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5553355^^
w1**
The COMMERCIAL and FINANCIAL
Established 1839
Reg. U.S. Pat. Off.
Volume
Number
195
EDITORIAL
The
to
general
none
are
sure
what
in
6166
New York
to
the
that at least
the
"ins"
s
some
have
of the trouble is to be found
By T. F. Patton,* Chairman of the Board, American Iron
done
and Steel Imtitute
up
"mess"
that has been—and doubtless
-
us
to
teach is that
the doctrines which
we
try
as
their
is
name
now
harmful.
legion
and
and
appraisal
need
to
the
and
compete.
improve communications with the
U. S.
;
Government,
Public
taken
measures
Flatly
rejects
allow
to
proposal
to
First
industry has faced
fair
a
chance
to
dividends
divert
to
word about the immediate
a
As
was
tion of the
All
our
indications
These
never
in
3%%
increases
at
stated
fixed date.
a
"
this
Yet,
in¬
/
(4) It is estimated that
ployment costs under the
;
per
em-
Municipal
complete picture of issues
NATIONAL AND
discussion
public
*•:
Head Office:
London
STATE
;. •
...
AND
now
Section,
MUNICIPAL
CHEMICAL BANK NEW YORK TRUST COMPANY
There
has
Unfortunately, not
reasonable
or
con¬
generally
.
is
far
better
The more 'the American
people give thought to the steel industry, the more
likely they are to begin to understand its problems
sound.solutions for them.
A- At the outset may I jioint out that
has
faced
before.
and
We have
our industry
."many tough problems
great dynamic industry, a com-J
overcome
a
petent, skilled; working
management.
I
force,
and? able
in
men
year,
steel
have
not. the least, shred of doubt that the
industry, in spite of today's problems, will
continue to be in the future; as it has been in the
past,
cornerstone of
a
The
steel
our
industry
national
is
\
economy.
(Continued on
State,
starting
on
page
page
26)
-
Municipal
28.
KENYA,
York 8, N. Y.
Government in:
UGANDA,
Branches
INDIA,
PAKISTAN,
KENYA,
UGANDA,
ADEN,
AND
FIRST
SOMALI
REPUBLIC
Bond Dept. Teletype: NY 1-708
New
RHODESIA
To
Active
Markets
New York Stock
Exchange
Commission
CANADIAN
,
STREET
NEW YORK 4, N. Y.
York Correspondent
—
MANHATTAN
Pershing & Co.
DIVERSIFIED
CANADIAN
CALIFORNIA
All
Exchanges
DEPARTMENT
Teletype NY 1-2270
.
,
\
DIRECT VIRES TO MONTREAL AND TORONTO
Goodbody
&
Commercial
'
.
PERTH AMBOY
2 BROADWAY.
NEWYORK
.
.
MUNICIPAL BOND DEPARTMENT
Co.
1 NORTH LA SALLE ST.
.
CHICAGO
Fishing
Dominion Securities
Corporation
MEMBERS NEW YORK STOCK EXCHANGE
-•
CHASE
Southern
BONDS & STOCKS
Orders Executed On
Canadian
'
BRIDGEPORT
on
Brokers
Canadian Securities
Exchange
American
-
THE
Maintained
Dealers, Banks and
Block Inquiries Invited
25 BROAD
Municipal Bond Division
1832
Members
Stock
Notes
Exchange
California Securities
.
Net
ESTABLISHED
Bonds and
Monica, Whittier
Inquiries Invited
BURMA,
T. L. Watson & Co.
Agency
Hope Street, Los Angeles 17,
Santa
NATIONAL CITY BANK
ZANZIBAR,
SOUTHERN
Co.
in Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
.
in:
CEYLON,
So.
Housing
&
Offices
ZANZIBAR
TANGANYIKA,
NORTHERN
ADEN,
623
Members Pacific Coast
SQUARE, S.W.I.
to the
Lester, Ryons
California
STREET, S.W.I.
Bankers
BOND DEPARTMENT
now. -
been
discussion
Members New York Stock Exchange
Associate Member American Stock Exchange
BONDS
13 ST. JAMES'S
NewYork
NY 1-457
steel.
for
industry loomed larger
registered with the SEC and poten¬
.
Branches
54 PARLIAMENT
NY 1-1246,
has
indifference.
GRINDLAYS
BANK LIMITED
770-1234
our
and Public
;t '
telephone:
times
time when
a
REGISTRATION—Underwriters, dealers and investors in corporate
tial undertakings in our "Securities in Registration"
Securities
P. O. Box 710, New
the Future
'
under the expiring con¬
tracts, and 8% per year from 1940 to 1959.
This constitutes progress in reducing the rate of
a
fourth
and to support
con¬
year
per
critical
are
been
than public
.
k,
A
tracts will increase approximately 2Vz%
against
the
structive.
than at
.
in
that
public discussion than
all
—
A
are
pick-up in business.
thoughts about basic problems affect¬
ing the future of the industry.
con¬
tervals
.nor do they contain
provisions for automatic costbf-livihg increases... i.
j. ,(.3.) /They are open-end
contracts
terminable ; by." either
party on 90 days' notice, rather,;
.
a
some
matic
Thomas F. Patton
in
Basic Problems Affecting
Now,
tain, unlike the prior, contracts,
no
provisions granting
auto¬
-
drop
a
some
This is the current situation in steel, as I see it.
lasting contract.
contracts
of the labor
quarter,
How far and
how high it will 'go will depend on the pace of
the economy, particularly the hard goods sector.
of the expira¬
The bew
(2)
.
result
a
experienced
cancellation of
reached
ever
well in advance
steel
settlement, the industry
incoming orders and
existing orders, with a result¬
ing reduction in the rate of operations.
Steel users now are reducing inventories and
this may continue throughout the third quarter,
which we expect will be the low quarter of the
year, operation-wise.
has
noteworthy for several reasons:
(1) .This is the first time a
settlement
that
there will be
owners.
outlook for
But I hasten to point
shipments per manhour have in¬
creased at the rate of only 1.7% per year since 1940.
Consequently, the 2J/2% increase in employment
costs is about 50% greater than the historical rate
of increases in steel shipments per manhour.
industry. As many know, most of the major steel
companies concluded new labor agreements early
in April..The results of the labor negotiations are
26, BISHOPSGATE, LONDON, E.C.3.
teletype:
public
employment cost increases.
out
Housing,
State and
a";-
NOW IN
afforded
Points out the
modernization-spending instead of to the
^purpose which it means to promote. It retards, instead
of accelerating, the progress of the society towards real
wealth and greatness; and diminishes, instead of in¬
creasing, the real value of the annual produce of its land
and labor." We were not always completely consistent
in our behavior but we did, by and
(Continued on page 23)
are
problems stresses
Emphasizes, also, the necessity for indus¬
government to have mutual respect for and
point in the discussion of The Wealth of Nanoiks asserted
that "eyery system which endeavors, either by extraor¬
dinary encouragements to draw towards a particular
species of industry a greater share of the capital of the
society than what would naturally go to it or, by extraor¬
dinary restraints, force from a particular species of in¬
dustry some share of the capital which would otherwisebe employed'in it is in reality subversive of the great
SECURITIES
basic
overcome
nized
—
Just-how
securities
of steel's
understanding of the industry's economics and
tough problems before, and confidently ex¬
pects steel to forge ahead once profits-inadequacy is recog¬
are
proving illfrequent and how'
extensive those deviations have been and are
probably
is not fully understood or realized by most of us.
:
It was in 1776 that we proclaimed our undying belief
that "all men are created equal, that
they are endowed
by their creator with certain unalienable rights." And
it was soon made clear beyond doubt in other documents,
and by action, that we were ardent believers in that
other document, also published in 1776, wliich at one
and
Cleveland, Ohio
confidence in each other.
people used to preach and largely follow were, after
all, the correct ones and that deviations from them—of
conceived
vital
of
Republic Steel Corp.,
and government.
a
which
lack
the
beingnothing of down¬
and President,
•
Spokesman's
the
is
by bungling officials, to say
right dishonesty and the like. The lesson that all this
to
Copy
a
of business is apparently satisfactory
political parties or cliques. The "outs"
created
seems
Price 50 Cents
course
of the
sitting
.
As We Sec It
or
are
doing.;Uie "ins"
nights trying to think up something more
to do to insure the rate of
growth to which they have
become committed. Meanwhile, there seems to be no end.
are
7, N. Y., Thursday, June 7, 1962
40
Exchange Place, New York 5, N. Y.
Teletype NY 1-702-3
WHitehall 4-8161
bank of america
1
.
SAN
N.T.&S.A.
FRANCISCO
•
LOS ANGELES
1
The Commercial and
2
I Like Best...
The Security
Brokers, Dealers only
For Banks,
which, each week, a different group of experts
A continuous forum in
D
position more than 500
Neuhaus &
giv¬
i7_t
.
XJnde
in Over-the-Counter
,
Co., Inc., Houston, lexas
Russell Stover Candies, Inc.
v
prices
tend
to
be
stabilized
trough contracting in advance of
pgqyifgjj]gji|;g(
*
lovers
have been
fiscal
hand ;
Exchange
,
•
then
CHICAGO
SAN FRANCISCO
Wire
Private
Nationwide
which
System
was
—
★
NY 1-2762
Teletype No.
lishments.
is
number
to
of
Earnings
share
The
in
in
expected
c
r
on
DA I
rate,
Securities Co.9 Ltd.
increased
was
is
p r e
j
1961
13
still
earnings and
times
•
at
es
_
preciatlon. The stock is listed
the New York Stock
American
Furniture
Industries
Furniture
Craddock-Terry Shoe
R. F. &
r
*
STRADER and COMPANY, Inc.
LYNCHBURG,
LD 30
-
VIRGINIA
Victor 6-1333
-
TWXLY77
Private wire to Shields <fi Co*
New York City
s
of
total
sales
volume.
of itotal
balance
quantity'
The ;10%is
sales
from
business
firms and fund raising activties.
Company expects to increase the
2,800 agency accounts by 10% this
calendar year... Emphasis is being
placed on growth of the separate
orders
from
Bought
-
Sold
Quoted
-
Stover
-
.
Ae
■
:
^
'
■
•/' '-i "v r">l
Established 1914,
.
*
/
(15 Broadway
'
New York 6,
,
1529 Walnut Street
Philadelphia 2, Pa.
LO 8-0900
N.Y.
CO 7-1200
ATT Teletype PH 30
on -
bid
will
INACTIVE
on
research
SECURITIES
.
.
Morris Cohon& Co.
,
and
is on© of its out¬
standing features. Avco "is well
known for its work on re-entry
-
vehicles, gas turbine engines, mis-;
sile components and mobile com-.
munication
units.; One
project
worth mentioining is magneto.
MINNEAPOLIS, Minn.—The As¬
sociation
of
Registered
Bank
Holding: Companies have elected
Frank
L.
King, President. Mr.
King
is
Chairman
of Western
Bancorporation, a Los Angelesbased bank holding company. West¬
-
of the leading companies in the
space age. - ;L-;
Concentration
;
Alan C. Pools
,
hydrodynamics which shows great
depart- promise as a new and efficient
ments in the large stores.
These means ©f generating commercial
Russell
c
.
BOENNING & CO.
We
disposed
development
;
'',1,1
.
located in 42 cities gen-
Agency accounts, with department
stores and drug stores, are located
in all 50 states and handle 60%
1 '
Exchange.
1956 the comr
.
All Issues
P.
*'•**.
>
„
Bassett
I
Fibre Co.
In
■
only
prevails today
pany
/
Stouffer Corp.
estimated
1962
though on
no
sound
^ounas.; 111
Richardson Co.
f
earnings, we feel that Avco has;
outstanding merit as a growth
stock for long-term capital ap-*
d i c e
to
Fischer & Porter Inc.
'
'
about
u
A Continuing Interest in
pie, while/the projected growth in
investor
which
BEekman 3-3622-3
'
•earnings should add to its attrac¬
tion.' Selling at approximately 16
times
e
Telephone:
;
,
at
d
t
149 Broadway, New Y ork 6, N. Y.
a
'field
a
NEW YORK OFFICE:
-
;
70
to
be, the common stock should sell
a higher price/earnings multi-!
was
appli¬
e
SECURITIES
per
1962
dividend
annual
.
Avco
house-
ance
JAPANESE
cents.
Last year it was increased to 60
cents from 50 cents.v v ; L
v-
heavily
the
branch offices
-
$1.45
exceeding
.
are
recently
the
company
our
op¬
neglected stock in a
Hemphill, Noyes & Co., N. T. C.
company that has been revitalized
through new management, aban¬
hvco Corporation
>
f donment of
uiipfofitable proj ects
Avco is a company that has not
and the development of an exten¬
yet gained the corporate image to sive research program. Once it is
it
which
is
entitled. ~ Its
poor
acknowledged as the established
record
during
the
early 1950s growth company we believe it to
when
Direct, wires to
i,
a
as
substantiallyincreased sales of
about $415 million compared with
earnings of $1.24 per share and
sales of $323.1 million in
1961.
of Institutional Research,
out-
increase
by 1962 year end., These
are
-
of closely coordinated
utilization of facilities.
ALAN C. POOLE
director
organized
now
com-,
of a substanerally in the Middle West, South tial portion of
'
/ ,
and Southwest. Present policy is Its unprofitable appliance business
to
locate
in
populous business and concentrated; on developing a
areas
particularly in suburban well diversified military business
and
regional shopping centers, which has established Avco as one
stores
First
us
This
expected
about 80
Virginia Securities
Call
is
lets
-
sales
total
of
through its 70 retail estab-
made
Markets
for
adherence
■;
.
30%
About
factories
strict
of
thereto.
Continuous
nation's
the
three
all
at
purpose
million Us
growth committment for the con-,
servaf've investor.
hold
tained
a
and
excellent long-term
an
is
divisions which is com-;
pletely different from the holding
company it used to be. With this
integration,-closer control can be
exerted over operations and plan¬
ning to insure efficient overall
The stock, traded
•
NY 1-1557
Birmingham, Ala.
Mobile, Ala. ••
equipment and tele¬
broadcasting, e
group
Over-the-Counter Market,
represents
•then
the
$1.6
St., New York 6, N. Y.
erating
currently'; sells at a reasonable"
price earnings ratio. The common
particularly
high
quality
candy).
Top quality of product
has always been a basic Stover
policy and laboratories are main¬
3-7830
WHitehall
be
a
—
cents
strong
are
ahead of the
notes
common.
the
largest producer of hand dipped
chocolates (a process1'resulting in
Exchange Place, New York 5
Phone:
to
believed
is
(To Brokers and Dealers)
40
Sales
$6.5 million
in 1950 to $21 million in the fiscal year ended Aug. 31, 1961,
could reasonably reach a $40 million figure by 1970. The company
Odd Lots
on
the
of
increased from
have
INC.
BONDS
Bids
one
as
manuf acturer-retaiier-
wholesalers of fine candies.
Dealers Ass'n
Security
has
position
largest
Members
7.
Over the years
grown to its
made.
Stover
present
GROSSMAN
N.
in
entity. Shortly *' James Anderson, Jr.
thereafter, in
October, 1»W the first public offering of the common (the restricted
common
is
privately
WEINBERG,
& co.
bined
corporate
held)
of
Exchange
in farm
Avco
leaving $1.2 million of con¬
vertible
merged '
Russell
S.
■;
the pres¬
ent
debt
ary,-
were
into
are
vision
expected to be retired next Janu¬
(
partnerships
5
•
PHILADELPHIA
three
as
Finances
senior
Exchange
HAnover 2-6700
up'
share.
Stock
Stock
American
New Orleans, La. -
with net to combined
15-20%.
Dividend
year
Members New York
Members
r.
$1.67 last
vs.
rate on the common is 65
oper-
ated
to
Steiner, Rouse & Co
Re¬
\ 19 Rector
is expected to be up 10%
common
May,
Stover
Member
1962
year
1932.
1960,^ Russell
Teletype NY 1-40
BOSTON
in
dipped
Until
>■
120 Broadway, New York
WOrth 4-2300
en¬
since
CORPORATION
■
(based on 330,000 shares of
common and 400,000 shares of re-;
stricted common).
Sales volume
chocolates
HANSEATIC
year
Poole,
Institutional
of
Bough t—S old—Q voted
search, Hemphill, Noyes & Co.,
New York " City." (Page 2)
"
year
joying
these
high ; quality
NEW YORK
Stock
Director
been higher each full fiscal year
current
Associate
Louisiana Securities
Inc.—
Avco Corporation—Alan C.
have
a new
Candy
American
earnings
high W each of Hie"*** 1957 (Before Which figures
last 20 years, regardless of pe- are not available). Company aims
riodic weaknesses in the economy, at per share earnings of $2 for the
reached
markets.
Established 1920
Stover
Russell
.
candy have
Sales of Russel Stover
the broadest coverage
you
Candies,
Anderson, Jr., Mgr. Re¬
search Dept., Underwood, Neu¬
haus & Co., Inc., Houston, Tex.
(Page 2)
Raw material
larged sales force.
JAMES ANDERSON, JR.
Manager, Research Dept.,
ing
Stover
Russell
James
call "HANSEATIC"
Over-the-Counter issues,
particular security.
participate and give their reasons for favoring a
Alabama &
Participants and
Their Selections
advisory field from ali sections of the country
in the investment and
500 Reasons
We
Thursday, June 7, 1962
.
.
.
This Week's
Forum
to
Financial Chronicle
(2650)
ern,
Bancorporation
is
holding
members
Of
executives
the
of
Candies
?
nqeet
matters
terest.
of
'
19
are
association
19 Rector
Street, New York 6
•
Teletype: NY 1-2187
Top
banking
group
twice
a. year
mutual in-t
of
/•;//:,'\a.
taken r by /. the
at its annual meeting
;r • «■
Other': action
-
DIgby 4-5460
association.
the
organizations
to.discuss
one
which
companies
Members: Pacific Coast Stock Exchange
New York Security Dealers Assn.
i /
&
.,
;
;'t ,r v
departments < create - the -proper ©lectric power. ■'" r.
r,
i here -included the * election .? of
Philip Eiseman to Vice-President
setting and image of an exclusive s, in
j^s
government
contract
candy store within a large depart- work, Avco ;has stressed the imt and- E. T. Holland to Treasurer.
ment
store - and
sell
large vol- portance of selective bidding and Mr".! Eiseman is President of the
umes of candy.
Corporation,
Boston,
DUrmg the year increasing business under prime Baystate
about 13 new R.S.C. departments eontracts::<
Also: no major portion Massachusetts, and Mr. Holland, is
President
of the
First. Virginia
are
expected to be added to the 0f its business is dependent on
Corporation, Arlington, Virginia.
present 27. ■ - •
/ any one military project so that
Re-elected
to
the
position, of
New
management is success- cancellation of any program will
Vice-President was Mills B. Lane,
fully increasing
profit ■ margins, not affect Avco's earnings seriousJr., President of the Citizens and
Facilities acquired from the part- ly. Recently the company received!
Southern
Holding
Company,
nerships were such as to permit a a contract in excess of $8 million
50 % expansion in sales by their to build heat shields for re-entry Savannah*, Ga. Also re-elected, to
the position of executive director
proper
utilization at relatively of the Apollo missiles. This conand
Secretary, was Donald
Lk
small
capital
expenditures, tract alone could lead to approxi-'
Greater efficiency is
being ob- naately $100 million in additional Rogers of Washington, D. C. All
tained through combining and in- Icontracts over the next few years; officers will serve for one-year
terms./ •
'
tegrating the manufacturing, sales, !
Commercial business has not
Joseph H. Colman, President of
distribution,
inventory and .ac- been neglected either. Household
First
Bank
Stock
Corporation,
counting activities of the three appliances are still being proMinneapolis,, has - been President
predecessor
partnerships
Emduced b
Moffats; Ltd., a Cana-i jof the association for the past
phasis is on shifting retail mer*
:
•
chandising to the suburbs, ex- j^ian. subsidiary.
Some, of the jthree years.1
panding product lines and moving research
being
done
for - the
1
into heretofore neglected growth
Form Dillon-Griffin
government
may
lead
to
thd
99
>
WALL
CO., Inc.
STREET
NEW YORK 5, N. Y.
V:
.
1
*
*'•
Dynamic Gear
Company, Inc.
Expansion
results.
already
program
Orders
lst-V4
show
showing
marked
Improvement unusual growth stock for
the more conservative
ing
approx.
10
x
E
speculator. Sell¬
—
currently
1%
•
1961 Annual report
available
Flomenhaft, Seidler
&
63
Co., Inc.
Wall
New York
Street
5, N. Y.
Teletype NY 1-5820
SUGAR
Raw
——
Refined
^
Liquid
Exports-^—Imports—Futures
DIgby 4-2727
'
N. Q. B.
OVER-THE-COUNTER
'
,.
.
j
areas
also
of
the
country.
profiting from
a
Sales
recently
are
en-
development of future commercial
products. Other/interests of Avco
Agency
•
has-
beep
formed with offices in the Lynch
(This is under
as
a
no
23 -Year Performance of
35 Industrial Stocks
FOLDER
ON REQUEST
JACKSONVILLE, Fla.—The DilJon-Gritfin-
INDUSTRIAL STOCK INDEX
circumstances to be construed
as an
offer
to
solicitation of an offer to buy, any
security referred to
sell,
or
herein.)
Building to
conducting
'
!
ties business. Partners
..
t
T.: Dillon
and
Warren
a
are
S.
securi-j
Harold
Griffin.
National
Quotation Bureau
Incorporated
46 Front Street
.
New York 4, N. Y.
Volume
195
Number
6166
.
.
The Commercial and
.
Financial Chronicle
(2651)
3
CONTENTS
a
Thursday, June 7, 1962
Look at the Stock Market
*
B.S.
-4
COMPA
AND
By Gerald M. Loeb,* PartnerE. F. Button & Co.,* New York City
v".
!;
Author, "Battle for Investment Survival'] and',
"Checklist for Buying Stocks"
;
C
offers
currently
insight
an
Loeb lopines
advanced, to explain-the
'
price
markets
inflation is
'
.
going to continue and
*
Mr.
why
must be
one
straight
obligations
creditor position.
or a
£
"lone wolf" to
a
make monayj
Hi explains
-
out errors made in valuation of
to wait out the
next
of market
round
basis
new
a
;..
Things
have
been, changing
ink
the situation has changed.
"
I
before
dry
government
v.
bought my fifst security some
time
backr
1920
or
bef
o r e
it has cast
that.;-
85
I
w
through
'••
the
'
like
TV-radio-
1962
-
•
*
^
•
Steel
-
,
8
MONROE AUTO
•
Stock Prices
on
9
EQUIPMENT
i
;•
;
Daniel J. Berrell 11
c
'
Production—Joel Hunter
Money and Credit Outlook in
long
r
the Next 12 Months
E. F. MacDONALD
12
-
;
William S. Renchard 13
:
DYMO INDUSTRIES
Roger W. Babson 17
BUCKINGHAM CORP.
Regular Features
As We
See It
-
—(Editorial)
——
Bank and Insurance
Stocks^'*i-LI
THE JAPAN FUND
1
18
_
also
has
another
important
thing it really -is?-
type
not
>
been
bad
have thousands
of
-
decline *. has
Coming Events in the Investment Field__^—_—__
/;
K
ye^rs^ V"
20
_M.
R.
Lefkoe
Dealer-Broker Investment Recommendations^-8V
of
J.F.ReilIy&Co.,Inc.
public
;
,
"
Broadway, New York 5
4-4970
\
Carlisle Bargeron
*
39
12
From Washington Ahead of the News
pub-^?>;
licly owned that, have come
owners h i p. These neW
-
•:
issues'in%# /
new;
new industries'never before
bad
Einzig: "Wall Street's SlUmp and Its
Repereussions;,_d-_i—_l,^—
/
Indications of Current Business Activity!--
they stocks need proper promotion; or
*
paint it.
.
*
,publicity, or whateveryou 'wish■">'•;*
They speak of $20 billion of to label it. They are not of themas
48
Commentary
,
that all the shares actively
could be' put on astock..
broker's quotation board. Now we
liker the World
than' the' serious
The
>
•
traded
more
enough—but
,,
•
v'i-V
ago
Gerald M. Loeb
decline has received. It has
Series
>
YORK
4-6551
7
.1"": Henry G. Sheehy
:
Advice for the Investor.—L
current effect. It used to be
magazine
this
been covered
It
.
coverage
recent
NEW
WHitehall
•
newspaper
and.
,
Maxwell, Jr.
**Y' Daniel M. Kelly
/
wholesome" in;correcting abuses i;.;
exist in our business.VLike niedicine that tastes bad but v,
does you good
end' ^ kas~
been unpalatable, especially to
many new investors. V
t
I can't recall
the
is
5
3
overpricing that had to be correct€d'
is going to be T
u
1929-32period
anything
future
STREET,
Telephone;
.
.
to
n
e
i.
Influence of Lower Margins
The SEC investigation > is. an_ ^
important' , influence.1; Like S the ,? "
'
them'
105
;
'
~v'.
.
SEC Investigation
I
think the Dow
dropped
the
r\
HHHHHHr. indeed.
badlw
from
on
R.
Obsolete Securities Dept.
WALL
99
.
Investing Temporarily Idle Corporate Funds
management dis-
nor
—A.
V; f
tinguished itself; The shadow that
in*
even
hurt ill' 1923
■f
the
Crucial
a
3
5
'
jor factor in breaking confidence.
Here was a case where neither
so
is
that
•
Enjoying Them Less?
»
,
fast
1
Cobleigh
Our New Foreign Credit Insurance Association
;
;
profits.
IT
,
'
:
key to
or
■-„yBattle-—
•'./
r
,
and
:T. F. Patton
Ira U.
Steel's Profit Problem Involves
-
'
record
sets the
stocks; and discusses possible need
market's decline to arrive at
the
.
■«'
>
;
a
Gold Stocks and the Bears
his well-known views regarding "diversification,'.' points
on
Its -Problems——-a
'
'
\
;
Short and. Long Look at the Stock -} ■
f
.Market-,.—
..—Gerald M. Loeb
managed, selected and timed equity position" is, therefore, prefer¬
able to fixed dollar
Ignorance
Taking
'
"properly
a
;
..
'
-
Holding More Now
■
Steel Industry's Deadly Roadblock: Broad
decline,vand.
to what he looks for in selecting a stock.
as
PAGE
^
One of Wall Street's best known brokers disagrees with one ot the
reasons
Articles and News
:
.-•»
NY
,
—
■
5^"
27
as
Market •*and1 You (The)——
.
Wallace Streete 18
Microdot
r-
-
losses in
day.
a
Well, I
*
Mutual Fimds--;------!—
selves
"news". Thus,, their exist--investors know that the
prices ence must be advertised — they
quoted for even a heavy day's- must "be
described' in ^brokers' .,-,:,
trading in a quarter of a million analyses, they must. be. written^/
am
sure
NSTA
nf
of
Ampri/ian
American
TVdpnl-irmo
ic
Telephone is
the price quoted for the whole
not
company.
v
I am sure,-too,
knows
that
that
are
gether
talked
ings..
^
of
the
jn
losses
of
losses
_
Our Reporter on
5
The
effect
of
the
all
get to
time,
un-r
the-
a
new ;
know
3
w
^a^ .la- ^ka^ ^lls kind
.
headlining frightens some
pie and helps the decline to
Bankers__i.__u'!i—20^
.It seems too
as
if these
Governments———.:———^.— 14
think
the
peo-
;to^be lost to the
gain inevitable result.
Securities Now in Registration
.
markets
J+,
«
m
'
^j
5®
Electronic Intl Cap. Ltd.
