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ESTABLISHED
AS WE SEE IT
Editorial
The
New York 7,
Number 6068
193
Volume
Reg. U. S. Pat. Office
1839
Inflation Fears Are
50
Cents
Copy
a
Unjustified
Cuba has
of the Communists in Laos and
success
Price
N. Y., Thursday, June 29, 1961
a good deal of uneasiness in Western countries,
which is more important perhaps, started some
caused
and,
thinking about the basic nature of the danger to
inherent in the "cold war"
hard
us
and the rest of the world
price stability and the reflection in price cuts of
portion of our annual increases in produc¬
By Hon. Douglas Dillon,* Secretary of the Treasury
danger which does not necessarily embrace the pos¬
sibility of the cold war turning suddenly hot. Why is
it that little by little, and with an exception here and
there like the 'Congo, the Communists appear to be
—a
some
nomic
thing that drives, the west to the employment of the
armaments that the growth of the power and the
unmatched
file of the western
of
The state
Nation's finances is currently the
our
considerable public debate. So is the
fiscal outlook for the future. Perhaps I can make
a
useful contribution to this discussion by setting
subject
should be pondering it with the greatest care.
has in the past been often said that we were en¬
with the Communists in a "struggle for mens
is, we suspect, what the Kremlin would
us
to continue to believe, but in our judgment it
of
Treasury's views
the
gaged
minds." That
these and related
little about men's minds, least
of
the
can
sion
peoples they plan to enslave. In any event, we
nothing more futile than a serious discus¬
the merits of the different forms of social and
second
the
we appear to hold to the view that we can
underdeveloped peoples away from commu¬
make them more or less
(Continued on page 25)
tant
that
so
recessions
our
much
more
For we cannot keep our
built into
our
of
the
past decade have been
moderate than the wrenching depres¬
War II days.
These "automatic stabilizers"
with
ited
softening
so
generally cred¬
economic declines,
recent
our
are:
This
is reasonable price stability.
have
we
It is largely thanks to these "stabilizers"
sions of pre-World
Douglas Dillon
few years.
today.
"automatic stabilizers"
economy.
First, an automatic and rapid decrease in tax
yields, as corporate profits and employment decline.
Second, a prompt build-up of unemployment
compensation and retirement payments as jobs
always been important in protecting pensioners
and others on fixed incomes.
It is doubly impor¬
international
payments in balance unless we are competitive in
foreign markets. At the very least, this calls for
these
or
important goal is es¬
Our third goal
All too often
nism.
cally from periods of recession when growth slows
a halt and unemployment mounts rapidly.
How¬
ever, although we still have a great deal to learn
on
the preventive side, we have learned how to
slow a decline and how to initiate recovery by using
to
has
Ineffective Tactics
provide funds
expansion of private business and industry.
Can't Control the Economy
employment for our steadily ex¬
wholly different approach.
should, in turn,
national debt and to
Unfortunately, as I have said on an earlier occa¬
sion, we have not yet mastered the art of maintain¬
ing steady growth at full capacity. Our economy
is still plagued by ups and downs.
Although we
have made substantial progress in terms of pre¬
venting major depressions, we still suffer periodi¬
objective, which is full
the past
our
levels, the retirement of our national debt places
tax money in the hands of investors—money which
they can and will use for further investment in the
private sector.
on
panding labor force. We cannot
tolerate the levels of unemploy¬
ment that have
characterized
pay.
when the economy is growing steadily and
rapidly, with unemployment reduced to acceptable
this first
of
assesses
reasonably in accordance
For
sential to the realization of our
organization with most of the backward peoples
allegiance, or should we say whose friendship
and cooperation, we seek. The Communists appear to be
well aware of the futility of such an effort, and have
win
for the
matters.
attainment
tax system which
budget surplus that would both permit
a
to reduce
us
have
we
a
achievement of these goals
produce
pursued simultaneously.
be
The
whose
a
believe
goal is
ability to
The
national economic
and most
economic
developed
with
First, we seek an economy
that grows steadily and rapidly.
of all the minds of most
think of
of
Our fourth
the tax burden fairly and
four basic
goals. I fur¬
ther believe that they must all
I
a
tivity.
outset, let me say that
At the
great deal of representing a realistic understand¬
ing of what is going on in the world. The truth of the
matter is that the Communist imperialists care very /
lacks
in a period of
Average GNP for 1961 is estimated
$515 billion and $555 billion in 1982.
forth
like
postal rates;
prosperity.
at almost
powers
It
policies to help bring about higher
explains what should be done to usher
and
the
called free nations but the rank and
billion
of expected eco¬
reassuringly denies this combination
motion the forces of inflation. Mr. Dillon claims
tion's fiscal
Kremlin have led us and some
of our allies to build up? The question is a vital one to
the entire world. Not only the governments of the soof
year
present plans do not call for emergency programs to stimu¬
late the economy; invites those who fear the Administra¬
vast
intransigence
coming fiscal
the
and
recovery,
will set in
whittling away at the rest of the world without either
the employment of large military forces or doing any¬
in
deficit
Federal
need for an anticipated $3.7
defends the
Statement
harder to find and
grow
——•
(Continued on page 29)
Underwriters and distributors of
———
STATE, MUNICIPAL AND
PICTURES
U. S. Government,
IN
THIS
Investment
Candid photographs taken at the Annual
ISSUE:
Association of New York
appear
Outing of the
in today's Pictorial Section.
BONDS AND
Public Housing,
State and
Federal Land Banks
Municipal
STATE and MUNICIPAL
Lester, Ryons & Co.
623
So.
Hope Street, Los Angeles 17,
California
SECURITIES
Members New York Stock
BONDS
The Nikko
Exchange
Associate Member American Stock Exchange
Members Pacific Coast Exchange
Founded
Securities Co., Ltd.
1X24
Chemical Bank
NeuAoiklrust Company
BOND DEPARTMENT
30 Broad Street
Offices
in
del Mar,
Encino, Glendale, Hollywood, Long Beach,
25 BROAD STREET
Riverside, San Diego, Santa Ana,
Telephone:
Teletype:
DIgby 4-7710
NY 1-2759 U
Office:
Head
•
Affiliate:
SAN
THE FIRST NATIONAL CITY BANK
Santa Monica, Whittier
Inquiries Invited
OF NEW YORK
•
Nikko
TOKYO
Kasai
Securities
LOS
FRANCISCO
Co.
California
Teletype: NY 1-708
Bond Dept.
To
T. L.Watson & Co.
ESTABLISHED
1832
Members
American
Stock
Commission
Exchange
BROAD
STREET
DA.Iu3L.AS
DIRECT
on
Southern
•
Merchant
Marine Bonds and
)n
International Bank for Reconstruction
and Development
(World Bank)
Municipal Bond Division
o
THE
—
MANHATTAN
BANK
Pershing A Co.
Orders
The Consumers' Gas Company
Executed
Rights
PERTH AMBOY
expire
on
July 7, 1961, at the
current
On All
market.
CANADIAN DEPARTMENT
Toronto, Montreal, Winnipeg, Calgary,
Vancouver, Victoria and Halifax
MEMBERS
2 BROADWAY
NEW YORK
..
..
Tourism-
Disneyland
»rm
AND TORONTO
Dominion Securhibs
MUNICIPAL BOND
Grporatiot*
Co.
NEW YORK STOCK EXCHANGE
• •
california
We offer fo buy the above rights which
Direct Private Wires to
WIRES TO MONTREAL
diversified
(Toronto, Canada)
Invited
Goodbody &
-
BRIDGEPORT
Association
United States Government Insured
Securities
Correspondent
Teletype NY 1-2270
25
NEW YORK 4, N. Y.
New York
Canadian Exchanges
gotU/uoedt
company
Brokers
loblaw, inc.
New York Stock Exchange
first
Maintained
Dealers, Banks and
Block Inquiries
I
Cooperatives
Federal National Mortgage
ANGELES
Net Active Markets
DEALER
Banks for
•
UNDERWRITER
1
Claremont, Corona
Federal Home Loan Banks
Oceanside, Pasadena, Pomona, Redlands,
New York 4, N. Y.
New York 15
DISTRIBUTOR
of
,
Federal Intermediate Credit Banks
JAPANESE
HAnover 2-3700
NOTES
Dealers in and Distributors of Securities
Securities
telephone:
PUBLIC HOUSING AGENCY
1 WORTH LA SALLE ST.
CHICAGO
Associate Member American Stock Exchange
40
N.T.&S.A.
Exchange Place, New York 5, N. Y.
Tel. WHitehall 4-8161
Tele. NY 1-702-3
DEPARTMENT
BANK OF AMERICA
SAN
FRANCISCO
•
LOS ANGELES
2
For
(2834)
The Commercial and Financial
Banks, Brokers, Dealers
The
only
Cover the Entire Nation
Take
advantage
network
affording
able
of
of
and
service
participate and give their
MICHAEL
blanket
Members
time
Gulton
have a trading
problem, don't limit yourself to
regional service. Our large trad¬
ing
department and extensive
facilities
you
only broaden
not
potential
markets—they also
sure
of
you
rated
as¬
120
sonnel
4-2300
ing
Exchange
PHILADELPHIA
Nationwide
the
Private
Wire
d i
re-
IN JAPAN
denominator the motto of the
mon
Monthly
Stock
grates
Digest, and
our other reports
that give you a pretty clear
picture of the Japanese
economy
as
to
"Gulton Industries inte¬
Products plus Quality,
products the variable, and
you
quality the constant." Direct
whole.
a
materials and research
raw
give
with
with
tact
the
management
The
Nomura Securities Co., Ltd.
6i Broadway, New York 6, N. Y.
Telephone: BOwling'Green 9-2895
This
i§
not
orders
offer
an
for
solicitation
or
for
particular securities
any
that this
is
business
life
The
makes
free
GAS
information
shelter and other economic
to be
found in oil and
on
This
is
such
interests which
not
offer
an
for
the
tax
advantages
gas
interests.
the
sale
of
can
only be made
offering sheet filed
Securities
and
Exchange
Commission.
A copy
of the offering
sheet on the latest
offering of inter¬
by
of
means
with
an
the
will
ests
also
be
furnished.
ADMIRAL OILS, Inc.
600A
Bettes
Oklahoma
City
Building
Oklahoma
6,
a
way
of
slogan.
mere
organization
a
group of autonomous
divisions plus three wholly-owned
which
medical
produce
auto¬
piezo¬
materials, includsystems,
subminiature components, includ¬
ing
thermistors
and
capacitors,
nickel-cadium
batteries, transis¬
INVESTMENTS
OIL AND
apparent
'ing phonograph pick-up elements;
TAX SHELTERED
IN
its
consists of
mated
for
a
company's
electric ceramic
Send
it
nearly
than
con¬
and
company
more
subsidiaries
torized power supplies and vibra¬
tion and acceleration transducers
Metuchen, N. J., Albuquerque,
N. M., Hawthorne, Calif, and Gananoque, Canada.
primarily
throughout
are
manufacturers
country
well
as
ment
half of the sales
large
balance
the
than
more
are
made
through
AMERICAN MENTAL HEALTH
same
energy
uct
through
151 Central Park West
New York 23,
N.Y,
and
Pioneers in Mental Health
and
Psychotherapy
since
1924
WALL
STREET
NEW YORK 5, N. Y.
interests
the
hospital
Exports
Refined
water
-
—
Imports
Liquid
-Futures
the
use
and
for
sensors
military;
and
as
well
as
Of the many
the
teresting
are
I
find
a
in
for
sells
of
the
the
product all
planning
production.
stage
This
depth gives the
identification
and affords
the
cated
by
from
minimum,
Since
least
the
of
an
product
of
more
ability
is
Heller
money,
the major
cri¬
ices
the
For
the
MUNICIPAL
financial
business;
WEST
VIRGINIA
VIRGINIA
NORTH
CAROLIN
SOUTH
CAROLINA^
serv¬
the
company
the security of
lends money on
accounts receivable
other assets
or
BONDS
of
employment, the pro¬ such as inventories and
machinery.
handicapped Clients are
generally small busi¬
call
[f
i PI &ca
duction staff includes
and
£ged
relaxed
which
people
and
who
informal
ailows
in
work
in
a
unable
nesses,
to
obtain
atmosphere bank credit
they need.
the
highest over 700 clients.
them
I
by
appropriate
productivity.
have
such
are
all
ever
I
seen
employee
in¬
do not
firm
a
harmony
are
client in turn may have hundreds
thousands of customers provid¬
ing diversity and strength to the
ultimate
collectibility of the
ac¬
count.
Factored
accounts.
Installment
the
next
VIRGINIA*
the
There
or
current
RICHMOND,
The following
principal varieties of loans:
the
(2)
orders
is
about
$4,860,000
are
due
months.
In
BY N. Y. PUBLISHER
New
largest
York, N. Y.—One of the nation's
book
publishers
is
book-length manuscripts of all
fiction,
seeking
types-
non-fiction, poetry, business and
financial subjects. Special attention
new
writers.
For
July
(5)
31, other
might
arise
Press, 120 W. 31 St., New York 1.
from
Rediscounts.
and
819,000
as
no
ratio
about six-
was
working
long-term debt and
is
expected
There
were
broadened
no
for
new
some
1,039,442 shares
teria
which
outstanding
more
important cri¬
accord
status
among
to
is
new
products, solid financial
enlightened
employee
relations and ability to attract and
keep the best brains in all phases
be construed
buy,
any
basic
of
as
an
offer
security referred
to
to
sell,
to
the
to
leasing.
note
field,
that
or
herein.)
the
commercial
financing as it is called, exceeds
the growth in bank
loans, personal
loans, or automobile loans.
Commercial
leadership
position,
in¬
been
—
functionally
embrace equipment
It
growth
companies
in its industry,
proven
aggressive
management,
imaginative research, steady flow
are:
recently
geographically
$7,- include
Florida, Canadh, and for¬
There
eign areas, as well as
year.
Some of the
have
—
capital
of Feb. 28, 1961.
to
companies secured
installment paper and
extremely by auto
buttressed
by a
100,000 small loans.
offering in September, 1960.
Activities
current
Advances
finance
are
Auto
Personal
Receivables
Installment
Loans
Credit
($ Billion)
1959
Excluding
Factoring
$16.6
$10.0
$8.7
1958
14.2
8.6
7.0
1957
15.4
7.9
1956......
14.5
7.0
1955
13.5
6.2
1950
6.1
Increase
..
1960
creased
173%
to
information,,
more
receivables. send for booklet CN—it's free. Vantage
loans secured
by receiv¬
to be paid over 12-36
These
AUTHORS WANTED
the
$5,800,000
of
as
Finances
to-one
of
to
provides
to
OFFICE:
Telephone: BEekman 3-3622-3
Operations
dupli¬
or
in
multiple.
personal satisfaction
outstanding at the end of the fiscal growth
municipal
offer
at
yearly in value in line
increase
In
solicitation
10%
creativity in with
earnings, with the possibility
feeling of of some further
offers
for
the
YORK
Broadway, New York 6, N. Y.
I
expect
stock to
increase
actual
other firms.
terion
At
person a
with
a
the
to
that cannot be estimated
time.
ultra¬
to
21
at
would
from
way
149
antici¬
re¬
David Norr
NEW
a
73)
the
financing
air¬
circumstances
The
(at
of
times
wnere
Securities Co.9 Ltd.
years
sults.
is
the large sums spent
no
the
price
rates
D A I WA
continue
stock
product to follow the development
JAPANESE
improve
ahead.
The company
person with an idea for a
a
offices
is
pated 1961
allows
branch
why
employee piracy is the rule rather
The
pro¬
most
industry
an
our
SECURITIES
profits should
engineers, scientists and
in
to
$3.50
there
not
to
DIgby 4-2727
as
m. rrmtm
strong,
unique features of
two
(This is under
very
turnover
to
year
chan¬
are
wires
City
than the exception.
share
supply systems.
Gulton,
lowest
technicians
1960.
nuclear sub¬
for
the
of skilled
against
industry
an
of
one
of
Ma¬
research
space
expenditures
Orleans, La.- Birmingham. Ala.
Mobile, Ala.
against $10,605,000. Gains are ex¬ loans against
receivables, inven¬
pected in both sales and earnings tory and equipment
may also be
this year and the current
used
as
backlog
security.
Mullen-
Electrical
flowmeter for
marines
—
New
NY 1-1557
purchase of road building ma¬
$813,000 or $0.85 a share on chinery, laundry equipment, and
average shares outstanding in the vending machines.
period.
Sales totaled $12,997,000
(4); In connection with some
in¬
and
of
accompanying
sonic
SUGAR
Raw
of
D.
.
St., New York 6, N. Y.
was
borne oscillators for missile
tests;
a
range of new spectrum and data
analyzers for telemetry systems,
and
is
five years.
Net income
for fiscal year ended Feb.
28, 1961,
grams; self-calibrating accelerometers
and
liquid-level
Gulton
-
Walter E. Heller Co.
The
personnel
philosophy
is
truly outstanding and has resulted
in very high employee morale ana
the
physiological monitoring
Force
tLcal
(3)
earnings, the company
capability of tripling or These
quadrupling these earnings over ables
chinery and Mfg. Co. (a subsidiary
of Worthington
Corp.) of Los An¬
geles, Calif.
New products
de¬
veloped last year included: Auto¬
for
In
New York
re¬
stock
Exchange
Analyst, Burnham & Co.,
paid for by govern¬
earnings.
&
has
the
1961
programming,
Air
99
fiscal
computer
systems
figures do riot include
trie
HAnover 2-0700
NORR
no reason
to
Mineola, N. Y.,
specialists in data processing and
matic
LAMBORN & CO., Inc.
of
Division
2,000,000
why I like it.
DAVID
this
is listed on the Ameri¬
Stock Exchange where it was category Heller purchases the re¬
ceivables and assumes the burden
recently quoted at $55 a share.
of any losses.
While the stock is
high relative
acquisition of Svstems
Corp.,
bach
12,997,000
standards
I
American Stock
Exchange
19 Rector
Direct
Gulton
distrib¬
with
—
Research
electronic
2,000,000
these
can
line.
cluded the
10,605,000
is
V
i
exists at all levels.
intensity—that has been so
developing its prod¬
Highlights
■
1,000,000
2,100,000
this
and
$500,000
6,184,000
7,477,000
meets
believe
and
believe
successful in
FOUNDATION, Inc.
$5,164,000
work
Gulton
Expenditures
I
ported
where
one-
Management is now striv¬
ing
to
improve
the
company's
marketing capabilities, perhaps its
major weakness, by applying its
and
Sales
companied
independent
representatives
talents
R&D
operations.
K.
creases
utors.
Support
their
ac¬
the
govern¬
sales engineers and the
own
sales
the
as
Somewhat
their
Members New
Members
of
(1) Loans secured by accounts
is exemplified by the
healthy re¬
receivable. These loans are
pres¬
lationship with the union, a large
ently made to 90 clients, with
stockholder,
which
has
agreed
rapid payment, 30-60 days. Each
that wage increases shall be
Direct sales to the govern¬
run
10-15%
of
the
total
sales.
Steiner, Rouse & Co!
by the figures
dignity. That this
philosophy is mutually beneficial
at
ment.
Bought—Sold—Quoted
(Page 2)
expenditures
form of human
and equipment. Plants are located
Customers
Louisiana Securities
David
—
The
people.
D.
New York City.
neled toward this goal.
Michael Burke
of
company,
our
Co.
&
that the company
has put new
product development ahead of re¬
R.
i fied
v e r s
&
attract and
profit-conscious, however, and all
products, rather than be¬
ing a haphazard agglomeration of
merchandise has,in fact, as its com¬
Opportunities Unlimited
for
o
charge a ble
flash-light.
This widely
System
line
Write
t
"Life-
Lite''
SAN FRANCISCO
.
pie-
zoeledtric
CHICAGO
.
the
and
—
1962, Dr.
Gulton, Chairman and Walter E. Heller & Company has
President, has stated $2-3,000,000 increased its per share earnings
will be spend on new product de¬ annually for 13 consecutive years.
velopment.
Thus it can be seen Earnings should increase 10% this
Leslie
prod¬
ceramics
1-40
Induslries, Inc.
Michael
Burke, Analyst, Edwards and
Hanly, New York City. (Page 2)
in
Analyst, Burnham & Co.,
to
shown
contract.
ment
Alabama &
-
search
a
from
R.
19.61
line rang¬
uct
volume
scienalic
best be
These
have
diverse
1920
Teletype NY
BOSTON
1965087
a
-
per¬
developed
Broadway, New York 5
WOrth
indeed
V
creative
scientific
Member
Stock
factory"
is
sales
below:
company.
Its
Corporation
American
appellation
char-
top
large
can
incorpo¬
"idea
an
hold
very
acterization of
New York Hanseatic
Established
as
this
the
Associate
Inc.,
Week's
Gulton
development
enabled them
Have
1942, has been described
perfect
executions.
accurate
Industries,
in
elsewhere
and
Stock
Thursday, June 29, 1961
.
Fartioipancs and
enlightened personnel policies em-, Walter E. Heller
ployed
by
management
which
Ncrr,
Industries, Inc.
Gulton
your
York
.
of the country
and
to
.
Their Selections
particular security.
a
research
relation
Exchange
American Stock Exchange
and
States.
New
diffcnnt group of experts
a
favoring
on
Analyst, Edwards and Hanly,
New York City
cover¬
reaching banks, brokers and
dealers
throughout the United
age,
Next
for
reasons
BURKE
This
"Forum
advisory field from ail sections
nation¬
our
private wires,
fast and reli¬
traders
which, each week,
in tha investment and
Call "HANSEATIC"
wide
Security I Like Best...
A continuous fcrum in
Chronicle
'
2.8
for 48 Years
paper
on
National Quotation Bureau
2.0
a
338%
in¬
8%;: personal loans 12%,
Continued
Quotation Services
6.5
5.6
4.9
-
253%
automobile
Over-the-Counter
page 26
"Incorporated
Established
46 Front Street
CHICAGO
1913
New York 4, N.
'
SAN
Y.
FRANCISCO
!
Number 6068
193
Volume
.
.
The Commercial and Financial Chronicle
.
(2835) *3
CONTENTS
Today's Speculative Cycle
And Role of Government
LiCHTtnsTfin
B.S.
COMPANY
AND
Vice-President and Treasurer of Winslow,
Cohii & Stetson Incorporated, New York City ' ' t..
'
By B. K. Thurlow,*
C
j-
excesses
he
distortions
avers
dangerously built into the
are
Budget Deficits—Hon. Douglas Dillon.___
cycle, and ruminates on whether the government will act to liquidate
or lessen them
before the next election to avoid an embarrassing,
it'
whan
of
stimulation
ment's
into
runs
rejects
and
trouble;
beyond
market
bull
the
—B.
K.
Our
at
many
The Coming
would
have
thought
in
just
of' it
these
is at
made
shrewd
Yankee
Bradbury K. Thurlow
real
crumbles
of
substance
much
that
stuff
gifted
less
by
but
more
iearned writers. Irving's basic idea
him
to
came
as
he
was
watching
lovely, calm sunset during a sea
He tried out his esthetic
on the ship's captain,
voyage.
enthusiasm
merely shook his head sourly
and said this kind of halcyon calm
who
as
"weather
a
this
scene
exampled
the
and those "times of un¬
prosperity"
"Every
writes,
which
are
now
and- then,"
world
"the
is
one
of these delusive seasons
the
'credit system'
as
he
by
visited
when
it is called,
expands to full luxuriance; every¬
body trusts everybody; a bad debt
is a thing unheard of; the broad
wealth
to certain and sudden
way
we
Bank
solid
capital,
stocks
amazement at the amount
lic
of July
as
turn
.
of pub¬
wealth, the 'unexampled state
our
dreaming
They
relate
to
projects
credulous,
speculative
designing men.
their dreams and
and
ignorant
the
dazzle
them
with
Indications
of Current Business Activity
31
Market
and You (The)—By Wallace Streete
16
.
.
.
Observations—A.
Public
ioned
on
of
side
is
dollars
finally
as
proven
as
well
Offerings-
___—
45
—
2
24
Corner—
right.
as
materi¬
v
and Industry
of Trade
State
Washington
and
You
Southern Gulf
5
(The)
10
Tax-Exempt Bond Market-—Donald D. Mackey
on
page
Utilities
48
;—j,
28
1868
Park
Place,
CLAUDE
WILLIAM
Every
plete
Chicago
Glens Falls
Worcester
state
D.
J.
issue)
Chicago
3,
111.
29,
news,
135
—
Treasurer
(Telephone
Dominion
Other
clearings,
Salle
STate
in
Countries,
Bank
$45.00
St.,
2-0613).
and
per
Note—On
the
La
New
United
U.
States,
S.
$72.00
per
rate
foreign
must
be
Quotation
year.
account of
of
INCORPORATED
in
New
39
—
extra).
fluctuations
in
for
advertisements
remittances
and
York
BROADWAY, NEW YORK 6
Monthly,
Postage
the
exchange,
subscriptions
made
Record
(Foreign
W? V. FRANKEL & CO.
year.
Other Publications
etc.)
South
Febru¬
at
Territories
and Members of
Union, $65.00 per year; in
of
Canada,
$68.00
per
year';
1961
bank
matter
office
post
Pan-American
market
news,
the
Subscription Rates
Possessions,
news and ad¬
Monday (com¬
quotation
every
Issue
at
1942,
Subscriptions
9576
(general
and
Office:
to
SEIBERT,
corporation
city
25,
second-class
Publisher
MORRISSEY, Editor
Thursday
and
ary
as
York, N. Y., under the Act of March 8, 1879.
SEIBERT, President
DANA
statistical
Other
Company
New York 7, N. Y.
REctor 2-9570
records,
Schenectady
COMPANY,
DANA
B.
vertising
TELETYPE NY 1-5
Copyright 1961 by William B. Dana
Reentered
U. S. Patent Office
Thursday, June
ST., NEW YORK 4, N. Y.
'
CHRONICLE
FINANCIAL
Members New York Stock Exchange
TELEPHONE HAnover 2-4300
Twice Weekly
COMMERCIAL and
GEORGE
32
to which
Spencer Trask & Co.
Boston
DIgby 4-4970
contributing to this differContinued
Founded
Broadway, New York 5
20
Now in Registration
Salesman's
Security
stake in
at
are
ally many are interested in this
question of speculative cycles, I
think it may prove profitable to
discuss some of the present ele¬
ments
39
20
Governments
Security
J.F.ReiIly&Co.,Inc.
4
May—
Wilfred
Security I Like Best (The)
Reg.
Newark
futterman corp.
both sides and many
PREFERRED STOCKS
Nashville
fiat metal mfg.
21
Securities
Prospective
opinion in this question are ably
defended
on
Utility
Securities
modern
believe
who
Reporter
Our
The
Albany
power design, inc.
27
Funds—Joseph C. Potter
News About Banks and Bankers—;
25
BROAD
associates, inc.
8
12
WILLIAM
25
acoustica
48
Washington Ahead of the News—Carlisle Bargeron
Published
Shave specialized in
._
12
has made the old fash¬
all-embracing
speculative
society
golden visions, and set them mad¬
IfFor many years we
26
___!
Einzig: "Canadian Devaluation and the British Dalliance"
Mutual
1929, but when
situation,
Intellectually
or
Stocks
'
■
(and among these some
highly respected professionals
who determine policy for insti¬
Last"
"Now is the time for
__Cover
(Editorial)
attention to the pres¬
the ultimate decisions
"Could This Delusion Always
St. Louis
'
quite
billions
public prosperity.'
It
Insurance
and
From
it suddenly seems
different. There are many
people in our business who have
suspected the imminent top of the
great postwar speculative cycle
ever since
1946, just as there are
ent
Philadelphia
/
Dealer-Broker Investment Recommendations
in cycle obsolete. The differences of
back
falls
and
23
Coming Events in the Investment Field
are
example, who would expect to be
caught in the Florida land boom
as
of
1926
or
long of common
tutions)
to
Los Angeles
familiar today with the
all fairly
we
Cleveland
vahlsing, inc.
See
As We
a
1929-32 debacle,
the
after
to
'
Regular,. Features
hundred
years
ago,
a
host of
lesser commentaries published
still over
and from
but
Irving,
be sure, as yet exists in
promise; but the believer in prom¬
ises
calculates the aggregate
as
All,
'
*
*
Bankers Association
popular delusions and Madness in
crowds" writen a generation after
plain and open; and men are
to dash forward boldly,
from the facility of borrowing. . . .
tempted
Teletype NY 1-1825 & 1-4844
San Francisco
speculation,
ground, leaving
wreck behind: 'It is such
dreams are made on.'"
inc.
40 Exchange Place, N. Y.
22
the
to
mackie,
cellent "Memoirs of extraordinary
many
lies
Small Business Financing
on
Taft
P.
George A. Newbury is President of the New York State
Sure
weather breeders of traf¬
sure
fic.
breeder".
&
18
Direct Wires
major characteristics of the specu¬
enough by the middle of that lative cycle as it has existed for
other people at other times. There
night, all hell had broken loose.
is scarcely one of us today, for
Irving drew the analogy between
was
Singer, Bean
Chicago
From Mr. Charles Mackay's ex¬
has been written since on the sub¬
ject
a
scarce
contain
that
the
:
Stock Investing
*
reared by
and
credit
ob¬
servations
16
Duncan
Officer's Views
Loan
—Richard
curtailed; the promis¬
sory capital begins to vanish into
smoke; a panic succeeds, and the
whole superstructure, built upon
Mississippi
some
A
enter, and the
of unexampled prosperity''
end. The coinage of words
an
Lindy Hydrothermal
:
doubt
a
Bowling
15
HA 2-9000
is suddenly
about
;
Stock Prices and Lessons for the Future
R.
—Robert
golden dream;
short as it is brilliant.
as
but
'season
so
the
Cobleigh
The Trustee's Dilemma in Growth
would indeed be a
Let
U.
—Roger W. Babson
and
Could this delusion
always last, the life of a merchant
but it is
YORK
4-6551
Bargain City, U.S.A.
Amer. Int'l
.
.
NEW
WHitehall
Oil Recovery
14
Lanes—Ira
on
100 Years of
the magnitude of the
he
has contributed to
.
STREET,
.
at
produce.
or
Bubble,
admires
and
get
Dashew Bus. Mach.
on
inflation
but
Washington
Irving,
writ¬
ing a hundred
the
WALL
6
—Murray Shields
speculation; bubble
rises on bubble; everyone helps
with his breath to swell the windy
rises
tion
wonders
terms,
event
6
;
Bumper Crop of New High Records
ding after shadows. The example;
of one stimulates another; specula¬
superstructure,
time
after
you.,,
of them
Telephone:
—Albert C. Simmonds, Jr
.
Lines
the awareness of stock
market cycles has existed more
or less vaguely since the collapse
of the South Sea Bubble. I doubt
suppose
years
to
for
The New Challenges Facing Commercial Banking System
\
...
capital gains taxes if the
2{k% government bond of
long—or no—maturity. Mr. Thurlow depreciates this "Mephistophelian plan, and the government's control over free economic forces.
the
us
3
,
—Hon. Jacob K. Javits
proceeds are reinvested in a non-taxable
that
too
Truss
grant a forgiveness period from
would
or
/.
Foreign Aid Program Faces Its Greatest Challenge
"pure moonshine" the
as
earnings rise in the decade
ahead. The author comments on present attempts to talk speculation
out of the market, and says he was told that the Treasury Depart¬
ment has been
considering a scheme whereby the government
stock price and
of inevitable
doctrine
of
Thurlow
99
life expectancy
its
obsoletes
long.
rid
end of the speculative boom in common, stocksj decries govern¬
;
those
__Cover
Today's Speculative Cycle and Role of Government
pointing to the
Mr. Thurlow detects classic signs
market correction.
You've been carrying
Inflation Fears Are Unjustified Despite Continuing
government
views
uncomfortably
cycles
speculative
and
-
a
BACK HURT?
.
of
Avower
I
Page
..Articles and News
funds.
WHitehall
Teletype
3-6633
NY 1-4040 &
1-3540
4
The Commercial and Financial Chronicle
(2836)
On
OBSERVATIONS...
WILFRED MAY
A.
BY
see" is evidenced
already being so "seized" via the
American Stock Exchange in conjunction with the Re's scandal,
expelling the Re's, father and son,
and calling for members' data in
response to a most voluminous
questionnaire,
Congressional hearings on the pro-
large-scale investigation of the trading markets highlights the importance of prospective multiple-source revisions in
posal for a
securities
regulation.
True, the House hearings were
programmed to be narrow. The
enabling
Resolution,
introduced
A sure Bet
sub-
Regarded chiefly important is
the over-the-counter market, the
Committee
problem with which the Commis-
by Representative Peter F. Mack,
considered
and
Jr.,
committee
and
Interstate
on
headed by
merce
SEC
"conduct
to
by
the
of
a
Foreign
sion has been most broadly and
Com-
him, directs the
continuously immersed ever since
study and in-
the enactment of the New Deal's
securities legislation. The long-
a
vestigation of the adequacy, for
the protection of investors, of the
rules
securities
national
of
changes
associations
[meaning
Association
tional
Dealers—the
eluding
N.A.S.D.]
for
rules
suspension,
member
of
the
try from important provisions of
the 1933 and 1934 Acts are particularly important
inexpulsion,
boom - time torrent of new
offerings.
All unlisted issues are free of
...
of
a
inconsistent
conduct
for
the proxy
with just and
equitable principles
a $750,000 appropriation. But this relatively narrow
agenda may spill over into
a
number
of
other
impending
of trade"—with
questions—possibly motivated
byl
desire to justify the appropriation. But if it does not, they
S.E.C.,
as
part of its regular program,
with the aid of special projects,
Foremost
among
the latter are
the
will be "processed" by the
School's
Wharton
the
conducted
long-
mutual
funds, and the recently initiated
six-month undertaking by Joseph
L. Weinerj as Special Consultant
to the S.E.C., "to review various
programs
and
operations,
and
study
the
of
recommendations
make
Commission
and
to
action
rect
(as
Senator
of
is
Professor
Louis
getting
istrations,
revision and unification
most
thorough
of
ment
been
hot-and-cold
J.
(including
M.
the
Landis)
enlist-
will
be
a
stronger factor toward enacting
some such legislation—but surely
in compromise form.
certainty of the Exchanges
a
has
that the change in Admin-
guess
"Task
andhrulesaWned SeCUritieS StatUt6S
The
h™
the years, will be more or
^ess helpful to its passage, is a
moot question. This writer would
Force" inquiry into up-dated fundamental
"insider trading"
over
Gore's
as
Loss'
midst the
regulations imposed on listed corporations, with issues of less than
$300,000 being completely exemptable from registration. While the
statute imposes the obligation on
new issuers, both listed and ,u,nlisted, to file complete corporate
information quarterly, semi-annually, and annually; issuers of
amounts less than $2,000,000 are
not so required. Thus, even a substantial portion of the "fancy"
new issues escape the obligations
°i corporate reporting as well
as the proxy and "insider trading"
restrictions that are imposed on
Exchange-listed companies,
Whether Mr. Frear's transfer to
membership on the Commission
by
part
tax legislation. And then there
proposed stock option bar
and
now
from the Senate, where the OverThe-Counter legislation sponsored
the
the
Congress."
Congress will take some di-
The
of the securities indus-
mous area
ex-
Securities
discipline
or
existing exemptions of this enor-
securities
the
Na-
national
and
by the S.E.C.'s
"look-
exercise,
in which the 1961 Commission has
officer
definitively
The
been
finally issued, in slightly re¬
form, to take effect July 1.
vised
The
regulations, dealing with
advertising and related "fraudu¬
lent, deceptive, or manipulative"
practice, is now in steady prog¬
ress.
The
storm
raised
by the
Commission's original promulga¬
tion of
proposed rules resulted in
of protests (accompanied
flood
by
endorsements)
few
a
It is understood that the
in
major
one
cessful.
have been
area
The
proposed prohibition
Clarification and
ous.
be
data
permit,
to
made,
investment
counsel,
ing
advertising
adviser
week
pointed
space
(June
unresolved
22),
in
markets;
the
of
cluding
financing;
the
the
effects
stock
question
should
the
its
received,
ommendations,
the
to
rec¬
Com¬
there
thought that the
our
administration
of
advisers'
thorough
or
the
tated
this
by
transferring
it
the
to
Federal Trade Commission—or at
will
studies
After
out
the
tranche
second
,
relating
of
will
the
to
advertising is
the Commission
way,
begin compiling
tions
governing
conduct.
with
regula¬
new
their
business
Perhaps included
will
be
of
there¬
consideration
of the
Telegraph
Tip, whereby "invest¬
advice over the glamorous
telegraph wire, has had the "Wal¬
these
of
the
the
the
ment"
wildly dis¬
following
market's
the
opening in the touted issue.
also
action
of
relations
said
are
to
profes¬
be
clients.
offered
Such
partially
"hun¬
issues
activities
curbed,
limited
registration
firms
is
such firms distributing
promoting, market-
publicly
a
offing
concerned with the
public
There
'the
in
in
of the
but
of
are
only
period—during the
period,
for
40
in
and
days
press
after
some
the
of these
In
this
each
At the
already close to inclu¬
under the existing
adviser
rules, additional regulations would
are
sion
be needed
to
make
adviser
curbs
thesis
SEC's
not
agency
too
plan
Law
holding
the
School
"Mr.
his faculty colleagues
by
students!
as
as a
scholar and teacher
along with our underlying
that
investor
education
all
the
The
proposal
would have permitted the Chair¬
"cleaned."
But
elimination
term,
there
is the affirmative
danger of the investor getting a
false
sense
of security from "Gov¬
ernment guaranteed" —or at
"Government aegis."
EST.
for SEC
action,
actually ordered by
the Congress, is Proxy regulation.
Along
with
the
processing
of
We take
these
pleasure in announcing that
HENRY
B.
instruments
warfare,"
the
MR.
area
and
has become associated with
as
Manager of
our
"corporate
privileges
stockholder
of
the
of
the procedure
initiation and re¬
Mutual
management
contracts, as amended by the com¬
promise version adopted by the
us
SEC
Trading Department.
1870
in
proposals,
regarding
newal
of
the
individual
making
GERSTEN
not
or
in
January
1960,
will
be
Correspondents inprincipal cities
throughout the United States and Canqda
reviewed.
Also to get action:
the Stock
Option, about which the attending
fury
is
cluding
via
Casper Rogers
80 Pine
Co., Inc.
the
gree
Street, New York 5, N. Y.
cies,
5-5570
Teletype:
NY
I
..j
„
v.v.y,-.v.v,-.v.-.v.v.v.v.v.v;v.-.y.-.v.;v.v;v:v^
UNDERWRITERS AND DISTRIBUTORS
What
about
OF INVESTMENT SECURITIES
currently growing de¬
of supervision, and its poli¬
as
in
the
Middle
South
case,
Dominick
subsequent
market
?
abolition).
SEC's
of condoning the
lowering of the
optionee's price to accord with a
1-4949
Trading Dept.: BO 9-6244
f
(in¬
tax legislation area,
Senator Gore's proposal for
Utilities
Telephone: HA
growing
the
complete
&
greatly
so
§£;
drop
principle into
And
is
the
(turning the option
pure gift routine)?
SEC's
present
reten¬
Members New
&
Dominick:
York, American & Toronto Stock Exchanges
14 WALL STREET
of
cheating of the "game's" players
will
not
change
the
essential
character
(speculative)
of
the
trading activities. Over the long-
of the
is
be
Up-Dating the Battle Rules
whether
is
con¬
and
subsequent
reforms?
As¬
suredly, Exchange operations_will
effective.
Another
he has
Corporation
Meanwhile, what will be the
impact on the market of
prospective
investigation
Senate's
reorganization
important.
breaking-up
the
inte¬
for
able
Division
"net"
investigation
of
the
regulatory
agencies by James M. Landis, who
back in 1935 succeeded Kennedy's
pere to become the Commission's
Administration's
has long
an
Utilities
important
than
ceivable regulation!
chairmanship of the Agency.
The
as
more
gral part of the recent Task Force
Wednesday
the
called
he goes
on
Kennedy of his father's first
chairman.
of
Perhaps
an
academic
Commission he
Columbia
well
as
some measure, sub¬
recollection
by Presi¬
last
of
been
following, in
was
of
companies under the 1935 Act. At
recom¬
reported back
course
key
boom,
which administered the herculean
of
way
to broadening in both
importance and breadth—possibly
The SEC of
this
market
remembered
member
along
to be
stock
practical background.
been
the
seems
Chair¬
new
furnishes
of
combination
rare
a
and
Law"—
The Commission
its
under
Cary
time
task
be
rela¬
and
Agency, particularly important at
may
findings,
deliberation
SEC
Mr.
be
RE-KENNEDYIZED
turndown
of
role of Commissioner).
in
the
second
Office
any
a
COMMISSION
dent
the
one
Whar¬
which
Commission's
conscious
of
man,
ter Winchell" effect of
torting
service
Careful
Congress.
THE
new
After
tively slow-but-steady progress is
the impression given the observer
their
staff
by the
SEC.
the
mendations will
to
in
William
Cary
(with
the
Agency's former Republican boss,
Edward
Gadsby,
constructively
moving over to the supporting
presumably
group,
cases
with
the Commission's
now
cluded
and the
other,
now
being
initiated
by
Joseph L. Weiner at the direct
behest
admin¬
sentence"
Price Administration and the War
bit accelerated;
a
"death
the
Utilities
1938-1943
Act, Werner's subsequent posts in¬
if
to get
And
One
School
become
the
of
Public
helping William
Douglas draft the SEC's Chandler
wiggle." Two major
will
be
crucial in such
consideration.
rules
Director
as
from
Chairman.
a
least in the book
ton
in
Commission's
F.T.C.
field, where the
already has jurisdiction and
experience.
Cary,
bond
froth
over,
another.
area
"getting
become
breaking up the holding com¬
panies. On his staff was William
re-look.
sure
are
going
event,
a
Funds,
aspects,
source
in
the
as
love from Wall Street,"
no
istered
the
Mutual
advertising rules could be facili¬
on
seen
Division, has
Weiner
Division
part
particularly
public utilities
as
field, might well get
The
in
Provision
in
exercised
various
the
Production Board.
Call
thereover,
may
hearings.
It has been
SEC's
and
full
which
mission—after
be further
together
comments
own
of
are
functioning
Commission's
margin
price
comments
digest
a
expects
latter, whether some formula
The
Utilities
Mr.
$64
factors—and
of
reliance
engaged. Recently profiled as "A
specialist in Unpopularity, who
market's
credit
greater
director of the Commission's Pub¬
Reserve
its
gear
the
to
to
or
the
to
the
is
liaison with the President;
Loss'
afore-sighted mis¬
Dr.
lic
volumej and
whether
changing
level
and
answer
it
sion; and in the full-time job in
which
Joseph
Weiner,
former
margin
prices
Landis'
in
of
definitive
that
manifestations
cooperation
agency
"Leakage" effect
rules; the
margin changes
current
direct
the
with
week
a
Mr.
"liquidity," in¬
alleged
role
in
the economy's capital
its
of those
"Cary was thought
shark, but ended up as a
a
outside
market
facilitating
of
current
be
Other
of today's
claims on
components
if permitted to do
even
to
Commission's
require objective authoritative restudy—the speculative and invest¬
ment
the
have
Minnow."
area
financing where the SEC's policy
about
to
last
this
not
has said,
wag
following
the
items
out
question,
would
transfer, are already
delegable.
Incidentally
one
recognizing that,
under
existing legislation's lack of
directives, the
Reserve
Board's
existing policy in administering
margin requirement changes has
necessarily been quite haphazard.
this
in
much
desirable
the
As
and
so;
for
com¬
staff members. Most
or
duties
delegated
company
in
for
HAnover 2-5795
a
mit
offering date. While
•
now
prohibition
a
authority
to individual
cases
Commissioners
Furthermore,
be
the
of
an
is feasible.
coverage
Broadway, New York 4
are
by
delegate
,
missioners
option's
held
receiving further consideration by
the Commission's Trading and Ex¬
change Division which will sub¬
their
LAREN
there
Board
The complete proposals regard¬
be
to
handling
Fixing:
a
such
it
director?
Thursday, June 29, 1961
.
man
interval
the
Stock Market Credit and Margin
change will
give
that
of
buyingf-in its
(supporting the mar¬
ket)
while
options
are
out¬
standing?
particularly
to
date
stock
own
on
request.
on
now
26
suc¬
against the adviser publicizing his
past achievements is now ambigu¬
wise,
KUNO
protests
minimum
the
or
behalf
hearings and correspondence.
literature
of industrial securities
which
taken into account via
have been
dreds"
Underwriters, dealers and distributors
the
of
Adviser
sion.
LAREN COMPANY
installment
second
.
adequate, in setting six
as
the
should
accompli, having on May 25
fait
related
the formation of
the
of
tightening rules, relating to de¬
tailed
record-keeping is now a
a
after
against
installment
first
financial
announce
in
engaged
pressing timetable.
Possible
We
rule
represents another important area
a
HEADQUARTERS
week's
WASHINGTON—This
tion
months
become
POLICE
AT
Front
Tout
the
stepped-up invasion against
the "investment" advisers doings
The
.
NEW YORK
least
Volume
Number 6068
193
.
and Financial Chronicle
The Commercial
.
.
Production
Steel
Electric
Oil
Output
Carloadings
Retail
The State of
Trade
Index
Food
Price
Production
TRADE and INDUSTRY
activity is
Steel
running
now
Although tinplate shipments
to lag, this is more a
problem of tight inventory control
rather
Failures
than
weakening
Can shipments
basic demand.
Commodity Price Index
running
ahead
months.
of
any
fare
affirms
tors
improvement
spread
significant business indica¬
are
of
that
is
Bank
The First National
showed
ately strong business
under way, says
issue
of Boston in the June
Bank
its
of
recovery
New
England Letter.
the
tinuing,
Con¬
in the
upturn in the
Bank
says,
ago.
year
cities
cate
that
various forces that will contribute
all
an
to
the
of
the
improvement. The breadth
present uptrend, however,
of the major spend¬
affecting all
ing
sectors
to
degree,
some
sug¬
gests more and more a combina¬
tion that could produce a marked,
V-shaped
per¬
of
that
closely
resembling
haps
pattern,
recovery
factors
cities of the United States
in the first
quarter. How much of
strength of the stock,
recent
market
"too
reflect
may
gener¬
anticipating, too soon" this
welcome event, it is difficult to
ously
number of
forth
last
at
$29,346,137 088 for the same week
in
1960.
Our comparative sum¬
turn
warnings against spec¬
slower
a
and
upturn follows the
of the four post-war
periods. The pattern of
production in each of the three
recession
preceding
periods since
recovery
has followed a roughly
1949
regairiing
trend,
other
In
Age"
"Iron
July delivery
pected
August is running ahead of both
May and June, at comparable ad¬
eral
110
late
Federal
the
on
early
as
as
December.
as
steel and autos, as
well
Re¬
July or
Although
as numer¬
other lines, did well enough
in
the
in
rise
index, it
should
the
initial
that
remembered
stages of recovery are likely to be
most
spots
while
rapid.
in& the
the
forces
in
to
the
continue,
third
temper
labor
of
quarter
any
over-
Sev¬
placed
companies
than
was
delivery,
August
for
orders
and
general orders that have put July
in a stronger position than seemed
August upturn is expected
strike
or
the
ple:
steel
automakers
by
be affected by
negotiation as
deadline approaches.
31
Aug.
Although
auto steel
orders are
strongest single factor in the
the
steel
summer
are
involved.
Tubular products
at least
there
trend,
elements
other
should remain
months, and continue the gradual
that
rise
began
be
back
ago.
of
more
strike.
The
panies will-'show
ment
some
Age
Iron
earnings of steel
comments
the
over
a
com¬
big improve¬
first
quarter.
considering
ARE
PLEASED TO
THOMAS
E.
in the market
v
erations.
''y
u
price situation is un¬
with price and extra
continuing
for
many
products., A break in major ton¬
nage
products
now
seems
less
likely, however. Automakers,
who
would
less
be
the
leaders,
interested
the
price front. Instead, they are
insisting on high quality, prompt
delivery, and other; services that
will help lower auto production
costs without breaking prices.
Metalworking Sales to Be
In
The
men
Strong
Second Half
who
manage
uptrend
in
second
half
for
shorter
the
American
Iron
steel
on
enough
hand to wind up pro¬
& CO.
AND OTHER
YORK STOCK
PRINCIPAL STOCK AND
2
of
NEW
YORK 4
ended
June
Other
will close plants
users
vacations.
for
will probably
production
decline
by 12% in July (to
ingot tons vs. June's
million
Production
June
7.5
8.5
million).
24
(*92.6%)
at
*
—
v"
"
'
1,975,000 tons,
output
26, 1961
http://fraser.stlouisfed.org/
I
Federal Reserve Bank of St. Louis
OFFICES
26.7% below the
or
The
institute
concludes
with
Index of Ingot Production
tricts, for week
1961, as follows:
by Dis¬
June 24,
ended
tons.
Output will be slightly less
next
week.
magazine's
Production for
Week Ending
was
scrap
June 24,1961
North East Coast__
101
Buffalo
84
Pittsburgh
93
Youngstown
89
price com¬
posite
was down 34 cents a gross
$37.83. Mill buying is tend¬
ing to dry up as steel operations
Cleveland
ton to
Detroit
slowly
Cincinnati
118
Automakers
complete
to
plan
the bulk of their 1,961 model runs
the
by
weeks
July
middle
of
earlier
'than
I
three
—
last
123
134
1
Chicago
drop.
114
St. Louis
120
Southerns
117
Western
122
year,
By the end of the
they'll all be switching
production of next year's
Total
Steel reported.
month,
*
industry
Index
of
production
weekly
for
106.2
J
production
based
average
on
1957-59.
cars.
New orders for steel to be used
in the 1962 cars are
and it's believed that August
ments will
ship¬
be substantial. At that
time, other users will also be end¬
ing
vacations and stepping up
consumption so there's a good
chance
August ingot production
will rebound to about eight mil¬
will come in
September as
automakers start
turning out new models at top
The
big
spurt
The
only thing that can upset
industry forecast, Steel
steel
this
reports,
is
a
long
strike
Makers
Auto
reached
levels
duction
another
auto
Packard
peak 1961
this
maker, Studebaker-
Corp.,
concluded
assem¬
Ward's Automotive Reports
said.
The
statistical agency said that
General
Motors, Chrysler Corp.
Motors each pro¬
American
and
duced
more
new
autos this week
than in any similar
period of this
Continued
in the
of
of Securities
Forsyth
J. S. Treibick
Theodore Gold
Robert G.
Caffray
NEW YORK 5, N. Y.
Trisyth
pro¬
while
bly of its 1961 model cars a month
"phase-out" last
Melvin R. Seiden
•
week
in advance of its
Colin D.
STREET
Peak
1961
Three U. S. passenger car manu¬
facturers
pleasure in announcing the formation
WALL
Reach
Production for
year,
tons.
lion
Three
being released,
1
IN 40 CITIES
43,146,000
58,876,000 tons (*126.4%), in the
period through June 24, 1960.
drop of 10,000
a
Underwriters & Distributors
63
to
*Indcx of Ingot
Steel estimates
The
through
year
Ingot production last week was
down.
Cable Address:
JUNE
17.
this
amounted
EXCHANGE
f
In¬
(*106.2%), 0.4% under output
1,985,000 tons (*106.6%) in the
COMMODITY EXCHANGES
BROADWAY
Steel
tons
tons
duction of 1961 models.
(3)
Richard Treibick
MEMBERS NEW
and
stitute, production for week end¬
ing June 24, 1961, was 1,978,000
TREIBICK, SEIDEN & FORSYTH
1891
18
According to data compiled by
GENERAL PARTNERS
ESTABLISHED
to
Steel Production Data for the
DEPARTMENT
GOODBODY
pressure
months.
soon.
FEELEY
Suppliers
contracts—12
APPOINTED MANAGER OF OUR
SYNDICATE
do.
considerable
,
metal-
business.
automakers
exert
week
July | holiday.
(2) Automakers have
speed.
working companies predict a solid
P
BEEN
now
breaking
in
month because:
into
The steel
will
a
metalworking,
of
survey
putting three to six cents
fringe benefits if the Big
into
Three
ANNOUNCE THAT
'
HAS
the
moderate rate of steel-making op¬
We take
WE
For
companies.'earnings will be
high
part
Steel
a
Week Ended June 24
industry,
(1) Steel makers will curtail fin¬
ishing.
operations
over
the
until
runs
steel
are,
of
advise they
producers
oil
Major
six months
to
of the second quar¬
approaches,
strong through summer
as
a
the end
As
seem
the
August,
likely
to inventories
throughout
lines.
capacity will rise by
basic
the
Steel
100,000 cars, that have not
been shown to the public,
changed,
for
for
not
production
on
some
reports that July will be a
slow
auto
Automakers would not want
shadings
September
For
signed.
books
are
full
to hold
than
whenever
are
down
will per¬
some
idea
during the second half.
two
negotiations are out of the
The reasoning here is sim¬
settle their
cautions
Production
2%
The real auto¬
or
the
on
negotiations without
a
work disruption.
The
magazine
orders
and
automakers
Auto Workers
contract
will
September,
through
continue
to
first
the
for
August.
relatively
jlikely a week ago.
The
have
spite of the good automotive
labor
magazine bases this on in¬
dications from Detroit of strong
slump now
will
optimism.
except hot-rolled.
of
orders
ter
soft
some
economy
possibility
disturbances
offer
Also
sheet
orders
In
yet
severe
almost
for
labor contracts
In addition, the
looks to be less
expected.
May to suggest a further signifi¬
cant
all
auto
good
push
they
shows. Many are reconciled to the
showing the largest
percentage gains.
Steel
dates,
of the auto suppliers
try for wage cuts, but most
will
fight hard to hold wages
smaller plants
vital
way.
reports.
Iron Age
down from
are
runs.
Letup
bounce back strongly
seasonal letup, The
to
orders
says
model
products
to
United
the
A handful
where
business pickup
with
will
Employment will edge up with
makers round out their final 1961
launch
the July
continue
and the
,..
June, but still much better than
the monthly average for the first
quarter.
Much of the July ton¬
nage is on a rush basis, as auto¬
vance
though
contracts
Auto Workers.
1
over-all,
will
have
automotive
The Iron Age
Looks
for
Strong
July Seasonal
Steelmaking operations are ex¬
United
possibilitv of achieving the peak
index
+ 14.1
+ 7.1
1,011,015 — 9.5
From
Comeback
simi¬
previous
its
important
recent
nearly stable
price
warfare
mit scattered hikes in
the
sector,
for
~.
..
in
'
-
Corp. will also affect about
metalworking
firms
that
1,100
Prices will remain
are
areas.
automakers
By this timetable/there would be
of
1,247,236
1,167,000
915,304
assuming
serve
1,423>017
1,250,000
Boston—
cyclical peak in five to ten months.
level
%
+ 11.4
The
current
severe
$.
15,778,282
Philadelphia
July
recovery,
widespread enough.
least
the
than
September,
$
17,569,126
Chicago——
retarding
The
be
a
Motors
rise but
to
than
pace
industry—and that is
expected.
The
half.
years.
picture.
motive pickup will not come until
(000's omitted i
York
New
any
deeply unfavorable
here could adversely affect
its momentum if it became serious
ous
money
1960
1961
June 24—
also impor¬
are
demand
steel
feeling
much stronger general demand
Week Ended
from
business
the
as
leading
the
for
mary
the
continue
will
Costs
at
5
Big Three contract talks
which open Wednesday at General
hefty 7%
a
first
in the
those
not
Net earnings will gain 4% dur¬
ing the second half vs. the first.
week
Our preliminary totals
$31,500,049,334
against
year.
stand
for
obtain
above
corresponding
the
of
those
a
ulation,
a
to
possible
record
at
called
have
which
levels
market
the
With
say.
'
is
it
which
weekly clearings was 7.3%
favorable
has
far
so
implications for corporate profits,
which probably touched their low
lar
indi¬
ended
clearings for
24,
in
weeks
combination of strengthen¬
The
the
week
the
June
Saturday,
country,
the
of
for
centers follows:
1958.
ing
week
with
last
Preliminary figures
complied by the Chronicle based
upon telegraphic advices from the
a
Regional factors
tant
The Midwest and West
increase compared
chief
of
economy,
Year
Last
clearings
an
it is difficult to accu¬
rately appraise the strength of the
early stages
Corresponding
Above
Week
moder¬
solid
a
7.3%
Was
six
last
The booming response:
Dollar sales will be
above
last year, al¬
though steel companies are bear¬
ing an added cost of holding large
Clearings for June 24 Week
Bank
1961's
during
automotive
of
5000
will
tinplate inventories.
among
asked
them how they think their plants
M
Widely
magazine
ahead of last year.
continue
Auto
Business
well
(2837)
on
page
30
6
The Commercial and Financial Chronicle
(2838)
must
Our Foreign Aid Program
Faces Its Greatest Challenge
undergo a radical and long
change,
and
that
the
of
bear
to
the
the program.
By Hon. Jacob K. Javits*, United States Senator (R.-N.Y.)
of
since
World
challenge
Javits
II
have
we
faced
great
as
foreign
a
aid
the
depicts the problems and suggests methods for meeting them
tribution
recommends
programs.
Bolivia
and
The
India.
develop
to
Congress
people
the
of
before
and
United
States,
U. S. foreign aid program is
the
the
lion
facing
annual
capabil¬
for
of
free
difference
of
this
for
Progress"
To
accelerate
available
the
for foreign
in¬
made
we
this fashion would be the greatest
have
now
marked
the
for
the
nedy
Hon. Jacob K. Javits
between
President
Chairman
and
the
The
further
deterioration
world's
position.
of
of
action
provision
well
of
nomic
the
recipient
bined
nations
with
must
both
the
cilities
eco¬
be
of
com¬
and
in¬
European
contribution
ment
programs,
foreign
aid
Favors
1%
Nations
public
which
ent
our
is
of
other
also
develop¬
to which
directed.
like
of
the
to
U.
of
the
product
a year
gross
develop
and
military
S.
and
be
during
to
growth problems of
to this effort. Such
,
American
$660
million
needs
of
effort
Brazil
of
Latin
has
inflow
as
estimated
annual
of
Bolivia
and
America
been
million
can
only..-be
meeting
the
in
beginning
and
whole.
a
that
the
It
$600
public investment
recent
billion
will
into Latin
years
per
year
decade.
It
that
1975
by
Latin
Latin
have
to
estimated
been
the
Ampriran
American
between
gao
exnorts and
exports
and
that
that
billon
$5
to
annually
facilities
America
unless the
of
Latin
sufficiently to
enable its nations to export more
goods
can. grow
to
world
improve
markets.
ironic
that
the
current
should
est
magnitude
the
basic
its great¬
assume
at
a
&
time
when
concept of the program
be hard pressed
may
importantly
they
as
did
the
in
War
post-war
period. Since
it is essential
that the country move for-
International
the
and
for
Bank
Development
$2.2 billion to help
India meet the goals of its third
amounting to
yeYet
plan which
arein
all
; r
,
only
r-
Ill
-
■
■
■
.
-
■
begins
nf this
+P
start both
a
fo
this
renresents
.Sepresenis
the
nations
le HG1XIr1thp1rn?fG^f
look
,
.
at
examnle
one
.
•
.
mannerWnow.
BROADWAY, NEW YORK 6
It
is
q£
outside
to
help
of
Let
of
a
.Mi
.
Nigeria
tional
I
that
is
a
and
claA
creased
banks
forward
move
with
it,
h
,
is
|aKlne a r?a.
100K:
ap¬
ad¬
credit
To support
by $37 billion.
made
was
up
by
The
bal¬
liquida¬
a
tion
of
$30
billion
of
security
holdings. Today, most of the slack
are
...
the
meet
savings and time deposits in¬
ance
many
banks
1959
during this period, demand
deposits increased by $32 billion
^ A® c?r?rn?r~
a
c.
a.
Simmonds.
jr.
tbe
for
and the reins
gone
This
1 ei*!
sources o£
documented
is
sources
expansion
in
must come any
finance
credit, to
a
tighter.
are
well
very
in
research
new
Jules
from these
I.
Bogen,
Composition
of
study by Dr.
"The Changing
Bank
Assets,"
which bas just been published
by
hif.h®f leYel of sustained economic ,New York University under a
activity, toward savings; put to grant of the Association of Re§erjeral use, t ioug
e
" serve City Bankers,
Jial. banking sys em is
The Association has been mind_
J^101' 3 0 .
Q
lowe? reserve' fully aware of banking's respon,
sibility to
^Ji^Sond
favorable
n.nre
tax
■
trIShlarfe Si stepson ?he right
-j^Son
higher
case, a
&
In
case
anv
if t e cou t y
^nondeSsivT
oos-
Depend
•
on
h
b
Archaic
Practice
instrumental in directing attento
the
archaic
practice
pledging securities to
of
pub-
secure
funds—a hand-me-down from
0id English and Colonial law. The
■
,
t
remedial actions to the authorities
in this field, which, if accepted,
should materially ease the situa-
tne se
^Qn
Help Small Business
De
Secondly
a™«
^
the
Association
is
py
oeconaiy, tne Association is ex-
selves by even a small margin.
^
ini-
which
Association has suggested several
,
g-als £UUon
Pe°P'e
Planet aie 1
has
.
Productivity
f
and
actions
First, the Association has been
s bc
.
^ er *s
^cabr
home as well as an oaa
this end
certain
should help.
tion
-
n|ents, expand wel are measu
at home and withal ke p i
the balance of paym n s p ob
Billions
tiated
a
Moon, a
ture, meet,international coi
111
reallstlc
a
fashl0n
ssergorpnoCe
lies, of course, in greater productivity-an increased volume of
goods and ' services which can
only result in a higher standard
ot living for all.
b^f^Jaa^vaHablela^ger^sup1mtadled businesses
pfy pLXrtorships As^ thIs pro?
'business
takes shape, members will be kept
py
compete in the market place for
funds. Deposits are the life blood
struction,
to spend
that
nation
nations
new
that
need
.
...
nation
million
required
on
greatest
Niger R^ver.
iowted
the
$120 million
which the West "invested" in
-rear's
This
pacification
comparison
whereas
ter
sum
we
to
the
na-
the
with
have the opportunity
of
is
the
one
Congo,
because
apt
had to spend the lat-
prevent widespread de-
work of
a
of Africa.
An
integrated and cooperative
development approach will assure
of the banking system.
The expansion of government lending
agencies
and
the
explosive
growth of non-commercial bank-
ing institutions has all tended to
magnify the situation. We should
keep in mind that a commercial
bank is a department store of
financial services. A commercial
that the development projects will bank can provide the services that
become
an
integral
part
economic future of the
tions
this
resource:
believe
is
begin
its
of
we
the former for
far-reaching, constructive signifiCance, going beyond the borders
0f
Nigeria into the neighboring
orbit
of
manner, the com-
vast
of the
the
developing
e
migration
telp
of s
the u
new
into the
aa" *
and
na-
expanding
free world's
economy
these
specialized
institutions
of-
fer- We, as commercial bankers,
must therefore do a better job
than they do. We must perform
our
functions
efficiently,
more
more readily and more graciously
?«7lished du™§ the ^onany 0ther financial °r§ani'
Thus, the
civlizatioir
$150
investment
comnarison
COrtlandt 7-5900
Western
estimated
development
.
$100
needs of the economy.
nations'. In this
rations of the free world.
traditions
'
proximately
and
provided
billion of
this
AfrC* 3nCl ^a*
which shares many of the nolitical
JAPAN
banks
to
absorbing
1945
Between
commercial
ditional funds
the United Kingdom and the
is
States,
participating
pan,
five-yeai
TOKYO,
II.
through
JXU5J°
(IBRD) and the International De-
YAMAICHI SECURITIES
CO., LTD.
the
t.hp limiiditv with whirh hankincr
the
liquidity with which banking
found itself at the end of World
nation's
example of the need
cooperative action and how
velopment Association (IDA) in a
two-year program of assistance
Affiliate of
...
however,
years,
nation's growth has been financed
further
with
Brokers and Investment Bankers
Post-War Experience
recent
jn
Commercial banks in their abil- fully informed,
ity to marshal the nation's finanThird
the
A<^nri->tinn
hat;
it is beginning to be met can be cial resources and channel them
amined' and L ,continuing to
found in the case of India. There,
into productive use will be of
f
a consortium of six nations, CanteUing importance in achieving mercial banks can more
equitably
ada, France, West Germany, Ja- this goal,
A
Reconstruction
YAMAICHI SECURITIES COMPANY
of NEW YORK, INC.
; -
administration
the
United
Japanese Securities
He also reports
internal
its
;,i.\
growth
continent's import needs will grow
productive
problems of
to play the same role in financing
increase
the coming
over
has
doing to
is
,,
of
these
two
Latin direction.
In any
nations: But even thisb"?ev®
necessary
potential
for
challenge to the U. S. foreign aid
national
ecc^e
system and develop the ecohbmic
the
banking
^
developing nations.
is
the
weapons
applied
the
It
of
defense
years—must
Fund an^he
Development' Bank," in
to* support* jthe
order
threefold to between $1.5 and $2.5
mixed
many
economic
program
combined
the
the
OECD
consortiums with the International
States,
enterprise-government
to
their
America
nations
in
Japa-
and
public
countries.
success
systems for U.
recent
countries could well join the U.S.
in contributing as much as 1 % of
their
great
scientific
stronger economic position by
past Marshall Plan and other
rest
vol¬
and
United
recipient
projects
Germany and Italy—
helped to their pres¬
the
the
industrialized
private
He-
were
aid—and
the
institutions
of
the
such
Federal
from
This systems management approach-^-which has been usecj with
S.
GNP Formula
the
These fa¬
staffed
organizations—and
servants
dustrialized nations, Canada and
Japan, must make a more effec¬
tive
individuals
untary
Western
The
en¬
by the
managerial talents
and
educational
recipient nations.
(2)
be
as
private
economy—including management,
labor, agriculture, foundations,
admin¬
donor
must
technical
and
donor
governmental
in
istration
the
of
systems
private
and
institutions,
European
banks, backed by
governments, are forming
Monetary
manufacturing
.•
commercial
nese
American
terprises of this nature.
The technical and manage¬
eco¬
small-scale individual
as
gram:
talents
ac¬
Commercial
Consortium
In Brazil and Bolivia, with U. S.
facilities-
trade and financial
operation of this foreign aid pro¬
(1)
this
resources
area
irrigation,
successful
the
to
the
we
con-
theirs.
Start Made by
A
projects involving
of electric power,,
development
large-scale
•''■YvC-
principles
new
essential
nomic
free
the
of
and
to
acute
involving automation, personnel education and employee welfare.
funds,
leadership,
utilization
it
ability
Ken¬
requires the establishment of
must halt any
we
full
celerated contribution of
Commu¬
what
on
its :
its
this good
share
our
with
tribute
Khrushchev.
Required
breakthrough
a
from
nists and where
rial
attune
must
Mr. Simmonds stresses the
use.
effectively meeting the demand for banking services.
it
States
and channeling them
resources
'
for-
because
alone in
Others
fortune.
war
Human and Non-Human Facilities
must mass our
we
cause
initiative
Two
cold
It is
freedom, where we must seize
are
the
longer
no
are
Banking
where
to
means
into
thrown
meeting
over
area
in
struggle since the Vienna summit
Commu¬
nist bloc.
be
can
supe¬
riority
the
aid
single decisive contribution which
to
think
continue to fulfill its function
can
liquidity, equitable competition in the market place for funds and
of
productivity and its ideals permit generosity and self-interest to
walk hand-in-hand.
And yet,' we
resources
one
fortunate
productive
banking
so
riod, bankers
stabilization
United
the
peculiarly
being done
in
ask —without
to
Indeed,
Latin
in
America."
is
into
over
aid
added
program
marshalling the nation's financial
NATO
Further, ' I
reasonable
promptly utilized, for ex¬
to augment our "Alliance
ample,
demo nstrate
of
Laos, consider South Korea
as a base for our troops, or think
of Peru as a good neighbor?
deal
what is
of
Faced with . the highest loan to
deposit ratios in the post-war pe-
eign aid could we even negotiate
good
on
be
success
strument
the
the
Argentina?
all
make
between
without
or
years.
could
of
1961
fiscal
City
Retiring head of New York commercial bankers' association reports
Europe, without the
unvprnmpnt
nf
Tndia
government
of
India,
Hpmnfratin
democratic
as¬
for
alliance
the
Western
could be
the
world
addition
growth
and failure in these activities. And
a
effec¬
tively
devel¬
oping the less
developed
areas
during recent
This
the
Our
official
of
amount
budget
without
$4 bil¬
the
to
year
sistance
tory.
ity
a
the
his¬
war
-
add
would
development
assistance program—thus doubling
this year the greatest challenge of
its
15-year
post
contribution
a
democratic
the
fense
the
cannot
the
one - year
defense
of $46 billion for 1961.
How much higher would this de-
integrated programs of multi-national, private and public assistance.
In
we
Argentina;
the Bank of New York, New York
equals
budget
concept of aid, he concludes, calls for
new
institu¬
involved, we must make another
equation: $46 billion spent for
foreign economic aid in 15 years
scientific and military weapons
He also praises the start made by consortiums in Brazil,
used
free
And, since the taxpayer's
pocketbook is most particularly
applying the "systems management" approach to under¬
projects
of
Thursday, June 29, 1961
Bankers Association, and Chairman of the Board,
with
Cuba
India.
developed countries similar to our mixed private enterprise-govern¬
ment
in
with
1% of their GNP, and
amount of aid to
by gearing the
in
the failure
.
By Albert C. Simmonds, Jr.,* Retiring President, New York State
cannot
we
equate the waste in South Korea
He urges free countries accelerate their con¬
long overdue change.
Europe;
maintenance
tions
aid must undergo a radical and
involving realization that foreign
cannot
we
Western
equate
In making this grave warning, Senator
do today.
we
as
War
past
overshadow
to
equate the
loss of Laos with the preservation
successes,
Not
brought
are
We should not allow
failures
past
past
the future shr-e of
upon
.
The New Challenges Facing
Commercial Banking System
overdue
failures
.
new
__
.
concept
of
for—
■.
„
We aio no longer in
a.
situation
e;gn aid is multi-national, private where we can sit back and expect
eud public, and enlists the sinew business to come flowing through
and the muscle of the free world's our doors. We must get out and
industrialized
power
which has work bard. We must sharpen cur
&rown out of and which has mode
wlts a"d be continuously on the
g
°
alert to the demands for 'our
P°sslble the preservation of the services and, above all, be ready
,
free world's polititcal ideals and
human, values.
to .satisfy them effectively.
We
must
merm'al
the
tion,
New
Lake
Y^l
s
Placid" n."
continue
Bankers^As^cia- Pandmg vo:.ce
y., June
16,
i9si".
to
tell
banking's story in
concerto.
com-
an
ex-
until it be^o'-ne*: a
Then and only then will
Volume
the
public,
Number 6068
193
the
businessman,
the
'
It
care.
is
entrusted
our
that
our
the
Impact
Within
certain
to
professional
with
the
question
on
and
answer
Thursday at 4 p.m. at
are
we
about
which
industry, will discuss the
with personnel in
electronics
Street,
New
a
who
client
has
a
public
is
Maxwell
of First
be
be
and
reser¬
by
calling
made
J.
has
Reynolds &
r,
Co., 425 Mont¬
gomery Street.' Mr.
has
recently been
..
City.
Treibick,
-
Colen
D.
Street,
Partners
are
Melvin
Forsyth,
search
most
also.
the
is
speed
automation
is
that
chines
the
fore¬
originally
work
shortly
reduce
into
it
stock offering."
which
with
progressing.
week's
minutes..
of
One
David T. Gillmor With
Baxter, who
with Paine,
East Coast Inc.
East
In the second scheduled seminar
Ma¬
on
reduced a
day
will
a
hours
to
Thursday
Fellman,
a
at
4
p.m.,
Edward
consultant to the elec¬
in
the. Buffalo
Lynch,
the
past
office
Pierce,
with
was
of
Fenner
Merrill
&
Investors
Vice-President;
ray,
>
and
(Special to The Financial Chronicle)
SAN
T.
FRANCISCO,
Calif.—David
the
out
Gillmor, Jr. has become asso¬
ciated
with
Higgins,
465
Wilson,
Johnson
California
Associates
has
named
and
O.
Glenn
Eddy,- Jr.
for
doors
Further,
and
the check
speed
cedure
and
greater-
>
processing
perhaps
velocity
pro¬
permit
of
a
funds.
It
that;many banks may be
to re-train their per¬
means
called
.
upon
for
sonnel
and
types of
rro'ns to
new
it is
these
activities
new
exciting
work
chal¬
lenges. In this re-training process,
new
I yam
sure the -Association
not be found wanting, for
it
to
education
say
that the
comes
prleased to
tion
is second
to
am
Associa¬
none.
Educational
The
will ;
when
I
Pioneers
Association
has
pioneered ;
in the field of
banking education.
The Association's comprehensive
School
of Banking
now
offersprograms for' all levels of man¬
agement, for supervisors, and for
specialists, be they credit, invest¬
ment, trust,, operating, or person¬
nel administrators.'The Schorl
Banking, with its
13 resident
stitutes,
the
has
now
Employee
.'Also
benefit
which
the
kind
in
Welfare
of ; major
banking institut
sive
its
of
in¬
thor¬
most
curriculum of
the banking field.
ough
importance
to
is the exten¬
ons
insurance
programs
Association
has
avail¬
able for member-bank
use.
The-e
offer tremendous va?ue
programs
the
from
ing
standooint
employment
of
and
stabilis¬
nermitt^0"
smaller banks to compete for
highest
the
keep
caliber
and
person¬
nel.
These
tion's
plans
the
-are
Associa¬
Retirement
System, Group
Life
Insurance
Plan,
Disability
Benefits
Insurance
Plan, * and
Major Medical Plan. Officers and
directors
or
of
smaller
institutions
find that the adoption of
may
of
more
will be
ment
human
the
have
the
cost
outlined
can
resolved
be
interest,
that
The Chase Manhattan Tower at Dawn
that
areas
commercial
financial
in
banking
thering higher levels of economic
activity will be achieved.
Million
Ten
•
v
is
It
Customers
satisfying
commercial
state
What's
in the
and the job
promoting and fur¬
community
financing,
in
banks
service
now
-from
customers,
that
note
to
New
10
York
million
family to the largest business
cor¬
poration with savings and check¬
skilled and
historic financial center, The
backed
Manhattan
office,
the
As
Association
close,
a
have
$42
can
other
to
year
comes
member. institutions
billion
stimulate
employment,
consumption and the production
of goods and services for the bet¬
terment of mankind.
*An
fore
.
address
the
65th
New
York
Lake
Placid,
by
Mr.
annual
State
New
Simmonds
convention
Banking
V
oik,
a
Chase
new
head
meet the
vigorous Ameri¬
economy.
of
be¬
the
Association,
-une
.
is
a
single banking purpose—greater
usefulness
nesses
to
individuals
and
busi¬
in New York, the nation and
best!
by the most modern banking
machines and facilities.
serve
hundreds of thou¬
Equally im¬
portant, its location in the heart
of
New York's financial and trade cen¬
facilitates the efficient
ter
From
personal banking
Manhattan Plaza you
of
1
Federal
important
is
in
bank
for
loans to
industry to build bigger
important area of American
banking.
THE
4U
see
the Stock
Reserve,
numerous
f
look out upon
MANHATTAN
Exchange,
the Clearing
.Commodity Ex¬
sands of customers, the new Chase
changes. You see the throngs and
Manhattan
the
headquarters is staffed by
business and
in this
it
leader
Chase
the most active center of the nation's
House,
why
America's
^ga
the 'windows
finance. You
stand
handling of
transactions.
the
the world.
To
experienced bankers
all commercial and
bright glass and gleam¬
ing metal of 1 Chase Manhattan Plaza
of funds, which
being used in one form or an¬
are
stands ready to
Behind the
Employment
to
Bank, in its
banking needs of
ing accounts.
$42 Billion to Stimulate
the financial horizon?
new on
Rising 60 stories above New York's
individual
the
—Photo by Erich Locker
I
confi¬
feel
I
will maintain its leadership
of
one
plans
resources.
problem
public
dent
low
well worthwhile invest¬
a
in
If
these
activity, and you begin to under¬
BANK
Head
,
Wil¬
of John
Day, Ore., district managers.
Street,
entire
banking system.
thing, it is going to open
services.
Miriam
liam F. Durand of Tacoma, Wash,
&
This
numerous
150
FIF Assoc. Appoints
FIF
development v hi
have far-reaching effects thro 'ghFor one
Co.
Broadway, New York City, is now
doing business as a corporation.
Officers are Sol Gallup, formerly
proprietor, President; G. B. Mur¬
Wilson, Johnson, Higgins
Smith
for many years.
Coast
Victerson,' Secretary-Treasurer.
Webber, Jackson & Curtis, in San
Francisco,
Coast
Corp.
Theo¬
.
deal
must
Pacific
dent of National Securities & Re¬
R.
-
Carl M. Loeb, Rhoades & Co.
associated
become
the
Weeks and Kidder, Peabody & Co.
Prior thereto he was a Vice-Presi¬
Wall
Josephine Freibick. Colen Forsyth
and
Josephine
Freibick
were
formerly with Richards, Forsyth
& Co.
Other partners were with
Calif. —John
FRANCISCO,
Baxter
with
Richard
63
at
dore Gold, Robert G. Caffray and
Reynolds
(Special to The Financial Chronicle)
SAN
York
Seiden,
''
P.
offices
New
seminars.
both
Baxter With
'
from
City Securities,,Inc., will
of
of
Exchange. Mr. Gillmor was
formerly with Hornblower
&
Treibick,
Seiden
&
Forsyth
is
conducting a securities business
Mangold, President
moderator
members
7
Stock
field.
charge
no
may
Treibick, Seiden Formed
.,
Reichert at HA 5-5095.
Barton
man¬
(2839)
subject
There
acquaint
Salvatore Fornelle, a
„
banking itself there
the
York City.
specialist in
private and public financing, will
speak on "What advertising and
public relations men should know
Automation
matters, with
Wall
37
are
of
seminars
and
first
seminar
of the highest
We must keep them so.
order.
..
belief
my
present ethics
to
same
principles of
private and public financing will
get underway June 29 when First
City Securities, Inc., will sponsor
We, as bankers, have a re¬
sponsibility to the public that is
far greater than the cash valub
funds
of
agement
cism.
the
series
industrial
Responsibility
Our ethics must be above criti¬
of
tronics
•
vations
A
'"
"
Public
The Commercial and Financial Chronicle
,
First City Sees.
Fin. Seminars
public official and the law makers
fully know of the economic im¬
portance of a sound, profitable,
growing commercial banking sys¬
tem.
.
.
Office: 1 Chase Manhattan Plaza
New York 15, N. Y.
Member Federal Deposit
Insurance Corporation
8
The Commercial and Financial Chronicle
(2840)
....
Thursday, June 29, 1961
.
*
Co.,
DEALER-BROKER
East
5
—L.
Rothschild
F.
Broadway,
AND RECOMMENDATIONS
THAT
UNDERSTOOD
IS
THE
.
FIRMS
PARTIES
INTERESTED
SEND
TO
MENTIONED
THE
WILL
FOLLOWING
Dept.
Street,
BE
Also
the
Steel
Small
PLEASED
New
N.
5,
&
Wilshire
of
Calif.
Com¬
Saunders,
—
Terminal
Tower
Building, Cleveland 13, Ohio.
Tax
Bank
Stacks
Toanenryo
review,
Quarterly
—
Chemical
including comparative figures on
largest commercial banks,
etc.—M. A. Schapiro & Co. Inc.,
1
Chase
York
Manhattan
Plaza,
New
Yoko¬
Conditions—Report—New
York Hanaseatic
1961-62—
for
Budget
Nuclear
Witter
gomery
Street,
&
Co.,
Francisco
San
in
120
In
Broadway, New York 5, N. Y.
the
issue
same
articles
are
on
Magnetic Materials, Teaching Ma¬
6,
Calif.
chines, Lasers & Masers (for
am¬
Domestic Trunk Airlines—Review
plification of coherent light)
and
Bullock
—Calvin
Ltd.,
Industry.
Street, New York 5, N. Y.
Equities
Investment—List of
for
developments
new
Wall
1
in the Drug
available
is
an
Also
analysis
of
Controls
Co.
Robertshaw
Fulton
-
interesting securities—Gude, Winmill
&
York
Fire
Wall
Co.,
1
N.
Y.
5,
showing
Casualty
&
Over-the-Counter
New
Street,
stocks
Stocks—Brochure of data on
pany
41 selected
companies—First Bos¬
ton
counter
Street, New
Corp., 15 Broad
York 5, N. Y.
Grocery Chains—Analysis
the
Pine
ington, Colket & Co., 70
Street, New York 5, N. Y.
New York
ley &
Fifth
245
Inc.,
Co.
Inc.,
available
Also
period
data
Dow-Jones
35
over-the-
stocks
used
Quotation
in
Bureau
—
National
Inc.,
Quotation
Front
46
Street,
Aero
Boat
Cop¬
Power
Street,
Colo¬
Also
Products
and
the
of
Star-
Review
—
—
New
York
5,
same
issue
are
ton
&
Inc., Ill Broadway, New York 6,
N. Y. Also available are analyses
and
Nippon
Heavy
Okuma
Machinery
—
Ross,
bulletin
Fine
is
a
Foods.
ipsue of "Investor's
Merrill
Tool
Lynch,
Pierce,
Inc., 70 Pine St.,
N. Y.
Also
in the
discussions of Uni¬
Cyclops
Department
Ya-
maichi Securities Co. of New York
Mitsubishi
Ltd.
Monarch
—
—
Abitibi
to
Co.
& Smith
Fenner
against cap¬
Information
Tyler
Main Street, Buffalo 3,
Japanese Market
Ca¬
Ltd., 25 Adelaide
Toronto,
Canada.
same
sion in current
Reader"
—
of
Rail Equipment Industry—Discus¬
Industries,
N. Y.
dustries
Co.
West,
versal
Steel
Stores
Corp.,
Co.,
May
Pendle¬
Industries, Smith, Kline
Colorado Oil & Gas
French,
Corp., Black Hills Power &
Light
Co., Atlantic Refining.
In¬
body
York
Japanese Market-—Review—Nikko
reports
New York 4, N.
Barge,
is
Corp., Addressograph Multigraph,
Chicago & North Western Inc.,
Co., Ltd., 25 Broad St.,
Y. Also available
special
report on
Citizen
a
Co.
Ltd.
American
on
Symington
Commercial
Wayne.
Ta"dv
Illinois
Stock
Japanese
—Nomura
Broadway,
Also
Market
Securities
New
available
Yawata Iron &
Steel;
Central,
St.
Louis
San
Francisco,
Southern
Pacific,
Survey
Co., Ltd., 61
York
are
—
6,
N.
analyses
Limited
a
of
(elec¬
list
Street,
Market
G.
brey
Kirin Breweries; Sumi¬
Chemical;
T o y o
Rayon;
Broad
of
interesting
high
-
yield
how
numbers
to
—
—
apply
Guide show¬
certain
Arnold
index
Bernhard
Banks, Brokers and Financial Institutions
American Commercial Barge Line
—
Chart
Parker
New
analysis
&
Redpath,
York
able is
N.
4,
chart
a
2
Y.
analysis of Carlisle
Corp.
American
Smelting
Refining—
&
&
Stores
Optical
Co.
and
Co.
Adams
& Company,
Boulevard, Los An¬
geles 36, Calif.
Boeing
Broad
Also
Memorandum
Paine,
Curtis,
25
Street, New York 4, N. Y.
—
Webber.
Jackson
available
Poor &
memoranda
are
on
Co<, United Shoe Machin¬
Philadelphia
ery,
—
&
Electric
and
Safeway Stores.
Company—Analysis—Carl
Loeb, Rhoades & Co., 42 Wall
Street, New York 5, N. Y. Also
M.
available
Trunk
reference
Eastern
United
to
Air
with
particular
Air
Lines,
Lines, and American
Airlines.
Brunswick
Corp.
—
Frank,
Bank
Memorandum
Meyer
Building,
&
Fox,
Los
An¬
geles 14, Calif.
Celanese
Corp.
America—Re¬
of
port—Eisele & King, Libaire, Stout
& Co., 50 Broadway, New York 4,
N, Y.
.
Cenco
Instruments
Corp.—Data—
Stearns
& Co., 80 Pine St., New
5, N. Y. Also available is a
York
of
Peterson
Electronic
bonds
enue
Bulletin
—
rev¬
Stern
—
&
Co., 1005 Baltimore
Kansas City 5, Mo.
Broadcasting
available
*
of
Corp.
available
is
Capital, Inc.
Inc., 15 West 10th
Street, Kansas City 5, Mo.
Also
memorandum
a
Wilcox Electric.
Prospectus
Dominion
on
Request
Co.,
Troster, Singer & Co.
Security
Dealers
Association
Trinity Place, New York 6, N. Y.
Teletype NY 1-376; 377; 378
Ltd.—
Inc.—Analysis—Midland
Techno Fund Inc.
Tar
Chemical
&
N.
Broadway,
61
Y.
Also
randum
on
York
New
is
Farrington
a
on
Co.—
Hutton
F.
available
turing Co.
&
Union
Street,
Detroit—Bul¬
Coast
Leaseholds,
Edelstein
New
available
Also
Co., Inc., 15
York 5, N. Y.
reports
are
Precision
on
Instrument
Corp. and Ortronix "Inc.
Hydra
Chemical
Nease
Corp.
Power
Franklin
Bush
Hanly,
100
Hempstead,
&
Denver
Sansome
155
St., San Francisco 4, Calif.
Coal
Survey—
Wall St., New
York 5, N. Y.
Also available is
a
study on Bausch & Lomb.
&
—
Co., 44
E
Securiies
Analysis—
—
Broadway,
Blair &
Memorandum—D. H.
man,
Bowes — Report—FederStonehill & Co., 70 Pine St.,
York 5, N. Y.
Matic—Report—Robert
Policy
210 West Seventh St.,
Los Angeles 14, Calif. Also avail¬
is
able
discussion
a
Beneficial
of
Standard Life.
Brothers
Seeman
R
—
e
p o r
Henderson & Co., 210
St., Los Angeles 14,
are
data
available
Conn.' Also
4,
Beckman Instruments,
on
Sherwin
Williams, and Procter &
Gamble.
Stone
den,
New York
& Co.,
4, N. Y.
25
Broad
St.,
Communications—Memoran¬
Colo.
