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The COMMERCIAL and FINANCIAL
Established 1839
Reg. U.S. Pat. Off.
Volume
Number
195
EDITORIAL
6172
New York
7, N. Y., Thursday, June 28, 1962
By Jules Backman,* Research Professor of Economicst
them, the recent strictures of Ex-President Eisenhower
New York
definitely to the point and deserve very careful study
by the rank and file of the American people. Particularly
noteworthy are these comments of the former President
at the recent fund raising dinner of the party chiefs in
Washington:
\ • "Quite
obviously, this Administration is floundering—
thrashing aimlessly and a bit desperately about—in the
surging financial, fiscal and economic currents of our
times. Its difficulty appears to stem primarily from an
inadequate understanding of our American system—of
how it really works, of the psychological, motivational
are
and economic factors that make it ebb
u
.
its
to
and
of
negative factors in the months
is
to
have
as:
its
attitude
the
business
ness
erage
ISSUE
of
NEXT
the stock market
infallible
an
record
as
economy
turn late
be. significant in the-
World
Jt.does not
Gross
WEEK—A special
of
end
National
Product
was
from
pol¬
The decline in
annual
an
rate
Between the first quarter of 1961 and the first
quarter of 1962, Gross National Product rose sharply
to $548.3 billion—a rise of almost 10%. And a fur¬
ther modest increase is taking place in the current
quarter. Let us review the anatomy of this advance.
Jules Backman
In
So you see, you can prove
1961
the rise was quite vigorous. But it slowed
perceptibly in the first quarter of this year.
Why the slowdown? To a large extent it reflected
down
decline
a
in
residential
sales of automobiles.
ances
almost
were
Investment Dealers' Association
construction
and
lagging
Whether these poor perform¬
the result of
supplement devoted to Editorial and Pictorial cov¬
Convention of the
the
of less than 1%.
1946
sideways
before recov¬
developed from the 1954 recession. In 1957, the
business reached their peaks at about
time.
since
primarily the disrup¬
of $505.1
billion in the third quarter of 1960 to
$500.8 billion in the first quarter of 1961—a decline
market and
same
recorded
reflected
money
low in the fall of 1953 almost a year
the
one
icy late in 1959 and early in 1960.
six months before business in 1953 but reached its
ery
It
the strike, and the liquidation of
inventories built up in anticipation that the strike
might be resumed early in 1960. Some economists
also* attribute that decline^ to the tight
example, the stock mar¬
moved
II.
put lost during
lead changes m busi¬
activity nor does it lead
then
smallest
War
(Continued
on page
24)
State,
Canada
of
Municipal
Housing
Distributors
Lester, Ryons & Co.
So.
Hope Street, Los Angeles 17,
'
California
Members New York Stock Exchange
Dealers
Associate Member American Stock Exchange
•
Offices! in
Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
Securities
Oceanside, Pasadena, Pomona, Redlands,
CHEMICAL BANK NEW YORK TRUST COMPANY
BOND DEPARTMENT
MEMBERS
P.O. Box 710, New York 8, N.Y.
MIDWEST
STOCK
EXCHANGEj±f^
FIRST
NATIONAL CITY BANK
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier
Inquiries Invited
770-1234
on
Bonds and
Notes
jm
135 So. La Salle Street
w
Chicago 3,111. FRanklin 2-1166
Bond Dept. Teletype: NY 1-708
To
t. l.watson&co.
ESTABLISHED
Correspondent
—
MANHATTAN
Pershing A Co.
Active
Markets
Dealers, Banks
Maintained
and Brokers
Canadian Securities
DIVERSIFIED
CANADIAN
CALIFORNIA
1832
Block
Members
New York Stock
American
Commission
Inquiries Invited
Orders
Canadian
Exchange
Exchange
Stock
York
THE
BANK
Net
9;
TJ2STDE3R.WR.ITBR,
New
Municipal Bond Division
Southern
California Securities
1-1246, NY 1-457
Agency
Members Pacific Coast Exchange
Corporate & Municipal
New York
CANADIAN
Executed
BONDS & STOCKS
On All
Exchanges
Automobile
DEPARTMENT
Assembly
Teletype NY 1-2270
<Southwc4t
25 BROAD
STREET
DIRECT
vires TO MONTREAL AND TORONTO
COMPANY
NEW YORK 4, N. Y.
Goodbody
8t
Co.
Dominion Securities
(orporatioti
MEMBERS NEW YORK STOCK* EXCHANGE
DALLAS
should
recession, the
has advanced except for a modest down¬
in 1960 and early in 1961.
That decline
the
was
a
MULLANEY, WELLS & COMPANY
Chemical
FIRST
are
attending the 1959 steel strike with its antici¬
patory inventory building, the replacement of out¬
623
DEjALJEIK,
you
tions
Underwriters
DISTRIBUTOR,
more
and Public
Municipal
*
do
Since it is
before you fore¬
Where Are We?
will be issued next week.
Securities
telephone:
must
Finally, a number
key economic problems will be briefly examined.
Housing,
State and
we
averages.
Since the low point of the 1957-58
in the past few weeks.
emphasize
for
three
years.
In contrast, the
economy moved forward
vig¬
orously until the fall of 1948.
On the other hand, the stock
market reached its peak about
and
com¬
46th Annual
the
activity
Jones
factors which
to forecast business activity.
ket declined in the fall of
Government,
NY
various
business by any consistent pat¬
tern when it does change first.
such it is painfully obvious that the Adminis¬
basically and unalterably hostile to the eco¬
nomic system in which near-miracles have again and
again been wrought in the shape of advances in the eco¬
nomic welfare of the people of this country—and for
that matter the people of the world. Most of the articles
of our American faith are regarded
(Continued on page 25)
IDAC
Dow
you are going, first, the recent trends
in the economy will be briefly reviewed. Then the
a
business iforecaster.
posture can be
'Business, get friendly—or else.' "
fresh
cast where
always
as
teletype:
business
the
important to know where
Particularly important, he explains,
At the outset let me
is
Public
check
of
persons
V
a
months ahead will be evaluated.
For
toward
forecast
than
tions have been raised by many
"Indeed, the official Administration
U.S.
To
number
lower level in economic activity or will
it cause a decline?
Or is this just an aberration
which business men can safely ignore? These ques¬
almost driven
we
With such
re-examine the basic factors affecting
Tongue in cheek reminder cautions we must do more than
J
careful
a
the business outlook.
government-business relationship, and revised tax
better
a
expansion.
check the Dow Jones averages
has to appear.
tration
a
by
possible warning, it is important to take
look and to
that the stock market does not
seems
Copy
a
Nevertheless,
ill-advised to be complacent.
system encouraging incentives and decreasing punitiveness.
question
major elements of the business community.
Even in its speeches, which are publicly advertised as
friendly toward business, menacing language somehow
munity
ahead, and
Does the recent sharp decline in
instance, the Administration
whatever
the
unleash individual initiative by offering in¬
stresses, is to
Or Else"
alienate
But
for
reason
performance after first
key economic problems. What must be done, Dr. Backman
centives
ability to comprehend.
interpreted only
irreducible
a
succinctly analyzing recent economic trends, the expanding
can not doubt that the
principal figures in offi¬
Washington today are academically proficient. As
Administration modestly asserts, it is sophisticated.
"For
the
out
you would like to prove
of the proper periods.
be
and flow.
But its actions have started the whole nation to
*
searches
Economist
economy's disappointingly sluggish
"One
the
anything
selection
University
would
portend
cial
Cents
Affecting the Business Outlook
Republican party has to offer in the place
"sophisticated" programs of the Administration,
whether it has anything of great moment to replace
the
or
50
Re-examining the Basic Factors
As We See It
Whatever the
of
Price
BRIDGEPORT
•
PERTH AMBOY
2 BROADWAY
1 NORTH LA SALLE ST.
NEW YORK
CHICAGO
40 Exchange
Place, New York 5, N. Y.
Teletype NY 1-702-3
MUNICIPAL BOND DEPARTMENT
BANK OF AMERICA
N.T.&S.A.
WHitehall 4-8161
SAN
FRANCISCO
»
LOS ANGELES
Chronicle
The Commercial and Financial
2
For Banks,
The Security I
Brokers, Dealers only
A continuous forum in which, each
-
"41 Bid"
offer
We
in the investment and
Kavanagh-Smith & Company
Kavanagh-Smith &
Greensboro,
North
Over-
vast
the-Counter structure.
small.
divi sio
1
CORPORATION
pany
•
CHICAGO
•
SAN FRANCISCO
BOSTON
PHILADELPHIA
Wire System■
Private
centers
JAPAN
IN
Write
for
Stock
Digest, and our other reports
that give you a pretty clear
picture
of the
a
as
economy
Co., Ltd.
Telephone:
This
Is
not
orders
York 6, N. Y.
BOwIing Green 9-2895
offer or
an
solicitation for
securities
/or any particular
worth
sales
had
company
5 4.30%
J
5
return
vl,
It
worth
share
of
opening
nnn
nnn
were
1
company
has
not
--
dividend each year
two fiscal
cents!
.;
1957 to
m
1961 for
income
for
the
for
1961
increase
an
Pretax income in 1957
same
$50,900
compared to $81,300 in 1961 or
increase of 1493%. Net income
in
1957
$30,500 as compared
$413^200 in 1961 for an increase
of
was
1254%; Net worth in 1957
$461,750
Maturity
Coupon
Price
1992
5.50
100
crease
199T
5.60
101
compared i to
as
$1,800,000
at
for
present
was
over
an
in-
closing
FEDERAL
AND
CALIFORNIA
STATE
INCOME
Cend info., without
OF
TAX
obligation
on
High Yield TAX FREE Bonds.
«•••••••••••**•••••••
Address
••••«••••••••••••••
••••••••••••••
Zone•
• • •
«••••••••••••
1 CO.
rapid urbanization of'
in the : period
c^a^
^
land, purchasing
the
acreage
on
then
is
group
a
who
the
a
remainder.
technical
lay out the entire
*
SEATTIE
and
BIDG., 2nd
A,
WASH
,
MAin
CHfRRt
2-683C
• v.
por-
The '
England
as
a
;•
"
:
and
g^ e ana
llon .Wlse
0r
+
soliciuaion of
an
B35Z531
the
fact
that
mcome-wise.
Effective Distribution
in
Northern Ohio
& CO., INC.
be
any
York Stock Exchange
Member New
Hanna
and plans, have been announced
Building
Cleveland
CH 1-5671
to
L. F.
Lt>i
Rothschild
& Co., N-Y.C.
v.
i
Ohio
15,
Teletype CV 1098-99
Private Wire
^....
its
„
climb to $51-52 million and
depending, op profit 'margins,
The-company is now; geared to
rea ,^e mgher Profit margins as a
(Result of mo^e efficient opOTmtons.
torrand^teabsenre o^nra-re-^
(
offer to sell,
Developing new products, test-
ne" designs
upgrading exist^
! ! trols/Company budgets about 5 %
j )of its.sales *for research and dei ; velopment, and: last year spent
or
security referred to herein.)
■
•*.
Direct wire tq Ira
.
Haupt & Company, New York City
'<
;
.
•1,
■»
1 4 $2.4
'
million,
•
..
or
5.2%
Continued
of
on
sales.
page
19
<.
*
•:
'?
WOODWARD BLDG.
WASHINGTON,
•
Teh
304
STeriing
Arlington Trust Bldg.
ARLINGTON, VA. ;
D. C±
TWX: WA'661
3-1677
4925 Fairmont Ave.
1
BETHESDA, M0.
;
Over-the-Counter
Quotation Services
penses.
.
an
Member National Stock "Exchange,
■
anywhere from
z~y® to|.$2.00 per share or. better,
times earning^ ahd repre'r | importaht ' factors in the growth
opportunity for substan- potential of any company. Con-
as
Kaloglt 4 Company. Jtic.
-
an
i,
offer to buy,
&co
RICHMOND, VIRGINIA
®Pened » Austria- A «»«-«"»-
earnings anticipated to be
to' be construed
.''wV fy
,<*«•» •
jj>
FW.
The
man eities with tw0 ™re to
year'the'st^k^OTOr-t^Couhter !nS
Market fat $6.00^11^010^^
sub-divi-j sents
v
CAROLINA2
CAROLINA
^
primary operation is conducted in
people | seven
no circumstances
NORTH
SOUTH
the $46^ million
with
.
/T,.v
VIRGINIA
,
rintimater-knowledge of construe- the 1961 quarter while profits in; tion and finance.
I creased 68%^, from 22c per share
;
I like the company because, of
a ^care expcct-
■
BONDS
.•::
WEST VIRGINIA
than " the previous year,
vs. >$49.1 million,
company. ..
earnings were up 28%; $1.48 per
f Other officers and directors" are share vs. $1.16. Sales for the first
?less than 50 years of age ;with quarter of 1962 were up 16% over
identified
sion in the initial stage. The com-, tial capital gains. '
j
.
, '
(I his is under
'°h
^e same time, overseas opera-
?ance Company of America before lower
-
HOGE
oil and
k
m
\ margins,
completely pianned
of
ment,
MUNICIPAL
_
•
taking *
and
For the
equip¬
.
characteristic, operation,!
company
acquires a large!
of
dry
^he actiVQ management i$ young to-ptganize. a joint manufacturing
ag^ssrve^ Mr,, Roger, P,.. ,company/; with an established
S^na|
nt^.manufacturer in Milan. The sales
cmef 7J^ecUrve "tticer,- is A3 company will market* products
years old and was formerly sales made byjhe Milan company as
manager of American Ifouses, Inc. weu as products from other- Conf
A company ;ittpls Company plants. - Plans for
£
Aubrey C. >Doggett,^developing other world markets
Executive Vice-President, is are in progress. The growth po, 32 years ^ld ;and he began his .tential of . foreign holdings is sub'Sfreev as a
estate salesman. stantial, and they are contributing
iLS^wSSiw \fanportaTitIy to current earnings j
[department of Prudential Insur- Although sales in 1961 were 5%
bec°»tog
BEekman 3-3622-3
1- systems
;
a
of
r o
£01* were^ vigmously expaiided
Income for the first six ' its dynamic and able management,'
options
by
GRANDE
on
levels than had been anticipated.
track
Telephone:
base:ol
served
;
YORK OFFICE:
con¬
tems and other commercial, in.
miiitarv
nrnducts
ana military products
from $12,-
,its established record for aggresIsive promotion^of the company
that weather interfered with con- and its product, the ability to instruction
and
part
of
the
six crease sales and at the same time
months period sales were at lower
to
substantially increase profit
the
of
for home laun¬
Edward A. Salerno
months of the current fiscal year
is up 8.8%-in spite Of the. fact
land
CFC
State
return
1961compared with net income of
$302,800 in 1960, for an increase
tion
City
The
net worth in-1957 was
6.6% as compared to 26.3% on
closing net Worth in 1961, tepresenting an increase of 298% on net
worth. N^t income of $413,000 ih
In
Nam©
289%
of
of 36.7%.
EXEMPT FROM
gains. This
leading pro-,
ehT^gSS"/VT
f°mI
nVratuVationln^eVmarketT" ~
in
an
INTEREST
tal
t
caused^ bv^^he16pcmulation1"^"-
in
as
to
NEW
149 Broadway, New York 6,N.Y.
^ Hglland and
nee were
enlarSed last year and the comsctvS artd because of the'Pany's largest distributor in West
of the houses cokt Germany was acquired, providing
P^Ce.A S.sales-service offices in nine Ger-
nf -585%.
was
"
capi¬
trols and con-
as
cities
1
WA
Securities Co., Ltd.
high,
for
ducer
'Sstrial
five-year period increased .from
$220,000 in 1957 to $1,500,000 in
Obligation
tive
D A
over
attrac¬
seems
'
1950-60, population expanded 42%
mttc1
urban^ areas servedby the.
compa,ny Be iausie of
sales increase of. 386%/
a
Operating
Municipal Bonds
historic
constructed bv this
Due to the
the
; $1.9
$9.5 million
ine
is
below its
bility for" any of -the mortgages gas heating units,:, refrigerators,
acquired by conventional lenders, air conditioners, ventilating sys-
company
tocrease" from
sales
a
million
com¬
follows: Ashville (2),
opera ions
;
_
During the last two years, man(2), Durham (1), Gra^- agement initiated a number of
ham
(1)," Greensboro (8), High changes
in the , manufacturing
Point
(4),i Thomasville
(l)v operations of
its 17 domestic
Winston-Salem
(6)
and in At- plants, which have greatly inlanta, Georgia, (4).
"
! ; creased over-all efficiency.
At
management. is
period 1957-61, the
had '
or V A. .mortgage
JAPANESE
SECURITIES
stock,4
mon'
•
„.nra
that;
Charlotte
months of their
It is interesting to bote that
the
branch offices
our
Com¬
s
pany's
,
Burlington (2), Raleigh-Cary (5),
precedented rate.
,
{„
Ca+olina
any
for the
years..';'YJ
the first six
In
Direct wires to
.
f
j
.p pnf
^nh-• continues to improve its ooerat®00 to $l»r-00U.»iAt present, sup
efficiency while exoandins its
divisions are,., located in North *ng cniciency^wniie expanding, its
reporting
current sales activity is at an un-
General
or
being operated, the greater
_
net
87
paid
"
"
'
-
■
1
which
use
ine nouses constructed oy rnis
the 477 493 shares issued
■
r o
50%
commercial
company range in price
net
year
which ends Oct. 31,
1962, the company has advised us
that they will report net income
of $160,000 after tax as compared
to $417,000 earned in the last six
months a year earlier.
.
MUNICIPAL
t
;
^-H.A
$1,368,000. Earnings.per
on
NY 1-1557
-
of Con-,
price
All financing is- either of the
of
onenine
on
outstanding
and
The
.
the
the
{;
net sales
on
Exchange
HAnover 2-0700
thoroughly
«"
+
an alter tax returnf
and was a
on
30 2%
Exchange
depressed
cial land areas still held and the
increasing profit margins realized
of
re-
fiscal
ESTRO
the
reason,
1
Aftertax ^ncome^was^ $413 2oV
representingRafter^taic return
;
IMPROVEMENT DIST.
por
and repre-^g§
In its most recent year's opera-.
of
Stock
Stock
York
NewOrleans, La.-Birmingham, Ala.
Mobile, Ala.
stock can continue
earnings are rising,
ment is more than 50% eompleted,
last
7/1/62
a
de-
sions
'in net'
prjce Gf
shopping
the intervening
February,
the
American
to decline while
velop the areas themselves. Thus,
it is obvious the more sub-divi-
Robert B. Dixon
netted the company
stock
ISSUE
necessary
are
for
land
cash dividends but has paid a 5%
NEW
^he
total
1960,
which
$517,000.
in
ties
The
S
jj. does n0^ seem conceivable
on-land sales iu„n en01 rtrkTv-i-rvioi+ori
where the develop-,
tion,
Japanese
whole.
The Nomura Securities
61 Broadway, New
the
Where
!!nLifrnmMio^?coniir1
suited from public sale ot securi—
Monthly
our
v
profit opportunities for
company
whether they sell
Tl°800 000* ifSS
then
increase
increase,
sent
a paid-in
capital of
$4,000 and over
this
New
■
—;.V EDWARD A. SALERNO ■-*
1
operations *
in 1952 '
more
Members
Members
'
■>(.'«•>
H .'!
>
y-
in
increase
which
large in number, nearby
with
Opportunities Unlimited
>.d
de-
number of houses constructed are
late
Nationwide
"t
V-
19 Rector St., New York 6, N. Y.
number of dwelling
as
units
com-i
began ■
The
;
the
value
in Atlanta, Ga.
5
Teletype NY 1-40
4-2300
Steiner, Rouse & Co;
A. C. Allyn & Co.; Chi¬
111. (Page 2) ■ :
."iii.fi
t,<
development' costs levied
development
n
.Caro¬
four sub-divi- ;
sions
located
Member
Stock Exchange
'
Research Dept., A. C. Allyn & Co.,
high. Also the company makes
r
• >
Chicago, 111.
• ' \
•'*'
a practice of holding certain areas *
t v
■
V. '>»■*,
T V v.'• ,
which are suitable for commercial Controls Company of Amarica
;
n s
d.. i
e
r'
1
•
are
and with
lina
Broadway, New York
120
t
North
Established 1920
WOrth
o c a
cago,
against sales of the last 25% of
the lots is nominal so that profits
sub-
32
in
HANSEATIC
'
.
.,
sub-division
the
As
Velops,
.
priced housing
NEW YORK
Controls Company of. America
Edward A. Salerno, Research
development
largely to. the
and
As a result earnings from a new
sub-division tend to be relatively
development of
planned communities, the design,
Bought—Sold—Quoted
'
*
.
and sale of\
Associate
Louisiana Securities
Co.—Robert
&
„
of the lots sold.
25%
first
mode rate '
American
Alabama &
*
Dixon, President, United Se¬
curities Co., Greensboro, North
Carolina. (Page 2)
operates,
and
builds
charged
is
work
•
Co mpany,
Carolina, is
construction
-
Kavanaugh-Smith
utility systems.
initial*.sales, the cost of
planning
land
engaged; in * the
"HANSEATIC."
Call
Selections
country r
necessary,
the
In
Greensboro, N. C.
broad markets in any seg¬
the
^
Participants' and
Their
,
particular security.
also
pany where
President, United Securities Co.,
yourself to reach
of
week, a different group of experts
advisory field from all sections of the
ROBERT B. DIXON
helping buyers and sellers
ment
Week's
,This
Forum
B.
.
.
.
Like Best..
participate and give their reasons for favoring a
41
than
more
experience
of
years
like
Thursday, June 28, 1962
.
(2986)
for 49 Years
National Quotation
.
*
1913
New York 4, N. Y.
46 Front Street
CHICAGO
Bureau
Incorporated
.
Established
-
SAN
FRANCISCO
Volume
195
Number
6172
.
.
The Commercial and Financial Chronicle
.
(2987)
A Bond Man Takes
CONTENTS
Look
a
Thursday, June 28, 1962
\
•
At the Stock Market
•
i,
,
"i
\
'
"
1
,i
*
.
*
*
■
*
^
i
'
y
AND
-Articles and News
Sweet Bid
Y".- Bond, expert, venturing a momy-flow analysis of tha stack markst, Y >
t Is
taken aback at the paucity of new equity capital financing in the J
...
,
J/-'-.past' 15
/.
Mr*
years.
Homar
opines
our
taday
economy
would
be ;
•
'
/
healthier if this
noting a per annum ratio of S2-S2.8 hsllion equities to $28 biilicn
long-term debt flotations, Mr. Homer observes it should not be too
■
acute
scarcity
of equities
r
look at the heavy dependence
s
capital spending; outlines the
;
retained earnings
on
^
r
V
financing compared to stocks, and for the shift in institutional invest-:
ing to equities; and suggests answers be procured to three questions *
before
attempting to
gauge
the future stock market trend.*
-
-
,
V*
/
•
market
walking
not
that
does
but
it
*
«•
*
-
-
>
it
he
he
at
will
do
•*
all.
J. In ^.addition
-course,
to
new •: issues,
only a few
steps into un¬
ceeds
familiar
money-:required- to
hope
market
and
experimen¬
the
bond
market
;
-
If the pro-
the
total: of
Sidney Homer
of
show
for the whole
credit
statistics.
end of the
amounts
These
of
each
aggregates
of
demand for bonds.
ture of the stock market is so dif¬
caution
<
must
be
in
used
debt
Notice
the
market for
Over
gages.
accompanying ..statistical tables
me
digress
certain
a
*
=
not
moment to il¬
a
lustrate the method.
in
year
standing ; is
This
par.
demand
reaches
for
f
to
k
.
amount
It
dollars
borrowers
in
the
is
that
of
the
net
years.
market
the
into
from
via
:
private
are
individu¬
just
investor
about
groups
buy, the corporate bond
probably fluctuate ap-
of the
Sixties
EQUIPMENT
-
v
-
Jacob Perlman
-
'
•
21;:/
>
'
J,F»Reilly&Co.,Inc.
•
•
See It
size
Market
(Editorial)
1
39
;
/
Stocks_^.,^Y—
Bookshelf__yiaJ_JJ_
47
w_
Broadway, New York 5
DIgby 4-4970
,-
*
-
.
of
the
L.18
Notes.
-
similar
funds
1
Amarican Safety Equipment
[
Singer, Bean
i;
4.
mackie,
&
21
»26
(The)
HA 2-9000 "
the
manner
into
and
out
"net
flow
a
16
Tax-Exempt Bond Market...
of
Washington and You___^_
?
a very small share.
One
be surprised at the small size
The
year
net
a
Twice
flow into
Our corpora-:
and
$7-$10 billion
CLAUDE
D.
Our
Continued
savers
on
CHRONICLE
S.
Patent Office
Monday
Office:
(general
2-9570
to
9576
E. F. MacDonald
-
-
SEIBERT, Treasurer
J.
J
^
MORRISSEY,
Editor
news
and
'
advertising
issue)
and
every
(complete statistical
issue—market
quotation
records,
news, bank clearings, state and city news, etc.).. Other
22
135 South
•
La Salle
Copyright
class
St., Chicago 3, 111.
by
1962
William
postage paid
B.
at
States, U. S. Possessions and
$65.00
per
in
yean
countries $72,00 per
Dominion
N.
Y.
United States, U.
Union'$20.00
S.
of
(104 issues
members
Canada
of
per
Pan
$68.00
year>
American
per
year;
year.
THURSDAY EDITION
In
Company
New. York,
MONDAY AND THURSDAY EDITIONS
United
(Phone STate 2-0613).
Dana
SUBSCRIPTION RATES
;
:
ONLY
Possessions
(52 issues
and
per year; in Dominion
$23.50 per year.
r
countries
members
of-Canada
per
of
year)
Pan
$21.50
American
per
year;
• ■
W»! V. FRANKEL & CO.
""
"
INCORPORATED
'
Bank
and
Postage
-
extra).,.
Note—On
made
OTHER
Quotation
for
PUBLICATIONS
Record—Monthly,
$45.00
per
year • (Foreign
39
BROADWAY, NEW YORK 6
-■
account, of
remittances
Worcester
REctor
YY
corporation
'
Glens Falls
Y.
President '
DANA
PUBLISHER
Thursday, June 28, 1962
Thursday
Every
ST., NEW YORK 4, N. Y.
TELETYPE NY 1-5
COMPANY,
GEORGE
and
page
DANA
B.
WILLIAM
Exchange
Schenectady
1
a
1868
Chicago
FINANCIAL
Reg. U.
SEIBERT,
'
'
savings institutions plaee $28 bil-
TELEPHONE HAnover 24300
and
35 Park Place, New York 7, N.
from the sale of debt instru¬
Stock
San Francisco
Washington
48
Weekly
WILLIAM
year
ments of all sorts.
York
St, Louis
,
Los Angeles
money
equities.
issues
COMMERCIAL
Published
tions have raised
lion
6
Cleveland
Philadelphia
45
(The)_____
Direct Wires to
/
Chicago
of
represent
and out of
inc.
40 Exchange Place, N.Y.
Teletype NY 1-1825 & 14844
2
State of Trade and Industry
•
.
Electronic Int'l Cap. Ltd.
43
other
Newark
4
Security Salesman's Comer_i._——
which
postwar economy.,
of i the total net
Founded
Nashville
18
—
Security I Like Best
Spencer Trask & Co.
Boston
:
'
28
other
Albany
Electronic Capital
11
Securities Now in Registration.
Union
BROAD
Estey Electronics
16
Prospective Security Offerings_____g__
through debt-in¬
investment
our
FiEon Piastics
■
out¬
PREFERRED STOCKS
New
■
>17-
Our Reporter on Governments
In
Members
(
27 /•
and You/;(The)
;
.
Second
specialized in
19
Recommendations.,8
Public Utility Securities
.
For many years we
Investment
News About Banks and Bankers.
-
25
*
Observations
"savingsj
Table II attempts to show in
,
market will
have
MONROE AUTO
insurance
as
bond
to
_w_
Bank and Innsurance
-NSTA
the
vestors,
wish
20
B.
Policy Is
;•-/Mutual Funds_^j£i*_
only $2-$2.8 bil¬
from the sale of
new
equities while raising $5-$7
billion a year from the sale of new
totals
15
Maurice H. Stans
Card"
,
;
new
retirement funds provide $21/2 bil¬
lion net; this leaves just one-half
billion of bonds for all other in¬
these
Klaman
•
Einzig: "Cause and Cure of British. Recession"-5- ..."
which7
may
the
E. F. MacDONALD
'<
.
-
has financed
corporate
companies increase their
portfolios of corporate bonds by
$2 billion net (buy $2 billion more
than they sell), and
pension and
all
THE JAPAN FUND
14
14
Indications of Current Business Activity.—
surance
If
.
12
,
From Washington Ahead of the News_____y___^__
have
sources,
individuals
such
increase
struments
The sources of
this $5 billion of new
money will
be various: let us suppose that in¬
als.
*
this
the bond market.
what
■
*
-
■
Credit
•
ii Dealer-Broker
;
of
While I
largely
flow of savings
withdrawing from
mostly
r
Coming Events in the Investment Field—4^
greatly
the equity
market for preferred and common
stock.
Of
this
total, preferreds
are
\ *
CONTROL DATA
'.Commentary
standing debt of these three types
this
money
form.
of
*
Businessman's
fourfold to $388 billion. This is'the
out¬
billion valued at
the size of the net
new
'
As We
companies and pension funds. This
massive flow of funds has served
..
$5
is
particular
bonds
the
comes
institutions
By subtraction, then, the net in¬
corporate
tabulated
savings
at maturity or by call", or other¬
wise retire, $3 billion of old bonds.
in
DYMO INDUSTRIES
.
(
bonds and mort¬
credit forms.
money
Suppose that
all American
gross total of
corporations float a
$8 billion of new bond issues and
during the same year they pay off
crease
:"...
..
Regular Features/
an¬
$28 billion of new
is pouring into these
money a year
three
informative.
not
great- size
new
will
Let
—__.-Saul
.——
y
•
,
Dangerous—
.
Also the Gov¬
has
changed during these
,
of the facts revealed in the
prove
-
.
outstanding at >
The,se are '
investments. I
vestment markets.
ernment
drawing final conclusions. Never*
theless, I hope you will agree that
some
,
I shall
ferent from the bond market that
great
'
Monetary. Policy* Economists Oppose Any
Changes in Election of Federal Reserve Officials 44
mostly long-term
supply
attempt have not included Governments in
a start at applying the same tech¬
the-money flow total because so
niques to the equity market. The many of them are short term; and
data are inadequate and the struc¬ I want to compare long-term • ingreat
.*
Savings and Mortgage
,The R&D Payoff: An Appraisal
;Y'
It also shows the
war.
„
H
Hon. Douglas Dillon
-
->•
,
Markets
';
/
the start of each yeari
the
and
economy
sources^
in
"Government by
"
nual flow of funds into and-out of \
bonds
and mortgages
since :the
number of us for many years have
compiled and studied sources and
uses
total
'
new
Table I summarizes the net
a
;
-
.•
.
finance>-the
net
10
(Comment on Dr. /
Cobleigh's article by Frederick Shuil and
former's
rejoinder)
J
nThe New Look
put into other,bonds, this
or
->•*
YORK
4-6551
*
.
1
;
the
tal. In analyz¬
ing
resale.
WHitehall
9
_____:___,___C. J. Pilcher
•
money* put
into the market; it
,merely alters the identity of the
holders and-thus the net change
in the individual sources, not in
re¬
upright.*
My approach
is
are
STREET, NEW
"'Telephone:
Gold Stocks and Devaluation
.
of
WALL
Controversial Dispute Over Industrial
,
does not alter the net total of new*,
ter¬
to^
main
market for
7
i___
Europe Must Develop Its Own Capital Markets
old bond issues come bacK /
to
ritory
the
than
better
I shall venture
;
The
_i
Aid Bonds
market; if the amount
.is excessive, corporate yields will
have to rise relative to other yields
until more buyers are foundY
well
that
does
•'
Record
rest of the
its
on
hind legs: it is
o. n. Miner
Ahead_--_£*____^i-Alfred J.Casazza
;
Y
proximately with the rest of the
bond market;
if the amount1 of
bonds is deficient, the corporate
Others say when a bond man talks
about stocks he resembles a dog
\
Obsolete Securities Dept.
99
,.'Y
...
.
*
Present Unemployment as Compared With Past
i
Some say a bond man talks about
stocks only when they are down.
'
Why Interest Rates Will Decline in the Years 7
-
-
some
sweet!
4
;
...
.U, S. Businessmen in the Enlarging Common
.Market.,
—William Sundelson
-
well
.
*3
•
•;'.
.
.
are
u_.J_____._Ira U. Cobleigh
Cut-Rate Glamour
for heavy bond and mortgage
reasons
of Youth
V-
;
Sidney Homer
'
..Near-Term, Outlook for the Petroleum Industry
7.
source for
as
Look at the Stock Market
a
\:
;.}
,
;
.
;
-
!
1
V
y
were able to outbid the field. The» author takes an-oblique critical
.
i
;
Re-examining the Basic Factors Affecting the *"
- Business Outlook.—_i--\-w_.-_-_Jules Backman
-A Bond Man Takes
1
-
had not dsvslopad. In*
surprising that institutions—particularly corporate pansion-funds—
Yv
COMPANY
PAGE
'■
' * * •'*
JCHTEnSTEIIl
B.S.
Y
„
By Sidney Homer,* Partner, Salomon Brothers & Hutzler,.
New York City
3
the fluctuations in the rate of exchange,
foreign subscriptions and advertisements must be
in New York funds.
WHitehall 3-6633
Teletype NY
1-4040
A
*
1-3540
*
■f
market price, the more
hig-.er
lower the;
the better the value.
The
investors'
quite - sudden
turn-about in trend-following (in
lieu of bucking)
in this area is
rendered particularly remarkable
bw the relative mechanical diffi-:.
the price,
MAY
A. WILFRED
BY
x
,
.
'
termination just another entry in
PRICE-EARNINGS
a
orpiflv hpnpfit These include the necessity to wait
AnciHary, but greatly benefit ^
an up_tick 0f the quotation
to the ting the investor following real- ticker; and the tax disadvantage
price - earnings ratios
(i.e.,
istic ratio procedure, woulid be
that all profits from short-sellprice divided by the earnings per switching or the basis for
- .
are fujjy taxed at short-term
share) in discussions of the Mar- vesting decisions from the impos- rate3 (with nQ 25% capital gain
ket Bust fully continue the chronic Sible attempt to time fluctuations
,
Ceilin«l
'
omission of their definite result 0f "the" market, via ticker quotaM.I.P. Subscribers
to the shareholder.
tions, to using long-term criteria
Also Turn Around
The superficiality of the refer- in evaluating individual issues.
at
scientific
soma
but
market,
by, the
and technological
continuing
are
reversed
trend-hopping witn its irrational
poor
them
or poorer
—
by
reverence
who did sales
—
30,
selling
not
Profit
Revaluation
j.°™^ies{h°cNetL^lfncfs" and gressively;to the current posttocommon 'stock ^triber™^ de'ere^d
'sub
Dillon's so
Secretary
in
suggestion o£ 15 as
multiplier, to the Senate
a proper
Finance
that
to the fact
eSd
template
at
any
or
plier as a uniform
reversed trend-chasing be-
Th
hJio/of
and
short-sellers
the
tircal! IA Set ,gS ^
GWSL «
other multifigure for all
0 flxeci~inter~ supposition thatwill be more foolothers around to
j^h than they
est investments.
earlier
the
Since
periods,
the
comparative price-earnings ratios
of Judgment
have been reversed. In Great Britwfth nrPPPPding ?Srket perform- ain their avera§e has been falling
^npp
thP dlrprt Contrast between
secularly, now standing at 11.4,
c,Jhw financial Periodical's down from about 19 durinS the
E
1930's.± In the United States,
general adto accord
the
"The Greater Foci" in Reverse
MJp participants shows that the
stocks).
Fvpmnlifvim?
SUD
as aecieasea
,?
is-Honeywell, 60 for Electronics
Capital or 50 for High Voltage
Engineering. These figures repre¬
sent BC quotes and multiples—
before contraction, that is!
Our
The
in comparably low yields
probably on
is
ZkLtf
15
in
Ant
"Blue-Chipism" in the U. S. result
7hat ffgure
at
States, averaging up to 30%.f Only
the chemical industry, did
attributed
rn
+C1,
S,
^^tTos thS into United slant.ally."
Committee.^former
investment bankei:-bro
tionofth is
fng
substantially higher price-
a
still
price
the
depress
available
in
tide
fpatnrp
IlopR
Pro- .Switzerland's ratios have risen
that since the 1930 s, and are now over
uncritically double ours; and on the highly
pected to Climb as The Boom
gresses," and substantiating
prediction on the mere
accepted premise of trend
sion
8 °
exten-
*
.
_
Quantitative Interpretation
Some
Needed
judgment as
exercising
For
in
great latitude is in order,
need not have the
value,
investor
The
expertise used by
nonuniformity
of
of
market
earnings
(the
specific quantitative criteria, in
all countries.
.
*
,
*
*
Stock
TDr»m
STILL TREND-RIDING
Returns"Returns";
'
-
or
or
DrT.ton
'
G
'
prevails
at the "expectation of
returns";
or
Benjamin
in determining "central
via past performance; or of
in arriving
Graham
value"
when sudden
Bf
market mathematician
as
w£pn
it
„
of dividends to find "norms
lines
relations
varying rates
of
earnings
growth."
And,
of
course,
it is
not
necessary
to
follow your columnist's suggested
technique of gearing the ratio to
recovering the principal through
dividend
amortization, plus the
rental value of capital, with adjustments for growth, balance
sheet strength, etc.*
.
n-
under
But the
know
ure
the
under
short
interest
increased
from
3,266,873 to 4,610,961 shares, the
record, with the latest total being
largest since Dec. 15, 1958.
Concurrent with this rise in the
short interest, the stock market
via the Dow Jones Industrial
significance of the fig- Average was falling from 612 to
discussion (be it 10, 15, 578. On Jan. 15 last, when the
investor, or anyone else
discussing the price-earnings ratio,
should (either himself or through
an
available security analyst)
the
"23," or 123) in terms of the realistically expectable return from a
Dow Jones Average was up at 710,
share in the property.
down at 3,024,541 shares.
Making
York
City
the
short
position's
total
was
'members
of the
New York Stock Exchange, has
announced that Edwin J. Kleiman,
of
manager
the
Since Dec. 15 last, the time of
considering
particular ratio merely in com-
no
investment
practice
of
sense
tic
o
making ratio de-*..> which
falsely
assumes
a
is
the
G.
T.
of
mostpronounced—about
year.
Specializing in plas¬
in machines, ; adand techniques for work¬
films .and
hesives
x
them, .Schjeldahl has
developed - some I pioneer "^'^nd
ing
it?
with
Exchange's Department
of
Member Firms, has joined them,
net,
and
sales
but not enough
should sell at 81 %.
and will be Tn charge of their
correspondents system.
In his new capacity,
tube
lip.
Even
the
by
more
One
the
these
earth
he will be
mon
at 160.
in
defense
be
should
been
hours,
two
every
orbiting
1,000
out in space—and has been
doing so since last August. Bill¬
ings
for the
Echo II program
should run over $1., million for
1962, and research on Echo III (a
foot balloon) is already un¬
135
®
derway.
You can now
a prettv good
"converts" and
reasonable long range
There's
the
hopes for the common if
around
the
80
level.
acquired
event, Litton assays high
in earn¬
In
any
ings and stature.
Sales
have
dramatic¬
increased
Moving down to smaller and
known companies, Tower
looking
worth
specialist
Tower
be
is
a
antennas,
micro¬
transmission. This is a bur¬
reflectors
wave
might
Co.
into.
building
in
geoning
gained
a
and
on
mon
$723,600 of convertible 5V2%
debentures)
was
$.22 last year,
and is estimated at around $.40
of
Growth rate is out¬
return on invested
capital running above 15%.
The
stock
sold, in 1961," as high as
271/2, but can now be obtained,
OTC, at around 10.
towers
year.
standing,
lesser
Communications
the 768,000 shares of com¬
outstanding (74,832 addition¬
al shares reserved for conversion
net
for thsi
Communications Co.
Tower
for
field,
and
Tower has
solid reputation for tech¬
and quality out¬
excellence
We'd
and
hope
to outline
is¬
more
but space ran out. Our idea
present issues of a glam¬
ourous
nature, wherein the ro¬
mance
has been backed
un
bv
sues,
to
was
genuine earnings, and where
these
reflected in current
put in it. Sales have risen steadi¬ market quotations at quite com¬
ly from $2.9 million in 1958 to $7.4 pressed multiples.
Jerome Medowar Opens
— Jerome S.
Medowar has opened offices at
1808 West Merrick Road to engage
in a securities business,
MERRICK, N. Y.
earnings
are
Irvina Mavwq Onpns
share net
1960
and $.46 last year (on 30% larger
number of shares). For this y°"
we
would project sales of $9V2
million and net of $.70 on t1-"
1 v
525,000 common
Olympic
ing.
Pacific
million in 1951; and per
from
s ivieyerb wpens
KEW GARDENS, N. Y. — Irving
L- Meyers is conducting a securi-
1958 to $.56 in
$.14 in
shares outstand¬
Offered at 8% last December
"hot" issue) the common
quotes, OTC at 4—less than
6 times earnings for a sophisti¬
cated equity with not an "iffy"
but well documented uptrend in
(and
•
With Calif. Investors
LOS ANGELES,
Kirk has
of
California
Calif.
—
Burt N.
added to the staff
been
3544
members of the
Investors,
Blvd.,
Coast Stock
Exchange.
a
now
*41st Street,
t
has
call on it b'r ally, from $300,000 in 1956 (fiscal
buving the 3V2% debentures of year ends Aug. 31) to around $5
1987 at 94, convertible into com¬ million for this year.
Per share
nical
-
Echo I
for the
company,
of
buy it at 84 or get a
handling the firm's
f alT -relaUf°nS'
^
dev?loping„ °,f- ?ew bu?f'"ess ,a"d
performing liaison with estabs d c
-
that- the* Cellophane Corp.
exciting is the huge
balloon, made
diameter
foot
100
miles
Litton from slipping from
a
1962 high of 152% to a low of
76Vz. At 25 times earnings, Litton
Named Director
ntot°ro«ith past P®rforn?ance or risen by 1,204,156 shares.
Paul Havener, President of
fhfl
^ y existing in
Thus we see perfect demonstra- Havener Securities Corp., has
tnnSli' 7to? .mieht a11 be-tions of the "Trend" illusion been elected a Director of ABC
o
low),
a
is
rate
40%
to keep
the stock market's all-time peak
of 735, the short position has
usual
field
Company
communications satellite program.
in
New
ties business from offices at 8319
is
the
profit¬
(year ends July 31, 1962)
and
earn $3.25 against $2.30 last year.
This is an attractive enough boost
Broadway
Secretary's Department, and, prior
y
oumpea oil.
t0 that, served as a credit manager
uP-dated figures showing at Cluett, Peabody & Co., Inc.
the activities of the short-sellers,
; :
a
.
Publicized by the New York Stock
]NJnw Ampriran Fmnir#*
Exchange, disclose that they have
1>ow American empire
already been "bumped" and are The firm name of Empire Planriding trend-wise in the opposite ning Co.. 100 Van Cortlandt Park
direction.
South, New York City, has beQn
From May 15 to June 15 the changed to American Empire Co.
greatest month-to-month rise on
„
Meaning for the Multiplier
26
Hickey
U
»
Company
veying and in probing the ocean's
depths.
Litton should do $400
million in business in fiscal 1961
Mr. Kleiman was also previously
going mgber when ^ is associated with American Metal
''J '
jLr+°Wff
f-i Climax> Inc« as counsel in the
"
Nicho-
Molodovsky in correlating vast
series of data pertaining to trend
f.
°u
ftok
}^ Z
1- t d°wn, and is
Schjeldahl
Northfield, Minnesota.
The name is
hard
to
pronounce,
but growth
photography, magnetic sur¬
aerial
are entailed. As per- responsible for
r7t'rv^
las
of
even
or
future
a
re-
veal that the. Proclivity to follow
trends
acco^ding^to ^e&grovvt^ rate11 of reversals
income";
F§ R Macaulay
net
1
TT*
V
&
stock
Reports of some investing groups'
rapSt^ an dl^tSCofUI*^Trae^nvest- Pos^eak. behavior already
ment.
ment
U UIIlO
Firms Division in the New York
omnie
T.
Schjeldahl
fields, in facsimile transmitting
and recording of sound, a builder
of
nuclear
submarines, tops in
& idLlCKGV
y
recently
in
S. Eliot Guild, the author of
O
tt#i
ratio) surely underlines the need for value ap- Vilapraisal of individual Lsues un New*
John Burr WU-
calculating the present
worth of future dividends; or o£ an
hams
The
be
Take Litton—it's got
TrvmQ
to price-earnings
of a particular P/E
affording investment
the adequacy
ratio
speculative Tokyo Exchange, the
ratio has risen to over 80, an al- TZ Inirncm
most quadrupling of the U. S.'s.ff JMGlIIlall
capitalization
now
to
j
highly successful products. • It de¬
everything veloped and produces1 high-speed
W «W. «.*«•; Ami**,
"side weld", machines for making
a
scientific stock ought to have.
Economic Review, December 1939.
polyethylene bags, thermoplastic
t Financial Times (London) Index of Volume business, top-draw scien¬ adhesives, super pressure, high
tists, efficient cost, sales and
§ Moody's
Average of 125 Industrial
altitude
balloons
and
a
special
financial management, and leader¬
polyester laminate that proved of
ship in many exciting areas. Lit¬
flCf. "Observations," Nov. 2, 1961.
unique value in the Polaris firing
ton is a major in many electronics
'
'movCompos"
llJ?i JL range, m.,me ia\e .^S,
FORECAST FOR STOCK RATIOS
-Price-Earnings Measure Is Ex-
are
appears
Litton Industries
Capital:
the December peak of a
article captioned "RISE IS
G.
search-slanted
But, how regressive an
tide? And, where is the moon
that will reverse
what
at
able company in. a specialized re¬
logical.
ebb
glamour stock,
to wait for
a
Another progressive and
is
issues
romantic
more
and
sensible price-earnings multiple.
The
problem of re-evaluation is
not easy. When we have watched
the 30 renowned and tested Dow
Jones shares recede 30%, an ebb
pays an excessive, price in confidence that an even greater fool
than he will later take the issue
off his hands at a still more In.
Nike-
,
earnings, and the shares
a
Our
further.
,
Here, again; is
as
Titan
1
where you don't have
which these
stocks, and others in the glamour
category, are either sound values
or
outright bargains.
They were
too high before; but, perhaps, the
pendulum has now overswung in
the opposite direction.-
(During Bull Markets the buyer
craft
or
Apollo,
Saturn,
Minute Man.
find prices at
to
margin
celestial missiles
problem for today is not to justify
these earlier :and exalted levels,
but
(ending June
of $4.5 million and' an
per
share net off 52c.
about
Zeus,
1957.
time' of
of
has been1 running
15%, before taxes.
Astrodata makes timing systems
and
equipment,
data
handling
systems,
and
amplifiers.
About
90% of production goes directly
into aerospace programs for such
President Kennedy's t Although judgments concerning behavior are the subscribers to
We can't, however, by tears or
"unjustified" 23-to-l yields and ratios should be based the stock Exchange's Monthly Innre-Break level, to this explana- on currently realistic factors, their ves^ng
plan. Exchange sources repining or apt quotations from
tion of the market debacle as ex- very long-term trend?disclose that whereas during the Shakespeare, bring back firm bids
pounded by the lowliest market with other countries, is interesti
^late»» Eldl Market rise sucn in- of 256 for Texas Instruments, 60
casualty.
! '•
Up to the late 1930 s, in European s^aiment buying increased pro- for Transitron, 133 for Minneapol¬
Even
buffeted
elements
for fiscal year
1962)
estimated
them.
citation of its
widely quoted
shares,
evidence
Antony,
from
gamut
to
speaking of the earning power is one with a most
and
just
departed euphonious1 name •— Astrodata.
Caesar, said it well: "Now lies he Underwritten last year at 9, As¬
there and none so poor to do him trodata common is outstanding in
reverence.!' < So itris,i almost,, with the-amount of ; 650,000 shares and-'
the glamourous
scientific stocks now trades, OTC, at about 514.
that two years ago led the legions Revenues and earnings have been
in the marketplace; and now those in a rising trend since 1953, with
manifesting
Also
Comparative Records
look
new
about
perforated
,
is being mani¬
commentary running the
to the term
A
Mark
£
fested in
Thursday, June 28, 1962
.
genuine merit, and hopeful prospects for patient investors.
RATIO?
ences
.
.
By Dr. Ira IL Cobleigh, Enterprise Economist
in 'e{fectlng short saleg.
current references
The
Financial Chronicle
Cut-Rate Glamour
attractive the sale; and the
OBSERVATIONS...
WHAT
The Commercial and
(2988)
4
Astrodata
science
in applied
boast-significant
company
that:
can-
Harrison & Co., 40
York City, mem¬
of the New York Stock Ex¬
Wall Street, New
bers
earnings.
Another
Henderson, Harrison Part.
Henderson,
change, on July 2 will admit DunBruce and Philip M. Brett; Jrf
tan
to
nartnershio..
,
.
..
t.
~
Volume ,195
Number 6172
.
.
.
The Commercial and Financial Chronicle
(2989)
in the rise of the.standard of liv-
Cause and Cure of
tiveZeg t6n y6arS °f COnSerVa" But,it W°U.ld haVe t0 *sist
similar gesture of goodwill on
uve rule.
.
.
....
sur «-ab^~r^
therefore
piesent
advaii—
Present great
advan-
A Vwv/vyOOlV/il
tages. What
tion
By Paul Einzig
The
problem, is followed by a suggested temporary solution. Noting
"pay restraint" maximum of Vk% has been disregarded by
labor in
•
policy* for one > year and, during the same
period, > old
increased.
substantially
be
than
more
a
iimex
fV»n
am
production the
exactly the,
months
RTilnin
in
Britain
it was 12
output in
same
as
purchasing power
should take place in circumstances
\xrVl
1
WAllIrl
it
r»Vi
Bnt
lppfl
to
a
notewortny
unused industrial
in-
snows
in
crease
pacity,
and
decline
a
scarcity of skilled labor.
the
^
for
orders
concerning
consumer demand
also far from encouraging. As
equipment and
are
in the
United States
in* Britain,
so
the business lecovery confidently
predicted for
1962
by
official
quarters ana by most experts has
not
S9 far shown
materializing.
signs
of
increase
in
any
absence
of
an
demand
consumer
perplexing
m
particularly
the wage
is
of
view
-conceded,
increases
week
afcei
week, most of them well above
the governments
pay restraint
margins
v
;
of
is
largely
course
sponsible for the decline in
United
a
maior
sys-
^ovprnmpnt
concession providing for a sub13 ,^afh °£ ^ina®e, TT
a.
Scheme
surance
for
oh the con-
pg^icid of 12 months
dition
Wit
that
for
the
unions
trade
period
same
accept the gov-
nolicv of
ernment's
ir{ Britain
There ig
ir._
limited
hunted
a
oav
a
restraint
strong
very
mare
n
nrmnrnilnrit.v
British
to
Elects Vice Pres.
to whi<:h U would be accompanied
would
turnover
in
ture11 As ^result the^net^tt^f
profit margins, thanks
limitation of
lnprpnspo
limitation nf watfe increases
wage
2%,%.
/.•
.
moderate"
10
U«
Wp
X13VG
it
old
would
-
fusal" bT
iubai
uut
by
pay
fhp
in
solutl0.n to the
restraint
ve^l n^adv
...
for
an
the
not
next
nthpfr*
towards
poTicv
n
t
an agreement on
aimed at bv the
12
rtei*J ~
wages
eovei^
SyD T-
re-
just
age pensions,
unions, by agreeing to the
pay
hp
blocking the solution dn refusing
12 months'
rj1
,
as^tjtu^ jUlains, of _the ^ece_ by
to agree to a
.
bonus, without preju,
problem of old
openly
appear
<
assume tne form of a
SSi
.inirmo
nensioner^
aee
TO
#
that the trade unions, confronted
with a really generous offer to
utterly reluctant to
?
^
+propoSed lllcrease would
The
J
i?
v*
posal would be relatively
m
Vv-V
-
,
n™tn^oi
to
tu
R. F.
von
Hoffman
govern-
u
such 'temporary6 solution,0 amidst VkeTTesiden™"^"^
atmosphere the charge ot the tirm's operations
"u' ?Tevailin.?
vvnn- cnarge of tne firm.seoperations
Tutting toward
putting
forward
elaborate
T
counter
c
w
J.* "3
months of "breathing space" pro- tl0£ wj^wh might well result in associated with L. F. Rothschild
vided under the official proposal. a ^reak;,X°1'^h 1?, the economic & Co. He was formerly a governor
Whether ^ government 0f the Bond Club of New Jersey,
snhsistpnpp
harp
a
IpvpI
THp
ann?hSJ'
L
Y
..
f
,
it'ctanrfl tn £
Wai,L if i
nvfthliP
P
P'nv-
a.
'
.
hv
IAnnm«c RyatiA
m
P
.
®
Weie
William Jennings & Co., Inc. has
nnpr.Pf3
a
hrnrioh
nlfipp
,UW
J U.-J2
*
(lrj This is not an ofer of these securities for sale. The offer is made only by the Prospectus.
n,
June 22, 1962
NEW ISSUE
although the .remedy I
below is meant to apply
British - situation
only, I
reason,
the
to
have
little
that
doubt
with
$20,000,000
due
adjustment it could help also in
other similarly placed countries.
Root
Since
is
the
the
of
root
the
contrast
consumer
and
demand,
trouble
the
between
inflation
cost
Pet Milk
Trouble
of
Company
any
'(
...
r
non-stop
inadequate
due June 1, 1982
4%% Sinking Fund Debentures
effective
remedy must take this paradoxical
situation into account. It is
that
tial
essen¬
devices
possible
to
conceatrate
on
encouraging
demand while keeping down to
a. minimum
any stimulus to cost
inflation
that
would
inevitably
follow their success in revitalizing
inflationary
'
should endeavor
as
far
Dated
Due
June 1, 1962
June 1, 1982
as
Price 99.33% and accrued interest
demand.
The
worst
could
•
thing that
happen would be
present state of affairs,
the
if
possible
possibly
which
under
wage
in
conceded
♦V
spite
the
of
.1"
,ti-
,
,i'
*
:
*
i
,
> ft
f... f
• r
<■,;
i
Copies of the Prospectus may be obtained in any State in which this
increases are
announcement is
in¬
adequacy of profit margins, were
to continue during a period of re¬
flation. Any further accentuation
the
undersigned,
circulatedfrom only such of the underwriters, including
as may
lawfully offer these securities in such State.
of the contrast between the'trend
and
of costs
sult
of
even
demand
from
as
from
making
a
re¬
discour¬
expanding
or
better
of
use
Incorporated
Julien Collins & Company
G. H. Walker & Co.
existing capacity.
The
use
of
conventional
re¬
flationary devices, such as Bank
rate
reduction,
relaxation
of
credit control,
abolition of re¬
strictions on instalment financing,
reduction
of
purchase tax and
other indirect taxes etc., would
admittedly tend to stimulate con¬
sumer demand. At the same time,
however, they would also stimu¬
late wage inflation. Indeed, higher
consumer
demand
would
strengthen the bargaining
of
Kidder, Peabody & Co.
reflationary
further
would
industry
age
its
of
conventional
measures
trade
union£.
therefore," that
further
power
It is essential,
the: increase in
Eastman Dillon, Union Securities & Co.
The First Boston Corporation
Blyth & Co., Inc.
Lazard Freres & Co.
:
-
Merrill Lynch,
Lehman Brothers
Pierce, Fenner & Smith
Incorporated
Dean Witter & Co.
Shearson, Hammill & Co.
A. G. Becker & Co.
Incorporated
Hemphill, Noyes & Co.
"
Francis I. duPont & Co.
>
.
/
Paine, Webber, Jackson & Curtis
Hornblower & Weeks
•,
.,
Riter
Co.
W V r
milS Jennings Branch in N^Y.G.
other industrial countries. For this
propose
i
in
^aJlces
pro-
"v X I
y
in
an agreement on a the Boston territory, with head¬
posals. In face of such anatt.Pude wages policy are virtually non- quarters at 30 Federal Street.
A member of the New York City
government could
the government could reply that exls en '
a11 those and many other points
"These are the broad outlines of Sales Department staff since 1959,
sncuid be discussed during the 12 J;. e argumentsnn lavor of a solu- Mr. von Hoffman was previously
highly
_&_y
pensioners and this
Evidently it would take many
confined by any "months of hard negotiations to
means
to lower
income groups, reach a detailed agreement and
indted) one of. the reasons for'meanwhile
old
age
pensioners
the conservative's Government's would have to continue living on
innroacincr
the
say,
rum
resulting ri£
not
js
oen-
Seen
for
and
States
mvti
lot of old age
feeijng
Cost
re-
.It
seems
probable
that
the
diagnosis is substantially the same
the
hv
to
of
sioners was sheer hypocrisy-
new
industrial capital expenditure and
for .the increase in the extept of
unused capacity.
for
existing British
this end could and should be
nf,hipvpd
feeling in favor of improving the
,
■The
Under the
ca-
in
Needless
cau«e
of
anv
and
JIB
rnrnntlv
recently
ti.em,
VM
the
Harriman Ripley
Net
__
possibility of such limitain which it would not lead to an tions would be, of course, the crux
accentuation of wage inflation, or 0f the problem. But it is a matter
in which there would be at any 0f elementary political psychology
in
Figures
published
hv
fhn
by
the TTnOnratinn
Federation nf rat.n a1 Useful time la£T between
of rate a useful time lag between
British
Industries,
based
on the rise in the two curves.
answers by its many members to
a questionaire circulated amongst
Suggests a Cure
ago.
Moderate
of
sionerfLsshiS hvn^riT PS"
Budget could ill afford the addi-
benefit
moderate amount.
industrial
of
nrufnnf
Lakp
which
prices
LONDON, England—According to consumer,
latest
Tundreds
to
in
a
a
is
CvnonrlHnvn
pro-
is
innmacn
on
am
are
then at lea«?t nnhliV nnininn
woufd kliow S« Zvent
advocacy
pounds within the
Unlike other reflation
schemis to stimulate demand, Dr. Einzig opines his plan should keep
the stimulus to consumer demand from, at most, adding to costs
pensions
age
nf
neorttiatmric
rades
mT^ 1 i oTo tional burden. On the other hand, BOSTON, Mass. — Harriman Rip^xt 12 months a business, recovery would be ae- ley & Co., Inc., underwriters and
would sreatlVencourase
c?E?Panled by an increase in the distributors of investment securiIndustrial production-—provided that
it'Sstriint' TnniTr
pa."*'as>"bas anno,uncc.d the election
is
W,* ;festraint would limit the extent
iruo
obtaining higher wages in the face of increasing excess
capacity, Dr. Einzig proposes labor accept the Government's "pay
restraint"
important
more
eerf>iintv
yTiClimnr
how
m^nrlnnfi
much
the
the
ceeding.
tnat it would break the economic
deadlock.
ExpSanaticn of England's failure to achieve full recovery, similar to
the
is
ss&is negotiations
whilp
while
the existing situa-
m
a
the
part of the unions in the form of
'
..
%°ln.^socl,al and Po^calpoin
British Recession
J—^X.'X blOll
our
mosphere for those (negotiations,
'
5
,
Schwabacher & Co.
&
at.
9.
Wpst.
The Commercial and Financial Chronicle
6
vicissitude,
political
Tax-Exempt Bond Market
the*
in
better
the
state
has
future,
near
$1,000,000
v
scribed
this
week
writers
reporting
in • the daily
press. These frequently confusing
descriptions depended on the day
and upon the emphasis placed on
of less than top
any or all of the multifarious fi¬
nancial,
economic and
political ticularly • those
that
financial
Late
period.
the
market.
after
several lesser
issues
new
mar¬
on
the
This
of several recent
nants
new
current
rem¬
issue
had
been
done
inventories
and
accounts
than
for
of
total
weeks.
The
Blue
less
or
pivotal
amount.
The
reduced
to
total of this
$500,000,000
calendar
the
more
had
lightest
.
habits.
:
..
-
,
Canada's Problems
On
the
of
heels
the
tors,
of
improved
internal
the
sive
of
concerning
financial
other
•
and
the
severe.
major- members
-
of
varied
demand.
%
$1,500,000.:
assortment
The
Cedar
-
Kansas
Bank
and First National City
best .bid
the-
submitted
for
so
political difficulties and problems
abruptly
shocked
an
already
Bank
$7,-
Wall
Street
community.
alpng with its world wide millions.
bid-for
shaken
Strain
on
Market
Although the Canadian troubles
City S. D,, Mo.—
T'
Noori
7:30 pm.
8:00 p.m.
1963-1977
2:00
1963-1984
7:30 p.m.
.
p.m.'-
1964-2001'
10:00
1963-1982"
10:00 a.m.
1963-1977.
2:00 p.m.
a.m.
■
-
1963-1982
-1,600,000
-
Noon
,
-
\
*
July 10 (Tuesday)
1,040,000
1964-2001*
11:00
a.m.
1,410,000
1965-1992
^7:30
p.m.!
1,250,000
Tex.—_
1963-1972
;
Disposal District, Ill.___
Angeles Sch. Dists., Calif.__—•'
ll:0d
aJR;
:
10:00
a.m.
1964-1982
Noon
-L__
3,915,000
21,000,000
———
20,000,000
23,000,000
No.
1964-1982
1,472,000
1963-1972
R-l,: Mo.„„
;
.
./;•
.
V
;
D.-
S.
Toledo, Ohio
.
Y
2?3"o"p~m.';
1963-1992
1,300,000
Co.. Hazelwood
Louis
St.
8:00 p.m.
*
Noon
July 11 (Wednesday)
from
came
1963-1984
1963-1992
1963-1980
July 9 (Monday). :
...
•
net interest cost of 3.18%
the syndicate headed
a
-
Memphis; Tenn.
the
Second -best
bonds,
No
11:00a.m.
' 2,500,000
:
Los
..
3.141%.
July 2 (Monday)
.
a.m.
1:00 p.m.
r
5,000,000
'Greater Peoria Sanitary & Sewer
offerings that don't exactly fit 500,000 c.Macon, ■ Georgia various
begging,; purpose (1964-1992) bonds setting
to speak.
t ;
;
an
annual
net
interest .cost-of
.
.
:
Decatur, Ala.-——
Trust^
York
11:00
1963-1991.
2,500,000
1,600,000
—
-
Co.
t.
Corpus Christi,
New
2:00 p.m.
1962-1981,
10,000,000
Adelphi College, N. Y.__
Bloomington Ind. SD #271, Minn.-
syndicate headed jointly by
Chemical
...
%
•
.
..
..;
...
Falls, Iowa
>
the bank buyers' ideas go
and
1966-1982
a.m.
8:00 p.m.
'
The
>
11:00
1963-1991
1,220,000
2.400,000
4,997,000
Board of Regents
the
issue '.attracted good
present balance -is
grade
high
On
institutional and
is presently pas¬
hand,
investor interest
this develop¬
technical fac¬
reports
Canada's
.•>
day V For many of the new issue of¬
ferings, competition
among
the
year.
Other
*.
2:00 p.m.
1,875,000
1,095,000 ' 1963-1982
4,735,000
a.m.
2:00 p.m.
,
The
.bank dealers has been
ment
in in¬
10:00
1963-1992
.
change
basic
any
needs.
been
30
1963-1982'
1964-1981
Second
bank interest -winning group include, Eastman
Co.„
continues to domi¬ ^Dillon .Union -.Securities
nate the market situation. They Goldman, Sachs •& Co., John Nugenerally have plenty of money -veen & Co., Equitable Securities
for high grace state and munici¬
Corp., Blair & Co. and Weeden
pal bonds and the prevailing level •& Co. Scaled to yield from 1.70%
of yields appears suitable to their •in
1964 to 3.35%
In 1993, this
municipal bond offerings
5,000,000'
1,100,000
of Texas, College Station, Texas
Boyle County, Ky
Canandpigua, City S. D*, N. Y._—.
the. bonds,, a. 3.1iB2-%
for
in tax-exempts
List
had been reduced below the
to
vestor
gen¬
erally had been reduced to mere
viable proportions than had ob¬
tained
...
.
best .bid
,
,
1,800,000
Point Pleasant Sch. Dist., N. J—-,
'Port Arthur Indep. S. p.; Texas—
1,950,000
net interest cost, came from; the- Richland, ^Vash.
Tax-Exempts
:
— *
.2,115,000
V
situation
relates
to
the .account headed by the First Na- St:; Joseph's College,' Renssalaer," i -Indiana .-I*-.—-1,71)0,000
pattern of demand rather lional. City Bank. * \- ';
3.157%.
tost" of
"interest
keted at tnat time. A good cleanup
job
'
Aggressive Buyers of v
Banks
writing and the favorable disposal
of
f
under¬
California
successful
only limited investor interest
and
then
usually at prices ad¬
versely related to the high grade
tract
tax-exempt
steadied
had
•
Cranford "Township S: D., N. J
. Forrest M2ounty> E. Forrest Utility
- District, Miss.
______
ing.. results. The" group: headed Irondequoit W. Cent. SD #3, N.Y..
jointly by Halsey, Stuart & Co.,' Ishp Central Scfc, Dist., #7, N..Y.
Smith, Barney & Co. and Kidder, Metropolitan San. Dist. of Greater
Peabody & Co, submitted the best >
Chicago, 111
——
—_
bid
for
$8,100,000
Indianapolis, New Richmond Exempted Village
Indiana
sanitary' district (1964School District, Ohio————__
1993) bonds setting an annual net Orange Indep. Sch. Dist., Texas—
grade, and par¬
" offerings
- with
current coupons, at¬
than
lower
to
feverish
yet
c>
week
last
close
come
brief
market
bond
the
have
this
in
modest
signify the accuracy of this $150,000,000 but included nine, isIndex. However, there are factors sues of general market importance
that would limit this generaliza¬ .which were-competitively bid for
at
relatively
high " levels. Last
tion
largely to the- high grade
general obligation municipal bond Thursday two issues of note were
market. Secondary market items sold with generally good reoffer-
financial
by
totaled,a
week
past
we list the bond issues of
for which specific sale dates have been set.
_
would
been
or more
June 28 (Thursday)
Agricultural & Mechanical College
The calendar of sealed bids for
the
offerings has been at a level that
municipal bond
variously de¬
and
market
focus
Thursday, June 28, 1962
.
Larger Issues Scheduled For Sale
and ^ well
Recent Awards
V
factors
.
Fitica? scene'change so^etew" for In the following tabulations
By DONALD D. MACKEY \
The
.
(2990)
v
1963-1971 : Noon
1,710,000
1968-1990
11:00 a.m.'
3.800,000
naZZZZZZZ^ZZZ
dipped and slid, so did bonds and ; market effect for
Other major members
of the Litchfield Hideo. SD #465, Minn.'
3:00 p.m.v
1,390,000 : .1965-1992'
in the tax-exempt field the dollar in view of .our. United .States' ad¬
'
"l
winning, group include John Nu- jgt. Louis Co. Ferguson: Reorgaru
quoted issues there •was' an im¬ verse balance of payments-prob¬
veen
1964-1981 8:00 p.m. •
Co., IVertheim & .Co.,,,
S.-D. N0i R-2,
2,000,000 ;
which
mediate adverse effect: • Business lem
partly derives from
•■-J CL-i
4.
L
If
tJt
>*7
\
*
Thalmann
&
Co.,
• •
_>
-v
the persistence of our low interest- ..Ladenburg,
in the broader category of 'gen¬
Weeden & Co. and Goodbody & ; ;
;
.'
July 12 (Thursday)
eral obligation serial bonds was rate structure ana its encourage¬
Co. Scaled to yield from 2.00% in Central Regional H. S. Dist. Ocean
to. monetary
for the most part stopped dead. ment
outflow,
it
1962-1981 ;
8:30 p.m.
1965 to 3.30% in 1991, the present
,1,595,000
County, N. J.—__
Offerings held up- but the bids would appear to us that the tax1965-1890, 11:00 a.m.
balance
is
25,000,000
$2,885,000.' The. 1992 Florida Pevelopment- Commission
faded temporarily at least.
exempt bond market has reached
4,100,000
maturity carried a Jk of 1% cou-. Hillsdale Local Sch. Dist., Ohio__
On
M o nda y,
Tuesday
and a; level that could be approxi¬
St. John jThe Baptist Parish Sch.
mated for the rest of the summer pon and was sold at a 4.25% yield.
Wednesday of this week the bond?
District No. 1, La.-__^_-J-r.^__^_
On Friday and Monday of this
1,900,000
1963-1983 *11:00 a.m.
market headlines, a relatively new1, unless the government sees fit to
week
there
were
no
important Tarrant Coifnty Water Control &
financial t section 'feature, - have ' arbitrarily ,harden money. Busi¬
1964-2001
11:00 a.m.
new
13,500,000
flotations, but Tuesday was
Improvement Dist. No'. l|, Texas
been at times dramatic as they ness demand for money is cer¬
1963-1982
Noon
a
a banner day with four important
Washington Local Sch. Dist., Ohio (, -2,400,000
have
scare-headed
tainly not going to strain either
the
nervous
loans on the schedule. The largest
5
tensions involving the bond busi¬
our,
banks
or
our
investment
%';
July 16 (Monday)
sale involved $14,150,000 Pennsyl¬
ness and the weak market
precip¬ bankers during this summer pe¬
8:00 p.m. '
3,000,000
vania State Public School Build¬ Cascade Co. HSD No. 1-A, Mont. itated
anew
s „•
by
the
Canadian riod.
; /
.
1963-1982
Pima Co. S. D: No. 1, ArizL______
3,782,000
The state and municipal bond ing Authority '(1962-2001) revenue
difficulties.
bonds which were bought by the' Westfall Local Sch. Dist., Ohio.I■- ' 1,395,000
calendar
i'
V ■'
is, lighter than it has
:,
Headlines Misleading
--JnW 17" ITnpdiVl
been at anytime this year; less Halsey, Stuart & Co.; Inc. group
at
a
3.48699% net interest* cost.
"
c,
n
S
Z
Actually however, the tax-ex¬ than
$350,000,000' through July
The runnemp bid, designating'.-a
2:00 p.m. ;
1964-2001
empt bond market, and for that and it is likely not to be aug-..
1,587,000
3.493%
net
interest " cost,
came
r,
J
^ •
matter the bond market generally, mented'by
^
4
■
any
king-size issues,
from the Drexel & Co. and The Cook County, New Trier T<j»wnsh p
has not been as
1963-1980
8:00p.m. adversely affected negotiated or otherwise, during
1,825,000
High Sch. Dist. No. 203,j 111—--First Boston' Corp.% group.
-V. . T ^ ++ r
as a glance at the financial head¬
this
period. Although Treasury
2,500,000
Other major "members
of the y* t
lines
6:00 p.m. *
1963-1985
during this period might financing is going to be heavy in
1,350,000
winning group include C. J. De- if,'
11:00 a.m.,"
1965-1992
generally indicate. A lew of the the month ahead, it seems not
44,000,000
vine & Co., Goldman, Sachs & Co., Crland0 Utilities Commission, Fla.
so-called speculative dollar quoted likely to be in any way dislocating
25,000,000
Glore, Forgan & Co., Kuhm, Loeb Michigan, (State °I) --"—"~~~
revenue
issues have been hit- in since „the 1 operation, has
8:00 p.m. •
been
3,385,000
& Co., Blair & Co., Ira Haupt & • PhLoemxville Area Jt. S. Apth., Pa.
proportion to their, stock market thoroughly publicized and planned
Co., Stone & Webster Securities-. ■: -v' " ■'>
"
for.
Some
recent ease in
counterparts but the bond market
July 18 (Wednesday)
long9:00 a.m. >
as
a
whole and municipals par¬ term
government
issues
could ,CorpA'. Salom°n Brothers & Hutz- A]abaira ctate Bd
Education-.;,' 2,126,000 1964-2001
2:00 p.m.:
ler, R. W. Pressprich & Co., Bear,
1964-1982
<1,000,000
ticularly ; have
weathered
the presage another helping of some
Morristown, Tenn.
Noon
1963-1982
present financial dislocation thus "advance
2,500,000
refunding." * However, -wea^Sc& iC2'+an?
Northwest Local S.. D., Ohio.-_-_
far in formidable fashion.
' the bulk of the job will involve Weeks. Scaled-to yield faom i.50/o university of South Florida (Bd.
v.-;-,."
in
1962 to
3,./0%
in
1998, this short-term
market and -the
of Controlj
Insofar J as high grade general the
,
2,430,000 ; 1964-2001
11:00 a.m.)
are
of investors and traders. As stocks
likely to represent
a negative
sometime .and,
.
by The Northern .Trust Co.
;;^^e^
'
'•
•
-
,
•
'
-
.
r
,
.
"•«*'
1
.
> i
f
,
"
.
"
.
,
'
.
_.v
-•
■
,
-•
.
•
.
.
.
-
^irnbiower &
-
obligation, tax-exempt
concerned
the
market
bonds
has
are
shown
little
On
change during the past week.
June 20, The Commercial &
Financial
based
aged
Chronicle's yield
actual
on
at
3.092%
Now
3.092%.
again
issue
Index
offerings
The
this
aver¬
Index
was
during the
last few days, for the high grade
ON
seems
With
new
the
issue
culled
well
prepared.
state
and
calendar-
of
large offerings in the
ahead, and with dealer in¬
ventories. in
better
shape than'
they have been since mid-April,
month
being
and
The
ried
and
SERIAL
ISSUES
Maturity
-
H,«'l
3.40%
3.30%
3%%
1981-1982
3.30%
3.15%
New
Jersey. Highway Auth., Gtd._ 3%
3V4%
Pennsylvania (State)
3%%
1981-1982
3.15%
3.00%
New York State
1981-1982
3.15%
3.00%
1974-1975
2.85%
2.70%
Delaware
1981-1982
3.15%
3.00%
Housing Auth., (N.Y., N.Y.)_. 3%%
1981-1982
Los Angeles, Calif
3%%
1981-1982
Baltimore, Md
3V4%
1981
Cincinnati, Ohio (U. T.)
3V2%
1981
Philadelphia, Pa
31/2%
1981
♦Chicago, 111
314% : 1981"
v
New York, N. Y
3%
/
1980 ;
3.15%
3.05%
2.90%
New
_____
availability.
to
1998
2001 maturities
one-tenth^ of JL%
a
were
marketed
27, 1962 Index=3.092%
_¥T.
at
a
'
•
The
Wisconsin
loan
due
1992
4.50%
a
'Arizona
3.30%
3.15%
3.00%
the
addition there
3.15%
3.00%
3.25%
3.30%
3.20%
3.35%
3.25%
interest cost,
Blyth
&
ranging from
interest
Other
were
a
Inc.
In
grotip.
3.408% to a.3.43%
of
the
winning syn^^^ include HarriContinued
on
page
Noon
44
■»
>h,
,<
x
,
;
or
j
,
/1IT
\
1962-1987
San Diego Unified Sch. Dist.<,
1964-1983
•
"a
•
•
-
--
"
-t
2,000,000
August 6 (Monday)
<•_
-
•
_
/rr,
^ ."
San
'•
1
:
-
-
,1
~
j
'•
<
.
—
—_
Wichita Sch. Dist. No. 1, Kansas—
■
1,086,000
-
—--—-—-
* '
August 8 (Wednesday)
Antonio, Texas—20,000,000
:
2:00p.m.
-
'
2,880,000
;
*
-
1965-1974
1,555,000
7,250,000
Los Angeles, Calif.__j—1_
________
__________
Augus^t 7 XTuesday)
;
j
-
.
—____—11
College Dist,, Ariz.__
r.
v
j_lt\
j
/iir
August 1 (Wednesday)
*
Beverly, Mass.
Yuma Co. Jr.
14,827,000
Calif,
j.
>
; 10:00 a.m.'
Louisiana (State of)___—l_—-20,000,000
»
•
'
"
•
July 31 (Tuesday) "
West Allis, Wis——
members
11:00 a.m.
1963-1987
*^ (Wednesday)
two other bids
cost.
major
1964-1977
\
-
-
'
syndicate
which was made'by
Co.,
2,100,000
-
i__
.
Tliis bid compared very favorably
with the second bid, a 3.400% net
F
1963-1982
July 24 (Tuesday)
Anchorage Indep. S. D., Alaska--4,250,000
Smith, Barney & Co.'on
3.40%
3.35%
'
.
net interest cost bid of 3.3997%;
Noon
1,300,000
Mesa
Dists.,
_____L_-_-_i_
of
Rocky River, Ohio
a w a r
the
1963-1982
12,400,000
Dallas, Texas
Maricopa Co.
State
to
"8:00 p.m.
1963-1982
.
July 23 (Monday)
car¬
Agencies
d e d
$13,185,000 • revenue ' bonds- due
serially 1965 to 1982 and a term
headed by
2,080,000
: 1,500,000
N, J.__;.-_____
Montgomery Co., Va.
Haddortfield S: D.,
coupon
A
.
Building Corporation
1982
•No apparent
offered at
was
„
<
Rate
June
a
tax-exempt bond market ap¬
yield.
"
F
in good shape to absorb the
impact of- any further stock mar- Wisconsin Issue Attracted Strong
3%%
(State)__i
The 1997
2xfe% .coupon
a 4.00%
yield.
about $4,800,000.
rpatvirity carried
pears
REPRESENTATIVE
California (State)
^Connecticut (State)
July 19 (Thursday) *
interest, the present balance now-
municipal
apparou..i.y
the
week.
bidding,
MARKET
way
issue met with moderate investor
,
'
1964-1983
1963-1982
10:00
a.m.
Volume
The Commercial and Financial Chronicle
Number 6172
195
(2991)
7
expect total, energy to con-, bution facilities — and a natural
An estimated 48,060 new wells
in adequate and economic reluctance of buyers to - become- are
expected to be'drilled in 1962
to dependent -on- Russian, oil — —about a thousand
supply.
more than last
may
Near-Term Outlook for
tinue
Outlook
Short-run
The Petroleum
;
v
,
Turning to the long-run
;
prospect, Mr. Miller states that gas and oil are expected to provide
the bulk of the tremendous increase (10% gain over 19S1 by 1975).
in future energy demand by if. S, A# and free foreign countries.
Coal is seen sharing substantially the growing anergy markat, and
nuclear power
~
.
and other sources taking up the balance. ^
-
,
been
moving
at
year—and refinery capacity will
increase not more than T or 2%„
These small gains in capacity will
1
.*■
IT, S., this is a,.conseof the slowdown in general
disruptive in the market!"
*,
economy,
*
supply situation should be
what improved.
The price situation continues to
be very adverse.in certain areas
of the United States, but we are
hopeful that the bottom has been
'reached. *
'
«
r
some-
,
In the Free
Foreign areas de'.'N^hwithistandihg these prob- mand growth tor the year is foreiemS, arid there -are others, the - c&st at about 8%. This approxipetroleum .industry has moved,1 mates the 9% average increase of
after 1957. In the post-war yeafs
tne;
be more than offset
by anticipated
increases in demand. So our over-
,
the
In
i quence
^
(
Russian, oil has
distress prices,
:
,
"
A good year for petroleum is forecast. Increased demand, greater
efficiency and research strides are expected -to continue to move
the industry ahead in the face of today'O excess capacity^ intensified
-
concerns
v
By 0. N. Miller,* Vice-President, Standard Oil Co. of California*
<
Turning now to more immediate
Beyond "this; it" would appear
affecting the state of the that in some instances their transpetroleum industry:
r"
actions are motivated by political
Despite, the tremendous growth rather than economic objectives,
in energy demands which I have
fo say-the least — there is little
described, • our industry today' is
*
•
doubt oil
they can and will use
confronted-by a,condition, of ex-, their
pr political, purposes
cess supply
both domestic and when it suits them—and their,
foreign markets..V;
;
-activities to date have been highly
Y
competition and Russian distress^ pricing,
"
-"
expanded^iapidly,
,
oil demand
which closely
arid continues to move, ahead. In the last five years—an exceptioninto the prospects for energy, and there was no gas.
.
.
..
..
UlT'Ilr 1962,- I'd like to lUdiVU.oUulC
oil im I«7U<uV X U -line U> makejsome last jeax^ oil and a small w
Ictot
UA1U **
rQfQ
R
ft Of vrinmtollir
V
a*a
year,,
amount
^nniStv 1961' oil company earnings in-'al In total,growth.
rate of
the demand increases
Tee of gas
creaSed |bghtiy^more than 5%.introductory cojnment about Free of gas accounted for 38%. Of West- at
38%.Of West-_ .
- in4ilistyv
became
accu*crS!?£d slightlymore than 5%.< 111 totah the d,
World energy.consumption -— for ern European energy. It is fore:
'This advance has been due not forecast for the Free World are^s
tr.im.rwmn on#»rirv Tt is forey
'
~~
cast that by 1975 this share will; ™
r,
this is the ^ri
1Jte 01 oemand oniy t0 iricreased demand, but. also, mean that production, refining
be 56%.
^owth, and planned expansion of.
improvement of the industry's, and transportation of
will have
ra ar y
influ¬
In short, the petroleum industry J?®'3profitability through increased ef- to be increased > by about a milence affecting
will be, the primary beneficiary
*eiinmg* marketing ana ship- ficiency in all aspects of the lion barrels a day in 1962.
the future of
of the rapid growth in Free World P*bg facilities w«re alL expanded business. \
' V..'"
*
'
The light of this prospect, we
our
industry.
and
But
Before I go
-
.
rf
n
,
.
v
»6-6%^ annually.
oil
decade ago
A
the
daily
of
erage
requirements that istaking;
PL
v /
- "
'.demand
energy
place. .:
av¬
ener¬
It
-
equivalent
an
volume
—was.
of oil
31, mil¬
barrels.
Last
was
^U11.
sources
Outstripped
Period,
u
to
L
■■
~
of
the
reauire-
.r
a
trend
-+
10 years.
■
■ ' *,
/•fincnmhHnn
fkf
COal " nO'• dOUblt
By 1975, it is estimated that consumption of
Free World energy consumption will increase,
will " increase
by 70 % over .the
i961 level. Using oil as the. com- in coal's share of the energy marin only
•
^
..
£
Aawmaca
is
National Industrial Conference Board, New
York City.
being-
jhe
petroleum industry has albeen a leader in research in
American industry, and this emways
«
isv.^Oal.i;Vuf;.f*
.J™"^
if.
oil productive capacity, and.
While this so^Q8^^ ^I
r^1^S ^aPUcity.
vlong-decline.
is - expected
to continue
through 1975, total Free World
^
- a great deal of effort and sub- anticipate that the industry will
stantial expenditures have been have a reasonably good year.
made to improve and modernize ♦An address by Mr. Miller before the
facilities, and to streamline work Fifth Annual Economic Conference of the
methods.' Automation
exp-an" widely applied,
+
actual
basis; / coal's
energy market has
world-wide
a
had
y-;,. •' •
■
lion barrels daily—a gain of 40%
■
On
only
tstripped actual requirephases of petroleuin
of energy with Which oil and nat-^
'urril gas ate in competition. :" v
The foremost of these
"share
0. N. Miller
it
year
43.2 mil-
other
slowed tp only
?Pri,^during^ttie f
.
•
lion
i;®.
is also of interest to review
here the outlook for
in
expressed
period.
■
recent recession
Sources
—
JI?
9ilot
2 •&%-.. a. year
Outlook for Competitive Energy
gy
consump¬
tion
in
the
Free World
1?urir1^
.
■
net effect of this has - been:
competition- in-
phasis continues.
XJd/xVt/I
Tlrtorlc
XltJaUb
.
.
PlQYVI'n^llcr'n Tliv
Primary attention to research-
V^TT^P
haa eriabled^^ the industry to*im-.
®
^I XylY.
t
prove eXisting- products, and to'r
'
•
:
.'■■■. '
'
develop new applications for pe- Philip D. Baker, partner of White,
troleum, along with more efficient Weld & Co., has accepted the
t
„
"
Abroad
in
v
and morp nrrvfifahlo
/~n
:
:
lj_.
an<^ n}Gre-profitable moano r»f /1io_ Chairmanship
means of dis-
" J"
the
foreign
Free
xi
.*
i
j.
i
of the Investment
-
mon
this
a».-ggigaga«!t
Would be equivalent to 73.5
million
,
barrels' of- pil
you can see, a
in energy
tion of the Fithis has been the
coai n^ay show a small gain- down'. capac|^y /
the road/from a percentage stand-
tremendousiricrease pohri; and it is bound tq Jgain in'
demand lies ahead:
total volume
*.
^aarsysft
The, continuing growth of
,
this"rii£
,
ergy . requirements, together with;
eh^ple.
the Free
consumed about half of
Worldjs energy last year; Western
Europe, about a quarter^f it. i
On a per capita basis, the direct
1
electric
-re.
the
„
equivalent to 42 barrrfs of
25
dom,
barrels;
and
West
m
Germany, 19 barre s.
ehergy"at T"raie "4ui='^to
sever!
-
barrels- of
person
per
pery*car;imindla; toe
person. -.',
Now, where does toe petroleum
industry fit into the energy, supply
„"3
picture?
5:
-
growing volume of energy consumed by the Free World
each year, the petroleum industry
the
is
share
foremost
of
the
supplier, and its
Market is
energy
presently increasing.
In
* -v
-
•
1951, oil, and natural gas—
also
a product of Our industrysupplied 47% Of the Free World's
energy. Last year this share was
63%; and by 1975 it is expected
to
■
about
be
mt.
68%
'
predominance
-
-
j
.The
.
gas. as energy
larly marked
where
n
For
of
oil
^artieunn^the United States,
future,
it
some
is expected
of
States!
But
in
terms
volume; domestic consumption
of
oil
and
'gas H will
be
.
much
greater.
its
By^ 1975, for example, it
expected to be 50%
higher.
In Europe, the emergence of: oil
and gas as primary energy sources-
has
been
more
recent.
oil supplied only 17%
In
1951,
of Europe's
As
For 1962 speelOcalhh wo foresee
Greater
York
^
.
,
countries has brien further intensi- showed that demand
<receptiy^ by ,the appearance' than 6%, which is
an
was up more
encouraging
of increasing volumes of Russian beginning. ;
.
. ..
;0\k1P1Pt,efn^^1Onal traide,
As further evidence of the
So tor, relatively small volumes health of, the industry, its capital
.
.
Section,
Mr. Baker will
direct the 1962
N
ew
Fund
appeal among,
all investment
banking firms;
Philip D. Baker
government*
municipal
and
security
dealers;
and investment advisors and
couri-
selors, in the greater New York
involved - last year about .expenditures this year are exlappiicatiom of atbmiri energy' ♦
parrels .daily. >v/v
...pected to total $5.5; bUhori,.against area. -•
....
t
In.;;auto^ planes ' arid - ships; - It
Orie of .the objectives of the an average of ab'out $5 binion in
Herbert B. Woodman, President
probably will not be commercially Russians in entering international th^ last two. years.. Not only is 0f interchemical Corporation, is
^0^9°
With
not .supplant,v.but'
will
energy
no
Fund
marketing and- distri-
appeal.
conven-
energy
l,AUUcU
Nuclear,
-sources.
as
well as Y other new
of energy, will be needed
Creative
energy demands that lies ahead,
Einancing Programs
electric power, which however is
relatively minor in comparison,to
oil, natural gas and coal Hydro¬
power,
together
with
for direct private
electric
atomic
and*
new
of
forms
provide
will
in 1975,: compared to; 2^%
today..,.
:..
placement of long'term debt arid equity
securities, public offerings, mergers and acquisitions
for
of the Free World's en¬
about 5%
ergy
other
probably,
energy,,
s. v.--
-
Industrial, Transportation
'■
-
bum marizing to
and Finance
Companies
Coal. wm share to a substantial
extent in the growing energy market>
while
other lesser
that oil and gas will about main¬
tain this percentage position in
the. United
.
this- point—oil
and natural gas are expected to
pro vide the bulk of future energy
requirements, both in the- U-* S.
and ^an(jv iri Free foreign countries:
sources is
today
the
,(this
,
they supply ,
75%,of total requirements.
.
.
The only other sources of en.*. ■ Y orgy of any consequence is hydro-
the
Of
:
along with conventional fuels to
meet the extraordinary growth in
1
Envisioned
are
cial
sources
Oil and Gas Demand
Increased
there
technicalorEconomic prob^
power,
•
-
the oil industry,
motive purposes
annual rate
equivalent to one barrel per
was
-
last year
tion in the United States
wp
cf ari impact on
Greater
New' York
wer
.
pronounced. The Per
capita rate for energy consumpmore
f&
Chairman of
fi<vr?'S,7
relationship between energy con-- of
s.
oil consmriptiori' -this
sumption and economic activity is Pomt)ititfon should not have much
even
the
bpe»at«»."--<rf'? fefly gopd outlook, wth petroleum demand .in the U
in, some areas. However, since
. '
-creasing -by ralmost 4%. Prelimipow€r plants account for only 3%Y *: •Competmoi1-. w»me Free foreign^ nary - data for
the first quarter
in
fossa
1
Fund.
»« «
"hi-ed.Slale. for
a
Division (Pri¬
vate Firms) of
-•^co^eiaes-. by^researchi emphasis
£•
i
Commercial
^ ^ ^ area^.'rh'ese
viduaTUcZnt°rtesf Sy
The
n a n c
en-,
vigors the_ efficiency, and the
pf the Oil in-.
^
it rparticipates in*
as
.^° TetHam strongly
nf
conseauence
the
balance of
energy
.It
nuclear
sources
the
needs.' *
should
x
:
power
and
will make up
Free
World's
' ; 4
—
be
noted
that
abundant' arid' inexpensive
the
^ sup-
have available
to -usi today «reflect the existing
plies of energy
freedom
\y
earn
Partners—New Business
'
Department
we
of competition bstweeri
JOSEPH T. DINEEN
NELSON LOUD
F. KENNETH
MELIS
BRADFORD MILLS
CRAIG SEVERANCE
JARVIS I. SLADE
of energy
in trie marketplace. So long as this freedom of
choice is maintained, and reach
source of energy is permitted > to
compete on its own merits, we
sources
em.
•;
i
52 Wall
Street
New York 5
HAnover 5-2800
The Commercial and Financial Chronicle
8
DEALER-BROKER
/
RECOMMENDATIONS
AND
FIRMS MENTIONED WILL BE PLEASED
THE FOLLOWING LITERATURE:
Industry
Chemical
Japanese
Stocks—Com¬
Common
Canadian
Toronto
N. Y.
1, Ont., Canada.
Salle Street,
La
Memorandum —
Inc., 134 South
Chicago 3, 111. *
Analysis
Morgan & Co., 634 South
Inc., 120 Broad¬
New York 5, N. Y.
way,
Grace
W. R.
Co.
&
Review
—
available
Also
—
Finance
is
beam
Corp.; Allied
Stores
Investors
of
—
U.; S. Rubber — Memorandum —
Lyon & Co., Inc., 41 East
42nd Street, New York 17, N. Y.
on
Ross,
Corp.,
Consumers Power and S. S. Kresge
Weyerhaeuser
Co.
—Pacific
Lakes Power
Great
Memoran¬
—
Dela¬
of
Corp.
Report — Nat Berger Se¬
curities Corp., 10 East 52nd Street,
New York 22, N. Y.
ware
Thompson Ramo Wooldridge, Sun¬
—
—
Spring
Street, Los Angeles, 14, Calif.
United
review
a
Stocks and data
—
—
Paine, Webber, Jackson & Curtis,
25 Broad Street, New York 4, N. Y.
Co., Chesapeake & Ohio Railway —
61 Broadway, New York 6, Analysis — Vilas & Hickey, 26
Broadway, New York 4, N. Y.
Ltd.,
—
Divine & Fishman,
Time Incorporated
Analysis—Nomura Securities
parative figures — Equitable
Brokers
Ltd., 60 Yonge Street,
Inc.
Sulray
Y.
memorandum
a
W. R. Grace & Co.^—Memorandum
Analysis —
Draper, Sears & Co., 50 Congress
Street, Boston 2, Mass.
Company
Carwin
is
McDonnell & Co.,
golds.
PARTIES
INTERESTED
SEND
TO
THE
THAT
UNDERSTOOD
IS
Thursday, June 28, 1962
.
—
Analysis—Hector M. Chisholm &
Co., Ltd., 82
Richmond Street,
West, Toronto 1, Ont., Canada.
Also available is an analysis of
the Canadian Dollar Discount and
its effect on Canadian producing
INVESTMENT LITERATURE
available
General Finance.
on
Co. of Canada
Telephone
4, N.
Broadway, New York
Also
14, Calif.
Angeles
Bell
2
Los
Street,
Spring
South
650
IT
.
.
(2992)
Company—Analysis
United
Co.,
Northwest
Wash.
Pacific Building, Seattle 24,
Worth Fund—Bulletin—Cherokee
Corp.—Analy¬ dum—McLeod, Young, Weir & Co.
Ltd. 50 King Street, West, Toronto Securities
Canadian Natural Gas Industry—
Corp.,
270
Madison
Securities Co., Ltd., 149 Broadway, sis—A. C. Allyn & Co., 122 South
1, Ont., Canada.
Avenue, New York 16, N. Y.
Report with particular reference
La
Salle Street, Chicago 3, 111.
New York 6, N. Y.
to Canadian Western Natural Gas
Also
available
are
analyses of Gulf Life Insurance Co.—Analysis
Market—Survey—-Daiwa
Japanese
Co.
Gas
Natural
Alberta
and
Outlook—Bulletin—Crut-
Market
—
Salle
tenden, Podesta & Miller, La
at Jackson, Chicago 4, 111.
Ltd., 25
Toronto,
Knowles & Co.,
Adelaide
Street, West,
Ross,
Ont., Canada.
Over-the-Counter Index
Folder
—
compari¬
the listed industrial
up-to-date
showing
Commonwealth Association—First
Averages and the 35 over-thecounter industrial stocks used in
National
55 Wall
—
between
son
Bureau
Quotation
National
the
Street, New York 15, N. Y.
Dow-Jones
the
in
used
stocks
City Bank of New York,
an
and
Common Stocks with investment
23appeal — Bulletin — Herzfeld &
year period — National Quotation
Stern, 30 BrQad Street, New York
Bureau,
Inc.,
46 Front Street,
Averages, both as to yield
market performance over a
4, N. Y.
New
Y.
York 4, N.
Dividend Prospects for 30 Utilities
Study — Goodbody & ' Co., 2
Broadway, New York 4, N. Y. V
—
of
in
N.
Y.
in the
Also
discussions
of
issue
same
James
B.
&
Poor's
Corp.,
Beam
Merck
Petroleum
Corp.
Brothers
orandum—Orvis
Chock Full O'Nuts Corp., Diamond
&
Co.,
National, Union Bag Camp Paper, 30 Broad Street, New York 4, N. Y.
American
Machine
&
Foundry, Stocks*for Long Term Outlook—
National
Periodical
Inc.
Herff
and
High Yield
Edwards
Stocks
&
Publications
Jones
Bulletin
Hanly,
—
Franklin Street, Hempstead, N. Y.
