitalization of $2,850,000

Reserve

announced

i

n

ADD0tt,: JLlOCtGr

Calif.,

to

consolidation

Trust

of the

,

of

Assistant

the Land

in

Division.

Edmund

tees.

appointed

was

Officer

Trust

member of the

a

executive commit¬

managing and

made

of Governors

elected

and Ben-

H> Eimstad, both in the
bank's' redentiy-formed Electronic
Data
Processing Division, were

*

Calif.,

Angeles

Pitzner

Frederick

A:

The Security First National Bank,
The

and Mario N.

named Assistant Cashier

ment

They were joined by 16 co-work¬

the

*

Varnum

Loaning Division,

;

First National Bank

Bank.'of Chicago, 111. authorized ABINGTON* Pa.

v

*

Vhancing operations/ was promoted
Assistant -Vice-President. ' { v
New appointments l n elude d
Peter W. Haab, who was made ,an
Assistant Cashier, Commercial

if

urer; Ellen Fisher, Secretary; and
Arthur
B.
Bare, Vice-President.

meeting May 23Ti

Lawrence

Abate was - advanced -to VicePresident, heading the Industrial
Division. . Also in. the Industrial

newly formed control-

s

and

Division, John T. Gerlits, director
.of machinery and equipment fi-

r

of First National Bank

William H. Bostelman, Treas¬

and five retirees at the initial

-

v,

-v.; .\;V'r

Trust. Company

Bank

,Chicago,

promoted
to ' Vice-President
in
charge - of the bank's Securities
Research Division, and Robert P.

Fort
,

tional

F. Stern,
Chairman, announced..
,
jQhn Peter Trenholm, former
Assistant -Vice - President,
was

National

President

Vice

:a

Oficer.

Trust

,~5

elected

was

National

-

Robert P. Abate

;

Worth, Texas, elected Preston Ut

Trust

y,GA

.

Mrs. Florence Warnke

First

:

John Peter Trenholm

?0f

State

*

The

Company, Richmond, Va.
s.■/

ers

'

President

former

Bostock,

Farmers

Vice

.

Co.,

3,400 are members of the Quarter Hartford National Bank Trust Co.,
Century Club. With this skilled Hartford, Conn, elected Robert B.
group the Bank faces the future Sherwood a Vice-President, effec¬
with

;

Bank; Tulsa, was elected a Senior

System on;June
its approval of the
Citizens
Bank ; of
Bon Air, Virginia,

American National Bank

tions to make

The bank's worldwide staff

of

Com-

Governors

Southern

into;

Peter

ers

National City Bank.
exceeds

of
Chesterfield,

Albany, Union

will not be issued, but arrange¬
ments will be made for stockhold¬

City Bank of New
shortened

King

Reserve

merger

25c

He

City of New York and became The
First

Albany,

nounced June 13.

the

of

,•

.

Oklahoma. He sueceeds C. T. Everett who is retiring,

of

Board

announced

are

*

■■

Bank of Tulsa,

Federal
13

'; *'

*

:

.

*

A

G.

1955

The

Trust

and

Bank

Windber

Pany.

*

Oliver, Jr., who resigned.

stockholders

Company.
First

*

by the Commercial Bank of North
America, New York on Aug. 7, to

ing business which had been con¬
ducted through The National City
In

Vice-President.

regular semi-annual dividend of
per share, and a 2Vi% semi¬
annual stock dividend will be paid

discontinued the investment bank¬

the

*

*

with the
the Bank

1933

and
Bank

■

1822.

conformity

charter

National

,

Y., elected Walter A.

Trust Company, which was estab¬

lished

the

and

South Dakota,

City,

*

State
N.

of the free world.''

The bank in 1929 became affili¬
ated

Dakota,

Bank,

,

title to

ber, Pa., has changed its

der

F.

*

serving

Valley

American

of

title

Windber Trust Company, Wind-

Trust

MacDonald, Jr., re¬
gional
Vice-President
of
The
County
Trust
Company,
White
Plains,
N.
Y.
has
been
designated
Established under a New York
State Charter in 1865 the Bank Vice-President, administration.
Vincent
J.
Nielsen, officer in
became The National City Bank
of New York under the newly- charge of The County Trust Com¬
pany's Elmsford office also was
passed National Banking Act.
promoted from Assistant Treas¬
in

'■>

t\>. '

*

,

consolidated: under

Company had total resources of Federal Reserve System on June
$18,021,289 and deposits of $16,- 8 approved the application of The
500,288, while The County Trust Bank of Wood County Company,
Company reported resources and Bowling Green, Ohio, to
merge
deposits, respectively, of $563,- with
The
Perrysburg
Banking
135,847 and $509,869,266.
|
Company, Perrysburg, Ohio, un¬

ago,

years

the

are

On March 31,

Osgood, became President

new

'•; * :

Butte

Bear

City,

Trust f Co,,

Fidelity-Philadelphia

Trust

The County Trust Company.

form the City Bank of New York.

Samuel

and

American National Bank of Rapid

75,000

under

to

met

President

">.7

Sturgis, 'South

ark.

s^ock for each ager to Manager Byron J. Aloutstanding shares brecht, who previously was As¬
Gramatan Bank's capital sistant Manager of National City's

of

of

stock.
New

Vice

elected

and

•

plans to merge the two banks, ac¬
first President of the .newly or¬
cording; to an announcement re¬
ceived today from Jackson Chamv ganized Quarter Century Club of

est,

will feature

position

the Chief Executive Of-

as

-:• V *

•

the Union National Bank of New¬

of The Peconic

land

announced

Hynes, "Jr. has been
legal officer of Chemical

named

•

Cashier.

First

the

with

served

has

close of business on June 22 it was

F.

official appointments

been .'with
was

v

Bank, Sag Harbor, L. I., into Se¬

v'vf1''

;

r

Daniel

consolidation

The

appointment

J.

who

Board: and

new

:

also announced the

of two 'hien as or¬
ganization officers in the corporate
plans and staff department. They
are
George S. Conn and William

and six

have been approved by the Hoard
of Directors of the American Na-

Stoddard,

Mr. Frank R. Welsher who has
the Bank since,,1956

\

Board
of, the
of Morris County,
Morristown, N. J.' *: .A

.

The

the

of

theJ, same

;V:;

(CHICAGO, 111.—ThVee promotions

with
Michigan National Bank, re¬

the

Advisory

,

has

also

Trust Company

He

Appointments

member of the Florham

a

Park

Mr.. Howard * J.

ever,

elected

i«

the

of

dard/ now Executive Vice Presi¬
was elected President. How-

Vice President.

a

::
Philadelphia, Pay elected William
This office, which is located at
O'Keefe, both of the international
W. Allen III, T. Anthony Coculo
3381 Broadway, at the north-west
dept., and Thomas E. O'Reilly of
and
William
E.
Vauclain
Vice
the
corporate
plans
and
staff corner of 137th Street and Broad¬ Presidents.:' A'\y /■ A.y\y7 ■:
way.
J-.:•.r■,; v;:'; *;• *
department. A;.V;'•-:/.;r•
■/ • %.*
ness

J.

Timothy

and

Balogh

T.

V

Conn.,

Greenwich,

-

Michael A.

Directors

of

.

dent

•

Bank of Connecti¬

National

State

*. L

«•»*

■

Board

the. announced that Stanford C. -Stod¬

Bank.

SaVings

Brookfield

■: 1

total ofr $310.-

a

..

Michigan Bank, Detroit, Michigan

.y"v■'*."} s'•>
Cooke is a Trustee ,of

North
Consolidations

'+

Brookfield, The'

North

Bank,

Savings
Mass.

v„.'■

Brookfield

North

the

of

Clerk

r

Thursday, June 21, 1962

; v.-

(2896)

Capital Corp.

Jackson. Capital

Corporation. is

E. B. Fleming engaging in a securities business
has been formed to continue from offices at 400 Madison Aveinvestment business of Flem- nue, New York City, Officers are
—

ing & Co., 1150 York Road. Officers are Eugene B. Fleming, Presand Treasurer, and E.i A.
Fleming, ■'Secretary.7' srrfl**:
>

Marvin Wolfson, President; D. S.
Greenberg, Vice-President, and
Marvin Jaret, Secretary and Treas-

ident

-

urer. -; .> v.

,•

ww

;r

Volume

195

Number 6170

.

.

The Commercial and Financial Chronicle

.

.

rl, y Ss,i
.1

BY JOHN

;

BUTTON

(2897)

yiew —• building and keeping a
productive clientele." Live for to¬
day, "by working, today as con¬
structively as possible.
Try to
keep out of conversations with
those who think negatively. Turn
your own

<-

-

r

■

—•

The

The

.

that
work

attitude

own

should

always

toward
.

be

his

of

one

CONSTRUCTIVE - OPTIMISM,
This is a very important factor
in

every approach
and it should
be

to

rqent

to

1

for

service

-company's

be' rewarding improvements;

decisions that will
placed-at /the to -therri. •."" C v

Detroit

,

•-

,

,

.

during

the

bank

6%

a

supplied by the R.F.C. in return

was

preferred stock.

The

for common stock. General Motors
disposed of its holdings in
and the remainder of the preferred was retired in 1947.
>

the
brought

area,

which

>

chartered

was

other half was provided at the
government's request by General Motors Corporation in
exchange

'

a

challenge;

of

$25 million—half of which

those;, around

are

Bank

the Roosevelt

v

you
that ... ■1
>'0-;
responsible, sensible, Continued f,torn page 2
arid practical securities man,' who''in
'residential boristrdctiori'in
can be trusted to help others make .the

you

National

holiday of 1933, and was the first bank to be chartered under
Emergency Banking Act. It had initial capital of

"

j

t

his

.NATIONAL BANK OF DETROIT—

....

The Security

consistently successful, career, and constructive, will rub off on
security
salesman,
has
learned others.. It is your best advertise-

This Week —Bank Stocks

-

-

A

The Positive Approach

STOCKS

thoughts to constructive

activities.

.

21

1945,

Immediately following organization,, the National Bank of
4 r /••/"•about the
nonrecurring expenses
Detroit purchased $131 million, or 22% of the assets of the First
beginning of the list of esr • V, (3) Avoid"; complainers,
time :• are now paying off in the form of
National Bank of Detroit,, and the Guardian National Bank of
sential qualifications for a
suct; wasters and work dodgers. Every- greater earning power and certain
Commerce, which had been forced to close. The closing of the
in Vatawst 'any ctoges made in »e
out,=
banks
Detroit without, banking facilities for almost six
;puiiamg pi: a clientele of . type of fbusiness/is constantly ex? vision s h o U1 d ■ strengthen their Tweets
investors.. It is ^well
recognized nosed
The
effect.:'
'
posed to
to neonle
people who
who want
want to
to rere-, oomnetitive-nhsition;
competitive' position:
The-effect
The problems facing the bank were
numerous, including the
Jhat;
every one, • to a greater or lieve themselves of their inner of these factors can be seen in the;
lesser degree, is .influenced by the
acquisition of competent management, and also the building of
tensions by gossiping,' complain- - company's first quarter results for
capital to a point where the bank could meet the credit needs of
thinking^
and actions,:, of ;;those ing and ' creating , conversations' 1962—sales were $29,465,000 up
the area.
around them.
The security sales- about'the
sad state of^the world. 9%
and net income was $49,171
man
is
one of
the prime targets This also is a
V
human failing and compared to a loss of $105,333 for
Although the bank is to provide commercial banking facilities,
for all who would wish to relieve
loans have historically been low relative to deposits.
i doubt if anyone who has lived the same
period last year." This is
Currently,
themselves of overdoses. of both a few
they are approximately 33%; which is well below the normal 55%
years hasn't personally in- tangible evidence that Boise's pro-'
optimism and pessimism. He must
range for the major commercial banks.
dulged in this pastime. But there gram of integrated growth, which
Mortgages have always
recognize that he/is engaged ih a are
been important to the bank; and currently run close to 20% of
some
' salesmen
who .'are is now approaching a stage of inibusmess,that at times is very vol- chronic addicts to
this sort
of tial maturity, is resulting not only
the total loan portfolio. In addition, consumer credit and install¬
atile, and that he is constantly in
thing.>. Avoid them,-and go your in higher sales but more imporment loans are important contributors to the bank's
contact with people who may un- own
earnings. The
way.
"Time" is your very tantly in higher earnings. Based
installment loan department dates back to 1945, which indicates
consciously motivate Jiim. Follow- valuable asset, don't-let anyone on the factors
outlined, it is my
ing are some thoughts on this sub- waste it for
you, especially if their opinion that Boise Cascade's earn* forward planning on the part of management,
ject -that may
be
particularly suggestions, and observations are ings per share for 1962 will be
up
Michigan laws permit branching within a 25-mile radius of
very

.

had'left,

cc^ret^di-:

-

t

-

^

Av?
(1) .Know

negative^
destructive, critical, and substantially
unimportant.- A "sales-meeting

over those ^reported
the main office. This allows the National Bank of Detroit to com-'
.last year, and show-further gains "i.
W
r
*
....
is the place to develop ideas for in the years to come.
:
Wayne, Macopb,. and Oakland Counties, as well as within
to, day, or week
improving business and,eliminat-Traded in the■
OWr-the'-Coiirfter
c^y- With 68 offices in the area, the bank not only has the
investment security business will, ing frictions in the operations of
Market, the stock of Boise Cascade
greatest coverage, but also remains, by far, the largest bank in
be. with>us as. fong as we :have a selling organization. ..Not the currently sells around $17 a share.
Michigan. Possible amelioration of the branching laws in the state
;

Don't

look

,
you. are going.,

where

at

your

arid

markets

that

one

accomplish the .-Construe-

can

01assic

/

,

Last

.

week, :for

of

activities,

b.other^by.,higteri

he

i$

SdJyV

reservatrons; doubts;T and • temporary, pessimism about the validity
and importance of his endeavors.,
There are millions of (individual)
investors in this country; about
twice

as

many

as

there

were

20

ago. There will be millions
in the years ahead.
There

years
more

Examples

tiassic lixamwes,

,

a1ctonsnthaetSaTe par?
if

office.8-'

the

emotion-is

:

,:

example,

vjhe

one

has

been

opened

than

one

large

month

a

short

a

- -i

.

>

,

»

-

^

*r

OT

*

with

keep

up

.

best today.

your

the

If you

view firmly
in- focus, then you will also approach you desk, you clients, your
prospects, and everything else you
do everyday with a constructive
attitude. If you think about vour
business
over
the
longer term,
can

longer

„

manager

active

an

into each day?s activities. You w*'"
not worry about the market, the
future

of

personal

the

human

problems,

race,

your

in*

losses

gold.

believed

was

They bought

pensated
The

on

the first lot

have

more

and

g

rities

now
now,

vou
yuu

will
.will

analyze their

analyse U1CJ1

they ' have

emotional

been

that

TT<,uallv

t

•

j

at

charge that

last

they

results

thp

x-

+

+

^

decisions are not very satisfactory.

th°emngandyt?keWtheC?on?trud'wp When there

was a sharp break

in

due to

year

earning's

the

the stockholder should be well comcom¬

aggressive.

It

This

regarding

bank

this

is

be said that it is well regarded, young

may

qualitative

factor

of

is

management

the long

'♦'"Cash

Book

one

run.

Ratio Based on

Earnings

Dividends

Value,

Median Price

"$4.60

$2.00

*$49.00

J10.9

4.79

1.94

48.11

15.0

5.05

1.78

1959—

4.53

1.74'

43.31

12.9

1958

4.20

1.61

41.10

13.8

1.61

39.12

15.2

1961——

1

1960

1957

'

*

:—

4.18

*1

newly
opened
branch
in
the
American National Bank Build-

'

GROWTH

(In Thousands)

Mr- Ormsbee* was formerly
with Peters, Writer & Christensen,
Inc.
.

Capital Fds.

^v-.v

^

Form Capital Research

S

11.1

t Current.

Estimated,

,r^

45.97

ormsbee

Jack E

•

-

.,

!

■

MIAMI

BEACH

Fla

^
~
is
pn£a«inf, in
securities
hnsiness
fn^aging in a securities ousiness

r

Capital Fds.

.

Net Oper'g
Earnings

Cash Divs.
Declared

$17,236

$7,000

Year End

Deposits

Excl. Res.

1961;.L__

$1,983,726

$178^195

1960

1,903,895

165,490

8.7

18,182

1959-—

1,785,826

155,895

8.7

16,317

as

% of Dep.
8.7%

\

,

Divs. as %
of Earnings
40.6%

6,100

35.2

6,249

38.3

1958——

1,766,261

147,982

8.4

15,120

5,795

38.3

1957

1,803,198

140,821'

7.8

15,048

135,108

7.3

5.7S5
5,200

38 5
37.2

►

1956^,__.1,854,253

'

13,968

v

.

.

,

«•

'

a

offices

from

fiorri

at

Northeast

1110

Offieers

c+rpet

Berkowitz,-President;

ViHa

are

Marion

C.

:

National and Grindlays
.

.

.

Sank Limited

li- Berkowitz,.Vice-President; S.- Iftr-..

to- bettering,: their-

approach

is

will

these

of

of

run.

remaining favorable factor

one

1962

^ an emotional cnarge. mat., is Capitab Research' Corporation

vlolent

SQ

secu-

basis

Price/Earnings

worth

riues

the long

over

Net Operating

for any type of negative emotionalism
will contact
contact cneuLb
aiism. You
r ou will
clients who
wne

be worried about their

the

PER SHARE FIGURES

,;

may

the next

over

On

less, is essential for satisfactory performance over

dt<;- this item.
•'
i
tractions. You will go to work.-,
sorrirpeople will hot make deThis is the best theraov indicated
uniess

shares

Although the expecta¬

aspect in bank analysis which is often overlooked, but, none the

and will

more

In this way they
flexibility
in
working' our their tax situation
rather than waiting until November to make decisions regarding

iv

price of $50, the

st°ck is selling at the lowest level in many years,

the management.

cver-

very

other

or

absorbed

department.

With
a low
With a
low dividend
dividend payout
navout

issue

later in the year.

cjsjons

.

particular

a

take TAX LOSSES

win

market

account is

in 1962, the additional cost of interest

be readily

mortgage

m.utyP es

"

of their

0f his customers who had substan-

he

current

capital

expected.

,

Another salesman called certain

that

the

are

other securities for him.

some

tial

of

Currently the

further stock sales

*

of Stern Brothers & Co. of Kansas

City and will be

should

expense

...

The others were pleased, to hear
from him again.
• •
•

.

then you will put your most constructive
thinking
and
actions

the basis

no

tion is for lower earnings

a

he

received
letters from others thanking him
DENVER, Colo.—Jack E. Ormsbee
f0r keeping them in mind.
has been elected a Vice-President
.

condition and

On

pertinent

ahead.

ratio

earnings

earnings growth relativehitQt-other

selling at the lowest level since 1958.

are

pointed in the:di- other bonds in the same localityrection of the longer range goal—
but with a similar rating. One of ■;
which is constructing, and assist-«these inactive customers
gave him '
ing a clientele of investors in the an order and asked him to look
(2)-Do

relatively low price

a

slow

'

dies are-always

years

somewhat

acquisition of other banks.

in good

V -P
.

in the

-

TV

TT

UITT1SU66
■

;i . *

He

ago.

account

new

investor,

:

z

very

surrounding

this

the

may

-

four

stocks with

common

level

very

areas -not dominated by the

^h^^in "tol p£2Srobj^tiW*wpi• ma3°r cpmmer-cial banks on a per share basisoifiome of this slow
growth
be attributed to" stock sales ahdr al$6 'issuance of stock
4rkckets?«These
growth i

description of each, that were selljng at a substantially more attractive

The. principal reason for

improving.: earnings' picture

the stock is recommended for in-

income

letters^rC'commended
sound

r-

and ob- He carefully studied his offering
reality, :it» list and selected a bond that was
is essential: that dav-to-day activiproviding- a
higher
yield
than

scuring

„

.

•

opportunities everywhere,' in
every
type of market, both/to - Another salesman went over his
help these' people and fo earn a list
of
municipal !• accounts.' He
very worthwhile living
doing it .selected five people who had not
During times when a fog of given him an order in over a year,
are

r*

of^o^cents ^"^fare'lirovides3'^ *should bring about exPansion into
mod>'st .return.of. 2.3% Based on
automotive mdustry. , - ; ; ;

will

tuate for. .many years to: come. No

i

..

TKere^nDbe1 investors,fsne(mla- 'or0idle chat a'rouiki
tors

^

job from day
to week.
The

1^4

and

-out' "ideas

carry

atina

*"41.

business

new

^

for"
now

-

ere-*

next

ctin

r

at

level -that

a

wnnlfi"b

were stlAi at a. level. that wiouia

substantial profit tQ..the
then hold,-th& eashs to
the letters that shou d be wnt en
st,0rt-term securities, and reinvest.
Yeu
will .refram„-IrtOT .-wasting.
^ a comparable quality stock at a
your time,,on matters that do not
iater date-. The client already was
mi

.write

provide

a

^stomer>,

y

Was

concern

-rYour
yQur

you.

clients;

aware

your

prospects*

two

that his. commitment in the

stocks that

were

sold

was

too

formerly with Harris, Upham

^ .rn

.

f:C°'

arta.Her7feld-

*

;

Sterna

stern-

With I

.

A

- ^

PaimW

With in.A.,l-aunter

■

things

you

Thp

do right tod^y, the peo-

pie.,you ..meet,, the contacts;, you
make, the clients you helu, th°
at.titude you assert toward TO-

DAY, if it is positive, optimistic,




in-the

petus

market

which

he .should
that

was

provided

convinced

finally
better

take

from

the imhim that

;

an

the

Bought-—rSoW-r-Quttted.

;

Central National Bank Building.

^

MINERVA LONDON

;.

Bankers

Laird, Bissell 6 Meeds
Members-American
120 BROADWAY,

.

step SAN ANGELO/'Texas—Kenneth
invest- W. Brown is engaging in a securities business from offices in the
longer

Telegraphic Address
Telex Nos. 22368-9

'„

Members New York

,

on

*-

\

.

Brown Ooens
*

26. BISHOPSGATE, LONDON, E.CJL

'.w

the

ment

viewpoint.
Keep our eyes

W
*

'

•

.

CLEVELAND, Ohio—Stuart Spiro

K

.

-

is now with L. A. Gaunter & Co.;

."time,",are all important.. A large and out of line with the rest* Park Building.
a happy day—regard- 0f his portfolio.
The sharp break

Head Office

INSURANCE

-

.(special iothe financial Ohhonici-e)

and

-

.-

busy day is

less of the immediate results.

BANK

ivar. uerKowitz

,

•

NEW YORK 5, N. Y.

BArclay 7-8500,
Teletype NY 1-1248-49

Specialists in Bank Stocks

to

KENYA

Sloek Exchange
Stock Exchange

Telephone:
Bell

ADEN

the Government in.
•

UGANDA

•

ZANZIBAR

Branches in
INDIA

•

PAKISTAN • CEYLON • BURMA

ADEN

'

SOMALIA " EAST AFRICA-

AND THE RHODESIAS

.

*'•

22

1

i

.

FUNDS

MUTUAL

'

»

(Special to The Financial Chronicle) ■'

SAN

"

Calif.—Frank
J. Clough is now with Birr & Co.,.
Inc., 155 Sansome Street, members

-

of the New York and

•

JOSEPH C. POTTER

BY

.

.

.

.

T7*#1

M

higher weekly sales, although the
monthly total was ;below the all•time May high of 1961, Walter

.

Pacific Coast

previously with Sellgren Miller &

PV

1

111.—Eugene J. Kiley
appointed head of the

been

listing department of the

398,000

Exchange,

Stock

May,

Co., Inc.

K

AYTICJ

has

during the last week of
raising the total for the
month to $13,313,000. This commres. .with
$14,177,000 in April

Washington Tape worms

q TYIPQ

CHICAGO,

He

President, reports.

Benedick,

said business written came to $3,-

Mr. Clough was

Thursday, June 21, 1962

TV/IirlTxmch T?vr»VlQ"nO*P
1VJ.1LL W t/bl J^A-LIlcX-LI^G

of

Corp.

completed its ninth year
business
with
substantially

America

in

FRANCISCO,

Stock Exchanges.

Planning

;Investors

Now With Birr
**

Financial Chronicle

The Commercial and

(2398)

Miawest

it has been an-

WASHINGTON, D. C. — Carry¬ scoffed: "Come back and negotiate
me.,when you get
some
ing people's capitalism right up to. witn
the front door of the White House,' Inland." \/
"/ v"
: //'N/^nd*/$L6,729,000, in
May, 1961.
Vice-President Lyndon B. John- Company, sales through May 31
Merrill Lynch, Pierce, Fenner .&/
x

son, ' however; showed '.CQnsider-/^dtaled
$75,415,000, against $77/
.when - ...the/^fund.. .'560,000- for" the first five months
Inau-t able .interest
gbral. ceremonies were attended spokesmen noted they had tucked of last year. •
no/ less than •/ ;K //.
* .
oy President Kennedy, who was- into ,the -portfolio
permitted to make the first pur-j eight high-grade:;oils. /Said:, the investors Stack Fund,'Inc. in its
chase of stock;- Cabinet members-; Vice-President .in a voice that was
semi-annual report puts net assets
and
economic^advisers;
Keith; barely audible: "There are a .lot of:/applicable to shares of outstanding
Funston, President- of the New-? things .on which I don't see.eye to. , capital stock at April 30 at $993,-

Smith yesterday opened a
office
in Lafayette Park.

AMERICAN
SHARES
live.

Prospectus from your dealer or
Selected Investments Co.

135 S. LaSalle St., Chicdgo

3, III.

branch:

*

York Stock Exchange; James.^J.1 eye- with/ the Administration—;,
Johnston, Chairman of the Board' and the priee.-earnings ratio is one/
and ' President: ■ of
Washington of /them. Down in Texas we- dig
Mutual
Investors
Fund,
and 1 eash flow, pretty good. I guess the
Charles H, Schimpff, investment > President's father never told.him
the

Investment

allowances.

Company

At

Institute.
Mr,

NATIOHAL

spending

-r21]J. —tf

with

securities selected for pos¬

of
Send today for
Free Prospectus and de¬
scriptive literature.
capital.

Bton-'.'Chemtetry

ments

aides

had

for

ness

been,

each

of

part

funds.

mutual

of

on

.ain

told.

t

McCormack of Boston,- thing that sounds as
of House Speaker John, Merchandise Mart."

good

to

Senate

me

dent's
a

here."

Mr.;

INVESTORS,«
Investing in common stocks ' <
possibilities of growth
in income and capital

selected for

the years.

States

why

tipped;■ by

Steel.

he chose

A balanced investment

in bonds, preferred stocks and
stocks.

.

friend,
V.

my

,

;;

:

r

Unas

ri/GDOrt

..uy,;."Y;

.

';/ /.'.

,

semi-annual

said

before,"; he remarked, / at

Chief

Executive

asset/value^^

in¬

was

r

,

a

In vestor.

were

Caroline,

.

Woshinaton

fields of scientific and
development

economic

pleaded:

wno

Post

sprang

than
■

The

,,

.

•

_

pares

,

$2,660,347,
double

the

tuna^ in jviay

slightly
Mav

1981

according to Herbert R.

share-accumulation

share

'

•

i

.

more
level

-

$8.54/ On

was

assistant secretary of The Toledo

$101^ Trust Company, Secretary-Treas.

*

'

.;

W

,

Purposes of the Financial Anagroup are to foster the inter-

change of information and opinions among its members, and to
promote meetings designed to add
to the knowledge of its members,

•

;

-

.

:

Named Director
J:
Richardson
.i<ipnar*risnn

Dilworth,

> i jii^A/orrn

mvestinvest-

a

...

,

,

,

„

,

Anderson'/ Wellington Equity Fund, the two of -Chrysler Corporation,, it was

!

*

said

"but

he

with

Commercial

"How

tells

us

about

*

•

Mr.

Schimpff,

he's

locked

in

Solvents.".

Dillon

and

Secre¬

tary of Defense McNamara?" the
President inquired.

-

,

.

;

"Dillon says he turned his back
on Wall Street a
long time ago,"
-

Johnston
talked

back,

shot-

to

McNamara

,

"And

too.

■

But

we

he

the boat in Ford

Goldberg, who told them he fan¬
the

steel-industry. Informed
that Washington
Investors carried in its

It

eliminated

Mr.1.

Goldberg

Kuhn,

36, 1962, sales of shares of the two

Rockefeller brothers' organization

#

^

*

A

f

.

.

Company, New York Ci y.
* His. father,: Carl A. Falk, has
in five -mutual funds for which
been in the investment business in
IDS is
national distributor /and funds we manage, to take careful Omaha for 3Q years, ia Vipe-^resiinvestment advisor totaled/ $54,-? 'advahtage - of current buying op- dent of Kirkpatrick-Pettis and is
737,071 -for May, 'compared with portuxiities. This policy reflects currently serving as a. Governor,
$48,811,635 in'the like l961 morith./ourPbrifideric^ in the future."
of .the Midwest' Stock/Exchange;

than $15.5 million the quota set,

Tube,

with

iMotbrs,- realistic/-evaluation ofricommon p a r 11 1 •
♦,
slock prices. 'fWe believe that the .K. A. r alK Joms
.
*, ,'•*
: -c-changes in common stock prices,
Kirkpatrick Co.
Sales
produced in
May by on balance/ have . resulted from '• • ,T
* _ •
• •
_
.
Investors / Diversified * Services, a lessening of speculative enthu- * QMAHA,
ebRobert A.Fa Ik is
Inc. and its subsidiary/Investors siasm ari'd some decline in investor b°w associated with KirkpatrickSyndicate- Life Insurance &• Annii- confidence, /rather than the fore^pmpany,, Chnaha .National
ity Co. hit a: record high, Grady castifigrpf & :substantial downturn Ban^„Buildii^r and a member _oj
Clark, President, announced. Com- M 'the; business cycle. Periodic :Jhe Midwest Stock Exchange. For
bmed/s^iies of* investment seburi-"; tnarket corrections mre riot un- the past three years, Mr, Falk has
ties and life insurance amounted usual 'and.Indeed, are a basic part been an -analyst-in .the-.investment
to $160,578,518, exceeding by more of .the challenge of investing.
; '* •*: department of the Eriipire lrust,
'

*

Sheet

was

American

Boston-Edison and Mack Trucks*

Mutual

Armco, HarbisonrWalker. Refrac¬
tories, Republic and Youngstown

Diiworth

$127,070,775 and $9.74 per share on Funds > totaled $98,580,000, an in- in 1958. He is a director of InterJan. 31. During the-three months -crease of /about $22.000 000 over, national Basic Economy Corporaended April 30 the company in-";sales, in the first half of the pretion, Chase Manhattan Bank, R. H.
creased holdings of Armco Bteel,/ vious fiscal year.
... .Macy
& Co.,uYoungstown Sheet
Ashland Oil & Refining, Atlantic
/Discussing the current outlook, &
Tube
Company,
Rockwell
Raining, Bethlehem; SteeL and Morgan stated that "the market Manufacturing Company, United
Socony Mobil Oil while decreas-Readjustment-that has taken place Nuclear Corporation, and several
ing holdings in American/Viscpsej /pypF: the- last several months, in other corporations. -1
Eaton Manufacturing and/Harsco.^/.;bqr> judgment,/ reflects
a more
.
u

bv Mr. Johnston

-portfolio well over a million dol-:
lars'
worth * of, steels,
including

Mr

-

to be'sure that the money'll be that at
April 30 total net assets
when the moppet is ready.
amounted to $125,309,114, or $9.72
Mr. Johnston. a share.compared with assets of
"I
don't
need
advice
on " the

did,"

ended_ April 30,

and -totaled , $1,462,000,000 at Log^ & qq., investment bankers,
^
end of Ahe period.
for 12 years,, seven as a partner
' For the six months ended April in that firm, before joining the

Incorporated Income Fund reports

there

cied

tional Bank of Toledo.

fnr fhp firqt
d' ^c^arason unworin invest
^ snare, tor tne itrst ment banker and President and
0f,: the previous fiscal year. Director of Rockefeller Brothers
r .'
,
yirector oi itocKeiener orotneis,
Assets of Wellington Fund and Inc., has been elected a Director
ppnt<s

ing the l2 m°nths

account ^so

The pair also were turned down

Elizabeth, New jersey

'

forward

by Secretary of Labor Arthur J.

Incorporated

*

*

.^vith net income of $526,741,.

,pjo

?

lollypop, but she was el¬
bowed aside by Mr; Johnston and
Mr. Schimpff. "You should open

says he missed
and is sour."

Hugh W. Long and Company

•

a

"We

[possibilities in securities of companies]

*

30| Wellington Management ConiT
,^^y, and sUbsidiafieS had net im
per shar^^^ycome bf $704,555, equivalent to 78
reporting cen^ oer share of common stock

purchases of the Group
tmutual
fund- in
Mav"
mutual

daughter,

•

V

rrrVVV

jiet /For the/six months ended April lysts

the close or the latest

Securities
securities

Freeman."

Investing for long term growth

* -

—

.B^, in ;its/L ••'//>«/'''*

President,

market," the President replied,•
"but
I
suggest you talk to*'my;
Secretary of Agriculture, Orville

STOCK FUND,

TTllppf" OfflPPT'S

Chicaeo Corn

American Tobacco, Philip National Bank and Toledo Trust,
Carey,'' Curtiss-Wright,' Hilt o n corporate and brokerage firm ana-;
Hotels, National Tank and Upper-;lysts,TU arid Bowling Green State
Peninsula Power. ;
",
v University finance professors.

i

'

Roger; Axe-HougHtou;. Fund

.

.

I he

was

r

"1

T7T

for Radcliffe." said

DIVERSIFIED GROWTH

Nnrlear

Mills,

^

r

ml

terrupted repeatedly by his small

as

Chicago

Toledo Analysts

the

as

price-earnings ratio is; permd was $8.82
a^instja.^ on outstandins. it was announced by
too high. Mr. Dillon has said 15'
Oct. 31, -1961, close of the fiscal
Walter. L. Morgan, President, in a
times earnings is all right. -AndSteel meets our guidelines."
±
^
f
u report to-shareholders. This com-

a

joining the
.... Exchange,
...

to

?uritan Pund repor{s that ^Aprilf^
pther officers are Dr. Hubert H.
Frisinger, professor of finance at
the.j.Uwer^sity .of Toledo, VicePresident; and James E. Lupe,

the Potomac.

Steel,

"I

"Daddy, buy me something."
A
society
reporter
for

INVESTMENT FUND,*

company

i™you APril 30- 1961-' assets

And

23-to-l

with

E. Day, Presi¬
•

with Joseph T. Ryerson & Son,

report
Puts_total
however, made v assets at April
3U at 17»,WJ2,53I,
it abundantly clear that he was
compared with $I73,I53,7bu^ y.ear
not relying merely on tips.. "As L
earlier. Net
have

•

of the

"

"a

'

-

don'

Asked

Big

replied:

Blough."

The

DIVERSIFIED

a

^he architeq^

patrons with humility

Tribune, the President dis¬
had bought 100 shares

Kennedy

The

■

™TOLEDO, O.-Benedict J. Smith,
ub,
RoSw: Vice-President of The Ohio Citij;
Fulton
Controls
and
Rohm
& .fens Trust Company was elected
jjaas it eliminated Elgin National 1962-63
President of Financi
Wat 'h. T 1tton industries
National Anaiysts of Toledo at its June 5
Video ' Texize Chemical and Venmeeting. He succeeds Howard W.
50? /t(? Z u.nemlcai W ven Wilson, Vice-President of the Na-

/

;

'1

rhprn1

a

he

United

further

FUNDAMENTAL

The

:

buy order. Approached by
for
Trie. New York

closed

-

Prior

Shares

Eleetric, International Minerals &

to

reporter

of




dent.

designed
was
30" total net assets Were $123,067,the fringe of,
Washington,, "the; brokerage office on the; frin;
040, or $8.17 A lshare. At Jan. 3T■
Office Building is not in Lafayette Park. An architect told
assptg
am0unted to
$123,413,264
get

from

Herald

•

,

time increased holdings of
American
Cyanamid,
Emerson

the

as

McCormack executed the Presi¬

Westminster st Parker

Y

,

Nucleonics,

game

representatives for Skidmore,
& Merrill,

Owings

President, the

office chief said that while it

view

in many

*

^Electronics

debentures.

They were last seen approach-

manager

branch. Complimented- ing

new

the decor by the

nice

Broadway, New York 5, N,Y?

You

said.

and

society."

our

nephew
of the

Established 1930f

1

•

the sideand .^Mr.-

FjndmgAhemse
+5'

Edward

NATIONAL SECURITIES &

common

...

^t\/f

working
ves on
day checking the stock market,
'■
and
he
complimented
Merrill- Schimpff. inteodpced;themselves
Lynch on providing "a rounded to Attorney General Robert Kenservice" for Government officials., nedy. After listening only briefly
"People's capitalism," he asserted, to their sales pitch, he poked each
"must be carried to all our seg- 111 the chest with an index finger

RESEARCH CORPORATION

over

*

New investments: Admiral Corp.,

it

McCormack, is resident

^

*;

....

Semi-annual report of

J

'

sible long-term growth

120

Eugene J. Kiley

nounced by James

high ^o^^rom^hicii
./'0r/a; ..:/" ///
a lists changes
in investments in the Mr. Kiley was in the bond depart^ ,had,fiSCai
half-year ended May 31.- ment of Northern Trust Co., and

to;

he

address,

Administration,

fund

April 30, down from

on

Building, began shooipg circuit Foil Corp>>. Tokyo shi„ inc.,
noted/ that";
^
n •
i
* ' baura Electric, Cities Service con- ♦ ■
President Kennedy,- Secretary of: "Those, guys ought to know Mer^ttible preferred and Litton InTreasury Douglas Dillon and other . ri« Lynch isn.t rumaing-this -busi-. ^usiries convertible subordinated

SERIES...
mutual

cere-;

entrance

-

brief

a

STOCKS

a

the

at

one
story
steel - and - glass: been
r-itf
building shortly before 10 a.m. In Office

the

GROWTH

is

snipped the

ribbon

$18.41

$19.93 six months earlier,

1

Juncture-Residfint

.

Funston

monial

-

.

capital stock

share of outstanding
was

at

$978,730,731

against

*1961. Net asset value per

depreciation, and depletion.

adviser to that fund and President^ about
of

527,761,
qcl 31,

•;

Dollar volume of sales of shares

-

*

"In

recent

weeks

we"r

have

a
selective stock
purchase" program ! for the. two

^eqprnmended

,

Number 6170

195

Volume

•

•

J-vv V lVsW

/-v

.

1-nTTnClfin

I

CV

•

,

♦

iTYnfYPTllTI ITlDQ

111 V tJt) L/JLI1 ii VyUUvyl LU.IIll/IC'D
....

.

Continued from page
jn

of

comoetitive nature

the mildlv

and

annrnhriatp.

differentiations

between' the

made

not

romnanies

monrnolistic
romnetitive
thp<?o
mese

and
ana

Manv

That

services.

their

of

manv

nosition

a

is

ones

the

unfortunate
sorted

in

bv

ated

sorts

securities

issues

new

spectrum of securities

day and now their decline.
Inflation

antidote
by

firmed

two

as

con-

developpost-war
period,
major

securities

1Q58

l Q4fi tn

from

eauities

iSlationGas

to

the

in

ments
Trir«5t

for

pnthusiasm

Thp
an

an^

;

of

explosion

age" growth electric utilities

or

around 16-17 times with a yield
of around 4%. If the pessimistic

view is taken that there is neither
the prospect of any longer term
earnings improvement nor complete assurance of maintaining the
present ' dividend, such stocks
should sell to provide a current
yield of some premium over that
from bonds, say around 6%. Such
a yield for a company paying out

anywhere from two-thirds to
three-quarters of earnings, trans-

some.of the great traditional in-

strongly PosWoned Companies

"pie the all pervading powerful
dominance generally accorded it.

Southern Company, \

as

0n average

at 21 times

Outstanding examples of strongThe final category of stocks, for
^ positioned companies with which proper valuation is most

ferm earning! progress ,are seCg °rable

infla-

the

discount from the

multiples prevailing for the "aver-

and

■

In many cases the earnings multionarv forces suppressed during
tiple is the most significant ana+ha
spennd thpsharn unward
lytical factor. In ottier cases other
revision'of multiples between 1958 measures are more weighty. _
.
£nd 1961 where the multiples apAnd what are earnings? Should
plied to income stocks increased we Just take the accountants reabout 50% and the multiples ap- P?T!E as
sacrosanct. Should tlie
Wdthe

past

company's

standing that the earnings mul- and yield®ng 3.1%.' Finally, the Srowth prospects of 5% to 10%
tiple is only one ingredient in the < fastest growing electric utilities, Pfr annum may be found among
arsenal of analysis and tiiat it is with prospects for 8%-10% a year those--with marketing franchises
a mistake to ascribe to the mul- qj. possibly a little higher longconsumer items enjoying fav-

large were revalued to
reflect rising earnings and paralby

individual

Earnings Multiples . •
.year, such
us start °ff with the under- - are sening

"Waterloo"

Fears

some

23

frowth forecast, how far ahead lates' to a multiple of 10 to 12
generally anticipated future one- can.reasonably project, cap-,times. An average valuation begrowth rate. Those with average ability of financing the growth tween these two extremes is .a
;pr0spects of about 4%-5% a year without dilution, and the degree , multiple of about 14 times and
growth, such as Cleveland Elecimmunity to cyclical fluctua- a current yield of near 5%.
trie, are typically selling around ^10n.
This mature category includes

under-

matter of multiples and <(2) the

had

these

and

is

their

demand

avid

an

of

the4 choice

making

for all
particularly

the market in the vacuum ere-

on

.

standable, but he has not been
deprived of the facility/ ! Tbe investment dilemma revolves around two centers: (1) the

aoneared

comnanies

new

auasi-

beinc
iS

now
now

am
die

were

and

'

v,

talism is now functioning in an
economic world of excCss capacity
with shortages vanished and com- . « The shares of' electric utilities Parably growing utility in order
petition restored on* a domestic jwith growth prospects, having de- Jo be relatively more attractive,
and world-wide scale. The Inves-. dined in recent^ weeks, are now This can only be answered by
tor has the opportunity of seeking gelling between about 20 and 20 careful qualitative^udgment ,foout the attractive areas and the times estimates of this year's cussing on such things as the
flexibility to evacuate the unin-. earnings. The multiple for specif- chances of a new development
teresting. That he has difficulty ic stocks is clcsely related to the which might adversely affect the

1

tradition

o

!

"

fct

side at

capita expansion in demand siiould seU at a somewhat lower
lor their products; and ^multiple than the shares of an
(4) The potentially more dy- electric utility with about the
namic, smaller companies, where same anticipated rate of growth,
earnings progress, say over the The question is how much disnext 3-5 years, is anticipated at count in terms of multiple an inhigh rates but is much less pre- dustrial growth company's shares
dictable.
~
*4 should sell below that of a com-

•

,

benefiting from an appreciable greater uncertainties, these stocks

per

"

-L-JGl/kJVykJ xvyj-

Hlg

_

er

TOT*

f hp

(2899)

Financial Chronicle

(*

-I

,

W PVlP\XriT1 CF

The Commercial and

,

.

.

od aVerage about
yielding 2.4%.

difficult, is the smaller, less developed companies in new fields
with above average growth prom-

.ise (usually some new product or

per capita consumption technology) and/or where share
times and trends, such as the convenience of a market is being rapidly exfoods—General Foods/ Campbell panded through some novel dis•
-Soup, and Coca Cola; toiletries tributive (such as Korvette in

25

•

Potential Investment Return
and cosmetics—Procter & Gamble low mark-up retailing) or ether
How does the investment return-and Chesebrough; photography
approach. Often such companies
available from these electric util- Eastman Kodak; and cigarettes, have not yet developed normal
jties .compare with , the basic■ Vans cancer)
Reynolds Tobac- earning power, or may, indeed,
standard of 4V2% from a fixed ca. Also, the best retail merchan- not yet be profitable. In order to
plied to valid growth stocks insupplant tlm security analyst . ' prior obligation? - Obviously, if Risers such as Sears, ^textbook be interesting these companies
creased
about three-fold. While P*,COUj8e
JJ16 earnlogs have. current price-earnings multiples Publishers; aggressive banks in should, generally speaking, have
the
propensity for equities as to be adjusted where required and were maintained, assuming the |r°wing areas of the West and. the potential for growth at conir^7nCfrr.^nfc the earnings power has to be en- same muitinle and dividend nav- Southeast; and telephones.-These siderably greater than 15% a
war-

stocks sell in

visaged. To the reported
modern

with

economic

.

their

the

tween

inflationary
has

distinction

societies
bias, the

mass

be

to

be-

drawn

and

bias

inflationary

between inflation and fears of inflation. The
fears of inflation received
their

inflation

and

itself,

the "1962

in

Waterloo

steel

wage

and'the^steel
subsequent - thereto.

settlement of 2.44%

price

fiasco

Whatever the merits of the

argu-

ment, the public now has the im-

pression that inflation is not galloping
and that 4%
or
so
in
savings yields may be worth more
than a myth of numbers.
'

Worrisome

ments

all

as

adiust-

these

,

_

^

JSeiS&ic accu?acyU1S

tiples' th^ Promised overall re-> panies with 12V2% growth the*, penditures from $10 billion to
multiple can drop to two-thirds over $50 billion per annum, there
increasing-dividends received dur- the current multiple to still give-has been an energetic capitalism
bond
investment as against the^ing the holdinS perl°d plus pro--an 8% return
and three-fourthsrin this country. Defense and assoereater rggr^fiate
eturn" n an;:ceeds from the eventual sale of the current multiple in growth i*<. ciated spending ushered in thouLultv over thl years'to aprofes-: th^ shares) appears to be suffi--10% a year. For, instance, IBM/ sands 0f applied science com.fonaf' investor undisturbed by .ciently better to make electric now selling about 35 times cur- panies. Shortages and affluence
factors of time and taxes -HerLutiIlties an attractlv^ holding in rent;earnings, can be sold after; brought
into being many new

they could be catastrophic if they were taking place
sliding. Fortunately the out-

was

and services is on
ascending scale. It's true that
the earnings picture for 1962 is
somewhat lower than the annual

of goods

put
an

rate

the fourth

achieved^
quarier of
1961, but personal income
js- rising
and other , supporting
indices are satisfactory, so that
there

sufficient

is

GNP

the

substantially

will

vear

toher

risk

starts-turn (derived from the stream of;
on

pomnlirat#^

+n

thp

An in«titiitinn

.

a^^

and' ^ portfolio.-

pouation

c,,oh

?

^

be

no

the

bv

last

of

auarter

afthe

steady flow of investable funds,

0

end of

inVpctmpnt

.

^ GWklSSj'Saf* highS.JS-W chomeo^

years

-

mnHlnSS

over-

and

ave?IgL
Snr Ivfdi^v hrmrnht S the
f01/^5
averages, investor avidity brought to the
!2/2% a year, instead, the shares market - many privately owned
.

j

23 times companies and many industries
10 years hence earnings in order, new to public ownership. The enover!;>
«***■- «*• ^oked at in a - iarged world horizon created an
have somewhat different way, the fol-' interest in foreign companies. All

at l7 times

Svl
will

return

,

tlv®ly riskless^ fixed mepme Gbb"-fhp*"rpturn

lowing maximum current mul- this has resulted in a galaxy of
tiples can be sald to return 8% i

capitalistic enterprises numberin^ wep oyer 25,000 companies
almost 7% oer annum There was *
G^-.a^ CQuity, in whichxase-iv io tirnp-s thp return will have
then ..earnings.- quoted in the investor' markets of
fn^unreasonabSexpectancy "for the ultimate return must obvious-,)^^12 Umes,
42 times for a company whose- ?he United States. Of these, 5,800
an uorush in canital exnenditures
ly be hl«her t0 compensate for the- f/f" °"r sun wig my. earnings grow at 15% a year, 34 have 300 shareholders , or more,
Iven to raoitel exnendltoes^fli ^ The »<>»«« run inflationary:Pe WP ; .
( ;
times for 12%% a year growth,: and of these, 2,200 are listed, of
be nearly 10% higher than last t>'as plays its role where ultimate. Shares., ofthe/companies-that. and. 28 times for 10% a yean, which somewhat over half are on

than the first auarter of 1961; In

is/10%* if unchanged
11%'. if the eventual (multiple is

other words the increase has been

.

averages
fs% Inl'?
8%

npneinn-times, can .sustain per share
^ p
\ -earnings growth at 9% but is sold would have to be sold at
a

fund, thinking in terms of decades

1962

^growth

electric utility, now selling.around

-

Iverage ol1961bUUon anl ^ ^
that

:•

;t

< For, example, •,taking our three -J!a^a"^nd prides In
intrude^^ohppgs:.^, a rapid y growing .|uye®ertl^f P if g^wth

presumably operates. For thei

individual other elements

the

than

§ m

anv

available"

return

the Nativity of mathematics

that

evidence

this

for

the^

with

if

yardstick

The

business

where

of 18-25, year over the next 3-5 years and,

,

are,

under; conditions

range

a

consjdjrratlon must 1be given to the. Would equal the. earnings growth . times earnings..
in most cases, it would be hazardexccfcsiiveness or inadequacy of rate plus the" current dividend* Valuing . faster growing but ous to anticipate or predict bedepreciation, non-operating-, or* ield Qr ioV2%-12V2% for the'equally established and en-yond that time.
In this area,
uon/"ecUrring, items, expensesire- rapidly growing companies,.about trenched companies such as IBM, Proper evaluation of securities
*atod to the startup of new plapt, g%_io% for the moderate grow- Avon Products, Minnesota Mining, depends far more on antlytical
and the persistence of earnings ,ing e0mpanies an(j 8%-9% for the arld A. C. Nielsen requires a little - perception and foresight m judgderiving from rentals versus sale. average utility. Thus the reward more mathematics as well as ap- mg the potential and weighing
There is also the Tedupdancy ior ig from g0me 13A to 2% times the plication of the same critical quai- the chances^ of f^We %an the
deflciehcy of capita4. In the -last ;bon(J standard. The risk, of.course,atative judgments. Without going mere mathematical approach to
P.611.
casq ,?hare dilution is ;.asjde from . .file, possibility tnac. into the mathematics, the follow- multiples. In this chancy field,the
hkeiy- Only a lazy or unimagina- earnj[ngs forecasts do < not mate- ing rule of thumb applies: that for chance of imagination and mul^ve or umnspired analyst ignores^ riaiize,. is that these stocks may a; company with earnings growing r tiples overriding judgment is
a"d other factors,^which- gell
iower multiples in the fu- at 15% per annum an overall in- greatmeans that they are gen^ally-ture^How^ver? even in this event, vestment 'return of 8% will beSpectrum of Securities
i Snor ed and tn a tii gures are nanthe glares are held for a long obtained if at the end of 10 yearsDuring the war period and par^ed^ ,01^ conmved irom. enough peri0d, say 10 years> and ■■it is sold at-a multiple one-half ticularly follciwing the Korean
2
IV! J2
one shows for a decline in mul-* the current multiple; for com--War and the rise cf defense ex-

purchasing

power

maintain about 7% a year growth, growth.

has significance

)

• -

.

.

end °.f

a stocj5 is9®°Jd at
y®a^s for 20 times

the

New

York

Stock

Exchange.

corporate • structure. , of our
society strikes me as
roughly

/enditures

moving

'

Pr of its at New Highs
.

rn,

/

,

,

*1

„

,

-

anemia of the economy
renewals
amount

and

necessary

for

-of risk must return mote.
.

.

preventing/

additions

in

an

dynamism,

Yet

profits overall have already
had a breakthrough to new highs,

!i

.

,

,

...

our

common

purposes

let's

to

for

the

the

year

"

'm,-

avprag^

+ w

*

stbckr 'into' "four

•

/i\

•
m

+:

u-

u

r

traditional

industries

as

and.

apparent,as

during the eooch o£ shortages and
fhe wage-rpric^ • soiral. .Yet it is

here, but it is diffused. True capi-




^•

u

"if

'it'

1r

wnws

mum

--'r /
Thus, the longer term risks in
well situated electric utilities appear tG be. less im the possibility
of . future lower valuations than
in the accuracy of the.growth projection/** '
-• -

leaders operating in industrial or ."Now, if the median return in
other competitive markets,, which ^hese calculations for the utilities'
evidence - sustained growth »rates jg 8% from investment in electric
.ranging from that of the averager utilities -tips" at least should be
utility. up ta .the' phenomenal expected
from
otherr equities
near .15% of IBM;-'
;*
where the future is. less predict-

.

-

(3) The mature giants,

no

long-'" able.

Obviously,

because

, +

of

the

t

b

18 bound to be great

m

a

dozen

,

.

.

•

.
.

.

ft *

nf

laud

•, These are the old
"fd Hue
line, long
long eses-

® M ure Industr,es
tablished companies, many having
We come now to the matter of had their origins in , the activity

ir»d" "judging:: thevery-

n

i
and 4^%? resP,ect ye-

^

are

companies as was the case during
the
past dozen post-war years,
and it may not be

/

'ntilitv-

a

cate-;;Sr^JiJola

gories-

estipre-tax as

1962

a<?

divide-

Common Stock Categories
For

and

'41/0%

-

.

i +151C utl- .e8'r'• nicft De'
mated at $52 billion
cause ot tne superior assurance,
against the varying $40-$45 billion^. juration, and reguiantyjdi growth
annually for the period 1955-1961.
oy. tms inaustry, migntv
The
breakthrough in profits is SGrve as a standard in judging
substantial and it must be going o^r equities;
^
somewhere. It may not be going >
(2)
The established, growth
and

drop to 11 times ^
and the
still
return the same,
error
bond v •'
'/ 1

the equity commitment,; because, panies shares can

.

There^ !S profit
much,talk
and despair
squeeze and the

about the

half

dividend' "growth 5«dgment Which projects the layers or types of companies: :
here -run. The A
yield .cant be-min ' growth* rates. If these are applied
.(i) The great multi-billion dolJ?"^en a® par^.■ for tihe course andArnntn11 t^Pq: promiscuously to any company the' lar-corporations which have be-

welllnto^ 1963.

large, mature and burst following the

Civil War

companies, where future grow*
and then again around the time
-n Sales not much faster than that of World War I.. .We all know
0f the overall economy, about 3%these companies. They encompass
4% a year, can be envisaged and the railroads, the steels, autowhere it is debatable whether this mobiles, mass retailers, oils, cornWiii be translated into e q u a V munication,
the coppers, and
earnings growth.
Most of these, many manufacturers.
These are
companies' earnings are subject the great big companies characto some fluctuation with the gen-, terized by:
.
er»l business cycle or some other
A large number of stockcycle peculiar to their own busiholders, in many cases more
ness, which requires first that an
stockholders than employees;
attempt be -made -to normalize
Professional management
current .earnings from this standteams, echelons deep*
!
point. Here the limits on valuation .
Boards of directors usually
seem to be set on the optimistic
Continued on page &4

The Commercial and

Financial Chronicle

.

.

.

Thursday, June 21, 1962

(2900)

24

the Dow-Jones Averages are con¬

hand of

23

much

outstanding names
increasingly owning minor

culled from

A

and

negligible percentages of
outstanding. Such
tend
to
think of
themselves
as
trustees
and

or

directors

*

conservors,

doers
"•

and are no longer

creators..

or

companies, because of

The

-

size, must operate under
reaucratic procedure, and

a

Social

are

stabilize employ¬

to

them

upon

pressures

ment, and they proceed cautiously
in the development and unfoldment
of
their long-term plans.
Perhaps because of their gigantic
size and the dominance of their

position in their respective mar¬
kets, perhaps because many phases
of
their operations are mature,
their growth rate is more consis¬
tent with the growth of the coun¬
try

whole

a

as

The

thereto.

superior

than

upsurge

from

1946

put these in proper focus. There
always been the distinction
between the great and growing

has

1946-58

In all three,

related to
all sorts of
projections. The multiples should
be
higher than the traditional
multiples applicable over so long
a
period of time, because of the
governing nature of the financial
and
economic
background,
but
panies

policy, constitute the decisive
and have no qualms as to
of their profit

force,

they will be lower, than the care¬
figures which reached their

is the
private
capitalism.
There is bold exercise of intuition
this

category

broad

dividend

yield, is not the classical back¬
ground, nor is 30-50 times a sure¬
fire measure for all sorts of com¬

predatory pursuit
objectives.
In

crap

3% bond money and 6%

agerial ownership who determine

free

of

ferment

com¬

shots. The
period, characterized by
the

and

panies,

however, to a large extent the
public stockholders ride along on
the coattails of the dominant man¬
the

pedestrian

the

companies,

three types of ac¬
distinctive, they blend
one into the other and their bor¬
derlines are blurred.
A mark of
distinction might be the relative
are

degree of fragility.

September

We should try

to

(6) Wildcatters. A radical spec¬
ulation whether in corporate or

tivities

In

fatal.

prove

to multiples:

As

not too widespread.

are

height

or so ago.

a year

inflationary bias, the man-

The

•

of adventureand agility.
Risks are

the

presence

who

which must not be denigrated nor

tutions

dismissed, the growth rate here is

another

multiples: of

for

reason

one

or

times

30

say

for

a

large number of companies where

into

ventured

not

have

excellent growth rates can

be en¬
position of the
This entrepreneurial capitalism company is secure.-The growth
;
(2) Large size companies sellingy
.In, the marketior several hundred as distinguished from the organi-,; concept- has always had its im¬
zational
million dollars to a couple of bil¬
capitalism is of course portance to distinguish static com¬
riskier but, where successful, it,
lion." ^Many of these moved out of
panies from advancing ones'.
can
produce
spectacular rewards.
&V the private sphere in the' last few
IBM has been enjoying a high
decades and represent the corpomultiple for many a decade and
1
Industries With Good Growth
rate
organization of other, than
so
hhve" many 6therr companies'.;
Prospects
;
the heavy segment of our indus¬
The trpublq. does riot lie in the
The ^purpose of this discussion
trial structure. It is perhaps postheir

uninteresting.

»v y.

concession.
Here
should not
public stockholdings

a

period of short¬
aged economy, the mass nature of
someness
our society, and the strain on cur¬
ages the world over, gave them an
recognized
and
undertaken
with
rencies
the
world
over
arising
atmosphere of dynamism which in
the
aim
of
becoming
bigger, from the demands of the time, not
many cases
was temporary.
In
stronger,
and
finding
a firm posi¬ to
any event, whatever the bold and
speak of the continuing insti¬
tion
in
the
industrial structure
tutional requirements for securi¬
aggressive developments in one or
either
through growth or com¬
other of their many activities, the
ties, are new elements in the
bination. Ultimately many of them
financial ' economic
background.
impact has to be related to a
multi-billion dollar base. Hence,! may find safe harbor as divisions There is ample-justification for
with
a
number
of
exceptions of the great organizational insti¬

•

"Ufa.

the

and

to 1958, during a

m

or

usually

their private form.
bu¬
While these

to the
extent
that they
are
big, they
are subject to the threat of antitrustism.

concept

steel

fiasco, and the market readjust¬
ment which began last year and
culminated in the current break.
Uncomfortable as it has been, this

Ventures.
A grouping of
capital and management for the
exploration or exploitation of a
(5)

total shares

digest

the

shocks:

emotional

two

evidence.

in

We will have to

policies.

management-ownership

a

more

V..

basis of recent

to 735. On the

rose

levels, we have given back vir¬
tually the whole of the rise at¬
tributable to the fears and hopes
of
New
Frontier spending and

Investing Opportunities
Continued from page

to-575 and then

dipped

cerned,

Reviewing the Bases for

,:''V

areas.

visaged

the

and

'

.

,

<

•

•

,

as more

is

aggressive, not yet the full target
of government antipathy. A number are growing faster than the

to

sible to characterize them

whole. V; '
to smaller corpo¬
entities, say $50 million to a

economy as

(3)
rate

hundred

•

few

•

value.

r

a

.

Medium

million

in

market

Many of these are service
companies, many represent new
industries as far as the market

place is concerned but old in their
activity or history, and institu¬
tions in
their particular fields,
and not infrequently dominant in
their respective markets.
,•
•

•

three

These

layers
constitute
our
public corporate
capitalism. This democratic capi¬
talism distinguishes us from the
19th
century
private
bourgeois
family-owned personal capitalism.
The differentiating mark is in the
types

or

ownership as be¬
the man¬
agement, and the directors, and
the
necessity to go before the
stockholders at least annually to
justify their stewardship.
In brief, they constitute a cate¬
gory which we may consider as
separation

of

tween the stockholders,

the

organizational type of

corpo¬

rate entity. The very large

of

the

usual

classification,
division

diversification

features in
a portfolio,

of

I

19th century.

also

envisage the indivi¬
dual companies as falling in three
groups: enterprises, ventures, and
wildcatters.

(4)

In

what

be

called

enterprises, where the corporate
is fully in evidence, there

form

the

management are much
coincident and the driving




position

.

speculations

bad

or

whatever

of

storm

in the

of

the

never

the

Averages

,,

-

fluctua¬
and

the

stock market, there

been

a

greater number

corporate .opportunities

vest

con-.,

to

in¬

in, to speculate in, than there

is: at. present.

