Full text of Commercial and Financial Chronicle : June 22, 1961, Vol. 193, No. 6066

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The COMMERCIAL and FINANCIAL

ESTABLISHED 1889

Volume

193

Number

as

ourselves
and

New York

6066

AS WE SEE IT

Editorial
Strange

Reg. U. S. Pat. Office

it

may seem, we are

7, N. Y., Thursday, June 22, 1961

of

economic

our

to

Imperative Need

still in need of reminding

again and again just what it is that we expect

want

Price

Cents

50

a

Copy

Reshape Free

World Into Real Economic Forum

system. A man from Mars

hearing the ordinary garden variety of politician orate
would
of

economic

an

one

By Professor Walter Hallstein,* President of the
Commission

system, is that of creating jobs. At times

do

that

so

this

a

paternalistic government

that

and

for

the

may

be able

is the

unfortunate,

A

necessity

goods to be used in buying the underdeveloped na¬

tions

Mr. Hallstein

from communism, or the development of
production potentials that can be employed in times of
war.
And, of course, one of the functions must be to
away

forum

for

and

force

a

He praises

cooperation.

the

that

0. E. C. D.

going beyond

of

attraction

of

problems

the

for

keep growing at a fast pace—or so it would seem from
that is being said these days in Washington and

have

linear

tariff

existed

rules

and

bulwark

a

points out

and

acceptance

of

Rome

It

indeed do expect of our econ¬
omy in one degree or another, but they are either by¬
products of a properly functioning economic system or
are
needed at present by reason of the existence of a
things

we.

disordered world. The real function of a business
is

It

is

difficult

and

system

very

enough to master

world;

with

fathers
the

which

a

and unless

am

means—that

owe

world

affairs

which it is

The European

world

free

a

new

not

Community is itself a
both political and
who believe that

of those

one

should

political

by

the East.

again

revolt

foment

among

the

Eastern

of

We must continue

duty to those peoples.

to

prove

them,

liberty. More than this, we must
and

to

peoples

throughout

the

world, that a free system not only is better than
any other but that it works better.
The Commu¬
nist bloc can offer many inducements—many de¬

.

ceptive promises. It is up to us to show- that we
go on better, and offer both help and freedom.
Already, the force of attraction of the European
Community is making itself felt. We have just
can

regarded, for example,
- recurring
business

I

am

we

ever

cycle.

the

European

West

peoples

grand¬

our

I

the

subject

kind of fatalistic resig¬

the

to

nation

of

to strive for their

the political and

begin to understand them,

signed with Greece, one of our NATO partners

not saying—by any
we are in a much

in

Mediterranean, a draft Agreement of
Association. We are working towards another with
the

position on this particu¬
But in some spheres
least we are beginning to

better

Eastern

NATO is

lar subject.

Turkey, whose position as a member of

at

perhaps even more exposed. And there are signs
that Great Britain, so long the absent partner in
our move towards European integration, is at last

fatalism by
This is true in a

hopeless

number

"Equitable distribution" may be easily defined as the
apportionment of the output of industry and trade to
individuals in proportion to their contribution to the
production thereof. Of course, there are the ill, the
maimed and the intellectually incompetent whom or¬
dinary
humanitarian considers(Continued on page 16)

our

the

Community

Europe. The dangers
and the human cost are too high for such decisions
to be lightly taken. But we must never forget that

shall be condemned forever

we

replace

.

rule

that

forces

joint action.

Equitable Distribution

capacity for detached and
than ever necessary today.

study them impartially

can

we

a

orbit

attraction—once

of

in

we

more

belief that

my

appraisal is

economic

simply stated. It is to produce and dis¬
tribute as equitably as may be, and in such abundance
as is feasible, those good things of life
that the people
who own and operate the system want and are willing
to pay for at prices commensurate with the cost of pro¬
ducing them. It is the normal function of the individual
businessman to do his part in the process in order to
earn a profit. It is all as simple as that.
very,

is

cool

all to understand.

us

economic promises from

or

economic.

Treaty

elsewhere.
Some of these

mention

all have to reckon, and

Secondly, the

:

force

recommends

non-E. C. M. countries.

to

the

of

out

threats

developing
balance of payments

E. C. M.;

without

reductions

much

as

world;

in

factors

new

I

the

stability in the front line of the free world. Eco¬
nomically and politically, it is a guarantee that
none of its members can be "picked off," attracted

economic

surpluses,

countries, "sixes and sevens" and our
would

real

a

we

well.

as

because

Community, in the first place, represents

of the imperative

E. C. M.
free

agricultural

of

to

fields

the

of

one

important for

by head of new force in
warns

is

other

Community

with which

ringing call for a real western economic alliance to out¬

international affairs.

duty of the businessman. Or it might be the production
of

of the European Economic Community

class communist COMECON is made

prime

in

fate

our

European
itself

might get the impression that paying taxes in large

amounts
to

*

that the chief, if not the only function

suppose

fields

of

in

beginning to rethink her whole relationship with
continental Europe, and may one day be ready to

Europe,

where the establishment of the

that we
integration. A bulwark, then, and a
But the Community is more
than this. One of the reasons, indeed, for its force
of attraction is its size. Our population is almost

participate fully in this great enterprise

Prof. W. Hallstein
Economic Commu¬
already solved some
problems, such as the age-long enmity between
France and Germany, which used to be thought
•inevitable and eternal. With the help of our allies

European

nity

force

of attraction.

big

as

world, I think we can hope to master

the free

in

call European

has

as yours,

although

(Continued on page 25)

State,
PICTURES

U. S. Government,
Public

THIS

ISSUE:

Security

Candid photographs taken at the Annual Outing of the
of Connecticut appear

in today's Pictorial Section.

Housing

Municipal

JAPANESE

Securities

STATE

MUNICIPAL

AND

Lester, Ryons & Co.
623

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HAnover 2-3700

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Hope

Street, Los Angeles 17,
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Members New York Stock Exchange

BONDS

The Nikko

Associate Member American Stock Exchange

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NY 1-2759 U
Office:

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New York 15




•

Affiliate:
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Teletype:

4-7710

Nikko

•

Notes

Inquiries Invited

Division

Corona

Claremont,

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OF NEW YORK

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in

on

THE

CHASE

Whittier
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MANHATTAN

•

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Teletype: NY 1-708

New York

Correspondent

—

Pershfrng & Co.

LOS ANGELES

FRANCISCO

Net

T. L. Watson & Co.
ESTABLISHED

Executed
Exchanges

Canadian

New York Stock Exchange

On

buy the above rights which
expire on July 7, 1961, at the
current

All

CANADIAN DEPARTMENT

Exchange

CALIFORNIA

Rights
We offer to

Inquiries Invited
Orders

Commission

DIVERSIFIED

(Toronto, Canada)

LOBLAW, INC.
Block

Stock

Banks and Brokers

1832

Members

BANK

The Consumers' Gas Company

Active Markets Maintained

To Dealers,

American

del Mar,
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Riverside, San Diego, Santa Ana,
Offices

New York 4, N. Y.

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25 BROAD STREET

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Agency

Members Pacific Coast Exchange

founded

Chemical Bank
NewlorkTrasl Company
BOND

Municipal
and Public

Housing,

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telephone:

IN

Traders Association

market.

Direct Private Wires to

Toronto, Montreal, Winnipeg, Calgary,
Vancouver, Victoria and Halifax

Teletype NY 1-2270

25 BROAD

STREET

DIRECT

wires TO MONTREAL AND

MEMBERS
•

BRIDGEPORT'

*

PERTH AMBOY

TORONTO

Dominion Securie
Grporatiom

Goodbody & Co.

NEW YORK 4, N. Y.

NEW YORK STOCK EXCHANGE

"

2 BROADWAY
y

NEW YORK

'

-

.

1 NORTH LA SALLE ST.

"r:'«

V -v

•

CHICAGO

Associate Member American Stock

40

Exchange

MUNICIPAL BOND

N.T.&S.A.

Exchange Place, New York 5, N. Y.

Tel. WHitehall 4-8161

Tele. NY 1-702-3

DEPARTMENT

BANK OF AMERICA
SAN

FRANCISCO

•

,

LOS ANGELES

2

For

The Commercial and Financial Chronicle

(2726)

Banks, Brokers, Dealers only

The

Security I Like Best...

A continuous forum in

Professional Service

which, each week,

in the investment and

in

,

.

Thursday, June 22, 1961

This Week's

<

L
Participants and

Forum

diffennt group of experts

a

.

Their

Alabama &

Selections

advisory field from all sections of thi country

participate and give their reasons for favoring a particular security.

Louisiana Securities

Hoogovens ADR's—Alan C. Poole,
Research

OVER-THE-COUNTER

ALAN

MARKETS
•

in

Positions

500
•

yr/:;v

r:.;-

more

than

leading O-T-C issues.

Members:
and

broadest coverage

of all

O-T-C markets.

Established
Associate

American

inflated

but

1920

Exchange

PHILADELPHIA
Nationwide

5

CHICAGO

•

•

SAN FRANCISCO

System

Wire

Private

in

the situa¬

for the
growth industry of the next dec¬

mankind

will

be

and

andunder-

current

this

N.

Y.

Security

costs
this

Members

Dealers

Ass'n

readily shipped.
Labor
relatively low, making

be

may

Water

are

of the lowest
cost producers in Western Europe.
one

company

Holland

Furthermore,
ports

BONDS
^Bids

(To Brokers and Dealers)
—

40

★—

■*'

Exchange Place, New York 5
Phone:

WHitehall

Teletype

No.

NY

3-7830

1-2762

limited

capacity.

productive

its

by

growth of

currently

is

Hoogovens
only

the

therefore

and

uses

Odd Lots

on

im¬

of the steel it

great deal

a

still

The plant

and equipment is mod¬
ern
even
by American standards
while its management is progres¬

sive.

<*•

diversified

has

other

into

indus¬

including
fertilizers
and
cements.
The
company's Mekog
tries,

Trading Interest In

fertilizer

Bassett Furniture Industries
Life Insurance Co. of Va.

LYNCHBURG, VA.
TWX LY 77

—5-2527--

39

Private

Wire to New

York

City

is

an

ing ammonia.

Financially Hoogovens is sound.
The stock recently appreciated in
value

it

because

that

nounced

1961

was

an¬

plant

expansion

and

would

be

earnings. In 1962,
and probably in later years, the
company
will
need
additional
capital as continual growth
of
productive facilities is anticipated
for several years.
This capital is
likely to be raised through the
issuance
of
valuable
rights
to
1960

mately

$4.40

1961,

the

some

of

present price

to

show

over

for

has

increment

several
of

been paid to
holders
of American
Depository
Receipts and a similar or some¬
what larger dividend should be
paid
later
in the
year.
When
rights are issued, holders of
are

—

MEADE & COMPANY
William
York

Receipts

paid approximately their equiva¬

The ADR's

New

A
per

already

lent value in

27

of

years.

77-cents

American Depository
*

expected

are

annual

an

dividend

share

Final

depend
on
levels can
Earnings growth,

projections,

10%

the

of

course

maintained.
on

has

company

lowered

results

cash

Report Available

share with an
$5 quite likely in

whether

based

of

Street

5,

N. Y.

around

Market)
of

58
on

cash.

(Over
a

1961

and

the

-

Counter

price/earnings ratio

approximately

earnings

-

14

times

estimated

earnings.

Cash

12

1960
times

return

on




President.

as

of

the

T* W* L* Cameron
this

industry for

almost

88

for

spilt May,

179%
281

cents

sales

as

a

circumstances

to

This

to

a

territory
delphia.

Once

He

since

risen

in

period
of

300

of

the

of

area

is

city

and an appreci-"
the
territory still

of

part

was

Telephone:

else

at

you

about

growth

SERVICE

com¬

Tne

field that has

better

than

Third,

twenty
material

raw

PSW

is

led

by

annually
stantial

supply.

ers

able,

to

Mr.

group that is extremely
aggressive, and visionary.
Clark, PSW's Chairman and

Moses,

PSW's

President,

customer

next

15

180,000

within

accounts

from

years

customers

the

the

current

to

approxi¬

dedicated
Net

to

profit

the

profit

share

per

sub¬

very

has

If.

by Investment Men who desire
these

assist

customers

C

in

growth or financing problems. We

are

awaits development. PSW's man¬
both very substantial stockholders
agement project—a 52.7% increasein the company and are absolutely
in

A

part of this growth

resulted from referrals of custom¬

man¬

agement
Mr.

mark.

dollar

billion

processed

well over the

now

...

year

a

Financing

industry is reflected in the growth
of client sales volume

no

competition, no ex¬
inventory problem, and a

proven

of Talcott's

value

Service to American business and

overseas
cess

r

billion dollar

speaks

can

stock

a

BEekman 3-3622-3

Talcott's

in its field with a franoperating
area
that
precludes competition.
operates in

OFFICE:

the

chised

(b)

YORK

149 Broadway, New York 6, N. Y.

pany

PSW's

Philadelphia

able

NEW

Co.9 Ltd.

con¬

and

record

outstanding

an

the

miles

square

the

the

Where

common

a

1950.

has

explosion

times

Securities

just wanted

customers

seen,

itself.

(a)

which surrounds Phila¬
PSW's
present service

territory

DAIWA

good the company and its people

quadrupled
(before 2

1961)

same

population

always ready to cooperate in

are

any way.

motive.

is

real

a

to them.

concern

!

mately 275,000 by 1975.
Evidence

Analysts
ing

for

continually

are

unknown

look¬

overlooked

or

growth situations.
earnings

Fantastic price
and rosy predic¬

ratios

tions

are

small

untested

quickly

fastened

on

companies

in

highly competitive and rapidly
changing frontier science fields.
against such

ground, PSW is

a

a

back¬

true gem.\

First, PSW is in

field which

a

is

largely unknown to the invest¬
ing public. Most water suppliers
are

municipal

operations.

Most

chemical companies that serve the
water purification areas are small
and

unpublicized.

of salt
a

or

Desalinization

brackish water has been

romantic

dream

since

ancient

days but,

until recently, theories
have
not
proved practical at a
competitive price. Finally, there
has been no one major company
which

tackled

the

overall

water

problem with the brains, imagina¬
tion, and great amounts of capital
which

will

matically
capitalize
a

vast

scale.

its

almost

is

PSW

superb

unknown
and

be

required to dra¬
demonstrate and fully
these developments on

Second,

record

outside

service

a

company

is

almost

Philadelphia

area.

PSW

was

wholly owned by the Geist

that

operating

knew

record

Insti¬

of

Messrs.

be construed

as

an

the

just

Clark

of

the

of

the

enter

l

in

annual

report,
immediate

any

was

one

decision

our

field

general

through

in

Treatment

Water

that

developments

treatment

James Talcott, Inc.

A

of

PARK AVENUE SOUTH, NEW YORK 3, N.Y.

to

water

investment

an

TAX SHELTERED

INVESTMENTS
IN

OIL AND

promising long-term future. While

Send

Water

shelter and other

Treatment

primarily

Corporation is
research and devel¬

a

opment effort, we expect to have
some

the

products

middle

of

the whole

covers

treatment

of

the market by

on

1961.

Our

interest

spectrum of the

water, from soften¬

ing to desalinization of

sea

be

pointed toward the swimming
pool, boiler feed water and small
system purification markets. We
believe

we

organization

venture
ners

have

and

small

a

our

in

but

this

corporate

substantial

are

Chairman,

stated

ing

meeting.

venture

simple

into

part¬

the

April,

"This prob¬

water

entered

was

for

the

that it will be prof¬
itable to stockholders." Mr. Clark
that

subsidiary
and

big field with

that

room

for

Continued

not

on

the tax

economic advantages
j(and gas interests.

J!

oil

offer

an

for

the

sale

of

such interests which

by

means

with

the

of

can
only be made
offering sheet filed
and
Exchange

an

Securities

Commission.

A

sheet

latest

ests

on

will

the

of the offering
offering of inter¬

copy

be

also

furnished.

ADMIRAL OILS,
600A

Bettes

Oklahoma

City

Inc.

Building
6,

Oklahoma

N.

Q. B.

OVER-THE-COUNTER

INDUSTRIAL STOCK INDEX

develop¬

into

reason

stated

is

in

ef¬

companies."

at

This

found

GAS

information

new

Water Treatment Corporation is
not a dream.
Mr. Clark, PSW's
1961 annual

be

to

free

for

water.

Our initial commercial effort will

fective

ORegon 7-3000

Other offices or subsidiaries: CHICAGO • DETROIT • MINNEAPOLIS
BOSTON • ATLANTA • LOS ANGELES • SAN FRANCISCO

Corporation
(formerly Ster-O-Matic). In our
judgment no field has a more

Company

solicitation of an offer to buy,
any security referred to herein.)

the

Moses

believe

we

year

the

further

or

and

outstanding

the

sell,

of

221

significance,

of

to

vision

released

wonderful

offer

the

"Although not of

the

Geist

of

management is the joint statement

ment

family interests until 1959.
tutions

F

•

inter¬

management

man.

company,

$3.22

revenue

the

young

Murchison

operating

the

from $4,180,399 to $11,694,-

in

offices

SECURITIES

financial public to know just how

from
1

branch

our

the

superior that it has been

tinued to

future, consider
earnings
per
share

have

to

IE

up by his blue chip
of directors has completely

cautiously,"
no

from

buy

which

wires

JAPANESE

backed

that

Dlgby 4-7930
(This is under

stock

common

twenty times eatings tbat

whose

currently selling

are

the

so

the

net

Mobile, Ala.
Direct

This attitude changed dramati¬
cally in January, 1959 when a syn¬
dicate bought 550,0G0 of the then
outstanding 790,363 shares or 61%

shadows
PSW's

NY 1-1557

Orleans, La. - Birmingham, Ala.

on.

for

approxi¬

prices of its steel products.

be

Electronics Associates

share

per
were

per

over

although

recently

Corp.

ADR's

going

was

PSW is, in my opinion, the out¬
standing water utility property in
the country, and if history casts

for

New

changed the company's corporate
image.
Mr. Moses says frankly

in

I submit that

earnings

increase to

Best"

what

are.

financed out of

In

"Electrada

Like

.

scanty

were

profit, progress, and quality.

of

Hoogovens

Alkon Industries, Inc.

I

three

gas

stockholders.

Primary Market Maintained

for

example

equipment

STRADER and COMPANY, Inc.

Candidate

Exchange

because
PSW
was
essentially a
family affair and the family knew

board

"The Security

oven

market

Commonwealth Natural Gas

LD

operation

plant

of its ingenuity.
Coke
from Hoogoven's steel
plant is processed for use in mak¬

American Furniture

my

Total

of some of our large
companies,
Hoogovens

Typical
domestic

is

HAnover 2-0700

eagerly
bonds

rated

stockholders

common

ests

—

life

Com¬

pany

A

supported capital expan¬
However, annual reports to

associate

Ph i 1 ad el-

materials

raw

always
the

up

(39) aggressive lawyer and former

phia Suburban

which

to

sion.

Moses

itself.

the

snapped

of

all

is

water

located

Nortn Sea

INC.

of

Excnange

Stock.

Geist estate and installed Thomas

industries. Oil

Alan C. Poole

& CO.

is

is power

near

.

the

of

stood

steel

plant

water

one

Hoogovens

GROSSMAN

done,

least known

offered

and

of money will be

sums

issue

country.

WEINBERG,

Vast

ment-grade

in

management
,

candidate

my

.

hasaniron

S.

is

yet

prices

.

which

vorably
with
any invest¬

at

Exchange

Philadelphia Suburban Water Company
Water

\ ork Stock

American

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

Philadelphia-Baltimore

Stock

Co!

Steiner, Rouse &
Members

spent, huge profits will be made,
great good for

fa¬

Philadel¬

Philadelphia, Pa.

ade.

cases,

compares

Teletype NY 1-40

4-2300
BOSTON

are

presented
here, we feel,

Broadway, New York

120
WOrth

prices

tion

Member

Stock

Staaifabrieken

stock

market,

& Co.,
(Page 2)

phia, Pa.

'

Cameron, of Hop¬

Soliday

Hopper, Soliday & Co.,
Members:

many

Thomas W. L.

Members New

(Koninklijke Neder-

there. Like the United

Bought—Sold—Quoted

Philadelphia Suburban Water Co.

the writer.

THOMAS W. L. CAMERON

Europe

over

(Page 2)

ap¬

per,

recently
the
writer naturally looked for good
States

Corporation

ADR's

in

Noyes

over

capital

in 1961 the shares

even

look attractive to

V.)

While

values

New York Hanseatic

preciation

little

a

For long-term

York Stock Exchange

New

landsche Hoogovens en
N.

City

21/2 %.

Principal Securities Exchanges

HOOGOVENS

Nationwide facilities for

♦

Hemphill, Noyes

& Co., New York

■

investment should be

C. POOLE

Research Consultant,

Consultant, Hemphill,
& Co., New York City

the

Water

will
"this
some
on

move

is

a

large

page

23-Year

Performance

of

35 Industrial Stocks
FOLDER

ON

REQUEST

National Quotation Bureau

Is

Incorporated

46 Front Street

\

New York 4, N. Y.

12

'

Volume

193

Number

6066

.

.

The Commercial and Financial Chronicle

.

(2727)

CONTENTS

The New Frontier Economics
'

And Investment Outlook
Articles and News

By Dr. Julius Grodinsky,* Wharton School of Finance &
Commerce, University of Pennsylvania
Economist indicts the modern welfare state for
difficult for

D-J

average

and the

making it increasingly

■

—Ira

slowed

up

five

last

the

in

economy

both on

a

long-term
deceleration of eco¬

short-term- and

This

basis.

a

on

growth
largely
a

is

creation of the
state.

Frontier

based

the

acceler¬

ated

welfare

state. Its mid-

twentieth

century

ver¬

the
Julius Grodinsky
that'
every
human u, r'
v
being is entitled to a full share
of all the good things in life, and
that
these
benefits
should
be
realized now and not later.
In
the
national economy the
upon

thought

ice

the

passed

: are

the

state

manufacturing,
culture

mining and agri¬
on to the other,

service industries. Here
productivity are either
absent
or
minimal. The service
industries
include many rapidly

One of the most
the
government
including
Federal,
state

growing areas.
important
is
local.

and
tures

10%

increased

as

a

from

percentage

ity

have

specialized in

A

three

Price Inflation Found to Exceed Bank Failure Losses 120-Fold

29

22

Coming Events in the Investment Field

48
8

Cleveland

Angeles

Philadelphia
St. Louis

•

'

,'

power

design, inc.

14
\

•'

,

'

'

"

•

10

News—Carlisle Bargeron

decline

i a

Indications of Current Business Activity—

,

fiat metal mfg.

costs

wage

of

adjunct

basic

take

•

of

a

Banks

and Bankers..

Observations—A.

Wilfred

Our

Governments

Reporter

on

1

■

22

,

—_—

■

,

4

May

J.F.Reilly&Co.Jnc.

26

—.__

39

Security

Salesman's

Security

The Market

.

of

the

excess

DIgby 4-4970

32

Securities Now in Registration

Prospective

Broadway, New York 5

26

Securities

Utility

Public

inven¬

segments

care

About

News

■■

■

.

modern

of

capacity is in

'

■

and high

the

combination

18

;

Funds—Joseph C. Potter
■'

is

—

31

._

futterman corp.
Mutual

of

45

Offerings

24

Corner

17

Streete

and You—By Wallace

The

Security I Like Best

2

The

State of Trade and Industry

7

Mackey

Tax-Exempt Bond Market—Donald D.

Cove Vitamin &

Pharmaceutical

6

Common

&

of
Warrants

48

Washington and You

substantial

Continued

on

page

29

*Prospectus

WILLIAM

Exchange

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

TELEPHONE HAnover 2-4300
Chicago

Schenectady

Glens Falls
Worcester

Every

state

Pan-American

SEIBERT, Treasurer

Chicago

city

news,

3,

HI.

135

of

Other
Bank

$45.00

Salle

St..

(Telephone STate 2-0613).

year.

Note—On
the

La

rate

foreign
must

be

$72.00

in

in

year;

INCORPORATED

New

extra).

fluctuations

In

for

advertisements

York

BROADWAY, NEW YORK 6
I

Monthly,

remittances

and

m V. FRANKEL & CO.
39

—

Postage

the

of

exchange,

subscriptions
made

per

year.

Record

(Foreign

account

of

per

S.

of

Publications

Quotation

and
per

$68.00

Canada,

Countries,

1961

etc.)
South

Dominion
Other

MORRISSEY, Editor

issue)

Office:

Febru¬

in
United
States,
U.
Territories and Members
Union, $65.00 per year;

Possessions,

SEIBERT, President

Thursday

and

Other

matter

Subscription Rates

(general news and ad¬
and every Monday (com¬
plete statistical issue — market quotation
records, corporation news, bank clearings,
-

second-class

Subscriptions

to 9576

Thursday, June 22,
vertising

as

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

New York 7, N. Y.

2-9570

DANA

GEORGE J.

Reentered

COMPANY, Publisher

DANA

Place,

CLAUDE D.

1868

Members New York Stock

CHRONICLE

S. Patent Office

REctor

Spencer Trask & Co.
Founded

B.

request

Company

COMMERCIAL and

Park

on

Copyright 1961 by William B. Dana

Twice Weekly

FINANCIAL

25




'•

•

.

From Washington Ahead of the

Reg. U.

Boston

Los

Cover

(Editorial)

Bank and Insurance Stocks

A'-

about 30%. The

PREFERRED STOCKS

Newark

\

Features

See It

The

Nashville

.

Chicago

*

enhancement of purchasing power

the

Albany

*

27

WILLIAM

.

*

Canada's Finance Minister Presses Coyne to Resign

Published

For many years we

Direct Wires to

21

*

Einzig: "U. S. Export Drive in Britain"

probably the
important factor in the crea¬
and maintenance of a high

can

*

Dealer-Broker Investment Recommendations-

from the service in¬

state

economy,

about

of

of

market demand. Unutilized capac¬

expendi¬

Government

have

the

Huge Success

a

associates, inc.

sig¬

technical skill, heavy
capital investment combined with
effective business leadership has
created
a
powerful
industrial
plant.
In almost every branch of

largely

inc.

40 Exchange Place, N.Y.

20

14

tiveness,

increases in

sector

high

tries.

mackie,

&

HA 2-9000

acoustica

degree, absorbed in the tech¬
nologically creative agricultural,
mining and manufacturing indus¬

is passed

Singer, Bean

19

Use of Public Credit for Private Industry Decried

As We

by the
produc¬

The

request

vahlsing, inc.

able

high compensation to labor
productive industries of

the

15

____

British Unit Trusts

Regular

reces¬

as

on

San Francisco

cost, high price economy.
The
inflationary forces herein set up
are
balanced and, to a consider¬

economy,

American Int'l Bowling

A

welfare

Higher Prices

welfare

come

tries—-an

tion

Electronic Int'l Cap.

13

i

•

price levels in the service indus¬

Reduced Costs Now Mean

Lindy Hydro. Prod.*

—Norman F. Dacey___

transportation and public utilities.

The

Vitamin Pharm.

Teletype NY 1-1825 & 14844

cost

most

furnished

are

industries.

accompanied

most

the

Just
that

fact

White Shield

12

Cycle Abroad—Leonard B. Rist

Insured

Rising service wages and salaries
mean
higher prices.

and

1

Picture for Period 1961-1962

Ellis

T.

1% in the mining, manufacturing,

higher

in

on

jobs

3.4%

wages.

In

The

revealing statistic is
the 1953 to 1957 experience. An
annual increase in service jobs of

state

costs

the

is

balance

prices. In the modern wel¬
almost all the reduced

lower

the

business

10

1949, 1953 and 1958 serv-.

dustries.

businesscapital-technology team were dis¬

fare

—Ira

expenditures for

the

In

ing supply only

state, the benefits of the

wages

The

YORK

4-6551

f

*

tivity-creative industries of agri¬
culture, mining and manufactur¬

ability lead to reduced costs. Only
they make possible an increase
of real wages. In the pre-welfare

higher

1956,

prices increased.

service

problem because there would be
little
produced.
Capital,
tech¬
nological
skill,
and
business

in

of

nificant

Capital, skilled labor, and modern
technology are mobilized by busi¬
ness
leadership. - Without
these
there
would be
no
distribution

tributed

and

1951

\

11

Ritter

S.

furthermore, tend to be

inflexible.

goods

the

services.

sions

Price

reflected

_

V.'

'

•

■

The Chemical Industry's Export and Import Prospects

the entire price rise

Index

services,

is the efficiency
production
mechanism.

material
of

in' this

of

Consumer

Between

Index.

'Tor example,

distribution of

basis for the mass

the

in

disclosed

based

is

sion

Outlook

substantial

any

i

Greenspan

—Lawrence

increase inoutput per person per unit of
time. Hence, a large part, and in
many cases all, of the wage and
salary advances are passed on in
the form of higher prices. This is

by

of

\

*Prospectus

an

salaries

and

the

on

economics

NEW

WHitehall

Analyzing the Effectiveness of Monetary Policy

increase in wages
cannot be balanced

others,

many

is

Economy

—Alan

:

retail, finance and brokerage. In
most of these industries, among

New

The

9

1

,,

Economic

factor / embrace-

growth

Cobleigh

—Jerome C. Hunsaker, Jr._

country's Gross National Product
in 1929 to approximately 28% in
1960. Other service areas with a
strong

music!

Obsolete Securities Dept.
WALL STREET,

How Gas Companies Can Enhance Their Stock Values
,

personal adornment, educational,
travel, religious, hospital, medical,
amusement, house and automobile
repairs, advertising, wholesale and

nomic

welfare

"

Low-Priced Stocks—Leslie E. Fourton

basic ones.

welfare state economy"—but not the

of the

U.

V.

interplay of inflation, deflation and technological

has

*

5

Japan's Investment Outlook—Yeischi Kuwayama__

and prices, bolstering business incentives

reveals how
breakthroughs .
affect equities. The modernized consumer service industries and
technologically fruitful ones are expected to buck the "inflationary '

years

'

;

can

wonderful

r

pansion will lead to an accelerated rate of growth and

The

Even low bids
make

3

,___

Telephone:

nourishing our productive machine. He doubts our cyclical ex¬

corrosion

PENNY

UPROAR

Georgia-Pacific Corporation—A Timber Laden Blue Chip

speed along the price rising welfare route." The economist

advocates lowering costs

the

Grodinsky

—Alan K. Browne

"gallops

attempts to accelerate it, Dr. Grodinsky finds the latter

at fearful

and

THE 3
Cover

_____i___

1961's Municipal Borrowing and Threats to Tax Exempts

.

for services lessen con¬

growth deceleration in the past five years with the New Fron¬

nomic

Hallstein

ability to purchase durable goods. In contrasting the eco¬

sumers'

tier

—Julius

he also names companies to illustrate points

present one;

Forum—Walter

The New Frontier Economics and Investment Outlook

have gone up and others down between the 1959 high

made. His evidence shows that high prices

:

Economic

his case, he explains why certain stocks in the

up

Page

Imperative Need to Reshape Free World Into Real

large part of mining and manufacturing output to be

a

back

sold. To

in

3

funds.

WHitehall

Teletype

3-6633

NY 1-4040

&

1-3540

4

The Commercial and Financial Chronicle

(2728)

"Going Public," particularly, in

OBSERVATIONS...
WILFRED MAY

A.

BY

people."

for themselves.

"Brains-Truster"

The

—

PERENNIAL

A

MARGINS

AND

CREDIT

MARKET

STOCK

may

usually successful Second¬

offering off the Exchange of
listed stock, likewise brings not

And

testified

credit, released by the New York
Stock Exchange and covering the

(2)

month of May,

has

that this

us

question

controversial

perennial
still

remind

"open ends".

wide

Cus¬

tomers' net debit balances carried

by member firms rose $110 million
during May to a total of $4,096
million. This increase constituted

10

are

similarly

(b) the growth rate of security
significantly from
the 5.4% average of recent years.
or

Irrespective

whether

of

ment

expansion

since April
ments

of margin require¬

Federal Reserve
Board the basic question persists
Governors

the

whether

are

guided by the amount of security
credit in use, or by the market's
The discussions attend¬

behavior.

initiation of the legisla¬
tion, as finally incorporated in the
Securities Exchange Act in 1934,
the

ing

choice

in

ended

criterion.
official

the

of

the

But

credit

succeeding

explanations of their ad¬

ministration of the margin changes

oscillated

have

Board

the

by

the "mar¬

between the credit and

A

essential

the
margin "agenda" should be an ob¬
jective determination of market
f

t i

u n c

step

The

o ns.

credit-men assert

pro-

its far-reaching

economic

usefulness.

tain

non-restrictive

that

on

They main¬
margins

stock
market's functioning in its alleged
role
of
providing
the
nation's
needs
for
capital
investment.
("Margins constitute a very im¬
portant instrument by which we
indispensable

are

affect

tone

the

the

to

and

of

resiliency

whole capital market

the

—

that

delicate and immensely important
focal'

point

President
N.

Y.

of

Keith

Stock

Toledo

economy"—
Funston of the

our

v

Exchange before the

Chamber

of

Commerce,

Jan.

is, the amount of credit used and
prices, usually move in the same
direction, the degree of correla¬
tion varies. Since July 28, 1960,

typical assumption of the
capital facilitating
function seems questionable in its
two main areas.
First, in daily

the margin require¬
change—from 90% to
Dow Jones Industrial

trading volumes of three to five
million shares, the market per¬
forms no direct service in fetching

the

of

date

ments'

last

70%—the

Average has risen by 16%, and the

fluctuations

fluctuations

31%.

by

investment

standing, and generally construc¬
tive, for the authorities to make
clear once and for all just how
they

are

to devise

guided—and, if possible,
a

Of

course,

formula.

The New York

new

offerings off the Exchanges.

But

even

valid,

direction

this

in

in

proposing

market credit.
It poses its

conclusions that (1)
security credit is not excessive
unless (a) the ratio of stock mar¬
exceeds

7.2%

6J/2%

total

for

bank
an

loans

extended

(b) the average growth
of security credit exceeds the

period;
rate

to

or

average

total bank

realized

not

which such

assumption

is

the

is

extent
underwritings and

offerings do not bring

Realism

new

growth

loans for

an

rate

for

extended

About

the

Capital

the

the SEC show that while the pro¬

ceeds of $1,643,811,000 of new cor¬
porate common stock issues went
into the account of the respective

corporations in
were

sold

1960,

for the

$621,000,000

account

of

to

wants

ac¬

But margin buy¬

cumulate assets.

ing has a much deeper economic
significance.
supporting
a
By
larger volume of stock market
transactions
dled

could

than

be

alone, they give
liquidity to the market.

word, I must
confess, that is easier to illustrate
"Liquidity

is

define.

than

a

And

matic illustration I

the

most

dra¬

can

think of is

the

impressive performance on the
New York Stock Exchange in 1959

—the latest period for

plete figures

are

which com¬
available. During

that year some

820 million shares
of
stock
changed hands on the
floor. Each and every transaction
had to find its

What

the result? Seventy-two

was

all trades were made
either at no change in price from
of

the last

sale, or within ,a range of
one-eighth of a point, or IV-k
from

cents

the, last price!

"That degree
which is

a

for

we

granted.

are

But

to
think for
prone

moment what the market would

without

like

be

this

liquidity.

Prices might fluctuate wildly from
sale

sale,

to

Consider

[sic]

this would affect

how

the hundreds of

companies planning to issue new
shares
and
wondering
how to
price

them;

thousands

the

or

isting shareholders. In 1959 the
respective amounts were $2,027,-

of

businessmen who follow the trend

the market

of

an

indicator of

an

climate;

or

lions of Americans—now

the mil¬
one

that

seach

raised

extensive

.

.

margins

volume tends to
liquidity is

.that' is,

fall

precipitously. But it has
by as much as 25%
a
substantial margin
increase. In other words, margins
decreased

not just a means of extending

people who
wish to increase their portfolios.
Over
and
above
that, margins
constitute
a
very
important in¬
strument by which we affect the
tone and resiliency of the whole
credit

to

capital market—that delicate and
immensely important focal point
of our economy." [Emphasis suplied.]
Surely a fine statement of the
case
for
the
liquidity-volume
function of the

"auction market"!

Space considerations prevent our
submission

detailed

side of the

of

the

other

medal—embracing the

mechanics
including the entire high-powered
quotation system, for speculationexploitation

make firm trading markets in

ELECTRO SCIENCE □ WALLACE PROPERTIES □

NAMCO

gambling

of

these

purposes.

SEC

PARKER, FORD & COMPANY, INC. Investment Bankers
Dallas

Ft. Worth

Tulsa

Amarillo

El Paso

with

those

Paris

Abilene

Denton

Ardmore, Oklahoma

Sherman

as

a

ute who wanted to cut out

trading
Wichita Falls

originally
compromise
designers of the stat¬

legislation

passed represented

altogether.

margin

Ferdinand

Pecora, chief counsel of the Stock

Exchange

Investigation

his

declared

name

that

bearing
margin

trading should be eliminated "to
end

this

abuse

ef

stock: market

stock
econ¬

,

omy.

Specifically, does security credit
the

perform

the

of

economy

flow of

-

service

to

promoting

the

capital into productive in¬

vestment?

(3) The uses made of security
credit; including apportionment to
long-term and short-term carry-

ing.

•

' '

.

,

"

,

(4) The "leakage" effect, if any,
of margin regulation.
Does, and if
what

to

so

rowed

able

extent,

elsewhere

terms,

rity

bor¬

money

at

favor¬

more

into the
"through the

creep

markets

secu¬

back

door"?

(5) The direct effects of margin
changes on stock prices, and vol¬

The

for

need

sembled

Reading

under

such

data

as¬

single cover has
become partially filled, by a

now

full

a

length

Credit;

Its

volume,

"Security

Economic

Role

and

Authoritative and objective
to these questions would

answers

constitute
to

an

broad

a

immense

service

of the

commu¬

range

nity, ranging from the speculator
to the economist.

Regulation," by Dr. Jules I. Bogen
and Dr.

Herman

E.

Kroos

(Pren¬

tice-Hall, N. Y., 194 pages, $4.95).
It

Schramm Names

embodies a study conducted by

the

two

New

York

University

economists,
with
the
financing
partly furnished by the New York
Stock Exchange.
The

volume- assumes,

larges

and

en¬

the above-cited premise,
re-stated in
the
preface, by

as

Dean

on<

Syndicate Mgr.
Jack

ate School of Business Administra¬
tion that "the
sential

of credit is

use

the

to

of the

Rubenfeld

pointed

New York

in

the

Wall

Street

hotel

security
loans:
(1) Financing the origination and

distribution of security issues and

dealers'

ventories.
vestors

carrying

in¬

of

Borrowing by in¬

(2)

and

speculators, not only

for

capital appreciation, but for
anticipatory investment of future
income, the financing of rights
subscriptions; (3) use of securities
collateral

as

sumption

for

business

(4)

tractive

or

management

and

operation.

provision

of

Lubetkin, Regan & Kennedy, 44
Wall
Street,
New
York
City,
members

of the

New

York

Stock

Exchange, on July 1 will admit
Leon Schop to partnership.

con¬

an

at¬

lenders'

for

market

Lubetkin, Regan
To Admit Partner

also

and

purposes;

claimed,

com¬

munity for the past 15 years. His
background also includes exten¬
sive
experience in the field of

of

uses

security

S.

with Cohen, SimonCo., Mr. Rubenfeld has been

&

The authors point out the many
varied

ap¬

of

Formerly
son

active

economy."

been

manager

Co., Inc., 80 Pine St.,
City.

es¬

functioning of the

has

syndicate

Schramm &

Taggart, dfthe NYU Gradu¬

Manley, Bennett
To Admit Partners

funds.
To the extent that some of these

important and construc¬

are

tive,

would

we

credit

rules

could

not

those

used

ask

whether the

applicable

be

to

them

differentiated

for

Stock

from

Exchange

trading?
Impact of Margins
The

authors

amount of

find

the

security credit has not

significantly influenced the level
of
In

security prices in recent, years.
a majority of cases
margin in¬
have

creases

stock
no

slowed

market's

down

the

price rise, but in

have

case

reversed the

they

halted

or

upward trend. On the

other hand, a lowering of margin
requirements was followed by a
rise in stock prices or a slackening
the

of

of

pace

a

decline

in each

instance.

Particularly stressed by the au¬
thors, and their sponsors, is their

finding

that

be

as

in

influencing

tomer

small

margin

in¬

generally have proved to

creases

effective

as

not

affected

been

but

materially

has

of

cus¬

in

any

been

reduced

each of the three
increases by 25 percentage points.
Hence, they, as well as the Stock
Exchange protagonists, can argue
for
a
low
maximum
margin
of
.

by

50%.
Our

the

discussion,

need

for

Stock

on July 1 will
Carman, Milton
A. Manley, Jr. and Robert P. Seeber to partnership in the firm.

Exchanges,

admit Richard A.

W. E. Burnet to

s

Admit Partner
W.

E.

& Co., 80 Pine St.,
City, members of the

Burnet

New

York

New

York

Stock

Exchange,

on

July 1st will admit James C. Paul
to

partnership.

Cady, Roberts to
Admit Partner
Cady,
son

Roberts

Avenue,

members

of

Arthur

F.

&

on

Co.,

488

Madi¬

City,

York

New

the

New

York

Stock

July 1st will admit

Bohner.

Similarly, they

impor¬
tant degree by small margin in¬
creases;

Ben¬
mem¬

bers of the New York and Detroit

lar^e increases Exchange,

the trend

borrowing.

DETROIT, Mich.—Manley,
nett & Co., Buhl Building,

L

that

conclude that trading volume has

The Earlier Philosophy
Members Midwest Stock Exchange

the

.

are

real effects of
"liquidity" on the

ume.

re-

Volume, of course, does

personal

impair

Collateral

following
are

and

tion-financed.

uses

when

—

lessened.
not

from

sharply,

off

fall

out

eight adults—who invest

know

We

Dickinson,

A.

capital market, as to other sectors

of price continuity
of liquid¬

ity is something

Secretary

Now, in 1961, we still need such
a
major study, authoritative and
objective, hopefully to be founda¬

clear mirror

a

Committee

liquidity of
securities,
"the
social
cost
of
liquidity has yet to be explored."

bid and offer.

own

get

you

Berle, Jr., Arthur
Dean, James Landis, and H. J.
Richardson). They felt that while
margin
requirements might,
as

han¬

cash

by

added

ex¬

to translate information into action




importance

who

part of their savings in stocks.

proceeds of sub¬
stantial proportions of new secu¬
rities offerings go merely into the
coffers of already existing share¬
holders. Data made available by
Actually,

REIJUiniWEII
we

personal

man

A.

Full-Dress Inquiry

a

(2). The

actually

of Assistant

Commerce

Messrs.

for

market

lot of borrowed

Dickinson
up

charged,

already indicated their

have

the

talk:

liquidity

the

to

in the market"

the

Items

market,

.

back

right on that beam in con¬
tradicting the liquidity thesis of
the Exchange, was the contention

of

above-cited

Funston's

Mr.

the

And

be¬

we

in
stem

exquisite

money

of

-

of every

109,000 and $892,000,000.

period.

and

turn

that

when you have a

(made

the economic

Financing Function

to

Federal Reserve authorities,
quantitative criteria for measur¬
ing and curtailing the use of stock

credit

this

Stock Exchange

the

ket

if

capital to business.

long and useful step

a

fre¬

a
an

a

liquidity

take

is

true,

other

taken

point

exchange activity—and
"liquidity"—are useful indirectly
as
attractions for the buyers of
is

to

Proposed Formulae

has

the

quently advanced that while this

is necessary for the
community's
under¬

it

Surely

capital for industry.

new

as

-—

in

is

business

by

existing

fair statement
of the
volume credo follows.
It is quoted (at length, to avoid
a
taking - out - of - context) from
lieve,

percent

Exchange's

aggregate of customers' debit bal¬
ances

10, 1961).

Such

for

authoritative

An

for

Another

at least

or

convenience

market"—

[margins']

$64 Answer

se,

per

basis

the

on

"investors."

"I

ket" situations. While the two, that

,

liquidity
"auction

most desirable.

credit's

the

by

to, the principle of the establish¬
of
some
such
formula
is

during

1960.

In the setting

these
agreed

advocated

constructive

credit deviates

$3,151 million a year ago.
Customers' free credit balances,
the
more
significant item indi¬

credit

are

authoritative inquiry into the fol¬
lowing unresolved items:

(1)
An authoritative over-all
objective of, "portrait" of the Stock Market,
"to protect including especially an appraisal
system from of the speculative and investment
are
induced proportions of market activities.

main

a

the

very

requirements

margin

of their contribution to Exchange

particular prescriptions are

cating

"Soft

war¬

credit from be¬
(a) the ratio
of security credit to total bank
loans departs significantly from
a normal range of 5.25% to 5.75%;

high, and the total compares with

present
times
of high margin
requirements, declined $55 million
to $1,453 million —the first sub¬
stantial decrease in this statistic

of

decreases

or

points

coming excessive if

monthly

the third consecutive new

Increases

percentage

that

the national

ranted to prevent

Thursday, June 22, 1961

Corcoran

Tom

regulation

which
The current data on stock market

v

thesis,

pro-liquidity

a

"Liquidity" Thesis

:

;;

.

.

contrary to the above-cited

Funston

margin

The

J

'

.

of other

money

*

,

ary

a penny to
the economy's capital
requirements.

QUESTION

gambling with the

merely mean the
owners'
grasping of the oppor¬
tunity to make a favorable "out"
boom-time,

.

then,. indicates

further

top-flighL

Forms Anderson Agency
RICHLAND, Wash.—Don R. An¬
derson is engaging in a securities
business

from

offices

at 707

Parkway under the firm
Don

R.

Anderson

of

Agency.
t

P. D.

The

name

'

*

»

Mogler Opens

LESTER, Iowa—Philip D. Mogler
is engaging in a securities business
from offices here.

.

■

Volume

Number 6066

193

The Commercial and

.

Financial Chronicle

of

ter

s

Into

In

'

(June)

1959

my

'

.

adopted

Alan

N.

,

&

T.

S.

A.,

The

the end of the year

and be somewhat lower during early 1960.
*

Calif.

Francisco,

San

during the year, level off-towards

America,

of

Bank

Vice-President,

Browne,*

K.

municipal

anticipates a $7.8 bilfion total

Prominent Californian writer

$7.2 billion in 1960. The
net increase, after debt retirement, is put at $4.9 billion leaving out¬
standing municipal volume at close to $70 billion. Mr. Browne
strongly criticizes the attacks being made to remove tax exemption.
He also inveighs against the grave threat being posed by municipal
industrial aid financing. The banker expects the long-term interest
rate to be somewhat lower this year than iast and doubts the
Administration will be able to prevent their rise as business picks

I

it

Montreal

on

nrivilege

mv

was

fn

Association

the

the subject

Prospective Market for

Municipal

remarks at
will

time

this
not

necessar¬

ily

ground
the
1959

same
as

be

est

pated

how

based

see

well

did in

we

tions as to

nancing,

Alan K. Browne

an?the'outlook
outio k

^

rates.

also
,

.

there

deposits
creased

allotted I hope to
discuss some of the problems
arp
you as finance 0
time

the border into
of 'The New Fronti r.

facing as we cross

.

mQney

There

the

upon

anticiare
y

-

i

• a. •

_

nQt

if

loan

and

money,
demand
for
mortgage
wQuld curb their interest

exempt securities.

poged

g

business picked up.

Securities

and

$.6 billion.

investors

briefly

comment

on

what

might influence types of investors,
the level of the stock market may

occasional

market,

term

companies, including

casualty, mutual
and local
pension funds will account for $2.1
billion;
commercial banks $1.6
billion; individuals $.6 billion and
To

int0 intermediate and longer ma-

private

some

many new

wUl

is

the

ample

sizable

evidence,

de-

volume

annual

account

for

individual investors;

become'greater^AU suchnro-

*hei1; investment position by some
legal actl0na 4/-v/vw aaa

4-

„

C. Committee for Economic Development
Another effort to treat tax ex-

of

experience

and

new the Sub Committee of the Com-

many

firms. Ads and listings in The
Daily Bond
Buyer, The
Ltauy
vona Buyer,
The Blue
Blue
List, The Security Dealers of
North America and the Directory
of Municipal Bond Dealers of the
United States are mute evidence
of the growth of the industry.
The secondary or over - thecounter market on outstanding issues also reflects the greater
capacity of the market as dealer
interest has increased and regional
markets have strengthened. With
some $66 billion state and municipal bonds reported outstanding as
of June 30, 1960 and close to $70
billion anticipated this year, a
strong dealer organization is vital
to an orderly market and a free
flow of municipal credit. A governmental agency to buy state and
municipal bonds at rates lower
than those determined by a free
market is not necessary, serves no

in order that borrowers may com-

over-optimism or excessive gloom,
-This is best expressed in terms of
unsold inventory. Not all inventory problems are the result of

mittee for Economic Development
which in effect suggests that
which in effect suggests that
rather than tax exemption of in-

terest; a credit be established. I
strongly urge
finance uixiueis
officers
suungi^
uige that
uiai linanue
express their views on this proposal to members of the Committhat
D.

bond

to

holdings

interest

One

of

municipal

on

of

funds.

of
tax

be

a

pffnrt«? to

vP!?dhllbte tSf lit not 1
* h^nP« n^lcJ
pa^ ^?Z. as, WrTp
It

venture into interme-

""dg^ in^^ntnHtieJ
interesting

in itc
nnoroliGnc hac hppn
I would doubt that the

intent and the

opinion as
exemption

regult win be iden-

To bring about a strong
with declining long-

confidence

term rates, much more

the part of institutional in¬
the vestors is necessary. They bave
ex- suffered too many setbacks in the

decided
to
as

pressed in borrowing costs to the
issuers. This is of vital concern
to
finance
officers,
the public
, - ,.
- ,
,

on

past, to risk another trip on the
"merry-go-round,
There is no doubt that the vari-

'
.
«es cy represent and local ous
ta^ayf,
"
murficinal bond prices Most instiWould removal of tax exemption double interest cost? Would tutional investors are we i
yields approximate corporate formed and nave naa e P
bond yields or government bond
Continued on page 28
...

.(tnuwon StcaultM,

Gyipaialion

Harold
MANAGER.

mistakes as they are frequently
market the victims of unforeseen
market
declines,
unanticipated
bond sales
and technical
market-

W. Frank

TRADING

CORPORATE

MANAGER.
v.•

DEPARTMENT

G. sachtleben

arthur
-v.

ANNOUNCE THAT

PLEASED TO

WE ARE

Underwriters dealer

and Dealers •
A. Outlook for Interest Rates

of

to

seems

difference

value

determination and ignores the
fundamental economics of the
money market,
It is to be expected that municimunicipal bond sales and king- pal dealers will produce many of
sized issues adjust market levels their own headaches through

time deposits.

which might produce

area

significant

programs.

1962

■

f

.■«?;"• v's;.

should




-

in

.

the

same

last

will

rates

mteres£ rates

tend

to

b^

•.

BOND

DEPARTMENT
i

•

G. Philip Whitman
MANAGER.

MUNICIPAL

BOND

DEPARTMENT

upturn and an increased demand

IVStatus of Tax Exempt Interest .,
A- Municipal Industrial Aid Bonds

much discuswill
turn up and measures taken or
to be taken to produce an upturn,

Association adopted a resolution
at its 46th Annual Conference in
Boston on June 18, 1952 &nd re-

Trends

towards

higher

in-

With

for money.

sion

_

to

as

inclination

my

so

when

business

isv to support the

^
•

.

o**

T

x

The Municipal Finance Officers

iterated

its position at the 47th

signifi-

of municipal debt obligations usu-

slow

and

will not

be

will

ELECTED VICE

PRESIDENTS.

.

(jfti^/ticon ^ecu/iii/ica

(^a^pxyuxtuifi

.

cantly better until the last quar-

be

business recovery

BEEN

±.

Annual Conference in Miami'on
June 3, 1953, opposing the issuance

that

HAVE

market conditions,

tend t0 be

terest rates will reflect a business

idea

continue the

.trends., established

f«ess^
1960.

including

results will be
acquisition of municipal bonds
Federal agencies under some
the
proposed
Federal
aid

some

by

their

partly because
demand

operating costs,

higher

the

Th^

bond market

Influence on Municipal Market

depend

vestment dollar and what long-,
term financing or refunding will
be accomplished by the Treasury

Economlc Development ^caj
they may know.

inctiiut;

in- loan

decline

is

the in-

lax

substantially
.the

economy

ers
Long-term rates will
upon the competition for

+2r

There

nrnhlPmc
Having been quoted several .
times at the close of 1960 and
Cooperation and understanding
early 1961 as to the outlook for of%?°pdaij™. nrohlpm, hv rrm
for tax exempi
exempt ^luiuies.
securities
interest rates, it would not be
. .
e dealers problems by mu
nnnrnnriatP
tn
hp
inrnncicfpnt
nicipal finance officers will be
Commercial banks
have been TbP
?0
t
reoeat
nrevious most helpful in insuring continued
providing seme evidence of adding
j believe that long term
fav0rable interest rates under all
iur

the

until

money

nriunicipal bonds.

marine maul—
insurance
companies will continue to
be an important source of funds
ixiu
Fire, casualty and

individual

exemption of interest on state and

useful purpose, substitutes Federal
bureaucracy for state and local

investors

might

funds

mutual

as

larger the tempencourage
the use of
.

the volume pf

to

turities—will be reflected in the
level of the bond market.
The
municipal bond market
through the law of supply and
demand acts in its own way to
influence interest rates. Timing of

be- .* pete for investment
cause
of potential capital gains
'
III
and the threat of inflation. On the
other
hand
the
new
municipal- Municipal Securities
chill

to

and

attention.to insure a fair
and e<luitable determination. In
otber words never let an opportunity Pass to express views on
tax immunity of the interest on
state and municipal bonds.

ing equipment, increased staffs emption as though it went out of
.including- many young men and styie with the 16th Amendment,
in- women with relatively few years is the recent recommendation of

„

savings banks and state

other

increases

tation

of Municipals
as

M

^

Corporate

debt.

fire

—life,

ing

,

be

to

seems

Probably the most significant
impact on the municipal bond
the net increase Q^aj-i^et will be borrowing by the
municipal bonds y s Treasurv to meet its normal
that will be absorbed during 1961
demandsoffset deficits and to reby the major classes of investors (und
ither
t maturity or in adin
tax exempt securities will be
vance
of
maturity.
While the
approximately $4.9 billion, after greatest amount of £unds will
giving
effect to retirement of prcbably be raised in the short
Insurance

grave

posed bv

The last word str0ngly on the road to recovery,
and occasional periods" of saturanot been heardI of on this act. This would indicate that shorttion, that municipal bond dealers . e ,can exPect ^bat ™any llf^ term rates should rise somewhat
are able to handle this important J"sVrance companies will protect during the year as business recov-

spite

My guess as to
in the amount of

maturing

the effect

to

as

municipal credit and the

threat to tax exemption

bond issues grow

exempt securities.

in tgx
"x -yv

(A Projection)

A. Municipal

contemplated
to establish concrete
values for *ax exemption, I urge

December.

—

1961/62

As there are important studies

wording

municipal industrial aid financing. As the volume of such financ-

requirements have
serious threat to
the land
munic;pal bonds
since funds
have
municipal
uonus since
luxius iidve
The views expressed are
0
•
been easy. Recent corporate borYou may not agree with all of
rowtng bas reflected short supply
my
observations, but I do hope which has been gradually met
they will serve to stimulate your w^b a corresponding increase in
thinking
yield. Commercial banks providII
ing
short term lines of credit
would feel the pressure for funds
Available Funds for Investment

that

Earh

rates tend to rise. As commercial
for
pr interest banks are in business tqf accept

funds and

the

concern

own

infinitely more costly.

to

as

.

.

_

volume

In

0n

reached in January

ample segment of * the capital markets,
.funds for mortgage requirements, This indicates more efficient hanjih
Af tVi a rlnfoMo aT kutriMrt *k\ Att»
no
competitive
factor affecting dling of the details of buying new
municipal bonds should occur un-: issues, improved marketing techless money tightens and interest
niques, use of electronic tabulat-

the

of fi¬
the
availability of
investment

was

My guess

demands for funds
on
this potential. -

As

projec¬

our

months of 1960 the high-

B. Marketing

.

business picture as so many

interesting

to

six

yield

doubt

no

equaling
3.78%,
the lowest in
April at 3.50% and declining from
3.61%
in
June
to / 3.43%
in

;

depend

will

Much

will

it

be

can

o

Market

presentation, I
think

t

n+h

D

the

cover

There

the intent of the resolutions

expresses

first

and/°r °ther means of financing
without the safeguards of voter
approval and would probably be

ing at the Greenbrier.

below

and

tax

debt limits- ^ would give rise '
to either a trek to Washington,
D' C' for Federal assistance, ;

government

of "The

Bonds." While
my

in

statutory interest rate,

in

The Government Bond Market
iqV!o wns\l^tlitCwn!i/rinenC<1.nr1 «a P°saIs should be examined in the
I briefly touched upon the imquarter of 1961 and will reflect
95i w&s that it would exceed $8 Hgj-it of what serves the greatest Pact of U. S. Treasury financing
the business outlook.
lqfiOwniild h^^aciinajTo^uunrf Public
need and who stands to needs on the municipal bond marIn 1959 1 anticipated that some fwould be pushing $9 blllion. benefit. The next issue of "Munic- ket. Therefore it would be appro$6-5 billion municipal bonds would * JS® ^
f
ipal Finance" should provide per- priate to express some views on
find their way into similar invest- P? *
tlnent reference material.
fte outlook for the
J *1 a amounts in any year.
B•- Llfe
Company In- The Administration has made it
optimistic by approximately $1.4 •"""unto
. ,
'c'" eInsurance
T„rTr7ft77qS""a
billion due principally to a decline
So far the volume for the first
A
very plain that it wants long term
in purchases by commercial banks four months ";ofv 1961
is running
be Ljle Insurance Company interest rates to decline with
during the period of tight money, slightly ahead of 1960, indicating Income lax Act of 1959 through short-term rates holding firm. So
of seriiritie* rind
that tbis year should equal or lts application of the theory of as to continue to retain or attract
Br°the]I
T<Fes °f S
Iw exceed 1960, possibly reaching Proration also serves as an exam- foreign funds among other con_
Their Influence on the Muncipal $7 8 billion.,/
pie of the oblique attack on tax siderations. At least it wants easy

Introduction

address

to

January

thejtgh
point finally settling to Association in its
3.60% in December. During the

.

tn

1959

in

July, fluctuated somewhat

they do
further
this problem with their local bankers.

v

Twn vcarq fl?o

in

3.64%

yields increased

June, reached 3.81%

3.40%

from

expert suggests public officials consider the over-all harm
when funds normally banked are placed elsewhere.
He

suggests they discuss

resolution

recent Board of Governors meet-

average,

some would be unable to
borrow within constitutional and

Bankers Asso-

a

20 bond

competitive investments, and what it does
economic well-being of the community, the banker-municipal

the

adopted

according, to the

while

on

November, 1951, reaffirmed and
clarified the resolution on Nov
29, 1959 and did so again at its

idle funds to short-term
to

resolution

projections were fairly
accurate. Using the Bond Buyer's

municipality's

commercial bankers losing a

Turning to the plight of

up.

would

1952.

Investment

ciation

Here the

financing volume this year compared to

similar

a

Sept. 16,

^s? ,^°baMy the increment

uuslnal

...

suggested that long term interest
rates would be somewhat higher

By

5

carry-ally considered
"industrial
aid viVlHc?"
tu -•
some
bonds."
"■= *;Ymu ■ «
..
• j' 7<
- vary
-m,The
Law dividual borrower — some would
;.
me Section
oecuon of
oi Municipal Law,
treatise I of the American Bar Association fare
much
better
than
others

with

1962

atiori
acceleration
•,

should

1961.; This

.rd
o r w a

f

(2729)

NEW YORK

BOSTON

HAflTFORO

PHILADELPHIA

The Commercial and Financial Chronicle

6

of

one-quarter

bore

a

cent

coupon,

done by Allen & Co. in association

to obtain underwriters for the full

with John Nuveen & Co., Inc.,
B. J. Van Ingen & Co., Inc., Mer-

amount of • the proposed issue,
Consequently, there is no contem-

reoffered

were

to

has

been

not

less

in

new

more

servative

dealings

nations

being

are

the

Administration

issue volume for

men

and

by

that

to lead to

seem

spokes¬

Congress. We seem
dedicated to policies

inexorably

part

con¬

with foreign
exhibited by

both

past weekly period, and

the

realistic and

efforts for

the answer

earlier in June. Part of

lies

active

as

week as during

past

the

bond

municipal

and

state

a

financially

tendency of dealers to
up prices from the attrac¬
level that prevailed for the

economically less virile Amer¬
ica.
Policies
persist that either

heavy volume of issues underwrit¬

directly dissipate our real wealth

lies in the
mark

tive

and

and resources, or which unrealisten during the previous ten days
(Connecticut; Philadelphia, New .tically pledge them in favor of
almost
any
foreign
nation
or
York City; Nassau County, etc.).

Financial

and

Commercial

The

obli¬

20-year general

Chronicle's

gation bond yield Index shows the
slightly from a week

market down

the

Whereas

ago.

3.388%

was

the
in

yield

average

June 14, it is fig¬

on

ured at 3.40%

large new issues a criterion
establishing an average yield

Index,

have

would

market

the

substantially off during the

been

of

period

would

Mark-ups

compensated

since

have

the

for

Index

temporary sell-off; this our

Pending Volume Light
The

calendar for the

issue

new

light for
Only about

next

month is unusually

this

time

of

£300,000,000

year.

as

likely to

the

schedule

appears

underwritten

be

as

today. Moreover, the negoti¬
ated issue calendar appears much
goes

less

than

prolific

desirable
ment

normal

is

active

this

for

or

invest¬

Abruptly and the capital
requirements of our states and
municipalities may put great pres¬
sure
on
the market during the

change

With

ahead.

months

and

weeks

bond market

nervous

unreceptive, and with sub¬
stantial cash financing likely dur¬
and

July, it seems unlikely that
the general bond market can relax
its defensive posture in the fore¬
ing

future.

seeable

Whither
Of
will

bond

Business?

The

trend.

market

the

on

economy

suddenly thrive with

may

con¬

a

sequent further depressing of the
bond
its

carefully

seem

market; it might continue in.
gradual upturn and

present

it

that

tions

ated

only be moder¬

may

qualities of states¬

by great

manship exerted by the President

by a strong loyal opposition.
Unfortunately, these developments
seem
not
imminent
enough
to
or

reverently feel that only by
example may we hon¬

who

sound

our

the

It's terribly late and
could be reduced to

lead.
image

national

impotence.

Bank

Reserve

Federal

City has recently pointed
its monthly bulletin that

Kansas

in

out

realities.
of

economic

stern

these

to

The

of
payments is far from fulfillment
and
that
pressures
for
rising
wages and profits may likely pre¬
vent
U.
S.
goods from gaining
achieving

It

favorable balance

a

competitive advantages.

is

respite
the

the

25%

this

is

doing

gold

with
None of

away

reserve.

Treasury

issue calendar was

for

all.

servative

Federal

next

year

other

and

public

for municipals.
Recent

year,

through
spend¬

bonds

of

the

throughout

all

less than boom
of

our

consumer

progressive

profit

industry

squeeze

and

the

prospects for most

major industries.

Setting

a

Poor

Example

general morale of our coun¬
try seems at present not united
enough to spur enthusiastic, let
alone

to

Thursday, June 15. The

on

Phila¬

was

submitted

headed

by the syn¬
The First Na¬

by

York and
&
Co.,

tional City Bank of New

included

Inc. and The

Bank

Stuart

Halsey,

Philadelphia National

associate

as

Among

the

writers

were

other

under¬

major

Harris

Trust

and

of

area

each

city

toward the solution

work

may

and

'

The

ca-

"individually

each

of

the

beyond

but

county,

oacitv

resolve

to

common

to

individually
serial

$8,100,000

(1964-

dynamic, national effort. It

The

to many that only supine

1.70%

bonds were scaled to yield
from
2.40%
to
3.80%
and are
about 50%
sold at this writing.
The

in

$11,900,000
which

2000

bonds

term

was

1962

to

priced
3.75%

reoffered

were

MARKET

ON

REPRESENTATIVE

California

Rate

(State)

Connecticut
New
New

3V2%

(State)

3%%

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

Pennsylvania (State)
Vermont

(State)

Maturity

Bid

1978-1980

3.70%

3.55%

1980-1982

3.50%
3.50%
3.35%
3.25%
3.35%

3.40%

1978-1980
1978-1979

3%%

1974-1975

3V8%

1978-1979

3M>%

1977-1980

3.40%

3.20%

3.20%
3.30%

Calif
Baltimore, Md.

33/4%
3y4%

1980

Cincinnati, Ohio
New Orleans, La.
Chicago, 111

3l/2%

1980

3.45%

3.35%

Housing Auth.

(N. Y.,

N.

Y.)

Los Angeles,

____

New York City, N. Y.|




June

____

21,

1961

1978-1980

3.60%
3.35%

last

3J/4%

1979'"

3.70%

3V4%

1977

3.70%

3.60%

3%

1980

3.60%

3.55%

Index = 3.40%

"

,

,

—

.

/
-i

r

1

Texas (State of)

Bank,

Kuhn,

& Co., W. H. Morton

& Co.,

and. Savings

Loeb

Dominick & Dominick, and others.

The issue

was

1991

to

The

1983.

in

1984

not

were

Initial investor demand

good

was

scaled to yield from

3.875%

at present only
bonds
remain in

and

$1,000 000

Bexar

Norfolk

20

June

bids

$7,000,000 gen-'
eral obligation (1962-1986) bonds.
In close bidding the issue was won
by the group managed
jointly by
the Morgan Guaranty Trust Co.
sought

0i

on

York, Kuhn, Loeo & Co.,

n!

j

?atf?r7/5%^3&70%Y™
The

1986

maturity
The

offered.

not

was

issue

—

rent balance is

the

on

serial

Pa.

composed
Bankers

of First Boston
Trust Co., Chase

&TS ouSd

anTsmUh

eight o7hera!coun(s
The
as

for tee tends

1962-1979

10:30 a.m.

1962-1981

11:00 a.m.

June 26 (Monday)

,

30,000,000

state Highway Authority

' 1;484,000

£. ^

2,000,000

1963-1992

10:00 a.m.

uf

.: 42,500,000

1967-2001

Scottsda<je

10:00 a.m.

Ariz

1,400,000

1964-1985

Second

7:00 p.m.

2,900,000

1964-1991

t

j

2:00 p.m.

1,500,000

1963-1985

11:00 a.m.

1964-1991
1962-1981
1962-2001

7:30 p.m.
;8:00 p.m.
11:30 a.m.

issue

day

Turnpike

3,000,000

offered

late

smashing
Kentucky

21)

was

revenue

bonds

are

June

-

Columbia Hgts. Ind. S. D. 13,
Dallas Ind. Sch. Dist.,

$20,000,000 serials, maturing
and $98,000,600 terrris,
payable

solely from lease rentals or other
Yields

available

on

the

4J0%.
The term
issue
bore
a
coupon
and
was
priced

Miss

10,000,000
29,500,000

Texas

1,500,000

1962-1986

10:00 a.m.

15,000,000
1,085,000

1982-1976
1962-1981

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

1,285,000

1962-1991
1962-1987

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

____

Y._

enectadv, New York

1,607,000

;

50,000,000

Tennessee Valley Auth., Tenn.____

Atl

Dist., Pa

Q

t

Pas6:

10:00 a.m.

1,000,000
1,000,000

1962-1986
1962-1991

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

(Thursday)

June 29
Altoona Sch.

.—•

—„

1S63-2000

1,190,000

University cf Delaware.——

2,520,000

1962-1985

9-30 a.m.

jstortli East Ind. S. D., Texas

1.000,000

1962-1985

7:30 p.m-.

savannah, Ga......

1,300,000

1962-1988 11:00 a.m.

E1

Texas

—

-

.

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

4,300,000

Mich—_

1,300,000
5,580,000
1,600,000
1,500,000

Cinnaminson Twp/S. D„ N. J
Flint, Mich.
North Monterey Co. U. S. D., Cal.
Port of Portland, Ore
:
Tnlv

Corpus Christi, Texas

1964-1987

7:30 p.m.

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

8:00 p.m.
3:00 p.m.
10:30 a.m.
10:00 a.m.

11

(Tuesdav)

J**. J 2,400^0

—-

ToToT 1962

TLongABf,Ch rbvV

A"geles, CaUf.L.-Ll—-1
—-

a'm'

9:30^

1962-1981

18,800,000

2:30 p.m.

13,500,000 1962-1991

-----

4--

[Negotiated

offering

headed

by

1,450,000 1962-1991

8:00 p.m.

1964-2004

—_ — -

51,863,000

Phelps,

Fenn

&

Co., and

including

Brothers, Smifh, Barney & Cc., Inc., & W. H. Morton & Cc., Inc., as
Sacramento-Yolo Port Dist., Calif.7,000,000 ■-

Lehman

co-managers.]

July 13 (Thursday)
Milwaukee County,

1982-1981

11:00 a.m.

2,000,000

1962-1981

"1,700,000

1962-1986

10:00 a.m.
10:00 a.m.

11,429,000

Wis

July 18 (luesday)
35,000,000

Kentucky (State of)
F noxville, i Tenn.

Monroe, Louisiana

— _

Stockton Unified Sch. Dist., Calif.
.

E

&

'

Ore.

2,674,000

jujv 24 (Monday)

l.OOO'.OOO
'
'

'

V

'

1962-1931

-

1

10:09 a.m.

July 26 (Wednesday)

99V2.

brhis

Minn.

Maryland state Roads Comm., Md.
Mount Vernon, New York
Nrw Castle & Mt. Pleasant Cent.

portion ranged from ,3.7.5%

4.85%
at

(Wednesday)
1,109,000

28

Harris County, Texas
jackson

.

set

1967-1985,

to

|

Agency

Wednes-

due 2000. These bonds are

serial

^

^

New York State Housing Finance

a

Road

up as

perry Township, Ind
c
t
N c

£etchikan, Alaska

a

These Western

(June

success.

Toll

£

July 12 (Wednesday)

$118,000,000 Turnpike Authority of Kentucky, serial term
bond

1962-1991
3:00 p.m.
1 //■-(V'
1962M991 "11:00 a.m.
19S2-1971 11:30 a.m.
1963-1987
2:00 p.m..

3,150,000
^ „ (Xuesday)

Memphis. Tenn

present balance
$2,300,000.

Kentucky

8:00 p.m.

11:30 a.m..

July 19 (Monday)

June 20,

Corp.,

1,800,000 1963-1968
10,630,000

$600,000.

group

.0 p. .
10.00 a.m.

1967-1999

cur¬

also came to
with $5,220,000
(1982-1981)
bonds.
The

Pittsburgh,
market

/

June 23 (Friday)
County, Texas—
2,200,000

re-

well

was

received by investors and

Noon

1962-198

2,850,000

School District 4, N.

Tuesday

On

OdiG

1966-1991

1,111,000

Sioux City, Iowa—

Tc

Sales

Week's

SsQlA

1962-198!

25,000,000

Delaware (State of)

account.

This

/v

.

TTfYP

o-nonm

__:

Winnebago County, Hi

Bank New York Trust Co., Harris
Trust

:

.

for which specific S3.1e dates have bGGn set.

or more

_

York

■—.........

.

1SSU6S uCRGUUlGU J? UI

R!ga»Ogden Chili & Sweden Cent.
School District 1, New York____

h|U rs-day, Lake (Jegrgia

syndicate managed by The
National City Bankcof Newy
and
Chenucal
including

Firs;

•

Tune 22 (Thursday)

the

revenues.

3.55%

-

point sell-off for the week.

T^minal!pis^GlastBonburyj Con«
E'ai
hfnds Marshfield, Wisconsin
eial ohfi'oatlon
obligation ffolo^qqh
(1962-1991) bonds
Newport Ky

3.15%

3.40%
3.75%
3.45%

New

,

d

*

yields would indicate a one-half

J°llowing tactions we list the bond issues of

$1)000,000

The

Asked

from 3.75%

,.

.

,

up

Thi

before

k

Q/^Viorhllon

Toonoc

QY»rmr»

Charles Harbor and

to vi»M
in 1989.

SERIAL ISSUES

th

—-———

ijaigGl

at

for a 4% coupon were immediately sold out of account

Smashing Success
i

averaged at 3.78%;

due

par

reported

issue

in

reporting date. The yields then

-i

T

1987)

pop

Salomon Bros.

and

Co.,

&

Warren> Ohio

Sachs

&

light'

/ The Smith, Barney & Co. toll
road bondX index reflects lower
quotations as of June 15, the last

2,000,000
wherever

f60TiTo%TTrtefrfare3dyt? ycoeid

Hutzler.

calendar is

•

"mu- J"

These

The Northern Trust Co., Goldman,

&

Tripp

and

Inc.,

Co.,

&

:

of
and

metropolitan

corporation.

nicipal

managers.

Savings Bank, C. J. Devine & Co.,

The

appears

.

Pa.
general obligation
(1962-1991) bonds, which attracted
three bids. The high bid for the
dicate

general

relatively light
time. of the

delphia,

ex¬

and

new

sizable issues came

two

market

competitive
this

for

week

penditures, so-called dynamic
growth may be ruled out because

ing

the

Although

Awards I

-

A

—

passage

cities

enabling

t^estabiish'a1

Va

largest involved $24,957,000

national product

gross

increase

may

con¬

cautious.

and

Although

Other

more

subsequent to

1958

in

ahead;

market

bond

nervous

this

area.

conducive to anything but

even

cuts

pollution of the waters in
the Lake Washington
This district was established

around

to

Secretary continues

Pressprich &
others was the

W.

the

the

due

a

tax

of

1.90%

Treasury

brief statement from the
four managing underwriters, F. S.
Moseley & Co., First Boston Corp.,
ity.

.

reoffered.

recommend

to

Author-

Turnpike

proceeds from this sale, the Co., Inc. said: "The managers of
first part of the $125,000,000 au- ;the
proposed offering of $183,thorized
by
the voters of Ahe 000,000 of bonds Series A, B, and
Municipality
of
Metropolitan C of the Massachusetts Turnpike
Seattle, will be used to finance Authority - Boston Extension, ana comprehensive program leading
nounced that they were unable
to the reduction and elimination

bonds

short-lived. It is also notable that

underwrite
a
issue for the:

to

$183,000,000" bond

'

the Blue List reported a state and
municipal bond total of $510,474,000; up from $495,819,500 a week
aS° and from $373,915,000 on May
Despite the favorable prevailprice level, swollen inventories persist as a market negative.

-

investthey

announced

Massachusetts

y

Inventories Remain High

The

apparent

that the recent
outflow could be

unable

many

in

gold

were

successful bidder for these bonds. (Blyth

Also

immune

Inc. and including
& Co., Harriman

R.

Inc.,

and

Co.,

Affected

Market

Bond

The bond market is not

pressure on bond
reading the published
opinions of economic experts, even
the knowledgable seem confused
on
this
general
subject.
The

respected attitudes are

those

generate any high hope for

rates.

possible

Smith

legislation

as

thus exert little

Secretary predicts an
economic boom for next year with

Barney

Ripley & Co., White, Weld & Co.,
Merrill Lynch, Pierce, Fenner &

against policies that
by their sound
example might
lead ultimately to a strong respect
for our leadership. This apparently
ligacy,

bankers

'

•

Although

afternoon,

Wednesday
ment

group

offering of bonds

of an
at this time."

there has been no leavening of the
inventory situation. On June 21

Massachusetts Turnpike
Financing Blocked
,

managed

The

by Blyth & Co.,

Smith,

plation

-

$20,000,000 Mu-

was

bonds.

term

and

,

'

In

15,

sell

to

nicipality of Metropolitan Seattle,
Wash, sewer revenue serial and

methodically
avoided
and
even derogated as we exhort poli¬
cies involving international prof¬
and

needed

bearing

large

a

policies

American

typical

and

traditional

Our

Conditions

business

course

have

trader.

Yankee

estly

period.

However, this circumstance may

the Treasury

shrewd

traditionally

the

of

that

overpowering inertia toward ex¬
travagant "give away" has so long
dominated our thinking and ac¬

shows.

accurately

quite

in

financing

heavy

June.

middle

nially perpetrated as a matter of
policy through fear; fear
that Uncle Sam's image might be

national

of June 21. Were

as

These policies seem peren¬

group.

June

on

&

Fenner

subject to award.

issue

sizable

other

Pierce,

Smith Inc., A. C. Allyn & Co.,
Inc., The- Kentucky
Co.,
and
others. The offering was made

mains in account.
The

Lynch,

rill

and, at this writing a
of $4,000,000
bonds re-

balance

during

Thursday, June 22, 1961

.

per

reoffering

market

.

which

one

yield 4.40%. About three-fourths
of the issue was sold upon initial

DONALD D. MACKEY

BY

maturities,

two

last

The

TAX-EXEMPT BOND MARKET

The

.

(2730)

negotiated

financing

was

Alaska (State of)^

13,975,000

—

Volume

193

Number

6066

.

.

.

Steel

Production

Electric

eral

Output

The State of

Retail

TRADE and INDUSTRY

following

of

summary

sale

Production

meats

;

condition has appeared in the
issue
of
the
Federal

mained relatively large.

as

declined

supplies

Bank

Industrial

production
recovered
sharply further in May, and con¬
struction activity also increased.
and

income

con¬

retail

sales

and

advanced. Commercial bank credit
further.

rose

In

late

May and
early June, capital market financ¬
ing was in large volume and bond

yields increased.
Industrial Production

re¬

production

1957

compared with

average,

the

first

mid-1960.

quarter

Since

and

102

110

February,

in

pro¬

duction of materials has risen 8%
final products 4%.

and

and

commercial

Reserves

bank

-

consumer

tion

television

of

and

radio

and

other

some

credit

Auto

tion schedules for June indicate
moderate further

output of
apparel also

,

...

,

securities

ury

rose

,

Chicago

,,

sharply

in

the

Philadelphia

to bring them back to a realistic
position compared with premium I

grades, which

1,606,835

1,397,531

1,169,000

1,173,000

841,997

666,522

+15.0

0.3

—

grading continue for major ton¬
nage items, although at least two
major mills insist they have not

,

10%

increase.

new

money

spread of steel price cutting.

$1.5 billion further in

second

half

of

May and the first

Boston

____

+26.3

S1

,

_

.

IT

J?
Prices Still Uncertain ,
111 loans. The average
yields on issues maturing in Contmue Vulnerable to Reduction
supply, seasonally adUsted,.: 3.5 years, which in early June
Steel prices continue vulnerable
declined slightly while time de- peached new
highs for this year. 10 spite of new efforts by major
posits continued to show substan- common stock prices, after reach- producers to assure stability of
tial growth and U. S. Government
ing a record high in mid-May, de¬ prices of leading tonnage products,
deposits rose sharply. Seasonally clined on balance to mid-June, The Iron Age reports.
In the wake of a series of price
adjusted turnover of demand de¬ arid the volume of trading de¬
bank

Member

Federal

Reserve

Banks

serves

four

importance,

varying

the

magazine draws these conclusions:

averaged
Bank

million and excess re¬
about $585 million over the

Clearings Were
Same

Over

weeks

ending June 7. Be¬
tween early May and early June
reserves
were
absorbed
princi¬

of

cuts

creased substantially.

borrowings from

about $100

Bank

Week

Up

Last

3.1%

in

Year

(1) Most price cuts were made
official recognition of market

conditions
some

clearings last week showed

that

time—in

had
some

existed

for

for

cases

a

period of months.

increase

compared with a year
Preliminary figures compiled
by the Chronicle, based on telegraphic advices from the chief
an

(5)

are

May, reflecting increases both in we'ek of June and then declined
holdings of U. S. Government se- .somewhat. The rise was sharpest

(2) Products that were involved

ago.

in

price cutting

are

for the most

The

This announcement is not

Over¬

output

major
bined

indicated

an

this

and

reinforcing bars does add
substantial share of the

a

ket,

declined

in tonnage

addition, price developments
past few weeks show the
major producers, although deter¬
mined to stabilize prices, will cut
when

share

their

of

or a

solicitation of

an

reflecting

?

l.i

J'1

in¬

into Common Shares at $65

per

a

share

are

on or

convertible

before June

J, 1966 and at higher prices thereafter, conversion prices

being subject to adjustment under certain circumstances.

principally
in

increase

highway
in¬

Employment

Seasonally^ adjusted
nonfarm

employ¬

establishments

Prices:

further in May and was 500,-

000

the

above

than

reached

low

although

March,

700,000

or

in

more

100% for the Debentures

1 % below the prerecession
high of July 1960. In May, gains
„

in

occurred

industries

mo3t

and

100% for the Convertible Subordinated Debentures

manufacturing

plus accrued interest, in each

especially

were

case,

from June 1, 1961

large in the steel, fabricated met¬
als, and auto industries. Employ¬
ment reached
and

new

highs in finance

Copies of the prospectus may be obtained from such of the undersigned {who
among the underwriters named in the prospectus) as may legally offer
these securities under applicable securities laws.

local

and

state

Mainly because of

a

government.
continuing in¬

in

the
average
factory
weekly earnings rose
and were slightly higher

crease

are

workweek,
further
than

a

year

earlier.

The

season¬

unemployment ra+e
remained just under 7%, the level
prevailing since December.

ally

adjusted

Distribution
Retail

following
low

the

year-earlier
autos

of

for most of the rise in
at

in

May,

a
decrease of a like
April, and were 2% bs-

sales

creased

Dillon, Read & Co. Inc.

-

rose^l%

sales

amount in

rate.

The First Boston

Elyth & Co., Inc.
Merrill

In¬

Lazard Freres & Co.

Corporation

Dean Witter & Co.

Lynch, Pierce, Fenner & Smith
Incorporated

accounted

May. Sales

Eastman Dillon,

Union Securities & Co.

Glore, Forgan & Co.

Goldman, Sachs & Co.

stores edged off,
sustained ri:e, but were

department

after

a

higher than

a

year

Harriman

earlier.

Kidder, Peabody & Co.

Ripley & Co.

Carl M. Loeb, Rboades & Co.

Incorporated

Commodity

from

Prices

continued

of

to

May

early

steel

Prices

commodity price

The wholesale

index

change

to

while

prices

o:

were

early June.
and some

scrap

some
steel mill
reduced. Whole-




Salomon Brothers & Hutzler

Smith, Barney & Co.

F. S. Smithers & Co.

Incorporated

little

other sensitive materials advanced

products

on

market
page

30

offer to buy securities.

Company of California

The Convertible Subordinated Debentures

activity

in May and was at

substantial

in

the

Continued

,000,000 4*/4% Convertible Subordinated Debentures, due June 1, 1991

textiles,

construction;
private
work
slightly further.

rose

dollar

the

creased

ment

and

In

in

,000,000 47/8% Debentures, due June 1, 1986

seasonally adjusted annual rate of
$56.5 billion. Public activity rose

4%,

both

up

mar¬

value.

month

products.

paper

construction

about

items, the com¬
linepipe, stainless

to

part products that are chronically

ojjer oj securities for sate

Union Oil

Construction.

a

of

not called

tVO " !

further

a

construction materials,

chemicals, and

2%

tonnage
total

;r,

seasonally in early June.
In May there were also increases

creased

.

are

June 21, 1961

rose more

and

steel ingot production

New

Age points out that
products
involved
in

price cutting to date

New Issues

less than

in

Iron

although

a

<ppmmercial ma¬
farm equipment.

inMay,

is

increase
as

in

and

Iron and steel

than

They contend there is

trend to price

cutting, par¬
ticularly in stanuara carbon steel
products.

no

consumer

industrial, and

chinery

.

(4) Price shadings through over-

staples and
rose in May. Produc¬
tion of business equipment con¬
tinued to advance, reflecting gains
in

cut to lower

were

levels.

taken part.

yields generally increased week End. ,
cooos omitted)
,
between mid-May and mid-June.,
June 17~
1961
1960
c/o
Yields on all maturities of Treas- New York__ $17,655,092 $16,667,806 + 5.9

again and produc¬

rose

all

'

(3) Prices of standard grades of
linepipe will have to be dropped

sets,
home

goods continued to. increase.
assemblies

June 17 week follows:

of bills. "

Cuts do

weakness.

new

widespread in May.
goods, produc¬

were

Among

furniture,

for

any

curities and

about

Output of
products, both consumer
goods and equipment, is close to. pally through currency outflow
previous highs.
and were supplied through Fed-

.final

Gains

which

States from

represent

Recent price developments
beginning to hurt the current
steel market. Many steel buyer's
are holding back against possible

rose

increased

3% further in May to 108% of the
in

Total

Credit

posits increased.

Industrial

United

Bond

Reserve Bulletin..

rise

the

week

year.,Our preliminary totals stand
May and early June. On June 8, at $31,089,227,102 against $30,168,the Treasury raised $1.8 billion in
188,277 for the same week in 1960.
cash
by
auctioning
additional Cur comparative summary for the
amounts of 18 outstanding issues
leading money centers for the

June

to

not

country, indicate that
ended
Saturday,
17, clearings from all cities

the

is possible to
obtain weekly
clearings was 3.1% above those
the corresponding week last

security financing by cor¬
porations and state and local gov¬
ernments was in large volume in

Commodity Price Index

somewhat further

vulnerable to reductions.

for

it

New

Failures

7

cities of the
June
of

Auto

general business and financial

tinued

somewhat.

Security Markets

Index

•

Employment

purchases of U. S.
securities. Required

declined

Trade
Price

of

Reserve

reserves

Food

Business

prices

(2731)

Government

Curloadings

The

Chronicle

The Commercial and Financial

William R. Staats & Co.

Stone & Webster Securities Corporation

White, Weld & Co.

,

!

8

The Commercial and Financial Chronicle

(2732)

&

DEALER-BROKER

McCarthy,
320
Bay
1, Ont., Canada.

Street,

Toronto

Benbow Astronautics

INVESTMENT LITERATURE

Kirsch

M.

T.

Company,

Wall

54

IT

IS

UNDERSTOOD

TO

\SEND

FIRMS

THE

THAT

PARTIES

INTERESTED

Companies—Bulletin—

Auto Parts

THE

FOLLOWING

showing
son

Broadway, New York 4, N. Y. Also
available
is
a
chart
report on

stocks

used

Averages
the

Securities

Arden Perin &

Review—

—

Company, Inc., 510

Madison Avenue, New York, N. Y.
Also available is a report on U. S.

Components Inc.

listed

in

and

the

the

industrial

counter

Pfizer.

Canadian

the

National

compari¬
industrial

Vised

in

Bureau

period

National Quotation

—

Bureau,

Inc.,
46
New York 4, N. Y.

Front

Street,

27

Products

New

&

Co., 45 Wall
5, N. Y. Also

York

memoranda

are

on

Wallace

Articles by

—

leaders in the aeronautical field—

in

the

June

issue

of

"The

Ex¬

change" Magazine—200 per copy,
$1.50 per year — The Exchange
Magazine, 11 Wall Street, New
York

5, N.

Dean

—

Chase

Witter

&

Co.,

45

Situation

Manhattan

Selected
issues

which

Trade

5, N. Y.

port

Hooker & Fay,

—

Inc.,

AAL

221

"Eligible
brochure

27th

—

preferred

on

mon

shares listed

and

Montreal

issue

and

of

com¬

the Toronto

on

Stock
Exchanges
eligible for investment
by Canadian Insurance Companies
—Cochran, Murray & Hay Lim¬
ited,
Dominion
Bank
Building,
considered

Japanese

Market

Yamaichi

Securities

Analysis—

—

Co.

of

New

York,

Inc., Ill Broadway, New
York 6, N. Y. Also available are
analyses of the Japanese Steel
Market

and

dustry,

Japanese

and

Brewery

Watch

reports

In¬

Kirin

on

Co. and Mitsukoshi Ltd.

Sheltered

and Gas

—

Ms

&

Y.

Also

special

Watch

report

Citizen

on

Ltd.

Co.

1

and

Pullman

American

Stock

—Nomura

—

Survey

New

available

Yawata Iron &

York

6,

N.

61

Y.

analyses of
Steel; Fuji Iron &
are

discus¬

Company | and

Oxford Paper Company

Optical—Report—Blair

&

Co. Incorporated, 20 Broad St.,
New York 5, N. Y. Also available

is

a

report

on

General Cable.

Stores
Analysis—
Sherrerd, 1500 Walnut
Philadelphia 2 Pa.
Also

Street,

—

available is

analysis of Western
Stationery.

American

an

Viscose

Corporation-

Report—Vanden Broeck, Lieber &
Co., 125 Maiden Lane, New York
38, N. Y. Also available are re¬
views

of

Miles

Laboratories

Inc.

Steel;

Hitachi

and

Monroe

tronics);

Kirin

Aro

Equipment Corp.—Memoran¬

Limited
(elec¬
Breweries; Sumi¬
tomo
Chemical;
T o y o
Rayon;
Toanenryo Oil Company; Sekisui
Chemical
hama

Co.

(plastics);

Yoko¬

Rubber Co.; and Showa Oil

Co

Data

22

on

First

Company Stocks—

selected

issues—The

Boston

Broad

Corporation,
15
Street, New York 5, N. Y.

Oil Stocks

—

McDermott

&

Bulletin

Co., 42

—

Peter P.

Broadway,

New York 4, N. Y.

Over-the-Counter Index

—

Folder

Equipment Co.

Hardy

available

is

a

memorandum

Reynolds Tobacco Co.

Corp.

of

Illinois—Memo¬

Data—

—

Inc.—Anal-

Wall
wan

Wall

B.

u'ij

Dana

Fahnestock

is

-J

D

Co., 65

Broadway,

Y. Also

„

Dresser

»

available

.