Standard
115
—Herzfeld
&
New York 4,
Memorandum
—
Stern, 30 BrOad St.,
a s
&
t m
&
Co., 72 Wall Street,
N. Y.
Packaging
—
Memoran¬
Co.,
&
Broadway, New York 6, N. Y.
Mines
Iron
Rock
randum—C.
J.
—
Memo¬
Co.,
&
Hodgson
Royal Bank Building. Montreal 1,
Que., Canada.
N. Y.
Corp.
Wayne
Symington
—
Anal¬
Maxwell
&
Moore—
Memorandum—Laidlaw & Co., 25
ysis—Laird, Bissell & Meeds,
Broad
Broadway, New York 5, N. Y. Also
St., New York 4, N. Y. Also
memoranda
available
are
Crane
Georgia
Co.,
-
on
Pacific and
Ruberoid.
Market
St., Los Angeles 13, Calif.
Market
Basket
—
California
First
tual
is
review
a
Co., Inc., 647
So.
Spring St., Los Angeles 14, Calif.
Corp.
—
Analysis—W.
E.
Baruch
dum—R.
—
&
Memoran¬
1518
Co.,
Corporation
Charles
A.
—
Taggart
1516 Locust
&
Street, Philadelphia 2,
Pa.
Tex
Star
Oil
&
Gas—Memoran¬
dum—Walston & Co., Inc., 74
York
Street,
memorandum
a
on
Allied
review of United
Radio,
Shoe Ma¬
chinery Corp.
—
An¬
alysis—H. M. Byllesby & Co., Inc.,
Madison
867
St., Chicago 3, 111.
Corp.
—
Management
Madison
New
available
Coastal
York
is
5,
Y.
N.
Wall
Also
memorandum
a
Analysis
—
Corp., Box
Courts
N.
& Co., 11 Marietta Street,
W., Atlanta 1, Ga.
Westgate California Corporation—
Analysis
pany,
Dallas 1,
1, Wis.
Parker Ford & Com¬
—
Vaughn
Inc.,
Building,
Texas.
as
Principal foe
Broken, T)ealers and Financial Institutions
Grace Canadian Securities, Inc.
*
i
Members: New York
25
Security Dealers Association
Broadway, New York 4, N. Y.
TELEX 015-220
•
HAnover 2-0433-45
Orders Executed at
•
NY 1-4722
regular commission rates
through and confirmed by
memo¬
Co.,
15
New York 5, N. Y.
Dillon,
Broad
Also
on
States Gas Producing.
Towmotor Corp.—Memorandum—
Mercantile Discount Corp.
Metalphoto
K
Analysis—
Co., Inc.,
Hutton
&| Co., 14 Wall St., New
5, N. Y. Also available is a
Mu¬
Street, N. W., Washington .5, D. C.
Tenney
Memorandum—
the
of
120
Funds.
Telecompufirtg Corp.
Basket—Analysis—Bate-
Eichler & Co., 453 So. Spring
man,
available
Manufac¬
a n
*
Corporation—Report
Bruns, Nordeman
—
Steep
Loew's Theatres
Oil
—H. Hentz
dum
U
^
Sinclair
New York 5,
dum—Lowell, Murphy & Co., Inc.,
Denver Club Building, Denver 2,
t—
Cooley & Company, 100 Pearl St.,
—Holton,
Inc.—Report—Hay-
H.
Huff & Co.,
Hartford
E. J. Korvette
Co.,
Broadway, New York 4, N. Y.
|
—
Building,
Pep Boys—Manny, Moe & Jack—
Electric—Memorandum
Calif.
Pictures
& Co., Ill
New York 6, N. Y.
Jefferson
West Seventh
Co., Security
Colo.
Haupt
New
Ave., New York 22, N. Y.
2,
Paramount
Pitney
Creek
Co.—
Papercraft Corp.—Analysis—C. E.
Park
Island
Products
Organiza¬
Broadway, New
120
5, N. Y.
Hydrocarbon
Chemicals
I n c.—
Bulletin—Evahs & Co., Inc., 300
Inc.,
Hawaiian
Inc.,
42
Co.,
Memoran¬
letin—De Witt Conklin
York
N. Y.
&
—
Pa.
Ira
Memoran¬
—
Co.
dum—Arthurs, Lestrange & Co.,
2 Gateway Center, Pittsburgh
22,
tion,
Heinicke Instruments Co.—Report
St.,
Lewis
Co., 63 Wall Street, New York
5, N. Y. i
Pacific Vegetable Oil Corp.—Bul¬
St., Chicago 3, 111.
—Robert
Chemical
H.
Inc.—An¬
Co.
alysis—Leason & Co., Inc., 39 So.
La Salle
&
2
Tea
—Analysis — Dreyfus & Co.,
Broadway, New York 4, N. Y
Gulf
Distillers
Report—Mitchum, Jones & Templeton, 650 South Spring St., Los
Angeles 14, Calif.
Pacific
&
6,
Electric Storage Battery Company
—Analysis
of
Corp.—Analysis—John
Specialists in Canadian Securities
Seagrams
dustries.
Co.,
Bank
port¬
Report—Parrish & Co., 40 Wall
St,. New York 5, N. Y. Also avail¬
able is a report on Schenley In¬
Securities
National
letin—Laird, Bissell & .Meeds, 120
Amphenol-Borg
Memorandum—E.
York
reviews
are
and reports on Minerals
Chemicals-Philipp Corp.
Pacific
Atlantic
Great
System—
folios for various purposes.
Mid-States Bu iness Capital Corp.
Louis
4, New York.
135 So. La Salle
Columbia
Dit-Mco
Narragansett Capital Corp.
Co.—
Rubber
&
Chart analysis—Thomson & McKinnon, 2 Broadway, New York
and
City of Macon, Mo.—Electric
Midland Capital Corp.
*St.
Tire
Goodyear
Mead
Die.
Distillers
Growth Capital Inc.
Marine Capital Corp.
An¬
Manning,
and suggested common stock
Industrial
—
reviews of Domestic
are
Airlines
Electronics and F. W. Woolworth,
Washington
Co.
alysis—Blair & Co. Inc., 20 Broad
St., New York 5, N. Y.
Lee
Boeing
5,
memo¬
&
Manufacturing
Shields
—
York
are
Frantz
Benbow
orandum
New
available
Oxford Paper and Union
National
—Birr
5455 Wilshire
Square,
Also
on
Broadway, New York 5, N. Y.
Higginson Corp., 231
South La Salle St.,
Chicago 4, 111.
Inc.—Mem¬
Y.
Angeles 14, Calif. Also avail¬
an analysis of Internation¬
al Electronic Research Corp.
Inc.—Memorandum—Lee
Citizens & Southern Capital Corp.
Electronic Capital Corp.
Corp.
Richards
Interstate Vending—Memorandum
Boston Capital Corp.
Franklin Corp.
&
Long
Armstrong Paint & Varnish Works
Astronautics
Hanover
randa
able is
&
American
8
N.
Los
St.,
of
of
Analysis—Hill
—
North
s—
Inc.—Re¬
Co., Inc., 621 South Spring St.,
dum—Edwards
Foundrie
Analysis—A. C. Allyn & Co., 122
South
La
Salle
Street, Chicago
3, 111. Also available are analyses
Equipment—Memo¬
randum—Hemphill, Noyes & Co.,
Bank
American
American Viscose,
trade
Island
&
Monroe Auto
Carbide,
National
Northfield
American
Selas
Investors, 3932
Los Angeles 5,
Data—Freehling, Meyerhoff & Co.,
120 South La Salle Street, Chicago
3, 111.
Steel
of
Components
Blvd.,
William
Also
Inv. Inc.
Broadway,
Also avail¬
Report—A. M. Kidder & Co., Inc.,
1 Wall Street, New York 5, N. Y.
Greater
HAnover 2-2400
Auchincloss,
—
v
Florida Capital
74
20
Security Analysis
Companies—
New
Inc.,
dum—Pershing & Co., 120 Broad¬
way, New York 5, N. Y.
la Oa
Members
Co.
Au¬
Champion Spark Plug—Memoran¬
•
We
&
—
Street, New York 5, N. Y.
Ave.,
Bi
Report
—
Lanston
Brothers
For
Inc., 89 Broad
10, Mass.
Boston
issues.
ing
tronics);
tomo
Market—Analysis—Da¬
discussion
Square D Co., Sunbeam Corp.
Y
Steel; Fuji Iron &
Hitachi
Okla¬
vid L. Babson & Co.
Union
Stocks—Analysis—GoodCo., 2 Broadway, New
4, N. Y. Also available are
&
Securities
Watch
Oil
Admiral Oils,
—
Inc., 600A Bettes Building,
homa City 6, Okla.
—Stern,
Railroad
Ltd.
Works
Paper
&
in
review
Corp.
755
reference
&
Knowles
Investment Insurance
loss
Review
Lubricants,
Automotive
United
particular
Colo.
on
Industry
nadian newsprint production with
Service Co., Mort¬
Mustang
Inc.,
gages
United
Paper
Tejon
Springs,
are
rado Insurance
of
compari¬
industrial
New York 4, N. Y.
Ave.,
—
North
620
Colorado
Street,
Kay,
the
and
industrial
Bureau,
16, N. Y.—$1 per copy.
Insurance Stocks—Review
ital
the
Folder
Store—Study—Henry Bach
Associates,
fire
listed
in
National
year
How Big Is the Threat of the Dis¬
count
—
Averages, both as to yield and
market performance
over
a
23-
Pen-
—
the
used
Averages
Index
up-to-date
an
between
son
Com¬
Insurance
Data
—
Treasury
Spaced—Discus¬
Investments in
Securities"—Harris, Upham & Co.,
Mont¬
45
Power
5, N. Y.
sion in June issue of "Science and
Market—Review
Stock
—Dean
Corp., 120 Broad¬
New York
way,
—
Canadian
(plastics);
Co.
and Gas
Textbook
Market
Greenshields
&
Co.
(N. Y.) Inc., 64 Wall Street, New
York 5, N. Y.
Analysis
Sekisui
Co.
5, N. Y.
Canadian
Company;
Rubber Co.; and Showa Oil
hama
40
the
Oil
Sheltered
analysis
an
view—California
Franklin
Investment
Co.,
is
Electronic
Y.
Industry.
Business
Stiver
120
discussion
a
panies—Memorandum
LITERATURE:
Co.,
York
is
available
&
available
Corporation of America.
Semi-Conductor Industry—Report
INVESTMENT LITERATURE
IT
44th
CFSM-101, New York 17, N. Y.
Members:
The
Principal
National
Stock
Association
Exchanges
of
oj
Security
Canada
Dealers
25 Broadway, New York 4, N. Y.
Volume
193
Number 6068
.
.
.
.
The Commercial and Financial Chronicle
(2841)
N.Y. Inv. Ass'n
Interest is
exempt,
Tourney'Winners
The
its
investment
The
held
Association
are
annual
outing at the Sleepy
Hollow Country Club on Friday,
June 16, 1961.
The activities in¬
cluded a golf tournament, tennis
tournament and the
annual
Exchange.
The latter
during cocktails which
dinner.
225
June 23, 1961
\
$118,000,000
held
THE TURNPIKE AUTHORITY OF KENTUCKY
preceded >
of the
members
the sale thereof)
on
v
Stock
was
made
any profit
exempt from taxation within the Commonwealth of Kentucky.
NEW ISSUE
•
About
in the opinion oj Bond Counsel, from all present federal income taxes under the existing statute and court decisions.
Enabling Act provides that the Bonds, their transfer and the income therefrom (including
As¬
(An
agency
and instrumentality of the Commonwealth of Kentucky)
sociation attended the outing. Paul
Western
Hahn, trick shot golf entertainer,
entertained
the
hour's show during
an
The
entertainment
for the
Peter
AUTHORITY, a governmental agency of the Commonwealth of Kentucky, is
comprised of the Governor, the Lieutenant Governor, the Attorney General, the Com¬
missioner of
Highways and the State Highway Engineer. It is the Lessor of the Western
Kentucky Toll Road.
Currey
Equitable
Securities
Upham &
the Bonds.
Paul H. White
William
.
..
Davidson
/
sufficient to meet all
v
THE
M.
Sipp
Van Alstyne, Noel & Co.
Winners
of
tournament
the
W. E. Hutton SL Co.
The
Kentucky Company
Ladenburg, Thalmann SL Co.
principal and interest requirements
on
Carl M.
the Bonds.
Merrill
DEPARTMENT, under the terms of the Lease, is firmly bound to pay the rental
John Nuveen SL Co. (Inc.)
R. W.
Shields SL
B.
Dated
the
Amount
$
Dillon, Union Secu¬
900,000
Co.
Runner-up Low
900,000
1,000,000
Gross—
1,000,000
E.
Carpenter, Jr.
Goodbody & Co.
Low
J.
J.
B.
Murray
Van
Ingen
&
Price
Rate
Maturity
1967
3.75%'
1968
3.90
or
Yield
Interest
Amount
Rale
Maturity
$1,100,000
*Vl%
4l/2
1977
•v-
1,100,000
4.00
1,100,000
4.70
1979
4.55
Estabrook sl Co.
4.10
1,100,000
4.70
1980
4.60
First of
1971
4.15
1,200,000
4.70
1981
4.65
1972
4.20
1,200,000
4.70
1982
4.65
1969
1973
100
1,200,000
4.70
1983
100
4.30
1,200,000
4.70
1984
100
1,000,000
1975
4.35
1,200,000
4.70
1985
100
1,0(H),000
<0/2
1976
4.40
Leo
Summary Description of Bonds: Issuable
Smith
any
Shearson, Hammill SL Co.
s
,
Gross Best Ball
Smith
(2) —
nois, at the
t
bonds
registered
as to
Alexander
Piper
Paine, Webber, Jackson &
Curtis.
at
the
principal payable at The Kentucky Trust Company, Louisville, Kentucky.
Corporation
Bacon, Stevenson sl Co.
(27 Putts) —
Boettcher sl
Goldman, Sachs & Co.
July
July
July
July
July
July
—
Osborne
Dominick.
Stortest Drive (2nd Hole) —
I, 1966 to January 1, 1971, inclusive
AS A
FUND
WHOLE
1, 1971 to "
2, 1976 to
2. 1981 to
2, 1986 to
July
July
July
July
July
1, 1976, inclusive
.
,
1, 1981, inclusive
,
,
1, 1986, inclusive
.
1, 1991, inclusive
2, 1991 to
1, 1996, inclusive'
July 2, 1996 and thereafter
.
.
.
.
Couffer, Jr.
.
.
.
1.
,
,
,
.
•
•
.
Company
Company
Boland, Saffin, Gordon sl Sautter
Butcher sl Sherrerd
C. F. Cassell sl
Co., Inc.
Cruttenden, Podesta sl Co.
Dick sl Merie-Smith
SINKING
PERIOD
Longest Drive (17th Hole)
William Blair sl
following prices and accrued interest to the date for redemption:
Shepherd
Drexel &
American Securities
Arthurs, Lestrange 8l Co.
Auchincloss, Parker sl Redpath
coupon
Bacon, Whipple sl Co.
Best Match Play vs. Par—
&
Alden sl Co., Inc.
Bank and Trust Company of Chicago, Chicago, Illi¬
Redemption Provisions of the Bonds: The Bonds may be redeemed prior to their respective
maturities on 30 days' published notice in Kentucky, Chicago, Illinois, and New York, New York,
either in whole, on any date not earlier than July 1, 1971, at the option of the Authority, from any
moneys that may be made available for such purpose, or in part, in the inverse order of their maturi¬
ties, on any interest payment date not earlier than July 1, 1966, from moneys in the Sinking Fund,
Rutter & Co.
Dominick
as
option of the holder. Principal of registered bonds without coupons and of
Co.
Barney &
Putts
Tripp sl Co., Inc.
bonds, registrable
Kentucky Trust Company, Louisville, Kentucky, or at Chemical Bank New York Trust Company,
Joseph O. Rutter
John E.
as
New York, New York, or at American National
Goedecke
S,
coupons in denominations of $1,000 or
provided in the Trust Indenture. Semi-annual interest
as coupon
registered bonds without
multiple thereof, and interchangeable
Boyce
to principal alone, in the
Sutro Bros. SL Co.
(January 1 and July 1) and principal of coupon bonds not registered as to principal payable at The
DeCoppett & Doremus.
G.
Paine^Webber, Jackson & Curtis
Reynolds sl Co., Inc.
L F. Rothschild sl Co.
(Plus accrued interest)
.denomination of $1,000, and as
Leib
Gordon
J.
2000
Langley sl Co.
Higginson Corporation
Oppenheim sl Company
Stein Bros. SL
(2)—
Hanford
E.
W. C.
Price: 99.50%
DeCoppett & Doremus.
J.
Hirsch sl Co.
Co., Inc.
Lynch, Pierce, Fenner
Net Best Ball
Fewest
Michigan Corporation
Hallgarten sl Co.
Hayden, Stone sl Co.
Hemphill, Noyes sl Co.
Lee
$98,000,000 4.85% Term Bonds due July 1,
Company, Inc.
Francis I. duPont 8L Co.
Smith Inc.
&
Wm.
R. S. Dickson sl
Dominick sl Dominick
100
1978
,
H.
Price
1970
Ehrlich
Merrill
or
1974
Runner-up Low Net—
Peter R.
Incorporated
Clark, Dodge 8f Co. Inc.
'4.45%
41/2
41/2
1,000,000
1,000,000
Net—
Morgan
A. G. Becker sl Co.
Yield
#A%
<0/4
41/4
41/4
41/4
<0/4'
41/4
.
900,000
900,000
&
shown below
Braun, Bosworth sl Co. Inc.
Gross—
rities
as
Bache sl Co.
Interest
Eastman
July 1,
$20,000,000 Serial Bonds
contests
golf
Robert L. B. Dewar
L.
Due
July 1, 1961
Co. Inc.
were:
Low
J. Van Ingen SL Co. Inc.
Weeden SL Co.
Wertheim & Co.
Dean Witter SL Go.
Klingeman
of
Company
F. S. Smithers SL Co.
Co. Inc.
Dillon, Read &
Winners
Pressprich SL Co.
Salomon Brothers SL Hutzler
(The foregoing information was obtained from the Official Statement
of the Authority to which reference is made.)
were:
Dillon, Head &
D.
Co., Incorporated
for each biennium for which the Lease is renewed
Arthur B. Treman
Ellis
Loeb, Rhoades SL Co.
Lynch, Pierce, Fenner SL Smith Inc.
W. H. Morton 8L
from any
doubles
tennis
renew
expires June 30, 1962. The Department shall
the Lease for successive biennial terms, one at a time,
as its
general obligation to be paid
available funds of the Department not required by law or by previous binding
contract to be devoted to other
purposes. The Department derives its funds from motor
fuel taxes,
operators' licenses, and vehicle registrations. Under the Kentucky Constitution,
such revenues may be used only for highway
purposes.
Wehman
Kidder, Peabody & Co.
John
option to
of the Lease
June 30, 2000. This renewal is automatic unless notice not to renew is served. The
Lease rental has been set at an amount which, if maintained
during each biennium, will be
Blyth & Co., Inc.
Donald
term
until
Morgan Stanley & Co.
Norman
Goodbody SL Co.
Ira Haupt SL Co.
Hornblower SL Weeks
have the exclusive
Black
H.
Equitable Securities Corporation
Goldman, Sachs SL Co.
~
THE LEASE—The initial
Co.
&
C.J. Devine SL Co.
June 21, 1961, between the Authority and the Department (as
authorized by the Enabling Act), the
Department covenants to pay all costs of repairing,
maintaining and operating the Western Kentucky Toll Road until the final maturity of
Co.
Incorporated
J. C. Bradford 81 Co.
Alex. Brown & Sons
BY AGREEMENT dated
Thomas A. Turley
Bache
Blair sc Co.
toll-free.
Digest
Company
AHyn and Company, Incorporated
Bear, Stearns sl Co.
DEPARTMENT OF HIGHWAYS of
Kentucky, the Lessee of the Western
Kentucky Toll Road, has had extensive and successful experience during the last 30 years
in financing with revenue bonds and
operating 16 toll facilities of which 13 are now
Thomas L. Wilkerson
Harris,
Allen sl
A. C.
THE
Corpora¬
tion.
Dealer's
alphabetically
of participation
THE
Inc.
O.
within brackets
SecuritIes
Notes About These
Wiley, Chairman
Merrill
Lynch, Pierce, Fenner
Brownlee
forth)
Underwriters listed
outing consisted of:
Smith
solely from revenues as hereinafter set
Committee
P.
&
Kentucky Toll Road Revenue Bonds
(payable
afternoon.
103%
.
103
Fahnestock sl Co.
Geo. B. Gibbons sl
Company, Inc.
Henry Harris sl Sons, Inc.
J. A. Hogle 8l Co.
—-
105%
t:
E. F. Hutton sl Co.
Incorporated
.
.
102
104
.
.
102
103
Kean, Taylor sl Co.
W. L.
.
.
.
101
102
.
101
101
100
100
Moore, Leonard sl Lynch
1
.
.
Lyons sl Co.
Newburger, Loeb 8l Co.
Wm. E. Pollock sl
Co.
Co., Inc.
Rand sl Co.
Nearest to Pin (17th Hole)
Wm.
J.
Roome, II
Dominick
High
'These Bonds
being issued for the purpose ofproviding funds, together with other available funds, for paying
the cost of constructing the Western Kentucky Toll Road, as more fully described in the Official Statement. The Bonds
are
being issued under and pursuant to the provisions of Chapter 173 of the Acts of I960, Regular Session, of the
General Assembly of Kentucky (Sections 175.410 to 175.990, inclusive, Kentucky Revised Statutes), and are to
be issued under and secured by a Trust Indenture, dated as ofJuly 1, 1961, between The
Turnpike Authority of
Kentucky and The Kentucky Trust Company, Louisville, Kentucky, as Trustee. The Bonds will be payable
solely from the special fund provided therefor, from lease rentals or other revenues of the Western Kentucky Toll
Road, including rentals under the Lease hereinbefore mentioned. The Bonds shall not be deemed to constitute a
debt of the Commonwealth
of Kentucky or of any political subdivision thereof, or a pledge of the faith and credit
of the Commonwealth or of any political subdivision thereof.
—
•
.
Dominick.
&
Gross—
Richard
Walker
R.
Vilas &
Hickey.
With Harriman
Ripley
are
Roosevelt sl
Cross, Inc.
Singer, Deane sl Scribner
Stern Brothers sl Co.
Stifei, Nicolaus & Company,
Thomas sl
Incorporated
Company
Tucker, Anthony sl R. L. Day
Wood, Struthers sl Co.
Almstedt Brothers
.
The Bankers Bond Co. Inc..
CHICAGO, 111.—Harriman Ripley
& Co.
tributors of investment
have
announced
Sullivan
is
the
firm
in
the
Field
Salle
with
These Bonds
Inc., underwriters and dis¬
that
the
Street.
He
&
as
and if issued and received by
was
Allen &
in
formerly
and
us
and subject
to
the approval
Dupree & Co.
Russell, Long & Company
Security & Bond Company
F.
Company
135 South La
Co.
Phillips & Co.
offered when,
with*
Chicago office
Building,
Baxter
are
legality by Mitchell, Pershing, Shetterly & Mitchell, New York, N. Y.,
Grafton, Ferguson & Fleischer, Louisville, Kentucky, Bond Counsel.
and
securities,
Daniel
associated
now
.of
F. L
White-
John Nuveen & Co.
B.
J. Van Ingen & Co. Inc.
(Incorporate^)
Merrill
Lynch, Pierce, Fenner & Smith
Incorporated
A. C.
Allyn and Company
Incorporated
The Kentucky Company
9
10
The Commercial and Financial Chronicle
(2842)
TAX-EXEMPT BOND MARKET
D. MACKEY
DONALD
BY
and
state
municipal
ing the last week. Although new
issue volume has not been heavy,
calendar has been varied
the
to that extent
of
institutional
our
has
stimulating to
tion,
plished.
including
needed
this
been
has
that
demand
of
as
varieties
volume
be
can
purchased
at
comparatively at¬
tractive
yields. Whether related
to other categories of investment
or
related
to
tax-exempt bond
prices over the years, tax-exempts
presently make good investment
It
basic
maintained the
bond market at its
high level during the
several
weeks
of general
market vicissitude...
sense.
On
-
LY7."'V
/
other hand,
the
in
remain
ances
despite
Sizable
new
issue volume
circumstances. It is
to be hoped that the forthcoming
S.E.C. investigations may point up
and emphasize these constructive
activities among their other
findings.
/,
under
instances
many
effort
an
handling
bal¬
downward
at
price revision designed to broaden
the
demand.
formance
when
full
the
However,
has
been
per¬
fairly
consideration
good
is
.
given
Prices
Half Billion Inventory
be
heavy by
any
continue
traditional
to
meas¬
slightly
over.
is
the
vol¬
of
street
float
has
been
new
more
months
volume
normal
and
almost
head
issue
than
the
calendar
ominously
the
into
However,
has
in
light
we
been
notice. At
At
volume
nounced
totals
favorable
ON
less
market
nervousness
direct
than
a
bond
bond
market
exempt
very
of
REPRESENTATIVE
(State)
Connecticut (State)
its
the
It
is
for
more
corporate
the
against
market.
is
tax-
estimated
billion of Treasury
Bid
Maturity
Asked
1978-1980
3.80%
3.65%
334%
1980-1982
3.50%
3.40%
1978-1980
3.50%
3.40%
3.40%
1978-1979
Vermont
3V8%
1978-1979
3.25%
3.35%
Y.) 3V2%
1977-1980
3.40%
3.30%
_33/4%
1978-1980
3.80%
3.50%
3.45%
3.70%
3.65%
3.55%
__
___
Housing Auth.
(N. Y.,
N.
Los Angeles, Calif
Baltimore, Md
Cincinnati, Ohio
New Orleans, La
314%
.
Chicago, 111
New York City, N. Y
____
June
28,
have
maintained
that
1961
of tax-
ridiculous
seems
they should feel called
lose
to
issue
new
erate
money
upon
mod¬
even
an
on
portion of their underwrit¬
ing commitments because of
false
of
sense
has
progressively
1974-1975-
1980
314%
1980
314%
1979.
■
level
3.30%
3.15%
3.20%
3.40%
3.35%
314%
1977
3.70%
3.60%
3%
1980
3.60%
3.55%
Index = 3.423%
announcement
appears as
a matter
large
bid when
a
even
is
be
used
program
improving
of
the
for
a
sorely
modernizing
primary and
June 29 (Thursday)
^
Atlanta,
Dist., Pa
Ga.
1,000,000
____
-
1,000,000
1962-1991
2,520,000
1962-1985
1,000,000
1962-1985
Savannah, Ga.
1,300,000
1962-1988
El Paso, Texas
___•_
i
7:30 p.m.
11:00
a.m.
9:30
a.m.
7:30 p.m.
11:00
a.m.
July 6 (Thursday)
Jackson U. S. D., Mich
4,300,000
______
Washington Twp. Sch. Dist., N. J.
1,400,000
July 7 (Friday)
Kingman-Reno
1
:
1962-1986
North East Ind. S. D., Texas...
__
though
generally
acceptable.
Cos.
HSD
8,
Kan.
1964-1987
1962-1986
7:30 p.m.
8:00
p.m.o
.
1,387,000
1962-1981
7:00 p.m.
'
Recent
The volume of
writing
July 10 (Monday)
Awards
new
issue under¬
up
considerably
picked
several sizable issues
as
to
June
market.
On
Thursday,
$25,000,000
State
of
Texas general obligation veterans',,
22,
land
bonds
due
1966-1991
were
First National
City Bank of New
York, The Chase Manhattan Bank
and
Halsey,
which
Stuart
submitted
&
Co.,' Inc.,
the
only bid for
the issue. The bonds were priced
to yield from 2.30% to 3.65% for
was
in
one
bid
part
the reason for only
being made.
Good in¬
terest has been accorded the issue
and the bank management reports
a
balance
maining
On
of $4,489,000
in
account.
bonds
Cinnaminson Twp. S. D., N. J
1,300,000
1963-1982
8:00 p.m.
Flint, Mich.
5,580,000
1962-1991
North
Monterey Co. U. S. D., Cal.
Port of
Portland, Ore...
Portland, Ore.
tion
five
bids
Chase
the
Chemical
Trust
awarded
Benton Co.,
Richland SD 400, Wash.
Chattanooga, Tenn.
College of Texas, A & M, Texas..
Corpus Christi, Texas
Honolulu City & County, Hawaii
Long Beach Unified S. D., Calif...
Los Angeles, Calif...
Memphis, Tenn.
_
Pcntiac, Mich.
University of Texas
...
Manhattan
Coj
Bank
Included
Bank
New
Ketchikan, Alaska
New
York
Agency
State
-
J
~
Co.
The
issue
were
Loeb,
the
The
was
Rhoades
scaled
yield 1.60% to 3.35% with
Investor
coupon.
been fair
at
this
and
the
a
3.20%
reception
unsold
to
Springfield, Ore.
Week's
9:00
a.m.
11:00
a.m.
10:00
a.m.
2,400,000
7,000,000
1966-1991
8:00 p.m.,
1,000,000
1962-1981
9:00 a.m.'
18,800,000
13,500,000
3,530,000
1962-1931
9:30
1962-1991
1962-1991
1982-1981
a.m..
2:30 p.m.
7:30
p.m.
10:00
a.m.
1,450,000
1962-1991
51,$65,000
1964-2004
8:00 p.m.
"
__
Washington State University.
v10:00
V
a.m.
balance
11,429,000
1962-1981
1,960,000
1966-1991
7:30 p.m.
8,354,000,
1962-2000
9:00
11:00
a.m.
a.m.
July 17 (Monday)
Florida
Development Commission.
2,000,000
1963-1971
11:00a.m.
July 18 (Tuesday)
Glendale
Unified
Sch.
Dist., Calif.
2,000,000
35,000,000
1962-1981
9:00
a.m.
•.
2,000,000
9,600,000
1962-1981
10:00
a.m.
11:00
a.m.
Monroe, Louisiana
1,700,000
1962-1986
10:00
a.m.
Newark, N. J.
8,000,000
1962-1981
Noon
1962-1993
Noon
1964-1996
' 10:00
1964-2001
10:00
Kentucky
(State of)
(State
Stockton
of)
Unified Sch.
Dist., Calif.
has
writing is $3,338,000.
Calendar
~
Milwaukee County, Wis
Maine
&
1963-1976
1962-1986
1962-1981
7,003,000
Knoxville^ Tenn.
M.
_
and,
Trust
Co.,. The First
Corp., Harriman Ripley &
Carl
1,658,000
3,000,000
5,000,000
Housing Finance
...
Northern
and
a.m.
[Negotiated offering headed by Phelps, Fenn & Co., and including Lehman
Brothers, Smith, Barney & Co., Inc., & W. H. Morton & Co., Inc., as co-managers.]
Sacramento-Yolo Port Dist., Calif.
1962-1991
Boston
Co.
a.m.
10:00
July 12 (Wednesday)
York
among
underwriters
10:00
1963-1976
6,000,000
to
managed jointly by
The
other
"Were
1962-1981
1,000,000
July 13 (Thursday)
Friday, June 23, $10,630,000
obliga¬
(1961-1981) bonds attracted
and
1962-1986
1,500,000
July 11 (Tuesday)
'
.
1,600,000
3:00 p.m.
10:30 a.m.
re¬
Delaware various general
2,674,000
July 19 (Wednesday)
Charleston,
S.
C.
2,500,000
July 20 (Thursday)
Business
Mississippi (State of)
Tuesday, June 27, $30,000,Georgia State Highway Au¬
4,200,000
,
On
000
a.m.
July 21 (Friday)
St.
Andrews Presbyterian
College
Carolina
1,340,000
a.m..
July 24 (Monday)
of record only. No public offering of these securities is being made.
Coldwater, Mich.
1,995,000
1962-1986
Eugene, Ore.
1,000,000
1962-1981
1,000,000
1962-1971
New
$15,000,000
loan, the first
$130,000,000 authoriza¬
a
will
tabulations we list the bond issues of
for which specific sale dates have been set.
or more
Altoona Sch.
North
This
following
some
invited
considering purchases
price
the
$1,000~000
competitiveness. It
investors to lead with
the
In
orderly and recep¬
exempt issues. It
and
and
The
this
Larger Issues Scheduled For Sale'
the
.
uncalled
for.
very
.responsibly
an
the syndicate
SERIAL ISSUES
Jersey Highway Auth., Gtd.__ 3%
New York (State)
3% %
Pennsylvania (State)
3%%
New
Dealers
to
3V2s, the restricted coupon
ceiling put on the issue and which
3V2%-
New
(State)
"municipal
appears
under
Forgan & Co.,
Phelps, Fenn & Co., Bear, Stearns
that
reason
approach
market
proceeds from
Glore,
the
market
and
the
on
as
that about $10
faces
the
securities
bearing
Rate
California
Our
present, the most formidable
Treasury
an¬
market factor.
MARKET
declines.
obstacle that the state and munici¬
pal
brief
present the 30-day
$225,000,000. This alone is
weekly
Treasury's Heavy Hand
that
but
on
the market would
three-eighths of a
about
points since May 17.
we
as
and
Salomon
Brothers
and
many
others.
Co.,
Hutzler,
act
this
week.
for 20-year
now
emphasize
revision
measured,
off
two
municipal financing
is great and subject to
potential
municipal
Index shows the market off about
the state and
upward
So
be
months.
summer
again
moderate
recent
is
and
state
Financial
point. This is in line with recent
outstanding market negative.
The
no
28
$495,882,000. This minimal
measure
the
of June
As
state
&
by the syndicate headed
markets.
The awarded to the account managed
average
yield
high jointly by the Harris Trust and
grade bonds moved to 3.423% oh'
Savings Bank, The Morgan Guar¬
June 28 from 3.40% on June 21.
anty Trust Co. of New York, The
municipal inventory has listed
tallying half billion dollars
and
and
bond Index shows the market off
items
ume
aggressive
(1962-1991) bonds
revenue
were won
tax-exempt
bond
is for this simple
It
an
keep
certainly
the
to
other
as
this week
Lower
Commercial
Chronicle's
For weeks the Blue List total
ure.
of
inventories
well
came
The
Dealer
of
trying
all the market factors involved.
a
tive market for ail classes
the market
level is orderly enough and fa¬
bond
vorable enough so as not to frus¬
While state and municipal bond
trate
municipal
borrowing. ' It
dealers
have
been
busy under¬
appears
to
us
that
in
recent
writing more than a quarter bil¬
months particularly, the munici¬
lion of large new issues in the
pal bond industry has been de¬
last weekly period, this has not
serving of high praise tfor its
been accomplished to the street's
satisfaction.
almost
vorable factor. Tax-exempt bonds
relatively
entire
marketing
will
deterrent
tax-exempt
past
with
least
at
the Fed busy
considerations
and
it
all
will
Treasury
and
many
underlying
This
as
in
Thursday, June 29, 1961
by Halsey, Stuart & Co., Inc., John
Nuveen & Co., Shields & Co. and
Equitable Securities
Corp., and
tax-exempts continues to be-a fa¬
and
investors.
level for
Moreover, the market
bond
.
thority
the
market has been very active dur¬
.
financing must be accomplished
by year's end in order to satisfy
cash
needs.
Moreover, approxi¬
mately $20 billion of roll-over fi¬
nancing
must
also
be
accom¬
.
The
.
Mexico
State
Armory Board
8:00 p.m..
10:00
a.m.,
1:30 p.m.
July 26 (Wednesday)
.
Alaska
(State of)
13,975,000
35,000,000
17,160,000 ■*'
Michigan (State of)___
North Carolina
Northeastern Water Company
(State of)
9:30
a.m.
July 31 (Monday)
Charleston, West Virginia.
5V2% Collateral Trust Bonds, due May 1, 1986
4,000,000
.
Noon
Aug. 9 (Wednesday)
Wichita
Sch.
Dist.
No.
1, Kan.—
1,600,000
1962-1981
:00
a.m.
10:30
a.m.
Aug. 22 (Tuesday)
Direct
placement of these Bonds with institutional
negotiated by the undersigned.
Cook County, 111
;__
.
25,000,000
investors has been
Sept. 5 (Tuesday)
El Paso
County, Texas
1,750,000
Sept. 13 (Wednesday)
Harris, Co., Houston Nav. Dist.,Tex.
Los
EQUITABLE
Angeles Dept. of W. & P., Cal.
Sept. 29 (Friday)
Securities Corporation
Minneapolis,
Minnesota
:_
Oct.
Nashville
BOSTON
MEMPHIS
HARTFORD
-
GREENSBORO
New York
PHILADELPHIA
<
NEW
BIRMINGHAM
ORLEANS
DALLAS
JACKSON, MISS.
Los Angeles City
10
3,400,000
(Tuesday)
Col. Dist., Calif.
Los
Angeles U. S. D., Calif
Los
Angeles Flood Control D., Cal.
7,500,000
27,500,000
HOUSTON
Nov. 14
ATLANTA
'•
June 29, 1961
9,000,000
15,000,000
o
Los Angeles Co. Hosp.
Dec. 12
(Tuesday)
15,000,000
(Tuesday)
Dist., Calif.
3,781,000
1989
4:30 p.m.
Volume
Number
193
6068
.
.
The Commercial and Financial Chronicle
.
(2843)
secondary roads of the state. The
lation
bonds, which
20
from
1.75%
priced to yield
were
to
3.95%
The
various
for
500,000
were
about
1976
ton
to
&
Co.,
Drexel
from
ceeds
the
sale
$10,000,-
Also
term
of
loans
were
scaled
terms were reoffered at
for a 3.80% coupon and the
for
a
an
unsold
4%
remain
total
bonds
divided
will be used;
99
at
in
of,
$9,140,000
account.
dealers'
in
the
as
and
hands
account
members
controlled
of the longest bonds.
new
itself
the
'
sewerage
as
well
neighboring
some
tremendous
growth in the
Flood
bonds
tion
of
will
be
domed
used
Houston
Oilers,
a
football
team
in
League
and
join
.year.
pro¬
the
the
new
the National -League next
The. teams will rent, the
•stadium from
thevcounty.
account
by the Northern Trust Co.
and the Morgan
Guaranty Trust
Co. of New York, and were priced
to yield 1.70% to 3.55%.
Bonds
Strong
y The toll bonds continue to show
resistance
to
downward
the
bond
tendency.
continues to
the
be
market's
The
reason
intrinsic
im-
provemept reflected through bet¬
ter revenues. With record motor
travel
this
expected
revenues
records
Trust
awarded to the
and
by the Harris
Savings' Bank were
yield from
price
of
90
1.70%
for
a
to
3% %
No
balance
figures
road
the
week
before.
New
Port
is
Authority Projects
reported
session
that
of the New
special
a
Jersey Legis¬
are
lature
re¬
August to approve two large Port
probably will be called in
lower
Manhattan, and
Manhattan Rail¬
and
New
"The
advantages and the
for both projects are
great that both are musts." We
hope that this terse generality is
so
a
convincing one to investors
when and if this deal materializes.
N.
Y.
The only
ently
on
Housings Near
negotiated issue
the
calendar
a
&
group
Co.,
headed by Phelps, Fenn
Lehman
Brothers,
&
Co.
1961
Tennessee
4%% Power Bonds 1961 Series A
■m;,
Due
The Bonds
"
,
are
callable in whole at any time or in part on any interest payment date at par plus
July 1, 1986
l/4 of
1% of the principal amount for each year or fraction thereof from the date fixed for redemption to
July 1, 1985, plus accrued interest to the date fixed for redemption; but prior to January 1, 1969
the Corporation may not redeem any of these Bonds, directly or indirectly, as a part of, or in antic¬
ipation of, any refunding operation involving the incurring of any indebtedness by the Corporation.
Principal and semi-annual interest (January 1 and July 1) payable at the principal offices of-Bankers Trust Company, New
York, N. Y. (the Trustee), The First National Bank of Chicago, Chicago, 111,, and Bank of America N.T. & S.A.,
San Francisco, Calif. Coupon bonds in the denomination of $1,000 registrable as to principal only
;,
or fully
registered bonds in the denomination of $1,000 or any multiple thereof. '
*
.
*
in the opinion of counsel, under present laws
from personal property taxes and the interest theron is exempt from
income taxes, now or hereafter imposed by any state or local taxing authority. The Internal Revenue
Service has ruled that Federal issue and transfer stamp taxes will not apply to the Bonds.
Interest
on
the Bonds will he subject to Federal income taxation; but,
and decisions, the Bonds are exempt
These Bonds will be issued to assist in providing capital for the Power Program of the Tennessee Valley Authority.
Principal and interest will be payable solely from the Tennessee Valley Authority's Net Power Proceeds. The Bonds
will not be obligations of, nor will payment of the principal thereof or the interest thereon be guaranteed by, the United
States of America.
■
Price 99%% and accrued interest
The above Bonds
are offered when, as and if issued and received by us, and subject to prior sale and approval
of legality by Messrs. Mudge, Stern, Baldwin & Todd, Counsel for the Underwriters.
The Chase Manhattan Bank
Morgan Guaranty Trust Company
Chemical Bank New York Trust Company
Harris Trust and Savings
Bank
National Boulevard Bank
<-
H. C. Speer & Sons Company
Bramhall & Stein
Bank
Los
'
Trust Company of Georgia
Ferris & Company
-
Wm. E. Pollock & Co., Inc.
Memphis
Industrial National Bank
Adams, McEntee & Co., Inc.
Providence, R. I.
Newark, N. J.
Hamilton National Bank
Underwood, Neuhaus & Co.
Chattanooga, Tenn.
Incorporated
of Chicago
The American National
UnitedAngeles,
California
Bank The First National Bank
Calif.
of
The Philadelphia National Bank
National State Bank
of Western New York
in Dallas
Continental Illinois National Bank
and Trust Company of Chicago
.
The Northern Trust Company
The Marine Trust Company
First National Bank
Saint
C. J. Devine & Co.
of New York
'
Breed & Harrison, Inc.
Paul, Minn.
Kohlmeyer & Co.
Ryan, Sutherland & Co.
TuIIer & Zucker
Tilney & Company
..
Wyllie and Thornhill, Inc.
'
.
" ',
Luce, Thompson & Crowe, Inc.
Smith,
Barney & Co., and W. H. Morton
$50,000,00(1
July 1, 1961
pres¬
involves
$51,865,000 New York State Hous¬
ing Finance Agency
(Revenue)
bonds scheduled for
offering on
July 12. This issue, maturing
1964-2004, is to be offered through
June 29,
Dated
for
Jersey.
necesssity
f
"J
$355
Highway Commissioner Palmer
New Jersey is quoted as fol¬
lows:
New Issue
1
the
Center to be
extension, project,
New York
are
3.78%
in
and
summer,
likely to break all
many of these proj¬
Smith, Barney & Co.
include
the Hudson and
for
The
It
a
projects
located
of
aged
were
These
million World Trade
..
Toll
managed
available at this writing. The
has
by the
won
bonds which
account
in
reception
were
Turnpike Bond Index averaged a
3.79% yield on June 22; it aver¬
coupon.
Investor
bonds
headed
$24,500,000 various general
obligation limited tax (1962-2001)
yield from 1.75% in 1962 to 3.40%
1976.
maining $5,000,000 unlimited tax
general obligation (1962 - 1981)
ects.
The
dollar
popu¬
by
Houston baseball team which will
well regarded
the
construc¬
the
both
priced to
scaled to
finance
fessional
Smith, Barney & Co. group. This
was
Harris
Control Dis¬
all-weather
which
to
bond
will
an
stadium
of
communities.
This has been necessitated by
and
Wednesday, June 28,. an
of
$15,000,000
Maryland
State
Roads
Commission y( 19621976) bonds were awarded to the
facilities
or
the
:
issue
by the City of San Diego, to con¬
serve
Wednesday,
trict, Texas, came to market with
$29,500,000 various general obli¬
gation limited and unlimited tax
bonds. Eighteen million dollars of
is
was
On
along with funds already received
struct
on
American
How¬
accurate appraisal of the
an
60%
priced
County
At this writing
balance
impossible
pro¬
were
coupon.
ever,
Dillon Union Securities & Co. and
Kidder, Peabody & Co. The
slow, with yesterday after¬
balance
being
about
$11,000,000.
yield from 2.80% to 3.60%. The
100
Eastman,
Co.,
&
two
40-year bonds
Devine
C. J.
of
obligations due 1967 to
and
bonds
majors were
been
last
20-year
came
Corp. and included among the
many
consisted
2001. The serial bonds
Calif, sewer
to mar¬
ket on June 27. The high bid for
the bonds was submitted by the
group managed by The First Bos¬
Diego,
bonds, also
the
over
$6,500,000 bonds due in 1981 and
$26,000,000
bonds
maturing
in
San
revenue
area
noon's
issue
000 serial
two-thirds
sold after the initial order period
and at this writing the balance is
$6,558,000.
The week's largest issue, $42,coupons,
the
of
years.
11
American National
Bank and Trust Company
Chattanooga, Tenn.
12
The Commercial and Financial Chronicle
(2844)
in
FROM WASHINGTON
'No
in
which
CARLISLE
public
of
Mr.
aims
new
vate
BY
us
had
Administration
intends
to
ground in the Berlin crisis. They
insist that the recent
jstatemeht
by
Democratic
Senate
Mansfield
Mike
Berlin be made
have
been
loon
yet
Leader
suggesting
that
"free city" may
a
the
explanation
biggest
launched
trial
bal¬
the
New
by
than
reaction
his
to
State
the
Senator
was
views
and
that
the
J.
position on Berlin has not
changed. Senator Mansfield him¬
self, with his mail running four
to one against the proposal, re¬
the
matter
out
proposing
rational
on
his
was
Senator,
on
own
issue without
'trail
as
such
a
conclusion
balloon'
rect."
the
Recalling
that
vital
had
been
criticized
the President
Administration. Substantiating this
the
table"
deal
to
has
as
Whip
Majority
and
added:
Hubert
Senator
the
Estes
"In
GOP
Na¬
rated
on
but
he
to
is
conducting
business
from
a
n c o r
offices
at
time
June
6,
111.—Trinity
at 500 North
in
a
formed
Broadway, to
all
to
must
him
to
Mr.
be
Per
admitted
commu¬
its intention
his
of
statement.
disclaimers
at
the
In
any
a
in
or
connection
revaluations.
though Mr. Per Jacobsson's
lowed
by
a
recovery
of
sterling,
this favorable effect lasted
only a
two.
or
that
aware
prevent
For the market
there
government
any
was
nothing to
was
from
communicating to
the
Interna¬
tional Monetary Fund its intention
to change its parities
immediately
engage
after Mr. Per Jacobsson had made
his statement.
securities business.
In
order
such
to
denials
be
really effective,
would
have
had
to
be repeated at least once in every
twenty-four hours. To do
have
$38,799,500
obvious
cause
to
Industries, Inc.
so
later
or
is
of
one
bound
to
notifying
the
elapse
subscribe for the Debentures
as
set
forth in the
Prospectus. Subscription
Warrants expire at 3:30 P.M., Eastern
Daylight Saving
to
repeat his
absence
of
would
its
Subscription Price
a
denial.
posi¬
Yet in
repetition
assume
the
the
may
offer Debentures
and conditions set
to the
the
always
tempting to keep
extent of the deprecia¬
precisely because it can be
repeated so easily, later. If it were
the practice to change the Bank
the
rate frequently by raising it or
lowering it by, one-sixteenth per
cent
one-thirty second per cent
time, its changes would not
produce the psychological effect
at
or
a
which
is
of the
one
main
advan¬
tages of major Bank rate changes.
It
doubtful
seems
moderate
nadian
real
whether
the
depreciation of the Ca¬
dollar that
the time of
occurred up
economy.
while ,to make the change for the
sake of the extent iio which such
small change is liable to affect
imports and
exports.
The fact
that
the
government has aban¬
doned the
of
its
relatively rigid defense
currency
tent
encourage
the
feeling
counteract
It:
to some
may
ex¬
expansion, though
of
its
i
was
uncertainty
effect.
n e v
i t
bT
a
may
-*
e
that
the
both
on
spot and forward sterling
corresponding change in ster¬
ling and partly in anticipation of
the
effect
In
1957
Area
as
well.
Another
a
lesson
Floating Rate
taught
by
the
about
a
change
in
parity.
a
trade
on
between
Can¬
ada and the United Kingdom.
a
it
was
Commonwealth
draw
heavily
decision
its
firm
ling.
reserve that
Government to
complacency
In
other
1961
seems
forced
abon-
to
take
of ster¬
the decision
Commonwealth
ment, Canada,
some
and
in defense
measures
of
country, India,
on the Sterling
f dollar
British
don
the
of
an¬
Govern¬
to have gone
though not nearly far
towards
inducing
the
way,
enough,
public at the prices and pursuant to the terms
forth in the Prospectus.
FOR INFORMATION
INVESTMENT INSURANCE TK,
Insurance-Against-Capital-Loss
Goldman, Sachs & Co.
Kuhn, Loeb & Co.
on
Eastman Dillon, Union Securities & Co.
Glore, Forgan & Co.
Incorporated
as
Lazard Freres & Co.
Carl M.
Smith, Barney & Co.
Loeb, Rhoades & Co.
(
"packaged" listed
conceived, researched,
•
and
sponsored
by
Tyler
GET IN TOUCH
Sutro & Co.
TYLER
Wertheim & Co.
prepared
securities
Salomon Brothers & Hutzler
Stone & Webster Securities Corporation
KAY,
TELEPHONE
TL
Kay
WITH
2-6112
Dean Witter & Co.
~
.
'•
\
•
.
-
-
OR 775 MAIN STREET, BUFFALO 3, N. Y.
June 29,1961.
—
incidently was not "devalu¬
ation," since it did not entail a
change of parity — should react
unfavorably on sterling. Pressure
to
lar
Upon request, a copy of a Prospectus describing these securities and the business of the
Company may be obtained within any State from any Underwriter who may regularly
distribute it within such State. The securities are offered
only by means of the Prospectus,
and this announcement is neither an offer to sell nor a
solicitation of any offer to buy.
to
writing will make any
,to the Canadian
It was hardly worth
difference
other currencies
having a
floating exchange. There is always
something dramatic and spectacu¬
Prior to and after the expiration of the
Warrants, the several Underwriters
of
tion,
worst
Canadian experience brings home
the
disadvantages of
100% of Principal Amount
is
down
the
to Warrant Holders
extent
Government.
It
only concerning the currency
directly concerned but concerning
Disadvantage of
°
the
ing
Time, July 14, 1961.
••
about
a
not
right to
a
Uncer¬
the
Monetary Fund and carry¬
out
the
change,
Mr.
Per
markets
the
rate.
increased partly in anticipation of
tion
offering to holders of its Common Stock
exchange
tional
the
The Company is
alternations
change in the Canadian dollar
Interna¬
Jacobsson would not be in
(Convertible prior to July 1, 1971)
with
so
which
decide
the interval that is bound to
4%% Subordinated Debentures due July 1, 1986
little,"
be¬
change its parities, and during
between
not
dian
would
disadvantages,
sooner
governments
Hunt Foods and
too
change continued to prevail after
the announcement by the Cana¬
their
statement, which served primarily
the
purpose
of
reassuring
the
markets about sterling, was fol¬
offices
and
finality which is
tainty
since Canada has
Even
261
of
International
fairness
with devaluations
p o-
late
air
change
existing distrust in official denials
Investment
with
to
floating
exchange, technically there was
no
change in its parities.
However,
this
experience
is
likely
to
increase
further
the
day
been
In
in
nicate
Form Trinity Investm't Co.
has
the
probability the Cana¬
"under
Mr.
of
Fund
dian Government did not
securities
"too
an
floating
any
few
the sharp unfavor¬
not
of
it
they have got.
has
This
parities.
be
is
it
of
Jacobsson
embolden
it
is
Senators
ought
Per Jacobsson's
that
Broadway, New York City.
warning
any
increase
people
will
up
Diversified Portfolios I
the
cor¬
his televised report to
American
three
Mr.
exactly
and
the
that
almost
It is bound to produce a strong
psychological effect. Provided that
likely to inspire confidence.
and
Co.
crats
our
to
disclaiming knowledge
intention on the part of
Monetary
Form Diversified Portfolios
SALEM,
Humphrey
of
being effective.
Government
came
after
members
with
fall,
ruckus
the
influenced by
able reaction
Kennedy's prestige at *the Vienna
that
Of
Khrdshchev,
conference, Representative Rhodes
fact
A
peace
approval
expense
the
stirred
similar
the
was
this
of the Bank
use
statement
case,
statements by such leading Demo¬
view
signed
preventing sterling de¬
now
The writer favors the
depreciation of the Cana¬
dollar
week
a
be¬
Canadian
a
dian
Capitol
on
separate
the
cause
—
only
is
for
against
reality
voiced
the
possible
of
to
open
statements.
Frontier
statements
tional Chairman William E. Miller
consulting with the
be
New
our
that
is
speculation
that
was
standby credit,
LONDON, England—The decision
the
Mansfield-Hum¬
Kefauver
Certainly
that the Ma¬
Thus
House.
opinion
a
foreign policy without at least
obtaining prior clearance from the
for discus¬
strong
before
out next year,
runs
for not
recogni¬
satellite
to
affect
Ger¬
remaining remnants of prestige.
John
radical change in
a
-
at the
Rhodes, who said: "It is incon¬
suppose
the
phrey
tacit
came
Congressman
of
would
to
for
Soviet
to
policy but bewails his country's policy of deliberately
underemploying them in 1960 and then blaming monetary policy
trial
force
facto
closer
moved
Hill
is a new
policy, then
jority Leader of the United States
high that
the Ad¬
ministration's No. 2 spokesman in
the Senate, would not have spoken
out
speculation
Montana
this
"If
asked
foreign
Arizona
White
But
unchanged,
free city
a
East
The for¬
move.
depreciation
rate and credit
obvious
was
action
valuation,
and
the
would
ipso
an
that
cause
Senate would make any statement
sion."
the
in
ceivable to
plied that he had made the "free
city"
recommendation
"only to
bring
Dirksen
which
effective
oft-threatened
with
peace
—
of
had
Khrush¬
position in
remain
happens
from
S.
it
of
keep the Berlin corridor
with
S.
U.
strongest demand
Presidential
explanation
per¬
U.
denials
charges,
into
West
and
before
The
said
House
Canadian
sterling adversely but doubts it will awaken the British toward taking
which
Department
expansion hoped for in this
eign exchange expert expects the
ultimatum."
an
Khrushchev's
many
of
counteract the economic
aims'
'new
dictated
of
State
separated
the pledges for
reunification of Germany?"
and
have
voicing his
out
Disadvantages of Canada's floating exchange rate listed by Dr. Einzig
problem of resulting uncertainty which is seen likely to
include the
in
either side' and
on
was
form
balloon
tion
both
the
would
change
what
state¬
Department
"came
meeting
Senator
received
the White House
the
that
the
that
sky."
that
proposal for
Mansfield has
aqd
his
chev
Berlin
every
adverse
after
public
settlement
White
Senate
and
By Paul Einzig
Germany
Kennedy
both
a
speeches
a
days later.
on
President
which
Despite
Pointing to President Kennedy's
which confronts it.
Senator
three
assurance
a
Administration stand
foreign
problem
softening
in
said
in
Leader
GOP
The British Dalliance
Neither
dictate
presented that had not 'been
took
White
the
Halleck
the clear blue
personal opinion,
Republicans say it smacked
strongly of what seemed to be a
sonal
A.
all
more
ment
Charles
Vienna
a
joint statement that
they found it difficult to believe
the
an
House
to
stated in
Minority Leader Everett 1VI. Dirk-
Despite Senate Mansfield's pro¬
tests that his statement reflected
toward
House.
sen
Frontier.
no
from
stated
the text of Khrush¬
memoranda
handed
were
floor.
the Senate
Republican leaders immediately
demanded
a
full
and
complete
give
to
"And yet a scant six
Kefauver followed Senator Mans¬
on
been
not
there
in
settlement.
BARGERON
field
Thursday, June 29, 1961
.
Canadian Devaluation and
stated,
pri¬
stated
either side.
on
was
chev's
Republicans
are
greatly worried for fear that the
Kennedy
were
Tass released
Congressional
.
which he discussed the Vienna
conference,
...Ahead of the News
.
•
•
Tyler Kay 1961
Volume
Number
193
6068
.
.
.
The Commercial and Financial Chronicle
(2845)
British
Government
living in
to give
fool's paradise.
a
up
There is, of course, no question
of
repetition
any
of
measures
not
was
only
firm
face
of
the
sterling, be-
on
the
Treasury but
the Bank of England seems
even
to
in
pressure
not
the
The Bank rate
raised
growing
cause
1957.
of
have lost its faith in the Bank
rate.
It is argued in official circles
that
the
high Bank
effective
would
it.
to
last
be
year,
that
credit
is
short
its
president
of
the
..Minneapolis-
Falls investment dealer and
tual fund distributor.
The purchase is part of
a
mu-
four-
state Upper Midwest expansion of
Apache's mutual fund sales or-
ment to the post of South Dakota
state commissioner of securities.
The company, which has 19 registered representatives, will operate under the name of Apache In-
is
funds
and
folmed
0us
life
insurance
in Januaryof1959
to that time
Mr
stopped
This is
not
an
offering of these Shares for sale,
The
or an
with Waddell and Reed
The
towards
with
.
Page
9
The office will continue in its
in
attitude
economy
aid
1935
high
It
rate
the
sanctions
against
clearly
under¬
was
in
that
Bank
recalls
League of Nations
towards
Mussolini.
stood
of
squeeze
of the
,
-
'
*-
present location at 315-317 Paul-
Page, Parsons & Co., Incorporated
ton Building, Sioux Falls.
The company, which specialized
has been formed with offices at 1
_
in
investment
securities,
mutual
East 44th Street, New York City
to conduct a securities business,
offer to buy,
or a
solicitation of
an
offer to buy,
any
of such Shares,
offering is made only by the Prospectus.
2,750,000 Shares
circumstances
no
must the sanctions be made effec¬
tive,
because
effective
war.
it
Similarly,
and
feared
was
sanctions
that
might
high
mean
Bank
credit squeeze were
rate
kept de¬
liberately ineffective in 1960 be¬
in
cause,
they
order
would
to
unemployment.
is
be
have
effective,
had
to
entail
That being
so,
hardly fair to blame the
ventional
devices
it
con¬
of
monetary
policy for having been ineffective.
They
be
not given a chance
were
to
effective.
The
device
announced
Selwyn Lloyd
defense
ment
sterling, is a curtail¬
publ iMQ( expenditure,
capital projects. He also
administrative
econo¬
on
promised
mies
Common Stock
of
of
mostly
by Mr.
June 22, for the
on
($5 Par Value)
.
but,
considering
that
until
recently the government had done
its
utmost to frustrate
the
efforts
of
economy-minded Members of
Parliament to enforce closer Par¬
liamentary
control of public ex¬
penditure- to prove the sincerity
of the
change it would require
action, not
It
of
in
certain
seems
such
will
cuts
make
in
that
the
as
Price $80.50 per
words.
mere
the
share
bulk
government
expenditure will be
respect of the postponement of
much-needed
This
higher
Bank
squeeze
rate
projects.
and
increase
to
credit
demand
consumer
continue
of
capital
that in the absence of
means
as
a
will
result
increases, while produc¬
tive capacity which would benefit
by the reorganization of the rail¬
wage
roads
be
similar
and
kept down.
investment
These Shares are being sold to the Underwriters by The Ford Foundation and no part of the
proceeds will be received by Ford Motor Company. Copies of-the Prospectus may be obtained
from any of the several underwriters only in states in which such underwriters are qualified
to act as dealers in securities and in which the
Prospectus may legally be distributed.
will
Nor will the bal¬
between
ance
schemes
consumption
adjusted
be
and
through
the
proposed surcharges and the
diminutive payroll tax authorized
under
this
year's
effect will be
out
budget.
more
Their
than cancelled
by additional wage increases.
It
therefore, that it will
seems,
take
more
than the moderate de¬
preciation of the Canadian dollar
to
shake
ment
the
up
from
British
Govern¬
The First Boston
Corporation
its
complacency.
It
obviously prefers to • rely on
stand-by credits from the Inter¬
Goldman, Sachs & Co
national Monetary Fund and from
Central Banks for the defense of
sterling,
rather
than
popular but effective
restore
the
balance
adopt
un¬
to
measures
the
of
econ¬
stand-by credits are
likely to be sufficient to prevent
a
devaluation
perhaps
tco
government
1962
this
year,
much
to
expect
ahead
think
to
and
will
the
till
exhausted.
be
Association of Customers
stock
on
June
market
29th
forum
will hold
at
the
a
head¬
quarters of the New York Society
of
Security Analysts, 15 William
New York City. Speakers
Street,
will
be
Hutton
Donald
H.
&
Randell, E. F.
Company, and Alan C.
Poole, Hemphill, Noyes & Co.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Customers Brokers to Hear
Brokers
Lehman Brothers
it is
by which time the stand-by
credit
The
Incorporated
Those
omy.
mu-
Parsons Formed
Action
controlling the
credit
attitude
of
British
the
and
Lack
official
InT?.
was
tual fund company,
effective.
Protests British
was
Previ
Behrens
the
stage at which it
chance of becoming
a
Planning Division,
by. Leslie H. Starr, of
and
the
would stand
headed
based investment and manage- Minneapolis, as regional sales diMINNEAPOLIS, Minn. — Apache ment company, announced.
.
rector. A divisional manager
Investment Planning Division has
The firm' was acquired from headquartering in Sioux Falls will
announced the acquisition of E. Ewald W. Behrens, who is leaving be appointed in the near future,
W. Behrens and Company, Sioux private business upon appoint- Mr- LaCroix said.
ineffective
was
application
from
.
there
"Bank"*rate"
squeeze
ganization, Roger C. LaCroix, vice vestment
■
Behrens Company
reverting
overlooked
high
because
in
in-
was
that
so
point
no
What
fact
rate
Apache Acquires
H cue rtcqu.res
13
White, Weld & Co
Incorporated
■'
The Commercial
'
the next 12 months with a bumper
of
crop
The Coming Bumper Crop
Of New High Records
whigh records for a
ne
number of reasons:
that
fouled
MacKay Shields Associates, Inc.,
New York
commodities
City
is
be dis¬
not expect the current recovery to
weather has made
turn for the better with propi¬
The economic
a
growing conditions predicted
by the economic barometers. Bus¬
tious
and
ment
pro¬
it
planted
grams
the seed
it
expansion.
growth
will
be
fertilized
by
i
im¬
It
provement in
Murray Shields
profits.
New
technological means for increas¬
and
productivity
ing
costs
lowering
being rushed into appli¬
The stage has been set for
are
cation.
of new all-time
highs in the United States econ¬
a
bumper
crop
omy.
It is
now
clear that in the next
months, new highs in the quar¬
or monthly statistics, will be
registered in Industrial Produc¬
tion, Gross National Product, State
and
local
expenditures, Federal
Government Civi 1 ian Expendi¬
12
terly
tures, Personal Incomes, Personal
Savings,
Consumption
Personal
Farm
Income, Employment,
ders
interregnum
an
the
between
and
Fifties
or
of
boom
the
rise.
late
"family formation
boom of
Typically, in such
"between-boom" periods, the re¬
coveries fail to blpssom out into
the mid-sixties.
real "Sffld
recessions
conditions
margins
are
good
nor
very
under pressure.
we
may
(7)
The Kennedy program has,
(8)
the
confi¬
dently expect better business
in
involved
far,
economic stimulation
much
Crop of New High Records
Nevertheless,
some
of
in
This
reform.
But
good.
considerable
justify
announcement
of
an
offer
to
is under
buy
any
no
circumstances to be construed as an
offer to sell
or as a
the
recdnt actions and
some
Wash¬
misgivings.
solicitation
business has
$17,500,000
Company
(Formerly Worcester County Electric Company)
full
had
zeal
of
want
revive
to
should
Deal
D.
be
ployment,
Due July 1, 1991
matter,
trouble
how
Merrill
as
may
much
money
no
was
spent by the government, business
prosperity
frustrated
was
by
a
ending series of regulative,
investigative and legislative at¬
tacks ou business, by fiscal irre¬
Eastman Dillon, Union Securities 8i Co.
Incorporated
Ladenburg, Thalmann &, Co.
Salomon Brothers &, Hutzler
Johnston, Lemon & Co.
McDonnell &. Co.
Incorporated
First of
Michigan Corporation
H. Hentz Si Co.
sponsibility and by an ideological
shift toward the left among the
liberals
in control
Well,
of
policy.
is
J.
F.
K.
I
do
not
think that President Kennedy
will
do
did
R.
D.
it,
danger
that
here
F.
the
it and
However,
too.
Corporation
Elkins, Morris, Stokes & Co.
are
with
style,
everjpore emphasis on
quality
big
and sophistication. And,
gains are likely to be
shown in the teen age, senior citi¬
recreational and leisure time
segments of the tfootwbanim&rket.
zen,
can
♦An
address by Mr. Shields before the
Shoe Manufacturers Association^
Council
Joint
Meeting,
New
York City, June 20, 1961.
National
Tanner's
Griffinger V.-P. of
Bank of America
cation of all the old rusty appara¬
to
the
of
Deal.
New
He
SAN
FRANCISCO, Calif.
;
tolerate the unimaginative appli¬
Vice-President
in
—
of
Bank
cannot
America's
help but know that his task is to
hold business at the highest level
ever reached' rather than to get it
Municipal
of
out
D.
the
subcellar,
raise
could
R.
low level,
very
that
taxes from
his task
Bond
is to
Depart¬
ment has been
while
announced
S.
Clark
Beise.
deficiteering would, under today's
finger,
conditions, only cause a deflation¬
ary run on the dollar by foreign¬
has
ers.
head
I
Therefore,
prepared
am
,
be
not
coloration
to
it
will
be
Bond
T. A.
liberal
tration will be to the good as far
York
outlook
1955,
Griffinger
America
business
is
con¬
Denart-
since
ment
leftist and, therefore,
that the influence of the Adminis¬
the
the
of
Municipal
danger¬
than
rather
who
been
Assistant
ously anti-business, that in politi¬
cal
Grif¬
Mr.
that the image of the Ad¬
will
by
President
a
.re¬
duce the already increased burden
of taxation, and that irresponsible
my
as
an
in
Bank
of
1948 after three
years
investment banker
He
City.
in
New
advanced
was
Cashier
Assistant
joined
1953
in
and
to
to
Assistant Vice-President two years
Growth Ahead
Real
conclusion,
I
may
say
that
optimism is not limited to the
outlook.
near-term
I
foresee
a
truly great boom in the mid-Six¬
ties and am convinced that, de¬
Healy Joins
John Nuveen Co.
spite quite a lot of turbulence in
international as well as domestic
associated
affairs, the decade of the Sixties
will be a period of great growth
Co., 25
City.
Finally,
C.
Butcher 8i Sherrerd
the
hang
Newhard, Cook & Co.
the
The year 1982
be
quite
the
with
showing
even
wear
are
a
new
shoe
in
trend
ward
We
up
production
vigorously
dollar
steeper gains as the
a
period
of revolu¬
tionary changes in the age distri¬
status and geo¬
graphical
distribution
of
our
population to which the policies
bution,
incorpe
Healy,
with
Street,
Broad
become
has
Jr.
John
Nuveen
&
York
New
of the
member
Company's Dealer Sales and
Healy,
a
veteran
Public Bond business, is a
of the
Division
Service
office.
&
Most
Co.,
Mr.
Healy
associated with
Newark,
in
its New York
recently
and B.
with
Bache
formerly
F. R.
was
Cole & Co.,
J. Van Ingen &
up¬
volume
on.
in
Lyle
Mr.
about
word
a
all-time
high record in the production of
footwear.
And, allowing Jor a
bit cf slippage from time to time,
should
years
Joseph Walker & Sons
our
Pro¬
motion of Theodore A. Griffinger
should
Childs Securities
in
suggest that our people
engaged in a major upgrading
their
purchases of footwear
never
leather industries.
Dean Witter & Co.
and other
changes
economy
for the United States.
Francis I. duPont & Co.
of this
■
later.
lawfully offer these securities in such Slate.
Lynch, Pierce, Fenner 8C Smith
that
was
the top
industries
internal
vital
the
In
brokers
1933
cerned.
102.039% and accrued interest
Copies of the Prospectus may be obtained in any State in which this
announcement is circulated from only such of the undersigned or other
or
miserably
associated
studies of these
Our
any
force.
The
growth
decade.
unem¬
From
the
in
Sees
dealers
that
II.
recrea¬
near
activities
those
with
of
industries
all
place
reminded
War
and
tional spending of our people will
New
failed
time
leisure
The
an
than
to
$10-$15 thousand bracket;
the
1940, unemployment av¬
eraged
almost
10
million
and
never got below 14% of the labor
as
Price
Losses will be recorded during
$10,000 per annum while impres¬
sive gains will be shown in the
income brackets over $10,000 per
annum
and by 1970 the biggest
market will be among families in
apparently
harder
but
World
until
assume
Mortgage Bonds, Series F, 5%, due 1991
Dated July 1, 1961
,
ilies in all income brackets up
have
history to eliminate
of
decline
number
this decade in the number of fam¬
in
from
of
the
men
the
most
tried
R.
in
who
Meanwhile,
70.
people in their 30's will
during the whole decade;
for
and
on,
12%
of this dec?
and 11% in the period 1985-
ade
reform, who
worship the ground that F. D. R.
walked
pe¬
in the first five years
Administration
suffer
the
citizens will increase
senior
Those in the Ad¬
ministration Who
in
30%
gain another 12%
and the number of
1965-70,
in
never
we
almost
riod 1960-65 and
employment with
Washington.
ministration
First
and
anti-business
an
in
that
prosperous
never
F.
June 28, 1961
Massachusetts Electric
new
importance of this lies
fact
been
clearly to
of these securities. The offering is made only by the Prospectus.
NEW ISSUE
of the
collar seg-
number* of teen-agers will
The
from
away
rapidly and
the blue
exceeds
increase
concern.
some
tus
This
government
a
without too
is
statements emanating from
ington
tremen¬
Washington have
saying of late, there is reason
power
through
While
thus
The white collar segment of our
designed
of the recession and
making for
But, if one takes at face
profit
conditions
leave much to be desired, profit
prospects have been improved by
the highly effective efforts made
by business to lower costs and
improve break-even points.
are
bad,
competition is intense and profit
very
over
value what
F.
A large-scale expansion in
.our
space, military and foreign
durable prosperity, - the aid programs is being forced
tend to be frequent and,- Communist intransigence.
business
while
neither
wield
men
powers
man
(6)
to be
doldrums
the
These
soaring stock market
has been generating confidence,
optimism and capital gains.
The
(5)
building"
plant
—new
Capital appropriations, or¬
and spending are about to
current
the
"boom" levels, for we appear
nondurable goods, Retail Sales,
Cash
(4)
from
the exceedingly
mild and quite brief recession of
1960-61 will carry our economy to
in
we
in order to increase inventories.
recovery
Expenditures for durable as well
as
that
doubtful
is
ment—which is declining sharply;
for
producing more than we consume
the stock market.
quick"'in
tions:
excess
people who, one way or
are engaged in a fren¬
zied and speculative effort to "get
rich
now
.../ The
order to
shall be
the
work force is growing
been
producing
of
inventories,
reduce
of
ber
instead
long,
un¬
of
interest
some
now
less than we consume in
another,
and credit and
an
fore
highs in
new
Federal, State, Local, Business and
Personal Debts, and in the num¬
flow of money
by
record
will
we
am
businessmen and business institu¬
growth.
(3)
The phase
of inventory
liquidation is behind us and be¬
And,
reassuring
than
less
be
may
that
expanded
an
Plant
are
Admin¬
this
in
I
all
here
present
to be "reform
prone" with an inner urge to be¬
little,
castigate
and
persecute
appear
to get us out
orders
New
and
of
level
Equipment Investment.
and
The
ahead
briskly
in
margins, in Housing Starts,
Automobile Production or in
corn
further
for
have risen
above the
production for a widen¬
ing list of industries.
(2)
lest our optimism be
However,
individuals
to reactivate the forces
gold crisis with deflationary im¬
plications.
unconfined, it is probable that we
will not record new highs in Prof¬
develop-
short
our
outlook is the busi¬
image of the Administration.
the economic stimulation
a
Common
in
in
and distributors
pertinent statistics—but they offer
impressive
evidence that
some
changes in marketing and manu¬
facturing strategy are called for.,
A
few
illustrations may
be of
that
mixing too much reform in with
increasing because of the com-
putepj automation and other tech¬
nologies. And, we cannot inflate
money for fear that foreign with¬
drawals of funds would produce
Prices.
Stock
research
its
is
element
veei^d
Productivity
spending.
of
pense
Research and
posits, Outlays for
Development,
and
the
increasing their savings at the ex¬
Corporate Profits, Corporate Div¬
idends, Money Supply, Bank De¬
in
has
iness
on
Advisors
his
apparatus which can be used to
wage vicious war against business.
Thus far, to repeat, the Adminis¬
tration
has
Foreign competition is
increase.
Our people are
facturing.
of new high records in the
and
critical
dous
in manu¬
industries and
tractive
next 12 months
and he outlines the reasons supporting this conclusion. The Admin¬
istration is cautioned against adopting an anti-business bias even
though Mr. Shields is confident it will not move to harm business
and. thus, prove to have a favorable influence on the business outlook.
does foresee a bumper crop
to
Some
in¬
terposing some obstructions to
price increases. We have over¬
capacity in agriculture, the ex¬
appointing) he doubts it will reach "boom levels." The lajter, he
avers, will have to wait until the mid-Sixties when "a truly great
boom" will occur making this decade one of great growth. Mr. Shields
able
properly
istration
nedy and Estes Kefauver are
Though Mr. Shields does
must be adapted.
ness
the rise. Messrs. Robert Ken¬
on
alike
be true that it is
understood by the
may
and long-term
Western markets
Thursday, June 29, 1961
.
of manufacturers
just
the
a
on
.
.It
President
dose of disruptive
Russian
dumping
of
by
up
.
Administration's Business Views
not
1
There is not much chance
business
recovery
will be
(1)
inflation.
By Murray Shields,* Partner;
i
qnd Financial Chronicle
(2846)
14
Co., Inc.
Herbert Edmvnd Co. Opens
Herbert Edmund &
been
formed
with
Co.,
Ihc.
has
at
115
offices
Broadway, New York City, to en¬
gage in a
securities business.
Volume
Number
193
6068
.
.
The Commercial and
.
Financial Chronicle
(2847)
owned
Lines
Lanes
on
consideration
of
Hotels
popularity of bowling and the development
in
bowling centers
is
importance
new
society and
sufficiently
few years
our
as
major field of investment.
a
not
Only
a
allevs;
were
YMCA's
found
and
bowling
nnri
Rar nhrio
will
Bar
Chris will
parking area) and
cm«a
uB^vmio
w*xx
economy
design, build and finance a comJ
plete bowling center with all the
of
our
appreciated,
in
•■■months
rlnh<;
Ind
trimmings,
bowling
ago
nihdtlv
thl ce^?sof
in
needs
less
or
to
within
All
then
do
the
ffS
id
wouia
t^th^111*
oiten
lessiy
tnat,
tor
even
experts,
the
completed 24
bowling center pack-
"turnkey"
sPot tne pins so care-
onerator
business-
s,
°V
four
unlock
is
h"urdTanesM°fSreanentl\?mnrMidJd
front
door and hes
t equently
presided
jn 196q Bar c^ris
la
—
construction)
w|th 792 lanes. The growth of Bar
a
other
(pius
ageg
chain
ownership,
first
attracted
now
fol¬
nuirgin of
lowers by the millions, and huge
bowlipg centers have been built
througnout
Three
share
tne nation.
to
publicly owned chain
was
h
wiiiv.li
companies,
American
Foundry, Brunswick
and
Bowl-Mor
dominate
the
production of automatic pinspotters. AMF leases them, and
the other two sell them outright,
with
|
Qhn,,t
about.
rr
33
«
+
renters
centers,
.,P oa s \
«r!n„i„aiiir
y.
i-f
r
.
the
by
game
with
eliminating a
the
great
their
have
equities
5V2%
a
by
sale
of
and
$2
is listed
mon
million
overseas
nership
incA
re-
a
npw
has
attained
This
of
deben-
ones
cities,
and
is
considering
8
chains'
H
it's
thethat
customers
about
for
alleys
talk
to
income
of
Goodbody &
—
-New
York
Broadway,
and
gain
provided
by
Growth/'in
this busiriess has been
bowling
lion,, bowlers
about
were
the New York
Stock
Ex¬
change
and
E
33 over-the-counter.
sh,are
per
reported to
Per
reported
year
operate
share
•
(ended
estimated
sells
share
on
at
fiscal
Dec.
1961
has
around
$1.
17
over-the-
offered at $3
was
«■
.
•
1 200
for
30,
around
Stock
over
net
June
been '
a
30,
1958.
„
«
c" founded
only
a year
J1*" ^H'three^ore^the
,,
around
m
$1.
have
you
some
tti
Jl OLSVtil
^
JL
,
m
e
Thomas
centers,
Bowling alleys used to
be, for
its
followers
mil-
12.5
43,000 to
Participation
Family
well
over
by
most
business
life
in
Wall
ment for the past six
years.
spare
Indianapolis Mgrs.
t
OriYlGCL
INDIANAPOLIS, Ind.—M. Clifton
Parker
0
Seiden
a
& Forsyth is
securities business
ager
has
liao
and
been
appointed
«x,wllfcCU
Richard
A
offices
63
at
Wall
rale
builders,
unions
G. Caffray and Josephine
bick.
Colen Forsyth and
25,000
phine
around 50 cents this
with Richards,
Other partners were with Carl M.
Loeb, Rhoades & Co.
warrants at 7V2 for four
years more.'
American Bowling
common
is
expected
to
earn
year
(ended
Treibick
Mr. Parker and Mr. Cutler have
TreiJose-
been
formerly
Forsyth
&
Co.
were
active
hn<,in_Q
in
in
the
investment
inHiannnniu
•
'*
,
•
•
•
■
.
'
•
■
This announcement is neither
an
The
.
offer to sell
years.''11*
.
nor a
111
J
.
solicitation of an offer to buy
any
of these Bonds.
offer is made only by the Prospectus.
t^
$25,000,000
as
and
teams
as
mo¬
schools, clubs,
fraternal
organiza¬
Twenty Year 5V2% Bonds Due July 1, 1981
tions round out the league rosters.
Thousands
of
bowl
teams
two
or
three times each week. Many cen¬
have
ters
cated
been
deliberately
Dated
Due
July 1,
factory areas, and fre¬
possible profitable
24-hour
operation, to accommo¬
date
different
shifts
of factory
near
quently
July 1, 1081
lo¬
Interest
payable January 1 and July 1
make
workers.
A
•
phenomenon
of the
industry
Price 97% and Accrued Interest
has been the swing to size and ele—
In most of the major cities
gance.
America
of
huge bowling
with f"om
today,
centers have sprung up
24
social
to
lanes
50
to
centers
oiv
centers
provide
and
ideal
.These
more.
attractively
are
built
designed
not
onlv
conditions
for
play—lockers, fine smooth alleys,
air conditioning, excellent light¬
Copies of the Prospectus may be obtained in any State from only such of the undersigned as
may legally offer these Bonds in compliance with the securities laws of such State.
ing," swift ball returns, etc.—but
parking facilities, a bar, restau¬
rant,
lounge,
nade
area
Bowling is
time
in
a
but
snack
and
no
bar,
even
longer
a
a
prome¬
MORGAN STANLEY & CO.
nursery.
cellar
pas¬
elegant new element
living. Bowling is now
billion-dollar industry.
an
leisure
THE FIRST BOSTON CORPORATION
KUHN, LOEB & CO.
HARRIMAN RIPLEY & CO.
Incorporated
Incorporated
.....
BLYTH &
_•
THE DOMINION SECURITIES CORPORATION
CO., INC.
rtr
Bar Chris Corporation
A
major factor in the building
bowling cen¬
EASTMAN DILLON, UNION SECURITIES &
SACHS & CO.
CO.
HALLGARTEN & CO.
of these ultramodern
ters
Corp.
only
is
Bar
This
location
in
the
is
the
the whole job from site
the completed center.
it
tion.
All
a
needs
is
a
"turnkey"
would-be
$50,000 or
credit
and
more
LEHMAN BROTHERS
Incorporated
SMITH, BARNEY & CO.
operator
in cash,
preferably
a
SALOMON BROTHERS & HUTZLER
MERRILL LYNCH, PIERCE, FENNER & SMITH
opera¬
properly located three-acre build¬
ing
site
(to
provide
adequate
LAZARD FRERES & CO.
KIDDER, PEABODY & CO.
business
to
call
good
Construction
organization
company
that does
They
Chris
Incorporated
June 28,
1961.
•
-
.
.
WHITE, WELD & CO.
\
(
.
.
.
anH
in1
aP°ns aiacA
Terre Haute during the past four
...
and
and
"
Street,
tween now and Nov. 1, 1962, plus
classes.
all
lunchem
bowling
encourage
Cn
afr' and ™ A- Cuter C
Manager of the Indianapolis OfwiS" Ne^ Y°r\C}-y,' lCting as UndeT-~ fiCG °f Francis L duPont & Co »
and a from
background for earning
the alleys. ' Companies
in
power
x««nMan-
Cutler
groups, and young peo¬
solid
and
has been connected with Goodbfitfdy & Co.'s Syndicate Depart-
But league bowling provides
the
spent
of
his
Street
1935.
important,
are
women's
afternoon
pected
ex
35%
involves
groups
as
ple.
are
another
increase
Mr.
t,
tipn^nd three more on the^imme- writers and distributors of secun- 106 East Market Street. Willard C.
ties. Partners are Richard Trei- ^
has'been named Assistant
common
bick, Melvin R. Seiden, Colen D. waycott ftas Deen namect Assistant
238,000 class A warrants to buy Forsyth, Theodore Gold, Robert ManaSer-
the most part, local proprietorships or partnerships. Now they've
"gone national" and there are a
number
of interesting publicly
110,000. Bowling has become our
most popular participation sport,
and
Syndi¬
Departli
has
Feeley
period the number of lanes
has increased from
E.
as'
Feeley
1946. Ther^(. are
today. In the
in
of,
t
the
cate
liGlDlCK, OGIQGR,
...
appointn
duPont Names
T71~.M/N.r,4."L
Treibick,
nges,
Manager;
sup-
?ome of the.se equities. Bowling
.?^La/?; expanding industry and some
these equities may strike your
fancy> if
cash!
e
a
Feeley
of
are
h
Thomas
quoted at
are
leading
the
have
posed to deliver net earnings of
$500 to $1,000 a year per lane
after taxes. This may give you a
rough rule-of-thumb by which to
appraise
the
attractiveness
of
m
•
.
.
profits
Good bowling chains
Bowling Enterprises conducting
T
share
per
Stock
American
fiscal
last
sixty-one
x c
million
29
same
'
of
n«v
r
There
sensational.
Co
City'
member
tbo
been projected at
Lence Lanes shares
the stock between 7 V2 and 9, be'
today; and the possibilities
investment
in
new
on
cents
counter.
their
and
want
we
oneratin^
com-
Stock
Rome
in most major
firm
"telaninCltFrknced Belgkfm^and diate horizon.
There are 238,000
shares outstanding and
Centers Themselves
The
is
op-
building
in
center
chain
of
injection
June 30, 1960) is expected for 1961.
Bowling
is
companv
24-lane
'
But
20
the
(in part-
star
plans for
Italian
wide market popularity.
.
the
for
through Olympic
An
with
rinn"L T'Z"
Sports Arenas
the
management.
year'ending
its
The
°
a
at around !1 over-the-counter.
f
*
Psn
VJyUU.UUU.yi \j{).
im-
cents
& ceLTS
tures,
(for the next five years),
selling around 104.
has expanded
14
•
ianes
now
the
over
TPnr Clf\r\r\\\r\r\\t
fiscal
"
"
"
1961. should
show
substantial
provement
°
'
1,100
South-
for
strengthened in the past 18 months 4?5 alleys. Nineteen hundred and
debenture
Bowling Centers S.P.A.
warded their earlier shareholders
and
also
erations
dependability; and, as you know,
all three of these companies have
prospered greatly, handsomely
1959
in
cents
the
has annaunced
'
at $26.40
Bar chris
and
accuracy
67
per
in
-Earnings
™
due 1976 convertible into common
and
labor factor and by setting up
pins
from
net
and
TTU^lC
J
"a it
-T 6616V bVHCl. MOT
sell
over
other
taxes)
(after
1960
shares
has
concentrated
states.
ern
Inc.
f^ei, ind In Cahforma
with about chain, operatmginthe New York
Expansion plans en- area. On completion of present
$1>31
There's
These pinspotters have revolutionized
rose
in
1961). .The
Lanes
iiv/w
for 1960
The corpm0n
Another large one is American
was
recently split 2-for-l and is 'International Bowling Inc., which
currently selling on the American started out in November 1958 with
stock Exchange at around 21V2.
a
single 40-lane center and now
Machine and
Corp.
9%
over
realized
was
30,
r
lanes
..
has been exciting with sales. Exchange and sells currently at
0£ g£Q
miHiQn
in
1960, against around 10 against a high of 14Vs.
$3,320,122 a year earlier. A profit A substantial improvement over
'
has
Fa
opera-
j?ri
-a \^°?.(-Chris
lucK.
witn
the
invention of
tne
Bowling
June
around 11 over-the-counter
Pr°ve™ent °^er the 14 cents a 2
Sports Arenas Inc., which now share.
?^ar® reported
reP°rt?d in 1960 (year ends
°Perates one of the nation's largest °,ct* 3l^'JFla1ir Lanes common sells
with
The
.
The
in
Johnson
tion and management.
the
of
Howard
restaurants, Holiday Inns
motels, and Sheraton Corp. in
in
A
what
in
does
By Dr. Ira U. Cobleigh, Enterprise Economist
providing
companies
bowling
15
16
The Commercial and Financial Chronicle
(2848)
the
betweqn
100 Years of Stock Prices
the
states.
1900s,
early
This took the zip
And Lessons for the Future
until
War
THE MARKET
Thursday, June 29, 1961
.
.
.
first
AND YOU
.
STREETE
WALLACE
BY
out of the stock
the
.
decision.
Securities"
"Northern
market
Suddenly, in
it
issued
its
.