The

:

spectrum

of

securities is large. The chief-dif¬

There

ficulty is that there are so many
opportunities that, they become
bewildering, Let there be a profit.,
squeeze in /the. traditional areas.'
This does not detract, from the.
profit ; opportunities
elsewhere.!

food

The

are the utilities, the process
companies, the mass con¬
sumption and mass distribution
companies, education, life insur¬
ance, and so on.

In

the

the

other

of

but

there

be

They

have

as erroneous

in the conduct

aggressive common stock
portfolio as undue concentration.

venture

types

and wildcat

outfits in the guise that they were

important
that
but

they

neither

essence,

and

corporate entities
in
had all the trappings
the

has

contents

nor

the

many

accounts

diversification in

bers

of separate

true

diversification

num¬

holdings but not
as

to

invest¬

ment risk.

a

shift from

another

the

•

speculator

sterile

position

fertile;one. It is the function

investment

tions and
must
.

do

even

wildcats. What

is to educate

to be alert and

aware

our

we

clients

of the scope

The

proceedings of the

strength of the companies and
significance,
purpose
and
risks in the portfolio. Recommen¬
their

dations should

include the better

situated

institutional equities
along with the others in appro¬
priate proportions. While all port¬
folios have suffered, the hurt has
been greatest where the exuber¬

has been most reckless, and
these are
the
distortions which

may

I. B. A. to be held Sept. 11-12 and the
of

the

to

prove

be

well-nigh

ir¬

Municipal Bond

will be covered by

photographs,

the

one

Administration

market,

as

far

as

to

our

be

Chicago,

Club *>f

of the

following outing
Sept. 13-14,

representatives, who will take

published

in

a

special

pictorial

section.

Your advertisement in this special
your

section will identify

firm with the important municipal field and the

active Chicago markets.

reparable.

Nation-Wide Branch
Diversified

course

Municipal Conference

and

ARLINGTON, Va.

As to the market: In the
to

a

For further information contact Edwin L. Beck,
mercial

Conclusion

of

a

and

from

ance

led

portfolios astray. Frequently
was

investor
move

analysts to survey
the mosaic of many industries and
to
comprehend "analytically the
varying merits of companies
ranging from the great institutions
of the land to ventures, specula¬

their

an

other

of

associated

place in portfolios in appropriate
proportions. Avoidance may be
almost

to

unusual

must

risks.

greater

can

there is
gains

category

allurement

public

more

good

tions
has

ing and choosing one can find in
groups
1, 2, and 3 investments
where the appreciation potential
should be more than satisfactory,
and in some cases rates of growth
of 8%-15% per annum foreseeable
at
least for a period
of years.

sional

and

factor,
period-

Company was still untried.-

Finally,

preneurial type capitalistic com¬
panies. In the one there is a de¬
gree of safety or impregnability,
usually accompanied by a sedate
rate of growth. However, by pick¬

stockholders, profes¬
management, and directors,
but the ownership, the direction,

are

a

sarily a growth situation; and too

type capitalism and private entre¬

there

might

too short

I believe, the desir-.. have been
inappropriately
ability of allocating the portfolio
sidered growth situations.
as
between
public
institutional

In very recent years the plethora
of applied science companies and

expressed in the

mis-

good speculation is not neces¬

many

there is now,

inverse ratio to size.

as

A

growth

'either -the
on

or

companies

many

Where the fundamental

of the

of cyclical

degree

important

volatility,
the

the further,

or even

to

as

or

to

based

was

purely industrial

of

-Here

application
where

spectrum of securities. Quite aside

profits.
The
emphasis
of
one
against the other is probably in

True Capitalistic Enterprises

cqricjejpt buf its ajiplicatioh

as

the

therewith the recognition of much

The second broad category em¬
braces the true private capitalism

I

view

another

institu¬
companies have difficulty
in deciding between their public
responsibility to the general wel¬
fare and their private drive for
tional

,

didactic

much to be

so

indicate

from

v

.

not

opened

a

— Nation-Wide
Services,
Inc.
has
branch office
in the

Professional

Building, under the
management of R. Bruce Hull.

York'

&

Financial

7, N. Y.

Chronicle,

25

Park

Com¬

Place, New

(REctor 2-9570)—(Area Code 212)

Volume 195

Number 6170

The Commercial and Financial Chronicle

.

.

.

risk

A Bullish View

the

on

U.

in

(2901)

Steel—even

S.

under

but were dismissed by many
of those in Wall Street because
they had become more pessimistic

1959,
when it was considered a growth
stock and sold at 108, and pro-

.

vided

Continued from page 3

you

suggested by newly discovered
technical
relationships,

Pec* to be right more than 75%
to 80% of the time in my projee-

until and unless

tions of cyclical trends in either

to

the

study

had

we

batting

performance records
of at least two

chance

a

average

or

period

over a

three cycles.

or

As many of you know, my own
market

appraisals

matter

of

have

been

a

-record

over r a
long
Many of my artides have appeared in the Com-

period, of
mercial

years.

&

.

"Cycles,"

Financial

and

Chronicle,

other

in

publica-

tions; and I have been writing a
weekly commentary on the busi¬

might be right. I do not

quarter of

1953—I was considered

overly op¬
timistic when I spoke before the
New
York
Society
of Security
Analysts, and predicted an early
+1

xu„„

xi

—

reversal of the setback then under

advance to well above

way and an

the 1929 highs.
At

the

told

other

that

looking
AUUlVlllg

I

extreme,

decline
UCLlllJe

a
d

of
Ui

100 points in the Dow Industrials
when

I

spoke

before

nprahlp

nosition as
nerable position
as

o|Sio?q
of
1959

i

in

unrealistically

anticipated

the

stock

in face of

market

emphasis

on

December, and where stock
prices experienced substantial set-

on

backs during the early months of

at a
January

the year, may be of interest,
(These figures are only approxi-

or

1938

only 2Vz%
selling at more

within

Radio,

with

1939

chance

p..v

_z_

_

_

%

high -prices

while
while

term
term

example of
-

___

155

•121

—21.9

93

—rl8.4

—26.1%

165

181 "

162

275

256

limitations

lowing

policy.

many stocks were selling;
especially the complacency of

from

groups,

many

monev

8.8

190
201

nlentiful
plentiful

was

like

to

emphasize

,could heip reduce the risk of fu-

that

bankers

to

easy

money

The

1929

decline

did

start

rf

warned that

decline of 5% to 8% in the

averages

likely

was

during 1960
the previous

market

mar-

record of the stock market in elec¬

6%.

to

Was

-

:

_

-1-

The

_j.or.rr*

to have the Dow-Jones Corn-

pany

"split" its Industrial Average.

of

one

overlapping 10

year

a

three

our

ed,

cycles should

September

Decem-

and

oo+Kootr

+V>o

ir,

oovUtr

ror.

r.vr

,

+ V.o

t

any setback in the early months

of credit-tightening

the

by

myself in this
we did not fore¬

FRB,

were

billion

rates

banking

though

even

held down.

were

recent

when

re-

reduced by more than
money

The

more

readjustments
or
1946, 1953, 1957,
preceded by either

major

14-Month

(7)

.

T

-«

A

12

a

x:x..x

-^he

to

recent

in terms of the

readjustments

the

ag0s>

market

leaders

ratio

of

proclaim

aver-

in

,

,

10-to-l.

moves

If

during

in
a

that

the

stock

average

declined by 2 points, and that the

our

have

•

period when prices change rather
abruptly, the headlines were to

while the market*
date is only about six -

m0nths old

,

to

that

Index exaggerates point

.

Adjustment

Finally,

decline

people can get themadjust mentally to the
the widely used Dow

.

selves
fact

bear
.

by

a

a

ber, regardless of the extent of Very few
or.Tr

inflii—

1-point average rise or de¬
cline
in
the
thirty stocks that
make up this Index results in a
10-point change in the Average.

expected before sometime

between

their
„

xu;_

_

usim?

bv

As this Average is now constitut¬

the year.

1937

preceded

month period

during

$1.5
(and 1., include
group) was that

i.

nanics

ence

and the FRB rediscount rate was of the year.
increased

^^tDeVemtowe
a

:i._

j

Polaroid,

1957;
being a

years to the
"rule" that the hrnhs in the rnr"rule"
that the highs in the cur

not be

rates
20%,

Via++or_(froHo

ture

there have been very few excep■

fol- rent phase of

was

not

-F^v.

293

Reforming the DJIA

detail as
Another thought that I should
able
reasons
behind
the
very
like
COnvey is that I believe
strong implications of the Timing -the Custmers' Brokers Association

bear

a

speculators,
as to the price outuntil after'short-term money
XUq
V>
!ook for the better-grade, growth rose temporarily to a high of
IrvrYb-

157

6.9

—

+59.5%
+ 29.8
+27.9
+ 15.2
+ 24.1
+ 14.5

119

.

—10.5

—

Studies to which I refer, but 1

was

money

relatively

a

% Rise

158

prevent
my
to the prob-

going into

i

:

High
"

99

181

_

___ .

Time

would

had

never

at and the Federal Reserve

and

Sept.-Dec.

Decline

134

114,

_

1949

Monev

We have

_

___

1948

of

high in earnings

new

a

<

quent Low
:

in the low 20's,

excellent

an

year, is another
current good value.

a

—

1942

earnings
next
12

the

-

High

'

was

was

Subse¬

Quar¬

ter

1952

Collins

and

serves

in

the

below

Year

ago,

months.

which

widely publicized

my

the. yield

the

on

22%

and

low

recorded

was

1st

price

years

than 20 times the rate of

result of the
result
of the

a

a

the

again accused of

was

few

a

next

cracking down

date

reached

subsequent

steel industry was due in part to
the stock market's definitely vul- market in the usual sense of that tions in the past 80

group in the late summer of
and

when

the

with

contrast

reached

(3)

in

least
ICdbL

at
dl

in

57

and the stock

The intensity of the recent

(1)

726

was

The

a 29% rise :mate, since they were taken from
in
^ this Average to- reach
^ new charts rather than from original
highs for the year.. With this in data.)

market storm following President

Kennedy's

to

level

yield basis of 5%
kol and at

a

reaching

was

unrealistic

was

for
iUf

I

on

1963,
of

Vulnerable Market

the past eighteen years. On a few
occasions—as in the summer of

close

1962

3.

Thursday, June 14 at 563,

the equivalent of less than 8 times
the earnings likely to develop by

submit the following evidence:

to

Jan

on

ing territory—now that it is avail- peak. It would require
able

business activity or stock prices.
I also know from experience that
forecasts for any one to three
months' period are subject to a
much wider margin of error than
are longer-term projections based
on time-tested studies of economic
maladjustments and prices in reIation to values. : : In defense of my current optimistic point of view, I should like

and stock market outlook for

ness

ex¬

Timing Studies indicated that the
highs for the year would be seen
by sometime between September

The high close during the first

a

I think it is also

ent

clusions

of the years since 1937 when our

prices declined.

as

yield of less than 3%.
quite a differstory to buy a stock such as
Fibreboard—which enjoys excellent management and operates in
a growth industry within a grow-

Stock Market's Future

mind, the following record of all

year

in

conditions—than

current

25

D o w-J 0

been

n e s

.Industrial Average

also changed by the same number
tion years by the leading statisti¬
three years. (The 50% decline in 'of points, we could avoid one of
percussions once investors realized and 1960 were
cal -services." (My .own view in
jgjvj has covered a period of eight
the panic-creating influences
•late
1959 was
that evidence of
fed"cti.ons of ?1 billion or more months; Texas Instruments has * which helps to bring about violent
tightening credit by the FRB and
been declining since May, i960—-emotional swings, and therefore,
'rediscount rate to double thepre- : or for more'than two
the
adverse
indications
of ; our
year's; Pola- thin markets.
t
the price
at which- it _had sold Vious cyclical Tow, or both. Since
own .Timing
roid reached its peak in Septem-:
Studies were likely
As long as this Average is used
when
the

see

extent

the

of

market

re¬

bear

markets

of

going

for periods ranging up to

on

:

•to dominate the outlook until the
'

■" /
"V-'-Vv:. '-'V''
Recalls Last Prediction ^

+
j

:

.

/New7Y^^gn^^Tnt^r^t^lr^the
stock

>

earnings were <at

third

the. current

of

r ■;.

fall of 1960 )

market-

given1 hn Dec..
beforethe New? York
was

about one-^ the: bankingvsystem now has more
Most than
$400 million of excess re-

level.

-

•

...

_

-

.

-

.

STm
Jfinn
we

n Pne

;

appraisals

of, what

became

jx_

-

xt.

in

second year of each

decade,

<•

jt

aver-

age quotations will rise month by
month during the period immedi-

.

.

'

cpncb

common

sense

the

not

for

lows

recorded

?.

quarter-.''

the

the

\..yJ

■

:

.'
-

...

,

.

My

Offers Predictions
seem

"

;

own substitutes for a

now

sec-

-

.

ball

ovnori pnpp

and

i

experience

Proflt

IBM

at

believe

now

300

offers

that

,

lower

in

more
realistically in .-the
80's than it was two years

research

for

will

be

no

serious

at-

iu 1

xi

nx>o

U

„

new

and

better

~or even at 125 early

this year'

The
ine

C51
(0)

stock

-

extent
extent

market

of
oi

break

the
tne

was

recent
recent

unques-

in large measure
(even as admitted by the New
York Times) to the shattering of

tionably

due

f«ce.Ja,luar^ ami
ceeding last

years

htghs by

(2) The rank and file of stocks
*x; have suffered as a result of both

10%

rnoreparticu lar
the alrevaluation
of

•m

n
most

inevitable

Text rixt

next six

mZthT

The cyclical peaks for the
widely publicized averages
likely to be recorded by some.,

,

.

..

.

_

most
are

TreU
and

i

early

year

1963,

suspect that

many

of

you

feel

forecast calling for new
in
the
market
averages

any

highs
within

the

months

is

next

overly

six

to

eight
optimistic—and




t o£ the

ic. selling

the

on

blic when th

j
x

do

not

know

whether

xxxrvxw

vvxxv.(.lid

steel will do better
tbe

market

woujd

of the stock market, being
definitely downward next year.
I

ministration

learned a great deal
experience, and will
now literally bend over backward
cuiierem
unaae
to create
create a aiiierent
different image
image as
as rere¬
this

saw

as

a

or

U.

than

worse

whole

§.

over

the

as^re

gards: its attitude toward industry
—just as President Roosevelt went
out of his way to reassure busi¬
ness

the

after

not

veto

the

sharp

market

stock

breaks

unusually

there

numerous

greater

six

for

have

market

in

re-

merely divide previously pubrhshed.figures by 10 in order to

its influence to

to

tendency

.

,

;j

x

i

_

.

.

.1.

_x

t_

Timing—which
actual

we

in

have tested in

practice for more than 30
us

that the odds

are

higher ratios to earnings

able

on

a

at

that it is avail-

least 5-to-l.that the highs touched
in the" first -quarter of this year

basis

will

any

now

yield

suggestion to
of

more

Average figures are adjusted to a
basis which would not be so mis-

leading to the public.

^^

on

growlng

basicallyf

a

realization

^versified
heher

of
likely

group

stocks yielding 3% or 4% is

jr+nr/miTt^he

that'

TnnV te^m

be

exceeded

by

x

o

i

"

?
•

x-

Investment Selection Advice
In closing 1 want to stress the
fac{.

outlook for the
a

wh0le is

only

mar-

of the

one

considerations which should enter

prior

This expectation is based.

to

x

T

as

decisions

wkaf.

prices

ohnnld

he

as

to

when

I

am

at

stocks

Thi<? i<?

sc^d b^in hiriS
^kets
marxets.

and

individual

nnrrhac;ed

psne-

selective

confident that

equi-

i am connaeni tnat equiof well-managed companies

out ito De oeuer long-term ties
i! fftotoe
' bot^lt at tostoncally reasonaole

™

ceives in addition to his dividends

proportionate interest in earn¬
ings reinvested in the company.
Cto the basis of fundamentals, as

^ p^tTiSin8toe ifSt
twelve

a

j

x

.

_

opposed to tradition

or

theory, it

prove
even

months

will

generally

to
be wise
investments,
though it may take many

for the high multiple priceearnings ratio issues to get more

years

^ould thereJorf make, more sense {han'halfway backto""their "pret compare stock "earnings' yields"
npaks
Hh
^ond
ield
rather
than vious peaks.
dividend

interest

returns

with

long-term

I

do

not believe

York

„

or

talk by
of

Mr. Gaubis, before the As¬
Customers'
Brokers,
New

City, June

18,

1962.

it would be of

great interest to state at this
time why I feel that an important
peak in the stock market cycle
may be recorded by late this year
any

*A

sociation

rates.

Berney Perry Office

_

early in 1963. This is

MONTGOMERY, Ala.

—

Berney

Perry
&
Company,
Inc.
has
opened a branch office in the Bell
a subject BUjidmg, under the management
discussed, 0£ jjenry M. Ufford, Jr.

which might better be
after we see how things work out
in the interim. For one thing, the
than 6%, and would still provide
between September and Decern- manner in which we handle our
a yield
of better than 4% if the* ber. Similar indications were giv- gold problem over the next six
dividend were reduced to $2 a en by these studies on eight occa- months will have a major bearing
share
during the next business sions in the past 25 years when on the stock market outlook durrecession.
There is certainly less prices
were
weak early in the ing 1963.
-

buy ^jg stock

see that the widely
quoted Dow-Jones Industrial

.

in

April, 1936
and again in May,, 1940.
(6) Our studies of stock market

•?I It,16 next six months, but I certainly years—tell
the

with

trend

that

iiquidation-of the glamour

lyand if

g

touted growth issues.

(3)
,

forced

Prices melt away for the widely

ebM
eight months.

to

the-board basis. I believe the Ad¬

from

Good Buys

been

only

stock

than they did in the period

stock was selling at 240 in 1960

(2) The Dow-Jones Industrials
likely to shortly regain all of

the

in

rents

to sell at

ages

are

downward

excellent that stocks will continue

lows, for the vast majority
of stocks and for the leading aver,

in?

^

products; while Texas Instruments confidence by the way President
aL^°W,60 haf,.Sfisf?.ctOTy
Kennedy, handled .the abortive
sibilities for capital gains, in con- and poorly-timed efforts of U. S.
trast to the situation when this steel to raise prices on an across-

(1) We have probably seen this
year's lows or at least the approx-

thermometer of the

as a

stroy the continuity of long-term
studies does not hold water at this
time because a 10-for-l split

market averages have been work-

to

President Kennedy's Lesson

crystal* ago at 240—especially in light of
continuous progress being made

imate

widely

so

ago;

Steel', market, the

significant than the fact that the

reasonable

values; Polaroid certainly is priced

much

;

+•

+ ;

ton.

to warrant the fol-

lowing conclusions:

months

21

or

—

the
me
v.
old

standby, U. S.
has
downtrend
has. been-in
been in a
a" downtrend
wiinc

.

,

However,; I

year

until the

•••.-

1960

whi'le

balance the budget in hold back purchases from time to
...in
1963, even though this will not be time and to switch from one stock
a'Congressional election year. In to another rather than to mate-'
the past, there has been a high rially
reduce
total positions ink
degree
of
correlation
between equities.?
turning points in business and a
T
1T1pr.xinn
switch-over from deficit spending +*
Ts. P ^
L%
that I believe
the probabilities are.
to a balanced budget in Washingtempt

suggested that the risks in these
issues , from a one or two year
P°int of ^iew were much greater

,

were

ond

since

Possibilities, as
judged by any time-tested formuoverlapping 10 year-Timing lac.
' ; .
- " .
,■
;

I cycles),

;

bnmmnn

ately ahead. In both 1932 and -.942
(comparable periods in one of our"
three

.

very
popular,
'
onrl

so

.

spending
is
increasing
than diminishing. I see no

there

that
*1

+

,

tarv considerations, weshould not

nite

tendency to advance during
the first eight to 10 months of the

.

-

(4) In addition to direct mone-

we

buying levels and cyclical price deficit
objectives for some 250 stocks. We rather

1962 .and-'

--

-equities. '

monthly reports,

our

make

quite
possibly into the early months of

fall- of

—

?icitinf lo?£s'
poj Save the compiled'by Bolton4-" Tremblay*? time to time for the short-sighted
£asl-s
ihV(?ownwarlsplrax* *nthe over-all adjustment is now 14 ; reason that this stimulates activity.
business that. is normally antici- months old. The"duration of these .The argument that splitting or
pat<^- hy a cycllcal downturn, in declines would appear to be more adjusting this Average would de-

fr

considered cheap at any price.

■

the

— t.. —

.

emphasised this conclusions "The
1 trend of the'sfock 'market is likplv
until

t

.

,

-12, 1961,
Chapter of the Foundation for the
/Study, or Cycles.In that talk, I

•

ber

exaggerated implicamortsince
w! serves,
serves' and
and since
sinc.e money
money for
for mortsince tions
tions of
of daily
daily swings
swings in
in prices
prices can
can
that a large proportion of these
+w
*
--- only if there is a degage purposes is. so plentiful x„_x
that August 1959.) * As measured by- be justified
glamour stocks were being held the savings banks "are again sothe T weekly'• "Breadth"
indexes' sire to mislead the public from
—-

.

a

sometime

.

uxctllSM

w

Now Natale Lipsig
The

firm

name

of

Natale, Miller

&

Co., Inc., 55 Broadway, New
York City, has been changed to

Natale, Lipsig & Gary, Inc.

26

The Commercial and Financial Chronicle

(2902)
I

As We See It

'

■

has

There

was

a

when

time

we

least it would not be well to
take

of

little of the steam out

a

booms

these

in

order

to

prevent the development of a

depression

or

at least reduce

that many of us would con¬
sider additional leisure more

important than some of the
material things that could be
produced with greater effort.
That "Population Explosion"
One of the rather

its

strange
severity. There are no such
thoughts and no such worry facts in this whole business is
the
now in official quarters so far
tendency in so many
as can be discerned.
q u a r t e r s — indeed in just
This new theory of business about all quarter s where
much is said on the subject—
manipulation has certain
other important differences to view the so-called popula¬
from those of classic design. tion explosion as posing
a
Apparently what is upper¬ problem—its chief problem—
most in the minds of the busi¬

manipulators in Wash¬
ington and elsewhere in
political circles is not the pro¬
duction of goods needed by
the people and thus preven¬
tion of distress or suffering,
but rather the provision of
more
jobs and the attainment
of "full employment" as the
expression goes. The distinc¬
tion is quite real and cer¬
tainly, not without signifi¬
ness

cance.

The concentration upon

stimulating
without

employment

doubt

at least responsible for

part

the apparent
in

i s
substantial

in

what

is

in

the

form

m o r e

of

of

threat

a

unemployment.

One

would suppose that the main

question would be whether
sufficient goods and services
of the right kind would be
produced to meet the needs of
this

rapidly growing popula¬

tion—not

whether

the

our

addi¬

popula¬

tion could find any

productive
way to keep themselves busy.
Of course, this increase in the
number of mouths to

be fed

could

increase

hardly fail to

demand

for

many

lack of interest types of goods and services—
being produced. and, naturally, also supply

Success of any or all of these

the hands to produce them. If
this kind of solid
growth

appears, so far as
does not in fact occur of its
production is concerned, to
turn upon the size of what has own accord, the cause will be
found in public policies which
become
known
as
GNP,
in one
way or another pre¬
roughly the total output of
vent it.
goods and services — without

programs

if

This

any

may

or

may

not

be

merely one of those * over¬
simplifications which are re¬
garded as essential in the

for

Federal Government.
need

to

ernment

gain

fortunate consequences.
There is, of course,

them to "grow
faster"—such is the gist of
most proposals. There is some

no

admission

be it leads to quite

may

un¬

obviously

reason

down
as

why we should fall
and worship "growth"

such and still less that

we

should feel that any particu¬
lar rate of growth is essential.

Artificially stimulated growth
well lead to wasteful

can

of
;

natural

are,

use

which

resources

by the Administra¬

tion that
now

the

taking

Government

Public

more

from

in

this

fortunate

coun¬

is

indication that any seri¬
effort is under
way to re¬

no

ous

duce the

requirements of the

therefore all but certain

try. What
tion

to create

course,
ours.

the defense of what is

The

notion

needs will grow
at some

that

these

in the future

presently determina¬

ble rate is

unrealistic to say
more unrealis¬

the least. Still

tic is the idea that these needs
will

necessarily

be

re¬

ductions and tax concessions
seem

we need is producadequate to meet the
-needs of us all,
including, of

the

in

a

companies

Commonwealth

of

Stanley

York
City,
underwriting
managing, is

&

Co.,

New
that
an

announces

July 1, 1982. The bonds

priced at 97Vi% and accrued
to
yield approximately
5.71% to maturity.
AAA.
bonds

to

redemption

bonds

able

Or?

under

1962-63

be

are

already
running far too high. "Ade¬
quate rates
wholesome
duced
more

by
of

of growth" of
sort

are

putting

our

not

more

a

in¬

and

economy on the

Nor
does
the
by
President's
any particular change in the frequent
suggestion that the
total of all goods and services* cash
budget rather than the
produced. And it is quite pos¬ administrative
budget be em¬

sible

—

indeed

there




met

is

evi-

ployed in judging the situa¬

of the

one

last

3%;

of

1961.

Last

area con¬

tures

and

most

31%

impor¬

of

to repay
sale of common

pated for
of

debentures

and

commercial.

^

has shown

company

1960. Despite

2,

stock equity (includ¬
ing the $1.40 dividend preference
common stock) 35%.

good

The company's record of share
was
somewhat
earnings
disap¬
pointing during the period 1952-59
but has shown

of

"flow

September)

per

share

but

by

The

added

company

27,000

new

22,000

-new

some

customers.

gas

and

the

Some

winter

severe

'

c

to

the

11%

Business

7%

of the U. S.
Administration.

to

has

Wilshire

Boulevard.

Mr.

K.

Winters

V-

Clintick
with

have

sen was

become

Boulevard.
Mr.

$9.7

these

in share

two

earn¬

factors

of

share, it is estimated.
earnings
increased
to

a

1961.

rose

to

5.4%;

and

the

to

6.2%; As the result
improved earnings the dividend

rate

stock this year has sold in

1961

of

reported

-

in

the

previous

nearly

year.

ratio

year.

•.

a

4%

and

a-

(using :the

16.;

;

•

price-earnings

$3.50

mer.

for

•

(Special to The Financial
Chronicle)

PORTLAND,

substantial amount of

Ore.

—

Norman

become

'a;
L.

connected
&

Co., Cas¬
A

/

a

A

400,000

kw

unit

Hudson Station is

new

estimate)

V"

•..

With Donald Sloan

;

year ago, and a new 342,-'
000 kw unit at Sewaren is sched-'
uled to go into service this sum-.'

ANGELES, Calif. — Gordon
R. Ludwig has joined the staff of
Shearson, Hammill & Co., Inc.,

range

and

LinscottAhas

about

a

69-49y2

(last year about 71-43)
closed at 56 on June 15. The
a/net- latter
price reflects a yield of

Coordinated

generating capacity: a second
with Donald C. Sloan
320,000 kw unit at Mercer Gener-.
cade Building.
ating Station was placed in service

(Special to The Financial Chronicle)

service

in

atJ the

With Bache & Co.
•

"

(Special to The Financial Chronicle)

BEVERLY

scheduled

Axelrod

1965, which would

HILLS, Calif.—Ellis A.

has

become

affiliated

with Bache &

Co., 445 North Roxcapacity to over bury Drive. He was formerly with
4.5 million
kw, an increase of 30%' V. K. Osborne & Sons, Inc.
over
1960. Also, the
company is
negotiating for the use of oneJoins
raise

was

formerly with Dean Witter & Co.

Richmond Securities Opens
STATEN

:

new

LOS

He

of

$858,000 compared with

in the previous

installing

was

Shearson, Hammill

3324 Wilshire Boulevard.

from

return

Public Service E. & G. has been

Lynch, Pierce, FenSmith Incorporated.
/

Joins

ex¬

1961, although $633,000 had been*,
paid

Merrill

&

In

of

$3.3
million
j'■ -;
A .
company obtained a
and

$2.70, and rate of return
1961 $3.21 was earned

company
did not pay any of
dividend to the parent
company in1

Michel-

McClintick

income

net

I960

in

The

Mc-

connected

Mr.

in

$1,211,000

Roland
E.

Service

income of

formerly with Glore, ForCo.

&

with
ner

—

James

Public

*

Hayden, Stone & Co., Inc., 611

Wilshire
gan

Calif.

and

ings

consumption of electricity and gas.
Transit

Hayden, Stone

ANGELES,

or¬

A rA\

nearly $1

off-peak'

underwriting-syndicate de¬

Michelsen

are

Commission

was raised from
$1.80 in 1959
compared with 66% last" year (the *
to the present rate of
$2.20, and
have mixed gas). .Addi-.
some
further increase later this
tional supplies of natural gas are:
year would seem a possibility..
now being
obtained, and gas serv-'
ice
is
being extended to 1 new .Public Service reported earn¬
ings per share in the first quarter
municipalities. The company
is'
also promoting the installation of4 of 1962 of $1,43 compared with
gas air-conditioning equipment by $1.29 in the first quarter of 1961,
a gain of
11%; a similar gain for
large customers. New promotional
the entire year 1562 would
rates for both electricity and
mean
gas
earnings
in.
excess
of $3.50. The
are
helping to increase

Staff

(Special to The Financial Chronicle)

LOS

customers

de¬

balance

partments.

Two With

of

in

in

Thus,.the

and

gas,

stock,

had

of

combined increase

rate--

natural gas by the end of this
year

formerly with Adams & Co.

was

natural

the

use

in 1961.

pected to be served with straight

Small

become
associated
with Raymond Moore &
Co., 9465

in the

to

70%

over

HILLS, Cal.—Herman

Winters

increase

of over
9%! for

years

the

million

electricity and
Progress is being made with

conversion

(Special to The Financial Chronicle)

BEVERLY

growth

few

for

gas.

Raymond Moore Adds
.Winters

annual

next

time,

.

The company expects sales gains'
continue and has projected athe

return

and

."flow through"
accounting which resulted in ah

gains over 1960, due in part to the
great diversity of light industry in

compound

the

on

$1.93

and
$3,502,900 in gas
effective Nov. 2. At the

revenues,

gain

the company's service area.

over

and

common

mission granted the eompany rate
increases of $6,492,300 in electric

Consulting Firm

to

the

1959

revenues

January and February

contributed

property,

on

share earnings
had increased only to $2.27. In
1960 the New Jersey State Com¬

heating installations
(including conver¬

added

net

clined to 5.1%

electric customers and

weather in

formerly

through"

year^end

same

was

in part
adoption
accounting. In

1952 the company earned 6.1%

good ; airAugust and
increased
8%
over

in
gas
sales. Industrial sales of
both electricity and gas showed dered

Harvey

sharp improvement

in the past two years due
to rate increases and the

the nation¬

A.D.Harvey Opens

Mr.

16%, making a total
56%; preferred stock 9%;

common

(aided
by
conditioning sales in

also

City.

antici¬

capital structure was as
follows: Mortgage bonds 40% and

were

tial and

17%

stock„ is

time. At the end

some

1961

debt of

sions)

program.

sold, $25 million
proceeds being used
bank loans. No further
were

the bond

of

electric

revenues

years

year $50 43/i% deben¬
900,000 shares of com¬

stock

mon

sec¬

residential

year,

gas

■

$120 million, slightly less than in

larger

only 9% industrial, 74% residen¬

27,000 " gas

cuff.

Just Watch the Debt

Jersey, the

contributed

were

the. government's

borrowing

the

a

tures

adjacent to New York City
Philadelphia. Industrial busi¬

1960.

applied
towards capital expenditures to be
financed

of

tant industrial and residential

output

1,

*

will

cities of New

stituting

population

a

some

Colum¬

of

1957-61 and construction expendi¬
for 1962 are estimated at

The

activity
1961, kwh

the bonds will be pay¬
U. S. currency.

Proceeds

serves

in

the District

and

$690 million during the five

ac¬

wide letdown in business
in the first quarter of

on

in

company

4,835,000

Nov.

for

July

contributed

include

to

grown

Gross additions to plant totaled

the partial effect of rate
increases which became effective

1972, range from 101 %% to the
principal amount. Principal and
interest

states

cluded

is

prices

after

and

on

were

has

bia, the combined grid having
capacity of 15.8 million kw.

growth, with revenues more than
doubling since 1952. In 1961 reve¬
nues gained over 9%
but this in¬

retire 100% of the issue. The sink¬

Regular

revenues

1924. Now the inter¬

as

12 investor-owned utilities in four

1961

35%.

The

July 1 thereafter to and
including Jan. 1, 1982 which, to¬
gether with a payment of $845,000
on
July, 1982, are calculated to

price

In

system east of the Rockies

far back

connection

con¬

35%, commercial 31% and miscel¬

payments of $833,000 be¬
1, 1965 and before each

redemption

of

gas

laneous

fore Jan.

fund
100%.

as

of $59 mil¬

revenues

company).

65%

revenues

July

ing

nection

Coordinated

electricity

ness

1,
1972
except
through operation of the sinking
fund
which provides for
semi¬
annual

initiated the first major intercon¬

revenues

counted for by sales of

and

redeemable

not

are

is

utility

while

tion

interest

The

annual

Service

parent

about

are

prior

Public

the

group which
it is
offering for public
sale an issue of $30,000,000 Com¬
monwealth; of
Australia
5J/2%
bonds due

Gas

lion (earnings of the bus company
are not consolidated with those of

Bonds Offered
Morgan

with

Transit with

Of Australia

&

$430 million; it also

over

trols

dangerous increase

deficits which

Service Electric

of the largest operating

one

is

economy than is wholesome
at times like these—but there

after all, not inexhaustible Federal Government. Tax

even

'

persuade

Public Service Electric & Gas, Company

idea of

an

what the net of all this is.

the

OWEN ELY

only study the level of

Investment,

good. Re¬
Regardless of
presentation to the great rank expenditures, special tax con¬
and file of notions and con¬ cessions here and there, subs i d i e s
(or the equivalent)
cepts which are inherently
somewhat complicated and offered to this, that, or the
other group in the
economy to
difficult, but however t hat

Thursday, June 21, 1962

BY

the debt of the national gov¬

do

duction ill taxes

.

One

chief of the New York region and
a former director of the
Office of

harm than

.

.

•

long been employed by
who would
apologize
the extravagance of the

present time, are of the cheap
variety, certain in the end to
more

■'

1

Of

What is really disturbing
regard for the
-composition of the goods and about the situation as it is
Alexander
D.
Harvey has
an¬
services produced to make up now unfolding is the fact that
nounced the establishment of a
/the total. Meanwhile, more ways and means for influenc¬ consulting service, Alexander D.
employment is a sine qua non ing the economy, chosen by Harvey & Associates, with offices
the powers that be at the at 310 East 45th Street, New York
of success,.

.much

'

'

those

bodies to be housed and

clothed

■

device that

a

Jan. 1 and

tional elements in

and

this is

course,

the

often wondered if at times at

•••'

tion offer encouragement.
Continued from page 1

proposals being dence of it already in re¬
brought forward are plainly peated demands for shorter
designed for that purpose. and shorter hours of work—
of

some

;

installed

Granbery, Marache

half of the
pumped-storage peak¬
SAN FRANCISCO, Calif. —John
ing station which Jersey Central'
H. Hemingway has .become assoP. &
L. plans to * construct
for
ciated with Granbery, Marache &
operation in 1965.
A
'• ;

ISLAND, N. Y.Richmond

Securities Corporation has opened
offices at 25 Hyatt Street to en¬

.

gage in a securities business. Offi¬

Co., 120 Montgomery Street. He
Nigro, President;
Public Service has pioneered in
D.
Nigro, Treasurer; and establishing interconnected facili¬ was formerly with Merrill Lynch,
Nigro, Secretary.
ties with other systems, having Pierce,'Fenner & Smith inc.

cers are

Peter
C. A.

Peter P.

.

.

..

.

Volume

195

Number 6170

.

The Commercial and Financial Chronicle

.

.

Indications of Current
Business Activity
AMERICAN IRON AND STEEL INSTITUTE:
Indicated

steel

Equivalent
Steel

-

Crude
42

and

gallons

Kerosene output

(bbls.)

fuel

fuel

(bbls.

average

;

I-'-,,

oil

output
output

-

(bbls.)__!__
(bbls.)—.2

fuel

oil

Residual fuel

oil

1,587,000

at_

(bbls.)

freight loaded

(number-of

8

7,196,960

7,218,060

8

8,526,000

June

8

30,632,000

June

8

2,558,000

Total

U.

S.

Private

construction—

and

OUTPUT

5,103,000

,—June

196,204,000

107,717,000

192,032,000
♦26,883,000
♦102,959,000

9^,621,000

99,712,000

42,906,000

41,662,000

40,822,000

45,149,000

8

191,995,000

-June

8

28,149,000

—-June

8

(no.

S.

June

8

9

of cars)—June

OF

.%

j

June 14

i

FAILURES
BKAD

(COMMERCIAL

STREET,

'

."478,836

$478,000,000
213,300,000

June 14

264,700,000
195,600,000

June 14

69,100,000

June

9

June

9

530,829

583,925

479,171

517,846

$486,600,000
299,300,000
187,300,000
151,000,000
36,300,000

8,615,000,

IRON AGE

steel

iron

Pig

(per

METAL PRICES

Electrolytic

DUN

ton)_

M.

J.

Zinc

.

Aluminum

:

at

MOODY'S

(New

213, 905,000

exchange—_i—___^__.—.——*
Based on goods stored and shipped between
foreign countries
1——
—;—

96,102,000

73,887,000

73 943,000

854,804,000

855,370,000

651,015,000

warehouse

$403,400,000

183,100,000

184,400,000

215,400,000

219,000,000

175,000,000

156,600,000

40,400,000

62,400,000

at

York)

at__

BOND PRICES

:

_

DAILY

31:

Domestic

Total

—

BUSINESS

—

$2,344,825,000$2,392,029,000$2,203,000,000

-

FAILURES—DUN

7,

8,165,000

Wholesale

8,366,000

263,000

152

137

Retail

353,000

169

15,991,000

15,876,000

354

306

.;

BRADSTREET

&

number

——

number

service

229

200

146

145

lo7

664

767

731

237

273

255

102

119

123

1,378
$29,659,000

1,504

1,545

$49,677,000

$18,944,000

—-—.——

number—

329

351

6.196c

June 11

6.196c

6.196c

6.196c

June 11

$66.44

$66.44

$66.44

June 11

$66.44

$24.50

$24.50

$26.17

$37.83

liabilities—

liabilities

Total

——

liabilities
service

of

(BUREAU

269

30.600c

30.600c

30.625c

28.575c

28.625c

28.500c

28.825c

9.500c

9.500c

9.500C

11.000c

9.300c

To

North

9.300c

9.300c

10.800c

To

Europe.(net

To

South

To

Asia

June 13

12.000c

12.000c

12.000c

June 13

12.000c

11.500c

11.500c

11.500c

11.500c

June 13

24 000c

24.000c

24.000c

June 13

26.000c

113.625c

115.000c

116.125c

112.750c

U. S. exports

(net

OF

10,437,000

10,791,000

27,569,000

31,691.000

24,776,000

15,798,000

24,586,000

8,270,000

5,440,000

19,162,000
6,798,000

$91,512,000

$121,831,000

$80,471,000

MINES)—

of Pennsylvania anthracite

tons)-

—

Central

and

(net

America

(net

tons)-

America

COMMERCIAL

AVERAGES:

1'—

10,216,000

April:

30.600c

June 13

June 13

liabilities

liabilities

June 13

June 13

—„——

liabilities

Construction

V..1"*

——

—

Manufacturing

15,345,000

Retail

•

—

1—

—

number—

151

16,008,000

,

864, 308,000

INC.—Month of May:

Month

(primary pig, 99.5% ) at

tin

142,583,000

OUT¬

BANK

RESERVE

of May

shipments——.—ul_-.

COAL EXPORTS

—

at

(East St. Louis)

121,658,000

ACCEPTANCES

YORK—As

Dollar

copper—

(delivered)

Straits

593,31.6
487,560

QUOTATIONS):

refinery at
refinery at
Lead (New York) at
tZinc

20 881,000

eredits—Ji.—__

396

—f——-

Domestic

Wholesale

;

Export

(St. Louis)

15,734,000

DOLLAR

NEW

OF

Commercial
9

June 14

Domestic

Lead

23,247,000

by

transport

tons)——

(in

Commercial

ton)

&

$478,502,000
825,953.000

$378, 948,000

787,084,000

ASSOCIATION, INC.—

freight

STANDING—FEDERAL

28,594,000

PRICES:

gross

(E.

$461,930,000

194,230,000

&

(per lb.)

(per gross

Scrap steel

—

,

COMPOSITE

Finished

>•

..

'

$398,500,000

♦7,555,000
263,000

303,000

June 16

f

INDUSTRIAL)

144,637

6,542,118

carriers

173,659

March:

general

Total number

AND

Ago

6,449,744

of

Construction
June

INC

Year

Month

7,365,294

TRUCKING

Month

RESERVE

SYSTEM—1947-49 AVERAGE—100_.

*•

Previous

Month

5,893,000

24,484,000

EDISON

ELECTRIC INSTITUTE:
Electric output (in 000 kwh,).

Latest

266,389

Manufacturing number

INDEX—FEDERAL

of that date:

177,425
170,736

Intercity

MINES):

—

SALES

•

June 14

coal and lignite (tons)
Pennsylvania anthracite (tons)

DEPARTMENT STORE

either for the

154,529

BANKERS'

581,336

jUne 14
;

.

;

BUREAU

are

are as

OF MINES)—

(BUREAU

AMERICAN

f

„

municipal

(U.

,.12,434,000

5,591,000

Bituminous

-

-

,12,762,000
5,151,000

13,521,000

Federal
COAL

2,360,000

»

____

1

construction

State

2,336,000

7,057,510

J.

cars)—-wi..—...June

connections

8,172,000

29,586,000

of quotations,

cases

aluminum in the U. S.
(in short tons)—Month of April
Stocks of aluminum (short-tons) end of Apr.

;

construction-

Public

"

7,259,510
7,999,000

in

or,

Production of primary

2,037,000

28,419,000

date,

ALUMINUM

CONSTRUCTION—ENGINEERING

.NEWS-RECORD:
-

1,662,000

8

;

—

-Revenue freight-received from

CIVIL ENGINEERING

70.0

production and other figures for the

cover

Dates shown in first column

lines—

_

at_i.

Juno

,

r

1,580,000

June

—June.

—i—.—

——

(bbls.)

ASSOCIATION OF AMERICAN RAILROADS:
Revenue

Ago
57.0

8

L

__

—Ti

—

..

Year

Ago

54.0

June

-—,

——,

(bbls.)' at—

Distillate

Month

Week

54.5

♦8,614,000
30,477,000
2,497,000
13,420,000

,

—

oil

(bbls.)

average

Stocks at refineries, bulk terminals, in
transit, in pipe
*"
Finished gasoline (bbls.) at
Kerosene

Prevlous

Week

that

on

of

;

stills—daily
(bbls.)

Residual

month ended

or

Latest
June 16
June 16

output—daily

each)_

output

Distillate

week

month available.

or

INSTITUTE:

condensate

to

runs

Gasoline

following statistical tabulations

latest week

to—

PETROLEUM

oil

Crude

<•

(per cent capacity)

ingots and castings (net tons)

AMERICAN

?

operations

The

27

(2903)

177,649

42,610

45,109

6,935

131,005

457

1,535

tons)

(net

53,352

tons)
——

tons)

11,768
10,2

5

904

3,350

PAPER

OUTSTANDING—FED¬

"
*

U. S.

Government Bonds

Average

corporate

—

Aaa

r-:~

T

ERAL RESERVE BOARD OF NEW YORK—

June 19

88.85

89.54

89.08

June 19

87.06

87.59'u"^

87.72

87.86

87.05

June 19

91.91

91.91

91.91

91.19

89.78

89.78

90.06

87.32

v

Public

Group——j———

Utilities

Industrials

-

Group_

._

Group—

MOODY'S BOND YIELD DAILY AVERAGES:
U.

S.

Government

Average

„•

(

—.—.

.—^

84.04

84.55

84.30

89.37

89.37

89.09

June 19

88.54

89.64

89.64

90.06

88.27

Group

_

——

,

_

—

3.82

3.73

3.79

June 19

3.94

4.59

4.58

4.57

4.63

Industrials

"MOODY'S

COMMODITY

NATIONAL
Orders

4.28

4.43

4.43

4.41

4.61

4.61

4.6I

received

(tons)

4.46

June 19

4.48

4.52

4.44

4.44

4.41

4.54

371.0

364.5

368.6

366.4

•

,

.__

June

9

379,243

June

9

345,766

337,569
335,045

9

94

91

9

496,282

460,264

June

—

June

——

.

OIL, PAINT AND DRUG REPORTER PRICE INDEX—
AVERAGES 00_

TRANSACTIONS

BERS, EXCEPT ODD-LOT
Transactions of
Total

f"
.v

Short

sales

Other

sales———

Total

Other

..

*

sales

Other

sales

sales

Other

sales

Total

Total

<

Short

sales—
sales

AND

114.07

EXCHANGE—SECURITIES
Odd-lot

..

sales

Number

of

by

dealers

Private

3,015,140

2,629,470

3,063,550

796,100

2,637,870

531,470
2,100,150

2.419,810

3,433,970

2,631,620

2,928,770

508,960

(customers'

Y.

dealers

by

COPPER

short

Customers'

other sales

total

Number
Other

TOTAL

334,670

258,910

'

56,150

419,200

410,530

79,300
323,930

289,150

407,030

466,680

403,230

327,850

433,730

1,088,871

38,700

828,859

May 25

127,500

191,920

890,983

1,018,483

871,209
1,063,129

5,363,771
726,970

776,299

984,324

85,660
i.

982,657

4,178,669

3,664,679

1

Index

856,629

FOR

4,467,074

MOODY'S

Railroads

Total

;

'

1

Average
.May 25

2,114,001

2,264,698

1,786,190

1,956,314

-May 25

$126,270,333

$127,561,320

$101,311,313

$113,362,998

1,699,125

2,056,216

23,531

6,021

Other

1

Y.

S.

DEPT.

OF

A
commodities—.__—:

Farm

•

•

*

,

products

4.

sold

♦Revised
on

1,661,003

$95,481,176

644,180

,-i
■

figure.

delivered

1

other

than farm

and,

tNumber of orders

basis

at-centers




109.1

107.5

100.3

100.3

100.8

—

1,675,594

2,050,195

$94,719,031

$108,871,826

7

424,155

;

i

54 i" 180

-

\ 644,390

> :

.

107.2

(tons

of

stocks

5~06~490

665*400

927,380

586,070

553,150

MOTOR

"

♦

23,785,860

-

;

99.3

105.9
.

103.5

104.6

115.6

114.9

113.9

113.6

101.7

102.4

""

1

.

110.9
110.7

105.9

104.4
'

109.4

109.2

105.1

105.1

"

107.2

104.1

138,735

♦125.492

116,703

166,056

137,070

148,961

pounds)

end

of period

144,313

130,476

131,847

71,040

65,277

106,982

80.4

80.2

80.1

3.49

(tons

COMMISSION—

AVERAGE

middle

of

YIELD—100

STOCKS—Month of May;

(125)

3.23

3.05

5.40

5.17

4.89

(24)—

3.42

3.02

3.15

—+-

3.56

3.26

3.33

2.59

2.28

2.49

3.48

3.20

3.09

——

—

—

—

number

Number

of

Number

of

FACTORY

U.

IN

FACTURERS'

Total

at

^

,

VEHICLE

S.

SALES

FROM

AUTOMOBILE

ASSN.—Month

MANU¬

of May:

vehicles

of

passenger cars
trucks and motor

788,993

723,744

646,674

—

673,817

617,707

542,866

coaches—-

115,176

106.037

Month

CEMENT

of

(BUREAU

103,808

April:

28,089.000
27,679,000
39,916,000

20,454.000

26.463.000

21,077,000

24.531,000

39,811,000

39,999,000

77

54

74

OF MINES)—

„

-

Production

Stocks

849,830

776,770

18,725,000

17,185,890

20,192,370

18,035,720

19,318,720
20,095,490

,.

2,000

at

(10)

PORTLAND

42~4~155

1,467,370

,

665,400

506,490

1

1,373,130
22,412,730

pounds)

2,000

(25)

Shipments

"

.

at

RYE

(barrels)

—

from mills (barrels)
end of month (barrels)

used

(per

cent)

CONDITION—CROP REPORTING

BOARD

U.

of June

As

S.

DEPT. OF

AGRICULTURE—

i

1—

84%

88%

88%

^

•

•

J

Processed foods—

commodities

105.8
102.1

,

*

"

All

'

'

—May 25
-

•

.

2,052,599
$129,435,325

—May 25
May 25

SERIES—U.

107.1

102.7

May:

(200)

Capacity

___r———;

NEW

Commodity Group—•
All

60,162
*"

(SHARES)i
i.__

LABOR— (1957-59=100):

'

1,721,165

92,415

—May 25
STOCK

sales——

sales__—

WHOLESALE PRICtlS,

f

2,145,014

May 25

.

of shares

of

COMMERCE

PLANTS

.

N.

A.

Insurance

.;

99.7

107.1

102.7

106.3

pounds)—,

(not incl. Amer. Tel. & Tel.)
(15)

Banks

round-lot sales—

Short sales—
Total

i

:

Utilities

May 25

107.')
102.6

102.8

pounds)—

COMMON

4,372,679

May 25

MEMBERS

2,000

WEIGHTED

3,942,127

sales

OF

99.5

106.0

Railway Employment
(1957-59=100)

Industrials

May 25

ACCOUNT

99.3

104.2

*

100.4

—

of

May

1,010,179

689,210

EXCHANGE AND ROUND-LOT STOCK TRANSACTIONS
'

;

of

copper

3,683,469

sales)—

THE

S.

U.

2,000

of

INTERSTATE

COMMISSION

sales-

ON

107.9
103.6

153,550

896,997

.

In

Refined
v

655,830

.May 25

SALES

105.3

107.8
102.4

109.2

:

of

96.2

to fabricators—

3,286,297

.May 25
.May 25

STOCK

103.8

100.3

—

(tons

Delivered

26,700

'

by dealers—

ROUND-LOT

107.3

104.6

102.9

recreation

(tons

1,067,320
3,833,009.

sales

Round-lot purchases by dealers—Number

t

——

INSTITUTE—For month

Crude

4,900,329

sales

shares—Total

96.1
109.7

104.6

Copper production in U. S. A.—

3,996,303

Short sales

,

;

of

95.1
109.9

—

—

:

—

100.2
104.2

106.3
"

—

goods and services

4,723,273

Dollar value
sales

—

girls'

—

May 25

1

Round-lot

—

100.6

""

purchases)—t

(customers'

of orders—customers'

—

Public

Refined

534,100

May 25
May 25

STOCK

—

Customers'

—-

.1:
———

boys'

and

appare}_—
Transportation

-May 25

shares.

purchases

Number

N.

EXCHANGE

Dollar value
Odd-lot

©N

100)

—

oil

fuel

Other

113.08

543,320
2,694,790
3,238,110

May 25
May 25

.

SPECIALISTS

and

and

.

._—;

DEALERS

fuels

Women's

STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDLOT

efectrFcity

and

•

:
——

sales_;

469,154

members—

of

purchases

Other
Total

491,708

3,740,800

May 25
May 25
May 25

—

account

—

.,

"

:——

for

94

May 25

May 25

transactions

112.21

1958

(Jan.

Housefurnishings
Household operation

T

floor;—•,

sales

round-lot

94

v

the floor—

a—.

351,827

332,425

May 25
May 25
May 25

_

—:

Gas
Solid

and

purchases—

Short

341,919
353,013
*.

vegetables——

and

care_

—

on

104.4

Other

—

initiated

108.6

100.1

105.4
-

'

113.72

May 25
,

Fruits

Reading

c__
;

105.0

Personal

^

sales

105.4

103.7

MEM¬

OF

—j.—

the

107.3

SPECIALISTS

;_____

off

107.3

Other food at home

which registered—

——

initiated

Other transactions

Total

AND

—i

101.8

bakery products—
Meats, poultry and fish—
Dairy products-

and

care

ACCOUNT

in

102.7

101.9

Medical

purchases
sales—*;

Total

FOR

DEALERS

-

Short

Total

June 15

—

in stocks

103.2

Food away from home

1

—

transactions

Total
-

specialists
purchases--

*"

J

—

105.0

102.1

Men's

_j—.

_

(tons)

ROUND-LOT

5.04
4.84

103.9

105.2
home

at

Cereal

'

ASSOCIATION:

Percentage of activity
Unfilled orders (tons) at end of period

1949

4.98

4.82

$1,478,000

100—

4.70

5.01

4.86

4.86

June 19

=

$1,883,000

April:

4.45

4.46

_

1957-59

$1,869,000

103.4
Food

4.33
•

June 19

INDEX—

PAPERBOARD

Production

v.;

4.28

June 19
June 19

5 02

——

All items

.

4.28

(000's omitted)

—-——

——June 19

Utilities

Group—
Group_

81.78

June 19

June 19

Railroad

r

."Public

t

31

May

Month of

86.11

June 19

June 19

^

89.51

llil

84.04

of

CONSUMER PRICE INDEX

/:

Bonds

corporate

(u.

87.32

82.15

June 19

82.03

Railroad

As

1"

TREASURY

•

June 12

100.1

♦100.0

100.3

_june 12

95.3

♦94.8

96.3

June ,12

foods—I

.1—June

12

99.7

♦99.6

94.3

-♦93.2

93.9

100.7

100.7

100.9

RECT
OF

U.

not

reported since

freight

from

introduction

East

St.

Louis

of

Monthly Investment Plan.

exceeds

one-half

cent

AND

TRANSACTIONS

GUARANTEED

IN

DI¬

SECURITIES

S. A.—Month of May:

99.7

Net

purchases—II—$39,909,400

WINTER

where

MARKET

a

fPrime

pound,

a

Western

Not

Zinc

available.

WHEAT

PORTING

PRODUCTION—CROP

BOARD

U,

S.

CULTURE—As of June 1

DEPT. OF
(bushels)

$18,203,500

$24,170,800

891,498,000

1,076.274.000

RE¬

AGRI¬
846.216,000

28

The Commercial and Financial Chronicle

(2904)

*

'

■

n

.

.

Thursday,
June 21, 1962
'
''

.

.

* INDICATES

Iff
Business—The making and-servicing of real estate

ment.

first

v

number of issues
by the SEC, it is becoming
increasingly, difficult to predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed
items reflect the expectations of the underwriter
but are not, in general, to be considered as firm
NOTE

-—

Because of the large

o -Aerial-

L. S. Steel Corp.

of

Farmihgdale, N.' Y.
Co., n. y.
/;

-

test

electronic

Co., Inc., 120 Broadway, N. Y.

instruments

.

Packaging Corp.

1962 filed 80,000 common. Price—By amend¬
(max. $3). Business—Design and manufacture of
folding paperboard cartons. Proceeds—For debt repay¬
ment, advertising and other corporate purposes. Office
—651 Third St., Newark, N. J.
Underwriter—Baruch
Bros. & Co., Inc., N. Y. Note—This registration is being
28,

;

..

/ v.

devices for automobiles. Proceeds

(7/2-6)

Inc.

>

holders

and

a

shares

&

Admiral

Price—By

amendment.

motor hotel.

&

■

Co., Memphis.

Systems, liic'^''
Price—$3. Business
—Designs and produces printed business forms. Proceeds
—For additional sales personnel, moving expenses and
other corporate purposes. Office—233 W. 42nd St., N. Y.
Underwriter—Fabrikant Securities Corp., N. Y. Offer¬
ing—Expected in July.

XX X-

y'''7'

May 21, 1962 ("Reg. A") 100,000 common.

Price—$i.15.

Business—A general advertising and technical
publishing
service. Proceeds — For salaries, sales promotion and

and

-

Advance Mortgage Corp.
April 27, 1962 filed 200,000 common. Price—By amend-

—Manufacture

—

American

investment.

Price—$4.25. Business—Manufacture of aluminum and fiberglass awnings
and aluminum combination storm-screen windows and
doors. Proceeds — For an acquisition, debt
repayment

v

«■

sinking fund "debentures due 1977 (with attached war¬
rants) and 312,500 common, Price—By amendment ($8
for common). Business — Manufacturing and dis¬
tributing Pepsi Cola and Pepsi Cola syrup. Proceeds—

max.

SOLD

-

QUOTED

For

for Banks, Brokers, Institutions

an

acquisition.

Office—1601

Guilford

cardboard

:

Jenks.:;Kirkland & Co.,

Corp.

:

: Office—423

E.

Market

Co.,

Inc.,

-

St;, Indianapolis.
Ni Y., and Crut;

& Banner Co. el New Jersey / XX
May 1, 1962 filed 100,000 common. Price—$3.25. .Busi¬
ness—Production of flags, banners and accessories. Pro¬
ceeds—For taxes, debt repayment and working capital.
Office—1000 Main Ave., Clifton, N. J.
Underwriter—
K-Pac Securities Corp., N. Y.
;V
XXX
;
American Flag

(6/25-29)

_

March 26,

1962 filed 548,532 common, to be offered for
subscription by stockholders on the basis of 3.6 new
shares for each share held. Price—By amendment (max.
$5).

Business—^Transportation, distribution and sale of

Proceeds—For debt repayment and expansion. OfS. 24th Ave., Omaha.
Underwriter—Cruttenden, Podesta & Miller, Chicago.
*
;

gas.

fice-^-546

• American

Laboratories^ Inc.
,
28, 1962 filed 200,000 common. Price—By amend(max. $6). Business—Operation of hospitals and medical
labo^ratories; Prweeds^FOF debt* repayment and work^
ing capital. Office—660 S. Bonnie Brae, Los Angeles.
Underwriter
California Investors, Los Angeles. Offer¬
ing—Indefinitely postponed.
;
;

Feb.

—

Ave., Balti-

more.

Underwriter—Suplee, Yeatmkru Mosley Co.; Inc.,
;^fladelShiaL. !. v" 1.
'X-XXX*.
"r~\
'
- Y.
.

Allied

^

Established 1942

'AitS71C.
Members of Newt-York
39

Security*Dealers Association*

Broadway, New York 6, N. Y.

DIgby 4-2370

TWX: N.Y. 1-5237

Toy Corp.
; Feb* :27^1962, filed
133,333 common. Pricer--$3. Business
—Manufacture ;and sale of dolls. Proceeds—For equip¬
ment,. * advertising, and working- capital.. Office ^ 4116^
First Ave^ Brooklyn,. N. Y. Underwriter — Theodore
Arrin & Co., Inc., N. Y. Offering—In July.
•

Atiied Extentaliiment Corp; of America, Inc. i
June. 11, 1962 ("Reg., A") 60,000 common. Pricerr-$2.5Q.

Business—Music publishing, recording, selling and dis¬

tributing

......

Direct, tyir$'to.

HOLTOK HENDERSON




-

& CO., Los Angeles

phonograph

managing of recording
development and pro¬
Proceeds—For debt
repayment; expansion,1 sales' promotion " and" working
capital. Office—1697 Broadway, N. Y. UnderwriterReuben Rose & Co., N. Y.
.
:
'
: ^
artists

;«

Doll &

under

records;

contract, and the

So

important is Ghicago.. as.Mid:America's invest?,
that member firms- of the" Big

ment center

have

more

Board

than 70 offices here. Hundreds ef-addi-^

tional firms also

serve

ChicagoV investment heeds/

bond hQusea, placed. 68% .of
their Chicago newspaper ad budgets in the Chicago
Tribune. Why riot talk to your Tribune rep re-;
Last yeay,.- stock and^

sentative

today.

duction of jingles for TV and radio.

..

v

^

Allegheny Pepsi-Cola Bottling Co. (6/25-29)
March 5, 1962» filed $1,250,000 of. 62A%
subordinated

—

Fidelity

American Gas Co.

and general corporate 'purposes. Office—5007
Lytle St.,
Pittsburgh, Pa. Underwriter—First Madison Corp., N. Y.

BOUGHT

of

f
:

Business
boxes, display

tenden, Podesta & Miller, Chicago^
;

Allegheny Aluminum Industries, Inc.
Dec. 21, 1961 filed 100,000 common.

sale

Underwriters—Reynolds &

Under¬
.

i

;

June 4, .1962 filed 500,000 common. Price—$14. Business
—A small business investment company. Proceeds—For

$5.75.

.

>

Philadelphia. Offering—Expected: in, August.:

chemical products. Proceeds—For general corporate pur¬

TOUR PRIME SOURCE FOR

and

N. Y., and HaUowell, Sulzberger,

(7/9-13)
Price—By amend¬
Business—Manufacture of specialty

Office—3440 Fairfield Rd., Baltimore.
writer—Robert s Garrett & Sons,, Baltimore.,

By amend¬

Proceeds—For general corporate purposes.
Office^-4101 W. Cambria St, Philadelphia. JJnderwritora.
—Milton D. Blauner & Co., Inc.,: M. L. Lee & Co.; Inc.,

Alcolac Chemical Corp.

(max.: $6).

—

boards, etc.

working capital.

poses.

/

American Cardboard & Packaging Corp.
Jan. 5, 1962 filed 150,000 common. Price—$3.50.