'

i«/r

.

York

N

-

1

A

•

Corporation—Analysis—

New York 5, N. Y.

way,

E.ectrada

s'n
IN.

Ex-Cell-O

.

Corporation

—

Bulletin

Company,

—Newburger

&

Walnut Street,

Philadelphia 2, Pa.

Fairmont

Foods

1401

Company—Anal-

ysis—A. C. Allyn & Co., 122 South
La
Salle
Street, Chicago 3, 111.
available

Also

McNeil

are

Machine

Company,

analyses

Corp.
Washington Industrial

Techno Fund Inc.
Prospectus

on

Request

Security

Dealers

Report —Good-

Broadway,

2

New

4, N. Y.




Y. Also

'

Corp.—Analysis—Herbert

gtern & Co

Wall

52

V

5, N. Y.

St., New

>

,

Sonar Radio Corporation

—

Vsis—George

Co

3Q

of

Broad
y

O'Neill

street,

Also

ig:

4*'

review

a

Over-the-Counter

data

N. Y. Also available

Interstate Engineering,

on

tion

Copper

Steel

&

Morrell,

John

In-

Combus-

Engineering and E. W. Bliss.

is

report

a

72 Wall street,

5, N. Y. Also available
on

40 Wall

Ronson Corporation.
Harvester

Company

Street,. New York 5, N. Y.

available

reviews

are

Jubilee
den

Iron—Memorandum—Ar-

Perm

&

Also
on

available

General

—J.

Co, Inc., Woodward

Washington

Building,

is

Products.

Corp.

Also

available

Carpenter &

Liberty
Hill

2

Beane,

is

4, N. Y.
analysis of

an

Co.

Records, Inc.—Analysis—

Richards

Spring

&

York

New

L.

E.

Analysis—

—

Williston

Broadway,

C.

memorandum

a

Shale

Roth

R.

D.

4,

&

Street,

621 South
Angeles 14,

Co,

Los

Calif.

Aircraft

—

Data

—

Hill,

Darlington & Grimm, 2 Broadway,
New York

4, N. Y.

Metalcraft

Inc.

—

Wall

Memorandum—

Street, New York 5, N. Y.

Midwestern

Instruments

George

ureen

securities

a

Hart

M

is

a

Form Pension Eouities

Inc.—

Analysis—Lloyd Haas & Co,

120

Broadway, New York 5, N. Y.

-

Wlth offlces at 114 Sansom Street,
in

engage

securities business

^ eilsdge in u securities Dusiness.
S.

Miller

is

principal.

a

'

Bostonian Inv Branch
P•
1 11 inv. orancn

BOSTON, Mass.— Bostonian Investment
opened

a

Securities

Co.

has

branch office at 18 Tre-

mont St., under the direction of
Samuel Colsia.

Calif. Investors Branfch
BAKERSFIELD

Calif

fornia

have'

investors

office

at

2601

Cali-

-

opened

a

Street,

F

under the management of Richard

&

Alexander.

Co., 14 Wall St., New York 5,

n.

Also

Texas

available

Gulf

are

Sulphur

Temper and

Union

data

Co.,

on

Standard Packaging Corporation—

Oil

of

Oklahoma

Corporation, 404 North
Birmingham, Ala.

Y.

Inc.-

21st

St.,

Company,

25

Broad

Street, New York 4, N. Y.
Tech-Ohm Electronics Inc.—Anal-

Lewis

BERKELEY, Calif. — Freeman &
Company has opened a branch
j

the

Co.

Inc.,

82

—

I. M. Barr

Inc.—Anal-

yS^s—Searight, Ahalt & O'Connor,
jnc
^5 Broadway, New York 6,
N.Y.

Analysig

Schirmer,
Atherton
&
Co,
Congress St, Boston 3, Mass.
S

Steel

Corporation

_

50

Analysis

New York

& Co., 120 Broadway,
5, N. Y.
^

Universal

Container— Discussion

in

June

issue
—

of

"American

American

As

Also in the

nyi

•

at

1

r\cc

New McCormick Office
SAN BERNARDINO,
Gordon C. McCormick

Calif.—
has

Inc.

°Pened a branch office at 1580 D
Street under ther; direction of
Ernest W. White.
p

a

FuH-of

Onpnc

V

-

Investor, 86

FT. LAUDERDALE, Fla.—Carl A.

a

report

a securities
business from offices at .52 Royal

performance

over a

Palm Drive.

same

market

condueing a
offices

business from
Drest Drive.

In-

Trinity Place, New York 6, N. Y.
0£

ANGELES, Calif.—Irwin M.

tvt
_

Opens

(Special to The Financial Chronicle)

?ar.r

Co

D. M. Stuart &

wvmni^r rnW« management of
H^an Gruberg.

LOS

Fruit

B

has opened a
branch office at 7419 Seventeenth

underwater

United

hnder

John

D„anA

Cfliavf

ADELPHI, Md.
Company, Inc.

Co, 63 Wall St.,
New York 5, N. Y.

u

v/i

Report-

John H. Lewis &

Storage

of

Raerphnp1ffg
t\

"lace

Norwood

management

1A 1VI. Stuart Drancn

Symington Wayne—Memorandum
&

New Freeman Branch

True

Electric,

Analysis-Cohen. Simonson & Co.,

of

Aircraft and Colllns &

Aik'man

business.

branch

i *:

^

Railroad—Review

Co

Grepn

•

in

Spiegel, Inc.—Data—W. E. Hutton

Trans World Airlines

Co., Inc., 1 Wall Street,

Continental

East

101

Inc

York

New

available

"Sensible

&

Anal-

Kidder &

York 5,

at
«

engage

Security Options Corp.—Analysis
—Ronwm Securities Corp., 645
Forest Ave., Staten Island 10, N.Y.

Beaver Street, New York 5, N. Y.

New

+

Del. — Hart,
has
nas been
ueen formed
xuimcu

.

ysis-Edward

Thomas, Williams & Lee, Inc, 80

Teletype NY 1-376; 377; 378

Alsn

Y

Jonathan

Helmerich & Payne—Data—A. M.

Association

Trinity Place, New York 6, N. Y.

N

on

Report—First Investment Savings

Co.,

Co.

offices

George

—Kamen

Lockheed

Troster, Singer & Co.

report

a

is

Corporation

—

...

&
<*.

Stern

Petrolite

Goodrich

Kayser

Midland Capital Corp.
Mid-States Business Capital Corp.
Narragansett Capital Corp.
*St. Louis Capital, Inc.

*

New York 6

Broadway, New York b, N

vestor"

Inv. Inc.

HAnover 2-2400

Broadwav

-Analysis—H°rnbl°wer,& Weeks, ^Reynolds

Franklin Corp.
Florida Capital

—

Memoran-

Hart, Whitley Co.

Street to

Baltimore

1009

sterling

5, N. Y.

&

Co.,

&

—

on'principal of the firm

of 25 Broad Street, New York 4, N.

Co., 36 Wall Street, New York

F.

v

at

Engineering

Family Finance —Report —Bache

B.

R

&

and Rexall Drug and Chemical Co.

&

,

Street, stocks.

V

o,

v

Co.

1 urm renMon equities
SAN FRANCISCO, Calif. — Pen~
—Report—Ira Haupt & Co., Ill sion.

N

Corp—Report—Meade

NmS vnrt

Form

Avenue, Kansas City 5, Mo.

E

Bissell & Meeds, 120 Broad-

Laird

corporation—Anal-.
& Company, 115

N

Brothers

Chemical

dum—h. B. Shaine & Co., McKay

Whitley

„

oioaaway, New York b, N. Y.

y' York

a

Y

„

Duplan

,

Siegler

.

ust iMemorandum

In

Witco

New

t

Analysis—

N.

6

• '
»nex

available

Canadian Pacific, Celanese, Inter-

trade

15 West 10th Street, Kansas City

Security Columbian Banknote Co.

review of Friden Inc.

a

ta

York

&

York

Growth Capital Inc.
Marine Capital Corp.

74

48

—

Hentz &

Boston Capital Corp.
Citizens & Southern Capital Corp.
Electronic Capital Corp.

New. York

ton

Corporation

New

I. c.

Members

Co.

Co., 120 Broadway,

-h.

Greater

„

p

i

&

•
^r»cior
R

Street,

Y

City and County Bonds

New York 5
N Y
iuiko, lm.
x.

Bell

and Financial Institutions

Western
Development
Co.
of
Delaware—Memorandum—W. C.
Langley & Co., 115 Broadway,
New York 6, N. Y.

MIDDLETOWN,

N

San Francisco, Calif.—Bulletin

^

Company—Analysis—L. F.

tu

Rothschild

4, N. Y.

Companies-

We

of

Street, New York 5, N. Y.

Crane
T5

Broad

York 4

ysls—Carreau

Y
x.

analyses

Pressnrich &

W

dum—R

Also

S.

N
in.

Copperweld Steel Co.—Memoran-

Illinois Central

Banks, Brokers

5
o,

Aircraft.

International

For

York
iorK

are

Stern, 30 Broad Street, New York
of

&

Standard Kollsman Industries and

dustries,

Company

InCj-BulCo., 63

Lewis

available

Chicago 4, 111.

Telephone

Lines

New
ivew

Street
street,

Also

& Curtis, 25

N. Y.

H.

are

Canada—Analysis—Andras, Hatch

Dillon, Union Securities
& Co., 15 Broad Street, New York

Philadelphia & Reading Corp.—
Report—Paine, Webber, Jackson

Analysis—
Broad Street,
—

30

letin—John

randum—Link, Gorman, Peck &
Co., 208 South La Salle Street,
Avco—Memorandum—Herzfeld &

Co.,
Air

body

on

&

Continental

York

Also

Carbon

New York 4 '

61

F. Hutton & Company,
Broadway, New York 6, N. Y.

Tex.

Analysis-

Tower, Grand Rapids 2, Mich.

Ritz,

Fibre Co.

Columbian

dum—E.

Aurora
Life Insurance

Auto

1,

N.Y.

K

Com¬

Dallas

Tiernan

5, Mo.

the

of

VTi

Products

selected

Evans & Co., Inc., 300 Park Ave.,
ysis^—Steiner, Rouse & Company, New York 22, N. Y. Also available
19
Rector
Street, New York 6, ai^ da*a on Champion Paper &
Charles

Fibre

Inc.

Metal

American

'

Securities Co., Ltd.,

Broadway,
Also

Market

are

pany—Analysis—Smith, Hague &
Co., Penobscot Building, Detroit
26, Mich.

Tablet &

'

I

Japanese

available

sions of Champion Paper &

American

a

Ms

Co., 50 Broadway, New York 4,

N.

Butcher &

is

Ms

Steel—Discussion—Purcell

Securities

New York

Oil

in

Admiral

—

60

New York state School District
Bonds — Brochure — Roosevelt &
Machinery Cross, Inc., 40 Wall Street, New Westgate California Corp.—MemoPendleton Tool York 5, N. Y.
randum—Midland Securities Co.,

Industries.

New

Acme

Japanese Market.—Review—Nikko

Co., Ltd., 25 Broad St.,
4, N. Y. Also available

Investments

Data

Oils,
Inc., 600A Bettes Building, Okla¬
homa City 6, Okla.

Co.

Toronto, Ont.; Canada.

Com¬

brochure—

Zuckerman,
Smith
&
Co.,
30
Broad Street, New York 4, N. Y.
Tax

Book"

Investment

Analytical

of

Exchange stocks,

Standard Thomson

Fort Worth Steel &

on

United

Business

Marietta Street, N. W.,

attractive—

Co., Board of
Kansas City 5,

Building,

—

1, Ga.

of

list

A

Missouri.
Small

Co., 11

—

appear

pany

Atlanta

Pine

18

C. Christopher &

6, Calif.
&

Bank,

Securities

Montgomery Street, San Francisco
Cyclical Stocks—Circular—Courts

Report—

—

Street, New York 15, N.Y.

B.

Y.,::;;

Common Stocks for Income—Bul¬
letin

Petroleum

&

South La Salle Street, Chicago 3,

Re-

^

Challenge of Space

Vaughn Bldg.,

American Telephone, Max Factor

Foundry

—

on

and Chesebrough Pond.

Central

Company

Stock

Wallace Properties Inc.—Analysis
—Parker, Ford & Company, Inc.,

Eastman

Com-

period

year

American

and articles

Memo-

—

five

and Avnet Electronics.

Railway

4, Calif. Also available are reports

stocks

An-

Networks Electronic Corporation
—Analysis—Leason & Co., Inc., 39

Pacific

Montgomery Street, San Francisco

Quotation

&

Thursday, June 22, 1961

.

pany—Analysis—Sartorius & Co.,
39 Broadway, New York 6, N. Y.

over-the-

Averages, both as to yield and
market
performance over a 23year

Street,

available

Hanseatic

Dow-Jones

35

Electro

York

Canadian

LITERATURE:

Voorhis

randum—Cowen

Burrus Mills

Inc.—Analysis—New
Corporation, 120
Broadway, New York 5, N. Y.

PLEASED

BE

up-to-date

an

between

Auchincloss, Parker & Redpath, 2

Chas.

WILL

MENTIONED

Co.,

Morse

Street, New York 5, N. Y.

AND RECOMMENDATIONS

—

alysis—Kalb,

William St., New York 5, N. Y.

Report—

—

Missouri Pacific Railroad

...

issue is

Futter is engaging in
v

: . *

/

Volume

193

Number

6066

.

.

The Commercial and Financial

.

Chronicle

larged

Georgia-Pacific Corporation
—A Timber Laden Blue Chip

to

(2733)

use

waste

wood

chips

from the quite new plywood plant
at

Springfield, Oregon. At Portland, Oregon, there's a new plant
producing
and

chemicals
Research

waste.

ly working toward

By Dr. Ira U. Cobleigh, Enterprise Economist

and

total

use

of

from
is

bark

constant-

more

efficient

everything

the

tree

Setting down

It's

quite

natural

is

lumber

a

they

from

It
its

down

to

come.

processes

timber

of

plywood,

containerchemicals.

paper,

Aboard, specialties and
finds

profitable

a

everything

the

from

for
trunk,
sawdust.
use

tree

including the chips and
Georgia-Pacific started
1927

of

as

indepen-

processed by

mills. By 1946 the
acquired five lumber
mills
and
opened
a
West
Coast office for the purchase of
lumber
and
plywood
native to
that
region.
By
1949 GeorgiaPacific had become a major plySouthern

had

company

wood

producer, but lacked adequate
timber
reserves.
So,
to
avoid
great fluctuations in its

margins
resulting
from
price changes in logs and lumber
bought, and to assure a permanent
profit

material supply, the company

raw

embarked

long

a

™-n-

^

range

pro-

*

Lum-

bought, bringing with

was

66,000

x-

the°c. D^ohnson

In 1951
ber Co.

a

on

timber acquisitions.

gram of

it

timber

operations

of timberland plus

acres

ing

depletion

to

a

tures superior to standard fir ply-

not

replenishable

cutting time is regarded as a capital gain, subject to a tax of only
25%. As a result Georgia-Pacific

taxes now amount to about 32%
of pre tax net (instead of 52%).

sideration of earnings here is the
cash flow generated by depletion
depreciation
and
amortization
charges. Depletion alone increased
from $4.1 million in 1955 to $16.1

million in 1960. Depletion is based
on a cost of company owned timber calculated at $12 per thousand
board feet, and, as pointed out
above, depletion in timber holdings is something of a phantom
charge, since timber as an asset
does not "waste" but can be fully

.

over

ment

six months. This arrange-

also

cash

conserves

view

you

the

of

spate

expansion purposes,
Management is under the

who founded the company, and an

energetic echelon
ecutives

of

younger

ex-

below

45).

(averaging

Georgia-Pacific knows where
going

and

is

going

there

companies

in

and

received

ture equity in

dustry—and
.

_T

A

V

fundamental

a

at

a

sensible
_

^

JviTPTYlQ

1

fWTl

f

Manufacturing

sjve saies organization that provides effective merchandising not
only in the United States, but in
37 foreign countries. The company
stores its products for delivery
in 66 warehouses, serving the entire nation, and distributes
through more than 25,000 retail
dealer outlets.
,

these days, it's refreshing to look
at an issue that is sound and
acceptable by more traditional
criteria of analysis—that has a
balance sheet consisting of something else than a few M.I.T. diplomas,
a
spool of copper wire, a
government contract, and a proprietary
electronic
doodle bug.
Georgia

Integrated Profit Maker

35% of sales. Balance of sales volume is about 25% in lumber (exeluding redwood), 10% redwood
for specialized uses, and the remaining 30% in hardwood plywood, and some 20 varieties of
hard
board,
container - board,
paper,
chemicals
and
assorted
forest products. Eighty-two million dollars has been spent in the

Georgia-Pacific

is

thus

a

sopd

well

-

Pacific
of

array

plants,

cash,

can

values

muster

in

a

timber,

management

and

diversified and fully integrated earning power. Per share net has
producer, operating on a large shown a pleasing growth from
scale for a long range future. $1.65 in 1955 to $2.45 for 1960.
As an earner the company is quite For this year we would expect a
distinguished. It has made money per share net of $2.80, (a new
and paid dividends in every year high) and continuance of an upsince incorporation in 1927! How trend in 1962 and 1963.
many major industrials have a
Indicated dividend rate is $1 per

past 6 yea« o" .plwt topnivement and addition. At Toledo, the
making plant has been en-

C

and

o m

p a

n'y,

Inc.

Avenue to engage

m0re

In

Alaska.

in

Forest

1956,

rities

business.

Vincent

Officers

Blackford

Marquis R. Pasley vice-presidentand Virginia B. Neely
secretary
an(j

treasurer

formeriy
son,

Mr

Blackford

vice-president

O'Brien

which

&

Adams

Mis^ Neelv^was

O'

x

r>

.1

.

q

Georgia-Pacific

feet

board

billion

and

ber

purchase of
Co. with

its

Lumber

Kelly

j

Fred

«2
.

C

'

200,000

some

will become

a

partner in Hirshon,

1% quarterly in stock. Roth & Co, 30 Broad Street, New
as

the stock is taxable at 25% if York Stock Exchange,

This advertisement is neither

an

The

Not

a

offer to sell nor a solicitation of offers to buy
offering is made only by the Prospectus.

any

of these securities.

New Issue

...

June 21, 1961

1,670,000 Shares

ac¬

Booth3
tim¬
of

acres

imaginative
Georgia - Pacific to¬
over 1 million acres of

result of these

a

acquisitions
day owns

Capital Stock

timberlands in fee, and more than

forest

These

alone

probably

are

timber

of

feet

board

billion

15

reserves.

resources

worth,

on

(Par Value $8.33H)

a

share basis, twice the current
price (66) of GXP common stock.
In
any
event, the company is
magnificiently equipped with
wood-bearing real estate, a fact
which
makes GXP common at¬
per

tractive
te

tion
we

The

as

share

outline.

important thing to remem¬
all these vast reserves

about

ber

is that timber,

ral
or

Price $38.50 per

infla¬
for other reasons

hedge against

a

as

well

as

shall shortly

resources

unlike other natu¬
such as oil, coal,

not

is

ores,

a

Copies of the Prospectus

wasting .asset.

be obtained from

any

of the several underwriters,

act as

dealers in securities and in which the Prospectus may

are

qualified to

legally be distributed.

perpetual operation can

almost

be

maintained. By

employing se¬

soil building and
scientific reforestation, plus prop¬
er
control of insects, disease and

lective

may

including the undersigned, only in States in which such underwriters

By
scientific
forestry mdthods
sustained lumber yields can be
maintained year after year and
an

cutting,

Georgia-Pacific has projected
its harvest plans until the year
2020, when
it expects to have
larger timber reserves than it has

The First Boston

Corporation

fire,

today.
Further

—

although,

noted, large sums

as

you

of money were

required for these extensive land
purchases, much of the financing
was through timber loans, where¬
by, as timber
amortized and

is cut, the debt is
sizable cash flow

a

Of present corporate
debt of about $138 million, over
$80 million is in these self-liqui¬
generated.

dating timber loans.
There

are

certain




tax

advan-

.

New York Stock Exchange, and

timberland.
As

'i.

Anderson
.

over

prime

of

a j

This is attractive to shareholders, York City, members of the New

quired one of the largest private
timber
holdings
in
the
West
through

with
asso-

wl11 acquire a membership in the

ing, together, over 247,000 timber
acres.
Then in 1959, for $93 mil¬
cash,

Inc.
also

riirsnon, Kotn to Admit

purchase of Coos Bay Lumber Co.
and Hammond Lumber Co., add¬

in

was

Pier-

of

ciated

$145 million were laid out for the

lion

A.

are

president*

a" ceonsiastent°producer" of

feet

about

been

a secu-

profits, but it has a growth rate
that's 'way above average. In the

the Tongass National

of timber in

has
in

.

company
Government

billion

iyTTI

r

formed with offices at 1012 Balti-

the

covering, 7V2

award

in-

price,

KmPKTOm

in

added

were

1955,

Federal

a

it's

with

vigor and velocity. GXP common
in today's market at around 66
appears to offer most of the qualities you might expect in a ma-

mill, harbor and shipping facilat Toledo, Oregon.
Several

1954,
.

di-

rection of Mr. Owen R. Cheatham

ities

small

company

for

T •

When

.

the base holding has been owned
for

Distribution
"romance"
stocks
holding
the x
AAAO vy VV II -L II III
Georgia-Pacific has an exten- spotlight of market attention KANSAS CITY, Mo.
Blackford

We've talked about the raw
material — now let's look at the
manufacturing
side.
Altogether
the company operates 47 plants—
28 in its WesternDivision (located
principally in Oregon) and 19 in
the Southern Division.
Fir plywood represents the largest single
product line accounting for about

paper

creased at a parallel rate from
$3.9 million in 1941 to $15.2 million last year. Important to a con-

wood, and has a very low manufacturing cost since it uses low
grade green veneers and resinimpregnated fiber faces, turned
out in a completely automated
(and patented) process. Other
new products are Flexible Oak
Flooring and Ranch-Panel.
replaced.

asset, the difference between the
original cost and market value at

in

out

wholesaler and exporter

a

lumber

dent

in

company.

generally understood. In addition

a

production and marketing of lum-

It

tages

resource

to the cash flow created by charg-

stands

ber,

for the steady advance in earning

vertical

as

complete

vast

for

become

to

vertical

as

has

reasons

Georgia-Pacific Corporation

company
one.

of the

some

of this well structed natural

power

produces, as well as the development of new product lines,
The most significant new product
is Fiber-Ply which has many fea-

past 10 years sales rose a spectacular 283% from $58 millions in
1951 to $222 millions for 1960. Net
income in the same period in-

9

Kuhn, Loeb & Co.

Eastman Dillon, Union Securities & Co.

Blyth & Co., Inc.

Glore, Forgan & Co.

Incorporated

Goldman, Sachs & Co.

Harriman Ripley & Co.

Hornblower & Weeks

Kidder, Peabody & Co.

Incorporated

Carl M. Loeb, Rhoades & Co.

Lehman Brothers

Lazard Freres & Co.

Merrill Lynch, Pierce, Fenner &

Smith

Paine, Webber, Jackson & Curtis

Stone & Webster Securities

Smith, Barney j& Co.
Incorporated

Incorporated

Corporation

White, Weld & Co.
Incorporated

Dean Witter & Co.

10

The Commercial and Financial Chronicle

(2734)

Manager, Nomura Securities Co., Ltd

phenomenal

U. S. Sieel sales increased
Yawata increased by 1.98.
In the profit growth in 1953 'CJ. S.
Steel totaled $222,000,000, Yawata,

1952; the rise
growth of shareholders from 1,712,000 in

$3,000,000. In 1959, U. S. Steel had
profits of $254,000,00:?, Yawata,

000,000.

growth with inflation more or less ceasing in

of

the

1946

stock

market

and

10.5

million

today;

to

of

former.

the

substantial growth in

Chips but expects

Blue

to

remarkably well compared

done

have

When President Kennedy

growth in profit making is prob¬
due to the fact that most of

to $40 billion to send a man to the

by

ably

"all" fields.

Japan has been a

The economy of

growth
tional

The

economy;

gross 'na¬

1946 was .about
about $lfV2

product in

stock

the

exchange

of

availability

the

mandatory

facilities

billion.

the

of the

issuance for new
with this activity
Security Exchange Commis¬

sion,

the

1952

In

national

gross

product

$17

billion

and

inflation

at

that

It

is

of

rate

doubling

This

decade.

Let's

than

less

in

with

done

was

a

very

Retail price index

100. In I960 it was 105.

was

the growth rates

compare

with other countries.

the

is

ment
now

indication

another

fact

in

policies

that

of the

$2

change
This

the

of

is

Let

chips

private

business.

trust

billion.

$3

have

assets

In

in¬

1951

about

were

I960^it was abouh
trusts

investment

The

more

In

a

of the stock

15%

than

the exchanges in Japan.

on

Sept.

Let

ex¬

basis

private

a

profit-making
system

by combining

some

by

corpora¬

derived
of the British
was

amounted

in

those days. Most of the trading

was

done

panies.

by bankers and com¬
The individuals did not

participate to a great extent. In
1948 by allied decree, as I under¬
stand it,
a
governor of the San
Francisco Exchange organized the

Japan

stock

modeling it
The

sion,
lated

exchange

on

Security

which

system,

the U. S. methods.

Exchange

organized

exchange

Commis¬
and

practices,

relate

me

S.

sales
in

little

a

bit

about

is

Japan,

in

of

$3,510,000,000.
a
comparable

was

which

comnahy

Electric

General

of

1953

Hitachi,

to

times
Profits

$147,-

was

substantial
lion

yen

"Not worth

says:

Washing¬

a

damn. We

data out of this
of thing, but it would be ut¬

sort

get

some

in

more

during

that

1,465,000,000

year

y^n

finding

converting

or

with

incommensurate

terly

water. Or

little

a

for

water

might

money

In

can

point

sales

GE

Hitachi

000,000.

GE total sales

Hitachi
GE
000.

in

it

In

the

|

about

was

Profit in the

case

it

increased

—

growth from

104

mil¬

327 million yen.
I
to other medium-sized

—

i.e.

Soap

Kao

try

even

Richard

S.

not

but the small

a

recommendation

Hit¬

$17,000^00.

of GE increased
case

of Hit¬

reflected this fact.

The blue chips

the

market

earnings ratio
The projected
on
we

in

their
can

all

and

are

their

price

relatively low.
in Japan,

growth

—

Yawata

Asians

former

Development:

that make sense to
Africans.

and

does

make

not

to
''

*An

the

We

could

quickly
w

are

the difficulties are

cerned,

an

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

much

do

and

better,

and

less

far

for

fields.

Dr.

bricks and mortar. Yet the service

industries

address

Business

by Mr. Kuwayama before

School

Alumni

of

Stamford

University, New York City, June 9, 1961.

to

buy

any

of these Shares.

100,000 Shares

Julie Research Laboratories, Inc.

Dr.
the

Par Value)

While

plan

intended

is

to

spending for plants and

ment.

Yet

create

sometimes
Pont's

much

as

jobs as
Whole
new
new

pansion.

develop¬

products and

new

markets, often do
to

and

research

ment, leading to

result.

or more

mere

ex¬

industries,

Example:

Du

nylon.

Even

worse,

the plan postpones

Southern Group
LB.A. Elects
The

Southern

Group

Bankers

vestment

the

of

In¬

Association

of

officers:

Chairman:
Samuel

E.

V

a r n

Lapp,

Institution

n u c

1

e a

Share

H.

the

of

e,

&

various Administration
bills call for

education

to

ex¬

penditures of more than $8 billion
dollars.

is

Here

Samuel L. Varnedoe

"

Public

class-room

school

teachers'

and

550

con¬

pay:

$2

million;

dren of Federal workers: $840

mil¬

lion; college housing loans: $1 bil¬

million; college classroom
$1 billion 500 million;

college

scholarships:

pJucation

$893

television:

$51

million; National Defense Educa¬
tion Act amendments: $1 billion.

Kennedy's
busi¬

President

Although

proposed tax incentives for
were

billed

as

a

boost

for

business, most businessmen ap¬
pearing before Congressional com¬
mittees on the proposals opposed

"genuinely amazing."
reasons,

The

tax

sulting
couped

loss

however, are sim¬

Cady & Company, Inc.,
Columbus, Miss.; Murray Gilliam,.
Southern
Securities, Jackson,
Cady,

Tenn.; G. Price Crane, Crane In¬
vestment Co., Inc., New Orleans,,

La.; Robert J. Pierce, Pierce, Car¬
rison, Wulbern, Inc., Jacksonville,

Phil E. Pierce, R. S. Dick¬
Co., Inc., Columbia, S. C.;
John B. Ellis, Courts & Co., At¬

Fla.;

&

son

lanta, Ga.; Roy Hunt, Jr., Alester
G. Furman Co., Inc., Greenville,,.

Dinkins, Ladd DinNew Orleans,.
La.; Justus Martin, Jr., The Rob¬
inson
Humphrey Company, Inc.,
Atlanta, Ga.; Beverly W. Landstreet
III,
Clark Landstreet &
S.

Ladd

C.;

kins

&

Company,

re¬

in¬
re¬

shareholders.
But
a
principal
of investment funds. So the
from

are

would

at

least

John

a

deliberately dis¬
and expanding
firms, which regularly invest sub¬
is

New

Beil

Jr.,

Beil,

&

&
elected

Sanford, Jr., Hattier

B.

Governor

cf

the

ciation

of the I.

A.

Walker &

B. A.

of

H.
President

Newton, ' G.

Co., St. Louis,

Investment

Asso¬

Bankers

America,

and

Murray

Hanson, General Counsel of
Association, were guests at

the
the

meeting.

S. Widelitz Opens

each other out.

plan

C.

Hcugh, Inc.. St. Petersburg, Fla.

cancel

16, 1961

criminatory.

Nashville,

Inc.,

Kirkpatrick,

Tenn.; John B. Sanford, Jr., Hattier & Sanford, New Orleans, La.;

George

billion

the investment
proposals would be

proposals

Charles;

Committee:

Executive

few:
of $1.7

Ala-

Edward

Treasurer:

Sanford, New Orleans, was

from

shareholders
source

a

-

Wulbern, Pierce, Carrison, Wulbern, Inc., Jacksonville, Fla.

Frederic

Stanley S. Surrey, Assistant

Co.,

shire, Shrop¬

& Co., (Mobile,

Frazer

shire,

E.

run-down:

a

H.

G.

Junior,

Secretary
To date,

Geddings

Inc., Colum¬
bia, S. C., and
Ogden Shrop¬

Washington

instruments."

electronic

by

The

o

Crawford,

Crawford

Washington,

of

ploration could be conducted at a
of the cost (of the moon

centive

Unterberg, Towbin Co.

d

Vice-Chair¬

fraction

The

be obtained from the undersigned.

.

Co., I n c.,
Savannah, Ga.

r

Academy of Sciences: "Lunar ex¬

trip)

e

Chisholm

men:

President

and

L

Varnedoe,

money

photographic equip¬

ple. Here are




new

equipment, it does nothing to en¬
courage
research
and
develop-!

Secretary of the Treasury, this is

June

the

stimulate

Geophysical Laboratory, Car¬

To

C. E.

of

jobs.

more

them.

may

and

more

source

Philip Abelson, Director of

negie

ness

Common Stock

Copies of the Prospectus

becoming

are

potential

a

scientific."

not

m'Pion;

per

in¬

&

Ralph

212,500

$10

where

important than

are more

con¬

facilities:

Price

indus¬

department

restaurants

and

ventories

service

hotels,

as

ment."

aid

New Issue

($1

stores

than

more

such

tries,

observational

unmanned

i t h

balloons

lion 350
a

benefit

past record, is still good,

The

Not

Older

modernize, but
lack funds,
would benefit little.
Further, manufacturers would

great.

assistance to
school districts impacted by chil¬

is neither

event.

any

firms which need to

The

sense

them."

billion

announcement

in

firms

the Army

communications satellites. Let's

struction

Tbi s

investing

these

of

most

widespread support.

of

and

have programs

expect substantial growth

by 2.39 times.

$3,861,000,000

incentive, and would be

no

Morse,

Secretary

might better spend the money

companies have had

growth in
Japan
at the
present time and prices, too, have

great

in

of

But

need

real reforms in depreciation rates,
which have had long study and

Research

moon

benefits.

sav¬

"We

the

de¬

for the benefit

for

on

of

excess

phvsicist. "The project is political,

is

have not moved in the recent rise

was

fresh

taxpayers."

Dr.

and

1953

Let's turn to U. S. Steel sales in
1959

in the five year pe¬
have shown equally

$173,000,-

case

In the

by 1.61 times.
achi

in

times.

1959 GE profit was

In

$280,000,000.

3.64

was

profit

-

1.24 times.

up

by

1953

Hitachi

$7,000,000.
achi

were

$<* 3?a

$535,000,000.

was

increased

profit

were

cancer

to

in

as

to

growth
others).
This

1959

the

be investing

cure

a

sea

we

Assistant

Co.,

industries which have had similar

000,000.

regu¬

also

ton,

might

of

amounts

preciation, would get the greatest

ibiXhevRev. Francis J. Hey den,t America at its Annual Meeting at
compared to the six months period';
S. J.y director of Georgetown Uni¬ Ponte Vedra Beach, Fla., elected
ended September, 1960, a total of
the following
versity's Observatory: "So far as
7,446.000,000
yen,
a
growth
of
seven

Situations

particular industries in Japan.

Total
U.

methods and those of its first stock

brokers who operated pawn shops

been

1955, has grown
The s i x months

30,

substantially.
sbies
figures

president of the

former

Institution

the

of

which is
small manufacturer of plastics,

since

Bush, honorary
board
of
the

the

astronomical observations

Special

Market

security

spectacularly.

growth

Chemical

Sekisu

us

established in Japan.

on

Their

tions.

first

more

the

of

Carnegie

marketwise

spectacular.

trust

and

stantial

more

Masachusetts Institute of Technol¬

ing

development in Japan

Your tax dollar will go

Vannevar

Dr.

of the

of

I

promise about the outer-space

can

small sized industries have moved

Some

thing

one

cost. We might better

ship in Japan.

exchange.

Stock

the

the

was

was

a

reflects

This

medium-sized industries has

the
1878

basis.

section

and
on

growth of the whole economy

riod.

In

Japan's industries

the wide diffusion of stock owner¬

$50 million.

of pay¬

billion.

the stock

Discusses

sales

increased

the

of

only

em¬

scientist,

German

is

"There

says:

Braun, the

von

former

inent

ogy

representa¬

are

Currently,
some
of the blue
have not moved marketwise
remarkably. The medium,

153

it shows

market and

stock

vestment

Japan

balance

the

about

turn to

1.46

indicated before.

as

the market
value
of
securities; is approxi¬
mately 6 trillion, 208 billion yen.
This shows a remarkable growth

ment

Kingdom-.,. 2.4%

fiscal

good

the

1961

In

yen.

has been the growth of the invest¬

%

3

S._„_

Also

<

8.2%

Japan
United

tive

profit by

were

shareholders in Japan.
are
10.5
million

Another

8.4%

West Germany

U.

there

1946

these

think

I

use

In

M.

G.

times, Toyota 4.84 times.

but

of those bank
the
purchase
of

the
for

there

billion

little inflation.

in 1952

prevent inflation

to

The market value in 1949 was

Yeiichi Kuwayama

product

gross

order

1.12

Profitwise,

registered shareholders in Japan.

of

Wernher

Dr.

Motors,

by

times.

cross

national

the

sales

(

isn't getting much
nuclear scientists.

project
support from

program.

Toyota

auction.

public

at

1.57.

undertake

to

project.

The

chairman,

people

1,712,000

than

more

whether

on

G. M. increased
times, Toyota 3.31

the

Today,

a

decide

farther."..."

securities.

would

which

indicate

gress.

Comparing General Motors and

deposits

$43 Vz

in¬
Oil

Standard

entirely up to Con¬
He said the Congress must

profit increased 1.08 times, Nippon

permitted

billion

Oil

Nippon

times.

2.34

increased

sales

he left it

moon

the

submit¬

proposal to spend from $20

holding companies and forced
them to sell their stock holdings

in

at

now

Oil

while

times

creased

the "Japanese banking au¬
thorities froze all bank deposits

annual

the

new
Standard

1.44

Also,

time.

facilities.

pletely

on

Coupled

ted his

Allied authorities dis¬
the
Zaibatsu, the family

to

more

ceased

less

prospectus

solved

was

about

or

or

yen

period

postwar

they had to rebuild and use com¬

a

stock.

billion

474

pro¬

bombed

was

the

during

out;

Steel

&

Iron

Yawata

the

duction

determined the listing of

stock on
and
made

BY
CARLISLE
BARGERON

1.15 times, while Ya¬
wata increased by 5.11 times. Trie
creased

firms

notes that medium and small

Kuwayama

Mr.

.Ahead of the News

..

U. S. Steel profits in¬

$18,000,000.

and representative sample of Japanese

comparison to American ones revealing a better performance

firms in

Thursday, June 22, 1961

FROM WASHINGTON

by 0.S4.

Japanese securities describes that country's

in

Dealer

.

sales

In 1959 U. S.
Steel
sales
were
$3,643,000,000.
Yawata Iron & Steel was $470,-

New York City

economic

Company's

$230,000,000.

were

Japan's Investment Outlook
By Yeisohi Kuwayama,*

Steel

and

Iron

.

.

Solomon
a

Widelitz

securities

is

engaging in

business from

at 2112 Broadway,

offices

New York City.

Volume

Number

193

6066

.

.

The Commercial and

.

Financial

Chronicle

(2735)

Security-Columbian Banknote Co.

Low-Priced Stocks
By Leslie
Stock

head

submits

than

more

City

lished

be¬

are

there

of late in

the

its

broadcasting

low priced stocks,

has

also

junior

door

excesses

companies

hanced

economy

are

operations,

casting

complex

ranks

and

banknote

out¬

for

an

With its broad¬

the

of

comprising

now

worth while

five television and three AM radio

from

vestment

stations, the
ably acquire

standpoint. In

four

t h

would

the

in-

current

e

stock

market

future

panies

This

stations.

This

pros¬

pects of
major

more

bring the number of owned
stations up to the F. C. C. limit.

much of the

so

two

radio

more

will prob¬
TV and

company

our

extract

to

each

high profits

its stations,

of

its

and

broadcasting

can

opera¬

d i

der

that

there

trend

Earnings

toward

than

more

justified

by the relatively greater opportu¬
nity for capital gains. I would like
to discuss the future prospects of
of the

some

in

the

more

moderate

Coffee

Cook

(O-T-C)

Coffee's

Cook

in

trend

earn¬

general up¬
the past several years,

over

a

and

prospects for continued gains

are

enhanced

improving

the

by

try.

The

will

have

year-end

by

company

the

increased

number

of its supermarkets

from 43 to 49.
proposed entrance

the

Further,
into

loss

in

The

first

discount

the

field,

via

mer¬

January

February.

and

of

quarter

this

phase
of the business is historically low.

However, for the remainder of the
year prospects for all operations
of
Metromedia
appear
bright.

earnings

year's

could

listing

Big

the

on

expected this

Board

in

area

an

for Cook Coffee,
which growth possi¬

area

The stock is
currently selling 17.3 times esti¬
mated 1961 earnings of $1.30 per
bilities

are

dynamic.

share.

The

(N. Y.

Corp.

S. E.)

The

is

company

of

maker

high level of shipments of

important gains in central system
indicates

units

this

good year for
Also, the outlook

automobiles,

tial
seen

is especially favor¬
The poten¬
of air conditioning* may be
from the following figures:

Motor

industry.

not

rather

road

rise

to

in

air

are

conditioning
only 3% of the area
air

Factory

prevails in
occupied.
(3) Only 13% of all hospital
space is air conditioned.
(4) Only about 1% of all school¬
room space is air conditioned.
Estimated earnings for the year

approximate $2 a share. The
provides a yield of

dividend

publicly held

The

has

of

rather

$1.04

the

from
than

erations.

have

earnings

per

share

than

doubled since

of

at

only 12.8 times estimated

1959.

Commerce,
served

World

the

on

Moody's.

earn¬

York

the

Navy

II.

Upon

staff

he

1951

the

of

re¬

duty in 1946, he

analytical
In

member

New

in

War

lease from active

of

became

research

staff

a

of

Wilson

Mr.

Fourton before
the
Association of Customers' Brokers, New
York City, June 15. 1961.
by

Mr.

This is not

an

;

v-

.,

;•

is

Amherst and has

July 1st John Coggeshall will

be admitted to

the
Mr.

partnership in Ba¬

Stevenson

con,

of

graduate

a

an

Michigan. He served

nomics from

On

&

Co., 39 Broad¬

New York City, members of
New

Stock

York

Coggeshall

is

a

Exchange.
partner

Hicks.

Coggeshall &

896,470 Shares

Pacific Gas and Electric Company
Common Stock
Par Value $25 Per Share

Rights, evidenced by Subscription Warrants, to subscribe for these shares at ?71 per
by the Company to holders of its Common Stock of record

share have been issued

June 13,1961, which rights expire July 5,1961, as more fully set forth in the Prospectus.

The several Underwriters have agreed,

subject

to

certain conditions, to purchase any

during and after the subscription period, may offer shares of
Common Stock as set forth in the Prospectus.

unsubscribed shares and,

a

rise

in

share

in

pany's

Navaronne,"
starring
Peck, ultimately could
million.

$20

to

from

$56 to $74
include

the

60

on

an

cents.

(O-T-C)

be in a
favorable
position do show dy¬
namic earnings growth over the
next few years. In the past year,
the company has greatly expanded




as

dealers in securities and in which the Prospectus may legally

bia to 27

seems

the

library

The First Boston

Dean Witter & Co.

Harriman Ripley

Corporation

price of Colum¬

to have

Merrill Lynch,

Pierce, Fenner & Smith

discount¬

is

stock

Incorporated

Per share

Feb.

(A. S. E.)

earnings for the
28

White, Weld &Co.

Stone & Webster Securities Corporation

Incorporated

First California Company

■

F. S. Moseley

& Co.

■

Shuman, Agnew & Co.

William R. Staats & Co.

Wertheim & Co.

Sutro & Co.

Hallgarten & Co.

Hemphill, Noyes & Co.

E. F. Hutton & Co.

W. E. Hutton & Co.

Dominick & Dominick

Brush, Slocumb & Co. Inc.

Mitchum, Jones & Templeton

Irving Lundborg & Co.

W. C. Langley & Co.

Elworthy & Co.

J. Barth & Co.

Walston & Co., Inc.

Schwabacher & Co.

(Incorporated)

Hooker &

Hornblower & Weeks

Fay, Inc.

Incorporated

Lee

Higginson Corporation

were

Salomon Brothers & Hutzler

Reynolds & Co., Inc.

•

Hill Richards & Co.

Lester, Ryons & Co.

Francis I. duPont & Co.

Davis, Skaggs & Co.

Crowell, Weedon & Co.

F. S. Smithers & Co.

Mason Brothers

Bache & Co.

Incorporated

Dempsey-Tegeler & Co.

Lawson, Levy, Williams & Stern

Maxfield II. Friedman

Pflueger & Baerwald

an

believe these

earnings.

ended

Eastman Dillon, Union Securities & Co.

Smith, Barney & Co.

Incorporated

Kidder, Peabody & Co.

Shearson, Ilammill & Co.

|

Wulff, Hansen & Co.

Bailey & Co.

Weeden & Co

Henry F. Swift & Co.

Wilson, Johnson & Iliggihs

Incorporated

assets will be turned into substan¬

Utah-Idaho Sugar

Lehman Brothers

& Co.

Incorporated

of

ed much of the bad news that has

tial

in which such
be distributed.

Blyth & Co., Inc.

Bateman, Eichler & Co.

The drop in the

Bingham, Walter & Hurry, Inc.

Stewart, Eubanks, Meyerson & Co.

Stern, Frank, Meyer & Fox

Stephenson, Leydecker & Co.

J. A. Ilogle & Co.

year

82

cents, a
high, and continued im¬
provement in the current year can

Stone &

York & Co.;

Wagenseller & Durst, Inc.

Youngberg

Birr & Co., Inc.

record

be expected

Metromedia appears to

be obtained from any of the several underwriters only in states

company's

films.

post-48

tablished trucking

from

release

highly-successful

and

we

share

$15

share. These

a

the

This

recently raised the divi¬

may

qualified to act

be evaluated

can

reported.

a

Gregory

O'Clock,"

play; and,

cents

of

gross

Another

Four

at

asset

that for most es¬
companies. The

are

ending

"Guns

release,

new

been

in

underwriters

from the higher sales

resulting

from

strictions

on

acreage
some

the

lifting

domestic

re¬

beet

anticipated.

*

industry
'

*

Hannaford & Talbot

Holt & Collins

Kerr & Bell

Frank Knowlton & Co.

(A Corporation)

Morgan & Co.
Denault & Co.

during 1961. Longer-term,

permanent increase in allot¬

ments for the beet sugar
is

of

sugar

Evans MacCormack & Co.

June 20, 1961.

the

.

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

Copies of the Prospectus

was

Coggeshall to Join
Bacon, Stevenson

M.A. in Eco¬

'

talk

Kirchner

vice-president of

\

...

way,

General American.

ings.
*A

Mr.
a

1, 1961,
land
In¬

However, there is reason

earnings

Metromedia

of

during

yield.

expect that future film opera¬
tions should improve.
The com¬

more

1956, reaching

$1.40

further

basis

firm.

Exchange.

of

year

1961 to a level of
about $1.60 a share.
At the cur¬
rent
market, the stock sells for
13 times earnings, or at a lower

annual

General American.

University,

profit-taking, the stock is selling

to

in

70

formerly

of land rather than from film op¬

Gems

to

1960, when he joined the staff of

operations.

fiscal

the

Screen

dend

members of the New York Stock

about

high of 21

a

pro¬

will, to a great extent,
probably be derived from the sale

equity

of whose revenues is derived

company

16%, down from

Corpora¬

the
research
department of
Spencer Trask & Co. from 1954 to

joined

shown dis¬
statistics,
a share for

sale

from

from
interstate business. The company's

by this

than

in
of

market

of The Peters,

Christensen

of

School

$1.09 in

cents

91

&

(N.Y.S.E.)

the 40 weeks ended April

assets

multiple

5%

a

operating

income

with

has
Texas-based
trucking firm, approximately 80%

A

only

current

the

on

stock

A

with

company

appointing

excellent growth record

expected

the

tive vice-president

Writer

M.

execu¬

annual

paid

Columbia Pictures Corp.

shown

1960.

At

and

Robert

—

year-to-

cent

75
is

class

investors

vides

at

is

1960

Colo.

Kirchner has been elected

Mr. Aegerter, a graduate of the

this

exceed

may

Of Peters, Writer
DENVER,

"new-car"

in

The

Columbia's assets

(O-T-C)

peak

in

Kirchner Exec. VP

tion, 724 Seventeenth Street,

the

on

with
Frank
Sinatra, should also aid
1962 operating results.
Then, too,

Merchants Fast Motor Lines

new

Profits for 1961

original

the

to

which

dividend

"Devil

4%.

a

year.

II
re¬

was

1958.

against the $1.04 report¬

for

An

high level

expected

are

$15

1960.

30

been

earnings

millions, versus
$12.9 millions and earnings are
expected to reach the $1.30-$1.40

June

$1

and

For 1961, sales should

over

come

may

than

production.

total.

(2)

new

activity

War

and

the

Ameri¬

leased from active duty in 1954 as
Lieutenant. He was a member

general, impressive gains in sales

Standard

produce

fluctuations

year

coming

Homes

market

buses.

and

tractors

does

conditioned
only to the extent of 12% of the
(1)

securities

in

World

War

joined

a

company.

able for the

satisfactory trend

during

Korean

a

for
for

parts

Because of the fact that

next year

for

the

important

an

replacement

the electrical and fuel systems

ed

air conditioners and further

room

Navy

and

he

General

Standard Motor Products (O-T-C)

range, as

Fedders

a

is

growing number of vehicles

new

the

rate

year.

department stores opens up an en¬

tirely

is

in

of

ap¬

equipment automotive parts, the
company's sales are geared to the

an

ness,

Campbell, Edward
Aegerter and Robert W. Wil¬
as Vice-Presidents.'
"
-

Mr.
Campbell, who was also
appointed Secretary, is a graduate
of Princeton, Cornell and the Uni¬
versity of Edinburg. He served in

of

growing vat an
in excess of
35%. In view of the rapidly ex¬
panding financial printing busi¬
annual

average

can

Detroit,
staff

Application

proach the $2 mark.
for

established and suc¬
cessful operator of three discount
with

ger

son

of

research

Earnings in 1961 should be about
$1.25 a share vs. $1.01 in 1960.

for the food chain indus¬

outlook

quarter

primarily to

newly acquired outdoor ad¬
vertising division operating at a

Next

and

sales

have been

ings

promising stocks
price category.

Co.

first

due

M.

print¬
ing business, recently enlarged by
the acquisition of the Twentieth

Century Press,

Bank

ment of Robert

in

30%

to

$1.30 per share, up from

the

junior equities
because the slight degree of addi¬
risk is

with

another

the

for

depressed

were

Leslie E. Fourton

accepting

tional

purchase

greater potential.

is

growing

a

to

en¬

financial

know-how

upgrade

nted

25%

Its

Appoints V.-Ps.

Army in 1952-53. Formerly

security analyst at the National

a

American Investors Co.,
Inc., 44 Wall Street, New York
City, has announced the appoint¬

accounting

issue registrations and a

tions by selling one station in or¬

c o u

estimated

market.

in the

General

The

second-largest

qf

already been
s

prospects.

field,

Gen. American

banknote

limit, however, will not cur¬
tail growth.
Metromedia has the

from

com¬

have

the

considerably

earnings

the

the field

entered

advertising.

in

cial printing has

justified by greater capital gains opportunity.

been

American

the

in

some

of

many

have

Banknote

leading, long estab¬

a

position

company

While

Columbian

-

;

engraving industry, and its rela¬
tively recent expansion into finan¬

sampling of low priced junior

equities whose greater risk compared to senior corporations
lieved to be

Security
enjoys

Co.

E. Fourton*, Hayden, Stone' & Co., Neiv York

market research

\

(O-T-C)

11

Pacific Coast Securities Company
Fairman & Co.

Daniel Reeves & Co.

Harbison & Henderson

Tucker & Company

Quincy Cass Associates
C. N. White & Co.

in

12

(2736)

The Commercial and Financial
Chronicle

agement

How Gas Companies Can
Enhance Their Stock Values

skill

ratio

and

to

Hunsaker

costs

gas
the

the

stocks

company

natural

comments

deplores
of

of

on

recent

of

some

thought
record

it

would

few

a

people

stock

common

a

in

be

of

the

helpful
basic

job

my

'I

buyer,

hiked

The

keep

30

in

evaluating gas

less;

or

gas

distribution

the

market
how

see

gas

is

ing
21

earnings

and

provides

J.

C.

Hunsaker, Jr.

This

what

even

widely-used

has

been

though

hap¬

supporting

statistics may lack precision.

Spread

paying

event

and

income
been

in

the

equity

stocks.

This

widening

spread

remember

ion

since

ever

bonds.
will

common

which

than

10%

earnings
30

stock

buyers of

annual

may

convince

can

sell

better

a

increase

for

more

in

than

times

earnings and provide a
yield. As many know, mul¬
tiples of 40 and 50 times are com¬

in¬

an

its future dividends and

He

is

true

assumes

This

of

even

the

income

has

always

been true and it
explains the oldfashioned
and
honorable

word,

"confidence." Confidence is really
nice word to describe the faith

a

investor

has

continuing

as

in

to

current

the

future.

In my
opinion, the American Gas
Association has been doing a
good

job

in

vestor

helping the American in¬
maintain confidence in the

gas business.

v

:

On the other

well-established

hand, seasoned,

companies

with

steady earnings sell in the 12-to-15
times earning class and
pay divi¬
dends such
some

cases

as

to yield

better.

4%

and

in

The

story is
same in the electric
field. The
Standard and Poor's Electric Util¬
the

ity Average is selling at 21 times
earnings and provides a dividend
yield of about 3.5%..
However, the
faster growth utilities often
sell at

confidence

common

viously

stock

the

investing,

head

come

is

on

to

this

key
we

to

ob¬

the sub¬

of

unfavorable.
growth

it, for the particular

His hope

of the

relatively

is that the

business, the

a

man¬

turn

Commission's
fair

be

can

For

is

the

far

by

ideal.

one

of

omit from

us

this discusssion

the whole complex
head
pricing

subject of well

resulting from the
Phillips' decision and just consider
rate regulation of the
pure pipe
lines pumping gas. The rule of the
road

was

a

6%

rate

of

return

on

rate

base, and rate base was de¬
fined by security
analysts as de¬
preciated

capital.

net

The

plant plus working
system

worked

fine

natural

practically
Union.

gas

state

every

Under

service

this

in

lenders would provide

know,
find

results

holder.
money

to

the

Then,

as

became

man¬

so

as

to

common

we

all
to

interest

rates

increases based

climbed.
went
on

in

rates

announcement

is neither

securities. The

an

offer

sell

nor a

solicitation of

an offer to buy
offering is made only by the Offering Circular.

any

of these

of

see

Gas.

has

not

The

of

yet ruled

Gas

a

Common Stock
(No Par)

would

all

absurd

more

arise

if

on

10%.1

This
shock

new

for

procedure

ing

the

a

14-to-15%
Now

the

cate

that

to

return
rules

the

the

wise

the

use

net

on

of

and

to

This

regulation
nents

tion
It

of

whole

based

a

seems

to

penalizes

rewards
done

the

on

company's
me

the

risk-taker

conservative

retroactively after

and
all

—

manage¬

ment had made decisions based on
the overall rate of return method.
On top of these

strange

regulatory

concept,

changes

have,

you

of course, before the Federal
gov¬
ernment the high cost of rate cases
and

long, long delays—some back

1952.

companies

go

back to

gas

com¬

Distribution

state, NOT Fed¬
regulated,
and,
by
and
are

I

all realize just how
good the record really is. For ex¬
we

ample, Moody's Gas Distribution
Average has increased from Jan.
1, 1959 through April 30 of this

on

the

on

regulatory

purchasing, keeping
technological advances,

gas

selling gas, and, of course, finan¬




that

would
give com¬
complete solution to
problem — from de¬

a

of

to

chemical

waste

to

retreat-

complete water

At

the moment, the
has under consideration

joint

venture

manufacturing
salinization
brackish

with

a
major
in the de¬
distribution
of

concern

and

water

for household

to

small

a

town

use.

This is a uniquely
thrilling pos¬
sibility for the water problem in
this

country

one

or

immense.

is

companies
to tackle this
problem.
many

My candidate is PSW.

clusion, I know

no

where you

buy

can

Some¬

going

are

In

con¬

other company
an

absolutely
out¬

as

standing growth record of ap¬
proximately
11%
compounded
growth, a solid dividend (approxi¬
mately

2.5%

annually in
rently pay

cash

plus

3%

stock

January),

and cur¬
premium for the

no

possibility of sharing in the solu¬
tion' of
vital

one

of

the

problems

quently

great

world's

with

profit

its

really
conse¬

possibilities.

The stock is traded in the Over-

the-Counter

Market.

With Stifel, Nicolaus
;

(Special to The Financial Chronicle)

ST.

LOUIS,

Tiernan

Stifel,

is

Mo. —Robert
affiliated

now

Nicolaus

corporated,

314

&

W.

with

Company,

North

In¬
Broadway

members

gas companies with

Midwest Stock Exchanges. He was
formerly with Metropolitan Secu¬
rities
Corporation
and

heavy heating
loads, I offer one specific sugges¬
tion, which is, that management

ten

out

reserve

violent

so

as

fluctuations,

and

Sept.

30.

The

sist

in

objective

here

is

to

as¬

the

K. F.

was

industry, which is

&

of

New

York

and

&

Woods.

Meyers Forms Co.
F. Mey¬

ers
is
engaging in a securities"
business from offices in the Union
Trust
Building, under the firm

presenting the true image
one

the

PITTSBURGH, Pa.—Karl

name

of

of

Yates,

Heitner

to flat¬

that where possible the fiscal
year
be changed from Dec. 31 to

a

within

cial

equalization

June 20, 1961

dis¬
as

that

company

All efforts should be made to
it that way. This requires

with

up

possibility

distribution.

In
our
opinion, the natural gas
industry is a true growth indus¬

try.

equip¬

know-how

equipment into
reality and run it

water

any

52%.

Now what does the future hold?

keep

the

first class investment with

pany common stocks.

year,

treatment
has

one

salinization
ment

compo¬

most unrealistic.

the

great
desalinization

perfect

the

venture

a

capitaliza¬

spending

chemical

put

industrial

many

are

to

munities

is

rate

Waterco is making

major

indi¬

of

sell¬

technical and
manufacturing com¬
panies for joint development of a

a

common

idea

is

desalinization.

although

distinct

a

stock possible.

ously.

operating

and

the next year, PSW
may announce
association with one of the

a

It is apparent such
a
policy would increase gas costs
to
the public if pursued
vigor¬

is

complete water utility. Thus, it is

consider in reporting to its share¬
holders
setting
up
a
weather

HARDY & HARDY

in

ment, not

and

thing to do

maximum

that

sums

worth.

road

prob¬

bacterio¬

PSW's
very
important advan¬
tage in the water treatment field

a

in the past had
wisely pursued
high-leverage policy to achieve

entire

treatment

and corrosion.

which

company

the

to

treatment,

tribution

management

stockholders of

Waterco

boiler

progress

that

quite

or

equipment
which will be exceptionally valu¬
able
in
reducing boiler scaling

rate base

is

(salt)

chlorinating units for bacte¬

riological

company had
In this case the

overall rate of return

desalting

Already

a

management.
Since winter
weather is so important to
many
any State in which the
compliance with the securities laws of such State.

from

small

situation

wbuld, of course, be

capital

treatment

lems

the

stock.

common

high

a

but

it.

cover

water

companies

even

where:

have

brackish

a

will

of

is

continued effort

Copies of the Offering Circular may be obtained
from the undersigned in
undersigned may legally offer these shares in

Waterco

gamut

equity formula.
an

A.

to

very

people are now
immediately
have

solve

would not be able to
pay its divi¬
dend under this 10%
return on
says

related

contamination problem.

that if the company had the maxi¬
mum
in
debt
and
preferred, it

front,

Price $4.00 Per Share

to

says

also

all
can

of

will

logical treatment.

company that has really got
lot of debt.
My slide rule

It

the

For

a

we

problem

solve

millions

a

from

case

to

and

large, regulation is reasonable.

National Radiac, Iiic.

(b)

to

Commission

on

water

pay

costs

over

return.

Power

only

communities

can't

or

Columbia

not

cases

Since

wants

of the U. S.

area

small

capi¬

10.1%

equity

PSW

resources

territory but that

serious

Natural, with 50% debt,
return
figure
was

wonder if

75,000 Shares

(a)

is

own

broad

overall

erally

NEW ISSUE

been

on

rate

for

Now, let's
to

has

and

Waterco
PSW's

6V2%, but only 6Vs% for Tennes¬

to

This

stock

because

talent

muster."

abandon

dozen recent

a

return

Southern

in

and

rate

of

money

harder

Naturally, the pipe lines
for

the

procedure

rate regulation,
aggressive
agement borrowed as much
as

to

to

equity capital.

on

overall

the

the

of

allowance

the

be

which,

the

half

a

example1,

operating
Act, which

upset investor confidence.

course,

Let

rules

the

debt, the higher

I

delay and changes

regulatory

partners

of

is used for all pipe lines, the
arithmetic
works
out
that
the
lower the level of

me

so,

costs

10%

Power

Even

Security

Continued from page 2

They have

common

In

similar

dis¬

let's

on

tal.

10.8%

chamber

saying,

higher

apparently,

Ariz..

I Like Best

of

answer

real shock.

a

Hunsaker before
Association's
6th

cus¬

The
1961

cover

is

of return

sup¬

Let

commission

from

record is
in

its

cost~of

strong

Federal

to

Mr.

Gas

forum, Scottsdale,

7%, would
in

borrowed money, its actual
cost of preferred stock
money, and
then calculate or assume a rate

example,
companies

the

as

under the Natural Gas

is

to

bills.

and

by

financial

percentage

the rate base approach and instead
to allow the
company its actual

telephone

record.

this

to

1

increase

gas

decided,

only

briefly.

preface

of

from 6%

4%

1960

money

judg¬

not

and

assertion

course,
horrors
the

maximize

or

light

of

stock

"regulatory climate,"

company is favorable

com¬

service

It might also be
helpful to
bad
regulation

his mind the
terms

the

It is my

cuss

course,
does and always has
made a judgment as to whether
in

he

be

good

applies

involved.

low-cost

ject of regulation. In dealing with
regulated industries, the investor,

as

to

offer

bringing

Regulatory Climate
Since

say

The

favorable regula¬

and the country was covered
with
a
network of pipe lines

1%

mon.

point,
mean

return

the Federal Power Commission to
this problem of higher rate of re¬

customers.

of

of

address

American

Change

utility business but to

electric

offer,

*An
the

annual

Shocked by FPC's Rate of Return

that the company which is finan¬
cially healthy seems to do every¬
thing easily and correctly, includ¬
ing good service at low cost to its

The

common

This

rate

tomers'

assertion

an

However, the evidence

our¬

stock, ,he
the basis of his opin¬

on

reasonable

in gas costs of the
gas companies.

than for

time

in

are

those
electric
light
getting cheap gas for boiler fuel
obviously have low costs. Simi¬
larly, location is most important

selling

4%.

growth

a

this

gas

tions

earnings,

over

every

a

continue.

trends

conspicuously
years.
Today, a

that

buys
to

as

the

company

are

only thing
new about it is' the
language and
the degree to which
investors are
reaching forward. We also should

these

two

for

income.

current

World War II, and
last

yield

more

earnings.

markets, both in the United States
and
abroad, is the tremendous
disparity between growth stocks
has

are

selves that there is nothing
wrong,
new
or
peculiar about investors

values it

real

plus,

that

lieve

comparable
electric
industrial levels. The

or

vestor

Widening Growth-Income Stock
The

which

I think it is well to remind

average,
or
any
other
average,
does not tell the
story of the cur¬
rent market
place. I think we can

pening

8%

he

ported statistically because of the
many
complications and excep¬

there

awfully small part
For example, one of

nation's

largest natural gas
companies figures that an increase

businesses and all forms of regu¬
lated transportation. I do not be¬

growth
gas
distribution
companies sell for below 18 times

a
yield
of
just over 3%.

understand

of

earnings and

cur¬

rent

the

below

utility

about

at

them

make

seem

which

the

to

slower

sell¬

times

order

well

Industrial Av¬
erage

of

with

to their customers.
ment

well. Gas

and

between 20 and 25 times

the

Jones

-

number

a

the

price.

Today,
Dow

are

com¬

in

pare

panies

less

are

up

utilities,

to

tory climate

currently showing compound rate
of per share
earnings increase in

com¬

panies

companies stand

that

so

consistent and steady growth fol¬
in earnings and
growth in dividends.
lowed by growth

an

of gas costs.

the

Many

remember that rate

us

Thursday, June 22, 1961

.

7%.

of return is

con¬

.

subject of regulation, I

like

investors term

From the test of price, the

First, let's look

hopes for

higher than 6%.

for

Here let

companies which operate in what

net worth.

prospects

of return

asked

really cannot be supported
statistically.
This is, that those

while those electric
for which earn¬

growth

at

and

borrowed-money

ings

4V2%.

the

would

companies

also

project

can

On

glowing sell at something over 15
times earnings and yield
up
to

stocks.

the

Mr.

earnings and yield

-

and

which

light

its

with

accuracy present and past figures
into future trends.

growth industry.

times

together

knows what the ground rules
i

jeopardizes pursuit

gas a true

investor

and

on

and

company

sistency in regulation

P/E

problems,

14-to-15% return

a

2%

to

company common

wherein

over

ideas

consider

favorable

potentialities.

excluded from the rate base and, thus,

are

He suggests to management how to

Being

their

today's regulatory

change

high-leverage policy to achieve

a

to

industry's growth

gas

policy

refers

the

financing,

regulation by the state concerned,
will be such as to
permit satisfac¬
tory growth in per share earnings.

By Jerome C. Hunsaker, Jr.*, Vice-President, Colonial Manage¬
ment Associates, Inc.,
Boston, Mass.
Evaluation

of

in

.

of

Meyers & Co. Mr. Meyers

formerly with W. H. Babbitt

Co.

Volume

193

Number 6066

.

.

The Commercial and Financial Chronicle

.

which

Economic Outlook Picture

times

(2737)

keep its delivery lead

can

below

industry

the

is

apt

There

maining

Economic

will

last?

early

The recession which began in the

the

early months of 1960 has not only
ended, but as of this date half of

lation

could

porary

fillip to steel operations in

the loss in

the Spring of 1962.

been

r

covered.

inventory
again give

economy,

accumu-

tern-

a

—

are:

What

of

Industrial

With

Capital

each

re-

re-

goods

In

the

extensive

appropria-

'

,

,'

marW companies had
rather severe cuts in

unleashed

a

these

1961. If

would

have

rapid liquidation of

Prod uction

during its rate of contribution to

''™e"torl®s

the

Ponenison top ot me contraction in final expenditures. Capita

out

at

dex

In¬

an

of

111

102

in

in

Febru¬

of this

102.4

March.

late

leased

year, machinery output
significantly Xclbt
last XilUil
month.
1X1.
1
Itt
apparently increased again this

Fig¬
re¬

the

by

Federal

Alan

Greenspan

Reserve
Board

show

seasonally

production,
105.
Our

April

adjusted,

at

preliminary estimates for May put
the

Index

All

Fall.

overall

point

to

full

a

By the end of the year
should reach

the

area

forecast

This

of, say, 113 to 115.
implies some slow-

dXgllliXLCtlllXj

date this year have been running
well below the 1960 average level,

production

high ground, with the Index

new

in

approximately 107.

in production activity by

recovery

the

at

indications

|

Now that the recession is
ended

goods

over

the two

covered

the recovery to date,

However,
near

five

point advance in the Index since
March

has

attributable

been

to

production advances in steel and
autos. In both industries the gain
has
in

been

of

result

the

a

reversal

inventory policies.
assemblies

Auto

in March.

check

were

held

in

allowed the

This

However,

since

change

inventories

as

manageable levels,
factory assemblies were stepped
up to meet the going sales rate.
This
one-shot
readjustment
is
slipped to

about at
in

more

end. Further advances

an

will

schedules

car

require

a

higher volume of auto sales.
situation

The

the

steel

in

the

has

re-

seasonally,

building

current

fate is not being matched by new

household

formation

demoli-

and

tions of existing structures.

we

the

expect

can

future trend of stock prices to act

major

a

tion

of

of

indicator

the

the

and

pattern

deter-

and

dura-

Although
considerably

recovery.

stock

prices
are
overvalued,
by
any
long-term
objective standards, a blunting of
the

bull

parent

market

on

is

not

yet

ap-

the horizon. In fact, the

if stocks

overvalued

are

expect them to be

can

overvalued

now,

we

1S °V6r'
.

Sf

.

Markpf

Pp„k<i

Business and Stock Market Peaks

goods production and general
If historical patterns prevail,
industrial production both would stock prices may reach their peaks
have fallen rather sharply early some time in the Spring or Summer of 1962. This would imply a

year.
*-

—•

x

shares on the New York Stock
Exchange. In the broadest sense,
they represent the market value

At this stage, for example, we
do not know, whether or not the

of existing plant and equipment,

sufficient to set off

Rising stock prices, in the late
months of 1960, represented an
upward re-evaluation of existing
plant and accordingly raised the
value of new plant and equipment,
The same forces that govern stock
Prices govern overall capital expenditures.

pansion boom, to be superimposed
upon an already high level of
capital expenditures for modernization and cost cutting. Should
that occur, it would lengthen the
recovery. By adding new speculative fervors to the economy, it
could push stock prices higher
ar}d Put
the stock market decline until a later date.

Although rising stock prices and
rising capital expenditures represent

inflation

hedges,

to

some

increasing, particu-

extent, there is also a general
speculative tone to both markets,
above and beyond any legitimate
inflationary
fears.
This
should

home, building recovery. As

give

are

product of this,

as

should

participate

to

other

a

by-

should
make
showing
(chemicals,
textiles,

In

etc.).

a

This advertisement is neither

oil,

an

offer to sell

taking

however,

place.

steel

currently

are

inventory levels
low. Conse-

quently,
rebuilding
of
stocks
push steel ingot operations
to
increasingly higher levels all

year

phase of the adjustment out
way—that m which steel
users
have finally started to tmy
steel at the same rate at which
of

the

rate of
increase in steel operations (which
they

has

are

been

recent

it

using

rather

weeks)

the

substantial

should

ceptibly.

slow

in

per-

v

steel
production, which is now at 70%
of capacity, to move into the low
80's
by early
next
year.
With
another steel strike overhanging
Incidentally,

we




expect

wav.

with

the

hnnvonmr
move

sulf'

the

next

over

peak

in

business

activity probably occurring
gec()nd

*

half

in the

possibly

the early months of 1963

»A„ address

by Dr. Greenspan

before

the industrial Heating Equipment Assow. V

M

^

-pv

y.

£)0

yy

StlSt/OIl

On July

1,

solicitation of

an

We

might

even see some

general

industrial price firmness later this

C.

Samuel A.

LOS ANGELES, Calif.-—Carl L.
Davis has become associated with
Hornblower & Weeks, 600 South
Spring Street. He was formerly
an officer of I. L. Brooks & Co.,
Inc., making his headquarters in
the firm's Oakland office.

offer to buy

any

of these securities.

21, 1961

150,000 Shares

HARVEY'S

begin

should

later

lengthen

to

Price:

STORES, INC.

$7.50

per

share

soon,

on.

Copies of the Prospectus

undersigned

Profit Picture

as may

may

be obtained from such of the

lawfully offer these securities in this state.

without
price increases,
profh picture has already impr0Ved rather markedly during
Even

m0nth.

jas^.

Output

per

man-

which

hour,

0f

mos^.

had lagged through
i960, has begun to rise

again. Unit labor costs have fallen
ancj profit margins have according}y opened

up.

estimates

low

the

In fact,
in

by

our

manufactur-

margins
was
reached
in
January and February. The April

Maltz, Greenwald & Co.
Cantor, Fitzgeral&& Co., Inc.

Clayton Securities Corporation

A. L. Stamm & Co.
I. J. Schenin Co.

jng

rjse

was

look

for

trend,

rather
a

impressive.

continuation

of

We

results.

with a firm price picture
it along. As usual, diffirms

will

However,

Phillips, Rosen & Appel

this

helping
ferent

Rodetsky, Kleinzahler,Walker & Co., Inc.

show

different

any

company

and

Hornblower &. Weeks

June

early next year. Price is
essentially a function of backlogs

Gay

L. Davis Joins

NOT A NEW ISSUE

or

V.-JtS.

William E. Sexton will become
Vice-Presidents of Walston & Co.,
Inc., 74 'Wall Street, New York
City, members of the- New York
Stock Exchange

degree.

long. Nevertheless, with the

first

higher

paper,

virtually

the
economy
should participate in the developjng recovery to a lesser or greater

very

should

should

made only by the Prospectus.

setting the stage for price boosts

now

economy

of

sector

every

nor a

The offering is

accumulation is
Unlike autos,

inventory

some

steel

cnendntkp

eenerai

a

the

bright

a

fact,

recovery

output,

of

rates

current

set

business

under

vigor-

in

sectors

ever,

business

Similarly, the labor contract in
steel, which will terminate in
mid-1962, could be influential in
the timing of the turning point,
If steel users follow past practices
and begin to rebuild inventories

board increases in steel or other
metal prices in the immediate
future, lead times in these sectors

At

even

downturn

strong

be

not
as

Nondurable goods, how-

recovery.

the

plant ex-

do not foresee general, across-the-

ventory

a

clearly

house-

consumer

durables

hold

Hence,

a

liquidation of steel mill
products finally came to a halt,

as

is

rise in industrial activity will be

prices are already rising. While I

into line last month

business

summary

•

in-

moved

jn

recovery

%j

.

consumption

production and

earlier

an

than might otherwise be expected.

year,
,

deliveries and do not press as
hard for price discounts. Copper

year.

off

stantially

narrowing since
Apparently

the

Presumably, might

,ness.

mar-

Class A Stock

of

of steel in
the latter part of the year. This
could act as a depressant to busi-

before this bull

(Par value $1.00 per share)

turn

the first half of 1962 would induce

significant liquidation

the

agents begin to dicker for earlier

the

haps into early 1963 On the other
hand, if labor peace should prevail, the inventory building of

more

and delivery lead times. When
these
lengthen out,
purchasing

The gap has been

very

the

Spring
months of 1962. If this should be
followed by a steel strike of more

even

Early in the year steel
running
under
as much as 15%.

some.

production
was
consumption by

indus-

be

yond the middle stages of a major Prompted by rising stock orices'
speculative boom in stocks. Thus, growing capital expenditures and

k6t

larly of rental units. This should
put something of a damper on the

vacancies

year

much

is

than

bad

very

a

building

more

cusly

March.

by

home

heavily into the excess inventories
of new cars held by dealers. Auto
sales from dealer showrooms have
much

crucial

are

plagued

being

winter,

expected

exhibited

clearly

pUned out of the doldrums. After

rising level of retail sales to bite

not

for

capital
reviving, the
economy
is
being

the

0f

rest

the

and

markets

April and May will
temper down to a six to eight
point rise over the last seven
months of the year. The reason
for this is implicit in the nature of
More than half of the

indicated

are

the rest of the year.

The five point jump
of

increases

sharp

ing down in the rate of advance,
months

strike

activity
could
strongly boosted in

last

rose

1 UoC

in

just

ures

a

trial

However, this did not happen, peak in capital goods markets aftd c,ation» Hot Springs, Va.
Capital_appropriations were re- in the economy as a whole late "VX
stored. Expenditures dipped in the next year, followed by a decline Poi-np
WphnPT* fn
month
Moreover
autos are befirst quarter of 1961. but that was beginning in early
1963.
The JVV CUUCI LU
ginning
to
firm' in this area, the end of
Inventory liquida- timing of the next decline, how- Arfdmif Wari^oll
reflecting the plans of business to tion did occur in the early months ever, remains in the realm of -rxULilllU
VV t/lizjCli
increase"" c ap'iTal "expenditures °£ thjf yeuar'
no torrent was conjecture. The basic forces which Pain„ Webber jackson & Curtis
sharply over the rest of this year se£ o££- The Pattern has reversed will project the economy down- 25 Broad Street members of the
and into 1962. The most recent now and we are on our way up. ward into the next recession are New York
st(^k Exchange on
survey of scheduled expenditures
The reason the 1960 recession ^tdl in the process of evolving. July 1 will admit Alan T. Wenzell
—that of the McGraw-Hill De- came to an abrupt halt is clear if The way ln. whlch they develop
partnership,
partment of Economics—shows a we
look
at
the
stock
market, will determine the extent of the
total for calendar 1961 only 1%
Remember that stock prices are
decline as well as the date ^
Q
44below 1960. Since expenditures to not merely the prices placed on °* its initiation.
\JTciy. ^GXtOIl LO

then rose
fractionally

year,

to

Pro-

duction, part of the slack will be
taken up
by capital goods production
i e
industrial machinery
structural'fabrication, etc. After
remaining in a flat trend since

1960. It fell to

ary

Industrial

in

expansion

recession,

R°ns we^e being pared, inventories available evidence suggests that
heayy> and> as ?f early we j1??6
Pr°Sressed bea

in anticipation of

Wal
than nominal length, the boom
for the aborting of the would then be stretched out, per-

reason

minant

will

to these

Index

peaked

unstable pattern.
We
sharp advances, such as
just had, interspersed

temporary slowdowns.

level

recession.

rather

a

implemented,

Spending

steel

and

auto

with

as

capital appropriations for

Corporate

have

we

How long

answers

1960

capital

scheduled

e-

The

the

the recession had

1960

decline:

production has already

the

earmarks

early 1963.

way

the

need to review the

we

of

nature

and

To find

questions,

peaking out of stock prices sometime in the Spring
1962 and a peak in business
activity in the second half
or

it

under

questions

it reach?

a

of 1962

is

see

in late, 196?u

Questions

1+a
Questions
little question that

is

recovery

consultant appraises the
recovery pace of various com¬
ponents making up the recovery now underway, and
poses the ques¬
tions: how long will it last—and what level will it reach? Dr,
Green¬

Summer of

larger

a

might

Since the firming of stock prices

Crucial

or

get

somewhat

try's profits.

By Alan Greenspan,* President, Townsend-Greenspan &
Company, Inc., New York City

anticipates

to

its

share of its market and its indus-

For Period 1961-1962

span

for

average

13

Warner, Jennings, Mandel & Longstreth, Inc.

14

(2738)

The Commercial and Financial Chronicle

of inflationary wage de¬
only in Britain but

pressure

U. S. Export Drive in Britain

could

—we

in

*by

export

our

to

his

country,

problems and points out they

"flag discrimination"

our

drive

Dr.

strong
principle

Einzig

compounded

are

in shipping, continuance

Anticipating

war.

that

labor

for

pressure

of the "Buy

loans."

"tied

more

which

least

at

day's

good

a

LONDON, England
of

end

the

do

frequent

increase

to

dollar

1959

year

But,

area.

exports

when

as

the miscalculation

result

a

the U.

of

further

to

is

most

unlikely

maintaining

from

expanding

to

and

British

their

::

V "v,,
I
Growing British Resentment

S.

There

is, however, growing

'■

re-,

ing requirements in the American
domestic

to

British

market,

exports

British imports from the U.
results

of

efforts

these

U.

dis¬

appointing. All these export drives
were
accompanied by much pub¬
licity. It is quite a change to en¬
counter

now

opposite

sense.

is

ernment

of

U.
a

S.

The

in

U.

a

Center.

be

should

opened
this

successful
will

London, but
scheme prove

pilot

the

U.

S.

Government

similar trade centers in

open

Considering that, following on
the exceptional year of 1959, dur¬
ing

which

and

the U. S.
in

was

1960

surplus

of

a

to

between

was

export

Britain

substantial

American

exports

shivers

down

British.-Treasury
Trade

officials.

increase

to

the

and

import

is likely to

be

Act

ing

the

and

ment

the

of

Imports from the U. S. have just
been liberalized further, and the

in favor of Ameri¬

invisible

an

time

a

American

causing alarm.
On
a

reinforce¬

expected

policy of discrimina¬

on

VI

I

part

my

of

success

the

goods

the,

would

the

evidence

of

such

is

welcome

export
success

a

might induce the U. S. authorities

also

liberal

more

a

of

because

attitude

discrimination,

it would

the

of

each

teach

in

of

the

the

production
can

cost,

such

wards

but

of

way

to

life.
of

of

goods

produce

at

international
go

meet

the

economic

challenge

B.

Attempts to meet that challenge

interest

rates

doned

or

where.
of

are

have

been

aban¬

being relaxed

every¬

a

is

manpower
of

means

nist

its

That

being

painful

process

so,

if it is

even

to those who

A
of

further

increase

American

British

goods

firms

American
There

to

of

imports
induce

would

study and adopt
of production.

methods

is

great

a

deal

to

learn,

though -all.,.the advantages

duction
in

is

lower in the U: S. than

Britain,

the

there.

ing from

Closer

the

contact

result¬

might
to be reciprocally beneficial.

prove

High

ments of

drive
cern.

verted

policy

persistent
of

pay¬

Britain, the possibility of

additional
of

success

the

balance

is

dollar
the

losses through
American

viewed

with

Nevertheless,
to

of

the

free

trade,

to

to

cut

meet

British
their

indus¬

prices

increasing

in

com¬

petition from abroad.
Need

for

I have

trade

further

Wage

doubt that the British

no

unions

would

This

re¬

aspect

of

the

seize

upon

ficient

face

of

of these shares having been sold, this adver¬

tisement

appears

as

a

matter

of record

only.

A Npio Issue

spite of incomparably
paid to American

workers. The
is

answer

that,

to this

argu¬

though

even

the

good day's work.

a

substantial

heavy
the

defaults

indebtedness
of

purpose

has
1052

engage in

Officers

aiding

30,000 Shares

private

Such
fair

been

companies

that

is

also

contrary

ownership

credit

to

the

concept
the

for

use

of
of

private

well endanger

was

W.

formed

This
unfair

would

advantage

industrial

vate

such

change
tax

negate
to

the

company

leasing

facilities.

;With Paine I

Webber

MINNEAPOLIS, Minn.—James L.
Montreuil

has

been

added

to

the

essence

H. T. Nolen Opens

free

len is engaging in a securities busi¬

our

Fur¬

ness

from offices at 607 Highland.

tax-exempt

the

previously

the

IBA

all

may

state

and

Form

stated

reaffirms

position

of

regarding municipal in¬
financing.

It suggests

the

of

Participating Assoc.

HIALEAH, Fla.—Participating As¬
sociates, Inc. has been formed with

report

Federal

This announcement is neither

offices at 570 West 53rd Terrace to

in a securities business,
specializing in mutual funds. Of¬
engage

ficers
as

in¬

are James D. Jordan, Presi¬
dent;
A.
S.
Jordan,
SecretaryTreasurer; and Russell E. Bennett,

Vice-President.

offer to sell nor a solicitation of an offer to bitv these
offer is made only by the Prospectus;

an

securities. The

$25,000,000

Mr.

Kimball
with

has

Frederick

become

American

Brothers, Inc.

5%

Sinking Fund Debentures

M.

Due

associated

Securities

June 1, 1981

Cor¬

poration, 53 State Street. He was
formerly
with
Eastman
Dillon,

Price 99%
and accrued interest

Stock

Invest, Inc.

Par Value

$10.00

are

State Street.

William

President,
Stephen

Robert

N.

Of¬

Thorndike,
W.

D.

Paine, and
Lewis, Vice-Presidents.

MEADE & CO.

Blyth

(Special to The Financial Chronicle)

added

to

the

staff

of

Shearson, Hammill & Co., 21 Con¬
gress

Street. He

was

Goldman, Sachs a? Co.
The First Boston

Co., Inc.

Eastman

Dillon, Union Securities & Co.

Lazard Freres & Co.

BOSTON, Mass.—Irving I. Magid
been

Lehman Brothers

Doran,

George

Shearson, Hammill Adds
has

Copies of the Prospectus may be obtained in any State only
from such of the several Underwriters, including the under¬
signed, us may lawfully offer the securities in such State.

Mass. — Invest, Inc. is
in a securities business

from offices at 1

ficers

formerly with

J

f

Merrill

the

Webber, Jackson &
Curtis, Pillsbu.ry Building. He was
formerly with Reynolds & Co.

McALLEN, Tex.—Harvey T.-No¬

Gimbel

—

'

(Special to The Financial Chronicle)

formerly associated with

Mass.

the

pri¬

private-

purposes

exemption for
municipal bonds.

Holmes.

of

municipally owned industrial

with

securities business.

im¬

or

proceeds

East Olive Avenue

a

or

the

of

With American Sees.

engaging




use

acquired
the

the

tax-exempt bonds.

the Federal income

tax

In

for

state

Manhattan

Secretary and Treasurer.

BOSTON,

June 22, 1961

un¬

compete

enterprise economic system.

thermore,

of

the

the

for

plant

out

to

municipally

Union Securities & Co.

Price

industrial

proved

deny the corpo¬

deduction

payment

municipality

owned
plants,
but
government
ownership of industrial facilities

(Special to The Financial Chronicle)

$1.00

rental

to

a

staff of Paine,

financing is not only

to

law

lessee

are

BOSTON,

Common

for

enterprise.

Leland E. Scott, Pres¬
ident,
John
J.
Sullivan,
VicePresident and Raymond B. Wheel¬

David

Corporation

incurred

tax

come

rate

of

amendment

Calif.—The

Company

er,

ELECTRONICS

out

grew

(Special to The Financial Chronicle)

Scott

MARCON

America.

the best solution to the problem—

offices at
to

Investment
of

Reviewing recent developments
in the use of municipal credit to
provide manufacturing facilities
for
lease to
private companies,
the report notes that the three
major municipal default periods

dustrial

the

the

by

Association

Form Manhattan Co.
FRESNO,

All

com¬

of

British

In

of

that,

argue

wages

by putting in

problem

imports

to

American worker gets better
pay,
does give value for the
money

foreign trade has not received suf¬
attention.

higher

of

goods

a

he

British

the

increase

American

ment

International

Competition

con¬

having

induce

to

firms

a

export

some

traditional

tends

order

Bankers

with the occupants of

American

petitive in

of

members

drive

export

trial

view

of

cost

average

merchandising is distinctly higher
over

Incorporated, ex-officio.

Private Industry Decried
WASHINGTON, D. C. — Use of
public credit to finance plants for
private industry is poor policy,
according to a report released to

are by
on
one
side.; While in
experienced in this country have
industries the cost, of pro-,
one,, characteristic
in common—

means

many

ising.

adverse

are

likely to be its immediate victims.

after all, American goods are

In

in¬

competition

welcomed,

Smith

Use of Public Credit for

extent compar¬

an

international
be

by

competi¬

increase in Commu¬

countries.

should
a

enforced

hope of increasing

no

productivity to
able with

Lynch, Pierce, Fenner &

utilization

international

tion there is

creased

better

it

of

Merrill

high

and

squeeze

Unless

Robert B. Bullen

Directors: Edward J. Mawood,
Dempsey-Tegeler & Co.; Calvin
Gaddis, Edward L. Burton & Company; Glen B. Davis, Ure,
Davis & Co. Wayne, Stead, Guss & Stead' Co.; and
Cloyd Goats,

of

by resisting inflation through ad¬
credit

Woolley

Secretary: Robert P. Woolley, Robert P. Woolley Co.
Treasurer: William H. Aspden, J. A. Hogle & Co.

to¬

way

the Soviet bloc.

ditional

Robert P.

President: Phil S. Tunks, Edward L. Burton & Co.
Vice-President: Robert B. Bullen, Schwabacher & Co.

.

assisting the free world to

The

growing over-full

Phillip S. Tunks

lowest
division

long

a

on

which

the

mobiles does not look very prom¬
ever-all

If
the

Brit¬

employment
crease

of

concentrate

in Britain, any in¬
competition
abroad
might produce a salutary effect if

American market for British auto¬

un¬

out

country

forced

they

run an export
really efficiently. Moreover,

view

western

is

west

ish interests how to
drive

an

deplorable for the share¬

industrial

■>

American

at

forced

are

holders and employees concerned.
But it might mean the salvation

no

y/.V/T

drive, partly because I hope that

matters

year.

and

American

to

by the U. S. through stipulat¬
the
expenditure y of j dollar

loans

in

large this

Owing

im¬

Area

virtually discon¬
tinued all discrimination against
imports from the U. S., continued
operation of the Buy American

spines of

any
case
the
export surplus to Brit¬

American

Dollar

when Britain has

adopt

In

the

item. Moreover, at

to

of

off¬

to

surplus of the visible

from

Britain

Board

essential

become converted into

balanced, there

American

an

further

sends

ain

Britain

amounting to
£600 million, the possibility

some

of

trade

the

shipping, however, this tradi¬
tional invisible
export item has

tion

various continental countries.

is

discrimination

have

in

in

operating

can

can

only

flag

deprived

item

elsewhere.

bj'

goods Which are likely to ap¬
peal to British buyers. For the
present such a trade center will

the

ports

ex¬

permanent exhibition of Ameri¬

has

the

Britain of
substantial proportion of earn¬

set

the

will

It

It

S.

towards

over

ings from shipping freights which

opening in London the

Trade

exports,

invisible

Gov¬

S.

embarking on an
in Great Britain

drive

port

means

publicity

attitude

liberal

discrimination

S., the

were

this

American

able to balance

were

cost

of labor would

sentment in Britain, having regard

the U. S.

working

are

high

would be

markets.

automobile industry about chang¬

to

the

of

business by foreign competition it

higher

the

anything to prevent American

exporters

from

apart

accompanies

Government

Ever since
ef¬

—

War

work
wage.

made from time to time

were

Britain

of

the

duly

domestic argument, Dr. Einzig tells British

a

American

the

applying

survival

the United States and other indus¬

cold

in

the

trial countries firms and industries

growing

and

ASSOCIATION

fittest in industry all over the free
world. Admittedly, if in Britain,

ain, and place the Free World in a stronger position in the economic

forts

for

case

of

He

Act,"

Thursday, June 22, 1961

much

hopes our trade success will lessen discrimination, cut costs in Brit¬

American

the

too

DEALERS

.

international competition. There is
a

well

us

reviews Britain's trade

have

not

SECURITIES

.

The Utah Securities Dealers Association has elected the
following
officers for 1961-62:

in all Western industrial countries

By Paul Einzig
Wishing

UTAH

mands—not

.

*

t

■

*"

Carl M. Loeb, Rhoades Cf5 Co.
»

'

"

Lynch, Pierce, Fenner & Smith
,

June 16, 19 61.

Corporation

Kidde|r, Peabody & Co.

Incorporated

.

Paribas Corporation

Volume

193

Number

6066

.

.

Financial Chronicle

The Commercial and

.

Analyzing the Effectiveness
Of Monetary Policy

(2739)

economic

during

lesser degree of reliance on mone¬

cyclically, believing that this will

Nevertheless, it has been found

tary policy within the total policy
mix, and the new 1961 edition •_!'
the

Gov¬

much

booklet, "The Federal Re¬
System; Purposes and Func¬
tions,"
is
much
less
optimistic

sition

regarding

expected

future—that agreement ceases.

than

dig down into some of the reason¬
ing underlying these differences,

tion

to

this

period.

stabilization
have

for the C.E.D.'s Commission
'

'

.

on

''

.