-
Singer, Bean
—28
'll
'
t-
*f
i
h'
'
Prospective Security Offerings
as - an
has
maxiw„
xxao
de*1
•,
t>
.
45
V'
x
,
high
t^
wHlr
to
S&'S.-fa
10S
also seem to forget that
admittedly overpriced growth
and glamour stocks started down
13 months ago and the Dow itself
five months ago.
- "
Of course evervbodv
is
wrong
'
weir known
reasons
whatey
better in Wall Street than
anvwhere else
It
makes
f. v?®* A*
a,, stake-.m. the
sense
®
future
L
er
y U Wa t to
Certainly the implications of the
pricing argument was a ma-
^
y-fo0/
SI. Louis
Los Angeles
San Francisco
Washington
Continued
Every
on
page
DDCCrDDrn
I
specialized in
.If-
-
(general
(complete
:
I U ll ltd
u
news
statistical
Office:
Copyright
Reentered
7,
and
issue
Spencer Trask & Co.
„
at
as
New
1962
by
second-class
issue)
market
quotation
William
matter
B.
Members
New
York
Stock
25 BROAD
In
Boston
Nashville
Newark
States, U.
$20.00
per
other- countries
-
^
TELETYPE NY 1-5
Chicago
Schenectady
Glens Falls
Worcester
S.
Possessions
year/in
$23.50 per
1942,
at
the
post
(52 issues
and
Dominion
members
of
Cknada
Bank
and
..Note—On
,
-,
'
account
remittances
for
vmaae in New
of
the
foreign
fluctuations
subscriptions
York funds.
per
of
per
year;
year)
*
Pari American
$21r.50
per
year;
m V. FRANKELI CO.
INCORPORATED
PUBLICATIONS
Quotation Record—Monthly,
Postage extra). • <"■"./
-■
: v
$68.00
year.
OTHER
,
Albany
United
Exchange
ST., NEW YORK 4, N. Y.
every
records,
Company
25,
Canada
of
'
*
and
York, N. Y., under the Act of M'arch 8, 1879.
$65.00 per year; in Dominion
other countries $72.00 per year.
Union
'
TELEPHONE HAnover 24300
Dana
February
Union
..
'
E. F. MacDonald
1962
SUBSCRIPTION RATES
-
1868
•
.
MORRISSEY, Editor
advertising
—
THURSDAY EDITION ONLY
Founded
J.
; MONDAY AND THURSDAY EDITIONS (104 issues pe/ year)
In United States, U. S. Possessions and members of Pan
American
:
-
"*•
'
Treasurer
GEORGE
news, bank clearings, state and city neivs, etc.). Other
135 South Lst Salle St., Chicago 3, 111. (Phone STate
2-0613 ).
CTflPlfC
IIEF LIIIICII'
r,-.-.,
y
22
office
have
Thursday
Monday
u
corporation
-
For many years we
Wn-UAM D4N"A
'
Thursday, June
investment calculations.
* don'^ think the new share-
i,"
;
REctor 2-9570 to 9576
SEIBERT, Presidenf
D.
-
TeYCllTs
even
/
WILLIAM B. DANA COMPANY, PUBLISHER
Park Place, New York 7, N. Y.
-
ly and should take that into their
f
*
CHRONICLE
Reg. tJ. S. Patent Office
/
'
CLAUDE
'
e-;:-
should know they fluctuate wide-
steel
Weekly
25
America—if you know what the
Zei
ex?
Twice
r
of
the
'/'i AS ^lows ov^-
COMMERCIAL and FINANCIAL
Published
to
^
nLl* Y YhYZZYYu LZi Y
call them
The
no
to
wants
with
theT
lO
Cleveland
Philadelphia
-
fL
>
•'
market:. I- think investors know
or
Chicago
I
hal
They
what
^
treated those who really put some—
the
know
•
Direct Wires to
^Column not available this week.
thhinthe 5D0°w' around4
wu
inc
40Exchange Place, N. Y.
Teletype NY 1-1825 & 14844
19
^
.
too
mackie,
&
HA 2-9000
v
a
w^s
,
Security I Like Best (The):——2
/
If npwlnvp^rt'
commen-
market
uJC
Adler Electronics
;
State of Trade and Industry (The)——.
t!!
16
rlinpd-to
fnehtenin0-1
Inw level
and new Registered. Representa-'
vT7
mm Mm to foreet
or
mavbp
tives to service'tfi'em. f think they.- Tax-Exempt Bond Market!
DonaliJD. Mackey
6"'
thev
donT know
M
nf
listen tcKS much to tRe advantages :" \ : Z; •
: 1
'■
"r
people wLe a^d
the
mfrketin owninS common stocks and-too - v Washington and You.....l—..
1
48
tators
'
May4'.'v.
Security Salesman's Corner
-
v
~
.
of
Electronic Capital
>•.
Public Utility Securities——-J1--—14
inr-,.
rules, it., is • surely going, to be"
underdone. Some support is going
-
'
quarters this has been
some
we
.«
..
Observations-"^-A. Wilfred
1
.
it-.i
til
•
■
v'
profits.
paper
;;
vestigation is that for
*
or
Filon Plastics
48
—
•.-r*r.
tHo
overdone.
startmgly lumped to^-
are : paper
shrinkage
"
That everybody
much
so
finanpiaf
aVirl
the .financiaf nrpfio' ahd
press,
about in financial meet-
ahnut
in
about in
o•
News About Banks and
„
cFvarc»B
shares
Notes—
—
21
$45;00
pbr
year
(Foreign
•
in
and
the
rath
of
exchange,
advertisements- must
be
39
BROADWAY, NEW YORK 0
WHitehall 3-6633
Teletype NY 1-4040 A 1-3540
The Commercial and Financial Chronicle
2
The Security
Brokers, Dealers only
For Banks,
A continuous forum in which,
ing
Neuhaus &
giv¬
in Over-the-Counter
Alabama &
Their Selections
Stover
Russell
Candies,
Louisiana Securities
Inc.—
Anderson, Jr., Mgr. Re¬
search Dept., Underwood, Neu¬
haus & Co., Inc.,' Houston, Tex.
(Page 2)
Raw material
prices
tend
to
be
stabilized
through contracting in advance of
Underwood,
Co., Inc., Houston, Texas
requirements.
'
,
Stover
Russell
Russell Stover Candies, Inc.
Aveo Corporation—Alan C.
have
earnings
B o ught—S old—Q uoted
.
Director
Poole,
Institutional
of
higher each full fiscal year
search, Hemphill, Noyes & Co.,
'since 1957 (before which figures
New York City." (Page 2) "" reached a new high in each of the
"
are not available).
Company aims
last 20; years, regardless of pe¬
at per share earnings of $2 for the
riodic weaknesses in the economy.
current fiscal year vs. $1.67 last
Candy lovers
year (based on 330,000 shares of
have been en%?-"■&.
are in farm
equipment and tele¬
common and 400,000 shares of re-;
vision broadcasting.
joying
these
:
stricted common).
Sales volume
Avco
is now ..organized,. as a
high : quality
in 1962 -is expected to be up 10%hand
dipped
group of closely coordinated op¬
year to year with net to combined
chocolates
erating divisions which is com-'
common
up15-20%.
Dividend
sin c e
1932.
pletely different from the holding
rate on the common is 65 cents a
Until May,
company it used to be. With this
share.
Finances are strong and
1960,
Russell
integration,' closer control can be;
senior
debt
of
$1.6 million is exerted
Stover
oper¬
over operations and plan¬
expected to be retired next Janu¬
ated as three
ning to insure efficient overall
ary,: leaving $1.2 million of con¬
utilization of facilities.
,'•••
partnerships
markets.
Members. Nevi), York,
Stock
Exchange
Members
Stock
Exchange
American
19 Rector St., New York 6, N. Y.
HAnover 2-0700
YORK
NY 1-1557
New Orleans, La. -
Birmingham, Ala.
Mobile, Ala.
'
NEW
Co!
Steiner, Rouse &
Re¬
been
Sales of Russel Stover candy have
the broadest coverage
you
This Week's
favoring a particular security.
larged sales force.
JAMES ANDERSON, JR.
position more than 500
Over-the-Counter issues,
Thursday, June 7, 1962
James
Manager, Research Dept.,
We
.
.
Forum Participants and
each week, a different group of experts
participate and give their reasons for
"HANSEATIC"
call
I Like Best...
advisory field from all sections of the country
in the investment and
500 Reasons
to
.
(2650)
Direct, wires to
i
our
branch offices
,
HANSEATIC
CORPORATION
Established 1920
Member
Associate
Stock Exchange
American
120 Broadway, New
WOrth
which
•
PHILADELPHIA
CHICAGO
•
BOSTON
Nationwide
York 5
Teletype NY 1-40
4-2300
SAN FRANCISCO
Wire
Private
System
then
into
the
ent
S. WEINBERG,
was
Over the
made.
has
Stover
grown
1950
in
Members
to
cal year
Dealers Ass'n
Sales
$21 million in the fis¬
ended Aug. 31, 1961, and
reach a $40 mil¬
could reasonably
lion
BONDS
Bids
is
(To Brokers and Dealers)
Phone:
high
quality
all
at
factories
three
strict
for
adherence
30%
lishments.
Continuous Markets
is
lets
First
Industries
Craddock-Terry Shoe
All Issues
number
to
of
out¬
increase
to
stores and drug stores, are located
STRADER and COMPANY, Inc.
'
LYNCHBURG, VIRGINIA
-
This
expected
50
in
Victor 6-1333
is
erally in the Middle West, South
and Southwest. Present policy is
to
locate
in
populous business
areas
particularly
in suburban,
and
regional shopping
centers,
Agency accounts, with department
American Furniture
-
sales
about 80 by 1962 year end. These
stores are located in 42 cities gen¬
Virginia Securities
LD39
total
of
through its 70 retail estab¬
made
R. F. & P.
;
Hemphill, Noyes & Co., N. T. C.
Avco
Corporation"
is
Avco
r
■;
v
that has not
yet gained the corporate image to
which
a
company
it
record
entitled. * Its
is
during
when
early
the
poor
1950s
the
company
was
.
•then heavily
in the house¬
TWXLY77
Private wire to Shields & Co*
New York City
-
Sold
-
A
all
of
total
and
states
sales
hold
applifield
prejudice
:still
which
prevails today
though on
sales
Quoted
13
new
increasing
Company, Inc.
results.
already
program
Orders
1st-^4
show
Facilities
showing
marked
improvement unusual growth stock for
the
ing
more
conservative
approx.
lo
x
speculator. Sell¬
E —currently
1%
13-
available
Flomenhaft, Seidler
& Co., Inc.
63
Wall
New York
Street
of /
1
'
unprofitable appliance business
and concentrated on developing a
well diversified military business
which has established Avco as one
Established 1914„ ;;
11S
5, N. Y.
Teletype NY 1-5820
__
(This is under
as
a
no
solicitation
recently
en¬
circumstances
of
an
offer
to
to
-
Philadelphia 2, Pa.
,
LO 8-0900
ATT Teletype PH 30
4
of
the
leading companies in the
:
space age.
contracts;
Also
contract in
Frank
L.;
v'-'> King. is
no
not affect Avco's
a
-
earnings serious¬
company
received
of $8 million
excess
to
build heat shields for re-entry
of
the
Apollo missiles. This
con¬
/
~
on
Bancorporation, a. Los Angelesbased bankhqlding company. West¬
ern
Bancorporation is one of 19
holding
companies
which ; are
members of the association.
Top
executives of the group banking
organizations nqeet twice a. year
to,discuss matters of mutual in¬
terest.
•'•t
.
action
association
here'
?'.*/,/.
\
(
Other
taken
its
at
Included
annual
"by
the
meeting
election
the
SECURITIES
Morris CoHON&Co.
King, President. Mr.
Chairman
of Western
v
and
E.
T.
Holland
of
.f
.the
First
Virginia
Arlington, Virginia.
the
position, of
Vice-President was Mills B. Lane,
Jr., President of the Citizens and
Southern
Holding
Company,
Savannah, Ga. Also re-elected, to
Raw
—
Refined
Liquid
—
Exports-—Imports-*—Futures
to
•
»•
.
the position
DIgby 4-2727
*
of executive director
and
officers
will
serve
N. Q.
for, one-year
B.
.
products. Other interests of Avco
be construed
buyJ
3
V
SUGAR
,
mately $100 million in additional
the next few years;
STREET
NEW YORK 5, N.Y.
Treasurer.
to
Contracts
over
«.
Teletype: NY 1-2187
President of the
is
Corporation,
Re-elected
•
WALL
99
Baystate
Corporation,
Boston,
Massachusetts, and Mr. Holland, is
President
Street, New York 6
LAMBORN & CO, Inc.
>
Secretary, was' Donald
L,
Rogers of Washington, D. C. All
tract alone could lead to approxi¬
19 Rector
DIgby 4-5460
Philip Eiseman- to Vice-President
Mr"., Eiseman
Members: Pacific Coast Stock Exchange
■New York Security Dealers Assn w
'yt
.
,
of
Jon-Griffin
Agency
any
as an
offer
security referred
to
to
selL
has;
OVER-THE-COUNTER
herein.)
23 -Year Performance
ties business. Partners
a
are
FOLDER
T. Dillon and Warren S.
ON
REQUEST
"
%
•
National Quotation
v
-
•
j
Bureau
Incorporated
securi¬
Harold
of
35 Industrial Stocks
Lynch
•
Building to conducting
or
INDUSTRIAL STOCK INDEX
beep
formed with offices in the
a
Broadway
N. Y.
New York 6,
CO 7-1200
MINNEAPOLIS, Minn.—The As¬
sociation
of
Registered
Bank
Holding Companies .have elected
,
profiting from
„
1529"Walnut Street
,
INACTIVE
terms/
V •■/ '
/• / ; ,■
\
tegrating the manufacturing, sales,
Commercial
business
has not
Joseph H. Colman, President of
distribution,
inventory and ac¬ been neglected either.. Household
First »• Bank
Stock
Corporation,
counting activities of the three appliances are still being pro¬
Minneapolis,; has been President
predecessor
partnerships.
Em¬
duced by Moffats, Ltd., a Cana-i
jof the association for the past
phasis is on shifting retail mer¬
dian
- ;
•
subsidiary.,
Some, of. thd jthree .yehrs.v ••
chandising to the suburbs, ex¬
'research
being
done
for
tho
panding product lines and moving
into heretofore neglected growth
Form Dillon-Griffin
government
may
lead
to
thd
areas
of the country.
Sales are development of future commercial JACKSONVILLE, Fla—The Dilalso
Fibre Co.
BOENNING & CO.
•
1961 Annual report
es
Exchange.
•
•
.
;
estimated
1962
times
tial portion
acquired from the part¬ ly. Recently the
nerships were such as to permit a
50% expansion in sales by their
proper
utilization
at
relatively
small
capital
expenditures.
Greater
efficiency is being ob¬
tained through combining and in¬
jf\ W, :nr.;
its
is
profitJ margins.
/ i.
Stouffer Corp.
We will bid
major portioh
expected to be added to the of its busihess is dependent on
present 27. 1
.
: >
' *
any one military project so that
New
management is success¬ Cancellation of any program will
fully
/ Richardson Co.
Alan C. Pools
are
Dynamic Gear
Fischer & Porter Inc.
com7
pany disposed
of a substan¬
60%
Concentration on research and
The "10%" development is". one. of its out¬
R.S.C. departments
A Continuing Interest in
tffourtqs..; in
1956 the
from
orders
BEekman 3-3622-3
sound
no
from standing features. Avco is well
business known for its work on re-entry
firms and'fund raising activties. vehicles, gas turbine engines, mis¬
Company expects to increase the sile components and mobile com-,
units.
2,800 agency accounts by 10% this munication
One. ..project
calendar year.,, Emphasis is being worth mentioining
is magnetoplaced on growth of the separate hydrodynamics which shows great
Russell
Stover
Candies
depart¬ promise as a new and efficient
ments in the large stores.
These means of generating commercial
departments
create
the proper electric, power.
;; r:i ;
~ v- i
setting and' image of an exclusive
In
its
government
contract
candy store within a large depart¬ Work, Avco has stressed the imt
ment
store
and
sell large vol¬
portance of selective bidding and
umes of candy;
During the year increasing business under prime
quantity;
,Telephone:
a
the New York Stock
handle
volume.
of 'total
balance
about
Expansion
is
149 Broadway, New York 6, N. Y.
,
-
Bought
Avco
neglected stock in a
company that has been revitalised '
through new management, aban¬
donment of unprofitable projects
and the development of an exten¬
sive research program. Once it is
acknowledged as the established
growth company we believe it to
be, the common stock should sell
at a higher price/earnings muiti- \
pie, whilerthe projected growth in
earnings should add to its attraction.' Selling at approximately 16
times 1961 earnings and at only
•
earnings, we feel that Avco has
outstanding merit as a growth
stock for long-term capital ap¬
preciation. The stock is listed on
/"// /'/;'
Furniture
POOLE
of Institutional Research,
NEW YORK OFFICE:
•:
was
70 cents.
Last year it was increased to 60
; cents from 50 cents.1
V V *".'••/-
investor
About
1
C.
rate,
Securities Co.9 Ltd*
to
increased
about
tained
/•-■■■
Bassett
ALAN
Director
dividend
annual
.
recently
created
purpose of
thereto. ' /;'./.'■
us
.
The
/•;
D A I WA
substantially increased sales of
about $415 million compared with
earnings of $1.24 per share and
sales pf $323.1
million in 1961.
ance
the
Call
'
/
'/•;
investor.
Earnings; exceeding $1,45 per
: are
expected in 1962 on
share
policy and laboratories are main¬
NY 1-2762
Teletype No.
nation's
the
Market,
candy).
Top quality of product
has always been a basic Stover
3-7830
WHitehall
be
to
particularly
a
Exchange Place, New York 5
40
The company
figure by 1970.
believed
largest producer of hand dipped
chocolates (a pTocess''resulting in
Odd Lots
on
servative
SECURITIES
com-,
traded
currently sells at a reasonable
price earnings ratio. The common;
represents an excellent long-term;
growth committment for the con¬
its
increased from $6.5 million
have
the
Over-the-Counter
the
years
to
wholesalers of fine candies.
& CO. INC.
Security
pres¬
present position as one of the
largest manufacturer-retailer-
GROSSMAN
Y.
in
corporate
held)
ahead of
notes
bined common,. The stock,
James Anderson, Jr.
entity. Shortly
thereafter, in
October, i960, the first public of¬
fering of the common (the re¬
stricted
common
is privately
Russell
N.
vertible
were
merged
JAPANESE
46 Front Street
,
New York 4, N. Y.
Griffin.
i* •j"rr
,
j •/j-!*;-v
'1 -"a
,
Volume
195
Taking
Number
6166
.
.
The Commercial and Financial
.
Chronicle
(2651)
CONTENTS
Short and Long
a
Thursday, June 7, 1962
at
B. S.
COMPANY
AND
By Gerald M. Loeb;* Partnert E. F. Button & Co., New York City
.
Articles and News
Author, "Bailie for Investment Survival" and^ ;ci
'
-
"Checklist for Buying Slocks"
i •' '*
k
reasons
offers
Loeb
/
currently advanced
insight
an
to
explain
.
opines price inflation is going to continue
and a
>
Mr.
-
Taking
;
or
credifor position.
a
He explains
"lone wolf"
a
to
maka
sets the record
money;
s
the
next
round
of market
basis
new
a
profits.
;
-
5
changing
been
fast'that; before
the.ink
is
Here
dry
the situation has changed.
back
1920*
or
in
it has cast
*
indeed.
even
before that.
luckily,
got badly
V : :
The
dropped them
I
105
to
that:
went,
through the^
period.
I can't recall
like
this
It
Series
than
the
serious
type
as
been
bad as
speak
bad
publicity,
of American Telephone
V
;.
y I am sure, too, that
knows that much of
ence
The
of
about
sad
part is
In
losses
momentum.
-
7
'
think
the
the
around
current
t
They
also
to
seem
'
forget that
the admittedly overpriced growth
and
glamour stocks started down
13 months ago
and the Dow itself
'
'; *
\
five months ago.
Of
course
know
what
market."
is
to
with the
think; investors know
I
various
the
everybody wants
So
wrong
possibilities
as
well
as
I
or
cuses,
or
I. won't repeat the
whatever
you
want
8
to
v
call them.
"r
_____M.
—
they
effect
in
owning
little
in-r,
.
surely
to.
the
.
,
common
^.
-v
Microdot
;
r
;.,.V
T 'v
1 *•
Securities Now in Registration
^
-
/-
•••
•
45
Security Salesman's Corner—
buy
a.stake- .in
America—if you
the future
know what the
it; Anyone
who
looks
at
record of
years
Tax-Exempt Bond Market;
••
.
*
the
on
York
Twice
Mackey
4 *
1
;
Park Place,
; CLAUDE
the;a:!
«•>
7,'
New York
SEIBERT,
D.
Worcester
Los Angeles
San Francisco
Washington
CHRONICLE
N. Y.
REctor 2-9570 to 9576
v
President
V'r WmLlAM DANA SEIBERT, Treasurer
i "
<,
I
GEORGE
Thursday^
,
.
Every
Thursday
Monday
(general
(complete-
■
June
news
statistical
7,
and
issue
MORRIS SET,
J.
advertising
—
Editor
.
F. MacDonald
1962
market
issue)
and
quotation
every
records,
tank clearings, state and city news, etc.). Other
Office: 135 South La Salle St., Chicago 3, 111. (Phone STate
2-0613).
sharepage
Copyright
22
as
by
1962
second-class
William
matter
B.
Dana
February
Company
25,
1942, at the
York, N. Y., under the Act of M"arch 8, 1879.
New
at
post
SUBSCRIPTION RATES
:
v
MONDAY AND THURSDAY EDITIONS (104 Issues
In
United
States, U.
$65.00
.
In
United
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year;
per
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•'
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per
other-countries
v
Bank
and
per
year)
Possessions and members of Pan Alnerlcan
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per
year)-
Possessions and members of Part American
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Quqtatlon
*
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extra).
Note^-On
made
■
■
account
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Reg. U. S. Patent Office
m V. FRANKEL t CO.
INCORPORATED
OTHER PUBLICATIONS
TELETYPE NY 1-5
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6 '
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'WILLIAM B; DANA COMPANY, PUBLISHER
v
25
■
"-*/.
FINANCIAL
Weekly
Exchange
Chicago
Direct Wires to
16
Donald D.
St. Lonis
COMMERCIAL and
Published
r
ST,, NEW YORK 4, N. Y.
-
Column not available this week.
The
1868
Stock
Teletype NY 1-1825 & 14844
corporation news,
new
Continued
inc.
40 Exchange Place, N. Y.
,
investment calculations.
think
MACKIE,
-
ly and should take that into their
V
&
HA 2-9000
Washington and You_
/
~
highs and-lows over .the4^
of even the best stocks
don't
"
Philadelphia
should know they fluctuate wide¬
I
'
Singer,Bean
,■
stake is and> what you are paying;
for
<.
19
;State of Trade and Industry (The)___
/
,
Adler Electronics
Electronic Infl Cap. Ltd.
;
Security I Like Best (The)—: 2
./
.
;;;
-
to
of
4
28
Prospective Security Offerings
..
;
really put some--thing into it very well. Those who
try to get something for nothing
fare no better in Wall Street than
sense
*■
•
nature.- Wall.
anywhere else. It makes
Electronic Capital
4
;
;
an-
as
20*-
Governments—14
/
£
treated those who
TELEPHONE HAnover 24300
,
Filon Plastics
i /•
-.
A—^_-_-_;_-A. Wilfred' May
Our Reporter on
Union
Newark-
-
48
,/Public.Utility Securities.__14
/
"
Nashville
t
!
•
-
stocks and too '/.
-to.-their
as
i
Boston'
I6»
21
;
•
going,
market
!
Notes-;____J_I____;:^^^__
Observations-—-;
;
Street has always been a two-way
street.' In
the long' run 'it has- >1
Founded
'
.'si-
;?.
Spencer Trask & Co.
Albany
Broadway, New York 5
W£by *4-4970
News About" Banks and Bankers_____'_i;;_i__^_i2r_
••
meet-:
the
of
Z.."
THURSDAY EDITION' ONLY
BROAD
39
12
and'You (The)________Wallace Streete
.
.
other countries
25
J.F.Reilly&Co.,Inc.
/■•■'.'•l
,r
„
PREFERRED STOCKS
New
87
18
NSTA
..
.
brokers';,-
Registered. Representa- "
new
•
Members
Lefkoe
27
office
^
R.
Washington Ahead of the News
Reentered
specialized in
s
.
Investment Recommendations——
listen too much to the advantages
Certainly the implications of the
have
.
Market.
'.
The
lost
steel pricing argument was a ma¬
For many years we
18
-
Indications of Current Business Activity;.;___
Another factor in the decline is
and
10 welt knovvn reasons' or ex¬
do.
;
;
Carlisle Bargeron
tives to service tfiem. f think they.';
for that matter,,
or,
Dow
,
' *
;r Mutual Funds-_________
the large number of new investor^
de¬
levels in 1959.
,
20
From
;
quarters this has been
some
a
in .1955
in r
financial
inevitable result,
people ;were afraid the market
was
too high with the Dow at
400
advertised
in
about
rules,, it,.is
frighteningly low level.
They seem to forget—o?* maybq
they, don't know—that a lot of
with
THE JAPAN FUND
1
48
.
to .be
has
DYMO INDUSTRIES
-.
.
market
13
17
./(Editorial)
pub-^?v
wish
you
t.
Dealer-Broker
■
-
clined* to
Renchard
Einzig: "Wall Street's SlUmp and Its
Repercussions"_*_^__;_ 1
-1'
to be""
underdone. Some support is going.
~
=
Commentary__„_________
vestigation, is that for ja time, un-.
til we all get to know thev new
It seems too as if these commen¬
tators
be
described
overdone.
ple and helps the decline to gain
...
r
'
V
peo¬
some
William S.
Roger W. Babson
•
-
kind
that this
headlining frightens
i
E. F. MacDONALD
'*
'.L:'./;
ings..
everybody
the,
12
Coming Events in the Investment Field_____^_____
they* must be written"
.the;financial/press, and
in
talked
*
are
shrinkage
be
analyses;
is
,
must
must
startingly lumped to¬
paper
losses
or
£
of paper profits.
so
are
\
Joel Hunter
Steel Production-1;.-. 11
Bank and Insurance Stocks__L^_L;_
They are not of them- ^ /
selves "news". Thus, their exist---
price quoted for the whole
.
Daniel J. Berrell
j
n
^As We See It__.;___:_L.
promotions/of
whatever
or
EQUIPMENT
.
BUCKINGHAM CORP.
actively
before
never
Stock Prices
on
Regular Features:
issues 'Tn^,.
new
-
-
»:
be'
of
MONROE AUTO
9
to label it.
r
gether
could
a
is
..
important
the-shares
stocks need proper
they
of
company.
all
,
;
-
Daniel M. Kelly
- -.
-
Advice for the Investor
licly owned that haye come intO| •;
public owners h i p: These neW ""
$20 billion of
losses in a day. Well, I am sure
investors
know that
the
prices
quoted for even a heavy day's
trading in a quarter of a million
that
- ;
business.
our
another
industries
new
s
.
not the
ih
have thousands
of
;
■
decline *. has
shares
/
;~
v
put on a stock,
broker's quotation board. Now we
like-the World
more
enough—but not
paint it.
.
* '
They
has
that
traded
-
thing it really-isr
The
also
ago
Gerald M. Loeb
decline has received. It has
been covered
long
■,
exist
still
-
Money and Credit Outlook in the Next 12 Months
current effect. It used to be years
magazine
coverage
is
investigation
-
YORK'
4-6551
7
Maxwell, Jr.