March 23, 1962 filed 50,000 common.
ment

i

•

Office—614 Equitable Bldg.,
Portland, Ore.' Underwriter—Dempsey-Tegeler & Co.,
Inc., St. Louis. Note—This registration was temporarily
postponed."
'f.X-';::

working capital. Office—Statler Bldg., Park Sq., Boston.
Underwriter—Paisley & Co., Inc., 120 Broadway, N. Y.
Offering—Expected in late August.
i

?

repayment, equipment and other corporate pur¬
Office—Lawson Blvd., Oceanside, L. I., N, Y. Un¬

derwriter—S. D. Fuller & Co., N. Y.

Offering—Postponed.

Price

Manning, Ltd.,. Toronto.

GqcKl5^il96l'filed 150,000, common. Price
debt

Business—A lumber" companyi Proceeds—For construc¬
tion

common

American/ Bolt & Screw Mfg. Corp.. 1';XX'XX.X; X-X

poses.

„• Alan-Randall Co., Inc. •(6/25*29.) ;
Oct. 27, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Business—Distributor of pens and other advertising ma¬
terial. Proceeds— For working capital. Office — 11608
Ventura Blvd., Studid City,' Calif. Underwriter—Pacific
Coast Securities Co., San
Francisco, Calif. '/
v ■;;;;'
Alaska Pacific Lumber Co. v ;
Nov. 17, 1961 filed 250,000 common.

X"..r; :X

Mining Co. Ltd.
filed 400,000

1961

.

flectors. Proceeds—For expansion and working capital.
Office—30 Garden St., New Rochelle, N. Y. Underwriter
—Fred F. Sessler & Co., Inc., N. Y.

Amerel

ment. "Busihess-^Manufacture of standard and special in¬
dustrial aircraft and missile fasteners.' Proceeds—For

.

Industries, Inc.
■
''.""-'X
23, 1962 ("Reg. A") 73,500 common. Price — $3.
Business—Manufacture and distribution of a variety of
air-supported structures, radar antennae, and solar re¬

Business

Feb. 28, 1962 filed 70,000 common.

■■=

•

Air-Tech

•

■

writer—E. A.

Mar.

Proceeds—For

/

shares. Price—50
cents. Business—The company is engaged? in exploration,
development and mining. Proceeds—For diamond drill¬
ing, construction, exploration and general corporate ex¬
penses.
Office—80 Richmond St., W., Thronto. Under¬

42iid St., New>York, Uri- J
:

Alumatron

July 31,

Business—Produc¬

Co., N. Y. Offering—Indefinitely postponed.

•

v;XXXXXi XX'.'' :'"X-7 XX:X',/''XX^: ::XX:

Malloy, Inc., and Hensberry &
Co., St. Petersburg; J. Morton & Co., Inc., Sarasota, Fla.

1987 to be offered for subscription by stockthe basis of $100 of debentures for each 10

held.

Alsco

For general corporate purposes, r Office—4SL Petersburg;

/

:

•

Fla. Underwriters—B. C.

-

^

Adtek, Inc.

on

and expansion. Office-^450 E.

expansion, debt repayment and equipment. Office—29
S. Bellevue Blvd., Memphis.
Underwriter—James N.
Reddoch

-

Sometime in July.;

International,; Inc. ' ;
'
13, 1961 filed 80,000 common. Price—$5. Business
—Company plans to construct special, type, homes, and
engage in the general contracting business. Proceeds—

tion of oxygen, acetylene and other
gases, welding tools
and related equipment. Proceeds-PFor debt
iopaymbnt

March 23, 1962 filed 101,578 common to be offered for
subscription by stockholders on a l-for-5 basis. PriceBy amendment (max. $18). Business—Operation of a
chain of restaurants

:

;

,.

Nov.

offering has been in¬

;

on

Electronics, Inc. (7/9-13) \,
XX'< -.X ' '-X:
March 28, 1962 ("Reg. A") 100,000 - class A common.
Price — $3. Business — Wholesaling and distributing of
electronic parts, kits, components, etc. Proceeds h~' For
inventory and working capital. Office—2520 N. Broad St.,
Philadelphia. Underwriters—Albert Teller & Co., Inc.,
and H. A. Riecke & Co., Inc.j Philadelphia. *
!

windows

;

Fla

Bear, Stearns & Co., and Alien & Co., N. Y. Ottering—
.

of

Air' Reduction. Co.,

tures due

11, 1962 filed 100,000 common. Price—$4. Business
equipment ac¬
cessories and supplies. Proceeds — For expansion and
wording capital. Office—3294 Steinway St., Astoria, N. Y.
Underwriter—Baruch Brothers & Co., Inc., N. Y.
—A warehouse distributor of automobile

Intt, Inc.

in

Inc,
X;■XXX*.'
April 27, 1962 filed $44,546,300 of conv. subord. deben¬
.

Jan.

Admiral Benbow

a general; real estate; business; with
land development and home ? construction
Md., N. Y., and Ky. Proceeds—For repayment
of debt. Office—230 Park Ave./ N. Y. Underwriters-

emphasis

products.

definitely postponed.

-

~

subsidiaries conduct

xyy

du Pont & Co., N. Y. Note—This

fensperger, Hughes & Co., Indianapolis. XX-X/xXxXXi
Admiral Automotive Products,

r

gheny Avenue, Philadelphia, Pa. Underwriter—Francis I.

For

—

storm

/ 'r'XX

L'7''

Properties,'Tnc. ' \'V
April 24, 1962 filed $5,000,000 of conv. subord. deben¬
tures due 1977. Price—At par,'»Business^-rCompany; and

Office-L-90 Gazza Blvd.,
Clark &

and. sale

Corp^;r':;

All-State

and doors, and other alu¬
Proceeds—For working capital, and
other corporate purposes. Office—20th Street, and Alle¬
minum

selling stockholders. Office—1313 S. Jay St., Kokomo,
Ind. Underwriters—McDonnell & Co., N. Y. and Raf-

•■x

All-Star Insurance

:Mar.30,1962filed 1,000,000 .common.-Prlce—$3.Business
—insuring of buildings against fire, lightning and other
.perils. Proceeds—For working, capital. Office—3882 N.
Teutonia Ave.,. Milwaukee..Underwriter—None.

..

aluminum

Inc.

100,000 common. Price — By amend¬
(max. $13). Business — Rebuilding and sale of

REVISED

tors' books. Proceeds—For; debt repayment nnd working
capital.. Office—551 Fifth Ave., N. Y. Underwriter—
Bache & Co., N. Y, Ottering—Indefinitely postponed.

equipment, debt repayment,

manufacture

ITEMS

amendment. Business—Publication of mass
circulation^ catalogues' (for1 department stores- and mail
order firms), a semi-annual magazine and stamp collec¬

Underwriter—RobbinS,

amendment.J- Business —The

3/'

March 30,1962 filed
ment

-

PREVIOUS ISSUE

Price—By

Air Master CorpMay 26, 1961 filed 200,000 shares of class A common
stock, of which 50,000 shares are to be offered for public
sale by the company and 150,000 outstanding shares by
the present holders thereof. Price—To be supplied by

ment.

starter drive

'

Aerosystems Technology Corp.
;
;
April 11, 1962 filed 165,000 common. Price—$3. Business
—Development, manufacture and marketing of certain °
proprietary products and defense contracting. Proceeds
—For new products,
inventory and working capital.
Address—Route 15, Sparta, N. J.J Underwriter—Chase
Securities Corp., N. Y.
."/~V7;;;7"^/'

,

.

Proceeds—For

industries.

expansion and working capital.

component parts. Proceeds—For new products,
debt repayment and other corporate purposes. Office—
2435 White Plains, Rd., N. Y.
Underwriter—Paisley &

Parts

;

Control Geotroitics*

Aerodyne Controls Corp.-X-'yX n X ■ ' /
1962 ("Reg. A") 90,000 common. Price—$2.
Business—Design, manufacture and sale of systems; con¬
trols and assemblies for the missile, rockets and aircraft

and

Accurate

Bldg., Detroit. Underwriter

"

ADDITIONS

SINCE

Allied Graphic Arts, Inci :
Mar. 27,1962 filed 180,000 common, of which 60,000 will
be sold for the company and 120,000 for a stockholder.

repayment.

Jan..f 29,

/■^XxX'-'.-X'Xl^X.; ^
1962 ("Reg. A") 80,000 common. Price—$2.50.

Accurate Instrument Co. Inc.

withdrawn.

debt

■'

filed 100,000 common. Price-—$4.50. Busi¬
ness—Sale of processed flat rolled strip steel. Proceeds
—For debt repayment, equipment, and working capital.
Office—126—02 Northern Blvd.* Corona, N .Y. Under¬
writer-Bernard L. Madoff, N. Y. Offering—In July.

Accurate

Proceeds—For

May 28, 1962 ("Reg. A") 100,000 common; -Price—$3.
Business—Application of electronic and air photography
developments in the field of geodetic surveying and re¬
gional mapping. Proceeds—For debt repayment, equip¬
ment and working
capital. . Office—2412 S.- Garfield
Ave., Monterey Park, Calif.1 Underwriter—Pacific Coast
Securities Co., Sail Francisco. ;XX
X:'[

March 29,1962

Feb.

loans.

Office—First National Bank

offering dates.

April 24,
Business—Manufacture

mortgage

—Shields & Co., N. Y.

awaiting processing

A.

•

•

(fljira^o OrribiinE
.

*TH

I

WOMB'S

CRtATtST

Nt\VSPA,tA

'

fiWwwwittfimtK <a^ati«^w<*M>w^i^

rasnar *

Volume U95

American' Modular Manufacturing Corp.

•

'

Number 6170 .1V The Commercial and Financial

r

*

home.-

.

(7/2-6)

Investors

1962 filed 1,300,000 shares of beneficial interest.
Price—$15. Business — A newly-formed business trust
which plans to invest in first mortgages. Proceeds—For
investment. Office—305 S. County Rd., Palm Beach, Fla.
Underwriter-^Hayden, Stone & Co., N. Y. Note—This
company was formerly named American First Mortgage
Investors.
•' ''
'

,

.

.

Pines

„

Phoenix

American

.

Jan.

Business—General real estate.

Arnav

.

Plan Corp.

March

Underwriter—

*

1982

-

r
-_

Safety

Table

Inc.

Co.,

•

Address—Mohnton,

capital.

.

Rose &
•

/

Southwest

American

Realty

;

>

.

Trust

ness—A real estate investment company.

.

Busi-

Office—800 Hartford Bldg., Dallas. TJnder-

investment.

writers—Kidder, Peabody & Co., N. Y. and Rauscher,
Pierce & Co., Inc., Dallas. Offering—Temporarily post- ;
poned.
'
" .■
'
American

States

Life

public. Price—$4.25 ($4.50 to the public). Business—
Writing of ordinary and group life insurance. Proceeds
—For general corporate purposes. Office—532 N. Meri¬

St., Indianapolis.
Corp., Indianapolis.

Underwriter

—

City Securities

Department Stores, Inc.
April 27, 1962 filed 100,000 common. Price—By amend¬
ment
(max. $5).
Business—Operation of self-service
discount department stores. Proceeds—For debt repayment, expansion and working capital. Office—Mill St.,
Southbridge, Mass. Underwriter—Kahn & Peck, Cohn
& Co., N. Y.
Ampoules,

Inc.

1962 filed 5,900 common. Price—At-the-marBusiness—Design and development of sterile dis¬

March 28,

ket.

hypodermic

posable

stockholders.

ampoules.

Office—34

N.

Proceeds—For

Main

St.,

Hudson,

selling
Ohio.

Underwriter—None.
Anchor

Industries Corp.

100,000 icommon;- Price—By amend¬
(max. $7.50). Business—Converter of linings and
interfacings used in the manufacture of clothing. Pro¬

ment.

tion, and working capital. Office—26 Essex St., Hackensack, N. J. Underwriter—Amber, Burstein & Co., Inc.,
New York.

^ Angler Industries, Inc.'*•••
i'
* <• - **
June 15, 1962 ("Reg. A") 120,000 common. Price—$2.50.
Business—Manufacture of electronic hardware, and the
products for
the
electronics industry.
Proceeds—For debt, repayment, equipment, advertising
and working capital. Office—107 Trumbull St., Elizabeth,
N. J. Underwriter—Edward H. Stern & Co., Inc., N. Y.
of

Inc.

Arde

Offering—Temporarily postponed.

(7/2-6)

of

electromechanical and

capital.

30,

Arden Farms Co.

May 23, 1962 filed $6,000,000 of 6% conv. subord. de¬
bentures due 1990 to be offered in $100 units; also 49,993
of

common

cumulative

preferred

stock

and

205,105

shares to be offered for subscription by stoekthe

respective classes on the basis of one'
share for each 10 held. Price—For debentures, at

holders
new

$3

of




Pro¬

debt

Underwriters—Prescott

Co.

&

Co., Inc., Cleveland.

and

William T.

Robbins

!

,

ir Atlantic Bowling Corp.
June
ible

stockholders at the rate of $100 of deben¬
rights acquired (on the basis of three
held). Price—At par. Business—
Operation of bowling centers in Rhode Island and Mas¬
sachusetts. Proceeds — For debt repayment, expansion
and working capital. Office — 100 Medway St., Provi¬

by

rights for each share

dence. Underwriter—None.
Atlantic

Corp.

Capital

Aug. 29, 1961 filed 500,000 common. Price—$12.50. Busi¬
ness—A small business investment company. Proceeds—
general corporate purposes. Office—744 Broad St.,
Newark, N. J. Underwriter—To be named. Note—This
registration was withdrawn.
•

Atlantic City

Electric Co.

(7/18)

June

8, 1962 filed $15,000,000 of first mortgage bonds
due July 1, 1992.
Proceeds—For prepayment of bank
loans and construction.
Office—1600 Pacific Ave., At¬
lantic

; i

City.

v.

Underwriters—(Competitive). v Probable
Weld & Co.-

bidders: Halsey, Stuart & Co. Inc.; White,
Shileds & Co. (jointly); Lee Higginson
Loeb

&

& Co.

Co.-American Securities

Corp.; Kuhn,
Corp.-Wood, Struthers

(jointly). Bids—Expected July 18 (11 a.m. EDST)

at

Irving Trust Co., One Wall St., N. Y. Information
Meeting—July 16 (11 a.m. EDST) at same address.
Atlantic

Mid-Continent Corp.

March 30, 1962 filed 600,000 common. Price—By amend¬
ment (max. $6). Business—A holding company. Primarily

acquisitions.
Office—8469 E. Jefferson Ave., Detroit. Underwriter—

for

insurance

concerns.

F. J. Winckler Co.,

Proceeds

—

For

Detroit. Offering—In mid-August.

Atmosphere Control, Inc.
May 28, 1962 ("Reg. A") 200,000 common.
fiers.

and

sale

matic

vending

machines.

Proceeds—For

debt

repay¬

ment, inventories, equipment and working capital.
fice—217

Willow

N.

Ave., Tampa.
Allyn & Co., Chicago.

Of¬
Underwriter—A. C.

Babs, Inc.
27, 1961 filed 150,000 common. Price—$4. Business
—Sale of dairy products, through "Dairy Drive-ins "
Proceeds—For debt repayment and working capital. Of¬
fice—32550 Pulaski Dr., Hayward, Calif. UnderwriterPacific Coast Securities Co., San Francisco. Offering-

Nov.

Expected sometime in July.

-

Bacardi Corp.

.

,

■*

;/r._

„

.

March

8, 1962 filed 35,000 common. Price—$50. Busi¬
ness—Distilling and bottling of "Bacardi" rum. Proceed
—For a selling stockholder. Address—San Juan, Puerto
Rico.

Underwriter—Eastman Dillon, Union Securities &
Co., N. Y. Offering—Imminent.

Mortgages & Loan Ltd.

Dec. 29, 1961 filed $556,000 of 6% cumulative preference
dividend participating dollar-linked shares. Price—By
Business

amendment.

—

A mortgage lending company.

Proceeds—For general corporate purposes.

Address—108

Achad Haam St., Tel-Aviv, Israel. Underwriter—Adanim
American Israel Investment Co., Inc.

Associates, Inc. (7/9-13)
1961 ("Reg. A") 50,000 common.
Price—$4.
Business—Aeronautical research and development. Pro¬
Sept.

1,

ceeds—For

N.
o

Y.

working

capital.

Underwriter—Gianis

&

E.

Office—224
Co., N. Y.

38th

St.,

*

Barker

Bros. Corp.
1962 filed 200,000 common. Price—By amend¬
ment (approx. $12). Business—Merchandising of home,
commercial and institutional furnishings. Proceeds—For

March 15,

St., Los Angeles. Underwriter—William R. Staats & Co.,
Offering—Postponed.

Los Angeles.

humidi¬

Proceeds—For

Atmospheric Controls, Inc.
("Reg. A") 40,000 common. Price—$3.50.
For repayment
of loans, acquisition and

Aug. 22, 1961
—

working capital.
Va.

Office—715 N. Fayette St., Alexandria,

Underwriter—First Investment Planning Co., Wash¬

ington, D. ,C. Note—This letter was withdrawn.
Aubrey

Manufacturing,

Inc.

Barogenics, Inc. (7/30-8/3)
30, 1962 filed 100,000 common. Price — $7.50,
Business—Research and development in ultra high pres¬
sure technology and the
design and sale of ultra high
pressure equipment. Proceeds—For inventories, research,
and sales promotion. Office—51 E. 42nd St., N. Y. Under¬
writer—Globus, Inc., N. Y.
March

Bay State Electronics Corp.
Oct. 27, 1961 filed 160,000 common. Price—By amend¬
ment.
Business—Development of products and tech¬

niques for use in the fields of oceanography, meteor¬
ology, seismology and ionospheric phenomena. Proceeds
—For product development and working capital. Office
—43 Leon St., Boston. Underwriter—To be named. Of¬
fering—Indefinitely postponed.
Beaton (John J.) Co., Inc.
May 28, 1962 filed'150,000 common.* Price—$5. Business
—Company plans to process and can cranberries, and dis¬
tribute

frozen

cranberries

and

canned cranberry

sauce.

expansion, equipment and work¬
ing capital. Office—367 Main St., Wareham, Mass. Un¬
derwriter—Baruch Brothers & Co., Inc., N. Y. Offering
—Expected sometime in August.
Proceeds—For

plant

•
Beauty Industries, Inc. (6/25-29)
April 19, 1962 ("Reg. A") 99,990 common.

Price—$3.

Business—Ownership, operation and franchising of
beauty salons. Proceeds—For debt repayment; equip¬
ment; an acquisition and working capital. Office—390
Chancellor Ave^ Newark, N. J. Underwriter—Seymour
Blauner Co., N. Y.

Price—$1.50.

of Misti-Cone

equipment, inventories and work¬
ing capital.
Office—668 Jenks Ave., St. Paul, Minn.
Underwriter—Pewters, Donnelly & Jansen, Inc., St.
Paul, Minn.
•

Inc.
May 24, 1962 filed 225,000 common, of which 125,000 are
to be offered by company and 100,000 by stockholders.
Price—By amendment (max. $6). Business—Company
operates, owns, services and leases coin-operated auto¬

common

tures for each 200

•

1

Underwriter—None.

expansion and debt repayment. Office—818 W. Seventh

18, 1962 filed $810,000 of 6% subordinated convert¬
due 1972 to be offered for subscription

debentures

Proceeds

shares

electronic devices.

repayment, equipment and working
Office—Wilson Mills Rd., Chesterland, Ohio.

ceeds—For

St., N. Y.

Merchandising,

Barish

...

Assembly Products, Inc.

Business—Manufacture

1962 filed 100,000 common, of which 80,000
are to be sold by the company and 20,000 by stockhold¬
ers. Price—By amendment
(max. $8.50). Business—Re¬
search, development and engineering under defense con¬
tracts. Proceeds—Repayment of bank loans, equipment,
plant expansion and working capital. Office—Paramus,
N. J. Underwriter—McDonnell & Co., N. Y.

*

X

(7/2-6)
March 29, 1962 filed $1,250,000 of 5Y2% conv. subord. de¬
bentures due 1972.
Price—At par. Business—Manufac¬

•

Apache Corp.
1962 filed $3,750,000 of participating units in
Apache Canadian Gas & Oil Program 1962.
Price—
$7,500 per unit. Proceeds—Exploration and drilling for
oil and gas in Canada. Office—523 Marquette Ave., Min¬
neapolis. Underwriters—The company and APA, Inc.,
Minneapolis (a subsidiary).
March 21,

March

expansion, debt repayment and working capi¬
Office—335 W. 35th St., N. Y. Underwriter—To be

ceeds—For

ture

Automatic

Bank "Adanlm"

.•

Feb. 23, 1962 filed

•

A shares, of which 125,company and 25,000 by
stockholders. Price—By amendment. Business—Sale and
distribution of a photocopy machine and supplies. Pro¬
ceeds—For equipment, expansion, and working capital.

■

V

For

(7/2-6)

Nov. 24, 1961 filed 38,500 common. Price—$8. Business
—Design and fabrication of precision sheet metal prod¬
ucts.
Proceeds—For machinery research, sales promo¬

assembly

$500

N. Y. Underwriter—Dana Securities Co., Inc., 80
St., N. Y. Note—This offering has been temporarily

named.

Dec. 1, 1961 filed 150,000 class
000 are to be offered by the

•

Ascot Textile Corp.

&

Ames

*

one

Mills, Inc.

PiHffl,;;.,

tal.

Insurance Co.

22, 1962 filed. 300,000 common being offered to
stockholders, and those of parent, American States Insurance Co. of record June 2, with rights to expire July 5,
1962. The remaining shares will then be offered to the

March

dian

of

Publishing Co., Inc.
Jan. 29, 1962 ("Reg. A") 103,000 common.
Price—$2.
Business—Publishing of a bowling magazine. Proceeds
—For general corporate purposes.
Office—14 W. 55th

.

.

units
—

Ascot

Proceeds—For

j

►

'

Wall

v;

\

.

Artlin

St.,

-

1962 filed 1,000,000 common. Price—$11.

Feb. 12,

.

,

,*;

Underwriter—Reuben*

Pa.

Co., Inc., N. Y.«

in

Price

gift packaging and distribution of terrycloth towels and
cotton pillow cases. Proceeds—For inventory, repayment
of loans and working capital.
Office—1030 Pearl St.,
Long Branch, N. J. Underwriter—Mortimer B. Burnside & Co., Inc., N. Y.

:i

.

sale

warrants.

Sept. 28, 1961 filed 135,000 class A common shares. Price
—$5.
Business—The purchase, conversion, decoration,

purchase Ameri-

May 23, 1962 filed $100,000 common. Price—By amend^ment
(max.- $7). -Business—Design, manufacture, and
marketing of equipment used in the sewing industry.
Proceeds—For expansion, debt repayment and working

for

offered
30

equipment.
Office — 32 Industrial Ave., Little
Ferry, N. J. Underwriter—Gianis & Co., Inc., N. Y.

.

American

and

subordi¬
purchase

tional

Fidelity Fire Insurance Co. Office—American Plan
Bldg., Westbury,-N. Y. Underwriter—Bear, Stearns &
CO., N. Y.
..
r:-:■ •V.-/
•

<

filed 50,000 common. Price—$4. Business
—Design, manufacture and installation of electrical,
pneumatic, hydraulic and mechanical systems, controls
and devices to control and automatically operate indus¬
trial machinery.: and processes.
Proceeds—For general
corporate purposes. Office—3601 Merrick Rd., Seaford.

Office—153 W. 36th

•

parts for the aircraft and missile industries, etc. Pro¬
ceeds—For debt repayment and the purchase of addi¬

can
-

-

By amendment.
Business—Manufacture of hydraulic system devices and

and

trucks and mobile homes, Proceeds—To

*•

be

to

debenture

1962

30,

due

motion

of amateur

(8/6-10)

Industries, Inc.

warrants

(6/25-29)

filed $2,480,000 of convertible deben¬
248,000: common shares (of which
218,000 will be sold for the company and 30,000 for
stockholders). The securities will be offered in units of
one $10 debenture and one share. Price—By amendment
(max. $22.50 per unit). Business—Production and serv¬
icing of physical damage insurance; on automobiles,

tures

distribution

Dec. 29, 1961 filed $600,000 of 6% convertible
nated debentures and 36,000 common stock

Interamerica Securities Corp., N. Y.
American

and

picture and still equipment. Proceeds—For debt repay-,
ment and working capital.. Office — 5950 W. Toughy
Ave., Chicago. Underwriter—Freehling,. Meyerhoff &
Co., Chicago.
•
.
"
: •

Proceeds—For corporate

Office—320 Park Ave., N. Y.

purposes.

~

■

Road, La Jolla, Calif. Dealer-Manager—Argus Fi¬
(same address).
;
'

ness—Manufacture

Price—$10.

-

..

Inc.

Dec. 28, 1961

—

Corp.

24, 1962 filed 315,000 class A shares.

/

N. Y.
Underwriter
S. Schramm & Co., Inc., N. Y.
Argus Inc.
' *';;
.'*
•
'» '
Offering—Expected sometime in July.
May 29, 1962 filed $4,000,000 of 6% convertible subordi¬
nated debentures due 1972. Price—By amendment. Busi-7:
Automatic Marker Photo Corp.

Options Corp.
April 11, 1962 ("Reg. A") 60,000 common. Price—$5.
Business—Company plans to sell "puts and calls" and*
may act as a broker-dealer. Proceeds—For general cor¬
porate purposes.; Office—120 Broadway, N. Y. Under- ••
writer—Provost Securities, Inc., N.
1
//

^

Automatic Controls,

.

nancial Sales Corp.

American

;

Proceeds—

plant expansion, equipment, debt repayment and
working capital.
Office—South Main St., Union, 111.
Underwriters—Pierce, Carrison, Wulbern, Inc., Jackson¬
ville, Fla. and A. M. Kidder & Co., Inc., N. Y.

Feb.

Feb. 8,

-

exhaust fans and kitchen cabinet hardware.
For

*

Argus Financial Fund, Inc. ' •
12,'1962 filed 800,000 capital shares to be offered in
exchange for certain securities acceptable to the Fund.
Price—Net asset value (expected at $12.50 per share).
Business—A diversified open-end investment company
which plans to participate in the long-term progress of
savings and loan associations, and allied financial businesses.
Proceeds—For investment. Office—1118 Torrey

Dffice-^4950 71st Ave., North, Pinellas

American Mortgage

'

29

holders. Price—By amendment (max. $7). Business—
Design, manufacture and sale of kitchen range hoods,

Business—Manufacture,,

Underwriter—None.

Ave., Los Angeles.

son

Underwriter—Equity Securities Co., N. Y.

Park, Fla.
.

(2905)

purchase and sale of ice cream and other dairy products.
Proceeds—For debt repayment. - Office—1900 W. Slau-

:

equipment, and

Proceeds—For debt repayment,

working capital.

Chronicle

for stock, by amendment.

par;

■

-

Nov. 27, 1961 filed 200,000, common. Price—$2.50. Business—-Manufacture of a type of component constructed

*

5

~

•"

'-(7/10)

*ewiiKWiawww»

(6/25-29)

Bene

Inc.
("Reg. A") 100,000 common. Price — $3.
Business—Importation, sale and distribution of Italian
cosmetics. Proceeds — For advertising, inventory and
Cosmetics,

March 2, 1962

working capital. Office—114 W. 13th St., N. Y. Under¬
writer—Granite Securities, Inc., N. Y.

(7/2-6)
1962 ("Reg. A") 70,000 common. Price—$2,625.
Business—Design, manufacture and installation of photo¬
graphic processing and control equipment.
Proceeds —
for advertising, expansion and equipment.
Office—9821
Foster Ave., Brooklyn, N. Y. Underwriter—Amber, Bur¬
stein & Co., Inc., N. Y.
Bernalen, Inc.

March 7,

March

28, 1962 filed 140,004 common, of which 100,000
shares are to be offered by company and 40,004 by stock¬

..V

*.

•*.*>

*

'

Continued

on page

30

30

The Commercial and Financial Chronicle

(2906)

Continued from page

for

chemicals

29

sale

primarily to the graphic arts indus¬

(7/2-6)
Oct.
27, 1961 ("Reg. A") 85,U00 common.
Price—$3.
Business
Manufacture of handbags and related items.
Proceeds—For debt repayment and working capital. Of¬
fice—1621 S. San Pedro St., Los Angeles.
Underwriter
California, Inc.

motion, research and development. Office—37
Row, Glen Cove, N. y. Underwriter—None^ <

—Adams &

Co., Los Angeles.

Bestform

Inc.

Foundations,

of which 36,500
are to be offered by the company and 148,500 by stock¬
holders. Price—By amendment (max. .$20). Business—
Design and manufacture of popular priced foundation
garments. Proceeds—For working capital. Office—38-01
47th Ave., L. I. C., N. Y. Underwriter—Smith, Barney &
Co., N. Y. Offering—Temporarily postponed,
/ ' •
<
Feb.

1962

23,

185,000

filed

common,

;

Underwriter—Arnold Malkan Growth of Puerto Rico,
Inc., Cabrer Bldg., Ponce de L,eon Ave.; Santurce, P. :R.;

•

Caribbean Capital

Feb.

—For

•

investment

Co., N. y. Note

Industries, Inc.
1961 filed 350,000 capital shares. Price — $7.
of plastics, marble and ceramics
for the packaging and building industries. Proceeds—
For expansion, leasehold improvements, repayment, of
loans and other corporate purposes.
Office—250 Vree-

Inc.

1962 filed $2,000,000 of conv. subord. deben¬
tures due 1977. Price — At par.' Business — A holding
company for 16 subsidiaries in the real estate and gen¬
eral contracting business. Proceeds—For general cor¬
porate purposes. Office—2600 Popular Ave., Memphis,
Tenn.
Underwriters—Lieberbaum / & Co.,
and Morris
Cohon & Co., N. Y.
26,

Builders, Inc.
Feb. 6, 1961 filed. 50,000 shares of

-

_

-

2.

Ave., Paterson, N. J. Underwriter — To be named.
Note—This registration will be withdrawn.
"

Co., N. Y.

five

Distributors, Inc. (8/20-24)
1962 filed 100,000 common. Price—$5. Busi¬
ness
—
Operation of self-service discount department
stores. Proceeds—To retire outstanding debentures, and
for working capital. Office—1101 Albany Ave., Hartford,
Conn. Underwriter—Gianis & Co., Inc., N. Y.

cemeteries

in

Kansas.

Proceeds—For

construction **■'

1992.

Co., Inc., N/Y.

and

Center

Star Gold

Mines, Inc.
("Reg. A") 1,200,000 common. Price—25
exploration, development and pro¬
duction of mineral deposits. Proceeds—For
mining ex¬
penses.
Address—Box 469, Wallace, Idaho. Underwrit¬
ers—Pennaluna & Co.
and Standard
Securities, Inc.,
Spokane, Wash.

April 10,

Publishing Corp.
June 13, 1962 filed 100,000 common. Price—$3.50. Busi¬
ness—Company plans to publish classics. Proceeds—For

cents.

general corporate purposes. Office—339 W. 51st St., N. Y.
Underwriter—S. B. Cantor Co., N. Y.

Cine-Dyne, : Inc.' ,'V

,

and

pansion.

Office—220E.

23rd

St.,

N.

Y.

Central Acceptance

Office—526

North

Ave.

East, Westfield, N. J.

Underwriter—Philips,

Central

Rosen & Appel, N. Y.

Jan.

Investment &

Mortgage Co.

26, 1962 filed 60,000 common, of which 50,000
to be offered by the company and 10,000 by stock¬

Cambridge Fund of California, Inc.
Sept. 28, 1961 filed 280,000 common. Price—By amend¬

holders; also $1,200,000 of 6^% convertible subordinated

ment. Business—General real estate. Proceeds—Debt

debentures

are

re¬

tures:

payment and working capital. Office—324 E. Bixby Ed.,
Long Beach, Calif. Underwriter—To be named.

which 120,000 are
to be offered by the
company and 80,000 by stockhold¬
ers.
Price—$5. Business—Manufactuer of women's and
children's tailored panties. Proceeds—For debt
common, of

.

repay¬

ment, inventory and working capital. Office—Fajardo.
Schweickart & Co., N. Y.
—

Canale Chemical

nated

25,000

debentures

due

1970

and

warrants

to

subordi-

-

purchase

shares, to be offered in units of one $100
debenture and 10 warrants to purchase one share. Price
—$100 per unit. Business — Manufacture of industrial

Price—For

stock:
was

a

i

H

June

f

J

1

.

> t

Inc.

-

...

.

'

'

T

>

v

'•
'

/

*

;

'

1, 1962
(max.

West

32nd

Proceeds—For

St.,

working capital.
Cleveland. Underwriter—

Co., Miami, Fla.

Clark

Equipment Co.
March 22, 1962 filed 125,000 common. Price—By amend¬
ment (max. $34). Business—Manufacture of trucks, selfpropelled construction machinery and highway trailers.
Proceeds—For ' selling
stockholders.
Office—324
E.
Dewey Ave., Buchanan, Mich.
Underwriter—Blyth &
Co., Inc., n. Y. Note—This registration was withdrawn.

Park Ave., Rockville Centre, N. Y.
Underwriter—
Brand, Grumet & Seigel, Inc., n. Y. Offering—July.

hold

•

a

College Publishing Corp.
16, 1962 ("Reg. A") 155,000

March

real estate

common.

Price—$1.

Business—Composition, publication and distribution of
study manuals for examination preparation. Proceeds—
For equipment, expansion and other corporate purposes.
Office—142 Livingston St., Brooklyn, N. Y. Underwriter
—James
•

Co., N. Y. Offering—In mid-July.

Colonial

Board

Co#

Century Food Processors, Inc.
May 28, 1962 filed 200,000 class A, of which 165,000 are
to be offered by company and 35,000
by stockholders..
Price—By amendment (max. $3). Business—Manufacture

March 28, 1962 filed 164,000 common, of which
115,000
are to be offered by the
company and 49,000 by stock¬

of animal and

Manufacture of shoeboard and boxboard.

For

.

■

Cinerama*

N.

$5; for deben¬
formed to

vegetable shortening products. Proceeds—
equipment and working capital, Office—3001 Michi¬
gan Ave., Detroit. Underwriter—Charles Plohn & Co.,

common




1974.

Business—Company

-

1

v:

consumer sales finance company.
Proceeds—For work¬
ing capital and general corporate purposes^ Office—53

mortgage company, an insurance agency
development company. Proceeds—For
debt repayment and working capital. Office—44
Forsyth
St., N. W., Atlanta, Ga. Underwriters—Joseph Walker &
Sons, N. Y. and Clark, Landstreet & Kirkpatrick, Inc.,
Nashville, Tenn. Note — This company formerly was
named Continental Investment &
Mortgage Co.

Cameo Lingerie, Inc. (7/9-13)
Feb. 12, 1962 filed 200,000

Corp.
June 12, 1962 filed $250,000 of 6% convertible

due

par.

the stocks of

and

•

Puerto Rico. Underwriter

at

and other corporate purposes." Office—
Underwriter—R. A. Holman & Co.,

• Coburn Credit
Co., Inc.
April 27, 1962 filed $5,000,000 of conv. subord deben¬
tures, due 1982.
Price—By amendment.
Business—A

Underwriter—To be named.

purposes.

v'

St., n. Y.

Inc., n. y.y
■

•

Nov. 29,

Proceeds—Inven¬

40 E. 49th

Robert L. Ferman &

Corp. of Delaware
1961 filed 150,000 class A common. Price—$5.
Business—A sales finance company. Proceeds—For ex¬

corporate

debt repayment

Office—3184

Business—For

Inc.
March 30, 1962 filed 80,000
common, of which 40,000
are to be offered
by company and 40,000 by stockhold¬
ers.
Price—By amendment (max. $5). Business—Sale
tubes.

':

May 25," 1962 filed 100,000 common. Price—$4. Business
—Production of motion picture and television programs.
Proceeds-^For production
expenses, working capital,

siles and naval vessels.

1962

.

Electronics,

con¬

Clark Cable Corp.
April 30, 1962 filed $787,500 of 6y2% conv. subord. de¬
bentures due 1972 to be offered for subscription by com¬
mon stockholders on the basis of
$150 of debentures for
each 100 shares held.~ Price-^-At par.
Business—Manu¬
facture of electrical, electronic and mechanical systems
and components, and replacement parts for
aircraft, mis¬

new
products, debt repayment, inven¬
working capital. Office—11-17 Clintonville
St., Whitestone, N. y. Underwriter—Arnold Malkan &
Co., Inc., N. y. Offering—Expected in late August.

tories

Proceeds—To repay bank loans and finance
Office—139 East Fourth St., Cincinnati.

n. Y..Underwriter—To be named.-

Proceeds—For

if Caldwell

other

companyj Proceeds—For
Bailey Ave., Fort Worth, Tex.
Management, Inc., Fort Worth.

filed 50,000 common.: Price—^By amend¬
$20).,. Business—Production,
distribution
of wide angle motion pictures. > Proceeds
—For selling stockholders. Office—575 Lexington
Ave.,

Industries Corp.
~
1962 filed 120,000 common. Price—$5. Busi¬
ness—Manufacture of plastic and rubber film laminates,
a line of casting,
laminating and embossing machinery.

Offering—Sometime in August.

and

Office—501

and exhibition

Centco

Buddy L. Corp.
April 2, 1962 filed 225,000 common. Price—By amend¬
ment (max. $10). Business — Design, manufacture and
sale of various type toys. Proceeds—For a proposed ac¬
quisition of another toy company. Office—200 Fifth Ave.,

electronic

stock, series

Un¬
derwriters—(Competitive).
Probable
bidders:
Merrill
Lynch; Pierce,: Fenner & Shiith lnc.-Lehman Brothers
(jointly); Morgan Stanley & Co.-W. E. Huttoh & Co.
(jointly); Hal^fey Stuart & Co. Inc.; Blyth & Co., Inc.First Boston: Corp. (jointly); Eastman
Dillon,"Union Se¬
curities
& Co.-White, Weld
&;Co. (jointly). '-Bids—
Expected June 21 (11 a.m. EDST). Information Meeting
—June 18 (11 a.m. EDST) at
Irving Trust Co. (47th fl.),
One Wall St., N. Y."
- ;
-

ment
'

April 30,

•

of

common

share. Business—A closed-end diver¬

struction.

.

of
mausoleums
and
working
capital.
Office—3096
Hutchings St., Kansas City, Kan. Underwriter—Bernard
M. Kahn & Co., Inc., N. y.

(Michael)

March 29,

capital

J

•

..

working

>,

Cincinnati Gas & Electric Co. (6/21) ''
•
May 7, 1962 filed $25,000,000 of first mortgage bonds due

—

distribution

V,',;

,

..

tory,

per

Distributor—Associates

Cash-O-Matic

•

Calvert

Price—$5.50

investment.

land

,

N. Y. Underwriter—Milton D. Blauner &

Beane,

v'.

sified management investment

..

Bruce

*•./'■<*.

Church

„

&

>

Offering—Expected sometime in August.

Coupon Corp. ~
v
May 25, 1962 ("Reg. A") 100,000 class A common. Br ice
—$1.25. Business—Merchandising of coupons by vending
Braun Engineering Co.
machines located in supermarkets. Proceeds—For workMay 11, 1962 filed $400,000 of 61/2% s. f. subord. deben- r
ing capital and other corporate.purposes. Office — 682
tures due 1974; also 109,990 common, of which 100,000
Main St., Stamford, Conn. Underwriter—Foundation Sewill be sold by the company and 9,990 by stockholders.
curities, Inc., N. Y.
'i
Price—For debentures, at par; for stock, by arhendment
Cedar Lake Public Service Corp."
: - (max. $9). Business—Manufacture of automotive parts,
March 20, 1962 filed 9,964 common. Price—$100. Business r
lock nuts and certain aluminum products.
Proceeds—
For debt repayment, working capital and purchase of
Company plans to qualify as a public utility and*
furnish
water, and
leased office and plant.
sewage
disposal services in and
Office—19001 Glendale Ave.,
around Cedar Lake, Ind. Proceeds — To construct a:
Detroit. Underwriter—Watling, Lerchen & Co., Detroit.
sewage, disposal system. Address — R.R. N. 3, Box 28,
*
Brinkmann Instruments, Inc.
Cedar Lake, Ind. Underwriter—None.
i
'-r
1
Mar. 26, 1962 filed 100,000 common, of which 77,420
shares are to be offered by the company and 22,580
Cemeteries of America, Inc.
shares by stockholders. Price—By amendment
March 27, 1962 filed $500,000 Of 7% conv. subord. deben- \
(max.
$7.75). Business—Importing and distribution of scien¬
tures due 1974 to be offered by the company and 65,000
tific instruments. Proceeds—For research and develop¬
common shares by stockholders.
The securities will be
ment, equipment, debt repayment and other corporate- offered in units consisting of $100 of debentures and 13 "
purposes. Office—115 Cutter Mill Rd., Great Neck, N. Y.
shares.
Price—$178 per unit. Business—Operation of '
Marron

^

Proceeds—For, equipment, research and de¬
velopment, and working capital, Office—341 Vassar St.,
Cambridge. Mass. Underwriter—Gianis & Co., Inc., n. Y.

Casavan

Business—Production

Williston ' &

R.

specialties.

withdrawn.

Aug. 21,

York.

Underwriter—J.

27, 1962 ("Reg. A") 36,000 common. Price—$5.
Business—Development, manufacture and sale of plastic

This registration

—

Y.

April

corporate purposes. Office—23 Dronnin- "

general

n.

York-." '•

Chomerics, Inc.

,

Proceeds

company.

Gade, St. Thomas, Virgin Islands. Underwriter—'

gens

Office—95 Madison Ave., N. Y, Un¬
Co., Inc.,

New

Corp.

business

small

Richard J. Buck &
was

•

Bronx,

28, 1962 filed 400,000 common. Price—$3.60. Busi-

ness—A

30,000 by stockholders.

Price—By amendment (max."$12.50)Business—Design,•
manufacture and sale of plastic educational
toys. Pro¬
ceeds—For working capital;' Office—1125
Close Ave;,

—

•

-—-

to be offered by
company and

are

Proceeds — For investment.
Rd., Scottsdale; Ariz. Under¬
writer
Pacific Underwriters, Inc., Scottsdale, Ariz.
Note—The SEC has issued an order temporarily suspending this issue.
'
/-

derwriters—Kenneth Kass and J. J. Krieger &

B.

Rico.

Fourth

N.

gages, land contracts, etc.
Office—44 E. Indian School

i

Underwriter—D.

equipment

*

-

-

& Associates, Inc.

Industries,

Proceeds—-for

facture of women's, misses' and
junior sportswear, co¬
Office— ;
ordinates,' and * dresses.-- Proceeds—For debt repaymefit,
St., Milwaukee. Underwriters—Marshall':
equipment and working capital. Office—2025 McKinley
Co., and Loewi & Co., Inc;, Milwaukee. Offering—Tem¬
St.,' Hollywood. Fla. Underwrite if
Clayton Securities
porarily postponed.
\
: V:
v
Corp., Boston, Mass. Offering—Expected in September.Capital Management Corp.
Child Guidance
Dec. 27 1961 ("Reg. A") 60,000 Common. Price—$5. BusiToys, Inc.
ness—An investment company which will hold mort- ~ May 23,- 1962 filed 100,000 common, of which 70,000
743

Blankenship, Ostberg, Inc.
May 29, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Furnishing of market research and consulting
services.
Proceeds—For working capital
and general

Bloomfield

climates.

working capital. Address—Santurce* Puerto

Proceeds—For debt repayment and investment.

promotion and expansion. Office—10419 Fawcette St.,
Kensington, Md. Underwriters—Jones, Kreeger & Co.,
and First Investment Planning Co., Washington, D. C.
Offering—Postponed.

Mar.

semi-tropical

and

.

March 15,

New

and

„

f

-

writer—Amber, Burstein & Co., Inc., N. Y. Offering—
Expected sometime in August.

corporate purposes.

Coatings Corp. ",
V
'
75,000 common. Price—$5 Business—
Manufacture of paints particularly for use in tropical

:y
■
j:, Notae—-This registration was Withdrawn. --J; *■>.,
Capital Investments, Inc.
"V r
•:
A..'
-v
--Chestnut Hill Industries,'rlnc'.'*■
S
May 21, 1962 filed'86,370 common to'be offered for sub- * i
Nov. 29, 1961 filed 300,000 class A
common, Of Which
scription by stockholders on the basis of one new Share
225,000
are to be offered by the company and
75,000 by
for each two shares held. Price^-By' amendment (max.
stockholders^ Price—$7.50.
Business—Design and - manu¬
$10). Business—A small business investment company. \

expansion, inventories, working capital and other

(Ernest E.)

Chemical

w

corporate purposes. Office—249 W. 34th St., N. Y. Under-

1962 filed 80,000 class A common. Price—$3.
Business—Application of electronic and mechanical data
processing techniques to solution of problems for government and industry.
Proceeds—For equipment, sales

•

Dec. 27, 1961 filed

Underwriter—Willis E. Burnside &

Miami, Fla.

Thursday, June 21, 1962

.

Witt, Herndon & Co., 720 Enterprise Bldg., Tulsa.

Enterprises, Inc.

Co., inc., n. y.

Big Mart Discount Stores 30, 1962 ("Reg. A") 60,000 common. Price—$5. Business—Operation of one discount merchandise center <
and four ladies' hosiery and lingerie stores. Proceeds—

Blanche

Cottage

May 10, 1962 filfed 100,000 common. Price—$5. Business
—Company was formed to own and operate a country
club and golf course, swimming pool and Cabana club,
near
Cape Canaveral, Fla., and, develop * real estate,
erect homes, apartment houses, motels, etc/ Proceeds—
For debt repayment and expansion. Office—309 Ainsley

: Bldg.,

March

For

Hills

Canaveral

—

.

Century Real Estate Investment Trust
June 4, 1962 filed 200,000 shares of beneficial interest.
Price—$10. Business — A real estate investment trust.
Office—2651 E. 21st St., Tulsa, Okla. Underwriter—De-

try. Proceeds—For plant expansion, inventory, sales pro¬
Berne of

,

j

.v

" t,' v i''*iv

M 4h £41?*; bcls-.41-• *i>u m 17

^ .■

.v.

<,$"■*'

*

^

,wi 1 ,1ut

t; • C;

•

holders.

Price—By amendment (max. $15).

Business—
Proceeds—For

expansion, equipment and debt repayment. Office—615
Parker St., Manchester, Conn. Underwriter—Putnam &
Co., Hartford, Conn.
5;
■ !'
t(r/u- $:til.w

Volume 195

Number 6170

.

.

.

The Commercial and Financial Chronicle

(2907)
'

Columbia

Bancorporation

pany.
Proceeds—For debt repayment.
Office—111 S.
Bemiston St., St. Louis. Underwriters—Allen &
Co. and
E. F. Hutton & Co., N. Y.

Feb. 2a, 1962 filed $30,000,000 of convertible subordinated
debentures due 1987 and 1,500,000 common to be offered
in units of

one

$20 debenture and

one share. Price—By
holding company recently
of First Western Bank
&

Trust

to

acquire

stock

Inc.
1961 filed 150,000 common. Price—$1.15. Busi¬
ness—Development and production of electronic testing
and training devices. Proceeds
For expansion and
working capital. Office—9340 James Ave.* S., Minne¬
Oct. 24,

Co.,

Los Angeles. Proceeds—For acquisition of
First Western stock, and working capital. Office—1000
Vermont Ave., N. W., Washington, D. C. UnderwritersBear, Stearns & Co.; and Allen & Co., N. Y. Offering—
Expected sometime in July.
'

Realty Trust
18, 1962 filed 420,000 class A shares of beneficial
Price—$10. Business—A real estate investment
company. Proceeds—For debt repayment and investment.
Bernstein

address).'•

4:'v

Inc.,

(same

'''

Corporate Funding Corp.
By amend¬
administra¬

or,

investors. Com¬

an

to be offered for
public sale by the company and

of

electronic

data

processing

Co./ Inc., N. Y.

Cosnat Record

Computer Components, Inc.
6, 1961 filed 120,000 common, of which 90,000 are
to be offered by the company and 30,000
by stockhold¬
ers.' Price—$3.. Business — Manufacture
of miniature

was

Office—88-06 Van Wyck Expressway,
N. Y. Underwriter—To be named.
V;'

poses.

.

Jamaica,
*

,

•

Computer Concepts Inc. (7/2-6)
Dec. 29, 1961 filed 100,000 class A common. Price

Business—Development and sale of advanced

—

sale

Mar.

known formerly as the

Distributing Corp.

•

Computer Control Co., Inc.

.

;

of which 62,500 are
.to be offered by the company and 95,000 by stockhold¬
ers. Price—By amendment. Business—Design and manuJacture of digital equipment. Proceeds—For debt re¬
payment. Office—983 Concord St., Framingham, Mass.

Underwriter^-Kidder, Peabody & Co., N. Y.
•

*

ment

*

April 2, 1962 filed 10,000 common. Price—$40. Business
—Design, engineering, manufacture and sale of copciputing systems and process control equipment. Proceeds—
For

equipment, inventory and working capital. Office—
.5123 Glenmont Dr., Houston. Underwriter—To be named.
was

withdrawn.

/

•

tvv

.

28,

year

warrants

1961 filed

at $2 per

120,000,

to purchase an
share) to be offered in units of

one-half warrant.

Price—$2

one

share^and

unit. Business—Manu¬
facture of cosmetics,
toiletries, cleaning chemicalsffewelery, etc. Proceeds — For general corporate purnp^es.
Office
525-535 E. 137th St., New York City,
tfadferwriter—M. G. Davis, 150 Broadway, N. Y. Offering^Expected in July.

•

—

:

Consolidated Leasing Corp. of America
April 27, 1962 filed $1,100,000 of 6VZ% subord.
tures

due

1977

(with warrants); also 305,000

Ven¬

Baltimore Ave., Kansas City, Mo.
writer—Blair & Co., N: Y. Offering—Expected
Consolidated Vending Corp.

to

Y.

—For

debt

Underwriter

common.

-

,
•

Continental Research, Inc.
April 19, 1962 ("Reg. A") 50,000 common. Price—$5.65.
Business—Production and sale of oxygen dispensers.
Proceeds—For general corporate purposes. Office—6500

Highway, Golden Valley, Minneapolis.

Underwriter—Harold E. Wood & Co., St. Paul.
Continental Telephone Co.
(7/16-20)
March 30, 1962 filed 475,000 common.
Price^-By amend¬

(max. $15).

Business—A telephone holding




sales finance company.

—

Proceeds

Office—1775

Broadway, N. Y.
Bernard M. Kahn & Co., Inc., N. Y.

—

rants.

y

ment

de¬

D. C. Transit
Systems, Inc.
April 30, 1962 filed $3,150,000 of 6%% conv. subord. de¬
bentures due 1977 and five-year warrants to
purchase
an aggregate of
94,000 class A shares, to be offered for
subscription by holders of class A and class B stock in
units consisting of $100 of debentures and
three war¬

Investment Corp.

'

Memorial

consumer

repayment.

Office—1925 Euclid Ave., San Diego. Underwriter
Holton, Henderson & Co., Los Angeles.

Price—$1.50.
Business—Investment in real estate mortgages. Proceeds
-r-For working capital. Office—Scottsdale
Savings Bldg.,
Scottsdale, Ariz.- Underwriter—Continental Securities

Olson

subord.

and

—Design, sale, fabrication and installation of acoustical
ceilings. Proceeds—For debt repayment and expansion.

•

v

conv.

Corp.,

Mar. 26, 1962 filed 115,000 common.
Price—$4. Business

.

"

Investing

Crownco

Business—Operation of discount department stores. Pro¬
ceeds—For expansion and working
capital. Office—4701
N. Harlem Ave., Chicago.
Underwriters—Rittmaster,
\ Voisin & Co., N. Y. and Midland Securities
Co., Tnc.,
Kansas City, Mo.
•

•

Underwriter—Hampstead

Department, Inc.
$1,200,320 of 7%

Business—A

Inc. (7/2-6)'*"" '
Price—By amendment.

Corp., Scottsdale, Ariz.

securities

share and

Offering—Expected in July.

200,000

The

54,560 common shares to be
offered in 2,728 units, each
consisting of $440 of deben¬
tures and 20 common shares.
Price—$550 per unit.

^

Consumers Mart of
America,
Jan. 8/1962 filed 72,000 common.

("Reg. A")

shares.

one

Office—905 Fifteen Peachtree
Bldg., Atlanta, Ga. Underwriters—McDonnell & Co., Inc.,
N, Y., and Wyatt, Neal &
Waggoner, Atlanta. Offering—
Expected sometime in late July,

Jan. 26, 1962 filed
bentures due 1974

Office—129 S. State St., Dover, Del. Underwriter—Dana
.Securities Co., Inc., N. Y.

May 9, 1962

common

other corporate purposes.

Credit

llm|er

April 2, 1962 filed 70,000 common. Price—$5.75. Business
\—Operation of vending machines. Proceeds—For,.debt
repayment working capital and other corporate purposes.

Continental

$1,000,000 of 6%% subordinated
1972, 60,000 common shares, and war¬

New York.

•

•

due

purchase 20,000

Ave., N.

in,.j&itg.

com¬

plant.

Office—360

•

Diamond

Dust

Lexington

Co.,

Ave.,

New

York.

Inc.

Feb. 27, 1962 filed 102,000 common.
Price—$3. Business
—Production of graded diamond
powder and compound.
Proceeds—For debt
repayment, additional

Jan. 23, 1962 filed
200,000 common, of which 120,000 are
to be offered by the
company and

one warrant. Price—$2.25
per unit. Busi¬
corporate guidance and interim financing con¬
cern. Company may also act as a broker-dealer
and un¬
derwriter. Proceeds—For investment. Office—733 Third

stock, by amendment (max. $9). Business—Renting
of cars, trucks and equipment. Proceeds—For debtRe¬
payment,- an acquisition and other corporate purposes.
Office—1012

stock held and one unit for each
10 class B shares
held. Price—$20 per unit.
Business—Company plans to
manufacture and utilize all kinds of
chemical materials.
Proceeds—For start-up expenses for a
laboratory^ and

Cousins Properties Inc.
March 29, 1962 filed

one

for

•

A

or

ness—A

shares, of which 285,000 will be sold by compatiw^id
20,000 by stockholders. Price—For debentures,
af^'par;
i

5% preferred share held, 2 units for each
5% preferred

Price—By amend¬

Creative Ventures Corp. .
May 28, 1962 filed 150,000 common and warrants to pur¬
chase 30,000 additional shares, to be offered in units of

conpqon

—

common with attached war¬
rants to purchase an additional
140,000 shares to be
offered for subscription
by stockholders in units (of one
share and one
warrant) on the basis of 3 units for each

small

$100 debenture, 6 shares
2 shares. Price—By amend¬
ment (max. $140). Business—Engaged in residential real
estate development. Proceeds—For debt
repayment and

per

DeLuxe Homes,

Underwriter—None.

Business—Manufacture, and sale

will be offered in units of
and a warrant to purchase

(with attached 3additional 60,000 shares

and

metal

personnel,
advertising and working capital. Office—77
Searing
Ave., Mineola, N. Y. Underwriter—Magnus &
Co., N. Y.
Offering—Sometime in July.

rants

common

and

preparation of coffee, and the sale of coffee, tea, cream,
etc. Proceeds—For debt
repayment, advances to a sub¬
sidiary and general corporate purposes.
Office—1411
Palm St., San Diego, Calif
Underwriter—Pacific Coast
Securities Co., San Francisco. Offering—In
early July.

•debentures

;!

Concord Products, Inc.

Nov.

$5).

wood

Deuterium Corp.

lease to hotels and motels of electric wall units for
the

Computers, Inc.

Note—This registration

(max.

of

Sept. 28, 1961 filed 140,000

•'••

Courtesy Products Corp.
May 16, 1962 filed 150,000 common.

Se¬

—

2,

Offering—Temporarilyjpostponed.f-h

-

Jan. 24, 1962 filed 157,500
common,

*

Inc. (7/23-27)
11, 1961 ("Reg. A') 60,000 common. Price
$5.
Construction and financing of shell
homes.
Proceeds—For working capital.
Address—Allendale, S. C.
Underwriter—Alessandrini & Co., Inc., N. Y.

—

.

(7/2)

Mami, Fla. Underwriter—Lancer
Co., 92 Liberty St., N. Y.

Business

ment

of

digital computers. Proceeds *rr For general cor¬
porate purposes. Office—1012 14th St., N. W., Washing¬
ton, D. C. Underwriter—Doft & Co., N.

use

Inc.

Dec.

1962 filed 150,000 common. Price—By amend¬
(max. $8). Business—Design and manufacture of
sports and casual.wear for girls and women. Proceeds
—For selling stockholders. Office
1136 Washington
Ave., St. Louis. Underwriter—Goodbody & Co., N. Y.

ming systems, for solution .of business problems by the

resort.

framed pictures, wood
utility
frames, etc. Proceeds—For debt
repayment, inventory,
and working capital. Office—444
Courtland St., Mundelein, 111. Underwriter—To be named.

Country Set Inc.

$5.

program¬

ski

a

120,000 common, of which 90,000
to be offered by the
public and 30,000 by a stock¬
holder. Price—By amendment.
Business—Production

Cost-Pius, Inc. ;
May 14, 1962 filed 157,000 common, of which 127,000 are
to be offered
by company and 30,000 by stockholders.
Price—By amendment (max. $5). Business—Importing
and marketing
furniture, household and art goods at dis¬
count prices.
Proceeds—For working capital. Office—
460 Bay St., San Francisco.
Underwriter—Stewart, Eubanks, Meyerson & Co., San Francisco.

coils for relays used in computers, aircraft, missiles and
guidance systems. Proceeds—For general corporate pur¬

of

are

v-

Dec.

operation

..

Price—$6.50.

Decorel Corp.
Dec. 29, 1961 filed

Alstyne, Noel &

Co., N, Y. Note—This firm

Decorative Interiors,

curities
are

distribution of phonograph records. Proceeds—For
the repayment of
debt, and working capital. Office—315
W. 47th St., N. Y. Underwriter—Van

/■. •••l-"'...

and

common.

E?**
1962 ("Reg. A") 52,000 class A common. Price—
$2.50. Business—Manufacture of
draperies, furniture and
bed spreads for hotels and
institutions. Proceeds—For
expansion and other corporate
purposes. Office—1191
N. W. 22nd
St.,

and

equipment.

35,000

,,

•

—

Proceeds—For expansion and working capital. Office—
30 E. 42nd St., N. Y. Underwriter—L. M. Rosenthal &

;.f,

.

Proceeds—For debt repayment and
working capital.
Office—232 Madison
Ave., N. Y. Underwriter—Oxford
Securities Corp., N. Y.

12,000
outstanding by the present holders thereof. Price—To be
supplied by amendment. Business
The manufacture

Computer Applications Inc.
March 23, 1962 filed 87,000
common.-Price—By amend¬
ment (maxi' $5).
Business—Furnishing of services re¬
use

Business—Development

•

•

to

,

Davos, Inc.
May 28, 1962 ("Reg. A")

^

.

Cosnat Corp.
May 26, 1962 filed 190,000 common, of which 178,000

St., N. E., Atlanta. Underwriters—F. S. Moseley & Co.,
Boston and Courts & Co., Atlanta.
.V

lated

(7/2-6)

new

Office—342

April 26, 1962 ("Reg. A") 75,000 class A common. Price
$4. Business — A financial investment and
holding
company. Proceeds—For expansion and working
capital.
Office—39 Broadway, N. Y. Underwriter—R.
F. Dowd
& Co. Inc., N. Y.
■■SY;-AY

consumer loan business and
insurance agent or broker in connection there¬
Proceeds—For debt repayment. Office—66 Pryor

with.

Proceeds—For product devel¬
plant and equipment and
working capital.
Western
Ave.,
Boston.
UnderwriterSchmidt, Sharp, McCabe & Co., Inc., Denver.

opment,

ates and Bull & Low. N. Y.

■/'

v.,

also is engaged in the

as

electronic computers.

Dynamics, Inc.

• Cooke
(F.L.), Inc. (7/2-6)
Dec. 29, 1961 filed 125,000 common.
Price—$3.75. Busi¬
ness—Manufacture of high vacuum systems and elec¬
tronic equipment. Proceeds
For debt repayment and
general corporate purposes. Office—145 Water
St., South
Norwalk, Conn. Underwriters—John R. Maher Associ¬

Under¬

;

tion of mortgage loans for institutional
acts

C.

Securities,

v
Commercial Trust Co.
'
..May 16, 1962 filed 150,000 common. Price
ment (max. $13). Business—Acquisition

pany

Control

—

St./ N. W., Washington, D.

Norman

—i

named

Offering—July.

interest.

writer

Price—$5. Business

—Company plans to design, develop and
produce elec¬
tronic and electro-mechanical
devices, including printers
for

apolis. Underwriter—E. Bruce Co.,
Minneapolis. Note—

This firm formerly was

June

K

Data Systems Devices of
Boston, Inc.
April 26, 1962 filed 200,000 common.

—

Columbia

Office—1415

working capital and expansion.
Office—5458 Third St..
E., Washington, D. C.
Underwriters—Laird & Co.,
Wilmington, Del. and Jones, Kreeger & Co..
Washing¬
ton, D. C.
r

N.