•

fact

A

Professor Ritter states that monetary

-

policy has been tried

main stabilization weapon and has been found
wanting.
nevertheless believes that it should remain as an

as

V'

<

policy.

the

appropriate

effectiveness

hinging

and

the

or

mon±ury

infinitely variable.

or

moderately variable and,

higher and

higher in each

would

be

even

postwar cyclical

upswing,

in

Debate

Over

Monetary

Policy
After

decade of

a

experience with

policy
as
our
main
countercyclical weapon, we have
monetary
arrived

p

1

point wnere

lucre

com-

within

almost

has been
years,
con¬

individuals

period

Lester

as

Chandler, Howard Ellis, Milton
Friedman, John Gurley, Robert
Roosa, R. S. Sayers, E. S. Shaw,
Warren Smith, James Tobin, and

the

on

in this

haps

a

prophet

field

must be

fool,

or a

or per¬

of both.

Professional

opinion

views

cen¬

banking.
is

some

form

than

these

on

two

of

sitions.

With

ered.

lying the controversy.

focus

Views

then...

can

on some

of the issues under¬

run

Lawrence S. Ritter

the gamut

II

'O'-

.

The

Gurley

Appropriate Role for

v

and

briefly

me

review

high

the

points of the debate that has taken
place over the past decade, a de¬
bate which surely must be reach¬
ing its peak by
the

There was

now.

Douglas Committee Hearings
the Patman Committee

of

Monetary

Shaw; toyFrie^man and $|iaw.

Let

has

symposia
Oxford

the

Flanders

Hearings of

1954, the

of

Committee

1952,

in the Bulletin of the
University
Institute
of

Statistics

in

American

1952

and

the

1957,

symposium

Assembly

1958, the Achinstein study for

the Senate Committee
and

Currency

cliffe

Report

Economic

in

Economics
sium

in

1958,
1959,

Committee's

Employment,
Levels

in
in

Growth,

1959,
and

Banking
the Rad-

on

the

the

Joint

Study

and

Review

Statistics

of

Price
of

been

tried

main—al¬

our

as

and in that role

ished work of the Commission

on

of these

two

wanting and yet

still

be

considered

from

have

we

relied

too

it and expected too much

it,

than it

more

can

reason¬

ably deliver. If we rely somewhat
less on monetary policy, and do
expect so much,

factory
Let
two

it

utilize

in

then
a

we

more

can

satis¬

manner.

us

take

up

each

of

these

propositions in turn and

what other

views

garding them.
first

are

see

current

re¬

With respect to the

proposition, it turns out that

there is

more

would

expect

There

are,

whom

fiscal

agreement than

at

of

first

course,

icy is

few
very

academicians;

the

time

of

have relied almost

we

the

ex¬

clusively on countercyclical mone¬
tary policy to achieve our national
economic

objectives.

framework

in

Within

which

past

hesitate

decade,

and

defend

to

the

praise

would

the

that
has

on

balance

made

a

substantial

we

make

hand,

modern

as

Friedman

feels

policy should be
zation

And

that

Quantity
believe

fined

=

theorists,

of

course,

velocity—de¬

GNP
divided
by
the
supply—is rather constant.

as

tool.

Velocity
Quantity
analysis;

re¬

we

plays

role

a

in

the

theory similar to the
multiplier in Keyneslan

familiar

if

it

is

can

constant

then,

assess

ferent from what it has been. That

the money

The change in

is, he would adopt

the

rule

it

for

money

into

something very dif¬

inflexible

as an

supply

be

increased

in and year out by 3

money

stant

monetary policy that the

This

V

in

that

Continued

4%, with

or

supply times the

GNP

im¬

change in

immediately tells

change

year

supply.

any

the

will
on

con¬

us

page

is neither an offer to sell, nor a solicitation of offers to buy,
oj these securities. The offering is made only by the Prospectus.

NEW ISSUE

June 22, 1961

$2,900,000
Dixon Chemical 8C

Research, Inc.
P'

6% Convertible Sinking Fund Debentures Due 1978
Price

100% Plus Accrued Interest

Copies of the Prospectus

may

he obtained in

writers, including the undersigned, as

may

State from only such of the several Under¬
lawfully offer these securities in such State.

any

not

P. W. Brooks & Co.

Emanuel, Deetjen & Co.

Incorporated

icy that have subverted its effects.

Courts & Co.

eral

Reserve

scribe.

The

ports

of

contribu¬

Bank

make

itself

last

the

two

New
a

strong

Suplee, Yeatman, Mosley Co.

Company

Van Alstyne, Noel & Co.

Incorporated

Incorporated.^

S. D. Lunt & Co.

Kormendi & Co., Inc.

J. C. Wheat & Co.

the Fed¬

would

sub¬

Annual

York

Laird, Bissell & Meeds

Hardy 8C Co.

Straus, Blosser &. McDowell

Re¬

Black & Company, Inc.

C. D. Robbins 8C Co.

plea

for

Penington, Colket & Co.

Woodcock, Moyer, Fricke & French
Incorporated

Reserve
a
announcement

is neither

an

offer to sell, nor a solicitation of offers to buy,
offering is made only by the Prospectus,

any

of these securities.

June 22, 1961

NEW ISSUE

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

ISSUE

any

of these securities.

$2,046,900
June 19, 1961

Dixon Chemical

Industries, Inc.

60,000 Shares

6% Convertible Senior Subordinated Income Debentures due 1981
(To bear interest from July 11, 1961)

Baldwin Enclosures, Inc.

Convertible into Common Stock

subject

Common Stock

to

adjustment,

as

referred

at

to

$5.00 per

share,

in the Prospectus.

The

Company is offering to the record holders of its Common Stock on June 20, 1961
rights to subscribe for Debentures at the rate of $100 of Debentures for each
held. Rights will expire at 3:30 P.M., New York time, on
July 10, 1961.
transferable

(Par Value $.10 Per Share)

25 shares of Common Stock

Prior to, and after, the

Price

$5 Per Share

on a

chase and exercise of

subscription rights,

as more

Copies of the Prospectus

j. k. norton & co.
44

may

be obtained from

P. W. Rruuks © Go.
IHCOHPODATtO

WALL STREET

NEW YORK

fully set forth in the Prospectus.

Subscription Price 100%

Copies of the Offering Circular may be obtained in any .Stale in which this announcement is circulated
only from such oj the undersigned and other dealers as may lawfully offer these securities in such Stale.




expiration of the Subscription Offer the Underwriters may offer and

when-issued basis or otherwise, either firm or subject to allotment or to subscrip¬
tion, unsubscribed Debentures and Debentures acquired or to be acquired through the pur¬
sell,

Established 1907

5, N. Y.

«•

r
NEW

YORK

•

SPRINGFIELD

•

AUGUSTA

•

LEWISTON

•

BANGOR

•

the

result.

announcement

any

Stroud 8C

even

of

that is so, if velocity is indeed
constant, then the Quantity theory
is an extremely useful predictive

monetary

The

NFW

its

GNP.

accurately
pact upon GNP of

make

This

This advertisement is neither

time-

in

If

sole stabili¬

our

MV

that income

money

while

he would also

weapon,

or,

Velocity

monetary policy into
be termed "general

institutions.

the

Ill

policy," with more ef¬
regulation of nonbank fi¬

nancial

dress,

=

Views Regarding the Behavior

financial

fective

of

PT,

use

MV

should

quantitative

Radcliffe Report seem to conclude
we should re-make what we

might

of

others

that

know

examination

an

fruitful

truism

worn

ternatively, Gurley-Shaw and the

what

to

views

regarding the be¬
havior of monetary velocity. One
need not be a Quantity theorist to

monetary policy altogether, turn¬
ing in its place to fiscal policy
plus selective credit controls.
Al¬

he would emphasize that it
discretionary and counter¬
cyclical aspects of monetary pol¬
the

policy

monetary

jettison

turn

us

liberal

Perhaps, actually,

over

position

well

reasons.

have,
in
my
opinion,
done
a
highly commendable job. I find
to

let

To

the

is

much

many

evidently conclude that

especially

Report, although for differ¬
And, at the other end
spectrum, so would Milton
Friedman, for still different rea¬
ent

of

sons;,

the

and

one

what

cliffe

they had to

with respect to their actions

Smith

the

tion.

operate, the monetary authorities

little to fault and

Warren

On

as

so.

this second propo¬
the
role
of

on

to

as

—

current

Aside from

Burns, Gurley-Shaw, and the Rad-

found wanting.

about

future?

holding this view, there are
who would
really disagree
much with the first proposi¬

The

the

it is feasible to do

as

or

problem

one

of 1951

Since

the

policy is a dirty
word, and to whom anti-trust pol¬

those

sec¬

seasonally

cyclical

glance.
those to

Treasury-Federal Reserve Accord

it has been

in

pretty

Keynesians would
certainly agree with it — Heller,
Samuelson, Smith, and Tobin, for
example.
So would Arthur F.

symoo-

1960, and the still-unfin¬

found

that
on

the

that

—

should

belief
much

then,

either

monetary policy should be in the

real

now

among

sole—instrument of sta¬

our

bilization policy,

1949,

Hearings

it

to

come

we

proposition,

an

*

(1) The first proposition is that
countercyclical
monetary
policy
most.

and
inte¬

an

stabilization

this View is rather rare,

> ;

Policy

play
as

an anathema, except when
applied to labor unions. Monetary
policy is all they have left, usu¬
ally the tighter the better.'A But

the subject

from

in

easily

more

to

integral component of pol¬
icy—the reconciliation lies in my

the

fairly simple propo¬
these as a starting

point

we

in

matters

divided; it is
fragmented
and
splint¬
on

and

that
as

not

answers

either

every

more

tried

is when

the

Thus it is

its

enough, what shall be their role

has

which some see as
i.e.,
that discre¬
tionary monetary policy has been

important

such

role

be

can

monetary
policy
predecessor.

1954
It

what

still

growth policy.

contradictory

from

counter¬

policy

considered

of

disagreements emerge. Given
that countercyclical monetary pol¬
icies have not done the job well

is
as

propositions,

Nevertheless,
although I know I am no prophet,
let
me
state my
own
tentative

tral

be

Board

solve

serve

ond

reliance,

The reconciliation

It is fair to say that (anyone who
thinks today that he really knows

the

aspect of

this

have not in

we

monetary

indeed

agreement

profession

of

throughout

em¬

stopping infla¬

gral part of over-all

others.

dis¬

t e

e

the

at

is almost

tributions

full

have not in

growth.

important

and

•

it

for about three

progress

not to mention the

in

well-known

variation

no

ernors'

adequate rate of

an

primary

cyclical

nsm

that

we

The second proposition
despite its inadequacies

should

.V'

(.»

concludes

Credit

economic

an

irresponsible to drop monetary policy.
Money and

The

t

Dr. Ritter views velocity

though he finds that it has

achieved

real

that

over

^i.oy

fact

our

whether the velocity of money is believed to be stable,

on

moderately variable,
as

roie

because

we

in

main

succeeded

reasonably

succeeded

(2)

our

He sees much of the debate

our

<

The author

important part of

over-all national economic

fact

tion, and because

■'

.

...

of

weapon

in

not

ployment, because

Money and Credit in 1959-1960

'.

stability

in the role

wanting

maintaining

By Lawrence S. Ritter,* Professor of Finance, Graduate School of
Business Administration, New York
University, Formerly Econo¬
mist for Federal Reserve Bank
of New York, and Staff Economist

15

BOSTON

28

16

The Commercial and Financial Chronicle

(2740)

when individual businessmen

AS WE SEE IT

Continued from page

are

1

left to their

and

devices,

own

the

to

come

conclusion

system

any

which

.

.

that

permits

.

Thursday, June 22, 1961

Dixon Chemical

economic system. There
are usually some others who
by misfortune beyond their
control are temporarily un¬

according to men of extraordinary ability Debs. Offered
the present time for a better
their own judgment, subject and
energy to amass
large
understanding of how any
P.
W.
Brooks &
Co., Inc., New
only to such general laws as fortunes is undesirable. How
economic
York City and associates are of¬
system may best are
necessary to be sure that frequently do we hear such
attain such objectives. Much
fering today (June 22) an issue
justice is done, but the proper an idea expressed or implied of $2,900,000 Dixon Chemical &
is being said and said so often
distribution of goods will of throughout
the length and Research, Inc., 6% convertible
about the parf government is
itself conform as nearly as breadth of the land, and how sinking fund debentures due 1978
to play in
at 100% and accrued interest from
stimulating or di¬
may
be to the general frequently it results in legis¬ June 1, 1961.
recting business that all too rule to the effect that the lation
which tends to prevent
Net proceeds from the sale will
many of us have come to sup¬
rewards of industry be pro¬ —if
it
does
not
definitely be applied by the company to¬
pose that the attainment of
ward the cost of the purchase in
portionate to the contribution prevent — proper functioning
the

able to look after themselves.

nomic

require that we take

jtions

of in

one

way

but these

are

but

care

dr another,

some

burdens

incidental

of the

imposed

by man's imperfections. They
are to be regarded quite apart
normal

the

from

routine

of

any

These, too,

simply

ultimate

from

the

eco¬

to that

requires

system

operate

com¬

production. Naturally,

abuses may from time to time
arise
under such' a
laissez-

plex and costly expedients on
the part of the politicians
faire system (as under any
economic system, and not a whom we send to Washington
other system), but they can
part of its normal functioning to constitute our government. and must be avoided so far
The
fact
or
a
of
the
matter
is
that
part of the main func¬
as
possible and corrected
tions thereof. This is a far cry the less government tries to
when
they 1 appear.
Again,
from the slogan of the com¬ do this or that to stimulate
such a system tends very def¬
munists: From every man ac¬ business or to guide business
initely to apply capital and
cording to
his ability;
to —apart, of course, from the
manpower to the production
of
justice
every man according to his administration
v of
things that people want
need. It is also definitely not through suitable general laws
and can pay f(or. And, this
are

some

of the incidental costs of any

akin to the creed of socialism
which

practiced is nothing more or
less than state

capitalism.

There is also

better

—the

economic

our

Tatter

known and system will function.

today

as

is,

of

importance.
Maximum Production
Not

only

great need at

Now if

listen to

we

the moral

production be

can

NOTICES

DIVIDEND

CORPORATION

has

of

Board

of

stock,

August

1,

holders

of

on

Common Dividend No. 219
A

the Com¬

both

payable
1961
to stock¬
record July 5,

has

ord

of

Treasurer

LINCOLN PRINTING CO.
130

on
T'he
the

New

duction

CEDAR

Board

Fardwell, Treasurer

YORK

of

cents

pany,

<;,

t.lSci

per

of

record

of

Y.

1,

declared

have

dividend
share on

stock of

payable August

holders

N.

quarterly

outstanding common

York, June 20, 1961.

STREET

Directors

regular

MARTIN

They

1961

July

12,

LASHER,

of
the

Stock.
the 4.6 %

2834 ( Per share on
Cumulative Preferred Stock.

Edison

declared

What We Should Not
There

|g
m

record

July

1961

15,
at

the

to

close

business

of

June

29, 1961.
Dividends
DIVIDENDS

The Board of Directors has

authorized
the

the

payment

of

following quarterly divi¬

on

the

4.6%

Cumulative

of

record

31,

August

respect

of

By order of the Board.

1961.

T. F. TURNER,

Robert a. Wallace

Secretary

Vice President and Secretary

June 13,1961
Bogota, New Jersey

dends:

in

1961.

S25 par value Preferred Stock are pay¬
able September 15,
1961 to stock¬
holders

also

are

Expect

certain

things that we should not ex¬
pect of our economic system.
of

it

seems

is

that

them

to

are

One

us.

of

COMMON
Dividend

STOCK

No.
per

PREFERENCE

economic

our

produce

to

Dividend

the

avoid
rors

no

one

results

STOCK,

PACIFIC

POWER

28 cents per share;

PREFERENCE

& LIGHT COMPANY

STOCK,

4.56% CONVERTIBLE SERIES
Dividend

No. 53

28V2 cents

per

share.

obvious

past
in

er¬

in

so—largely for

our

able

July 31, 1961

holders

of

Checks

will

the

record

he

to

pay¬

stock¬

July

5.

mailed from

Company's office in Los

Angeles, July 31.
p. C. hale,




Treasurer

Notice

Nor

sen

no

¬

way

action.

The

national

of

record

at

the

close

of

is

all

this

in

any

by v a g u e and
quite silly statements
about
these
products being
"assets" or greatly needed at
various points of the globe
where they will never go.
,

there any justifica¬
public policies aimed
keeping industries or parts
industries operating mere¬

Nor

June 14,1961

Of

net

the

ly because they give employ¬
ment to a large number of
and

men

women

which have

to

no

—

the

will

balance

added

be

to

working capital.

Hammill

Joins Shearson,

(Special to The Financial Chronicle)

BEVERLY

HILLS, Cal.—Stephen
has joined the staff

McKibbin

Hammill & Co., 9638
He

Monica Boulevard.

Santa

Co. and

was

Stone &
Paine, Webber, Jackson &
with

formerly

Hayden,

Curtis.

Inv.

Forms All America
Robert

in

is engaging

Luna

a

se¬

at

offices

from

business

curities

York City,

570 Fifth Avenue, New

under the firm name of All Amer¬

Investors.

Form
in

Cambridge Associates

produce

produce

reasonable

economic jus¬

goods

which

them, including
profit, of course.

These

and

which

might

cited

simply evidences of

a

are

misun¬

derstanding of the true func¬
tion of

an

Fifth

550

at

City. Partners
and

economic system.

FAMDEN, Conn. — Salvatore L.
Trotta is conducting a securities
Road.

Thomas Emma

Gershman.

Gordon

Oscar Charwat Co. Formed
Charwat

Oscar

formed

with

has

Co.

&

offices

at

11

been

Broad¬

New York City to engage in
securities business. Partners are

way,
a

Oscar

field.
a

Charwat and
Mr.

Charwat

Louis
was

Rubin-

formerly

partner in Charwat Brothers.

E. B. Davis Co. Formed
HEMPSTEAD, N. Y.—E. B. Davis
Co., Inc. is engaging in
ties

business

a

securi¬

offices

at

114

Co., 50 Broad

St.,

from

Main

Street.

Now

Corporation

E.

Aaron

&

L.

York

New

business

as

City, is now doing
a corporation. Officers

Edward

are

L.

Aaron,

President

and

Treasurer; M. C. Aaron, Sec¬
retary and Peter E. Aaron, Assis¬
tant

Secretary

and

Assistant

Treasurer.

Now Burke & Co. Inc.
Burke &

Co., Inc. has been formed

with

offices

York

City to engage in

at

52

business. Officers

business from

New York

Ave.,

are

instances

other
be

securities business from offi¬

a

ces

industries

be sold for what it costs

business

Secretary

the

from

proceeds

offering, about $1,200,000 will be
applied to the completion of the
company's new hydrofluoric acid
plant and related facilities, and

is

S. L. Trotta Opens
H. W. Millay,

under¬

way

often

June 26, 1961.
PORTLAND, OREGON

is the major

Inc.,

Co.,

writer.

farm

sanctified

to

Quarterly dividends of $1.25 per share on the 5%
preferred stock, $1.13 per share 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, and 45 cents
per
share on the
common
stock of Pacific Power & Light Company
have been
declared for payment July 10, 1961, to
stockholders

Rights will expire at 3:30 p.m.
(EDST) on July 10. P. W. Brooks
&

Cambridge Associates is engaging

can

Dividend

the basis

on

some

example of failure to
this
simple fact is

observe

par

shares

of Shearson,

activity to which they
cling so long as it is pos¬

such

interest,

in¬

at

$100 of debentures for each 25
held
of record June 20.

of

R..

reasons—in

1981

due

debentures

or

of

of 6% con¬

subordinated

senior

vertible

ica

ity
are

is offering its

stockholders the right to

common

wishes

tification in the form of abil¬

The above dividends

ical Industries, Inc.,

or

continue

to

or

sible to do

of

No. 57

facility

goods

willing to pay for. And a
desire to help individuals to

at

206

share;

4.48% CONVERTIBLE SERIES

J.

working capital.
At the same time, Dixon Chem¬

them

tion for

65 cents

N.

obvi¬

so

is

Montreal, June 12, 1961.

:

for

shop
and
em¬
at the Newark,
and for additional

machine
facilities

office,
ployee

should not expect

we

persuade

will

the year
1961, payable in Canadian funds
on August 1, 1961, to shareholders
of record at 3:30 p.m. on June 23,

payable
stockholders of
are

In¬

affiliate;

come

us.

to stock¬
1961.
Secretary

an

all of

policies, the purpose of which
is to keep men on the farm
At a
meeting of the Board of when there is already a su¬
Directors held today a dividend of
perabundance of farm prod¬
seventy-five cents per share on
ucts
already on our hands.
the Ordinary Capital Stock was

50c per share on Common

Common Stock dividends

equivalent
much bet¬

are

Inc.,

construction and fitting of a plant

—oOo—

Federal

dividends:

California
Company

dustries,

subscribe to $2,046,900

found

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

Southern

re¬

Dividend Notice

Common & Preferred Dividends:
of

are

de¬

Chemical

ly increased to lay a basis for
higher plane of living for

line of

RAILWAY COMPANY
FEDERAL PAPER BOARD CO., Inc.

Directors

Dixon

a

the Com¬

CANADIAN PACIFIC

of

of

the simple reason
production is thus great¬

warrants

Board

6%

bentures

off for

ter

that

timental

The

the

or

thereof.

services that

Checks will be mailed.
R.

of

the

by extraordinary ap¬
portionment of current pro¬

system

July 7, 1961.
H.

process

convertible

$500,000

to

warded

J. F. McCarthy, Treasurer

fifteen

June 14, 1961

Mining

Smelting Co., Limited

NEW

Frederick A. Stevens,

production

or

reo

the close of business

at

extraordi¬

contributions

nary

much

are

when

ously not in the public inter¬
est
that
it
appears
almost
foolish to give expression to
them. Yet the need for citing
them is quite evident, or so

87

on

28, 1961, to stockholders

1961.

NO.

the Common Stock
been declared, payable July

share

off

December, 1960 of Better Finishes
& Coatings, Inc.; the construction
of
a
liquid sulfur dioxide plant
with a rated capacity of 10,000 net
tons per year; for investment of

1961.

quarterly dividend of $.375

per

system. The

great rank and file

Some

declared

COMPANY

Directors

dividend

a

share

per

mon

soon

A Dividend of seventy-five cents
($.75) (Canadian) per share lias been
on the
Capital Stock of this
Company, payable September 11,
1961, to shareholders of record at
the close of business on August 11,

ELEVATOR

37 VT cents per share on the
Preferred
stock
and
62]^
cents

of

NOTICES

Hudson Buy
and

Quarterly Dividend

declared

should

we

DIVIDEND

OTIS

UNITED SHOE MACHINERY

economic

better

philosophers of this

DIVIDEND

The

some

NOTICES

DIVIDEND

the

truth of the matter is that the

and accrued

expected to be at maximum day and time

224th Consecutive

of vital

course,

of

offices at 26

Cabin

Wall

are

a

St..

New

securities

J. Jay

Sch-

wadron, president, and Lilliam A.
Burke,
were

and

Secretary-Treasurer. Both

formerly

Corppany.

partners in Burke

Volume

Number 6066

193

THE MARKET
BY

.

.

.

The Commercial and Financial Chronicle

.

.

different entity is Philadelphia &
Reading, which sold its anthracite

AND YOU

.

(2741)

operations and in recent

WALLACE

STREETE

,

been

a

ing

broadened

this

range

tension

there
that

in

was

week
the

on

still

were

spirited

a

the

their

out

trad¬

but the

ex¬

downside

and

definite

no

was

making.

price action during 1960, when

recession

such

was

word, suggests

signs

rally

summer

its

The

price

overworked

an

change.

a

action

Cable through

1960

considerable

royalties

of

General

virtually

&

much

It is
as

tions.

680 which extended the month-old

price action in the two preceding
years.
Through this 4 72-year pe¬

trading

riod

do

by

range

neat 10 points

a

under

the

690-705

where

the

index

band

narrow

had

mid-March when the all-time high

posted.

was

Even

added room, the

trading range still is
what

an unusually
particularly
after

one,

virtually

was

rupted

upswing

uninter¬

an

six months.
In fact, while few in Wall Street
for

consciously look for declin¬
ing prices, there were some tech¬
ever

nicians who

deeper

a

needed

suggesting that
would
be

were

correction

to

set

worthwhile

the

stage

for

a

advance.

summer

The

technical

somewhat

indications

confused.

were

then

expanded

on

buying

the

interest dried

improvement

next session.

tern

of

It

went

but

up

as

the

into

still the pat¬

was

tired

a

volume

that

market

was

bumping into overhead resistance
but

the

at

give

time

same

refused

to

ground importantly when

up

mild pressure was

around.

of

range

the

recession

also

comparisons

around,

there
in

ness

was

is

swings
not

is

the
of

this

a

price
capitalization

General

small

but

Cable

contracted

when it

Telephone for the
of Cable common

shares

General

Telephone had held

several

years.

With

these

shares

retired,
General Cable's
capitalization
was
trimmed
by
12%.

In

addition,
American
holds nearly a million
shares, or more than a third, of
Cable although Smelting is facing
Smelting

anti-trust suit that could force

dispose
return

recent

of

its

Cable

this

on

prices

shares.

sedate

ran

issue

5%.

over

dear

selling .climax
of

hearts
for

the

spots

But

to

bargain

go

where

the

to

who

brokers

normally

they

spot

such selling windups half a dozen
times

there has
been only one such clear cut cli¬
max
all this year so far to clear
the air—at least temporarily.
more

or

1

The

the

a

story is

glamor

These

running
been

the

fact

that

30

40%,

to

the

which make up

which
by

interest

investment

that

ad¬

setbacks

obscured

somewhat

switched

long

had

to

so

were

the

have

from

has

bit different for

a

during

prominent
vance.

year,

stocks

Some Interest in High-Yielding
Rails

look

hunting.

items

quality

the popular aver¬

ages.

Rails

Investment-Speculative
Picture

the

So

picture is

one

est

run

speculative excesses during
winter, and that hence aren't

need

of

rective

particular

any

cor¬

speculative
favorites that have already had
their correction. Neither, however,
offered any clues as to what was
ahead for the general market.
There was something of a mild
play

in

the

without

but
at

phase,

least

and

tire stocks recently,
spreading around to
fig¬

issue that would

one

importantly in improved for¬

ure

tunes for the

of

use

synthetic rubber increases
day natural rubber

of

amounts

popularity for

lolled
all

in

undistinguished

their last
ular

years

has had
and has

10-point

a

range

In fact, the shares have

year.

been

about

are

Colum¬

synthetic.

however,

Carbon,

little

black

carbon

needed for the
bia

increased

little,

mean

may

As the

tire makers.

to where some

split in 1945.

since
One pop¬

ever

service, that keeps a running
of its studies of individual

index

companies
"still of

listed

available

Reformed

they

are

have

even

although

it

has

recently

at

an

4%

above-average
A

as

value," doesn't

Columbia
been

long

as

yield.

and

that has

Cyclical Issue

carved out

a

scant

10-point range this year when the
play
centered elsewhere.
It is
supposed
prone

to

be

issue,
and downs. But

a

to wild ups




the

necessarily at any time coin¬
those of the "Chronicle."
presented

are

as

those

of

the

only.1

sign

no

of

1991,

at

tures

are

due

100%. The

June

41/4%

convertible into

1,

deben¬
common

shares at $65 per share on or be¬
fore June 1, 1966, at $70 per share
on
or
before June 1, 1971, at $75

share

per

on

before

or

June

1,

■

■■

1976, at $80
June

N. Y. Chamber of

Net

e e

C

u

c

h

s

G

e

e

W.

company

n

a

of

by

Co.;

John

H.

a

r

upon

are

and

Hudson

^

1 1

as

be

repurchased
Gulf Oil.

from

company

$120,000,000
could

of

convertible

have

been

con¬

common

shs.

the surrender of debentures

the

of

tially

Cushman McGee

of

common

new

shares
de¬

all

tional
The

branches

Ross

&

Bros.

re-elected to

a

in substan¬
of the oil in¬

at

Pacific

Mont¬

Coast

marketing
Sales

debentures

prices

operating

much

there

that pending a
market

debentures

rectly

or

ceeds

of

However,
not be re¬

may

deemed prior to

June 1,

clarification of the

picture

money

of

cost

This

announcement

This advertisement

is

neither

appears

as

an

a

offer

to

sell

at

47s%

than

The

414%

tures

subordinated

entitled

are

to

beginning in 1971, retiring
$1,000,000 annually from 1971 to
1975 inclusive and $3,000,000 an¬
nually from 1976 to 1990 inclusive,

sufficient to retire

approximately

83% of the isue prior to maturity.

They

also redeemable

are

prior to June
1, 1966 and at prices scaling down¬

ward

to

years

prior to maturity.

100%

for

the

chip,
Illinois

Central

normally

ladder

the

$178,—
670,000 in long-term debt and 8,709,807 common shares, par value
$25

share.

per

Alfred Weisman
is

conducting

com¬

Brown Street.

from

a

offer to

buy

any

of these

been the

more

promising.

As

v

/

shares.

:

one

study

noted,
the management's
for
eventually
realizing
$150 million from real estate in¬
hopes

is

than

the

current

market value of its entire

capital¬

more

Illinois
made

cyclical

a

Central

THE FIRST REPDBLIC CORPORATION OF AMERICA

has

A

already

1,985,612 Shares Class A Stock

property into cash, beginning as
long ago as 1955 when a sky¬

built over its tracks
in central Chicago.
An option is
also outstanding covering a large
area along that city's major boule¬
scraper

planning office
building, hotel and apartment de¬
velopments.
If that sale comes
through the railroad would real¬
ize approximately $35 millions.
As a railroad, Illinois Central
has gone through the same pat¬
a

industry of a
long decline in earnings. Its de¬
pendence on coal traffic was hurt
1959 when four

in

its

year some new
up

large

minds

in

but in the past
mines have started

and the prospect is that these
than

more

offset

the

trol of expenses and is held

to improve

might be

profits this

an

year,

which

end to the long de¬

the

shares

of

a

about 10 times

earnings and yield¬
5%, which are both

over

above-average by far in compari¬
son
with the
glamor industrials

despite the corrections they have
recently.

had

Still

pany

exchange, The First Republic Corporation of

now owns

99.92% Imperial Square

the following remaining outstanding interests:

100% Waltham Engineering and

Associates

Research Associates

Hempstead, N. Y.

Waltham, Massachusetts

100% Velvex Mid-City Parking Center
New York

100% Cypress Plaza Associates
Fort Lauderdale, Florida

City, N. Y.

100% Waltham Management Corp.
100% Pelham Park Associates

Waltham, Massachusetts

Philadelphia, Pennsylvania

100% Williamsbridge Associates
New York

100% Atlantic Associates

City, N. Y.

Miami

100% Engineering Building Associates
Chicago, Illinois

Peoria, Illinois

100% Fairfax Associates
Kansas

Progressive

case

where

is emerging

Diversifier

the
as

coal

an

com¬

entirely

Beach, Florida

100% Peoria Parking Associates

likely

promising
realty future
and
a
quality railroad are available at

The

tendered for

America

Exchange Offer, in which interests of Investors

an

100% Gulf Associates

City, Missouri

Miami

/

Meanwhile,

A

were

result of

traffic

loss in the early period. The line
has been energetic in getting con¬

cline.

a

closed,

area

will

As

group

familiar in the

tern

(Par Value $1 per Share)

was

to

vard

Publicly Owned Real Estate Company

at turning its

start

good

100% Ohio Industrial Associates

Beach, Florida

100% March wood Associates

Newark, Ohio

Philadelphia, Pennsylvania

100% Korvette Associates

100% Manhattan Parking Associates

New York

Jerome Wishner
President

New York City,N.Y.

City, N. Y.
Ira Sands
Chairman of the

375 Fifth Avenue

•

Board

New York 16, N. Y.

securiites

offices

only, the offering of these securities having been completed.

<

V

Opens

BROOKLYN, N. Y.—Alfred Weis¬

a

as

five

1961, capitalization

rates

quality
railroad
although
recently
its
realty ventures via air rights have
up

last

of the company consisted of

the

ait

the

for those redeemed

of

of

at

option of the company at 104.250%

business

solicitation

deben¬

sinking

a

fund

non-

a

an

per annum.

and

nor

matter of record

pro¬

borrowed
less

investment

some

1966 di¬

indirectly from the

even

evidence

104.875%

prior to June

was
going into the blue
high-yield
items
around.

money

well

demand
some

was

redeem¬

ranging from

operating

revenues

also

are

after June 1, 1984.

or

the

man

area.

and

company

1,1962 to 100% for those redeemed
on

con¬

region, its principal

The

for those redeemed

sumption in and export from the

second

Committee Chairman.

sold for local

of the issue

50%

able at the option of the company

At April 30,

leum products

of

retire

maturity.

sinking fund pay¬
in any year
by an addi¬
amount
up
to $2,000,000.

conver¬

convertible

dustry. It markets approximately
13% of the petroleum and petro¬

Schieffelin

Co.

term

the

Union Oil is engaged

:f

Lybrand,

by

en¬

are

increase

ments

bentures.

and

Schieffelin Jr.,
Board
Chairman
&

(subordi¬

sold

initially reserved for

sion

Railroad

Corp.;

to

are

to

may

the purchase

were

plus cash. 923,076

Dela-

e

are

to Gulf Oil Corp. in 1956

debentures

O'Neill,

w

sale

the

verted into 2,700,877

Comptroller
the

the

Such

&

the

debentures

which

and

prior

interest

of

which

nate),

of

Press-

prich

of

retirement

on

m

on

per

company's
outstanding $120,000,000 of 374%

m-

Taxation

share

per

from

proceeds

convertible

mi 11

before

1, 1986 and $90

to be applied toward
for

has announced the election
Co

1, 1981, at $85

on or

share thereafter.

The New York Chamber of Com¬
to its

share

per

before June

or

Commerce Elects

gomery, was

showed

debentures

ficient to

above-average yields

in

though

ing

General Cable is another stable
stock

still

weren't

of invest¬

to any

in

acquisi¬

new

debentures

sinking fund beginning
in 1971, retiring $2,000,000 annu¬
ally from 1971 through 1985, suf¬
a

ization.

ment-grade issues that didn't
the

100%; and $60,000,000 of the com¬
pany's 4 V4% convertible subord¬

probably not at the

47s %

widespread investment inter¬

any

terests

Joint

Union Oil Co. of California 47s%
debentures due June 1, 1986, at

combined.

in the chemical business

the road for

an

underwriting group which offered
publicly on June 20 $60,000,000 of

as

Mark E. Richardson, partner

ume

the

licensees

was

inated

author

M

for

at

output

The

titled to

Dillon, Read & Co. Inc. headed

As

use.

with

They

R.

of General

to

of

not

ex¬

year

that

it

its

[The views expressed in this article

big bundle of shares it

more

375,000

an

end

merce

for wide

excuse

That

only

price easi¬

products.

that

small.

especially

some

Cable's

The usual

is

for

a

level, and 1960
earnings of $2.56 against $2.71 the
year before was one of the better
since

all

as

well and is

cide

its sales held about

The

Heavy selling on expanded vol¬
at the end of a correction is

a

lessening of its cyclical
pattern since despite the recession

had

Support

in

capability of General

through

even

showed up unaccountably in midsession

Cable

changed

Technically Tired Market

held

The profit
hints at

with the

narrow

has

roughly 30-45%.

since

held

it

Debentures Sold

saving in the yearly

pays

Reading's

now

identical with that of 1959, which
was not vastly different from the

Selling
early
in
the
week
dropped the industrial average to

Of California

to make

licensee for the label, Philadel¬

a

phia

was

it

label

year

1960 amounted to

It plans to acquire the

Fruit-of-the-Loom

Stocks

has

years

ended Dec. 31,
$443,676,603 and
net earnings to $34,478,451 com¬
pared with $429,182,228 and $27,515,409, respectively, in 1959.

pany

Union Oil Co.-

moving in the toy and cloth¬

ing field.

for the

17

George Gewanter
Exec. Vice Pres.

at

2669

The Commercial and Financial Chronicle
18

in mutual fund

FUNDS

MUTUAL
JOSEPH

BY

C. POTTER

sales,

bettered

senior
typical
investment counselor was a fel¬
low who could speak with a modi¬
cum of intelligence about the trend
of railway carloadings, steel opera¬
tions, power output, automobile
be

to

have

not

a

that the

recall

production and Federal legislation.
The standout sophisticate was the

ab¬

adding an

of

guide

capable

struse

lecture to the customer on

long

a

has

community

financial

The
come

since the heyday

way

fellows, al¬
though
even
now
there is no
dearth of the breed and there is
superficial

those

of

great abundance of astute mar¬

no

Top-flight analysts

students.

ket

simply don't come off the factory

that they write

lines

production

about, nor do they emerge from
college campuses ready-made. Any
that

field

twenty-fold in
years will inevi¬

grows

about

as

tably

have

many

problems.

personnel

business (openclosed-end
companies)

and

end

which

billion of as¬

has $20

now

sets.

is brought

of the foregoing

into

focus

1961

edition

panies,"

of "Investment Com¬

in its 21st year as a

now

bible

of

of the

publication

by

the

of

Pub¬

trade.

Arthur Wiesenberger &
Co. and priced at $25, its annual

lished by

will

edition

This

welcome.

always

is

appearance

investment managers and
who

depend on these

This
fact

volumes as

of their trade.

tool

a

analysts,

that

missing

stresses

managers

money

chance to winnow

no

with

pivotal industrial
While
this
situation is
to the fund executive, who

issues.

probably been a beneficiary
trend, the little go-it-alone
investor is less familiar with this
has

of the

phenomenon.
their

If

up

(owned by more
investment companies),

Company

ing

80

than

Farbenfabriken

Unilever,

the brokers have been
the
matter
unusually

keeping
quiet.
The

point

an

deals

It

make.

the

on

hard-earned

companies
even

whose

let

pronounce,

business—the

the

That's

business

billion

managers,

—

two

as

decades

years

put at over $500 million.
little

that's

of

investment

is

probably

than

more

2%

assets, it
fastest-growing

company

the

segment of fund portfolios.

guide, who counted largely

on

the

financial pages of his daily news¬

for his information and edu¬

paper

cation, would
trend in the
easy

to

might

say.

cope

for

hardly include
geopolitician.
The

himself,

new

is

he'd

credentials

is

a

attests to the adequacy

as

a

investment

expected

to

know

something about France's troubles
in

the

the

Africa,
Outer

Seven,

Community

problems

Common

and

and

a

the
host

Market,
Atlantic
of

opportunities

other

that

enberger figures that "by

easily be

1980, it

$100-biilion in¬

a

31

assets

a

mutual

fund

sales

the sales

force of Investors Diversified Ser¬

vices, Inc.

its

and

Syndicate

vestors

subsidiary, In¬
Life Insurance

ment

President,

Clark,

of

sales

Total

an¬

invest¬

securities and life insurance
to

for the
five weeks sales effort, exceeding

officers

following

di¬
the

and

contemplated

are

Corp. of Texas,

by

President and

as

fiscal

The

attorney *

,

|-

;

on

the

He

and

director.

Contemplated for
H. Grant Thomas,

are

of

of

manager

Fund

Liberty
the

and
Life

group

Aetna

department,

Co., and Wallace S. Wil¬

director

Vice-President and
Supply Co.

Wilson

research staff of
of Massachu¬

Trust

Investors

Dwight

Growth

has

announced'by

been

Robinson,

P.

of

man

the

chair¬

Jr.,

mutual

Boston-based

Bissell has served

funds.

Stock

Investors

it

Fund,

as

a

se¬

years.

ministration.

677,367

a

executives

resentatives,

sales

year

for

*

Sfc

firm's

tion

gets

The

Lake

of

Founded

Benedick
June

has since written

Corp.

eighth

record

$16,687,000,
on

fifth

annual

(today)
at
Pike,

underway
Tarleton

Morton

Club,

invited
gathering are

personnel

work-plan

management men and lead¬
producers from the 83
offices maintained throughout the
ing

sales

United

States

offers

which

of

year

May

President
announced.

was

W.G-.(vi.v f

<

and

shares

by the Well¬

increased,
said

combined

that

Fund

Equity

April 30 were
$289,000,000

on

$1,344,000,000,

or

above

the

Share

sales

for

fiscal

1961

were

assets

a

the

the

of

year

earlier.

first

half

of

$76,584,000,

greater

$5,742,000
half

of

assets

Fund and Wellington

Wellington

the

company,

to

the

public.

mutual funds,

or

than
in the
previous fiscal

tion.
*

*

Nucleonics, Chemistry & Electron¬
ics

Shares

reoorts

stock

changes

portfolio

in

for

its

the

New

purchases
British

include
Oxvgen,

90.000
3,000'

Clevite Corp.,

7,000 Freeoort Sul-'
phur Co., 15,000 Oxford Chemical,
Class

$775,000,000

3,000

6,000
National
A,

Tennessee Corp.-,
Video Corp.
In¬

com¬

Lester Gannon of

ham

&

Co.,

Stanley Ketc-

elected 1st Vice-

was

Boyle

John

was

Milo

Krupick

elected

was

3rd

Vice-Commander.

Karrenberg of White„

Edgar C.
Weld

&

Co.,

re-elected Ad¬

was

jutant.

Public

offering

N.

Y.)

$25,000,000'

of

Gimbel Brothers, Inc.

(New York,,

sinking fund deben¬
being made by a

5%

tures due 1981 is

headed by Lehman Brothers,
Sachs & Co. The
debentures are priced at 99% plus
accrued interest, to yield 5.09%.

group

and' Goldman,

Net

in

proceeds from the sale will
be

instance

first

the

added

to

of the company..
Approximately $7,850,000 of the
proceeds will be used to redeem
the
outstanding shares of $4.50
cumulative preferred stock at $100
a share plus cumulated dividends.
The balance of the proceeds will
be used to complete construction
general

of

funds

Gimbels-New York branch in

a

Cen¬

northeast Phila¬
Fifth
Avenue
branch store in Garden City, Long;
in

Stock All Sold

Island; for the construction of ad¬
ditional
branch
stores,
and for

Meade & Co., New

other

York City, re¬
offering of 30,000

the

that

ports

shares

common

Corp.,

through

$10

at
a

Elec¬

Marcon

of

share,
1961 of¬

per

June 8

,

general corporate purposes.
debentures

The

redeemable at

104%

to

000, will be used by the company
the
repayment of debt, the

rate of interest

purchase of inventory and equip¬

the

ment, the development of new
products, and working capital.

bentures

of

company,

199

Devon

Terrace, Kearny, N. J., is engaged
in
the
engineering, design and
electronic

and

electrical

of

manufacture

for sale to
agencies and in¬

products

U. S. government

dustrial customers. The company's

except

100%,

that

they-

1966 at an interest cost to thelower than the effective

1,

company

The

optionally

are

prices ranging from

not be refunded prior to June

may

Net

proceeds, estimated at $248,-

Saks

a

fering circular, has been all sold.

this issue.

on

Sinking fund provisions require
retirement

of

annually

and:

inclusive,

1966-1980,

years

de¬
the

$1,250,000
during

authorize the

company

ally retire

to an additonal $1,-

up

principal

250,000

to option¬

each

amount in

sinking fund year. For the sinking;
the

fund

will

debentures

deemable

be

re¬

prices ranging at the

at

principal amount.

major item in terms of sales vol¬
is

ume

mobile

of

equipment.

consists

stock

now

of

500,000

$1

par

of Howard L.

and

a

director

of

the

announced

was

director

and
&

Clark,

Express Co., as
Lehman

by

Robert

Corp.

Leh¬

a

Co.

is also President and

of

Wells

Fargo

&

Co.

director of Cluett, Peabody
Inc.

and

Ingersoll,

Assistant;

Incorporated, Philadelphia,

recently elected a director of
Incorporated, a Philadel¬

phia firm specializing in provid¬
ing technical assistance to gov¬
ernment and industry.

Now
Godnick
New

Hertz-American

Express International Ltd.

Corporation
Son, 30 Broad

&

York

business
Officers

President.

Mr. Clark
a

pany,

chief executive of¬

ficer of American

B.

Vice-President of Stroud & Com¬

Renner

Corp. Director

The election

William

was

outstanding.

Lehman

Named Director

commu¬

Authorized

shares, of which 152,000

common
are

line

a

nication

man,

shares

the

delphia;

ended

May 31.

for

year.

Philadelphia

President

*

Golkin, Bomunanimously

was

Commander

Marcon Electr.

sav¬

placements, bank
time deposits, and realty syndica¬

ing

Co.

&

back
elected

ter, Long Island, N. Y.; a Gimbels-

loan

and

ings

Lester F. Gannon

Fritz K. Johnson of

the Roosevelt Field Shopping

wide range of in¬

a

include

These

by

services

vestment

1, 1953, I. P. C.

over

when

conven¬

first half of its fiscal year,

America completed its

with

session

nationally represented invest¬

common

2!

Planning

operations

the

1960,

' *

fund

of

cents

15

Management organization
Mr. Morgan reported.

ington

four-day busi¬

a

recreation

and

ness

rep¬

families,

their

and

gather for

sales

and

key

with $45,previously and $47,-

of

s

.

compared

November,
prior monthly high.

of

1

Some 500 top B. C. Morton Organ¬

H.

sales for May, 1961, totaled

quarterly
payable

for
;•

...

thel

798.105

of Business Ad¬

School

Graduate

to

$61,668,503,

a

cents,

Massa^

and

iiiUiimllii!

Fritz K. Johnson

of

board

the

ap¬

industry specialists

N.

totaled

Ylxk

of

administered

first

been

r

Debentures Sold

that

year.

has

'Mj.q w. j

Wellington chief executive

Both

Co.,

Vice-President

i

% Ui

Gimbel Brothers

year.

paid on April 15.

Tool

re-election

compares

July 14 to stockholders of rec¬
June 28.
The previous quar¬

assets

President of the fund

figure

for the

announced

special meeting include Fred
W. Ayers, Vice-Chairman of the
board and a director of Hughes

November,

Services

of

income

net

ended

terly 'jdividend

plated to be offered for election at

as

-

elected 2nd Vice-Commander and

*

directors had declared

ord

Liberty Fund directors contem¬

1960, campaign, which marked the

Diversi¬

*

This

last

Elder, insurance; Carlos

Watson, attorney and Leonard

Rosenberg,

Cl'-

Commander,

Electric.

cents

Couch &

ment

Investors

13,

comparable

46

dividend

the May, 1960,

by

Korvette,

holdings of Tennessee

President.

Couch, partner in Wary,

the

the

James

April
30,
totaled 58 cents per share, it was
reported by Walter L. Morgan,

Jesse W.

will

in

J.

E.

period

also

May1 sales campaign. This year's
May sales were up 10.9% from
those of $140,227,248 reported for

made

of

Management Co. and
subsidiaries
for
the
six-month

tors, Frank H. Stone, Vice-Presi¬
dent to La Gloria Oil and Gas Co.;

of

Co.,

consolidated

The

treasurer: and as direc¬

tary and

son,

holdings

*

period

ization

campaign when the
quota was $130 million, and were
9.6% higher than sales of $141,-

&

El Paso

and

tary to Jack S. Geneser,; as secre¬

$155,532,524

more

St.

June

added to its hold¬

Light & Power, Central Louisiana
Electric
Co., Texas Instruments

with

than $23.5 million the
quota of $13:2 million set for the
by

Walter




a

director; Bonnie N. Taylor, secre¬

and

the

at

Service,

made

sales

Broadway, New York 5, N.I

at

that

quarter, total

May 31

Transmission, Arizona Public
Tucson
Gas,
Electric

Gas

tronics

nounced.

Wall

on

were

It decreased

He is a graduate of Dart¬
mouth College and the Harvard

Grady

Legion
held

1217

No.

4,000 Na¬

United Carbon and Walter Heller.

curity analyst during the past six

Established 1930

120

of

group

a

Annuity Company, broke all

and

Investors

NATIONAL SECURITIES &

to

previous records for monthly sales,

$48,811,635
campaign, com¬
pared with $36,942,263 last May,
and
$36,558,262
for
November,
1960. Investors Syndicate Life in¬

RESEARCH CORPORATION

The
rectors

chusetts

by

produced

American

the
Post

Cary

Wellington

setts

May

'

,

*

reports

increased

Talcott

Houston-

Inc.,

ratification

for

assets

and

meeting now being ar¬
ranged, it was announced by W. L.
Doherty, President of Investors of
America,
Inc., the
management

earlier.
*

'

ings Texas Consumer Finance Co.

special

the

for the five-week

capital. Send today for
Free Prospectus and de¬
scriptive literature.

shareholders

to

%.

shares

*

Fund

ter the company

prominent Southwest businessmen
will be submitted to the fund's

pointed

fied

with

Fund,

Liberty

based mutual fund,

721, or $25.64 a share, against $11,185,506 and $22.27 a share a year

surance

is

for

Bissell

distributed

securities selected for pos¬
sible long-term growth of

new

a

*

S.

were

Dollar volume of sales of shares

SERIES...

*

*

George

net

in five mutual fuhds managed and

STOCKS

30
high

or

$23,376,-

total

1"

,

$44,324,363, equal
to $11.69 a share.
This compares
with
$41,298,936 and $10.83 per
share at Feb. 28. During the quar¬

Energy Fund reports that at May

previous monthly sales peak.

GROWTH

net

$18.69 a share.
This
compares with
$638,187,751
and $15.32 on Oct. 31, 1960.
$831,511,699,

pension

The Funds Report

Inc., 1,000 Food Ma¬
Chemical Corp., 5,100

close of the

rise in total assets to

of

Insurance

904,657

NATIONAL

of

performance. How about the
Well, Mr. Wies¬

amounted

model

1961

counselor

with this

marketplace, it is not
Whatever claims he

make

$20-

all professionals. Hunt¬

*

Just how the old-time investment

a

investment

of

large-size chore and
growth over the past two

op¬

few of the funds were in¬
vesting overseas. Now these hold¬

*

for the six months ended Apr.

G.

their

ago,

are

he can't
alone diag¬

names

nose.

dustry."

While

to

in Peoria to put his
savings into foreign

the plumber

The
emphasis, of course, is on
investing abroad through the

ings

much

too

is

was

expect the doctor in Davenport or

are

or

*

*

Investors Stock Fund, Inc. reports

President and director of Geneser

problem-child Europe

onetime

10,000

*

change.

world

to

and none too soon, that

4,000

Algom

Chemicals,
chinery &

Texas

quickly

saw,

Rio

ductions:

first five months

the

acting

abroad,

obscure

during

of last year.

purchasing group: Jack S. Geneser,

the

with

000

that,

managers

Post Elects
At the annual election meeting of

•

shown

could

recently

is

this

all

of

money

Wall St. Legion

tional Distillers & Chemical Corp.

have
themselves capable of re¬

trained

Olin

Corp.,

15,000

Monsanto Chemical Co.,

to

company.

non-existent subject 20 years ago.

As

Bayer,

Siemens & Halske and Farbwerke

Hoechst,

next two decades?

funds.

been

have

customers

such issues as Philips'
Incandescent Lamp Works Hold¬

snapping

Thursday, June 22, 1961

Mines, Ltd., 5,000 Tuboscope, Inc.
and 7,000 Union Carbide Corp., Re¬

total raised I. P. C.'s 1961
$77,517,000, for a gain of
12.8% from the record $68,724,sales

Co.,

.

Lafayette

5,100

Chemical

Raytheon

Sale of the management company

their

chapter

abroad,

May

compared

stocks,

common
domestic

novation."

investing

money

of

Co.,

Mathieson

the

to a record for
$16,711,000.
The

amounted
month

superior performance of Euro¬

the

pean

portunity out of "change and in¬
A

that

Ap¬

Radio Electronics Corp., 2,000

previous May high of $13,-

year

claims

ing out opportunities, at home and

edition

latest

of

attention

major

ago.

years

who invest beyond the
water's edge, Africa, Australia and
other areas are getting attention
too. The Wiesenberger book charts

disappoint

not

20

managers

They

All

sort

the

of the in¬

And that's the measure

vestment company

exist

even

While Western Europe now

known

rates.

money

didn't

Specialty

types.

28.1%

by

shares

3,000

Mines, Ltd., 2,520 Electronics As¬
sociates, Inc.,
12,000 Electronics

last month's

said

include

creases

028,000, established in 1960. Busi¬
ness written
during April of this

Other People's Money
to

of all

accounts

Benedick

volume

do

.

plied Physics Corp., 18,725 Denison

and

active fund

firm's

citizen

business, including

face amounts of
systematic investment plans.
It
currently administers over 150,000
cash

Mr.

You

.

(2742)

City,

is

now

as

Godnick

&

are

Berton

W.

President;

Joseph

I.

Street,.
doing

Inc..
Godnick,

Son,

Friedman,

Vice-President and Secretary;
John W.

and

Piatt, Treasurer.

The firm

has

a

branch office at

Beverly Drive, Beverly
Hills, Calif.
223

South

Volume

Number

193

6066

The Commercial and

Financial Chronicle

(2743)

capacity to produce them has

The Chemical Industry's

become

United

only

Export and Import Prospects

substantial
States

newly rising competitive factors impinging

situation, of course,
is not unique with the Chemical

cludes that
tive

fied

con¬

Europe

lower

prices and industrial production growth in the western world.

Chemical Industry is a large

industrial

part

of

with

total sales last year of $27.7

our

billion.

of

It

^accounted

for

little

a

the

only 10 times

were

decade of the

total

•

fertilizer and materials
seven

d 'era!

e

I

d

n

Production

times

Thp

of
in

wprp

lfn

to

the Iron and

curredl

Steel Indus-

Mfin(r,

1960
Ira T. Ellis

or

Textile

and

Apparel Industry. It is almost
as the Paper and Printing

Industrv

ir" ," "ya
and

Food

5very

the

or

manufacture

industry.

the manufacture of

of

acids

basic

paint

fibers

plastics

rubber

soap

medicines

and

atomic energy.

and

'

,

Chemical

The

is

Industry

also

important in the foreign trade of
United

the

chemicals

States.

and

of

Exports

products last

year,

tabulated by the U. S. Depart-

as

at

Commerce

of

ment

$1.7° billion
of

million

valued

were

plus another $500
of synthetic

exports

manufactures

not

—

i

n c

1

u

d

e

The

sains

vear

oc

to $353

of'fact
„

I

up

rise'

_

in

nnntimiert

6.1% from the first
Tmnort*

rose

6 5%

Imports rose 6.0%

d

their

in

pay

lower

is

of many chemical products, ' must export more." Foreign coundevelopment is especially no- tries built ud sizable holdings of
ticeable in Latin America, with the gold and dollar balances during

consequent

the

area.

tial United States deficit

and
cuu

exports,

Particularly exports of industrial

United

States

valued

were

imports

last

year

at

$400 million. The
Industry alone, there-

Chemical

record-high export surplus of $1.3 billion in 1960,
fore, produced

of the United States total

28%

or

surplus

export

merchandise

on

of $4 7 billion.

trade

S." Chemical

The U.

produced
back
be

a

an

the middle

as

table.

the

from

noted

The

Industry has

export surplus as far
1920s, as may
accompanying

surplus averaged only

million per year in 1926-1930,
but it rose to $661
million per

$1

year

to

in the 1951-1955 period, and

$1.1 billion per year from 1956

through 1960.

This

Outpace

rising

Rising" Impor-s

export surplus

was

increasing exports
faster than
imports. Exports of
chemicals and products in 1956achieved

1960

in

these

ings, but should we not look on
the gold and dollar balances held

manufacturing is world-wide.
p

936% above their value

but

1926-1930,

only

imports

125% over this period.

rose

The

export surplus was achieved by
the
development of many new
products and by aggressive selling
of these products abroad. It did
not result from merely expanding

U. S.

importantly from Canada, West
Germany,
United
Kingdom,
Switzerland, the Netherlands, and
Belgium. Here, also, it will be
noted that our chemical trade is
largely with the industrialized
nations of the world, although we
import a substantial volume
of
from
irorn
specialized commodities
underdeveloped areas, e.g., sodium

These data provide a broad picture of the U. S. foreign trade in
chemicals and products and the
pattern of its development over
us

three decades. Now let
the outlook for this

past
turn

•

The importance

in

stimulating

specialties — polyethylene
and
other resins, DDT and other disinfectants

and

insecticides,

syn-

antiknock compounds, etc. — were 32 times as
high in the period from 1956 to
1960 as they were in the period
1926-1930. Note that most of these

thetic detergents,




ri

abroad

potential

as

for

support

expanding exports? We know the

v

:

But the future of United States

foreign countries have the dollars
to Pay for purchases from this

chemical exports is not all black, country. The figures by countries
So long as we can avoid World are reported in banking statistics
War III, we may expect growth in each month. We have the manuindustrial production in the west- facturing capacity to supply an
ern world and, therefore, in the increased volume of chemical exdemand for chemicals and prod- P°rts and we have the research
ucts. The current period of pros- ski11 to develop new products as
perity in Western Europe, for competition overtakes old prodexample, has contributed impor- ucts. The outlook is good for a
tantly to the strong demand in continued high level of exports of
that area for advanced chemical chemicals and products from this
products. Formation of the Com- country—provided we keep our
mon Market holds great promise costs under control and can sell
for further advances in living abroad at prices which are comstandards and, therefore, in mar- petitive. I
kets for a wide vaiRety of g0°ds
in this area. Although domestic
manufacture is expanding, the
rapid growth of industrial produc-

*A talk by Mr. Ellis before the 45th

Meeting of the National Indus-

c°»<— Bo°'d' N- Y- c""'

hoPe to hold

a great

MlllPT* tfl

deal all the market. There will be for
A

market

n

n

,

Wai 11 * 11 wlU be extremelY dit-

m

ficult to continue the growth rate

Mexico, and in

States chemical exports

of the past 10 years.
Another

factor

idtiui

auuma

Western Europe, in Canada, in

Finally,
ijfe

contributing
luuuiuuuus

to
iu

the

in this

many

other

economic

areas.

BALTIMORE, Md.—Mead, Miller

of

& Co., Charles & Chase Streets,
members of the New York and
Philadelphia-Baltimore
Stock
Ex—
t -—,—
changes an
1 ^.A. admit

facts

country have changed

from stimulating imports to stimfium suiuuicmiig
unpuns iu sum-

increased competition for world
chemical markets is the rising tide
0f nationalism among the less
developed countries of the world,
They want to turn quickly from
heavy reliance on the production

ulating exports. The dollar gap—
the scarcity of dollars in the hands
of our potential customers—has
disappeared and it has been replaced by a substantial dollar
surplus. The dollar is no longer a
0f crude materials to the pro- scarce currency—at least in the
diction .< of manufactured com- industrialized countries of the

William F. Coleman, William U.
Hooper, Jr., Joseph Snyder and
Erank J. Taylor, Jr., to partner-

sblP m the firm.

Gross Co. to Admit

modifies. Tariffs,1 quota systems, western world. The former slogan Gross
and the promise of a protected
domestic market are being used to

& Company,. 15 Broad
"To export more, we must import Street, New York City, members
more," has now been replaced by of the New York Stock Exchange,

(Value unit: $1,000,000)
Annual Average—

r

Industrial

chemicals

Fertilizers

and

Coal-tar
All

1926-

1931-

1936-

1941-

1946-

1951-

J 930

1935

1940

1945

1950

1955

1956

1957

1958

1958

1960

$137

$91

$153

$400

$704

$929

$1,420

$1,239

$1,379

$1,343

$1,479

$1,661

24

19

33

97

119

147

240

196

221

215

258

311

18

11

18

17

61

58

118

116

136

109

108

16

13

16

33

83

63

102

76

85

96

98

157

:

79

48

86

253

441

661

900

851

937

923

1,015

1,074

14

29

67

155

305

550

465

508

518

595

663

.

17
20

12

20

76

185

;238

274

246

285

278

284

275

42

22

37

110

101

118

136

140

144

127

136

136

347

353

materials

chemicals

other

,

Chemical

specialties

Medicinals &

pharmaceuticals

AU other

imports

Industrial

chemicals

Fertilizers

and

materials

All

announcement

.

,

__

.

_

_'

66

80

131

119

268

306

274

276

30

18

19

29

33

79

98

>87

85

87

112

119

68

29

35

32

54

118

102

102

97

97

109

108

21

11

16

10

15

44

66

56

68

60

76

69

17

8

10

60

17

27

40

29

26

38

50

+ 73

+ 269

+ 585

+ 661

+1,103

+1,061

+ 1,132

+ 128

+ 146

Briefly,
world

is

that

chemicals

and

outlook

the

trade

in

many

+1,114

—6

+ 1

+ 14

68

+ 86

+ 68

+ 142

+ 109

+ 136

—18

—17

—15

+ 7

—60

+ 16

+ 14

+ 39

+

12

—1

—5

+ 2

0

+ 23

+ 68

+ 19

+ 36

+ 20

+ 17

+ 36

+ 22

+ 88

+ 40

+ 76

+ 193

+ 424

+ 634

+ 920

+ 822

+ 911

+ 885

+ 965

+ 1,017

is neither

+ 25

an

+

offer to sell

The

nor a

solicitation of

an

offer to buy any of these securities.

offer is made only by the Prospectus.
June 16, 1961

106,000 Shares

Innovation has always been an
important factor in the growth of
the Chemical Industry in this
country, and it has served the
industry well in stimulating

ports

The Williamhouse, Inc.
Common Stock

and other Western European

will continue to grow slowly,

ex-

1,308

—50

chemical products will continue
to grow rapidly, but it is unlikely

that U. S'. exports will continue
to grow at their very satisfactory
rate of recent years. The low-cost
countries, particularly West Ger-

57

+

+ 965

NEW ISSUE

^

119

136
136

+62
+ 62

This

1960

282

+ 1

other

1956-

Chemical Foreign Trade Outlook

since World War I. But
many of the recent new chemicals
inals and pharmeceuticals in the
and chemical products have now
past five years were only 14 times become stable articles of com¬
as high as they were 30 years ago
merce. Their technology is well
(even though many new products knowri in other countries, and

products were unknown 35 years
ago. In contrast, exports of medic-

ah

gold hold-

our

trade over the next few years,

growth than will the United
States On the other hand the
recent pattern of U. S. imports of
competitive chemicals and prodyets suggests that no substantial
increase is in sight, but that they

•

f

to

-fVIt!d.U, IVllllt;! IU
Phrmfeh^ft^the^nHri^in^eVVm-lH
Iarge Potential Arlrrnt FOUP
ma^et for chemicals and products
1 UU1
we. can

to

of new products
chemical exports
may be noted from the fact that
the value of exports of chemical

products

ago

m

in the area means that
markets ls sure to increase. While domestic producers can't supply Mpar]

Coal-tar
chemicals
nitrate from Chile. In short, our
All other
customers of chemical^ and
products are also the suppliers of Excess of exports (+)
the chemicals and products which
Fertilizers and materials
we import.
Coal-tar chemicals

countries, and perhaps Japan, will
probably benefit more from this

of

T

liabilities

imports of chemicals come

in existence 30
'
*

sales
years

,

future is Not All Black

this

f etsold Primarily to other manu-

by

were

na-

Hon
U. S. exports of industrial stimulate the establishment and an opposite slogan "To balance on July 1 will admit Michael A.
obermcals and chemical specialties expansion of domestic manufac- our international accounts, we Roberts to partnership.
is to
expected since chemicals
U. S. FOREIGN TRADE IN CHEMICALS AND RELATED PRODUCTS

the

Exports

inter-

But the trend toward
greater self-sufficiency in chemical

as nar¬

rowly defined by the Department
of
Commerce.
Corresponding

on

national transactions. Many people
are concerned about the threat of

yeafs.

facturers.

"chemical exports"

among

of the extreme form of

cause

1950s, reflecting the substan-

tionalism prevalent there in recent

overall

Sell in foreign

loss of exports to the
In addition, of course, there

is the loss of markets in Cuba be-

rates

wage

we

their

We now

of United

chemical

S'

diversi-

very

ture

This

r« ?n marke^s' because competition from
million As domestic manufacture in, those tion

the
,

of

manufacturing cost, European
chemical producers have a substantial advantage, especially in
their local markets. They have
been occupied during most of the
past 15 years with rebuilding
their industry after its destruction
during World War II, but that
rebuildmg is now largely comPleted. Now they are prepared to
exPand and the markets they are
Planning to develop are those of
Eur0Pe and Latin America—areas
which are also the Principal
destination of oul' chemical expofts- We must continue to de"
Vel°P ReW ProdUCts and improve

«£eialtlP« P™dUCtS

chemicals and chemical specialties,
principally to the large industr*a* caurdries of the world
Canada, West Germany, the
Netherlands, Belgium, France,
United Kingdom, and Japan, Ex^P°rts of drugs and pharmaceuticals
and of insecticides and fungicides <
go to q.wi^e variety of countries
including the under-developed
a.reas- This pattern of the destina-

mTn-made^iberfand

rubber and

1959

this period

U*

inorganic
chemi-

synthetic

drugs

over

wide variptv

a

total

IpvpI

PhPmipal

ou-rter of 1960

a

organic

man-made

materials

over

They were

of

also

hUhnn

1QSQ

through the first quarter of 1961.

includes

It

other

and

chemicals
cals

3

It is

Beverages.

broad

hilh

lot?

'

rheinical

large

as

7

«;i

thp

coal-tar
chemicals
inHnetriol nhpm'i pa l «

matter

a

to

vear

iQfin

Theminal

in

&10*

cles and Parts

the

rppnrd

now

Vt

Pvnnrt

In

iQ5Q

nvpr

anH

the

Industry,

a

thp

and

vnnr

in

DrinciDaY

Vehi¬

Motor

with

last

pynnrts

only

were

rnntinimH

is,
therefore,
larger than

or

^in

PYnm-t

pomnarpH

the country. It

try,

as were

high.

as

surnlus

tr i al

u s

over

1920s, and exports of

F

Index

.

high

as

weight in the
Reserve Board

t

also

exports in the second half of the

'

*

here

this period). Exports of industrial
chemicals in the past five years

than 7%

more

developed

were

economy,

Industry

is

those

and

our

diversification

With

than

country
The

its

and

growing.

export future is good providing we maintain competi¬

our

Chemical

Western

upon

highly favorable foreign trade in chemicals and products. He

longer the
for many

no

supply

of them. This

The

our

The

Industry, but we are confining
analysis here to this industry.

By Ira T. Ellis,* Economist, E. I. du Pont de Nemours & Company

Economist evaluates

is

of

source

now

abroad.

19

(par value lOtf per share)

Price $6
per

share

Copies of the Prospectus may be obtained only in
where the securities may

such States

be legally offered.

Robert L. Ferman

&

Company

Incorporated

MIAMI, FLA.

NEW YORK, N. Y.

+ 192
+

11

/

20

The Commercial and Financial Chronicle

(2744)

8-9%

The
Bank

Cycle Abroad

B. Rist,*

By Leonard

Director, Economic Staff,

about the effect of our recession upon

labor

them and opines our slowdown

ilip

in the economic

either directly or through the

economy

of

net

I

recently returned from Europe
and although I did not visit all or

Thav'/come 'tack*with

countries
few

a

But another preoccupation was

shall start

with Europe

SB

rather than

ill

of

-

' JBI

ES

world,
merely

Bp

because

pressions

Prevad

* *

my

XL
X f j^H ing

mind but also
because

MMMXflHH

Europe is our

largest
next
and

largest

1956780

Leonard B. Rist

The

customer.

it would be

*be

interpreted (1) as a lack of confidence of the Americans in their
own economy, and (2) as herald-

are

in

fresh

#

||h

im-

a

flKjBl other impediments to the free
.jMSB- flow of trade? If this trend should

the

not

tendency to favor higher
protective
tariffs
and
possibly
be

Latin

are

America

Canada, then Asia, excluding
Japan, Japan and Africa, in that
order.

a new era of competitive trade
restrictions. This would really
mean exporting the cycle,

Everything that I have heard in
this country before or since my

convinces me that
this is a windmill which is not
worth fighting. The fact remains,
visit

abroad

however,

the

that

rather

of.

sales

in

1960

more

concern

expressed

sion

in

this

of the

country

on

reces-

than

ever

rest

lorffoil

be

of

exnncitinn

mv

will

^

o

largely

centered

the

around

forces making for an autonomous
economic growth in

Europe, but it

follow

by

pointing out

this

basic pre-occupation.

There

few

are

of

who

not

are

the

levelling off of industrial activity in Great Britain

aware

during
There

last

few

that

Germany

who
in

even

the

of

quarter

also

France

not
and

which

at

pace

1960.

have

in-

dustrial production indices rose at
the end of the year were not quite
as

spectacular

of

1960.

I

when the

German

guilder

at the beginning

as

had

already

decision
mark

to

and

returned

revalue
the

the

Dutch

announced,
but
I
surprised if in view of
the general atmosphere in Europe,
these two monetary changes were
would

not

was

be

considered

more

rates

obstacle
at

attained

creating

as

to

one

keeping growth

the

exceptional levels
during the first half of

optimists, of

would
time
to

course,

that it was high
recognize that the limitations
say

availability
already
down

the

of

manpower

enough

severe

growth

,

,

to

of

dismis^

.

it

from

,

i__

Now that I have mentioned the

to

lesser

a

other hand, the American economy
eitber directly or through the
channels of the underdeveloped
w°rld. It is a fact that trade betwecn the less developed areas
and Europe is roughly twice as
lar^e as trade between them and
the U. S. A strong European detheir

products

in its
years

were

Nevertheless,

activity

may

with

more resources at their disposal to

blW not only European but also
American goods.

play their role.

European
has

consumer

expect

slowdown

from

last

being

year

In France,

In¬

official
estimate projects an expansion of
5.5% for 1961, i.e. just about the

de¬

same

rate

In

that

as

view

of

achieved
the

exports- and
consumer goods
on the one hand
and a tight labor market on the

1958 and of

other

have

stimulated

Even

ments.

perhaps,
have

with

for

demand

also

invest¬

2.5%

investments
strengthened by
towards

however,

in

been

1961.

also

expansion

an

considered

Slowdowns

rates

of

It

regional groupings of the Common

mention

not

Japan,

in

1959

in

1960.

and

be

fair

the

most

not

but

aggregate

$1.3

some

probably

Gold

billion

again
foreign ex¬
declined
seri¬
rose

and

1956
and
19^8,
slightly until mid-196'0

since

then

they

underwent

losses again.
volume

of

exports

rose

reached

record

several

countries

in

trade

export

impor¬

to

holdings

and

Latin

by 9%

in

levels
this

the

earnings

America's

1959

and
in
expansion

in

than

more

declines

to

Their

between

The

expected in Italy, the Nether¬
and Norway.
would

1960.

reduced

was

lands

the

and

some

are

levelled

trade deficit of $3.1 billion in 1958

still

growth

have

Imports of the underdeveloped
rose
by only 4% between

prob¬
to

to

seem

recovered

of

a

world

feasible.

appears

K.,

respectable

associated

optimism

goal

.

U.

has

able

business

movement

the

In

important,

more

been

general
the

ply,* this

as

off in the second half of 1960.

ously

since

rather

of less de¬
increased
by

countries

change

sufficient labor sup¬

a

of trade

improved prices, and

veloped

in

successful

thus reflected in

was

volume

export earnings

1958

an

stability.
The
demand for primary

12% between 1958 and 1960. They,

attributed to the acute shortage of
manpower.

1960.

higher

result

a

effects, growth has been
projected at 4%
or
more;
the

adjustment of the economy

ing

that

a

price declines over the
but 1960 was a pe¬

in

than in
seem

also

areas

Admittedly,
low level in

relative

commodities
a

imports

years,

of

pickup

by 30%.

adverse

vigorously,

expanded

recent

Common

at

indus¬

But

Everybody knows that pri¬
commodities have suffered

riod

by July 1,
have
been

particularly for durables. Expand¬

j

European industrial

1959-60 has

in

have
the

Gold

the

relation-

some

slight
and

United
loss

Foreign

of

"

in

output

turned, in most

int

'1

advance:

at

more

end

1960

the

Exchange

United

OEEC

1960;

offset

area's

have

price

current

recovered

Japan

14.5

0.9

2.7

22.9

1.8

15.4

0.5

2.4

20.6

1.9

19.0

0.9

1.9

20.5

1.3

1.8

24.9

1.8

17.8

All

Venezuela)

U.

tOctober, 19(50.

Countries

S., Canada, OEEC Countries:

February,

OEEC

General

for

83

production,

remain

favorable,

1955

_

_

1956
-

_

_

—

import

demand

fairly

course

for¬

eign capital continues to contrib-

the

all

Asia

Canada

and

Origin, 1955-60

Less Developed Countries

,

Africa (excl.

Union of

Europe

Japan

(excl. Union of South Africa),
and Latin America.

(excl. Japan)

S. Africa

Total

0.5

5.4

Asia

Latin

Union of

(excl.

Soviet

America

S. Africa)

Japan)

Bloc

3.3

0.3

1.7

0.0

14.0

3.2

4.2

0.6

17.1

4.0

5.2

0.9

0.5

6.4

3.9

0.4

2.1

0.0

19.1

3.9

5.7

1.2

0.5

7.6

4.8

0.4

2.4

0.1

16.0

3.4

4.5

0.8

0.5

6.7

4.3

0.4

2.0

0.1

16.0

3.7

4.5

0.9

0.5

6.2

3.7

0.5

2.1

0.1

18.9

3.7

6.1

1.3

0.7

6.8

3.7

0.5

2.7

0.2

115

107

144

101

115

110

132

121

128

116

147

192

140

126

110

135

155

247

_

Index (1955

Western

Total

Exports (f.o.b.) (bill. U.S.$)

-

100)

—

1959

114

1960*

135

'

Percentage Distribution
1955

_

1960

___

_

100%

23%

30%

4%

4%

39%

24%

3%

12%

o<?

100

20

32

7

4

36

19

3

14

1

Imports (c.i.f.) (bill. U.S. $)
1955
_

'

1959

:j

__

1960*

Index (1955

—

2 1

7 7

2.3

8 1

11.5

2.7

2.4

0.4

0.3

5.7

3.6

0.5

1.6

0.1

12.8

2.9

2.9

0.6

0.3

6.0

3.9

0.5

1.6

0.1

13.1

2.9

3.1

0.6

0.3

6.2

4.1

0.5

1.6

0.1

13.0

2.7

3.3

0.7

0.3

6.0

4.0

0.5

1.5

0.1

15.5

3.0

4.5

1.0

0.5

6.4

4.0

0.5

1.9

0.1

15.0

2.9

4.2

1.2

0.4

6.3

4.0

0.4

1.9

0.1

135

115

189

238 ~

170

112

112

90

118

134

130

110

176

271

148

111

111

83

115

131

100)

1

1960*

f7.7

their

favorable, provided of

N. Zealand

1959

;

Percentage Distribution
1955

_

.

_4.

___

__

"

100%
100

—

,

23%.

21%

19

28

.

>

4%.

;

8

'

2%

49%

31%

4%

14%

1

3

41

26

3

12

1

i
.

Statistics, Part I,
Na^

1961.
Japan, Latin America, all other countries:
tional Institute, Economic Review, January, 1961.




should

Grand

8.6

*2.5

"

in¬

Australia

1959
19(50.

three

United States Exports and Imports by Areas of Destination

Other

i

industrial

next

sharply

prospects for rising imports

agri¬

1958

America (excl.

1.9

"

Market,

Japan's

1 Africa

1957

Latin

19.5

Common

the

over

With

creasing

move¬

in the field of

particularly

1956

1956______ 22.1

SOURCES:

of

level of industrial production was

Countries

♦November,

moderate

3 m 0 r e moderate
the

a

years.

coun-

Reserves, 1956-60
(end of period; in billion U. S. $)

States

ment towards

forthcoming

excep¬

accelerated

1959

earlier,
the
exceptionally vigorous expansion
of

various

1960*

indicated

I

this

to

are

1958

Europe and Japan
As

tions

1957

Canada

j.

forces

ternal

the

between

developed

substantial

The
and a

growth in output and in¬
during 1961. For Germany,
assuming the revaluation has no

improved balance

ment

in

1958.

ex¬

trade

countries.

less

mary

come

of pay¬
of Europe and the increase
reserves by 5 billion in two
make it easier to let in¬

The

from

further

rest of

to the

than

year

today, it would
Europeans themselves

offset by

means

slow

inflationary

progress.

for

though still respectable rate of

-

As of

30% of the pre-1959 level.

economic

,

1960

the world.

support on the one hand the
underdeveloped world and, on the However, there

tries

ship

extent,

one

in¬
had

doubts and concerns which are Market, and of the European Free tant industrialized
from the recession level of 1958.
country in the
most frequently expressed in Eu- Trade Area (EFTA).
This
seems
to
be
the
case
in
free world outside North America
r°Pe and the echoes of which we
The Common Market countries and Europe. This country has ex¬ Mexico, Colombia, Chile, Argen¬
find daily in the Press> 1 can pertina and perhaps Brazil. What ef¬
—France, Germany, Italy and the perienced a further rapid expan¬
baPs
reverse
the
proposition. Benelux countries
fect the U. S. recession in 1960-61
decided to sion in 1960; industrial production
Whoever looks at the figures can- accelerate their schedule
roughly rose by around 25%, though at a may have on Latin America is
not helP beinS impressed by the
not yet clear however.
by one year. The clearest testi¬ lower rate during the second half
remarkable progress made in EuPast
of the year. According to a state¬
performance
in at least
mony to this climate of optimism
r°Pe over the last two years, and
is the fact that duties on intra- ment
of
the
Japanese Prime maintaining production and in¬
my argument today is that, while
trade were reduced on Jan. 1, 1961
Minister in the fall of 1960, an come in most countries in spite
solidarity and interdependence are
by a further 10%; total reduction annual expansion of the Japanese of the unfavorable external con¬
a reality, these developments in
ditions would make the outlook
of
intra-trade
duties
has
now
economy of around 9%
may
be
Europe should normally tend to reached

even
they would concede that
perhaps
the
slowing
down, of

States

in

than

trialized

This

their

wish.

but already
the rates will

1961,

higher intra-European trade and,

the

A

therefore

adjustments

prevent

on

movements but not to reduce the
pace

fh

{he jkcus^ion

were

to

that

and

monetary

meant

a

recurrent theme in Europe. But I

mand

1960.

The

mentioned

more

they

the

have

—

the

are

noticed

have

I

lhis Point jonly because it is

would be unfair not to color what

will

horizon.

the

before
The

seriously injured if such an unwelcome change should loom on

were

handle

started

later

reduced

S.

in

been

Eu¬

U.

Scandi¬

they had

as

in

countries

their counterparts in rapidly ris¬
ing imports. The most spectacular
gains have, of course, been re¬

as¬

concerns
only
trade
themselves since they each

reduced

10%. compared

almost

foreign competition which can be
noticed in many recent developments in Europe, would be

the potential effects

the

to

conditions

dustrialized

somewhat.

Market,

with
1959. Declining sales to the U. S.
by

cycles in the U. S. and the cycles
in Europe. As a matter of fact, I
heard

1960

Booming

14%

to

A

II

increased

half

1960, and the
industrial
output

S.

rope's

mand

that

U.

March

,

Less Developed Areas 1

schedule of tariff reduction.

reduction

the resumption of U. S. steel

since

7%

means

to

as

contemplated
capital
developed areas.

on

textiles,

EFTA—three

free

well

may

exports

probably
lead
to
exports in excess of the

presently

countries,

tariff

ex¬

would

corded

ternal

production in early

ternal

doubts
between

50% rise of

in

as

flows to less

reduction

a

de¬

as

partial offset to their domestic
disappointment.
Such an export

at

side, the countries

in

countries

stimulate their

England, Aus¬
tria, Switzerland and Portugal—
have
also
speeded
up
their

navian

remain

en-

Europe

interaction

sociated

well

a

1961 levels.

On their

Europe's exports to the U. S. took
place. However, Detroit's compact

fall

tariffs

internal

as

tariff reduc¬

new

10%

Europe

pected, these
tend to

5% to
manufactured goods based

on

1959 and early

couraging trend towards accepting

is

on

discussions

adopted by France

22:

among

cars,

Finally

were

1957

on

a

however,

in

Japan not be forthcoming

further 20%, thus
favorable outcome

present

March

major force of expansion. During

the

Nobody in
there

the

10%

a

will

you

the

GATT.

demand, prices have re¬
remarkably
stable
in
Europe, except perhaps in France
which had just gone through a
devaluation. Productivity gains in
Europe's domestic production cer¬
tainly had something to do with
this, but also lower prices paid on
imports of major commodities.

1960,

as

mand

capital

of

of

was

which

Should,

ex¬

have

reserves

sizably in 1960.

drive

level

exports

rates,

risen

1961, by

1,

common

external

as

more

coun¬

be reduced by a

tions

for

Jan.

on

anticipating

hourly wages in Ger¬

Demand

six

the

Thursday, June 22, 1961

assumption that this average will

11%, in France by
8%, as compared to 3% in the
U. S. Despite these increases in
wages
and the continuous high

many

minds: what will the
American policy be with regard to
foreign trade if business here is
slow in picking up? Will there not

'

*

rest

the

with

in

people's

ijjy
3f

interest.

some

prominent

more

even

of

be

may

I

Recurrent Questions in Europe

impreswhich

sions

experienced

recently

place, the

of

.

is, as a rule, the aver¬
tariffs prevailing on
Jan. 1, 1957, and in addition the
computation is now made on the

by

rose

second

the

of

age

mained

capital flow.

momentum
in Europe.

the

.

remember

in¬
15

wages

in

markedly:

the

tariffs

towards

ternal

in

contributed

has

countries,

some

fall of 1960

capital flow to underdeveloped areas from $7 to $7 »/2 billion a year
rate and the U. S. A. to continue its relative decline in its proportionate
share

in

many

In fact, the OEEC is expected to raise its external

In

moved,

30%

months between mid-1959 and the

of the underde¬

channels

market

creased

growth will tend to support the underdeveloped world and our

veloped world.

resources

slowing down the expansion. As
the supply of labor virtually dried

developmental changes in the world's regions and anticipates Euro¬
pean

tries

have, to a
strained
by the boom; in particular, a tight

The World Bank's economist sums up the trade

expansion abroad.

culture.

in

external

Europe's

preoccupying Europeans

have caused some slight loss of momentum

may

period

same

considerable extent, been

International

for Reconstruction and Development, Washington, D. C.

Mr. Rist recounts the doubts and concerns

the

above

1959.

.

♦January-October at annual

rate.

SOURCE:

Import

61-1)

Total

World

Export and

Trade Information

Trade of the U. S.—January-December, 1959 and January-October, 19C0 (Pt.
Service, U. S. Department of Commerce.
1
~~
■

3—No. 60-G;
'■

and

Volume 193

Number 6066

.

.

The Commercial and

.

Financial Chronicle

(2745)
ute to the areas' economic
expan¬
sion.
•

pean

to

sources,

development

.

Africa and Asia
Data

on

Africa are
earnings have

Export

of

since 1959.

the Franc

ized

in

tropical

foodstuffs

for

a

market, experienced a
steady and balanced rise in for¬
eign trade. Both the Sudan and
the

Egyptian Region of the United
Arab
Republic - improved
their
external position with

higher long

staple

since

mid-

earnings

have

the

U.

export

tied

extent

to

to

Europe;

quite

considerable

a

economic

expansion

near-term

prospects

in

for

such
exports
appear
favorable.
Africa's capacity to import in the
near
future is also likely to be

in

the

to

last

the

OEEC

before,

of

U.

the

to

less

S.

be. expected to continue

may

increase in

even

countries, main
Common
K.

and

cies that

African

some

the Euro¬

sources:

Development

pean

assist¬

Fund

of

the

Market, France and the
finally the U. S. agen¬
showing an increas¬

this continent's require¬
ments for future imports of
goods
(and perhaps even more of tech¬

assistance) are likely to be
high tomorrow as today.

Asia's

terms

proved.
tin

of

Prices

trade have

of

rubber,

im¬

cotton,

and

lately also in that of tea
jute have risen. There has

and

been,

however,

reduction
as

relative

net

countries

in

1958-59

some

in

imports by the
whole,/ thus improving

a

trading account, which

was

anteeing

follows:
very

a

funds,

the over-all

up,

shapes

prosperous

Japan

prosperous

pic¬

their

as

the

somewhat

up

Europe, a
are both

competitors and attractive outlets
for U. S. exports.

have,

areas

tinued

The developing
to the con¬

thanks

advance

in Europe and in
industrialized
countries,

other

fairly stable, if not
market for their raw
a

material exports.
competitive
area

tured
tain
U.

goods.
the

S.

This

is

for

manufac¬

If Europe

also

a

main¬

can

of its

advance, the
normally
benefit

pace

should

of

by it.

have

Just

recently

was

reported

successful

fering of

*Frcm

address

by

Rist

before

Industrial Conference

Board,

an

the National

Mr.

Texas.

lion

Falcon
with

Correspondingly,
has

been

total

tne

ing

Governors

of

Exchange,

to

The

seven.

The

bring¬
new

iron-

and

production

in

in

most

jected

first

half

ernments

the issue

as

Falcon

Trust

the

covering

1960's

again

to

domestic

quite

will

some

efforts

are

be forthcoming,

dependence

sources

foreign

on

remain

time to

here

basic

re¬

come.

Rolf R. Roland

sponsored
Co.
Ltd.,

by

of

and distributors

most

or

at

least

countries
of

success

depend

U.

largely

maintained

and

S.

clearly the

exporters

will

their

strength
competing with European and
Japanese producers.
This would
on

in

even

more

conditions

in

true

if

economic

Europe

should be¬
come
less favorable and if, as a
consequence,
European
govern¬
ments should adopt new measures
encourage their own exports.
But foreign aid is an essential

of

this

ternal

general

capital

picture:

needed

by
developed countries for their

nomic

development

will,

to

trusts, and
Unit
Trust,

as

of

records

the

!

all

Com¬

popularly

"Cupids."

E.

decline over the
According to a
publication of the OEEC

least,
to

years

recent

not

come.

contribution

net

of

external

capital (including private capital)
to
all
less
developed
countries
has been of the order of $7 to $7%
billion a year during 1957-59.
In
view

of

higher

forts

in

less

the

one

hand

balance

development

developed
of

and

of

also

of

the

&

Dillon,

Walker

Co.,

of

leading

a

payment

condi¬

on

the

other, further increases

London

&

for Model, Roland

Mr. Seigel has been with

Grumet & Seigel for six
and has been Vice-President

Brand,
years

1959.

to

be

had.

only

sense

have

men

How

British

Mutual

The

latter

mailing

device

the

form

of

a

to
.

British

the

All unit trusts

open-end, like their American

counterparts

and

shares

purchased

any

day at the~cur-

may

be

is

about

by the fact
subscriptions for 1,577,-

underwriters insisted up¬
the sale of insured

surance

1,250,000, and the

subscriptions

for

quarter-million

excess

than

more

shares had

hopes

to

the

of

if

the

the

of

shares

surance

the

here

ers

with

to

confi¬

value

provide

the

then

in¬

pur¬

chasers

could enjoy a measure of
safety in the issue without actu¬
ally paying the insurance pre¬

mium.
Peter Walker reports that there

doubt

that

shares could

insured

basis

great

a

be

and

sold

his

to

In

NEW ISSUE

that

the

of

Board

announcement

is neither

survey

fund

duplicating our
have
proudly
host of special fea¬
funds

our

3,

ness

decided

had

and

change

would

be

that the

in

many
on

firm

we

antee of future

it

investment value.

that they have

suggest

Ex¬

In
us

than

economy

any

real

a

they have offered
challenge.

case,

Form Seidman &

Williams in N.Y.C.
Seidman
formed

&

New

way,
in a

Williams

with

offices

at

State

a

Street Research

Partners

are
Joseph R. Seidman
George L. Williams. Mr. Seid¬

and
man

formerly
Haas & Co.,

was

Lloyd
as

Williams

was

manager of

to

Gulton

the

with

also

announced

at

stockholders'

Leslie

K.:

Board

of

the
will

Form D. L. Natale & Co.
formed with offices at 170 Broad¬

Lloyds

Turned

The
was

last

insured

rejected
year.

American

Down

Plan

Here

investment

idea

risk

by Lloyds
Distributors
of
an
as

a

contractual plan in one

of the largest and oldest balanced
mutual funds attempted

to obtain

way,

New

in

securities

a

are

Co., Inc. has been

York

City,

an

offer

to

sell

nor a

solicitation of

an

offer

Gulton's

Treasurer;

Rocco

J.

by

Dr.

President

and

Chairman.

Estate
SAN

Secretary. Dominick Natale was
formerly with William, David &
Motti, Inc.

to

buy

any

of these securities.
i

105,000 Shares

Beryllium Manufacturing Corp.

ing

share)

Calif.—Estate

Corporation

branch

office
the

Price: $4.50 Per Share

Copies of the Prospectus may be obtained from the Undersigned in any State in which the
Undersigned may legally offer these shares in compliance with the securities law of such State.

Funding Branch

JOSE,

at

has
1425

direction

Fund¬

opened

a

Foxworthy,
of

Thomas

ELDES

SECURITIES

Natale,

Vice-President; and C. C. Natale,

annual

meeting

Gulton,

was

engage

Officers

Dominick L. Natale, President

and

June 19, 1961

per

to

business.

of

Directors

associated

the trading depart¬

ment.

&

Industries, Inc., it

of
which

partner

a

obtained.

(par value 25^

partner

been

Broad¬

City to engage
securities business.