Henry G, Sheehy
r'
Dept.
NEW
WHitehall
*
good in the end, it has
unpalatable,
especially
to.».
many new investors. *>-•>;' -
newspaper
recent
:
'v-"
fr. ;:
,
1962
does you
TV-radio-
and
SEC
R.1
STREET,
Telephone:
,,
dis-:'*•/
been
'
anything
.;vV'
future
.
*
Like, medicine that tastes bad but
1929-32
the
neither
overpricing that had' to be correct¬
ed, the net result is going t'o be i
wholesome' in- correcting /abuses -// ''
think the Dow
85.
the
on
A.
Influence of Lower Margins
,i
important .influence. 4 Likev-7 the
hurt in 1923. I
from
where
case
SEC Investigation
-
Very
I
a
tinguished itself; The shadow that
bought my fiffet'security some
time
was
government nor management
^
1
WALL
99
_
jor factor in breaking confidence.
so
5
Investing Temporarily Idle Corporate Funds
'
v
3
Cobleigh
Crucial
a
key to-t:
or
Enjoying Them Less?
,
Loeb
Our New Foreign Credit Insurance Association
.
have
BattIe_-^.^^-,_;_i_-;w-.J
stocks; and discusses passible need
to wait out the market's decline to arrive at
Things
<■
-.
his well-known views regarding "diversification," points
on
out errors made in valuation of
Ira U.
Steel's Profit Phoblem Ihvolves
,{
-
and
Obsolete Securities
Gold Stocks and the Bears
./
^
——Gerald M.
"proprly
-
why one must be
straight
obligations
Short and Long Look at the Stock
a
Market____—
managed, selected and timstf-epity position" is, therefora, prsfarable to fixed dollar
Holding More Now
Steel Industry's Deadly Roadblock; Broad
;
V / Ignorance of Its Problems,_T. F.
Patton
.
market's decline, * and
the
to what he looks for in selecting a stock;
as
PAGE
1-
One of Wall Street's best known brokers disagrees with) om of the
,
I
3
for
Record—Monthly,
$45.00
per
year
(Foreign
■
of
the
foreign
fluctuations
subscriptions
in New York funds.:
<
-
:
in
and
the
rate
of
exchange,
advertisements- must
-
■
be
39
BROADWAY, NEW YORK 6
WHitehall 3-6633
Teletype NY 1-4040 A 1-3540
t
4
Chronicle
The Commercial and Financial
•
.
ston shortly after
S...
OBS E
MAY
A. WILFRED
Black Monday's
>'■
With¬
market close were the^Tax
holding threat and theSEC?s Study
of the Securities Markets.-: (Actu¬
,
ket-
through, buying
during
the
ally, the withholding tax on divi¬
dends should chase the investor
Bust (at market levels higher than
three years ago).
Sometimes the
"bargain"- issues
BEARS —AND GOATS
AND
The New York Herald Tribune's
front-page editorial
in Wall Street"
controversial
of
disheartening feature
of the recent stock market frenzy
is the shortcoming, by way of both
commission and omission, in its
most
(including sometimes
business
"shock
the
on-1
-
.
about their stearlying-of-the-mar-
from
BULLS
Thursday, June 7, 1962
market attitude in, seemingly for* company with the balance of the
V.
.; t ' V
public relations' motives,, boasting, •market-. :•
seeking ordinary income to
market-playing capital gains).
BY
The
.
,
(2652)
named.
it
Is
- are-
not
specifically
assumed
be
to
L>
Even
his
in
-
Treasury Secretary Dillon
speech before the New
Financial Writers, Monday
(June 4), after rattling off priceearnings ratios during past peri¬
ods, completely disregarded their
York
^
that fund managers are committedinvestment-return, saying "I would
scientifically analyzed be the last one to pick an exact
to. make
acquisitions of carefully selected, and appropriate-level for the price-
"the which preceded the termination of attractively yielding companies earnings ratio of common stocks."
for the benefit of their sharehold¬
boom's vigor is disappointing") is its White House subscription, con¬
Why should he not make such a
not cited as the cause of the mar¬ cluded with a call for "strength¬ ers, rather than to stem market yield estimate, unless he denies to
declines?
(It is to be hoped that common stocks the attribute of in¬
interpretation. Commission-wise, ket's disturbance* observers turn ening of the President's advisory
relation - wise, too, the vestment value, or conceives of
staff" in addition to "action in the "public
we
again see the time-worn ra¬ to their own favorite "gripes."
refinement,
absurd
that
troubled
of market perform¬
hindsight; and, omis¬
tionalization
with
ance
Break's
commonly
the
held illusions about the Stock
change's basic
functioning.
;
Kennedy, whom
Even President
complimented
we
Ex¬
fortnight ago
a
for his citation of the 1956-57 rec¬
ord
the chronic
exemplifying
as
stock market-business divergence,
pulled the rug" from under
at his following week's
"has
For
us.
(May 23) news conference, he in¬
terspersed three more examples
of such divergence, with a flopover
to the
contradictory illusion:
which is moving
"The economy,
steadily forward, is the best stimu¬
lant to the stock market—the most
natural
ing;
The economy is ris¬
one.
the
unemployment is down;
prospects in this month are good,
and, therefore, I think that the
Secretary Dillon, a
knowledgeable and sophisticated
ex-Wall Streeter, similarly sub¬
scribes in general to the inter¬
relationship of business conditions
Treasury
and stock market
performance, as
revealed in his remarks
press after the post-Break
White House conference, altholigh
clearly
the
to
—as
disclosed
in
his
the N. Y. Financial
ciation
week
this
address
to
Writers Asso¬
—
he
has
now
cat¬
been the
the steel indus¬
President's war on
with
over
an
un
-
changed level of
from
1958
to
inflationary un¬
consumer prices
1962.
Furthermore,
contrary evi¬
dence about the market's reaction
to a hostile-to-business President.
"That man" Roosevelt's advent to
the White House was followed by
of
fall
tous
13%.
is obstinately
there
three-year price-sextupling bull
market. And the business-baiting
a
to 1 odds-on vic¬
Mr. Truman's 25
tory over Mr. Dewey was
a
Far
future
such
render
Exchange's Role
significant
more
hindsight
squabbling
Budget-deficiteering is another
the
under
ated
action
flash
does
not
the Stock
reporting
ill-
placing
than
over
the
the
decline
Exchange as a place for
on
the swings
of
bets
short-term
Incidentally, should the general
be
extended
to
the
end
ness,
fluctuations
the
or
course
in
busi¬
of
otner
"extra-mural" events?
of the reporting quarter, will pub¬
Exchange's self-gener¬
The Exchange might well take a
investment
an
"citadel
a
let
market,
typically asserted by Mr.
as
democratic
of
capital¬
ism."
after the
luncheon
leaders'
Republican
Saturday,
And,
as
numbers
of
stake in
hence
Authenticated Ticker-Watching
As
matter
a
of
fact,
the
New
York Exchange's President attrib¬
uted the "Monday unpleasantness"
to
part
selling for "the
Whether or
the
protection of profits."
not this is
old-age retirement,
last
have asked
we
prospects."
previ¬
^
The Basic
ously, will the past over-emphasis
a
Most
scorekeeping of their
\
curities
impoverishment and
tine
Fund
omy
as
post-1929,
estimate
day-to-day
of
through
one's
tying
wealth
fluctuations
in
to
be
hoped for the funds'
sake that fresh buyers do not take
advantage of the standing offer
by contractual plans to give them
their
<
30
:60"
or
presumed
Admits Levison
back, including the
omission) within
days after the initial
Murray Leyison has joined H. M.
The investor's decision
general .partner! ris "-n
money
"load"
and
H. M. Frumkes Co.
.
it
regulation
run
asset
values?
Lei
/
speculative excesses
rampant over the com¬
munity; threatening the economy
with
depression, and/or pumppriming;
and
politico-economic
strategy as in tax policy.
still
participated in by 3,000,000
holders sabotage the econ¬
the
i
education,
reduced
consumption
of
goods and services? Will this rou¬
,
Tragedy
distressing is the evidence
that after 28 years of tightened se¬
fund lead to the hold¬
ers' feeling of
baby's future
education, etc., as so fdrcefully
pictured by the Exchange's adver¬
the "reckless spending programs"
of the Kennedy
Administration tising as the aim of common stock
motivated the previous Monday's acquisition. President Funston in
the Exchange's periodic "Portraits
stock market decline.
of the Stock Market" has repeat¬
Deficit-swelling likewise gets a
edly reported the "Emphasis on
strange interprel alive twist from
Long-Term Investing."
the Administration's sympathizers.
Eisenhower
ket
Fund Shareholders' Scorekeeping
as
alone
true, or the version that
leading item now exploited to the
stocks were being dumped to meet
very full.
Whereas governmental
"margin calls" by banks, or other
over-spending, coupled with in¬
money lenders where stocks are
flation, has always been inter¬
"collateralized," is true, the go¬
preted as a bullish market factor;
ings-on surely do not tie in with
now,
market periods?
stress.
look-see at its claimed function
in
term.
year
Frumkes
(buying
purchase.
New
&
York
Co.; members of the
Stock
Exchange,
as
a
-
vestors'
Inflation
[sudden]
is
not
realization that
way of life."
our
ing to the fiction of market-busi¬
correlation (the specifics of
which
is
All and sundry persist in cling¬
Stock
The
followed
price doubling bull market
...sung tnrcugn
his entire four-
by
They hold that, because prices al¬
legedly will not rise, the mounting
inflationary, and that
investors now recognize that this
,
market's
Similarly, according to" a Wall
jolt to businessmen's causes is the
consciousness
with
disregarded re-con¬ lic-relations
Street Journal mid-Break survey:
confidence.
But this event was
firmation of the Stock Exchange's portfolio
window-dressing needs
"Many analysts who usually ex¬
announced on April 11 when the
role as, in large part, a gambling lead the funds to engage in quar¬
press their opinions quite freely
stock averages already had been
casino; and of its lauded "liquid¬ ter-end dumping, and decline-ac¬ were keeping quiet. Some even
in a four-month 6% decline from
ity" an actual myth—as exempli¬ centuation—corresponding to Blue decided to stop issuing their daily
their mid-December high, and five
fied
by
the
hours-late
ticker Chip market inflation during bull or weekly letters discussing mar¬
weeks before its renewed precipi¬
to propounding the
public's alleged abrogation of its
inflation' expectations
as
this Economic Advisers' boss Heller as
Break's single cause. This despite well as Secretary Dillon now at¬
a rise of over 50% in stock prices
tributes the market break to "in¬
swung
and bal¬
advised.)
has
course,
try, with the
stock market will follow the econ¬
omy."
of
egory,
of deficits,
areas
of payments." ;
ance
Pre-eminent in this "gripe"
implications
invalidate
again
ignoring of
which
complete
sion-wise,
the
"Gripe" List
The
deficit is not
Analysts
Playing
Numbers
the
Game
to
withdraw
or
remain
in
would
certainly not be tied to investment'
criteria.
.;,
Meaning for the Ratio Needed
In
the
fact, in all the discussion of
market's decline there is an
almost
complete
of course, the
brokerage houses sticking toj their
"play-the-market" attitude. Here is
the lead of
then
absence
of
in¬
vestment
Similarly
by
are,
market letter written
a
analyst, a former intelligent
champion of the value-first school,
an
yard-sticks.
One
ex¬
ception is occasional reference to
price-earnings ratios.
But even
of
there
is complete omission
realistic attitude thereto.
any
of the
appraisal of a
specific ratio's worth in terms of
investment return, as through cal¬
day:
'
Murray Levison
here).
Among the "goats" trotted out
"Think this is climax.
Would culating its present worth via cap¬
When the "unsatisfactory" state by Stock Exchange President Funitalization of future dividend yield,
Prior
to
his association
with
buy here for strong rally—Am.
and/or in amortizing through ex¬
Frumkes,
he
was
a
registered
Viscose, Occidental Pete., Bruns¬
mtmMwp/Mfwm
W
wick, S. O. of N. J., General Tire, pected returns, or through some representative with Bear, Stearns
WM&M''
hard-boiled
estimates
of & Co.
Dresser Industries, General Ply¬ other
Mr. Levison was formerly Presi¬
wood, Molybdenum warrants, R. J. capital enhancement; the preva¬
IS»9H<
UNDERWRITERS
Reynolds, IBM—Rails, Oils, Air- lent
b - * t
practice is to treat the ratio dent of Rent-A-Bag
Company,
crafts. If market holds here could
BROKERS • DEALERS
as
a figure lifted out
of the air. Inc., and Vice-President of Spen¬
rally fast to 620-30 Dow-Jones
Omitted is any value-pointed basis cer
Industrial."
Pittsburgh Corporation. He
& DISTRIBUTORS
ness
we
have
so
cited
often
issued
after the close
Instead
last Thurs¬
so.
,
'-'#2
Wr
-
the
And
A
of
substantial market
securities
covered
by
is
our
for
the distribution
available
individual and institutional
59
partners
in
the
buyers by
our
arid 479 Account Executives
"We
believe
the
lows
ana¬
for
the
perhaps
record
of
ratid's
appraisal,
relating
or
it
to
beyond
the
past
that of
comparing
one
been
sales
consultant
of
industrial
has
also
for
manufacturers
and
consumer
a
products.
last
Tuesday ought to hold for several
months.
expect
filling
while
offerings and private placements.
typical
longer-term beat-the-market
lyst's credo:
cities
48 offices. Contacts with
following
It
would
period
a
on
be
logical
to
of
much
backing and
lower volume,
sanity, if not confidence, is
being restored.
The 620-30
in
the
an
immediate barrier.
D-J
Industrials
better this level in the
would
invite
a
test
level
stands
as
Trading in Foreign Securities?
GERMAN
-
DUTCH
-
ENGLISH-yon
name
it
Failure to
near
of
future
the
With direct cable connections
to
offices in—
lows
(around 560) which, if unsuccess¬
might set off an even worse
AMSTERDAM
MADRID
FRANKFURT
MONTREAL
panic
GENEVA
PARIS
ful
than we saw last Monday
Tuesday
A successful rally
at this point should set the stage
and
for
.
a
longer and
more
quiet
HONG
SAN
JUAN
TORONTO
recov¬
during the summer with an
objective around 660. It is ironic
ROME
KONG
LONDON
ery
that
our
objective for
a
successful
summer
rally is now lower than
that prevailed only two
weeks ago."
prices
,The Exchange community's de¬
we
feel particularly well-qualified to provide
help and information when it comes to buying
or selling
foreign securities.
For
a
direct
call
to
our
foreign securities
trading desk, just dial—WHitehall 4-4732.
votion to speculative market play¬
ing is clearly manifested in its
anxiety for a margin cut as the
"only hope."
Role
The
are
MERRILL LYNCH,
of the
investment
exhibiting
Funds
companies
the
PIERCE, FEN N ER & SMITH INC
too
playing-the-
70 PINE
STREET, NEW YORK 5, N. Y.
Volume
195
Number 6166
.
.
The Commercial and Financial Chronicle
.
999,500 shares,
Gold Stocks and the Bears
stocks, and in
New
in
York
are
and
this
year's crop of graduates, those
likely to succeed,"^ inves¬
in
tors
the
market
at
are
gold supply in monetary.
stocks
either
most
ceed
or
this
selective
hear
about
least
likely to
suc¬
likely to recede. In
process,
you
now
increasing .boardroom ^talk
gold stocks. As some old-
the world.'
over
Regardless
view
this
of'
'
'
-
you-
the
,
livliest
the market trend.
interest
in
gold
shares since the flurry in them in
1960.
Everyone realizes
October
from
and
rose
65, in 1929, to 544, in 1936;
in
the same period, Dome
from
rose
1929 and the
Homestake
6
propulsion
valuation
to
of
followed
61.
The principal
provided by de¬
the dollar, in 1933,
an
increase in the
was
by
modest
some
lines,
to
by
92V2
This
has
benefits
along these
devaluating its dollar
cents (in our
money).
meant
instead
that
of
a
$35 price for gold, Canadians can
now sell their output at $37.80 an
ounce.
per
it
has
is
that
remained
since.
ever
today, those
most
So
enthu¬
siastic about the purchase of gold
stocks, view them not only
as
a
valid
hedge against possible, Re¬
pression or deflation, but fe re¬
warding speculations if the price
of gold were to advance.
Dwindling Gold
We
don't propose
hassle
of
here
on
increasing
the
Stocks
to get into
pros
the
and
official
Interest in
it
a
cons
price.
In
to
heavy
losses
of
Stocks
Gold
nations, it is no crime
gold coins or gold bars.
own
crime for
American
citizen to own gold..
(They ar¬
rested a couple of fellows in Ari¬
zona on that charge 10 days ago.)
a
an
This is the largest
in North America.
dividend.
at
years.
since
a
1949.
Right-now,
our mone¬
tary
$11.8 billion is legally re¬
served as backing for the dollar.
The difference, about $4.6 billion,
is available for settling our in¬
ternational balances.
In making
these settlements, we've lost some
$500 million in gold so far this
year.
.
,,r"
,
Possible Increase in Price of Gold
All of
which has
possibility
and
a
of
suggested the
dollar devaluation;
gold price advance to
haps $60
$70
per¬
If
occurred, there
would,
of
course, be a roaring market ad¬
vance
in gold stocks.
But, de¬
valuation is not the only answer
or even
to
our
,
bullion
The
drain.
Presi¬
dent could embargo the export of
gold;
Congress,
by
legislation,
reduce, from 25% to some
lower percentage, the gold back¬
ing for dollar bills; we could ask
foreign
countries
and
corpora¬
could
tions, not to finance in
We
our
are
mar¬
-
.
Dome Mines, Ltd.
This is
This
tons.
several
the
-
...
stock
the
to
ounces
Bralorne
ton.
$.40.
swift
These
outlines
give you some idea of the repre¬
sentative
gold
stocks available,
indicated
Few
gold
for
more
than four years' operations,
so the business consists of extract¬
ing and milling existing ore, and
reserves.
have
gold
of the leading Cana¬
Dome
ing,
as
of
Elects Officers
proven
reserves
in constant search for
The
New York
Society of Junior
Analysts has announced
of John L. May of
Security
the
election
itcynoids & Company as President
of the Society
for
over-discounted,
stock
at
current
and. favor
levels
of
in the free market—as.
October
in
high
as
William
is
another
favorite
among
up
in the Northwest Territories of
Canada, which makes it a little
more
costly to operate than ones
closer
to
civilization.
Reserves,
Other
$41
T
mines
Franklin Sanders
Mass.
will
Sanders
—
become
Franklin
Brother &
Hutzler, 75 Federal St.,
members of the
New
York
Stock
Mr. Sanders has been associated
with
the
Treasurer
University
of
since
Harvard
Prior
1955.
thereto, he was with Kidder, Peabody & Co. in Boston for five
and before that
years
was
finan¬
cial Secretary of Springfield Fire
& Marine Insurance
Co.
rectors
for
Since
on
N.
Y.
S.
E.
a
HAVE
has
a four-year ore reserve
(about
1,200,000 tons at 0.65 ounces to the
ton).
Outstanding common, 3,-
announce
20
cial
banks
of
ideas
finance
and
A.
of
Mason
Brothers,
First Western
Building, member of the Pacific
Coast
Stock Exchange.' HeJ was
formerly with Sellgren, Miller &
Co. and
Grant, Fontaine & Co.
&
H.
FRANCISCO,
Trego
Mutuals of Monticello
Calif. —Jack
has been
added
to
the
MONTICELLO, N. Y.—Mutuals of
Co., Inc., 155 San- Monticello Inc. has been formed
Street, members of the Pa¬ with offices at 7 Feldberg Drive
cific Coast Stock Exchange.
Mr. to engage in a securities business.
Trego was previously with Wal- Ronald Siegel is a Principal of the
ston & Co., Inc.
firm.
staff of Birr &
some
MOVED
OUR
NEW
YORK
exchange
TELEPHdNE
YORK
5,
NUMBER
dig by
:
OFFICE
TO
place
N. Y.
REMAINS
THE
SAME
4-1515
FIRST BOSTON
Co.,
NEW
YORK
Managers & Distributors, Inc.
PHILADELPHIA
Broadway, New York 6, N. Y,
JUNE 4,1962
E.
(Special to The Financial Chronicle)
SAN
Vice President
F. Eberstadt
Mark
previously with Livingston, Wil¬
& Co., Inc.
that
Secretary and Treasurer
—
of
liams
Birr Adds to Staff
i
Ohio
has been added to the
Saunders, Stiver & Co.,
Terminal Tower, members of the
Midwest Stock Exchange. He was
staff
CORPORATION
June 4,1962
of
economics.
Mirsky
The
65
in
branches
Saunders, Stiver Adds
Robert Smith
t
among
engaged
various
CLEVELAND,'
Donald A. Young
*
and
analysts
in
Vice President
'
investment
information
and
research
John F. Van Deventer
1
and
(Special to The Financial Chronicle)
NEW
firm
financial
advisory services. It is the inten¬
tion of the NYSJSA to provide
opportunities for the interchange
following have become
our
year.
society in the country. Its mem¬
bers represent more than 120 New
York brokerage
firms, commer¬
have
WE
as
Di¬
of
considered to be
largest
in
$.70 dividend.
Divi¬
been
continuously
paid in each year since 1918. The
major subsidiary, Campbell Red
Lake, is a much newer mine.
It
continue
Board
ensuing
now
second
a
dends
a
the NYSJSA has grown from
membership of less than 40 to
Current price is around
$25, with
m
ago,
where it is
These
and
r
beginning, two years
shares outstand¬
sole capitalization.
listed
will
the
the
its
Mines, Ltd. has only 1,common
Toronto.
pleased to
officers of
who
of
investment
OAKLAND, Calif.—Milton
Douzos
has joined
the staff
Little
about
Reinisch
member
the
Exchange.
n,
e
Secretary. Mr. May succeeds Hans
R.
associated
with the Boston office of Salomon
&
B
a
BOSTON,
P.
y,
h
t
0
Neuberger
John L. May
WithSalomonBros.
interesting
include
er;
T
Joins Mason Bros. Staff
$3.60 and paying $.20; Leitch, with
very rich ore assaying 1.25 ounces
to the ton, selling at $1.55 and
paying $.06; and Dickenson Mines,
selling at $3.90 and paying $.18.
More speculative is Little Long
Lac, a cluster of several mines,
some
of
them
quite
marginal.
r e a s u r
Andrew
Companies
Canadian
Aunor, selling at
N.
Walling of
Empire Trust
Compan y,
1960.
Toronto.
gold fanciers. The mine is located
Petep F.
Way of Lionel
D. Edie, VicePresident;
around
$8.75, particularly since it
yields around 9% on the present
$.80 dividend. There are 4,730,302
shares outstanding, and listed in
elected
were
.
been
offi¬
cers
.
the
year
Other
The
more.
the
1962-63.
at $20 a beauty of the business is a limit¬
share,; or above. In late 1960, how¬ less demand from the richest buy¬
ever,
exploration at below the er in the world, Uncle Sam. - But,
6,000
foot
level,
proved
dis¬ he may have to pay more than
appointing, and the stock dropped $35 an ounce some day, since
50% in market price, almost over¬
nearly all the newly mined gold
night.
Many analysts think this in recent years has gone to
others,
adverse drilling development has
who've been paying a lot more
producers,
reserves
946,668
are
one
Junior Analysts,
company
the dividends they pay, and their
mines
5
pays
years,
OUR
—
North
Long Lac, which sells at
with indi¬ $1.70 could be a lively performer
in the event of a change in the
2,475,000
tons (enough for four years' oper¬ price of gold. Quite recently, a
ations). In addition, Dome owns substantial New York group was
57 %
interest in
Campbell Red reported to have bought a sizable
Lake Mines, Ltd. and a 63% in¬ amount
of
stock
in
Bralorne
terest in Sigma Mines, Ltd., plus Pioneer. The stock now sells at $7
other
lesser investments
in
oil, with 1,606,350 shares listed in To¬
copper and gold companies.
dian
cated
an ounce.
this
for
Other
which
gold
million
9
sold,
Homestake Mining Company
stocks of gold are at a low
point — about $16.43 billion, of
devaluations, and that
been losing
rapid rate^dn ..recent
We've lost over $7 billion
the United States has
in
Reserves are
reported at
500,000 tons, running at 0.85
dend.
gold
to
producers,
however, are high grade and large
So, since Americans can't hold scale (over 2% million tons) and
management
is
sup¬
gold itself, those who'd like to excellent
have some can do so by buying plied by Mclntyre. Giant Yellowit in the form of stock certificates knife has 4,303,050 shares of com¬
listed
on
American
and
of mining companies.
There are mon
some
attractive
ones
to
choose Toronto Exchange. Current price
is around $11, with a $.50 divi¬
from.
gold producer,
It has paid
dividends
in
every
year
since
1878,
except between ; .l943 and
1945, when the government asked
it to suspend operations.
Homestake sells at 49 and pays a $2
have led
of the low¬
America, and Canada's largest. It
is
reported to have reserves of
This
other
But, it is
We only wish to observe that his¬
torically,
one
Ltd.
Giant Yellowknife Gold Mines, Ltd.
official price of gold,
from $20.47
ounce, to $35, at which figure
cost
..
may
that with virtually fixed costs of
production, gold mines could earn
ensuing unpleasantness, they recall
fabulously
at $50
or • more
an
that gold shares went opposite to
ounce. Canada has already reaped
timers hark back to
its $.70
Gold Mines,
Kerr-Addison is
est
over
how
gold
problem or, the
solution to it, there is
possible
now
cover
dividend.
(we've just done this); and
finally, we could stop spending
(or giving away) so many dollars,
work
similar.task;—trying to pick
on. a
Cur¬
stocks.
kets
all
above
share, to
Kerr-Addison
"most
ronto.
Toronto.
quote is around $14, with a
$.40 dividend. Dome is a hignly
respected 1 gold
equity,
earning
about $1 a
common
While colleges and universities all
over
the land are selecting from
also listed both
rent
By Dr. Ira U. Cobleigh, Enterprise Economist
Back to the mines for another look at the
(2653)
BOSTON
PITTSBURGH
SAN FRANCISCO
CHICAGO
CLEVELAND
stock
heavily in
h
Dillon
taxation
though moderate price cutting has
munici¬
.
been largely responsible fpr the
pal bonds have in the aggregate
been easier during the past weak thus far moderate reductions in
the
prevailing
light,
thus
continuing
the
tendency inventory,
which- began early in May. De¬ new issue calendar has been heip->
'• / ///:/'.'A
rived .from preselected high grade iul.
yh-/
general obligation'bond
The
Commercial and
Chronicle's yield Index
averaged out at a 3.077%'yield on
June 6 as against an average yield
of 3.057% a week ago. In fems
20: year
Too
r
offerings,
"Stock"
Unsold
Much
close
of
Not
This
the
ward tax-exemption.
repre¬
the
two
to
Story
Whole
market
fluctuations
exempt
bond
last
few
been
the
in
New
issues
incident
steel
the
have
brought to market, at from
emotions
well
as
investors,
-
muddles
its
part,
spending,
it; as: fust a
Another New
and; he/ expressed
promise—for 1963.
parently
Beliingham,
4,165)000
1,230,000
2,500,000
June 8 (Friday) /
1983-1982
11:30
financial
diate
tinues ' to
be
kindly
impact
on people,
institutions
and
.towards .-some
temporary stability, the prices for
the
tax-exempt . dollar r quoted
bond issues have generally fol-
These issues, for the
have met with ready
-
b'fs.'.t vpilnrnp month,
lignt volume month,
the- imme--
as
and
■
.•
•
underwriters.