Control Dyne,

amendment. Business—A bank

formed

31

Price—$100 per unit.- Business—Operation of a
public transit system in Washington, D. C.; a new sub¬
sidiary to construct housing projects in Washington,
D. C.

Proceeds—For construction and
general corporate
Office—3600 M St., N. W.* Washington, D. C.

purposes.

Underwriter—None.
•

Dart

Drug Corp.

(6/27)
May 10,1962 filed $1,000,000 of conv. subord. debentures
due 1977.
Price—At par.
Business—Operation of 14
discount retail drug stores
primarily in the Washington,
D. C. metropolitan area. Proceeds—For debt
repayment,

,

Diamond Mills Corp.

80,000 by stockhold¬
amendment. Business—Manufacture of
nylon hosiery. Proceeds—For debt
repayment
and working capital.
Office—417 Fifth Ave., N. Y, Un¬
derwriter—Drexel & Co., Philadelphia. Offering—In¬
ers.

-

Price—By

women's

definitely postponed..

^

it Diversified Collateral Corp.
June 13, 1962 filed
77,050 common. Price—By amend¬
ment (max. $11.75). Business—A
real estate investment
.

company. Proceeds—For

Second Ave.,

investment. Office^—8397 N. E.

Miami, Fla. Underwriter—Karen Securities

Corp., N. Y.

\

'

Diversified Real Estate Trust
March 8, 1962 filed
1,000,000 shares of beneficial inter¬
est.
Price—$10.
Business—A real
estate
investment
trust. Proceeds—For investment.
Office—500 Fifth Ave.,
N. Y.

Underwriter—Bacon, Johnson Realty Management
Co., Inc., (same address). Offering—Expected in
Aug.
Doman Helicopters, Inc.
April 19, 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two new
shares for each three held.

$1.25).
tion

Price—By amendment (max.

Business—Research, development

and

construc¬

of

experimental helicopters. Proceeds—To obtain
of models, train service
personnel, repay
debt, etc. Address—Municipal
certification

Airport, Danbury, Conn.

Underwriter—None.

Donmoor-lsaacson, Inc.
Feb. 26, 1962 filed 150,000
common, of which 50,000 are
to be offered by the
company and 100,000 by stock¬
holders. Price—By amendment
(max. $12). Business—
Design and manufacture of boys knit
shirts, sweaters,
and pajamas. Proceeds—For

working

1115

capital.

Office—

Broadway, N. Y. Underwriter—Goodbody & Co.,
Y. Note—This
offering has been temporarily post¬

N.

poned.

Drever Co.
March 9, 1962 filed 122,700
common, of which 42,500 are
to be offered by
company and 80,200

by stockholders.

Price—By
and

amendment

manufacture

of

(max.

industrial

$12).

Business—Design
metallurgical furnaces.

Proceeds—For debt repayment,
equipment and general
corporate purposes. Address — Red Lion
Rd., and Philmont Ave., Bethayres, Pa.
Underwriters—Janney, Bat¬
tles & E. W. Clark, Inc. and Stroud &
Co., Philadelphia.
Drew

Realty Corp.

March 6, 1962 filed 163,000 class A.
Price—$10.
estate.
Proceeds—For debt

—General real

Office—50 Broad St., N. Y.
rities Corp., (same address).

Business

repayment

Underwriter—Drew Secu¬

Continued

on

page

32

The Commercial and Financial Chronicle

32

Continued from page

poses. Office—Sawyer Lane,
—Gianis & Co.. Inc., N. Y.

31

Dulany Industries, Inc.
26, 1962 filed 400,000 common.

ment

(max.
foods. Proceeds—For

debt repayment. Office—850
Underwriter—Blair & Co., Inc., N. Y.
Offering—Temporarily postponed.
Dunhill Food Equipment Corp.
(7/2-6)
Dec. 29
1961 filed 100,000 common. Price—$2.50. Busi¬
ness—Manufacture of food service equipment. Proceeds
—For development and working capital. Office—79 Wal¬
worth St., Brooklyn, Underwriters — Carroll Co. and
Paul Eisenberg Co., Inc., N. Y.
Ave., N. Y.

Third

Inc.

Co.,

Pen

Duro

„

.

125,000 common. Price—$4. Business
—Manufacture of inexpensive ball point pens. Proceeds
For debt repayment, equpiment and working capital.
Office—573 Broadway, N. Y. Underwriter — Godfrey,
Hamilton, Taylor & Co., N. Y. Offering—Temporarily
postponed.
\
"•'v.:;:
Dyna Mfg. Co. (7/9-13)
K
April 2 1962 ("Reg. A") 60,000 common of which 40,000
will be sold by company and 20,000 by stockholders.
Price—$5. Business—Manufacture, installation and sale
of kitchen ventilating hoods and exhaust fans. Proceeds
—Expansion, new products and working capital. Office—
4865 Exposition Blvd., Los Angeles. Underwriter—Ray¬
Jan.

1962 filed

5,

Moore & Co., Los

mond

Angeles.

Dyna-Mod Electronics Corp.
Jan. 22, 1962
("Reg. A") 143,000 common. Price—$2.
Business—Design, development and production of
"packaged" electronic circuits and sub-systems. Pro¬
ceeds—For new products and working capital.
Office—
317 Main St., East Rochester, N. Y. Underwriters—Gen¬
esee
Valley Securities Co., Inc., Rochester, and H. B.
Vesey & Co., Inc., Glens Falls, N. Y.
•

&

Eastern Camera

Photo Corp.

of 6% conv. subord. deben¬
50,000 common shares (of which 25,000 will be sold by the company and 25,000 by stock¬
holders). The securities are to be offered in units of one
$100 debenture and 10 shares. Price—By amendment.
Business—Operation of retail camera stores and depart¬
ment store concessions.
Company also processes black
and
white film and repairs photographic equipment.
Proceeds—For debt repayment and working capital. Of¬
March 28 1962 filed $500,000
1972 and

tures due

fice—68 W. Columbia

St., Hempstead, N. Y. Underwrit¬
Hanley, Hempstead, L. I., and Street &

ers—Edwards &

Co., Inc., N. Y. Offering—Indefinitely postponed.

Pennsylvania Investment Co.
March 16, 1962 filed 450,000 common. Price—By amend¬
ment (max. $16). Business—A small business investment
company.
Proceeds—For general corporate purposes.
Office
3
Penn
Center
Plaza, Philadelhia. Under¬
writers—Drexel & Co., Philadelphia and Kidder, Peabody & Co., N. Y.
j,
Eastern

—

Eastern Properties Improvement Corp.
Aug. 22, 1961 filed $1,500,000 of subordinated debentures
due 1981 and 250,000 common shares. Price—For deben¬

tures, $1,000; for stock, $10. Business—General real es¬
Proceeds—For the acquisition and development of
real properties, repayment of debt and engineering, etc.

Office—10 E.
named.

40th

St., New York. Underwriter—To be
:'"

-v.

it Eastern Properties Improvement Corp.
15, 1962 filed $1,400,000 of 6^% subord. conv.
debentures due 1977, and 70,000 common shares to be
offered in units of one $100 debenture and five common.
Price
$150 per unit. Business — General real estate.
Proceeds—For general corporate purposes. Office—261
Madison Ave., N. Y. Underwriter—Fleetwood Securities
Corp. of America, N. Y.
June

—

Echlin Manufacturing Co.
May 24, 1962 filed 210,000 common. Price—By amend¬
ment (max. $25). Business—Manufacture of replacement

electrical

for

and

braking systems of automatic
equipment. Proceeds—For selling stockholders. Address
—Echlin Rd. & U. S. 1, Branford, Conn. Underwriter—
To be named.

Econ-O-Pay, Inc.
26, 1961 filed 1,000,000

Oct.

ness—A

General

dealer

recourse

corporate

common.

Office—164

purposes.

Valley City, N. D.
Valley City, N. D.

Price—$3.

finance business.

Underwriter—Reserve

Busi¬

Proceeds

Main St.,
Funds, Inc.,

E.

:

:

Ehrenreich

Photo-Optical Industries, Inc.
150,000 common, of which 100,000
by the company and 50,000 by stock¬
holders.
Price—By amendment.
Business—Wholesale
distribution of cameras, lenses, accessories and optical
instruments. Proceeds—For debt repayment, expansion,

Jan.
are

26,

1962

filed

to be offered

and

working capital. Office—111 Fifth Ave., N. Y. Un¬
derwriter—Lee Higginson Corp., N. Y. Offering—Tem¬

porarily postponed.
•

Electromagnetic Industries,

Inc.

(7/2-6)

March 30, 1962 filed $250,000 of 6^2% conv. subord. de¬
bentures due 1987, also 70,000 common
are

to

be

offered

by

company

and

25,000

by

stockholders.

Price—By amendment (max. $1 per com¬
mon
share). Business
Design, production, assembly,
distribution and sale of
transformers, magnetic com¬
—

ponents and electronic instrumentation and control deTivices. Proceeds—For equipment, debt repayment, a new

plant

and

working capital. Office—Sayville Industrial
Park, Greeley Ave., Sayville, L. I., N. Y. UnderwriterPierce, Carrison, Wulbern, Inc., Jacksonville, Fla.

Electromagnetics Corp. (7/23-27)
Nov. 17, 1961 filed 75,000 common. Price—$5. Business
—Design and manufacture of precision nuclear magnetic
instrumentation. Proceeds—For




general corporate pur¬

writer—Sinclair

n. y.

■■■■; /v;-*-/ • „:-v.
' ■ ' ;, '/■
Wholesalers, Inc.
June 18, 1962 filed 75,000 common. Price—By amend¬
ment (max. $15.50). Business—A distributor of electronic
supplies, TV replacement parts, and hi-fi and stereophonic
sound reproduction equipment. Proceeds—For debt re¬
payment, inventory, expansion and working capital.

Calif. Underwriter

•

Ellner &

Pike,

N. W.,

(7/2-6)'

Inc.

Financial

^

pansion and working capital. Office—896 Old

Emcee

for

(7/2-6)

measurement

control.

and

Main
&

Pro¬

ceeds—For

St., Bridgeport, Conn.
Co., N. Y.
^; V

Underwriter—P. W. Brooks

First New York Capital

Fund, Inc.

plant expansion, inventory, and equipment.
Office—1202 Arnold Ave.,
New Castle, Del.
Under¬

Business—A

writer—Weil

ceeds—For

&

Oct.

Co., Inc., Washington, D. C.

27,

•

was

—

•

Address—Little

Rock,

Ark.

Flex Electric

Products, Inc.
16, 1962 filed $95,000 of 6%

March

subord. debentures

due 1972 and 47,500 common shares, of which 44,650 are
to be offered by the company and 2,850 by
selling stock¬

holders. The securities will

ing of

,

one

be offered in units

$100 debenture and 50

attached

warrants). Price
Design/ manufacture and

—

common

$350

sale,

per

for

consist¬

shares

(with

unit. Business—
amateur use, of

lighting equipment and photographic accessories.
For equipment, new product
development,
sales promotion and other corporate purposes.? Office—
39-08 24th St., Long Island
City, N. Y. Underwriter—
Bond, Richman & Co., N. Y.
camera

Proceeds

Everbest Engineering Corp.

—

Florida

April 2, 1962 filed 100,000 class A shares. Price—$2.40.
Business—Manufacture and sale of long-lived electric
lamps. Proceeds—New product development, inventories
and working capital. Office—41 E. Twelfth St., N. Y.

Bancgrowth, Inc.

March 16, 1962 filed 200,000 common.

Price—By amend¬
(max. $15). Business—An investment company
specializing in bank stocks. Proceeds—-For investment.
ment

Office—3356 Atlantic

Blvd., Pompano Beach, Fla. Un¬
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis.

Underwriter—Planned Investing Corp., N. Y.

• Fairlane Finance Co., Inc.
June 13, 1962 ("Reg. A") $300,000 of 6%% sinking fund
junior subordinated debentures due 1977. Price—At par.

May 29,

Business—An

bentures

finance

Florida

com¬

Proceeds—For debt repayment, working capital
and expansion. Office — Greenville,
Rd., Easley, S. C.

sion

Greenville,
1■

Water &

Utilities Co.

1962 filed $750,000 of 5%.% conv. subord. de¬
due 1982.
Price—By amendment. Business—
Operation of water distribution and sewage collection
systems. Proceeds—For debt repayment, plant expan¬

pany.

Co., Inc.,

investment.

Underwriter—To be named.

Evans, 'Inc.
;:v \ H
Jan. 23, 1962 filed 130,000 common, of which 20,000 are
to be offered by the company and 110,000 by stockhold¬
ers.
Price—By amendment. Business — Retail sale of
wearing apparel. Proceeds—For working capital. Office
—36 S. State St., Chicago. Underwriter—Allen & Co.,
N. Y. Offering—Postponed.

Furman

Blvd.,

withdrawn.

Proceeds—For

repayment. Office—10th & Callowhill
Sts., Philadelphia.
Underwriter—Woodcock, M o y e r,
Fricke & French, Inc., Philadelphia. Offering—In July.

G.

Northern

• First Southern Realty Trust
June 15, 1962 filed 600,000 shares of beneficial interest.
Price
$5. Business >— A real estate investment trust.

debt

s.c.

Office—1295

Underwriter—None.

Office—7 Pemberton Sq., Boston. Underwriter—
Pressprich & Co., Boston. Note—This registration

R. W.

Debentures, $1,000; stock, $8. Business—Brewing of malt
beverages, the processing, cleaning and testing of metals
and the sale of galvanized iron and steel products. Pro¬

Underwriter—Alester

investment.

capital shares. Price—$1.
investment company. Pro¬

First

ment.

Esslinger's Industries of Philadelphia, Inc.
28, 1962 filed $850,000 of 6 Yz% conv. subord. de¬
bentures due 1977 and 112,500 common shares.
Price—

consumer

business

Realty Co. of Boston
May 1, 1962 filed 150,000 common. Price—$10. Business
estate management.
Proceeds—For debt repay¬

March

and

filed 2,770,000
small

—Real

waukee.

automobile

1961

Manhasset, N. Y.

Equity Funding Corp. of America
March 29, 1962 filed 240,000 common. Price—By amend¬
ment (max. $6.50).
Business—A holding company for
firms selling life insurance and mutual funds. Proceeds
—For new sales offices, advances to subsidiaries and
working capital. Office—5150 Wilshire Blvd., Los An¬
geles.
Underwriter—Wisconsin-Continental, Inc., Mil¬

ceeds—For

Offering—Expected in July.

March 9, 1962 filed 200,000 common. Price—By amend¬
ment (max. $15).
Business—A small business invest¬
ment company.
Proceeds—For investment. Office—955

Electronics,

devices

-

First Connecticut Small Business Investment Co.

-

Inc.
June 4, 1962 filed $200,000 of 6%% conv. debentures due
1974, and $50,000 common, to be offered in units of
$200 of debentures and 50 shares. Price—$400 per unit.
Business—Manufacture
of precision
instruments, and
electronic

Witter & Co., Los Angeles.

Federation,

Donnell & Co., N. Y.

Country

Reed, Whitney &

—

Dean

Inc.
March 30, 1962 filed 75,000 capital shares. Price — By
amendment (max. $105). Business — Ownership of 11
California savings and loan associations. Proceeds—For
selling stockholders. Office — 615 S. Flower St., Los
Angeles. Underwriters—Kidder, Peabody & Co. and Mc¬

May 25, 1962 ("Reg. A") 50,000 common. Price — $6.
Business—Operation of supermarkets. Proceeds—For ex¬

Rd., Westbury, N. Y. Underwriter
Stonehill, Inc., Hempstead, N. Y.

—

Offering—Indefinitely postponed.

Washington, D. C.
Underwriter—Auchincloss, Parker & Redpath, Washing¬
ton, D. C.
'■"■v?? v:\VV
.v-'.
"'.7 /
Ave.,

,

Corp. of Santa Barbara
16, 1962 filed 200,000 capital shares, of which
150,000 are to be offered by the company and 50,000
shares by stockholders.
Price—By amendment (max.
$20). Business—Company plans to acquire a savings and
loan association. Proceeds—For acquisition of stock and
working capital. Office—1035 State St., Santa Barbara,
March

-^Electronic

Sherman

Securities, Inc., 37 Wall St., N. Y.

Financial

Stream, N. Y. Underwriters—V. S. Wickett & Co., Inc.,
Thomas, Williams & Lee, Inc., and Crosse & Co., Inc.,

Office—2345

Thursday, June 21, 1962

soundproofing compounds, and exterior building coat¬
ings; manufacture of plastic laminated panels, and sale
of movable wall partitions. Proceeds—For debt repay¬
ment, inventory, advertising and other corporate pur¬
poses. Office—1465 N. E. 129th St., Miami, Fla. Under¬

background music; design, construction and installation
of specialized closed circut TV system. Proceeds—For
debt repayment, expansion, sales promotion and work¬
ing capital. Office — 103 E. Hawthorne Ave., Valley

and

working capital. Office—1491

Miami. Underwriter—Finkle &

■

Fairway Mart, Inc. (7/9-13)
1962 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of five discount merchandise cen¬
ters. Proceeds—For expansion, advertising,
inventories,
working capital and other corporate purposes. Office—
801 Market St., Youngstown, Ohio. Underwriter—A. J.
Carno Co., Inc., N. Y.

W.

20th

St.,

Floseal Corp.
May 10, 1962 filed 169,420 common to be offered for
subscription by stockholders.
Price—By amendment
(max. $2)i Business—Company owns and licenses carton
pouring spout patents and die patents. Proceeds—For
debt

100

Fastline, Inc.
Sept. 28, 1961 filed 100,000 common and 50,000 warrants
to be, offered in units of 100 common and 50 warrants.
Price—By amendment. Business—Manufacture of con¬
cealed zippers. Proceeds—Debt
repayment, advertising
and working capital. Office—8 Washington
Place, N. Y.

N.

Co., N. Y. Offering—Exr

pected in August.

•

March 19,

..

repayment and other corporate purposes. Office—
W. 10th St., Wilmington, Del.
Underwriter—None.

Food & Drug Research Laboratories, Inc.

.

May

Underwriter—Jarco Securities Co., Inc., N. Y. Offering

filed 107,500 common1, of which* 100,000
by company and 7,500 by stockhold¬
Price—By amendment (max. $5). Business—Chem¬
ical and biological research and testing for the food, drug,
cosmetics, chemical and related industries. Proceeds—

—Indefinite.

For

are

common. Price—$5. Business
nuts, bolts and other fastening
devices manufactured by others. Proceeds—For debt
repayment and general corporate purposes. Office—8
Benson Place, Freeport, N. Y. Underwriter — Arnold
Malkan & Co., Inc., N. Y.

distribution

of

5,

1962 filed 500,000

shares of beneficial

Forst

Price—$500
ment
D.

C.

trust.

per

unit.

Business—A

Office—729

real

15th'St., N.

Underwriter—Investor

Service

estate

W.,

invest¬

Washington,

Securities

Inc.,

Washington, D. C.
Fidelity Mining Investments Ltd.
Nov. 30, 1961 filed 800,000 common. Price—By amend¬
ment. Business—Exploration and testing of mining prop¬
erties. Proceeds—For general corporate purposes. Office
—62 Richmond

&

St., Toronto. Underwriter—G. V. Kirby

Associates, Ltd., Toronto.

(Alex)

& Sons,

Inc.

Price—By amend¬
(max. $15). Business—Wholesale distribution of
toys and games. Proceeds—For selling stockholders. Of¬
fice—2885 Jerome Ave., Bronx, N. Y. Underwriter—Mc¬

ment

Donnell & Co., N. Y.

interest

with attached three-year stock purchase warrants to be
offered in units consisting of 100 shares and 50 warrants.

offered

March 23, 1962 filed 100,000 common.

Federal Realty Investment Trust

June

1962

expansion, equipment and debt repayment.
Ad¬
dress—Maurice Ave. at 58th St., Maspeth, N. Y. Under¬
writers—Maltz, Greenwald & Co. and Rittmaster, Voisin
& Co., N. Y.

(7/2-6)
Nov. 30, 1961 filed 125,000

—The

24,

to be

ers.

Fastpak, Inc.

shares, of which

45,000

(6/25-29)

22, 1962 filed 125,000 common. Price—$3. Busi¬
ness—Manufacture and distribution of components for
March

tate.

parts

.

•
FIFCO, Inc. (7/2-6)
May 17, 1962 ("Reg. A") 66,666 class A common. Price
—$3. Business—Application of sprayed fireproofing and

Hudson, Mass. Underwriter

Electronic Transmission Corp.

_

.

Price—By amend¬
$6.25). Business—The canning and freezing

Feb

of

.

.

(2908)

•

Offering—Temporarily postponed.

"42"

Products, Ltd., Inc.
April 18, 1962 ("Reg. A") 100,000 class A common. Price
'—$3. Business—Manufacture and sale of cosmetics. Pro¬
ceeds—For advertising, and equipment.
Office—163418th St., Santa Monica, Calif. Underwriter —
Rutner,
Jackson & Gray, Inc., Los Angeles.
Offering—July.
•

•

Founders Financial Federation, Inc.
(7/16-20)
May 4, 1962 filed 135,000 common. Price—$6. Business
—Commercial financing, industrial time sales financing
and factoring. Proceeds—For working
capital. Office—
440-W. 34th St., N. Y. Underwriter-—Edward Lewis Co.,
Inc., N. Y,

Number 6170

Volume 195

•

The Commercial and Financial Chronicle

.

.

.

N. Y. and Dempsey-Tegeler &

Four Star

Sportswear, Inc.
1962 filed 103,000 common. Price—$3. Busi¬
ness—Design, manufacture and distribution of men's
outerwear, sportswear and rainwear.
Proceeds—For
plant expansion, equipment and working capital. Office
—665 Broadway, N. Y.
Underwriter—Magnus & Co.,
Inc., N. Y. Offering—Expected sometime in August.
:
March

16,

other process
debt

Ave., North Hollywood,

38

Underwriters—Paine, Webber, Jackson & Curtis,

Calif.

(Bids

-

.

$25,000,000

25

Collins

Co.)

&

Co.,

(Myron

Common

Inc

Co.,

Mosley

Yeatman,

Inc.)

Co.,

Yeatman,

Mosley

Common

Stearns

(Bear,

&

and A. M. Kidder & Co., Inc.)

200,000 shares

Common
$375,000

Co.)

A.

Lomasney

&

&

Polonitza,

Inc.)

Common

(Garat

July

Debentures
•

Common

$1,750,000

be named)

to

•

(Tuesday)

17

Bonds

Missouri Power & Light Co._

Weld & Co.)

,

$1,000,000

•

-

Nopco Chemical Co
$5,800,000 '

$5,000,000

Co.)

&

Valu-Rack, Inc.
Common

—-Common.

Common
_Ben. Ints.

Investors

Inc.

(Myron

$1,000,000

(Offering to stockholders—underwritten by White,

Industries, Inc._

Regulators,

Units

Inc

$10,000,000

$651,300

K. Baum & Co.)

(Underwriter

shares

542,000

Cc.)

&

(McDonnell & Co.)

140,004 shares

Beauty

Co.)

&

Raceways,
Brooks

W.

Mammoth Mart Inc.

Common

Inc

Wulbern, Inc.

Carrison,

(P.

248,000 shares

Co.)

Aubrey Manufacturing,

Lewiston-Gorham

Units

:

Loeb

(Kuhn,

Podesta & Miller)

Class A

and Leiberbaum & Co.)

Security Life Insurance Co

National

—Common

—

150,000 shares

Weeks)

&

(Boettcher

Units
Co.

Common

Midwestern Mortgage

50,000 units

Common

shares

Co., Inc
(George

$286,875

Corp.

Kenner Products

stockholders—underwritten by Cruttenden,
548,532 shares

to

Mac-Allan

Common
Inc.)

250,000

Co.)

(Louis) Enterprises, Inc.-

(Morris Cohon & Co.

150.000 shares

(Hayden, Stone & Co.)

Common

American Plan Corp

Common

Securities.

&

(Hornblower

Lesser

shares

100,000

Inc.—Com.

Rose & Co., Inc.)

Vision, Inc

Common
Co.)

&

Lomasney

(Sunshine

Kavanau

(Allen

House of

Honora, Ltd.

$1,250,000

Co

Gas

\

shares

Debentures

Inc.)

Co.,

A.

Common

$810,000

Co., Ltd

Grand Bahama Development

shares

200,000

(Sprayregen, Haft & Co.)

312,500

Allegheny Pepsi-Cola Bottling Co
(Suplee,

Co.)

&

Glensder Corp.

„

$300,000

Allegheny Pepsi-Cola Boiilmg Co.(Suplee,

Brooks

W.

Co., Inc.)

(Ingram, Lambert & Stephen, Inc. and Reuben
$1,500,000

Common
(P.

475,000 shares

General Investment Co. of Connecticut,

$199,998

Inc.)

34

Common

Co

(Edward hewis

Class A

*

Securities,

on page

Federation, Inc.—.

Founders Financial

$625,000

Gaslight Club, Inc.

(Pacific Coast Securities Co.)

(Pierce,

Inc.)

Continued

and E. F. Hutton & Co.)

(Allen & Co.

$300,000

(7/9-13)

Inc.

150,000 capital shares, of which 70,-

(Monday)

July 16

Common
Co.,

&

Hollywood,

.

Common

Malkan

of

Continental Telephone

;

$20,000,000

(Monday)

Alan-Randal

(Offering

Co.

and

Underwriter—None.

March 26, 1962 filed

Office—

First Connecticut Small Business Investment

Debentures
H. Walker &

Inc.; G.

Y.

Frederick's

$250,000

Inc.
(Arnold

—

Julien

American

Fastpak,

Bonds

(Sinclair

Co

N.

Underwriter—Paine,

Wulbern, Inc.)

Carrison,

(Pierce,

(Friday)

(Kidder, Peabody & Co.,

June

Neponset Ave., Foxboro, Mass.

(Reed, Whitney & Stonehill, Inc.)

EDST)

11 a.m.

re¬

Proceeds—For plant expansion,

FIFCO, Inc.

22

Milk

variables.

repayment and other corporate purposes.

(Thursday)

Cincinnati Gas & Electric Co

Pet

indicating,

Ellner & Pike, Inc.—

June 21

June

for

instruments

Electromagnetic Industries, Inc.—Conv. Debentures

NEW ISSUE CALENDAR

.

industrial

of

—To

Business—Man¬

cording and controlling temperature, pressure, flow and

Proceeds—For selling stock¬

Redford

Office—4030

holders.

ufacture

Price—By

Price—At par.

shares held.

common

FW-4, a four-passenger amphibious autogiro. Proceeds
produce prototype models, and finance general
overhead and operating expenses. Office—10 E. 52nd St.,

the basis of $100 of debentures for each

on

,

20

withdrawn.

Jan. 26, 1962 filed 140,000 common. Price—By amend¬
ment. Business—Company plans to produce its Gyrojet

July 1, 1982 to be offered for subscription by

stockholders

was

Frazier-Walker Aircraft Corp.

May 29, 1962 filed $12,209,000 of conv. subord. deben¬

(max. $25). Business—Production and mar¬

keting of television films.

tion

Foxboro Co.

tures due

Inc.

filed 211,250 capital shares.

1962

amendment

•

33

Webber, Jackson & Curtis, Boston. Note- -This registra-

Co., Inc., St. Louis. Offer¬

ing—Indefinitely postponed.

March 27,

Four Star Television,

(2909)

(Bids

.

11

$6,000,000

EDST)

a.m.

•

$299,970

(Seymour Blauner Co.)

Electronic
(V.

Transmission

Wickett

S.

Co.,

&

Hampden Fund,

Inc

(Fulton,

International
Marin

Reid

Malkan

Witter

(Dean

&

Martin

National
(Lee

Semiconductor

Higginson

•V

Puerto Rico Brewing
(Merrill

Capital

—-

RF

Piper,

Jaffray

Ftopwood)

&

Pay'n Save

Kidder,

(Dean-Witter

Co.)

&

Witter

$1,200,000 -.

•

Worth

Financial

Co.,

&

$444,000

Inc.)

*

(D.

June 26

Bruce

(Albion

Common

Power

Pacific

(Bids

June 27

Common

11

$297,500

Corp.)

Co

Bonds

—;
$5,000,000

EDST)

a.m.

Fluid

(Stroud

Controls

&

Waist on

(Wednesday)
Kreeger &

Jones,

Co.)

$1,000,000

Public Service Co. of New Hampshire
(Bids

11

EDST)

a.m.

Bonds

Co.,

;

United

.

Inc.,

Merrill Lynch, Pierce,
$15,000,000

and

Chemical
(Robert

Preferred

Teller

(Albert

(Thursday)

July 30

Garrett

Co.,

&

Sons)

&

(Bids

12

Cameo

$1,575,000

CDST)

noon

H.

Class A
Riecke &

A.

..

and I. J. Schein & Co.)

July 31

<

Black

&

Mortgage

;

shares

Arde

'

Inc.

Common

&

Ben. Int.

William

T.

Robbins & Co.,

Inc.)

Co.,

Inc.)

(Adams

(Doft &

Stelber

Cycle

Unison

Electronics

Common
Common

72,000

(F.

J.),

Common

Inc

$468,750

Class A

Corporate Funding Corp
(R. F.

Decorative

Dowd &

Interiors,
(Lancer

,•

Dunhill

Food

(Carroll

Co.

(Pierce,

Co., Inc.)

Universal

and

Common

Inc

Securities

Paul

Co.)




Eisenberg

Industries,

Carrison,

Common
Co.,

&

Inc.)

Inc

Common

—

Western Power &
Webber,

Wiggins Plastics,
(Leib,

Inc.)

Common

& Bond,

Inc.)

$150,000

Inc

Lewis

Common

Co.,

Inc.)

&

:

Curtis)

150,000

.*

,

&

Co.,

Inc.)

1,200 units

Debentures

,

August 13

(Monday)

Common

Hydro-Swarf, Inc.
(Raymond

August 20
Bruce

.

Moore

&

$485,000

Co.)

(Monday)

Common

(Michael) Distributors, Inc
(Gianis

&

Co.,

$500,000

Inc.)

(Monday)

August 27

Iowa Public Service Co
(Offering to stockholders—Bids
320,468

Common
to

be

received)

shares

Preferred
shares

Common

Inc

Skloot

Units

Inc

$500,000

Gas Co
Jackson

$38,000,000

(Tuesday)

$600,000

Corp

Bonds

received)

(Monday)

6

Industries,

Common

Securities

be

Southwestern Bell Telephone Co
'
(Bids to be received) $100,000,000

$300,000

McDowell and Dempsey-Tegeler
450,000 shares

Industries,

$100,000

Wulburn,

July 10

September 11
Southern Railway
(Bids

$130,000

(Equity

Inc.)

Inc.)

70,000

$250,000

...Common
shares

November 7

Securities

Co.)

Common

$500,000

New England Telephone & Telegraph Co.—Debens.
,

Common
Co.,

Inc....

(Tuesday)

American Modular .Manufacturing Corp.

$300,000

Equipment Corp

Electromagnetic

of New Jersey,

Co.

to

12

(Tuesday)

Equip. Trust Ctfs.

Co
noon

EDST)

$9,450,000

shares

Maher Associates and Bull & Low)

(John R.

.Common

$250,000

Corp

(Llovd

(Paine,

Inc

Co., Inc.)

&

Bonds
$25,000,000

EDST)

Co. of Chicago

August 7

Common

Inc.)

(Gateway Stock

$500,000

of America,

&

Co.,

(Edward

.

Co.)

Blosser

(Rittmaster, Voisin & Co. and Midland Securities Co., Inc.)

Cooke

$750,000

$300,000

:

Enterprises;

(Straus,

$255,000

Co.)

Computer Concepts Inc
Mart

Inc.)

a.m.

(Gianis & Co., Inc.)

,

$183,750

Common

&

August
Arnav

Capital

Laboratories, Inc,__

(Lee-Mosson

$1,250,000

Common
&

Berne of California, Inc

Consumers

$300,000

$300,000

Co., Inc.)

Service

&

Conv. Debentures

&

Clark

—

'

Bernalen, Inc.
Burstein

—

Sampson

-

.Common

100,000 shares

Assembly Products, Inc
and

Electric

Radio
Inc.

-

$308,000

—

Co:)

New York Testing

Common
Inc.)

Co.,

—^

(Amber.

Polonitza.

&

11:30

(Bids

Common

Dowd

F.

(Robbins,

$19,500,000

Co.)

&

(McDonnell &

(Prescott & Co.

(Garat

.

Inc.) $400,000

Investors

Stone

Burstein

(Amber,

Co.)

Inc.)

Co.,

Frederick's of Hollywood, Inc

(R.

Anchor Industries Corp.—.
V'

&

Moore

Carno

Jaap Penratt Associates, Inc

(Baruch Brothers & Co.,

-

135,000

Inc.)

Co.,

Belt Railway

$1,000,000

Common

J.

Common

(Thursday)

August 2

Common
Co.)

Co

(A.

Common

(Hayden,

Mfg.

Dyna

(Raymond

Automotive Products, .Inc.—

.

Debentures
$7,500,000

EDST)

a.m.

(Tuesday)
(Bids

Common

Fairway Mart, Inc.

(Monday)

American

$500,000

Florida Power & Light Co

$200,000

& Co.)

(Schweickart &

$300,000

,

(Friday)

Site-Fab, Inc.

Admiral

Co.)

(Globus, Inc.) $750,000

Co., Inc.)

Lingeries, Inc

Capital

(Thomas Jay, Winston & Co., Inc.

P.

Inc.)

(Monday)

shares

50,000
-

and

Inc.

(Gianis

.Equip. Trust Ctfs.

Gulf, Mobile & Ohio RR

(H.

&

Barogenics, Inc.

Common

Corp

Barish Associates, Inc

Stephens (M.) Mfg., Inc

July 2

11

(Bids

$300,000

June 29

Co.,

(Wednesday)

Atlanta Gas Light Co

$562,500

Alsco Electronics, Inc

Fenner

Smith Inc.)

&

June 28

&

Rose

Common

(Moran

July 25

Common
Inc.)

Co.,

Class A

Inc. and Reuben
$1,200,000

Co.,

Markets, Inc

Co.)

Colket &

(Monday)

July 9
Alcolac

$24,000,000

Puget Sound Power & Light Co.—
(Blyth &

&

&

Bruce

Common

Corp

$300,000

Co.)

&

Debentures
and

Co.

&

1

Inc

Aviation,
(White

(Laird

(Richard

$690,000

Inc. and Penington,
90,000 shares

Co.,

..

Dart Drug Corp

Co.)

Common

——

Tujax Industries, Inc

Class A
&

$975,000

Co.)

Russotto

(Costello.

Common

&

Industries, Inc

$325,000

Industries, Inc
(Andresen

Tactair

Tabach

$375,000

Common

(Balogh

Common

»—1——-—Capital
Inc.)

Co.,

Inc

Superior Bakers,

(Joseph W. Hurley & Co.) $208,980

'

'

Sternco

Investors

(R&D

Sierra

Common

Common

$525,000

Corp.)

—

Securities

(General

:

$600,000

Inc.)

(Arnold Malkan & Co., Inc.)

..

Lockfast Mfg. Co., Inc

Servotronics, Inc.
-

Common
$250,000

Inc.)

Co.,

&

Investing

(Cortlandt

Common

Co., Inc

Co.,

Securities

Wilkens

Equipment & Plastics Corp

National

$357,500

Plant Equipment Corp

Steel

(Tuesday)

Inc.)

Co.,

__—

$375,000

—

(Arnold,

Common

-

—Common

——

Inc.)

Co.,

Kapner, Inc.

shares'

200,000

Inc.)

Spears (L. B.), Inc

$305,000

Co.)

&

&

Corp

Sokol Brothers Furniture

\

Corp.—

A.

.Common

&

a

$300,000

Co., Inc.)

(Alessandrini &
(Gianis

'

_ll——Common

Electromagnetics Corp.

$500,000

Co

"it

^

^

Homes, Inc.r—_
.v"

Common

Inc.)

Co.,

Warwick,

&

O'Neill

(George,

"

-

&

DeLuxe

(Pacific Coast Securities Co.) 550,000 shares

Units

:

(Hodgdon

MacPherson

Service

Skiers
;

West Falls Shopping Center Limited

Partnership

Malkan

j

.

"

shares

120,000

Inc.)

$12,000,000 k

received)

(Monday)

July 23

shares

Industries, Inc

be

to

(Bids

400,000

Inc.)

Common

Associates,

Martin

A.

River

Mill

(Vickers.

shares

40,576

Co.)

&

$200,000

Co.)

,

Corp.-,——.^Debentures

Rochester Telephone

Common

Shelley Manufacturing

Pay'n Save Corp.--—^-Debentures
(Dean

&

Warwick,

&

Security Aluminum Corp

Common

Corp

.

Malkan

(Thursday)

July 19

$4,500,000

-

(Arnold
•

Inc.)

(Henry), Inc

(Robert

Saw

Peabody

Smith

Common

MacPherson

Rosenfeld

■

(Bids 11 a.m. EDST) $15,000,000

Units

&

Fenner

Bonds

Electric Co

Atlantic City

$480,000

Co., Inc

Pierce,

Corp.

(Vickers,

Corp.--—,—Debentures

stockholders—underwritten by
& Co., Inc.) $5,023,800

to

Lynch,

Roadcraft

s

—.Common
Inc.)

Co.,

&

$9,450,000

EDST)

noon

(Wednesday)

July 18

$350,000

Corp

(Arnold

Common

Inc.)

12

(Bids

Common
Co.,

&

F^m. Trust Ctfs.

Southern Railway Co

$825,000

Interonics, Inc

shares

75,000 shares

••

Packard-Bell Electronics
(Offering

Common

Corp.--^_^-+„-Capital

and

Corp.

Peerless Radio

$500,000

Corp.)

Space

Lane

Gilhart

D.

Inc.)

Co.,

Corp

Common

$450,000

Co.)-, 102,050

(L. P.) Maintenance Corp
(Johnson,

v

Inc.)

Co..

Corp.——

&

(A.

&

Brothers

Electronics

Orion

(Kordan

Corp.——

County Financial

(Baruch

and

$5,000,000

Inc.)

Co.;

&

Protein

(Arnold

-

&

Common

International, Inc

Common

Corp.-

Thomas, Williams & Lee, Inc.
Co., Inc.) $375,000

Inc.;

Crosse

_

Oceana

July 11

(Bids 11 a.m. EDST) $50,000,000

Eauip. Trust Ctfs.

(Bids 12

noon

EDST)

$3,540,000

Bonds

(Bids to be received) $23,000,000

Preferred

Georgia Power Co
(Bids to be

November

(Wednesday)

Atlantic Coast Line RR

(Wednesday)

Georgia Power Co

28

received) $7,000,000

(Wednesday)

Southern Electric Generating
(Bids to be received)

Co
$6,500 ooq

Bonds

..

<■'

■

34

Continued

The Commercial and Financial Chronicle

(2910)

from page 33

■

.

f

in

dealers

80,000 by a stockBusiness—Operation of a mail order
business and a chain of women's apparel stores.
Pro¬
ceeds—For
expansion and other corporate purposes.
Office—6608 Holywood Blvd., Los Angeles. Underwriter
—Garat & Polonitza, Inc., Los Angeles.
000

"

to be offered by company and

are

holder.

Price—$5.

Frouge Corp.
\

Jan.

1962 filed 200,000 common. Price—By amend¬
Business—Construction and operation of various

type apartment, industrial and office buildings. Proceeds
1 —For prepayment of debt and reduction of bank loans.
Office—141

■—Van

Ave., Bridgeport, Conn.

Underwriter /

Alstyne, Noel & Co., N. Y. Offering—Postponed.
M.

G.

North

S.

Stores

Inc.

April 30, 1962 filed 140,000 common. Price—$4. Busi¬
ness—Operation of discount centers. Proceeds—For ex¬
pansion.

Office—19

W. 34th St., N. Y.

Preiss, Cinder & Hoffman,
pected in early July.
Gabriel

Inc.,

N.

Y.

Underwriter—
Offering—Ex¬

& Hanley, Hempstead, N. Y.

Offering—Indefinitely postponed.
•

fice—9109

C. Tucker

Proceeds—For selling stockholders. Of¬
Reid Rd., Austin, Texas. Underwriter—James
& Co., Inc., Austin, Texas. Note—These secu¬

rities will be placed privately.
•

Glensder

March
are

Industries, Inc.

.v

,

1962 filed 150,000 common, of which 60,000
the company and 90,000 by the com¬

23,

to be offered by

pany's parent, Glen Modes, Inc. Price—By amendment
(max. $7).
Business—Design, production and sale of
women's fashion accessories, and sportswear.
Proceeds
—For
general corporate purposes.
Office—417 Fifth
Ave., N. Y. Underwriter—Sprayregen, Haft & Co., N. Y.
Co., Inc.

13, 1962 filed 80,000 common. Price—$4. Busi¬
ness—Manufacture, development and sale of pharmaceu¬
tical and veterinarian products, rroceeds—For advertis¬
March

1962 filed 100,000 class A common shares.
amendment (max. $11). Business—Design,
manufacture and distribution of toys and sporting goods.
Proceeds—For debt repayment Office—184 Fifth Ave.,

30,
Price—By

Office—36

—Droulia

Underwriter—Hemphill, Noyes & Co., N. Y.

debt repayment and working capital.
Lawton St., New Rochelle, N. Y. Underwriter
& Co., N. Y.

research,

ing,

Office—1180 Raymond Blvd., Newark, N. J.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Offering—Temporarily postponed.

Construction Corp.
April 2, 1962 filed 550,000 class A shares. Price—$10.
Business—Company plans to develop, operate, construct
and manage real estate. Proceeds—For general corporate
purposes. Office—151 N. Dean St., Englewood, N. J. Un¬
derwriters—Leiberbaum & Co. and Morris Cohon & Co.,...

•

N. Y.

Garden

State

Small

Business

Investment

investment.

Gaslight Club, Inc. (7/2-6)
28, 1962 filed 100,000 common. Price-r-By amend¬
ment (max. $7) Business—Company operates four "key
clubs." Proceeds—For expansion, debt reduction, and
working capital. Office—13 E, Huron St., Chicago. Un¬
derwriter—Myron A. Lomasney & Co., N. Y.
Gemco-Ware

Corp.
March 9, 1962 filed 146,000 common. Price—By amend¬
ment (max. $8).
Business—A holding company for a
restaurant equipment manufacturer, a wholesale distrib¬
utor of houseware products and a eompany operating
leased discount departments dealing in hard goods. Pro¬
ceeds—For
debt
repayment, expansion and working

Office—134-01

Atlantic

Ave., Jamaica, N. Y.
Beane, N. Y. Offering—

Temporarily postponed.
March

23^1962 filed 105,000 common. Price—$3. Busi¬

ness—Design,

assembly and distribution of trophies,
plaques »and awards. : Proceeds—For debt repayment,
new products,
expansion and working capital. Office—
2555 W, Diversey Ave., Chicago.
Underwriter—Michael
G. Kletz & Co., N. Y.
%
.

General

Design Corp.
25, 1962 ("Reg. A") 65,000 common. Price—$3.
Business—Design and development of new products for
April

various

industries.

Proceeds—For

Harris & Co., Inc., Philadelphia. Note—The SEC has is¬
sued

an

order

General

temporarily suspending this issue.

Economics Syndicate, Inc.

- -

:

/

April 11, 1962 filed 400,000 class A common. Price — $10.
Business—An insurance holding
company. Proceeds—
For investment in
subsidiaries, and working capital.
Office—625 Madison Ave., N. Y.
Underwriter—G. E. C.
Securities, Inc., (same address).
General
-

Investment Co. of Connecticut, Inc.

"

(7/16-20)
Mar.

14, 1962 filed 200,000

Nov. 21, 1961 filed 100,000

common./Price—$6. Business
Proceeds—For working capi¬
tal and other corporate purposes. / Office—1707 H St.,
N. W., Washington, D. C. Underwriter—Rouse. Brewer.
Becker & Bryant, Inc., Washington, D. C. Offering—Ex¬
pected
•

in

September.

-VkV-

'//yV/o./-

;

Gould Paper Co.

/■"/
/v
//'/'"
Sept. 28, 1961 filed 140,000 common. Price—$11. Busi¬
ness—Manufacture of paper. Proceeds—Expansion and.,
working capital. Office—Lyons Falls, N. Y. Underwriter,
—Van Alstyne, Noel & Co., N. Y.
-Gourmet

Food

.

Products,

common.

Price—$7.50. Busi¬

ness—A small business investment
company. Proceeds—
For debt repayment and investment. Office—348
Orange

Underwriter—Darius

Inc., N. Y.

Greater

Offering—Temporarily
Corp..

Pittsburgh Capital

14, 1961 filed 250,000 common. Price—$11. Busi¬
ness—A small business investment company. Proceeds—
For investment. Office—952 Union Trust Bldg., Pitts¬

Nov.,

burgh. Underwriters—Moore, Leonard & Lynch and Fin¬
& Seribner, Pittsburgh. Offering—Postponed.
Green

(Henry J,)

<

Instruments Inc.

•

/,

April 30, 1962 filed 150,000 common. Price—$2.25. Busi¬
ness—Manufacture of precision instruments for measur¬
ing atmospheric conditions. Proceeds—For debt repay¬
Office—2500
ment, equipment and working capital.
Shames Dr., Wesfbury, L. I., N. Y. Underwriter—None.

Bros./'' Inc. // •'/.//;/:-// //'

Greenman

■'

■

April 25, 1962 filed 150,000 common, of which 75,000 are
to be offered by company and 75,000 by stockholders.

Business—Wholesale and retail distribution

Price—$10.
of

toys, hobby lines and sporting equipment.

Proceeds

repayment, inventory and working capital.
Engel St., Hicksville, N. Y. Underwriter—J.
R. Williston & Beane, N. Y.
//!/•,//■••/ -./'a
debt

—For

Office—35

.

Gruman-Bond

V

Equipment Corp.

,

/

Majr 28, .1962 filed 100,000 common. Price—$3. Business
—Furnishing of equipment for operation of coin-oper¬
ated dry

cleaning and laundry establishments. Proceeds

expansion.
Office — 6400 Chillum Place,, N. W.,Washington, D. C. Underwriter—Shell Associates, Inc.,

—For

Gourmet Restaurants, Inc.
April 30, 1962 ("Reg. A") 28,213 capital shares.
Price
—$3.50. Business—Operation of restaurants in Disney¬

land Hotel.
1445

S.

Proceeds—For

selling stockholders. Office—
St.,-Anaheim, Calif.
Underwriter—CrutCo., Inc., 618 S. Spring St., Los Angeles.

West

tenden &

Government Employees Financial Corp.
Aug. 17, 1961 filed 603,000 common being offered for
subscription by stockholders of affiliated companies at
the rate of one share for each 15 rights held of record
.

ment Employees Insurance Co., two rights for each share
held; to common stockholders of Government Employees

Life Insurance
to

common

Company,

stockholders

one

of

/■'/;/

Gulf American Land Corp.

'/,*

■

of 6V2% conv. subord.
Business—Company
engaged in the development of planned communities
Florida. Proceeds—For/debt repayment and general

Feb.

filed

1962

28,

$10,000,OQO

debentures due 1977. Price—At par.
is

in

corporate/ purposes. Office — 557 Northeast 81st St.,"
Miami, Fla. Underwriters — Morris Cohon & Co. and
Street & Co., Inc., N. Y. Offering—In August.
/ *
/
Heck's Discount Centers, Inc.

/

/;"//T;';"

*

-

'

7, 1962 filed 125,000 common.; Price—By amend¬
(max. $5) / Business—Operation pi discount stores.
Proceeds—For inventory, expansion, debt repayment and

June

ment

St.

capital/ Office—6400 MacCorkle Ave.,, S. W.,
W. Va.
Underwriter—Willard Securities,

Albans,

Inc.^N. Y.

■„
Hallandale Rock & Sand Co//l

v.

1962 filed $250,00,0 of 8% subordinated deben¬

March 30,
tures due

1$77, .200,000 common and 6-year warrants to
';////;///// purchase 25,000 common at $1 per share to be offered in
units consisting of a $10 debenture, 8 common share,s and

///■'/:

right for each share held;
Government

warrant. Price—$18 per

one

unit. Business—Extraction,

processing and sale of rock and sand. Proceeds—For a
plant and other corporate purposes. Address—Hal¬
landale, Fla. Underwriter—Mutch, Khanbegian, Flynn &
Green, Inc.. 115 Broadway, N. Y.
new

Halo Lighting,
Mar.

Inc.

1962 filed

27,

300,000 common, of which

100,000

and/200,000 by a stock¬
holder. Price—By amendment; Business—Manufacture
of recessed incandescent
lighting fixtures. Proceeds—
will

be

sold

by the

company

Office—Chicago/ 111.

For
general corporate purposes.Underwriter—R. W. Pressprich &

Co., N. Y. Offering—

Temporarily postponed.
Halsey

Employees

Drug Co.

/•,•••/

< •••?,

.

'// v'v

March 30, 1962 filed 79,500 common. Price—$4. Business
Corp., four rights for each share held, and to common
stockholders of Criterion Insurance Co., one right for each
—Manufacture, packaging and sale of proprietary drug
share held. Rights will expire June 29. Price—$7.50 / products. Proceeds—For debt repayment, expansion and
Business—A consumer finance company.... Proceeds—For
other corporate purposes. Office—L827 Paeific St., Brook¬
working capital. Office—1700 Broadway, Denver. Under¬
lyn, N. Y. Underwriters—Packer-Wilbur & Co., Inc., and
writer—None.
"-/:/»'//'?
'' Alessandrini & Co., Inc., N. Y. Offering-—In late July. -

Inc. v'"/•/J/1: /-:/.''
1962 filed $600,000 of 6% conv. subord. de¬
bentures due 1977 to be offered in 1,200 units. Price—
General Realty Income Trust
v,'//''"/':;:7'".VH./-?."
:T,.!
$500 per unit. Business—Operation of jewelry stores,
April 27, 1962 filed 1,000,000 shares. Price—A maximum
jewelry concessions and a liquor concession in discount
of $10.
Business—A real estate investment trust. Pro¬
department stores. Proceeds—For debt repayment and
ceeds—For investment.
Office—111 Broadway, N. Y.
working capital. Office—182 Second Ave., San Fran¬
Underwriter—King Merritt & Co., Inc., N. Y.
cisco. Underwriter—Midland Securities Co., Inc., Kansas
General Vitamin &
Drug Corp.
City, Mo. Offering—Expected in July. /'/•■ // .';
April 3, 1962 ("Reg. A") 78,000 common/ Price—$2.75.
Grand
Bahama
Development <Co., • Ltd;:
Business—Sale of vitamins through department stores
r
and mail order. Proceeds
(7/16-20)
.....
•////••/
For debt repayment, new ,
Jan. 23, 1962 filed 250,000 common. Price
By amend¬
products, sales promotion and working capital. Office—
ment. Business—Sale and development of land on Grand
88 Cutter Mill
Rd., Great Neck, L. I., N. Y. Underwriter
Bahama Island for residential and resort purposes. Pro¬
—J. J. Krieger & Co.,
Inc., N. Y.
ceeds—For general corporate purposes. Office—250 Park
Geriatric Research, Inc.
Ave., N. Y. Underwriter—Allen & Co., N. Y. 1
Feb. 12, 1962 filed 162,500
common, of which 12,500 are
to be offered by the
Great Continental Real Estate Investment Trust
company and 150,000 by stockhold¬
ers.
Price—By amendment (max. $8.50). Business—Di¬
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
rect mail selling of vitamin mineral
Price—$10. Business—Real estate. Proceeds—For invest¬
products to eld¬
ment. Office—530 St. Paul Place, Baltimore. Underwriter '
erly customers. Proceeds—For working capital. Office
—179 N. Michigan
—To be named. Note—This firm formerly was known as
Ave., Chicago. Underwriters—Bacon,
Continental Real Estate Investment Trust.
Whipple & Co. and Freehling, Meyerhoff & Co., Chicago.
St., New Haven, Conn. Underwriters—Ingram, Lambert
& Stephen, Inc., and Reuben Rose &
Co., Inc., N. Y.

corporate

Office—149 Entin Rd., Clifton. N. J. Under¬

postponed.

working

Inc.

May 25, 1962 filed 100,000 common. Price—$4.50. Busi¬
ness
Growing, purchasing, distributing and selling
whole potatoes and processing and selling of prepared
potato products. Proceeds—For a new plant and equip¬
ment. Office—915 Southeast 10th Ave., Portland,
Ore.

June 4, as follows: To common stockholders of Govern¬

,

($7

board and containers. Proceeds—For general

•

—Real estate investment.

debt

repayment,
equipment and working capital. Office—1252 W. Peachtree St., N. W., Atlanta, Ga. Underwriter — Robert M.

>

amend¬
max.). Business—Manufacture of corrugated

New York.

Investment Corp.

—

Generaf. Classics Inc.,

Co^ Inc.

k

Offering—Expected sometime in July.

Gotham

Feb.

Underwriter—J. R. Williston &

ment

Good-Era Realty &

Co.

Oct. 27, 1961 filed 330,UUO common. Price—$3. Business
—A small business investment, company. Proceeds—For

capital.

Greater New York Bex

ger, Dean

(7/2-6)

Corp.

Thursday, June 21,1962

*

Doc, 29, 1961 filed 100,000 common. Price—By

purposes.

Boat Co.

Glastron

.

writer—D. H. Blair & Co., N. Y.

May 4, 1962 ("Reg. A") 33,114 common. Price—At-themarket.
Business—Manufacture and sale of fiberglass

Gold Leaf Pharmacal

March

N. Y.

Address—San Juan, Puerto

general corporate purposes.
Rico. Underwriter—Edwards

pleasure boats.

26,

ment.

type furniture which it sells principally to
Puerto Rico. Proceeds—For equipment and

other

and

.

Granco,

March 23,

Hampden Fund, Inc. (6/25-29)
24, 1962 filed 500,000 common.

/

Jan.

ness—A-closed-end

.

trust

investment

r

Price—$10.
which

/

Busi¬

plans

to

end. Proceeds—For investment. Office—
2100 East Ohio Bldg., Cleveland.
Underwriter—Fulton,
Reid & Co., Inc., Cleveland.
I'//'
become

open

Hanna-Barbara Productions,

Inc.

/>"///

29, 1961 filed 200,000 capital shares. Price — By
amendment. Business—Production of television cartoons
Dec.

and commercials. Proceeds

—

For

a

building and

new

■

,

—

Offering—Indefinitely postponed.
Gilfillan

Great Eastern

Corp.

April 4, 1962 filed 254,000 common. Price—By amend¬
ment (max. $18).
Business—Development and produc¬
tion of radar and other
specialized electronic systems.
Proceeds—For selling stockholders. Office—1815 Venice
Blvd., Los Angeles. Underwriter—Blyth & Co., Inc., Los
Angeles. Offering—Expected in July.
* Girard Industries
Corp.
March 28, 1962 fled $250,000 of
6% conv. subord. deben¬
tures due 1972 and 90,000 common
shares to be sold by.
certain stockholders. The securities
are to be offered in
units consisting of a $100 debenture and 36
shares.

Price

—By amendment. Business—Manufacture




of

restaurant

Insurance Co.

,

^

April 13, 1962 filed 381,600 common. Plice—By amend¬
ment (max. $5). Business—Company plans to write cer¬
tain types of fire and casualty insurance. Proceeds—For
general corporate purposes. Office—116 John St., N. Y.
Underwriters—Emanuel, Deetjen & Co., and Zuckerman,
Smith & Co., N. Y.
•

Great Plains

Corp.

bank

and an insurance agency. Proceeds—For working:
capital, debt repayment and expansion. Office—368 Main 3
St., Longmont, Colo. Underwriter—Birkenmayer & Co.,
....

N. Y.

.

/

// ; r /

Happy House, Inc.
July 28, 1961 filed 790,000 common shares . Price—$1.
Business—The mailceting of gifts, candies and greeting
cards through franchised .dealers. Proceeds—For equip-?
ment, inventory and working capital Office—11 Tenth
Ave., S., Hopkins, Minn. Underwriter—None. Offering
-^Expected in July.
/
••• •~
w •/ i / \
..

Jan.
are

26,

to

.

/ // / ;
200,000 common, of which 100,000
be offered by the company and 100,000 by £ stock¬

Hardlines Distributors,

1962

Inc.

filed

Price—By amendment/ Business—Retail sale of
hardware,
lighting fixtures, automotive
accessories, etc. Proceeds—For debt repayment, expan¬
sion
and
working capital.
Office—1416 / Providence
Highway, Norwood. Mass. Underwriter—McDonnell &
Co., N. Y. Offering—Temporarily postponed./
^
/ holder.

housewares,

„

March 26, 1962 ("Reg. A") 6Q,0Q0 class A common. Price
—$5. Business—Company plans to establish an industrial

Denver.

working capital. Office—35Q1 Cbhuega Blvd., Los An¬
geles. Underwriter—Carl M. Loeb, Rhoades & Co., Inc.,

,

Hargrove Enterprises, Inc.

.

*

Dec.

8, 1961 filed 160,000 common. Price—$5. Business
—Company plans to own and operate an amusement
park. Proceeds—For property development, advertising,
and working capital. Office—3100 Tremont Ave., Cheverly,- Md. Underwriter —^ Switzer- & Co.,- Inc., Silver
Springs, Md. Offering—Imminent.

Volume

Number 45170

195

;

;

The Commercial and Financial Chronicle

.

their

Harley Products, Inc.
28, 1962 filed 75,000 common. Price—$4. Busi¬
ness—Design, production and distribution of belts and
related products. Proceeds—For sales promotion, expan¬
sion, inventory, and debt repayment. Office—476 Broad¬
March

-

in the

distribution

N. Y. Underwriter—Finkle & Co., N„ Y. Offering—
Expected in August. .'* • ;
7 ; 7 •
;

•

U.

Proceeds—For general

S.

corporate purposes. Office—42 W. 48th
writer—Sunshine Securities, Inc., Rego
House of Koshu,
March 29^ 1962 filed

way,

(2911)

17th

International
Jan.

Inc.

;

■

■

:"-'

■Harris1 (Paul)

See

Stores,VInc.
Paul, Harris Stores, Inc. 7;

•7

V'V7,V-' V'

'

•

;

V
7;.

•»

75/100 class A common. Price—$5.
Business—Importing of Japanese liquors. Proceeds—For
debt repayment,
advertising, inventory and working
capital. Office—129 S. State St., Dover, Del. Underwriter
—P. J. Gruber & Co., Inc., New York.

ital.

-

food

stores.

Proceeds—For

-

7 International Realty Corp.

April 27, 1962 filed $18,000,000 of s. f. debentures due
1977, 360,000 common shares and five year warrants to
purchase 540,000 common shares to be offered in 180,000

New York. Offering—Expected sometime in August.

'

Jan.

p.'V'-,"'

"V"r. f

a

29,1962 filed 306,000 class A common. Price ^ By
Business
Publishes illustrated encyclo¬

'

works for children- and operates an advertising
agency for sale of TV: and radio Spot time.'Proceeds—
pedic
For

Office—170 Varick St., N. Y. Un-*

Wofkin^ capital.

derwriter—rVan Alstyne,
Indefinite. 7 ;■
* }
- -7
-Hawaii

Real

.

NoeL& Co., N. Y. Offering—
;
7
7"7'77: • :/
': 77'

Estate Investment Trust

-

•

•

7

7

-

May 18,71962 filed 1,000,000 shares of beneficial interest
and eight-year stock purchase warrants to be offered in
units consisting of one share and one warrant:
Price—
$10 per unit.-Business—A real estate investment trust.
Proceeds—For
working
capital.
Address—Honolulu,
Hawaii. Underwriter—White, Weld & Co., Inc., N. Y.

•

'

Corp.

V V
of 5 %

_

?

'

M^rch 28, '1962 filed 23,300 shares
convertible
preference stock to be offered for subscription by stock¬
holders on basis of one preferred share for each 10 com¬
mon
held. Price—$12. Business—Real estate. Proceeds

-

-

-'

—For

general corporate purpoces and debt repayment."
Office—40 Beaver St., Albany, N. Y. Underwriter—None.
7

V, :\

.Helix Land Co.,..Inc.

'7 V 7'7 77/7,77
Price—By

o

586$00 capital•,

April 27, 1962 filed

(max. $5).
Business—General real estate.
Proceeds—For general Corporate purposes.,. Office—4265
Summit Dr., La Mesa, Calif.. Underwriter—None. /:*7.7/\

)

■

snares.

amendment,

-

.

•

...

;

Hydro-Swarf, Inc. (8/13)
March 30, 1962 filed 97,000 common, of which 80,000
will be sold by company and 17,000 by certain stock*
holders. Price—$5. Business:—Manufacture, assembly and
sale of aircraft and missile components on a sub-contract '
basis. Proceeds—-For debt repayment and working capital.
Offiee—7050 Valley View St., Buena Park, Calif. Underwriter-^Raymond Moore & Co., Los Angeles.

holders

to

food

of

.

New
•

Hickory Industries, Inc. ;
Aug. 3171961
("Reg. A^') 40,000
Business—The

allied
sanes

manufacture

common.
barbecue machines

of

other

7 —19
;;

Ed., Long Island City, N. Y.1 Underwriter—
Associates, Inc., N. Y. Offering—Indefinite.