Manage¬
Company, Boston, has been

ment

elected
of

Bowser,

has

26

York

general

Common Stock
L.

in

D. L. Natale &

Named Director
Richard

have

we

own?

our

usual.

as

a

greater confidence in the future of

explore the possibility of expand¬
ing the insurance coverage already

has

busi¬

for

open

de¬

In my view, noth¬
have done approaches
importance this British guar¬

ing that

Monday, July

on

have

to the investor.

considered the question of the Ex¬

change's closing

men,

methods

our

to

a

which

tures

The offer is made only by the Prospectus.

Governors

and

successes,

pointed to

Mr.

no

years

dividends

mutual

view

a

sales

spon¬

were

guarantee,

be

not

10

be

future

sponsors

enough

excludes

will
the

a

Perhaps the buyers reasoned

dent
of

the

of

end

American

unfilled.

exceeded

the

share

playing host to British unit trust¬

It is interesting to note that the
of uninsured shares also far

sors.

distri¬

distributions.

limiting

shares to

the

thus

and

their

were

reinvest¬

and

that the net asset

guarantee

a

Does

merchandising

a

peculiar

unit trust industry

on

uncertain

shares

dividends

signed to add to their usefulness

Sold

took

"block-offer,"

Funds

little

all

the account at the end of the pe¬
riod, the Falcon Trust insurance

with additional orders for
2,650,000 uninsured shares, the in¬

more

underwrites
the
offered in connection

This

inquiries, Keith
Funston, President of the New
York
Stock
Exchange, has said

in¬

an

butions, and these would have
materially enhanced the value of

a

are

gone,

A

of

at

along

Edin¬

company

Open July 3
to

ex¬

insur¬

rejected by
contractual

the

N.Y. Stock Exch.

response

the

British

the

ment

lower

shares
are

Whereas

contemplated

received,

that

are

of

Lloyds.

The

indicated

insured

is

Mr. Roland specializes in over¬

arbitrage

000

burgh Insurance Co. under which

Are

under




the

trust

agree¬

with the Falcon Trust offering.

Barnes.

Euro¬

with

an

Brand,

capital,

from

unit

Robert

in the net contribution of external

particularly

the
into

entered

&
Stone,
and
Vice-President of
Grumet & Seigel.

ef¬

tions in many industrialized coun¬

connections,

Seigel,

countries

strength¬

Rol¬

with

the

plan

of

advertised

investment

a

that when

that

Walker

Roland

ex¬

say

R.

rejected
that

yond the proposition

value

is thus created which

is

sale

management

guarantee

less
eco¬

Rolf

are

partner

risk

returned

Model,

since

Speaking of one area after an¬
other, I have indicated that the
import
possibilities
have
either
increased

members

the

three-year-old
Unicorn
Trust,-* with 'one of the best sales

ment

Robert Seigel

general

& Stone.

U. S. Business

tries

re¬

over-sub¬

of

and,

seas

Ill

ened

&

sponsors

sponsors

for

Developments Abroad and the

on

be

to

remained

the i'

ance

have

up by the gov¬
India,
Pakistan,

of

expected

the

had

London firm of insurance brokers.

board

the

in¬

the

of'

is

considerable

part

costs

was

is

Walker

Moate

plans

of

not

The investment coverage of the
Falcon Trust shares goes well be¬

a

deliberately

discovered encourages the
in of subscriptions.

on

Walker

Thailand, the Federation of Ma¬
laya and other countries. While

to

offering

scribed.

Walker,

recently been set

be

the

Taking advantage of these insur¬

Development

in

on

shares

progress

coun¬

is

number

are

at

sponsors.

public

of urgency
the British

Dacey

premium above the
price.
British investors

industrial

Asian

F.

5%

Peter

tries.

the

that

"guarantee"
a

known

sectors.

the

prominently

more

no

Norman

cus¬

That the insurance underwriters

London,

the

badly

an

"block offer"

a

available and when these

not

million

a

general

a

the impression that

limited

from

than

by

the

given

that the

less

Since the Brit¬

Trade

two million shares

or

is

will

now

one

issue

years

price.
of

It had become

Trust

insur¬

Dillon,

area

worth

complex could not undertake

ance

believed to be prospects, but

set

of

moderniza¬

rapid

achieved

of

Two

of

be

to underwrite the value of

tom, then, to make

Expands Board
Stock

a

sternly pro¬
hibits what it calls the
"hawking
of securities," the unit trust
peo¬
ple may not openly approach per¬

ing.

cheerfully paid the premium—in
fact, subscriptions for a quarter

Board

that

and

planation

give

company
backed
guar¬

be

Board

price

offering

the

observes

level

guar¬

indication of interest in the offer¬

ance

antee

ish

of

an

clad,

The

National

and

guaranteed that

would

than

"Lhe proposed coverage was con¬
sidered by Lloyds at the highest

the

must wait until such persons send
in coupons or otherwise

more

shares

vestor

additions have been made to

value,

rent quoted

date.

National S. E.

has

rejected by Lloyds.

sons

than four mil¬

10

towards

production

on

this side of

of^

British

all

march

a

on

the completion
of
a
highly-

the

in

stolen

mutual

Atlantic.

munity

tion

was

net asset value

Houston,

Britain

Dacey describes the provisions

investment

trusts, the equiv¬

counterparts

flects

drive

Mr.

asset

American

our

»

and

net

reports

be

plan-

vestment.

and

intensive

future

The British unit

ing is, however, the growth in im¬
ports of capital goods which re¬
an

specialist enviously

similar idea here

alent

Summary

out of balance in 1957. Most strik¬

industrialization

fund

first insured mutual fund.

has

public
and for private capital,
from 41% in 1956 to 29% in 1959.

mutual

account

$100

on a

the

the $12,000 he had paid
into it at the end of the 10 years.

share
American

his
less

Thus,

account,

holder would

extent

payments in the

plan.

month

per

the

to

coverage

investors'

contractual

Huge Success

a

capital,

ture

of the

By Norman F. Dacey, President, Norman F. Dacey &
Associates,
Inc., Bridgeport, Conn.

capital flows

areas,

nical
asj

the

are

ing interest in Africa. Despite
major uncertainties in some Afri¬
can

This

traced

according
publication men¬

developed

growing,

external

Trusts

to

years;

in

insurance

Insured British Unit

declined from around 60% in 1956
to around 50% in 1959 for

projects.

U.

few

tioned

maintained

ance

the

contribution

development.
already be

increased
by private or public
capital flows on a number of large

Public

is

per¬

in

can

Summing

been

or

S.

economic

tendency

1959.

Africa's

may

relative, if not the absolute level

The countries

prices

one

decline

a

of

sheltered

cotton

But

expect

risen

being special¬

zone,

unlikely.

scattered.

by
more than
10% since 1958 despite
a 4%
decline in export prices; on
the other
hand, imports have in¬
creased

not

haps

21

CORP.

22

The Commercial and Financial Chronicle

(2746)

BANK AND INSURANCE

Julie Research

STOCKS

CotTonOffered
C. E. Unterberg,

Week

This

—

Bank

Stocks

Gf the twelve banks included in table below,

100,000

three did not report

Of the remaining nine, six
showed increases as compared with the same period of 1960.
The
other three showed declines; however, much of this may be attrib¬
earnings for the first quarter of 1961.

either merger or

uted

to

New

York

first

expansion.
a 7%

On the average, the major
decline in earnings for the

City banks showed

The only increase in this period

quarter of 1931.

was

recorded

by the Chemical Bank New York Trust Company. This increase
be attributed to the costs resulting from the merger which
unduly depressed earnings in the first quarter of 1960.

may

Over the past decade New York City banks have had an aver¬

annual growth in earnings

age

in

tabulation

the

7.5%.

Both

record by

have

growth

had

rates

per

share of 8%.

utility companies.

of

approximately

with

favorably

compare

The banks shown

increase

annual

an

the

increase

The annual rate of increase of those

companies used in the Dew Jones Utility Index for the same period
was 5%.
As indicated, the present average price earning-ratio of
the ab*5ve "growth" banks is 20.5 times. This ratio appears modest
when

compared to

the

in

same

of the ratios of stocks of utility companies
Although bank stocks have been regarded as

many

areas.

segment of the equity field where yield may be obtained, this

one

advantage

no

sider

which is usually less than 50%.
dividend increases are imminent.

the

longer exists.

In spite of this, it is

the payout

years,

to

con¬

Obviously

over

necessary

Within the past two years the Justice Department has assumed
role in the ruling on bank mergers.
Prior to this time
the three Federal banking agencies have had the responsibility of

Julie

of

offering
sale

The

share.

approving or disapproving bank mergers. Direct action has been
taken in Philadelphia, where a suit was filed by the Justice
Depart¬
ment

to

the merger of the

prevent

Philadelphia National Bank
with the Girard Trust Corn Exchange Bank.
In addition the De¬
partment has also taken action delaying other bank mergers and
force

divestment

of one of the subsidiary banks of the Bank
(Milwaukee)—a holding company. Although
the Justice Department may not win these suits in
court, they have
delayed many mergers. "...
>

Stock

Corporation

The Omnibus Bill in New- York State has given the New York
Banks the opportunity to extend branching.
This may be done
either

through merger or through building. Two of the New York
City banks—Bankers Trust Company and Morgan Guaranty Trust
Company—now have proposed bank holding companies. It is poss'ble that these

expansio^opportunities

well be frustrated by

may

the Justice Department/ Thus what was considered

for

further

growth for

New

York

developing.

banks

may

an

be

the

time

in

•

-

Many of the banks in the West and Southwest have recently
undergone mergers with the exception of the three banks in Texas,
which have been affected by the
ther growth of these institutions,

laws prohibiting branching. Fur¬

therefore, will probably not have
by the Justice Department.

to be determined

In view of the absense of these
legal obstacles plus the growth
performance and reasonable price relative to earnings of many of
these stocks, they appear to be an attractive area for investment.
As

indicated,

the long

the dividend performance should
also continue to be most favorable.
over

run

Research

New

Laboratories,

City,

York

has

devel¬

oped and produced ultra-precision

and

under

discussion.

1

%

the

precision

was

broader
The

of

range

applica¬
presently

company

manufactures

and

sells

3/31/61

Recent

over

Market

1959-

1969
Bank

of

Crocker

3/31/60

Price

*

8.0

$3.64

60

2.98

16.4

1.40

3.4%

8.7
*

2.3

2.7

41

2.70

15.2

1.25

3.1

Eank

Dallas

First

20.1

Yield

-

(Hous'.on)

Natl.

in

$2.00

16.0

___

13.3

54

2.62

23.8

1.50

2.8

7-8

40

2.28

17.6

.90

2.2

Securitv

Corp.

(Utah)

Republic

3.2

35

catalog

First

5.6

3.0

14.5

■>

11.8

2.0

73

24.4

2.99

1.68

2.3

Natl.

Bank

66

3.87

17.1

1.70

2.6

79

4.06

19.4

1.60

2.0

Security First Natl.
Bank

Union

(L.

A.)__

Bank

(Los

Angeles)__

Valley

Natl.

9,7

21.4

6.7

12.4

62

10.7

15.1

76

79

2.59

30.5

1.28

1.6

.

Trust

West'n

(S.

6.7

Bancorp'n

Average
"Not

F.)___

..

2.46

25.2

1.00

4.04

18.8

1.60

2.1

_

9.0

-

34

.80

2.4

1.75

19.4

9.3 %

_

potentiometers.

:

company

will

common

of

None

consist

the

of

of

400,000

stock.

the

outstanding and

to the

accrue

already

are

being sold for
Loebe Julie, president.
are

BANK

INSURANCE

54

13

STOCKS

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

Bankers to

of

offering

National

stock, at
The

Laird. Bissell 8 Meeds
Members

New York

Stock

Members

American

Stock

120

Exchange
Exchange

BROADWAY, NEW YORK 5. N. Y.
Telephone:
Bell

BArclay

Teletype NY

Specialists in

Bank




7-3500

1-1248-49

Stocks

I

In:

ADEN.

KENYA, UGANDA. ZANZIBAR

common

offered
V

-

:

from

the

sale

of

stock will be used fox

expansion

zation;

share,

per

being
i

are

proceeds

common

the

Inc.

of

the

company's
organi¬

for

enlargement
of
its
manufacturing facilities; for re¬
search and development; and for
an
extensive
advertising cam¬
paign in trade journals. The balof

anace

added

the

to

working
caph.al
general corporate

for

used

will

proceeds

be

and

manufactures

TANGANYIKA.

ZANZIBAR.

UGANDA, ADEN, SOMALI REPUBLIC.
NORTHERN

AND

SOUTHERN

RHODESIA

Trust

York

act

Company,
called

have

proposed merger of

CaU

plans

of

consolidation

the

given in the June 1 issue of

in

as

of

H.

an

Oelkers

1928.

He

is

Portfolio

Street,

Vice
dent

of

Th;f»

Bank

of

Ne%

York has; been
announced by
Albert

assigned to the Bank's
Department

C.

officer

the

late

year

at

the

Cantwell, formerly

placed

in

has

Assistant

Vice-

Board.

>

the

Mr.

Moore

election

of

Ed¬

Long Island City Office, Daniel W.

Seitz, Central Division and Henry
Zukowski, Bond Department, as
Assistant

Charles
colm
Samuel H.

Woolley

Graff,

of the

In¬

the

Robert

Mr.

*

*

B.

measure¬

gan,
2nd,
have
been
elected
Vice-Presidents of Morgan Guar¬

Energy

Ad¬

Trust

Kamsler,

of

Office, has

Manager.
joined

1948 and

Pitkin

bank's

Trust

Wyck

Cantwell

the

of

Mal¬

Assistant

as

bank's Van

been named

vestment Division.

and

F.

and

Personal

ministration,
Officers.

charge

Treasurers

Chrisler

W.

Trust in

inor¬

department,
an

known

Robert M. Hill and John P. Mor¬

and

an

Bankers

Loughrey, Public Relations
Department, Cornelius A. O'Brien,

*

organic

in

win R.

time

same

Wall

*

Treasurer

of the

made

Bank

last

and

*

Simultaneously,

Woolley was
appointed
ment

44

at

York.

New

named

man

y

Chairman. Mr.

of

Bank

was announced .Tune
by William H. Moore, Chair¬

21,

Simmonds, Jr.,

invest¬

the

President, it

C.

chief

to

came

was

Company, New York, branch

been

Presi¬

-

Trust

New

appointed to an
Secretary in 1952.
Mr.

Assistant

administration

Executive

Co.,

by Horace
Chairman
of
the

*

Samuel

Oelkers

'

Mr.

"Chronicle" page 2403.

appointment

Trust

Flanigan,

Board.

H.

Vice-President of

announced

was

Oelkers

the two institutions..
The

C.

special

meetings for July 12

the

on

Garden

York,

Newark, N. J..

ganic scintillators, which are used

Bankers

assigned to

was

Avenue

Office.

anty Trust. Company of New York,

Subsequently, he served the com¬
pany in its Credit Division, at the

absorbed from the incident radia¬

it

Graham

tion

C.

for

the

detection

by

scintillation

a

converted
tons

and

ionizing radiation.

into

crystal

fluorescence

is

pho¬

(light) which is then detected
photomultiplier. Such crys¬

a

announced

was

Alexander,

today by Henry

of

Chairman

Board.

City

Avenue

Offices,

assigned to Morgan
international banking

Guaranty's

Grinnell

Morris, Executive Vice-

division.

After graduation in 1947

President

employed

Co.,

hospitals and research laboratories

Trust

Company

of all

which

merged

now

kinds.

For

the

sales

net

Aug.

ended

year

of

the

31,

company

$116,260. Upon completion
financing, outstanding
capitalization of the company will

was

Co.

&

form

1955 and

consist
mon

of

195,000 shares

of

com¬

stock.

Now D. K. Kelly Co.
SHERMAN

OAKS,

Kelly

Company,

and

Inc.,

K.

business

of

K.

1950

Also

in

1959

Assistant

in

Treasurer

Assistant Vice-Presi¬

an

business

Company,
is
being

Md.—The

1958.
announced

F.

Assistant

of

the

had

in¬

Harry

1005 Bonifant
continued
by

were

the

elec¬

Blackford, III,

Dundore,

Thomas

H.

annual

Connecticut

convent'on

Bankers

following officers

of

the

Association,
were

elected:

Frederic

E.

Hudson,

Vice-Presidents.

been

Howard

Assistant

B.

Edel

and

as

All

Treasurers.

Grainger

S.

Greene, formerly Assistant Trust
officers, were elected Trust Of¬
ficers.
The

Connecticut Bankers

elected

Directors

of

Greenwich

the

a

*

Robert
ed

B.

*

*

Baxter

has

of

Brooklyn,

following

were

elected As¬

Treasurers:-- Frederick

A.

Cushing, John A. Snyder, John E.
Strong,
David
D.
Wakefield.
George .D, Cashman, Joseph E.

sj:

G.

Tyler

Sowarby

and

Jame^

Sperber.

Bowles,

$

Leslie

Research

George Snyder

was

Secretary.

Officers

elected

an

As¬

the

'

John

E.

Christensen,

J.

George A. Monahan, Grenville H.
Paynter, Frank D. Sullivan and
R. Bergen Van Doren have been
Assistant
Vice-Presi¬
appointed

dents of Chemical Bank New York
Trust Company, New York, Chair¬

Harold

man

All

H.

Helm

announced.

with the bank's Metropoli¬
Division except Mr. Paynter

are

tan

who

is

in the
*

Kings

National Division.
*

Highway

*

Savings

Bank,

Brooklyn, N. Y., will open it^ Urst

sistant

M.

of

Harold Koch, Robert C. Kurzweil,

Ruddick, Ronald S. Simpson, John
L.

is

it

Y.,

C. Johnson,

Baldwin,

Stamford.

Haven.

elect¬

Savings

Board.

branch

New

been

Chairman

and

vestment

of

Lock-

N.

announced by George

Vice-.President: Ogden Bigelow,
Fairfield County Trust Company,

Bank

Bank,

E.

Trustee of the Dime

a

Bank

suburban office June

National

Bank.

Trustee.

,David B. Dvche, Jr., Miss Carol
Humphreys,
and
Henry
C.
Schreier, Jr., were elected In¬

Second-

S.

were

Savings

New York, elected John

wood

Trust

Alfred

*1*

#

.

The

Empire
and

Vice-President,

President

Jordan, and Charles G. Schmidt

SPRING,

Olmstead,

to

Assistant Vice-Presi¬

tions of Charles E.

sistant

the

an

an

and

dent in

Switzer & Co., Inc.

At

with J. P. Morgan

1958..,
Morgan, who is in the gen¬
eral banking division, joined J. P.
Morgan & Co. in 1946.
He be¬

Richard

Now Switzer Co. Inc.

Switzer

York,

the

York,

Mr.

4421

Donald

New

of

New7

dent in

came

Calif.—D.

of

Guaranty

Morgan Guaranty.
He be¬
an
Assistant Manager in

came

of

current

by

Incorporated

were

Long Island
joined Branch

is

he

are

and

and

Administration in 1960.

i

.

Hill

Mr.

the

widely used in atomic
energy installations, civil defense

tals

President:
CEYLON. BURMA.

to

was

pur¬

Branches In:

KENYA.

Y.

Woolley

shares

internal and external sales

the
INDIA. PAKISTAN.

New

Joseph

by-Hardy-^Hardy J

speculation.

Net

the

75,000

Radiac

securities

a

as

of

price of $4

a

is being made

SQUARE, S.W.I.

the Government

N.

The

Common Offered
Public

of

Assistant

an

Assistant

Street,

London Branches

Trust

shareholder

the

vestment

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

and

City,

National Radiac

SILVER

Office:

Bank

Company. New York and the Long

were

Kelly.

Head

Martin, trust division.

John W. Marx

Office.

Island

proceeds from

the shares

company as

Bank's

v

sale of the stock will

NATIONAL AND GRINDLAYS
BANK LIMITED

They are David
S.
Jr., Park Avenue and 57lh
Street
branch; James S. Deely,
New
England
district;
Walter
Blenk, trust division; and John M.

Baker

with

Chemical

of/.four

President.

an

Manufacturers

Outstanding capitalization cf the
shares

promotion

Assistant Vice-Presidents to Vice-

Appointment

investment

reported.

the

as

voltage/current

Ventura Canyon, is continuing the

20.6

nounced

Division at its 34th Street & Fifth

1.6

•

more

recently has headed the
operating division, a responsibility
he will keep.
The bank also an-

Mr.

is,

by the First
City Bank of New York.

Avenue

'

Wells Fargo-Amer.

1956.

Marx

Vice-President

announced

years, Mr. Cook served
bank's Wall Street district

the

and

Assistant V. P.

in

Executive

been

references

Bank

(Phoenix)

in

and

elected

of A. Halsey
Vice-President-Operations,

Metropolitan

1960,

Bank (Dallas)__

Seattle

.

National

by

1943,
through

ranks

appointment
an

the

and

Capitalizations

For many

in

rose

The

Cook,

items of resistors and resistor net¬

by

Bank_

City National

Bank

First

dend

15.9

Revised

•

works, and 15 items of instruments
such as voltage dividers, voltage

Divi¬

Ratio

Earnings

$58

P/E

-r

Anglo

Natl.

First

America

1960

etc.

National

was

Chairman

tary requirements, and then
adapted to quantity production as

tions.

elected

has

the

substan¬

been

New

it

announced

bank

ment of

Increase in

—Earns per Sh.—

York,

ing research, industrial and mili¬

a

has

Com¬

joined

manufac¬

tured and marketed to met exact¬

tially

Offices,

as

H.

products for

New

•

York

He

The company, of

following indicates recent earnings performance, market
price and price earnings ratios of the major banks in the area

Marx

Harold

Southwestern Banks

The

W.

Helm.

has

it

Branches

Vice-President of Chemical Bank

struments

which

New

•

prototypes of components and in¬

poses.

Western

a

pany,

Julie

opportunity

some

John

the

stock.

Inc.,

Consolidations

first public New
company's common' Trust

marks

of

stock

common
per

Thursday, June 22, 1961

BANKS AND BANKERS

active

an

to

shares

.

offering
Research

group

Laboratories, Inc.
at a price of $10

.

NEWS ABOUT

Towbin Co. heads

underwriting

an

-

.

tagh,
Ave.,

Nassau
is

near

Edward

23, in Wan-

County.

located

on

The

new

Wantagh

Jerusa^m Ave.

/'

A. Traviesas 'of Stewart

.

Volume

193

Number 6066

.

.

The Commercial and Financial

.

Chronicle

(2747)

23

I

Manor, the Bank's Assistant

Sec¬

American Fletcher National Bank

retary,

is Manager of the new
office, and Mrs. Gertrude E. Hill
of Wantagh is Assistant
Manager.
*

John E.

of

the

Yonkers,

N.

caused

vacancy

John J.

by

to

the

death

fill

:J:

of

for

a

value

par

in

change

Stock

of

from

shares

shares

of

of

the

value

15

William
L.

W.

Board

Midland

Trust

close

Company,

state

cago,

with

was

bank

Howell

and

$

from

of Rich¬
as

si:

!

'

Frederic

and

of the

The

First National

Warren,

ren,

business June

Bank

Ark.,
16

as

the Federal Reserve

$7,000,000 to

The

new

member

«

for

member

of

Chi¬

111., named Robert E. Ham¬

Bank

as

System.
Baank

Helen

Vice

-

President;

a

Mrs?

N.

Harris, Assistant Cash¬
Miss
Lois
Goss,
Assistant

ier;

of

*

Stock

Now
business

San

Francisco,

The

Marine

Midland

operations

ing

adminis¬

department

of

—

The investment

George

continued

by

R.

trust company will argue

Wright and Co., Inc.

at

the bank's head office.

A. G.

Capps Opens

(Special to The Financial Chronicle)

Ruiz

Opens Office

offices at 2265

orally

ties business from offices at

Ocean Park¬

Brookhurst

merly

way.

with

Street.

He

California

of

The
of

Farmers

Spencer,

New

to

&

Merchants

New

York,

mission

case

June 27.

on

York,

with

Bank

Spenc2r,

application
merge

for

per¬

The

First

National Bank of Candor, Candor,
New
York, under title
of
The
Farmers

&

Spencer,

was

31

by

Merchants

the

of the

Bank

approved

Board

of

of

May

on

Governors

Federal Reserve

System.

Willard E. Roberts, has been elect¬
ed
a
Director of the City Trust

Company, Bridgeport, Conn., Robert

H.

nounced

also

,

Whitney,- President, an-b
yesterday. Mr. Whitneyh
that

announced

Frank

Gregory had been premoied
Assistant

Treasurer

,

R.

•

£

A.

irom

Assistant

to

Vice-President.

Louis

R.

Managh,

Director

the

of

elec'ed

was

Fidelity

'■

-

-.J:

:!:

a

Uni3n

Trust Co., Newark, N. J.

'V.

|

*

The
Merchants
Trust
Co.,
Red
Bank, N. J. and the Asbury Park-

Mana quan National Bank, of As¬

bury Park, N. J., announced plans
to merge.
V

The consolidated bank would be

called / the

First .Merchants

Na¬

tional Bank.
The

to

proposed merger is subject
approval of stockholders

the

and

NEW BUILDINGS

regulatory authorities.
are

John

G.

Maloney

pointed

Bank

Pittsburgh,
Frank R.

has

been

Officer

Trust

National

and

Pa.,

of

just

one

part of the Bell System's 1961

construction program. There

kinds, and in many places throughout the country.

ap¬

Mellon

Trust

Co.,

according

to

Denton, Vice Chairman.

Stockholders of Western Pennsyl¬
National

vania

are

hundreds of other projects, of many

Bank,

Pittsburgh,

Bell System's 2Vi

Billion Dollar

This

Pa., and stockholders of the Bank
of
McKees
Rocks
in
separate
meetings approved the consolida¬

tion

of the

It is

Construction Program

become the 27th community office

than

Pennsylvania

upon

Na¬

total

resources

*

more

Md.,

in

Each week it puts more

Many Lines

into

•

the

Trust

at the age

Co.,

Baltimore,

Md., elected Joseph
Melvin

It's

a

Bell

and

growth.

Lentz,
Nancy

with

J.

Edward
Lucas
and
Michell as Vice-Presi¬

we'll

D.

Earl

System in the nation's economic life

is

much

earnings

more

adequate

to

to

be

done... and

support

the job,

keep moving right ahead, improving tele¬

phone service and helping America grow.

dents.

The election of Stephen L.
ewson

big effort and shows the vital part of

the

There

A. Bognanni,

Harrison,

millions of dollars

the country.

H.

W.

Both inside and

pocketbooks and cash registers throughout

81.

Equitable

,

Bal¬

Baltimore,

17

June

on

of

Bank,

for people. Thousands

thousands of people.

outside the Bell System.

Organizer, Chair¬

President

National

died

v>-

*

*

Bruce,

and

man

timore

of

of

$220,000,000. '

Howard

than additional tax money for

It is work and wages

Provides Work and Wages

tional. The combined organization
will have

more

than better telephone service.

institutions.

two

Western

more

cities, states and the government.

The Bank of McKees Rocks will

of

big Bell System construction program

for 1961 is

the

to

the

Bank

Va.,

was

Herbert

of

Norfolk

Virginia,

announced
C.

Moseley,

dent.




Math-

Board

of

Richmond,

by

June

15

Bank

Presi¬

BELL

TELEPHONE

I

GROVE, Calif.—Albert
G. Capps is engaging in a securi¬

BROOKLYN, N. Y.—Justo Ruiz is
conducting a securities business
from

.

GARDEN

.

of the
its

Wright &
now be¬
R.

George

Corpora¬

company

Coast

Co., 388 Twenty-tnird, is

Ithaca, N. Y.

tion, the holding

Blvd.,

Corporation

OGDEN, Utah

of

Bank

California

Pacific

the

Southern New York, Elmira, N. Y.
to reconsider its application to ac¬

quire the First National

Fred R.
Philpott

Exchange.

by

#

America,

Vice-President of the

tration

has

of

members

Calif., elected Douglas R. Hobson

capital of $150,000 and surplus of
$125,000.
Its officers are: F. M.
Holt,
President;
A.
L.
Moody,

Warner,

$10,000,000

—

D,

Wilshire

3932

Investors,

capital stock

common

Richard

have joined the staff of

Utah,

dividend, effective June
(Number of shares outstanding
400,000 shares, par value $25.)

War¬

of

opened
a

Qgden,

7.

*

and

stock

a

Vice-President and Cashier; W. R.

*

Bank,

Association,

increased its

title

ANGELES; Calif.

Lester

*

Security Bank of Utah, Na¬

-

include

department,

National

the

*

First

Two With Calif. Investors
LOS

Secretary.

tional

Both

Cashiers.

officers

capital

converted

under

Gordon Price, Assistant
Miss Verla Jenkins, As¬

of

of business May 31.
si:

has

granted the request of the Marine

Kansas,

$50,000

Bank

mond," Kansas, effective

and

Cooper, Assistant Secre¬

Stock

National

Becker,
Wayne

new

*

Reserve

a

sistant

Charles

tary in the trust department.

Live

Federal

into

of

Cashier;
Cashier;

:J:

"The Peoples State Bank

H.

banking

John W.

$10

Peoples

Richmond,

Bank,

Vice-Presidents.

each.

The

Cashier.

Webber, Assistant Cashiers in

the

the

of

The

Holland, Vice'

the pro¬

been Assistant

each, to 200,000

par

Hittle

Viner, savings department, to

Other

and

of

'
s's

announced

of

had

Capital

125,000 shares

value of $16

par

June

on

H.

Savings

department,

Assistant

ap¬

the number

and

banking

proval from the New York State

Banking Department

Trust

motions

O.

received

Lewis L.
sis

stock

Chicago, 111.,

a

Schenectady Trust Company,
Y.

Charles

Vice-President and

Harris

*

Schenectady, N.

ilton and

Fresidents.

Ind.,

s,

t'fi

Savings

Y.,

Indianapol

and

a

Rust.
❖

The

President
a

Yonkers

Co.,

elected Donald L. Dungan a Vice-

*

Tobin, has been elected

Trustee

Bank,

if.

Trust

&

SYSTEM

was

13141
for¬

Investors,

24

The Commercial and Financial Chronicle

(2748)

the

SECURITY SALESMAN'S

opportunity for gain and the

risk

loss."

of

CORNER

Merchandise

JOHN DUTTON

Should Investment Firms Hold Sales Contests?
Some

asked

was

if
to
a

by

his

client of mine
of his friends

a

one

send

would

he

security salesman

a

as

brokerage firm.

a

business

some

The young

threatens

Khrushchev

attack

to

Berlin, the stock market collapses
and

panicvis on.
Meanwhile, even the best stocks

who had just obtained

son

position

with

ago

years

down;

go

friends have losses;

my

and where does that leave me?

I

only a beginner, and the am right out on a limb. Just to
thought that his friend, who help your son make a few com¬
knew many people, could help the missions you
are
asking me to
cub salesman get started. This, in recommend people to him who are
substance, is what my client told going into one of the most risky
him. "I don't think you know the propositions they could undertake,
implications of the favor you are and that is to buy common stocks.
was

man

father

I believe you mean well

asking.
but

haven't

you

through.

could

send

several

They then
earned
means

firm.
these

tell

you

me

happen.

Suppose

I

people to your son.

turn

savings
well.
Let

this

let

Now,

what

thought

over

is

He

also

He

with

even

us

their hard-

him.

to

a

good
that

assume

people will receive sensible

advice

on

to buy

it.

what

to

buy and when

I

one

If

a

coronary,

or

Mr.

better get some¬
bird-dog for your boy.

else to

he

him

I

anything

selling

was

stocks

consider

might

But

customers.

some

but

sending
in my

book, the stock market is not for

neophytes,

amateurs,

When

it

I

way

been

people
risks.

investing,

it's

for himself, and that's

every man

the

to

comes

or

to take

afford

cannot

who

Then the next day the

President gets

think you had

it,

play

buying

for years and

because

selling

and

I've

stocks

I think I know both

tain

amount

in

stated

a

but

the

CONNECTICUT
everywhere
particularly invite
inquiries in:

your

Industrial-Utility

ARROW HART

HEGEMAN

&

ASSOCIATED SPRING

Insurance-Bank

CONN. LT.
EMHART
FAFNIR

State &

Municipal

POWER

CO.

BEARING

him

tion

doesn't

STANDARD

TEL.

SCREW

duction

evils

that

it

sales

stand

Bell

Teletype HF 464
*Direct

NEW YORK

It

N. Y. Tel. DIgby 4-6713*

PROVIDENCE

Wire to

vate

sales

Insurance

also

with H.

previously

Utilities

—

AclUQJeh&G).
&U.
BUSINESS ESTABLISHED 1868

that

clientele

a

Industrials

—

Member New York Stock Exchange and other

leading Domestic and Canadian Exchanges
1 Wall

Telephone DIgby 4-2525

Street, New York 5

If

Wires

to:

Hartford, Conn.

New

Providence, R. I.

Chicago, 111.

Los Angeles, Cal.

New Britain, Conn.

Boston, Mass.

Philadelphia, Pa.

Haven, Conn.

Meriden, Conn.

Worcester, Mass.

through
buys

man

a

Private

a

cleaner for his wife,

vacuum

though the

old

is still

one

working,
because
some
smooth
talking salesman got him to put
it

the

line, that won't hurt him
much. If he buys an extra

on

very

of

for

books

new

lawn

him

any,

kids, or a
that won't do

mower,

PUTNAM & CO.

his

security''salesman,^'who

the

be

and

sales

some

repords

producer for

top

his

is

thinking

set

new

of

TEL. JA 5-1421

6 CENTRAL ROW

HARTFORD

£

Middletown

West Hartford

New Britain

New London

firm, he is liable to find out that
Salesman

Efock Exchange

Members New York

his

harm either. But if he
savings and he walks
into
some
brokerage office and
opens an account with *an pager

takes

Manchester

Torrington

Waterbury

From New York, call WAlker 5-7887

more

AT&T

golf clubs,

'

Teletype 564

that certificate of merit he is

going to get as top salesman, than
his

customer's

high gross

PRIMARY MARKETS IN

welfare.

BOSTON

they
at

make

or

people

Underwriters

investment

any

Corporate and

time. Also, certain
speculative securities

or

high,

gross

to

who

high

a

trade

out

is

motivated

his

securities

good

him

profit.

warrants

Such

no

for

large

a

was

Connecticut Securities...

pro¬

a

further

com¬
are

friend pointed out when

asked to recommend

tomers to

inquiries.

of

by

ment, but it could happen.
he

Municipal Securities

to

because

offered

show

commission

As my,

of

be foolish enough

even

that

cedure

Distributors

We invite your

mark-up, com¬
commissions.

gross

inducement

others

and

average

salesman

some

DEALERS • DISTRIBUTORS

CONNECTICUT STOCKS & BONDS

if
of

the wrong

firm, might

1961

if

to

over-trade,
sold the wrong type

are

carry a

Our Seventieth Year

clientele

persuaded

are

be devastating to

can

investment

an

produce

the basis of

and dealers

our

long and pleasant relationship with brokers

throughout the country. We solicit

your

inquiries

cus¬

security salesman, in¬
vesting is not something you can
lightly. There are great risks,
a

with confidence that

our

specialized experience will be helpful.

take

some

predictable and others

com¬

TRADING AND SALES

pletely beyond the ability of any¬
one to foresee.
Investing is not an
exact science;
it is. a skill that

PRIMARY MARKETS
IN CONNECTICUT SECURITIES

must be learned.
business

Will

we

certainly

sis.

Those

on a

of

place security
professional ba¬
who

have

been

working toward that end for

many

us

certainly have been
the confidence that

years

warded by

clients continue to show to
after year.

George A. Dockham,
President and Treasurer

If the securities

does become of age,

ever

salesmanship

us

Myron L, Gordon

Peter Royston

Vice President

Manager

re¬
our

year

IIincks Bros. & Co.
INCORPORATED

Sales contests, prizes,

medals, recognition and all these
"gimmicks" may be practical in

ESTABLISHED

other lines of business but I think

CHAS. W. SCRANTON
Members New York Stock

&

Co.

Exchange

they




Bridgeport

conduct

discouraged

be
their

ethical

highly
plane.

by

business

on

New York Stock

constructive

and

Exchange • American Stock Exchange (AssocJ
Midwest Stock

a

872 MAIN

STREET

•

Exchange

BRIDGEPORT 3, CONN.

Telephone: BRIDGEPORT EDison 5-5141
•

Bell Teletype NH 194

J. P. Hunt
FT.

Danbury

should

1907

Members

those investment firms that desire

to

NEW HAVEN
New York REctor 2-9377

New London

P.

Black & Co.

book,

business.

organizations

contests.

sales

securities,

Troster, Singer & Co., New York

•

were

his

of

my

business pro¬
trips to Europe,
furniture, or even a few bronze
medals if you are selling house¬
hold appliances, encyclopedias,
jewelry, or such things. There are
large organizations that are spe¬
cialists in devising ways so moti¬

A

UNDERWRITERS

business.

offer

pared with

1891

Mr.

Connecticut Securities

and grow, in good

up

to

inactive,
Direct

Inc.

the Market For

are

special

be sound

may

cedure

a

Hartford-New York-Boston 'Phones

HAVEN

Securities

Bessell, Mr. Myers and Mr. Redden

Motivating salesmen to produce

Boston Tel. HUbbard 2-3780*

NEW

formerly with American

and bad.

years

Mr.

Street, Hartford 3, Conn.

Hartford Tel. JAckson 7-3261

We

produce is also
track in building a

and

force

will

and

Pearl

were

Diversified

Wright, Presi¬

can

the wrong

on

about that

49

idea

the

firm that encourages pro¬
without recognizing the

VEEDER-ROOT

COBURN & MlDDLEBROOK, INC.

All

1028

Northwest, to

securities

Jack C.

Vice-

immature

in
this

in

belong

And any

beaver

ENG.

is

welfare,

wants to break

NEW

with

ahead

business

of

customer's

CORP.

SOUTH'N

a

Bessell,

Often

something

KERITE

NEW BRITAIN MACHINE

are

his co-workers and also in
the eyes of his firm.
Any sales¬
man who places his gross produc¬

HARTFORD ELECT. LIGHT

Mlf'E

Securities

&

MFG.

in

L.

among

set
We

engage

Officers

at

Gerald

President; J. C. Myers, Treasurer;
and Charles E. Redden, Secretary.

of nominal value

are

salesman

makes

offices

Connecticut Avenue,

enough to consider that, if he re¬
ceives some such award, this

even

Primary

gross

conferred

are

new

MARKETS for Dealers

of

with

a cer¬
production

period of time.

these awards

that

the^ reach

formed

Thursday, June 22, 1961

dent;

Form Wright, Redden

been

Recently I've heard of some in¬
vestment firms offering prizes to
their salesmen if

.

.

WASHINGTON, D. C. — Wright,
Redden, Myers & Bessell, Inc. has

Investments Are Not Ordinary

BY

.

Waterbury

Opens

New Haven

•

Waterbury

LAUDERDALE, Fla.—Jack P.

Hunt

is

business

engaging
from

in

offices

a

securities

at

Oakland Park Boulevard.

2787

PROM NEW YORK,

CALL DIgby 4-2873

E.

5
T

Bell Teletype BPT 489

Volume 193

Number 6066

...

A

Supplement to the Commercial and Financial Chronicle

Thursday, June 22, 1961

(1)

Security Traders Association of Connecticut

Guy R. Hogarth, Fahnestock A Co., New Haven; Crandon Leahy, National Quotation
Bureau, Boston;
Nicholas E. Fon Eisen, Fahnestock A
Co., Hartford; E. Norton Decker,
The R. F. Griggs Company,
Waterbury, Conn.

Richard

Moore, Coburn A Middlebrooh, Incorporated, Hartford; Robert Merrill, Coburn A Middlebrook,
Incorporated; Hartford; Robert Lienhard, Troster, Singer A Co., New York;
Norman Maigret, Coburn A Middlebrook,
Incorporated, Hartford

Bill Miller, Chas. W. Scranton & Co., New Haven; Ree Bolognini, Lasser Bros., New York; James
Rybeck, William H. Rybeck & Company, Meriden, Conn.; Harry Sampson, Chas. W. Scranton & Co.,
New Haven;
Tom Creamer, Chas. W. Scranton A Co., New Haven

Edward

Laird, Bissell A Meeds, New Haven; Tom Wynne, Blair A Co. Incorporated,
Haven; John FitzGerald, W. C. Pitfield A Co., Inc., New York; Duke Hunter,
Wellington Hunter Associates, Jersey City, N. J.

Yusza,




New

Hal

Murphy, Commercial A Financial Chronicle, New York; Edward J. Beakey, E. W. Eddy A
Hartford; Pat Caldana, A. M. Kidder A Co., Inc., Bridgeport, Conn.; James Becker,
A. M. Kidder A Co., Inc., Bridgeport, Conn.

Co.,

Donald
New

MacLeod, Blair A Co. Incorporated, New York; Martin J. De Gennaro, Blair A Co. Incorporated,
Haven; Eddie Opper, J. B. Maguire A Co., Inc., Boston; David Clarke, White, Weld & Co.,
New Haven; Ray Humiston, Lee Higginson Corporation, New York

Harry D. Cohan, Denton & Co., Inc., Hartford; Robert Calvert, Cooley A Company, Hartford;
Mueller, Wood, Struthers A Co., New York; William H. Rybeck,
j
William H. Rybeck A Company, Meriden, Conn.

William

Wilbur Krisam, John C. Legg A Company, New York;
Rudy Knablein, Hincks Bros. A Co., Inc.,
Bridgeport, Conn.; John D. Ohlandt, New York Hanseatic Corporation, New York; Frank J. Murray,
Laird, Bissell A Meeds, New Haven, Conn.; George Dockham, Hincks Bros. A Co., Inc., Bridgeport, Conn.

(2)

Thursday, June 22, 1961

Volume

■#
.

.

.

193

Number 6064
.v.'.■•■'''■ -■■■

'J.

...

A

Supplement to the Commercial and Financial Chronicle
'

■

.

•..

'

■

Annual Summer Outing, June
2, 1961

■

•

.

•

,

•

.

•

i

John

Avignone, Cooley & Company, Hartford; Fitz "Red"
Johnson, Golkin, Bomback & Co., New
York;
Rosenbaum, Englander & Co., Inc., New York; Marvin
Danielson, Gude, Winmill & Co., New York

Norris

;

f

y

I

■

Dave
Bill

Bennett, Blair & Co. Incorporated, New
Haven; Ed Matthews, G. H. Walker <£
Co., Hartford;
Bastian, Blair & Co. Incorporated, New
York; Rocco Nuzzo, Blair & Co.
Incorporated, New Haven

- v i

v\
I

t

M M
%%,

M

S||l
VVV'VV

$8T

rnmmrnF»V MMM

Jules Bean,
Singer, Bean & Mackie, Inc., New
York; Richard Barnes, A. M. Kidder &
Co., Inc., New
York; Nip Strothmann, A. M. Kidder &
Co., Inc., New York; Ree
Bolognini, Lasser Bros., New York

Harry Zeeman, Carl Marks &
Co., Inc., New York; Hank
Serlen, Josephthal & Co., New York; Richard
Zeeman, Ogden, Wechsler &
Krumholz, New York; Roger Nieman,
Shearson, Hammill & Co., New York

■

,

pa

Frederic Sutton, White, Weld &
Co., New Haven;
Frank Cilento,
Shearson, Hammill & Co., Hartford;

Bol&<,,Clenience,
Joseph

Wood, Struthers & Co., New Haven;
Shure, Bache & Co., New Haven

Kenneth Shieber, Putnam &
Co., Hartford; Phil Kendrick, Securities &
Exchange Commission; Mel
Hall, Securities Director, State of
Connecticut; James Dowd, Securities & Exchange
Commission, Boston

Howard
New

New

Hadelburg, Francis I. du Pont & Co., New
York; King Ghegan, Edward L. Tatro
York; Ken Murphy, Blyth & Co., Inc., New
Company,
York; Warren Elges, A. M. Kidder &
York; John Butler, First Boston
Co., Inc.,
Corporation, New York; Nip Strothmann, A. M. Kidder &
Co.,
Inc., New York; Peter Brodersen, A. M.
Wilbur




Kidder

Krisam, John C. Legg

&

<ft

Co., Inc., New
New York

Company,

York;

Maurits Johnson, G. H. Walker

& Co.,
Bridgeport, Conn.; Don Jacobs, Conning &
Co., Hartford, Conn.;
George Angelos, Chas. W. Scrantoni &
Co., New Haven, Conn.; Eddie
Opper,
J. B. Maguire &
Co., Inc., Boston

Volume

193

Number

Need to

6066

.

.

The Commercial and Financial Chronicle

.

Reshape Free World

Into Real Economic Forum

yours.

We

*

1

is far tinier.

area

are

trader,

and

market

for

Our work¬

the process, because we have come
to see it not as the abandonment

bigger than

of

the world's largest

of

ing population is

even

the

world's

largest

materials.

raw

And

safeguards

but

opportunities:

the

as

not

seizing
the

as

dis¬

mantling of defenses but as the
provision of a new stimulus that

development was
in the past held back by war and
rivalry and the fragmentation of
markets, we are only now begin¬

industry needs.
And
this
process, already begun within the
Community, is beginning to show

ning to make

the rest of the world.

just because

growth,

our

the gap in our
hence to expand at

and

up

remarkable

a

and

1959, the

uct

of

it

the

by

rose

rate.

Between

gross national

Community
74%: last

some

1950

prod¬

countries

alone

year

by 7%, while our industrial
production rose by 12%. Between
rose

1953

and

1960

sion

of

our

productivity
A vigorous expan¬

by 40%.

rose

internal

demand

caused investments to rise

cantly. 1960 brought

has

the great¬
have*known

us

est rate of growth we

our

its effects

in

declared

us!

attitude towards

our

that

minded.

we

Not

We always
liberal-

were

believed

everyone

the

But

Community was the
to accept Mr. Dillon's pro¬
posal for tariff negotiations, which
should begin shortly in Geneva;
first

and

have

we

these

also

proposed

negotiations should

fol¬

The
not

"Dillon

yet

negotiations"

started,

but

have

before

even

anticipate the result of the GATT-

the United

negotiations

States alone the Com¬
had

in

1960

trade

a

deficit of almost $1.5 billion. From
1959

to

rose

by

1960

imports of chemical
products from the United States
than

40%, of fin¬
ished
products by 94%, and of
vehicle by 95%. Thus, the United
States

more

is

still

the

Community's

sional

tries.

This

time

clear that

member

one

as

tried

not

critics

our

This

establish.

growth does not

have

rate

of

of course,
Community is

mean,

the European
outstripping
the
United
States.
Despite our rate of growth, our
that

capita

per

national product

gross

is still between one-half and

one-

quarter that of the U. S. A.

And

while, for example, American in¬
vestments in the Common Market
countries

during
still
our

in

have

the

increased

last

few

only

represent

annual gross

absolute

they

years,

1%

about

of

investments, and

terms

total

same

in the whole

they

do

in

rapidly

about

the

Community as
Britain.
Our

Great

standard of

living, likewise, is still
much lower than yours—although
it
is
rapidly rising.
A straight
comparison,
therefore,
between
American and European growth
rates can be highly misleading if
it leaves out of account

head

mous

the

America

which

start

enor¬

measure

by

the

in

the

unani¬

was

goods

tariffs

flowing

applicable

between

our

states.
to

accelerate

of

vote

was

confidence

in

the

Community, echoing the vote
already given by
our private industries. It
strength¬
ened
the
Community in ill its
spheres.
It has helped prepare
the way for the present discussion
of
steps
towards
unity in the
political field. It has certainly en¬
abled a strengthened Community
of

confidence

to be

even

liberal

friends

its

and

national

flexible and

more

in

dealings

the

more

with
In

partners.

affairs

relations,

in

as

inter¬

personal
self-

one's

greater

its

ccnfidence, the greater one's will¬
ingness to

relax and

Furthermore,
consolidate

be friendly.
speedier
we

the
our

economic

own

unity, the easier it will be for
to

exert

liberal

a

ingness
of

anticipate

to

us

influence

world economic affairs.

in

Our will¬

the

results

GATT-negotiations, I be¬
lieve, is striking proof of this
growing self - confidence, which

makes it easier to be liberal.

munity, does signify one very im¬
portant thing.
That is, that we
are no longer in the
unhappy and
burdensome
tions.
the

I

position of

do

not

immense

that

in

we

need

debt

Europe

States

that

to Europe after the war. But

what

I

are

is
is

to

another

more

self-confidence

basic

force

in

that

doubts

that

ated

the

a

affairs.

but

now

Market

of

the

Rome

response

not

administrative decision
activities

the

to

words,

We have acceler¬

operation

mere

of

enjov

the

Market.

future

When

Treaty,

ficulties

tariffs.

of

full

we

we

cerned about the

we




Common

negotiated the
were

all

con¬

dangers and dif¬

giving

Now

ties

ex¬

GATT

of

would, of course,
be conditional upon adequate rec¬

iprocity.

Some

contracting
United

non

parties

States
which

dures

European

not

the

as

tariff

have

do

-

such

proce¬

allow

linear

up

want

protective
to

hasten

We

can

envisage

some

postponement of reciprocity.

a

solution

of

the

internal

Euro¬

problem which would offer
nothing but advantages to you,

pean

friends

our

Atlantic

the

as

on

this

side

of

the

well. This proposal of

secretary-general is only

one

such possibility.

private

business, which have run ahead of
the politicians in their desire to

Rome

reductions

of

Treaty—and this in
a

tariff

Linear

tended to all the contracting par¬

characteristic
as

are

we

our

liberal

trade

intend to pur¬
Treaty pledges
such contri¬

one

there

are

many

be done in GATT.

can

born of

in

the

and
mon

with

are

self

in

a

-

signs,

I

confidence

measure

of

think,
in

of

both

European
the

economy
itself
working of the Com¬

Market.

its

But

success

responsibilities,

present

day

making.

This, however, does not relieve
of thb

us

all

responsibility for doing
can
to remedy any

that

we

the

of

Six

the

and

suffice
in
of

itself.

by

the

only

What

of

is

after

kind

a

Economics

looks

to

need

we

alliance

western

Ministry

not

concept

which

free

trade

but stimulates the

development of
harmanized short-term and longeconomic

policy.
Let
making a slight

explain by
gression.
So

advocate

should

liquidity.

our

repeat,

last

and here once again
duty to think, and not in
instance, of the United

States, too.
Six

Any solutioji to the

Seven

-

problem must obvi¬
full account
of
the

is

it

is

be

large

and

rapidly growing:
and it intends to

successful,

liberal.

tive

side

But what

of

the

nega¬

the

of

picture? What of
the
problems?
There
must
be
some,
clearly, for otherwise the
picture would be too good to be
true.

Negative Aspects
I

not

am

going

enough to ask
for
for

to list as it is.

me

is

the

question

markets, while those of the United
have to face the

States will
tariff

think

surrounding
I

if I

crets

all.

us

betraying

am

com¬

se¬

no

that the attitude

say

of

the United States Government, as
I

disad¬

economic

the

that

is

first

vantage should be offset by polit¬

to¬
wards integration, rather than a
mere trading
arrangement, and a
ical

advantages—a real

move

the West.
The second is that the degree of
real

strengthening

is

be

We

know

that

difficult

choice, because it entails

this

if

I

of

your

that

have

I

It is

ours.

ditions both

icy and

country: but I
expressed that

attitude that

an

liberal trade pol¬

our

policy towards other
nations that express a
share in our integration

desire to
process.

This
second

Sixes

of

Problem

brings

me,

Sevens

and

indeed,

to

a

problem: the wider Euro¬

problem,
the problem - of
Great Britain, the problem of the
pean

the

Seven—call

what

it

Six

and

you

will. I myself do not believe
"split" in Europe.
the
economic plane, Europe

the so-called

On

cannot

be

split by the

mere

fact

of six

nations, each of which pre¬
a national tariff, com¬
bining into a Community whose
joint tariff is substantially lower
viously had

than

the

of

some

national

tariffs

This is not a "split"
in Europe: it is a partial consoli¬
replaces.

dation. Nor

is Europe

"split"
if
a
number of other countries,
which did not jon the Commu¬
even

nity, themselves decide to oranize
a
free trading area among them¬
is

This

this

is

commitment:

adopting a method
proved its worth but

demands real sacrifices.

just

there

now,

Great

Britain

whole

that

a

it

which
which

As I said

signs that
rethinking this
are

is

problem:

they

signs

are

welcome.

we

problem

itself

i£

not

something for which
the Community is wholly respon¬
sible. It is, if you like, a

problem
Community's existence
has
merely
highlighted,
and
brought into sharp relief.. It ex¬
that

the

isted

already

in

and 1948.
at the time of the foundations of
It

for

—and

1947

decade

a

solved

not

was

the

then

question

remained

partly owing to the emer¬
gence
of the
Community,
that
question has become acute enough

Now,

for

possible.

aiji answer to seem

What

is

if

more,

this

in

further

discrimi¬

brings
what I

nation, if
further

like, but it is also

you

consolidation. And

political

plaqe,

has

munity

spotlighted

only

do

not

about

by

a

deliberate

choice.

Such

for

fectly

certain,

a

choice, I
no

political
am

per¬

responsible

All these questions, I
would have existed even
European
Community

a

Our existence

been created.

never

But what is

light.

a new

important, in
my view,
is that many of these
difficulties—although immediately
more

more

evident—become

solve

once

the

Community becomes

simple

easier

One

fact.

a

for this is the

reason

to

the

of

existence

con¬

centration of effort that the Com¬

munity itself implies.
its

concentration

of

Another is
A

resources.

third is the fact that the Commu¬

nity itself must study such issues
within its

for

example

borders.

own

the

Take

unsolved

still

problem of the business cycle that
I mentioned

at the beginning. We
facing this problem within the
Community: we have set up a
special body from
all
the
six

are

of

with

the

function

sole

dealing with just this.

I

can¬

not pretend that we have yet suc¬
ceeded:
but our efforts, already

involving six countries, are a basis
on which a wider
approach could
be

founded.

the

The

tion

to

tween

the

that

already!

could

process

lieve, of

banks.

This

extended.

And

true, I personally be¬
whole series of activi¬

a

which

m

the Community is
point the way ahead.

seeking to
Where

lie?

a

collaboration

is

same

ties

of

be

multiple

instituted

central

our

be¬

heaven

are

have

process

between

addi¬

contacts

they

of

true

In

and

—

we

—

regular

the

normal

bankers

knows

is

same

problem.

monetary

does

In

my*

direction

that

ahead
in the

way

view, it~ lies

of

reshaping

a

international order

on

of

the

Atlantic

an

would have arisen,
perhaps more gradually, in any
case, the same is true of many of
the other questions that vex
us

scale.
Already, the modest be¬
ginnings of such a movement are
coming into existence in the form

all.

of the O.E.C.D.

problem that

There is the

problem of the de¬

veloping countries.
lem

has

that

acute

as

It is a prob¬
growing more

been

their terms of trade have

to which
the European Community is now
worsened; and it is
in

one

position to make its full con¬
tribution
another mark, if you
a

ization
and

for

This

Organ¬
Cooperation
will bring the

will, of interdependence.

Development

United States and Canada for the
first

time

forum

There is the

tural

problem of agricul¬

need for a
policy has

surpluses.
Our
agricultural

common

merely thrown this

the

problem

into

greater relief.

with

the
of

Unlike

O.E.C.D.

problem has its roots in the

amazing technological revolution
in agricultural production.
Here
in

America,

cultural

and

food

some

workers
fiber

7 million agri¬
are
producing
of
outstanding

quality and in such quantity that
some parts of your domestic mar¬
ket are saturated
and
surpluses
are building up for which outlets
must

found

be

in

other

markets.

This revolution has spread to

Eu¬

In the European Economic
Community,
some
25%
of
the
rope.

population now supplies the need
of the remainder for many farm
products.
Given our obligations
to the developing world, what is
the

be

to

countries

fate

those

of

which

still

of

I

the

will

that
know
farm

that

avoid
this

surpluses,
is

the

goal

policy enunciated by
and Secretary
Orville Freeman.

President Kennedy
of Agriculture
U.

S. A.'s Balance

of Payments

Problem
Last

but

not least,

will

Atlantic

world

de¬

velopment. It has been aptly de¬
scribed, by my friend, a Member
of

the

"the

Commission, Jean Rey,

economic
world."

free

conscience

But

it

than that. If

organization

can

can

wish

we

develop

has

existed

never

in

as

the

of

be

real forum for cooperation

more

it, this
into a
such as

the

world:

of

achieving, between
free nations and continents, a de¬
gree of mutual assistance that can
outclass any merely imposed cen¬
tral planning as is practiced by
the countries of the Comecon, of
means

a

the

Communist

bloc.

We must wish it!

it.
we

sit

discuss

and

If

we

wish

Already,.*
our

as

debated

policies, the great grizzly bear is
scratching at the door.
♦An

the
New

address

YorJ'

by

Hallstein

Dr.

before

Industrial Conference Board,

National

r-ity.

Clearihue With

McLeod, Young
(Special to The Financial Chronicle)

BOSTON, Mass.—Lloyd Clearihue
become associated with Mc¬

has

Leod, Young,
Mr.

Clearihue

ton manager

Weir, Incorporated.
was

formerly Bos-.,

for A. E. Ames & Co.,

Incorporated.

Form

Superior Investors;

there is the

tors, Inc. has been formed to en¬
gage

in

address

a

separate issue from that of trade
balances, since last year the trade

dent;

markedly

in

Ameri¬

securities business. Mail

is Route 5, Box

ficers are

ran

are

free

JACKSON, Miss.—Superior Inves¬

problem of the American balance
of payments — which is quite a

halanrp

former

predecessor,
look outwards,

young

depend

equitable balance will require co¬
operation of a high order. We
must all work for an agricultural
policy

European
the

Its aims

largely for their national revenues
on the sale of crops?
Finding an

•and

a

co¬

its

cooperation—and

even

The

economic

countries

O.E.E.C.

into

members

Atlantic

operation
member

full

as

for

not inwards.

of Agricultural Surpluses

Problem

new

Economic

—

the

take place unless they are brought

should

like to call responsibilities
interdependence. We in Eu¬

"splits"

on

of

problem

the

merely shows them in

way

the creation of the European Com¬

is

the

countries

this

But

essentially

con¬

our

European

fundamental

Com¬

had

even

small

as

compatible with achievement
objective.
I do not know
have rightly interpreted the

of

it

munity.

the

of

should

discrimination

in

to

understand

it, has always been
clear on this point. In its vi£w,
discrimination of this; sort can be
justified on two conditions.
The

as

recruit

as

postwar period had made urgent?

against Ameri¬
can goods. By setting up the Com¬
mon Market, we are bound to dis¬
criminate: for goods of member
states will eventually face no tariff&* when entering each other's

I

a

come

so-called

of

"discrimination"

mon

the

Perhaps the

quite enough

are

always

ambiguous:
how
was
Europe as a whole to respond to
the
challenge of scale that the

anyone

There

me.

rash

to list them

have

we

Treaty, includ¬
political promise that it
represents, is very warmly wel¬

ing

O.E.E.C.

be

to

why

America.

of

rules of the Rome

a

a

wishes

Community. Any European coun¬
try that is prepared to accept the

means

the

to

is

di¬

positive side of the Community's
significance as a new factor in

it

That

me

as

—

—

problem that we
beginning to ap¬

just
that

Seven:

has

I have pointed

far,

good

—

further

a

only

are

the

stressed the open character of our

faire

and to

it is

Commerce. But that, if I may say
so
in
such
a
gathering, is too
-

problem—the
which is
closely linked to the aid problem,
a

proach:

existence

and

laissez

problem

stable currencies and international

the

take

a

This is

payments

of

ously

much

ca's favor.

real difficulties that arise because

a

Europe,

success

the
of

needs

selves.

These
new

of

dream

sometimes regard this organiza¬
tion as a world-wide Chamber of

I

al¬

as

This
proposal would, in effect, leave
both
the Community and EFTA
to develop into "low tariff clubs,"
and in itself might contribute to

Common

the

method

the

reduction

ready

reductions.

other

is here to stay.

general of

-

suggested
tariff

linear

of

the

by

ago

secretary

-

He

propo¬

a

It

world

in

one,

sometime

GATT.

quote

Europe.

Accelerated the Rome Treaty
No

made

sal

to

gentlemen,

Community

European

new

to

say is that
Community
on
our
feet,

implies. And this,
something new in

the

.

the

all

like

European

once

now

with

it

should
the

like

assistant

the

to

the United

taxpayer—for the aid

in

would

European Free Trade Association.

came

we

I

you

owe

to

things that

of

gratitude

tell

as

as

Indeed

attitude

practiced within the Com¬
munity and the countries of the

to

of

United States—and

rela¬

poor

A

pursue—is

bution.

know

Linear Reductions

Western

Europe, and
especially of the European Com¬

to

us

the

Nevertheless, the rapid postwar
of

part

sue—such

we

relations, to play
in
reciprocating

efforts.

policy, such

that

now

us,

poor

full

these

first

decision

gigantic

a

reduction

enjoys.
growth

to

up

longer

no

the Common

rapid

more

internal

This

protectionist

a

of

some

to

is

they agreed to accelerate

as

to

community,

20%

the establishment of

plier. This substantial increase in
imports, incidentally, should make
liberal trading

of

provi¬

a

mously decided by the Commu¬
nity's member states at the same

of

a

making

reduction

Market

are

by

Community's external tariff ap¬
plicable to goods of third coun¬

main customer and her main sup¬

we

It

they begin, our pragmdtic ap¬
proach has brought benefits for international affairs. It is a bul¬
our
trading partners.
This is to* wark and a center of attraction:

Community exports rose
13% to $19.6 billion; imports grew
by 20% to $20 billion. Vis-a-vis
Market

would

thatv term

be

lowed by a further round to bring
world tariffs down further still.

signifi¬

for years.

mon

statesman

have already enjoyed the
of your recognition of in¬
terdependence: Marshall Aid was
one; the NATO shield is another.

our

Continued from page
our

rope

fruits

and

328.

Of¬

Emory E. Wood, Presi¬

William

D.

Carver,

*1

26

(2750)

The Commercial and Financial Chronicle

Our Reporter on

R. Matthews With

BY JOHN

T.

ST.

Company,

CHIPPENDALE, JR.

the

cautious

attitude which

in

the

the decline
the

fears

capital

markets

in

be

riety

the

of

will

rates

the

be

and

money

have
all

in

and

capital

va¬

interest

And

in

the

markets

may

discounted

nearly

of this.

short-term

large

bust

in

conditions

already

as

better¬

gradual.

very

if not all

The

the

changes

current

and

conditions will

boom

that

in

now

money

that

economic

so

of

be

to

seems

believed

is

quarters of the

many

on

rising trend of
with
improving

conditions

It

be

some

a

rates

business

to

appears

bit because

a

receding.

not

rather rampant

was

over

interest

ment

unsettled

Government market in the

fortnight

past

and

as

are

be¬

every

the funds seeking the very
liquid kind of security show no
signs yet of decreasing. It is evi¬
cause

dent

that

the

Government

will

continue to supply the market this

kind of

obligation.

I

two groups of secu¬
not
been large for a

has

considerable
has

period

been

not

market

and

that

is

of

is

time,

not

of

it

now

a

the

limping
variety. There are enough buyers
around from
time to time,
ex¬
clusive
of
the
help
from
the
monetary authorities to give the
market for
nt

m e

distant

more

maturities

breadth fairly
and moderate

Govern-

considerable

substantial volume

activity.
There is
ample reason for this since the
yields that are available in these
Government securities
tive
of

to

fixed

be

Also

the

there

not

likely to
offerings of

distant Treasury obliga¬

more

tions for either

funding
hand

is

immediate

any

new

money or re¬

On

purposes.

The

War

zy2s in Spotlight
of

movement

funds into

ing

II

the

other

might be some "leap
trogging'' or "advance refunding"
offers by the Treasury. This kind
of
operation has proved to be

common

advices

to

investment

slowed

not

though there
satisfactory de¬
mand
for fixed
income bearing
obligations with, certain of the
longer-term,
Government
bonds
is

It

seems as

nonetheless

a

being bought during periods of
price weakness. These purchases
of

Treasury

securities

the

according

bonds

to

New

still

what

is

addition
being

is

there

termed

im¬

portant interest in selected inter¬
mediate
World

term

War

issues

II

2%s

the
spotlight.
This is in spite of the
professional type of market which
is found every now and then in
both the long terms and the mid¬
maturities.^

dle

follow

in

weakness

intermediate

the

long Government

much

than

mark-down
which

of

more

there

was

bonds

was

professional

a

an

operation

substantial

in

sell¬

ing
by
the
owners
of these
obligations. Granted that the mar-

Fiscal
.

that

the

for

the

the

new

will

Treasury

the

established

which

pattern
order

to

Since

the

strong

as

time

have

be

short-

used

needed

liquidity

just about
in a long
taining

will

the

get

(current)
that

means

maturities

term

in

preference

is

it has been
Government

as

the

difficulty in ob¬
money
at favorable
no

this

anticipation bills are
expected to be as important as
ever in the impending new money
ventures of the
There

have

Treasury.
been

Midwest

that

reports

in order to make commitments
definite

are

has

been

obligations.
indications

in

There

that

this

going

on,
with shortbeing swapped for
selected corporate and tax-exempt

issues

bonds.

addition

In

though

it

appears

the

of

some

as

near-term

liquid

Government
issues
have
also been exchanged for common

stocks.

to

appears

in

concern

markets

be

the money
the

over

though

bit less

a

of

electricity

ger

Syndicate
Department.

Mr.
who

in

has

the

ment

in

been

has

&

seems

as

the

not

expected

in effect

change

to

Matthews

H.

Robert

1940s

A

vision,

Mass.—Coffin

Incorporated,

60

State

of the

&

Burr,
Street,

New York

the

on

partnership,
be

formed.

Stock

date

same

Coffin

&

Partners

a

new

Burr,

will

will

Wil¬

be

liam G.

Harding, who will acquire
the Exchange membership previ¬
ously held by Albert T. Armitage,
Joshua

B.

Grant,

Jr.,

Richmond,
J.

Hunter

Ernest

B.

Robinson,

Charles L. Skinner,. Chenery Sal¬

William S. Webber, Jr., and
C. Leland, general partners,

mon,

Alan

Common Offered
June

a

Robert

pectus,

15, 1961 pros¬

Ferman &

L.

Co.,
Inc., Miami, Fla., and New York
City,
publicly
offered
106,000
shares

common

the" William-

of

house, Inc., at $6 per share. Net
proceeds,
estimated
at
$510,000
will

be

used

by the company for

the

repayment of debt, plant ex¬
pansion,
development
of
new

product lines and working capital.
The

of

company

185

Kent

Avenue,

Brooklyn, N. Y., is en¬
gaged in the manufacture and sale
of

fine

products

paper

business

envelopes,

birth

announcements

such

wedding

and
and

as

pur¬

advertising materials.
The
has
three
plants,
at

Brooklyn,
Los

and

N.

Scottsdale, Pa.,
Angeles, Calif. Its au¬
Y.,

thorized stock consists of 1,000,000
10-cent
par
common
shares
of

which 281,547 will be outstanding

completion of this sale.

upon

Blaha & Co.

and

Securities

Blaha

Common Offered

44

Pursuant to

under

March

a

13, 1961 of¬

fering circular, as amended June
6, J. K. Norton & Co., New York
City, publicly offered 60,000 com¬
shares of Baldwin Enclosures

Inc.

at

$5

was

all

sold.

mated

by

at

the

Net

trative

loans,

The

proceeds,

$255,000,

company

of

ment

share.

per

will

for

be

the

general

expenses,

Opens

stock

esti¬
used

repay¬

adminis¬

the purchase of

City,

&

Co., Inc., of Long Island
have opened an office at

Beaver
the

Street, New York City,
management
of
Sol

of

INCORPORATED

NEW YORK

☆

☆

CHICAGO




☆

West Peachtree

Holloway

offices

at

Street, N. W.
a principal

is

of the firm.

Robert

in

and

shares

500,000

shares,
,

houses

Authorized

are

10-cent

of

now

stock

office

Securities,

W.

New York City.

Worth,

which

has

is

capacity of 33%.

reserve

be much

smaller in

Grocoff,

Officers

President;

are

Bruce

Secretary-treasurer.

was

com¬

220,000
outstanding.

the. next

five years, with anticipated favour¬
able
effects
on
financing
and

earnings.

Construction

next five years

the

over

is expected to total

only $135 million, with 1965's $45
nearly double the previ¬

million

tor

of

formerly proprie¬

Lloyd Securities, of which

Mr. Worth

was

sales manager.

depression days in the
Sixteen of the coops have

state.

abundance

of

bituminous

southwestern

Indiana

an

coal

and

construction
ties

generation,

which

low

company

generating costs.

owns

under
in

rela¬

means

the

leases

or

The

tion

River, Dresser, and Edwards-

many

However,

years.

policy of the
these

reserves

company

reserves

for

it

is

the
to maintain

future

use

and

to

satisfy current requirements by
purchasing coal under long-term
agreements.

but

or

the

years;

the

for

1943-

further

year

esti¬

1961

is

only slightly higher than
Since
to

used

have

period
little

was

later

cost

1948.

coal

in

the

million Btu

declined

the

btu

1943 the pounds

generate
from

one

1.92

required

to

per

of

kwh

0.97;
kwh

lation among the states, its growth
in the past decade of 18.5% being

the

same

the

as

national

During this period the
company's
customers
increased
average.

25%
more

past

reduced

of

amounts

of

cash

through

ferred

construc¬

increased

and

generated inter¬

de¬

depreciation,

Federal

income

and

taxes

retained earnings* no permanent
financing should be required prior
to

1964.

sell

at

Even

that

unlikely

that

the

time

stock, since

common

is

it

will

company

common

equity is expected to approximate
40% of total capitalization.

During

earnings
1950

In

the

has

the

rate

applied

a

6.5%-.

5.1%

only

years

earned.

for

in

years

had. been

past twTo

been

and

e'ght

past

net

property ranged
5.1% and 5.4%, although

between
in

the
on

The

company

rate

increase

January this

it

year

was

authorized to increase rates about

$5

million,

46 i

a

share

With

the

equivalent

to

about

the common

on

increase

rate

stock.

effective

for about ten months of this.year,

earnings
at $2.90

for
oer

1931

are

estimated

share compared

with

$2.59 in 1960.
Over the longer-term. President

Blanchar

forecasts 1S65 earnings
approaching $4. The interest dur¬
ing construction credit will be
nominal during 1961-64 (about 20-

share)

per

has

to

but in

180.

1985

should

Dividend

payout

about

averaged

76%;

the

present rate is $2.20 which affords

yield of 3.6% at the recent price
The non-taxable

of 69.

portion of

the dividend will be about 25%

compared with 53%

in

as

1960.

Now Corporation
Ogden, Wechsler & Krumholz Inc.
has

been

formed

to

continue

the

investment

business

Wechsler &

Krumholz, 39 Broad¬

of

Ogden,

New York City.

way,

Lombard, Vitalis &
Paganucci Forming
Effective
talis

&

June

22

Lombard,

Paganucci,

members

of

the

Vi¬

Incorporated,

New York

Stock

Exchange, will be formed with of¬
fices

at

York

City.

15

Broad

Street,

Officers will be

New
Paul

D.

Paganucci, President; Richard
Lombard, Vice-President and
Treasurer; and William N. Vitalis,
D.

who will

the

New

acquire
York

a

membership in
Exchange,

Stock

Vice-President and Secretary.

11,000.

Indiana ranks eleventh in popu¬

about

the total.

of

requirements

mineral

approximately 6,000
vicinity of the Wa¬

related

and

$3,500,000 Yevenue,

of

4%

Because

a

Kentucky,
along
with
adequate stream flow for electric

in

about

or

lines

duplicating facili¬

—

already provided bv the com¬
It is estimated that in this
the company might lose a

in

north¬

western

20.32c

transmission

of

increase

is favored by

company

acres

holdover from

a

severe

applied to the REA for a $42 mil¬
lion 2% loan and this is now be¬

60

annual average.

than

been

con¬

Mr. Grocoff
par

Inc.

formed with offices at 150 Broad¬
way,

mon

deficit in gen¬

was a

dropped from about 20,000 to less

installation

of

the

decade

new

Thus the company can now relax,
and
construction
requirements

and

Lloyd Securities, Inc.

sells elevator cabs for

apartment

disposed

erating capacity of 26% as com¬
pared with peak demand; now
with capacity almost quadrupled,

increase

Maspeth, N. Y., manufactures and

sists

period there

rights

the

coops,

reflecting

properties,

At the beginning of the

vestment.

mated

680

water,

gas,

construction,
which now comprises over threequarters of the present plant in¬
on

ATLANTA, Ga.—North American
Investors, Inc. is conducting a se¬
from

financial

later

the lipast

during

Lloyd

quarters.

buildings.
BOSTON

During

in

predecessors

ice

and

there

Graham

properties

Its

were

48,

business

drab

they had burden¬

doubled

equipment, the hiring
personnel, and expenses
with moving to larger

sales

The company, of 59-33 55th St.,
20 BROAD STREET

since

heat

tively

at

power

31

some

latter

nally

strained

Form North American Inv.

connected

8c Co.

1941.

rather

transportation,

The

49 munici¬

serves

provides

for

the

the

Average

rather

The cost of coal per

additional

Aubrey G. Lanston

Insull

$400 million

Tepper.

curities

wholesale

move

manufacturing.

light

and

maximum

jcompany has had' to spend riearly

ous

the

The company

palities

other utili¬
aut' orities

being
adequate for fuel requirements for

New York Office

Baldwin Enclos.

mon

had

port Stations, coal

much.

Federal agency

in

these

bash

very

the

in

steam

will

by

event

of 3,790 kwh.

of

there

suburbs

from

pany.

remainder.

the

condition

in¬

commercial

special

public

company

Indiana

of;

indus¬
to

and

account

beginnings since it represented a
merger
and
reorganization
of
some

decen¬

tries

commercial

favorably with the national

The

but

C'ttG

28%,

and

of

average

lis T. Gleason and John T.

Williamhouse

sales

of revenues,

industrial

pares

some

Beach,

rail¬

residential usage, 3,936 kwh, com¬

and Albert T. Armitage, John A.
Paine, Henry B. Pennell, Jr., Hol-

limited partners.

Residential

11%

most

the

from

tralization of large national

generating station and 1,400 miles

38%

17%,

benefited

also

throughout the
company
has

printing, radio and tele¬
pre-fabricated
housing,

repair.

ties

The

area.

ing increased to $64 million. If
obtained, these * funds would be
used
to
construct a
198,000 kw

shops and boat building and

way
for

were

Pursuant to

metal

frozen food and cold storage,

Exchange, will be dissolved June
and

other

rock

glass,

Partnership

service

include

area

and

cation of industry

plastics, electric equip¬
wall
and
gypsum,

are

ment,

30th

the

products, petroleum, paper
products, furniture, ceramics and
dairy products.
Some industries
which had their beginnings in the

Coffin & Burr

members

in

rubber

Co.

BOSTON,

serves

products, cement, stone quarrying,

Dean

Witter

over

parts, aluminum

re¬

been

with

Indiana

chemicals, natural gas, coal min¬
ing,
automobile accessories and

Louis

cently

of

(only) to a population
900,000 in Indiana, some

industries

many

years

Service

principal cities being Terre
Haute, Kokomo, Lafayette, New
Albany, Vincennes, etc. Leading

business

St.

for

Company of Indiana, Inc.

of the

invest¬

company

pattern which has been

of

Matthews

pose

proved economic conditions is los¬
ing some of its followers.
The
is

Public

m a n a

the

and capital

feeling that interest
rates would rise sharply with im¬

U. S. GOVERNMENT

as

foreseeable

trend of interest rates. It

Specialists in

change,

vitations,

,

There

Public Service

Ex-

..

Government issues have been sold
non-Federal

St.,

Fourth

funds.

Tax

term

According to advices, the recent
and

of

coming fiscal
which starts on July 1 will

year

the

with

holding

which

raising

rates.

steady buyers of these

Coming

for

evident

money

be

have

In

owners

Year

is

It

should

obligations.

the

involved.

Money

reports have not been confined to
the
public
pension funds who
been

and

stocks accord¬

has

down to any appreciable extent in
spite of the lower and less emo¬
tional type of activity which is
being witnessed in the market for

equities.

Government

OWEN ELY

BY

f

o

there

profitable in the past to both the
World

North

320

attrac¬

are

institutional buyers
income bearing obliga¬

many

tions.

obligations

demand

ket for these

rities

Thursday, June 22, 1961

SECURITIES

LOUIS, Mo.—Robert H. Mat¬

Stock
very

.

thews has joined Scherck, Richter
members

The

.

PUBLIC UTILITY

Scherck, Richter

GOVERNMENTS

.

and
than

20

residential
doubled.

years

substantial

there

growth

kwh

Brooks, Arlington

(Special to The Financial Chronicle)

SAN

FRANCISCO, Calif.—Brooks,
Arlington and Lundquist is con¬
ducting a securities business from
offices

in

the

Russ

Building.

Of¬

sales

During the
has been a

and

Form

diversifi¬

ficers

are

Joseph

Zukin,

Jr.,

President, and Michael N. Khouri,
Vice-President and Treasurer.

w

Volume

193

Number 6066

The

...

Commercial and Financial Chronicle

production and restrictive of jobs.
The
Government
has
exercised

Canada's Finance Minister

around the

Bank's

has

opposed the

policies and

banking.

Government's

made

Mr,

pressed

and central

complete cooperation.
speeches

Mr.

bank

chiefs

and

going beyond the

Coyne asserts at

disagreement with the

time

no

Bank's

low

the

had

interest

his

of

31

term

next,

do

ever

the

office

on

New York Chamber of Commerce at the

but

its hopes have
by Mr. Coyne, and

the

Chamber.

Wilson

J.

Newman,

193rd annual

Board

meeting of

Chairman

Chief

and

longer postpone decisive

no

Matters of high importance are
awaiting decision and cooperative
action by both the Bank and the

rate

he

can

of

Ralph T. Reed, Chairman of the Executive Committee of American
Express Co., has been elected to a second term as President of the

action.

of central

has

nor

it

Coyne

Government

operation

opposed Government policy or would

not

Mr.

province

has

revolves

has

Fleming insists

expansionist

controversy, pending

expiry
Dec.

been frustrated

charge and the denial that the Government

the

further

27

N. Y. Chamber of Commerce Elects

patience in the hope of avoiding

Presses Coyne to Resign
Imbroglio between Canada's fiscal

(2751)'

Government.

ex¬

work

ever

ship

so.

The

between

by

need

them

them

team¬

of

leader¬

and

has

been

never

>

It has become impossible
to expect this kind of
cooperation

greater.
A

dispute of fundamental impor¬

in the

tance to the degree of Government

feel

control

to

central

over

developed

in

banking has

Canada.

This'

is

conduct of public

myself

under
that

ensure

brought

into

affairs, I
obligation

an

this

the

matter

is

in -order
that it may receive full consider¬
open

ation and discussion.
I

add that at

may

the

time

no

has

Government

expressed
dis¬
agreement with the operations of
the

Bank

of

Canada

management,

either

of

policy,

monetary

fields

in

which

under

in

the

in those
solely as

or

act

we

my

field

agents and under the instructions
of the Minister of Finance, name¬

in

ly

debt

management and in
of the Exchange Fund.

operation
There

has

likewise

occasion

any

which

on

of Canada has failed to
Hon.

D.

M.

Fleming

somewhat
central

bank

The

ald

unusual

is

Minister

M.

since

far

so

J. E. Coyne

Canada's

long as I
position of

continue
that

out

relationship to the
Mr. Coyne's state¬

his

Mr.

Fleming's is taken from

June

14

address

to

the

House

of Commons.
MR.
On

ter

COYNE'S

Finance

sign

at

Bank
for

STATEMENT

once

of

Canada

Dec.

31

without

this

To

year.

consideration

my

of

aid

suggested to

which

1960
of

according
Bank's

to

the

in

matter

improve

the

to

Pension

rules

Fund

in

the

which
of

the

had

always
been provided immediately on the
termination
ernor

said

service

of

a

Gov¬

Deputy

Governor.
Government were

or

the

sidering

of

what

action

to

He
con¬

take

in

the matter of the

pension, had not
yet
come
to
a
decision,,
and
wanted
my
resignation
before
they came to a decision.
of

were

failed

to

bilities

of

the

Board

the

action

sideration

in

amending

the

said

was

of

had

I

responsi¬
in allowing

Directors

of

fund

to

take

the

pen¬

action which
of Justice had

an

entirelv within the pow¬

the

This

that

the

office

my

rules,
Department

ers

view

they did take unaniand after thorough con¬

omusly
sion

the

discharge

Board.

slander

upon

my

own

in¬

tegrity, I cannot ignore or accept.
It appears to be another element
in a general campaign of injury
and
defamation directed
against
crown

corporations,

executive

officers

their

and other

chief
oub-

lic servants. I cannot and will not

resign quietly under such circum¬
stances.
For the sake of future

the

of

as I
shall ex¬
the confidence

Directors

Canada.'

He

the

of

does

not

the confidence of the Gov¬

On
of

May 30, on the instructions

the

Government, I asked

Coyne

to

the

to

tender

Board

of

Mr.
resignation

his

Directors

I further

asked

the

of

that

he

Keith Funston

before the regular Board Meet¬
ing to be held in Quebec on June

Executive Officer of Dun & Bradstreet,
Inc., was re-elected Chair¬
man of the Chamber's Executive
Committee. Bottrwill serve until

12

May, 1962.

and

be

13,

meeting
him

that action might
the Board at its

so

taken

by

the resignation. I gave
ample statement of the

on

an

for

reasons

ernment

the

that

was

convinced

the

the

Bank

of

the

way

in

stand

mentation

Gov¬

Government

Mr.

that

continuation in office
-of

the

course

following. The main

was

Coyne's

Governor

as

Canada

would

the

imple¬

of

four-year terms

wish

to

that

policy,

do

at

It

so.

opposed

and

do

not

conceivable

is

stage

some

plan¬

are

in

Canada.

in

and

some

circumstances it would be the duty
the

of

Governor

resign

on

principle

of

Bank

the

policy,

or

other hand to make

a

to

question

important

an

or

the

on

strong pub¬

stand

against some Govern¬
proposal.
The
Governor

ment

should not, however,

resign

mere¬

because he is asked to do so.
I continue to hope, in the present

ly

that the processes
consideration and

circumstances,
thoughtful

of

discussion

will

Bank

the

the

After

Section

hour's

an

Council."

in

Mr.

Coyne

requirements and eco¬
policy of the Government

nomic
of the

*

*

FLEMING'S

STATEMENT

deterioration

deplorable

the relations
ada with the

by

of the Bank of

tion

and

rations

a

has six and

Had.

Mr.

Machines Corp.

ness

about

was

have

in

public. The Governor

of ill-considered ac¬
series of public decla¬

of oolicv

the

if

in

on

oublic

issues

incompatible
with
government policv, has embroiled
openly

in

with
Mr.

is

aimed

contro¬

political

Covne's

Government's
sionist

continuous

strong

maintenance

rates

terest

over¬

rigid attitude
of Mgh lV>-

example.
The
policy
is expan¬

one

at

the

creation

of

trade,

more

jobs. The policies advocated

bv

Mr

run.

the

Board

Bank

would

position

a

last

to
resignation

the

on

its

at

days

two

disposed, to appoint a
the
approval of

so

with

in

Council.

I

had

and consideration.
Mr.
however, has chosen to
reject the request and to provoke
dignity
Coyne,

a

controversy.
Mr.

introduce

to

more

Coyne

production and

restrictionist—
restrictive of trade, restrictive of
are

with

himself
auest

from

not

contented

disregarding

the

Board of Directors met at
on

re-

a

Government.

The

Quebec

Monday and Tuesday. The sub¬

of

Coyne's

Mr.

discussed

both

tenure was
days. Mr. Coyne

introduced

Board's

the

meeting

subiect at

on

Monday

Both at the morning
session and again at the afternoon
morning.

delivered

he

session,

lengthy

a

defense of his administration. Dis¬

cussion

followed.

I

am

informed

Mr.

Coyne was made fully
aware on
Monday that the Board
would ask for his resignation if
that

he

did

choose

not

to

submit

it.

The Board

meeting resumed on
Tuesday morning at 9:30.
When
it

became

clear

that

the

Board

resolu¬

a

requesting the immediate re¬
signation of Mr. Coyne, he asked
be

to

excused

Board

to

to

issued

and

consider
the

to

inform

the

matters

He

out.

was

meeting at
that

12:15

he

had

the press at

statement to

a

the

asked

other

Board

This statement

11:00 o'clock.

'

>

*

was

tail

to

"mysterious

a

the

read

statement to the Board and

press

intimated

that

sign

even

tors

requested

if the Board of Direc¬
him to do so.

With

Mr.

he

would

in

Coyne

not

the

re¬

Chair,

the Board then proceeded to vote
the

on

ests

is

it

the

of

resolution:

following

"That

in

best

the

Bank

of

1

Canada

that

the Governor do immediately ten¬

der

his

resignation to

the Board

this

contemplating, Mr. Coyne may
left a certain false impres¬
with the public. Perahps the
best way to dispel this impression
is for

to say at once

me

has

not

after

Mr. Coyne

polled the Directors.

The

resolution

vote

of 9

carried

was

1. Mr.

to

by

a

Coyne did not

Having declared the Motion

vote.

carried, Mr. Coyne then imme¬
diately adjourned the meeting.

the

the

doing so, he not only defied
formally expressed wish of
that he should resign

Board

of
Bank; he made it impossible for
them to proceed to consider what
action might be taken in the face
of this defiance.
It is of particu¬
lar
significance that Mr. Coyne
deliberately issued his own press
release
prepared in advance of
in

immediately

the

and

in

In

about to

doing

the-

resignation

before
the
its decision,
that the
a deci¬

so

reach

he

left

and,

therefore,

whatsoever

to

only

had

come

from

the

Government.

it is not
intention to comment in de¬

As I
my

has

no

express

right
views

about it..

Second, Mr. Coyne has
he has been given
of
disagreement
with his views on economic pol¬
icy.
In my last two Budgets and
in various other public statements,
asserted

that

indication

no

has

that

been

there

ferences

clear

have

for

some

been

time

major

dif¬

of

opinion with the fre¬
expressed views of the

quently

Governor

economic

on
•

*

matters.

*

indicated earlier,

have

I

already

the

under

Canada

Act^

Governor
is

the

Board

appointing

of

body

Council

in

Governor

the

is

that

Bank

appointing

in

the

indicated
of

terms

of

the

Directors

and

the

the

ap¬

proving body. The Board has now
asked for his resignation and the

asserted
main
for

in

the

asked

has

Government

He

resignation.

on

his

for

his

part

has

determination to

his

re¬

office, though unwanted,
remaining six and oneof his seven - year

months

half
term.

♦

the

In

*

»

light of the foregoing I
inform the House that

can

now

the

Government

will

shortly in¬
appropri¬

vite Parliament to take
ate

legislative action to meet the

needs of the situation.

With Westheimer & Co.

the

the false impression
request for
his

with

public

interests

knowledge

the

was

sion.

that

reached

had

Board

the

meeting

Board

Board

that Mr.
of the

told

action and decision

of the Board has been
prolonged considera¬
tion and with regret."

taken

been

contents of the forthcoming Budg¬

the part

on

alarming"

Government

sion

of Directors of the Bank and fur¬

ther that

and

the

have

it

inter¬

I

statement.

is

et

he

which

program

also

that

Coyne's

like, however, to make two
observations. First, by referring

Coyne

informed

Mr.

on

should

apparently released simultaneous¬
ly in Quebec and Ottawa.
I am

In

has

Coyne

the

the

ap¬

hoped to announce in the House
today that this course had been

and

on

the

the

Governor

humself

tones.

of

action

take

trinaire expression of views, often

Bank

the

This term

request,

in

been

meeting

ject

the

with

half months to

a

Directors

of

\

tion

Coyne complied the the

Government's

quite outside the realm of central
banking and by his rigid and doc¬

versy

known,

appointed by the

was

expiring Dec. 31, 1961.

Can¬

course

a

well

ter would have been handled with

During Mr. Coyne's period in
office, there has been a steady
and

is

followed and that the whole mat¬

day.
*

MR.

Can¬

of

proval of the then Governor in
Council, in December, 1954, for
a
seven-year term as
Governor,

successor

financial

As

Directors

of

Board

and,

in support of the

Bank

provides that "The Gov¬
Deputy Governor shall
be
appointed by the Directors
with the approval of the Governor

own

of activity

of the

statement

and

take

field

6

Pre¬

over.

published

Act

ernor

in the past to

as

matter

his

appropriate action within its

to

continue

enable

think

ada

Vice-Presidents of the Chamber

Ecker, Board Chairman of the Metropolitan Life
Insurance Co.; G. Keith Funston, President of the New York Stock
Exchange; and Morehead Patterson, Board Chairman of the Ameri¬
can Machine &
Foundry Co.
I
They succeed Henry U. Harris, partner of Harris, Upham &
Co.; E. V. Rickenbacker, Board Chairman of Eastern'Air Lines'
Inc.; and Thomas J. Watson, Jr., President of International Busi¬

and

discussion, he asked to be allowed
to

as

Frederic W.

of

a
comprehensive,
responsible economic
program
designed
to
raise
the
levels of employment and produc¬

sound

Elected to
were

returned

never

Morehead Patterson

do

ernment's request.

they

Ecker

ernment.

the Government to disclose to the

is

W.

the

of business while he

what it

Frederic

run

yesterday is his reply to the Gov¬

more




J. Wilson Newman

duties

Govern¬

of the

clearly
policies of

the

Board
of

possess

tion

Bank, and in the inter¬
est of propriety and decency in
the processes of Government and
ors

T. Reed

sumably

Mr. Fleming also said the Cabi¬
net

I

that

them.