World
After the closing of
Exchange for
began.
the New York Stock
'
By Roger W. Babson
several
some
Listed
the events that instigated
are
stock market debacles in the
Then
they hold for the future^ Noting that
prosperity periods ended with an unexpected event, Mr. Babson throws
out the thought that the Space Age may well be the "unexpected
event on the optimistic side."
past century, and the lessons
Business
the
Civil
was
prosperous
War
due
during
largely to in¬
flation, and started to boom di¬
rectly afterward. The shooting of
President
Lincoln, however,
caused
stocks
to tumble and a
business
depressed
of
year
followed.
this
leading "bulls," Henry Villard and
James R. Keene, announced their
Unexpected
Friday"
"Black
1893.
boom
the
until
inflation
further
famous
Events
began to
business
Again
with
in
pressed business. Stocks quickly
rebounded, and again investors
to several
forward
looking
of prosperity when, in late
1871, the Chicago Fire occurred.
This was followed by the 1 great
years
Boston Fire in
had
about
just
again recovered when the failure
of the great banking house of Jay
Cooke and Co. was suddenly an¬
nounced.
leading
the
For
first
time,
the
closed
Exchanges
Stock
for several weeks. There followed
the great
depression beginning in
higher stock prices
returned as a result of
then
1873;
finally
another
of
dose
inflation.
dent
on
Garfield
one
chip"
"blue
the
of
corpora¬
Begin
Strikes
commodity prices brought on
another collapse. This was quickly
corrected
and
continued
to
reached
Then
an
offer to sell
nor a
1929.
in
the business collapse
came
the
with
Europe
withdrawal
continued
of
gold, climaxed by
sudden failure of the
the
very
Austrian Credit
caused
t
11 i
Anstalt. This
-
repercussions
throughout the world. There fol¬
lowed
several
years
of
real
s
a r
n
g
and gloom over the stock market.
This was accompanied by a series
ing throughout World War II, but
of
mortgage
and
failures
crop
foreclosures.
this
did
ket
much
not
brief
help the stock
until
exception
Again in 1897 business steadily
and
permanent
pros¬
1938 there was
in business last¬
in
Beginning
of
the
relatively
periods,
adjustment
perity was prophesied, accompa¬
nied by stock splits, mergers, and
for
about
there
securities
.
.
.
large
and traction
crash
rumors
of
"undigested"
life
insur¬
companies. The
just following the San
came
Earthquake.
this
to
the
time
Supreme
Court had decided questions
solicitation of offers to buy
any
years.
Future?
the
of
preceding
100
teach
years
lessons:
(1) That there has always been
economic
an
tion
and
flation
only
between
race
production.
were
infla¬
These
the
.
.
of different
great
of these securities.
offering is made only by the Prospectus.
opening
and
to
of
railroad
the
South
farming; and finally
commodity
production
due to inventions and advertising,
accompanied
by
the
electrical,
chemical, and automobile eras.
NEW ISSUE
June 23, 1961
(2)
That when each prosperity
period came to an end, it was from
an unexpected event—a great fire,
earthquake,
an
450,037 Shares
some
Northern Illinois Gas Company
the failure
or
banking house
large
or
of
cor¬
poration. In wartime, inflation al¬
ways
has been resorted to. We
it
expect
will
again
occur
to
-
provide funds for the "cold war."
This
should
higher prices
for stocks, commodities, and real
estate. Yet the period of inflation
Common Stock
(Par Value $5 Per Share)
we
mean
entering may be ab¬
sorbed by the "space era," which
are
is
Holders of the
to
subscribe
at
Company's outstanding Common Stock
each 16 shares of Common Stock held of record
Warrants will
are
being offered rights
$49.50 per share for the above shares at the rate of
share for
June 22, 1961. Subscription
on
expire at 2:30 P.M. Chicago Time
one
on
may
offer shares of Common Stock
as set
unexpected
event
forth in the Prospectus.
Pershing
New
&
York
New
Co.,
City,
York
writers
any
only in States in which such underwriters
dealers in securities and in which the
Prospectus
Jr.
to
Partner
Broadway,
members
of
the
Exchange,
on
admit
David
partnership
Scott
in
the
qualified to
act as
Norman
P.
R.
Rafshol
Strout have
Incorporated
McKnight Building.
Goldman, Sachs & Co.
A. T. Skor
Dean Witter & Co.
Incorporated
Bacon, Whipple & Co.
The Illinois Company
William
added
the
to
William Blair & Company
Salomon Brothers & Hutzler
T.
Broadway,
City.
Max
Blunt Ellis & Simmons
QUEENS
Julien Collins & Company
McCormick & Co.
Skor
Cruttenden, Podesta & Co.
McMaster Hutchinson & Co.
Hickey & Co.
engaging
in
Room
1608,
a
at
New
VILLAGE,
Halpern is conducting
N.
After their
items
"had
have
Incorporated
speedily
before the
not
old shares had
half
around
a
it" and
from
here
supposed to be the
out were
on
more
They have yet to
this supposition is the
that
show
correct
The listless
the
seemed
turned
attention
tobaccos
where
dividend
far above average and
run
issues
these
of
some
favorites
have
to
the
to
yields
of many of
manner
market
former
or
little life in the rails,
was
of
Their
for it in view of
earnings statements.
reason
any
some
the
consequently, was
although
average,
1961 peak
well under its
still
in any
not
the
particular danger
minute
minus
ground
when
the
of
into
dropping
For the
first half of the year it is able to
show
a
modest
gain at a time
showing
around
the
the
on
year.
industrial
average
was
Utilities
although
the
quiet
more
were
their
that
apt
were
make
to
been
has
definitely
dividend
its
in
trim
enforced
the
has
there
short
In
enthusiasm
been
shares
the
for
Sinclair
where
have
shares
Sinclair's
the
aver¬
gas
shares
have
a
much
as
a
its
solve
To
profit-squeeze,
has
company
petrochemical
stepped
work
production
its
and
between
for
turn
a
the
1956
LORAIN,
is
better
last
more
than
1959.
The
and
the caution traced to
profit improvement continued into
this
year
and,
with a
general
business
upturn
underway,
the
tant blocks of
ing
Gas
some
impor¬
utility issues show¬
including
up,
couple
a
offerings
secondary
of
Louisville
in
Pacific Gas.
and
What
will
it
take
to
ations
doldrums
summer
top of some
on
Neglected Item
The
customers
have
where
any
to keep
economy
a
is
brake
on
over-enthusiasm.
the
like
industrial
the
of
Some
utilities,
were
shares,
chilled
to
a
are
been
wasn't overly heartening. Steel
the gen¬
that
issues
vestors,
eral
from
offices
a
rail
that
long neglected
including
Poor
dividend
the
at
runs
company
is
completely at the mercy of the
rails and has a good line of heavy
industry machinery.
Like
Sinclair,
Poor
Co.
&
had
pare
heavy industry items pick up. This
Revenue
for
that
22
the
Bonds,
all
announced
held
period for the serial bonds, over¬
subscriptions
in
all
maturities
indicated.
was
comprised
$20,000,000 of Serial Bonds due
1967 through 1985 and $98,000,000
of term bonds due July 1, 2000.
Carrying coupons ranging from
41/4%
to
were
offered
from
3.75%.
to
4.70%,
at
The
the serial bonds
prices to yield
to
4.70%, according
Term bonds were
maturity.
99 V2
at
to
367-member
Nuveen
by
&
Allen
Co.
yield
about
Fenner
C.
108 Eighth
Kentucky Co.
Allyn
&
&
(Inc.);
&
Co.,
de¬
any
supply
of
shares.
586,000
only
.
have
Aircrafts
with
had
occasional
contend
to
in
selling,
part
stemming from General Dynamics
halt
to
civilian
has
dividends
cash
sequence
jet
to
offers
the
that
will
ment
there
first
more
the
yield.
It
was
earnings comfortably
quarter
for
earnings
cover
than
plane companies
3V2 %
a
able to boost
for
con¬
somewhat
show
action
market
other diversified
and
a
Boeing
work.
plane
able
been
better
as
of the heavy expenses of
full
dividend
the
indicate
to
the
year
commit¬
than two times over so
aren't much fears about the
payment being pared in this case.
syndicate
Co.;
B.
J.
was
Smith
Inc.,
Van
Inc.;
and
Chilled
John
Ingen & Co., Inc.; Merrill Lynch,
Pierce,
is
capitalization
group's account had been
issue
limited
shares could be dramatic. Its total
sold, and at the close of the order
entire
where
case
a
the
for
syn¬
bonds
term
is
company
mand
underwriting the $118,000,Turnpike Authority of Ken¬
Western Kentucky,
Toll
June
But it is a
cyclical business that could snap
back importantly as the business
boom builds up and demands for
Kentucky Turn.
Authority Bonds
Quickly Sold
securities business
Street.
in¬
Co.
its dividend
last year
when earnings just about covered
4.87%.
Rieger
by
&
return
6V2%. The
high
on
others
rely
among
not
to
securities
C.
pick
could
improvement
the
that
speed.
price cutting in the industry that
still important enough to
show
figures
the
snap
to have eased into the
seem
of
rate
up
general list out of its lethargy is
not readily apparent. Steels oper¬
offices at 86-60 208
Ohio—David
conducting
its
up
natural
earnings
and
available
priced
Rieger Opens
they
fluttering downhill since. Some of
managed
D. C.
book
available for in the open mar¬
half
been
been •
hovering lately.
items
times
have
one
major
after declining by
and
little
of
independent pro¬
ducers despite a 5% yield and a
price
only
10
times
indicated
earnings for this year, which is
of
year
out
in
the middle of last year.
took
topped
best
laggard, in large part due to the
they reached their best prices
trials
the
showing this year than they have
made in several years. Sinclair, in
couple of weeks after the indus¬
age,
com¬
yet to live up to
their advance billing as the issues
parisons, have
ket.
reactionary
than not. Measured by
a
Laggards
Oil
The
are
Fluttering
undis¬
was
I
value half again as
Utilities
when
Oils, despite good earnings
improvement running
an
11%.
able
were
market
general
particular,
one.
There
of
score
points prior to the offering.
and subse¬
run
Street.
Mullaney, Wells & Company
F. S. Yantis & Co.
long
rallies.
correction,
the
glamour
were
roundly supposed to
quent
Y.—Max
(Special to The Financial Chronicle)
Rodman & Renshaw
apparent
placed
tinguished.
on
of
Halpern Opens
business from
John W. Clark & Co.
is
Opens
York
Incorporated
Chapman, Howe & Co.
was
backward' markets and
were
securities business from offices
165
Bear, Stearns & Co.
correction than the
severe
The
White, Weld & Co.
It
shares—was
to make good progress even
Road
Company, Inc.,
BIyth & Co., Inc.
Alfred
Lynch, Pierce, Fenner& Smith
difficulty.
up,
any
general run of issues were still
pacesetters on occasion both in
Incorporated
Eastman Dillon, Union Securities & Co.
Merrill
and
been
staff of Kalman &
A. G. Becker & Co.
more
a
tucky,
MINNEAPOLIS, Minn. —Dale R.
Engebretson, Joseph Leicht III,
Glore, Forgan & Co.
glamour issues that have had
000
Four With Kalman
(Special to The Financial Chronicle)
A. C. Allyn and Company
give ground importantly, and
dicate
legally be distributed.
The First Boston Corporation
much of the industrial list refused
to
without
but
showed
Ford
more
absorbed
the
that
was
Managers of the nation-wide
of the several under¬
are
may
stalled,
fact
to
120
Stock
29th will
Foster,
be obtained from
was
the
on
firm.
may
progress
temporarily
impressive
more
2,750,000
declined
upside
blocks
large
the previous payment.
Pershing & Co.
June
Copies of the Prospectus
securities
in
optimistic side.
Admit
agreed, subject to certain conditions, to purchase
unsubscribed shares and, both during and following the subscription period,
to
August
or
interest
least
at
now
July 11, 1961.
The several Underwriters have
any
an
July
while
But
kinds,—
of
era
building;
West
rally to show
dabbling.
in¬
market, commodity, politi¬
cal; but they always gave business
a
"shot ^n the arm." Fortunately,
increased production absorbed this
.
in
June,
on
still high for the
summer
rekindle
stock
Supreme Court Decisions
Up
The
two
accompanied by the
investigation of
ance
of
out
ran
were
either
up
at
came
quantities
23
What
large security offerings. Suddenly,
1903,
hopes
traditional
our
country has enjoyed good business
in
but
mar¬
With
1942.
several
improved
great
although the largest of them all—
time
as
mundane items.
another recovery
increased
The
all-time high in
an
it
until
advance
depression.
shot. A chain
This advertisement is neither
market
stock
the
the Pullman
Strike — the first serious labor
strike —^occurred and cast fear
Francisco
reaction of selling followed. Dur-
then
was
Labor
July 2, 1881, Presi¬
was
This
biggest
May,
The following year
Important Banking Failures
Suddenly,
announced in
tions.
1872.
market
The
10
1869,
another year of de¬
followed -by
were
of the National' Cord¬
was
economy
Speculation and the Crash of 1929
Eighteen-ninety-two was a year
prosperity; but suddenly
Co.
All went well
I.
War
when
market
the
Depression followed.
of great
age
World
entrance
our
Irregularity persisted in the stock
and
period, the banking house of
and
Ward, and the two
the failure
into
of the
sinking
and
until after the
War when soaring interest rates
Grant
failures.
the
came
Lusitania
the
followed
of prosperity.
S.S.
with
there
months,
years
A.
The
Helping
to
Glamours
chili
some
of
the
glamour issues have been earnings
reports
that
situations
mnno
+/-»
show
aren't
il-icv
that
"growth"
completely
cf-fonfo
ref
o
im-
ronpccinn
Volume
193
Number 6068
.
.
The Commercial and Financial Chronicle
.
(2849)
high
development
costs
and
the
necessary expensive research. Col¬
lins Radio is one that
paid the
price
of
drop
a
declining
in
earnings
by
harshly,
in
somewhat
(couple of million dollars
into
where
6%
to
fact to less than half of last
year's
this
profits
three-fourths
of
for Collins Radio
the
vol¬
in
1960
year)
a
operation.
sales
a
And
year
One
on
of
9%
a
share
per
the
sales
increase,
were
11%.
up
bolstering
elements
the Tennessee Valley
Authority awarded an issue of
$50,000,000 power bonds, due July
1, 1986, to a nationwide under¬
writing group headed jointly by
proving. In the nine months of its
abroad. More than half of its sales
The,
fiscal
last
Morgan
from
comes
sales
so
keep
to the end of April it
18% sales improvement,
year
posted
but
work
an
profit
was
less
than
half
of
year
manufacturing
tributed
that for the preceding
comparable
The
fiscal
period.
All
together,
it
dropped the price of the shares to
where they
are
selling at only
domestic
around
job
11
times last year's
earn¬
ing power; the only problem is to
foreign
this
and
about
half
of
its
profit.
toward last year's
high of 76.
been
immune
to laggard market
recently and, again, it is a
ways
case
wh-ere sales improvement has
been
impressive but
earnings have been in
least
years
was
hasn't
successful
rated
that
ago
the
was
do
not
cide
necessarily
with
They
are
those
at
time coin¬
"Chronicle."
those
as
of
company
domestic divisions
as
a
turned
from
a
has
result
losing
one
a
on
The
This
The
the
of
Dallas,
111
Texas,
numerous
Hartford
centers in
gage service
ance
zona
addition to
company,
agencies in
and
and
owns
office
build¬
ings, warehouses, and truck
ice
payable
net
power
an
a
serv¬
mort¬
and insur¬
California, Ari¬
Florida.
offer to sell
was
a
solicitation of
ISSUE
investing
1961
Trading Mgrs. for
Lomasney, Loving
Lomasney, Loving & Co., 67 Broad
Street, New York City, have ap-
at
A
99%
to
bonds
yield
to
the
Proceeds
will
be
from
used
to
the
bond
ex¬
pansion of the TVA power system.
Additional
generating capacity of
2,559,200
kilowatt
is
currently
under
construction,
including
turbogenerators
of
500,000-kw
each at the Colbert and Widows
Creek steam plants in
northern
Alabama
an
offer to
the
and
buy
new
Robert J. Basel
pointed
J. F. Scheidecker
Robert
Joseph
F.
any
J.
Basel
Scheidecker
July 1, 1986, at
a
con-
unit, at
Common
any
Stock, 50^
July 1, 1986, at
a
par
or
was
formerly
Burr, Incorporated,
as
a
security trader
that
he
for
of
seven
He
years.
is
with
was
Paine, Webber, Jackson
&
Curtis
a.member
the
Security Traders Associa¬
New
York,
National
Security Traders Association and
tion
of
Traders
Company, 120 Broadway,
New
York
New
York
City, members of
Stock
and
Co-Man-
the
J.
and
appointment
Holbrook
Research.
formerly
Exchange,
Mr.
with
Holbrook
Granger
McDonnell
&
Co.
&
you
mounting in the stock market
aware
to make
personal goals?
of 1000 stocks
Par Value,
tallized
stock.
one
as
a
share of
on
the Debentures.
call for redemption,
one
by one of the country's largest
advisory organizations are crys¬
investment
into
four
index
numbers
for
each
A
simple weighting of these numbers
to accord with
your own preferences as to
investment goals—for
sajety, market perform¬
ance
in
the next
12 months,
appreciation
potentiality over a three-to-five year pull, and
income—will give you a current
appraisal of
the stock's
desirability at this time, at this
price, and for your own purposes. The pos¬
sible
benefits
of
this
unique tested method
remarkable in terms of your
potential
profit and avoidance of unnecessary risk that
we
invite you to receive the
are
so
special
guide
described below.
share of
Subordinated Debentures due
unit price of $55 plus accrued interest
on
the Debentures.
FREE
We will send
you, without
Price $22
Copies of the Prospectus
writers
may
per
be obtained from
only in States in which such
charge or obliga¬
complete guide showing how you can
apply this method of security analysis with¬
out any outside
help — even if you are an in¬
experienced investor.
Unit
any
Underwriters
tion,
a
(We
are
of the several Under¬
are
qualified to act
as
dealers in securities and in which the Prospectus may be distributed legally.
To take
Courts & Co.
R. S. Dickson & Co., Inc.
Johnston, Lemon & Co.
investment
McCarley & Company, Inc.
The Robinson-Humphrey Company, Inc.
Marron, Sloss & Co., Inc.
or
brokers.
advantage of this Special Offer... either send postcard bearing
& address
...
or
fill out and mail this convenient coupon.
Name-
Address-
City
Prescott, Shepard & Co., Inc.
dealers
No salesman will call.)
your name
The Johnson, Lane, Space Corporation
not
Zone-
Mail to
State-
Dept. CFSM-101
ARNOLD BERNHARD & CO.
5 East 44th
Street, New York 17, N. Y.
of
was
Co.,
Incorpo-
rated.
STOCK MARKET
you
the
has
Director
as
Hundreds of hours of research devoted to each
call for redemption,
value, and $40 8%
for four years
and
prior to
INVESTORS
own
value, and $20 8% Subordinated Debentures due
time prior to expiration
Scheidecker
that it has become possible
a reliable appraisal in
just
one minute of how
good any stock is for you
to buy, hold or sell at this
time—and for your
The Second Warrants expire on July 1, 1971, are callable by the
Company
after July 1, 1964, at 5(K" per Warrant and entitle the holders to purchase as
a
Association.
of these
for
unit price of $28 plus accrued interest
member
a
Traders
NOTICE
giant
June 29, 1961
Warrant and entitle the holders to purchase
or
Security
of
sale
help finance
The First Warrants expire on July 1, 1971, are callable by the
Company after
per
with Bache & Co. He is
of
the
William
One Second Warrant
par
Co. for two
announced
4.64%
Consisting of:
time prior to expiration
&
years as a security
trader, and prior to that associated
Ernest &
interest.
One First Warrant, and
Stock, 50<?
associated
Holbrook With
Ernst & Co.
$20 Eight Per Cent Subordinated Debentures Due July 1, 1986,
any
been
Lomasney, Loving & Co.,
since
September, 1959. He was
formerly with Cruttenden, Podesta
the• Corporation
Bond
Club of New York.
Morris Shell Homes, Inc.
Common
has
with
Mr.
150,000 Units
July 1, 1963, at 50tf
Trading Department.
Basel
with Coffin &
With excitement
One Share of Common Stock,
Mr.
500,000.
—are
unit, at
1961,
$101,-
these proceeds amounted to
is offering
group
Series
.
Each Unit
con¬
essentially of net income
depreciation.
For
the
12
months
ended
March
31,
plus
securities. The offering is made only by the Prospectus.
NEW
from
the second public sale
Paradise Steam Plant under
nor
solely
proceeds,
sisting
TO
This advertisement is neither
the
on
the
securities
bonds bearing a 4%%
was
public
June 26,
negotiated the private
of $10,000,000 Wallace
company,
for
of
interest
finance its electric power program.
Properties, Inc., promissory notes,
Dec. 1, 1979.
Bldgl,
two
alignment overhauled. One of its
been
Prop.
due
operates
the
and
placement
pinch. At
when top management
shifted
had
bid
Co.
is
TVA's
and
of
bonds
by TVA under
1959
Federal legislation authorizing the
agency to sell securities up to a
maximum of $750,000,000 to
help
.
City, announced
it
Trust
bonds
agers of the
4.6891%.
the
Private Note Sale
that
western
house
coupon. This represents an annual
net
interest
cost
for
TVA
of
any
the
of
presented
only.]
until
a
case
99.0619 for
tThe views expressed in this article
share
per
&
The
York
Telephone
Bank
triple-A
of
Harriman Ripley & Co. Inc., New
Pinched Profits
International
The
National
of
Wallace
recovery
C. J. Devine &
Continental Illinois
earnings. Apparently the
improving this picture is
being tackled aggressively.
18%
spent last year. In any event,
restoring its profit potential could
start the shares, now around
35,
worthwhile
and
Co.,
Chicago.
was
more
Co.
Trust
of sales, but only
author
a
Manhattan
Bank,
Guaranty Trust Co. of
York, Chemical Bank New
York
improvement is the
manufacturing which ac¬
by the company as running around
$2 a share more this year than
to
Chase
New
con¬
for
counted for 40%
restore
its
earnings
potential.
Against the $1.22 so far reported
for
nine
months, research and
development costs are estimated
area
from
came
will
Principal
On June 28,
behind International Telephone is
its work in low-labor-cost areas
defense
in
Kentucky
two 650,000-kw
units, by far the world's largest.
which
Bond Sale
im¬
ume
struction
TVA Power
increase of
only added 3% improvement
profits, in the first quarter of
high.
Some
profitable
a
17
18
(2850)
The Commercial and Financial Chronicle
of
process
The Trustee's Dilemma
ment
by
called,
was
The few
In Growth Stock Investing
in
trust
officer
of
the
a
distinguished
can
meet growth
conscientious
trustee
beneficiaries
in
Jf the
true
impartial
trust
treatment
situation
doubtful questions in favor of the life tenant and
prohibition against speculation.
inventoried
Probed
are
created, he
was
between
complying with the
today's difficult trustee's
cepted by
trust stock;
qualifications of
meritorious investment
a
and the trustee's approach to
typical
a
situations.
case
had
inflation
be
ac¬
so many as more or
less
companion
necessary
nomic growth." 1.
I
familiar
subject
modern
in
conditions.
relationship
and
re-examine
to
propose
light
the
life
derman
in
cessive
that
of
the
the
the
tenant
whether
law
well
the
on
beneficiaries
not
or
equally
a
suc¬
they
have
been
The
basic
treated.
its effect upon
as
portfolio
of such
trust
a
operated
der
Pru¬
is
-Man
a
trust
ficiaries.
as
splitting
up
of
his
to
usually
put
the
The legal
all that
of
property and
along with legal title
in one corporation or in¬
while
is
the
vested
equitable
in
others
the
of
of
our
the
property.
in¬
a
who
business
duciaries is
as
built
The
this
early time
relative
in
well.
At
a
England, the
rights and
duties
of
the
holding the legal title, or
the trustee, and the owners of the
equitable title, the beneficiaries,
were established.
Thus, for many
persons
a
and
on
extent
is
to
are
antagonistic
under
as
and
duty
a
a
to
so
to preserve
in the
on
to
(the
same
paragraph:
trustee)
the
is
under
beneficiary
a
entitled
purchase
un¬
property or property
yields an income substan¬
which
tially
lower
than
that
which
is
normally earned by trust invest¬
ments although it
may be prob¬
able that the
property will appre¬
ciate in value."
The rule
able.
But
seems
as
fair and
every
it,
the
to
starve
that
the
so
feast.
to
of
expense
the
build
the
up
of
the
of
only
to
remainderman
vested
to
There
the
to
breaks.
their
the
trust
incentive
real
no
to
be
for
kept
apprecia¬
benefit
Safety of
These
became
the
the
—
true
governed
many
kinds
new
of
number
and
in
available
of
business
the
the
generation.
in¬
and
even
the
cor¬
$
purchase
gave
new
avenues
of invest¬
which could not be ignored.
1831,
and
together
the Prudent-Man Rule in Harvard
years.
College
produced
future
stake
through
reason¬
lawyer knows,
About
care
Amory,
and trustees
wisdom of ac¬
in
same
time
there
investment
■
and
happily for
Common
stocks
substantially
the
life
many
tenant
than
did
be¬
re¬
in
the
subject, Har¬
Amory, specif¬
vs.
should
not
try to analyze further
us
beneficiaries
erated
Rule.
the
which
under
Let
of
of
some
seem
the
One court held
nological and scientific revolution
the
that
under
since the last
there
pler
to
speculate, to produce
are
of
this
in
successive equitable in¬
terests, in time, there has always
been
a
problem of fairness in
treatment
between
This
the
two;
announcement
is
and
not
an
because
vestment
limited.
trusts,
offer of
the
were
In
when
the
the
of
avenues
so
much
early
law
more
days
was
in¬
in
gan to appear more and more evi¬
mainderman.
dence
economic
of
trustee
a
bonds
although that
the
was
realize profits
exempt
of
especial
an
been
most
on
held
tenderness
duty
no
certain
in
course
beneficial
trust
would
have
to
tional
tax-
the
the
changes
tech¬
have put addi¬
trustees
upon
problems
new
greatly
the
and
war
pressures
with
cope
have
But
picture
to
which
complicated
their
task. I refer to the decline in the
value of the dollar and the related
re-
problems
these securities for sale.
The
offer is made
only by
the
Prospectus.
.
-
of inflation and to the
of the so-called growth stocks.
use
Problems of Inflation
ISSUE
During
1,000,000 SHARES
have
in
COMMON
investment
a
diver¬
Without
incurring federal capital gains tax at
the time of
exchange for Fund shares,
investors
have
the
diversification and
ment
Ohio
opportunity for
professional invest¬
management. The objective of
Franklin Fund Inc. is
possible
long-term growth of capital and in¬
come
through selective participation
in the
and
progress of
American business
industry.
Individual investors
may
about.
well
as
a
blocks
a
of
for
Fund
based
Fund
on
Inc.
securities,
market value of
shares.
one
for
The
share
each
of
with
$10,000,
governmental
exchange
Ohio
of
Franklin
slogan.
or
of
less
of
our
many of our best known
speak
glibly in terms
"creeping inflation" of the
der
$20.00 of market
bulk
3%
per
year
as
or¬
if that
is
to
is
can
point
dilemma
of the seri¬
trustees'
also
be
the
in
the proposi¬
aware
all
dilemma.
plain
that
laid
down
way
out
no
which
of
the
cases.
Defining
an
r
-
How
shall
stock?
Acceptable Growth
Stock
:
define
we
growth
a
Very obviously, it is
which
the
increase
investor., believes
in
value
one4
will
in
the market.
But th** reasons which
may be re¬
for
that
increase
are
sponsible
stock
It is in the difference be¬
these
as
of the
a
for
reasons
listing
a
growth stock that most
difficulty lies. There
involved
the
degree
which is hoped for.
of
is also
growth
Over the last
deposited, less com¬
pensation to the Dealer Manager, as
these
described in the
men
cellent example of what I
might
call "conservative"
growth stocks.
Prospectus.
Investment dealers and individuals
a
may obtain a copy of the Prospectus,
in states where authorized for dis¬
Dealer
from
The
Ohio
Company,
Manager of the Fund.
51 N.
COMPANY
Member of the Midwest Stock
not
reasonable
a
decade, I would think that good
utility stocks have been an ex¬
circumstances,
remainder¬
cannot be blamed if
dim view of
value,
only
of the
estate
they take
receiving, in dollar
the
appraised
value
Exchange
Columbus 15, Ohio
the
position has been
increase in their busi¬
ritories,
be
reasonable
invested
an
the
When
'trustee
c
financial
good,
justice, that trust funds should
so
that
there
will
be
lessening in the worth of
the dollar over the period of the
operation of the trust.
High St.
investments
Their
generation earlier.
These remaindermen demand, and
it seems to me with considerable
a
appreciation in their value to off¬
OHIO
growth
reconcile
trustee
something to be borne in silence
and ignored in
prosperity. Under
set
THE
the
it
rule
will
tween
economists
is
of
think
varied.
the
become
ousness
specific policies which have been
for
to
we
the
only to state
essary
tion to
responsible
inflation,
value of securities
tribution,
exchange
acceptable
minimum
econ¬
now—pay
more
so-called
are
of
refer, of
power
..
the
individual
an
duty
supply have
"Buy
Even apart from the
company.
as
money
we
the dollar
purchasing
the
later" has became
$20.00 PER SHARE
Ohio Franklin Fund Inc. is
of
than cut in half
brought
as
sified
generation
the
How
include
I
income for the life
tenant, and to
the remainderman
from
the erosion caused
by the forces
of inflation. I am sure it is
nec¬
one
-endeavored to sustain the
changes
which our social
revolution has
STOCK
OFFERING PRICE:
of
and
omy
last
the value
seen
terms
more
OHIO FRANKLIN fm FUND INC.
the
in¬
protect
I
NEW
to
course,
stocks.
to
portfolio.
general been
quite clearly defined. But where
have
these
anxious
so
trust
for the life tenant.
incidents
op¬
vestments which eager remainder¬
when varying facts are
introduced.
The problem was once much
sim¬
the
be
Prudent-Man
particularly consider
us
nature
must
the
split
years
made
the problem which faces the
trus¬
tee under a trust with
successive
the application of the most
simple
legal rules becomes complicated
ownership
be
With all these
considerations in
in
the
In
>
mind, let
men
for
good
that
today.
trustee "with Regard to spec¬
a
possibility of capital improve¬
was
"rare"
is
ically limited the wide discretions
which it laid down
by saying that
ment
that
of
subject
the
on
College
of
ih"
usually
in¬
how
procedure
investments
more
to
as
of
ulation."
along
profits
or
He also gives another
as
particular
this
transac¬
a
the
conjectural
him
vard
of
fixed obligations and at the same
time carried within themselves the
country's
purchase of
stocks.
the
quite
for
come
the
the
developments
more
defines
enter into
of all wisdom
grandchildren
for the life tenant went
the
Supreme
Judicial
Court of Massachusetts laid down
common
escape
by
stocks
plain
permitted to
any
event, we are all familiar
with the prohibition
against spec¬
ulation.
That great fountainhead
apt these days to
are
parallel
common
the
past
great-grandchildren
benefici¬
been
not
venture,
are
course
children.
as
more
see
from
V
The
trustees
began to
quiring a
to
is
namely, "to theorize from conjec¬
tures without sufficient evidence."
Sometimes I think I might differ
more
the ultimate ^remaindermen
often
stocks
for
vs.
desire
Thus,
testator
be
ment
In
the
the
always
to the word, which he
characterizes
as
"how4 rare"—
death duties by stretching the ex¬
of the trust over another
corresponding
common
the
in
another
meaning
istence
vestment, the tremendous growth
porations,
of
This is
"to
as
or
which
may never
known
to
the
was
has
Webster
to chance."
remainderman.
it
also
.
has
speculate.
tion
been
than
now
trustee
a
word
for
Speculation
successive
that
trustees
of the trust.
because
policy.
Gradually over the years the
emphasis changed. The appear¬
increase
the
of
it
entirely
intact
trustee
aries,
is
the
'
Against
treatment
remaindermen
creator
bv
The
,
because
sacredly
" of
.
have
even
overriding
standard
trustees
many
the
feeling
who
sure
important consideration which he
must
watch.
Regardless of the
desire
get
not
" and
position.
Rule
have all
had
consider
of
This
tenant
understandable
in¬
funds
entire investment
ance
life
beneficiaries,
tolerable
successive
own
do
that the life tenant gets the bene¬
fit of the doubt, in an almost
in¬
relation¬
bounty struggle to eke out an ex¬
istence because the
principal must
consideration
which
between
the
see
principal value.
principal
human
top-grade fixed obliga¬
stay
within
the
rule.
was
in
normal
contract
really wishes to be especially
be¬
seen at first-hand the real
immediate object of the testator's
trustee
tion
about
came4
in¬
keep
in
tions
in
it
beneficiaries and their
income
the
that
suggest
cessive
is
life
development
only natural.
be
the
any
necessity of
impartial treatment between suc¬
tled with the legal requirments of
principal
value
to
me
the
of
particular segregation
principal and income. But at
of
one
trustee
eco¬
times it puts a conscientious trus¬
who is under the
re¬
As
present
tee
remainderman
This
impartiality
skimp the life tenant in order
nor
in
fair balance between them."
productive
very
basic
is
to
pay
to the income not to
English-speaking peoples but in
as
trustee
income
beneficiaries
trustee
duty
fi¬
de¬
vice, ancient of origin, and firmly
not only in
the law
the Roman law
the
bene¬
the principal to
beneficiary, the interests
"Thus
established
of
to
two
Later
bulk
corporate
around
impar¬
principle
application
the
pay
was
more
successive
administer the trust
really have the beneficial enjoy¬
ment
the
certain
goes
dividual
terest
are
Where
to
death
another
property ownership.
deal
This
beneficiary during his life
Robert R. Duncan
of
incidents
title
is
a
to
commonest
directed
de¬
scribed
the
at
terest
or
put
duty
no
in
tenant.
under
cause
to follow. The
was' bound
not .to
more
life
our
appropriate criterion when the
require
ships successive
generations
of
lawyers and trustees have wres¬
easy
who
an
under
system, and certainly it is
demands
doubtful questions in
the
authority
I
suc¬
interests
give the life tenant
trust, the trustee
them.
there
be
can
the
its
where
tionship
equitable
to
two
are
a
duty
a
with
has
The
1
under
tially
cessive/
reasonably
232):
there
beneficiaries of
Rule.
r e
(Par.
"Where
un¬
the
dent
follows
impartiality between
trustee
subject is simple and
the
and
Safety in Principal
justified
was
any
of
may
-
of strict
ap¬
common
impartiality remained,
trustee
tenant
"eco¬
to
v
Under these conditions, the law
to
as
has for many decades been
firmly
established. Professor Scott states
it plainly in his work on Trusts
bene¬
ficiaries
Shift From
there
successive
the rule of
the
seems
problem
always will
be differences of opinion between
remain¬
trust with
nature
very
indicates
of
I refer to
between
the
old
an
to
come
measured by how much
than that is the current mar¬
ket of the trust portfolio.
It is
difficult to quarrel with this
nomic
solving
Nor
capital gains;
be
proach
Perhaps the most
favor
problems—price inflation and the "compulsive emphasis" in growth
will
more
is
permission
to
the
trustee to invade principal for the
have.
to
seems
life
the
ments.
the almost compulsive emphasis it
now
of
provision
The
content.
needs
benefit of the life tenant. I think
it may be generally said that while
thj»me the trust
was
the
This tendency to favor the life
tenant is also frequently observed
in the language of trust instru¬
sometimes
stock
and
topproduced.
"growth" as associated with
investments had not yet achieved
resolving
meet
beneficiary."
word
while
New
to
received, in
what the trustee had
at
longer point proudly to the fact
that the principal of the trust is
Rather will he be asked
intact.
say:
which
rate
1941, a Massa¬
speaking before
York, went so far as to when he established his original
"I declare with emphasis the' book value, what the
averages
trustee should vary
investments were at that time; and his success
re¬
remainderman
dollar value,
the "almost intolerable position"
seeking
a
the
was
In
judge,
Thursday, June 29, 1961
.
.
Mid-Winter Trust Conference
in
were
uniformly
grade fixed obligations
attributes satisfactorily for "Prudent Man" require¬
Mr. Duncan deals here with
successive
by
suggesting the type of equity which
and management
ments.
utility stocks is made
stocks that
were
improper for the in¬
funds, and riskany
sort
was
quite
of
trustee
toward
unknown.
definitely frowned upon. The rate
of return to be achieved by a good
Trust Division, The American Bankers Association
nod
the
common
as
taking
Company, Cambridge, Massachusetts, and President of the
favorable
practically
vestment of trust
By Robert R. Duncan,* Chairman of the Board, Harvard Trust
A
chusetts
existence
garded
mainderman.
development, invest¬
in equities, so-
trustees
.
the
or1
performance
investment
of
a
manager'
today is examined as to the success 01 his operation, he can rio
ness
has rested upon the sound
expansion of business in their ter¬
,
The
and
there
return
difficulty
stocks
arises
tion of
so
over
has
in
the
with
been
a
process.
growth
the preoccupa¬
people with mak¬
ing capital gains. When a "glamor"
stock
many
first
begins
to
show
signs
of
promise, it is likely to partake
too much of speculation to
justify
its
inclusion
portfolio;
in
At that
a
Prudent-Man-
time, individual
Volume
193
investors,
frankly
capital gains only,
picture.
looking
for
into the
effort to "get in
Their
the
on
Number 6068
,
The Commercial and Financial Chronicle
.
the
trustee who is bound
a
follow
to
the
sends
.
solely to
step
floor"
ground
.
rule
a
broader
no
Prudent-Man
Rule.
than
We
all
category of speculation, its
price earnings ratio has gone so
understand, I am sure, that in the
governing instrument there may
be appropriate words giving au¬
thority to the fiduciary to pro¬
ceed beyond the
bounds of the
Prudent-Man
Rule.
Typical
of
high that the Prudent-Man trus¬
such
stock
skyrocketing
time when in
stock
have
the
by
and
ordinary
might
the
course
escaped
from
the
finds
tee
horn
is
of
himself
the
dilemma—i.e.,
longer
no
other
the
on
sufficient
there
income
to
satisfy
the trustee's
obligations to the life tenant. Yet,
these
circumstances
remaindermen
for
the
in
inclusion
the
in
want
such
all
growth.
portion
possibility
The difficulty
is that
have
we
become, as Bascom Tor¬
said in 1958, "by growth ob¬
rance
sessed."
been
to
to
and
definition
a
of
inclusion
Prudent-Man portfolio.
public
has
be
in
a
The gen¬
become
with the idea that
tively
obsessed
growth stock
a
operating in a rela¬
field with particular
one
new
attention
to
has
focused
the
rapid changes in
technology and science. Attention
been
the
upon
profit
of
in
the
competitive
the
product
a
is
possibilities
from
accrue
entirely
being
which
the
and
such
almost
thing
produced
which
It
field
it
when
is
to
to
do
time for
me
little
a
growth stocks. It
for
us
to
to
find
which
new
o
in
to
seems
before
trusty
investment,
to
against
There
it
qualify
can
are
the market
in
part
of
is
only
is
another
definition. We must
that
addition
in
to
ploitation of
a
convert
product
into net income.
our
the
the
ex¬
or a process
not
are
be
to
the
to
ability to create
shiny products. So far as
operating under
investors
trustee
the
has
Managerial skills
purposes
and
new
must
we
management
know-how
confined
public,
processes,
that
for
one
scientific and tech¬
new
the
of
realize
hope
The specific product and
nological
find
a
advance in
the demand for it from the
use
as
the
and
belief that it will
of them.
the
Prudent-Man
Rule
facility
a t,
to
that
convert
ability into income dollars.
We
that
admit
should
improvements
value.
But
tion,
mult rely
be
of
outset
our
ap¬
or
"glamor" stocks in the early stages
their development.
Hence, we
going to be barred from the
tremendous
price appreciation
of
are
may
to the benefit
accrue
speculatively minded
uals; and
most
on
found the
only
successful
field
individual
astute
have
the
record,
way
to accomplish
participation in this
divide
to
is
individ¬
must recognize that
we
the
investors,
the
Such
risk.
investor will almost invariably
an
make
such
a
number of investments in
promising corporations, real¬
izing that he need pick only one
or
off.
a
winners out of
two
make
to
order
But
this
his
is
Prudent-Man
Man
his
I
dozen
a
program
permit
no
as
a
a
another.
in
He
Prudent-
approach: first, he should
very
carefully at the cir¬
cumstances of the beneficiaries in
the
particular trust; secondly,.he
should divide growth stocks into
categories.
As
portfolio to be con¬
whole
This
nor
against
alone
offset
to
a
program
such
as
I
gain
would
have
I
my
be
sug¬
want to make it plain
remarks are confined
The
firm,
founded
viewing
beneficiaries, and in the light of
Leib
those
still active in the business.
the last
group
list
stocks
common
He
over
decade, will find another
of
stocks, eligible
investment,
common
an
no
tint of speculation.
rosy
know
must
the
needs he must decide upon
investment program which will
for Prudent-Man Rule
stand
which has
it be questioned.
grown more in market
value than the utilities. Some may
have seen the quip of the chap
stock
who
the
come
depression
boom
come
—
x
on
.
but
the
are
which
•
firmly established
basis
stocks
have
on
whose
of
reasonable
technologists
become
*
profitable
a
pulling out
I'm not talk¬
are
them
There
companies
able
to
do
short
are
in
this
other
and
which
have
well
pretty
for-
themselves dollar-wise and at the
same
their
In
the
time found funds to conduct
own
his
City
R&D
summary,
program.
I would
Prudent-Man
Trust
Bankers
Conference
Association,
of
that
say
must
trustee
view the whole spectrum of com¬
June
of this year.
1
was
Pre¬
Vice-President
a
Co., a Kansas
banking
firm,
investment
which he joined in 1953 after four
expectation of in¬
in the public and
years
commer¬
cial accounting fields.
He has been active in
by Mr. Duncan before the
Southern
American
Coburn, joined Blyth & Co.,
on
of Stern Brothers &
common
beneficiaries.
address
Fourth
ing only about the old-line bluechip stocks, although I certainly
been
in
point, the need
of the specific life tenant is of
the utmost importance. If we as¬
sume a case of an elderly widow
the
un¬
derwriting and distribution of
cor¬
porate
the
Jackson,
and
municipal securities
currently is a member of Dis¬
and
Miss.
'
;
trict
Committee, Number Four, of
the
National
Association
of
Se¬
curities Dealers.
Blyth & Co., Inc.
Kans. City Branch
I.
KANSAS
securities business from offices at
I. J. Fisher
CITY, Mo. —Blyth &
Co., Inc. has announced the open¬
ing of an office in Kansas City,
Missouri.
Clay
99
;
!
Coburn
E.
named
resident
has
western
offices
Opens
engaging
in
to
the
Associates.
firm
of
name
J.
Jack
New Roberts Branch
throughout
JOIjiLA,
Roberts
Missouri.
Calif.—Norman
Company
has
opened
of
speak
to
wrong
sacrifice
substantial
does
the
Douglas Owens.
of
that
'
only.
r
.
-
'
terms
income
capital gains.
follow
not
in
■
the
$75,000,000
It
entire
fund must be invested in interest-
income and yet
'
k
Take
*
substantial
der
ample
income
needs,
and
with
for
substantial
a
vi
5% Sinking Fund Notes
the
remain¬
There
Due June
is
15, 1981
widow's
interest is
the
main
her
children
her
for
children.
ji1
.
Suppose
held
widow
a
her
*
'
case.
trust
of
to
that
United Aircraft Corporation
.
'
another
benefit
pos¬
,
'
-\
are many
have growth
sibilities.
inherit
shall
property.
A
These notes have been placed privately by the
prudent
undersigned.
trustee in this situation might well
go
little further down the road
a
of
lower-income
than in the
At
growth
beneficiaries
would
be
not
fairness
between
beneficiaries
requires
close
analysis
and
trust
the
of
facts
63 Wall
BOSTON
»
in
tailor-made
a
Ripley & Co.
Incorporated
of this
as
of
successive
each
fairly he
subject to criticism.
that the solution
submit
question
a
Harriman
least in the matter of treating
successive
I
stocks
earlier mentioned.
case
Street, New York 5, N. Y.
CHICAGO
•
PHILADELPHIA
CLEVELAND
•
DETROIT
.1
SAN
•
FRANCISCO
READING
•
in¬
vestment portfolio to fit the sit¬
June 29, 1961.
uation.
What
about
the
separation
into
groups?
the
of
second
point—
growth
stocks
Now, there is almost
infinite number of stocks which
to
buys
has
one
the
I hope
be
called
of
none
stocks unless we
any
reason
or
This announcement appears as a matter
lies
in
of record only.
us
think
another the
whose stock we acquire
possisbility of growing.
issue
The
might
degree
some
growth issues.
the
degree
$10,000,000
of
Unfortunately, in recent
years there has been some ten¬
dency
to
confuse
growth <-• with
glamor, to import into the mean¬
ing of the word "growth"" some
content of "mushroom" growth, of
new and violently active exploita¬
growth.
tion of the
new
technological and
Wallace
Properties, Inc.
Promissory Notes due December 1, 1979
scientific breakthroughs that have
come
the
so
rapidly in the
kind
since
years
But that is not the only
war.
of
growth
that
should
already
pointed out the dilemma that the
think
about.
trust faces
I
we
These notes have been placed privately by the undersigned.
have
here.
Utility Stocks
There
and
is
in
of
yet
an
extensive
which
growth
where
middle
vigorous
may
be
Harriman Ripley & Co.
ele¬
found
management
Incorporated
has
already found the skills to conduct
a
63 Wall
Street, New York 5, N. Y.
reasonably profitable enterprise
while
the
growth is occurring.
Many utility stocks, unglamorous
though they may be, are a shining
example of this group. They have
grown
because their
product—
energy—has been more and more
BOSTON
•
CHICAGO
CLEVELAND
June 26, 1961.
•
" " '• "
PHILADELPHIA
DETROIT
'
'
•
' '
•
C.
a
branch office at 1127 Torrey Pines
Road under the management of
This announcement appears as a matter of record
morning's breakfast, it seems
me
a
Ave., New York City,
under
LA
This brings to 25 the number of
Blyth
Hillside
is
Fisher
the
office in the Dwight Buildipg,
which will serve the firm's cli¬
in
Fisher
been
of
manager
new
ents
Jack
who needs the income for tomor¬
row
in
Two
founding partners, George
Roy L. Shurtleff, are
viously, he
never¬
than 700.
more
and
Mr.
managements
of the hat every day.
sell
acquire
income
have been constantly venturing in
the new fields that our scientists
and
He must
the
Inc.
if
the increase.1
there
companies
impartiality
portfolio stocks which have
*An
Then
of
test
creasing in value while they con¬
tinue to provide a living for the
—
the amount of yackety-yak seemed
constantly
the
theless
said he'd stuck by A. T. & T.
because
it seemed
to
him
that
of
his
of
needs
1914, employs
first
the
to
country.
have
smaller
trustee, in
should make
stocks through glasses which
mon
19
product have multiplied.
I
doubt that any trustee, upon re¬
connection.
the
that
of
users
that
wouldn't
circumstances,
look
is
gested.
that
the
dual
a
for
program
trustee.
loss in one stock
Now,
than
needed, and because the
pay
enough to bar him from following
a
special
no
the trust law of his
(which will certainly
suggest
such
ments
in
are
Advocates Dual Approach
staying within the law, which does
a
situa¬
choice?
ground
sidered
market
Rule), how should he make
constantly under the necessity of
not
in
trust
on
broader
no
company
a
there
state
own
that for
even
antici¬
true
a
concern
with
investment powers and the trustee
quiring these fantastic growth
of
in
where
proach to this problem is almost
surely going to bar us from ac¬
which
which
entirely
pated
an
the
at
rationalization
a
themselves
Here
feel free to make
can
recommendations
con¬
are
cerned, they must include in addi¬
tion
fiduciary
concerned.
stocks which produce-a reasonable
growth
including
portfolio.
our
stock
price
the
is
bearing securities. There
be considered in the nature of any
and
situation
as our pres-
time
evaluate,
view
a
of
qualifications which should
many
ent
principal is of
far
so
need
me
we
measures
can
with
trus¬
us
defining
recognize that
we
stocks
and
for possible later
>
seems
them
of
marketing
"new."
tees
income
importance
the
of
growth stocks
appropriate for
must
tween
no
attempting to deter¬
mine what kind
eral
where
Insufficient attention has
paid
term
is
I'm
portfolio
reasonable
of stocks that have the
of
stocks
agree,
trust
any
a
press
•
would
that
do
we
of
many
to
"
portfolio.
Trustees
sure,
continue
situation is the agency ac¬
the difference be¬
a
count
1
available
under
-
(2851)
SAN
READING
FRANCISCO
.
..•!
■?.
i
'>•
20
The Commercial and Financial Chronicle
(2852)
to make
Our Reporter on
distant
cially
in
distant
areas
T.
BY JOHN
issues,
CHIPPENDALE, JR.
SECURITIES
have been into short-
bonds
tax-exempt
As
oped over the currencies in
being
fiscal year
of the
end
of the free
it will not be long before
the deficit of the Treasury will be
known
and
is
shortly thereafter the
Government
ket
United
will
the
in
be
mar¬
money.
new
is expected
1
tutional
rolled
is
plans, these new funds will be ob¬
tained from the sale of short-term
short-term
Thus
issues.
making near-term
liquid obligations will be able to
tap again that big supply of funds
in
which
is seeking
just such
The
vestment.
The
There
among
tors
the
that
are
a
solid
in
it
case,
appears
also
high levels. This might
fiscal
coming
reach
new
mean
will
year
Demand
in
The money and
of
The
the
Treasury
obligations.
In
believe
come
with
the
influence
commitments
capital markets
in
these
obligations
sizable
other
issues
new
this
and
pressure
will
market
that
of reports
are
that
the capi¬
means
on
taken
be
off.
the sales of
hand,
a
issues of tax-sheltered
On
new
is not expected to decrease,
most
likely
of
future.
should
in
will
show
not
upward trend for the
an
foreseeable
bonds
which
that the yields
means
bonds
these
on
Government
continue
abouy the
to
give
which
range
to
short-term
in
about
chases
be
to
the
this
new
move
(price)
within
Governments
balance
of
these
taking
since
just
are
the
securities
The
of
into
time
appears
and
rather well of
these issues and
consideration
are
raising obligations
being sold by the Treas¬
been
time
in
witnessed
the
from
intermediate
long-term sectors of the Gov¬
ernment
market
not
quite
as
have
been
at
are
they
as
times
in the past. These
been
removed
from
the
scene,
There
is
and
no
demand
Government
it
doubt but what the
for
near-term
securities is still very
foreign
being made
accounts because of
currently
uncertainties
which
have
though
as
enough
in
the
around
for
of
way
these
there
is
buying
securities
to
about match the
selling which has
been coming into them.
lar^e^ -with some of these commit¬
ments
appears
for
the
It
as though there has
lessening in the pressure
appears
been
devel¬
a
any
is neither
an
Prospectus.
offer to sell
The offer is
These securities offered
nor a
merous
the seat of the
and
State
the^ center
dustry
and
about
79%
of
Government
national
the
of
in¬
commerce,
defense
state's
has
popula¬
tion.
Average
tion
of
last
residential
electricity
year
in
4,920
was
consump¬
in
strength of
land, President.
have charge of
He
was
Mr. Nigbor will
special, research.
previously
with
tional Bank of Detroit
installations, industrial¬
agriculture and tourist dol¬
as
the Na¬
a
Credit
Analyst.
j
.
branches
defense
organization
sented
the
of
major
of
military
national
are
full-time
by
of
repre¬
installations
importance.
New
installations
types
are
also
appearing
on
the scene, such as
satellite^'tracking,, rgtations
and
Nike
the
sites.
The
center
nerve
of
Pacific
missile range is situ¬
Oahu, and Pearl. Harbor
has been designated as an advance
ated
on
base
Polaris
for
rines.
missile
subma¬
Military expenditures have
stabilizing
a
they
influence
unaffected by
are
because
business
fluctuations.
Yorkshire Investors
NORTH
shire
BERGEN, N. J. —York¬
Corporation
is
Investors
conducting
from
Open
offices
Avenue.
securities
a
at
7523
Officers
Bergenline
are
Diamond, President;
business
Solomon
Lilyan
Dia¬
mond, Vice-President; and Geo. J.
Nanos, Treasurer.
solicitation
to
Agriculture is
Hawaii, and
Oahu, 14% of the
for sugar and
pineapple production. Mechaniza¬
land
used
tion is advanced in both these in¬
Together, they are val¬
$236 million, and represent
Hawaii's largest non-m i 1 i t a r y
ued at
source
of income,
The
tourist
j
increased
of visitors rising
the
the
latter
almost
was
there
spent
$83
big
stimulus
295,000
$145
some
Waikiki
visitors
year
million.
were
a
steadily
171,000 in
resort
State¬
in
and
visitors
million. In
electric
area,
capacity has been doubled in the
past two years.
While the Islands have not been
noted for industrial
1,500,000 Shares
SOUTHWESTERN CAPITAL CORPORATION
A Small Business Investment
Common
($1
Par
Company
activity, there
are a number of diversified plants
including a Standard Oil refinery,
a
steel mill, cement plant, a con¬
crete products
company,
lumber
milling and heavy equipment
re¬
conditioning, etc. A 1,200
in¬
park has 31 tenants. In
the past decade manufacturing has
grown at a rate 50% greater than
the U. S. average, and in 1960 the
value
of manufactured
products
such as garments was estimated
Stock
Value)
at
$145 million,
the
PRICE
b
'■
,
-
'
"I '
.
in states in which the
securities
under
may
■
'
•
'
'
be obtained from the undersigned
undersigned
the
.
may
a
gain of 12%
previous year.
legally offer these
as a
"growth utility"
are
concerned.
so
far
Revenues
in
of customers and
San Diego, California
followed
ration
tion
Cajon
-
El Centro
-
La Jolla
-
Oceanside
-
San
Clemente
re¬
in each of the
6to'
an
to
the
earlier
figures.
elec¬
generates
tricity in three steam plants using
oil imported from California un¬
der
contract
a
With
California.
of
1953
all
tained
upon
A
rate
Standard
Fortunately,
schedules have
escalation
an
clause
oil
price of $2
plant of 50,000
an
fourth
Oil
since
con¬
based
barrel.
a
kw
will
be
completed in August this year
bringing total (maximum) gen¬
erating capability to 455,000 kw.
The system peak load was 313,000
kilowatts on Dec. 12, 1960 and is
expected to reach 377,000 kilo¬
watts late in 1962.
A 75.000 kw unit
is
scheduled for completion
in 1963. In later
years the
pahy may build
plant,
in
if
it
this
"competitive"
area. ^The
proves
estimates
$86
some
for
1965
com-
high-fuel-cost
company
spend
early
atomic power
an
that
will
through
of which
construction,
$27
it
million
million
will
be
raised
internally. Following the sale of
$12 million bonds in April, capi¬
talization
49%
was
bonds,
preferred stock and 34%
stock equity.
While
the
substantial
a
company's
in
owned
the
and
17%
common
amount
of
stock
is
common
Islands, since state¬
the
increased
interest
in
common
stock has been
Hawaii
national
more
of
the
finding its
into the national market.
way
of
cause
the rapid
offerings
have
the
of
Be¬
growth, rights
stock
common
been
fairly frequent in the
past decade, including a one-foreight offering last year. Possibly
for this
reason
the growth in share
earnings has been slow in the past
years
(from $3.12 to $3.33)
although in the years 1952-56 it
four
had
increased
rapidly from $1.94
to $3.12.
Regarding regulation, a depre¬
average original cost rate
(plus allowances) was estab¬
ciated
base
lished in
1939 by the Public Util¬
ity Commission. The most recent
rate
decision
and the rate
has
in
was
June
1955
design then obtained
proved
adequate to date, ac¬
cording to President Johnson. The
1960 rate of return
was
calculated
at 6.5%.
The
common
stock, traded on
Exchange and
the Honolulu Stock
from
low
a
1960
Based
of
h
25 V2
over-counter
increased
a s'
in
1953
bid
to
of
a
86.
on
the $2.50 dividend rate
the yield is 2.9%.i The
price-earn¬
ings
ratio
1960
earnings of $3.33.
is
about
26
times
the
>
Stirling, Linder & Prigal
JERICHO, N. Y.—Stirling, Linder
of
Security Analysts, President & Prigal, Inc. is engaging in a
Ralph Johnson said, "Statehood, securities business from offices at
talk before the New York
NORMAN C. ROBERTS COMPANY
31%
a
activity, elec¬
compared
company
in
10-11%
As
gain of 8 or 9%. It
likely that future growth
return
The
receht
kwh and revenues. In a recent
were
was
earlier rate of
sales
the rate of gain per annum
(compounded) has been 4% in
units
year
year.
14%
rose
,1959-60,
as
years
applicable Securities Laws.
the
over-the-counter,
(over $30 million) were 2V2 times
the level of 1951. In the past four
number
El
over
Hawaiian Electric would qualify
$3 PER SHARE
Copies of the Prospectus
acre
dustrial
apartment
during
previous
sales
hood
business
15,000 in 1946 to
1960
who
1961
tric
dustries.
hood
JUNE 20,
on
is
area
spent
speculation.
NEW ISSUE
basic factor in
a
of all homes built
all
sult of this burst pf
some
rapidly in the postwar period, the
buy
the
over
units
during 1960;
all-electric. Construction
will
the
lars. All
of
completed
aver¬
ing and air-conditioning, indicat¬
ing heavy use of other appliances.
ized
V.-P.
Moreland
65
single-family
apartment
Oahu
on
than 83%
more
appears
minimum of electric space-heat¬
4,400
3,600
built
were
and
than
and
which
despite the fact that there is
a
More
Island
age
already
commun¬
in 29 other states.
the
29% above the national
prosperous
a higher stand¬
living and personal income
of
kwh.,
was
century
had
ity in Hawaii, with
ard
years
military
Nigbor Joins
made only by the
as a
company
establishments,
and
nu¬
towns and villages. Oahu,
1958—in
of these securities.
a
pineapple plantations, Armed
Forces
from
announcement
developed
are
the city of Honolulu, sugar
number
This
the
the other
The
half
past
enterprise
the Hawaiian economy have been
have not
however, but for the time being
ury.
need
have
to
prominent
the
money
which
professional operations
which
pur¬
care
offering
takes
rather
a
and
islands.
He also pointed out
the
was
there
on
five."
in
of
development
might have taken
American
serving
While
plants
Basic factors
because
range
the
serves
obligations
as
have worked out satisfactorily in
it previous periods since the mone¬
DETROIT,
Mich.—Richard
B. Nig¬
seems
as
though the demand for tary authorities have used credit
bor has been elected Vice-Presi¬
short and long-term Government tightening measures and rising in¬
dent and a Director of Moreland
obligations is sufficient in both terest rates to combat the unfavor¬
able conditions that have devel¬ & Co., Penobscot Building, mem¬
cases to take care of the supply of
bers of the Midwest and Detroit
these issues which are.'presently oped.
Stock Exchanges, according to an
coming
into
these
markets.
In
Less Professional Activities
announcement by Paul I. Moreother'"words, ,the operations in
continue
limited
Electric
1891,
Oahu.
electric
all
has been in effect of late.
short-term rates and
on
spite
of the
yields
past
in
distant
in the inot too
prospect,
in
the
according to advices, will
more
they are
best able to protect against as¬
cending interest rates which have
they
way
Prospects
offerings of corporate
new
down
some
tal
most
of
in
that
homes
Yield
Bond
inves¬
better¬
birthday." Hawaiian
level
a
or
in
pretty much on the sidelines.!
where
near-term
King Kalakaua's fiftieth
on
four
than
in
business
rthe
lamps
grounds of Iolani
arc
islands the company today gener¬
ates about 87% of all energy sold
future
put to work dur¬
Palace
six
other
bonds,
Also, the boom and inflation
psychology has not had an adverse
predicted.
Short-terms
buying and selling in these se¬
slow
place
which normally
the
is
going
along
pickup in business.
much smaller deficit than
a
has been
be
period
in
only
long
when
on
curities, the professional operator
econ¬
institutional
and
years
1886,
lit
Island
is
feeling
Company, Ltd.
were
of
the
strong
Electric
Hawaii first enjoyed electricity in
established
much
this
in
Government
the
of
revenues
the
as
Hawaiian
July
Treasury issues. As long as there
is a more or less balanced amount
the
Stressed
very
the
is
liquid
the
though
as
a
many
a
ment
many
If this should be the
the economy.
is
that
ing
will also set
sectors of
it
but
one,
records
the
uptrend.
an
funds should
business._recovery will not only be
new
long
as
Liquidity
•'
.
indications
in
intermediate
lected
few
in¬
an
have
into
funds
of
ELY
many
this selling of long
Governments, there are
reports
that institutions, both the private
and public ones, are buyers of se¬
securi¬
Governments
is in
omy
by
Treasury
flow
continue
to
the
the
OWEN
against
And there is little doubt but
what
Government
to
appear
continuously
Government
liquid
ties.
in
change
complete
a
buyers
over
most
and the end of 1961. And unless
there
In addition, there
in the purchases of
obligations
by
the
large commercial banks and cor¬
porations- since these two insti¬
It
that the Treasury will
do
fairly heavy borrowings for
new money purposes between July
again seeking
States.
let-up
no
some
nations, aside from the
short-term
BY
although
instances.
at hand,
Thursday, June 29,' 1961
there
have been purchases of corporate
and
The
.
PUBLIC UTILITY
espe¬
the
Treasuries
term
.
exchanges from the more
Government
intermediate-term
area. Most of the swaps from Gov¬
ernment obligations in the more
GOVERNMENTS
,
of
Society
immediately by inaugu¬
the
greatly
jets, without ^ques¬
intensified
the
eco¬
nomic
boom
Hawaii
during the past two years.
Hawaii
has
experienced
achieved
within
in
two
11
Ulster Drive. Officers
are
Rob¬
ert
Prigal,, President; Hyman S.
Linder, Vice-President; and James
Stirling,
were
&
Secretary-Treasurer. All
formerly with J. A. Winston
CO.
,,,
V.-.,
Volume
193
Number
6068'.
.
The Commercial and Financial Chronicle
.
(2853)
Richmond, Va.
was announced by
George R. Dupuy, Vice-President.
They are Richard W. Boisseau,
NEWS ABOUT
and Samuel G. Jones.
BANKS AND BANKERS
Consolidations
New
•
Branches
New
•
Offices,
etc.
Revised
•
*
Robert
C.
*
*
Bensing,
of
..
will
join
tional
Bank
effectve
|
the
a
of
Cleveland,
Ohio,
July 1.
a
This is
•
,
chants
Ark
conversion of the Mer-
a
Planters
&
effective
Bank, Warren,
of
as
-
Chase
The
York,
Manhattan
and
Bank, New
Hempstead
Bank,
nounced
Horace
by
Chairman
of the
Hempstead, Long Island, June 28
jointly
announced
plans
for
merger.
a
Chase
Bruce
Manhattan
Wood
Bank, and
Chairman of
Hall,
Hempstead Bank, stated that the
merger will permit the combined
institution
County
a
services
to
bring
to
Nassau
wider range of banking
supported
and
sources
by
the
diversified
re-
facilities
of The Chase Manhattan Bank.
The
boards
of
directors
stock
of
the
of the
Roth
special
of
share
a
capital stock of Chase Man-
hattan.
the
,of
Hempstead
Bank will become 13/18 of
banks expect to call
stockholder
future
near
meetings
for
the
approving the plan of
ing office
U, Brooklyn, N.
nue
*
the
George
W.
Assistant
promotion
McKinney,
At
C.
the
time
same
Office
Chairman
of
become a
Hempstead
will
Director of
Manhattan
and
Bank
administrative
general
*
*
,
Franklin
the
In-
Savings Bank, New
the
as
of
election
The
Trustee.
a
Allan
of
Trustee also
Howard
W.
Betts
as
Nassau
Mr. Hall will also
serve
Chairman of the Nassau County
had
1960
Gosdorfer
Chairman
Bank
the
of
of
been
has
United
Island
Long
in
June
12, the Comptroller apan
application to merge
proved
Farmers
Ohio
Tiro,
tional
Ohio
into
Bank
under
mittee.
Hempstead
Senior
Muller, President of
Bank, will become a
Vice-President
combined
officer
bank
directly
in
of
will
and
charge
v
the
be
the
of
op¬
erations of the Nassau branches of
Chase Manhattan.
Ohase
which
New
has
be
Manhattan
Hank,
throughout
May 31, 1961.
Bank
maintains
over
County and
Nassau
of May 31 had total
as
*
York
of
area
of $73,500,000.
*
father,
who
died
early this' year.
In addition, he
continues as President a post he
elected
to
in
joined
1954.
the
Mr.
Gos-
in
1931.
bank
Harold W.Smith'has.been-elected
Vice-President
nounced
J.
officers
*
the
travel
in
throughout
From
Assistant
of New
following
Division
National
of
who
districts
today
by John
A.
Kley,
of
of
business
ted
McCullough
Director
a1
of
was
elec-
Mercantile
the
National Bank, Chicago, 111.
charter
the
of
the
issued
was
June
on
15
office of the Comptroller
Currency to the Valley
County,
is
ier
Ungemack
bank's
Scarsdale
from
LeDonne
Schweinfest
raised
ficer
the
of
White
from
to
ad-
was
Treasurer
Vice-President
V.
in
office
Assistant
Assistant
to
Edmond
the
of
111.
and
trust
Plains
depart-
both
Assistant
were
Of-
Trust
Trust
officer.
Clarence
R.
Sandford,
President
cf
Elizabethport
Banking
20 000
shares
United
San
value
nar
stock
States
Diego,
increased
from
"film
H.
George
*
*
William C. Harkins was appointed
National
San
its
Bank
Diego,
Calif.
capital
common
$4,100,000 to $4,500,the sale of new stock, ef-
par value
*
*
The merger of the First National
into
Crocker
Bank,
San
a
of
Detroit Bank
and
Company, Detroit, Mich., at
Anglo
-
Francisco,
National
Calif.,
be-
effective at the close of busiJune 23, it
"iesident of tne San Rafael banks.
After
the
is
merger
effected,
Crocker-Anglo's deposits will total approximately $1,750,000,000,
its
will
assets
in
aggregate
the
neighborhood of $1,950,000,000 and
its
capital funds will be about
$135,000,000.
Assistant
as
General
of Canada, Montreal,
announced.
senior
from
eight
of Comptroller of the
on
on
June
15
issued
a
charter to the First National Bank
Mr.
agent
bank's
Okmul-
increased
"
Currency
has
been
and
elected
the
to
the
country:
Vice-President
Deely,
England District.
From
Assistant
As¬
to
Vice-President:
Robert
Borrs,
Correspondent
Bank
Richard
Vnr
our
New
ATntTr
r_
F.
M.
De-
Dickson,
B.
TAv«riAir
York-New
William
nictrioT'
District;
Southern
Jersey
Hohman,
District.
New
and
Mr. Pouluton, with over 20 years
experience in the investment busi¬
ness,
fornjorly
was
dent
of
National
Texas
Vice-Presi¬
a
Elizabeth,
Official
sistant
Cashier:
Middle
Western
Assistant
John
As¬
to
E.
Porta,
pistrict; Donald
M. Roberts, Western District.
G. Tyler
Baldwin, John E. Bowles.
J.
Christensen,
Harold
Koch, Robert C. Kurzweil, George
Leslie
Monahan, Grenville H.
PaynR.
Bergen Van Doren have been ap¬
pointed Assistant Vice-Presidents
Frank
D.
Sullivan
and
of Chemical Bank New York Trust
Company,
New
Harold
Helm
H.
with
Division
Malcolm
H.
Funk,
remain unchanged.
W.
Lewis
Hart
President,
member
of
the
-
is
the
firm;
Peoples Sees.
Opens New Dept.
A dealer service division has been
opened
New
at
York
expanded
527 Madison Avenue,
City, to spearhead an
u
of
program
John
Corcoran
J.
sion is
a
Corp.,
principal
the
York
fund.
supervision
underwriters
will
It
be
Lee
of
under
M.
sales
vice-president
Planning.
of
Seven official
appointment of five
Girard
at
Trust
new
Corn
Philadelphia,
f
,
I.
Emrich
Associates, Inc.
nounced
last
Louis
Lasser,
HILLS, N.
Y.
—
BROOKLYN, N. Y.—Jay W. Kim
David
™
from
a*-
is conducting
offices
from
c*.
a
securities business
at
190
Willoughby
r;
+
67-40 Stre t un
offices at
J. W. Kim
Yellowstone Boulevard,
&
offer to sell nor a solicitation of offers to buy any of these
offering is made only by the Prospectus.
Co.
$25,000,000
York,
Chairman
announced.
All
the
Bank's
except
•
_
Finley
■
move up
the
Price 100%
On
June
promoted
to
13, the Comptroller
Glo,
Pa.,
tional
into
Bank
town,
Pa.
title
in
United
the
under
"United
of
States
as
and
Ray¬
date
is
to
be'
business June
"The
charter
States
as
of
Bank,"
its
*
The
Company,
board
Na¬
and
National
the
close
of
17.
*
Carrolltown
Assistant
Secretaries of Manufacturers Trust
New
York,
were
an-
only from such of the several
offer the securities in such State.
Johnston, Lemon & Co.
Eastman Dillon, Union Securities & Co.
Bank in Johnstown." The effective
election
American
Na¬
Carrolltown,
Pa.
title
to
of
The
Bank,
*
to
Blyth & Co., Inc.
"Cambria
Carroll¬
*
the
Bank
Petersburg
of Virginia,
Carl M. Loeb, Rhoades & Co.
Lehman Brothers
Merrill Lynch,
Goldman, Sachs & Co.
Glore, Forgan & Co.
&
town" effective June 15.
George
Copies of the' Prospectus may be obtained in any State
Underwriters, including the undersigned, as may lawfully
Johnstown, Johns¬
aldson,
Moldovak
ap¬
an
County^ National
B.
Assistant
application to merge
the Nanty GIo State Bank, Nanty
proved
changed
Otmar
and Accrued Interest
Vice-Presidents.
tional
National Division.
June 15, 1981
u
Geoffrey
to Vice-Presi¬
Richard W. Maletz and James J.
are
r
_
William B. Eagleson, Jr.,
Metropolitan
Mr. Paynter who
1981
Due
June 15, 1961
group
White
Corporation
5.40% Sinking Fund Debentures Due
Dated
includes three new
Vice-Presidents, Charles E. Baus,
D.
State Loan and Finance
by George H. Brown, Jr.,
President.
The
securities.
June 27, 1961
NEW ISSUE
an¬
Secre-
tary-Treasurer; and Lynne Lasser
Vice-President,
officers
are
has
with offices at 200
k?er*
President;
Opens
-
business
This advertisement is neither an
The
Exchange
Pa.,
Oser, Jr.,
Peoples
S. I. Emrich Assoc. Formed
as
promotions and the
of
the
was
the
head
of
office the
new diviunit of Peoples Planning
stock mutual fund. The
Vice-President.
Second
national
____
West 57(th Street, New York City
to engage in a securities business,
Officers are Sidney I. Ehmrich,
of
Berger is engaging in a securities
Davis, President, Fi¬
Trust
Company,
of
F.
William
Parvin is Vice-President in charge
of the Municipal Bond Dept.
years.
FQREST
Union
election
other
Jay W. Kim Opens
Newark, N. J., announced the
Appointments of Charles W. Don¬
mond
since
1936, died June 19 at the age of 68.
❖
is in
J.
N.
Corpora¬
tion.
was
Manager
Canada,
Ganann
David Berger
dents.
From
ter,
Company,
Bank,
Cashier
sistant
partment;
the
a
board
of directors.
S.
The appointment of J. W. Ganann
Bir-
in
Oakland
20,000_shares, par value $25).
The Office
Poulton
Vice-President
*
$250,000 to $500,000, effective June
16. (Number of shares outstanding
Mr.
Peoples Securities Corp., a growth-
stock dividend, the common
was
G.
Jointly by Paul E. Hoover, Presioi Crocker-Anglo National
5a.\ a? «jSf
y™rray>
was
th^ head office of the Royal Bank
Okla.,
William
wholesale distribution of shares of
capital stock of The Central Nagee,
by
announced
i
By
announced
was
Hobbs, Executive Vice-President.
°f
snhaAe,s.°"tf,a"dmg 450'000 shares>
Manager
and
Charles
°f Funk Hobbs and Hart, Inc.,
National Bank of Commerce Bldg.,
Creston
from
000 by
President
The
Paul
and
and
ANTONIO, Texas
Sou}tonA *?uS j°irle(* the firm
^u,uuu snares; Pa[ value $10)
ness on
National Bank of Aurora, Aurora,
Kane
$100,000 to $150,000
dividend
$150,000 to $200,000 by the sale of
new
stock,
effective
June
12.
(Number of shares
outstanding
came
*
by
in¬
was
Bank in San Rafael/Calif, and its
affiliate, the Bank of San Rafael,
'
*
*
tional Bank of Okmulgee,
Purdy
bank's
the
to Vice-President: James S.
New
are
title
Bank
Natonal
close
*
Trust
'Cashier.
and
vanced
C.
City Bank
announces
promotions
A.
and
Bell, Jr.
The
Bank has a capital of $220,000 and
a surplus of $330,000.
delity
National
First
The Hempstead
15 offices located
broad
a
deposits
l\l
Na-
June 17.
Howard W.
SAN
York
City and 27 overseas,
had deposits totaling $7,578,000,000
on
Second
charter
the
the
of
as
from
of McKin¬
Texas,
Bucyrus, Bucyrus,
is Harry B. Stoner and the Cash-
ment
offices
10o
Bank,
He succeeds his
President.
C.
Joseph
Citizens
The
of
Second
Woodward
com¬
and
National Bank
stock
a
The
Gosdorfer,
C.
by
capital stock of the
McKinney,
ney,
of
On
15
Funk, Hobbs, Hart
noted that the firm's name would
regulatory agencies.
mingham
of this
time
Louis
Members of the
members
$25,-
$382,496,134.
The
«uvii
amsi
uc
acquisition
must
be
apdpproved
by
Federal
and
state
A
-The-prdmotions Of three officers
present Board of Directors of 0f The County Trust Company,
Hempstead Bank will be invited White Plains, N. Y., were anas
of
Fifth-Third at that
Manhattan Bank.
serve
assets
had assets of
advisory committee of The Chase
to
total
common
creased
New York.
dorfer
in
of
a
announced.
was
L.
National
was
Manhattan
Ohio.
Norwood-Hyde Park, at the end
,
*
announced
Chase
as
with
both
Division, have been
appointed Assistant Secretaries,
responsibility for all branches of
County.
Stanley
ternational
elected
have
Vice-
the Board of
.
&
of "The
York,
_
Co., Norwood,
buy
Bank
Bucyrus." The effective date is to
Rochefort,
merger.
plan of merger, Mr.
Trust
to
Park
de
The
System.
Chase
Mr.
agreed
Marie F. Nusbaumer and Jean H.
purpose
Governors of the Federal Reserve
will
from
Messrs, Jean-
and
election
The
Jr.
has
Dr.
Ackemann, Lexington Avenue
Branch
Central
Ohio,
Norwood-Hyde
the
Rodney C. Gott
Hall,
Bank,
of
Vice-President to
in
addition, the proposed merger
subject to approval by the Superindendent of Banks of the State
the
*
Irving Trust Company, New York,
announces
cinnati,
057,179.
ficer in charge,
is
Under
Y.
Daniel Mastellon will be the Of*
The
o m p a n y,
June
Poulton Joins
it
Fifth-Third Union Trust Co., Cin¬
the
June 24, at 201 Ave-
on
In
of New York and by
*
Manufacturers Trust C
the
of
under which each share of
capital
Board.
*
President.
two banks have agreed to terms
merger
Flanigan,
New York, opened its 121st bank-
v
George Champion, Chairman of
The
*
C.
Bradley
Moody. The
capital of $150,000 and
surplus of $251,404.01.
bank has
„
,
Warren,
The President is F. M. Holt and
the Cashier is A. L.
Trust Department of Central Na
Capitalizations
Warren,
County, Ark.
21
Pierce, Fenner & Smith
Incorporated
White, Weld & Co.
Smith, Barney & Co.
Incorporated
22
has
A Loan Officer's Views
on
4
By Richard P. Taft,* General Investment Manager, The
.*%
7.1
a
how
does
particular insurance
a
company
about
go
private lotfg-ierm placements to smaller companies in
and
be
in Canada ?
met, the
making
this
made, and
general
conditions underlying
Listed, also,
are
a
loans are
A
living documents and sometimes do require modifications
business
toward
efforts
directed
are
the
financing of smaller
enterprises in America
corporate
and
Canada, and I hope to give
clearer pic¬
ture
a
by
legal
restrictions,
unsecured term loan to
an
an
un¬
incorporated borrower.
term
lending is designed
industrial-type companies. In
for
to obtain long-
its broad sense,
term financ¬
types of businesses, except public
ing
utilities and railroads.
from
an
insurance
The
company.
minimum
There
three
are
types of
that
ing provided
life insur¬
standards
by
and
compa¬
real
of loan
estate;
est
Richard P. Taft
last
and the long-term
to discuss.
pose
1956, in order to better serve
small
business, we created our
Commercial and Industrial Loan
Since then,
has
partment
million
in
made
loans
porations.
less,
or
this de¬
about
'
-
cor¬
of
70%
one-third
were
for $500,000 or less.
While
done
that
We
this
are
are
of
type
reputed
job,
do
we
scratched
have
we
face.
set
we
good
a
to
have
not feel
the
sur¬
working to develop
business. We have
staff organizations in our
Offices in
up
various Regional Home
United
the
States
with
work
Canada
and
banks,
houses, accountants and businesses
the
on
No
ground floor.
minant
loans
The
in
a
to
as
are
broad
be
a
be
must
a
made based
on
deter¬
company.
looked
sound
a
at
de¬
lend¬
judgment, but the following
are pertinent:
factors
Life
Governing Factors
insurance
investments
made
$94,000,
for
several
should
be
for
used
building
purposes:
or
buying machinery and
equipment; expanding markets or
introducing new
product
lines;
and
funding existing short-term
obligations to place the company
on
workable
a
basis
financially.
-
Our loans represent investment-
type money and not risk capital.
are not designed to finance
speculative ventures. We do not
They
expect to share in either the losses
the
or
owners
A
profits
accruing
to
the
of the business.
term
loan
is
not
suitable for
financing the seasonal needs of
business.
This
is
the
function
a
of
commercial
The
banking.
company
should
years
of favorable
tory.
This rule
is
have
10
not
agement
margins
have made loans to companies
shorter histories.
The
company
tablished
and
it
a
should
solid
have
market
es¬
position
shown its
ability to maintain
against competition.
The
company
should
record of growth and have
show
a
growth
potential.
In
interested
NEW
of these shares having been sold, this advertisement
appears
in
the
line and its
markets. Is it contributing some¬
thing worthwhile in the form of
of
ingredient.
It
should be of good character, wet)
single
obvious. Neverthe¬
a large number of
are
less, there are
We believe that,
done.
if
we
the
Are
good
as
others in
its
and
your
tions
a
projection, manage¬
usually recognizes its im¬
portance and employs it thereafter
as one of its important tools.
prepared
ment
seeking to improve its prod¬
ucts
and
tect
its
the
on
ter
month.
insist
In
instances
some
will
we
individual
the
to
built
of
of
need
have
to
manage¬
recognize
the
building
up
a
rounded
organization.
When
loan with
to
learn
in
pany
a
company,
we
term
a
attempt
about the
short
a
have
bankers
developing
much
as
period
learned
over
com¬
as
its
a
pe¬
riod of many years.
Even
are
though
out
paid
of
record
phase
expect
we
to
be
earnings, we
in the past operat¬
of
the
business.
know if the company
demonstrated
an
its
of
as a
matter
maintain
all
not
proper
ally, where
wishes
than
riding
and
expected
a
some
a
to lend him less money
good financial man,
a
proper
of
study
is
hiding
Lack
a
and
many
good
times
weak
has
have
of
has
been
a
average
built
man
a
in
fields
This advertisement is neither
The
of record.
of
an
offer to buy
offer
an
any
to
sell
nor a
of these securiCes.
June 29, 1961
rWTE
75,000 Shares
Dy namic
Class A Common Stock
Common
(Par Value 1()<* Per Share)
(Par
Value
Stock
$.10 per
Share)
Per Share
Pries $4.00
per
Share
0
and
Copies of the
from
n. a.
.
hart &
:
co.
Slates
Offering Circular
the-undersigned
as
they
may
.
may
be, obla:n~J
orders
in
such
lawfully offer these securities.
darius, inc.
A.
ross, lyon & co., inc.
Mclaughlin, kaufman & co.
other
offering is made only by the Offering Circular.
110,GOO Shares
Copies of the Prospectus may be obtained from the undersigned only in those states
by those persons to ivhom the undersigned may legally distribute the
Prospectus.
whose,
We
June 22, 1961
Price $3.75
con¬
small business
by
lies
competency
company.
has
ability to weath¬
Harwyn Publishing Corp.
been
not
financial
proper
The
trols.
management
financial
On the other hand, we try
not to overfinance
multitude of sins and weaknesses?
Inflation
requirements
made.
planning? Or, is
of an eco¬
which
Gener¬
company.
prospective borrower
through projections of fu¬
ture
But
controls,
less
borrow
is
think he needs, the com¬
lacks
a
needs
to
the crest
on
wave
hidden
us
we
pany
to
needed to do a
financing job. We will not
than
underfinance
business?
controls.
needs
Is management
it
be
elaborate
business
NEW
IS«UE
Endeavoring
Small businesses cannot
should
additional
used; the profit position should be
improved.
thinking of elaborate records and
and
of
issuance
in order to control the busi¬
Earnings certainly should
be diluted if capital is well
not
When I speak of controls I am not
nomic
future
interested
want to
each
D.
GILHART & CO., INC.
»
141 Broadway, New York, N. Y.
Telephone:
is
ness.
controls to determine the progress
controls.
are
we
of
business
pany
'employ the
management?
effort
ownership
tools
term
who has
of losing control
his earnings, and
fearful
the
of
man
successful
a
equity
One does not have to con¬
trol 100% of the stock of a com¬
management
important
The
when
loan
need
may
diluting
money
Does
Does it have sufficient records and
-
of
equity.
in the event: of his
and, of course, we make
every
term
a
loans:
borrower's in¬
combination
a
up
usually
Is
out
death,
or
markets
ones?
new
protect
on
upon
business
funds
or
discuss
to
such
considering
sistence
the
like
prospective
resists
taken
us
in
The
parable with those in the area and
in the industry?
insurance,, being
life
upon
same
would
I
of the problems we encoun¬
some
services in order to pro¬
present
acquire
the
of
day
same
di¬
located
Encountered
Problems
Now,
and
is
in
loans
industries
versified
fixed. They
periodically
changing conditions and,
utilized to measure ac¬
performance against objec¬
We find that, once having
tives.
Is it forward-looking?
make
for
two. Nor
of course,
sound
trained
management
we
do
projection
reviewed
be
loan and equity.
competent?
ask
But
reasonable
a
tual
and to
it training
geo¬
replacements
for
key
jobs?
Is it
graphically throughout the United '
States and Canada, with the conifollowing an enlightened person¬
Has the business. >a>
panies headed by dynamic indi¬ nel policy?
viduals of various ages, we will
history of stable labor relations?
Are pay scales and benefits com¬
not have them all dropping dead
these
of
number
a
longer.
meet
to
basis?
Is
of 15-year projec¬
10
to
or
should
the industry so that our
on a
expect
should projections be
prospective customer can be ex¬
pected to meet reasonable compe¬
tition in the future and
you
at least the next year or
than
better
know it in¬
long-term money in
business. Now, I am not re¬
ferring
for
goals set
business for the fbresee-
invest
to
us
company^ fa¬
or
poor
prospective
our
ableNguture, you who
timately, why should
man¬
Is it
this
where
businesses
sound
cilities
business
a
agement.
Management is by far the most
agement
of
acter
of
for omur
a
degrde
same
of
inex¬
Projections
—if you do not have any
to
the
assume
90%
from
projections
bor¬
rowers,
and we are questioned
about this practice. Our answer is
all
from
product
solicitation
All
Financial
better times.
also
are
resulted
We ask for financial
a
important
ing
should have satis¬
factory financial ratios. One that
We
more
failures
planning.
want to know wny man¬
feels
the
business
is
company's
importance.
inviolable;
with
past
business
long-term
ment
operating his¬
pany's
ness, we
experienced,
and ; in
term is 10 years,
reasonable depth. The dangers of
maximum, 20 years.
* making a loan to one-man mail-':
The company
are
not
same
change the record
ahead. If the com¬
record shows weak¬
provide for an orderly flow of
debt one to two
work
and
materials?
We
fre¬
growth situation, with;
quently find plant housekeeping
earnings showing a steady rise,
to be an indication of the char¬
the historical earnings level does
such
times.
than
perience, incompetence, and
to
semi-permanent
It is repaid on
that
years
rounded,
funds
15,000 business failures in 1958 in¬
dicates
goods or services, or is it merely
specific satisfying a temporary or "fad"
payment schedule out of future- type need? Does it have only one,
earnings and not out of the liqui¬ supplier or one customer? Does it
dation of seasonal peaks in invent have
only one product, which
tories
or
receivables, as in the could be replaced through ad¬
case
of short-term debt, nor out
vances in technology?
of the liquidation of
any other
assets., appearing on' a company's
Study of Plant and Management
balance sheet. Most companies we
A study will be made of plant,
examine show a net profit after
equipment and other facilities. Do
income tax of about 15% of the
these facilities provide a desirable
total amount
of long-term debt
degree
of flexibility?
Is
there
outstanding, and also, show his¬
room
for
expansion?
Are pro¬
torical
ability to cover interest
ductive facilities set up efficiently
and
sinking fund payments on
The small¬
been
plants
long-term
perspective and
Pertinent
The
we
can
whether
available to
business
cision
ing
factor
one
the amount
on
has
have
we
and the
to
investment
floor
in
tend
the
headed for
loan is
as¬
factors
are
the
in
The minimum
the
for $1 mil¬
were
and
$450
smaller
to
1960.