With
a.m.
ii.
Wash.
'
•'
^
4,000,000
(
•
1£64-200 l
r
r
Ci
,
.
S., D.
Retire- //.L b
Employees
/.
A; » 1973-1983
Development Commission J, 2,230,000
-
vV; <; r -'v'.y
sale
the
Iff*.
a an.
t
10:QOa.m.
/
tS
Mercer
;
\
11:00
-
a.m.
1963-J936
-
Safe
-
a.m.
'
10.00
c
%/'.!;■/:./
6,500,000
System, Mich.___„^___f_/_'
it-seems.safeyEast
-v.;
>
•
:
1964-2001
:1,765,000t
eon-
seems
y
•_
•
1971-2001
1,800,000
fib.
o»r'
3:00 p.m".
3;00p.m.
11:00
a.m.
2:00 p.m.
Noon
'
.
.
1934-1985
1,900,000
Orange County Water D. Cal.
toJ; .guess-4hat ,the summer, may 'Hamburg Master Sanitary Sewer
pose no real ^volume problems for
.-^-District,''
.
,
//b,'•'June 11 (Monday) /y/ y
Detroit
toward: the x
it
-
way
;
8:00 p.m.
1,997,000 * 1964-2001, ;10:00
■
,5'
;v
:> ment
Calendar
Business
new.feue"calendar
The
>•■
;
2:00 p.m.
1986-1978
.//.y .=>' June 9 (Saturdayl
Pacific ' College,
Seattle,
;1
Seattle
Ap¬
will wait and see.
many
Light
sympathetic •'
believing.
the
for
Frontier
conse¬
1963-1991
-
weeks
most
its
1:00 p.m.
.
June 12 (Tuesday) *' r::
"v
uncertainty than in state and municipal bond-market,
yfeerican University,' Wash.,' D. C.v 2,100,,000 1934-2001
accordance : with
bond : market- The schedule as ^presently set
:
1986-1991:
,000
Big'Rapids Sell? Dist.;dMich^__2
1,995,
criteria.
yy Lb
. .. ,./• includes a variety
oFJ^sues>total-'^yffMo Sewer Authority, fN: Y._u^" 3,000,000 1987-.1986
° rtrtn'
As the stock'market expresses* ing- less La an $450,000,000- through
1954-1992
Costa Mesa County Water D., Cal.
2,5.95,000
the mixed feelings, thoughts- and Jury. Since August is normally aV
1964-1991
Kaib County, Ga.i__Aii__-_l13.990,000
business
of
10. to 20 basis points cheaper than
would have been the case a few
ago.
and
.
as,
governmental
In
,
a.m.
3:30 p.m.
1983-1982
'v-
Agriculture & Applied 'Sciences
Western. Washington State College,
io jhow tee tax -cut
would ,be sustained were there no
cut
10:00
1983-1991
5,067,000
4,000,000
-
,
non-committal oh
the extent of any tax cut, he was
cally with the general atmosphere
tax-
during
market
weeks.
shown
1953-1967
3,200,000
Cross',
indefinite
Dating from-
began to react more
■
less
or
June 7 (Thursday)
.
Free S. D/No. 10, N. Y.________
Marion-(County, Ind.^j-.-^J---1—
taken this talk seriously. JSecr'eOxford, Preston etc., Central Sch.
tarv Dillon's recent promise of a.. 1 pistrict No. 1, N.
k ,
'top to bottom".tax cut has had "Rocky Hill- Conm
"/
litde, if any, market impact aa Will Co.,TwpV H. S. D. No. 205, 111.
market has
bond
exempt
quent effects on the s.ock market,
State and municipal bond prices
v
graphic de¬
scription,
however,
does
not
adequately delineate the unusual
more
The tax-
little evidencejthat investors hava
.: Sec. Dillon was
.
selloff
years.
V
;
___
the high grade market was
off about one-quarter of few months. As the stock market
sold off in more or -less 'orderly,
a
point as measured by actual
offerings. In early May the Index fashion- during the "winter*, and.
spring, dealers benefited.
reached its low yield point for early
this year at 2.965%. In translation, from the investor oiversions .co¬
points for the period.
officialcircles.for
-
,
/
Albuquerque Sch. Diat.; N. Mex._.
Huntington & Smithtown. ; 'Union
.
of par,
Index
has
taxpayers
'
thereby
3.057%
r
Taxes
and
in
for which specific sale dates have been set.
or more
yet. It is -quite apparentthatour/ /
v
1
and1 investors
yard pot College ,of the Holy
Bd.'of
nearly y as naive as,. Off lcialdoin / /.
Trustees, Wor e e*st.er,- Mass._,r_
frequently believes.-:;
«
i* ;/•
Michigan> V State : University
of
dealer
inven¬
tories' of tax-exempts have beenand still are too heavy in face
pf the stock market unsettlement
that has developed. over the past,
However," the
Financial
current
$1,000,000
<.
Federal.income
been' talked, of in
cut
of
In the following tabulations we list the bond issues
'
.-.Some
a
Thursday, June 7, 1962
.
Larger Issues Scheduled For Sale
issues.marketafc)le ievenue
bonds
By DONALD D. MACKEY
The markets for state and
deal
traders
market
Tax-Exempt Bond Market
sents
.
.
(2654)
in collars and because many
the
Financial Chronicle
The Commercial and
6
;
.8:00 p.m.
3,300,000' "1963-1991
2:00 p.m.
4)489,00.0' 1983-1977
'2:00 p.m.
1,680,000^ 1963-1982>1:00p.m.10,796,000 ^1963-1991
11:00 a.m,
-2,205,000
1963-1982 Noon
County,
of-
$100,000*000 'Merrill,-Wis.
:
week, the "Monroe County, N. Y.__A-A_j-r_- ;
largest item on the calendar will Montgomery County, Qhio^_
lowed stocks in their fluctuations- have been deleted, statistically at Newfane
Water " District
No. 4,
bers repricing their bonds down gnd have dramatically
portrayed • least.
-*
*.*'
' ^
r;''-rv.:
-1,200,000 ,1983-1991 f ———
Newfane, N. Y.
■
from 15 to 25 basis points with the extent that panic can pervade
'y-/r
•1,820,000
1965-1992 11:00 a.m.
'A.;r
' Orleans, Mass.generally favorable investor re¬ the whole financial
;
Recent Awards;-y •--.•yy:; - st. -Bernard Parish, La
community
.1,225,000
1965-1982 .11:00 a.m.
sponse.
In between pricing has without good reason. Prior to the
The new issue calendar for the St. Louis. Co. Berkeley S. D„ Mo. .
1,145,000
1964-1982
8:00 p.m.
usually developed no sizable in¬ advent of our.; large volume of * past week has been unusually Santa
2:00 p.m.
Ana; CaLx._—r
' 3,000,000 -1964-1992
terest. It's been all the way or no
dollar
quoted
bonds, municipal light as • it" totaled
only i, about " Secaucus, ;N: J..
I'jOOO^OOOuJ1963-1992 ,v 7:30 p.m.
sale.
'• ;//; ///, ///A/:'//'' serial
bonds just went to sleep
1,680,000 * -1965-1992
11:00 a.m.
$i05;000,000 of 4sondS7 Txiere -Were-Spring Valley' Sanitation D., Calif.
By means of this quick .change under similar circumstances.
no sales of importance last Thurs3,465,000
1053-1982. ' 8:00 p.m;
Summit, 'NV :J.■
to realistic pricing, the build-up.
dayv 'May ■ .31, Friday4
f LPn|vdrSity: ;Of i Buffalo, i;.4Bhffaloj>;
Dollar Bonds React
" V/;
of unwieldy amounts of inventory
Tne volume of .significant/-loans.;:V New. York_Li'f __t!I_Iff -_i-,rr22'2,830,000 .1934-1991 ; ' 3:00 p.m.;
was
Even though dollar bonds have was crammed into
abruptly terminated .and the
Tuesday and -iVictoria, Tex.1/_f l 1
1983-1984 ;1O:O0 a.m:
^_f __" s"5,000,000
slower process of reducing them fluctuated
as
much /as three or' Wednesday of' this •'-week. '•By' far
Washington Ciny Jr. H. S: Bldg.
was
set in
motion. The. untold four, points ;;sinee>reporting, /last
Uhe j largesty new-' financings wa? y .Corp; Ind._f- al; if
f
1.305,000 > 1986-1984
11:00 a.m.
^ ^ ~ ' :
Float
of
inventories
apparently week, our revenue bond Index at $14,200,000 MarieCpa County, An^ y: rf';- •
broke all records as fhe 'Blue List presstfme indicates little
June <13 <Wednesday)
change, -zona multi-purpose general ob'li-'
investor
reception. Many of /the
syndicate operations
have been terminated with mem¬
less
recent
California
bonds
next
-
.
,
.
,
.
.
.
•
-
total of state and
municipal bonds from that of last Wednesday,-Tap - gationy <1968*4973): • bonds/vThese - Clark -County, •Ky.pf if-f f-^-f fi -.f ■
$640*000,000 dur¬ average yield derived from our issues were awarded to the group ^
Doye;,.-etc.,Umon F.S.D. #2,< N.^Y; ;
ing late May. Since then this total list of seasoned toll road/ and /
managed jointly-by- Harris''Trust Fairfield, :Conn.
:fvrfV-f !
of offerings /has been reduced to other revenue bonds is. at
3.85% -. and -Savings .Bank, The
'Qhase Greenville: - Spartanburg Airport *
a more
manageable amount (Blue as against 3.854% a week ago. > ^ Manhattan. Bank and The First
/ - District, S, C.—---—
List) of about $562-,733,590 as of
However; the daily quotations Boston Corp. at a net interest cost Islip Union Free S. D. No. 12, N. Y. today.
~ have
approximated
the
rather of 2.7231 %. 'The runner-up bid Mobile; --Ala:- -f ~ -1 _y _ _—-- - -1 ff The present aggregate is still violent stock market actions as
designating
,2.23 %,' jret ipsej;est Tulsa, Clda. -b--- --7
- --b-—- - r
substantially about the traditional they progressed. • This -situation •cost was made -by the Fk-st Na- 'Tulsa .County :Seh. Dist; 1, Okla.__
norm (less than
$500,000,000) "and4i develops more or less through the tional Bank of Chicago syndicate: Wisconsin State Colleges Building;
2,875,000
as
a
market negative. Al¬
fact
that
both
media
are.
quoted
Other
major
winning
group
1963-1982
r
ON
REPRESENTATIVE
'
California (State)_________
^'Connecticut
New
Rate
'3%%
_______
33/4%
3%
Jersey Highway Auth
Gtd._
Bid>
.1982
1,700,000
6,500,000
-4,000,000
1964-2001
Asked
3.40%
3.25%
3.10%
3:00%
3.00%
^Pennsylvania (State)
33/8%
Delaware
(State)_________
__2.90%
New Housing
Auth., (N.Y., N.Y.)— 31/2%
1974-1975
2.85%
2.70%
1981-1982
3.05%
2.90%
1981-1982
3.10%
3.00%
33/4%
1981-1982
3.40%
3.30%
31/4%
1981
3.15%
3.00%
3%%
1981
3.15%
3.00%
31/2%
1981
3.35%
3.25%
central
3y4%
3%
1981
3.30%
3.20%
1980
3.40%
3.30%
county includes Phoenix, the State
Capital and -represents the heart
Los
Angeles, Calif__
Baltimore,
Cincinnati, Ohio (U. T.)__.
Philadelphia, Pa.__
♦Chicago, lll—_______.___.
New York, N. Y.____^
June
_______
1962
6,
-
of
been
part
of
the
State. ; The
prosperousSalt
River
Industrial
growth
has
important
since
World
II
large
and
combined
agriculture
with
The
last
market
Lance, Inc.
1964-2001
11:00 a.m.
1965-2002
10:00
f
obligation
general
the only debt outstanding.
June 19
(Tuesday)
of TCxas
State Teachers *College_I^___
Cty.
Florida
*
Metropolitan
*
^
5
s
_
3,250,000
•4.350,000:
Tuscaloosa County,
c
O
II
«
at
I
/
Members Affdwest Stock Exc/hui09
CHARLOTTE
NEW
v
■
,
■
YORK
.
j
\
*
a»
2,1-00,000
Ala.__.
June 20
1985-1992
11:00
a.m.
9:30
a.m.
.
Manhattan
interest
cost
Bank New
.
COLUMBIA
GREENSBORO
GREENVILLE
JACKSONVILLE
Trust
and
Co.
White,
;
(Wednesday)
of
Bank
at
3.29%.
a
net
,1963^1.982
Noon;
1963-1982
11:00
a.m.
SiSiUnfiia^polls Sanitary
YorLThst Ca hTJ "f™aIndep' SD
Savings Bank, Marine
Western New York,"
WeldGo.-an.d Bhila- '
of
Continued
on
j>ag3
46
NazaJl+h
.-f
y-
1963-1992
2:00 p.m.
1964-1993
10:09 a.m.
June 21 (Thursday)
/
Other
Harwich, Mass.
Trust
RALEIGH
r
.
-
ATLANTA
V.
iy
Noon
_y_f—v - 6.929,000
Tuesday, $7,200,000 Mount Alaska (State of)
:
i__
3,945,0>0
City School District, New- Alexandria, Va.
York
50*800,000
(1963-1991)
bonds jwere Connecticut (State of)f^_
sold to the account headed
1,250,009
by The Huntington Central SD #6, N. Y.
Chase
2:00 p.m.
1963-19911964-1983=
D.n
I
a.m.
2.500,000
1,100;000
^___
>
a.m.
10.00
,
Y.
Orangeburg, S. -C.b____wl—______
Charles, Mo.
10:00
1933-1982
-
_*
Hornell City Sch; Dist., N.
St.
.1985-2002
1,425,000
1,465,000
Comm.,
.
*
7:30 p.m.
8:15 p.hi.
1,625,000 -1903-1981
1,050,000- '1964-1990:
.
Vernon
1
a.m.
June 18 (Monday)
Agricultural & Mechanical College
Dade
in 1927 and after;July;
these new issues will be
1,950,000
Grand Forks, N.
Oak Park, Ill./__________
Ball
time the county, came to
for
1, 1962,
R. S. DICKSON & COMPANY
•"•
Univ. of Kansas, Lawrence, Kansas
.the
money was
Common Stock
'
June 15 (Friday) vi
;
and
projects
•
-tourist trade gives the area ,a. sus¬
tained
and
diversified economy.'.
trading market in:
it
a.m.
Louisiana State Bd..of Education
(Baton Rouge)
!—:A.,. 1,600,000
the
Valley.
War
We maintain active
sold.
were
Maricopa County, Arizona, one
of the fastest growing areas in the
country,
comprises
an
area
of
9,226 square miles in the south
Index= 3.077%
availability.
80% of the bonds
over
.
•No apparent
.10:00
a.m.
F
3.25%
3.15%
.
.»
1
3.15%-
-
40.00
1964-1.977
•
a.m.
2:00 p.ro.
/J:
members "of(
1981-1982
_______
f
..
1981-1982
-
10:00
1966-1993
1965-1986
.
;3,
1 LOO a.m.
include
1981-1682-
_______
Noon
7,487,000; 1963-1992.
*7,250,000
3%%
New York State,
aan.
ijth
11:30 a.m.
1963-1932
.1,246,000
Chemical l.r ?
Mass.
•*'M:
'
Co., Valley
June 14 (Thursday)
National Bank of Arizona,
L Buffalo, N. Y._______f __A__-_:_'_f
11:00 a.m.
9,663,000 •1963-197.6
National.Bank in Dallas, Dick &
10:00 a.m.
California /(State of)_/_ff^—__lf 100,000,000 ;1964-1988
Merle-Smith,4 • Estabrook
& Co., New Haven, Conn. -___fMfifb_a.f f
;
9,480,000 .' 1964-1982 11:00 aim.
\- -;;
City National Bank & Trust Co., Nprthfield-Macedonia Local School
Kansas City.* The. bonds were .of¬
1,200,000 >1963-1982 >,1:00 p.m.
y- District, Ohio *_ ^ :_ J-f Mf f_ _f if
fered ' to
yield
from
1.65% : to
: 8:00
1963-1985
p.m.
2,218,000
Shore.Regional High S, D.; N. J...
2.90% and upon initial reoffering,
ISSUES
Maturity
,
_______
(State)
SERIAL
;11:30
1963-1991
2,160,000
Bank New York Trust
MARKET
1:00 pan.
1963-1988: / 2:00 p.m.
*
.
remains
1963-1982
•1,525,000
1,228,000
reached close to
Area
District, Ind.
1.330,000
7,500,000
^AuthoriTy "pa~
Area -cn, Autnority, Fa;
/*'.
1,400.090
8,100,000
1955-1992
•
11:00
a.m.
1.300,000
'.'y'*J June 25 (Monday)
Arlinfetc-n Heights, 111.,:
——
3,500,000
1S63-1997
8:00 p.m.
1
Volume
195
The Commercial and Financial Chronicle
NumJber 6166
(2655)
technological advances by
Steel's Profit Problem
competition.
-
*
fare
our
;
- -
a
„
a year. Nor is t±Lis all. World
0capacity will expand to more than
500.
millioix>ps a year by 1965:;
So, 1our progress has been inadequate to cope with competition
•
Pittsburgh, Pennsylvania
Steal
industrialist
attacks
the Administration for
its
"flagrant dis^
regard for facts", unconstitutional behavior, and anti-business,
cialist
mills
.
wul
so¬
/
industry,and not. intending tq overwhelm
statistics, Mr. Maxwell present* data depleting declining
profits for the industry irt rebuttal to the Administration's profiteer¬
ing implications based,
two
or
one
on* a
careful selection "of
the steel executive
quarters";
terested in mamtMntng the Indus-.j to
to
..
-
:
-
' w , • ' - ■
has ASa-nccurred.
.
•
J
On
the.
h»d.
one
..
_.
greatest leaders in the steel
industry have passed along to us
>ng
of-.the
some
urictiom
wisdom
and
business
ties.
Increasing
fore,
is,,
our profit, - thereimperative/Number
our
the tuture welfare of
these >steel-
tral
our
pation
.
/
„
:
./,
-
.
.
,
..
,
We hear from Washington that
more..wage increases- should equal pro-.
,
ductivity gains. This is an insidi-'
_
y
^Ous,' doctrine,
Prices and Costs
*""*
ing.
v"ovo
Raises
r
have
ex-
ceeded nroductivitv train*? hv snoh
....
wide
economic
Associationa. that
indiyidqal/-U.--
steel,
we.
ert
perts
i oompete
more
who
there* has
ther
increase
in
pv—
_
markets,
s
■r,
+
But
wlule prices
ffh
T
A
l-\
r\
I
/N
.
must
tn/lvti!r'rt
be
SArt
r,
low
-wl T-rttn
faced with
are
,.
n™
in
with
production tools.
— —Today, when we
been 11Q
steel
raV **£0mnetitionCeS'
1 n,ls .iacl reiiects competition
businesses.
In,
find/ ourselves bplea-
come.
Yet, productivity springs prima—
near1v
rily from investment in better
riea
nearly
as
subject
For
subject; For
fQur _
four years now,
now
malv
many years
than;
so
nose
snhi(JfvtpFnr
this
^
on
on
c©Rcea-general
Rations par that; oomnete .Trade
partels, and Free with
Associations
industry.
of pricing;.
outsiders
cQmp
a
critical need for
more and better tools, this doc¬
trine would deny us greater use
,
-of
the fruits
of
progress
for
in-
vestment.
<►
productivity gains must
to profit, so that
through
•J**!®*:
ijJctue
oux-
XiircL'UitMi
"
of
--/T
,—
-
,
o
:
»
...
-
.■
f
:r.
.
-—~f
r
7
if
j,
Yet totoy, we^rethe
DUJ supenoi tools tor lower costs
.
The opponents -of compietitiye
enterprise have grown immensely
powerful; With flagrant disregard *
for.facts, they can now denounce,
discredit, and vilify business lead-
we
are
fion 111
^target for-government re©- Tlmy^ toe^ decisive^^dvaixtages.
£"st
,,>,< ;
-v- -//
On the other hand, government -
mentation.;-:- /-r
o r e-
warned
a»d perform
In steel's markets/the customer
lAll
-
f
->■
.
^ development ,
--^wa
of Free Wo:
of Free/World
.
great.
—
^ f^P^u^aging and.
Political Regimentation
losophy ever
presented to
any
industry.*^
A n d,: time
a n d
again
throughout
their
talks, V
e n
our
«
government: tions
to; trations,
phi- "s
m
.
away and weakening our capabilicapabili--
practical Oneobjoetive-^he'essentiaikey
soundest
»
the
y
v
effectively.-;
„
to
/ to .build
•
Down through the years, many of
ot
.
shareholders: and
our
..
■
the
one
margainS> and for
Foreign producers have-been ablets king. He buys on the-basis
of,years jn the oast that increases
their tr^endous stael quality; service and price.
, equalling
these gainsare alreadv
capacity largely.as a result of di-'' S°> each individual steel com-,
beinfJ paid well in advance and
rect and indirect \J/ S. aid : V,
VPany is acutely aware of the func- f0l
vem-s to come
_
.
.
NoWr.why
II, r,
oii-fi
government thas,' in1 effect,.,,.
been subsidizing oua? competition.'
i
V
and to the "avalanche of Government-abuse and/
coercion/triggered from the White House" jeopardizing not only the'.
U
'
M
Since: the- end-of EWorld War
ductivity gains 5
industry but also individual freedoms.
^
growing;
agreements.- It is, in fact just
em-
yi- ployment and .improve job secu-./more increment in an inflationary
everyone who is in- rity, discharge our responsibilities trend that has been long develop-
J^yvConeera
.
subsidized, unfair competition from abroad resulting in U S. shrink¬
ing share of world-wide steel expansion; to 12 years of increasing
cost-price squeeze on profits with wage increases outstripping pro¬
v
markets, increase
our
This prospect should
'-wfdnSaPr£,maCy °£ 'thiS gre?t'£te.eI. jpdustp..
few companies,
a
refers
past, it:
in the expand
tuture.
not the
anyone with
far
the
be even less adequate
;
stratagem manifested in April's steal-price rescission; Sneakihg
for himself and
in
outstrip the productivity advance
,
million to 400 million
'.tons
By Allison R. Maxwell, Jr.* President, Pittsburgh Steel Co.
of the
and
by more than 9 to 1.
sive looms ever more threatening.' * Even the latest
agreement exBut there can be no defense for ceeds by 50% the
average annual
government policies embracing produetivitv increase sinrP man
free trade with one hand, and And
this agreement does not be.simultaneously wrecking the come "non-inflationarv"
just be
chances for U. S. industry to com-. caUSe the Administration
puts that
pete ui.free trade
on .fair and label on it. It is not a
non-inflaequal terms, with the other.
tionary agreement just because it
Now, how can we recover and is less inflationary than previous
fropi
200
country
our
Free .World—as the Soviet offen-
Since .1950, world steel
production has doubled, increasing
about
of
7
answers to
the threat by
competition revolve around rapid
.
imDrovement
of
Droduction
tools
restrictions. On business -here at
unrestricted freedom to marhome are equally: -specific.-. Steel ,^ai?.ge
,e.
trices retiect a , .
nroducts nrofitablv
crises.;/ ;
is hampered by disadvantageous - deheate balance of both short and •
I knew then
:tax provisions; harassed into ac-- lonS. range competitive require-*.
For some unexplainable reason,
this paper-cepting high labor eosts, as five- oaents, far .toointricate for ma- these two inseparable concepts do
ers before the
A. R. Maxwell, Jr.
would
be
a ;
public—employ the .lengthy" and exhausting strikes..nipulatmn by the heavy hand of.
.
en40y
equal
oonularitv.
chal lenging
combined forces of federal police since World War II will amply government.
Ncarlv everyone will agree to the
assignment.. For
subjectiii.se- power and purchasing power, and attest; harried by government inThe cost-price squeeze on prof-.^
£****«»
^ u
lected J-'Steel's.f Profit Problem.", resorf fo
legislative .^inquisition, >terference in pricing policies; and its has become increasingly in--need for new and better equipAnd-I began to prepare an analy- for
purposes
of coercion-r-andi proscribed from engaging in any tense over the past 12 years. Un--ment. Proposals to spur capital
sis of the-industry's profit trends have their assault spearheaded by* coordinated program to meet the. deniably, we have been gaining
expenditures win popular acclaim,
for a-talk, full of more forewarn- the highest office in the land,■.
competition.
productivity.
If we didn't, we R
■ _ t
fh ,
indllstrv
must
jngs.
Steel has long tried to do its
■ There can be no question about
would be presiding at our liquida-g§
T.-,Then, during the days that fol- part in preserving the economic the need fof foreign aid or for free tion.
But the gains have been, generate more profit to build new
lowed, a series of events occurred, freedoms tha«t have made ours the- trade among nations—for the wel- buried by wage increases that.
Continued on page 24
.An avalanche of government abuse greatest industrial nation in
'
and coercion, triggered from the history. But perhaps we have been
us
.
im-pe nd-ing
-
w
gSmrBwmf'and
.
„
'
,
.
.
•
-
.
•
House, came roaring down
j
We were engulfed... in • a
crisis of historic proportions. My
deluded by believing the benefits
White
are so great—in peace and in war
times—that they must also be self- "
subject—"Steel's Profit Problem"/ evident. Now we have conclusive..
—suddenly became a matter of proof that we have not done
on
us.
national
than
interest,
profit
far
involved.
is
,
Yet
~
more
We
,
.
•
in the court of public opinion. /
are
battle hff not •
crucial
a
only'for our economic welfare as
industry—but for preservation
•
freedoms/
our
-;
/
;;
,
:
individual 'who
has "been sub-
po.enaed^-at .least .not
until this
analysis, has been completed.
The contents of my discussion
have not been cleared., approved*
or
controlled in any way by Amer-
ican
Iron
and
Steel
Institute,'or
by any officials *of other steel
companies.-1 am speaking as pr^sident
of
of the smaller
one
com-
in
panies
the industry; and the
thoughts expressed here are strict¬
ly
if
we,
hop? - to
grave
we
ished
-
economic
$50,000,000
on
are
competition,, today we
competing in the.. toughest
market contest
have
we
ever
en-
countered.
Not only do our comr
compete, with each other,
panies
but
we
beset
are
by competition
from foreign steel producers, and
from other materials.
To
hold
kets,
prices.
mar-
in
ultra-modern
lower cost.
The money to finance
investment is ultimately de¬
rived
from
profits.
at
.Li,.
;
...
..f
of
Forty Year 434% Debentures
same time, we must
opwith equal vigor the efforts
pose
Telegraph Company
com-
our
tiny handful of government
officials whose pursuit of power/
over
business and industry exa
ceeds
Dated
Due
June 1, 1962
June 1, 2002
their
understanding of the
interest, and shows utter
for the constitutional
public
disregard
principles
on
which" this
country
Price 102.35% and accrued interest
has been founded.
J
1
*
Compeiitiou
>
,
,
eco¬
nomic problems that > confront • us,
beginning with competition. All of
steel
Copies of the Prospectus may be obtained from any of the several underwriters,
including the undersigned, only in States in which such underwriters are qualified
dealers in securities and in which the Prospectus may legally be distributed.
companies represented
the total market'for
steel—a market that has become
compete in
to act as
worldwide in scope, and a market,
that is expanding.
But the United- States' share in'
this
expanding market
has
r
been
shrinking. Foreign competitors are
displacing us in markets abroad,
and invading our markets at
The First Boston
.
Corporation
ijr«
'j.-.
-
1
If
ome.
we
had maintained
our
at
facilities, to make better-steel at
this
and
Americans—
Eastman Dillon,
Dean Witter & Co.