Electric
Hydro
Utilities
—
Montreal,
—
blower
Street,
available
Roller
M.
Beane, 2 Broad¬
available
&
—
Aircraft and
ments on McDonnell
Co., 26 Broadway, New York 4,
Y.
'
'V/;-- :'V v;
N.
Wall
tive—F. S. Moseley & Co., 50 Con¬
Street,
Memo¬
Bache & Co., 36
New York 5, N. Y.
,
^
..
Madison
N.
& Co., 331
M. Rosenbaum
—Wm.
17,
York
New
Avenue,
Y.
International Oil Companies—Re¬
American Chain & Cable—Report
view—Carl
M. Loeb, Rhoades &
Co., 42 Wall Street, New York 5,
—Colby & Co., Inc., 85 State St.,
gomery
Boston
Y.
comments
of
Armour
&
Mont¬
Francisco 6,
Calif.
N.
Witter
—Dean
Also
available
&
are
Company
reviews
Mines,
the
and
on
Campbell Red Lake
Homestake
Mining,
E
Investor
Psychology
—David
L.
Babson
—
Securities
Co.
of
Fairchild
Detroit 26,
Mich.
Analysis
Inc.,
6
York,
Inc., Ill Broadway, New
York 6, N. Y. Also available is a
Stein
Bros.
&
Boyce,
Also
2, Md.
Y.
S. Freight
memorandum
discussion of Nippon Columbia Co.
Ltd.
Bell
Electronic
Corp.—Bulletin—
Leasing
Mitchum, Jones & Templeton, Inc.,
is
Hentz
a
&
bulletin
empt
vertible
BARTII
MAUL
Trading List:
VITAMIN CORP.
BROTHERS, INC.
CHICAGO AERIAL IND.
THE MASTAN
data
are
on
and Polaroid and a
the Railroad Car
Report
—
Co., 72 Wall Street,
N. Y. Also available
on
Quality Tax Ex¬
yielding 3 to
list of interesting con¬
a
bonds.
•«
v
•
Review—Isard, Robertson, Easson
Co., Ltd., 217 Bay Street, Toronto
I, Ont., Canada. Also available are
COMPANY, INC.
DIALIGHT CORP.
on' Sherritt
comments
Gordon
DEVOE & RAYNOLDS CO.
Corporation
—
Re¬
WERNER TRANSPORTATION
port— Charles A.
UNISIIOPS, INC.
BURNS INT. DETECTIVE AGCY.
Inc., 1516 Locust Street, Philadel¬
phia 2, Pa.
Franklin
Corp.
Taggart &
—
Co.
Review—Prime
Investors Programs, Inc., 303 West
Inquiries Invited
42nd
Street, New York 36, N, Y.
Fruehauf
Trailer
—
Data—Harris,
Upham & Co., 120 Broadway, New
York 5, N. Y.
,
.
Troster, Singer & Co.
Members New York Security Dealers
Association
Trinity Place, New York 6, N. Y.
Genera! Waterworks
Corp.—^^Ana¬
lytical brochure—Butcher & Sher*■
rerd, 1500 Walnut Street, Phila¬
delphia 2, Pa. Also available is an
of Stepan Chemical Co.
Philadelphia Suburban Water
analysis
and
E. F. Hutton &
Co..
Inc., the
underwriting
review
of
Preferred
Convertible
Recommen¬
Selected
and
bul¬
and
Inc.
Texaco
on
Stocks
dations.
Livingston Oil
Courts &
N.
Memorandum—
—
memorandum
a
of Florida.
Drugs
Lockheed
Eckerd
on
Memorandum—J.
—
Sparks & Co., 120 Broadway,
v
.
•
.■
"r
..."
.
Co., 79 Wall Street/
N. Y.
Melnor Industries Inc.
Company.
i
W. R. Grace & Co.—Memorandum
—Auchincloss. Parker & Redpath,
as
after its
President^for-.'40;
incepfibrl in 1906.*"S
Investment Club: y
—
Accountants v7';
'
MILWAUKEE, Wis. — Milwaukee
Analysis- Investment Club members have
Wall: formed American Investment Club
—Francis I. du Pont & Co., 1
Merck
—
&
Co., 120 Broadway, New York
5, N. Y.
J.
George
Manufacturing
Meyer
Co.—Memorandum—Kidder, Peabody & Co., First National Bank
Building, Chicago 3, 111.
Witt
—De
N.
Organization,
Y.
of
and
general
procedures
counting
the
books
club
ment
ac¬
among
are
offered.
services
The firm has been formed under
the direction of Edgar D. Werner,
President. Mr. Werner is
a
Direc¬
tor of the National Association
Flour
Montana
D.
Conklin
120 Broadway, New York 5,
Inc.,
was
sole .purpose
providing investment clubs with
complete accounting service.. The
preparation of investment club tax
returns, the i auditing of invest¬
Corp.—Bulletin
Hone
the
for
formed
AICA
The
Accountants.
Memorandum—Pershing
Mills—Analysis—
Davidson
A.
Third
& Co., Inc., 15
North, Great Falls,
Street,
National
Dairy
Memorandum
—
Products Co. —
R. W. Pressprich
&
Co., 80 Pine Street, New York
5, N. Y.
National Mercantile
Corp.—Anal¬
Investment
Clubs.
He
Insurance
an
also
of
an
Agent and
Agent
is
of
a Treasurerinvestment club.
The AICA plans to do account¬
ing work for investment clubs on
a
national basis. The General Of¬
fices of American Investment Club
Accountants
located
are
at
Mil¬
waukee, Wise.
ysis—R. P. Raymond & Co., Inc.,
Broadway, New York 4, N. Y.
North American
—
Car
Analytical brochure
—
Street, Chicago 3, 111.
Company
Analysis
—
—
Schwa-
bacher & Co., 100 Montgomery St.,
San Francisco 4, Calif.
Pall
Corp.—Memorandum—N.
Corp.
—
Co., Hospital Trust
Building, Providence 3, R. I.
Reeves Soundcraft—Memorandum
Broad
R.
Boland
&
Co., Inc., 30
Street, New York 4, N. Y.
Shawinigan
Water
Memorandum
&
Power
Mr.
cer
of Zahner and Company.
25 Adelaide
Street, West, Toronto,
Ont., Canada.
Southern
•Shields &
York
Railway
—
Survey
—
Co., 44 Wall Street, New
5, N. Y.
,
A. G. Edwards Adds
ST.
ler
LOUIS, Mo.—James C. Muel¬
has been added to the staff
G.
A.
of
&
Edwards
Sons,
409
Eighth Street, members of
the New York and Midwest Stock
North
1
Exchanges.
—
Davidson & Co.,
—
Com¬
&
15 West Tenth Street.
Browne was formerly an offi¬
C.
Cummings &
—John
associated
(Special to The Financial Chronicie)
Memorandum
—
J.
Mo.—Edward
become
Inc.,
pany,
Diego 1, Calif.
Pearson
CITY,
has
Milburn-Cochran
with
Roberts & Co., Inc., 625 Broadway,
San
Browne
(Special to The Financial Chronicle)
KANSAS
Browne
Life- Assurance
J.
With Milburn-Cochran
Glore,
Forgan & Co., 135 South La Salle
National
Edward
Corporation
/
Teletype NY 1-376; 377; 378
served
,
H. B. Crandall
New York 5,
a
and
W.
New^
Carter Paint Co.—Report—
Mary
was
.
father, Ward A. Detwiler
co-founder of the company L
His
a'rtj
;
'.f
.
.
Peter M. Detwiler
Co., New York
Stock Exchange member firm.
years
'
f
of
affiliate
E. F. Hutton &
Co., 11 Marietta Street,
W., Atlanta 1,- Ga. Also avail¬
able is
Pacific
Mines Ltd.
First Republic
HAnover 2-2400
Co., 120 Broadway, New
26
Falconbridge Nickel Mines Ltd.—
ALLISON A YRES
74
&
5, N. Y. Also available is a
Mont.
—
Obligations
41/2% and
our
Co.,
Industry.
New York 5,
For banks, brokers and financial institutions
&
on
Fairmont Foods Co.
H.
Recently added to
Kidder
M.
available
N.
Street, Baltimore
financing at
York
Micromatic
1 Wall Street, New York 5,
U.
South Calvert
free
Camera & Instrument—
Comment—A.
—
tax
on
4, Wash.
Becton, Dickinson and Company—
New
Improvement
Co., Inc., Dept. CFC, Hoge Bldg.,
Lines—Detailed
Seattle
Building,
45
yielding 5.50%—Grande &
scot
Stocks—Review—
San
Municipal
r o
Analysis—Moreland & Co., Penob¬
and
Co., Inc.,
89 Broad Street, Boston 10, Mass.
Japanese Bank
t
bonds
Associated Truck
Discussion
s
Street,
Coi,
District—Information
and
Ruberoid.
Gas Industry.
Yamaichi
9, Mass. Also available are
Rey¬
—
Street, New York 5, N. Y.
Emporium Capwell Co.—Analysis
*
*
Y.
Report
—
nolds
-
Wall'! Street, New York 5,
J v, / .
Co., 14
corporate
of
Steel Co.
Shearson, Hammill & ,(York 5,
V
—
Electronic Associates Inc.—Report
—
*
Street, Boston 2, Mass.
randum
is
dent in charge
an
ing.
America —
Bregman, Cummings
& Co., 4 Albany Street, New York
6, N. Y. Also available are com¬
Comment
ert
President. Mr.
is
of
Corp.
Dynamics
Co.—Analysis—
W. Rob¬
Bryant,
by
Vice-Presi¬
New York 4,
Broadway,
50
Johnson
Board, it was
announced
Detwiler
Y.
Electronic Associates Inc
Report
—
the
of
m an
Analysis
—
Also available
analysis of Needham Pack¬
Inland
Corp.—Report—Purcell
Dover
Street,
Co.
Hanna
has elected Peter M. Det-
W-ueraavmair-
New York 5, N. Y.
suggestions.
N.
concerns,
Blair & Co., Inc., 20 Broad Street,
list
a
Pictures, Newmont Mining Corp., and Hartford
Steam Boiler—Gerstley, Sunstein
ket—
24 issues which appear attrac¬
A.
Howard
June Investment
of interesting
the
is
with
Letter
Also
Y.
N.
4,
York
New
way,
&
Lockheed
Bobbins,
Lear-Siegler and Good¬
Laird, Bissell & Meeds, 120 Broad¬
way, New York 5, N. Y.
Co.—Report—
Baking
Park
J. R. Williston &
N.
Timken
Can,
Glass,
American
Bryant and Detwiler Co., of De¬
troit, one of the midwest's largest
and oldest
building construction
Tire & Rubber.
year
—
&
on
8, Calif.
Deer
Co.,
Plate
Bearing,
Aircraft,
Memorandum —
International Bond & Share, Inc.,
601 California Street, San Fran¬
Daimler-Benz
1
comments
f;
By Detroit Co.
Chase Man¬
York 5, N. Y.
Weeks,
McKesson
Chemical.
Detwiler Elected 1
Corp.—Analysis—Horn-
&
Pittsburgh
Giannini Con¬
and Kawecki
on
Oil
hattan Plaza, New
Also available are
Pine
80
Co.,
Jarrell-Ash
trols,
Comments
—
5, N. Y. Also
comments
are
Tank
Utility Values in a Difficult Mar¬
Income and Appreciation.— Data
gress
&
Stearns
New York
Paramount
Car,
Co., 211 South Broad
Philadelphia 7, Pa.
Que.,
Canada.
on
ControlData
&
Statis¬
comparison of 12 Canadian
companies—Greenshields Inc., 507
d'Armes,
New York 5, N. Y.
Company,
Company, * Union
Warner
tical
Place
Oil
American
British
North
100
way,
Study with particular reference to U S. Freight.
Shawinigan Water & Power,
Elco Corp.—Report—S. D. Fuller
Mountain States Telephone/
Corp.
—
L. F.
Gulf
letins
South African Gold Stocks—Mem¬
Co.,
&
—
Street, Chicago 3, 111. Also avail¬
able is an
analysis of Crescent
are
Distilling Co., Trane Co., Standard
&
Report — Straus, Blosser
McDowell, 39 South La Salle
panies
Lynch, Pierce, Fenner & Smith
Inc., 70 Pine Street, New York 5,
310
sv.\ :
Investment Com¬
■
Business
Small
Merrill
—
Co.,
Street, San Francisco 4,
Caiif.
issue
current
"Investor's Reader"
&
Lundborg
Irving
Sansome
European Coal and Steel Commu¬
nity—Discussion
Industries—Memorandum
Service
—Equitable Securities Corp., 322
Union Street, Nashville 3, Tenn. '
Co.—Review—
Rothschild & Co., 120 Broad¬
cisco
—
and Rich¬
Chas. Pfizer & Co., Inc.
ardson Company.
Consolidation Coal
Illus¬
trated
booklet
providing back¬
ground material on the British
Changing Commonwealth
Consolidated Foods
Wall Sreet Corp. in
Fla*
MIAMI, Fla.—Wall Street Corpor¬
ation of America, Inc., is conduct¬
ing
a
offices
Drivp
securities
at
Rnv
12490
Lawn
business
Keystone
is
a
from
Island
nrincinal.
.
Volume
195
Number
6172
.
.
The Commercial and Financial Chronicle
.
(2993)
to be accomplished in this
power
U. S. Businessmen in the
decade. I
who
am
sure
wants
can
a
that everybody
share of that
increment;
;
Enlarging Common Market
By J. Wilner Sundelson,* Planning Assistant
the
most
the
U.
this is perhaps
compelling reason for
S.
interest, apart from any
impact that it has. This is,
other
like
;
Ford International
our
great
the Vice-President
to
one.
own
market,
This is
At
trum
for the
to
U.
S.
succeed
draws
means
businessman, and what he should consider in order,
in
this
heavily
reviews
son
European Common Market
patterns of trade and doing
business are going to make our
experience in this market more
"tremendous
valuable than
economic-political federation"
mass
been
the experience of the author's company. Dr. Sundel¬
on
numerous
planning assumptions made, all betokening a
exports, the writer urges
of
the European
market for components, and for
exportable
products and
services
advantage
appears to be the kind of reaction,
the kind of planning, the kind of
attitude that
the U. S. busi¬
ness
he
recommends
we
obviously
non-
has to take to
for
new
t h
are
the
Common
I
members
system.
the
of
one
a
of
associates,
free
a
This
Detroit
in£flv
this
de-
annijPabip
in
the
how
devel¬
a
Creating Competitive Conditions
and
character
fects
us,
•have
to
f
a
In
-
ism
you
is
what
j. W. Sundelson
we
:i
to
try .to
set
are
kinds of ideas
our
business.
using in
The
will
I
do.
that
some
are
are
it
going to
forth
activities
of
our
company
in Europe are very large.
We an¬
ticipated the impact of the European
Economic Community and
Tvuwioi
Uo
nnnfrihnfinn
tn
thp
..A
growth of the automotive markPt
market
and
set
about
sights, which are
accomplished, of get-
our
to be
.ting what
think
we
a
reasonable
is a
share of that market.
,.end
Toward this
will be producing within
so a million vehicles a
we
year
or
in Europe for the European
markets
and
the
markets
they
Here, now, are some of
planning assumptions which,
.while they may-not
serve.
these
on
have
a
lot
be^ correct at
riding
of
money
them.
the
petitive
institutions
the
and
up
close
as
the
of
regulations
coming
now
create
economies,
system
are
to
as
it
that
designed
free
a
is
corn-
possible
politically in our world to do.
Time-honored institutions of gov¬
ernment
ownership are going to
have their wings clipped. Cartels
traditionally active in allocation
markets and prices are going
to be very, very expensive
dangerous hobbies to pursue,
dangerous
more
^aj.
even
they
were
nlaved
jn this
game
movement
0f
country.
capital and
Free
acteristics
.
market.
^
grew
'
with
up
because
marjte^.
such
of the
founcjjng fathers
.
creating
one
nAiiHAjQT1{,
a
mass
wisdom
and
slowly
of
Europe
with a
ing
the* traffic wlTbl^T^
in-
mass
of
tional
local
as
barriers
an
na-
in prefer¬
expressed
as
suppliers
patterns
almost
businesses
an
'•
rier
that
are
down.
is
not
You
comoletelv
have
tradi¬
or
is being modified
quickly as the
going down.
trade
are
7
«i
...m
1preTludT1TnTe9WnV ^vpn
hfl^wni make
mIS
K°r
elim-
ww"1!?
design changes
as
in
Tf
the
von
#
^
a
„
ana,
11
Western
labor is the highest
component, like assembly, are not
competitive with Europe. We face
tariffs. We have
from where
sell
We
we
lot of geography
make it to where
U.
S.
But
has
ttT
**
supplier industry that
nationalist
factor
to
with, that has an economy of
scale, and where there is identity
Our
German
4.
pnrrpnt
roM-
R.
--
v
that
one
we
make ob-
trend
toward
the
creation
of
a
broad free trading area. This area
is moving rapidly toward becom-
ing
an
economic
"en
market
masse"
comparable in many
'spects to the United States as
•
think
that
the
U.
will
join.
We think it is a political
necessity and the only thing we
"are not sure of is the timing. We
!
think that it will be impossible
for the countries in Europe, who
real
inhibitions
because
of
their
alleged neutral status, to
permanently stay out of the trading.orbit; to be surrounded by this
trading orbit and not to be in it.
'So that what we assume is that
or
there will be
'compassing
a
a
huge
area, one en-
vast population with
the associated countries and those
*related
commercially of over 350
The EEC is mov'ing toward a GNP of about $415
i
million persons.
billion which is the kind of
ber
num-
happy about not too
•long ago, and with all the other
indications of a vast burgeoning
•
we
were
■
market.
assumption conditions a
number
of
things about doing
business in Europe and with Eu¬
rope.
First of all, the horizons
This
open
few
years
field
in
Europe,
or
growth
see
for
in this
a
fast
whatever
of
production,
whatever
commercial
enterprise, domestic
or
international,
for
whatever
service industry' they are iden-
tified with, carrying along with
them
a
train oLsupplier, raw matransportation and service
tenal,
industries.
In the automobile industry, for
example, it is commonly believed
that by the mid-decade Europe
will have the capacity to produce
something over eight million vehides for a demand that will be
somewhere around six and a half
or seven million at that time. I
have talked to people in the con-
tainer field and I have talked to
people involved with bowling alleys—the whole gamut—chemistry or whatever it is. All see a
and
elsewhere
Market.
Thev
the
1
breakdown
^
of
~~4.:
nationalism
oc
as
pw^sourotaa^ronero^hmarok't
t
•
*
4u
4.
~
things that enhances the competitive character and provides new
hnriVnm
Countries that
were
tra-
SmSy^^n^SSy
this kind of thing is most striking.
--
-
Business
in
What
does
this
mean
for
the
U. S. business community? To begin with,
some
affected. They
businesses
are
are
not
local in char-
merely a function of the level you
are at, but how fast you move upward toward another leveL
This is what Europe is going to
be doing. It is
going to be rapidly
moving toward a higher level of
income. The estimates that I spoke
of mentioned a $50 billion incre¬
in
consumer
purchasing
pioneer
NEW
the firm has grown in size where
today it has 12 offices throughout
California and in Arizona, with
more than 300
employees, including 100 registered representatives,
The
Los
Angeles
office,
Spring
Street, noW
home
nr»
and
opened
jh^
suitable
were
for
the
exeentlve
nffina
inWb^n£SIe Ja^
Other offices
pre-
are
located in
now
dominant class of vehicles sold in
Jominant claas of vehicles sold in
San
San Francisco, San Jose, Palo Alto;
Altar
G.erman5r:.,1Y,e..are nor aellinS Beverijt miJs, Van Nuys, Orange,
many'4
,are noy selling Beverly Hills,
Nuys, f
Cruz
m
comP°nents
w£ make to our San Diego, and Santa C
own comPanies m Europe.
California and Phoeni
arrea^wherePrea\C'efficiency,
design,
of
are
Rhoades
branch
prodcannot
this
seen
inick
N.
Y.—Carl
&
Co.
office
Street
at
M.
has
108
under
the
industries that
necessity and are
rated.
are
ojfered
Speculation
as a
Saturn Electronics Corporation
Class A Common Stock
(par value 10c
Price: $3.75
as
Prospectus
may
may
be
per
share)
per
obtained
from
legally offer these securities
share
such
in
of
this
the
undersigned
State.
REESE, SCHEFTEL & CO., INC.
171 Madison
manage-
for Amott, Baker & Co.,
Incorpo-
80,000 Shares
the
a
Dom-
ment of Edwin Hauser. Mr. Hau-
June
These securities
Loeb,
opened
East
mustVbe"there•" there ser" was Yormely"local "manager
great many
a
have
ROME,
will
are
ucts and services which
you
export—you
Loeb, Rhoades Office
r<ml
technol-
Then, of course, there
* and
Scottedaie in^Arizona!v
that
.
ISSUE
of
640
the
woe
cial and business leader, who became president of the firm in
in 1928.
an offer to sell nor a solicitation
of an offer to buy
of these securities. The offer is made only by the prospectus.
Copies
West-
-Prom its first office in Pasadena,
This announcement is neither
any
ittvest-
in the
Senior Partner.
\
South
the
pnHpri
ogy, automation and volume
have a tremendous impact.
Community
Co.,
United
-
making shock absorbers of a kind
maiuiis kiiuuk ausuxuers 01
Kind
combinations
What This Means to U. S.
&
in
Mo^ Ca
of
4.1
Anniversary
ANGELES, Calif. —William
the cheapest. This is a characteris- California, which was opened by
tic of most companies with sharp Founder William R. Staats in 1887,
Common
great potential. From the point
of view of business I think it will
be agreed
that • profits are not
for >uying components, ma-. ment
assump-
nani
asimportant assumption, one that is certainly
more significant than the changing tariff barriers, is the economic
potential of the area. I have not
spoken with anyone in the past
accelerated
•
•have
our
the most
country, who does not
Vv
K.
key part of
I think
we
it; in other words, sovereign
nations with their particular pow•ers
and attitudes and traditions,
but with an overriding free moveWe
a
re-
tknow
ment of economic factors.
this is
tion.
n
Staats
ern
was
The first
the
Staats Co.
Assumptions Made
-viously is that behind these negotiatioris, many of them political
in
character
and
having even
^military implications, is a definite
before
States, is celebrating
its 75th Diamond Anniversary, it
eUna+inne
was
.announced by JDonald Royce,
situations,
has,
company
onrmspfitivA
Sundelson
ment securities firm
opportunities.:
PurrenV-?> competitive
Tb
*
LOS
of components between the
European market and the ones here—
great
Mr.
75th
lcon-
tend
have
world
^SeBn!1Sdes<!Tiens
Jr,utt.CoJaBusi"eSS Sem.nar, Philadelphia, Pa.
a
Export Opportunities
the
no
,£s—uEsh.s
*A ta,k
—
it.
Germany
neces
maybe over the
sx sssssur sr
where
£
French-made, the large num- pencils and I think the German
her oL foreign components that pencils are a little sharper than
*5 the German vehicles. Even
others. That is one of the reaEnglish, realizing the forth- sons they have been successful,
?om.ln£.
i e+ ^t^t*?.1}'ar<J They wanted to buy shock abbeginning to get~<out of traditional sorbers and they priced them in
material
with
hnri™™
+
-r7Um5?erj5 conJP°Bents
ifenC^i A fs
ar
fed-
a
|treets oi Bans ana J*ome. it you bought Uts components wherever
?•
+*1
if
y U
they can be obtained the best and
j
thistremen-
dous mass economic-political
example
Those who travel will notice the
Rh™p
as
as a
NeveXleTs "pet warthe^n ^
m°Vmg. t0"
possibly overlooked
tremen! union Segment T/we"
dous possibility for exports from
jnto
trade
rJlatioLtdn
this country.
Western Emt
hf L
In my
industry
for
they
ctrPPtQ*n'f Pnric Wd
overlook individually
•
forth
«
number of foreign vehicles
absolute essential, in
an
though the
™ougn tne new taJ bill will
new tax
v7uud
L
President's trade program,
of going
process
and
opinion,
so
tremendous oppor-
inated but in the
where to
plants
many
this
in¬
buy'and they sell,"
They
area.
find
and
how
to our living with
economic
monster, will en¬
hance the possibilities for
trade
as distinct from
investment. How-
two
are
and
which is
that, while
trading
area
it
my
these
characteristics that it needs
its success
The
a
full of resources, is a
great
one
not anticipate or have
judgment about—is that
tionalism
ence
a
mar-
phenomenon—something
exact
and
industry and
of
time lags toward the creation of free movement
there are
and so forth,
where
air
combinations
some
what
is evolving. An interest¬
cneapesi
on
char-
automotive
clue about the kind of
ket that
labor,
„
the
do
market
a
between
volved. This is
ness,
of
for
im-
are
world
fresh
open
most
-
SEK5
dustry, but I think it will give
^
these things are really what
takes to create a mass competi-
in
be-
are
all industries that have the
and
+vT
than
ho
year
least
of
treaty
as-
sumptions
controlled
and
most
make
certain
about
spite of traditions of social¬
increas-
of course, not true for
is,
that
♦»«««—
important
less and less
This
them
the
Fnrnnean
business judgments as to
opment of this
in
is
that there
phenomena
relevant
gives
anywhere
of
car selling and
leasing techniques and business management
coming
products
in
used
these
exact
spec-
location, geography or
barriers. The
superiority of those
all.
£«£ I^e'of thffiner tS
all
the
all
Each
that has
prospect
participating in this
market has to develop the
hope
or
to
mune
areas
above
are
of
companies
makejet planes, and they
things
elsewhere,
or
end
have
Somewhere
njques that were learned in rough
markets like those of Chicago or
-
is, I think,
that
reasons
com¬
and,
other
you
will
between them
landing strip.
number of areas of
a
licensing,
each firm
huge
the
there
company, for example,
increasingly finding that
purchasing
minimum
and
elements
petitive
.think to make
as
ever
compart¬
automation, knowhow in
licensing.
impose
have
our
are
knowhow in
tion of tariffs and other tradebarriers which create the new tradmg opportunities
Nearly all the
ity obviously
Market.
V
institutions and regulations of the
Common Market, and ones it will
commun¬
e
In
supplier industry to take
our
could
Rapidly
nities, marked by growing resemblance of the European market to
own, and by the ease in applying needed American know-how. As
S.
it
traditional
Differences Are Diminishing
our
U.
the
mentalized Europe.
tremendous growth in that area and concomitant investment opportu¬
for
in
,
abroad. They are going abroad in
patterns from 100%' ownership to
local
a
other.
market whose
a
country, the soft
industry. The bottling plants serve
a
local community and there is
hardly any price relationship or
competitive relationship with an-
another
new
Realistic assessment of what the
acter. As in this
drink industry in Europe is
9
Avenue, New York 16, N. Y,
MU 3-7940
21, 1962
The Commercial and Financial Chronicle
10
issues and from commercial
bond
banks, will depend upon the vol¬
ume of business spending and thei
Why Interest Rates Will
Executive Vice-President,
New York City
By Alfred J. Casazza,*
that
Savings Banks Trust Company,
has
for
demand
loanable
upward turn in the interest rate
the
1959
is put below 1959
downward turn in the interest rate
view that there is a
prices
substantially
All in all, a
trend squeezing thrift institutions
pro¬
the
supply
Since
are
we
of loanable with
seeking only more
indications of the trend, an effort
to separate funds used for loans
and
bond: investment
from
the
other-funds
these
of
Interest rates
for
prices,
mined
are
of
use
the prices paid
interest
Like
money.
rates
directly.
Unless
determined
are
steps to eliminate the fundamental
causes
of the deficit in
appraise the
,
are
the
building, of
of
new
The; more, stable
capacity.
One
is
.
of
ume
A
second
threat
could
we
rates,
have
to.
various forms of con¬
borrowing. We- have lived under
savings, the major part this threat for the past decade,, it
ca¬ of which is: invested in bonds and is true, but it cannot be ignored.
trend
commodity prices .and the ex¬
funds
and
tractual
of ample productive
/
:
•
;
A third international factor that
pacity in so many industries limit mortgages.
A second influence affecting the could affect the trend of interest
spending on plant and equipment,
and on inventories. New facilities supply of funds is the more re¬ rates could be an increase in bor¬
ing, but rather to appraise the tend
to be limited to those de¬ strained spending attitude of tht
rowing by foreign governments
trend of the demand for funds.
signed : for increasing efhciency American people that has beer and corporations, if political and
By using available statistics that
and reducing costs.
' apparent since 1959. Large-scale economic ; conditions make : this
can be obtained readily from
the
Business will increase .its loans purchases of homes, automobiles; practicable..
V
y' /■
;
Federal Reserve Bulletin and a
at banks in 1962 to carry an in¬ and other durable goods
during
few other sources, it is easy to
The Higher Rates Paid on
crease
in ' accounts
receivable. the 1950's have provided the large
check on the accuracy of past pro¬
Savings Deposits
/
However, with spending .limited majority of families with their
jections, and., by learning" from
and more funds' becoming avail¬ basic' requirements.
The reliability of the demandAs a result,
mistakes as well as successes, to
able from internal sources, busi¬ eurrent purchases
of
durabY supply approach in forecasting the
improve our ability to project de¬
ness borrowing from banks too is
goods are more closely geared to trend of interest rates was dramat¬
mands for funds into the future.
likely to remain materially below new
ically illustrated this year when
household
formation
anc
1959 levels this year, and I- as¬
Bases for Projections needed, replacements. When con- many commercial banks raised
; V
sume
will
be
only moderately -suraption -expenditures are hek" the rates paid on savings and time
istence.
*
-
,
larger by 1965.; "•* •; ..f.*
C".?.:
segment of the demand; for
Consumer credit registered its
Therefore, it is wise to give
largest yearly rise in 1959, r The
close
attention to the trend
of
gain
in -1961
was - surprisingly
mortgage - borrowing. - In
1959,
small for a recovery year, reflect¬
when the net increase in mortgage
lagging "demand for. .con¬
debt outstanding reached an all- ing a
sumer
durable goods. Buying qf
time record
of $19 billion,
this
durables has improved this year
huge demand for funds was "a
and consumer borrowing has been
est
down,
'
for
Funds
<
are
AJfred J. Casazza
main
a
larger proportion of cur¬
rent incomes
funds.
funds.-
four
.
Mortgage borrowing is the larg¬
of
loanable
There
.
-
rowing de¬
mands and the
Demands
arise
•
project pros¬
pective bor¬
supplies
*
the.
"automatic?
.
outlook for in¬
terest
inter¬
our
national
,
To
demand.
take
effective
we.
and
government bonds.
all
deter¬
by the forces of supply and
the
interest
institutions-
.
and
upon
and force them upward by
rates,
steadily rising vol¬ from an intensification of the cold
savings evi¬ warthat would- involve greatly
denced by the growth of pension increased military-.
plant
spending and
likely to continue stable,
is no price inflation to stirm-
ulate
deposits. Mr. Casazza rejects the
"normal" spread between municipals, corporates
lowering rates on savings
Ns seen
funds.
commodity investable. funds.
If wholesale
facilities.
there
ing tax-exempt borrowing in the years ahead need not
add to debt in view of serial and maturity payments.
of funds
by the
trend-of
funds.
.
borrowing
levels and moderately larger
billion in 1965
.
influence
derant
sources
investable
and
stock
.
Consumer credit, however, is expected to increase by $5
despite a rising repayment flow. The predicted increas-
by 1985.
loanable
Since
payments, we face the
prospect of a continuing loss of
years.
Investment* planning
is would • be a major complication, gold that5 could lead to higher
predicated in part on the trend especially: in making projections short-term -interest rates to' check
an
outflow of funds,
of construction costs of new plant into the future. /
a possible
and equipment, and on the prices <•
Three factors are tending to ex¬ embargo on gold and consequent
of the products of the new plant pand ,the supply of loanable and world-wide currency devaluation;
equal the
from banks this year
volume
in¬
will
Wholesale
next few
Mortgage borrowing this year is held unlikely to
record but may equal the 1959 figure in 1965. Business
years.
industry
internal cash flow.
commodity prices have
not been rising for the past four
vided
trend for the next several years. In
the trend will decline in the
fact, Mr. Casazza surmises
Table II lists these major
;
of
that will become
such spend¬
the Administration
promised
crease
compositional analysis of the supply of and
funds hold out little prospect for a definite
Projections based on
'
Thursday, June 28, 1962
.
finance
to
lowances
Decline in
-
.
purchases are not de¬ affecting Federal Reserve policy
ducted, not all of these funds will and Treasury borrowing needs.
be used.for loans .or the purchase
Thq chief threat stems from this
ing from internal sources—depre¬ of bonds, However, so long as the country's persistent imbalance of
ciation and retained earnings. The statistics are presented on a com¬ international payments which our
liberalization of depreciation al-; parable basis, they indicate the Government is not coming to grips
amount of money
available
,
.
(2994)
is
saved.
deposits following the lifting of
Regulation Q ceiling by the
Board of Governors' of the Federal
the
A third' factor that tends to ex¬
pand the. supply of loanable funds Reserve System. Savings and loan
and *. savings
bank's
"is the easy money policy pursued associations
V
by the- Federal
ties.
The
authori¬
Reserve
member
the
of
banks
also
raised rates paid
in many
cases
on
savings
to hold their com¬
have been petitive position. j
:
/
of $400 -r It was widely predicted at the
so far time that the payment of higher
The sharp increase .in the num¬ this
year.
Commercial banks can rates
on
savings
would -cause
ber of persons in the 20. to 25 age earn- a return on such reserves
banks and thrift -institutions to
Consumers, and (4) Governments.The demand for mortgage money
group that will occur in the next only by expanding loans and in¬ raise the interest rates they would
We
have
reliable ^tafi^ics
is determined primarily by the
few years should expand. demand vestments.
Because
this
easy
charge / borrowers
on
mortgage
the volume of borrowing by each trend of building activity.
Total
for consumer credit, sinqe young
money policy is likely to be main¬ and other loans. It was argued this
classes of bor-
ore^^jor contributing factor to .the
.<(1) Mortgage borrowers; (2) Busi- tightness of money and the sharpr
nesses,' chiefly corporations;
(3) rise in interest rates in. that year.
rowers
'
in
our
economy:There
stepped up in recent months.
Federal Reserve System
provided with
J '
an
average
million of' net free reserves
"
-
construction so far.this year
families, need and use instalment tained, and
could become more would be necessary to
enable
In
the light of economic
trends has recovered .with
the whole credit
most intensively. Hence, an pronounced
if business activity these institutions to Recoup the
-and prospects, one can project de- economy.
However,' demand for
increase of $5 billion or so in 1965 should turn downward, I have as¬
added amounts paid to savers.
mands for borrowed funds for a both
new
and used homes has
•
.of these four classes of borrower.:),
new
is not
an
unreasonable projection,
in
sumed
Table
II
that
the total
presents been more sluggish than in peand this estimate could well prove of loans and investments of com¬
'
riods of rising business activity
to
be
on
the
conservative- side mercial .banks will register rela¬
I
shall
state
the
assumptions during the 1950's, and" there are
despite a rising trend of repay¬ tively large increases in 1962 and
about the trend of the economy signs that needs for commercial
ments
on
consumer ;loans • .out¬ in 1965.
r -•
1
: :
upon which these projections are construction also are largely satstanding. V;
/;/
based. * If one disagrees with my isfied in many areas of the counV
Demand-Supply Baance
;-c •
A steady increase in; State and
assumptions/ or feels there are try. Therefore, I assume that the
Comparing the demand statistics
:significant,developments affecting net increase in mortgage borroiy-, local government borrowing can
expected,- However, a large in Table"! with the supply sta¬
.the demand for funds that I have ing this year will not quite equal be
tistics: in Table II, it will be noted
overlooked, it is a simple matter the 1959 record, and that by 1965 ■volume of outstanding• state and
to substitute his own projections borrowing
demands will be no municipal debt is being paid off that the supply of funds fell far
serially or at maturity,-and thic short of the indicated demand in
.of the demands for funds, and then greater than in 1959.
;
'
cuts down substantially the annual 1959, despite huge bond purchaser
be may reach a different concluOne factor that tends to slow
I also, as¬ by individuals that were drama¬
sion about the outlook for interest down the. growth of mortgage debt -increase in., this debt;
a
considerable amount of tized by the popular rush to buv
rates from mine.
/
y
.
is the rising volume of amortiza- sume
deficit financing by the Federal the "magic 5's" which -'were of¬
Table I, it will be noted, does tion
payments
on
outstanding
Government and borrowing by fered by the U. S. Treasury in
not attempt to project every dollar mortgages.
This tends to. be a
Federal agencies, a reflection both October of that year. The gap was
•: of
borrowing.
For example, se- more important influence as each
of the cold war and the commifr filled by "absorption Of mortgages
curity loans of individuals and year " passes,
since amortization
ment by the Administration to use by Federal agencies/ purchases of
farm
production loans- are not tends to become larger the longer
its powers to. accelerate the rate Government obligations by corpo¬
included. I am not trying to meas- a mortgage is outstanding.'
of growth of the economy. "
rations and foreigners and other
ure the total volume
of borrowBusiness borrowing, both through
Total demands for funds, thus expedients that have become characteristic of tight money periods.
TABLE I
projected, will come to $41.1 bil¬
period
.
ahead.
Table
such projections.
I
,
.
•
_
,
,
.
.
.
,
Such
predictions ignored the
operation of demand and supply
forces in the market for loanable
funds. The higher rates paid on
savings attracted additional funds
into savings accounts, and record
f
increases were reported - by com¬
mercial-banks in their savings and
r,
When the banks
time deposits
to
work
in
tax-exempt bonds^
mortgages and term loans to busi¬
ness, the consequent expansion of
the supply of loanable funds der
pressed interest rates,, as any ex¬
pansion of the supply, of funds
time:
.
v
,
'
deposits.
<■
hurried to put these
tends to
•
It
is
do.,
now
clear
:/
.
>«r
v:
?•.
f
that when the
-payment of higher rates on sav¬
ings deposits stimulates the flow
of money into thrift institutions
and
so
expands the supply, of
loanable .funds* the - effect is to
.
The Demand for Borrowed Funds
•
•
In I960,' the sharp contraction
and to $44.1 billion
in 1965.
These projections com¬ in demand reversed the demandpare with demands
of $49.7 bil¬ supply relationship in the market
lion in 1959. If the supply of loan¬ for
funds, '- and
interest
rates
able funds will be maintained or turned downward. The supply of
increased, the indicated leveling funds- has- tended to outrun the
of borrowing demands would cause demand over the past year, despite
lion. in
•
^
(billions of $)
v
-
Estimate for
1959
Corporate bonds
1961
$19.0
$15.3
$18.1
4.1
5.0
5.1
5.4
Mortgages
I960
1.9
0.9
2.0
2.5
4.4
1.4
3.5
5.0
±
Business loans by banks
Consumer credit
State
and
local
6.3
borrowing..
1962
1965
$18.4
5.1
<
$19.0
*
5.0
3.5
4.9
5.1
0.6
6.8
7.0
$37.2
$41.1
•
years, particularly at times when
recession tendencies manifest
.
themselves in the economy.
The
TABLE
Supply of Loanable Funds
II
comes"
(billions of $)
The
1959
I960
1961
$6.6
$7.6
$8.7
0.9
1.4
0.6
0.6
Life insurance
6.1
5.9
Fire
Savings and loan associations
savings banks
Mutual
unions
1962
.
from
largest
loanable
of
three
source
1963)
$9.0
$8.5
1.9
2.0
tions,
savings
companies and
"
1.9
supply
main
consists of the
banks,
insurance
pension funds. A
0.8
1.0-
companies
,#•?
casualty insurance cos.
Corporate pension fynds„~__„__
6.7
6.5/
7.0
1.7
1.3
1.1
1.0
1.2
banking system. The third
comprises individuals who
3.2
3.4
3.5
3.7
4.0
in bonds
State
retirement funds
Commercial banks
1.9
2.2
2.5
2.8
3.0
(Increase in loans & invests.)
Individuals and others_____
5 1
9.2
16.1
11.2
11.0
13.8
3.1
2.1
6.0
7.0
&
local
Total
:
-v»
.
$34.?
$43.31 $42.9
$44.7
source
or
Financial
stitutions.
An
,
is
the
commercial
-
source
loanable funds when they expand
their
loans and
bond investments.
To the extent that they buy
.
-
-
International Developments
:
long-term rates has narrowed be¬
cause
the Treasury has concen¬
trated on shorter-term public debt
There is a possiibilitv, however,
stocks,
investing .does not affect di¬ -that international -developments offerings to finance its deficits.
debt "* management
policy
rectly the trend of interest rates. J could for a time exert a prepon¬ This
their
$39.9
earnings of savings in¬
earnings squeeze,
in turn, will lead in time to an
eventual lowering of rates paid
on
savings, if demands for funds
do not expand so that these funds
recovery
in business which ex¬
can be used profitably. But some
plains the 'seeming anomaly of
time may elapse before such a re*: falling
interest rates during an
adjustment of the rates paid on
upswing of the business cycle.
savings to the earnings of thrift
If my projections in Table II
institutions can occur.
prove
justified,
interest - rates
could tend to drift lower during
Interest Rate Differentials
the next few years, since the sup¬
We have so far discussed the
ply of funds can be expected to
general level of interest rates,
expand
further
while
demand
rather than rates on particular
could
remain
relatively
stable
kinds of loans and investments. .
•Needless to say, interest rates will
Differentials between different
tend to turn firmer at times when ;
the total demand for funds ek- rates of interest .will vary from
squeeze on
to
time
in
response
to
pahds, but rates would come under time
in demand and supply
more
downward
pressure
a vain changes
within each sector of the market
invest when business activity contracts
mortgages directly;; -and loan demands are reduced in for funds. For example, the dif¬
ferential between, short-term and
institutions supply consequence.
•" :
J
'
0.7
second
&
funds
sources.
nation's investing institutions and
includes savings and loan associa¬
Estimate for
Savings Institutions:
•push interest rates downward, not
upward. True, ..this . causes a
,
The
The Supply of Loanable Funds
Credit
next few
$44.1
4.8
borrowing...
Total
continuation of the ^sagging trend
of interest rates over the
7.2
$29.5
-
a
5.4
10.1
$49.7
U. S. Government
j.962
Volume
Number 6172
195
.
.
The Commercial and Financial Chronicle
.
(2995)
swells the
funds
outran
demand for short-term
and
tends
so
to
keep
rates in that sector of the market.
/
The
the
funds.
up
<•/.,
narrowing of the differen¬
supply
;
•
of
*
loanable
-
•
"
■
was reported that sales last month
/
were
Conclusions
,
"
,
:
'
••
11
-•>**-*..£ t
25%
up
month and
Changes in the demand for and
BY
tial between short-term and long-* the supply of loanable funds pro¬
termrates would make longer-, vide the one reliable basis for ap¬
JOSEPH
C.
out the
POTTER
from the preceding
redemptions "through¬
entire
month
negli-
were
gible."
-
-
term.
praising
finance
rates.-'""
financing on the part of
companies relatively at¬
tractive /whenever
you - believe
that
the
downward
trend
of
•
in¬
terest rates of the past two years
the
•
*
trend .-of
interest
*'"• '••
* ••
"
■
The
demand
rently
for
reflecting
is
funds
the
In
cur¬
re¬
more-
rise will follow. But until the de¬
mand for funds expands substan¬
Under
sion.
end and
an
a
tially or the supply contracts, an
upturn in the interest rate trend
is not in prospect. The stability of
the
price
level • limits
demand
from borrowers and stimulates the
flow
of
savings
stitutions.
justified,
>
in the interest rate trend could be
on
several
down
years
away.
•
:
-
Experience shows that there is
such thing as "normal"
differentials between particular rates
of interest, such as yields on mu¬
nicipal, corporate and U. S. Gov¬
ernment bonds, Treasury bills and
finance paper. Rather these dif¬
ferentials change over time in re¬
sponse
to
demand
and
supplv
no
forces in each sector of the market
homes
rent
and
and
incomes
the
is
causing
tions-
If
Shifts
'
.
in
demand
easy
-
bank's
commercial
to. be
to
eager
more
in
when
1959
before.
A
good
than
spring
tape4 or
v was
has
considerable
oi
mi-
T!
\)lj
.
lib.
'
*
-
AA/lfVi TT
TTpnff7
It'll -LI.
**
Ht/IItZi
Lewine, senior partner of
H. Hentz
&
Company, 72 Wall
Street, New York City, and one
merit,
rS
l
A,
Jerome
appear-
diock
a
counsel
ATTr'
go-it-alone
many
major reversals, may well decide
that
professional
investment
market
T
Jut/W 111(3
ever
i
Well, the mutual / funds were
selling stocks in April, May and
of
the
financial
Total net assets of American Busi-
district's
best
known
elder
statesmen,
June
ness
28
observes
62nd
the
anniver-
sary
of his
first
job
Wall
in
is/' on/May
31
theseitems
;—
amounted to little
more
than $1.1
fhe beginning of his
long
associa¬
^er
quarter,
had
$216,509,490,
total -net
$3.98
or
tion
with
Nor did the
so
for the past 44
Jerome Lewine
years.
It
was
on
June 28, 1900, that Mr. Lewine,
ifoZZf ±re®h out
end of the preceding Texas, went
asse^s amounted to $258,- ?Ild clerk
sold $292-million worth of shares 549,897, equal ot $4.87 per share. Hentz
at
while redeeming
less than $122
During the latest quarter the salary of $6
through
has
successfully
Z,?4'90 jPe1/ sbare' °n F.eb-
liquid items "shrink
necessity to redeem
the
he
guided
At
billion. Thus; these items declined Aug. 31,
1961, close of the last
by $100 million.
/ '
-fiscal year, assets were $243,436,-
/
firm
of
assets
share.
a
Street
and
,
by Mr. Casazza before
Credit Management
Graduate School of Business,
' Columbia University, Arden House", Hardemands riman, New York, June 6, 1962. ; ^ .-/■'*
loan
stature
greater
April the 172 member
had slightly more than $1.2 billion
/
*
*
*
of cash, Governments and short- Financial Industrial
Fund, Inc., at
term bonds, A month later—that May
31, end "of the third fiscal
Consumer
1962
with
tute.It shows that at the end of
address
♦An
the
they will
trying times
^ FlllldS RcpOl't
attract borrowers,, com¬
pensating
balance ^requirements
may be liberalized by lending in¬
stitutions, just as they were,tightened
in the future,
that
were ^$29,088,942, equal to $4.98
Sbare-/Net assets at May 31$
1961, totaled $27,968,548 and value
companies Per s^are was $4.68. • .
'
the next
over
be
these
investors, running into their first
projections in the tables .monthly statistics
published by
realistic," interest 'rates will the /Investment
Company Insti-r
decline
yet
emo-
-past
the
tne
It' may
con-
were
v
the
continue to
on
May
$43,561,140, down from the $44,324,363 a
year earlier. Value per share was
$10.49 on May 31, 1962, a decrease
of 5.2% from a year earlier,
'
'
"
emerge .from
reports that
•
and
become
on
"V-
'
overcharged,
become
when
\
-
to be getting a vote of
fidence from the public.
pear
Fund
31 total net assets
Shares, Inc., were $25,112,223
June, but they were buying too. at May 31, close of the first half
The
record
shows', they
were'of the fiscal year. This is equal
neither buying nor selling fever- to a net asset value
per share of
ishly. * ■'// / '
v
/
}
:
* $4.16. At the end of the last fiscal
Let us turn to the record of. year on Nov- 30, 1961, net assets
few years.
-
factor,
are
-
eager
prove
Texas
v
y'A
■
thaf^he ftds fa°reksellln™UrinS
By keeping n record of
the
for
demand
ahd': supply of
supply funds
as the figures become avail¬
may affect not only differentials
able, and/most of - them;1appear
between- particular rates of inter-,
regularly in the Federal Reserve
est, but also other, loan terms. For
Bulletin, anyone can check on my
example, when the demand fA- forecast, see where I /mav./have
business borrowing declines apd
gone wrong, and do better himself
for funds..-
'•'!
factor
rumors
slumping, it took only the
cur¬
banks
added
during; the
weeks
of loanable;, funds- by
commercial
conditions,
constant
baseless
as an
can
Thus,
ance
to expand their loans
and investments^
more
when
tossed in
authorities also will increase
supply
of
-
a
/• -
And
-
held
An
saved.
is
market.
As long as
dealing
-with / people's
money, it ean't be any other way.
policy by the Federal Re¬
' money
serve
is
of,
durables-
larger .part
a
-'best
stock
you're
Borrowing demands arise ;in
the • main from the purchase of
durables, - including homes,
be¬
cause of the large outlays required
for durable goods and the longer
period of time over which-their
purchase is financed. '
The supply of funds, similarly;
.
a
the
in
Goldfish Bowl
a
'
the
-
emotionalism
lending- in¬
If my projections are
definitive upward turn- will tend to be larger if spending
into
_'
-V
strained demand for durable goods
by individuals and cautious spend¬
ing by business for plant expan¬
be coming to
may
j
EEEEE
,
4
1962,
a*
Waco,
■ to
work as office boy
for the late Henry
the then attractive
a week, with 50 cents
million of stocks
" / :• //
' company established no new port^?r supper on nights when over-.
'TnHppH
it wnuiH
nf
folio P°siti°ns, but did increase'-*#1^ was p£qessary.(Before he had
would, be a source of severai 0f
existing holdings, attained his 19th birthday he was
tiw minted
ihpSc Eliminations included Addresso- representing H. Hentz & Company
wSrf I 5 n J the ?u^s- graph - Multigraph, Allied Stores, 011 tbe floor of the New York
fnr
f tta!w if American Photocopy Equipment Produce Exchange, and by the
any
stock. Last month these 172 funds
Program,
'
a
"
cahpw
w
"y
iui.u * J W
C* i
Kct,
f
.
Present Unemployment as
s:
^
^ Fuf &r,,
the6 painTul/act 'is 'thl/oi P01?as w- M°ses
of'todianapolis'^ember of
their
$20
billion
bas been elected executive viceZh
f'
..But
ineir
of
ot
Dimon
net
net
these funds have little
Last
in
year's unemployed numbered more than the average amount
since 1941. Since
year
any
recorded ratios
as
1900, however, 28 of those
V5%v
v
great or greater than our current ratio*
in
average-of 4,800,000 unem¬
ployed for the year 1961 was the
still,
it
'twenties
highest' of any year since 1941f. back, to
said the recently issued study by crash.
the
family
economics
National
Northwestern
surance
P^With
than
we
a
can
bureau
Life
of
In¬
Co., Minneapolis, Minn.
unemployment now more
million below that figure,
take
historical look at
a
a. change
a'.cnange
there
have
been
20
which, like
1961, have re¬
unemployment
averages amounting to more than
6% of the labor force. Twelve of
years
corded
annual
tastic 25%
• era
1930
whifch was
finally ended by World
of
to
1941,
formed
combined to rout
from
1900
to
have
present
have
labor force unemployed. Thus
during
the first quarter of this
century." Only two were in the
or
post World War II period.
unemployment ratios as great as
or greater than our
present trend-
1961
Rate
Was
Unemployment
of
the
1961.
force
labor
It
was
6.7%
averaged
the
for
6.2%
as
as
March of this year, but nose-dived
in
April
3,700,000,
labor
and
or
May
5.2%
force—5.4%
to
just
MENLO
Hammill
ed" for seasonal factors.
which
had
a
hundred
twelfth
was
1958,
thousand
fewer jobless,
but averaged 6.8%
of
the labor force
unemployed.
(1949 almost made the 6% cate¬
gory with 5.9% idle).
The six early jobless years were
1908, when what was then called
"hard times" made almost 3,000,-
California
James
E.
Ryan,
representative who
tive
in
the
a
-
.
has
-
of
Indiananolis
w/
fot
and dividends
That firms
Suburban
'
important factor
economic
balance
in
the
sheet
a
since
last
.
.
-
.
on
rJ;
the
then
are
ad-
was
rectlon
economics
.
'
a^
acuviues
and
or
investment
He will
us
de-
serve
as
poiicy committee.
He is a past
president of the New York Society 0f Security Analysts.
*
*
_
^r- Edward N
Chapman
Kent/
ivir, nentz,
lacking
vears
eight
of
with
the
full 62
a
the firm, and he is
strong. No less than
his
partners have been
firm at least 30 years,
and every partner today has
come
through the ranks, all having
at one tim
be
t ff empioyees
v
*
up
Qki^Irlc
,
Alkanxr R,.a„A
elds Albany Branch.
ALBANY, N. Y.—Shields & Co.
has opened a branch office at 11
Pearl
Street
T
under
.
„
the
TT
Frank E. Kunker III is associated
with
£arp*
.
-
,
of management of J. Erwin Hyney.
Colorado .Springs, Colo., has been
"
Mr
VPor<3
__
,
ca.n
of
year and
today rounds out
with
going
„
_
o/xlf
ui
hls 87th
+wn
monins oi attaining oz years^
the firm he had founded
in
1856.
Similarly,
Mr.
back
North
*
Dar+npr anfa
months of attaining 62
a
wlth
Research
&
^announces hat Lawrence,
fr Kann^ has joined the organizatlorJ as senior vice-president—In-.
L
aL assumed di-
e bas bad
the
office
new
Manager
Mr
Hvnev
as
Assistant
former
was
along career m fmance and medl- Manager' Mr'
was formerly resident manager for Sutro
Cine.; ,
#
*
Bros.
&
Co.
•
•
Research
Investing Corp. reports
iargest sales in history for
]y[ay and the first five months of
With June S. Jones
(Special to The Financial Chronicle)
1962. Plan and share sales for the
month
amounted
to
$1,665,138,
compared with $70,080 in the like
1961
month.
sales
rose
to
p o R T LA N D,
Shaw haq
been
Ore.—George H.
_dded
t
thp
_taff
&naw nas Deen aaaeci 10 me sian
$6,521,677 from $335,June S. Jones Co., U. S. Bank
For the five months
609 in the like
period last
•
1962
-
As
very
given
year.
versus
$28
billion
•
It
Building,
Affiliated
•
L
result, dividends todav
strongly protected and.
a
A Common Stock Investment Fund
a
An
Aye, there's the rub—a satisfac¬
tory business environment.
•;
investment
for
-.
v
its
seeking
possibilities
company
shareholders
of
lohg-term
growth of capital
and a reasonable current income.
,
Prospectus
upon
request
*
This
I
in
satisfactory business en¬
vironment/the trend of dividends
would be definitely upward."
'
Lewine
retirement
.
ln
f
Lewine
Securities
much
is
clear:
the
funds
this dreary period/With investors
K
Julv
f"® swce.U^ July.
have acquitted themselves well in
-
since
cash flow
CHICAGO, III
.
Water Cn
a
is
La Salle Street*4
? 1™ V
,
_
are
1957.
ac¬
— David
Sherman
sole proprietor of Capital
Securities
Company, 209. South
Z
j
Cn
oeipnia^uourDan wateico since
1959- He has been a director of
depreciation and retained
earnings of $35 billion estimated"
investment afield ,in
now
Water-
slnce 1956 and president of Phila-
partment staff.
•
the
•
Mr.
as a partner ana two years
later moved up tb the senior spot
a.eni
from
registered
Now Sole Proprietor
style."
lion in 1957 and with
Menlo Park for the past. 12 years,
will be manager.;
;
'
:
,
• j
publicity. Corporations tovery strong financially,
with total liquid assets of over $70
billion as compared with $60 bil¬
early
been
O
point which has not received
a
day
in July. The office will be locatedat 644 Santa Cruz Avenue, »Menlo
Park.
000
jobless, or 8^2% of the labor
force; 1911, with 6.2% idle; 1914
with 8%; 1915 with almost 10%;
the depression year of 1921, when
idleness averaged-12 %•; 1922$ when
in
1
recent
-
PARK, Calif.—Shearson,
&
Co.,
will open, its
office
earnings
m
"A very
Open 12th Calif. Office
when
"adjust¬
to
x-
solid
over-all
is
of the current
Postwar twin of 1961
5%%, the
Shearson, Hammill
AT
T. Freeman, -President
Loomis, Sayles & Co., also has
an
interesting
contribution
to
make to this dialogue on the stock
market. Says he.
report points out.
over
re-
of
year
late
of
are,
Maurice
28,
nearly half, of the years from
1900 through 1961 have recorded
of-1962 ratios of under
6.7%
•
by historic standards.
averaged between 5 and 6% of the
War II. Six of the years occurred
managers
earnings
prospects,
satisfactory yield and
are
available 4at price - earnings
multiples considered reasonable
in the period
the
know, there is no
the
ranks
of
the
Philip
C.
Smith
contends
the
growing emphasis is on issues that
draft calls
provide
years
m
In. 1916,
Services, Inc. He has been presi-.
dent
^ ^afi°naJ. Securities chairman of the investment comResearch^Corp., which echoes mtttee and vice-chairman of the
and says
are
back
pression.
Eight other
Diversified
-«•
National
the feelings of many m the field.
It sees the glamour stocks fadl"S
12-year de¬
our
Their
u
&
until
when it finally dropped to
10%. Actually over 9,000,000 per¬
sons, or 16% of the labor force,
were idle in July of 1940.* There¬
after European war orders, our
and
Df investors
a
„
of
1941,
rearmament,
than
course/making an agonizing
appraisal of their own. " .
own
folks
funds.
«
year
less
items
figures indicate and in-
within
panic
and a fan¬
of the labor force. But
every
liquid
T
DresidGnt
Piesioent oi invesiois liiversmea
years
As-the
persons
force
the
of
billion dollars.
//.
averaged more than 14%
labor
vear
yeai
a
a
s •.totaled
•
shade
a
x
not
fnnd^. totaled
,and
to
and-'
■
•
is
assets
memher
amounted
1929
,peoplq have forgotten, the
report observes,: that unemploy¬
these years were consecutive—-the
depression
the
160
from
trom
net
Sec' £-11 •memDe5
billion
$20.6
many
the
1900
,
/,/■
million
13
to
ment
/Since
until
work,
then
then the
millions
Unemployment leaped to almost
9% in 1930; by 1933 it leapfrogged
and
their severity with
that of other employment dips: in
the
twentieth
century," the bu¬
reau's report continued.
^
sent
:
the idleness statistics of last year
compare
74/2%. And
ran
roaring
x
bonds.
.earlier,; when
The
^
That
y
term
of
ot
assets,
than
nnvernmr.ntq
x
-
much'
mucn
.-.■V.:
r3oh
X'
U
short
years ;
o^et<;
more
continuing .to, buy.; far more than
they redeem$-they-also would ap-
Lord, Abbett & Co.
New, York:
—
Atlanta
—"
Chicago
—-
Los Angeles
—
San FrahcUco
12
Vm
I
n Ck
JL Ilv>
tv»
i
•
oj
mi
I
The Commercial and Financial Chronicle
(2996)
long to the public and not to the
private sphere." (Emphasis here
i
I II QUI 1 TP
ly
vv
Tr*nV70y Ql Q
V/iUll Li U V vl OICvI
iS
Two
Over Industrial Aid Bonds
Administration,
ness
from
Dissant
making
piously
were
in
column
headed
for
1962,"
ex¬
securities.
Invest¬
ment
Bankers
The
,
states
as
may,
sovereign
funds
Association
for
states
work
themselves feel justified.
on
a
powers,
borrow
whatever purpose the
solution for its
c<
<
which
bond
C. James Pilcher
would
bring about
nothing
end to their all
an
stand
which
finger
squarely
First
that
there
two
on
is
matters
question
no
but
very real problem exists
respect to industrial aid fi-
nancing^Second^no"3^one" to*
knowledge, has come
satisfactory solution.
__i.-_j.__x—
I
wish
by
Thus
a
with
I could
stating I
the
answer.
of
a
to
continuation
a
cf
dual
a
when
I
In
.
?onds
level
and
macro-view-
separate
but
related
involved,
are
of government?
J-ne
is obvious that both of these
matters
involve
personal
proven
therefore
nnp»
ixrov
one
way
mathematician
disprove
cannot
onntVior
r»r
Without
down
whft
of
federal
a
it
is
sufficient
exists
as
to
noint
the
that.
ud
of
have
we
stimulus
,
problem.
a
1
'
with
area
industry gives to an
unemployment prob-
new
try should not just be tolerated in
community but should be actively supported and stimulated,
a
The desire for new industry has
brought about the establishment
of thousands of local development
programs throughout the nation.
It is not necessary
whether
these
effective,
doubts
default
on
soundly
appropriately
placed with investors.
And finally the legislator be-
bonds are, the
the bond. The citizens
involved.
comes
The
state
repre-
sentative
requirements of the contract itself,
authorized, to do something about
the "pirating of industry" from
the state.
/r
• vX
contract
sole
typically
industrial
says
interest
cf
source
or
Senator is under pres-
today, in those states where
sure
aid
bonds
not
are
The Congressman in Washington, D. C. is buffeted with similar
pressures
to eliminate those industrial aid bonds.
Or, if his state
usjng them — to squelch any
attempted legislation. interfering
js
with their
use.
Summary
•
*
*
for seeing -that costs are mini- :
To summarize, if I were mayor
mized. Municipal bonds with their of aV city I would ^ expect to be
tax exempt feature can be sold allowed to compete for new indusat a lower, interest cost than re- try under the same ground rules
quired on a private corporation's used.-by, other-^municipalities; If
"
at 4% instead of 5% it would have
to pay on its own securities, the
others can use industrial aid bonds
bargaining point,
asa
so
should I.
-p would protect the "citizens in
community from possible
my
nancial
involvement
in
fi-
issue
an
fundamental, however, to
^
(j-overnment on
the
have
a
right,
concerned
status
are
of
even
with
the
providing
which
leadership.
.
.
,
things.
sure
First
I
of three other
would
issue
an
capital actually affected the deeision to locate the plant. Thirdly;, I
would be a party to a lease contract involving
industrial
aid
financing only if I were convinced
i
c
they
If
un-
that firms such as
Swift & Company, Emerson Electrie Manufacturing
Co., General
wonder
any
Tire
and
Rubber,
Corporation,
Borg-Warner
Armour
&
Co..
that the tax exempt feature of the
that
the
corporation
could
and
years?
dustry
tax
™
—
fiabie
these
,
with
resulting problems,
ing to unwise giveaway
to be justi-
seem
for
causes
Investor's
The
More-
concern.
Appraisal
or
resort¬
programs
the abdication by local or
A third party directly involved certainly should be avoided,
If I were a corporation officer
state government of the responsi- with the issuance of industrial aid
If 1 were a corporation <
revenue hnnHs is thp nurrhaspr of
bonds is the purchaser nf I
f would strive to ...make plant
would strive to ;. make
Qver,
problem of this type increases
considerably the probability that
...
lease
With the above advantages, is it
Lilitv for a solution to a localized
bility for a solution to a localized
,
the
is
e c o n 0 m
in
If
that
duty, to be
a
the
area
for.
credit for private; industry was
important to the economic health
of my community, and second,
It
see
provided
I'd be very
writeoff of the facilities is
often
tax purposes would have to be
taken over 30 years, the postponement of Federal income taxes may
seem attractive to the company.
are
serious
some
faster
industrial aid bond only if I were
convinced that this use of public
here to judge
raised.1
been
0f industrial aid bonds by using
"Revenue bonds only. I would be
corporation financing via indus- unalterably opposed to putting on
trlai aid bonds instead of owning the line the general credit of my
the new plant directly, is that a
city for industrial aid financing.
payments amortize the cost over
15 years, whereas depreciation for
programs
though
have
SaM
option
regards the proper classi-
within
rpvprmp
securities.
the
respective
spheres
evaluate
the
The
investor
financial
must
location
decisions
rest
on
basic
responsi-
the economic in the credit contract of
area,
their
a
limited say no because of a deep seated
liability business organization.
,
industrial
Sums pafking'Tucturefair! consttotTon^looktag^owarl tht ^
ports,
a
are
and
factors of labor, materials, and
by .the
T?.ls ln^un.lty 1S the Federal Government will at- bility, over the life of the lease, markets. If industrial aid financ.laThlacelimitation is not tempt to provide an answer. In of th4 corporation involved. This ing were offered to me I'd like to
corpi rI
based , upop, any express prohib,T shorti it is hard to challenge the analysis job is the same one the think I., would be statesmanlike
r
i £
.
J?" right of a city to use any legal lender faces whenever he invests an<l high principled enough to
constitute,
difference
tne
•
pSblte vttsS aprivateentlrorise
considerable
conceived
Alle Businessman s Attitude
one
,
or
in
a reve-
of the community are under no
legal or moral obligation to service
the
instrument
beyond
the
tnis
a
several states on the
other are lroraiwe from taxation
^
~
bogging
quicksand
as
prove
theorem.
a
ior
be
oo
another
or
might
jusuncaxion
exemp* status of municipal bonds
judg-
and
nrnvpn
municipal obligations.
justification for the
The
It
ments
of industrial aid financ-
seeing that the bonds
the
not subject to federal the city fathers of any municipality
1S
One, should public funds be made
two
fundamentals
to the appropriateness
as
use
then, as a miadi'eshould turn his attention to
man,
bond which the vast majority
that
dising the bonds and finally the
legislator to whom all of us turn
income taxes does not attect tne
case involving industrial aid bonds
one whit Being credit obligations
of the states or their political sub-
basic
lease
issuing the*.bonds, the
The reasons for the businesscorporation leasing the plant, the' man's interest in industrial aid
purchasing the
bonds, financing are apparent. The finanthe investment banker merchan- cial officer of a firm is responsible
or
Federal system of government.
I
,
point
the
ing. But if the issuer decides to
issue this type of security the in¬
What then? If the bond is
nue
And
_
me.
both
investor
sovereignty of critical importance
troversial matter.
or
of the
_
■■
overall
positive
or
the
dilemma confronts
to
vestment oanKer
aid
industrial
next
counsel
payments should be minimized.
But still mistakes are made,
micro
to
macro
of
and
issuer and buyer of bonds carry
tremendous weight. ~He has a right, as all of us do,
to express an opinion negative or
from
the
individual-and principal payments is to be
person's point of view, the
rental
income
from
such
The
individual
parties
most facilities.1
directly concerned with industrial - ;
^UIVUUt
an
examine
firm's
my judgment the latter is overrldinS- Therefore, I accept the
this very complex problem with
rlght
a state to authorize the
a minimum of harmful direct and
use °/ mdushna.l aid bonds.
side effects.
:
This right to use industrial aid
But the difficultness of solution
bonds is acknowledged with no
does not deter me from
examining consideration 01 the tax status of
industrial aid financing. So here ?1ta*e and municipal bonds.
The
are
my
thoughts on this con- 7
,e 1m.er®st 011 these
From
advice
financing
don't. It will take someone with
greater wisdom than I to unsnarl
_
propriate investment sources, his
used. by Private hpsiness; yet I lems. But beyond that, there exists 4% money looks very appealing.
consid?r! tbe,v matter of states today a strong feeling that indusAnother advantage to the private
a
attention
arouse
have
would dis-
I
and
disapprove of public funds being
my
up'with
on
the'"investment
certainly
an important stake in
this controversy. In his job as he
directs the flow of capital to ap-
idea of public
funds flowinS into the Pnvate T1*e Municipality s Point of View
sector, but I would at the same
Why does a municipality seek to securities. Therefore, if the, firm
time defend the ri§ht of the state attract industry to its locale? can obtain capital through indusitself Itp-decide this question.
Much attention has focused on the trial aid revenue Jxmd financing
agreed with Mr Reillv then
I do now in that he put Ms
I
financing.
approve
untenable bv the minute"
and
aid
more
observation from
point
the
investors,
;": '■
And
the
Kignts
a
it wants to raise funds for indus-
or
iriai
gets
,
change
me
aid financing are five in number:
state decides through
its
elected
representatives
or
through a vote of its citizens that
Suppose
problem
*
Mates
industrial
revenue
these assumptions default
of industrial aid
pet
experienced
banker has
default of lease payments leads to
the
has
uie
power to Dinrow capital limited only by the willingness of the
capital market
to purchase its
pressed the
hope that
"The
street to social-
a one-way
jsm> The mere fact of numbers of
trial aid financing? Each state
Wishes
"Fond
constitution. Give
United
these
states, I fail to see any basis for
the fear that industrial aid financ-
it is absolutely necessary 0ut any possibility of production
Federal
Government to being turned over to a central
have and retain the rest of the autnoriiy
even
if industrial aid
powers at the state level.
bonds were authorized in all 50
How does this relate to indus- states.
Buyer in a
sional
The Investment Banker's Position
.
powers
for
Bond
The
are the city's obif the lease is broken?
First, irt is assumed that the representative of the city has competent
to the central government what competing states and cities rules
the way of all flesh—
Reilly,
gone
James
raised is, wnat
ligations
Cherokee, Ala-
in
states
ferent
of the political philosophy of the jng js
framers of our
which
in
.
My choice here is a continuation
us
New
our
Year's resolutions—most of
have
of
when most
Co.
has been tested in the courts., muitimillion dollar issue was acAnother question that should be cepied for investment
by profes-
use
legal advice and the lease is - a
soundly, .conceived contract. Secondly, it is assumed that serious
consideration is given by the city
to the financial responsibility of
the lessor. Arid third, and perhaps
impact on the operation of that ; most important, it is reasonable to
facility than it does on the opera- expect that the buyer of the intions of any other of Armour's, dustrial aid bonds is careful to
numerous plants.
■
•
;
v
ascertain himself, or through the
With over 6,000 cities of more advice of others, the risk exposure
than 25,000 population in 50 dif- prior to lending his money. With
Though voicing strong
funds by private companies, Professor Pilcher avers there is nothing socialistic, illegal
or unethical about the practice.
He hopes that all parties to such
financing will be prudent—i.e., that issues will be confined to "rev¬
enue" bonds only; be issued if important to the community's economic
health; be the deciding factor in attracting industry; and be extended
to credit-worthy lessors offering as much security as does the T.V.A's
O'Hara Airports, Ohio turnpikes and port authorities.
December
When
authority.
banks
purchased
another
12%. Thus, 82% of this particular
the control of that plant
rests completely in the hands of
Armour management, a privately,
owned meat packing firm.
Legal
ownership of that plant by the,
city of Cherokee has no more
personal objections to the use of any public
Last
Central
a
bond
issue,
insurancecompanies bought 70% of the issue
industrial
use
bama,
enjoy reciprocal immunity from Federal taxes.
'
in-,
of pro-
duction, and production is vested
Armour &
against
States' rights to raise funds and to
industrial aid bonds is based on
Socialism
over means
industrial aid financing is used by
Association's stand
Bankers
Investment
the
volves Control
while
to
aid
financing in those states where its
definition
this
in
things
revenue
authority
emphasizing.
need
with
School of Busi¬
University of Michigan, Ann Arbor, Mich.
By C. J. Pilcher,* Associate Professor of Finance,
increased employment, etc. Little
doubt exists as to a city's legal
own).
my
'<••> Thursday, June 28, 1962
.
aid
bonds
Any additional
potential
ad-
disapproval of public funds used
111 private industry. As President
The vaTrdTty"*of "i'ndu7t^l vantage over a "corporate bond is of General Motors I might still
aid borids has been considered by introduced to the lender, for the believe that what is good for G.M.
tfae courts in the light of existinJ interest received on the municipal is good for the country.
eral system of government.
state
constitutional
prohibitions bond is exempt from Federal in-But if my profit margin wpre
against
public
bodies
lending come taxes. So the intelligent in- tbin or competition were really
Finds False Argument in
money or credit to private corvestor balances the magnitude of rough, I might accept the cost of
Socialism Change
porations. In numerous states the the income in this situation with capital advantage tied to indusAnother matter often tossed into
courts have held such bonds not the degree of risk exposure and trial aid financing with no apolothe discussion of industrial aid
to be in violation of the existing
compares this to alternative in- gies to anyone. My main responsifinancing and serving no purpose
constitution 1^ otter staiesT the vestment opportunities. It cannot bility here would be to maintain
waters 18 the constitutions have been amended be assumed that such obligations my bunness as a profit making
bogey of socialism,
by vote of the neonle to exnressly cf a proper lessor will not provide organization by any legal action
The eminent economist, Joseph
authorize the issuance of -indus- S3 good a security as many of the possible.
... *
■humneter. in
his riassie
v
university aormitories etc
ujr dormitories etc.
maintenance
of
duTm
dual
our
or
Fed
Fed-
^
Opposes Public
Private
Funds for
Use..:
-
;
Assuming, however, that definitionaL problems
mountable, I
the
to
are
not
insur-
strongly opposed
of public funds in the
use
am
privaVTector^Z^
This stand
covers
the Federal
the
.
economy
JkL'S."1!;
public funds of
.
Government, the state
WOTove
o7
ndustri
financing where the result
public
funds
companies
But
major
' "
'
then
'
^
Ti
I
turn
.•
to
consideration,
between
ful
^are ^sed
a
dual
or
bv
JaM
•
that
nrivate
7
second
the
Choice
Federal system
"
production itself
is
vested
with
or,
as
a
we
'
.
_
_
0
J
1
•
.
J
•
fj
_
_____
J.
V\1 1
1 Ttr
ttrni
I
U
+A
wi
nivr+nivi
say,
in
supported
suyyuncu
revenue
^veuue
obligations
uunscniuns
of
uj.
I would not be cuncexnea much
x wuuiu nui ue concerned m
elusion by the courts that such currently acceptable investments with those who might accuse me
bonds are issued for a "public including bonds of publicly owned of acting unethically in such a
.purpose" is based on the reasoning electric power, facilities such: as , situation.-It is 1 really morally
that the main benefits
are
derived
the,
T.V.Av ?. airports, .such
as.-.wrong
by the dhhabitants of the', public
O'Hara, turnpikes
body
port authorities of New York and
issuing
the
bonds
CENTRAL
may
a,"d ?n all-P°w£r" 'whlcK as a matter of principle,;
of
the economic affairs
strong centralized government,
.
trial
—Lriai aid bonds. A favorable conaia DOnas. a lavoraoie con-
the CONTROL over means of production and over
authority
.
Capi-
S°Ci^
defpes socialism as follows. By
soclallst sopiety we shall designate
'^tern 111 which
the
.
.
m^tV^o^sisteirt with*thf^^view ^cburnP?ter, in his classic
I do not
•
through
elsewhere.
—
1 See Thomas p. Bergin and Wm. F
S.wlS
society be-^«es« Review, January,^M960.
>
v
tional
An
Ohio,
one
objective unemojudgment
is
-
- :
.
.
for
a
•
businessman
under
and ' obligation to maximize profits, to
investment
'-called for here.
in
in
'
;
recent sizable industrial
every legal means available
to him to achieve this objective?
For example, as corporate manuse
^agementl probably
a
fast
write-off
of
would utilize
plant for
Jtax
-
Volume 195
Number 6172
.
*
The Commercial and Financial Chronicle
,
(2997)
purposes even if I did not approve
of legislation
providing for such
writeoffs.
If I
/
•
were
:
With
risk
the
funds
on
,
would
concern
and
resist
V
income.
to
loop
banker
would
invest
emotional
"We don't
buy
be
I
temptation0
an
Chicago
basis.
any industrial
them
sound
are
aid
invest¬
ments."
If a bond salesman
lays
industrial aid bond of
accept-*
able investment
quality on my
an
desk and if the
tract
equals
yield
that
on
exceeds
or
con-
similar
quality bonds I would buy it.
;
If a city or corporation contacts
my investment
asks
trial
banking house and
to merchandise
me
indus¬
an
aid
bond, I would first as¬
legality and investment
bond, primarily
the
quality of the corporation
standing behind the lease. If that
quality of bond parallels the re¬
quirements ; of
my
investment
certain the
soundness of the
clients I'd offer to handle the issue.
If Xi
state legislator in a
state wherein industrial aid bonds
were
not
were
a
authorized, I would be
concerned with the fact that cities
in my state were
handicapped by
being unable to match the com¬
petitive offers of cities of other
to
their
reverse
action
FIRE
PRICE
Opposes
Taxing
Aid
As
INDIVIDUAL
CASUALTY INSURANCE STOCKS
&
a
view
states rights,; as
functioning of
.system : of
doctrine of (re¬
our
government.. The
ciprocal t immunity
between
eral
the
from
states
and
Government
spected. fOn
vote s
would
taxes
as
the
out
Fed¬
be
basis- I
legislation
single
as
taxation
would
this
against
bonds
I
protection
of
tbasic to proper
re¬
would
which
;
industrial .-aid
subject to Federal income
quickly as I would oppose
legislation
aimed
at
eliminating
the tax exempt status of all
and municipal bonds.
state
in market values
In
few
a
levels
nest I would stir up
legislation which
the
cost
the decline
three
in
or
also
fire
ment
in
and
aid
financing by special treatment
for
Federal corporate
purposes
of
involved.
I
the
open
business
payments
want
a move
would
income tax
lease
would
party at all to
private
to
such
the
be
103.3%
as
this
door
regulation
to
via
In
authority
income taxes
was
given to
the Federal Government to
use
short
In
a
Congressman in
Washington, D. C. I'd say we have
,
enough
and
as
a
real problems con¬
without reaching out
to solve a squabble
very
fronting
us
trying
among the states. Like the kids in
the; backyard
come
tion
up
if
I
with
they'll
probably
acceptable solu¬
have sense enough
an
just
not- to butt in.
AY A ! A
any
level of government.
address
by
Prof.
Pilcher
before
the
M-'-vcipal Forum of New York,
York City.
C. W.
New
Fleming Opens
(Special to The Financial Chronicie)
SAN
DIEGO, Calif. — C. William
Fleming is conducting a securities
business from offices at 3024 Mid¬
way Drive.
.
time
a
•
be con¬
may
than
-
the
combined
loss
and
expense
ratio
Funston,. President of the
Stock Exchange, has
New
when
York
reported that during May 28-31—
were
in the face of the
highest volume
in more than three decades—Ex¬
indication
rate)..
"V Mr.
of
high stabilization
a
■%!
.A
Funston
noted
performance
records
for
share.
The
normal
liminary reports on the Exchange's
A breakdown for
special study of the market shows
period shows that:
that, over the three-day period at over
83% of
as
in the
recent
ex¬
years
by 0.6% from the first quarter of 1961 to 36.2% of premiums writ¬
ten. Underwriting profits were recorded
by nearly one-third of
the companies in the study.
\;v
The
following table indicates the extent of the decline in the
prices of 25 fire and casualty companies from their 1961highs, which in almost all instances were recorded in late
market
1962
1961
or
early in 1962.
very
Fire
&
A"
Casualty
-
Comm. Stocks
as
•
1961-62
Price
High
Low
A 57
% of;
Policyhldrs'
Surplus
Decline
$43
72
'
.
Recent
$53
\
Fireman's Fund____
Union
12/31/61
Increase
85%
87
53
80
51
82
54
39
28
87
92
56
40
29
90
40
83
58
30
83
118
Glens
67
47
30
102
68
46
32
101
80,
54
32
88
66
Ins._--_2_I—*
36
24
33
88
44
56
37
34
103
—J
Reliance Ins.___-_——1
85
Boston
48
56
34
31
35
-
Contiherftel Ins.LflT£L'i_ii,<f 73
Ins.
Co.
of N.
American
New
A—
72
—82
Ins
tf
47
113
Reins
Hampshire
A
112
36 *
36
frv
99 v
52
'37
73
26
41
A Y
84
37
108
60
4
70
91
57
38
100
Ins
60
37
38
128
S. F. & G
80
50
38
121
Cas.—"
Statistics
98
for
in
Mr.
the
39
86
126
69
111
the
83
227
performance.
160
thousands
124
73
c
41
130
42
94
94%
It is
interesting to
the
company's
compare
exposure
'
common
stocks
as
92%
funneling
marketplace, day
had
the
the
market
had
the
lowest
value
percentage
of.their
of
their
surplus
stocks
common
variations
are
executed
at
between
mini¬
sales.
by
and.which
view
of
the
fact
they had already taken
siderable
risks
as
result
a
con¬
of
the
in the weeks im¬
mediately preceding May 28."
On
June 14, the
Exchange re¬
ported that Specialists' participa¬
smallest- increase
past two
reported round-lot
most
in
/.
normal
years.
a
■
.■
was
a
up
highs (General Reinsurance, Security Insurance, Govern-^
Employees Insurance, Continental Casualty, and U. S.
Fidelity & Guaranty) were among the eight stocks listed that
ment
than doubled in market value
five stocks
were
over
the past two years. These
also
selling at historically high prices in relation
to book value and net investment
income, and thus suffered the
same
fate as stocks selling at
high price/earnings ratios in the
general market. .A Y~ Y-;'.'Y;AAA.
!
V '
a
•
It is to be expected
stocks would
stock
that companies with large investments in
be
hit hard in a sharp decline in common
However, this investment exposure is often over¬
values.
looked by investors in fire and
casualty insurance stocks. For many
companies that have had losses in underwriting
operations over
the past decade, it has been
only the rise in the market value of
common
stocks and the reinvestment of net
investment income
that has resulted in the increase in
policyholders'
that
surplus over
declines in book
statements to stockholders.
period. Many companies will
values
in
their June
30
show
sharp
The importance of common stocks
holdings to fire and casu¬
alty insurance companies is pointed out by Continental Insurance's
holding of International Business Machines common stock. Con¬
tinental
held
183,200
shares of IBM, worth
over $106'million at
easily the company's largest individual
holding. This "blue chip" common stock, which is
widely
owned by institutional
investors, has now declined nearly 50%
in price from its market
high: The price" decline in IBM has re-
year-end
stock
1961.
This
was
market
compared
At that
as
as
1961-62
the
increased
to
at
the
about
end
20%
of
of
purchases and
with an average
of about 15% in recent
years.
general market
true for fire and casualty insurance stocks
in
sales,
the
stocks in .general in- the recent sharp market break. The
five insurance stocks that declined the
greatest extent from their
more
tion
A ;,>;A ;;!;/:Av
for the stocks that go
rising market to decline the most in
a
correction. This
well
a A A A A'A *
market pattern
the
Qn
three-day
May, 28,
were
stabilizing; on May 29
stabilizing rate was 96%; and
May 31, it
on
The
was
percentage
nearly 94%.
of transactions
in the 50 stocks at
variations of
quarter
89%
and
point
or
less
May 28, 84%
90% on May 31.
on
a
about
was
on
May 29,
;
A
Robertson With
Marine Trust Go.
The
120
Broadway,' to supervise the
expansion of their secondary mar¬
ket
trading operations. The
•
released
time, the Exchange also
aggregate figures
Trust's
sales
organization;!
Mr.
Robertson
formerly
Manager of the municipal depart¬
was
ment in New York of
Podesta
Cruttenden,
<S? Miller.
v/
E. F. Hutton Names
Board Room Mgr.
Thomas J. Lawrence Jr., has been
named manager
board
room
on Spe¬
and selling in the
period.
These figures
in
of the customers'
the main
office of
E. F. Hutton &
Company, 1 Chase
Manhattan Plaza, New York
City,
of the
Exchange,
Allen
it
New
was
Taylor,
istrative
partner
York
st-O^e
on-raiance
Specialists
and
as
buying
senior
of
the
on-balance
selling
(a statistic that can be
as
it
an
rose
early
by
admin¬
nation¬
wide security investment firm.
Mr.
Lawrence
comes
to
the
Hutton firm after serving several
with other leading broker¬
houses. Prior to that time, he
years
age
controller
was
of
Warner-Lam¬
bert Pharmaceutical International
Division.
In
his
new
post Mr. Lawrence
will direct the operations of some
50
registered representatives in
the^
ultra-modern
room.
*
twin
■.
board
Y" A'Y'-A.
James Hansen Branch
by.
the market declined,
Stock
announced
cialists' buying
three-day
com¬
pany also announced that William
G. 'Kelley joined Marine
W.
in
market activity
fcr insurance
is
date
the
noteworthy
that
May
It
point.
members
/
in market value in the 1960-61 bull
stocks. In addition, the worst
acting stocks
were
those of companies which had either a
high exposure in
common stocks or had had a
sharp rise in market value over the
market
tions of these stocks might be ex¬
pected to be higher than a quarter
Specialists'
performance
during May 28-31 was all the more
represented
holdings,
day,
"The
indicated
by
the relation of common stocks held to
policyholders' surplus and
the individual market price advance for each
company from its
1960 low to the recent high. From an
analysis of the three percent¬
age figures, it can be seen that the best acting stocks were those
that
per
varia¬
are
orders,
after
the individual stock price declines
to
be
Specialists'
explain why
They
of
mum
33%
--
list will
bilization and price
continuity
critical
tests
of
into the central
Average
full
_
41
223
ac-
on
69
General Reins
thp
Exchange's final
the end of May
activity.
Funston noted that "stanot...
report
55
Security Ins
of
the
93
—
with
figure
ohe-fourth' of the 35
shares traded
May 28-31.
113
Govt. Employees
compared
coutinuity
included
158
Continental
less,
or
overall
xor
62
■
share)
million
95
Northern
more
Y
87%
r
Hartford Fire
or
price
throughout
They
A'-'
88
141
.
fV
was
In
75
'
stocks
This
special study represented
42%Ab'f
the $327 billion
market value of
shares listed on the
Exchange at
the end of
Mhy and 28% of the
7.4 billion listed
shares!
167
95
*
Ins.__
50
about 86% for the
Marine Trust
Company of
year 1961—re¬
flecting in large part Specialists' Western New York announced
buying and selling to narrow price that William N. Robertson is asso¬
ciated ; Wittl their Municipal Se¬
changes between transactions.
curities Department in New
The 50 stocks included
York,!
54
At---
a
an
63
!
Falls
for all
buy.
of all transactions in
the 50 stocks were made
at varia-„
tions of a
quarter-point (25 cents
71%
21
95
—
to
when
High
25
American
sell, and supplied stock
85%
1961.
to 1961-62
19%
26
__
bilizing in nature—that is, Spe¬
cialists bought when others
wanted
of
I960 Low
40
Hanover Ins
Specialists' trans¬
key stocks were sta¬
wanted
the
Specialists' transac¬
tions in the 50 stocks
analyzed to
of
actions in 50
others
70
Aetna Casualty
Great American
pre¬
May:
92%
.
of
substantially above the highly sat¬
isfactory average stabilizing rate
53
Ins.__
.
series
a
Price
95
Federal" Iris.
.
...
Maryland Cas.
Home
the end of
in
to
Stock Price Performances
;
.
.
-
second
AAAA:
A
.
The
»•
analyzed include several
high-priced issues which have
change Specialists exceeded their
been selling for $100
recent
of
,
that
stocks
dropped to 66.0% of net premiums earned, as well
ratio which continued its steady decline of
pense
common
*An
which
stabilizing transactions and main¬
taining price continuity.
'i .' V
Fortunately
perhaps,
for
all
concerned, I am not mayor of a
city, financial Vice-President of a
corporation, partner in an invest¬
ment banking firm or a legislator
at
at
recorded by
as
a revenue
raising device not as
billy-club for policing action.
levels
'
casualty insurance
these companies in the first quarter of 1961,
and are considered to be
reasonably good for the seasonably poor
first quarter. Some improvement was shown in the loss
ratio which
no
the Federal income tax route.
the 16th amendment, the
to levy
companies
place
first
'favorable
more
with
sup¬
port of Federal legislation which
attempted to eliminate industrial
which
casualty
took
reporting an improve¬
quarter underwriting results. A recent study of 45
companies indicated an underwriting loss of 2.2% in the aggre¬
gate for the first three months of the year. These results were
increase
disavow any
to
'
and
Exchange Reports on
Specialists Transactions
*
Keith
in
if I supported
would
N.Y. Stock
May
brought market prices to their lowest
of
would
in
the past year were wiped out.
over
four years.
market values
decrease
most
capital to every city
and village in my
constituency.
I
established
cases
The
U.
Moreover, having ^survived in
politics long enough to make it to
Washington, I would be realistic
enough to anticipate the hornet's
them
fire
Y;/A'r
Employers' Group
Congressman
of
niany
of
general,
St. Paul F. & M
the
brought
sidered attractive to.
early 1961. Thus, in
period of approximately two months, the hard earned increases
National
Industrial
Bonds
Federal
a
would
bonds.
revenue
of $4 per share
excess
OF
in
for cities in my state to
industrial aid
use
PERFORMANCES
After earlier resisting the decline in the stock market in
fire and casualty insurance stocks broke with the market
and early June to their lowest levels since
this area, I would support legisla¬
tion at the state level
making it
possible
has
in market values
investors in view of the
improving trend in
underwriting results, the more substantial yields
available, and the
availability of quality insurance stocks at realistic prices in line
Insurance Stocks
—
decline
with book values and investment
income.
MARKET
states. Recognizing the
folly and
presumptuousness of asking other
states
This Week
A
just don't like them,
although there is no question that
of
The
stocks
STOCKS
drop in book value slightly in
»*.'•;
/
a
to Continental.
remarked,
bonds—we
some
suited in
BANK AND INSURANCE
investor in bonds,
an
primary
my
'
.
13
FRESNO, Calif.—James M. Han¬
sen
&
Co.
has
cpened
a
branch
office at 1044 Fulton Street.
_
14
(2998)
The Commercial and Financial Chronicle
modify these percentages
only slightly. The general picture
would not, be changed.
;
>.- ■
Price stability —investment in
modern machinery — an exportminded government and industry
-
•
Capital Markets
Its Own
—these
i
By Hon. Douglas
Dillon,* Secretary of the Treasury,
•'
the Nby/
ara
msr
;eis,
rican - Business
world markets
impediments fa the free flow
no
capital are needed. Ha litem is the inadequacies of foreign
markets and not our lower Interest rates for the rise of
cf
*
.
"
/
:
...
capital
foreign
r
new
effect
upon
is
the economy.
replenish the then dwindling monetary gold supply.
denies espousing {devaluation In his June
and improved
.
..
t.
fense and
that we ara convincingly improving our balance
payments problem; that our budgetary deficit will not contribute
pr.ee inflation; and that a recent study shows Britain, France
European bankers
aid,
rent,, volmne
.
.
well
as
.
of negligibly impertanca compared to consequent w, - v
Mr. Shull recalls President Cleveland's
transaction, with J. P. Morgan whereby a bond issue was floated to
"
stocks
gold
.
daval-
to the^ price of
uation, and Jecteras the contribution of such a step
•
./reply,
products at attractive prices. Our
' ' reiterates that he was merely reporting
trade surplus is already., -larger But *X*
probable impact of such an occurrence upon
it is not quite large enough to ;r.
: "
'
1
matters, the Secretary reassures
here. Turning to oth.r
flotations
X,
.
opposition to any thought of
New Haven contributor expresses
.
.
grounded in the ability of Amer't
to • pour out' into
capital market to rcisa fends for ttielr cwn internal purposes
advised it's tma til y raiiel on tneir own funds.. Men efficiant
Cillon sHtas, with
exT.
an
surplus achieved not by retreat
to controls or deflation, but firmly
York
Mr.
to
a
making increasing use of
brrrowers who ara
keys
panding
trade
surplus for the
United States in the years ahead,
Washington, D. C.
Eurcpazn
the
are
Thursday, June 28, 1962
.
LETTER TO THE EDITOR:
would
'
;
.
_
Br. Cobleigh, in
1 column and
■ /
its possibility, and the;
the price of gold stocks,
=
/'7
.
'^.Commercial and Financial government bonds' and insurance
*
<■a-j „
X>i benefits, And a change in the offi-
as our cur.r•
Chronicle:
of.priyate investment
needed mar^
cial price to $70
Cobleieh
announce would
The article by Ur.Tra u. uooieign
£
value of those dollarin your issue-of June 7, entitled ;
we mean to do:
,
-Gold Stocks and the Bears," is'^ets by 50%r.> ...
.
and Germany have be:n mere "deficit-prone" than the United States.
interesting both for what it says
If speculators want to gamble in
Improved Balance of Payments;-an(j for what r it Ueaves unsaid.-> gold stocks, - let them do so;-but
We have succeeded this year in
deficit for the current fiscal year
>
Deficit
First my comments on' some of:, let the-. U/. S. Government tell them
keeping the deficit in our Federal ending on June 30 is today estimated at $7 billion,.exactly the
The
ine
preliminary results"*■ from the 'specific
statements, in the ? water, the ,U.. S.come
in advance that, official price of
or
preliminary
resuus
irom
budget far below the level of fis+
■*•/.,.
r
the last similar same as our official estimates of th e first quarter 0f 1962'clearly arncl®
.
£
of 1962" clearly
cal year 1959
attention to the fact that gold shall be.maintained at $35
last October and last January.
c
H
a *
show that our efforts are beginV',
1 S,
^ 1^-q
An nr. a
"
'
X
:
recovery pe¬
me iacc mat tnere is no auto¬
riod. This has
ning to bear fruit." Despite- an £°ld ^ °fnoA5*Se toq <P*«w
mu
*
tt
c
t i
"V v,'
cf
to
abroad. However, the
01^0se;^iW
gin is within reach-and reach it
..
J
'
■
v
.
.
^
•
•
major
been of
effort
our
i g
s
markets, with
tries
government
draining off
fiscal
programmed a bal¬
the presumption
XX.f"
conditions,
such
rn
oua&ets
Lf-Cit
re¬
the year pro-
as
to
-
...
Winf f
inrp
tho
more
vixao
P a
r n n
an
spendportion
haa
has
of
year
the
,
deficit
a
We
decade.
past
:
or
not
...
our
y
not.be foretold with
budaet tar-
„ru
been consider
United
States
to
are
very
conditions
business
tax.
I
assure
can
penditures
would
did not admit that
ter results
though
our
if
ahead.
first quar¬
Certainly
is
still
premature to
at
the
that
the
wrong
we
cannot
con¬
in
wrong
time
goal.
.
.
••
.
Deficit Has Not Been Inflationary
.
n,,f^o^fVeid
outcome
14
nomic
that
mind
moderate
on
pricqs levels—are
in their economic
from
(
-
•
,
,
an
'"Enterprise
•
nuncdv^that it-could happen.
an<i; iC it, ,did,, the,price of. gold
Economist."
easily be
its^fornc
in-1839"-right entirely, correct, and I
it.
accelarating °utflow' down of gold that had not deviated ,Eutf: with an Administration in
: to 1933. under an ofKc'al
capital. -..u.V
{
price
Washington that has announced a
am
-
deficits
incurred
jr,
.
,
:
^
1ono
received much attention, and'our 1893. when J." P. ■ Morgan/ in co-.;
to our readership./
:
*
" - V
mutual
d e f e n s e s > are. being • cperait'bh with? President Cleve; r
\
IRA U. COBLEIGH.
strengthened. I am referring - to land.-.; floated
a
bond- issue of
the basic world market for long-' $60,003,000 to buy gold to replenterm capital.
VX;
1 XIX
X ; ish a; shrinking . Treasury supply,•
I -With Dean Witter r
•
•
:• thus
preserving the integrity of
(Special to The Financial Chronicle)
Problem of Direct Investment; dhe Dollar. X
I
/-;
.........
■;
k
' Abroad .- ; " / _* ,
3
u!-.Before• the devaluation in 1933 SAN FRANCISCO,/Cal.—Jess W.«
- This
long-term capital market- we had about $4 billion in gold Braucht is now with Dean Witter
.
quite has
effect
when
^
not
,
the
two
direct in^ at $20.67 an ounce—which auto- & Co.;' 45 Montgomery Street,
investment, matically became $7 billion when -members of' the New York and
rather a portion the official price was raised to Pacific Coast Stock Exchanges.
major -facts;
vestment and portfolio
If is the latter, or
.
with
.