J.^B. Coburn

"High Temperature Materials, Inc.
7
1961 filed 120,090 common.Price—By amend¬
Business—Manufacture

models.

of

products

Proceeds—For equipment,

from

test

research and devel-7

opment, leasehold improvements, repayment of debt and

working capital. Office—130 Lincoln St.; Brighton, Mass.
Underwriter—To

be

7

named.

;

./v,>,\

River

filed 2,265,138 common

writer—None...
Hoffman

Feb. 28,

•"

•

'"7V

.-

House Sauce

to

fund

:

,7; V', 7-, 7,..
Co.,"Inc.-77"- :77.>.

Inc.,

convertible

Office
St, Woodstock, Vt,
Underwriter—Searight,
Offering—In July. -

/

■

are

—A

7'.

7

,7.

,

7,

.

7

Office—208 S. La Salle

Co.

1962 filed 250,000 common, of wlilch 125,000
be offered by the company and
125,000 by a

to

management

investment

company

$20). Business
specializing in

June

•

•

of land and

Israel Hotels

rants) to be offered for sale in units of one $1,000 deben¬
10 common (with 20 attached warrants). Also

ture and

registered
due 1980.

Y.

were

$2,760,000

of

QVz%

dollar

debentures

Price—For units, $1,050 each; for debentures,

par.
Business—Company was formed to construct the
luxury hotel "Tel Aviv Hilton" at Tel Aviv, Israel. Pro¬
ceeds—For general corporate purposes. • O f f i c e—229
South State St., Dover, Del. Underwriter — American
Isiael Basic Economy Corp., New York City.

v.

devices. Proceeds—^For debt repay¬
promotion and other corporate purposes.
Mt. Pleasant Ave., Newark, N. J. Under¬

writer—Gold-Slovin Co., Inc., N.
7 •

International, Inc.

1962 filed $4,036,000 of 6%% sinking fund dedebentures due 1980-86 and 40,360 common (with war¬

—

Office—312

lona

Feb. 28,

11, 1962 ("Reg. A") 135,000 common. Price — $1.
Manufacture and' distribution of electrosales

Connecticut

Underwriter—None.

—Regent St., Manchester, Conn. Underwriters—Richard
Bruce & Co., Inc., and Reuben Rose & Co., Inc., N. Y.

mechanical rotating

ment,
-

Office—3315

investment.

Manufacturing Co.
140,000 common, of which 125,000 are
the company and 15,000 shares by a
stockholder.
Price—$6.
Business—Manufacture
of
household electric appliances and electric motors. Pro*
ceeds—For new products and working capital.
Office

and other corporate purposes.

Inc.

and

Jan. 26, 1962 filed
to be offered by

Jaap Penraat Associates, Inc.

(7/9-13)

30, 1962 filed 100,000 common. Price—$3. Business
—Industrial designing, the design of teaching machines
and the production of teaching programs. Proceeds—
For expansion, new facilities and working capital. Office
—315 Central Park W., N. Y. Underwriter—R. F. Dowd
& Co., Inc., N. Y.
Jan.

•,

International Drug & Surgical Corp.

Hollingsworth Solderless Terminal Co.

March 23, 1962-filed* 150,000 class A shares. Price—$4.
27, 1962 ("Reg. A") 75,000 common. Price -— $4.
Business—Importing, licensing, and manufacturing of;
Business—'-Manufacture, sale and development of solderpharmaceutical and medical instruments. Proceeds—For
less terminals and other wire, terminating products. Pro- 7 working capital and other corporate purposes. Office—
ceeds—For debt repayment, equipment, advertising and
375 Park Ave.^ N. Y. Underwriters—Seymour Blauner
working capital. Address—P. O. Box 430, Phoenixville,
Co., and Wm. Stix Wasserman & Co., Inc., N. Y.
Pa. Underwriter—Harrison
Co., Philadelphia. Offer¬
International Plastic Container Corp.
ing—Temporarily postponed.
7*
' 777' v. /March 26, 1962 filed 200,000 commQn. Price—$2.50»:
Honora, Ltd. (7/2-6) 7".
V ,77.."
;' 7 Business—Manufacture of plastic products produced by
Nov. 29, 1961 ("Reg. A") 76,500 common. Price—$3.75
extrusion and
thermoforming.
Proceeds—For equipBusiness—Purchase
of cultured pearls
in Japan and
ment, rent, salaries and working capital. Office—818—




Proceeds—For debt repayment and
Office—818 17th St., Denver.

Ave., N. W., Washington, D. C.

Feb.

•

Jackson's/Byrons
March
,

,

■

foreign

16,

struction

building, equip¬
Office—
Broadway Plaza, Huntington Station. N, Y. Underwriter—Price Investing Co., N. Y. Offering—Late July.

Proceeds—For acquisition

Business

j

—

,v

of

Industrial Growth Fund of North America, Inc.
the insurance field. Proceeds
For debt repayment,
April 20, 1962 filed 100,000 common/Price — Net asset 1 working capital and possible expansion. Office—901
value (max. $11.50). Business^—A closed-end investment
Washington Ave., St. Louis. Underwriters — Scherck,
company which plans to become open-end in 1963. Pro- ' Richter Co., and Dempsey-Tegeler & Co., Inc., St. Louis.
ceCds—For investment.
Office—505 Fifth Ave., N. Y.
Investors Realty Trust
Distributor—Industrial Incomes Inc. (same address).
May 31, 1962 filed 200,000 shares. Price—$10. Business
Industry Capital Corp.
—A real estate investment trust.
Proceeds—For con¬

* Instrument Components.

7

Jan.

Phoenix, Underwriter—None.

mutual fund.

stockholder. Price—By amendment (max.

.

-

Proceeds—For

Investment Securities

t

31, 1962 filed 3,500,000 common and 5-year war¬
to purchase 700,000 chares, to be. offered in units
of 5 shares and one warrant. Price—$50 pet unit. Busi¬
ness—Development and operation of mobile home re*
soris»
Proceeds
For debt repayment, exoansion and
working capital.
Office—4344 E. Indian School RoadL

a

March

4

1962 filed $250,000 of -.6%%

Holiday Mobile Home Resorts, Inc.

Price—isusiness

films.

Underwriter—None.

add

Ahalt & O'Connor, Inc., N. Y.

ment, inventory

rants

feature

co-production

general corporate purposes.

be offered

—

-

domestic

Inc.

common.

and

—To stockholders, $2.50; to the public, $3.50.
Business
—Manager and distributor for Western Industrial Shares,

subordinated sink*
v
debentures; due 1977 and 25,650
Instron Engineering Corp.
common shares to be offered in units consisting of one 7
March 26; 1962 filed 120,000 common. Price—By amend$5'0Q debenture and 50 common shares. Price—$1,000 per
unit/ Business
Manufacture of liquid and. semi-solid
ment (max. $14). Business—Development and produc¬
tion of equipment for use in testing the physical char¬
salad, dressings and specialty sauces. Proceeds—For debt
acteristics of various, materials.
Proceeds—For selling
repayment and expansion. Office—109 S. Webster St.,
stockholders. Office—2500 Washington St., Canton, Mass.
Madison. Wis. Underwriter—Milwaukee Co., Milwaukee,
Underwriter—None.
Wis. Offering—Indefinitely postponed.
;

ing

distribution

Investment Management Corp.
May 10, 1962 filed 100,000 Common to be offered for sub¬
scription by stockholders on a 2-for-l share basis.
Unsubscribed shares will be offered to the public. Price

for 7 St.; Chicago. Underwriter—A. C. Allyn & Co., Chicago.
Offering—Indefinite.
subscription by stockholders of Union Bank of Califor¬
Instromech Industries, Inc.
nia Op a share-for-share basis.
Price—$3, Business—A
management • investment compahy. - Proceeds—For. .in-.-, : March 30, 1962 ("Reg. A")< 100,000 common. Price—$37
Business—A contract manufacturer of precision products.
vestment.
Office—760 S. Hill St., Los Angeles.1* Under¬
16, .1961

Lampert & Co., Inc.,

acquisition,
co-production, dubbing, adaptation and -distribution of
films, and working capital. Office—1776 B'way, N. Y.
Underwriters—General Securities Co.," Inc.. and S Kasdan & Co., Inc., N. Y. Offering—Indefinitely postponed.

Proceeds—For equipment,

For general corporate purposes.

Hill Street Co.
Oct.

Underwriter—Drourr,

Interstate

ana

Dec. 26, 1961 filed 500,000 common. Price—$15. Busi¬
ness—A small business investment company. Proceeds—,

1.7

.

abstracts.

common./ Price—$2.

75,000

—

-

Sept: 28,
ment,

and

Index"

A")

("Reg.

York.

~ Theatrical

7

Financial

Co., Inc.

interworld Film Distributors,

promotion, office relocation, and working capital.

and

Proceeds—For equipment, inventory,
promotion, 'expansion and working capital. Office

indexes

<fThe

1962

Sept. 29, 1961 filed 106,250

Retrieval

Business—Publishes

••

Equity
1962 filed 1,605,100 shares of beneficial interest.
Price—(max. $10). Business—A real estate investment
company. Proceeds—For investment. Office—450 Seventh
A.ve., N. Y. Underwriter—Van Alstyne, Noel & Co., N. Y.

Systems, Inc.
29, 1962 filed 125,000 common. Price—By amend-

ment.

equipment

—4O-20 47th

Jan.

7
Price—$5.
;

s'

1

Corp.

Research

Mai eh 30,

Underwriter—Crow, Brourman &
,

15,

lyn, N. Y.

Income Properties, Inc.
May 18, 1962 filed 200,000 class A shares and three-year
warrants to be offered in units consisting or one class A"
share and one warrant.
Price—By amendment (max.
$12 per class A share)
Business—Real estate investment

;

Systems

ing, and the installation of marble and tile. Proceeds—
equipment, debt repayment, working capital and
other corporate purposes.
Office—826 62nd St., Brook¬

Illinois Bell Telephone Co.
May 11, 1962 filed 3,771,577 common being offered for
subscription by Stockholders on the basis of one new
share for each 10 shares held of record May 29, 1962.
Rights will expire June 29. A. T. & T., holder of 99.32%
of outstanding stock, will subscribe for its pro rata share
of the offering. Price—$20. Proceeds—For debt repayment and general corporate purposes. Office^-212 W.
Washington St., Chicago. Underwriter—None.

&

Under¬

For

Ave., Hollis, Long Island, N< Y. Underwriter—
White, Weld & Co., Inc., N. Y._

Index

•

,

per

30, 1962 filed 110,000 class A common and 9-month
to purchase 110,000 class A shares at $4 per
shaie, to be offered in units, each consisting of one share
and one warrant. Price—$4 per unit. Business—Design,
development and manufacture of mechanical, electro¬
mechanical and electronic equipment for • government
agencies and the military. Proceeds—For equipment,
debu repayment and working capital. Office—Engineer's
Hill. Plainview. L. I., N. Y. Underwriter—International
Services Corp., Clifton, N. J.
-

May

Toy Corp.
May 1, 1962 filed 490,000 common, of which 250,000 will
be offered by company and 240,000 by stockholders. Price
—By amendment-(max. $20). Business—Manufacture of
toys and' related products. Proceeds — For debt repay¬
ment and general corporate purposes. Office — 184-10

Rd.; Brooklyn, N.7Y.
Chatkin, Inc., N. Y.

chain* cash register8
tapes. Proceeds—For working capital. Office—2046 Bell
Ave., St. Louis.
Underwriter—Newhard, Cook & Co.,
St. Louis.
7
*7

two

addi¬

$110

Business—Manufacture and installation of tenazzo floor¬

7 Ideal

.

watches

three

(max.

,

.

wrist

International

International Terrazzo

Vo. Herlin & Co., Inc* 7" •
7>7,: ^ v
May 29, 1962 filed 100,000 common, of which 80,000 are
to:-be 'offered by company and 20,000 by stockholders. 7 and construction.
Proceeds—For-debt repayment, cxOffice—1801 Dorchester
Price—By amendment (max. -$1250). 1 Business-^-Sale of 5 pansion and Working capital.
•

purchase

amendment

warrants

Jamaica
•

Heartland Development

to

Office—919 N. Michigan Ave., Chicago.

Price—By

< Mai ch
-.

t

amendment.

$100 of debentures,

of

warrants

poses.

*

in Southern Calif. Proceeds

other corporate purposes.
PI.; Irwindale, Calif. Underwriter—
Bateman, Eichler & Co.* Los Angeles.
;

f

'

and

shares.

writer—Kidder, Peabody & Co., N. Y. Offering—July.

"

Harwyn Publishing Corp.

shares

tional

-

Office—15855 Edna

7

each unit consisting

units,

common

Chicago. .:
>
.
unit). Business—Real estate investment. Proceeds—For
•,! Hunsaker Corp.
s' C ■ • : -'.-1 ■ 7 - •
■ ? •: 7
> ■„ > V 7'
debt repayment, construction, and other corporate pur¬
March 30, 1962 filed $1,600,000 of convertible subordi- •;

stock-" ; which company has acquired
—For:-debt repayment and

selling

-

Business
proteins.

expansion, machinery, and working cap¬
Office—233 Broadway, N. Y. Underwriter—Arnold

Malkan & Co., Inc., N. Y. Note—This firm formerly was
named Marine & Animal By-Products Corp.

■

and: small

(6/25-29)
Price—$5.

and animal by-product

Proceeds—For

nated debentures due 1977 and 250,000 common shares.
.Hart's Food Stores, Inc.
Price — By amendment (max. $6 per common share).
March 28, 1962 filed 235,650 common. Price—By amend¬
7 Business—Construction of homes and apartments on land
ment (max. $16).' Business-Operation of supermarkets

holders.; Office—175 Humboldt St., Rochester, N. Y. Un-*
derwriter—Merrill Lynch, Pierce,-Fenner & Smith Inc.,

Protein Corp.

26, 1962 filed 90,000 common.

—Distributes fishmeal

>

■

Underwriter—Amos C. Sudler & Co.,

St., Denver.

Denver. Offering—Expected in August.

St., N. Y. UnderPark, N. Y./

Harrington & Richardson, Inc.
Marth 7, 1962 filed 180,000 common, of which 40,000 are
td* be offered by compahy and 140,000 by stockholders. 7
• House of Vision, Inc.
(7/16-20)
Price—By amendment (max. $30). * Business—Manufac¬
March 29, 1962 filed 150,000 common. Price—By amend¬
ture and sale oiPM-14 rifles to U. S. Govt.
Proceeds—
ment (max. $17). Business—A dispensing optician and a
Equipment, plant expansion and working capital. Office
manufacturer and distributor of optical equipment. Pro—320 Park Ave.,* Worcester, Mass. Underwriter—Shearceeds—For selling stockholders. Office—137 N. Wabash
son, Hammill & Co.j N. Y. Offering—Temporarily post¬
•Ave., Chicago.
Underwriter—Hornblower & Weeks,
poned." - •"*'
' 7
v: •;~'."7 / ! ''1 7 ''*
"

35

.

f

.

*

13,

debentures

Enterprises Inc.

1962 filed $750,000 convertible subordinated
due 1977; also 120,000 class A common, of

whiph 66,666 shares are to be offered by the company
and 53,334 by stockholders. Price—By amendment (max.
$12.50 for common). Business—Operation of a chain of
retail department stores. Proceeds—For debt repayment

*
,

Continued

on

page

36

r

36

The Commercial and Financial Chronicle

(2912)

Continued from page 35

Office—241 N. Franklintown Rd., Baltimore.
Auchincloss, Parker & Redpath, Wash¬
ington, D. C. Offering—Indefinitely postponed.
Underwriter

fering—Indefinitely postponed.
Jamaica

30, 1962 filed 215,000 common, of which 100,000
to be offered by company and 115,000 shares
Price — By amendment (max. $25).
Business—A holding company for a Jamaican Electric
utility. Proceeds—For acquisition of additional stock in
subsidiary. Office—507 Place D'Armes, Montreal, Canada.
March
shares

are

by stockholders.

Underwriters

Stone & Webster Securities

—

Greenshields &

Co., Inc., N. Y.

•

Conditioning Corp.

Jamoco

Air

Corp. and

•

Bros.,

Inc.

are

ers.

and 22,000 by stockhold¬
Business—The distribution

amendment.
of motion picture and television films. Proceeds—For
production of films and working capital. Office—15 E.
48th St., N. Y. Underwriter—Pacific Coast Securities Co.,
San Francisco. Offering—Expected in July.
rrice—By

rate

purposes.

are

Address—R. D.

Lesser

(Louis) Enterprises, Inc. (7/16-20)
1962 filed 1,000,000 class A common. Price—
$10. Business—Real estate management and construction.

Co., Inc. :
' -7"; ,
;v.'
Nov. 21, 1961 filed 75,000 common. Price—$5. Business
—Importing and distribution of cameras, binoculars and
photographic equipment. Proceeds—For debt repayment
and working capital. Office—889 Broadway, N. Y. Un¬
Securities

March 30,

Proceeds—For

Office—514 W. Olympic Blvd., Los An¬

geles. Underwriter—D. E. Liederman & Co., Inc., N. Y.

Jays Creations,

Inc.
30, 1962 filed 80,000 common. Price—$4. Business
'—Design, manufacture and sale of young women's wear.
Proceeds—For working capital and possible acquisitions.
Office—254 W. 35th St., N. Y; Underwriters—Seymour
Blauner Co.^jand Wm^-Stix Wasserman & Co., N. Y.
Offering—Expected in mid-July,
'
■
March

Calif.

Kohnstamm

Feb. 21

Jerlee Products Corp.
j •; •.
^
d
May 1, 1962 filed 75,000 common. Price—$4.25. Business
—Processing and distribution of vinyl roll plastic fabric
and vinyl tablecloths, and various foam rubber items.

1962 filed

& Co.,

160,000

common.

ment.

Business—Manufacture

food,

drugs

Price

colors

of

—

By amend¬

and

flavors for

ment and

Brooklyn, N. Y. Underwriter—R,
Inc., 26 Broadway, N. Y.

P.

Raymond

&

Lewis

Jiffy Steak Co.
5, 1962 filed 65,000 common.
Price—By amend¬
ment.
Business—Processing, packaging and sale
of
frozen meat and meat products. Proceeds—For redemp¬
tion of 2,910 $50 par preferred shares, expansion, and
working capital. Address — Route 286, Saltsburg, Pa.
Underwriter—Arthurs, Lestrange & Co., Pittsburgh.

—347
nam

J;.."'"'\

amendment.

of

&

*

button. of

—By amendment. Business—Development of
simulated. weapons training devices for U. S. Armed

op¬

sesame

•

.

March

29, 1962 filed 50,000

ness—Mail

order

sale-

of

-

vLllli Ann Corp.

Price—$5.

merchandise.'

'•

Busi¬

Proceeds^—For

and rugs.

a

m

•

common.

>-'AV
.

;

Price—$5.. Busi¬

chain of retail stores
selling carpets

Proceeds—For expansion,
inventory, debt re¬

payment and working capital. Office—1800 Boston
Bronx, N. Y. Underwriter—Michael G. Kletz &

Rd.,
Co., N. Y.

Kavanau Corp. (7/2-6)
March 29, 1962 filed

50,000

and

four-year

offered

in

warrant.

common

shares

stock

to

be

consisting of one preferred and one
Price—By amendment (max. $101 per unit).
estate

repayment and

working capital.

investment.

Underwriter—Hayden,

1962

-

}

-

Proceeds—For debt
Office—30 E. 42nd St.

Stone 8c Co., N. Y.

f*led
which

44,000

are to

*

88-°°0

&

Feb.

A

Instruments, Inc.

W.

Flynn
.

.

23, 1962 filed 142,860 common, of which 122,168 are
the company and 20,692 by stockholdPrice—By amendment (max. $9). Business—Manu-~

be offered by

ers.

facture

clinical

of

an

extensive line of

industrial, hospital and'

laboratory instruments. Proceeds—For debt

payment,

re¬

construction;

and working capital. Office^—
3070-82 W. Grand Ave., - Chicago - Underwriter—R. W.
Pressprich & Co., N. Y. Note—This offering was tem¬
porarily postponed.
Laminetics

Inc.

by stockholders. Price—$7.
,

of fruit

A

common

shares,

of

Business—Packing

and

sale

juice products. Proceeds—For general
corporate




Lily Lynn, Inc.

;

-

■

etc.

Proceeds—For

promotion .and

Prices—By amendment: (max. $12). Business-^Design*
manufacture and sale oL women's: casual dresses/ Proceeds—For debt repayment,:, working capital and expand;

f

sion.' Offfce-r-Herman L. Bishins Bldg.J Riverside Ave*
New Bedfo^
^
R- WiUist°n &

<

Beane> N- Y. Offeriug-^Temporarily postponed^
Lincoln Fund, Inc;

moving

corporate

expenses,

purposes.

W.

27th St., N. Y. Underwriter—Fabrikant
Corp., N. Y. Offering—Expected in late July.

Dec.

27,

1961 filed

30,

Price—Net

1961

sales

Office

— 20
Securities

166,667

^

'

'

Price—By amend¬
ment.
Business—Importing of low priced ladies' scarfs
and blouses. Proceeds—For debt repayment and working capital. Office—2529 Washington Blvd., Baltimore,
common.-

filed

-

-

*

-

■"

951,799

shares

of

common

stock.

value plus a 7% selling commission.
non-diversified:,1 -open-end, managementtype investment company whose1 primary ^investment ob-*r
jective is capital appreciation and, secondary, income
derived from the sale of put and call options: Proceeds^—
For investment. Office—300 Main St., New Britain, Conn.
Distributor^—Hcrizon Management Corp., ,N. Y. ?
asset

,

•

Livestock* Financial

Corp;'

"-f

.

;

u

-

-

Feb 23, 1962 filed 245,000 common. Price—$10. Business
—An insurance holding company whose subsidiaries in¬
sure

the lives of all types of animals.

new

subsidiaries. Office—26 Piatt St

Proceeds—To form
.

N

Y. Underwriter

—Shearson, Hammill & Co., N. Y. Offering—In July,
Lockfast

equipment,

other

yy;

■

ers..

1

March 22, 1962 liled 80,000 common. Price—$3.50. Busi¬
ness—Production and sale of gift sets, linens, place mats,

Lee- Fashions^ Inc."dass

be offered by the
company and 44,000

/

Feb. 23,1962 filed 150,000 common, of which 86>000 are to
be offered by the company and 64,000 by the • stockhold-

Business—A

638, Moberly, Mo. Underwriter—John
Co., Santa Barbara, Calif.

'

Kay Foods Corp.

Alstyne, Noel & Co., N. Y. Of¬

poidiim of which may be used tor retire short-

Box

Lab-Line

;

company, a

March

preferred

cum.

warrants

units

Business—Real
N. Y.

6%

purchase

convertible sub¬

term loans.-Office—2701 16th- SL,< San.- Francisco.: Under-*.
writersrr-»Su&ro &rvGa^^San Francisco and F* S; Smithers*
& Co., New York.

cooling packages. Proceeds—For debt repayment and working capital. Office—Jennings
Bldg., P. O.

to

ness—Operation of

("Reg. A") 100,000 common of which
be sold for company and 35,000 for stockPrice — $3. Business — Manufacture of certain

29,

holders.

equipment and working capital. Office—1924 Washing¬
ton Ave., Bronx, N. Y.
Underwriter—Arnold, Wilkens &
Co., Inc., N. Y.

250,000

.

65,000 will

...

s,'-*;A.

common.

Kaufman Carpet Co.r Inc.
March 29, 1962 filed

.

patented

Kapner,, lnc;...(7/23'27).-''!"'

March

■

Inc.

March 29, 1962 filed $750,000 oFconv. Subord. debentures
due 1977, also 100,000 common, shares to. be offered by
stockholders. Price—By amendment. Business—Design,

~

working capital.
Office—6272 Canal Rd.
Cleve¬
Underwriter—Robert L. Ferman & Co.,
Inc.,
.

*

'

Foods,

Proceeds-—For

.

\,

(Tillie)

—

equip¬ \ John A. Dawson & Co., and Leason & Co., Inc.,. Chicago; '*"(
Kreedman Realty
Construction Corps****: >a •- -•,
April 19; 1962 filed $5,006,000; hf* conv^rrsiiheEd?'v debem* •
tures
due
1982
and
rights, Ahalt & O'Connor, Inc., N. Y. Offering—In July.
200,000 common shares to be offered
in units consisting of $25 of debentures and one common
v
Kaiser-Nelson Corp. *
share.
Price—By amendment (max. $27)." Business—
March 29, 1962 filed 140,000
common, of which 70,000
Construction and operation of office buildings. Proceeds1
are to be offered by
company and 70,000 by stockhold¬
-For
debt
repayment.
Office—9350. Wilshire Blvd.,
ers.
Price—By amendment
(max. ..$10);, Business—
Beverly Hills, Calif.. Underwriter—Lee Higginson Corp., -.
Reclamation of metallics from steel slag; mining of sand
v N.
Y, Offerings—Expected in late July. v and gravel;: and
dismantling and salvage of industrial
Kwik-Kold, Inc.
buildings. Proceeds—For new plants, debt repayment
ment. Proceeds—For general corporate purposes. Office
Dorsa Ave., Livingston, N. J. Underwriter—Sea-

Miami, Fla.

Dallas.

due 1977 and 200,000 common: to be offered in
consisting of a $500 bond and 100 shares. Price—
$500 per unit. Business—Conducting-commercial parimutuel harness racing meets in Lewiston and Gorham,
Maine. Proceeds
For debt repayment, property im¬
provements and working capital. Office—33 Court St.,
Auburn, Maine. Underwriter—P. W. Brooks & Co., N. Y.

Forces and the manufacture of electronic control

—102

land.

Row,

accounts receiv-v manufacture and <Kstributioii
wwnen's higli fashion
able, inventories, plant expansion.and working capital..,, suits and coats.. Prueeeds^N.efcproeeeds from the debenOffice—2301 N. Main St., Paris, Teixas., Underwriters—
ture sale will be added to the general funds of the

Price

and

:

bonds

Sesame Corp.

seed.

t

units

May 24, 1962 filed $225,000 of 6% ..cony* suborcUdeben¬
tures,; due 1972, and ij150,000 common .to be offered in
units consisting of a $300 debenture and 200 shares.
Price—$900 per unit. Business—Processing and distri-

Laboratories, Inc.

Hills,

Leiber-

Lewiston-Gorham Raceways, Inc. (7/2-6)
v
March 14, 1962 filed $1,000,000 of 6%% first mortgage

Co., Hartford. Offering—Temporarily postponed.
(John)

Ambassador

fering—Expected sometime in July.

-v/;/' V,-

Business—Manufacture

8908

—

Calif. Underwriter—Van

equipment. Proceeds—For debt repayment. Office
King St., Northanrmton. Mass, Underwriter—Put¬

Kraft

Dec. 21, 1961 filed 114,500 common, of which 82,500 are
to be offered by the company and 32,000 by stockhold¬
ers.

Priee—By
tical

Feb.

Joanell

...

and

ordinated debentures due 1977v Price—At par. Business
—Processing, panning, bottlihg and. selling of5 fruits and
vegetables.; Proceeds—For" debt repayment and working
capital.' Offic^—Fresno AVe> & Charter Way, Stockton,

to
•

•

Kollmorgan Corp.

Office

April 9, 1962 filed $4,000,000 of 5V2%

Nov. 9, 1961 filed 100,000 common, of which 40,000 are
be sold by the company and 60,000 by stockholders.

Co*

Co.

&

'

Indefinitely postponed.

—

;•

Cohon

corporate

Beverly

Underwriter—Kidder, Peabody & Co., N. Y. Offering—

and cosmetics; also industrial chemicals.
general corporate purposes. Office—161
Avenue of the Americas, N. Y. Underwriter
Kidder,

equipment, raw materials, debt repay¬
working capital. Office—596-612 Berriman St.,

general

Blvd.,

Co., N. Y.

stockholders.

Proceeds—For

Proceeds—For

and

Inc.
Vy.
v:.'V- •'t. •„
March 19, 1962 filed 80,000 common. Price—By amend¬
ment (max. $17.50). Business — Operation of a chain of
clothing and dry goods stores. Proceeds — For selling

.

Peabody & Co., Inc. Offering—Temporarily postponed.

Wilshire

Levine's,

/./■

Inc.

repayment

Underwriters—Morris

baum &

Corp., N. Y.

-

(H.)

debt

purposes/ Office—8737

Kingsberry Homes Corp.
April 9, 1962 filed 140,000. shares of capital stock of
which 100,000 will be offered by company and 40,000
by stockholders. Price—By amendment (max. $17.50).
Business—Manufacture of prefabricated homes. Proceeds
—For a new plant. Office—1725 S. Gault Ave., Ft.
Payne,
Ala. Underwriters—The Robinson
Humphrey Co., Inc.,
Atlanta, and J. C. Bradford & Co., Nashville. Offering—
Indefinitely postponed.

Offering—Temporarily postponed.
:

Lenox, Inc..
~
30, 1962 filed 172,500 common, of which 25,700
to be offered by company and 146,800 by stock¬
holders. Price—By amendment (max. $18). Business—
Manufacture and marketing of dinnerware and giftware.
Proceeds—For purchase of leased plant. Office—Prince
& Meade Sts., Trenton, N. J.
Underwriter—Hemphill,
Noyes & Co., N. Y. Offering—Temporarily postponed.
March

Kine Camera

derwriter—Underbill

Busi¬
utilities,

concrete

Co., Inc., N. Y. Offering—Expected sometime in July.

2, North Lebanon Township, Lebanon, Pa. Under¬
writers—Suplee, Yeatman, Mosley Co., Inc. and Wood•; cock:,1 Moyer,;Fricke~&- French; Inc.-; Fhiladelphia:" :-

filed

1961

Proceeds—For expansion.

stores.

Price—$3.50.

re-inforced

steel

sanitary structures, fallout shelters and play sculptures.
Proceeds—For
debt
repayment, sales promotion and
working capital.
Office—145 W. 11th St., Huntington
Station, L. I., N. Y. Underwriter—Blank, Lieberman &

No.

150,000 class A common. Price—$8.
Business—Manufactures patented traversing screens for
use as window coverings, room
dividers, folding doors,
etc. Proceeds—For debt repayment and general corpo¬
18,

1962 filed 542,000 common, of which 205,000
to be offered by company and 317,000 by stockhold¬
Price—By amendment (max.* $24). Business—Manu¬

count

X\]

ness—Manufactures

v Y vA:'rKeystone Discount Stores, Inc. V
May 24, 1962 filed 110,000 common. Price—By amend¬
ment ($5.25).
Business—Operation of three retail dis¬

JaySis Industries, Inc.
Oct.

Lembo Corp.
Dec. 21, 1961 filed 100,000 common.

(7/2-6)

New York.

50,000 are

to be offered by the company

Co.

facture, design, and distribution of plastic toys. Proceeds
Sycamore
St., Cincinnati, Ohio. Underwriter—Kuhn, Loeb & Co.,

Jayark Films Corp.

Aug. 24, 1961 filed 72,000 common, of which

Underwriters—Fulton, Reid & Co., Inc., Cleveland
Co., Inc., N. Y. Offering—Postponed.

—For general corporate purposes. Office—912

postponed.

ers.

utilities, engage in construc¬
tion, and distribute electronic parts. Proceeds—For debt
repayment, construction and working capital. Office—
800. r71st St., Miami Beach, Fla. Underwriter^-Leeco Invesors
Corp. (a newly-formed subsidiary)./

March 30,

filed 240,000 common.

Underwriter—Moore,

subsidiaries which operate

and Walston &

Products

Ave., Charleroi, Pa.
Lynch, Pittsburgh.

Lebigh Industries1 & Investment Corps
*
>
1961 filed 2,000,000 class A common. Price—By
amendment.
Business—A
holding company for three

Kelley Realty Corp.

Kenner

&

Dec. 29,

"and operates apartment and office buildings. Proceeds—
For debt repayment. Office—1620 S. Elwood St., Tulsa,

Price—By amend¬
ment
(max. $12).
Business—Installation of plumbing,
heating, ventilation and air-conditioning systems. Pro¬
ceeds—For selling stockholders.
Office—38-18 33rd St.,
Long Island City, N. Y. Underwriter—Shearson, Hammill & Co., N. Y. Note—This offering was temporarily
•

Leonard

March 16, 1962 filed 250,000 class A common. Price —
By amendment (max. $10). Business—Company owns

Okla.

Co.

—751 Lincoln

,,,

—

Jarcho

Lee-Norse

May 25, 1962 filed 272,000 common. Price—By amend¬
ment (max. $20). Business—Production of a coal min¬
ing machine. Proceeds—For selling stockholders. Office

—

Feb. 28, 1962 ("Reg. A") 40,000 common. Price — $3.
Business—Design, installation and maintenance of heat¬
ing, plumbing and air conditioning systems. Proceeds—
For inventory, equipment and other corporate purposes.
Office
954 Jamaica Ave., Brooklyn, N. Y.
Under¬
writer—Martin-Warren Co., Ltd., N. Y.

March 23, 1962

postponed.

Packaging Associates
April 2, 1962 filed 165,000 common, of which 100,000
are to be offered by company and
65,000 by stockholders.
.?rice—$4. Business—Design and manufacture of semi¬
rigid vinyl plastic cases and containers for packaging.
Proceeds
For debt repayment, working capital and
other corporate purposes. Office — 947 Newark Ave.,
Elizabeth, N. J. Underwriter—Hardy & Co., N. Y. Offer¬
ing—Expected in late July.
'

Public Service Ltd.

Thursday, June 21, 1962

and Penzell &

—

Keene

;

.

Underwriters—Godfrey, Hamilton, Taylor & Co., N. Y.
Co., Miami Beach. Offering—Temporarily

purposes.

,

working capital. Office—29 N. W. 10th St., Miami,
Fla. Underwriter—Clayton Securities Corp., Boston. Of¬
and

.

.

Jan.

11, 1962

Mfg. Co.

Business—Manufacture
to

furniture

ment,

(6/26)

("Reg. A") 85,000 common. Price
of

furniture

manufacturers.

hardware

—

for

$3.50
sale

Proceeds—For debt repay¬

steel inventories nad plant expansion.

•3006

Office—
& D

Boarman Ave.,
Baltimore. Underwriter—R
Investors Corp., Port Washington, N. Y.

Lockwood Grader Corp#

•

:

\

Feb. 20, 1962 filed $900,000 of 6% sinking fund deben¬
tures series B, (with warrants). Price—$1,000 per debenture.

Business—Design, manufacture, sale and repair of
machinery and equipment used in agriculture. Proceeds

Volume

Number 6170

195

»

.

,

Marine

—For debt

repayment, equipment and general corporate
Office—7th & S Sts., Gering, Neb. Underwriter
—First Nebraska Securities Corp., Lincoln, Neb. Offer¬
ing—Temporarily postponed.
Logos Financial, Ltd.
April 11, 1962 filed 250,000 capital shares. Price — By
amendment (max. $10 >. Business^—A diversified closed-

(2913)

Price—$20 per unit. Business—Operation of a
For construction,- equipment and

common.

Met

Food Corp.
,
t
1962 filed $1,500,000 of convertible subordlnated debentures due 1977 to be offered by company
and 34,200 common by stockholders; Price—By amen-dment (max. $10). Business^-Distribution of food and re-

•»marina. .Proceeds

—First

Proceeds^For. investment Of¬

July.

Securities

Fidelity
' '7 " •

•

Atlanta.

Corp.,

v

Offering—
.....

,

.

: :
;■* :
Underwriter—Filor, Bullard & ;^r Marine Investors, Inc. ;
June 11, 1962 ("Reg. A") 35,000 common., Price—$5.50.
J.iA;.
r"Business—Ah "investment company/ Proceeds—For

fice—26 Broadway, N. Y.
Lordhill

v

..

:a "t

Corp. \V..:

Metropolitan area. Proceeds—For general
corporate purposes. Office—345 Underhill Blvd., Syosset,
N. Y. Underwriter—Brand, Grumet & Siegel, Inc., N. Y.
the New York

30, 1962 filed 63,000 common. Price—$5. Business
—Company provides optometric services and dispenses'
optical items; Proceeds—For expansion, a laboratory and
working capital. Office—130 W. 57th St., N. Y, Under¬
March

writers—J. R. Williston & Beane and Doft &

Co.,, Inc.,4

N. Y.

;

Offering—Temporarily postponed.

:

r

gen-

eral corporate purposes.

Office—1725 Gage Ave., Topeka,

'■

"■

Kansas. Underwriter^—None.
"

Marks

Polarized Corp.

r

lated products to supermarkets and other retail stores in

„

.

Smyth, N.-Y.

,

L

March 30,

.

working capital.—Address—Cummings, Ga. Underwriter
v

Offering—In July.

V

-VP.: VV;,

37

Proceeds—For working
Office—1512
Walnut
capital.
St., Philadelphia. Underwriter — Meade & Co., N. Y.
Offering—Temporarily postponed.

Development Corp.

March 30, 1962 ("Reg. A") 15,000 units consisting of one
share of 8% cumulative preferred and two shares of

purposes.

end investment company.

Chronicle

The Commercial and Financial

;

:

V.
/
Metropolitan Acceptance Corp. ,V'a".
June 27, 1961 filed 95,000 common shares.
Price—By
Oct. 2, 1961 filed $300,000 of 6% subordinated convert¬
.; amendment.
Business—Conducts research \and develop¬
ibles due 1967 and 60,000 common shares to be offered
ment in electronics, optics, electro-optics, quantum elec¬
in units consisting of $100 of debentures and 20 common
tronics, etc. Proceeds — For expansion, acquisition of
shares. Price—$150 per unit. Business—Financing of re¬
; new; facilities and other, corporate purposes. - Office—
tail sales. Proceeds—Fpr working capital. Office—5422
153-16 Tenth Ave., Whitestone,, N/ Y." Underwriters—
Western Ave., Chevy Chase, Met. Underwriter—To be
Ross, Lyon & Co.. Inc. (mgr.), Glass & Ross, Inc., and "'named.
■//,/
V.
' ;
v" ' ; •;
Globus, Inc., N. Y. C. Offering—Postponed.
Metropolitan Realty Trust
Marshall Press, Inc.
Dec. 20, 1961 filed 1,000,000 shares of beneficial interest.
May 29, 1962 filed 60,000 common. Price—$3.75.' Busi¬
Price—$6.50. Business—A real estate investment trust.
Proceeds—For general corporate purposes. Office—1700
ness—Graphic design and printing. Proceeds—For publishing a sales catalogue, developing a national sales
K St, N. W., Washington, D. C. Underwriter—Eisele &
staff and working capital.
Office—812 Greenwich St.,
King, Libaire, Stout & Co., N. Y. Offering—Indefinitely
N.
Y.
Underwriter—R. P. Raymond & .Co., Inc., 26 . postponed. ^
•
.
;
V,
Broadway, N. Y.
i-'V
• Micro-Dine Corp.
./
'
>■
'' v'
*

"

'

Lucks, Inc.
Feb. 28, 1962 filed 282,496 common, of which 142,500
are to be offered by the company and 139,996 by stock¬
holders. Price—By 'amendment (max. $5). Business—
Canning and marketing of vegetables and meats. Pro¬
ceeds—For expansion and -debt repayment. Address—
Seagrove, N. C. Underwriter—J. C. Wheat & Co., Rich¬
mond, Va. Offering—Indefinitely postponed. ; ;- / '/
•
Lunar Films, .Inc. *
1 -• • :•:<
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—Foi
.

and production and working capital. Office—
Ave., N. Y. Underwriter—Fred F. Sessler
& Co., Inc., N. Y. Note—This firm formerly was named
Lunar Enterprises, Inc. Offering—Postponed.
filming

Madison

543

Lustig Food Industries, Inc.

..

Dec.

29, 1961 filed 100,000 common. Price—$6. Business

—Processing and packaging of frozen foods and the can¬

ning and bottling of fruits and vegetables. Proceeds—
*For debt repayment and working' capital. Office—48
High St., Brockport, N. Y. Underwriter—None.
•

Mac-Allan Co., Inc.

(7/16-20)

i

,

1

/...

Feb.

23, .1962 filed 130,260 of class A common, of which
85,130 are to be joffered by the company and 65,130
by stockholders. Price—$5. Business—Sale and distribu¬
tion of costume jewelry, ladies' handbags, and accesso¬
ries. Proceeds
For working capital. Office — 1650
Broadway, Kansas City, Mo. Underwriter—George K.
Baum & Co., Kansas City .
:
—

Magazines For lnclu^try,yIHb.^
;
Aug. 2, 1961 filed;'100,000 common, of which 80,000 will
be offered by the company: and 20,0Q0 by. gtpqkholders.
Price—$5. Business—The publishing of "business period¬
icals. Proceeds—For promotion, a new publication and
working capital. Office—660 Madison^ Ave., New York.
Underwriter—Arnold, Wilkens & Co., Inc., N. Y. Offer¬
ing—Temporarily postponed.

Magellan Sounds Corp.
Feb.

28, 1962 filed 60,000 common (with attached oneclass A warrants to purchase 60,000 common shares
at $4 per share and two-year class B warrants to pur¬
chase 60,000 shares at $4.50 per share) to be offered in
units (each consisting of one share, one class A warrant
and one class B warrant). Price—$4 per unit. Business
—Production of educational and recreational devices and
year

games. Proceeds—For general corporate purposes. Office
—130 E. 40th St., N. Y.
Underwriter—Darius Inc., N. Y.

Offering—Temporarily postponed.

Magic Fingers,

Magnetics Research Co. Inc.

Company also plans to market transistor logic units and
subsystems for use in computers, business machines and
data handling systems. Proceeds—Expansion of sales and
engineering, new product development and equipment.
Office—179 Westmoreland Ave., White Plains, N. Y. Un¬
derwriter—T. W. Lewis & Co., Inc., N. Y.
Assembly Service, Inc.

April 27, 1962 filed 100,000 common. Price—$2.25. Busi¬
ness—Assembling of packages for shipment to post of¬
fices. Proceeds—For general corporate purposes. Office
—145 Ave. of the Americas, N. Y. Underwriter—Globus,
Mammoth

Mart

Inc.

Brockton,

and working capital. Office—106 Main

Mass.

Underwriter—McDonnell

&

Co.,

New York
Manhattan Drug

which 58,000 are
by stockholders.
Price—$3.50.
Business—Manufacture,
packaging and
sale of various proprietary drug products.
Proceeds—
For equipment, new products, debt repayment and work¬
ing capital.
Office—156 Tillary St., Brooklyn, N. Y.
Securities Co., Inc., N. Y. Offering

•—Expected sometime in July.
Marin

County

-

Financial Corp.

(6/25-29)

May 2, 1962 filed 102,050 capital shares, of which 27,790
to be offered by company and 74,260 by stockhold¬
ers.
Price—By amendment (max. $18).
Business—A

are

holding

company

Proceeds—For

for

a

savings

investment.

Court, San Rafael, Calif.

Co., San Francisco.




Feb.

13, 1962 filed 200,000 common. Price—$3.50. Busi¬
ness—Manufacture, sale and operation of vending ma¬
chines. Proceeds—For

debt repayment, inventories and
general corporate purposes. Office—6425 Oxford St., St.
Minn. Underwriter—Irving J. Rice & Co.,
Inc., St. Paul.

Louis Park,

equipment. Proceeds—For debt repayment and work¬
ing capital. Office—840 DeKalb Ave., N. E., Atlanta.
Underwriter—Johnson, Lane, Space Corp., Atlanta.

•

~

and loan

association.

Office—990 Fifth

Ave, -at

Underwriter—Dean Witter &

Microdot

Inc.

April 30, 1962 filed 170,000 capital, shares, of which 156,000 will be offered by company and 14,000 by stock¬
•
Masters, Inc.
holders.- Prioe-rrBy amendment (max. $20). Business—
March 22, 1962 filed $1,500,000 of 6% conv. subord. de-K
bentures due 1972; also
150,000 common * shares, of - Design, development mannfacture mid sale of. compojients, instruments .and .systems, used- in missilesand
which 80,000 will be offered by the company and 79,000
satellites, radar and communications systems. Proceeds
by a stockholder. The securities will be offered in units
—For debt repayment and working capital.
Office—
of one $100 debenture and 10 common shares, except
220 Pasadena Ave., South Pasadena, Calif. Underwriter
that up to $700,000 of debentures and 70,000 shares may
,

be

—White, Weld & Co., N. Y.

offered

separately. Price—For debentures, at par;
$10. Business—Operation of discount de¬
partment stores selling a wide variety of merchandise.

for

common,

Proceeds—For

expansion.

Office—135-21 38th Ave.,
Grace '& Co.,

"Masury-Young Co. *" :
'
^
4, 1961 filed 100,000 common; Price—$6. BusinessManufactures commercial and industrial floor mainte¬

'

Dec.

Roland St., Boston. Underwriter—Chace, Whiteside &
Winslow, Inc., Boston. Offering—Indefinitely postponed.
Maxwell

Industries,

(max. $7). Business—Company is engaged
on contractual plan of other
funds, in trading in over-the-counter market,
underwriting. Proceeds—For hiring and training

sinking fund

sonnel. Office^—1300 First National Bank

10-year war¬
consisting of a $10 debenture,
share and one warrant. Price—By amend¬

common

one

$21.50

(max.

per

unit).

apolis. Underwriter—None.

Proceeds—For debt repayment.

wearing

Office—70 Wall

$7). Business — A closed-end management investment
company. Proceeds — For general corporate purposes.
Office
2615 First National Bank Bldg., Minneapolis.
—

Underwriter—None.
•

Proceeds—For debt repayment, re¬
development and working capital. Office—
Ave., Rochelle Park, N. J. UnderwriterPlohn & Co., New York.

and

Medical

Industries

—A

closed-end

Fund,

inc.

25,000 common. Price—$10.
investment company which

Milmanco

Business
plans

Mortgage

Investors

(7/16-20)

1962 filed 500,000 shares of beneficial interests.
Price—$10. Business — A real estate investment com¬
pany. Proceeds—For investment and operating expenses.
Office—1630 Welton St., Denver. Underwriter—Boettcher & Co., Denver.

Rochelle

Oct. 23, 1961 filed

Midwestern

Feb. 26,

miniature products.

Charles

Bldg., Minne¬

,

for

Mechmetal-Tronics Inc.

12

and in
of per¬

for
subscription by stockholders on the basis of one share
each two shares held. Price—By amendment (max.

ap¬

May 28, 1962 filed 150,000 shares of 8% convertible cu¬
mulative preferred stock. Price—$3. Business—Design
and manufacture of miniature metal bellows and other
search

in Ihe
mutual

Midwest Technical Development Corp.
Feb. 26, 1962 filed 561,500 common to be offered

Business—Contract fin¬

isher of fabrics used in the manufacture of

Investments, Inc. i
May 28, 1962 filed 250,000 common. Price—By amend¬
ment

rants to be offered in units

ment

.

Midwest Planned

distribution of shares

Inc.

June 7, 1962 filed $750,000 of 6%% subord.
debentures due 1972, 75,00fKqommon and

,:

April 2, 1962 filed 225,000 1 fcbmftion 'tdl,be: offered for
subscription by stockholders on the basis of one1 new
share for each four held of record June 1, 1962* Price—
$6. Business—Oil and gas production and development.
Proceeds—For expansion, preferred stock redemption
and working capital. Office—14 North Robinson, Okla¬
homa City. Underwriter—None.
<.
.

Proceeds — For repayment of debt,,
other corporate purposes. Office—76

products.
equipment, and

nance

/

v

Mid-America Minerals, Inc.

Flushing, N. Y. Underwriters—Sterling,
and Norton, Fox & Co., Inc., N. Y.

Corp.

May 2, 1962 ("Reg. A") 75,000 common, of which 64,200
will be sold by company and 10,800 by stockholders.

to

open-end.
Proceeds—For investment in the
industry and capital growth situations. Office
—677 Lafayette St., Denver. Underwriter—Medical As¬

Price—$4.
Business—Company writes, prepares and
prints technical manuals for armed forces and industry.
Proceeds—For debt repayment and expansion. Office—

sociates, Inc., Denver.

620

become

medical

Medical Video Corp.
Nov.

13,

&

1961 filed 250,000 common. Price—$10. Busi¬
of
medical
electronic equipment.

general corporate purposes. O f f i c e—
City, Calif. Underwriter—Financial Equity Corp.,
Inc.

April 30, 1962 filed 1,200,000 common. Price—$1. Busi¬
ness—Company plans to acquire and operate funeral
homes. Proceeds—For acquisitions, debt repayment and
working capital.
Office—315 E. Sixth Ave., Helena,
Mont. Underwriter—Memorial Securities, Inc., Helena.

Co., Inc.

Price—By amend¬
Business—Operation of a chain of
Proceeds—For selling stockholders.
10th St., Wilmington, Del. Underwriter

(max. $26).
department stores.
Office—100

W.

—Clark, Dodge & Co., Inc., N. Y.

Inc.
April 20, 1962 filed 104,000 common, of which 33,000 are
to be offered by company and 71,000 by stockholders.
Price—By amendment (max. $7.50). Business—Sale of
phonograph records through leased record departments.
Proceeds—For moving expenses, working capital and
general corporate purposes. Office—1692 Utica Ave.,
Brooklyn, N. Y. Underwriter—D. J. Singer & Co., N. Y.

Underwriter—Cruttenden

Stamp

&

,

.

.

,

,

Publishing Co.,

Missile Valve Corp.

Merco Enterprises,

Mercury Books, Inc.
14, 1962 filed 55,000 common. Price—$4.50. Busi¬
ness—Publishing of newly written popular biographies.

Wash.

Miracle Mart, Inc.
April 20, 1962 filed 295,000 common, of which 140,000
are to be offered by company and 155,000 by stockhold¬
ers. Price—By amendment (max. $14). Business—Opera¬
tion of self-service discount department stores. Proceeds
—For debt repayment, expansion and working capital.
Office—370 W. 35th St., N. Y. Underwriter—McDonnell
& Co., N. Y.

May 24, 1962 filed 169,302 common.
ment

Ave., Renton,

Inc.
April 27, 1962 filed 150,000 common. Price—By amend¬
ment (max. $6).
Business—Operation of leased stamp
and coin departments in department stores, and the pub¬
lishing of stamp albums and catalogues. Proceeds—For
expansion and working capital.
Office—116 W. 32nd
St., N. Y. Underwriters — H. Hentz & Co. and Herzfeld
& Stern,, N. Y. Offering—Expected in July.

Los Angeles.

Memorial Services,

7th

Co., Inc., 618 S. Spring St., Los Angeles.
Minkus

ness—Manufacture

Mercantile Stores

Co., Inc.

March 29, 1962 filed 72,000 common, of
to be offered by company and 14,000

Underwriter—Dana

(6/25-29)

1962 filed 100,000 common, of which 20,000
are to be offered by
company and 80,000 by a stock¬
holder. Price—$5. Business—Cleaning and maintenance
of buildings and the sale of janitorial supplies and
23,

Studio

(7/2-6)

April 5, 1962 filed 200,000 common, of which 100,000 are
to be sold by company and 100,000 by stockholders. Price
—By amendment (max. $15). Business—Operation of
self-service discount department stores. Proceeds — For
debt repayment

Maintenance Corp.

(L. P.)

Proceeds—For

Inc., N. Y. Offering—Expected in August.

•

March

29,

Mail

Martin

St., N. Y. Underwriter—H. M. Frumkes & Co., N. Y.

April 30, 1962 filed 100,000 common. Price—$3. Business
—Design and marketing of magnetic memory units.

St.,

,

•

parel.

Inc.

1961 filed 75,000 common. Price—$4. Business
—Production of a new electrically powered. device for
massaging a person in bed. Proceeds— For general cor¬
porate purposes. Office—Route 17, Rochelle Park, N. J.
Underwriter—Stanley R. Ketcham & Co., Inc., N. Y.
Dec.

.

Nov.

("Reg. A") 300,000 common. Price — $1.
Production and sale of new type butterfly

24, 1961

Business
valve.

—

Proceeds—For

purchase of the patent

duction and development of the valve.

and pro¬
— 5909

Office

Hollywood Blvd., Hollywood, Calif. Underwriter—Brown
& Co.,

Phoenix, Ariz.

(7/17)

Missouri Power & Light Co.
-

.

18, 1962 filed $6,000,000 of first mortgage bonds due
1992; Proceeds—For construction. Office—106 West High
June

Feb.

.

Continued

on

page

38

38

The Commercial and Financial Chronicle

(2914)

Continued from page 37

)

National

:

Directories, Inc.

Business—Compilation and publication of regional classi¬
fied telephone directories. Preceedsr—For general cor¬
porate purposes. Office—3306 Lancaster Ave., Philadel¬
phia. Underwriters—William, David & Motti, Inc. and
Criehton, Cherashore & Co., Inc., N. Y.
1
\

1,

filed 150,000 common, of which 135,Q0O.
are to be offered by the company and 15,000 by Cardia
Co. Price—$5. Business—The manufacture of high-tem.

electronic and electrical insulation materials.
Proceeds—For equipment, a new product and working
capital. Office—101 Clifton Blvd., Clifton, N. J. Under¬
perature

writers—To be named.v

-

grades. Proceeds — For equipment, research and de¬
velopment and working capital. Office — 420 Bergen
Blvd., Palisades Park, N. J. Underwriters—Stone, Ackerman & Co.. Inc., (mgr.) and Heritage
Equity Corp., N. Y.
Offering—Temporarily postponed.'
Monarch

May

28,

Corp.
("Reg. A") 140,000
and

sale

,

bossed

Stuebner
Sauve

Airline

Rd.,

Houston.

Underwriter—W.

R.

Inc.
160,000 common.

Corp.

Business—Operates retail stores selling sewing machines
and vacuum cleaners. Proceeds — For expansion and
working capital. Office—122 W. 26th St., N. Y. Under¬
writer—Standard Securities Corp., N. Y.

MoskatePs, Inc.
May 28, 1962 filed 104,000 capital shares, of which 20,000
are to be offered by the
company and 84,000 by stock¬
holders. Price—By amendment (max. $8.50). Business—
artificial flowers and florists'

Los Angeles, Calif. Underwriter—Thomas
& Co., Inc., Beverly Hills, Calif.

health
Office

insurance

April 23,

St.,

-

.v

Jay, Winston

by

holder.

Price—50c.

stock¬

a

Business—Exploration,

develop-*

April 12, 1962 filed 872,786 common shares being offered
for subscription by common
stockholders on the; basis

mining. Proceeds—General corporate

purposes.

.

-

New England Electric System

Super Markets, Inc.

of

Price—By amend¬

•

(max. $8).

Business—Operation of a chain of su¬
Proceeds—For debt repayment, equipment,
and working capital. Office—59
Leggett St., East Hart¬
ford, Conn. Underwriter—D. H. Blair & Co., Inc., N. Y.

one

with

new

rights to

For loans

permarkets.

share

to

for

each

15

expire June

subsidiaries

29.

and

held

/

,

of

>

record

June

14

purposes.

if Mr. C., Inc.
13, 1962 ("Reg. A")

Proceeds—Ta repay advances from A. T.
Office—185 Franklin St., Boston.

New

Industries, Inc.
("Reg. A") 80,000 common.
Price—$3.
Business—Design, fabrication and marketing of plastic
toSrs, games and novelties.
Proceeds—For equipment,
working capital and other corporate purposes. Office—
275 New Jersey Railroad
Ave., Newark, N. J. Under¬

Jan.

•

due

c

New York.
•

National Car Rental System Inc.
March 19, 1962 filed 2,000,000 common




1000

Milner Bldg,,

Jackson, Miss.

f

be

offered

;

>

"

•.

»

/

:

-

in

optical

working

J.

Orbit Stores, Inc. r
"
May 28, 1962 filed 100,000 common.
Price—By amend¬
(max. $6). Business—Operation of two discount
type department stores. Proceeds—For equipment, in¬
,

ventory,

expansion

William

T.

None../

subscription by common'
stockholders on the basis of $100 of debentures for each
20
shares held.
Business—Manufacture of industrial
chemical
specialties, mainly organic in nature, and

and

Morrissey

■

Orion

for

.•;

)

working .' capital.
Office—725
Blvd.; Boston.
Underwriter—
>

■

Aug. 28, 1961 filed 100,000

' -

■

Electronics Corp.

v

•

(7/2)

common.

;
|

.

Price—$3.50. Busi¬

ness—The manufacture of precision electronic
sub-sys¬
tems for the
generation, detection and control of fre¬

quencies up through the microwave region. Proceeds—
For expansion, equipment and
working, capital. Address
—Tuckahoe, N. Y. Underwriter—A. D. Gilhart & Co.,
Inc., N. Y. C.
Orr" (J. Herbert)
Enterprises, Inc.
'
May 1, 1962 filed 285,000 common. Price—$10.50. Busi¬
ness—Company's subsidiaries manufacture cartridge tape
recorders

dress

and

trousers.

programs

therefor

Proceeds—For

and

debt

men's

and

repayment,

boys'
adver¬

working capital. Office — 5455 Wilshire
Blvd., Los An¬
geles.
Underwriter—Gregory-Massari, Inc., Beverly
Hills, Calif.

tising

• Norda
Essential Oil & Chemical
Co., Inc.
March 20, 1962 filed 200,00Q
class. A shares. Price—By
amendment (max. $15),

28, 1962 filed 900,000 common. Price—$1. Business
—■Mining. Proceeds^r-For equipment and working capi¬
tal. Address—Creede, Colo.
Underwriter—None.

ing and distribution of natural and synthetic essential
oils, flavor, essences, etc., to food and drug industries.
Proceeds
For debt
repayment, working capital and

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
Alva-

Business—Manufacture,

•

Inc.; (7/2-6)
150,000 common.

ment

100,000 are to be offered by company and
275,000 by
stockholders. Price—By amendment (max.
$6). Busi¬
ness—Acquisition and development of oil and natural"
gas
properties.
Proceeds—For drilling expenses and

May 11, 1962 ("Reg. A") 50,000 common.
Price—$5.
Business—Distribution of phonograph records. Proceeds
—For expansion of warehouse
space, equipment and in¬
ventories. Office—224-09 Linden
Blvd., Cambria Heights,
(Queens), N. Y. Underwriter—Harrison
Securities, Inc.,

—

to

International,

electronics. Proceeds—For equipment
capital/ Office—246'Main St., Chatham,
Underwriters—Stone, Ackerman & Co., Inc., and
Heritage Equity Corp., N. Y. Offering—In July. : " ?
N.

York

1987

111.: Sponsor—John

March 29,
1962 filed
Price—$5.50.
Business—Manufacture and sale of synthetic pearl but¬
tons. % Proeeedsr—For
equipment- and working capital.
Office—1331 Halsey St.,
Brooklyn, N. Y. Underwriter—
Baruch Brothers & Co.,
Inc., N. Y.

and

Place, Newark, N. J.'
Underwriter—White, Weld & Co., Inc., N. Y.
Nordon Corp., Ltd.
March 29, 1962 filed 375,000
capital shares, of which

Sponsor—Ira Haupt & Co., Ill Broadway,

expansion. Office

v

Oceana

used

.

Lexington Ave., N.- Y.

urethane foam plastics. Proceeds—For debt
repayment
and construction. Office^-60 Park

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

Underwriter—None.

New

Office—Chicago,

Nuveen & Co., 135 So. La Salle
St., Chicago, v

Dec.

■

Municipal Investment Trust Fund, Series B
April 28, 1961 filed $12,750,000 (12,500 units) of interests.

Proceeds—For

Office—369

-

to be exempted from Federal
income taxes.-Proceeds—
For
investment.

Optech, Inc.
26, 1961 filed 160,000 common; Price—$3. Business
—Research, development and fabrication of materials

/

working capital. Office—47 West St., N. Y. Under¬
& Co., Inc., N. Y.
Nopco Chemical Co. (7/2-6)
May 4, 1962 filed $5,800,000 of conv. subord. debentures

Co., Inc.,

being offered for
subscription by stockholders of record June 13 with
rights to expire Sept. 11, 1962.
Price—$10, BusinessRental of vehicles and related activities.

,

,

writer—Robbins, Clark

,

Bag-O-Tunes, Inc.

>

.

and

i

of consulting services in the radioengineering field. Proceeds—For debt repayment, equip¬
ment, and working capital. Office—2000 P St., N.
W.t
Washington, D. C. Underwriter
Switzer &

National

r

Testing Laboratories, Inc. (7/9-13)
Jan. 29, 1962 filed 50,000 common.
Price—$5. Business—
Analyzing and testing of electronic, chemical and other
materials. Proceeds—For plant
relocation, equipment,

and the furnishing

investment.

purposes.

Underwriter—None.

•Jan- 5, 1962

New York.

Realty Corp.

1962 filed

corporate

Multronics, Inc.

Silver Spring, Md.

.T., parent.

150,000 class A shares. Price—$11.
Business—A real estate management
company. Proceeds
—For debt repayment,
working capital, and general

writer—G. K. Scott & Co., Inc., N. Y.
Offering—Tempo¬
rarily postponed.