Union Securities & Co.
quality prcduct^ d
service
investment
new
our
million
resource
1953-57 average participation. in
world export
trade, and prevented
competitive'further import-erosion, we would
This requires tremendous have shipped six million tons more
of steel
superior
expand
185
every
must be able to offer the
we
users
and
-j
The Mountain States
At the
„
p-roblems/ the
have grown and flour-
■
-
private
course of
Now, let's turn first to the
,
First, the steel industry is faced
While
to
rpahd-
.
Number One Objective
with
and
with
My theme is this:
my own,
-
June 6, 1962
see
carry, our story to-, our employees and. shareholders, to those
who ..represent us in Washington,
speaking not as
spokesman for this industry, and
not as the president of a company
that has been subpoenaed, or as
am
a
an
offer to sell nor a solicitation of offers to buy any of these securities.
offering is made only by the Prospectus.
' - -m
-
NEW ISSUE
I want to make it clear from the _must
outset, that -I
.
enterprise survive," our
action must begin to marshal pubIfc -opinion more effectively. We
"
.;
So
f
an
of
...
an
f The
•
enough to establish these benefits
'
locked" in
This advertisement is neither
just
one
source-
.
Rising costs have been outstrip¬
ping prices for many years now,
gradually
whittling
our
profits
than
we
1961/
'
actually shipped during
-
/ • •
This six million tons
Equitable Securities Corporation
•
Hayden, Stone & Co.
Paribas Corporation
Incorporated
Drexel&Co.
"
means
,
A. C. Allyn & Co.. Hemphill, Noyes & Co.
Hornblower& Weeks
loss
of $1.2 billion in annual sales vol¬
It has lopped some
Paine, Webber, Jackson & Curtis
Francis I. duPont & Co. W.C.Langley&Co.
ume.
50,000
jobs .off. our payrolls, ,and cost
steelworkers over $300 million an¬
nually
in
wages.
unemployment?
Technological
Yes., But due to
R. W.
Pressprich & Co.
Estabrook & Co.
Baker, Weeks & Co.
8
The Commercial and Financial Chronicle
(2656)
Bell
DEALER-BROKER
IT
-
Cement
Caribbean
Brothers
&
*
■
.
...
■
Market.-/'
Street, New York 4, N. Y.
60 Wall St.,
Hutzler,
5, N. Y. Also available
is a discussion of the Commercial
Banks and the Municipal Bond
New York
.y
>
v
•
.•
Outlook—Discussion in
"Investornews"—
Business
j
current issue of
r
Francis I. du Pont &
.
Co., 1 Wall
New
are
Corp.
Pershing
&
Ltd.
memoranda
Tennessee
Wall Street,
ing industries — Data on selected
issues—H. Hentz & Co., 72 Wall
Street,
Lines,
ways,
ern
data
are
Also
N. Y.
York 5,
New
available
Air
Delta
on
World Air¬
National Airlines and West¬
Pan American
Market—Review—The
Securities
Daiwa
Ltd.,
Co.,
149
Broadway, New York 6, N. Y.
Market
Japanese
available is
Japanese
a
review of the
Department
dustry.
Yamaichi
York
Store
Securities
—
York 4, N.
of
New
Ill Broadway, New
6, N. Y. Also available are
Inc.,
comments
on
Dai Nippon Printing
Tosho
Insatsu
Co.,
Printing
Stocks—
Common
Utility
Comparative figures—G. A. Saxton & Co., Inc., 52 Wall Street,
New York 5, N. Y.
Insurance
Companies—Cam-
parative study—A. M. Kidder &
Co., Inc., 1 Wall Street, New York
5, N. Y. Also available is a study
Food
Chemical—Data—Colby &
Allied
Company, Inc., 85 State Street,
Boston 9, Mass. Also available are
comments
on
Associated
Dry
Gulf American Land and
Goods,
—Newburger & Co., 1401 Walnut
Philadelphia
Street,
available
Also-
Pa.
2,
reviews of Minerals
are
cussion
Stocks.
Locking Ahead—Bulletin—Robin&
Co., Inc., 15th & Chestnut
Streets, Philadelphia 2, Pa.
June
Outlook
—
Discussion
"Investment Letter"
—
in
Hay-
den, Stone & Co. Incorporated, 25
Broad Street, New York 4, N. Y.
Market
lard &
York
Discussion
Filor, BulSmyth, 26 Broadway, New
—
Y. Also
on
available
Noxzema
are
Chemical
and Consolidated Laundries.
Market
300 policies aggregating
on
Outlook—Review—Brand,
available
Cork
Crown
Corp.
Bros.
is
a
—
Dis¬
& Co., 80
New York 5,
Street,
Also
Biscuit, H. H. Robertson, Standard
Oil
of
N. Y.
of
discussion
and Convertible Bonds.
organization's existence.
can exporter and
%
&
Jones
South
Spring Street, Los Angeles
Co.
Cement
Portland
—
Report — Reynolds & Co., 120
Broadway, New York 5, N. Y. Also
available is a report on Interna¬
Harvester Co.
tional
and
a
list of
interesting Electric Power & Light
Union—Survey—Shields &
Company, 44 Wall Street, New
York
Also available are
5, N. Y.
Southern
on
Materials
Electric ^ &
Service
Public
Gas.
Co.
Milwaukee
—
Bank
2, Wis.
California,
of
Grandview,
Bulletin
—
Obliga^
Stern
—
Baltimore
tric Co.
A
Richards
Hill
Co.—Analysis—
& Co., 621
South
Distilling
Spring
Street,
Angeles
Los
caiif.
A.
J.
14,
a;
Bayless Markets
—
Memo¬
randum—American Capital Corp.,
2404 North Central Ave., Phoenix
12, Ariz.
Marx—Memo¬
Hart, "Schaffner &
randum
Chase
1
Manhattan
memoranda
Com¬
Plaza,
Y. Also available
on
General Public
Eastern Trans¬
Central Foundry, Merck
Utilities,
Texas
mission,
and
Hutton &
F.
E.
—
York 5, N.
New
are
in
expanding
some
that
the
'
■
it
"
'
,
recognized
exporter was
at a disadvantage with his foreign
competitors. Many foreign export¬
years
ately and economically could act
as
a
medium for making credit
was
American
had insur-
for
a n c e
insurance available to the Ameri-
even
.
.
:
the
imbank
1 itical
ness
readily
in
there
Gold
Stocks.
Bell
&
was
viously,
eventually resolved
by
insurance
President
that
a
The
be esta¬
exporters
program
to
protect our
against these hazards.
At
en
first, consideration
to the
giv¬
was
organization of
Paine, Webber, Jackson & Curtis,
25
Broad
Street, New York 5,
Y.
N.
randa
Also
on
available
Chrysler
are
Corp.,
memo¬
Louis¬
ville & Nashville, and Revlon.
cial credit risk.
ance
private contribu¬
plan was abandoned,
some
This
The'
government
with
company
however, as it was recognized that
government
already had an
agency
in the credit and loan
field. This agency — the Export-
a
bulletin
of Nashville
322
—
Securities
Equitable
Union
sur¬
Lines.
Casualty Insurance
&
pany
and
Industries, Glidden
Co. and U. S.
Life
Astrex
on
of ACF
Com¬
Analysis
—
Corporation,
3,
Nashville
Street,
that
decided
private
should be offered the
to
help formulate
result
was
enterprise
opportunity
a program.
The
the creation of the For¬
have found little objection to
is
a
of
review
United
States
To¬
part
Exploration Co.
Petroleum
Inc.—Report—
William R. Staats &
Spring
Street,
Los
Co., 640 South
Angeles 14,
to
Industrial Products Co.
Power
Analysis—S.
D. Fuller
Southwestern
Over-The-Counter Securities
Here
then
American
was
a
business
ready
that
-
made
immedi-
&
Co.,
Investment
Co.
Halle
Pittsburgh
Chicago
Houston
Cleveland
Indianapolis
Kansas City, Mo.
Columbus, Ohio
Dallas
Detroit
Grand Rapids
Los Angeles
Louisville
Minneapolis
Philadelphia
&
Naftalin & Co., Inc., 207
Street, Minneapolis 2,
-—
Salt Lake
City
San Antonio
■
San Francisco
St. Louis
Washington, D. C,
Life Insurance
United
Fruit
&
York
Co.—
Union Securi¬
Co., 15 Broad Street, New
5, N. Y.
basis.
This
that each foreign buyer
to the amount of the
up
means
is covered
policy.
provides that the
ex¬
of
the
the
report
names
countries to which he is exporting
to
or
intends
or
commodity
export, the product
and the estimated
annual exports to
Company—Analysis—Gianis & Co.
Inc., 44 Wall Street, New York 5,
quired to have in his credit files
information sufficient to warrant
the extension of credit.. ±.
N..Y.
Norman
Hooker
Calif.
World
Wiatt Co.
Analysis —
Fay, Inc., 221 Mont¬
Street, San Francisco 4,
•
Publishing
Co.
Memo¬
—
1400
Building,
of
the
exporter is re¬
We do not require that export¬
—
&
East
Ohio
Cleveland 14, Ohio.
ers
furnish
although
us
our
with his credit data,
revised
application
spell out the nature of the
reports we think he should have.
This would include any two of the
will
following:
a
a
domestjk bank report,
foreign bank report, a trade re¬
port, a memorandum reflecting an
investigation of the buyer's credit
reputation, a Department of
report and possibly a
statement. Of course, in
the event of a claim due to loss
Commerce
financial
SITUATION
we
WANTED
would
expect the exporter to
credit data contained
produce the
in his file.
Trader-Salesman, over 16 years'
experience,
all
phases
of
in¬
vestment field. Management ex¬
perience. Box M 67, Commercial
&
ties
for any
blanket
a
on
Watson Electronics & Engineering
Financial Chronicle, 25 Park
Company—Analysis
Dillon,
at the most.
policy can be writ¬
amount up to $15,000
each country. The
'
—Eastman
au¬
that
and
Analysis—Divine & Fishman, Inc.,
134 South La Salle Street, Chicago
3, 111.
beyond
value
—
— Analysis —
Stieglitz, 52 Wall Street,
5, N. Y.
Union Trust
additional
Minn.
26
New York
Portland, Ore.
basic
This form
Transamerica Corp.
Hartford
a year,
The
porter
Universal Manufacturing Co.—Re¬
Inc.,
—
to
such
or
extensions
form.
Memorandum—Schneider, Bernet
& Hickman, Inc., 1505 Elm Street,
Dallas 1, Tex.
Private wires to:
days
application for this policy
is simple. All one needs do is call
an insurance agent or broker and
ask him to obtain the
required
Broadway, New York 4, N. Y.
Specialists in
credit transactions up :to
cover
180
Term
It is designed
The
randum—Joseph, Mellen & Miller,
Calif.
"Short
as
porters obtain this insurance.
agents
gomery
Pauley
to
ten
has
South Sixth
Oils Ltd.—Anal¬
Canadian
North
Co., 80 Pine Street, New York
5, N. Y.
Trinity Place, New York 6, N. Y.
referred
Credit Insurance."
practically every city. It
and brokers every¬
where who are qualified — and
will become more so—to help ex¬
in
fices
port
bacco.
this
presently afforded
The coverage
is
country. It has branch of¬
our
Montana Dakota Utilities—Review
—Fahnestock & Co., 65 Broadway,
New York 6, N. Y. Also available
ex¬
Import Bank—following Congres¬ provision. The exporter . realizes
sional authorization to provide po-" that he has a vested interest in
litical risk and credit insurance the success of his transactions.
up
is
many
the
porter assuming a coinsurance ob¬
ligation of 5% of the political risk
and 15% of the credit risk.
We
of
veys
insurance
are
as
—
insurance—to
of
forms
tensive. It reaches into every
Co., 50 Broadway,
4, N. Y. Also available
&
Troster, Singer & Co.
comprehensive
policy is subject
New York
Bul¬
of the commer¬
will assume 100%
"
letin—Purcell &
—
risk.
credit
ments, it is contemplated that in
the
future
insurance
companies
thorized
Railroad
Central
the
of
insurance
companies assume
the other 50%. Based on develop¬
insur¬
an
50%
assumes
Henry G. Sheehy
Kennedy's di¬
eign Credit Insurance Association.
The insurance business is ex¬
Illinois
Today
.
this is a field in which
companies should not
participate. In addition, Eximbank
recognized and
Tenn.
Howell—Memorandum—
69.
are
the terms of the credit in¬
surance policy, Eximbank assumes
all the political risk coverage. Ob¬
By
many
problem
participating.
companies
avail¬
able
busi¬
partners. When the For¬
was
was
c
the~ insurance
and
are
eign Credit Insurance Association
organized there were only 14
insur-
e
n
this enterprise—the insuring
political risks and credit—Ex-
In
disturbance.
a
Today There Are 69 Companies
of
in stances
p o
exporter.
can
payment of
their products,
of
vital
a
exports and* in meeting foreign competition.
our
v.-
For
ers
is centered in the New
coverage
the agency head confidently anticipates its
area,
-
tion.
General
Mo.
Bonds
pany,
N. A.—Anal¬
First California Co.,'Inc.,
300 Montgomery Street, San
Francisco 20, Calif. Also available
are reports on Morrison Knudsen
Co., Inc. and Pacific Gas & Elec¬
—
role
capital and
'LAv
tions
metropolitan
expansion throughout the natiom It should, he concludes, play
,
blished
Globe
Avenue, Kansas City 5, Mo.
Report—Loewi &
Inc., 225 East Mason Street,
Anelex Corp.
w
rective
Stocks.
and
York
.
countries. This
General
Ocean Drilling &
Atlanta
.J,
Mr. Sheehy
assist the Ameri-
indirectly—banks, manufacturers and suppliers.
—
Though about 75% of the insurance
—Memorandum—R. W. Pressprich
74
by this year's end based
up
describes the FCIA and what is planned through it to
Credit
Co.—Bulletin—Mitchum,
Templeton,
Inc.,
650
Flintkote
Brothers & Co., 1009-15
Seal Co.
&
S. Freight
Jersey, V.
New
ysis—De Witt Conklin Organiza¬
tion, Inc., 120 Broadway, New
York 5, N. Y.
■m.
'
•
»
•
$160 million having been already issued
in the first three months of the
—
4, N.
comments
Sutro
—
Barton
Market
Petroleum
Amerada
National
Philipp,
Chemicals
&
comments
Texaco.
ysis
Life
'
•
$750 million insurance will be written
.
American
and
14, Calif.
New York 6, N. Y.
way,
Public
Co. Ltd.
Ltd.
sen
Y.
Portfolio—Bulletin
—Schweickart & Co., 29 Broad¬
Prudent Man's
Pine
Review—
Co.
Co. Ltd., Toppan Printing
and
In¬
••
Japanese Market
York,
—
Co., Ltd., 61
New ' York - 6, N/ Y.
Broadway,
Also
Review
—
Securities
Nomura
of
Averages, both as to yield
market performance
over a
Air Lines.
Japanese
'
•
,
■
New
New York 5, N. Y.
Investment Opportunities in lead¬
'
\
'
•
-
Head of newly formed Foreign Credit Insurance Association predicts
.
V
Sterling Drug,
on
Corp.
Winslow, Cohu & Stetson, Incor¬ Viscose.
/. V:■
porated, 26 Broadway, New York
Continental Assurance Company—
4,N. Y.
..
v
Analytical* Brochure -— William
Market Outlook and Selected
Blair & Co., 135 South La Salle
Securities—Bulletin—E. F. Hutton
Street, Chicago 3, 111.
*
& Company, 1 Chase Manhattan
Dynamic Gear Company, Inc.—
Plaza, New York 5, N. Y.
Report—Flomenhaft,
Seidler
&
Over-the-Counter Index — Folder
Co., Inc., 63 Wall Street, New
showing an up-to-date compari¬ York
5, N. Y.A; - y;7
son
between the listed industrial
Electric Storage Battery—Review
Dow-Jones
and
23International Oil Outlook—Study year period — National Quotation
Inc.,
46 Front Street,
—Shearson, Hammill & Co., 14 Bureau,
Inc., 89 Broad St.,
10, Mass.
Boston
\
Association, New York City
Memorandum—
—
—
and Company,
'
>
—■
Co., 120 Broadway,
N. Y. Also available
New York 5,
are
Outlook—Commentary—
Market
York 5/. N. Y. Also
analyses of Jones
&
Laughlin and Tire & Rubber
Companies,
and
comments
on
Clevite Corp. and McDonnell Air¬ stocks
used
in
the
craft.
•. "v.:'
Averages and the 35 over-theCommon Market and Its Implica¬ counter industrial stocks used in
tions
Report — David L. Babson the National Quotation Bureau
Street,
available
.
Seigel, Inc., 67 Broad
&
Grumet
Co.,
Study — Annett & Co., Ltd., 220
Bay St., Toronto 1, Ont., Canada.
PARTIES
Market—Review—Salomon
Bond
Insurance Association
"It,
By Henry G. Sheehy,* President, Foreign Credit Insurance
Chrysler
•
Anal¬
Calif.
FIRMS MENTIONED WILL BE PLEASED
THE FOLLOWING LITERATURE:
THE
THAT
INTERESTED
SEND
TO
—
Our New Foreign Credit
ysis—Dean Witter & Co., 45 Mont¬
gomery Street, San Francisco
6,
RECOMMENDATIONS
UNDERSTOOD
IS
California Packing Corp.
Thursday, June 7, 1962
.
—
Securities Corp.,
Limited, 244 St. James Street,
West, Montreal 1, Que., Canada.
Analysis—Royal
INVESTMENT LITERATURE
AND
Co. of Canada
Telephone
.
.
Place, New York 7, N. Y.
If
shipments to any one buyer
exceed
$15,000,
at
any
time,
an
exporter may arrange, as most do,
for an increase in coverage.
We
can
provide this under the basic
policy by issuing an endorsement
for
whatever
amount
may
be
re¬
quired for qualified importers.:
The
credit
information
confirmed
on
page
re¬
46
i
Volume
Number
195
Financial Chronicle
The Commercial and
6166
(2657)
of
financial events was liberally
sprinkled with guarantees. France
could have put the funds directly
Investing Temporarily
Idle Corporate
described
media.
Mr.
tunities to beef up
includes
explanation
the
But
French
the factors
assets, when needed, turned out to
be less liquid than they should be.
market.
They
confused the
close to
term
that
Until
illustrative
by case
case
I
of
corporations' tem¬
na¬
dealing"
and
"wheeling
attitude
into
the
corporate short-term investment
this
Nowadays
erst¬
science fiction.
austere
approach seems to
be giving way to a more glamor¬
ous
type of short-term market
analysis
smacking
strongly
of
this
Of
course
interest
places on their
exotic types of
Daniel M.
ments
Kelly
to
suitable
deemed
media
such
for
investment; (5) discussing certain
portfolio trading techniques which
have been certified by time and
experience as appropriate to the
management of a short-term port¬
folio; (6) and, of course, examin¬
ing the markets in which such
temporary investments are traded.
so
very
officers
long ago few fiscal
nonfinancial
of
corpora¬
bothered to put idle
corpo¬
and
even fewer regarded such invest¬
ment
activity as a worthwhile,
to work,
bank balances
This
full-time vocation.
in
curious
while
attitude,
retrospect,
is
times.
those
those
In
easy
really was
"easy."
Easy money meant, for
example, a Vs% yield on 90-day
U. S.
Treasury bills, and 2%%
days,
money
return
money
long-term U. S. Treas¬
on
such
Under
bonds.
circumstances it
market
money
is not at
all
surprising
that
corporation
treasurers, as a group, showed
very little interest,
and exerted
even less effort,
in putting tem¬
porarily idle funds to work.
But
as
rates
money
rose
cor¬
porate indifference to short-term
investment opportunities gave way
to attention which led to
gation.
investi¬
This,
in turn, led to in¬
corporate
participation
creasing
in the short-term investment
mar¬
in
ply
staple
of
structure
term
and
This
development
Anyway,
came
the
across
techniques
vestment
and
in
in
bank
guaranteed
link
In
themselves
devices
have
these
a
Short
?
this
be
the
case
obliga¬
ment
place
available
funds is first
—
as
a
kind
of
financial
suitable
all
too
days
a
tured
as
Recalls
To
all
Credit
the
this
Anstalt
turities of bonds and notes issued
something
hence,
require
instruments
may
be
tics
but
a
their face and,
elaboration
and
on
To
the
in such
insert
word
is
not
seman¬
elimination
an
of
risk.
funds
impair
may
liquidity if not their safety.
what
investment
instru¬
ments
measuring up to these re¬
quirements are available to the
corporate
treasurer
with
tempo¬
rarily idle funds?
There
ries
term
are
but
a
number
heart
the
investment
of
of
catego¬
the
market
short
is
United States Treasury group
For
how
investment
should
semble
funds
the
of
purposes,
define idle
we
In
a
cor¬
they
way
secondary
then,
re¬
reserve
they constitute the only
securities which affords
ently
funds
of
dependable
group
the
for
of
consist¬
a
supply
of
in¬
should
banks
have
which is
liquidity under any
all foreseeable circumstances.
corporate
funds,
and
So,
The most recent addition to their
ranks
novice
The inducement to fore-
the
bread
vestment
exotic
a
and
media
for
investment
pick
in
up
butter"
the
Of
instrument
yield.
market
But
kinds of
tional
traditionally
in
terminology the
phrase "short term"
may
This is under
offer
to
be used
;
who
circumstances
increase in yield connotes
crease
in
an
in¬
an
risk, and history demon¬
that
the
short
term
mar¬
is by no means
foolproof. In
short term markets in the
past have triggered some of the
ber
serious
most
Perhaps
that
when
then
Paris
lent
gold
at
prevailing
-V;. ■/.
NEW ISSUE
- -
emphasis
through
I
am sure
this is
hyperbole
but
Continued
an
L June 1, 1962
N.V.
(N.V. Gemeenschappelijk Bezit van Aandeelen Philips' Gloeilampenfabrieken)
(A Netherlands Corporation)
The holders of
Philips N. V. Common and Participating Preferred Shares are being offered
the rate of one additional Common
Participating Preferred Shares out¬
standing on May 29, 1962, as more fully set forth in the Prospectus. The subscription offer
will expire at the close of business on June 22, 1962.
the
right to subscribe for additional Common Shares at
Share for each five Common Shares and for each fifteen
Subscription Price $33
or 118.75
guilders per Share
Rotterdamsche Bank N. V. is the manager of the offering and of the European Subscription
Agents, but will not participate in the solicitation or offering in the United States.
United States Dealer Manager, has agreed to form and manage in
of Participating Dealers to solicit subscriptions for additional
acquired through the purchase
and exercise of Rights, subject to the terms and conditions set forth in the Prospectus. The
offer is not being underwritten.
Smith, Barney & Co.,
the United States
a
as
group
Common Shares and to distribute additional Common Shares
Copies of the Prospectus may be obtained in any State from Smith,
Barney & Co. and other Participating Dealers, including Burnham
Company, in which such Participating Dealers may legally offer
these securities in compliance with the securities laws of such State.
and
"
•
a
Smith, Barney & Co.
Rotterdamsche Bank N.V.
(United States Dealer Manager)
(Manager, European Subscription Agents)
of
Credit
Anstalt
grip of the world-wide depression
than ten minutes.
r.
sequent failure
balance
more
\
(Par Value 25 Netherlands Guilders Per Share)
,
France
in
force
a
England
ministerial
off
gold,
crisis
in
.
and
intensified
the
iron
1931.
Moreover, this disastrous chain
Burnham and
the
tradi¬
paper
6,153,140 Common Shares
>:
•
caused
deposit
such
as
Vienna, where the money was
then put to work in still
longer
terms at still higher rates the sub¬
helped
on
also
are
time
circumstances
terms and at slightly higher rates
facetiously
left
there
financial
some may remem¬
corporate de¬
positors grow nervous if a sizable
is
and
or as a
in
some
devised
outlets
to be construed as an offering of these securities for sale, or as
solicitation of an offer to buy, any of such securities. The offer in the
United States is made only by means of the United States Prospectus. - ;
no
buy,
passage
deposit, and various
with technical, if
creaky,.marketability. But these
are
not
part of this discussion
shall put at one
although
Street
certificate
of
investment in¬
be
is
under
the money market. But this mar¬
ket
movement, like all market
bankers
course,
this discussion
Wall
new
will
investment
year,
the
more
funds increases the dimensions of
that
perhaps
ing within the required period of
time which, for the purposes of
more
time
With
in¬
short term
rate to London, which London, in
turn, lent on somewhat longer
report
deposit.
added.
U. S. Treausry obligations matur¬
we
already mentioned
bank
probably sounds enticing
articles.
the
mercial
the
but sober reflection
may curb the
enthusiasm
generated
by > such
the
signs
of over-compensating. This is evi¬
denced by the wry humor of com¬
was
struments
are
than the secondary reserve funds
of banks
must be employed in
even
such
securities is exempt
present Federal income
taxes and, usually, from income
taxes imposed by
the states in
which they are issued.
;
As of now, taken together, these
categories of short term securities
comprise the staff of life of the
corporate
short' term
portfolio.
from
First and foremost in this group
U. S. Treasury bills and other
vir¬
governmental
from
time
Short Term Media
local
bodies and by various public au¬
The
income
derived
of
banks.
tually instant availability.
This
imposes on their investment em¬
ployment a special requirement
and
ma¬
thorities.
negotiable
vestments.
Experience has
taught that the secondary reserve
idle
such
Just
guarantee
nice exercise in
of
in
Disaster
market
money
of
by state
frequently described
virtually riskless
market inaccurately pic¬
practically foolproof.
money
short
their
as
short-term investments traded
world's
shows
investment
funds—the
tion
cor¬
investment are, or should
self-liquidating on their face
either through market channels
or
maturity.
Unsuitable
ones
investment opportunities
professional money
market
technicians.
Unfortunately, they
crises.
already
the
for
temporary
be
cialized
are
the
by all types of corporate enter¬
corporate prise. The income on all these
safety; second —• types of securities thus far named
liquidity, and last and least — is subject to all Federal income
'
'
1
yield. I believe that any income taxes.
There is still another group of
derived from the investment of
idle corporate funds is to be re¬ tax exempt securities which are
temporarily
for
these
and
porate
in
They serve a
financing need, particularly for
corporations engaged in interna¬
tional operations, and afford spe¬
property is being better managed
through fuller utilization and to
movements,
certificates
trust
nearby maturities of bonds issued
>
the money market.
to the corporate stockholder whose
public at large because the
sensible
employment of
excess
term
for temporary
reverse
fact,
is beneficial
the
If
the holy trinity dominating
investment
employment
of
and that a compulsive em¬
phasis on yield in the administra¬
suitable
financing
proper
as
quasi-
Then
glow¬
financ¬
ing; and last, but not least,
repurchases.
•
; ■
or
governments.
of short-term in¬
described
ing terms the delights of invest¬
ment in Euro dollars; in dollar
deposits in foreign banks; in for¬
eign currency hedge operations;
ket
Investments Dangerous
short-
damned with faint praise the timetested
bread
and
butter
media
strates
Finds Trend Toward Exotic
paper
standard type
on
investments.
normal
of age. It has
increased in tempo and intensity
and grown greatly in flexibility.
short-term
recent article I
most
tion, has
now come
current sup¬
naturally, is registered in
today's
moderately
lower
rate
sake
And
abundant
which
recently this participa¬
tion, originally quite laggard in
its development, and cautious to
the point of timidity in applica¬
ket.
short-term invest¬
be due, in part,
also
may
the less
readily understandable in the light
ury
devices.
porate funds?
this newly evidenced
what might be called
definition
investment;
(4) listing
investment
then
garded
itations which
of
term
and their commitment
to financial operations which can
only be handled by resorting to
funds.
serve
manna,
idle
corporate
funds; (3) out¬
lining the lim¬
believe
world
a
investing
ing
portfolio.
tem¬
is
tions
a
porarily
Not
there
embellishment.
of
Be
channels,
cations soberly assessed the very
real benefits to be derived from
the
Should
between
short
normal
sort of
a
Agencies,
come
bankers'
accept¬
commercial paper; finance
paper; negotiable bank certificates
If this is a valid view, of the of time deposits, a relatively new
nature
not
to
be
confused
of. idle corporate funds instrument
then it; imposes on their invest¬ with the traditional time deposit;
ment employment standards simi¬ and repurchase agreements.