In
loans authorized
lion
stability
required
are
will grant.
productive
In
Department.
the
meet
the
company's profit
satisfactory.
term
not
no
we
$100,000.
note is¬
generally unsecured. It is this
type of financing that I pro¬
sue,
between
companies
to
we
a
We believe
earnings,
authorized
and
lease¬
sale
back;
of
management
There is
on
purchase lease
or
of
smaller ;
be, unable
have
to observe.
nies: the mort¬
loan
worth
net
most
would
gage
should
$250,000 and $350,000.
term financ¬
ance
this includes most
company
in
there
have the game crutch
ahead. A 1959 study
by Dun & Bradstreet of the nearly
would
owner.
capital.
and the life company cannot make
Our
how
of
controlled
the
if
We may not
in the years
as
Repayment Requirements
,
agrees
during the loan's lifetime.
My
should
endeavor to
good, we
certain
practices during the past 20 years.
its
such
be
must
as investment and not risk capital loans.
variety of problems encountered in making such
business
have
invested
The
such
financing which he describes
loans, and the ground rules governing loans in force. Mr. Taft
the
as
return
to
expected
amount
country
Mr, Taft enumerates the requirements which must
studies
interest
an
be
the
;
has
Thursday, June 29, 1961
.
as
A lender relying solely
lender.
■■
on
Just
twice
is
ord
it
.
obliga¬
If the past rec¬
schedule.
on
if
and
meeting
.
company's operation, in the
industry, or in the economy which
that
means
about
in
stake
at
This
has
owner
much
Company of America, Newark, N. J.
,
of the company's tan-
gible net worth.
the
Prudential Insurance
long-term
or
should not exceed
debt
50%
about
tions
storms
of
record
a
that
is
economic
er
the
over
both for the lender and the
borrower,
Financing
valuable
proved
years,
funded
Small Business
I
Chronicle
The Commercial and Financial
(2854)
WOrth 2-1020
...
|
Volume
193
Iffil fin?"ce- a:The
Number 6068
..
"J388 of f^ures. not
of
analysis,
not
with
knowing
ness
and, what is
much
Presentation
nancial
If
of
'
.
inadequate
by
accountants.
captive
main
business
-
even
in
lack of
a
#e+8u
of the
the scope
i
agreement
en-
pared
an
from
certified
anJ:
a
.
of
°r
Si.
that
it
•
•
pietely
cash
affiliated
investor
an
one,
knows
never
and
where
er
cr
a
What
limited
verv
would
happen
J ft
of
the
or
nav
u T
amount warranted
f
a
sal
-
percentage
age
dividends
in
the
States
of
by
by the
fronv 1954
amount
49%
was
Miq
the
companies
million
with
asset
the
up
-
paid
under
The
affairs
as
is
one
that
of
among
of this. Another form
form
this
salaries
members
the
is
takes
the
of
tives who make
payment of
dividends
excessive
or
to
or.rela-
family
real contribu-
no
Failure
as
management
to rec-
affiliated companies
the
same
legal entities
the bororwing company,
understand
that
and to
guarantees
or
will not always
satisfy the lender. In many states
the guarantee cannot be enforced
legally, and certainly it is not
good financially.
cross-guarantees
Over
The
-
management.
aggressive
funds
barely
are
disbursed
when management wants to make
next expansion move it has
the
dreamed of.
despite the fact there
might not "be the executive mansufficient earning power
from
present
operations to
power or
yet
.
generate
the
a
move
For example, we
small
company
Midwest
successful
after
profit margin if
is to succeed,
made a loan to a
proper
proposed
that
operating in the
an
extremely
had
operation.
Sometime
the
have
banker
that
to
concerns
loaned
money.
firms
enhance
additional
to.
Example of Small Company
•
Helped
Here's
65th
George
The
A.
Newbury,
Manufacturers
Trust
Co.,
example
an
of
a
com¬
we
Lake
last
J
bert
C.
on o n
d
secured
from
York
resulted
in
thur
It
secured.
trade
was
discounts,
in
crease
a
sales
unable
and
volume
possible under existing financial
arrangements.
We were approached for a loan
of $150,000 in 1958. Our investiga¬
tion
disclosed
excellent
treasurer.
of
is
0Ptsiders
officers
and ad_
and- employees
with
transactions
attending
Council
its
Cyril
on
and
decade,
able to
preceding
was
first
full
to
to
serve
wrote
Last
account
employed
and
state
throughout
the
and
New
That
mergers
the
n(J
or
ditional
The
also
Association
associate
members,
has
year,
a
request for ad-
rJ,hibiteci
well
as
This announcement is neither
Federal
Reserve
and
institutions.
Sidford, Senior Vice-
Bank
of
Eaie
as
out-of-state
These
out-of-state
located
are
in
to help finance
money
plant.
have
our
We
happy
were
investment grow
the
company,
and
creased, to
$250;000.
loan
a
Form Allied In v. Co.
to
in this
was
OKLAHOMA
in¬
E.
DeWees
curities
CITY, Okla.—Alton
is
engaging
business
from
2126 Southwest 29th
*A
Mr.
condensation
Taft
ment
an
before
Association
the
of
a
talk
made
in
should
be
timG)
from
time
NEW
American
Inc.,
New
firm
the
Manage¬
York
ment
City.
of
name
Allied
Company.
to
buy
any
of these securities.
June 27, 1961
ISSUE
-
350,000 Shares
ur
the needs of the business
Very few
requests
as
Paul Hardeman, Inc.
determine..
management
from
tion
advantages
the
0f
modifica-
for
turned down. Indeed, one
are
of
a
Common Stock
private
placement is the ease with which
ioan agreements are modified, if
is
the need
a
(Par Value 25^ Per Share)
sound one.
a
has not been a
long-term money, the
COmpany
borrower of
"
i
•
V
•
of
executing
a
loan
agreenaent along the lines I have
Q^ed may alarm it or its counsei.
neces
Jn
ity
practicaUy
Price $8 per
'
■
share
'
.
V
,.
.
'
>
■!.
.
r
'
;
.
instance,
every
these difficulties arise because the
COUnsel has had no previoug
experience with corporate
loan agreements.
This results in
time consuming negotiations, all
Gf which
are
at the borrower's
>•
company
expense.
templates
funds,
it
know
that it will be
to
to many
undersigned
V
:
as may
.
If a corporation
conborrowing long-term
should consult with
companies that have borrowed.
I
enlightening
discover that lending
may be obtained from such of the
legally offer these securities in this State.
Copies of the Prospectus
{
/
,•
'
-
-*1
•
1
'
■
1
Incorporated
Rittmaster, Voisin & Co.
Lieberbaum & Co.
institutions have very little diffi-
culty, if
any,
with attorneys who
Levien, Greenwald & Co.
Stanley Heller & Co.
John H. Kaplan &
Co.
have had experience with corporate term
I
that
have
lending,
previously
mentioned
operations in this field
been quite successful.
Our
have
capital to withstand the period of
been
Kesselman & Co., Inc.
|
D. H. Blair &
Company
our
ratio: is far
expectations, because
fices.
Hardy & Co.
below
expense
we
quite
volume
of
satisfactory.
H. M. Frumkes & Co.
Philips, Rosen & Appel
our
operate
tjirough our Regional Home OfOur
Stearns & Co.
loans
has
Our
ex¬
Robinson & Co., Inc.:'
'
.
Michael G. Kletz & Co.
4'
se¬
at
Street under
be
and
'
altered
a
offices
by
offer to sell nor a solicitation of an offer
offer is made only by the Prospectus.
agreement must be cona living document that
as
Penn¬
>
Modifying the Loan
sidered
New
various
The
sub,
assets
of the
stantial.portion
T. ?
.
a
as
investment
banking houses, savings banks, the
York,
new
our
without opr funds.
the company came
to us" with
consolidations
leasing of
Qr
York
nation.
Administra¬
of
stock.
companies be controlled.
•
by
jobs,, to finance
consumption
of
that this would not have
us
possible
back
checking
balances in
Illinois, Massachusetts,
Alabama; Connecticut, .New Jer-t
sey, Puerto Rico and Canada.
loan, sales increased 24% and net
income almost 25%. Management
been
million
ten
promote economic activity and
growth
the Asso¬
sylvania,
year
of
of
create
institutions
and the com¬
take all trade
of disbursement
date
from
the
In
discounts.
to
production
conven¬
Kress,
Roger D.
Customers
productively
banks
added to working capital in one
year than had been put in in the
pany
savings
'
are
Rochester.
manage¬
Million
New York State commercial banks
Vice-President,
Rochester
Trust
Co.,
Lincoln
>
in
banks
people and main¬
payroll of half a
resources
was
governing body:
official
G.
industry
Member
a
the
goods and services, and generally,
the
men
members-at-large
tion,
Ar¬
the
Bank
&
National
elected
ciation's
annual
of
customers who maintain
was
Canandaigua,
tion also elected five
im¬
was
Bankers
dollars.
Ten
Co.,
as
banking
State.
90,000
an
The
Trust
Bankers
;
George A. Newbury
Co.,
Canandaigua
to
in¬
an
tain
billion
Elmira,
Vice-President, and
Hamlin,
President,
S.
State
organization
York
employ
New
Trust
elected
tight work¬
ing capital position.
Its current
cash requirements were financed
to a great extent by shore-term
borrowings that its bank required
be
New
City.
Canal
York
commercial
York, New
retained
earnings and depreciation charges,
take
of
New
voluntary
of
Brobst, Presi¬
dent, Chemung
a
The
Board,the
Bank
Dunckelfl President*
Co., New
York
Trust
Association, founded in 1894, is
Jr.,
,
The
with funds
to
s
B.
.
City.
Sim¬
plants
was
Wallis.
Bankers
Al¬
garage.
home
$12,000 in capital.
George A. Murphy, Chairman of
Board, Irving Trust Co., New
York City.:
the
He
15.
u n e
:
Dey C. Demarest, President, the
Bellport National Bank, Bellport.
State
York
Thursday,
succeeds
the
Albany.
elected
was
New
President, State Bank of Albany,
Traders
Placid
expanded to two
first
meeting.
at
Clarence M.
about
company
convention
Its
with
annual
President,
&
Buffalo,
Chairman
helped.
It is a manu¬
facturer of refrigerators, coolers,
and
freezers,
founded
in
1947
pany
designated head of N. Y. Bankers Association at
experience
tmany
money
George A. Newbury
is
quick¬
relationship
with
Buffalo
:
hoWers holding a certain percentf th
tock or with affiliated
loan, the company decided to go into California because
it was J a
growth area.
It had
neither
the
manpower
nor
the
period
limited
j£
that
not
are
of
.
That
tion to the company.
ognize
;
every
indication
undercaoitalized
^ jQan
personal
money back and
affiliated companies
though they were one company
lending
. •.
^
there
f >r
$10
of management with the business,
forth
j",
29.5%.
only
was
Mixing
average
.
That loans tQ
The
The
1959.
which gives you
good.idea of the percentage ol
But
mortgages,-
stipulated
.
aver-
earnings that most companies:-.'eel
should
be retained in the business.
need
a
be restricted
pledges,
vances
company
paid
manufactur-
to
indicate
company
f
&
..
earnings
all
the
Hens,
time,
i
We have studied the
grow.
a
help
a
If a company is unable to
clean up its current bank borrow-
P°yr of the company into
for
^ear-
ea™ng
stead of keeping the funds in the
business
curtailed comperiod- of time if
some cases,
ure
of about 90 consecutive days each
aller
companies pay sal
dividends far in excess
o
a
to a stipulated dollar figwith-a required bank cleanup
dividends
companies
Manv smaller
aries
or
to
earnings,
That-''unsecured current debu^be''
number1*0"
else*?
Inordinate salaries
limited
of
prohibited.
tomer decided to,do business with
someone
business
developed
which
thecus-i "mited
if
the
I
guarantees, and contingent liabilment, product acceptability, and
ities.
ca
1/.
...
That the corppany merited this fi¬
That additional funded debt be
nancing.
There was more money
custom-
one
be
amount
on
Unaudited
^statements.
Their
unacceptability is self-evident.
upon
business,
percentage
That
the activities of the company that
is seeking funds begins or ends,
Dependence
be-
Compensation over a cerpaid to stockohlders
ancj their families owning a percentage of the stock of the cornpany, say 5%, will be limited,
which
as
the
of
projections
tain
to set up
corporations
1(
fall
not
it.
for
to tell the true earning power of a
management operates
will
dividends
accountant s
is
working
which
needs
That
certain
an(^ jn
method
pre-
certified
an
the
income taxes
always possible
not
is
sails
Elect
:
have
concern
tneir
trim
New York State Bankers
to
to
growth.
Twenty-one percent of the loans
; approved last year were to com¬
panies we had previously loaned
agreed-upon dollar figure,
the level set being determined by
sa™g
.
so
jow
loan
account-
the
all
good
a
io
credit
a
23
with
People
who
their lives to
Another pleasant
loaned
undertake to
capit&L in
company
its
amounts
man-
either
independent
That the
'
,.
Orienting
by
maintain
unqualified certificate
public
up
whom 'we-
public accoutants.
are
without
The
audited financial statements,
audit, particularly
a
is
reces¬
year
.
save ac-
der any circumstances close
is
has
that
sure
.th? company fun"?*}
c?ples
ltS J<3ua.r'erly flnan?.ia]
statements and, within a specified
tlme fo1 °™.lnS the close. of /he
company s fiscal year, copies of its
willing to commit
*Pr
a
*°an
with an inventory
qualification, but we will not unwe
commonly
it: is
nature,
This
business.
itarnea
ly. t
smaller
We
safe.
this
one
struggled
build
r.hat
aSp.^a inventory. If otherwise satisfied,
is
in
y the company.
may provide:
,
restricting
°y.f
it
tender, and to make
*
ai?a^e^ent s desire tp
have
-,
been
to
is
force proper financial procedures.
.
restrictive
in
is
f°n"L*Llntncl,a,} practlces wll> be
the
knowledge, to
,
Although
called
loan
whose
instances
some
loan
a
is
always in a position,, either
because of fear of a loss of comor
force.
tne
losses.
no
financing
has
througn the 1957-1958
and
smaller
granted,
while the
in
allow- management- Major planning is discussed with President of the
maximum freedom of action in its us from ;time to tim%, and we Bankers Asso¬
day-to-day business, without in- have been asked for the benefit ciation at its
terference on the part of the of our opinion. And we have 65th annual
not
pensation
is
operate
designed
fi-
and"who
borrower
!
,
note, setting fortn the ground
under wnich the company
will
comes
accountant
of
source
prospective
,
agreement will be executed With
three possible directions:
The
•
(2855)
companies
went
rules
certified
This
perience-'
sion
.
loan
a
tne
of
important,
needed*
information
public
from
more
money is
result
wiser,
~
money that is neeaed in the busi-
how
to
Loan Ground Rules
•
susceptype
but
rier
manage-
the
bound
were
ims type.ft
eventually nad to wimaraw—wor-
nocmng
ment
Commercial and Financial Chronicle
in- an expansion of
capable of, setting up
proper controls.
Many times, the financial
data submitted to us aie
tibie
The
.
accountant is losses, that
nothing more than a firstbookkeeper who is not in a
position
to,
and
sometimes
not
l
class
3
.
Sprayregen, Haft & Co.
Invest¬
24
\
(2856)
The Commercial and Financial
made
SECURITY SALESMAN'S
CORNER
BY
JOHN
search
Several
letter
weeks
from
with
faced
making
his
time it sent
particularly
large client. Within a few months
after leaving his former connec¬
Due to his firm's
and seek a
employer
The
connection.
leave
should
he
not
or
letter
active
was
complete and without going
I answered him and
very
into
details,
told
him
from
that
I
what
that
he
firm.
There
are
another
or
themselves
find
stifled in their efforts. Their scope
he
needed
department.
work
in
ment,
not
better
his
Also,
department
was
not
servicing margin ac¬
that were very large and
salesman
a
with
details
proper
is
that
responsibil¬
ity of his firm, his efficiency be¬
comes impaired.
Worse still, if a
salesman is subjected to contin¬
their initial
ability, they will suffer
failures caused by other
uous
of progress.
peo-l
pie in his organization to back up
his
All
Not
Firms
Are
efforts, his ability to think
creatively and work productive¬
for
Good
Every Salesman
One
in
case
which
I
familiar,
am
The
with
concerns
answer
indicated.
clearly
a
this
in
This
executive
an
office
Offer)
Bank Bonds
Guaranteed
Twenty-Year 7% Sinking Fund Gold Bonds
Guaranteed
Twenty-Year 7% Sinking Fund Gold Bonds
of
Issue
1926,
Due
1927.
April
1,
1947
15,
Guaranteed Twenty-Year 6% Sinking Fund
Issue of
Guaranteed
192Z,
August,
several
years
To¬
active clientele.
a
few sales¬
in
mutual
conservative
and
funds
invest¬
type securities. He is happy
his
work
and
making
living
from his
very
a
that
disliked
he
in
member firm.
a
His
and
and
efforts.
business is excellent
doesb^t have the stress
repeat
a
He
_
busys
also'
becoming
There
With
Are
Firms
are
Not
Aggressive
investment
do not
organiza¬
wish to expand.
partners
wish
they
and
to
stay in their own groove. Growth,
the
ensnarl
ensuing
all
problems,
business
efforts
that
today
is not for them. They do not offer
a
for
April, 1928, Due April 15, 1948
willing
his
young
talents
man
that
an
the
scope
ambitious
salesman wishes to pursue. Unless
of Colombia
your
firm
can
offer
you
a
pro¬
Mallory
Wittman
David
with
ciated
on.
investment
The
David Wittman
will sooner or later be
forced to move
is
Thursday, June 29, 1961
and make the best of
you
you
or
business today
has
competitive.
very
firms with hundreds of
are
trained men in their
departments; there are
skilled advertising "arid sales pro¬
motion men in this business who
research
20
about
knew
never
we
years
there are underwriting de¬
partments headed by men who
are
able to select candidates for
ago;
public financing who enable their
sales force to offer their clients
perform well
demand in this
in
are
and
that
securities
fast
moving scientific age.
train¬
Many of these firms are
office staff to do
a
more
efficient job of servicing
accounts.
Electronic
equipment
of the latest design is being in¬
back
their
ing
David
City, as Manager of the trading
department.
He
was
formerly
associated with Schrijver & Co.
to have a slight edge
competition, and information
stalled just
on
Wittman
private wires that
is relayed over
is of interest ot traders and specu¬
lators.
bond
depart¬
institutional
depart¬
Municipal
and
ments
Laren
Company
actively growing
in certain of these well managed
Formed in N. Y. C.
aggressive organizations. The
salesman who is with such a firm
Formation, of the Laren Company,
ments
also
are
and
has
advantage
great
a
decide
must
fo;r
Department and
his life.
search
of
Laren
said
not
only
depends
but
Unless
you
upon
opportunity.
your
upon
your progress
who
man
and does
also
can
a
keeps
his contacts
Mr.
for
a
it,
better
life, and
if
opportunity
stagnation
ertia to become
in
a
Econometric
Shearson,
1953 and in
assistant
in
educated in
fuller
master's
his
nance
in¬
and
career
7%
Dated
1927, Due April
This announcement is neither
an
The
offer to sell
nor a
in
habit.
solicitation of
an
that.
He
firm.
degree
in
public fi¬
from New York University
1950.
offer to buy
7%
Dated
Twenty-Year
7%
Dated
1,
Due
1926,
Sinking
February
1,
Bonds
Fund Gold
Sinking
November
Fund
1927,
Due
November *1,
- ;
any
of these securities.
offering is made only by the Prospectus.
Bonds
Gold
1,
February
of 1926
1946
of
1927
1947
340,000 Shares
Twenty-Year 6%% Sinking Fund Gold Bonds of 1927
Dated
October
1,
Due October
1927,
1,
1947
Jefferson Construction Co.
Mortgage Bank of Bogota
(Banco Hipotecario
de Bogota)
Twenty-Year 7% Sinking Fund Gold Bonds
Issue
of
May, 1927,
Due
May
1,
1947
Common Stock
Twenty-Year 7% Sinking Fund Gold Bonds
Issue
of
October,
1927,
Due
October
1,
(par value $1 per share)
1947
and
Convertible Certificates for
Bonds of the
3% External Sinking Fund Dollar
Republic of Colombia, Due October 1, 1970
NOTICE
The
time
within
OF
which
EXTENSION
the
Price $5.50 per
Sh|are
Offer, dated June 25,
1942, to exchange the above Bonds and the appurtenant
for Republic of Colombia, 3% External
Sinking Fund Dollar Bonds, due October 1, 1970,
may be accepted is hereby extended from July 1, 1961
to July 1, 1962.
coupons
Copies of the Prospectus may be obtainedfrom the undersigned only
undersigned are qualified to act as dealers in
Prospectus may legally be distributed.
in states in which the
securities and in which the
The
period for exchange of Convertible Certificates
3°/o External Sinking Fund Dollar Bonds of the
Republic due October 1, 1970 in multiples of $500 prin¬
cipal amount has also been extended from January 1,
1962 to January 1, 1963.
Pistell, Crow, Inc.
for
Copies of thd Offer may be obtained upon applica¬
to the Exchange Agent, The First National
City
Bank of New York, Corporate Trust Division, 2 Broad¬
Filor, Bullard & Smyth
Hill, Darlington & Grimm
The Johnson, Lane,
M&rron, Sloss & Co., Inc.
...
■
Space Corporation
.
,
tion
way,
New York 15, N. Y.
|
Hanrahan & Co., Inc.
Rouse, Brewer, Becker & Bryant, Inc.
AGRICULTURAL
MORTGAGE BANK
(Banco
Agricola Hipotecario)
Coburn & Middlebrook
By Augusto Espinosa Valderrama
»
Dated, June 29, 1961.
f
C. B. Richard & Co.
(Gerente General)
.
June 27,1961
was
Sweden and received
(Banco Hipotecario de Colombia)
Twenty-Year
He
1957 became senior
1, 1947
Mortgage Bank of Colombia
In¬
Hammill & Co.
Bonds of 1927
Fund Gold
Sinking
April 1,
in
security analyst and underwriting
missing
a
his
Inc. of New York City.
joined
productive career
a more
allow
you
for
began
with
economist
afraid to
don't be
so
around. You may be
look
Laren
stitute
wondering
about
your
own
Situation, and
you believe you can better your¬
self, there is probably a good rea¬
son
under¬
growth
the investment banking 'field as an
are
you
on
be located at*
It will
companies.
is proper to make a
it
newly-organized
26'Broadway.
good job for his clients
anywhere — and
If
change.
the
concentrate
medium-sized
writing
move
sometimes
Underwriting
Director of Re¬
Lamont. Mr.
&
Jesup
will
firm
an¬
the
of
Manager
himself what he wishes to do with
S.ometimes
general
been
Laren, formerly
nounced by Kuno
man
has
business,
securities
competitors.
Every
will engage in the
which
his
over
(Banco de Colombia)
Twenty-Year
asso¬
Securities,
Street, New York
120 Wall
Inc.,
become
Mallory
specially
The
Qften these firms have captive
/business that is (Controlled by a
Issue
Bank
.
by
ideas.
own
Some
Twenty-Year 6% Sinking Fund Gold Bonds
of
neighborhood
day he employs only
who
specialize
and
Gold Bonds
1947
Due August 1,
a
men
few
1946
Due January
firm. He moved
an
tions that
(Banco Agricola Hipotecario)
of January,
own
into
.
making a
drastic' you are in the right spot, you can
change—in his case he had to es¬ never do your best work. A good
tablish his
own
business which salesman
is
always in demand.
he now runs to suit his taste and
He can make a living anywhere.
Agricultural Mortgage Bank
Issue
retired
among
he .spent
ple and
building
There
,
His
stocks.
where he could meet retired peo¬
his
,
did not
directed toward
was
clients
his
opened
benefited
To the Holders of
A
new
issues, or
new
speculative
office of
Colombian Mortgage
given
people and he wanted to special¬
ize in mutual funds.
He finally
strain
an
good
a
the
of mine
to sell
developing
fine
it;
for active trading clients, nor
did he wish
his
round
that
was
salesman
with
post
Another friend
he
(This Announcement is not
He made
sion business, has also been
in
case
active
handle
larged earnings from his commis¬
ment
ly, is seriously impaired.
particular
trading accounts.
popular
When
organization
an
to
change and, in addition to his en¬
main interest
to
should be the
cor¬
despite
and
lack
is
be willing to
frustrating environ¬
must
a
drive and
a
this
If
a
and
staffed
was
cashiering
volatile.
they
department,
that
geared
overburdened
by
serv¬
tion, this man practically doubled
production.
He was assisted
statistical
care
counts
production is
conditions
beyond
control.
in¬
secu¬
a
in his work by an alert
situations;
limited
rected
on
type
to
.
gram
that
is
oriented
toward
servicing a complete clientele, you
are going to' either tailor your ef¬
forts to the restrictions that sur¬
every
his
company.
of activity and their
their
es¬
up
statement
a
ice trading accounts. He spent too
much time in digging up his own
research
capable, and ambitious se¬
curity salesmen, who for one rea¬
many
son
emphasis
investment
and
did not have the facilities to
could
himself
affiliate
should
another
knack for
rities, especially underwritings of
a
very institutional character, he
gather from the facts he gave me,
with
a
tablishing
and
servicing
active
trading accounts. He is also a man
of
superior
intelligence,
hard
driving, and he likes his work.
was
responsibility of
regarding
the
present
new
who
decision
a
whether
salesman who has
received a
I
ago
re¬
coun¬
department that could handle ac¬
tive margin accounts without get¬
Good Salesman Is With the Wrong Firm
salesman
a
best
try, plus an active and alert tech¬
nical
staff,
and
a
bookkeeping
DUTTON
out
a
another
the
of
one
organizations in the
ting fouled
Sometimes
with
connection
a
that had
firm
Chronicle
Kamen &
Company
Willis, Kenny & Ayres, Inc.
J. J. Bruno & Co.
•if-
Volume 193
Number 6068
...
A
* W>irtV
r*i
i« fij * HfH-
^vwrAwwiafr«^MMf»y.-
•.
Supplement to the Commercial and Financial Chronicle
Thursday, June 29, 1961
(1)
Investment Association of New York
Robert
*
Trone, Merrill Lynch, Pierce, Fenner A Smith
Incorporated; Dean Woodman, Merrill Lynch,
Pierce, Fenner A Smith Incorporated; James
Marshall, Wood, Strut hers A Co.;
Bruce McBratney, Wood, Struthers A
Co.
Andrew
M.
Blum, Van Alstyne, Noel A Co.; Morgan H. Harris, Jr., White, Weld A Co.;
Rudolph
Smutny, Jr., R. W. Pressprich A Co.; Ralph D. De
Nunzio, Kidder, Peabody A Co.;
Ralph T. Dimpel, Eastman Dillon, Union Securities A Co.
i-
Worthington Mayo-Smith, Blair A Co. Incorporated; Pete*
Stachelberg,
Hallgarten A Co.; William Madden, Freeman A
Company
Peter
John H. Leib, Blyth A Co., Inc.; Maitland
A-^Co.;
Jim
Burns,
P.
Wiley, Merrill Lynch, Pierce, Fenner A Smith Incorporated; Chairman of the
Outing;
Hampton Frady, Merrill Lynch, Pierce, Fenner A Smith Incorporated; Richard E. Boesel,
Hayden, Stone A Co.; James A. Conlin, Hayden, Stone A Co.
Frederick S. Wonham,
Eastman
G. H. Walker A Co.; William H. Gregory, III, Gregory A Sons; George Fargis,
Dillon, Union Securities A Co.; Walter Schubert, Carlisle A Jacquelin
Blyth
T. Ijams,
A
Co.,
W. C. Langley
John
Inc.
G.
Peterkin,
De
Gregory A Sons; Horace
Coppet A Dor emus
Leeb,
Gene Brennan, Paine,
Webber, Jackson A Curtis; Frank Reinhardt, Carl H. Pforzheimer A Co.; Peter
Ehrlich, Merrill Lynch, Pierce, Fenner A Smith, Incorporated; Morgan
Murray,
B. J. Van Ingen A Co., Inc.
Tony
Tabell,
Walston A
Co., Inc.;
Carl Walston, Walston
A Co., Inc.
Walston
A
Co., Inc.;
Steve
Greenberg,
(2)
Volume
Thursday, June 29, 1961
193
Number 6068
...
A Supplement to the Commercial and
Holds Annual Outing
Sam
Hunter, Clark, Dodge <ft Co., Inc.; Thomas Melly, De Coppet
<ft
Wood & Co.; E. B. de Selding, Spencer
Hamilton
Boston
Ellis
Bill
Forster, Dominick & Dominick; Sumner White, First
Corporation; George Richards, Halsey, Stuart & Co. Inc.
Doremus; Steve Wood, La Branche
Trash
<fi
Paul
(trick
shot
golfer);
Vance,
Sanders
Kuhn, Loeb
&
&
Co., Inc.; Bill Chappell, Lazard Freres & Co.;
Co.; Charles Maspero, R. D. White & Company
L.
Beck,
Financial Chronicle
Klingeman, Dillon, Read <fi Co., Inc.; Arthur (Bud) Treman, Dillon, Read & Co., Inc.; James Fo*.
W. E. Burnet <ft
Co.; Carl de Gersdorff, Kidder, Peabody <ft Co.
Gallagher,
Edwin
Brace
Young,
Tom
•
McKittrick, Spencer Trash
Co.; Theodore H. Irwin 2nd., L. A. Mathey &
Harben, Hemphill,.Noyes «ft Co.; Eugene L. 0ake6, Glen Cove, N. Y.
Sterling
Co.
Hahn
Financial Chronicle
Commercial
<£
Co.; George
John Hughes, Carlisle <fi Jacquelin; Harold Aken, Kuhn, Loeh <§ Co.;
Bud
Thomas, De Coppet <fi Doremus
Turley, Harris, Upham <6 Co.; Henry Clifford, White, Weld & Co.; Bass Winmill, F. S. Moseley
& Co.; Austin Colgate, Wood, Struthers & Co.
"
Mike Garvey, Lehman Brothers; J. Stebbins, Hoppin Bros. & Co.; John Sipp, Van Alstyne, Noel & Co.;
Richard Goss, Merrill Lynch, Pierce, Fenner & Smith Incorporated
/
Volume
193
Number 6068
...
A
Supplement to the Commercial and Financial Chronicle
Thursday, June 29, 1961
(3)
w
"•»
Bob
Coleman, Carlisle & Jacquelin; Byron A. Allen, Jr., Shields <ft Company; Sandy Piper,
Webber, Jackson & Curtis: Robert Thorson, Paine, Webber, Jackson & Curtis;
Allan Bogardus, Watling, Lerchen & Co,
John E. Friday, Morgan Stanley & Co.; Donald S.
Smith, Barney & Co.
John
Breen
L.
Coons,
Goldman,
W.
C.
Sachs
Pitfield
&
&
Co.; Jim O'Donnell, F. S. Smithers & Co.;
Inc.; Chuck Zimmerman, Goldman, Sachs
Co.,
Arthur
C.
Burns,
Dominick
&
Vilas
&
Dominick;
Hichey;
Herb, Marache, Granbery, Marache & Co.; Richard Levine, Granbery,
Marache
Co.; Alden West, Sutro Bros, <ft Co.
Montgomery, Smith, Barney & Co.; Sid Scott, Sniith, Barney & Co.; B,
Turben
&
Co., Inc.
(Cleveland, Ohio).
Halpin,
Paine,
V. Merrill, Merrill,
Archie MacAllaster,
&
Co.
Arthur K.
Winston
E.
Jim
Larry
Don
Baynes, Dominick & Dominick;
Carpenter, Coodbody <fi Co.
Devine,
Freeman
Burnham
<ft
Company;
and
Richard
Walter
Walker,
Stern,
Company
Salomon, Salomon Brothers & Hutzler; Anthony W. Tabell, Walston & Co., Inc.
W. Goss, 2nd, Merrill Lynch, Pierce, Fenner & Smith Incorporated
Richard
Wood, Granbery, Marache & Co.; Larry Douglas, Alex. Brown <ft Sons; Jerry Goldstein,
Bear, Stearns & Co,
a
;
(4)
Thursday, June 29, 1961
Volume 193
Wright Rumbough, Hoppin Bros. A Co.; Fred Appleton, Dominick A Dominick; Bruce Leib, Baker,
Weeks A Co.; John Straton, Jas. H. Oliphant A Co.; Norman
Davidson, Blyth A Co., Inc.
O.
...
A Supplement to the Commercial and Financial Chr&nicle
June 16, 1961
1
J.
Number 6068
Rutter, Rutter A Co.; W. D. Goedecke, Smith, Barney
v.
A Co.
f'f
v
Jim
Paul
Voigt,
W.
H. Morton
A
Couffer, Jr., Drexel A Co.; Tom Lewis, Clark, Dodge A Co. Inc.
Co.
Incorporated; John Hughes,
Toolan, Hornblower A Weeks
Jack
Mason, Dominick
A
Lee
Dominick;
Higginson
W.
W.
John
Corporation;
Martin,
Courts
A
Co.
,
J
.
t
PM>
i-t
'
-
i
-
v.
'
f
C
1
I [_
''V
W.im
wm
Wm mfflm
John
Hughes,
Carlisle
A
Jacquelin;
Bob
Fraiman,
Wood
Richard
A.
A
Hirsch
A
Co.;
Pete
Rosenbaum.
La
Bud
A
Brennan, R. W. Pressprich A Co.; Fred Appleton, Dominick A
Couffer, Jr., Drexel A Co.; Harold Aken, Kuhn, Loeb A Co.
Treman,
Dillon, Read A
Co., Inc.;
Harry
R.
Harwood,
Kuhn,
Loeb
&
Co.;
Richard
E.
Boesel,
Hayden, Stone A Co.; James H. Manges, Kuhn, Loeb & Co.; Robert G. Wilson, Goldman, Sachs A Co.
Dominick;
1
.1
Branch*
Co.
.
James
At
,
'
;
"
tv
the Outing
Volume
Number
193
6068
.
.
The Commercial
.
and
Financial
Chronicle
(2857)
AS WE SEE it
Continued from page 1
.
immune to the blandishments
finger at
us
tion that
we
it
so
with the
accusa-
regularly bolster
dictatorships o r
the bonds
Commonwealth
tened
nist
them. The Commu¬
on
doubt
continue
for
it
at
a
of millions
long time to come/They send
trained
and
"disci¬
saying hard things highly
colonialism which is far plined" agents i n t o foreign
agents
about
about
are
familiar
more
timid
never
to
the
back¬
countries
all
at
these agents
about includ¬
are
hesitant
ing the United States
ments
Old
comes.
them
outsiders
and
—
1st Nat'l Bank
ST.
first rate
importance. In
any
event, the Communist propa¬
ganda machine has long ago
purloined these terms and
given them meaning wholly
Here is
quite
5V2%
1,
of
public
of
1981,
are
sale
to
been
tative
of
appointed
the
govern¬
St.
a
represen¬
municipal bond de¬
He
Commonwealth
principal and interest will
able
and
in U. S. currency.
They
will
not
be
redeemable
sinking fund, which provides for
by Newell S.
has
been
in
the
securities
career
as
an
investment
analyst.
semi-annual payments of $675,000
from July 1, 1963 to Jan.
1, 1981
together with
$700,000
are
the
July
calculated
to
1,
1981,
retire
to
up
which
100%
capital
being
fi¬
borrowing pro¬
1961-62
under
such
this
public
from
connotation
ceeded
their
to this country,
and, for most of the countries
of the world. We
ities,
modernization
in
so
issue
that
suc¬
the
masters
confusing the
are
not
make
much
few
able
are
to
and
bonds
after
may
option
sewerage
The
facilities.
current
offering
headway in discerning the truth. Mr.
Khrushchev recently re¬
marked that the freest
people
on
earth
no
doubt
live in Russia—and
Commur^ist
agents
NEW
it is). We unlike
of
the
nor
friends
our
much
as
rule
to
be
marketed
in
the
United
States during the past 14 months.
The
two
sold
by
preceding
and do
are
tember
of
1960.
of
be
the
including
July
1,
1971
redeemed
the
the
at
Commonwealth
July
1,
to
1975
at
Forms Meramec
business
from
offices
Meramec
July 1, 1978*at 100 V2% and there¬
was
after at 100%.
&
having been sold, this advertisement
appears
Valley
and
B.
C.
as a matter
It
to
would
win
be
tive
merits
and
free
know
feat
on
of
at
all
the rela¬
communism
enterprise
as
we
it—if the audience ad¬
dressed
were
willing to
the
no
debate
a
CORPORATION
much
real
capable and
listen and weigh
merits
systems.
Both
example and
of
by
the
two
historical
the basis of
on
theoretical reasoning the pri¬
Common Stock
would
appear, we have not
only been unable or unwilling
to play the game of the Com¬
munist subversives, but have
not always even apparently
been keenly aware of what
the Kremlin agents were do¬
ing and planning. All too
often we have been placed in
an awkward
position as a re¬
Offering Price $3.00 Per Share
*
J.
show
is
or
that
concepts that
to
all
are
can
argue. The trouble
these are ideas and
are
not familiar
too
many peoples and
of interest to all too few.
Moreover,
prise
all
systems
private
enter¬
too
likely
are
peoples)
with
economic aid which
provided
and imaginary, of
colonialism
of
another
era.
All this
places Western
pow¬
including the United
States, at a disadvantage in
ers,
All
of these shares having been sold, this announcement
as
a
matter
in
such
we
have
Vew
issue
abundance
largely used to fill the
private grafters or
support clearly indefensi¬
coffers of
to
ble
75,000 Shares
'i
4
governments.
First Tasks
One
of
which
selves
it
the
is
that
first
tasks
to
must
apply our¬
obviously to see to
we
aid
extended
in
eastern camera &
photo
the
future reaches the
wish
to
people we
help and is not em¬
to bolster decadent
ployed
nists for the
allegiance of the regimes of unworthy dicta¬
backward peoples of the tors. This may not be an easy
world.
task, but unless we can some¬
any contest with the Commu¬
COMMON
STOCK
how find
More in the Story
But
there
is
more
in
it,
the
story than that. The Commu¬
nists, particularly 'the Rus¬
sians, have long been past
we
a
way to accomplish
had- better consider
seriously
the elimination or
least a sharp cur¬
at the very
tailment of such
help. To con¬
indefinitely to enable
masters at the art of
intrigue Communists, or any one else
and subversion.
They were, for that matter, to point the'
appears
of record only.
was
the
sins, real
INC.
sometimes true—that the
was
to be tainted (in the minds of
backward
KRIEGER & CO.,
sult. It has all too often been
enterprise system would possible for the Communists
to make it appear—perhaps it
come out well ahead of
any¬
vate
thing that the Kremlin
J.
tinue
Street
&
Co., Inc.
New York 5,
N. Y.
<
of
He
Christopher &
of record.
June 27, 1961
prefer the direct ap¬
have long been
echoing such proach, and straightforward
nonsense, which,
absurd dealings. Yet here is a situa¬
though it be, serves an excel¬ tion that we must somehow
lent purpose in their hands.
meet and deal with. So far, it
East
name
Investors.
Co.
only
221
formerly with A. G. Edwards
Sons
INTERNATIONAL PHOTOCOPY
J 1
at
Argonne under the firm
in
doing
We, all of us,
well.
so
Valley In v.
KIRKWOOD, Mo. —Raymond E.
Headlee is conducting a securities
100,000 SHARES
fond of
so
were
Stanley under¬
writing groups in April and Sep¬
ISSUE
troubled waters—as the Com¬
munists
issues
Morgan
are
fish
be
to
Kremlin
a
inclined
will
the
third
$25,000,000
issue
of
Commonwealth of Australia bonds
not well
are
railroad
sppply, irrigation
and
101%; thereafter to and including
by nature schemers
intriguers. Neither we
and
of
of
Application will be made to list
All of these shares
to
equipment and the construction of
additional water
suited for this sort of warfare
original (for warfare
and thus
—
program
works
situation which is
a
new
by
as
<o
different
approved
Loan
issue.
On
and
on
payment of
a
of
sale
proj¬
housing, the extension of
electric power transmission facil¬
be pay¬
before July 1, 1971 except for the
National
business since 1956 when he
began
his
the
required
ects
,
obliga¬
Bank
First
has been announced
doubtless
of
direct
for
Australian
finance
ap¬
Louis, 510 Locust Street, it
partment of
in
tions
are
the
Council for
the Governments of the Common¬
wealth and the States.
Funds are
97%
at
from
toward
expenditures
gram
20-
yield
applied
works
the
equivalent
proceeds
be
nanced under the
bonds, due
priced
Australian
net
will
on
Australia
interest
bonds
the
$25,000,000
bonds. The
accrued
The
LOUIS, Mo.—Martin J. Crowe
has
foreign to the ex¬
even to most residents of the
perience of most of th^se
countries themselves—as
backward peoples.
Nor are
products
of the home soil.
they regarded by them as of
are
for
issue
an
The
investment firms
proximately 5.75% to maturity.!
then
are
28
July
replaced not Knight, Vice-President in charge
powers even by rulers headed (technically, of the department.
Mr. Crowe, who will
though they must know bet¬ that is) by a Russian or other
represent
the bank in St. Louis and in the
ter. The net result is a sort of foreign
trouble maker, but
by natives who by then are Middle West, was formerly Viceexchange of abuse.
President and account executive
What we so often fail to fully in the habit of taking
with Luce, Thompson and
Crowe,
understand is that freedom orders from the Kremlin, but
who can and do appear to the Kansas City, Mo.
and liberty
as we conceive
among
offered
June
and
colonial
the
which
of 67
Commonwealth
Crowe With
whose
government whenever oppor¬
tunity
billions of dol¬
year
job it is to
ward peoples of the world stir up trouble, enlist the dis¬
than anything that has
hap¬ contented, and find such
pened or is happening to others as they can train to
countries
in
Europe which make trouble on all occasions
have
fallen
victims
of
the and ^overthrow the
existing
Kremlin. Nor
or
lars provided.
composed
the New York Stock
on
Exchange.
might be said, raised on unworthy
Of Australia
of
the
Communists by ex¬ it. They have now made it
corrupt regimes with our aid
plaining the shortcomings of more or less a profession and may prove simply disastrous. Bonds
Offered
the system and
warning of have long used it in most
The
effectiveness
of
our
Morgan Stanley & Co. headed a
the loss of liberty which is quarters of the
globe. They
nationwide
underwriting
group
certain once it has been fas¬ are still at it and will without foreign aid can not be meas¬
ured in terms of the number
25
corp.
26
The Commercial and Financial Chronicle
(2858)
major factor in the writing of fire
and casualty business.
The trend
has actually been forced upon the
bank and insurance
industry by the public that is
stocks
;
;
now
:
for
"package
policies"
the
and
This Week—Insurance Stocks
,
It
.
THE CONNECTICUT GENERAL CASE DECISION—
V
is
of
the
1
Appeals,
the
state,
that
an
New
York
the highest court
ruled
on
in
basis
4-3
a
out-of-state life insurance
could acquire controlling
company
interest in
fire
Court
fire and
•
casualty business
or
purchase of
nual
reference to
the
an¬
the
Travelers and
Life, the Court of Appeals
Aetna
that
court's
long-established
this
nized by
near
findings by two lower courts, the
State
Supreme
Court
and
the
Appellate
the
by
Division
of
the
Su¬
Cbhrt. and earlier opinions
preme
Superintendent
State
Insurance
General.
and
State
Thje decision
possibility*"^
Attorney
appears to
controversy
end the
of
except for the
rehearing in the
a
court.
same
The
Life
resulted from
Connecticut
of
a
National
Fire
Insurance
Co.
nental
Casualty group. Connecti¬
originally received
permission in Connecticut for the
merger, but was blocked by the
General
York
state.
The
denial, which
supported by the two lower
was
courts,
York
based
was
the
on
insurance' laws
that
grounds
in
be
re¬
Connecticut General's license
that
in
Department of Insur¬
which threatened not to
ance?
new
the'
New
the
on
would
merger
violation of the sections
investment
limitations
on
well
as
as
actively engaging in the fire and
casualty business, also a violation
of
law.
the
life" in¬
companies must "comply
surance
in
Out-of-state
substance" with the New York
insurance laws in order to be per¬
to write business in that
mitted
state.
that its
General
ownership of
contended
a
which writes fire and
subsidiary
casualty in¬
would not be the
surance
same
not
be
investment
state.
in
violation
regulations
of
the
of
the
The company further stated
that both Travelers Insurance
Co.,
and Aetna Life Insurance Co. had
operated
a
fire and casualty busi¬
its subsidiaries in
through
ness
New
York, and it was merely
asking for equal rights and equal
protection
Travelers
of
and
the
law.
Aetna
Both
Life
had
been
specifically exempted from
the provisions of the law because
they were originally licensed long
before'^New
such
York
statutes
in New York each
year.
The Court of Appeals in
newed
support
Connecticut
case
was
presented
Governor
that
not
the
be
ment
Thomas
imposel
insurance
law's
of
the
would
invest¬
ot^er pro¬
nor
on
held
out-of-state
companies
clearly
the
former
merger
violation
prohibitions
by
whose
Dewey,
proposed
in
hibitions
It
General,
by the law.
distinguished between
forbidding
state insurer from
an
still
are
their state laws from
fire
and
companies
into
move
and
fire
erations and appear
competitive
a
John
promptly
casualty op¬
to be gaining
advantage.
and
Hancock
The
State
Farm
Mutual in Massachusetts have
ex¬
pressed interest in changing their
state laws in the past, and the
National
Lincoln
wealth
in
Common¬
and
Life, which do not operate
New
York, have formed prop¬
erty insurance subsidiaries; but it
is not expected that there will be
a
great rush by life
insurance
companies, either stock or mutual,
fire
the
enter
to
and
casualty
field.
The
decision
court's
im¬
was
mediately felt in the stock market.
Connecticut
ten
General
also
been
rumored
the market for
in
up
the
sion.
fire arid cas¬
if
the
former
its suit, moved up
won
week
following
Insurance
Aetna
Insurance
nix
a
being
as
company
company
in
moved
points and Aetna Life, which
has
sharply
Phoe¬
and
also
deci¬
the
moved
on
the news, five
points
respectively,
fifteen
have
since
These
the
two
most
retreated
up
that
might
candidates
rpprger
have
been
mentioned
a
major life
Other fire and casualty
company.
stocks
and
but
somewhat.
companies
frequently
candidates for
merger
possible
be
also
posted
gains.
It will be interesting to see
whether fire and casualty stock
holders
will
market
values
in
values
The
offered
be
current
liquidating
or
proposals
companies.
merger
life insurance
made
actions
questionable. How¬
ever, their licenses have been re¬
of
forbidden by
New
in
Massachusetts
and
in
trend
the
from
engaging in the
industry
is
OF DETROIT
Request
Laird, Bissell 6 Meeds
120
Stock
Exchange
Exchange
BROADWAY, NEW YORK 5, N. Y.
Telephone: BArclay 7-3500
Bell
Teletype NY
1-1248-49
Specialists in Bank Stocks
is
in
expected
the
future.
T)ri1l1
Wr»Y»rlarnQ'n
clU.1 JLJLclI U-t/Iildll
.
,.
.
„„
rU^i1C
Paul
of
fire
and
casualty
operations.
seen the
casualty groups
major
fire
an-i
entering, the
through
merger
tion
their
of
affiliates.
eral
insurance
life
or
own
field
by the forma¬
life
a
of $8
price
made
was
June
27
share,
per
by_ an. under-
writing group headed by Micnael
!
■nt
S''
Net
*
from
proceeds
the
financ-
will initially be added to the
ing
company s
used
for
working capital
and
general corporate pur-
KTSzfSdscove'ofXEess
by enabling it to bid
and
more
on
company1wffluse ^proceeds'to
retire
certain
indebtedness
construction
ite
expand
and
activities
fields6 milUary and e0mmercial
The
ton,
in
is
in
Stan-
primarily engaged
design,
struction
sile
located
company
Calify
the
Connecticut
facilities
engineering,
This
NATIONAL AND GRINDLAYS
profits,
which have tripled (per share) in
the last 10 years.
No change in
this 'industry' trend
is foreseen
while, in contrast, bank competihas
tion
made-
inroads
severe
in
Heller
the
at
among
a
construction
and
tan,
as
con-
of
such
for
Paul
Hardeman,
Inc.,
through its wholly owned subsidiaries, also engages in the design and installation of electronic
and other control systems used in
country.
communica-
television
well above
are
to management. For the borrowing client> this may be invaiuabie
jn
providing liquidity and
the
abilfty to hJndl^
yolun;e f business
even
an
larger
that otherwise
might be lost Adequacy of work"
^
°f
Credit losses are generally small,
typically about five hundredths of
? Vcls^n^dft WeThavfnoT'
b€'aimore.important problem with
million loss incurred in 1957
as ^
5s
a $L2
n
,
AND
SOUTHERN
RHODESIA
costs.
to
pay
at
redeemable
are
prices
redemption
rang¬
prices reced¬
to 100%, in
special redemption
from
102.04%
ing
each
interest.
accrued
with
case
Electric
Massachusetts
of
Co.
Worcester, Mass., distributes elec¬
tric power to 110 cities and towns,
covering an area of about 2735
sq.
miles, having, an aggregate
population of approximately 932,000.
The territory served by the
company
contains highly indus¬
trialized areas, including the cities
of
Worcester, Quincy, Attleboro
and
Leominster, having a total
population of over 329,000.
the
Massachu¬
operating
revenue
of
$63,051,383 and net
income of $5,006,962.
gage debt.
1960,
year
Electric
had
gross
.
,
uecess^ry -credit.
The capital structure indicates
equity is about 15% of capitalization, including short-term,
borrowing.
There is a modest
mon
amount of dilution from privately
held convertibles a n d options,
There are now 1,612,000 shares of
the
The shares
are
International
Photocopy Corp.
Stock All Sold
J.
J.
Krieger & Co., Inc., New
City, has reported that the
offering of 100.000 shares
of International Photocopy Corp.,
made at $3 per share was all sold.
York
recent
Net
proceeds, estimated at $242,-
500, will be used by the company
the
for
purchase
and
repayment of debt, the
of equipment, research
development, working capital
corporate purposes.
and other
The
company
of 564 West Ran¬
dolph St., Chicago, is engaged in
the development, production and
marketing of office copying ma¬
chines
and
the
and distribu¬
sale
the construction of sections of the
Raising of funds is a major acwith the photocopy process.
Au¬
tivity in a growing enterprise,
thorized stock consists of 750,000.
Sales of common are followed by,
shares of capital stock (par 20c)
debt issues to the practical maxiof which
212,500 are now out¬
mum
as funds raised are
American
Pan
Highway
gentina.
For
in
Ar-
'
\
the
three
ended
months
31, 1961, the company had
billings on contracts of $15,-
total
debt.
gage
New
York
25,000 for
States Investment Co.
a
southeastern company,
typically 50%..of
earnings and have been increased
are,
yearly >in recent
years.-
....;
2.39
.
Corp.,
bank
in
-
CaPital Consultants
Trudy
loans.
and
sale
Fabrikant,
Vice-President
formerly with Sutro Bros. & Co.
of
propellers
engines,
"
7aniiiilla
Z-appuua
NORTH MIAMI,
pulla
is
a
12th
Street.
'
1730
K
Street,
management
of
Littleton.
sen
Financial
Management
ice, Inc. has opened
Serv-
branch of-
a
Palm Beach Inv. Branch
DALLAS, Texas—Palm Beach In¬
vestment
branch
ident;
tary;
.
;
a
Officers
under the direction of G. Mardens
-
opened
the
Meadows
the
a
management,
Shriver.-
Colo.—Investors Asso¬
ciates, Inc. has been formed with
offices
Norths
Cazier.
has
in
DENVER,
urer;
-
Inc.
under
William
fice at 1058 East Ninth South St.,
1
Co.,
office
Building
of
securities
business from offices at 901
east
SALT LAKE CITY' utah~S*ou-
Onens
upens
Fla.—Jules Zap-
conducting
at
the
Form Investors Associates
t
Skousen Financial Branch
aircraft.
IiilpQ
JUies
office
under
W.
Lawrence
and Treasurer; and Marilyn Posner, Secretary. Mr. Fabrikant was
of 400 Main St.,
Conn., is engaged
manufacture
Stock-
sold
had
company,
the
17016
Kosarsky.
branch
a
N.
Capital Consultants Corp. - has
been formed with offices at 170
Broadway, New York City (c/o
$75,000,000 of 5% sinking fund Ronald J. Meiselman) to engage,
notes due June 15, 1981. Proceeds in a securities business. Officers
will be used for the repayment of are Martin Fabrikant, President;
Aircraft
Central
WASHINGTON, D. C.—J. B. Coburn Associates, Inc. has ooened
224
June 29. 1961 it was reported that
at
—
has ooened
J. B. Coburn Branch
...$3.59
1958
,
office
Ohio
bridge under the direction of John
R.
iw:::::::::::::::::::::::::::::
'
branch
a
Pe* Sh-»re
Earnings
Pnv. Note Sale
United
Central States Branch
CLEVELAND,
1961 (Estimated)
^
standing:
1961 Heller sold 100,000
shares of, stock and is now issuing
Dividends
ti,
.
tion of paper, chemicals and other
accessories
used
in
conjunction
early
'
United Aircraft
Stock
put to
work. In time, new equity is raised
to start the pyramid again.
Tn
Year—
KENYA-; TANGANYIKA, ZANZIBAR,
NORTHERN
.
used
be
expenditures.
ing from 107.04% to 100%, and at
setts
-
Branches In:
UGANDA, ADEN, SOMALI REPUBLIC,
will
traded on
Exchange.
aeronautical
*
construction
pay
bonds
general
For
been too large. Risk of fraud might
by the
in an
electronically
controlled parking lot system; and in
and
INDIA, PAKISTAN, CEYLON, BURMA.
to
The
13%,
depending on the prime rate, type
0f rjsj^ nature of collateral," maturity of receivable, and special—
jzed
services
provided, such as
credit passing and other assistance
stock outstanding.
tion;
Eastj Hartford,
ADEN,
be applied
to the payment of de¬
bonds, due 1962, and of
notes initially in¬
balance
The
of
the sale
from
will
term
-
curred
variety of clients.
the
ballistic missile bases through the
The
KENYA, UGANDA, ZANZIBAR
company
bid
a
'
proceeds
bonds
short
Redstone and Thor.
and
101.099%.
benture
prime rate, with
Vanguard,
radio
.
by the underwriting group at
won
Net
Atlas, Jupiter, Ti- the different and specialized acBomarc, Navajo, tivities of the company.
ShortEither singly term unsecured notes, long-term
or
in
joint venture with other debt—-both unsubordinated and
major contractors, the company is subordinated—and preferred stock
conducting work at 147 sites on 13 provide substantial leverage. Cornmissiles
an
mis-
of
commissions
facilities
of
of
5%, due July 1, 1991, at 102.039%
and
accrued
interest,
to
yield
4.87%.
Award of the bonds was
the
In-
varying around
rates,
Dillon,
are
$17,500,000 Massachusetts Electric
Co. first mortgage bonds, series F,
of
indeed, banks do not appear to be
developing the facilities to service
and administer secured loans.
Co.
&
competitive sale June 27 on
field,
installment
automobile
the
Then, too, low
the U. S. Government, and for the borrowing costs aid Heller in raisaircraft, petroleum, chemical and in§ money. In tight money wnen
petrochemical industries.
Heller s borrowing costs increase
The company has been an ac- fhere are plenty of clients who
tive participant in the design and necd Heller's services,
short-term
STREET, S.W.I.
St. JAMES'S SQUARE, S.W.I.
Bankers to the Government In:
generally
Heller's
and
joint
underwriting group
is',, offering
an
issue, of
which
is
trend
by
privately through Harriman Ripley & Co., Inc., New York" City,
26, BISHOPSGATE, LONDON, E.C.S.
54 PARLIAMENT
broad
out
borne
Eastman
Inc.
Securities
managers
14%.
moneJ> H?ller bas prospered. Im
a^<'
for the armed forces, and"-®311^ credit there are still bu si facilities of various types nesses unable to obtain all the
installation
and
complex
for agencies
Gen¬
in
turn,
greatly
increases the
possibility of life
insurance companies becoming a
over
receivables
launching bases: -and,.related; iP61*1,0
__
The
gained
interest rates that
insurance
decision,
commercial
bank
,
financing, outstanding capitalization of the company will consist
of
2,100,000
shares
of common
stock, $1,945,682 of notes payable
to a bank; and $92,835 of mort-
The past five years have
while
Smith
Union
for construction
Hardeman, Inc. common
at
Pierce, Fenner &
Lynch,
t
Heller administering the loan de-
350,000 shares
of
stock
„
;
-
Bonds Offered
Merrill
Continued from page 2
tails
Common Offered
_
Mass. Electric
j
stead, it is easier for banks to lend
1950s with the combination
early
13
American
direction
923,168 and net income of $286,735.
Upon completion of current
London Branches
Members New York Stock
the
Thursday, June 29,.1961
.
lTTv
ilrA
| j| KR JDv3o L
I
out-of-
NATIONAL BANK
Members
im-
obviously towards all-line insur¬
ance underwriting. It began in the
Head Office:
on
an
March
BANK LIMITED
Bulletin
is
overcoming
JL
com¬
insurance
incorporated
as
actually writing the business and
would
life
Although
ualty
«
Connecticut
subsidiary
a
insurance
National Fire has since gone
under the control of the Conti¬
New
of
companies
York
•
through the purchase or
formation
pany.
in
.
* J___
_
„
|
.
to
out-of-state life insurance compa¬
nies to enter the fire and casualty
business
The Connec-
decision
step
been
path is now open for
in
to
1955.
cut
the
in
the
Company
controlling interest
a reversal of
practice
recog¬
the department itself."
casualty insur¬
ance
through a subsidiary, it is
expected that pressure will be
brought to bear to enact changes
in the laws if other major life
General
Insurance
acquire
Thus
always
present legal barriers in attaining
that position.
Further action in
"appears to be
writing
decision
efforts
sion
lower
deci¬
New York.
This decision reversed
the
General
portant
held
has
in England.
case
ticut
casualty in¬
surance company without endan¬
gering its right to do business in
a
This
surance.
licensing: of
write all lines of in-
to
agencies
firm engaged in that
a
In
business.
and the
_
"Vy
T T
that eventually in-
companies in this country
be permitted by
regulatory
will
June
likely
surance
;
Q
_
I
extremely cost-conscious in buying insurance, through its desire
convenience of "one-stop" buying
of insurance.
On
fTVL
.
4101
East Louisiana Ave.
Doyle H. Baird, Pres¬
Layne J. Denning, Treas¬
are
Stanford
L.
and
Robert
Vice-President.
Hymao,
O.
Secre¬
Schuelke,
-
Volume
193
Number 6068
I'j
Commercial and Financial Chronicle
The
MUTUAL "FUNDS
(2859)
turing, Food Fair Stores, International Minerals &
heed Aircraft and
BY
5
JOSEPH
C.
POTTER
the
same
Chemical, LockTime, Inc. Over
it eliminated East-
span
Airlines, General
Portland
Cement; Goodyear Tire & Rubber,
Kelsey-Hayes, KLM Royal Dutch
Airlines, Reynolds Metals, Tecumseh Products and West Virginia
Pulp & Paper.
*
*
ern
The Global
t"
Whatever else it may do for inVestors, San Francisco-based Com-
such
undertakings
Common-
as
wealth.
•
monwealth
International
Fund
eral
Approach
all
but
&
guarantees
a
liberal education in the economies
,•
.
As noted at the outset, the fund,
Gen-
other
among
*
.
*
'
Massachusetts
things, will be per-
H. Gersten With,
Ohio Franklin
Tt
OaSDer KOgeFS L>0.
'
-
Casper Rogers & Co., Inc., 80 Pine
Street, New York City, dealers in
educative
an
Fund, Inc.
Stoclj: Offered
Pursuant
familiar enough to
are
Americans—Gillette, Singer Manufacturing, Colgate Palmolive
Pepsi-Cola, H. J. Heinz, Standard
Oil Co. (New Jersey) and Royal
Dutch Petroleum.
there
And
Investors
Growth
•
known
by
others,
their
better
products
their
corporate cognomens
likes
of
and
Salada
Shirriff
-
Unilever N
(tea)
Corp.
and
Co,
Bay
Stock
But
to
the
be
Murchison Jr. since they gained
control of the company in a proxy
contest*
*
*
Directors of American Mutual
Fund' Inc- declared a dividend of
s*x cerds a share from net income,
Payable July 28 to shareholders
record at the July 3 meeting,
as
Italy's MonHudson's
to
investors
the New
on
Exchange.
investor is
going
about
enough
to
companies,
the Financial
District, although strange-sounding to Main Street.
<
There is in this brand new
portfolio, for example, Glaxo Labora-
tories.
ably
Most
fund
would
have
prospects prob-
difficulty
some
in
identifying this company as a
top-flight British pharmaceutical
manufacturer with subsidiaries in
parts
many
of
fast-growing
the
world
baby food
and
a
business,
Nor is Beecham
Centennial
its
new
Inc —has
Fund
with
Fund
II,
'assets
of
begun
Skipping
eral
Fund
to France, Com-
over
monwealth
International
has
&
Gen-
$38,162,302, repre-
at
once
the
as
biggest
Senting
world's
producer
oldest
mirror
of
Management
The^fund
tennial
Fund
by
electric
of
of
the
companies
which enabled investors to diver-
sjfy
the
some
..
J
four-day
500 B. C. Mor-
83
offices
and
750
repre-
j
addition, the
German
forbidding
ilin
&
company
giants
names as
Soda
larHo f
Fabrik
has
with
ac-
such
A.
G,
fast-
a
-fmiCR company' a"d
k
AmShiC hrmt Whifh tht6
P
line
Commonwealth; in its global
1
„„„„
Australia
"ij
■
Myer
too.
One
Emporium
•
of
A
ap.
.
these
largest
the
partment-stGTe*! chain
der.
i
Down
is
de-
Un-
second
probably will be
readily identifiable: Broken
with
j5
the
previous
convention.
He
net
assets
1
a
....
of
has
in-
disclosed
International
&
in
11
v,umiin.iv.iai
market
stands
to
benefit
from
an
era
of
international stability, which is by
no
means
guaranteed.
Still,
rewards could be rich and,
the
at any
rate, it is
to
a
an undertaking best left
professional management with
working
world's
knowledge
varied" economies.
fund
describes itself with
able
accuracy
investment
-
of
in
as
a
"a
the
The
industl:ial Companies based in 10
?ourdries>
opereitions extending throughout the Free World. .
:
vl
*
*
*
*'
.
security."
The iriitiaL
show
a
investments, at least,
strong bias toward blue
*
*
*
Keystone Fund of Canada, Ltd. reports for the fiscal year ended
March
31
per-share
net
asset
value of $16.34, a new peak.
At
the close of • the preceding year
the figure was $12.83.
,
*
Keystone Growth
Fund
Series
S-3
♦
.their
hprizon .^through
4
of
$10,000. The ex*'
Ohio
on
Franklin
market
value
of
share
one
for
each
of
$20
of
securities
de-
>
posited*- less compensation to the
Dealer-Manager.
*
.
Ohio Franklin Fund of 51 North'-
High
a
St,
Columbus
15,
is'
Ohio,
diversified open-end investment
company with redeemable shares,
which was organized on Jan. 24,:
1961. Its purpose is to provide
vestors
their
in¬
folding acceptable securi¬
ties with
a
method of
holdings
diversifying
without
realizing
Federal
income
the
time
the
initial'issue,
not
further offerings of its
less authorized by the
the
of
make
any
shares,
SEC.
un¬
*
Eastern Camera
1
Stock All Sold
N. Ys, has been appointed distric:
sales
of
manager
Broad
Street
the
contingent
to make the fund
have
tax
re-
a
regu-
As a
$5,104.
a
Corp.
May 8, 1961 offering
circular,
President. He will serve investment dealer accounts in parts of
publicly offered
amended
June
15,
Street & Co, Inc., New York City,
as
and
sold
75,000
common shares
of Eastern Cam-;
York State and
in New- era & Photo
Corp, at $4 per share.
Jersey
and
Connecticut.
Mr Net
proceeds, estimated at $235,Coward has had extensive experi- 000 will be used
New
ence in the investment business,
Until recently he was New York
State representative of a large
by the company
for the repayment of debt and for
other corporate p^rpose^u^i ;
The company,
of 63 W;,: Colum¬
mutual fund distributing orgam- bia St.,
Hempstead, N. Y, and its
zation. He began his investment subsidiaries, .are engaged primar¬
career with McDowell
Dimond &
Co. of Providence, R. I, where he
with Weeden & Co. in New York
City and Boston.
rlV
T\/Tv»
i
in
retail
operating^ a
stores
and
one
cameras,
filml¬
supplies
and
equipment, chiefly in Nassau and
company
the
The business of
conducted
Eastern
name
under
Camera
Ex¬
Capitalization consists of
1,000,000
cents)
is
of
common
which
shares
300,000
(par
Edmund
—
appointed
been
no/'l
Ai
t
n
AAJ PI
IITI CfT
Gn
Jay Cherny Co. Formed
WASHINGTON,
D.
Cherny
Inc.
&
president-investment
research
in
1960.
Co,
C.
Jay'
—
has
been
formed with offices in the Trans¬
portation Bldg, to engage in
rities business.
a
Julius
secu¬
Cherney is
principal of the firm, which will
maintain
a.n? Wa!
a
branch
office
at
the direction of Sam Korngold.
W. T. Emmet &
Co, Inc. has been
offices
with
Park
375
at
Avenue, New York City, to engage
Chace, Whiteside
in
securities
a
^
BOSTON, Mass.—Richard D. Van
Tubergen is; now associated with
chace; Whiteside & Winslow, Inc,
;24 Federal Street, members of the
iNew York and Boston Stock Exchanges He was formerly with
Drexel & Co. and Shearson, Hammill & Co. in New York.
business.
Officers
.
^
^
.
are ^'lham.T' Emmet, President;
Wm. W. Vicinus, Secretary-Treasurer.
Mr.
with
W.
Emmet
E.
was
Hutton
&
formerly
Co.
and
Stanley Heller & Co. Mr. Vicinus
J
nffWr of Trust
Securities
was an otticer ot I rust Securities
Corp.
is
-
Fund
:
A Common Stock Investment Fund
Common Stock
that at
Investment
reports
are
mutual investment fund of diversified
stocks selected for investment
quality and income possibilities. See your
objectives of this Fund
possible long-term capital and
growth for its shareholders.
Prospectus
upon
request
CALVIN
ONE WALL
-
Lord, Abbett & Co.
Address.
—
Atlanta
—
Chicago
Los Angeles
—-
San Francisco
for
free
booklet-
BULLOCK, LTD.
Established 1894
Name
New York
dealer
prospectus, or mail this ad to
income
April 30 net asset value per share
was $15.53, compared with $11.75
six
months earlier.
During the
Cock & Seal, R.-R-^ Donnelley. &'
a
common
investment
'
11
Broadway, New York City under',
Form W. T. Emmet Co.
formed
10
out¬
are
standing.
has
1\/Tnn vii'n
of 13
change.
&
PHILADELPHIA, Pa.
Mennis
chain
concession, selling
and
photographic
the
VV t/lllllsi LUI1 IVliilLlL.
A.
ily in the business of
Suffolk Counties.
joined the Wellington
organization as a. security analyst
directors
Pursuant to
Sales Corporation, it was announced by Robert H. Brown, Jr.
.
*
chips. Americans who like the
blue chips they know best (Teleperiod from Nov., to April 30 the
phone, General .Motors, and Du "company added to its holdings:
Pont1) will have an opportunity to Burlington
Industries,
Crown
broaden
fund
record July 3.
reason-
world-wide
single
value
change fs based
And Photo
(Special to The Financial Chronicle)
uuu
Hill
■■■«
pro¬
new
Richard L. Coward of Skaneateles,
Mr. Mennis
lated investment company.
With
JSi
Institutional Growth F u n d deProprietary Co, Ltd, Aus- clared a quarterly dividend of five
tralia's leading steel producer
cents from investment income,
Obviously, Commonwealth payable Aug. 1 to stockholders of
more
■
Fund, Inc.
to
Described as "A worldwide investment in a single sevcaimciiio
^
consequence net asset value of
each share increased from $4,794
Gen-
Fundi
eral
•
Nelson
serve
as
the initial investment list of Commonwealth
"11
million.
dropped
*
been
•
no
of $103
$26,-
international
of
portfolio
vestments
%
this
NameS COWam
committee of Wellington Management Co., 1630 Locust Street, if
was
announced by A. Moyer
Kulp, senior vice-president and
investment committee chairman.
rate which produced record sales
Centennial
formed last Aug.
was
g^leS
/T
in mutual funds, savings and
ume
^
total
-xt
vice-chairman of the investment
without
383,427, held by 193 investors. ;
Badische An-
T, Sye.r
^
^
world's second largest producer of
Aefa
method.
exchange
^
Fund, Inc.
.
In
.quired
capital
equity
with
disclosed that the company's vol-
loan placements, realty syndicaplate glass. Probably less familiar
immediate realization of capital tiin and mortgages currently is
is Radio-technique, France's leadgains 'through the simultaneous cunning 25% ahead of last year's
their
formerly
was
_
sentatives in 36 states were more
than double the totals at the time
after Cen-
first
Inc.
investment
open-end
Attending
were
pany's
& Research Corp
is patterned
and
sets-
years,
Chairman Morton W. Goldberg 1x10111110 1> Cllliou. L/J
told the assemblage that the com- Wnl 1 l'rr rrfrm Mrrmf
Centennial
organization
coring
sion.
parley
.
Ranald H. Macdonald III, President of its spon-
and
ing maker of radio and television
many
ton executives and sales represena
es a
their families.
MpRBlQ
tennial Fund, and
bought into Cie de
St. Gobain. Not every investmentminded inidvidual will spot this
announced that Henry B. Gersten
and an outline of its major plans was manager of the trading deand Projections for future expan- partment. Later he was associated
operations
Berger, President of Second Cen-
own-
followed
were
Pike> N- H, ended with a report
on the investment firm's growth
under
Inc,
name—Second Centennial
proprietary drugs with plants in
countries, including our
several
These
.
1,512,533 shares ' of the
fund and held by 204 investors.
This was announced by W. M. B.
ing
business
and
utilities at 9.8%, electrical and
electronics 9.6%, insurance 8.3%
and drugs and medical 8%. Durin§ the second quarter the fund
made a new investment in the
shares of Commonwealth Edison
and increased holdings in 24 companies. Among the largest increases were those in Rohm &
*
*
*
Haas,. Smith, Kline & French,
Directors of Axe-Houghton Fund Amerada Petroleum, International
B have declared a third-quarter Nickel
of Canada,
Wallace
&
dividend of seven cents a sharet Tiernan, Miles Laboratories and
from investment lncome^-The 'cilv- MGM.
idepd \yill< be* paid J.uly 28 to
^
"
*
*
*
shareholders' of record July 7,
...'The B. C. Morton Organization's
'
*
*
*
' -'V ' •'
' 'fifth' annual* sales convention at
Group, Ltd. likely
quickly recognized as a leadBritish maker of ethical and
to be
Petroleum
groups.
1961
,
A
and Canada's
listing
small
.
of
687,456. ...
is now associated with their firm gain or loss for
Investments were diversified at as manager of the trading depart- tax
purposes at
the quarter-end among 92 com- ment. Mr. Gersten who has been exchange. After
panies in 17 different industry in the investment business for the Fund will
resP°nsible for the decline during machine issues continued to rep- Dreyfus & Co.
th^year*
resent the leading industry cate^hls„ls}he
p.°l!SSU?1 ^ §?Lies' counting for 16% and
the
new
management group 10%, respectively, of net assets
headed by John D. and Clint W.
Canada's
hearing
familiar
Horsey
-
(Lux
known
are
because of their
York
the
—
(business forms).
Still others, such
tecatini
than
quarter, net assets were at $464,-
primarily
were
Rinsn
V
Pep sod ent)
Moore
versified Services
v
are
6,
exchange fof blocks of accept¬
able securities, with a minimum
function.
common share. This is a decline
;from
$99,229,395 and $17.62 a
share at March 31, 1960. Lowerf
market values for its stock in New
York Central and Investors Di-
shares
common
.
companies
June
a
in
*
•
^
to
spectus, The Ohio Co, Columbus,
Ohio, publicly offered 1,000,000
Stock * Fund closed the second
of the world. An original
offering While American investors have Quarter of its fiscal year on May
of its shares were made in April no aversion to learning, the cru31 w^h new quarter-end highs in
and the fund began to buy com- cial question, of course, is whether net asset value per share, total net
mon stocks of international comthey will earn even as they learn, assets,
number of shareholders
panies the following month.
V
'
;V
and shares outstanding. The per
Represented in the initial list rTVU a T7L,^ J^
share value on that date was
are companies
based on 10 coun-i 1 il6 I1 UIlClS KGDOrt
$17.99. Three months earlier, the
tries, including the United States.,
■
:x a: - * shares were valued at $16.78,
Nearly all of the more than two- AlleglJa"y C,°rp
repi)rt® ?]et as7
Total ne* assets increased by
score
companies in the portfolio sets Aat Majch ^31 end of jits first 43% during the 12-month period,
Henry B. Gersten
have
major- stakes beyond
the Quarter, totaled $94,573,444 for the rising to $518,840,836 from $362,domicile countries.
Some of the common stock, equal to $15.75 a .a 000,042.
At the end of the last over-the-counter securities, have
forming
27
STREET,
NEJV^YORK 5
i
28
The Commercial and Financial Chronicle
(2360)
thsft there
mal
force majeure operating on
tion
denly became apparent
Today's Speculative Cycle
was
a
the
economy
being
government
MRole of Government
3
:ge
of opinion with the idea
ence
it
help
may
the
shed
problem
'
draw
perhaps
on
even
of
Therefore, investors will heep
buying common stocks, and the
best common stocks, like the best
anything for which there is
put forth
the
current
widely-held theories
cycles.
I believe very
strongly in the existence of
lative cycles
(anyone in
specu-
busi-
our
These
time
the
the
tember
ever,
result
can
of
predetermined rhythms,
owing to a whole random as-
but
sortment
that
of unrelated
may
ticular
time.
phenomena
determined
in
mar-
these
own
and
pre-
not
are
experience
my
have ' had
others
success
a
perhaps
their
rhythms
but
at
bear
Now
have
unrelated,
the
to
come
phenomena
in
measuring these cycles In advance
has
been
too
anything
to represent
meager
than pure chance,
referring here to pihenomena
of business" activity like
copper prices, housing starts, deI
more
not
am
mand for
automobiles,
the rate
or
of steel production. These do seem
allow
to
fair degree
a
of regular-
ity in cyclical change and, there-
fore,
What I
interested in
am
example,
sell at $50
did
General Motors
share in 1949 when it
a
earning $14.64 and paying
was
$8
the
are
intangible phenomena. Why
more
for
reasonably predictable.
seem
dividend
and
price
last1'
splits)
when
.$3.35
and
after
it
fully
the
an
same
rather
unim-
performance?
earnings
basis
on
a
from
rose
$3.12
a
1960,
while
12
early 1950 to 55 in early
General Motors is certainly
in
1960.
not
an
•sort
of
and
stock
extreme
mainly
$3.35
saying
of
this
so
have
services
many
gone
record
on
the
stock was cheap,
behind the market,
pressed,
much
so
cused
in
from
rose
example
because
experts
after
to
thing in the stock market,
bring it up as an example
I
and
1950
the
publicity
de-
etc.
fo-
was
the stock following the
Supreme Court decision regarding
on
DuPont's
Is
holdings.
dollar
a
of
much
when
the
today
the
or
it
as
four
was
outlook
evidence
no
growth
really,
times
in
1950,
intervening record
long-term
trend
of
in
ment
see
It
is,
to
the
move"a
mo-
modernists
might
who think cycles are
say
a
h
a
for
us
play the devil's advocate and
what
have
top of
let
now
past.
They might first point out that
Motors, in comparison
most
vestment
a
stocks
of
reputation,
moderate
believe
that
similar
in-
is selling
price-earnings
at
ratio
and
been
not
able
hard to
outlook
ness
wide that its
little
bad
a
automobile
margins
are
divi-
dend
is assumed to be safe.
The
vast pressure of investment
funds
to
hold common stocks
virtually
mand
a
continuing
for
theory
General
that
vestment account
holding
GM."
,
source
Motors
really
no
can
The
of deon
the
large
in-
consider not
pressure
of
these funds will be
permanent because
tinue
the
to
government
inflate
the
do
can
so
is
to
are
least
line
of
will
con-
currency
in
1955
cor
dn
saw
producers
President's
in
Sep¬
mo¬
a
mentary jolt, and the speculative
boom
continued
until
the
the
This
to
to
the
Federal
thought
things
of
hand and
tight money policy.
out
a
time
when
1957
via
Board,
resorted
of
summer
getting
were
its merry way
on
government,
Reserve
majeure began
force
powerfully in reverse,
my opinion we might have
major collapse had not the
work
and in
had
a
authorities
suddenly
early
investors
that the
Administration
again
had
intention
no
long term policy
a
inflation.
again the ;boom
of
summer
lative
to
>
un¬
was
1959, when
finally
exhausted
have
rose
into
specu¬
seemed
itself.
After
major cyclical peak, Washing- an abortive attempt to make new
ton Irving style.
But we'll let highs in January 1960, the stock
market buckled, partly from the
that pass for the moment.
that
prices
had
There can be no question today consciousness
that the stock market in 1949 was risen too far, partly from the
deeply depressed, although at (the competition provided by a 5%
time it was not generally thought yield on Government bonds, and
to be so. The Dow-Jones Indus- not a little from fear that the
trial Average made a bottom of Administration would let business
its
around 92 in 1942 and a top of slide this time because of
212 in 1946. As of mid-1949 the admitted hasty behavior in re¬
technically-inclined market ana- versing the economy in 1957-58 by
a
on
period in which the
15-year
a
averages had
held roughly between 100 and 200
with
fairly
regular
four
swings between
year
the
other.
of
sort
one
On
the
analysis
five
or
strong
were
when
Mr.
last
basis
the
of
New
vestors
decline in the Dow Industrials to
ary
around
ment
100
by
1951
1952
or
was
fairly widely forecast, particularly
since
the
postwar
to
be
1949
so-called
recession"
getting
and
pected
was
public
just
who
stocks
had
that
the
were
already
was
con-
arguments
Conse-
bearish.
going
done
to"
sell
so
and
strongly oversold
Whether
the
have
recovered
for'a
while
not
hard
had
broken
to
the
out
in
The
say.
Booms
market
much
would
above
Korean
200
War
Then
that
June
started.
War
signs
before
But
began,
of
be
to
economy
'
when
the
tration,
in
overtones
their
to
Mr.
which
a
top
Korean
asm
turn
whether
to
as
speculative
might
time
this
but
is
in
be
it
an
not
are
the
is
making,
still
answer.
yet
sure,
too
a
and
at
early
to
We
suspect,
that business
recovering from last year's
cession.
past
By
analogy
with
re¬
recent
economic
developments,
expect
the
business
one
re¬
to extend through 1962 and
perhaps further, and by analogy
with post-1950 markets one might
expect a further rise in the stock
market
as
long
as
business
im¬
proves.
back
long
speculative
draw
the
on
this
cycle,
conclusion
whole
then,
that
have
capital gains tax liability. This
until money coming into the govern¬
there is now a real possibility that
ment
bond
market
in
large
the excesses themselves may
amounts would enable the treas¬
threaten a corrective, stock mar¬
ury to refund short-term borrow¬
reaction
ket
over
ernment
could
control.
If
at
time, in
the
increase
election
a
the
business,
fiscal
authorities much tighter control
over interest rates. It would great¬
these
Frontier,
possible removal of
possibilities, there
substance to the
some
to
see
is
there
still
the
next
They
deflating
win
well
the
start
can
specu¬
balloon
inflating
that
it
yield and stabilize large paper
profits accruing from the 12-year
bull market.
In the event of a
by
they
now,
again
some
future market break it would pro¬
1962, in plenty of time to
back
the
possible straying
vide
or
possible
many
its
we
nor¬
problems for all
It should have little trouble
to solve all
men.
schemes that have been discussed.
The various
and
persons,
in
pronouncements
high
.
to
sional approval.
by
against
places
talk
are
stock
reasonable
level,: but I
fear they have been too weakly
phrased so far to do more than
give temporary pause to a few
more
thoughtful investors.
Most
and
before
the
smarter,
foolish
grows
to
speculators
trees.
are
are
too
get
to
to
expect
exercising
selling,
or
get rich
patience
cr
without
gence,
the
in
the
perils the whole structure
almost
seems
law
a
finally
it
settled.
These
naive
warn¬
ings
than
will
the
first real
loudest
and
not
more ^urgently
warning
it, it is
when
away,
suasion
will
not
that
work,
ministration will in all
seek
some
specific
the
Ad¬
of
at¬
in
it¬
with
to
it
awkward
an
concomitant
no
finance
government
does take
Disclaims
probability
means
having it happen of its
or
and
when
moral
question of doing it
elections are still far
a
accord later, at
benefits
Forgiveness Proposal
officialsO*
Administration
now,
them
Capital Gains
then
spread into
is
economy
but^?
see
in time.
Fantastic
the
of
areas
many
experienced
same
the
of
correction
a
something else again and is a risk
inherent in any such scheme,
in
people when the day of reckoning
Assuming
bring
to the stock market or
as
attacking these
reversal in the specu¬
cycle we have seen since
and, coming at a time when
easily
experienced
although they
first
for
e
shift of
A
increased.
might suffice to give us
principal excesses that have built
up during recent years.
Whether
this correction would be confined
more
themselves,
be
sort
other
those
of
market
1949
they will be severely dealt with
by the time the dust of this boom
has
the
as
specula live enthusiasm is already
slowing signs of fatigue, it might
of nature that
creatures will not heed the
second
the
supply of these issues on
offer, the
disappear
lative
im¬
and
If the first of these
quickly
this
tt
their
is
capital gains t&xes
not convinced that
will
not keep
rising
are
exchange
available
why.
that
stocks
might
without
intelli¬
It
market
the
free
understanding
any
involved.
risks
presence
.
they
objections is removed by the tax-
the
little
or
in
large
pay
and
after they sell.
money
They have
high
very
They hesitate doing so at
sell.
to
out.
are
historically
present because they are reluctant
understanding of what they
buying
They
of
they
people who believe
on
no
are
out
who
have
ever
latter
kind of
or
those
get
place.
Knowledge
Inside
Any
This is just an idea I am
throw¬
heard along these lines is the fol¬
ing out for consideration, since I
have no inside knowledge that it
will really be proposed. It seems
to me, however, that it is
quite
consistent with the analysis we
lowing which I
have made of the speculative
tacking
without
self
in
speculative
directly
economic
the
most
excess
ingenious
intervening
recovery.
scheme
am
I
The
have
told has been
under discussion
ury
by certain Treas¬
Department
officials.
The
would
grant, for a
specific
and
limited
period
of
time,
forgiveness
from
capital
reinvested
interest
no
with
in
bond
a
a
long
maturity at all.
of
these
investor
swap
would
trusts
tive
by
it
has
further
a
hinder
it
interven¬
government
If
would
run
rise
a
to
reason
into
from
specula¬
hurt
rather
policy,
government
stands
cycle
1949.
since
it, the whole bull
artificially stim¬
seen
reaction
then
or
acquire the bonds
have
whenever
than
that the
government may easily intervene
transac¬
and the
itself
shown
here, with, its threat of
in order to reduce
tions would presumably work like
one
we
trouble.
2Vz%
maturity
The
As
has
ulated
non-taxable
bearing
it
tion
gains taxes if the proceeds of sales
are
as
market has been
government
government
,
difficult to answer
very
price, there must be a large num¬
ber of investors who would like
of the
inexperienced to believe
or
These
can
because
rest
and
will
they
they
is
point. With so many quality
stocks
enthusiastic speculators in today's
believe
one
do to
another question,
plan might
a
prices
at this
market fall into two classes: those
who
such
What
Price
Reduce
Would
obviously
prices down to
excesses
Congres¬
obtaining the necessary
Congressional inves¬
tigations
that
schemes
brilliant
these
seems
are
On the face of it, it is one
stccks.
of
Speculative Types
There
of funds that might
source
a
find t. eir way back into common
disillusioned voter.
Two
advantage of the offer, it
provide
a -fair
tax-free
would
elections.
reason
equities, and for investors
of good
taking
before
year
Congressional
may
time in
a
re¬
complaint of in¬
stitutions that there is a shortage
now,
over
would
In the stock market it
lieve the chronic
in 1961, while
improving and while
business
is
of
the
of
dollar.
stories that
correction
some
excesses
abroad
value
exchange
foreign
seems
Administration leaders would like
lative
the
to
reducing U. S. borrowings
there) and would allow the gov¬
ernment to pursue future infla¬
tionary policies to a far greater
extent
without endangering
the
in Washington are well aware
of
return
(by
present political lead¬
our
stimulate
ly strengthen U. S. credit
its proponents from office.
Since
money
easy
an
would
would
and
for in¬
further
year,
in the:New;
loss of faith
even
promote
which
embarrassing
most
a
an
bonds, would
market,
ings with long-term
these
in
stance, causing not only
but
gov¬
effective
no
encouraged, the boom
collapse
of
its
own
well
may
weight
which
exert
an
is
excesses
up
own
caused
and other
holders
felt "locked in" because of
chips
blue
have
excesses
build
to
time
cyclical reaction
a
uncor¬
bring out huge offerings
stale
of
non-
highest stage of exuberance since
1929).