Government

pension

me

they

Ralph

Canada

mysterious and alarming
suggestion has not been clarified.
Clearly I would be betraying the

lic

conditions

character

such

the

action

that

This

of

February,

of

of

me

rea->

wanted

was

has

preparing certain programs
were
apparently thought

be

to

way

would oppose

said the Cabinet were
upset
by the fact that the Bank's Board
taken

the

of

were

of

had

Government

the

-

that another,

me

ning to do. I have

he

Directors

of

Bank

reason

Finance

of

public

expires

this

Minister

re¬

seven-

of office which

The

the

waiting

present

my

pre¬

economic

the

for

concern

I

of

that

Governor

as

thq end of

year term

behalf

on

requested

specially

as

of my office to resign un¬
der such circumstances.
It is for

Tuesday, May 30, the Minis¬

of

Government

will

I

of

which

to

Mr. Coyne has,
plain shortly, lost

was

son

ment to the Press is dated June 13

Governor,

welfare of my country.

The following statements
by Mr.

as

hold

to

perform the duties of

high office,

and

peripheral difference
has
developed over a pension program
for Mr. Coyne.

charge and counter-charge

to

,

continue

scribed by Parliament, in accord¬
ance
with the dictates of honor

other

Fleming and Mr. Coyne deal with

policies.

So'
the

our

Bank

Government.

so

appointment and has refused
request to resign before the ex¬
piration of his term of office. An¬

and

counter

the

played

loyally

that

Governor

ernment

year

Bank's

confidence

policy would support government
policy, having in mind the fre¬
quent public declarations by the

Bank.

always

perfectly
Government
that
was

whatever
assurances
Mr.
Coyne
might give of cooperation for the
future, the public could have no

have

obstructing

the

in

concerned

was

matter, in support of Government
policy. In financial matters we

Governor

present

the

to

part in carrying out positive Gov¬

Finance, Don¬

governmental policies. This is de¬
nied by Mr. Coyne who has but
six months
.remaining in his seven

to

Bank

plain

of

Fleming, has charged the

Government.

the

cooperate,

the

as

remains in office. It

nationalized.

Governor of the Bank of
Canada,
James
Coyne,
with

the

it

as

been

never

long

as

CINCINNATI,

Ohio —Gerald

E.

Hudepohl has joined the staff of
Westheimer and Company,
322-

members of the
Cincinnati Stock

326 Walnut Street,
New

York

Exchanges.

and

28

The Commercial and Financial

(2752)

1961's Municipal Borrowing
And Threats to Tax Exempts
Continued
in

from

there

Therefore

situations.

similar

would

be

follow

closely

bankers

5

page

less

tendency

the

government

to

market.

is

Policy

always

threat,

a

with deficit financ¬
ing and vast Federal programs,
often equaled by state and local

particularly

While

funds.

word

the

recent

much

as

gnawing
of living.

cost

much

are

in¬

inflation's

of

sidious

daily

one's

at

in

did

we

as

people

conscious

more

heard

haven't

we

years,

securities

business

a

or

both.

ford

inflation
cannot af¬

recovery,

Certainly

we

is

inflation

of

threat

not

receding and is barely holding in
a

condition.

stable

ahead

is

will

we

informed

It is for this
con¬

give-away programs that

cern

on

tend

towards

socialism

eralization which
tiated

look with

should

we

better

much

be

again increasing.

reason

the months

In

to whether the threat

as

Fed¬

and

not substan¬

are

If

by the results obtained.

these

programs

cause

of

fered

if

economic

real

face

we

of

views

Council

the

of

Economic Advisers appear to sup¬

port the analysis that our business

will not be rapid and the
interest rates should be easy for

recovery

time.

some

The

understanding
eral

reported

the

between

Fed¬

the

and

matter

this

on

when

tested

current

Board

Reserve

ministration
be

low

sure

bond

borrowing

market.

judged

if there

and

B. Role

Elsewhere

is

a

Gross sales of

of

substantially

to

issues of bonds

new

non-residents

declined

in

1960

to $375,000,000
(Canadian) from
$660,000,000 (Canadian) in 1959.
While the trend of interest rates

the

United

States

mar¬

ket, at times the spread widened
again

declined.

yields

the

At

close

generally

were

lower than at the end of 1959.
It is

significant to

say

that

cannot

expect

banks

dent

Kennedy

dicative

substantial

role

problems.
in

made

part

ment

ada

in

these years

the

yields

It

has

its

must

funds

reflected
securities

been

cline

of

related

outside

interest

of

some

of

the

its
Do¬

in

the

financing

de¬

and

during 1960 banks made relatively
minor

additions

of

accounts

be

can

Public

Decline

are

aware

tion

Comments

that

finance

of the public

program

Investment

instigated

Bankers

officers

informa¬

by

the

Association

this year. It is designed primarily
to broaden the market for munic¬

ipal
serve

bonds.
to

banks

holdings

to

to

in

deposits
either
through competition from institu¬
tions

other

The

program

educate




will

investment

to

the

all

and

rise

of the

aware

which

in

problems

municipal debt and the
of
finding
sufficient

revenue

to

balance

electorate of
their views
panaceas will be
alleviate thte unemploy¬
the

express

issues,

bond

on

offered to

expanding

has

in

been

recent

problem by bringing indus¬
try to the community through the

years

the

uncover

inflexibility

tax

attempted

by

socialism

ization.

We

by

tempted

our

major

in municipal debt

problems
financing today.

Federal

vast

on

of

banks,

aggravated

In

not

only

on

securities

legally be paid

time

on

the

banks'

other

words,

commercial

faced

return

government

position.

many

by custom¬

higher

a

paying

time money or the
money

banks

with the

were

problem

of

liquidating securities but also
curbing loans.
The

I

reason

mentioning
this problem is to point out that
bankers feel responsible for meet¬
ing the credit needs of their com¬
munity
When

tension
of

their

and

they

am

credit

of

trade

areas.

curtail

the

because

of

must

ex¬

lack

funds, this

is reflected in the
being and growth of the area
they serve. It can mean a decline

well

in
home
purchases,
household
equipment needs, goods and serv¬

ices and

comes

the

address

An

by

of the Munici¬

Finance Officers Association cf the
and
Canada, Seattle, Washington,

pal
U.

before

Browne

Mr.

the 55th annual conference
S.

May

22,

1961.

that

needed

municipal

the

revenues

curtailment

of

bank

the

Letter

Municipal
many

justifiable

Finance

News

the

to

their funds through in¬

on

It might be appropriate

banks

try

must also accept a measure
responsibility
to
insure
the

of

economic well

being of their

com¬

munity. Funds that would
mally
be
deposited
with

local

commercial
and

by municipal¬
other public bodies, but
invested

are

and

contributes

to

and

to

municipal

in

business

reduce

decline

sources

of

revenue.

Qn

n'
Others, however, while not lmTheory of Money" (University of pressed with the stabilityof vePress,
1956)
Friedman locity, nevertheless believe it is
Chicago
stated:
"One
of
the
chief
reonly moderately rather than mThus in

movement.
tion

"Studies

to

in

his

introduc-

the

Quantity

proaches directed against econornas an allegedly empirical sci-

ies

that

is

ence

numerical
isolated

offer

can

so

few

it

has

that

few fundamental regu-

so

The field of money is

larities.
chief

it

constants,

example

in
other
economics
offer

can

one

the

rebuttal: there is perhaps no

empirical

relation

has

that

observed

been

uniformly

so

of

variety
relation

in

under

to

recur

wide

so

circumstances

a

the

as

substantial

between

changes over short periods in the
stock of money and

is

one

in prices; the

invariably linked with the
is

and

in

uniformities

their report on

the

direc-

that

same

form

physical sciences. There is
extraordinary empirical sta-

an

bility and regularity to such magcannot
works

income

that
who
extensively with monetary
as

but

velocity

impress

anyone

made
on

♦

u

non

rf

governments

lated to their effect

on

the

the

theorists

Ouantitv

Ji■

.theo™sts
rather

stability of velocity

is

i

less

apparent, for reasons that are best
summarized in Table I.
about
that

all

they

is

velocity

However,

agree

can

upon

not stable,

is

espe-

bank¬

ing fraternity in each community

ity.

A given volume of money,
example, can be associated
higher or lower levels

for

with either

spending depending on
used.
Efforts of

total

of

how often it is

.

.

.

policy to curb infla¬
tionary spending by limiting the
expansion of the money supply
are
generally accompanied by a
more
active use of cash balances
monetary

As incomes rise in

period, however, people
will
feel
a
growing
need for
transactions cash and it will be¬

such

a

inconvenient

increasingly

existing

For this reason mainly,

will
.

.

approach

a

[In any case,] it is necessarily

.

incumbent

velocity and to weigh its

money

strength carefully in determining

possible actions."

quantity of

money

1961,

(estim.)—

Quarter

1st

tBillions
and

is

banks.

of

defined
It

is

dollars.
as

an

.—

("Economic Issues of the 1960's,"

h

r

un,

iocrn

of

average

Economic

But

movement.

its

using

it

also has its benefits: without hav¬

ing to examine in detail why vari¬
ous authorities believe as they do
concerning it,

we

within the
sketch the

can,

of this paper,

confines

broad outlines that underlie much

of

the

the

should
If

disagreement over
monetary
policy

current

that

role

play.

believed

is

velocity

stable,

to

be

regular and predictable,
alone is both

or

If

moderately

is

then, depending on its
of variability, monetary

variable,
degree

policy

probably

is

necessary

but

monetary policy is useless.

What is the Federal Reserve's
view on the stability of velocity?
If we go by the latest (1961) ediI

Postwar Cyclical Peaks & Troughs
Money Supply*

505.0
499.5

Let

(GNP

-r

3.95

supply is also in billions of dollars
adjusted plus currency outside
the period.
GNP and M
are
both

M)

conclude

me

by

repeating

that monetary policy
best

McGraw-Hill, 1960).

deposits
for

seasonally
Bureau

for

if

do

we

not

much and if

we

much

it.

from

will serve us
rely on it too

do not expect too

Monetary

policy

should

remain, however, despite
its shortcomings, as an important
part—not the whole, but a part—•
of our national economic policy.
It

should

remain

accomplish

in

cause,

inflation
far

because

something
an

may

it

and

can

be¬

in which
,be quiescent but is
economy

from

dead, it would be irre¬
sponsible to abandon it, as some
occasionally

seem

to

imply

we

should.
*An

the
New

informal

talk

by Dr. Ritter before

Metropolitan Economic Association,
York
City, May 10, 1961.

Gittlin Sees. Branch

*Money

demand

adjusted.
Postwar
cyclical

into the reasons

beyond velocity

begins to

become increasingly effective."

1.99

(T)
(P)

cost-

push inflation, etc. Once we start
to examine why velocity changes,
or how much, we are forced to go

—

2.40
2.34
2.87
2.79
3.29
,3.18
3.61
3.54

1960, 2nd Quarter

institutions,

dox

111.0
110.0
127.9
129.9
136.4
137.2
140.0
141.1

Quarter

role of non-

the

such as
financial

they could be Reinforcing. The
I myself find the evidence for
Radcliffe Report seems to I me to both extremes
that velocity is
giye misleading impressions in either stable or infinitely variable
this regard, whatever its other —unconvincing, and am inclined
merits." Similarly, Alvin Hansen, to the view that it is only mod¬
w^° might be surprised to find erately variable.
However,
it
himself classified as something of must be admitted that this view
a moderate on the subject of rests to a certain extent on faith,
monetary policy: "Within rather for the postwar evidence, sum¬
wide limits, the rate of spending marized in Table
I, cannot con¬
upder modern conditions can be clusively demonstrate whether or
high or low regardless of the not there is an upper (or lower)
money supply.
I said, 'within limit to V. What it does indicate
rather wide limits.' There are, of is that V'is indeed variable, and
course, limits, both at the upper that
it
has
risen
higher
and
and lower levels, beyond which higher in each cyclical upswing.

106.0

1957, 3rd

issues,
bank

central bank operations; at times

265.9
257.0
367.1
362.0
448.3
436.8

Quarter

em¬

rarely sufficient. And if velocity
is infinitely variable, then ortho¬

210.7

Quarter

argument

velocity

velocity

26.4

1953, 3rd

The

bodies within itself a host of other

and sufficient to control

104.4

1954, 3rd

IV

Conclusions

GNP.

1929

—

au¬

close attention to

pay

necessary

Statistics sympo-

on

Income Velocity

—

monetary

the

on

thorities to

controversial issues in
recent monetary policy, writes:
"^n conditions like those of the
iast decade, it seems unwise to
expect that induced changes in V
largely undo the effects of
sium

GNPf

(P)
(T)
(P)
(T)
(P)—

in

velocity

Economics and

Period

1946

believe that a
this situation
definable limit.

economists

in

then monetary policy

TABLE
Income Velocity: 1929, 1946, and at

in

by state and
should be re¬

the

finitely variable. Thus Paul Sarn¬
uelson, in the 1960 Review of

the

»

To

the investment of

balances

basis

the

of the

1958, 2nd Quarter
as

has increased.

icv'b^aus^toev be'lieve that veexperience in monetary hislocitv is constant ^or at least tory-indicating,; that there is any
regufar and predictable in its
to the veloclty o£ circula"

Quarter

the Advisory Commission
Inter-Governmental Relations

local

briei, Friedman and other
Quantity theorists believe we can

1949, 4th

a

money

have not mademore use of
^
■
Qr

in

supply of
investment
funds,

by

cash

velocity of

nerfcot

from

Quarter

Recommendations such

idle

how variable it is, is a matter of
much dispute. Some think it is
desperation we then have to turn Just about infinitely variable. The
to examining in detail the role of
following quotation is from the
money in spending decisions, and
Radcliffe Report: "It is possible
we
unavoidably get involved in to demonstrate statistically that
such matters as consumption func- during the last few years the voltions, the determinants of invest- ume °t spending has greatly lnment, and related areas wherein creased,
while the supply of
our
knowledge is admittedly far money has hardly changed; the

1948, 4th

the

Exactly

the short run.

cially in

15

page

short-term

restricts

tends

from

nor¬

banks

outstanding

level of economic activ¬

and

However, if V is not constant, the
structure falls to the ground; in

income

to discuss this with bankers. Even
as

Continued

cities pointing with

pride

be

to

the amount of money

come

Analyzing the Effectiveness
Of Monetary Policy

nitudes

From time to time I have noted
in

not too far
from the Hansen-Samuelson po¬
sition: "In assessing the effect on
economic activity of changes in
the money supply, it is important
to
recognize
that there is no
simple automatic measure of the
appropriate relationship between
out

turns

it

many

other

it follows

Functions"

"Purposes and

tion of

rise

tion; this uniformity is, I suspect,
of the same order as many of the

So

Thursday, June 22, 1961

holdings.

government

business cycle.

.

for them to economize on

business needs.

Sup¬
usually
from tax revenue and fees,
of which is influenced by
even

of local

port

.

by the public.
*

New
"Soaring Sixty's" we

or

to

rights.
the

are

in¬
face

Federal¬

and

threats

face

constitutional

by

We

means.

creeping

These

and

direct

indirect

sidious

Efforts to
will be

immunity

of debt

travel through "The

we

credit.

public

eliminate

service requirements.

be

of

use

in

weakness

no

municipal credit. However infla¬
tion,
increased
population
and
greater
demands for municipal
services
pose
their
individual
problems.
As more reliance is
placed
on revenue sources other
than property taxes, gyrations of
the
business
cycle
can
quickly

As

and

ment

Fortunately

will

constitutional

deprive

their right to

budgets.
there

Suggestions will be made

statutory debt restrictions by ex¬
otic and more costly substitutes

Concluding Remarks

state

to ease
municipal

appear

local

of

circumvent

to

are

burden

finance.

area.

IX

We

that will

programs

credit

the

.

than

seeking

ers

loanable

Information Program

sure

"tightness"

most

security

securities

A. Investment Bankers Association

am

the

to

This

meet their normal credit demands.

which

I

invest¬

balance.

causing

liquidate

their

to

on

related

money

ities

costs.

VIII

Other

that

cials

reflected

are

obvious

seek

outside

can¬

Meanwhile,
efforts
to
requirements in the home

market

quite

financing to Can¬

Canada

minion.
meet

in turn affect

and

longer maturities.

on

to meet their com¬
munity responsibility, public offi¬

Certainly

and

be

municipal

buying pressures exert a
strong influence on interest rates

vestment.

will

directed

are

of

15

invest¬

bonds,

they

Canadian

which

purchase

ma¬

to

extend

have

banks

funds

towards

in¬

hemisphere

commercial

while others

earned

confine

needed

in

by

When

years.

No doubt if any moves

in

markets.
not

is

of a strong effort to en¬
Canada to assume a more

courage

are

Canada

to

needs of the

continue

to

meet

we

adding to their investment,

turities

credit.

Presi¬

and

I

portfolios. Many banks limit their

States.

of

ability

municipal

purchases to one-to-ten-year

reflect

visit

bonds

.

bond market unless there is broad

of the problems facing Canada are
to
those
of
the
United
recent

effect

good

a

their

buy

Frontier"

in

much

many

similar

The

Asso¬

that

deposits,

Government

of

declined

1960

the

have mentioned

fund

Securities

$1,392,000,000
(Canadian)
from
$1,619,000,000 (Canadian) in 1959.

of

the

at

made
of

discussion

short-term

Canada, provincial and municipal

and

cur¬

this

will

concluding, I should like

issues

followed

is

in

higher rates

to comment briefly on Canadian
municipal
finance.
Last- year
(1960) the total amount of net

to

the

of the Commercial Banker

withdrawal

vn
Canadian

issues

in

contest

Convention

than could

new

A

costs

awards

and

Annual

Ad¬

business recovery.

Before

is

rently underway among members
of the Association, so as to stim¬
ulate
their
participation in the
program.
Entries selected will be

ment

deterioration?
The

it

are obtained through
municipal finance and how im¬
portant it is to establish municipal
financial integrity in order to in¬

put forth be¬

are

crisis—what will be of¬

a

addition

In

participation

perity.
The

new

planned to acquaint the tax-pay¬
ing public on how public im¬

because

either

spend our way into pros¬

to

attract

ciation this December.

dicate^ lack of interest in fixed
of

customers.

to

mu¬

market seems to in¬

The stock

income'

nicipal bonds and

of

provements

VI
Economic

Inflation

merits

the

to

as

and

Chronicle

peaks

(P)

Research.

and

troughs

(T)

from

National
i

Gittlin Securities
ooened

a

Corporation has

branch office at 33 East

48th Street, New York

City, under

the direction of B. Morton Gittlin.

Volume

193

Number

6066

.

.

The Commercial and Financial Chronicle

.

(2753)

\

The New Frontier Economics

And Investment Outlook
competition
inflationary

level.

Intense

thus

prevails in an
economy
between
companies within an indus¬

many

and

try,

rise.

3

page

consumer

the

at

even

fiercely

more

tween various industries.

be¬

Accord¬

ingly, the selling pressure in these
productive industries is severe
the

and

pressure

profit

on

mar¬

Wheat, cotton, corn, sugar,
tobacco,
shipbuilding,
shipping,
street

railways, oil and oil prod¬
ucts are among the beneficiaries.
The New Frontier—the apostle of
free trade—is laying plans; so it
is reported, to prescribe quotas on
textile
imports—preferably vol¬

untary,
In

lead

to

Why Output Remains Unsalable
substantial

service

prices,

increase

meanwhile,

in

has

eaten into the income of the low¬

middle

and

er

income

high

-

those with income,
$6,000 to $12,000 per
This income range is

groups;

from
num.

say
an¬

not

accurate or defin¬
itive.
It is, however, suggestive
of a broad tendency.
The high
presented

prices
leave

as

services,

for

which

lesser

chase

goods

And the

goods.

represent

a

large

part of the output of the basic
mining and manufacturing indus¬
tries.
Economic growth necessi¬

purchasing power. High

tates mass

service prices erode much of this

purchasing power. The
erosion

this

the service

in

prices of the Consum¬

Price Index.

ers

extent of

underestimated

is

The relative im¬

portance of services is rapidly
expanding.
A rising standard of
living increases the demand for
services—for
education, hospital
medical

travel, recrea¬
and for gov¬
ernment and social welfare.
The

and

care,

tion and amusement,

expansion in demand unites with
rising prices to increase the per¬
centage of national income, per¬
sonal income, and national prod¬
uct represented by consumer serv¬
ice outlays. The upward drive in
has lost little of its steam.

wages

street
car
conductors,
drivers, hospital workers,
hotel and motel employees, teach¬

Barbers,
taxicab

clergymen, funeral
directors, and government work¬
ers are fighting for higher wages,
and they are succeeding. Only the
slightest improvement in produc¬
tivity
accompanies
these
wage

ers,

nurses,

hikes.

The

the

to

are

passed on

in higher prices,

price hikes reduce the

these

and

wages

consumer

it

so

the

is

necessary.

the

Welfare

reported,

seek

"successful"

farm

by building up stock¬
piles,
thereby reducing
market
supplies, and raising prices.
The
Welfare
State
raises
costs, in¬
creases
prices, reduces demand
and jobs.
It then employs un¬
sound, though ingenious, devices
to maintain both high wages and
high prices by passing the cost to
the national economy in the guise
of higher taxes.
Low Prices and Costs Needed

charges,

percentage of the
for the pur¬

zinc

and

emulate

if

program

of

income

durable

of

durable

many

fixed

represent
a

middle-class

mandatory

Pioneers,

gins is unrelenting.

The

It is this, combination of excep¬

tionally

high

prices for services
and the resultant inability to pur¬
chase a large part of the increas¬

automobiles,
housing, domestic appliances, etc.
The New Frontier and Free Trade

Frontier
Economy gallops at fearful speed
along this price rising welfare
route. Higher wages—in the mini¬
mum wage law—will embrace im¬
Kennedy

consumer

subsidies

and

will

areas

New

service

loans

stimulate

areas;

depressed
uneconomic

to

high cost industries, thereby ele¬
vating selling prices.
Many in¬
dustries,
already
weakened by
secular demand declines, are fur¬
ther weakened. The incidence of
high

and tax costs in the
productive economy
be passed on to the con¬
Nor can they be passed

wage

deflationary
cannot
sumer.
on

to

the foreign buyers.

Foreign

producers have mastered most of
the
cost-reducing techniques of
American
businessmen.
They

capital—much of
indeed supplied with the com¬

have

it

abundant

pliments

and best wishes

of the

Government;—they
have
technologically
efficient
mechanisms; and they have lower
wage costs. The wounded domes¬
tic
industries
have
high costs.
They cannot reduce those costs.
The welfare state bars this rem¬
edy.
But they need help.
And
where
do
they
get help?
The
welfare state.
The welfare state
has taken away; and now it gives
back.
So government subsidies
rush in to fill the gap—and prices
United

degree

the

field

Only to

a

reduce

prices

in

a

way

the

as

service

areas.

Investment

wise

-

these

broad

inflationary and deflationary ten¬
dencies exert far-reaching effects.
The modern

dustries
The
do

of

There

growing

a

the

number

the

services

of

per¬

increase;

such

is, furthermore, only slight
of foreign competition in

these

areas.

wide

services

variety of
priced upon

are

monopoly basis—a monopoly of
the human mind created by skil¬
ful
advertising. Soaps, cleaning
a

compounds, processed and pack¬
aged foods, perfumes, cosmetics,
toilet articles, proprietary drugs,
certain

kinds

even

of

some

services

apparel,

and

in

educational

cases,

sold

are

on

basis

a

of

trademarks

clining

trial

sectors

growth

in

the

in

the

of

most

the

basic

the

loss

of

$228

over

indusT

other

billion,

dollars.

57%,

or

in

purchasing

has

power

been experienced by savers on
average holdings in six categories
for the period 1939 to 1959-1960 because of
the depreciation of
our

dollar,

President

according

of

Policy.

the

-

His

Dr.

to

Walter

Economists'

E.

National

Spahr, Executive ViceCommittee on Monetary

•

>•

recent

tabulation

times the losses

shows

this

loss

is

approximately

120
deposits in banks for the period 1921-1933.

on

Average Holdings for 21- and 22-Year Periods

so

services.

threats

A

A

dollar.

consumer

prices

consumer

Spahr's adjustment for price inflation shows that $787.3 billion
for the year 1959-60 represents but $338.5 billion in
1939

service in¬

consumer

attract

centage

Dr.

savings

slight

the anti-trust proceed¬

can

ings be applied in such
to

Price Inflation Found to Exceed '
Bank Failure Losses 120-Fold

of service
very

In

United States Savings Bonds
(22 years)
Time Deposits, all Banks (22

43,561,000,000*

$

years)___

59,408,000,000

Savings Capitals, Savings and Loan Associations
(22 years)
Life Insurance in Force

20,598,000,000
255,407,000,000
1,337,000,000

(21 years)

Annuities Paid Out (21 years)
Social Security Trust and

Unemployment Funds

(22 years)

19,794,000,000

____

$400,105,000,000

Loss of 57% in

purchasing power on these average
holdings (wholesale price index)
Bank deposit loss, 1921-1933

228,059,850,000
1,091,000,000

Another picture of this state of affairs is revealed
by the fact
that the aggregate value of the
savings in the six categories listed

above, amounting to $787,263,000,000 for the years 1959-1960,
only $338,523,090,000 in terms of the 1939 dollar.
The

loss

was

in

tional economy. The country needs

particularly

lower

prices. It
is given higher costs and higher
prices plus a combination of eco¬

manufacturing levels, competition

purchasing power of savings, according to Dr.
Spahr, constitutes an arresting illustration of the subtle and farreaching destructive power of a depreciating currency, a power

is

that has proves

nomic phonies.

flected in the price level. In steel,

have

copper, aluminum, oil, lead, zinc,
farm implements, machine tools,

Insurance companies and other holders of
people's savings
have in general been paying back to these savers
dollars of much
less value than those paid in
by most of the savers. Those offi¬

costs

rate

na¬

lower

and

The welfare state

impairs business incentive; it
the

duces

re¬

of

flow

savings into
efficient
machinery;
it
thereby
reduces production and jobs. After
weakening the economy, the wel¬
fare state steers government ini¬
public 'purse into
the
area
of
productive wealth.
The
reduced
purchasing power
arising from high consumer serv¬

tiative

the

and

ice

prices, is thus balanced by new
purchasing power created by gov¬
ernment expenditures — so runs
the

welfare

is

not

Most
to

state

This

reasoning.

so—most

unfortunately.

government

expenses

(Serve

distribute existing wealth. Pri¬

vate

expenditures

in

mining,
farming and manufacturing nroduce
new
wealth; and business
service

industries

wealth creation.
of

the

is

welfare

facilitate

such

These supporters
state

there

argue

plant

capacity,
and
plenty of wealth for distribution.
This is a most dangerous welfare
enough

state fallacy.

The productive
itself.

of

care

On

ma¬

It

the

costs

cutting

hand,
the wholesale and

on

on

and the

severe

tax

rising

cannot

tools,

wage and

easily

mining

be

equipment,

dollar the

of

products

new

largely in the field of technologi¬
cal
breakthroughs
and
techno¬
logical improvement. Those in¬
dustries

in

the

forefront in

developments benefit from

these

rising

a

volume and a
reasonable profit
margin persisting for a period in
which it is preserved from acute
competitive
influences.
Before

competitors

catch

can

with

up

a

technologically sound article, the
early bird can capture substantial
profits.

This

is

the

area

repre¬

sented

by such concerns as IBM,
Minneapolis - Honeywell, Minne¬
sota
Mining,
Corning
Glass,
Owens
Corning
Fiberglas,
and
many others.
Stock

public pillaring of business man¬
agement are a few suggestions.

widely used for the purpose
of reflecting trends in the stock
market. They are the high-grade
investment stocks; they reflect the

of

All

more.

this

throws

doubt

upon

the expansion so

generally antici¬
pated by such a large section of
businessmen, public servants and
economists.
Present high prices
for

equities

are

justified in large

the expectations that
rapid growth combined with mod¬
erate, and perhaps immoderate,
part

upon

inflation will produce correspond¬

ing increases in corporate profits.
There is no
doubt that cyclical

will
expand
profits.
However, doubt should be cast
over
the hypothesis that such a
cyclical expansion will lead to an

expansion

of

accelerated

rate

acceleration

which

growth—an

would

realize

present hopes and justify present
stock prices.

technological improvement is
reflected

past

few

Costs

The

These

years.

major

corporate

respective

Dow-

over

the

stocks

30

leaders

industries;

in

the

their
stocks

highly marketable; they are
outstanding in many millions of
shares and, accordingly, they are
widely
known
and
actively
traded.
A
comparison of these
stocks in terms of their 1959 high
prices and their current prices
(May 9, 1961) reveal the following
phenomena:
are

Of these
field of

30

stocks, four in the
services

of

credit.

*

monetary economists.

&

The

companies

service industries.
Measures,
largely of a tentative character,
are designed to increase the num¬

Allied

and

(International
Manville
vanced

in

and

Tel.

—

has

stocks

in

of

basic

ad¬

only

manu¬

price.

Three

have

ad¬

stocks—

jobs in such sectors as pub¬
lic housing and distressed areas.
There is no important program as

Chemical, F. W. Woolworth
Kodak, have not
changed. The other 19 stocks —
blue chips in basic mining and
manufacturing industries — have
witnessed a price decline of about

yet proposed to reduce unit costs

20%. These include Alcoa, Ameri¬

and

Eastman

contributions.

rising

based

upon

ternational

plant

efficiencies

Paper, Owens-Illinois,
California, Stand¬

Standard Oil of

ard

Oil

of

New

Union

Carbide,

U.

Steel,

S.

Jersey, Swift,
United Aircraft,

and

Westinghouse

Electric.

The

the

Technologically

stocks

Oriented

trend

in

few

of

these

highreflects

accurately
the

The major price

past

years

general market.

advances
have

over

been

the

wit¬

nessed

largely in the group cham¬
pioning
technological
break¬
throughs, and in the modernized
service

consumer

wide

industries.

variety of stocks

A

hereby
profits
rising and further in¬
creases
are
anticipated. In the
technological fields, rapid sales
increases are accompanied (over
relatively short periods( it is true)
by wide profit margins. In the
course of time, margins
are nar¬
rowed; but meanwhile, techno¬
logically
oriented
managements
involved.

have

In

both

are

areas

been

and industries introduce

new

and

technologically advanced
a

and

foreign
varying

obsolescence.

nied by good

consumer

industries,
accompa¬

profit margins based

considerable degree upon the

preference in
accepted trademarks.
consumer

terms of

The Investment Outlook

the slow, inflationary corro¬
sion of the welfare state economy
these two industrial sectors will,
In

they have in the past, continue

will

competition
labor

costs,
technical

welfare

state

has

produced an excessively highcost, high-priced economy; and

business

efficiencies

are

not

suf¬

to

bring down the costs
and
selling
prices
to
a
point
where
rapid mass
consumption
involving correspondingly speedy

functional obsolescence is

Accordingly,

the

as

ery develops, the
in the
economy

secular growth
will

forward

look

for

relief

in

the

manufacturing and mining indus¬
tries from a resurgence of rapid
inflation. The steady accretion of
costs

wage

created

by

national

collective bargaining and the rise
in raw material costs facilitated

by government subsidies will, as
in the past,
continue to
move

prices
no

slowly. There is little

up

prospect of

flationary
massive

a

mass

or

demand in¬

facilitated

wave

increases

in

by
supply

the

of money.
Over

the

next

few

years,

economy

ac¬

will prob¬

a growth about
in
past, perhaps a trifle
higher, but with only slight pros¬
pect of a dramatic upsurge in the
rate
of
national
growth. There
is also only slight probability of
a
pronounced inflation; not of a
magnitude sufficient to justify the
profit potential upon which cur¬
rent
stock
prices
are
largely
based. The prospect for revival in
business is reasonably clear; the
prospect for revival of inflation

the

and

expectation

rate of economic

of

a

sharp

growth is not

so

clear.

and

ever,

mining

industries,

how¬

will be obliged to struggle

against the deflationary effects of

*

re¬

again lag.
Furthermore, the investor cannot

to benefit. The basic manufactur¬

ing

<

possible.

current

cession influences lift, and recov¬

line with the

mar¬

They

and

The

of reasonable profit

gins. In the

as

mestic

cordingly, the
ably disclose

expansion in volume is
a

capacity.

articles
probability of further re¬

tention

to

plant

continue to meet the forces of do¬

ficient

movement

grade

mining industries
Nickel, JohnsTexaco)

tax deductible

can
Can, Anaconda, Bethlehem
Steel, Chrysler, du Pont, General
Electric, General Motors, Good¬
year, International Harvester, In¬

ability by advertising to establish

three

Tel.

27%.

,

on

Its office is located in New York City and

funds for its budget comes from

American

and

I

Monetary Policy is a
non-partisan, non-profit research and educational organization of

with

Foods,

Procter

facturing

ber of

uses

(Gen¬
American Tobacco,
Gamble, and Sears
Roebuck) have advanced in price
by an average of 49%. One stock
reflecting industrial technology—
eral

consumers

Kennedy program has done
little to enhance the productive
efficiency of the economy and to
rbduce unit costs, particularly in
the

30

stocks

are

vanced

Lowering Service

the

in

Industrial

of the

Firms

well

Jones

and fundamental step to be
taken.,is to give our
quality of integrity; and that means, /the institution of
currency at the present statutory rate and proper

The Economists' National Committee

Prices

retention
of
management
prerogatives,
free¬
dom to reduce costs, cessation of

many

controls

The

and

the value of the saver's dollar.

first

redeemable

a

Prefers

Analyzes

ciation

are

The

-

interplay eof these three
major forces of inflation, deflation

There

savings who are concerned with the welfare
should be among the leaders in the
attempts being made

savers

widespread. The hope for constant
profits in this area arises from

it must be nourished; and
supported constantly and aggres¬
sively.
Realistic tax and depre¬
programs;

cials of institutions for
of

thetic fibres—price competition is

can

trary,

affected particularly the thrifty and those who
attempted to provide for their future security.

to protect

the development

ruinous in nation after nation.

This loss has

re¬

specialized machinery, etc., in tex¬
tiles — cotton, woolen and syn¬

con¬

States




in

tion.

take

furniture,

laws

industries.

ing supply of durable goods that

chine is taken for granted.

purchasing power of the mid¬
income groups.
They have
less with which to buy new and

portant

recreation, books, newspapers and
magazines, etc. Significant also is
the malfunctioning of- the
anti¬

is the main factor behind the de¬

dle

The

as education, medi¬
hospitalization, household
operation and repairs, travel and

and slogans reflected
lingo of the market-place.
There is here little price competi¬

net

better

in such fields
cal care,

trust

Continued from

29

*An

the

address

by Dr. Grodinsky before
Bankers Association's
Atlantic City, N. J.,

Pennsylvania

annual

convention,

^

30

The Commercial and Financial Chronicle

(2754)

STATE OF TRADE AND INDUSTRY
Continued from page

promises to run two to four weeks,

7

Shipments of hot rolled sheets still
shading of others in the industry, range two to three weeks and on
This
was
indicated in
linepipe, cold rolled, two to five weeks,
where a major producer, although
A major producer of reinforcing
aware of cutting elsewhere in the
steel bars withdrew its published
industry, did not move as long as Prices last week, giving rise to
it obtained a share of the business,
uncertainty about the price trend.
But when shut
out of a major What action other producers will
project, it cut its prices.
take remains to be seen. Imported
Commenting
on
the
over-all rebars
ar0ec JeP0ro^d s*l}mg *3
steel market, The Iron Age says much as 25% to 30% below the
threatened

is

by price cutting

or

orders for

July are slipping a bit.
is about what could be
expected for the annual summer

The drop

letdown, although some mills report they are running almost 10%

the

June level for July,
production,
however,
is
to stay close to present

^behind
Steel

likely

domestic market in some areas.
The approaching vacation slump
In metalworking is checking mill
buying of scrap. Steels price com¬
Poslte on No. 1 heavy melting is
down 33 cents to $38.17 a gross
toil\.,
'
i
Effective depreciation reform
.

..

,.

.

.

„

would give the economy a big lift

levels

that

jn the next two years, according

July will absorb the brunt of plant
vacations, part of the automotive

a
survey of 1,175 general
managers of metalworkmg plants,

is

This

not

in

alarming

downtime for changeovers to 1962

models, and the

general seasonal

apathy in demand for heavy durable goods
Over-all demand for most products

continues

few
question marks are appearing: Because of poor financial showings,
but

strong,

a

railroads continue out of the

associated

other

prod-

consumer

ucts; tinplate orders for July

behmd
building up

are

hold

consumers

In

the

steel

back

market, signs

sive. But June is

bly

10 to

15%

First

orders.

models

1962

are

.

,

..

,

,

,

possifor

steel

of

be for July,

al-

though most of this early tonnage
runs.

I

n™

57,137,000 tons (*127.8%) in the

pe£J°d
thr0.V.gh
June
17, 1960.with
The
institute
concludes

.

.

.

..

Steelmaking operations are apparently leveling off close to a
two-million-ton weekly rate, Steel
Some producers,
usual

jndex 0f jng0t Production by

tricts,
1961

'as

week

North East coast
Buffalo

Cleveland

output

is

scheduled

nine-million-ton

sibly

the

to

mark

top

the

for

........

with

be

5%

to

10%

below

the

month

of May.

Buying

of bars for small

arms

9g

for

boiler

still

a

plates

fairly

good

de-

from

tank

and

and

from

the

fabricators

but

less

than

had been predicted. Cold weather
this month and in May held down
sales to air conditioner makers.
Demand

strong
this

as

for

had

season.

blamed

for

tin

plate

been
Cool

reduced

isn't

as

expected for
weather

is

consumption

of canned beer and soft

Many

users

are

beverages,
still relying on

quick deliveries. Most platemakers
can
still promise ten day to two
week

delivery

on

sheared carbon

plates. Cold finished bar shipment




June 3,

June li,

1961

220,943

Shipments

231,443

221,424

Orders

225,145

Freight

Car

Loading
the

week

593,304

239

the

7.6%;
1%.

in

10, totaled
of

announced,

the

preceding
the

267

in

41%

by

the

in the similar

week

and

volving
edged

to

The

loadings represented a deof 55,354 cars or 8.5% be-

the

corresponding

of

comparable

94

Manufacturing
165

from

159,

in¬

50, retailing to
commercial

and

service to 35 from 28. In contrast,
the
toll
among
wholesalers

in

week

,

.

_

retailers

casualties

as

suffered
a

year

as

ago,

groups

many

but

mor¬

above

ran

trends

mixed

were

East

North

Central

57 and

States

slight advances

in

119

West

average

to

tality
the

heavy

Eight makes of U. S. passenger
were produced this week in
a greater number than they were
in the comparable week of 1960,
Reports

said,

Five Ford Motor Co., one Chrysler Corp. and two General Motors

said that

production last week, while a few
units behind the 1961 peak (129,of

May 8) was
below the 137,641 units

June week

the most fa1960

output
the industry has struck this year,

Ford, Falcon, Lincoln, Mercury
and

Comet

cars,

all

products

of

the Ford Motor Co., averaged a
12.4%
production
increase
this
week

over

production in the year-

ago week. Buick and

divisions

of

senger

car

production

Oldsmobile

General Motors, and

Chrysler Corp.'s
also

nameplate

pas-

exceeded

1960

paces,

Ward's said that
only one U. S.
was inactive
iast

assembly plant

from

tolls

The

in

occurred

Business

78.

mor¬

exceeded

or

and

Pacific

last

the

States

half

only

were

in

as

the

of

1,308

1960
cars

of

as

similar week

from

6,284

and

turned up to
preceding week

exceeded

occurring

a

Electric

considerably the 25

year

ago.

Output

Than

6.3%

Higher

1960 Week

in

22

The

amount

electric

of

energy

by the electric light
industry for the week
Saturday, June,
17, was
estimated at 15,345,000,000 kwh.,
power

of

1961

and

to

Institute.
kwh.

the

Output

above

that

Edison
was

of

Electric

341,000,000

the

previous

week's total of 15,004,000,000 kwh.
and

904,000,000

above that of the

kwh., or 6.3%
comparable 1960

week.

in

the

in

I

U.

Shipments

Behind

1960

Were

4.2%

Volume

j?

with

pared

the

in

53

one

com-,

and

ago

year

corresponding week in

1959.

Intercity

Truck

Decreased

Same

Intercity

Tonnage

0.1% Behind

1960

Week

truck

tonnage in the
week ended June 10, was virtually
unchanged from the volume in

Truck

Inc.,

tonnage

that

the

of

this year.

announced.
ahead

15.7%

was

previous week

of

This gain is largely at-

tributable

to

the

Memorial

Day

,,

,

These

findings

are

based

on

tie

weekly survey of 34 metropolitan
areas conducted by the ATA Department of Research and Transpoit

Economics.

The

tonnage

handled

fleets
than

400 truck

report

at

terminals

carriers

The

terminal

'

showed

from

a

year

Nineteen

at

ago

15

last

tonnage

localities.

points reflected tonnage

decreases

from

the

1960

level,

220,943,000 board
prior week, according
to reports from regional associa¬
tions. A year ago the figure was
239,418,000 board feet.

in

the

many

buying

of
much seasonal merchandise helping over-all retail trade in the

week ended June 21 rise substantially from the prior week and

and women's apparel, draperies,
and food products. Volume in
furniture and floor coverings remained close to last year, while
sales

of

tered

moderate year-to-year

major

appliances

regis¬

dips.

Scattered
reports
volume in new

indicate

that

passenger

cars

showed

gain

slight

a

from

last

year»
Nationwide

Department

Store

Sales Increased 5% Above
1960 Week

The

Department

f;be like

four-week
1961

City,

Minneapolis-St.

and Birmingham — showed
of more than 15%. Cleve¬
Detroit

and

terminals

creases

—

sizable tonnage deoff
13.8%
and
12.9%,

respectively.
Compared

J

on

,

a

„

period
ended

last

year,

June

3,

an

reported. The

was

period ended June 10,
over

ias{

r'
According
serve

8%

to

System,

the

ended

above

June

the

In

1Q

same

the

Re-

store

increase

over

from
a

the

a

the

four

1

1960
to

increase

1%

period
weeks

3% increase

a

Jan.

1%

same

last

week

showed

the

For

year.

ending June 10,
reported above

^

period

preceding

ended June 3, sales
iast

Federai

department

New'York City for the

in

week

was

period,

June
over

10
last

year's sales,

again

experienced

sales

.

gales advanced 3%

showed

Lake

,

increase of 5%

Salt

Paul,
gains

store

.,

x

country-wide basis as taken from
the Federal Reserve Board s ln^ex for the week ended June 10,
J
' sbowed an increase of 5%

while

-i -i •

li

it f*

BeryillUm Mlg.
^

r\pf*

i

Common Ottered
to

the

immediately

preceding week, all 34 reporting
metropolitan areas registered in-

In

creased

City, publicly offered 105,000 common
shares of Beryllium Manu-

tonnage. Terminals at Mil-

waukee and

Indianapolis reported
gains of more than
30%. The general pattern of the
week-to-week

week-to-week

similar

weeks

morial

Day

increases

is

observed

a

prospectus

dated

June

15,

Eldes Securities Corp., New York

facturing Corp., at $4.50 per share.
Proceeds will be used for the re-

con-

payment of debt, plant expansion,

during

inventory, and working capital,
The company of 253 West Mer-

following the Meholiday in previous

rick Rd., Valley Stream, N. Y., is
engaged primarily in machining
fabrication of metals,
nonmetals, plastics and phenolics. For
and

compared with

Compared with 1960 levels, out¬

temperatures

encouraged

areas

Truck terminals at three centers—

Dips Moderately from Prior Week

the

'

Warm Weather Stimulates
Consumer Buying

year.

for

survey
increased

com-

freight

Wholesale Commodity Price Index

feet in

trend of food prices at the whole-

sale level.

more,-sales

of

of

general
throughout the country.
mon

re-

production in the United
feet

It is not

use.

cost-of-living index.
Its chief
function is to show the general

For the week

earlier week.

totaled

board

foodstuffs

raw

a

holiday which occurred during the

States in the week ended June 10,

229,336,000

31

0.1%, the American Trucking

Associations,
of

of

and meats in general

rail-

years.

Lumber

ago

1959.

S.

week

current

sistent with that

Lumber

was

the. show a slight gain from the similar period; last year. The best
gains were chalked up by men's

above

period
class

cor-

1980

systems originating this type

traffic

49

of

41.3%

or

58

were

increase of

an

above the

period

pound

per

Higher

ended

according

it

year

The
Dun
&
Bradstreet,
Inc.
Wholesale Food Price Index represents the sum total of the price

15.6%

or

weeks

2.7%

or

cars

There

land
distributed

and

the

barley, lard, sugar, cottonseed oil,
potatoes, steers and beef,

an

piggyback loadings

237,355 for

cars

responding

of

failures

44 in the

$5.89,
from

flour, rye, cocoa and hogs. Lower
in price were wheat, corn, oats,

corre-

and

1959 week.

first

totaled

week

Canadian
47

and

128,720.

was

21.

1960.

cars

It

56

equaled

Behind Same 1960 Week

a year ago.

decline

Mountain

where

vorable balance with

at

year's levels in all regions except
_

same

Central

only marked

..

402 for the week

up

the Pacific States where casualties

106 6

Automotive

Atlantic,

England at 16 and in the

South

^P*0**111etion Was I5.5%

Ward's

Middle

the

Bradstreet,
decline in

latest week, and it was down
fractionally from the similar date
last year.
On June 20 the index
dipped 0.2%
to $5.88 from the

the corresponding week of 1960—

levels.

the

fell

,

of

the

over-all

increase

an

week

Cumulative
for

week's

2.6% above the

or

increase

dropped to 37 from 49, and among

to 70 from

week,y production for 1957-59.

of

casualties

creased to 59 from

in

120

on

cars

.road

1960.

during the week. Failures rose in
five regions, with a ifeteep climb

■

based

was

sponding

off

11Q

production

that

corresponding

New

of

in

This

69,402

in

Tofcjl industry

250

re¬

304

the

up

^li:"

total).

308

in

&

slight

the

0.5%

but

from

size

Dun
a

week,
Index,

Price

Food

Slips

Row

a

previous

slightly from the

305

off

this

week

Failures in¬
under
$100,000

year.

losses

mained
of

last

by

showed

inc.,

earlier

above

against 45 in both the previous

as

compiled

down

included

the

Wholesale

week

in

353. The toll continued

were

corre-

For the second successive

Memo-

low

there

Second Week in

Day holiday. Compared with

crease

Business Failures Edge Up

For

the

increase of 62,037 cars
included

the

on

a year ago.

Wholesale Food Price Index

Association

above

sponding date

Week

freight

June

the

which

Bradstreet, Inc., stood at
(1930-32 = 100) on June 19,
compared
with
269.07
a
week

11.7% Above

Railroads

an

&

non-holiday week $5.91.
ending May 27 current loadings.
Commodities advancing in
were
up 14,537 cars or 2.5%.
wholesale
cost
this
week
were

Studebaker-

and

ended

11.7%

or

week

put, General Motors accounted for
49.1%; Ford Motor Co. 30.1%;
Chrysler Corp. 12.2%; American
Packard

was

modity

4°ir earber and 271.74

237^962

for

revenue

cars,

American
This

rial

Motors

of

on

The

235 420

211,2^1

Loadings

Ended June 10 Were

Of the week's passenger car out¬

118

L0lnS

completed in the

heavier

Packard have scheduled full pro¬
duction programs.

gf.

but 6.5%

are

American Motors and Studebaker-

to 99
Atlantic,
to 49 from 45. Tolls held steady

chemical

sheets

the

Preceding Weeks Record

plans to close
its Los Angeles site but will re¬
sume
operations
at
St.
Paul.
Chrysler Corp., General Motors,

from 97, and in the South

brisk

industry. There's also
inquiry for piling and casing,
Appliance requirements for

plant

Monday

113

The statistical service

There's

Y.,

for

112

* Index

ahead.

mand

for

butter, lambs and cotDaily Wholesale CornPrice Index, compiled by

creases

268.31

1961

Ford

week

Geographic

has
been
relatively divisions
substantially
bettered
heavy in New England during the optimum-level 1960 assembly rates
first half. New contracts approxi- as the total industry car count for
mating $15 million assure active the week ending June 10, reached

immediately

N.

scheduled

'

production

demand in the weeks

Next

feet

Production ____229,336

operation.

1960

~

best

daily order rate estimated to

Tarrytown,

not

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

Wp^fprn

pos-

monthly showing
since March, 1960.
A wide diversity of demand for
steel
products is reported even
though demand pressure is off,

rolet's
was

board

June 10,

at

137

any

June

month.

Corp.

parts short¬

a

assembly

tality in other

Q9

000 net

anticipate

into

Detroit

Southern

mates last week

this

Packard

-

ran

Wednesday, forcing a halt of
for the one day. Chev¬

age

of

weeks indicated:

Studebaker

100

Youngstown":::::!

successive weeks. Steel esti-

don t

"""

__

PittchiirfTh"

has exceeded two million tons for

slump

16.

South Bend

nor

JVeek.1En^f

backlogs, are boosting output.
Since weekly production hit a
peak for the year of 2,077 000 tons
in the week
ended May 27, there
have been two straight declines.
Significantly however, production

Steelmen

on

55 from 63. Neither manufacturers

production for

der

marked

day

one

17,

follows:

user

s output at 2,030,tons, a slight decline from
the preceding week's production.

June

for

construction contractors dipped to

,Index of Ingot

at

Dun

closed

was

Dis-

June

ended

anticipating the

slowdown

seasonal

plants, are curtailing schedules;
others, maintaining substantial or-

four

for

reported.

magazine

thousands

T

Leveling

Operations

ty

~

Off at 2-Million-Ton Weekly Rate

Steelmaking

ton.

,

stltutTe> pT0*UC\l™ f°r WTa«f
+mg
was, ^935 000
^Ulonnn
2f^- fi?
2^)42,000 tons ( 109.6%) in the
^nd?d
Production tins year thivug
?une
1Q79 ?™unted *<> * Y68'?°°
tons ("-92.1%), or 27.9% below the

Thursday, June 22, 1961

put dropped 4.2%, shipments were
down 2.7%, and orders fell 4.4%.
Following are the figures in

with liabilities of $100,000 or more

y

up

and

car

Forty-six businesses succumbed

17

n-

May in steel

orders

Ended June

American Iron and S ee

shaping

will

Week

According to da a compi e

inconclu-

Paul

.

Wixom,
Mich., Lincoln-Thunderbird facili¬

stee, Production Data for the

releases.

are

over

will be for trial

Most manufacturers. Steel stated,

automotive

on

important

St.

truck site. The company's

do not consider the Treasury De- considerably above
Partment s tax incentive plan to • 1959 and exceeded
he a sufficient liberalizauon of pre-war level of 249
the depreciation laws.
week of 1939.

and inventories
at the mills as

running

Ford's

.

1960, and a decrease of 116,537
More than 50% of the respondWeek Ended June 15 '
cars
or
16.4% below the correents would increase their spending
Commercial and industrial fail¬
** capita! equipment by almost ures edged up to 351 in the week sponding week in 1959.
There were 9,697 cars reported
12°ver the next tw0 years> ended June 15 from 349 in the
loaded with one or more revenue
this would amount to about $550 preceding week, reported Dun &
million more for capital equip- Bradstreet, Inc. However, fewer highway trailers or highway containers (piggyback) in the week
men^ than the industry plans to casualties occurred than in the
ended June 3, 1961 (which were
sp®nd, nowcomparable week a year" ago when

mar-

ket; oil country goods continue to
lag; the housing market continues
slow,
affecting
appliances
and

week,

.

There
in

was

a

moderate

the latest week

wholesale

and

general

commodity price level,

with lower

flour,

in the

decline

lard,

prices

grains,
hides
slight in-

on some

sugar,

steers,

rubber- offsetting

the year ended Dec. 31,
1960,( it
had net sales of $652,890 and earn-

ings
ized
cent
will
tion

of $0.21 per share. Authorstock consists of 2,000,000 25par shares, of which 310,767
be outstanding upon compleof this sale.

Number

193

Volume

6066

.

.

The Commercial and Financial Chronicle

.

Indications of Current

The

(2755)

following statistical tabulations

latest week

Business

Activity

week

IRON

Indicated

steel

Equivalent
Steel

Crude
42

tons)

(net

to

BUILDING

output

Distillate

fuel

oil

Residual

fuel

oil

1,739,000

Total

(bbls.)__

(bbls.)

output

(bbls.)
output
(bbls.)

7,060,710

7,013,160

6,807,760

8,360,000

7,906,000

7,836,000

Additions

———June

9
9

8,172,000
29,586,000

29,060,000

28,376,000

28,939,000

June

9

2,360,000

2,197,000

2,158,000

2,605,000

June

9

12,434,000

12,474,000

11,657,000

12,443,000

June

9

5,893,000

6,524,000

6,075,000

5,749,000

June

Finished

and

...—^

Industrial

fuel

fuel

Residual

9

208,825,000

210,475,000

216,566,000

9

28,594,000

27,798,000

27,090,000

25,788,000

—June
at—_——------—————Juns

9
9

99,712,000

.95,235,000

85,530,000

101,123,000

45,149,000

♦44,954,000

43,354,000

40,394,000

(bbls.)

oil

at

(bbls.)

,

Other

OF

AMERICAN

freight loaded

Revenue

freight received from connections

CIVIL

ENGINEERING

Social

—June 10
(no. of cars)—June 10

of cars)

(number

593,304

531,267

Not Avail.

472,080

551,405

:-491,105

648,658

523,235

Farm

U.

construction

S.

Private

construction

Public

construction

State

and

.

—

June 15

$403,400,000

June 15

184,400,000

.

$662,000,000

$410,700,000

$583,200,000

299,100,000

259,500,000

370,900,000

212,300,000
31,900,000

.June 15

219,000,000

362,900,000

June 15

156,600,000

243,400,000

151,200,000
118,600,000

June 15

62,400,000

119,500,000

32,600,000

municipal

Federal

Other
All

public

other

Public

318

321%

180

174

162

164

r

.

___

telegraph

utilities

OUTPUT

Bituminous

(U.

Pennsylvania

BUREAU

S.

coal

and

anthracite

DEPARTMENT

STORE

ELECTRIC

Electric

INDEX—FEDERAL

AVERAGE=100

(COMMERCIAL

AGE

steel

Pig iron
Scrap
METAL

(per

(per

PRICES

8,738,000

328,000

369,000

157

132

151

June 10

!.

AND

.June 17

INDUSTRIAL)—DUN

&

303

349

351

6.196c

6.196c

6.196c

June 13

$66.44

$66.44

$66.44

$66.41

June 13

$37.83

$37.83

$36.50

$31.50

6.196c

June 13
;

ton)

M. J.

Domestic

Lead

refinery
(New York)

Lead

(St.

Export

tZinc

Aluminum

Straits

•>

at-

33

253

234

31

35

58

54

51

54

53

41

tin

(New

U.

PRICES

BOND

at

Average

DAILY

30.600c

29.850c

32.600c

June 14

28.825c

29.995c

29.475c

29.850c

111

103

339

515

138

130

128

Sewer

79

75

77

Water

59

55

56

47

53

110

100

107

31

28

19

service

All

other

Month

and

public

PRICE

127.5

Food

home

at

Cereal

and

bakery

11.000c

12.000c

Meats,

10.800c

11.800c

Dairy

products

June 14

12.000c

12.000c

12.000c

13.500c

Fruits

and

June 14

11.500c

11.500c

11.500c

13.000c

Other

food

June 14

26.000c

26.000c

26.000c

26.000c

—June 14

112.375c

112.375c

109.750c

101.000c

Food

poultry

away

.

Baa_.

.

Industrials

Group

BOND

Average

DAILY

85.07
89.51

June 20

89.92

87.59

vegetables
at

home

from

home

June 20

86,. U

86.38

87.05

84.81

.June 20

81.78

81.90

82.15

79.01

Women's

.June 20

84.30

84.68

85.20

83.03

Footwear

June 20

88.54

1

;

Public

88.27

88.40

89.23

June 20

3.93

3.85

3.67

3.89

:

MOODY'S

Medical

Personal

—June 20

4.46

4.43

4.42

4.59

Reading

June 20

4.68

4.63

4.80

5.01

5.27

4.77

4.94

Group.

June 20

4.52

4.51

4.49

4.76

June 20

4.54

4.53

4.47

4.64

June 20

368.5

368.3

366.1

376.5

Orders

received

of

(tons)

(tons)

at end

of

.June 10

351,827

317,081

308,698

328,895

June 10

332,425

300,899

319,615

327,206

June 10

94

84

92

96

June 10

469,154

447,581

period

456,332

113.32

113.65

113.08

June 16

FOR

ACCOUNT

OF

sales

Other

sales

Total

Other

sales

Total

Total
Other

initiated

purchases:

Short

the

on

sales

Other

sales

Total

109.3

118.5

115.3

131.4

127.8

129.9

106.4

107.6

106.1

120.8

120.6

118.5

132.3

132.5

131.4

143.3

143.1

COTTON

SEED

125.9

124.4

139.9

141.3

136.3

! t

.103.9."

109.8

111.7

111.4

99.1

99.9

140.8

140.9

92.8

92.6

>v

104.,7

.a

137.0

,'ui" 138-5,.

109.5

.

"

f. 108.9

'

109.5
99.6

139.8
•;

92.9

145.8

145.7

146.1

133.4

133.4

134.4

206.5

205.7

199.4

159.9

159.6

155.5

133.8

133.6

132.9

124.1

123.4

121.1

132.6

132.6

131.9

PROD¬

COMMERCE—Month

OF

141.4

125.8

of

(tons)

10,300

(tons)

Cake and

April

30

30,200

16,300

401,800

480,400

373,700

668,100

1,059,000

596,000

270,500

272,000

Meal—

Stocks

(tons)

Produced

April 30

(tons)—:

Shipped

(tons)

188,900

189,300

224,900

175,800

190,800

192,500

127,700

110.23

Stocks

(tons)

3,791,030

3,603,730

May 26

508,960

609,150

640,370

490,050

May 26

2,419,810

3,272,320

2,968,150

2,023,480

May 26

2,928,770

3,881,470

3,608,520

2,513,530

26,700

459,650

567,530
,

Shipped
NEW

of

431,930

Member

47,100

53,600
364,150

Credit

417,750

Cash

May 26

407,030

■556,480

May 26

433,730

574,080

516,950

Total

April

(bales)

STOCK

April

120,900

108,300

48,200

93,200

110,600

86,100

80,600

92,700

79,900

226,400

230,300

156,500

113,800

138,300 ■'

113,000

117,700

139,400

139,200

$3,986,000

hand

of

omitted):

carrying margin accounts—

extended
on

EXCHANGE—

(000's

30

firms

customers'

Total

30

(bales)

YORK

17,600

469,850

(bales)

Produced

fioor—

sales

30

'

Stocks

2,480,310

3,063,550

419,200

.

April

(tons)

(tons)

Linters—

May 26

purchases

Short

AND

(tons)

Shipped

_May 26
.

initiated

goods and services
SEED

Stocks

As

__

transactions

recreation

Received at mills

floor—

._

sales

sales

Total

_

the

off

sales

Other
,

'

transactions

111.4

April:

MEM¬

purchases-

Short

and

;

UCTS—.DEPT.

482,631

BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Total

care

Produced

TRANSACTIONS

135.8

110.5

117.9

Hulls-

AVERAGE=100

1949

139.6

Cotton Seed—

OIL, PAINT AND DRUG REPORTER PRICE INDEX—

ROUND-LOT

care

Crushed

activity

orders

Other
COTTON

ASSOCIATION:

(tons)

Percentage
Unfilled

INDEX

—

Public

4.45

4.81

:

—

Transportation

4.78

Group

Production

boys'
and girls'-

apparel

4.26

5.03

PAPERBOARD

Other

4.58

4.84

operation--

and

4.32

5.04

COMMODITY

NATIONAL

Men's

4.62

4.70

139.7

138.7

4.63

June 20

oil

fuel

119.5
116.7

103.8

4.33

June 20

and

121.2
118.3

Housefurnishings

June 20

.

1953=100)

126.2

127.5

121.2
118.3

Household

.June 20

:■

Group

Utilities

85.33

June 20

:

;

Industrials

88.95

...

A

Railroad

88.67

86.91

;

i

Baa

1

..

(Jan.

Apparel

Private

...

Aa

87.72
92.20

89.78
!ui

1

electricity

fuels

91.34

AVERAGES:

1

...

...

and

Solid

87.18

Bonds..

corporate

Aaa

86.55

89.37

...

YIELD

Government

S.

89.25

87.05

1

Group

87.73

fish

and

—

<91.19

__

;

Group

MOODY'S
U.

—

87.13

products

Housing

.June 20

.V„-t

.

Utilities

,

51

INDEX—1947-49=100—

11.000c

—JILL'June'2^0^ '
—

_

Public

development

984,324

1,087,772

924,288

823,821

Market value

May 26

153,550

104,160

86,580

135,210

Market

of

value

of

balances

customers

to

and

in

customers'

May 26

debit

net

banks

free

in

credit

S

U.

balances

bonds

listed

listed

shares

May 26

856,629

1,158,136

959,207

752,697

Member

borrowings

on

U.

.May 26

1,010,179

1,262,296

1,045,787

887,907

Member

borrowings

on

other

May 26

4,467,074

$3,150,000

55,000

113,000

427,000

1,508,000

1,507,000

940,000

110,317,963

109,936,802

109,006,810

350,471,832

347,575,879

283,381,312

354.000

issues

533,000

561,000

600,000

collateral—

2,412,000

2,056,000

2,324,000

Govt,

S.

♦$3,656,000

50,000
433,000

Total round-lot transactions for account of membersTotal

purchases—

Short

sales

Other

sales-

Total

,

._

sales

:

5,446,332

4,987,668

,

3,736,061

MOODY'S

689,210

730,910

774,050

678,860

May 26

3,683,469

4,986,936

4,397,207

3,140,327

Industrials

May 26

4,372,679

5,717,846

5,171,257

3,819,187

Railroads

TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODD-

LOT

DEALERS

EXCHANGE
Odd-lot

sales

of

Number

Dollar

—

AND

by dealers

value

Number

ON

(customers'

Y.

N.

EXCHANGE

of

(customers'

sales)

May 26

1,956,314

2,435,224

2,412,342

1,812,704

May 26

$113,362,998

$131,955,364

$131,884,732

$92,972,593

2,561,919

2,424,375

1,712,895

May 26

short

sales

May 26

6,021

6,903

8,769

10,090

Customers'

other

sales

May 26

2,050,195

2,555,016

2,415,606

1,702,805

May 26

$108,871,826

$129,838,352

$124,414,543

$83,897,433

665,400

813,570

738,630

514,540

total

sales:

—

Round-lot sales by dealers—
Number of shares—Total sales
Short

sales

Other

May 26
-

_

sales

Round-lot

(not

1

—

incl.

Tel. & Tel.)

Amer.

(24)—

(15)
(10.)

(200).

INC.—Month

of

May 26

„

.

purchases by dealers—Number of shares

'

May 26

665~400

813,570

7~38~630

May 26

553,150

650,530

693,140

Shipments

ROUND-LOT

EXCHANGE
FOR

Total

STOCK

ACCOUNT

round-lot

OF

ON

THE

Implement Tires

MEMBERS

N.

Y.

sales

Other

sales„__.

9,099,881

776,770

817,550

887,430

826,340

24,627,470

22.446,960

15,672,170

May 26

20,095,490

25,445,020

23,334,390

16,498,510

sales

WHOLESALE PRICES, NEW SERIES
LABOR

—

—

U.

S.

388,229

403,064
313.059

945,955

Motorcycle,

Truck

&

Bus

Inner-

(Number of)—

June 13
:

foods

l._

4

—j.

Meats
All

other

than

:

:

;

,

commodities

farm

and

foods

^

118.8

119.1

*118.9

June 13

86.3

*86.9

87.1

89.2

June 13

107.2

♦107.5

108.2

107.6

June 13

91.3

*92.2

92.6

97.1

127.8

*127.8

127.9

128.3

June 13

♦Revised
on

figure.

delivered




tNumber

basis

at

since introduction of Monthly Investment

of

orders

not

centers

where

freight from East St.

reported

Plan,

Louis exceeds one-half cent a pound.

3,587,604

2,939,288
9,095,617

3,359,209

3,627,995

9,013,775

10,495,261

;

Bus

Tires

(Number

40,938,000

39,506,000

35,342,000

37,955,000

34,708,000

37,721,000

15,572,000

17,865,000

26,162,000

1,084,356

1,242,960

of)—

1,132,555

+
.

1,016,848

1,015,962

1,352,248

3,883,094

4,000,230

3,889,308

119.6
RYE
;

CONDITION—CROP
BOARD
As

JPrime Western Zinc

U.

of June

WINTER

sold

(pounds)

Inventory

products

Processed

(pounds)
(pounds)

Production

commodities-

Farm

and

3,305,838

2,901,814

(Camelback)—

Shipments

Commodity Group—
All

Rubber

Inventory
Truck

—

,

Production

DEPT. OF

9,164,701

23,511,713

939,174

Shipments

(1947-49=100):

9,871,502

8,195,726
25,385,004

369,434

Inventory

19,318,720

8,081,591

7,865,550
24,150,105
(Number of)—

Production

May 26

3.60

357.800

Tubes

,__May 26

2.97

3.15

939,789

Tread

1

3.87

2.51

358,917

Passenger,

(SHARES):

3.54

3-09

Inventory
607,840

STOCK

3.33
2.49

Shipments

514" 540

TRANSACTIONS

3.97

(Number of)—

:

Inventory

sales—

Short

Total

SALES

ROUND-LOT STOCK

AND

5.70

3.26

April:

.

Shipments
TOTAL

3.47

5.00

3.15

ASSOCIATION,

Production

Tractor

3.11

4.89

1

RUBBER MANUFACTURING

Passenger & Motorcycle Tires

—

Customers'

value

May:
3.05

(25) J.

Insurance

Average

2,056,216

Dollar

YIELD—100

AVERAGE

STOCKS—Month of

(125)

purchases)—t

_.

by dealers

orders—Customers'

Banks

STOCK

COMMISSION

shares

Odd-lot purchases
•

SPECIALISTS

SECURITIES

WEIGHTED

COMMON

May 26

Utilities
STOCK

-

of April:

Gas

;
i

Railroad

enterprises

items

AVERAGES:

corporate

A

systems

10.800c

..June 20

Aaa_.

Aa

t

buildings

109

water

11.000c

.

Government Bonds

S.

service

64 "
394.

523

and

Rent

MOODY'S

and

nonresidential

>

362

352

32

institutional

10.800c

at_

pig, 99.5% )
York) at

30.600c

100

254

and

June 14

—.

(primary

June 14

462

83

45

June 14

.

at

Louis)

St.

_J_

:

at_

Louis)

(East

—

at

(delivered)

Zinc

at__

435

89

436

Food

refinery

475

45

buildings

r

18

111

i-

443

CONSUMER
All

QUOTATIONS):

54

-108

.

23

Public

Electrolytic copper—

.

68

Sewer

353

*•

71

buildings

Military facilities
Highways

14,441,000

17

1,383

Conservation

lb.)

gross

(E.

14,352,000

15,004,000

15,345,000

19

22

Administrative

&

46

45

1,259

Educational-.

144

44

55

24

Hospital

PRICES:

ton)

(per gross

steel

7,360,000

302,000

46

1,481

Other

June 15

COMPOSITE

Finished

*7,495,000

353,000

INSTITUTE:

BRADSTREET, INC
IRON

8,470,000

RESERVE

(in 000 kwh.)

output

FAILURES

(tons)

SALES

SYSTEM—1947-49
EDISON

June 10
June 10

(tons)

159

50

•

-

241 r
79 ,.<•

<

73

private

Nonresidential

OF MINES):

lignite

73

,

236

,

386

j.

,

57

122

.

92

144

251

47
,

!

460

344

78

institutional

1,352

784

Industrial
COAL

"

construction

Residential

180,400,000

399

222

*—

recreational

and

467

235

utilities

Telephone

1,185

227

;

construction—

Public

CONSTRUCTION—ENGINEERING

1,885

1,285

789

and garages

buildings

Miscellaneous

NEWS-RECORD:
Total

and

and

3,265

1,676

822

warehouses

,

Hospital

>

RAILROADS:

Revenue

restaurants,

nonresidential

4,648

3,030

1,849

;

—

buildings and

4,289

3,292

97

Educational—
;

ASSOCIATION

buildings

Religious

Ago

:

—

Stores,

207,935,000

gasoline (bbls.) at
June
at———,——.——June

oil

4,773

.

alterations

Commercial
Office

unfinished

(bbls.)

Distillate

•_

Nonhousekeeping
Nonresidential

Year

Month

(in millions):

May

and

of that date:

Previous

OF

buildings (nonfarm)
housing units-

7,053,710

Stocks at refineries, bulk terminals, in transit, in pipe lines—
Kerosene

DEPT.

construction

9

.

S.

Residential
New

—.

———

of

construction

new

Private

average

(bbls.)

Kerosene

CONSTRUCTION—U.

either for the

are as

Month
62.3

ol

(bbls.

average

June

stills:—daily

output

1,988,000

2,042,000

1,985,000

June 24

output—daily

each)

runs

Gasoline

Ago

68.0

are

Latest

INSTITUTE:

condensate

of quotations,

cases

Year

Ago

70.0

68.0

June 24

Month

Week

in

or,

LABOR—Month

castings

and

and

gallons

Crude

operations (per cent capacity)

PETROLEUM

oil

'

Week

that date,

on

to—

ingots

AMERICAN

INSTITUTE:

STEEL

AND

production and other figures for the

cover

month available. Dates shown in first column

month ended

or

Previous

Latest

AMERICAN

or

31

S.

WHEAT

PORTING

DEPT.

REPORTING
OF AGRICULTURE—

88%

1

PRODUCTION—CROP

BOARD

CULTURE—As

U.

S.

of June

1

DEPT.

OF

(bushels)

88%

88%

RE¬

AGRI¬

1,120,517,000 1,095,697,000 1,117,131,000

4

32

The Commercial and Financial Chronicle

(2756)

.

.

.

Thursday, June 22, 1961

ADDITIONS

* INDICATES

Now

Securities

in

the

of

large number of issues

awaiting processing by the SEC, it is becoming
to

T.

A.

U.

Hicksville,

St.,

equipment,
Office—2 Com- 1
Underwriter — Edward

development,

Y.

N.

Offering—Expected in

Advanced

Investment

Management Corp.

Jan. 13,1961

filed 300,000 shares of common stock. Price
—$3.50 per share. Business—The company was organ¬
ized in October, 1960 to operate an insurance home of¬
fice service and management company with the related

57th

W.

fice—130

Underwriter—

St., New York, N. Y.
Marshall Co., New York.
Abbey Automation

—$1.15

Title

Accesso Corp.
Jan.

writer—Naftalin

filed 40,000 shares of common stock and
(par $10) to be offered
for public sale in units consisting of one share of com¬
mon
and one share of preferred stock.
Price—$15 per
unit.
Business—The company is engaged in the design,
manufacture and sale of fluorescent lighting systems,
acoustical tile hangers, metal tiles and other types of
acoustical ceiling systems. Proceeds—For the repayment
of loans and general corporate purposes.
Office — 3425
Bagley Avenue, Seattle, Wash. Underwriter—Ralph B.
30,

1961

in

40,000 shares of preferred stock

Leonard &

Discount

Action

unit

consist

to

cent) and

one

Dollars

Business—The

of

one

share

of

stock

share of class A stock

(par

the

aluminum

(par $1). Price—$7

Alix

of women's

142

Mineola

in the business of leasing

it Allison

•

Electronics

share
The

Bowling Centers,

for

nine

each

states.

shares

and

Proceeds

manufacture and sale

Price

telemetry systems, frequency filters and power
for the missile, rocket and space programs.

28,
—

lated

items

Resumes Inv. Business

$7.50
21

per

by

New

Maltz, Greenwald & Co.,
York
City, and associates.

Proceeds from the sale will go to
the selling stockholders
and no

M.

Ferer

become

the company.

with Black

Seventh

Ave., New York City is engaged
operation of a chain of re¬

Bank

stores

Indiana,
which

in

the

Illinois

sell

a

states

and

line

of

of

Ohio,
Michigan,
popularly

priced ladies' and children's

wear¬

ing apparel. Authorized stock

con¬

sists of 700,000 $1 par

class A and
500,000 $1 par class B shares of
which 200,000 and 300,000 shares
respectively are outstanding.

—

Arnett

B.

associated

&

Marshall.

SAN
A.

FRANCISCO,

Steel is

Calif. —John

engaging in

ties business

from

Montgomery Street.




a

offices

securi¬
at

315

held.

For

—

Kahn & Peck
On

June

22

will become

centers in
expansion and working

Admit
A.

Hutton

partner in Kahn &

Peck, Cohn & Co., 74 Trinity
Place, New York City, members
of the New York Stock

(7/3-7)

stock.
The
of plastic film raincoats and re¬
women and children.
Proceeds—

Securities

Exchange.

Stevenson, Bartram Partner
of

the

change,

on

Kennedy
ship.

New York

June

Stock

22. will

Stevenson

construction, new equipment, and other corporate pur¬
poses.
Office—121 North Seventh Street, Philadelphia.

Underwriter—Suplee, Yeatman, Mosley Co., Inc., Phila¬
delphia, Pa.
•

Facsimile

American

April

1961

28,

stock

(7/3-7)

Corp.

(letter of notification) 40,000 shares of
(par 25 cents). Price—$3 per share.
manufacture

of facsimile

communication

equipment. Proceeds—For equipment; sales promotion
and advertising; research and development, and work¬
ing capital. Office—160 Coit Street, Irvington, N. J. Un¬
derwriter—Shell Associates, Inc., New York, N. Y.
April

Finance

filed

1961

21,

Co.,

Inc.

$500,000

(6/26-30)

6%

of

>

convertible

sub¬

ordinated debentures due 1971; 75,000 shares of common

25,000 common stock purchase warrants to
public sale in units consisting of one $200
debenture, 30 common shares and 10 warrants. Price—
$500 per unit. Business—The company and its subsidi¬
aries are primarily engaged in the automobile sale fi¬
nance business. One additional subsidiary is a Maryland
savings and loan association and two are automobile
stock,

and

be offered for

insurance

brokers.

Proceeds—For

the

retirement of de¬

bentures, and capital funds. Office — 1472 Broadway,
New York City. Underwriter—Lomasney, Loving & Co.,
York

City.

to

Missiltronics

Corp.

—

6, 1961 filed 125,000 shares of class A common.
Price—$4 per share. Business—The issuing firm is a
holding company for Jersey Packing Co., and a closed
circuit
the

television

purchase

camera

manufacturer.

Proceeds—-For

of equipment,

research and development,
expansion of the Missiltronics Division, advertising, in¬
ventory and working capital. Office — 136 Orange St.,

Newark, N. J. Underwriter—T. M. Kirsch & Co., New
York City. Offering—Expected in early August.
American Mortgage Investment Corp.
April 29, 1960 filed $1,800,000 4% 20-yrL collateral trust
bonds and 1,566,000 shares of class A non-voting com¬
mon stock.
It is proposed that these securities will bo
offered for public sale in units (2,000) known as In¬
vestment Certificates, each representing $900 of bonds
and 783 shares of stock.

—To be used

Price—$1,800 per unit. Proceeds
principally to originate mortgage loans and

YOUR PRIME SOURCE FOR
25

Street, New York City,

un¬

manager

securities,
that

Harold

trading

the

of

have
W.

Ex¬

admit

partner¬

an¬

Frank,

depart¬

a«NEW

ment; Arthur G. Sachtleben, man¬
ager

of the corporate bond depart¬

ment;

G. Philip Whitman,
the municipal bond

and

of

have

Vice-Presidents

been

of

the

elected

Branch offices of American Se¬

curities Corp. are

ISSUES

firm.

located in Bos¬

BOUGHT

-

SOLD

-

QUOTED

for Banks, Brokers, Institutions

ton, Hartford and Philadelphia.

Now Winston Securities
WINSTON-SALEM, N. C.

bers

common

Business

Corp.,

department,
to

Ormond
a

Price—$10. Business—
of bowling

Three Vice-Pres.

manager

Stevenson
&
Bartram,
120
Broadway, New York City, mem¬

John A. Steel Opens

men,

nounced

in the

tail

for

vestment

& Co., Inc., American
Building. He was formerly

with Foster

Price

June

derwriters and distributors of in¬

(Special to The Financial Chronicle)

Ore.

500

share for each 10 shares held.

new

amendment. Business—The com¬
pany is engaged in research and development in the field
of electronic communication equipment. Proceeds—For

American

filed 120,000 shares of
supplied by amendment.

Broad

Johnson

of

one

supplied by

of

Now With Black & Co.
PORTLAND,

company

be

American

portion thereof wil be received by
The

name

Securities.

has

be

Inc.

filed

Am. Sees. Names

from offices at 125 Southeast 12th

firm

1961

To

MIAMI, Fla.—M. M. Ferer is en¬
gaging in a securities business

Stores, Inc., at
share was made on June

—To

New

capital. Office—30 Verbena Avenue, Floral Park, N. Y.
Underwriter—Bear, Stearns & Co., New York City. Of¬
fering—Expected in July.

supplies

shares of Harvey's

be

to

the rate of

American

of

Inc.

operation

Almar Rainwear Corp.

the

shares,

1961

construction

several

Underwriter—H. B.

under

common

filed 300,000 shares of capital stock, of
shares will be sold for the account of the
company and
100,000 shares for All-State Properties,
Inc., parent. The stock will be offered for subscription
by holders of All-State Properties on the basis of one

shares (par 10

Street,

A

Services, Inc.
Aids, below.

radio

offering of 150,000 class A

class

Fla. Underwriter—Clay¬
Corp., Boston (managing).

Business

Allstate

Mayi 19,

Corp.

Class A Offered

of

alu¬

Price—$9. Business—Manufacturers
working capital. Office

April

Public

sale

other

Proceeds—For

May 31, 1961 ("Reg. A") 150,000 class A shares (par 10
cents). Price—$2. Business—Designs and manufactures

Harvey's Stores

and

and

which 200,000

Co.,

Advanced

wear.

stock

Laboratories,

10,632 shares of class A common
offered for subscription by stockholders at

1961

See Staff Business & Data

a

Blvd., Mineola, N. Y.
New York.

doors,

to be offered by the company and 30,-

are

ton Securities

loan, acquire new quarters,
for expansion, inventory, and working capital. Office—
Crandall

manufacture

and

W. 5th Ave., Miami,

—2700 N.

cents). Price—$3. Business—Distributes electronic prod¬
repay

windows

000 by stockholders.

(managing). Offering—Imminent.

Proceeds—To

Price—To be supplied by

The

Miami, Inc.
filed 100,000

8, 1961
which 70,000

of over one year.
offices in Philadel¬
phia, Pa., and New Haven, Conn.; lease and equip a large
garage in New York City and lease additional trucks.
Office—1616 Northern Boulevard, Manhasset, N. Y. Un¬
derwriter—Hill. Darlington & Crimm, New York City

ucts.

of

June

periods

common

—

gheny Avenue, Philadelphia, Pa. Underwriter—Francis I.
du Pont & Co., New York City (managing).

Proceeds—To repay loans; open new

Adelphi Electronics, Inc.
May 29, 1961 ("Reg. A.") 100,000

Business

storm

26,

Business—The

common

products. Proceeds—For working capital, and
other corporate purposes. Office—20th Street, and Alle¬

and 25,000 shares, being outstanding stock, by
the present holders thereof. Price—$10 per share. Busi¬
for

class A

of

minum

company

trucks

shares

200,000

present holders thereof.

amendment.

one

Leasing System, Inc.
Jan. 19, 1961 filed 100,000 shares of class A stock, of
which 75,000 are to be offered for public sale by the

and

filed

1961

Electronic

American

May

common

stock, of which 50,000 shares are to be offered for public
sale by the company and 150,000 outstanding shares by

A-Brive Auto

automobiles

Office—1730

Master Corp.

Air

May 26,

unit. Business—The sale and redemption of trading
stamps. Proceeds — For printing trading stamps, cata¬
logues; advertising and franchise development. Office—
26 Broadway, New York, N. Y. Underwriter—J. B. Coburn Associates, Inc., New York. Offering—Imminent.

ness—The company is engaged

to

Proceeds—For investment.

St., N. W., Washington, D. C. Underwriter—Affiliated
Underwriters, Inc., Washington, D. C.

per

•

Price — $5.
invest in life insur¬

K

42,500 units, each

common

Corp.

plans

company

concerns.

ance

Corp.

(letter of notification)

working capital.

Investment

and

Avenue,

May 29, 1961 filed 400,000 common shares.

Sons, Inc., New York City (managing).

April 14, 1961

working capital. Office—102 Mamaroneck
Mamaroneck, N. Y. Underwriter—Alexandria
Investments & Securities, Inc., Washington, D. C.

ventory

Price

early August.
Affiliated

stock

—

Office—1208
Building, Minneapolis, Minn.
Under¬
& Co., Minneapolis. Offering—Expected

Insurance

Corp.

(letter of notification) 75,000 shares of
(par 10 cents). Price—$4 per share. Busi¬
ness
The sale of pre-cast and pre-stressed concrete
panels for swimming pools and pumps, filters, ladders,
etc. Proceeds—For building test pools; advertising, in¬

1961 to engage in the development, manufac¬

developmental work and

For the selling stock¬
Rd., Akron, O.
& Co., Inc., New York City
—

1961

4,

common

ture, sale and lease of electronic, electro-mechanical and
electro-optical equipment.
Proceeds — For equipment,

ities, sales program, demonstration laboratory and work¬
ing capital. Office—37-05 48th Ave., Long Island City,
N. Y. Underwriter—John Joshua & Co., Inc., New York.

(managing).

Akron-Cleveland

Reynolds

—

Amcrete

May

Inc.

Instruments,

Co., New York City

(managing).

Business—The company was formed

share.

per

in March,

equipment for industry. Proceeds—For new facil¬

tion

Scientific

May 19, 1961 filed 875,000 shares of common stock.

6, 1961 filed 100,000 common shares.
Price — $3.
Business—The design manufacture and sale of automa¬

&

Office—3773

Underwriter

use

Advanced

Inc.

Systems,

June

Blair

H.

Alside, Inc.
May 11, 1961 filed 200,000 outstanding shares of common
stock to be offered for public sale by the present hold¬
ers thereof. Price—To be supplied by amendment. Busi¬
ness—The manufacture and sale of aluminum sidinig and
holders.

for the

reserve

("Reg. A.") 100,000 shares of common
stock (par 10 cents). Price—$3. Business—TV film pro¬
ductions. Proceeds—For general corporate purposes. Of¬

For

paneling for houses. Proceeds

the proceeds estimated at $851,895 as a
acquisition of interests in life insurance;
for furniture and fixtures; for the establishment of a
sales organization and for working capital. Office—The
Rector Building, Little Rock, Ark.
Underwriter—Ad¬
vanced Underwriters, Inc., Little Rock, Ark.
will

pany

Productions, Inc.

1961

l;

ISSUE

—D.

and

secondary purpose of owning investments in entities en¬
gaged in the insurance business.
Proceeds—The com¬
June

REVISED

mercial

accuracy.

offering dates.

ITEMS

inventory, taxes, accrued sales commissions and
working capital. Office—Washington, Ga. Underwriter

research

Hindley & Co., New York City.
mid-July.

predict offering dates
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
increasingly difficult
with a high degree of

•

PREVIOUS

repayment of loans and working capital.

Proceeds—For

NOTE—Because

Registration

SINCE

firm

name

of

Corporation,

Winston

550

—

T h

e

ton

Securities

bury, N. C.

Corporation.
a

SIEGEL

V^cdnc.

South Stradford

Road, has been changed to Wins¬

firm maintains

Sidney, d.

Industries

branch in

The
Salis¬

39 Broadway, New York 6, N. Y,

Olgby 4-2370

Teletype No. N.Y. 1-5237

Volume

193

Number 6066

.

The Commercial and Financial Chronicle

.

.

(2757)
them
disposition.

until

carry

market

Office

conditions

210

—

Center

Underwriter—Amico, Inc.
American

favorable

are

St..

Little

Offering—In late

for

Rock, Ark.
July.

Orbitronics

Corp.
("Reg. A") 100,000 common shares (par one
cent). Price—$3. Proceeds—For raw
material, machinery,
and working capital. Office—1730
K St., N. W., Suite
309, Washington, D. C. Underwriter—H. P. Black &
Co.,
Washington, D. C.
"
June 1, 1961

•

American

May

16,

Photocopy Equipment Co.

1961

filed

435,000

shares

of

(7/17-21)

common

stock, of

which

50,000 shares will be offered for the account of
the company and 385,000 for certain
selling stockholders.
Price—To be supplied
by amendment. Business—The
manufacture

and

sale

of

it Aqua-Lectric, Inc.
19, 1961 filed 1,000,000

June

heating

Proceeds—For inventory, salaries, ad¬
vertising and promotion, and working capital. Office—
system.

1608 First National Bank

Architectural

April 20,

(letter of notification)

1961

tion

•

American Univend Corp,

May 29,

1961 filed 100,000

the

(8/1-4)
shares.

common

Price

By
Business—The leasing of vending machines

amendment.
and

Dempster St.,
New
V

Brothers,

sale

of

merchandise

for

distribution

—

therein.

Proceeds—For the repayment of

debt, purchase of addi¬
machines, and other corporate purposes. Office—
56th
St., New York.
Underwriter—Robert A.
Martin Associates, Inc., New York.
tional
120

E.

•

Amity Corp.
Jan. 17, 1961 filed 88,739 shares of common stock
(par
$1). Price—$3 per share. Business—Land development,

including the building of an air strip, a marina, and a
housing cooperative. This is the issuer's first public fi¬
nancing. Proceeds—For general corporate purposes, in¬

$170,000 for construction and $12,000 for debt
reduction.
Office—Equitable Building, Baltimore, Md
cluding

Underwriter—Karen

Securities

Corp.,

New

York

City.

Note—This statement is expected to be refiled.

June

15,

Corp.

1961

filed

Business—The
Proceeds—To

of

America

100,000

manufacture
establish

shares.

of

Price—$5.

amphibious automobiles.

parts depot

a

in Newark, N. J.,
set up sales and service organizations, and for work¬
ing capital and general corporate purposes. Off/ce—660
Madison
Edmond

Avenue,

New York.
Underwriter
Herbert
Co., Inc., 115 Broadway, New York.

&

it Anodyne,
June

—

Inc.

1961 filed $625,000 of 5% convertible subordi¬
debentures, 156,250 common shares reserved for

20,

nated

issuance

conversion

on

to

warrants

of

the

debentures

and

5-year

purchase

125,000 common shares to be of¬
fered in 6,250 units, each consisting of $100 of deben¬
tures and warrants to purchase 20 shares. The units will
be offered for subscription by common stockholders on
the

basis

Price

—

working

of

unit

one

$100

Office—1270

Miami Beach, Fla.
and
•

100

unit. Proceeds

per

capital.

for each

For

—

N.

shares

common

W.

held.

expansion

165th

St.,

and

North

Underwriters—Ross, Lyon & Co., Inc.,

Globus, Inc., New York.

Antilles

Electronics

Corp.

(7/10-14)

May 8, 1961 (letter of notification) 100,000 shares of class
A common stock (par 10 cents). Price — $3
per share.
Address—San Lorenzo, Puerto Rico. Underwriter—Fraser & Co., Inc., Philadelphia, Pa.
Apache Corp.
May 29, 1961 filed $750,000 of participating units in the
Apache Canadian Gas & Oil Program 1961 to be offered
for

19,

public sale in 100 units.

Price—$7,500 per unit. Busi¬
acquisition, holding, testing, developing and
operating of gas and oil leaseholds. Proceeds—For gen¬

ness—The

eral corporate purposes.
Office—523 Marquette Ave.,
Minneapolis. Underwriter—APA, Inc., Minneapolis. Of¬
fering—Expected in mid-August.

Apache Corp.

(7/3)

31, 1961 filed 300 units in the Apache Gas and
Oil Program 1962.
Price—$15,000 per unit.
Business—
The acquisition, holding, testing, developing and oper¬
ating of gas and oil leaseholds.
Proceeds—For general
corporate purposes. Office—523 Marquette Ave., Minne¬

apolis, Minn. Underwriter

—

sidiary, APA, Inc., will act

The company and

as

its sub¬
underwriters for the Pro¬

gram.

March

31,

(7/10-14)

filed 1,000 units in the First Apache
Realty Program. Price—$5,000 per unit. Business—The
Program plans to engage in the real estate business, with
empnasis on the acquisition, development and operation
of shopping centers, office buildings and industrial prop¬
erties.

1961

Proceeds

—

For

investment.

Office

—

523

Mar¬

quette Ave., Minneapolis, Minn. Underwriter—Blunt El¬
lis & Simmons, Chicago (managing).

OWNERSHIP

CLIMBING

Since 1956, the number of individual shareholders in Mid
America has increased 53.5%.

Chicago alone has more
owners of stock in
publicly held corporations than any
city outside of New York. By far the most widely read
newspaper in this thriving market is the Chicago Tribune.
Why not plan to advertise your securities and services
frequently in the Tribune? Your Tribune representative
will give you details.

(Hljkajjo QTrilnrae
Y H I

WORLD'S
s most




$1,630,000 of 6%

100

the

on

shares

of

basis

held.

Price

$500

—

At

Proceeds—To repay

loans, purchase

a

Processing Laboratories, Inc.
March 23, 1961 filed 2,100,500 shares of common stock
to be offered for
subscription by common stockholders
the basis of

one

share for each share held.

new

—22 cents per share.

and white and color film.