J
lar to those imposed on banks by
Other types of acceptable short
the nature of bank secondary re¬ term securities are railroad equip¬
elaborate and complicated financ¬
signs of
are
Federal
ances;
dition there
while
rate
that
lack
essential
tions
submit
difference
public press.
Initially, "how to invest idle
funds" articles in business publi¬
his¬
current
the Fed¬
Collectively
referred to
are
Puts Yield Last
there may be a ghost of the truth
in their rather rueful wit. In ad¬
creeping
tory; (2) of¬
fering a defi¬
I
Terms
money
of
proof
no
temporarily
idle
corporate
re¬
serves, which may be called into
action on little or no notice, in
He labels it an exercise in
present levels for the summer.
Short
towards this investment area now
nition
learned
and
circumstances,
into
market
long
a
those
to
up
issued
,
good hunch comes, Mr. Kelly opines he
a
porarily available funds. I pro¬
pose to do this by: (1) delving a
little
of
Self-Liquidating
the assumption that short term rates will hold pretty
I intend to discuss the investment
ture
commitment,
Warns
rates, and concludes "any reasonable return is better than a blank".
some
reality
against risk.
futility to sit with idle funds trying to guess the trend of short term
of nonfinancial
the
middleman's guarantee was,
a
in certain
operating in the bill market and on other types of short
will operate on
with
because
of
Government.
the
borrow
securities
instrumentalities
eral
to
preferable yields for similar maturities, and a view of
instruments.
term
and
by
these securities
a
wmiwimpm*wwwwww
9
maturity
any
the
corporation with
ample current assets to be forced
ment
Kelly concentrates on how to exploit oppor¬
market,
seem
describe
term
place of Euro dollars and other glowingly
money
reserve
bank, and it would certainly
anomalous for
return.
yield without impairing safety and liquidity. This
of the
discussion of
to
five years.
Next are
seeming safety of London's short
Funds
description of available types of investment instruments,
a
investments
latter, have
central
a
lenders chose the lower rates and
Corporate treasurers with temporary idle funds are advised to stay
clear of exotic and science fiction short term investments, and are
to the proper
to
recourse
to work in Austria and reaped the
appearance of a short term invest¬
as
no
higher
By Daniel M. Kelly*, Partner, Salomon Brothers & Hutzler, New York City
cautioned
self-evidently liquid
they, unlike the
for
'
Company
on
page
10
10
The Commercial and Financial Chronicle
(2658)
.
his paper to the issuer under cer¬
tain circumstances.
billion are each a rule of thumb when you can buy
priced five basis points richer. a bond with a potential "right"
And, besides, the June 22 maturity value at a yield equal to or higher
is a Tax Bill and if its yield were than the similar maturity bill it's
•
weighted for taxes the variation worthwhile to do so.
v
to the tune of $1.8
Investing Temporarily
Funds
Idle Corporate
9
Continued from page
already men¬
tioned, is confined to instruments
of easy liquidity through market¬
for
which,
reasons
ability if necessary.
'
I am not going to try anyone s
these vari¬
of investment instru-'
patience by describing
types
meats.
Salomon
ous
Brothers
published
a-blue'
labelled "Portfolio for In¬
has
Hutzler
folder
market, and the moral of all this
is that anyone seeking to invest
funds for
a
week's time had bet¬
its
favor would
be
even, more
The Aug. 9 and 16
maturities also interrupt the sym¬
metry of the curve, by showing
yields two and three basis points
respectively than the Aug.
than the bill
elsewhere
look
more,
I
explore
to
instead,
propose,
behavior and liquidity
characteristics of each type
of
the market
their yield
security; their supply;
spread relationships; and the mar¬
ket quirks and trading opportuni¬
ties
which
the
alert
portfolio
exploit to beef up
can
manager
and
safety
impairing
without
liquidity.
yield
able to make
this paper more concrete by re¬
ferring to certain quotation sheets
which are also contained in that
folder.
;
Perhaps I may be
There's
of
lot
a
material
in
portfolio
manager. For example, the tables
showing the behavior of the Dis¬
count Rate, the Prime Bank Rate
and the Finance Paper Rate back
to 1945; and the behavior of rates
on U.
S. Treasury bills, Bankers'
Acceptances; Federal Agency ob¬
ligations and Finance Papers-to¬
gether with the yield spreads be¬
tween the several categories back
helpful to
kits
these
Cooperatives
at a
100 1/32nd
to yield
for
Bank
3.05%'s maturing on June 4,
a
price
of
2.35%.
Actually
there were
neither six day acceptances nor
Bank
for
Cooperatives
3.05%'s
available
would
tainly
lower yield than
a
equally
even
if
available, and
investments,
other
the
desirable
cer¬
wanted
have
not
these latter at
One
time.
the
at
enterprise
the
spread.!.
Opportunities
In Bills
The
list
of
U.
S.
-
Now let's compare
the yields
out
run
bill
weekly in¬
Treasury
at
ing
on
of similar
.
so
I
for
most
there is
in
any
favor
7
it
this
is
are
well as the
picture.
The then and
market's
paid off bill
maturing on May 24 was
quoted, on May 17, 2.60%
dis¬
ccunt basis bid, to 2.40% discount
basis asked. Thus the spread be¬
bid
points
and
which
ask
may
20
was
basis
like a
but which
seem
rather
wide
spread
actually amounts to about $40 per
$1 million bills. A normal spread
on
bills
about
bid
with
two
and
ask
90
basis
or
days
to
points
about
run
is
between
$50 per $1
million.
particular
bill
issue
ma¬
turing
May 24 was so close to
maturity that trading activity in
it had, virtually ended, and the
floating supply a week before the
due
date had just about dried up.
In other words this quotation was
a
the
/
tion
one: other
ourselves handled
besides
dealers
Q
in
Now! all
maintain
them.
banks paid as
the
active
-
When
Regula¬
changed some'
first
was
.
•
r
only
high
4% for
as
one
and, of course, these
4% certificates are now trading
at
a
premium.
Currently
the
"C/D" -yield picture is 3% for 6
year
money
to 9 months paper; 3V«% for 9 to
12 months paper; and 3%%
for
one
with the
course,
market.
also
These rates flue-*
year paper.
tuate, of
••
money
;
-
.
3!4's due Aug. 15, and to purchase, reliable.
of
keeping
a
are
Bonds
types
of securities are
available to the"short
sometimes
term,
easier .ways
portfolio
Maturing
Other
,
,
There
'
■
fully in¬
investors, such as railroad
equipment trust certificates and
nearby maturities of bonds issued
by
all types of corporate enter¬
prise. ! Unfortunately, Jthe supply
is highly irregular.
Moreover, if
by
miscalculation,
because
or
of
an
emergency, the funds so in¬
vested have to be realized prior
to
maturity, they would be subject
riot
only to the usual ups. and
downs of the market-place but to
the'Federal transfer
tax
of
50
cents
$1,000
per
face
amount
of
bonds, which; in the case of the
very short maturities, can cause
quite a percentage dent in yield;
•
Another
category
of
securities
also suitable
poses
tax
are
for short term, pur^
the short maturities of
exempt, bonds
and
notes
is¬
sued by governmental bodies
and
public authorities. Their market
supply
is,
however,- apt to ;be
spasmodic. «The ,; credit: risk in¬
volved
is
negligible.
-
The
yield
reflects their tax exempt status.
there is
However,
short
with
and
term
a
:
fair
the
variety of
security
degree of availability
maximum
This -is
a
tax' exempt
investment
Fublic
safety;
Housing
Au-r
thority Temporary Loan note.
of
our
base
available
date such notes
As
were
in
December,. 1962 and
January, 1963 maturities to yield
(1) in order to pick up additional vested at comparable rates 1. for
and, (2) to hedge against similar maturities in paper which 1.45%, tax exempt. -'
;•
/
the possible failure of the market's may be technically less market¬
able than acceptances but which -,"!
Finally,.; for
extremely
short
anticipation of a "right" Rvalue to
term investment, that! is, one or
y
; !
market. There are also other fac¬ materialize. So here the Bill issue are virtually as liquid.
a
few
days, the investor with
tors in the bill market worth ex¬ is the best buy;
One alternative is finance paper
;
< j A-r,
v
temporary funds can utilize the
Now let's go out still further in which currently yields 214% on
amining. Some bill maturities are
"Repurchase Agreement."
On
unusually popular because they time to Nov. 15 and rqake the .30 to 59-day maturities;'2% % on
Friday (May 25) the rate on Re¬
may coincide with tax dates or same comparison.
We find that 60 to 89 days; 3% on 90 to 179
purchase Agreements for money
divided
Nov. 15 bills yield 2!73%,!and that days;
payment
dates
arid
so
3Vs %
on
180 to 239-day
put
out
until
Monday
ranged
may be priced a bit richer than Treasury 3V4's due Nov,
15 are paper, and so on. Here again the
from 2V2% to 21/4%.
maturities close by on the calen¬ price dat 100-10/32nds to show a supply can be spotty but it's still
dar. Still others may be priced a 2.61% yield.
I think this just about covers
.Again the bills yield much better than the supply of
bit cheaper because
the available types of investment
they are out¬ more but not so much more. The acceptances.
standing in oversized amounts, Treasury S^'s may or inay not 4. The large national finance com¬ instruments possessing the safety
and these market quirks may be have a right value at
maturity. If panies issue their paper directly and liquidity so essential to the
exploited by the alert portfolio they should turn out to have a .to investors as they require funds. corporate investor using tempo¬
overall
than
do
shorter
bills.
As
income
for. losses,
it's hard for a corporate
investor, unless forced to wheel
on a
dime to get hurt in the bill
manager.
right
*
This
negotiable
deposit,
investment in¬
.
now
issue
tween
time
certificates.
markets
ex¬
.
as
bank
of
-
major
.
rate
• '.
Deposit
come out in bearer form and
these
.
current
ac¬
V "
now
dealer
,
supply,
<« ;»».!«•
-
'
Time
Originally,
in
the Aug. 16 bills for two reasons—
'
-
are
larity.
•,
thirty days or more, are not avail¬
able for purchase at some price
which will, of course, reflect the
relative amplitude or scarcity of
ob¬
outstanding in an amount
totalling over-$2 billion. They are
growing in volume and in popu¬
,
.
bills, if held for only short
periods of time, tend to yield more
' '•
'
Commercial
They
yields.- amt,the rlongest- and most
to January, 1960.
•
*
plentiful maturities, and its rhyth¬
J
Now iet's consider the market
mic regularity presents portfolio
position, both absolute and rela¬
managers with excellent trading
tive, -of these various types of
opportunities.
For
the normal
short-term securities.
symmetry of this short term yield
Treasury bills are issued on a
curve tends to prevail under most
discount basis and are paid at par,
market circumstances and thus af¬
the
face
amount,
at maturity, fords
portfolio managers a chance
they come out each week in com¬ to "ride the yield curve" with
petitive bidding and are traded in small risk and some profit.
— -..
the open
market on a discount
a 2.63%
return; that U. S. Treas¬ spread between bid and ask prices
"Riding the yield curve" con¬
basis from par. These bills have
ury 31/4's due Aug. 15 are offered in the Agency market is not as
the broadest market, the narrow¬ sists of trading out of an originally
bill maturity, which has at 100-8/32nds to yield 2.21%, and narrow, nor the size of. markets
est spread between bid and ask,, longer
Federal
Land
Bank --. 4%'s as large as in the case of direct
shortened up with the passage of that
and
are
traded in larger sized
due
August
20
are
offered at U.j S.: ^Treasury obligations, but
amounts
than
any
other short time, into a new long maturity,
the yield differential in favor of
100-17/32nds to yield 23A%. /
term security. They are so highly in order to realize market gains
In this case the Agency issue,,", Agency issues is generally suffi¬
which can be used to augment
liquid
the
economists refer to
overall'- portfolio returns,, You in¬ the Federal Land Bank 4%"s shows ; cient to compensate for this mar¬
them as the nearest thing to cash,
;:
•> \r; ; - r
a
12 basis point pickup in yield., ket condition.
and the banking system uses them vest, for example, in 90-day bills
which are sold as they get closer, Considering the premium over par
as a sort of interest bearing cash.
Other Short Terms
A-'-yV
to maturity and their price on the- at which the Land Bank \ bond is
Note that they mature in from a
curve rises.
You then reinvest the selling,
and which requires you !; Now let's consider the various
few days' to almost a year's time.
to put up more dollars, land the types of other securities in the
While
their, overall. availability. proceeds in new 90-day bills.
fact that it is the junior security, short-term category. Bankers' Ac¬
The same thing could be done
to corporate investors is excellent
the yield pickup is only fair. The; ceptances are excellent short-term
with
the
shorter the maturity,
180-day bills.
The process as
a
investments for any investor. Ma¬
general thing, the shorter the sup¬ can go on ad infinitum. It usually Treasury 314's show lessjyield',
than the bill and the
quotation turity. for maturity they yield* at
ply and, normally, the lower the works well but could be thrown
shows that they are. already ! trad¬ the present time, about 30 basis
yield and, therefore, the higher out of kilter if short-term rates
At this! market points; more than Treasury bills,
the dollar price. For all practical suddenly shot skyward. Even dur¬ ing as "rights."
level some traders might.think it and are fully marketable. • But the
ing periods of rising rates, how¬
purposes, however, there is rarely
worthwhile to sell the Treasury supply is apt to be spotty and un¬
a
time when bills maturing
in ever,, the higher yielding longer
term
those
as
generally issued in
denominations of $1 million al¬
though there are some outstand¬
ing in smaller denominations, too.
yield, maturity for maturity, or
due June 15 -show a 2.54% return. if the yield -spread is pretty nar¬
This 14 to 20 basis point different row, the Treasury security is to
tial seems like a pretty fair pick¬ be preferred over the Agency is¬
up
in yield for giving up the- sue. A In fact, if the spread is nar¬
row enough historically a trading
premiere security.
Let's go out a little further to, swap out of an Agency issue at a
moderate pay up in price and tem¬
say, Aug. 15 and make the same
comparison of yields of! similar porary loss in yield might be ad¬
maturities,
this
time including, visable for" the purpose of achiev-T
other U. S.
Treasury securities. ing a profitable reversal later on.
is
We see that Aug. 16 bills afford It
true, of course, that the
■
'•
.
struments,
true, but
a
lesser degree,
of Federal
Agency issues as compared with
Treasury issues, granting that ap¬
propriate yield spreads prevail.
Obviously if there is no difference
to
f
newest short term
.
believe
<•_.
certificates
yield spread considera¬
tions, and any trading potential
for profitable switches which may
be present.
.
^
I
same
of
months.
Certificates
aside from
v
•«
.
one
...
six
on
Negotiable
type of U. S. security with an ac¬
ceptable maturity 'over another,
,.
the
are
to
even
spottier than it is in
ceptances.
rea¬
of
two
is
investors
corporate
discriminate
to
from
comparable quality fi¬
paper but the supply picture
nance
far, bill issues have
don't think
son
of
taining
difference that the pre¬
rarely received any rights of
change into new issues.
on
Treasury bills with those obtain¬
Federal Agency obligations
maturity. For most cor¬
tervals up until Nov. 15 and, after porate
investment purposes the
that date, at wider intervals, up only advantage of a bill over an
until April 15, 1963.
The issues Agency issue is the better liquid¬
vary in size from $600 million to ity it affords, and for many in¬
$2.5 billion, and virtually all of vestors this nth degree liquidity
these maturities from that of June of the Treasury bill may be a
14 on were in fairly good supply needless
luxury.
Treasury bills
on
our
base date, May 17.
The maturing on June 14 and June 21
bill
market
yield
curve
runs afford 2.34%
and 2.40%
yields,
quite smoothly from lowest yields respectively.
A Federal Agency
on the
shortest and, marketwise, issue with a similar maturity,.;the
scarcest
maturities,
to , highest , Federal Home Loan Bank. 3%'s
maturities
no
investor,
to
requirements for periods
Yields
mium
ity because,
,:
Agency Obligations Compared
Trading
makes
short-term
from
or industrial
finance short term
time
priced new issue which he
earlier maturities to three basis- may obtain by surrendering his
points on the later maturities. Ac¬ "right" may be much too long in
term for him to hold in his own
tually it's a rare bill maturity
that's traded on a ten basis point portfolio. He merely sells his ma¬
turing "rights issue" in the open
spread. The usual spread between
market and reinvests the proceeds
bid and ask on full lot trading
in another more
suitable
issue;
generally runs in the range of two
to five basis points, depending on maybe one with a potential "right
Value."
Treasury bills don't get
maturity
and
supply,
and
the.
in on this "rights potential" activ¬
shorter
the
maturity the wider
they had been available.
Obvious
the
discount
a
cash
a
For
at
commercial
^
Street jargon meaning that holders
of
I should also mention
issued
by
par
-
item,
Without
Safety and Liquidity
Impairing
notes
Value"
•Perhaps I should explain the
term "right value."
This is Wall
maturing Treasury issue are
20 and 23 maturities which
are
market.'
I':
"
given the right to exchange the
outstanding in smaller amounts bonds coming due, in lieu of cash
Alternative Outlets
of only $600 million each.. Tunnel payment, for a new refunding is¬
Two alternative investment out-; vision focusing on a bill maturity sue considered to be attractive in
lets which are usually available in solely for bookkeeping conven¬ terms of then obtaining, market
such circumstance are (1)—a re-, ience can be a costly luxury. Flex¬ circumstances.
This, accordingly,
puts a premium price on the
purchase agreement, ,or (2)—fi¬ ibility reaps extra basis points.
nance
"rights" issue as compared with
paper.. Either of these on
It is interesting to note, too, that
the
the day in question would have as
prices
of
nonrights
issues
you
go out in the maturity
yielded 2%% as one can see by range and encounter a better'- which are being paid off in cash.
ter
point spread on the
Obtaining Better Yields
"Right
Explains
pronounced.
Funds"
which contains a little booklet en¬
titled "Short Term Investments'^
referring to the data. One might floating supply, the spread bewhich, I believe, does that job have
bought Bankers' Acceptances tween bid and ask narrows from
pretty well.
"" " ' ,J
at
27/8%, or a Federal Agency; the ten basis
Temporary
of
vestment
I suppose
commercial paper, the trade name
for the unsecured promissory
•
in
Thursday, June 7, 1962
.
.
valuation rather than
a
trading
Flexibility
for
Extra
Yield
Note, for example, the June 21,
June
22
and
June
28
maturities.
The middle maturity of
this trio,
outstanding in the amount of $2.5
billion
while
and
shows
the
a
yield
maturities
of
just
2.45%,
before
just after it, both outstanding
..
value,
apd
at this Sstage of rThe
the game that's impossible to pre¬
•use
smaller,
regional
dealers
to
companies
distribute
their
rarily idle funds.
Their diversity
indicates that the short term
port¬
dict, it's evident that the .market •paper.
Finance
paper
is
only folio manager should have a broad
would have to.put a,price'of. about ;rarely traded in the open market •authorization
which
will
allow
2/32nds on the "right" Jn * order •.but, still, is very liquid. It is usu¬ him to range the entire spectrum
to even the score on the
-of sound
short term investment
present ally tailored to meet the exact
yield
differential in favor of the maturity date required by the in¬
Treasury bill. But you can't count vestor, and, in addition, a "put"
on
this happening, so, again, the can frequently be arranged
giving
bill seems to be the best buy. As ;the purchaser the
right to return
„
•
media
the
in
best
order
to
be
able
to
yields obtainable at
get
any
given time and to take advantage
of trading opportunities to build
Volume
195
Number
6166
.
.
The Commercial and Financial
.
Chronicle
(2659)
with
income
up
safety.,
Now
in
sacrifice
no
of
not
let
turn
us
which
to
these
the
market
securities
are
s
Money Market
A market-place can
os
constantly
a
defined
be
shifting
it
what
guess
(66%%), margin reduction is a
potent weapon in the fight against
One
serves.
variables
is
which
generally
the
of
unruly
hunch
-
to the shape—
of things to come. Right .now I'm v
waiting for tnat hunch. ; Until I
these
moneymarket
as
divided
The
chief
r
causative
factor
this
the
case
demand
,
f
hu
j
Some
should
be
observed
determine
are—business
demand
for
the state of bank lending
level
of. interest
abilitv:
rates
volume
in
*An
the
address
<
by
V-
of
part
as
the
overall
'
.
of
ceived
.
return
of
T ln
on
The Federal Reserve works
will'
through
Committee's
Lloyd
Still other factors
;
liquidity;
gold.
enter
more
into
and
money
influence
these
All
He
]ob
to try
less
web
It's
economic
of
to
chain-linking
end-
ixrV>ioh
nnP
nf
nnmornhfo'
numerable
constant
not'
changing
MnLmpH
concerned
-fantnrc
factors
varies
and
ic
is
i;.
T>
in
•
XCHj
CX11U.
of
LI
4-
r\
1
«
am
device
employed
—
was
7
2±1—
T ? S11?ce Passa&e
Act.
Its
effect
on
ofstock
the
follows:
Board
'
-
-
reduced
'
margins
<
the
of
to 40%.
A week before
-
change, the Dow-Jones Index
30
Industrial
Stocks
closed
at
in
Vice-Presi-,
to close
on Saturday of that week
(Nov. 6) at 125.25. A month later
.(Dec. 1) it was down to 122.11;
and 'As¬
Pub¬
three
became
Lloyd B. Taft
months
123.97
later
(Feb.
rmonths
-
1,
.from
slightly to
1938), and six
up
the
date
of
the
ager. of WBRC, Birmingham, Ala., change (May 2, 1958) it was down
a
division of Taft Broadcasting ;t0 110 09 for a yet loss in the
half.
Co. He resigned this post recently
year peri0(j of 25 85
r
to join Carl M. Loeb, Rhoades
v
.
\ *1Qvv,OT,rt.
Co
Co.
X
.
.
.
*•
:
Effective
,
,
.,
.
Taft
Mr.
t
;
..
.
has
,
...
active
been
in
political .ajtu .uv^ affairs iu ..umu
Jjuuucai and civic ant.ua in Ohio
..
Feb,
requirements
1,
were
1947
margin
again reduced,
this time from 100% to 75%.
remained
months
shown
largely
but;' have
somewhat
persistently
easier
tenden-
towards ease
is apparently contrary to the tie-
previous
pieviUUS
week (Jan. 25) the DowWt/CIY
Uie 1juw-
change and to 184.49
(Feb.
8),
(Aug. 1).
AA/lfll ljPTTlDS0V!V At"
rp
v
a
However,
was
week later
March
on
1
down to 179.29 and
The results of the half-
P
^
X0ff610I* V-/0*
This
.
'
announcement
'
.
„
Fl~Tt Ca™Tj
A
SAN DIEGO, Calif.—David M,
Sellgren has become associated
with-^ Dempsey-Tegeler & Co.,
nouncement of
^nc-»
j?03 ^ Street. Mr
was
weekly
that
bill
increase in the
an
auction
meaning
as-
floor under the short term
a
rate structure
was
sought.
It
was
pointed out that the rate level on
90 day bills had declined to 2.62%,
a
level
below
minimum
slow
-the
usually
range
gold
citing
by
behavior
of
up
further
as
official
of
keep the bill rate
dox
the
as
holding point needed to
outflow.
The stories
concluded
evidence
,2.70-2.80%
regarded
desires
the
Federal
_
^ren,
Miller &
Re-
early that week when it
sold bills heavily just before bid¬
ding time, thus dampening bill
serve
the
,,
.
1 I U.ZiUj
,
.
llltl cdbing
tO
markpr
.
XlO.TCp
j
+VIQ+
3fh
Index
20)
hnwpvpr
it
woe
nn
JJ
.
;
1
Feb.
20,
and
'
1953
281.57
Index
,
Raiph
.
XI.
_
margin
to
up
/
A
Board
within
will
.
Currier
and
m\
in La Mesa.
f\n
\
1
•
Elects V.-P.
j
X—V
half"^r
,r-
dent
On Jan. 15, 1958
margins were
Departments
lowered from 70% to 50%. As of
Jan. 8, 1958 the D.-J. Index read
446.61 declining to 445.20 on the
the
of
change
Managed
and
One
Michigan
of
authorities
monetary
estimates
their
ditions
of
a
as we
of
know the
acting
business
international
and
on
con-
balance
developments have
powerful influence
on
payments
most-
rates.
How
will
.
..
do
do?
you
-
guess
-
what
Jack
L.
Bullock,
Herron
Jr.,
down to
444.44,
later (July 15)
but
of
the
Detroit Stock
week
six
Well, trading is
an
Oar-
ing
the
to
First
Buhl°Bld2
New
York
and
Exchanges, accordPresident, W.
firm's
Sydnor Gilbreath.
months
to 478.82 for
a
<
up
net gain of 33.62.
to
;
.
/u/<?.
.
...
A week before the action
27) the D.-J. Index
going down to 601.76
of
:
the
,
r
(June
<
642.49
was
T
day
Thereafter,
it
change.
was
,to
up
41.83.
'
r
for
a
gain
Thus
JLUUb
we
we
is neither
an
offer
ston
that ill
in
Uiai
see
see
four
Cases
cases
XUUr
it had
cases
no
has
become
associated
24
Federal
the
New
sell
nor a
solicitation of
Exchanges.
and
Mr
1
Kn^PUlh
'
T
Johnston
office.
;
•
offer
buy any of these securities.
to
offering is made only by the Prospectus,
1, 1962
VACCO VALVE CO,
Common Stock
(Without Par Value)
Price $4.00 per
.
llTTI .lOlTlft
Share
XWbtUlUl UII1 O Ulllfe
Copies of the Prospectus
sales, it has been announced.
.
'
'
and others
may
be obtained in any state only from such of the undersigned^
lawfully offer these securities in such state*
as may
California Investors
Los
*
11
,
following
registered
Arthur
J.
William Norton
New York
recently been enlarged to include
sentatives:
Angeles-
D. E. Liedermatt & Co., Inc.
The firm»s sales department has
the
Boston
...
•
♦
-
4
«
Company, Inc.
New York
1
•
'
'
'
4
f
J
»
t
*
.
K
V
,
.
''
*
*
.
repre-
Barkhouse,
of
Stock
was
11111 icipal bond manager
f°r Goldman, Sachs & Co.'s Boston
effect.
an
with
Street,,' members
York
r
•
1
to
.
Paine, Webber, Jackson & Curtis,
We may conclude from this study,
that in the majority of instances
previously
with Eastman Dillon, Union
Securities & Co., have also joined
Dempsey-Tegeler & Co.
^
.
.
requirements had the effect
of helping stock prices to advance,
Herbert
and
•
HI "HQ
BOSTON, Mass.—George L. John¬
gin
and In two
t
(Special to The Financial Chronicle)
*.•'
,
of
•
"
.
,
Conclusion
,
*
643.59
,
JnhnQrfHT
I
7?