The United States has consist- lesser value per dollar. Today we . -ywV •
•«
L;
5
^ ^his connection, the relation- ently favored free capital move- have more than $16 billion in our
' Coblirn &' Mlddlebrook
caP*u
£e
p
^edera^ debt to the ment, the ability / of individuals0 gold stockpile; but under no cir- ; : " (special to the financial chronicle)
T^e ex ng gr°3f n'ational product—in other or companies to invest their funds vcumstanbes, 'should we consider BOSTON," Mass; —' Carleton T.
T
L
Satis^ct°ry
,
iha
+
'th»TiS" words. the ability of the national
lahnr w?lTrp" !conom5: to carry the debt burmain freely available and indns"
—tv,1S 0 0 Pertl,ne,nlt- Ia this
try will continbe to nnerate
S*f' l?e I
°J
Unltad
omv
.
is operating at full ca- of the latter, which is -my chief $35;;.However, ho mew value was :MVF Braucht :;!was formeriy
interest now,- although I will say thereby created—we merely came Sutro & Co.
v .: . '
!
_ _
a few words first on the subject to have more dollars in our gold : P -Ti PfAAfnr Willi
Debt Ratio to GNP Found
of direct investment/ ;
.; stocknile but of corresoondinglv
Precisehence, the
budgetary
hn
turn
that
0
,
economy
pacity.
Cpffirt fn? Is that ^ G^°"
i«
,
pi ..'cations' are of definite interest
•
which do not exert upward pres-
months
cumin-
can
incurred during
periods of inadequate demand and
our
v.
dedication
to
an- unbalanced
tudget and an ever-increasing
in response, to interest rate: dif--, Bond-flo tat ton ■ ui:l«93..'i-vjia;t1pnal debt,-the. possibility of
ferentials, to speculative consid-!X
:^° t)b,!aih Gold
-^ devaluation or other .drastic treaty/
erations, or to other, factors. That '. If,..we-; g€ti;shott of gold let's .meht with1 respect to. our loss of
difficult
problem
has
already resort to: the- honest practice of gold, is a real,1 one; and its im-
road
deficits
budget
sures
attain
virtually erly remained at $20.67 an
referring to sudden from $20.67 an ounce:.'
and massive shifts of liquid funds " r_
4i.
I
V
the
different
that
clude
r^niS
international
know
all
bear
my
readings of the latest business
news
and profits figures suggest
it
their
gettingAhat it is inflation which is
-ne real enemy.
We should always
own
that
in
TY ^
of American
An
iargu!»c
me
to inflation; But,
in1 discussing budget policy, we
tco nften fall into the trap of for-
pave
disappointing, al¬
short-fall was not so
months
relatively
cao
also
the road to salvation.
deficits
great that it cannot be made up in
the
our
". We.
I
n
-—
Certainly not that large deficits
are
were
the
.stands
„
the income
that ex¬
frank
Germany
of
you
than
less
be
States
^
ac.o.mts?
the limits of the revenue estima tes.
I
j
they dollar,,but_.merely our-" losses
suggested
as a possibility, if.
that,
'
v Then,-^valuation of the American-.dol-k> s- What you say about the correctwhich, the dollars saved in defense and!..]ar- f0r ttat f'nanc'al paper has ness of a solid,-dependable-dollar
^
dollars
earned Jn had the. groi. foriune to operate and the inequity 'of devaluation is
\
the
•
"
•
■
----- •
- "
"
' •
kas[s of budgetary ac- a^d. and the dollar- —i
de, could too easil
have _ had
tfade, in an too
could accelera
dr?in°d froming
approve
ay
surpluses
being kept within
are
•••
,
x.ave
•
the heavy reliance on
oiiuuiu
'
usjng
sensitive
because
ii,
—
all
you
J
r.
•
and
prance
know, government receipts in the
United
*
nf thp
,ci .the
certainty to
Butas
ctapct-t,
^minjng^hares-'WouldNjpe.most-sen-fective..capital market, absorbing th
/i
the bulk of the marginal demands1 whose, articles, regularly appear in sjtjyely aod promptly reflected in
*13 ?rlt ? f'ln VieW f?)r funds from -other/cp4ntriesjf't. the Chronicle should" even suggest .-^e, market,- _ yf>. .. 4.-vv^,v
fart,
fact that two pn:mt.rie<?
that two countries
surplus and deficit* alike,
that^underHe the^rev- .countlJS, ;
that underlie the rev
sumotions
sumptions
SET Stfmates.
.
-
case
Itahes
United
We won t know the answer
day.
-
.
ffie: alone *»*">*<«»* a
be reached ' can-
in fact '
•
-
devaluation;
0f the time,
muca
1
■
Aiiatuiiu
however/center be borne in mind that regardless••
-•"-.■iv,
-■
•
MoVeover"the
tnfcSe /,Ul0pt;a„
oi^The
....
should not,
^
which, in contrast with the Adbudget, reflects-all
the activities
Federal GovWhether
,.
.
nnhistrative
aet -will '
our
st an annual rate approximately on .the pros-and cons o.f incre^ipg
,
.
.
t
billion, annual . vrntA . overall the official price. We only Wish to was, oi course,v «p4^u»p< > tne. ti^ure
and our- r\f 5S1 r
course $6 67—the figure
Qt
v»^rxrtxr
n
lPnrni]c
Ticorpus
significant
a
France
wery
by,the projected surplus of $1.8
account
.
other* elements of
the
its budget four.years ago,
of
billion in the overall cash
ernment.
aU
-n
i
defense
since
ever
became
This is better illustrated
gresses.
to-deviate. from that Treasury
'
our
increasing
exert
demand
on
•
nro
budget would gradually, and quite
straint
they
.
on
fiscal year.
properly,
never
as
in^Germ^nv ha^ria^U1beenmoi^ ^ua+^er* During the first quarter s Again; says Dr. Cobleigh: "We Editor's Note: Dr. CoWeigh's reply
?pf?ft^
ie"
than^ the United °! thls year, our ^basic,deficit ran don't propose to get into a hassle ; • to Mr. ShulLfollows: : - ,.
next
economy
Under
ai
.
beginning
will continue
to expand vigorously, approaching
full employment by the end of the
the
that
overall19^3. followed, by an increase in the official price of $35 an. ounce
official, price of gold, from; shall be maintained—and it. is to
$20.47 (actually, JT20.67) per it has willhoped that the. United States
ounce,' be
whioh
ficrnrp
sink so low in honor
.
Douglas Dillon
year
July, we have
anced budget
to a common
accurately re
data
tne
that
so
...
For
vestment.
Thus far the U. S. Treasury has
-
why shouldn't it have "remained position. i 4 ... •
- *;
atthat^tire^ever since—for the,
FREDERICK G. SHULL,
y+
balance
of
payments.
Overall, official-price of. gold is not deterNew Haven, Conn.
.."
,.,ect the
net impact of central
results show an improve- mined by stock market operations, j
.g .ggo
.
,
government operations. But the ment of a billion dollars over the but is set, and properly so. by the
Lfz'
conclusion stands out clearly and
incurred during the fourth Congress of the United States? v
* •; Dr. Coblelgh's Rejoinder
to
productive inthe
r
to 1936. when -the
market; was in a rtaken the sound and honest posifirst decline/- Dr. Cobleigh says: ."The t:on that there shall be no further
that principal .propulsion, was provided devaluation of the American dolour
devaluation, of 4,the dollar,- in. la? in terms of gold—meaning that
generaK gtock
iin-
solid improvement of $450 million
adjust
jasis
better
devoted
—
nical
and
.u
be
period,
our
tn .fbp
I ask,
that
m'ight
in
million
.
credit
resources
$550
mmnarpH
the
nificant
o f
funds
of
imnnrts
usuallv depressed level of the
balance' of payments, is
quarter of"
'increase
brought home forcefully by a re¬ is the natural reflection of
cent study comparing the budgets
c,
.
-Au-ih
f
economic recovery — ourof the United States with those of
for ,the quarter was just
the three largest European coun¬
$100 million larger than in the
to
any
tightening
the
increase
etary deficits and price inflation,
or
between
budget deficits and
assistance in
forestall
budg¬
matic relationship between
high
hell
.rviu,
fails to
we
anUciDate
Sow cajradty"
.•
Under such
^fr-
where they will. . There has been -taking ^nother dishonest step of-Proctor, has become associated
no change in that view.. We ares. devaluation.,; Dr.- -Cobleigh men- with Coburn & Middlebrook Inhowever asking our Congress to- tions—but I feel sure he does not corporated, 80 Federal Street. Mr.
end the tax inducements to Amert- recommend—a change in the of- Proctor who has been in the ihP^&ee to, "perh_aps $60;; or .vestment business in Boston for
^nnfb^wlth^nl^ the Sast i2 Percentage has .continually' de- discourage capital from - going price-of $35-an ounce. Therefore,
in inlV
,11 L! IfII g° S enned This compares with a about abroad in search ofofhigher gross the gold be too concerned about *>
and today stands at ratio return. That sort
let's not miners
,
ample supply, has not been
53%.
investment
let's be conin
i.fJt
here I
in-
iSo
™^n'h
J \
ofx.56%, just one year aS°»
larger deficit in wartime about 50% in 1941,
ratio of
accompanied
Carfnn Rranrli
-Arens, viaston^praDCll
and a Wlll> ln the long run' serve the-cerned for the welfare of cur 180 ENCJNO,- Calif,—Areris/-, Gaston
before:investor, the United" States,-and million Citi-ens who own dolar- and Company Inc.," has opened a
—
expenditures
sent
our
the recipient country alike. We assets
aggregating
nearly
one- branch
office at 16024 Ventura
gen^ra; pnc.e lncrease; And debt soaring. The addition of-our recognize that the great "bulk of trillion-dollars ($1,030,000,000.0.30) Boulevard under the direction, of
would like to say that our
debt
growing
state
and
local
Continued on page 47 in
the form of bank deposits, Jo..n E. Arens.
"
-
Volume
195
Number 6172
.
.
The Commercial and Financial Chronicle
.
operation,
The New Look in
/,'.
I.
.
"•
4"* /.
•,
Y* ! ' *
•
Savings
"
•
■
(2999)
The
ers.
i
i:
,
or face the alternative
reducing interest rates to sav¬
of
temptation
standards
and
of
must
credit
be
;.** By ^r* Saul B.
National Association
"4:
Klaman,* Director of Research,
of Mutual Savings Bunks, New York City
Recent
of
that
on
the
on savings accounts and
mortgages and bonds instruments are cited as proof
former
do
not
interest rates may further decline in the months ahead even
though housing activity may remain well above last
year's levek
gage
also
outlines
the
to meet investor
immediate deliveries.
the
graphic
scale
will
an
inven¬
needs
for
Branch
<
mortgage banking on
broad geo-*
a
become
desperation as "in former years.
Opportunities in the replacement
by the current conditions In
/
The
thrift
industry
folio
availability
adjustment,
in
times
of
more
flexible
and
asset, management
reduced
needs for internal
liquidity. Higlvmortgages, for example,
can be acquired on a more
steady
basis, even though cash flows are
subject to seasonal and cyclical
swings.
yielding
must
undergo basic change in the
years"
ahead.: It
will
become
market rather than in the new
house market need to be imagin¬
atively exploited. In addition, new
and
emergency
or
when | liquidity
needs are great will permit in¬
creased
earnings through port-i
also
(4)
.
associations
assured
more
.
housed, rather than buying out of
challenges confronting builders, financial in¬
stitutions and mortgage bankers
posed
the savings and mortgage markets.
tory
to the
it had
industrial
as
banks
savings and
already
have
such. access as do savings banks
in most other parts of .the world.
Whether external borrowing fa¬
cilities
are
actually used their
loan
4; (2) To Builders: To develop and- will* not be surprising. In other
aggressively market an appeal¬ words, the face of mortgage bank¬
ing product that will stimulate ing must change to survive under
demand
of buyers already well new market conditions/
determine the latter—contrary to views
widely expressed earlier this year. Dr. Klaman predicts that
pipit-
He
to
ago
come
just
writing function, together with
expanded / "on-the-shelf'
The
mercial
world, and management will be common and the development of
sorely tested in efforts to increase nationwide operations by a few
earnings. "V ' 4* -y.'4
aggressive
4'"/.
mortgage
companies
opposing trends of interest rates
yields
time
some
y.'.y;
world
lower
quality
resisted.
cost-price squeeze has
financial
to
the
reduce
greater degree of risk-taking and
the development of a true under¬
15
"
y
;
Conclusion
w;ith wider • and
./'■/;/'/;
savings facilities / The pace of change in savings
thrift
and investment powers than either and
mortgage markets, typically
markets for elderly people,r for the mutual
savings banks or the slow over the years, has quick¬
low and middle
income/'groups, savings and loan industries have ened in recent months.
Indivi¬
for those displaced by urban rer
The "new look" in savings and which
today. It will provide a full range duals'
yield as high as 4% while
savings
have
become
a
mortgage markets is characterized such a rate is not hard to obtain newal and highway construction, of financial services to the indi¬
prized commodity and the mort¬
for nursing homes, and for. minor¬
by fundamental contrasts emerg¬ on a savings account.
vidual and all types of long-term
; As
a re¬
gage loan has become the darling
ing out of new forces at work in sult savings banks have had a net ity-families will require special financing for business. It will be of
the capital market.
How per¬
skills for profitable ventures. •
th e economy.
a
deposit inflow in the first five
strong and worthy counterpart manent these changes are, no one
months of this year of almost $1
(3); To Mortgage Bankers: To to / commercial
banking
whose has the power to prophesy, but it
billion, one - third greater than generate the mortgages demanded fundamental task must still re¬ would be a serious mistake for
during corresponding months of by investors* without lowering the main the short-term financing of financial managers to assume that
last year. Savings and loan asso¬ quality of servicing or reducing American business.
competition
will
ease
and
the
ciations, after a slow start early standards of mortgage acceptance.
In addition to generally broad¬
pressure on earnings abate.
Nor
this year, have surpassed previa Continuing competitive inroads of ened
activities, savings banks can would it be desirable for this to
ous highs in the first five months
sayings and loan associations and generate increased earnings by happen. For in our society it is
of 1962; commercial bank savings commercial
banks / as
mortgage seeking out. new opportunities in the force of vigorous competition,
and
time deposit inflows so > far originators and servicers must be
mortgage lending, while review¬ that stimulates productive imagi¬
Finally, the economist urges the
industry to broaden its activities, ,seek new mortgage lending
opportunities, and develop a central reserve facility.
*
V
broader-based,
:
flexible
more
.
*
.
this
of
£ear
are
.also
well
in
excess
there has been
tapering off recently com?
most
some
pared with earlier months of the
mate.
No
less
year,
challenging,:' ; Saul b. Kiaman ' much of the time deposit inflow
perhaps, in a
' '
4/" " '
represents a shift' out of demand
sense,
is' the task of deposits.
; v-Mi
/■'j'.'-il'
-
economists
to
and
Scene
interpret the ; cur¬
appraise the out¬
look for
morlgagp
setting. ;
new
(3)
stock
t
(1) Interest rates
risen
counts have
highs
while
to
yields
actual
ac¬
on
■; '«;■■/•■1 *
4 (2) The flow of funds into sav¬
ings accounts has risen to post¬
war highs while individuals' sav¬
ing through direct acquisition of
capital 'market Cinstruments
has
an
as
The
inevitable/, way
of
a
since
the
first
of
of
recent
in:
ments
dramatic
the
is not
mortgage rates
market
easy
vO'Y-
terpret.y_ A further stimulus ofsavings flows into mortgage lend- j
ing institutions will place down¬
pressure
investor, has turned to the
savings account for refuge. .444/
On / the
increase
no
in
leveling
a
vestor
loans,
highest
risen,
has
while / the
supply »'of
mortgages has not kept
strongly,
available
pace,
.
interest
in
yielding
mortgages, the
capital market
<
out
;
•
before
"
.
the
/•
.
.
,
Background Setting
;
YyYyY.:
]
CONSECUTIVE
mortgage loans still remain
intensive competi¬ •relatively attractive. ? - /;4 "<4
:
4(1) The new
tion for saving was touched off by
the Federal Reserve amendment
of
Regulation
Q
last
'
funds
lie's
savings
has
eral
as
not,
sudden
a
Reserve amended
.
;
now
decade
—
-
ital market
;
;
yields;
declining
cap¬
on
sav-
ulation.
sharing
living quarters,
re-structuring of the pop¬
V
-
•
*
;
.
"
*.
ings accounts have endowed them
investment Yglamour
;
compared/ to* alternative* investsment media yielding reduced re¬
st urns. At present,- '-for example,
;
families
and the
Yy..
;(2) High interest rates
with
a
hew
.
thereare
no
Government
bonds
•
/■'
.
tion, also
an
and
counter
.
'
of
"
*
BOOKLET
"" V
<
years
; ■
*''-••'
1
"
PAGE
48
;
number
are
'
—
/:;
■
consecutive
dividends paid ■during the
Y
dividends
have
twelve months to
1961, percentage yield, and December 31 quota¬
analysis of the difference between the over-thelisted
markets.
<
COST OF THESE BOOKLETS
areas.
(2) Housing activity, which has
risen f dramatically"
log
.
l
....'
•
"v
■
December 31,
mort¬
From
Paid
;
'
•
paid, cash
markets, the course of mort¬
gage yields will vary in different
in
1
recent
of
unused
which
will
housing
building
be
>
starts,
>as
199
cents each
.
200 up-,i.
,
On
50 cents each
to 24
25 to
permits
translated
orders of 100
is
cover
into
included
or
cents each;
more,
without
a
v
(
three-line imprint on the front
extra
cost.
■•"/
.
in¬
consumer
with, the
vacancy rates
double the level a
about
ago,--the leveling off in housing
costs following substantial yearrates moved upward, the relative¬ /to-year
increases, the significant
ly modest business upturn, small increase in the rate of mortgage
increases - in
business
capital delinquencies
and
foreclosures,
spending, .continued large .business .the drop in household- formation
cash flows, and a relatively easv relative
to
housing production,
Federal Reserve policy have re¬ the markedly reduced number of
sulted in steady to
of
Y
.
'
gage
in current
,
.
been
without saying that because of the
nature
■
•
Included
may adjust their invest¬
practices to these new lower
spreads. - In all * of this, / it goes
local
.
—
lenders
peculiarly
..'V*
./
ment
of this better balance is reflected
Q. Following the Federal Reserve
•
as
DIVIDENDS
comes continue to
rise, price sta¬
bility is maintained, and the con¬
fidence
of
producers * increases
Regulation •ing supply and demand. Evidence
action,1 however, competition -in
savings markets- intensified to a
degree unexpected by most ob¬
servers.
While
savings
account
.
,
of- course, '•available from lenders.
The fact
development. lis that for the first time in a
Savings markets were vigorously .generation or so there is now a
competitive even before the Fed¬ substantial balance between houscome
change
•
■"
relationship
new-investors con¬
changes in * housing months, may not continue at the
in recent years have re¬ April-May rate but is likely to'
the demand for mortgage .'remain', well
above
last
year's,
below offerings
currently level. There is still a large back¬
duced
"Aggressive bidding for- the pub-'
'
V
yield
markets
December.
.
5 to !78 'Years v
/; /
'
'■
mortgage-bond
(5); Basic
-
.
-
CASH
Have Been
Furthermore, the traditional
ever,
i'
*..
On Which
tinue to be attracted to mortgages.
Yield spreads
may
narrow
and
.
■/,/'
4
•
may
•4,(4) Unlike the quality of mercy devoting an increasing share of
the: quality, of mortgage, credit ' is their assets to mortgage loans. For
being strained at a time/when the newer mortgage investors, the
delinquencies and foreclosures are anomaly is that just when .they
at postwar peaks.' (This reduction have belatedly acknowledged the
in Quality means that mortgage -yield
advantages : of mortgages,
yields have declined more than these advantages are diminishing.
Even though the mortgage-bond
available data suggest.)-) / ^
yield spread has narrowed, how¬
*.
year *
-
.
instrument. At the
same time, oldmortgage lenders have been
1962.
/•'
mortgage.
although the \
line
•
;41Y' ■■■:>■■
'in
sight,
y
(4) The increased • pressure on
earnings of financial institutions,, 4 In the next few years, mort¬
generated by higher costs of funds gage rates will continue to fluc¬
and the need to offer higher rates tuate, of "course,-but at a level
on
savings has aroused new in¬ significantly below the 1959 peak.
Investor, demand for mort¬
Com¬
/Common.' Stocks
-
(3)
gage;:
Dr.
•'•*,
-"
,
■
The Challenges
/• -
;>
(1) To Financial Institutions:
To put rising saving inflows to
.
work
in
profitably and with safety
order to meet higher* costs of
continued
turn.
cal
Housing is
industry.
now
VVm.
business-.up¬
a
pro-cycli-.
(3)
Mortgage
I Commercial
characterized by
less
banking
a
will
sharply
postwar
&
Financial
Place, New
York
Chronicle
7,
N.
weeding out of
The large
mortgage companies,
in : the early
expanded
Please
enter
our
order
for
....booklets
on
"Over-the-
of
.years,
ported in the
petitive
Park
be
efficient servicers.
number
Co., Publishers
'
25
•Y
Dana
B.
cannot
new
economy.
ward
increased
will
*
be
intensely
The
Couhter Common Stocks" and accompanying
sup¬
com¬
trend
to¬
Address
continue
size of companies
through
internal
growth,
through
merger,*
and
through issuance of stock to the
public. This will nermit greater
.
Unit efficiency and an increase in
capital. However accomplished, a
larger capital-base will permit
a
! Firm Name
Kia¬
Meeting
other
is
ends.y
fallen well below previous levels,
\
by
Annual
OVER-THE-COUNTER
mortgage rates, j
on
•*'• •'
..'
•
ward
downward trend may give way to
also
address
1962 EDITION
oriM
to in- ;
ance,
rates
but
an
Joint
of
Hampshire Association r f Sav¬
ings Banks and New Hampshire Bankers
Association, New Castle, N. H., June 16,
develop-1 u
stock
that not- only the unsophisticated,
but
also
the so-called sophisti¬
future
facility.
reserve
of
New
the
cated
the
the
the
before
man
year, will soften further in the
immediate months ahead. The ef¬
hand, ; continued
business: -expansion: and / strong I
housing activity will lead to in- ?
creased credit demands.
On bal- I
discounted
-•
central
institutions.
"Summary
current attitudes toward access to
Outlook
(1)
Mortgage
interest
rates,
which have already declined sig¬
nificantly
nation, peak efficiency, and strong,
useful
mortgage portfolios are increased,
'savings
banks
must
reexamine
..
the hereafter. The result has been
«•--
%
potential ;4- has. b°en
the acceptance of inflat
ing vigorously and constantly cur¬
rent mortgage policies.
In the
quest for higher earnings, and as
mortgage - companies
and
have the ability to hold mortgages
in portfolio pending sale..
" '
>
The fect
investors—
increasing realization that; recent
stock market prices have not only
development should lay to
rest the view, widely expressed
^earlier this year, that the rate on
savings accounts is the prime de¬
terminant
of
mortgage
interest
.
small
American/economic life has di¬
minished, and there has been>an
This
4 ■/■ v.*.* ;
>
and
shaken,
near-record rtion
mortgage
and other capital market instru¬
ments
have: tended
downward.
rates
the
funds into savings accounts.
confidence / of
savings
on
in
and
,
4 -bh.ig The &Basic: Contrasts
/•
Recent: gyrations
market
sharply lower
this istock prices have led to shifts of
markets,if1
supervised lenders
stronger capital base than
a
and it is not yet clear how
different
rent
-These
nave
' In the
however,
case,
met.-
latter
previous highs.
dividend tables.
The Commercial and Financial Chronicle
16
.
.
Thursday, June 28, 1962
.
(3000)
Steel Production
Department has branded Jagan as
FROM WASHINGTON
a
CARLISLE BARGERON"
The State of
•
v
Carloadings
.
Retail
*_
.
.
Price Index
Food
TRADE and INDUSTRY
1"
'
.
*
•
Trade
Auto Production ?
.
Failures
Business
Commodity Price Index
Guiana."
British
BY
Dodd,- Di, 'of
Connecticut, says Janet has been
described to him by an authorita-^
tive source as the "director of the
Communist
terror
apparatus in
Ahead of the News
...
J.
Thomas
Senator
,
Output
Electric
pro-Communist agent, in 1960.
Harry Hoffman is the editor of
Charlestown, W. VaGazette
who headed the team sent down
to British Guiana- to give Jagari
the
million mass riot which .threatened to
~
to Cheddi Jagan, who is to become topple the enlightened Jagan.
There is no doubt that Jagan
premier of British Guiana when
is an agent of the Communists. A
Britain gives it its complete free¬
British commission branded him
dom in the near future. We would
as
an "enthusiastic" supporter of
have given it to him before but he
the teachings of
Castro and as
had no experience in spending it.
We had to send a team, headed by a having hailed both Chinese and
We
about to give $200
are
Charleston, W. Va., newspaper ed¬
itor down to Guiana to train him
in
about com¬
has
He
spending.
about
pleted his course so he is
ready to receive his money.
is
Jagan
avowed
an
Marxist
Communists.
Russian
When
he
this country
to
came
slightly more than a year ago he
appeared on the television pro¬
gram Meet the Press. He would
not say that he was
anti-Com¬
munist, spoke admiringly of both
Castro and Khrushchev.
The
the
A
spending.
of
elementals
spokesman for the State Depart¬
ment, asked , if Hoffman was an
economist, said that he did not
know but he, Hoffman, was in^
terested in social problems. West
Virginia and British Guiana have
many things in common, he said.
British Guiana's greatest problem
concerns the racial strife between
the East Indians and Africans.
Representative Arch Moore, R.,
Va.,
said
the
Charleston
Gazette is "far out liberal—ADA
W.
Business "
in
rise
activity
economic
continued
major
were
indicators
this year seasonally adjusted
private nonfarm starts have aver¬
aged 1.4 million at an annual rate.
far
to
the
some¬
although
May
what '
The value of residential construc¬
mixed,
according • to the
monthly review of the economic
situation issued yesterday by the
Commerce Department's Office of
Economics
Business
of
issue
its
Current
in
magazine
the
tion activity has shown a substan¬
tial
advance—about $2 billion at
seasonally adjusted annual rate
—in the second quarter, following
a
June
Survey
oft
decline in the first quarter.
a
A prominent feature of
Business:
the re¬
housing activity is an
cent rise in
Business Situation
income,
Employment,
increased proportion of apartment
been
higher
during the month, but the changes
small
were
and
orders
new
Multifamily
expanding for
projects.
in¬
and
.
dustrial production moved
units have
about five
following a similar period
decline. They had reacned a
years,
of
re¬
in 1953 be¬
type."
ceived by durable goods manu¬ low of around 125,00U in 1956 be¬
Senator Docld has warned that
Communists
fore
advancing
10
the high of
friendly interviewers pointed out a Communized Guiana would soon facturers in May were unchanged
to rule the country. He is the fel¬
from tne preceding month. Hous¬
375,000 last year and in the past
to him that what he was saying
become a launching place for Red
low who said in May 3, 1953: "But
ing starts registered a good-sized few months they have accounted
was not a good way to get money
subversion and guerrilla warfare
when the PPP,
(Jagan's party)
increase from April to May but for about cne-tnird of all starts.
in this country. He replied that he
throughout Latin America. ; And retail sales were off a little from This is the
gets into power the same bullets didn't
highest proportion of
care,
he would get it in
our money would finance the op¬
which were fired upon the poor
the high April volume.
multi-family units to total starts
Russia. A highly articulate fellow,
eration.
;
people will be fired upon our op¬
in the postwar period, but it re¬
On the basis of the first two
speaking in perfect Englisn, he
Jagan is at present Prime Min¬
pressors (i.e., the British).
quarter, mains somewhat below the pro¬
explained that he wanted to study ister of Guiana but will become months of the second
The British are, of course, op¬
total
output
continues
upward portion during the building boom
Cuba, Russia and the United States
undisputed boss when it becomes with a substantial
pressive. In their brutal colonial and adapt the features that would
gain in final of the 1920's, according to the
free.
He
is
one
of
the ablest
sales
way, they allowed this same gen¬
partially
offset
by
a Survey's review.
be
best
for a
young,
growing
leaders
of
the
so-called
new
tleman to assume power again in
slackened pace in inventory ac¬
country like British Guiana.
countries. He will get his share
Bank Clearings Increase
1961. And last February, the Eng¬
cumulation,
primarily
by
steel
Democracy would be ridiculous
of the Alliance for Progress pro¬
users. As compared with the first
5.1% Below 1961 Week
for his country, he said.
lish
oppressors
sent 500 troops
gram.
three months of 1962 the current
He attended the University of
Bank clearings this week will
into
British
Guiana
to quell a
quarter finds a sharp rebound in show an increase compared with
Chicago where he met his wife
homebuilding and a further pick¬ a year ago. Preliminary figures
Janet. In the pure innocence of
DIVIDEND NOTICES
up
in government expenditures, compiled by the Chronicle, based
youth she joined the Communist
business
outlays for plant and on telegraphic advices from the
Youth League. Even our own State
equipment, and consumption ex¬ chief cities of the country in¬
CANADIAN PACIFIC
DIVIDEND NOTICES
penditures. Business anticipations dicate that for the week ended
surveys point to some improve¬ Saturday, June 23, data from all
RAILWAY COMPANY
LOS ANGELES, Calif.—Jack H.
ment in the rate of business fixed cities of the United States from
Alexander has become associated
Dividend Notice
investment in the summer quar¬
wnich
it
is
possible to obtain
Woodall Industries Inc.
with
Turner-Poindexter & Co.,
cause
of office
out
boosted
he allowed the
.
Alexander With
Turner-Poindexter
4
-oOo-
634 South
of the Board of
Directors held today a dividend of
At
meeting
a
seventy-five
cents
share
per
the
Ordinary ^ Capital Stock
declared in yespect of the
on
was
year)
1.962, payable in Canadian funds
on August 1, 1962, to shareholders/
at 3:30 p.m. on
of record
1962.
June 22,
v
At 'a
meeting of the Directors
Woodall
Industries Inc. held
Detroit
lar
By order of the Board.
T. F.
the
/
M.
TURNER,
and -$27
same
billion over May 1961.
quarter personal in¬
So far second
is running about $61/2 billion
come
the first quarter
above
The
varied
GRIFFIN,
E.
somewhat
ployment,
hours,
nonfarm
Total
Secretary-Treasurer
tablishment
Montreal, June 11, 1962.
seasonal
work
Pacific Gas«nd Electric
NATIONAL
DIAMOND
of
Board
June
with Marache
Directors on
declared a
second
cash dividend for the
81st
quarter
cents
CONSECUTIVE YEAR OF
on
June
quarterly
share
able
on
21,
declared
of
a
of
1,
of record
record
business
45<
at
on
29,
June
business
has recently been
K. C.
CHRISTENSEN
Vice President
and Treasurer
San Francisco,
July 6, 1962.
Calif.
salary
million
•
were
previous
domestically-produced
mobiles
were
auto¬
maintained
at
a
high level; after adjustment for
trading days and seasonal factors,
they
were
week in 1961. Our comparar
for -some of the
principal money centers follows: \:
Week End.
600,000
Industrial
Week
the
of
declared
has
COMMON DIVIDEND
37
Preferred
The Board of Directors has declared
a quarterly dividend of
\2V?c per share on all Common Stock outstanding payable
August 15.1962 to stockholders of record at the close of
business August 1,1962.
H. G. DUSCH
June 21, 1962.
cents
V/ce President &
a
per
stock
on
and
mon
per
share
stock,
of
production
reached
but
62^
the
all-time
goods
firms
peak 01
■—
change from April to May,
they were below sales,
was
a
drop
in
unfilled
since
there
on
orders
both
for
the
successive
third
this
year
amounted
23
to
through
52,911,000
(*113.6), or 22.6% above the
period through June 24, 1931.
tons
of
Housing
starts,
at
a
low
rate
during the winter, have shown a
more
-
with
concludes
Institute
The
index
Production
Ingot
by
Districts for week ended June 23,
1962,
as
follows:
"
Index of
Ingot
Production for
Week Ended
,
June
23, 1962
North East Coast__
84
61
__________
80
69
Pittsburgh
Youngstown
83
Cleveland
104
Detroit
84
Chicago
Cincinnati
88
St. Louis
99
Southern
104
90
Western
83.9
Total
♦Index
weekly
of
production
production
Second
Half
To
for
based
on
average
1957-1959.
Metalworking
Sales
Top First Half's
Metalworking
confident
now
managers are as
about
business
prospects as they were six months
ago, Steel magazine reported this
week.
month.
1
In¬
Steel
and
16.
June
118
seasonal
the
Treasurer
June 13, 1962
1962
100) in May, 9% above the
over the May 1961 figure.
orders made about the usual
New
Frederick A. Stevens,
Secretary
23,
data compiled by
Iron
Production
1955.
eighth
the Com¬
payable
July 10, 1962 to stockholders
of record June 25, 1962.
cents
June
Ended
new
$16.4 billion,^seasonallyadjusted—an
advance
of
one-
Dividend
dividend
9.4
production for the week
ended June 23, 1982, was 1,563.000
tons (*83.9%), as against 1,587,000
tons (*85.2%), in the week ended
figure. Durable
by
manufacturing
April
Directors
share
.
=
maintained
Machinery
of
Board
2.7
+
American
leveled
sales
Consecutive Quarterly
+
568,316
stitute,
showed
production
year-ago
Corporation
The
915,304
621,982
City
According to
off while nondurables moved up slightly and pub¬
lic
utilities
registered
a
large
(1957
0.9
0.7
+
Steel Production Da3a for the
the previous
month. Durable goods and mining
NOTICE
5.9
+
940,244
Kansas
diverse changes from
o
228th
%
+
1,423,017
1,250,000
Boston
further increase in May with
some
dex
COMPANY
—■>,
1961
Y 1,436,115
1,259,600
ChicagoPhiiauelphia
advance. The Feaeral Reserve In¬
RUBBER
1962
Buffalo
total since the summer of
PORTLAND, Me.—J. H. Goddard
& Co., Inc., has opened a branch
office at 161 High Street uhder
the
management of
G. Damon
United Shoe
'
$18,605,174 $17,569,126
York__
units last month, the best monthly
MATERIALS* LUMBER* MATCHES •WOODENWARE
GOODALL
(000s Omitted)
,
June 23—
New
slightly below the April
volume. Dealers sold
J. H. Goddard Branch
year.
tive " summary
June
high
a
8% above the
year-ago to:al, but 1% below the
record April total, Total sales of
new
BROOKLYN,
N.
Y.—The
firm
name
of Einiger Investors, Inc.,
2109 Eighty-sixth Street, has been
changed to Douglas Erwin Corp.
DIVIDEND
PACKAGING & ADVERTISING
the
above
Retail sales continued at
output
PULP PRODUCTS
disbursements
month.
volume during May,
Douglas Erwin Corp.
last
week
—
less than the seasonal amount
$700
Hoffses.
Secretary
employment (es¬
made only a
60,000
after
adjustment.
Hours
of
manufacturing, however,
in
and
& Co. in the Trad¬
ing Department.
Now
earnings.
and
showed little advance. Total wage
1962.
per
1962, to share-
HENRY A. BUTTFIELD,
stockholders
the close of
in
1962, to common
Corporation
the Common Stock, pay¬
August
owners
1962,
dividend
the
capital
upon
by check on July 16,
paid
of
Directors
National
share
Company's common
stock. This dividend will be
DIVIDENDS
Diamond
ol the year of 25
per
investment
for many years,
1962,
20,
the
NO. 186
of
Ex¬
Stock
Alexander, who has
been
a
em¬
and, with rales of pay not much
changed, manufacturing payrolls
Mr.
STOCK
DIVIDEND
The
Coast
Pacific
NOTICE
COMmON
of
the
change.
DIVIDEND
Board
Jack H. Alexander
l||iO>Hij»£my ■■/fill
CORPORATION
The
rose
picture in
basis)
advance
small
1962 rate.
reflected
rise
income
quarter.
!
Secretary
.,
$440 blliion in May, a billion dol¬
lar (annual rate) .rise over April
July
previous
above those for the
in
16, 1962 to
stockholders of record July 2, 1962.
This is the same rate that was plaid
in
a
will
be
5.1%
corresponding
figures
weekly
to
rose;>
Our preliminary
totals
stand
at
$33,310,947,208
against
$31,704,218,157
for
the
divided of 30<£ per
on the Common
payable
' ' W- :
income
Personal
seasonally adjusted annual rate of
declared
was
Stock,
ter.
of
June 19, 1962, the regu¬
on
quarterly
share
Spring Street, members
than
-
seasonal
rise
this
spring, the OBE analysis of hous¬
ing developments points out. So
Its
latest
semiannual survey
of
prospects indicates
metalworking sales in the second
half will top the first half's by
business
Continued
on
page
46
t
Volume
Number
195
6172
.
.
The Commercial and Financial Chronicle
.
(3001)
exception. This group also re¬
covered slightly at mid-week.
And You
...
17
Good Business News
BY WALLACE
STREETE
Still
has
the
overall
been
cliche'that
continued
this
succes¬
Attempts to rally
all along the line.
Even
lower
move
several
under
week
sive poundings.
fizzled
to
,
Monday's brave spurt of
10 points in the Dow-
than
more
industrials
Jones
within
snuffed out
was
hours.
no
:let-up in sight have baffled Wall
Streeters.
Many had hoped the
.550 level would prove decisive as
a stopper for the downward move,
yet this was easily cracked late
last week.
fact
*
'
'
Resistance
Pierced
Thus
far the
sistance
Point
dim horizon:
point
more
showed
million
that
oft-
is 2 million
more
was
mates, and
10
Volume that
tended
the
plant
The
study
the
-
put
International
'and Xerox
the
select
Polaroid, look
Machines, most
as
Business
traced to profes-
were
A
for
a
of
this
summer
the
time
The
rally,
but
hopes at
have
been
year
Wall
••*
.
-
week
gain
loss
after
strong
a
Monday.
The big question
on
on
:
mid-1958
levels,
most
seers feel the steady retreat of the
'. last
k
to
few
end.
weeks
But
-
be
may
with
Souf
3-point
'
A;/
the Street
remains how far down is the bot¬
tom?
With many averages now
.close
the
near
Dow
"
its
within
Steel
new
source
A
it must be recalled that investors
heard the same talk when this
-
index sagged toward the 600 level
last month.
**"
Still the Wall Street forecasters
take some satisfaction in that
-
;
after
they predict the bottom,
being right.
talking about
more
the closer they are to
Even Washington is
price-earnings ratios in the
,
of
reference
politics,
,
that
will
to
prove
eventual salvation
of
where
the
headed
the
is
Economy
in
1963
i his
got
a
.revision
lot
a
Ewan
the
is
of
Clague's
recession is
more
accounts
expense
again."
Because
the
down
many
White
steel
on
triggering
likely
publicity than
following day
; that he was merely rearing to
historical economic patterns. Some
;
of
of
the
burgh spanking will
go
of
news
strong
enough
much
of
the
the
gray
last
week
to
crack-
to
sell-off,
metal
fell
16
months.
is
expected
the
to
fall
mills
for
start'
Steel
in
have put
more
stock
in the first- statement of the Com¬
missioner
of
Labor
'
look
better in
in
to
spite of it¬
intrigues
and
and
.
many
of
the
out
could
revival
hold
of
the
investor
confidence.
it
.
Wall
Street's gloom does not
to have filtered down to the
consumer; He is the real
key, say
many economists, and the stock
seem
market will
after
than 12 points be¬
eventually right itself
sobering correction.
a
[The views expressed in this article
low its year's high of 43%.
also got some good
Washington in -the
Life in the Aluminums
! form of proposed tax cuts, and
Aluminums,
long
depressed,
possible rises in depreciation algave some signs of coming to life.
lowances
for
new
plant
and The
light metal makers, in con¬
: equipment.
Capital Hill talk of trast to the steel
manufacturers,
margin cuts is little heard these have been able to boost their
Wall
Street
do
not
necessarily at any time cointhose of the "Chronicle."
"
from
news
Kennedy bear
market.
Washington try to make Wall
answer
Big Steel's price had sagged by
Statistics.
markets
averages.
boardrooms
a
more
the
observers
mid-week below 42 while Bethle¬
was
16 j bear
been 17
has
self? This question
key plant of its tube
division for ten days instead of
a
week as originally planned.
1
hem
,
statistically: Aver¬
of
1897
Street
are
announced
Dim Note
length
Will
-
*
persons may
a
multi¬
a
current
12th
13.
already
than
Bright Note
banking
has
will close
more
No
just
bright note: a former de¬
expired after five months.
Several dips have been consider¬
ably less than the 28% of the
also expected
their furnaces
this
week
in
preparation
for
sharply-curtailed
operations
for
the July
4th shutdowns.
U. S.
to
recession,
cline
week
the
or
One
in
Output
lowest
Production this
the
-
of
734.91,. it would appear that
the market decline
has some time
further to run if it is to
conform
for
weakness
shares.
to
-
high
a
further
account
that
bucking
.
output
to have been
recent
eco¬
be
this time.
wrong
note
steel
slow-downs appears
was
to
months.
average
decline
has, been
35%. With the current downtrend
barely six months old and less
than 30% from its Dec. 13
observers
increases
dim
with
the
was
since
The
declines.
But
national
economy.
age
re¬
we
spur
4.8
getting worried) was
rooting-t for the market to get in
step with the
A
some
has
House
price
market
of
,
-
few, pessimists feel another Pitts¬
Many
of
economy
undergoing
statement that
market.
question
'
-
the
reverberation
a
week in the last
country's
re-evaluation.
be
the
Fresh Look at the
Meanwhile
frame
economics, not
be
declined,
refrain. Everyone
(except possibly the shorts, and they
/
discouragement
steeL company executives
vived
worries of "Here
can
'the
to
appears
record.
on
seemed to be
Developments
of
Street
.
.
v
syllabic
•
the steel price fiasco. Reports that
the Justice Department has gone
stalking distance of the 500 mark, credit
*
..•.
.
,w-.
;
reported
ago.
seemed
correction was
mid-
a
news
depression,
•
the first half failed to halt
year
consensus
meter
"
'
V ;
.
Bureau
Wall
rary
'
•
car
Everyone hoped of course that
Street's
traditional
baro¬
whek to take
advantage of tempo- recent weeks. A few seers have
upswings.
• v
been
frank
enough to
concede
Most of the electronics, despite
they don't know what's ahead,
scattered good news, continued to and
do not expect much decisive
'retreat. Magnavox's predictions of
activity in the market until the
higher earnings of 60 to 70% for autumn.
•
June
new
anticipated total of
trend.
sipnals who had moved in late last sapped by the discouragements of
-
the
a
nomic
traditional
of
:
than 3 million. Out¬
3.5 million, but was
Census
million
of analysts still
group
the
falling to 3.7 million against
Summer Rally?
-
panic
for
highest for that month
The jobless
total also
"this week have been attributed to
of
i;
was
housing starts in May spurted 23%
over the
year-ago rate: Employment also remained
strong. The
May total of 68.2 million was the
ownership comes in sharp
But the market is showing more contrast to 1 in 16 of 10 years
signs of returning to normal be- ago and only 1 in 12 as
recently
'havior patterns. Many price drops as six
years ago.
than
;
The daily
total
million.,
The
*
some
of '
the
equivalent
off slightly
but
pushed
to
rose
3.7
of
more
less than
implications
•
car
days
period
the
deliveries
time
sales to
ago
1955,
ex-
new
10
ahead
this
since
of
Dealer
r
profit-taking rather
selling. Declines in
'glamour issues such
13%
an
September
May.
11-20
level of
-
second
for
fastest
from
shares* the fifth most active of how Wall Street affects Main
day this year and the 22nd time Street is evidenced
by the - fact
in
history that * the New York that one of
every six adult Amer¬
Stock
Exchange
volume
has icans is now a shareholder. This
'topped this level.r
the
pace
period
made.
was
wide-spread
lion
selling
than
years
In
stamping
first part of the month.
of pub¬
This figure
10
by
Ford's
Cleveland, but
for
bounded
than other esti¬
of
at
sales
have
more
strike
in
June
three
now
million
known totals
when the first
than 7 mil¬
more
we
cost
Auto output was hit
the
stockholders
the
consecu¬
were
in
census
the
in
the
Federal
Reserve
Board Index of Production for the
same month.
investing public.
first
licly-held companies.
the
;
May, a leveling-off
of living, and a new J
peak
preceding four weeks,
Another study by the Big Board
up
the possible political
the
on
I
in
points
strength of
facts.
the month of
most of the
v
are-based
than
En-
*
this
tive "Blue Monday."
to
accounts
new
fears
rather
couraging facts included a record
high in construction contracts for
Exchange notes
during the week of
big dipper than normal and
even
.'shaded during the sixth
up
The
been
has
mentioned 525, but
]day perked
re¬
emotion
fellows
opened
17
only effective
little
subsequent recovery were the in¬
stitutions
and
larger
investors.
One bright light on an otherwise
years
v
the
break
The NYSE's
«>
*
that
the big sellers in the May 28
while the
buyers in the
were
that
.Seven straight retreats with
.
the
news
causing at least
letter-writer to repeat the
one
Stocks
business
good,
cide
with
They
are
author
presented
those
as
of
the
only.]
•
days,
and
don.'t
seem
even
brokers
it too-much.
many
to want
Their realization that
'
margin
?
bring
tors
1
will
be
needed
to
their
hopes
for
the
time
being.
Recollection -of
"Black
Monday" when many small shareholders dumped
their
holdings
; are
♦
-
than
many disillusioned
inves¬
back, into
the market has
stilled
r
cuts
more
still
sudden
too
fresh
revival
of
to
expect
a
wide-spread
participation.
aluminums.
-
•
,
A
special
study by the New
Exchange confirms
has
-
.
; .<
He
,t
50%
casualties
now
being
from
their
low
as
10
to.l.
week
to
action
as
show
a
to
slight
were
Inc., 31 Milk Street.
Gemma,
Jr.,
bit this
Inc.
counter¬
the
other
ager
.
He
for
the
of the
following outing
Municipal Bond Club of Chicago, Sept. 13-14,
will be covered by our
phonographs,
to
be
section.
representatives, who will take
published
in
a
special
pictorial
-
formerly with Coburn &
has
ciated with P.
other averages continued
drop. Utilities
P.' W.
Your advertisement in this
your
was
W.
Joseph
become
Brooks
asso¬
&
formerly local
Coburn
Incorporated..
—
&
Co.,
man¬
Middlebrook
'
special section will identify
firm with the important municipal field and the
active Chicago markets.
(Special to The Financial Chronicle)
•
a
of
WORCESTER, Mass.
as
good price-earnings ratio buys of
Railroads crept back
was
staff
Gemma With Brooks
highs,
recommended
the
Middlebrook Inc.
been hit the hardest. Savings and
loan stocks, many of whom are
are
joined
Brooks & Co.
Support levels appear to be
forming in some groups that have
"
York, Stock
-
of
BOSTON,. Mass.—George Putnam
take all of Uncle Sam's surplus is
another indication of strength in
proceedings of the Municipal Conference
I. B. A. to be held Sept. 11-12 and the
(Special to The Financial Chronicle)
operating
rates
from
78% .to
nearly 90%. A buy-back bid to
as
The Exchange's Study
The
Joins P. W. Brooks
-
For further information contact Edwin L. Beck, Com¬
mercial
York
&
Financial
7, N. Y.
Chronicle,
25
Park
Place,
New
(REctor 2-9570)—(Area Code 212)
Commercial and Financial Chronicle
The
18
.
Thursday, June 28, 1062
.,
(3002)
dent and Security Officer in 1956.
NEWS ABOUT
also has had the
serving under sik
Hastings
of
Mr.
distinction
Bowery Presidents.
BANKS AND BANKERS
Consolidations
New. Branches
•
New Officers, etc.
•
#•
.
The
Comptroller of the Currency
has
approved the merger o;f The
Meadow
Revised Capitalizations
Brook*
,
Rropklyn
lurst National Bank of
New
in
Company,
Chairman of First
York
n ced
26 the
New
Bank,
National
Jamaica, N. Y., and The Benson-
York, Bejispjihurst, New
trader. John g. Weller of the Weller Company, is ;
N^nafaty's
a n n o u
June
Davies
v
Head of the
was
George T.
Trust
in
a y. ;
*
,
»ant
*4
U
;
Company, New York
-New
Manhattan Bank, New
through
its
subsidia y,
:
Th
*
promotion'
of
*
Walter
•
«.'
-"yy J
-
-
the
of
_
main
office
,
N«^!Wal Bank, Gajp, Pa„ pany's Westwood Village offiee.
to
up^p.the. charter and title,of the
iorm?r.r
were an- regional Vice-President, was aa-
i
.
sanie.'date, ^ Frank F. * •'" i > ' A' ; u *
*•
Cha:e Manhattan Overseasformerly Trust'Officer, becomes Bobne, Vice-Presidentfin charge Tie;Board-*of .Governors.,-of_
tag
Corporation,
Personal Trust Officer. Calvin C, ;pf the Citizens effied
The Chase
York,
21
June
by
1
♦
G
•
Trust charge
New York
Chemical Bank
v
*
•promotions
executive
g-
1961.
*
i • v7
.3 v
The Comptroller of the Currency 1: Prior to joining Continental,
Assistant
VicevKorntheuer *
Vice-President
of ^as approved the merger of The :Mr. . Davis was... As
. /The CountvTrustCompany, White
FuIton: National Bank of Lan-;President and Manager of First
at Plains,*1 -N. '* Y; f from officer ih
£w|ca«tegi
and; The-Western Bank and >Trust Confi¬
.
.
nir
head- r,".: ,/r/; *: 7*
quartered at 20 Pine Street, New
York City. v.
v
; 7
Davies
Vice-President in 1959 and
advanced to First Vice-Presi-
dent in
increase
an
.
National Division which is
joined
a
authorize,
fg
capital stock for the dividend pay-r
-a.-.
Davies
Bankers
^oWr^^^bee^ca^0for^Wy
Trust-
,
Department,
as
New York
Bank
Company, New York has elected
Richard D. S. Bryan, John P.
-
International
Banking
Mr.
—
rrry. ,rr: 7*y%-7;'**"• "
Comptroller of the Currency dents in- corporate; loaji supervihas approved the inerger Q^The sion iri the San Franciseo head
•^nion National Bank of
-office. . . .
y :
LaWare
La Ware and Robert Van Buren mgnt(authorization is ^bjecjt
'imnirb^ -he Appointment of g. Reese Davis >' *
* as
Pa.,
the
annroval
of 'the
Super—
;?
'* Bank, ' Imperial,'
Vice-Presidents, it was announced
the Vice-President
of Gbntineptal
n,
by
Harold.. H.
Helm, ; Chair- ^tendentPof Banks. State of itew under, the charter and title of
unair- tntendent"" of Banks, State of-New
Bank,
Los ^ Angeles,
Calif,
was
man.
AlL are with thej Bank's York.' ; *
* 7 "Y" ' formerannounced.
Chemical
as
VicePresident.
.*
Senior
stock dividend, payable to-stock;.
..-J
holders of record,Ji^ly
*19^3- 4 'Vyu'y y'YV;:]'
Countv
Richmond
Richmond^County.
T.
George
of
of
rectors
election
Harold
H. pounced-June 227-Y
chairman. Lester D. Kurth,
the
On
-
Plains
.
-
7
•
Ix/'iL \*7 U
1
J
o
With Walter J, Brand
•
•
t
•
Announce'ment has beep made of the associSHEBOYGAN, Wis.
-
.
,
the
fl^hnounced'ksaDDrwal^f toe -aW0«V Of Richard W. Warden with
E.SStte
C^hSd Walt«r
^ COTOPMly.- S«^ '
^NaRonal^Blnk!
f^ity First Natipnal ®an)«; ewM-
<*>
will
•
'
_
Rockefeller of
d J
David
President
Chase
Qffjpers> have been named Trust
William
J.
Berg
has
Manhattan annou c
.t
mu
New
The
V„-1,
York
main; office," will
President,
£f•
be-
Rankinr been
advanced from Assistant - It was announced also that
State Bankmg- Secretary to Trust Officer. All are .Charles IV.Kammerer,:Jr., Vicewith the Bank's Fiduciary Divi- President,
management
control,
«ato
,*TU?P CPtePWiy, WinflDer, rg.
e
ownership of a South
the
a
Lah"
genior ^Jice-
Hanover
Manufacturers
Manhattan
?
.
^
r
r md.
.
_
,
«
*
*
*
Murdock
Brazil.
Janeiro
de
Rio
%
Brasiieiro,
Hipotecario Lar
Banco
r u s
t
elepted
Robert: J.: McCarthy was
'gav^
nopnced Junej 21. J* his new -of Westchester, White Plains, N. Y.
capacity, Mr. Bishop will succeed...,- y—t,-;
,.Herbert J. (Miornp, who will ■ ComptroHec? of
retire June 30 as . supervising James j .go-xon
%
anff
small
businessmen in 8 Eastern Wiseend
, jn poupties^'for th« Jast 7 years
.
Company, New York it was an- „a Directqr" of: the-National" .Hank: merging
acquired stock of
had
^Mr^^Wardllf h^1 served
will assume-responsibility for the ^Bank,; Baltimore, Mi. and ,The - ^Stefln'^hi™^eLtS
sion at 100 Broadway.
secassociated in
Ameri-
ond move to become
^
.v. f,;
,as^'Eegten^^
W^SimStockholders of Maryland National. pijfjed Tax Beeords Inc, oi-New
Department and the Fede
plan6 It^uaasfManhattan's
!
' W^ber'"^.9
comeoffieer ih charge at Citizens.
officers.
;,:\t
...
the',
-on
.
tue and pension, and profit sharing
programs and otbar ph^ of the
.Hooper St pie^'^air-map
Sen r^s ^
Currency,
mgg®4
?
18-an-
Tune
aPPr°val'\to plaps^for I in^ .thednvesting puHie in- pSrir
the two- Bsmks, Beeordmg: n|ng. tax^gaving individual .income •
^ihe'
edpeational
investment- hhsiness-
11
•* ■
.
"v
a";<'Montgomery Ceuhty Bank. '
offlcer of thp Bank's four large'
v
from
Vice-Presidents
National City Bank, "
promoted
were
Vice-Presidents to
of First
¥Mr:
dfiMenocal, assigned to the
Bank's national
territorial organ,.
Delaware,
to
assigned
group
Pennsylvania and West Virginia.
He was in the Canadian distriet.
Mr. Ward had been assigned to
the
Indiana-Michigan distriet staff
1956 and 1957. He was
J5r
ovheatBansk
and
T^st
Company in
^™to*turers Trust Company in' Messing,.Herbert M. OecfeneriTlr:;;The ComptrQiieiv pf^ the'Currency.
^ the, Pap American
?
he was assigned to super- Saul. Q. Sohol, A.f. Chester Walton j has approved the merger of The f
Buiidmg, under* thP '.PftahT
ELfaf ^rea in6 ^s^ciation •''rPatKlfc-; Char- agwsnt °fB, Bnyder.
j"? M; 0„hnr5?pv n asroc at? - Wooney. Dr. fcaul O ^Spbol will -lottemllc, Charlottesville, > V&.andp-y, w—AV
>
with Mr. usbp ne.
serve the Bank a? Chairman of Buckingham Coppty Banki Dill; >
Jyloor^ QC VP* ; ;
,v
^ ;the .Board, .Mr. .George ^Weller ,wyn,7ya.,( nnder the charter - of. SAN FRANCISCO, Calif,—La Rue
assign* The Bank of New York, N. Y. hasc as President, and Mr. A. Chester the former and with the title r Moore, Jr. and LaRue Moore have
ment
with
the
Ohio-Kentucky promoted six officers and named-Walton as yice-President. y
"The, Peoples National Bank Of. formed Moore & Co., with offices
district group.
three new members to its official .
*
*
*
Central Virgin^."
- * ,.'y , /
at
ypi»e. Street, to engage iii
John T. Dimon, Overseas divi* staff, it was announced today by Nine officer promotions and the ;
J r. *
*
♦ « \,.
.
a securities business. "
.
:N
sion, and Robert Rice, National Albert
C. Simmonds, ,Jr, appointment of eight new officers Robert W. Resch has been pro-- ;
' V
a' 9'':J
:
division,
were
also
appointed Chairman,
,
>
at Girard Trust Corn Exchange moted to Assistant Cashier and - \
Joins Louis Rltten
Vice-Presidents.
WiUiam E. Bachert ami George. B.a»k,
Philadelphia,
P»„
are Manager of the Commercial Loan y
(special to the finance ppwnxcle)
between
...
transferred to his present
,
#
,
.
.
*
*
A. Clarke were
'
has
Owen
V.
Robert
been
ap-
pointed the (ir6t budget director
0r
of
1
New York.
New York
,
,
it?
Nati0nal ^
,,,
,
,
Management,
Bank's
he
will
^
he
President
advanced to Vice-
Assistant
from
President.
President
0f
the
Vice-
;
announced.
Viee-Presidents
to
pr0moted
are'T'Eandall
York
Banking
Dept.;
Estate
" 3JwBi4ge,:
S. I.,
to
—Clinton
& Co., Gram
Division..
-
Chicago,
111.,
and
Drovers
:
Trust
promoted
.
'
1
Irving Rice Adds
under the eharter- and title of the,
(Specif to Tpe riNANOfp. Chronicle)
former.
g0nnel
Department
Charles * H.
LT* . * .. #c ST.' PAULr Minn,—fj^wrerice E.
National City Bank, New W. Mindnich, of the Fifth Avenuejjari, Jr.1 was advanced to Per- * Scott L. Probasco Sr., Chairman * Tdnfoi hus been added to the staff
and K^hmond County Na- Bank office,.
■
sonnel Officer.
:^ '
of the Board of the American
CoInc
p^-,
Bank of Port Richmond,
New appointees are Harvey V.
Promoted. to-Assistant
Vice-'National Bank and Trust
'
*T°'t
399 Park Avenue.
New Vork announced plans
Madden, of ^the"^ Bank's" National
Banking Department, and Jerome
Senior' Trust
Trust'Department
.
Q#icer
in
the
*fj sic/&
(tem-.0t 1W™., WC* W""
combine
the two
Banks, sub-
Delapena, Jr., Assistant Treasurer;
Albert
C.
VanDaalen,
Assistant
presjjjents
Kenneth
la0e"j°Kasten
Chattanooga, Tenn. >' died neef" Building, members
Robert'-June 26.-He was 71 years old and Midwest Stock Exchange.
Berrv > Pany,
E
C '
andyfcomntroller^h; Secretary; and Henry' T. Maijgren,,s^arer, and Richard
Cun-micy?
Comptroiler of the Assistant Vice-President,
; New" officer appointments
th? igst survivRig menrber of the
holders
The
with LouisRitten
Beal * JH-overs National Hank of Chicago,
.
tionai
Minn
*
W- Alden .^d^rson, Hcyschel:
National
is
office at
First
°h,°'
^
MTNNFAPr)T Tq
to Assistant Vice- WiUiam K Peck of the cK-The Comptroller merger Currency. I^^uiWi^Hewkr^
of the of the merlv with Walston & Co Inc in
from Assistant Treas- cial Banking Department, and approved
the
to '
town
Division of Central'
National Bank, Cleveland, Ohio.
Accounting
,
merger
agreement
ap-
proved by the Boards of Directors
llv^hares
Lf y -nares
Et{0^
12 734 496
~
Assistant-Rirf^rd' H^'vounB01As"
Howard S. Hastings,
Vice-President, The Bowery Sav-Officer
National Citv S!Sl^?inNnolnW
nbe exchanged for each June 20 celebrated his 50th
Citibank6 ha T? Wlth
'.Bank- of Ffrst
ot l?irsj; Nationai Lity employee m point of service, on
shares
outstanding
snares outstanding.
the; ;Bank-';,
j^af5
are:
.parting as an
16
on
'
.
.
.
Investment
™Sard
W
Bu ke
W
'
The Comptroller pf the Currency
^
f. ; '
Berg«r Opens .
BROOKLYN, N. Y.^Jacob Berger
is conducting a securities business
Wiiiiam'sj h?s approved Ae merger of. The from offices at 12 Avenue S.
Officers-- Citizens and Southern National
O
Earl' Bank of
South Carolina, Charles-
;
.
;-
Form Carleton Inv Com.
S, CU and The Commeretal * *
If**®0
office boy at age..John G,.Simpson, Assistant Treas-' National Banfc - Camden, S. C.. Cgrjeton Investing Corporation
26,
June
branchSeto6rFirrt mtimaf C?tv onlv^ffiV
prancnes to rirst National City only office
an-
Plass and Robert*
Assistant
Ndl
;;
S.d
of the
1912,-
at
■
CharleT F. F. Ifckfer
'"
130"
urers.
Also
■
announced
are
and
the
under, the charter and title of the ^ been formed with offices at
Bf™e,r.y's then t'tles of. W. Alan Adams, James former.
Mr.-Hastings was, M Davie and Richard C Thomas
—.
-
*
-
.
'
2 Park Avenue, New York . City,
.
...
,
u9Un ^ appointed deputy Assistant Treas- - sonnel chang^ to from -Assistant- Bank of America, San Francisco, *° ehfi^a swnrRms bnsines^
were
Aesistaht iter-.
1944; Assistant Treasurer,
Officers
Calif, elected Merlyu E.-Poleman. B^fry
Mitchell President and
j-£.^assau County' (First National in 1945 and Assistant Vice-rPresi- Secretaries.
< .and Ralph F, Young yic^Prosi-^ecrotcvy.
y_ ^
t'ZZl
boroughs of New York City and
urer
in
.
195^
Volume
Number
6172
;
.
.
The Commercial and Financial Chronicle
^ Kennedy ^.m a d
i.
,«
''V
y
er;: titev* following
statement! ;"Price .and wage deci-
";
•*
sipns
m.
M.
R.
LEFKOE
v
this:
country,
limited a
I
except tor
•
1
v
-
11
^
i
J
.in >.tne ^.Continued from page 2.
other items. The 1959
acquisition
national" After three* years of
development;" of JElectrosnap bolstered the com¬
emergency strikes^ .are and ougnC the Redmond Motor Division -per-' pany's position.in the aircraft and
to' be freely and .privately ma..e,1
fected an electric motor for-use in missile field, and the 1961
acqui¬
but. the American people have a IBM's,
new, .Selectric
typewriter. ♦ sition of Thermae expanded its
Controls is. ripw one of two com¬ position in the gas controls in¬
very
BY
(3003) ' 19
of
; case
•;
•
i;
restrictions.
monopolies
,
and
,
supplying~ electric motors' dustry. •
..Capitalization at the
,IBM, and other., firms, have
panies
to
committee
of
the
Senate
which it would be possible for a for the welfare of. their country
public figure to renounce all prin- than has been shown inithe last
eiples and still be acclaimed as a. few days." - ,>
-
Foreign
Relations .Committee is questioning Robert ;A. Leffingwell/. the
nominee for Secretary of State,
Senator
Orrin
man
inalienable-right; but
aV'speech; Xeffingwelivhasf^ene. makes; one wonder, if Mr.-;.
recently; "We must not bind
find those
we
principles standing/
.
at such times
,
B
t
twS
Aioi™
-Although the above quote from
mention
action.
.
.
.
•
Leffingwell;
•
Mr.
If it
."What -does
Mr.
^that talk,'the
anything?" :
means
fool his'listeners with double-
to
-
h}s
talk
following excerpts from
constitute
a
positive and
Leffingwell-/responds
father to
to
'
?e-i
Sews^per list vea?
understand the complexities of as. a "nation
face
today; -"The.
the grown-up worldi "Under cer-i antral Hornekin nmhiems' nf
has
.
to
.
TI3^1S
from
.
prove to. be more beneficial than
thpSe o£ the past."
V
thg
The-Uteei
,
Senator
Knox- and
his- colleagues eontinue their questioning
in an attempt. to discover just.
What " principles : and : standards
and ' standards'
wuai-; principles
-
industry
the
man,
supposed to bd
they
his
Who
the
^seeS-'
^
we
*
®v
'
eoals
«
rfc : a
v
s
obvious iff a
the fault is
they: to accuse
are
-.
models.
they
as
life
industrial
new
possess the
A
•
on
placement of long-term funds for
seasoned
companies, according to
report by New York Securities
Co., 52 Wall Street, New York
City. Accordingly, companies with
good records and constructive ex¬
pansion
programs
should
have
little difficulty irl attracting longa
be¬
are
.
timing
a
man¬
series
term
a
solenoids
and
a
possess the right
wife
when
the
the
the
a
of
of
the
right
to ., pursue
possess
leased 39
happiness
timers
without the rieht to
Withqut^the right rto.
nn«fsp«s
possess thncp
those
-enable ./man - to
new
during
divisions
!
other
motors and 19
the
series
a
switches
'illuminated
of
a
number
companies in connection with
the
private placement of longterm
new
ijunds and for tax-free
mergers,'""
v.
.
•' Forms Inv. General
COMMACK, N.Y.—Jerry Budowle
new
electro¬
and
negotiating with
of
brought out many
products during the
new
is
it
also
including
year,
end result by
New York Securities Co. said that
Other
year.*
same
tax-free merger with a company
whose
securities
are
seasoned.
re¬
contradietion'in terms; to
primary
"going public" is for
said, can
a
washing cycle is
introduced
by
and
Automotive
v
in
accomplish the
chim¬
were
.Appliance
the firm
v.v
estate reasons, the report
others^ Division, The Lake
action/!^;-located just west ofCity Division,
Chicago,
rights
.
'
•
purpose
means of survival,'is a contradic- ing signal, that notifies the house¬
tion in--terms; to
institutional funds,
''
Other companies whose
of
kick-out switch with
new
said.
of
number
new
switches,
pressure
achieve the values which bring
-
.
year
basis. A number of domestic
rights
to
The present market is one of the
best in many years for the direct
ufacturers will field test this sys¬
tem .for possible installation on
him happiness, isr a.contradiction
can't understand him^
theirs.
,i4*i
right
the
posSess
/"hqiAeyneaifs
2rpJ,I.nt
controlled economy—explicMr. Leffingwell is itly or. implicitly .—j a,; matter of ,
a distinguished dn^gree
-or am infringement^ of
assume that if they:' proper^ , rights.
- Is
the switch
evasion.- Since
teileetual,
f.To
To
in¬
laundry
gas
systems which work
•
without being able to
Mkt. Seen Good
for
ing dried and automatically shuts
dryer when the content is
at the right level, as opposed t.
1963
ec°me meamngless*
com¬
;
off the
the
the
answer,
5 'ignoring
property
in
content in clothes
to
does 'get
never
straight-forward "
'
property; owner,
r *
"vvl!Ci'1
PS^flf/^vtolittBg
natter ^degree., •pr^the aestruc-.
tion ef, obxectiye law. Is governpress
and the country at ,)arge; mont censorship a matt^r^of deapplaud the nominee's up-to-date &ree: or an mfrmgement^qfi the
thinking. They are impressed with freedoms of the press and-speech,
a
withheld
"outworn/' Although//- Is rule by government-whim a!!things ' which
subcommittee
the
and
commercial
completed
:V>v-'; truth of the latter
InteUectualism
have become
,
denied
intro-
and saved up
bills. This control
measures
the
moisture
16%
system
i:
f
•
to
equipment last
es--
is ,tp
^
can be
for
their time when those
eir^ gearcn for sophisticated goluUonsji^?^^'
^at price can be
cumstances were found to exist, to
complex-and;obstinate issues;
<^PQsah E^ll 3rc
the
Now.:
the
circumstances
have
The differences today are
changed and she may still'be ad- mainly-matters of. degree."':
hering to those standards although %
tiering
aitnougn v
„
r
th
p^dent ' ic
mii to
they no longer can.be effective or
forthright "his thesis is that everyjustifiably
jueiuidwi^ applied urwic new cirin the uc.w v,xx- t^thnght, hts thesisas pnals eveiy^
that tn
agrees
with
the
cumatances which now. confront
reached
therp
is
onlv? disagreeus in which other standards hiay
t
ympan J: tn
products
device
machines was
drying
troduced
standards
v
from
moisture-sensing
clothes
hery actions by
certain ^ to J
ways^nd"minings;pro^yty
that had .proved valid;
reaching common goals'— to. re-
guided
buyers
stock by the end of last year
a
were
A-
^ -he+ualues
else
Institutional
Direct Placement
a
-
mon
duced in the last two years.
nur;\er!ce f pr°Perty rights. One cam
hot "claim
to
own
someone
the New York Stock
on
Exchange.
and fiduciaries controlled another
?
-property
the, power
listed
are
1,372,294
stock, which
had accumulated 20% of the
year
Rv
*
Pr°per.ty, is the
"
.
common
of
.debt,/ and
of
permanent magnet motor 12%.
which is 20% more efficient than ;:
other
conventional
DC
motors. OnE half of Redmond's sales last*
♦
Vv
ffS
such
commer¬
end of last
$3.6 million
shares
tape
duced
right to acquire,:use, and
j*
of
instruments.: Redmond also intro¬
"
will
"Government
applications,
consisted
long-term
is suit-.
,
inalienablf right
"man's
for; other
year
this
recorders, business machines,;, cash
registers,
vending
machines and sensitive recording
Blackmail" which anoeared in this
■?
as ^<clearcut statement of his under—
child who isn't yet able
standing of the crucial issue we,I
a
fit
sees
using
This unique motor
.
asks
then
Senator -Knox
mean?
cial
one granted
th
aeti£fW"y °f afflrma 41 Vu: P-sident Kennedy's speech is a To"1property.""'
good example of how he attempts article entitled
v
it
as
han_
in
Electronic computers,
as
by tte government; to be revoked'
Drury hadn't read Kennedy's Yale
ourselves arbitrarily to the out- address
before
he
wrote - the
worn principles of the past when 'speech for Mr; Leffingwell.
>
given
ablb
of .the
one
interest
motor;
of the highest principles.^ A
According to Mr Kennedy 'the
careful-comparison of Advtve and. right to private"
property is not'an
members,, quotes:'-Consent ifwrth
today's
political
Knox,
subcommittee's
from
shown
is
engaging
in
securities
a
busi¬
jn terms: For President Kennedy luminescent instrument
panels for ness from offices at 66 Montrose
to declare that he upholds man's
Drive, under lthe firm name of
jet aircraft.
*
>
f
inalienable right to life,-liberty
Investors General Services.
,
and the pursuit - of happiness, ; Sales last year, which were ad¬
while at the same time denying versely affected by a decline in Forms Mohawk Securities
the individual the right to prop- appliance business and home con¬
struction which affected heating CLIFTON, N. J.—Arthur N. Spinerty, is the contradiction which, if
and
air
conditioning purchases, elli is engaging in a securities
left
unchallenged;' will under..
.
;from the.; principle
lndrviaual
right*, to an: ^bitraruy .qefmed inine
ultimately
and
were
destroy
a
derived
as
Oil and
follows:
business
from
offices
247
at
gas heating 29%, home appliance ' Crooks; Avenue, under the firm
public interest
as the goal, of free society."
24%, refrigeration, air condition¬ name of Mohawk Securities.
>
Now -consider
the
following government policy^and action a
ing and ventilating 21%, aircraft,
statement:/'. V. we cannot undprr, "matter of, degree"; or the first ,
Unlimited Power
With Josephthal Co.
stand
and
attack
contemporary steps toward fascism?^_>■y■ ■ ; r.
In other recent columns I have missile and defense 13% and mis¬
cellaneous
13%. The
latter in¬
problems if we are bound by the
With an olive branch in one pointed out that the power
BOSTON, Mass.—Myron J. Goodthe nominee of double-talk.
•'
-
.
traditional
worn-out
and
labels
slogans of an earlier era."
No
it
agaim
is
not
It is not
Mr.
even
Leffingwell
a work
from
of'fiction
in
a
It is a statement'made
recent address at Yale Uni-
Kennedy, the
President of the United States.
'
versity by John F
and a whip in the other,
President Kennedy has told busi-
granted the Federal Communica-
cludes
tions Commission is, for all
ing
nessmen t- agree with me, or face
the consequences, f "If a contest in
angry argument were forced upon
tical purposes, .unlimited. I have
also demonstrated how Mr. Kennedy is trying to coerce both busi-
hand
-
industrial
machine
machine
in
are
an
totally without resources
engagement
forced
upon
necessary
of
consequence
different
speaker and
a
difand
vend¬
is now with Josephthal &
Co., 19 Congress Street. He was
formerly with Keller & Co.
/
stein
business
and
components
many
1962 EDITION
using
the concept—"the public interest"
them because of hostility in one —as the ultimate standard
section of society." ;;; ...
government action
"Since
for
the
equivocation are the same. And
Pr„„P1.#v
Ri»ht«
concept of the public interest" is
even
more relevant,
the general
Property Rights ,
meaningless when used m opposi.
acceptance of the man and his
In his denunciation of the steel tion to individual rignts, making
principles by the press and the industry several months ago, Mr. it the standard
of government
A
ferent setting, but the evasion
controls,
controls,
it, no Administration could shrink nessmen and labor leaders into
from response, and-history does accepting his arbitrary 'guidenot suggest that American Presi- lines." Finally, I have shown the
dents
Today's Setting
prac-
.
policy
and
granting
torial
it
power
to
is
action
of
results
in
the
arbitrary and dicta¬
to those whose job,
;
CONSECUTIVE CASH DIVIDENDS
Have Been Paid From
;
the policy and take
since they then have
to define the term as
set
the
action,
the
right
much
—
is there in
between the goals
ment
of
our
of
and
BOOKLET
PAGE
—
COST OF THESE BOOKLETS
govern¬
expounded by
Declaration
secure
28
:
common
President
Kennedy today and the goal of
our
government as stated in the
as
■
;
5 to 133 Years
they please."
How
On Which
-V
.
Independence: to
individ¬
protect each
inalienable
right
1
200
cents each
l_it.li.-i-—15 cents each
up
On orders of 100
cover
_25
to 199-
or
more,
three-line imprint on the front
a
is included without extra cost.
ual's
to
life,
liberty and the pursuit of happi¬
ness?
Commercial & Financial Chronicle
No, Mr. Kennedy, I do not think
that everyone will agree that the
Wm. B. Dana Co., Publishers
objections raised
goals
arc
only
"matters
of
degree."
Perhaps you see no difference be¬
tween a government which pro¬
tects individual rights and a gov¬
over
,
Remember those in need
the
world.
gift
Food
Every $1
package
thru
across
sends
the
one
CARE
Crusade, New York 16, N.Y.
ernment
which
creates
fear
and
uncertainty
by
denying
them;
others do. They view the issue as
a
basic
philosophical clash be¬
tween ^individualism
25 Park Place, New York 7, N. Y.
your
and
collee-:
tivism, freedom and slavery...
.< ;
i.,
Please
enter
Canadian
our
order
Common
tables.
;
Firm Name
for
Stocks
-
—
with,
Copies
of
;
;
Address
By.>......x.x
————
booklet
accompanying
Date-
on
dividend
Financial Chronicle \
The Commercial and
'
,
and
to
billion
$300
certain
to
action!' Em * not
going ' to do- that.' The - world is
full of challenges — from outer
In¬
upward.
continue
to
of every dollar of taxes
This persistent growth
in debt is a direct reversal of the
B(incorporation and
Stans,* President of Western
Withering indictment as
philosophy of our government; in
of its existence,
when
the
goal was to become
United California Bank
Vice-Chairman,
the first 140 years
sapping our economic
to the extent we are
strength and way of life questions how long we can continue to
the world's strongest nation, maintain the dollar as the world's cur¬
debt-free..
abundant living* The former Director, or the
Budget under President Eisenhower views the ominous implications
of the vast increase in our budget, Government operations, debt and
contingent liabilities, and decries the "cradle-to-grave" responsibility
taken on by Government, our wage policy and our. cost of living. He
flays businesses for their passivity, and calls upon fhem to overcome
economic and political ignorance which is said to keep us in a state
of euphoria. Mr. Stans warns we must fully exercise our individual
power for constructive action, or find our democracy destroyed.
future to an
be
and sustain our
rency,
Something
over
year
a
But
given
cool
some
to
democratic
the
This
Maurice
H.
Stans
in
a
self-disci¬
is
system
Are We Heading?
about
concerned
I
national course of events. \As
of
is an ^un¬
interested and
active in understanding the, social
and economic issues. Without this,
democracy
successful
have
formed- citizenry,
political decisions will be made
by emotion, or by blind accept¬
ance of appealing slogans, symbols
we
ceas,
allqwed
with
mentation
are
economic
own
our
The Evidence of Excesses
am
the
about
ready to particularize
developments in our
system, in the redistribution of
we may be in the sad posture
the national output and its bene¬
watching the slow destruction
fits,
that
I
believe,
represent
of democracy and the American
destructive excesses
of the last
way of life by the inept acts of
this $4 billion are now
of
...
The facts behind these concerns
are
what I
to discuss.
want
And
Here
The
(1)
to what we each might
undertake to do if we agree that
United
this
debt
gestions
as
appraisal is
valid one.
a
budget of the
was
$3 billion in
entire
States
interest
including
1930,
and
the
on
the cost of national
de¬
it has grown to
Ingredients of Democracy
$9 billion in 1940, to $40 billion in
But, first, a few thoughts as to 1950, to $80 billion in 1960, and it
is headed toward another massive
the nature of the stakes:
increase by 1970. The next admin¬
We all believe staunchly in our
istrative
budget
will
approach
American democratic system. Un¬
$100
billion,
and the total
of
der the inspiration of our fore¬
spending in the budget and trust
bears who sought to remedy the
funds will be close to $125 billion
fense. By decades
evils
of
earlier
constructed
systems,
upon
it
was
almost-per¬
that
It melded the
equality of op¬
an
fect blending of the instincts
motivate
people.
inborn desires for
for freedom with
competitive¬
ness
and acquisitiveness.
In as¬
suring needed restraints on that
tfreedotri for the common good, it
portunity
diffusion
year.
Government spending
compulsory spending, and the
more it increases, the less is left
in
freedom
of
choice
for
the
is
individual.
a
of
near
miracle
public
in
power.
the
This
combination of free enterprise and
political checks-and-balances has
produced and bestowed more in
•goods and *welfare "than any other
(2)
The
Federal
Government
adverse
$2V2 and $4 billion
to the world,
running
the
592,000
2,538,000 at the end
budget year.
-
in
1930
"•"(3)
"The
interest-bearing
-grown
na¬
in peace
,'7r
"
4
.
can
-
:
,
.
party,
of
regardless
closest to yours?
are
pay—to the political cam¬
paigns of those who stand with
your
your-
convictions?
.7
/\
...
(4) Are you willing to resist
politically-inspired advantage for
your community, your industry or
your profession on matters which
produce disadvantage -to the
productivity. Industry
fault, too; in some
it
at
failed
has
to
the
exert
The
price
down
both
has
been
that
has
contributed
prices.
a
inflation
push
and
result
of
structure
a
cost-
to our
diffi¬
to
of meeting competition in
culties
profit margins
have been
squeezed to the point that there
are inadequate funds for business
to
invest
in
the .research
and
equipment needed to increase out¬
put for the same human effort,
and thereby improve still more
the standard of living.
Good
Our cost of living has ad¬
significantly,
as
infla¬
that
the results,
not
all
bad.
The
risks
answer
we
are
dollar
of
is
1940
cents. It would be
now
a
worth
fatal mis¬
take to believe that drastic infla¬
Now,
how
did
all
this
change
happen and what are its potential
consequences?\
:•
T believe
.
that there
three phases
:
......
have been
in the extraordinary
will
say
nevertheless,
are
still
are
the
is in the horrendous
assuming,
inflation,
astrous
and
the
of
the
risk
of
fi¬
the risk of loss
vitality, the risk
loss of the cold war, the risk of
our
collapse,
national
socialist
up¬
that
up
questions: I
the
of
one
to
be¬
reasons
behind the tensions and trends in
is
America
businessmen
that
at
have been so preoc¬
cupied with their own affairs that
they have to a degree defaulted
level
every
defense of our American
their
in
in
American,
sophisticated
The
institutions.
troubled
this
age,
merely
has to be much more than
he any
provincial.
He must
believe deeply in the preservation
of the American system, he must
a
seeker of profit nor can
be
longer
take
stand
a
values
those
on
.
distinguish a free society
antithesis, and he must
which
its
his
accept
who
impossibility
of
knowing
the
breaking points
at which they
will drop on us. The risk of dis¬
tionary policies in both the public
and private sectors have exacted
still moving
lieve
•
leading
am
asking these
by
from
Bad?
We
This is what I
responsibility to
own
shape public opinion, at home and
across the nation.
If the knowing
American fails in
this,
all fail.
we
In other words, it is no longer
strongest nation in the world; we
are coping with
external threats; right for American business,to be
passive in political affairs. It is
our dollar is the world's currency;
and our living is abundant. What too late for us to be sitting on our
hands.
The advocates of policies
more do we ask?
surrender
ward, slowly at the moment, and
or
those
are
vanced
47
in
and
of
their price. It is
plants
rebuilding nations and such
enlightened economic systems as
the
European common market;
many
nancial
world markets.
(9)
mechanized
modern
of mutual concern?
to
prices have been forced up¬
ward, two other results have en¬
sued: many of our products have
become too expensive for foreign
countries to buy, in the face of
efforts needed to reduce costs and
hold
dollars
and
There
increases have outrun
cases
more
buy the same goods. And as wages
are
in favor of labor. For some
been
and
more
a year.
we
increases in
has
treadmill, in which he has had to
earn
good bank.
a
.
.
tional' debt -has
without reckoning
without realizing
be met only by them¬
heavier and heavier
And the central government
taxes.
be¬
at
years wage
to
of the next
to
of
Would you dig down to contribute
more—as much as 5%
or more of
and
cost,
that it
.
from
continue
to
'
whose views
selves through
programs and
fourfold
"
candidates,
these handouts,
agencies,
tion couldn't happen here.
Our
personnel are added
.fiscal policies are an ..open invita¬
in„ proliferation.
Civilian remtion to a crisis for the ^dollar.
ployees have increased more than
continues to grow, as new
'
;
(3) Are you. willing to select
carefully and support the political
by outpromising each other. And
(8) National wage policies have
recognized a political balance of
our
and
the inherent traits of
achieved
next
run
banker
not
power
evidence:
statistical
1 will follow them with some sug¬
boiled-down
is ,,,somei
to
continues
As
three decades.
end?
ployees?
spending still
the unsophisticated public accepts
payments
balance
the
And
tween
beneficiaries.
this
(3) We are now in the third
phase, in which the politicians are
bidding for the favor of the voters
$18 billion.
of
own
it is
;
do you' at
enterprise
and
our
American
democracy?
Are you willing to give substan¬
tially of your time and money to
them.
outruns
billion is needed to back
Short-term foreign
claims that can be asserted against
low,
its
challenge:
important
freedom
preserve
in the country the great
this fallacy, but the
currency.
Now I
How
national; illusion
that "if the
money
comes
from Washington 7 (2) Are you willing to devote
the hours needed to studying the
someone else pays for it." To the
national and local public issues
individual, this became the stimu¬
and reaching an informed opinion
lating prospect of getting a greater
on them, and then conveying that
share than the other fellow. Taxes
opinion to family,, neighbors, as¬
have grown to the point of nearand em¬
confiscation to meet the cost of sociates, - shareholders,
$4
our
democ¬
(1)
heart believe
there
era
one
,,
but
together.
'
'
If these apprehensions are right
and the natural consequences fol¬
this
In
causes.
up
of the
will have
some
growsever 7 bigger", and
more
powerful,
f
' \ ''"
V. •' ,"T; ; ...
Accompanying
these
three
phases in the development of com¬ whole nation?
of responsibility by the govern¬ pulsive spending throughout these
(5) Are you willing to speak
30 years has been another eco¬
ment; Jpr^cpdle-to-grave welfare, nomic fallacy—that the higher the out against growing government
in many cases^ without a test of
intervention in fields like public
wages ;the greater the prosperty
need and at the disdain of jthq
power,7or subsidies; or tax hand¬
6f
the
worker.
Union
leaders,
virtues: of personal thrift and self*
outs, even though you too can be
whose
success
is
measured
in
reliance. This has created an ac¬
the beneficiary of them? V
v
terms
of
increased
dollars
celerating centralization of power
(6) Are you willing to let others
of pay for their, members*- have
in
Washington, x a lessening of ignored or-£:rjott,realized that ir\j your, industry or communitv
control and in/luence back^home,
their policies of securing wage bear the brunt of political intru¬
and a decline in personal responsi¬
sion, so you can benefit momen¬
Increases not earned in- increased
bility
and
morality.
And the
productivity have merely put the tarily, ,or will you and your as¬
course has notjbeen run, because
sociates stand together on issues
laboring man on an accelerating
out these elements democracy can
racy
came
groups
grew
define the
to
(6) A large.part of the increase
in Federal spending and > debt is
the result of a massive assumption
of destroy itself by its own excesses.
pana¬
risking the loss
that hold
sinews
the
ne\y
been
Next
pose
to answer.for himself if one, wants
the flood of
and special in¬
terests, taking advantage of the
easy economics to advance their
(2)
pressure
Individual
the
of
shall
questions I believe
-
JJf
J.
doctrines that of personalities.
And another important essen¬
: to
develop
over the last 30 years,
the proud tial is honest leader. _iip, dedicated
philosophy and sturdy character to attainment of forward move¬
more and more, ideas for govern¬
of our country are fast deterio¬ ment that is sound and balanced
ment
intervention in
our
lives
rating. We are gradually surren¬ and in harmony with our constitu¬
sprout daily.
dering our American spirit, based tional concepts. Without this, the
delicate economic forces that pre¬
on initiative and self-reliance, for
(7) Our gold supply has been
a
social and economic mess
of side over production and exchange heavily depleted in recent years
can go askew and wreck the entire
and is still under threat. The cause
pottage. We are fast eroding our
that holds the system is
historic personal freedoms under structure
our
unfavorable
balance
of
the guise of an all-encompassing together.
payments: our overseas outgo for
To survive and to be effective
imports, services, travel, invest¬
governmental
benevolence.
We
and
strong then,
a
democratic ments, foreign aid and military
are destroying the sovereignty of
our
must
practice
constant purposes regularly run higher
states and handing over our people
locally-based institutions to an self-discipline, must be well in¬ than our income from other coun¬
all-powerful central bureaucracy. formed in its decisions and must tries. Our gold is now down from
And, by our continued experi¬ have dedicated leadership. With¬ $24 to $16V2 billion, of which all
of
result
a
the
pay
produce four consecutive deficits.
could degenerate into
or class warfare.
Another essential ingredient
will
"
we
paid our bills without borrowing
only six times. The policies of the
p r e s e n t
administration, unless
abruotly changed, are;likely, to
social
spired the damaging concept that
"a little inflation is good for us."
have gone in the red 26
in the last 32 years and have
times
anarchy
sions.
deeply
Power
But
(5) Despite new fancy theories
of balancing the budget over the
cycles,
sound
The
$22,000 per family of four..
advantage for the good of
whole society.
Failing this,
democracy
has
given me the forum from which
to express some strongly devel¬
oped convictions anpl .|apprehenpaper
our
well
sonal
American
am
be
to
pline—the willingness of the in¬
dividual to subordinate his per¬
about its func¬
Where
survive
respect
ingredient
essential
An
tioning in re¬
lation to
the
I
so
welfare.
sec-
economy.
decay. It will
willing to pay for them in com¬
forbearance for the common
thoughts
d
increases
law, the total of our government's
liabilities
and
commitments
is
encroachment
against
mon
formulate
0 n
is certain
long as its citizens
values highly enough
its
govern¬
and
system that must
through future tax
already scheduled in the
security
collected
be
role,
objectives
posed a present mortgage on the
future
of
our
people equal to
only
observations
ment,
not some¬
our.
over $1 trillion. This "government-by-credit card" has im¬
and against
to total up my
our
and (c)
deficiency,, in
actuarial
I
depths.
challenge, his Own
own
deficits back
from easy surpluses after we have
achieved out goals; And-both in¬
defense,
of
costs
defended
the
time and peace
of
incredible degree. If
to
space,
finds his
spend all we
we can
reach
to
want
to
current
social
perpetuated.
It must be
continuously earned.
It must be
has
me
the
be
10
This
the
been
is likely to
thing that, once created,
fornia.
policy—that
♦
welfare and government,
ocean
in the preservation of a
democracy — if he finds
himself sharing my convictions. 7.
mitments for future
yond
the
"spending 'ourselves
into pros¬
perity" was the parent of the
delusion
of compensatory
fiscal
legislated contracts and com¬
spending be¬
our
to
should prefer that each individual,
the interest-bearing
debt (a) our unfunded liabilities
for past services of government
employees and war veterans, (b)
has
is
democracy
a
'
roaring chal-
a
call
(1) First was the new economics
that grew from the depression; of
the 1930s.
The
false theory of
and
We**have, mortgaged
1
add
you
accomplish.
Cali¬
in
ever
accomplish or
able to
I left the intense
atmosphere of Wash¬
ington and moved to a more quiet
since
society
of
form
has now
heated
life
(4)
*
convert it into
lenge^—a
<
'..
collected.
By Maurice H.
three decades:-
Why Did This All Happen?
nearly
out
100
ft
'
f
evolution of the Federal Govern¬
"and it: is
now,
$10 billion a .year, more than the
entire budget in 1940 and equal to
Card" Policy Is Dangerous
and
Thursday, June 28, 1962
.
ment in the past
1930
from $16 billion in
war
terest on this debt is now
elapsed
.
(3004)
20
of
state
freedoms
our
or
to
an
to
a
ultimate
that
carry
destruction
tant.
we
of
seeds
the
active
are
national
and
mili¬
fighting for what
Only by
believe in and what the pres¬
ervation
of
demands
itiative
free
It
and
American system
retrieve the in¬
the
we
can
the day for our
save
institutions.
is
this
set
circumstances
of
that forms the framework for my
final
observations
individual.
the
on
power
of
constructive
restraints in our self-interest. Al¬ action is limited only by the ex¬
together, as we continue on this tent of his knowledge and by the
course
of economic
recklessness force of his convictions. It is this
dictatorship—these are so impos¬
ing as to command us to impose
The
the
of
the
individual
power
for
and fiscal brinkmanship, we are power that must be mobilized if
playing Russian roulette with our1 the direction is to be turned. -It*
and- our destiny. - But can be. begun only by 4hose who
restraints are not easily invoked now have the capacity to see and
freedoms
while
the
tinues.
i'
the
cup
of
pleasant euphoria of
self-indulgence con¬
•
..
*
Now, it is customary, after pos¬
ing
an
issue of concern or threat,
fear
At
the
course
stake
whether
is
ahead.
the
will-continue
to
question
of
democracy
survive or .will
our.-form
of
join the earlier ventures for hu-
Volume
t
Number 6172 V.
195
The Commercial and Financial Chronicle
.
(3005)
man liberty that have passed into
oblivion.- Khrushchev has r made
clearr his
will
destroy
the
cold*
system'*
its own.
itselfv by
weaknesses.
If it does, he can
win
without firing. a
shot; all he has to do in the mean¬
time is to play for time by one
diversionary stratagem or another.
It is not difficult to get a group
of
•
war %
■
sophisticated
that, they
-
Z
•
thatour
belief
oppose
a
A'P
.
expenditures since
get them to;
single issue which rep¬
entirely dependent for R & D
•the gains from R
&
than
on
government contracts; of measuring
socio-economic progress are skillfully outlined.
our
,,
a
individual
efforts to
change our:' basic " economic and
political structures.:v •"/!
better life, and unsound
/
,
well
.
clear course of individ-—
Business
ual and collective action.
must become
men
tive 7 in
personally ac¬
"employees and;;
shareholders to the significance of
to' educate ..their
political: economic
;
issues.
They
•
to the
as
economy as a
whole. Wheth-"
I balance between government
'"tractrresearch
;
industry,r'-
or
the
region,
The
:
following the politicians with the: will contribute :
biggest promises. They must find to
Jacob Perlman
increasing
ways of developing political edu¬
oroductivity,
cation to overcome the /economic the
development of new products
ignorance and political .ignorance and
processes, stabilization in-the
which are. the greatest weaknesses short as weir
as the long run/and
of; the democratic process, /::;//v/ the warding off of stagnation. The
s
Business
executives, must : not growth of the chemical
industry,
feel.content that they have satis¬
particularly ;■ the ^/pharmaceutical
fied their obligations by an annual
industry, ■ has/4been attributed, in
monetary contribution to a pbliti- I large
part, to its research effort,
cal
party.
They can no longer On the other
hand, the t(
leave the fight on specific issues
dustry has been accused
to' the other: fellow or stand aloof
ing its growth rate, because of its
when advantage can be gained by
relatively- low * expenditures on
sacrificing
principle.
If
public research and
development. - /.
.
power is the issue to be opposed,
U
it swill not do to. welcome a' hew
j Wiree-fpld Growth m R & O ;
; cooperative into ;your area Tor the
t/vy::s,-vp
/V:
sake of saving' a small amount on
//Since the end of World War II,
power bills.
If government ecpn-> the outlays for research and deomy is to be sought, it is not right
velopment/; have
grown
rapidly
-
ate
If
tionable^ it will not do to let the
doctors
-
to
;
community can sponsor. If principles are paramount and issues
are vital, it will not suffice to vote
blindly for political parties; the
individual. candidates
they
stand
for should
voting.
the choice of
<■/> •.•<//>:"■*;
„
determine
...
Conclusion
faith 'and
the
on
r\//;' ./•;//
and
concerns,
each
of
will find his
us
own
challenge
and
response
in this
critical time, he will demonstrate
the
of
power
constructive
doing will
bilities
the
individual
action.
Only
fulfill
we
our
by
for
so
responsi¬
beneficiaries of this free
as
society.: Only by
so
doing will
..
develop
our
system- from
crum¬
people of all the
of
government, and
which
is
man
peace.
truly
a
at
.
Economic
the
of
tion
in the
and
.
last
Statistical
National
has
Science
conducted
veys /
throughout
aimed
at
ing
the
.
lem, and, through the
address
'
merce
of
the
by
Mr. Stans bef-re the
sessi-n. Chamber rf ComU.
S., Washington, D. C."
v'":
a
somewhat
lower
rate
,
Current
;
^
•
,
;
;
been
the
the
3%%
beuWether
i>oncj
Favorites
Treasury
has
along,
'
It .seems?i^ere, Isi,more tt>an.,S
passing amount of confusion in
of
with
niarket
case
of
.
right
1971 is the
government
the
of
more
the
use
out-of-town commercial banks
showing an interest in this seplace for funds in the opinion of; curity. Reports also appear to in-
of prov-
invMtmpnl:
.—manv
,
decade
also
the
Studies
national
effort.
shown
research
managers
is
in
iL.in...r
x_
x
its
own
has
of
be
expected, most of the Govern-
crement
ment-financed. research is directed
toward such objectives as national
defense, health, and welfare, but
knowledge gained from these
research projects "spills over" into
the private industrial sector, '
to
an
the.national R&D
do
result of
available data
a
such
of
result
of
our
Privately. Financed R&D
which
tend
more
v
to
benefit
periods of time.
of
the
econ-
directly and in shorter
The implications
heavy Government financing of
are
,.
in
-
jx
-
industry,
r
of
-
depend
entirely; oil
has not kept pace
with the sciences
technology. As a result of this
"social lag" we are encountering
many
such problems as techno-
and
■,
course,
far-reaching. Many companies
government
.