Proceeds—To repay loans and

for working capital. Office—2 North 30th
Street,
Ariz. Underwriter—None. Offering—Imminent.

Valley
May 12, 1961 filed
nated sinking fund
of principal amount.
chicken
new

Price

Business—The processing of black

Arkansas

GR1ATS ST

N tWSfA'l

R

widely circulated market table

(Diran,

Norman

Curiey

Phoenix,

of

debentures

1976.

subordi¬

Price—100%?

Business—The production and sale

feed, hatching chicks and poultry. Proceeds
facilities, the improvement of marketing im¬

provements, and for working capital. Office—Dardenelle,
Ark. Underwriter—A. G. Edwards &
Sons, St. Louis, Mo.
(managing).
Atlantic Fund for Investment in U. S. Government

Securities, Inc.
22, 1960, filed 2,000,000 shares of common stock.
Price
$25 per share. Business — A diversified invest¬
ment company, which will become an
open-end company
July

the

redeemable

shares

being

shares

the

upon

registered.

sale

and

issuance

Proceeds—For

in U. S. Government securities.
New York City.

Office—50 Broad Street,

50

Street, New York City. Note—This company was
formerly the Irving Fund for Investment in U. S. Gov¬
ernment Securities, Inc. Offering—Imminent.
A' Audio Visual Teaching Machines, Inc.
June 8, 1961 ("Reg. A") 75,000 common shares
(par 10
cents). Price—$4. Business—The manufacture and dis¬
teaching

machines,

language laboratories
and program texts.
Proceeds—For repayment of debt,
purchase of equipment, research and development and
working capital.
Office
216
E.
Diamond
Street,

Travel

—$4
'fire

per

share.

Underwriter—To be named.

(Bratter

June

26

American

Business—The

manufacture

and

Price

sale

of

reduce

Automotive

indebtedness, add to inventory, and for working
Office—Bellemore, L. I., N. Y. Underwriter—
Broad Street Corp., New York
City (managing).

Australia

(Commonwealth of) 6/28)
1961 filed $25,000,000 of 20-year bonds due July
Proceeds—For the Commonwealth's international

The Australian
currency
equivalent of the
proceeds will be applied toward capital works programs
now
being financed by loans.
Underwriter — Morgan

Stanley & Co., New York (managing).
Automated
June

D

J.

common shares
(par
Business—The manufacture and sale of

ing, sales promotion, repayment of loans, working capital
and the establishment of national
dealerships. Office—80
Park Ave., New York. Underwriter—J. Laurence &
Co.,
Inc., New York.
•

Automated Merchandising Capital Corp. (8/1-4)
May 24, 1961 filed 400,000 shares of common stock. Price
—To be supplied by amendment. Business—A closednon-diversified

investment company
formed to provide financial assistance to concerns active
the

vending

Office—40
—Blair

&

management

industry.

Proceeds

—

For

it Automatic

Canteen

14,

filed

tures

due

1961

Co.

of

(Donald

Bookshelf of

ceeds—For

expansion

Office—Merchandise

and

general

corporate

J.

Finance

of

$20,800,000

common

debentures
30.

for

of

stockholders

each

Price—To

be

32

Common
Common

Inc.)

$299,000

Units
Co.)

&

Control

$1,250,000

Corp...

Common

&

Co.

Inc.)

$300,000

&

Co.

Inc.)

$300,000

Common

Hinkley

H'

Blaii"

&

Common
C°4

$299,800

Group, Inc
&

Common

Redpath)

150,000

shares

Diotron, Inc

.Common
(Royer

Securities

Co.)

$300,000

Eastern Lime Corp.
(Stroud

&

Co.

Debentures

Inc.

and

Warren

W.

York

&

Co.

Inc.)

$700,000

Elgeet Optical Co.,
(Troster,

Ford

Inc

Common

Singer

&

Co.)

$1,130,000

Motor Co

Common
&

Co.

Inc.)

2,750,000

shares

Ameritronics, Inc.—
&

Co.,

Units

Inc.)

$320,000

Hager, Inc.

Common

(M'arron, Sloss & Co., Inc.)

200,000 shares

Harvey Aluminum (Inc.)
(Kuhn,

Loeb

&

R.

Co.

L.

Common

_

Inc.

and
Tucker, Anthony
1,000,000 shares

Day)

Harwyn Publishing Corp
(N.

(J.

A.

I.

Hart

&

Margaril

Co.)

$412,500

Companies, Inc.

Co.)

40,000

(Edward

Hindley

&

Common

Co.)

$495,000

Vending, Inc

(Milton

D.

Blauner

Kirkland

Modern

&

Co.

&

Common

Co.,

and

M.

Inc,;

L.

Hallowell, Sulzberger, Jenks,
Co., Inc.) 150,000 shares

Lee

&

Homes Construction
(Harriman- Ripley &

New York

Co

Co.)

Units

275,000 units

Trap Rock Corp.—

(Smith,

Com.

shares

Industrial Control Products, Inc
Model

&

Common

Howe Plastics & Chemical

Barney

&

Co.)

Common

175,000

shares

Recreation Enterprises, Inc._
(I.'M.

Science

Simon

Resources
(Norton,

<$5

Fox

Units

Co.

&

State

Loan

&

Witter

&

Inc.)

Co.)

Finance

(Johnston.

$300,000

Co.

110,000

Common

shares

Corp

Lemon

Union

Suval

"

Common

,

Southwestern States Telephone
(Dean

"

$550,000

Co.)

Inc

Co.

Securities

Debentures

and

'&

F^stmqri

Co.)

Dillon,

$25,000,000

Industries Inc

(Milton

D.

Tassette,

Blauner

&

Common

Co.

and

Brukenfeld

(Amos

Co.)

$500,000

Class

Treat

&

Co.,

Karen

|

Inc.;

Bruno

Lenchner,

Securities

Corp.)

$2,400,000

Damroth

Corp

June

27

&

Noyes

$445,000

(Lecluse

11

Foods,
(P.

June 28

Common
160,000

shares

Co.)

$300,000

Co

Bonds

EDST)

m.

$17,500,000

Inc

Common

Brooks

W.

Renaire Foods,
(P.

&

a.

Inc
Co.)

Manufacturing Inc..—Com.

Electric

(Bids

&

Co.,

Inc.)

&

Co.,

Inc.)

Inc.„_

W.

Brooks

$750,000

L'

Debentures
$600,000

(Wednesday)

Architectural

Plastics

(Zilka,

Australia

&

Electronics

Massachusetts
Renaire

(Lee

Corp

Smither

&

Common

Co.)

$12,898,875

(Commonwealth of)—
Stanley

Higginson

Corp.

&

and

Co.)

Bonds

$25,000,000

Shearson,

547.128

Holiday Sportswear,
(George

National

K.

(A.

T;

L.

■

D.

&

to

shares

86,000

Units
100,000

units

stockholders—underwritten
&

Co.)

(Robert

by

shares

150,000

Inc
&

Standard Brands

Units

Co.

Inc.

Paint
Co.

&

Sons

&

Brothers)

Common

Co
Allen

and

Operating

Garrett

Lehman

and

units

&

265,000

Co.)

shares

Common

Co
and

125,000

Taddeo

Co.)

Corp

53,125

Supermarkets

Co.)

..Common

Weld

Bros.

&

Common

Brod.&.Co.)

Sherman

Metals,

(White,

(Sutro

Hammill

shares

Corp.

(Offering

Special

Common

Inc

Baum

Mercantile

Photronics

A

and

(Tuesday)

(Hemphill,

&

Inc.

Debentures

Co.)

Bolt Beranek & Newman,
Marine

&

Inc

H,

G.

Walker

&

Co.)

shares

Bowling & Leasing Corp
(Lomasney,

Loving

&

Co.)

Units

$1,620,000

Tennessee Valley Authority,
10:30

—Bonds

shares

supplied

held

by

the
of

29

EDST)

a.m.

$50,000,000

basis

(Thursday)

Capital Properties, Inc.—
(Hodgdon

Caterpillar

Tractor

subordi¬
of $100

record

about

amendment.

Busi-

&

Units

Co.

$600,000

Inc.)

Co

Debentures

—

(Blyth & Co., Inc.) $50,000,000

Empire Life Insurance Co. of America

(6/30)

convertible
on

June

(Consolidated

debentures due July 1, 1981 to be offered for sub¬

scription by
June

filed

Co.

(Auchincloss, Parker

purposes.

I

1961

$300,000

America, Inc

(Bids

Mart

Automatic Canteen Co. of America

26,

$625 000

shares

of

Plaza, Chicago. Underwriter
—Glore, Forgan & Co., New York (managing).

May

Inc.)

50.000

Co.

(D-

CMC

America

sinking fund deben¬
1981.
Price—By amendment. Business—Thfe
manufacture, sale and lease of vending machines. ProA
$12,000,000

Weill)

Inc

Loving

investment.

East 40th St., New York City. Underwriter
Co., Inc., New York City (managing).

June

&

Fidelity Bankers Life Insurance Corp

Plan, Inc.
("Reg. A") 100,000

"Gift Bookards" designed to provide simplified
gift giv¬
ing for business and industry. Proceeds—For advertis¬

end

Co.

Class B Common

Hinkley

Chemical

(Morgan

Gift

12, 1961
10c). Price—$3.

&

Co., Inc

Vacuum

(Donald

Bid

capital.
•

Wickett

(Monday)

Finance

(Hecker

burglar warning systems. Proceeds—To estab¬
lish subsidiaries,
buy equipment to make component
parts of warning systems now manufactured by others,

June 2,

&

(Lomasney,

Templeton,

and

First

Potoma

Services,

Audicgrarphic Inc.
Feb. 27, 1961 filed 150,000 shares of common stock.

S.

underwriting)

—

Gaithersburg, Md.

V.

Common

.Common

(No

of

investment

Underwriter—Capital Counsellors,

of

and

Berlind,

Broad

tribution

$297,000

Metropolitan Securities, Inc.

—

with

Co.

(Praser

due

Common

Co.)

Jefferson Counsel Corp

G-W.

convertible

&

Inc

(Blyth

Industries, Inc.
$1,500,000

&

Co.,

(Carter'

of

par.

Arizona Color Film

on

L

Consumers Automatic
Vending, lnc

subor¬

1971, to be offered for subscrip¬

stockholders

each

convertible

Common

underwriting) :$1,000,000

Inc.

(Hodgdon & Co.) $300,000

building, and for working capital.
Office — 755 Park
Avenue, Huntington Station, L. I., N. Y. UnderwriterLomasney, Loving & Co., New York City (managing).
Offering—In late July.

nated

Mid America

for

computer fields.

•

(No

Motor

Inc.

Business—The manufacture of
electronic, electrical and
electro-mechanical devices for use in the missile and

in

STOCK

Under¬

reserves.

March

Apache Realty Corp.

filed

common

1, 1981.
•

1961

by

—For

common

Industries,

debentures

of

it Amphicar

shares of

Poijtland, Ore.

eral corporate purposes. Office—2100 West

Lehman

103,191

working

dinated debentures due

—

(6/28)

Corp.

Office—1355 River Road, Eugene, Ore.
writer—Zilka, Smither & Co., Inc.,

May

(Friday)

(Jamieson

Plastics

capital.

Arcs

23

Big Boy Properties, lnc

Under¬

common stock (par $1) of which
26,326 shares are to be
offered by the company and 76,865 shares
by the under¬
writer.
Price—$1.25 per share. Proceeds—For

•

June

Chroma-Glo,

desk-top photocopy machines,
paper and supplies, and binding equipment.
Proceeds—
The company will use its share of the
proceeds for gen¬

Evanston, 111.
Underwriter
York City (managing).

Building, Minneapolis.

writer—None.
•

NEW ISSUE CALENDAR

common
shares.
Price—
Business—The marketing of an electric hot water

$1.15.

33

Securities

Capital

$300,000

Inc.)

Equity Capital Co
(Paine,

Hardeman

Webber,

Jackson

&

100,000. shares

Curtis)

G.

Kletz

'

Common

(Paul), Inc

(Michael

Income

Common

&

Co.)

350,000

shares

Units

Planning Corp
(Espy & Wanderer,

Inc.)

$200,000

pages
'

Continued

on

page

34

Continued

l

on

page

34

34

The Commercial and Financial Chronicle

(2758)

Continued from

33

page

July

3

Gordon
Kaiser Aluminum & Chemical Corp
(First

Nash

Corp.)

Boston

375,000

Common

(J. M.) Co., Inc
(Robert

W.

(Paine,

shares

Debentures

Baird

&

Co.)

(Paine,

$2,000,000

Walter

Jackson

Webber,

Southeastern

30

(Jim) Corp.

Electronics

July 10

Debentures

by

Glore,

Antilles

Forgan

Corp

Common

(Offering

stockholders—underwritten

to

Brothers)

Lehman

by

(Paine,

V.

Taffet

Wickett

S.

&

July 3

\

(D.

(bhell

Apache

&

Co.)

Inc.)

Minneapolis,

Eberstadt

(Associates

&

&

Inc.)

Peabody

(Shearson,

Hammill

&

Co.

Common
Common

(Oiiering

Webber,

Jackson

Union

Heller

Curtis

Meyer)

and

Co.)

Interstate
(L-ehman

King,

Investors

and

Preferred
(Life

Jefferson

Construction
(Pisteli,

Micro

Electronics
(R.

Mill

Life

Factors

&

Mohawk

Insurance
'R

Seaboard

(Amos

Corp.)

&

Electrarc,

Co.

E.

(C.

.

Survivors'
(Offering

Unterberg,

Benefit
to

&

Co.

Co.)

Insurance

is

95,000

Co

American Photocopy
(Lehman

(Grant,

Triangle

the

company's

shares

40,000

shares

&

Co.,

Inc.)

Fontaine

Stearns

Instrument

Buildings Corp

&

$300,000

Rochester

(Kuhn,

Loeb

&

Co.)

159,403

shares

Equipment Co..

Brothers)

435,000

(S.

July 5

Fuller

D.

&

Co.)

Common
320,000

Common

Co.;

&

Evans

MacCormack

Sellgren,

and

Miller &

Co.

&

and

Co.;

&

Co.)

W.

Pitfield

C.

&

Co.

(S:

D.

Fuller

<fc

Co.)

October

Ltd.)

shares

Georgia

Stone

development, manufacture, sale and leasing of

&

Co.)

vending machines. Proceeds—For the repayment of debt,
the construction of a factory addition at
Whippany, N. J.,
and

for

Mart,

other

purposesUOffice—Merchandise

Chicago, 111. Underwriter—Glore, Forgan

New York
•

corporate

&

Co.,

City (managing).

Automotive

Vacuum

Corp. (6/26)
30, 1961 (letter of notification) 60,000 shares of
common stock
(par $1). Price—$5 per share. Proceeds
-—For advertising, new
products and working capital. Of¬
fice—1007

East

Second

writer—Donald J.
•

BBM

Street, Wichita, Kan.
Under¬
Hinkley & Co., Inc., Denver, Colo.

Photocpy Manufacturing Corp.

cator

Proceeds—For
Co.

division

a

acquisition
of

Willmor

of

the

Bohn

International

Dupli¬
Corp.

Office—42

W. 15th St., New York City. Underwriter—
Shields & Co.,,New York City (managing).

16, 1961 filed 100,000

000 shares

are

shares

stockholders.

by

shares, of which 68,by the company and 32,000

common

to be offered

Co.

100,000

a

1961

shares

Calif.

Brothers)

Underwriter— International
(6/26)

of

stock,

common

of

100,000

outstanding

shares

by

the

Price—By amendment. Busi¬
ness—The manufacture of farm equipment.
Proceeds—
For a plant, purchase of
land, retirement of preferred
stock and working capital.
Address—Kaukauna, Wis.

amendment. Business—The manufacture and sale of food

Underwriter—Loewi & Co., Inc., Milwaukee
(managing).

houseware and

Bel-Aire

April 14,
common

expansion,

Products, Inc.

1961
stock.

(letter of notification)
Price—At par

—For repayment of a loan,
plant, and working capital.




150,000 shares of
($2 per share). Proceeds

equipment, lease of a
Office — 25970 W. 8 mile

new

poses.

thereof.

Office—4546

writers

—

(for

Price

—

To, be

restaurants,

supplied

hotels,

etc.,)

by

and

hospital products. Proceeds—For-product

working

.Bonds

received)

$20,000,000

(Tuesday)

5

be

to

Bond*

received)

$15,000,000

(Thursday)
Bonds

—

to

be

$5,000,000

received)

Industries, Inc.

(letter of notification)

70,000 shares of

stock

•

capital
West

Westheimer

&

and

47th

capital. Office—11933 Vose St., North Holly¬

Beranek &

Bolt

other

corporate

Business—The

ment.

St., Chicago, 111. Under¬

(6/27)

company

is

a

group

of scientists

engaged in research, consultation and
product development in the fields of architectural acous¬
tics, applied physics, instrumentation, psychoacoustics,
bio-medical technology, man-made machines and in¬
formation systems.
Proceeds — For the repayment of
engineers

debt, and working capital. Office—50 Moulton Street,
Cambridge, Mass. Underwriter—Hemphill, Noyes & Co.,
New York City

(managing).

of

America,

Inc.

(6/26-30)

(letter of notification) 74,950 shares of
common
stock
(par 10 cents).
Price — $4 per share.
Business—The mail order sale of religious books. Pro¬
April

17,

1961

moving expenses, new equipment and work¬
ing capital and general corporate purposes.
Office—889

ceeds—For

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

Brama'ea

Consolidated

Underwriter—D. H. Blair
Developments,

Ltd.

(7/24-28)

pur¬

Co., Cincinnati and Divine &

Inc.

Newman,

April 27, 1961 filed 160,000 shares of common stock, of
which 90,140 shares are to be offered for public sale by
the company and 69,860 outstanding shares by the pres¬
ent holders thereof.
Price—To be supplied by amend¬

Bookshelf

shares

140,000

equipment

30, 1961

for working

and

which 40,000 shares are to be offered for public sale by

service

be

wood, Calif. Underwriter — Pacific Coast Securities Co.
Offering—Expected in late July.

Industries, Inc.

and

..Preferred

$8,000,000

received)

St., Oklahoma City, Okla. Under¬
Co., Inc., Denver, Colo.

notification) 60,000 shares of
(par $1). Price — $5 per share.

goods lines and artificial flowers. Proceeds—For
expansion; inventory and working capital. Office—1401
Fairfax Trafficway, Kansas City, Kan. Underwriter—
Midland Securities Co., Inc., Kansas City, I Mo.

holders

be

of

Merchandising Corp.

company

Blue Haven

common

of soft

the

•

March

8, 1961 filed 72,500 class A common shares. Price
—By amendment. Business—The wholesale distribution

present

$15,500,000

received)

(par 10 cents). Price—$4 per share. Pro¬
ceeds—To increase inventory, reduce indebtedness and

stock

filed

to

(Bids

Office—1001 East Colorado Street, Glendale,

1961

_.Bonds
be

Co

$6,500,000

Underwriter—None.

1,

Power

Gulf

Bonds

chain of "Big Boy" restaurants in California.
For the purchase of restaurants and other

Bloomfield

Preferred
$5,000,000

received)

...._—

to

December 7

shares

140,000

Co

June

•

be

Common

Co

—

Blackmail

to

(Bids

Boy Properties, Inc.
(6/23)
20, 1961 filed 100,000 shares of common stock
Price—$10 per share. Business—The company plans to

properties.

Bonds

$5,000,000

Power Co

December

Big

a

received)

Virginia Electric & Power Co

March

Proceeds

;•

;

(Wednesday)

October 25

:

writer—Donald J. Hinkley &

operate

.-J.—.Bonds

$12,000,000

(Wednesday)

(Bids

shares

150,000

Inc.)

Gas

(letter

common

be

Georgia Power Co

shares

196,109

Brothers)

Natural

Office—1708 W. Main

May

• Badger Northland, Inc.
June

17,

class

(7/24-28)

May 26, 1961 filed 50,000 shares of common stock. Price
—To be supplied by amendment. Business—The assem¬
bly and sale of accessory equipment for photocopy ma¬
chines.

&

Chemical Co.

D

May

•

Control

March

Bid

received)

Co

(Bids

Road, Southfield, Mich.
Equities Co., Miami, Fla.
•

to

(Bids

Capital

(Lehman

Continued from page 33
ness—The

18

Power

...Common

Natural Gas

units

8,000

named)

Common

(Lehman

Northwest

Units

to

(Bids

..Common

underwriting)

(Blyth

(Wednesday)

(Wednesday)
Cbrjb—-

be

Mississippi Power Co

Stone

$300,000

(Tuesday)
(No

Northwest

to

(Bids

Common

Independence Life Insurance Co. of America..Cap.

shares

Canandaigua Enterprises Corp

(Bids

September 28 (Thursday)
Mississippi Power Co.

shares

Carriers, Inc
,

Vic Tanny Enterprises, Inc

—Common
be

to

shares

Electric

&

Gas

New England
Cable

Hammill & Co.)

stockholders—underwriters

to

September 27

.Common

Co.)

;

(Hayden,

July 18

Common

;

Capital

1,070,000

(Armstrong & Co., Inc.) $300,000

Uris

;

(Friday)

Common

*

Laboratory, Inc.
Common

Bonds
$40,000,000

received)

September 8 (Friday)

(Grant, Fontaine & Co.) $300,000
Instrument Development

Radiation

stock)

be

to

$500,000

Marine Structures Corp

T

(Tuesday)

18

August

,

(Offering

Corp

Youngberg

Common

underwriting

Bonds
$20,000,000

Western Union Telegraph Co..—

750,000

$1,085,000

V

$7,200,000

received)

Lytton Financial Corp

Magna Pipe Line Co., Ltd
(Bear,

be

(William R. Staats & Co. and Shearson,
300,000 shares

Sudler

Chemonics

Common

underwriting)

1.728,337

Debentures

....

Common

.Common
shares -I;

to

>

Preferred

Rensis

Common
$550,000

Units

$2,600,000

Equip. Trust Ctfs.

(Monday)

July 17

$900,000

Inc.)

shares

Libaire, Stout & Co.)

Co.—

(Bids

$30,000,000

received)

be

C.

400,000

Inc.)

shares

Corp

Co.)

Common
100,000 shares

(Tuesday)

August 15

'

shares

Terry Industries, Inc
(Greenfield

200,000

Inc
de

Corp..

Consumers Power Co

Preferred

Co

to

(Amos

Inc

stockholders—no

Bonds
$8,000,000

Co.)

&

$30,000,000

EDT)

m.

(Bids to be received)

Common

Inc.)

Towbin

Read

Bonds
a.

Northern States Power Co.

Wej-It Expansion Products, Inc

Common

Corp

Instruments,

&

$600,000

Corp. of New York

King,

August 8

shares

(Friday)
(P.

Co

Treat

(Bids

$400,000

75,000

Co.,

Read

Edison

$5,859,400

&

Servonic

&

(Lids

(Thursday)

July 14

nrrPTI

Dowd

F

Electronic

125,000

PST)

a.m.

__—Common

200,000 shares

Co...Common

...

Higginson

Brockton

Debentures
Co.)

&

$1,870,000

Co.)

9

$600,000

Inc.)

Co.,

& French, Inc.)

Fricke

Co.

&

Pacific

(Wednesday)

July 13

Common

Inc.)

&

Inc.)

Texas Eastern Transmission

$840,000

Corp

Baruch

Co.

&

(Dillon,

$1,462,500

Co

Crow,

(Eisele

Northern

Common

Corp

&

Merchandising Capital Corp.__Common
(Blair

$7,138,400

Inc.)

11

Investors Funding

Common

(Dillon,

Co.)

Hammill

Inc.)

Corp

(Lee

Dillon,

Eastman

Insurance

Securities.

Production

(Bids

$350,000

Stout

Shearson,

Stetson

California Electric Power Co

.Class A

Libaire,

&

&

Texas Eastern Transmission Corp...

$15,000,000

Department Stores, Inc.__

Brothers

July 12

$3,750,000

Properties, Inc
&

Hornblower

Common

Inc...-.—

(Robert A. Martin Associates, Inc.)

Automated

Co.;

Cohu

(Blyth

Common

(Schrijver & Co.)
(Eisele

&

155,000 shares

Co.)

Co

Univend

Debentures
Eastman
Dillon,
Weeks and

by

—Common

(Tuesday)

August 1

Co.)

American

underwritten

—

(Shearson, Hammill & Co.)

Jersey..Capital

&

Gilbert Data Systems, Inc
Income

Consolidated

Debentures

&

Common
&

shares

Oceanarium, Inc.

Debentures

&

Securities

Securities

Winslow,

shares

300,000

Acceptance Corp

(Paine,

Union

shares

stockholders

to

Moyer,

(Bids

Dempsey-Tegeler

and

&

Biauner

D.

Electric

$2,000,000

Co.)

and

Union

July 11

$600,000

First Small Business Corp. of New
General

Co.

Common

$375,000

Inc.)

Co.

&

(Tuesday)

July 25

shares.

300,000

$2,000,000

Co.)

218.000

Common

Inc.)

Co.)

Fuller

D.

&

Press, Inc
Richter

(Tuesday)
Canada Dry Corp

160,401

Faradyne Electronics Corp
(S.

Color

Common

&

(Woodcock,

Capital

shares

60,0000

Inc.)

Co.,

&

Philadelphia Laboratories, Inc

Common

,

Crystal Salt Co
(Kidder,

(Milton

'

Debentures

(Scherck,

$275,000

underwriting)

Co.

Redpath)

&

Fuller

Common

-•

Super Markets,

Packer's

$7,500,000

Co.)

Management,

Treat

World

$4,500,000

Corp

(Amos

Parker
D.

Treat

(Bache

Corp.

shares

336,625

Co.)

(Edward H.) & Son, Inc....
(Amos

$340,000

Inc.)

Vinco

.Units

Minn.)

Co.

&

Common

Inc

&

Mortgage Guaranty Insurance Co

and

$5,000,000

....Common

150)000 shares

Co.)

&

Inc

Biauner

D.

$600,000

Common

(S.

Development Corp. of America
Diamond

Co.)

underwriting)

Debentures

stockholders—no

to

&

Co.

Enterprises, Inc.__Common

U. S. Home & Development Corp..
(Auchincloss,

Builders, Inc

Comptometer

shares

Biauner

Seymour

Common

1

Inc.

IF.

(Ofiering

(No

$120,000

Chock Full O' Nuts Corp
Church

*

shares

120.000

Corp.__

Associates

Corp
(APA,

247,500

Ihnen

..Common

Bruno

(Sandkuhl

Blair

Facsimile

American

Curtis)

Thoroughbred Enterprises, Inc.__

Corp

H.

&

Inc.;

Co.,

Superstition Mountain

(Monday)

Rainwear

J.

(Milton

Capital

Jackson

Stearns

(Bear,

Dimension

Fifth

shares

Corp....

Securities
J.

Common
Inc.) $396,000

Co.

&

,

Almar

(Netherlands

$990,000

Co.)

Electronics, Inc
(Fialkov

Webber,

Kane-Miller

and

Inc.

Lee

&

$5,000,000

168,000

Co.)

Treat

(Amos

Common
&

Goodway Printing Co.

Common

Williams

Thomas,

Inc.;

-

Simmons)

&

Stone

$12,000,000

Distributing Corp.

Artists Schools,

Famous

Corp.

(Hayden,

$7,822,000

Metropolis Bowling Centers, Inc..
&axe

CompuDyne

Debentures

Co

Developments, Ltd.__Units
Co.)

&

(Shields

Cosnat Record

1

Units

Ellis

(Blunt

shares

612,463

Silver

$300,000

Co.)

Apache Realty Corp

(Orf'enng to stockholders—underwritten by Bear, Stearns & Co.)

International

&

shades

50,000

Co.)

&

Consolidated

Bramalea

Common

Corp...

(Eraser

Common

BBM Photocopy

$20,000,000

(Monday)

Electronics

$20,000,000

Co.)

Capital

&

Sons)

(Monday)
Manufacturing Corp

July 24

.Debentures
&

shares

127,570

$6,250,000

(onieids

stockholders—underwritten

to

&

(Russell

Curtis)

&

Co.)

&

Freres

Common

Jackson

Corp.—.
Common
underwritten by Lazard

stockholders

to

(Friday)

Automatic Canteen Co. of America
(Offering

(Offering

shares

140,000

Capital Corp
Weboe'r,

(Alex. Lrown

June

Curtis)

&

Thursday, June 22, 1961

.

Products

Certain-Teed

Class. A

Corp.

.

(Wednesday)

July 19

(Thursday)

Jewelry

.

May

19,

1961

filed' $6,000,000 (U. S.)- of 6V2% sinking
July 1, 1973, 600,000 shares of com¬

fund debentures due
mon

stock

and

240,000 12-year warrants (exercisable at

Fishman, Inc., Chicago and New York City. Offering-

$10

Expected in mid-July.

consisting of $50 of debentures, five common shares

per

share) to be offered for public sale in

units, each
and

Volume

warrants.

two

is

company

Number

193

Price

—

building

a

$100

6066

.

.

.

The Commercial and Financial Chronicle

unit.

per

planned

Business

—

Compton, Calif.

The

industrial-commercial-

community at Chinquacousy, Ont., near To¬
Proceeds—To repay debt and for working capital.

ronto.

•

Canada

Inc., New York.

Dry Corp.

of

(7/11-27)

1961 filed $7,138,400 of convertible subordinated
debentures due July 1, 1981 to be offered for subscrip¬
tion

by

scocKholders

common

on

the

basis

June 2,

11, with rights to expire July 27. Price—At

cents).

ness

1961 ("Reg. A") 160,000 common shares (par 25
Price—$1.
Proceeds—For repayment of loans,
machine rental, working capital and general corporate

Office—2833 St. Charles Ave., Suite 4, New
La.
Underwriter
Copley & Co., Colorado
Springs, Colo.
Orleans,

June

International, Inc.
(letter of notification)

stock, (par

five

Business—Producers

of

radio

and

television

programs.

Co.

(7/13)

1961 filed 40,000 shares of preferred (par $100).
—
To retire all outstanding 6.40% preferred
stock, prepay a bank loan, and for construction. Office
•—36 Main St., Brockton, Mass. Underwriters—By com¬

June

in

and

Manufacturing Co.

Proceeds—To repay a loan and to pro¬
capital to small business concerns. Office

Investors Corp.
("Reg. A") 50,000 capital shares. Price—
At par ($5). Proceeds—For retirement of mortgages, and
working capital. Office—109 S. Third Street, Room 207,
June

Las

5,

1961

Vegas, Nev.

Underwriter—None.

Capital Properties Inc.
April

(6/29)

1961 filed $600,000 of 9Vz% debentures due
12,000 shares of common stock to be offered
for public sale in units of $1,000 of debentures and 20
1977

21,

and

shares.

Price—$1,000 per unit. Business—The
plans to purchase and lease back three build¬
ings to be erected by Tower's Marts, Inc., for use as
retail discount department stores. Proceeds—For acquisi¬

common

Price

blems.

—

Underwriters—Clark, Dodge & Co., Inc.,

Mosle & Co., Houston.

if CLC Owners Corp.
June 5, 1961 ("Reg. A") 160 common shares.
Price —
At par ($1,500). Proceeds—For repayment of debt.
Of¬
fice—Candlewood Lake Club, Brookfield, Conn. Under¬
Finance

CMC

Price—To

stock.
—The

in

filed

1961

April 28,

Group,

•

2.

finance

consumer

Carolina

•

and

business

Georgia.

in

Proceeds

North
—

Office—1009 Wachovia Building, Charlotte, N. C.
Underwriter—Auchincloss, Parker & Redpath, Washing¬
ton, D. C.
•

Cab'e

Inc.

which began operations in 1954, is engaged in the
and development of special material handling
systems for industrial and commercial use based on

June

tana

pany

research

company-owned
writer—To

be

Calancfra

working capi¬
Boulevard, Greenville, S. C. Under¬

patents.

Office—Kirk

tal.

Proceeds—For

named.

June

Price—By amendment. Business—The processing of

derwriter—Cruttenden, Podesta

&

Co.,

Chicago

(man¬

aging).
Electric Power Co.

Ca Hernia

1,

filed

1961

Proceeds

1991.

—

the

(7/12)

4 "

mtge. bonds due
repayment of bank loans.

$8,000,000
For

of first

Office—2885

Foothill Blvd., San Bernardino,

derwriters—

Competitive

bidding.

Calif.

Probable

Un¬
bidders:

Halsey, Stuart & Co. Inc.; Kidder, Peabody & Co.; First
Boston Corp.: Merrill Lynch, Pierce, Fenner & Smith
Inc. Bids—July 12 (9 a.m. PST) at the office of O'Mel& Myers, Room 900, 433 South Spring St., Los An¬

veny

chase

geles.

.

ing, Denver.
Sullivan

derwriters—Ross,

filed 200,000 capital shares.
Price—By
Business—Engineering research and de¬

Electronics,

\

-

Inc.

("Reg. A.") 100,000 common shares (par
Proceeds—For repayment of debt

Price—$3.

capital.




&

City.
Acceptance

Coastal

June

6, 1961

series

Co.,

Inc.,

and

Globus,

Inc.,

notes

Corp.

("Reg. A") $125,000 of 10-year registered
to

be

offered

in

denominations

of

$100

to

$1,000. Price—At par. Proceeds—For working capital.
Office—36 Lowell, St., Manchester, N. H. Underwriter—
Eastern

Investment

Color

Corp., Manchester, N. H.

Reproductions,

Inc.

May 10, 1961 (letter of notification) 950 units of $95,000
of 6% subordinated debentures, due June 30, 1971, and
offered

shares of common stock (par one cent) to be
in units, each unit consisting of $100 of deben¬

tures and 50 shares of common stock.

Business—The

unit.

makes

company

Price—$287.50 per

color photographs

and

reproductions for churches, institutions, seminaries
and schools. Proceeds—For equipment; sales promotion;

construction of buildings and im¬
facilities. Office—202 E. 44th St., New
York, N. Y. Underwriter—William, David & Motti, Inc.,
New York, N. Y.
1
,
repayment of loans;
provements

of

if Columbia Research Group

Office—18631

S.

Santa

Fe

Ave.,

June

Street

1960

Corp.

(7/17)

(letter

of notification)

(par

and

working capital. Office—990 S. Fairoaks Ave., Pasa¬

Cvock

Full

O'

Nu+s Corp.

(7/3-7)

April 7, 1961 filed $7,500,000 of subordinated debentures,
due May 1, 1961.
Price—To be supplied by amendment.

City, Utah.

Underwriter-L-None.

Inc.
(letter of notification) 60,000 shares of
common
stock (par 10 cents).
Price—$3.50 per share.
Business—The importation and sale of electronic subminiature components.
Proceeds — For repayment of

April

20,

1961

debt; advertising, inventory and working
Foxhurst Road, Baldwin, L. I., N. Y.

—3

capital. Office
Underwriter-

Planning, Inc., New York, N. Y.

Fund

Comptometer Corp.

(7/3)

31, 1961 filed 160,401 shares of common stock to
offered for subscription by holders of outstanding

March
be

subordinated convertible sinking
1970; and option agree¬
ments for the purchase of common shares.
Warrants
will be issued on the basis of one right for each common
share held on the record date, one right for each share
issuable upon conversion of a series A debenture, as if
such debenture had been converted, and one right for
each share issuable under the option agreements.
The
warrants will provide that one new share will be issuable
for each eight rights tendered. Price—To be supplied by
amendment. Business—The company's activities are or¬
ganized on a divisional basis—Business Machines, Com¬
munications and Electronics, Business Forms, Burke Golf
and Worthington Golf Ball Divisions. Proceeds—For the
common

fund

one

—

corporate purposes. Office—3600 Market Street, Salt

Components Specialties,

100,000 shares of

cent). Price—$3 per share. Busi¬
ness—Manufacturers of printed circuits for the missile
industries. Proceeds
For general corporate purposes
stock

eral

Lake

Corp., New York City (managing).
14,

and

1961 filed 5,000,000 preferred shares (par one
Price—$1. Business—The production of religious
educational phonograph records. Proceeds—For gen¬
20,

cent).

Engineering Corp.
Jan. 30, 1961 filed 100,000 shares of common stock. Price
—$6 per share. Business—The company is engaged in
the business of engineering, research, development, man¬
ufacturing and installation of custom communication sys¬
tems and electronic, electro-mechanical and mechanical
systems and devices for ground support facilities for
missile and space programs of the U. S. Government. The
company
also manufactures special purpose products
sold for military use.
Proceeds—For the repayment of
loans and for working capital.
Office —15126 South
Broadway, Gardena, Calif.
Underwriter — First Broad

Angeles, Calif.; Stone & Youngberg, San Francisco and
Sellgren, Miller & Co., Oakland, Calif.

working

Lyon

both of New York

Chalco

closs, Parker & Redpath, Washington, E. C.
1961

Laboratories, Inc.
u,r>
filed 200,000 shares of common stock.
per share.
Business—The company plans to
1961

sale of industrial chemicals and latex, resins and plastic
compounds for industrial and commercial use. Proceeds
—For plant additions, repayment of debt, and working
capital. Office—1450 Ferry Avenue, Camden, N. J. Un¬

Underwriters—Boettcher & Co.; Bosworth,

dena, Calif. Underwriters—Grant, Fontaine & Co., Oak¬
land, Calif, (managing); Evans MacCormack & Co., Los

cents).

By

pur¬

in the development, manufacture, packaging and

engage

Seigel,

for. general corporate purposes.
Office—19907 Ventura
Boulevard, Woodland Hills, Calif. Underwriter—Auchin¬

10

—

Ciarkson

&

Chemoitlcs

velopment in ground support equipment in the missile,
rocket and space fields.
Proceeds—To repay loans and

May 29,

Price
loans,

Equipment Credit Corp.

April 27,
Price—$2

Co., Inc., and Peters, Writer & Christensen,
Inc., Denver.

common

and

of

Office—955 E. 25th

Hialeah, Fla. Underwriter—Kidder, Peabody &
New York (managing). I

Clark

Office—611 Central Bank Build¬

ceeds—For investment.

Nov.

Calvideo

repayment

and expansion.

cars,

April 21, 1961 filed $20,000,000 of debentures, series A,
due 1981. Price—To be supplied by amendment. Busi¬
ness—The financing in the U. S
and Canada of retail
time sales of products manufactured by Clark Equip¬
ment Co., parent. Proceeds—For the repayment of debt.
Office—32* East Dewey Ave., Buchanan, Mich. Underwriters^-Lehman Brothers and Blyth & Co., Inc., N'ew
York CJity {managing). Offering — sTemporarily- post¬
poned.
\
«
' '

convertible

&

Proceeds—For

tank

Street,

if Centiai Investment Corp. of Denver
"19, 1961 filed 600,000%common fshare3. Price—$3.75.
Business—A small business investment company.
Pro¬

June

16, 1961

of

47,500
of

ington, N. Y. Underwriters—Brand, Grumet
Inc., and Kesselman & Co., Inc., New York.

if Cal-Va! Research & Deve'opment Corp,
amendment.

15, 1961 filed 112,278 common shares.

amendment.

June

photographic film, wholesale distribution of photographic
equipment, and operation of retail camera stores. Pro¬
ceeds—For exampansion, equipment, and working capi¬
tal.
Office—116 North 42nd Street, Omaha, Neb.
Un¬

June

W. 54th St., New York, N. Y. Underwriter—FonSecurities, Inc., New York, N. Y.

.

Photo, Inc.

May 29, 1961 filed 170,000 class A shares, including 50,000 to be sold by the company and 120.000 by stockhold¬
ers.

.

Laboratories, Inc.
filed $200,000

1961

type.

if City Gas Co. of Florida

subordi¬
nated debentures due 1976 and 80,000 common shares
underlying such
debentures, and 70,000 outstanding
common shares to
be sold by stockholders. Price—(De¬
bentures) At par. (Common) $2 per share. Proceeds—
For construction of a new building. Office—Port Wash¬
20,

management

2,

—619

(managing).

if Center

(7/18)
March 23, 1961 filed 196,109 shares of capital stock. Price
—To be supplied by amendment.
Business—The com¬
Carriers,

the

Syndicate, Inc.
1961 (letter of notification) 100,000 shares of
stock (par one cent). Price—$3 per share. Busi¬
ness—The production of motion pictures. Proceeds—For
the repayment of loans; purchase of equipment; produc¬
tion of four motion pictures, and working capital. Office

Caterpillar Tractor Co. (6/29)
9, 1961 filed $50,000,000 of sinking fund debenture^

York

of

Office—501

common

15, 1986. Business—The manufacture of heavyfarm and construction equipment. Proceeds—To
repay bank loans. Office — 600 West Washington St.,
East Peoria, 111. Underwriter—Blyth & Co., Inc., New

capital.

company

investment.

Cinema

May

duty

working

investment

Bailey Avenue,
Fort Worth, Texas. Distributor—Associates Management,
Inc., Fort Worth, Texas.

due June

Carolina,

For

Underwriter—Jamieson & Co.m

Builders, Inc. (7/3-7)
1961 filed 50,000 shares of common stock, series
Price—$5.50 per share. Business—A closed-end diver¬

Proceeds—For

June

through its 201 subsidiaries, is engaged

company,

the

South

150,000 shares of class A common
supplied by amendment. Business

be

em-,

Church

sified

Hillcrest Avenue, Dallas, Texas.
Underwriter—
Rotan, Mosle & Co., Houston, Texas (managing).

(6/26-30)

Inc.

sensitive

Feb, 6,

—6517
•

of pressure

share.

Proceeds—For

Ave., S., Duluth 2, Minn.
Minneapolis, Minn.

Capital Southwest Corp.
May 8, 1961 filed 1,250,000 shares of common stock.
Price—$11 per share. Business—A small business in¬
vestment company.
Proceeds—For investment.
Office

writer—None.

The manufacture

—

of

shares
per

payment of obligations; purchase
of equipment; and for working capital. Office—525 Lake

tion of the above properties. Office—36 Pearl St., Hart¬
ford, Conn. Underwriter—Hodgdon & Co., Inc., Washing¬
ton, D. C.

Alex. Brown & Sons, Baltimore, and Rotan,

(6/23)

(letter of notification) 90,000
(par 50 cents). Price — $3.30

stock

Business

company

Business—A small business investment company. I
Proceeds
For
investment.
Office
201
Main
St.,

New York;

company.

1961

2,

common

if Capita!

—$11.

Houston, Texas.

may

adjacent to

Chroma-Glo, Inc.

Co.,

Funds, Inc.

—

restaurants

•

March

minent.

opening of additional
financing of home sales. Office—

2, 1961 filed 1,300,000. shares oi capital stock,

and

the
construction, working capital
purposes.
Office—26 Broadway,
or

products.
Proceeds —For general corporate
Office —17 Jeffrey Lane, Hicksville, N. Y.
Underwriter—Lewis Wolf, Inc., New York.

Blvd., Los Angeles, Calif. Underwriter
—Dempsey-Tegeler & Co., St. Louis, Mo. Offering—Im¬

the repayment of debt, the

Business

Chrislin

Photo Industries Corp.
15, 1961 ("Reg. A") 50,000 shares of class A stock
(par five cents). Jrrice—$6. Business—developing and

—1281 Westwood

Adrian, Ga. Underwriter—The Robinson-Humphrey Co.,
Inc., Atlanta, Ga. (managing).
June

activities

entertainment

corporate

vide long term

Inc.

the

and

City. Underwriter—S. D. Fuller & Co., New
City (managing).

ment

stock, to be offered for sale in 100,000 units, each con¬
sisting of $10 of debentures and three common shares.
Price—To be supplied by amendment.
Business—The
construction financing and sale of shell homes. Proceeds
and

per

•
Capital For Technical Industries, Inc.
April 10, 1961 filed 500,000 shares of common stock.
Price—$10 per share. Business—A small business invest¬

May 25, 1961 filed $1,000,000 of convertible subordinated
debentures
due
1981
and
300,000 shares of common

offices

$5

York

York

Proceeds — For selling
stockholders. Office—Prudential Plaza, Chicago. Under¬
writers—Loewi & Co., Inc., Milwaukee and Blunt Ellis
& Simmons, Chicago.

sales

at

Proceeds—For

general

New

photo-mechanical equipment.

—For

shares

hotels, motels

track.

race

12, 1961 filed 170,680 outstanding common shares.
—
The manufacture of

Hemes,

recreational

construct

Price—By amendment. Business

Builtwell

A

class

tion, Inc., which is erecting a thoroughbred race track at
Canandaigua, New York. The company plans to engage

petitive bidding. Probable bidders: Kidder, Peabody &
Co.; Kuhn, Loeb & Co., and Stone & Webster Securities
Corp. Bids—To be received at 49 Federal St. (8th floor)
Boston, Mass., up to 11 a.m. (EDST) July 13, 1961. In¬
formation Meeting — Above address July 11, 11 a.m.
(W. A.)

15

share. Price—To be
supplied by amendment. Business—The company owns a
majority stock interest in Finger Lakes Racing Associa¬

Proceeds

Brown

Dillon, Union Secu¬
Co., Hornblower & Weeks and Winslow, Cohu
Stetson, Inc., New York.
&

chase

June 6,

-

York. Underwriters—Eastman

Canandaigua Enterprises Corp. (7/5)
May 2, 1961 filed $4,000,000 of sinking fund debentures
due 1976, 240,000 shares of class A stock, and warrants
to purchase 120,000 shares of class A stock to be offered
for public sale in units, each consisting of $500 of de¬
bentures, 30 class A shares, and 6-year warrants to pur¬

snare.

New York, N. Y.
Edison

Busi¬

•

June

designing

and

New York 17, N. Y. Underwriter—F.
Co., New York City (managing).

Avenue,

Eberstadt &

purposes.

of

shares
per

par.

coffee.

ington

beverages, extracts and syrups in the U. S.
and Canada. Proceeds—To prepay short term
loans, for
expansion and working capital. Office—100 Park Ave.,
New

Proceeds—For general corporate purposes. Office—3 W.
57th St., New York City. Underwriter—Harry Odzer Co.,

Brockton

of

operation of a chain of restaurants in the
City area, and the packaging and retail saie
Proceeds—For expansion.
Office—425 Lex¬

York

distribution of carbonated

&

60,000
Price—$5

cents).

The manufacture

—

rities

1961

2,

common

$100

and alcoholic

purposes.

Broadcast

of

debentures for each 33 shares held of record about July

Corp.

35

Business—The
New

June 8,

Office—P. O. Box 129, Brampton, Ont., Canada. Under¬
writer—Shields & Co., New York City (managing).
Brisker

Underwriters—J. K. Norton & Co. and

Stern, Zeiff & Co.,

residential

(2759)

1

stock;

8Vi%

debentures, series A, due

Continued

on

page

38

36

The Commercial and Financial Chronicle

(2760)

Continued from page 35

Shell

Custom

West Jarvis Ave., Chicago,

111.

Underwriters

—

To be

named.
•

(7/10-14)

CompuDyne Corp.

May 12, 1961 filed 168,000 shares of common stock, of
which 120,000 are to be offered for public sale by the
company and 48,000 outstanding shares by the present
holders thereof. Price—To be supplied by amendment.
Business—The furnishing of instruments and systems for
missile sites, and the design, development, assembly and
manufacture of electronic and

automatic control

ities.

other devices used in the

aeronautical and

of

missile

test facil¬

Proceeds—For

inventory expansion, research and
development, the redemption of outstanding 6% deben¬
tures due Dec. 1, 1961, and working capital. Office—404
South Warminster Rd., Hatboro, Pa. Underwriter—Hayden, Stone & Co., New York City (managing).

(letter of notification) 38,984 shares of
(no par) being offered for subscription
by stockholders on the basis of one new share for each
stock

12 shares held of record

Price—$2.10

April 20. Rights expire June 14.
share. Proceeds—For research and pro¬

per

duction, and general corporate purposes. Office—11612
W. Olympic Blvd., Los Angeles, Calif. Underwriter—
Holton, Henderson & Co., Los Angeles, Calif.

expansion and working capital. Office—412 W. Saratoga

ordinated

St., Baltimore, Md. Underwriter—T. J. McDonald & Co.,
Washington, D. C.

subscription by holders of the company's common stock
of record June 20 with rights to expire July 10.
Price—

stock

,

filed 390,000 shares of common stock, of
which 350,000 shares are to be offered for public sale
by

the

1961

company

holders

present

military customers.

Guerin

Proceeds —For

Turner,

&

("Reg. A")

shares

common

(par

cation for metal parts.

Proceeds—For moving expenses,
plant equipment, sales promotion and working capital.
Office
2212 McDonald Ave., Brooklyn, N. Y.
Under¬
writer—A. J. Frederick Co., Inc., New York.
—

Processing,

Business—Manufacturers

the

computer

17Q,000 class A shares.
Price — $5.
"Conolite," a laminate used in
and aircraft industries and
electrical insulation. Proceeds—For the purchase of
1961

1,

filed

construction, furniture

for

the "Conolite" business of Continental Can

Co., Inc.; the

Mass.
Wall

common

,

equipment.

Underwriter

April

writer—Amos

Price— $4.25 per

Treat &

Co., Inc., New York.

a

Bowling Corp.
March 29, 1961 filed 738,000 shares of common stock and
$900,000 of 6% convertible subordinated debentures, due
in

July, 1981.

for the

Prices—For the stock: $3.50

debentures:

per

100% of principal amount.

share;

Business

—Operates bowling centers and owns real estate.
ceeds

For

—

expansion.

Niagara Falls, N. Y.

Office

—

Military

880

Pro¬
Road,

Underwriter—None.

Consolidated Production Corp.
(7/11-14)
May 26, 1961 filed 200,000 shares of common stock. Price
—To be supplied by amendment.
Business—The com¬
pany, which plans to change its name to Consolidated
Production

Corp., buys and manages fractional interests
producing oil and gas properties. Proceeds—'For in¬
vestment, and working capital. Office—14 North Robin¬
son,
Oklahoma City, Okla.
Underwriter—-Shearson,
Hammill & Co., New York City (managing). Note—This
company formerly was named Cador Production Corp.

in

Price

$1).
and

$1.15.

—

Proceeds

—

For

repayment

of

working capital. Office—Volunteer Building, Suite
Atlanta, Ga.
Underwriter—None.

505-6,
•

Consumers

Automatic Vending,
Inc.
(6/23)
31, 1961 filed 125,000 shares of common stock (par
10 cents).
Price—$5 per share. Business—The installa¬
tion, maintenance and servicing of automatic vending
March

machines, including complete in-plant automatic cafe¬
terias, in the metropolitan New York area. Proceeds
■—For equipment, the reduction of debt and other cor¬
porate
N.

Y.

Office

purposes.

—

56th

59-05

Underwriters—Diran, Norman

Street, Maspeth
& Co., and V. S

Life

Insurance

Office—8113-A Fenton
writer— First

12, 1961 filed 500,000 shares of common stock
Price—$3 per share. Business—The company is engaged
in the business of

writing life insurance, annuity policies
and re-insurance. Proceeds—-For
general corporate pur¬
poses. Office—304 Main St., Cfcrand Junction Colo. Under¬
writer—None.

shares.

Business—The company acts as
in matters pertaining to data

Street, Silver Spring, Md. Under¬
Planning Co., Washington,

Investment

De-Electronics, Inc.
April 13, 1961 (letter of notification) 112,000 shares of
common stock
(par 10 cents). Price—$1 per share. Busi¬
ness

The

—

assemblies.

manufacture

Proceeds

electronic

of

For

—

the

components and

purchase of inventory;

and T. M. Kirsch & Co.,

Price—By

cent), of which 30,000 shares are to be offered for
public sale by the company and 20,000 outstanding
shares
the present holders thereof.
Price — $2 per
share. Business
The design, manufacture and sale of
electronic equipment for the U. S. Government. Pro¬
—

For research and development and for working
capital. Office—850 Shepherd Ave., Brooklyn, N. Y., Un¬
—

derwriter—M. L. Lee
Denver

Real

&

Co., New York City.

Estate

Investment

Fund

May 15, 1961 filed 600,000 shares in the Fund. Price—
To be
supplied by amendment.
Business—The Fund
large and

opportunity to participate jointly
diversified real estate investments which

offer promise of

growth and increased values.

Proceeds

—For investment.

Underwriters

Boettcher
•

&

Office—660 17th Street, Denver, Colo.
Bosworth, Sullivan & Co., Inc., and
Co., both of Denver, Colo, (managing).
—

Development Corp. of America

30, 1961 filed 200,000 shares of common stock (par
Price—$3 per share. Business—The develop¬

cents).

ment

and

construction

of

single-family

residences and

communities

Hollywood, Fla.

Underwriter—Amos Treat & Co., Inc.,

loans; general corporate

New

(managing).

Office—3232

W.

El

Underwriter—Dean Witter &
Cosnat

May 26,

Record

1961

equipment, repayment of
and working capital.
Blvd., Hawthorne, Calif.
Co., San Francisco.

purposes

Segundo

Distributing Corp.

filed

Business—The

phonograph

records.

manufacture

Proceeds—For

and
the

distribution

of

repayment

of

debt, and working capital. Underwriter—Amos Treat &
Co., New York City (managing). Office—315 West 47th
Street, New York City.
Crown Aluminum Industries

York

be

sold

enameled

aluminum

siding

and

aluminum

accessories.

Proceeds—For plant expansion, new
equipment and the
development of new products. Office—5820 Center Ave¬
nue, Pittsburgh, Pa.
Underwriters — Adams & Peck;
Allen & Co., and Andresen &
Co., all of New York City.
•

CurJey Co., Inc.

(6/23)

Masters

5707

general corpo¬
Hollywood
Boulevard,

outstanding common shares
by stockholders. Price—$5. Business—Manu¬
Proceeds—For the selling
New

York.

Un¬

IVIilner Corp.

Dumas

May

filed $2,000,000

1961,

24,

debentures

ordinated

shares of class A
sale
be

(7/3-7)

Drive, St. Clair, Mich. Underwriter—Kidder, Peabody &
Co., New York City (managing).
(letter of notification) 100,000 shares of
(no par). Price—$3 per share. Proceeds—
For
raw
materials, production, testing and working
capital. Office — 3650 Richmond St., Philadelphia, Pa.
Underwriter—Royer Securities Co., Philadelphia, Pa.
1961

stock

Industries,

June

("Reg.

12,

1961

ferred shares

ferred

(par $5)

stockholders

for

each

10

A")

Inc.
24,059

7%

convertible

pre¬

to be offered for subscription
on

shares

the

of

basis

of

common

one

held

share
of

of

by
on

June

5, 1961. Price—About $5 per share. Proceeds—'To
repay debt, and for working capital.
Office—8450 San
Fernando

6%

convertible sub¬

stock to be offered for

common

public

in 200,000

sold

units, each consisting of one $10 par
A shares. Price—To be supplied

by amendment. Business—The manufacture and sale of

used in cleaning, sanitation maintenance and
laundering. Proceeds—For the repayment of
product expansion. Office—Jackson, Miss. Un¬

Atlanta, Ga. (managing).

Dynamic Vending Corp.

(letter of notification) 75,000 shares of
(par 10 cents).
Price — $4 per share.
Business—The purchase and sale of vending equipment
and electrical appliances. Proceeds—For general corpo¬
rate purposes and working capital.
Office — 44 Beaver
Street, New York 4, N. Y. Underwriter—A. D. Gilhart
April 26,

1961

stock

common

&

Co., Inc., New York, N. Y.

it E. C. P. I., Inc.
June 14, 1961 ("Reg. A") 52,500 common shares (par 25
cents). Price—$5.50. Business—The training of person¬
nel to

operate IBM electronic computers and punch card
tabulating equipment.
Proceeds —For expansion land

working capital. Office—116 W. 14th Street, New York.
Underwriter—Stern, Zeiff & Co., Inc., New York.

it Eastern Air Devices, Inc.
June 16, 1961 filed 150,000 common shares to be offered
for

subscription

each

by

common

stockholders

of

Crescent

Corp., parent, on the basis of one share for
held.

shares

Crescent

10

ture of power

Business—The

manufac¬

Proceeds—For the
other corporate purposes.
Office—385 Central Avenue, Dover, N. H. Underwriters
—Sutro Bros. & Co. and Gregory & Sons, New York
(managing).
Offering—Expected in late July.
purchase

and servo components.

equipment

of

Lime

Eastern

and

Corp.

(6/28-30)

March 31, 1961 filed $700,000 of subordinated debentures,
due 1976.
Price—At 100% of principal amount.
Busi¬
ness—The

operation of a quarry in Kutztown, Pa., and
of limestone
for
cement
companies.

production

new

equipment

Office—Kutztown, uPa.

and

the

repayment

of

&
Co., Inc., Philadelphia and Warren W. York & Co., Inc.,
Allentown, Pa. (co-managers).

Underwriters—Stroud

it Edo Corp.
June

14, 1961 filed 108,971

amendment.

eauipment.

Business

—-

111th

shares.

manufacture

the

selling

Price
of

—

By

electronic

stockholders.,

College Point, N. Y. Under¬
Webber, Jackson & Curtis and Kidder,
Street,

Peabody & Co., New York
Edwards

common

The

Proceeds—For

writers—Paine,

(managipg).

Container

Corp.
May 29, 1961 ("Reg. A") 60,000 common shares (par $1).
Price
$5. Proceeds — To repay loans, purchase plant
machinery and for working capital. Office—3535 East—

ham

Allen

ore-

record

of

1971, and 400,000 outstanding

debenture and two class

Office—1404

(6/2S)

• Diversified

due

by the present holders thereof. The securities will

debt.

May 22, 1961 filed 300,000 shares of outstanding common
stock. Price—To be supplied by amendment. Proceeds—
To selling stockholders.
Office —916 South Riverside

Diotron, Inc.

stock

common

—

®

Diamond Crystal Salt Co.

common

March 30, 1961 filed 50,000 shares of common stock
(par
Price—To be supplied by amendment.
Business—
The manufacture and
packaging of household liquid de¬
tergents for distribution under private labels. Proceeds
-—For general corporate purposes.
Office—Jefferson

$1).

City

Proceeds—For

—

Office—1400 Broadway,
derwriter—Globus, Inc., New York.

common

Price—To be supplied by amend¬
manufacture and distribution of

The

of notification) 80,000 shares of
(par one cent). Price—$2.25 per
share. Business—The development and manufacture of
chemical products. Proceeds—For general corporate pur¬
poses. Office—222 Newbridge Ave., East Meadow, L. I.,
N. Y. Underwriters
Planned Investing Corp., New
York City and Fidelity Investors Service, East Meadow,
L. I., N. Y.
A

class

Proceeds—For

March 29,

—

Office

Corp.

(letter

1961

10,

the

debentures due 1976.
Business

Florida.

Chemical

Dubow

April

stockholders.

May 1, 1961 filed $2,000,000 of convertible subordinated
ment.

—Globus, Inc., and Harold C. Shore & Co., Inc., N. Y.

facturers of women's apparel.

•

Corp.

in

purposes.

Devonbrook, Inc.
June 8, 1961 filed 120,000
to

(7/24-28)

150,000 shares of common stock, of
which 105,556 shares are to be offered for
public sale by
the company and
44,444 outstanding shares by the pres¬
ent holders thereof.
Price—To be supplied by amend¬
ment.

rate

general corporate purposes and working cap¬
Street, New York. Underwriters

Office—43 W. 61st

ital.

Petroleum

(7/3-7)

amendment. Business
The manufacture of equipment
for the storage of super-cold
liquids and gases. Proceeds
—For manufacture
of
new
—

it Dornost Publishing Co., Inc.
June
14, 1961 filed 100,000 common shares (par one
cent). Price—$1.
Business—Magazine publishing. Pro¬

(par

one

ceeds

glass fibre for

of

sale

and

derwriter—Courts & Co.,

March 16, 1961 filed 50,000 shares of common stock

Business—The

insulation and
glass fibre threads, mats and rovings for use in the pro¬
duction of reinforced plastics. Proceeds—For working
capital and the purchase of additional equipment. Office
■—1037 Jay St., Rochester, N. Y. Underwriter — None.

debt and

Decitron Electronics Corp.

stock

50,000

convertible);

-

share for the class A and common shares.

household

Co., (managing)
York City.

Inc.

Fibres,

class A common
shares (voting) and 300,000 common shares (non-vot¬
ing). Price—$10 per share for the preferred and $1 per
(cumulative

dore Arrin &
New

Glass

27, 1960 filed 500,000 shares of 7% preferred

products

of

Minneapolis, Minn. Underwriter—Fund Dis¬

Dolomite
Dec.

manufacturing facilities and working capital. Office—50
Third St., Mount Vernon, N. Y. Underwriter—Theo¬

E.

10
common

stock.

Davenport Water Co.
May 15, 1961 (letter of notification) 3,000 shares of 5%%
cumulative preferred stock. Price — At par ($100 per
share). Office—214 Perry St., Davenport, Iowa. Under¬
writer—Quail & Co., Inc., Davenport, Iowa.

March

Cosmodyne Corp.
12, 1961 filed 100,000

common

District of Columbia.

in

Co.

Jan.

June

share.

of

will offer investors the

Wickett & Co., Inc.. both of New York City.
Cortez

shares

processing problems and equipment. Proceeds—To de¬
velop data processing systems and for working capital.

(par
debt,

Corp., 79

r

60,000

advisor

or

—

ceeds—For

filed

26, 1961

consultant

both

it Consolidated Southern Companies, Inc.
June 12, 1961
("Reg. A") 246,435 common shares

Securities

Weber

Corp.

repayment of debt; moving expenses, and working capi¬
tal. Office—Suite 414, 52 Broadway, New York. Under¬

Consolidated

First

St., New York City.

Datatrol

Waltham,

Office—1334 Main St.,

—

Fund, Inc;

—

manufacture

Inc.

1961

12,

par

Mutual

April 25, 1961 filed 100,000,000 shares of capital stock.
Price
$1 per share. Business — A diversified mutual
fund. Proceeds
For investment. Office — 736 Midland
tributors, Inc.

120,000

cents). Price—$2. Business—The marking and fabri¬

April

construction

(managing).

Dollar

Bank Bldg.,

Inc., Dallas.

Inc.

Components,

Data

The manufacture of sulfuric acid.
of a new plant and for

—

the

City

Underwriter—Eppler,

10

Business

convertible sub¬

1981 being offered for

income debentures due

thereof.

Office—6114 Forest Park Road, Dallas, Texas.

1961

Inc.

Industries,

filed $1,500,000 of 6%

1961

working capital. Office—1260 Broad Street, Bloomfield,
N. J.
Underwriter—P. W. Brooks & Co., Inc., New York

outstanding shares by the
Price — To be supplied by

realty acquisitions, the repayment of debt, and for ex¬

6,

Chemical

31,

and 40,000

for commercial and

June

Dixon

Proceeds—For

Business—The overhaul of aircraft engines

amendment.

pansion.

•

At par.

Dallas Airmotive, Inc.

May 26,

(letter of notification) 75,000 shares of
stock. Price—$4 per share.
Business—
The research, design and development of advanced digi¬
tal computer programs. Proceeds—To purchase or lease

June

&

Co., Long Beach, Calif., and V. E. Anderson
Co., Salt Lake City.

March

no

Conolite, Inc.

Cruttenden, Inc., Los Angeles; M.

Wheeler &

and

S. Walker &

Homes, Inc.,

1961

8,

common

Data

1961

5,

common

Co.

Thursday, June 22, 1961

.

(letter of notification) 120,000 shares of
(par 10 cents). Price—$2.50 per share.
Proceeds—To erect sample homes, repay a loan, and for
May

Computer Equipment Corp.

April

&

lind, Potoma & Weill, New York City (managing).

repayment of debt and for working capital. Office—5600

.

.

Drive, Culver Citv, Calif/Underwriter—Olmstead,
& Co., Los Angeles, Calif.

EichEer

Homes,

IneJ

May 16, 1961 filed $2,000,000 of convertible subordinated
debentures due June 1, 1973. Price—To be supplied by
amendment.

Business—The

erection

of

apartments and

and

Road, Sun Valley, Calif. Underwriters—R. E.
Bernhard & Co;, Beverly Hills, Calif.; Hardy & Co., New

Sts., Camden, N. J. Underwriter—Carter, Ber-

additional land.

Office—Palo Alto, Calif. Underwriter—

York; Arthur B. Hogan, Inc., Burbalnk, Calif.; Wedbush

J.

Co., San Francisco, Calif,




homes

S.

in

So.

California.

Strauss &

Proceeds—For the

purchase of

(managing).

Volume

193

Number 6066

.

.

The Commercial and Financial

.

Chronicle

(2761)
Electra

International, Ltd.
May 5, 1961 filed 70,000 shares of capital stock. Price—

•

outside of

the

United

States.

Proceeds

—

For

Price—100% of principal amount.
Business—The company is engaged in the
manufacture
and distribution of
high reliability materials and basic

research,

development, and working capital. Office—222 Park
Ave., South, New York City. Underwriters—Robert A.
Martin Associates, Inc., and Ezra Kureen
Co., both of
City.

electronic

components, including dielectric and electro¬
lytic capacitors and precision tungsten wire forms. Pro¬

ceeds—For the payment of debts and for

1

Office—471

Electrarc, Inc. (7/14)
April 21, 1961 filed 100,000
$5

—

share.

per

velopment of

shares

Business

—

of

The

stock,

common

research

Federal

de¬

and

May

welding and wire shielding. Proceeds
•—For
equipment, working capital and miscellaneous
expenses. Office—505 Washington St., Lynn, Mass. Un¬
arc

derwriter—P.

de

Electronic

Rensis

&

Co., Inc., Boston, Mass.

and

25,

1961

be offered
the

basis

for

of

Price—To
company

one

new

share

for

each

three

to

Price

$6.50

—

lenses

and

share.

per

optical

Business

systems

for

—

The

N.

City

development

of

—

13

states

ments

for

Office—P.

Corp.

$100

per

own

will

per

the

unit.

Business—The

Commonwealth

of

Rico

own

to

turce, P. R.
•

Office—1205

Ponce de

June

and

for

forking capital.

Office

—

•

First

ests.

business

Van Alstyne,

ord

June

First

of

—

Controls,

•

erates

Inc.

deeds
-

Inc.

(7/24-28)

June

13, 1961 filed 336,625 common shares of which
100,000 will be sold by the company and 236,625 by
stockholders. Price
By amendment. Business — The
—

provides home study courses in the visual arts,
writing and photography fields. Proceeds—For gen¬
eral corporate purposes. Office — 680 Fifth Ave., New
York City. Underwriter—Bear,
ptearns & Co., New York
-(managing).company

-

..




..

,

..

St.,

Corp. of New Jersey

—

$12.50

investment

per

share. Business
organized

—

A small

Small

company

in

Business

Investment

Company

common

stock.

—

—

fabricating and warehousing of
the

selling stockholders.

bt., Tampa, Fla.

steel products.

Office-1715

Underwriters—McDonald

land and

Proceeds

Cleveland

& Co.

Cleve¬

Kidder, Peabody & Co., New York
(managing),
if Food Distributors, Inc.
("Reg. A") 2,115 common shares
(par $50)
Proceeds—For possible acquisitions
Office

Price—$100.
—2135

Columbus

None.
•

Road, Cleveland, Ohio.

Underwriter—

Ford Motor Co.

(6/26-30)
May 26, 1961 filed 2,750,000
outstanding shares
mon

of

com¬

stock to be offered for
public sale by the present
holders thereof. Price—To be
related to the current mar¬
ket price of the stock at
the time of the sale
Proceeds
—For the selling stockholder
(the Ford Foundation).

Office—Dearborn, Mich. Underwriter—Blyth
New York

& Co., Inc.,

City (managing).

•

Fox-Stanley Photo Products, Inc.

March

29, 1961 filed 387,500 shares
$1) of which 50,000 shares are

public

of

common

to

be

stock

offered

sale

for

by the company and 337,500
outstanding
shares by the present holders
thereof. Price—To be
sup¬
plied by amendment. Business—In
May 1961 the com¬
pany plans to take over the
businesses of The Fox Co
San

Antonio, Tex., and the Stanley Photo
Service, Inc.,
Louis, Mo., which are now engaged in the
processing
photographic films and the sale of
photographic

St.
of

equipment. Proceeds—For working
capital and possible
Broadway, San Antonio,

future acquisitions. Office—1734
Tex.

Underwriter—Equitable Securities Corp., Nashville,
Offering—Expected in mid-August.

Frederick-Willys Co., Inc.
April 20,

an

of

insuranec agency, and acts as
Proceeds
For general

trust

—

.

a

trustee under

corporate

pur-

Realty Fund
1961 filed 2,000,000 shares of participation in
Fund. Price—$10 per share. Business—A new real

April 21,

investment

trust.

Proceeds

—

For

investment.

Office—Highway 44 and Baldwin Blvd., Corpus Christi,
Texas.
Texas.

Distributer—Flato, Bean & Co., Corpus Christi,

Flora

May

24,

Mir Candy Corp.

1961

(letter

of

common

1961
stock

(letter of notification)
(par five cents).

150,000 shares of

Price—$1.15

per share.
of family recreation
equipment.
Proceeds—To repay
debt, purchase additional

Business—Manufacture

equipment,
development, and working capital. Of¬
Avenue, Minneapolis, Minn. Under¬
writer—Continental Securities, Inc.,
Minneapolis, Minn.
for research and

fice—6519

Nicollet

Frontier Airlines, Inc.
16, 1961 filed 250,000 outstanding shares of com¬
stock. Price—To be
supplied by amendment. Busi¬
ness—The transportation
by air of passengers, property
and mail between 66 cities in 11
states. Proceeds—For
March

mon

the

selling stockholders.' "Office
5900 E. 39th
Ave.,
Denver, Colo. Underwriter—To be named.„„.lJ
^
•

G-W

Ameritronics, Inc. (6/26-30)
25, 1961 filed 80,000 shares of common stock and
160,000 warrants to purchase a like number of common

Jan.

shares, to be offered for public sale in units, each

con¬

sisting of one share of common stock and two warrants.
Each warrant will entitle the holder
thereof to
one

to

share of

purchase

common

August 1961 and

at

stock

$3

to

at

$2 per share from March
share from September 1962

per

February 1964. Price
$4 per unit. Business
The
company
(formerly
Gar
Wood
Philadelphia Truck
Equipment, Inc.), distributes, sells, services &nd installs
—

—

Gar Wood truck bodies and
equipment in Pennsylvania,
Delaware, and New Jersey, under an exclusive franchise.
Proceeds — For general
corporate purposes.
OfficeKensington and Sedgley Avenues,

derwriter—Fraser &

Philadelphia, Pa.
Co., Inc.. Philadelphia, Pa.

May 29, 1961 filed 120,000 shares of

Un¬

notification) 85,700 shares of
common
stock (par 10 cents).
Price—$3.50 per share.
Business—The manufacture of candy products. Proceeds
•—For repayment of loans;
working capital, and expan¬
sion.
Office—1717 Broadway, Brooklyn, N. Y.
Under-

stock. Price

common

—$6.50

per share. Business—The manufacture of men's
boys' sport shirts. Proceeds—To equip a new plant
at Lambert,
Miss., and for working capital. Office—112
W. 34th Street, New York
City. Underwriter—J. R. Williston & Beane, New York
City (managing). Offering
—Expected in late July.

and

if Gelman Instrument Co.
June 6, 1961

Price—$6.
of

("Reg. A") 50,000

Proceeds—For

common

repayment

shares (no par).

of debt,

purchase

equipment, research and development, and working

capital.

Office—106 N. Main Street, Chelsea, Mich.
derwriter—Robert A. Martin Associates,

Un¬

Inc., N. Y.

General

Acceptance Corp. (7/3)
7, 1961 filed $15,000,000 of convertible capital de¬
bentures due June 1, 1981. Price—By amendment. Busi¬

June

ness—A finance

Prlot

Flato

estate

Schools,

Business

poses.
Office—237 Olive Ave., Burbank, Calif. Under¬
writer—Dempsey-Tegeler & Co., St. Louis (managing).
Offering—Expected in late July.

the

Artists

Small

Surety Corp.
May 31, 1961 filed 736,493 outstandnig shares of capital
stock to be offered for sale
by stockholders. Price—By
amendment. Business—The company owns
Surety Sav¬
ings & Loan Association, a California corporation; op¬

Inc., and Lieberbaum & Co., both of New York City.
Famous

Office—30 Federal

First

tory, advertising and working capital. Office—114 Man¬
hattan Street, Stamford, Conn.
Underwriters—Globus,
•

investment

—$12.50 per share. Proceeds — To provide investment
capital. Office—Tampa, Fla. Underwriter—None.

companies

having
operations
in
the
Common Market Area of Europe.
Proceeds — For in¬
vestment.
Office—14 Wall Street, New York City.
Un¬
derwriters—Glore, Forgan & Co., (managing); Francis
I. du Pont & Co.; Shearson, Hammill & Co., all of New
York City.
Fairfield

A real estate

Tampa, Inc.
Oct. 6, 1960 filed 500,000 shares of

rights to expire July 7, 3:30 p.m.
$16. Business — The Fund invests in

May 19, 1961 filed 150,000 shares of common stock. Price
—$1 per share. Business—The manufacture of electronic
solid state power controls designed by the company's
engineers from specifications supplied by customers.
Proceeds—For equipment, repayment of a loan, inven¬

—

of

rec¬

with

30

(EDST). Price
securities

share for each two shares held of

new

1,000,000 shares of beneficial inter¬

$15. Business

July, 1960,
by the National State Bank of Newark, sole stockholder.
Proceeds—For investment and working capital. Office—
810 Broad St., Newark, N. J.
Underwriters—Shearson,
Hammill & Co., New York
City and Heller & Meyer,
East Orange, N. J.

•
Eurofund, Inc.
May 18, 1961 filed 551,250 shares of common stock (par
$1) being offered for subscription by stockholders on the
one

—

thereof. Price

electronic systems in missile installations. Proceeds
—For general corporate purposes.
Office—551 Mission

basis of

100,000 common shares to be sold
by
By amendment. Business
The

Garan Inc.

(7/3-7)

and

—

es¬

St., New York. Dis¬

April 18, 1961 filed 300,000 shares of capital stock (par
$1), to be offered for public sale by the present holder

Business—Installs electrical

Calif.
Underwriter
Co., New York (managing).

Trust

Underwriter—Shearson, Hammill & Co., N. Y.

First

Galvan, Inc.
filed 209,355 common shares, including 100,000 to be sold by the company and 109,355 by stockhold¬

San Francisco,

Sponsor—The

Price—By amendment. Business—Real

1961 filed

Price

Ets-Hokin &

St.,

Estate

Of¬

Mortgage Fund

12,

Boston.

June 1, 1961

Noel &

Real

trust. Proceeds—For investment.

430 First

North, Minneapolis, Minn. Underwriter—Paine,
Webber, Jackson & Curtis, New York City (managing).

Price—By amendment.

Proceeds—For investment.

6, 1961 filed 1,000,000 shares of beneficial interest

June

Avenue

ers.

National

proper¬

tributor—Aberdeen Investors Program,
Inc., New York.

Price—To be supplied by amendment. Business
making of short-term construction and second

debt

opportunity to

an

income-producing

tate investment. Office—15 William

(par

mortgage loans, and the buying of improvement loan
obligations from the holders thereof. Proceeds—To re¬
tire

Corp.

filed

stockholders. Price
-For

Co.

—

Fund

Salem Avenue,
Dayton, Ohio.
Co., Dayton, Ohio.

in the Trust.

(6/29)
stock

Pro¬

development.

filed 20,000 shares of the Fund. Price—
share. Business—The Fund was organized in

First

Avenue, San-

common

applications.

product

1961

interest in diversified

an

Dahio

Underwriter—None.

Equity Capital Corp.

•—The

Leon

control

new

fice—627

be

April 7, 1961 filed 100,000 shares of

$1.25).

Proceeds—For

Box

ties, chiefly real estate.

operated under a 30-year lease by a
subsidiary of- Sheraton Corp, of America. Proceeds—For
construction.

O.

and

and

May, 1961, to provide investors with

company

Puerto

luxury, beach-front hotel in San Juan.

a

researqh

First Diversified

15,

hotel

Columbia.

483, Princeton, N. J. Underwriter—
Milton D. Blauner &
Co., Inc., New York City (manag¬
ing).

9,680 shares of preferred stock (par $100) to be offered
for public sale in units of one preferred and 25 common
Price—$150

measurement

ceeds— For

May

The

of

Fifth Dimension Inc.
(7/24-28)
May 25, 1961 filed 60,000 shares of common stock. Price
—To be supplied
by amendment. Business—The design,
development, manufacture and sale of precision instru¬

stock and

build and

District

aging).

Underwriter—Francis
Co., Newport Beach, Calif.

by

the

Office—Broad at Willow Lawn, Rich¬
Va.
Underwriters — Lee Higginson Corp., and
Shearson, Hammill & Co., both of New York City (man¬

Address—Anaheim, Calif.

formed

and

mond,

(6/29)

common

Steel

1961

—

ic Engineered Plastics Container Co., Inc.
June 5, 1961 ("Reg. A") 100,000 capital shares (par $1).
Price—$3.
Proceeds—For equipment and working ma¬

was

promotion, and working capital.
Springs, Miss. Underwriters—McLarty

additional capital.

Enterprise Hotel Development
May 19, 1961 filed 242,000 shares of

Jacey Securities
Investing Corp. all of New York
City.

Tenn.

Road, Little Rock, Ark. Underwriter—Consolidated Se¬
curities, Inc., 2801 W. Roosevelt Road, Little Rock, Ark.

shares.

and

Fidelity Bankers Life Insurance Corp. (6/28)
April 27, 1961 filed 547,128 shares of common stock.
Price
To be supplied by amendment.
Business
The
writing of ordinary, group and credit life insurance in

14, 1961 (letter of notification) 30,000 shares of
capital stock (no par). Price—$10 per share. Proceeds—
To go to selling stockholders. Office—2801 W. Roosevelt

&

June 8

•

(managing).

Mitchell

Florida

(par

Duddleston, Jackson Miss.; Beil & Hough, Inc., St.
Petersburg, Fia.; J. C. Bradford & Co., Nashville, Tenn.;
Clement A. Evans &
Co., Inc. and Robinson-Humphrey
Co., Inc., Atlanta, Ga. and Pierce, Carrison, Wulbern,
Inc., Jacksonville, Fla.

March

J.

Un¬

&

purposes.

Empire Life Insurance Co. of America

chine.

—

Address—Ocean

Office—838 Smith Street, Rochester,
Underwriter—Troster, Singer & Co., New York

Y.

&

Optics, Inc.
May 29, 1961 ("Reg. A.") 75,000 common shares (no
par). Price—$4. Proceeds—To purchase machinery for

Proceeds—For repayment of bank loans, new machinery,
research and development, with the balance for general

corporate

Greenwald

Ferson

stock.

production

Co., Beverly Hills, Calif.; Maltz,
Globus, Inc., New York, N. Y.

Office—3600 Alabama Ave.,
Minneapolis.
derwriter—Jamieson & Co., Minneapolis.

manufacturers.

camera

sub¬

holders.

on

(managing).

common

convertible

70,000 shares of com¬
by amendment. Busi¬
Proceeds—To repay loans,

company.

SeiTity Options Corp.;

and Planned

June 12, 1961

6Vz%

Manufacturing Co.
12, 1961 filed 300,000 outstanding common shares.
$5. Business—The manufacture of short-term
stampings out of metals. Proceeds—For the selling stock¬

in the electronics field. Proceeds—For investment.
Office—1400 Fifth Ave., San Diego, Calif. Underwriter—

Elgeet Optical Co., Inc. (6/26-30)
28, 1961 filed 180,000 shares of

&

Price

cerns

•

of

Federal Tool &

ment Act of 1958 and provides long-term investment
capital and management services to small business con¬

March

Inc.

$700,000

June

—

Bear, Stearns & Co., New York City

finance

Co. and

supplied by amendment. Business
The
licensed under the Small Business Invest¬

is

filed

for

ston

shares held.

be

Factors,

1961

working capital. Office—400 S. Beverly
Drive,
Beverly Hills, Calif. Underwriters—Thomas Jay, Win¬

Products

Corp. (6/30)
filed 612,463 shares of common stock
subscription by common stockholders

8,

ness—A

Electronics Capital

May

woorking capital.
Belleville, N. J. Under¬

Street,

ordinated debentures due 1976 and
mon stock.
Price—To be supplied

Corp.
May 11, 1961 (letter of notification) 100,000 shares of
common
stock (no par). Price—$2
per share. Office—
4642 Belair Rd.,
Baltimore, Md. Underwriters—Bertner
Bros, and Earl Edden & Co.^ New York, N. Y.
•

Cortlandt

writer—S. D. Fuller Co.

•

Price

sub¬

ordinated debentures.

and

New York

Faradyne Electronics Corp. (7/3-7) v
30, 1961 filed $2,000,000 of 6% convertible

Jan.

To be supplied by amendment. Business—The manufac¬
ture of products in the automotive
ignition field for sale

37

Proceeds—For working cap¬
St., Allentown, Pa. Under¬
writers—Paine, Webber, Jackson & Curtis and Eastman
Dillon, Union Securities & Co., New York
ital.

company.

Office—1105

Hamilton

(managing).

General

March

8,

Price—$5
the

Economics Corp.

1961

filed 130,000 shares of common stock.
share. Business—The company is active in

per

over-the-counter market

as

both

broker

and

prin¬

cipal, sells mutual fund securities and life insurance, and
finances the payment of life insurance
premiums. Pro¬
ceeds—For additional working capital. Office—130 W.
42nd Street, New York City. Underwriter—Continental
Planning Co., 130 West 62nd Street, New York City.
Offering—Expected in late June.
if General Life Insurance Corp. of Wisconsin
June 16, 1961 filed 348,400 common shares to be offered
for subscription by stockholders on the basis of one new
share for each two and one-half shares held.
amendment.

Proceeds—For

Price—By

expansion and other corpo¬

rate

purposes.

kee.

Underwriter—Piper, Jaffray & Hopwood, Minne¬

apolis

Office—8500 W. Capitol Drive, Milwau¬

(managing).

General

April 24,

Resistance, Inc.
(letter of notification)

1961

100,000 shares of
— $3
per share.
Business—The manufacture of precision wire sound recommon

stock

(par

10

,

cents).

Price

Continued

on

page

38

The Commercial and Financial Chronicle
38

.

.

Thursday, June 22, 1961

.

(2762)

Continued from page 37

pany

to engage in all phases of the real estate
Proceeds — To reduce indebtedness, construct

Underwriter—George K. Baum & Co., Kansas City, Mo.

restance networks and measuring instruments.
Proceeds—For repayment of loans; working capital and

apartment units, buy land, and for working capital. Of¬
fice—Suite 418, Albert Bldg., San Rafael, Calif. Under¬
writer—Pacific Coast Securities Co., San Francisco, Calif,

if Home Insurance Agency, Inc.
June 8, 1961 ("Reg. A") 1,100,000 common shares. Price
—At par (25 cents). Proceeds—For repayment of debt,
and working capital. Office — 900 Commerce Exchange
Bldg., Oklahoma City, Okla. Underwriter—None.

sistors,

general corporate purposes. Office—430 Southern Boule¬
vard, Bronx, N. Y. Underwriters—Flomenhaft, Seidier
& Co., Inc., New York, N. Y., and I. R. E. Investors
Corp., Levittown, N. Y.
Corp.

(William)

Getz

6, 1961 filed 105,000 shares of common of which
80,000 shares are to be offered by the company and 25,000 shares by a stockholder. Price — By amendment.
Business—Company manufactures dental supplies. Pro¬

June

general cor¬
Greenwood Ave., Chi¬
Underwriter—Bacon, Whipple & Co., Chicago.

ceeds—For repayment

of a bank loan and

porate purposes. Office—7512 S.
cago.

Corp.

Scientific

Giannini

of notification) 30,000 shares of
common
stock (par 10 cents).
Price — $10 per share.
Business—Research, development and manufacturing in
technological fields.
Proceeds —For general corporate
purposes. Office—30 Broad Street, New York, N. Y. Un¬
derwriter—Kidder. Peabody & Co., Inc., New York, N. Y.
Feb.

(letter

1961

27,

16, 1961 ("Reg. A") 3,500 common shares (par $5).
Price—$43.30.
Business—Provides engineering services
for railroads.
Proceeds—For working capital.
Office—

June

Pennsylvania Station 1, N. Y.
Gibbs

Underwriter—None.

class A stock. Price
—$3 per share. Business—The manufacture, marketing
and distribution of proprietary drug products. Proceeds
—For advertising and general corporate purposes.
Of¬
fice—1496 H Street, N. E., Washington, D. C.
Under¬
May 26, 1961 filed 110,000 shares of

(7/3-7)
April 14, 1961 filed 175,000 shares of common stock.
Price—$2 per share. Business—The affixing of price tags,
packing, warehousing of apparel and other services for
department and chain stores. Proceeds—For plant addi¬
tions, repayment of debt and working capital. Office—
441 Ninth Ave., New York City. Underwriter—Schrijver
Gilbert Data Systems,

Inc.

Gilbert Youth

Research,

—

City.

Underwriter—McDonnell & Co., N. Y.

(7/10-14)
May 23, 1961 filed 247,500 shares of no par capital stock,
of which 60,000 shares are to be offered for public sale
by the company and 187,500 outstanding shares by the
present holders thereof. Price — To be supplied by
Business—Commercial

printing

and

the

publication of technical journals for prime defense con¬
tractors.
Proceeds—For working capital.
Office—4030
Chestnut St., Philadelphia, Pa. Underwriter — Paine,
Webber, Jackson & Curtis, New York City (managing).

Gordon

&

Breach, Science Publishers,

Inc.

(letter of notification) 80,000 shares of
common
stock (par 10 cents).
Price—$1.75 per share.
Business—Publishers of scientific textbooks. Proceeds—
For

21,

1961

New York,
•

Office —150 Fifth Avenue, New
Underwriter—First Weber Securities Corp.,

working capital.

York, N. Y.

N. Y.

(7/6)

two

conducts
life

a

retail credit jewelry business and has
subsidiaries.
Proceeds—For expan¬

insurance

Office—Stewart

sion.
writer

—

Bldg.,

Texas.

Houston,

Under¬

Paine, Webber, Jackson & Curtis, New

York

City (managing).

eral

corporate

purposes.

Office

—

112 Powers Bldg.,

Rochester, N. Y. Underwriter—George D. B.
&

Co., Rochester, N. Y..

V

,

Bonbright

.

Inc.
6, 1961 ("Reg. A")

it Granco,

60,000 class A common shares
(par $1). Price—$5. Proceeds—For opening of new dis¬
count concessions and working capital. Office—2 Geary

June

Street, San Francisco, Calif. Underwriter—Midland Se¬
curities Co., Inc., Kansas City, Mo.
Greater Arizona

May

of notification) 100,000 shares of
Price—$3 per share. Proceeds
working capital. Office—Mayer Central Building,
1'15, Phoenix, Ariz. Underwriters—Henry Fricke

1,

common

—For

Suite

Mortgage Co.

1961

stock

(letter

(par $1).

Co., New York,
Phoenix, Ariz.

N. Y.

and Preferred Securities,

Inc.,

June

filed

1961

16,

150,000

Proceeds—To

•

increase

Price

capital.

—

By

(letter of notification) 100,000 shares of
stock (par $1). Price—$3 per share. Address—

Hardeman

(Paul),

be

Properties

supplied by




|

amendment. Business—The

com¬

on

the basis of

Calif. Underwriter—Michael G.

(H. M.)

shares

manufacture

ferrous

—

stainless

Kletz &

By amendment.
steel

and

and

non-

—

H.

Harvey Aluminum

production of primary aluminum and aluminum
mill products. Proceeds—For expansion. Office—19200
So. Western Ave., Torrance, Calif. Underwriters—Kuhn,
Loeb & Co., Inc., and Tucker, Anthony & R. L. Day,
both of New York City (managing).

—The

Harvey House, Inc.
May 8, 1961 filed 140,000 shares of common stock. Price
—$3 per share. Business—The publication and distribu¬
tion
For

of

books

educational

expansion

and

and

materials.

Proceeds

the repayment of debt. Office—5
Irvington-on-Hudson, New York.
G.

Kletz

&

Co., New York City

Hathaway Instruments, Inc.
5,

Price — At-the-market at time of sale.
design, manufacture and sale of electric
power recording
instruments. Office—2401 E. Second
Avenue, Denver, Colo. Underwriters—Bear, Stearns &
Co. and Wertheim & Co., New York, N. Y.
Note—This
statement will be withdrawn. The company is expected
to merge with Lionel Corp.
company.

Business—The

Hazeltine

Investment

Corp.

June 5, 1961 filed 13,000 5% preferred shares ($100
and 13,000 common shares to be offered for sale in

par)
units
of one preferred and one common share.
Price—$101
per unit. Business—The acquisition and development of
real estate.
Proceeds
For investment, repayment of
debt, and working capital. Office—660 Grain Exchange,
—

Minneapolis.

9,

Underwriter—None.

common

ness

—

1961
stock

Inc.
(letter of notification) 25,000 shares of
(par 10 cents). Price—$5 per share. Busi¬

Manufacturers of barbecue

equipment

machines and

allied

production

of

and 'facilities,

fne

de¬

buoyancy

defense.

and

Proceeds—

of

repayment

.

Kaplan & Co., both of New York City.

—

—

marketing and sales promotion; repayment of loans; re¬
search and development; moving expenses and installa¬
tion

costs; preparation of catalogues and other literature;
and
general corporate purposes.
Office —15

reserves

Holman

—United

Boulevard, Hicksville, L. I., N. Y.
Planning Corp., Newark, N. J.

Underwriter

Hydroswift Corp.
Oct. 20, 1960 filed 120,000 shares of common stock. Prioe

share. Business—The firm, which was organ¬
February, 1957, makes and wholesales products

—$3

per

ized

in

services for

the

ticularly fiberglass

fiberglass industry, including
boats known as "HydroSwift"

par¬

and
Proceeds—For general funds, including ex¬
Office^—1750 South 8th Street, Salt Lake City,

"Skyliner."

pansion.