—

Plan

24,

interest-bearing obli¬
gations of states, counties, and municipalities of the U.
S.,
political subdivisions thereof which are believed

Priee—$4.
Business—Wholesale distribution of phonograph records
and albums.
Proceeds—For debt repayment,
inventory,
product expansion and working capital. Office—614 W.
51st St., N. Y.
Underwriters—Gianis & Co., Inc. and
Jed Lv Hamburg Co., N. Y. Offering—In
September.

petitive). Probable bidders: First Boston Corp.; Morgan
Stanley & Co.; Halsey, Stuart & Co. Inc. Bids—July 10,
1962 (11 a.m.
EDST) at 195 Broadway, N, Y.

1962

1/ J

.

Olympia Record Industries, Inc.
'
May 29, 1962 filed 66,000 class A shares.

Underwriters—(Com¬

State

("Reg. A") 100,000 capital shares. Price—$3.
Business—Production of electronic parts and components

&

Tax-Exempt Bond Fund, Series 4

1961

,

Offering—Indefinitely postponed.
100,000 common. Price—$3.
Business—Sale of women's clothing. Proceeds—For ex¬
pansion. Office—c/o William V. Webb, 310 Denver Club
Bldg., Denver 2, Colo. Underwriter—None.

17,

-

if New England Telephone & Telegraph Co. (7/10)
June 20, 1962 filed
$50,000,000 of debentures due 2002.

•

•

Price—$21. Proceeds—

other corporate

Nuveen

and

•

Office—441 Stuart St., Boston. Underwriter—/None.

June

;

filed $15,00QV,000 of units
representing
fractional interests in the Fund.
Price—By amendment.
Business—The Fund will invest in

Now Campbell Island Mines Ltd.
Oct. 13, 1961 filed 475,000 common, of which
400,000 are
to be offered by the
company and 75,000

Underwriter—Blyth & Co., Inc., N. Y.

6,

Corp.
*
Price—By amend¬

John Nuveen & Co., 135::So. La Salle
St./ Chicago. Of¬
fering—Expected in mid-July.
;; - . . r
^

Oct,

Office—90 Industry St., Toronto, Canada. Underwriter—A. C. MacPherson & Co., Toronto.
*
r

Multi

Nuclear Science &
Engineering
March 29, 1962 filed 100,000 common.

ment

ment and

•

.

;

'

Price—By amend¬
(max. $20). Business—Manufacture of safes, bank
vaults, security systems and office equipment. Proceeds
—For selling stockholders. Office—320 Park
Ave., N. Y.

April

^

;

1962

("Reg. A"X 75,000 common.Price—$4.
of superettes,/ Proceeds—Foe ex- pansion arid working capital;, Office-^IO Merrick
Lane,
Northampton, Mass. Underwriter —; Walker, Wachtel &
Co., Inc., Boston, V; ;■ •>■>- /:,■/. i. -

March 23, 1962 filed 260,000 common.

ment

v.;•-v

Superettes, Inc.?

Business—Operation

company.

ment

Mott's

'...

£

Norwood's

Proceeds—For investment..
Alvarado,- N,'r E. Albuquerque, • N. M.

130

—

poned,

—

Mosler Safe Co.

March 29, 1962 filed 75,000 common.

C

.Co.,: Inc.; Lazard Freres & Co.,? and Smith,4
Barney & Co., Inc., N. Y. Offering --- Temporarily
post¬

Security Life Insurance Co. (7/16)
v
March 23, 1962 filed 100,000 common, of whieh
80,000
are
to be offered by company and
20,000 by stock¬
holders. Price—$17.50. Business—A life,' accident and

and other chemicals. Proceeds
For expansion, equipment, research, and working capital. Office—1130 Somerset
St., New Brunswick, N. J.: Underwriter—John
Schuss & Co., N. Y. Note—This letter was withdrawn.

supplies, Proceeds

—For payment of income taxes. Office—738 S. Wall

•

Loeb. &,

National

A

Dec. 29, 1961 filed $1,250,000 of 6M>% convertible sub¬
ordinated debentures due March, 1977. Price — At par.

Sale of

ex¬

(max. $15). Business—Research and
development
systems. Proceeds—For inventory, debt repayment and
on contracts
using radioactive tracers; precision radio¬
working capital. Office—718 Atlantic Ave., Brooklyn, : activity
measurement; production of radioactive isotopes
N. Y., Underwriter—Ezra Kureen &
and the furnishing of
Co., N. Y.
consulting and radiation measure¬
ment services. Proceeds—For
• Nationwide
Bowling Corp. V
equipment, debt repay¬
ment,
expansion and working capital. Address—P. O.
Oct. 19, 1961 filed 100,000 capital shares (with attached
Box 10901, Pittsburgh.
warrants). Price—By amendment. Business—The oper¬
Underwriter—Johnston,, Lemon &
Co., Washington, D. C.
'
ation of bowling centers. Proceeds—For a realty
/
T"
'
acqui- :
sition and working capital.
Office — 11 Commerce St., r :
Nuveen Tax-Exempt Bond
Fund, Series 3 i
Newark, N. J. Underwriter—Jennings, Mandel & Long- - Oct. 17, 1961 filed
$15,300,000 of units representing frac¬
streth, Philadelphia. Note—This registration was with- » tional interests in the Fund.
Price
By amendment.
drawn.
v:":v■' y/';y
Business—The Fund will invest in interest
bearing obli¬
• New
Brunswick Scientific Co., Inc.
gations of states, counties and
municipalities of the
March 28, 1962 ("Reg. A") 50,000 common.
U. S., and political
Price—$6.
subdivision? thereof which are be¬
lieved to be exempted from #&deral income
Business—Design, development and manufacture of pre¬
taxes. : Pro cision apparatus used in production of
pharmaceuticals * eeeds—For investment. Office—Chicago, HI. Sponsor—;

April 5, 1962 filed
Price—By amend¬
(max. $5). Business—Blending, bottling and mar¬
keting of alcoholic beverages. Proceeds—For equipment,
inventories, advertising and working capital. Office—
Bank St. & Central Ave., Baltimore. UnderwritersStreet & Co., and Morris Cohon & Co., N. Y. Offering:—
Expected sometime in late July.
Products

repayment, store

Feb. 27, 1962 filed 82,000 common, of which
65,000 are
to be offered by
company and 17,000 by stockholders.
Price—$3. Business—Manufacture of closed' circuit: TV

Liquors,

Electro

debt

,

ment

Morse

Proceeds—For

,

Co., N. Y.

Montebello

stores.

pansion and working capital, Address — Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y.

National Semiconductor Corp. < (6/25-29) - May 11, 1961 filed 75,000 shares of capital stock, price ~ ?>' Nuclear Data, Inc.
«•/.
—To be supplied by amendment. Business—The
design, * March 28, 1962 filed 170,000 common, of which 30,000
development, manufacture and sale of quality transistors ' are to be offered by company and
.140,000 by stock¬
for military and industrial use.
Proceeds — For new
holders. Price—By amendment
(max. $12).- Business—
equipment, plant expansion, working capital, and other
Design, development and assembly of instruments for
corporate purposes. Office—Mallory Plaza Bldg., Dan- j detection,
measurement and analysis of nuclear radia¬
bury, Conn. Underwriters—Lee Higginson Corp., N. Y. C.
tion.
Proceeds—For working capital.
Office—3833 W.
and Piper, Jaffray & Hopwood,
Beltline Highway,
Minneapolis (mgr.)/
Madison, Wis. Underwriter—MeCormick & Co., Chicago,
National Tele-Systems, Inc. *

common.

of

Proceeds—For

.

ated

•

Price—$2.
plastic letters, emsign faces, quantity signs and boat windshields.
Proceeds—For purchase of land and building, moving
expenses, equipment and working capital.
Office—5606
Business—Manufacture

Business—

Norway (Kingdom of)
i/v .*/
v,."- "-'-'Sj
May 28, 1962 filed $25,000,000 external loan bonds due
June 15, "1977.
Price—By amendment. Proceeds—For.
acquisition
and
importation
of
capital I equipment.
Underwriters—Harriman Ripley & Co., Inc.;; Kufin,

Underwriter—To be named.

Plastics

1962

Equipment & Plastics Corp. (7/23-27)
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬

-•

Molecular Systems Corp.
Dec. 12, 1961 filed 140,000 common. Price—$3. Business
—Production
of
polyethylene
materials
of
varying,

de¬

subord

capital and other corporate r
purposes. Office—1900 Life Bldg., Dallas. Underwriter—
Carreau & Co.", N. Y.
/
\ '
^

.

1961

Thursday, June 21, 1962

.

Production of crude oil and natural
gas..
debt repayment, working

National

Molecular Dielectrics, Inc.

Sept.

.

Nortex Oil & Gas Corp.
April 27, 1962 filed $5,000,000 of 6% conv.
bentures due 1977.
Price—By amendment.

March 29, 1962 ("Reg. A") 100,000 common. Price—$2.75.

St., Jefferson City, Mo. Underwriters — (Competitive).
Probable bidders: Halsey, Stuart & Co. Inc.; First Boston
Corp.; White, Weld & Co. Bids—July 17, 1962 (11 a.m.
EDST) at One Chase Manhattan Plaza, Room 2318. In¬
formation Meeting:—July 13 (2:30 p.m. EDST) at above
address (28th floor).

.

and working
Underwriter—None.
Outlet

Address—Opelika,

Ala.

...

Mining Co., Inc.-

Feb.

process-"

—

other corporate purposes. Office—601
W. 26th St., N. Y.
Underwriter—3. D. Fuller & Co., N. Y.V"'
>
*
»

capital.

'

•

Volume 195

Number 6170-.

.

The Commercial and Financial Chronicle

.

(2915)

Office—60

Proceeds—For investment.

rado-Niles Road, Union City, Calif. Underwriters—First
California Co., Inc., and Schwabacher & Co., San Fran¬

Underwriter—Sackville-Pickard

cisco (mgr.). Offering—Indefinitely postponed,

dress).

1

Pacific Wesftates Land

v

*

*

&

Wall

Co., Inc.

St., N. Y.
(same ad¬

porate purposes. Office—507 Fifth Ave., N. Y. Under¬
writer—Arden Perin & Co., N. Y. Offering—Late

July.
Playboy Clubs International* Inc.
May 28, 1962 filed 270,000 common. Price—By amend¬
ment. (max. $7).
Business—Company is engaged in the
ownership and franchising of Playboy Clubs. Proceeds—

Penta

Laboratories, Inc.
April 23, 1962 filed 85,920 common. Price—By amend¬
ment
(max. $4.25). Business—Development, manufac¬
ture and marketing of electron vacuum tubes. Proceeds
—For selling stockholders.
Office—312 N. Nopal St.,
Santa Barbara, Calif. Underwriter—Francis J. Mitchell
& Co., Newport Beach, Calif.

Development Dorp.

Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
debentures due 1976 and 300,000 common shares to be
offered in units, each consisting of $100 of debentures
and 20 common shares. Price—$200 per unit. BusinessGeneral real estate. Proceeds—For debt repayment and
working capital. Office — 9412 Wllsftfre Blvd., Beverly x
Hills, Calif. Underwriter — Morris Cohon & Co., N. Y.
Note—This company was fomierly named Westates Land
Development Corp.
7
- •;
>
. ,
'
i

•

Perfect

Feb.

For debt repayment and general
corporate purposes. Of¬
fice—232 E. Ohio St., Chicago. Underwriter—Divine &'

Fishman, Inc., Chicago.
Policy-Matlc Affiliates* Inc.
16, 1961 filed 200,000 capital shares. Price—$3.25.
Business—Leasing of insurance vending machines. Pro¬
ceeds—General corporate purposes. Office—1001 15th
St.,
N. W., Washington, D. C. Underwriter—To be named.
V
Oct.

Photo, Inc.

14, 1962 filed 154,800 common.

Price—By amend¬
ment (max. $20). Business—Photofinishing and the dis¬
5
tribution of photographic equipment and supplies. Pro¬
Packard-Bell Electronics Corp. (6/25-29)
May 4, 1962 filed $5,023',800: of conv. subord. debentures;, ceeds—For selling stockholders. Office—4747 N. Broad
due 1977 to be offered for subscription by stockholders
St., Philadelphia. Underwriter—Bear, Stearns & Co.,
on the
N. Y. Offering—Expected sometime in July.
basis of $100 of debentures for each 17 shares
held. Price—At par. Business—Design, manufacture and. r • Perma-Bilt
Enterprises, Inc.
sale of consumer and defense electronic products. Com¬
May 28, 1962 filed 230,000 common. Price—By amend¬
also installs and services its TV receivers and
stereophonic units, and manufactures plywood doors.
Proceeds—For
debt
repayment."
Office—12333
W.
Olympic
Blvd.,
Los
Angeles.
Underwriter—Kidder,

pany

Peabody & Co., Inc., N. Y.
r"

Pak-Well Paper

March 30, 1962

^/;/

ment

(max. $8). Business—Merchandising, sale and construction of homes. Proceeds—For acquisition and devel¬
opment of land, and other corporate purposes. Office—
319 MacArthur Blvd., San Leandro, Calif. Underwriter—
Robert A. Martin Associates, Inc., N. Y. Offering—Ex¬
pected in late Fall.

;

Industries, Inc.

'

filed 150,000 class A

common. Price—By
$13).-Business—Manufacture of en¬
velopes, packaging materials of various kinds, wrapping
paper, stationery, and school supplies. Proceeds — For
selling stockholders. Office—198 W. Alameda, Denver.
Underwriter—Francis I. duPont & Co., N. Y.
:

amendment

Palmetto State Life Insurance Co.
March

Permeator

(max.

May

*

28,

be

offered

Beryllium Corp. ;
1962 filed 100,000 common. Price—$5. Business
—Company plans to mine for beryl ore in Argentina.

Feb.

equipment, and other
corporate purposes. Office—39 Broadway, N. Y. Under¬
writer—To be named.
'- V.. ^ •v

investment.

.

Realty & Development Corp.
March 12, 1962 filed 400,000 class A stock.
Price—$10.
Business—A real estate holding and development com¬
pany. Proceeds—For general corporate purposes. Office
—70 N. Main St., FreepOrt, L, l.,,N. Y. Underwriter—
Underbill
Security. Corp.*; N. Y.
^
,
t-3. Papert,- Koenig, Lois, Inc.
May 10, 1962 filed 100,000 class A shares. - Price—By
amendment (max. $8). Business—An advertising agency*
Proceeds—For
selling stockholders., Office—9 Rocke¬
feller Plaza, N. Y.
Underwriters—Andresen & Co, and

Offering—Postponed,

mortgages, and
working capital. Office—18 Lancaster Rd., Union, N. J.
Underwriter—Jacey Securities Co., N. Y.
e

Proceeds--For

Primex Equities Corp.
Nov.

•

ital.

common.

investment

Homes, Inc.
isk
Aug. 25, 1961 filed 112,500 common. Price—By amend¬
ment. Business—Sale of pre-cut (finished) homes. Pro¬
ceeds—For working capital. Office—499 Jericho Turn¬
pike, Mineola, N. Y. Underwriter—A. L. Stamm &r.Co.,>

Philips N. V.
April 3, 1962 filed 6,153,140
subscription by stockholders
share for each five

company.

shares held

,

of record

being offered for
the basis of one new
participating preferred

common

common or

on

15

May 29. Rights will expire June
share.. Business — Manufacture
electronic, electrical and other

Parkway Laboratories, Inc.
•_
Dec. 6,-1961 filed 160,000. common. Price—$5. Business
—Manufacture of drugs and pharmaceuticals. Proceeds
vFor an acquisition,, research and other corporate pur¬
poses. Office — 2301 Pennsylvania Ave,, Philadelphia,
Underwriter—Arnold Malkan & Co., Inc., N. T/
^

22.

i Paul, Harris Stores,; Inc.

ir Physionics, Inc.
:
June 7, 1962 ("Reg. A") 100,000 class B common. Price—
$2. Business — Research and development of electrical
and electronic devices which company plans to manu¬

V

of

sale

of concrete, sand, gravel and crushed
ceeds — For debt repayment, equipment,

^

stone.^Pro¬
purchase of

plant and other corporate purposes. Office—50 Haarlem
Ave., White Plains, N. Y. Underwriter—First Albany
Corp., Albany, N. Y.
• Peerless

Radio

Corp. (7/2-6)
March 22, 1962 filed 120,000 common, of which 100,000
are to be offered by the company and
20,000 by Stock¬
holders. Price
$4. Business — Distribution of el^fetric
parts and components to industrial customers. Proceeds
—

—For

debt

repayment, inventory and working capital.
St., Lynbrook, N. Y. Underwriter—
Kordam & Co., Inc., N. Y.
f
Office—19

Wilbur

Pellegrino Aggregate Technico, Inc.
Aug. 10, 1961 filed 130,000 class A common shares. Price
—$5. Business—The manufacture of building materials.
Proceeds—For payment of income taxes and Joans and
for working capital. Office—Woodbrfdge-Carteret Road,
Port Reading, N. J. Underwriter—Mortimer B. Burnside

& Co., Inc., N. Y.

Offering—Temporarily postponed.

Pennsylvania Mutual Fund, Inc. ~
23, 1962 filed 1,000,000 capital shares. Price—By
amendment (max. $J0.29). Business ■— A mutual fund.
f
'
T

March
;

♦

.

*

i.

*

4- '

& '•" •'

*

i




v-' #*-4

<• >->■

•

v-" ;>

'

per

of

in the Netherlands and 30

other countries for

facture and sell. Proceeds—For debt repayment, equip¬
ment and advertising and sales promotion. Address—

N. Tibbs, Indianapolis.
Underwriters—Kiserjfphn
Shumaker, Indianapolis and Cruttenden, Fodestfr&
Miller, Chicago. Offering—Indefinitely postponed. /

.

range

Dealer-Manager—Smith, Barney & Co., N. Y.

6

Peckham Industries, Inc.
April 2, 1962 filed $500,000 of 6% convertible subordi¬
nated debentures due 1974. Price—At par. Business—
Road construction, sale of liquid asphalt, productioikund

wide

throughout the free world. Proceeds—For general
corporate purposes. Office—Eindhoven, The Netherlands.

2920

and
nurseries
businesses.
Proceeds—For
expansion,
working capital and other corporate purposes. Office*—
514-524 Pike St., Seattle. Underwriter—Dean
Witte£? &
Co., San Francisco.

$33

—

sale

April 2, 1962 ("Reg. A") 40,000 class A common.;|»rice
—$7.50. Business—Operation of wearing apparel st^ps.
Proceeds—For equipment and working capital. Office—

•
Pay'n Save Corp. (6/25-29)
;
April 27, 1962 filed $1,200,000 of conv. subord. deben¬
tures due 1977, also 40,576 common shares to be
off-grpd
by stockholders. Price—By amendment (max. $l&3or
common.). Business—Operation of hardware, drug^re

a

products

>>•

r;,

Price

Rural Route

1, Box 545, Castle Rock, Colo. Underwriter

—None.
-

/.V

.

•

Pictronics Corp.
Jan. 18, 1962 filed 80,000

common. Price—$5. Business
professional audio visual and sound
recording equipment. Proceeds—Debt repayment, equip¬
ment and working capital. Office—236 E. 46th St., N. Y.
Underwriter—Tor be named. Offering—Expected in late
July.
;

—Manufacture

of

Piggyback Transport Corp.
April 30, 1962 ("Reg. A") 40,000 common. Price—$5.
Business—Loading and unloading of trailers and autos
from freight cars, and freight consolidation and forward¬
ing. Proceeds—For equipment, expansion and general
corporate purposes; Office—1200 Seaboard Dr., Hialeah,
Fla. Underwriter—Wiilard Co., Ill Broadway, N. Y.
Pioneer

Restaurants* Inc.
Dec* 21, 1961 filed 125,000 common, of which 75,000 are
to be offered by the company and 50,000 by a selling
stockholder.
Price—By amendment. Business—Opera¬
tion

of

six

restaurants

in

Sacramento.

Proceeds—For

expansion, debt repayment and working capital. Office
—1626 J St., Sacramento.
Underwriter—Stewart, EUbanks, Myerson & Co., San Francisco. Offering—Tem¬
porarily postponed.
Plantation

Inc.
March 30, 1962 filed 100,000 common, of which 70,000
are to be offered by company and 30,000 by stockhold¬
ers. Price—$5. Business—Manufacture of wrought iron
furniture. Proceeds — For inventory, advertising and
working capital. Office—4601 Georgia Rd., Birmingham,
Ala. Underwriter—Godfrey, Hamilton, & Taylor & Co.,
N. Y. Offering—Expected sometime in July.
Patterns*

Plasticon Chemicals* Inc.
Feb. 7, 1962 filed 150,000 class A capital shares. Price
—$3.50. Business—Manufacture of a plastic protective

coating and

a

water proofing solution.

Proceeds—For

inventorjr, equipment, sales promotion, and other

cor¬

firm.

—

Price—$11.

Pro¬
general corporate purposes.
Office—6130
Sherry Lane, Dallas. Underwriter—McDonnell & Co.,
New York. Offering—Expected sometime in July.

Price—By

investment

Product Research of Rhode Island. Inc.

ceeds—For

Paragon Pre-Cut

|;,v:

556,700

business

common.

estate

July 28, 1961 filed 330,000 cofhffidri shSWSr Price—$2.05.
Business
The manufacture of vinyl plastic product®
used in the automotive, marine and household fields*
Proceeds—For repayment of debt, new equipment and
working capital. Office —184 Woonasquatucket Avenue,
North Providence, R. I. Underwriter—Fred F. Sessler &
Co., Inc., N. Y. Offering—Postponed.

Co., N. Y., and Julien Collins & Co.,

small

real

property acquisitions and working cap¬
Office—66 Hawley St., Binghamton, N. Y. Under¬
writers—D. H. Blair & Co., and Troster, Singer &
Co.,
N. Y. Offering—Indefinitely postponed.

V-V'

Petro-Capital Corp.
28,
1962 filed

Business—A

Business—A

Proceeds—For

(6/22)

March

Cppenheimer & Co., N. Y. Offering—Expected in Aug.

N. Y. Offering—Postponed.

'

Chicago.

.

> "

27, 1961 filed 335,000 class A

amendment.

May 29, 1962 filed $20,000,000 of s. f. debentures due
June 1, 1982. Price—By amendment. Proceeds—For an
acquisition and repayment of debt. Office—Arcade Bldg.,
Si Louis. Underwriters—Kidder, Peabody & Co., Inc.;
G. H. Walker &

Corp.

March 30, 1962 filed 150,000 common. Price—$5. Business
—Real estate. Proceeds—For purchase of

Office—1613

Milk Co.

filed

ceeds—For debt repayment and
working capital. Office
—33 New Broad St., Port Chester, N. Y. Underwriter—
Van Alstyne, Noel & Co.,, N. Y.

Eye St., N. W., Washington,
D. C.
Underwriter—Sidney Z. Mensh Securities Co.,
Washington, D. C.
Pet

1962

125,000 common, of which 50,000
by the company and 75,000 by stock¬
holders. Price—By amendment (max.
$12). Business—
Design and manufacture of microwave components. Pro¬

•

Pan Am

28,

to be offered

are

Prescott-Ldncaster

Business—A real estate investment trust.

For debt repayment,

devices

Premier Microwave Corp.

for

Perpetual Investment Trust
9, 1961 filed 500,000 shares of beneficial interest.
Price—(For the first 10,000 shares) $10.80 per share.,
(For the balance) Net asset value plus 8% commission.

Feb. 28,

—

to

common

-

engineering and production of certain
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., RockviUe,
Md. Underwriters—Jones, Kreeger & Co., and
Balogh &
Co., Washington, D. C. Note—This offering was post¬
poned indefinitely.

Nov.

American

Proceeds

Corp.
filed 300,000

Research* Inc.

development,

■; electronic

ton, Taylor & Co., Inc., N. Y.

Underwriter—R. S. Dickson & Co., Charlotte, N. C.

Pan

1962

Polytronic

June 7, 1961 filed 193,750 common
shares, of which 150,000 will be sold for the
company and 43,750 for stock¬
holders. Price—By amendment. Business—Research and

subscription- by stockholders of National Petroleum
Corp. Ltd., parent, on the basis of one share for each
15 National shares held. Price—$5. Business—Manufac¬
ture, use and sale of a patented tool, "Permeator," used
in completion of oil and gas wells.
Proceeds—For gen¬
era! corporate purposes. Office—445 Park Ave., N. Y.
Underwriters—Irving Weis & Co., and Godfrey, Hamil¬

1962 filed 100,000 capital shares. Price—By
amendment
(max.
$19).
Business—Writing of life,
health, accident and hospitalization insurance. Proceeds
—For working capital. Office—1310 Lady St., Columbia,
S. C.

18,

39

Promistora Gold

-

Mines* Ltd.

April 24, 1962 filed 750,000 capital shares, of which 500,000 are to be offered by company and 250,000 by stock¬
holders. Price—50 cents. Business—Acquisition and ex¬
ploration of mining claims in Canada. Proceeds—For
general corporate purposes. Office—36 Yonge St., To¬
ronto, Ontario, Canada. Underwriter—A. C. MacPherson &
Co., Toronto.

Prosper-Way, Inc.
Feb. 7, 1962 filed 85,500 common.
Price—$3. Business
—Development and promotion of "one stop dry cleaning
and laundry" establishments, and the sale and main¬
tenance of dry cleaning and laundry equipment Pro¬
ceeds—For real estate, sales promotion, acquisitions, and
working capital. Office—2484 W. Washington Blvd., Los
Angeles, Calif. Underwriters—Crosse & Co., Inc., V. S.
Wickett & Co., Inc. and Thomas, Williams & Lee, Inc.*
N. Y.
•
Prosperity Cleaners & Laundries, Inc.
May 15, 1962 filed 100,000 common. Price — By amend¬
ment (max. $5.50). Business—Operation of a chain of
dry-cleaning and laundry stores. Proceeds—For selling

stockholders.

Office

—

48-12

25th

St.,

Astoria,

Underwriter—Edwards & Hanly, Hempstead, L.
Offering—Expected sometime in late July.

1,

N.

Y.

N. Y.

Prudent Realty Investment Trust
May 21, 1962 filed 100,000 shares of beneficial interest.
Price—$10. Business—A real estate investment trust.
Proceeds—For

Philadelphia.

investment.

Office—1324

Underwriter—None.

Walnut

r

St.,
;

Public Loan Co., Inc.
March 28, 1962 filed 170,000 common. Price—By amend¬
ment

(max. $17). Business—Operation of small loan of¬
— For
general corporate purposes. Office
Chenango St., Binghamton, N. Y. Underwriter—

fices. Proceeds
—41

A. G. Becker &

Co., Inc., Chicago. Offering—Indefinite¬

ly postponed.
Public Service Co. of New Hampshire

(6/27)
5, 1962 filed $24,000,000 of first mortgage bonds*
due 1992. Proceeds—To redeem outstanding 5%% bonds*
due 1987, 5%% bonds, due 1989, and 5% bonds, due
1990, repay short term loans, and for construction. Of¬
fice—1087 Elm St., Manchester, N. H.
Underwriters—•
June

(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.;

Equitable Securities Corp.-Eastman Dillon* Union

Securities & Co. (jointly); Kidder, Peabody & Co.-Blyth
&

Co., Inc. (jointly); White Weld & Co.; Lehman Broth¬
ers.
Bids—June 27 (11 a.m. EDST) in Room 166, Parker
House, Boston. Information Meeting—June 25 (3:30 p.m.
EDST) at the

same

address.

Publishers Co.* Inc.
Nov. 28, 1961 filed 541,000

common.

Price—By amend¬

ment. Business—Book publishing. Proceeds—For an ac^

quisition and other corporate purposes. Office—llOti Con¬
necticut Ave., N. W., Washington, D. C. UnderwriterRoth & Co., Inc., Philadelphia.
Continued

on page

49

40

The Commercial and Financial Chronicle

(2916)

Continued from page 39
•

Puerto Rico

picture tubes, and electroinc components, parts and
equipment. Proceeds—For an acquisition, equipment and
working capital. Office—1927 New York Ave., Huntington Station, N. Y. Underwriter—Robbins, Clark & Co.,
Inc., New York.

i

Brewing Co., Inc.

(7/2-6)

23, 1962 filed $2,500,000 of sinking fund deben¬
tures due 1977 and 500,000 common shares to be offered
in units consisting of a $10 debenture and two common
shares. Price—-$18 per unit. Business—Company plans
March

,

;

produce beer and natural malta (a non-alchOlic /
beverage). Proceeds—For construction and operation of
a
brewery and working capital. Address-—San Juan,
Puerto Rico. Underwriter—Merrill Lynch, Pierce, Fenner
to

&

Smith, Inc., N. Y.

..

Puget Sound Power & Light Co. (6/27)
1, 1962 filed 150,000 preferred
(par $100). Price
—By amendment (max. $103). Proceeds—For prepay¬
ment
of
bank
loans
and
construction.
Office—1400
•

June

Washington Bldg., Seattle. Underwriters—Blyth &
Inc., and Merrill Lynch, Pierce, Fenner & Smith

•

and other metals and
rolling mill, a stevedoring business and
companies. Proceeds—For general cor¬
porate purposes. Office—101 East Ave., North Tonawanda, N. Y. Underwriter—Brand, Grumet & Seigel, Inc.,
New York. Offering—Expected in* July.
/
>
\ V*
operation of

postponed.

—

This

offering

was

•

ment

temporarily

.

Interonics, Inc. (7/2-6)
1961 filed 40,000 common. Price—$5. Business
of radio frequency interference filters

holders.

-

Price—$5. Business—Wholesaling of electronic parts,

supplies and equipment and the retailing of high-fidel¬
ity and stereophonic equipment and components. Pro¬
ceeds—:For debt repayment, expansion, moving expenses
and working capital. Office—513-15 Cooper St., Camden,
N. J. Underwriter—Lee-Mosson & Co., Inc., N. Y.
Ram Tool Corp.
May 16, 1962 filed $800,000 of 6%% subord. debentures
due May 31, 1972 (with attached warrants). Price—By
amendment.
Business—Manufacture and sale of elec¬

Silver

Mines,

Sage International Inc.
April 30, 1962 filed 150,000

capital shares. Price—By
amendment (max. $13). Business—Operation of mem¬
bership discount department stores. Proceeds—For ex¬
pansion and inventories. Office—315 S. Beverly Dr.,
Beverly Hills, Calif. Underwriters—First California Co.
Inc., San Francisco and Allen & Co., N. Y.

•

March 23,

Jan. 29,

amendment

•

Regulators, Inc. (7/16-20)
1962 filed 75,000 common, of which 50,000 are
to be offered by the company and 25,000 by Electronic
Specialty Co., parent. Price—$5. Business—Design and
manufacture of regulating and control devices used in
the

electric

and electronic

fields.

Proceeds—For

debt

—

field. Proceeds—For
ment

and

Office—396-406 Adams St.,
Newark, N. J. Underwriter—Keene & Co., Inc., N. Y.
common.
—A real estate investment company.

Ridgerock of America, Inc.
29,
1961
filed
100,000
common.
Price—$2.50.
Business—Production of stone facing for buildings. Pro¬
Dec.

ceeds—For debt reduction and general corporate pur¬
poses.

Address—Sebring, O. Underwriter—To be named.

•

Ridgewood Financial Corp^
March 30, 1962 filed 60,000
common^oKwhich 11,250 are
to he offered by company and 48/750
by stockholders.
Price—By amendment (max. $9.75). Business—Owner¬
ship of stock of Ridgewood Savings Loan Co. of Parma,
in Cleveland. Proceeds—For organizational expenses ana
investment. Office—1717 E, 9th St., Cleveland. Under¬
writer—Fulton, Reid & Co., Inc., Cleveland. Offering—
Indefinitely postponed.
Riker Delaware Corp.
March 29, „1962 filed 200,000 class A common and 50,000
warrants to° be offered in units of four shares and one
warrant.

Price—$30 per unit... Business—A real estate
development and management company. Proceeds—For
construction, acquisitions, debt Repayment and working
capital. Office—LaGorce Sq., Burlington, N. J. Under¬
writer—H. Neuwirth & Co.,
Inc., N. Yj.
•

Rite

Electronics, Inc.

Jan. 29, 1962 filed 62,000 common. Price—$6, Business
—Sale and distribution -of receiving tubes/ television




(7/9-13)

(max. $8).

Business)—A holding

—

company

stereo

photographs

Engineering

—

Schlitz

(Jos.)

Brewing Co.

March 2, 1962 filed 347,543 common. Price
ment (max. $35). Business—Brewing of
Milwaukee"

"Old

beers.

Proceeds—For

and

design

mechanical

Schneider

(Walter J.) Corp.
28, 1962 filed $5,500,000 of 6Y2% subordinated con¬
vertible debentures due 1977 and 110,000 5-year warrants
to purchase a like amount of class A common.
The
company plans to offer the securities in 5,500 units (each
consisting of $1,000 of debentures and warrants to pur¬
chase 20 shares) for subscription by holders of its class
A stock and 19% debentures dUe 1976s Price—By amend¬
Business—General real estate.

ir

"

•

'

v

■

.

.

■.

.

Santa Fe

Drilling Co.
March 30, 1962 filed 160,000 common, of which 100,000
are to be offered
by company and 60,000 by stockholders.
Price—By amendment (max. $33). Business—Furnishes
labor and equipment to major oil companies and drills
for oil. Proceeds—For debt
repayment and equipment.
Office—11015 Bloomfield Ave., Santa Fe Springs, Calif.
Underwriter—Dean Witter & Co., Los Angeles. Offering
—Expected in late 1962. /
Saturn

Electronics Corp.
May 3, 1962 ("Reg. A") 80,000 class A common/ Price
—$3.75. Business—Design, manufacture, and distribu¬
tion of high fidelity
amplifiers, transformers, etc. Pro¬
ceeds—For equipment, inventory, moving expenses and

working
Dallas.
.

capital.

Office—10665

Hines Blvd.,
Underwriter—Reese, Scheftel & Co., Inc., N. Y.

Save-Mor

Harry

Drugs, Inc.

Dec. 28, 1961 ("Reg. A") $300,000 of 6% 15-year
subord.
conv. debentures. Price—At par. Business—Operation of
a chain of
drug stores. Proceeds^—For

general corporate
Ave., N. E., Washing¬
Taggart, Inc., Towson, Md.

purposes. Office—3310 New York
ton D. C. Underwriter—C. A.

Saw Mill

River

Proceeds—For

ac¬

quisition of property. Office—67 W. 44th St., N. Y. Un¬
derwriter—None.
School Pictures, Inc.
common and 40,000 class A
41,864 common are to be offered by
entire class A and 18,136 common
will be offered by stockholders. Price—By amendment
($35 max.). Business—Company develops, prints, and
finishes "school pictures." Proceeds — For plant and
equipment, acquisitions, and working capital. Office—
1610 N. Mill St., Jackson,, Miss. Underwriters—Equi¬
table Securities Corp., Nashville, and Kyoeze, McLarty
& Duddleston, Jackson, Miss. Offering—Postponed,
Feb.

7,

1962

filed 60,000

-A1 Schwartz (Sidney) Realty Corp.
13, 1962 filed 500,000 class A shares. Price—$10.

June

— Real
Estate investment. Proceeds—For ac¬
quisitions and working capital. Office—560 Fifth Ave.,

N.

Y.

Underwriters—Morris

Co., N. Y.

Cohon

& Co.

and

Lieber-

V

Scientific Equipment Manufacturing Corp.
April 30, 1962 filed 83,500 common.
Price—$6. Busi¬
ness—Manufacture of sterilizers, multi-dose jet vac¬
cine
injectors,
operating
lights and other medical
equipment.
Proceeds—For inventories, new products
and moving expenses.
Office—20 North Ave., Larchmont, N. Y.
Underwriters—Coggeshall & Hicks and
Ernest M. Fuller & Co., N. Y.

Scripps-Howard Broadcasting Co.

Price—$12.50. Busi¬
ness—A small business investment company.
Proceeds
—For investment.
Office—400 Montgomery St., San
Francisco. Underwriter—Cantor, Fitzgerald & Co., Inc.,
Beverly Hills, Calif.

Price—$7. Business

Proceeds—For debt
repayment and general corporate purposes. Office—220
K St., N. W., Washington, D. C. Underwriter—Hirschel
& Co., Silver Spring, Md. Offering—Indefinite.

Inc.

San Francisco Capital Corp.
April 23, 1962 filed 60,000 common.

Richmond

Corp.
Dec. 2„1, 1961 filed 142,858

Enterprises,

—

expansion of facilities, debt repay¬

of

•^Design and manufacture of measuring, indicating,
recording, testing and controlling devices used in air¬
craft and missile systems. Proceeds — For expansion.
Address
U. S. Route 130, Pennsauken, N. J. Under¬
writer—Bear, Stearns & Co., N. Y. Offering—Expected
sometime in July.

baum &

By amend¬
for a
inn, shopping centers, bowl¬
ing establishments, etc. Proceeds—For debt repayment
and working capital. Office—222 E. Erie
St., Milwaukee.
Underwriters
^Straus, Blosser & McDowell, Chicago
and Dempsey-Tegeler & Co., Inc., St. Louis.

working capital.

Schaevitz

Kidder,t Peabody & Co., and Jessup & Lamont, N. Y.

real estate concern, motor

Operation of a laboratory for contractual re¬
development and engineering in the chemical

•

Business

ment

Laboratories, Inc.
Feb. 27, 1962 filed 105,000 common. Price-—$3.50. Busi¬

distribution

March 13, 1962 filed 150,000 common, of which 100,000
are to be offered by company arid
50,000 by a selling
stockholder. Price—By amendment (max. $10)..Business

(max. $35). Business—Manufacture of men's
utility and sports' clothes. Proceeds—For selling, stock¬
holders. Office—330 Fifth Ave., N. Y.—Underwriters—

Sampson

.

search,

Inc.

1962 filed 150,000 class A shares. Price—By

Feb. 28, 1962 filed 450,000 common. Price

Resin Research

ness

Salant & Salant,

Offering—Temporarily postponed.

repayment and working capital. Office—455 W. Main
St., Wyckoff, N. J. Underwriter—Myron A. Lomasney &
Co., N. Y.

and

Proceeds—For Working capital. Address—

common, of which
the company; the

Properties Corp. of America
April 27, 1962 filed 300,000 class A shares. Price—By
amendment (max. $16). Business—Company owns cer¬
tain real estate, general insurance agency and a mort¬
gage servicing company. Proceeds—For debt repayment.
Office
745 Fifth Ave., N. Y. Underwriter — Stanley
Heller & Co., N. Y. Offering—Expected in mid-July.
—

Price—By amendment (max. $9), Business

Portland, Ore. Underwriter— Straus, Blosser & Mc¬
Dowell, Chicago. Offering—Temporarily postponed,
Saxon Paper Corp:
March 30, 1962 filed 200,000. common. Price—By amend¬
ment (max. $9). Business — Wholesale distribution of.
printing paper and paper prodt^ts. Proceeds—For debt
repayment and expansion. Office—240 W. 18th St., N. Y.
Underwriter—Bear, Stearns & Co., N. Y. Offering—July.

ment.

Inc.

Underwriter—Pennaluna & Co., Spokane, Wash.

Real

and viewers.

Feb.

By

deposits. Proceeds—For debt repayment and general
corporate purposes. Address—Box 1088,. Wallace, Idaho.

Beverly Hills, Calif.

stockholders.

—Manufacture

Royalty Stores, Inc.
May 29, 1962 filed 75,000 common. Price—$3.75. Busi¬
ness—Operation of discount stores and wholesale distri¬
bution of general merchandise.
Proceeds—For expan¬
sion, advertising, and other corporate purposes. Office
—10 Charles St., Floral Park, N. Y. Underwriter—R. P.
Raymond & Co., Inc., 26 Broadway, N. Y.

Ruby

Se¬
Inc.,

Sawyer's Inc.
26, 1962 filed 240,000 capital shares, of which
140,000 are to be offered by company and 100,000 by

Mar.

manufacture
of electronic
and electro¬
equipment, components and systems. Pro¬
ceeds—For selling stockholders. Office—408 Bank of the
Southwest Bldg., Houston. Underwriter—Morgan Stan¬
ley & Co., N. Y.

—

color,

Jan. 2, 1962 ("Reg. A") 2,400,000 common. Price—12%
cents. Business—Exploration and development of mineral

trically powered tools, and hand garden tools. Proceeds
•—For debt repayment and working capital. Office—411

f

Price

prints

—

(7/9-13)

Under¬

amendment.
Business — Develops
and black and white photographic
film. Proceeds
For equipment and working capital.
Office—245 7th Ave., N. Y. Underwriter — Federman,
Stonehill & Co., N. Y. Offering—Expected sometime in
July.
and

Jan. 23, 1962 ("Reg. A") 55,000 common, of which 50,000
will be offered by the company and 5,000 by stockhold¬

Office—1051 Saw Mill River Rd., Yonkers, N. Y.
writer—Arnold Malkan & Co., Inc., N. Y.

Schlumberger Ltd.
May 11, 1962 filed 700,000 common. Price—By amend¬
ment
(max. $80).
Business—Furnishing of electrical
logging and related services to oil well drillers, and the

device in the field of industrial television

new

1403 Wade

capacitors. Proceeds—For equipment, working cap¬
ital and other corporate purposes. Office—15 Neil Court,
Oceanside, N. Y. Underwriter—Arnold Malkan & CoN. Y.
~ ■ -"" v' ;
• Radio Electric Service Co. of New Jersey,
Inc.

Thursday, June 21,1962

Royaltone Photo Corp.
Nov. 29, 1961 filed 300,000 common, of which 100,000
are to be offered by the company and 200,000 by stock¬

a

—None.

and

.

Hampton Blvd., Greenville, S. C. Underwriter

market

30,

.

— By amend¬
"Schlitz" and
selling stock¬
holders. Office—235 W. Galena St., Milwaukee. Under¬
writer—Glore, Forgan & Co., Chicago. Offering—In¬
definitely postponed.

systems. Proceeds—For organizational expenses. Office—

—Manufacture

Claremont Ave., Chicago. Underwriters—Aetna
curities Corp., N. Y. and Cantor, Fitzgerald & Co.,

dresses. Proceeds—For a

ic Roving Eye Systems, Inc.
June 11, 1962 ("Reg. A") 1,000 common. Price—$100.
Business—Company plans to construct, manufacture and

veying and general corporate purposes. Office—Suite
1212, 55 York St., Toronto. Underwriter—Asta Corpora¬
tion Ltd., Toronto.
»

N.

(max.

selling stock¬
holder. Office—498 Seventh Ave., N. Y. UnderwriterRobert A. Martin Associates, Inc., N. Y.

15, 1962 filed 150,000 capital shares. Price—$1.
Business—Mining. Proceeds—For debt repayment, sur¬

ers.

(Henry),

sale of women's

Queensway Mines Ltd.

Oct.

Inc. ' (7/2-6)
v
" <v
120,000 common. Price—By amend¬
$10). Business—Design, manufacture and

Rosenfeld

March 23, 1962 filed

March

RF

a

demolition

two

Pulp Processes Corp.

Note

Industries, Inc.

—Purchase and sale of scrap steel

Co.,
Inc.,

Sept. 20, 1961 filed 140,000 common. Price—$5. Business
—Development of pulping and bleaching devices. Pro¬
ceeds—General corporate purposes. Office—Hoge Bldg.,
Seattle, Wash. Underwriter—Wilson, Johnson & Higgins,
Francisco.

Roblin Seaway

March 29, 1962 filed $1,000,000 of 6% convertible; sub¬
ordinated debentures due 1982. Price—At par. Business

;

New York.

San

• Roadcraft Corp.
(7/2-6)
Dec. 26, 1961 filed 400,000 common. Price—By amendment. Business—Design, manufacture and sale of mobile
homes and office trailers. Proceeds—For general cor¬
porate purposes. .Office—139 W. Walnut Ave., Gardena,
Calif. Underwrite!1 — Vickers, MacPherson & Warwick,
Inc., N. Y.
'
'S-< ;

,

Industries, Inc.

(7/2-6)
March 29, 1962 filed 100,000 common.
Price—$5. .Busi¬
ness—Design, development and manufacture of steel
-products for home use.*Proceeds-^-For working*capital."

March 20, 1962 filed 375,000 common. Price—By amend¬
ment (max. $20). Business—Company owns and oper¬
ates

TV, radio and FM broadcasting stations. Proceeds
selling stockholders. Office—1121 Union Central
Bldg., Cincinnati. Underwriter—First Boston Corp., N. Y.
Offering—Indefinitely postponed.
\
—For

•

Security Aluminum Corp.

(7/2-6)

Jan. 26, 1962 filed 200,000 common. Price—By amend¬
ment. Business—Manufacture of alumnium sliding win¬
dows and doors. Proceeds—For equipment, moving ex¬

and working capital. Office—503 E. Pine Ave.,
Compton, Calif. Underwriter—Vickers, MacPherson &

penses

Warwick, Inc., N. Y.
•
Seg Electronics Co., Inc.
Sept. 28, 1961 filed 110,000 common. Price—By amend¬
ment. Business—Design and manufacture of networks
for data and program transmission, filters, transceivers
and related electronic equipment. Proceeds—Ek>r equip¬

ment, research and development, repayment of loans and
working capital. Office—12 Hinsdale. St., Brooklyn. Un¬
derwriter
Searight, Ahalt & O'Connor, Inc., N. Y.
Offering—Expected sometime in July.
—

Selective

Feb.

Financial Corp.

1962 filed 500,000 common, of which 405,000
to be offered for subscription by holders of the A,
B and C stock of Selective Life Insurance Co., an affili¬
28,

are

ate, on the basis of 4 company shares for each class A or
B share and two-thirds share for each class C share of
Selective Life held.

Remaining 94,822 and any unsub¬

scribed shares will be offered publicly, Price—To

public,

$6r to stockholders, $5. Business—Company plans to en-:
'gage in the consumer finance, mortgage, general fi?

Volume

and

nance

corporate
nix.

195

related

Number

businesses.

6170

.

.

.

Proceeds

—

For

Underwriter—None.

Properties Corp.
May 1, 1962 filed 200,000 class A
Business—Real
struction

of

common.

investment.

estate

Price—$10.

Proceeds—For

Office—565

building.

a

Fifth Ave.,

•

Servotronics, Inc. (7/23-27)
1962 filed 125,000 capital shares. Price — $3.
Business—Design, development and manufacture of pre¬
cision control components and associated products. Pro¬
March 30,

ceeds

For

debt

equipment and working
Rd., Cheektowaga, N. Y.
Underwriter—General Securities Co., Inc., N. Y.
—

Shainberg

repayment,

190

—

Gruner

(Sam)

ment

(max. $13^. Business — Operation of a chain of
junior department stores and self-service discount stores.
Proceeds—For

Shelley Manufacturing Co.

(7/2-6)

—Manufacture

of
automatic
equipment for 'handling
packaged foods, and various food serving devices. Pro¬

ceeds—For

equipment, advertising, plant expansion and
working capital. Office—3800 N. W., 32nd Ave., Miami,
Fla. Underwriter—George, O'Neill & Co., Inc., N. Y.
Sierra

Pacific

Power

Co.

(6/26)

May 11, 1962 filed $5,000,000 of first mtge. bonds due
1992. Office—220 S. Virginia St., Reno, Nev. Underwrit¬
ers—(Competitive.) Probable bidders: Kidder, Peabody
& Co.-White, Weld & Co. (jointly); Salomon Brothers
& Hutzler; Halsey, Stuart & Co. Inc.; Stone & Webster
Securities Corp.-Dean Witter & Co.
(jointly). BidsExpected June 26, 1962 (11 a.m. EDST), at 49 Federal
St., Boston. Information Meeting—June 22 (10:30
EDST) at 90 Broad St., 19th floor, New York City.
Signaliie

a.m.

Southbridge Water Supply Co.
1962 ("Reg. A") 3,000 common to be offered for
subscription by stockholders on the basis of three new

29, 1962 filed 126,000 common. Price—$4.50. Busi¬
ness—Manufacture, sale and development of glow lamps
for use as indicators and circuit components. Proceeds—
For debt repayment, equipment and working capital.
Heck

Ave., Neptune. N. J. Underwrite*—

Milton D. Blauner & Co., N. Y. Offering—In August.

Simplex Lock Corp.
April 20, 1962 filed, 20,000 common to be offered for sub¬
scription by stockholders of the company and of Associ¬

Development and

basis of
and

one

share

one

Research

Corp., parent,

on

the

share for each 10 company shares held,
for each 30 shares of Associated held.

new

Price—By amendment
ment and sale of

a

new

(max. $20). Business—Develop¬
type combination lock. Proceeds

■—For

equipment, research and development and work¬
ing capital. Office—150 Broadway, N. Y. Underwriters—
Charles Plohn & Co. and B. W. Pizzini &

Co., N. Y.

Site-Fab, Inc. (6/29)
Feb. 27, 1962 filed 135,000 common. Price — By amend¬
ment (max. $4). Business—Construction of homes. Proreeds

For

—

working

capital.

Ohio. Underwriter—H. P. Black & Co., Inc., Washington,
D. C:
Skiers

Service Corp.
30, 1961 filed 550,000

Oct.

(7/2-6)

Price—By amend¬
ment.
Business—Distribution
of
coin-operated insur¬
ance
vending machines to brokers at sporting centers.
common.

inventory, advertising and working capi¬
Lexington Ave., N. Y. Underwriter—
Pacific Coast Securities Co., San Francisco. Note — This
firm formerly was named National Vending Ski Insur¬
Office—420

ance

Brothers

Furniture

•

Solid

Feb.

1,

ment.

State

Sperti Products, Inc.
Nov. 29, 1961 filed 230,000 common of which 200,000 are
to be offered by the company ana 30,000 by stockholders.

Price—By amendment. Business-^lVIanufacture of drug
and food products, electrical and electronic devices and
precision machinery. Proceeds—For the purchase of cer¬

Products,
filed 110,000

1962

Blair &

common.

Price—By amend¬

a new plant, debt
working capital. Office—1 Pingree St.,
Underwriter—Tucker, Anthony & R. L.
Day, N. Y. Offering—Indefinitely postponed.

and

Mass.

Solo Amusement & Vending Co.
May 4, 1962 (^Reg. A") 60,000 common, of which 54,000
are to be offered by company and 6,000
by stockholders.
Price—$5. Business—Operation of coin operated amuse¬
ment rides for children. Proceeds—For debt repayment
and working capital.
Office—219—9th St., San Fran¬
cisco.

Underwriter—Frank

rities, San Francisco.
,

Solon

J.

Mohr

Investment

Secu¬

Co., N. Y. Offering—Expected in July.

distribution

and

at

Industries, Inc.

designated residential

laundry equip¬

locations. Proceeds—For

selling stockholders. Office—115 L St., S. E. Washington,
D. C. Underwriter—None.
6

ic South Carolina

6,

1962

debentures.
nance

7896

diving equipment and ac¬
working capital. Office—7701

Compton Blvd., Paramount, Calif. Underwriters—
Troster, Singer & Co., and Federman, Stonehill & Co.,
N. Y. Offering—Temporarily postponed.
Stack

Electronics, Inc.
May 25, 1962 ("Reg. A") 60,000 common.
Price—$5.
Business—Manufacture, sale and distribution of elec¬
tronic
equipment.
Proceeds—For new products and
working capital.,^Office—45 Washington St., Binghamton, N. Y, Underwriters—Arnold Malkan & Co., Inc. an<|
Dean Samitas & Co., Inc., N. Y. Offering—In September*
.

Stainless Steel

I

Products*- Inc.

i-it*

%

*

May 28, 1962 filed 100,000 capital shares, of which 75,000
are to be offered by company and 25,000 by stockholders.
Price—By amendment (max. $10). Business—Design, de¬
velopment and manufacture of high pressure, high tem¬
perature ducting systems for use in aircraft and missiles.
Proceeds—For plant expansion, equipment and working
capital. Office—2980 N. San Fernando Blvd., Burbank,
Calif. Underwriter—First California Co., Inc., San Fran¬
cisco.

■

Starmatic

Nov.

:.

,

.

Finance Corp.

("Reg.

Price—At

company.

Georgia

A")

$250,000

of

5-year

subord.

Business—A consumer fi¬
Proceeds—For debt repayment. Office—

Ave.,

par.

Silver

None.




Spring,

Md.

Underwriter—

Busi¬

Sun

Oct.

27, 1961 filed

derwriter—Finkle

&

Co., N.

Y.

Offering—Expected in

(7/23-27)

Inc.

Superior Bakers,

Feb.

1962

filed 325,000 common, of which 294,000
are to be offered by the company and 31,000 shares by a
stockholder. Price—$3. Business—Manufacture and sale
of baked goods. Proceeds—For debt repayment and gen¬
eral corporate purposes. Address—New York & Drexel
Aves., Atlantic City, N. J. Underwriter—Balogh & Co.,
Washington, D. C.
28,

Szemco, Inc.
Dec.
ment

29, 1961 filed 66,666 common. Price—By amend¬
($1.50 max.). Business—Design and manufacture

of
ordnance, automotive, aircraft and guided missile
parts and components. Proceeds—For selling stockhold¬
ers.
Office—4417 Okechobe Rd., West Palm Beach, Fla.

1961 filed 100,000 common. Price—By amend¬
Business—Manufacture of boxes, brochures, pack¬

aging materials and packaging machines. Proceeds—For
debt repayment and. other corporate purposes.
Office—
W.

252

Co.,
late

30th

Inc.,

St., N. Y. Underwriter—R. P. Raymond &
Broadway, N. Y.
Offering—Expected in

26

August.

1962

accident

Steel

Oct. 2,

insurance.

Proceeds—For

investment

and

Plant

Equipment Corp.

(7/2-6)

("Reg. A") 69,660 common. Price—$3. Pro¬
ceeds—For equipment and working capital. Address—
Norristown, Pa. Underwriter—Joseph W. Hurley & Co.,
Norristown, Pa.
•

1961

Stelber

Cycle Corp.

•

1962

Inc. (6/28)
March 28, 1962 ("Reg. A") 75,000 capital shares. Price—
$4. Business—Manufacture and distribution of electrical
fittings and connectors. Proceeds—For debt repayment,
inventory, equipment and working capital. Office—814
E. 29th St., Los Angeles. Underwriters — Thomas Jay,
Winston & Co., Inc., Beverly Hills, Calif., and I. J. Schein
Co., N. Y.
^
(CVS.)

Stephens Mfg. Co.,

Sterno

Industries, Inc.

(7/2-6)

21, 1962 filed 115,000 class A, of which 40,000 are
offered by the company and 75,000 by stockhold¬
ers. Price—$6. Business—Manufacture, sale and distribu¬
tion of fish foods and distribution of various types of fish
and aquarium supplies for hobbyists.
Proceeds—For a
new plant and working capital. Office—52 Cottage Plaza,

Allendale, N. J.

Underwriter

Financial

—

Andresen & Co., N. Y.

Corp.

March

29,

1962

218,000

are

to be offered by the company and 97,000 by

the

stockholders.

nance

—95

company.

Madison

Burnside &

filed

315,000

Price—$6.

class

A

shares

and

sale

women's

of

—

wear.

$6.

Pro¬

ceeds—For debt repayment,

leasehold improvements and
expansion. Office—217 E. Eight St., Los Angeles, Calif.
Underwriter
Costello, Russotto & Co., 9301 Wilshire
Blvd., Beverly Hills, Calif.
—

Tactair Fluid Controls, Corp.

(7/2-6)

March 29, 1962 filed 90,000 common. Price—By amend¬
ment (max. $7.50). Business—Manufacture of fluid con¬
trol

equipment used in missiles, helicopters and aircraft.
selling stockholders
Address—Bridge¬

Proceeds—For

port, Conn. Underwriters—Stroud & Co., Inc. and Penington, Colket & Co., Philadelphia.

Taylor Publishing Co.
Dec.

21, 1961 filed

ment. Business

—

J 52,000 common. Price—By amend¬
Production and distribution of school

year-books and commercial printing. Proceeds—For sell¬
ing stockholders. Office—6320 Denton Dr., Dallas. Un¬
derwriters—Merrill Lynch, Pierce, Fenner & Smith Inc.,
N. Y., and Dallas Rupe & Son, Inc., Dallas, Tex. Offer¬
ing—Indefinitely postponed.
Teaching Systems, Inc.
1, 1962 ("Reg. A") 50,000 common. Price—$2. Busi¬

June

and

sale

of

educational

audio-visual

teaching aids. Proceeds—For equipment, promotion and
advertising and working capital.
Office—1650 Broad¬
way, N. Y.
Underwriter—Creative Ventures Corp., 733
Third Ave., N. Y.
Technical Capital Corp.
April 30, 1962 filed 500,000 common.

small

ness—A

investment

business

Price—$10.

company.

Busi¬

Proceeds
Under¬

Office—235 E. 42nd St., N. Y.

Ten-Tex Corp.
Jan.

120,000 common. Price—$2.30.
a
machine for production of
Proceeds—For debt repayment
and working capital. Office—4813 Tennessee Ave., Chat¬
tanooga. Underwriter—Irving J. Rice & Co., Inc., St.
Paul. Offering—Expected in August.

of which

Business—Commercial

fi¬

Proceeds—For debt repayment. Office
N. Y. Underwriter—Mortimer B.

("Reg. A")

31, 1962

Business—Manufacture
tufted

textile

''Texas

Oct.

of

products.

Technical

Capital, Inc.

1961 filed 275,000 common. Price—By amend¬
ment (max. $20). Business—A small business investment
16,

company.

(7/9-13)

filed 200,000 common. Price—$3. Business
—Manufacture of bicycles, tricycles and toy automobiles.
Proceeds—For debt repayment, moving expenses and a
new
product line. Office—744 Berriman St., Brooklyn,
N. Y. Underwriter—Lloyd Securities, Inc.
5,

Industries, Inc. (7/23-27)
A") 50,000 common. Price

writer—Straus, Blosser & McDowell, Chicago.

filed
300,000
common.
Price—By
(max. $5). Business—Writing of life, health

27,

amendment
and

Tabach

—For investment.

State Life Insurance Co. of Colorado
March

o

March 29, 1962 ("Reg.
Business—Manufacture

ness—Production

Industries, Inc.

3,

ment.

Stratford

Jun^

of skin

Proceeds—For

to be

Business—Installation of its coin operated

Price—$3.50.

ness—Development, design and manufacture of gears
and gear assemblies, precision instruments and appli¬
ances.
Proceeds—For equipment, working capital and
research and development. Office—5960 Main St., North¬
east, Minneapolis. Underwriter—Irving J. Rice & Co.,
Inc., St. Paul.

Underwriter—None.

Feb.

if"

Dec. 28, 1961 filed 75,000 common. Price—By amendment.
ment

Grand

Spsrtsways, Inc.
Feb. 20, 1962 filed 175,000 common, of which 50,000 are
to be offered by company and 125,000 by a stockholder.
Price—By amendment, (max. $7). Business—Manufac¬

Jan.

Inc.

semiconductor devices. Proceeds—For

Salem,

repayment of debt, and working capital.
St., Hoboken, N. J. Underwriter—

patents,

Office—730

Co.,

Business—Development, manufacture and sale of

repayment

Price—$5. Business—

writer—None.

Inc. (7/2-6)
Sept. 28, 1961 filed 240,000 common. Price—$2.50 Busi¬
ness—The instalment retailing of furniture, appliances
and other household goods. Proceeds — For expansion
and modernization of buildings, repayment of debt and
working capital. Office—253 Columbia St., Brooklyn,
N. Y. Underwriter—Albion Securities Co., Inc., N. Y.

St., N. Y. Underwriter—

named.

Summit Gear Co., Inc.
May 29, 1962 filed 167,000 common.

•

(7/2-6)

Inc.

working capital. Office—1760 High St., Denver. Under¬

Corp.

Sokol

(L. B.),

Operation of retail furniture stores. Proceeds — For
working capital. Office—2212 Third Ave., N. Y. Under¬
writer—Arnold Malkan & Co., Inc., N. Y.

Proceeds—For
tal.

to

Spears

debt

repayment, acquisition of land and
Office — 1093 Frank Rd., Columbus,

be

August.

porate

tain

investment. Office—50 E. 40th

Underwriter—Kinsley & Adams, Worcester, Mass.

supply water to town of Southbridge,
working capital and general cor¬
purposes. Office — 70 Foster St., Southbridge,

Mass.
Mass.

Inc.

Proceeds—For

plans

pany

Realty & Construction Fund,

City Dairy Products, Inc.
110,000 common. Price—$4. Business
—Distribution of eggs and dairy products in Florida and
other southeastern states. Proceeds—General corporate
purposes. Office—3601 N. W. 50th St., Miami, Fla. Un¬

E.

Jan.

ated

Transportation Co., Inc.

41

March 20, 1962 filed 500,000 common. Price—$20. Busi¬
ness—A real estate investment company. Proceeds—For
To

June 11,

ture

Inc.

Office—1933

Wash¬

("Reg. A")

1961

cessories.
•

E.

100,000 common. Price—$3.
Business—Construction and operation of towing boats.
Proceeds—For debt repayment, conversion of a boat, and
working capital. Office—3300 N. W. North River Drive,
Miami, Fla. Underwriter—Irwin Karp & Co., Inc., 68
William St., N. Y.
29,

Oct. 30, 1961 filed 65,000 common.

Dec. 29, 1961 filed 55,000 common. Price—$6.50. Business

•

Southeastern Towing &

Nov.

selling stockholders. • Office—1325 WarMemphis. Underwriter—New York Securities.