.
logical
ment,
,
,
unemployment,
and
the
on
economy
governments.,
as
-
back in the
common
the
;
i
:
/
_
...
/
•„ „•
Raymond J. McManon will acquire,
^
a
-?,c
stock market
^
ge, ana on Juiy otn
K
/f<?0/^e ?n
will influence the trend of business is not being predicted at this
time.
Bearish Outlook
-
;
J. F. Nick to Admit
whole. As to how much the se1.-
q
i
ATAr
in
^
,°
cnange.
^
y' menaDers 01 tne 1LX"
/
rr
\x/_vi_
AJm;ic
^COvrrmwyer, werie
Nevertheless, it is believed Cby
that the ''course
of' * the
economy will be changed qui'.e a
Scheffmeyer, Werle & Co., 2
Broadway, New York City, mem-
bit if not slowed down to such an
bers of the New York Stock Ex--
extent
change, on July 5th will admit
Helen H. Werle to limited partnership.
some)
the
that
will be
practically halted. If this should
recovery
be the case, it seems
..
-
.
.
quite certain
■ ■■* ••
.
,/
.
.
:
•
Schweickart
,
,
1
alJ0
«of
M1
skills
,
and
and
R&D Pace Exceeding
Socio-Economic Adjustments
As
*
tc
.
Xr
.
m
.
Admit
to
9o
professioiis, Schw^ckart_& Co, 29 Broadway
which provide the basis of liveli- New York City, members of the
calculations, hood for great numbers of people
New York
Exchange,
the long run, this social lsg is Julv 5th will^ admit Rosalie L.
accuracy
*
*
fluence
ef-
a
not bear out the
authenticity
-
appears
in-
as
fort, but currentlv
the
V ."
GNP
there
Corporate bonds, nonetheless, still
give a better return than do long
be a' growing following for the
opinion that the sharp and severe
break in the equity market is
going to have anadverse in-
grown
the
district
nancial
a
in
...
.
In spite of the mixed opinions
which are to be found in the fi-
to
the Federal Government. As would
_
Treasury bills out to the 12 month
issue</ public/ pension1 funds
area has shown a very sharp/in- aiong whh other investors have
crease of late and it is^ believed heen increasing their positions in
that much of this need for short- ^.jle
0£ jggQ an(j
3y2S
term liquid obligations can be at- jggg w^h the 3s of 1995 evidently
tributed to the uncertainty that not quite as popular now as they
surrounds the equity market.
have
been
in
the
recent
past,
This coordination should probably
take place, under the supervision
that
effort
contsant
comparisons
operations and
those of other firms, and, last but
not least, it must coordinate very
carefully -its • R&D v budget
and
practices with its other activities,
such as advertising, sales management,j and
financial
operations,
Founda-
research
make
between
regular surthe • economy
have
.
involved must have available pertinent data of ,the past.
It must
measuring and appraisnational
surveys
_
An
'
it is possible to take an empirical both the national. and^internaapproach to the R&D payoff prob-..Itional situation so that the safest
liable, but since 1953.the Office of
research
*
.
time.
'
;
/ ;
difficulties encountered, iH^hi^fcqhtention that
rjr
tures for R&D
.
2nd- general
s
of interest for long-term govern*
meats, corporations and selected
tax-exempt bonds since a con- "
tinuation of the current policy of.
ease in the capital market, along
an increase in the demand
for these securities from investors,
will tend to bring down the yield
that /will be available ;in fixed
income bearing issues,
market snouicn be getting as
good play as it is at the present
In cite of all
1
the/60!s;..r:
omy
in
rule' out
"ry
to
methods./.-.; •/;
stead^" —^
form
society
free and
a
•'
'•
r.
However, this does not appear to
liquid
Mqney.
these
,
world the historic dream of
/
,
criteria' by
useful
rapidly expanding R&D effort, scientific and
bling
within
and
from
attack
Industry-financed research, most technological knowledge have adwithout.
Only by so doing will
of which ir closer to the develop- vanced with
great rapidity,- and
we
continue to outperform, out¬
ment end of the R&D gamut, is in
many instances we are finding
last and outfight the
challenge of aimed
much more closely toward/that the development and
progress
communism, and only then will'
income -'.increasing innovations,,of our socio-economic framework
we gain for the
preserve
;
,
fdr'/lit ' haS ^hht beeh ^possible
„
we
the
.
.
If
most
-V^JTbe financial community is in-
basis/of
.,
*
when
was
expected
These
.
on
company economist.
: *
from $5.2 billion in 1953-54 /
In estimating the payoff of R&D
$15 billion in* 1961-62/
It was to the company as a whole,-there
these are
the
questions I pose.
once "estimated
that
the
figure has been a great deal of discussion
How we of this era react to them
would grow to $22. billion by the.:of. the contribution, of research to
may well'decide the course of the
end of the 1960's; an estimate of the Gross National Product
(see,,
1960s and the fate of our great
nation in its struggle against the $30 billion would now seem more for example, Chapter21, "The Adreasonable.,/
f
\
;vance of Knowledge, and Its Anforces,: in-Communist Russia and
In
considering the/total R&D plication to Production." in Edelsewhere, * that
would
enslave
effort of the nation, it is import- .ward F. Denison's The Sources of
men to the power of the state. The
ant
to-distinguish,-between- the Economic Growth in the United
solution for the excesses of de¬
financing and the aetual perform- States, CED', Jahuary 1962). R&D
mocracy^ submit, is not to sit by
ance of research. The
performance expenditures, expressed as a per
and let democracy destroy itself;
of /research and deve^pment- in-cent of
GNP, have increased from
it is to be militant in opposition
private industry accounts for 75% 1.41 in 1953 to about 2.88% for
to those excesses while seeking to
of the national
total,/of which, 1961. Some estimates have, even
educate the citizen in the knowl¬
however, over half is financed bv attempted to specify the increase
edge of economic truths.
These i are": my
•
what
and
the
can/
of
-T-r-
on
what federal handouts your
see
on
the
,
the fight alone. have exceeded
$80 billion. Some
If
local
responsibility provides of the early statistics on R&D exf
better government, it is not right
penditures are not* entirelv recarry
is, how
it
clined to move a bit slowly in
making new commitments in seemploy
mechanicals procedures, /clirities, except for the purchases
So far, however there has been
such as relating their R&D budget; °f short-term government obliga- no rusn to get funds to work in
to a fixed percentage/ of sales, tions.
According to what .one long-term bonds in spite of " the
profits, : or the number of em-, hears about the investing prob- somewhat * larger
commitments
•
•
1
t
^
,
and
into the market
come
yield
past experience, in determining
their/ research -, outlays: r Others
:
.
the
.
.
of an instal-community.
.socialized .mediciner is objec¬
question
current/'practices
in ;
businesses shows that many oper-
survey 4
■
to. oppose the closing
lation in your home
programs
determine
we
,
next
what
letdown
different
economy was on the defensive the
government obligations is to repayoff of re- /main in the area so that the agile
search/expenditures-• from
the and readily moveable funds will
pointJ of view * of the company not be seeking a higher return in
manager /and the economist? - ' A
other monetary centers.
/
v
■
economy, it-is
held that R&D
must alert others to the danger of
con-
Measuring R.& D Payoff ///•£•; if
v f
entire
from
:
/
.
nancing.' •:•'>*,
'• * </*/
•/"'.//■/'■^-Jterm issues
a
a n
that the government will take immediate action to get the recovery
continues
range
however, that the large last time.
■
nioney
center
banks/, are
still
Interest Rates Vulnerable
buyers of the middle-term maturities but not in as large volume
Odr/gcJd holdings, along .with
now/as the out-of-town institu- the pe£itton/of the doUar, .must
tions.
\ ' v //.<;V'"//k\ *
be taken into/consideration in any
1
The purchases of Treasury bills-recovery program for the national
continues to be very large and it economy which means that the inseems ; as though*; the' * moiietaty.*terest rate as a revival tool is not
authorities are going to have to*.likely to play as important a role
see to it that more of the near- in'the future "as-it has in the past.
and "research programs of their own fi-
firm,
in
governments
intermediate
bered,
Fortunately,
many
firms have realized their
vulnerability in this/respect and
are beginning to develop av better
considered
er
for
CHIPPENDALE, JR.
ones with the funds and excess
reserves. It should. be remem-
riously •" impaired,
'
from thb point
of view of a
pblitics/' They must seek
•
en-'
demand
T.
mainly from out-of-town bank- government to combat a
*nS institutions since they are the in business will be very
v
,
terprise.' as^
For those who share my concern,
a
Our Reporter on
• <
on
the track again.
*
surplus 'fihlil^ bf savings" and'"
This
will
have
to
be
done
commercial banks are now being within set limits which
tne govinvested
in
these
obligations., ernment must follow this time
These monies have been coming since the
present position of the
.
v
J
the
There is general agreement
among contracts for their research propolicies and programs which rep- \ economists
and; company
man-. gram, and, if contracts were sudresent
new
or
advancing, en¬ agers that research and
develop- denly terminated, the R&D activcroachments on the whole struc¬ ment
pays off in terms of higher ities of the companies would come
ture of our free society. It is hard
income tor the
to a standstill and many of their
to get the public to distinguish •
future, to the
/other activities might also be se" honest
demands
there is
*7
to expand since it is indicated that
.
for *
t
the
Df and of R & D contributions growing faster
"
much more difficult to.
get business leaders to join per¬
sonally in ..active oppositionto
-
'''
"
The
1953 have
increased three-fold and the present level of $15 billion is
expected to
"-tide to $22 billion
by tha end of this decade. Problems of companies
clear encroachment upon
their own economic position. It is,)
between
}
BY JOHN
The growth, financing, and actual
payoff performance of R & D are
reviewed by Mr. Perlman. Aggregate
a*
however,
4
Head, Office of Economic & Statistical
Studies,! National Science Foundation, Washington, D. C.
:
difficult to
resents
-to*'
By Jacob Perlman,*
cerned about the trend of affairs.
It is not
\
-
Appraisal of the Sixties
;•
businessmen to
should be con-:
agree
*-f)'
<1
21
displace-
obsolescence
not
only of plant and equipment, but
likely to close itself, but, for the
present, it is the responsibility of
Goldblatt to limited partnership,
society in general, and of the government in particular, to alleviate
Uhlmann Upens rSrancn
these hardships. I am happy to
observe that many steps have already been taken, by the estabhshment of the Bureau of Autornation in the U. S. Department of
Labor and of a number of other
anc*. commlssi°ns charged
ok
KEOKUK, Iowa—Uhlmann & Co.
jnc
hag
623
south
0pene(j
Main
management
gabr
^QJ, ^
q
branch office at
a
Street
under the
of Thomas
E.
Bahr.
formerly manager
Edwar(js & Sons,
was
Wm. Jennings Branch
with the primary responsibility of
w!1i;
T
.
meeting the social costs of tech- ATHENS, G«.r William Jennings
noloeical change.
Si Co., Ic., has opened a branch,
d
8
office
in
the
Southern
Mutual
.
_
t
*Sum™arZ c,f a,t1all5 by Mr..Perlman Builcing
the National Industrial Conference
°
before
Board, New York City.
_
under
the
Robert H. Carson.
direction
of
Thursday, June 28, ,1962
Chronicle
The Commercial and Financial
(30C6)
22
This is. a very recent development. As recently as 1957, private
investors increased their holdings
of mutual funds by $0.9 billion
and of other stocks by $0.4 billion
lor 'a total input of $1.3': billion.
of- after 1947, as Table I shows, and
The postwar inflation the hniinicipal-market had to find
(shail I say late lamented? >, had a „broader and broader base of
the same effect. So did stock op-v.buyers willing to absorb billions,
tions and the habit of rating man- not millions, of new issues a year,
equities.
a
A Bond Man
debt and the purchase
of
sale
.
agement by the price of the stock;/"*" j ^ not wjsj1
press the analsystem and the Qgy
bonds and stocks too
Their
So did the banking
all, the valuation of earnings has
soared and with it the size of the
stock market. From 1946 to 1961,
the market value of outstanding
3
Continued from page
net a year into debt
instruments of all sorts and not
lion
one tenth of this su.n
equities.
■ /. .
,
This contrast, stated, restated,
and analyzed from
many .view¬
net into
points, is the burden of my dis¬
cussion.
In terms of net money
American equity market
affair compared withtq
American
market tor long-term
debt instruments. The volume of
new
money raised from the sale
of new issues of stock in a year is
about the same as is raised from
new issues of bonds and mortgages
in a month. Among our large cor¬
flow, the
is "a tmy
""
"
"
total
^sues with the
ftew
ume
a
market"
of the
...
fax laws, set Ihe'stagS for 'a/revi^
1
value of out*
.......
-----
.
come
Te^l^o?outstandings. In other
^t'ndirig^L^ther
Table
two
their
second
and
for
equities
A
market
gigantic
starved.
large
.*••••
-
.
:
■
••
•
•
-
-
.-
muTuai iunos. iney are someiiines/
kniion
A
that
in
financed
later
or
limn and
in
</,.
Ismail
has been
annual flow
has become a regular,-ha-
gages
This is done
bitual recurrent part of our
and
investing
saving
while our
process
..........
-
.
markets have become
market
1946
•i
part of the net
ized (and sometimes unrealizable);Tesult is almost;the same.--How- , _ private -investors and still
'profits and the- large stakes they ever? IOiave treated them as con-/ Wtndividiii
held in American equities,.: f-O-;-;; 'du^s' f?r,
^a.Y.^ als from: W plus to
minus
i^ This- diversion- of ^--institutional Excluded their issues from my new_"
yn-iof rhan^p of thp last five
iunds from bonds into stock was issue table; these new shares do
™
->not large in proportion to the -size net represent money, that: corpo/ti. • of the markeeTor new bond issues rations are raising in the equity
The largest of these equity
«
11 compared with
but was very large in proportion market to withdraw and use for shifts by individuals, however, is
while : the
since n946
saturated
first, the market
outstanding equities,
all
One large
added tothe :Hst .of. ^institutional
shelter^ jnyestprs as^0 n„6
stock.
the
has been
for bonds and mortgages
ways:
of
value
they represent very different
£ure
from all other investors. " sume
tne.
nouc^ tne oetler yields trom tneit-
of funds into new bonds and mort-
of the stock market.
in
on
J
*
indicates the size
also
II
rn(^""imnnlftg ~doubie
chases * are
prove
^ s"v^^^hillion >a vear currentlv.
of the price mecnanism. m-noiuiiiss .01 equities aaa .inen • w ^ ^
mechanism; In holdings of equities and*.then to-1
kiiiinn
v^ar rnrrAntlv
nto
contrast, the new issue flow into >-0^-06 ^..egrat.iymg t?X
..o..oe ..^.grut-iymg
the ,>rhis somewhat arbitrary assumDcapital gains and-finaiiy fcame to the- "»»> of. .owexv lasuws on10
,
„
_„i_. v,bif nf fko
and
out of equities is a trivial
capital gains and-'finaliy tcame
list
issuers
pride tnemseives on^ineiT nnrear-j-*«««
part of that market. The market priue themselves'on'^heir iinreap;
ot tnat
^
^
liouidation. recentlv renorted
later.
see
do not
ures
^
part
funds, as
pension
corporate
hebits.in favor ;?f. equi^'
While the fig¬
it, We can be
.purchases.
these
J,J
the'^jn^Trust^^h©potential estate,taxes^fV'We as7
that half of, estate taxes-ate
P'ovecl
P PV cL
nt
to
without; one group was very apt
to outbid the field.
That group
shall
—'
-----
in vesting
54, In contrast
ince 1954
since ls?4
at 6-12 % of
dently with such a limited volume
of new stocks somebody had to do
we
mean
liquidation, must represent
how institu¬
dominate the
net flow of new money into the
stock market in recent years. Evi¬
was
as61%
...
wgft as 1
shows
It
have
does -not
have
1/2%
amounts of new stock
to the public.
;;V
Table II also shows the sources
of new stock market funds hi two
broad categories: institutional and
all others. The tables do not in¬
clude
mutual funds which
are
treated as conduits for individual
selves in terms of net money flow
investing
institut
to bonds
at
different
sues
sale of large
investors.
to become net liqui-
over
swung
Long-term
ago
years
issues for each year
since 1946 and for both stocks and'
bonds, i It tells the. same story in
of outstanding
Cc^ hashing recent
financed its growth by the
tions
can
funds whenever
Telephone
years
provide
to
premised
net input into the
average
equity market was $0.9 bil¬
lion in 1954-58.
But in 1958 they
total
gcarcity works both ways. It
hold a. promise of bull mar-
£ar
-
-
American
porations, only one, the
which
ket
-
than
more
institutional bond mar-
_
needed to < all, kets to come. But after it has been
large successful: enterprises.ho funr , reflected ' in price < and in dators of stocks other than mustocks grew 270% to $442 billion aia ion£ years-of prosperity which drunken flows of new money, it-tual funds and the rate of Iiquiwhile the par value of-thfe bonds made debt seem riskless tor both can |^con,e a threat to prices.
I datlon
-increased rapidly,
and mortgages tabulated (exclud-* debtor and erjditpf,
suspect that the postwar inflationS
figpes show; it-was just
ing Governments) - grew 370% to ; Neithbr need! dwelon the^rea-, defeated'similar scarcity TOar^^la^Jng ;the stock pur-.
$388 billion. ^ One * m a r k e.t> has sons why . many investing mstitUM ket- for -eqtot'es -in toreigm coun-:*chase3 ufmutual funds so that the
grown i largely
through revalua- Lons halve sought id increase their;' tries and'that the problems we are* combined net contribution to the
tion while° the ' other" has grown share of equity investment at the discussing how-are both, national :stDck, market
while
other
became zero; or
itirely
investment;
negative., The pension funds had
cnjjrcjy through new Investment; Expense of bond investment Laws -an(p international '*■';v c< - '
" Ill-compares the—
..
Table ___
net-vol—and customs were;-antiquated 15- - - . v
-;v -/ fh. the market just about all to them-:
so
or
elaborate
to
almost
iri-
interest
fixed
;
flow
net
no
went'and their stock purchases as a part ve'stment. • Witness the $10 billion
plus the subsequeht' money
equities.
Ll
net they suddenly1ftKA
poured , into the
flow into new equities, With the
Table IV shows that the annual 'into equities.1 This was hoi qiiite of - the V private investor Rector. ,
.
.
.,
^
;
I*
.1
L'*
-T
LMVI/1 VM
.! tM . 1 OKfl
<tQ
: mJrket "W
and the
help of these columns, we can net flow into and out of equities T0% of the flow of new^ monev :" One interesting part of this tablecompare the annual-flow of net .has averaged 8 to *15% of the flow--into bonds but was at times;!:00%: is; .the breakdown of this private 'hiluon^teey- .poured; into^ savings
new
issues with the size of the into and out of bonds, and mort- of the flow of new equity-- mqucy. investor sector. It shows the net d^pos:its and shares in the rirst
market for outstanding issues.
gages
(excluding Government This i/diversioii>: of
institutipnal-response of^ private; investors to quarter of -this.year.
Table yi shows ownership of
Evidently the mere trickle of bonds). The proportion into equi- funds no doubt accentuated the. the.: massive-pension' fund purequities at market > value. • The ■
new money into the stock market
ties has been declining irregularly fall. in/the bond market- but. its chases ,of W recent;; years, to . the contrast between money flow and
value
:
into
a
of institutional money
year
/I,
ii
A
<1,
-
,...
;
—
AA4
-
-
-
.
■
.
. .4
•
_
■
.
_
_
.
,
since
has not meant that the market has
remained
market.
small
a
Re¬
built up the
values of equities and have
sense
provided a substitute
tained earnings have
book
in
a
for
new
The
investment.
rate
1951.
well known
coroorations
corporations
can
«»«*.
with
finance
to
of
earnings has at times risen. Above with equities.
Tax laws favor, the
mind;1 We ^boftd
in
this
(Billions of Dollars)
men
Net
New
Cor¬
Real
V'
Publicly
Bonds
Cor¬
Estate
lpsl
Held
Munic¬
teeeded
ipal
Bonds
Debt
Bonds
(1)
Total
Bonda
Mtge.
Total
$227
$ 79.8
$20.5
1946
$ 6.2
-.1
$ 7.2
$ 35.5
$23.8
1947
7.2
3.0
1.4
11.6
41.7
24.8
20.4
86.9
7.0
4.6
2.1
13.7
48.9
27.7
21.7
98.3
2.4
12.1
32.3
23.8
112.3
192
6.4
1949
10.2
1950
$
$1.1
3.3
■i
•
3.0
2.0
15.2
62.7
72.8
corporate bond is-;
9.4
3.5
2.1
1952
9.1
5.0
2.8
16.9
82.3
9.9
4.7
3.9
18.5
91.4
45.7
,
1954
12.4
3.8
4.5
20.7
101.3
16.2
4.2
3.5
23.9
113.7
14.6
4.7
3.2
22.5
129.9
58.1
1957
12.1
7.1
4.6
23.8
144.5
197
210.3
46.0
234.0
204
49.2
,
189.7
42.5
*62.8
'
-
193
171.2
,
38.0 !
54.1
1956
154.5
34.1
f
50.4
1955
197
31.3
40.9
1953
sold
at
2.50%;
less;
or
prime long-term municipal
.issues sold to yield 9/10 of 1%,
Treasury bills sold to yield 1/100
of 1%!-. The sky was the limit1.
•Traditional
yardsticks went by
199
139.4
>
were
At
/
}^!
256.5
198
;1 201
204
.'the board. -5%
;
-
was
romantic
17.5X
6.9
13.3
16.6
9.7 '
14.0
10.2
10.1
10.7
1.01
-.91
"49
1.20
1.06
11.4
1.25
1.21
U58
1.84
1.41
1.88
'
-
69.7
5.9
5.7
26.9
4.0
4.9
28.1
171.9
15.4
5.0
3.6
24.0
191.0
18.3
5.0
196 L
;
<
1962
.
16
4.2
11.8
Av.
Yr.
j
■
196
307.1
203
335.2
211
■67.9
359.2
208
73.2
387.7
213
206.5
,
'
19.3
3.3
280.1
64.?
84.8:
224.8
28.6
5.3
>.
59.5
79.9
156.6
19.2
1960
.53.8
75.7
15.3
1959
89.7
-
,
r
\.
'
_
-
1952
/future.
U-NET HEW
/
.
of
(4)
Misc.
Institutions
Stock by;
&
Value
"
i
Market (2)
At
Stock
.,
1946 Market
At
Cos.
Inv.
^.overburdened
$
$1.4
.4
1.2
1947
$
.4
Plue
cial
*«''•
.8
111
.2
1.3
.5
;8
121
108
1950
1.3
.6
,9
120
2.3
2.4
.9
1953
2.0
1954-
1.8
1955
1.9
1.8
.5
1952
*
-
146,', /.
-
170
1.5
:
■,
,
of
125
'
romantic tor
life
•;
.6'*
2.8
/
i.o
;•
1.6
<
2.3
1.4
.9
1959
2.4
2.1
1.9
2.3
-.4
2.9
2.7
*
U
.2
-
.
317
•"
'•
-
...
.
•
'
-
132
'
454
•
149
'442
-
small-accidents
whims
of
a
Probably not
r
5.3
8.2
8.1
;
6.3
5.6
;
1.82
.96 -
'
>
f
9
•
and
of
the
very
few
more
7.2
5.9 >
8.9
1.47
8.9
12.2
■
:
-7.8
V
8,0
,
-
,
U
NET MEW ISSUES OF CORPORATE STOCK AND'MET' INCREASE IN OWNERSHIP
TABLE V-DKTA1L Or
(Blllione of Dollare)
1954
by:
"
1955"
1956
i217
19M
$-a
$ .3
$ »3
$1.4
$
1959
1261
1960
$ .5
,
$ .6
.
■'
0
$ .3
'
0
0
:
o
0
-.1
0
.8
.8
/.
.8
.8
1.0
1.0
.6
1.0
.9
.
.4
1.5
-.3'
0
•
•
*
*
.6'
.
.2
1.1
$2.7
$iii
$2.4
$1.9
$2.9
0
$ .1
$ .1
$ .2
$ .6
$ .5
.1
.1
;4
.1
0
.3
.1
.1
.0
1.0
1.2
0
.1
$1.3
$1.5
.1
-.1
K2
■id
$1.8
$1.9
Mat
investors;
Purchases
Life
by:
$ .3
$ .1
.1
.2
.1
.1
.1
,
Cos.
Insurance
$
'
Other
i
'<
Corporate
'
•
.
1
.7
.8
0
0
0
?T2
$1.1
.6
Pension Funds
Stats & Local
Total
made the market.
Insurance Cos.'
Savings Banks
•
Ret.
Funds
,
Institutional Purchases
Foreign Investors
-
u
..
'
;
.
i,
2
•
$1.0
.3
.1
.4
,
r
a
..
8
10'"
.10.6
7.8
.
■
■
,
than y4 of 1%
but this money
■'
'
j.9-
9.2
'
r.6i:;,;
Av.
i2'
9.6
11.2 J
•
1.30
.42
:
9.3
.
Prelim,
finan-./ Issued
municipal bond money in
the United States bought long niu-/
.nicipal bonds ,to. yield 1% or, less
'
141
144
9.3
10.6
■
.
of the
139
147
1.67
.
■
.
8
12
.
''
•
„
136
418
•i
-
-
299
+
'
134
338
.3
1960
128
v
258
1.4
1958
'
130
179
.9
1.4
2.6
1957
.
r
9
8.5
,
'
124
186
1.1
.9
1.2
1.0
,
1956
1961
'
:vv.
-
"
•
.
—'
was
"
'V
*
16 Tr.
.57
14
11
9.6,
11.5
9.8
"«
.15
10.9
,
c
10
.
-i.-
11.4
8.9
/ 8.1
.
-
10.8
8.2
v
:
8.
,
122
*"
,
;V
the facts of
were
:'*;•
long1961
v
'
"
:
■
11.8
7.5
7.8
8.4
1.63
11.4
10.3
*
;
.
**
120
109
.9
1.1
1949
:
•
2.02
.83
.■*
$119
:
of A%
fraction
10.9
-.11.2
-
'
10.8
8.9
14.2
1.91
,77
:
\H90:
more
12.2
7.2
12.2
,
1.42
,82
•
11.4
9.4
12.2
10.8
1.36
J
-
only 20 years ago.' A
Manufacturing & Mining Cos.
.scarcity hiarket is an eccentric af-1
Transportation Coe.
*'
fair, "Very hard to appraise, irra- / Electric & Gas Utility Coe.
Coaaunlcetlon Cos.tional, capable of all sorts of exOther Cos.
tremes.of fluctuation/a plaything : Total Nat" Mew lasues of Stock
(2)
Increment
$119
.7
1948
1951
very
4
m8
;.
-interest-free/-
All of this sounds
/day; these
'
1946
with
t".-'called a bonanza.
Individuals,
Corporate
Stock
all
.Ithan society would for
-/deposits,
--
ISSUES AMD OUTSTANDING AMOUNT <HT CORPORATE STOCK
Purchases
Nat
wave
rate of return at all was
....-any
y. \
Vahia of Outstanding
of
the
was
.74
.
,
good [9^
" of the " 1957
It. was said that safety at
^
1.01
•
was
/offer to the investor. To the banks,''
Now
Isauas
2%
J**4
■
(Billions of Dollars)
Nat
rate.
3%
5.6
12.9
16.3
1.54
1.08
1953 ■
non-,
old fashined.
was
risk
value,.; 1 %
.
r
>
TABLB
a:
;was
-
1958
4%
"sense.
:
11
11.0
'
v
'
i
15X
10
12.1
,194a
,
& Mortgagee
9.OX
17.3
14.3
}"?
Bonds
Total
-.51
4.6X
1.00
1.08
•
-ill.
ML.
.92*
.92X
of
lasues
Mew
Bonda
(1)
1946 Valua
At.Har>cet
Iaauea
to Net
-
Bond*
Mtgaa.
.
-
TABLE IV
of Stocka
P«1
pora ta
Stocka
X Net New
Munic-
Cor¬
/
/ -some
124.4
26.2 V
37.4
1951
"Issues
29.2
-
35.5
15.0
<
OUTSTANDING
ISSUES TO TOTAL
Bonds & Mortgage*
,:t
-
.
200
56.2
•starved. .New
205
1948
III-I OF NET NEW
TABLE
'
;bond investing institutions all but
-
HtRe.
were
financing, and when
new
Gov't.
porate
bond issues
new
few and far between, when repay¬
ment of old debt sometimes ex-
'
•
,
Real
porate Munlc-
Estate
'
(2)
Outstanding
Total
of
Issues
■19Wswhen
investors have been buying
mutual fund shares at a rate now -lhneous investors, a category that
ov^r $2 billion net a year, they has lately been contrbuting no
have been liquidating other equity new funds; still owns over 85% of
holdings at k similar rate.
outstandings. Perhaps there is
are
and- earlv-
1930's
the
remember
AND MORTGAGES (3)
ISSUES AND OUTSTANDING AMOUNTS OP BONDS
I-NET NEW
ing the input of new funds still
only a small proportion of
the total Individuals and miscel-
increase stock .ymlds.'. While pn- hold
in stock pricey and de-,rp
scarcity
usually been
nreferred years
a
matpreterred ,ket its
prioe behavior and habits.^-.cline
debt rather than of fluctuation may be judged with vate
have
nave
tutions
poratidns; and to: the spectacular
°ur stbck market has for many
:familiar with scarcity markets. We
TABLK
ownership is striking; ' The insti¬
which are now dominat¬
been ;dominant.v.|^;;.v, adequate new emissions by cor-
the
why Ameri-
reasons
grqrwth of mutual fundsr the in-
veffect *on stock prices must have
-i
I do not need to dwell upon
^in1% ^unicipalfragile, little .Co,*> Mi«cmarket w^
precious, delicate,
\
_L1
Ml
$1.8
$2.5
$2.7
■
6
$2.1
Purcheeea by Individuals, Investing Cos.
Breakdown of Met
.1
.1
0
0
1.6
!.7
2.0
0
.1
L1
$1.9
$2.3
,
'
.2
.4
tl
^.6
0
$2.4
'
$1.9
$2.9
& Misc.:
"
16
Yr.
1.1
2.0
.9
%
,-market, sustained by .an extraor-.,investing cos.:
dinary sequence of supply and de- *
°*a shares issued >
' '
.
Av.
(1)
Doaeatle only.
(2)
At
(3)
Source:
(4)
start
mand
ot year.
Federal Resorvs Flow of Funds Accounts and Treasury Bulletin.
Preferred and Common.
Invaetment
Prefetreds
companies both as
are
a
very
Issuers and aa
small part.
Excluding
Institutional purchasers.
factors.
These, factors
pf \
"extreme,
scarcity could have lasted
•for decades but, in fact, they did
not.
Volumer
financing-'resumed
••••'.-.
s\oc^Jurc^'"d...
; Investing Co.
Shares Purchased
other stock* purchased
'Co,uolld*'t#d TdtAl (*• above)
$
■
'•
.
$-.5
$-.8
$-.9
+.4
+.5
+.8
+.8
+.9
$-2.0
$-1.3
+1.2
+1.0
+1.5
+1.$
+1.0
$-1.5
+1.4.
+.9
+.5
$-1.5
$-1.0
+1.5
+1.3
+2.0
.
0
+.2
$K4
$+.7
.
?
$+1.3
+
.4
$+1.3
'
-
.8
$+ .6
-1.5
;1li6
$7TT
$-
.6
$
0
\
'•
Number 6172
195
Volume
.
.
The Commercial add Financial
.
'hive
which
.....
"
.
small for many years
"qui new
•
•
Ag
(jigtinct
nwnetsliln
•
^
^
turnover -.fig-
While
-
iti
-
amarfiiMkiv
;
.
'
.
\
v
'
•
.
C
_
-
.
L
.
f* g|:
.
//.,
.
-
.
*
<
♦
.
.-
as a group were
not disposed td feduCe their hold-
|
ably the main reason; why money; ihgs Impoftafltly, iKstiiutiofis Have - |
flow analysis of this sort- has:hot' adapted sto.ck buying programs of V|
changes M
net
from
.v_:y,
} y-s
;pfiyate TnVestbfs
'
»
-
23
-New Members Created by NATEX
\ ^
' . (4) At a time Whetti Corporations /
have beeft yvlllihg to sell only "a -|
; thiyial- amount of new stock and
-
i
(3007)
the stock market to finance corportions has been extraordinarily
have mute above the routine flow of new
Be that as it may, this-issues.
table again illustrates the doftiiAlthough the turnover, ratio of
nant noterttial Of shifts in owrief-: stocks '.has
deelihed drastically
as
deqtinetfished from new over the decades,-turnover must
mrrnev
flows
gtjjj be the dominant influence on
Finally therefore I must refer stock prices while this is not true
4ii*tfiAimr nt vnttstanrtme shares
of the bond market.- This is.propthe older groups which
•
Chronicle
been used
.»te
as
widely in: studies,of Jh $ze sufficient :t6" absorb" all dr
way
towards permitting an. in- acute scarcity dSV&faped. in/tfre/
-.formed judgment. 6n bond market ,1950's and this y?as .reflected m /I
\ OI should like to Call Sttmitioh to .'|fe'ri9s, bukl doubt that-it can fee price.
■// ///v;*-A. /• d
;
.•,'Y
-
V
..
■
4.'
4
.-A
-
thC* decline in turitovbf
'.aa.;»Jfef»1
judging^sfock-'market //(ft). A. scarcity market
in
hm? cex-J
th?iuriffiv§^n^■tren1! f':'4
ap?- r\«feis:-*?r:Mi^;:^ogWzabfe^racterbtIcg.'.t
4hiF^I^tiWv '-'yea^
'•
fSLBSi
eVe^^oSN<fltik^«
-
:
f
rtS'
■LfifrtS,"wJdd
let^W the- reader .^fluctuations presumably
'
are
apt-to
1
AH
these figttres,both gross • to; changes: in earnin^sf: prospects
and: net, are 'based- C® ebtnpleted and other factors which influence \
transactions. This ftieans «fat the. values., Small .changes .in- supply «*■ purchaseslalwiys equals and ':demand?eafL-.create"V large.
Om total 'of sale.; the*fw£ are changes in -price.:';.V,
* "
.
.
WrhOTM rate' of
the 1^20 4"#ere to trmhe baek:>oltodav'
be
1
*
wStKiSlwfc
?«Tl
•
-am ;?fl
dow^--V't
Wvwted t»y price;'.Vert. revealing,,V;£7), This scarcity of .stocks con-;:'
ihdeed;, would fee statistics on the ;trasts with 15 -years of excess vol-/
wtiUldjlse.-Sixfoldll.SohiCof
-deelifte^ift^tarhoyeT is-'fio'
f
fnbrtgages.,r. jameS M. Latmlis, Counsel* ahd Lawrence-It. Taylor, Chairman of.
Yields have, had to :f ise and- pnees • ;;.; ;
The NaOohal Stock Exchange.
'Waited w
3t^d6cliii€ until 3 truly, insssivc und *;•
cV
■'*
of the marker but frdt: much-' ob-' P^ee® below-of afeore the •market,
reliable. - annual L .flow; of- new -Thei National Stock Exchange' be- brokerage firms outside the major
serve jhat 'turnoverAvas'decliningv jhete are no Sdch statistios.^'■?'We . moneyhas -been ; attracted
and ginning July 1 will accept coffe- finahtial centers a much better
derade^ • Hefoto Ainsfitutiohs
be- can dually ohly jUdgo ffOm the", heldAAs "a result; comparatively-gpondent. members -Without
the basis on which to serve their cuscame a factor
Some baft was due ^ren(^s
o f . p r i C e s themselvessmall changes in the prices and purchase of a seat. Until now the tomets.
;
ho doubt to trading and margin Jthe5fr
ef*S?v? dffn?nd 9r - yields of bonds and'.-mortgages- National has had no correspondent; Correspondent members will re:
regulations but observe that turnls at aftY one^now quickly-result, in enormous" member classification. Eligible are Ceive one-half commissions on ail
h ©Vef WUs de'OlihirigJ long before r- thpihetit tlie Mtgtt. * ■ - v- «. , • r -. shifts in- the -flow of. investment: all member firms Of other regis- trades made on The National Stock
the 19$0ls \ A largo' part must'be
stock specialists will be able to ™«s through an elaborate and -tered stock exchanges and all well : Exchange issues through National
due to otfr tajt laws and another judge better', than X the tijllity bf efficient system of institutions. I*»established,.• National
Association; clearing- member firms. The Nalarge part must reflect simply the these money flow statistics to the- , (8) -Those of US who-will at--°l Securities Dealers members tional Stock Exchange at present
maturity of our economy and the study oi'Ltne equity market..*1 tempt to use.these figures to judge-^^meeting the special admission re-, has 124 members, with member
ume
-this
♦
.
,
>to5*.institutianalizalfon
dup
doubt
^
..
-
y
'
''
11
t
1
•
Wwvm.+v
-
mentiohed
**
at
the
that
mitket
fiWt
fntnrp
mv
nripo
tron^
ouirements.
,„iii
it
was'
announced
by
firm offices in 43 cities from coast
Chairman of
Exchange.
*
nent homes"'
£
' -
:
adapt Urtd develop this form: of
--
the turnover pf
stocks is Still very large compared
with ihe net money flow>figures.'
The turnover totals
■;
--
• '
'
are
.
j
tj,ol fJr
+'v
•
:
^
cialist?a^dspecufators'sometimes:
bond market but
the stock market.
Which the market
financing
is
remain
membership will be nominal,
2en? Since
or
a
a
price
of
in-
a
net
new
stocks
by
v :
that "Overshadows'
thre
it
■
--firms'th!
sppndent
r-,nv«
At times when the market
for outstanding stocks is-relatively
member
status
and
illustrate
the
difference/
Tables I and II show that if events
shook
loose
1%
outstanding
of
corporate bonds there would come
the
market
extra
an
frozen, the net new money flows scarcity, of
two
Ultra 1 lug
PmK^v
r
r,>
„n^
are offenng
'a
Tavinr
furtvi^r
+tv^>f
nni
Taylor further pointed out that
will also give those stock
this
course,' created
i
iqqo
L*
Thf»
ri^hpnfut-^cj
ni
i^ter^t^o^yieid3^proximately
43^
yieia approximately
The debentures
able at
bo-
a
Tnnp
21^
not redeem¬
are
lower interest cost to the
a
company than 4.30% prior to June
become - Of decisive impor- nahza for stockholders arid they1, 1967. Otherwise they are re¬
fance.- Tax laws ands other factors -might legitimately disagree. Howit*
cjKo#il1ir
have in recent years sharply re- ewr, equity trends are so impor-* growth is a meeting of minds deemable at the option of the
ducued turnover and^eem-atTimes tant to our economic process that between:-individual savers' and company at regular redemption
to have created a de facto freeze I would feel more comfortable if business investors on the type of Pfices ranging from 103%% for
which has exaggeratedAhe effect there were a
large and reliable investment which will govern the. those redeemed prior to May 31,
of new money flow.
annual flow of new funds into the flow of funds from savers to in-. 1003 to 100% for those redeemed
(3) This net annual flow of new equity market from-hew savings -vestors. Examples of spectacularly ?n ot after May 31, 1987; the sitikaiid o'tlt of, the equity market to successful investment instruments: log fund redemption price is 100/0.
Kabo
««
JtVcllIUIldl
Klddfrj Peahody'& Co., Inc, and
to
the
Exchange as its
personal opinion. I believeVvolume and listings increase. Mr.
a
xria,w
achievl 8ss8c»tes>
opportunity to
with
grow
ven-
cur.
economy -today
would
be
healthier if this acute scarcity of
of equities had not developed. The',
(2)
correspondent membership"
throughout the country and
will give
regional brokerage
*
To
rjl
all;
In closing I should like to
•*.
-
not
$120,-jp^ J\fjUcC
base
others/
invested in
various - investor
groups..
/
a
broad
demand; equal
tion-;
cor¬
money
our
ocixii
unprecedented move will
the National
Exchange
a
give
supply'
"
of
v
This
l% shift in these:
to two,
years' flow 1 of hew Jnstitu-,
tional money, this is the
ques-
porate expansion and the amounts
per year.
largely fro-.'
holdings will create
t
issues
most
investors
indicators of supply and demand,
Ul^f measure
amounts - by
observe
we
,
"owned;
by private and miscellaneous
-tfmeg 'IntpWafit and informative
stay for many
years in the hands of the original
purchasers and that institutional
investment activity is dominated
by purchases in the. new -issue
market/ It is quite otherwise in
on
system
•
that 85% :of the
fl) Tn spite-of -the fadt that ;; market which iSy ^till
■:
is just what one would expect. We
have
few turnover figures for
that
•
ticker
provides
now
berships must-be approved by The member firms from The National
; National Stock Exchange on indi- Stock Exchange, 6 Harrison
Street,
.vidual application, Mr. Taylor. New
York, N. Y. j..-. '■■'.t"
.* noted.- The cost of correspondent
,.4
?:
,W^ Wrll, lnstitutrdhal buy-;
pre!
I. have
turnover Of outstanding stocks is
tionship of turnover to net money mahy times larger thah, the net
flow is much larger than in the.
Of new Money into The marbond and mortgage markets. This ket, the net flow statistics are at
the
oirr*-^
:
long*ti^;r(ft; Will
intervene between two
Nevertheless, it is plain
that in the stock market the rela-
•
The
coast.
correspondents. formation in 54 cities.
exagger-
investors.
'
to
" NATEX
doHar'terms,
In
;
~
■
xraafa
'
r<(CL-
.
mr-^
„
^
months'
normal
supply
and
over
above the routine flow of new is¬
sues.
If events shook loose 1%
of
outstanding corporate stock, there
VI-MARKET VALUE
TABLE
ALL CORPORATE
OF
finance
We are the life insurance contract, the
Headquartered in the Arcade
through the bond bank-deposit/ the bond and the .Bldg.,
St.
Louis, .the
company
we
do
not have it pension
contract.
Stocks
have manufactures, processes and disthrough the stock mafket.
never been as widely bought by tributes
dairy
and
other
fo0d
OWNERSHIP GROUPS (1)
STOCK BY
(In Billions of Dollars)
have
D6c ertiber
Brokers
Mutual
Dealers
&
fire &
feat
"
*
'•-*
'
^
.;
"
.
1.0
Outstanding
v
'
"
$111.0
•
v
,,
$442.0
-
-
•
-
,;.
..
r-
'
afe
estimates
1
sources^'
"
■
significantly sutaller than those recently reported by other *>
~
•,-
"
/
:■
•"*
c
Annual
Average
of
Shares
.
>
y.
•"
'
,
<■
Average X
1
Turnover
Average Number
ell
Value of
Over
v
:
.A,VK, :
iTmiSff
-
of
Listed Shares
Shares.Listed
;
1901-1910
93 Mil.
Listed Stocks
a
.1
J200X
167
.1941-1950
1951-1960
•
1*5
rt
"
593
"
"
1,356
293
,
M
531
1921-1930
"
i,727
B
586
"
3,988
"
86
-
$ 47 Bll.
;
30
•r
.
62
$ 77 Bii; (2)
"
16
>
10
H
.203
■
j;
(1)
V...
40
,
'
'
95
:
.
"
15'
'•
/
;■
'
1961
1,021
"
6,773
388
15
"
M
r
53.
-
(1)
(2)
1924-1930 Average.
1926-1930 Average.
(3)
Source:
1
.
j
/'
..
New York Stock Exchange Fact Book.
'
.
touctiucs
flow
*1/
was
held
elastibjM^of dm
at
28
.
Jtuuiiu-
ui
the general public ds these credit products in the United States and
..^5>rms- During the last decade, Canada.
..
equity
prices.
-
developing *
down
hv-the -in-
Shiall
demand
a
for
broad-volume
equity market but in-the end we
had" to substitute high price ior
/; /-high, volume..
A / ; •
/
,»,",/. '
'
The textbooks tell US'.that
essential
if
,
tX7f>
oninvoH
_,
.
0±
Proceeds from the sale will be
applied to the acquisition of Laura
Scudder's and to repay short-term
indebtedness to banks,
Underwood, Neuhaus
'
HOUSTON,'
Netihaus
'
INaniejl /.Ufoer
Tex.
—
Co.,
&
Underwood,
Incorporated,
member of the New York Stock
f/ange has app™ Hany "A"
our Z»bef. manager of the new sevmarkets would be sounder-enth floor operation of the firm
ments. Nevertheless, ! believe
#o
.
,,
.
TT
±.
^
.
The!
such money. We made a good start
-
"
v.
iicwiv
capital merely bid.up
.
403
I4li-l920
1931-1940
was
reme-
Sor|
.
mb
"
•
•
of
tSr^factdrs fSTOrtfiT Growth-
'
180 Mil.
there
talk
equityAu0weler' mo^f. an
T10176 ,savers
?ave bear? willing and anxious to
a nation'of stockholders. With the Tuy e<Iul«6s 'but corporations have
aid of improved legislation
and been .unwilling to finance in voicreative institutional management,. ^irbe'1?
.s Jorm- Thus the nieetmany effective'steps were taken!
minds was poor and at
to improve the situation
ahd in r?.1 es. a Sjalemate inreaiene
siaiemaie threatened to
situation, artd in
a
fpw
a few years equity
h™-;<«vert savings from financing eco"
"capital became
®avm.^f fJ"°m fm^Pf
abundantA But at this point^-it -wrme growtoat-home. This threat
gradually became apparent' that
n? m^nalize because during
Ameriean-industry did not wantrieeent yeaTs\hlSh mterest rates
-
Turned
years-> ago-
constructive
;
•
oc^aua't
Avsrags Market
to
'
A./V /
-
Number
•
.
•
capital-and of the need to create
391.5
.
"\
>
-
14.8
.
102:4
flow
A-dies for the then scarcity of
9.5,:,
10.6
-
..
,
"
Total
much
9.1 '
<
.
.
Non-Profit Croups and All Others
Individuals,
Fifteen
.8
5.0
2.7
.3
....
Investment Companies
Open End
/ '
.
1960
.«;;
'
.
;
2.4
CAsualty Companies
Funds
$
.2
i.2.
;
of World
Pension
0e6em6er
.8
^
Savings Banks
insrtirance CompWiles
Life
19*46
corporate expansion.
this
market, but
ecluity financing.
™K?ebt anA
This would
This
/
new
.
—----o-
operation is a near duf,
.
„
,
,
plwate of the main floor boaid
-^a^y^®°"rcesJnto. room of Underwood, Neuhaus and
market for
require a large steady fiow of
a
attractively
stocks
and
out
of
that
new
priced
marKet
finance economic growth.
10
jn
addition facilities are
|or ^en
.
provided
reg{stered representatives.
Underwood,
Neuhaus
&
Co.,
address by Mr. Homer before the founded in 1907, is the oldest inSecurity Analysts of San Francisco, Calif., '
_ctrn_ni. hanlrinf* hn'isn in Texas,
* *An
an
ingredient for economic
.une
14,
iSo^-.
"
'
vestment banking house in icxas.
The
24
Commercial and Financial Chronicle
.
Thursday, June 28, 1962
,
(3008)
Re-examining Basic Factors
then that opinion
- V *
think that it is,
affects their decision.
Outlook
Affecting Business
has
Apr!11.
adverse
two-fold
a
declined for three consecutive 'tween 1954,
and4961:,^ the^
months, from a rate of $16,4 bil-civilian: labor force; increased ;froin <
hi January to $15.8 billion in >-64.5 million to ;71.6/million or tjy j
rippling in the stnek
thp
Finniiv
market
now
.
Unfortunately,,the;, real • 7.1 million.persons..'During this
•
affprt nnnn npw nlant and eauinsignificance of. this decline is ob- - same period,...civilian employment
during the current
ment expenditures
First it adds scured because it has reflected a rose by 5.9 million., Thus employ-;
recovery. Expanding employment
in himinpU linrcrtarntv bv< undersharp reduction in orders for iron . ment opportunities increased,; by adverse weather conditions is not,
plus a further small rise in wage •
clear.: But we do know that both
rates indicate a further rise in' mining business confidence land. and^teel following the settlement; an annual average:6f
industries have made vigorous re¬
labor incomes. The rise in interest secondly, it makes it more diffi- -?f the steel-labor dispute.-I ani. OOO. ..But this rise
coveries in the past two or three
cult' particularly for smaller don- including it in the negative factors enougji to absorb all. of the -inrates has added more than $2 bil¬
months. Automobile output is now
,a
lion to personal income in the past cerns, to sell securities in order to wtth;a question mark because ofcrease in the labor force.
by $36 billion
Continued from page 1
:aboyt'.8Qft-i
;wp,not;rapid
at
annual rate of about 7,000,- .;
finance expansion: It is instructive
A further rise is probable ;
in nofp that during the'week
of
since in many instances the 4%
risen from an annual rate of less
rate has not yet been fully effec¬ the stock market break the numthan
1.3
million'in the winter
tive in all commercial banks and ber of new issues brought out was
months to above 1.5 million
in
At the
because rates are still rising for reduced almost to zero
April.
... A,';
'
:
savings banks and savings and same time a number of companies
1961
Increase in GNP
that they had withloan associations. Since the level announced
(billions)
their
registration stateof consumer incomes is the most drawn
2nd quarter
+ $15.3
ments.
During
the
first
five
important single factor determin¬
3rd quarter
+
9.7
months of this year approximateing consumer spending, the out¬
4th quarter
+ 16.4
look is for a further rise in such ly $500 million of security regis196^
trations
have
been
withdrawn
spending although at a slower
1st quarter
+
6.1
from public offering.
rate than in the past year.
It should be emnhasized that the
Total industrial production rose
it
empnas zea tnat t e
(2) Expenditures by the federal
an
000
and
cars
this item. -
year.
housing starts have
half of
rapidly in the first
very
in March.
plant and
lion,
equipment ex¬
nr
the
to
nprppnt
,
It
new
programs.
rising in the
last few months. In the first four
about
for
or
incomes have continued to
a
rise of somewhat
Tf
° ot
seem
' will
W
stimulus to
of
now
plant and equipment ex¬
Profits and economic activity were,
overoptimistic. Stock prices at the
recent highs were anticipating
rates Qf expansion in economic
activity that will not be realized,
Many stocks were selling at
multiples of earnings which were
with workers receiving the same
weekly pay is equivalent to a rise
of one-seventh in average hourly
labor costs. Such. a rise would
further squeeze profits since it
would be very difficult to recover
add
•
rto.
new
the
since
being considered by Congress.
For
the
example,
maximum de¬
has
early
as
a
.
production,
Prnfits
Profits
neutral factor
The
Housing
lion
in
April. This
one
is
time
all
peak and
still rising,
relatively stable, unem¬
ployment is declining, consumer
incomes are rising—and the stock
market has been having trouble.
prices
are
have
found
it
helpful in
of the
is^u+hke-
business
into
outlook
three
categories:
A.
Those
B.
Those which
C.
Those
indicating expansion
which
are
neutral
may
indicate
*
a
decline.
Expanding Factors
Among the expanding factors in
economy in the months ahead
our
are
the
Germany,
has
a
ment
First,
is
substantial
excess
for
several years
housing starts will
following:
Thus
la
later
this vear and in
yea
Negative Factors
1963.
•
As I noted earlier
more than
important indus¬
•_
*
tries
such
as
steel, aluminum, one-fifth of the expansion in ecochemicals, railroads, and electric nomic activity from the low point
utilities. Secondly, the profit visi¬ at the beginning of 1961 was at¬
bility is poor. While profits have tributable to a shift of some $11
increased during the present re¬ billion in inventories. Currently,
inventories are being expanded at
covery. over the longer term profit
rates
have
been
declining. The the rate of about $7 billion anactions
taken
by Mr.
Kennedy nually. In the past, such a rate of
against the steel industry provide increase in inventories has not
no encouragement that profit
been continued for any significant
permitted to in¬
crease.
Thirdly, a great deal of uncer¬
tainty is evident in the business
(1) Personal income continues
to point upward. Further modest
community
increases should take place in la¬
bor income which has increased
anti-business attitude of the Ken¬
while
many
margins will be
over
because
of
concern
what is considered to be the
nedy Administration. Note that it
35 hours would
require more than 7
in
yet
from $241.9 billion to
or by 77.8%.
But
prof ts before taxes increased only
come
rose
$430.2
billion
13.5%
profits
and
after
taxes
The
in
million new
the absence of a
p,reSsures
corn-
productivity,
which would de-
these circumstances
inflationary and
veiop
under
woui^
be highly
would
set the
^
27.4%.
stage for new
dis-
It is
understand whv these deof
ruDt:ons
our
economy
after
spending for several reasons.
there
the
to
much
provide
rate as low as 20%.
a
stimulus for the next couple of
The
proposed changes in tax months it will become a neutral
treatment do not assure an im¬ and
possibly a negative factor
mediate boom in plant and equip¬
for
^ of the work
j
40
Between 1955 dnd 1961, national mands have created new concern
SreTax^f bv 207l^anrdOfptrSof^s
^ P3rt °£ ma"y bUSineSSmen"
advance
above the present level. The
urgent 1lee,Is for hous ng
fl.ixi
the
past to divide the factors affecting
the
West
capacity in
Factors Affecting the Outlook
I
country.
squeeze-
reductior1' across the
the
"y that houiing starts'will
pated
we
profit
A
in
from
pensating increase in
particularly for such industries as
app^iance'ShHo^
week
b(>ard
sight.
For example, between 1950 and 1961 national in-
rates ever achieved.
s
are completed in the
few
months there will be
stimulus to the economy
some
ableS'
has been experi-
wnrtPrt;
starts
next
a
Saiif-pyp
Squeeze
past 10 years—and the end is not
highest
these
economy
encing
starts .increased to an
than 1 k nul-
annual rate of more
part
meet today the
level of economic activity is at an
as
since even under the most
persons
conditions some-'2%
possibly 3 million
would be unemployed
weVarefnay
Thus,
aaverge f liuernauonai
weeK, " uie
tive factor.
permissible depreciation de¬
have lagged far behind
those
of other
major countries.
prices have recorded
pattern
these-increased costs; by raising
^>rbbable-
been duction that can take place cur¬
most
of rently in the first year for a plant
1958. The
consumer
price index with a life of 10 years is 20%.
period of low family
has risen a little more than 1%, For
other
countries
permissible formation The next big upturn in
due largely to the continuing rise
deductions
range
from 20%
to family formation is not anticiin the prices of various services.
43.4%.
In fact,
only one other
196J—a
develop into a significant
problem area. A reduction in the
number of hours from 40 to 35
may
although it might become a nega¬
ductions
change since the beginning of
listed
is
this
Our
lier.
followed
ini¬
reduction in the work week also
mar-
economy.
automobile
panding
new
depreciation and the in¬
centives contained in the tax bill
department store sales
6% higher than a year ear¬
which
did
r»Aripnr»prl"
lines for
year
Wholesale
stock
being
now
labor unions for a
ket may be explained in Part by
the growing COnviction that the
earlier
0fficiai
projections
of
than
income was al¬ expanding economic activity.
than a
It is hoped that plant and equip¬
ment expenditures will receive a
year earlier. As a result consumer
spending rose by $21.3 billion and stimulus as a result of the liberal¬
savings by about $2.5 billion. Con¬ ization of the Treasury's guide¬
no
Tho hohn„j„r of the
The behavior
the
by
that
$24 billibn higher
were
at
movement
tiated
activity.
Automobile pro-
high^rates
declin^t
posable personal
months
operating
in economic
The
blunting the rise
far above historic experience and,, prices. This, approach reflects'a
duetion is af tKe^nual ^fate of' at Prices which anticipated rates, basic misunderstanding of the un-,
^re thari- 7 %JlUom cars ^Even*^bf growth in earnings which were-employment problem. As. I npt^d
in the absence of the stock market completely , unrealistic.. Moreover,- -earlier,
the - number of jobs has
verv
penditures. At best this area will
make only a minor contribution to
of 1962, dis¬
five
the
of
nrpaq
now
pronomv are
-'■'■■=
..j-.~
^ contribute to
.
May.
first
+n
nrv
$1.3 billion -from the
current level. However, these pro¬
Employment has continued to rise
and reached a new record total in
the
r tnr
category.
imnnrtant
Twn
billion at the end of
$38.1
year
less
less, the rate of unemployment is
higher than at similar points in
earlier postwar recovery periods.
In
Wfl
The Shorter Work Week
the decline in the stock market
At best, balance of payments, the deterio-'favorable '
the automobile industry will con- rating relationship; between gov- million
and
.
tinue to produce at this level.: At ernmenf
and business,..and the,workers.
jections were made before the wnrcf' if will d^»piinf» -Thus sinrp reduced threat of inflation.
because-of seasonal reasons, lllworst,1 it Will decline. Thus, since
Let me turn next :to a brief ness, voluntary quits and the fact
latest sharp decline in the stock no new stimulus to the economy
consideration
of these economic that
the- unemployment-figures
market which is bound to have
will take
place \because * of .ex¬
problems. >
include a number of unemploysome
adverse effect upon plans
this
The total fell to 3,719,000 in May as compared with
5,019,000 a year earlier. Neverthe¬
spring.
this
t
balance
On
aeeravated
b
4l_
projections made by*;the govern¬
ment indicate an annual rate of
minor -changes during the
months of the recovery,
there has been a marked decline
ed only
early
rise.
a
mpH
Neutral Factors
,
sumer
™iShr Si 1
o
tne neutral
of this year
the total was
was
significantly stimulated by
18% higher than for the corres¬
the
large .swing in
inventories
ponding
period
of
1961.
Such
which accounted for almost $11
awards usually portend construc¬
billion of the $48 billion rise in
tion activity several months ahead,
Gross National Product., A repe-'
so that a further rise in building
tition of this performance will not
seems probable.
*
take place in the months, ahead;
(4) Plant- and equipment ex¬
; in fact, the reverse will probably
develop.
;
1
; v v - penditures have been rising slow¬
Although unemployment record¬ ly during the current recovery,
months
0
been
have
awards
magnitude of the recovery
most
e o
o
s
-
.
f
ls,°."!y
Construction contract
(3)
in the business out¬
In the first quarter
~
t
economy to-
our
in
areas
,
look.
this
;
4-ui
o.
crucial
be
be converted into
can
or
t
decline. Since this
a
is
spending will
such
in
crease
reduced
expanding
defense.
national
o
-
This is one of
economic activity.
The
of
profits. Nevertheless, the decline
have some adverse effect
upon luxury buying and new plant
and e<*uiPment investment despite
many pollyanna statements to the
questionable whether federal day the failure of plant and
to exspending will continue to rise as equipment 1 expenditures
rapidly throughout the balance of pand more vigorously can plav a
role: in blunting the
this year unless Congress adopts significant
penditures have been rising slow¬
ly—less than in past recoveries—
and
have
made only a modest
contribution to the sharp rise in
the key areas
due
was
costs
lems for the economy. That this than a net loss in the number of
decl*ne has resulted in a blow to existing jobs. , , _
confidence is apparent.,. Many . How are additional jobs crePeo]?.!e bave
mainly paper ated? The basic ingredient is new
revise
$7 billion since the
first quarter of 1961. During the
same period, state and local spend¬
ing has risen by $4 billion. A
significant part of the increase in
federal spending, namely $5.6 bil¬
changes in January
It has since risen
to a new high level despite the
decline in steel production after
the
labor
contract
was
agreed
New
purchase of
proximately
and February.
upon
the
number of important prob- an expanding labor force rather
fose a
investment induced by the hope
0f profits. Such new investment
creates jobs to produce new products at the same time createsones
and to improve existing the
ari(j
important question is not, will all „n„+;n:,v
af1vprc(1
nwp}in
.
u dL uie SdII1f ,un1*e oieaies me
jorffp mninritv of business
contrary* 1Jle adverse psycho- mcome required to buy those and
revfse fheir plans i r cap la loSicalwljj he with us forthis con- jng the unemnlovment problem is
olans
for
capital c^ne effects attending a de- other products. The key to solvtheir
spending as a result of the stock cirqproulA nPHnd pf +jmp
Tf tv,P " ^
unemployment prooiem is
market decline.
If only several
dh°fG
fLi^ USm? economlc actlvlty whlcb
ic "ffpptpd
thp mtp nf inmarket should have any lurther requires expanding new investpereent is Elected, the rate ol in- d
lj
th
s
holo lcal ffects
u
v
s
goods and services have risen ap¬
minor
only
for
government
1961, then leveled off for several
It rose again from Oc¬
tober to December then recorded
-As
unemployment increased
result
.
decline in the - from 3.6 million, in 1954 :10 :4,8 -
the
stock market represents largely a»million in 1961. The increase in ..
r?tu™ to reality, we mustirecog- unemployment reflected the failnlze that changes of this magnitude ure to create enough new jobs for
—
months.
,
Although
'
p
u-
_
the most accurate fore-
'• '
a
many
Our
stocks,
-is
motive.
economy
the
profit
see
how
he
can
dollar.
v
built around
Let someone
make
and someone else or a lot
a
dollar,
of some-
get job's.
It is of critical
importance, therefore, that profits
should rise. Adjustments in taxes
could
help
ease
this profits
one
elses
squeeze,
Persistent Unemployment
rate. By the end
casting series in recent years has
Adverse
International
of Payments
Balance
profits, fell from 9.4% of national the present time our international
income in 1950 to 7.0% in 1955 balance of payments is still in the
and 5.4% in 1961.
red by almost $2 billion. A- conBecause of this profits squeeze tinuation
of this situation will
there was no justification for the make it increasingly difficult to
stratospheric levels attained by maintain the current value of the
;
of this year, the
slower increase in this area could
subtract as much as
$5 billion
from gross national product.
4.6%. To state it
between
1955
and
by
national income expanded
During the last few years there
$11° blUi°2 and ^+taafter has been large outflow of gold
ta*es increased only SI billion.
from this country as a.result of
' Economic activity expanded our unfavorable international bal7
considerably but profits have ance of payments. Since 1958 vve
lagged far behind. As a result, have lost $5.4 billion in gold. At
period of time. It is probable that
inventories will rise at a slower
One of
taxes
differently.
Persistent
characterized
unemployment
years,
our
economy,
in.
_
p
eff+or.ts
.tbls defl1cd
nated;- This upon usalso follow it
threat to makes a
incumbent
pattern of fiscal sanity in this
country if we are to avoid a flight
have dis-
astrous consequences,
Although we are exhorted to
export more in order to meet this
deficit in the balance of payments,
'has . not
reflected the fact is that exports have been
reduction in the number of job significantly greater than imports.
remployment
a
ViQXtA hpptl
have been
taken to reduce the diain on our
f°ld suppiy^and we h ve mana ed
to reduce the S1^e
'
deflc,lt: In.our lntfpf
^~r
c^un^ Bat.1w+? ■caJ]-}' fc
of capital which could
•.
has
It is important to
recognize, however, that this un-
recent
"IX/Toy-iit muoenvoe
Many measures
The Commercial and Financial Chronicle
Volume 195:: Number 6172
(3009)
In 1961, for example, exports ex¬
ment is unable tooperate in the
imports bjr about$5 billion. < black .during periods .ot econpmic
Yet we had a' deficit in our bal-; activity, inflatioh. will be unavoid¬
ance
of- payments of about $2 y2
able. Nevertheless, because of our
billion.
;
\
large ; idle resources, I see no
To a large extent the remaining resumption -of; inflationary pres¬
Continued
sures
balancer
the next year.
over
of'payments re¬
flects the' continuing expenditures
Summary, and, Conclusion
for foreign'; aid'and' military aid.
,
Thus, \reductions in the ? scope; of J This preview of theeconomic
our international
obligations will situation suggests that the expan,
have to be made IVhile such meas¬
the
,
,
i
than
vigorous. The economy has
not been as buoyant as the Presi¬
cessity to devalue it would be a
damaging blow to ' world- • dent's
very
.
wide
confidence
would
and
more
outweigh any benefits flow¬
ing from these payments.
Government
The
versus
relationship
accompanying
business
confidence.
An
after the
will
on
uneasy
connection
in
steel
price increase
ago
have
with
desired
of
solution
be
are
such
can
an
expansion
devise programs
the
lease
which would
tremendous
be
initiative
individual
incentives
to
re¬
of
power
by
expansion.
offering
Of
guessing
.
thi
le
a
nd for under-
standing the basis for the
gen-
eral
now
lack
of
confidence
evident
solution of current
take
look
a
at
these
"new"
m
from
vacuo, as
that
the
assumptions which mg asked to do
universally sible. '
regarded as solid and Tax Reform &
any
This
much
the
impos-
Now
sort
other official utter¬
of late clearly show.
on
strong
when
we
of commonsense,
say,
does
,
that
noJt pjreSently
ec0nomv
.■
■
.
to
_
y\
-
:
^International Holdings
Names New Chairman
apply this
the
T.he, Jarl .of
Perth
has
been
elected Chairman and Director of
question of tax reduction rp^e International Holdings Corwe must, if we are not to turn
poration, a U. S. closed end inour backs
completely upon re- vestment
company,
succeeding
ality, conclude with the former ?YW\B' Schroder, Chairman of
Ex-President Eisenhower is
plainly
;
h
onl
spread through the entire
Commonsense
Yale
sundry
ances
be-
we are
heretofore have
been
®an
.problems ket We
it were, the obvi- trouble
ous answer is
problems wholly divorced
brought about? It is important to
a
created
for
any given proposal
would work or not if there are
Address of the President and
How
.
.
basis
a
whether
old wives' tales. We must
sound.
unemployment, could stim¬
the
pressure for the shorter work week.
the
.
have
inthiscountry—astate
such ^solutions is to proceed When therefore we are asked
of affairs partly if n£t largely
to forget issues which divide
upon
the assumption that
responsible for what has been
most of our traditional beliefs us and apply ourselves to the
happening in the stock-mar-
ulate profits and would reduce
few weeks
considerable
concern on the part of the busi¬
ness community. This interference
with
the
traditional
right
of
private industry to set its own
*
review
is
reduce
inaugura¬
the Kennedy Administra¬
However, the actions of the
President
brief
greatly facilitated if we
can speed up our lagging rate of
growth. Expanding volume will
the
tion of
tion.
too
ecohomic problems, it
our
evident that their
seems
con¬
effect-
adverse
existed
truce
has
with
this
From
some of
between gov¬
deteriorate
to
tinued
business
and
ernment
running out of steam.
Business
..
principles and the search for roqrraif rf;basic principles.
in
to
seems
What
result from defiance of these
be
activity
future*.
easy solutions for prob¬
lems which for the most part
are
Economic Ad¬
of
economic
than
r
Council
visers had anticipated. The rise
some¬
-
forces do» not appear to
ures go against Our .instinctive de¬
have much zip and that therefore
sire to help others less fortunate
the advance in the economy will
than ourselvfes. a collapse in the
continue to be moderate rather
sionary
dollar with the accompanying ne¬
or
thing very near it, : and the
Administration is not even
willing to debate the advisa¬
bility of their observance in
•
adverse
-mytns,;;
'
frort{ wwt
.
mere
as
.
,...
that we were wasting our
substance in the false assumpi
v
A •...
'tion;that spending always
form to certain frxed pnnequalled strength. We hail the
ciples and, for our part, those COurage of the General and
fixed principles mustbe those
heartily commend his words
that have grown out of our
to all with the good of their
experience of the past cenCOuntry at heart.
tunes.
One does not ..even
We certainly have, in all
\ '
ceeded
25
ground
when he asks: "Is it, indeed, a
j
Schroders Ltd. of London.
u
Prior
President the other day when to
his
resignation
to
become
yearning for 'sophistication'
he said:
As to tax reform, Minister of States for Colonial
that impels us to include in
and its counterpart, spending Affairs for Great Britain, Lord
prices is being viewed as the
and business and a revision of our
our
vast space expenditures
opening wedge for a possible ex¬
tax system so that it offers more
reform,
nothing
could
be Bert*\ was J Director and Vicetension of price and wage control.
huge sums for low priority
President of International Holdincentives and becomes less
more beneficial to America at
While
the
President
has
been
jngS Limited of Canada.
projects? Estimates for space
punitive.
this moment than a tax bill so
widely applauded for his blitzexploration are already reach¬
The. revision
in Treasury
kreig
of the
steel
industry, I
designed as to rebuild con- Robinson Branch Mgr.
guidelines and tax ing almost four thousand mil¬
believe his actions were unwise depreciation
fidence in the consuming pubFor Shearson, Hammill
incentives for new investment can 1 lion dollars a
and from a long-run point of view
year and will
he and among investors—prounfavorable. It is going to take prove to be a stimulating force,
ORLANDO, Fla.-Alex M. Robshortly reach seven thousand
vided always, however, that inson has been appointed resident
considerable time .and ingenuity' primarily if other conditions are
million dollars a year — all
to repair this breech in relation¬ right. However, one of the most
such - legislation
is
accom- manager of the recently opened
while urgent needs on
effective means to stimulate the this
ships. We need a return to the.
panied by a clear reduction in 2rland-?i ?lar! o£fitce,n0n T?h^a£?°K *
situation where;wet have govern-, economy would be a reduction in earth must gQ unattended and
i
rri>" r..riHammill & Co., at 100 East Robincome tax
rates.
The present our fiscal affairs are in seri¬ Federal spending... To US
inson Street. Mr. Robinson, promment
and business working to¬
par¬
ticular
importance
is a. better
relationship between government
w-iAm
j
—
gether rather than an environment
levels
in
and act to
.which
we
have V government
-business; w'
versus
\
•.
v
■*v.-,-v
'
■t
revenue
•
.
The threat of price inflation has
subsided; Although the wholesale
price
index
has
*
-
remained
com-
stable
for four years
price index has
inched up at a slower rate in the
last year" (the rise was less than
1%), it is only now being realized
paratively
.
rates
are
confiscatory
distort'.risk taking and
investmentdecisions.
- *
Reduced Threat-of Inflation
^
of,
and the consumer
The
tax
obtained from ;the higher
.peygp®?ili.1ipcom? .^vtaxfv. rates vis
..
relatively.small>.t.On
hand,. the. amount, of
the
'
other,
energy and
initiative
that., is now bottled
and
be
can
reduced
*An
.released
_if«, these
enormous
would
tax
substantially,
rates
up
be
are
v
N.
' ;
y-.'-y,
inflation
price
has
been
blunted.
However, there is still
little recognition that wage infla¬
tion has virtually been eliminated
as a new force in our economy. I
hourly
labor costs increased an
average of 8.7%
per year; from
i
^sophistication'> oLthe
powers
.
£
.
,
•
,
J
4.
ofd instances
such excellent advice
i
where
was
Orlando .investment
in
eludes
seven
tatives
not
the
and
35
past
registered represen■
.
j, :,
Shearson,, Harrrmill & Co.; a 60-
resulting followed fn the two Eiserf- year-old brokerage and underhower Administrations. What
firm' has 46 branches ia
estrangement - from • reality,
cities from coast to coast,
the former President observes the Ex-President is now say¬
that "one sharp-pencilled new ing is sound sense and should
Parker, Martin Co.
and unless and
Frontiersman, I am told, re¬ be heeded
Parker> Martin & Co Inc. is con_
that
be
and
their
m
t->
■j
4.
•
—
>
Y.
than
until
we
do
we
to have these
President
shall continue
ducting
a
securities business from
problems which offices at 32 Broadway, New York
Kennedy apparent-
cityCaribbean Holding Con..
sponsible for .hem
haps
same
by
-
incorporating these
blunders
in
.
or per-
the
solu-
in
a
Bsecurrties
business
from
offices at 1 Stevens Avenue.
tions.
Giattini Opens Office
We may be excused, for di¬
ROCKAWAY
POINT,
N.
Y.—
for gressing a bit at this point
$3.75 per share.
increase was 5.8%; from 1955 to
the 'written off' $18,000,000,- if it really is a digression at James A. Giattini is conducting a
securities business from offices at
Saturn,
a
Texas
corporation
1958, 4.8%; from 1959-1961, 3.8%.
000.
Such
a
performance all—to call attention to what 41 Beack 221st Street.
maintaining its principal office at
However, the steel and automobile
10665 Harry Hines Blvd., Dallas,
strikes me as something less General Eisenhower, former¬
settlements
for
1962
and
1963
designs, manufactures, assembles, than 'sophistication.' It rather
Rutherford Partner
ly also President Eisenhower,
averaged only about 2Vz% a year.
and
distributes
a
line
of
high
It is evident that the margin of
looks like old-time medicine has to say about our defense
William de Rham, Jr., member of
labor cost increases above the long fidelity amplifiers and magnetic
show skullduggery, now made expenditures.
Here are his the New York Stock Exchange, on
components, which include trans¬
term rate of increase of 2 to 2%'%
formers, filters and inductive re¬ respectable by top hat and words: "I, personally, believe June 16 became a partner in the
in output per manhour has been
actors.
tails." We, for our part have -with I am sure,.very little
narrowed
steadily until now it
Rutherford & Co., 115 Broadway,
Net proceeds from this financing from the first felt that there
has virtually disappeared. In my
company in either party— New York City.
judgment so-called wage inflation will be u.sed for laboratory and was much more
sophistry that the defense budget
will be of minor importance in production test equipment, relo¬
than sophistication in much should
be
New Bache Branch
substantially rethe next few years. This is a most cation and improvements, re¬
that has been coming out of duced. At least all America
search, and working capital.
wholesome development.
NEWARK, n. J.—Bache & Co. has
understands that every de- opened a branch office at 10 ComOn the other hand, there is a
Washington of late.
Weil Co. Branch
real threat of price inflation in the
dollar
Now let us tell ourselves fense
wastefully ex- merce Court under the manage1950
♦
yeaJs» wil1 head a staff that, in-
plenty
As^notheiy instance of the
cently computed that more
$18,000,000,000, 20% of
our
present Federal budget,
ought to be lumped together
Saturn Class A
and charged off as capital in¬
know that this will be difficult to
vestments.
In this way the
believe in light of much of the
Shares Offered
Administration could develop
publicity in this area. The facts
are as follows.
a real bookkeeping
'surplus.'
Reese, Scheftel & Co., Inc., New
From
1947
to
1949,
average
York
City, is offering publicly But 'sophistication' abruptly
that
financial;: circles for
Without much difficulty find
Simply Write It Qff!!!y
inent
that the Administration could
:
.
address
by Dr. Backman before
Chapter of National
Office
Furniture
Association,
Inc., Tarrytown,
N. Y., June 9, 1962.
<
the
disarray."
ous
:
matters little for the moment
to
80,000 shares of Saturn Electronics
Corn,
A
class
common
stock
at
the annual rate of
1954,
halts
here
as
we
crash
into
the obstacle of how to pay
,
.
in
ahead
the
continuing
deficits. Al¬
though the Kennedy Administra¬
years
Federal
budgetary
tion had forecast that the Federal
'i
budget would be in the black in
the fiscal year starting July 1, it
now appears certain that a deficit
of $4 to $5 billion or more will
develop. This shift from black to
red ink reflects in large measure
the
failure
to
achieve
the.
over-
optimistic levels of economic
ac¬
tivity which the President and his
advisors
ticularly
had
It
forecast.
is
par¬
disturbing
PHILADELPHIA, Pa.—Weil and
Co., Inc., has opened a branch
pended, that every defense
debating our current prob¬ dollar needlessly appropri¬
lems, or at least this much of ated, weakens this nation. It
Form Avenue Investors
the truth: There is no way is
always necessary to exBROOKLYN, N. Y.—Alfred Lip- under the sun that these mat¬ amine critically these approschitz is conducting a securities ters can
be helpfully and con¬ priations and to stop assumbusiness from offices at 265 South
structively considered apart ing that mere spending means
Second
Street,
under the firm
from the basic philosophy increased strength." Without
name of Avenue Investors Co.
information
sufficiently deupon which such things rest.
Spiegelber to Admit
}■ 'Either one-concludes that past tailed and without the experience
that is required for a
On June 28 Steven J. Hyman will ideas, about pnidence: and ra¬
office
in
York
deficits when economic
become
steadily moving into
grounds.
If
the
new
Federal
record
Govern¬
the truth about this matter of
■/';
„
to
have
a
continuation of Federal budgetary
activity is
the Lewis Tower.
acquire
&
a
membership in the New
Stock
a
Exchange, and will
in Spiegelberg
tional conduct
indeed that
partner
Co., 37 Wall Street, New York
City, members of the Exchange.
no
longer hold,
particular rule
no
confirmed
ence
such
as
the former Presi-
dent above all others has had
solution
—we
con-
First of
have
long
suspected
Michigan Branch
BAY CITY, Mich.—First of Michigan Corporation has opened a
branch office in the Davidson
Building under the direction of
Frank E. Johnson.
r.
_
r>
.
Wilhston Beane Branch
ASBURY PARK, N. J.—J. R. Wil-
judgment—experi- liston
holds—or,one insists that any
proposed must
ment of Peter R. Newman.
branch
&
Beane
office
has
opened
at 508 Main
a
Street
under the management of Harvey
A. Turnure.
Financial Chronicle
The Commercial and
Thursday, June 28, 1962
.
i
(3010)
26
®Bi
SECURITIES
Conditioning Plant
Hartford Gas Opens Air
PUBLIC UTILITY
♦.
.
mm®
BY OWEN ELY
**m.:
'.
ffom
Texas Utilities Company
"rapid growth" electric utility stocks have been
the worst casualties of the recent market debacle. Thus,
Some of the
last
37, down some 36% from
recently sold at a low of
Utilities
among
Texas
^year's high of 58 (after adjusting for this year's 2-for-l split). At
58, the stock was selling at 35 times last year's earnings of $1.64;
at 37, it is selling at only 20 times estimated 1962 earnings of $1.85.
Texas Utilities is one of the nine important electric holding
"integrated" under SEC rules in the
systems which were
company
It controls Texas
■1940s;
?
..
L-and Texas Power & Light; and
£■/. tricity to a population of some
^
■
the latter companies supply elec2,900,000 in Texas.:, Some of the
Dallas, Ft. Worth, Wiehita Falls,
-principal communities served are
-Waco and
Light,
Electric Service, Dallas Power &
Tyler.
'
#
Originally agricultural in character, the area received a great'
'v: stimulus from the development of oil production and refining, and
.'-the influx of numerous light industries has afforded diversifica¬
Dairying and the raising of beef cattle, sheep
farm activities in the territory; and
tion.
are
substantial
and poultry
major farm
products include cotton, corn, peanuts, grain, onions, tomatoes and
/potatoes. Industries include (in addition to oil refining and pumpring) automotive and aircraft manufacturing, food packing, cotton
oil mills, aluminum production
and fabrication, cement, glass,
textiles, battery and tire manufacturing, foundries, machine and
metal-working plants, railroad shops and yards, garment manufacturing, and furniture. However, despite this industrial complex,
Texas Utilities' revenues in 1961 were only 21% industrial com¬
pared with 42% residential and 31% commercial.
System generating capacity at the end of 1961 was 3,666,000
kw. plus 191, kw. available from purchased power contracts, com¬
pared with the peak load of 2,923,000 kw. The System is adding
175,000 kw. this year and an additional 400,000 kw. in 1963, indi¬
cating confidence in continued area growth. Construction in 1962
is budgeted at $58 million (compared with $57 million last year)
;
/.
;
"
v
v
-
and $89 million in
1963.
System growth has been rapid, with revenues increasing from
$67 million in 1950 to $214 million last year—an average annual
rate of growth of over 11%. While this^ rate of
increase can hardly be expected to continue indefinitely, the com¬
pany's progress in 1961 (despite the.industrial let-down during a
good part of the year) indicated the dynamic, character of the
economy.
In addition to major expansion at metal fabricating,
electronics, food processing and petrochemical plants over a hun¬
dred new industrial and distributing plants of various sizes were
established in the territory. Also, numerous important commercial
(compounded)
building projects were completed during the year.
craft
1960
manufacturing and assembly plants
despite readjustments in
was
Service to air¬
slightly ahead
defense industries.
of
Chemical and
petrochemical manufacturers and electronics industries continued
to
gain
The petroleum industry, despite the
power consumers.
as
reduced number of allowable
producing days under the Texas oil
*
proration system, still accounted for over a third of total industrial
showed
and
revenues
gains
of 10%
in
energy
use
14%
and
in
Thus, the company was able to show a gain of 8% in industrial
in
sales
showed
sales
a
the
largely to
y
industrial year, but residential usage
poor
cool
and
summer
reduced air-conditioning
up
load)
Due to electric rate adjustments made by two
5%.
offset increased expenses, principally in the price
of boiler fuel for gas,
increase of 6%
the
able to show
company was
an
Earnings for the three months ended April 30, 1962,
may
overall
a
gain of about 15%.
not continue unless the weather
supplies hot weather for
a
man
as
increases
dividends
since
paid, have enjoyed
1950
or
earlier.
an
a
gain of
the
For
;
about 8%.
current
share,
entire
12-year
10%.
period,
However,
(including 1962) the rate of gain has slowed
The company does
—if it did so, and
per
unbroken record of
1950-62, the increase in earnings averages about
for the last five years
to
underground pipes.
Mr.
Jebb
pushed
luncheon
dedicate
the
the
start-up
ceremonies to
$4.5
million plant
scheduled to sup¬
ply chilled water for cooling and
steam for heating to nine major
buildings in downtown Hartford.
which is already
The
luncheon, attended by 250
business leaders, was held in 100
Constitution Plaza, marking the
opening of this first new office
building in Hartford's $40 million
Constitution Plaza redevelopment
program, and the first to obtain
service.
founding
of
It
also
the
observed
air
the
conditioning
industry 60 years ago by Dr. Wil¬
H. Carrier, whose prediction
lis
that air
conditioning Would finally
become a utility service for large
areas
of
cities,
Gladden W.
Constitution
came
true today.
Baker, Chairman of
Plaza, Inc., acted in
Mr. Jebb reported that
in view
requests the
of additional service
tion
cooling machine of
4,500 tons cooling capacitv hasbeen ordered from Carrier Corpo¬
ration, for immediate installation.
world's largest
included
...
Plaza
not
accelerated depreciation
use
used "flow through" of tax savings, both the
earnings and the rate of increase in earnings would be
larger.
Phoe¬
Com¬
Conditioning
air
for
tem
-
duty.
capacity is 6,500 tons
of cooling, supplied by four Car¬
rier units of Which the largest is
Present plant
3,000 tons.
in
Participating
the
pany
building, Mr. Jebb said. ,1
;
\
Mr.
Wampler described the
opening of the new plant as one
of the great milestones in the air
conditioning
industry's
60-year
Hartford history,
which began with the
and completion of the- design for the
Governor John N. first -scientific
air ; conditioning
event in addition to Mr. Jebb
Mr. Baker were
Dempsey of Connecticut, Mayor
E.
Glynn of Hartford, and
W.
Wampler, Board Chairman
Corporation.
Cloud
of Carrier
Jebb
Mr.
said
the
decision
build the plant was closely
extensive
Hartford's
newal
to
tied to
urban
re¬
plans which created the
cooling and heating
system on July 17, 1902. .
"The
utility
approach
•
;' ;-
air
to
conditioning which today is unique
will become commonplace within
the
next
not
buildings in
even
substantial
or
requirements necessary to justify
the
investment in building the
vided
from
all
when
of
the
city area of 25, 50,
a
blocks will be pro¬
more
with-cooling
a
is
"The time
audience.
distant
far
he told the
years,"
ten
luncheon
heating
plant."
*
and
central utility
W. B. Ford Opens
SHREVEPORT, La.—J.
B. How¬
ard
Investment
Company,
Pe¬
troleum Tower, is now doing busi¬
ness as a corporation.
Officers
George Mason Drive.
Branch
Revenues
Stock Record*
Consol.
(Millions)
Earnings
Dividends
Approximate
Per Share
Paid
Prtee Range
$1.85f
Years—
$1.12$
1962__.
NEWPORT
NEWS,
Va.—Mason
57
-
37§
$214
1.64
1.02
58
-
40
I960...
202
1 56
0.96
43
-
35
1959__.
183
1.47
0.88
38
-
31
1958__.
168
1.37
0.80
32
-
22
1957__.
155
1.28
0.72
25
-
19
1956...
146
1.18
0.64
21
-
17
Ungerleider, Goetz Partner
1955
127
1.03
0.58
20
-
15
On
1954
117
0.97
0.52
17
-
12
1953—
109
0.84
0.49
12-9
1952__.
94
0.78
0.44
12-8
1951
82
0.68
0.35
9-6
way,
1950
67
0.60
0.24
7
the New York Stock
♦Adjusted
for
rate.
stork
splits in
195.5
gThrough June 25th.
and
1962.
fEstimated.
-
5
office
at
131
North West
Second Street under the manage¬
McGarvey Co. Formed
PHILADELPHIA, Pa.—McGarvey
& Company has been formed With
offices at 1920 CheStnUt Street to
ment of
.
Roy V. Montgomery, Jr*
Winslow, Cohu Branch ;
VINEYARD ;HAVEN,
engage
in
a
securities
William H. McGarvey, Jrt
.
.
Blvd.,
Olympic
Pacific
Coast
members of the
Exchange. < •
Stock
Street, as a registered representa¬
tive.
/
July 1 Emanuel Koerner will
be admitted to
partnership in Vn-
gerleider, Goetz & Co.* 120 Broad¬
New York City, members of
On the
^Indicated
City
OKLAHOMA CITY, Okla.—A. G.
Edwards & Sons has opened - a
Mass.—
business.
Winslow, Cohu & Stetson Inc., has
general
opened, a branch office in the
and Company is conducting a Se¬ partner and Joseph. PVMcKinneyr
Mansion House under the direction
curities business from offices at limited partner in the frm.
of H. Thomas Osborne, an officer
Mr.
114 Twenty-Eighth Street.
McGarvey
was
formerly of the firm.
Offi¬
/
cers
are
Joseph
E.
Carpenter, With Merrill Lynch, Pierce, FenPresident; Raymond A. Mason, her & Smith Inc. Mr. McKinney
With W. £* Hutton
\
•
Executive Vice-PfeSident;" Albert was with Reynolds & Co.
PHILADELPHIA, Pa.—W.- E.
T.
Brout,
Vice-President;
and
Hutton- &
have announced
>v
With Calif .Investors
Herbert V. Kelly, Secretary. Mr.
that Thomas F. Callahan, Jf.r is
LOS ANGELES, Calif .—Francis J.
Mason was formerly with MaSon
now associated, with their Phila¬
Sleeger 1 has * become
connected
& Lee, Inc.
/
;
j ii< with California Investors* 3544! delphia office, 1530 Chestnut
Mason & Co. Opens
1961__.
-
in
Oklahoma
branch
Jerome B.
Howard,
President; J. L. Howard, VicePresident, and Mi A. Tatum, Sec¬
retary and Treasurer.
are
ARLINGTON, Va. — Walter B.
Ford is engaging in a securities
business from offices at 95l South
Edwards
.
Common
current
four- major
with Jts
buildings, the new 15-story
nix Mutual Life Insurance
building., and < the1 existing
Travelers Insurap^Cq, jg^^pigs.
Additional .buildings
to be
A second machine of the same
served include the Federal,. Gen¬
size will be added at a future date,
eral
S e r v i c e s
Administration
bringing the total ."to 15,500 tons structure now being erected* the
and making the Hartford plant the
Hartford Times and the Hartford
world's largest single cooling sys¬ Steam Boiler Insurance Company
Now Incorporated
cooperates and
good air-conditioning load,
The table below shows that consolidated earnings
well
T.
ing and heating to a large section
of a city through a network of
button at
four miles of
tomers
71c
were
would result in earnings of about $1.85.
as
W.
President of the Hartford
Gas Company,.officially turned on
the world's first plant to sell cool¬
plant and.. laying nearly
pipelines. Early cus¬
all of Constitu¬
cere-; central
master of
of
capacity
monies at the luncheon.
While this rate
12% would appear a reasonable estimate for calendar 1962, which
I
when
25
June
on
segment of the downtown
in revenues.
compared with 62c last year,
gain
(due
gain in kwh. sales of less than 1%, while commercial
a
were
subsidiaries to
of
service
the
Jebb,
the
revenues.
kwh.
Carrier
of
HARTFORD, Conn. —Air condi¬
tioning became the newest utility
cooling and heating requirements of a
the
Clodd Wampler, Board Chairman
Corporation, the route of the under¬
Company, shows
eventually; • supply
large
Hartford, COftn., area.
pipelines whieh will
ground
Gas
(left), President of the Hartford
W. T. Jebb
same
Exchange;
date David R. Sek-
lir will retire from the firm.
i
Renshaw, McKeown Brch.
DETROIT,
Keown &
a
Young, inc. haVe opened
branch office at 11000 West Mc-
Nichols,
of
Mich.—Renshaw, Mc-
Fred
under
the
Filipovic.
management
Renshaw Firm Branch
.
MT. CLEMENS, MiCh.—Renshaw,
McRedwn
opened
Gratiot,
a
&
Young,
Inc.
has
branch office at 44935
under
Adolph Seidl.
the' direction j of
Volume
Number 6172
195
.
.
The Commercial and Financial Chronicle
.
I ndications of Current
The
(3011)
following statistical tabulations
latest week
week
month ended
or
.Indicated steel
Equivalent
Steel
PETROLEUM
Crude'oil
,/t
Week
„
and
42,gallons
Finished
;
,
(net tons
—June 23
INSTITUTE:
condensate
'
•
output—daily
(bbl.)
(bbls.)
fuel
Ago
56.5
"ASSOCIATION
1,587,000
"
30,622,000
2,411,000
13,465,000
8,292,000 *
30,632,000
2,558,000
29,263,000
2,930,000 ."
.12,814,000. >
5,799,000
/;■ 5,591,000
*191,727,000
*107,582,000
OF AMERICAN RAILROADS:
42,906,000
41,017,000
v
;
^
1
June 16
'
Revenue
freight loader (number ;ef
I Revenue freight; received from 'Connections
of
(no.
(CIVIL ENGINEERING CONSTRUCTION—ENGINEERING
°
' news-record:~
\
//."
;
Total U. S. eonstruetion_,:__'_______
5,594,000
.
193,896,000
f'25,569,000 (
29,211,000
581,336
495,941
>.
therms)
(M
& mixed
45,175,000
586,946
'^'478,836
Orders
602,175
508,166
RAILWAY
-rMonth
of
of
9,044,300
8,696,400
213,900
therms)
8,451.300
307,600
245,100
2,452
•J
3,758
(M
10,787,400
3,292
sales
11,095,000
8,830,400
therms)
gas
% 494,064
3,420
3,360
INSTITUTE—
/
'-* .7'
freight
new
'
cars
delivered
cars
of
i(end
t
CAR
May:
freight
Backlog
v
.
April:
(M
sales
gas
AMERICAN
102,666,000
-
New
-
of
sales
Manufact'd
cars
order
on
and
month)
of
Private
„
June 21 -•
consfcrucUon__x____..____x_--_x_____.___x-x_-..__-_-june
"State and fnunioipal___L._*.^^r.r.»_^^___^__.^„_jv„ii June
'
COAL
Bituminous
21
(U. S
coal
and
'
"
BUREAU OF MINES):
.DEPARTMENT
lignite(tons
STORE SALES
INDEX—FEDERAL
EDISON-ELECTRIC INSTITUTE:
/ Electric
output
FAILURES
(hi OOU
Finished
steel
Pig iron
■
(per gross
Scrap steel
s
(per
Electrolytic
13,778
14,244
13,964
293,658
273,796
391,703
356,588
312,177
364,996
Export
.
(E.
M.
&
vMOODY'S
U. S.
"
BOND
'
-V- «.*
t
5
,
303,000
8,961,000
300,000
VV>
fcl
►AX>1 I
r-i -
'•
16,628,000.
'■ .>
-152
" '■
'
156
'
j
15,991,000
.
16,202,000
354
.285
at_—
York)
6.196c
:
$66.44
$66.44
$66.44
>
$24.50
$25.17
$37.83
In
$66.44
consuming establishments
30.600c
30.600c
30.600c
In
public
28.525c
28.075c
Linters—Consumed
9.500c
11.600c
\
$24.50
xx__-June 20'
.
!
f. 28.600c
June 20
28:575c
PRICES
DAILY
June 20r
L___/_
•
June 20
10.800c
Stocks—May
12.000c
12.000c
12.000c
Cotton
12.000c
,,
11.500c
•11.500c
11.500c
•24.000c
24.000c
24.000c
113.625c
116.375c
88.27
.l.—_//_ June 26
——
,xxxZr/Z;.
-x-_x
,
88.85
89.46
tJ.
-
S.
87.59
87.86
86.78
91.77
91.91
92.06
90.77
89.37
.89.78
90.06
89.0(
87.05
87.32
*87.45
85.98
81.78
June 26
81.90
82.03
82.52
83.79
84.04
84.68
\Aaa ;—,-i.
89,37
89.37
89.09
89.23
89.64
90.06'
87.99
June 26
—
W fiAr
^ 0
i
:
june 26
3.74
Public
4.57
4.29
: •:
4.28
4.27
NATIONAL
4.43
4.41
Order,
l-eceived
June 26
5.03
June 26
4.88
of
(tons)
OIL, PAINT AND
ROUND-LOT
/
'
/(Stocks
4.61
4.60
4.98
5.04
-4.81
Shipped
4.71
5.02
4.86
•
Total
19,400
437,200
292,500
562,200
31
!1
22,900
297,700
-_
830,300
395,000
:_
.
i_
164,000
156,900
245,500
130,900
192,100
138,100
123,800
158,600
163,100
121,500
140,900
119,200
76,100
109,900
67,500
95,500
107,200
69,200
121,700
141,700
199,600
85,400
124,300
83,500
105,400
31
May
133,000
110,300
(tons)
(tons)
Hulls—
4.46
4.54
Stocks
,;v4.44
4.41
4.56
Produced
371.0
.364.8
368.4
4.48
•
-
4.46
June
—
(tons)
Shipped
'
May
31
:
(tons)
(tons)
351,171
.361,534
379,243
'
/-
318,172
345,766 V
16.
98
94
^480,196
303,272
•-
358,809
496,282
.v
'
.
,
,/
97
'
:
325,848
Z
,
..
448,637
/
,
Stocks
(bales)
..Produced
92
444,833
-
Shipped
May
31
:
—
(bales)
.
(bales)
INDEX-
DRUG REPORTER PRICE
June 22
-
115.39
113.72
-
112.43
113.56
MEM-
OF
ACCOUNT
of
specialists in stocks in which registered—
June
purchases.—
Other
.
sales——
Total
.
Other
•
——
————
sales——
—
*
3,740,800
the
8,268,030
3,238,110
//- June
sales—_______—i.—
purchases—
Total
:
•
Total
sales—
for
transactions
purchases
of
account
sales——.—i.>
Odd-lot
sales
1
June
June
1,458,408
*
1
1
Number
of
Number of
orders—customers'
sales-.
short
Customers'
.-
39.7
♦41.1
40.2
39.6
*39.6
39.0
$2.40
$2.39
$2.32
2.57
2.56
2.48
2.16
2.16
2.11
$4,034,000
$4,115,000
$4,100,000
May
(000's
5—
5.
omitted)
May
489,526
1
1,745,688
,1,018,483
1,048,465
527,246
1
9,274,568
5,363,771
4,267,474
2,697,331
1
1,998,060
-726,970
849,100
392,610
FACTORY EARNINGS AND HOURS—WEEKLY
1
8,686,808
3,996,303
3,966,835
2,179,036
1
10,684,868
4,723,273
4,815,935
ESTIMATE —U.