Underwriter

Utah.

—

Whitney

&

Co.,

Salt

Lake

City,

Utah. Offering—Imminent.

I C Inc.
June

29, 1960 filed 600,000 shares of com. stock (par $1)
per share. Proceeds—To further the corpo¬

rate purposes and

enfranchising of bottlers, the local and national pro¬
motion
and
advertising of its beverages, and where
necessary to make loans to such bottlers, etc.
Office—
704

Equitable

Industrial

both of Denver,

Corp.

and

Colo.

Amos

Underwriters-

C. Sudler &

Co.,
Colo. Offering—Expected in late July.

I T A Electronics

Corp.f \

(letter of notification) 60,000 shares of
common stock. Price—$5 per\h^re. Business—Manufac¬
tures electronic equipment and components. Proceeds—
For general corporate purposes. Office—Lansdown, Pa.
April

7,

1961

Underwriter—Woodcock, Moyer, Fricke & French, Inc.,
Philadelphia, Pa.
Ihnen (Edward H.) & Son, Inc. (7/24-28)
May 16, 1961 filed 75,000 shares of common stock. Price
—$5 per share. Business—The construction of public and

private swimming pools and the sale of pool equipment.
Proceeds—To reduce indebtedness, to buy equipment,
and for working capital. Office—Montvale, N. J. Un¬
derwriter—Amos

of class A

St., Kansas City, Mo.

Building, Denver,

Securities

Offering—Imminent.
•

in the preparation of the concentrate

and

Dec.

—

West Eighth

Inc.

Hydrodyne Industries, Inc.
May 19, 1961 (letter of notification) 75,000 shares of
common stock
(par one cent).
Price — $2.50 per share.
Business
The manufacture of hydraulic components.
Proceeds
For purchase of equipment and inventory;

For general corporate purposes.
Office—10-20 47th Road, Long Island City, N. Y. Under¬
writer—J. B. Coburn Associates, Inc., New York, N. Y.

Office—311

and

Price—$2.50

1961 filed 351,280 shares of common stock, of
which up to 90,000 shares are to be offered for public
sale by the present holders thereof and the balance by
the

the

and

underwater research

new

and

(6/26)
March 30, 1961 filed 110,000 shares of class A common
stock (par 10 cents). Price—$3.75 per share. Business—
The publishing of illustrated encyclopedic works, princi¬
pally for children. Proceeds—For general corporate pur¬
poses.
Office—170 Varick Street, New York City. Un¬
derwriter—N. A. Hart & Co., Bayside, N. Y.
May

food

—

South Buckout Street,

Underwriter—Michael

distributes

1961 filed

propellants,

For

Blunt Ellis & Simmons,

(Inc.) (6/26-30)
May 16, 1961 filed 1,000,000 shares of class A common
stock.
Price—To be supplied by amendment. Business

and

loans and working capital. Office—West Caldwell, N. J.
Underwriters—Michael G. Kletz & Co., Inc., and John

Chicago.
•

packages

processes,

vices for

corrosion resistant fasteners and parts. Proceeds

Grove, 111. Underwriter

rights to expire July 7.
amendment. Business — The

by

300,000 shares of common stock, of
which 155,000 shares are to be offered for public sale by
the company and 145,000 outstanding shares by the pres¬
ent holders thereof. Price—$3 per share. Business—The
design, engineering, production and sale of cartridge
actuated devices, the evaluation ^of propulsion systems

working capital. Office—8200 Lehigh Ave., Mor¬

—For

ton

of

with

21

products. Proceeds—For construction and work¬

May 12,

Co.

by stockholder. Price

June

supplied

Hydro-Space Technology,

June

Business—The

be

Sachs & Co., New York City (managing).

man,

Co., New York City (managing).

capital.

Growth

outstanding common

ing capital. Office—Fullerton, Calif. Underwriter—Gold¬

design, engineering, construction and installa¬
of missile launching bases and related facilities for
armed forces.
Proceeds—For working capital.
Of

^ Harper

record

grocery

ness—The

fice—Stanton,

of

company

(6/29)

Inc.

—To

•

held

April 26, 1961 filed 350,000 shares of common stock (par
25 cents). Price—To be supplied by amendment. Busi¬

May 9, 1961 filed 100,000 shares of common stock. Price

Lynn, Mass. Underwriter—Mann & Creesy, Salem, Mass.

of the

holders

Price—To

Holiday Sportswear, Inc. (6/28)
April 21, 1961 filed 86,000 shares of common stock. Price
—To be supplied by amendment. Business—The manu¬
facture and sale of specialized bowling apparel for men,
women and children. Proceeds—For additional working

common

the

Inc.

filed $38,799,500 of convertible subordi¬
debentures
due July
1, 1986, being offered to
1961

23,

ing).

equipment. Proceeds

1961

Industries

Hunt Foods &

nated

Office—

(par

$100 principal amount of debentures for each 12 shares

Proceeds—For construction and operation of a
country club. Office—Owls Nest Road, P. O. Box 3657,
Greenville, Del. Underwriter—None.
Growth, Inc.

stock

Underwriters—First Boston
Corp. and R. W. Pressprich & Co., New York (manag¬

March

17,

Office—533
&

Street, New Y'ork.

John

111

ic Greenville Country Club
June 12, 1961 ("Reg. A") $200,000 non-interest bearing
debentures to be offered in units of $1,000 each, due June

May

(letter of notification) 40,000 shares of
one cent).
Price—At-the-market.
Business—The manufacture of plastic items. Proceeds—
For the repayment of debt; advertising and sales pro¬
motion; expansion and working capital.
Office—4077
Park Avenue, Bronx 57, N. Y. Underwriter—J. I. Magaril Co., New York, N. Y.

May

capital shares.

Inc.

1961

29,

common

Insurance Co.

Hanover

Companies,

(6/26-30)

Underwriter — Butcher

York City.
Sherrerd, Philadelphia, Pa.
New

;v

Chemical

&

Plastics

Howe

March

the purchase of equipment

Ave.,

■/" vV-..

Co., -New York.

which

Hickory Industries,

1, 2002.

&

shares are to be offered for public sale by the
company and 120,050 outstanding shares by the present
holders thereof. Price—To be supplied by amendment.
Business—The manufacture and sale of women's suits

•

^Gordon (I.) Realty Corp.
June 20, 1961 filed 320,000 common shares. Price—$5.
Business—Real estate investment. Proceeds—For gen¬

writers—Blyth & Co., Inc., Lehman Brothers and Allen

94,950

7th

general corporate .purposes.
Petersburg, Fla. Under¬

and

Office^First Federal Bldg., St.

Inc.

inventory and for plant modernization.

working capital

sion,

•

and

Corp.

9, 1961 filed 583,334 common shares to be offered
for subscription by holders of common and class A stock.
Price—By amendment. Business — The operation of a
pipe line system of natural gas. Proceeds—For expan¬

&

Harwyn Publishing Corp.

May 5, 1961 filed 140,000 shares of class A stock. Price
—To be supplied by amendment.
Business—The com¬
pany

Handmacher-Vogel,

(letter

1961

Houston

working capital. Office—2926 Fairfield

Ave., Bridgeport, Conn. Underwriter—Marron, Sloss
Co., Inc., New York City (managing).

17,

June

Inc. (6/26-30)
March 31, 1961 filed 200,000 shares of common stock (no
par). Price—To be supplied by amendment. Business—
The financing and sale of household food freezers and
frozen foods to the consumer. Proceeds—For the repay¬
ment of debt and

Inc.

Stores,

of notification) 85,700 shares ^of
common stock (par $2.50). Price—$3.50 per share. Office
—2306 Foshay Tower, Minneapolis, Minn. Underwriter
—M. H. Bishop & Co., Minneapolis, Minn.

Hager

(managing).

Gordon Jewelry Corp.

Home-Maker

May

ing, Houston, Texas. Underwriters—Harriman Ripley &
Co., New York City and Underwood, Neuhaus & Co.,
Inc., Houston (managing).

30,000

,conducts ^consumer research,
promotion and prepares articles
related to or relate to merchandis¬

Goodway Printing Co.

April

cern.

company

ing advice to the teenage youth and student fields. Pro¬
ceeds—For working capital. Office—205 E. 42nd Street,

amendment.

stock.
The

—

is licensed as a small business investment con¬
Proceeds—For investment. Office—Esperson Build¬

sales

and books which are

•

To

15, 1961 filed 180,000 common shares (par $1) of
which.150,000 shares will be sold by the company and

The

telephone

New York

—

Corp.

filed 1,250,000 shares of common
be supplied by amendment. Business

1961

company

the

Inc.

May 29, 1961 filed 65,000 shares of common stock, of
which 50,000 shares are to be offered for public sale by
the company and 15,000 outstanding shares by the pres¬
ent stockholder. Price—To be supplied by amendment.
does

Price

tion

Co., New York City.

Business

19,

amendment.

writer—None.

&

Gulf-Southwest Capital

May

and costumes. Proceeds—For

Inc.

Medicine Co.,

R.)

(T.

(managing).

(managing). Offering—Expected in late July.

May 17, 1961 245,000 shares of common stock, of

& Hill, Inc.

it Gibbs

plans

business.

Treat

&

Co., Inc., New York City.

Income

29,

Planning Corp. (6/29)
1960 (letter of notification)

cumulative

units

shares

5,000 shares oi
(no par) and 10,000 shares
stock (par 10 cents) to be offered in

preferred stock

common

consisting

of

of common.

one

Price

share
$40

of

preferred

and

two

unit. Proceeds—To
open a new branch office, development of business and
for working capital.
Office—3300 W. Hamilton Boule¬
vard,

Allentown,

Pa.

Inc., Teaneck, N. J.

—

per

Underwriter—Espy & Wanderer,

Volume

Income

Number

193

Properties, Inc.

6066

The

Commercial and Financial Chronicle

(2763)

Investors Funding Corp. of New York

(7/3)

(8/1)

capital and repayment of debt.

March 31, 1961 filed 150,000 shares of class A stock (par
50 cents).
Price—$9.75 per share. Business—Formerly

May

known

20,000 class A shares) and 40,000 shares of class A stock
to be offered for public sale in units consisting of one
$500 debenture and 10 class A shares. Price—$650 per

Price Investors

as

six

operates
two

capital.

Office—1801

•

City

company

and

plans

debt

repay

owns

to

for

and

and

construct

working

Dorchester

Road, Brooklyn, N. Y.
King, Libaire, Stout & Co., New

Underwriter—Eisele &
YorK

Corp., the

houses

apartment

Proceeds—To

more.

1, 1961 filed $2,000,000 of registered subordinated
debentures due 1976 (with class A warrants to purchase

unit.

Business—The

estate

buying, selling and investing in real

particularly apartment houses in the New York

City

area.
Proceeds—For general corporate purposes.
Office—630 Fifth Avenue, New York City. Underwriter

(managing).

Independence Life

Insurance Co.

of America

—Eisele &

King, Libaire, Stout & Co., New York City.

(7/18)

Investors Preferred Life

May

24, 1961 filed 150,000 shares of capital stock, of
100,000 shares are to be offered for public sale
by the company and 50,000 outstanding shares by the
present holders thereof. Price — To be supplied by
which

Insurance

March

30, 1961 filed 400,000 shares of
Price—$2.40 per share. Business—The

Co.

company

stock.

is

au¬

writing of life and disability

thorized to sell life, accident and health insurance. Pro¬
ceeds—To be added to capital and surplus. Office—310

V insurance, principally in southern California. Proceeds—
To be added to the company's general funds. Office—99

Spring Street, Little Rock, Ark. Underwriter—Life Se¬
curities, Inc., P. O. Box 3662, Little Rock.

*

.

amendment. Business—The

.

South Lake

*

,

.

ii

Ave., Pasadena, Calif. Underwriter—Blyth &
Co., Inc., New York City.

June

•

per

Industrial Control

Products, Inc.

(6/26)

Israel-America

.

March 10, 1961 filed 165,000 shares of common stock (par

Business—Tne

10

struction and operation of a hotel at
Herzlia, Israel. Ad¬
dress—Tel v Aviv,
Israel. Underwriter—Brager & Co.,

cents). Price—$3

share. Business—The engineering, designing and precision machining of electronic
components. Proceeds—For research and development,
per

inventory, equipment, start-up costs of semi-conductor
production, and for working capital. Office—78 Clinton
Rd., Caldwell Township, N. J. Underwriter — Edward
Hindley & Co., New York City.
Industrial Materials, Inc.
April 27, 1961 (letter of notification) 150,000 shares of
common stock (par one cent). Price—$2 per share. Busi¬
ness—The manufacture of a new patented fiber glass

material
For

be

to

expenses,

in

used

motor

rocket

cases.

Proceeds—

equipment and working capital. Office—

Shoreham

1025

Underwriter

Bldg., Washington, D. C.
—Atlantic Equities Co., Washington, D. C.
Information for

Industry, Inc.
May 24, 1961 ("Reg. A.") 60,000 common shares, (par 25
cents). Price—$5. Proceeds—For product development,
inventory, and working capital. Office—1000 Connecti¬
cut Ave., N. W., Washington, D'. C. Underwriter—Mackall & Coe, Washington, D. C.
Inland Life Insurance Co.

May 18, 1961 filed 375,000 shares of common stock.

Price
Business—The writing
of non-participating ordinary life and group life insur¬
ance.
Proceeds—For investment and general corporate
purposes.
Office—175 West Jackson Boulevard, Chicago,

—To be

aging).'

stock.

Becker ,&

"Isras"

Cablevision

general

deficits anticipated

cable systems. Proceeds—For

corporate

and

purposes,

to

offset

during the commencement of certain
Underwriter

Florida operations. Office—New York City.
—James

Anthony & Co., Inc., New York City

(manag-

ing).
International

Marine, Inc.
May 29, 1961 ("Reg. A.") 75,000 common shares (par
one cent)
of which 60,000 are to be sold by the company
and

15,000

the

by

Price—$4.

underwriter.

Proceeds—

"

For
■

;

repayment of debt,. advertising, inventory, and
working capital. Office—790 N. E. 79th St., Miami, Fla.
Underwriter—Albion Securities Co., Inc., New York.
it International Parts Corp.
20, 1961 filed 300,000 outstanding class A common

June

shares

to

sold

be

Price—By amend¬
parts for auto¬
mobiles.
Proceeds—For the selling stockholders. Office
—4101 W. 42nd Place, Chicago.
Underwriter — H. M.
;

Byllesby & Co., Chicago.
International

~

stockholders.

by

Business—The sale of replacement

ment.

Silver Co.

A

non-diversified, open-end investment company,
whose stated objective is capital appreciation. Proceeds
—For investment.
Office — One State Street, Boston,
—

Mass.

it Jackson-Commerce Realty Co.
16, 1961 filed $6,780,000 of limited partnership in¬
terests to be offered publicly in units. Price—$10,000
unit. Business—Real

Aug. 1, 1981 to be offered for subscrip¬

common

for

stockholders

each

15

sale

on

shares

the basis

held

of

of $100

of

June

30

record

rights to expire about July 17. Price—To be sup¬

The manufacture and
silverware, flatware and table accessories. Pro¬
Business

plied by amendment.
of

ceeds—For

the

ferred shares

retirement

as

are

of

—

such

tendered

to

7%

cumulative pre¬

the company during a

Office—16 East 40th Street,
City. Underwriter—Lehman Brothers, New
York City (managing).

capital and possible acquisitions. Office—1440 Broadway,
New York. Underwriter—None.
Jackson

April 11,

Inc.

(7/3-17)

of convertible subordinated debentures due Aug. 1, 1981 to be offered for sub¬
15,

of

1961

filed

$5,859,400

the basis of $100
debentures for each 20 shares held of record July 3,
by

common

stockholders

on

expire July 17. Price—At par. Business—
of department stores. Proceeds—For ex¬
pansion, working capital and other corporate purposes.
Office—111 Eighth.Ave., New York. Underwriters—Lehman Brothers and Shearson, Hammill & Co., New York
(managing).
Invesco
March

6,

Collateral

1961

Corp.

filed $900,000

of 6%

registered subordi¬

nated debentures to be offered in three series of

$300,000

*

v

-

Co.

Mich.

Underwriter—

develop

and operate

Bronx,
N. Y.

N.

Y.

modern Jai-Alai

a

Office—69

Morris

stadium

Drive,

each, due June 30, 1965, 1966 and 1967, respectively.
Price—$4,315; $4,190 and $4,079 per $5,000 of debentures
Business—The company, a wholly-owned subsidiary of
Investors Funding Corp. of New York was organized
under New York law in June, 1960, to purchase, invest
in and sell real estate

writer—None.




Proceeds—For invest¬
New York City. Under¬

mortgages.

ment. Office—511 Fifth Avenue,

East

in

the

Meadow,

Underwriter—None.

Jefferson

Construction Co.

Price—$5.50

per

share.

Busi¬

ness—The company bids on government contracts for the
erection of buildings, roads, dams, airstrips and canals

construction

undertakes

mercial

interests

basis.

Office

on

Proceeds
75

a
—

contracts

for

private com¬
cust-plus-fixedFor the purchase of equipment.

lump

sum

or

a

First

St., Cambridge, Mass. Underwriter—
Pistell, Crow, Inc., New York City.
•

—

Jefferson Counsel

Corp.

tion
521

(6/23)

13, 1961 filed 30,000 shares of class B common
stock (non-voting). Price—$10 per share. Business—The
company was organized under Delaware law in January
1961 to sponsor the organization of the Jefferson Growth
Fund, Inc., a new open-end diversified investment com¬
Wall St., New

repayment of
Y.

of

machine

sextants and related items.

tool products,
Proceeds—For

loan, working capital, and general cor¬
Office—Urban Avenue, Westbury, L. I.,
Underwriter—Kerns, Bennett & Co., Inc., New
a

York, N. Y.
1961

(6/29)

filed

375,000 shares of common stock, of
which 250,000 shares are to be sold for the account of
the company and 125,000 shares for the selling stock-'
holder. Price—To be supplied by amendment. Business
—The company is a major producer of primary alumi¬
num
and fabricated aluminum products. Proceeds—For
working capital. Office — 300 Lakeside Drive, Oakland,
Calif. Underwriters—First Boston Corp., New York City
and Dean Witter & Co., San Francisco, Calif.
Kane-Miller Corp. (7/10-14)
May 17, 1961 filed 120,000 shares of common stock. Price
—$5 per share. Business—The company is a wholesaler
and

new

23rd

shares.

Price—By

products and for working capital. Office—
Street, New York. Underwriter—Hill, Dar¬

Knickerbocker Biologicals, Inc.

23, I960, filed 100,000 outstanding shares of class A
Price—$6 per share. Business-^The manufacture,
packaging and distribution of a line of diagnostic serums

stock.

cells used for the purpose of blood
grouping and
testing. The company also operates blood donor centers
in New York and Philadelphia. Proceeds—For the
selling
and

stockholders.

Office—300

West

43rd

Street, New

York

City. Underwriter—None.
Krystinel Corp.
April 12, 1961 filed 90,000 shares of class A stock. Price
.

—$2.50

per

share. Business—The company produces fer-

rites, which are ceramic-like materials with magnetic
properties, and conducts a research and development
of

ment

for ferrite products. Proceeds—For the repay¬
loan, research and development, new equip¬

a

ment and

working capital. Office—P. O. Box 6,* Fox Is¬
Chester, N. Y. Underwriters—Ross, Lyon
& Co., Inc., and Schrijver & Co., both of New York
City.

land Road, Port

Lafayette Realty Co.
April 28, 1961 filed 129.3 limited partnership interests.
Price—$5,000 per interest. Business—The partnership
owns

contract to

purchase the fee title to the Lafayette
in Detroit, Mich. Proceeds—To purchase the
property.
Office—18 E. 41st Street, New York

a

Building
above

City.

Underwriter—Tenney Securities Corp., 18 E. 41st

Street, New York City.
Lannett

7,

common

ufacture

Co., Inc.
1961 (letter of

stock.
and

training

notification)

150,000 shares of
share. Business—The man¬
of pharmaceuticals. Proceeds—For a

Price—$2

sale

building,

new

per

research and development, and a sales
Office—Frankford Ave., and Allen St.,

program.

Philadelphia, Pa. Underwriter
Co., Inc., New York City.

—

Netherlands

Securities

Lanvin-Parfums, Inc.
May 17, 1961 filed 440,00Q shares of common stock. Price
—To be supplied by amendment.w Business
The im¬
—

portation and distribution in
fumes. Proceeds—To E. L.

the U.

S.

of

French

per¬

Cournand, the issuer's presi¬

dent, selling stockholder. Office — 767 5th Ave., New
City. Underwriter—Goldman, Sachs & Co., New
City (managing).

York

"Lapidoth"

Israel Oil Prospectors Corp. Ltd.
27, 1960 filed 1,500,000 ordinary shares. Price—To
be supplied by amendment, and to be payable either
totally or partially in Israel bonds. Business—The com¬
Oct.

ating in the oil business as a joint venture. Proceed®—
For exploration and development of oil lands. Office—
22

Rothschild

distributor of

grocery products to institutions, res¬
taurants, steamship lines and the like. Proceeds—For
inventory, and working capital.
Office — 81 Clinton
Street, Yonkers, N. Y. Underwriters—Netherlands Secu¬
rities Co., Inc., and Seymour Blaimer Co., both of New
York City and J. J. Bruno & Co., Pittsburgh, Pa.

Keltner Electronics, Inc.
•May ,31; 1961 f"Reg. A.") 150,000 common shares (par
25 cents)'. Price—$1.
Proceeds—For research, working

Blvd.,

Tel-Aviv,- Israel.

Underwriter—

None.

★ Lease Plan International Corp.
14, 1961 filed 125,000 common shares, of which
40,000 shares are to be offered by the company and
85,000 shares by stockholders. Price—By amendment.
Business—The leasing of trucks and cars. Proceeds—To
repay loans and for working capital. Office—9 Chelsea
Place, Great Neck, N. Y. Underwriter—Hayden, Stone &
Co., New York (managing).
June

Lewis & Clark Marina, Inc.

May

1961

9,

(letter

of notification) 150,000 shares of
(par $1). Price—$2 per share. Address—
Yankton, S. D. Underwriter—E. W. Behrens & Co., Inc.,

common

Sioux

stock

Falls, S. D.fi
Fund, Inc.

Lincoln
March

30,

1961

filed 951,799

shares of

common

stock.

Net asset value plus a 7% selling commission.
Business — A non-diversified, open-end, management—

type investment

company whose primary investment ob¬
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—Horizon Management Corp.. New Britain.

jective

Lithonia Lighting;, Inc.
May 23, 1961 filed 226,000 shares of
which

Kaiser Aluminum & Chemical Corp.

May 31,

of

W.

Price

Jolyn Electronic Manufacturing Corp.
April 24, 1961 (letter of notification) 64,500 shares of
common
stock
(par one cent).
Price — $3 per share.
manufacture

common

Dec.

of the management type. Proceeds—For organiza¬

Business—The

100,000

lington & Grimm, New York (managing).

March

drift meters,

Laboratories, Inc.

filed

Business—The manufacture of pharmaceu¬
ticals. Proceeds—For repayment of a
loan, purchase and
installation
of
equipment, development and promo¬

pany was organized in October 1959 as a consolidation
of individual and corporate licensees who had been
oper¬

(7/3-7)

May 10, 1961 filed 340,000 shares of common stock, of
which 110,000 shares are to be offered for public sale
by the company and 230,000 outstanding shares by the
present holders thereof.

1961

amendment.

York

it Jai-ASac New York Corp.
13, 1961 ("Reg. A") 35,000 class A common shares
(par $1). Price—$8. Business—The company plans to

N.

with rights to
The operation

.

Insurance

June

porate purposes.

York

scription

*

Life

filed

Price

period commencing June 12.

ic Interstate Department Stores,

r

National

1961

300,000 shares of class A common
—$4 per share. Business — Tne company
plans to engage in the life insurance business. Proceeds
—ror
capital funds, and working capital.
Office—245
stock.

New

June

<

Proceeds—For working

debentures due

debentures

'

estate.

(C. F.)

16,

April

June

and

★ Kirk
June

Underwriter—Ivest, Inc., One State Street, Bos¬

ton, Mass.

•

McCabe

program

Ivest Fund, Inc.
Feb. 20, 1961 filed 150,000 shares of common stock. Price
—Net asset value at the time of the offering. Business

tional and operating expenses. Office—52
York City. Underwriter—None.

by

Ltd.

Underwriter—None.

pany

with

;

Investment Co.

May 16, 1961 filed $7,822,000 of convertible subordinated
tion

-

(6/30)

con¬

ceeds—For the construction of
hotels, office buildings,
housing projects and the like. Office—Tel Aviv, Israel.

tee
.

Israel-Rassco

Michigan Avenue, Jackson,
Apex Investment Co., Detroit.

Corp.

23, 1961 filed 164,850 shares of class A common
Price—$10 per share. Business—The construction

expansion,

/

(man¬

Proceeds—For

27, 1961 filed 30,000 shares of ordinary stock.
Price—$62 per share. The company may, but is not ob¬
ligated to, accept payment in State of Israel bonds. Pro¬

West

and operation of television

■

Co,, Chicago

,

International

May

G.

of hotels.

March

supplied by amendment.

Underwriter—A.

111.

operation

New York.

per

.

Hotels, Ltd.
8,< 1961 filed 1,250,000 ordinary shares. Price—$1
share, payable in cash or State of Israel bonds.

Office—1045 W. Hamp¬
St., Englewood, Colo. Underwriter—Schmidt, Sharp,
& Co., Inc., 1717 Stout
St., Denver, Colo.

den

(7/3)

common

39

136,000 shares

are

the company and 90,000 shares for
holders.
—The

siock

common

of

to be sold for the account of

certain selling stock¬

Price—To be supplied by amendment. Business

manufacture

of

fluorescent

lighting fixtures for

commercial, institutional and industrial buildings. Office
—Conyers, Ga. Underwriters—Bache & Co., New York
City and Robinson-Humphrey Co., Inc., Atlanta, Ga.
Long Island Bowling Enterprises, Inc.
24, 1961 (letter of notification) 100,000

shares of

May

stock (par 10 cents). Price—$3 per share. Busi¬
ness—The operation of bowling alleys.
Proceeds—For
common

general

Address—Mattituck, L. I.,

N. Y.

New York. N. Y.

corporate purposes.
Underwriter—Tau Inc

Long Island Lighting Co.
June 2,

L,
Old

due

1961 filed $25,000,000 of first mtge. bonds, series

1991.

Proceeds—For construction.

Country Road, Mineola, N. Y.

Office—250

Underwriters—Com¬

petitive bidding. Probable bidders; Halsey, Stuart & Co
Inc.; First Boston Corp., and Blyth & Co., Inc. (jointly);
W. C. Langley & Co. and Smith, Barney & Co. (jointly).
Offering—Expected in late July.
Continued

on

page

40

40

The Commercial and, Financial Chronicle

(2764)

•

Continued from page 39

Micro Electronics Corp.

March

8/18)

Lytton Financial Corp.
March

company

be

the

owns

stocks of several California savings
also

It

associations.

loan

and

operates

insurance

an

through a subsidiary, Title Acceptance
Corp., acts as trustee under trust deeds securing loans
made by the associations. Proceeds—To repay loans and
for working
capital.
Office — 8150 Sunset Boulevard,
and

agency,

Hollywood, Calif.
Underwriters—William
Co., Los Angeles and Shearson, Hammill
York

M.

B.

ii. Staats &
& Co., New

(managing).

City

M.

Corp.

$300,000 of 6Y2% sinking
fund equipment notes to be offered in units of $1,000.
June 2, 1961 filed $25,000,000 of firt mtge. bonds, series
Price—At par. Proceeds—For repayment of loans, and
working capital. Office—1331 S. 20th St., Omaha, Neb.
Underwriter—First Trust Co. of Lincoln, Neb.
May

A.")

("Reg.

1961

26,

M-G, Inc.

May 26, 1961 ("Reg. A") 100,000 class A common shares
(par $1). Proceeds — For new equipment, construction,
and working capital. Address — Weimar, Tex. Under¬

writer—Rowles, Winston & Co., Houston, Tex.

Winston

&

Co.,

Frederking,

Fridley &

and

Houston.
•

Goods

Sporting

share

new

16

June

record

each

for

with

two

rights

to

for working

Colo.

common

held

shares

expire June

of

guidance

Business—The company

Price—By amendment.

build and operate an underwater natural gas
pipeline from British Columbia to VanIsland and a subsidiary will build a pipeline from

plans to

transmission
cover

Bremerton to Port

Proceeds—For

Angeles, Washington.

Foncier

Credit

Office—508

construction.

Van¬

Bldg.,

Underwriters—(In U. S.) Bear, Stearns &
Co., New York. (In Canada) W. C. Pitfield & Co., Ltd.,
couver,

Mairs

7,

Power

&

Income

filed 40,000

1961

Fund,

common

Inc.
shares.

tooling

Proceeds—For

production; repayment of loans; equipment; adver¬
tising; research and development and working capital.
Office—19 Debevoise Avenue, Roosevelt, N. Y.
Under¬
Securities

writer—Underhill

Price

—
—

Office—1002 First National Bank Bldg.,

By
For

St.

Semiconductor

Microwave

May

Price—$3

&

Instruments

Inc.

filed 120,000 shares of common stock.
share. Business—The research, develop¬

1961

12,

per

manufacture and sale of microwave devices and
instruments.
Proceeds—For additional equipment, re¬
ment,

search, inventory and working capital.
Office — 116-06
Myrtle Avenue, Richmond Hill, N. Y.
Underwriter —
First Investment Planning Co., Washington, D. C.
Midwestern

5, 1961 filed 140,000 common shares.

ment

—

and

General

real

advances to

estate.

Proceeds

subsidiaries.

Price—$7.50.
invest¬

For

—

Office—997

Monroe

Ave., Memphis. Underwriter—James N. Reddoch & Co.,
Memphis.

debentures, to be offered for public sale

$994,050 of 6%

Business — The company will do
financing in the home building industry.
Pro¬
ceeds—To
start its lending activities.
Address—P. O.
$1

—

unit.

per

interim

Box

886, Rapid

Mill

City, S. D. Underwriter—None.

Factors

Corp.

&

Electronics

Manufacturing inc.

apparel fields.

the

repayment

—

By

factoring in the textile
Proceeds—For working capital, and

Office—380 Park Ave., South,
Underwriter
Lee Higginson Corp., New

York.

York

of debt.

—

(managing).

Miniature Precision

1960

siles, rockets, radar and marine items.
Address — 319
W. Howard St., Hagerstown, Md. Underwriter—Lecluse
& Co., Washington, D. C. '
Marine

Structures

Corp.

(7/17)

Bearing, Inc.

16, 1961 filed 105,000 class A common shares of
which 50,000 shares are to be offered by the company
and 50,000 shares by a stockholder. Price—By amend¬
ment. Business—The manufacture of ball bearings. Pro¬
ceeds—For repayment of debt and capital improvements.
Address—Keene, N. H. Underwriter-}—Tucker,
& R. L. Day, New York (managing).

1961

luma, Calif. Underwriter—Grant, Fontaine & Co., Oak¬
land, Calif.
Massachusetts

Electric Co.

(6/27)

—

Worcester, Mass.
Underwriters—To be deter¬
competitive bidding. Probable bidders: Halsey,
Stuart & Co. Inc.; First Boston Corp.; Merrill Lynch,
Pierce, Fenner & Smith Inc.; Kidder, Peabody & Co.,

Morris

May

bentures

27, 1961 at 11
Boston, Mass.

a.m.

(EDST), Room

100,

441

on

June

Stuart St.,

^ McClure Carbon & Chemical Corp.
12, 1961 ("Reg. A") 11,000 common shares. Price—
At par ($10). Proceeds—For construction costs, design,
development and promotion, and working capital. Office
—17226 Fourth Ave., Southwest, Seattle, Wash. Under¬
June

writer—None.

Metropolis Bowling Centers, Inc. (6/30)
May 1, 1961 filed 198,000 shares of common stock, of
which 120,000 shares are to be offered for public sale by
the company and 78,000 outstanding shares by the pres¬
ent holders thereof. Price—About $5 per share. Business
—The acquisition and operation of bowling centers, prin¬
cipally in New York City. Proceeds—To improve exist¬
ing properties and acquire other bowling centers. Office
—647 Fulton Street, Brooklyn, N. Y.
UnderwritersRussell & Saxe, Inc., (managing); Thomas, Williams &
Lee, Inc., and V. S. Wickett & Co., New York City.
•

stock; 150,000 first warrants and 150,000 second warrants,
one

Anthony

and

Electronics, Inc.
1961 (letter of notification) 100,000 shares of
stock (par 30 cents). Price—$3 per share. Pro¬
ceeds—To repay notes, for research and development,
equipment and working capital. Office—1st St., South¬
east & Richardson

919-18th

St.,
N. W.. Washington, D. C. Underwriter—Hodgdon &
Co.,
Washington, D. C.




—

St., New Brighton, Minn. Underwriter

shell

homes.

Price

warrant.

Business

Office

—

The

505

—

To

be

supplied

construction

and

by

sale

of

Street, Knoxville,
Tenn. Underwriter—Johnson, Lane, Space Corp., Savan¬
nah (managing).
—

Morgan

(7/24-28)

Mortgage Guaranty Insurance Co.
Oct.

$1).

17, 1960 filed 155,000 shares of common stock (par
Price—To be supplied by amendment. Business-

residential first mort¬
single
family non-farm
Proceeds—For capital and surplus.
Office—600

Insuring lenders against loss

principally

loans,

gage

homes.

Wisconsin

West

on

on

Avenue, Milwaukee, Wis. Underwriter
York City (managing). Note—This

•

Motor Travel

May 2,

stock

(par

Proceeds—For

an

Office

capital.

Services,

(letter of

1961

common

—

260,000
Price—$1.15

cents).
advertising
25

program

shares of
share.

per

working

and

Hennepin Avenue, Minneapolis,
& Co., Inc., Minneapolis,

1521

Minn.

Underwriter—Bratter

Minn.

■

V- P -':i:; \;

.

(6/23)

Inc.

notification)

'.o

Municipal Investment Trust Fund, Series B
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price —To be supplied by amendment. Business — The
fund will invest in tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
investment.
Sponsor—Ira Haupt & Co., Ill Broadway,
City. Offering—Expected in early August.
Investment

Trust

Fund*

First

Pa.

(letter of notification) 151,900
(par 10 cents). Price—$1.50

1961

8,

stock

Business—The

manufacturers

of

shares of
share.

per

technical

equipment.
machinery and office
equipment; reduction of current liabilities; research and
development and working capital. Office—245 4th St.,
Passaic, N. J. Underwriter — Hopkins, Calamari & Co.,
Inc., 26 Broadway, New York, N. Y.
Proceeds

Model

—

For payment of loans;

Vending, Inc.

(6/26-30)

April 27, 1961 filed 150,000 shares of common stock. Price
be supplied by amendment.
Business—The opera¬
tion of vending machines for the retail sale of cigarettes,

—To

a

company

chines

of

Pennsylvania and its political sub-divisions.
investment.
Sponsor—Ira Haupt & Co.,
Ill Broadway, New York City.
Offering—Expected in
eariy August.

Ndil-Tone, Inc.
May 26, 1961 ("Reg. A.") 86,250 common shares (par
10 ce^ts). Price—$3. Proceeds—For research and work¬
ing capital.

Office —1515 N. E. 2nd Ave., Miami, Fla.

and

variety of other food and drink products.
also operates coin-type phonograph ma¬

amusement

Securities Corp., New York; Ro¬
Johnson, Fort Lauderdale, Fla.; Nolting, Nichol
& O'Donnell, Inc.,( Pensacola, Fla. and Guardian Secu¬
rities Corp., Miami, Fla.

man

Missile-Tronics Corp.

May

wealth

Undeiwriters—Aetna

—None.

devices.

Proceeds

—

For

new

&

Nash

(J. M.) Co., Inc. (6/29)
30, 1961 filed $1,000,000 of series A subordinated
debentures, due July 1, 1981 and $1,000,000 of series B
March

convertible
Price—To

subordinated
be

manufacture

supplied
of

debentures, due July 1, 1981.
by amendment.
Business—The

variety of industrial products includ¬
ing woodworking and packaging equipment, power saws,
auxiliary power plants, centrifugal pumps, inboard ma¬
a

rine engines and a line of leisure time and sporting
goods merchandise. Proceeds—To retire on or about Oct.
1, 1961 all outstanding 7Vz% convertible debentures; to
repay
bank loans, and for other corporate purposes.
Office—208 Wisconsin

Avenue, Milwaukee, Wis. Under¬
Co., Milwaukee (managing).

equipment, modernization of accounting procedures, and
general corporate purposes. Office—4830 N. Front Street,
Philadelphia, Pa.
Underwriter—Milton D. Blauner &

writer—Robert W. Baird &

Co., Inc., New York City (managing), Hallowell, Sulz¬
berger, Jenks, Kirkland & Co., Philadelphia, Pa., and
M. L. Lee & Co., Inc., New York City.

and

•

Modern

Homes

Construction

Co.

shares.

Price—To be supplied by amendment.
construction, financing and sale of shell
principally in the southern and southwestern por¬

common

Business—The
homes

tions of the U. S.

Proceeds—To finance the sale of addi¬

tional shell homes. Office—P. O. Box 1331,

Valdosta, Ga.
Underwriter—Harriman Ripley & Co., New York City.
Moderncraft Towel Dispenser

Co., Inc.

March 30, 1961 filed 80,000 shares
<j>f common stock, of
which 73,750 shares are to be offered for public sale by
the company and 6,250 outstanding shares by the under¬
and

Price—$4

sale of

ceeds—For

of

an

per share. Business—The manufacture
improved towel dispensing cabinet. Pro¬

advertising, research and development,

debt,

and

working capital.

Office

—

20

•

National

Mercantile Corp.
(6/28)
29, 1961 filed 100,000 shares of common stock
five-year warrants to purchase an additional 20,000
common shares,
to be offered for public sale in units
consisting of one common share and one-fifth of a war¬
March

rant.

(6/26-30)

May 10, 1961 filed $5,500,000 of subordinated debentures
due June 15, 1981 and 550,000 shares of common stock
to be offered for public sale in 275,000 units, each unit
consisting of $20 principal amount of debentures and two

ment

Office

public sale in units, each consisting of
one common share, one first warrant

second

one

amendment.

New York

1,

Proceeds

For working capital.

for

$20 debenture,

Proceeds—For

writer.

—

Homes, Inc.
filed $3,000,000 of 8% subordinated de¬
July 1, 1986; 150,000 shares of common

Paul.

Metropolitan Securities, Inc.
(6/23)
17, 1960 (letter of notification) 100,000 shares of
class A common stock (par $1).
Price—$3 per share.

Nov.

due

April 28, 1961 filed $6,375,000 (6,250 units) of interests.
Price—To be supplied by amendment.
Business—The
fund will invest in tax-exempt bonds of the Common¬

candy and

Bids—To be received

Shell

1961

1,

/Series

The

& Burr, Inc.

Inc.

(letter of notification) 75,000 shares of
common stock
(par 10 cents). Price—$4 per share. Busi¬
ness—The sale of lumber, building supplies and hard¬
ware.
Proceeds—To repay loans and for working cap¬
ital. Address—Monticello, N. Y. Underwriter—J. Lau¬
rence & Co., Inc., New York, N. Y.

1961 ("Reg. A") 15,584 common shares (par $10).
Price—$19.25. Proceeds — For expansion and construc¬
tion; Office
1750 Hennepin Ave., Minneapolis, Minn.
Underwriters—Woodard-Elwood & Co., J. M. Dain &
Co., Inc., Minneapolis and Harold E. Wood & Co., St.

Street,

Coffin

Lumber & Mfg. Co.,

1961

11,

June 1,

mined by

and

St., Coffeyville, Kan. Underwriter—None.

Municipal

•

April 24, 1961 filed $17,500,000 of first mortgage bonds,
series F, due 1991.
Proceeds — For the repayment of
debt
and
for construction.
Office
939
Southbridge

to

small business investment company. Pro¬
general corporate purposes. Office — 719

^ Minnesota Valley Natural Gas Co.

common

(letter of notification) 100,000 shares of
common stock (par one cent). Price—$3 per share. Pro¬
ceeds—To purchase raw materials, advertising and for
working capital. Office—204 E. Washington St., Peta1,

applying

Federal license

a

as a

Monticello

June

common

(letter of notification) 75,000 shares of
common stock.
Price—$4 per share. Proceeds—For ex¬
penses in the fabrication of sheet metal parts for mis¬
22,

is

and

stock is not qualified for sale in New York State.

Price

Business—General

and

May

(6/27-7/5)

Feb.

Walnut

1960

October

—Bache & Co., New

(7/3-7)

filed 75,000 common shares.

1961

operate

ceeds—For

Mid-Continent Corp.

Sept. 8, 1960, filed 1,169,470 shares of common stock and

IVuratel

Marine

Sept.

to

in

law

Kansas

to be offered

Acceptance Corp.

Paul, Minn. Underwriter—None.
•

Inc.

17, 1961 filed 3,000 shares of common stock. Price
—$100 per share. Business—The company was organized

April

Corp., New York.

—

Business—A mutual fund. Proceeds

amendment.
investment.

&

Mokan Small Business Investment Corp.,

B. C.

Montreal.

June

missiles.

and

systems

and

New

Canada.

Dowd

per

Broadway, New York City. Underwriter—R. F.
Co., Inc., 39 Broadway, New York 6, N. Y.

the Small Business Administration for

writer—None.

Magna Pipe Line Co. Ltd. (7/17-21)
June 1, 1961 filed 750,000 common shares, of which 525,000 will be offered for sale in the U. S., and 225,000 in

fice—198

under

sign of potentiometers used in computers, ground control

amendment.

n

Price—$12

capital. Office—1191 Stout St., Denver,
Co., Washington, D. C.

^ Micro-Lectric, Inc.
12, 1961 ("Reg. A") 55,000 common shares (par 10
Price—$4. Business—The manufacture and de¬

recreational equipment. Proceeds—For
the repayment of debt and other corporate purposes.
Office—227 West Madison Street, Chicago, 111. Under¬
and

(7/3-7)

shares of class A common stock.
share. Proceeds—For general funds. Of¬

cents).

May 31,

goods

Co.

Insurance

June

$2.75. Business—The mail order and retail sale of sport¬

ing

Thursday, June 22, 1961

.

Jan.

Price—

30.

Mohawk

.

Aug. 8, I960, filea 75,000

Underwriter—R. Baruch &

Price

Co.

May 1, 1961 filed 1,029,961 shares of common stock being
offered for subscription by stockholders on the basis of
one

•

125,000

in units of one share of stock and 85 cents of debentures.

.

Mages

000

Business

1961 filed 120,000 shares of common stock, of
which 100,000 will be offered for public sale by the
company and 20,000 outstanding shares by the present
holders thereof. Price—To be supplied by amendment.
Proceeds—To repay loans and for working capital. Of¬
fice—5309 South Park Blvd., Houston, Tex. Underwriters
3,

—Rowles,

(7/3-7)

shares of common stock.
Price
$4 per share.
Business— The manufacture of
printed circuits for the electronics industry. Proceeds-$124,000 for new plant, $76,000 for equipment, and $110,-

June

Inc.

Centers,

Bowling

MacGregor

May

filed

1961

—

1961 filed 300,000 shares of capital stock.
supplied by amendment. Business—The

30,

Price—To

31,

.

pay¬

Main

Price—To

Proceeds—For

supplied

the repayment

by

amendment.

Business

phonograph records.
of loans and for working

capital. To expand retail operations. Office—1905 Kerri¬
gan Avenue, Union City, N. J. Underwriter—A. T. Brod
& Co., New York City and Rodetsky,
Kleinzahler, Walk¬
er

&

Co., Jersey City, N. J. (co-managing).

National

Semiconductor Corp.
May 11, 1961 filed 75,000 shares of capital stock. Price
by amendment. Business—The design,
development, manufacture and sale of quality transistors
for military and industrial use.
Proceeds — For new
equipment, plant expansion, working capital, and other
corporate purposes. Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters — Lee Higginson Corp., New
York City and Piper, Jaffray & Hopwood, Minneapolis
(managing).

—To be supplied

Nationwide
June

Homes, Inc.

12, 1961 filed $1,500,000 of 8%

Street,

vertible

&

common

Belleville, N. J. Underwriter—Vickers, Christy
Co., Inc., New York City.

be

■—The distribution and retail sale of

subordinated

shares

to

be

debentures

offered

in

due

sinking fund
1976

units,

and

each

con¬

350,000

consisting

Volume

193

Number

6066

.

.

The Commercial and Financial Chronicle

.

(2765)

of $10 of debentures and two

amendment.
homes.

■

Business

—

Proceeds—For

linsville, Va

common

The

shares.

construction

working

capital.

of

sale

Address—Col-

Underwriters—Cruttenden, Podesta & Co.,

Chicago and McDaniel Lewis & Co., Greensboro, N. C.
New

York

Trap Rock Corp. (6/26-30)
May 19, 1961 filed 175,000 shares of common stock. Price
•—To be supplied by amendment. Business—The quarry¬

ing, processing

and

marketing of crushed stone. Pro¬
ceeds—For expansion. Office—162 Old Mill
Road, West
Nyack, N. Y. Underwriter—Smith, Barney & Co., New
York City (managing).
;
v
Nissen

Trampoline Co.

May 4, 1961 (letter of notification) 9,400 shares of com¬
mon stock
(par $1). Price—At the market. Proceeds—
For the selling stockholders. Office—930 27th
Cedar Rapids, Iowa.
Underwriter — Yates,

Ave., S.W.,
Heitner &

Woods, St. Louis, Mo.
Nitrogen Oil Well Service Co.
May 22, 1961 filed 100,000 shares of common stock.
Prices—$10 per share for 51,000 shares to be offered to
Big Three Welding Company; $10 per share for hot
less than

24;500 shares to be offered to holders (other
Three) of the outstanding common on the basis

than Big
of

one

share

new

for

each

lVs

shares

held; and $10.60
Business—The company

unsubscribed shares.
high; pressure nitrogen to the oil and gas
industry; Proceeds—For general corporate purposes, in¬
cluding $880,000 for the purchase of 20 additional liquid
nitrogen high pressure, pumping units.
Office—3602 W.
11th St., Houston, Texas. Underwriter — Underwood,
per

any

furnishes

Neuhaus

&

Co., Inc., Houston, Texas.

(/ North Atlantic Life Insurance Co. of America
2, 1961 filed 1,386 common shares.
Price—$350.
Business—The company has applied for a New York

June

State

license

sell

to

annuities.

and

Office

poses.

life, accident and health insurance
general corporate pur¬

Proceeds—For
—

Mineola, N. Y.

Meadow

National

Brook

Ormont

Price—By

and

Bank

Bldg.,

May

2,

land

City, N. Y. Underwriter—Havener Securities Corp.,
New York, N. Y.
Outdoor Development Co., Inc.
May 25, 1961 filed $2,705,000 of subordinated debentures
due June

1, 1976, warrants to purchase 108,200 shares of
common
stock, and 324,600 shares of common stock to
be offered for public sale in 54,100
units, each consist¬
ing of $50 of debentures with an attached warrant to
purchase two

shares, and six shares of common.
Price—To be supplied by amendment. Business—The
construction, sale and financing of shell homes. Proceeds
—To repay debt; establish a branch sales
office, and for
working capital.
Office—Walden Drive, Augusta, Ga.,
Pacific

Electric

Co.

fice—553

South

Market

Street,

Galion,

Ohio.

Under¬

writer—None.
•

Northern

Illinois Gas

of

one new share for each

16 shares held of record June 22.

with rights to expire July 11.

Price—-To be supplied by

amendment. Proceeds—For construction. Office—50 Fox

St., Aurora, 111. Underwriters — First Boston Corp., and
Glore, Forgan & Co., both of New York City.
•

Northwest Natural

June
due

13,

1961

1986 and

filed

$6,500,000

140,000

common

ment., Proceeds—For

construction.

Gas Co.

the

Office—735

(7/18)
first

of

mortgage

repayment of bank
S.

bonds

shares. Price—By amend¬

W.

loans

and

•
Oceanarium, Inc. (7/11)
May 22, 1961 filed 125,000 shares of common stock, of
which 62,500 shares are to be offered for public sale
by
the company and 62,500 outstanding shares
by the pres¬

ent

holders

ment.

thereof.

Price—To

Business—The

be

supplied

operates

company

by amend¬
"Marineland

of the

Pacific," an exhibition of fish and trained aquatic
animals, near Los Angeles, Calif. Proceeds—For work¬
ing capital.
Office—Marineland, Los Angeles County,
Calif.
Underwriter—Blyth & Co., Inc., New York City.
Plasticon

May

8,

"

shares

are

shares

are

the

to be offered to

be offered to

to

basis

of

one

Leyghton-Paige Corp., 150,000
Leyghton-Paige stockholders

Plasticon

share

for

each

Leyghton-Paige shares held, and 400,000 shares
-be offered to holders of the company's

three
are

to

$1,200,000 of 5%

promissory notes. Price — $3
Business—The manufacture of

per share, in all cases.
large plastic containers.
Proceeds—To discharge the indebtedness represented by

Plasticon's

5%

promissory

notes,

more
..

equipment and facilities.
Minn. Underwriter—None.
>
Piatt

with the balance for
Minneapolis,

Office

Pacific

\

Old

1,

Empire,
1961

debentures

Packer's Super Marketsr

Inc. (7/24-28)
May 25, 1961 filed 100,000 shares of common stock. Price
—$6

Inc.
$700,000 of convertible

1971.

Price

—

At

subordinated

Business

par.

—

The

manufacture, packaging and distribution of cosmetics,
pharmaceuticals and household, chemical and industrial
specialties. Proceeds—For the repayment of bank loans,
property improvements and working capital. Office—
865

Mt.

Prospect Avenue, Newark, N. J. Underwriter—
Laird, Bissell & Meeds, Wilmington, Del.

*

One Maiden Lane
Fund, Inc.
April 7, 1961 • filed 300,000 shares of
Price—$3 per share.
Business—This is

fund

share.

per

self-service
—

St.,

New

For

which

will

hold

common
a

new

stock.
mutual

only convertible debentures and
U. S.- Treasury bonds. Proceeds—For investment. Office
—One Maiden
Lane, New York City. Underwriter—G. F.
Nicholls &

stores

Brooklyn,
Co.,

York

City

N.

Inc.,

operation

the

New

Y.

and

purposes.

Underwriters
M.

L.

of

York

Lee

—

retail

22

City

area.

Office

—

Milton

25

D.

Co., Inc., both of

(managing).

American

11,

in

general corporate

&

Pan

May

Business—The

food

Co., Inc., New York City,




i

1961

(letter of notification) 100,000 shares of
(no par). Price—$3 per share. Proceeds

stock

common

—To pay for

corporate

construction, working capital and, general
Office—921-1001

purposes.

Burbank, Calif.
geles, Calif.

Riverside

Drive,

Underwriter—Fairman & Co., Los An¬

Pilgrim Helicopter Services, Inc.
April 25, 1961 (letter of notification) 16,363 shares of
common stock
(par $1). Price—$5.50 per share. Proceeds
—For general corporate
purposes. Office
Investment
—

Bldg., Washington,
Washington, D. C.

D.

C.

Underwriter

Sade

—

&

Co.,

Polymetric Devices Co.
May 24, 1961 filed 90,000 shares of common stock. Price
—$3.75 per share. Business—The company sells devices
for the measurement

torque,

or

acceleration,

control of pressure,

temperature,

displacement,

strain • and force.
working capital. Office—130 South Easton
Rd., Glenside, Pa. Underwriter
Weil
& Co., Inc.,
Washington, D. C.
;
; •
/

Proceeds—For

Resources,

Inc.

1961

(letter of notification) 40,000 shares of
common stock (par $1). Price—$7
per share. Office—600
Glendale Federal Bldg., Glendale 3, Calif. Underwriter
—Fred Martin & Co., 1101 Woodland Dr., Norman, Okla.
Patent Resources, Inc.
May 24, 1961 filed 150,000 shares of

be.

.

Polytronic Research, Inc.
June 7, 1961 filed 193,750 common
shares, of which 150,000

will

common

development,
electronic

by amendment. Business—The com¬
organized in November 1960 to acquire, exploit

•

Precision

May

15,

City. Underwriters—Darius, Inc., New York (man¬
aging); N. A. Hart & Co., Bayside, N. Y., and E. J.
Roberts & Co., Inc., Ridgewood, N. J.
Pell Pharmaceuticals, Inc.
May 24, 1961 ("Reg. A.") 150,000 common shares (par
five cents).
Price—$2.
Proceeds—For equipment, ex¬

pansion, inventory, and working capital. Office—1 Bel¬
mont Ave., Bala-Cynwyd, Pa.
Underwriter—R. P. & R.
A. Miller & Co., Inc., Philadelphia.
Publishing & Printing Corp.
April 27, 1961 (letter of notification) 57,000 shares of
common stock (par one cent). Price—$3 per share. Busi¬
ness—Newspaper publishers. Proceeds—For sales pro¬
motion; construction of a storage building; repayment of
a loan and working capital. Office — 379 Central
Ave.,
Lawrence, L. I., N. Y. Underwriter—Arnold, Wilkens &
Co., New York, N. Y.
• Permian
Corp.
April 28, 1961 filed 285,000 outstanding shares of com¬
mon stock
to be offered for public sale by the present

be

of

supplied by amendment.
oil.
Proceeds—For
Office — 611 West Texas

crude

purposes.

Street, Midland, Texas. Underwriters—Lehman Brothers
and Shearson, Hammill & Co., both of New York City
(managing). Offering—Imminent.
Philadelphia Laboratories, Inc. (7/24-28)
May 26, 1961 filed 75,000 shares of common stock. Price
per share.
Business—The development, manufac¬
ture and sale of pharmaceuticals, vitamins and veterinary
products. .Proceeds — For the repayment of debt, and
other corporate purposes.
Office — 400 Green Street,
Philadelphia,
Pa.
Underwriter — Woodcock,
Moyer,
—$8

Fricke, & French, Inc., Philadelphia.
•

Photronics

Corp.

the

basis

held.

of

Price—To

three
be

shares

for

each

four

shares

supplied by amendment. Business—

Organization,

Inc.

May

23, 1961 filed 110,000 shares of common stock.
Price—$5 per share. Business—The company is engaged
in the

real

estate

and

construction business. Proceeds—

Net proceeds, estimated at-$444,000, will be used to buy
land for shell homes construction and to start building
the

homes

100,000

shares

of

of passengers and cargo. Proceeds—For
payment of cur¬
rent liabilities and taxes; payment of balance on CAB

certificate

and
working capital.
Office — 630 Fifth
Avenue, Rockefeller Center, N. Y. Underwriter—Conti¬
nental Bond & Share Corp.,
Washington, D. C.

Progressitron

:r

Corp.

.

June 9,

1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—$3. Business—Manufacturers of electronic,
For

mechanical

and

mechanical

devices.

Proceeds—

general corporate purposes. Office—14-25

128th St.,

College Point, N. Y. Underwriter—Netherlands
Co., New York.

Securi¬

Pueblo

Supermarkets, Inc.
6, 1961 filed 100,000 outstanding shares of class A

June

common
to be offered for public sale by stockholders.
Price—By amendment. Business—Operates seven super¬
markets in Puerto Rico. Proceeds—For the selling stock¬
holders. Office—P. O. Box 10878, Caparra Heights, San
Juan, P. R. Underwriter—Merrill Lynch, Pierce,'Fenner

& Smith

Inc., New York.

Q-Line

May

8,

Instrument

Corp.

1961

(letter of notification) 65,000 shares of
stock (par one cent). Price—$4 per share. Busi¬
ness—The manufacturers of technical equipment. Pro¬
ceeds—For relocation of business; new equipment; ex¬
common

pansion, and working capital.
Office — 1562-61st St.,
Brooklyn, N. Y. Underwriter—William, David & Motti,
Inc., New York, N. Y.
Quality Importers, Inc.
June

1,

1961 filed 200,000 common shares.
Price — By
Business—Imports and distributes Scotch
whiskeys. Proceeds—To repay loans and for

amendment.
Irish

and

working caiptal.

Office—55 Fifth Ave., New York.
& Co., New York.

Un¬

derwriter—Sutro Bros.

it Rabin-Winters Corp.
19, 1961 filed 180,000

June

shares of which-80,100,000
shares by stockholders.
Price—By amendment. Busi¬
ness—The manufactuer
of pharmaceuticals,
cosmetics,
lighter fluid and related items.
Proceeds—To repay
loans and for working capital.
Office—700 N. Sepulveda
Boulevard, El Segundo, Calif.
Underwriter—H.
Hentz & Co., New York.
000 shares

•

are

common

to be offered by the company and

Radiation Instrument Development Laboratory,
Inc.

design, development and manufacture of optical
and
electro-optical systems and components used in
aerial reconnaissance, photo-interpretation, photo-grammetry and optical scanning devices. Proceeds — For
working capital, research and development, and new
equipment.
Office—134-08 36th Road, Flushing, N. Y.
Underwriter—L. D. Sherman & Co., New York City.
Pickwick

Specialties, Inc.
(letter of notification)

1961

(7/17-21)

June

(6/28)

new

certain

it Presidential Airlines, Inc.
("Reg. A") 150,000 class A common shares
(par one cent). Price—$2. Business—Air transportation

; ht

24, 1961 filed 150,000 shares of common stock (par
cents), to be offered for subscription by stockholders

10
on

of

oscilloscopes,

construction, purchase of
equipment; research and development, and working cap¬
ital.
Office—Hurffville, N. J. Underwriter—Harrison &
Co., Philadelphia, Pa.

Peninsula

corporate

missiles,

stock (par 10 cents). Price—$3
per share. Busi¬
ness—The manufacture of precision instruments.
Pro¬
ceeds—To
repay
loans for

York

Price—To

production

common

ties

marketing

and

aircraft,

Co., and Balogh &

electro

thereof.

for

Co., Washington, D. C. (managing).

develop patents, and to assist inventors in develop¬
ing and marketing their inventions. Proceeds—For gen¬
eral corporate purposes. Office — 608 Fifth
Ave., New

and

holders

engineering

devices

electronic vending machines and
language teaching ma¬
chines. Proceeds—For expansion,
repayment of debt and
working capital. Office—7326 Westmore Rd., Rockville,
Md. Underwriters^Jones, Kreeger &

stock. Price

supplied

Business—The

be

sold for the company and
43,750 for stock¬
holders. Price—By amendment. Business—Research and

June 13, 1961

The

Underwriter—None.

filed

due

^

May 31, 1961 ("Reg. A") 100,000 common shares (par 10
cents) of which 66,667 are to be sold by the company
and 33,333 by a stockholder.
Price—$3. Proceeds—For;
working capital. Office—1649 La Cienega Bldv., Los An¬
geles, Calif. Underwriter—Norman C. Roberts Co., San
Diego.

per

New York City.

Corp.

Feb.

Corp.

share. Business—The company is a real estate
investment firm.
Proceeds—For investment.
Office—

May

Vitamin

—

May 29, 1961 filed 150,000 shares of class A stock. Price
—$5

Co.

share |or each 20

new

general

1961 filed 665,666 shares of common stock, of
90,666 shares are to be publicly offered, 25,000

which

on;

Corp.

Electric

Proceeds—For

Morrison

St., Portland,
Oreg. Underwriter—Lehman Brothers, New York (man¬
aging).

&

shares held of record June
13, with rights to expire July 5. Price—$71 per share.
the repayment of bank loans, and con¬
struction. Office—245 Market St., San
Francisco, Calif.
Underwriter—Blyth & Co., Inc., New York City.
one

pany was

Cc.

,

—

—To

May 24, 1961 filed 450,037 shares of common stock to be
offered for subscription by stockholders on the basis of

Gas

May 24, 1961 filed 896,470 shares of common stock, be¬
ing offered for subscription by stockholders on the basis

Blauner

30, 1961 filed 22,415 shares of common stock to be
offered for subscription by stockholders of record May
15.
Price—To be supplied by amendment.
Business—
This
subsidiary of L. M. Ericsson Telephone Co. of
Stockholm, Sweden,.''manufactures telecommunications
equipment, remote control systems, electromechanical
and electronic components, and power supply assemblies.
Proceeds—To repay loans and for working capital.
Of¬

April 21,

common

Underwriter—Granbery, Marache & Co., New York City.

53rd

North
March

Pickwick Recreation Center, Inc.

shares of
(par 10 cents). Price—$3 per share. Business—Manufacturers of drugs. Proceeds—For
expansion,
and working capital. Office—38-01 23rd
Ave., Long Is¬
stock

Proceeds

Underwriter—None.

Drug & Chemical Co., Inc.
(letter of notification) 100,000

1961

common

41

($175,000), to repay a bank note ($65,000),
with the balance for working capital. Office—Hunting¬
ton Station, New York. Underwriters—Theodore Arrin &
Co., Inc., Katzenberg, Sour & Co., and Underhill Secu¬
rities Corp., all of New York City.

1, 1961 filed 100,000 common shares, including 86,666 to be offered for sale by the company and 13,334 by

stockholders.

Price—By

amendment.

Business—Devel¬

designs and produces electronic instruments for the
detection of atomic radiation.
Proceeds—For working
ops,

capital, and expansion.
Office — 61 East North Ave.,
Northlake, 111. Underwriter—Hayden, Stone & Co., New
York City (managing).
Ram

Electronics,

Inc.

of notification) 75,000 shares ot
common stock (par 10 cents). Price—$4 per share. Busi¬
ness—Manufacturers of electronic and replacement parti
Dec.

28,

1960

(letter

for television receivers and other electrical circuits.

Pro¬

general corporate purposes. Office—600 In¬
dustrial Ave., Paramus, N. J. Underwriter—General Se¬
curities Co., Inc., 101 West 57th St., New York City.
Offering—Imminent.

ceeds—For

Ram
June

Tool

Corp.

9, 1961 filed 100,000 common shares. Price

amendment.

Business—The

manufacture

powered tools. Proceeds—For working
v_

...

.

..

.

of

—

By

electrically

capital. Office

Continued

on page

-

42

42

The Commercial and Financial Chronicle

(2766)

Continued from page 41

Ave., Chicago, 111. Underwriter—Aetna

411 N. Claremont

Securities Corp., New York
Estate

Real

(managing).

Investing Association,

organized in February 1961 to invest
properties and
in land on which buildings have been erected. Proceeds
—For investment. Office—60 East 42nd St., New York
City. Underwriter—None.

(letter of notification)) 60,000 shares of
stock (par one cent). Price—$5 per
share. Proceeds—To open a new licensed department in
1961. Office—1211 Walnut St., Kansas City, Mo. Under¬
writer—Midland Securities Co., Kansas City, Mo.
class

•

A

common

Recreation

Enterprises,

16, 1961 filed 160,000 units of common stock and
warrants, each unit to consist of one share of class A
common
and two common stock purchase warrants for
the purchase of class A common (one

exercisable at $5.50
per share for 12 months and the other at $6 per share
within 30 months). Price—$5 per unit. Business—The
company plans to operate a chain of bowling alleys in
tne midwestern states, initially in Missouri and Kansas.
Proceeds—For the building of bowling centers. Office—
6000 Independence Ave., Kansas City, Mo. Underwriter
—I. M. Simon & Co., St. Louis, Mo.
June

16, 1961 filed $2,500,000 of convertible debentures.
Price—At par. Business—The operation of TV stations
and

recording studios and the development of real estate
properties in North Carolina. Proceeds—For expansion,
the repayment of loans, for working capital and other
corporate purposes. Office—304 E. 44th St., New York.
Underwriter—Laird
&
Co., Corp., Wilmington, Del,
(managing).
Simmons

Research

Inc.

in the field of surface and biochemistry.
plant construction, equipment, research
and development, sales promotion and working capital.
Office—545 Broad St., Bridgeport, Conn. Underwriter
—McLaughlin, Kaufmann & Co., New York City (man¬
aging).
;
'/
processes

Proceeds—For

f.

Renaire

Foods, Inc. (6/27)
March 30, 1961 filed $600,000 of debentures, 6%% con¬
vertible series due 1976, to be offered for public sale by
the company

and 125,000 shares of common stock, (par $1)

of which

100,000 shares are to be offered for sale by the
company and 25,000 outstanding shares by the presem
holders thereof.
Price—At 100% of principal amount,
for the
debentures and $6 per share for the stock.
Business—The retail distribution of food freezers, frozen

foods,

groceries,

vitamins,

proprietary

medicines

and

sundries, principally in the Philadelphia and Baltimore

trading

areas.

Proceeds—For construction, the purchase
resulting from the sales of food

of installment contracts
and

freezers, and for working capital. Office—770 Bal¬
Springfield, Pa. Underwriter—P. W. Brooks
Co., Inc., New York City.

timore Pike,
&

ic Review ASC, Inc.
May 18, 1961 ("Reg. A")

100,000

common shares. Price
utility development in
For expansion. Office — 2823 So.

—$3. Business—Real estate and
Florida.

Price

10 cents). Price—$3 per share. Busi¬
advertising. Proceeds—For general cor¬

porate purposes.

Address

—

Specialty Manufacturing Co.,

Clair

Inc.

Proceeds

—

Washington Ave., Titusville, Fla.
Securities Co., Inc., New York.

Underwriter—Albion

stock, of
which 25,000 shares are to be offered for public sale by
the company and 57,500 outstanding shares by the pres¬
ent holders thereof.
Price—To be supplied by amend¬
Business—The

and

shares of

manufacture

common

and

distribution

of

light controls, centrifugal blowers
electronic
equipment.
Proceeds—For new

photoelectric
other

street

product development.

Office—One Factory Street, Middletown, Conn.
Underwriter — Dominick & Dominick,
New York City (managing).
Rockower Brothers, Inc.

—$8

Business—The retail sale of men's and boys'
Proceeds—For the selling stockholders. Office
—160 West Lehigh Avenue, Philadelphia.
Underwriter
—Drexel & Co., Philadelphia.
amendment.

clothing.

(William H.), Inc.

thereof. Price—To be

supplied by amendment. Business
—The manufacture and sale of pharmaceuticals. Pro¬
ceeds
For the account of the selling stockholders.
Office
4865 Stenton Ave., Philadelphia, Pa. Under¬
writers—Kidder, Peabody & Co., New York City and
Schmidt, Roberts & Parke, Philadelphia( managing).

•

Science

Resources,

Inc.

Rowan Controller Co.

May 29, 1961 filed 50,000 shares of common stock. Price
—To be supplied by amendment. Business—The manu¬
facture

and

sale

of

industrial

controls

and

electrical

equipment. Proceeds—For the retirement of debt and
product exnansion.
Office—2315 Homewood
Avenue,
Baltimore, Md. Underwriter—Stein Bros. & Boyce, Bal¬
timore, Md. Offering—Expected mid to late July.

^ Rudd-Melikian, Inc.
June 16, 1961 filed 130,000

common

shares.

Price—$10.

Business—The manufacture of automatic coffee dispens¬
ers and similar items. Proceeds—For
repayment of loans,




May
by

&

(7/3)

City

1961 filed 100,000 outstanding shares of com¬
stock to be offered for public sale by the present

April 26,
mon

•

Proceeds—For the selling stockholders.
Street, New York City. Underwriter
Treat & Co., Inc., New York City (managing).

application.

Office—417 Canal

Securities Credit Corp.

■,T

H

■

.

-.oh"' #

series A subordi¬
principal amount.
Business—The company and Its sttbsmlafiCs are engaged
in the retail financing of new and used automobiles, mo¬
bile homes, appliances, furniture and farm equipment for
purchasers, and the wholesale financing of dealers' in¬
27,

filed $3,000,000 of 6%

1961

debentures.

Price—100%

—

The

manufacture

electrical

of

(managing).

V

-v,v.;

■■

.

J.-;,

^

May
,,

19,

(letter of notification) 23,500 shares of
(par $4). Price—$10 per share. Office—

1961
stock

common

c/o

Guilmartin, Bartel & Ashman, 1527 Alfred I. du
Building, Miami, Fla. Underwriters—-Beil & Hough,'
Inc.. St. Petersburg, Fla.; Nolting, Nichol & O'Donnell,
Inc., Pensacola, Fla.; Sterling, Grace & Co., New York.
Pont

Underwriter—Globus, Inc., New York.

nated

Business

.

Southern American Fire Insurance Co;'«v

—

etc., from Shell Home Builders. Proceeds—For investment.
Office—2740 Apple Valley Road, N. E., Atlanta,

Jan.

holders

to

Southeastern

D. C.

^ Second Financial, Inc.
June 20, 1961 filed 100,000 common shares.
Price—$3.
Business
The purchase of notes, mortgages, contracts,

Ga.

company

are

Capital Corp. (7/6)
May 16, 1961 filed 500,000 shares of common stock (par
$1). Price—$12.50 per share. Business—A small business
investment company; Proceeds—For investment. Office
—Life & Casualty Tower, Nashville, Tenn. Underwriters
—Paine, Webber, Jackson & Curtis, New York City
(managing.) and Johnston, Lemon & ;Co., Washington,

Price—$5.50 per share. Business—The
manufacture of warning signals, control boxes, intervalometers and related equipment for aircraft and mis¬
holders thereof.

sile

150,000

equipment, principally wiring devices and lighting con- J
trols used
in
industrial, commercial and residential*
buildings. Proceeds—To reduce outstanding loans, pur- chase additional equipment, and for working capital.
Office—45 Sea Cliff Avenue, Glen Cove, L. I., N. Y.
Underwriter—C. E. Unterberg, Towbin Co., New York

Co., Inc., New York.

Seaboard Electronic Corp.

the

amendment.

Story St., Cambridge, Mass. Underwriter—Norton,

—One

shares of class A stock, of
be offered for public sale
and 50,000 outstanding shares by the
thereof.
Price — To be supplied by,

filed

100,000 shares

present

(6/26-30)

13, 1961 ("Reg. A") 100,000 common shares. Price
—$3. Business—The furnishing of business management
to consulting scientists and the arranging of financing
for science companies. Proceeds—For expansion. Office

Inc.

Electric

1961

18,

which

June

of

ventories of such automobiles and direct lending to con¬

Southern Realty & Utilities Corp.
;
May 26, 1961 filed $3,140,000 of 6% convertible deben¬
tures due 1976, with warrants to purchase 31,400 common

shares, to be offered for public sale in units of $500 of
debentures and warrants for five
—At 100%

common

shares.

Price

of principal amount.

and the writing of automobile, credit life, and

Business—The develop¬
ment of unimproved land in Florida. Proceeds—For the

other types of insurance.
Proceeds—For working capi¬
tal.
Office—1100 Bannock Street, Denver, Colo. Under¬

repayment of debt, the development of property, work¬
ing capital and other corporate purposes. Office—1674

sumers,

Meridian

writer—None.

Security Acceptance Corp.
March 7, 1961 filed 100,000 shares of class A common
stock and $400,000 of 7%% 10-year debenture bonds, to
be offered in units consisting of $100 of debentures and
25 shares of stock. Price—$200 per unit. Business—The
purchase of conditional sales contracts on home appli¬
ances. Proceeds — For working capital and expansion.
9th

Office—724

St., N. W., Washington, D. C.

Under¬

writer—None.

Industries, Inc.
May 26, 1961 filed 150,000 class A shares (par one cent).
Price
$4. Business — The company, formerly Service
Photo Suppliers, Inc., is engaged in the importation and
distribution of a wide variety of photographic equip¬
ment.
Proceeds—For the repayment of debt, advertising
and sales promotion, and other corporate purposes.
Of¬
fice—33 East 17th St., New York.
Underwriter—N. A.
Hart & Co., Bayside, N. Y. (managing).
'
Servonic

Instruments,

Inc.

•

Avenue,

&

Southland

Life

March 28, 1961
be offered for
common

on

Insurance

Co.

filed 80,000 shares of common stock, to.
subscription by holders of outstanding

the

basis

of

one

snare

new

for

each

five

shares held of record June 9, with rights to expire June.
27. Price—$87.50. Proceeds'—To purchase the remaining

research, design, development, manufac¬
precision devices consisting primarily of
electromechanical transducers, for a variety of military,
ture and sale of

industrial and scientific

used.
Proceeds—For new equip¬
plant expansion and working capital.
Office—
Whittier, Calif.
Underwriter — C. E. Unterberg,
Towbin Co., New York City.

ment,
1644

Minerals

&

Chemical

Co.

ment, and exploration of mining properties/Proceeds—
For general corporate purposes. Office — 1406 Walker
Bank Bldg., Salt Lake City, Utah. Underwriter—None.

Shelley Urethane Industries, Inc.
May 24, 1961 filed 200,000 shares of common stock. Price
To be supplied by amendment. Business—The manufac¬
distribution

of

Southwestern States Telephone Co. (6/26)
May 29, 1961 filed 110,000 shares of common stock. Price
—To be supplied by amendment. Proceeds—For con¬
struction.
Calif.

Office—300

Montgomery

St.,

Underwriter—Dean Witter & Co.,

Special Metals, Inc. (6/28)
May 16, 1961 filed $2,656,250 principal
shares of
sale

in

shares.

San Francisco,
San Francisco.
»'

amount

debentures

common

units

of

■.

6%
159,375
of

due July 1, 1976 and
(par $2) to be offered for public
of debentures and three common

stock

$50

Price—To be

supplied by amendment. Business
has contracted to buy the Metals Divi¬
sion of Kelsey-Hayes Co., and will produce special high
temperature metal alloys by vacuum melting for use in
jet aircraft engines. Proceeds—To repay a bank loan.

—The company

Office

New

Hartford, N. Y.
Underwriters —r White,
Co., Inc., and Lehman Brothers, both of New
York City (managing).
Weld

—

&

•

Spectron, fln^.
9, 1961 filed 83,750 class A common shares (par 10
cents). Price—$4.50. Business—The design, development

June

24, 1961 filed 500,000 shares of common stock.
Price—$2.50 per share. Business—Acquisition, develop¬

ture, converting and
products to industry.

sidiary. Office—Dallas, Tex.. Underwriter—Equitable Se¬
curities Corp., Nashville, Tenn. (managing).

subordinated

(7/3-7)

26, 1961 filed 95,000 shares of no par common
stock, of which 50,000 shares are to be offered for public
sale by the company and 45,000 shares by the present
holders thereof. Price—To be supplied by amendment.
April

Shasta

Miami Beach, Fla.
Underwriters —
Co., and Lee Higginson Corp., both of New
York City (managing).

Hirsch

55% stock interest in Carolina Life Insurance Co., a sub¬

Service Photo

—

—

Slater

Proceeds—For investment. Office—Juniper &
&
Co., Inc., New York City; Stroud & Co., Inc., and Wood¬
cock, Moyer, Fricke & French, Philadelphia, Pa.

Stis., Philadelphia,. Pa. Underwriters—Blair

April

May 24, 1961 filed 130,000 outstanding shares of common
stock to be offered for public sale by the present holders

•

writer—Warner, Jennings, Mandel & Longstreth, Phila-.
(managing). Offering—Expected in early July.

company.

Walnut

<

delphia

share. Business—A small business investment

per

19,

development of retail outlets, property improvement, '
and working capital. Office—Toms River, N. J. Under¬

(

Business—The

May 1, 1961 filed 140,000 outstanding shares of common
stock (par 30 cents) to be offered for public sale by the
present holders thereof.
Price — To be supplied by

Rorer

Skiffs, Inc.
1961 filed 100,000 shares of common stock.
Price—To be supplied by
amendment. Business—The
manufacture and sale of "sea skiffs" a type of inboard
motor boat. Proceeds—For the repayment of debt, the

Corp.

Capital

Sica

April

—

—

Ripley Co., Inc.
May 19, 1961 filed 82,500

ment.

'

stockholders. Price—By amendment. Business
The printing of gift wrap
papers.
Froceeds — For
equipment and working capital. Address—Bellwood, 111.
Underwriters—Stifel, Nicolaus & Co.,, St. Louis and WalCo., New York.

March 15,

on

—None.

19, 1961 filed 113,600 common shares of which 40,000 shares are to be offered by the company and 73,600

Science

'

,

in Chicago.

June

ston &

-

1961 to acquire the Hotel Sherman
Proceeds—To purchase the above property.
Office—10 E. 40th Street, New York City.
Underwriter
formed

R. D. No. 2, Albany, N. Y.

Underwriter—Lewis & Stoehr, New York, N. Y.
St.

,.r

:

1961 filed 1,096 of limited partnership shares.
—$5,000 per unit. Business —The company was

March 29,

ness—Outdoor

—Amos

May 8, 1961 filed 150,000 shares of capital stock. Price—
$6 per share. Business—The research and development

•

80,000 shares of

class A stock (par

Fox

^ Reeves Broadcasting & Development Corp.

of

(letter of notification)

1961

10,

■-

Co.

Sherman

May 9, 1961 filed 450,000 shares of common stock. Price

(6/26-30)

Inc.

March

Reher

March

shares by

Inc

17, 1961

April

Bruckner

787

State St., Trenton, N.
Colo.

mortgages on income producing

Rocco

Boulevard,
28 West
J. (managing); L. J. Termo & Co.,
Inc., New York and Copley & Co., Colorado Springs,
—

Bronx, N. Y. Underwriters—L. C. Wegard & Co.,

Advertising Co., Inc.

Ruth Outdoor

company was

in first

Thursday, June 22, 1961

.

Office

capital.

working

promotion and manufacture of a new product, working
capital and general corporate purposes. t Office —300
Jacksonville Road, Hatboro, Pa.
Underwriter—Stearns
& Co., New York.

Inc.

May 22, 1961 filed $50,000,000 series A 6% 20-year par¬
ticipating notes to be issued in 2,000 units of $25,000
each. Price—At 100% of principal amount. Business—
The

.

.

urethane

foam

Proceeds — For expansion, new
equipment, repayment of debt, and working capital. Of¬
fice—4542 East Dunham St., City of Commerce, Calif.
Underwriter
Garat & Polonitza, Inc., Los Angeles
(managing).
—

Shepard Airtronics, Inc.
April 26, 1961 (letter of notification) 75,000 shares of
common
stock (par one cent).
Price — $4 per share.
Business—The manufacture of high altitude breathing
and ventilation equipment. Proceeds—For repayment of
loans; new equipment, research and development, plant
improvement, purchase of inventory, advertising and

and manufacture

of electronic systems, instruments and
equipment, including microwave, radar and underwater
communication devices. Proceeds
For purchase
of
equipment, plant expansion, patent development and
general corporate purposes. Office—812 Ainsley Bldg.,
Miami, Fla. Underwriter—Hampstead Investing Corp;,
—

New York

(managing).

Speed-O-Print Business Machines Corp.

May 24, 1961 filed 125,000 shares of
—To

stock. Price

common

be

supplied by amendment. Business—The com¬
pany
manufactures
and
sells
office
copy - making
machines
and
accessories.
Proceeds — To
pay
off

nqtes in the amount of $422,826, with the balance )for
general corporate purposes.
Office—Chicago.
Under¬
writer—Rodman

ing;.

&

.

s

Speslmart Engineering, Inc.
June 6, 1961
amendment.
ceeds

—

For

(managing),

Renshaw, Chicago
,

-

•

\

, •

,

filed 150,000 common shares.
Price — By
Business—The servicing of missiles. Pro¬
the

repayment of

a

loan and for working

Volume

193

Number 6066

,

.

The Commercial

.

and

Financial Chronicle

(2767)
capital. Office—722-32 Brookhaven Drive,
Orlando, Fla.
Underwriter—Pierce, Carrison, Wulbern, Inc., Jackson¬
ville,,.
'•?

by stockholders
shares
the

to

be sold

Pharmaceuticals. Proceeds

—

~

it Swingline Inc.

(6/28)

and

Proceeds—For

of

A

stock

on

the

basis

of

two

shares

new

for

N.

18,

tures

filed

1961

due

1981.

$25,000,000

Price—To

Business—Consumer finance.
ment of loans.

•

(6/26)

Proceeds—For

the repay¬

(managing).
Taffet

cents).
gical blades. Proceeds—For general corporate purposes.
Address—Jamesburg, N. J. Underwriter—Louis R. Dreyling & Co., New Brunswick, N. J.

April

Price

shares.

and

working capital. Address

—

repayment

P. O.

Box

of

in

—

•

Stxatton

nated

loans,

10398, Fort

•

Stratton

winter

a

and

summer

convertible subordi¬

recreational

Mountain in southern Vermont.

construction.

Office—South

resort

Vt.

Valley

on

•
Supermarkets Operating Co.
May 10, 1961 filed 125,000 shares of

components, for
field.

use

Proceeds—For

primarily
additional

capital

Broadcasting Co.
1961 filed 376,369

stock

to

offered

be

outstanding shares of

com¬

for

Proceeds—For the selling stockholders. Office
Highland Avenue, Cincinnati, Ohio. Underwriter
—Harriman Ripley & Co., Inc.. New York City (manag¬
ing). Offering—Expected in July.

it Ta>oe-Wprginia Enterprises, lire.
7, 1961 ("Reg. A") 300,000 common

June

Price

($1). Proceeds—To repay debt, purchase equip¬
ment and working capital. Office — 1507 Jonas
Ave.,
Sacramento, Calif. Underwriter—None.
•

(6/28)

Tasrefcte,

tion

under

of

chain

of

"Shop-Rite" supermarkets and the
marketing
of
"Huber's
Sunbeam"
bakery products. Proceeds — For working capital, and
general corporate purposes. Office—1416 Morris Ave.,
Union, N. J. Underwriters—Robert Garrett & Sons, Bal¬
timore, Md., and G. H. Walker & Co., New York City.
a

and

Superstition Mountain

Enterprises,

Price

30,
—

formed

filed

1961

$2.50

per

2,000,000 shares of common stock.
Business — The company was

March, 1959 to develop real property at the
foot of Superstition Mountain near Apache Junction,
Ariz. It has developed part of the property to form the
Apacheland Sound Stage and Western Street, architec¬
turally designed for the 1870 period, which is used for
the shooting of the motion picture and television pro¬
ductions. Proceeds—To purchase and develop additional
property. Office—Apache Junction, Ariz. Underwriter
—None.

to

finance

the

exploitation

Tax-Exempt Public Bond Trust Fund
Jan.

share.

in

1959

"Tassette," a patented feminine hygiene aid.
Proceeds—For advertising and promotion, market devel¬
opment, medical research and administrative expenses.
Office—170 Atlantic St., Stamford, Conn.. Underwriter—
Amos Treat & Co., Inc., New York City (managing);
Bruno-Lenchner, Inc., Pittsburgh; and Karen Securities
Corp., New York City.

(7/10-14)
Jan.

Delaware law in

and sale of

Inc.

_

16,

1961 filed $5,000,000

of

interests

percentage (to be supplied by amendment) and dividing
sum
thereof by 5,000.
Business — The trust was
formed by John Nuveen & Co., Chicago, 111., to invest in
the

tax-exempt obligations of states, counties, municipalities
territories

Nuveen

&

of

the

United

States.

Sponsor

—

John

Co., 135 South La Salle Street, Chicago, 111.

Supronics Corp.
May 29, 1961 filed 90,000 shares of common stock. Price
—To be supplied by amendment.
Business—The com¬
pany is engaged in the distribution of wholesale elec¬

Tax-Exempt Public Bond Trust Fund, Series 2
Feb. 23, 1961 filed $10,000,000 (10,000 units) ownership
certificates. Price—To be filed by amendment. Business
—The fund will invest in interest bearing obligations of
states, counties, municipalities and territories of the

trical equipment and supplies,

U.

For the re¬
payment of bank loans and other corporate purposes.
Office—224 Washington St., Perth Amboy, N. J. Under¬
writers—Amos

rities

Corp.,

Treat

both

&

of

Proceeds

—

Co., Inc., and Standard Secu¬
New York
City
and
Bruno-

Lenchner, Inc., Pittsburgh, Pa.
Survivors'

March
be

Benefit

Insurance

30, 1961 filed 50,000

offered

initially




to

Co.

shares of

stockholders

(7/3)
common

and

stock to

thereafter

to

S.,

and

political subidivisions thereof which are be¬
lieved to be exempted from Federal income taxes. Pro¬
ceeds

—

For

and

metal

parts

investment.

Office —135

South

La

Salle

St., Chicago. Sponsor—John Nuveen & Co., Chicago.
Tayfor-Country Es*a+e Associates

die-

to

Templeton,

Damroth Corp. (6/26-30)
30, 1961 filed $445,000 of 5V2% convertible de¬
bentures, due 1969.
Price — 100% of the. principal
amount. Business — The management and distribution
of shares of four investment
companies, and also private
investment counselling. Proceeds—To increase the sales
efforts of subsidiaries, to establish a new finance com¬

and for general corporate purposes. Office—630
Avenue, New York City. Underwriter—Hecker &

pany,

Third

Co., Philadelphia, Pa.
Tennessee Investors, Inc.
May 16, 1961 filed 500,000 shares of common stock to be
publicly offered, and 4,206 common shares to be offered
holders

to

one

per

for

of

the

outstanding

share for each

new

nine

common

the

on

shares held.

basis

of

Prices—$12.50

share for the public offering and $11.40 per share
rights offering. Business—A small business in¬

the

vestment

Proceeds

company.

pany's activities
loans

of

—

To

finance

providing equity

to small

business concerns.

capital

the

com¬

and

long

Office—Life

and

Casualty Tower, Nashville, Tenn. Underwriter—Paine,*
Webber, Jackson & Curtis, New York City (managing).
it Terra Equipment Engineering, Inc.
12, 1961 ("Reg. A") 273,423 common shares. Price
—At par ($1). Proceeds—To repay debt for
equipment
and working capital.
Office—496 W. San Carlos Street,
June

San

Jose, Calif. Underwriter—None.

Terry Industries, Inc. (7/3-7)
Feb. 28, 1961 filed 1,728,337 shares of common
sjtock of
which 557,333 shares are to be offered for the account
of the issuing company arid 1,171,004
shares, rfeprefcend
ing outstanding stock, are to be offered for the account
of the present holders thereof. Price—For the
company's
shares, to be related to A.S.E. prices at time of the
offering. For the stockholders' shares, the price will be
supplied by amendment. Business
The company, for¬
merly Sentry Corp., is primarily a general contractor for
heavy construction projects. Proceeds—The proceeds of
the first 12,000 shares will go to Netherlands
Trading Co.
The

balance of the proceeds will be used to
pay past
legal and accounting bills, to reduce current indebt¬
edness, and for working capital. Office—11-11 34th Ave.,
Long Island City, L. I., N. Y. Underwriter — (For the
company's shares only) Greenfield & Co., Inc.. New
due

York City.

Tetraflour, Inc.
May 31, 1961 ("Reg. A") 100,000 common shares (no
par). Price—$3. Proceeds—For repayment of a loan, pur¬
chase of equipment and working capital.
Office—343
Hindry Ave., Inglewood, Calif. Underwriter—Morgan &
Co., Los Angeles, Calif.
it Texas Capital Corp.
16, 1961 filed 1,000,000

common

amendment.

small

Business

Proceeds

company.

—

—

Eastern Transmission

Corp.

—

—

104

E.

Dempsey-

(7/12)

June

1,

7, 1961 filed $30,000,000 of debentures due July
1981 and 200,000 shares of subordinated convertible

($100 par).

preferred

Proceeds—For the repayment

of

debt and for construction. Office—Memorial Professional

Bldg., Houston. Underwriter—Dillon, Read & Co., New
(managing).

York

it Thermo-Chem Corp.
14, 1961 filed 130,000

June

common

shares. Price—$4.50.

Business—The manufacture of coatings for fabrics. Pro¬
ceeds—To repay a loan, and purchase equipment, for re¬
and

working

development, administrative expenses and
capital. Office —- Noeland Ave., Penndel, Pa.
Washington, D. C.

Underwriter—Best & Garey Co., Inc.,
•

Thompson Ramo Wooldridge Inc.

May 24, 1961 filed $25,000,000 of 25-year sinking fund
debentures, due 1986. Price—To be supplied by amend¬
ment. Business—The

research, manufacture, and sale of

in the missile, space, electronics and aircraft
fields. Proceeds — For general funds, including debt re¬
duction.
Office—23555 Euclid Avenue, Cleveland, Ohio.
Underwriters—Smith, Barney & Co., New York City and
McDonald & Co., Cleveland, Ohio (managing). Offer¬
products

ing—Imminent.
•

Thompson-Starrett

March

cumulative

1,172,243

Co.,

Inc.

1,000 outstanding shares of $0.70
convertible preferred stock (par $10) and

1961

29,

filed

outstanding

shares

of

common

stock

to

be

public sale by the holders thereof. Price—At
Business—The design, engineering and con¬
struction of an office building and research laboratory;

offered for

the market.

and the

Newark, East. Orange and Jersey City,

shares. Price—By
investment

business

For investment. Office

sets and electric organs.

12, 1961 filed $2,420,000 of limited partnership in¬
Price—$10,000 per unit. Business—The partner¬
ship will acquire all the outstanding stock of five apart¬

A

Eighth St., Georgetown, Tex. Underwriter
Tegeler & Co., Inc., St. Louis.

terests.

houses in

(par 25

Proceeds—For

March

June

ment

manufacturers.

working capital and general corporate purposes. Office—
701 Atkins Ave., Brooklyn
8, N. Y. Underwriter—Levien,
Greenwald & Co., New York.

search

(5,000 units).