V
the
on
picked up, going to 608.69 a Week
later (Aug. 3) and 636.13, four
weeks later (Aug. 26). At the end
of the six month period the Index
both
Jr., Jacques Baron Colton, Norman
N. Kiamie, William H. Somyak
art, /and Jerome F. Steinberg.
they
the
the
Corporation
members
later it was up slightly to 445.70
(Jan. 22); a month later (Feb. 14)
Rrm °f Hardy & Co., 25 Broad St.,
New York City as director of
And
of
porate Underwriting and Research
puiaie unuerwnung ana itese.
.
125,000 Shares
;
wether for
area.
bear
289.89,
1.
June
o s e n b 1 u m, formerly
branch manager of a New York
Well, the bill bidding and the Stock
Exchange member firm,
open market trading act as a bellbas joined the Exchange member
market
the
First of Mich.
William R
term
month
a
prod
again.
period.
The
-
Sievers, formerly with
& Carlsen, Incorporated,
Now, how does one go about
gauging the trend in this market?
short
»e
..
increasing
was
v,
possibly
the
tn
UP t0
gain of 6.31.
was
the
Im
Sellgren
,
entire
of
tie. stimulant was needed. When
the timing is deemed propitious-
New Issue
bidding enthusiasm.
the
the
action
volume
if
Co., Inc., making
bl3 headquarters
to
the unortho-
i_
.
formerly President of Sell-
on
after
The
% r
authorities,
May 1-7 the financial press
interpreted
the
Treasury's
an-
sires of the monetary
for
-
aad Alabama, following the public Jones Index stood at 175.35, ris-' out. of: six -the Federal Reserve
service tradition of his family.;• V, ing to 180.88 on the day of^the Board's action in reducing mar-
This tendency
cies.
fSent
The
six months later back up to 183.81
rates have
unchanged for
(2)
Mr: fappaa ^as n™st recently
assoclated with Merrill, Turben &
Company, .qjeveland, Ohio, in the
'♦134.48
(Oct. 25).
The^ Index ;- The last margin reduction took New Business Department. Prior
•^climbed to 135.94 on the day of' effect on July . 27, 1960 and into this-he was a trust investment
the change, but dropped off again
yolved a Z0>JWint drop-from 90% o{ficer wjth the Cleveland Trust
from 55%
;
money
dl
day
On Nov. 1, 1937 the Federal Re-
Short-Term Yields;
term
"i
-
W CIO
the
#
.Short
;
.
1016 du"n§ the
This
+ •
the Index
Ease
illdX I\C b
mi..
Past Performance
with
circumstances.
i__
statements
prices was as
General Man-
and
TTrvr
3
ability of the
?q£vi
1934
rising
he
of
product
period.
come
probably
since that
during
trading on the New York Stock
Exchange has declined to 3,000,000 shares or
less, per day.
Of
the six
reductions, only one came
when the volume was over 2,500,-
to help. The slightly to 281.89 on the date of
22vl?us. wJ<rap01? .*?! govern- the change. A month later (March
hands is the
1934.
that
lisher. In 1958
effect
and
cause
eventual
an
1/iXt
the
n/4 /\Y»nl
asso¬
sistant
pffprt
etlect, and T know nf no formula
and 1 know ot no tormula
into
York Stock
New
joined
dent
seam-
cause
level
■
tough
a
unravel the
to
will
level,
o/in
with
1947,
the;;level of rates in
the short term market
the
Times-Star
and
pricing
weapon
will
It
50%
lowest
postwar
ways
ment
h
j
the Cincinnati
on
factors
the
'
;
__,
nnnnnnrpfl
the firm.
of the inflow and outflow
reserve
of
and.^the
x
concerned about the decline and
serve
'
v"\
the
possible
When the next reduction comes, it will have three
and
become
corporate
are
on
(1)
the
to
was-
handy and powerful
.
V.••
news¬
ciated
the
-and
System's rediscount rate.
v
t
executive, has
its
Treasury- securities,
through
adjustments of the banking sysreserves
-»
From
broadcast
its
Open
Market
purchases and sales
required
be
;>•
the Federal Reserve Board retirements were reduced from
^8that.^the government is 75% to 50%. On Feb. 11, the D.-J.
yTv-
'T
Taft,
paper
of
ntem's
'
;
.
of
J
B.
H
former
also
may
A
area.
.
re¬
investments.
play a part in the
price paid for long term money.
It
V-
pVpV,ov,cfP
short term
rate
that
~
I?
io?Vi ^
F
U
Secretary of the 182.51 for a
Treasury, and .the various memEffective
■
1
JLvilO^Ci0S
*
members
importance to the
market.
It may directly
the
in
7
;•:'
influence
-V
Federal Reserve Board to lower but in six months (Aug. 20)" it DETROIT, Mich.—Milton J.
Pap£rarl M.+Loeb, Rhoades & Co., 42 margin requirements under Sec- had declined to 271.73 for a net pas xias been named Vice-Presipas
has Deen namea vice-uresiWal1
primary
money
-
■
t
i\/r
What the j< euerai xteserve aoes
vvnai
me Federal Reserve
does
is
Mr. Kelly before the
Industry /Finance,:
-r-^-i
J_jO0D
effort
,
S
:
T
to promote economic stability and
growth.,,;
—J
_
T; 1 nvrl R
AA/l
■LJlU J LL JL>. Idil VV IL11
loans; and the influence of the
Treasury's debt management policies, not only for fiscal reasons
but
-i
_
Gas
on
^a*» May 28, 1962.
bank
of
_
American Gas Association, Virginia Beach,
_
the
on
with good Jesuits.
VVAAJf '
Committee
;
long term market and its possible
effect
">
r»
,
in
in
loans:
•••.
•
.
is the
ability of the Federal Reserve Board to reduce margin re¬
quirements. This action has been taken; six times in the
past, mainly:
w
to
ana
and
irena
j.
market and any reasonable return from the .injured public, a cry has on the day of the change, but
is better than a blank.
arisen,
Why doesn't the govern- backing down to 174.06 a month
• ; r', "
A; ment do something- about it?"
; later (April 29). Six months later
short term investments
managing
the
.i
** jl v<
trying
trend
marxex
market
aecermine
in
;
2®?'+lhe
which
ones
also
may
■
aiub
jlmvvva 0
major
*»
..
in
>
'»
legion.
we
;;
»
' /
major characteristics.
•**
.1
the summer,, However, for the
•„
strictly short term portfolio man
ager .to sit still with .idle funds The precipitous decline of the year, then, was a slight gain of.
+ qJ°fe
°n
while trying to guess the trend stock market during recent weeks 2.93.
•
;
v. ';
;July 26> u?0V?^rt?eitotal vol~
\ume reached 2,717,000 shares. (3)
short term rates seems to me has made headlines throughout;
On
March
30,
1949
margins
like an exericse in futility.-They; the world. Editorial writers, econ? were lowered from
75% to 50%
1 *ie reduction will come after the
market's requirements, as in
other, is demand and supply'
any
—in
•
governmental action
into
cerned with the short term sector;
this
record,
acteristics.
By Daniel J. Berrell
v
••
Recent decline of stoek market
prices focuses attention
Set it-' I'll operate on the thesis ,;
two sectors, short and
long and, that short' terra' rates will; hold*
of course, we are
primarily con- pretty colse -to present levels; for
is
markets.
the
judge that the next reduction is
likely to have three major char¬
others in the field. And out of
aR this once in a while you get
a darn good
bear
From
and daily conversations with
Pr«ss
of
set
variables which put into economic
action the needs and desires of the
people
You
likely to happen-on the
basis
of experience,- ideas as
to
business
conditions,
balance
of,
payment problems, etc., based on
one's
readings in the financial -
traded.
The
science.
a
seems
(
11
Peters, Writer & Christensen, Inc.,
Craig-Hallum, Kinnard, Inc.
Denver "
Minneapolis
The Commercial and Financial
12
will
sure
Wall Street's Slump
And Its
/
chapter of their books with
classical verse. When the
each
some
of the last week in May
Wall Street comes to be
history
in
1962
,
if
the
unions
trade
sell-off in steel company
feel
is
they can afford to ignore any un¬
employment threat through offi¬
cial disinflationary policies, they
would be unwise to ignore the
in flagrant conflict with the
deflationary undertone of the
world
economy.
But the Wall
Street boom of
the 'fifties and
'.sixties was in perfect sympathy
undertone of
the world economy. And the un¬
dertone
is still
inflationary, in
.
of the hill
them
marched
"And
,
the top
%
"He marched them up to
down
Street
in
were
"When
followed:—
they were
up,
■
"When
they
they
down."
one
neither
nor
mp
,
V ;
of the episode is
about which even
But there is bound to be disagree¬
whether the Duke of York
ment
right when marching up his
or
whether he was right
troops
he
again.
right
marched
them
down
Surely
he could not be
both occasions. However
on
this may
be, it is indeed gratifying
that the dramatic incident, of May
which
28,
threatened to develop
tragedy, has after all turned
into a comedy about which it is
possible to joke.
The argument whether the mar¬
ket was right on Monday or on
Friday is bound to continue until
into
a
some
in
definite
more
Wall
Street
those
who
more
major
trend
confirms
think
prices are once
high br those who held
all along—except perhaps during
some
agonizing hours on Black
Monday—that they were not near¬
ly high enough.
Why Europe's Exchanges Were
Affected
The
reason
at
margins.
why the heavy fall
Street last week
why this argu¬
reason
accepted
be
cannot
uncon¬
ditionally lies in the paradoxical
French ^proverb: "It: is only the
temporary that, lasts". It is in¬
should
market
the
that
evitable
in discounting future
and expansion, and that
exaggerate
inflation
thoughts
from time to time second
should
these
develop - about
whether
anticipations are not mis¬
The
taken.
of such second
result
thoughts is Black Monday. In a
way it is a
pity that the Stock
Exchanges did not settle down at
the lower level from which there
would have been a good scope for
prolonged
a
without
rise
undue
risk of another Black Monday.
Quite possibly the next setback,
when it comes, may be so grave
that it would reverse the basic
economic
trend
itself.
is
It
true,
the sudden recovery that followed
will encourage investors
and speculators to be more cold¬
the slump
blooded in face of the next slump.
But
this
only
in Wall Street
even
an
which
rise
more
the
will
that
means
are
prices
liable to rise to
vulnerable level at
discounting
become
of future
flagrantly ex¬
aggerated.
to
was
not
first shrugged
off lightly as a
movement, and why it
caused such heavy repercussions
freak
the Stock Exchanges of
Europe,
was that
a
great many investors
on
and speculators have long been
feeling underneath that the boom
in equities had gone too far. A
From the point of
ments
J.
N.
ELIZABETH,
Vice-President
Stock
Stock
ster
Mr. Haire is
Chairman
Federal
from
continuing for
other
hand
years.
great many
a
people in the 'twenties felt there
was
no
should
reason
not
why
continue
the
boom
of
forever, but
it did not prevent it from
coming
to an abrupt and disastrous
end.
Viewed
ther
in
retrospect, it is
perplexing
how
the
ra¬
Wall
Street boom in the 'twenties could
continue so long,
seeing
that
it
-
ate
wage
This
any
means
that, in Britain
rate, but presumably also
Chairman of
the Underwriter
ern
industrial
The
will
question
means
that
countries,
continue
a
member of the Execu¬
Company
of
Institute,
the
and
the
mem¬
a
Securities
of
Advisory
State
of
New
Jersey.
The mutual fund official is also
Executive
Vice-President
of
Anchor
Corporation, a financial
holding company whose subsidi¬
aries include Hugh W. Long and
Company, national distributor of
the funds, Investors Management
Company, investment advisor to
the fund, and First Western Life
Insurance Company.
A former Vice-President of the
New
York
Haire
the
Stock
funds
years'
Exchange,
Mr.
Vice-President
became
in
of
Before
1959.
association
with
six
the
Ex¬
change,
officer of
an
a
was
number of Vander¬
enterprises.
S & S Inv.
S.
S.
&
is
wage
Securities
formed
Company
Dealers
with
Advice
whether
consumer
it
Co.
offices' at
has
been
52
Wall
Street, New York City, to
in
securities
a
business.
engage
Spiro
buying
pres¬
'r-V:r._
'
u
Darius in
office
in
under
the
the
It is well short of the 1955
ever.
recbrd
million
117
of
but
tons
comfortably above the 85 million
tons
the
of
recession.
1958
Pro¬
duction of 30.6 million tons in the
initial
quarter will be down sub¬
in the current quarter,
20%. The sharp decline
stantially
perhaps
reflects the extension of contracts
with the labor unions
ter began.
If
the quar¬
as
labor agree¬
ment had not been reached, mill
activity would have continued at
new
a
high level until the old contract
expired June 30.
It would then
have
been necessary for
inven¬
a
would fall from
a
rate well above
consumption to
one
Line
Building
management of Russel
and
been,
quarter's
second
loss will be third and fourth quar¬
ters' gain.
>
The
fore
pattern
j
one
Co.,
Inc.
has
said
opened
a
branch office in the Heiley Build¬
is
there
much
more
steelmaking capacity in existence
than
this
will
country
re¬
ever
quire. I believe this to be literally
true, but
I
sure a very large
is so much lower in
productivity that.it is non-com¬
petitive and will probably never
run
again.
There are no figures
am
proportion
to
this'pdmt b'ut,JIufiave
prove
doubt pf its validity.
^
-t
The steel industry is in
,
squeeze.
no
'/..'
well-
a
So Well
attempted 3.5% price increase
brought a sharp sell-off in 'steel
the stock
company
equities
change.
If I relate cause and ef¬
on
ex¬
fect
properly here, I can only
the latter is out of pro¬
portion. Such a small price change
suggest
hardly
is
death.
reduce
matter
a
If
feasible
and
life
of
price increase
a
is not
we
must further
costs and at the same
now,
our
time sell
more
steel.
In this way
counter rising costs of
labor. There are long term factors
which will aid these efforts. There
we
may
is
nothing
easy
about this, but I
am
confident there is much
for
progress.
room
As the situation de¬
velops in the next few years, I
think you will see a vigorous re¬
sponse
to this challenge to the
steel industry.
*A
talk
by
Mr.
York
the
before
Hunter
National Industrial Conference
Board, New
City.
First Columbus Branch
CINCINNATI, Ohio—The First
Columbus Corporation has opened
a branch
office in the Mercantile
strike
the steel
in
-
early
at mid-year.
in the first
million tons
agement of John P. Roach.
in 1959 be¬
Consumers' stocks increased about
3V2
First Princeton Branch
1959
MONTCLAIR,
N. J. —First
quarter and a little over 3 million Princeton Corporation has opened
in the first period of 1962. In the a
branch office at 35-37
North
second quarter of 1959, customers Fullerton Avenue under the di¬
added
8%
tories
but
a
million tons to
inven¬
the
during
able 1962 period.
compar¬
In other words,
during the first half of 1959.
consumers'
contrast,
chases
will
rection of Philip W. Peters.
will probably be
there
reduction
amount
extra
to
about
In
pur¬
150
With Cyrus Lawrence
Cyrus J. Lawrence & Sons, 115
Broadway, New York City, mem¬
bers of the New York and the
American
Stock
Exchanges,
an¬
ingot tons will be
appointment of Grenville
K.
McVickar
to
their
investment advisory department.
Mr. McVickar previously was with
Montgomery, Scott & Co.
produced in the last half of this
year subject to an important "if."
The
third
quarter is seasonally
weak and will be affected by fur¬
SANTABARBARA, Calif.—
ther
Arthur J. Maskala
pounds per ton
of usage
for the
current half year.
like
&
is
dis¬
any
Library Building under the man¬
buying
1962 followed the
Indications
K. Johnson.
ler
It
to
germane
steel.
substantiallv
buyers laid down an extra
ton for every two tons they used
Minneapolis
Soo
are
an
steel
OXNARD, Calif.—Dempsey-Tege¬
also
:
production
in
calendar
1962
may
be about 107 million
tons.
This is a good level of pro¬
duction but by no means the best
Ingot
have
and
Dempsey-Tegeler Office
in¬
LeVel
■
below. The full year 1962 will not
be quite so lopsided as it might
Investment
think
cussion of
publicized,-in fact, that failure of
he was associated with
tories in customers' hands to be
Nutter, McClennen & Fish in Bos¬
worked
down
to
lower
levels.
ton, was legal and financial aide
Meanwhile,
steel
mill
activity
to William H. Vanderbilt and
Before I conclude, I would like
make a couple of observations
publicized price
■
ber
to
Good Ingot Production
tive Committee of the Investment
Committee
are
If this moder¬
prosperity
Predicts
at
unabated.
spending and precarious
John R. Haire
Divi¬
sion and
been
than had been
in
the United States and other West¬
flation
whether confidence has
is less exuberant
expected, these are,
nevertheless, good times.
Bankers
Association,
'
-
True
be reckoned with.
Invest¬
ment
to
Joel Hunter
equilibrium of the budget
the
Over-Capacity
I
hard
for
Our
of
Is Obsolescent
Committee
Ex¬
increase reinforced by strike
threat, and loss of interest in dis¬
cussing an improvement in labor
relations.
Mueh
ernment
an
the
good.
and
of
onward, but it did not prevent the
On
look.
impaired remains to be seen. The
intention
surveys
are
optimistic
depreciation relief would be a
stimulant. The magniture of gov¬
Westminster.
directly
So much for the immediate out¬
to
spending
and
&
industry will
from these gen¬
eral conditions.
enough,
business investment in
new
plant is not yet impressive
Fund,
Parker
sum¬
steel
gen¬
goods.
Fund
Westmin-
and
the end of the
the
and
consumer
Well
Minn.—Darius
change, they reversed to their
previous positions — demand for Incorporated has opened a branch
boom
The
is
MINNEAPOLIS,
substantial
the
seem
erally
Investment
similar feeling existed also during
the late Twenties from about 1926
immediate
benefit
be
to
us
Growth
sified
view of bring¬
London
mer
of
These
R.
Executive
Fundamental
of
Diversified
Diver¬
Investors,
Fund,
John
—
been elected
Haire has
Wednesday, following on the Wall
Street recovery and its repercus¬
the
balanced by
economy.
of the British Ford at Sideris is a
Principal of the firm.
Dagenham was characteristic. On
Tuesday, under the influence of
Cohen, Lahey Branch
the
previous day's Wall Street
slump and its effect on the London Cohen, Lahey, Appel & Co. In¬
Stock Exchange, they abandoned corporated has opened a branch
strike threats and were eager to office at 40 Exchange Place, New
discuss
improvement
of
labor- York City under the management
management
relations.
But
on of Sherman Chassen.
on
state
s eg-
using
workers
sions
be pretty good in the
part of this year going on
into 1963. Inventories will be well
steel-
the
of
will
ness
latter
learned
be
from the
Demands
ing trade unions to their senses
it might have been better if the
temporary setback witnessed last
week had continued a little longer.
In this respect the reaction of the
out of proportion to the price change.
therefore,
are,
bilt
Impact Upon Labor
equities after the 3.5% price hike rescission
way
pects for steel
question in the post-war world.
the
Another
been
Taxation
either
too
in Wall
profit
contracting
the
overlook
Deplores Quick Turnaround
proverbial seven experts who
hold eight different opinions about
the causes and
consequences
of
the drop on Black Monday are in
perfect agreement. There can be
no
disagreement on the fact that
prices were down on Monday,
that they were up again on Friday,
and that they were only halfway
up
(approximately) on Tuesday.;
when
than there was
assumption in the
'twenties. But those who think so
forever
continue
for the similar
only
were
the
was
justification for assuming
that,
temporary
setbacks
apart, the rise in Wall Street and
on
other
Stock
Exchanges will
ment
l[tl
aspect
only
eco-
now
r.
.
when
This
'•
■
were
halfway up
"They
were
the
they were
: V':.; 1 '
down they
up
down,
were
"And
order.
reverse
fault could be found
no
what
with
circum¬
more
nofttic
thing that would be
wrong with the quotation would
be that the movements in Wall
only
However,
much
is
there
such
in
that
conclusion
stances
again."
The
spending has flattened out.
It is tempting to infer from this
sumer
have
possibility of unemployment Nobody buys steel these days un¬ point about midway between the
less he needs it. Buyers are not levels
of
the
first
and
second
through a major Wall Street slump
This rebound will not
and
its repercussions.
If Black concerned about the price going quarters.
up — at least for a whole — and occur if the general economy be¬
Monday had no other effect it
gins to nose downward, but this
surely brought home the fact that they know
does not
seem
such a thing must not be ruled steel is availlikely.
On the
able. The pros¬
out
as
contrary, as best we can tell, busi¬
being quite out of the
By Mutual Funds
good old Duke of York
"He had ten thousand men,.
said to
good results.
Haire Elected
"The
is predicted for 1962 pro¬
Confidence is expressed that the difficult challenge of cost reduction
—the alternative to a price increase—will be met with
with the inflationary
of what Mr. Per Jacobson
says. Consumer purchasing power
is still on the increase even
if
for some reason the curve of con¬
107 million tons which is
—
—
obsolescent equipment which probably will never be used.- The
sharp
..
uncomfortably long time..
Even
•
viding fourth quarter's general economy does not unexpectedly nose
downward.
Large proportion of our over-capacity is attributed to
,
'
tion:— A
i
A comfortable level of ingot production
•
might confirm the French
proverb quoted above by lasting
an
'
'
10 million short of record high in 1955
porary,
they will no doubt be
tempted to introduce: the relevant
chapter by the following quota¬ spite
written
i
By Joel Hunter,* President, Crucible Steel Company of America
very
second
Thursday, June 7, 1962
de¬
long, and this time
thoughts, although tern-
before
of our stock market slump on
Europe's stock exchanges; probes the reasons for the decline; and
views the implications of the market's behavior on trade union de¬
mands.
For two reasons, in terms of assuring a prolonged rise
'without risking another Black Monday and curbing wage inflation,
Dr. Einzig indicates why the stock market should have settled down
at a lower level before turning around.
He weighs the prospects for
deflation, inflation and profits-attrition; and notes that labor at least
is now aware of the fact that a Black Monday can hurt them, too.
was
is bound to
Street
Wall
case
.
1962 Steel Production
run(
velop second thoughts once more-
Einrig explains the repercssions
LONDON, Eng.—It is the habit
some
economists to introduce
to
concurrently, to the grave detri¬
ment of profit margins. In that
Repercussions
of
continue
.
.
up¬
not, inflation and
will
deflation
former
its
resume
ward course. If
By Paul Einzig
Dr.
Chronicle
(2660)
are
52 million
that
something
decumulation of
proportions. This
as¬
inventory
moderate
ing under the management of H.
sumes,
Martin Bullock.
bound
therefore,
in
the
final
a
strong
quarter
re¬
to
a
nounce
the
With Calif. Investors1
Nagel
have
California
and
joined
Investors.
Charles J.
the
staff
Both
of
were
formerly with F. J. Whitman Co.
Volume
195
Number 6166
.
.
The Commercial and Financial Chronicle
.
(2661)
billion.
Money and Credit Outlook
lion.
In the Next 12 Months
securities, mostly short-term, in¬
creased by $9.4 billion and other
securities, mostly tax exempt, in¬
creased
This
Trust
Examination
of
than
Company, New York City
factors
bearing
on
the
the
conditions
credit
and
money
reasonable
expenditures.
rates
of
interest
Adequate bank credit is
ingrplus inventory, or-receivables
credit
the
or
of goods
movement
improvement
generally predicted for the
as
our
-.V'.
,
consumer
Business
The gold-outflow is men¬
biggest problem but the Administration is believed to
be
;,y
as
trade.
months ahead is not
12
expected to strain the monetary system.
tioned
well
in international
fully capable of dealing firmly with it.
demand for goods
and
agreed to participate in
this meeting prior to a recent visit
to Japan, I was naturally thinking
consumers
about it while in that country and
I
might start
Some
expenditures by industry
large and steadily rising.
time within the past few
years
we
with
out
ments
the
there
as
the
background
a
to
the
Japan
for this state of affairs
reasons
is
simply
Factors
Bearing
My
few historical facts is to illustrate
12
the effects
which
there
William S. Renchard
experi¬
an
overwhelming demand
for credit.
tight
of
statement
recent
the
total
(2) The fact that almost the full
of
burden
and
financing this growth
expansion of industry falls on
the
banks
due
the
to
is
turn,
due
States
a
as
we
which,
their
to
inability
as yet to develop sufficient accu¬
mulation of savings.
Recalls
following:
consumption.
(3)
Rate
of accumulation of
own
our
situation has been somewhat
comparable to
when
the
this in
years
past
climate
economic
was
not too unlike that of
present-day
For example, a combined
Japan.
statement of all member banks of
the Federal Reserve System as of
Dec.
29, 1920 showed total depos¬
$24 billion, loans of $19.5
billion, capital funds of approxi¬
mately $4 billion, and bills pay¬
of
its
able of about
$3 billion.
fiscal
banks
of
the
during the depression
'30's
and
money
in
were
trast to these
that
of the
years
distinct
con¬
figures and t^ie easy
credit conditions of
period
were
continued
throughout the tremendous mone¬
tary inflation that took place dur¬
ing World War IX.
the
'30's
that
commercial
being at
a
discount
It
during
was
the so-called
bank
rate
prime
came
into
figure of l1/2% and the
rate
for
90-day U. S.
Treasury bills was at the ridicu¬
lously low figure of % of 1%. The
prime rate remained at 1 % % until
December, 1947, when it was raised
for the first time to
1%%.
In the
ensuing 14 years there have been
18
changes in this rate, all but
four
of which were upward, and
present
prevailing rate
of
4!'2%
has
been in
effect
since
the
Aug. 23,
This
I
like
1960.
covers
to
We
refer
boom when
our
as
own
the
postwar
country
was
engaged in filling the backlog of
Government
and
policies.
in
for
operation
recent
started.
endeavoring to pro¬
outlook for the next 12
business
decline from the
until
However, I believe it
to
past
with
about
review
the
particular
poli¬
I860.
As
Since
1860
February or
The recovery from
from
a
low
remember, in the
fall of 1959 many economic fore¬
casts
were
made not only for the
for the entire period
These were highly
year 1960 but
of the 1960s.
optimistic.
of
102
116, was a substantial improve¬
ment,. but most of it took place in
the first six months and while it
did8 produce
of
increased
an
of
use
credit, it resulted in
the
contribute
the
to
de¬
budget. This must be financed in
the capital market in competition
with other segments of the econ¬
The
omy.
second
factor
the
is
some
assurance
that funds will be
readily available to finance such
an
improvement without putting
an important strain on the mone¬
tary system.
Looking ahead, it
to
seems
that
me
clouds
est
of the black¬
one
the
on
horizon
Along about February,
imbalance
in
our
international
and
the
psychological
effects of both this and the expec¬
tation of continued deficits in our
"As
look
we
the
at
situation
credit
in
money
of
May
the
and
1962,
it
therefore,
expenditure for plant and
equipment. Savings are still ex¬
panding. Therefore, there should
be
on
no real
the liquidity position
banks
due
ample availability of credit to
at reasonable
rates
of in¬
plus
build-up of
receivables, as well
or
any
credit
consumer
of
goods
the
or
in
move¬
international
1 do
not wish to
imply from all
foregoing that our banking
system is by any meahs dbnfronted
of the
with
lendable funds at the
excess
ter is
the
a
high rate and resulted
very
piling up of substantial
savings.
Consumer credit
creased
new
in¬
only slightly during this
in fact the total figures
been
almost
static.
it
is worthy of comment that during
this entire period the price level
has been quite steady and, there¬
fore, it has not been necessary to
Also,
credit to finance any increase
The fact of the mat¬
that total loans
of
all
com¬
mercial banks in the United States
during
During this period, also, the dis¬
posable income of individuals was
the
increased
billion,
ent
by
or
ratio
deposits
past
months
12
approximately
roughly 8%.
of
in
have
total
the
The
loans
large
$9
pres¬
total
to
New
York
City banks is roughly 60%. Obvi¬
ously the situation would be much
tighter,
were
it not for the
earlier
in
reversal
in
time
these
of
comments,
these
the
policies
and
at
future
near
a
any
could
in the
change the picture materially.