St.,
Co., 52 Wall St.. N. Y.
•

Office—600

shares for each four held. Price—$57.50. Business—Com¬

Co.

March 30, 1962 filed 236,000 common. Price—By amend¬

ford

investment.

Proceeds—For

ington St., Orlando, Fla. Underwriter—None.

con¬

N. Y.

Underwriter—None.

capital. Office

April 2, 1962 filed 700,000 common. Price—By amend¬
ment (max. $13.80). Business—A real estate investment
trust.

Sentinel

Stratton

Southeastern Real Estate Trust

general

Office—830 N. Central Ave., Phoe¬

purposes.

(2917)

The Commercial and Financial Chronicle

W.

—1947

Smithers

Proceeds—General corporate purposes. Office
Gray Ave., Houston. Underwriters — F. S.
& Co., N. Y., and Moroney, Beissner & Co.,

Inc., Houston. Note—This company formerly was named
Texas Electro-Dynamics Capital, Inc.
Thermogas

Co.

May 25, 1962 filed 800,000 common. Price—By amend¬
ment
(max. $15).
Business—Distribution of LP gas,
tanks

accessories, and gas fueled household appli¬
Proceeds—For acquisitions, debt repayment and

and

ances.

equipment.

Office—4509 E. 14th St., Des Moines.
C. Allyn & Co., Chicago.

Un¬

derwriter—A.

Thermoironics Corp.,

Inc.

100,000 common. Price—By amend¬
ment (max. $10). Business—Development of electronic
and electrical devices used in plumbing and heating
fields and the manufacture of compact electric water
March 30, 1962 filed

heating units. Proceeds—For equipment, working
tal

and

other

corporate

purposes.

Office

—

capi¬

492 Grand

Blvd., Westbury, N. Y. Underwriter—J. B. Coburn Asso¬
ciates, Inc., N. Y.
Thom-Tex

Paper Converting Corp.

March 15, 1962 filed 70,000 common. Price—$4. Business
—Manufacture of writing paper items. Proceeds—For
debt repayment and

working capital. Address—Highway

3, Rio Grande, Puerto Rico. Underwriter—Meade & Co.,

N. Y. Offering—Temporarily postponed.

Ave.,

Co., Inc., N. Y.

Continued

on

page

42

42

The Commercial and Financial Chronicle

(2918)

Continued from page 41
•

Thompson Manufacturing Co., Inc.
Dec. 22, 1961 filed 90,000 common, of which 80,000 shares
are to be offered by
the company and 10,000 by stock¬
holders.
Price—$4. Business—Design and manufacture
of special machinery for the paper industry and the
construction of bowling alleys. Proceeds—For expansion
and general corporate purposes. Office—Canal St., Lan¬
caster, N. H. Underwriter—Packer-Wilbur Co., Inc., N. Y;
Offering—Expected sometime fn July.
?

International* Hotel

Thunderbird
Jan.
ment

—

Business—Operation of

a

525 N.

7v

Time

Controls,

For

—

general

corporate

Unilux, Inc.
12, 1962 filed 40,000 class A shares.

None.
•

Underwriter-

electronic

of

flash

77-:77/'7;/:'''^\\

for

Inc.

aircraft and missile

components for

guidance

v-i

rl

rv%

#-»

aX

m

.a

mam

sion, and working capital. Office—1 Grove St., Mount
Vernon, N. Y. Underwriters—Godfrey, Hamilton, Taylor
& Co., and Magnus & Co., N. Y. Offering—Postponed.
•

Towers

Feb.

1,

Marts

1962

International,

filed

550,000

•

Price

shares.

ment

(max. $9).

cameras

eral

Calif.
Underwriter—J. A. Hogle &
City. Offering—Indefinitely postponed.

&

National

extended

pansion.

Utah Gas Service

Co., Inc.,

Inc.

withdrawn.

was

.

(7/23-27)

Insurance

May 28,

1962

insurance;
Proceeds—For ex¬
15th St., Philadelphia. Under¬

coverage

Office—225 S.

500,000 capital

•

United-Overton

,

Price—$1.50.
production of

—51T Deseret Bldg., Salt Lake City. Underwriter—First
-

Nebraska Securities Corp., Lincoln, Neb.

/
■/7'33,097 common. Price — $5.
a discount department store.
Office—3629 N. Teutonia Ave., Milwaukee, Wis. Under¬
writer
Continental Securities Corp., Milwaukee, Wis.
Offering—Temporarily postponed.
/ '
\
■" I

UrTell Corp.
Sept. 18, 1961 ("Reg. A")
Busfifess
Operation of

.

—

—

I,.'''

United
March

30,

Realty & Investment Co.

working capital.* Office—2079 Wantaugh Ave., Wantaugh, N. Y._ Underwriter—Weisel, Kleinman & Co., Inc.,
Garden City, N. Y. Note—This
registration was with-

Newark, N. J. Underwriter—H. Hentz
ing—Expected sometime in July.

Proceeds—For

'

•

Manufacturing Co.

—

Underwriter—McDonald & Co., Cleveland. Offer¬
/

ing—Temporarily postponed.

Tronchemics Research Inc.

processing, process control and
food processing.
Proceeds—For research
and
development, working capital and other corporate
purposes.
Office—7620 Lyndale Ave. S., Minneapolis.
Underwriter—J. M. Dain & Co., Inc.,
Minneapolis.
and

(7/23-27)

Tull

17,

(J. M.)

1962

Business—Wholesale
ferrous

working

metals

and

capital.

A") 25,000
distribution

industrial

Office—285

common.

research,

of

ferrous

supplies.
Marietta

Y.

and working

Underwirter

—

Note—This registration

•

Edward

Lewis

Co.,

E.

23rd

Inc., N.

St..

Y.

withdrawn.

was

United Telephone Services,

Inc.

(max. $5). Business—A telephone holding
company. Proceeds—For debt repayment, equipment and
working capital. Office—645 First Ave.. N. Y. Under¬
Williston

&

Beane, N. Y. Offering—Post¬

United Variable Annuities
Fund, Inc.
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A

new

investment.

W.

Office—20

Underwriter—Waddell

Price—$12.
and

non-

Proceeds—For

&

mutual fund. Proceeds—For

9th Street, Kansas City, Mo
Reed, Inc., Kansas City, Mo

Offering—Expected in August.
•

Universal

7,

1961

Industries,

chines.
porate

(7/9-13)

100,000 common shares. Price—$5
importation and distribution of Italian

installation

of

tiles.
new

Proceeds

—

For

the

purchase,

moulds^machinery and equip¬

ment, research and general corporate purposes. Office—
250 Goffle Road,
Hawthorne, N. J. Underwriter—Edward

Lewis &
was

garner

Co., Inc., N. Y. Note—This

named--^eim-Dynamicff •Corp.

"•

company
11

Underwriter—

Indefinitely
;

1962

("Reg.

A")

Proceeds—For

300,000
coin

common.

operated

Price — $1.
vending ma¬

acquisition and general cor¬
Office—1290 Bayshore Blvd., Burling

purposes.

Calif.

of
an

Underwriter—Pacific Coad

Securities

San Francisco. Offering—Expected in July.

i

Co.,
;

Vending Components, Inc.

>

March/30, 1962 filed 100,000 common. Price—$4. Business;,-f^ Manufacture,'design, and sale of-metal 3 valves,
mixtrs/ taps, etc., for vending machines. Proceeds—For
new products and other corporate purposes.
Officeft-2G4 Railroad Ave., Hackensack, N. J.
Under-

writeif—Keene & Co., Inc., N. Y.

•/V'e3:|an Publications, Inc.
March .30,

formerly

1962

filed

89,500

7,

•

7.7777^"
common,

of

which 80,000

a'jjh','Mbe offered by company and 9,500 by a stock¬
holder/. Price — By amendment (max. $5.50). Busin^ssT^f Preparation and production of books, catalogues
and'/qther printed material.
A subsidiary publishes
photography books. Proceeds—For expansion, debt re*payment and other corporate purposes. Office — 915

Broadyvay, N. Y. Underwriter—Searight. Ahalt & O'Conrior/ihh, N. Y. Offering—Expected sometime in July.
_

•

filed

marble and mosaic
and

Inc.

CMrasn

expansion,

amendment

R.

12,

Business—Manufacture

capital.* Office—220

Blvd..

Co., Chicago. Offering
7 "
:

Vendex, Inc-

Jan.

March 30, 1962 filed 150,000 class A common.
Price—By

writer—J.

&

postponed. /

Scientific Corp.

Business —The

St., N. W., At¬
lanta.
Underwriters—Wyatt, Neal & Waggoner, and
^Atelh^op^Huixiphreyt..,Cn»y .Inc.,' Atlsnts.^ — ijn, ^




St.,
Co., N. Y. Offer¬

products, including an air vent cigarette
holder; a transistor ignition unit for automobile spark
plugs, and a small plastic capsule containing a chemical
to increase
efficiency of spark plugs. Proceeds — For
equipment, inventory, advertising and sales promotion,

Aug.

Metal & Supply Co., Inc.

("Reg.

Broad

poned.

Mar. 23, 1962 filed
150,000 class A shares, of which 100,000 are to be offered
by company and 50,000 by stock¬
holders. Price—$8.
Business—Through its subsidiaries
the company is
engaged in the wholesale distribution
of electrical
supplies and equipment. Proceeds — For
debt repayment and
working capital. Office—514 E. 73rd
St., N. Y. Underwriters-r-Richard Bruce &
Co., Inc., and
Reuben Rose & Co.,
Inc., N. Y.

May

&

Jackson

E.

William Blair

consumer

ucts in the fields of data

Tujax Industries, Inc.

Office—972

Office—80

22, 1962 filed 85,000 common. Price—$4. Business
—Company plans to merchandise and distribute a line of

N.

May 10, 1962 filed 400,000 common. Price—$1. Business
—Research and development and manufacture of
prod¬

•

working' capital.

locomotives; temperature control systems-for rail
control devices for
selling stockholders.

cars, buses and aircraft; and door
rail passenger cars. Proceeds—For

Mar.

coatings, sealants, mastics, paints, etc. Proceeds
For
selling stockholders. Office—10701 Shaker Blvd., Cleve¬

chemical

U. S.

diesel

v

1962 filed 150,000 capital shares,. Price—By
(max. $8). Business — General real estate.

amendment

Feb. 26, 1962 filed 150,000 class A common/Price —
By
amendment (max. $15). Business—Producer of
protective

"-■»/

States

specialized method for transporting the aged and handi¬
Proceeds—For
advertising,
equipment
and

capped.

land.

Feb. 2, 1962 filed 156,762 common. Price — By amend*
ment. Business—Manufacture of steam - generators
for

ing capital. Office—480 Lexington Ave., N. Y. Under¬
writer—Douglas Enterprises, 8856 18th Ave.-, Brooklyn^

Transportation for the Handicapped,Tine.
May 2, 1962 filed 80,000 common. Price—$2... Business—
Company plans to sell franchises for "Mobile Care," a

■/..yy'y'//'

,

books. Proceeds—Debt repayment* expansion and work¬

•

Tremco

-

,

.

Grande, Ariz. Under¬

drawn.

Business—A public utility engaged in the

.

Shore copper deposit near Casa
Grande, Ariz.
Proceeds—For equipment, exploration and working
cap¬
ital. Office—201 E. 4th
St., Casa

■

par.

purchase, distribution and sale of natural gas in eastern
Utah. Proceeds—For general corporate purposes. Office

Corp.

—

the Lake

writer—None.

•<

Vaiu-Rack, Inc; (7/16-20)7
•>
May 4, 1962 filed 200,000 common, .of which 100,000 are
to be offered by company and 100,000 by stockholders.
machinery, debt repayment and working capital. Office
—4511
Wayne Ave., Philadelphia. Underwriter—God¬
Price
$5. Business — Wholesale distribution and retail
frey, Hamilton, Taylor & Co., Inc., N. Y. Offering—Tem¬
merchandising of health and beauty aids, housewares,
porarily postponed.
7y;-Y.Vv kitchenwares, wearing apparel and other goods.
Pro¬
ceeds^—For debt repayment. Office—2925 S. San. Pedrq
7 U. S. Electronic
Publications, Inc.- ..vv: • V
St., Los Angeles. Underwriter—Garat & Polonitza,. Inc.
Sept. 26, 1961 ("Reg. A") 100,000 common. Price—$3
Vapor ■ Corp.
;.:oV-.,;7.. y;
■'.■* *-7..''y^
Business—Publishing of military and industrial hand¬

shares.
and

77/y

anyi/unchanged bonds, will be offered for public sale.
Price-^At

writer—Suplee, Yeatman* Mosley Co., Inc.. Philadelphia.

Resources, Inc.

filed

Co-7/\V77:7>-:.

it Utah Gas Service Co.
»
Jun#;18, 1962 filed $1,100,000 of 6% first mortgage bonds
>\due%1982, of which up to $800,000 will be offered iri
exchange for an equal amount of outstanding 6% first
mortgage bonds due 1975, and the balance, together with

_

Business-—Exploration, development

i

and working capital. Of-

Officer—511 Deseret Bldg., Salt Lake City. Underwriter—

Co.

Mar. 26, 1962 filed 450,000 common, of which 90,897 are
Price—$6. Proceeds—For construction, and; ac¬
quisition, repayment of debt, and other corporate pur-(> to be offered by the company and 359,103 by stock*
poses.
Office —110 E. 6th Ave., Anchorage, Alaska. V holders. Price—By amendment (max. $18). Business—
Underwriter—Milton D. Blauner & Co., Inc., N. Y. Offer-.
Operates hard goods' departments in discount depart¬
ment stores. Proceeds—For debt repayment. Office—19
ing—Expected sometime in July.
Needham St., Nugent Highlands, Mass. UnderwritersTrans-Western Service Industries
McDonnell & Co., Inc., and Oppenheimer & Co., N. Y.
April 2, 1962 filed 100,000 common, of which 20,000 are
• United
to be offered by
Packaging Co., .Inc.
company and 80,000 by stockholders.
Price—By amendment (max. $10). Business—Operation
Nov. 29, 1961 filed 102,000 common. Price—$3. Business
of dry cleaning and
—A
laundry plants. Proceeds—For debt
general packaging business. Proceeds — For new

Transarizona

M

June 18, 1962 filed 30,000 class A common.
amendment (max. $10). Business—A public

holder.

repayment. Office—1167-65th St., Oakland, Calif. Under¬
writer—Granbery, Marache & Co., N. Y.
;

2

First^Nebraska Securities Corp., Lincoln, Neb.

and

Trans-Alaska Telephone Co.
Nov. 29, 1961 filed 265,000 common, of which
250,000 are
to be offered by the company and
15,000 by a stock¬

_

—For general

United

•

J

postponed.
;

May 29, 1962 filed 77,000 common. Price—$15. Business
—Sale of automobile insurance, and the writing of fire

Blvd.,
Co., Salt

*

fice4i379 17th'St., Ogden, Utah. Underwriter—Schwa& Co., San Francisco.; Offering — Indefinitely,

corporate purposes. Office—531 Ferry St.,
Newark, N. J. Underwriter—Moran & Co., Newark, N. J.

Ventura

Encino,
Lake

Davis

1...

-

bachqr

15, 1962 filed 100,000 common.' Price—$5. Busi¬
ness—Operation of "Foodtown" supermarkets. Proceeds

Price—By amend*

Office—17136

-*

Proceeds—For debt repayment

March

registration

United Markets

Business—Design and sale of special
photography. Proceeds—For gen¬

purposes.

G.

.....

Price—By
utility en-'
gaged in the purchase, distribution and sale of natural
gas ih eastern Utah. Proceeds—For selling stockholders.

for scientific

corporate

Underwriter—M.

N. Y.

St.,

N. Y. Note—This

//yv
common.

Atya^

United

43rd

—

—

150,000

J

,

Feb^8, 1962 filed 110,000 common. Price — By amendr
men|< (max. $10). Business — Manufacture and sale of
concrete pipe, masonry products, corrugated metal pipe,
telephone conduit and miscellaneous concrete products.

Camera Exchange, Inc.
'
29, 1962 filed 105,000 common. Price—$3. Business
—Operation of retail camera stores. Proceeds—For ex¬
pansion and general corporate purposes. Office—25 W

By
amendment. Business
Company builds and operates
retail discount department stores. Proceeds—For expan¬
sion. Office—41 E. 42nd St., N. Y. Underwriter—W. C.
Langley & Co., N. Y.
Traid Corp.
Feb. 12, 1962 filed

Wnv»

urethane

equipment,

Proceeds—For

Utah Concrete Pipe Co.

Jan.

Inc.

capital

1

a

expan¬

of

Business—Manufacture

unit.

per

—

systems.

Underwriter—Gateway Stock & Bond, Inc., Pittsburgh.

r»

V,7-- 7,

Offering—Temporarily postponed.

trolled switches.

rfvx

v'

working
capital,
leasehold expenses and other corporate purposes. Office
—2300 Republic National Bank Bldg., Dallas.
Under-?
writer
First Nebraska Securities Corp., Lincoln, Neb.

(7/9-13)

Proceeds—For debt repayment, equipment and working
f?0/l
T\/T«v«i
O+
TIT
T\/T4 nV»
capital. Office — 1634 Marion St., Grand Haven, Mich.

Proceeds—For debt repayment,

$5.05
foams.

■■■■'■

\:y

Electronics Corp.

Unison

■

Inc.
»
>
Feb. 14. 1962 filed 250,000 class A and 250,000 common to
be offered in units of one share of each class. Price—

> "7',
systems

■

,

Los
Los

Urethane of Texas,

Price—$10.

12, 1961 filed 150,000 common. Price—By amendOvintMArio
"Hz-Vrti
itfr» /ihiMA
ment. Business—Design and manufacture of time con¬
/>«+

Angeles.

March 30, 1962 ("Reg. A") 100,000 common. Price—$1.50.
Business — Manufacture of high-precision instrument

Dec.

Ma

working capital. Office — 1959 S. LaCienega Blvd.,
Angeles. Underwriter—Holton, Henderson & Co.,

photography, etc. Proceeds—For equipment, sales pro¬
motion, research and development, and other corporate
purposes.
Office—120 Liberty St., N. Y. Underwriter—

Philips, Rosen, Appel and Walden, N. Y.
Tork

Proceeds

Business—Production

chain of self-serv¬

Ave., Jasper, Ala.

merchandise.

June

selling clothing, housewares, etc. Pro¬
ceeds—For expansion, equipment and working capital.
Florida

which

a

Office—East Main St., Scottsville, Ky. Under¬
writer—Bear, Stearns & Co., N. Y. Offering—Expected
in July.
7 7'/77:;
v77 :777/7
:,7/-'.'

stores

Office—2220

provides 100% financing and construction through
singie source for renewing older residential properties.
Proceeds—For
debt
repayment, sales
financing and

are

by company and 60,000 by a stockholder.
of
(max. $15) Business—Sale

amendment

purposes.

Top Dollar Stores, Inc.
May 1, 1962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000 by stockholders.
retail

Redevelopment Corp.
29, 1962 filed 100,000 common. Price—By amend¬
Business—Company operates the "Kellogg Plan

ment.

of which 60,000

■

Urban

Inc.
common,

Milwaukee. Offering—Imminent.

writer—Marshall Co.,

j

offered

retail

Sepulveda Blvd., El Segundo, Calif. Underwriter—pick¬
MacPherson & Warwick, Inc., N. Y. Offering—Tem¬
porarily postponed.

ice

& Son,

27, 1962 filed 120,000

to be

Price—By

—

L.)

x.

ers,

Price—$5.

(J.

Inc.

111., and Wis. Proceeds—For expansion and working cap*
ital. Office—2517 E. Norwich St., Milwaukee. Under¬

March

Turner

Corp.

For construction. Office

Universal Telephone,

29, 1962 filed 120,000 common.
Price —^ $5,625.
Business—Operation of telephone facilities in .N. Mex.j

ing of gas turbine engines.' Proceeds—For debt repay¬
ment, research and development, a new plant and work¬
ing capital. Office — 1346 Connecticut Avenue, N. W.,
Washington, D. C. Underwriter—Sandkuhl & Co., Inc.,
N, Y.

Mar.

Thursday, June 21, 1962

.

March

—Research, development and production and overhaul¬

2, 1962 filed 175,000 common. Price—By amend¬
($10 max.). Business—Hotel ownership and man¬

agement. Proceeds

^

•

Turbodyne Corp.
March 2, 1962 filed 127,500 common. Price—$5. Business

.

.

Vibfor Electronics, Inc.

:

Jjani/23, 1962 filed 150,000 common. Price—$5. Business
-fMahqfacture, lease and sale of an amusement device

kftowh/as Golfit.

Proceeds — For debt repayment and
general corporate purposes. Office—1 Bala Ave., BalaCynwyd, Pa. Underwriter—D L Greenbaum Co., Phila-

deiph^. Note—This registration -was withdrawn.
Video

Color Corp.

April 6, 1962 filed 1,000,000 common. Price—$1.15, Busf■fi^^Devblopmentr manufactcrre mrd •distribrrticm'oFpiq-

!

Volume 195

Number 6170

.

.

The Commercial and

,

ture

tubes. Proceeds—For equipment, inventories and
working capital. Office—729 Centinela Blvd., Inglewood,
Calif. Underwriter—Naftalin &

Cjo., Inc., Minneapolis.

Video

Mar.

Engineering

26,

1962 filed

Business

Inc.

125,000 class A

Company

—

Co.,

services closed circuit

designs,

Price—$4.

common.

fabricates,

installs

and

telqvision^ systems. Proceeds—For

debt

repayment, advertising, equipment and expansion.
Office—Riggs Rd. and First Place, N. E., Washington,
D. C.
Underwriter—Mitchell, Carroll & Co.. Inc.. Wash¬
ington, D. C.
o

ft,

.

Financial Chronicle

The

making of loans secured by first liens on real estate.
debt repayment. Office — 3243 Wilshire
Blvd., Los Angeles. Underwriter — Kidder, Peabody &
Co., N. Y. Offering—Expected in July.
Proceeds—For

•

Western

June

1962

12,

tures

due

company.

poses.

struction.

Office—Richmond

&

9,

Va.

con¬

Underwriters—

Smith

inc.; Stone & Webster Securities Co.;
Kuhn, Loeb & Co.-Ladenburg, Thalmann & Co.-Allen &
Co. (jointly).
Offering—Temporarily postponed.
Voron

Electronics

Corp.

13, 1961 filed 32,000 shares of beneficial interest.
Price—$6.25.
Business—A small business
investment

Ursula

1961 filed iuo,uou class A shares. Price
Brjsiness—The manufacture of electronic test

Weitger ServiceMASTER Co.

cleaning and moth-proofing of rugs, furniture, etc. Com¬
pany also manufactures and sells cleaning equipment
and supplies to franchise holders. Proceeds—For debt
repayment, new building and equipment and other cor¬
porate purposes. Office — 2117-29 N
Wayne, Chicago.
Underwriter—Laren Co., N. Y. Offerings—Imminent.
Wallace

Investments, Inc.
12, 1962 filed 400,000 common. Price—By amend¬
(max. $22).J Business—Company makes short-term

real estate
engages

in

loans, acquires, develops and sells land, and
the mortgage loan correspondent "business.
selling stockholders. Office—1111 Hart¬

Proceeds—For
ford

Bldg.,

Dallas.

Underwriter—Harriman

Ripley

April 25, 1962 filed 1,000,000 common. Price—By amend¬
ment (max. $30,125). Business—Manufacture and sale of
home appliances.
Proceeds — For selling stockholder
(Radio Corp. of America). Address — Benton Harbor,
Mich. Underwriter—Lehman Brothers, N. Y. Note—This

offering
•

White

(7/2)

Price—$6.25. Business—Sells Cessna Airplanes and sup¬
plies; also repairs and services various type airplanes.
Proceeds
For expansion and general
corporate pur¬
—

Office—Civic Memorial Airport, E.
Underwriter—White & Co., Inc., St. Louis.

26,

1962

Alton,

III.

T

Waterman Steamship Corp.
Aug. 29, 1961 filed 1,743,000 Common. Price—By amend¬
ment.
Business
The carrying of liner-type cargoes.
Proceeds—For the purchase ol vessels, and working cap¬
ital. Office—71 Saint
Joseph St.," Mobile, Ala. Under¬
writer—Shields & Co., Inc.,* N. Y. (mgr.). Offering—
Temporarily postponed.
—

>

,

("Reg. A")1 75,000

Inc.

bration

220,000

common.

Price—$1.25.

Manufacture of airborne and shipboard vi¬
monitoring devices. Proceeds—For equipment,
—

Wiegand

&

&

Tal¬

Co., Inc., N. Y.

;\

$4.

(Edwin

L.)

Co.

tions.

Proceeds—For

selling

stockholders.

on

behalf

Welsh

Panel

Co.

March 30, 1-962 filed 135,000
ment

sheets

common.

Price—By amend¬

(max. $9). Business—Company processes plywood
into factory finished wall
panelling. Proceeds—

Equipment, inventories and working capital. Address—
P. O. Box 329 Panel
Way, Longview, Wash. Underwriter
—Ferman & Co., Miami, Fla.
'
_

.

,

.

West Falls
c

Shopping Center Limited Partnership
(6/25-29)
••
•
■

Nov. 14, 1961 filed $444,000 of limited
partnership inter¬
ests to be offered in 444 units.
Price—$1,000". Business-

Development of

a shopping center at Falls
Church, Va.
Proceeds—For general corporate purposes. Office—1411
K St., N. W., Washington, D. C.
Underwriter—Hodgdon

&

Co., Inc., Washington, D. C.
Western

Lithographers, Inc.

stores.

Western Pioneer Co.
Feb. 19, 1962 filed 371,750
capital shares of which 175,000
are to be offered
by the company and 196.750 by stock¬

holders.

Price—By amendment




(max.

$42).

Business—

New York.

Zayre Corp.
A'pril 20, 1962 filed 475,000 common, of which 175,000
are to be offered by
company and 300,000 by stockhold¬
ers.
Price—By amendment (max. $20). Business—Op¬
eration of self-service department stores and apparel
specialty stores. Proceeds'—For working capital. Office
—One Mercer Rd., Natick, Mass. Underwriter—Lehman

Brothers, N. Y. Offering—Temporarily postponed.

100,000 class B common. Price—By
(max. $16). Business—Real estate. Proceeds
general corporate purposes Office—383 Madison

amendment

—For

Ave., N. Y. Underwriter—Harriman Ripley & Co., Inc.,
Offering—Indefinitely postponed.

New York.
Zero

Mountain,

Inc.

March

Proceeds—Expansion, debt repayment and working
Address—Box 594, Fayetteville, Ark.
Under¬
Inc., Oklahoma City.

capital.

writer—Don D. Anderson & Co.,

^ Zestee Foods, Inc.
June 8, 1962 ("Reg. A")

85,700

common.

Price—$3.50.

Business—Manufacture and sale of jellies and preserves.
Proceeds—For

equipment, advertising, plant expansion
and inventory. Office—2808 S. Western Ave., Oklahoma
City. Underwriter—F. R. Burns & Co., Oklahoma City.

ATTENTION UNDERWRITERS!
Do you have an issue you're planning to register?

Oujr

Corporation

to know about it

Would

Proceeds—For

write

By amend¬
chain of shoe'

—

a

News
so

Department

that

we

can

like

would

prepare

an

item

similar to those you'll find hereunder.

telephone

you

us

us

at

REctor

2-9570

or

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

debt

repayment, expansion and
working capital. Office — 808 Dakin St., New Orleans.
Underwriter
Howard, Weil, Labouisse, Friedrichs &
Co., New Orleans.
—

•

Wiggins Plastics, Inc.

Oct.

20,

(7/9-13)

&

1961

("Reg.

Co.,-: Inc., Clifton, N. J.-

!

'

Willpat Productions, Inc.
May 9, 1962

("Reg. A")

capital.

full-length

films, debt repayment and working
Office—1025 Connecticut Ave., N. W.,; Wash¬
new

Underwriter—Bevan & Co., Inc., Wash¬

ington, D. C.
ington, D. C.
Winslow
Dec.

Price—$1.25.
motion pictures.

160,000 common.

of

Electronics, Inc.

28, 1961 filed 125,000
manufacture

and

common.

Price—$4. Business

of

Co., Inc., N. Y.

Wolf Corp.
"Janv

26,

1962 filed $4,500,000

ordinated debentures due 1977
to

be

A

stock

offered

for

the

of 6.5% convertible sub¬
(with attached warrants)

subscription^ by stockholders of class

basis

of

debentures for

each 100
Business—
Real estate. Proceeds—For debt repayment and realty
acquisitions. Office—10 E. 40th St., N. Y. Underwriter

class

A

on

shares

held.

$500

Price—$500

—S. E. Securities, Inc.,

per

unit.

10 East 40th St., New York.

•

Wolverine Aluminum Corp.
March 5, 1962 filed 100,000 common. Price

— Bjr amend¬
(max, $6.50). Business—Processing and manufac¬
turing of aluminum building products. Proceeds—For a
new building and equipment.
Office—1650 Howard St.,
Lincoln Park. Mich. Underwriter—F. J. Winckler & Co.,
Detroit. Offering—Expected in mid-August.

ment

common.

ment

—

Price—By amend¬
Manufacture and sale of

work

clothing. Company is also engaged in industrial
laundering and garment rental. Proceeds—For debt re¬
payment, acquisitions and working capital. Office —
1768

&

E.

25th

St.,

Cleveland.

Underwriter—Hornblower

Weeks, N. Y. Offering—Temporarily postponed.

World Scope Publishers, Inc.
July 31, 1961 filed 100,000 common shares and $350,000
of 6% senior conv. subord. debentures due 1972. Price—
For stocks:

of

June
sell

12,

Gas

1962 it

$6; for debentures $90. Business—Publishing
encyclopedias and other reference books. Proceeds

Light Co.
was

(7/25)

reported that this utility plans to

$7,500,000 of debentures due Aug. 1, 1982. Office—

243

Peachtree St., N. E. Atlanta. Underwriters—(Com¬
petitive). Probable bidders: Stone & Webster Securities

Corp.; White, Weld & Co.-Kidder, Peabody & Co. (joint¬
ly); First Boston Corp.; Shields & Co.; Halsey, Stuart &
Co.
Inc.;
Equitable Securities Corp.-Eastman Dillon,
Union Securities & Co. (jointly). Bids—Expected July
25 (11 a.m. EDST) at 90 Broad St. (19th floor), New
York. Information Meeting—July 23 (11 a.m. EDST) at
same

address.

Atlantic Coast Line RR.

(7/11)

June 13, 1962 it was reported

that company plans to issue
approximately $3,540,000 of 1-15 year equipment trust
certificates. Office—220 E. 42nd St., N. Y. Underwriters
—(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; Salomon Brothers & Hutzler. Bids—Expected July
11 (12 noon EDST).
Baltimore

Gas

&

Electric

Co.

March

9, 1962 it was reported that this company plans
to issue about $25,000,000 of first mortgage bonds in
the second half of 1962 or early 1963. Office—Lexington

Baltimore 3, Md. Underwriters—(Com¬
petitive). Probable bidders: Halsey, Stuart & Co. Inc.;
White, Weld & Co.-First Boston Corp. (jointly); Harri¬
man Ripley & Co., Inc.-Alex. Brown & Sons
(jointly).

and Liberty Sts.,

^ Belt Railway Co. of Chicago

(8/2)

1962 it was reported that this company plans to
sell approximately $38,000,000 of first mortgage bonds,
due 1987. Office — Dearborn Station, Chicago. Under¬
June 18,

writers—(Competitive). Probable bidders: Kidder, Pea¬
body & Co.-New York Hanseatic Corp. (jointly); Salo¬
mon Brothers & Hutzler; Halsey, Stuart & Co. Inc.; First
Boston Corp. Bids—Expected Aug. 2, 1962 at the com¬
pany's offices. Information Meeting—July 11 (10:15 a.m.
CDST)

same

Cincinnati

Work Wear Corp.
Mar. 26, 1962 filed 130,000

(max. $27), Business

Prospective Offerings
Atlanta

A") 100,000 common.
Price—$3
Business—Custom compression, transfer and injection
molding of plastic materials. Proceeds—For debt re¬
payment and general corporate purposes.
Office—180
Kingsland Rd., Clifton, N. J. Underwriters—Leib, Skloot

.

March 30,-1962 ("Reg. A")
120,000 common. Price—
$2.50. Business—General printing and lithography. Pro¬
ceeds—For equipment/ debt
repayment, and inventory.Office—3407 N. El Paso, Colorado Springs, Colo. Under¬
writer—Copley & Co., Colorado Springs, Colo.

manufacture, purchase or lease of loca¬
working capital. Office—370 Seventh Ave.,
Underwriter—I. R. E. Investors Corp., Levittown,

and

N. Y.

Wiener Shoes Inc.

of retail stores. Proceeds—For debt
repayment and gen¬
eral corporate purposes. Office—210-07 48th

Ave., Bayside, N. Y. Underwrite!*—First Philadelphia Corp., N. Y.

E.

Proceeds—For

Office—7500

writer—Amos Treat &

advertising services to mothers

Office—114

7,

tions

Blvd., Pittsburgh/ Underwriters—Eastman Dil¬
lon, Union Securities & Co., N. Y., Moore, Leonard &
Lynch, Pittsburgh and Reinholdt & Gardner, St. Louis.
Offering—Temporarily postponed. •
■■■'

electronic

Dec.

purposes.

Parking Systems, Inc.
1962 ("Reg. A") 50,000 common.
Price—$4.
Business—Company plans to manufacture and operate in
the U. S. a parking device called the "Wulpa Lift."

Thomas

—Design

Inc.

corporate

Wulpa

June

common. Price—By amend¬
of electrical heating ele¬
industrial, commercial and household applica¬

promotion and

Baby,

general

St., N. Y. Underwriter—D. A. Bruce & Co., N. Y.

Business—Manufacture

28, 1961 filed 75,000 common. Price—$2. Business
—Company renders direct mail public relations* sales

Welcome

ceeds—For
40th

ities.

precision electrical and
measuring devices and test equipment. Pro¬
ceeds—For debt repayment and other corporate
pur¬
poses. Office—1005 First Ave., Asbury Park, N. J. Under¬

•

(6/25-29)
22, 1962 filed 61,000 common. Price—$5. Business
—Financing of commercial accounts receivable. Pro¬

30, 1962 filed 606,450

ments for

advertising, marketing and working capital. Office—4343
Twain St., San Diego. Underwriters—Hannaford

bot, San Francisco and S. C. Burns

—

(L. F.), Inc.

Proceeds—For

May 21, 1962 ("Reg. A")
Business

Price

common.

27, 1961 filed 162,000 common, of which 102,000 are
to
be offered
by the company and 60,000 by stock¬
holders. Price—$3. Business—Operates a chain of retail
drug stores. Proceeds—Expansion, equipment and work¬
ing capital; Office—738 Bellefonte Ave., Lock Haven, Pa
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Offering—Temporarily postponed.

Business—Production

Wavelabs,

Worth Financial Corp.

30, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of underground cold storage facil¬

Widman

ment.

•

March 30, 1962 filed

Oct.

March

Underwriter—Standard Securities Corp., N. Y.

Zeckendorf Properties Corp.

Lighting Co.

April 2, 1962 filed 80,000 common. Price
ment (max. $11). Business—Operation of

Oct. 30, 1961 filed 90,000
common, of which 60,000 are to
be offered by the company and
30,000 by a stockholder.

poses.

indefinitely postponed.

was

Imminent.

&

Cov N. Y. Note—This registration is being withdrawn.
Walston Aviation, Inc.

,

lighting fixtures. Proceeds—For debt repayment, equip¬
ment and
working capital. Office—5221 W. Jefferson
Blvd., Los Angeles. Underwriter—Costello, Russotto &
Co., 9301 Wilshire Blvd., Beverly Hills, Calif. Offering-

28, 1961 filed 140,UUU capital shares. Price—By
amendment. Business—Sale of franchises for on-location

ment

Corp.,

equipment,

Dec.

Feb.

Office—403

Underwriter—Westco

Business—Manufacture and distribution of electrical and

duction, engineering, inventory and sales promotion of
its products and for
working capital.
Office — 1230 E.
Mermaid Laiie, Wyndmoor, Pa. Underwriters — John
Joshua & Co., Inc., and Reuben, Rose &
Co., Inc., N. Y.
Wade

Colo.

$3.

—

the sale, installation and
servicing of industrial and
commercial communications equipment and the furnish¬
ing of background music. Proceeds—For tooling, pro¬

•

Proceeds—For investment.

St.,

Aurora,
Aurora, Colo.

Feb.

July 28,

corporate pur¬

Whirlpool Corp.

(Competitive). Probable bidders: Merrill Lynch, Pierce,
Fenner

preferred (no
Proceeds—For
of 4*4% deben¬

Western States Real Investment Trust

Underwriter—Crowell, Weedon & Co., Los Angeles.
Virginia Electric & Power Co.
May % 1962 filed 650,000 common. Proceeds—For

cumulative
(max. $50).

1970, construction and other

—For debt repayment, working capital and other cor¬
porate purposes. Office—290 Broadway, Lynbrook, N. Y.

Mar.

poses. Office—144 S. 12th St., Lincoln, Neb. Underwriter
—Paine, Webber, Jackson & Curtis, N. Y.

facture and sale of classroom

furniture, folding banquet

150,000

(7/9-13)

prepayment of bank loans, redemption

Nov.

Proceeds—For general corporate pur¬
Office—15134 So. Vermont Ave., Los Ang^s.

filed

Gas Co.

par). Price—By amendment

Virco IVIfg. Corp.
April 20, 1962 filed 250,000 common, of which 50,000 are
to be offered by
-company and 200,000 by stockholders.
Price—By amendment (max. $5.75). Business—Manu¬
tables and chairs.

Power &

43

(2719)

address.
Gas &

Electric Co.

(6/21)

April 17, 1962 it was reported that this utility

plans to

30-year first mortgage bonds. Office—
St., Cincinnati. Underwriters—(Com¬
petitive). Probable bidders: Merrill Lynch, Pierce, Fen¬
ner
& Smith, Inc.-Lehman Brothers (jointly); Morgan
Stanley & Co.-W. E. Hutton & Co. (jointly); Halsey,
Stuart & Co., Inc.; Blyth & Co., Inc.-First Boston Corp.
(jointly); Eastman Dillon, Union Securities & Co.-White,
Weld & Co. (jointly). Bids—Expected June 21. Informa¬
tion Meeting—June 18 (11 a.m. EDST) at Irving Trust
sell $25,000,000 of
139 East Fourth

Co.

(47th floor), One Wall St., N. Y.
Continued

on

page

44

44

The Commercial and Financial Chronicle

(2920)

Houston

Continued from page 43
Columbia

Gas

System, Inc.

12, 1962 it was reported that the company plans
to sell $25,000,000 of securities, possibly debentures, in
the Fall. Proceeds
For construction. Office — 120 E.

June

—

St., New York City. Underwriters—(Competitive).
Lynch, Pierce, Fenner & Smith

41st

Probable bidders: Merrill

Inc.-White, Weld & Co. (jointly); Morgan Stanley & Co.;

Halsey, Stuart & Co. Inc.
Columbus

■;

>

'V"

■■ ■■

South

it

1961

11,

High

Underwriter—To

O.

Columbus,

f

be

named.

Co.

Equitable Securities Corp. (jointly); Halsey, Stuart &
Co. Inc.; and Blyth
& Co., Inc.-First Boston Corp.Lazard Freres & Co. (jointly).
;;
Power

was

through First Boston Corp. Other bidders

made

Halsey, Stuart & Co. Inc.; White, Weld & Co.Lynch, Pierce, Fenner & Smith, Inc. (jointly);
Eastman Dillon, Union Securities & Co.; Harriman Rip¬
ley & Co., Inc.-Glore, Forgan & Co. (jointly).
were:

Merrill

Power Co.

Consumers

June

14,.1962 it was reported that this company plans to
sell about $40,000,000 of securities, probably first mort¬
gage bonds in the 4th quarter. Proceeds—For construction.
Office—212 West Michigan Ave., Jackson, Mich. Under¬
writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; White, Weld & Co.-Shields & Co. (jointly);
Harriman Ripley & Co. Inc.-First Boston Corp. (jointly);
Morgan Stanley & Co.

Iowa

(8/27)

tional

320,468 common shares on a l-for-10 basis. Ad¬
dress—Orpheum-Electric Bldg., Sioux City. Underwrit¬
ers—(Competitive). Probable bidders: Blyth & Co.; Carl
M. Loeb, Rhoades & Co.; Ladenburg, Thalmann & Co.Wertheim & Co. (jointly); Merrill Lynch, Pierce, Fen¬
ner
& Smith Inc.-Kidder, Peabody & Co.-White, Weld

& Light Co.

Delaware Power

Public Service.Co.

1962 it was reported that this utility, plans to
stockholders the right to subscribe for an addi¬

June 6,
offer

March 9, 1962 it was reported that the company has post¬

poned until early Spring of 1963 its plan to issue addi¬
common'stock.
The offering would be made to

& Co.

(jointly). Bids—Expected Aug. 27.

-

V

tional

stockholders first

on

the basis of

each 10 shares held. Based

on

the number of shares out¬

common

one

Jamaica Water Supply

share for

March

Florida

Power

1962 it was reported that this utility plans
$3,000,000 of mortgage bonds and $2,000,000 of
preferred and common stocks. Proceeds—For debt re¬
payment, and construction. Office — 161-20 89th Ave.,
Jamaica, N. Y. Underwriters—To be named. The last
sale of bonds on May 3, 1956 was made by Blyth & Co.
Other bidders were: Halsey, Stuart & Co. Inc.; Kidder,
Peabody & Co.; White, Weld & Co.
The last several
issues of preferred were sold privately. The last sale
of common on May 9, 1956 was made through Blyth &

Co.

additional

Office—101 Fifth

common

shares

on

a

l-for-20

that this company plans to
$11,000,000 of first mortgage bonds due 1992 in the
fourth quarter. Address—Madison Ave., at Punch Bowl

St., South, St. Petersburg, Fla. Under¬

be named. The last rights offering of com¬
May 4, 1959 was underwritten by Kidder, Peabody & Co., and Merrill Lynch, Pierce, Fenner & Smith
Inc., N. Y. Offering—Expected in October, 1962.

Rd., Morristown, N. J. Underwriters — (Competitive).
Probable bidders: First^Boktort'COTpl.; Halsey, Stuart &
Co. Inc.; Eastman Dillon, Union Securities & Co.-Salo¬
mon Brothers A-Hutzler-Merrill Lynch, Pierce, .Fenner
& SmithTnc. (jointly); Kidder, Peabody & Co.; White,

Power &

Light Co.

(7/31)

Weld & Co.

June

11, 1962 it was reported that this utility plans to
$25,000,000 of first mortgage bonds due 1992. Office
S. E.
Second
Ave., Miami, Fla. Underwriters—
(Competitive). Probable bidders: Merrill Lynch, Pierce,

Merrimap-Essex Electric Co.
May 9, 1962 it was reported that this subsidiary of New
England Electric System, plans to merge with two other

—25

&

Smith Inc.-Kidder, Peabody & Co. (jointly);
Stuart & Co. Inc.; White, Weld & Co.; First
Boston Corp.; Blyth & Co., Inc.
Bids—Expected July 31
(11:30 a.m. EDST).

\

Halsey,

Food Fair

May

11,

Properties, Inc.

1962

stockholders

issue 756.000 shares of

a

which will be offered

to

authorized

new

the

convertible

company to
preferred stock
subscrip¬

and

purchase up to $6,000,000 convertible debentures of
Major Realty Corp., an affiliate. Office—223 East Alleg¬
hany Ave., Philadelphia. Underwriter—To be named.
The

last

rights offering in December 1957 was under¬
Eastman Dillon, Union Securities & Co.,

by

New York.

ic General
June

19,

Motors

1962

shareholders

it

of

reported

E.

I.

du

Pont

plan to sell about 2,850,000
—3044 West Grand

that
de

a

group

Nemours

common

&

of

major

Co., Inc.,

shares of GM. Office

Blvd., Detroit. Underwriter—Morgan

May 8, 1961, it
the company's

On Jan.

12, 1962 it

was

iginally obtained under

Sept. 9, 1958 agreement (Under
carriers agreed to a share-for-share ex¬
change of 400,000 shares and the lease of egch others jet
planes during their respective busiest seasons. The CAB
later disapproved this plan and ordered the airlines to

reported that this subsidiary of
30-year first

able bidders:

Halsey, Stuart & Co., Inc.: Harriman Rip¬
ley & Co.. Inc.; Blyth & Co., Inc.; Kidder, Peabody &
Co.-Shields & Co. (jointly); Equitable Securities
Corp.Eastman Dillon, Union Securities & Co.
(jointly); First
Boston Corp.; Lehman Brothers;
Morgan Stanley & Co.
Bids—Expected Nov. 7.
Registration—Scheduled
for
Oct. 5.

12, 1962 it

(11/7)

reported that this subsidiary of
plans to offer $7,000,000 of preferred
stock in November.
Office—270 Peachtree Bldg., At- ;
lanta, Ga. Underwriters—(Competitive). Probable bid¬
ders: Blyth & Co., Inc.; First Boston
Corp.; Morgan
Stanley & Co.; Eastman Dillon, Union Securities & Co.Equitable Securities Corp. (jointly); Lehman Brothers.
the

Nov.

7.

Registration—Scheduled

for

Oct. 5.

Gulf, Mobile & Ohio RR.
June 6, 1962 it

$1,575,000

of

was

1-15

•CDST)

Brothers

in Chicago.




&

Hutzler.

$20

per

Airport.

Miami

59,

Fla.

Underwriter—Merrill

Lynch,

Pierce, Fenner & Smith Inc., New York.

Bids—June

28

(12

noon

bonds

on

14,

July

1960, was

Natural

Gas Co.

basis

16, 1960 was handled on a negotiated

Nov.

on

by Blyth & Co., Inc.,'"N. Y.
World

American

Pan

Inc.

Airways,

A

-

Oct. 30, 1961 it was

reported that the CAB had approved
the company's plan to sell.its 400,000 share holdings of
National Airlines, Inc.
However, it said Pan Am must
start selling the stock within one year and complete the
sale by July 15, 1964. The stock was originally obtained
under a Sept. 9, 1958 agreement under which the two
carriers agreed to a share-for-share exchange of 400,000
shares and lease of eacbk other's jet planes during their
respective busiest seasons. The CAB later disapproved
this plan and ordered the airlines to divest themselves
of the stock. Office—135. East 42nd St., N. Y. Under¬
writer—Merrill Lynch, Pierce, Fenner & Smith Inc.
Panhandle

Eastern

Pipe Line Co.
~
reported that this company ex¬
pects to sell about $72,000,000 of debentures sometime in
1962, subject to FPC approval of its construction program.
Office—120 Broadway, New York City.
Underwriters—•
Merrill Lynch, Pierce, Fenner & Smith Inc., and Kidder
March

8,

1961

it

was

Peabody & Co., both of New York City (mgr.). Offering
—Expected in the fourth quarter of 1962.
Pennsylvania

Power & Light Co.

Feb. 20, 1962 Jack K. Busby, President and C. E. Oakes,
Chairman, stated that the company will require about

$93,000,000 in debt financing in the period 1962 to 1970.
Proceeds—For construction" and the retirement of $17,000,000 of maturing bonds. .Office—9th and Hamilton
Sts., Allentown, Pa. Underwriters—To be named. The
last

sale of bonds on Nov- £9r 1961 was won at com¬
petitive bidding by White, ^Veld & Co., and Kidder,
Peabody & Co. Other bidders were Halsey, Stuart &
Co.

Inc.; First Boston Corp.-Drexel & Co.

Public

Service

Co.

(jointly).

of Colorado

March

9, 1962 it was reported" that this company plana
$30,000,000 of common stock to stockhold¬
through subscription rights during the fourth quar¬
of 1962 or the first quarter of 1963. Office—900 15th

sell

to
ers

ter

about

St.; Denver,^ Colo. Underwriters — First Boston
Blyth & Co., Inc., and Smith/ Barney & Co., Inc.
Telephone Corp.

Corp.,

(7/19)

June 6, 1962 it was reported that this company plans to
issue $12,000,000 of debentures due 1987. Proceeds—To

outstanding 4% deben¬
Rochester, N. Y.
Underwriters—(Competitive). Probable bidders: First
Boston Corp.; Eastman Dillony Union Securities & Co.Kidder, Peabody & Co. (jointly); Halsey, Stuart & Co.
Jnc.; Kuhn, Loeb & Co. Bids—Expected July 19.
bank

repay

loans,

and

redeem

tures due 1963. Office—10 Franklin St.,

San

sell

1962

San

Diego Gas & Electric Co.
19, 1962 it was reported that this company plans
about 500,000 common to stockholders in late

to raise some $17,500,000.
Office—861 Sixth Ave.,
Diego, Calif. Underwriter—Blyth & Co., Inc., N. Y,

Southern
On

Electric

Generating

Co.

(li/28)

Jan. 12, 1962 it was reported
Southern Co. plans to offer

that this subsidiary ol
$6,500,000 30-year first
mortgage bonds in November. Office—600 N. 18th St.,
the

Underwriters

Birmingham, Ala.

(Competitive)

Prob¬
& Co.,
(jointly);
Merrill Lynch, Pierce, Fenner & Smith Inc.-Blyth &
Co., Inc. (jointly); Eastman Dillon, Union Securities &
Co.-Equitable Securities Corp.-Drexel & Co. (jointly);
Morgan Stanley & Co. Bids—Expected Nov. 28. Regis¬
able

bidders:

First

Boston

—

Corp.; Halsey Stuart

Tnc.: White, Weld & Co.-Kldder, Peabody & Co.

tration—Scheduled for Nov. 1.

Pipeline Co. of America

^

-

12, 1962 it was reported that this subsidiary of
Peoples Gas Light & Coke Co., plans to sell $35,000,000
of senior securities later this year.
Business—Operation
of two
natural gas' pipeline - systems
extending from
Texas to the Chicago metropolitan area. Proceeds—For
expansion.
Office — 122 So. Michigan Ave., Chicago.

Underwriter—Dillon, Read & Co. Inc., New York City.

Southern

Feb.

EDST).

Northern Gas Co.

1962

it

was
reported that this subsidiary of
Corp., plans to sell $2,000,000 of common
stock. Office—2011 Las Vegas
Blvd., South, Las Vegas,
Nev,
Underwriter—Eastman Dillon, Union Securities &
Co., N. Y.

Southwest Gas

New England

May 8, 1962 it

Power Co.

was

reported that this utility plans to sell

ber, 1962. Proceeds—For debt repayment and construc¬
Office—441

Stuart

St.,

Boston.

Underwriters—

(Competitive). Probable bidders.: Falsey, Stuart & Co.
Kidder, Peabody & Co.-White, Weld & Co. (jointly);
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.Lehman Brothers-Equitable Securities Corp.
(jointly);

Railway Co.

(9/11)

;

June 12, 1962 it was reported

that this road plans to sell
$9,450,000 of 1-15 year equipment trust certificates in
September. This is the second instalment of a total $18,—
900,000 issue. Office—70 Pine St., New York, Underwrit¬
ers—(Competitive). Probable bidders: Halsey, Stuart &
Co. Inc.; Salomon Brothers & Hutzler. Bids—Sept. 11,
1962 (12 noon EDST).

$12,000,000 of 30-year first mortgage bonds in Novem¬
tion.

(7/17)

1962 it was reported that this road plans to sell
$9,450,000 of 1-15 year equipment trust certificates in
July.
This is the first instalment of a total $18,900,000
issue. Office—-70 Pine St., New York. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; Salomon Brothers & Hutzler. Bids —July 17 (12

Southern

28,

Railway Co.

June 12,

noon

Nevada

First Boston

(6/2S)

reported that this road plans to sell
year
equipment trust certificates.

Office—230 S. Clark St., Chicago.
Underwriters—(Com¬
petitive). Probable bidders: Halsey, Stuart & Co. Inc.*
Salomon

About

share. Proceeds—To repay a $4,500,000 demand loan, and
other corporate purposes. Office—Miami International

was

Southern Co.

Bids—Expected

—

of

1962 it was reported that the company's 1962
expansion program will require about $40,000,000 of
external financing to be obtained entirely from long
or short term borrowing. Office—2223 Dodge St., Omaha,
Neb. Underwriter—To be named. The last sale of de¬

June

(11/7)

mortgage bonds in November.
Office—270 Peachtree
Bldg., Atlanta, Ga. Underwriters—(Competitive). Prob¬

Georgia Power Co.

a

which the two

Natural Gas

the Southern Co. plans to offer $23,000,000

On Jan.

was

sale

Thursday, June 21, 1962

First

Northern

to

reported that the CAB had approved
plan to sell publicly 400,000 shares oi
Pan American World Airway's Inc., subject to final ap¬
proval of the Board and the SEC. The stock was or¬

Stanley & Co., New York.
Georgia Power Co.

Airlines, Inc.

.

Feb. 28,

March
National

divest themselves of the stock. Price

Corp.

was

companies in July after which it will issue $20,000,000 of
mortgage bonds. Office — 441 Stuart St., Boston.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Kidder, Peabody & Co.-White, Weld
& Co. (jointly); Merrill Lynch, Pierce, Fenner & Smith
Inc.-Eastman Dillon, Union Securities & Co. (jointly);
First Boston Corp.
first

stockholders through

tion rights on a l-for-10 basis.
Price—By amendment.
Business—Development and operation of shopping cen¬
ters. Proceeds—To retire outstanding 6%
preferred stock

written

by

Rochester

issue

Fenner

last

.

Boston Corp. Other bidders were:
Halsey, Stuart & Co., Inc.; Blyth & Co., Inc-Equitable
Securities Corp. (jointly); Glore, Forgan & Co.

sell

on

Florida

Power & Light Co.

Jersey Central

June 6, 1962 it was reported

basis.

writers—To
mon

20,

Co., Inc.

March 19, 1962 it was reported that this company plans
to offer stockholders the right to subscribe for about

457,265

Co.

sell

to

standing on Dec. 31, 1961, the sale would involve about
418,536 shares. Proceeds—For construction. Office—600
Market St., Wilmington, Del. Underwriters—(Competi¬
tive). Probable bidders: Carl M. Loeb, Rhoades & Co.;
W. C. Langley & Co.-Union
Securities Co. (jointly);
Lehman Brothers; First Boston Corp.; White, Weld &
Co.-Shields & Co. (jointly); Kidder, Peabody & Co.Merrill Lynch, Pierce, Fenner & Smith Inc. (jointly).

The

handled

bentures

Co.

1962 it was reported that this utility expects to
sell $25,000,000 of debt securities in late 1962 or eazly
1963. Office—500 South 27th St., Decatur, 111. Under¬
writers—To be named. The last sale of bonds on May 21,
1958

named.
•

Power

Feb. 28,

was

St.,

&

28,

Illinois

Capital Corp.

reported that this newly formed
Small Business Investment Co., plans to sell $10 to $20
million of common stock in the late spring.. Office—297
Dec.

Lighting

1962 it was reported that this company plans
to sell $30,000,000 of first mortgage bonds due 1992. Of¬
fice—900 Fannen
St., Houston, Tex. Underwriters —
(Competitive.)
Probable
bidders:
Lehman BrothersEastman
Dillon,
Union
Securities
&
Co.-Salomon
Brothers & Hutzler (jointly); Kidder, Peabody & Co.Mar.

.

Southwestern

Bell Telephone Co.

(8/7)

May 29, 1962 it was reported that this A. T. & T. sub¬
sidiary plans to sell $100,000,000 of debentures. Proceeds
—To repay advances from parent, and for construction.
Office—1010 Pine St., St. Louis. Underwriters—(Com¬
petitive). Probable bidders: Halsey, Stuart & Co. Inc.;
Morgan Stanley & Co. Bids—Expected Aug. 7.

Corp.; Kuhn, Loeb & Co.

Northern Illinois Gas Co.

Windjammer Cruises, Ltd.

program. About

April 18, 1962 it was reported that the company plans
register 90,000 ordinary shares. Price—$4. BusinessOperation of "Windjammer" sailing ship cruises. Pro¬
ceeds
For acquisition of additional vessels. Office —

issue, \yill be sold

P.

Feb.
to

28, 1962 it was reported that the company expects
raise $125,000,000 to finance its 1962-66 construction

615

Eastern

$25,000,000 of this, in the form of a debt
in the second half of 1962. Office—
Ave., Bellwood, 111. Underwriters—To be

to

—

O.

Box 918, Nassau, Bahamas. Underwriter
Magaril Co., Inc., N. Y.

—

J. I.

Volume 195

Number 6170

The Commercial and Financial Chronicle

.

.

.

(2721)

ports, or payments, these cannot
get a living from the land. " Tai¬
loring farm
programs
to
their

"We Gan't Control Output

needs is

11

On

of

Farm-to-Farm Basis

a

Continued from page

The

Would Change Our Bankrupt

14

world—whether

power in the
will evacuate

before

the

field

of

we

power

shot is fired, or go forth

a

to meet new risks and tests of our

ability."

??'/
Government

Attacks
And

Price

Farm

Competition
Supports

feel

I

strongly that'the Presi¬
absolutely right on this
Therefore, I am unable to

dent

is

point.

understand how this Administra¬

tion

support

can

agricultural

an

that maintains at great
budgetary costs prices substan¬

policy

tially above the competitive level
along with export subsidies, im¬
port controls including quotas on
imports
and
similar measures
which prevent the virtue of the
market from functioning.
Is

it

time to

not

our

of

restore

more

the

the

efficiency
marketing

commercial

Is

it

time

not

the

of

use

CCC

club

that

end

we

multi-billion

which

the

dollar

is

bankrupting
private and cooperative elevators
by destroying the private grain
merchandising system — the most

stated

be

can

I think

had

not

will find

of

with

ourselves

the

centives

production

same

the

as

swallowed

up

disin¬

Communists.

/?/?;

merchandising hundreds of mil¬

lions

of

their

usual

offered

bushels

of

grain

customers

corn
by the
Corporation at

Credit

when

being
Commodity
are

reduced

prices?
visers

has

toward

of

Economic

stated:

small

"Public

business

Ad¬

policy

has

its

as

the strengthening of the

purpose

small business sector of the

econ¬

and the removal of artificial

omy

and

discriminatory barriers to the
profitability and growth of small
firms."
O'-a' ■*/•?'" ?/??:•/?

with

the

gigantic
the

monopolist in
Commodity Credit

tion.
the

There
hands

cians

who

market

has

of

economic
not

price

which

if

history—
Corporaplaced in

been

do

most

theoreti¬

believe

economy,

in

the

power,

continued, will destroy

the very small firms this Admin¬

istration
The

is

dedicated

to

foster.

knowledge
has

of

these

been

a

growers

receivers.

A

new

take

another example—
the recent Section 22 action cov¬

ering

the

shipment of

corn

on

farm-to-farm

a

proverbial

basis.

stick

carrot,

curtailing

There

crops.

were

would

so

the

necessity

for

farmers

be

The
sued

experiment has been

pur¬

tenaciously and at the cost of
billions, over 70, in fact. The

many

began during a period of
heavy surplus, but at the end of
30 years the surpluses remain; in
fact, they have grown tremen¬
dously.
The Government owns
more than $7 billion in farm
prod¬
ucts and has loaned money on an¬
other $3
billion, which it may

Defense.

concerned

The

President

ture, which continues,
out, and so are

year in and

year

farm-to-farm
Just

other

many

Obviously/controls

persons.

basis

have

obviously,

as

is

this vast expendi¬

over

on

failed.

must

we

a

try

another approach unless we insist
We

need

farm

a

a

Some

so-

tion,

that

program

Bureau

overall

I

have

the

feeling

farmers

that

because

they would
appropriated each year,

certain
the

limitations

placed
No

an

labor

be

can

marketed

most

efficiently under
enterprise system.

the

free

that

would

C"

program for

a

cotton, let

formulated than

us say,

erage

income

$7,800

a year.

abnormal in the

farms

area.

sales

It should be noted that another

Government program, the Emer¬
gency Feed Grain Program, had

alleged shortage. How¬
commercial

trade

had

per

If

87%

of

the

:

in

1959

net

The balance of the

from their farm
income of about $500

farm.

keep

we

these basic .figures

in mind, they serve as a basis for

intelligent discussion of farm
policy.
an

bitrarily

get anywhere.

these
"unreasonable."

May I ask
tion

as

this

kind

to

prices

were

Some

tion

fundamental ques¬
how one competes in

of

fundamental

for

One

a

the

future

whether

the

we

legisla¬
are

to

we

a

wish

been

At once, unless there is

a

better

is

I

at

present,

any

a

combination

asset, our marvelous agricultural
plant, into a liability.




farmers,

a

hard

core

farmers, in most instances, should

the trouble

not

are

examine

ii..

1

that

no

of

years

—

consecutive

counter

an

dividends

have

analysis of the difference between the over-the-

and

listed

1

to 24

markets.

COST OF THESE BOOKLETS
.

cover

50 cents each

.

25 to 199

30 cents each

200 up—

20 cents each

or

more, a

three-line imprint

•

on

f

.

the front

is included without extra cost.