Again the question arose
Looking
It sud¬
in
ingenuity of such a
the imagination.
doubt in my mind that
staggers
There is no
Eisen¬
of speculative enthusi¬
(which had now reached its
covery
happened
to speculative psychology.
the Free¬
lessening
cer-
shooting
the
something
of
These events seemed
comparable
economic
jn nor¬
however,
allowed
been
comes
is
mid-1950
making
make
March
in
Cuba and
came
dom Riders.
would
tainly was not very robust at that
time and the stock market showed
manifest
highs
1950's.
to
this year.
venture
Last Decade's Speculative
during the
recovered
all-time
in the ability of the new Adminis¬
the
educated
all
were
prices
larger scale than
know
I
rehearsed.
seen
govern¬
major
public
was
the
from
in¬
to
inflation¬
hower's heart attack in 1955. They
led to a weakening of confidence
its
they
Those
All
making
believing all
have
to
year
therefore
when
one
Stock
new
which
renewed
even
an
been
elected
was
accompaniment
Frontier,
meant
on
abandoned
promises and hopes for
pressures
had
ex-
anyway.
reliable:
The
mid-
be
negative
Only
really
fidence.
we
months
quite
bottom.
into
in
another
influences
looked
was
appeared
logically
last
eighteen
cyclical
just
underway
would
to
"inevitable
the
to
extreme
further
These latter
quickly
Kennedy
fall,
of brilliant
a
methods.
arm
fears
rected
a:
interruption
enthusiasm
plan
stock
M
prices
stock
without
almost
the
and
stophelian
interference
reactions,
attempts
Majeure" '>*»'-.-«■
Once
of
to
stocks in which long-term
mal
speculative
Kennedy Restores "Force
simplicity and sheer Mephi-
The
part
addition
strong
a
stocks he had sold.
it would
and
1957
convincing
1958,
businessmen
and
employment
reversed
themselves in the fall of
derway
we are near
attack
provided only
In
basis the same as
tax cost
a
that of the
and
political-
the
on
with
reac¬
1961
Thursday, June 29,
.
this repeated
ers
The
massive
.
market seems to provide good sup¬
port for the party in power. With
were
mate¬
raw
prospered.
heart
1955
the
of the theory that
Inventories
again accumulated and
of growth in earnthe next decade, is
one
shift
a
and
inhibited
government.
full
inflation-propelled
market.
stock
forced
of the strongest arguments in fa-
of
psychology occasioned by the
government's abandonment of its
money" policy. 1954 and
abandoning
on
intervened:
form
"honest
of
based
seemed to
Again, how¬
in
of
moonshine and is in fact
pure
the
and the gov-
reasoning,
inevitability
ings during
follow
would
majeure
(even if there
depressions)
no
the
say
so
earnings should show
decline, therefore, its
assuies
almost
conditions of the
administration in
to business, it is
somewhat obscure
the market
In
their
the
under
how they
see
challenged.
profit
increase
during the 1960's when the busi-
quently
GM's
to
earning power
ideal business
1950's, with an
oower friendly
providing a reasonable yield,
importance, competence, and
leadership in its industry is unIts
year
earning power,
dogma and its
this
conclusions are at considerable
variance with the facts, but this
is not the place to go into a long
discussion on this most interesting
subject.
Suffice it to say that if stocks
of certain leading companies have
it
and
pressures
in
time
creased corporate
I
market
General
with
from now
years
force
This
tember
this
earnings?
the
at
But
will
was
Administra¬
conjunction.
because inflation and full employment will have substantially in-
and
example of the kind
of extreme
cyclical overvaluation
comes
it
today,
cyclical
in
rials
little
speculative cycles would comment
that
it is a prime
that
cheap ten
appear
dynamic
give
a
and
if you believe in
cycles, and those
who believe in old-fashioned
ment.
appear
may
lyst could look back
earnings
conservatively, worth
as
stock
how
given, good quality
ased against business and in favor
of labor. In my opinion this whole
of
in
matter
no
a
only earning
$2.00, and this
way,
share
and
overvalued
eminent is obviously strongly bi-
earnings
adjusted
strength
several
was
paying
another
at
(after
year
decade
a
pressive
Put
sell
only proceed from strength to
It
a
deteriorated, and again all down¬
ward
the government would not and
could not permit it to occur. On the
basis of this dogma the economy
completely
and
policy.
early 1953 to mid-Sep¬
of that year the market
From
out of his mind),
but I believe they vary greatly in
intensity and duration, not as the
be
have
raw
ended
War
Korean
announced
be
would
the
"honest money"
serious business recession because
does not
huge
reverse
a
underway.
Eisenhower
new
to
who
ness
action
forces.
armed
liquidation
was
by
economic
news market and the speculative
cycle reached its top at about the
an
cal arguments, to which we might
add the widely accepted dogma
that there will never be another
the
been
distorted
nor¬
a
the strong anti-cycli-
are
for
have
were
of
purchases led to
boom
tion
Labels Assumption
"Pure Moonshine"
the
purchases
inventory
new
,
.
regarding
in
a
value."
my
own
dogmas, which
be at variance with some of
may
•+)
materials
These
heavy demand, will command a
high premium over their "normal
Speculative Cycles
At the outset I want to
one
order to promote full employment,
conclusions.
tentative
some
light
some
and
that
that
and
deflationary cycles
forcibly reversed by
mally
rhythms of action
.
1
tivity,
even
do
only
so
The
speculative ac¬
if it is its intention .to
on
emotional
a
temporary
cycle,
as
I
basis.
it,
see
Volume
has been kept
Number
193
6068
A
narcotics.
treatment
sudden
could
change in
bring
an
Unjustified
Despite Budget Deficits
unex¬
can
we
original
back
come
question
to
as
to
our
whether
the
speculative cycle is rendered
obsolete owing to our improved
understanding of social, economic,
and political processes or whether
it is merely the same as it always
is
jfand
was
completing
which
boom from
The
low.
classic
a
have
we
come
with is in disagreement with
up
both views.
While it has not been
that
demonstrated
complaint
the current fiscal year.
the
emotional
Their
is automati¬
effect
about
cally to increase government outpayments and
decrease govern¬
however,
ment
billion which
receipts.
The result is a
which helps to arrest the
deficit
economic decline.
bust will fol¬
a
answer
Continued from page 1
to
hold.
The "automatic stabilizers" have
the
been
about the deficit of
cern
ing fiscal
face in the
we
can
year
economy
of
recession.
the
It
is
also
$3.7
com¬
in
our
high gear.
the
midst
this time
by
terest to
next
boom.
destroy
the whole,
planned
structure
by
the
panicking at
the
Therefore,
moment.
wrong
forces
same
that
the
Deficit
Produce
may
carefully
revenues
estimated
were
at
$84
have intervened to perpetuate the
billion.
boom
ter-Governmental transactions and
put
decide at
may
to it.
stop
a
time to
any
From
ordinary
methods of measurement I do not
that it is predictable precisely
see
when this change of attitude may
take
place. It proceeds not from
comparatively mechanical
the
of the actions and
reactions of public opinion, but
from the planning of one individ¬
out
working
ual
relatively small group func¬
tioning as a dens ex machina.
or
If
lative
concede that
can to an important
manipulated at will by
be
government,
it
has
also
ap¬
peared that even the government
itself
its
in
role
cannot do away
manipulator
with the specula¬
as
tive cycle entirely,
duce
its
from
but must
reactions
own
to time to
pro¬
from
time
keep public enthusiasm
getting out of hand. We have
been
never
of
ence
action
through
the
experi¬
government-induced
a
at
re¬
time when speculative
was built up to the
a
overconfidence
extremes
normally encountered at
the
of major
tops
booms,
question remains to be
the
so
answered
whether the
forces of liquidation,
deliberately set in motiqn at such
a time, can be
effectively stopped.
The classic public sentiment al¬
heard
ways
it
be
can
gains
this subject is that
on
easily stopped before it
momentum, but this, like
another economic cliche is a
many
meaningless truism.
of telling
way
There
how
fast
is
no
momen¬
tum may accelerate once the trend
is known to have turned, and gov¬
ernments
in °free
countries, no
matter
tions,
how
laudable
their inten¬
notoriously slow to react
are
to unexpected stimuli.
us
pointing to the end of
tive boom
in
common
stocks, but
I also think it is
largely within the
government's power to determine
Unemployment
of a change
last
bookkeeping
December,
pro¬
no
are
on the receipt side
Therefore, in order
the
original
estimate
of the ledger.
to
make
comparable
mates,
lier
with
esti¬
current
should adjust the
we
ear¬
figure of $84 billion
down to $82.9 billion.
revenue
recession
The
out of
or
the end
which
no
Government
of
1959, has
to
revenues
inate
the
$500
at
reduced
point well short of
a
windfall
million
in
one
foresaw
now
this adjusted estimate. If
elim¬
we
receipt of the
advance
repayment
of the German postwar
1961
year
debt; fiscal
will be about
revenues
$77.7 billion, a drop of $5.2 billion.
Our obligation to help ease the
effects
less
of
the
recession
fortunate
add to this
upon
citizens
will
our
also
year's deficit. The bulk
of unemployment compensation is
financed from trust funds and is,
therefore, not reflected in the
budget. However, the provisions
in
permanent
our
legislation
for
temporary legislation to
urgent needs.
The
for
their
budget expenditures called for by
this temporary legislation will add
approximately
half-billion dol¬
a
people who
what
like to
happens
in
o'clock
reason
the
or
about
market
on
the basis of speculative cause and
effect
or
while
helping to halt the recession, were
also responsible for
a
swing of
$5.7 billion toward a budgetary
ddficit.
swing,
creases
coupled
increases
in
the
sub¬
rate
of
expenditures, minor in¬
in other expenditures, plus
Congressional
failure
postal rates, has led
this
for
with
fiscal
year
to
increase
to
us
deficit
a
that will
ap¬
standard
but
I
think
cyclical
be¬
alternative
match reduced
not
of
—
revenues
would
—
also
no temporary
compensation, but
substantial
a
addition
to
the
fense
government
influence.
been
patterns
not yet fully worked
out, but it would indeed be ironic
if in the future world of perfected
government economic supervision
ovdr every
cutbacks
things
have
and
thereby
duced
our
revenues.
found
the
for
New
the
Mr. Thurlow before
York Chapter of the Foundation
address
Study
of
by
Cycles, New
June 20, 1961. V v
" ,
York
City,
In
was
to
further
We
ourselves
spiral
led
that
a
in
a
could
severe
re¬
would
deflai-
easily
and
pro¬
economic depression.
longed
♦An
would
recession, enlarged unemploy¬
ment,
have
happened.
revenues
have increased the severity of the
tionary
stranger
this
actual
so
there
fact, this alternative
clearly unacceptable that
has
been
little
responsible
home
President
to
to
national
with
behind
profits
the
half
of
be doing well
their
equal
ran
previous
help in this effort that he
ment
can
1962
will
levels.
inflation
$9.8
billion
foresee
for
parallel
in
fiscal
jumped
full
recession
the
over
a
1959.
underlying
this
best understood if
are
examine
For
revenues
reasons
prospect
our
we
in terms of
economy
Gross National Product:
our
Our
GNP
for
$503 billion.
1960
about
was
But this year during
the first quarter GNP dropped be¬
low $500 billion.
Even with the
about
2^%
1960.
over
the
is
This
outruns
supply.
If
available
volume
same
whenever
occurs
of
more
to
rate.
on
enced
destroyed
have
need
for
next
the
threat
makes
deficit
a
to
meet
in
ments
inevitable
if
of
this
For
in
of
time
we
no
stimulate demand.
recovery
a
legislative proposals.
revenue-raising
particularly
in
the
postal field. The enactment of a
fair and long needed increase in
postal rates is essential if we are
able
figure
Those
who
soundness
would
we
have
fear
for
of
do
the
well
adjustment
in
back
the
who
fean^that
next
their
up¬
in
budget deficit
has
as
—
it
So
year.
per se
not
the
that worries
in
set
the
forces
are
not
of
justified.
roughly into two
categories:
first
The
with
known
the
is
the
over
type we have
past decade,
the
or
a
wage-
gradual
all
1962
this
—
of
size
both
first
quarter, we can rea¬
hope for an increase to
$570 billion by year end.
about
This
would-give
level
of
1962
annual
an
$555 billion, an in¬
some
of
crease
nearly 8% over 1961.
pattern should develop
the chances are
good—our revenues for fiscal 1963
would be adequate to meet all of
this
If
year—and
national
our
needs,
with
some¬
thing left over. We should keep
this longer-range prospect of pros¬
perity clearly in mind whenever
we can
consider
etary outlook.
Now
the
what
coming
ne$t year's budg¬
'
v
- r
can
f
do
we
our
goals
economy
and
as
our
during
to facilitate
year
achievement of
the
basic economic
recovers
output increases?
our
First,"we must avoid price in¬
creases
fixed
that those
so
incomes
will
who
not
live
be
on
penal¬
This will require a high or¬
der of self restraint on the part of
ized.
both
wage
labor and
management with
increases geared to increases
in productivity.
Second,
we must make a great
continuing effort to reduce
unemployment to a tolerable fig¬
ure—4% is the current goal.
A
and
modest and
noninflationary deficit
such
as
will
contribute
foresee
we
addition
should
we
ordinatejd attack
for
next
this
to
on
year
In
end.
mount
a
co-
structural
un¬
employment by enacting the Pres¬
ident's
proposals,
including
an
expanded training program.
Finally, we should use the res¬
pite given us by the present re¬
covery to overhaul and strengthen
the mechanism of
stabilizers"
sions
than
had
to
"automatic
our
that
future
be milder and
may
any
so
have
we
reces¬
shorter
far experi¬
so
enced. The fact that
we
have twice
enact
temporary unem¬
ployment compensation measures
clearly indicates that
our
perma¬
nent
legislation to help the job¬
less
should
be
overhauled
and
strengthened. This should be done
in
mind
—
not
only for the benefit of future
unemployed, but in the interest of
deficit
a
the
inevitable
one-
1959
deficit
and
appro¬
challenges of the Sixties.
*An
D.
alternative—to
revenues,
to
-
reduce
address
National
by Secretary Dillon before
Press
C., June 20,
Club,
Washington,
1961.
ex¬
Thornton Co. Opens
match
recession
resulting dangers LOS
ANGELES, Calif. —William
security, neglect
J. Thornton is engaging in a se¬
of-our 'national needs, slowing of
penditures
our
our
of
to
with
national
progress
ment
"cost-push,"
inflation.
It is
as
year
third
The
However, in the light
current
economic
prospects,
fears
Deficit
Another
priate.
inflation.
Inflation falls
to
the
in
sonably
the
fear that any
period of growth
motion
with
fiscal
—is
They
a
year
immediately
period of recession.
a
gives promise of being
accelerating growth.
something like $540 billion
of
year
ing national needs, unused plant over-all economic
stability.
capacity,
excessive' unemploy¬
If we do these things we can
ment, and absence of inflationary look forward to a
period of unr
pressures —- that I reiterate my matched
prosperity — prosperity
earlier statement that a deficit of
that will give us the strength we
the size which we envisage for shall need to face the world-wide
is, rather, a deficit in¬
during' a period of eco¬
nomic expansion such as we now
during
of
reduced recession revenues, grow¬
It
deficit
is
It
curred
anticipate.
Yet the deficit
"Unpalatable"
deficit
been the
is
of sub¬
one
staggering figure
Alternative
of those
acknowledge
that a reasonable budget deficit in
time of recession can help to halt
this
started
The entire
of 1958.
the
following
concern
downturn
The up¬
low
was
1959,
iden¬
an
sight
for next year.
It is clear that
there is nothing unusual about a
may
this
express
should
we
situation.
1959
the
coming
times the deficit presently in
Termed
budget
a
and
$12 billion—more than three
over
be inflationary.
The great majority of those who
yefar
putting
the
earlier
an
year
reached
Unjustified
I recognize the concern
in
capacity
1962,
stantial recovery.
postal rates.
Fears
be
fiscal" year
to
the spring
deficit
Inflation
be
will
country faced
from
fiscal
fiscal
an
helpful
for fiscal
when
in
foreseen.
direct
to
it will
and
evaluate
we
look
turn
government
our
But
can
plant
tical economic
reason¬
the
be
unused
deficit
needed
to
labor
When
urged the enactment
the deficit
are
—
labor force to work.
urged the Congress not
programs,
hold
We
of presently unem¬
and plant.
Rather,
use
will
1962
our
On the contrary, the Pres¬
badly
that
the
ployed
programs to stimulate
the economy. None has been pro¬
also
look.
we
therefore, than creating inflation¬
ary
pressures,
the
$3.7
billion
deficit we anticipate in fiscal year
emergency
has
demand
met by
our long range national
security and to the well-being of
our
people. There is no need for
has
—•
land
our
force,
which stands ready and willing to
operate the unused capacity of
our
industrial plant.
Next year's
budgetary deficit will of course
;
ident
of
longer
There is
are
under-utilized
—-
in space, in
housing, in trans¬
portation, and in the international
With
kind
also
and unfortunately
under-utilizing our labor
we
in
fieid.
a
bring with it
shortages.
and
—
that
envision
Markedly
But 1962
a
From
next
fear
classic
indeed, everywhere
defense,
education,
influ¬
today: in steel, in autos, in hous¬
ing, in textiles, in chemicals —
require¬
urgent
our
value
is
as we
capacity everywhere in
year.
of
cen¬
This is the
no
will
year
inflation.
a
the
which
budget deficit such
fact, they will be con¬
less than the revenues
inflation
by budgetary action.
We
recession
at
is
inflation
for fiscal year
be
This
German mark.
of
type
Conse¬
rise.
totally
of the
the govern¬
revenues
still
In
simply
buy
goods, prices
Grow
to
In 1962
classical—type
"supply-demand"
becomes
money
'Meanwhile, expendi¬
tures must keep pace with our
ever growing population and
our
mounting
national
needs..
This
price
our
Economy
fiscal
lived
1960,
$81.4
year.
again this would
experience.
$90
the
of only
unusual
such
to
now
past
of
rev¬
inflation is real and ever-present,
it operates outside of
President's
originally forecast for the current
of
1953
the average for 1961 will not quite
reach $515 billion—or an increase
inflation.
the year, we shall
if corporate profits
count
siderably
may
prosperity
Management Advisory Committee.
While the danger of this type of
the
demand
So, even
upturn in the
1960
quently, the
case
It
we
coming fiscal
revenues
fiscal
approximate
compared
that
over
for
fiscal
our
should
The
10%
as
expect
reasonable
The second—and
year.
substantial
a
second
the
the
re¬
interest.
tury
to
has
exercise
the type which twice in this
them.
underscore
reduced
match
ism.
Still,
have
point:
reductions in expenditures to
me
have
bust cycles
would
The
at
parable period last
of
With
can
a
could
presently forecast total of around
$530 billion in the fourth quarter,
of
While it is true that
.
required.
Let
activity, the same boom
are going to take
place as we expect to have under
traditional,
laissez-faire capital¬
and
that
products,
quarter will prob¬
ably not exceed those of the com¬
He
1962.
influences.
current
the
are
by
much
as
we
billion,
They
economy.
what
billion
then,
Labor-
the
business
is
showing signs of a
strong recovery, corporate profits
reducing
expenditures ^o
only have meant
unemployment
coming increasingly subjected to
new
of
ward
it
The
Corporate
20%
year's rate.
1961
of
bottom
very
energies to bringing about
.
are
full
quarter
the
recession.
contributed
The
lessened
in their
created
collections
proach $3 billion. Since this deficit
fairly re¬ unemployment rolls as government
flects our transitional society in programs were curtailed.
to say
which the free interplay of eco¬
nothing of the damage to our na¬
nomic forces is
everywhere be¬ tional security caused by the de¬
havior,
first
marked
in
re¬
By
budgetary
The
a
prospering
well jump
Once
over-all
was
sults.
to add to his
stabilizers,"
government
9
be
withholding rate will
largely based on 1961 re¬
"automatic
is a most
affairs for
at
to¬
end
will
year
income
the
be
posed.
a
while longer.
This
unsatisfactory state of
morning
nourished
be
will
above
lars to the deficit this fiscal year.
So you can see that our two
stimulated
boom
fiscal
been
management
the
calendar year 1961 prof¬
on
Personal
also
simple: The cor¬
will collect in
sential to
or
are
enact
care
months
and
morrow
will
this
coming
its.
whose
wage-price actions
and to keep in mind at all times
we
to
longer
six
work
substantially to halt¬
ing the recession, it was entirely
appropriate in the circumstances.
whether
taxeg
has
at the
wages
consumers
foreign
abroad!
straint"1
on
the march,
however, we plan to incur only
those expenditures that are
es¬
of
out
of
repeatedly appealed to both labor
clearly inadequate. This
Spring—just as in 1958—we had
those
we
specula¬
a
in¬
longer carried
defense
all the classic signs
the
certain
because
Government
cedures
stantial
conclusion, then, I think
have before
in
This
Conclusion
In
receipts from
Tax, , which,
specu¬
cycles
extent
the
then
we
This included
is
reason
based
When the budget for fiscal year
1961 was first submitted, Federal
prices and
expense
prospects
1963.
should be flowing from
revenues
enues
tempted to
are
increase
29
revenue
year
agement and labor
and
Another Deficit
the
during 1962,
and
porate
"Automatic Stabilizers"
is
to
fiscal
greater in good times than in bad,
because in good times both man¬
with
Why, then, another deficit?
The
It
us.
problem and the imperative need
to keep our products competitive
Is in Prospect
keep it booming because
of the risk that uninformed specu¬
lators
Explains Why
always with
This type of inflation is par¬
ticularly dangerous today in the
light of our balance of payments
speculative
cycle cannot be kept due to their action that we are
booming indefinitely by govern¬
facing a substantial budgetary
ment
manipulation,
there
does deficit this fiscal year.
come
a
point where it may no
Now, let us look for a moment
longer be in the government's in¬ at tax receipts:
is
ahead
for
prosperity.
will be rolling
economic
an
rapidly
than
is
by growth in produc¬
The threat of this type of
sistance
We may well be in
of
in¬
are
more
inflation
This reaction is
perfectly understandable. For re¬
covery is well under way.
It is
that
ness
tivity.
for
some
wages
warranted
year.
probable
effects of their action for the mild¬
deficit
creased
and
when¬
about
comes
prices
ever
There has,
considerable con¬
been
operating since last Fall. We
largely thank the stimulating
that
process
Inflation Fears
pectedly speedy reversal.
Now
(2861)
going far beyond its
normal life expectancy by the use
of
The Commercial and Financial Chronicle
..
.
and
our
toward full employ¬
toward
plant
full
utilization
capacity-—is
totally
unacceptable.
This
equally
alternative
unpalatable
course
if
we
is
curities
2600
the firm
He
business
Wilshire
was
name
offices
from
Boulevard
at
under
of Thornton & Co.
formerly with Dempsey>
look Tegeler & Co,
,
„
...,
'■
.
-
30
The Commercial and Financial Chronicle
(2862)
STATE OF TRADE AND INDUSTRY
ropolitan
creased
in¬
registered
areas
while
tonnage,
15
areas
showed tonnage decreases.
Continued from page
mained
the
an
on
output
keel
even
re¬
despite
drop-out
Wednesday
of
S-P
Institute.
kwh.
week's
this
set
auto
the
Edison
Output
below
Electric
475,000,000
of the previous
was
that
week's total of 15,345,000,000 kwh.
and
Corp.<
Ward's
to
according
5
industry
and
year,
266,000,000
kwh.,
1.8%
or
above that of the comparable 1960
week.
assemblies at 128,844 as compared
with 129,274
last week and 141,247
1960. Stude-
in the same week of
baker
Packard's
-
clean-up
Tuesday
and
only 942 units to this
week's total. The South Bend, Ind.
Co. ended its model run producing
only
about
half
of
number
the
it did in the 1960 session.
cars
Of the four
companies continu¬
operations, Ford Motor Co.
ing
effected the only week-long plant
shutdown, closing its Los Angeles
facility for five days. Dearborn
and
Wixom, Mich sites were idled
for one day pnly. The company's
San Jose, Calif, truck factory was
Shipments
Behind
1960
overtime during
totaled
with
Lumber
production in the United
240,668,000
with
compared
feet in
the
feet
board
board
229,336,000
prior week, according
reports from regional associa¬
tions. A year ago the figure was
extended
production at St. Louis-
but
regular
the
tained there
Compared with 1960 levels- out¬
put dropped 3.7%, shipments were
down
5.5%, and orders fell 0.2%.
Following
thousands
board
in
figures
the
are
of
feet
the
for
June 10
June 17
1961
June 18
1960
1961
.
Ward's said that
ule
next
week
line
car
bring total
June car output to about the May
level, when production reached
units,
542,303
the
1961
of
the high month
calendar
last year..
239,794
the
602,153
This
Motors
from
plan
Corp.
1.5%
or
week.
the
week's
Of
changes
no
49.4%; Ford
Motor Co. 30.0%; Chryslbr Corp.
12.2%;
American^ Motors
7.6%
Studebaker-Packard 0.8%.
loadings represented
below
in
week
in
Failures
Business
Ended
Week
in
22
June
declined noticeably to 307
ures
in
the week ended June 22 from 351
in
the
Dun
preceding
&
Inc. Although
Bradstreet,
at the lowest level in three
casualties remained
ier
than
the
256 "in
the
occurring
1959.
last
considerably
exceeded
and
year
296
weeks,
slightly heav¬
However, fewer
businesses failed than in the
122,125
1960,
cars
There
one
or
cars
reported
revenue
This
total).
week's
that
was
over-all
increase
an
of
12.2% above the cor¬
cars or
responding week of 1960 and an
increase
of 3,940
cars
or
45.4%
above the
Cumulative
the first
for
taled
piggyback loadings
of 1961
23 weeks
for
249,964
to¬
increase
an
of
7,654 cars or 3.2% above the cor¬
responding period of 1960 and 73,342
or
cars
sponding
41.5% above the
corre¬
in
There
period
1959.
were
58 class I U. S. railroad sys¬
1939
tems
originating this
involving liabilities in
excess of $100,000 fell to 31 from
46 in the previous week and 41 a
year ago. A decline also occurred
with
when
week
the
of
toll
pre-war
310.
was
$100,000,
which
276
305
from
continued
size
the
in
The
manufacturers
59,
among
from
42
17
June
Intercity
ended
ahead
of
June
responding
American
announced.
less
among
service
concerns
from 35. On the other
hand,
of this year.
during
While trade and service casualties
in
exceeded their
1960
levels, fewer
currence
manufacturers
and
construction
contractors failed than
Seven
the
of
nine
a year
major
ago.
geo¬
graphic regions reported declines
during the week just ended. Fail¬
in
ures
states
East
Central
North
dropped to 58 from 70 and
in the
from
South
In
49.
Atlantic
the
the
contrast,
toll
Pacific
Atlantic
held
toll
states to 30
the
even
Middle
at
99
and
mildly to 63
rose
from 56. Casualties exceeded yearago
in
levels
West
regions—the
and
all
Mountain
two
South Central
except
states
where
tolls
dipped below 1960.
Electric
in
Than
The
1960
of
amount
distributed
1.8%
Output
by
Higher
Week
electric
the
«.
energy
electric
ended
light
industry for the week
Saturday,
June 24,
was
and power
estimated
at
14,870,000,000
Truck
1%—or
than
ahead of that of the
retailing mortality remained prac¬
tically steady, 164 as against 165.
nage
a
in the
1.2%
was
in
the
cor¬
0.4%—
previous week
in which
truck ton¬
led that of the previous year
week unaffected by the oc¬
of
holidays
or
unusual
These findings are based on
the
of 34 metropolitan
conducted by the ATA De¬
weekly
areas
survey
partment of Research and Trans¬
port Economics. The report re¬
flects tonnage handled
at more
than 400
mon
truck
carriers
terminals of
of
general
com¬
terminal
week
from
showed
survey
increased
last
tonnage
17 localities.
The remaining 17 points reflected
tonnage decreases from the 1960
a
year
level.
Truck
Lake
City,
ago
at
terminals
at
Salt
and
Minneapolis-St.
Paul showed gains of more than
15%.
Terminals
at
three
other
cities
—
Denver
Charlotte, Richmond and
also registered sizable
—
tonnage increases.
Compared to the immediately
kwh. preceding week, 19 reporting met¬
days in many
Father's
successful
in
the
ended
week
areas
^ay pro¬
buying
Wednesday,
1961, noticeably over the
June 21,
and over-all retail
trade was up moderately from the
similar week last year. Compared
with a year ago the most appre¬
ciable gains occurred in men's and
week
prior
women's
While
ture,
apparel, outdoor
summer
and
air
call
for
the
Com¬
of¬
common
subscribe
to
at
shares of
tional
stock
common
at
the rate of one new share for each
shares
held
of record
22,; 1961.
The
offer,
succeeds
expire
July
James A. Mc-
underwritten
Lain,
jointly by The First Boston Corp.
and Glore, Forgan & Co;
16
mittee.
Mr.
Grainger
Board
of
Guardian
the
S
the
from
sale
of
company's gen¬
application to con¬
struction expenditures, which are
now
estimated at $215,000,000 for
Isaac B. Grainger
the
to
funds for
the five years,
R.
1
a m u e
will
11, 1961, is being
a group headed
by
proceeds
added
eral
were
June
on
which
additional common stock will
,be
Com¬
the
to
mittee
on
Net
the
of
Alsq elected
1961-65. The major
portion of this^amount is for the
expansion of the company's dis¬
tribution system to take care of
Walker,
Vice-President
of
the
City
Investing
Co.;
Kennerly
Woody, Vice-President of the New
York
Telephone Co.; Lloyd H.
expend
in¬
and
customers
new
in its heating business.
creases
Board Chairman of DalTowing Co., Inc.; Charles E.
Dalzell,
zell
President
Eble,
Co.
The
Jack I. Straus,
Chairman of R. H. Macy &
Inc.;
Strong,
Benjamin
and
States
of United
Chairman
Board
'
gas
cent
Illinois,
Cook
the
County
including areas in
generally outside
City of Chicago. The popula¬
tion
N orth^astern
St.,
Fox
50
in 303 communities and adjaareas in 20 counties, in north¬
ern
Trust Co.
of
company
Aurora, 111., is a public utility en¬
gaged principally if! the purchase,
distribution
and sale of natural
Consolidated
of
Edison Co. of N. Y.;
Board
the
of
at
estimated
is
area
approximately 2,950,000.
Water Bonds
Operating
indoor
furni¬
and
vol¬
appliances,
cars,
close to last year,
was
ume
in
floor
covering and draperies
major
most
down.
was
\
Nationwide
Department
Sales Increased
Northeastern
with
Store
12
trust
bonds
sale
the
Federal
dex
for
the
ended June
showed
increase
an
the
like
For
the
week
period
of
last
17,
7%
year.
ended June
increase of 5%
in¬
10,
National
year.
.
sales
in
week
8%
the Federal Re¬
department store
to
System,
June
the
above
ended
June
were
the
the
last
period
week
showed
sales
over
For
year.
for the
preceding
10,
8% increase
City
17, sales
same
the
In
year.
York
New
ended
an
same
period
four
weeks
ending June 17- a 4% increase was
reported
while
a
1960
1
Jan.
from
showed
the
above
period,
June
to
increase
2%
Trust
&
Co.,
indenture
which
mature
Proceeds
used
the
of
the
will
sale
the
bonds
July
called for
in accord¬
with the terms of the sinking
on
1
fund.
The balance of the proceeds
after
expenses
a
of
will
available
be
general corporate purposes.
22
on
secured
are
the
operating
owned
plus
bonds
new
first lien
by
stocks
common
water
companies
by Northeastern Water Co.
1,962,700
stock
of
shares
American
over
17
last
year's sales.
operating revenues of $130,rand net income of $15,921,233 in the calendar year 1960.
439,381
Giving effect to the sale of the
common stock, capital¬
ization of the company at April
additional
30, 1961 was: $116,431,000 in longterm debt; 245,937 shares of cu¬
mulative preferred stock, par $100
and 7,644,736
stock, par $5.
Names Bissell to Staff
Mass.—George
S. Bis¬
sell has been appointed to the re¬
search staff of Industry
Massachusetts
and
Stock
by
Dwight
Chairman
P.
111
Devon¬
been announced
Robinson,
Jr.,
the
of
Trust
Investors
Fund,
shire Street, it has
Specialists
Investors
Massachusetts
Growth
of
common
Water
Works
Co., Inc.
common
••
•
Common Offered
Pursuant to
a
June 27,
1961 pros¬
2,750,000 common shares
Motor Co., are being of¬
fered publicly at $80.50 per share
through a nationwide group of
underwriters headed by Blyth &
Co.,
Inc.;
First
Boston
Corp.;
Goldman, Sachs &
Co.; Kuhn,
Loeb & Co. Inc.; Lehman Broth¬
ers; Merrill Lynch, Pierce, Fenner
& Smith Inc.; and White, Weld &
Co., Inc. Proceeds will go to the
selling
stockholder,
the
Ford
pectus,
of
Ford
Foundation.
Jefferson Const.
Common Offered
Pursuant
to
a
June 26,
pro¬
Pistell, Crow, Inc., New
City, publicly offered, 340,-
spectus,
York
000
shares
common
Construction
Of
share.
sold
the
the
for
and
pany
of
Jefferson
Co.,
at
$5.50
total, 110,000
account
230,000
of
for
the
a
per
the
bles
and
were
70,761,676
class
passenger
B
and
stock
cars,
imple¬
farm
and
Authorized
ments.
of
sells
tractors
consists
class A, 14,811,650
125,000,000 common
shares, of which 29,160,296, 6,292,010, and 19,497,213 shares respec¬
tively,
outstanding.
are now
com-,
certain
stockholder.
mated at
The company, located in Dear¬
born, Mich., manufactures, assem¬
trucks,
1961
Net proceeds, esti¬
$531,000 will be used by
for the purchase of
earth-moving and building equip¬
company
The company
of 75 First St.,
Cambridge,
Mass.,
is
engaged
principally
in
competitive
bid
building
contracts
for
Federal,
state
local
or
governments.
contracts
include
projects,
hospitals,
canals
and
the
The
schools, housing
roads,
dams,
like.
Authorized
stbck consists of
shares
will be
1,002,275 common
of which 754,015
outstanding upon comple¬
(par $1)
tion of this sale.
Boston-based
Harwyn Publish.
Class A Offered
Bissell
has
served
as
a
se¬
offering of 110,000 class A
shares of Harwyn Pub¬
Corp., at $3.75 per share
common
lishing
is being made by N. A. Hart &
Co., Bayside, New York, and asso¬
ciates. Net proceeds, estimated at
$330,000 will be used to publish
the
new
"Art
Linkletter's Picture
Encyclopedia for Boys and Girls."
The company of
170 Varick St.,
New York City, is engaged in the
publishing and distributing of il¬
lustrated encyclopedia works,
mutual funds.
Mr.
of
Ford Motor Co.
Public
of
shares
ment.
Mass. Investors Trust
BOSTON,
$140,061,001 and net
$17,984,937 compared
to
in
company
bonds which have been
redemption
for the 12
30,
1961
be
outstanding
the
of $6,935,000 exclusive of
amount
April
to
1986.
May 1,
on
from
retire
to
bonds
the
securing
reported. The
was
period ended June 17,
According
Bank
an
1961, sales, advanced 3% over last
serve
made at -the Mel¬
was
Pittsburgh, Pa., trustee under the
for
sales on a
taken from
Board's
Reserve
week
for
four-week
as
of collateral
The
company.
Corp.
Delivery
lon
the
of
negotiated by Equitable
was
Securities
The
store
Department
Wil¬
of
Co.
DeUrissued
000 principal amount
Week
country-wide basis
Water
income
and sold to
institutional investors $15,000,-
ance
7% Above
1960
The
Sold Privately
mington,
revenues
ended
months
amounted
conditioners.
passenger
new
linens
freight
for
Sales
Boosts
throughout the country.
The
the
at
motions boosted consumer
last
conditions.
weather
use.
and Father's Day
hot
few
and
tonnage
This is the first week
1961
prices
food
of
trend
1961,
week
of
1960,
the
Trucking Associations,
was
and
17,
volume
the
Inc.-
28
1959.
1.2%
was
tonnage
truck
week
wholesalers to 27 from 37, among
55,
in
Ahead of 1960 Week
construction contractors to 46 from
to
week
general
cost-of-living index. Its
a
I
49 in
and
ago
year
corresponding
to
1960.
of
one
Ended
but
this
of
255
week
among
to
earlier
the
similar
toll
down
turned
week
above
the
dipped
a
current
53
in
meats
and
Hot Spell
type traffic
week
compared
Intercity Truck Tonnage in Week
casualties with losses under
among
the
in
Failures
Index
the sum total of the
pound of 31 raw food¬
furniture,
1959 week.
com¬
parable
eral
A
highway trailers or highway con¬
tainers (piggyback) in the week
ended June 10, 1961 (which were
in
Price
or
more
Nomi¬
its
$49.50 per share for 450,037 addi¬
wholesale level.
loadings hit
12,609
were
its
of
right
the
stock
is
Co.
Gas
of
holders
fering
as
nating
Illinois
Northern
York
Bank New
chief function is to show the gen¬
corresponding
the
1959, when
loaded with
reported
week,
de¬
a
in
Inc.
Bradstreet,
Food
per
stuffs
high point for that year.
1,370
Commercial and industrial fail¬
week
of
decrease
a
price
It is not
of 47,350 cars or 7.3% below
included
Decline
preceding
coffee.
and
sugar
&
Dun
represents
-
16.9%
The
of
the
above
bellies,
barley,
announced.
increase of 8,849 cars
corresponding
and
General
output,
Motors accounted for
and
the
the
this
Railroads
an
milk, cottonseed, oil, steers,
hogs. On the down side were
Wholesale
Association
the
cars,
was
crease
has scheduled
date
in wholesale price this
week were flour, rye, oats, hams,
and
freight in
17, totaled
revenue
ended1 June
American
week, Ford
June
of
week
closing its St. Louis
plant, also to be idle the first
week of July. But General Motors,
Chrysler
Corp.
and
American
final
the
on
lard,
Preceding Week
The
For
corresponding
the
and
253,029
week.
year.
June
that occurred both a week earlier
231,443
Above
Co.,
America.
On
ago.
year
225,145
Loading
would
a
.—239.366
1.5%
Trust
consultant
Grainger,
Chairman
Index, com¬
27 it
0.3% to $5.90 from the $5.88
and
—289,124
Up
B.
Chemical
the
to
Company
piled by Dun- & Bradstreet, Inc.,
edged up fractionally in the latest
week from both the prior week
249,942
Week
Isaac
Life Insurance
Higher
main¬
similar sched¬
a
.
Orders
Week
Offering
To Stockholders
Chamber of Com¬
has announced the election
merce
of
declines, the
Wholesale Food Price
229,336
.—240,668
Latest
in
Fractionally
Up
Index
Thursday, June 29, 1961
N. Y. Cham. Com. Rights
Chairman
Price
Food
Wholesale
rose
Production
corresponding date
ago.
year
indicated:
weeks
not affected.
was
a
the
on
and
earlier
week
a
After two weeks of
Freight Car Loadings for June 17
days. Chevrolet
271.10
249,942,000 board feet.
for
six
268.31
to
Shipments
Corvette
higher
lard,
dex,
period, however, working Lo¬
rain, Ohio and Metuchen, N. J.
the
prices on grains,
butter, livestock and
rubber,
the
general
wholesale
commodity price level rose ap¬
preciably this week. The- Daily
Wholesale Commodity Price
In¬
With
flour,
.
Northern 111. Gas
Grainger Heads
The New York
States in the week ended June 17,
closed all week. Ford did schedule
the only Saturday
5.5%
Were
Volume
Prior Week
from
Advances
compiled by Dun & Bradstreet, Inc., stood at 269.96 (193032 = 100)
on
June 26, compared
assembly line
Monday
contributed
Lumber
Wholesale Commodity Price Index
.
.
Benj. White Branch
curity analyst for a well known in¬
vestment counsel firm during the
CRANSTON, R. I.—Benjamin
past six years.
office at 1039A Reservoir Avenue.
White &
Co. has opened a branch
marily
stock
for
consists
of
500
class
200,000 class B shares,
131,000 and 139,000 are
standing.
.
•
pri¬
Authorized
children.
...
A
and
of which
now
out¬
~
.
Volume
193
Number
6068
.
.
The Commercial and Financial Chronicle
.
(2863)
Indications of Current
IRON
Indicated
steel
Equivalent
Steel
Crude
42
and
castings
capacity)
Week
Week
Ago
Year
Ago
July
1
68.0
68.0
71.0
54.8
July
1
1,978,000
1,985,000
2,077,000
1,560,000
(bbls.
average
ol
(bbls.)
7,105,260
7,061,160
7,053,710
6,801,660
8,224,000
8,172,000
7,893,000
8,034,000
June 16
30,714,000
29,586,000
28,783,000
29,482,000
June 16
2,315,000
2,360,000
1,693,000
2,659,000
_Junc 16
12,745,000
12,434,000
11,695,000
12,531,000
Residual fuel oil output
(bbls.)__.
;
June 16
Stocks at refineries, bulk terminals, in transit, in pipe lines—
Finished and unfinished gasoline (bbls.) at__.
June 16
Kerosene
(bbls.)
at
—June 16
Distillate fuel oil (bbls.)? at
Juno 16
5,824,00
5,893,000
6,283,000
6,077,000
average
;
.
(bbls.)
Kerosene
output
(bbls.)
Distillate
fuel
output
oil
(bbls.)
i
—
..
fuel
oil
(bbls.)
at
AMERICAN
208,825,000
29,211,000
28,594,000
102,666,000
99,712,000
45,175,000
45,149,000
Jure 17
602,153
593,304
.568,457
649,503
cars)—June 17
494,064
487,260
495,353
533,886
freight, loaded
Revenue
freight received from connections
(number
of
cars)—
i__
of
(no.
tf.
Total
construction-—
Public
construction
State
and
Bituminous
$469,600,000
,_
June 22
228,800,000
184,400,000
June 22
240,800,000
219,000,000
June 22
177,600,000
156,600,000
___.
—„"
S. BUREAU
coal
Pennsylvania
and
DEPARTMENT
STORE
(tons)
(tons).
SALES
INDEX—FEDERAL
AVEKAGE=100____—
0:
INSTITUTE:
ELECTRIC
Electric
(in 000
output
FAILURES
AND
$403,400,000
v
AGE
COMPOSITE
Finished
steel
Pig iron
Scrap
(per
(per
METAL PRICES
(E.
lb.)
&
39,879,000
$400,000,000..
$485,100,000
228,100,000
223,800.000
171,900,000
,123,600,000
261,300,000
,"
INDUSTRIAL)—DUN
48,300,000.,
8,875,000
June 17
June 17
Not Avail.
June 17
158
•
8,470,000
;
7,815,000
.353,000
,
342,000,:
Domestic
Export
.*
146
151
June 24
14,870,000
15,345,000
June 22
307
351
Lead
Louis)
(St.
tZinc
Zinc
(East
St.
:
;
at_:
U.
S.
BOND
:
U.
S.
14,390,000 j
368
14,604,000
Average
6.196c
6.196c
6.196c
6.196c
99.5%)
at
at
DAILY
$66.44
$66.41
Construction
$36.50
$31.00
Commercial
20.600c
30.600c
30.650c
32.600c
Manufacturing
28.125c
28.825c
30.025c
30.725c
Wholesale
11.000c
11.000c
11.000c
12.000c
Juno 21
26.000c
26.000c
26.000c
26.000c
June 21
117.000c
112.375c
110.625c
101.500c
June 27
87.23
87.13
88.58
86.17
June 27
86.78
87.05
87.59
85.07
90.91
—xi.Ai._-iuj.«:aiJvpe-27 .noI Ofi$8.95
j
DAILY
June 27
92.06
89.51
89.92
87.59
86.11
86.78
84.81
81.78
82.15
78.90
.June 27
.June 27
1
Group
Group
INDEX
.
of
.Transactions of
specialists
purchases
;J
sales
Other
sales
Total
;
FOR
./
in
ACCOUNT
;i
1
3.94
4.65
4.63
4.59
4.35
4.33
4.27
4,45
4.49
4.46
4.42
4.59
4.65
4.80
5.01
5.28
'
4.84
4.77
4.78
4.94
4.54
4.52
4.50
4.75
4.54
4.50
4.64
369.2
368.5
367.9
Short
sales—
sales
Total"
351,827
303,563
278,086
325.848
332,425
324,167
317,358
92
94
93
93
June 17
444,833
469,154
436,539
'443,523
.June 23
113.56
*113.59
113.48
110.17
which
June 17
,
the
off
:1
2
1,930,660
3,063,550
3,632,070
2,440,679
..June
2
340,590
508,960
654,800
512,130
June
2
1,476,490
2,419,810
3,008,530
1,875,310
—__June
2
1,817,080
2,928,770
3,663,330
2,387,440
..June
2
237,760
419,200
484,250
423,850
sales—_
Other
sales
.June
2
14,300
26,700
47,800
73,600
June
2
,
on
213,020
391,230
334,110
June
2
227,320
433,730
439,030
407,710
528,911
984,324
2,061,823
787,240
__
the
407,030
,
i
floor—
■v
.—June
...
J.
2
-
37,720
153,550
129,710
transactions for account of members—
Total purchases..:
:
;
r.i
Short sales_.
;;
Other
Total
sales—
2
489,526
856,629
907,180
543,674
2
527,246
.1,010,179
1,036,890
628,374
sales
1
LOT
Odd-lot
sales
Dollar
AND
SPECIALISTS
dealers
ON
EXCHANGE
(customers'
Y.
N.
Customers'
short
sales
Customers'
other
sales___
...
value
TOTAL
r
sales
Other
5,178,143
3,651,760
689,210
832,310
670,430
4,306,940
2,753,094
June
2
2,571,646
3,683,469
4,372,679
5,139,250
3,423,524
sales.
ROUND-LOT
Total
ACCOUNT
dealers—Number of sh;
STOCK
round-lot
Short
sales
Other
sales
Total
OF
SALES
ON
MEMBERS
-June
2
1,258,957
1,956,314
2,348,457
1,752,716
June
2
$75,039,166
$113,362,998
$125,469,076
$87,892,034
..June
2
1,346,285
2,056,216
2,431,993
1,652,876
..June
2
4,373
6,021
9,986
8,038
-.June
2
1,341,912
2,050,195
2,422,007
1,644,838
-June
2
$70,931,639
$108,871,826
$118,523,110
$79,959,726
_june
2
396,650
665,400
746,590
459,670
-June
2
THE
N.
Y.
-June
2
396,650
665,400
746,590
459,670
..June
2
332,070
553,150
641,330
534,960
—
Meats
All
u
♦Revised
•old
on
foods
I
figure.
delivered
other
than
farm
and
foods—:
tNumber of orders not reported
basis
at
centers
A.
tons)
OF
NEW
674
266
220
131
135
121
1,610
1,370
$23,215,000
$26,579,000
$18,483,000
10,117,000
15,231,000
11,420,000
32,562,000
51,185,000
18,563,000
13,127,000
20,283,000
13,661,000
7,093,000
13,344,000
7,065,000
$86,114,000
$126,622,000
$69,192,000
34,635,000
28,660,000
36,254,000
1,394,000
1,197,000
1,262,000
1
•'..■4
X"X-v
YORK—
omitted)
$1,468,000
Month
of
'
)
.'XH'.V.v
wi
'i-w
" Mi
$1,522,000
■
V
$020,000
May:
2,000
of
pounds)
2,000
117,208
♦106,345
118,129
148,961
128,440
147,050
131,317
125,905
108,266
106,982
114,247
65,328
—i—
132
125
*128
adjusted—
130
140
*132
pounds)
(tons
of
2,000
pounds)
stocks at end
period (tons
of
pounds)
STORE
SALES
RESERVE
RESERVE
BANK
(average
Sales
(average
SECOND
DISTRICT
OF
NEW
daily)
FEDERAL
YORK—1947-49
unadjusted
daily)
FED¬
of April:
Average ===100—Month
Sales
ELECTRIC
Month
of
Revenue
seasonally
INSTITUTE—
sales
of
ultimate
(000's
March
consumers—
'
omitted)
i_——
ultimate
of
FABRICATED
CAN
58,177,354
58,100,728
57,366,576
$981,032,000
$997,6«2,000
$948,842,000
58,994,828
38,782,684
57,792,575
391,703
309,400
301,867
364,996
318,657
320,108
$92.66
•$91.57
$91.37
100.25
•99.35
98.58
82.86
*82.43
81.35
39.6
*39.3
39.9
40.1
*39.9
40.4
38.9
*38.7
39,3
$2.34
$2.33
$2.29
2.50
•2.49
2.44
2.13
2.13
2.07
ffom ultimate customers—Month of
March
customers
STRUCTURAL
INSTITUTE
Contracts
closed
Shipments
March
STEEL
STEEL
OF
of
at
31
(AMERI¬
CONSTRUC¬
May:
(tonnage)—estimated
(tonnage)—estimated
ESTIMATE
AVERAGE
LABOR—Month
of
HOURS—WEEKLY
—
U.
S.
DEPT.
OF
May:
I
-
Weekly earnings—
manufacturing-———
goods
!
v
goods
Hours—
All
where
manufacturing
Durable
goods
Nondurable
manufacturing.
goods
Nondurable
of
United
438,430
776,770
953,130
748,930
June
11,881,720
19,318,720
23,057,300
14,513.250
Gold
June
12,320,150
20,095,490
24,010,430
15,262,180
Silver
(in
*118.7
118.9
119.5
85.8
*86.2
86.1
88.4
June 20
107.3
107.2
107.8
June 20
91.1
91.3
91.6
96.8
.June 20
127.7
♦127.7
127.8
•'128.3
107.7
(BUREAU
OF
MINES)—
April:
i
States—
fine
ounces)
fine
(in
ounces)——.s.-.
—
119,436
*126,652
120,655
2,926,778
*3,172,961
2,970,007
92,781
*100,385
97,534
Lead
(in
short
tons)
22,116
•24,554
23,113
Zinc
(in
short
tons)_
38,968
♦43,176
40,855
$24,170,800
$19,531,500
$21,829,500
Copper
118.7
.
production of recoverable metals in the
—June
June 20
goods
OUTPUT
Month
June 20
goods
Hourly earnings—
Mine
U. S. DEPT. OF
products
commodities
S.
ERAL
METAL
STOCK
1
commodities
Processed
786
245
fabricators—
copper
2,000
All
Commodity Group—
>.
U.
Durable
_
—
Farm
In
Refined
of
(tons
to
Nondurable
(SHARES):
;
sales
(tons
Delivered
sales—
WHOLESALE PRICES, NEW SERIES
LABOR
(1947-49=100 ):
All
Crude
Refined
Durable
EXCHANGE AND ROUND-LOT STOCK TRANSACTIONS
FOR
215
140
Copper production in U. S. A.—
All
'
...
purchases by
271
152
purchases)—t
Round-lot sales by dealers—
Number of shares—Total sales
Round-lot
4,467,074
392,610
2,179,036
STOCK
value
Short
2,697,331
2
2
COMMISSION
Odd-lot purchases by dealers (customers' sales)Number of orders—Customers'
total sales__.
Dollar
2
June
June
FOR ODD-LOT ACCOUNT OF ODD-
SECURITIES
—
by
...June
...
DEALERS
EXCHANGE
238
123
1,441
tons)
OUTSTANDING—FED¬
BANK
FACTORY EARNINGS AND
i
;
STOCK TRANSACTIONS
(net
(net
INSTITUTE—For
84,700
June
..June
.___
sales
.
•
-
lignite
(000's
TION)—Month
June »2
Total round-lot
v
BRADSTREET,
__
and
31
May
Number
—
Short
Total
&
liabilities.
PAPER
Kilowatt-hour
—June
floors-
...
I
initiated
COPPER
EDISON
registered—
-L__—
.____!
purchases
286,415,000
MEM¬
•
sales.
;Total
y
in
OF
._
transactions
632,889,000
number
;
RESERVE
of
376.9
SPECIALISTS
purchases
Other
Other
stocks
AND
—
Other transactions initiated
Total
86,950,000
651,015,000
.V
3.75
303,272
period
.
sales
92,880,000
April:
anthracite
DEPARTMENT
„
TRANSACTIONS
Short
51,451,000
73,943,000
between
'
88.81
4.57
June 17
BERS, EXCEPT ODD-LOT DEALERS
Total
252,431,000
(BUREAU OF MINES)—Month
coal
3.93
June 27
__June 17
AVERAGE=100
ROUND-LOT
13,094,000
213,905,000
liabilities
Pennsylvania
3.92
Juno 27
June 27
:
at end
Bituminous
87.86
ASSOCIATION:
!
(tons)
473,795,000
15,932,000
May:
of
(tons)
orders
of
As
<ri
OIL, PAINT AND DRUG REPORTER PRICE INDEX—
1949
COAL OUTPUT
ERAL
4.84
Unfilled
of
liabilities
86.91
June 27
Group
(tons)
Total
85.46
5.04
activity
862,746,000
20,881,000
number
service
83.03
vv:
84.30
5.04
of
864,308,000
liabilities
85.20
*
.
June 27
PAPERBOARD
1'
AVERAGES:
Bonds
COMMODITY
^
$351,759,000
liabilities
88.81
•
Baa
received
shipped
,
$396,746,000
'
and
i.
$378,948,000
liabilities
88.27
84.30v
•■"a88.127 vchsMn 4)8.54
4.70
Percentage
Retail
COMMERCIAL
4.71
Production
j
•••-:
91.19
89.37
June 27
Orders
.
June 27
.
81.78
;;
June£7<Yr,rf
___:_
;
,
A
NATIONAL
31:
■
—_
service
June 21
June 27
MOODY'S
May
number
June 21
iL-J—____June 27
Utilities
#
TREASURY
(in
MARKET
RECT
AND
OF
S.
U.
short
tons)
TRANSACTIONS
GUARANTEED
A.—Month
of
IN
DI¬
SECURITIES
May:
since introduction of Monthly Investment Plan. vtPrime Western Zinc
freight from Eaist St.
Louis exceeds one-half cent d pound.
■
Net
purchases
'
s
BANK
number
June 21
June 27
_,
!_
Public
■r
'
AVERAGES:
Bonds
corporate
Railroad
$232,844,000
'
*
number
$66.44
$37.83
Commercial
Aaa
Industrials
Retail
$66.44
$37.83
13.000c
Aa
■
$230,917,000
number
11.500c
YIELD
$268,932,000
;
stored
INC.—Month
12.000c
Group
BOND
6,885,493
296
11.500c
Government
.
2,203,000,000 2,253,624,000 1,263,464,000
11.500c
Group
MOODY'S
of
FAILURES—DUN
June 21
Group.
■
OF
147
at
Utilities
i
\
-
7,083,752
375,000
June 20
June 27"
Public
goods
Louis)
.
Industrials
on
June 20
85.98
Baa
Based
Construction
—__.
Railroad
36,106
,
x
credits
exchange
13.500c
Aa:
5,931
6,457,301
OUT¬
RESERVE
:
shipments
11.800c
:
GOVERNORS
FEDERAL
warehouse
10.800c
;
13,658
413
Exports
10.800c
PRICES
by
ACCEPTANCES
'__
12.000c
York)
transport
OF
YORK—As
Imports
10.800c
corporate
Aaa
NEW
12.000c
Government
Average
DOLLAR
June 21
(New
MOODY'S
BANKERS'
June 21
(primary pig,
tin
.
'
Aluminum
13,964
2,209
v
THE FEDERAL RESERVE SYSTEM—Month
;
Straits
freight
DEBITS—BOARD
at
(delivered)
;
tons.)
Manufacturing
June 20
;
at
2,933
QUOTATIONS):
at
at
York)
BANK
Total
refinery
refinery
(New
2,040
3,360
•
(in
Domestic
8,838,000
3,666
undelivered
April:
general
Domestic
Electrolytic copper—
Lead
of
Wholesale
•_
J.
Month
100,000,000
&
ton)
M.
and
,
161,300,000
PRICES:
gross
Ago
TRUCKING ASSOCIATION, INC.—
BUSINESS
(per gross ton)
steel
103,045,000
62,400,000,
,
BRADSTREET, INC
IRON
Year
Month
RESERVE
—
kwh.)__.
(COMMERCIAL
Previous
Month
cars
order
on
month)
carriers
Dollar
SYSTEM—1947-49
EDISON
86,867,000
43,390,000
>'•
26,883,000
OF MINES):
lignite
anthracite
204,372,000
/■
—June 22
—
L,—
municipal——:
(U.
of
Intercity
OF
63,200,000
COAL OUTPUT
213,692,000
'"27,249,000
of that date:
Latest
delivered
cars
cars
;
'
"'V
' ' ' "
construction_____--^___s-'__I__^——,—
S.
Private
freight
new
of
STANDING
ENGINEERING CONSTRUCTION—ENGINEERING
NEWS-RECORD:
;
..June 16
~
for
(end
either for the
May:
freight
AMERICAN
are
are as
INSTITUTE—
RAILROADS:
Revenue
CIVIL
-
207,682,000
—
Residual
Orders
CAR
.
___—__
ASSOCIATION OF
RAILWAY
of
Backlog
June 16
_____;
stills—daily
output
AMERICAN
New
output—daily
June 16
Gasoline
°
Month
INSTITUTE:
each)
to
runs
Previous
Month
tons)
(net
condensate
and
gallons
Crude
cent
Latest
•
PETROLEUM
oil
(per
or
quotations,
INSTITUTE:
STEEL
production and other figures for the
cover
month available. Dates shown in first column
week or month ended on that date, or, in cases of
Activity
to—
ingots
AMERICAN
AND
operations
following statistical tabulations
latest week
Business
AMERICAN
The
31
*
yi\
t
32
The Commercial and Financial Chronicle
(2864)
.
.
Thursday, June 29, 1961
.
* INDICATES
Now
Securities
in
Registration
•
ADDITIONS
SINCE
PREVIOUS
ITEMS
REVISED
ISSUE
fj i
/!
*} <
r
secondary purpose of owning investments in entities en¬
gaged in the insurance business. Proceeds—The com¬
pany will use the proceeds estimated at $851,895 as a
of
tfoe large number of issues
awaiting processing by the SEC, it is becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
NOTE—Because
accompanying detailed
general, to be considered
not, in
are
A. T„
U.
Inosr
Productions,
ture, sale and lease of electronic, electro-mechanical and
electro-optical equipment.
Proceeds — For equipment,
("Reg. A.") 100,000 shares of common
stock (par 10 cents). Price—$3. Business—TV film pro¬
ductions. Proceeds—For general corporate purposes. Of¬
fice—130
W.
57th
Marshall
Co., New York.
St., New York, N. Y.
June
and working capital. Office—1208
Building, Minneapolis, Minn.
Under¬
writer—Naftalin & Co., Minneapolis. Offering—Expected
developmental
Title
Underwriter-
Affiliated
Inc.
1961 filed 100,000 common shares. JPrice — $3.
design manufacture and sale8" of automa¬
tion equipment for industry. Proceeds—For new facil¬
6,
Business—The
ities, sales program, demonstration laboratory and work¬
ing capital. Office—37-05 48th Ave., Long Island City,
N. Y. Underwriter—John Joshua & Co.,
Accesso
Inc., New York.
and
of
preferred stock.
Price—$15
acoustical
fluorescent
of
sale
and
tile
Leonard &
Jan.
19,
which
1961
lighting
ness—The company
shares
offered
be
of
for
class
minum
A stock, of
sale by the
for public
periods
of
Alix
over
one
year.
supplies
for
the
Proceeds—For
missile,
research
filters
and
rocket
and
space
Advanced
Jan.
•
ized
October, 1960 to operate
fice
in
share.
programs.
Price
service and
an
was
Price
organ¬
Finance Corp.
Debens. Offered
the
at
company,
interest in each
15,
1961,
yield
to
added
to
funds
were
the
and
reduce
from
funds
company's
subsequently
outstanding
Proceeds
used
subsidiaries
A
the sale of
initially will be
proceeds
debentures
loans.
State
Loan
from
primarily
of
the
to carry on
general
used
short
-
these
to
to
term
loans
provide
with
company
their respective
businesses.
The
debentures
redeemable prior to
will
not
be
June 15>-1969.
They will have the benefit of the
annual,
sinking,
fund
Ave., Miami, Fla. Underwriter—Clay¬
Corp., Boston (managing).
The stock will be offered for subscription
on the basis
of one
nine
each
shares
and
held.
operation
Proceeds
Rainwear
Price—$10. Business—
Of
bowling centers in
For expansion and working
—
beginning
1980,
redemption
plus
in 1969
accrued
case.
and
in
Finance
Corp.,
principal executive offices
Washington, D. C., is a holding
company and, through its subsid¬
iaries, is primarily engaged in the
consumer
a
small
ing
finance business and, to
degree, in purchasing in¬
sales contracts originat¬
with
dealers
in
stock.
—
The
of
Co., New York City (managing).
household
electronic
construction,
common
April 28,
companies engaged
credit
credit
life
health
On
ance.
in
writ¬
insurance
accident
and
March
31,
stock
The
the
nue,
1304
at
N.
W.
Connecticut
The
distributor
the
the Prov¬
•
American
April
21,
dated
operating
income
Finance
filed
1961
Co., Inc. (7/10-14)
$500,000 of 6% convertible
consoli¬
of
sub¬
stock, and
be offered for
aries
are
primarily engaged
in the automobile sale fi¬
business. One additional
savings
and
insurance
loan
association
brokers.
New York City.
York
subsidiary is
and
two
a
are
Maryland
automobile
Proceeds—For the retirement
Office
of de¬
1472
Broadway,
Underwriter—Lomasney, Loving & Co.,
—
City.
See Marsan
Missiltronics Corp.
Industries, Inc., below.
American Mortgage Investment Corp.
April 29, 1960 filed $1,800,000 4% 20-yr. collateral trust
bonds arid 1,566,000 shares of class. A
non-voting com¬
mon stock.
It is proposed that these securities will be
offered for public sale in units
(2,000) known as In¬
f
vestment
Certificates, each representing $900 of bonds
Price—$1,800 per unit. Proceeds
—To be used principally to originate
mortgage loans and
carry them until market conditions are favorable for
and 783 shares of stock.
disposition.
Office — 210 Center St.. Little Rock, Ark.
Underwriter—Amico, Inc. Offering—In late July.
Orbitronics Corp.
("Reg. A") 100,000 common,shares (par one
cent). Price—$3. Proceeds—For raw material, machinery,
and working capital. Office—1730 K
St., N. W., Suite
June 1, 1961
309, Washington, D. C. Underwriter—H. P. Black & Co.,
Washington, D. C.
American
Photocopy Equipment Co. (7/17-21)
1961 filed 435,000 shares of common stock, of
50,000 shares will be offered for the account of
May 16,
which
common
the company and 385,000 for certain
selling stockholders.
Price—To be supplied by amendment.
Business—The
manufacture
paper
and
sale
of
desk-top photocopy machines,
and supplies, and binding equipment.
Proceeds—•
YOUR PRIME SOURCE FOR
all
NEW
i
of
the
Industrial
Ave¬
is Eastern
firm
$240
million
Fund
and
BOUGHT
-
SOLD
-
QUOTED
its
for Banks, Brokers, Institutions
1
Universal Investors
Universal
$37,-
Partners
and
in
cane
has
been
33
West
at
York City, to
securities business.
J
SIEOEL
V
New
a
are
David
Investors
offices
with
Street,
engage
For the year 1960, the company
had
J;
communication
Industrial Income Fund.
insur¬
Ontario, Canada.
subsidiaries
facsimile
Washington, D. C. office of
organization
is
42nd
its
of
investment
located
located
and
(par
manufacture
and
1961,
states and
(7/3-7)
firm's Vice-President.
ment
formed
in 29
Corp.
of notification) 40,000 shares of
25
cents). Price—$3
per
share.
■1/
equipment.1 Proceeds—For equipment; sales promotion
and advertising; research and development, and work¬
ing capital. Office—160 Coit Street, Irvington, N. J. Un¬
derwriter—Shell Associates, Inc., New York, N. Y.
of Bacon, Johnson & Asso¬
ciates, Inc., it was announced by
Herbert A. Johnson, the invest¬
company operated 444 loan offices
ince of
(letter
WASHINGTON, D. C. — Colonel
Joseph Halversen has been named
Resident Manager of the District
companion mutual fund, Financial
ing
Facsimile
1961
V
Proceeds—For
equipment.
equipment, and other corporate pur¬
poses.
Office—121 North Seventh Street, Philadelphia.
Underwriter—Suplee, Yeatman, Mosley Co., Inc., Phila¬
delphia, Pa.
new
stock.
With Bacon, Johnson
of
its
communication
525,575 and consolidated income
$6,211,002, equal to $1.50 per
Financial
and appliances. Two
subsidiaries are life insur¬
Price
of
share of
furnishings
ance
share for each 10 shares held.
American
(7/17-21)
Corp.
filed
1961
Blair &
with
stalment
Net
the
in
new
supplied by amendment. Business—The com¬
is engaged in research and development in the field
office
are
5.40%.
100%
one
for
be
nance
Inc.
100,000 class A common shares, of
to be offered by the company and 30,-
are
through the sinking
100%, and at the option
Dillon, Union Securities &
joint
managers
of
an
underwriting group which offered
on June 27, $25,000,000 State Loan
and Finance Corp. 5.40% sinking
fund
debentures,
due
June
15,
1981, at 100% and accrued inter¬
man
June
H.
debentures prior to
The debentures will be
to
from
—
the
...
of
10,632 shares of class A common
subscription by stockholders at
filed
offered
be
25,000 common stock purchase warrants to
public sale in units consisting of one $200
debenture, 30 common shares and 10 warrants. Price—
$500 per unit. Business—The company and its subsidi¬
redeemable
of
1961
to
the rate of
doors, and other alu¬
working capital, and
Office—20th Street, and Alle¬
120,000 shares of common
To be supplied by amendment,. Business
15, 1967, sufficient to retire
prices ranging from 103%
est
28,
of
at
26,
stock
II
Inc.
Laboratories,
ordinated debentures due 1971; 75,000 shares of common
and
filed
states.
70%
Johnston, Lemon & Co. and East¬
Co.
for
June
fund
May
Electronic
of
stock to be offered for public sale by the present hold¬
ers thereof. Price—To be
supplied by amendment. Busi¬
ness—The manufacture and sale of aluminum siding and
insurance home of¬
maturity.
sale
and
Alside, Inc.
May 11, 1961 filed 200,000 outstanding shares of
management company with the related
State Loan and
manufacture
plastic film raincoats and re¬
lated items for men, women and children.
Proceeds—
For
inventory, taxes, accrued sales commissions and
working capital. Office—Washington, Ga. Underwriter
—D.
company
Miami,
manufacture and sale
Offering—Expected in
Business—The
of■
Almar
April
Investment
per
The
capital. Office—30 Verbena Avenue, Floral Park, N. Y.
Underwriter—Bear, Stearns & Co., New York City. Of¬
fering—Expected in late July.
development, equipment,
Office—2 Com¬
Y.
Underwriter — Edward
—$3.50
common
Proceeds—For
construction
power
Management Corp.
13,1961 filed 300,000 shares of common stock.
A
Allstate
several
and
St., Hicksville, N.
Hindley & Co., New York City.
mid-July.
American
•/American
The
repayment of loans and working capital.
mercial
class
N. Y. Underwriter—Alexandria
Securities, Inc., Washington, D. C.
Mamaroneck,
Investments &
New
share
Underwriter—H. B.
frequency
systems,
of
by holders of All-State Properties
Electronics
telemetry
products.-
Inc., parent.
Corp.
May 31, 1961 ("Reg. A") 150,000 class A shares (par 10
cents). Price—$2. Business—Designs and manufactures
radio
Avenue,
ton Securities
Adelphi Electronics, Inc.
May 29, 1961 ("Reg. A.") 100,000 common shares (par 10
cents). Price—$3. Business—Distributes electronic prod¬
Advanced
shares
Bowling Centers, Inc.
May 19, 1961 filed 300,000 shares of capital stock, of
which 200,000 shares will be sold for the account of the
company and 100,000 shares for All-State Properties,
Proceeds—To repay a loan, acquire new quarters,
expansion, inventory, and working capital. Office—
building test pools; advertising, in¬
working capital. Office—102 Mamaroneck
and
—2700 N. W. 5th
•
ucts.
Proceeds—For
ventory
bentures, and capital funds.
(managing). Offering—Imminent.
Crandall
etc.
000 fc>y stockholders. Price—$9. Business—Manufacturers
of women's wear. Proceeds—For working capital. Office
Boulevard, Manhasset, N. Y. Un¬
Darlington & Grimm, New York City
Blvd., Mineola, N. Y.
Co., New York.
—
windows
storm
8, 1961
which 70,000
Office—1616 Northern
Mineola
Business
June
phia, Pa., and New Haven, Conn.; lease and equip a large
in New York City and lease additional trucks.
142
1961
gheny Avenue, Philadelphia, Pa. Underwriter—Francis I.
du Pont & Co., New York City (managing).
garage
for
Corp.
filed 200,000
other corporate purposes.
is engaged in the business of leasing
trucks
26,
aluminum
Proceeds—To repay loans; open new offices in Philadel¬
derwriter—Hill,
$5.
sale
American
Master
amendment.
and 25,000 shares, being outstanding stock, by
the present holders thereof. Price—$10 per share. Busi¬
and
—
insur-
stock, of which 50,000 shares are to be offered for public
sale by the company and 150,000 outstanding shares by
the present holders thereof.
Price—To be supplied by
company
automobiles
in
w
(letter of notification) 75,000 shares of
(par 10 cents). Price—$4 per share. Busi¬
stock
The
—
Business—The
May
systems,
metal
100,000
to
are
invest
l
of pre-cast and pre-stressed concrete
panels for swimming pools and pumps, filters, ladders,
ness
common
Air
Leasing System, Inc.
filed
75,000
to
Rd., Akron, O.
Co., Inc., New York City
&
Corp.
1961
holders. Office—29
per
Sons, Inc., New York City (managing).
A-Drive Auto
life
plans
company
W. 38th St., New York City. Under¬
writer—Goodbody & Co., New York.
tiles and other types of
acoustical ceiling systems. Proceeds—For the repayment
of loans and general corporate purposes.
Office — 3425
Bagley Avenue, Seattle, Wash. Underwriter—Ralph B.
hangers,
4,
common
27, 1961 filed 200,000 outstanding common shares.
Price—By amendment. Proceeds—For the selling stock¬
Business—The company is engaged in the design,
manufacture
Price
Business—The
June
share
one
Amcrete
May
pany
May 29, 1961 filed 400,000 common shares.
Akron-Cleveland
Reynolds
—
For the selling stock¬
—
(managing).
• Aileen Inc.
Corp.
30, 1961 filed 40,000 shares of common stock and
40,000 shares of preferred stock (par $10) to be offered
for public sale in units consisting of one share of com¬
mon
Corp.
Office—3773
holders.
Underwriter
■—To
Investment
f ance concerns. Proceeds—For investment. Office—1730
>K St., N. W., Washington, D. C. Underwriter—Affiliated
Underwriters, Inc., Washington, D. C.
Jan.
unit.
work
Insurance
in late August.
Systems,
Abbey Automation
Scientific
Advanced
Instruments, Inc.
IVfay 19, 1961 filed 875,000 shares of common stock. Price
—$1.15 per share. Business—The company was formed'
in March, 1961 to engage in the development, manufac¬
1961
1,
Building,
•
offering dates.
June
Rector
Little »Rock, Ark.
Underwriter—Ad-,
vanced Underwriters, Inc., Little Rock, Ark.
firm
as
for the
acquisition of interests in life insurance;
for furniture and fixtures; .for the establishment of a
sales organization and for working capital.
Office—The
expectations of the underwriter
items reflect the
but
the
and in
index
the
in
reserve
paneling for houses. Proceeds
Arnold
Lasher.
J.
Utstein
Mr.
Utstein
39
Dlgby 4*2370
Broadway, New
Jnc.
York 6, N. Y,
Teletype No. N.Y. 1-5237
Ira Haupt &
Co. and Mitchell, .Hutchins & Co,
was
formerly
with
v
\\
Volume
193
Number
6068
.
.
The Commercial and Financial Chronicle
.
The company will use its share of the
proceeds for gen¬
eral corporate purposes. Office—2100 West
Dempster
St.,
Evanston, 111.
Underwriter
City (managing).
Lehman
—
Brothers,
New
York
Industries, Inc.
19, 1961 filed $1,630,000
ordinated
electro-mechanical
amendment.
Sacramento, Calif. Underwriter—York
(managing).
&
Co., San Fran¬
cisco
American Univend
Corp.
May 29, 1961 filed 100,000
—
By
Business—The leasing of vending machines
of merchandise for
distribution therein.
Proceeds—For the repayment of debt,
purchase of addi¬
the
sale
tional
machines, and other corporate purposes. Office—
120 E.
56th
St., New York. Underwriter—Robert A.
Martin Associates, Inc., New York.
Amity Corp.
Jan. 17, 1961 filed 88,739 shares of common stock
(par
$1). Price—$3 per share. Business—Land development,
including the building of an air strip, a marina, and a
housing cooperative. This is the issuer's first public fi¬
nancing. Proceeds—For general corporate purposes, in¬
cluding $170,000 for construction and $12,000 for debt
reduction.
Office—Equitable Building, Baltimore, Md.
Underwriter—Karen
Securities
Corp.,
New
York
City.
Note—This statement is expected to be refiled.
Amphicar
June
15,
Business—The
Proceeds—To
manufacture
establish
of
sales
up
Madison
and
shares.
Price—$5.
amphibious automobiles.
Anodyne,
June
Inc.
20, 1961
nated
filed $625,000 of 5%
debentures,
issuance
in
156,250
conversion
on
to
warrants
fered
purchase
offered for
the basis
Price
convertible subordi¬
shares
common
of
the
125,000
debentures
reserved
and
shares
common
of
$100
be
of¬
deben¬
purchase 20 shares. The units will
subscription by
common
unit for each
one
for
5-year
to
6,25lTnnits, each consisting of $100 of
tures and warrants to
be
a
service
Avenue, New York.
Underwriter — Herbert
& Co., Inc., 115 Broadway, New York.
Edmond
100
stockholders
common
on
shares held.
unit. Proceeds — For expansion and
working capital. \>Office—1270 N. W. 165th £>t., North
Miami Beach, Fla. Underwriters—Ross, Lyon & Co., Inc.,
and
—
per
*
Globus, Inc., New York.
Antilles
Corp. (7/10-14)
May 8, 1961 (letter of notification) 100,000 shares of class
common stock
(par 10 cents). Price — $3 per share.
March
1961
23,
to
be
on
the basis of
—22
offered
Valley
May 12, 1961 filed
nated sinking fund
of principal amount.
of
July
1960, filed 2,000,000 shares of common stock.
Price
$25 per share. Business — A diversified invest¬
ment company, which will become an open-end
company
—
with
the
redeemable
shares
shares
being registered.
New
York
Marquette
Minneapolis.
Ave.,
Underwriter—APA, Inc., Minneapolis.
fering—Expected in mid-August.
31, 1961 filed 300 units in the Apache Gas and
Program 1962.
Price—$15,000 per unit.
Business—
The acquisition, holding, testing, developing and oper¬
ating of gas and oil leaseholds.
Proceeds—For general
Office—523 Marquette Ave., Minne¬
its sub¬
underwriters for the Pro¬
gram.
(7/10-14)
31, 1961 filed 1,000 units in the First Apache
Realty Program. Price—$5,000 per unit. Business—The
Program plans to engage in the real estate business, with
emphasis on the acquisition;, development and operation
investment.
Office
—
523
Mar¬
quette Ave., Minneapolis, Minn.
lis & Simmons, Chicago
Underwriter—Blunt El¬
(managing).
★ Applied Research Inc.
June 23, 1961 filed 120,000 common shares, of which 60,000 shares are to be offered by the company and 60,000
shares by stockholders.
facture
earth
of
devices
Price—$6. Business—The manu¬
used in connection with space and
communications, radio frequency analysis, missiles
and satellites and radar and
—For
leasehold
telemetry systems.
Proceeds
equipment and general
corporate purposes. Office—76 S. Bayles Avenue, Port
Washington, N. Y. Underwriters—Cruttenden, Podesta
& Co., Chicago and Spear, Leeds & Kellogg, New York.
improvements,
Aqua-Lectric, Inc.
19, 1961 filed 1,000,000
June
$1.15.
shares.
Price—
electric hot water
heating system. Proceeds—For inventory, salaries, ad¬
vertising and promotion, and working capital. Office—
1608 First National Bank Building, Minneapolis. Under¬
writer—None.
•
Architectural
April 20,
common
1961
stock
Plastics
Corp.
(letter of notification)
103,191 shares of
(par $1) of which 26,326 shares are to be
offered by the company and 76,865 shares by the under¬
writer.
Price—$1.25 per share. Proceeds—For working
capital.
Office—1355 River Road,
Eugene, Ore.
Under¬
writer—Zilka, Smither & Co., Inc., Portland, Ore.
fering—Imminent.
Co.. and Fridley
120,000 Shares
(Smith,
&
+ Atmos-pak Inc.
27,
1961
(Smith,
Barney
July 3
&
Co.
Units
Co.)
&
100,000
100,000
Bid
D
175,000
Price—$5.
Proceeds
For the repayment of loans, inventory and
general corporate purposes. Office—88 N. Highland Ave.,
Ossining, N. Y. Underwriter — Christopher & Co., Inc.,
New York (managing).
—
(Donald
Bookshelf of
McDonald
&
—$4
share.^ Business—The manufacture and sale of
burglar warning systems. Proceeds—To estab¬
per
fire
and
subsidiaries,
buy equipment to make .component
parts of warning systems now manufactured by others,
reduce
indebtedness, add to inventory, and for working
Corp
Common
Associates
J.
Inc.)
$120,000
Common
Hinkley
&
Co.
Inc.)
Audio
8,
Vcsual
1961
Teaching Machines,
("Reg. A")
Price—$4.
tribution
of
75,000
Church
H.
Blair
&
Common
Co.)
$299,800
Eberstadt
&
Co.)
(Associates
$7,500,000
Common
Management,
Capital
Inc.)
$275,000
Corp
Common
(Oixenng to stockholders—underwritten by Bear, Stearns & Co.)
shares
First Small Business Corp. of New Jersey
(Shearson, Hammill & Co.
Heller
and
&
language
laboratories
texts. Proceeds—For repayment of debt,
equipment, research and development and
capital.
Office — 216 E. Diamond Street,
program
of
(Paine,
Webber,
Jackson
Union
&
Curtis
Securities
(Schrijver
Inland
Life
&
and
Co.)
(jLehman
G.
and
$350,000
Common
Automated
E.
Plan,
Inc.
ing for business and industry. Proceeds—For advertis¬
ing, sales promotion, repayment of loans, working capital
and the establishment of national dealerships. Office—80
Park Ave., New York. Underwriter—J. Laurence & Co.,
Inc., New York.
Automated Merchandising Capital Corp. (8/1-4)
May 24, 1961 filed 400,000 shares of common stock. Price
—To be supplied by amendment. Business—A closed-
investment
management
Office—10
&
East
14,
tures
due
1961
Canteen
Co.
of sinking fund deben¬
amendment. Business—The
Price—By
manufacture, sale and lease of vending machines. Pro¬
ceeds—For expansion and general corporate purposes.
Office—Merchandise Mart Plaza, Chicago. Underwriter
—Glore, Forgan & Co., New York (managing).
•
Automatic Canteen Co. of America
May
26,
1961
filed
$20,800,000
nated debentures due
scription by
of
common
debentures
June
30.
for
of
(7/17)
be
32
July 5
record
about
amendment.
Busi¬
held
shares
supplied
by
of
development, manufacture, sale and leasing of
vending machines. Proceeds—For the repayment of debt,
for
Mart,
other
a
Office—Merchandise
111. Underwriter—Glore, Forgan & Co.,
purposes.
Chicago,
City (managing).
New York
•
Automotive
Control
(7/10-14)
30, 1961 (letter of notification) 60,000 shares of
common
stock (par $1). Price—$5 per share.
Proceeds
—For advertising, new products and working capital. Of¬
fice—1007 East Second Street, Wichita, Kan.
Under¬
writer—Donald J. Hinkley & Co., Inc., Denver- Colo.
Vacuum
Inc.)
Common
$300,000
$900,000
Common
Co.
Inc.)
$550,000
Inc
Common
Towbin
Co.)
Insurance
stockholders—no
95,000
shares
Co
Common
underwriting)
$1,085,000
Loving
;
Co.)
&
*
-
Units
$1,620,000
'
'
*
■
•
•.
"•
••
(Wednesday)
(Fraser
Marine
&
Science
Resources
&
(Norton,
Units
Co.,
Electronics
Inc.)
July 6
$320,000
Manufacturing Inc
(Lecluse
&
Co.)
Inc
Fox
Co.
&
Com.
$300,000
Common
...
Inc.)
$300,000
(Thursday)
Eastern Lime
(Stroud
Corp!!
Co.
&
...
Inc.
Warren
and
-Debentures
.
W.
York
&
Co.
Inc.)
$700,000
Jewelry
140,000
shares
(P.
Common
stockholders—underwritten
to
Sherman
D.
Foods,
Renaire
Class A
Curtis)
&
Corp.
L.
&
Co.)
&
Co.,
Inc.)
$750,000
&
Co.,
Inc.)
$600,000
150,000
Common
"Brooks
Foods, Inc
(P.
(Robert
by
shares
Inc
W.
Debentures
Brooks
W.
Supermarkets
Tonka
Corp
Webber/ Jackson
(Offering
Renaire
Operating
Garrett
Co
Sons
&
and
Common
H.
G.
125,000
shares
&
155,000
Walker
&
Toys, Inc
Co.)
Common
(Bache
Walter
Co.)
shares
(Jim) Corp
(Alex.
July 7
—
Brown
&
Sons)
..Debentures
$20,000,000
(Friday)
Holiday' Sportswear, Inc
(George
Recreation
K.
Common
&
Baum
Co.)
86,000
shares
|
Enterprises, Inc
(I.
Simon
M.
...Units
&
$550,000
Co.)
(Monday)
July 10
Finance
American
Corp.
March
BBM Photocpy Manufacturing Corp.
(7/24-28)
May 26, 1961 filed 50,000 shares of common Stock. Price
—To be supplied by amendment. Business—The assem-
Co., Inc
Loving
(Lomasney,
Antilles
Electronics
Units
$1,250,000
Co.)
&
Common
Corp
(Fraser
Co.)
&
$300,000
Units
Apache Realty Corp
(Blunt
Ellis
Finance
Simmons)
&
Control
Vacuum
(Donald
CMC
Hinkley
J.
Co.
&
$5,000,000
Corp...
Common
$300,000
Inc.)
Common
Group, Inc
(Auchincloss,
& Redpath)
Parker
150,000 shares
Units
Canandaigua Enterprises Corp
(S.
Fuller
D.
Co.)
&
units
8,000
Units
Capital Properties, Inc
(Hodgdon
Diamond
factory addition at Whippany, N. J.,
corporate
Inc.)
Ameritronics, Inc
convertible subordi¬
ness—The
and
Co.,
&
■
Automotive
July 1, 1981 to be offered for sub¬
stockholders on the basis of $100
each
Price—To
Co.,
America
of
filed $12,000,000
1981.
$5,859,400
Bowling & Leasing Corp
40th
St., New York City. Underwriter
Co., Inc., New York City (managing).
Automatic
June
Co.)
Co.—Common
$840,000
company
formed to provide financial assistance to concerns active
in the vending industry. Proceeds — For investment.
—Blair
Inc.)
.Common
&
Treat
•r'.
G-W.
&
Corp
Unterberg,
to
Photronics
"Gift Bookards" designed to provide simplified gift giv¬
non-diversified
Dowd
Benefit
(Paine,
Gift
F.
(Lomasney,
•
Hammill
Co
Instruments,
(Offering
Debentures
:
(Amos
Survivors'
shares
Insurance
Securities
Electronic
Servonic
375,000
Inc
(R.
Taddeo
Life
insurance
Seaboard
Co.)
Securities,
(Netherlands
Mohawk
&
Shearson,
Preferred
Dillon,
Common
Co
Becker
Brothers
Eastman
$15,000,000
11
Co.)
&
Insurance
(A.
Capital
$3,750,000.
Debentures
Gilbert Data Systems, lnc
Gordon
Underwriter—To be named.
Meyer)
General Acceptance Corp
manufacture and dis¬
machines,
?
Debentures
Builders, lnc
common
Business—The
teaching
Inc. (7/17-21)
shares (par 10
$300,000
America, Inc.-
(F.
capital.
Office—Bellemore, L. I., N. Y.
Underwriter—
Broad Street Corp., New York City (managing).
$25,000,000
Co.
(D.
(C.
Price
Co.)
Chock Full O' Nuts Corp
Audiographic Inc.
Feb. 27, 1961 filed 150,000 shares of common stock.
shares
(Monday)
Chemical
shares.
common
units
.Common
Co.)
and
Facsimile
Lannett Co.,
filed
Frederkingi
Corp
Barney
(Life
June
&
Corp
Brod
Investors
the construction of
common
Business—The marketing of an
T.
Common
Spellman Engineering, lnc
....Common
(Pi«p, carrison, Vvulburn, Inc.) 150,000 shares
Thompsolf Ramo Wooldridge, Inc._____Debentures
City.
Securities, Inc.
Capital
$300,000
ernment
shopping centers, office buildings and industrial prop¬
For
investment
Office—50 Broad Street,
Inc.)
Interstate Department Stores, lnc
end
March
—
of
$273,125
&
Mercantile
(A.
12, 1961 ("Reg. A") 100,000 common shares (par
10c). Price—$3. Business—The manufacture and sale of
Oil
Proceeds
issuance
and
Inc.)
of America
Securities
New York Trap Rock
June
(7/20)
Motti,
Underwriter—Capital Counsellors, 50
Broad Street, New York City. Note—This
company was
formerly the Irving Fund for Investment in U. S. Gov¬
Of¬
March
erties.
sale
Proceeds—For
in U. S. Government securities.
Gaithersburg, Md.
of
the
upon
Units
&
612,463
(7/24-28)
22,
eral
Apache Realty Corp.
Winston
(Howies,
Electronics
working
as
due 1976. Price—100%
Business—The production and sale
Atlantic Fund for Investment in U. S. Government
purchase
sidiary, APA, Inc., will act
(Consolidated
debentures
Inc.
David
(Shell
subordi¬
$50,000,000
MacGregor Bowling Centers, lnc
American
Industries, Inc.
$1,500,000 of convertible
(managing).
and
and
Phoenix,
Ark. Underwriter—A. GTEdwards & Sons, St.
Louis, Mo.
Pric^—$7,500 per unit. Busi¬
acquisition, holding, testing, developing and
operating of gas and oil leaseholds. Proceeds—For gen¬
company
Proceeds—To repay loans and
feed, hatching chicks and poultry. Proceeds
facilities, the improvement of marketing im¬
provements, and for working capital. Office—Dardenelle,
ness—The
The
Business—The processing of black
new
for public sale in 100 units.
—
Price
Debentures
Empire Life Insurance Co.
chicken
—For
•
Office—523
share for each share held.
new
one
Co
Reproductions, lnc
(William,
a
Processing Laboratories, Inc.
shares of Common stock
subscription by common stockholders
Arkansas
cents).
apolis, Minn. Underwriter
and
loans, purchase
working capital. Office—2 North 30th Street,
Ariz. Underwriter—None. Offering—Imminent.