LABOR—Month
2,571,646
Weekly
All
of
S.
DEPT.
OF
May:
earnings—
manufacturing
Durable
Nondurable
^
_1
goods
goods
85.54
__^
T
Hours—
sales)—
5,218,796
2,114,001
2,130,003
1,258,957
$260,055,556
$126;270,333
$141,421,185
$73,039,166
/
All
manufacturing
Durable
•-
total sales—'___—/__^_June
—__—_—June
.___
40.4
41.1
May
on
on
37,720
933,835
.
•'
40.5
528,913
114,630
890,983
.
purchases)^
(customers'
82.29
896,124
-
1,088,871
256,400
1,489,288
i-—June
dealers
99.70
*85.54
227,320
127,500
June
by
$92.10
►105.22
213,020
405,020
June
shares—
purchases
$96.56
105.63
place
splndlfe hours
Active spindle
AVERAGE
Dollar value
Odd-lot
$97.20
344,840
<
Active
June
—
__—
(customers'
dealers
by
416.5
14,300
ODDLOT
DEALERS AND
SPECIALISTS ON N. Y
STOCK
EXCHANGE — SECURITIES
EXCHANGE
COMMISSION'/.
1
8,330,000
431.1
237,760
60,180
466,680
-
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF
-
8,622,000
421.4
327,030
56,150
496,630 '
June
Other
10,535,000
active
671,150
June
—
5
hrs. for spindles in place May
spindles
members-
—_—
17,360,000
Spinning
410,530
——L-—__i—
round-lot
Total
19,736,000
17,105,000
1,817,080
June
Total
19,475,000
17,107,000
3,362,450
112,900
——
—
19,511,000
in
534,100
,
spindles
'
^
^—___——/-—
sales-;
(DEPT. OF COMMERCE):
SPINNING
Spinning
558,250
June
-Short
COTTON
340,590
1,476,490
June
—_—
the floor—
initiated oil
O-her .transactions
1,930,660
674,290
2,688,160
June
■;
3,044,320
floor——l——
purchases-/—.—
Other
j
543,320
2,694,790
June
•
■
1,628,760
6,639,270
—<i--—
initiated off
transactions
Total
7,319,530
June
sales.-
June
June
Short
*
\
29,600
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions
.
■>
4.84
June 16
.——
period——!---.
FOR
:
*
(tons)
May
(tons)
Produced
4.47
——June 16
—^
at end of
TRANSACTIONS
106,446
'
of
.«
/L__.
Meal—
371.5
—June 16
AVERAGE—100—
1943
17,360,000
Linters—
:;—^
activity—
ordets
'tttOD-
SEED
COMMERCE—Month
mills
(tons)*
and
June 26
—___i—
1^——
(tons)—
Percentage
Cake
ASSOCIATION:
(tons)
Production
"/ Unfilled
—^-r
1
COTTON
OF
(-tons)
June 26
:.j„
—
AND
at
4.48
INDEX--——-
PAPERBOARD
17,105,000
Seed—
Crushed
...
4.36
V
4.63
-
i_--._i.-_- June 26
—.1—1—
Group
COMMODITY
167,807
17,107,000
5
*
4.65
^ .4.46
—__
—
UtiJities .Group
Industrials
May
•
Received
j
3.92
4.59
June 26
-—--—
-
7,281,573
110,990
690,844
s-V" t fa
Cotton
Stocks
3.82
—June 26
MOODY'S
of
as
'.
May:
j.
4
3.90
-4.60
June 26
——-
,
SEED
UCTS—DEPT.
la-.
*-r
.i—^—- ——June 26
—U-——---
Group-.
COTTON
88.27
i——-^1—-
Railroad
9,429,530
124,613
693,564
_____
-
spindles active
2,061,825
84.30
June 26
—--.—-
Bonds—^
corporate
.♦
——.June 26
Group____—
Govei-nment
Average
April
646,011
2,165,616
8,373,757
5
of
730,292
2,120,873
5—
87.17
87.45
—i— June 26
Group_—^—
MOODY'S BOND YIELD DAILY AVERAGES:
,
May
May
116.125c
———
*•
of
month
i
867,240
of
as
26.000c
111.625c
Group__—
Industrials
April
as
5
OF
BALES:
11.500c
Xx.—x/ June 20
_______
'
Utilities
of
storage
9.300c
June 26
Public
month
9.300c
•
DEPARTMENT
—
AVERAGES:
corporate--—-xx_
Railroad
LINTERS
9.500c
______L—___June 20
x
x_x____
AND
COMMERCE—RUNNING
9.300c
June 26
»,
COTTON
9.500c
June 20
—xl_________:_
at__
:_
307
6.196c
'
•
30.600c
____________
May:
(tonnage)—estimated
6.196c
V.
6.196c
'
___
(AMERI¬
CONSTRUC¬
14,870,000
c.
\
x—rX
STEEL
STEEL
(tonnage)—estimated-
Consumed,
\
____
of
closed
Shipments
159
'
Government Bonds——
Average
Contracts
T
OF
\
June 20
_______________
STRUCTURAL
INSTITUTE
TION)—Month
382,000
"*,lf
?
June 26
.
FABRICATED
%
r •.;,/•
June 18 "*
-
:
j
V
-S,
156
June 18
•
63,200,000
*8,740,000
'*■
304,000 *
<
June 18
______
(primary pig, 99.5%) at—
(New
V
8,810,000
*
Zin6'CEast St.- Louis)
tin
*
,,
i.vat..x____.:_
uL*-;
refinery
York) at—
Aluminum
•%' V
: *
7*
•
177,600,000
"42,000,000
/
■
rx_
(St. Louis), at:
v; Straits
&
.__x__
JZinc (delivered) at—
_
'
'
QUOTATIONS): *
J.
at
refinery
Leau (New
Lead
.
'
.
228,800,000
166,500,000
8,256,000
;•
CBJ
yv-.'S"
V
( 240,800,000
CAN
V
June 16
7'/'
/••/
DUN
—
69,100,000
June 21? 3265
ton)_:
gross
copper—
.Domestic
61,500,000
V
/•-
PRICES:
lb.)___
ton)
_!x__z_r;_;_x__
(per
METAL PRICES
r.
AND .INDUSTRIAL)
INC.' '
COMPOSITE
16
RESERVE
7'T'„7(
7
•
'
,
^
$469,600,000
351,-200,000J
208,500,000
195,600,000
-
"
kwtf.,f.^____z.___xix_xvx_____x-/:xxjune 23-
(COMMERCIAL
\> BRADSTREET,
IRON AGE
/
$559,700,000
264,700,000
•
172^00,000
juiie 16
'SYSTEM—1943-4J A VERAGS^I (M)xx_________x__j:
;
.
233,700,000
i-
'
Pennsylvania anthracite (tons)-.-.June-
.
.
21
OUTPUT
$478,000,000
213,300,000
175,100,000
21
Federal
•
$408,800,000
e©nsevucaon___x_..__v_x__^_x-_.:_:______x_-_;._.w JUne 21
Public
'
r<;
undelivered
:
.-'
Ago
5,824,000
193,521,000""
-28,149,000
.
590,332
>_/ June 16
cars
Month
gas
Year
Month
30,714,000
•
94,859,000
43,406,000
i
Previous
ASSOCIATION—
12,745,000
189,965,000
28,346,000
112,671:000
June 15
of that date:
2,315,000
13,521,000
"
GAS
Natural
8,224,000
15
(bbls,)'at_^_v»iV------w^----~f4'-"--r
For
1,978,000
7,068,510
8,526;000
r
are as
Latest
7,267,410
i
of quotations,
cases
Month
AMERICAN
Total
8,645,000
-
1,646,000
7,196,960
in
or,
».
68.0
''
7,267,660
_L—__x-june 15
at__V^i_-___-._t.u—June 15
(bbls.)
oil
;■
date,
Year-
June 15
at—x,.—:-
at
Distillate fuel oil
v
15
15
15
15
15
—-----——'——
gasoline
Residual
54.5
1,563,000
\
of
(bbls.
average
eacliU
"s Kerosene
/
Ago
53.5
June 23
—_
■*
Week
INSTITUTE:
(per cent capacity
June
Crude runs to stills—daily average (bbls.
June
'GasoTind output (bbls.)________x--_
June
•Kerosene output .(bbls.)_.„x_lxx_Z/___/_x__./_x_x_xZ-u-x/£- June
- Distillate fuel
oil output (bbls.)„__
1 x__.—_:—— June
Residual fuel oil output (bbls.)—:
June
btocks at refineries, bulk terminals, in transit, in pipe lines
-
.
Month
that
on
tc—
ingots and castings
AMERICAN
'•*
STEEL
AND
operations
Previous
cover production and other
figures for the
Dates shown in first column are either for the
month available.
or
Latest
AMERICAN IRON
27
3,835,266
;
'
1,847,051
2,145,014 "
92,011
f
92,415.
'
1,346,285
39,965
goods
Nondurable
goods
4,373
•
other sales-——._I_—June
"Customers'
.3,743,255
June
$201,400,479
1
Dollar value/^_
Round-lot
Number
;.
sales
of
shares—Total
(Short sales
.
Other
by. dealers—
FOR
Total
sales—
/•_/__^—__/___ June
ACCOUNT
dealers—Number of shares_x__
STOCK
SALES
ON
THE
r
1,341,912
$122,492,493
513,070
396,650
513~070
935,120
(
»
•
«
.
,
MEMBERS
N.
Y.
Total
June
•
.
-
•
Durable
goods
Nondurable
-
935~120
2,067,430
644" 180
:
644,390
.
;
goods
•
—June
I
Ls
/
manufacturing
(SHARES):
sales—
sales
sales
All
STOCK
Short sales
Other
t
332,070
644,180
NEW
*
-
earnings—
396(650
736,220
Hourly
$70,931,639
TRANSACTIONS
ROUND-LOT STOCK
OF
.'x June
1_
—x__:—
AND
round-lot
1,807,086
-
—.——.—_—.————/-Ljune
—
ROUND-LOT
EXCHANGE
2,052,599
,
sales
Rourd-lot purchases by
TOTAL
.
.
$129,435,325
WHOLESALE PRICES, NEW SERIES
LABOR—(1947-49=100):
•*
'
2,881,820.
*1,373,130
1,138,180
—
U.
S.
DEPT.
'
39,501,190
22,412,730
18,985,000
42,383,010
23,785,860
20,123,180
12,320,150
As
11,881,720
June
OF
-
YORK
438,430
June,
.____:—
—
of
STOCK
May
Member
firms
EXCHANGE—
(000's
31
omitted):
carrying
margin
accounts-
'
Total
'
customers'
net
debit
balances
'
Commodity Group—
.All
Farm
-
1
on
'*
Credit
..
i
;—
—
delivered
—
other
than
farm
100.2
100.1
100.2
June
95.5
95.3
and
foods-
June
100.2
*99.8
Cash
Total
99.6
95.9
94.3
100.7
100.7
100.9
on
of
Market
92.3
!___ June
tNumber of. orders not reported since in traduction. of Monthly Investment Plan. JPrime Western Zinc,
at centers where freight from East St. Louis exceeds one-half cent a pound,
a Not available.
basis
extended
to
35,000
customers
36,000
40,000
426,000
419,000
453,000
95.7
June
—:—x—
commodities
*Revised figure.
sold
*
foods—1——
Meats
All
"
June
products—
Processed
•
-
commodities-
*
Market
hand
and
in
U.
S
value
of
of
borrowings
listed
listed
shares
of U. S. Govt,
on
other
issues
collateral
1,110,000
1,453.000
109,436,597
110,426,853
326,781,550
bonds—
1,205,000
106,736,847
customers' free credit balances—
value
Member borrowings
Member
banks
in
357,770,892
358,862,078
384,000
2,963,000
511,000
3,171,000
424,000
2,680,000
The Commercial and Financial Chronicle
.
.
.
(3012)
28
Thursday, June 28, 1962
* INDICATES: ADDITIONS
*
»
SINCE
in
first
•
loans.
mortgage
large number of issues
by the SEC, it is becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
—
Because of the
capital.
—Shields & Co.,
Bache &
items reflect
but
are
not,
the underwriter
be considered as firm
the expectations of
in general, to
offering dates.
Ave., Monterey Park, Calif. Underwriter—Pacific Coast
Securities Co., San Francisco.
'
' - '
,
,
Steel Corp.,
S.
*
<,
^
KA
rolled strip steel. Proceeds
—For debt repayment, equipment, and working capital.
Office—126—02 Northern Blvd., Corona, N .Y;. Under¬
writer—Bernard L. Madoff, N. Y. Offering—In July.
ness—Sale of processed flat
80,000 common. Price—$2.50.
electronic test - instruments
and
component parts.
Proceeds—For new products,
debt repayment and other corporate purposes. Office—
2435 White Plains Rd., N. Y.
Underwriter—Paisley &
Co., Inc., 120 Broadway,
Y...
YY. t. ;•;
Accurate
Packaging Corp.
^
Bros. &
registration is being
?;■/-'-v.-''4"-;''"" '
" rYv;vv.;':#-
Co., Inc., N. Y. Note—This
withdrawn.
■■
Accurate
Parts
Inc.
-
v../,
.
•
fensperger, Hughes & Co.,
•
Admiral
Jan.
Automotive
11, 1962 filed
Indianapolis.
Office—20th Street and Allegheny Avenue, Phila¬
delphia, Pa. Underwriter — Clayton Securities Corp.,
Boston. Note—This offering has been postponed. Y
100,000 common. Price—$4. Business
automobile equipment ac¬
supplies. Proceeds
Underwriter—Baruqh Brothers & Co.,
holders
Inc.,:NYY/fY/''
,
Admiral Benbow
By
amendmenj;
and
a
and
motor hotel.
basis
Proceeds—For
&
Amerel
July
ether corporate purposes.
Underwriter—Fabrikant
:
Advance Mortgage Corp.
;
April 27, 1962 filed 200,000 common. Price—By amend¬
ment. Business—The making and servicing of real estate
equipment; and/other corporate pur¬
Office—Lawson Blvd., Oceanside, L. I:/N. Y. Un-'
Cardboard
&
<
.Packaging Corp.
:1Y. Y V ;/
^
N. Y., and Hallowell. Sulzberger. Jenks. Kirkland & Co.,
Philadelphia. Offering—Expected in August.' ;/••/'/ Yv/YY.'''
/
Fidelity Corp. , - ! ; . /
4, 1962 filed 500,000 common. Price—$11.
American
June
capital./
Co., Inc., N. Y. Offering—Postponed.
Alan-Randal
Oct.
Co., Inc.
'
("Reg. A") 120,000
27, 1961
'-LV
Price—$2.50.
Y
.
Business
—A small business investment company/ Proceeds—For
investment.
Office—423
E.
Market
St./ Indianapolis.
Underwriters—Reynolds &YCo., Inc.,: NY Y., and Cruttenden, Podesta & Miller, Chicago.
Y
<'*
-
-
<
Flag & Banner Co. of New Jersey.
./X.
May 1, 1962 filed 100,000 common. Price—$3.25. Busi¬
ness—Production of flags, banners and accessories.. Pro¬
ceeds—-For taxes, debt repayment and working capital.
Office—1000 Main Ave., Clifton, N. J.
Underwriter—
K-Pac Securities Corp., N. Y.
American
-
common.
Business—Distributor of pens and other
■
advertising ma¬
—
11608
Ventura Blvd./ Studio City, Calif. Underwriter—Pacific
Coast Securities Co., San Francisco, Calif. Offering—Im¬
minent.
.• Y
■ ■
- ■
;
terial.
Proceeds— For
;
,
Alaska
Nov.
working capital. Office
Pacific Lumber Co.
filed
17,' 1961
250,000
•
YOUR PRIME SOURCE FOR
common.
„//
X EW
Sons,
Baltimore.
;
filed 100,000
common..
:
ness—Manufacture of aluminum and fiberglass awnings
and aluminum combination storm-screen! windows and
Proceeds
For an acquisition, debt repayment
general corporate purposes. Office—5007 Lytle St.,
Pittsburgh, Pa. Underwriter—First Madison Corp., N. Y.
—
ALied Doll &
Feb.
SOLD
-
QUOTED
for Banks, Brokers, Institutions
Toy Corp.
27, 1962 filed 133,333
—Manufacture
and
sale
of
dolls.
V
Established 1942,
—
Theodore
repayment,
Direct Wire
circulation
American
Brae.
Los
Angeles.
Modular
Manufacturing Corp.
(7/10)
;Nov. 27, 1961 filed 200,000 common. Price—$2.50. Busi¬
ness—Manufacture of a type of component constructed
Proceeds—For
debt
repayment,
equipment, and
Office—4950 71st Ave., North, Pinellas
Underwriter—Equity Securities Co., N. Y."
working capital.
Park, Fla.
®
American
Mortgage Investors.,:,:/;.
amendment. 'Business—Publication
Feb.
.
was
Investors.
of
mass
Y. Note—This
formerly named American First Mortgage
Y YY
Y
:
/
Underwriter—Hayden,
company
catalogues (for department stores and mail
order firms), a semi-annual magazine and stamp collec¬
i
Bonnie
which plans to invest in first mortgages. Proceeds—For
investment. Office—305 S. County Rd
Palm Beach. Fla.
Graphic Arts, inc.
Price—By
HOLTON, HENDERSON & CO., Los Angeles
S.
California Investors, Los Angeles. Offer¬
—
expansion, sales promotion and working
Broadway, N. Y.
Underwriter—
Co., N. Y.
Mar. 27, 1962 filed 180,000 common, of which 60,000 will
be sold for the company and 120,000 for a stockholder.
to
^
8, 1962 filed 1,300^000 shares of beneficial interest.
Price—$15. Business — A newly-formed business trust
Office—1697
Allied
-
contract, and the development and pro¬
jingles for TV and radio. Proceeds—For debt
under
Reuben Rose &
TWX: N.Y. 1-5237
Office—660
capital.
home.
("Reg. A") 60,000 common. Price—$2.50.
Business—Music publishing, recording, selling and dis¬
tributing phonograph records; managing of recordings
capital.
Broadway, New York 6, N. Y.
ing
Underwriter
equip¬
Office —4116
11, 1962
duction of
Security Dealers Association
-
28, 1962 filed 200,000 common. Price—By amend(max. $6). Business—Operation of hospitals and medical
laboratories. Proceeds—For debt repayment and work¬
Price—$3. Business
advertising, and working capital.
First Ave., Brooklyn, N. Y. Underwriter
Arrin & Co., Inc., N. Y. Offering—In
July.
artists
Laboratories, Inc.;..
Feb.
Proceeds—For
Allied Entertainment Corp. of America, Inc.-
i&W d SIEGEL
American
ing—Indefinitely postponed.
common.
ment,
June
Y.
.
Price—$4.25.. Bus!-
Office—39
Underwriter—-Willard ;
" *",'
"
Y
and working capital.
Ave., Brooklyn, N.
Securities, Inc., N. Y.
Y.
and
-
repayment, expansion
—
doors.
BOUGHT
^ American Kosher Provisions, Inc.
:
:.
25, 1962 filed 130,000 common.. Price—$5; Business
Manufacture and sale of a variety of kosher and nonkosher meat and meat products; " Proceeds—For - debt
June
—
Norman
Allegheny Aluminum Industries, Inc.
Dec. 21. .1961
*■!
(7/2-6)
den; Podesta & Miller, Chicago.
.
&
Co.
$5)Y Business—Transportation, distribution and sale of
gas.
Proceeds—For debt repayment and expansion. Of¬
fice—546 S." 24th Ave:, Omaha.
Underwriter—Crutten-
Corp. (7/9-13) ;
March 23, 1962 filed 50,000 common. Price—By amend-ment
(max. .$6).
Business—Manufacture of specialty*
chemical products. Proceeds—For general corporate pur¬
poses. " Office—3440
Fairfield Rd., Baltimore.
Under¬
Garrett
Gas
26, 1962 filed 548,532 common to be .offered for
subscription by * stockholders on the basis of 3.6 new
shares for each share held. Price—By amendment (max.
Price — $5.75.
Business—A lumber company. Proceeds—For construc¬
tion and working capital. Office—614 Equitable Bldg.,.
Portland, Ore. Underwriter—Dempsey-Tegeler & Co.,
Inc., St. Louis. Note—This registration was temporarily
postponed.
/•/;.. •/; • ;
;
./ •/' //
•
writer—Robert
American
March
.
,
By amend¬
special in¬
Proceeds—For general corporate purposes.
Office—1101 W. Cambria St.yPhiladelphia. Underwriters
—Milton D. Blatlner & Co/ Inc., M. L. Lee & Co., Inc.,
Alcolac Chemical
DIgby 4-2370
—
fasteners. Y Proceeds—For
boards, etc.
Office—30 Garden St., New Rochelle. N. Y. Underwriter
•
^
.,
Adtek, Inc.
May 21, 1962 ("Reg. A") 100,000 common. Price—$1.15.
Business—A general advertising and technical publishing
service. Proceeds — For salaries, sales promotion and
working capital. Office—Statler Bldg., Park Sq., Boston.
Underwriter—Paisley & Co., Inc., 120 Broadway, N. Y.
Offering—Expected in late August.
39
.
,
Office—233 W. 42nd St., N. Y.
Corp., N. Y. Offer¬
Securities
ing—Expected in July.
Members of New York
and * missile
Jan. 5^ 1962 filed 150,000 common. Price—$3.50. Business
—Manufacture
and sale of cardboard boxes, display
.
and working
Y
*
common
Bolt & Screw
American
—
Proceeds—For expansion
Y>
Ltd./
400,000
repayment,
poses.
Kidder, Peabody & Get and Deann Witter
Co., N. Y. Offering—Indefinitely postponed.
' t
/'
—Fred F. Sessler &
American
debt
expansion. Office—150 E. 42nd St., New York. Un¬
flectors.
filed
Mfg/ Corp.!
Dec. 15, 1961 filed 150,000 common. Price
-•
of
debt repayment and equipment.
Office—29 /••■ Air-Tech Industries, Inc.
; ;/
Blvd., Memphis.
Underwriter—James N./ Mar.
23, 1962 ("Reg. A") 73,500 common. Price—.$3.
Reddoch & Co., Memphis.
Business—Manufacture ahd distribution of a variety of
Admiral Business Systems, Inc.
air-supported structures/ radar antennae, and solar re¬
Feb. 28, 1962 filed 70,000 common. Price—$3.
Business;
—Designs and produces printed business forms. Proceeds.
—For additional sales personnel, moving expenses and
Mining Co.
31,-1961
derwriter—S. D. Fuller & Go.v N. Y.'J,,H
Bellevue
_
homes/ and
contracting business. > Proceeds—"
purposes:-/ Off ice—St. Petersburg,
shares.' Price—50
is engaged in exploration,
development and mining. Proceeds—For* diamond drill¬
expansion,
S.
Price—$5; Business
Malloy, Inc./and Hensberry &
Co., St. Petersburg; J. Morton & Co., Inc./Sarasota, Fla.'
$100 of debentures for each 10
Price—By amendment. Business—Produc¬
held.
derwriters
Business—Operation of ~a
(max. $18).
of restaurants
shares
the
corporate
dustrial- aircraft
1987| to be offered for subscription by stock¬
on
common.
.
construct .special type
to
in the general
general
!
c. *'*»
Y./Y•/•
Inc.
Fla. Underwriters—B. C.
tion of oxygen, acetylene and other gases, welding tools
and 'related equipment. Proceeds—For debt repayment
Inn, Inc.
March 23, 1962 filed 101,578 common to be offered for
subscription by stockholders pn a l-for-5 basis. Price—
chain
due
tures
yp
13,-1961 filed- 80,000
engage
Co., Inc.,
Co., Inc., Philadelphia.
International,
-r-Company -plans
For
&
&
ment. Business—Manufacture of standard and
\
Air Reduction Co., Inc.*
'
April 27, 1962 filed $44,546,300 of conv. subord. deben-f
Forr expansion and
working cajbital. Office—3294 Steiiiwuy St., Astoria, N. Y4
and
-
A common.
Wholesaling and distributing of
,
*.
poses.
.
•—A warehouse distributor of
cessories
doors, and other aluminum products.
working capital, and other corporate pur-
Proceeds—For
\
ing, construction, exploration and general corporate ex¬
penses. -Office—80 Richmond St, W., Toronto.
Under¬
writer—E. A. Manning,-Ltd., Toronto / '*
f
f.V
aluminum
of
a
general real estate business with
development and home construction
cents. Business—The company
storm windows1 and
;
(7/9-13)
Inc.
Products,
Manufacture
Business
deben¬
subord.
conv.
Business—Company and*
par.
Electronics, Inc. (7/9-13)
28, 1962^ ("Reg.' A") 100,000 class
TL/AY Rieckfe
Nov.
-
By amendment.
land
on
A'umatron
Air Master Corp.
/' "
;
-■/*•/ Y
May 26, 1961 filed 180,000 common, of which 90,000 will
be sold for company and 90,000 for stockholders. Price—
•.•
filed 100,000 common. Price — By amend¬
ment (max. $13). Business — Rebuilding and sale of
starter drive devices for automobiles. Proceeds — For
selling stockholders. Office—1313 S. Jay St., Kokomo,
Ind. Underwriters—McDonnell & Co., N. Y. and RafMarch 30, 1962
Price—At
Alsco
March
and
Aerosystems Technology Corp.
•
'
;
! ;
April 11; 1962 filed 165,000 common. Price—$3* Business
—Development; manufacture and marketing of certain!,
proprietary products and defense contracting. Proceeds
—For new
products, " inventory and working capital.
Address—Route 15, Sparta, N. • J.
Underwriter—Chase
Securities Corp., N.-Y. 1
v
"
V-.
'
;
ment, advertising and other corporate purposes. Office
—651 Third St., Newark, N.'J.
Underwriter—Baruch
1977.
Philja^IgJaia^U^
—
28, 1962 filed 80,u00 common.Price—By amend¬
ment. (max. $3). Business—Design and manufacture of,
folding paperboard cartons. Proceeds—For debt repay¬
Properties, Inc.
1962 filed $5,000,000 of
PricjEU—,$3, Business —
eleciyg^^'parts, kits, components, etc. Proceeds — For
invente^'aud'working capital. Office—2520 N. Broad St./
Electronics, Inc.
18,Y1962 ("Reg. A") 92,000 common. Pricev-$3.25.
Business
Design and fabrication of instrumentation,
and ' telemetry
systems.
Proceeds—Equipment, inven¬
tory, and working capital.. Office—3181, Roswell-Rd,,N. E., Atlanta-/; Underwriter*-None. *■«*/? >
'
ic Aeroscience
Feb.
All-State
.
June
*••'•>-:
v:
,
workings
Underwriter—
Fla., Md., N. Y., and Ky. Proceeds—For repayment
of debt. Office—230 Park Ave., N. Y. UnderwritersBear, Stearns & Co., and Allen & Co., NY Y.
' • / \
Co., N. Y.
Instrument Co. Inc.
Accurate
April 24, 1962 ("Reg. A")
Business—Manufacture of
•
emphasis
expansion and working capital. Office—90 Gazza Blvd.,/;
Farmingdale, N. Y.
Underwriter—Robbins, Clark* &
_
N. -Y.
in
equipment, .debt repayment,
Proceeds—For
Ave.,
subsidiaries conduct
29, '1962
industries.
Fifth
Price—$3. Business
—insuring of buildings against fire, lightning and other
perils. Proceeds—For ^working capital.; Office—3882 N.<
Teutonia Ave., Milwaukee. Underwriter—None.
tures due
("Reg. A") 90,000 common. Price—$2.'
Business—Design, manufacture and sale of systems, con¬
trols and assemblies for the missile, rockets and aircraft
Busi¬
100,000 common. Price—$4.50.
March 29, 1962 filed
Jan/
,
_
it
Co., N. Y. Offering—Indefinitely postponed.
April 24,
Aerodyne Controls, Corp.
L.
A.
Office—551
' *;
All-Star Insurance Corp.>
Mar. 30, 1962 filed 1,000,000 common.
May 28, 1962 ("Reg. A") 100,000 common/ Price—$3.
Business—Application of electronic and air photography
developments in the field of geodetic surveying and re- '
gional mapping. Proceeds—For debt repayment, equip¬
ment
and
working capital./ Office—2412 S. Gai field
detailed
the accompanying
index and in
the
in
N. Y.
Aerial Control Geotronics
awaiting processing
ISSUE
REVISED
tors' books. Proceeds—For debt repayment and
Proceeds—For debt repayment.
Bldg., Detroit. Underwriter
Office—First National Bank
NOTE
PREVIOUS
ITEMS
Stone
&
Co.,~N.
.
,
Options Corp.
April 11, 1962 ("Reg. A") 60,000 common. Price—$5.
Business—Company plans to sell "puts and, calls" and
may act as a broker-dealer.* Proceeds—For general cor-k
-American
I
Volume
Number 6172
195-
Chronicle
The Commercial and Financial
,
.
.
(3013)
29
*
Phoenix
American
Corp.
and
ment
porate purposes.- Office—120 Broadway, N. Y.*. Under-,
writer—Provost! Securities,; Ir?c., N. Y. ,
...
forking capital.. Office
/„
5950 W. Toughy
Underwriter—Freehling,
Chicago.
Co., Chicago.
Ave.,
*
Meyerhoff : &-
class A shares.
24, 1962 filed 315,000
Price—$10.
American
March
Plan-Corp.
-
filed. $2,480,000 of convertible deben-'
248,000 common shares (of which
218,000 will be sold for the company and 30,000 for
stockholders). The securities will be offered in units of
tures
30,; 1962
1982
due
and
$10 debenture and one share/Price—By amendment
one
be
Avis, Inc.
22, 1962 filed $1,497,300 of subordinated convertible
offered
for
units
in
sale
of
one
the aircraft and missile industries, etc. Pro¬
debt repayment and the purchase of additional equipment.
Office — 32 Industrial Ave., Little
Ferry, N. J. Underwriter—Gianis & Co., Inc., N. Y.
■
parts for
ceeds—For
.
Artlin
(max. $22.50 per unit). Business—Production and serv¬
icing of physical damage insurance on automobiles,
trucks and mobile homes. Proceeds—To purchase Ameri-.*
Mills, Inc.
Sept. 28, 1961 tiled 135,000 class A common shares, Price
—$5.
Business—The purchase, conversion, decoration,
Fidelity Fire Insurance Co. Office—American Plan^
gift packaging and distribution of terrycloth towels and
cotton pillow cases. Proceeds—For inventory, repayment
of loans and working capital.
Office—1030 Pearl St.,
Long Branch, N. J.
Underwriter—Mortimer B„ Burn-
can
N. Y. Underwriter—Bear,
Westbury,
Bldg.,
"
Co.,N:Y.
American
,,
Stearns
.
..
.
1
Inc.
Co.,
Table
Safety
.
May 23, 1962 filed $100,000 common. Price—By amend¬
ment
(max. $7).
Business—Design, manufacture and
marketing of equipment used in the sewing industry.
Proceeds—For expansion, debt repayment and working
Rose &
Feb. 12,
,
St., N. Y. Underwriter—Dana Securities Co., Inc., 80
St., N. Y. Note—This offering has been temporarily
postponed.
'.V
V '
<' !
Price—$11.
Busi¬
Ascot Textile
Pierce
Feb.
Co., N. Y. and Rauscher,
Life
States
American
Office—335
tal.
Insurance Co.
public. Price—$4.25 ($4.50, to the public), Business—
Writing of ordinary and group life insurance. Proceeds
general corporate purposes/Office—532 N. Meri¬
City Securities
-.yV: y'vV'
Ames Department Stores, Inc.
April 27, 1962 filed 100,000 common. Price—By amend-,
ment
(max. $5).- Business—Operation of self-service
discount department stores. Proceeds—For debt repay¬
ment, expansion and .working capital. Office—Mill St.,
Southbridge, .Mass. Underwriter—Kahn & Peck, Cohn
Underwriters—Prescott
Underwriter
Indianapolis.
Corp., Indianapolis.
"
o,
.WUV
*
& Co.,
,.
Atlantic
stockholders.
"
,
Industries
Anchor
Corp.
•%
•
.
-
•
Apache Corp,
1962 filed $3,750,000 of participating units in
Canadian Gas & Oil Program 1962.
Price—
$7,500 per unit. Proceeds—Exploration and drilling for
oil and gas in Canada. Office—523 Marquette Ave., Min¬
neapolis.
Underwriters—The company and APA, Inc.,
Minneapolis (a subsidiary).
Proceeds—For equipment,
Paul, Minn.
•
1962 filed 100,000 common, of which 80,000
by the company and 20,000 by stockhold¬
ers. Price—By amendment
(max. $8.50). Business—Re¬
search, development and engineering under defense con¬
tracts. Proceeds—Repayment of bank loans, equipment,
plant expansion and working capital. Office—Paramus,
N. J. Underwriter—McDonnell & Co:, N.-Y.' ;5
v 1 v*"s<
" *
30,
Farms
of 6%
shares
of
common
holders
$3
shares to
of
the
be
respective
for each
new
share
par;
for stock, by
subord. de¬
units; also 49,993
10
held.
on
the
basis
of
Proceeds—For
debt
Business—Manufacture,
products.
Office—1900 W. SlauUnderwriter—None. ' -
investment.
" ?
■
1
(7/2-6)
cabinet hardware.
Inc.
Proceeds—For debt repayment; equip¬
acquisition and working capital. Office—330
Chancellor Ave., Newark, N. J. Underwriter—Seymour
Blauner Co., N. Y. Offering—Expected sometime in July.
and
purposes.
ment;
Proceeds—
000
2, 1962 ("Reg. A") 100,000 common. Price — $3*
Business—Importation, sale and distribution of Italian
cosmetics. Proceeds -^--For- advertising, inventory and
working capital. Office—114 W. 13th
writer—Granite Securities, Inc., N. Y.
>
ceeds—For
a
("Reg. A") 70,000 common. Price—$2,625.
Business—Design, manufacture and installation of photo¬
graphic processing and control equipment.
Proceeds —
advertising, expansion and equipment.
Office—9821
Foster Ave., Brooklyn, N. Y. Underwriter—Amber. Bur-
processes.
for
Office—3601
stein & Co., Inc., N. Y.
withdrawn.
•
-
St., N. Y.
to
Argus Inc.
May 29, 1962 filed $4,000,000 of 6% convertible subordi¬
nated debentures due 1972. Price—By amendment.- Busi-r
•
ness—Manufacture
Merchandising, * Inc.
*•May 24, 1962 filed 225,000 common, of which 125,000 are
and. distribution
of
amateur
by company and 100,000 by stockholders.
amendment,.(max.. $6). Business—Company
offered
Price—By
operates, owns,-services and leases coin-operated auto-.
-
matic,' vending
motion.,
picture and still equipment.-Proceeds—For debt-repay¬
be
>
-
California,
Inc.
-
>
•
27,
fice—1621
San Pedro
S.
—Adams & Co.,
Underwriter—None.
Automatic
Note—This registration is being
...
1961 ("Reg. A") 85.000 common.
Price—$3.
Business — Manufacture of handbags and related items.
Proceeds—For debt repayment and working capital. Of¬
.
Fi-;,
/
of
Berne
Oct.
photocopy machine and supplies. Pro¬
expansion, and working capital
36th
line*
^
equipment,
Office—153 W.
Office—1118 Torrey
Pines Road, La Jolla, Calif. Dealer-Manager-^Argus
nancial Sales Corp. (same address).
St., N. Y. Under¬
March 7, 1962
Price—By amendment. Business—Sale and
distribution of
Inc.
Cosmetics,
Bene
1, 1961 filed 150.000 class A shares, of which 125,are
to be offered by the company and 25.000 by
stockholders.
an
March
Automatic Marker Photo Corp.
Dec.
salons.
beauty
filed 50,000 common. Price—$4. Busines*
manufacture and installation of electrical,
machinery
Co., Inc.
• Beauty Industries, Inc.
April 19, 1962 ("Reg. A") 99,990 common. Price—$3.
Business—Ownership, operation
and franchising of
' \
•.
(John J.)
plant expansion, equipment and work¬
Office—367 Main St., Wareham, Mass. Un¬
Co., Inc., N. Y. Offering
—Expected sometime in August.
Proceeds—For general
Merrick Rd., Seaford
N. Y.
Underwriter — S. Schramm & Co., Inc., N. Y,
Offering—Expected sometime in July.
plans to participate in the long-term progress of
Proceeds—For
1
1961 filed 160,000 common. Price—By amend¬
Business—Development of products and tech¬
ing capital.
1961
corporate
savings and loan associations, and allied financial busi¬
nesses.
28,
trial
Argus Financial Fund, Inc.
Feb. 12, 1962 filed 800,000 capital shares to be offered in
exchange for certain securities acceptable to the Fund.
Price—Net asset value (expected at $12.50 per share).
Business—A diversified open-end investment company
which
;
.
,
derwriter—Baruch Brothers &
pneumatic, hydraulic and mechanical systems, controls
and devices to control and automatically operate indus¬
repayment.
Ave., Los Angeles.
'
1
promotion. Office—51 E. 42nd St., N. Y. Under¬
Proceeds—For
to be offered by company
—Design,
purchase and sale of ice cream and other dairy
son
•
(7/30-8/3)
Inc.
May 28, 1962 filed 150,000 common. Price—$5. Business
—Company plans to process and can cranberries, and dis¬
tribute frozen cranberries and canned cranberry sauce.
plant
Dec.
one
Price—For debentures, at
amendment.
-
200^M i$mmon. Trice—By amend¬
,
28, 1962 filed
are
Automatic Controls,
preferred
classes
t,
Lt.,
N. Y.
Corp.
19% filed
Beaton
expansion, equipment, debt repayment and
working capital.
Office—South Main St., Union, 111.
Underwriters—Pierce, Carrison, Wulbern, Inc., Jackson¬
ville, Fla. and A. M. Kidder & Co., Inc., N. Y.
For
stock and 205,105
offered for subscription by stock¬
cumulative
TJ
exhaust fans and kitchen
•
conv.
bentures due 1990 to be offered in $100
'
Pro¬
38th
niques for use in the fields of oceanography, meteor¬
ology, seismology and ionospheric phenomena. Proceed»
—For product development and working capital. Office
—43 Leon St., Boston. Underwriter—To be named. Of¬
fering—Indefinitely postponed.
140,004 common, of which 100,000
and 40,004 by stock¬
holders.
Price—By amendment (max. $7). Business—
Design, manufacture and sale of kitchen range hoods,
shares
Co.
1962 filed $6,000,000
"V
Aubrey Manufacturing, Inc.
March
'
Arden
ment.
inventories and work¬
:
'
•
to be sold
May 23,
Oct. 27,
EDST)
capital.
Office—668 Jenks Ave., St. Paul, Minn.
Underwriter—Pewters, Donnelly & Jansen, Inc., St.
'
i
a.m.
ing
-
Co.,
E.
Bay State Electronics Corp.
Detroit. *Offering-^In mid-August.
Inc.
-
and sales
Atmosphere Control, Inc.
May 28, 1962 ("Reg. A") 200,000 common. Price—$1.50.
Business—Manufacture and sale of Misti-Cone humidi¬
fiers.
&
writer—Globus, Inc., N. Y.
filed 600,000 common. Price—By amend¬
$6). Business—A holding company. Primarily
concerns.
Proceeds — For acquisitions.
Office—8469 E. Jefferson Ave., Detroit. Underwriter—
Apache
Office—224
.
30,, 1962 filed 100,000 common. Price — $7.50.
Business—Research and development in ultra high pres¬
sure technology and the design and sale
of ultra high
pressure equipment. Proceeds—For inventories, research,
insurance
Co.,
Underwriter—Gianis
Barogenics,
March 30, 1962
F. J. Winckler
capital.
March
ment (max.
for
Y.
.working
.
Mid-Continent Corp.
Atlantic
Price—$4.
(approx. $12),. Business—Merchandising of home,
commercial,and institutional furnishings., PrOceedsi—For
expansion and debt repaynient. Office—818 W. Seventh
St., Los Angeles. Underwriter—Wiliiam R. Staats & Co.,
Los Angeles. Offering—Postponed.
"
-'"t-A
Bids—Expected'July 18 (11
(jointly).
i
(7/9-13)
50,uuu common.
ment
Irving Trust Co., One Wall St., N. Y. Information
Meeting,—July 16 (11 a.m. EDST) at same.address.
March 21,
>
„
-r
A")
("Reg.
Barker Bros.
at
products
for
the
electronics industry.
Proceeds—For debt repayment, equipment, advertising
and working capital. Office—107 Trumbull St., Elizabeth,
N. J. Underwriter—Edward H. Stern & Co., Inc., N. Y,
'
1961
1,
Inc.
Business—Aeronautical research and development.
Underwriters—(Competitive).
Probable
Co. Inc.;, White, Weld & Co.& Co.
(jointly); Lee Higginson Corp.; Kuhn,
Co.-American Securities Corp.-Wood," Struthers
&
& Co.
of
s
Barish Associates,
City.
Shileds
Angler Industries, Inc.
1962 ("Reg. A") 120,000 common. Price—$2.50.
Business—Manufacture of electronic hardware, and the
'
American Israel Investment Co.. Tnc
bidders: Halsey, Stuart &
June 15,
,
—
A mortgage lending company.
general corporate purposes. Address—108
Achad Haam St., Tel-Aviv, Israel. Underwriter—Adanim
Proceeds—For
8, 1962 filed ^$15,000,000 vof first mortgage bonds
due July 1, 1992.
Proceeds—Foiv- prepayment of bank
loans and construction.. Office—1600 Pacific Ave., At¬
tion, and working capital. Office—26 Essex St., Hackensack, N. J. Underwriter—Amber. Bur«?tein & Co.. Tnc..
New York. Note—This registration is being withdrawn.
March
v
Business
amendment.
Pro- /
100 Medway St., Provi¬
—
& Loan Ltd.
$556,000 of 6% cumulative preference
participating dollar-linked shares. Price—By
dividend
June
Loeb
Arde
"Adanim" Mortgages
Bank
Dec. 29, 1961 filed
ceeds—For
Atlantic City Electric Coin(7/18)
lantic
are
White, Weld & Co.-First Boston Corp. (jointly); HarriRipley & Co., Inc.-Alex. Brown & Sons (jointly).
man
.
Underwriter—None.
dence.
Dillon, Union Securities, &
★ Baltimore Gas & Electric Co.
22, 1962 filed $25,000,000 of first refunding mort¬
gage sinking fund bonds, due 1992.
Proceeds—For debt
repayment and construction. Office — Lexington and
Liberty Sts., Baltimore, Md. Underwriters—(Competi¬
tive)
Probable bidders: Halsey, Stuart & Co. Inc.;
Bowling Corp.
working capital. Office
and
Offering—'
June
March 15,
Nov. 24, 1961 filed 38,500 common. Price—$8. Business
—Design and fabrication of precision sheet metal prod¬
ucts.
Proceeds—For machinery research, sales promo¬
assembly
;
Francisco.
Corp.
Underwriter—Eastman
Sept.
.
Office
Co., N. Y.
N.
;
Underwriter—None.
•
Rico.
Robbins
T.
new
35,000 common., Price—$50. Bus'-,
ness—Distilling and bottling of "Bacardi" rum. Proceed
—For a selling stockholder. Address—San Juan, Pue *to
rights for each share held). Price—At par. Business—
Operation of bowling centers in Rhode Island and Mas¬
sachusetts. Proceeds — For debt repayment, expansion,
ampoules., Broce?^?tt-F9rri.?^hing
Office—34 N. • Main St., Hudson, Ohio.
hypodermic
:
William
and
$100
1962 filed
8,
by common stockholders at the rate of $100 of deben¬
tures for each 200 rights acquired (on the basis of three
Inc.
'
;•
March 28, 1962 filed 5,900 common. Price—At-the-market.
Business—Design and development of sterile dis¬
•
Bacardi
June 18, 1962 filed $810,000 of 6% subordinated convert¬
ible debentures due 1972 to be offered for subscription
Ampoules,
posable
&<Co.
of
one
and
relocation, and working capital.
Irvington St., Boston. Underwriter—None.
Coast Securities Co., San
Expected sometime in July.
debt
repayment, equipment and working
Office—Wilson Mills' Rd., Chesterland, Ohio.
Inc., Cleveland.
(
'■ ,.*»•
.
•
.f.< J. * l.v
V
ivr
pn
—
held
Price—For debentures,
Pacific
ceeds—For
capital.
—For
St.,
electronic devices.
and
basis
Proceeds—For debt repayment and working capital. Of¬
fice—32550 Pulaski Dr., Hayward, Calif. Underwriter—
Assembly Products, Inc. (7/2-6)
1962 filed $1,250,000 of 5V2% conv. subord. de¬
due 1972.
Price—At par. Business—Manufac¬
electromechanical
shares
100
the
on
Babs, Inc.
bentures
of
each
to be offered
common
Nov. 27, 1961 filed 150,000 common. Price—$4. Business
—Sale of dairy products, through "Dairy Drive-ins"
March 29,
ture
499,101
construction and
—18
!
Offering—Temporarily postponed.
named.
22, 1962 filed 300,000 common being offered to
stockholders, and those of parent, American States Insur¬
ance Co. of record June 2, with rights to expire July 5,
1962. The remaining shares will then be offered to the
March
for
and
stockholders
at par; for common, $5. Business—Rental and leasing of
automobiles and trucks. Proceeds—For debt repayment,
Underwriter—To be
W. 35th St.. N. Y.
debentures
by
share for each three shares held.
ceeds—For
poned.
dian
of
interfacings used in the manufacture of clothing. Pro-/
expansion, debt repayment and working capi¬
Co., Inc., Dallas. Offering—Temporarily post¬
&
Corp.
23, 1962 filed 100,000 common. Price—By amend¬
(max. $7.50). Business—Converter of linings and
ment.
1972
subscription
March
Wall
Proceeds—For
Office—800 Hartford Bldg., Dallas. Under¬
writers—Kidder, Peabody &
y
,
Publishing Co., Inc.
29, 1962 ("Reg. A") 103,000 common.
Price—$2.
Business—Publishing of a bowling magazine. Proceeds
—For general corporate purposes.
Office—14 W. 55th
ness—A real estate investment company.
investment.
V.
.
Ascot
.
1962 filed 1,000,000 common.
Inc., N. Y.
Jan.
Trust
Realty
Southwest
American
Underwriter—Reuben
.'
'.
Pa.
Address—Mohnton,
Co., Inc., N. Y.
capital.
side & Co.,
due
debentures
for
$500
debenture and 30 warrants.
Price — By amendment..
Business—Manufacture of hydraulic system devices and
to
Underwriter—A. C.
.
June
-
warrants
Interamerica Securities Corp., N. Y.
•
Arnav
>.
N. Willow Ave., Tampa.
Allyn & Co., Chicago/
" "
*
.
Industries,.. Inc..*(8/6-10)
Business—-General real estate. Proceeds—For corporate., Dec. 29, 1961, filed $600,000 of 6% convertible subordi¬
nated debentures and 36,000 common - stock / purchase
purposes.* Off ice—320 Park Ave., N. Y.
Underwriter—
Jan.
fice—217
■
Foundations,
Besfform
Feb.
are
St., Los Angeles.
23,"; 1962
Underwriter
Los Angeles.
filed
185,000
Inc.
common,
of -which 3&;500
and 148.500 by stock¬
(max. $20). Business-
to be offered by the company
holders.
Design
Price—By
amendment
manufacture
and
of popular priced foundation
•garments. Proceeds—For working
capital. Office—38-01
machines. -.Proceeds—For. debt ^repay-
ment, inventories, equipment and working capital.
jOf-
...
.
.
.
...
-
Continued
on page
30
iWMfl wrtirAtftttw y
The-Commercial and Financial Chronicle
Continued from page 29
Co., N. Y.
;
.
"
-
porarily postponed.
Price—$3.
May 29, 1962 ("Reg. A") 100,000 common.
Business—Furnishing of market research and
gages, land contracts, etc/
Office—44 E. Indian School
consulting
services. ' Proceeds—For working capital and general
corporate purposes. Office—95 Madison Ave., N. Y. Un¬
derwriters—Kenneth Kass and J. J. Krieger &
York.
New
Mar.
26,
pending this issue.
for 16
contracting
Tenn.
Cohon
& Co.,
porate
business.
purposes.
Business—Manufacture of automotive parts,
certain aluminum products. Proceeds—debt repayment, working capital and purchase of
leased office and plant.
Office-—19001 Glendale Ave.,
Detroit. Underwriter—Watling, Lerchen & Co., Detroit.
and
For
Instruments, Inc.
Brinkmann
100,000 ^Common-, of which 77,420
by the company apd 22,580
shares by stockholder?. Price—By amendment
(inax.
$7.75). Business—Importing and distribution of scien¬
tific instruments. Proceeds—For research and develop¬
Mar.
filed
26,,1962
shares
*
to
are
offered
be
:
.
around
sewage
Cedar
Cemeteries
of America, Inc.
filed $500,000 of 7% conv. subord. deben¬
tures due 1974 to be offered by the company and 65,000
common shares by stockholders.
The securities will be
-offered in units consisting of $100 of debentures and 13
shares.
Price—$178 per unit.
Business—Operation of
five cemeteries in Kansas.
Proceeds—For construction'
'> of
mausoleums
and
working
capital.
Office—3096
Hutchings St., Kansas City, Kan. Underwriter—Bernard
M. Kahn & Co., Inc., N. Y.
Centco
Offering—Sometime in August.
ir Cable Carriers, Inc.
filed 1,015,564 capital shares to be offered
subscription by stockholders on the basis of four new
shares for each share held on Feb. 14, 1962. Price—25
cents. Business—Manufacture and sale of overhead trol¬
June 22, 1962
for
conveyers,
head
tow
Office
—
vertical tray lift systems, floor and over¬
etc. Proceeds:—For working capital.
svstems,
Kirk
Blvd., Greenville, S.
C. Underwriter—
None.
Caldwell
Publishing Corp.
13, 1962 filed 100,000 common. Price—$3.50. Busi¬
ness—Company plans to publish classics. Proceeds—For
June
general corporate purposes. Office—339 W. 51st St., N. Y.
Underwriter—S. B. Cantor
Co., N. Y.
Calvert
Electronics, Inc.
March 30, 1962 filed 80,000 common, of which 40,000
are to be offered by
company and 40,000 by stockhold¬
ers.
Price—By amendment (max. $5). Business—Sale
and
distribution
tory,
working
Office—220E.
Rosen
electronic
of
capital
23rd
St.,
tubes.
other
and
N.
Y.
Proceeds—Inven¬
corporate
purposes.
Underwriter—Philips,
& Appel, N. Y.
Cambridge
Fund
of California,
Inc.
Sept. 28, 1961 filed 280,000 common. Price—By amend¬
ment. Business—General real estate. Proceeds—Debt
re¬
payment and working capital. Office—324 E. Bixby Rd.,
Long Beach, Calif. Underwriter—To be named.
Cameo
Lingerie, Inc.
Price—$5.
children's
ment,
Business—Manufactuer of women's and
tailored
panties.
inventory and
Proceeds—For
working capital.
Puerto Rico. Underwriter
—
debentures
due
1970- and
debt
repay¬
Office—Faiardo.
Schweickart
Canale Chemical Corp.
June 12, 1962 filed $250,000 of 6%
nated
&
Co., N. Y.
convertible subordi¬
warrants
to
purchase
25,000 common shares, to be offered in units of one $100
debenture and 10 warrants to purchase one share. Price
—$100 per unit. Business — Manufacture of industrial
chemipals for sale primarily to the graphic arts indus¬
try. Proceeds—For plant expansion, inventory, sales pro*
Underwriter—R. A. Holman & Co.,
".///'Z.
-/.
;
;
Industries
for aircraft, mis¬
capital.
Office—3184 West 32nd St, Cleveland/ Underwriter—
Robert L. Ferman & Co., Miamij Fla. ./
/
/*
'V
siles and naval vessels./Proceeds—For working
,
(V Clyde Packing Co., Inc.
;
^
.•
>
June
15, 1962 ("Reg. A") 6,000 common.
Price—$25.
Business—Care and slaughter of livestock and boning
and
•
Credit Co.,
Coburn
Address—
'/•/'
J
Inc.
April 27, 1962 filed $5*000,000 of conv. .subord deben¬
tures, due 1982.-' Price—By /amendment..^ Business-rA
consumer sales finance' company/ Proceeds—For work¬
purposes.! Office—53
Y. Underwriter—
Brand, Grumet & Seigel, Inc., N. Y. Note—This regis¬
ing capital and general -corporate
N.
Corp.
Park
Rockville
Ave.,
Centre.
tration is being withdrawn.
■
N
-•
/
/..
.
•
i
/. > s '•« * .^v
f
March 16, 1962 ("Reg. A") 155,000 common. Price—$1.
Business—Composition, publication ^and distribution, of
study manuals for examination preparation. Proceeds—
For equipment, expansiorr and other corporate purposes.
Office—142 Livingston St., Brooklyn. N. Y.. Underwriter
College Publishing Corp.
>
St.y Whitestone; N. Y. Underwriter—Arnold Malkan &
Co., Inc., N. Y. Offering—Expected in late August.
Center Star Qold
Mines,'Inc.
1,200,000 common. Price—25
Business—For exploration, development and pro- •
—James
April 10, 1962 ("Reg. A")
u
products./. Proceeds—For/ debt
meat
Underwriter—None./ / •"
Angola, Ind.
line of casting,
cents.
processing of
repayment, equipment and working capital.
Co., N, Y. Offering—In mid-July.
Colonial
Board Co.
'
.
./
/
/
-
March 28, 1962 filed 164,000 common, of which 115,000
deposits. Proceeds—For mining ex¬
arq to be offered hy the company and 49,000 by/stockAddress—Box 469, Wallace, Idaho. Underwrit-,
"holders. Price—By amendment, (max.■ $1-5L. Business—
ers—Pennaluna & Co. and Standard Securities, Inc.,
Manufacture of shoeboard. and boxhoard. Proceeds—For
Spokane, Wash.
expansion, equipment and debt repayment.. Office—615
Central Acceptance Corp. of Delaware
Parker St., Manchester, Conn. Underwriter—Putnam &
Nov. 29, 1961 filed 150,000 class A common. Price—$5
Co., Hartford, Conn. - ■ /
*
*
*
Business—A sales finance company. Proceeds—For ex¬
• Columbia Bancorporation
pansion. Office—526 North Ave. East, Westfield, N. J.
Feb. 23,1962 filed $30,000,000 of convertible subordinated
Underwriter—To be named.
debentures due 1987 and 1,500,000 common to be offered
Central Investment & Mortgage Co,
in units of one $20 debenture and one share. Price—By
Jan. 26,
amendment. Business—A bank holding company receritly
1962 filed 60,000 common, of which 50,000
are to be. offered by the company and
formed
to
10,000 by stock¬
acquire stock of First Western Bank &
holders; also $1,200,000 of 6%% convertible subordinated
Trust Co., Los Angeles. Proceeds-—For acquisition • of
debentures due 1974. Price—For stock: $5; for deben¬
First Western stock, and working capital. Office—1000
tures: at par. Business—Company was formed to .hold
Vermont Ave., N. W., Washington, D. C. Underwriters—
the stocks of a mortgage company, an insurance agency
Bear, Stearns & Co., and Allen & Co., N. Y.
and a real estate development company. Proceeds—For
ir Columbia Gas System, Inc. (8/1)
debt repayment and working capital, Office—44 Forsyth
June 22, 1962 filed $20,000,000 of debentures due 1987.
St.,'N. W., Atlanta, Ga. Underwriters—Joseph Walker &
Proceeds—To refund $17,560,000 of outstanding 5.V2%
Sons, N. Y. and Clark, Landstreet & Kirkpatrick, Inc.,
series H debentures, due June
1, 1982, and increase
Nashville, Tenn. Note — This company formerly was
working capital. Office—120 E. 41st St., N. Y.—Under¬
named Continental Investment & Mortgage Co.
writers—(Competitive) Probable bidders; Merrill Lynch,
Century Food Processors, Inc.,
Pierce,
Fenner
&
Smith Inc.-White, Weld- & Co.
May 28, 1962 filed 200,000 class A, of which 165,000 are
(jointly); Morgan Stanley & Co.; Halsey, Stuart & Co.
duction of mineral
penses.
to be offered by company and 35,000 by stockholders.
Price—By amendment (max. $3). Business—Manufacture
of animal and vegetable shortening products. Proceeds—
For equipment and working capital. Office—3001 Michi¬
gan Ave., Detroit. Underwriter—Charles Plohn & Co.,
Columbia Realty Trust
June
18, 1962 filed 420,000 class A shares of beneficial
estate investment
interest. Price—$10. Business—A real
company.
New York.
Century Real
Bids—Expected Aug. 1, 1962.
Inc.
Proceeds—For debt repayment and investment.
K St., N. W., Washington. D. C.
Under¬
Office—1415
writer
Estate Investment Trust
1962 filed 200,000 shares of beneficial interest.
Price—$10. Business — A real estate investment trust.
Chestnut Hill
Industries, Inc.
29, 1961 filed 300,000 class A common, of which
225,000 are to be offered by the company and 75,000 by
stockholders. Price—$7.50. Business—Design and manu¬
pany
acts
Inc.,
(same
also is engaged in the consumer loan business and
an insurance agent or broker in connection there¬
Proceeds—For debt repayment. Office—66 Pryor
St., N. E., Atlanta. Underwriters—F. S. Moseley & Co.,
Courts & Co., Atlanta.
Boston and
Applications Inc.
filed 87,000 common. Price—By amend¬
(max. $5). Business—Furnishing of services re¬
Computer
Securities
March 23, 1962
Corp., Boston, Mass. Offering—Expected in September.
ment
Child Guidance Toys,
Inc.
May 23, 1962 filed 100,000 common, of which 70,000
are to be offered
"by company and 30,000 by stockholders.
Price—By amendment (max. $12.50)v Business—Design,
Securities,
as
with.
facture of women's, misses' and junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley
Clavton
Bernstein
May 16, 1962 filed 150,000 common. Price —"By amend¬
ment (max. $13). Business—Acquisition or administra¬
tion of mortgage loans for institutional investors. Com¬
Nov.
—-
Norman
Commercial Trust Co.
E. 21st St., Tulsa, Okla. Underwriter—DeWitt, Herndon & Co., 720 Enterprise Bldg., Tulsa.
St., Hollywood. Fla. Underwriter
—'
address).
June 4,
Office—2651
(7/9-13)
Feb. 12, 1962 filed 200,000 common, of which 120,000 are
to be offered by the company and 80,000 by stockhold¬
ers.
St., NV Y.
and components, and replacement parts
laminating and embossing machinery.
Proceedsr—For new products, debt repayment, inven¬
tories and working capital. * Office—11-17 Clintonville
a
(Michael)
—
ley
capital,
working
Cinerama, - Inc./
Zv"* ,Zr "
'
'•'
<•, *
June 1, 1962 filed 50,000 common.
Price—By amend¬
ment
(max. $20)." Business—Production, .distribution
and exhibition of wide angle motion pictures. Proceeds
ness—Manufacture of
Distributors, Inc. (8/20-24)
March 29, 1962 filed 100,000 common. Price—$5. Busi¬
ness
Operation of self-service discount department
stores. Proceeds—To retire outstanding debentures, and
for working capital. Office—1101 Albany Ave., Hartford,
Conn. Underwriter—Gianis & Co., Inc., N. Y.
*•}
40 E. 49th
inc., n. y.
April 30, 1962 filed 120,000 common. Price—$5. Busi¬
plastic and rubber film laminates,
Underwriter—D.
Buddy L. Corp.
April 2, 1962 filed 225,000 common. Price—By amend¬
ment (max. $10). Business — Design, manufacture and
sale of various type toys. Proceeds—For a proppsed ac¬
quisition of another toy company. Office—200 Fifth Ave.,
N. Y. Underwriter—Milton D. Blauner & Co., Inc., N. Y.
Cedar Lake, Ind. Proceeds — To construct a *
disposal system. Address — R.R. N. 3, Box 28,;
Lake, Ind. Underwriter—None.
March 27, 1962
purposes.
Bruce
" expenses,
facture of electrical, electronic and mechanical systems
20, 1962 filed 9,964 common. Price—$100. BusinessCompany plans to qualify as a public utility and
furnish water and: sewage disposal
services in - and;
—
equipment, debt repayment and other corporate
Office—115 Cutter Mill Rd-, Great Neck, NL Y.
B. Marron & Co.f N. Y. '
ment,
;
March
(max. $9).
nuts
.
Cedar Lake Public Service Corp.
N. Y.
Engineering Co.
.May 11, 1962 filed $400,000 of 6YZ% s. f. subord. deben¬
tures due 1974; also 109,990 common, of which 100,000
will be sold by the company and 9,990 by stockholders.
Price—For debentures, at par; for stock, by amendment
Braun
lock
'
v",
production
repayment and other corporate purposes/ Office—■
—For selling stockholders. Office—575 Lexington Ave.,
May 25, 1962 ("Reg. A") 100,000 class A common. Price / N. Y. Underwriter—To- be named. /*-•/Z
^' •
j J
—$1.25. Business—Merchandising of coupons by vendingClark Cable Corp.,/ /:
' /'*
machines located in supermarkets. Proceeds—For work-'*
April 30, 1962 filed $787,500 of 6Yi% convl subord. de¬
in'g capital and other corporate purposes. Office — 682
bentures due 1972 to be offered for subscription'by comMain St., Stamford, Conn, Underwriter—Foundation Se¬
/mon stockholders on the basis of $150 of debentures ;for
curities, Inc., N. Y.
,each 100 shares held. Price—At par. Business—Manu¬
deben¬
holding
subsidiaries in the real estate and gen¬
JPrQceeds—For general cor¬
Office—2600 Popular Ave., Memphis,
Underwriters—Lieberbaum & Co., and Morris
eral
For investment.
Proceeds—For
debt
Cash-O-Matic Coupon Corp.
filed $2,000,000 of conv. subord.
1977. Price —At par. Business — A
company
—
—
Co., Inc.,
Inc.
Industries,
1962
due
tures
Proceeds
Rd., Scottsdale, Ariz. Under¬
writer
Pacific Underwriters, Inc., Scottsdale, Ariz.
Note—The SEC has issued an order temporarily sus¬
,
Bloomfield
—Production of motion picture and television programs.
\
Capital Management Corp,
Dec. 27 1961 ("Reg. A") 60,000 common. Price—$5. Busi¬
ness—An investment company which will hold mort-:
,
Inc.
Blankenship, Ostberg,
sale of
•••
Stores
March 30, 1962 ("Reg. A") 60,000 common. Price—$5.
Business—Operation of one discount merchandise center
and four ladies' hosiery and lingerie stores. Proceeds—
For1 expansion, inventories, working capital and other
corporate purposes. Office—249 W. 34th St., N. Y. Under¬
writer—Amber, Burstein & Co., Inc., N. Y. Offering—
Expected sometime in August.
Blanche (Ernest E.) & Associates, Inc.
- .
March 15, 1962 filed 80,000 class A common. Price—$3.
Business—Application of electronic and mechanical data
processing techniques to solution of problems for gov¬
ernment and industry.
Proceeds—For equipment, sales
promotion and expansion. Office—10419 Fawcette St.,
Kensington, Md. Underwriters—Jones, Kreeger & Co.,
and First Investment Planning Co., Washington, D, C.
Offering—Postponed.
and
Row, Glen Cove,
B*g Mart Discount
.
manufacture
plastic educational toys/ Pro¬
development. Office—37 Cottage
ceeds—For working, capital.
Office—1125VClose Ave.,
N. Y. Underwriter—None. - ^
Bronx, N. Y. ■„ Underwriter*-^ ; R. WUliston & Beane,
Canaveral Hills Enterprises, Inc.
'
• ,
'-New York.r*.
L
May 10, 1962 filed 100,000 common. Price—$5. Business
Chomerics, Inc. • • /
VA
—Company was formed to own and operate a country
April 27, 1962* ("Reg. A") 36,000-common. - Price—$5.
club and golf course, swimming pool and cabana cltib,
Business—Development/manufacture and sale of plastic
near
Cape Canaveral, - Fla., and develop real estate,
specialties. Proceeds—For equipment, research and de¬
erect homes, apartment houses, motels, etc.
Proceeds—
velopment, and Working capital/ Office—341 Vassar St.,
For debt repayment and expansion. Office—309 Ainsley
Cambridge. Mass. Underwriter/—Gianis & Co.; Inc., N; Y.
Bldg., Miami, Fla. Underwriter—Willis E. Burnside &
Offering—Expected sometime in August. - '
/
>
Co., Inc., N. Y.
: 4
Church Builders, Inc.
*
•
Capital Investments, Inc.
Feb. 6, 1961 filed 50,090 shares of common stock, series
May 21, 1962 filed 86,370 common to.be offered for sub-./
2. Price—$5.50 per share. Business—A closed-end diver¬
scription by stockholders on the basis of one new share "
sified management investment company. Proceeds—For
for each two shares held,.. Price—By amendment (max.investment. Office—501 Bailey Ave., Fort Worth, Tfex.
$10). Business—A small business investment company.
'Distributor—Associates Management, Inc.;'Fort Worth.
Proceeds—For debt repayment and investment. Office—743 N. Fourth St., Milwaukee. Underwriters—Marshall/
Cine-Dyne, Inc.
" ' • "'
./' /• /'■:///
May 25, 1962 filed 100,000 common. Price—$4. Business
Co., and Loewi & Co., Inc., Milwaukee. Offering—Tem¬
research and
motion,
'r;v '
L. I. C., N. Y. Underwriter—Smith, Barney &
Offering—Temporarily postponed.
47th Ave.,
.
Thursday, June 28, 1962
.v.
(3014)
30
lated
to
use
of
electronic
data
processing
equipment.
Proceeds—For expansion and working capital.
30
-
E.
42nd
St.; N. Y.
Co., Inc., N. Y.
Office—
Underwriter—L. M. Rosenthal &
v -
~
5'•
;
!
Volume 195
Number 6172
.
.
.
The Commercial and Financial Chronicle
(3015)
Computer Components, Inc.
Dec. 6, 1961 filed 120,000 common, of whieh 90,000 are
to be offered by the company and 30,000 by stockhold¬
er?. Price—$3. Business
Manufacture of miniature
coils for relays used in computers, aircraft, missiles and
460 Bay
Si, San Francisco!. Underwriter—Stewart, Eubanks, Meyerson & Co., San Francisco. 2, 1962 filed 150,000 common. Price—By amend¬
(max. $8). Business—Design and manufacture of
sports and casual wear for girls and women. Proceeds
—For
rants
Products, Inc.
.
Ave., N.
1
Baltimore
Ave., Kansas .City, Mo. Under
-writer—Blair & Co., N. Y. Offering—Expected in Aug.
Consolidated Vending Corp.
April 2, 1962 filed 70,000 common. Price—$5.75. Business
•.^Operation of. vending machines. Proceeds—For debt
-repayment working capital and other corporate purposes.
Office—129 a State St., Dover, Del. Underwriter—Dana
.
Ave.,
Amerlcar Inc.
Voisin .&
-
Chicago..
N.. Y.
Kansas.City, Mo.
•
i
,
and
■.
,
Underwriters—Rittmaster,
Securities Co., Inc.,
Continental Investment Corp.—•'
,
May 9,1962 ("Reg. A") 200,000 common. Price^-$1.50.
Business—Investment in real estate mortgages. Proceeds
^For -working capital.- Office—Scott sdale Savings Bidg.,
*
v
-
Scotitsdale, Ariz.
Underwriter—Continental
-Corp., Snoftadale, Ariz;'.
i
.
Continental Research, Inc.
April 19, 4962 ("Reg; A")' 50,000
"
Price—$5.65.
common.
Business—Production and sale of ^oxygen
dispensers.
Prdceeds^-For general corporate purposes. Office—6500
-Olson Memorial Highway, Golden
Valley, Minneapolis.
Underwriter—Harold E. Wood & Co., St. Paul.
<
'
-
.
Continental Telephone Co.
;
(7/JL6-20)
March 30, 1962 filed 475,000 common.
'moot
i
;
.
Price—By amend-
(max..$15).- Business—A telephone
eom- '
pany.
Proceeds—For debt" repayment.
Office—1 If S.
Bemiston St.,- St. Louis. Underwriters—Allen & Co. and
?
,
.
*;
-
.
working capital
•
-
-
•,
of
foods.
Proceeds—For
debt
repayment.
Third Ave,, N, Y.
Office—850
Underwritfr-^Biair & Co., Inc., N. Y.
Offering—Temporarily postponed.
v»
• Dunhill Feed
Equipment Carp.
Bee, 29, 1901 filed 100,000 common.
Price—$2.50. Busi..
ness—Manufacture of food service equipment, Proceeds
-For development and working capital. Office—79 Wal¬
worth St., Brooklyn,
Underwriters
Paul
—
Carroll
Co.
and
Eisenberg Co., Inc., N, Y. Note—This registration
being withdrawn.
-
is
Duro Pen Co., Inc.
Jan. 5, 1962 filed
125,000 common. Price—$4. Business
—Manufacture of inexpensive ball
point pens. Proceeds
For debt repayment, equpiment and working
capital.
,
_
„
„
,
Office—573 Broadway N.^Y Underwriter — Godfrey,
Hamilton, Taylor & Co., N. Y. Offering—Temporarily
postponed.
Interiors, Inc.
»■•••
—Expansion,
Co., 92 Liberty St., N. Y.
to
Jan.
wood
11,
etc.
Homes,
1961
Inc.
working capital. Office—
Blvd., Los Angeles. Underwriter—Ray¬
Co., Los Angeles.
Dyna-Mod Electronics Corp.
22, 1962 ("Reg. A") 143,000 common. Price—$2.
Business—D e s i g n,
development arid production of
"packaged" electronic circuits and sub-systems.
Pro¬
ceeds—For new products and
working capital. Office—
317 Main St., East
Rochester, N. Y. Underwriters—Gen¬
esee Valley
Securities Co., Inc., Rochester, and H. B.
Uesey & Co,, Inc., Glens Falls, N. Y.
be offered
of
new products and
4865 Exposition
mond Moore &
120,000 common, of which 90,000
by the public and 30,000 by a stock¬
holder. Prices—By amendment. Business—production and
are
DeLuxe
(7/23-27)
("Reg. A')
60,000 common. Price — $5
Construction and financing of shell homes
Proceeds—Fnr working capital.
June
Underwriter—Alessaudrini & Co., inc., N. Y.
Underwriter—Van Alstyne, Noel &
Co., N. Y. Note—This firm was known formerly as the
—manufacturing, labeling and packaging of long playing
Business
it Dynamic L.
—
Address—Allendale, S. C
Cpsnat Record Distributing Corp.
Cost-Plus, Inc.
1
May 14, 1962 filed 157,000 common, of.Which 127,000 are
.to be offered by company and 30,060 by stockholders.
Price—By amendment (max. $5). Business—Importing
Inc.
Dyiui Mfg, Pp. ■ (7/9-421)
April 2, 1962 ("Reg. A") 60,000 common of which
40,000
will be sold by
company and 20,000 by stockholders.
Price—$5. Business—Manufacture, installation and sale
of kitchen
ventilating hoods and exhaust fans. Proceeds
Dec.
N. Y.
vgnd marketing furniture, household and art goods at dis¬
count prices. Proceeds—For working capital, r Off ice—r
Industries.
28* 1962 filed 4oS,000 common, Price—By amend¬
ment (max. $6.25). Business—The
canning and "freezing
and metal framed
pictures, wood utility
Proceeds—Fpr debt repayment, inventory,
working capital. Office—444 Courtland St., Mundelein, 111. Underwriter—To be named.
by amendment. Business — The manufacture
distribution of phonograph records. Proceeds—For
the repayment of debt, and working capital. Office—315
St..
Dulany
Feb
and
and
47th
—General real estate. Proceeds—For debt
repayment.
Office—50 Broad St., N. Y.
Underwriter—Drew Secu¬
rities Corp., (same address).
1962 (*>Reg. A") 52,000 class A common. Price—
$2.50. Business—Manufacture of
draperies, furniture and
frames,
supplied
W.
—
Red Lion Rd., and Philmoot Ave., Bethayres, Pa,
Underwriters—Janney, Bat¬
Clark, Inc. and Stroud & Co., Philadelphia.
Drew Realty Carp.
March & 1962 filed 163,000 class
A, Price—$10. Business
Feb. 26,
sale
are
to be offered for public sale
by the company and 13,000
outstanding by the present holders thereof. Prfeg—To be
-
corporate purposes. Address
tles & E. W.
Decorel Corp.
Dec. 29, 1061 filed
Underwriter—R. F. Dowd
May 26, 1962 filed 190,000 common, of which 178,000
post¬
Co.
March 9, 1962 filed 122,700 common, of which
42,500 are
to be offered by
company and 80,200 by stockholders.
Price—By amendment (max. $12).
Business—Design
and manufacture of
industrial metallurgical furnaces.
Proceeds—For debt repayment, equipment and general
N,
Cosnat Corp.
"
Drever
curities
Corporate Funding Corp, (7/£-6)
April 26, 1962 ("Reg. A") 75,000 class A Cftmmpn. Price
$4. Business — A financial investment and holding
•
Note—This offering has, been
temporarily
spreads foy hotels and institutions. Proceeds—For
expansion, and other corporate purposes. Office-^-il9i
W. 22nd 3t„ MamL Fla. Underwriter—Lancer Se¬
-
Office—39 Broadway, N. Y.
& Co. Inc., N. Y.
poned.
bed
Proceeds—For expansion and
Inc.
Underwriter—Goodbpdy &'.Co.,
N. Y.
public transit system in Washington, D. C.; a new subsidiary to construct housing projects in Washington,
J3. C, Proceeds—For construction and general corporate
purposes.
Office—3600 M St., N. W., Washington, D. C.
Decorative
repay
Address—Municipal Airport, Danbury, Conn.
«
vinyl packages.
Proceed?—For debt repayment, sales
promotion, equipment, research and development, and
working capital. Office — 2401 Pacific St., Brooklyn,
N.Y. Underwriter—Broadwall
Securities, Brooklyn, N.Y.
D. C. Transit Systems, Inc.
April 30, 1962 filed $6,250,000 of 6y2% conv, subord. debentures due 1977 and fiye-year warrants to
purchase
an aggregate of 187,500 class A
shares, to be offered for
subscription by holders of class A and class B stock in
units consisting of $100 of debentures and three war¬
rants.
Price—$100 per unit. Business—Operation of a
•
obtain
personnel,
Donmoor-1saacson,
•
-
construc¬
Fpb, 26, 1902 filed 150,000
common, of which 50,000 are
to ha offered by the
company and 100,000 by stock¬
holders, Pripe—By amendment (max. $12). Business—
Design and man^fa^ture^qf,,boys knit shirts,
sweaters,
and pajamas. Proceeds—For
working capital. Office—
Proceeds—For debt repayment and working capital.
Office—232 Madison Ave., N. Y. Underwriter—Oxford
Securities Corp., N, Y.
• Cooke
(F. L.), Inc. (7/16-20)
Dec. 29, 1961 filed 125,000 common.
Price—$3.75, Busifeess—Manufacture of high vacuum systems and elec¬
tronic equipment. Proceeds — For debt
repayment and
general corporate purposes. Office—145 Water
St., South
Norwalk.. Conn. Underwriters—John R. Maher Associ¬
and
Underwriter—None.
Schmidt, Sharp, McCabe & Co., Inc., Denver.
Davos, Inc.
May 28, 1962 ("Reg. A") 35,000 common. Price—$6.50.
Business—Development and operation of a ski resort.
Offering—July.
pompany.
debt, etc.
new plant and equipment and working capital
Office—342
Western .Ave.,
Boston.
Underwriter-
Dynamic?, Inc.
new
Price—By amendment (max.
Business—Research, development
tion of experimental
helicopters. Proceeds—To
certification of models, train service
opment,
ates and Bull & Low. N. Y.
-
shares for each three held.
$1.25).
of flexible, re-usable
tronic and eleptro-mechanical deyices, including printers
for electronic cpmputers. Proceeds—For
product devel¬
1961 filed 150,000 common. Price—$1.15, Busi¬
ness—Development and production of eleetronie testing
and' training devices. Proceeds — For
expansion and
working capital. Office—9340 James Ave., SM Minneapolis. Underwriter—E. Bruce Co,, Minneapolis. Note—
This firm formerly was named Control
Doman Helicopters, Inc.
April 19, 1962 filed 418,680 common to be
offered for
subscription by stockholders on the basis of two
Data Systems Devices of
Boston, Inc.
April 26, 1962 filed 200,000 common. Price—$5. Business
—Company plans to design, develop and produce elec¬
.
Control Dyne, Inc.
'
Realty Management
Co., Inc., (same address).
Offering—Expected in Aug.
,
Oct. 24,
3
investment
trust. Proceeds—For investment.
Office—500 Fifth Ave..
N, Y. Underwriter—Bacon, Johnson
Underwriter—None;.
holding
E. F. Hutton & Co., N. Y.
-
Diversified Real Estate
Tryst
March 8, 1962 filed
1,000,000 shares of beneficial inter¬
Price—$10.
Business—A real
estate
*
Securities
Offering—In¬
est.
;
Business—Design and manufacture
.■
Philadelphia.
Corp., N. Y.
Office—733 Third
ceilings. Proceeds—For debt repayment and expansion,
Office—1925 Euclid
Ave., San Diego. Underwriter —
Holton, Henderson & Co., Los Angeles.
it C-Thru Products, Inc.
June ^22, 1962 ("Reg. A")
90,000 common. Price—$1.50.
Midland
•
...
Co.,
company. Proceeds—For investment. Office—8397 N.
E.
Second Ave,, Miami, Fla.
Underwriter—Karen Securities
Underwriter—Hampstead Investing Corp.,
.
:
Diversified Collateral Corp.
June 13, 1002 filed
77,050 common. Price—By amend¬
ment (max. $11.75), Business—A real
estate investment
Mar. 26, 1962 filed 115,000 common. Price—$4. Business
—Design, sale, fabrication and installation of acoustical
_
common. Price—By amendment
Business-^Operation of discount' department stores, Prooeods^For expansion and working capital. Office—4701
N.. Harlem
derwriter—-Drexel &
definitely postponed..
Crownco
Offering—Expected in July.
-Jan. 8, 1962 filed 72,000
.
*'
Credit Pepartment, Inc.
Jan. 26, 1062 filed $1,200,320 of 7% conv. subord.
de¬
bentures due 1974 and 54,560 common shares to be
offered in 2,728 units, each consisting of $440 of deben¬
tures and 20 common shares.
Price—$550 per unit.
Business—A consume1' sales finance
company. Proceeds
—For debt repayment
Office—1775 Broadway, N. Y.
Underwriter — Bernard M. Kahn & Co., Inc., N. Y.
.
:
Y.
New York.
.
0 Consumers Mart of
.
due
derwriter. Proceeds—For investment.
"
debt
Diamond Mills
Corp.
;
Jan. 23, 1962 filed
200,000 common, of which
120,000 are
to he offered by the
company and 80,000 by stockhold¬
ers, Price—By
amendment. Business—Manufacture
of
women's nylon hosiery. Proceeds—For
debt repayment
and working capital. Office—417 Fifth
Ave., N. Y.
Un¬
.
dye
shares, of
-2QM0 by
.for stock, by amendment (max. $9). Business—-Renting
of cars, trucks and equipment. Proceeds—For debt re¬
payment, an acquisition and other corporate purposes.
Securities Co., Inc., N. Y,
"
Creative Ventures Corp.
,May 28, 1962 filed 150,000 common and warrants to pur¬
chase 30,000 additional shares, to be offered in units of
one share and one warrant. Price—$2.25 per unit. Busi¬
ness—A corporate guidance and interim
financing con¬
cern. Company may also act as a
broker-dealer and un¬
of America
'
*■
1962 filed $1,100,000. of 6%% subord. deben1977 (with warrants); also 305,000 common
which 285,000 will be sold by company and
stockholders. Price—For debentures, at par;
common. Price—$3. Business
powder and compound.
repayment, additional personnel,
advertising and working capital. Office—77
Searing
Ave,, Mineola, N. Y.
Underwriter—Magnus & Co.. N Y.
Offering—Sometime in July.
;
.
Inc.
102,000
Proceeds—For
Bidg., Atlanta, Ga. Underwriters—McDonnell & Co., Inc.,
N. Y., and Wyatt, Neal &
Waggoner, Atlanta.;
elery, etc. Proceeds — For general corporate purposes
Office — 525-535 E. 137th Sf., New York City.
Under| writejp^-M-. 0. Davis, 150 Broadway, N. Y. Offerings-Ex¬
pected in July.
I
;
"'■/
"
.
(
to
laboratory and
Ave., New York.
a
^•FTPduction pf graded diamond
residential real
estate development. Proceeds—For debt
repayment and
other corporate purposes. Office—905 Fifteen Peachtree
,
Office—1012
Diamond Dust Co.,
will be offered in units of one
$100 debenture, 6 shares
and a warrant to purchase 2 shares.
Price—By amend¬
ment (max. $140). Business—Engaged in
common
(with attached 3warrants to purchase an additional 60,000 shares
.at $2 per share) to be offered in units of one share and
one-half warrant, Price—$2 per unit.. Business—Manu¬
facture of cosmetics, toiletries, cleaning chemicals, jew-
.
$1,000,000 of 6%' subordinated
1972, 60,000 common shares; and war¬
purchase 20,000 common shares. The securities
debentures
expenses for
Office—360 Lexington
& 2J' i?62
July.
v
materials.
^or ®*a*^"uP
plant.
Underwriter—None.
Washington
Cousins Properties Inc.
March 29, < 1962 filed
year
.
1136
preparation of coffee, and the sale of coffee,
tea, cream,
etc.
Proceeds—For debt repayment, advances to a sub¬
sidiary and general corporate purposes.
Office—1411
Palm St., San Diego, Calif
Underwriter—Pacific Coast'
Securities Co., San Francisco. Offering—In early
fffov/ 28, 1961 filed 120,000
.April 27,
—
lease to hotels and motels of electric wall
units for the
Underwriter—Kidder;- Peabody & Co., N. Y.
-tures
Office
Courtesy Products Corp.
May 16, 1962 filed 150,000 common. Price—By amend¬
ment
(max. $5). Business—Manufacture, and sale or
Computer Control Co., Inc.
...
selling stockholders.
small
Ave., St, Louis, Underwriter—Goodbody & Co., N. Y.
Offering—Temporarily postponed.
Jan. 24, 1962 filed 157,500
common, of which 62,500 are
-to he offered by the company and 95,000
by stockhold¬
Consolidated Leasing Corp.
Proceeds
ment
Computer Concepts inc, (7/9rl3)
Dec. 29, 1961 filed 100,000 class A common. Price —
$5Business—Development and sale of advanced program¬
ming systems, for solution of business problems by the
.Use of digital computers. Proceeds — For general cor¬
porate purposes. Office—1012 14th St., N. W., Washing¬
ton,. D. C. Underwriter—Doft & Co., N. Y.
;
1
held. Price
Mar.
•
Concord
1sJt0^f:1hel<i and one unit for each 10 class B shares
$20 per unit.
Business—Company plans to
manufacture end utilize all
kinds of chemical
u
^
Country Set Inc.
guidance systems. Proceeds—For general corporate pur¬
poses. Office—88-06 Van Wyck
Expressway, Jamaica,
N. Y. Underwriter—To be named. *
ers. Price—By amendment.
Business—Design and manu¬
facture of digital equipment. Proceeds—For/debt re•payment. .Office:—983 Concord Sri, Framingham, Mass,
31
Deuterium Corp.
Sept. 28, 1961 filed 140,000
rants
.
,
to
♦
with attached war¬
140,000 shares to be
common
P.
Industries, Inc.
21, 1962 filed 75,000
common.
Price—$4. Business
stereophonic and monaural phonograph records for label
record companies, Proceeds—For
equipment and work¬
ing capital. Office — 900 Passaic Ave., East
Newark,
purchase an additional
N. J. Underwriter—Mortimer
offered for subscription
by stockholders in units (of one
New York.
'
one warrant) on the basis of 3
units for each
5% preferred share held, 2 units for each 5% preferred( i
VI
B.
Burnside
&
Co., Inc.,
share and
.
Continued
on
page
,
32
The
31
,
For
,
,
,
waukee.
and
Office
Penn
3
—
&
writers—Drexel
corporate
general
purposes.
Center Plaza, Philadelhia. Under¬
Co., Philadelphia and Kidder, Pea-
Proceeds—For
June
filed 130,000 common, of which 20,000 are
the company and 110,000 by stockhold¬
amendment. Business — Retail sale of
wearing apparel. Proceeds—For working capital. Office
—36 S, State St., Chicago. Underwriter—Allen & Co.,
.
Everbest Engineering
1977, and 70,000 common shares to be
debenture and five common.
Proceeds—For
Madison Ave.,
N. Y. Underwriter—Fleetwood
Corp. of America, N. Y.
Echlin
Securities
';;
,'
Econ-O-Pay," Inc.
26, 1961 filed 1,000,000 common.
'
Price—$3.
Oct.
dealer recourse finance
and
s.c.
"""
inventories
consumer
finance
com¬
;•..
■.....
; /«,;.•
.;::
Busi¬
business.
801
Market St., Youngstown, Ohio.
Florida Water &
bentures
i
v.'-.V
Carno
25, 1962 filed 300,000 common to be offered for
subscription by stockholders on the basis of one new
transformers,
magnetic
-
vices. Proceeds—For equipment, debt
repayment,
'
(7/23-27)
Nov. 17, 1961 filed 75,000 common. Price—$5. Business
—Design and manufacture of precision nuclear magnetic
Electromagnetics Corp.
general corporate ' pur¬
poses. Office—Sawyer Lane, Hudson, Mass. Underwriter
—Gianis & Co.. Inc., N. Y.
;
Transmission
Electronic
March
1962 filed
22,
ness-—Manufacture
of
components
D.
ing
,
-
-
&
•
ir Electrostatic
Printing Corp. of America
June 12, 1962
("Reg. A") 40,000 common.
Price—$5.
Business—Development and licensing electrostatic print¬
ing processes. Proceeds—For debt repayment. Office—
254
•
Sutter
Ellner
St., San Francisco. Underwriter—None.
&
Pike,
Inc.
(7/15)
May 25,, 1962 ("Reg. A") 50,000 common. Price — $6.
Business—Operation of supermarkets. Proceeds—For ex¬
pansion and working capital. Office—896 Old Country
Rd., Westbury, N. Y. Underwriter
Stonehill, Inc., Hempstead, N. Y.
Reed, Whitney &
—
Emcee
Electronics, Inc.
$200,000 of 63A%
and $50,000 common, to be
June 4, 1962 filed
conv.
debentures due
1974,
offered in units of
$200 of debentures and 50 shares. Price—$400 per unit.
Business—Manufacture
of
precision instruments, and
electronic
ceeds—For
devices
for
measurement
and
control.
Pro¬
plant expansion, inventory, and equipment.
Arnold Ave., New Castle, Del.
Under¬
Office—1202
writer—Weil & Co., Inc., Washington, D. C.
Equity Funding Corp. of America
March 29, 1962
filed 240,000
common.
Price—By amend¬
repayment/: Ad¬
& Sons,
Products
Ltd.
Inc.
•
18th
advertising,
and
equipment.
Office—1634-
St., Santa Monica, Calif. Underwriter — Rutner,
Gray, Inc., Los Angeles. Offering—July.
•
j.
Jackson &
15th
Underwriter—Investor
St.,
N.
W.,
Service
Founders Financial Federation,. Inc.
(7/16-20)]
May 4, 1962 filed 135,000 common. Price—$6. Business
—Commercial financing, industrial time sales financing
and factoring.
Proceeds—For working capital. Office—
Washington,
Securities
Inc.,
30, 1961 filed 800,000
common.
440 W. 34th
Price—By amend¬
Four
Inc.
(7/16)
May 17, 1962 ("Reg. A") 66,666 class A common. Price
—$3. Business—Application of sprayed fireproofing and
.
movable
ment,
poses.
wall
partitions. Proceeds—For debt
Four Star
repay- ;
inventory,.' advertising and other corporate pur- :
Office—1465 N. E. 129th St., Miami, Fla. Under-1
writer—Sinclair
Securities, Inc., 37 Wall St., N. Y.
Corp. of Santa Barbara
March 16, 1962 filed 200,000 capital shares, of which
150,000 are to be offered by the company and 50,000
shares by stockholders.
Price—By amendment (max.
$20). Business—Company plans to acquire a savings and
loan association. Proceeds—For acquisition of stock and
working capital. Office—1035 State St., Santa Barbara,
—
Dean Witter & Co., Los
Television, Inc.
16, 1962 filed 211,250 capital shares. Price—By
amendment (max. $25). Business—Production and mar¬
keting of television films. Proceeds—For selling stock¬
holders.
Office—4030 Redford Ave., North Hollywood,
March
Calif.
Financial
Calif. Underwriter
,
Star
Inc., N. Y. Offering—Expected sometime in August.
soundproofing compounds, and exterior building coatings; manufacture of plastic laminated panels, and sale
of
Underwriter—Edward Lewis Co.,
/
Sportswear, Inc.
March 27, 1962 filed 103,000 common. Price—$3. Busi..ness—Design, manufacture and distribution of men's
outerwear, sportswear and rainwear.
Proceeds—For
plant expansion, equipment and working capital. Office
—665 Broadway, N. Y.
Underwriter—Magnus & Co.,
Richmond St., Toronto. Underwriter—G. V. Kirby
Associates, Ltd., Toronto.
FIFCO,
St., N. Y.
Inc., N. Y.
—62
,
.
(Alex)
ceeds—For
Fidelity Mining Investments Ltd.
Electronic
Wholesalers,'Inc.
June 18, 1962 filed 75,000 common. Price—By amend¬
ment (max. $15.50). Business—A distributor of electronic
supplies, TV replacement parts, and hi-fi and stereophonic
'sound reproduction equipment. Proceeds—For debt re¬
payment, inventory, expansion and working capital.,
Office—2345 Sherman Ave., N. W., Washington, D. C.
Underwriter—Auchincloss, Parker & Redpath, Washing¬
ton, D.C.
Office—729
trust.
C.
Nov.
repayment, expansion, sales promotion and work¬
capital. Office — 103 E. Hawthorne Ave., Valley
N. Y.
"42"
ment. Business—Exploration and testing of mining prop¬
erties. Proceeds—For general corporate purposes. Office
Stream, N. Y. Underwriters—V. S. Wickett & Co., Inc.,
Thomas, Williams & Lee, Inc., and Crosse & Co., Inc.,
:
debt
April 18, 1962 ("Reg. A") 100,000 class A common. Price
—$3. Business—Manufacture and sale of cosmetics. Pro¬
Washington, D. C.
for
background music; design, construction and installation
of specialized closed circut TV system. Proceeds—For
debt
and
.
Corp.
distribution
equipment
Inc.
100,000 common. Price—By amend¬
ment (max. $15).
Business—Wholesale distribution of
toys and games. Proceeds—For selling stockholders. Of¬
fice—2885 Jerome Ave., Bronx, N. Y, Underwriter—Mc¬
Donnell & Co., N. Y. Offering-T-Temporarily postponed.
5,
ment
(7/2-6)
125,000 common. Price—$3. Busi¬
and
filed
Co., N. Y.
Forst
Realty Investment Trust
1962 filed 500,000 shares of beneficial interest
with attached three-year stock purchase warrants to be
offered in units consisting of 100 shares and 50 warrants.
Price—$500 per unit. Business—A real estate invest¬
Proceeds—For
expansion,
1962
March 23, 1962 filed
Federal
June
24,
&
Fastpak, Inc. (7/18-20)
Nov: 30, 1961 filed 125,000 common. Price—$5. Business
—The distribution of nuts, bolts and other fastening
devices manufactured by ; others. Proceeds—For
debt
repayment and general corporate purposes. Office—8
Benson Place, Freeport, N. Y. Underwriter —- Arnold
Malkan & Co., Inc., N. Y.
^
"
new
Co., N. Y. Offering—Ex¬
;
-
N/'Y. Under¬
writers—Maltz, Greenwald & Co. and Rittmaster, Voisin
Co., Inc., N. Y. Offering
?/
,
-
dress—Maurice Ave. at 58th St., Maspeth,
•
working capital. Office—Sayville Industrial
Park, Greeley Ave., Sayville, L. I., N. Y; Underwriter—
Pierce, Carrison, Wulbern, Inc., Jacksonville, Fla.
/
•
Securities
subord. de¬
Food & Drug Research Laboratories,
For
and 50 warrants.
common
conv.
Price—By. amendment.' BusinessOperation of water distribution and sewage collection
systems. Proceeds—For debt repayment, plant expan¬
sion and working capital. Office—1491 N. W. 20th St.,
.
Business—Manufacture of con¬
cealed zippers. Proceeds—Debt repayment, advertising
and working capital. Office—8 Washington Place, N. Y<
—Indefinite.
and
instrumentation.
100
:
1982.
May
amendment.
Underwriter—Jarco
com¬
a
of
...
lnc<
107,500 common, of which 100,000
are to be offered
by company and 7,500 by stockhold¬
ers.
Price—By amendment (max. $5). Business—Chem¬
ical and biological research and testing for the food, drug,
cosmetics, chemical and related industries.. Proceeds—
Office—
Inc.
offered in units
be
Price—By
ponents and electronic instrumentation and control de¬
plant
For investments.
Leyden St., Denver. Underwriter—None.
Fastline,
to
Industries, Inc. (7/2-6)
March 30, 1962 filed $250,000 of 6%% conv. subord. de¬
bentures due 1987, also 70,000 common shares,, of which
45,000 are to be offered by company and 25,000 by
•stockholders. Price—By amendment (max. $1 per com¬
mon
share). Business — Design, production, assembly,
of
;each three shares held. Price—$1.20. Business
Sept. 28, 1961 filed 100,000 common and 50,000 warrants
Electromagnetic
sale
Co., Inc., N. Y.
—
amend¬
company
investment.
Floseal Corp.
May 10, 1962 filed 169,420 common to be offered for
subscription
by stockholders.
Price—By
amendment
(max. $2). Business—Company owns and licenses carton
pouring spout patents and die patents. Proceeds—For
debt repayment and other corporate purposes.
Office—
100 W. 10th St., Wilmington, Del.
Underwriter—None.
June
1330
due
Miami. Underwriter—Finkle &
ic Falcon National Life Insurance Co.
share for
Proceeds—For
Utilities Co.
pected in August.
Underwriter—A. J.
Industries, Inc.
Jan. 26, 1962 filed 150,000 common, of which 100,000
are to be offered by the company and 50,000 by stock¬
holders.
Price—By amendment.
Business—Wholesale
distribution of cameras, lenses,H accessories and optical
instruments. Proceeds—For debt repayment, expansion,
and working capital. Office—111 Fifth Ave.,- N. Y. Un¬
derwriter—Lee Higginsoti Corp., N. Y. Offering—Tem¬
porarily postponed.
—Life insurance. Proceeds
Bancgrowth, Inc.