Price—To be computed on the basis of the trustees eval¬
uation of the underlying public bonds, plus
a
stated

and

makers

Texas

15, 1961 filed 200,000 shares of class A stock. Price
—$12 per share. Business—The company was organized

production

Templet Industries Inc.
June 2, 1961 ("Reg. A") 100,000 common shares
cents).
Price—$8.
Business—Licenses patents

Inc. ' (6/26-36)

Feb.

stock. Price
—To be supplied by amendment. Business—The opera¬
common

9, 1961 ("Reg. A") 100,000 class A common shares
(par one cent). Price—$3. Business—The manufacture
coin-operated vending machines. Proceeds—For re¬
payment of loans; sales promotion and advertising; ex¬
pansion; purchase of raw materials; research and devel¬
opment, and working capital. Office—599 Tenth Avenue,
New York.
Underwriter—International Services Corp.,
Paterson, N. J.

June

shares.

—At par

City.

it Techno-Vending Corp.

—

electronic

—1906

Associates

Inc., New York

of

stations.

Under¬

30, 1961 (letter of notification) $205,000 of lim¬
ited partnership interests to be offered in units of
$5,000,
or fractional units of not less than
$2,500. Proceeds—For
working capital. Address — Harlingen, Texas. Under¬
Berger Associates,

stock.

public sale by the present
holders thereof.
Price—To be supplied by amendment.
Business—The operation of TV and radio broadcasting

March

writer—Nat

Taft

mon

writer—Cooley & Co., Hartford, Conn.
Suri

common

manufacture

Y.

May 26,

Proceeds—For

Londonderry,

of

The

improvements and working capital.
Brooklyn Queens Expressway, Woodside,
Underwriters—Fialkov & Co., Inc. (managing);
Stanley Heller & Co., Amos Treat & Co., Inc., all of New
York City.

debentures, due Dec. 1, 1981. Price—At 100% of
Business—The development and op¬
of

—

Office—27-01

principal amount.
eration

of

communications

equipment,

3orp.

1961 filed $650,000 of 5%

the

N.

Worth. Tex. Underwriter—First Southwest Co.. Dallas.

March 3,

shares

Business

equipment, principally electronic test equip¬
ment, partial electronic systems and assemblies, and the

—

Proceeds—For

132,000

share.

per

fabrication
common

filed

1961

$3

electronic

By
amendment. Business
The manufacture of hydraulic
and pneumatic type hose, primarily for the aircraft and
industries."

—

*

Electronics,. Inc., (6/30)

28,

Price

Inc.

1961 filed 120,000

missile

and

Underwriter—Lomasney, Loving & Co., New York City

»

corporate purposes. Office
Underwriter-

June

term

—

Medical Products, Inc.
1961 ("Reg. A") 120,000 common shares'(par" 10
Price—$2.50. Business—The sharpening of sur¬

8,

Brand,

due 1971, 125,000 shares of common
50,000 class A warrants to purchase common
stock to be offered for public sale in units
consisting of
$240 of debentures, 50 common shares and 20 warrants.
Price
$640 per unit. Business — The construction of
bowling centers. Proceeds—For construction and work¬
ing capital. Office—873 Merchants Road, Rochester, N Y.

Office—1200 18th

Stratof ex,

&
Co., and
(managing).

debentures

stock

Sterile

June

Kesselman

—

Taddeo

nated

sinking fund deben¬
supplied by amendment.

Street, N. W., Washing¬
ton, D. C. Underwriters—Johnston, Lemon & Co., Wash¬
ington, D. C., and Eastman Dillon, Union Securities &
Co., New York City (managing).
June 2,

Underwriters

Bowling & Leasing Corp. (6/28)
March 31, 1961 filed $600,000 of 8% convertible subordi¬

of

be

Y.

Grumet & Seigel Inc., New York

corporate purposes. Office—111 Fifth Avenue, New
York City. Underwriter—None.
«
State Loan & Finance Corp.

V.

replacement knobs for television sets. Proceeds—For the
repayment of debt, the expansion of product lines and
working capital. Office—469 Jericho Turnpike, Mineola,

eral

•

selling

Skillman Ave.,

Development Corp.
May 26, 1961 filed 100,000 shares of common stock. Price
—$5 per share. Business—The manufacture and sale of

five shares held of record June 15 with rights to
expire June 27. Price—$11.50. Business—The writing of
life, accident and health insurance. Proceeds—For gen¬

general

Lexington Ave., New York City.
Nat Berger Associates, Inc., New York.

manufac¬

the

Co., New York.

T.

each

May

For

Business—The operation of bowling centers. Proceeds—
For expansion. Office—27 B
Boulevard, East Paterson,
N. J. Underwriter—Peter Morgan &

Security Life Insurance Co. of N. Y.
27, 1961 filed 162,000 shares of common stock*
offered for subscription by holders of common

class

—

it T-Bowl International, Inc.
15, 1961 filed 400,000 common shares, of which
325,000 shares are to be offered by the company and
75,000 shares by stockholders. Price—By amendment.

Standard

being

Proceeds

June

the repayment of debt, the
outstanding 8% debentures and for ex¬
pansion. Office — 4300 W. 190th St., Torrance, Calif.
Underwriters—Sutro Bros. & Co., and Allen & Co., both
of New York City (managing).

March

stapling machines.

common

Long Island
City, New York.'Underwriter—Paine, Webber, Jackson
& Curtis, New York
(managing).

sale of paints, enam¬
els, varnishes and allied products in the Southern Cali¬

•

of

stockholders.' Office—32-00

The manufacture and direct retail

area.

,

June 14, 1961 filed 200,000
outstanding class A
shares. Price—By amendment. Business—The
ture

Proceeds—For

of

—

May 2, 1961 filed 265,000 shares of common stock (par
$1). Price—To be supplied/by amendment. Business—

retirement

(6/26-30)

Price—$4 per share. Business—
vinyl plastic sheeting for
clothing industries. Pro¬
ceeds—For additional
equipment, product expansion and
working capital.
Office—Cantiagua Road, Westbury,
N.vY.
Underwriters
Milton D. Blauner & Co., and
Brukenfeld & Co., both of New York
City.

Street, New York, N. Y. Underwriter—Hancock Secu¬
rities Corp., New
York, N. Y.

fornia

Wyandotte St., Kansas

The manufacture of supported
the automobile, furniture and

17, 1961 (letter of notification) 100,000 shares of
capital stock (par 10 cents). Price—$3 per share. Busi¬
ness—The supplying of temporary office
personnel. Pro¬
ceeds—To purchase assets of
Rapid Computing Co., Inc.
and for general corporate
purposes. Office—122 E. 42nd

Standard Brands Paint Co.

4725

present holders thereof.

April

•

—

April 27, 1961 filed 125,000 shares of common stock, of
which 100,000 shares are to be offered for
public sale
by the company and 25,000 outstanding shares by the

For testing new
products,
inventories; marketing and general corporate purposes.
Office—10 Pine St.,
Morristown, N. J. Underwriter—E.
T. Andrews & Co.,
Hartford, Conn.
.

Office

reseives.

Suval Industries Inc.

to

Business & Data Aids

for

City, Mo. Underwriter—Nore.

the basis of four shares for each five

held, with the unsubscribed shares

Staff

—420

and

1,624 shares of class
(no par) to be offered for subscription

on

public. Price—To stockholders, $100 per
share;»to'public, $110 per share. Business—Manufacturers of

the

N. J.

Price—$21.70

company representatives.
per share. Business — The company is
qualified to write life insurance in the state of Missouri.
Proceeds—For expansion of the business into other states

Spencer Laboratories, Inc.
May 1, 1961 (letter of notification)
A common stock

policyholders, employees and

43

assembling and distribution of radios, television

Proceeds—For the selling stockContinued

on

page

44

•

44

(2768)

The Commercial and Financial Chronicle

Continued from page 43
holders.

Fifth

Office —745

Underwriter—None.

Avenue,

New

York

City.

Note—June

15, 1961, the company
registered as a formality
by Adolph A. Juviler, President, and certain other large
stockholders and there is no plan on the part of these
stated that

holders

these

the

sell

to

shares

.

.

were

within

stock

the

foreseeable

future.

Thoroughbred Enterprises, Inc. (7/10-14)
June 2,
1961 filed 85,000 common shares.
Price—$4.
Business

The

—

breeding of thoroughbred race horses.
purchase land, build a stable, and buy

Proceeds—To
additional

Office—8000

horses.

Biscayne Blvd.,

Miami,

Fla.

Underwriter—Sandkuhl & Co., Inc., Newark, N. J.,
and New York City.
Tonka

Toys, Inc.
May 22, 1961 filed 155,000 shares of

stock

common

(par

$1) of which 60,000 shares will be offered for public sale
by the company and 95,000 shares by the selling stock¬
holders.
—The

Price—To be

manufacture

Proceeds—For

supplied by amendment.

and

working

Underwriter—Bache &

Business

sale

fo plastic and metal toys.
capital. Office—Mound, Minn.
Co., New York City (managing).

■jfc Trans-Aire Electronics, Inc.
June 1, 1961 ("Reg. A") 100,000 common shares

cents). Price—$2.75. Business — Manufacturers and im¬
porters of transistorized radios, phonographs and simi¬
lar electronic products. Proceeds—For removal to larger
quarters; purchase of tools and dies; research and devel¬
opment; repayment of loans and working capital. Office
—195-02 Jamaica Ave., Jamaica 23, N. Y. Underwriters
—Bertner

Bros, and

Earl Edden

radio
broadcasting stations. Proceeds—For the
selling stockholders. Office — 70 Niagara St., Buffalo,
seven

Underwriters—Carl M.

Loeb, Rhoades & Co., and
Bear, Stearns & Co., both of New York City (managing).
Transcontinental
March

15, 1961
stock

—

home

communities in New Jersey. Proceeds—For the
repayment of loans, purchase of land and development
of properties. Office — 52 Neil
Ave., Lakewood, N. J.

Investment Co.

(letter of notification) 120,000 shares of
(par $1). Price—$2.50 per share. Pro-'

ceeds—For advances to subsidiaries.

Office—278 S. Main

First

National

Bank

Building, Abilene, Texas.

investment.

100,000

common

shares.

Price—$5.

Business—Manufactures transformers for electronic

equipment.

Proceeds—For

search

development,

the

repayment

finance

to

a

of

debt,

re¬

subsidiary

new

and for other corporate purposes.

St., Philadelphia.
York
(managing).
•

Office—3824 Terrance
Underwriter—Amos Treat & Co., New

—

(7/3-7)

,

1961

(letter of notification) 100,000 shares of
stock (par one cent). Price—$3 per share. Busi¬

common
ness

The

components.

manufacture

of

precision

instruments

and

Proceeds—For

equipment, inventory, the
repayment of debt, and working capital. Office—Oak
Drive and Cedar Place, Syosset, L.
I., N. Y. Underwriter
—Armstrong & Co., Inc., New York City.
^ Trinity
June

19,

Funding
1961

Business—A

filed

Corp.
250,000
and

consumer

common

industrial

shares.

Price—$6.

finance

company.

Proceeds—For working capital. Office—1107
Broadway,
New York.
Underwriter—Trinity Securities

Corp.,

40

Exchange Place, New York.

Offering—Expected in the fall

—$3.

400,000

shares

development, and working capital. Office—1346 Con¬
necticut Ave., N. W.,
Washington, D. C. Underwriter—

T. J. McDonald &
Co.,

Washington, D. C.

May 25, 1961 filed 125,000 shares of

common

stock. Price

share.

Business—The storing of grain for a
Government agency; cold
storage warehousing;
the freezing,
packaging and marketing of vegetables;
the freezing and
packaging of shrimp; the feeding and
marketing of fattened cattle, and the operation of a
small business
financing company. Proceeds—For ex¬
pansion and working capital. Office—1235
Shadowdale,

•

United

Underwriter—Dempsey-Tegeler

& Co., St

per

of

chain

a

of

health

expansion, advertising, financing

payment memberships and other corporate pur¬
Office—15A South Main St., West Hartford, Conn.
Underwriter—Cortlandt Investing Corp., 120 Wall St.,
poses.

New York.

Manufacturing Co.
1961 (letter of notification)

23,

common

stock

135,000

share.

Business—The

company

plans

(par 10 cents) of which 35,000 shares

to be offered for the account of the
company

oi
are

and 100,000

outstanding shares, stock, by the selling stockholders.
Price
$2 per share. Proceeds — For working capital.
Office—516 W. 4th Street,
Winona, Minn. Underwriter—•
Naftalin & Co., Inc.,
Minneapolis, Minn.
—

it Universal Moulded Fiber Glass Corp.
June 18, 1961 filed 275,000
outstanding common shares
to be sold by stockholders.
Price—$10. Business—The
manufacture

of fiber glass reinforced
plastic. Proceeds
the selling stockholders. Address
Bristol, Va.
Underwriter—A. G. Edwards & Sons, St. Louis
(manag¬

—For

ac¬

quire 15 realty properties in eight states.
Proceeds—For
the repayment of
debt, property acquisitions, and work¬
ing capital. Office—60 E. 42nd
Street, New York City.

Underwriter—None. Offering—Expected in
mid-August.




—

reduce

homes.

Mabry Highway, Tampa,

bank

Office—

Fla.

Under¬

Sons, Baltimore, Md. (managing).

(letter of notification) 100,000 shares of
(par one cent). Price—$3 per share. Busi¬
and installation of highway

manufacture

signs. Proceeds—For the reduction of debt, sales promo¬
tion, inventory and reserves. Office—4700 76th St., Elmhurst, L. I., N. Y. Underwriter—Amber, Burstein & Co.,
40 Exchange Place, New York 5, N. Y.

Price—By

Proceeds—For repayment of loans and con¬

struction.

Office —E., 1411 Mission Avenue, Spokane,
Underwriters—Kidder, Pesabody & Co.; Bly'.h &
Co., Inc., and White, Weld & Co., New York and Lean
Witter, San Francisco.

Wash.

Wayne Manufacturing Co.

May 29,

1961 filed 40,000 outstanding shares of capital

stock to

be offered

of

thereof.

for public sale by

Business—The

industrial

sweepers.
Price
Office —1201 E.

amendment.

the present hold¬

design, manufacture and sale
—
To be supplied by
Lexington St., Pomona,

Calif.

Underwriters—Mitchum, Jones & Templeton, Los
Angeles and Schwabacher & Co., San Francisco (man¬
aging),
V:;v; / .
" \ I
\
\
•

Wej-lt Expansion Products, Inc. (7/14)
4, 1961 (letter of notification) 300,000 shares of
common stock
(par 10 cents). Price—$1 per share. Pro¬
ceeds—For plant and facilities, moving equipment, in¬
ventory, working capital and repayment of a loan. Office

May

—4

Santa

S.

Fe

Dr., Denver, Colo. Underwriter—Amos

C. Sudler & Co., Denver, Colo.

-L././■'/.

•

<

West Coast

Uris

Buildings Corp. (7/3-7)
2, 1961 filed 159,403 outstanding shares of common
to be offered for sale by stockholders.
Pric6—By arriefh'dment. Business—The
construction, operation and leasing
of office buildings. Proceeds—For the
selling stockhold¬
Office—850 Third

ers.

Proceeds—To

by

mortgage

Sign Corp.
1961

—

Ave./Ne#¥ork'/ Underwriter—

Kuhn, Loeb & Co., New York (managing).
Valley Title & Trust Co.
13, 1961 filed 120,000 common shares. Price—$5.
Business—The writing and selling of title insurance and
the acting as trustee and escrow
agent. Proceeds—For

working capital,
Office—1001

reserves

and

other corporate purposes.

North Central

Ave., Phoenix, Ariz. Under¬
writer
Louis R. Dreyling & Co., 25 Livingston
Ave.,
New Brunswick, N. J.
—

it Varco

Industries, Inc.

June

8, 1961 ("Reg. A") 100,000 common shares (par
cents). Price—$3. Proceeds—For repayment of loans,
purchase of equipment and inventory, and working

capital. Office—815 Nash St., El Segundo, Calif. Under¬
writer—Omega Securities Corp., New York.
Vatronic Lab. Equipment, Inc.
May 29, 1961 filed 80,000 shares of common stock. Price
—$4 per share. Business—The manufacture of industrial

high

vacuum

systems

and

equipment.

Proceeds

—

For

the repayment of

debt, plant expansion, equipment, sales
promotion and working capital. Office—Northport, N. Y.
Underwriter—Stanley R. Ketcham & Co., New York.

he Vendaversa! Manufacturing Corp.
June 9, 1961 ("Reg. A") 300,000 common shares
(par 50
cents). Price—$1. Proceeds—For operating expenses and
Office—210 E. Manville

Underwriter

—

Amos

C.

Sudler

&

St., Compton,
Co.,

Denver,

Versapak Film & Packaging Machinery Corp.
March 30, 1961 filed 150,000 shares of

common

stock and

150,000 five-year warrants, to be offered for public sale
units of

$3,125

one

share of stock and

one

warrant.

Price—

unit. Business—The design, development and
sale of versatile
automatic
equipment for packaging
items in special heat-shrinkable film. Proceeds—To re¬
pay loans, for additional equipment and inventory; and
per

for

working capital. Office—928 Broadway, New York
City. Underwriters—Hill, Thompson & Co.^managing);
Hampstead Investing Corp., and Globus, Inc., all of New
York

City.

Tanny Enterprises, Inc. (7/3-7)
11, 1961 filed 320,000 shares of class A common
stock (par 10 cents) of which 120,000 shares will be of¬
fered for the account of the company and

200,000 shares

Bowling Corp.
May 26, 1961 filed 128,434 shares of common stock, of
which 115,000 shares are to be offered for public sale
by the company and 13,434 outstanding shares by the
present holders thereof. Price—$9.75 per share. Busi¬
ness—The company

plans to acquire and operate bowling
primarily in California. Proceeds—For general
corporate purposes1.
Office—3300 West Olive Avenue,
Burbank, Calif. Underwriter—Hill Richards & Co. Inc.,
Los Angeles (managing).
centers

Westbury Fashions, Inc.
May 10, 1961 filed 120,000 shares of common stock, of
which 68,000 shares are to be offered for public sale by
the company and 52,000 outstanding shares by the pres¬
ent holders thereof. Price—To be supplied by-amend¬
ment. Business
The design, manufacture and sale of
casual dresses for girls and women. Proceeds—For ex¬
pansion, the repayment of loans, equipment, and work¬
ing capital. Office — 1400 Broadway, New York City.
—

Underwriter—McDonnell

&

Co.,

Inc.,

New

York

City.

Western

Factors, Inc.
June 29, 1960 filed 700,000 shares of common stock. Price
—$1.50 per share. Proceeds—To be used principally for
the purchase of additional accounts receivable and also
may be used to liquidate current and long-term liabil¬
ities.

Office
1201 Continental Bank Bldg., Salt Lake
City, Utah.
Business—Factoring.
Underwriter—Elmer
K. Aagaard, Newhouse Bldg., Salt Lake City, Utah.
—

Western

Growth Corp.
1961 filed 202,107 shares of class A common
stock (par 10 cents), of which 150,000 shares are to be
offered for public sale by the company in units of 10
shares each; and 52,107 outstanding shares by selling
stockholders after trading commences. Price—For the
company's stock: $100 per unit. For the selling stock¬
holder: At-the-Market. Business—The development of
property in California for single-family homes, the in¬
March

17,

vestment in notes

homes,

and/other

or

contracts secured by single-family

of the real estate business.
ordinary expenses, repayment of loans
and working capital. Office—636 North La Brea Ave.,
Los Angeles, Calif. Underwriter—Reese, Scheftel & Co.,
Inc., New York City.
1

phases

Proceeds—For

Western

Land

Trust

Fund

March 30,

1961 filed 200,000 shares of beneficial inter¬
est in the Fund. Price
$10 per share.
Business — A
closed-end real estate investment trust. Proceeds—For
—

investment.

Office—1031

First

Western

Calif. Underwriter—To be named.

Bldg., Oakland,

,

★ Willard

Mortgage Corp.
2, 1961 ("Reg. A") 1,000 common shares.
Price —
($50).. Proceeds — For investment. Office—1204
Sharp Bldg., Lincoln, Neb. Underwriter—None.
June

by the present holder thereof. Price—To be supplied by
amendment. Business—The operation of a national chain
of gymnasiums and health centers for men and women.

At par

Proceeds—The company will use its part of the proceeds
for the opening of new gymnasiums and the
promotion

May 19, 1961 filed 350,000 outstanding shares of common

of home exercise

York

equipment. Office—375 Park Ave., New
City. Underwriter—S. D. Fuller & Co., New York

May

19,

(7/10-14)
1961 filed $2,000,000 of 6%

dinated debentures due 1976.

pal

•Williams

amount.

convertible subor¬
100% of princi¬

Business—The

production of gauges and
measuring instruments and the manufacture of precision
parts and subassemblies for the aircraft, missile and
•other industries.

Proceeds—For

the

repayment of debt,

Co.

—

sale by the present hold¬
supplied .by amendment.

Business—The
For

Price—At

Brothers

stock to be offered for public
ers
thereof.
Price
To
be

pects

VincoCorp.
Price

to

Walter

ers

shares

City.

Investors

Corp.
May 26, 1961 filed 76,109 shares of class A stock.
—$10

operation

Price

May

S.

Houston, Tex.
Louis, Mo.

The

shares.

Vic

Foods, Inc.

Dale

North

amendment.
common

of time

in

—

1500

supplied

be

,

of

Turbodyne Corp.
May 10, 1961 filed 200,000 shares of common stock. Price
—$2 per share. Business
The research,
development,
manufacturing and marketing of space and rocket en¬
gines, and related activities. Proceeds—For research and

per

—

To

—

it Washington Water Power Co.
June 20, 1961 filed 160,000 common shares.

1961.

Colo.

Co., Inc.. Seattle, Wash.

—$8.50

Business

studios. Proceeds—For

Calif.

—
62^2 cents per
share. Proceeds—For mining
expenses. Office—511 Secu¬
rities Bldg., Seattle, Wash. Underwriter—H.
P. Pratt &

U.

of

Health, Inc.
June 14, 1961 ("Reg. A") 100,000

working capital.

Tungsten Mountain Mining Co.
April 7, 1961 (letter of notification)
common
stock (par 25 cents). Price

United

9th Street, Kansas
City, Mo.
Reed, Inc., Kansas City, Mo.

10

Triangle Instrument Co.

March 30,

&

June

Tresco, Inc.
June 5, 1961 filed

and

Office—20 W.

Underwriter—Waddell

Price

homes.

writer—Alex. Brown &

The

Under¬

writer—None.

shell

of

ness

United Variable Annuities
Fund, Inc.
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For

shares).

debt and finance the sale of additional

ton, D. C., and New York City.

June

Trebor Oil Co. Ltd.

financing

stock

Lake

/

,

Business—The construction, and

common

ing).

May 1, 1961 filed $150,000 of limited partnership inter¬
ests to be offered for public sale in 150 units.
Price—
$1,000 per unit.
Proceeds—For the acquisition of oil
leases and the
development of, thereof.
Office—213

common

March 30,

Street, Salt Lake City, Utah. Underwriter—Continental
Securities Corp., 627 Continental Bank Building, Salt
City, Utah.

80,000

amendment.

Underwriter—Auchincloss, Parker & Redpath, Washing¬

Feb.

—

common

• U. S. Home &
Development Corp. (7/10-14)
May 11, 1961 filed 300,000 shares of class A capital stock.
Price—To be supplied by amendment. Business
The
planning, development and marketing of single-family-

Universal

May 25, 1961 filed 400,000 outstanding shares of class B
common stock to be offered for public sale
by the pres¬
ent holders thereof. Price—To be supplied
by amend¬
ment. Business
The operation of six television and

N. Y.

...

—

Co., New York.

Transcontinent Television Corp.

Thursday, June 22, 196 L

.

.

U. S. Fiberglass Products Co.
expansion, working capital and reserves fotf possible fu¬
April 27, 1961 filed 200,000 shares of common stock.' <■ ture
acquisitions. Office—9111' Schafcfer: Highway^ De- >
Price—$2 per share. Business—The company plans to '!
troit, Mich. Underwriter—S. D. Fuller & Co., New York '
manufacture fiberglass shingles,
beams, purlin and other
City (managing).
;' ; V
4
materials.
Proceeds
For working
capital, inventory
•
and equipment, and sales promotion.
Waiter, (Jim) Corp. (7/6)
^
Office — ClarkMay 18, 1961 filed $20,000,000 of first subordinated de¬
ville, Texas. Underwriter—Hauser, Murdock, Rippey &
bentures due 1981 (with attached warrants to buy up to
Co., Dallas, Texas.

Universal

(par 10

.

of

the

construction of pipelines, and other as¬
heavy construction industry. .Proceeds^-*
selling stockholders., Office—National Bank of

the

Tulsa

Building, Tulsa, Okla. Underwriter—Reynolds &c
Co., Inc., New York1 City (managing).. ' ; .
Wonderbowl, Inc.
6, 1961 (letter of

Feb.

common

—To

stock.

discharge

-

notification)

Price—At par, ($2
a

contract payable,

150,000 shares % off

per share).. Proceeds
accounts payable, ana

Volume

193

Number

6066

.

.

The Commercial and Financial Chronicle

.

(2769)
notes payable and the balance for working
capital. Office
—7805 Sunset Blvd., Los

Angeles, Calif. UnderwriterStandard Securities Corp., Los
Angeles, Calif-

World Color Press, Inc.
(7/10-14)
May 16, 1961 filed 218,000 shares of common stock of
which 203,000 shares will be offered to the
public and
15,000 shares to employees. Price—To be Supplied by

amendment.

Business—The printing of magazines and
Proceeds—To selling stockholders. Office—

newspapers.

420

Baltimore Gas & Electric Co.

May 15, 1961 it
issue
1961

Wyoming Wool Processors, Inc.
June

5,

1961

by

Underwriters—To be

deter¬

competitive

bidding.
Probable
bidders:
Halsey, Stuart & Co. Inc.; White, Weld & Co., and First
Boston Corp. (jointly); Harriman
Ripley & Co., Inc.,
and Alex. Brown

& Sons

(jointly).

700,000 common shares. Price—$1.
processing of wool.
Proceeds—For the

purchase of equipment, building rental, and working
capital.
Address—Box 181, Casper, Wyo.
Underwriter
—None.

and sale of hospital equipment. Office—25-11 49th
Street, Astoria, L. I., N. Y. Underwriter—First Weber
Securities Corp., New York City.

Inc.

March 15, 1961 it was reported that

a

full filing will be

made
•

Yakima

Valley Turf Club, Inc.
May 16, 1961 (letter of notification)
par common stock and $224,000 of
debtedness

to

be

offered

in

units

2,240 shares of
certificates

no

in¬

of

of

(a) one common
share and one $100 certificate or
(b) 10 common shares
and one $1,000 certificate.
Price—(a) $110 or (b) $1,100.
Office—Central Washington Fairgrounds,
Yakima, Wash.
Underwriter

Colopy* Elliott & Miller, Inc., Seattle,
Note—Colopy Elliott & Miller, Inc., have with¬

Wash.
drawn

—

underwriters.

as

soon covering an undisclosed
number of common
shares. Price—$5 per share. Business—Operates a chain
of discount stores in Northern Westchester and Connec¬
ticut. Office—Riverside, Conn. Underwriter—Ira

Haupt
Co., New York City (managing). Registration—Tem¬
porarily postponed.
&

Dec.

8, 1960 it was reported that a full filing of about
$300,000 of units, consisting of common stock, bonds and
will be made. Proceeds—For expansion of the
business. Office—97-02 Jamaica
Ave., Woodhaven, N. Y.
warrants

Underwriter—R. F. Dowd & Co., Inc.
Jan.

ATTENTION
Do

you

Our
to

have

UNDERWRITERS!

Corporation

know about it

News
so

Department

that

can

we

would

prepare

an

like

item

similar to those you'll find hereunder.
Would

write

telephone

you

at 25 Park

us

us

at

24, 1960 it

Central

REctor

2-9570

or

Place, New York 7, N. Y.

Co., Inc.
Feb. 21, 1961 it was reported that the
company is con¬
sidering the issuance of $6,000,000 of bonds or deben¬
tures

Prospective Offerings

Fenner

Associates, Inc.
April 11, 1961, it was stated that this company is seek¬
ing to acquire other firms with compatible product lines
and that equity financing may be needed to finance
expansion

manufactures

program.

Business

ultrasonic: cleaning

—

The

systems

company

missile

for

equipment, hospital surgical instruments and the metals
industry. It also makes fluorescent lighting fixtures and
product for gauging the level of liquids. Office—First
National Bldg., Birmingham, Ala. Underwriter—Lehman
a

Brothers, New York City.
Alamo

Gas Supply Co.
24, 1961 it was reported that this company is nego¬
tiating for the sale of about $18,000,000 to $20,000,000

& Smith Inc. (jointly);
Inc.; White, Weld & Co.

Halsey,

Stuart

&

Co.,

with

shares

15

held'Of record

on"or

rights to expire about Aug. 3.

about

Price

—

"July 19,

To be

an¬

nounced.

1,

1961 it was reported that a "Reg. A" will be
shortly covering 75,000 shares of common stock.
Price—$4 per share. Office—Danbury, Conn. Under¬
writer—Edward Lewis Co. Inc., New York City (manag¬
ing).
American

The

intends

company

to

operate

an

and

amusement

recreation park on 196 acres of land near

Liberty, N. Y.
Proceeds—For development of the land. Office—55 South
Main St., Liberty, N. Y. Underwriter— M. W. Janis &
Co., Inc., New York City.

Appalachian
Feb.

1,

1961

it

Power

Co.

reported

that

this

subsidiary of
Co., Inc., plans to sell $35,000,000 to $40,000,000 of bonds late in 1961 or early in
American

1962. Office—2
—To

be

was

Electric

Power

Broadway, New York City. Underwriters
by competitive bidding. Probable

determined

bidders: Halsey, Stuart & Co., Inc.; First Boston Corp.;
Harriman Ripley & Co., Inc.; Kuhn, Loeb & Co. and
Eastman

Dillon, Union Securities & Co.

Arizona

Public

Service

(jointly).

Co.

May 26, 1961 it was reported that this company is con¬
sidering the sale of about $5,000,000 of preferred stock
this summer and about $35,000,000 of first
mortgage
bonds
•—501

in

South Third

18, 1958

was

The

made

stock

also

on

March-

on

handled

privately through Blyth &
First Boston Corp.
However, the company
stated that there is a possibility that these bonds will
be sold at competitive bidding, in which case the follow¬
ing are expected to bid on them: Halsey, Stuart & Co.
Inc.; Kidder, Peabody & Co.; First Boston Corp.; Blyth
& Co.;
White, Weld & Co., Inc., and Merrill Lynch,
Pierce, Fenner & Smith Inc.
was

if Assembly Engineers, Inc.
June

/

'

*

1

19, 1961 it was reported that this company plans
to file a
"Reg. A" shortly covering 100,000 common
shares. Price —$3, Office — Los Angeles, Calif. Under¬
writer—California Investors, Los Angeles.
».v




16,

1961

it

reported

was

stock

in 1962 to finance its

$45,000,-

construction program. Office—Fourtin & Main Sts.,
Cincinnati, O. Underwriter—(Bonds) To be determined
by competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.
and Lehman Brothers (jointly); Morgan Stanley & Co.
and W. E. Hutton & Co. (jointly); Blyth & Co., Inc.,
and First Boston Corp. (jointly); Eastman Dillon, Union
Securities & Co., and White, Weld & Co. (jointly).
The
last issue of common stock (81,510 shares) was sold pri¬
vately to employees in August, 1960.
Interstate

Gas

Co.

Oct.

17, 1960 it was reported by Mr. A. N. Porter of the
company's treasury department that the company is
awaiting a hearing before the full FPC with reference
to approval of its application for expansion of its sys¬
tem, which will require about $70,000,000 of debt fi¬
nancing which is expected in the latter part of 1961.
Proceeds—For expansion. Office—P. O. Box
1087, Colo¬
rado Springs, Colo.
Columbia Gas System, Inc.
April 24, 1961 it was reported that this company is con¬
sidering the sale of either $20,000,000 of debentures, or

that

this

corporation

is

if Contact Lens Guild, Inc.
19, 1961 it was reported that this company plans
to file a "Reg. A"
shortly covering an undisclosed num¬
ber

of

shares.

common

Business—The ^manufacture ?6f

contact lenses. Office—353 East Main

St.y Rochester, N.Y.
•

Cowles

Magazine & Broadcasting, Inc.
May 3, 1961 it was reported that this corporation will
issue

stock

later this year. The firm

denied

the

report.

Publishing and allied fields. Office
488
Ave., New York City. Underwriter—Goldman,
Co., New York City (managing).
—

—

Delaware

Power & Light Co.
1961 it was reported that the company has
postponed until early 1962 its plan to issue additional
common stock.
The offering would be made to com¬
Feb.

7,

stockholders first

mon

10

shares

held.

on

Based

the basis of

on

the

one

number

share for each

of

shares

out¬

standing on Sept. 30, 1960, the sale would involve about
418,536 shares valued at about $14,600,000.
The last of¬
fering of common to stockholders in June, 1956, con¬
sisted of 232,520 shares offered at
$35 a share to holders
record June 6, on the basis of one share for each

of

eight

shares

—600

Market

held.

Proceeds—For

construction.

Office

Street, Wilmington, Del.
Underwriter—
To
be determined
by competitive bidding.
Probable
bidders: Carl M. Loeb, Rhoades &
Co., New York; W. C.
Langley & Co., and Union Securities Co. (jointly); Leh¬
man Brothers; First Boston
Corp.; White, Weld & Co.,
and Shields & Co. (jointly); Kidder,
Peabody & Co., and
Merrill Lynch, Pierce, Fenner & Smith Inc.
(jointly).
Dixie Pipeline Co.
April 17, 1961 it was reported that this firm, recently
formed by eight major oil
companies, plans to build a
1,100 mile liquified petroleum gas pipeline from Texas
and Louisiana to

$25,000,000 of common stock in the fall. Office—120 East
41st Street, New York 17, N. Y. Underwriters—To be

Mississippi, Alabama, Georgia and the
Carolinas. It is expected that the multi-million dollar
pipeline will be financed in part by the sale of bonds
and that it will be in operation
by late 1961. Office—

determined by competitive bidding. Probable bidders on
the
debentures:
Halsey, Stuart & Co. Inc.; Morgan

Tulsa, Okla. Underwriters—First Boston Corp.; Morgan
Stanley & Co.; Carl M. Loeb, Rhoades & Co.

Stanley & Co.; Merrill Lynch, Pierce, Fenner & Smith
Inc., and White, Weld & Co. (jointly). The last sale of
common stock on May 4, 1960 was handled
by a group

March 8,

headed by Merrill Lynch, Pierce, Fenner & Smith Inc.;
Shields & Co.; R. W. Pressprich & Co., and Carl M.

approval of

Loeb, Rhoades & Co.
Columbus

&

Southern

Ohio

Electric

Co.

Empire Fund,

Jan.
sell

Ecrison

Co.

10, 1961 it was reported that this company plans to
$30,000,000 of bonds in the second quarter of 1961.

Office—72 W. Adams

Street, Chicago, 111. Underwriters
bidding. Probable
bidders: Halsey, Stuart & Co. Inc.; First Boston Corp.;
Kidder, Peabody & Co.; White, Weld & Co.; Blyth & Co.,
Inc.; Merrill Lynch, Pierce, Fenner & Smith, Inc.
j
—To

be

determined

Exploit

New

shortly

"Reg.

A" will be

covering 75,000 shares of common stock
Price—$4. Business—The design, manu¬
of pre-cast reinforced concrete

(par 10 cents).
facture

and

York

First

installation

Films,

Inc.

City (managing).

National

Bank of

Toms

River

(N.

J.)

March 22, 1961 it was reported that stockholders voted
this date to increase the authorized stock to provide

on

for payment of a

shares

basis of
a

reported that the Federal Internal

tax free exchange of shares for Corporate

share. Proceeds—For the production of TV and mo¬
tion picture films, the reduction of
indebtedness, and for
working capital. Office—619 W. 54th Street, New York
City. Underwriter—McClane & Co., Inc., 26 Broadway,

new

filed

a

March 8, 1961 it was reported that this
company plans
full filing covering 100,000 common shares. Price—$5

by competitive

if Concrete Designs, Inc.
June 20, 1961 it was reported that

Inc.

was

Securities.
It is expected that a registration statement
covering this "centennial-type" fund will be filed with
the SEC shortly.
Office—Pittsburgh, Pa.

March

Commonwealth

1961 it

Revenue Service had granted this fund's application for

per

last sale of preferred

the First Boston Corp. The last sale of bonds

26, 1959
Co., and

common

per¬

^contemplating a public offering. Business—The manu¬
facturing and sale of cosmetics.
Office —15 Clinton
Street, Yonkers, N. Y. Underwriter—P. J. Gruber &
Co.,
Inc., New York City.

Sachs &

Cincinnati Gas & Electric Co.

manufactures

Cosmetically Yours, Inc.
May

St., Columbus 15, Ohio. Underwriter—Dillon, Read & Co.

Ave., Phoenix, Ariz. Underwriters—

Meeting

Trust Co.,

—

privately through Blyth & Co., and

Office

Shields & Co.

fumes, cosmetics, and hair dyes. Proceeds—For general
corporate purposes. Office—5 East 52nd
St., New York
City. Underwriter—Nance-Kieth Corp., 99 Wall St., New
York 5, N. Y.

a

construction.

and

Madison

(managing). Registration—Expected June 26.

by

May 10, 1961 it was reported that this firm
expects to
register 100,000 shares of 10 par common stock. Price—
$4 per share. Business
The firm

June

Proceeds—For

determined

—
Aug. 10, 11 a.m. (EDST) at
16 Wall St., New York (2nd floor).
Cosmetic Chemicals
Corp.

13, 1961 it was reported the company will sell
about $10,000,000 additional common stock in late 1961.
Proceeds—For expansion purposes. Office—215 N. Front

November.

To be named.

Co.

New York

Colorado

Playlands Corp.

Dec. 21, 1960 it was reported that this
company plans to
refile a registration statement
covering 300,000 shares
of common stock. This will be a full
filing. Business—

August.

Michigan Ave., Jackson, Mich. Under¬

be

competitive bidding.
Halsey, Stuart & Co. Inc.; White, Weld
(jointly); Harriman Ripley &
Co., and First Boston Corp.
(jointly); Morgan Stanley
& Co.
Bids—Expected to be received about Aug. 15.
&

Business

000

May

To

Probable bidders

Business—The manufacture of building prod¬
ucts, principally asphalt roofing. Office—120 E. Lancaster
Ave., Ardmore, Pa. Underwriter—Lazard Freres & Co.,

San

filed

Office—212 West

Underwriter—To be named.

each

of bonds. Proceeds—For

Airways Co.

$40,000,000
—

(8/15)

reported that this company plans
of first mortgage bonds in

for

bonds and

American

sell

Co.

was

June

Feb. 16, 1961 it was stated in the company's 1960 annual
report that this utility plans to sell both first mortgage

All

to

Power

it

if Certain-Teed Products Corp. (7/19-8/3)
June 19,-<1961 R> was reported that the
company plans to
offer stockholders the right to subscribe to about
127,570
additional common shares on the basis of one new share

Jan.

expansion of facilities. Office—
Antonio, Tex. Underwriters — White, Weld & Co.,
New York City and Underwood, Neuhaus &
Co., Inc.,
Houston, Tex.

Consumers

in

the latter part of 1961. Office — 415 Main
St.,
Pineville, La. Underwriters—To be named. The last is¬
sue of bonds on April
21, 1959 was bid on by Kidder,
Peabody & Co. and Rauscher, Pierce & Co., Inc. (joint¬
ly); Salomon Bros. & Hutzler, and Merrill Lynch, Pierce,

Acoustica

current

Electric

issue

the

May 24, 1961

was

Louisiana

to

any of the
1,000,000 shares of
approved by shareholders
May 15 annual meeting, it will be on the basis
of convertibility into common
with subscription
rights to
common shareholders.
Office—4 Irving
Place, New York
City. Underwriter—To be named. The last
rights offer¬
ing to stockholders (of debentures) on Jan.
28, 1959 was
underwritten by Morgan
Stanley & Co., and First Bos¬
ton Corp., both of New York
City. The last sale of bonds
on
Nov. 23, 1960 was handled
by First Boston Corp.,
and
Halsey, Stuart & Co., Inc. (jointly). Morgan Stanley
& Co., also bid
competitively on this issue.

at

Bankers

stock,

Edison

preference stock

Information

Corp.

reported that a full filing of this
constituting its first public offering,
will be made. Price—Approximately
$3 per share. Busi¬
ness—Book
publishing.
Office—9
Rockefeller
Plaza,
New York City.
Underwriter—To be named.

company's

issue you're planning to register?

an

House

decides

writer

Carbonic Equipment Corp.

Caxton

Consolidated

Co. of New
York, Inc.
May 16, 1961, H. C. Forbes,
chairman, stated that the
company must
issue almost
$100,000,000 of securities
m late 1961
and early 1962. He added
that if the com¬
cumulative

May 24, 1961 it was reported that this company plans a
full
filing shortly covering 100,000 shares of com¬
mon stock.
Price—$3 per share. Business—The manufac¬

Caldor,

of loans,
inventories, expansion and working
Office—Southwest 44th Avenue, and Griffin
Road, Fort Lauderdale, Fla. Underwriter—A. M. Shulman &
Co., Inc., 37 Wall Street, New York.

capital.

pany

Beam-Matic, Inc.

ture

filed

Business—The

or

mined

DeSoto

Ave., St. Louis Mo. Underwriters—Scherck,
Richter Co., and Dempsey-Tegeler &
Co., both of St.
Louis, Mo. (managing).

payment

reported that this company plans to
$20,000,000 of first mortgage bonds in late
early 1962.
Office — Lexington and Liberty
was

about

Streets, Baltimore 3, Md.

45

one

of

66%% stock dividend and sale of 20,000
(par $5) to stockholders on the

common

new

share for each 20 shares held of record

July 17, with rights to expire Aug. 17. Price—About $22
per share. Proceeds—To increase capital. Office—Toms

River, N. J. Underwriter—None.
'

buildings and building products.' Proceeds—For the

1

re¬

-Continued

on

page

i6

46

The Commercial and Financial Chronicle

(2770)

Continued from page

Power &

Florida

45

it Hollywood Artists Productions, Inc.
June 20, 1961 it was reported that this company plans to

Light Co.

file

May 11, 1961, it was reported that the company may is¬
sue bonds in the second half of 1961 to finance its cur¬

$40,000,000 construction program.

rent

Office—25 S. E.

Miami, Fla. Underwriter—To be determined
by competitive bidding. Probable bidders: Merrill Lynch,
Pierce, Fenner & Smith Inc. and Kidder, Peabody &
Co. (jointly); Halsey, Stuart & Co., Inc.; White, Weld
& Co.; First Boston Corp.; Blyth & Co., Inc.
2nd

Ave.,

April 27, 1961, the company announced plans to form a
new
subsidiary, Rocket Power, Inc., by merging the

present Rocket Power, Talco and Bohanan divisions. In
the fall of 1961, stock of the new subsidiary would be
offered through subscription rights to Gabriel stockhold¬
ers and debenture holders with about 20% of the offer¬

Office —1148 Euclid Avenue,
Underwriters—To be named. The last
financing by the company in September, 1959, was han¬
dled by Carl M Loeb, Rhoades & Co., New York City and
Prescott, Shepard & Co., Inc., Cleveland.
to the public.

ing going

Cleveland, Ohio.

Service

Gas

Co.

1961, the company reported that on April 18
stockholders voted to authorize a new issue of 150,000
19,

April

Co., Inc., 37 Wall Street, New York.

M. Shulman &

Fearless Corp. a

Houston

Feb.

27,

Barry J. Shillito, President, stated that
plans to expand its Western Surgical and

1961,

the company

Westlab divisions into a new national medical and hos¬

Co.

Gabriel

Business—The production of

Price—$3.

picture and TV feature films.
Proceeds — For
working capital and other corporate purposes. Office—
350 Lincoln Road, Miami Beach, Fla.
Underwriter—A.

motion

shares of preferred stock (par $100).
The company is
considering the sale of between $5,000,000 to $7,500,000

pital supply

He

concern.

that 80% of the new
by Houston and the re¬

added

be retained

firm's stock would

public.
Office
Olympic Blvd., Los Angeles 64, Calif.
20%

maining

sold

the

to

11801 W.

—

between $25-$35

publicly sometime in 1961, probably in the form of pre¬
ferred and debt securities, with the precise timing de¬

market conditions. Proceeds—For construc¬
of bank loans. Office — Electric
Building, Houston, Texas. Underwriter — Previous fi¬
nancing was headed by Lehman Brothers, Eastman Dil¬
lon, Union Securities & Co. and Salomon Bros. &
pending

on

and

tion

repayment

Hutzler.

preferred and may issue some bonds at the same |ime.
700 Scarritt Bldg., Kansas City, Mo.
Under¬
writers—To be named. The company has never issued

Hupp Systems, Inc.
May 31, 1961 it was reported that a "Reg. A" will be
filed
shortly covering an initial
offering of 50,000
common shares. Price—$3. Business—The
design, man¬

preferred stock, but the last sale of common on April
19, 1954 was handled by Kuhn, Loeb & Co., Eastman
Dillon, Union Securities & Co., Reynolds & Co., apd
Allen & Co.
The last sale of bonds on July 6, 1958 was

reinforced

of

Office

—

made

&

ties

privately through Eastman Dillon, Union Securi¬
Co., New York City and Stern Brothers & Co.,

Kansas

City,

ufacture and sale of fiberglass sprayup systems

—Imminent. Offering—Expected in late July.
Idaho
Jan.

the basis of one share for each 20 shares
held. Based on the 22,838,454 common shares outstanding
tion

rights

on

Dec. 31, 1960, the offering will involve a minimum
1,141,922 additional shares. Office—67 Broad St., New
York 4, N. Y. Underwriter—None.

on

of

of California
Feb.
1, 1961 it was reported that this subsidiary of
General Telephone & Electronics Corp. plans to sell
about $20,000,000 of bonds in December 1961. Office —
2020 Santa Monica Blvd., Santa Monica, Calif. Under¬
writers
To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; First Boston
General

Telephone Co.

Power Co.

10, 1961 it

reported that this company plans to

was

and about $5,000,000 of com¬
quarter of 1961. Proceeds—To repay
loans and for construction. Underwriters—To be deter¬

sell

1961 it was stated in the company's 1960 an¬
nual report that the utility expects to sell additional
common stock to stockholders in 1962 through subscrip¬
March 14,

and other

plastic resin equipment. Proceeds—For gen¬
eral corporate purposes. Office—Sarasota, Fla. Under¬
writer—J. I. Magaril Co., Inc., New York. Registration

Mo.

General Public Utilities Corp.

of bonds

$10,000,000

mon

third

the

in

mined by competitive
bonds:

Halsey,

Stuart

bidding. Probable bidders on the
& Co. Inc.; Blyth & Co., Inc.;

&

Co., and First Boston Corp. (jointly);
Pierce, Fenner & Smith Inc.; Kidder,
Peabody & Co., and White, Weld & Co. (jointly); Salo¬
mon Bros. & Hutzler, and Eastman Dillon, Union Secu¬
Lazard

Freres

Merrill

Lynch,

(jointly); Equitable Securities Corp. Prob¬
able bidders on the common: Blyth & Co., Inc.; Lazard
Co.

rities &

&

Freres

Kidder, Peabody &

Co.;

Pierce, Fenner & Smith, Inc.

and Equitable Securities Corp. (jointly); White,
Weld & Co. and Kidder, Peabody & Co. (jointly); Paine,
Corp.

*y~:

~

^

Illinois Terminal RR.

curities

and Stone & Webster Se¬

Jackson & Curtis,

Webber,

reported that this company plans
about $8,500,000 of first mort¬
gage bonds. Office—710 North Twelfth Blvd., St. Louis,
Mo. Underwriter—Halsey, Stuart & Co. Inc., Chicago.
it

1961

was

the sale later this year of

General Telephone

of Florida
Feb. 8, 1961 it was reported that this subsidiary of Gen¬
eral Telephone &
Electronics Corp., expects to offer
about $15,000,000 of bonds in November. Office — 610
Morgan St., Tampa, Fla. Underwriters—Stone & Webster
Securities Corp., and Paine, Webber, Jackson & Curtis,
both of New York City.
Co.

Bonded Fibers,

Inc.

Instrument Co.
reported that 100,000 shares of com¬
stock will be filed. Proceeds — Expansion of the

Oct. 5,
mon

1960 it

was

business, and for the manufacture of a new product by a
subsidiary. Office—1947 Broadway, Bronx, N. Y. Under¬
John's

Dowd

F.

writer—R.

&

May 17, 1961 it was reported that this company plans to
a registration statement shortly covering
an undis¬
closed number of common shares. Business—The opera¬

N. J., and Buena

Vista, Va. Underwriter—Sandkuhl and
Company, Newark, N. J., and New York City.

writer—To be named.

Georgia Power Co. (10/18)
Dec. 29, 1960 this subsidiary of the Southern

March

ap¬

mission

to issue $15,500,000 of 30-year first mortgage
bonds, and $8,000,000 of new preferred stock. Proceeds—

construction, plant modernization or refunding of
outstanding debt. Office—Electric Bldg., Atlanta 3, Ga.
Underwriters
To be determined by competitive bid¬
For

—

ding.

Previous

bidders

bonds

for

included

Harriman

Ripley & Co., Inc.; Lehman Brothers; Blyth & Co., Inc.,
Kidder, Peabody & Co., and Shields & Co. (jointly);
First Boston Corp.; Morgan Stanley & Co.; Halsey, Stuart
&

Co.

Union

Inc.; Equitable Securities Corp., Eastman Dillon,
Securities & Co. (jointly). Previous bidders for

preferred were First Boston Corp., Lehman Brothers,
Morgan Stanley & Co.; Eastman Dillon, Union Securities
& Co.; and Equitable Securities Corp.
Bids—Expected
to

be received

Gluckin

Oct.

on

(Wm.)

18.

& Co.,

19, 1961 it was reported
Essex-Universal Corp., plans to

April
mon

that this subsidiary

of

garments. Underwriter—To be named.

Gulf Power Co.

(12/7)

Jan. 4, 1960 it was reported that this subsidiary of The
Southern Co., plans to sell $5,000,000 of 30-year bonds.
Office—75

North

Pace

Blvd., Pensacola, Fla.
Under¬
by competitive bidding. Pre¬

writer—To be determined

vious bidders included Halsey,

Stuart & Co. Inc.; Mer¬

rill

Lynch, Pierce, Fenner & Smith Inc.; Salomon Bros.
(jointly); Equitable Secu¬
rities Corp.; Kidder, Peabody & Co. and White, Weld
& Co. (jointly). Bids—Expected to be received on Dec
&

Hutzler and Drexel & Co.

7, 1961.

|

to
ers

was

through subscription rights later this year.

Street, Honolulu 13, Hawaii.

—None.




discount

of

stores

selling

household

Zerega Ave., Bronx, N. Y. Under¬

Power &

Light Co.

15, 1961 it was reported that this company is
considering the issuance of $13,000,000 of debentures
in the third quarter of 1961. Proceeds—For construction.
Office—800 Kansas Ave., Topeka, Kan. Underwriter—
First Boston Corp., New York

Office—

Underwriter

Proceeds

distribution.

Food

Office

—

—

For

working

45-10 Second Ave.,

ir Micro-Precision Corp.
19, 1961 it was reported that this company plans
to
file a "Reg. A"
covering 100,000 common shares.
Price—$3. Business—The development and manufacture

June

of

language laboratories for the electronics educational
of electronic and microwave

field and the manufacture

Proceeds—For working capital. Office—55
Brooklyn, N. Y. Undenvriter—lVIanufacturers
Securities Corp!, New York.
,

• Milo Components, Inc.
; :
v
it was reported that this company plans to
file a "Reg. A" covering 150,000 common shares (par
10-cents). Price—$1. Business—The manufacture of com¬
ponents for the missile and aircraft industries. Proceeds
—For expansion, equipment, and working capital. Office
—9 Cleveland St., Valley Stream, N. Y. Underwriter—

June 19, 1961

T. M. Kirsch &

Co., New York.

X

(9/28)
'
Jan. 4, 1961 it was reported that this subsidiary of The
Southern Co., plans to sell publicly $5,000,000 of 30-year
bonds and
$5,000,000 of preferred stock (par $100).
Proceeds—For construction and expansion. Office—2500
Mississippi Power Co.

14th

St., Gulfport, Miss. Underwriter—To be deter¬
by competitive bidding.
Previous bidders for
were Eastman Dillon, Union Securities & Co., and

mined

bonds

Equitable Securities Corp. (jointly); Halsey, Stuart &
Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.
Previous bidders for preferred stock included Halsey,
Stuart & Co. Inc.; Eastman Dillon, Union Securities &
Co., and Equitable Securities Corp. (jointly). Bids—Ex¬
pected to be received on Sept. 28.
Co.

Utilities

Missouri

April 11, 1961 it was reported that this company plans
to sell about 50,000 additional common shares to stock¬
holders in September or October on a l-for-10 rights
derwriter—To

be

named.

The last five

to stockholders were underwritten
&

Girardeau, Mo. Un¬

Office—400 Broadway, Cape

basis.

rights offerings

by Edward D. Jcnes

Co., St. Louis.
Mite

Corp.

■

/!

■

April 27, 1961 it way reported that this company, re¬
cently formed through a merger of Teleprinter Co., and
Grist Manufacturing Co., plans to
sell about 400,000
shares of common stock to raise approximately $5,000.000.

Blake

Office—446

writer—Charles

Dec.

12,

W.

St., New Haven, Conn.. Under¬
& Co., New Haven.
~

Scranton

Mortgage &

1960,

Cecil

Investment Corp.

Carbonell,

Chairman,

announced

"Reg. A" filing covering
150,000 shares of common stock.
Price — $2 per share.
Business—The
company
is engaged in first mortgage
financing of residential and business properties in the
Florida Keys. Proceeds—To expand company's business.
Office—700 Duval Street, Key West, Fla.
Underwriter
that this company

is preparing

a

•—None.

Monterey

New York

City (managing).

15, 1960 Mr. L. A. Horton, Treasurer,

Louis, Mo.
McCulloch

Corp.

9,

1961

it

was

West

proval of the Board and the SEC. The stock was or¬
iginally obtained under a Sept. 9, 1958 agreement under
which the two carriers agreed to a share-for-share ex¬

Century Boulevard, Los Angeles

45,

planes during thier respective busiest seasons. The CAB
later

disapproved this plan and ordered the airlines to
themselves

divest

other

(par $1). Busi¬
ness—The company owns a chain of lumber yards on
Long Island. Office—2060 Jericho Turnpike, New Hyde
Park, L. I., N. Y. Underwriter—To be named. Offering—
filing of about 500,000 common shares

Expected in July.
Inc.

Masters

corporation la
Business—The
chain of discount houses. Office—135-21

6, 1961 it was reported that this
contemplating its first public financing.

Jan.

operation of
38th Avenue,

a

Flushing 54, L. I., N. Y.

1,

1961

it

Co.
reported

Edison

Metropolitan

was

that this

subsidiary

of

Corp., plans to sell about $10,-

of deben¬
Pottsville
Pike, Muhlenberg Township, Berks County, Pa. Under¬
000,000 of first mortgage bonds and $5,000,000
tures in August or September. Office — 2800
writers

—

To

be

determined

by

Prnhahlp bidders: Halsev. Stuart &

competitive bidding.
Co. Inc.! White. Weld

Price

—

About $20 per

purposes. Office—Miami International
Miami 59, Fla. Underwriter—Merrill Lynch,
Fenner & Smith Inc., New York City (man¬

corporate

Pierce,

Industries

May 2, 1961 it was reported that this company, formerly
named Macrose Lumber & Trim Co., Inc., plans a full

of the stock.

share. Proceeds—To repay a $4,500,000 demand loan, and

Airport,

Macrose

Airlines, Inc.

May 8,1961, it was reported that the CAB had approved
the company's plan to sell publicly 400,000 shares of
Pan American World Airway's Inc., subject to final ap¬

change of 400,000 shares and the lease of each others jet

reported that this corporation will
schedule its initial public financing for late 1961 or
some time in
1962. Business—The corporation manufac¬
tures Scott outboard motors and McCulloch chain saws.
Jan.

City (managing).

National

reported that
the utility will need to raise $33,000,000 externally for
its 1961-65 construction program, but the current feel¬
ing is that it will not be necessary to turn to long-term
securities until May 1962. Office — 1017 Olive St., St.

Nov.

Gas Transmission Co.

April 24, 1961 it was reported that Humble Oil & Refin¬
ing Co., a subsidiary of Standard Oil Co. of New Jersey,
and Lehman Brothers, had formed this new company
to transport natural gas from southwest Texas to Alex¬
andria, La., for sale to United Fuel Gas Co., principal
supplier to other Columbia Gas System companies.
It
is expected that the pipeline will be financed in part bypublic sale of bonds. Underwriter — Lehman Brothers,

Laclede Gas Co.

General Public Utilities

reported that this company plans
sell about $5,000,000 of common stock to stockhold¬
8, 1961 it

1130 Alakea

Kansas

Feb.

Hawaiian Telephone Co.
March

chain

Office—1200

goods.
•

a

Calif.

sell about 200,000 com¬
shares. Business—Manufactures and sells women's

foundation

of

Office—6101

Inc.

—

Brooklyn, N. Y.
Underwriters—Brand, Grumet & Siegel, and Kesselman
& Co., Inc., New York City
(managing).
capital.

file

tion

Co.,

Co. Inc.

Bargain Stores Corp.

Sept. 14, 1960 it was reported that registration of 150,000
shares of common stock is expected. Offices—Newark,

plied to the Georgia Public Service Commission for per¬

Business

Monroe

Industrial Gauge &

Corp.

Georgia

16,

Food Co.

Metropolitan

April 12, 1961 it was reported! that this company plans
to sell 100,000 common shares. Price — $5 per share.

Co.; Merrill Lynch,

—

Jan.

Kidder, Peabody & Co. and Drexel & Co. (joint¬
ly); Blyth & Co., Inc.

components.

17, 1960 Mr. T. H. Wharton, President, stated that
million dollars is expected to be raised

Oct.

Thursday, June 22, 1961

.

9th Street,

Lighting & Power Co.

Houston

.

& Co.;

"Reg. A" shortly covering 100,000 common shares

a

(par 10 cents).

.

aging).
•

National

Hospital Supply Co., Inc.

,

May 1, 1961 it was reported that a "Reg. A" will be filed
shortly covering 100,000 shares of common stock. Price

—$3 per share. Business—The distribution of medical
equipment. Office—38 Park Row, New York City. Un¬
derwriter—Edward Lewis Co., Inc., and Underhill Se¬
curities Co., New York
•

New

(co-managers).

England Power Co.

(10/25)

Jan.

20, 1961 it was reported that this subsidiary of New
England Electric System plans to sell $20,000,000 of
first mortgage bonds. Office—441 Stuart St., Boston 16,
Mass. Underwriters — To be determined by competitive
bidding.

Probable

bidders:

Halsey,

Stuart

& Co.

Inc.;

Kuhn, Loeb & Co.; Equitable Securities Corp., and Blair
& Co. (jointly); Merrill Lynch, Pierce, Fenner & Smith
Inc., Kidder, Peabody & Co., and White, Weld & Co.
(jointly); First Boston Corp.; Lehman Brothers. Bids—To be received on Oct. 25, 1961.

I

193

Volume

Natural

Northern
March

Number 6066

Gas

.

.

The Commercial and Financial Chronicle

.

Co.

ber

October. Proceeds—For construction. Office—2223

or

St., Omaha 1, Neb. Underwriter
City (managing).

Dodge

—

Blyth & Co.,

New York

Power Co.

Northern States

(8/8)

Jan. 10, 1961 it was reported that this company plans
sell

to

$20,000,000 of bonds in the third quarter of 1961.
La Salle Street, Chicago

So.

Offices—15

ceeds—For the

selling stockholders. Office—Tampa, Fla.
& Hougn, inc., Si. retersourgii, l>ia.
Offering—Expected about mid-August.
Underwriter—Beil

15 So.

4, 111.;

Street, Minneapolis 2, Minn.; Ill Broadway; New
York
6, N. Y.
Underwriters —To-be determined by
Fifth

competitive/bidding.
Probable bidders: Halsey, Stuart
& Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith, Inc.;
Kidder, Peabody & Co., and White, Weld & Co. (jointly);
First
Boston Corp.
and Blyth & Co., Inc. (jointly).

stated that it would sell the full amount if
it concurrently redeemed all outstanding $1,500,000 of
5"%% bonds, otherwise only $2,500,000 of the new bonds
would be issued. Office—Huron, S. D.
Underwriter—To
The company

competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc., and Kidder, Peabody & Co.
Offering—Expected in September.

1961 the company stated it plans lo issue about
$15,000,000 of 30-year bonds in September. Proceeds—

approved

Telephone & Telegraph Co.

stockholders of this A. T. & T. subsidiary
plan to form a new company to be known as

a

the Pacific Northwest Bell

Telephone Co.

The

new con¬

business and properties of the Pa¬
Telephone-Northwest division which operates in
Washington, Oregon, and Idaho. All of the stock of the
new
company will be owned by Pacific Telephone but
"as soon as practicable" it will be offered for sale to
Pacific Telephone stockholders at a price to be fixed by
the Board of Directors. About 6-9 months after the
stock sale. Pacific Northwest will sell debentures pub¬
will acquire the

cern

cific

portion of its debt. Office—140 New
Montgomery St., San Francisco, Calif. Underwriter—The
last offering of common stock, to shareholders on Feb. 25,
licly

to

1960

not underwritten. However, A. T.

was

owns

a

repay

& T., which

rights to subscribe to its pro rata share of the
sale

The

last

Feb.

17, 1960
The

Inc.

one

its
offering.

of the outstanding shares, exercised

90%

over

of
was

debentures

by

Pacific

Telephone

on

underwritten by Halsey Stuart & Co.,

other competitive

bid

on

issue

was

Pan American World Airways,

& Co.

Inc.

share-for-share exchange of 400,000 shares
and the lease of each other's jet planes during their
respective busiest seasons. The CAB later disapproved
this plan and ordered the airlines to divest themselves
of the stock. Office—135 East 42nd St., New York City.
a

Underwriter—To be named.
Panhandle
March

1961

8,

Eastern

Pipe Line Co.

it was reported that this company ex¬

pects to sell about $72,000,000 of debentures in Septem¬
ber, subject to FPC approval of its construction program.
Office—120 Broadway, New York City. Underwriters-

Lynch, Pierce, Fenner & Smith Inc., and Kidder
Peabody & Co.. both of New York City (managing).
Merrill

Pennsylvania Power & Light Co.
April 11, 1961 it was stated in the 1960 annual report
that this utility expects to spend $140,000,000 on new
construction in the 1961 to 1965 period, of which about
$56,000,000 will have to be raised through the sale of
securities.. However, the company now sees ho necessity
for the sale of equity securities, but expects to convert
its

present $35,000,000 of bank loans to long-term debt
conditions are favorable. Office

when securities market
—9th and
ers—To

1945

was

Pa. Underwrit¬
The last four bond issues were sold

Hamilton Streets, Allentown,

be named.

privately.

The last public offering of bonds on Oct. 4,
by Smith, Barney & Co.; First

underwritten

Boston Corp.;

and

that this company plans to
issue 60,000 common shares. Price—$5. Business—The
operation of dining clubs. Proceeds—For expansion and
working capital. Office—15th and Locust St., Philadel¬
phia. Underwriter—Valley Forge Securities Co., Phila¬
delphia. Offering—Expected in late June.

June

1, 1961 it was reported

Public

Service Co.

of Colorado

treasurer, stated that com¬
$20,000,000 of common stock
through subscription rights
expansion. Office—900 15th
St., Denver, Colo. Underwriter — Last equity financing
handled on'a negotiated basis by First Boston Corp.
1960, W. D. Virtue,
plans the sale of about
to be offered stockholders
In mid-1961. Proceeds—For

Dec.

2,

pany

Redwinc Carriers,

May 23,
to -fiio

certain

a

Inc.

it was reported that this company plans
rvipn vrHh the TCC covering a oronosed sale by
1961

stockholders of




Hutzler, Eastman Dillon, Union Securities & Co.,

(jointly): Blyth & Co..
Inc.; The First Boston Corp. Bids—To be received about
Sept. 27.

Scully Inc.
May 31, 1961 it was reported that
shortly covering 100,000 shares of

"Reg. A" will be filed

a

stock.

common

Price—

share. Business — The manufacture and sale of
precision recording equipment.
Proceeds — For expan¬
sion.
Office—Bridgeport, Conn. Underwriter—Moran &

$3

per

Co., Newark, N. J.
Sel-rex

Corp.

May 16, 1961 it was reported that this firm is contem¬

plating its first public financing.
Business — Precious
metals manufacturing.
Office—75 River Road, Nutley,
Underwriter—To be named.

N. J.

May 31, 1961 it was reported that a full filing will be
made shortly covering 70,000 shares of class A common
stock. Price—$4. Business—The design, manufacture and
sale
of
electronically
controlled automation devices.
Proceeds—For general corporate purposes.

$1,500,000 to $2,000,000 of com¬

Underwriter—J. I.

Fla.

Raton,

Magaril

Office—Boca

Co.,

Inc.,

New

York.

California Edison Co.

Southern

on

Page 16.

23,

need

an

it

1961

was

additional

it was reported by Mr. Loren Fitch, com¬
pany comptroller, that the utility is contemplating the
gale of $35,000,000 of 20-year first mortgage bonds some¬
time in 1961, with the precise timing depending on
Oct. 28, 1960

Proceeds

conditions.

market

—

To

retire

bank

loans.

Office—Watts

Building, Birmingham, Ala. Underwriter
determined by competitive bidding.
Probable
Halsey, Stuart & Co. Inc.; First Boston Corp.;
Blyth & Co. and Kidder, Peabody & Co. (jointly).
be

—To

bidders:

Southern

Blyth & Co., Inc.; Kuhn, Loeb & Co.; Harriman Ripley
& Co., Inc., and Merrill
Lynch, Pierce, Fenner & Smith
Inc. (Bonds) First Boston Corp.;
Halsey, Stuart & Co.
Inc.; Blyth & Co., Inc.; and Eastman Dillon, Union Se¬
curities & Co. (jointly); Lehman Brothers and
Bear,
Stearns & Co. (jointly). Bids—To be received on
July
25 at 11 a.m. (EDST). Information
Meeting—July 24 11

Railway Co.

1960 stockholders approved the issuance of
$33,000,000 of new bonds. The issuance of an unspeci¬
fied amount of additional bonds for other purchases was
21,

also

approved. Proceeds — For general corporate pur¬
including the possible acquisition of Central of
Ry. Office—Washington, D. C. Underwriter—
Halsey, Stuart & Co. Inc., will head a group that will

Georgia
on

the bonds.

was reported that this company plans
$80,000,000 on new construction in the
next three years. No financing is planned this year but
in 1962 the company may issue bonds or common stock.
Office—111 No. Dale Mabry Hwy., Tampa, Fla. Under¬
writers—To be named. The last sale of bonds on June 29,
to

1961

10,

spend

1960

was

York

it

over

handled

City.

Halsey, Stuart & Co. Inc., New
competitive bidders were Merrill

by

Other

Lynch, Pierce, Fenner & Smith Inc.; Goldman, Sachs
& Co.; Stone & Webster Securities Corp. The last sale
of common stock on Feb. 13, 1960 was made through
Stone & Webster Securities Corp.
•

Tennessee

(6/28)
May 24, 1961, it was reported that this U. S. Government
body plans to sell $50,000,000 of bonds. Office—Knoxville, Tenn. Underwriters—To be determined by com¬
petitive bidding. Probable bidders: The Chase Manhattan
Bank, Morgan Guaranty Trust Co. of New York, Chemi¬
cal Bank New York Trust Co., C. J. Devine & Co., all
of New York City and the Northern Trust Co., Chicago;
Blyth & Co., Inc.; Halsey, Stuart & Co. Inc.; The First
Boston Corp. Bids—To be received at the office of Leh¬
man Brothers, One William St., New York, by 10:30 a.m.
Valley Authority

Trust

Co.,

16

•

...

Wall

St., New

./

■

.

■,

United Aircraft Corp.
Feb.

15, 1961 it was reported that this company is con¬
sidering issuance of $50,000,000 of bonds to replace a
seven-year term loan.
Office—400 Main St., East Hart¬
ford, Conn. Underwriter—To be named. The company
has

issued bonds, but its last offering of preferred
Sept. 17, 1956 was underwritten by Harriman
Ripley & Co., Inc., New York and associates.
never

stock

on

Universal Publishing &
Distributing Corp.
May 10, 1961 it was reported that this company is con¬
sidering the issuance of common stock. Business—Maga¬
zine publishing. Office—117 E. 31st
Street, New York
City. Underwriter—Allen & Co., New York City.

Virginia Electric & Power Co.

(12/5)
23, 1961, the company announced plans to sell
$15,000,000 of securities, possibly bonds or debentures.
March

Richmond 9, Va. Underwriters — To be deter¬
by competitive bidding. Probable bidders: Halsey,
& Co. Inc.; Stone & Webster Securities
Corp.;

Stuart

Eastman

Dillon, Union Securities & Co.; Salomon Broth¬
Hutzler; Goldman, Sachs & Co. Bids—To be re¬

&

ers

ceived

on

West

April
that

Dec. 5, 1961.
Coast

Telephone Co.

11, 1961 it
the

raised

stated in the

was

plans to

company

construction

1960

annual

report

spend

$12,000,000 for new
1961, most of which is expected to be

in

by the sale of securities. Office—1714 California

St., Everett, Wash. Underwriter—To be named. The last
sale of bonds and preferred stock in
May and July 1960
was done privately. The last sale of common
on

Sept.

16,

1960

York

underwritten

was

City.

West
Feb.

by Blyth

& Co.,

Inc., New

.

Penn

>k.

■„

Power Co.

1961, J. Lee Rice, Jr., President of Allegheny
System, Inc., parent company, stated that West
Penn expects to sell about
$25,000,000 of bonds in 1962.
10,

Power

Office

—

Cabin

800

Westmoreland

Hill

County, Pa.

Drive, Hempfield Township,
Underwriters—To be deter¬

mined by competitive bidding. Probable bidders:
Halsey,
Stuart & Co. Inc.; W. C. Langley &
Co.; Lehman Broth¬
ers; Eastman Dillon, Union Securities & Co., and First
Corp. (jointly); Harriman Ripley & Co.; Kidder,
Peabody & Co. and White, Weld & Co. (jointly).

Boston

Western

Union Telegraph Co.

Feb. 28, 1961 it was reported that the FCC has approved
the company's plan to transfer its Atlantic cable

system
newly organized company, Western Union Inter¬
national, Inc.
The plan provides for the issuance by
a

Western Union International of about

$4,000,000 of sub¬

ordinated debentures and 400,000 shares of class A stock
to be offered to stockholders of Western Union Tele¬

graph Co. in units of $100 of debentures and
of

stock.

10 shares

addition, American Securities Corp., New
City, would purchase from Western Union Inter¬
national about 133,000 additional shares of class A stock
giving American Securities ownership of approximately
25% of the outstanding class A stock of WUI.
Then
Western Union Telegraph woud purchase 250,000 shares
of

class

B

500,000

of

stock

for

$100,000 and WUI would sell

debentures

or

bonds.

Office

—

60

$4,-

Hudson

Street, New York City. Underwriter—American Secu¬
rities Corp. (managing).
Western Union

Telegraph Co. (9/8)
13, 1961 it was reported that stockholders are to
Aug. 2 on increasing the authorized common stock
from 7,000,000 to 10,000,000 shares to provide for sale
of about 1,070,000 shares to stockholders on the basis of
June
vote

one

new

current

share

for each

six shares

held.

Based

on

the

market

sell $10,000,000 to
ter of

York. Registration—Expected about

(EDST).

Texas

Ky.
•

Gas

Transmission Corp.

11, 1961 it was reported that this company
1961.

plans to

$15,000,000 of bonds in the third quar¬
Office—416 West Third Street, Owensboro,

Underwriter—Dillon, Read & Co., New York City.

Trunklcne Gas

March

1961

8.

Panhandle

it

Eastern

subsidiary of
Pipe Line Co., expects to sell about
reported

that this

$32,000,000 of bonds and $10,000,000 of pfd. stock in Sept.
Office—120 Broadway, New York City. UnderwritersMerrill Lynch, Pierce, Fenner & Smith Inc., and Kidder,
Peabody & Co., both of New York City
•

Union

Electric

Co.

Wisconsin
Jan.

Co.
was

19,

it

July 12.

Light Co.

company plans
stock in the third
quarter of 1961. Proceeds—For expansion. Underwriters
—The last sale of preferred stock in May, 1958 was
handled
by Smith, Barney & Co., New
York and
to

sell

was

reported that this

about $6,500,000 of preferred

Robert

(managing).

W.

Baird

&

Co., Inc., Milwaukee (jointly).

Wisconsin Southern Gas Co.
Dec.

(7/25)

1961

Power &

that

12,

1960 it

was

reported in

a

company

prospectus

it was reported that this company plans
to sell $30,000,000 of first mortgage bonds. Proceeds—For
expansion. Office—315 N. 12th Blvd., St. Louis 1, Mo. Un¬

undetermined amount of capital stock or bonds
will be sold in 1961-1962. Proceeds—For the repayment

competitive bidding.
Probable bidders: (Preferred) First Boston Corp.; Dillon
Read & Co. Inc.; Lehman Brothers; White, Weld & Co.;

Geneva,
Wis. Underwriter—The Milwaukee Co., Milwaukee, Wis.
(managing).

May

24,

1961

derwriters—To

be

determined

by

**

In

York

price of the company's stock, the sale
would raise over $45,000,000. Proceeds—To help finance
the company's 1961, $105,000,000 expansion program. Of¬
fice—60 Hudson St., New York. Underwriters—To be
named. The last rights offering in July 1955, was under¬
written by Kuhn, Loeb & Co.; Lehman Brothers; Clark,
Dodge & Co., and Salomon Brothers & Hutzler, New

June 28

-V

—

mined

to

Electric Co.

Tampa
May

at Bankers

York.

poses.

bid

(EDST)

a.m.

Office

reported that this company will
$35,000,000 to finance its 1961 con¬
struction program. No decision has yet been made as to
whether the funds will be raised by bank loans, or the
sale of preferred stock or bonds. Office—601 West Fifth
St., Los Angeles, Calif. Underwriter—To be named. The
last sale of preferred stock on May 12, 1948 was handled
on a negotiated basis by First Boston Corp.,
New York
City and associates. The last sale of bonds in April 1961
was
bid on by Blyth & Co.; First Boston Corp., Dean
Witter & Co. (jointly); Halsey, Stuart & Co. Inc.; Kuhn,
Loeb & Co., Equitable Securities Corp. (jointly),
^^outhern Natural Gas Co.
May

Dillon, Read & Co., Inc., and associates.
Club, Inc.

Appear

determined

be

Equitable Securities Corp.

Jan.
Penthouse

To

Inc.; Kidder, Peabody & Co., White, Weld & Co.
(jointly); Kuhn, Loeb & Co.; Salomon

Bros. &

Nov.

May 8, 1961 it was reported that the CAB ordered this
company to sell its 400,000 share holdings of National
Airlines, Inc., and to file a plan of sale with the board
within 30 days. The stock was originally obtained under
a Sept. 9,
1958 agreement under which the two carriers
agreed to

—

by competitive bidding. Probable bidders: Halsey, Stuart

made

by Morgan Stanley & Co.
/

Underwriter

construction.

For

be determined by

March 24, 1961

Dividend Advertising Notices

(9/27)

Sjostrom Automations, Inc.

Public Service Co.

April 3, 1961 the company applied to the FPC for per^
misison to issue up to $4,000,000 of first mortgage bonds.

Pacific

Electric Corp.

&

Jan. 24,

Bids—Expected to be received on Aug. 8.
Northwestern

Gas

Rochester

and Shields & Co.

It Northern Pacific Ry. (8/1)
June 19, 1961 it was reported that this company plans the
sale of about $7,200,000 of equipment trust certificates.
Office—120 Broadway, New York. Underwriter—To be
determined by competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc., and Salomon Brothers &
Hutzler. Bids—To be received on Aug. 1, 1961.

47

stock. Business—A truck, tank car transporter. Pro¬

mon

1961, the company reported that it expects
to raise about $80,000,000 of new money in 1961. Present
plans are for issuance of about $30,000,000 of debentures
by mid-year and an additional $30,000,000 to $35,000,000
of debentures by year-end. It is also expected that some
$12,000,000 to $15,000,000 of common stock will be sold
to stockholders through subscription rights in Septem¬
15,

(2771)

of

an

short-term

tions.

Office

bank
—

loans

Sheridan

incurred

for

Springs Road,

property

Lake

addi¬

^

48

Financial Chronicle

The Commercial and

(2772)

,

Thursday, June 22, 1961

Sept. 15-17, 1961
Northwest

Group

Pacific

WASHINGTON AND YOU

Bankers

vestment

LITTLE

AS

BEHIND-THE-SCENES INTERPRETATIONS

Sept. 20-21, 1961 (Omaha, Neb.)
Investment Bankers'

Nebraska

Association annual field day.

FORTY

Group

York

New

York City)
of Investment

(New

1961

4,

Oct.

MONTH

A

meeting.

Bankers Association

vehicle

space

1,500,000 pounds.

the

is like

moon

empress

golden-robed

a

she

as

moonlight has been
to

haunting

as

people everywhere

ghost.

and

Poets

associated lit with

have

sailors

guidance
seven

and

it

for

to

they

sailed

Capital

discussing the

are

of shooting the moon.
big story that even

question
is

Nation's

the

in

people

many

one

the

youngsters,

and

Mothers, understand.

It

to

like
if

that

seems

their Dads

we

war

cost,

any

Russians

the

going

are

triumph in the cold

country must, at
take

the

seas.

Here

This

a

romance,

looked

as

as

have

writers

in

our

Chairman
the

race

and

ence

enough to
three-man
space
ship

the moon, if it can be

on

done.

there

And

are

many

skeptics in Washington.
The argument on

Capitol Hill
is that the destiny of our coun¬
try makes it absolutely neces¬
that

sary

make

we

exploration of
Hopes

all-out

an

space.

rich

Meantime, the National Aero¬
and Space Administra¬

tion

intends

to

the

out that
estab¬

carry

assignment. NASA
lished by
Congress

was

given

and

assignment of carrying the
civilian

Nation's

ties.

is

It

activi¬

space

generally

conceded

quick, if they

has

been

spent

far

go

developing

the

money

velop

the

tracts

with

Nearly

Most

of
de¬

to

is

on

has been

for

major

one

turn."
to

this

have

working

on

side

our

velopment
of
systems which

the

propulsion
adequate to

are

less than
he

These

propulsion

systems
capable of shoot¬
ing instruments, equipment and
become

men

into

them

back

and

space

to

bringing

with

priority

to

entry

was

"Saturn," America's

that

in

the

consultations

Wernher

for

race

the

people

"Saturn."

whole

The

is being stepped

program

the

too

Kennedy

long
said

a

press

lieve

con¬

spend.

money

Nevertheless,

the

President

said
that
no
single
project in this period will
be more impressive to mankind

space

landing

the

a man on

moon

returning him safely.

Not Too

that

agree

behind

we

moon.

considerably

are

Russia

in

the

for

race

Yet, the feeling is in

scientific circles that the United

States

is

months

The

not

people

the

Soviets.

this

of

six

than

more

behind

foremost
There

country

the

world, for that matter,
recently that the big
"Saturn" booster was being held
up at Huntsville, Ala., because
lock

a

the

on

the

Tennessee

blue waters

River.

The

of

lock

"collapsed", preventing the
barge Palaemon from transporting the first "Saturn" booster
from Huntsville to

Cape Canav¬

eral.

.

,

-

•

,

'

.

...

repaired

that

and

authorities
the

lock

back

in

will

order

are

be

for

the booster to reach the Cape in
for

the first

flight date in

September.

The "Saturn" is

—

The

belief

that

mili¬
to

appear

be

however.

right

—

whoever

could

Sgarzi Opens

(Special to The Financial Chronicle)

offices




at

74

Court

turn

controls

the

that

out

ford

take

to

there

is

question

the

out of the

grow

Hearings

fore

House

committees

space

offices

from

at

12

Main

Senate

and

of

brought

sentatives

of

including

those

Telephone

out

Nathan

Butwin

gaging

in

Associates

is

en¬

a

offices

New York

securities;
at

110

business

Fulton

Street,
City. Partners are Na¬

Telegraph

Com¬

Electric;

Radio

General

Corporation

of

America;

mighty

Security

Women's

Club

County

Golf

ing.

(Chicago,

Traders

Hills

Nordic

1, 1961

(Hollywood,

Bankers

Association

26-Dec.

Fla.)
Investment

Convention at Hollywood

Annual

Hotel

Beach

III.)

of
Dec.

outing at

Country Club.

1961

!

(New York City)

Syndicats annual outing at Nas¬
sau
Country Club, L. I., N. Y.

4-5, 1961 (New York City)
Association
of Mutual

National

Sept. 8, 1961

(Cleveland, Ohio;

Ohio

Northern

Bankers

Group

of Invest¬

Association

15th annual mid¬

1961

(Denver, Colo.)
Mountain
Group Invest¬

Bankers "Association

Savings Banks 42nd annual con¬
ference at the Olympic Hotel.

;

(Atlantic City,

•'C

u.American Bankers Association an¬
.

nual convention. ::

meet-

April

1

1963

1,

27-May

(Boston,

Mass.)

Sept.

ANGELES, Calif.—James M.
is conducting a securities

Hansen

business from offices at 1385 Westwas

(Seattle, Wash.)
of
Mutual

Association

N. J.)

ing.

(Special to The Financial Chronicle)

wood Boulevard. He

May 6-9, 1962

Sept. 23-26, 1962

ment

Opens

meeting.

meet¬

ing.

Rocky

J. M. Hansen

year

National

ment

Diplomat

the

and

Hotel.

Association

summer

;

Nov.

Society of Security
annual outing.

1961

Group of Investment

Ohio Valley

ninth

Chicago annual

Sept. 13,

Lawrence J. Butwin.

LOS

American

of

24,

;

Bankers Association annual meet¬

Butwin, Stanley Butwin and

some

repre¬

industry,

private

&

be¬

space

interesting testimony by

York

.

..

(Louisville, Ky.)

1961

26,

Oct.

Savings Banks

Form N. But win Associates

from

ing.

(New York City)

23, 1961

Investment

of

Group

Bankers Association annual meet¬

...

Club, Convent Station, N. J.

June

pro¬

conducted

Morris

Street.

than
Also

Opens

space

chance?

that

Bond

at

June 30,

be

may

Municipal

Analysts

GRANVILLE, N. Y.—John H. An¬
drus
is
conducting a securities
business

*

Club

Bond

(New York City)

1961

outing
June

J. H. Andrus

Minnesota

(Boston)

Municipal

outing at the New Ocean

June 23,

PLYMOUTH, Mass. —Orfeo H.
Sgarzi is conducting a securities
from

Paul)

House, Swampscott, Mass.

or

over-emphasized,
but the question is: Can we af¬
age

Women's

con¬

Schroeder.

(Minneapolis-St.

1961

24,

Oct.

Lodge, Jasper, Alta.

annual

O. H.

re¬

to mankind from

this time,

at

is

formerly

with Leo Schoenbraun.

14-15,

1961

(Cincinnati,

Ohio)

Association

National

Savings Banks 43rd

Cincinnati

Municipal

Dealers

ference

the Hotel

at

of

Mutual

annual con¬
Statler.

Group annual fall outing at Queen
City Club and Kenwood Country
Attention

Club.

and

Brokers and Dealers

MARKETS

TRADING

International Telephone & Tele¬

graph

Company,

and

-

many

others.

American Cement

Botany Industries

These

companies

interested

in

the

are

early

by

civilian

of satellites.

means

they

believe

complete
tions

will

we

satellite

system

By

the

Waste

entire

try would be able to install a
receiving set and take advan¬
tage of this system for telephone
and

telegraph

and

Carl Marks
FOREIGN
20 EROAD

TEL:

also

belief

STREET

HANOVER 2-0050

conquest of space

may

help

:W%

the
con-

Our New

York telephone

W'Xr-

■

number is

CAnal 6-3840

•

NEW YORK 5, N. Y.

TELETYPE NY 1-971

f

LERNER & CO., Inc.
Investment

television
that

& Co. Inc.

SECURITIES SPECIALISTS

communication.
is

Films

King

a

communica¬

for

Maxson

Official

1964

have

L.

W.

keenly

development of communications

There

a

•••

•

national

vention at the Hotel

Canada annual meeting at Jasper

views.1

own

(Milwaukee,

annual

11th

Clubs

re¬

June 23, 1961

\

of

National Association of Investment

(Canada)
Investment Dealers Association of

the "Chronicle's"
'

Group

Association

Bankers

October 20-21, 1961

June 22-25, 1961

Park

world. At little cost every coun¬

Nevertheless,
confident

time

V

Pennsylvania

Wis.)

New

will control the world. It

pany;

learned

of

beneficial

some

come

advantages

tary

may

experts generally

our

to

,

(Pennsylvania).

1961

19,

meeting at Rolling Rock, Pa.

IN INVESTMENT FIELD

Industry

Washington be¬

exploration.

gram.

Most of

intended

is

Mich.)

Investment

of

Group

Western

beyond.

when every¬

possible peacetime benefits that

Behind Russia

Far

column

Hotel.

(Detroit,

1961

Investment

cooperate — the
management—in an

and

business

space.

Private

that

sults will
space

President

ago

at

up.

of

Role

space

•and

into

out

Authorities in

wrong

the

designer of the rocket
this country's first

come

Street.

gardless of the amount of

and

who

Braun

von

and

moon

EVENTS

to

dollars

pretation from the nations Capital
and mar or may not coincide with

England.

placed

ference that "Saturn" would put
us well behind the
Russians, re¬

than

Dr.

was

satellite

like
look¬

are

manufacturing

new

a

of

Not

of

Braun,

von

for

phase

we

devastat¬

of

part

NASA officials, with the

moon.

ing

su¬

earth.

NASA is devoting

now

Germany's

substantial

of

17,

Bankers Association meeting.
Oct.

flect the "behind the scene" inter¬

by the

was

Asso¬

Traders

Security

Michigan

should

[This

charged

he

COMING

effort to overtake the Soviets.

project that pulverized

ing V-2

It

Right

and

while

body

unions

half after

a

1944

in

Gestapo

treason

pervising
a

and

year

arrested

was

German

must

only

a

the

The time has

an

as

billions

"shoot"

scientist

dynamic

Oct.

The decision has been made to

spend

"Sa¬

this country in September, 1945,

is

weather;
divert rain to
drought-stricken
areas,
break
up hurricanes and typhoons and
disperse fogs.

fortunate

is

16-20, 1961 (Palm Springs,

Palm Springs Riviera
trol

site

of

phase

Nation

Our

Oct.

ciation Annual Convention at the

the

over

construction

a

nual convention.

forty

pardner,

plan,

little

month is downright reasonable!"

National

Braun

von

looking about

country
for

Dr.

a

that

into

get

Calif.)

mately 5,500.
Incidentally,

I'll

"Reckon

various

on

American citizen. He arrived in

space

Calif.)
American Bankers Association an¬

Germans
Dr.
von

under

Huntsville

(San Francisco,

Oct. 15-18, 1961

thousand

former

Association meeting.

Bankers

con

the de¬

exploration of

W. Va.)
Southeastern Group of Investment

industry.

100

at

in

spent

being

working

are

Braun

billion

stage.

satellite

Sulphur

(White

1961

13-15,

meeting.

Springs,

developing

$1

beyond

the

Bankers

$334,000,000

on

Investment

Group
of
Association

Canadian

Oct.

(Montreal, Canada)

1961

13,

Oct.

can.

that the key to future extensive

the task.

1

and

bosses,

Approximately

nautics

„

wheeling

who are
ready to strike, and some costplus contractors who want to get
union

Group

Canadian

stages of "Saturn." Total em¬
ployment at the Marshall space
center at Huntsville is approxi¬

"Saturn"

on

(Toronto)
of Investment
Bankers Association meeting.
1961

10,

Oct.

country does not

powered,

dealing

Hotel.

Sheraton

have and should not have—some

high

of
Bank
Convention at the

Women Annual

probably have
numerous problems in their race
for
the
moon,
but they have
that this

Association

National

Soviets

to

team

(Rochester, N. Y.)

Oct. 9-12 1961

some

Palace

Brown

the

at

Governors

IJ. S. Has Man-Made Handicaps
The

Exchange

Hotel.

lions and billions for
a

Stock

Fall meeting of Board of

Firms,

vicinity of the moon.

"Saturn" thus far. It is expected

to land

(Denver, Colo.)

of

Association

send a
to the

for space. It is going to cost bil¬
us

PLAN

Space said it will be

powerful

Commodore.

Hotel

Oct. 9-10, 1961

Sci¬

on

Association of
dinner dance at

Traders

Security

City)

(New York

1961

7,

New York annual

INVESTMENT

of

Brooks

Overton

Committee

House

Oct.

MONTHLY

eight clustered engines, each
of 188,000 pounds thrust.

over¬

the

STARTS A

of

with

sweeps

great luster in the sky.
Down through the
centuries

-

with a thrust of
It is composed

WASHINGTON, D. C.—To peo¬

ple of all tongues and all faiths
in
all countries of the world,

In¬

meeting at Hayden Lake, Idaho.

AS

FROM THE NATION'S CAPITAL

of

Association,

--

\

.Securities

10 Post Office Square,
Telephone

,

,

HUbb»rd .2-1990 ;

..

...

Boston 9, Mass.
Teletype
• BS
,