June
corporate purposes.
missile
filed 2,100,500
for
(Friday)
Tractor
(Blyth & Co., Inc.)
Color
National
and white and color film.
Apache Corp.
May 29, 1961 filed $750,000 of participating units in the
Apache Canadian Gas & Oil Program 1961 to be offered
Apache Corp.
the
in
use
for
First
•
for
Proceeds—To repay
cents per share.
Underwriter—Fras-
purposes.
30
electronic, electrical and
Offering—In late July.
lish
A
corporate
devices
June
Caterpillar
•
Electronics
Address—San Lorenzo, Puerto Rico.
er & Co., Inc., Philadelphia, Pa.
-
of
building, and -for working capital.
Office — 755 Park
Avenue, Huntington Station, L. I., N. Y. UnderwriterLomasney, Loving & Co., New York City (managing).
•
parts depot in Newark, N. J.,
organizations, and for work¬
ing capital and general corporate purposes. Office—660
set
computer fields.
Securities
Corp. of America
filed 100,000 common
1961
par.
Arizona Color Film
Price
shares.
amendment.
and
manufacture
NEW ISSUE CALENDAR
convertible subor¬
—
(8/1-4)
common
of 6%
dinated debentures due 1971, to be offered for
subscrip¬
tion by common stockholders on the basis of $500 of
debentures for each 100 shares held.
Price
At
Business—The
bowling centers. Pro¬
ceeds—For repayment of
loans, working capital and gen¬
eral corporate purposes. Office — 1721 Eastern
Ave.,
33
Arcs
May
★ American Recreation Centers, Inc.
June 26, 1961 filed
$1,250,000 of series A convertible sub¬
debentures due 1973. Price—By
Business—The operation of seven
(2865)
$600,000
Inc.)
Co.
&
Common
Crystal Salt Co
(Kidder,
Peabody
&
Co.)
300,000
shares
Common
Equity Capital Co
(Paine,
Fairfield
Webber,
Jackson
&
100,000
Curtis)
Common
(Globus,
Inc.,
and
Lieberbaum
Co.)
&
$150,000
Debentures
Faradyne Electronics Corp
(S.
Fuller
D.
Co.)
$2,000,000
—Common
Handmacher-VogeL Inc.
(Butcher
Income
&
Sherrerdi
245,000
shares
Units
Planning Corp
(Espv
Income
shares
Controls, Inc
& Wanderer,
$200,000
Inc.)
Class A
Properties, Inc
(Eisele
&
King,
Kaiser Aluminum
(First
Libaire,
&
Boston
Stout
Chemical
Corp.)
&
Co.)
$1,462,500
Common
Corp
375,000
shares
*
Of¬
Continued
on
page
34
Continued
on
page
34
(Offering
Inc.;
Co.,
■&
Bruno
J.
J.
Blauner
Seymour
V,
-
Inc
Vending,
and
Co.
&
and
Federal
Units
Construction Co.—_
Homes
Modern
Baird
W.
(Robert
Co.)
&
$2,000,000
David
underwriting)
(No
(James
&
Blauner
D.
(Milton
Inc.;
Bruno
Lenchner,
Securities
Corp.)
$2,400,000
Co.,
&
Karen
—Common
Enterprises, Inc
Thoroughbred
(Sandkuhl
Co.
&
Inc.)
(Rodman
.—Common
Swingline
(Dempsey-Tegeler
Uris
Co.)
&
Common
159,403
Co.)
(S.
Puller
D.
320,000
'(Seherck,
Richter
Co.
'
Dempsey-Tegeler
and
Lease
Bonds
$4,000,000
125,000
Dry
(Offering
to
Cable
Curtis)
&
Fuller
D.
Winslow,
& Stetson
Cohu
Mosle
(Rotan,
Loeb
(Kuhn,
R.
(Blyth
(Elair
&
Co.)
(Bids
9
First
.
Jackson
&
Curtis)
Read
Co.)
&
Read
Co.)
&
to
received)
&
Dominick)
$30,000,000
Consolidated
—Preferred
(Fialkov
Cosnat Record
Co.
Common
and Amos Treat &
Inc.
Co.)
Dornost
(Globus,
Common
Inc
de
Rensis
Co.,
&
Inc.)
Thompson
Co.;
&
and
Hampstead
Globus,
Inc.)
Investing
(Amos
Sudler
C.
&
Co.)
Inc.
Rainwear
(D.
American
H.
(Milton
Common
First
$300,000
&
Garan
Co.)
120.000
D.
(Lehman
Brothers)
Audio Visual Teaching
(Underwriter
to
435.000
be
named)
(Paine,
shares
(Michael
Inc.)
Co.
cator
division
a
Office—42
W.
15th
of
Willmor
International
Corp.
St., New York City. Underwriter—
Shields & Co., New York City (managing).
Badger Northland, Inc.
16, 1961 filed 100,000 common shares, of which 68,-
June
000
shares
shares
by
are
to be offered
by the company and 32,000
stockholders.
Price—By amendment. Busi¬
ness—The manufacture of farm equipment. Proceeds—
For a plant, purchase of land, retirement of
preferred
stock and working capital.
Address—Kaukauna, Wis.
Underwriter—Loewi & Co., Inc., Milwaukee
(managing).
Bel-Arre
April 14,
Products, Inc.
1
&
Co.,
336,625
Inc.)
Co.,
plant, and working capital.
Office — 25970 W. 8 mile
Road, Southfield, Mich.
Underwriter — International
Equities Co., Miami, Fla.
•
Bid
D
May
17,
class
a
Chemical
1961
Co.
(letter
common
stock
(7/3-7)
notification)
(par $1). Price
of
60,000
$5
shares
per
of
share.
•
Williston
&
October
Kletz
18
&
Co.,
shares
October 35
Co.)
New
(Bids
(Bids
December 7
Gulf
Kaplan
H.
.
Power
Merchandising Corp.
1961 filed 72,500 class- A common shares. Price
—By amendment. Business—The wholesale distribution
of soft goods lines and artificial flowers. Proceeds—For
8,
expansion; inventory and working capital. Office—1401
Fairfax Trafficway, Kansas City, Kan. Underwriter—1
Midland Securities Co., Inc., Kansas City, Mo.
1961
Inc.
holders
present
thereof.
Price
—
To
be
supplied
by
amendment. Business—The manufacture and sale of food
equipment
(for
restaurants,
hotels,
etc.,)
and
houseware and hospital products. Proceeds—For product
expansion, working capital- and other corporate pur¬
Office—4546 West 47th St., Chicago, 111. Under¬
writers
Westheimer & Co., Cincinnati and Divine &
Fishman, Inc., Chicago and New York City. Offering—
Expected in mid-July.
poses.
—
Haven
March
30,
common
Industries, Inc.
1961 (letter of notification)
stock
(par 10 cents). Price—$4
Preferred
be
9
received)
$(8,000,000
«
.
be
to
V
y
• '
Bonds
received)
to
be
received)
$20,000,000
Bond*
$15,000,000
70,000
per
(Thursday)
Co
increase
Bonds
...
to
be
received)
$5,000,000
•
shares
of
share. Pro¬
inventory, reduce indebtedness and
Office—11933 Vose St., North Holly¬
wood, Calif. Underwriter — Pacific Coast Securities Co.
Offering—Expected in late July.
if Biue List Publishing Co., Inc.
28, 1961 filed 160,000 outstanding common shares.
June
Price—By amendment.
ceeds—For
Street,
•
Business—General printing. Pro¬
selling stockholders. Office—130 Cedar
York.
Underwriter—White, Weld & .Co.,
the
New
(managing).
Inc., New York
filed
140,000 shares of common stock, of
which 40,000 shares are to be offered for public sale by
the company
and 100,000 outstanding shares by the
1,
$15,500,000
.
'
St., Oklahoma City, Okla. Under¬
Hinkley & Co., Inc., Denver, Colo.
Bloomfield Industries,
$5,000,000
Bonds
received)
be
to
(Bids
t
for working capital.
May
'
Preferred
:
be ✓received)
shares
247,500
$900,000
_^__._^..Bonds
$5,000,000
December 5
(Tuesday)
Virginia Electric & Power Co
$780,000
John
received)
England Power Co.—
ceeds—To
Blackman
$12,000,000
(Wednesday)
writer—Donald J.
June
to
V
.Common
and
be
to
to
(Bids
shares
60,0000
Curtis)
Inc.
Bonds
Corp
received)
be
Georgia Power Co.
$15,000,000
Beane)
&
named)
(Wednesday)
(Bids
Capital
Jackson
be
Georgia Power Co
Office—1708 W. Main
Blue
—
,*
—Ben. Ints.
Hammill & Co.)
Webber,
to
.Common
&
.Common
to
(Wednesday)
Electric
(Bids
$100,000
Inc.)
Inc
Blauner
Hammill & Co.)
shares
Mississippi Power Co
$600,000
Common
Co.)
&
Shearson,
shares
(Friday)
&
(Bids
Common
Common
Shore
C.
and
September 28 (Thursday)
Mississippi Power Co.
i
_
■' ■ 4
service
(letter of notification) 150,000 shares of
common stock.
Price—At par ($2 per share). Proceeds
—For repayment of a loan, new equipment, lease of a
1961
Gas
(Bids
—.Common
shares
$600,000
Inc.)
Stearns
&
bly and sale of accessory equipment for photocopy ma¬
chines.
Proceeds—For acquisition of the Bohn Dupli¬
"'./'J
\
200,000 shares
Schools, Inc
$300,000
33
.
Capital
Co.
September 27
Rochester
—Common
G.
"
$40,000,000
EDST)
stockholders—underwriters
to
Common
150,000
Co.
&
(Offering
shares
200,000
I
Continued from page
September 8
Capital
Hydro-Space Technology, Inc
Common
$300,000
Bonds
a.m.
1,070,000
Corp.^
Co.)
&
Harold
R.
Common
Inc.)
Western Union Telegraph Co....
Goodway Printing Co.
Common
Machines, Inc
Bonds
1
$20,000,000
(Friday)
$12,000,000
Inc.
(J.
shares
Photocopy. Equipment Co
-■«
received)
300,000
shares
Mortgage Fund
Common
Corp
Blair
11:30
Common
4
Common
Dimension
Fifth
(Monday)
July 17
■
(Tuesday)
(Bids
Developments, Ltd.—Units i
Co.)
&
Treat
(Shearson,
Almar
shares-
$50,000,000^
Co.,M50,000
&
Treat
and
be
to
(William R. Staats &
Publishing Co., Inc.—
(Bear,
Corp.
$468,750
Wej-It Expansion Products, Inc
1,000,000
•
Lytton Financial Corp
Distributing Corp
Famous Artists
$500,000
Versapak Film &iPackaging Machinery Corp.-Units
(Hill,
August 15
Devonbrook, Inc.
$300,000
(Friday)
(P.
Co.)
Consumers Power Co
Inc.—
Counsellors)
(Globus,
Electrarc,
Common
&
(Globus,
in U.' S,
Hammill & Co.)
(Amos
^
(Bruno-Lenchner,
shares
Financial, Inc
Units V
Development Corp. of America—
Inc.) $396,000
Metals, Inc
736,493
Co.)
g
1
Parker & Redpath)
(Amos
.
...Common
&
Electronic
July 14
$200,000,000
Co.)
Production
(Shearson,
shares
Inc
Electronics,
Youngwood
Second
Cal-Val Research & Development Corp
shares
82,500
Capital
&
(Monday)
August 14
Lazard
by
shares
Manufacturing Corp.——Common
(Shields
Common
(Dominick
~
Common
underwritten
127,570
&
Ctfs.
Trust
$7,200,000
received)
(Tuesday)
August 8
(Bids
Securities,
(Shields
Debentures
40,000
be
to
Corp.—Common
shares
Equip.
(Dempsey-Tegeler
$6,500,000
Corp
Co.)
Consolidated
Bramalea
Ripley Co., Inc
Taffet
&
(Capital
shares
—
be
400,000
Inc.)
Co
shares
100,000
Capital Corp..
.
(Monday)
(Auchincloss,
Co.—
Edison
Common
Inc.)
Minneapolis, Minn.) $4,500,000
Inc.
1
*
(Thursday)
(Bids
v.
r
Bonds
Brothers)
Stanley
BBM Photocopy
Preferred
Corp
\>-,
shares
100,000
Co.)
Associates,
(Dempsey-Tegeler
.
—.Debentures
Government
$6,250,000
200,000
:•
Surety Corp.—
Texas
Common
Atlantic Fund for Investment
Common
Capital Corp.—-■
(Dillon,
Brockton
shares
Co
(APA,
^L^Bonds
V
$8,000,000
&
Co.
&
August- 18
Texas Eastern Transmission
July 13
140,000
-
Apache
units
Texas Eastern Transmission Corp
(Dillon,
Oil
July 24
PST)
a.m.
Webber,
(Paine,
shares
July 20 (Thursday)
Corp.—!
Units
Electric Power Co
Southeastern
150,000
Co
Gas
stockholders
(Morgan
(Wednesday)
July 12
California
Shell
shares
54,100
..Common
(Friday)
August 4
shares
196,109
Inc.)
Products
to
Freres
&
Co., Inc
Marache
(Granbery,
125,000
Inc.)
Co.
&
Development
'
'
Corp
Martin
A.
Northern Pacific
Common
Oceanarium, Inc.
Outdoor
Certain-Teed
Common
Co. Inc. and Tucker, Anthony
L. Day)
1,000,000 shares
'
Northern States Power Co
(Offering
&
.
..Common
Stone
(Tuesday)
(Lids
Brothers)
(Lehman
-1—Common
Harvey Aluminum (Inc.)
•
Units
.
shares
125,000
Co.)
Automated Merchandising Capital
(Wednesday)
July 19
shares
168,000
Co.)
-
Corp
&
Stone
Univend
(Robert
shares
.Common
&
Stone
(Hayden,
$800,000
(Monday)
August 1
American
Capital
Capital
Co.
Natural
Northwest
$13,750,000
Co.)
&
Corp.
CompuDyne
&
(Lehman
Diljon,
and
$7,138,400
Inc.)
Corp
Southwest
Capital
i
Weeks
&
'
shares
i
shares
200,000
Northwest Natural Gas Co
Debentures
Eastman
by
Hornblower
50,000
Boyce)
&
underwriting)
(Hayden,
$2,000,000
Co.)
&
underwriting)
(No
underwritten
—
..Common
Co..—
Laboratory, Inc.
Common
Jackson
(Blyth
Co.;
&
$4,900,030
received;
Instrument Development
shares
Carriers, Inc..
shares
Corp
stockholders
Securities
Union
'I'
«
.....Equip, Trust Ctfs.
be
International
(Tuesday)
(Tuesday)
Canada
V'
$30,000,000
EDT)
.
Plan
Radiation
Independence Life Insurance Co. of America--Cap.
July 11
-Bonds
Bros.
(Hayden,
Debentures
July 18
Co.)
&
Common
$600,000
Inc.)
■
July 31
Corp.
(S.
.Common
218.000
-i
-•
shares
*£olor Presg, Inc
$600,000
French,
&
m.
a.
to
(No
$300,000
—
Webber,
:—Common
Co.)
&
Vinco
shares
Enterprises, Inc
*
World
&
Loeb
(Kuhn,
Vic Tanny
Common
Inc,)
Co.,
Security Acceptance Corp..,.———.
by Lehman
U. S. Home & Development Corp._
(Auchincloss,
Parker & Redpath)
300,000
$1,062,500
Buildings Corp
Inc.
(Paine,
.Common
Inc
Foods,
(Stein
Common
Renshaw)
&
&
Fricke
11
Controller
—Debentures
received)
155,000 shares
(Friday)
July 28
Rowan
Service Co
be
Common
•
(Armstrong & Co., Inc.) $300,000
United
to.
Ltd.)
Co.
Co
(Bids
Speed-O-Print Business Machines Corp.—Common
$340,000
Instrument
Triangle
(Bids
&
Inc.—
(Wednesday)
July 26
$1,648,500
Inc.)
Co
Northwestern Public
Pitfield
C.
shares
Co.)
Blauner
Moyer,
Electric
......Common
(Grant, Fontaine & Co.)
and
Inc.
Co.,
W.
Southern Pacific Co
Common
Marine Structures Corp.—
Class A
Treat
(Amos
& Co.
$420,000
Co.)
stockholders—underwritten
Brothers)
$7,822,000
$500,000
& Co.)
and Brukenfeld
Co.
&
Corp
&
Silver
to
(Offering
Common
Inc
Tassette,
Anthony
International
$5,000,000
Industries Inc
J—
Kletz
G.
&
Neuhaus
and Underwood,
1,250,000 shares
International Cablevision
Superstition Mountain Enterprises, Inc—Common
Suval
Co.
D.
(Bids
..Common
Inc
(Michael
shares
130,000
&
..Common
Common
-
In€.)
Co.,
House,
Harvey
—...Common
Roberts & Parke)
& Co. and Schmidt,
Peabody
(Kidder,
Ripley
&
$260,000
Inc.)
(William H.) Inc..
Rorer
(Harriman
.Common
Motti,
&
Common
$375,000
Inc.)
(Tuesday)
July 25
Union
Greenwald & Co.
$700,000
Co.; Maltz, Greenwald
Inc.) 70,000 snares
Globus,
and
Super Markets,
(Woodcock,
Maiiz,
co.;
Co.
&
(Milton
/.Debentures
&
Co.
Philadelphia Laboratories, Inc
Gulf-Southwest Capital Corp
^
Q-Line Instrument Corp
(William,
and
.—Debentures
(J. M.) Co., Inc
Packer's
Common
Globus, Inc.)
&
shares
Winston &
Jay.
btearns
(.uache
•
units
209,355
Co.)
Factors, Inc
(Thomas
(Harriman Ripley & Co.) 275,000 units
Nash
&
Inc
Winston
Jay,
150,000 shares
Inc.)
200,000
Co..)
Noel
Alstync1,
Factors,
(Tnomas
Jenks,
Hallowell, Sulzberger,
Lee & Co.,
L.
M.
Federal
Common
•-
Inc.;
Co.,
&
Blauner
D.
Kirkland
(Van
Treat
750,000
Units
Ets-Hokin & Galvan, Inc.—
Common
voear,
390,000 shares
Inc.)
Turner,
&
(Courts
$400,000
Co.)
&
&
Thursday, June 29, 1961
.
Mortgage Guaranty Insurance Co
Common
Inc
Guerin
Dumas Milner Corp
Inc. and
Corp
Baruch
(R.
(Lppler,
Common
(Amos
Common
and Sellgren,
.
Magna Pipe Line Co., Ltd
MacCormack & Co.; Stone
Miller & Co.) $300,000
Evans
Co.;
&
.
(Edward H.) & Son, Inc
Forgan
$20,8u0,000
Co.)
Corp
lontaine
Youngberg
Dallas Airmotive,
snares
Inc.; Thomas, Williams & Lee
S. Wickett & Co.) $990,000
Saxe
&
Electronics
(Milton
&
Common
100,000
Co.)
&
Winston
(Rowles,
Model
Chemonics
and
(Grant,
Metropolis Bowling Centers, Inc
Micro
Co.
$600,000
Co.)
M-G, Inc.
(Russell
&
Common
Corp
Securities
(Netherlands
Glore,
stockholders—underwritten
to
Ihnen
Debentures
Co. of America
by
Automatic Canteen
Continued from page 33
Kane-Miller
Chronicle
The Commercial and Financial
(2866)
34
Bookshelf of America,
Inc. (7/3-7)
of notification) 74,950 shares of
cents).
Price — $4 per share.
Business—The mail order sale of religious books.
Pro¬
April
17,
common
1961
(letter
stock
(par
10
moving expenses, new equipment and work¬
ing capital and general corporate purposes.
Office—889
ceeds—For
Broadway, New York, N. Y.
Co., New York, N. Y.
Underwriter—D. H. Blair
&
it Boston Fishing Boat Co.,
June
19, 1961
Inc.
("Reg. A") 700 common shares.
par
($100). Proceeds—For construction of
sel.
Office—220
None.
Northern
1
Ave.,
Boston.
a
Price—At
fishing ves¬
Underwriter—
Volume
Number
193
6068
.
.
The Commercial and
.
Financial
Chronicle
(2867)
:
Bramaiea
Consolidated
Developments,
Ltd.
rocket
-.,•(7/24-28)
May
19,
1961
for
filed
$6,000,000 (U. S.) of 6%% sinking
fund debentures due July 1, 1973, 600,000 shares of com¬
mon stock and 240,000
12-year warrants (exercisable at
$10 per share) to be offered for public sale in units, each
consisting of $50 of debentures, five common shares and
two
warrants.
Price—$100
unit.
per
Business —The
is building a planned industrial-commercialresidential community at Chinquacousy, Ont., near To¬
company
Proceeds—To repay debt and for
working capital.
ronto.
Office—P. O. Box 129, Brampton,
Ont., Canada. Under¬
writer—Shields & Co., New York City
(managing).
Brisker
Corp.
June
2, 1961 ("Reg. A") 160,000 common shares (par 25
cents).
Price—$1.
Proceeds—For repayment of loans,
machine rental, working capital and general
corporate
purposes. Office—2833 St. Charles Ave., Suite 4, New
Orleans, La.
Underwriter — Copley & Co., Colorado
Springs, Cole. - \4
Broadcast
June
International, Inc.
1961
2,
(letter
of
(par
five
siuck
common
Business—Producers
of
notification) 60,000
cents).
Price—$5
radio
and
shares ,of
per
television
snare.
programs.
Proceeds—For general corporate purposes. Office—3
57th St., New York City. Underwriter—Harry Odzer
W.
Co.,
New York, N, Y.
Brockton
June 6,
Co.
(7/13)
(par $100).
outstanding 6.40% preferred
stock, prepay a bank loan, and for construction. Office
•—36 Main St., Brockton, Mass.
Underwriters—By com¬
petitive bidding. Probable bidders: Kidder, Peabody &
Co.; Kuhn, Loeb & Co., and Stone & Webster Securities
Corp. Bids—To be received at 49 Federal St. (8th floor)
Boston, Mass., up to 11 a.m. (EDST) July 13, 1961. In¬
formation Meeting — Above address July 11, 11 a.m.
i
To
—
Brown
retire
(W. A.)
all
Manufacturing Co.
June
12, 1961 filed 170,680 outstanding common shares.
Price—By amendment. Business — The manufacture of
photo-mechanical equipment.
Proceeds
—
For selling
Chicago. Under¬
Co., Inc., Milwaukee and Blunt Ellis
& Simmons, Chicago.
stockholders.
Office—Prudential Plaza,
writers—Loewi
1
&
BuilfwelE Homes, Inc.
May 25, 1961 filed $1,000,000 of convertible subordinated
debentures
due
1981
and
300,000 shares of common
stock, to be offered for sale in 100,000 units, each con¬
sisting of $10 of debentures and three common shares.
Price—To
be
supplied by amendment.
Business—The
financing and sale of shell homes. Proceeds
—For the repayment of debt, the opening of additional
sales offices and the financing of home sales.
Office—
construction
Adrian, Ga. Underwriter—The Robinson-Humphrey Co.,
Inc., Atlanta, Ga. (managing).
Business
Funds, Inc.
2, 1961 filed 1,300,000 shares of capital stock.
June
Proceeds
For' investment.
Office —201
Main
St.,
Houston, Texas. Underwriters—Clark, Dodge & Co., Inc.,
New York; Alex. Brown & Sons, Baltimore, and
Rotan,
—
Mosle & Co., Houston.
/
.
it Byer-Rolnick
Hat Corp.
27, 1961 filed 100,000 outstanding common shares.
Price—By amendment. Proceeds—For the selling stock¬
Office—601
Marion
Dr., Garland, Tex.' Under¬
writers
Dallas Rupe & Son, Inc., Dallas, Tex., and
Straus,- Blosser & McDowell, Chicago.
—
1
•
CMC
April
Finance
28,
1961
Group, Inc. (7/10-14)
filed 150,000 shares of class
stock.
Price—To
—The
company,
in
the
South
capital.
A
common
be
supplied by amendment. Business
through its 20 subsidiaries, is engaged
finance
consumer
Carolina
and
business
Georgia.
in
North
Proceeds
—
Carolina,
For
working
Office—1009 Wachovia Building, Charlotte, N.C.
Underwriter—Auchincloss, Parker & Redpath, Washing¬
ton, D. C..
Cab'e
Carriers,
(7/18)
Inc,
March 23, 1981 filed 196,109 shares of capital stock. Price
—To be supplied by amendment.
Business—The com¬
Canada
Dry Corp.
ness
tal.
be
commercial
and
patents.
Office—Kirk
writer—To
based
use
on
Proceeds—For working capi¬
Boulevard,
Greenville, S.
C.
Under¬
named.
Calandra Photo,
designing
chase
15
class
A
shares
purposes..
pur¬
Feb.
2.
majority stock interest in Finger Lakes Racing Associa¬
tion, Inc., which is erecting a thoroughbred race track at
recreational
construct
and
hotels,
activities
and
•
may
restaurants
shares.
Price—$1,000
ings
be
to
unit.
per
June
Proceeds—For
Co.,
time
1,
1961
filed
Proceeds
—
$8,000,000
For
the
of
first
mtge.
repayment
of
bonds
due
bank loans.
common
shares
Office—2885 Foothill Blvd., San Bernardino, Calif.
Un¬
bidding.
Probable bidders:
Halsey, Stuart & Co. Inc.; Kidder, Peabody & Co.; First
Boston Corp.; Merrill Lynch, Pierce, Fenner & Smith
Bids—July 12 (9 a.m. PST) at the office of O'Mel& Myers, Room 900, 433 South Spring St., Los An¬
Caterpillar Tractor Co.
(6/30)
geles.
Center
Laboratories,
20,
filed
1961
debentures
Central
convertible
Coastal
subordi¬
ceeds—For investment.
ing, Denver.
&
shares.
common
investment
26, 1961
•
each
unit.
stockholders
held
on
the basis of
rights to expire about Aug. 3.
one new
about July
for
Cal-Va1
Research
&
Development
Corp.
(7/24-28)
16,
1961
amendment.
filed 200,000 common shares. Price—By
Business—Engineering research and de¬
velopment in ground support equipment in the missile,
«
military
and
Broadway,
Street
for
use.
special
purpose
products
Proceeds—For the repayment of
capital.
Office —15126 South
Calif.. Underwriter — First Broad
working
Gardena,
Corp., New York City (managing).
it Charter Industries, Inc.
June
22,
1961
Business—The
filed
100,000 common shares.
Price—$4.
of molded plastic prbducts.
manufacture
Research
Group
phonograph records. Proceeds—For gen¬
Office—3600 Market Street, Salt
Lake City, Utah. Underwriter—None.
Components Specialties, Inc.
April 20, 1961 (letter of notification) 60,000 shares of
common
stock (par 10 cents).
Price—$3.50 per share.
Business—The importation and sale of electronic sub-
share.
manufactures
stock. Price—$287:50 per
makes
eral corporate purposes.
the business of
also
common
company
and educational
(managing).
missile and space programs of the U. S. Government. The
Corp., Manchester, N. H.
20, 1961 filed 5,000,000 preferred shares (par one
cent). Price—$1. Business—The production of religious
materials,
Proceeds—For working cap¬
Lancaster Avenue, Ardmore, Pa. Un¬
common stock. Price
Business—The company is engaged in
engineering, research, development, man¬
ufacturing and installation of custom communication sys¬
tems and electronic, electro-mechanical and mechanical
systems and devices for ground support facilities for
$100
June
Business—The manufacture of building
derwriter—Lazard Freres & Co., New York
Business—The
Columbia
19,
Price—By amend¬
principally asphalt roofing.
Office—120 E.
of
color photographs
reproductions for churches, institutions, seminaries
and schools. Proceeds—For equipment; sales promotion;
repayment of loans: construction of buildings and im¬
provements of facilities. Office—202 E. 44th St.. New
York, N. Y. Underwriter—William, David & Motti, Inc.,
New York, N. Y.
(7/19-8/3)
of record
denominations
and
127,632 common shares to be offered
shares
in
Color
tures and 50 shares of
Pro¬
Office—611 Central Bank Build¬
Inc., and Peters, Writer & Christensen,
15
offered
Reproductions, Inc. (6/39)
May 10, 1961 (letter of notification) 950 units of $95,000
of 6% subordinated debentures, due June 30, 1971, and
47,500 shares of common stock (par one cent) to be
offered in units, each unit consisting of $100 of deben¬
1
fijled
be
Eastern Investment
Underwriters—Boettcher & Co.; Bosworth,
Co.i
to
$1,000. Price—At par. Proceeds—For working capital.
Office—36 Lowell St., Manchester, N. H. Underwriter—
Price—$3.75.
company.
notes
to
Investment Corp. of Denver
business
Acceptance Corp.
6, 1961 ("Reg. A") $125,000 of 10-year registered
series
due
such
small
Proceeds
plant additions, repayment of debt, and working
capital. Office—1450 Ferry Avenue, Camden, N. J. Un¬
derwriters—Ross, Lyon & Co., Inc., and Globus, Inc.,
both of New York City.
'
June
of
use.
—For
Inc.
$200,000
19^1961 filed 600,000
loans
"
latex, resins and plastic
compounds for industrial and commercial
1976 and 80,000 common shares
debentures, and
70,000
outstanding
common shares to be sold
by stockholders. Price—(De¬
bentures) At par. (Common) $2 per share. Proceeds—•
For construction of a new building. Office—Port Wash¬
ington, N. Y. Underwriters—Brand, Grumet & Seigel,
Inc., and Kesselman & Co., Inc., New York.
underlying
sold
!
sales
sale of industrial chemicals and
9, 1961 filed $50,000,000 of sinking fund debentures
due June 15, 1986. Business—The manufacture of
heavyduty farm and construction equipment. Proceeds—To
repay bank loans. Office — 600 West Washington St.,
East Peoria, 111. Underwriter—Blyth & Co., Inc., New
York (managing).
'
company
.
Clarkson Laboratories, Inc.
April 27, 1961 filed 200,000 shares of common stock.
Price—$2 per share. Business—The company plans to
engage in the development, manufacture, packaging and
June
per
(managing).
ment
St., Leominster, Mass. Underwriter—Clayton Se¬
curities Corp., Boston, Mass.
—$6
York
of products manufactured by Clark Equip¬
Co., parent. Proceeds—For the repayment of debt.
Office—324 East Dewey Ave., Buchanan, Mich. Under¬
writers—Lehman Brothers and Blyth & Co.,
Inc., New
York City (managing). Offering —
Temporarily post¬
poned.
Office
Engineering Corp.
Jan. 30, 1961 filed 100,000 shares of
(7/12)
New
common
Proceeds—For
Equipment Credit Corp.
April 21, 1961 filed $20,000,000 of debentures, series A,
due 1981. Price—To be supplied by amendment. Busi¬
ness—The financing in the U. S
and Canada of retail
(par $1). Price—$5. Proceeds—For repayment of loans,
equipment, inventory, and working capital. Office—125
ital.
15, 1961 filed 112,278
shares.
Price — By
repayment of loans, pur¬
chase of tank cars, and expansion.
Office—955 E. 25th
Street, Hialeah, Fla. Underwriter—Kidder, Peabody &
'ft
investment.
it Carringto^( George S.) Co.
1961 ("Reg. A") 60,000 class A
ment.
stock
Clark
June 14,
with
Syndicate, Inc.
(letter of notification)
1961
amendment.
erected
company.*
for
type.
City Gas Co. of Florida
Business—The
Hillcrest
Sullivan
management
loans; purchase of equipment; produc¬
pictures, and working capital. Office
—619 W. 54th St., New York, N. Y. Underwriter—Fontana Securities, Inc., New York, N. Y.
Avenue, Dallas, Texas. Underwriter—
Rotan, Mosle & Co., Houston, Texas (managing).
nated
the
Office—501
tion of four motion,
•
Capital Southwest Corp. (7/11)
May 8, 1961 filed 1,250,000 shares of common stock.
Price—$11 per share. Business—A small business in¬
June
of
company
investment.
the repayment of
and lease back three build¬
ft «3> A
•
Wolf, Inc., New York.
100,000 shares of
(par one cent). Price—$3 per share. Busi¬
ness—The production of motion pictures. Proceeds—For
C.
vestment
2,
common
tion of the above properties. Office—36 Pearl
sY., Hart¬
ford, Conn. Underwriter—Hodgdon & Co., Inc., Washing¬
D.
investment
Cinema
by Tower's Marts, Inc., for use as
retail discount department stores.. Proceeds—-F°r
acquisi¬
ton,
Corp.
(7/3-7)
6, 1961 filed 50,000 shares of common stock, series
per share. Business—A closed-end diver¬
May
(7/10-14)
1961 filed $600,000 of 9V2% debentures due
1977 and 12,000 shares of common stock to be offered
for public sale in units of $1,000 of debentures and 20
common
Industries
Bailey Avenue,
Worth, Texas. Distributor—Associates Management,
Inc., Fort Worth, Texas.
21,
company plans to purchase
Lex¬
Underwriter—F.
Fort
Capital Properties Inc.
April
Office—425
Y.
Builders, Inc.
Proceeds—For
adjacent to the
race track.
Proceeds—For construction, working capital
and general corporate purposes.
Office—26 Broadway,
New York City. Underwriter—S. D. Fuller &
Co., New
York City
(managing).
or
N.
Price—$5.50
sified
The company plans to engage
entertainment
motels
17,
products.
Proceeds — For general corporate
Office —17 Jeffrey Lane, Hicksville, N. Y.
Church
$5 per share. Price—To be
supplied by amendment. Business—The company owns a
in
expansion.
York
Co., New York City (managing).
Photo
Underwriter—Lewis
at
Canandaigua, New York.
New
15, 1961 ("Reg. A") 50,000 shares of class A stock
(par five cents). Price—$6. Business—Developing and
Chalco
derwriters— Competitive
June
Chrislin
1976, 240,000 shares of class A stock, and warrants
purchase 120,000 shares of class A stock to be offered
for public sale in
units, each consisting of $500 of de¬
share
•
Eberstadt &
due
bentures, 30 class A shares, and 6-year warrants to
Proceeds—For
Avenue,
June
the
in
City area, and the packaging and retail sale
coffee.
ington
Cananci'aigua Enterprises Corp. (7/10-14)
May 2, 1961 filed $4,000,000 of sinking fund debentures
for subscription by
veny
of
•
000 to be sold by
Inc.
Chock Full O* Nuts Corp.
(7/3-7)
April 7, 1961 filed $7,500,000 of subordinated debentures,
due May 1, 1961. Price—To be supplied by amendment.
Dillon, Union Secu¬
rities & Co., Hornblower & Weeks and
Winslow, Cohu
& Stetson,
Inc., New York.
ers.
California Electric Power Co.
(7/17)
dena, Calif. Underwriters—Grant, Fontaine & Co., Oak¬
land, Calif, (managing); Evans MacCormack & Co., Los
Angeles, Calif.; Stone & Youngberg, San Francisco and
Sellgren, Miller & Co., Oakland, Calif.
(7/11-27)
-^Certain-Teed Products Corp.
aging).
Corp.
1960 (letter of notification) 100,000 shares of
stock (par one cent). Price—$3 per share. Busi¬
ness—Manufacturers of printed circuits for the missile
industries. Proceeds — For general
corporate purposes
and working capital. Office—990 S. Fairoaks
Ave., Pasa¬
14,
New York
is
1991.
Chemonics
Nov.
common
Business—The operation of a chain of restaurants
June
photographic film, wholesale distribution of photographic
equipment, and operation of retail camera stores. Pro¬
ceeds—For exampansion, equipment, and working capi¬
tal.
Office—116 North 42nd Street, Omaha, Neb.
Un¬
derwriter—Cruttenden, Podesta & Co., Chicago (man¬
production and plant expan¬
Ave., New Brunswick, N. J.
Securities Corp., New York
(managing).
beverages, extracts and syrups in the U. S.
Canada. Proceeds—To prepay short term
loans, for
expansion and working capital. Office—100 Park
Ave.,
New York. Underwriters—Eastman
May 29, 1961 filed 170,000 class A shares, including 50,the company and 120,000 by stockhold¬
Price—By amendment. Business—The processing of
up
Codwise
Standard
and
Inc., Denver.
Inc.
—
and alcoholic
^
June
Underwriter
The manufacture and distribution of carbonated
—
starting
Office—388
sion.
$100 of
debentures for each 33 shares held of record about
July
11, with rights to expire July 27. Price—At par. Busi¬
Business—A
development of special material handling
industrial
company-owned
Proceeds—For
Ventura
June 8, 1961 filed $7,138,400 of convertible
subordinated
debentures due July 1, 1981 to be offered for
subscrip¬
tion by common scocKholders on the
basis of
June
for
loans and
Electronics, Inc.
May 29, 1961 ("Reg. A.") 100,000 common shares (par
10 cents). Price—$3. Proceeds—For
repayment of debt
and working capital.
Office—18601 S. Santa Fe Ave.,
Comptdn, Calif. Underwriters—J. K. Norton St Co. and
Stern, Zeiff & Co., Inc., New York.
pany' which began operations' in 1954, is engaged in the
systems
repay
Office—19s07
Calvideo
research
and
Proceeds—To
purposes.
Water
June
holders.
corporate
Boulevard, Woodland Hills, Calif. Underwriter—Auchin¬
closs, Parker & Redpath, Washington, D. C.
—6517
Price
Business—A small business investment company.
—$11.
fields.
space
to
Edison
1961 filed 40,000 shares of preferred
Proceeds
and
general
35
miniature
components.
Proceeds
—
For
repayment
of
debt; advertising, inventory and working capital. Office
—3 Foxhurst Road, Baldwin, L. I., N. Y. Underwriter—
i
Fund
•
Planning, Inc., New York, N. Y.
Comptometer Corp.
1961 filed 160,401 shares of common stock to
for subscription by holders of outstanding
common
stock; 6Vz% subordinated convertible sinking
fund debentures, series A, due 1970; and option agree¬
ments for the purchase of common shares.
Warrants
will be issued on the basis off one right for each common
March 31,
be offered
■\
.
Continued
on
page
36
36
(2368).
Continued from
share held
on
The Commercial and Financial Chronicle
35
page
the record
date,
right for each share
issuable upon conversion of a series A debenture, as if
such debenture had been converted, and one right for
each share issuable under the option agreements.
The
warrants will provide that one new share will be issuable
for each eight rights tendered. Price—To be
supplied by
ganized
on
one
Business—The
amendment.
company's activities are or¬
divisional basis—Business Machines, Com¬
a
1 IGA Way,
Salem, Mass. Underwriter—Mann
Salem, Mass.
munications and
Electronics, Business Forms, Burke Golf
and Worthington Golf Ball Divisions. Proceeds—For the
"
Crown Aluminum Industries
Jarvis
Ave., Chicago, 111.
Underwriters
To
—
be
named.
—
Proceeds—For plant
expansion, new equipment and the
CompuDyne Corp. (7/11)
May 12, 1961 filed 168,000 shares of common stock, of
which 120,000 are to be offered for public sale
by the
company and 48,000 outstanding shares by the present
holders
thereof. Price—To be supplied
by amendment.
Business—The furnishing of instruments and
systems for
missile sites, and the design,
development, assembly and
manufacture of electronic and other devices used in the
automatic control of aeronautical and missile test facil¬
ities. Proceeds—For inventory
expansion, research and
development, the redemption of outstanding 6% deben¬
tures due Dec. 1, 1961, and
working capital. Office—404
South Warminster Rd., Hatboro, Pa.
Underwriter—Hayden, Stone & Co., New York City (managing).
Computer Equipment Corp.
April 5, 1961
(letter of notification)
common
stock
(no
by stockholders
par)
one
for
shares
of
subscription
share for each
new
April 20. Rights expire June 14.
Price—$2.10
Custom
May
per share. Proceeds—For research and pro¬
duction, and general corporate purposes. Office—11612
Olympic Blvd., Los Angeles, Calif. Underwriter—
Holton, Henderson & Co., Los Angeles, Calif.
Conolite, Inc.
1, 1961 filed
170,000
construction,
for
class
A
shares.
Price — $5.
laminate used in
aircraft industries "and
"Conolite,"
furniture
and
a
electrical insulation.
Proceeds—For the purchase of
the "Conolite" business of Continental Can
Co.,
Inc.; the
repayment of debt; moving expenses, and working capi¬
tal. Office—Suite 414, 52
Broadway, New York. Under¬
writer—Amos Treat & Co., Inc., New York.
Consolidated
Bowling Corp.
March 29, 1961 filed 738,000 shares of common stock and
$900,000 of 6% convertible subordinated debentures, due
in July, 1981.
Prices—For the stock: $3.50 per share;
for
the debentures:
Homes, Inc.
(letter of notification)
1961
stock
(par
10
120,000
Price—$2.50
cents).
shares
of
share.
per
Saratoga
St., Baltimore, Md. Underwriter—T. J. McDonald &
Co.,
Washington, D. C.
•
Dallas
A&rmotive, Inc. (7/17-21)
filed 390,000 shares of common stock, of
May 26,
which
by
1961
350,000
the
shares
company
holders
present
amendment.
be
to
are
and
40,000
thereof.
offered
for
public sale
outstanding shares
Price
To
—
by the
supplied by
be
military customers.
Proceeds
—
Underwriter—Eppler, Guerin & Turner, Inc., Dallas.
Components, Inc.
6, 1961 ("Reg. A") 120,000 common shares (par
cents). Price—$2. Business—The marking and fabri¬
cation for metal parts. Proceeds—For
moving expenses,
plant equipment, sales promotion and working capital.
June
10
Office
100% of principal amount.
Business
—Operates bowling centers and owns real estate.' Pro¬
ceeds
For
expansion.
Office — 880
Military
Road,
Niagara Falls, N. Y. Underwriter—None.
2212
—
Data
April
McDonald Ave., Brooklyn, N. Y.
Processing,
12,
par
1961
Under¬
Co., Inc., New York.
of
stock.
notification)
Price—$4
75,000 shares of
share.
Business—
per
The research, design and
development of advanced digi¬
tal computer programs. Proceeds—To
purchase
Mass.
Wall
equipment.
Underwriter
St.,
Office—1334
First
—
New York
Main
Weber
St.,
lease
or
Waltham,
Corp., 79
Securities
City.
26,
1961
consultant
60,000
shares
of
stock.
common
Business—The company acts as
advisor
or
in
matters
pertaining
to
data
•
Production Corp.,
buys and manages fractional interests
in
producing oil and gas properties. Proceeds—For in¬
vestment, and working capital. Office—14 North Robin¬
son,
Oklahoma City, Okla.
Underwriter
Shearson,
—
Hammill & Co., New York City
company
formerly
23,
Note—This
named Cador Production Corp.
was
^ Consumers Power Co.
June
(managing).
(8/15)
filed $40,000,000 of first mortgage bonds
1, 1991. Office—212 West Michigan Ave., Jack¬
Mich.
Underwriters—(Competitive) Probable bid-
son,
bers:
Halsey, Stuart & Co. Inc.; White, Weld & Co. and
& Co.
(jointly); Harriman Ripley & Co., and
First Boston Corp.
(jointly); Morgan Stanley & Co. Bids
Shields
—Aug. 15, 1961 at 11:30
(EDST)
a.m.
at
300 Park
New York. Information
(EDST)
New
at
York.
• Continental
June
one
19,
Ave.,
Meeting—Aug. 10, 1961 at 11 a.m.
Bankers Trust Co., 2nd
floor, 16 Wall St.,
Leasing Corp.
("Reg. A") 100,000 common shares
Price—$3. Proceeds—For purchase of
automobiles, advertising and promotion,
capital.
Office—527 Broad St.,
and
Sewickley, Pa.
writer
H. B. Crandall Co.
Inc., New York.
Cortez
Life
new
Under¬
and Cambridge Securities.
Insurance Co.
Jan.
12, 1961 filed 500,000 shares of common
stock
Price
$3 per share. Business—The
company is engaged
in the business of
writing life insurance, annuity policies
and re-insurance. Proceeds—For
general corporate pur¬
poses. Office—304 Main St., Grand
Junction
Colo. Under¬
writer—None.
District
of
Cosmodyne Corp.
12,
cumulative preferred stock. Price
At par ($100 per
share). Office—214 Perry St., Davenport, Iowa. Under¬
writer—Quail & Co., Inc., Davenport, Iowa.
—
De-Electronics, Inc.
April
13,
ness
1961
The
—
filed 100,000 common shares.
amendment. Business
The manufacture
—
of
Price
By
equipment
for the storage of
super-cold liquids and gases. Proceeds
For
manufacture of new
equipment, repayment of
assemblies.
§Qo?oalw0r|>i0rete
W. El
pu,rposes and working
Segundo
capital.
Blvd., Hawthorne, Calif
Co., San Francisco
Of¬
fering—Expected in Mid-August.
Underwriter—Dean
Cosnat
^^Y
which
Record
Witter
&
Distributing Corp.
1961 filed 150,000 shares
105,556 shares
are
the company and
44,444
ent holders thereof.
Business—The
of
of
stock
of
to be offered for
public sale bv
be
manufacture
pres¬
supplied
and
by amend¬
distribution of
phonograph records.
Proceeds—For the repayment
debt, and working capital.
Underwriter—Amos Treat
office-315 west
• Cressey, Dockham &
Co.,
of
&
47tt
Inc.
™Reg' A100'0°0 common shares (par
$1). Price 196*l
$3. Proceeds—For
working capital. Ofhce
of
For
—
Glass
Fibres,
Inc.
preferred stock
class -A common
(voting) and 300,000 common shares (non-vot¬
ing). Price—$10 per share for the preferred and $1 per
27, 1960 filed 500,000 shares of 7%
(cumulative
convertible);
-
50,000
shares
share for the class A and
common
Business—The
shares.
insulation and
glass fibre threads, mats and rovings for use in the pro¬
duction of reinforced plastics. Proceeds—For working
capital and the purchase of additional equipment. Office
—1037 Jay St., Rochester, N. Y. Underwriter — None.
manufacture
and
of
sale
glass fibre for
Dornost
June
Publishing Co., Inc. (7/24-28)
1961 filed 100,000 common shares (par
14|
one
publishing. Pro¬
ceeds—For general corporate purposes and working cap¬
ital. Office—43 W. 61st Street, New York. Underwriters
—Globus, Inc., and Harold C. Shore & Co., Inc., N. Y.
Business—Magazine
cent). Price'—$1.
Chemical
Dubow
1961
10,
share.
Corp.
(letter
stock
common
Business—The
of notification) 80,000 shares of
(par one cent). Price—$2.25 per
development and manufacture of
chemical products. Proceeds—For
general corporate pur¬
Office—222 Newbridge Ave., East Meadow, L. I.,
Underwriters
Planned Investing Corp., New
poses.
Y.
—
York City and Fidelity Investors
•
electronic
the
components
purchase
of
and
of inventory;
New
Co., (managing)
York
and
T. M. Kirsch
&
Co.,
City.
Milner
Dumas
Service, East Meadow,
(7/17,t21)
Corp.
.
$2,000,000 of 6% convertible sub¬
ordinated debentures due 1971, and 400,000 outstanding
shares of class A common stock to be offered for public
May
1961, filed
24,
sale
present holders thereof. The securities will
by the
be. sold in 200,000 units, each consisting of
$10 par
supplied
by amendment. Business—The manufacture and sale of
products used in cleaning, sanitation maintenance and
household laundering. Proceeds—For the repayment of
debt and product expansion. Office—Jackson, Miss. Un¬
derwriter—Courts & Co., Atlanta, Ga. (managing).
one
debenture and two class A shares. Price—To be
and
C.
E.
June
P.
I., Inc.
("Reg. A") 52,500 common shares (par 25
Price—$5.50. Business—The training of person¬
14, 1961
cents).
nel to
Decitron Electronics Corp.
March 16, 1961 filed 50,000 shares of common stock
(par
one
cent), of which 30,000 shares are to be offered for
public sale by the company and
20,000 outstanding
shares by the present holders thereof.
Price
$2 per
share. Business
The design, manufacture and sale of
electronic equipment for the U. S. Government. Pro¬
—
operate IBM electronic computers and punch card
tabulating equipment.
Proceeds — For expansion and
working capital. Office—116 W. 14th Street, New York.
Underwriter—Stern, Zeiff & Co., Inc., New York.
Eastern
June
Air
Devices,
Inc.
16, 1961 filed 150,000
common
shares to be offered
—
ceeds
For research and
development and for working
capital. Office—850 Shepherd
Ave., Brooklyn, N. Y., Un¬
derwriter—M. L. Lee & Co., New York
Denver
May 15,
To
for
be
Real
1961
Estate
filed
supplied
Investment
Fund
Petroleum
amendment.
each
Price—
Business—The
Fund
opportunity to participate jointly
large and diversified real estate investments which
offer promise of growth and increased values. Proceeds
—For investment. Office—660 17th
Underwriters
Boettcher
&
common
parent, on
Street, Denver, Colo.
Bosworth, Sullivan & Co., Inc., and
Co., both of Denver, Colo, (managing).
Development Corp. of America
March 30, 1961 filed 200,000 shares of
cents).
and
rate
Price—$3
per
construction
in
Office
Share.
of
Florida.
purposes.
(7/24-28)
common
single-family
Proceeds—For
—
stock
5707
general
Hollywood
—Sutro
(managing).
Co., Inc.,
•
Devonbrook, Inc. (7/24-28)
June 8, 1961 filed 120,000
outstanding
by stockholders.
common shares
Price—$5. Business—Manu¬
facturers of women's apparel.
stockholders.
Proceeds—For the selling
Office—1400
Diamond Crystal
Salt Co.
New
York.
Un¬
(7/10)
Diversified
Industries,
Inc.
12, 1961 ("Reg. A") 24,059 7% convertible pre¬
ferred shares (par $5) to be offered for subscription by
common stockholders on the
basis of one share of pre¬
each
1961.
10 shares
of
the
production
Proceeds—For
common
held
Price—About $5 per share.
of
limestone for cement companies.
equipment and the repaynrent of
of
new
Office—Kutztown, Pa.
Underwriters—Stroud &
Co., Inc., Philadelphia and Warren W. York & Co., tyic.,
Allentown, Pa. (co-managers).
Edo
June
Corp.
record
on
Proceeds—To
i
14, 1961 filed 108,971 common shares.
Business —The
amendment.
Price
manufacture
of
—
By
electronic-
the selling stockholders.
College Point, N. Y. Under¬
writers—Paine, Webber, Jackson & Curtis and Kidder,
Peabody & Co., New York (managing).
equipment.
Proceeds—For
Eichler
111th
Homes,
Street,
Inc.
May 16, 1961 filed $2,000,000 of-convertible subordinated
debentures
due
in
So.
J.
S.
Strauss
June
1,
1973. Price—To be supplied by
erection of apartments and
Business—The
California.
additional land.
&
Proceeds—For
the
purchase of
Office—Palo Alto, Calif. Underwriter—
Co., San Francisco, Calif,
(managing).
Electra
International, Ltd.
May 5, 1961 filed 70,000 shares of capital stock. Price—
To be supplied by amendment. Business—The manufac¬
ture of
June
for
(7/6)
March 31, 1961 filed $700,000 of subordinated debentures,
1976.
Price—At 100% of principal amount.
Busi¬
ness—The operation of a quarry in Kutztown, Pa., and
homes
May 22, 1961 filed 300,000 shares of outstanding common
be supplied by amendment. Proceeds—
To selling stockholders.
Office — 916 South Riverside
Drive, St. Clair, Mich. Underwriter—Kidder, Peabody &
Co., New York City (managing).
June 5,
purposes.
due
amendment.
stock. Price—To
ferred
corporate
Offering—Expected in late July.
Lime Corp.
Eastern
Office—1404
•
sold
other
Central Avenue, Dover, N. H. Underwriters
Bros. & Co. and Gregory & Sons, New York
(managing).
and
corpo¬
Boulevard,
New
City
(par
residences
Underwriter—Amos Treat &
be
and
manufac¬
Proceeds—For the
debt.
,
Business—The develop¬
Hollywood, Fla.
York
Business—The
held.
and servo components.
equipment
of
purchase
shares
stockholders of Crescent
the basis of one share for
—
•
•
Corp.,
Crescent
10
ture of power
in
to
by
Office—385
.
600,000 shares in the Fund.
by
will offer investors the
10
subscription
—
Broadway,
derwriter—Globus, Inc., New York.
(7/24-281
common
outstanding shares by the
Price—To
ment.
Proceeds
shares
share. Busi¬
per
working capital. Office—50
St., Mount Vernon, N/.Y. Underwriter—-Theo¬
Third
both
112,000
(par 10 cents). Price—$1
manufacture
manufacturing facilities
-
Office—3232
(letter of notification)
stock
common
communities
1961
Dolomite
Dec.
Columbia.
Davenport Water Co. *
May 15, 1961 (letter of notification) 3,000 shares of 5%%
ment
•
June
Minneapolis, Minn. Underwriter—Fund Dis¬
tributors, Inc.
L. I., N. Y.
(par
working
—
Bank Bldg.,
—
City.
1961
cent).
Dollar Mutual Fund, Inc.
April 25, 1961 filed 100,000,000 shares of capital s$ock.
Price;—$1 per share. Business — A diversified mutual
fund. Proceeds
For investment. Office — 736 Midland
Office—8113-A Fenton
Street, Silver Spring, Md. Under¬
writer
First
Investment Planning
Co., Washington,
dore Arrin &
1961
Inc.
$2,046,900 of-&%pdnvertible sub¬
1981 being offered for
subscription by holders of the company's common stock
of record June 20 with rights to expire July 10.
Price—
At par.
Business — The manufacture of sulfuric acid.
Proceeds—For the construction of a new plant and for
working capital. Office—Broad and Hepburn Rd., Clif¬
ton, N. J. Underwriter—P. W. Brooks & Co., Inc., New
York City (managing).
N.
E.
due Aug.
Industries,
filed
1961
ordinated income debentures due
processing problems and equipment. Proceeds—To de¬
velop data processing systems and for working capital.
—
Consolidated Production Corp.
(7/24-28)
May 26, 1961 filed 200,000 shares of common stock. Price
—To be supplied by amendment.
Business—The com¬
pany, which plans I to change its name to Consolidated
Chemical
31,
class A
filed
Price— $4.25 per share.
a
Dixon
April
Datatrol Corp.
April
•
March
•
Inc.
(letter
common
computer
Co., Beverly Hills, Calif.; Hardy & Co., New
York; Arthur B. Hogan, Inc., Burbank, Calif.; Wedbush
& Co. and Wheeler & Cruttenden, Inc., Los Angeles; M,
S. Walker & Co., Long Beach, Calif., and V. E. Anderson
& Co., Salt Lake City.
$
For
realty acquisitions, the repayment of debt, and for ex¬
pansion. Office—6114 Forest Park Road, Dallas, Texas.
writer—A. J. Frederick
debt, and for working capital.
Office^—8450 San
Road, Sun Valley, Calif. Underwriters—R. E.
repay
Business—The overhaul of aircraft engines
for commercial and
no
Business—Manufacturers
the
8,
Shell
Proceeds—To erect sample homes,
repay a loan, and for
expansion and working capital. Office—412 W.
W.
June
Office—5820 Center Ave¬
nue, Pittsburgh, Pa.
Underwriters — Adams & Peck;
Allen & Co., and Andresen &
Co., all of New York City.
Data
38,984
being offered
the basis of
on
12 shares held of record
products.
new
Thursday, June 29, 1961
.
Bernhard &
Price—To be supplied by amend¬
ment.
Business
The manufacture and distribution of
enameled aluminum
siding and aluminum accessories.
development of
.
Fernando
debentures due 1976.
common
•
Creesy,
v
Corp.
May 1, 1961 filed $2,000,000 of convertible subordinated
repayment of debt and for working capital. Office—5600
West
&
.
products in the automotive ignition field for sale
the United States. Proceeds
For research,
development, and working capital. Office—222 Park
outside of
and
—
Ave., South, New York City. Underwriters—Robert A.
Martin Associates, Inc., and Ezra Kureen Co., both of
Vnrlf
P.itv
11
0
Volume
193
Number
6068
.
.
The Commercial and Financial Chronicle
.
(2869)
Electrarc, Inc. (7/14)
April 21, 1961 filed 100,000 shares of common stock,
Price
$5 per share. Business
The research and de¬
velopment of arc welding and wire shielding. Proceeds
—
—For
—
equipment,
working capital and miscelljkneous
Washington St., Lynn, Mass. Un¬
derwriter—P. de Rensis & Co., Inc.,
Boston, Mass.
Office—505
expenses.
ordinated debentures due 1976 and 70,000 shares of com¬
stock. Price—To be supplied by amendment. Busi¬
mon
ness—A
Products Corp.
(letter of notification) 100,000 shares of
common
stock (no par). Price—$2
per share. Office—
4642 Belair Rd.,
Baltimore, Md. Underwriters—Bertner
11,
Bros,
•
1961
and
Earl
Edden
&
Co., New York, N. Y.
May
25,
for working capital. Office—400 S.
Beverly Drive,
Beverly Hills, Calif. Underwriters—Thomas Jay, Win¬
ston
basis
for
of
Price—To
subscription by
one
new
share
common
for
each
stock
to
stockholders
on
three
shares held.
be
supplied by amendment. Business
The
is licensed under the Small Business
Invest^
of 1958 and provides long-term investment
capital and management services to small business con¬
—
company
ment
in the electronics field.
Proceeds—For investment.
Office—1400 Fifth Ave., San Diego, Calif. Underwriter-
Bear, Stearns & Co., New York City
•
[(managing).
Empire Life Insurance Co. of America
(6/30)
March
14, 1961 (letter of notification) 30,000 shares of
capital stock (no par). Price—$10 per share. Proceeds—
To go to selling stockholders. Office—2801 W. Roosevelt
Road, Little Rock, Ark. Underwriter—Consolidated Se¬
curities, Inc., 2801 W. Roosevelt Road, Little Rock, Ark.
Engineered Plastics Container Co., Inc.
June 5, 1961 ("Reg. A") 100,000 capital shares
(par $1).
Price—$3. Proceeds—For equipment and working ma¬
chine.
Address—Anaheim, Calif.
Mitchell
J.
Underwriter—Francis
Co., Newport Beach, Calif.
&
Manufacturing Co.
12, 1961 filed 300,000 outstanding common shares.
Price
$5. Business—The manufacture of short-term
stampings out of metals. Proceeds—For the selling stock¬
—
Un¬
• Fennell Corp.
June
13.., 1961 ("Reg. A") 100,000 common shares (no
par). Price—$3. Office—379 E. 147th St.,
Harvey, 111.
Underwriter—None.
•
Ferson Optics,
May
29,
("Reg. A.") 75,000 common shares (no
Price—$4. Proceeds—To purchase machinery for
development and promotion, and working capital.
Address—Ocean Springs, Miss.
Underwriters—McLarty
& Duddleston, Jackson
Miss.; Beil & Hough, Inc., St.
Petersburg, Fla.; J. C. Bradford & Co., Nashville, Tenn.;
par).
Clement A.
Evans
Co., Inc. and Robinson-Humphrey
Ga. and Pierce, Carrison, Wulbern,
Fla.
Offering—Expected
in
mid
to
August.
Fifth Dimension Inc.
(7/24-28)
May 25, 1961 filed 60,000 shares of common stock. Price
—To be supplied by amendment. Business—The
design,
development, manufacture and sale of precision instru¬
ments
ceeds
for
measurement
For
—
Office—P.
research
O.
and
and
control
applications.
product
new
15,
$100
per
own
Business—The
Commonwealth
of
company
Puerto
Rico
to
luxury, beach-front hotel in San Juan.
a
hotel will
unit.
per
be
operated under a 30-year lease by a
subsidiary of Sheraton Corp. of America. Proceeds—For
construction.
Office—1205 Ponce de Leon
turce, P. R.
Avenue, San-
if Equitable
cents)
to
be
Price—$2.
legal
Proceeds
for
—.
common
subscription
For
shares
by
(par 25
stockholders.
advertising' and promotion,
Atlant^.
Equity Capital Corp. (7/10-14)
April 7, 1961 filed 100,000 shares of common stock (par
$1.25). Price—To be supplied by amendment. Business
The making of short-term construction and second
mortgage loans, and the buying of improvement loan
obligations from the holders thereof. Proceeds—To re¬
—
tire
debt
and
for*
working
capital.
Office
—
430
First
Avenue
North, Minneapolis, Minn. Underwriter—Paine,
Webbpr, Jackson & Curtis, New York City (managing).
•
Ets-Hokin & Galvan, Inc.
(7/17-21)
June 1, 1961 filed 209,355 common
shares, including 100,and 109,355 by stockhold¬
000 to be sold by the company
Price—By amendment.
ers.
Business—Installs electrical
and
electronic systems in missile installations.' Proceeds
—For general corporate purposes.
Office—551 Mission
.St.;
San Francisco,
Noel
&
Calif.
Underwriter
—
Van
Alstyne,
Co., New York (managing).
ord
one
June
rec¬
with
(EDST). Price
securities
share for each two shares held of
new
30
—
of
rights to expire July 7, 3:30 p.m.
$16. Business — The Fund invests in
companies
having
in
the
operations
Common Market Area of Europe.
Proceeds — For in¬
vestment. Office—14 Wall Street, New York City. Un¬
derwriters—Glore, Forgan & Co., (managing); Francis
I. du Pont & Co.; Shearson, Hammill &
Co., all of New
York City.
•
Fairfield
Controls, Inc. (7/10-14)
May 19, 1961 filed 1^0,000 shares of common stock. Price
—$1 per share. .Business—The manufacture of electronic
solid; state power controls designed by the company's
engineers from specifications supplied by customers.
Proceeds—For equipment, repayment of a loan, inven¬
tory, advertising and working capital. Office—114 Man¬
hattan Street, Stamford, Conn.
Underwriters—Globus,
Inc., and Lieberbaum & Co., both of New York City.
Famous
Artists
June
13, 1961
100,000 will be
stockholders.
Schools,
filed 336,625
sold
Price
Inc.
(7/24-28)
common
by/the company
interest in diversified
Salem Avenue,
Co., Dayton, Ohio.
shares
of
which
and 236,625
by
—
trust. Proceeds—For
Boston.
National
—
680 Fifth Ave., New
York City. Underwriter—Bear, Stearns & Co., New York
(managing).
^
•
(7/10-14)
of 6% convertible
Faradyne Electronics Corp.
Jan.
30,
filed
1961
$2,000,000
ordinated debentures.
Business—The
sub¬
Price—100% of principal amount.
is engaged in the manufacture
and distribution of high reliability materials and basic
electronic
components, including dielectric and electro¬
lytic capacitors and precision tungsten wire forms. Pro¬
Office—471
payment of debts and for woorking capital.
Street, Belleville, N. J. Under¬
Cortlandt
writer—S. D. Fuller Co.
'i
•
Federal
May
(7/17-21)
$700,000 of 6%% convertible sub¬
Factors,
8/1961
filed
|®§
Inc.
investment.
Office—30
Federal
Real
Estate
Trust
St.,
\,r
6,,1961 filed 1,000,000 shares of beneficial interest
Trust. Price—By amendment. Business—Real es¬
tate investment. Office—15 William
St., New York. Dis¬
tributor—Aberdeen Investors Program,
Inc., New York.
First
Small
Business
Corp.
of New Jersey
April 18, 1961 filed 300,000 shares of capital stock (par
$1), to be offered for public sale by the present holder
thereof. Price
$12.50 per share. Business — A small
—
business investment company organized in July, 1960,
by the National State Bank of Newark, sole stockholder.
Proceeds—For investment apd working capital. Office—
810 Broad St., Nfewark, N. J.
Underwriters—Shearson,
Hammill & Co., New York City and Heller &
Meyer,
East Orange, N. J.
_
First
Small
Business
Investment
Company
of
Tampa, Inc.
1960 filed 500,000 shares of common stock. Price
—$12.50 per share. Proceeds — To provide investment
capital. Office—Tampa, Fla. Underwriter—None.
•
First
Surety Corp. (8/4)
*
May 31, 1961 filed 736,493 outstanding shares of capital
stock to be offered' for sale by stockholders. Price—By
.
amendment.
Business—The company owns Surety Sav¬
ings & Loan Association,
erates
deeds
insurance
an
of
trust
.
California corporation; op¬
agency, and acts as a trustee under
a
Proceeds
Office—237
Flato
—
For
general corporate pur¬
Realty Fund
April 21,
the
Fund.
1961 filed 2,000,000 shares of participation in
Price—$10 per share. Business—A new real
investment
estate
trust.
Proceeds
—
For
investment.
Office—Highway 44 and Baldwin Blvd., Corpus Christi,
Texas. Distributor—Flato, Bean &
Co., Corpus Christi,
Texas.
24,
Candy Corp.
(letter of notification) 85,700
stock (par 10 cents).
Price—$3.50
shares
per
of
share.
Business—The manufacture of candy products.
Proceeds
repayment of loans; working capital, and expan¬
sion.
Office—1717
Broadway, Brooklyn, N. Y.
Under¬
Options Corp.; Jacey Securities Co.
Planned Investing Corp. all of New York
City.
Capital
Corp.
of
small
offered
of
one
business
investment company.
Proceeds—For investment. Office—396 Royal Palm
Way,
Palm Beach, Fla. Underwriter—A. C.
York (managing).
Florida
Steel
Allyn & Co., New
'
the
over
photographic films and the sale of photographic
equipment. Proceeds—For working capitaj and possible
Tenn.
Antonio,
Corp., Nashville,
Offering—Expected in mid-August.
Frederick-Willys Co., Inc.
1961 (letter of notification)
April 20,
150,000 shares of
(par five cents). Price—$1.15 per share.
Business—Manufacture of family recreation equipment.
fabricating and warehousing of steel products. Proceeds
—For the selling stockholders. Office—1715 Cleveland
St., Tampa, Fla. Underwriters—McDonald & Co., Cleve¬
Kidder, Peabody & Co., New York
stock
common
Proceeds—To repay debt, purchase additional
equipment,
for research and
development, and working
capital.
fice—6519
Of¬
Nicollet Avenue,
Minneapolis, Minn. Under¬
writer—Continental Securities, Inc., Minneapolis, Minn.
Frontier
March 16,
Airlines/ Inc.
1961 filed 250,000 outstanding shares of
com¬
stock. Price—To be supplied by amendment. Busi¬
ness—The transportation by air of
passengers, property
and mail between 66 cities in 11 states. Proceeds—For
the selling stockholders.
Office — 5900 E. 39th
mon
Ave.,
Denver, Colo. Underwriter—To
•
G-W
Jan.
Ameritronics,
25,
1961
filed
Inc.
be named.
(7/5)
80,000 shares
of
stock
common
and
160,000 warrants to purchase a like number of common
shares, to be offered for public sale in units, each con¬
sisting of one share of common stock and two warrants.
Each warrant will entitle the holder thereof to
purchase
one share of common stock at
$2 per share from March
to
August 1961 and at $3
February 1964. Price
to
share from September 1962
$4 per unitrBusiness — The
per
—
(formerly
Gar
Wood
Philadeljrfiia .Truck
Equipment, Inc.), distributes, sells, services and installs
Gar Wood truck bodies and equipment in
Pennsylvania,
Delaware, and New Jersey, under an exclusive franchise.
company
Proceeds
For geperal corporate purposes.
Office—•
Kensington and Sedgley Avenues, Philadelphia, Pa. Un¬
derwriter—Fraser & Co., Inc., Philadelphia, Pa.
Note—
This company plans to change its name to G-W Indus¬
—
•
Garan
Inc.
(7/24-28)
May 29/ 1961 filed 120,000 shares of common stock. Price
—$6.50 per share. Business—The manufacture of men's
and
boys' sport shirts. Proceeds—To equip a new plant
Lambert, Miss., and for working capital. Office—112
Street, New York City. Underwriter—J. R. Williston & Beane, New York City (managing).
at
W;34th
Gelman
Instrument
Co.
June
6, 1961 ("Reg. A") 50,000 common shares (no par).
Price—$6. Proceeds—For repayment of debt, purchase
of
equipment, research and development, and working
capital. Office—106 N. Main Street, Chelsea, Mich. Un¬
derwriter—Robert A. Martin Associates, Inc.,
N. Y.
General
Acceptance Corp. (7/3)
June 7, 1961 filed $15,000,000 of convertible capital de¬
bentures due June 1, 1981. Price—By amendment. Busi¬
ness—A finance company. Proceeds—For working cap¬
ital.
Office—1105 Hamilton St., Allentown, Pa. Under¬
writers—Paine, Webber, Jackson & Curtis and Eastman
Dillon, Union Securities & Co., New York (managing).
General
June
for
Life
Insurance
16, 1961 filed 348,400
Corp. of Wisconsin
shares to be offered
common
subscription by stockholders
on
the basis of
one new
share for each two and one-half shares held.
Price—By
amendment. Proceeds—For expansion and other corpo¬
rate
purposes. Office—8500 W. Capitol Drive, Milwau¬
kee.
apolis
Underwriter—Piper, Jaffray
(managing).
& Hopwood,
Minne¬
General
April 24,
Resistance, Inc.
1961 (letter of notification) 100,000 shares of
stock
(par 10 cents).
Price —$3 per share.
of precision wire sound re¬
sistors, restance networks and measuring instruments.
Proceeds—Fpr repayment of loans; working capital and
general corporate purposes. Office—430 Southern Boule¬
vard,
&
Bronx/ N. Y.
(managing).
Underwriters—Flomenhaft, Seidler
Co., Inc., New
York,
Corp., Levittown, N. Y.
^ General
Spray
N.
Service,
Y.,
and
I.
R.
E.
Investors
Inc.
1961 filed 90,000 class A common shares and
warrants to purchase 90,000 class A common shares to
be offered in units, each unit consisting of one class A
share and one two-year warrant. Price—$3.50 per unit.
Business
The manufacture of a spraying machine.
Office—156 Katonah Ave., Katonah, N. Y. Underwriter23,
—
Ross, Lyon & Co., Inc., New York (managing).
Getz
Corp.
June 8, 1961 filed 100,000 common shares to be sold
by
stockholders. Price
By amendment. Business — The
land and
I
future acquisitions. Office—1734
Broadway, San
Tex. Underwriter—Equitable Securities
June
June 23, 1961 filed 488,332 common shares to be
for subscription by stockholders on the basis
new share for each two
shares held.
Business—A
'
Business—The manufacture
1961
• Florida
Road,
Fi^rlkov & Co.,
businesses of The Fox Co.,
Antonio, Tex., atfd the Stanley Photo Service, Inc.,
Louis, Mo., which are now engaged in the processing
common
Mir
•—For
ment.
plans to take
pany
St.
,
Flora
May
—
Fox-Stanley Photo' Products, Inc.
March 29, 1961 filed <387,500 shares of
common
stock
(par $1) of which 50,000 shares are to be offered for
public sale by the company and
337,500 outstanding
shares by the present holders thereof.
Price—To be sup¬
plied by amendment. Business—In May 1961 the com¬
Olive
Ave., Burbank, Calif. Under¬
writer—Dempsey-Tegeler & Co., St. Louis (managing).
Offering—Expected in late July.
poses.
Hempstead, N. Y. Underwriter
(managing).
tries.
(7/3-7)
Price—By amend¬
company
ceeds—For the
Sponsor—The
in the
and
Office
Ohio.
Underwriter—Shearson, Hammill & Co.,. N.. Y.
First
writing
purposes.
Dayton,
Of¬
Mortgage Fund (7/24-28)
June 12, 1961 filed 1,000,000
sharpy o| ber^fjk^J inter¬
ests. Price$15. Business — A real" estate investment
common
By .amendment. Business — The
in the visual arts,
photography fields. Proceeds—For gen¬
corporate
proper¬
First
writers—Security
eral
opportunity to
Proceeds—For investment.
fice—627
company provides home study courses
and
an
income-producing
Oct. 6,
Eurofund, Inc.
May 18, 1961 filed 551,250 shares of common stock (par
$1) being offered for subscription by stockholders on the
basis of
1961, to provide investors with
an
June
•
1961 filed 20,000 shares of the Fund. Price—
share. Business—The Fund was organized in
ties, chiefly real estate.
•
audit fees, and working capital. Office—247
St., Asheville, N. Y. Underwriter—Courts &
and
Charlotte
Co.,
offered
May,
Dahio
Underwriter—None.
Leasing Corp.
June 19, 1961 ("Reg. A") 90,000
First Diversified Fund
own
Cherry Valley Terminal
West
Inc., New York
Pro¬
development.
Box
May
Price—$150
formed by the
The manufacture and retail sale of
household furniture.
Proceeds—For acquisition of new,
stores, development of
new furniture
items, working capital and other corpo¬
rate purposes.
Office —
&
Co., Inc., Atlanta,
Inc., Jacksonville,
late
if Foamland U. S. A., Inc.
22, 1961 filed150,000 common
shares, of which
90,000 * shares are
to) be offered by the company and
60,000 shared by the Stockholders. Price—$5. Business—
June
San
Inc.
1961
shares.
The
lT
Federal Tool &
Enterprise Hotel Development Corp.
May 19, 1961 filed 242,000 shares of common stock and
9,680 shares of preferred stock (par $100) to be offered
for public sale in units of one preferred and 25 common
build and
I
&
483, Princeton, N. J. Underwriter—
Milton D. Blauner &
Co., Inc., New York City (manag¬
ing).
was
\
Co., Beverly Hills, Calif.; Maltz, Greenwald
Globus, Inc., New York, N. Y.
June
Act
cerns
&
Co. and
Office—3600 Alabama Ave.,
Minneapolis.
derwriter—Jamieson & Co., Minneapolis.
Capital Corp. (7/3-7)
filed 612,463 shares of common
1961
offered
the
loans,
repay
holders.
Electronics
be
Proceeds—To
company.
and
Electronic
May
finance
37
Corp.
(William)
June
6, 1961 filed 105,000 shares of common of which j
80,000 shares are to be offered by the company and 25,000 shares by a stockholder. Price — By amendment.
Business—Company manufactures dental supplies. Pro¬
ceeds—For repayment of a bank loan and general corv
*
.
Continued
on
page
38
38
The Commercial and
(2870)
Continued from page
Houston
Inc.,
porate purposes. Office—7512 S.
Greenwood Ave., Chi¬
Underwriter—Bacon, Whipple & Co., Chicago.
cago.
Scientific
Giannini
Corp.
Office—30 Broad Street, New York, N. Y. Un¬
Co., Inc., New York, N. Y.
purposes.
derwriter—Kidder. Peabody &
Gibbs
.
(T.
Medicine Co.,
R.)
advertising and general corporate
H
fice—1496
Of¬
purposes,
Street, N. E., Washington, D.
C.
Under¬
Gilbert Data
(7/3-7)
Systems, Inc.
1961 filed 175,000 shares of common stock.
per share. Business—The affixing of price tags,
packing, warehousing of apparel and other services for
department and chain stores. Proceeds—For plant addi¬
April 14,
Price—$2
tions, repayment of debt and working capital. Office—
441 Ninth Ave., New York City. Underwriter—Schrijver
& Co., New York City.
Gilbert Youth
freezers
food
foods
frozen
and
the
to
con¬
Proceeds—For the repayment of debt and work¬
sumer.
2926 Fairfield Ave., Bridgeport,
Sloss & Co., Inc., New
City (managing). Offering—Imminent.
Office
ing capital.
Underwriter
Conn.
York
—
Marron,
—
it Harn Corp.
subscription by stockholders and the balance (amount¬
ing to $300,000 after underwriting commissions) by a
stockholder. Price—By amendment. Business—The man¬
ufacture of products for baby'care such as quilts, pil¬
garments, etc. Proceeds—For the repay¬
ment of loans, purchase of raw materials and equipment,
leasehold improvements, and working capital. Office—
1800 E. 38th St., Cleveland. Underwriter—J. R. Williston
& Beane, New York (managing).
knitted
Research, Inc.
(7/10-14)
Handmacher-Vogel, Inc.
promotion
•and books which are related to
and
or
articles
prepares
relate to merchandis¬
ing advice to the teenage youth and student fields. Pro¬
ceeds—For working capital. Office—205 E. 42nd Street,
.New York
Underwriter—McDonnell & Co., N. Y.
City.
^ Gombos (John) Co., Inc.
June 27, 1961 filed 40,000 common shares. Price—$5.
Proceeds—For working capital.
Office—Clifton, N. J.
Underwriter—None.
•
(7/24-28)
Goodway Printing Co.
Gordon
April
21,
common
&
Breach, Science Publishers, Inc.
(letter of notification) 80,000 shares Of
stock (par 10 cents).
Price—$1.75 per share.
1961
Business—Publishers of scientific textbooks.
Proceeds—
Office —150 Fifth Avenue* New
York, N. Y. Underwriter—First Weber Securities Corp.,
New York, N. Y.
'
V
'For
working capital.
.
Gordon Jewelry Corp.
*
conducts
pany
two
retail credit jewelry business and has
a
subsidiaries.
insurance
life
Proceeds—For
expan¬
Office—Stewart
Bldg., Houston, Texas. Under¬
writer
Paine, Webber, Jackson & Curtis, New York
City (managing).
sion.
—
Gordon
June
Realty Corp.
(I.)
1961
20.
filed
Business—Real
eral
320,000
common
investment.
estate
shares.
Price—$5.
Proceeds—For
gen¬
Office — 112 Powers Bldg.,
Rochester, N. Y. Underwriter—George D. B. Bonbright
& Co., Rochester, N. Y.
corporate
Granco,
June
Inc.
("Reg. A")
6, 1961
(par $1).
purposes.
Price—$5.
60,000 class A common shares
Proceeds—For opening of new dis¬
working capital. Office—2 Geary
and
7th
purchase of equipment
Sherrerd, Philadelphia, Pa.
^
16,
filed 150,000 capital shares. - Price — By
increase
capital.
Office—
1961
Proceeds—To
amendment.
Co., New York,
Phoenix, Ariz.
N.
Y. and Preferred
Securities,
Inc.,
Harper
June
which
(H. M.)
V
Co.
15, 1961 filed 180,000 common shares (par $1) of
150,000 shares will be sold by the company and
manufacture
ferrous corrosion
Grove, 111. Underwriter
stainless
of
(letter of notification) 100,000 shares of
(par $1). Price—$3 per share. Address—
Lynn, Mass. Underwriter—Mann & Creesy, Salem, Mass.
stock
Growth
Properties
May 9, 1961 filed 100,000 shares of common stock. Price
—To be supplied by amendment. Business—The com¬
pany
plans
to
engage
business. Proceeds
—
in all phases of the' real estate
To reduce indebtedness, construct
apartment units, buy land, and for working capital. Of¬
fice—Suite 418, Albert Bldg., San Rafael, Calif. Under¬
writer—Pacific Coast Securities Co., San Francisco, Calif,
(managing). Offering—Expected in late July.
•
Gulf-Southwest
May
19,
Price
—
1961
To be
Capital
Corp.
•
filed 1,250,000 shares of common
supplied by amendment. Business
stock.
—
The
is license^ as a small business investment con."c'ern. Proceeds—For investment. Office—Esperson Build-
non-
Underwriters—Harriman Ripley &
■
due
subordi¬
July
Business—The company processes, pack¬
and distributes food and grocery products. Proceeds
construction and working capital. Office—Fuller-
ages
—For
Cali/. Underwriter
ton,
York
Goldman, Sachs & Co., New
—
(managing).
City
\
/
'
("Reg. A") 50,000 class A common shares
1961
(par
•
Hydro-Space Technology*
—The
(7/11)
1961 filed 1,000,000 shares of class A common
be supplied by amendment. Business
actuated
•
propellants,
the
—$3 per share.
of
ajuminum
(7/17-21)
Price
Business—The publication and distribu¬
educational
books
and
materials.
Proceeds
—
For
expansion and the repayment of debt. Office—5
South Buckout Street, Irvington-on-Hudson, New York.
Underwriter—Michael G. Kletz & Co., New York City
H.
Proceeds—
and defense.
Kaplan & Co., both of New York City.
Hydrodyne Industries, Inc.
May 19, 1961 (letter of notification) 75,000 shares of
common stock
(par one cent).
Price — $2.50 per share.
Business
The manufacture of hydraulic components.
—
Proceeds
tion
—
For
of
purchase
equipment
and
inventory;
costs; preparation of catalogues and other literature;
and general corporate purposes.
Office •—15
Hicksville, L. I., N. Y.
Planning Corp., Newark, N. J.,
—United
Underwriter
Hydroswift Corp.
■
Oct. 20, 1960 filed 120,000 shares
of common stock. Price
—$3 per share. Business—The firm, which was organ¬
ized in February, 1*957, makes and wholesales products
and services for the fiberglass industry, including par¬
ticularly fiberglass boats known as "HydroSwjft" and
"Skyliner." Proceeds—For general funds, including ex¬
pansion. Office—1750 South 8th Street, Salt Lake City,
Utah.
Underwriter
Whitney & Co., Salt Lake City,
—
Utah. Offering—Imminent.
I C Inc.
(managing).
•
Hathaway Instruments, Inc.
May 5, 1961 filed 351,280 shares of common stock, of
which up to 90,000 shares are to be offered for public
sale by the present holders thereof and the balance by
Price
company.
Business—The
—
At-the-market
at
time
of sale.
design, manufacture and sale of electric
recording instruments. Office—2401 E. Second
Avenue, Denver, Colo. Underwriters—Bear, Stearns &
Co. and Wertheim & Co., New York, N. Y.
Note—This
statement will be withdrawn. The company is expected
power
to merge
the
and
equipment and facilities, the repayment of
loans and working capital. Office—West Caldwell, N. J.
Underwriters—Michael G. Kletz & Co., Inc., and John
new
production of primary aluminum and
products.
Harvey House, Inc.
and sale of cartridge
propulsion, systems
production of buoyancy de¬
evaluation of
underwater research
vices for
Holman Boulevard,
May 8, 1961 filed 140,000 shares of common stock.
the
devices,
reserves
Proceeds—For expansion. Office—19200
So. Western Ave., Torrance, Calif. Underwriters-—Kuhn,
Loeb & Co., Inc., and Tucker, Anthony & R. L. Day,
both of New York City (managing).
mill
(7/24-28).
production
engineering,
design,
Price—To
stock.
Inc.
12, 1961 filed 300,000 shares of common stock, of
which 155,000 shares are to be offered for public sale by
the company and 145,000 outstanding shares by the pres^
ent holders thereof. Price—$3 per share. Business—The
May
marketing and sales promotion; repayment of loans; re¬
search and development; moving expenses and installa¬
June 29,
1960 filed 600,000 shares of com. stock (par $1)
Proceeds—To further the corpo¬
rate purposes and in the preparation of the concentrate
and enfranchising of bottlers, the local and national pro¬
motion
and advertising
of its beverages, and where
Price—$2.50 per share.
to make loans to such bottlers, etc. Office—■
Equitable Building, Denver, Colo. UnderwritersIndustrial Securities Corp. and Amos C. Sudler & Co.,
necessary
704
both of
Denver, Colo. Offering—Expected in September.
C.
Note—Amos
Sudler &
Co., has withdrawn
as
under¬
writer.
with Lionel Corp.
IT A Electronics Corp.
Hazeltine
Investment
Corp.
of
5, 1961 filed 13,000 5% preferred shares ($100 par)
offered for sale in units
one
preferred
unit.
per
real
and
one
share.
common
Price—$101
Business—The acquisition and development of
Proceeds
For investment, repayment of
estate.
—
Minneapolis.
Underwriter—None.
Hickory Industries, Inc.
March 9, 1961 (letter of notification) 25,000 shares of
common stock (par 10 cents)., Price—$5 per share. Busi¬
—
Manufacturers of barbecue machines and
allied
equipment. Proceeds — For general corporate purposes.
Office—10-20 47th Road, Long Island City, N. Y. Under¬
writer—J. B. Coburn Associates, Inc., New York, N. Y.
•
Holiday
Sportswear,
Inc.
(7/7)
V
April 21, 1961 filed 86,000 shares of common stock. Price
—To be supplied by amendment. Business—The manu¬
facture and sale of specialized bowling apparel for men,
women and children. Proceeds—For additional working
capital. Office—311 West Eighth St., Kansas City, Mo.
Underwriter—George K. Baum & Co., Kansas City, Mo.
(managing).
Stores, Inc.
May 17, 1961 (letter of notification) 85,700 shares of
common stock (par $2.50). Price—$3.50 per share. Office
—2306 Foshay Tower, Minneapolis, Minn. Underwriter
—M. H. Bishop & Co., Minneapolis, Minn.
working capital
and
general
corporate
purposes.
Office—First Federal Bldg., St. Petersburg, Fla. Under¬
notification)
(letter of
60,000
shares
of
general corporate
purposes.
Office—Lansdown, Pa.
Underwriter—Woodcock, Moyer, Fricke & French, Inc.,
Philadelphia, Pa.
Ihnen
*
(Edward H.)
& Son, Inc.
(7/24-28)
May 16, 1961 filed 75,000 shares of common stock. Price
—$5 per share. Business—The construction of public and
private swimming pools and the sale of pool equipment.
Proceeds—To
and
for
reduce
working
derwriter—Amos
•
indebtedness, to buy equipment,
capital. Office—Montvale, N. J. Un¬
Treat
&
Co., Inc., New York City.
Income
Planning Corp. (7/10-14)
Dec. 29,
1960 (letter of notification) 5,000 shares ol
cumulative preferred stock (no par) and 10,000 shares
of class A common stock (par 10 cents) to be offered in
units consisting of one share of preferred and two
shares of common. Price
$40 per unit. Proceeds—To
open a new branch office, development of business and
for working capital.
Office—3300 W. Hamilton Boule¬
vard, Allentown, Pa. Underwriter—Espy & Wanderer,
—
Inc., Teaneck, N. J.
Income
Properties, Inc. (7/10)
31, 1961 filed 150,000 shares of class A stock (par
cents). Price—$9.75 per share.
Business—Formerly
March
50
known
two
Price Investors
as
operates
six
Corp., the company owns and
plans to construct
debt and for working
Office—1801 Dorchester Road, Brooklyn, N. Y.
more.
capital.
Corp.
9, 1961 filed 583,334 common shares to be offered
for subscription by holders of common and class A stock.
Price—By amendment. Business — The operation of a
pipe line system of natural gas. Proceeds—For expan¬
sion,
For
•
Home-Maker
1961
stock. Price—$5 per share. Business—Manufac¬
tures electronic equipment and components. Proceeds—
common
Office—660 Grain Exchange,
debt, and working capital.
7,
April
June
company
ing, Houston, Texas.
and
Blunt Ellis & Simmons,
—
(Inc.)
Harvey Aluminum
May 16,
Houston
(7/17-21)
steel
Chicago.