May 29/ 1962 filed $750,000 of 5V2%
Fairway Mart, Inc. (7/9-13)
March 19, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of five discount merchandise cen¬
ters. Proceeds—For expansion, advertising, inventories,
working capital and other corporate purposes. Office—
Ehrenreich Photo-Optical
and
?
Realty Trust
Power & Light Co. ,v
/
26, 1962 filed $25,000,000 first mortgage bonds, due
1992. Proceeds—For retirement of outstanding 5*4% first
mortgage bonds, due 1989, plus premium and accrued
interest, and construction. Office; — Ingraham Bldg.,
Miami, Fla. Underwriters—(Competitive). Probable bid¬
ders: Merrill Lynch, Pierce, Fenner & Smith Inc.-Kidr
der, Peabody & Co. (jointly); Halsey, Stuart & Co. Inc.;
White, Weld & Co.; First Boston Corp,;.Blyth & Co., Inc.
Bids—Expected July 31 (11:30 a.m. EDST).
>.
repayment, working capital
and expansion. Office — Greenville, Rd., Easley, S. C.
Underwriter—Alester G. Furman Co., Inc., Greenville,
Valley City, N. D.
distribution
invest¬
Arlington, Va. Under¬
Florida
debt
Proceeds—For
pany.
Proceeds
General corporate purposes.
Office—164 E. Main St.,
Valley City, N. D.
Underwriter—Reserve Funds, Inc.,
ness—A
Price—$l6.>
June
Inc.
automobile
Business—An
for electrical and braking systems of automatic
equipment. Proceeds—For selling stockholders. Address
—Echlin Rd. & U. S. 1, Branford, Conn. Underwriter—
V"■
common.
Proceeds—For
Blvd.; Pompano Beach, Fla./ Uiii
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis./
!
13, 1962 ("Reg. A") $300,000 of 6%% sinking fund
junior subordinated debentures due 1977. Price—At par.
parts
■
estate.
Office—3356 Atlantic
•;
'
Corp.
Finance Co.,
Fairlane
Manufacturing Co.
.
' •*
June
May 24, 1962 filed 210,000 common. Price—By amend¬
ment (max. $25). Business—Manufacture of replacement
'
'
capital.
working
and
•••
To be named.
A")" 28,200
real
specializing in bank stocks.
Office—41 E. Twelfth St., N. Y.
Underwriter—Planned Investing Corp., N. Y.
Business — General real estate.
general corporate purposes. Office—261
$150 per unit.
—
'•
lamps. Proceeds—New product development,
offered in units of one $100
Price
("Reg.
March 16, 1962 filed 200*000 common.
Price—By
ment
(max. $15). Business—An investment •
Price—By
April 2, 1962 filed 100,000 class A shares. Price—$2.40.
Business—Manufacture and sale of long-lived electrc
subord. conv.
$1,400,000 of 6V2%
1962
Florida
N. Y. Offering—Postponed.
filed
1962
15,
12,
First Southern
to be offered by
ers.
Properties Improvement Corp.
debentures due
Blvd.,
June 15, 1962 filed 600,000 shares of beneficial interest.
Price — $5. Business — A real estate investment trust.
Proceeds—For investment. Address—Little
Rock, Ark.
Underwriter—To be named.
> >
Jan. 23, 1962
body & Co., N. Y.
Eastern
Office—1295
Prifce—$1.
Pro¬
company.
Northern
Underwriter—None.
Office—2134 N. Upton St.,
writer—None.
Inc.
Evans,
merit (max,
company.
investment
.
Pennsylvania Investment Co.
1962 filed 450,000 common. Price—By amend$16). Business—A. small business investment
March 16,
business
ment.
Philadelphia. Offering—In July.
& French, Inc.,
Fricke
small
Business—General
Moyer,
Underwriter—Woodcock,
Philadelphia.
Sts.,
Offering—Indefinitely postponed.
Capital Fund, Inc.1,
2,770,000 capital shares.
filed
ir First Potomac Realty Trust
June
1962 filed $850,000 of 6y2% conv. subord. de¬
bentures due 1977 and 112,500 common shares.- Price—
Debentures, $1,000; stock, $8. Business—Brewing of malt
beverages, the processing, cleaning and testing of metals:
and the sale of galvanized iron and steel products. Pro¬
ceeds—For debt repayment. Office—10th & Callowhill
repairs photographic equipment.
repayment and working capital. Of¬
fice—68 W. Columbia St., Hempstead, N. Y. Underwrit¬
ers—Edwards & Hanley, Hempstead, L. I., and Street &
Eastern
'
March 28,
Proceeds—For debt
1961
Manhasset, N. Y.
Esslinger's Industries of Philadelphia, Inc.
be offered in units of one
$100 debenture and 10 shares. Price—By amendment.
Business—Operation of retail camera stores and depart¬
ment store concessions.
Company also processes black
Co., Inc., N. Y.
Thursday, June 28, 1962
.
ceeds—For1 investment.
Mil¬
Underwriter—Wisconsin-Continental, Inc.,
geles.
27,
Business—A
Office—5150 Wilshire Blvd., Los An¬
working capital.
The securities are to
film
First New York
Oct.
firms selling
& Photo Corp.
March 28 1962 filed $500,000 of 6% conv. subord. deben¬
tures due 1972 and 50,000 common shares (of which 25,000 will be sold by the company and 25,000 by stock¬
Eastern Camera
white
.
1
(max. $6.50). Business—A holding company for
life insurance and mutual funds. Proceeds
new
sales offices, advances to subsidiaries and
ment
and
.
t
Continued from page
holders).
Commercial and Financial Chronicle
(3016)
32
Underwriters—Paine, Webber, Jackson & Curtis,
Louis. Offer¬
N. Y. and Dempsey-Tegeler & Co., Inc., St.
ing—Indefinitely postponed.
Frazier-Walker Aircraft Corp.
Jan. 26, 1962 filed 140,000 common.
ment. Business—Company plans to
Price—By amend¬
produce its Gyro jet
four-passenger amphibious autogiro. Proceeds
—To produce prototype models, and finance general
overhead and operating expenses. Office—10 E. 52nd St.,
FW-4,
Angeles.
Offering—Indefinitely postponed.
N.
Y.
a
Underwriter—None.
Financial
Federation, Inc.
30, 1962 filed 75,000 capital shares. Price — By
amendment (max. $105). Business — Ownership of 11
California savings and loan associations. Proceeds—For
selling stockholders. Office — 615 S. Flower St., Los
Angeles. Underwriters—Kidder, Peabody & Co. and Mc¬
March
Donnell & Co., N. Y.
•
Offering—Expected in July.
First Connecticut Small Business Investment Co.
Frederick's
of Hollywood, Inc.
(7/9-13)
filed 150,000 capital shares, of which 70,000 are to be offered by company and 80,000 by a stock¬
holder. Price—$5. Business—Operation of a mail order
business and a chain of women's apparel stores. Pro¬
ceeds—For
expansion and other corporate purposes.
Office—6608 Holywood Blvd., Los Angeles. Underwriter
—Garat & Polonitza, Inc., Los Angeles.
March 26, 1962
(7/16-20)
Frouge Corp.
26, 1962 filed 200,000 common. Price—By amend¬
ment. Business—Construction and operation of various
March 9, 1962 filed 200,000 common.
Price—By amend¬
$15).
Business—A small business invest¬
ment company. Proceeds—For investment. Office—955
ment
Main St..
&
Jan.
(max.
Bridgeport, Conn. Underwriter—P. W. Brooks
Co., N. Y,
' v'
*
?.s
s
i
type apartment, industrial and office buildings. Proceeds
—For
prepayment of debt' and reduction of bank loans.
Volume 195
Number 6172
.
.
The Commercial and Financial Chronicle
.
Office—141 North Ave., Bridgeport, Conn. Underwriter
Alstyne, Noel & Co., N. Y. Offering—Postponed.
utor
—Van
G. <M.-S.
>
Stores
&
Hoffman,
Inc.,
N.
Y.
products and
a
company
operating
capital. Office—134-01 Atlantic Ave., Jamaica, N. Y.
Underwriter—J. R. Williston & Beane, N. Y. Offering—
Temporarily postponed.
•//.
.
.
Offering—Ex¬
General
pected in early July.
Vt Gabriel
houseware
leased discount departments dealing in hard goods. Pro¬
ceeds—For
debt
repayment, expansion and working
Inc.
April 30, 1962 filed 140,000 common. Price—$4. Business—Operation of discount centers. Proceeds—For ex¬
pansion. Office—19 W. 34th St., N. Y. Underwriter—
Preiss,, Cinder
of
(3017)
Classics
Inc.
March 23,
Industries, Inc.
.
,
1
„
;
T'
March
30, 1962 filed 100,000 class A common shares.
Prices—By r amendment (max. $11). Business—Design,
.
manufacture and distribution of toys and
sporting goods.
Proceeds—For debt repayment Office—184 Fifth
Ave.,
N. Y.
Underwriter—Hemphill, Noyes & Co., N. Y.
Garden State Small Business Investment Co.
1962 filed 105,000 common. Price—$3. Busi¬
assembly and distribution of trophies,
plaques and awards.
Proceeds—For deht repayment,
new products, expansion and
working capital. Office—
2555 W. Diversey Ave., Chicago. Underwriter—Michael
G. Kletz & Co., N. Y.
'
*
'
ness—Design,
;
.
General
Design
.
1
April
25,
1962
General
A")
65,000
Mar.
new
investment.
various
debt
Underwriter—Godfrey, Hamilton, .Taylor & Co., N. Y.
Offering—Temporarily postponed.
•
Gaslight Club, Inc. (7/9-13)
28, 1962 filed 100,000 common. Price—By amend¬
ment (max. $7)
Business—Company operates four "key
Feb.
clubs." Proceeds—For
expansion, debt reduction, and
working capital. Office—13 E. Huron St., Chicago. Un¬
derwriter—Myron A. Lomasney & Co., N. Y.
Gemco-Ware Corp.
March 9, 1962 filed 146,000 common.
Price—By amend¬
ment (max. $8).
Business—A holding company for a
restaurant equipment
manufacturer,
wholesale distrib¬
a
ceeds—For
investment.
Office—111
Broadway,
Underwriter—King Merritt & Co., Inc., N. Y.;
'
General
tree
12
General
temporarily suspending this issue.
Economics
Syndicate,
April 11, 1962 filed 400,000 class A
Business—An
For
insurance
investment
in
Securities, Inc.,
Stelber
Gas
(Offering
to
J:
'
working
Inc.)
$600,000
DeLuxe
Corp
Stock
Bond,
Inc.)
Inc
Inc.)
548.532
Robbins
T.
& Co.,
Inc.)
July 10
.140.004
$1,250,000
M.
A.
Kidder &
Co.,
vv
shares
Inc.)
(V.
'•
Transmission
Wickett
S.
'-"V-V
&
Co.,
Inc.;
Crosse
'
Common
Inc.)
70,000
shares
•>„.
Maradel
Weeks)
(Dean
••/
Witter
&
Co.)
Pay'n Save Corp
Co.)
&
Witter
&
Co.)
Corp.
(Vickers,
MacPherson
&
Inc.)
(Vickers,
MacPherson
Service
&
shares
Inc.)
200,000
Corp
*,
I
Cooke
July 9
Co..
&
FIFCO,
(Robert
Alsco
&
Co.,
Teller
Co.,
Sons)
H.
A.
Cohon
Inc.)
(Schweickart
&
(Merrill
$1,000,000
&
Co.)
&
Co.)
Inc.)
Polonitza,
(Myron
A.
Dowd
&
100,000
&
&
Co..
Clark
Radio
Electric
Brothers
lnc
Inc.)
Sampson Enterprises,
Co.,
Inc.)
Co.,
of
Co.,
McDowell
and
450,000
O'Neill
&
Co.,
Securities
I
Units
$651,300
Co.,
Southern
Atlantic
Common
Co.)
&
be
to
named)
Fenner
Co.,
Inc.),..
>.
,
Common
&
Co.)
$500,000
V
/
^
*
,
-
&
&
Smith
Co.)
Inc.)
$4,500,000
Common
Hurley & Co.) $208,980
Inc
&
Common
Co.,
Inc.)
$562,500
(Tuesday)
August 1
11:30
a.m.
$25,000,000
(Wednesday)
Columbia Gas
System, Inc.——uL
to
be
received)
Public Service Electric &
(Bids to
Regulators,
Bonds
:
EDST)
received)
be
Debentures
$20,000,000
Gas Co
Bonds
$90,000,000
—..Common
Inc.
(Myron A.
Lomasney
&
$375,000
Co.)
(Thursday)
August 2
Bonds
Co. of Chicago
(Bids
to
be
received)
$38,000,000
Co.,
August
Units
(Gianis & Co.,
Inc.)
$500,000
$325,000
.
(Tuesday)
August 7
(Bids
to
be
received)
Co
Debentures
$100,000,000
(Monday)
August 13
„
units
1,200
*
Common
Inc.)
(Monday)
6
Industries, Inc
Southwestern Bell Telephone
$200,000
Hydro-Swarf, Inc.
.
Common
(Raymond
Moore
&
$485,000
Co.)
Capital
Common
Polonitza,
Inc.)
(Michael) Distributors, Inc
(Gianis
&
Co.,
Common
$500,000
Inc.)
(Monday)
August 27
EDST)
(Monday)
August 20
$1,000,000
Common
Iowa Public Service Co
Bonds
to
(Offering
stockholders—Bids
$6,000,000
12
320,468
to
be
received)
shares
Equip. Trust Ctfs.
EDST)
noon
September 11
$9,450,000
Southern
-
.(Bids 11
Inc..
a.m.
EDST)
November 7
$15,000,000
L_
Common
to
be
$9,450,000
(Wednesday)
Georgia Power Co
(Bids
Products, Inc
received)
EDST)
Bonds
Preferred
Georgia Power Co
Debentures
$12,000,000
to be
received)
$7,000,000
Common
$400,000
Rochester Telephone Corp
(Bids
Equip. Trust Ctfs.
noon
(Bids to be received) $23,000,000
$625,000
(Thursday)
Automotive
12
Bonds
^(Arnold 'Malkan.Co.,. Inc.)
Admiral
(Tuesday)
Railway Co
(Bids
City Electric Co
(Baruch Brothers & Co., Inc.)
Common
July 31
Bruce
a.m.
' /
$7,500,000
Common
Aviation,
Units
Common
11
—Debentures
EDST)
Florida Power & Light Co
Arnav
Industries, Inc
&
f
Equipment Corp
(White
Common
$1,750,000
Common
Malkan
&
Plant
Ben. Ints.
(Tuesday)
July 19
Common
$357,500
$600,000
&
$5,000,000
Railway Co
■.
Fastpak,
shares
Inc.)
.
Rose
(Monday)
Belt Railway
Dempsey-Tegeler
Inc.)
Reuben
'
Common
.
.-Common /
/ 'M,
Class A /
$300,000
$1,000,000
July 18 {-Wednesday)
$300;000
Sokol Brothers Furniture Co., Inc
(Albion
Cc.)
Winston & Co., Inc. and I. J. Schein & Co.)
(Bids
$825,000
.
lnc
Inc.)
—Common
New Jersey,
Inc.)
and
a.m.
(Joseph W.
Common
Malkan
(Bids
Shelley Manufacturing Co.(George,
&
......Common
Co.
&
July 17
$250,000
July 30
$10,000,000
Missouri Power & Light Co.
$300,000
—
(Lee-Mosson
&
Co.)
Valu-Rack, Inc.
shares
Common
Co.,
&
Service
Blosser &
River
(Thomas Jay,
$450,000
lnc
Inc.
(Straus,
&
Raceways, Inc
Pierce,
(Garat
Co., Inc.)
&
Oceana International,
(Baruch
Class A
Leiberbaum
and
Common
Inc.)
Inc.
11
(Bids
Stephens (M.) Mfg., Inc
$750,000
Co.)
Co.)
Barogenics, Inc.
shares
Spears (L. B.), Inc
Capital
New York Testing Laboratories,
(Robbins,
150,000
(Arnold Malkan & Co., Inc.)
Corp..
Malkan
P.
Mill
$300,000
Jaap Penratt Associates, lnc
(R.
Weeks)
$300,000
Lomasney
(Bids
Common
Common
Protein
"tArnold
Lynch,
$300,000
Inc.)
$975,000
&
Atlanta Gas Light Co
shares
Interonics, Inc
Saw
Common
Co.,
Gaslight Club, Inc.
International
&
Brooks
W.
(Arnold
Frederick's of Hollywood, lnc
&
250,000
Co., Inc
$500,000
Common
Moore
Carno
(Garat
& Co.
(Arnold
Fairway Mart, Inc.
J.
RF
Common
Co.—
(A.
Co.)
Puerto Rico Brewing Co., Inc..
Common
Co.)
Co.)
Russotto
Co.,
(Bids
Common
(Underwriter
Computer Concepts lnc
&
Common
-
'
.'/;//
National Security Life Insurance Co
$200,000
s.
$375,000
(Wednesday) '
Common
(Louis) Enterprises, Inc
Mac-Allan
Co.,
Inc.)
$810,000
Midwestern Mortgage Investors
Common
Lingeries, lnc
(Raymond
&
(Boettcher
(Gianis & Co.)
Mfg.
Co., Inc.)
Development Co., Ltd
Lewiston-Gorham
:!
shares
Barish Associates, lnc
Dyna
Lewis
(HornBlower
&
Co.,
Inc.—
...
Walston
House of Vision, Inc
Common
Riecke
$350,000
(Globus, Inc.) $750,000
shares
200,000
(George K. Baum & Co.)
and
Inc.)
Capital
Securities
.J
Common
Co.)
$1,500,000
(Morris
50,000
Co.,
Markets, Inc..
July 25
Steel
(Ingram, Lambert & Stephen, Inc. and Reuben Rose & Co., Inc.)
Class A
Inc.
(Doft
&
Common
&
-
Common
&
(Moran
1!
General Investment Co. of Connecticut, Inc.--Com.
v
$300,000
Cameo
Brooks
(Edward
(P.
Garrett
&
W.
Founders Financial Federation, Inc
•
$400,000
___Class A
J
(P.
$444,000
Inc.)
$468,750
Securities, Inc.) $199,998
(Allen
Corp
&
,
Common
First Connecticut Small Business Investment
Units
Electronics, lnc
(Albert
-____!
______________i___
Inc.
(Sinclair
Lesser
Brothers
Chemical
Inc
(John R. Maher Associates and Bull & Low)
(Monday)
(Baruch
Alcolac
J.),
Grand Bahama
Admiral Automotive Products, lnc
Bruce
United
550,000 shares
Inc.)
:
$525,000
Tujax Industries, Inc._Z
Ellner & Pike, Inc
__J__
Common
(Reed, Whitney & Stonehill, Inc.) $300,000
West Falls
(Hqdgdon
(F.
K;
shares
Shopping Center Limited
Partnership
Corp.)
Common
Industries, Inc
(Richard
"/^/.Continental Telephone Co.____
...Common
(Allen & Co. ahd E. F.
.tfuttqnyfc Co.) 475,000 shares
\tf\
.Common
(Pacific Coast Securities Co.)
Tabach
EDST) $3,540,000
noon
Common
$500,000
Corp..
(Balogh
.
(Monday)
Common
Warwick,
.
,
—Equip. Trust Ctfs. ).
Co.
400,000
''
•
,
Corp. >
$1,200,000
July 16
Common
Warwick,
.
Snare
'
$1,200,000
:
Security Aluminum Corp
Skiers
"
>
.Debentures
(Dean
.
"t
'
-
$250,000
-
\
-
(General
*
Common
shares
40,576
Pay'n Save Corp
Roadcraft
(Bids 12
shares
—___.
Witter
(Dean
*y
•
Inc.)
& Plastics Corp
Gilhart
D.
Superior Bakers,
(Wednesday) •'
Atlantic Coast Line RR
—Capital
102,050
'
$375,000
Co.,
Investing
Electronics
(A.
&
Lane
(Costello.
.•
and
*
Inc.)
Servotronics, Inc.
$500,000
Co.)
$300,000
Common
National Equipment
Orion
Securities
Inc.)
Maintenance Corp
(Johnson,
$100,000
34
Common
Co.,
Wilkens
(L. P.)
,
shares
335,000
County Financial Corp
.
,
—Common
&
'
t.
July 11
—-^Common
Products, lnc
(Hornblower
Marin
Corp
Thomas, Williams &,Lee, Inc.
Co., Inc.) $375,000 /
''
&
Inc.)
Martin
Common
;
Co.,
Co.,
—
(Arnold,
:
'
•
••
.
Electromagnetic Industries, Inc.__Conv. Debentures
f'v'/"
(Pierce,-Carrison. Wulbern, Inc.) $250,000
,
shares
(Tuesday)
$300,000
lnc
(Pierce,.,'Carrison,Wulburn,
150,000
New England Telephone & Telegraph Co.__Debens.
r
(Bids 11 a.m. EDST) $50,000,000
.-'-.N
'
.
Industries,
Inc
(Equity
.—Class A
(R. P. Dowd & Co., Inc.)
Curtis)
American Modular Manufacturing Corp.—Common
Common
Corporate Funding Corp
Electronic
Kapner, Inc.
Preferred
&
&
(Cortlandt
lnc
{Fierce, Carrison, W'ulbern, Inc. and
Jackson
Skloot &
(Leib,
Cruttenden,
Conv. Debentures
Aubrey Manufacturing,
Electromagnetic
(Gianis
$500,000
shares
Assembly Products, lnc
William
by
Webber,
&
Electromagnetics Corp.
..Common
Co.,
page
Common
(Alessandrini
$150,000
on
(Monday)
Homes, Inc
Common
&
Lewis
Wiggins ^Plastics,
Common
-
July 23
Common
Securities
„
Podesta & Miller)
■
capital.
Continued
Corp
(Edward
Co
and
$10.
and
Industries,
(Paine,
stockholders—underwritten
(Prescott & Co.
—
Proceeds—
company.
Underwriter—G. E. C.
Electronics
Universal
'<
(same address).
Cycle
$1,575,000
,
Ave., N. Y.
(Llovd
___Equip. Trust Ctfs.
Price
common.
holding
.
Inc.
subsidiaries,
Office—625 Madison
(Monday)
American
Research, Inc.
'
12, 1962 filed 162,500 common, of which 12,500 are
by the company and 150,000 by stockhold¬
ers.
Price—By amendment (max. $8.50). Business—Di¬
rect mail selling of vitamin mineral products to eld¬
erly customers. Proceeds—For working capital. Office
—179 N. Michigan Ave., Chicago. Underwriters—Bacon,
Whipple & Co. and Freehling, Meyerhoff & Co., Chicago.
Offering—Indefinitely postponed.
to be offered
order
an
Western Power & Gas Co
July 2
Geriatric
sued
(Gateway
CDST)
noon
Robert M.
—
/
&
Feb.
,
Gulf, Mobile & Ohio RR
(Bids
St., N. W., Atlanta, Ga. Underwriter
Y.
—
Harris & Co., Inc., Philadelphia. Note—The SEC has is¬
Unison
(Thursday)
Proceeds—For
Vitamin
N.
Drug Corp.
April 3, 1962 ("Reg. A") 78,000 common. Price—$2.75.
Business—Sale of vitamins through department stores
and mail order. Proceeds
For debt repayment, new
products, sales promotion and working capital. Office—
88 Cutter Mill Rd., Great
Neck, L. I., N. Y. Underwriter
—J. J. Krieger & Co., Inc., N. Y.
r
equipment and working capital. Office—1252 W. Peach-
NEW ISSUE CALENDAR
June 28
industries.
Price—$7.50. Busi¬
common.
General Realty Income Trust
v
" {
April 27, 1962 filed 1,000,000 shares. Price—A maximum
of $10.
Business—A real estate investment trust., Pro¬
repayment,
Office—1180 Raymond Blvd., Newark, N. J.
14, 1962 filed 200,000
St., New Haven, Conn. Underwriters—Ingram, Lambert
& Stephen, Inc., and Reuben Rose & Co.,
Inc., N. Y.
:
products for
common.
''
Inc.
ness—A small business investment company. Proceeds-*For debt repayment and investment. Office—348 Orange
Price—$3.
Business—Design and development of
Investment Co. of Connecticut,
(7/16-20)
Corp.
("Reg.
Oct. 27, 1961 filed 330,000 common.
Price—$3. Business
—A small business investment
company. Proceeds—For
33
November
28
Southern Electric
(Wednesday)
Generating Co
(Bids to be received) $6,500 ooo
Bonds
,
;
The Commercial and Financial Chronicle
34
Continued from page 33
•■■■>'
Greater
•'
Nov.
Gilfillan
Corp.
Pittsburgh
Proceeds—
(
Harris
Blvd., Los Angeles. Underwriter—Blyth &
Angeles. Offering—Expected in July.
burgh. Underwriters—Moore,
Co., Inc., Los
Industries Corp.
1962 fled $250,000 of 6% conv. subord. deben¬
tures due 1972 and 90,000 common shares to be sold by
certain stockholders.' The securities are to be offered in*
March 28,
consisting of
a
other
and
type
in
Price
Business—Manufacture of restaurant
.—By amendment.
dealers
$100 debenture and 36 shares.
furniture which it sells principally to
Rico. Proceeds—For equipment and
Puerto
general corporate purposes.
Address—San Juan, Puerto
Hanley, Hempstead, N. Y.
Rico. Underwriter—Edwards &
Offering—Indefinitely postponed.
•
March
1962 filed 150,000 common, of which 60,000
the company and 90,000 by the com¬
23,
to be offered by
are
,
Greenman
Bros.,
pany's parent, Glen Modes, Inc. Price—By amendment
(max. $7).
Business—Design, production and sale of
women's fashion accessories, and sportswear.
Proceeds
general corporate purposes.
Office—417
Ave., N. Y. Underwriter—Sprayregen, Haft & Co.,
Offering—Indefinitely postponed.
—For
Fifth
N. Y.
Inc.
Business—Wholesale and retail distribution
lines and sporting equipment. Proceeds
—For debt repayment, inventory and working capital.
Office—35 Engel St., Hicksvllle, N. Y. Underwriter—J.
toys, hobby
N. Y.
.
<•
and
cleaning and laundry establishments;
For
Indefinite.
Proceeds
derwriters—Leiberbaum & Co. and Morris Cohon &
Nov. 21, 1961 filed 100,000 common. Price—$6. Business
—Real estate investment. Proceeds—For working capi¬
tal
N.
and
other
corporate
W„ Washington. D.
Office—1707 H St.,
Underwriter—Rouse. Brewer.
C.
Becker &
Bryant, Inc., Washington, D. C. Offering—Ex¬
in September.
pected
Halo
.
Mar.
will
27,
be
Heck's Discount Centers,
June
holder.
Inc. 125,000 common. Price—By amend¬
7, 1962 filed
Business—Operation of discount stores.
repayment and
working capital; Office—6400 MacCorkle Ave., S; W.,
St. Albans,
W. Va.
Underwriter—Willard Securities,-.
Inc., N. Y.
: /" '.J' -i: yv ' ment
:
(max. $5).
Proceeds—For inventory, expansion, debt
Inc.
"/:•/'
/-/V- ; •*'
filed 586,000 capital shares. Price—By
(max. *$5).
Business—General' Teal' estate.
Land Co.,
Helix
1962
April 27,
amendment
Office—4265
Underwriter—None. ; ;
Proceeds—For general corporate purposes.'
Summit Dr., La Mesa,
Lighting, Inc.
Herlin
1962 filed 300,000 common, of which 100,000
by.th$v.company and 200,000 by a stock¬
Price—By amendment. Business—Manufacture
&
Co.,
Calif.
Inc.
4
-
'
May 29, 1962 filed 100,000 common, of which 80,000 are
to be offered by company and 20,000 by stockholders.
sold
Price—By amendment (max. $12.50). Business—Sale of
wrist-watches to holders of food chain, cash register
* ir- j of recessed incandescent lighting fixtures* Proceeds—
Fdif" gfe'ti^ar"' corporate purposes. Office—Chicago.* 111.
Sept. 28.
Price—$11. Busi¬
Underwriter—R. W. Pressprich & Co., N. Y. Offering—
ness—Manufacture of paper. Proceeds—Expansion and
Temporarily postponed.
working capital. Office—Lyons Falls, N. Y. Underwrite?
«—Van Alstyne, Noel & Co., N. Y.
Halsey Drug Co.
i-•
Gould
Development Corp."
Office—40 Beaver
processing and sale of rock and sand. Proceeds—For a
plant and other corporate purposes. Address—Hal¬
landale, Fla. Underwriter—Mutch, Khanbegian, Flynn &
Green, Inc.. 115 Broadway, N. Y.
purposes.
.
general corporate purposes and debt repayment.
St., Albany, N. Y. Underwriter—None.
—For
new
Gotham Investment Corp.
J
>y
28, 1962 filed 23,300 shares "of 5% convertible
preference stock to be offered for subscription by stock¬
holders on basis of one preferred share for each 10 com¬
mon
held. Price—$12. Business—Real estate. Proceeds
purchase 25,000 common at $1 per share to be offered in
units consisting of a $10 debenture, 8 common shares and
one warrant. Price—$18 per unit. Business—Extraction,
purposes.
/
March
1962 filed $250,000 of 8% subordinated deben¬
1977, 200,000 common and 6-year warrants to
estate. Proceeds—For general corporate
Office—151 N. Dean St., Englewood, N. J. Un¬
Co.,
N. Y. Offering—Expected sometime in July.
and manage real
*
Business—A real estate investment trust.
working
capital.-y Address—Honolulu,
Underwriter—White, Weld & Co., Inc., N. Y.
Hawaii.
Heartland
March 30,
-
Investment1 Trust
Real Estate
Proceeds—For
Land Corp.
April 2, 1962 filed 550,000 class A shares. Price—$10.
Business—Company plans to develop, operate, construct
•
.
$10 per unit.
1962 filed
tures due
L.
May 18, 1962 filed 1,000,000 shares of beneficial interest
and eight-year stock purchase warrants to be offered in
units consisting of one share and one warrant.* Price—
Hallandale Rock & Sand Co.
Good-Era Realty & Construction Corp.
Office—170 Varick St., N; Y. Un?
Noel & Co., N. Y,, Offering—
working capital.
derwriter—Van Alstyne,
New York.
28,
:
•/»
/ pedic works for children and operates an/advertising
>. agency for sale of TV and radio spot time." Proceeds—
expansion.
Office — 6400 Chillum Place, N. W.,
Washington, D. C. Underwriter—Shell Associates, Inc.,
Gulf American
; '
y
1962 filed 300,000 class A common. Price — f3y
amendment.-Business — Publishes illustrated encyclor
Jan. 29,
—For
Feb.
Co., Inc.
Rochester, N. Y. Un¬
& Smith Itic!,
sometime in August.
New York. Offering—Expected
•
.
.
,
V
Office—175 Humboldt St.,
Hawaii
Gruman-Bond Equipment Corp.
;
derwriter—Merrill Lynch, Pierce, Fenner
<
>
,.
filed 235,550 common. Price—By amendr
(max. $16).
Business—Operation of supermarkets
small food
stores. -Proceeds—For
selling stock¬
holders.
$10,000,000 of 6%'% conv. subord.
March 13, 1962 filed 80,000 common. Price—$4. Bus!-; debentures due 1977. Price—At par. Business—Company
is engaged in the development of planned communities
ness—Manufacture, development rnd sale of pharmaceu¬
in Florida. Proceeds—For debt repayment and general
tical and veterinarian products, proceeds—For advertis¬
corporate purposes. Office — 557 Northeast 81st St.,
ing, research, debt repayment and working capital.
Miami, Fla. Underwriters — Morris Cohon & Co. and
Office—36 Lawton St., New Rochelle, N. Y. Underwriter
Street & Co., Inc., N. Y. Offering—In August.
■—Droulia & Co., N. Y.
Gold Leaf Pharmacal
{
,
March 28, 1962
ment
May 28, 1962 filed 100,000 common. Price—$3. Business
—Furnishing of equipment for operation of coin-oper¬
ated dry
,
Harwyn Publishing Corp.
price—$10.
of
.
,
Hart's Food Stores, Inc.
..
April 25, 1962 filed 150,000 common, of which 75,000 are
to be offered by company and 75,000 by stockholders.
R. Williston & Beane,
Glensder Corp.
Union
Office—952
(Paul)
Stores, Inc.
See Paul, Harris Stores, Inc.*
Leonard & Lynch and Sin¬
ger, Dean & Scribner, Pittsburgh. Offering—Postponed.
Green
(Henry J.) Instruments Inc.
April 30, 1962 filed 150,000 common. Price—$2.25. Busi¬
ness—Manufacture of precision instruments for measur¬
ing atmospheric conditions.' Proceeds—For debt repay¬
ment, equipment and working capital.
Office—2500
Shames Dr., Westbury, L.-1., N. Y. Underwriter—None.
investment.
Thursday, June 28, 1962
Ave., Worcester, Mass. Underwriter—ShearHammill & Co., N. Y. Offering—Temporarily post¬
poned.
\,
;
:
" - ' ; ; * ,»
Trust Bldg., Pitts¬
For
units
.
son,
Price—$11, Busi¬
ness—A small business investment company.
1962 filed 254,000 common. Price—By amend¬
ment (max. $18). Business—Development and produc¬
tion of radar and other specialized electronic systems.
Proceeds—For selling stockholders. Office—1815 Venice
-
.
—320 Park
Corp.
Capital
1961 filed 250,00U common.
14,
April 4,
Girard
.
(3018)
Paper Co.
1961 filed 140,000 common.
'
Ave.,
St.
Bell
Co.,
Proceeds—For working capital; Office—2046
St. Louis. Underwriter—Newhard, Cook &
tapes.
t
Louis.
v'
t
■Gourmet
Food
Products,
Inc.'
May 25, 1962 filed 100,000 common. Price—$4.50. Busi¬
ness
Growing, purchasing, distributing and selling
whole potatoes and processing and selling of prepared
potato products. Proceeds—For a new plant and equip¬
ment. Office—915 Southeast 10th Ave., Portland, Ore.
Underwriter—Darius Inc., N. Y.
—
"
Gourmet
-*T:. \
Restaurants, Inc.
/•'*;v •'
April 30, 1962 ("Reg. A") 28,213 capital shares.
Price
—$3.50. Business—Operation of restaurants in Disney¬
land Hotel.
1445
S.
Proceeds—For selling stockholders.
Office—
West
tenden &
St.,] Anaheim, Calif.
Underwriter—CrutCo., Inc., 618 S. Spring St., Los Angeles. -
*".■
Inc.
Hanna-Barbara
March
23, 1962 filed $600,000 of 6% conv. subord. de¬
bentures due 1977 to be offered in 1,200 units.
Price—
$500 per unit. Business—Operation of jewelry stores,
jewelry concessions and a liquor concession in discount
department stores. Proceeds—For debt repayment and
working capital.
Office—182 Second Ave., San Fran¬
Underwriter—Midland Securities
cisco.
Co., Inc., Kansas
Grand
Ba'ama
Development
Co.,
Ltd.
(7/16-20)
Jan. 23, 1962 filed 250,000
common.
Price
By amend¬
—
ment. Business—Sale and development of land on Grand
Bahama Island for residential and resort purposes. Pro¬
ceeds—For general corporate purposes. Office—250 Park
Ave., N. Y. Underwriter—Allen & Co., N. Y.
Great
Continental
Aug. 3, 1961
Real
Estate
filed 300.000 shares of
Price—$10. Business—Real estate
ment. Office—530 Si
Continental
Great
Real
Estate
Eastern
beneficial
Trust
interest
Proceeds—For invest¬
formerly
Underwrite?
known as
was
Investment Trust...
tain
common.
Price—By amend¬
Business—Company plans to write cer¬
types of fire and casualty insurance. Proceeds—For
(max. $5V.
general corporate
Office—116 John St., N. Y.
Underwriters—Emanuel, Deetjen & Co., and Zuckerman,
Smith & Co., N. Y.
.
Great Plains
March 26. 1962
purposes.
Corp.
("Reg.
a
'
A") 60,000 class A
common.
Price
—$5. Business—Company
plans to establish an industrial
bank and an insurance agency. Proceeds—For working
capital, debt repayment and expansion. Office—368 Main
St., Longmont, Colo. Underwriter—Birkenmayer & Co.,
Denver.
Hill
management
writer—None.
shares
ment, 'nventory and working capital Office—11 Tenth
Ave., 3-, Hopkins, Minn. Underwriter—None. Offering
—Expected in July.
HardHnes
Distributors, Inc.
filed 200,000 common, of which 100,000
are to be offered by the company and 100,00Q by a stock¬
holder. Price—By amendment. Business—Retail sale of
housewares,
hardware,
lighting
fixtures,
automotive
accessories, etc. Proceeds—For debt repayment, expan¬
sion
and
working
capital.
Office—1416
Providence
Highway, Norwood. Mass. Underwriter—McDonnell &
26.
1962
Hargrove
Enterprises, Inc.
8, 1961 filed 160,000 common. Price—$5. Business
—Company plans to own and operate an amusement
park. Proceeds—For property development, advertising,
and working capital. Office—3100 Tremont Ave., Chev-
erly, Md. Underwriter
Springs, Md.
Switzer
—
<
&
Co.,
Inc.,
■
Silver
ment
($7 max.).
board
and
purposes.
Price—By amend¬
Business—Manufacture
containers.
Office—149
of
corrugated
Proceeds—For general corporate
Entin
Rd,
Clifton. N
,T
Under¬
St., Los Angeles.
*
|
Sauce Co.,
'
Inc.
ness—Design, production and
~
V
Price—$4.
distribution of
-
Busi¬
belts
$500 debenture and 50 common shares. Price—$1,000 per
unit. Business— Manufacture of liquid and- semi-solid
specialty sauces! Proceeds—For debt
salad dressings and
repayment and expansion.- Office—109 S. Webster St.,
Madison, Wis. Underwriter-H-Milwaukee Co., Milwaukee,
Offering—Indefinitely postponed.
Wis.
Holiday Mobile Home Resorts, Inc.
%
Jan. 31, 1962 filed 3,500,000 common and 5-year War¬
rants to purchase 700,000 shares, to be ofi?:red in units
of 5
shares and
Proceeds
working
warrant;
one
—
capital.
operation
/
of - mobile
;
ing—Temporarily postponed.
.advertising.and
/.>»<-•
;
*
,
•
Honora, Ltd.
Nov. 29, 1961 ("Reg. A")
Business—Purchase
their
Harrington & Richardson," Inc.
distribution
jm
of
76,500 common. Price—$3.75
pearls., in Japan ,and
cultured
the
U.
S.
Proceeds—For general
Y. Under¬
N. Y. -
rorporate purposes. Office—42 W. 48th St;v N.
writer—Sunshine Securities, Inc., Rego Park;,
March 7, 1962 filed 180,000 common, of which 40,000 are
to be offered by company and 140,000 by stockholders.
Office
V"
27; 1962 ("Reg. A")
working capital. Address—P. O. Box 438, Phoenixville,
Pa. Underwriter—Harrison & Co.,' Philadelphia, Offer¬
Office—476 Broad¬
N. Y. Underwriter—Finkle & Co., N. Y. OfferingExpected in August.
•••*••'
V /
Equipment, plant expansion and working capital.
*
75,000 common. Price — $4.
Business—Manufacture, sale and development of solderless terminals and other wire-terminating products. Pro¬
Feb.
sion, inventory, and debt repayment.
postponed.
*
-
Hollingsworth Solderiess Terminal Co.
and
Price—By amendment (max. $30)/ Business—Manufac¬
sale of M-14 rifles to U.,S. Govt. Proceeds-
Busi¬
Price—$50 ptx unit.
home-re¬
For debt repayment, e>oansion 'and
Office—4344 E. Indian school Rpaa.
and
Phoenix. Underwriter—None...
related products. Proceeds—For sales promotion, expan¬
ture and
,
28, 1962" filed $250,000 of 6 V2 %' subordinated sinking fund convertible debentures due 1977 arid 25,650
common shares to be offered in units-^consisting of one
ceeds—For debt repayment, equipment,
.
writer—D. H, Blair & Co., N. Y. Offering—Temporarily
Proceeds—For ^ in¬
Under¬
company.
.
Harley Products, Inc. March 28, 1962 filed 75,000 common.
;
Feb.
*
way,
Greater New York Box Co., Inc.
Dec. 29, 1961 filed 100.000 common.
investment
Hoffman House
sorts.
•
i
*
ness—Development
Dec.
:
/
Office—760 S. Hill
vestment.
common
named.
Street Co.
Oct. 16, 1961 filed 2,265,138 common to be offered for
subscription by stockholders of Union Bank of Califor¬
nia on a share-for-share basis.
Price—$3. Business—A
building and
new
N. Y.
Happy House, Inc.
July 28, 1961 filed 700,000
be
Underwriter—To
Co., N. Y. Offering—Temporarily postponed.
Insurance Co.
April 13, 1962 filed 381.600
ment
For
and devel-
repayment of debt and
working capital. Office—130 Lincoln St., Brighton, Mass.
working capital. Office—3501 Cahuega Blvd., Los An¬
geles. Underwriter—Carl M. Loeb, Rhoades & Co.. Inc.,
Jan.
Investment
Paul Place, Baltimore.
■—To be named. Note—This firm
—
Proceeds—For equipment,: research
models.
oDment. leasehold improvements,
/
.Price—$1.
Business—The marketing of gifts, candies and greeting
cards through franchised dealers.
Proceeds—For equip¬
City, Mo. Offering—Expected in July.
ment.
Productions, Inc.
Proceeds
Inc...f ; ; T
filed 120,000 common. Prl.i;—By amend¬
Business—Manufacture
of
products
from test
Sept. 28, 1961
j
29, 1961 filed 200,000 capital shares. Price — By
amendment. Business—Production of television cartoons
commercials.
Inc., N. Y. Offering—Indefinite.
High Temperature Materials,
Dec.
and
equipment.
J. JB. Coburn Associates,
end. Proceeds—For investment. Office—
Bldg., Cleveland. Underwriter—Fulton,
Cleveland. Offering—Imminent.
of
Proceeds—For equipment,-inventory,
promotion, expansion and working capital. Office
—s.U-20 47th Rd.; Long Island City, N Y. Underwriter—
Ohio
Reid & Co., Inc.,
'
Granco,
open
East
common. • Price—$5.
barbecue machines and
40.000
A")
manufacture
Business—The
allied
•
2100
("Reg.
1961
saxes
lyn, N. Y. Underwriters—Packer-Wilbur & Co., Inc., and
Alessandrini & Co., Inc., N. Y. Offering—In late July.
become
31,
Aug.
•
Hampden Fund, Inc.
!.--d\
Jan. 24, 1962 filed 500,000 common.. Price—$10.
Busi¬
ness—A
closed-end
investment trust which i plans to
;
Hickory Industries, Inc.
1962 filed 79,500 common. Price—$4. Business
—Manufacture, packaging and sale of proprietary drug
products. Proceeds—For debt repayment, expansion and
other corporate purposes. Office—1827 Pacific St., Brook¬
March 30,
1
^
:
House of
Koshu, Inc. v
;
*
1962 filed 75,000 class A common. Price—$5.
Business—Imparting of Japanese liquors. Proceeds—For
jvlarch 29,
(3019)
debt
repayment, advertising, inventory and working
capital. Office—129 S. State St., Dover, Del. Underwriter
—P. J. Gruber & Co.,
Inc., New York. " >
*
;
Inc.
Proceeds—For expansion, machinery, and working cap
itaL Office—233 Broadway, N. Y. Underwriter—Arnold
by stockholders. Price — By amendment (max. $25).
Business—A holding company for a Jamaican Electric
utility. Proceeds—For acquisition of additional stock in
subsidiary. Office—507 Place D'Armes, Montreal, Canada.
Underwriters
Stone & Webster Securities Corp. and
Greenshields & Co., Inc., N. Y.
.
(7/16-20)
March 29, 1962 filed 150,000 common.
International Realty Corp.
Price—By amend¬
Business—A dispensing optician and a
April 27, 1962 filed $18,000,000 of s/f. debentures due
manufacturer and distributor of optical
equipment. Pro
1977, 360,000 common shares and five year warrants to
'.ceeds—For selling stockholders. Office—137 N.
Wabash,/ purchase 540,000 common shares to be offered in 180,000
Ave., . Chicago.
Underwriter—Hornblower
&
Weeks,
units, each unit consisting of $100 of debentures, two
ment
—
.
(max. $17).
Jamoco
Feb.
-
.
Chicago.
7/'■
/ //.AAAA'/.,. • -A/Corp.AA-AA'; ;A A,/.7,":: A/; ;/vA A.'1..
7.7/7,
Hunsaker
•
nated debentures due
1977
Price —-By amendment
;
shares and warrants to purchase three additional shares. i Price—By amendment (max. $110 per
unit). -Business--Real estate investment. Proceeds—For
debt repayment, Construction, and other corporate purcommon
•
March'30, 1962 filed $1,600,000 of convertible;
and 250,000
(max. $6
subordi-
common
shares/
common
per
share),
—Xor debt repayment and ' other corporate purposes. >
2'*,ce^l5855^Edna PI., Irwindale, Calif/Underwriter-^//
Bateman, Eichler & Co., Los Angeles.,.
.<
Jarcho
Hydro-Swarf, Inc.
7/A A?A A A/1 shaie, to be offered in units, each consisting of one share
A and one warrant. Price—$4 per unit. Business—Design/
March
will
i-
_
30,
be
1962
sold
filed
97,000>
common,
by company and
i
'
r
mm.
.
which
of
vi
uvs/v
A development. and manufacture of mechanical, electro5 mec:1^nlcal
Q-ffCnmno
A""'
t
ri
a
Ideal Toy Corp.
'a
'
'
-
v
'
»
■
•
International Terrazzo Co., Inc.
-New
>.
and
general
corporate
Office—212
I
Income
Properties, Inc.'
May 18, 1962 filed 200,000 class A shares and three-year
consisting oi one class A
and one warrant.
Price—By amendment (max.
$12 per class A share)i Bus
sfnessA-ReaTestate investmentpansion
exDorchester
Index
-
&
Retrieval
Svstems
lne
N. Y. Underwriter—Van Alstyne, Noel & Co., N. Y.
Film
feature
and
co-production
films., Proceeds—For
of
foreign
acquisition,
.
;dan &
Co., Inc., N.- Y. Offering—Indefinitely postponed.
Investment Management Corp.
May 1'0, 1962 filed 100,000 common to be offered for sub-
Unsubscribed shares will be offered
29, .1962. filed 125,000 coUtaon. : Price—By amend-- • ffne'-al corporate purp°ses.
Business—Publishes "The- Financial Indent" and ; -.Underwriter—None.
other -indexes, and abstracts.
Proceeds—For equipment,»A
ment.
Price—.Business
distribution
domestic
Jan..
iA
common.
basis,
to the public;
Price
—To stockholders, $2.50; to the public, $3.50.. Business
•—Manager and distributor for Western Industrial Shares,
/AA; *••:;//>-' -Inc., a'mutual fund. Proceeds—For debt repayment and
*
Office—818 17th St., Denver,
■
-
■
„i
-
:
'
■
j Investment Securities Co-"/- A/ A;/
A promotion, office relocation*and working capital. Office "- March 16; 1962, filed 250,000
common,-of which 125,000
v—River; St.,-Woodstock;AVt
7TJi»derwriter^Seafighp,:«^re 1:0 be offered by- the company and 125,000 by a
Ahalt & O'Connor, Inc., N. Y. Offering—In
July./ A
&
Co., N;/¥. Note—This offering was temporarily
'
/ /A/;.'-;-.','-. ■■ A*v 7','A,A>.,;;:7 a 77 ,/
Jayark Films Corp. ^
u
""/A." "/AA
Aug. 24, 1961 filed 72,000 common, of which 50,000 aro
,
48th
a!AA stockholder. Price—By
St., N. Y. Underwriter—Pacific Coa«» Securities Co.,
Offering—Expected in July.
/''-//'/A'
San Francisco.
Jaylis Industries, Inc.
18, 1961 filed 150,000
Oct.
class
Business—Manufactures patented
window
use
as
etc.
Proceeds—For
coverings,
debt
room
A
common. Price—$8.
traversing screens for
dividers, folding doors,
and
repayment
Office—514
W.
general
corpo¬
Olympic
Blvd., Los An¬
geles. Underwriter—D. E. Liederman & Co., Inc., N. Y.
Offering—Temporarily postponed.
purposes.
Jays Creations,
March 30, 1962 filed
Inc.
80,000
—
Price—$4. Business
common.
—Design, manufacture and sale of
Distributors, Inc.
co-production, dubbing, adaptation and distribution of
films, and working capital. Office—1776 B'way, N. Y.
Underwriters—General Securities Co
Inc
and S
Kas-
working capital;-' Office—1801
Rd^ Brooklyn,' N. Y. Underwriter—Crow, Brourmanf&,
Chatkin,- Inc., N.. Y. ;AA/A-;,, /Aa;-; AAA7//:AAA.
"
-
postponed.
rate
;V'/7';17':;'.I
Ascription 7 by - stockholders- o^vd- 2-ffttf-lv 'share
repayment,
and
/ive..
ana
warrants to be offered in units
debt
7:'777^:7/";7-//r7-777/.
Business—A real estate investment
Proceeds—For investment. Office—450 Seventh
•Theatrical
W.
j•-7-7-/
construction. A Proceeds—For
Equity
■
Mai ch 30, 1962 filed 1,605,100 shares of beneficial interest.
Sept. 29, 1961 filed 106,250
•share
and
Co., Inc.,
7,'.'
7
-
inierworld
Washington St., Chicago. Underwriter—None.
-•
826 62nd St., BrookLampert &
Price—(max. $10).
record
purposes.
-
.
Underwriter—Drourr,
/AA
7 '.■7,7"' A .77 ; 777' 7 777" •/a
York.
company.
May 29, 1962.
Rights will expire June 29. A. T; & T:, holder of 99.32%
of outstanding
stock, will subscribe for its pro rata share
of .the offering.
Price—$20. .Proceeds—For debt repay¬
ment
v
C£?ltg a?d
U^er co^01 ate purposes. ^ffice
lyn,. N. Y. :
.
Interstate
of
•
.
•
Illinois Bell Telephone Co. 1AA:.a%
/AAAA/A
May 11, 1962 filed 3,771,577 common being offered for
suoscription by stockholders on the basis of one new
held
Bros.* Inc.
(max.
by the company and 22,000 fcv stockhold^
rrice—By amendment. Business—The distribution
ot motion picture and television films. Proceeds—For
production of films and working capital. Office—15 E.
May, 15, 1962 ;(VReg*.- A"). .75,000 common. Price—$2.
Business—-Manufacture and installation oftei razzo floor}?g' a
installation of marble andtile. Proceeds—
*
White, Weld & Co., Inc., N. Y.
"
t
Services Corp., Clifton* N. J,
and general corporate purposes. Office —
184-10
Jamaica Ave., Hollis, Long
Island, N/Y. Underwriter—
shares
Under¬
to be offered
ment
10
AniimmAMr
«
Y.
eis.
:^5finequipmf?t'A?ebt
each
L1av«
sub-contracl
May 1/1962 filed 490,000 common, of which 250,000 will
be offered by company and
240,000 by stockholders. Price 1
-By,amendment (max, $20); Business-Manufacture of
toys and related products. Proceeds — For debt repays 7 r
y
y
share for
/I o
working canital
,...v..,
Office—7050 Valley View St., Buena
Park, Calif. Underwriter—Raymond Moore & Co., Los Angeles. v
n
and electronic equipment for government
assembly and
e,
.
80,000
17,000 by Certain stock-
m
n
w
mill
a"A ~A: 77 0 VA A/f; A*^
(8/13)
N.
Price—By amend¬
$12). Business—Installation of plumbing, /'
heating, ventilation and air-conditioning systems. Pro¬
ceeds—For selling stockholders.
Office—38-18 33rd St.,
Long Island City, N. Y< Underwriter—Shearson, Ham-
Maich 30, 1962 filed 110,000 class A common and 9-month
warrants to purchase 110,000 class A shares at $4 per
■
V•
Conditioning Corp.
March 23, 1962 filed 240,000 common.
ment-
A >7A
/
Air
1962
Office — 954 Jamaica Ave.,
Brooklyn,
writer—Martin-Warren Co., Ltd., N. Y.
Office—919 N. Michigan Ave., Chicago. Under/ writer—Kidder, Peabody & Co., N. Y. Offering—July,
/^International Systems Research Corp.
28,
("Reg. A") 40,000 common. Price — $3. A
Business—Design, installation and maintenance ©f heat¬
ing, plumbing and air conditioning systems. Proceeds—
For inventory, equipment and other
corporate purposes.
poses.
Business—Construction of homes and apartments on land
// which company has acquired in Southern Calif. Proceeds
-
v
Malkan & Co., Inc., N. Y. Note—This firm formerly was
named Marine & Animal By-Products Corp.
,
House of- Vision,
35
young
women's wear.
Proceeds—For working capital and possible acquisitions.
W. 35th St., N. Y. Underwriters—Seymour
Office—254
Blauner Co., and Wm. Stix Wasserman
Offering—Expected in mid-July.
&
C04 N7 Y.
/
7 7
Corp.
'
'7/7a.-A;A/7
May 1, 1962 filed 75,000 common. Price—$4.25. Business
—Processing and distribution of vinyl roll plastic fabric
and vinyl tablecloths, and various foam rubber items.
Jerlee
Products
Proceeds—For
equipment/ raw materials/debt repay¬
working capital. Office—596-612 Berriman St.,
ment and
Brooklyn,
N.
Y.
Underwriter—R.
P.
Inc., 26 Broadway, N. Y.
7
Raymond
&
Co*
A
Jiffy Steak Co.
Feb.
5,
ment.
1962 filed 65,000 common.
Price—By
Business—Processing, -packaging and
frozen meat and meat products.
tion of 2,910 $50 par preferred
amend¬
sale
of
Proceeds—For redemp¬
shares,
expansion,
and-
working capital. Address — Route 286, Saltsburg, Pa.
Underwriter—Arthurs, Lestrange & Co., Pittsburgh.
Joanell
amendment (max. $20). Business
Laboratories,
Inc.
;
*
A' Industrial Growth Fund of North
:-/;X4 .ma^agem^Vin^stm^ C0n^anyJ specializing in
April 20, 1962 filed 100,000 common. Price —-Net asset
!' ^|l^1SrtranC^+ ^le^'7,^rocee.^ "
^or
repayment,.
value (max. $lls50). Business^—A closed-end investment
caP^alAand possible expansion. Office—901
•'% company which plans to become open-end in 1963. Pro:^a^?in®ion
"•Louwi,-Underwriters — Scherck,
7, ceeds—For investment.- Offiee—505 Fifth~
Ave./ N. Y; A^'^bter ?Co.; andvDempsey^'Tege^ler & Co., Inc., St. Louis,
ri Distributor—Industrial Incomes Inc.
(same address). / r7
nns' ^definitely, postponed.
America, lnc/
•
*
'
A
A
A ness—A
;
')!
7
Industry 'Capital- Corp.
v/"'/ '"'vV i'7a777;:A 7:.'l,', Investors 26, 1967 filed 500,000" common/ Price—$15. Bust-:c7^®®?^*'
small
business investment company. Proceeds—
7 St.; Chicago.1 Underwriter—A;
'
Offerinfr—TnriofinitP
Offering—Indefinite.
.
Instromech
C. Allyn
•
"
industries, Inc^
>:
.-y
/Ave" N- W-AWashington, D. C, Underwriter—None.
•
,
A March 30,71962
("R^g. A;"). 100,000 common. Price—$3.
Business—A contract manufacturer of precision products.
;
,
Proceeds—For acquisition of land
household
building, equip¬
ment, inventory and other corporate purposes. Office—
4 Broadway Plaza,
Huntington7Station., N. Y. Underwrfter—Price Investing Co., N. Y./;Offeeing—Late July.
.£.
,
A
various
•
selling
stockholders. Office—2500 Washington St., Canton, Mass.
Underwriter—None/
' '
' 1 1
7
;
;
writer—Gold-Slovin Co.; Inc., N. Y.7.7. -n
7 /u
:
•/
•
„
•
due
:
7;^/International' Drug & Surgical Corp.
.March 23,
1962 filed
150,000
Business---Iffiporting,
!
pharmaceutical and medical instruments.
-
;
7
;.r
i
,
of
Pro*
1980.
(with 20 attached warrants). Also
$2,760,000 of 6Y2% dollar debentures
Price—For units, $1,050
each; for debentures,
.
••'
_
Ja??
.
_
•
.
.
Proceeds—For
corporate purposes. Offiee—
375 Park Ave., N. Y. Underwriters—Seymour Blauner
Co.; and Wm; Stix Wasserman & Co.; Inc./ N;-1 Y.
,nc" (i/?"13)
/
^
—
devices
Kaiser-Nelson
Corp.
v' ../A
..7'
1962 filed 140,000 common, of which 70,000
are to be offered by company and 70,000 by stockhold¬
ers.
Price—By
amendment- (max.
$10).
Business—
Reclamation of metallics from steel slag; mining of sand
and gravel; and dismantling and salvage of industrial
buildings. Proceeds—For new plants, debt repayment
and working capital.
Office—6272 Canal Rd./ Cleve¬
March
29,
land.
Underwriter—Robert
L.
Ferman
&
Co.,
Inc.,
Miami, Fla.
Kapner,
March
29,
Inc.
(7/23-27)
50,000
1962 filed
ness—Mail
order
sale
of
common.
Price—$5.
merchandise.
Busi¬
Proceeds—For
equipment and working capital. Office—1924 Washing¬
ton Ave., Bronx, N. Y. Underwriter—Arnold, Wilkens &
Co., Inc
NT. Y.
Kaufman
March 29,
Carpet Co., Inc.
1962 filed 250,000
common.
Price—$5. Busi¬
ness—Operation of a chain of retail stores selling carpets
Proceeds—For expansion, inventory, debt re¬
payment and working capital. Office—1800 Boston Rd.f
Bronx, N. Y. Underwriter—Michael G. Kletz & Co., N. Y.
and rugs.
•
Kavanau
Corp.
29, 1962 filed 50,000 shares 6% cum. preferred
four-year common stock purchase warrants to be
offered in units consisting of one preferred and one
warrant.
Price—By amendment (max. $101 per unit).
Business—Real
estate
investment.
repayment and working capital.
N. Y.
Proceeds—For
debt
Office—30 E. 42nd St.,
Underwriter—Hayden, Stone & Co., N. Y.
Kay Foods Corp.
Jackson's/Byrons Enterprises Inc. '
13, 1962 filed $750,000 convertible subordinated
debentures due 1977; also 120,000, class A
common, of
which 66,666 shares'are to be offered by the
company
of fruit
and 53,334
purposes.
.
by stockholders. Price—By amendment (max.
$12.50 for common>.;Business--Operation of a chain of
Business—Manufacture of plastic products produced byand
thermoforming.. Proceeds—For equip- '<• retail department stores. Proceeds—For debt
repayment
ment, rent, salaries and working capital. Office—818—. - and working
capital. Office—29 N. W. 10th St., Miami,
17th
St^ Denver. Underwriter—Amos C. Sudler & Co./;. Fla. Underwriter—Clayton Securities Corp., Boston. Of*;
n°m^
Denver.. Offering—Expected in August.
fering—Indefinitely postponed.
...//
7
/
• International Protein
Corp. (7/9-13 )'
';/"'
Jamaica-Public Service
extrusion
,
•
training
and
March
International: Plastic Container Corp* v 7, /
;//;
March 26/ 1962 filed -200,000 -common.
Price—$2.50.
.
weapons
March
.
common. Price—$3. Business
—Industrial designing, the design of teaching machines
and the production; of teaching programs. :Proceeds—
For expansion, new facilities and
working capital. Office
—315 Central —
----« Park W., ■« — • «
~
N. Y. Underwriter—R. F. Dowd
& Co., Inc., N. Y.
of
Jan. 26,- 1962 Tiled 90,000 common.
Price—$5. Business
—Distributes fishmeal and animal by-product proteins.
By amendment. Business
Development of
for U. S. Armed
Forces and the manufacture of electronic control equip¬
ment. Proceeds—For general corporate purposes. Office
—102 Dorsa Ave., Livingston, N. J
Underwriter—Sparights, Ahalt & O'Connor, Inc., N. Y, Offering—In July.
—
simulated
common
were
Jan,.30, 1962 filed 100,000
;
| V working capital and other
1
electric motors.
Price
ers.
—
.
manufacturing
Business—Manufacture
and
Business—Company was formed to construct the
luxury hotel "Tel Aviv Hilton" at Tel Aviv, Israel. Pro¬
ceeds—For general corporate purposes.
O f f i c e—229
South State St., Dover, Del.
Underwriter
American
Isiuel Basic Economy Corp.7 New York
City.
7 -2
.v:
class A shares. .Price—$4.
licensing,, and
e—$6.
products
par.
/
/
•
^
10
registered
repay-
;fA
new
debentures due 1980-86 and 40,360 common (with war¬
rants) to be offered for sale in units of one $1,000 deben¬
ture and
ment, sales promotion and/other corporate purposes. A
Office—312 ,Mt.; Pleasant- Ave;,- Newark,AN/J". 'Under-:*7/
*
c
International* Inc.
28^. 1962 filed .$4,036,000-.of.rjVi % sinking fund de¬
materials. ^Proceeds—For
,
.
P r i
Israel Hotels
Instrument Component*., tnc. Av ■•/'/■a/
•A-June 11, 1962 ("Reg. A") 135,000 common. Price —
$1.
Business — Manufacture and distribution of electromechanical rotating devices. Proceeds—For debt
i
.
working capital. Office
—Regent St., Manchester, Conn. Underwriters—Richard
Bruce & Co., Inc.r and Reuben Rose &
Co., Inc., N. Y.
v-v.
.
i
acteristics- of
'
electric appliances and
ceeds—For
Instron
•
Manufacturing Co. 1
stockholder..;
.and
Engineering Corp.
March 26/1962 filed 120,000 common.
Price—By-amendment (max, $14)./Business—Development- and production. of equipment for use in testing the physical char-
|ona
Jan. 26,. 1962 filed 140,000 common, of which
125,000 are
to be offered by the company and
15,000 shares by a
'
.
;;
$10. Bu?iness
^
& Co., Chicago.
■*■■■>
;;; ^7
200,000 shares. Price
T
f.ea estate investment trust. ^Proceeds—For eon-;
^ ucH.rnTTTanT^r investment.
Office 3315 Connecticut
For general corporate purposes. Offiee—208 S. La Salle
:/
■
Realty -Trust /1
Dec;
Dec. 21, 1961 filed 114,500 common, of which 82,500 are
to be offered by the company and 32,000 by stockhold¬
,
...
Ltd.
March
shares
30, 1962 filed 215,000 common, of which 100,000
to be offered by
company and 115,000 shares
are
Dec.
29,
1961
filed
88,000
class
A
common
shares,; of
which 44,000 are to be offered by the company and 44,000
by stockholders. Price—$7.
Business—Packing and sale
juice products. Proceeds—For general corporate
Office—241 N. Franklintown Rd., Baltimore.
Underwriter
Auchincloss. Parker & Redpath, Wash¬
ington, D. C. Offering—Indefinitely postponed.
—
Keene
Packaging Associates
of which 100.000
and 65,000 by stockholders.
?rice—$4. Business—Design and manufacture of semi-
April
are
2,
1962
filed
165,000
common,
to be offered by company
Continued
on
page
36
36
(3020)
The Commercial and Financial
Continued from page 35
rigid vinyl plastic
ing capital.
and
containers
Office—2529 Washington Blvd., Baltimore.
Underwriters—Godfrey, Hamilton, Taylor & Co., N. Y.
and Penzell & Co., Miami Beach.
Offering—Temporarily
postponed.
for
packaging.
Proceeds — For debt repayment, working capital and
other corporate purposes. Office — 947 Newark
Ave.,
Elizabeth, N. J. Underwriter—Hardy & Co., N. Y. Offer¬
ing—Expected in late July.
A KeUermeyer
June
15,
cases
Chemical
Lee-Norse
ment
Co.
1962
Office—1025
Brown
Ave., Toledo,
Ohio.
800
71st St., Miami Beach, Fla.
vestors Corp. (a newly-formed
St., Tulsa,
Underwriters—Fulton, Reid & Co., Inc., Cleveland
Walston & Co., Inc., N. Y.
Offering—Postponed./
Okla.
and
•
Corp.
Dec. 21, 1961 tiled 100,000
Kentter Products Co.
ness—Manufactures
,
are
ers.
facture, design, and distribution of plastic toys. Proceeds
—For general corporate purposes. Office—912
Sycamore
Underwriter—Leeco In¬
subsidiary)
c
Lembo
March 30,
1962 filed 542,000 common, of which 205,000
to be offered by company and
317,000 by stockhold¬
Price—By amendment (max. $24). Business—Manu¬
fice—26
tion, and distribute electronic parts. Proceeds—For debt
repayment, .construction and; working capital. Office—
Proceeds—
common.
Price—$3.50. Busi¬
concrete utilities,
re-inforced
steel
—
By
(max. $10). Business—A diversified closed-
end investment
company. Proceeds—For investment. Of¬
,
Broadway, N. Y. Underwriter—Filor, Bullard &
Smyth, N. Y.
,•
Dec. 29, 1961 filed 2,000,000 class A common.
Price—By
amendment.
Business—A holding
company
for three
subsidiaries which operate utilities, engage in construc¬
Keiley Realty Corp.
March 16, 1962 filed 250,000 class A common. Price —
By amendment (max. $10)r Business—Company owns
and operates apartment and office buildings.
For debt repayment. Office—1620 S. Elwood
Logos Financial, Ltd.
April 11, 1962 filed 250,000 capital shares. Price
amendment
Lehigh Industries & Investment Corp.
Under¬
writer—None.
Office—7th & S Sts., Gering, Neb. Underwriter
Securities Corp., Lincoln, Neb. Offer¬
ing—Temporarily postponed.
Price—By amend¬
Business—Production of a coal min¬
Proceeds—For selling stockholders. Office
Ave., Charleroi, Pa. Underwriter—Moore,
Lynch, Pittsburgh.
-
&
Thursday, June 28, 1962
.
Business—Design, manufacture, sale and repair of
purposes.
—751 Lincoln
Leonard
.
—First Nebraska
common.
(max. $20).
ing machine.
.
machinery and equipment used in agriculture. Proceeds
—For debt
repayment, equipment and general corporate
—
May 25, 1962 filed 272,000
("Reg. A") 2,000 common. Price—$21.75.
Business—Sale and
delivery of chemical and related
products. Proceeds—For a new plant and sales promo¬
tion.
Co.
ture.
Chronicle
sanitary structures, fallout shelters and play sculptures.
Proceeds—For
debt
repayment, sales promotion and
capital. Office—145 W. 11th St., Huntington
Station, L. I., N Y
Underwriter—Blank. Lieberman &
working
,
Lordhill
Corp.
"
March 30, 1962 filed 63,000 common.
Price—$5. Business
—Company provides optometric services and
optical items. Proceeds—For
expansion, a
dispenses
laboratory and
working capital. Office—130 W. 57th St., N. Y. Under¬
writers—J. R. Williston & Beane and Doft &
Co., Inc.,
N. Y.
Offering—Temporarily postponed.
'Lucks, Inc.
Feb. 28, 1962 filed 282,496
common, of which 142,500
.
are
be offered
to
by the company and -139,996 by stock¬
Price—By amendment (max. $5). Business—
Canning and; marketing of vegetables and meals. Pro¬
holders.
ceeds—For
expansion
and
debt
repayment.
Address—•
New York.'
-
Keystone Discount Stores, Inc.
May 24, 1962 filed 110,000 common. Price—By amend¬
ment ($5.25).
Business—Operation of three retail dis-•
count
stores.
Proceeds—For expansion.
Address—R.
D.
No.
2, North Lebanon Township, Lebanon, Pa. Under¬
writers—Suplee, Yeatman, Mosley Co., Inc. and Wood¬
cock, Moyer, Fricke & French, Inc., Philadelphia.
Kine
Camera Co., Inc.
21, 1961 filed 75,000 common. Price—$5. Business
—Importing and distribution of cameras, binoculars and
Nov.
photographic equipment. Proceeds—For debt repayment
and working capital.
Office—889 Broadway, N. Y. Un¬
derwriter—Underhill Securities Corp., N. Y.
Kingsberry Homes Corp.
April
9,
1962
filed
140,000 shares of capital stock of
which 100,000 will be offered
by company and 40,000
by stockholders. Price—By amendment (max. $17.50).
Business—Manufacture of prefabricated homes. Proceeds
—Foir a new plant. Office—1725 S. Gault
Ave., Ft. Payne,
Ala.
Underwriters—The Robinson
Humphrey Co.. Inc.,
Atlanta, and J. C. Bradford & Co., Nashville. Offering—
Indefinitely postponed. ■
-
(H.)
Kohnstamm
Feb. 21
ment.
1962 filed
Col, Inc.
&
160,000
common.
Business—Manufacture of
colors
By amend¬
—
and
flavors
for
drugs and cosmetics; also industrial chemicals.
Proceeds—For general corporate purposes. Office—161
Avenue of the Americas. N. Y Underwriter
Kidder,
Peabody & Co.,fine. Offering—Temporarily postponed. ^
—
Kolfmorgan Corp.
1961 filed 100,000 common, of which 40,000 are
to be sold by the
company and 60,000 by stockholders
Price—By amendment.
Business—Manufacture of op¬
Nov. 9,
tical equipment.
Proceeds—For debt repayment. Office
King St.. Northaronton. Mass
Underwriter—Put¬
&
nam
Co., Hartford. Offering—Temporarily postponed.
Kraft (John)
Sesame Corp.
May 24, 1962 filed $225,000 of 6% conv. subord. deben¬
tures, due 1972, and 150,000 common to be offered in
units consisting of a
Price—$900 per unit.
bution
of
sesame
seed.
$300
debenture
and
200
shares.
Business—Processing and distri¬
Proceeds—For accounts
receiv¬
able, inventories, plant expansion and working capitalOffice—2301 N. Main St., Paris, Texas. Underwriters—
John A. Dawson & Co., and Leason &
Co., Inc., Chicago.
Kreedman
April
Realty & Construction Corp.
1962 filed $5,000,000 of conv. subord.
19,
tures due 1982 and 200,000
in units consisting of
common
deben¬
shares to be offered
$25 of debentures and one common
share.
Price—By amendment (max. $27).
Business—
Construction and operation of office
buildings. Proceeds
—For
debt
repayment.
Office—9350 Wilshire
Blvd.,
Beverly Hills, Calif. Underwriter—Lee
Higginson
N. Y.
Offering—Expected
Kwik-Kold,
Corp.,
in late July.
Inc.
29, 1962 ("Reg. A") 100,000 common of which
65,000 will be sold for company and 35,000 for stock¬
holders.
Price —$3.
Business
Manufacture of certain
packages. Proceeds—For debt repay¬
working capital. Office—Jennings
Bldg., P. O.
Box 638,
Moberly, Mo. Underwriter—John W. Flynn
& Co., Santa
Barbara, Calif.
Instruments, inc.
Feb. 23, 1962 filed 142,860
common, of which 122,168 are
to be offered
by the company and 20,692 by stockhold¬
ers.
Price—By amendment (max. $9). Business—Manu¬
facture of an extensive line of
industrial, hospital and
clinical laboratory instruments.
payment,
3070-82
construction,
W.
Grand
Proceeds—For debt re¬
working capital. Office—
Chicago
Underwriter—R. W.
and
Ave.,
Pressprich & Co., N. Y. Note—This
offering
porarily postponed.
was
tem¬
March 22,
1962 filed 80,000 common.
ness—Production and sale of gift
W.
27th
and
St.,
N.
Price—$3.50.
other
corporate
purposes.
Y.
Office
Underwriter—Fabrikant
Corp., N. Y. Offering—Expected in late
July.
Lee
Dec.
and
Busi¬
—
20
Securities
Fashions, Inc.
27,
ment.
1961
filed
Manufacture and marketing of dinnerware and
giftware.
Proceeds—For purchase of leased plant. Office—Prince
& Meade Sts., Trenton, N. J.
Underwriter—Hefnphill,
Noyes & Co., N. Y. Offering—Temporarily postponed.
Lesser (Louis)
Enterprises, Inc. (7/16-20)
March
30, 1962 filed 1,000,000 class A
Price—
common.
$10. Business—Real estate management and construction.
Proceeds—For debt repayment and general
corporate
Office—8737 Wilshire Blvd., Beverly Hills,
Calif.
Underwriters—Morris
baum
&
Cohon
&
Co.
Leiber-
and
163,667
Business—Importing
common.
Price—By
of low priced
amend¬
ladies' scarfs
blouses.. Proceeds—For debt
repayment and work¬
Seagrove, N
filming
Row.
Dallas.
Underwriter—Kidder, Peabody & Co., N. Y. Offering—
Indefinitely postponed.
(TiHie.).. Foods, Jrtc.
April 9, 1962 filed $4,000,000 of 5V£%
For
debt
due
1977.
convertible
Price—At
sub¬
Business
par.
vegetables. Proceeds—For debt repayment and working
capital. Office—Fresno Ave. & Charter Way, Stockton,.
^Halif. Underwriter—Van Alstyne, Noel & Co., N.
Y-iOf-f
fering—Expected sometime in July. ;r,,
Lewistcn-Gorfcam
harness
provements
and
For
due
1977,
also
working
manufacture
100,000
common
shares to
be
offered
by
Price—By amendment.
and
distribution
of
Business—Design,
women's high fashion
suits and coats. Proceeds—Net proceeds from the deben¬
ture sale will be added to the
general funds of the
company, a portion of which may be used to retire shortterm loans. Office—2701 16th
St., San Francisco. Under¬
writers—Sutro & Co., San Francisco and F.
&
S. Smithers
Co., New York.
and
sale
of
women's
casual
dresses.
Pro¬
repayment, working capital and expan¬
sion. Office—Herman L. Bishins
Bldg., Riverside Ave.,
New Bedford. Mas?. Underwriter
J. R. Williston &
Beane, N. Y. Offering—Temporarily postponed.
—
Lincoln
costume
Proceeds
jewelry, ladies' handbags, and
accesso¬
For
working capital. Office — 1650
Broadway, Kansas City, Mo. Underwriter—George K.
Baum & Co., Kansas
City
—-
For Industry, Inc.
Aug. 2, 1961 filed 100,000 common, of which 80,000 will
be offered by the company and
20,000 by stockholders.
Price—$5. Business—The publishing of business period¬
Proceeds—For promotion, a new publication and
working capital. Office—660 Madison Ave., New York.
icals.
Underwriter—Arnold, Wilkens
& Co., Inc., N.
Y;;. Offer¬
ing—Temporarily postponed.
and
one
class B
Fund, Inc.
March
30, 1961 filed 951,799
Price—Net asset value plus
shares
a
of
stock.
common
7%
selling commission.
non-diversified,
open-end, managementtype investment company whose
primary investment ob¬
jective is capital appreciation and,
secondary, income
warrant). Price—$4
per
unit. Business
games. Proceeds—For general corporate
purposes. Office
Underwriter—Darius Inc., N. Y.
Offering—Temporarily postponed.
—130 E. 40th
Magic
St., N. Y.
Fingers,
Dec. 29, 1961 filed
—Production of a
massaging
Inc.
75,000
new
common. Price—$4. Business
electrically powered device for
in bed. Proceeds
For general cor¬
17, Rochelle Park, N. J.
Underwriter—Stanley R. Ketcham & Co., Inc., N. Y.
Magnetics Research Co. Inc.
;
"
April 30, 1962 filed 100.000 common. Price—$3. Bur.iness
a
person
porate purposes.
—Design
Lily Lynn, Inc.
23, 1962 filed 150,000 common, of which 86,000 are to
be offered by the company and
64,000 by the stockhold¬
ers.
Price—By amendment (max. $12). Business—Design,
Feb.
manufacture
(7/16-20)
130,260 of class A common, of which
65,130 are to be offered by the company and 65,130
by stockholders. Price—$5. Business—Sale and distribu¬
—Production of educational and recreational devices and
and
debt
Auburn, Maine. Underwriter—P. W. Brooks &
Co., N. Y.
Lilli Ann Corp.
March 29, 1962 filed $750,000 of conv. subord.
debentures
stockholders.
Inc.
Feb. 23, 1962 filed
Gorham,
racing meets in Lewiston
—
working capital. Office—48
Underwriter—None.
repayment, property im¬
capital. Office—33 Court St.,
Raceways, Inc. (7/16-20)
1962 filed $1,000,000 of 6^2% first mortgage
1977 and 200,000 common to be
offered in
units consisting of a $500 bond and 100 shares.
Price—
$500 per unit. Business—Conducting commercial pari14,
Proceeds
and
Magellan Sounds Corp.
Feb. 28, 1962 filed 60,000 common
(with attached oneyear class A warrants to purchase 60,000 common shares
at $4 per share and two-year class B warrants to
pur¬
chase 60,000 shares at $4.50 per
share) to be offered in
units (each consisting of one
share, one class A warrant
due
Maine.
repayment
High St., Brockport. N. V
Magazines
.
—Processing, canning, bottling and selling of fruits and
mutuel
named
.
Lewis
debentures
was
Lustig Food Industries, Inc.
1961 filed 100,000 common. Price—$6. Business
—Processing and packaging of frozen foods and the can¬
ning and bottling of fruits and vegetables. Proceeds—
tion of
Ambassador
Proceeds—For
Dec. 29,
ries.
8908
—
Price—$5.75. Busi¬
and
working; capital. Office—
N. Y. Underwriter—Fred F. Sessler
Mac-Allan Co.,
—
March
production
Madison Ave.,
Co., Inc., N. Y. Note—This firm formerly
Enterprises, Inc. Offering—Postponed.
stockholders.
bonds
and
543
&
Levine's, Inc.
19, 1962 filed 80,000 common. Price—By amend¬
ment (max. $17.50). Business —
Operation of a chain of
clothing and dry goods stores. Proceeds
For selling
Office
common.
ness—The production of television films.
Co., N. Y.
March
•
C
Lunar
purposes.
and
—
Office—Route
marketing
of
magnetic
units.
memory
Company also plans to market transistor logic units and
subsystems for
use in computers, business machines and
handling systems. Proceeds—Expansion of sales and
engineering, new product development and equipment.
data
Office—179 Westmoreland
derwriter—T. W.
Ave., White Plains, N. Y.
it Mahnomen Pile Driving & Erection Co.
June
18,
1962
Un¬
Lewis & Co., Inc., N. Y.
("Reg.
A")
16
//
Price—$500.
specializing in land
clearing, buldozing and bridge building.. Proceeds—-For
Business
—
A
general
common.
contractor
investments. Office—c/o Andrew J. Wambach, Jr., Mah¬
Minn. Underwriter—None.
nomen,
Business—A
derived from the sale of
put and call options.
For investment. Office—300 Main
St., New
Distributor—Horizon
Proceeds—
Britain, Conn.
Management Corp., N. Y.
Livestock Financial Corp.
1962 filed 245,000 common.
Price—$10. Business
—An insurance
holding company whose subsidiaries in¬
sure the lives of all
types of animals. Proceeds—To form
new subsidiaries.
Office—26 Piatt St... N Y. Underwriter
Feb 23,
•
sets, linens, place mats,
equipment, moving expenses, sales
Proceeds—For
pror-otion
Lunar Films, Inc.
Aug. 31, 1961 filed 125,000
1962 filed 172,500 common, of which 25,700
by company and 146,800 by stock¬
Price—By amendment (max.. $18). Business—
offered
—Shearson, Hammill & Co., N. Y. Offering—In
July.
Lamineiics Inc.
etc.
be
—
cooling
ment and
Lab-Line
30,
to
are
holders.
ceeds—For debt
March
patented
Underwriter—.T, C. Wheat & Co., Rich¬
mond, Va. Offering—Indefinitely postponed.
ordinated
Price
food,
—347
Co., Inc., N. Y. Offering—Expected sometime in July.
Lenox, Inc. ./■/:;/;.<■
/
March
St., Cincinnati, Ohio. Underwriter—Kuhn, Loeb & Co.,
Lockfast Mfg.
furniture
ment,
3006
steel
—
for
$3.50
sale
manufacturers.
inventories
Boarman
-
Ave..
Proceeds—For debt repay¬
nad plant expansion.
Office—
Baltimore.
Underwriter—R
fy
D
Investors
Corp., Port Washington, N. Y. Offering—Ex¬
pected sometime in July.
20,
Office
•
Mammoth
Mart
Inc.
-
April 5, 1962 filed 200,000 common, of which 100,000 are
to be sold by company and 100,000 by stockholders. Price
—By amendment (max. $15). Business—Operation of
self-service discount department stores. Proceeds
repayment
Brockton,
and
Mass.
—
For
working capital. Office—106 Main
Underwriter—McDonnell & Co.,
New York
Manhattan Drug Co.,
Inc.
March 29, 1962 filed 72,000 common, of
to be offered by company and 14,000
Price—$3.50.
sale
of
various
.*
which 58,000 are
by
stockholders.
Business—Manufacture,
packaging
and
proprietary drug products. Proceeds—
capital.
Office—156 Tillary St., Brooklyn, N. Y.
Underwriter—Dana Securities Co., Inc., N. Y. Offering
ing
1962/filed $900,000 of 6%
tures series B, (with
warrants).
purposes.
Underwriter—Globus,
For equipment, new products, debt repayment and work¬
Lockwoocl Grader Corp.
Feb.
Proceeds—For general corporate
Inc., N. Y. Offering—Expected in August,
St.,
Jam
to
fices.
—145 Ave. of the Americas, N. Y.
debt
Co.
11, 1962 ("Reg. A") 85,000 common. Price
Business—Manufacture of furniture hardware
Mail Assembly Service, Inc.^
April 27, 1962 filed 100,000 common. Price—$2.25. Busi¬
ness—Assembling of packages for shipment to post of¬
sinking fund deben¬
Price—$1,000
per
deben¬
^-Expected sometime in July.
Volume
Number 6172
195
.
.
The Commercial and Financial Chronicle
.
(3021)
if Manna Financial'Planning Corp.
June 13, 1962
("Reg. A") 300,000 common.
Business—Broker and
estate
rate
dealer
planning services.
Office
purposes.
in
securities
department stores. Proceeds—For selling stockholders.
J Office—100 W. 10th St., Wilmington, Del. Underwriter
—Clark, Dodge & Co., Inc., N. Y.
Price—$1.
and
personal
Proceeds—For general corpo¬
Suite 14, 1500 Massachusetts
—
Maradel
Products,
Inc.
(7/2-6)
March 12, 1962 filed 335,000 common. Price—By amend¬
ment
and
(max.
$20).
cosmetics.
Business—Manufacture
Proceeds—For
"
acquisition,
dept
general
repay¬
ment and
working capital. Office—510 Ave. of the Amer¬
icas, N. Y. Underwriter—Hornblower & Weeks, N. Y.
•
amendment
(max.
$18).
Business—A
For
-
June
Polarized
27,
filed
1961
'v.n/*
tronics,
facilities
153-16
other
and
corporate
NT.
^
March
be
Maintenance
1962 filed
23,
to
are
P.)
offered
100,000
by
and
of
which
-
Masters
a
of
'■
■
postponed.
•
.
corporate
Office—1700
purposes.
'
-
Micro-Dine Corp.
V
>
' ;
j
.
r
Proceeds—For
•"'•Microdot
;//
^
Inc.'
•'
nents, instruments and systems used in missiles and
satellites, radar and communications systems. Proceeds
—For
debt
repayment
and Working capital.
Office—
Ave., South Pasadena, Calif. Underwriter
—White, Weld & Co., N. Y.
220 Pasadena
Mid-America Minerals, Inc.
equipment,
and
and
Proceeds
other
1, 1962. Price—
$6. Business—Oil and gas production and development.
Proceeds—For
expansion, preferred stock redemption
and working capital. Office—14 North
Robinson, Okla¬
•
Price—$6. Business-
industrial
For
—
corporate
floor
repayment
mainte¬
of
homa
debt,
Investments, Inc.
May 28, 1962 filed 250,000 common. Price—By amend¬
ment (max. $7).
Business—Company is engaged in the
Roland
St., Boston; Underwriter—Chace. Whiteside &
Winslow, Inc., Boston. Offering—Indefinitely postponed.
Maxwell
distribution of shares
Inc.
Industries,
common
ment
(max.
share and
$21.50
one
Price—By amend¬
Business—Contract fin¬
Proceeds—For debt repayment.
wearing ap¬
Office—70 Wall
St., N. Y. Underwriter—H. M. Frumkes & Co., N. Y.
Mechmetal-Tronics
;
$7).
Inc.
of miniature metal
bellows and
Oct. 23,
—A
Fund,
inc.
Price—$10.
1961 filed 25,000 common.
closed-end
investment
company
which
Business
plans to
Studio
purposes.
620
&
Office—
Proceeds—For
working
capital.
Inc.
and coin departments in
.
E.
Sixth
Ave.,
St.. N; Y. Underwriters
Helena,
&
Mont. Underwriter—Memorial Securities, Inc., Helena.
Mercantile
May 24,
ment
Stores
Price—By amend¬
Business—Operation of a chain of
(max.
$26).
June
,
—
H. Hentz &
Co.
and Herzfeld
Stern,, N. Y. Offering—Expected in July.
if Minichrome
Co., Inc.
1962 filed 169,302 common.
department stores, and the pub¬
lishing of stamp albums and catalogues. Proceeds—For
expansion and working capital. -Office—116 W. 32nd
.
acquisitions, debt repayment and
Office—315
7th Ave., Renton, Wash.
Underwriter—Cruttenden
Co., Inc., 618 S. Spring St., Los Angeles.
Minkus Stamp & Publishing
Co., Inc.
April 27, 1962 filed 150,000 common. Price—By amend¬
ment (max. $6).
Business—Operation of leased stamp
City, Calif. Underwriter—Financial Equity Corp.,
April 30, 1962 filed 1,200,000 common. Price—$1. Business—Company plans to acquire and operate funeral
homes.
Systems Corp.
Dec. 12, 1961 filed 140,000 common.
Price—$3. Business
—Production
of
polyethylene
materials
of
varying
grades. Proceeds — For equipment, research and de¬
velopment and working capital. Office
420 Bergen
—
Blvd., Palisades Park, N. J. Underwriters—Stone, Ackerman & Co., Inc.,
(mgr.) and Heritage Equity Corp., N.Y.
Sauve
Airline
Rd.,
Houston.
Underwriter—W.
R.
Co., N. Y.
Montebello
Liquors, Inc.
April 5, 1962 filed 160,000 common. Price—By* amend¬
(max. $5). Business—Blending, bottling and mar¬
keting of alcoholic beverages. Proceeds—For equipment,
inventories, advertising and working capital. Office—
ment
Bank
St.
&
Central Ave., Baltimore. Underwriters—
Co., and Morris Cohon & Co., N. Y. Offering-rExpected sometime in late July.
/
Street &
Morse
Dec.
Electro
Products
Corp.
29, 1961 filed $1,250,000 of 6V2%
convertible sub¬
ordinated debentures due
March, 1977. Price — At par.
Business—Operates retail stores selling sewing machines
and
vacuum
cleaners. Proceeds
For expansion and
working capital. Office—122 W. 26th St., N. Y. Under-!
writer—Standard Securities Corp., N. Y. .
—
18, 1962
-ordinated
Co.
("Reg. A")
convertible
nominations
of
Moskatel's, Inc.
May 28, 1962 filed 104,000 capital shares, of which 20,000
to be offered by the company and 84,000 by stock¬
holders. Price—By amendment (max. $8.50). Business—
are
Sale of artificial flowers and florists'
supplies. Proceeds
St.,
Calif. Underwriter—Thomas Jay, Winston
Co., Inc., Beverly Hills, Calif.
—For payment of income taxes. Office—738 S. Wall
Los Angeles,
&
Safe
Co.
,
March 23, 1962 filed 260,000 common.
Price—By amend¬
(max. $20). Business—Manufacture of safes, bank
vaults, security systems and office equipment. Proceeds
—For selling stockholders. Office—320 Park
Ave., N. Y.
Underwriter—Blyth & Co., Inc., N. Y.
ment
$500
$50,000 of five
debentures
due
Nov.
1,
to
be
1967.
year
7%- sub-
offered
Mott's
Super
Markets,
Inc.
March 29, 1962 filed 75,000 common.
Price—By amend¬
(max. $8). Business—Operation of a chain of su¬
permarkets. Proceeds—For debt repayment, equipment,
and working capital. Office—59 Leggett St., East Hart¬
ford, Conn. Underwriter—D. H. Blair & Co., Inc., N. Y.
Offering—Indefinitely postponed.
ment
prints technical manuals for armed forces and industry.
Proceeds—For debt repayment and expansion.
Office—
corporate
Services,
w
Corp.
May 2, 1962 ("Reg. A") 75,000 common, of which 64,2Q0
will be sold by company and 10,800
by stockholders.
Price—$4.
Business—Company writes,
prepares
and
Los Angeles.
Memorial
,..."•
Mifmanco
ness—Manufacture
general
!
—
A real estate investment com¬
Proceeds—For investment and operating expenses.
Office—1630 Welton St., Denver. Underwriter—Boettcher & Co., Denver.
filed 250,000 common. Price—$10. Busi¬
of
medical
electronic
equipment
1961
management investment
For general corporate purposes.
National Bank Bldg., Minneapolis.
Price—$10. Business
Medical Video Corp.
13,
closed-end
pany.
open-end.
Proceeds—For
,
Molecular
—
First
Mortgage Investors
(7/16-20)
Feb. 26, 1962 filed 500,000 shares of beneficial interests.
sociates, Inc., Denver.
Nov.
2615
—
Midwestern
Proceeds—For investment in the
medical industry and capital growth situations.
Office
—677 Lafayette St!, Denver.
Underwriter—Medical As¬
become
Proceeds—For
Mosler
Underwriter—None.
other
Proceeds—For debt repayment, re¬
search and development and working capital. Office—
12 Rochelle Ave., Rochelle Park, N. J. UnderwriterCharles Plohn & Co., New York.
Industries
Proceeds
Office
miniature products.
Medical
Business —A
company.
May 28, 1962 filed 150,000 shares of 8% convertible cu¬
preferred stock. Price—$3. Business—Design
mulative
and manufacture
filed
•
Midwest Technical Development
Corp.
•
Feb. 26, 1962 filed 561.500 common to be offered for
subscription by stockholders on the basis of one share
for each two shares held.
Price—By amendment (max.
isher of fabrics used in the manufacture of
parel.
contractual plan of other mutual
apolis. Underwriter—None.
warrant.
unit).
per
on
funds, in trading in over-the-counter market, and in
underwriting. Proceeds—For hiring and training of per¬
sonnel. Office—1300 First National Bank
Bldg., Minne¬
June 7, 1962 filed $750,000 of 6%% subord. sinking fund
debentures due 1972, 75,000 common and 10-year war¬
rants to be offered in units consisting of a $10 debenture,
one
1961
City. Underwriter—None.
Midwest Planned
Office—76
purposes.
at
equipment, a new product and working
capital. Office—101 Clifton Blvd., Clifton, N. J. Under¬
.
2, 1962 filed 225,000 common to be offered for
subscription by stockholders on the basis of one new
,
commercial
products.
(EDST)
Dielectrics, Inc.
150,000 common, of which 135,000
by the company and 15,000 by Cardia
Co. Price—$5. Business—The manufacture
of high-tem¬
perature electronic and electrical insulation materials.
■
share for each four held of record June
nance
p.m.
to be offered
Stuebner
April 30, 1962 filed 170,000 capital shares, of which 156,000 will be offered by
company and 14,000 by stock- '
holders/ Price—By amendment (max. $20). BusinessDesign, development, manufacture and sale of compo¬
and
Manufactures
(2:30
:
debt
April
common.
/
Offering—Temporarily postponed.
partment stores selling a Wide variety of merchandise.
expansion.
Office—135-21
38th
Ave.,
Flushing, N. Y. Underwriters—Sterling, Grace & Co.,
Norton, Fox & Co., Inc., N. Y.
1,
13
Monarch Plastics Corp.
May 28, 1962 ("Reg. A") 140,000 common. Price—$2.
repayment, inventories and
Business—Manufacture and sale of plastic
letters, em¬
general corporate purposes.* .iOtfice.^-6425, .Oxford St., St.
bossed sign faces, quantity signs and boat windshields.
Louis Park, Minn, Underwriter-^Irving J. Rice &
Co.,
Proceeds—For purchase of land and
building, nu^ving
Inc., .St, Paul. * £..!" .oht
v
>•/
expenses, equipment and working capital.
Office—5606
chines.
80,000
stockholder. The securities will be offered in units
$100 debenture and 10 common shares, except
Masury-Young Co.
4, 1961 filed 100,000
—
13, 1962 filed 200,000 common. Price—$3.50. Busi¬
ness—Manufacture, sale and operation of vending ma¬
one
Dec.
—
July
(28th floor).
writers—To be named.
Proceeds—For
s
'
*
Feb.
that up to $700,000 of debentures and 70,000 shares may
be offered separately.
Price—For debentures, at "par;
for common, $10.
Business—Operation of discount de¬
•
Sept.
are
St., N. W., Washington, D. C. Underwriter—Eisele &
King, Libaire, Stout & Co., N. Y. Offering—Indefinitely
March 22, 1962 filed $1,500,000 of 6% cony, subord. de¬
bentures
due
1972; also 150,000 comrrion'1 shares, of
which 80,000 will be offered by the company and 70,000
by
-
working capital. Office—5422
Underwriter—To be
Chase, Md.
Proceeds—For general
lnc«
*
Chevy
Meeting
address
Molecular
K
20,000
Underwriter—Johnson, Lane, Space Corp., Atlanta.
above
Dec. 20, 1961 filed 1,000,000 shares of beneficial interest.
Price—$6.50. Business—A real estate investment trust.
by a stock¬
holder. Price—$5. Business—Cleaning and maintenance
of buildings and
the sale of janitorial supplies and
equipment. Proceeds—For debt repayment and work¬
ing capital. Office—840 DeKalb Ave., N. E., Atlanta.^
company
(Competitive).
Halsey, Stuart & Co. Inc.; First Boston
Corp.; White, Weld & Co. Bids—July 17, 1962 (11 a.m.
EDST) at One Chase Manhattan Plaza, Room
2318, N. Y.
Metropolitan Realty Trust
.
Corp., (7/23-27)
common,
St., Jefferson City, Mo. Underwriters
Probable bidders:
area. Proceeds—For general
Information
Proceeds—For
Ave.,
named.
-
,
(L.
sales.
Western
Marshall Press, Inc.",.-:
/..r
May 29, 1962 filed 60,000 common. Price—$3.75. Busi¬
ness—Graphic design and printing. Proceeds—For pub¬
lishing, a sales catalogue,: developing a national sales
staff and working capital.' Office—812 Greenwich St.,
-N. Y.>
Underwriter—R. P. Raymond & Co., Inc., 26
Broadway, N. Y.
;
Martin
Metropolitan
Power & Light Co.
(7/17)
18, 1962 filed $6,000,000 of first mortgage bonds due
1992. Proceeds—For construction.
Office—106 West High
purposes. Office—345 Underhill
Blvd., Syosset,
Underwriter—Brand, Grumet & Siegel, Inc., N. Y.
Y.
tail
Office—
Vk
•
Corp.