Wm. B. Dana Co., Publishers
Commercial

&

Financial

Chronicle

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

Please

enter

our

order

for__

..booklets

on

"Over-the-

in

today.

the situation

_i—.

matter how high the sup-

Counter Common Stocks" and accompanying dividend tables.

welfare problem doesn't

be

The

*

smaller

most of
them, need help. It should be
given them. Many of them must
find
employment off the farm

destroying the the approximately % million farmability of that marketplace to re¬ ers whose net cash farm income
flect; the forces of free competi-. annually is about
$500, we realize
"

number

On orders of 100

a mod¬
commercial
enterprise, for
which we should be thankful. Let
us not turn a tremendous
national

ern,

hybrid is responsible for most of

officers is

'

BOOKLET

of

plish its objective.
Our agriculture
today is

The

are

not

advocating that thou¬
Treasury dollars go to
farm. I simply am saying

gram.

"

PAGE

paid, cash dividends paid during the twelve months to

tion, also

limitation

a

be

am

of

'?

48

December 31, 1961, percentage yield, and December 31
quota¬

understanding of the matter than

help any¬
one; it hurts all.. Let us realize
that the cost of
helping the smaller

under

' '

Mercantile

CONSECUTIVE CASH DIVIDENDS

Included

hun¬

This

we

Corporation,
Library Building.

5 to 17S Years

two dollars? ?

or

have at present.

we

we

— Othmar
F.
with First Colum¬

poor Joe

This

is what

tion?

:;

question like

program.

If

now

On Which

"Why should such-and-such
farmer, who has several thousand

eventually, and that is

and farm

cabinet

Stenger is
bus

most

welfare

competitive enter¬
prise," suggested by the President,
show themselves when one of his

if

decisions

con¬

the entire agri¬

be

fundamental, problem all its qwn. But to com¬
perhaps the most fundamental, is plicate the farm problem with a
of

environment?
How
do the "virtues of the
marketplace
free

about

averaged
a

must be made about farm

that

an av¬

of

supplying this area with corn
competitive prices. The Secre¬
tary of Agriculture determined ar¬
at

farm

(Special to The Financial Chronicle)

CINCINNATI, Ohio

Common Stocks

placed on the amount
the big operator could receive.

.

These farms had

for this request
was
that the

reason

railroads

corn was

products.

.

sell

Caron has

markets

objective, impartial and

in Con¬

that any Federal
program for aid
to agriculture cannot
penalize the
efficient farmers if it is to accom¬

,

farms

KANSAS

payment

someone

gress would raise

would

basis for the discussion of

a

Christopher

(Special to The Financial Chronicle)

Have Been Paid From

would

lion

advantage of the special low
rates
granted by the railroads.

As

Joins B. C.

a

be

take

the

the

them.

on

sooner

there

Few Farms Sell the Most

stul¬

Mr. Foley was
formerly
Douglas Enterprises.

un¬

a

it, and the meth¬
by which the product of the

with

OVER-THE-COUNTER

procedure, and because of

sands

ever,
been

An

many

dred

live/the role

Avenue.

market

payments
have to be

Doakes, nearby, gets only

the

Foley

fear

a
program, I should like to
observe that
less than IV2 mil¬

created the

when

structive look at

problem is, in my opin¬

ods

of

— Thomas
F.
is engaging in a securities
business from offices at 8511 Third

may

to

such

price of

perform

Federa¬

approach

of the farmers in

realities
we

T. F. Foley Opens
BROOKLYN, N. Y.

op¬

dollars

the

in which

Broadway, New York City, un¬
der the firm name of Ernst
I. Cahn.

the

This is an action
under which the Federal Govern¬
is the only
entity that can

the

do

ion, sound.
efficient

before

1962 EDITION
strongly

are

of

Farm

whose

the farm

Liebenow

of the Texas Grain

29

function freely.v

opposition
from organizations like the

comes

Mr.

boon to the domestic

Yet, payments

American

by

convention

Assn., Fort Worth, Texas.
\
J ' !

CITY, Mo. —Arthur J.
joined the staff of B. C.
Christopher & Co., Board of Trade
and is in
Building, members of the New
the answer is in the
affirmative,/vork Stock Exchange. He was
which I think it must
be, benefits previously with
Harris, Upham
to the
commodity exchanges aife & Co.
incidental. They will
pot "and cpnnot function unless they
pei^orm
With First Columbus
a real
service, which they can and
dominate

industry.

posed.

address

H. Cahn is
conducting a
securities business from offices at

Export subsidies would no cultural situation is
badly needed.
longer be needed. In the case of
cotton, the elimination of the sub¬
sidy, now 8V2 cents per pound,
textile

in the months

Opens Inv. Office

sup-

commodities like cotton and wheat
would allow the market
price in
this country to adjust to world

would be

hopeful that this
see

Anita

ground of self-

a

am

agricultural policy
the national interest. If

"problem" crops. This sub¬
stitution would accomplish
two
primary objectives: Payments for

acres,
get thousands .of
from the Treasury while

recognizes

*An

consum¬

markets

we

the annual

is, eventually, be¬

which

ports

called

ment

from

freer

will

and Feed

food, which,
speaking, is not

But it

this:

compounding failure.

on

the

for

I

is what

prices is sound

substituted
on

our

The real question is whether
trend away from controls and

The Chicago Board of Trade has
advocated that direct Federal
pay¬
to

to

and fiber.

come.

them

private enterprise system,
tified agriculture.

Substituting Payments
For High Supports

ments

boon

levels.

Government programs.

plant coupled with full use of this
industry in the marketing of food

coming increasingly clear that the
stultified market means, under our

Advocates

the production of certain surplus for high support prices

Trade

interest.

disposition to penalize the bigger
by limiting the amount
they may receive in benefits.

Using

and

the Government sought to threaten
and cajole farmers into

into

Southeast.

The stated

of

idea that the

Government, through
farmers, could control output

a

gives

be suspect on the

ex¬

The foundation of Federal agri¬
cultural programs has been the

the

,

farmers'

the

The only
thing the Congress has done about

into effect.

of

.

fixer and the great market deter¬
minant.

1

national basis, followed
by ac¬
that will
allow
maximum
development of our agricultural
tion

comparatively
only plentiful; it is a bargain.
The stand by the Chicago Board

bushels

very

It

ers.

contributed

million

policy should be devised and put

hands

world

us

have

emption to 131/2 acres, which does
little to remedy matters.
Along with this disposition to
favor the inefficient
operator, goes

gleaned
from text books.
To them, the
Government is the great price

Let

they

hundred

culture is

1.2

understanding. This entire mat¬
a thorough
discussion on

a

than

more

clearing

ter needs

the French and English
around 30%.
Efficiency in agri¬

—

market

ex-professors

of

50%;

number

number

bankrupt.
It is
to being in the

now

save

compete

million;

farmers

is

policy

pretty close

Russians have to spend

needs

It has grown up thickly, in
prejudices, fixed hab¬
its, entrenched interests and lack
the form of

is

More

the situation is to reduce the

have

to

Now the

acres.

15-acre

several

quotas.

national agricul¬

how you can foster
the growth of small firms if they
see

plant 15

from

our

eventually take over. The budget
for the Department of Agriculture
during this fiscal year is over $7
billion, the highest of any agency,

I do not

a

farmers, who previously
grown wheat, began to

evident that

program

Council

The

of

way

to the wheat
carryover.

and

can

the

By the end of this session of the
Congress it probably will become

of

How

less

or

However, if the proposals of the
supply managers are followed, we

these firms do their essential job

in the world?

in

underbrush

away.

the supports are too high because
of the small operator.

more

loans, or payments, for cooperators, and penalties, direct and indirect, for noncooperators. In time, so the theory
went, the surpluses would vanish

efficient

are

obstacle

and

the

means

of today's
costly. They

sensible solution to the farm prob¬
lem. Almost always, for
example,

acres

providing all segments of our so¬
ciety with goods and services?

best

The

agri¬
through the

nation, I feel, would sup¬
port high expenditures for a few
years if it promises to
get us out
of the jungle we are in. The
idea
that the farmers are
boondoggling

aspects

programs

an

adjusting

The

welfare

voluntary produce abundance.

the

the

as

bad suit

very

for

production

cockeyed.
Today, food costs
Americans less than it does the
categorically
They are people in any major country. Our
that the American family owned too high because of his desperate consumers
save
several
billion
farm is the greatest bulwark needs. From the very
beginning, dollars annually when we put our
against Communism in the world. special provisions for the smaller, costs alongside those of other conThe Communist commissars can* farmers have hampered farm
pro- sumers.
not
call forth
from their
regi¬ ?£ams'
*
In the United States,
approximented farmers the same quality
V Some years back, Congress ex- mately 20% of a worker's takeand quantity of energy that the
empted wheat farmers growing 15 home pay is
spent for food; the
American? producer will use to
there

of

mechanism

review another factor—

us

position in this world.

our

tural

reconcile

agricultural policies to the reali¬
ties of our tremendous technologic
cal advantages and our ability to
compete? Is it not time that we
once

Let

are

Policies

Farm

a

plan

cultural

retirement of acreage from culti¬
vation is
highly constructive.

clothes.

farm

will remain the foremost economic

to make

Bureau

45

charged to the farm
substitution

of

Firm Name

payments

f°r high supports is sound,
vided the program
it

pro¬

Address

pro-

is handled

sjhould be. I think also the

as

Farm

By

.Date

46

The Commercial and Financial Chronicle

(2922)

22%

of

reported round-lot voland odd-lot investors generally followed market trends. On

NYSE Releases Interim Data

day th
were b
Monday, they were sellers on balol-n
ance
by 267,223 shares on Tues- balance °* 1,259,335
day, they sold and bought almost highest
such figure
equally—3,058,010 shares total—^ available records.

Special Market Study

Keith

.

ending the day with a net sales
balance of 50,976 shares; on Thurs-

ume,

«

On

.

with

ooc

variable annuity plans for their
employees are: Boeing Airplane
Company, Bristol - Myers Com¬
pany,
Chemstrand
Corporation,
Long Island Lighting Company,

t

,

shares

the

shown

in

Tennessee
tirement

sharply and when, on
Funston, President of the
New York Stock Exchange, made balance,
Specialists' daily pur¬
public preliminary data obtained chases averaged 100,000 shares.
On Tuesday, May 29—wh£h the
as part of the
Exchange's special
market
continued
down i» the
study of the
first two hours but then turned
market on
and
rose
4.6%
over
Monday's
May 28, 29,
and 31.

interest

wide

the

in

the

that

On

mar¬

prompted

re¬

lease of inter¬
im

findings,

based

on

pre¬

sta¬

liminary

and

tistics

He

surveys.

that

added

Keith Funston

as

the study pro-

ceeds

will

detailed results

more

released.

be

Reports to the Exchange and
surveys of representative member
firms and branch offices through¬

.

.

Monday,
market declined,

Selling pressure on

.

May 28, when the

characterized particularly by

was

in long-term investment
the public.

activity

accounts held by

Investors who sold on Tues¬

...

morning, May 29, were gen¬
erally reported to have smaller
accounts. Tuesday afternoon, when
the market rose, larger investors
were more evident, generally buy¬
day

ing shares of well-known compa¬
nies.

market's

the

In

ranges.

By and large, the small in¬

...

vestor, as reflected in the odd-lot
figures, bought on balance over
the three-day period to the extent
of approximately 1 million shares.
.

Many branch office

.

.

reported

man¬

unusual number
of new accounts opened—particu¬
larly on Thursday. New accounts
were heavily represented by firsttime investors purchasing odd-lots
in well-established companies.
agers

.

.

Exchange

.

other

an

members

specialists

and

and

member

or¬

ganizations, through their buying
selling before and during the
May 28-31 period, played a crucial
role—providing offsets to the
and

of sales and purchases by
the public.
surges

.

.

Margin

.

firms

rose

volume

calls

by

in response

and

lower

member
to greater

price

levels,

but in the great
majority of cases,
customers furnished the additional
cash

collateral

or

to

necessary

continue their positions. A
signifi¬
cant number of sales were believed
made by bank customers in
con¬
nection with
.

.

Overall, institutions

.

the buy side on
and Thursday.
.

loans.

nonpurpose

.

.

were on

Monday, Tuesday

Little unusual

activity in foreign

one-sided

or

Both TIAA and CREF are char¬
May 11, tered as nonprofit educational cor¬
while the market dropped 5.4%, porations
serving
exclusively
Specialists' average daily net pur¬ faculty and staff members of col¬
chases amounted to 46,000 shares; leges,
universities,
independent
* For
the week ended May 18, schools, and similar educational
when the market rose 1.9%, Spe¬ and research institutions. In set¬
cialists showed average daily net ting up their retirement annuity
i

.

.

show

that:

For the week ended

..

the

May

that
the

transactions

28-31

Specialists'
market

period

during

indicates

participation

increased

in

substan¬

tially, accounting for about
20%
of

reported

and

sales.

round-lot

T^irchases

(Specialists' participa¬

tion in the
market in recent
has averaged about
15%.)
The

preliminary

Specialists

/?

On

reports

years

analysis

for

the

of

three

market of May 29, they were sell¬
ers
on
balance by 23,000 shares.

popular

1918

providing
and

related services to

educators.

TIAA developed out of the Carhe-

gie Foundation for the Advance¬
ment
of Teaching and
has re¬
grants from the Carnegie

ceived

Corporation

and

dation.; Today

universities,

the

some

and

Ford

Foun¬

1,100 colleges,

other

nonprofit

educational and scientific organi¬
participate in TIAA re¬
tirement plans and virtually all

zations

of these make CREF available

on

optional basis.

an

CREF, he
stantial
tion.

fund

have

had

woulu

protection

It

also

against

like

sub¬

infla¬

clear that

seems

Businessman's

well-

a

stock

by

investing the other half of retire¬
ment

savings in traditional fixed-

dollar

Airline Traffic and Financial Data

would have

—Quarterly review (fourth quar¬
ter of 1961)—Air Transport Asso¬
ciation of America, 1000 Connecti¬
cut Avenue, N. W., Washington
6,
D. C. (paper).
^

the "accumulation units"—and the

amount of retirement income they
eventually yield — measured in

dropped from $20.83 in July 1956,
to $18.35
in. September of that
year. A quick decline took place
in
1957, when the accumulation
,

"annuity units"

the market value of the underly¬

unit dropped from $20.50 in July,

ing

to

With regard tt) information col¬
lected in the Exchange's surveys,

tuate upward and downward both

the

before and after retirement.

mulation

Mr.

Funston

has

the

said

ascertained that

margin

calls

made

a

Exchange
number of

by

member

firms, both in the May 28-31 pe¬
riod and in the preceding
week,
for special subscription ac¬
counts which need only be mar¬
gined initially with 25%. Federal
regulations provide for this, to en¬
were

able

holders

of

listed

common

stocks who may not have the nec¬
essary cash to take .advantage of
their subscription rights. He noted

that
to

member firms

lend

on

listed

are

permitted
securities only,

stocks.

The

Fund

closely tied to

are

Thus

the

units

fluc¬

College Retirement Equities
issued

its

first

policy on
that date, a

July 1, 1952. Since
computation has been made each
month for the

mulation
value

by

the

unit
all

of

value

of the

(current

stocks

number

accu¬

market

held, divided

of

accumulation

units outstanding). The computa¬
tion of the dollar value of the an¬

nuity unites made
The
ord

new

of both

actual
unit

once

units

in

operation.

was

each year.

report charts the

started

a

in

rec¬

decade

The
1952

of

annuity
with

a

with initial margins of 70%. Loans
both
are

value of $10.00, and currently it
listed and unlisted secu¬ has a value of $26.13.
available, however, from
The records show what would

have

happened

if

a

65-year-old

professor in 1952 had put into a
fixed-dollar TIAA policy a suffi¬
number of margin calls against cient
lump-sum initial premium
such loans which are outside
the to yield a retirement income of
Exchange's jurisdiction.
$100 per month; and also had put

Checks
for

on

foreign transactions

into CREF

lump-sum premium
the same amount as

a

.28, 29 and 31 revealed of exactly
some
selling from Hong Kong and paid to TIAA.
Switzerland, Mr. Funston said. No
During
the
first
year,
his
unusual foreign
activity, however, monthly income from the CREF
was
policy would have been
generally reported.
$114,
dropping back to $108 during the
Member Firms reported
May

buying second
in general
year. By 1957-58 the CREF
by bank trust depart¬
ments, investment companies .and policy would have yielded $192

index

dropped 6.7%— Funston said. He
emphasized that
1,447,350 shares inquiries into these and
other
bought 1,642,850 shares.
This areas are continuing as
part of the
SeQfe
purchasers on balance Exchange's broad study.
by 195,500 shares.
This followed
Preliminary figures show that
heavy net purchases in the
pre¬
odd-lot volume for the
three days
ceding week, when the
sold




common

shares.

and

market

retirement savings in

selected

On May 31, as the market con¬
tinued to move upward, they were
sellers on balance by 422,000

other institutional
™ys °*
showed that:
customers dur¬
Monday, May 28—when one ing the
May 28-31 period, Mr.

Specialists

in

serving education by
fixed-dollar annuities

.

.

Buying and selling activity
was
primarily by men, with no
pronounced activity
by women.
An analysis of
reports of Spe¬
total

his

25, when the market fell ments must go into traditional and especially during the great
6.8%, Specialist registered aver¬ fixed-dollar annuities supplied by depression of the 1930's."
age daily net purchases of 100,000, TIAA, while the educator has the
At the input end of the trans¬
shares.
" ■ option of applying up to one- action, the new report shows how
y
" »•,
The Exchange also reported half his premiums to CREF. Nine the value of the accumulation unit
nreliminary findings on May 28-31 out of 10 participants who use has moved during CREF's first 10
for members other than Special¬ CREF, the report shows, choose years from its 1952
average price
ists and Q4sl-kPt Dealers.
the 50-50 option.
of $10.00. "On Dec. 31,
1961, each
In the downward-moving mar¬
unit
was
worth
Premiums paid to CREF are in¬ accumulation
ket of May 28, members other than
The chart shows several
vested in a selected range of com¬ $31.86.
Specialists and Odd-Lot Dealers mon stocks in American indus¬ periods of fluctuating prices, in¬
had net purchases of 115,000 shares.
try. Both the amount of partici¬ cluding some sharp declines. For
In the downward and then upward
pation that the premiums buy— example, the accumulation *unit

other sources, in some cases with
little margin, and there is no
way
the Exchange can determine the

cialists'

.

.

May

was

.

new-

annuities,
the
educator
had essential protec¬
policies, TIAA-CREF requires that
And for the week ended at least. pr\pThalf. pfpremium pay¬ tion during the milder recessions,
84,000 shares;

rities

.

Analyzing the record, the

—The

reported.
.

organization, Teach¬
and Ahnuity Asso¬
established

was

and has been

Ten years of experience with the

a

bought

weeks

on

accounts

Insurance

ers

ciation,,

appropri¬

college world." "

the

...

Thursday, (May 31) many of the
buyers were in the middle-income

May

made

of var¬

use

CREF's

over

The parent

First 10 Years' Experience," unit values will stand next
and sold extensively
month,
which is being released.
The re¬ next year, or 10 or 20 years from
preceding weeks, against
the prevailing market movement, port was prepared under the di¬ now. What does seem clear from
in an effort to maintain trading rection of R. McAllister Lloyd and those 10 years of experience and
on
as
continuous and orderly a William C. Greeno.ugh, respective¬ the record of [security prices in]
ly chairman and president of both the preceding 70 years is that if a
basis as possible."
Data for these three preceding organizations.
professor had placed one-half of
had

on

rise

!

Specialists

—

sales of

...

troversy

ateness for the

.

in

country indicate thatr

the

out

Thursday,

market

2.7%

System. The

annuities for
the
general
public continues to be a contro¬
versial topic among life insurance
companies, but there is no con¬

31—when
net gain of country's first system of variable report says, "The combined TIAA-,
retirement annuities-^the College CREF income of
$410 monthly is
continued
as
Retirement Equities Fund, estab¬ 91% higher than the 1952 income.
sellers on balance, registering net
lished in 1952 by the Teachers In¬ Consumer
sales of 905,010 shares on 2,533,130
prices are now about
surance and
Annuity Association 13% higher than they were in
shares sold, 1,628,120 bought.
indicates that an educator who re¬ 1952.
The. upsurge
of
common
Mr. Funston noted: "While it if
tired in 1952
under the TIAA- stock
prices during the 1950's and
impossible for the Specialists to
CREF plan would now be receiv¬ CREF's favorable
investment
ex¬
change major market trends, in
ing nearly twice as much pension perience, then, made the income
fulfilling their customary role they
as he
would have received from some
professors were
receiving
were
largely buying and selling
a
from the combined TIAA-CREF
straight fixed-dollar annuity.
against the downward and upward
This is one of the central find¬ annuities rise considerably faster
waves that characterize the mar¬
than the cost of living.
ket.
Moreover, this was accom¬ ings of a special report to the sys¬
"No one knows where the CREF
plished despite the fact that they tem's 90,187 participants, "CREF
the

activity

ket's

and

iable

close, Specialists bought 3,154,050'
shares and sold 3,283,850 shares,
ending the day as sellers by some'
129,800 shares on balance. **

Mr. Funston

said

Valley Authority,

the Wisconsin State Teachers Re¬

down

was

Thursday, June 21, 1962

.

was

at

the

usual

ratio

of

about

per

month.

By

from the CREF

1962

his

income

$17.50 three months later.
On
first of May 1962, the accu¬
unit

was

valued

at

$28.32,
high

down from its all-time
of $32.45 six months previ¬

Assets,

The

new

reflects

report

the

generally

in

the

strength of the
At present
80%
of all persons paying pre¬
miums to TIAA also participate
in CREF.
"The funds that partic¬
ipants are setting aside for their
retirement," says the report, "help
provide capital for the growing
American

sectors

economy.

the

of

and, in
turn, the aim of investment policy
is that the growth of these indus¬
tries will help provide more ade¬
economy

quate retirement benefits for par¬

ticipants."
and
stated in their charters,
and
strengthen non¬
proprietary and non-profitmaking
colleges, universities and other in¬
stitutions
engaged
primarily, in
is

"to

as

aid

education

estimated
of 1%
is

and

that

research."
less

than

It

is

one-half

of the country's population

eligible

Capital Ac¬
and

Mutual

Savings Banks Sept. 27 and Dec.
30, 1961—Federal Deposit Insur¬
ance

D. C.

Corporation, Washington 25,
(paper).

Common

;

Market:

Political

Im¬

pacts—International Review Serv¬

ice,

15

York

Washington

Place, New
(paper) $2.50. 1

3, N. Y.

Corporation

Finance

—

Eli

Schwartz—A book designed to fill
the needs of a one semester, basic
course in corporation or business
finance, combining both external
and managerial approaches to the
subject—St. Martin's Press, Inc.,

175

N.

Fifth

Y.

Avenue, New York 10,
(cloth).
V

Economic Developments in South
America:
Hearings
before
the
Subcommittee

Economic

on

Inter-American

Relationships

of
the
Joint Economic Committee of the

Congress of the
Superintendent

United

States—

of

Documents,
U. S. Government Printing
Office,
Washington 25, D. C. (paper), 40^.
Exchange Restrictions: Thirteenth
Annual

Report

International

—

Monetary Fund, Washington, D. C.
(paper)..
..y'.y::
Failure

Record

Through

1961—A

study of commercial failures—Dun
&

The purpose of both TIAA

CREF,

&

counts— Commercial

ously."''
faith of teachers and academicians

Liabilities

to

participate in the
services of the two organizations.
On the frequently asked ques¬
tion as to why the variable an¬

nuity, pioneered by TIAA-CREF
and available only to its own aca¬
demic constituency, isn't offered
more
widely by other companies
to the rest of the country's peo¬
ple, the 10th anniversary report

policy would have
reached $298 per month and
this,
added to $112 per month from his
TIAA policy ($100
plus $12 divi¬
'
dend), would give him a■, com¬ says:
bined income of $410
"The variable annuity has re¬
per month.
This would compare with his $214 ceived considerable attention out¬
per month income from the two side the college world. Examples
policies in 1952.
of employers that have established
.

Bradstreet, Inc., 99 Church St.,0"
New York 7, N. Y. (paper),
.y
Franchise Room: How to Profit in
It—An examination of the fran¬
chise' boom,
showing how
kind of business enterprise

provide opportunities
wishing to have their

this
can

for

those

own

busi¬

nesses—Harry Kursh—PrenticeHall,
Englewood
Cliffs, N. J.

(cloth), $5.95.
Highway Statistical and Financial
Data—Committee

fairs,

on

Public

Af¬

American Petroleum Insti¬

tute, 1271 Avenue of the Amer¬
icas, New York 20, N. Y., (paper).
International
Dimension

Enterprise—A New

of

American

Business

discussion

of organization of
international companies,
develop¬

—a

ment of

growth,

strategies for international
and

recent

expansion

American

Corporations

McKinsey

&

of

abroad—

Company, Inc., 270

Number 6170

Volume 195

.

The Commercial and Financial Chronicle

..

(2723)

Toll Bonds Advance

York 17, N. Y.

Bark Avenue, New

TAX-EXEMPT BOND MARKET

(paper), on request.

Continued from page 6

anniversary report—NaBusiness Bureau,

—50th

tional *. Better

Park Avenue/

230

interest cost for this well

New Antitrust

cfe^g

Home

asa

Inc

the winning

bonds
sold during the order period Nuveen & Co. and
and

Drafting

market issues of importance and

designed as an aid to the
lawyer who wants to draft sound,
responsible and successful wills,
presenting new thoughts on the
physical grouping of toe-contents
of
the
will
to
assure
greater
clarification, of its instructions—
Prentice-Hall,
Inc.,
Englewood
Cliffs, N. J. (cloth), $15.

Tuesday was a relatively light
day. However, there were three
issues worthy of comment. The

the

on

by

Bank

T. & S. A. at

Protection for the Family
J. K. Lasser Tax Institute
and
John D. Cunnion—Business ReTax

.

N.

OffipA*

(paper) ,350;

-

•

Dnn-

-Annual
.

C

'

-

Fetrnleum

S.

tistics

nf

25" D

Washington

QK/t

U.

Build-

S' Government Print-

nmpnis "U
inf>

Yv

1961 and trend

i Q07-fii —^qiinArintpndpnt

'

Industry

Statistical

Sta-

Bulle_

tin

National

First

of

Bank

St.

^

^

American

Eiy

ifrancis

A

Petroleum

discussion

and use
alert management to

from'215%

to 3 30%

demand

as

yet

mu:

,

at

hoes

y
the

nf

o

to 271.05 from 269.72 a
slight¬
ly the 270.90 on the corresponding
day last month. As well, it was
noticeably higher than the 268.31

Truck Tonnage Up 12.7%

Over

Last Year's Week

more by investment credit called

Intercity

truck

tonnage

registered

the similar day of

on

1961.

Wholesale

Food Price Index

Continues Rise for Second Week
in

fhA

Wholesale

The

Food

Price

In-

compa?able

.

nnrp

nn

^^p^^dh^of oSt ^hid^i^Sal cu^^
^bDog. the preceding .week.
These findings are based on the

machinery,

'

Congressman

.

.

The

&

Dun

Bradstreet,

Privilege

—

Arleigh P. Hess, Jr/and Willis J.
►Winn—A ©tudy of the theoretical

Inc.

_

_(

^

are
The Northern Trust Co.,
Roosevelt & Cross, Inc., Manufacturers & Traders Trust Co., Buf^°' Hayden, Stone & Co., and
R- D- White & Co. Scaled to yield

$5.88 registered a year ago.

Mills weekly survey of 34 metropolitan Wholesale Food Price Index repSal_ •, :
.
areas conducted by the ATA De- resents toe sum total of the price
June Auto Output Hurt by
partment of Research and Trans- per pound of 31 raw foodstuffs
Ford Strike.
^rt Economics. The report re- and meats in general use. It is not
said
fleets,
tonnage handled at more a cost-of-living
Ward's Automotive
index. Reports
Its chief
onto nrodiiotion
in tho TT
S
lflist
than 400 tniFlr tprminalc of

The statistical agency said the
drop in output last week and impending losses next week, even if
the.Ford dispute is settled, will
substantially alter the industry
,

function

is

show

to

trend of food

the

general

prices at the whole¬

sale level.

,

distributed by the electric light
and power industry for the week

Retail Sales Uneven
Hampered
weather
ery

as

by

well

cool
by

as

and

rainy

some

deliv-

and newspaper strikes, con-

buying

sumer

was

spotty in the

ended Saturday June 16, was esti- recent reported week; However,
mated at 15,991,000,000 kwh., ac- solid gains in some areas, notably
cording to the Edison Electric the Northwest and South, and in

from 1.70% 1the account outlook for the month of June.
Institute.; Output was 115,000,000 a few lines, namely home and
reports an
unsplq
balance
of
Programming for entire June kwh. more than that of the pre- sporting equipment, offset .the>falr

$l,82Q^0p..;.,:-.-^tp|''i

.

:

/j

Tuesday's fii^b ^ale of impor_

^

^

,

tanee

indicated, until the Ford dispute vious week's total of 15,876,000,- tering

pace in other regions and
erupted; some 630,000 assemblies. 000 kwh. .and 646,000,000 kwh., trades, and held overall volume
With, three Ford plants closing or 4.2% above that of the compa- about 'even with the comparable
after operations Wednesday and rable 1961 week. ^
year-ago ievel. Apparel purchases
t
lagged appreciably in men's wear
Thursday, and all 16 of the comLumber
Output^ Rises 2.5%
and
children's
clothing,
and
pany's car making complexes
Above 1961 Level
slated to close Monday, the pro
slipped a little in women's wear.
Lumber
production intheUnited There was healthy activity, on the
duction toll has already reached
_

_

...

rk

.

,

*

a

«•

a

1*jr4

.

3^9% net intq^flcost^was" made an estimated 5,000 units. Even an States in the week ended June 16, other hand, in "furniture,
*
of
& Co., Inc. early resumption of work by Ford totaled > 235,042,000
by the Halsey fBtdi
board
feet, appliances,
garden
and

Englewood

Call

Drtees
rve

^ "f™? most. » mont]l- T*Jere were few
^
f stock declines to offset these increases
periods, of e'co- —the only commodities quoted

1991) bonds on their dollar price auto production in the U. S. last than 400 truck terminals of combid of 100.139 for a 3%% cou- week dipped to 147,226 units, 1.9% mon carriers of general freight
pon. The second bid, 100.109 also below
150,077
assemblies
two throughout the country.
for a 3^4% coupon, was submitted weeks ago as a direct result of the
by the G. J. Devine & Go. group; parts shortage besetting Ford MoLiectnc Output 4.2% Higher
Associated with The Marine tor Co. as an outgrowth of a strike
laan 1,1 1961 Week
Trust Co. as major underwriters at its Cleveland stamping plant.
The amount of electric energy

un-

Cliffs, N; J. (cloth), $15.
the

*

,

m-..chiv,or„»

headed by The

syndicate

be

of

'

up

appeared^ with jthe: present

ac

Value

corn,

was

gyn^ca^ ^h^^Miids are being
issue4 by : iDa#g^>unty, to con$trupt new po*r@^|ities on Dodge
^5 i^^«2?aril S5«iaAACS?.Jcflt Tsland just nf^Sh#|Mi^i waterfroirt and
are|M^ble from the
ru
Af
vT f
1
net revenues ^der|yed from the
ampies or
cnarts
ana
scneauies
vof^bp^jration of the
^showing how
c?wSram5
be used to control sales
and existing; port facilities and those
imay HA^iicA^iA^n^Ai

^
inc.,

corn

^
cotton,

^

^ayoraDie ^es, j:osts,jno^
jyentop ann receivaV1^

Prentice-Hail,

for

or -

!tl\einterpretation
icharts 4o

■

the

Wichita. Reoffered to yield

conslsjcedi of $3^00,000
Institute, ,1271
Avenue, of the County of Daqfc Sorida Seaport
Americas, New York 20, N. Y, Revenue (1962^!9#|) bonds which
.(paper), $1.
•■-.v;-:''wpre bought b^;^^F. S. Smithers
& Co. group a®;|«.726% net in: Charts
to Dnprove Profits terest cost. ThC^Wond bid of a
—

wholesale

With size-

iM

in

advances

,

request).

Hours-

aule

r o-

.

and

Dun & Bradstreet

week earlier and exceeded

Other members of the successful

York,
city school
district (1963loaiY /Unnric
thpir rln lar

WaWes

SSMSSSS

kerweeVne^TO^rfl^appreciably ,lower durinS 1116
?hev le «e„iv^ith thls prochvlty week were wheat and tin.
kltahfl?tv
-Si p°sse.ss IP?r"
On June 18, the Daily WholeJ^bilitjr of a relatively high sale
Commodity Price Index
moved

vteld

syndic^te are^The^Northern~ Trust that business will be helped far

(mices
^prices

inc Trades—.Tulv 1

to

of

Marine Trust Co. of Western New

TTnion

prices

®

y

Wholesale Commodity Price Index
Edges Up in Latest Week
;

a

Inc^e^merican Emerorise As- York' Buffal°- was the high bidsocMoT wfl ^mrteenth Street, def f°t $4>350J>0Q HornelR Hew

Inc., Larphmont,
$12.50;_
\

at

35 *?ut ?emained below the

j

-

t

Continued from page 16

The

ports,

offered

are

w

tev^rShit fwSf

& Co.
Inc
submitted the
best bid for $3 945 000 Alexandria
va
(1963-19821 bonds The hnnds

Tax Prouosals Relating to Foreign

bn

w!!
270 in

fv!a!Unlng in the similar week

__

The State of TRADE and INDUSTRY

Washington 25, D. C., balance being $3,250,000.

WashinsrtonDC
wasnmgion, XJ.

to 310 from

?
hogs,
steers
and
index
.00%,
However, it may well be kept reached the highest level in al¥VWi
reaeneu me mgnesi xevex m ai-

solid investment stature.

National City Bank account.

(paper), 250.

NW
iN.
W.,

Jth

rrfnnv weeks pi June, the general whole-

associates as Most of these issues have attained

stuart

«omPa^ very

^Government Finahces-^Biireau of
the Census,

inprf>™

An

amy is-helped more by general nounced.
Truck
tonnage
was weeks^ While the lindexS]has rebusiness investment incentive pro- 12.7% ahead of that of toe pre- mairSd below
l96t
good for the first eight years with visions than by a continuation of vious week of this year. This gain levels in every week so far this
all of these bonds placed. Interest,
Is largely attributable to toe Me- year, it came fractionally close,
Local however, for larger bonds has not
tne tredit to _en- morial Day holiday which oc- 0.2%, in the current .week to the

..

Data

of

Sources

.

.

.

This

second bid of a 3.143% net interest
cost which was made by the First

grammed Instruction in
—Edited by
Theodore
match,
Elizabeth
Marting
Robert E. Finley—American Management A6sociation l515 Broad
way New York 36, N. Y. (cloth),
..

week.

net
interest cost of 3.141%. This bid

Pn

P

Training:

headed

group

America N.

•

.

last

The toll roads hava in

aeo

^ wfeo

ciples and Applications—A bibliography-—-"Selected Reference,
May, 1962"—Industrial Relations
S e c t i o n, Princeton University,
Prinee.ton,.N; J. (paper), 400.

$5.25,

^846%

State

of

city and County of Honolulu, i 60% to 3 30%
to press
Hawaii, awarded $9,000,000 public a balance of $1 520 000 remains in
improvement (1965-1982) bonds to account;
remalns ln

Programmed Instruction: Its Prin-

.

«ie

the account .marked closed.
2%s, and were scaled to yield
Last Friday and Monday of this fronj 1.80% to 3
week were void of any general
The syndicate headed hv Hal<?av

ume

State

averagS^out:1rom

ih

ors

Glore, Forgan against

group are

rnuntrvwiHp

all '^"the ?^Aks£M 1963-1972) bonds total- their revenue potentials but a fadlat® appeal?i?g $629,000 were awarded to John vorable trend is now undeniable.

Wills-,Charles M. Lyman—A vol-

Revolution ; in

t

tr>^A

^A^ociSS a? S

nrniwts

"?$.

Association, 420
Lexington Avenue, New York 17,
N. Y., (paper).
of

,

Canadian failures inched to -37

imnortant

^wT'smVtoWs

Aspects

j

kJLh

IS?

rjhasp IVTanhattan Bank account

suspect from the line-up of ac-to 350% in 1983
count members, dealer, banks buy-

Gas

Practical

®

under $100 000

g*gs£aia!-.gSm- gammas,aa

Research-1962—Brochure—

Par

week. The Commercial and Finan-

thi

>

request.

American

a

Mercantile^Trust Co. of St. ^ c0 Hayden, Stone & Co., translates to an average weekly
CommerJe Orpiori 'frfrqt National Bank of ^h?te' Yeld t C2* and Republic gain of a quarter of a point,..In
402?^West Boston ' IndUstrSfNat^onakBank/Natif°n?
*?£
^ aS' Upon "iany. instance.s V** *oU roads are

T-AvailSble on subscription, prices,
qn

at

bid designating a 3.46% ctal Chronicle's revenue bond Innet interest cost was made by The dex which is a composite of the

syndicate included Smith, Barney
& Co., Stone & Webster Securities winning
Corp.,

Negative

for

S. A.

casualties, up from 36 a week
earlier and about even with 46 of

ner-up

Rules of the Com-

Forms

dedures,

regarded

...

■

mk.

Market: Explanation of Pro-

men

&

interest cost of 3,425%. The run-

New York 17,

(paper).

N, Y„

T.

toll

road, utility revenue
and toll bridge term bond issues
net have done better during the past

National Better Business Bureau
America N.

'

+rtri

rpu*

The

47

constructed.

The

county

will not immediately result in compared with 216,320,000 in the
normal output. Ford has been prior week, according to reports
making about 45,000 cars a week from regional associations. A year
since early May.
ago the figure was 229,336,000
•
Meanwhile, production by the board feet.
'other four major auto makers
Compared with 1961 levels, outvaried little this week from last, put advanced 2.5%, shipments
Carloadings Fall Below
^

covenants.to fiX:ahd collect rates

Last

Year's Week
,

.

-

•

1

a

■

goods.
The total dollar volume of retail
trade in the week ended last
Wednesday ranged from 2% below to 2% higher than last year,
according to spot estimates collected by Dun & Bradstreet, Inc.
were
5%
higher,
and
orders Regional estimates varied from
gained 6.5%.
*
comparable 1961 levels by the
Following are the figures in following percentages: East North

Loading oL revenue freight in thousands of board feet for the
for 4ise of the port
facilities which, will produce reve- tKe week ended June 9, totaled weeks indicated,
June 2,
nues equal to at least 1.5% times
June 10,
581,336 cars, the Association of
June 9,
the debt service requirements In American
Railroads announced.
a{*»a
and

charges

.

to year,
year.
each

:

some

sport

This was^An increase of 50,507

232I442

231,443

Central —7

to

West North
Middle Atlan-

—3;

Central —6 to—-2;

tic —5 to —1; New England

—3

to +1; East South Central 0 to
H"4j South Atlantic -f-2 to

233,798
225,145 Mountain and Pacific 4-4 to 4-8;
9.5% above the preceding orders
—239.712
and West South Central 4-6 to
tion, identification of factors teresting^^financing are GoOdbody..holiday week.
ABarcus.
Kindred & Co
The loadings represented a deModerate Increase in Business
Which must toe considered in the & Co
+10.
Co.,_Barcus,
Kindred 8c Co.,
Ste^ BrotlSrs ^ CJo., Hayden* crease of 11^80 cars or 2.0% beFailures
process, analysis of market ex
Nationwide Department Store
Stone
&
Co.
anCiCenower,
Maclow
the-corresponding
week
in
Continuing
up
for
the
second
perience under varying' condiSales Up 1% From 1961 for
iions, and a ^demonstration of the Arthur & Co. Reosffered to yield l961l^ a^d a decrease of 67,322 cars consecutive week, commercial and
Week Ending June 9
land of information that can be from 1.75% to 3.85% for a variety or 10.4% below the corresponding industrial failures climbed to 354
Department store sales on a
collected and
used
to enlarge of coupons about 430% of the bonds week in 1960. . ,
in the week ended June 14 from

basis for-evaluation of -the call op^

Associated

as

majors in this in-

cots or

**

.

_

„cllcutc

School

Commerce,

isylvania,
.(cloth).
Voluntary
the

„

j

a

*

•

»

.

VUUU1.

taowledge of securities markets
Wharton

..

of

Finance

and

.

A Quiet Day

University xof l Penn

Phila4jelphia,

Health

Insurance

Aged-r-Status,

Pa.

for

Trends -und
Outlook—Mortimer Spiegelman—
Metropolitan Life Insurance Com*
'pany, New York, N.
<paper).




There

have been sold; !
,

?

Wednesday was also a relatively
quiet day with *only two issues of
importance selling at competitive
bidding.
The
State
of Alaska
awarded $6,300;000 various pur-

<1963-1982); bonds to the
headed jointly by Morgan
Guaranty Trust Co; and Bank of

pose

group

12,433

,

reported 306

in the preceding week, reloaded with one or more revenue ported Dun & Bradstreet, Inc. At
highway trailers or highway con- the highest level in eight weeks,
tainers (piggyback) in the week casualties equalled the 1961 and
ended June 2, 1962 (which were ,1960 levels when 551 and .353 ocincluded in that week's over-all eurred respectively. Some 42%
total). This was an increase of more businesses succumbed than
2,736 cars or 285% above the cor- in prewar 1939 when the total was
responding week of 1961 and 2,986 249 in the corresponding week.
cars or 31.6% above the 1960
Liabilities of $100,000 or more
week.
- were involved In 44 of the week's
were

cars

cbuntry-wide basis as taken from
the Federal Reesrve Board's index reported a 1% increase for
the week ended June 9, 1962,
compared with the like period in
1961. For the week ended June 2,
sales were <up 4% compared with
the corresponding 1961 week. In
the four-week period ended June

9, 1962, sales were 5% sib®** the
corresponding period in 1961.

The Commercial and Financial Chronicle
48

.

,

Thursday, June 21, 1962

.

(2924)

Oct.

-

WASHINGTON AND YOU

1962

11-12,

Association
Firms

of

Board

Angeles)

(Los

Stock

Exchange

Governors

of

meet¬

ing at the Ambassador Hotel.
Oct. 24, 1962

behind-the-scenes interpretations
from the nation's

Ohio

capital

(Cincinnati, Ohio)

Valley

Group

Oct. 26-28, 1962

Southeastern

nity.

United States Government intends

of

to

big story in
economic pic¬

about it, is the

do

The

Washington.

is neither all bad nor favor¬

ture

able.
is

There

downtown

•

place.

town

of 2,000

bama

"Black

of

area

an

this little Ala¬
surrounded

drop in corporate profits the

first

Luther

of Commerce

Secretary

Hodges made

observation that

an

people have been trying to

many

of

the

the

several

The

years.

individuals.

and

highly

been

in

tures

made

to

provide

than growing and
cotton. Thus, there are

cattle

for

does not involve the cotton econ¬

omy

New

his

York

and

New

at

Yale

speech

President

In

Haven.

University,

Kennedy

lamented

what he called unfair criticism of

unsound

an

fiscal

of - his

policy

Administration.

President

ised

Kennedy
prom¬
budget in 1963.

balanced

a

a

West

on

June 30.

the Other Hand

While President

ingly

Kennedy seem¬
holding out the olive

was

branch

to

business

in

his

can

ocean

of

much

seaport,

city.

cheaper than they

can

to

reflect

the "behind the scene"

interpretation
from the nation's Capital and may or
may not coincide with the "Chronicle's"
own views.]
••VVji/?'.A-A A V

talk,

Alabama's

No.

EVENTS
IN INVESTMENT FIELD
(

School and Graduate

jab

a

at

Cox

said

way

to

"free
there

bring

Government

School, took

enterprise."
should

the

into

Mr.

be

some

States

United

and price

wage

decisions early in the negotiations.
Said he:
"There

price

changes

serious

a

wage

and

which

have

such

widespread
conse¬
that the public is entitled
in

voice

;

cision."

The top

tive

some

and

quences

to

are

the

' V',-1

:

of de¬

process

N"- :-ij.'C

barrister in the

branch

of

government,
Attorney
General
Robert F. Kennedy, confused and
other

than

confounded

listeners

and

readers

by

vowing that he wasn't advo¬
cating government controls. Then
the question arose: Just what is
he

advocating?
Cox, a former law profes¬
at Harvard, told the Harvard

Mr.
sor

audience: ".

.

.

The absence of any

plan

for bringing the public in¬
into play at a fairly early
stage carries too much risk of di¬
terest

rect

confrontation

between

the

President himself and the private

parties involved."

■».

In support of his contention the

Solicitor General
on

cited

the

head-

collision between the president

and the

big domestic steel indus¬
try in this country.

Perhaps
and

heard

President

Solicitor
of

Cox

little

a

Kennedy

town

in

never

Ala¬

bama named

Uniontown. Perhaps
only a handful of people in the
executive branch of our govern¬
ment

ever

heard

of




the

commu¬

Atlantic

Mexico

of

and

the

into

then

and

into

where it is unloaded.

June 22,
New

1962

York

Analysts

(New York City)

Society

10th

Security

of

annual

outing

from

Westchester

Country Club.

West Germany and can get it de¬

June 23-26,

1962

Cahaba

livered

buys

to

the

steel

Uniontown,

Ala.,

at

(Santa Barbara,

sub¬
stantially cheaper than it can buy

California

it at nearby Birmingham.

ment Bankers Association of

Calif.)

Group

of

the

Invest¬

Probably there are few, if any America annual Conference at the
people, on Capitol Hill who know Santa Barbara Biltmore.
this story, but it emphasizes one
June 28, 1962 (Des Moines, Iowa)
thing since the dispute between Investment
Bankers
Association
steel

industry and the White

House.

The

Republican National Com¬

mittee several days ago sought to

play up the fact that German steel
is being used by the United States

Navy. The Navy plans to
steel

man

to

build

Ger¬

use

three

missile

frigates,
The Republicans asked:
"Although the Government os¬
tensibly saved $153,000 by this
maneuver.

U.

S.

...

less

How much will the

the

and

employment

States

benefits

steel

workers

pay

to

in

un¬

the

job¬
during
the

period they would have been em¬
ployed making this steel?"
West
Germany of course al¬
lowed its steel industry to mod¬
ernize,

while

continued to
the

on

Some
of

this

extract

domestic

critics

the

West

was

cause

have

steel

Mobile Bay,

try

The "Uniontown" Story

the

across

Gulf

the

execu¬

the

one

Cahaba

German

to

con¬

(Chicago, 111.)

Opens

the

Invest¬
Meeting.

Sept. 13-14, 1962

(Chicago, 111.)

Municipal Bond Club of Chicago
outing.
13-15, 1962
Beach, Fla.)

Sept.

firm

& Co.

of

name

Mr. Freund

Opens

SPRING, Md.—Charles S.
Adler is
conducting a securities
business from offices at 2466 Ross
Road under the firm

(Ponte

Co.

Mr.

of C. S.

name

Adler

for¬

was

Vedra

George Davis Opens
MINEOLA, N. Y. — George H.
Davis is conducting a securities
business
of

name

Security Dealers Associa¬

from

Country

offices

Road

at

under

290

the

Old

firm

George H. Davis Enter¬

prises.

of

Iowa

Bankers

Investment

Sept. 20-21,

1962

American Bankers Association

Oct. 4-5,

1962

Group

Bankers

is

now

Michigan

Des

Bankers

Attention Brokers and Dealers

Investment

American Cement

Botany Industries

Group Investment

Maxson Electronics
Official Films

27,

(Gearhart, Ore.)

Oct. 8-9,

(Detroit, Mich.)

Group

Waste

Investment

Association Meeting.

1962

Association

of

Stock

Oct.

Municipal Conference at the PickCongress Hotel.

Minnesota

9-10,

1962

York

King

telephone number is

CAnal 6-4592

Exchange

Firms Fall Meeting at the
Invest¬
ment Bankers Association Meeting Hopkins Hotel.

Sept. 11-12, 1962 (Chicago, 111.)
Investment
Bankers
Association

Our New

(San Francisco)

Group

affiliated with B. C.

TRADING MARKETS

Association Meeting.

Oct. 8, 1962

City.

Ziegler & Co., of West Bend, Wis.

(Cleveland, Ohio)

Northern Ohio

a

LOUIS, Mo.—John F. Kauff-

man

Bankers Association Meeting.

the

Northwest

ST.

(New York City)

York

in

(Special to The Financial Chronicle)

(Philadelphia, Pa.)
Bond Club of Philadelphia 37th
annual outing and field day at
the Huntingdon Valley Country
Club, Huntingdon Valley, Pa.
New

engaging

With B. C. Ziegler

nual convention.

Oct. 3, 1962

is

Foster

day at

•

offices

Street, New York

securities business from offices at
570 Fifth Avenue
(c/o M. Fass),

an¬

Sept. 28, 1962

(a cocktail
party and dinner will be held at

June

business from

Geo. Foster Opens
George

New York

Sept. 23-26, 1962 (Atlantic City,
N. J.)

Club

Pacific

securities

a

at 311 East 54th

City.

(Cincinnati,

Municipal Bond Dealers Group of
Cincinnati, annual fall party, with
a field day to be held Sept. 21, at
the Losantville Country Club.

anual

Sept. 7-8, 1962

Meeting.

Ohio)

27th

Club,
preceding the dinner).-

Association

Board of Governors Fall

Wakonda

Moines

Opens

Harvey L. Pokrass is engaging in

the

field

H. L. Pokrass

(Santa Barbara,

Mark

(Minneapolis,

LERNER & CO., INC.

T

Investment Securities

Minn.)

Group

Investment
Bankers Association Meeting.

10 Post Office

Square, Boston 9, Mass.

*

Telephone
HUbbard

Teletype

2-1990

BS

69

CoveVitamin&Pharmaceutical
Common

and

Warrants

government

heavy taxes

steel

contend

able

our

Group

Calif.)

2

,

Offhand,

the

Mountain

Sept. 19-21, 1962

Birmingham,

Yale

adminstrationist failed to help advance his
one

Statler.

tion annual convention.

miles

100

would expect that
mill would get
its steel from Brimingham to sup¬ June 22, 1962 (Philadelphia, Pa.)
asserted good will toward busi¬
ply its market. The facts are, Investment Association of Phila¬
ness and industry.
annual
most if not nearly all of the steel delphia
outing
at
the
Solicitor General Archibald Cox,
is
presently coming from Ger¬ Philadelphia Cricket Club, Flourin a speech for the Harvard Law
:;v:
many's Ruhr Valley. It is shipped town, Pa.
University

Hotel

merly with Herschel & Co.

ment Bankers Association

Florida

about

and

Mutual

annual

C. S. Adler

(Denver, Colo.)

Sept. 12, 1962

Rocky

[This column is intended

the
great steel city, and the South's
foremost industrial city. It is also
about 165 miles North of Mobile,
a

of

43rd

SILVER

SATURDAY!"

day after tomorrow—that's

buy it nearby.

dustry Helps the saggitfg agricul¬
tural economy of Uniontown.

is

under

Adler &

and Louisiana into Texas deliver¬

Uniontown

the

previously with Bache & Co.

expect my stock to stop dropping by

well-

a

Alabama, across Mississippi

southwest

ends

year

I

.

fleet of trucks that travel across

billions.

fiscal

KNOW

the

managed and a growing little in¬
dustry for the community. It has

Steel From Abroad

On

"I

:

The Cahaba steel mill is

Maybe he can, but the deficit in
1962 is going to run into several
The

was

ing steel products. This little in¬

It will be recalled that in Janu¬
ary,

Street

cated there.

Washington,

of

out

came

Association
Banks

at

Barton Freund

but the little steel mill lo¬

omy,

The headline news on the econ¬

(Boston,

business from offices at 128 Broad

The

intriguing economic story
at Uniontown, Ala., nevertheless,

con¬

1963

BLOOMFIELD, N.i J.—Barton A.
Freund is conducting a securities

fewer workers in the

expendi¬

tinued growth of our economy.

1,

House.

re¬

there

Therefore,

insufficient

have

Boca

•

B. A. Freund

involved

work

is less

picking

Asso¬

the

at

Financial Analysts Federation an¬
nual
convention
at
the Palmer

countryside.

rolling

raising

Traders

Club.

May 12-15, 1963

area

agricultural
economy at Uniontown.
That is
spected Secretary said our tax why perhaps there are some va¬
structure is sucking the life-blood
cant stores on Water Street, the
from so many of our corporations principal business street.
hammer home to Washington for

National

Savings

raising
South Cotton

old

Gradually,

There

&

27-May

ference

the greatest cotton

sections

Belt.

the

was

v

by

has
given way to cattle raising. To¬
day it is one of the finest cattle
raising sections as fine herds dot

town

of

one

(Boca Raton, Fla.)

Mass.)

1% decline in retail
sales of May, and a $600 million
quarter of 1962 as compared with
1961 quarter.

April

soil.

Not too long ago

the corresponding

Raton Hotel

in thi*

economy

our

bama

a

Security

Convention

Nov. 25-30, 1962 (Hollywood, Fla.)

Commerce
failed to spur any immediate en¬
thusiasm in the economy when it
reported

1962

National

Investment
Bankers
Association
Annual Convention at Hollywood
Beach Hotel.

the

of

Nov. 4-9,

It points up

there

Department

Investment

people in the Ala¬
Belt."

country that needs a remedy. The
"Black Belt" gets its name from

is

(Hot Springs, Va.)

Group

.

Association Meeting.

ciation

Yet, there is an important "bur¬
ied" economic story in that little

dence about the future.
The

the

Congress
Washington.

time

same

talk in
and in
At the
some
confi¬

gloomy

some

of

Halls

the

Bankers

Perhaps only a corporal's
guard in Wall Street ever heard

WASHINGTON, D. C.—Our sput¬
tering
economy
and what
the

Investment

Bankers Association Meeting.

industry.

that

steel

much

Common

and Warrants

indus¬

modernize

government

Versapak Film & Packaging

be¬

provided

Bought—Sold—Quoted

$4 billion in economic aid to West
Germany since World War II.

Meantime,
even
the
school
Uniontown, Ala., realize
there is something wrong when a
little industry in their own town
boys in

can

buy

steel

from

across

the

IILL, THOMPSON & CO., INC.
70 Wall Street, New York 5, N. Y.
Tel. WH 4-4540

~

■

Tele. NY 1-0154

I

I

Volume 195

Number 6170

...

A

Supplement to the Commercial and Financial Chronicle

Thursday, June 21, 1962

(1)

Investment Association of New York

Richard

E.

Boesel, Jr., Hayden, Stone & Co., Incorporated, President of
V

I

■

Investment Association

Richard W. Goss II, Merrill Lynch, Pierce, Fenner &

Smith incorporated; Robert E. McGill III,
Morgan Stanley & Co.; E. Jedd Roe, Eastman Dillon, Union Securities & Co.

Pete

Tom

«

J. Scott

William G.

Second District Securities Co., Inc.; Charles H. Maspero, R. D. White & Co.;
Gallagher, Vance, Sanders & Co.; Frederick L. Weil, Thomson & McKinnon




Crabtree, Equitable Securities Corporation; Morgan H. Harris, Jr., White, Weld & Co.;
W. E. Hutton & Co.

Allan Bogardus, Watling, Lerchen & Co. (Detroit); Joseph W. S. Cooper,

John

Hager, Goldman, Sachs <ft Co.; Hank Tiffany, First Boston Corporation;
Sumner White, First Boston Corporation

Brace Young,

Wilkerson, Granbery, Marache & Co.; Andrew M. Blum, Gregory & Sons

E. Eckelberry, Clark, Dodge & Co., Inc.
J. Logan Burke, Jr., W. E. Hutton & Co.

Richard

E.

Boesel, Hayden, Stone & Co., Incorporated; Peter P. Wiley, Merrill Lynch, Pierce, Fermer
& Smith Incorporated; Arthur K. Salomon, Salomon Brothers & Hutzler
i

(2)

Volume 195

Thursday, June 21, 1962

Number 6170

...

A

Supplement to the Commercial and Financial Chronicle

Holds Annual Outing

James

Jerry Goldstein, Bear, Stearns A Co.; Leo Bretter, Bache A Co.;
Smith Incorporated

Radford Lovett, Merrill Lynch, Pierce, Fenner A

Tom

John C. Harper, Dillon Read A Co., Inc.; Edward H. Kendall,

Fox, W. E. Burnet A Co.; Eugene Cheston, Drexel A Co.; Harry Harwood, Faulkner,
Dawkins A Sullivan; Ellis Klingeman, Dillon Read A Co., Inc.

Bill

Stewart, Van Alstyne, Noel A Co.; Julian H. Robertson,
Kidder, Peabody A Co.

Chrystie, Merrill Lynch, Pierce, Fenner A Smith Incorporated; Frank Pierce, Merrill Lynch,
Pierce, Fenner A Smith incorporated; Donald Newman, Allen A Company;
Dick Leonard, D. B. Marron A Co.

Don

Devine, Freeman <ft Company; Bill Reynolds, Carl M. Loeb, Rhoades & Co.;
Townsend Brown, Carl M. Loeb, Rhoades & Co.




Paul D. Kaplan,

W. E. Burnet A Co.;

Kuhn, Loeb A Co.

Neil Car'r, Francis I. du Pont A Co.; Walter E. Sullivan, Jr.,

Hayden, Stone A Co. Incorporated

John Hughes, Carlisle A Jacquelin; Harold E. Aken, Jr.,

Kuhn, Loeb A Co.; Thomas A. Lewis,
Clark, Dodge & Co., Inc.; Edward Patterson, Greenshields & Co. Inc; Jim Couffer, Jr.,
Thomas, Do Coppet & Doremus; Fred Appleton, Dominick & Dominick

Drexel & Co.; J. L.

Ted

M. Siouris,

Eastman Dillon, Union Securities A Co.; Orest E. Bliss,
Norman Davidson, Blyth A Co., Inc.

Goldman, Sachs A Co.;

f

Volume

195

Number 6170

.

A

Supplement to the Commercial and Financial Chronicle

Thursday, June 21, 1962

(3)

p

At

Bill

Sleepy Hollow Country Club

Berrien, Don Simon, Alex Fedoroff, and Gilbert Kiggins, all of Hemphill, Noyes A Co.

James W. Needham,

White, Weld A Co.; Frederick B. Whittemore, Morgan Stanley A Co.;
Todd Goodwin, White, Weld A Co.

A

John E. Friday, Jr. Morgan Stanley A Co.; William

H. Black,

John Schermerhorn, Lazard Freres A Co.; John D. Luhy,

Morgan Stanley A Co.

Andrew Davlin,

Tucker, Anthony A R. L. Day; Ted Myers, Arnold Malhan A Co.; John C. Maxwell,
Jr., Tucker, Anthony A R. L. Day; Dick Wolfe, J. R. Williston A Beane

Harold Regan,




Kuhn, Loeb A Co.; Tom Lewis, Clark, Dodge & Co., Inc.;
Frank Back, White, Weld A Co.

Edwin L. Beck, Commercial A Financial

hazard Freres A Co.

Chronicle;

Boiling Haxall, Doremus A Co.

Ron Wittreich, Tucker, Anthony A R. L. Day; John Newman, Tucker, Anthony A R. L. Day;
Jack Harned, Glore, Forgan A Co.; Tom Ritchie, Stone A Webster Securities Corporation

John Straton, Jas. H. Oliphant A Co.; Alden West, Sutro Bros. A Co.;
Charles Benedict, R.

W. Pressprich A Co,

(4)

Volume

Thursday, June 21, 1962

195

Number 6170

...

A Supplement to the Commercial and

Financial Chronicle

June 15,1962

Carl Tiedermann, Stone & Webster Securities Corporation; John G. Peterkin, Gregory
Hanford Smith, De Coppet & Doremus; John H. Leib, Blyth & Co., Inc.

Lloyd W. Mason, Jr., Paine, Webber, Jackson & Curtis; Charles
Ludlow, J. A. Ludlow & Co.; George Wiegers, Dean Witter & Co.

Morgan Murray, B. J. Van Ingen & Co., Inc.; James A. Stewart, McLeod, Young & Weir, Inc.;
Edward Patterson, Greenshields & Co., Inc.; Harold E. Aken, Jr., Kuhn, Loeb & Co.

& Sons;

Eugene L. Oakes, Evans & Co., Incorporated; Peter A.
Bache & Co.; Ron Lane, Delafield & Del a field;
Ramon

H. Austin,




Kidder, Peabody & Co.; Roy J. Remite, Hornblower & Weeks;
Paul E. Hood, Kidder, Peabody & Co.

W.

Madden, Freeman & Company; Peter B.
Hallgarten & Co.

Stachelberg,

Brinkman, Bache & Co.

Shepard Baker, Morgan Stanley & Co.; Michael J. Garvey, Jr., Lehman Brothers; Peter A. Nowakoski,
Clark, Dodge & Co., Inc.; David Dodd, Merrill Lynch, Pierce, Fenner & Smith Incorporated;
1
Howard R. Hughes, Dillon, Read & Co., Inc.

Robert

William

Bernard,

Stuart Hume, Spencer

Trask & Co.; Daniel Pratt, Smith, Barney <fi Co.;

Jim Lineberger, Spencer Trask & Co.

York Hanseatic Corporation; Dick Brennan, L. F. Rothschild & Co.;
Gallagher, Eastman Dillon, Union Securities & Co.

Michael Grunebaum, New
Dan