Offering—Imminent.
17, 1961
By amendment.
—
working capital. Office—8200 Lehigh Ave., Mor¬
—For
ton
Price
resistant fasteners and parts. Proceeds
Underwriter—Hess, Grant & Remington, Inc., Philadel¬
phia.
May
of convertible
filed $38,799,500
debentures
Price—At par.
For
ness
common
1961
Offering—Imminent.
Industries Inc.
1, 1986, being offered to
the holders of the outstanding common on the basis of
$100 principal amount of debentures for each 12 shares
held of record June 28 with rights to expire July 14.
ing).
^Greene (M. J.) Co.
June 14, 1961
("Reg. A") 75,000 common shares (par
10 cents).
Price—$4.
Proceeds — For expansion, and
working capital. Office — 14 Wood St., Pittsburgh, Pa.
Growth, Inc.
May 23,
nated
and
and 13,000 common shares to be
Arizona
Hunt Foods &
Underwriters—First Boston
Corp. and R. W. Pressprich & Co., New York (manag¬
John Street, New York.
111
Underwriter—Midland Se¬
curities Co., Inc., Kansas City, Mo.
Mortgage Co.
May 1, 1961 (letter of notification) 100,000 shares of
common stock
(par $1). Price—$3 per share. Proceeds
■—For working capital. Office—Mayer Central Building,
Suite 115, Phoenix, Ariz.
Underwriters—Henry Fricke
-
June
June
Greater
-
Co.
Hanover Insurance
count concessions and
Street, San Francisco, Calif.
aril & Co., New York, N. Y.
June 15,
inventory and for plant modernization. Office—533
Ave., New York City. • Underwriter — Butcher &
and
tion
(7/6)
May 5, 1961 filed 140,000 shares of class A stock. Price
—To be supplied by amendment.
Business—rThe com¬
Inc.
40,000 shares of
common
stock
(par one cent).
Price—At-the-market.
Business—The manufacture of plastic items. Proceeds—
For the repayment of debt; advertising and sales pro¬
motion; expansion and working capital.
Office—4077
Park-Avenue, Bronx 57, N. Y. Underwriter—J. I. Mag-
Sarasota, Fla. Underwriter—J. I. Magaril Co., Inc., New
York, N. Y.
be
manufacture
and costumes. Proceeds—For the
Business—The
publication of technical journals for prime defense con¬
tractors.
Proceeds—For working capital. Office—4030
Chestnut St., Philadelphia, Pa. Underwriter — Paine,
Webber, Jackson & Curtis, New York City (managing).
Companies,
supplied by amendment.
sale of women's suits
Price—To
thereof.
holders
30,000 shares by stockholder.
May 23, 1961 filed 247,500 shares of no par capital stock,
of which 60,000 shares are to be offered for public sale
by the company and 187,500 outstanding shares by the
present holders thereof. Price — To be supplied by
amendment.
Business—Commercial
printing and the
Chemical
&
(letter of notification)
1961
29,
10 cents). Price—$3. Proceeds—For inventory, re¬
search and development, and working capital.' OfficeCommerce Center Industrial Park, Highway 301, North
•
sales
telephone
Thursday, June 29, 1961
.
which
94,950 shares are to be offered for public sale by the
company and 120,050 outstanding shares by the present
May 17, 1961 245,000 shares of common stock, of
—
does
.
Hupp Systems, Inc.
•
Business—The
May 29, 1961 filed 65,000 shares of common stock, of
which 50,000 shares are to be offered for public sale by
the company and 15,000 outstanding shares by the pres¬
ent stockholder. Price—To be supplied by amendment.
Business
The company conducts consumer research,
Plastics
Howe
March
•
20, 1961 filed 150,000 common shares of which an
undisclosed number will be offered by the company for
lows,
writer—None.
■
household
June
Inc.
May 26, 1961 filed 110,000 shares of class A stock. Price
—$3 per share. Business—The manufacture, marketing
and distribution of proprietary drug products. Proceeds
—For
filed 200,000 shares of common stock (no
Price—$5. Business—The financing and sale of
.
writers—Blyth & Co., Inc., Lehman Brothers and Allen
& Co., New York.
•
Inc.
Hagar
par).
1961
27,
Co.,
March 31, 1961
(letter of notification) 30,000 shares ol
common
stock (par 10 cents).
Price — $10 per share.
Business—Research, development and manufacturing in
'technological fields.
Proceeds — For general corporate
Feb.
•
City and Underwood, Neuhaus &
(managing).
New York
Co.,
37
Financial Chronicle
apartment
houses
Proceeds—To
and
repay
Underwriter—Eisele & King, Libaire, Stout & Co.,
York
City
New
(managing).
Independence Life Insurance Co. of America
(7/18)
May 24,
1961
filed
150,000
^which 100,000 shares
are
shares
of
capital
stock, of
to be offered for public sale
Volume
by
the
193
Number
6068
.
.
.
The Commercial and Financial
and 50,000 outstanding shares by the
thereof. Price — To be supplied by
amendment. Business—The writing of life and disability
insurance, principally in southern California. Proceeds—
To be added to the company's general funds. Office—99
South Lake Ave., Pasadena, Calif. Underwriter—Blyth &
v
holders
March 10, 1961 filed 165,000 shares of common stock (par
10 cents). Price—$3 per share. Business—The engineer¬
: Industrial Materials, Inc. ~
April 27, 1961 (letter of notification) 150,000 shares of
common stock (par one cent). Price—$2 per share. Business—The manufacture of a new patented fiber glass
material
For
used
be
to
in
rocket
motor
cases.
Proceeds—
equipment and working capital. Office—
1025 Shoreham Bldg., Washington, D. C. Underwriter
—Atlantic Equities Co., Washington, D. C.
_
expenses,
Life
Inland
Insurance
Co.
(7/3-7)
May 18, 1961 filed 375,000 shares of
common
stock.
Price
—TJo be supplied by amendment. Business—The writing
of non-participating ordinary life and group life insur¬
.•
Proceeds—For
ance.
.fw
Underwriter—A.
111.
aging).
•
investment
and
general corporate
Office—175 West Jackson Boulevard, Chicago,
purposes.
I
non-diversified,
G.
Becker
&
Co.,
Chicago
(man¬
.
InierrrationaT Cabfevision Corp.
(7/17-21)
1961 filed 164,850 shares of class A common
stock.. Price—$10 per share. Business—The construction
operation of television cable systems. Proceeds—For
general corporate purposes, and to offset
terests
Anthony & Co., Inc., New York City
unit. Business—Real estate. Proceeds—For working
capital and possible acquisitions. Office—1440 Broadway,
New York. Underwriter—None.
per
Jai-Alao
June
(manag¬
Marine, Inc.
75,000 common shares (par
cent) of which 60,000 are to be sold by the company
15,000 by the underwriter. Price—$4. Proceeds—
29,
("Reg. A.")
1961
of debt,
advertising, inventory, and
Office—790 N. E. 79th St., Miami, Fla.
Securities
Underwriter—Albion
ir
j
International
Co.,
Inc.,
New
York.
Parts
Corp.
June 20, 1961 filed 300,000 outstanding class A common
shares
be
to
sold
Price—By amend¬
Business—The sale of replacement parts for auto-
ment.
stockholders'.
by
'
mobiles.
ye
V
}
ts
A
r-
r-
42nd
selling stockholders.
Chicago.,
Place,
Underwriter
—
Office
H. M.
Byllesby & Co., Chicago.
•
I
ld
i
i-
Proceeds—For the
—4101: W.
'
l-
/'
y,
y,
International
Silver
Co.
(7/17)
May 16, 1961 filed $7,822,000 of convertible subordinated
debentures due Aug. 1,1981 to be offered for subscrip¬
tion by common stockholders on the basis of $100 of
debentures
for
with rights
to expire about July
each
15
plied by amendment.
shares
held
of
record
June
30
17. Price—To be sup¬
Business —The manufacture and
sale of
silverware, flatware and table accessories. Pro¬
ceeds—^-For the retirement of such 7% cumulative preferred shares
as
are
tendered
to
the
company
during
a
period
commencing June 12. Office—500 South Broad
St., Meriden, Conn. Underwriter — Lehman Brothers,
New York City (managing).
Interstate
June
Department Stores, Inc.
(7/3-17)
$5,859,400 of convertible subordi¬
nated debentures due Aug. 1, 1981 to be offered for sub¬
scription by common stockholders on the basis of $100
of debentures for each 20 shares held of record July 3,
with rights to expire July 17. Price—At par. Business—
The operation of department stores. Proceeds—For ex¬
pansion, working capital and other corporate purposes.
Office—111 Eighth Ave., New York. Underwriters—Leh¬
man
1961
15,
filed
Brothers and
Shearson, Hammill & Co., New York
(managing).
Invesco
March
Collateral
Corp.
N. Y.
Y.
N.
Bronx,
Office—69
Morris
Drive,
East
ment. Office—511 Fifth
Avenue, New York City. Under¬
writer—None.
Investors Preferred Life Insurance Co.
(7/3)
March 30, 1961 filed 400,000 shares of common stock.
Price—$2.40 per share. Business—The company is au¬
thorized to sell life, accident and health insurance. Pro¬
ceeds—To be added to capital and surplus.
Office—310
Spring Street, Little Rock, Ark. Underwriter—Life Se¬
curities, Inc., P. O. Box 3662, Little Rock.
Israel-America
June
Hotels, Ltd.
22
*
Rothschild
struction and operation of a hotel at Herzlia, Israel.
dress—Tel
Aviv, Israel. Underwriter—Brager &
New York.
„
.
"Isras"
March
Ssrael-Rassco
.
Lease Plan International
June 14, 1961 filed
125,000
40,000- shares
85,000 shares
Fund, Inc.,
a new
open-end diversified investment
•
drift meters, sextants
repayment of
machine
a
9,
Lincoln Fund, Inc.
30,
1961
filed
951,799
shares
of
common
stock.
Net asset value plus a 7%
Business
A
—
the
For investment. Office—300 Main
&
Chemical
Corp.
(7/10-14)
and
125,000 shares for the selling stock¬
supplied by amendment. Business
—The company is a major producer of primary alumi¬
num
and fabricated aluminum products. Proceeds—For
wurKing capital. Office — 300 Lakeside Drive, Oakland,
company
holder.
Calif.
Price—To
Distributor—Horizon
be
and Dean Witter &
23, 1961 filed 226,000 shares of common s:ock
136,000 shares are to be sold for the account
of
the company and 90,000 shares for certain
selling stock¬
Co., SamFrauuiscOi,'Oalit^ws
holders.
Corp. (7/10-14)
May 17, 1961 filed 120,000 shares of common stock. (Price>>i
'Sil
:
"• .OCfiL
-$5 per share. Business—The company is a wholesaler
_i
and
•
distributor
.
-
mi
■
_
of grocery
products to institutions, res¬
taurants, steamship lines and the like. Proceeds—For
inventory, and working capital.
Office — 81 Clinton
Street, Yonkers, N. Y. Underwriters—Netherlands Secu¬
rities Co., Inc., and Seymour Blauner Co., both/ of New
York City and J. J. Bruno & Co., Pittsburgh, Pa.
The
(C. F.)
16,
general
amendment.
,
Laboratories, Inc.
filed 100,000 common
1961
shares.
Business—The manufacture
of
Price—By
pharmaceu¬
XT
Cn
Vnrlr
Cgnyers, Ga. Underwriters—Bache &
Co., New York
City and Robinson-Humphrey Co., Inc., Atlanta, Ga.
ness—The operation
St., Englewood, Colo. Underwriter—Schmidt, Sharp,
Co., Inc., 1717 Stout St., Denver, Colo.
Kirk
cP|?mercial,
institutional
and industrial
buildings.
Office
Gnnvf>r«
Ca
TTni1#»irt»rifp»r«
RanVio
Mom
N. Y.
McCabe &
June
to
W. 23rd
products and for working capital. Office
Street, New York. Underwriter—Hill, Dar-v
Knickerbocker
Dec.
Biologicals, Inc.
23, 1960, filed 100,000 outstanding shares of class A
Price—$6 per share. Business—The manufacture,
■tock.
packaging and distribution of
and
cells
used
for
a
line of diagnostic
serums
the
purpose of blood grouping and
testing. The company also operates blood donor centers
in New York and Philadelphia. Proceeds—For the selling
Office—300
West
43rd
Street, New York
Krystinel Corp.
April 12, 1961 filed 90,000 shares of class A stock. Price
—$2.50 per share. Business—The company produces fer-
ritesr which are ceramic-like materials with magnetic
properties, and conducts a research and development
program for ferrite products. Proceeds—For the repay¬
ment of a loan, research and development, new equip¬
ment and working capital. Office—P. O. Box 6, Fox Is¬
land Road, Port Chester, N. Y. Underwriters—Ross, Lyon
& Co., Inc., and Schrijver & Co., both of New York City.
Lafayette Realty Co.
April 28, 1961 filed 129.3 limited partnership interests.
Price—$5,000 per interest.
Business—The partnership
owns a contract to purchase the fee title to the Lafayette
Building in Detroit, Mich. Proceeds—To purchase the
above property.
Office—18 E. 41st Street, New York
City. Underwriter—Tenney Securities Corp.,
Street, New York City.
18 E. 41st
June
Lannett
April
7,
.
Co., Inc. (7/3)
(letter of notification)
1961
shares
of
stock. Price—$2 per share. Business—The man¬
ufacture and sale of pharmaceuticals. Proceeds—For a
Philadelphia, Pa. Underwriter
Co., Inc., New York City.
building, research and development, and a sales
training program. Office—Frankford Ave., and Allen St.,
new
—
Netherlands
14, 1961 ("Reg. A") 2,312 common shares (par $25)
offered for subscription by stockholders
(other
than parent)
shares
on
the basis of
now
held.
one
new
Price—$60,
payment of loans. Office—95
Mass. Underwriter—None.
E.
share for each
Proceeds—For
Merimack
re¬
St., Lowell,
Lytton Financial Corp.
8/18)
30, 1961 filed 300,000 shares of capital stock.
be supplied by amendment.
Business—The
company owns the stocks of several California savings
March
Price—To
and
loan
associations.
It also operates
an
insurance
and through a subsidiary, Title Acceptance
Corp., acts as trustee under trust deeds securing loans
agency,
made by the associations.
for
working
capital.
Proceeds—To repay loans and
— 8150
Sunset Boulevard,
Office
Hollywood, Calif. Underwriters—William K. Staats &
Co., Los Angeles and Shearson, Hammill & Co., New
York City (managing).
M.
May
fund
B.
M.
Corp.
I96ji ("Reg. A.") $300,000 of 6%% sinking
equipment notes to be offered in units of $1,000.
26,
June
2,«1961 filed $25,000,000 of firt mtge. bonds, series
Proceeds—For repayment of loans, and
working capital. Office—1331 S. 20th St., Omaha, Neb.
Underwriter—First Trust Co. of Lincoln, Neb.
Price—At par.
•
M-G,
Inc.
(7/10)
May 26, 1961("Reg. A") 100,000 class A common shares
(par $1). Proceeds — For new equipment, construction,
and
working capital. Address — Weimar, Tex. Under¬
writer—Rowles, Winston & Co., Houston, Tex.
•
MacGregor Bowling Centers, Inc. (6/30)
May 3, 1961 filed 120,000 shares of common stock, of
which 100,000 will be offered for public sale by the
company and 20,000 outstanding shares by the present
holders
thereof.
Price--To
be supplied by amendment.
loans and for working capital. Of¬
fice—5309 South Park Blvd., Houston, Tex. Underwriters
—Rowles, Winston & Co., and Fridley & Frederking,
Proceeds—To
,
150,000
be
seven
lington & Grimm, New York (managing).
New York, N. Y.
it Lowell Gas Co.
June
521
Underwriter—Tau Inc
alleys. Proceeds—For
Address—Mattituck, L. I.,
W. C. Langley & Co. and Smith, Barney & Co.
(jointly).
Offering—Expected in late July.'
tion
new
of bowling
corporate purposes.
Long Island Lighting Co.
June 2, 1961 filed $25,000,000
qf first mtge. bonds, series
L, due 199i. Proceeds—Tor construction.
Office—250
Old Country Road, Mineola, N. Y. Underwriters—Com¬
petitive bidding. Probable bidders: Halsey, Stuart & Co
Inc.; First Boston Corp., and Blyth & Co., Inc. (jointly);
ticals. Proceeds—For repayment of a loan, purchase and
installation
of
equipment, development
and
promo¬
of
Price—To be supplied by amendment. Business
of fluorescent lightipg fixtures for
manufacture
Long Islaiid Bowling Enterprises^ Inc.
May 24, 1961 -(letter of notification) 100,000 shares of
common stock (par 10
cents). Price^-$3 per share. Busi¬
Keltner Electronics, Inc.
May 31, 1961 ("Reg. A.") 150,000 common shares (par
25 cents).
Price—$1. Proceeds—For research, working
capital and repayment of debt. Office—1045 W. Hamp¬
den
of
whiim
Kane-Miller
mr-
St., New Britain, Conn.
Management Corp., New Britain.
~4Jthonia Lighting, Inc.
Underwriters—First Boston Corp., New York City
housing projects and the like. Office—Tel Aviv, Israel.
\\
1961
—
Kaiser Aluminum
filed 30,000 shares of ordinary stock.
per share. The company may, but is not obligated to, accept payment in State of Israel bonds. Pro¬
ceeds—For the construction of hotels, office buildings,,
Underwriter—None.
shares, of which
the company and
May 31, 1961 filed 375,000 shares of common stock, of
250,000 shares are to be sold for the account of
•
•
1961
by
selling commission.
non-diversified, open-end, managementtype investment company whose primary investment ob¬
jective is capital appreciation and, secondary, income
derived from the sale of put and call
options. Proceeds—
common
27,
Price—$62
offered
—
loan, working capital, and general cor¬
Office—Urban Avenue, Westbury, L. I.,
Underwriter—Kerns, Bennett & Co., Inc., New
Y.
(7/31-8/4)
Marina, Inc.
(letter of notification) 150,000 shares of
common stock (par
$1). Price—$2 per share. Address—
Yankton, S. D. Underwriter—E. W Behrens & Co., Inc.,
Sioux Falls, S. D. Note
E. W. Behrens & Co., is no
longer underwriting this issue. The new underwriter is
The Apache Investment
Planning Division of the Apach#
Corp., Minneapolis.
tooi products,
Pruceedi^—For
and related items.
Corp.
common
Lewis & Clark
May
Jolyn Electronic Manufacturing Corp.
April 24, 1961 (letter of notification) 64,500 shares of
common
stock
(par one cent).
Price — $3 per share.
of
be
Underwriter—
Place, Great Neck, N. Y. Underwriter—Hayden, Stone &
Co., New York (managing).
com¬
pany of the management type. Proceeds—For organiza¬
tional and operating expenses. Office—52 Wall St., New
York. City. Underwriter—None.
manufacture
to
are
Israel.
by stockholders. Price—By amendment.
Business—The leasing of trucks and cars. Proceeds—To
repay loans and for working capital. Office—9 Chelsea
organized under Delaware law in January
4961 to sponsor the organization of the Jefferson Growth
company was
Underwriter—None.
Ltd.
Tel-Aviv,
•
Underwriter—None.
Co.,
-
Investment Co.
Blvd.,
None.
Jefferson Counsel Corp.
March 13, 1961s filed 30,000 shares of class B common
stock (non-voting). Price—$10 per share. Business—The
Ad¬
1961
or
ating in the oil business as a joint venture. Proceeds—
For exploration and development of oil
lands. Office—
Meadow,
it La Fonte Oil Co.
15, 1961 ("Reg. A") 250,000 common shares. Price
—at par ($1). Proceeds—For a mortgage payment, equip¬
ment and working capital. Address — Kemmerer, Wyo.
filed-1,250,000 ordinary shares. Price—$1
per share,
payable in cash or State of Israel bonds.
Business—The operation of hotels. Proceeds—For con¬
8,
Oil Prospectors Corp. Ltd.
1,500,000 ordinary shares. Price—To
amendment, and to be payable either
partially in Israel bonds. Business—The com¬
organized in October 1959 as a consolidation
pany was
of individual and corporate licensees who
had been oper¬
y
("Reg. A") 3o,000 class A common sTiares
(par $1). Price—$8. Business—The company plans to
develop and operate a modern Jai-Alai stadium in the
City. Underwriter—None.
registered subordi¬
to be offered in three series of $300,000
6, 1961 filed $900,000 of 6%
each, due June 30, 1965, 1966 and 1967, respectively.
Price—$4,315; $4,190 and $4,079 per $5,000 of debentures.
Business—The company, a wholly^owned subsidiary of
Investors Funding Corp. of New York was organized
under New York law in June, 1960, to purchase, invest
in and sell real estate mortgages. Proceeds—For invest¬
,
York Corp.
totally
13, 1961
atockholders.
nated debentures
I
New
Israel
Oct. 27, 1960 filed
be supplied by
which
repayment
working capital.
/
"Lapidoth"
partnership in¬
Price—$10,000
Price
and
.
units.
York, N. Y.
For
L5
in
deficits anticipated during the commencement of certain
Florida operations. Office—New York City. Underwriter
one
e;
publicly
March
May
i-
offered
per¬
—
N.
international
i—
be
French
Cournand, the issuer's presi¬
dent, selling stockholder. Office
767 5th Ave., New
York City.
Underwriter—Goldman, Sachs & Co., New
York City (managing).
1
to
of
fumes. Proceeds—To E. L.
Boston,
porate purposes.
ing ).,
4?
Proceeds
expansion,
—James
s.
—
portation and distribution in the U. S.
company,
Underwriter—Ivest, Inc., One State Street, Bos¬
Jackson-Commerce Realty Co.
June 16, 1961 filed $6,780,000 of limited
'
r,
investment
Street,
Business—The
May 23,
and
open-end
39
Lanvin-Parfums, Inc.
May 17, 1961 filed 440,000 shares of common stock. Price
—To be supplied by amendment. Business
The im¬
*
'
-
A
whose stated objective is capital appreciation.
—For investment.
Office — One State
ton, Mass.
,
-
—
Mass.
Products, Inc.
designing and precision machining of electronic
components. Proceeds — For research and development,
inventory, equipment, start-up costs of semi-conductor
production, and for working capital. Office—78 Clinton
Rd., Caldwell Township, N. J. Underwriter ;— Edward
Hindley & Co., New York City.
/ , V - ;
-
Fund, Inc.
•
Industrial Control
(2871)
Feb. 20, 1961 filed 150,000 shares of common stock. Price
—Net asset value at the time of the offering. Business
Co., Inc.; New York City.
ing,
•
Ivest
company
present
Chronicle
repay
Houston.
Mages
:
Sporting Goods Co.
<
May 1, 1961 filed 1,029,961 shares of common stock being
offered for subscription by stockholders on the basis of
Securities
Continued
on
page
40
«
■4
40
The Commercial and Financial Chronicle
(2372)
Continued
from
,
one
with
16
June
each
for
share
new
record
two
rights
shares
common
expire
to
June
of
held
Price—
30.
$2.75. Business—The mail order and retail sale of sport¬
Line Co. Ltd.
(7/24-28)
June 1, 1961 tiled 750,000 common^&nares, of which 525,090 will be offered for sale in thtW. S., and 225,000 in
Canada. Price—By amendment. Business—The compaiiy
Bremerton to Port
Office—508
construction.
Credit
Price
unit.
Business — The company will do
financing in the home building industry.
Pro¬
ceeds—To start its lending activities.
Address—P. O.
\
&
Income
Power
shares. Price
amendment. Business—A mutual fund. Proceeds
Office—1002 First National Bank
investment.
—
Bldg., St.
Co.,
Manufacturing inc.
105,000 class A common shares of
are to be offered by the company
50,000 shares by a stockholder and 5,000 to certain
and
June
filed
capital improvements. Address—Keene,
15
cents).
("Reg.
machinery installation and working capital.
Office—980 W. 79th St., Minneapolis, Minn. Underwriter
—Continental Securities, Inc., Minneapolis, Minn.
Minnesota
eb.
(7/17)
-r-
ceeds—To
purchase raw materials, advertising and for
working capital. Office—204 E. Washington St., Petaluma, Calif. Underwriter—Grant, Fontaine & Co., Oak¬
land,; Calif.
^
if Marks Polarized
amendment.
.
Proceeds
shares. Price — By
expansion, acquisition of "
common
For
—
16
Office—153-
Whitestone, N. Y. Underwriters—Ross,
yWe.,
Co., Inc., and Globus, Inc., New York
(manag-
Minneapolis and Harold
Inc.,
& Co., St.
E. Wood
Marsan
Industries, Inc,
June 6, 1961 filed 125,00^shares of class A common.
Price—$4 per share. Business—The issuing firm is a
holding company for Jersey Packing Co., and a closed
circuit
the
television
Proceeds—For
manufacturer.
cafnera
development,
expansion of the Missiltronics Division, advertising, in¬
ventory and working capital. Office — 136 Orange St.,
Newark, N. J. Underwriter—T. M. Kirsch & Co., New
York City. Offering-—Expected in early August. Note—
This company formerly was named
American Missil¬
purchase of equipment, research
tronics
Corp.
•,
.
and
.
•
Bowling Centers,
Metropolis
(7/10-14)
Inc.
east & Richardson
St., New Brighton, Minn. Underwriter
■—None.
Russell
Lee,
•
&
Inc.,
Micro
March
Saxe, Inc., "(managing); Thomas, Williams &
arid V. S. Wickett & Co., New York City.
Electronics
Corp.
(7/10-14)
filed 125,000 shares of common stock.
Price
$4 per share.
Business — The manufacture of
printed circuits for the electronics industry. Proceeds-31,
1961
—
$124,000 for new plant, $76,000 for equipment, and $110,for working capital. Office—1191 Stout St.,"1 Denver,
000
Colo.
Underwriter—R. Baruch &
Micro-Lectric,
June
Co., Washington, D. C.
Inc.
12, 1961 ("Reg. A") 55,000 common shares (par 10
Price—$4. Business—The manufacture and de¬
cents).
sign of potentiometers used in computers, ground control
systems and missiles.
Proceeds—For tooling
production; repayment of loans; equipment; adver¬
tising; research and development and working capital.
Office—19 Debevoise Avenue, Roosevelt, N. Y.
Under¬
guidance
and
writer—Underhill
Microwave
Securities
Corp., New York.
Semiconductor
&
Inc.
Instruments
instruments.
Proceeds—For
additional
search, inventory and working capital.
Myrtle Avenue, Richmond Hill, N. Y.
First Investment
—
Office — 116-06
Underwriter —
Corp.
5, 1961 filed 140,000
Business
re¬
Planning Co., Washington, D. C.
Mid-Continent
June
equipment,
General
real
common
estate.
shares.
Proceeds
Price—$7.50.
—
For
invest¬
2,
of
For payment of
Passaic, N. J.' Underwriter — Hopkins, Calamari & Co.,
Inc., 26 Broadway, New York, N. Y.
Minn.
Minn.
1961
23,
amendment.
filed
325,000
Business—The
and
capital
of
manufacture
electronic
Price—By
shares.
mechanical,
equipment,
including
sewing machine attachments, small electric motors, Po¬
laroid
Land
cameras,
etc. Proceeds—For equipment, re¬
investment.
Inc.
shares. Price—$6.
develop about
and for work¬
ing capital. Office—26 Dalbert, Carteret, N. J. Under¬
writer—Harry Odzer Co., New York (managing).
•
27,
Model
1961
filed
140,000
Vending, Inc.
common
—To
Price
be
supplied by amendment. Business—The opera¬
machines for the retail sale of cigarettes,
a variety of other food and drink products.
The company also operates coin-type phonograph ma¬
new
equipment, modernization of accounting procedures, and
general corporate purposes. Office—4830 N. Front Street,
Philadelphia,
Underwriter—Milton D. Blauner &
Co., Inc., New York City (managing), Hallowell, Sulz¬
berger, Jenks, Kirkland & Co., Philadelphia, Pa., and
M. L. Lee & Co., Inc., New York City.
•
Modern
Pa.
Homes
Construction
Co.
(7/10-14)
May 10, 1961 filed $5,500,000 of subordinated debentures
due
to
June
be
15,
offered
1981 and 550,000 shares of common stock
sale in 275,000 units, each unit
for public
fice—16
—Sade
Pleasant St., Baltimore, Md. Underwriter
Co., Washington, D. C. (managing).
Inc.
("Reg. A.") 86,250 common shares (par
Price—$3. Proceeds—Forxresearch and work¬
Nciil-Tone,
May
26,
1961
Undei writers—Aetna
& Johnson, Fort Lauderdale, Fla.; Nolting, Nichol
O'Donnell, Inc., Pensacola, Fla. and Guardian Secu¬
rities Corp., Miami, Fla.
man
&
Nash
Moderncraft Towel Dispenser
March
1331, Valdosta, Ga.
Ripley & Co., New York City.
Co., Inc.
30, 1961 filed 80,000 shares of common
stock, of
shares are to be offered for jpublic sale by
the company and 6,250 outstanding share^by the_underwriter. Price—$4 per share. Business—The manufacture
which 73,750
M.)
Co.,
Inc.
and $1,000,000 of series B
subordinated
debentures, due July 1, 1981.
supplied by amendment. Business—The
manufacture of a variety of industrial products includ¬
Price—To
be
ing woodworking and packaging equipment, power saws,
auxiliary power plants, centrifugal pumps, inboard ma¬
rine engines and a line of - leisure time and sporting
goods merchandise.
Proceeds—To retire
all outstanding 7J/2%
1, 1961
bank
loans,
and
for
or
about Oct.
convertible debentures; to
other corporate purposes.
Office—208 Wisconsin
Avenue, Milwaukee, Wis. Under¬
writer—Robert W. Baird & Co., Milwaukee (managing).
National Mercantile
and
29,
1961
filed
£orp.
100,000
(6/30)
shares
five-year warrants to purchase
of
common
stock
additional 20,000
an
shares, to be offered for public sale in units
consisting of one common share and one-fifth of a war¬
common
rant.
Price—To
be
supplied
by
amendment.
Business
—The distribution and retail sale of
phonograph records.
repayment of loans and for working
capital. To expand retail operations. Office—1905 Kerri¬
gan Avenue, Union City, N. J. Underwriter—A. T. Brod
Proceeds—For the
&
er
Co;, New York City and Rodetsky, Kleinzahler, Walk¬
& Co., Jersey City, N. J.
(co-managing).
National
May 11,
Semiconductor Corp.
1961 filed
75,000 shares of capital stock. Price
supplied by amendment. Business—The design,
development, manufacture and sale of quality transistors
military and industrial use.
Proceeds
For new
equipment, plant expansion, working capital, and other
corporate purposes. Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters — Lee Higginson Corp., New
York City and Piper, Jaffray &
Hopwood, Minneapolis
(managing).
•
—
Nationwide
June
12,
vertible
common
Homes, Inc.
1961 filed $1,500,000 of 8%
subordinated
shares
to
be
debentures
offered
and sale of
of $10 of debentures and two
ceeds—For
amendment.
ment
homes.
an improved towel dispensing cabinet.
Pro¬
advertising, research and development, pay¬
of debt, and working capital.
Office — 20 Main
(7/10-14)
1961 filed $1,000,000 of series A subordinated
debentures, due July 1, 1981
for
tional shell homes. Office—P. O. Box
(J.
convertible
construction, financing and sale of shell
principally in the southern and southwestern por¬
tions of the U. S. Proceeds—To finance the sale of addi¬
Underwriter—Harriman
Office —1515 N. E. 2nd*Ave., Miami, Fla.
Securities Corp., New York; Ro¬
ing capital.
—To be
Business—The
Offering—Expected in
East
&
consisting of $20 principal amount of debentures and two
shares. Price—To be supplied by amendment.
common
Pa.
27, 1961 filed 33,334 class A common shares. Price
amendment. Proceeds—For working capital. Of¬
•
Proceeds —For
First
if NAC Charge Plan and Northern Acceptance Corp.
March
amusement-devices.
Fund,
August.
candy and
and
Trust
Investment
Broadway, New York City.
tion of vending
chines
Co., Ill Broadway,
April 28, 1961 filed $6,375,000 (6,250 units) of interests.
Price—To
be supplied by amendment.
Business—The
fund will invest in tax-exempt bonds of the Common¬
wealth of Pennsylvania and its political sub-divisions.
Proceeds—For investment.
Sponsor—Ira Haupt & Co.,
repay
(7/10-14)
April 27, 1961 filed 150,000 shares of common stock.
Haupt &
City. Offering—Expected in early August.
Series
•
purposes.
working
and
Investment Trust Fund, Series B
Sponsor—Ira
York
March 30,
corporate
program
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Prices—To be supplied by amendment. Business — The
fund will invest in tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
Office—446 Blake
St., New Haven, Conn. Underwriters—Kidder, Peabody
& Co., New York and Charles W. Scranton & Co., New
Haven, Conn, (managing).
general
and
notification) 260,000 shares 'of
Price—$1.15 per share.
of
25 cents).
advertising
Offering imminent.
payment of loans; research, development and engineer¬
ing
an
*
10 ce^ts).
if Mite Corp.
June
(par
Office —1521 Hennepin Avenue, Minneapolis,
Underwriter—Bratter & Co., Inc., Minneapolis,
capital.
—By
—
stock
Proceeds—For
loans; machinery and office
equipment; reduction of current liabilities; research and
development .and working capital. Office—245 4th St.,
Proceeds
cents).
10
State.
Inc.
Services,
(letter
1961
common
June
(par
manufacturers
Travel
Motor
equipment.
Business—The
homes
May 12, 1961 filed 120,000 shares of common stock.
Price—$3 per share. Business—The research, develop¬
ment, manufacture and sale of microwave devices and
•
technical
stock
common
Avenue, Milwaukee, Wis. Underwriter
Co., New York City (managing). Note—Thii
stock is not qualified for sale in New York
Ill
the company
acquisition and operation of bowling centers, prin¬
cipally in New York City. Proceeds—To improve exist¬
ing properties and acquire other bowling centers. Office
—647
Fulton Street, Brooklyn, N. Y.
Underwriters—
(7/24-28)
Wisconsin
West
eany
(lett^Kof notification)
1961
Proceeds—To purchase land, construct and
250 mobile home sites, form sales agencies
and 78,000 outstanding shares by the pres¬
Price—About $5 per share. Business
Co., Inc., New York, N. Y.
—Bache &
shares of
per share.
8,
June
—The
&
17, I960 filed 155,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
Insuring lenders against loss on residential first mort¬
gage
loans, principally
on
single family non-farm
homes.
Proceeds—For capital and surplus.
Office—608
151,900
Price—$1.50
May
May
ent holders thereof.
Co., Inc.
1961
Municipal
(letter of notification) 100,000 shares of
common stock
(par 30 cents). Price—$3 per share. Pro¬
ceeds—To repay notes, for research and development,
equipment and working capital. Office—1st St., South¬
if Mobile Estates,
1, 1961 filed 198,000 shares of common stock, of
which 120,000 shares are to be offered for public sale by
St., Coffeyville, Kan. Underwriter—None.
11,
rence
Electronics, Inc.
electro-mechanical
if Merchants Co.
June 19, 1961
("Reg. A") $300,000 of 6% convertible
15-year subordinated debentures due 1976 to be offered
for subscription by stockholders for 14 days in units of
$100 each. Price—At par. Proceeds—For working cap¬
ital. Office—300 E. Pine St., Hattiesburg, Miss. Under¬
writer—Lewis & Co., Jackson, Miss.
small business investment company. Pro¬
general corporate purposes. Office — 711)
as a
(letter of notification) 75,000 shares of
common stock (par 10 cents). Price—$4 per share. Busi¬
ness—The sale of lumber, building supplies and hard¬
ware.
Proceeds—To repay loans and for working cap¬
ital. Address—Monticello, N. Y. Underwriter—J. Lau¬
1961
1,
Missife-Tronics Corp.
•
operate
Walnut
New
:/"-••>
fViiratel
Ma>
facilities and other corporate purposes.
new
Co.,
Paul.
Corp.
Jdneu27, 1961 filed 95,000
to
ceeds—For
Municipal
1, 1961 ("Reg. A") 15,584 common shares (par $10).
Price—$19.25. Proceeds —For expansion and construc¬
tion. Office
1750 Hennepin Ave., Minneapolis, Minn.
Underwriters—Woodard-Elwood & Co., J. M. Dain &
of notification). 100,000 shares of
(par one cent). Price—$3 per share. Pro¬
stock
Investment Corp., Inc.
17, 1961 filed 3,000 shares of common stock. Price
—$100 per share. Business—The company was organized
under Kansas law in October 1960 and is applying to
the Small Business Administration for a Federal license
Valley Natural Gas Co.
June
(letter
1961
1,
common
Corp.
Mokan Small Business
May
Inc.
A") 150,000 common shares (par
Price—$1.15. Proceeds—For film processing
1961
16,
machines,
Washington, D. C. »
Structures
Inc.
50,000 shares
ic Minichrome,
1960
stock.
Marine
Bearing,
N. H.
Underwriter—Tucker, Anthony & R. L. Day, New York
(managing).
siles, rockets, radar and marine items.
Address — 319
W. Howard St., Hagerstown, Md. Underwriter—Lecluse
&
Broadway, New York City. Underwriter—R. F.
Co., Inc., 39 Broadway, New York 6, N. Y.
&
Mortgage Guaranty Insurance Co.
Precision
1961
16,
debt
(letter of notification) 75,000 shares oi
Price—$4 per share. Proceeds—For ex¬
in the fabrication of sheet metal, parts for mis¬
penses
Dowd
—
Miniature
and
(7/5).
common
of debt.
employees. Price—By amendment. Business—The manu¬
facture of ball
bearings. Proceeds—For repayment of
Paul, Minn.
22,
fice—198
(managing).
June
Office—6425 Cambridge St., Min¬
neapolis, Minn. Underwriter — Kalman & Co., Inc., St.
Sept.
Proceeds—For working capital, and
Office—380 Park Ave., South*
Underwriter
Lee Higginson &Corp., New
York.
which
working capital.
Electronics
filed 75,000 common shares.
Price — By
factoring in the textile
apparel fields.
(7/3-7)
Co.
Insurance
Oct.
14, 1961,. ("Reg. A") 100,000 common shares (par
10 cents). Priced—$3. Proceeds—For repayment of loans,
&
Mohawk
Aug. 8, 1960, filed 75,000 shares of class A common stock.
Price—$12 per share. Proceeds—For general funds. Of¬
April
Business—General
repayment
•
^ Mammoth Industries, Inc.
Marine
&
Monticello Lumber & Mfg.
Corp.
the
York
June
•
Factors
and
New
For
Paul, Minn. Underwriter—None.
and
Mill
May 31, 1961
By
—
per
amendment.
/
Fund, Inc.
filed 40,000 common
1961
$1
Christy
Belleville, N. J. Underwriter—Vickers,
Co.,( Inc., New York City.
Street,
Box 886, Rapid City, S. D. Underwriter—None.
•
*
Mairs
—
Thursday, June 29, 1961
.
.
Jan.
Acceptance Corp.
interim
Co., New York.
Montreal.
common
company.
in units of one share of stock and 85 cents of debentures.
Underwriters—(In U. S.) Bear, Stearns &
(In Canada) W. C. Pitfield & Co., Ltd.,
B. C.
filed
investment
and
Sept. 8, 1960, filed 1,169,470 shares of-common stock and
debentures, to be offered for public sale
Van¬
Bldg.,
Foncier
\
$994,050 of 6%
Proceeds—For
Angeles, Washington.
1961
2,2,
Midwestern
and operate an underwater natural gas
transmission pipeline from British Columbia to Vancover Island and a subsidiary will build a pipeline from
7,
70,000
Fipe
plans to build
June
Investment1* Co.
vestment
writer—None.
couver,
if Middle Atlantic
June
Business—An
the
Magna
Office—997 Monroe
Ave., Memphis. Underwriter—James N. Reddoch & Co.,
Memphis.
•
.'.■■■
•
shares. Price—$10.
Proceeds—For in¬
working capital. Address—Elkins Park,
Pa. Underwriter—Best & Garey Co., Inc., Washington,
D. C.
I
goods and recreational equipment. Proceeds—For
repayment of debt and other corporate purposes.
Office—227 Wes# Madison Street, Chicago, 111. Under¬
ing
•
advances to subsidiaries.
and
ment
39
page
.
Business
Proceeds—For
—
in
due
1976
units,
common
The
sinking fund
each
con¬
300,000
consisting
shares. Price—By
construction
working
and
capital.
and
sale
of
Address—Col-
Volume
193
Number
6068
The
.
Commercial and Financial Chronicle
(2873)
linsville, Va. Underwriters—Cruttenden, Podesta & Co.,
Chicago and McDaniel Lewis & Co., Greensboro, N. C.
•
New York
Trap Rock Corp. (6/30)
May 19, 1961 filed 175,000 shares of common stock. Price
supplied by amendment. Business—The quarry¬
—To be
ing,
processing and
marketing of crushed stone. Pro¬
ceeds—For expansion. Office—162 Old Mill
Road, West
Nyack, N. Y. Underwriter—Smith, Barney & Co., New
York City (managing).
Nissen
Trampoline Co.
(letter of notification) 9,400 shares of com¬
(par $1). Price—At the market. Proceeds—
For the selling stockholders. Office—930 27th
Ave.,
stock
Cedar
Rapids, Iowa. Underwriter
Woods, St. Louis, Mo.5,
•
Nitrogen Oil Well
Service
S.W.,
Yates, Heitner &
—
May 22, 1961 filed 100,000 shares of common^ stock.
Prices—$10 per share for 51,000 shares to be offered to
Big Three Welding Company; $10 per share for not
less
than
with
an
attached
to
warrant
common
—To repay
debt; establish a branch sales office, and for
working capital.
Office—Walden Drive, Augusta, Ga.
Underwriter—Granbery, Marache & Co., New York City.
J-^ii* Lines, Inc.
Pacific
June
26,
are
shares
are
Francisco
International
Airport, San Francisco.
& Co., Inc., New York, and
Fay, Inc., San Francisco (managing).
Underwriters
Hooker
and
&
Pacific
Walston
—
Gas
&
Electric
of
of
share for each 1% shares
held; and, $10.60
unsubscribed shares. Business—The company
furnishes high pressure nitrogen to the
oil and gas
industry.1 Proceeds—For general corporate purposes, in¬
new
any
cluding $880,000 for the purchase of 20 additional liquid
nitrogen high pressure pumping units.
Office—3602 W.
11th
St.,
Houston, Texas. Underwriter
&
Co., Inc., Houston, Texas.
pected mid to late July.
Underwood,
Offering—Ex¬
—
Neuhaus
North Atlantic Life Insurance Co. of America
June 2, 1961 filed 1,386 common shares.
Business—The
State
license
annuities.
and
Office
poses.
sell
has
Proceeds—For
—
Mineola; N. Y.
North
Price—$350.
applied for a New York
life, accident and health insurance
company
to
Meadow
general
Brook
corporate
National
Bank
pur¬
Bldg*
remote
control systems, electromechanical
components, and power supply assemblies.
Proceeds—To repay loans and for
working capital. Of¬
fice-—553
South
Market
Street,
Galion,
Ohio.
Under¬
writer—None.
Northern
Illinois
Gas
Cc.
,,
May 24, 1961 filed 450,037 shares of common stock being
offered for subscription by stockholders on the basis of
one
share for each 16 shares held of record June 22.
new
with
rights to expire July 11. Price—$49.50. Proceeds—
For construction. Office-^-50 Fox
St., Aurora, 111. Under¬
writers—First Boston Corp., and Glore, Forgan &
Co.,
both of New York City.
^Northern States Power Co. (8/8)
June 23, 1961 filed
$20,000,000 of first mortgage bonds
due
1991. Offices—15 So. La
Salle Street, Chicago 4,
111.; 15 So. Fifth Street, Minneapolis 2, Minn.; Ill Broad¬
New York
way,
Probable
6,
bidders:
N. Y. Underwriters—(Competitive)
Halsey, Stuart & Co. Inc.; Merrill
Lynch, Pierce, Fenner & Smith Inc.; Kidder, Peabody
& Co., and White, Weld & Co.
(jointly); First Boston
Corp. and Blyth & Co. Inc. (jointly). Bids—Expected to
be received
Au£. 8.
on
Northwest Natural Gas Co.
June
due
13,
1986
ment.
1961
and
filed
$6,500,000
140,000
common
Proceeds—For
the
(7/18)
of
first
mortgage
bonds
shares. Price—By amend¬
repayment of bank
loans
and
construction.
Office—735 S. W. Morrison St., Portland,
Orpg. Underwriter—Lehman Brothers, New York (man¬
aging).
Ocearrarium.
May 22,
1961
Inc.
filed
(7/11)
125,000 shares of
common
stock, of
which
62,500 shares are to be offered for public sale by
the company and 62,500 outstanding shares
by the pres¬
ent holders thereof.
Price—To be supplied by amend¬
ment.
Business—The
company
operates "Marineland
Pacific," an exhibition of fish and trained aquatic
animals, near Los Angeles, Calif. Proceeds—For work¬
ing capital.
Office—Marineland, Los Angeles County,
of the
Calif.
Underwriter—Blyth & Co., Inc., New York City.
Old
May
Empire,
1,
1961
debentures
Inc.
filed $700,000 of convertible
due
1971.
Price
—
At
Packer's Super
par.
Business
—
The
manufacture, packaging and distribution of cosmetics,
pharmaceuticals and household, chemical and industrial
specialties.
Proceeds—For the repayment of bank loans,
improvements and working capital. Office—
865 Mt. Prospect
Avenue, Newark, N. J. Underwriter—
Laird, Bissell & Meeds, Wilmington, Del.
property
One
Maiden
Lane
Fund,
Inc.
April 7, 1961 filed 300,000 shares of
Price—$3 per share.
Business—This is
fund
U.
S.
which
will
common
a
new
stock.
mutual
hold
only convertible debentures and
Treasury bonds. Proceeds—For investment. Office
•—One Maiden Lane, New York City. Underwriter—G. F.
Nicholls & Co., Inc., New York City. •
Ormont
Drug & Chemical Co., Inc.
(letter of notification) 100,000 shares of
common stock
(par 10 cents). Price—$3 per share. Busi¬
ness—Manufacturers of drugs. Proceeds—For expansion,
and working capital. Office—38-01 23rd
Ave., Long Is¬
land City, N. Y. Underwriter—Havener Securities
Corp.,
New York, N, Y.
May
•
2,
1961
Outdoor
Development Co., Inc. (7/11)
May 25, 1961 filed $2,705,000 of subordinated debentures
due June 1, 1976, warrants to
purchase 108,200 shares of
common
jbe
stock, and 324,600 shares of common stock to
offered for public sale in 54,100 units, each consist¬
per share.
loans, and con¬
Markets, Inc.
service
-
—
St.,
New
For
stores
in
the
New
York
City
area.
general corporate purposes. Office
Brooklyn,
&
Co.,
York
Pan
food
City
N.
Inc.,
Underwriters
Y.
and
M.
L.
Lee
—
25
—
Milton
D.
Co., Inc.,- both
of
(managing).
American
Resources, Inc.
of notification) 40,000 shares of
common stock
(par $1). Price—$7 per share. Office—600
Glendale Federal Bldg., Glendale 3, Calif. Underwriter
—Fred Martin & Co., 1101 Woodland
Dr., Norman, Okla.
May
11,
1961
★ Parish
(letter
(Amos)
& Co.,
Inc.
June 23, 196,1 filed 208,000 outstanding common shares.
Price—By amendment.,, Business—Business advisors and
consultants to
—For
the
specialty and department stores. Proceeds
stockholders. Office—500 Fifth Ave¬
selling
New York. Underwriter—The James Co., New York.
nue,
Patent Resources, Inc.
■
May 24, 1961 filed 150,000 shares of
—To
be
pany was
stock. Price
supplied by amendment. Business—The com¬
organized in November 1960 to acquire, exploit
develop patents, and to assist inventors "in develop¬
ing and marketing their inventions. Proceeds—For gen¬
corporate purposes.
York City.
aging);
N.
Office
of
—
Fifth Ave.", New
608
Underwriters—Darius, Inc., New York (man¬
A. Hart & Co., Bayside, 1^. Y., and E. J.
Roberts & Co., Inc., Ridgewood, N. J.
Pell Pharmaceuticals, Inc.
May 24, 1961 ("Reg. A.") 150,000 common shares (par
five cents).
Price—$2.
Proceeds—For equipment, ex¬
pansion, inventory, andvworking capital, Office—1 Bel¬
mont Ave., Bala-Cynwyd, Pa.
Underwriter—R. P. & R.
A. Miller & Co., Inc., Philadelphia.
equipment and facilities.
Minn. Underwriter—None.
Philadelphia Laboratories, Inc. ,(7/24-28)
May 26, 1961 filed 75,000 shares of common stock.
Price
share.
Business—The development, manufac¬
pharmaceuticals, vitamins and veterinary
— For
the repayment of debt, and
other corporate
purppses.
Office — 400 Green Street,
Philadelphia,
Pa.
Underwriter — Woodcock,
Moyer,
Fricke, & French, Inc., Philadelphia.
per
share
for
each
Office
Minneapolis,
—
Corp.
May 29, 1961 filed 150,000 shares of class A stock. Price
share.
per
Business—The company is a real estate
Proceeds—For investment.
Office—•
firm.
New York
City.
Underwriter—None.
Polymetric Devices Co.
May 24, 1961 filed 90,000 shares of common stock. Price
—$3.75 per share. Business—The company sells devices
for the measurement
control of pressure,
or
temperature,
torque,
acceleration, displacement, strain and force.
Proceeds—For working capital. Office—130 South
Easton
Rd.,
Glenside,
Washington,
Pa.
D.
Underwriter
Weil
—
&
Co.,
PoSytronic Research, Inc.
7, 1961 filed 193,750 common shares, of which 150,-
June
000
will
be
sold
for
the
company
and
43,750 for stock¬
holders.
Price—By amendment. Business—Research and
development, engineering and production of certain
electronic devices for
aircraft, missiles, oscilloscopes,
electronic vending machines and
language teaching ma¬
chines. Proceeds—For
expansion, repayment of debt and
working capital.
Md.
Office—7326 Westmore Rd.,
Rockville,
Underwriters—Jones, Kreeger & Co., and Balogh &
Co., Washington, D. C. (managing).
Precision
May
Specialties,
Inc.
15,
1961 (letter of notification) 100,000 shares of
stock (par 10 cents). Price—$3
per share. Busi¬
ness—The manufacture of
precision instruments. Pro¬
ceeds—To repay
loans for
common
construction, purchase of
equipment; research and development, and working cap¬
ital.
Office—Hurffville
N. J.
Underwriter—Harrison &
Co., Philadelphia, Pa.
President
Airlines, Inc.
;
("Reg. A") 150,000 class A common shares
cent). Price—$2. Business—Air transportation
June 13, 1961
(par
one
of passengers and cargo.
rent liabilities and
Proceeds—For ^payment of
taxes;
certificate
payment of
and
working capital.
Avenue, Rockefeller Center, N. Y.
nental
Bond
&
Share
balance
Office
630
—
Corp., Maplewood, N. J.
^ Progress
Industries, Inc. "•
/
26, 1961 filed 75,000 common shares (with war¬
rants) of which 55,000 shares will be sold by the com¬
June
and 20,000 by stockholders. Price—$10. Proceeds—
pany
For
the
payment
of
debt, the establishment of a new
improvements and working capital.
St/, Arthur, 111. Underwriter—
Tabor & Co., Decatur, 111. (managing).
subsidiary,
plant
Office—400
E.« Progress
,
\
Q
Corp.
O
"
June 9^ 1961 ("Reg. A") 100,000 common shares (par 10
'cents). Price—$3. Business—Manufacturers op electronic,
electro
mechanical
and
mechanical
devices.
Proceeds—
College Point, N. Y. Underwriter—Netherlands
ties Co., New York.
expansion,
News York (managing).
Photronics Corp.
•
general corporate "purposes. Office—14-25
Pueblo
Supermarkets, Inc.
1961 filed 100,000 outstanding shares of class A
to be offered for public sale by stockholders.
Price—By amendment. Business—Operates seven super¬
markets in Puerto Rico. Proceeds—For the
selling stock¬
Office—P. O. Box 10878, Caparra Heights, San
Juari, P. R. Underwriter—Merrill Lynch, Pierce, Fenner
& Smith Inc., New York. Offering—Expected in late
July
holders.
early August.
24, 1961 filed 150,000 shares of common stock (par
10 cents). Price—To be supplied by amendment. Business
May
—The
common
design, development and manufacture of optical
electro-optical systems and components used in
and
reconnaissance, photo-interpretation, ,photo-gram-
metry
and
optical
scanning
devices.
Securi¬
June 6,
or
(7/6)
Feb.
aerial
128th St.,
common
shares. Price—$1.
equipment and working cap¬
ital. Office—1335 Gordon St., S. W., Atlanta, Ga. Under¬
writers—Globus, Inc., and Harold C. Shore & Co., Inc.
Proceeds—For
Fifth
Underwriter—Conti¬
For
*
Proceeds
—
For
working capital, research and development, and new
equipment.
Office—134-08 36th Road, Flushing, N. Y.
Underwriter—-L. D. Sherman & Co., New York City.
•
Q-Line Instrument Corp.
8,
1961
(letter
stock
(par
(7/10-14)
notification)
65,000 shares of
cent). Price—$4 per share. Busi¬
manufacturers of technical equipment. Pro¬
ness—The
ceeds—For
of
one
relocation
of
business;
new
equipment;
Inc., New York, N. Y.
Quality Importers, Inc.
June
in
working caiptal.
Office—55 Fifth Ave., New York.
derwriter—Sutro
Bros.
real
estate
and
construction business.
Proceeds—
Net proceeds, estimated at $444,000, will be used to buy
land for shell homes construction and to start building
the
homes
with
ton
the
($175,000), to repay a bank note ($65,000),
for working capital. Office—Hunting¬
balance
Station, New York. Underwriters—Theodore Arrin &
Co., Inc., Katzenberg, Sour & Co., and Underhill Secu¬
rities Corp., all of New York City.
Pickwick Recreation
April 21, 1961
common
—To
stock
Center, Inc.
|
(letter of "notification) 100,000 shares of
(no par). Price—$3 per share. Proceeds
for construction, working capital and, general
purposes.
Office—921-1001 Riverside Drive,
Burbank, Calif. Underwriter—Fairman & Co., Los An¬
pay
corporate
geles, Calif.
ex¬
pansion, and working capital.
Office — 1562-61st St.,
Brooklyn, N. Y. Underwriter—William, David & Motti,
Pickwick Organization, Inc.
May 23, 1961 filed 110,000 shares of common stock.
Price—$5 per share. Business—The company is engaged
the
cur¬
CAB
on
products.
it Photographic Assistance Corp.
June 27, 1961 filed 150,000 common
Inc.,
C.
ture and sale of
Proceeds
three
Piatt
Progressitron
—$8
Plasticon-
one
—
•
common
and
eral
be
Business—The manufacture of
large plastic containers.
Proceeds—To discharge the indebtedness
represented by
Plasticon's 5% promissory
notes, with the balance for
(7/24-28)
May 25, 1961 filed 100,000 shares of common stock. Price
—$6 per share. Business—The operation of 22 retail
•
subordinated
bank
working capital. Office—1649 La Cienega Bldv., Los An¬
geles, Calif. Underwriter—Norman C. Roberts Co., San
Diego.
53rd
and electronic
of
Market
Pacific Vitamin Corp.
May 31, 1961 ("Reg. A") 100,000 common shares (par 10
cents) of which 66,667 are to be sold by the company
and 33,333 by a stockholder.
Price—$3. Proceeds—For
Blauner
equipment,
repayment
St., S^n Francisco, Calif.
Underwriter—Blyth & Co., Inc., New York City.
M&Tch 30, 1961 filed 22,415 shares of icommon stock to be
subscription by stockholders of record May
15.
Price—To be supplied by amendment.
Business—
This subsidiary
of L. M. Ericsson Telephone Co. of
Stockholm, Sweden,••"'manufactures telecommunications
the
Office—245
stock, of
offered, 25,000
Leyghton-Paige Corp., 150^000
offered to
Leyghton-Paige stockholders
Leyghton-Paige shares held, and 400,000 shares are to
be offered to holders of the
company's $1,200,000 of 5%
promissory notes. Price
$3 per share, in all cases.
investment
offered
for
to
—$5
struction.
Co..
665,666 shares of common
shares are to be publicly.
basis
Proceeds—For
Proceeds
Co.
share for each 20 shares held of record June
new
&
to be offered to
13, with rights to expire July 5. Price—$71
self
Underwriter—None.
Electric
one
Sade
*
more
Co.
Investment
—
—
filed
90,666
the
on
Office
Underwriter
Corp.
1961
shares
1976
May 24, 1961 filed 896,470 shares of common stock, be¬
ing offered for subscription by stockholders on the basis
one
Plasticon
which
due
corporate purposes.
Bldg., Washington, D. C.
Washington, D. C.
180,000 common
shares
/to be offered in units, each consisting of $100 of
debentures and 10 common shares.
Price—By amend¬
ment. Business—The transportation of
passengers, prop¬
erty and mail by air. Proceeds—For repayment of debts,
working capital and general corporate purposes. Office
debentures
24,500 shares to jbe offered to holders (other
than Big Three) of the outstanding common on the basis
per
—For general
May 8,
*
filed $1,800,000 of 6V2%
1961
Pilgrim Helicopter Services; Inc.
April 25, 1961 (letter of notification)
16,363 shares of
common stock
(par $1). Price—$5.50 per share. Proceeds
convertible sub¬
—San
Co.
debentures
shares, and six shares of common.
Price—To be
supplied by amendment. Business—The
construction, sale and financing of^shell homes. Proceeds
ordinated
'
May 4, 1961
mon
ing of $50 of
purchase two
41
1961 filed 200,000 common shares.
Price —By
Business—Imports and distributes Scotch
1,
amendment.
and
Irish
whiskeys.
Rabin-Winters
June
shares
are
to
180,000 common shares of which 80,-
stockholders.
ness—The
manufactuer
lighter
fluid
veda
Boulevard,
Hentz
&
for
and
and
Un¬
Co., New York.
be offered by
by
loans
&
Corp.
19, 1961 filed
000 shares
Proceeds—To repay loans and for
of
related
working
El
the company and 100,000
Price—By
amendrpent.
pharmaceuticals,
items.
capital.
Segundo,
Proceeds—To
Office—700 N.
Calif.
Busi¬
cosmetics,
repay
Sepul-
Underwriter—H.
Co., New York.
Continued
on
page
42
The Commercial and Financial Chronicle
42
Office
Continued from page 41
Development Laboratory,
Schmidt,
(7/31-8/4)
Inc.
666 to
Price—By
stockholders.
Business—Devel¬
amendment.
designs and produces electronic instruments for the
detection of atomic radiation.
Proceeds—For working
ops,
capital, and expansion.
Office — 61 East
Northiake, 111. Underwriter—Hayden, Stone
York
(managing).
City
Inc.
Electronics,
Ram
North Ave.,
& Co., New
1960
28,
stock (par 10
common
for television receivers and
other
electrical circuits. Pro¬
In¬
Secyrities Co., Inc., 101 West 57th St., New York City.
general corporate purposes. Office—600
dustrial Ave., Paramus, N. J. Underwriter—General
ceeds—For
Offering-—Imminent.
Ram
Tool
powered tools. Proceeds—For working capital. Office—■
411 N. Claremont Ave., Chicago, 111. Underwriter—Aetna
Securities Corp.,
The
organized in February 1961 to invest
was
company
amount. Business—
of principal
100%
Price—At
mortgages on income producing properties and
in land on which buildings have been erected. Proceeds
first
in
East
Office—60
investment.
•—For
42nd St., New York
Underwriter—None.
City.
u
(letter of notification)) 60,000 shares oi
stock (par one cent). Price—$5 per
licensed department in
1961. Office—1211 Walnut St., Kansas City, Mo. Under¬
writer—Midland Securities Co., Kansas City, Mo.
common
share. Proceeds—To open a new
(7/7)
March 16, 1961 filed 160,000 units of common stock and
warrants, each unit to consist of one share of class A
common and two
common stock purchase warrants for
the purchase of class A common (one exercisable at $5.50
per share for 12 months and the other at $6 per share
•
Recreation
within
Enterprises, Inc.
Business—The
chain of bowling alleys in
Price—$5
months).
30
unit.
per
plank to operate a
initially in Missouri and Kansas
Proceeds—For the building of bowling centers. Office—
company
midwestern states,
the
Independence Ave., Kansas City, Mo.
6000
M. Simon &
—I.
•
Reeves
Co., St. Louis, Mo.
Underwriter
-
Broadcasting & Development Corp.
Co.,
&
Corp.,
Del.
Wilmington,
(managing). Offering—Expected in August.
"May 8, 1961 filed 150,000 shares of
^
capital stock. Price—
share. Business—The research and development
processes in the field of surface and biochemistry.
Proceeds—For plant construction, equipment, research
and development, sales promotion and working capital.
Office—545 Broad St., Bridgeport, Conn. Underwriter
per
of
—McLaughlin, Kaufmann & Co., New York City (man¬
aging).
*
;
•
&
Renaire
(7/6)
Inc.
Foods,
March 30, 1961 filed $700,000 of debentures, 6V2% con¬
vex tiDie series due 1976, to-be-offered for public sale
dj
the company and
125,000 shares of common stock, (par $1)
shares are to be offered for sale by the
company and 25,000 outstanding shares by the presen;
holders thereof.
Price—At 100% of principal amount,
of which 125,000
the
stock.
Business—The retail distribution of food freezers,
frozen
groceries,
foods,
$6
and
debentures
the
for
vitamins,
per
for
share
medicines and
Baltimore
proprietary
sundries, principally in the Philadelphia and
Proceeds—For construction, the purchase
installment contracts resulting from the sales of food
trading areas.
of
and
freezers, and for working capital.
timore Pike,
&
•
Office—770 Bal¬
Springfield, Pa. Underwriter—P. W. Brooks
Co., Inc., New York City.
Riverview AFC,
1961 ("Reg. A") 100,000 common shares. Price
—$3. Business—Real estate and utility development in
Florida. Proceeds — For expansion. Office — 2823 So.
Underwriter—Albion
Ave., Titusville, Fla.
Securities Co., Inc., New York.
Washington
.
(7/13)
May 19, 1961 filed 82,500 shares of common stock, of
which 25,000 shares are to be offered for public sale by
the company and 57,500
ent
holders
Business—The
ment.
photoelectric
and
other
outstanding shares by the pres¬
be supplied by amend¬
Price—To
thereof.
manufacture
light controls,
street
electronic
equipment.
and
distribution
centrifugal
of
blowers
Proceeds—For
new
product development.yQUice—One Factory Street, Middletown, Conn.
Underwriter — Dominick & Dominick,
New York City (managing).
•
Rorer
(William
H.),
Inc.
(7/10)
•
thereof. Price—To be supplied
—The
manufacture
—
For
the
converting
to industry. Proceeds —For expansion, new <
equipment, repayment of debt, and working capital. Of¬
fice—4542 East Dunham St., City of Commerce, Calif.
Underwriter
Carat & Polonitza, Inc., Los Angeles
ture,
—
Shepard Airtronics, Inc.
t....
26, 1961 (letter of notification) 75,000 shares of
common
stock (par one cent).
Price.— $4 per share.'
Business—The manufacture of high altitude breathing
000 shares are to
Proceeds—For repayment of
and development, plant
improvement, purchase of inventory, advertising and •
workings capital. Office — 787 Bruckner
Boulevard,;
Bronx, N.^Y. Underwriters-r-L. C. Wegard & Co.; 28 West'/,
State St., Trenton, N. J, (managing); L.vJ. Termo & Co.,
Inc.; New York and Copley & Co., Colorado Springs, •
Colo. .-•/":
'
•
/• /•
"
-V ■ /
v
and ventilation
stockholders. Price—By amendment. Business
printing of gift wrap .'.papers.
Proceeds — For.,
The
and
sale
account
of
Capital
pharmaceuticals.
the
Corp.
-
•
,
V;
..
.
1
stock; Price
investment
company. Proceeds—For investment.. Office—Juniper &
Walnut Sts., Philadelphia, Pa. Underwriters—Blair
&
Co., Inc., New York City; Stroud & Co., Inc./and Wood¬
cock, Moyer, Fricke & French, Philadelphia, Ha.
• Science Resources, Inc.
(7/5)
'
/";
June 13, ,1961 ("Reg. A") 100,000 common shares. Price
-—$3. Business—The furnishing of business management
to consulting scientists and the arranging of financing
for science companies. Proceeds-—For expansion. Office
—One Story St., Cambridge, Mass. Underwriter—Lewis
Wolf Associates (managing) and Marshall Roberts & Co.,
Inc., New York.
'//
May 9, 1961 filed 450,000 shares of common
—$8 per share. Business—A small business
Sherman Co.
Recording Instruments Corp.
("Reg. A") 100,000 common
Scully
••..•-
-:,r-
.
1961 filed 1,096 of limited partnership shares.
$5,000 per unit. Business — The company was/ <
on March 15, 1961 to acquire the Hotel Sherman ' •
March 29,
Price
—
formed
Proceeds—[To purchase the above property.'
Street,-New York City. Underwriter
in Chicago.
E. 40th
Office—10
.
-None.
:
Sica Skiffs,
April
1961
19,
Price—To
be
Inc.
filed
100,000 shares of .common stock.
by amendment. Business—The"
supplied
manufacture and
"sea skiffs"
sale of
Proceeds—For
motor.boat.
the
a
type, of inboard
repayment
of debt,
the'
retail outlets, property Improvement,
forking capital. Office—Toms River, N. J. Under¬
writer—Warner, Jennings, Mandel & Longstreth, Phila¬
delphia (managing). Offering—Expected in early July.,.development
of
and
;
shares (par
manufacture of pre¬
cision recording equipment. Proceeds—-For repayment of
ic Sjcctrom Automations-,. Sue;
a
loan, general overhead, equipment and working papJune 28, 1961 filed 70,000 class A. common shares. Price'
ital: Office—Bridgeport, Conn. Underwriter—Moran &
—$4. Business —; The design, manufacture and sale of
Go.,-Newark, N. J.
•
•'
- electronically controlled: automation devices. Proceeds
Seaboard Electronic Corp. (7/3)/
—For the
repayment of debt, purchase of additional'
April 26, 1961 filed 100,000 outstanding shares of com¬
equipment ana .inventory, and .working cao'tal. Office—!
mon
stock to be offered for public sale by the present
140 N; W. 15th St., Boca Raton, Fla. Underwriler—j.
June. 14,
10
1961
cents). Price—$3. Business—The
■
thereof.
holders
selling
Pro¬
stockholders.
Price—$5.50 per share;
Business—The
warning signals,; control boxes, intervalometers and related equipment for aircraft and mis¬
Proceeds—For the selling stockholders.
Office—417 Canal Street, New York City.
Underwriter
—Amos Treat & Co., Inc., New York City (managing)..
sile
application.
Second
June
Business
Financial,
(8/14-18)...
Inc.
—
etc., from Shell Home Builders.
ment.
Office—2740 Apple Valley
Proceeds—For invest¬
Road, N. E., Atlanta,
Underwriter—Globus, Inc., New York.
Ga.
$3,000,000
filed
1961
27,
of 6%
Price —100%
debentures.
nated
of
principal
ventories of such automobiles and direct lending to con¬
and the writing of automobile, credit life, and
sumers,
of insurance.
Proceeds—For working capi¬
Denver, Colo. Under¬
Office—1100 Bannock Street,
writer—None.
•
(7/28)
of class A common
stock and $400,000 of 7*6% 10-year debenture bonds, to
be offered in units consisting of $100 of debentures and
25 shares of stock. Price—$200 per unit. Business—The
purchase of conditional sales contracts on home appli¬
ances.
Proceeds
For working capital and expansion.
Office—724 9th St., N. W., Washington, D. C.
Under¬
7,
1961
filed
100,000
shares
—
writer—None.
Service
the
by
Photo
Industries,
"/«
•
,
-
/
and 50,000 outstanding shares by the
thereof.
Price — To be supplied by
Business
The manufacture of electrical
—
equipment, principally wiring devices and lighting con¬
trols
used
in
indusirial, comfrierciaf^and residential
Proceeds—To reduce outstanding loans, pur¬
equipment, and for working capital.
buildings.
additional
chase
Sea
Cliff
City
•
E.
Avenue,
Glen
Cove,
I., ;N.
Capital Corp.
May 16, 1964 filed 500,000 shares of common stock (par
$1). Price—$12.50 per share. Business—A small business'
investment company. Proceeds—For investment. Office
—Life & Casualty Tower, Nashville, Tenn. Underwriters
—Paine, Webber, Jackson & Curlis, New York City
(fnanaging) and Johnston, Lemon & Co.. Washington,
D. C.
Southern American
common
c/o
Pont
Inc..
Fire Insu-ance Co.
(letter of notification) 23.500 shares of
stock (par $4). Price—$10 per share. „ Office—
1961
19,
Guilmartin, Bartel & Ashman, 1527 Alfred I. du
Building, Miami, Fla. Underwriters—Beil & Hough,
St. Petersburg, Fla.; Nolting, Nichol & O'Donnell,
Inc., Pensacola, Fla.; Sterling, Grace & Co., New York.
Southern
May 26,
Realty & Utilities Corp.
1961
tures due
convertible deben¬
filed $3,140,000 of 6%
1976, with warrants to purchase 31,400 common
Business—The develop¬
Proceeds—For the
Photo
repayment of debt, the development of property,
Suppliers, Inc., is engaged in the importation and
of a wide variety of photographic equip¬
distribution
sales promotion, and
Hart
&
East
17th
repayment of debt, advertising
other corporate purposes. Of¬
St., New York.
Co., Bayside, N. Y.
Servonic
Instruments,
Underwriter—N.
(managing).
Inc.
-
(7/12)
—At
fice—33
Yo
'
(managing).
Southeastern
L.
Unterberg, Towbin Co., New York
shares, to be offered for public sale in units of $500 of
debentures and warrants for five common shares.
Price
Inc.
—
Proceeds—For the
'•>
holders
May 26, 1961 filed 150,000 class A shares (par one cent).
Price
$4. Business — The company, formerly Service
ment.
v
.'**
company
present
May
Security Acceptance Corp.
March
•
18,
Underwriter—C.
series A subordi¬
amount.
Business— The company and its subsidiaries are engaged
in the retail financing of new and used automobiles, mo¬
bile homes, appliances, furniture and farm equipment for
purchasers, and the wholesale financing of dealers' in¬
Jan.
•
Inc.
1361 filed 150,000 shares of class. A stock, of
which 100,000 shares are to be offered for public sale
May
Office—45
,
Credit Corp.
Securities
Electric
Stater
amendment.
filed 100,000 common shares. Price—$3.
The purchase of notes, mortgages, contracts,
1961
20,
Magaril Co., Inc., New York.
of
manufacture
and
by amendment. Business
of
New York.
Co., St. Louis and Walston & Co.,
&
Science
equipment.
loans; new equipment, research
equipment and working capital. Address—120 TwentyFifcn Ave., Bellwood, IlL Unaerwriters^Stifel,-,:~Nicolaus
its ."
April
Inc.
19, 1961 filed 113,600 common shares of which 40,-#
be offered by the company and 73,600
June
Lrethane
to
name
company plans to change
Industries international Inc.
Note—This
(managing).
R. D. No. 2, Albany, N. Y.
Y.
Specialty Manufacturing Co.,
Clair
St.
be supplied by
products
Underwriter—Lewis & Stoehr, New York, N.
n
May 24, 1961 filed 130,000 outstanding shares of common
stock to be offered for public sale by the present holders
ceeds
—
•' p.
stock. Price '
amendment. Business—The manufac¬
and distribution of uretnane foam
Inc.
Industries,
Uretftane
She!ley
To
Advertising Co., Inc. '
Address
porate purposes.
tal.
Inc.
Ripley Co., Inc.
©
May 24, 1961 filed 200,000 shares of common
10, 1961 (letter of notification) 80,000 shares ol
class A stock (par 10 cents). Price—$3 per share. Busi¬
ness—Outdoor advertising.
Proceeds—For general cor¬
other types
May 18,
•
Stanley & Co., New York.
automatic coffee dispens¬
Proceeds—For repayment of loans,
Co., New York.
•
•
repayment of loans and general corporate purposes. Of- ;
W. 50th St., New York. Underwriter—Morgan -
fice—50
Price—$10.
shares.
16, 1961 filed 130,000 common
Underwriter—None.
Salt Lake City, Utah.
.
Inc.
Research
Simmons
Reher
Inc.
and similar items.
Business—Acquisition, develop¬
mining properties. Proceeds— ;
purposes, office — 1406 Walker ,
* Shell Oil Co.. (7/19)
•:
/•
June 23, 1961 filed $200,000,000 of sinking fund deben- ;
tures due 1986.
Price—By amendment.
Proceeds—For
promotion and manufacture of a new product, working
capital and general corporate purposes.
Office — 300
Jacksonville Road, Hatboro, Pa.
Underwriter—Stearns
16, 1961 filed $2,500,000 of convertible
Underwriter—Laird
$6
Rudd-Meiikian,
general corporate
Bank Bldg.,
-
debentures.
Price—At par. Business—The operation of TV stations
and recording studios and the development of real estate
properties in North Carolina. Proceeds—For expansion,
the repayment of loans, for working capital and other
corporate purposes. Office—304° E^ 44th St., New York.
June
For
for schools. Proceeds — For expansion,
general corporate purposes and working capital. Office
—Meadow & Clay Sts., Richmond, Va. Underwriter—~~
B. N. Rubin & Co., Inc., New York.
•:
June
share.
per
ment, and exploration of
furniture
tory
—
1961
17,
A
class
Price—$2.50
^ Royal School Laboratories, Inc.
23, 1961 filed 170,000 common shares.
Price—$5.
Business—The manufacture of special^ purpose labora¬
shares by
Recco, Inc.
April
research, design, development, manuiac- .
devices consisting primarily *of
electromechanical transducers, for a variety of milirary,^
industrial and scientific use*. Proceeds—For new equip¬
March
20-year par¬
ticipating notes to be issued in 2,000 units of $25,000
shares by the present
supplied by amendment. »
ment, plant expansion and working capital.
Office—
1644
Whittier, Calif.
Underwriter — C. E. Unterberg,
Proceeds—For the retirement of debt and
Towbin Co., New York City.
product expansion.
Office—2315 Homewood Avenue, .
Shasta Minerals & Chemical Co.
*
Baltimore, Md. Underwriter—Stein Bros. & Boyce, Bal- ■
April 24, 1961 filed 500,000 snares of common stock.;
timore, Md. Offering—Expected mid to late July.
Ruth Outdoor
Inc.
Investing Association,
May 22, 1961 filed $50,000,000 series A 6%
be
equipment/
New York (managing).
Estate
Price—To
thereof.
ture and sale of precision
May 29, 1961 filed 50,000 shares of con\mon stock. Price
-—To be supplied by amendment.
Business—Tne manu¬
facture and sale of industrial controls and
electrical
ers
9, 1961 filed 100,000 common shares. Price — By
amendment. Business—The manufacture of electrically
each.
1961
Business—The
(7/28)
Controller Co.
Business—The manufacture of
Corp.
June
Real
Thursday, June 29,
,.
by the, company and 45,000
holders
Co., New
&
June
(letter of notification) 75,000 shares ol
cents). Price—$4 per share. Busi¬
ness—Manufacturers of electronic and replacement parti
Dec.
sale
Pa. Under¬
York City and
Roberts & Parke, Philadelphia( managing).
Stenton Ave., Philadelphia,
4865
Rowan
•
1, 1961 filed 100,000 common shares, including 86,be offered for sale by the company ^and 13,33£ by
June
—
writers—Kidder, Peabody
%
Radiation Instrument
•
.
(2874)
.
A.
<
(7/3-7)
April 26, 1961 filed 95,000 shares of no par common
stock, of which 50,000 shares are to be offered for public
100% of principal amount.
ment of
unimproved land in Florida.
work¬
ing capital and other corporate purposes. Office—1674
Avenue, Miami Beach, Fla.
Underwriters —
Meridian
Hirsch
York
&
City
and Lee Higginson
(managing).
Co.,
Spectron,
Corp.,
both of New
Inc.
1961 filed 83,750 class A common shares (par 10
cents). Price—$4.50. Business—The design, development
June 9,
and
manufacture of electronic .systems,
instruments
and
•.
Volume
193
Number 6068
.
.
The Commercial and Financial Chronicle
.
(2875)' 43
equipment, including microwave, radar and
communication
devices.
Proceeds
For
—
underwater
purchase
of
equipment, plant expansion, patent
development and
general corporate purposes. Office—812
Ainsley Bldg.,
Miami, Fla. Underwriter—Hampstead
Investing Corp.,
New York (managing)..
•
Speed-O-Print Business
Machines
Corp.
May 24, 1961 filed 125,000 shares of common stock. Price
be supplied by amendment.
Business^-The com¬
—To
manufactures
machines
and
in
notes
the
amount
writer—Hodman
.V '
•
sells
accessories.
general corporate
ing;.
and
'
Proceeds
copy
$422,826, with the balance for
Office—Chicago.
Under¬
Renshaw, Chicago (managing).
&
'
;
r-.
'
'
.
Business—The
For
—
servicing
the repayment of
loan
a
of
Price
missiles.
for
By
—
Pro¬
working
capital. Office—722-32 Brookhaven Drive, Orlando, Fla.
Underwriter—Pierce, Carrison, Wulbern, Inc.. Jackson¬
ville,
.
,
.
1,624 shares of class
(no par) to be offered for subscription
by stockholders on the basis of four scares for each five
shares held, with the unsubscribed shares to be sold to
the public. Price—To stockholders, $100 per
share; to
A common stock
public, $110
share. Business—Manufacturers
per
Pharmaceuticals. Proceeds
For
—
testing
of
products,
new
inventories; marketing and general corporate purposes.
Office—10 Pine St., Morristown, N. J. Underwriter—E.
T. Andrews & Co., Hartford, Conn.
«
Staff Business
& Data Aids
stock. Price
common
be
supplied by amendment. Business—The com¬
is engaged in the distribution of wholesale elecr
trical equipment and supplies.
Proceeds — For the re¬
payment
bank
of
loans
and
other
corporate
purposes.
Oince—224
Wasnington St., Perth Amboy, N. J. Under¬
writers—Amos Treat & Co., Inc., and Standard Secu¬
rities
Corp., "both of New York City and BrunoLenchner, Inc;, Pittsburgh, Pa.
Survivors'
March
Benefit
Insurance
Co.
30, 1961 filed 50,000 shares of common stock to
initially to stockholders and thereafter to
offered
Price—$21.70
share.
per
representatives.
company
Business
—
The
company
is
qualified to write life insurance in the state of Missouri.
Proceeds—For expansion of the business into other states
and
for
Office
reseives.
4725
—
Wyandotte St., Kansas
City, Mo. Underwriter—None.
17, 1961 (letter of notification) 100,000 shares of
capital stock (par 10 cental. Price—$3 per share. Busi¬
ness—The supplying of temporary office personnel. Pro¬
ceeds—lo purchase
assets of Rapid Computing Co., Inc.
corporate
Suval Industries Inc.
(7/10-14)
AjDril 27, 1961 filed 125,000 shares of common stock, of
which 100,000 shares are to be offered for
public sale
by the company and 25,000 outstanding shares by the
present holders thereof.
Price—$4 per share. Business—
The manufacture of
supported vinyl plastic sheeting for
the automobile, furniture and
clothing industries. Pro¬
ceeds—For additional
equipment, product expansion and
working capital.
Office—Cantiagua Road, Westbury
N.
Y.
Underwriters
Brukenfeld
&
—
Milton
D.
Blauner
&
Co;,
and
Co., both of New York City.
•
Swingiine Inc. (7/17-21)
14, 1961 filed 200,000 outstanding class A common
shares. Price—By amendment. Business—The manufac¬
ture of stapling machines. Proceeds
For the selling
Office—122 E. 42nd&
purposes.
—
stockholders.
Office—32-00
Skillman
Ave., Long Island
City, New York. Underwriter—Paine, Webber, Jackson
& Curtis, New York
(managing).
^
Street, New York, N. Y. Underwriter—Hancock
rities Corp., New York, N. Y.
Secu¬
T-Bowl
June
International!, Inc.
1961 filed 400,000 common
May 2, 1961 filed 265,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
15,
shares, of which
325,000 shares are to be offered by the company and
75,000 shares by stockholders. Price—By amendment.
Business—The operation of bowling centers. Proceeds—
The manufacture and direct retail sale
For
Standard Brands Paint Co. 9
of
paints,
enam¬
els, varnishes and allied products in the Southern Cali¬
fornia
Proceeds—For
area.
of
retirement
outstanding 8%
Office
pansion.
the
4300
W.
repayment
debentures
190th
of
debt,
for
and
the
ex¬
St.,
Torrance, Calif.
Underwriters—Sutro Bros. & Co., and Allen & Co., both
of New York
City (managing).,
Sterife
—
Medical
Products, Inc.
June 2, 1961 ("Reg. A") 120,000 common shares (par 10
cents). Price—$2.50. Business—The sharpening of sur¬
gical blades. Proceeds—For general corporate purposes.
Address—Jamesburg, N. J. Underwriter—Louis R. Dreyling & Co., New Brunswick, N. J.
Stratof ex,
June
and
Inc.
8, 1961 filed
amendment.
120,000
Business
—
shares. Price
common
The
manufacture
of
—
By
hydraulic
pneumatic type hose, primarily for the aircraft and
industries.
Proceeds—For repayment of loans,
missile
and
working capital. Address — P. O. Box 10398, Fort
Worth. Tex. Underwriter—First Southwest Co.. Dallas.
Stratton
N.
expansion.
J. Underwriter—Peter
N.
Y.
Underwriters
•
construction.
and
development^ and op¬
recreational
summer
resort or.
Proceeds—For
in southern Vermont.
Office—South
Londonderry,
writer—Cooley & Co., Hartford, Conn.
Under¬
Vt.
June
27, 1961
nated
filed $600,000 of 6%
debentures
due
1981.
convertible subordi¬
Price—At
par.
Proceeds—
For
plant expansion, working capital and other corpo¬
rate purposes. Office — Basin and Cherry Sts., Norristown, Pa. Underwriter—H. A. Riecke & Co., Philadel¬
phia (managing).
Sun
March
Val'ev
30,
Associates
1961
$205,000 of lim¬
ited partnership interests to be offered in units of $5,000.
or fractional units of not less than
$2,500. Proceed*—For
working capital. Address — Harlingen, Texas. Under¬
write*—Nat
Berger
Associates, Inc., New York City.
^ Super-Temp Corp.
June 15. 1961
("Reg. A") 100,000 common shares (no
par). Price—$3. Proceeds—For repayment of debts, pur¬
chase of new equipment, re*e?rrh ?md development and
working capital. Office—2024 W. 15th St., Long Beach,
Calif. Underwriter—Morgan & Co., Los Angeles.
•
Supprrrarrets Operating Co. (7/6)
May 10, 1961 filed 125,000 shares of common stock. Price
—To
tion
be
of
sunplied
chain
by amendment. Business—The opera¬
the
production
and
marketing
of
"Huber's
Sunbeam"
bakery products. Proceeds — For working capital, and
general corporate purposes. Office—1416 Morris Ave.,
Union, N J. Underwriters—Robert Garrett & Sons, Bal¬
timore, Md., and G H. Walker & Co., New York City,
a
of
"Shop-Rite"
supermarkets
Superstition Mountain Enterprises,
and
Inc.
(7/10-14)
Jan.
Price
30.
—
formed
foot
Ariz.
of
1°6l
$2.50
filed
per
2.000.000
share.
shares
Business
—
of
The
common
stock.
company
was
in
March, 1959 to develop real property at the
Superstition Mountain near Apache Junction,
It has developed part of
the property to form the
Apacheland Sound Stage and Western Street, architec¬
turally designed for the 1870 period, which is used for
the
shooting of the motion picture and television pro¬
Co.,
and
Brand,
(managing).
stock to be offered for public
sale in units consisting of
$240 of debentures, 50 common shares and 20
wai^rants.
Price
$640 per unit. Business — The construction of
—
bowling centers. Proceeds—For construction and work¬
ing capital. Office—873 Merchants Road, Rochester, N. Y.
Underwriter—Lomasney, Loving & Co., New York City
(managing).
©
Taffet
April
Electronics, Inc.
28,
—
$3
1961
per
bearing obligations of
states, counties, municipalities and territories of
the
U. S., and political
subidivisions thereof which are be¬
lieved to be exempted from Federal
income taxes. Pro¬
ceeds—For investment.
Office —135 South La Salle
St., Chicago. Sponsor—John Nuveen
(7/5.3)
filed
132,000 shares of common stock.
share.
Business — The manufacture of
J.
Proceeds—For general
—420
Lexington Ave.,
communications
components, for
field.
primarily
use
Proceeds—For
additional
equipment, capital improvements and working capital.
Office—27-01 Brooklyn Queens
Expressway, Woodside,
N.
Y. Underwriters—Fialkov & Co., Inc.
(managing);
Stanley Heller & Co., Amos Treat & Co., Inc., all of New
York
City.
9,
Broadcasting Co.
May 26, 1961 filed 376,369 outstanding shares of
stock
to
be
offered
for
public sale by the present
holders thereof. Price—To be supplied by amendment.
Business—The operation of TV and radio broadcasting
stations.
Proceeds—For the selling stockholders. Office
Highland Avenue, Cincinnati, Ohio. Underwriter
—Harriman Ripley & Co., Inc., New York City
(manag¬
ing). Offering—Expected in July.
—1906
Tasselie, Inc.
(7/10-14)
Feb.
15, 1961 filed 200,000 shares of class A stock. Price
—$12 per share. Business—The company was organized
under
and
Delaware law in
sale of
"Tassette,"
1959
to finance
the
exploitation
patented feminine hygiene aid.
Proceeds—For advertising and
promotion, market devel¬
opment,
a
medical research
and
administrative
expenses.
Office—170 Atlantic
St., Stafford, Conn.. UnderwriterAmos Treat & Co., Inc., New York City (managing);
Bruno-Lenchner, Inc., Pittsburgh; and Karen Securities
Corp., New York City.
Tax-Exempt Public Bond Trust Fund
Jan.
16,
1961 filed $5,000,000 of interests
1961
one
advertising;
percentage (to be supplied by amendment) and dividing
the sum thereof by 5,000.