Missouri
June
■
consisting of $100 of debentures and 20 common
shares. Price—$150 per unit. Business—Financing of re¬
Ave., Whitestone, N. Y. Underwriters—
Ross, Lyon & Co.. Inc. (mgr.), Glass & Ross, Inc., and
Globus, Inc., N. Y. C. Offering—Postponed.
!
*
of convertible subordi¬
debentures
In units
Tenth
,
Valve
Hollywood Blvd., Hollywood, Calif. Underwriter—Brown
& Co., Phoenix, Ariz.
Metropolitan Acceptance Corp.
Oct. 2, 1961 filed $300,000 of 6% subordinated
convert¬
ibles due 1967 and 60,000 common shares to be offered
Price—By
,
Proceeds
working capital.
St., N. Y. Underwriter—McDonnell
Nov. 24, 1961 ("Reg. A")
300,000 common. Price — $1.
Business — Production and sale of new
type butterfly
valve. Proceeds—For purchase of the
patent and pro¬
duction and development of the valve.
Office
5909
Offering—In July.
and
purposes.
35th
Co., N. Y.
Missile
corporate
develop¬
electronics, optics, electro-optics, quantum elec¬
etc. Proceeds — For expansion, acquisition vof
ment in
new
research
&
Corp.
1962 filed $1,500,000
the New York
:7:
shares.
common
amendment. Business—Conducts
Office—370 W.
due 1977 to be offered
by company
34,200 common by stockholders. Price—By amendment (max. $10). Business—Distribution of food and re¬
lated products to supermarkets and other retail
stores in
*
**
Corp.
95,000
Food
30,
nated
construction,
"
Marks
.
Business—Opera¬
and
equipment and
working capital. —Address—Cummings, Ga. Underwriter
—First
Fidelity Securities Corp., Atlanta. Offering—
July.
*
—
Securities, Inc., Min¬
•
—
Met
March
,
Proceeds
St., Minne¬
Mart,
—For
—
Court, San Rafael, Calif. Underwriter—Dean Witter &
Co., San Francisco. >, * .
"
f
•
Marine Development Corp.
*
V
March 30, 1962 ("Reg. A") 15,000 units consisting of one
share of 8% cumulative preferred and two shares of
common. Price—$20
per unit. Business—Operation of a
marina.
Proceeds—
7bth
tion of self-service discount department
stores.
debt repayment, expansion and
purposes.
Offering—Temporarily postponed.
company for a savings and loan association.
Proceeds—For investment.
Office—990 Fifth Ave. at
t
■
film.
W.
Inc.
April 20, 1962 filed 295,000 common, of which
140,000
are to be offered by
company and 155,000 by stockhold¬
ers. Price—By amendment
(max. $14).
Mercury Books, Inc.
14, 1962 filed 55,000 common. Price—$4.50. Busi¬
ness—Publishing of newly written popular biographies.
Proceeds—For
working capital.
Office—1512 Walnut
St., Philadelphia. Underwriter
Meade & Co., N. Y.
holding
-
Miracle
Feb.
County Financial Corp. (7/2-9)
May 2, 1962 filed 102.050 capital shares, of which 27,790
are to be offered by company and
74,260 by stockhold¬
Price—By
neapolis.
Office—1692 Utica Ave.,
Underwriter—D. J. Singer & Co., N. Y.
Brooklyn, N. Y.
Marin
ers.
corporate
Kodachrome
working capital. Office—980
apolis. Underwriter—Continental
phonograph records through leased record departments.
Proceeds—For moving expenses,
working capital and
toiletries
of
Processes
—
For
Merco Enterprises, Inc.
April 20, 1962 filed 104,000 common, of which 33,000 are
to be offered by company and
71,000 by stockholders.
Price—By amendment (max. $7.50). Business—Sale of
Ave., N. W., Washington, D. C. Underwriter—None.
•
Business
37
in
Price—At
de¬
par.
if Move Truck Rental System, Inc.
June 19, 1962
("Reg. A") 100,000 common.
Business—Renting of trucks.
advertising
and
working
Broadway, Sedalia, Mo.
Multi
Price—$3.
Proceeds—For equipment,
capital.
Office
—
2503
West
Underwriter—None.
State
Industries, Inc.
("Reg. A") 80,000 common.
Price—$3.
Business—Design, fabrication and marketing of plastic
toys, games and novelties.
Proceeds—For equipment,
working capital and other corporate purposes. Office—
275 New Jersey Railroad Ave., Newark. N. J.
Under¬
writer—G. K. Scott & Co., Inc., N. Y. Offering—Tempo¬
rarily postponed.
April
6,
1962
Multronics,
Inc.
Jan. 5, 1962 ("Reg. A") 100,000 capital shares. Price—$3.
Business—Production of electronic parts and components
and the furnishing of consulting services in the radioengineering field. Proceeds—For debt repayment, equip¬
ment, and working capital. Office—2000 P St., N. W.%
Washington, D C. Underwriter — Switzer & Co., Inc.!
Silver Spring, Md.
CnntinMpd
nn
nanp
.1R
The Commercial and Financial Chronicle
(3022)
38
Continued from page
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price —To be supplied by amendment. Business —Tne
fund will invest in tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
investment. Sponsor—Ira Haupt & Co., Ill Broadway,
New York.
*,.,
„:
_,.
Bag-O-Tunes,
National
-v;
.,■
expansion of warehouse space,
—For
ventories. Office—224-09 Linden
equipment and in¬
Blvd., Cambria Heights,
Underwriter—Harrison Securities, Inc.,
(Queens), N. Y.
New York.
■
if National Bank of Israel Ltd.
June 22, 1962 filed 1,050,000 ordinary shares and
000 "A" ordinary shares.
Price—By amendment
75c).
For
•
3,190,(max.
Business—A general banking business. Proceeds—
general corporate purposes.
Office — Tel-Aviv,
Underwriter—None.
Israel.
National
Car
Rental
Inc.
System
19, 1962 filed 200,000 common being offered for
subscription by stockholders of record June 13 with
rights to expire Sept. 11, 1962. Price—$10. Business—
Rental of vehicles and related activities. Proceeds—For
—
1000 Milner Bldg., Jackson, Miss.
Underwriter—None.
National Directories,
Inc.
if North Battfeford Brewing Co., Ltd.
1962 filed 443,565 common. Price—$1. Business ;
intends to equip and operate a brewery. '
Proceeds—For construction and debt repayment. Office
—North Battleford, Saskatchewan, Canada. Underwriter
—None.
Loeb
Equipment & Plastics Corp. (7/23-27)
Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
ated stores.
Proceeds—For debt repayment, store ex¬
working capital. Address
—
Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y.
Security Life Insurance Co. (7/16)
filed 100,000 common, of which 80,000
are
to be offered by company and 20,000 by stock¬
holders. Price—$17.50. Business—A life, accident and
health insurance company. Proceeds—For investment.
Office
130
Alvarado, N. E. Albuquerque, N. M.
23,
1962
—
Underwriter—To be
named.
•
National Semiconductor Corp.
May 11, 1961 filed 75,000 shares of capital stock. Price
—To be supplied by amendment. Business—The design,
development, manufacture and sale of quality transistors
for military and industrial use.
Proceeds — For new
equipment, plant expansion, working capital, and other
corporate purposes. Office—Mallory Plaza Bldg., Danbiiry, Conn. Underwriters—Lee Higginson Corp., N. Y. C.
and
Piper. Jaffray & Hopwood,
Offering—Expected in late July.
National
Minneapolis
Tele-Systems, Inc.
Feb. 27, 1962 filed 82,000 common, of
to be offered by company and 17,000
(mgr.).
^
which 65,000 are
by stockholders.
Price—$3. Business—Manufacture of closed
circuit* TV
systems. Proceeds—For inventory, debt repayment and
working capital. Office—718 Atlantic Ave.. Brooklyn,
N. Y.
1
y
Co.,
Inc.;
Lazard
Freres
&
—
due
r
Underwriter—Ezra Kureen &
Co., N. Y.
Proceeds—For
..j
New England Electric
System
April 12, 1962 filed 872,786 common shares being offered
for subscription by common stockholders on the basis
of
one
with
share
new
rights to
For loans to
Office—441
for
expire
each
June
15
29.
subsidiaries and
Stuart
held
of
record
June
14
Price—$21. Proceeds—
other corporate purposes.
St., Boston. Underwriter—None.
'
New England Telephone & Telegraph Co. (7/10)
June 20, 1962 filed $50,000,000 of debentures due 2002.
Proceeds—To repay advances from A. T. & T., parent.
Office—185
Franklin St., Boston. Underwriters—(Com¬
petitive). Probable bidders: First Boston Corp.; Morgan
Stanley & Co.; Halsey, Stuart & Co. Inc. Bids—July 10,
1962 (11 a.m. EDST) in Room 2315, 195
Broadway, N. Y.
New
York Testing Laboratories, Inc.
(7/9-13)
29, 1962 filed 50,008 common. Price—$5. Business—
Analyzing and testing of electronic, chemical and other
materials. Proceeds—For plant relocation,
equipment,
and working capital. Office—47 West
St., N. Y. Under¬
writer— Robbins, Clark & Co., Inc., N. Y.
Jan.
Nordon Corp., Ltd.
March 29, 1962 filed 375,000
capital shares, of which
100,000 are to be offered by company and 275,000 by
stockholders. Price—By amendment (max. $6). Busi¬
ness—Acquisition and development of oil and natural
gas
properties.
Proceeds—For drilling expenses and
working capital. Office — 5455 Wilshire Blvd., Los An¬
geles.
Underwriter—Gregory-Massari, Inc., Beverly
Hills, Calif.
Norda Essential Oil & Chemical Co., Inc.
March 20, 1962 filed 200,000 class A shares. Price—By
amendment (max. $1$). Business—Manufacture, process¬
ing and distribution of natural and synthetic essential
oils, flavor, essences, etc., to food and drug industries.
Proceeds — For debt repayment, working capital and
other corporate purposes. Office—601 W, 26th St_ N. Y.
Underwriter—S. X>. Fuller & Co., N. Y.
h
debt
* Office—12333
repayment.
W.
Underwriter—Kidder,
Pak-Well
March
Paper Industries, Inc.
: /
30, 1962 filed 150,000 class A common. Price—By
amendment ' (max. - $13). Business—Manufacture of efavelopes, packaging materials of various kinds; wrappihg
paper, stationery, and school supplies/Proceeds — Fbr
selling stockholders. Office—198 W. Alameda, - Denver.
Underwriter—Francis I. duPont & Co., N. Y.
-
Palmetto State Life lnsurance Co.
March 28, 1962 filed 100,000 capital shares. Price—By
amendment
(max. $19).
Business—Writing of
S. C.
working capital. Office—1310 Lady St., Columbia,
Underwriter—R.S. Dickson & Co., Charlotte, N. C.
services. Proceeds—For equipment, debt repay¬
ment, expansion and working capital. Address—P. O.
Box 10901, Pittsburgh. Underwriter—Johnston, Lemon &
Co., Washington, D. G.
American Beryllium Corp. /'.*
28, 1962 filed 100,000 common. Price—$5.. Business
—Company plans to mine for beryl ore in Argentina.
Nuveen Tax-Exempt Bond Fund, Series 3
Oct. 17, 1961 filed $15,300,000^of units representing frac¬
tional interests in the Fund. Price — By amendment
corporate purposes. Office—39 Broadway, N. Y. Under¬
Pan
Feb.
,
Proceeds
of states, counties and municipalities of the
S., and political subdivisions thereof which are be¬
lieved to be exempted from Federal income taxes. Pro¬
ceeds—For investment. Office—Chicago, 111. SponsorJohn Nuveen & Co., 135 So. La Salle St., Chicago. Of¬
fering—Expected in mid-July.:
Proceeds—For general corporate purposes. Office
Main St., Freeport, L. I., N. Y. Underwriter—
Underbill Securities Corp., N. Y.
-.Vv; y. ," F:
'
Papert, Koenig, Lois, Inc.
?
.
May 10, 1962 filed 100,000 class A shares. Price—By
Business—An advertising agency.
stockholders.
Office—9'Rocke¬
feller Plaza, N. Y. Underwriters—Andresen & Co., and
Oppenheimer & Co., N. Y. Offering—Expected in -Aug.
amendment (max. $8).
Proceeds-—For selling
Business—The Fund will, invest in interest-bearing
obli¬
gations of states, counties, and municipalities of the U. S.,
and political subdivisions thereof,which are believed
to be exempted from Federal income taxes. Proceeds—
For investment. Office—rChicago, - 111.. Sponsor—John
Paragon Pre-Cut Homos, • Inc.
Augi 25, 1961 filed 112,500 'common. Price—By amend¬
ment. Business—Sale of pre-cut (finished) homes: Pro¬
ceeds—For working capital. Office—499 Jericho Turn¬
pike, Mineola, N. Y. Underwriter—A. L. Stamm & Co.,
N. Y. Offering—Postponed.
,
Nuveen & Co., 135 So. La Salle St.. Chicago.
filed
150,000.
(7/9-13).
common.
Office—1331 Halsey
St., Brooklyn, N. Y.
Co., Iiic., N. Y.
Price—$5.50.
.
Underwriter—Arnold Malkan & Co., Inc., N. Y.
.
Paul, Harris Stores, Inc.
April 2, 1962 ("Reg. A") 40,000 class A common. Price
—$7.50. Business—Operation of wearing apparel storks.
Proceeds—For equipment and working capital. Office—
product expansion and, working capital. Office—614 W. •
5lst St., N. Y.
Underwriters—Gianis & Co., Inc. and
Jed L. Hamburg Co., N. Y. Offering—In September.
N. Tibbs, Indianapolis. Underwriters—Kiser, Cohn
Shumaker, Indianapolis and Cruttendeh; Podesta &
Miller, Chicago. Offering—Indefinitely postponed. •
*
2920
Optech* Inc.
26, 1961 filed 160,000 common. Price—$3. Business
—Research, development and fabrication of materials
used
in optical electronics. Proceeds—For equipment
and working capital. Office—246 Main St., Chatham.
N. J. Underwriters—Stone, Ackerman & Co., Inc., and
Heritage Equity Corp., N. Y. Offering—In July.
&
Dec.
Orbit Stores,
Inc.
• Pay'n Save.
Corp. (7/2-9)
April 27, 1962 filed $1,200,000 of conv. subord. deben¬
tures due 1977, also 40,576 common shares to be offered
by stockholders. Price—By amendment (max. $17 for
common.). Business—Operation of hardware, drugstore
"
nurseries
businesses.
Proceeds—For
expansion,
working capital and other corporate purposes. Office—
514-524 Pike St., Seattle. Underwriter—Dean Witter &
Co., San Francisco.
*
*
>
and
May 28, 1962 filed 100,000 common. Price—By amend-.
ment (max. $6).
Business—Operation of two discount
type department stores. Proceeds—For equipment, in¬
ventory, expansion and working capital.
Office—725
William
T.
Morrissey Blvd., Boston.
Underwriter—
,
Orion Electronics Corp.
Peerless Radio Corp.
March 22, 1962 filed 120,000
common, of which 100,000
the company and 20,000 by stock¬
$4. Business— Distribution of electric
parts and components to industrial customers. Proceeds
are
(7/23-27)
—For
generation, detection and control of fre¬
Orr
—
repayment, inventory and working capital.
St., Lynbrook, N. Y. Underwriter—
:
/
Wilbur
Kordan & Co., Inc., N. Y.
„
,r
,
„
Pellegrino Aggregate Technico, Inc.
Aug. 10, 1961 filed 130,000: class A common shares. Price
—$5. Business—The manufacture of building materials.
Proceeds—For payment of income taxes. and loans and
for working capital* Office—Woodbridge.-Carteret Road,
Port Heading, N, J. Underwriter—Mortimer B. Burnstde
.
(J. Herbert)
Enterprises, Inc.
May 1, 1962 filed 285,000 common. Price—$10.50. Busi¬
ness—Company's subsidiaries manufacture cartridge tape
recorders and programs therefor and men's and boys'
dress trousers. Proceeds—For debt repayment, adver¬
tising and working capital.
Address—Opelika, Ala.
&
Co., Inc., N, Y. Offerings—Temporarily postponed.
.
Pennsylvania Mutual Fund, Inc.
March 21, 1962 filed 1,000,000 capital shares. Price—^By
Underwriter—None.
Outlet Mining Co., Inc.
Feb. 28, 1962 filed 900,000 - common. Price^-$L> Business
—Mining. Proceeds—For equipment* and : working capi-»
tal. Address—Creede, Colo. Underwriter-r-None.
debt
Office—rl9
quencies up through the microwave region. Proceeds—
For expansion, equipment and working capital. Address
—Tuckahoe, N. Y. Underwriter—A. D. Gilhart & Co„
Inc., N. Y. C.
to be offered by
holders. Price
Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi¬
ness—The manufacture of precision electronic sub-sys¬
tems for the
.
•
None.
•
.
Parkway Laboratories, Inc.
Dec. 6, 1961 filed 160,000 common. Price—$5. Business
—Manufacture of drugs and pharmaceuticals. Proceeds
v^For an acquisition, reseiarch and other corporate pur¬
poses. Office — 2301 Pennsylvania Ave., 'Philadelphia.
Underwriter—
Olympia Record Industries, Inc.
*
May 29, 1962 filed 66,000 class A shares.
Price—$4.
Business—Wholesale distribution of phonograph records
and albums. Proceeds—For debt repayment, inventory,
*
—70 N.
Tax-Exempt Bond Fund, Series 4
Oct.
17, 1961 filed $15,000,000 of units representing
fractional interests in the Fund. Price—By amendment.
1962
!
pany.
Nuveen
29,
equipment, and other
Realty & Development Corp.
March 12, 1962 filed 400,000 class A stock.
Price—$J0.
Business—-A real estate, holding and development com¬
gations
Oceana International, Inc.
For debt repayment,
Pan Am
U.
•
—
writer—To be named.
Business—The Fund will invest in interest bearing obli¬
Baruch Brothers &
A. C. MacPherson & Co., Toronto.
subscription by stockholders
Olympic
Blvd.,
Los
Angeles.
Peabody & Co., Inc., N. Y.
—For
measure¬
holder.
ment and mining. Proceeds—General corporate purposes.
Office—90 Industry St., Toronto, Canada. Underwriter—
*
debentures
life,
health, accident and hospitalization insurance/ Proceeds
.
ment
March
develop¬
to be offered for
products. Com¬
also installs and services its TV receivers ahd
stereophonic units,! and -manufactures plywood doors.
Business—Manufacture and sale of synthetic pearl but¬
tons.
Proceeds-^For equipment and working capital.
Business—Exploration,
1977
pany
Nuclear Science & Engineering Corp.
New Campbell Island'Mines Ltd.
Oct. 13, 1961 filed 475,000 common, of which 400,000 are
to be offered by the company and 75,000 by a stock¬
Price—50c.
1
the basis of $100 of debentures for each 17 shares
held.1 Price—At 'par. Business—Design, manufacture and
sale of consumer and defense electronic
Data, Inc.
March 28, 1962 filed 170,000 common, of which 30,000
are
to be offered by company and 140,000 by stockholders. Price—-By amendment (max. $12). Business—....
Design, development and assembly of instruments for
detection, measurement and analysis of nuclear radia¬
tion.
Proceeds—For working capital.
Office—3833 W.
Beltline Highway, Madison, Wis. Underwriter—McCormick & Co., Chicago.
furnishing of consulting and radiation
>
>
on
Nuclear
filed 100,000 common. Price—By amendment (max. $15). Business—Research and development
on contracts using radioactive
tracers;, precision radio¬
activity measurement; production of radioactive isotopes
'
Corp.
• Packard-Bell
Electronics Corp.
May 4, 1962 filed $5,023,800 of conv. subord.
Co., and Smith,
Temporarily post¬
March 29, 1962
Steel
Pacific Westates Land Development Corp,
~
Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
debentures due 1976 and 300,000 common, shares to be
offered in units, each consisting of $100 of debentures
and 20 common shares. Price—$200 per. unit. Business—
General real estate. Proceeds—For debtrepayment and
working capital. Office — 9412 Wilshire Blvd., Beverly
Hills, Calif. Underwriter — Morris Cohon & Co., N. Y.
Note—This company was formerly named Westates Land
Development Corp.
" •
"
v*-
v.
/;y\■'/
• / / V.J." ;
Superettes, Inc.
April 23, 1962 ("Reg. A") 75,000 common.
Price—$4.
Business—Operation of superettes. Proceeds—For ex¬
pansion and working capital. Office—10 Merrick Lane,
Northampton, Mass. Underwriter — Walker, Wachtel &
Co., Inc., Bostqn.
poned.
and the
National
March
&
Barney & Co., Inc., N. Y. Offering
National
Sept. 28, 1961 filed 105,000 common.
and
;
Norway (Kingdom of)
4/\:
May 28, 1962 filed $25,000,000 external loan bonds due
June 15, 1977.
Price—By amendment. Proceeds—For
acquisition
and
importation
of capital equipment. •
Underwriters—Harriman
Ripley & Co., Inc.; Kuhn,
.
100,000 common. Price—$2.75.
Business—Compilation and publication of regional classi¬
fied telephone directories. Proceeds—For general cor¬
porate purposes. Office—3306 Lancaster Ave., Philadel¬
phia. Underwriters—William, David & Motti, Inc. and
Crichton, Cherashore & Co., Inc., N. Y.
March 29, 1962 ("Reg. A")
pansion
*
purposes.
Norwood's
.March
expansion. Office
repayment, working capital and other corporate
Office—1900 Life Bldg., Dallas. Underwriter—
Carreau & Co., N. Y.
?
\
debt
—Company
May 11, 1962 ("Reg. A") 50,000 common.
Price—$5.
Business—Distribution of phonograph records. Propeeds
Thursday, June 28, 1962
capital
Price—
$0. Business—The manufacture of steel /products.Pro¬
ceeds—For the selling stockholder. Office—35124 Aivarado-Niles Road, Union City, Calif. Underwriters—First
California Co., Inc., and Schwabacher & Co;, San Fran¬
cisco (mgr.). Offering—Indefinitely postponed.
1
1977.
June 21,
Inc.
.
stock (par 50 cents) to be sold by stockholders.
Price—By amendment, BusinessProduction of crude oil and natural gas.
Proceeds—For
due
bentures
Municipal Investment Trust Fund, Series B
States
.
June 21, 1961 filed 100,000 outstanding shares of
1962 filed $5,000,000 of 6% conv. subord de¬
April 27,
Pacific
;
Nortex Oil & Gas Corp.
37...
.
.
amendment (max. $10.29)v Business — A.mutual fund.
Proceeds—For investment.. Office—60 W^ll St., N.; Y.
Undcrwriter-^Sackville^Pickard &, Co.; Inc.- (same ad¬
dress),.-...
•• ,-•
•
u - .C
Volume
Number 6172
195
.
..
The Commercial and Financial Chronicle
.
Penta Laboratories, Inc.
April 23, 1962 filed 85,920 common. Price—By amend¬
ment
(max., $4.25). Business—Development, manufac¬
ture and marketing of electron vacuum tubes. Proceeds
—For selling stockholders. • Office—312
N. Nopal St.,
holders.
Barbara, Calif. Underwriter—Francis J. Mitchell
Co., Newport Beach, Calif.:
•
Perfect
Prescott-Lancaster
..
•
Perma-Bilt
Enterprises,
Inc. J
working capital.
May 28, 1962 filed 230,000 common. Price—By amend¬
(max. $8). Business—Merchandising, sale and con¬
struction of homes. Proceeds-r-For acquisition and devel¬
opment of land, and other corporate purposes. Office—
319 Mac Arthur Blvd., San Leandro, Calif. Underwriter—
Robert A.- Martin Associates, Inc., N.; Y. Offering—Ex¬
pected inflate Fall.; ;/.•'• ■■
Permeator Corp.
...
May
18,
1962
filed
\
Promistora
-
300,000' .common
to
1
•
be offered
•
for
subscription ..by stockholders of National Petroleum
Corp. Ltd., parent, on the basis of one share for each
15 National shares held. Price—$5.. Business—Manufac¬
ture, use and sale of a patented tool, "Permeator," used
in completion of oil and gas wells. Proceeds—For gen¬
eral corporate purposes. Office—445 Park Ave.,. N. Y.
Underwriters—Irving Weis & Co., and Godfrey, Hamil¬
Perpetual Investment Trust
^
-
...
Nov.
9, 1961 filed 500,000 shares of beneficial interest
Price—(For the first 10,000 shares) $10.80 per share
(For the balance) Net asset value plus 8% commission
Business—A real estate investment trust.
Wickett &
Proceeds- -For
Office—1613 Eye St., N. W., Washington,
Underwriter—Sidney Z. Mensh Securities Co.,
Washington, D. C.
;
,
•
28,
filed
1962
Business—A
small
common.
Price—$11.
investment company.
Pro¬
556,700
business
New York.
V/'--."-
'•'•'■ vV
-
;
*
Pictronics
Corp.
18, 1962 filed 80,000 • common. Price—$5. Business
'—Manufacture of professional audio visual and sound
•recording equipment. Proceeds—Debt repayment, equip¬
ment and working capital/Office—236 E. 46th St., N. Y
Underwriter—To be named.
.
v
Offering—Expected in late
("Reg.
A")
40,000* common.
Fla.
Underwriter—Willard Co.,
Plantation
March
International,
Inc.
1
May 28, ,1962 filed 270,000 common. Price—By amend¬
ment, (max. $7)., Business—Company is engaged in the
ownership and franchising of Playboy Clubs. Proceeds—
For debt repayment and general corporate purposes. Of¬
fice—232 E. Ohio St., Chicago. Underwriter—Divine &
Fishman, Inc., Chicago.
"
•
,
Policy-Matic Affiliates, Inc. .•-.,
1961 filed 200,000 capital shares. Price—$3.25
'Business—Leasing of insurance vending machines. Pro¬
ceeds—General corporate purposes. Office—1001 15th St.,
N. W., Washington, D. C. Underwriter—To be named.
for the
Feb.
are
■
-
:'
shares, of which 150,-
•
Proceeds
—
For
Office—
corporate purposes. Office—220
K
St., N. W., Washington, D. C. Underwriter—Hirschel
& Co., Silver Spring, Md. Offering—Indefinite.
Ridgerock of America, Inc.
29,
1961
filed
100,000
common.
Price—$2.50,
facing for buildings. Pro¬
ceeds—For debt reduction and general corporate 'pur¬
poses. Address—Sebring, O. Underwriter—To be named.
Business—Production of stone
Ridgewood
address,,
.
"1
•
Minpc
HF
ship of stock of Ridgewood Savings Loan Co. of Parma,
writer—Fulton, Reid & Co., Inc., Cleveland. Offering—
Indefinitely postponed.
'
Riker
1961 filed
(7/16-20)
40,000
Price—$5. Business
frequency interference filters
and capacitors. Proceeds—For equipment, working cap¬
ital and other corporate purposes. Office—15 Neil Court,
Oceanside, N. Y. Underwriter—Arnold Malkan & Coof
Delaware
Corp.
March 29, 1962 filed.200,000 class A common and 50,000
warrants to be offered in units of four shares and one
T
warrant.' Price—$30 per unit.
Business—A real estate
development and management company. Proceeds—For
construction, acquisitions, debt repayment and working
capital. Office—LaGorce Sq., Burlington, N. J. Under¬
.-'V
:•■■'•
common.
radio
N. Y.
Corp.
in Cleveland. Proceeds—For organizational expenses and
investment. Office—1717 E. 9th St., Cleveland. Under*
writer—H. Neuwirth
I trl
Interonics, Inc.
30,
—Manufacture
Financial
March 30, 1962 filed 60,000 common, of which 11,250 are
to be offered by company and 48,750 by stockholders.
Price—By amendment, (max. $9.75). Business—Owner¬
Co., Inc.
Puerto Rico Brewing
Oct.
Price—$5.
common.
broker-dealer.
Corp.
repayment and general
■.
15, 1962 filed 150,000 capital shares. Price—$1.
Business—Mining. Proceeds—For debt repayment, sur¬
veying and general corporate purposes. Office—Suite
1212, 55 York St., Toronto. Underwriter—Asta Corpora¬
tion Ltd., Toronto.
company
.
&
Co., Inc., N. Y.
Rite
,
Electronics, Inc.
* '
>
"
Jan. 29, 1962 filed 62,000 common.'Price—$6. Business
—Sale and distribution of receiving tubes,, television
picture tubes, and elbctroinc components, parts and
equipment. Proceeds—For an acquisition, equipment and
working capital. Office—1927 New York Ave., Hunting¬
ton Station, N. Y. Underwriter—Robbins, Clark & Co,,
Inc., New York.
.
.
.
Roadcraft Corp.
(7/2-6)
1961 filed 400,000 common. Price—By amend¬
mobile
homes and office trailers. Proceeds—For general cor¬
porate purposes. Office—139 W. Walnut Ave., Gardena,
Dec.
26,
ment. Business—Design, manufacture and sale of
Calif. Underwriter
—
Vickers, MacPherson & Warwick,
Inc., N. Y.
Roblin
March
Seaway Industries, Inc.
29, 1962 filed $1,000,000 of 6%
ordinated debentures
due
convertible sub¬
1982. Price—At par. Business
—Purchase and sale of scrap steel and
other metals and
rolling mill, a stevedoring business and
companies. Proceeds—For general cor¬
porate purposes. Office—101 East Ave., North Tonawanda„ N. Y. Underwriter—Brand, Grumet & Seigel, Inc.,
New York. Offering—Expected in July.
operation of
two
a
demolition
if Rochester Telephone Corp. (7/19)
June 21, 1962 filed $12,000,000 of debentures due 1987.
Proceeds—To repay bank loans, and redeem outstanding
4% debentures due 1963.
Office—10 Franklin Street,
Rochester, N. Y. Underwriters—(Competitive). Probable
bidders: First Boston Corp.; Eastman Dillon, Union Se¬
curities & Co.-Kidder, Peabody & Co. (jointly); Halsey,
Stuart
&
Co.
Inc.; Kuhn,
Loeb
July 19.
•
Rosenfeld
&
Co. Bids—Expected
'
(Henry), Inc.
Jan. 23, 1962 ("Reg. A") 55,000 common, of which 50,000
23, 1962 filed 120,000 common. Price—By amend¬
(max. $10). Business—Design, manufacture and
sale of women's dresses. Proceeds—For a selling stock¬
holder. Office—498 Seventh Ave., N. Y. Underwriter-
will be offered by the company and 5,000 by stockhold-
Robert A. Martin
March
Radio
Electric
Service
Co.
of
New
Jersey,
Inc.
(7/9-13)
Corp.
28, 1962 filed 125,000 common, of which 50,000
to be offered by the company and 75,000 by stock¬
same
OuAoncwav
and 43,750 for stock .holders. Price—By amendment. Business—Research and
.development, engineering r and production of certain
electronic devices for aircraft, missiles, oscilloscopes,
.electronic vending machines and language teaching ma¬
chines. Proceeds—For expansion, repayment of debt and
working capital. Office—7326 Westmoxe Rd., Rockville.
Md. Underwriters—Jones. Kreeger & Co,, and Balogh &
Co., Washington, D. C. Note—This offering was post¬
poned indefinitely. »•
- >
* 1
*
'* *
Premier Microwave
■
• •
;
March
Inc.
common
^
Pulp Processes Corp.
Sept. 20, 1961 filed 140,000 common. Price—$5. Business
—Development of pulping and bleaching devices. Pro¬
ceeds—General corporate purposes. Office—Hoge Bldg.,
Seattle, Wash. Underwriter—Wilson, Johnson & Higgins,
San Francisco. Note
This offering was temporarily
postponed.
Oct., 16,
Research,
■
—
,
;
sold
■■
Co., Inc. (7/16-20)
23, 1962 filed $2,500,000 of sinking fund deben¬
500,000 common shares to be offered
in units consisting of a $10 debenture and two common
shares. Price—$18 per unit. Business?—Company plans
to
produce beer and natural malta
(a non-alcholic
beverage). Proceeds—For construction and operation of
a
brewery and working capital. Address—San Juan,
Puerto Rico. Underwriter—Merrill Lynch, Pierce, Fenner
& Smith, Inc., N. Y.
porate purposes. Office—507;Fifth Ave., N% Y. Under¬
writer—Ar den Perin & Co., N. Y. Offering—Late July.
be
kv
...
tures due 1977 and
.
securities
Dec.
March«.
Chemicals, Inc.
7, 1962 filed 150,000 class A capital shares. Price
•—$3.50. Business—Manufacture of a plastic protective
coating and a water proofing solution. Proceeds—For
inventory, equipment, sales promotion, and other cor¬
000 will
Richmond
St.,
quisition and other corporate purposes. Office—1106 Con¬
necticut Ave., N. W., Washington, D. C. UnderwriterRoth & Co., Inc., Philadelphia.
•
A
Dec. 21, 1961 filed 142,858 common. Price—$7. Business
—A real estate investment company. Proceeds—For debt
28, 1961 filed 541,000 common. Price—By amend¬
ment. Business—Book publishing. Proceeds—For an ac¬
Plasticon
.June 7. 1961 filed 193,750
Walnut
—
working capital and other corporate purposes.
237 W. 51st St., N. Y. Underwriter—None.
Nov.
Feb.
Polytronic
Business
—
Publishers
1962 filed 100,000 common, of which 70,000
are to be offered by company and 30,000 by stockhold¬
ers. Price—$5. Business—Manufacture of,wrought iron
furniture. Proceeds — For inventory, advertising and
working capital. Office—4601 Georgia Rd., Birmingham,
•Ala. Underwriter—Godfrey, Hamilton, & Taylor & Co.,
N. Y; Offering—Expected sometime in July.
:
,
Clubs
if Richard Gray & Co., Inc.
June 21, 1962
("Reg. A") 60,000
5,
EDST) at the
30,
Playboy
Office—1324
Elm St., Manchester, N. H.
Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; Equitable Securities Corp.-Eastman Dillon, Union
Securities & Co. (jointly); Kidder, Peabody & Co.-Blyth
& Co., Inc. (jointly); White Weld & Co.; Lehman Broth¬
ers.
Bids—June 27 (11 a.m. EDST) in Room 166, Parker
House, Boston. Information Meeting—June 25 (3:30 p.m. *
Inc.
Patterns,
—
field. Proceeds—For expansion of
facilities/ debt repay¬
ment and working capital. Office—396-406 Adams
St.,
,
fice—1087
expansion, debt repayment and working capital. Office
—1626 J St., Sacramento.
Underwriter—Stewart. Eu•banks, Myerson & Co., San Francisco. * Offering—Tem¬
porarily postponed.
■*"
Laboratories, Inc,
27, 1962 filed 105,000 common. Price—$3.50. Busi¬
Operation of a laboratory for contractual re¬
search, development and engineering in the chemical
ness
of New Hampshire (6/27)
1962 filed $24,000,000 of first mortgage bonds,
due 1992. Proceeds—To redeem outstanding 5%% bonds,
due 1987, 5V8%
bonds, due 1989, and &Ys bonds, due
1990, repay short term loans, and for construction. Of¬
tion of six restaurants in Sacramento.,. Proceeds—For
debt
Resin Research
Public Service Co.
Ill Broadway, N. Y.
Proceeds—For
Chenango
June
Pioneer
fields.
Underwriter—None.
ly postponed. ;. *-
Restaurants, Inc.
:
\
•
1
Dec. 21, 1961 filed 125,000 common, of which 75,000 are
to be offered by the company and 50,000 by a selling
^stockholder. Price—By amendment. Business—Opera¬
.
electronic
Feb.
For general corporate purposes. Office
St., Binghamton, N. Y. Underwriter—
A. G. Becker & Co., Inc., Chicago. Offering—Indefinite¬
Business—Loading and unloading of trailers and autos
from freight cars, and freight consolidation and forward¬
ing** Proceeds—For equipment, expansion and general
•corporate purposes. Office—1200 Seaboard Dr., Hialeah,
and
and
working capital. Office—455 W. Main
St., Wyckoff, N. J. Underwriter—Myron A. Lomasney &
Co., N. Y.
; V.,".:
p-:
common.
investment.
fices. Proceeds
J Price—$5.
electric
repayment
Public Loan Co., lnctf0AJW*>i!& hep't !:•••
—41
1962
the
M
March 28, 1962 filed 170,000 common. Price—By amend¬
ment (max. $17); Business—Operation of $mall loan of¬
'
30,
v
Newark, N. J. Underwriter—Keene & Co., Inc., N. Y.
Philadelphia.
--Piggyback Transport Corp.'
April
!
Co., Inc. and Thomas, Williams & Lee, Inc
Proceeds—For
Jan.
July.
Fifth Ave.,* N. Y. Underwriter —
Stanley
Co., N. Y. Offering—Expected in mid-July.
•
Regulators, Inc. (8/1)
'
Jan. 29, 1962 filed 75,000 common, of which
50,000 are
to be offered by the company and
25,000 by Electronic
Specialty Co., parent. Price—$5. Business—Design and
manufacture of regulating and control devices used in
Heller &
Realty Investment Trust
May 21, 1962 filed 100,000 shares of beneficial interest.
Price—$10.
Business—A real estate investment trust.
'
cer-;
Office —745
Prudent
ceeds—For
general corporate purposes.
Office—6130
Sherry Lane, Dallas. Underwriter—McDonnell & Co.,
Price—By;
owns
estate, general insurance agency and a mort-servicing company. Proceeds—For debt repayment.'
gage
Ltd.
—
Retro-Capital Corp.
March
Sessler &
Y ■ i
Prosperity Cleaners & Laundries, Inc.
May 15, 1962 filed 100,000 common. Price — By amend¬
ment (max. $5.50). Business—Operation of a chain of
dry-cleaning and laundry stores. Proceeds—For selling
stockholders. Office
48-12 25th St., Astoria, N. Y.
Underwriter—Edwards & Hanly, Hempstead, L. I., N. Y.
Offering—Expected sometime in late July.
C.
elec¬
of
Proceeds
tain real
N. Y.
investment/
D.
Real Properties Corp. of America April 27, 1962 filed 300,000 class A shares.
amendment (max. $16). Business—Company
Price—$3. Business
—Development and promotion of "one stop dry cleaning
and laundry" establishments, and the sale and main¬
tenance of dry cleaning and laundry equipment. Pro¬
ceeds—For real estate, sales promotion, acquisitions, and
working capital. Office—2484 W. Washington Blvd., Los
Angeles, Calif. Underwriters—Crosse & Co., Inc., V. S.
U;;:■
sale
working capital. Office—411
Claremont Ave., Chicago.
Underwriters—Aetna Se¬
curities Corp., N. Y. and Cantor, Fitzgerald & Co., Inc.,
Beverly Hills, Calif.
,
;
and
N.
,
Prosper-Way, Inc.
Feb. 7, 1962 filed 85,500
.
ton, Taylor & Co., Inc., N. Y.
Gold Mines,
Business—Manufacture
trically powered tools, and hand garden tools.
April 24, 1962 filed 750,000 capital shares, of which 500,000 are to be offered by company and 250,000 by stock¬
holders. Price—50 cents. Business—Acquisition and ex¬
ploration of mining claims in Canada.;.Proceeds—For
general corporate purposes. Office—36 Yonge St., To¬
ronto, Ontario, Canada. Underwriter—A. C. MacPherson & Co., Toronto.
"
v'v.;'
J
-
amendment.
—For debt repayment and
Office —184 Woonasquatucket Avenue,
Co., Inc., N. Y. Offering—Postponed.
Pro¬
Ram Tool Corp.
May 16, 1962 filed $800,000 of 6J/2% subord. debentures
due May 31, 1972 (with attached
warrants). Price—By
Corp.
North Providence, R. I. Underwriter—Fred F.
ment
components.
moving expenses
Cooper St., Camden,
N. J. Underwriter—Lee-Mosson & Co.,
Inc., N. Y.
—
;
;
^
ity and stereophonic equipment and
39
ceeds—For debt repayment,
expansion,
and working capital. Office—513-15
Product Research of Rhode Island, Inc.
July 28, 1961 filed 330,000 common snares. Price—$2.05.
Business
The manufacture of vinyl plastic products
used in the automotive, marine and household fields.
Proceeds—/For repayment of debt, new equipment and
selling stockholders. Office—4747 N. Broad
Philadelphia. Underwriter—Be&r, Stearns & • Co.,
.
$12). Business-
working capital. Office—18 Lancaster Rd., Union? N. J.
Underwriter—Jacey Securities Co., N. Y.
ceeds-- For
N. Y.
(max.
March 30,1962 filed 150,000 common. Price—$5. Business
—Real estate. Proceeds—For purchase of mortgages, and
Photo, Inc.
Feb..14,. 1962 filed 154,800 common. Price—By amend¬
ment (max. $20 L, Business—Photofinishing and the dis¬
tribution of photographic equipment and supplies. Pro¬
St.,
amendment
Design and manufacture of microwave components. Pro¬
ceeds—For debt repayment and working capital. Office
—33 New Broad St., Port Chester, N. Y. UnderwriterVan Alstyne, Noel & Co.,, N. Y. Offering—Postponed.
Santa
&
Price—By
(3023)
.
Price—$5. Business—Wholesaling of electronic parts,
supplies and equipment and the retailing of high-fidel¬
ment
Associates, Inc., N. Y.
ers.
Continued
on
page
49
*•
40
The Commercial and Financial Chronicle
(3024)
Continued from page
Schneider
39
Royaltone Photo Corp.
Nov. 29, 1961 filed 300,000 common, of which 100,000
are to be offered by the company and 200,000 by stock¬
Price
holders.
and
Proceeds
film.
Business
amendment.
By
—
white
and
black
and
color,
prints
—
Develops
photographic
and working capital.
N. Y. Underwriter — Federman,
For equipment
—
Office—245
7th Ave.,
Stonehill &
Co., N. Y, Offering—Expected
sometime in
(Walter J.)
for
Corp.
■} Ruby Silver Mines,
Jan. 2, 1962 ("Reg. A")
Inc.
2,400,000 common. Price—12%
cents. Business—Exploration and development of mineral
deposits. Proceeds—For debt repayment and general
corporate purposes. Address—Box 1088, Wallace, Idaho.
Underwriter—Pennaluna & Co., Spokane, Wash.
Sage International Inc.
April 30, 1962 filed 150,000 capital shares. Price—By
amendment (max. $13).
Business—Operation of mem¬
Proceeds—For ex¬
pansion and inventories.. Office—315 S. Beverly Dr.,
Beverly Hills, Calif. Underwriters—First California Co.
bership discount department stores.
Inc., San Francisco and Allen &
Salant &
Salant? Inc.
Price—By
amendment((max. $35). Business—Manufacture of men's
utility and sports' clothes. Proceeds—For selling stock¬
March
1962 filed 150,000 class A shares.
23,
Fifth Ave., N. Y.—Underwriters—
Office—330
holders.
Kidder, Peabody & Co., and Jessup
Offering—Temporarily postponed.
& Lamont, N. Y.
Enterprises, Inc. (7/9-13)
Feb. 28, 1962 filed 450,000 common. Price — By amend¬
ment
(max. $8). Business—A holding company for a
real estate concern, motor inn, shopping centers, bowl¬
ing establishments, etc. Proceeds—For debt repayment
and working capital. Office—222 E. Erie St., Milwaukee.
Underwriters
Straus, Blosser & McDowell, Chicago
and Dempsey-Tegeler & Co., Inc., St. Louis.
Sampson
—
San Francisco
Capital Corp.
April 23, 1962 filed 60,000 common.
Price—$12.50. Busi¬
Proceeds
St., San
Francisco. Underwriter—Cantor, Fitzgerald & Co., Inc.,
Beverly Hills, Calif.
small
ness—A
business
investment
Office—400
investment.
—For
company.
Montgomery
Simplex Lock Corp.
April 20, 1962 filed 20,000 common to be offered for sub¬
scription by stockholders of the company and of Associ¬
ment.
real estate.
Business—General
Proceeds—For
ated
ac¬
quisition of property. Office—67 W. 44th St., N. Y. Un¬
and
March 30, 1962 filed 160,000 common, of which 100,00Q
are to be offered by company and 60,000 by stockholders.
(max. $33). Business—Furnishes
labor and equipment to major oil companies and drills
for oil. Proceeds—For debt repayment and equipment.
Price—By amendment
Office—11015 Bloomfield
Ave., Santa Fe Springs, Calif.
Underwriter—Dean Witter & Co., Los Angeles. Offering
-—Expected in
Save-Mor
late
Drugs, Inc.
28, 1961 ("Reg. A") $300,000 of 6% 15-year subord.
debentures. Price—At par. Business—Operation of
a chain of drug stores. Proceeds—For general corporate
purposes. Office—3310 New York Ave., N. E., Washing¬
ton. D. C. Underwriter—C. A. Taggart, Inc., Towson, Md.
Mill
River
(7/16-20)
March 29, 1962 filed 100,000 common.
Price—$5. Busi¬
ness—Design, development and manufacture of steel
products for home use. Proceeds—For working capital.
Office—1051 Saw Mill River Rd., Yonkers, N. Y. Underwriter-i-Arnold Malkan & Co., Inc., N. Y.
1962
26,
140,000
Industries,
Inc.
Inc.
Sawyer's
Mar.
to
filed
be
240,000
offered
capital
shares,
of
which
by
stockholders. Price—By amendment (max. $9). Business
—Manufacture and distribution of stereo photographs
and viewers. Proceeds—For working capital. Address—
Portland, Ore. Underwriter — Straus, Blosser & Mc¬
Dowell, Chicago. Offering—Temporarily postponed.
•
are
Saxon
by
company
and
100,000
Paper Corp.
March 30, 1962 filed 200,000 common. Price—By amend¬
ment (max. $9). Business — Wholesale distribution of
printing
paper
Underwriter—Bear, Stearns & Co., N. Y.
Schaevitz
Engineering
13, 1962 filed 150,000 common, of which 100,000
are
to be offered by company and 50,000 by a selling
stockholder. Price—By amendment (max. $10). Business
—Design and manufacture of measuring, indicating,
recording, testing and controlling devices used in air¬
March
craft
and
missile
—
systems. Proceeds — For expansion.
U. S. Route 130, Pennsauken, N. J. Under¬
writer—Bear, Stearns & Co., N. Y.
-
Schlitz
N.
(Jos.)
March 2, 1962 filed 347,543 common. Price
By amend¬
(max. $35). Business—Brewing of "Schlitz" and
"Old Milwaukee" beers. Proceeds—For selling stock¬
holders. Office—235 W. Galena St., Milwaukee. Under¬
writer—Glore, Forgan & Co., Chicago. Offering—In¬
definitely postponed.
—
ment
Schlumberger Ltd.
May 11, 1962 filed 700,000 common. Price—By amend¬
ment
(max. $80).
Business—Furnishing of electrical
logging and related services to oil well drillers, and the
design and manufacture
of
electronic
and
electro¬
mechanical equipment, components and systems.
Pro¬
ceeds—For selling stockholders. Office—408 Bank of the
investment.
Proceeds
—
For
Underwriters—Morris
Cohon
&
Co.
and
sterilizers,
multi-dose
Ohio. Underwriter—H. P, Black & Co.,
Inc., Washington,
Underwriter—Morgan Stan¬
Offering—Expected in early Fall.
Skiers
Service Corp.
(7/2-6)
30, 1961 filed 550,000 common.
Oct.
Price—By amend¬
coin-operated insur¬
vending machines to brokers at sporting centers.
Proceeds—For inventory, advertising and
working capi¬
tal.
Office—420 Lexington Ave., N. Y.
Underwriter—
Pacific Coast Securities Co., San Francisco. Note
This
firm formerly was named National
Vending Ski Insur¬
ance Corp.
0
* '
•
.?
ac¬
ment.
Business—Distribution
of
ance
—
vac¬
cine
injectors,
operating
lights
and
other
medical
equipment.
Proceeds—For inventories, new products
and moving expenses.
Office—20 North Ave., Larchmont, N. Y.
Underwriters—Coggeshall & Hicks and
Ernest M. Fuller & Co., N. Y.
•
•
Sokol
Brothers
Furniture
Inc. (7/9-13)
Price—$2.50 Busi¬
ness—The instalment retailing of
furniture, appliances
Sept. 28, 1961 filed 240,000
and
other
household
and modernization
Scripps-Howard
Broadcasting Co.
March 20, 1962 filed 375,000 common. Price—By amend¬
ment (max. $20). Business—Company owns and
oper¬
working
capital.
Co.,
common.
goods. Proceeds
of
—
Office—253
St., Brooklyn,
Co., Inc., N. Y.
,
ment.
Offering—Indefinitely postponed.
semiconductor devices. Proceeds—For
Feb.
,
Security Aluminum
Corp. (7/2-6)
Jan. 26, 1962 filed 200,000 common. Price—By amend¬
ment. Business—Manufacture of alumnium sliding win¬
dows and doors. Proceeds—For
equipment, moving ex¬
penses and working capital. Office—503 E. Pine Ave.,
Compton, Calif. Underwriter—Vickers, MacPherson &
Warwick, Inc.. N. Y.
and
working
common.
capital.
ment rides for children.
Price—By amend¬
and
working
cisco.
Price—By amend¬
and
sale
of
plant, debt
Pingree St.,
Anthony & R. L.
a
new
Office—1
capital.
Proceeds—For debt repayment
Office—219—9th
Underwriter—Frank
J.
Mohr
St.,
San
Fran¬
Investment
Secu¬
rities, San Francisco..
,
m'V:U,I: .>> JD
Solon
T
'
'■
■
\-ivX:
•*.
•*
Industries,
Inc.
Dec. 28, 1961 filed 75,000 common.
Price—By amendment.
Business—Installation of its coin operated
laundry equip¬
ment at designated residential locations. Proceeds—For
selling stockholders. Office—115 L St., S. E. Washington,
—
Financial
110,000
Solo Amusement &
Vending Co.
May 4, 1962 ("Reg. A") 60,000 common, of which 54,000
are to be offered
by company and 6,000 by stockholders.
Price—$5. Business—Operation of coin operated amuse¬
Proceeds—For equip¬
ment, research and development, repayment of loans and
working capital. Office—12 Hinsdale St., Brooklyn. Un¬
derwriter
Searight, Ahalt & > O'Connor, Inc., N. Y.
Offering—Expected sometime in July.
1962
filed
Inc.
Salem, Mass. Underwriter—Tucker,
Day, N. Y. Offering—Indefinitely postponed.
and related electronic equipment.
28,
1962
Products,
Business—Development, manufacture
repayment
Business—Design and manufacture of networks
data and program
transmission,. filters, transceivers
Selective
1,
State
expansion
Columbia
TV, radio and FM broadcasting stations. Proceeds
—For selling stockholders. Office—1121 Union Central
Bldg., Cincinnati. Underwriter—First Boston Corp., N. Y.
Solid
For
buildings, repayment of debt and
N. Y. Underwriter—Albion Securities
ates
Seg Electronics Co., Inc.
Sept. 28, 1961 filed 110,000 common.
—
—
D. C.
Lieber-
jet
^
By amend¬
(max. $4). Business—Construction of homes. Pro¬
For debt
repayment, acquisition of land and
working capital. Office — 1093 Frank Rd., Columbus,
Co., N.* Y.
of
new
Site-Fab, Inc.
ceeds
Scientific Equipment Manufacturing Corp.
April 30, 1962 filed 83,500 common.
Price—$6.
Busi¬
for
the
ment
Corp.
D.
filed
C.
500,000 common, of which 405,000
subscription by holders of the A,
B and C stock of Selective Life Insurance
Co., an affili¬
ate, on the basis of 4 company shares for each class A or
trust.
Underwriter—None.
;
Yrr///'//i,'
ment
B share and two-thirds
to be offered for
Selective
Life
Southeastern Real Estate Trust
April 2, 1962 filed 700,000 common. Price—By amend¬
(max. $13.80). Business—A real estate investment
share for each class C share of
held.
Remaining 94,822 and any unsub¬
scribed shares will be offered
publicly. Price—To public,
$6; to stockholders, $5. Business—Company plans to en¬
gage in the consumer finance, mortgage, general fi¬
nance and related
businesses. Proceeds
For general
corporate purposes. Office—830 N. Central Ave., Phoe¬
Business—Real
struction
of
a
estate
investment.
building.
Office—600
E.
Wash¬
29,
1961
("Reg. A")
100,000
common.
Inc.
Price—$3.
Business—Construction and operation of towing boats.
Proceeds—For debt repayment, conversion of a
boat, and
working capital. Office—3300 N. W. North River Drive,
Underwriter—None.
Sentinel Properties Corp.
May 1, 1962 filed 200,000 class A
investment.
Southeastern Towing & Transportation
Co.,
Nov.
—
nix.
Proceeds—For
ington St., Orlando, Fla. Underwriter—None.
Miami, Fla. Underwriter—Irwin Karp
&
Co., Inc.,
68
William St., N. Y.
common.
Price—$10.
Proceeds—For
Office—565
Fifth Ave.,
Southbridge Water Supply Co.
11, 1962 ("Reg. A") 3,000 common to be offered for
subscription by stockholders on the basis of three new
con¬
June
N. Y.
Underwriter—None.
shares for each four held. Price—$57.50. Business—Com¬
Servotronics, Inc. (7/23-27)
March 30, 1962 filed 125,000 capital shares. Price —
$3.
Business—Design, development and manufacture of pre¬
pany
plans
Mass.
Proceeds—For
to
supply
water to town of Southbridge,
working capital and general cor¬
porate purposes. Office — 70 Foster St.,
Southbridge,
Mass.
Underwriter—Kinsley & Adams, Worcester, Mass.
cision control components and associated products. Pro¬
ceeds — For debt repayment, equipment and
working
•
capital. Office — 190 Gruner Rd., Cheektowaga, N. Y.
Underwriter—General Securities Co., Inc., N. Y.
Spears
(L. B.), Inc.
(7/16-20)
Oct. 30, 1961 filed 65,000 common. Price—$5. Business—
Operation of retail furniture stores. Proceeds
For
—
Shainberg
(Sam)
>:•/.
Co.
working capital. Office—2212 Third Ave., N. Y. Under¬
writer—Arnold Malkan & Co., Inc., N. Y.
March 30, 1962 filed 236,000 common.
Price—By amend¬
ment (max. $13). Business — Operation of a chain of
junior department stores and self-service discount stores.
Proceeds—For selling stockholders. Office—1325 Wat¬
ford
St.,
Memphis.
Underwriter—New
York
Sperti Products, Inc.
j
29, 1961 filed 230,000 common of which 200,000 are
to be offered by the company ana
JQ.000 by stockholders.
Price—By amendment. Business—Manufacture of drug
Nov.
Securities
Cn. 62 Wall St.. N. Y.
and food
•
Shelley Manufacturing Co.
products, electrical and electronic devices and
precision machinery. Proceeds—For the purchase of cer¬
tain patents, repayment of
debt, and working capital.
Office—730 Grand St., Hoboken, N. J. Underwriter—
Blair & Co., N. Y. Offering—Expected in
July/
(7/9-13)
Dec. 29, 1961 filed 55,000 common. Price—$6.50. Business
—Manufacture
of
automatic
equipment for handling
packaged foods, and various food serving devices. Pro¬
equipment, advertising, plant expansion and
working capital. Office—3800 N. W., 32nd Ave., Miami,
Fla. Underwriter—George, O'Neill & Co., Inc., N. Y.
ceeds—For
Brewing Co.
Southwest Bldg., Houston.
ley & Co., N. Y.
Y.
baum &
and paper products. Proceeds—For debt
repayment and expansion. Office—240 W. 18th St., N; Y.
Address
•
quisitions and working capital. Office—560 Fifth Ave.,
are
Dec.
Saw
Estate
a
Feb; 27, 1962 filed 135,000 common. Price
(Sidney) Realty Corp.
13, 1962 filed 500,000 class A shares. Price—$10.
Real
on
Charles Plohn & Co, and B. W. Pizzini &
Co., N. Y.
Schwartz
Feb.
1962.
conv.
•
1962 filed 60,000 common and 40,000 class A
of which 41,864 common are to be offered by
company; the entire class A and
18,136 common
will be offered by stockholders. Price—By amendment
($35 max.). Business—Company develops, prints, and
finishes "school pictures." Proceeds — For plant and
equipment, acquisitions, and working capital. Office—
1610 N. Mill St., Jackson,, Miss. Underwriters—Equi¬
table Securities Corp.,. Nashville, and Kroeze, McLarty
& Duddleston, Jackson, Miss. Offering—Postponed.
7,
—
Corp., parent,
(max. $20). Business—Develop¬
type combination lock. Proceeds
—For equipment, research and
development and work-f.
ing capital. Office—150 Broadway, N. Y. Underwriters—
the
Business
share
one
Research
share for each 10
company shares held,
for each 30 shares of Associated held.
new
ment and sale of
Inc.
common,
June
one
Price—By amendment
School Pictures,
Feb.
Development and
basis of
ment.
Fe Drilling Co.
Santa
repayment,
Milton D. Blauner &
Co., N. Y. Offering—In August.
purchase a like amount of class A common.
The
plans to offer the securities in 5,500 units (each
consisting of $1,000 of debentures and warrants to pur¬
chase 20 shares) for subscription by holders of its class
A stock and 10% debentures due 1976. Price—By amend¬
ness—Manufacture
Co., N. Y.
indicators and circuit components. Proceeds—
equipment and working capital.
Heck Ave., Neptune, N. J. Underwriter—
as
debt
to
Royalty Stores,
5
Thursday, June 28, 1962
.
company
1
Inc.
May 29, 1962 filed 75,000 common. Price—$3.75. Busi¬
ness—Operation of discount stores and wholesale distri¬
bution of general merchandise.
Proceeds—For expansion, advertising, and other corporate purposes.
Office
—10 Charles St., Floral Park, N. Y. Underwriter—R. P.
Raymond & Co., Inc., 26 Broadway, N. Y.
.
Office—1933
derwriter—None.
July.
use
For
Feb. 28, 1962 filed $5,500,000 of 6V2% subordinated con¬
vertible debentures due 1977 and 110,000 5-year warrants
.
Sportsways,
Sierra Pacific Power Co.
(6/26)
May 11, 1962 filed $5,000,000 of first mtge. bonds due
1992. Office—220 S. Virginia St.,
Reno, Nev. Underwrit¬
ers—(Competitive.) Probable bidders: Kidder, Peabody
& Co.-White, Weld & Co.
(jointly); Salomon Brothers
& Hutzler; Halsey, Stuart & Co.
Inc.; Stone & Webster
Securities Corp.-Dean Witter & Co.
(jointly). BidsExpected June 26, 1962 (11 a.m. EDST), at 49 Federal
St., Boston. Information Meeting—June 22 (10:30 a.m.
Price—By
amendment, (max. $7). Business—Manufac¬
distribution of skin diving equipment and ac¬
cessories. Proceeds—For working capital. Office—7701
ture and
E.
Compton Blvd., Paramount, Calif. Underwriters—
Troster, Singer & Co., and Federman, Stonehill &
Co.,
N. Y. Offering—Temporarily
postponed.Stack Electronics, Inc.
>
May 25, 1962 ("Reg. A") 60,000 common.
Price—$5.
Business—Manufacture, sale and distribution of elec¬
tronic
equipment.
Proceeds—For new products
and
working capital. Office—45 Washington St., Bingham-ton, N. Y. Underwriters—Arnold Malkan & Co., Inc. and
EDST) at 90 Broad St., 19th floor, New York City.
Signalite Inc.
1962 filed
Jan. 29,
126,000
common.
Price—$4.50. Busi¬
ness—Manufacture, sale and development of glow lamps
Inc.
Feb. 20, 1962 filed 175,000
common, of which 50,000 are
to be offered by company and
125,000 by a stockholder.
,
Dean.Samitas & Co., Iuc,, N/Y. .Offering—In September.
Volume
195
Number 6172
.
.
.
The Commercial and Financial Chronicle
Stainless Steel Products, Inc.
May 28, 1962 filed 100,000 capital shares, of which 75,000
are to be offered
by company and 25,000 by stockholders.
Price—By amendment (max. $10). Business—Design, de¬
year-books and commercial printing. Proceeds—For sell¬
ing stockholders. Office—6320 Denton Dr., Dallas. Un¬
Lynch, Pierce, Fenner & Smith Inc.,
N. Y., and Dallas Rupe & Son, Inc., Dallas, Tex. Offer¬
ing—Indefinitely postponed.
Teaching Systems, Inc.
1, 1962 ("Reg. A") 50,000
Proceeds^—For plant expansion, equipment and working
capital. Office—2980 N. San * Fernando Blvd., Burbank,
Starmatic
>
ness—Production
Third
Price—By amend¬
ment. Business—Manufacture of boxes, brochures, packaging materials and packaging machines. Proceeds—For
debt repayment and other corporate purposes. Office—
252 W. 30th St., N. Y.
Underwriter—R; P. Raymond &.
Co., Inc., 26 Broadway, N. Y.
Offering—Expected in
late August.
March
27,
amendment
and
;
filed
300,000
common.
insurance.
•
Steel
educational
small
Price—By
audio-visual
J
Tremco
Manufacturing Co.
Price—$10.
Busi-
investment company. Proceeds
Office—235 E. 42nd St., N. Y. Under¬
120,000
of
common.
Research and
textile
Inc.
development and manufacture
of
ucts in the fields of data
prod¬
processing, process control and
processing. Proceeds—For research
development, working capital and other corporate'
chemical
and
and
food
Office—7620
purposes.
Technical Capital, Inc.
16, 1961 filed 275,000 common. Price—By amend¬
ment (max. $20). Business—A small business investment
Underwriter—J.
Norristown, Pa. Underwriters-Joseph W. Hurley & Co.,
company.
Proceeds—General corporate purposes. Office
1947 W. Gray Ave., Houston. Underwriters — F. S.
Smithers & Co., N. Y., and Moroney, Beissner & Co.,
Inc., Houston. Note—This company formerly was named
Texas Electro-Dynamics Capital, Inc.
Lyndale
Ave. S., Minneapolis.
Co., Inc., Minneapolis.
:/
000
Texas
Oct.
Norristown, Pa.
SteEber
Cycle Corp. (7/9-13)
200,000 common. Price—$3. Business
—Manufacture of bicycles, tricycles and toy automobiles.
Proceeds—For debt repayment, moving expenses and a
new
product line. Office—744 Berriman St., Brooklyn,
N. Y. Underwriter—Lloyd Securities, Inc.
Jan.
•
5,
1962 filed
tanks
(IV!.)
Co., N.
•
Calif., and I. J. Schein
,
Y.'"/;-/.;r:
ment
fields
aquarium supplies for hobbyists. Proceeds—For a
plant and working capital. Office—52 Cottage Plaza,
Allendale, N. J. Underwriter — Andresen & Co., N. Y*
Financial Corp.
1962 filed 315,000 class A shares, of which
218,000 are to be offered by the company and 97,000 by ;
the stockholders.
Price—$6. Business—Commercial fi-<
nance company.
Proceeds—For debt repayment./ Office
-—95
29,
Madison
Ave., N.
Co., Inc., N.
Burnside &
Y.
Underwriter—Mortimer
B.
Y,/'■/Y:;/
Stratton
Realty & Construction Fund, Inc.
^
1962 filed 500,000 common/ Price—$20. Busi¬
ness—A real estate investment company. Proceeds—For
investment/ Office—50 E. 40th St., N. Y. Underwriter—
-
.
March 20,
To
be
named.
Summit
Gear
Inc.
May 29, 1962 filed 167,000 common.
Price—$3.50. Busi¬
design and manufacture of gears
and gear assemblies, precision instruments and
appli¬
ances.
Proceeds—FOr equipment, working capital and
research and development. Office—5960 Main
St., North¬
east, Minneapolis. Underwriter—Irving J. Rice & Co.,
Inc., St. Paul.
Sun City
Dairy Products, Inc.
Oct. 27, 1961 filed 110,000 common. Price—$4. Business
—Distribution of eggs and dairy products in Florida and
other
southeastern
purposes.
states.
Office—3601
derwriter—Finkle
&
Proceeds—General
N. W. 50th
Co., N. Y.
St..
Miami.
corporate
Fla.
Un¬
Offering—Expected
in
August.
Superior
Bakers, Inc. (7/23-27)
1962 filed 325,000 common, of which 294,000
are to be offered
by the company and 31,000 shares by a
stockholder. Price—$3. Business—Manufacture and sale
of baked goods. Proceeds—For debt
repayment and gen¬
Feb.
28,
eral
corporate purposes. Address—New York & Drexel
Aves., Atlantic City, N. J. Underwriter—Balogh & Co.,
Washington, D. C.
Thom-Tex
Dec.
ment
of
66,666
Price—By amend¬
Business—Design and manufacture
automotive,, aircraft and "guided missile
ordnance,
common.
t
parts and components. Proceeds—For selling stockhold¬
ers.
Office—4417 Okechobe
Rd., West Palm Beach, Fla.
Underwriter—None.
Tabach
Industries, Inc. (7/23-27)
1962 ("Reg. A") 50,000 common. Price — $6.
Business—Manufacture apd sale of women's wear. Pro¬
ceeds—For debt repayment, leasehold
improvements and
expansion. Office—217 E. Eight St., Los Angeles. Calif.
March 29,
Underwriter
Costello, Russotto & Co., 9301 Wilshire
Blvd., Beverly Hills, Calif.
•
paper
/items.
Co.,*
Thompson Manufacturing Co., Inc.
corhmOn;-of which 80,000 shares
company and 10,000 by stock¬
holders.
Price—$4. Business—Design and manufacture
/of special machinery for the paper industry and the
construction of bowling alleys. Proceeds—For expansion
;and general corporate purposes. Office—Canal St., Lan¬
caster, N. H. Underwriter—Packer-Wilbur Co., Inc., N. Y.
Offering—Expected sometime in July.
Hotel Corp.
2,
1962 filed 175,000 common. Price—By amend¬
($10 max.). Business—Hotel ownership and man¬
agement. Proceeds — For construction. Office — 525 N.
Sepulveda Blvd., El Segundo, Calif. Underwriter—Vickers, MacPherson & Warwick, Inc., N, Y. Offering—Tem¬
porarily postponed.
Top Dollar Stores, Inc.
May 1, 1962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000 by stockholders.
Business—Operation of
a
chain of self-serv¬
stores
selling clothing, housewares, etc. Pro¬
ceeds—For expansion, equipment and working capital.
Florida Ave., Jasper, Ala.
Underwriter—
Philips, Rosen, Appel and Walden, N. Y.
Tork
Time
Controls, Inc.
150,000 common. Price—By amend¬
Business—Design and manufacture of time con¬
trolled switches. Proceeds—For debt repayment, expan¬
sion, and working capital. Office—1 Grove St., Mount
Vernon, N. Y. Underwriters—Godfrey. Hamilton. Tavlor
12,
1961
filed
ment.
&
Co., and Magnus & Co., N. Y. Offering—Postponed.
Marts
International,
Inc.
550,000 capital shares. Price — By
amendment. Business
Company builds and operates
retail discount department stores. Proceeds—For expan¬
sion. Office—41 E. 42nd St., N. Y. Underwriter—W. C.
1,
1962
filed
—
Traid
Corp.
Feb. 12, 1962 filed 150,000 common.
Price—By amend¬
ment (max. $9).
Business—Design and sale of special
cameras for scientific photography.
Proceeds—For gen¬
eral corporate purposes.
Office—17136 Ventura Blvd.,
Encino. Calif.
Underwriter—J. A. Hogle &
Co.. Salt
Lake City. Note—This registration has been withdrawn.
—
Tactair
Fluid Controls, Corp.
1962 filed 90,000 common. Price—By amend¬
ment (max. $7.50). Business—Manufacture of
fluid con¬
trol equipment used in
missiles, helicopters and aircraft.
March 29,
Proceeds—For
selling stockholders
Address—Bridge¬
port, Conn. Underwriters—Stroud & Co., Inc. and Penington, Colket & Co., Philadelphia.
Taylor Publishing Co.
21, 1961 filed 152,000
Dec.
ment. Business
—
Price—By amend¬
Production and distribution of school
common.*
Trans-Alaska Telephone Co.
Nov. 29, 1961 filed 265,000 common, of which 250,000 are
to be offered by the company and 15,000 by a stock¬
holder.
Price—$6.
Proceeds—For
quisition, repayment of debt, and
Doses.
Office10
E.
6th
construction, and
ac¬
&
/
■
/.
■
■
■
*
Mar. 27, 1962 filed 120,000 common, of which 60,000 are
•
/to be offered by ccompafty and 60,000 by
Price—By
amendment
merchandise.
(max.
Proceeds
a
stockholder.
Business—Sale
Busin
$15)
For
—
general
of
corporate
Office—East Main St., Scottsville, Ky. Under¬
writer—Bear, Stearns & Co., N. Y.
•;
L'/
purposes.
,
Unilux,
June
Inc.
1962 filed
12,
40,000
Business—Production
of
class A
shares.
electronic
flash
Price—$10.
systems for
photography, etc. Proceeds—For equipment, sales pro¬
motion, research and development, and other corporate
purposes.
Office—120 Liberty St., N. Y. Underwriter—
11
None.
Corp. (7/9-13)
("Reg. A") 100,000 common. Price—$1.50,
of high-precision instrument
components for aircraft and missile guidance systems.
Proceeds—For debt repayment, equipment and working
capital. Office — 1634 Marion St., Grand Haven, Mich.
Underwriter—Gateway Stock & Bond, Inc., Pittsburgh.
March 30, 1962
Business
Manufacture
—
Markets
United
Inc.
(7/23-27)
March
15, 1962 filed 100,000 common. Price—$5. Busi¬
ness—Operation of "Foodtown" supermarkets. Proceeds
—For general corporate purposes.
Office—531 Ferry St.,
Newark, N. J. Underwriter—Moran & Co., Newark, N. J.
United
National
Insurance
Co.
May 29, 1962 filed 77,000 common. Price—$15. Business
—Sale of automobile insurance, and the writing of fire
and extended
coverage insurance.
Proceeds—For ex¬
pansion.
Office—225 S. 15th St., Philadelphia. Under¬
writer—Suplee, Yeatman, Mosley Co., Inc.. Philadelphia.
United-Overton
Mar.
Corp.
26, 1962 filed 450,000
be
to
offered
holders.
Operates
ment
by
the
of which 90,897 are
and 359,103 by stock¬
(max. $18). Business—
common,
company
Price—By amendment
hard goods' departments
Proceeds—For
stores.
Needham
in
discount depart¬
Office—19
debt repayment.
St., Nugent Highlands, Mass. Underwriters& Co., Inc., and Oppenheimer & Co., N. Y.
McDonnell
Packaging Co., Inc.
filed 102,000 common. Price—$3. Business
packaging business. Proceeds — For new
machinery, debt repayment and working capital. Office
Nov. 29, 1961
—A general
Wavne
—4511
Ave.,
Philadelphia
Underwriter—God¬
frey, Hamilton, Taylor & Co., Inc., N. Y. Offering—Tem¬
porarily postponed.
U.
S.
Electronic
Publications,
Inc.
Sept. 26, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Publishing of military and industrial hand¬
books. Proceeds—Debt repayment, expansion and work¬
ing
capital.
Office—480 Lexington Ave., N. Y.
Under¬
writer—Douglas Enterprises, 8856 18th Ave., Brooklyn.
other
Ave.,
corporate purAnchorage. Alaska
Underwriter—^Milton D. Blaunar & Co,, Inc., N. Y. Offer¬
ing—Expected.sometime in July.
Trans-Western Service Industries
April 2, 1962 filed 100,000 common, of which 20,000 are
be offered by company and 80,000 by stockholders.
Price—By amendment (max. $10). Business—Operation
-do
Neal
Proceeds—For
St., N. W., At¬
Waggoner, and
United
Langley & Co., N. Y.
•
supplies.
Marietta
ing of gas turbine engines. Proceeds—For debt repay¬
ment, research and development, a new plant and work¬
ing capital. Office — 1346 Connecticut Avenue, N. W.,
Washington, D. C. Underwriter—Sandkuhl & Co., Inc..
Office—2220
Dec.
industrial
Office—285
Unison Electronics
ment
retail
and
capital.
Underwriters—Wyatt,
retail
Dec. 22, 1961 filed 90^000
/are to be offered by the
ice
metals
Turbodyne Corp.
Proceeds—For
Address—Highway
^
Price—$5.
("Reg.
N. Y.
N. Y. Offering—Temporarily postponed.
.Jan.
—
commonufPrice—$47BligftiessTurner (J. L.L & Son, Inc.
debt repayment and working capital.
distribution
March 2, 1962 filed 127,500 common.
Price—$5. Business
—Research, development and production and overhaul¬
water
3, Rio Grande, Puerto Rico. Underwriter—Meade &
Feb.
29, 1961 filed
($1.50 max.).
electric
wholesale
Robinson-Humphrey Co., Inc., Atlanta.
Paper Converting Corp.
March 15, 1962 filed 70,000
—Manufacture of writing
Towers
Szemco, Inc.
compact
1962
ferrous
lanta.
of
the
(J. M.)
17,
working
Business—Development of electronic
used in plumbing and heating
Thunderbird International
ness—Development,
Un¬
Corp., Inc.
manufacture
in
engaged
supplies
Metal & Supply Co., Inc.
A") 25;000 common. Price—S12.
Business—Wholesale distribution of ferrous and non-
heating units. Proceeds—For equipment, working capi¬
and other corporate purposes. Office — 492 Grand
Blvd., Westbury, N. Y. Underwriter—J. B. Coburn Asso¬
ciates, Inc., N. Y.
•"■V ';v.
Co.,
Tull
May
devices
the
and
is
company
electrical
and equipment. Proceeds
For
working capital. Office—514 E. 73rd
St., N. Y. Underwriters—Richard Bruce & Co., Inc., and
Reuben Rose & Co., Inc., N. Y.
tal
and
new
$10).
(max.
electrical
and
Stratford
E. 14th St., Des Moines.
Allyn & Co., Chicago.
Thermoironics
Sterno
March
C.
&
debt repayment and
March 30, 1962 filed 100,000 common. Price—By amend¬
Industries, Inc.
Feb. 21, 1962 filed 115,000 class A, of which
40,000 are
to be offered by the company and 75,000 by stockhold¬
ers. Price—$6.
Business—Manufacture, sale and distribu¬
tion of fish foods and distribution of various types of fish
w-
Office—4509
derwriter—A.
inventory, equipment and working capital. Office—814
E. 29th St., Los Angeles. Underwriters — Thomas Jay,
Winston & Co., Inc., Beverly Hills,
the
of
accessories, and gas fueled household appli¬
Proceeds—For acquisitions, debt repayment and
equipment.
Dain
Tujax Industries, Inc. (7/23-27)
23, 1962 filed 150,000 class A shares, of which 100,are to be offered by
company and 50,000 by stockholders. Price—$8.
Business—Through its subsidiaries
and
ances.
M.
Mar.
TSxermogas Co.
May 25, 1962 filed 800,000 common. Price—By amend¬
ment
(max. $15).
Business—Distribution of LP gas,
Stephens Mfg. Co., Inc. (7/1S)
March 28, 1962 ("Reg. A") 75,000 capital shares. Price—
$4. Business—Manufacture and distribution of electrical
fittings and connectors. Proceeds—For debt repayment,
'
Research
May 10, 1962 filed 400,000 cdfnmon, Price—$1. Business
Price—$2.30.
machine
for production of
products. Proceeds—For debt repayment
capital. Office—4813 Tennessee Ave., Chat¬
tanooga. Underwriter—Irving J. Rice & Co., Inc., St.
Paul. Offering—Expected in August.
a
By
—
ing—Temporarily postponed.
Tronchemics
("Reg. A")
Price
$15). Business—Producer of protective
coatings, sealants, mastics, paints, etc. Proceeds — For
selling stockholders. Office—10701 Shaker Blvd., Cleveland. Underwriter—McDonald &
Co., Cleveland. Offer¬
Oct. 2, 1961 ("Reg. A") 69,660 common. Price—$3. Pro¬
ceeds—For equipment and working capital. Address—
.
\
common.
amendment (max.
and working
(7/30)
capital shares. Price—$1.50.
and production of
Shore copper deposit near Casa
Grande, Ariz.
Proceeds—For equipment, exploration and
working cap¬
ital. Office—201 E. 4th
St., Casa Grande, Ariz. Under¬
writer—None.
business
Business—Manufacture
tufted
1962 filed 500,000
the Lake
Corp.
31, 1962
& Co., N. Y.
Resources, Inc.
^eb. 26, 1962 filed 150,000 class A
Capital Corp.
April 30, 1962 filed 500,000 common.
Ten-Tex
Proceeds—For: investment and
Equipment Corp.
of
Price—$2. Busi¬
Technical
Jan.
ry
Plant
common.
writer—Straus, Blosser & McDowell, Chicago.
working capital. Office—1760 High St., Denver. Under¬
writer—None.
May 28,
Underwriter—Creative Ventures Corp., 733
-For investment.
(max. $5). Business—Writing of life, health
accident
sale
Transarizona
Ave., N. Y.
ness—A
Insurance Co. of Colorado
1962
N. Y.
way,
.
State Life
and
writer—Granbery, Marache
teaching aids. Proceeds—For equipment, promotion and
advertising and working capital.
Office—1650 Broad¬
Industries, Inc.
,
3, 1961 filed 100,000 common.
Nov.
cleaning and laundry plants. Proceeds—For debt
repayment. Office—1167-65th St.,
Oakland, Calif. Under¬
Business—Exploration, development
June
Co., Inc., San Fran¬
41
of dry
derwriters—Merrill
velopment and manufacture of high pressure, high tem¬
perature ducting systems for use in aircraft and missiles.
Calif. Underwriter—First California
cisco.
■
-
(3025)
United
March
States
Realty
& Investment Co.
filed 150,000 capital shares. Price—By
amendment (max. $8). Business — General real estate.
Proceeds—For working capital. Office—972 Broad St.,
Newark, N. J. Underwriter—H. Hentz & Co., N. Y. Offer¬
ing—Expected sometime in July.
30,
1962
Continued
on
page
42
v
The Commercial and Financial Chronicle
42
ness
Continued from page 41
.
/ft; 5 /ft;;;
/v.
■
■;
ft;
■
/ft!;. ft
Fund, Inc.
United Variable Annuities
of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th Street, Kansas City, Mo.
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.
Offering—Expected in August.
./'"ft,;
Universal Industries, Inc.
(7/9-13)
Aug. 7, 1961 filed 100,000 common shares. Price—$5. '
Business —The importation and distribution of Italian
marble and mosaic tiles.
Proceeds —For the purchase
and installation of new moulds, machinery and equip¬
ment, research and general corporate purposes. Office—
250 Goffle Road, Hawthorne, N. J. Underwriter—Edward
Lewis & Co., Inc., N. Y. Note—This company formerly
April 11, 1961 filed 2,500,000 shares
was
ft
Aero-Dynamics
named
Corp.
Redevelopment Corp.
Urban
filed 100,000 common. Price—By amend¬
Business—Company operates the "Kellogg Plan"
March 29, 1962
ment.
provides 100% financing and construction through
single source for renewing older residential properties.
Proceeds—For
debt
repayment,
sales financing and
which
a
— 1959
S. LaCienega Blvd., Los
Underwriter—Holton, Henderson & Co., Los
working capital. Office
Angeles.
Angeles.
Inc.
Feb. 14. 1962 filed 250,000 class A and 250,000 common to
be offered in units of one share of each class.
Price—
Business—Manufacture of urethane
equipment,
working
capital,
leasehold expenses and other corporate purposes. Office
—2300 Republic National Bank
Bldg., Dallas. Under¬
unit.
per
Proceeds—For
foams.
writer
First Nebraska Securities
—
Corp., Lincoln, Neb.
Offering—Temporarily postponed.
Utah Concrete
Pipe Co.
110,000 common. Price — By amend¬
ment (max. $10). Business — Manufacture and sale of
concrete pipe, masonry products, corrugated metal pipe,
telephone conduit and miscellaneous concrete products.
Proceeds—For debt repayment and working capital. Of-j
fice—379 17th St., Ogden, Utah. Underwriter—Schwabacher & Co., San Francisco. Offering — Indefinitely
Feb. 8, 1962 filed
ft''ft/ft ft -'..ft-
postponed.
Utah
June
Service
Gas
':/;,.ft.ft
Co.
1962 filed 30,000 Class A common. Price—By
(max. $10). Business—A public utility en¬
gaged in the -purchase, distribution and sale of natural
gas in eastern Utah. Proceeds—For selling stockholders.
18,
amendment
Office—511 Deseret
Bldg., Salt Lake City. Underwriter—
First Nebraska Securities Corp., Lincoln, Neb.
nor,
..
yy
.
,
.
due 1982, of which up to $800,000 will be offered in
exchange for an equal amount of outstanding 6% first
mortgage bonds due 1975, and the balance, together with
,
,
*
unchanged bonds,. will be offered for public sale.'Price—At par.. Business—A public utility engaged in the
any
'
.
purchase, distribution and sale of natural gas in eastern
'Utah. Proceeds—For general corporate purposes. Office
—511 Deseret Bldg., Salt Lake City. Underwriter—First
Nebraska Securities Corp., Lincoln, Neb.
s
U-Tell
Corp.
1961 ("Reg A")
Operation of
Sept. 18,
Business
—
33,097
a
Continental
Price
common.
Valu-Rack, Inc.
Milwaukee,
Wis.
store
Under-
Seouritipc
(7/16-20)
May 4, 1962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000
by stockholders.
Price
$5. Business
—
—
Wholesale distribution and retail
merchandising of health and beauty aids, housewares,
kitchenwares, wearing apparel and other goods.
Pro¬
ceeds—For debt
repayment.
St., Los Angeles.
Office—2925
Underwriter—Garat
&
S. San
Pedro
Polonitza, Inc.
Vapor Corp.
Feb. 2, 1962. filed 156.762 common. Price —
By amend¬
ment. Business—Manufacture of steam generators for
diesel locomotives; temperature control
systems for rail
buses
cars,
rail
and
passenger
Office—80
William
E.
aircraft;
cars.
&
and
door
Proceeds—For
Jackson
Blair
Blvd..
control
selling
Chicago
Co., Chicago.
devices
for
stockholders.
Underwriter
Offering
—
Indefinitely
postponed. ft
working capital. Office—729
Calif;
—
$1.
1962 filed 125,000 class A common. Price—$4.
Company designs, fabricates, installs and
television systems. Proceeds—For
debt repayment, advertising, equipment and expansion.
Office—Riggs Rdft and First "Place, N. E., Washington,
D. C. Underwriter—Mitchell, Carroll & Co.. Inc., Wash¬
Mar.
—
mixers,
30,
1962
filed
100,000
common.
Price—$4. Busi¬
of
metal
valves,
taps, etc., for vending machines. Proceeds—For
Verlan
30,
/
'ftft^'-ftftft'-'.ft'
:
April 20, 1962 filed 250,000 common, of which 50,000 are
to be offered by company and 200,000 by stockholders.
Price—By amendment (max. $5.75).
Business—Manu¬
facture and sale of classroom furniture, folding banquet
Virco
Mfg. Corp.
ftft
tableland chairs. Proceeds—For general corporate pur¬
poses.
Office—15134 So. Vermont Ave., Los Ang^s.
Underwriter—Crowell, Weedon & Co., Los Angeles.
Virginia Electric & Power Co.
May 4, 1962 filed 650,000 common; Proceeds—For con¬
struction.
Office—Richmond
9,
Va.
Underwriters—
Probable bidders: Merrill Lynch, Pierce,
Stone & Webster Securities Co.;
Kuhn, Loeb & Co.-Ladenburg, Thalmann & Co.-Allen &
Co. (jointly). Offering—Temporarily postponed. .ft.
(Competitive).
Smith Inc.;
&
Electronics Corp.
Voron
July 28,
100,000 class A shares. Price
1961 filed
—
$3.
Business—The manufacture of electronic test equipment,
the
new
Publications, Inc.
1962
filed
89,500
of which 80,000
are
to be offered
by company and 9,500 by a stock¬
holder.
Price
By amendment (max. $5.50).
Busi¬
—
common,
equipment, debt repayment, and inventory.
Paso, Cqlorado Springs, Colo. Under¬
writer—Copley & Co., Colorado Springs, Colo.
/
Office—3407 N. El
.
Western
installation
sale,
servicing
and
of
ing of background music. Proceeds—For tooling, pro¬
duction, engineering, inventory and sales promotion of
its products and for working capital.
Office — 1230 E.
Mermaid Lane, Wyndmoor, Pa. Underwriters —' John
Joshua & Co., Inc., and Reuben, Rose & Co., Inc., N. Y.
ServiceMASTER Co.
filed 140,000 capital shares.
1961
Price—By
amendment. Business—Sale of franchises for on-location
cleaning and moth-proofing of rugs, furniture, etc. Com¬
pany also"'manufactures and sells cleaning equipment
and supplies to franchise holders- Proceeds—For debt
repayment, new building and equipment and other cor¬
porate purposes. Office — 2117-2P N Wavne. Chicago.
Underwriter—Laren Co., N. Y. Offering—Imminent.
19, 1962 filed 371,750 capital shares of which 175,000
196,750 by stock¬
$42). Business^The making of loans secured by first liens on real estate.
Proceeds—For debt repayment. Office — 3243 Wilshire
Blvd., Los Angeles. Underwriter — Kidder, Peabody &
to be offered by the company and
holders. Price—By amendment
(max.
Co., N. Y. Offering—Expected in July.
Western
estate
loans, acquires, develops and sells land, and
the mortgage loan correspondent business
selling stockholders. Office—1111 Hart* 1
Bldg.. Dallas.
Underwriter—Harriman Ripley &
in
Proceeds—For
Co., N. Y. Note—This registration is being withdrawn.
•
Walston
(7/30)
Aviation, Inc.
%
-
•
be offered by the company and 30,000
by
stockholder
a
Price—$6.25. Business—Sells Cessna Airplanes and sup¬
also
repairs
and
services
various
type
airplanes
For expansion and general corporate pur¬
Office—Civic Memorial Airport, E. Alton, 111
Underwriter—White & Co., Inc., St. Louis./ ft
Proceeds
—
Waterman
Steamship Corp.
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment.
Business
The carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and working cap¬
ital. Office—71 Saint Joseph St., Mobile, Ala. Under¬
writer—Shields & Co., Inc., N. Y.
(mgr.). Offering—
—
Temporarily postponed,
.ftft/'ftft/ft "ft
Wavelabs, Inc.
May 21, 1962 ("Reg. A")
Dec.
28,
Baby,
Inc.
filed
75,000
1961
220,000
.
;
:
>
ft;
(7/9-13)
.
^
/ %
Investment Trust
Western States Real
-
13, 1961 filed 32,000 shares of beneficial interest.
Price—$6.25. ft Business—A .small business investment
common.
Ursula
St., Aurora,
Aurora, Colo.
common.
.ft
*
ftftft
•
v
•/.
..ft
.
«
/ftftftft...ft ft'sift.;;*
April 25, 1962 filed 1,000,000 common. Price—-By amend¬
ment (max. $30,125). Business—Manufacture and sale of
home appliances.
Proceeds — For selling stockholder,
(Radio Corp., of America). Address — Benton Harbor,
Mich. Underwriter—Lehman Brothers, N. Y.; Note—This
offering was indefinitely postponed. >:"''.ift ft'ft.ftft;ftft;'"'ft
White
Feb.
Lighting Co.
.ft,
("Reg. A")
75,000
common. Price —
Business—Manufacture and distribution of electrical
26,
1962
$4.
apd
lighting fixtures. Proceeds—For debt repayment,..equip¬
ment and working capital; Office—5221 W, Jefferson
Blvd., Los Aftgeles Underwriter—Costello. Russotto &
Co., 9301 Wilshire Blvd., Beverly Hills, Calif. OfferingImminent.
Widman
; -
:ft-. ;,ft /ft /.,
'•," ''ft ft ft:
(L. F.)
ft'-'" "ft
ft-'
»
-ft-v"'
Inc.
,
Oct. 27, 1961 filed
to
be offered
by
162,000 common, of which 102,0C€ are
the company, and 60,000 by stock¬
holders. Price—$3. Business—Operates a chain of retail
drug stores. Proceeds—Expansion, equipment and work¬
ing capital. Office—,738 Bellefonte Ave.* Lock Haven. Pa.
Hamilton, Taylor & Co., N. V.
postponed.ft/ft
ft/ftft/ ft;'/; ft
Underwriter—Godfrey,
(Edwin L.) Co. ft .-ft", ' . -/ft
1962 filed 606,450 common. Price—By amend¬
ment. Business—Manufacture of electrical heating ele¬
ments for industrial, commercial and household' 'applica¬
tions. Proceeds—For selling stockholders. Office—7500
Thomas Blvd., Pittsburgh. Underwriters—Eastman Dil¬
lon, Union Securities & Co., N. Y., Moore, Leonard &
Lynch, Pittsburgh and Reinholdt & Gardner, St.. Louis.
Wiegand
March 30,
Wiener Shoes Inc. /
v
.-ftft/ftft:
ft;ftft:
v
April 2, 1962 filed 80,000 common. Price — By amend¬
ment (max. $11). Business—Operation of a chain of shoe
stores. Proceeds—For debt repayment, expansion and
working capital. Office —808 Dakin St., New Orleans.
Howard, Weil, Labouisse, Friedrichs &
Underwriter
—
Co., New Orleans..
ft "'ft".''*' ft-
.
""ft
-'
•■/ ft ft" ft'ft' ■'ftft
Plastics, Inc.; (7/9-13) ft
Oct. 20, 1961
("Reg. A"),,:. 100,000 common; Price—$3.
Business—Custom compression, transfer and
injection
of plastic material^. Proceeds?—For debt re¬
and general corporate purposes.
Office—180
molding
.
payment
Kingsland Rd., Clifton, N. J. Underwriters—Leib, Sklobt
&
Co., Inc., Clifton, N. J.
Willpat Productions, inc.
May 9, 1962
ft
160,000: common; Price—$li5.
of full-length, motion- pictures.
("Reg. A")
Business—Production
Proceeds—For
new
films, debt repayment .arid workihg
Connecticut Ave.,- N. W., Wash¬
Underwriter—Bevan & Co., Inc., Wash¬
Office—1025
capital.
ington, D. C.
ington, D. C.
Winslow Electronics,
u
*
*
Inc.:
:
,
Dec. 28, 1961 filed 125,000 common. Price—$4. Business
—Design and manufacture of precision electrical and
electronic measuring devices and test equipment. • Pro¬
ceeds—For debt repayment and other corporate pur¬
poses.
Office—1005 First Ave., Asbury Park,
Co., Inc., N. Y.
N. J. Under¬
writer—Amos Treat &
Wolf
Corp.
$4,500,000 of 6.5% convertible sub¬
(with attached warrants)
to be offered for subscription by stockholders of class
A stock On the basis of $500 debentures for each TOO
class A shares held. Price—$500 per uhit. Business—
Real estate. Proceeds—For debt repayment and realty
acquisitions. Office—10 E. 40th St.,- N; Y. Underwriter
—S. E. Securities, Inc., 10 East 40th St., New York.
26,
1962 filed
ordinated debentures due 1977
Price—$2.
Business
of retail stores. Proceeds—For debt repayment and gen¬
eral corporate purposes. Office—210-07 48th Ave., Rav-
Co.
March 30, 1962 filed 135,000 common. Price—By amend¬
(max. $9).^Business—Company processes plywood
into factory finished wall panelling. Proceeds—
Equipment, inventories and working capital. Address—^
P. O. Box 329 Panel Way,
Longview, Wash-. Underwriter
—Ferman & Co., Miami, Fla.
West Falls
ft
..
/.ft Whirlpool Corp.
Jan.
,
—Company renders direct mail public relations, sales
promotion and advertising services to mothers on behalf
Panel
Proceeds—For investment.
Office—403
Colo. ft Underwriter—Westco Corp.,
company.
ftft'ft
Price—$1.25.
Business-— Manufacture of airborne and shipboard vi¬
bration monitoring devices. Proceeds—For equipment,
advertising, marketing and working capital. Office—4343
Twain St., San Diego. Underwriters—Hannaford & Tal-'
bot, San Francisco and S. C. Burns & Co., Inc., N. Y.
Welcome
Co.
Wiggins
/'
Oct. 30, 1961 filed 90,000 common, of which 60,000 are to
plies;
Gas
Offering—Temporarily postponed.
Investments, Inc.
12, 1962 filed 400,000 common. Price—By amend¬
ment (max. $22). Business—Company makes short-term
ford
Power &
12, 1962 filed 150,000 cumulative , preferred (rjo
par). Price—By amendment (max. $50). Proceeds—For
prepayment of bank loans, redemption of AVa% deben¬
tures due 1970, construction and other
corporate pur¬
poses. Office—144 S. 12th St., Lincoln, Neb. Underwriter
—Paine, Webber, Jackson & Curtis, N. Y.
ft ft '
ft
Feb.
engages
.
.
are
Offering—Temporarily
Wade Wenger
Wallace
Co.
Feb.
Industrial and
commercial communications equipment and the furnish¬
Dec. -28,.
Pioneer
Nov.
ington, D. C.
•
products and other corporate purposes.
Office—204 Railroad
Ave., Hackensack, N. J.
Under¬
writer—Keene & Co., Inc., N. Y.
March
—
sheets
Offering—Expected in July.
Manufacture, design and sale
expansion,
,
26,
Business
cor-
Vending Components, Inc.
ness
Thursday, June 28, 1962
.
June
Inc.
services closed circuit
ma¬
Bayshore Blvd, BurlinUnderwriter—Pacific Coast Securities Co.,
San Francisco.
March
Co.,
ment
Office—1290
purposes.
Calif.
Engineering
Welsh
12. 1962 ("Reg A") 300.000 common. Price
Business—Manufacture of coin operated vending
chines. Proceeds—For an
acquisition and general
game.
Centinela Blvd., Inglewood,
side, N. Y. Underwriter—First Philadelphia Corp., N. Y.
Jan.
porate
.
ceeds—For
Underwriter—Naftalin & Co., Inc., Minneapolis.
Video
Vendex, Inc.
.
Color Corp.
Video
$5.
—
discount department
Corp., Milwaukee, Wis
Offering—Temporarily postponed.
—
Offering—Expected sometime in July.
poses.
Office—3629 N. Teutonia Ave.,
writer
Inc., N. Y.
April 6, 1962 filed 1,000,000 common. Price—$1.15. Busi¬
ness—Development, manufacture and distribution of pic¬
ture
tubes. Proceeds—For equipment, inventories and
real
Utah Gas Service Co.
June 18, 1962 filed $1,100,000 of 6% first mortgage bonds
-
books. Proceeds—For expansion, debt re¬
payment and other corporate purposes. Office — 915
Broadway, N. Y. Underwriter—Searight, Ahalt & O'Con¬
Fenner
Urethane of Texas,
$5.05
other 'printed
photography
150,000 class A common. Price—By
amendment
(max. $5). Business—A telephone holding
company. Proceeds—For debt repayment, equipment and
working capital. Office—645 First Ave.. N. Y. Under¬
writer—J. R. Williston & Beane, N. Y. Offering—PostMarch 30, 1062 Hied
poned.
Preparation and production of books, catalogues
material.
A subsidiary publishes
—
and
Services, Inc.
United Teiephone
-
.
(3026)
Shopping Center Limited Partnership
(7/2)
Wolverine Aluminum Corp.
"ft
1962 filed 100,000 common; Price
By amend¬
ment (max, $6.50). Business—Processing and manufac¬
turing of aluminum building products. Proceeds—For a
new building and equipment. Office—1650 Howard
St.,
Lincoln Park. Mich Underwriter—F J. Winckler & Co.,
March 5,
Detroit. Offering—Expected
in mid-August, ft
Work Wear Corp. ftft' ft. ft
Mar. 26, 1962 filed 130,000 common.
-
ft*ft-'ft
-
Price—By amend¬
(max. $27). Business — Manufacture and sale-of
clothing.-Company is also engaged in industrial
Nov. 14, 1961 filed $444,000 of limited partnership inter¬
ests to be offered in 444 units. **rice—$1,000. Business-
ment
Development of
shopping center at Falls Church, Va
general corporate purposes. Office—1411
K St., N. W., Washington, D. C. Underwriter—Hodgdon
& Co., Inc., Washington, D. C.
laundering and garment rental. Proceeds—For debt re¬
payment, acquisitions and/working capital. Office
1768 E. 25th St.. Cleveland. Underwriter—Hornblower
Western Lithographers, Inc.
March 30, 1962
("Reg. A") 120,000
World Scope Publishers,- Inc."
July 31, 1961 filed 100,000 common shares and $350,000
a
Proceeds—For
common.
Price—
$2.50. Business—General printing and lithography. Pro¬
work
&
.
Weeks, N. Y, Offering—Temporarily postponed.
of 6% senior conv. subord. debentures due 1972.
.
~
Price—
f
Volume
Number 6172
195
.
.
The Commercial and Financial Chronicle
.
For stocks:
$6; for debentures $90. Business—Publishing
encyclopedias and other reference books. Proceeds
of
—For
standing on Dec. 31, 1961, the sale would involve about
418,536 shares. Proceeds—For construction. Office—600
Market St., Wilmington, Del. Underwriters—(Competi¬
tive). Probable bidders: Carl M. Loeb, Rhoades & Co.;
W. C. Langley &
Co.-Union Securities Co. (jointly);
Lehman Brothers; First Boston Corp.; White, Weld &
Co.-Shields & Co.
(jointly); Kidder, Peabody & Co.Merrill Lynch, Pierce, Fenner & Smith Inc. (jointly).
"
Worth Financial Corp.
,
Mar.
22, 1*962 filed 61,000 common. Price—$5. Business
—Financing of commercial accounts receivable. Pro¬
ceeds—For
Florida
general, corporate purposes. Office—114 E
St., N. Y. Underwriter — D. A. Bruce & Co., N. Y.
Offering—Expected late in July.
40th
Wuipa
March
J
Parking
the
7,
U.
S;-
parking
a
device
called
the
"Wulpa
manufacture, purchase or lease of loca¬
working capital.
Office—370 Seventh Ave.,
Underwriter—I. R. E. Investors Corp., Levittown,
and
N. Y.
New York".'
:
Zayre Corp.
;V ;
April 20, 1962 filed 475,000 common, of which 175,000
are to be offered by company and
300,000 by, stockhold¬
ers.
Price—By amendment (max. $20);- Business—Op¬
eration of self-service department stores and apparel
specialty stores. Proceeds—For working capital; Office
/
1
rights
on
The
General
t)ffering^-Iiidefinitely postponed.
Inc.
19,
Corp.
it .was reported that
1962
of
E.
I.
du
Pont
de
group
a
Nemours
bonds
in
November.
Office—270
can
prepare
an
similar to those you'll find hereunder.
telephone
you
,
at 25 Park
us
at
,
REctor
2-9570
Place, New York 7, N,
or
Y4'if
"
in
November.
Office—270
*
•
Nov. p7.
.
'
-
.;
'
Light Co.
$3,150,000
Peachtree St., N. E. Atlanta, Underwriters—(Com¬
petitive). Probable bidders: Stone & Webster Securities
Corp.; White, Weld & CoJrKidder, Peabody & Co. (joint¬
ly); First Bpston Corp.; Shields & Co.; Halsey, Stuart &
Co.
Inc;;* Equitable /Securities Corp.-Eastman Dillon,
Union:.,Securities &
Co.
25
at
(11
a.m.
EDST)
York. Information
•:
"
■
Broad
St.
19th
Meeting—July 23
(11
floor), New
EDST) at
a.m.
Atlantic Coast Line RR. (7/11)
~
June 13, 1962 it was reported that company plans to issue
,
.
,
year equipment trust
St., N. Y. Underwriters
—(Competitive). Probable bidders:. Halsey, Stuart & Co.
Inc..; Salomon Brothers & Hutzler. Bids—Expected July
li (12 noon EDST).
Chicago (8/2)
18, 1962 it, was reported that this company plans to
approximately $38,000,000 of first mortgage bonds,
dbe' 1987.- Office
Dearborn Station, Chicago. Under¬
writers—(Competitive). Probable bidders: Kidder/ Peabody & Co.-New York Hanseatic Corp. (jointly);; Salo¬
mon Brothers &
Hutzler; Haisey, Stuart & Co. Inc.; First
Boston Corp. Bids—Expected Aug. 2, 1962 at the com¬
pany's offices. Information Meeting—July 11 (10:15 a.m.
..
—
■
address.
Columbus
Dec.
11,
Small Business
million of
South
common
;'
4
/'
-
that
f'
Iowa
newly
'
;
.
.
Power
Co.
i<'..
.
be
Jamaica
March
West Michigan Ave., Jackson, Mich. Under¬
writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.;. White, Weld & Co.-Shields & Co.
(jointly);
Harriman Ripley & Co. Inc.-First Boston Corp. (jointly);
Other
,
each
the basis
of
one
share for
10 shares held. Based on the number of shares out¬
1^62
bidders
it
was
reported
'
< h
.
A
Dillon, Union Securities &
'
■
■
■
..
!<•
■
;
Power Co.
was
$i^,uou,uuu
ou-yeai
reported that this utility plans to sell
ursi morigdge uonas in November,-»1962. Proceeds—For debt repayment and construc¬
ui
Corp.; Kuhn, Loeb & Co.
Northern Illinois Gas Co.
Northern Natural
;
;
Halsey, Stuart & Co. Inc.; Kidder,
& Co.; White, Weld & Co.
The last several
of preferred were sold privately. The last sale
of common on May 9, 1956 was made through Blyth &>
Co., Inc.
6
;
Gas
Co.
Feb.
28, 1962 it was reported that the company's 1962
expansion program will require about < $40,000,000 of
external financing to be obtained entirely from long
or short term borrowing. Office—2223 Dodge St.,
Omaha,
Neb.
Underwriter—To
bentures
basis
Nov.
be
named.
The
handled
by Blyth & Co., Inc./N. Y.
on
16, 1960
World
American
Pan
was
Airways,
last
on
sale
a
of
de¬
negotiated
Inc.
Oct. 30, 1961 it was
the company's plan
reported that the CAB had approved
to sell its 400,000 share holdings of
National Airlines, Inc.
However, it said Pan Am must
start selling the stock within one year and complete the
sale by July 15, 1964. The stock was originally obtained
under a Sept. 9, 1958 agreement under which the two
carriers agreed to a share-for-share exchange of 400.000
shares and lease of 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
writer—Merrill Lynch,
Panhandle Eastern
1961
8,
it
was
East
42nd
St.,
N.
Y.
Under¬
Pierce, Fenner & Smith Inc.
Pipe Line Co.
reported that this
company
ex¬
pects to sell about $72,000,000 of debentures sometime in
1962, subject to FPC approval of its construction program.
Office—120 Broadway, New York City. Underwriters—
Merrill Lynch, Pierce. Fenner & Smith Inc., and Kidder
Peabody & Co., both of New York City (mgr.). Offering
—Expected in the fourth quarter of 1962,
were:
issues
•
">«."■/.
May 8, 1962 it
March
^
March 9, 1962 it was reported that the company has
post¬
poned until early Spring of. 1963 its plan to issue addi¬
tional common stock.
The offering would be made to
on
Co.
Peabody
;
Morgan Stanley & Co.
Light Co.
20,
'
28, 1962 it was reported that the company expects
$125,000,000 to finance its 1962-66 construction
program. About $25,000,000 of this, in the form of a debt
issue, will be sold in the second half of 1962. Office—
615 Eastern Ave., Bellwood, 111. Underwriters—To be
named. The last sale of bonds on July 14, 1960, was
handled * by First
Boston Corp. Other bidders were:
Halsey, Stuart & Co., Inc.; Blyth & Co., Inc-Equitable
Securities Corp. (jointly); Glore, Forgan & Co.
(8/27)
that this utility plans
to sell $3,000,000 of mortgage bonds and $2,000,000 of
preferred and common stocks. Proceeds—For debt re¬
payment, and construction. Office <-- 161-20 89th Ave.,
Jamaica, N. Y. Underwriters—-To be named. The last
sale of bonds on May 3, 1956 was made by Blyth & Co.
:
r
gage bonds in the 4th quarter.Proceeds—For construction.
stockholders first
Water Supply
:i. f.
New England
,
Office—-212
common
stockholders
Underwriter—Eastman
Co., N. ,Y.
Feb.
reported that this utility plans to *
the right to subscribe for an addi¬
ers—(Competitive). Probable bidders: Blyth & Co.; Carl
M. Loeb, Rhoades & Co.; Ladenburg,.Thalmann & Co.& Co. (jointly); Merrill Lynch, Pierce, Fen¬
ner
& Smith Inc.-Kidder, Peabody & Co.-White, Weld
& Co. (jointly). Bids—Expected Aug. 27.
June 14, 1962 it. was reported that this company plans to
sell about $40,000*000.of securities, probably first mort¬
Delaware Power &
was
Wertheim
"
Consumers
„
320,468 common shares on a l-for-10 basis. Ad¬
dress—Orpheum-Electric Bldg., Sioux City. Underwrit-
t
formed
.Underwriter—To
.' ■'
: .*,
Service Co.
1962 it
Nev.
•
Co."
Public
6,
offer
Co., plans to sell $10 to $20
stock in the late spring. Office—297
Columbus, .O.
;•; '.
:
Power
it
to raise
tional
.
this
28,
1962
28,
First Boston
Lighting & Power Co.
1962 it was reported that this
June
Investment
High "St.,
named.-*
^
Capital Corp.
it was reported
1961
year
$25,000,000 of debt securities in late 1962 or ea?ly
Office—500 South 27th St., Decatur, 111. Underwriters—To be named. The last sale of bonds on May 21,
1958 was made through First Boston Corp. Other bidders
were:
Halsey, Stuart & Co. Inc.; White, Weld & Co.Merrill Lynch, Pierce, Fenner & Smith, Inc. (jointly);
Eastman Dillon, Union Securities & Co.; Harriman Rip¬
ley & Co,, Inc.-Glore, Forgan & Co. (jointly).
sell
same
1 -15
1963.
Belt Railway Co. of
at
•
Co.
Office—441
Stuart
St., Boston.
Underwriters—
(Competitive). Probable bidders: False.v, Stuart & Co.
Kidder, Peabody & Co.-White, Weld & Co. (jointly);
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.»
Lehman Brothers-Equitable Securities Corp.
(jointly);
Feb. 28, 1962 it was reported that this utility expects to
.
Gas
tion.
(6/28)
sell
June
CDST)
of
Illinois
approximately $3,540,000 of 1-15
Northern
was reported that
this subsidiary of
Corp., plans to sell $2,000,000 of common
stock. Office—2011 Las Vegas Blvd., South, Las Vegas,
for
:
■
.
certificates. Office—220 E. 42nd
.
i
company plans
$30,000,000 of first mortgage bonds due 1992. Of¬
fice—900 Fannen
St., Houston, Tex. Underwriters —
(Competitive.)
Probable
bidders:
Lehman
BrothersEastman
Dillon,
Union
Securities
&
Co.-Salomon
Brothers & Hutzler (jointly); Kidder, Peabody & Co.Equitable Securities Corp.'(jointly); Halsey, Stuart &
Co.
Inc.; and Blyth & Co., Inc.-First Boston Corp.Lazard Freres & Co. (jointly).
'
"
address.
same
'
to sell
(jointly). Bids—Expected July
90
-4
Houston
Mar.
the
Southwest Gas
.
equipment trust certificates.
St., Chicago. Underwriters—(Com¬
petitive). Probable bidders: Halsey, Stuart & Co. Inc.;
Salomon Brothers & Hutzler. Bids—June 28 (12 noon
CDST) in Chicago. '
; ;
V '
243
later this
gas
i
Office—230 S. Clark
June. 12, 1962 it was reported that this utility plans to
sell $7,500,000 of debentures due Aug. 1, 1982. Office—
securities
natural
Nevada
June 6, 1962 it was reported that this road plans to sell
(7/25)
two
Texas to
Peachtree
Registration—Scheduled
*
Gulf, Mobile & Ohio RR.
Gas
Pipeline Co. of America
year. Business—Operation
pipeline systems extending from
Chicago metropolitan area. Proceeds—For
expansion.
Office — 122 So. Michigan Ave., Chicago.
Underwriter—Dillon, Read & Co. Inc., New York City.
of
Feb.
Bids—Expected
^ Prospective Offerings
Lynch,
'
Oct. 5.
•
Atlanta
of senior
Bldg., At¬ :<
lanta, Ga. Underwriters—(Competitive); Probable bid-,
ders:
Blyth & Co., Inc.; First Boston Corp.; Morgan
Stanley & Co.; Eastman Dillon, Union Securities & Co.Equitable Securities Corp. (jointly); Lehman Brothers.
item
Underwriter—Merrill
$20 per
12,; 1962 it was reported that this subsidiary of
Peoples Gas Light & Coke Co., plans to sell $35,000,000
Georgia Power Co. (11/7)
12, 1962 it was reported that this subsidiary of
the Southern Co. plans to offer $7,000,000 of preferred
stock
About
<—
June
On Jan.
you have an issue you're planning to register?
Corporation News Department would like
we
Peachtree
Underwriters—(Competitive). Prob¬
able bidders: Halsey, Stuart & Co., Inc.; Harriman Rip¬
ley & Co., Inc.; Blyth & Co., Inc.; Kidder, Peabody &
Co.-Shields & Co. (jointly); Equitable Securities Corp.Eastman Dillon, Union Securities & Co. (jointly); First
Boston Corp.; Lehman Brothers; Morgan Stanley & Co.
Bids—Expected Nov. 7.
Registration—Scheduled for
Our
that
Natural Gas
Bldg4, Atlanta, Ga.
v
Fla.
59.
Price
stock.
Pierce, Fenner & Smith Inc., New York.
1
ATTENTION UNDERWRITERS!
Miami
Airport.
(11/7)*
Oct. 5.
us
planes during their respective busiest seasons. The CAB1
later disapproved this plan and ordered the airlines to
12, 1962 it was reported that this subsidiary of
Southern Co. plans to offer
$23,00^,000 30-year first
mortgage
CRv, Underwriter—F. R. Burns & Co., Oklahoma City.
Would
apt
share. Proceeds—To repay a $4,500,000 demand loan, and
other corporate purposes. Office—Miami
International
the
equipment, advertising, plant expansion
inventory. Office—2808 S. Western Ave., Oklahoma
write
final
divest themselves of the
Georgia ?ower Co.
7:.>-
......
so
majorCo., Inc.,
of
On Jan.
Proceeds—For
know about it
&
to
which the two carriers agreed to a share-for-share ex-»
change of 400,000 shares and the lease of each others jet
Motors
.
8, 19621, ("Reg. A"). 85,700 common. Price—$3.50.
.
,
proval of the Board and the SEC The stock was or¬
iginally obtained under a Sept. 9, 1958 agreement under
.
Blvd., Detroit. Underwriter—Morgan
Stanley & Co., New York.
;
.
Business—Manufacture and sale of jellies and preserves.
Do
,
—3044 West Grand
■
1962 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of underground cold storage facil¬
ities. Proceeds—Expansion, debt repayment and working
capital.
Address—Box 594, Fayetteville, Ark.
Under¬
writer—Don D. Anderson & Co., Incl, Oklahoma City
to
,
derwriters—(Competitive). Probable bidders: (Bonds)—<
Merrill Lynch, Pierce, Fenner & Smith Inc.-Eastman
Dillon, Union Securities & Co. (jointly); Halsey, Stuart'
& Co. Inc.; First Boston
Corp.-Kidder, Peabody & Co.Blyth & Co. Inc.-White, Weld & Co. (jointly).
(Pre¬
ferred)—Merrill Lynch, Pierce, Fenner & Smith Inc.Eastman Dillon, Union Securities & Co. (jointly); Kidder, Peabody & Co.-White,Weld & Co. (jointly). Bids—
Expected in August.
.;/
;
i
plan to sell about 2,850,000 common shares of GM. Office
March 30,
T
amendment."
rights offering Jn December 1957 was underEastman Dillon, Union Securities & Co.,
New, York.. '
*
(/'."°
June
and
-
basis*> Price—By
l-for-10
a
by
shareholders
June
,
last
written
.
Nbw York.
Foods, Inc.
of com-
11,
purposes," Office—383 Madison
Ave., N: Y. Underwriter—Harriman Ripley & Co., Inc.,
Zestee
The last rights offering
was
subject
;.
f-^For general corporate
•
basis.
.
March 30, 1962 filed, 100,000 clas? B common. Price-—By
amendment (max. $16). Business—Real estate. Proceeds
Mountain,
a4 l-for-20
on
Business—Development and operation of shopping cen*;
ters. Proceeds—To retire outstanding 6% preferred stock V "National
Airlines, Inc.
and purchase up to $6,000,000 convertible debentures of
May 8, 1961, it was reported lhat the CAB had approved
Major Realty Corp./" an affiliate. Office—223 East Alleg¬
the company's^ plan to sell publicly 400,000 shares of
hany Ave., Philadelphia. Underwriter—To be named.
Pan American World Airway's Inc.,
;
Zeckendorf Properties Corp.
.-Zero
System, parent, plans Jo merge Lynn Electric Co., Merri¬
Electric Cb., Suburban Electric Co., and
Massachusetts Electric Co. The latter, as
survivor, would
then issue up to $60,000,000 of first mortgage
bonds, ancf*
$7,500,000 of preferred stock. Proceeds—To redeem cer¬
tain outstanding bonds,
notes and preferred stock. of
merging companies. Office—441 Stuart St., Boston.. Un¬
'
tion
& Hutzler-Merrill
Lynch, Pierce, Fenner
(jointly); Kidder, Peabody & Co.; White,
Inc.
^Massachusetts Electric Co.
1962 stockholders authorized the company to
issue 756,000 shares of a new convertible preferred Stock
which will be offered to stockholders through subScrip-
Underwriter—Lehman
Brothers, N, Y, Offering—Temporarily postponed.,
named.
Food Fair Properties, Inc.
May
:...
—One Mercer Rd.. Natick,. Mass.'
be
shares
common
May 4, 1959
on
Brothers
Smith
June 25, 1962 it was reported that New
England Electric
St., South, St. Petersburg, Fla. Under-
,
>
&
Weld & Co.
mack-Essex
underwritten by Kidder, Pea¬
body & Co., and Merrill Lynch, Pierce, Fenner & Smith
Inc., N. Y. Offering—Expected in October, 1962.
*
Proceeds—For
tions
additional
writers—To
mon
,
Lift."
mon
19, 1962 it was reported that this company plans
stockholders the right to subscribe for about
Office—101 Fifth
-
1962 -("Reg.
bidders: First Boston Corp.;
Halsey, Stuart &
Inc.; Eastman Dillon, Union Securities & Co.-Salo-
Co.
Co.
Power
43
Probable
offer
to
457,265
Systems, Inc.
* A")
50,000 common.
Price—$4.
Business—Company plans to manufacture and operate in
June
(3027)
,
debt
repayment, working capital and other cor¬
porate purposes. Office—290 Broadway, Lynbrook, N. Y.
Underwriter—Standard Securities Corp., N. Y.
•
.
Jersey Central Power & Light Co.
June 6, 1962 it was reported that this company plans to
sell $11,000,000 of first mortgage bonds due 1992 in the
fourth quarter. Address—Madison Ave., at Punch Bowl
Rd., Morristown, N. J. Underwriters
—
(Competitive).
Pennsylvania
Power & Light
Co,
Feb. 20,
1962 Jack K. Busby/President and C. E. Oakes,
that the company will require about
$93,000,000 in debt financing in the period 1962 to 1970.
Chairman,* stated
Proceeds—For
Sts.,
last
construction
and
the
retirement
of
$17,-
maturing bonds. Office—9th and Hamilton
Allentown. Pa. Underwriters—To be named. The
000,000
sale
of
of
bonds
on
Nov.
29,
•
1961
was
won
Continued
on
at
com-
page
44
44
The Commercial and Financial Chronicle
(3028)
Continued from page 43
Co.
Co.
&
San
of Colorado
Co.
Service
Public
1962
Halsey, Stuart &
Corp.-Drexel & Co. (jointly).
Inc.; First Boston
Corp.,
June
1962 it was
26,
Inc.; White, Weld & Co.-Kidder, Peabody & Co. (jointly)
iLynch, Pierce, Fenner & Smith Inc.-Blyth &
Co., Inc. (jointly); Eastman Dillon, Union Securities &
Co.-Equitable Securities Corp.-Drexel & Co. (jointly)
Morgan Stanley & Co. Bids—Expected Nov. 28. Regis
$90,000,000 of first and
refunding mortgage bonds. Proceeds—For the redemp¬
tion of $50,000,000 principal amount of outstanding 5Vs-%
considering-a - public offering of
struction. Underwriters
Weld
Co.-Blyth & Co., Inc.-GoLdman, Sachs
Ripley & Co., Inc. (jointly). Offering
&
& Co.-Harriman
a
Pine
1962 it-
rious
Continued from page 6
Ripley & Co., Kuhn, Loeb
&
Co.',
Kidder,
Peabody
&
Co.,
Goldman, Sachs & Co., B. J. Van
Securities
Pressprich & Co.,
Ingen & Co., Equitable
Corp.,
W.
R.
Stone & Webster Securities Corp.,
3% coupon at
&
Weeks,
F.
S.
G.
A.
Moseley
&
Becker & Co.,
Co., Hemphill,
Noyes & Co., Hayden, Stone & Co.,
Reynolds
Dominick
Co.,
&
&
Dominick and W. E. Hutton & Co.
Reoffered
and
coupons
priced at 100 for
other
long-term
with
the
Bankers Trust Co. and The Chase
last
report.
Manhattan Bank.
Operation
ceeds
P.
Other
major
the
of
members
include Drexel
Co., Halsey, Stuart & Co., Inc.,
winning
&
account
Chemical
Bank
York
New
Trust
Co., Glore, Forgan & Co., Kidder,
Peabody & Co., Eastman Dillon,
Union
Securities
Corp.,
The
Trust
Illinois
Continental
Co.,
Box
918, Nassau,
where it
National
Trust
&
Bank
issues
revenue
suffered
have
stock
commensurately
market
During
since
our
periods
of
market stress,
traders in¬
variably toss out their marketable
dollar
quoted bond holdings as
though
they were stocks. The
Commercial anxTFinancial Chron-
icle's
bond
revenue
aged
out
at
weekj- As against
week-
this
ago,
exempts
Index
3.882%
a
yield
this
a 3.821% yield a
category of tax-
down
was
aver¬
about
one
dence
Co.
The
and
Bank
associates.
and
Other
Manhattan
members
of
the
winning
Harris Trust and Sav¬
ings Bank, Mellon National Bank
and
Trust
Co., First Southwest
Co., J. C. Bradford & Co., Republic
National Bank, Dallas and Robert
Winthrop & Co. Reoffered to yield
group
are
from
1.60%
the
1990
in
1963
issue
to
in
was
3.45%
in
de¬
good
mand. As
might be expected from
the makeup of this account, dealer
banks'
buying for portfolio ac¬
count
the
was
dominant
a
factor
in
that
two-thirds
sold.
ties
carried
sold
were
A group
&
coupon
yield.
the best
by setting
of
cost
annual net
an
4.1279%.
The
offered
to
from
4.10%.
Initial
yield
as
central,
va¬
(1963-1982) bonds
bought by The Chase
were
Manhattan Bank group on its doL
lar price bid of 100.009 for a 2.85%
The
coupon.
price
bid
runner-up
100.029 for
of
dollar
2%%
a
coupon was made by the syndicate
jointly managed by Smith, Barney
&
Co.
and
Lehman
bonds
to
all
of
15
which
Wertheim
&
Federation
Fidelity
-
National
dustrial
Island.
1.60%
Co.,
Paribas' Corp.,
Co.,
Bank
and
Trust
Co.,
Philadelphia Trust Co.,
Shawmut
National
Reoffered
to
&
Bank
Bank
to
and
of
In¬
Rhode
yield
from
In
the
of
case
Highway,
Illinois
the
$3,005,000.
Week's
for
revenues
1962
On
of
Wednesday the largest sale
the
week
occurred
and
two
other issues of importance sold at
competitive bidding. The First Na¬
tional City Bank syndicate sub¬
at
York
lead
in
also
have
revenues
with
shown
exceptional
it goes with most of these
so
toll
improvement.
projects.
revenue
Most
of
these large long-term revenue is¬
are still not particularly well
sues
held.
Consequently
fluctuations
than
their
to
Co.
Funston
from
noted,
rate
a
tween
scope
number
Airport
characteristics
bonds.
Second
bonds,
State
offering
terest
cost
headed
Inc.
Highway
(1963 - 1992)
best
came
jointly
and
6,490,000
8,630,000
12,490,000
17,010,000
1962
(The
exchange
is
Blyth
members
successful group are
&
out
with
group
&
Co.,
&
of
the
Phelps, Fenn
W.
Pressprich
&
Co.,
Co., F. S. Moseley &
Co., Hornblower & Weeks, Bache
Co., W. H. Morton & Co. and
&
Paribas
offered
3.60%
a
&
to
in
Co.
The
yield 1.70%
1991. As
we
bonds
in
go
1963
are
to
to press
balance of $4,935,000 remains in
of
15
made
was
a
Funston
on
of every six
an
in
findings,
"Nearly one
American adults
one
and
opinions
of
millions of America shareowners
will be crucial factors in the na¬
tion's
future."
Knowledge of who these people
provided by the Exchange's
Mr. Funston added, can
are.
Census,
serve
as
a
valuable
guide to
derstanding and shaping
un¬
progress
in
the years ahead. "Each of the
nation's shareowners plays an im¬
portant role in the American eco¬
nomic drama as it unfolds here at
heme
the
than
the
1959;
women
52.5
a
than
more
shareowners
are
housewives,
making ; them
the
largest single shareowner group
(5.5 million).
Nearly
three
million
clerical
sales people—a million more
the
of
professional
and
echoes
encouragingly
throughout the Free World.".
The
has
employed
share-
persons
shareowner
average
annual
an
household
now
income
of $8,600, up sharply from $7,000
in 1959. This is traced to generally
rising incomes and
marked in¬
a
in
shareownership among
higher income families; at the
same time, about two out of three
crease
shareowners
of
comes
have
less
with
pared
Census also shows that
or
nearly two-thirds
17,010.000 shareowners in
the
1962,
own
shares
New
York
Stock
listed on the
Exchange;, an¬
own
only shares
other
household
in¬
than
$10,000, com¬
out of four in
three
3,770,000
elsewhere
or
traded
over-
the-counter; -and
2,165,000
own
companies,
principally mutual funds. This last
shares
in
investment
category increased
.
1959.
to
and 2,276,000
million proprietors, managers and officials.
that *'
of
as
population, followed by
2,682,000 professional and semi-
shareowner
vestment" needs
men
owner
the
notes:
still outnumber
margin
ratio in
segment
today, compared
out^of 16 in 1952, one out
of
12
in
1956, and one out of
eight in 1959. Obviously, the in¬
Co., Paine, Webber, Jackson &
R.
noted
estimate
Commenting
Mr.
in¬
Robinson-Humphrey
major
1
the
the
47.5%
new
listed
shareowners, 51 to 49%, but by
half
of 2,500
of them suburban
Shareownership among minors
jumped from 197,000 in 1959 to
450,000, apparently due in large
part to new laws in all 50 states
designed to make it easy to give
gifts of stock to minors.
Forty-
The
Million"-—include:
smaller
communities
many
11,015,000,
highlights
of the Ex¬
Census report—"The 17
Women
in
five per cent of all share-owning
families have children.
;
r :
at
than in 1959—comprise the largest
early
1961,
based
on
projections
of
growth experienced in preceding
periods.)
net
Co.
Other
Cor¬
personal
shareowners.
1959
for
by
of
1956
/
bid
from
as
estimated
been
live
25,000,
.
■
million.
Other
and
3.55%
a
kind
share-
held U. S.
1952
aircraft
net interest cost, for $11,"revenue
individual
well
as
their
The four Census reports have re¬
vealed these shareowner totals:
to
Equitable Securities
submitted the best bid, a
Georgfa
of
only
made—determine
of
publicly
porations,
by the
1952—the
ever
120
California
population,
tnan two million each,
dropped sharply as a portion*.of
the total, following national popu¬
lation trends.
1
indirectly own snares in cor¬
porations—through savings in
various forms invested, at least in
part, in stocks by financial insti¬
tutions—has
then
ownership in rural areas .and in
largest- cities (over 500,000)
who
change's
conducted
studies
the
850,000 be¬
1959.
since
and
accelerated
about
ad
surveys
owners
has
of
1952
The
be
and
600,000
Baltimore County, Maryland,
growth
of
1.5
million
shareowners a year since 1959, Mr.
average
shareowners
&
Ex¬
and
the
porations. The number of persons
the
increased
and exurban. In 1959, this propor¬
tion was less
than
20%. Share
shares of privately held cor¬
first
the
by
has
shareowner
more
now
market
frequently wider
closely
held
serial
are
more
shareownership
although New York is gta.dually
yielding first position. Connecti¬
cut has
the highest shareowner
density (459,000 shareowners out
of a total population of
2,535,000).
One-quarter of all shareowners
recently
And
catego¬
of tne in¬
a
New
Highway reports have been
very favorable. Kansas Turn¬
pike
95%
adult
Toll
own
a decade ago, and 4.5 mil¬
lion above the 1959 figure.
The
present
restricted
I.
relatively uniform rate in all
major
regions
of
the
country;
are
than
change
interim
mitted the best bid for
$18,800,000
va¬
will
andprivate
Ira Haupt &
Award
Hous¬
taken
in
15.3% ahead of 1961. The Indiana
in
estimated
Census
The syndicate headed jointly
by
Halsey, Stuart & Co., Inc./Shields
Curtis,
Largest
total
shareowner
con¬
—
J.
—
educational
Shareownership
Toll
higher
million
airport,
the
be
10
Exchange
district.
,
this
is
usage.
3.10%, investor demand
has been moderate with the
pres¬
ent
balance
in
account
about
then
corporate
Authority
Devine
from
will
writers
J.
of
traffic
International
3.517%
Cf
of
business
the
such
to
revenue
one
north
This
have
60,000-acre jet
new
a
transferred
Houston
stage
miles
commercial
Associated with The Chase Man¬
hattan
Bank
as
major
under¬
are
$45,000,000
finance
struction
airport
Corp.
Brothers.
3.60%
loan is worthy of mention
it is the first installment of an
completion
purpose
are
This
Upon
rious
bonds
amounted to 25% of the loan.
ton's
which
for
interest
orders
Tuesday's final sale of note
$6,150,000 Bridgeport, Conn,
was
bid
$4,000,000 Houston, Texas Airport
system revenue (1975-1992) bonds
authorized
this
and
headed by Phelps, Fenn
underwriting.
The bonds maturing from one to
twenty years sold immediately. As
we
go to press a balance of only
$1,900,000 remains in account.
of
success
maturi¬
4.00%
a
submitted
Co.
has
loan
1996-2002
2%%
a
at
the
of
The
Pro¬
since 1959.
continue to evi¬
healthy gain in revenues.
-
been
Chase
cruises.
Underwriter
these
crease
revenue
reports
a
in
sons
in
was
U. S. Shareowners Reach New High
&
Bahamas.
ries accounted for
the term bonds, this well
on
ship
acquisition of additional vessels. Office
Co., Philadelphia National Bank, point. This sets the revenue bond
obligations.
Blair & Co., Goldman,
rated issue is about 55% sold.
•iffe ■jft
sfcV*
Co., Stone & Webster Securities
Bank Buying Key to Successful
Cor$3r Equifable Securities Corp,*;:
Merrill Lynch, Pierce, Fenner &
Understanding
Smith Inc., and White, Weld & Co.
Houston, Texas Independent
Reoffered to yield from 1.85% in
School
District, Texas awarded
1964 to 3.50% in 1991, this issue
$12,500,000 bonds due 1963-1990 to
is off toi a good start with one America's
The Exchange President pointed
shareowning
the
First
National
popula¬
City
Bank
bank order for $6,000,000 in the tion reached a new
high of 17,- out that in addition to the 17 mil¬
group at a net interest cost of
1974-1982 range and other good 010,000
in 1962, Keith Funston, lion shareowners in publicly held
3.1912%. The second bid designat¬
orders in sight. No formal balance President of the New York Stock
corporations, there are an esti¬
ing a 3.239% net interest cost was
is available
but
it is estimated Exchange has reported.
mated two million persons/ who
made jointly by Kidder, Peabody
3V2S
.
that the
"Windjammer" sailing
of
For
—
O.
average back, to
project
stock
net
1965 to 3.25% in 1982 for a
of
bid for the bonds,
Sag
The dollar quoted toll road and
interest cost of 3.302%, came
from the group headed jointly by
a
yield from 2.00% in1
Northern
variety
to
cost of 3.298%.
interest
.
reported
was
mid-March.
3.75% yield.
a
Dollar Bonds
bonds
(1964-2002)
purpose
net
a
The runner-up
Horn blower,
Co.,
&
Witter
Dean
at
Underwriters—(C;>m-
Halse^,
company plans
register 90,000 ordinary shares. Price—$4. Business—
to
The toll road and other
man
St.? St. Louis.
Magaril Co., Inc., N. Y.
account. The 1992 maturity carried
TAX-EXEMPT BOND MARKET
$
advances from parent, and for construction.
Windjammer Cruises, Ltd.
April 18,
EDST).*
noon
Expected Aug. 1, 1962.
■'
Stuart & Co. Inc.;
Morgan Stanley & Co. Bids—Expected Aug. 7.
(7/17)
Railway Co.
(9/11)
petitive).. Probable bidders:
1962 it was reported that this road plans to sell
$9,450,000 of 1-15 year equipment trust certificates in
July.
This is the first instalment of a total $18,900,000
issue. Office—70 Pine St., New York. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; Salomon Brothers & Hutzler. Bids — July 17 (12
Inc.;
Co.
&
Stuart
Halsey,
Corp.;
Boston
First
ders:
White,
Southern
•
Railway Co.
Office—1010
June 12,
(Competitive). Probable bid¬
—
—To prepay
tration—Scheduled for Nov. 1.
bonds, due 1989, and con¬
first and refunding mortgage
Thursday, June 28, 1962
Southwestern Bell Telephone Co.
(8/7)
May 29, J962 it was reported that this A. T. & T. sub¬
sidiary plans to sell $100,000,000 of debentures. Proceeds
Merrill
& Gas Co. (8/31)
reported that this company is
jr Public Service Electric
On
(11/28)
reported that this subsidiary oi
the Southern Co. plans to offer $6,500,000 30-year first
mortgage bonds in November. Office—600 N. 18th St.,
Birmingham, Ala. Underwriters—(Competitive) Prob¬
able' bidders: First Boston Corp.; Halsey Stuart & Co.
9, 1962 it was reported that this company plans
to sell about $30,000,000 of common stock to stockhold¬
ers through subscription rights during the fourth quar¬
ter of 1962 or the first quarter of 1963. Office—900 15th
St., Denver, ^olo. Underwriters — First Boston
Blyth & Co., Inc., and Smith, Barney & Co., Inc.
Generating Co.
Electric
On Jan. 12, 1962 it was
March
.
1962 it was reported that this road plans to sell
$9,450,000 of 1-15 year equipment trust certificates^ in
September. This is the second instalment of a total $18,900,000 issue. Office—70 Pine St., New York. Underwrit¬
ers—(Competitive). Probable.bidders: Halsey, Stuart &
Co. Inc.; Salomon Brothers, & Hutzler.
Bids—Sept. 11,
1962 (12 noon EDSTK
^alif. Underwriter—Blyth & Co., Inc., N. Y
Southern
.
June 12,
to stockholders in late
$17,500,000. Office—861 Sixth Ave.
raise some
to
Diego,
Southern
v
that this company plans
March 19, 1962 it was reported
to sell about 500,000 common
Co., and Kidder,
by White, Weld &
Other bidders were
bidding
petitive
Peabody
Gas & Electric Co.
San Diego
i
•
.
by
75%
since
■
.
Fifty-five
cent of the adults
per
who have become shareowners for
the-,
first
time- since
1959
are
and one of out three is
women,
a
housewife; the median age of new
39,- compared with
the 48 for all shareowners; aver¬
age
household income for new
shareowners is $8,400,somewhat
less than the $8,600 average for
shareowners is
all
shareowners.;
1962
The
Census
encompassed
6,278 public corporations—compa¬
nies
with at least
traded
on
one
one
of the
stock
issue
nation's
se¬
curities
exchanges, or otherwise
available to the general public,
and held by at least 300 stockhold¬
ers of record.
These corporations
had
8,898
common
and
pre¬
ferred
issues outstanding
repre¬
senting some 14.4 billion shares
with
of
estimated
an
value
of
$531
total
billion
market
at the
end
1961.
1959.
median age of the sharepopulation is 48, compared
The
owner
with 49 three years ago. The high¬
est
incidence of
shareownership
reported in the 45-to-54 age
group—nearly one out of four—
and the greatest growth in the last
three years was in this and the
was
35-to-44
Four
age
out
owners
more
five
completed
than
half
college training;
third
are
Ziegler Branch
Opens New Branch
group.
of
New
WAUSAU, Wis.—A branch office
in the Mayer-Lotz Building under
the
management
of
Robert C.
Meyer has been opened by B. C.
Ziegler & Company.
adult
high
have
share-
school;
had
and nearly
some
one-
college: graduates. .Per¬
DUBUQUE,
Walsh
has
of the
new
Ziegler
and
Iowa—Michael
been
named
B.
manager
branch office of B. C.
Company
located
in
the American-Trust Building...--
Volume
Number 6172
195
.
.
The Commercial and Financial Chronicle
.
ly takes your, message and makes
sure that you get
th^m when you
SECURITY: SALESMAN'S
out,
are
someone
■/
1
7
J
■
your
DUTTON
JOHN
BY
turns
or
them
to
over
who can handle them in
absence.
You
should
insist
that people stay away from your
desk
when
you
are
working,
thinking talking on the phone, or
making some calculations. You
are not going to tolerate a lot of
Don't Allow Others to Waste Your TIME
There
is
are many security sales of¬
throughout this > land that
fices
those in management personnel,
advertising, etc. These employees
would not have jobs if it were
not for the salesmen. In this group
profits
have' been
eagerly
sought by an avidly profit nun-
who goes out
and produces orders, whether he
is a partner or a salesman. It is
profitable business; ORDERS that
are
profitable, that provide the
wherewithal
to
Keep
the lights
speculating public. Plush
.branch
offices
of
many
large
member
firms, and underwriting
organizations, have been opened
by the hundreds. Wire systems
have been expanded. Costly apinstalled. But
we
now
True
few months the volume of security
the
on
ex¬
until he makes
changes has increased, but this is
get theirs
case
A
'.
the
for
who have
to securities
that when
neo¬
all
worth, and commission
accounts, respectively, may well
just around the corner. If this
is correct, some belt tightening
will
be
seen,
and the security
profits
ing departments
Who
Brings
the
in
Profit
given
is
In certain offices there
attitude
an
that
seems
to
sing
pick up the telephone, tell some
tall story to a friend, an acquaint¬
ance, or even to a name picked
out of the phone book and as a
result he
earns
income
to
He
cocktail
is
hour
:
,
several times
a
which
is
he
drinker,
lunch
cut
corners
at
in
the
hook,
right.
This
criticism,
an
he
may
in
wrong
and
many
even
of
or
ally
a
man
*
PACIFIC
PHILADELPHIA-BALTIMORE STOCK
•
>17
•
NEW YORK STOCK EXCHANGE—STOCKS
•
•
' " r'-:'
DETROIT STOCK EXCHANGE
COAST STOCK EXCHANGE
•
MIDWEST STOCK EXCHANGE
EXCHANGE
•
NEW YORK STOCK
PITTSBURGH STOCK
\
EXCHANGE—BONDS
GENERAL
-iH
EXCHANGE
i
QUOTATIONS
•
•
BANKS AND TRUST COMPANIES-
MUNICIPAL BONDS-
DOMESTIC
•: *
DOMESTIC
CANADIAN
CANADIAN
.
EQUIPMENT TRUSTS
•
EXCHANGE SEATS
•
FEDERAL LAND BANK
•
FOREIGN
PUBLIC UTILITY
BONDS
•
PUBLIC UTILITY
STOCKS
•
RAILROAD
BONDS
•
RAILROAD
STOCKS
ill
,
BONDS
iri
*.
•
(RR.)
i
■i-'d)
;
n
GOVERNMENT BONDS
I
•
INDUSTRIAL BONDS
•
REAL ESTATE BONDS
•
INDUSTRIAL AND
•
REAL ESTATE STOCKS
•
UNITED STATES GOVERNMENT
MISCELLANEOUS STOCKS
•
INSURANCE STOCKS
•
INVESTING COMPANIES SECURITIES
SECURITIES
•
UNITED STATES TERRITORIAL BONDS
OTHER
STATISTICAL
INFORMATION
the
it
one
no
are
RATES
•
PRIME
•
DOW, JONES STOCK AVERAGES
•
SECURITIES CALLED FOR
•
FOREIGN
•
TIME LOAN RATES
•
MONEY
•
VOLUME
EXCHANGE
are
a
BANKERS' ACCEPTANCES
REDEMPTION
OF TRADING
not
accomplishment
a
imposes
productive,
hardworking
storm
\
If
creative,
salesman,
your
clients
NEW YORK 7, N. Y.
I
SUBSCRIBE
TODAY
25 PARK PLACE
I
sure
you.
WILLIAM B. DANA CO.
|
trying
are
upon
want to help
ser¬
clientele of
is—then make
the
MARKET
I
o
I
I
wish
to
for onq year
subscribe
to
CS
the
Bank
&
for the sum of $45.
I
|
about
need
|
Name
—
I
I
today,
about
a
CALL LOAN
secretary that doesn't complain
us
.
•
.
many well run offices
to
as
a
from
objective, which is
your
weather
cooperative,
in every business
him
very
honest,
productive, organization. The most
important
keep
few that can't stand
improvement. If you are in
and you
a
•
"*• ' *' \Z
another
office where conditions
you
investment firm it is basic¬
deterrent to
.
investment business—but
are
that
When this sort of thinking exists
an
to
/
enough
employees
top manage¬
in
i*;
think
investors in times that
clerical
those
sales¬
who
up
vicing and building
ment in some firms.
in
and
unwarranted attitude does exist
among
EXCHANGE'
.."
empty; at 'the' minute
are
conducive
a
harsh
biased and
a
going
are
the
an
on
seem
but such
of
also
are
offices
some
There
customer's
is
There
working.
but
whether
decorum.
salesmen in
telephone, or visit, so they take
advantage of their associate's
in the minds of
personnel, he'll give
undeserving customer the
breaks
..
some
help, sten¬
secretaries,
even
name"
friendliness
certain office
an
give
to
the
some
a
quotations
and they can't think of a customer
point.
to
.
.
idle "chit-chat" just because their
heads
there
comes
G.
7v'•"7'.:*;V:;
Curry.
and without asking him if he
is busy, they waste his time with
mand, and withdraws at the last
moment if he changes his view¬
it
under
William
of
man,
they will be in active de¬
When
Circle Tower
the
management
position to give orders to
a
nothing
opportunity. He pads sub¬
scriptions on new issues if he
responsibility the salesman is
clerical
and
salesman.
men
first
thinks
been times in
where
"first
in
STOCK
.
•
front of customers, and sometimes
even assume an attitude that they
a
the
and
of
ographers,
They
are
office in
EXCHANGE QUOTATIONS
BOSTON STOCK EXCHANGE
may
take liberties with good
his word can't be trusted, that he
doesn't have much sense anyway,
will
He
There have
time waster, a country club
he
a
AMERICAN
•
•
try to in¬
be discus¬
matter involving thousands,
offices
loafer; and if it wasn't for his
book-keepers, margin clerks, divi¬
dend clerks, office manager and
stenographic staff he couldn't keep
a
simple record of his daily ac¬
tivities. Not only is this attitude
often
expressed in private, but
there is also a prevailing notion in
some
firms that the trading department keeps a salesman from
starving to death. Others think
and
•
should
dollars, but little
"busy bee" from the book-keeping
department doesn't know about
this, nor does he care.
the
Witter in Indianapolis
INDIANAPOLIS, Ind.—Dean Wit¬
ter & Co. has opened a branch
answered
worker
desk
millions
or
entitled.
a
his
him.
to
terrupt
soft life. All he has to do is
a
under
Engel.
and
memo
be
to
clerical
no
come
the salesman
2343
Sunderland
McDonnell Branch in D. C.
STOCK
the telephone talking with a
on
client
has
him
to
a
on
WHEN HE HAS THE TIME. If he
to
at
the management of Jack L;
be annoyed by peo¬
could be written
Make Jobs for Everyone?
be
good that
at his
book-keeping de¬
sometimes rudely
interrupt him at his desk with
some
unimportant
matter
that
give them.
can
office
of
Charles Boutelle.
^&12S"s.^wE
the
who
from
partment
their way,
earn
some
I have learned
this is where the
A good salesman
arise.
He shouldn't
will need all the cooperation that
their clerical staff and book-keep¬
Hunting¬
direction
RECORD
needs time to think—and to create.
ple
2100
the
BANK & QUOTATION
old account, and
be
at
under
subscribe to our monthly
as
salesman, sits
a
office
Drive
for hard to find
doing his MOST
IMPORTANT WORK. He may be
creating a sale, seeking a prospect,
or an Approach to a new account,
or
analyzing the securities of an
net
salesmen who will
branch
ton
Opens Branch
MAITLAND, Fla.—J. E. Stowers
& Company has opened a branch
he may be
desk
do to their over¬
can
a
WASHINGTON, D. C.—McDonnell
comes from "Bear markets"—the
& Co., Incorporated, has opened
real people in the security busi¬
a
branch office in the Washing¬
ness GO BACK TO WORK! Don't
ton Building under the manage¬
let anyone keep you from doing it., ment of Robert Kelley.
7- •
sale. All the rest
years
Stowers
MARINO, Calif.—McCombs
Co., Inc., has opened
Securities
-
-
always
NOTHING
earns
a
long
as
Over the
;
investor; ; antipathy
and
markets,
-
There is
Time To Build Office Morale
kjiown what slow
never
other salesmen
office.
complain.
you can
phyte investors of the past several
years, * and the security salesmen
s
your
McCombs in San Marino
SAN
Morton &
has
opened
a
ay
branch
office
at
513
Delannov
Avenue under the management of
Jerome Schechtman.
Jpnes.
salesmen instead of coopera¬
ting with them and you are not
going to have any job about which
'7";
.v:';"*,/
education
new
in
New Morton Office
COCOA, .Fla.—J
Company,
Inc.,
branch office at 234 East Colorado
under the direction of Robert L.
your
quiet down. Stock prices will ad¬
just to lower levels. There will be
rallies of course, but the great big
"whoopee" seems to be over for a
while.
considerate of the
he produces.
They don't have to worry about
their
pay
check! Work against
during stage num¬
ber one of a major "bear market".
In a matter of weeks, or months;
slow
days probably will
come
along. The market will eventually
always the
salesman
The
»
major
.
dues, the office equipment,
depreciation, and the salaries
for all the management and cleri¬
cal help.
past
the
during
enough,
imagine your
desk is a place they can loaf, tell
stories, or indulge in idle talk.
You are also going to be just as
the
c:7-^ 7-'
transactions
who
and
be facing lean days once
may
again.
man
wasters
burning, pay the rent, the adver¬
tising, the telephone bill, the in¬
surance, the wire service, the fees
equip¬
and
machinery,
"every
include
gry
ment has been
up
is it the analysts, and all the rest
of
the
back
office
people
and
fat
pliances,
writes
who
orders, keeps the books, or is
it with the
girls who type the
letters and answer the phone. Nor
been
enjoying some lush,
happy days during the past few
years. Salaries and bonuses have
been raised, commission accounts
have sky-rocketed even for junior
salesmen and registered represent¬
atives.
Underwritings producing
7
fellow
the
have
:
the
not
time
J^few McCombs Branch
PASADENA, Cal.—McCombs Se¬
curities Co., Inc., has
opened a
a
you
little
are
work
we
see
going to
for
a
change,
telephone-operator, who correct¬
I
I
Address
City
—_
.
Zone
State.
Quotation
.
1
The Commercial and Financial Chronicle
46
INDUSTRY
The State of TRADE and
Continued from page 16
4.5%, bringing 1962 sales to an alltime
high of $160 billion. The
predictions
from
similar
a
will
Profits
their
upward:
pectations
last
the
in
above the
2.4%
be
From
'
now.
but
in dollar volume of
increase
the
sales
virtually
remain
rest of the year, so
produc¬
higher
represents
tion.
will
costs
But
the
in
those
over
up
1.8%
January-June
sneak
¥
unwilling
to
:
acting
is
on
cool
logic, not emotion.
business
Consumption of steel in the na¬
continuing at a
high
rate,
have
about
and
reported. Users
Steel
inventories
by
1.5 million tons this month,
will continue to knock
during
July
and
they
down
them
steel
that
big inven¬
users
have ac¬
cumulated, mills would be operat¬
ing at 70% of capacity instead of
54%—last week's estimated rate.
Faster
-
steel
As
Deliveries Sought
liquidate inven¬
users
Company
not
does
obviously
Businessmen
fellows
their
as
com¬
poor
inadequate
even
practitioners—of the concepts that
the basis for free enterprise.
form
Some comments:
service
to
participation
political
middle
of
is too often
and merely pays lip
management
sincere
cize
are
managers.
the
current
about
but
anything
lot of the
government
too lethargic
to do
improving the
community.
business
for
freight
rail
match
rates
be
quoted
those
shipment. In other in¬
barge
for—and
getting ■— products
of
higher
quality than their orders specify.
Mill
prices are holding, but
buyers are pressing for the elimi¬
stances, they are asking
extras and encouraging
nation of
suppliers to cut corners wherever
possible.
f
Keen competition is also evi¬
dent at the service center level.
distributors are re¬
Some midwest
downward on hot
rolled carbon steel products (bars,
plates,
structurals,
sheets, and
housewife
strip).
will not improve
of in¬
liquidation, vacation
Mill bookings
shutdowns in steel consuming in¬
dustries, and automotive model
changeovers.
Look for ingot production this
week to be less than the 1,545,000
tons that Steel estimates the in¬
are
resisting further decline. For the
profits
are
businessmen
six
than
who
effectively explained to the
have
business.
The
<
•
'.••/.,%%/
.
overwhelmingly
favor industrywide
programs to
educate the public on free en¬
terprise
and
the
businessman's
point of view. Other suggestions:
managers
must
Business
CIO
of
organize
into
a
abide
management—then
by principles of fairness, honesty,
and
work.
hard
them
aware,
their problems.
vocal in
educating their own em¬
ployees on the economic princi¬
ples of free enterprise and show
the dangers that come with gov¬
ernment controls.
must
Businessmen
that
that
their
are
recognize
methods are
political
The
pressure
effective today
groups
exert in¬
fluence directly through the voter,
cautioned
that
the
rate
Businessmen
in "Public"
Poor
ebb
at
least
steel
of
operations will continue at
Rate
a
low
through July.
The
largely to blame.
Apathetic in
the
political sphere, they have
forfeited
a
officials
do
not
businessmen
other
themselves
public
are
leadership
to
is
the
consensus
of
men
who manage the metalworking
in¬
— America's
largest indus¬
according to a Steel maga¬
the June 25 issue.
dustry
try,
zine survey in
Eighty
per
the
spurt of
new
orders late in the
month.
groups.
That
cent of nearly 1,600
mill, with a broad prod¬
month.
The
half
indicates
about
continues to
pattern
market
the
of
reflect
strong inventory reac¬
For this reason, mills feel
tion.
the
a
adjustment
varying
to
de¬
grees.
V
Uncoated sheets are hardest hit.
Plates, structurals, tubular prod¬
ucts and general
purpose
stfeeis
are
bumping along close to con¬
sumption levels. Tinplate reflects
strong
consumption,
but
with
some
inventory cutting.
The current chaotic
price situa¬
steel
warehouse
in
tion
reflects
no
will
indication that
result
in
new
pickup
July. Plant vaca¬
tions, preparations for automotive
changeovers, and other seasonal
any
in production in
factors
have
rule in the second¬
had been the
ary
market.
1
washed
^
June
ended
After
i
.
freight
revenue
cial
in
totaled
16
590,332
Association
the
cars,
Railroads
was
tne pre¬
of
15,991,000,1,758,000,000 kwh.,
that of the com¬
above
June
of
*
•
The loadings
v
or
There
also
the
loaded with
in
August and September depends a
on
the steel buying by auto¬
lot
Consumption of steel by
there
makers.
the automakers is high. But
liquidating of steel
stocks than had been expected.
has
been less
good
August.
But no pattern has developed as
yet. Some changes for July and
August delivery indicate produc¬
have
There
orders
auto
tion
been
models
1962
of
some
for
placed
may
be
Strike
Ford
In
out
July
as
Output
Slump
down
by the strike at
Co., industry passen¬
output slumped 27.8% last
ger car
week
level
lowest
the
to
of
the
year.
Automotive Reports es¬
Ward's
output
for
U.
S. plants
last week vs.
147,828 in the prior week — a
27.8% decline. In the same week
timated
last
106,788-unit
car
128,216 cars were built.
year,
in
Chrysler and American
each showed planned de¬
Motors
this
assemblies
in
creases
week,
was
concentrated
with
Chrysler and American Motors
operating "on target" with
June production
schedule,
and
that
Studebaker, despite a
are
their
four-day work week, will exceed
its program in what could amount
to a change in '63 model intro¬
ductory strategy.
strike impact
at Ford, Ward's said that company
losses stemming from the June 6
strike
swelled
to
44,000
crease
from
cause
the
of
strike
Ford
would
be the only auto company not to
show a car production increase in
even
if
January-March,
operations are restored
corresponding period of
58,249 cars or 24.0%
the corresponding period in
had
been
9%
output increase
planned
over
the
two
periods.
Ward's said U. S. car-truck out¬
put
since
Jan.
1
topped
the
4,-
$.100,000,
above
most
Tonnage
ended
16
June
Trucking
American
tonnage
Truck
vious" week
this
of
was
in
-
terminal
showed
from,
a
year
nine
while
survey
for
increased
the
reflected
year-to-year
preceding week, 15 metropolitan
areas
registered
increased ton¬
nage, while 19 areas showed de¬
creases.
for the second week,
wholesale commodity
level reached 271.21 last
Edging
Lumber
up
price
Monday,
reported Dun & BradThere were offsetting
in the wholesale market,
street, Inc.
trends
with
appreciable increases in
hog prices outweigh¬
wheat
•
and
ing by
a very
from a
clines
slight margin de¬
week
ago
in
prices quoted for corn and
>
the
rye.
On June &J5, the Daily Wholesale
Commodity Price Index inched up
Output Rises 2.4%
1961
most
In
the general
ton¬
10%.
Above
83.
Up From Prior Week
And Year Ago
Inches
Compared with the immediately
Lumber
from
level.
1961
gains of 18.8 and 16.0%, re¬
spectively. Five other terminal
cities showed tonnage increases of
than
101
Wholesale Commodity Price Index *
nage
more
to
appreciable7' declines prevailed-
last
tonnage
Louisville and Jacksonville termi¬
nals
j
South Atlantic to 26 from/;
the
regions, ho0wever, business mor¬
tality remained about even with
comparable 1961 levels—tolls did
not
vary
by
more
than four
cases from last year's levels
ex¬
ago at 25 localities,
points reflected de¬
from
during; the I
considerably
cept in two areas, the East North
Central and Pacific States where
throughout the country.
-The
geographic regions except*'
States, tolls
Middle Atlantic
failures
freight
general
of
con¬
from
weekly survey of 34 metropolitan
areas conducted by the ATA De¬
carriers
in
43, and in the Pacific States to 54 :\
72. ' The
only contrasting
increase
lifted
Middle
Atlantic
year—down
0.1%.
%/X':;XX'
■"''"X.. '
These findings are based on the
only
partment of Research and Trans¬
port Economics. The report re¬
flects tonnage handled at more
than 400 truck terminals of com-
last
from
Central States fell to> 35 from 81,
with that of the pre¬
even
for
accounted
week. Casualties in the East North
Associations
almost
among
and
dropped
the
1961,
of
week
responding
the
trade
milder dips
service.,,
with
In all
4.1%
was
toll
the
downturn
the
struction
in the cor¬
ahead of the volume
mon
Retail
of
year,
in the
truck tonnage
and
65,
28 from 31. In fact, manufac¬
turing mortality ran considerably
higher
than : a
year
ago
and
wholesaling
matched
its
1961
level.
Intercity
toll among manu¬
steady at 64/ as
to
Gains
4.1% Over Last Year
week
the
held
against
1960.
Intercity Truck
prior week, con¬
wholesalers changed little, moving
originating this
this year's week
systems
type traffic in
compared with 58 one year ago
and 53 in the corresponding week
in
117
>
the
in
facturers
60 Class I U. S.
1960. There were
railroad
165
v
casualties fell to
However,
and
1961,
Level
to
production in the United
271.21
ceding
from
week.
271.05
It
in
the
pre¬
noticeably
higher than a month ago when
269.77 was registered and higher
was
board feet, com¬
than a year ago when the index
pared with 235,042,000 in the prior
came
to 269.96.
week, according to reports from
regional associations. A year ago
Wholesale Food Price Index Off
the figure was 240,668,000 board
Fractionally in Latest Week
feet.
-
':
X-"
After moving up to an eightadvanced
2.4%,
shipments week high last week, the Whole¬
were
10%
higher,
and
orders sale Food Price Index, compiled
by Dun & Bradstreet, Inc., dipped
gained 9.9%.
..
Following are the figures in slightly to $5.86 on June 26 from
thousands of board feet for the $5.87 a week earlier. As well, the
Compared with 1961 levels, out¬
put
.
.
index
weeks indicated.
June 9,
June 17,
1962
1962
1961
246,503
235,042
June
Production
_
16,
240,668
Shipments
263,158
243,017
239,124
Orders
263,091
239,712
239,366
Electric Output 11.8%
Than in
over
next week. A
under
struction to 33 from 59, and com¬
mercial
service to 23
from 34.
above the
cars
through last week.
The reporting service said be¬
casualties
among
1961.
of
Retailing
300,559 cars for an in¬
of 50,595
cars
or
20.2%
totaled
..
detailing the
310. X
with
week
Cumulative piggyback loadings
the first 23
weeks of 1962
States in the week ended June 16,
GM,
.
busi¬
when
preceding
ures
for
totaled 46,503,000
that
1939
year ago.
week.
fall-off to the Ford shutdown.
commented
was
liabilities
-
the
of
increase
an
but attributed 85% of the industry
Ward's
toll
in
which dropped to 221 from 310 in
over-all
week's
that
This
The statistical service said that
GM Corp.,
than
week and 276 a
On the other hand, fail¬
losses topping $100,000
1,793 cars or 14.2% above the held at 44, the same as last week,
corresponding week of 1961 and and exceeded appreciably the 31
3,163 cars or 28.1% above the 1960 of this size in the comparable
included
total).
creases
Ford Motor
failed
All of the week's downturn was
revenue
highway trailers or highway con¬
tainers (piggyback) in the week
ended June 9, 1962 (which were
week
Auto
Puts
a
eight-week
the
week earlier, casualties
the pre-war
more
or
a
354.
1960. Fifteen per cent fewer
14,402 cars reported
one
u r e s
we^e off considerably from
occurring in the similar
last, year and the.,296- in
nesses
,*
•
i 1
307
week
a
were
from
high set
,
represented a de¬
2.0% be¬
week in
in 1960.
week
a
Bradstreet,^ Inc.
Dun ' &
Down
decrease of 59,171 cars
9.1% below the corresponding
1961, and
...f
21, hitting the lowest level
ported
of 11,843 cars or
the corresponding
crease
industrial
since the initial week of 1962, ;re-
announced.
the ' preceding
above
two-week rise, commer¬
a
and
plunged to 265 in the week .ended
increase of 8,996 cars
an
1.5%
week. X
.
announced.
improvement
of
rate
The
April-June
There is
orders
the week
re¬
levels now compared
with lower periods earlier in the
In
magazine did not discount
pickup in new orders last
week, but pointed out that the
improvement was confined to a
relatively few steel companies. It
could be due to local conditions,
product mix, and the trend toward
Government
recognize the needs and problems
of the business community. But
and
Another
sheet.
gain in hot-rolled bars.
a
Pulled
Businessmen must become more
straight week, Steel's com¬ while business is still prone to
posite on No. 1 heavy melting rely on the badly worn methods of
held at $24.83 a gross ton.
lobbying.
At the halfway mark, 1962 is
Glimpse of Steel
shaping up as a high volume sales
Upturn Reported
year for most major nonferrous
Steel
orders
are
showing the
metals, Steel reports. Aluminum
men
are
predicting records in first signs of an upturn since the
shipments and production. The settlement of the steel labor con¬
copper industry is enjoying one of tract at the end of March, The
its best volume years. Zinc de¬ Iron Age reported.
But the
metalworking weekly
mand
continues
to
run
above
Businessmen
tinplate,
hot-
in
pickup
a
week re¬
of
orders
large
also
first hand, of
third
1960's.
ported
last
mill
major
One
stretched out slightly.
to their plants and
Congressmen
make
of
-
■
•
Loading
low
good recovery by September.
invite
should
Manufacturers
obsolete.
dustry poured last week.
Steelmaking scrap prices
and
laborer,
why
public the needs and problems of
much until August because
ventory
with a
the month;
late in
emphasis on short-term weak¬
ness. By the nature of their busi¬
ness, the service centers feel the
day-to-day market pressures. Last
week, the major mills revised
the prices of secondary steeT as a
im¬
recognition of price cutting that
Eighty-five per cent of the re¬
spondents confess they can name
prices
vising
could show a
ment
greatest lack is inability to
talk the language of our desired
audience—the
public. We ' must
learn how to tell the teacher, the
fewer
Below Last Year's Week
5
the
Our
portant.
to
hand,
August
substantial improve¬
other
the
with higher
4
The vast majority of the com¬
were in the form of self-
not
■
or
XXx///v
'
base, indicates its demand is
now
averaging 50% of capacity,
ments
criticism.
capacity.
uct
.-,16 *
it
courage
of
July
bump along at around 50%
Another
en¬
Lack interest
they can get on steel they do buy.
In some cases, they are suggest¬
that
total
and
11.8%
or
that of
tnan
week's
kwh.
000
out¬
637,000,000
Output was
more
vious
.
ported
19
fied with politics
Top
products
dropped to as low as 35% of
capacity.
,.
,,.- •'/;X.'•
This means that even with a
cold-rolled
—39%
time
Do not want to be identi¬
rate
their order rate for some
has
and
.
student^ the
ing
truck
kwh.
it
said
On
tories, they are shopping for the
fastest deliveries and best prices
trimmed
while
27.8%
politics ... yet only
they would be willing to
Businessmen sit back and criti¬
If it were not for the
fell
cars
This
a more
Lack
August.
tories
the improvement
is relative. For example, one mill,
while noting a "significant" im¬
Furthermore,
Thursday, June 28, 1962
Institute.
mark
last
week,
nearly 1,000,000 ahead of the 1961
pace. It said U. S. car and truck
output fell 24.3% last week, but
could
reasons:
their
cut
.
dol¬ 000,000-unit
of
month
American
municators-—and
tion's factories is
.
short-term /improvement,
active role.
The survey does show that
are
active in politics now. Those
not
active'
give
these
major
editor, Walter J. Camp¬
commented: Results of the
survey
are
reassuring because
they indicate metalworking man¬
agers are proceeding confidently,
despite scare headlines and hassles
industry
a
per cent believe busi¬
should play a more ac¬
60% say
Steel's
that
anythingabout
do
'V..:1' V":'.;'/
role in
play
bell,
administration in recent
months. The results are evidence
often
were
Ninety-six
nessmen
period.
with the
they
that
them.
the
"understand"
might
needs
tive
will
Prices
static for the
but
anything
drums.
in provement,
commented that the of¬
Others
"
V
.
brings the put was down only 5.7% with parable 1961 week.
Ford strong in that sector.
government, and appointees—do order rate up to a level to justify
Business Failures Drop Sharply
not adequately understand busi¬ production of only 50%
of ca¬
From Week-Ago High
Freight Carloadings Remain
pacity. Other mills now report
ness needs and problems.
Federal legislators, career men
5.9%
to 6.9%
survey
respondents
believe government
officials—including the President,
ficials
Respondents have re¬
total 1962 profit ex¬
first half's.
cited
5,006
of
group
polled late in 1961.
managers
vised
almost identical
in returns
are
expressed
those
with
.
(3030)
The
amount
Higher
1961 Week
of
electric
continued below last year's
level of
gin
$5.90, although the
mar¬
fractional, 0.7%.
Rye, bellies and eggs declined
substantially in wholesale cost,
while milder price dips were reg¬
was
istered in several other foodstuffs:
flour,
energy
oil
corn, oats, sugar, cottonseed
and
cocoa.
On the up side,
electric light partially offsetting these decreases
and power industry for the week were wheat, barley, hams, lard,
ended Saturday, June 23, was esti¬ butter, potatoes and hogs.
The
Dun
&
mated at 16,628,000,000 kwh., ac¬
Bradstreet,
Inc.
cording to the Edison Electric Wholesale Food Price Index repdistributed
by
the
'
Volume
resents the
sum
per
pound
of
and
meats
in
not
a
Number 6172
195
total of the price
cost-of-living
.
.
levels
hy
following
the
use.
index. s Its
Central
North
chief function is to show the gen¬
South
Atlantic
prices at the
South
and
trend
eral
of
food
per¬
centages Jvjyiiddle
West
0
West
to
—5
(3031)
Financial Chronicle
The Commercial and
Atlantic —7 to
It is —3; East North Central —6 to —2;
foodstuffs
31 raw
general
.
—1;
to
+4;
East
South Central
to
commenced
work
actively in
give
this
effort
our
full
support.
recognize that progress toward
relaxing some of the formal con¬
trols on external capital flows is
-j-THo +5; Mountain and Pacific already evident in most industri¬
alized countries. Nevertheless, res¬
-j-2 to -t"6.
idents
of
only a few Western
Little Headway in Retail
Gift buying for Father's Day,
Purchases
%
European countries have freedom
late in gaining momentum, cen¬
today to invest abroad wherever
Despite a late rush of Father's tered
on
J short-sleeved
dress
they may wish, and in whatever
Day Shopping, retail "sales did
shirts, knit sport shirts, and shan¬ form they may desire. Some type
not quite make the grade in the
tung striped neckwear. Shoppers of official authorization and ap¬
current reported week.' Bogging
showed only moderate interest in
proval is still commonplace, and
down in poor weather in some
children's
clothing,
with v this
outright prohibition is not infre¬
regions-and strikes in others, total week's
sales holding steady
at
quent.
The volume
of foreign
volume slipped a little below the
year-ago levels.- Summer dresses bonds offered in Western Euro¬
corresponding
week
last
year, led
the
list
in
the
lack-lustre
Purchases
of
women's
apparel women's, division. Rainy and cool pean countries in recent years
has, except in one or two of the
generally lagged, while children's; weather in several regions;; dis¬
smaller countries, been negligible
wear
held about even and only
couraged interest in swim-suits —and
in
some
countries, non¬
men's' furnishings pushed ahead,,
and sports wear.
,',. .• existent. And, it still appears that
sparked by promotions ' of Dad's
bank funds are readily available
special day.' Activity
in home
Nationwide Department Store
to foreign borrowers, in substan¬
furnishings ran an uneven course
Sales Decline 2% From 1961 for
tial volume and without ties to
—buying of "big ticket'" items ap¬
Week Ending June 16
exports, only when they are in
peared to founderin delivery
the form of U. S. dollars.
Department store sales on a
Strikes and -in stock market dis¬
Thus, we have a long way to go
tractions. New cars, however, con¬ country-wide basis as taken from
before we
can
be satisfied that
the Federal Reserve Board's in¬
than
.J
a
year
far faster pace
ago.
;
.
.
dex
..
dollar volume of re¬
in the week ended a.
The total
tail
trade
yesterday ranged from
below to 1% higher than a
week
3%
ago
ago, according to spot esti¬
mates collected by Dun & Bradyear
Inc.'
street,
varied
Regional
fromr
estimates
comparable
1961
the
reported
week
a
decline
2%
ended
16,
June
for
1962,
our
16, 1962, sales were 2% above
the
corresponding period in 1961.
Free
and
Airlines
L
source
Markets
The
n6w York
^
.
.
for
Report
-
Management Associa-
iv1t.u-
Massel
,
,
.
.
vironment for long-term domestic other things, show® that these in¬
growth. It inevitably means higher vestors are prepared to lend their
borrowing costs and a shortage money long-term at lower rates
of funds for firms and industries than are currently quoted in their
that
lack
their
own
internal own capital markets.
Thus, the
sources
of
capital.
And, when burden on our international ac¬
combined with controls and - re¬ counts has not been as large as
strictions
on
capital movements it may have appeared from a
on from earlier days, it simple total of the volume of new
the
incongruous
effect
of issues sold in New York. But the
shunting to the New York market burden is nonetheless real. And
new issues from the surplus coun¬
so long as the imbalance in facili¬
tries, even as we in the United ties and controls remains, so will
States are endeavoring to erase the
threat that
an
accelerating
Italy, May
18,
(Special to The Financial Chronicle)
LOUIS,
Heitner
lingering
Building,
York
&
flow of these issues
our
efforts
in
could under¬
other direc¬
and
Woods,
members
Midwest
Paul
of
Brown
the
Stock
New
Ex¬
Mr. O'Leary was pre¬
viously with Dempsey-Tegeler &
changes.
Co., Inc.
Now With Ball, Burge
(Special to The Financial Chronicle)
long as Continental
York Market are, of course, at¬ Western Europe continues to op¬ CLEVELAND, Ohio — Arthur B.
tractive to foreign borrowers, there erate with inadequate and out¬ Hayes has become connected with
is plenty of evidence that a large moded capital markets, it can have Ball, Burge & Kraus, Union Com¬
merce
Building, members of the
part of the current European bor¬ no solid assurance that the capital
And
'
W., Washington 6, D. C. (cloth),
—Harold
School
^ectronlcs Park> Syracuse, N. Y.,
*'
TWjnly Steps to Power, Influence
Control Over People—H. W.
Uabriel
A step-by-step outline
aPProach to personal power,
which can be followed by
Administra-
Business
of
Prospects
Wein—Graduate
H.
tion, Bureau of Business and Economic Research, Michigan State
Lansing,
University,': East
(paper), $1. >
til™. to-Tomorrow
♦'
Doors
research
describing
...
.
.
*
Mich.
-.n
anyone at his own rate of speed-
tff-p>^vw
—
Booklet
programs
Prentice-Hall,
m
cliff
electric
the
light and power mdustry—Edison Electric Institute,
750
N.
Third Avenue,
Y. (paper).
j
N
'
.
TT
Inc.,
^loth)
Englewood
$4.95
\
..
*
Umvcrsjty of Chicago Press:
£or Fal1' 1962—Catalogue—
New York 17,
Including new paperbacks — Uni-
*
o?1'Chicago Press, Chicago
Employment, Earnings and Wages
in New York
16, N. Y.
^ansistor M a 11 u a I (including
sl®jal diodes)—Applications, circuits and specifications—General
Electric Company, Building 7,
$6.75.
Domestic Air Cargo: Its
Business
of
search> inc., 261 Madison Avenue,
New York
S.
The
—
Knowledge
*
City, 1950-60—U. S.
IS
and Long-Term Con—Joseph W. Garbarino —
Brookings Institution, 1775
tMassachusetts ^venue, N W.f
of
Labor Statistics, £41 Ninth Ave.,
New York 1, N. Y.
(paper), on^?!16
Department of Labor, Bureau
request;
Restrictions—13th
Exchange
An-
nual
Report—International Monetary
Fund,.> Washington,
D.
C.
(paper).
Federal Home Loan Bank Board—
Annual Report for
Loan
Home
Bank
1961—Federal
Board, Wash-
ington, D. C. (paper)."
1.^1 a. '
France and the Atom—Brochure
the
describing
role
Scientists
French
played
from
the
by
^?s5iagtan 6' D' C- (paper)' $2-;
(cloth), $3.
Ward's 1962 Automotive Yearbook
—Ward's
Automotive Yearbook,
Congress Street, Detroit
26, Mich., $7.50.
220 West
....
.
„
ia
.
„r
,
,
Should Work for
{?e R,ght to Work—Chamber of
Commerce of the United States,
Washington, D. C.
on
(single copies
reonpQF>
early
World's Principal Export Credit
Insuring Systems—National Co1945—P^ess & Information Serv- ordinating Committee for Export
ice, French Embassy, 972 Fifth Credit Guarantees, 1 LibertyAvenue, New York 21, N. Y. Street, New York 5, N. Y. (paper),
(paper).
^ ;
$5.
days
and
of nuclear science to 1939
reviewing achievements since
,
Foreign
Policy
Highlights, 1961
Developments—
World
Summaries
Crops
and
Department of Livestock—U. S. Department of
State
Publication
No. .7378— Agriculture, Foreign Agricultural
Superintendent
of
Documents, Service,
Washington 25, D. C.
U. S. Government Printing Office, (paper).
Washington 25, D. C. (paper), 300.
VuffoslavJa
&
The
N
—
..
c
munism-George W. Hoffman and
£et Princ^uSvI^iW S Pred W,Neal-Twentieth Century
Princeton, N. J. (cloth), $4.50.
Mo. — Kenneth W.
Herbold and Joseph C. O'Leary
have become affiliated with Yates,
ST.
Mark
—
Freight Transportation in the So-
Two With Yates, Heitner
has
relatively fa¬ mine
vorable interest rates in the New tions.
1962.
Texted
Cycles—42nd Annual Report—Natlonalu Bureau of Economic Re-
Brookings Institution, 1775 Massachusetts Avenue,
'
...
Issues
^ ^
-
.
t orroi
a
Economic
„
® °.v *e * Wage Reform-—Walter
Galenson Institute of Industrial
University- of Califor?laA2l(!] 9allfor?la„£a » Berkeley
'
a * £>a*>e^'
Macalester
Studies,
„/
^
.
„
Competition and Monopoly. Legal
be
must
investors
of
eration
.
®cAa'e InJustry in the Soviet
Union ^dam Kaufman National
Catalog of books, periodfilms etc. — Publications
—
and
of a gen¬
.
Bureau of Economic Research, 261
Economic
N.
•
,
®m.
College, St. Paul 1, Minn, (paper).
dramatic
.
for Social Science Research> 1012 14th Street, N,, W-,
Washington, D. C., (cloth), $5.
6
'
' v
y * *
and BroGas Industry
N y
American
of
A
stitute
-
A
..
Lexington Avenue, New York 17,
tion
,
4, N. Y.
.
1961,
Gas
_
5^ne
® r 1 c a ST Cltles ~•;
Ti10™38 F. Johnson, - James R.
®J.^r5ls and
^ Butts—In-
Association, 420
of marginal capital.
this area cannot
psychology
' * "
A™ort,z0at'°"u<p UJ?11 e
...
on
in
whole
P
"
Air
—
—American
capable of generating a high level
savings internally and those
changed. New institutional struc¬
tures must be developed. But as
the indications are that many of
Continued from page 14
■ : - - r
I
look
at
the
development of
the current European borrowers
our foreign
investment is of this
would be coming to New York Western Europe from a distance,
^type and is not tax-induced. We even if our interest rate structure it seems to me that the logic off
do, however, want to make sure
internal growth and development
were
somewhat
higher.
They
that our tax system does not un¬
would, be coming because they points in this direction.
wittingly — and artificially — spur
More efficient capital markets
find it more difficult to raise the
this outflow.
We wish only to
will be essential to sustain growth
needed funds in Europe than in
eliminate marginal foreign invest¬
New
York.
A case in point is —and should themselves tend to
ment that is induced primarily by
the current $25 million borrowing reinforce other factors that could
tax
considerations.
While there
bring about a lower level of longis no expectation that such action by the European Coal and Steel
term interest rates more in line
/
will dramatically reduce the outT Community.
with those typical of the Ameri¬
This does not seem to me to be
flow of direct investment funds
can
market. Already, some ten¬
from the U. S., it will be of some a very efficient use of the World's
dency in that direction has develThe years to
help—and every bit counts in the capital resources.
0 p e d.
In <4his dnterdependent
effort to eliminate our payments come will certainly see a growing
world of ours, I would expect that
demand for capital from countries
deficit.
•
tendency to continue.
Which cannot be expected to de¬
I am not calling today for any
Objects to foreign Issues
velop their own capital markets.
radical new departures in policy
Floated Here.
Such countries have traditionally
1 am asking only that we willingly
In the field of portfolio invest¬ looked to the capital markets of
accept the logic of our evolving
ment, I am not interested in the New York and London to raise
world economy, and press ahead
purchase of foreign equities by their funds. This is a normal pro¬ with all our
vigor to cast off those
American investors, a process that cedure and should" continue. But
restrictions that still impede the
is
an
essential element of; free it will be more difficult for these
free flow of capital, both within
capital movement;
What I ' -am countries to meet their needs if and between nations. This is
concerned with is the increasing they must compete in the New
clearly not a job for governments
use of the various mechanisms of York market for necessarily lim¬
alone, but for banking leadership
the New York capital market by ited funds with Continental Euro¬
and
banking
statesmanship as
European borrowers to raise funds pean borrowers who, given fully
well. I submit it as a special chal¬
capital mar¬
>for their own internal purposes. adequate European
lenge for all of you who have a
vToday, the plain fact is that un¬ kets, should normally be able to
vital interest in expanded trade
derwriting and distributing facili¬ find the needed funds without
between nations, growth at home,
ties in the industrialized countries having to cross the Atlantic.
a durable payments system, and a
!0f
Continental Western Europe,
It is true that a large proportion
strong, free enterprise economy.
are
generally inadequate to meet of the European issues that have
the foreseeable needs of domestic been publicly floated in New York
*From a talk by Mr. Dillon before the
borrowers—much less those from have ultimately been taken up by Ninth Annual Monetary Conference of
abroad. That is not a healthy en¬ European investors, which, among the American Bankers Association, Rome,
as
to ensure steady, and New York and Midwest Stock Ex¬
rowing in New York is as much a required
growth will, in fact, be changes. He was previously with
reflection of the greater and more rapid
I
am
glad that the
.ready availability of funds in-the available.
Merrill Lynch, Pierce, Fenner &
markets as it OECD has now recognized the im¬
Smith Incorporated.
interest rates. In other words, portance of this problem and has
Growth
Trade
800
' ice Corporation, 90 Broad Street,
chure and Films
of
Its Own
is of
.
Education,
Utilities)—Stone & Webster Serv-
' •
4
1000 Connecticut Avenue, N. W.,"
Washington 6, D. C. '
"
'
nual
1962 — Report on
Exchange—Institute
Accounting Treatment of
Ltheraliied Depreciation and Ac-
Transport Association of America,;
speed. Mar¬
kets have been insulated too long.
capital
International
and
countries alike—those
deficit
Doors
international
*.
progress
Progress
come with
York
' "
C
D
Street, New York 21,
(cloth), $6.00.
(SCAP), "Andrews' AFB, ' Wash-"
1/Mnt!nr,ni
and National
work-
a
N6W YOrk
our Services Dept., American Managetoward freer trade and ment Association, 1515 Broadway,
I, for New York 36, N. Y. (paper).
sales were up 1% compared with higher standards of living.
Challenge for America: Trade or
the corresponding 1961 week. In one, shall be uneasy so long as
the four-week period ended June virtually all the world — surplus Fade—David J. Winton—Bureau
compared with the like period in
1961. For the week ended June 9,
only,
New
of
—
ington 25
of
-
Command
Systems
Inquiries regarding copies
should
be
sent
to
HQ AFSC
ings
operating close to subsistence
look to the United
States as their principal, if not
While the current
Force
Management Conference Proceed-
levels—must
deficit.
N. Y.
Open
the icals,
capital
within
World are in step with
41 East 70th
_
Air
life
society
——International
"
*
the
Sebastion
de
Grazia—Twentieth Century Fund,
BOOKSHELF
arrangements for raising and
distributing
in
oriented
i
a
leisure
I
wholesale level.
tinued to sell at
Of Time, Work & Leisure — A
philosophical study of the role of
Businessman's
this field. We should all of us
47
Growing Up With Unicef—Ritchie
Calder
Public
—
Affairs
Commit¬
tee, Inc., 22 East 38th Street, New
York
Integrating
Joins Murch Staff
(Special to The Financial Chronicle)
16, N. Y. (paper), 250.
Research
&
Development
With
Corporate
Planning and Management—Bat-
CLEVELAND, Ohio
Woideck
Murch
&
has
joined
Office,
Columbus 1,
Memoirs of
Institute, Publica505 King Avenue,
Ohio (paper).
a
Maverick Publisher
Lester E.
the
staff
of
Co., Inc., Haima Build-
telle Memorial
tions
—
^
v
i
g' members °* the New York
Stock Exchange. He was previ-
ously with Prescott & Co-
—J. David Stern—A Chronicle of
50
and
in
Years
Journalism—Simon
Schuster, 630 Fifth Avenue,
20, N. Y. (cloth), $5.
New York
Money
Management
Family:
How
to
for
Control
Your
With Suburban Sees,
(Ej)eclal t0 ^ Fj„(ncml o.on.cl.)
CLEVELAND,
Thayer is
now
Ohio
-
Jack
N.
with Suburban Se-
Your
Money and Achieve Your Family
cunties CoM 732 East 200th St
Goals
He was formerly\with Ball, Burge
—
Meredith
Press,
Moines, Iowa (cloth), $3.95.
Des
& Kraus.
48
The Commercial and Financial Chronicle
(3032)
.
.
Thursday, June 28, 1962
.
Sept. 28, 1962
WASHINGTON AND YOU
^
Bond
Club
(Philadelphia, Pa.)
of
Philadelphia 37th
outing and field day at
Huntingdon Valley Country
Club, Huntingdon Valley, Pa.
annual
the
behind-the-scenes interpretations
Oct. 3, 1962
from the nation's capital
NeJ
(New York City)
York
Group Investment
Barkers Association Meeting.
Oct.
WASHINGTON, D. C.
basis
of
stream
a
On the
—
dollars. Thus, he maintained the
that
former Chief Executive should be
mail
of
Farm
the
ground
States
began
before
even
thaw,
to
it is
criticize
to
the
When
ap-
that defeat of the Presiagricultural bill was a big
story
out
in
Bismark,
Pierre,
Omaha, Des Moines and 101 other
parent
subsidy
the
the
Far
up rose Minnesota
Hubert Humphrey, the
ished,
dent's
majority
leader.
Oct.
question,
Senator
Oct.
%
Not
only
does
or
affect
it
many
in
millions of individuals, but it can
and
involve
does
p/anies
listed
changes
the
on
of
48
Democrats
voted
to
came
Administration
as
a
surprise to
against controls of
leaders.
crops
will
re¬
in
solid
opposition to the
White House agriculture proposal.
sult
Defeat for Administration
On
the
ncdy's
of
eve
that
apparent
President
conference
press
Ken-
it
he ' would
Oct!
chosen
words
to
say
ciation
Raton
you
think it will lower
know I'm
my
social status if people
of
have
food
EVENTS
supplement their meager
Also, the^'food for peace"
program, which is not perfect, has
been expanded.
President
When the House killed for this
year
the supply-management
trols for wheat and
grains, it
was
sharp
a
S-lg~
ni q^.v rufIf S™
Senator Case
defeat for
The
New Frontier.
the
Meantime,
the
apparently assured of a oneyear
extension
of
the
present
wheat
of
and
laws.
corn
Agriculture
^efeat
Secretary
Orville
Freeman
House.
The
temperature
the
to
may
have
con-
partisan#
bitter,
debate that has cropped
up in the
Senate over the farm bill.
Senator John
lican of
fuel
Delaware, helped to feed
to
elared
J.Williams, Repub-
the
debate
that
the
when
he
de-
Administration's
01 South Dakota.
Sol? Estes
has
mess
«re keadaches and heart-
advocated the stop-gap plan after
a
hurried huddle at the White
tributed
Billie
Administration
is
the
INVESTMENT FIELD
(Des Moines, Iowa)
Secretary
Srade
Freeman
is
a
sponsibility simply because he is
Apiculture,
.
mighty important posltl0n m government.
For a while the Administration
maintained
D
,
...
,
,
Eisenhower Attacked
Up
the
rose a
Democrat from
continent,
Morse
from
Morse
who
Senator
Oregon.
to
came
across
Wayne
Senator
the
Senate
a
Republican, but changed his
allegiance to the Democrats, said
he
was
surprised his colleague
as
would make such
then
tore
into
statement. He
a
former
President
Plete
candor
flatly
declares
that
the
never said that
Billie Sol Estes case had been
in
the
Senator
former
show
Pa„
of
the
manipulations
vered
out
on
and
grain
that
the
Estes
prose-
by
was
gifts
declared
President
place
farm
that
Eisenhower's
at
Gettysburg,
85 miles, from Washprincipally subsidized
valued, at
..
thousands
of
Rocky
Mountain
Sept. 13-14, 1962
Municipal Bond
Kaplan, Jayson
Kaplan, Jayson & Kaplan is en¬
gaging in a securities business
from
offices
New
York
at
50
City.
Broad
Street,
Partners
are
Saul
Kay
Kaplan, general partner, and
Kaplan, limited partner.
HELENA,
curities,
with
Mont.—.Memorial
Inc.
offices
to
has
in
been
the
formed
Union
conduct
a
Bank
securities
Roe, Secretary and Treasurer.
when
it costs
surplus
event
(Ponte
Vedra
|
doubt
store
been
Almar
—
formed
with
Hoover Avenue
to engage in a securities business.
Allen
B.
Claire, the
proprietor,
formerly with Ehrlich, Irwin
Co., Inc., Robbins & Clark, and
was
&
M.
H.
Meyerson
&
Co., Ltd.
Form Assoc. Underwriters
—
Associate Un¬
derwriters, Inc. is engaging in
securities
in
the
business
from
a
offices
Stuart
Building. Officers
Bovey, President;
Gulley, Vice-President;
Joseph
B.
and
Darwin
and
Treasurer.
C.
Fallis,
Secretary
Brokers and Dealers
TRADING
MARKETS
Sept. 19-21, 1962 (Santa Barbara,
Calif.)
Investment Bankers
Association
Maxson Electronics
Botany Industries
Official Films
Waste
Board of Governors Fall Meeting.
1962
King
(Cincinnati,
Our New
Municipal Bond Dealers Group of
Cincinnati, annual fall party, with
a field day to be held
Sept. 21, at
the Losantville Country Club.
Sept. 23-26, 1962 (Atlantic City,
N.J.)
American Bankers Association an¬
,
nual convention.
York
CAnal
telephone number is
6-4592
LERNER &
CO., INC.
Investment Securities
10 Post Office
Square, Boston 9, Mass.
Telephone
Teletype
HUbbard 2-1990
BS
69
Cove Vitamin & Pharmaceutical
Common
want
our
our
grain in the
and
Warrants
Versapak Film & Packaging
our
decades ago we
were
an
agricultural
nation
primarily. Today we have become
a nation that is 70%
urban.
many
has
142-10
American Cement
fijr
of
too
at
plains of West
a
mighty drdught or a
calamity, but they are
UP with the billions of outS°ing subsidies,
Not
GARDENS, N. Y.
Associates
offices
Melvin D.
Invest¬
Meeting.
obviously is wrong
the taxpayers about
no
Palmer
maneu-
a day just to store
grain.
Millions
of
housewives
the
Florida Security Dealers Associa¬
tion annual convention.
20-21,
Ohio)
Se¬
at
(Chicago, 111.)
Club of Chicago
13-15, 1962
Beach, Fla.)
Sept.
Memorial Securities
con¬
r
Attention
Sept.
Heavy Storage Costs
system
Group
ment Bankers Association
Texas,
The
(Denver, Colo.)
storage
national
Morse
about
jngton,
ruling
business.
DeWitt,
Seth
Building,
investigations
cutions
government to
r
Ted
Association
Municipal Conference at the PickCongress Hotel.
Sept. 12, 1962
It. is now apparent that the business. Officers are Harold M.
Kennedy Administration is going Roe, President; Hugh E. Choto give its complete
cooperation quette, Vice-President; and C. L.
aimed at "the ruthless concept
running
or
agriculture."
securities
a
are
Statler.
convention
KEW
are
to
the Hotel
LINCOLN, Neb.
(Chicago, 111.)
Bankers
outing.
minimizing the Estes scandal,
Secretary Freeman now with com-
$1 million
of
American
Street
was
Dwight D. Eisenhower, who told
Republicans
at
a
Washington
that
the legislation was
dinner
21st
.
greatly overplayed,
as
Officers
East
course
Sol Estes scandal, but he
is having to shoulder the top re-
lion dollars
year
in
engage
Billie
.
2651
.
Of
lie wishes he had
a
at
ke kad nothing to do with the
farm bill would cost the
taxpayers
$1 billion rather than save a bil-
by Democrats.
Co. has been formed with offi¬
ces
dent;
personally.
man
&
Investment
Presi¬
Herndon, - Jr., VicePresident; and Loring E. Winters,
high
Secretary.
: - ;
the^arm
of
Sept. 11-12, 1962
Okla.—DeWitt, Herndon
Mutual
annual
Form Almar Associates
June 28, 1962
TULSA,
of
43rd
House.
Kennedy
DeWitt, Herndon Opens
(Boston,
May 12-15, 1963 (Chicago, III.)
Financial Analysts Federation an¬
nual
IN
has his problems and they' are big
ones. So does Mr. Khrushchev. He
blocks
con-
and feed
corn
^reeT?°.r
on
1963
Association
ference at
to
now
Boca
(Hollywood, Fla.)
1,
Savings Banks
diets.
Right
27-May
National
the fact
receiving
been
the
Mass.)
several unemployed millions
people
at
Club.
.
April
is
did
Hotel &
Investment
Bankers
Association
Annual Convention at
Hollywood
Beach Hotel.
On the bright side of our food
abundance and surplus is
(Boca Raton, Fla.)
Traders "Asso¬
Security
Convention
Nov. 25-30, 1962
buying COSVIIVION stocks?"
sian
it
as
4-9, 1962
National
having difficulty getting Rus-Investment
Bankers
Association
agriculture to produce suf¬
of Iowa 27th anual field day at
about the legislation.
other
government buildings be- ficiently so everyone in the Soviet
the
Wakonda
Club
(a cocktail
There is every indication that cause of the death of a member Union will have
enough to eat.
party and dinner will be held at
the
Administration's
farm
bill °f Congress,
[This column is intended to reflect the Des Moines
Club, June 27,
will become an issue in the ConT.
r
c
the "behind the scene" interpretation
preceding the dinner).
gressional campaigns late this
fcstes Scandal
from the nation's Capital and may or
summer
and fall. It has already
F°r some reason it seemed that may not coincide with the "Chronicle's" Sept. 7-8, 1962 (Gearhart, Ore.)
been
Pacific Northwest Group Invest¬
an
issue
in
some
of
the the flag flying at half-staff on
own views.1
ment Bankers Association Meeting
Democratic primaries.
the Department of Agriculture
well
some
26-28, 1962 (Hot Springs, Va.)
Group
Investment
Bankers Association Meeting.
Agriculture^ just
have
Valley
Nov.
Here in the Capitol at week's
end. the United States flag flew at
half-staff ovep the Department of
was
Angeles)
Exchange
Southeastern
that
On the other hand the Republicans believe strongly that the traditional aversion by farmers
(Los
Stock
(Cincinnati, Ohio)
Group Investment
Bankers Association Meeting.
be-
subsidy billions,
mittee, while 204 Democrats and
one Republican voted
against the
—
grains
1962
of
Oct. 24, 1962
Ohio
ca"s?
it to the House Agriculture Com-
motion
feed
11-12,
Board of Governors meet¬
ing at the Ambassador Hotel.
"Do
on
'
Firms
-o
tbeJ belleve tb«y are,s"b;
Snd fidizmg the farmers They feel that
recommit
be coP>.tJry is.,getting fed up on
of the
Oct.
Association
not he will deliver the speeches
an effort to rally support to the
Government
President's agriculture bill—167 Republicans
Defeat
(Minneapolis,
.
voters in the urban areas will
welcome strict controls by the
Counter.
1962
G r o u p.
Investment
Bankers Association Meeting.
The Democrats believe that most
ex-
companies
Exchange
Minnesota
g Nation at the
traded Over-the-
are
9-10,
Minn.)
"'J'
com-
stock
other
and
whose stocks
V
dozens
Francisco)
Stock
Meeting at the Mark
Oct.
or
^
(San
of
Fall
Hopkins Hotel.
should be, of from Gettysburg ventures off into,
interest to every nook and cranny
agriculture it becomes a dissertaof
our
country,
because
farm tion in fiction rather than fact."
legislation today affects residents
Campaign Issue
of Bronxville,
N. Y., almost as
much as
it does farmers living
Thus, it is obvious that the par¬
tisan farm issue
is definitely a
in Red Wing, Minn.
;Y-V:
campaign issue. The big question
Probably only a small percentT' WUl'YresTdent
age of people living in the Boston
Polltically
is.
Will
President
metropolitan area and the
175 Kennedy take to the hustings this
other metropolitan
areas seldom
^n
?
i^uh
think of themselves being con- appropriate for him to make thiee
cerned by farm legislation. But or
maJ°r larm question
they are, simply because nearly speeenes.
everything they eat and wear is
Probably the President does not
know himself at this time whether
influenced by farm laws.
Actually it is,
;
8-9, 1962
Association
Firms
against President Eisenhower by
declaring that "when the general
Mid-Western communities.
(Detroit, Mich.)
Group
Investment
Bankers Association Meeting.
assistant
spoke out
He
8, 1962
Michigan
fin-
Westerner
(Cleveland, Ohio)
Group Investment
Ohio
Bankers Association Meeting.
in the country"
the "last person
began reaching Capitol Hill from
4-5, 1962
Northern
Carl Marks
FOREIGN
20 BROAD
&
C.o. Inc.
Bought—Sold—Quoted
SECURITIES SPECIALISTS
STREET
TEL: HANOVER 2-0050
•
NEW YORK 5, N. Y.
TELETYPE NY
Common and Warrants
*
1-971
HILL, THOMPSON & CO., INC.
70 Wall Street, New York 5, N. Y.
Tel. WH 4-4540
Tele. NY 1-0154
I
I
@FedFRASER