Business — The trust was
formed by John Nuveen & Co., Chicago,
111., to invest ir:
tax-exempt obligations of states, counties, municipalities
territories of the United States.
Sponsor — John
135 South La Salle Street, Chicago, 111.
and
Nuveen & Co.,
Tax-Exempt Public Bond Trust Fund, Series 2
23,
1961
certificates.
filed
$10,000,000
ex-k
pansion; purchase of raw materials; research and devel¬
opment, and working capital. Office—599 Tenth
Avenue,
New York.
Underwriter—International Services Corp.,
Paterson, N. J.
Templet Industries Inc*
June 2, 1961
("Reg. A") 100,000 common shares (par 25
Price—$3.
Business—Licenses patents to die-
cents).
makers
and metal parts manufacturers.
Proceeds—For
working capital and general corporate purposes. Office—
701 Atkins Ave., Brooklyn
8, N. Y. Underwriter—Levien,
Greenwald & Co., New York.
•
Tempieton Damroth Corp.
30, 1961 filed $445,000 of 5V2% convertible de¬
bentures, due 1969.
Price
100%
of the »principal
March
—
amount. Business — The
management and distribution
of shares of four investment
companies, and also private
investment counselling. JProceeds—To increase the
sales
efforts of subsidiaries, to establish a new finance
com¬
and
pany,
for general
corporate
Office—630
purposes.
Third
Avenue, New York City. Underwriter—Hecker &
Co., Philadelphia, Pa. Offering—Expected in late
July.
Tennessee
Investors,
Inc.
May 16, 1961 filed 500,000 shares of common stock to be
publicly offered, and 4,206 common shares to be offered
to
holders
of the outstanding common on the
basis of
share for each nine shares held.
Prices—$12.50
share for the public offering and $11.40
one
new
per
for
the
pany's
term
per share
Business—A small business in¬
Proceeds — To finance the com¬
rights offering.
vestment
company.
activities
loans
of
to small
Casualty Tower,
providing equity capital and long
business concerns.'Office—Life and
Nashville^
Tenn. Underwriter—Paine,
WebberJackson & Curtis," New'York
City
•
Terry Industries, Inc.
28, 1961 filed 1,728,337 shares of
Feb.
(managing).
common
stock
of
which
557,333 shares
of the
issuing company and 1,171,004 shares, represent¬
are
to
be
offered for
the
account
ing outstanding stock, are to be offered for the account
of the present holders thereof.
Price—For the company's
shares, to be related to A.S.E. prices at time of the
offering. For the stockholders' shares, the price will be
supplied by amendment. Business
The company, for¬
merly Sentry Corp., is primarily a general contractor for
heavy construction projects. Proceeds—The proceeds of
—
the first 12,000 shares will
go to Netherlands Trading Co.
balance of the proceeds will be used to
pay past
due legal and
accounting bills, to reduce current indebt¬
The
edness, and for working capital. Office—11-11 34th Ave.,
Long Island City, L. I., N. Y. Underwriter — (For the
company's shares only) Greenfield & Co., Inc.. New
Tetraflour, Inc.
I
.
31, 1961 ("Reg. A") 100,000 common shares (no
par). Price—$3. Proceeds—For repayment of a loan, pur¬
chase of equipment and
working capital. Office—343
Hindry Ave., Inglewood, Calif. Underwriter—Morgan &
Co., Los Angeles, Calif.
•
Texas
Capital Corp. (8/4)
16, 1961 filed 1,000,000 common shares. Price—By
company.
Business
Proceeds
—
—
A
small
business
For investment.
Texas
June
7,
Eastern Transmission
1961
filed
investment
Office
Eighth St., Georgetown, Tex. Underwriter
Tegeler & Co., Inc., St. Louis.
Corp.
—
—
104
E.
Dempsey-
(7/12)
$30,000,000
of debentures due July
1, 1981 and 200,000 shares of subordinated convertible
preferred ($100 par). Proceeds—For the repayment of
debt and for construction. Office—Memorial Professional
Bldg., Houston. Underwriter—Dillon, Read & Co., New
York (managing).
Textilfoam, Inc.
June
23, 1961 filed 130,000
000 shares
are
shares of which 100,by the company and 30,000
common
to be offered
shares by the stockholders. Price—By amendment. Busi¬
ness — The lamination
of a syntheticwfoam to fabrics.
Proceeds—For
expansion, working capital
and
general
corporate purposes. Office—200 Fair St., Palisades Park,
N. J.
Underwriters—Flomenhaft, Seidler & Co., Inc., and
Street & Co., Inc., New York (managing).
Thermo-Chem
(5,000 units).
Price—To be computed on the basis of the trustees eval¬
uation of the underlying public bonds,
plus a stated
Feb.
Associates, Inc., New York.
amendment.
com¬
Office
Underwriter—
purposes.
City.
("Reg. A") 100,000 class A common shares
cent). Price—$3. Business—The manufactu.e
coin-operated vending machines. Proceeds—For re¬
payment of loans; sales promotion and
(par
June
Taft
York
of
May
electronic
corporate
New
Techno-Vending Corp.
June
fabrication
of
Co., Chicago.
ship will acquire all the outstanding stock of five
apart¬
ment houses in
Newark, East Orange and Jersey City,
N.
York City.
the
&
Taylor-Country Estate Associates
12, 1961 filed $2,420,000 of limited
partnership in¬
terests. Price—$10,000
per unit. Business—The
partner¬
June
equipment, principally electronic test equip¬
ment, partial electronic systems and assemblies, and the
mon
(letter of notification)
&
Bowling & Leasing Corp. (7/3-7)
March 31, 1961 filed $600,000 of 8% convertible subordi¬
nated debentures due 1971, 125,000 shares of
comnpn
stock and 50,000 class A
warrants to purchase common
in
• Strouse. Inc.
Kesselman
—
Tatideo
Price
winter
a
Mountain
Morgan & Co., New York.
Grumet & Seigel Inc., New York
electronic
of
Stratton
Boulevard, East Paterson,
replacement knobs for television sets. Proceeds—For the
repayment of debt, the expansion of product lines and
working capital. Office—469 Jericho Turnpike, Mineola,
eration
1961
B
T.*V. Development Corp.
May 26, 1961 filed 100,000 shares of common "stock. Price
—$5 per share. Business—The manufacture and sale of
.7orp.
filed $650,000 of 5% convertible subordi¬
debentures, due Dec. 1, 1981. Price—At 100% of
principal amount. Business—The
March 3,
nated
Office— 27
—The fund will invest in interest
Nat Berger
(7/3)
June
April
and for general
Underwriter
•
Spencer Laboratories, Inc.
May 1, 1961 (letter of notification)
the
—To
policyholders, employees and
v
and
Office—Apache Junction, Ariz.
Supronics Corp.
May 29, 1961 filed 90,000 shares of
be
v<
Spellman Engineering, Inc. (6/30)
6, 1961 filed 150,000 common shares.
amendment.
off
pay
of
June
ceeds
making
-
To
—
purposes.
'
•
office
Proceeds—To purchase and
develop additional
pany
(7/17-21
pany
ductions.
property.
—None.
(10,000 units)
ownership
Price—To be filed by amendment.
Business
June
Corp.
14, 1961 filed 130,000
common
shares. Price—$4.50.
Business—The manufacture of coatings for fabrics. Pro¬
ceeds—To repay a loan, and purchase equipment, for re¬
search
and
development, administrative expenses and
working capital. Office — Noeland Ave., Penndel, Pa.
Underwriter—Best & Garey Co., Inc., Washington, D. C.
•
Thompson Ramo Wooldridge Inc. (6/30)
May 24, 1961 filed $25,000,000 of 25-year sinking fund
debentures, due 1986.' Price—To be supplied by amend¬
ment.
Business—The research, manufacture, and
Continued
on
sale of
page
44
44
The Commercial and Financial Chronicle
(2876)
Continued from page
in the missile, space, electronics and aircraft
—
For general funds, including debt re¬
products
fields.
•
43
Proceeds
Office—23555 Euclid Avenue, Cleveland, Ohio.
duction.
Underwriters—Smith, Barney & Co., New York City and
McDonald & Co., Cleveland, Ohio (managing).
Enterprises, Inc. (7/10-14)
June 2, 1961
filed 85,000 common shares.
Price—$4.
Business
The breeding of thoroughbred race horses.
Proceeds—To purchase land, build a stable, and buy
additional horses.
Office—8000 Biscayne Blvd., Miami^
Thoroughbred
—
Co., Inc., Newark, N. J.,
Underwriter—Sandkuhl &
Fla.
and New York City.
(par
sale
and 95,000 shares by therselling stock¬
$1) of which 60,000 shares will be offered for public
supplied by amendment. Business
—The manufacture and sale fo plastic and metal toys.
holders.
working
Underwriter—Bache &
Office—Mound, Minn.
Co., New York City (managing).
capital.
Inc.
Electronics,
Inc.
1, 1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—$2.75. Business — Manufacturers'and im-^
porters of transistorized radios, phonographs and simi¬
lar electronic products.
Proceeds—For removal to larger
quarters; purchase of tools and dies; research and devel¬
opment; repayment of loans and working capital. Office
Jamaica
—195-02
Av^., Jamaica 23, N. Y. Underwriters
and Earl Edden
—Bertner Bros,
Transcontinent Television
Co., New York.
Government agency; cold storage warehousing;
freezing, packaging and marketing of vegetables;
the freezing and packaging of shrimp; the feeding and
marketing of fattened cattle, and the operation of a
small business financing company. Proceeds—For ex¬
pansion and working capital. Office—1235 Shadowdale,
Houston, Tex. Underwriter—Dempsey-Tegeler & Co., St.
Louis, Mo.
United
Investors
1961 filed 76,109 shares of class A stock.
May 26,
Price
Business—The company plans to ac¬
quire 15 realty properties in eight states. Proceeds—For
the repayment of debt, property acquisitions, and work¬
ing capital. Office—60 E. 42nd Street, New York City.
Underwriter—None. Offering—Expected in rhid-August.
share.
per
U.
S.
filed 200,000 shares of common stock
per share.
Business—The company plans to
manufacture fiberglass shingles, beams, purlin and other
materials.
Proceeds
For working capital, inventory
1961
27,
Price—$2
common
stock to be
holders
ent
Corp.
Business
ment.
offered for public sale by the pres¬
Price—To
thereof.
radio
be
supplied
the
St., Buffalo,
N. Y. Underwriters—Carl M. Loeb, Rhoades & Co., and
Bear, Stearns & Co., both of New York City (managing).
seven
broadcasting
stations.
stockholders. Office
selling
Transcontinental
March
120,000 shares of
stock^(par $1). Price—$2.50 per share.
Pro¬
advances to subsidiaries. Office—278 S. Main
common
ceeds—For
Street, Salt Lake City, Utah. Underwriter—Continental
Securities Corp., 627 Continental Bank Building, Salt
Lake City, Utah.
v
plaqhing, development and marketing of single-familyhome communities in New Jersey. Proceeds—For the
development
of properties. Office — 52 Neil Ave., Lakewood, N. J.
Underwriter—Auchincloss, Parker & Redpath, Washing¬
ton, D. C., and New York City.
>
Variable Annuities
United
share. Business—A
per
Office—20
investment.
26, 1961 filed 185,000 common shares of which
shares are to be offered by the company and
shares by stockholders. Price—By amendment.
Business—A ,holding company with subsidiaries in the
savings and loan, .real estate and insurance fields. Pro¬
ceeds
For repayment of loans and working capital.
75,000
110,000
.
of
1961.
Universal
23,
1961
stock
common
to be
outstanding
Price
$2
—
shares, stock, by the selling stockholders
per share.
Proceeds — For working capital
writer—Wililam
Naftalin & Co.,
•
Universal
June
Ltd.
May 1, 1961 filed $150,000 of limited partnership inter¬
ests to be offered for public sale in 150 units.
Price—
$1,000 per' unit.
Proceeds—For the acquisition of oil
leases and
the
development of, thereof.
Office-<--213
Building, Abilene, Texas.
Under¬
writer—None.
18,
Street, Winona, Minn.
Inc., Minneapolis, Minn.
Moulded
Fiber
Glass
Underwriter—
•
sold
Uris
stockholders.
by
Business—Manufactures transformers for electronic
(7/10-14)
June 2, 1961 filed 159,403 outstanding shares of common
to be offered for sale by stockholders. Price—By amend¬
ment. Business—The construction, operation and leasing
equipment.
Proceeds—For
of office
search
development,
j
Tresco, Inc.
5, 1961 filed' 100,000
June
and
common
the
shares.
repayment
of
Price—$5.
debt,
re¬
a new subsidiary
Office—3824 Terrance
Underwriter—Amos Treat & Co., New
to
finance
ers.
Buildings Corp.
Proceeds—For the selling stockhold¬
buildings.
Third Ave.,
Office—850
New York.
Underwriter—
and for other corporate purposes.
Kuhn, Loeb & Co., New York (managing).
St., Philadelphia.
York (managing).
it Vacu-Dry Co.
June
0
•
Triangle Instrument Co.
March 30,
(7/10-14)
1961
(letter of notification) 100,000 shares of
(par one cent). Price—$3 per share. Busi¬
ness
The manufacture of precision instruments and
components. Proceeds—For equipment, inventory, the
repayment of debt, and working capital. Office—Oak
•
common
stock
—
1961
bank
19,
and
consumer
shares.
common
industrial
finance
Price—$6.
company.
shares. Price—By
expansion, repayment of
common
For
Valley Title & Trust Co.
June
1961
13,
the
Business—A
—
working capital. Office
and
—Armstrong & Co., Inc., New York City.
Funding Corp.
1961 filed 250,000
400,000
Calif.
Business—The
Trinity
filed
filed 120,000 common shares. Price—$5.
writing and selling of title insurance and
Louis
and
the manufacture of precision
subassemblies for the aircraft, missile and
Proceeds—For the repayment of debt,
expansion, working capital and reserves for possible fu¬
ture acquisitions.
Office—9111 Schaefer Highway, De¬
troit, Mich. Underwriter—S. D. Fuller & Co., New York
parts
and
other
industries.
City (managing).
(7/6)
of first subordinated de¬
bentures due 1981 (with attached warrants to buy up to
80,000 common shares).
Price — To be supplied by
amendment. Business—The construction, and mortgage
financing of shell homes.
Proceeds—To reduce bank
debt and finance the sale of additional homes.
Office—
1500 North Dale Mabry Highway, Tampa, Fla.
Under¬
writer—Alex. Brown & Sons, Baltimore, Md. (-managing).
(Jim)
Walter,
Corp.
May 18, 1961 filed $20,000,000
Walter
Sign Corp.
March 30,
(letter of notification) 100,000 shares
1961
of
Price—$3 per share. Busi¬
installation of highway
signs. Proceeds—For the reduction of debt, sales promo¬
tion, inventory and reserves. Office—4700 76th St., Elm-
common
stock (par one cent).
ness
The
—
manufacture
and
hurst, L. I., N. Y. Underwriter—Amber,
40 Exchange Place, New York 5, N. Y,
Burstein & Co.,
Washington Water Power Co.
1961,,ftled 160,Q0Q1 .common shares. Price—By
Proceeds—For repayment of loans and con¬
20,
Office — E., 1411 Mission Avenue, Spokane,
Underwriters—Kidder, Pesabody & Co.; Blyih &
struction.
Wash.,
Co., Inc., and White, Weld & Co., New
Witter, San Francisco.
York and Dean
Wayne Manufacturing Co.
1961 filed 40,000 outstanding shares of capital
by the present hold¬
thereof. Business—The design, manufacture and sale
May 29,
of
be offered for public sale
industrial
Price
sweepers.
Office
amendment.
—
1201
E.
—
To be supplied by
Lexington St., Pomona,
Underwriters—Mitchum, Jones & Templeton, Los
Calif.
Angeles and Schwabacher & Co., San
Francisco (man¬
aging).
Wej-lt Expansion Products, Inc. (7/14)
4, 1961 (letter of notification) 300,000 shares of
common stock
(par 10 cents). Price—$1 per share. Pro¬
ceeds—For plant and facilities, moving equipment, in¬
May
ventory, working capital and repayment of a loan. Office
—4 S. Santa Fe Dr., Denver, Colo. Underwriter—Amos
C. Sudler & Co., Denver, Colo.
Bowling Corp.
128,434 shares of common stock, of
be offered for public sale
by the company and 13,434 outstanding shares by the
present holders thereof. Price—$9.75 per share. Busi¬
ness—The company plans to acquire and operate bowling
centers primarily in California.
Proceeds—For general
corporate purposes.
Office—3300 West Olive Avenue,
Burbank, Calif. Underwriter—Hill Richards & Co. Inc.,
Los Angeles (managing).
which
filed
115,000
shares are to
Westbury Fashions, Inc.
120,000 shares of common stock, of
offered for public sale by
the company and 52,000 outstanding shares by the pres¬
ent holders thereof. Price—To be supplied by amend¬
ment. Business
The design, manufacture and sale of
May
10,
1961 filed
which 68,000 shares are to be
R.
Dreyling & Co., 25 Livingston Ave.,
Brunswick, N. J.
—
subor¬
princi¬
Business—The production of gauges
amount.
pal
measuring instruments and
acting as trustee and escrow agent. Proceeds—For
working capital, reserves and other corporate purposes.
Office—1001 North Central Ave., Phoenix, Ariz. Under¬
writer
(7/17-21)
Corp.
1961 filed $2,000,000 of 6%' convertible
dinated debentures due 1976. Price—At 100% of
19,
West Coast
— 950
56th St.,
Underwriter—Wilson, Johnson & Higgins, San Francisco (managing).
loans
Oakland,
Vinco
May
May 26, 1961
Proceeds
Drive.and Cedar Place, Syosset, L. I., N. Y. Underwrite*
June
Proceeds—For working capital. Office—1107 Broadway,
York.
Underwriter—Trinity Securities Corp., 40
New
Exchange Place, New York.
June
casual
Tungsten Mountain Mining Co.
April 7, 1961 (letter of notification)
10
pansion, the repayment of loans, equipment, and work¬
ing capital. Office — 1400 Broadway, New York City.
Underwriter—McDonnell & Co., Inc., New York City.
New
common
stock
(par 25
400,000
cents). Price
shares
of
£2V2
cents per
share. Proceeds—For mining expenses. Office—511 Secu¬
rities Bldg., Seattle, Wash. Underwriter—H. P. Pratt &
—
Co., Inc.. Seattle, Wash.
Turbodyne Corp.,
May 10, 1961 filed 200,000 shares of common stock. Price
$2 per share. Business
The research, development,
manufacturing and marketing of space and rocket en¬
gines, and related activities. Proceeds—For research and
development, and working capital. Office—1346 Con¬
necticut Ave., N. W., Washington, D. C. Underwriter—
—
T. J. McDonald &
Co., Washington, D. C.
it Union Electric Co.* (7/25)"
June 23, 1961 filed $30,000,000 of first
mortgage bonds
due 1991. Proceeds—For expansiort. Office—315 N. 12th
Blvd., St, Louis 1, Mo. Underwriters
(Competitive)
—
Probable
bidders:
First
Boston
Corp.; Halsey, Stuart &
Inc.; Blyth & Co., Inc., and Eastman Dillon, Union
Securities & Co. (jointly); Lehman Brothers and
Bear,
Stearns & Co.
(jointly).
Bids
July 25 at 11 a.m.
Co.
—
(EDST).
-at
_
27,
amendment.
City.
ers
Corp.
Price—$10. Business—The
manufacture of fiber glass reinforced plastic. Proceeds
—For the selling stockholders. Address—Commonwealth
Ave., Bristol, Va. Underwriter—A. G. Edwards & Sons,
St. Louis (managing).
be
to
thereof. Price—To be supplied by
operation of a national chain
of gymnasiums and health centers for men and women.
Proceeds—The company will use its part of the proceeds
for the opening of new gymnasiums and the promotion
of home exercise equipment. Office—375 Park Ave., New
York City. Underwriter—S. D. Fuller & Co.; New Yorkby the present holder
stock to
filed 275,000 outstanding common shares
1961
(7/19-14)
11,
amendment.
Manufacturing Co.
(letter of notification) 135,000 shares ol
(par 10 cents) of which 35,000 shares are
offered for the account of the company and 100,000
Feb.
Enterprises, Inc.
1961 filed 320,000 shares of class A common
stock (par 10 cents) of which 120,000 shares will be of¬
fered for the account of the company and 200,000 shares
iMay
June
v
Office—516 W. 4th
Blvd., Beverly Hills, Calif. Under¬
Staats & Co., Los Angeles (manag¬
ing).
*
Reed,
Health, Inc.
June 14, 1961 ("Reg. A") 100,000 common shares. Price
—$3. Business — The operation of a chain of health
studios. Proceeds—For expansion, advertising, financing
of time payment memberships and other corporate pur¬
poses. Office—15A South Main St., West Hartford, Conn.
Underwriter—Cortlandt Investing Corp., 120 Wall St.,
—
Bank
Inc.
mutual fund. Proceeds—For
Street, Kansas City, Mo.
Inc., Kansas City, Mo.
the fall
in
Tanny
9t]h
Offering—Expected
Office—9460 Wilshire
National
W.
&
June
First
new
Underwriter—Waddell
it Trans-World Financial Co J
Trebor Oil Co.
Fund,
April 11, 1961 filed 21(500,000 shares of stock. Price—$10
New York.
R.
(7/17-21)
Home & Development Corp.
Universal
Investment Co.
(letter of notification)
1961
15,
Proceeds—For
70 Niagara
—
U. S.
May 11, 1961 filed 300,000 shares of class A capital stock.
Price—To be supplied by amendment. Business — The
amend¬
by
Th^operation of six television and
—
equipment, and sales promotion.
Office — Clarkville, Texas. Underwriter—Hauser, Murdock, Rippey &
Co., Dallas, Texas.
•
Vic
•
Fiberglass Products Co.
April
.
•
amendment. Business—The
Corp.
repayment of loans, purchase of land and
May 25, 1961 filed 400,000 outstanding shares of class B
Proceeds--To re¬
loans, for additional equipment and inventory, and
for working capital. Office—928 Broadway, New y°r^
City. Underwriters—Hill, Thompson & Co. (managing),
Hampstead Investing Corp., and Globus, Inc., all of New
York City.
S.
the
and
June
1961
U.
—
Trans-Aire
special heat-shrinkable film.
items in
(7/10-14)
Thursday, June 29,
.
pay
Price—To be
Proceeds—For
Foods,
.
May 25, 1961 filed 125,000 shares of common stock. Price
—$8.50 per share. Business—The storing of grain for a
—$10
• Tonka
Toys, Inc. (7/6)
May 22, 1961 filed 155,000 shares of common stock
by the company
United
.
Information Meeting—July 24, 11
Bankers Trust Co.,
i
a.m.
(EDST)
16 Wall Street, New York *
••
•
-«
r
*
Varco
Industries, Inc.
—
8, 1961 ("Reg. A") 100,000 common shares (par
cents). Price—$3. Proceeds—For repayment of loans,
purchase of equipment and inventory, and working
capital. Office—815 Nash St., El Segundo, Calif. Under¬
writer—Omega Securities Corp., New York.
Vatronic
Lab.
Equipment,
Western
Inc.
vacuum
the repayment
systems
and
equipment.
Proceeds
—
For
Proceeds—For ex¬
Inc.
City, Utah.
Business—Factoring.
Underwriter—Elmer
K. Aagaard, Newhouse Bldg., Salt Lake City, Utah. .,.
Underwriter—Stanley R. Ketcham & Co., New York.
Manufacturing Corp.
Western
June 9,
1961 ("Reg. A") 300,000 common shares (par 50
cents). Price—$1. Proceeds—For operating expenses and
working capital. Office—210 E.. Manville St., Compton,
Calif. Underwriter
Amos C. Sudler & Co., Denver,.
March
17,
shares
each;
Colo.
stockholders
.
Versapak Film & Packaging Machinery Corp. •(7/14)
150,000 shares of common stock and
150,000 five-year warrants, to be offered for public sale
in units of one share of stock and one warrant. Price—
March 30, 1961 filed
$3,125 per unit. Business—The design, development and
sale
of
versatile automatic equipment for packaging
Growth
Corp.*
1961 filed 202,107 shares of class A common
stock (par 10 cents), of which 150,000 shares are to be
offered for public sale by the company in units of 10
—
•
Factors,
women.
—
promotion and working capital. Office—Northport, N. Y.
.
girls and
filed 700,000 shares of common stock. Price
—$1.50 per share. Proceeds—To be used principally for
the purchase of additional accounts receivable and also
may be used to liquidate current and long-term liabil¬
ities.
Office
1201 Continental Bank Bldg., Salt Lake
of debt, plant expansion, equipment, sales
Vendaversa!
for
June 29, 1960
May 29, 1961 filed 80,000 shares of common stock. Price
—$4 per share. Business—The manufacture of industrial
high
dresses
„
outstanding, shares by selling
trading commences. Price—For the
company's stock: $100 per unit. For the selling stocks
holder: At-the-Market. Business—The development of
and
52,107
after
in¬
single-family
property in California for single-family homes, the
vestment in
notes
or
contracts secured by
homes, and other phases of the real estate business.
Proceeds;—For ordinary expenses, repayment of loans
and working capital. Office—636 North La Brea Ave.,
Volume
193
Number
6068
.
.
The Commercial and Financial Chronicle
.
(2877)
Los Angeles, Calif.
Underwriter—Reese, Sclfeftel & Co.,
Inc., New York City./
,.
.
Western
March
Land
Trust
...
Fund
30, 1961 filed 200,000 shares of beneficial inter¬
est in
the Fund.
closed-end
real
Price— $10 per share.
Business
estate
investment trust.
investment. Office—1031 First Western
Calif. Underwriter—To be named.
—
A
Proceeds—For
Bldg., Oakland,
it Wetterau Foods, Inc.
June 27, 1961 filed 100,000 common shares.
Price—By
amendment. Proceeds—For new
equipment and working
capital. Office
Underwriter
—
(managing).
•
7100 Englewood Ave., Hazelwood, Mo.
H. Walker & Co., Inc., New York
' '
G.
—
.
Williams
Brothers
Co.
May 19, 1961 filed 350,000 outstanding shares of common
stock to be offered for public sale by the
present hold¬
ers
thereof.
Price
To
be
supplied by amendment.
Business—The construction of pipelines and other as¬
pects of the heavy construction industry. Proceeds—
—
For
the^ selling stockholders.
Office—National Bank of
Tulsa
Building, Tulsa, Okla. Underwriter—Reynolds &
Co., Inc., New York City (managing).
Wonderbowl, Inc.
6, 1961 (letter of notification)
Feb.
150,000 shares of
($2 per share). Proceeds
discharge a contract payable, accounts payable, and
notes payable and the balance for
working capital. Office
stock.
common
Price—At
par
—To
—7805
Sunset
Blvd., Los Angeles, Calif. UnderwriterCorp., Los Angeles, Calif.
Standard Securities
World
Color
Press, Inc. (7/10-14)
May 16, 1961 filed 218,000 shares of common stock of
which 1203,000 shares will be offered to the public and
15,000
shares
amendment.
to
employees.
Business—The
Price—To
printing
be
of
supplied
magazines
by
and
Proceeds—To selling stockholders. Office—
42.0 DeSoto Ave., St. Louis Mo. Underwriters—Scherck,
ture
and sale of hospital equipment. Office—25-11 49th
Street, Astoria, L. I., N. Y. Underwriter—First Weber
Securities Corp., New York City.
•
Co., and Dempsey-Tegeler
Louis, Mo. (managing).
1
&
Co.,
both
of
St.
Wyoming Wool Processors, Inc.
5, 1961 filed 700,000 common shares. Price—$1.
Business—The processing of wool.
Proceeds—For the
purchase of equipment, building rental, and working
capital.
Address—Box 181, Casper, Wyo.
Underwriter
June
•—None.
• Yakima
Valley Turf Club, Inc.
May 16, 1961 (letter of notification)
par common stock and
$224,000 of
debtedness
one
certificates
of
no
in¬
one
Office—Central Washington Fairgrounds, Yakima, Wash.
Underwriter
To be named.
Youngwood Electronic Metals, Inc.
(7/13)
manufacture of
in
used
precision parts
stampings principally
industry. Proceeds—For the
inventory; research and develop¬
or
the semi-conductor
of debt;
ment, and working capital. Office — 204 North Fifth
Street, Youngwood, Pa. Underwriters—Bruno-Lenchner,
repayment
Inc., Pittsburgh and Amos Treat & Co., New York City.
Ave., Woodhaven, N. Y. Underwriter
Co., Inc.
Ripley & Co., Inc.; Lehman Brothers; Blyth &
Co., Inc.,
Kidder, Peabody & Co., and Shields & Co. (jointly):
First Boston Corp.;
Morgan Stanley & Co.; Halsey, Stuart
& Co. Inc.; Equitable Securities
Corp., Eastman Dillon,
R. F.
—
Dowd
&
Previous
Union
Concrete
June
20,
Designs, Inc.
1961
it
was
reported
that
a
"Reg. A" will be
shortly covering 75,000 shares of common stock
(par 10 cents). Price—$4. Business—The design, manu¬
and installation of pre-cast reinforced concrete
buildings and building products. Proceeds—For thp re¬
facture
payment
of
loans,
inventories,
expansion
and
working
capital.
Office—Southwest 44th Avenue, and Griffin
Road, Fort Lauderdale, Fla. Underwriter—A. M. Shulman & Co.,
Inc., 37 Wall Street, New York.
Consolidated
Edison
Co. of New York, Inc.
C. Forbes, chairman, stated that the
company must issue
almost $100,000,000 of securities
in late 1961 and early 1962. He added that if the com¬
pany decides to
issue any of the 1,000,000 shares of
cumulative preference stock approved by shareholders
at the May 15 annual
meeting, it will be on the basis
of convertibility into common with
subscription rights to
May
16,
1961, H.
shareholders. Office—4 Irving Place, New York
City. Underwriter—To be named. The last rights offer¬
ing to stockholders (of debentures) on Jan. 28, 1959 was
underwritten by Morgan Stanley & Co., and First Bos¬
ton Corp., both of New York City. The last sale of bonds
on
Nov. 23, 1960 was handled by First Boston
Corp.,
and Halsey, Stuart & Co., Inc. (jointly).
Morgan Stanley
& Co., also bid competitively on this issue.
common
Corp.
May 10, 1961 it was reported that this firm expects to
register 100,000 shares of 10 par common stock. Price—
$4 per share. Business — The firm manufactures per¬
fumes, cosmetics, and hair dyes. Proceeds—For general
corporate purposes. Office—5 East 52nd St., New York
City. Underwriter—Nance-Kieth Corp., New York.
'
Contact
Lens
Guild,
inc.
June
to
19, 1961 it was reported that this company plans
file a "Reg. A" shortly covering an undisclosed num¬
ber
of
common
shares.
Business—The
contact lenses. Office—353 East Main
manufacture
of
to register?
would
like
an
item
to
know about it
News
so
Department
that
we
can
prepare
similar to those you'll find hereunder.
Would
write
you
telephone
us
at
REctor
2-9570
or
at 25 Park Place, New York 7, N. Y.
us
Power
&
was
Light Co.
reported that the company may is¬
bonds in the second half of 1961
to finance its cur¬
$40,000,000 construction program. Office—25 S. E.
2nd Ave., Miami, Fla. Underwriter—To be determined
by competitive bidding. Probable bidders: Merrill Lynch,
& Smith Inc. and Kidder, Peabody &
(jointly); Halsey, Stuart & Co., Inc.; White, Weld
Co.; First Boston Corp.; Blyth & Co., Inc.
Pierce, Fenner
Gulf Power Co.
(12/7)
1960 it was reported that this subsidiary of The
Southern Co., plans to sell $5,000,000 of
30-year bonds.
Office—75 North Pace Blvd.,
Pensacola, Fla.
Under¬
writer—To be determined by
competitive bidding. Pre¬
vious bidders included
Halsey, Stuart & Co. Inc.; Mer¬
rill Lynch,
Pierce, Fenner & Smith Inc.; Salomon Bros.
&
Hutzler and Drexel
& Co. (jointly); Equitable Secu¬
Corp.; Kidder, Peabody & Co. and White, Weld
(jointly). Bids—Expected to be received on Dec.
7, 1961.
rities
&
Co.
Hollywood Artists Productions, Inc.
it was reported that this company plans to
file a "Reg. A" shortly
covering 100,000 common shares
June 20, 1961
(par 10 cents).
All
American Airways
Co.
reported that a "Reg. A" will be
filed shortly covering 75,000 shares of common stock.
Price—$4 per share.
Office—Danbury, Conn. Under¬
May
1,
1961
it
was
writer—Edward Lewis Co.
Inc., New York City (manag-
Arizona
Public
Service
Co.
Proceeds
Fpr
working capital and other corporate purposes. Office—
350 Lincoln Road, Miami
Beach, Fla. Underwriter—A.
M. Shulman & Co.,
Inc., 37 Wall Street, New York.
it Hygrade Packing, Inc. *
28, 1961 it was reported that this
sell
about
ceeds—For
Ozone
writer—California Investors,
Los Angeles.
Seam-Matic, Inc.
May 24, 1961 it was reported that this company plans a
full
filing shortly covering 100,000
shares of com¬
mon stock. Price—$3 per share. Business—The manufac¬
expansion.
Park,
N.
Y.
consumer
Office—92-00
plans
company
stock.
common
Business—The
packaging.
Pro¬
Atlantic Avenue,
J.' Gruber, N. Y.
Underwriter—P.
Idaho Power Co.
Jan. 10, 1961 it was reported that this
company plans to
sell $10,000,000 of bonds and about
$5,000,000
of
com¬
in the fourth quarter of 1961. Proceeds—To
repay
and for construction.
Underwriters—To be deter¬
mined by competitive bidding. Probable bidders on the
loans
bonds:
Halsey,
Lazard
Freres
Stuart & Co. Inc.; Blyth & Co., Inc.;
& Co., and First Boston Corp.
(jointly);
Lynch, Pierce, Fenner & Smith Inc.;^Kidder,
Peabody &„Co., and White, Weld & Co. (jointly); Salo¬
mon Bros. &
Hutzler,; and Eastman Dillon, Union Secu¬
rities & Co. (jointly); Equitable Securities
Corp.'Prob¬
Merrill
able
bidders
Freres
&
the common: Blyth & Co.,
Inc.; Lazard
Kidder, Peabody & Co.: Merrill Lynch,
on
Co.;
Pierce, Fenner & Smith Inc. Offering—Expected in late
early November.
Illinois Terminal RR.
Jan.
16,
1961
it
reported
was
Mo.
•
Underwriter—Halsey, Stuart & Co. Inc., Chicago.
Industrial
June
mon
Gauge & Instrument Co.
28, 1961 it
stock
was
will be
reported that 75,000 shares of
filed.
Proceeds
present Rocket Power, Talco and Bohanan divisions. In
the fall of 1961, stock of the new subsidiary would be
through subscription rights to Gabriel stockhold¬
ers and debenture holders with about 20% of the offer¬
ing going to the public. Office —1148 Euclid Avenue,
Cleveland, Ohio. Underwriters—To be named. The last
financing by the company in September, 1959, was han¬
dled by Carl M Loeb, Rhoades & Co., New York City and
Prescott, Shepard & Co., Inc., Cleveland.
Telephone Co. of California '
1961 it was reported that this subsidiary of
Telephone & Electronics Corp. plans to sell
about $20,000,000 of bonds in December 1961. Office —
1,
writer—R.
F.
Dowd
&
Georgia Bonded Fibers, Inc.
Sept. 14, 1960 it was reported that registration of 150,000
of common stock is expected. Offices—Newark,
N. J., and Buena Vista, Va. Underwriter—Sandkuhl and
Company, Newark, N. J., and New York City.
Georgia Power Co.
(10/18)
Dec.
29, 1960 this subsidiary of the Southern Co., ap¬
plied to the Georgia Public Service Commission for per¬
issue
Inc.
Co.
John's
Bargain Stores Corp.
May 17, 1961 it was reported that this company plans to
file a registration statement shortly
covering an undis¬
of
chain
a
Office—1200
shares. Business—The opera¬
stores selling household
discount
Zerega Ave., Bronx, N.
Y. Under¬
Kansas Power &
Light Co.
15, 1961 it was reported that this company is
considering the issuance of $13,000,000 of debentures
March
in the third quarter of 1961. Proceeds—For construction.
Office—800
$15,500,000
of 30-year first mortgage
Kansas
Ave.,
Topeka,
Kan.
First Boston Corp., New York City
Underwriter—
(managing).
Laclede Gas Co.
Nov.
15, 1960 Mr. L. A. Horton, Treasurer, reported that
utility will need to raise $33,000,000 externally for
the
its 1961-65 construction program, but the current feel¬
ing is that it will not be necessary to turn to long-term
securities until May 1962. Office — 1017 Olive St., St
Louis, Mo.
McCulloch Corp.
Jan.
9,
1961
schedule
its
it
reported
was
initial
public
time in
Scott outboard motors and
Office—6101
Macrose
West
was
Macrose
McCulloch chain
saws.
Century Blvd., Los Angeles, Calif.
reported that this company, formerly
Lumber
filing of about 500,000
ness—The
will
late
Industries
May 2, 1961 it
named
corporation
for
1961 or
Business—The corporation manufac¬
tures
1962.
this
that
financing
some
&
Trim
Co., Inc., plans
a
full
shares (par $1). Busi¬
of lumber yards on
Office—2060 Jericho Turnpike, New Hyde
company
common
owns
a
chain
Long Island.
Park, L. I,, N. Y. Underwriter—To be named.
Masters
Jan.
6,
Inc.
1961
it
was
reported
that
this
corporation
la
contemplating its first public financing.
Business—The
operation of
Office—135-21
38th
shares
to
com¬
Expansion of the
writer—To be named.
Co.
offered
mission
—
business, and for the manufacture of a new product by a
subsidiary. Office—1947 Broadway, Bronx, N. Y. Under¬
of
Feb.
plan*
company
$8,500,000 of first mort¬
Office—710 North Twelfth Blvd., St. Louis,
common
Gabriel
that this
the sale later this year of about
gage bonds.
tion
—
Assembly Engineers, Inc.
19, 1961 it was reported that this company plans
file a "Reg. A" shortly covering
100,000 common
shares. Price —$3. Office —Los Angeles, Calif. Under¬
$500,000 of
manufacture of industrial and
goods.
May 26, 1961 it was reported that this company is con¬
sidering the sale of about $5,000,000 of preferred stock
2020 Santa Monica Blvd., Santa Monica, Calif. Under¬
this summer and about $35,000,000 of first mortgage
writers
To be determined by competitive bidding.
bonds in Novembe4 Proceeds—For construction. Office
Probable bidders: Halsey, Stuart & Co. Inc.; First Boston
—501 South Third Ave., Phoenix, Ariz. Underwriters—^*
Corp. and Equitable Securities Corp. (jointly); White,
To be nameql.
The last sale of preferred stock on June
Weld & Co. and Kidder, Peabody & Co. (jointly); Paine,
18, 1958 was made privately through Blyth & Co., and
Webber, Jackson & Curtis, and Stone & Webster Se¬
the First Boston Corp. The last sale of bonds on March
curities Corp.
26, 1959 was also handled privately through Blyth &
General Telephone Co. of Florida
Co., and First Boston Corp.
However, the company
Feb. 8, 1961 it was reported that this subsidiary of Gen¬
stated that there is a possibility that these bonds will
eral Telephone & Electronics Corp., expects to
be sold at competitive bidding, in which case the follow¬
offer
about $15,000,000 of bonds in November. Office — 610
ing are expected to bid on them: Halsey, Stuart & Co.
Morgan St., Tampa, Fla. Underwriters—Stone & Webster
Inc.; Kidder, Peabody & Co.; First Boston Corp.; Blyth
Securities Corp., and Paine, Webber, Jackson & Curtis,
& Co.;
White, Weld & Co., Inc., and Merrill Lynch,
both of New York City.
Pierce, Fenner & Smith Inc.
to
—
June
&
General
June
Business—The production of
TV feature films.
closed number of
General
ing).
Price—$3.
motion picture and
Co.
April 27, 1961, the company announced plans to form a|
new
subsidiary, Rocket Power, Inc., by merging the
Prospective Offerings
Boston
Jan. 4,
or
rent
Our
Corporation
St., Rochester, N.Y.
Exploit Films, Inc.
March 8, 1961 it was reported that this company plans
a full filing covering
100,000 common shares. Price—$5
per share. Proceeds—For the production of TV and mo¬
tion picture films, the reduction of indebtedness, and for
working capital. Office—619 W. 54th Street, New York
City. Underwriter—McClane & Co., Inc., 26 Broadway,
'New York City (managing).
May 11, 1961, it
Do you have an issue you're planning
Co.
First
were
mon
Cosmetically Yours, Inc. *
May 16, 1961 it was reported that this corporation is
contemplating a public offering. Business—The manu¬
facturing and sale of cosmetics;
Office —15 Clinton
Street, Yonkers, N. Y. Underwriter—P. J. Gruber & Co.,
Inc., New York City.
sue
UNDERWRITERS!
&
(jointly). Previous bidders for
Corp., Lehman Brothers,
Morgan Stanley & Co.; Eastman Dillon, Union Securities
& Co.; and Equitable Securities
Corp. Bids—Expected
to be received on Qct. 18.
to
Cosmetic Chemicals
Securities
preferred
filed
Florida
ATTENTION
—
ding.
Underwriter—To be named.
April 13, 1961 filed 75,000 shares of common stock. Price
—$4 per share. Business—The design, development and
or
refunding of
Office—Electric Bldg., Atlanta
3, Ga.
To be determined
by competitive bid¬
bidders for bonds included Harriman
outstanding debt.
—
•
preferred stock' Proceeds—
new
construction, plant modernization
Underwriters
Equipment Corpf
28, 1961 it was reported that a "Reg. A" will be
filed covering 100,000 common shares. Price
$3. Proceeds
—For expansion of the business. Office—97-02 Jamaica
be
offered in units of (a) one common
$100 certificate or (b)10 cohimon shares
$1,000 certificate. Price—(a) $110 or (b) $1,100.
share and
and
to
2,240'shares of
For
June
newspapers.
Richter
Carbonic
bonds, and $8,000,000 of
45
a
chain
of discount
Avenue, Flushing 54, L.
Metropolitan
Edison
houses.
N. Y.
CoJ
Feb.
1, 1961 it was reported that this subsidiary of
General Public Utilities Corp., plans to sell about $10,000,000 of first mortgage bonds and $5,000,000 of deben¬
tures in August or September. Office — 2800 Pottsville
,
Continued
on
page
46
I
"v
■»
!
t
46
The Commercial and Financial Chronicle
(2878)«
.
.
Thursday, June 29, 1961
.
Vk
Continued from page
):>
■h
45
•
/■
■>'
Pike, Muhlenberg Township, Berks County, Pa. Under¬
writers
To be determined by competitive bidding.
■\ \
Halsey,
Stuart
&
Inc.,
Co.
•
Northwestern
Public
Salomon
and
Hutzler. Bids—To be received
Brothers
and Salomon Brothers & Hutzler.
about
(7/17-21)
Co.
Service
—
>
?
Probable bidders: Halsey,
Sj
1
Stuart & Co. Inc.; White, Weld
Co.; Kidder, Peabody & Co. and
&
Drexel & Co. (joint¬
ly); Blyth & Co., Inc.
Metropolitan
—
P
capital. Office — 45-10 Second Ave., Brooklyn, N. JY.
Underwriters—Brand, Grume^ & Siegel, and Kesselman
r»
<w
&
Co.,
■St
New York City
Inc.,
•
Pacific
1
19, 1961 it was reported that this company plans
file a* "Reg. A" covering 100,000 common shares.
maniffacture
laboratories for the electronics educational
Price—$3. Business—The development and
of
language
field and the manufacture of
Street, Brooklyn, N. Y. Underwriter
.—Manufacturers Securities Corp., 511 Fifth Ave., New
York.
■i.if
,
Miio
;i.v
Components,
Inc.
it was reported that this company plans to
file a "Reg. A" covering 150,000 common shares (par
10-cents). Price—$1. Business—The manufacture of com¬
June 19, 1961
*
»•
ponents for the missile and aircraft industries. Proceeds
expansion, equipment, and working capital. Office
t.j
—For
Cleveland
—9
Valley Stream, N. Y. Underwriter—
St.,
T. M. Kirsch &
Co., New York.
(9/28)
reported that this subsidiary of The
Southern Co., plans to sell publicly $5,000,000 of 30-year
bonds
and
$5,000,000 of preferred stock
(par $100).
Proceeds—For construction and expansion. Office—2500
Mississippi Power Co.
Jan. 4,
f't)
1961 it
St.,
mined
•I
A
by
Equitable Securities Corp. (jointly);, Halsey, Stuart &
Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.
Previous bidders for preferred stock included Halsey,
Co. Inc.;
&
Stuart
ti
(jointly). Bids—Ex¬
pected to be received on Sept. 28.
Missouri
't
>.
J».
"it
'
,t
reported that this company plans
to sell about 50,000 additional common shares to stock¬
holders in September or October on a l-for-10 rights
basis.
Office—400 Broadway, Cape Girardeau, Mo. Un¬
derwriter—To be named. The last five rights offerings
to stockholders were underwritten by Edward D. Jones
&
Co., St. Louis.
Airlines, Inc.
May 8, 1961, it was reported that the CAB had approved
the company's plan to sell publicly 400,000 shares of
Pan American World Airway's. Inc., subject to final ap¬
of the Board arid the SEC. The stock was or¬
iginally obtained under a Sept. 9, 1958 agreement under
which the two carriers agreed to a share-for-share ex¬
proval
change of 400,000 shares and the lease of each others
1
jet
planes during thier respective busiest seasons. The CAB
later disapproved this plan and ordered the airlines to
divest themselves of the stock. Price — About $20 per
k
demand loan, and
share. Proceeds—To repay a $4,500,000
other
corporate
Miami
Airport,
Pierce, Fenner
aging).
National
purposes.
59, Fla.
& Smith
Office—Miami International
Underwriters-Merrill Lynch,
York City
Inc., New
(man¬
^
reported that a "Reg. A" Will be filed
shortly covering 100,000 shares of common stock. Price
—$3 per share. Business—The distribution of medical
equipment. Office—38 Park Row, New York City. Un¬
derwriter—Edward Lewis Co., Inc., and Underhill Se¬
curities Co., New York (co-managers).
'
()
\ <'•
New
The
was
England Power Co.
(10/25)
Kuhn, Loeb & Co.; Equitable Securities Corp., and Blair
& Co. (jointly); Merrill Lynch, Pierce, Fenner & Smith
Inc., Kidder, Peabody & Co., and White, Weld & Co.
(jointly); First Boston Corp.; Lehman Brothers. Bids—
To be received on Oct.-25, 1961.
•
Northern
months
6-9
About
Directors.
after
Natural Gas Co.
sale
last
debentures
by
Pacific
Telephone
on
Universal
by Morgan Stanley & Co.
Pan American
World Airways,
busiest
seasons.
Inc.
Pipe Line Co.
8, 1961 it was reported that this company ex¬
pects to sell about $72,000,000 of debentures in Septem¬
ber, subject to FPC approval of its construction program.
Office—120 Broadway, New York City.
Underwriters-
sell
year-end.
:!!
if
It
is also
■
i.
that
Omaha
some
1, Neb. Underwriter—Blyth
City (managing).
,
York
it
$12,000,000 to
&
Co.,
Inc.,
New
June 22,
plied to
jtt,
for
sions
i»-
the Nebraska and Kansas regulatory commis¬
authority to issue $35,000,000 of sinking fund
debentures.
Proceeds—For the repayment of bank loans
and for construction.
I?
Office—2223 Dodge Street, Omaha
1, Neb. Underwriter—Blyth & Co., Inc., New York.
fering—Expected about mid-July.
i?
ji
Northern Pacific Ry.
;v
June
•'!
sale
<,
-
Of¬
(8/1)
19, 1961 it was reported that this company plans the
about $7,200,000 of equipment trust certificates.
of
Office—120 Broadway,
determined
by
New York. Underwriter—To be
competitive bidding. Probable bidders:
1
Power
Penn
West
Feb.
System, Inc., parent company, stated that
to
2, 1960, W. D. Virtue, treasurer, stated that com¬
plans the sale of about $20,000,000 of common stock
be offered stockholders through subscription rights
in
the .fourth
—
Westmoreland County, Pa.
Underwriters—To be deter¬
Probable bidders: Halsey,
Stuart & Co. Inc.; W. C. Langley & Co.; Lehman Broth¬
pany
mined
expansion. Office
Eastman Dillon, Union Securities & Co., and First
Corp. (jointly); Harriman Ripley & Co.; Kidder,
Peabody & Co. and White, Weld & Co. (jointly).
Boston
Western
X
Redwing Carriers, Inc.
Feb.
1961 It was reported that this company plans
to file a plan with the ICC covering a proposed sale by
certain stockholders of $1,500,000 to $2,000,000 of com¬
mon stock. Business—A truck, tank car transporter. Pro¬
ceeds—For the selling stockholders. Office—Tampa, Fla.
Underwriter—Beil & Hough, Inc., St. Petersburgh, Fla.
May 23,
(9/27)
the company stated it plans to issue about
$15,000,000 of 30-year bonds in September. Proceeds—
For construction.
Underwriter — To be determined
Jan. 24, 1961
Stuart
Kidder, Peabody & Co., White, Weld & Co.
and Shields & Co. (jointly); Kuhn, Loeb & Co.; Salomon
Bros. & Hutzler, Eastman Dillon, Union Securities & Co.,
and Equitable Securities Corp. (jointly); Blyth & Co..
Inc.; The First Boston Corp. Bids—To be received about
Sept. 27.
& Co. Inc.;
Union
2&, 1961 it
was
Natural
Gas
a
newly
national,
Inc.
graph Co. in units of $100 of debentures and 10 shares
of stock.
In addition, American Securities Corp., New
York
City, would purchase from Western Union Inter¬
national about 133,000 additional shares of class A stock
giving American Securities ownership of approximately
,25%
of the outstanding class A stock of WUI.
market
conditions.
Proceeds
—
Ton retire bank
loans.
Office—Watts
Building, Birmingham. Ala. Underwriter
—To be determined by competitive bidding.
Probable
bidders: Halsey, Stuart & Co. Inc.; First Boston Cnro.:
Blyth & Co. and Kidder, Peabody & Co. (jointly). Offer¬
ing—Expected in October.
hr Southern Pacific Co. (7/26)
June 26, 1961 it was reported that this company plans to
sell
about
$4,900,000 of equipment trust certificates.
—<^ffice;—165 Broadway, New York. Underwriters—(Com¬
Then
Western Union
of
class
Street,
rities
B
Telegraph woud purchase 250,000 shares
stock for $100,000 and WUI would sell $4,-
of debentures or bonds.
Office — 60 Hudson
New York City. Underwriter—American Secu¬
500,000
Corp.
(managing).
Telegraph Co.
(9/8)
June
13, 1961 it was reported that stockholders are to
vote Aug. 2 on increasing the authorized common stock
from 7,000,000 to 10,000,000 shares to provide for sale
of about 1,070,000 shares to stockholders on the basis of
one new share for each
six shares held. Based on the
market
the company's stock, the sale
$45,000,000. Proceeds—To help finance
company's 1961, $105,000,000 expansion program. Of¬
fice—60 Hudson St., New York. Underwriters—To be
named. The last rights offering in July 1955, was under¬
written by Kuhn, Loeb & Co.; Lehman Brothers; Clark,
Dodge & Co., and Salomon Brothers & Hutzler, New
York. Registration—Expected about July 12.
current
Co.
28, 1960 it was reported by Mr. Loren Fitch, com¬
pany comptroller, that the utility is contemplating the
aale of $35,000,000 of 20-year first mortgage bonds sometime in 1961, with the precise timing
depending qn
Atlantic cable system
organized company, Western Union Inter¬
The plan provides for the issuance by
Western Union International of about $4,000,000 of sub¬
ordinated debentures and 400,000 shares of class A stock
to be offered to stockholders of Western Union Tele¬
to
Western Union
Sel-rex Corp.
May 16, 1961 it was reported that this firm is contem¬
plating its first public financing.
Business — Precious
metals manufacturing.
Office—75 River Road, Nutley,
N. J.
Underwriter—To be named.
Telegraph Co.
reported that the FCC has approved
the company's plan to transfer its
„
by competitive bidding. Probable bidders: Halsey,
by competitive bidding.
ers;
—9QQ 15th St., Denver, Colo. Underwriter—Last equity
financing handled on a negotiated basis^by First Boston
Corp.
/-
Southern
West
expects to sell about $25,000,000 of bonds in 1962.
Office
800 Cabin Hill Drive,
Hempfield Township,
Penn
Dec.
•
Co.
1961, J. Lee Rice, Jr., President of Allegheny
10,
Power
Public Service Co. of Colorado
Oct.
,
ic Northern Natural Gas Co.
1961 it was reported that this company has ap¬
H
!!
tf
expected
$15,000,000 of common stock will be sold to stockholders
through subscription rights in September or October.
Proceeds—For
construction.
Office—2223 Dodge St.,
,u
privately. The last sale of common on Sept.
16, 1960 was underwritten by Blyth & Co., Inc., New
York City.
working capital. Office—15th and Locust St., Philadel¬
phia. Underwriter—To be named.
Electric Corp.
done
was
,
1, 1961 it was reported that this company plans to
issue 60,000 common shares. Price—$5. Business—The
operation of dining clubs. Proceeds—For expansion and
Rochester Gas &
Co.
St., Everett, Wash. Underwriter—To be named. The last
sale of bonds and preferred stock in May and July 1960
r
June
quarter. Proceeds—For
Telephone
April 11, 1961 it was stated in the 1960 annual report
that the company plans to spend $12,000,000 for new
construction in 1961, most of which is expected tq be
raised by the sale of securities. Office—1714 California
°
Club, Inc.
Coast
West
March
Penthouse
Publishing & Distributing Corp.
Dillon, Union Securities & Co.; Salomon Broth¬
Hutzler; Goldman, Sachs & Co. Bids—To be re¬
on Dec. 5, 1961.
*
&
ers
ceived
Iftid Kidder
(managing).
may
Eastman
St., New York City.
Lynch, Pierce, Fenner & Smith Inc.,
company
,
The CAB later disapproved
Peabody & Co., both of New York City
that this
Virginia Electric & Power Co. (12/5)
,
23, 1961, the company announced plans to sell
$15,000,000 of securities, possibly bonds or debentures.
Office — Richmond 9, Va. Underwriters — To be deter¬
mined by competitive bidding. Probable bidders: Halsey,
Stuart & Co. Inc.; Stone & Webster Securities Corp.;
Underwriter—To be named.
Eastern
Co.
reported
was
March
plan and ordered the airlines to divest themselves
Panhandle
it
May 10, 1961 it was reported that this company is con¬
sidering the issuance of common stock. Business—Maga¬
zine publishing. Office—117 E. 31st Street, New York
City. Underwriter—Allen & Co., New York City.
May 8, 1961 it was reported that the CAB ordered this
company to sell its 400,000 share holdings of National
Airlines, Inc., and to file a plan of sale with the board
within 30 days. The stock was originally obtained under
a Sept. 9,
1958 -agreement under which the two carriers
agreed to a share-for-share exchange of 400,000 shares
and the lease of each other's jet planes during their
of the stock. Office—135 East 42nd
Products
Oil
1961
pany
a
of
17,
"Compound X," will be produced. Business—The com¬
is a major petroleum and chemical research' and
process development concern. Office—30 Algonquin Rd.,
Des Plaines, 111. Underwriter—To be named. The com¬
pany has never sold debentures before. However, the
last sale of common stock on Feb. 5, 1959 was handled
by Lehman Brothers, Smith, Barney & Co., and Merrill
Lynch, Pierce, Fenner & Smith Inc., all of New York
City.
Pacific Northwest will sell debentures pub¬
.March
15, 1961, the company reported that it plans to
about $30,000,000 to $35,000,000 of debentures by
Eastern Pipe Line
major field which the' company would not identify.
No
decision has been made on whether the product, named
the
Offering—Expected about mid-August.
$
20, 1961 it was reported that this subsidiary of New
England Electric System plans to sell $20,000,000 of
first mortgage bonds. Office—441 Stuart St., Boston 16,
Mass. Underwriters — To be determined by competitive
bidding. Probable bidders: Halsey, Stuart & Co. Inc.;
that will
require financing either through bank borrowings or the
sale of debentures in order to furthei expansion in a
17, 1960 was underwritten by Halsey Stuart & Co.,
Inc. The one other competitive bid on issue was made
Jan.
For general corporate pur¬
it was reported that this subsidiary of
Co., expects to sell about
1961
Universal
Jan.
Feb.
•
—
$32,000,000 of bonds and $10,000,00() of pfd. stock in Sept.
uiiice—jlzo Broadway, New York City.
UnderwriterMerrill Lynch, Pierce, Fenner & Smith Inc., and Kidder,
Peabody & Co., both of New York City (managing).
*'
portion of its debt. Office—140 New
Montgomery St., San Francisco, Calif. Underwriter—The
last offering of common stock to shareholders on Feb. 25,
1960 was not underwritten. However, A. T. & T., which
owns over 90%
of the outstanding shares, exercised its
rights to subscribe to its pro rata share of the offering.
Hospital Supply Co., Inc.
May 1, 1961 it
of
to repay
Merrill
National
u
sale,
licly
this
was
8,
Panhandle
Telephone & Telegraph Co.
Board
respective
Co.
Utilities
April 11, 1961 it
■
Eastman Dillon, Union Securities &
Co., and Equitable Securities Corp.
'S
of
issuance
will acquire
stock
Gulifport,
Miss. Underwriter—To be deter¬
competitive bidding.
Previous bidders for
bonds were Eastman Dillon, Union Securities & Co., and
14th
a
•
was
the
the bonds.
on
March
the business and properties of the Pa¬
Telephone-Northwest division which operates in
Washington, Oregon, and Idaho. All of the stock of the
new company will be owned by Pacific Telephone but
"as soon as practicable" it will be offered for sale to
Pacific Telephone stockholders at a price to be fixed by
the
or
,
Trunkline Gas Co.
Calii.
M!arch 24, 1961 stockholders of,this A. T. & T. subsidiary
a plan to form a new company to be known as
the Pacific Northwest Bell Telephone Co. The new con¬
cific
o
approved
stockholders
approved. Proceeds
bid
approved
cern
on
~
Halsey, Stuart & Co. Inc., wi}l head a group
will probably go to the market
ing. Office—600 California St., San Francisco 8,
Pacific
'
v"
including the possible acquisition of Central of
Georgia Ry. Office—Washington, D. C. Underwriter—
$20,000,000'- to $40,000,000 of new financing in 1961
probably would not be a common stock offer¬
for
■''
poses,
that
capital and expan¬
sion. Office—55 9th
f
?
also
3, 1961 it was reported by Paul A. Miller, Treas¬
company
'
Railway Co.
1960
21,
*
•
$33,000,000 of new bonds. The issuance of fin unspeci¬
purchases was
Lighting Corp.
the
»
& Co. Inc.,
Bids—Expected
fied amount of additional bonds for other
Stuart
urer
electronic and microwave
components. Proceeds—For working
9
Nov.
and that it
(managing).
Micro-Precision Corp.
to
Halsey,
Jan.
June
til
Southern
April 3, 1961 the company applied to the FPC for permisison to issue up to $4,000,000 of first mortgage bonds.
Office—Huron, S. D. Underwriter—To be determined by
competitive, bidding. Probable bidders:
& Co. Inc., and Kidder, Peabody & Co.
Food Co.
April 12, 1961 it was reported that this company plans
to sell
i0u,000 common shares. Price — $5 per share.
Business
Food distribution. Proceeds — For working
July 26.
Stuart
Halsey,
Probable bidders:
petitive)
&
Aug. 1, 1961.
on
would
raise
price of
over
the
Wisconsin
Jan.
19,
1961
Power
it
was
& Light Co.
reported that this company
plans
$6,500,000 of preferred stock in the third
quarter of 1961. Proceeds—For expansion. Underwriters
—The last sale of preferred stock
in May, 1958 was
handled
by Smith, Barney & Co., New York
and
to
sell
Robert
about
W.
Baird
&
Co., Inc., Milwaukee
(jointly).
Volume 193
Number
6068
dent
For
has
been
the
Canadian
income of
to $250,-
is
of
025 shares of
stock,
common
par
ris
of
$22
of
Arthur
W.
Rogers
as
R. D. Mulholland
"
at
Secretary-Treasurer of the Asso¬
ciation to take effect June 30 also
He
announced.
was
He
will
be
succeeded
(June 29) by A/D.
Co., Inc.
The offering
initial public sale of
the company's common stock.
G.
H.
H.
Read
-
Treasurer,
Vice-Presidents-
learned
Association
worth,
of
P.'R.
J.
were:
Vice-President
used
the
counts
Gen¬
financ¬
corporate
pur¬
including the release of ac¬
receivable presently fac¬
tored, inventory, the expansion of
operations in Europe, and .for gen¬
eral working capital.
eral
Manager, Canadian Imperial
Bank of Commerce; Leo Lavoie,
General
Manager, The Provincial
of
Cdnada; J. D. Gibson,
Bank
the
from
various
for
poses,
Wads-
and
proceeds
ing will initially be added to the
general funds of the company and
appointed
was
Secretary
the
Net
tary-Treasurer by Hugh L. Robson.
Assistant
&
marks
Secre¬
as
share is being
per
today
Gilhart
will continue
associate counsel until Dec. 31.
as
price of $4
a
made
The
of 44 Beaver St.,
company
New York
General
City,
incorporated
was
Manager, The Bank of
Nova Scotia; and C. B. Neapole,
General Manager, The Royal Bank
in
of Canada.
interest of Bechhofer Internation¬
due
To Stockholders
&
its
of
world.
mon
of
debentures
of
common
for
each
12
stock
then
held.
shares
A
nationwide
group
of investment
banking firms headed by Gold¬
Sachs & Co. will underwrite
the offer, which will expire on
July 14, 1961.
man,
The
unless previ¬
are
convertible
debentures,
ously
redeemed,
into
1.852 shares of common stock
for
each
principal amount
at
the
principal
amount, to a conversion price of
$54 per share of common stock)
1966, and there¬
to July 1, 1971,
July 1,
and prior
prior
to
after
into 1.724 shares of common stock
for
the
•>
•
each
$100
(equivalent, at the
principal amount, to a conversion
price of $58 per share of common
initially
of
vending
accessories
States
throughout
It will
export
and
units
immediately
sold, although
are
the offering of the securities
being made only in units.
,
to
The
debentures
are
is;
For
the
conditions.
at
debentures
the
are
redeemable
the company at
prices ranging from
those redeemed prior
option of
redemption
104.375
for
to July
1, 1962 at
redeemed
on
or
100% for those
to maturity.
The first warrants expire on July
1,
1971,
are
per
warrant
and
entitle
chase
callable at i50 cents
after* July * 1,.-1963
the
unit,
holders
mon
a
pur¬
one
nated debentures due
at
to
share of com¬
stock and $20 of 8% subordi¬
as
unit price of
a
The
of the
net
and
finance
the
program
000,
company's general
thereafter utilized to
the
to
added
funds
proceeds from the sale
initially
debentures will be
major
construction
requiring about $30,000,-
and
for
increased
working
capital requirements.
in
interest
on
the
8%
$28 pl&s accrued
debentures.
The
expire on July 1,
1971, are callable at 50 cents a
warrant
after Ji#y 1,
1964, and
entitle the holders to purchase as
subordinated
the
April,
and
ances
sells
company
coin-operated
ond
warrants;
Q,
W
of
tial" investments -in
securities
other
It owns ap¬
corporations.
third
100,000
Andresen Co.
Admit
to
On July 1,
come
William A. Lee will be¬
partner in Andresen &
a
Co., 30 Broad Street, New York
City, members of the New York
Stock Exchange.
investment
De Cordova to Admit
Cyril de Cordova & Bro., 25 Broad
Street, New York City, members
of the New York Stock Exchange,
on
July 1st will admit Arthur E.
de
Cordova
to
A
part of the proceeds
financing will be allo¬
cated to a wholly owned subsidi¬
large
the
from
ary
Stock
Greeff
the
homes sold by
the company. The balance of the
H.
Gaither
partnership.
business
has
years
for
recently
to he
was
partner in Ball, Burge,
a
Form Richard Temple Inc.
Richard
formed
Tpmple
with
Inc.
offices
Far
theAJl
in
and
East
vending
securities
Exchange, will admit Adele
to limited partnership in
business.
DIVIDEND NOTICES
CITY INVESTING
Pine
980
Securities, Inc. is con¬
ducting a securities business from
offices
at
225
Broadway, New
York City.
Thomas D. Jewell is
formerly
of
the
firm.
officer
an
He
Ave.,
COMPANY
Y.
N.
pany
June
on
regular
quarterly,^dividend
-
Common
August
holders
of
business
of Sire Plan
HAZEL
Portfolios Inc.
T.
the
of
July
at
GOODALL
10,
is
RUBBER
COMPANY
P
S.;
and
O
RATIO
a
business August 1,
1961.
22, 1961
Vice President & Secretary
mmm
»
to
make
NOTICE
mi
II
(I
growth should be stimu¬
lated.
THE FIRST
REPUBLIC
dends
cents
CORPORATION
OF
AMERICA
each
(8%
monthly divito be eight
share on the
than
under
Act
of
the
1940
diversified
Investment
as
a
company.
Garnet
New York 16;: N, Y, li-i
A publicly owned
non-
invest¬
REAL
company's
this sale.
upon
completion
of
ESTATE
Company
primary objective is capital ap¬
preciation. Authorized stock con¬
sists of 6,000,000 $1 par common
shares of which 500,000 will be
outstanding
takes two
MM
s
•
V, T
'•
|§| j
\ | I
The United Gas
|ff|
Franklin National Bank of
Improvement!
|p;|
Long Island
||||
Company
Distribu-
tions will be made
on
July 20,196J to Shareholders
of Record at close of
business, June 30,1961.
|
August 20, 1961
j
p;||
'v
to Share-
to
i
\
Common Stock, par
per
> j
\
\
share
'<■
close
lliii
I
;
•.
of record
on
Jerome Wishner
|
President
||||
]
\o:A
in
the
share, has been declared pay¬
able September
29,1961 to holders
August 31, 1961.
the 4K %
been declared
share
Preferred Stock, has
payable October 1,
1961 to holders of record
June 26, 1961
on
value $13.50
A dividend of $1.0634 per
Shareholders
of Record at
of business, August
30, 1961.
NOTICE
A dividend of 60c per
holders of Record at close
of business, July 28, 1961.
1961
DIVIDEND
f
;•
i-Yl
large bites out
||||§
Stock.
September■ 20,
Company
closed-end
The
375 Fifth Avenue
registered
management
increase in the tax
of every dividend dollar.
|§g
v
also
an
by The
A
per
concerns.
is
on
has this day declared three
consecutive
Class
small business firms and
and
extension
dividend income, rather
Zy?/y.yj?
proceeds
long-term
1328
urge-
of federal tax relief
%x
provide advisory and manage¬
ment counselling services to such
of
We
econpmic
penalty, which already
to
company,
BITE
America's
The Board of Directors
Net
Calif.
TAX
11
DIVIDEND
ital Corp., at $3 per share is being
made by Norman C. Roberts Co.,
company
consecu¬
H. G. DUSCH
June
shares of Southwestern Cap¬
The
share
June 27. This is the
August 15,1961 to shareholders of record at the close of
offering of 1,500,000 com¬
to
dividend of 30
common
quarterly dividend of
139,000 shares of com¬
used
a
N
10.OHIO
llVzc per share on all Common Stock outstanding payable
Common Offered
loans
a
A DOUBLE
be
,
COMMON DlVIDEND
The Board of Directors has declared
America furnishes
services and installs
Diego,
of
Secretary.
company's 156th
Capital Corp.
will
paying
on
Southwestern
San
stock¬
close
tive quarterly dividend.
'
mon
to
1961.
BOWERS,
cents
machines- in
stock.
Public
company,
the
NOTICES
financing, outstanding capitaliza¬
tion
of
Dynamic Vending will
mon
•
the
of ri2Vs>
11, ,1961,
record
on
Y.
com-
*the outstanding
on
Stock
payable
CLEVELAND
in
Upon completion of the current
of
N.
1961 declared
26,
cents per share
,
^
was
service.
consist
21,
The Board of Directors of this
Tree
President
Madison
©COR
processing systems for clients
provides a data processing
and
Park
CLEVITE
Data Corp. of
data
been
15
i
West Germany.
consulting
has
at
Row, New York
City
(e/o N.
George Turchin) to engage in a
Pine Tree Securities
on
DIVIDEND
Central and South America, in the
soft-drink
with
& Kraus.
vending
appliances
household
many
been
Lawrence Cook & Co. Prior there¬
firm.
for the purchase of instalment
mortgage notes
Paul
•
unit, one share of common stock
Granbery, Marache Admit
and $40 of 8% subordinated de¬
bentures due July 1, 1986 at" a unit /)n July 1, Granbery, Marache &
price of $55 plus accrued interest Co., 67 Wall Street, New York
City, members of the New York
on the debentures.
appli¬
ment
glass
and
warrants.
machines in Europe and the Near
East;
H.
debentures
4
a
countries, particularly Ger¬
many, Belgium, Holland, England,
Switzerland and Italy.
Through
its
subsidiaries r acquired
last
containers, and sells
feed, cotton linters and other by¬
products of its crushing mill 'operations.
In addition, the company
from time to time makes substan¬
and
company
Ohio—Paul
1986; $64,595 of sundry debt;
280,000 shares of common stock;
150,000 first warrants; 150,000 sec¬
Euro¬
Ave., San Diego, Calif., is licensed
as
a
small business investment
The
ended
United
is primarily en¬
gaged in the processing, packag¬
ing and distribution of a variety
of food and grocery products. The
company also manufactures, both
for its own use and for sale, metal
0
CLEVELAND,
Gaither
has
become
associated
with First Columbus
Corporation.
Mr. Gaither, who has been in the
due
July 1, 1986,
second warrants
after July 1, 1981.
They are redeemable for the sink¬
ing fund at 100% on any June 30,
from 1972 to 1985, inclusive.
months
seven
✓
The
(Special to The Financial Chronicle)
"shell"
of;
Southeast.
not subject
prior
Redemption
in
stock), subject to adjustment un¬
der certain
First Columbus
con¬
machines
distribution
for
sale
the
engage
the
from
in the
engaged
and
pean
$100
(equivalent,
markets'
other
com¬
stock of record June 28, 1961
rights^ to subscribe at 100% for
$38,799,500 ,of 4%% subordinated
debentures, due July 1, 1986 (con¬
vertible prior to July 1, 1971), at
the rate of $100 principal amount
transferred
.
Industries, Inc., is
holders
be
in
company,
Paul Gaither With
other
July
and 50% of the
i"stbdkMb'f Data Corp. of America. proceeds will be used to retire
.current
indebtedness
by repay¬
Dynamic
Vending
was
formed
ment of bank loans, and for addi¬
principally to buy, sell, export
tional working capital.
and import such items as vend¬
Morris Shell Homes, Inc., Knoxing machines, electric appliances
Tenn.,
provides ■ over - all
and related artiples in Europe and ville,
Rights Offering
the
York
Corp., Bechhofer Trading Corp".,
G.m.b.H., a West Ger¬
man
IH)
Foods
New
Bechhofer
Hunt Foods & Ind.
offering
of
March, 1961, and in April acquired
all of the outstanding stock and
al
Hunt
State
the
is
struction
of
Common Offered
Public offering of 75,000 common
V shares of
Dynamic Vending Corp.
Homes, Inc., at a price
unit. Each unit consists
8% subordinated deben¬
The debentures^ common shares
and warrants included in the units
$5.
,
retirement
Corp.
47
April 30, 1961, the company had
1, 1986; one share
net sales of $1,529,062* Upon com¬
of common stock; one first war¬
pletion of current financing, out¬
rant; and one second warrant. The
standing
capitalization
of the
offering marks the initial public,
company will consist of $3,000,000
sale of the company's securities.
tures
Dynamic Vending
President. The
financial
and
services to its subsidiary corpora¬
tions. Through its subsidiaries the
per
of $20 of
after the
becomes
Space
advice
t
Shell
may
honorary
and
of
rpanager
of
who
'
Johnson, Lane,
imperial Bank
Commerce
supervision,
assistance
an underwriting homes for completion by property
grou^f offering today (June 29H 'owners. The
company has 16 sales
150,000 units of securities of Mor¬ and construction offices in
the
amounted
debentures, capitalization of
1961
$86,096,519 in long-term in¬
debtedness; 216,834 shares of pre¬
ferred stock, par $100; and 4,433,-
Canadian
.
total
executive
company
The
was:
Joint
•
1961,
company
(2879)
Securities Qffered
ended
the company as of March 31,
General
Manager
31,
months
new
Thom¬
son,'
nine
Giving effect to the sale of the
succeeds
W.
of
.
Association.
H.
printer
501,000 apd-net income to $9,893,)00\compared with $247,ooi,uu0
arm $6,155,000, respectively, in the
same period of 1960.
elected Presi¬
the
Banker s'
He
the
March
Manager of The Bank of
of,
publisher and
magazines.
*
Morris Shell Homes
national
MONTEBELLO, Canada'—R. D.
Mulholland,
Vice-President
and
Montreal
Thq Commercial and Financial Chronicle
.
Corp.,
Elect Officers
'
.
proximately 35% of the outstand¬
ing! common
stock,
of
McCall
^Canadian Bankers
General
.
August
31,1961.
J. H. Mackenzie, Treasurer
Philadelphia, June 20, 1961.
Financial Chronicle.....
The Commercial and
'48
.
Thursday, June 29, 1961
(2880)
\
(Rochester, N. Y.)
Oct. 9-12, 1961
WASHINGTON AND YOU
Women AnnCial Convention at
Hotel.,.
Sheraton
Oct.
BEHIND-THE-SCENES INTERPRETATIONS
all
the
gloom
grimmest
the
crisis of
Berlin
of impor¬
news
of. the mushroom¬
In the face
tions
associa¬
and loan
building
ing
the
country,
the
across
banking system is growing at^a
The outlook Js
favorable pace.
favorable for
continued growth
banks.
of
At the
half-way mark of 1961,
banking offices across the
land were
being opened at a
Since 1950 the insurance cov¬
'of $10,000 for
Oct.45-18, 1961 (San Francisco,
depositor.
There are spme
Congress - 'who
American Bankers
should
mum
There is
of
about
the year.
during
863
of
served
an
average
7,300 persons
twice the
in 1960,
number
than
more
by each in 1920.
served
than
Less
10
our
ago
years
20,000
banking offices. As the Federal
Deposit Insurance Corporation
was
issuing its annual report,
J. Li Robertson, member of the
than
less
had
country
of the Fed¬
Board of Governors
System, made
Reserve
eral
this
pertinent observation:
"Besides
being
on
incom¬
parable network of good roads,
wheels, rolling over an
people
American
the
uniquely
people.
banking
a
With far less than 1
are
/10th of the
population, we probably
more
checking accounts
the rest of the world put
world's
have
than
this simpleHact
the many reasons for
And
together.
is
of
one
the
growth
of
multiple-office
banking: the bulk of bank cus¬
tomers are
no
longer business
downtown."
enterprises, located
There
banking institu¬
and prosperous
tj#it do not participate in
tions
By not belonging,
substantial amount
Corporation.
they
a
save
Insurance
Deposit
Federal
the
strong
fine,
many
are
Oct.
banks
for
accounted
nine-tenths of the
while
the
meeting at Rolling Rock, Pa.
totSl,
by
was
'
insured
represented
from
Oct.
most
on
ment
obligations owned
and
on
are
springing up in suburbs of the
various metropolitan areas. The
banks are following the custom¬
busi¬
district, which has been hit
decay and blight in many
ers
from the Central
away
ness
by
•
at the end of
shows that 96%
the banks are participating as
of
compared with 86% of all banks
covered when the FDIC began
operations cm Jan.
its insurance
1, 1934.
t
of Banks Insured
Bulk
1961
As
jDegan the FDIC was
548 banks of various
participating.
types was not
There
were
commercial
168
tinue
merous
reasons
sire
merge.
to
why banks
de¬
Most of them
one
paramount
least
at
plus lesser ones.
reason,
Federal
The
accounting
more and
more frequently as a reason for
merging? The devices are great
for the banks, but many of them
that electronic
says
is
mentioned
being
cannot afford to
ize
states, including 28 each in
Iowa and Nebraska and the re¬
mainder
other
were
sion
tion
177
mutual savings banks were
not
participating, and thus were
saving
of
for
customers.
their
insured
42
only
1946
Since
amount
substantial
a
money
—banks were closed because
nancial
No /more
difficulties.
than five have closed
of fi-v
in
any one
year.
the
the
FDIC
national
great
on
the
heals
of
during
depression
the
banking
1933 has proven to
be
a
stabilizing thing for the
banks and banking generally. It
holidays in
has helped to
in
these
restore confidence
institutions, after hun¬
dreds of thousands ofAmenrcans
had lost
complete
cdnfideifte in
result ^of liduidafion
them
feel
the
are
^jkny people who
that the FDIC
best
legislation
the reasons
piece^spf
passed
was
perhaps
permanent
during
the
The
increase in popula¬
automobile
the
and
have
or
may
may
the "Chronicle's"
Form
not
own
s
vieivs.]
Mitchell, Carroll Co.
WASHINGTON, D. C. —Mitchell,
Carroll
&
Inc.
Co.,
has
been
St.,
formed with offices at 1801 K
W., to engage in the securities
business.
The firm will maintain
branch
a
office at
143 East State
Mountain
Association
Bankers
ment
ing.
meet-
^Y;'Y
.
of
the
firm
are
Mitchell, Jr.^ and C.
Walter Carroll, Jr.", who will be
in charge of the Trenton office.
Principals
J.
Owens has become
Norman
Calif.—Douglas
connected with
C. Roberts Company,
Broadway,
members
York Stock Exchange.
was
FDIC
Press
has
which
occupied
14-story
the
in
fices
625
of the New
Mr. Owens
formerly with Hayden, Stone
and Blyth & Co., Inc. ,,
Co.
nual convention.
ference
Savings
structure.
will
It
in
Chapin With Harris, Upham
Club.
15-17, 1961
Sept.
Pacific
of. In¬
Association,
Group
Northwest
Bankers
vestment
meeting at Hayden Lake, Idaho.
(Omaha, Neb.)
Nebraska Investment Bankers'
annual field day..
Association
4,
Group
7, 1961
Traders
City)
Association
of
New York annual dinner dance at
Hotel
Commodore.
Oct. 9-10, 1961
Association
Firms, Fall
Governors
of
Stock
the
for many yegrs was
With Freehling, Meyerhoff
CHICAGO, 111.—Sigmund H. Linder
has
become
affiliated with
Brown
has
banks
a
been
minor
Alexander Kleine
of
dependent
to
decrease in the number
&
Co.
Palace
Attention
Brokers and Dealers
MARKETS
American Cement
Botany Industries
W. L.
Maxson
Official
Wast&
Films
King
its
size
upon
Stock
Hotel.
m'
g==j (jarl Marks & P.p. Inc.
FOREIGN
20
BROAD
the
of unit
York
telephone number is
CAnal 6-3840
SECURITIES SPECIALISTS
STREET
•
NEW YORK 5, N.
TEL: HANOVER 2-0050
Y.
TELETYPE NY
expansion.
extent
120
of
of
Our New
average
Co.,
South La Salle Street, members
TRADING
larger
in
Meyerhoff &
Freehling,
Exchanges. He was formerly with
Exchange
of¬
size banks
the past 25 years has been the
trend.
Naturally in a growing
economy banks supply the larg¬
est part of the money to pro¬
Growth
formerly with
the New York and Midwest
(Denver, Colo.)
meeting of Board
at
Upham & Co., 135 South La Salle
Street.
Mr.
Chapin who has
been in the investment business
Reynolds & CoY
of Investment
meeting.
(New York
CHICAGO, 111.—Ralph Chapin has
associated
with
Harris,
become
City)
York
1961 * (New
York
New
offices next year.
Generally,
Mutual
of
annual con¬
43rd
the Hotel Statler.
at
National
move
Association
Banks
in the Nation's
building its
own
is
(Boston,
1963
1,
27-May
Mass.)
Building
Capital,
(Atlantic City,
Country
City Club and Kenwood
growing bank busi¬
the Federal Deposit Insur¬
is expanding as well. The
ness,
Olympic
American Bankers Association an¬
Group annual fall outing at Queen
Security
(Special to The Financial Chronicle)
DIEGO,
the
at
National
Oct.
annual con¬
Hotel.
Savings Banks 42nd
April
Bankers Association
SAN
(Seattle, Wash.)
of
Mutual
Association
National
14-15,
1961
(Cincinnati,
Ohio)
Cincinnati
Municipal Dealers
Sept.
Oct.
Mutual
of
15th annual mid¬
N.J.)
Invest¬
Group
Sept. 20-21, 1961
St., Trenton, N. J.
George
(Denver, Colo.)
13, 1961
Rocky
"
meeting,.
year
ference
the
With
only
and
me<
^
ing.
Sept.
re¬
Capital
coincide with
from the nation
Association
Bankers
ment
of Invest¬
Group
phio
Association
Banks
Savings
Sept. 23-26, 1962
1949.
intended to
is
pretation
&
marked influence.
a
own
column
genera¬
a
quite different.
been
tremendous
tion
Northern
year,
slightly more than in 1929, but&
than the 57% in 1940 and
depres¬
most banking mergers
called rescue operations.
vide for the rate of
proceeding
There
nearly
of
days
have
last
deposits
;/'.
1961 (New York City)
May 6-9, 1962
(Cleveland, Ohio)
Sept. 8, 1961
Joins Norman Roberts
Since World War II,
had
they
ago
ance
of
Creation
unless
national
the
in
were so
largest banks in the
held 46% of the
about the same as in
annual outing at Nas¬
Country. Club, L. I., N. Y.
Syndicats
Diplomat
the
and
.
National
(New York City)
30, 1961
June
less
.
Back
Massachusetts
efficiently util¬
equipment
merge.
distributed in 35
In
states.
the
branches,
100* in
States
bank
*
Association
Bankers
Hotel
Dec. 4-5,
per
(Hollywood,
1961
Convention at Hollywood
Beach
of
1,
v.
.Hotel.
sau
total
INVESTMENT FIELD
IN
»
100
The
Fla.)
Annual
in
*
United
Y
-
26-Dec.
Nov.
Investment
N.
Board,
Reserve
eral
ous
FDIC
the
Board,
and, the Department of Justice
in some cases.
There are nu¬
banks
operating under the gen¬
banking codes of the vari¬
con¬
the Fed¬
be filed with
Reserve
eral
4
Group of Investment
Bankers Association annual meet¬
EVENTS
flect the "behind the scene" inter¬
proposals
merger
to
have
insuring/'deposits
in
13,451
banks oqt oL a total of 13,999
operating in the United States.
A total of
Bank
with
1920.
[This
Why Bank Mergers?
Investment
(Louisville, Ky.)
1961
26,
ing.
has
out
44
1960,
100 offices were
every
of insurance.
Nevertheless,
In
branches.
cities.
I960 the report
in
been
compared
offices
banking
New
in
our
country
the
increase
banking"
In¬
securities 2.88%. /
other
of
Group
Ohio Valley
COMING
growth in
Of course the great
by the
3.10%,
averaged
banks
.
posits in 1958."
States Govern¬
United
come
indicator," said
an
"banks with, say., $100
million deposits in 1934 should
be
compared
with banks of
more
than $500 million of de¬
al¬
in 1959, and
twice the rate of 1945.than
higher
"As
FDIC,
1960
volume
substantially
loans,
of
5.96%
(Minneapolis-St.
1961
24,
con¬
Schroeder.
ing.
average^
income
Loan
turn.
'
Bankers Association annual meet¬
one-
in
larger
a
:
Paul)
Minnesota
higher average rates of re¬
and
Oct.
in¬
banks.
income
loan
Greater
is
pressure
down."
„
fifth of the total.
resulted
blood
miscellaneous
and
each
sources
your
up
Income from
1959.
over
of the
most
sponsibly for
'
national
annual
vention at the Hotel
be
must
stocks
"Your
frorpHqans, which accounted for
three-fifths of the total, was re¬
crease
'/-■ (
.
11th
Clubs
year
Income
$11,299,000,000.
WiS.)/
National Association of Investment
com¬
past
the
banks
mercial
reached
(Milwaukee,
October 20-21, 1961
mutual savings.
Income of FDIC
1961
19,
Western
Com¬
almost
remainder
(Pennsylvania)
Pennsylvania Group of
Investment
Bankers
Association
Oct.
1960
in
in history.
Investment
of
Group
Association meeting.
Bankers
for it. "Income
(Detroit, Mich.)
1961
17,
Michigan
so.
or
year
higher
was
than any year
mercial
been
last
a reason
banks
of
securities
nation
a
the
in
in
fairly
trading
has
stocks
Springs Riviera Hotel.
Palm
Stake
Over-the-counter
active
office
Security Traders Asso¬
ciation Annual Convention at the
National
^
creased.
1961 (Palm Springs,
Oct. 16-20,
Calif.)
Perhaps the time will come
maximum will be in¬
bank
an¬
raised to $15,-
be
The Investor's
Association
nual convention.
when the
25,105
crease
Calif.)
insurance maxi¬
that the
think
rapid pace. The year began
Each
in
advocates
000.
Association meeting.
Bankers
increased from $5,000
.maximum
a
new
with
banking offices, an in¬
Springs,
erage was
each
Sulphur
W. VL)
Southeastern Group of Investment
Roosevelt.
to
tance in Washington.
meeting.
196Li(White
13-15,
Oct.
Investment
Group
of
Association
Bankers
Adininistratiqn of President Franklin D.
long tenure of the
eco¬
some
was
growth
nomic
potentially
over
there
all
them
C.—Amidst
D.
(Montreal, Canada)
1961
13,
Canadian
WASHINGTON,
of«Investment
Group
Association meeting.
Bankers
Oct.
(Toronto) b
1961
10,
Canadian
CAPITAL
FROM THE NATION'S
•
Bank
the
of
Association
National
f
1-971
LERNER & CO., Inc.
Securities
Investment
10 Post Office Square,
Telephone
lir
n' iff
HUbbard
2-1990
.
.
Boston 9, Mass.
-
Teletype
BS 69
@FedFRASER