If, as I suspect, my colleagues
predict an improvement in gen¬
Even
the
loss
of
gold, which or¬
dinarily would be a strain on the
credit structure, has had no re¬
straining influence on money and
first
complete, independent
processing
service
bureau
data
designed expressly for New York
brokerage firms has been
area
established
by Brokerage Book¬
Corporation, 47 Beaver
Street, New York City.
keeping
Using specialized, high-speed
systems
of
the
type
developed for the largest broker¬
computer
houses, and
technicians, the
select
record
Federal
now
that
the
Open
Market
to take steps
began
April 1, 1960 to ease the
situation by increasing the
amount
the
clear
Reserve
Committee
money
Looking back
seems
of
reserves
available
This
announcement
any
is
eral
business
months
4%, I
in
the
over
next
the magnitude
believe I
neither
of these securities.
requirements
with maximum
efficiency, and on
regular time schedule regardless
can
According 1to Seth Rosenbaum,
President
of 3
of
Brokerage
is1
keeping)'iWho
to
total reserve bank credit
$3,343 billion, resulting
principally from an increase in
the holdings of governments by
an
offer
to
sell
offering is
The
the
better
service
customer
nor
a
through stepped-up effi¬
ciency in documenting day-to-day
transactions, and fewer headaches
work-overloaded
for
their
staff5.
service
are
transaction
&
new
calculated
per-
on
Branch
member of the
New
York Stock Exchange, has
opened- a branch office at 1431
Broadway (at 40th Street), New
York, N. Y.
Co.,
12
or
has
appointed
Abraham
The
amount
of
at
350
Madison
is
New
York, N. Y.
an
by the Offering
offer
to
buy
Cir&.ilar.
(A New York Corporation)
billion and offset
$3.5
principally by the loss of gold in
the same period of $2.8 billion. In
audition to these factors, the Fed¬
Common
(Par Value .01c
Stock
per
share)
eral Reserve reduced the discount
rate
from
4%
to 3%
1960,
to 3V2% in June,
in August, 1960, and
reduced member bank
reserve
use
vault
cash
for
reserve
pur¬
for the first time in the his¬
tory of the System. The net effect
poses
all
member
earning
these
changes
banks
assets
was
increased
between
the
Price
re¬
quirements in September, Novem¬
ber and December of 1960, as well
as giving the banks permission to
that
their
end
of March,
1960, and the end of
March, 1962, by a total of $25.5
$3.00
Copies of the Offering Circular
only in such states
FABRIKANT
may
the securities
SECURITIES
125 Maiden Lane, N. Y. 38,
CORP.
N. Y.
per
share
be obtained from the 'undersigned
may
lawfully be offered for site.
KAREN
as
brokerage firm's headquar¬
ters
Vending Service, Inc.
the Federal Reserve Banks in the
Serf
Manager of the new office.
73,500 Shares
Uneeda
a
basis.
1962,"
increased
and
brokers
Charges for the
Richter Opens
Richter
solicitation of
only
ob¬
tained
James Richter of Richter & Co.
predict with
made
Book¬
automation
consultant in
the brokerage in¬
dustry, the principal advantage of
data
processing by computers is
an
June 4, 1952
system.
Between
1960 and March 28,
30,
is
indi¬
of
vidual brokers, including all stock,
bond or commodity transactions,
NEW ISSUE
banking
March
clerical
service
new
geared to process the entire daily
mone¬
tary policies followed by the Fed¬
eral Reserve during the past two
years
to which I have referred
in
price level, which was true
previous periods of expansion.
Brokerage
of volume.
Denies Credit Is Excessive qq.
put into
Open Market Committee.
before
Bookkeeping Corp.
The
a
reserves
Federal' Re¬
Form
paperwork
ment
Renchard
City, May 17, 1962.
financing,
inventory
dous amount of
by
New York
age
present time.
System
Mr.
Economic Conference of
Industrial Conference Board.
any foreseeable volume of
capital expenditures. Bank credit
should
be
adequate for interim
tremen¬
to
by
Annual
appears
mated
finance
address
5th
the National
1860, business showed signs of
weakening, running quite con¬
previous fall.
the
payments
trary to the predictions made the
the
is
possibility of continued loss of
gold to foreigners because of the
*An
Today's Increased Liquidity
the
use
well
we
two additional factors
are
can
to
have
the money
since April,
on
Policies
Reserve
trade.
moved
cies and their effects
Money
Federal
mand for money. One is the defi¬
cit on a cash basis of the Federal
which
period,
situation
There
which
as
reference to Federal Reserve
credit
to
early months of
in the
and
the
than
more
market opera¬
System.
1961, measured by the
Federal Reserve production index,
the future."
man
helpful
was
terest
years.
continued
February,
at
be
In
weeks
approximately 2V2
General
said, "The
most difficult thing to forecast is
might
it
open
Instituted
both longhigh-grade
corporate bonds have been selling
at lower yields than we have had
are now
the
months. Some wise
of
the period to which
Nudge
term governments and
serve
ject
the
the
Last, but not least, Federal
around
The condition statements
the
pressure
Easy
Looking back over the economic
when
bank
Reserve
Govern¬
because
that banks
have increased their liquidity po¬
turities other than 90-day bills. sition
considerably over what it
In
March, 1961, the policy was was two years ago. In fact, aver¬
changed to permit the purchase age free reserves of all member
by the Open Market Committee banks have swung from a minus
of any maturity.
The bond mar¬ figure of $533 million in February,
ket
responded to these various 1960, to a plus figure of over $400
actions and has been both active million during most of this
year.
and strong, with bonds and mort¬ The cash flow of
corporations has
gages selling at lower yields than increased and exceeds the esti¬
International transactions.
(5)
the
operation "nudge," us¬
ing a policy of providing reserves
by the purchase of various ma¬
savings.
(4)
more
and began
1960
February,
history of the United States,
on
of economic growth
and
accompanying capital
expenditures.
General level
of business
activity — Production and
(2)
Situation
Own
Our
bearing
Rate
immediate
capital market such
in the United
have
of
lack
Meanwhile,
March of 1961.
(1)
expressed in dollars,
deposits of $2,189
billion, total loaris of $1,833 billion,
capital and surplus of; approxi¬
mately $75 million, and borrowed
money of $268 million. Statements
of the other large banks reflect a
similar condition.
The principal
reasons for this situation, perhaps
oversimplified, are as follows:
in
the
are
largest
(1) The exceptionally hi?h rate
of economic growth accompanied
by heavy capital expenditures.
direct
by
re¬
Also, the Federal Reserve Board
changed its open market policy
or
there,
reflects
of the factors
some
a
easy money and credit
conditions. The principal of these
For example, the most
encing
of
have
to
$800 million and provided
greatest degree of liquidity
System has had in recent
fact,
in reviewing these
purpose
exchange
banks
Money and
on
ex¬
tight,
large foreign
broad
background
as
Credit Conditions
the
bank
appears
material.
in
is
tremely
are
of
eco¬
money
situation
and
of
rate
our
growth
but' cite
subject
of my remarks.
The
end
the
seen
and
to have
reached a plateau and inflationary
pressures have been moderated. I
will not endeavor to go into all
economic situ¬
ation
have
boom
nomic
com¬
on
were
this
one
two
or
capital
borrowings
Operation
> J.
Having
banks
credit
offset by
tions
of
financing in the American capital
market for foreign account either domestic budget.
Assuming that
lion of additional
Treasury bills
in order -to'' keep the short-term governmental oi\private.: There is* the, A $ min*s;tratiqn,, .will, develop
the courage and foresight to deal
no way to estimate the volume of
rate up to a point where it would
this and so far it has not been firmly with these questions, I an¬
not invite foreign
deposits to leave
significant. Recently, however, we ticipate no great problems from a
the country seeking a
higher in¬ have
noticed a tendency for this money and credit standpoint in the
vestment rate in other markets.
to increase rather rapidly.
immediately foreseeable future.
also, for interim financ-
seen,
build-up, «s
the
ment in its debt management
pro¬
gram issued approximately $5 bil¬
foreseeable volume of capital
any
their
years.
anticipates ample but not excessive credit will be available to finance
at
approximately $4.6 billion.
permitted
duce
By William S. Renchard,* President, Chemical Bank New York
Loans increased $11.5 bil¬
States Government
United
13
SECURITIES
15 William
CORP.
St., N. Y. 5, N. Y.
Avenue,
14
The Commercial and Financial Chronicle
(2662)
Three Sr. V.-Ps.
SECURITIES
BY OWEN ELY
The election of Frank. D.
Electric
American
is
Power
r
•
all-electric
was
amounts of coal, oil
iron ere,
and gas,
34%
resi¬
dential,
commercial,
15%
38%
were
industrial and 13% miscellaneous.
low
System
dential
rates
kwh. aver¬
compared
with
a
revenues
aging
resi¬
low
are
2.20?
per
other
noted
operating
reflected
in
an
efficiencv,
as
Btu per
Btu
low
18.432,
was
shipping
costs
coal
630,000
,kW
under
construction
.
for^ both corporate and Govern- tax-exempt bonds are being in-
Exchange at the Annual Election,
Elected Vice Chairman was "WilWilliams
M
John
York City
Those
Treasurer.
Treasury to Continue Short-Term
Board of Managers
the
to
elected
bonds; Tax-exempt bonds vested in these securities, In a ddibecause of the heavy supply tion, the. 3% s of ,1971 continue to
would probably not fare as well, play a leading role as far as many
;
investors are concerned since this
meht
& Co.;
New
of
re-elected
was
Harry B. Anderson of Merrill
are:
Lynch,
r
of Bache
Reid
liam
Donald
&
Fenner
Pierce,
Conlin
;')
v,
Smith
-
Financing
..
oninions
The
now
...
making
the-
pretty much in
he areas where
they have been- in the immediate
to
convert
City;
.of New
Tinney C. Figgatt of
.,
that the
of New York City; Frank Knell of
w, York
City; L., Hudson
their exist¬
Ne
Ander-on, Clavton & -Co.; W.; Gpr-
other
and capital marcoitinue
to
remain
mcney
wm
past. It is believed that the
Leathers of Hayden, Stone & Cou
Inc.; William
Ki
Love,
Jr* *g£
tvpes
,
money
raising operations
htiig
Treasury
terms
bought by those who' are inter^n a very high grade issue
^en ^
^ase for sonie time, now,
there is a very good interest m the
As. of 1980. This
P°?d> according,to reports, is also
?ei;lg used' as a replacement for
market, for
bave°Kee^«n^
the
have ueen sold by certain
whicli
of
should,bo corning along
new
of
soon,,
will*''- pu^lc'
McCabe, Jr., J. P. Steven^ & show tfiat the near-terni sector of
Tnc.. Greenville/S. Ci/ Gcoi'gs the- money -market' will be., the
systems. Sympesiums. ,.don
to help sell /more "-all- Sd-
medium term bond is being well
tD^s of«e'?lth fLsatuttctory-jaeld,-,Aa has
of New York City; Joseph Grogan
York
B.
.
b.pvo converted from
in
gerifer.ating-
Board
'•
,
r)iiSiS.
Wc^r;Associates Elect
eHctricyrpn^es haw prated ■ grpat
interest
'among
builders; > one
series, held in seven Ohio cities
during a 10-day period, was at¬
tended by <1 600/builders, heating
tem capability at the end of 1961
wa3
6,719,000 kw compared with ;' contractors, realtors, and financial
the year's peak load of 5,209,000
institution representatives.
kw indicating about 29% reserve
In 1961. due primarily to the
low
level
of
general
business
capacity. System capability is ex¬
pected to reach 8,071,000 by the activity in the first quarter, AEP
showed; gains of only 4.9 % in kwh
Spring of 1964.
Capital structure is conserva¬ sales and 4.4% in revenues. How¬
is
ably result in some further ease banks since it is reported that a
in capital market conditions.. This considerable part of the profit
would be a favorable development funds realized from the sale of
York
New
icefs
service designed
A
unit
of
Npw York Citv; Joseoh J. Gollatz
much of the area, sinc&rt number
of mines are located in-the
area.
Watson
elected Chairman of the
of the New York Cotton
was
ing heating systems to electric
heating
were
very
successful;
about 25% of heating customers
reflecting
for
City
Inc.;
customers
kwh
generated
9,363. Fuel cost per mil¬
average
of only
lion
its
for
subsidiaries-
Clarke
G.
promotional efforts. Two intensive
campaigns to persuade residential
of 2.47-2; annual
is 4.273 kwh compared with
the national figure of 3,827 kwh.
usage
is
Crossroads Mall
million
In addition to reduced rates, the
System has been active in other
national average
A.EP
-
shopping center in Roanoke, Va.,
is one of the largest heat pump
installations in the System; it has
800
employes, six acres under
roof, and will have an annual
electric usage of about 4.3 million
kwh—equal to almost 1,000 aver¬
age homes. To stimulate electric
heating, one AEP subsidiary has
adopted the low rate of 1.42 per
kwh and this may be extended to
limestone, clay, moulding
revenues
$5
,
-
college plant is electric. Also, the
sand, and salt.
1.961
that of the College of Steuben-
new
but may carry "on for a longer
period of time,
w—. ■
> However, as matters now stand,
,
1961
of
-
though defensive action, in the there are no indications that the
Cruikshank,"noW director /equity market has in the past had level of interest rates in the capiemeritus, is a; 46-year veteran of a: favorable influence on bonds tal markets is going, to change
tile: agency and was. active on the and the (capital market. The un- very much from where they have
board of directors for many years, certain
-action of the
common
been. This should make for a
Mr, Schwarting, a member of the stock mqrket, may be forecasting fairly stable bond market so that
board, and Mr^ Knipfing rejoined better conditions in the bond corporate bonds will continue to
the AP-GL staff-in -1950 from J.' market, since a let-down "in the be offered at rates which will be
Walter Thompson Co: Mr: Schwar;-\ business pattern which may result favorable to both, the investor and
ting had left Albert Frank-Guen- from the equity market set back those who are seeking the-funds,
ther Law in 1932 and Mr. Knip- will most likely mean that inTreasury Intermediates in
vestors will be more inclined to
fing in 1936.
Good Demand
move into bonds in larger volume.
The intermediate-term Govern¬
In .addition, it would appear as
New York Cotton
though any decrease in the rate ment obligations are attracting
of economic growth Would prob- more buyers from" the commercial
; Exchange Elects Officers
ville; the heating system for all
seven
buildings in the present
Natural resources include substan¬
tial
installation
•
L
Mr,
electrically heated schools on the
System: Probably the outstanding
capacity. In addition to some
prosperous farming areas, indus¬
tries are well diversified, includ¬
ing coal mining, steel and metals,
automotive, railroad, textile,
plastics, paper, -chemical, glass,
cement, rubber,
and
furniture.
Frank-Guenther
BY JOHN T. CHIPPENDALE} JR.
''
tising and public relations agency,
t
volt
Albert
of
Thursday, June 7, 1962
Cruik-
Law,, Inc., has been announced by TJhe market
for fixed income
Howard W. Calkins, chairman of- bearing obligations is still -showthe. board of the national adver- ing some... signs of caution even
already
about $6.2 million
or
nearly 2% of total revenues.
In addition, schools, motels and
shopping centers are using elec7
trie heating, Twenty-one) motels
were added to the System during
the
year,
bringing to 155 the
number
partly
or
completely
heated by electricity. AEP now
has 55 completely and 27* partially
an
integrated holding company sys¬
tem with annual revenues of $352
million, serving electricity (only)
in highly-industrialized areas .of
seven
states, the area having a
population
of
about
5,349,000.
These states (which are contigu¬
ous) are Ohio, Michigan, Indiana,
Virginia, Kentucky, West Virginia
and Tennessee. The system is fully
interconnected, some of the major
transmission lines haVihg 345,000
dents
.
..
■shank, John R. Knipfing and'.Wil¬
liam- V.
Schwarting, vice-presi*
dents and advertising account "su*••'..
pervisors,
as »senior
vice-presi¬
American Electric Power Company
.
Our Reporter on
AF-GL Names
PUBLIC UTILITY
.
and
scheduled for completion in 1964
at the Tanners Creek plant. Sys¬
tt
9®Dt
r
tive,
of
being
Amount (000)
(in¬
cluding const, loans)
$750,876
15.2%
52%
ahead of 1961, As
a
Stock-
(ox-
Common
.
Stock
r-
,
4
eluding premiums)
Equity
'*■'"*!
583,243
41
production savings
$650,000, and such inter¬
is expected to increase
change
substantially in the future.
AEP
is
actively
promoting
homes
on
the
System
in this manner and
five
times
as
are
much
heated
than
electricity
a3
Summar, Bethshares Opens
Bethshares & Co. has been formed
with offices in'the Third-National
80,000
all-
electric homes by "the end of 1964
and
500,000
by
from residential
1975.
Revenues
heating alone
•
Company,
Mass. Jte-elected 2nd
the uncertainties which Vice-President is Elliot W, Brown
are now clouding the domestic of the National Wool.Marketing
P'ctdre,
as
well as. the ."Inter-^ Corp., , Boston,. : Mass. . Elected
CaUse
uhdcr
would
„
Funds
less, trying
be finding an
which,
TreasOrer. is'Frank, Knell of New
conditions; York City.outlet
in
Those
v
elected
to
the Board
of
are
f
i
D
tSacne
>
the
i
j.
Investment
votirse
."are
Bache & Co., members of the Nbw: :
York Stock Exchange, will .con-,
duct a proeram on "A Practieal
conditioning factors , which
plaguihgthose who.have funds
to Put to ' work. >
!
City; Georges A^. Florin of Prouvost
Lefebvre
of-Rhode. Island,
Inc., Boston; Eugene M. Grummer
' Therefore, because of the,larger of New. York City;, E. Bradford
takings of short-term Government Keith of The Top Company, Inc.,
Course for Investors and Traders" obligations by the investing com- Boston; W,.- Gordon McCabe} Jr.,
at their
770 Lexington Avenue,, munity, the near-term new money of
J. P. Stevens & Co., Inc.,
New York
office.
The
course, raising obligations of the TreasGreenville, S. TSTox» Vrkr-V Reid \XT
G.; .William
of
'
Reolio J!,
Hn
;
4
•,'
.
_
run
—
j!
^
J..-
^
Thurmond- of. Thurmond
June 12, 19 and 26.
Long-TOrm Rate Stability
;* /
' Indicated
Morgan Co, Branch
BEVERLY
& Co.,
Inc., Boston; and John M.: Wil¬
liam,? .of,New/York. City. ;:' vV : .
HILLS,
M>. ©hider/is Res i<
the newly obened
Morgan &
C'o.,-at
,
9731 Sahta^^Moh-
ica Boulevard.
:•
'
1
,
.
.
v
Nation Wirli*
n
auuu: y, y
':.
•
«.result,.many investors
have not been inoliiied to expand
their, ownership. of
corporate PALO ALTO/ Gali^>— Sidney T>.
to any • great extent. In Ackermann is engaging in a
.
:
^ *1
...
-
ST.
LOUIS,
Diversified
...
.
.
-
objective
have
terto'.seeurities is increasing beJ ;Eawrenee,
—
Reed&
,
,
NASHVILLE,
to
—
addition,
there -. is; * a- growing securities business • from" offices at
Mo.— Nation-Wide tendency'for holders to not only 879 Newell Place;
■
Service,
Inc;, > has tahe profits in the. tax-exempts -:
- ;
opened a branch office at 418.Olive but also to sharply limit the purrnrmc
Imr
Pa
about 22 based on the estimate of
Street, Under the management of phases, of these issues for the time'
=?
1962 earnings.
:
*•/.'
'
Walter Neun.
being except-, for selected maturi(special to the fxn^nciae chronicle) >
ties of specific. Issues which apDENVER, Colo. — Richard H.
GHarles Andrews Opens
P;a/° have attraction in spite cf Wri«iit is engaging in a securities
Rubin, Rennert Office
the
low
the:e
yield
level- of
HOUSTON, Texas — Charles E.
business from office? at 2801 East
Andrews is conducting a securities ATLANTA, Ga. — Rubin Rennert securities.
bond
The
corporate
CNf?x- under; the firm name of
& Co., Inc., has opened a branch market,
business from offices at 1625 Main
due almost entirely to
Wright Investment Co.!
in
the
Bank
of
Street under the firm name of office
'Georgia purchases by public pension funds
Charles Andrews & Associates.
Building, under the .management ana in a much more limited way
umitea
and in a mucn
r!«„lr
of Harry Berchenko.
Certain private pension funds, has
Kanjue/*Uo. Upens
non-heating customers. A System
is
ihcbme'' ar€'a^:;'#iRvfemaih"';iieref - -—:—
Secondly, the; demand for,: short- Marriner,
t
25,830
use more
■
about
AEP obtained
Some
I.
-
2.2 billion kwh of
economy energy
with
five
neighboring systems,
heating.
-i
S'nsfr S
,of The^ Kendali Co., Boston,
5 rrlSw.f
wHu
.
electric
tt^-u
o
®
v
of about
^
1962
J.
-
98,525**
OT
result
earnings are estimated at
$2.78 compared with $2.52
in 1961, a gain of 10%. With no
from .'equity
Totals
financing
$1,432,644
100%" dilution
likely,. Standard & Poor's has
With the present above-average
'projected earnings' - of- $3.08 for
equity ratio it seems probable that ) 1964. If realized, this would mean
AEP will not have to sell any
an
average
rate; of gain (com¬
additional common stock during
pounded) of rearly: 7% for the
the11960 decade. The last offering
thrpejyears 1962-64.
■
was 1,200,000 shares in 1959.
*'
Over the. past decade, AEP has
American Electric Power is one
had a consistently good (but not
of the leaders in the
campaign of
the investor-owned electric utili¬ sensational). growth record: Con¬
solidated earnings per :share. in¬
ties
to
increase
interconnection
creased in each year, except in
and the pooling of power facili¬
1959
when
they remained: un¬
ties, By next year, the
System
changed, and the average rate of
will be
interconnected
with
19
gain was about 5 % Dividend payother electric utilities, and thus is
.ments,» increased.? in each
year of
described "as
"The Most 'Inter?-,
the decade.' • "
;
'
connected Electric Power System
At the
recent
in
the
price of. 60%
U.
S.
A."
345.000
volt
transmission lines are planned or
(^o-ing June 1st) the stock yields
under construction to connect the 3.2% based on,the.dividend rate
System with Indianapolis Power of $1.96: The 1962 range? is 72%& Light,
Cleveland Electric Il¬ 53%, the low reflecting the recent'
luminating and Illinois Power. sharp decline in the general mar¬
Last, vear, by interchange of over ket. The price-earnings ratio is
preferred
jt
ever,.
1961:
Long-Term • Debt
-
'situation.
1962 is enjoying, a sharp re¬
bound, with' kwh sales for the
week
ended
May
19.
running
follows at the end
as
-
i
u
E™bi?
Tenn.
—
Summar,
Bank Building, to engage/in
curities business.
shares, Jr. is
a
a se¬
JAmes C. Beth¬
principal.
remained
(Special to The Financial Chronicle)
OAKLAND, Calif.
—
Martha
S.
securities
Adams is conducting ;a
business from offices at 484.Lake
Fark Avenue.
•
.
very
much in the pla-
teau it has been in of late mrobably waiting to see what will
In Securities Business
-
develop in the. economy. At thi?
time, opinions are still rather
strong that the upward, trend will
continue even though it mav not
be as rapid as had been predicted
FT. WAYNE,; Ind.—Clark Ramsey
is conducting a securities business
from offices in the Lincoln Bank
Tower
Clark
under
the
firm
name
of
Ramsey/ & Company.. Mrt
Ramsey
was
previously,
with
-
B-'^d-, Grumet &
Mitchell & Co.
•
Seigel and G. J.
r.K
HW88PSS& •••■V-'.,. I'
Volume
185
Number 6166
...
The Commercial and
Financial Chronicle
axrj
U
t
Progress is more than a word./ Progress is
steels has grown
schools for
position, and in structure; and through the
on-the-grow children;.. modern
vastly in number, in
com¬
Wdnders of research the members of this
■
b
civic centers and centors; of
worship."/
Progress is buildings going up, aspirations
going up, too. / Progress is the steel industry
of the Nineteen Sixties, as different from the
been almost
completely revolutionized. /
But, most of all, progress is people con¬
stantly
on
the
go
toward tomorrow and
Steel, now in
tomorrow and tomorrow. U.S.
-f
its 61st year,
is proud of the part it is playing
-and will continue to
play-in this progress.
United States Steel
■
\
1 *.L
Commercial and Financial Chronicle
The
16
(2664)
the
Production
Steel
Electric
Carloadings
The State of
Retail
Trade
Auto
S
Index
Production
and
a
the
;
-
is the narrowest in nine
months. Resulting from this situation is a large increase in the "no
change" category. We are told
that prices are generally the same
as last month, by 87%. This stamonthly survey is based on the bility peak is the highest in alcomposite opinion of purchasing most four years, and is up 11%
agents who comprise the National from April and 16% from March,
number
also
indicator
this
gap
largest
so
reflects
a
Allegheny Ludlum
Corp., Pittsburgh, Pa.
chases,
Both
order and
new
with
along
factor,
oft-men-
tne
rates show deteri- tioned competitive climate which
past 30 days. Those .continues
to rule the market
reporting a drop-off of new orders place.
rose
to
the
highest percentage
recorded
since
February,
1961, Purchased Materials Inventories
while
those reporting increased
A close look at our charts renew
orders
slipped to a level yeals that iriventory accumulation
touched only one other time smce
began last September, proceeded
Maich, lybl.
on
a
moc[0St scale through the
Better
Same
Worse
Mew Orders
end of 1961, then burst forth with
21
45
May
J.
34
considerable
gusto in the
new
14
44
April
42
year, reaching a peak in the first
oration in the
,
.
April
of
Each
46
18
52
36
38
._
10
other
our
of"the
rate
recovery
and while
J" %*y,
dd(lGu. I/O
indicators
Knrfrtinit
1_
JA1im
suffkient
sumcienc
Tthe unswinl is
uJ a7itast
carry
us
at
least
to
10
1X1613? HlVGntOriGSj
a
may
fluctuation than
other
our
and analysis to
symptoms reflect only a ternporary readjustment or the onset
ox
something
In
last
marked
that
committee
more
month's
The increasing rate of
serious.
ment in
report, we re¬
corrugated.
On
saw
the
,
,
side
down
Mouth
misgivings
about the
Production Materials
Reporting
Commodity
Though
ents
still
more
survey
4
43
30
15
45
23
6
2
13
6
15
27
DIVIDEND
The
Stock
Board
Industries,
t
of
75c
a
the half
The Board of Directors has declared
July
an
13,
6
39
33
17
THOMAS R. CAMPBELL, Secretary
One Broadway, New York 4, N. Y.
$50
June
13,
1962
Preferred,
Second
Preferred,
First
par
and
Plan
of
Merger
uated
1960, will be entitled to said
their exchanging said shares
and
thereby
becoming holders of record
of $1.50 Cumulative Convertible Preferred
Agreement
21,
dividend
upon
Series
Stock,
A.
SCHOENER
EUGENE
Executive Vice-President
CONSOLIDATED
GAS
NATURAL
COMPANY
30 Rockefeller Plaza
National Mercantile
New York 20, N. Y.
Dividend No.
The
Corporation
58
On
has
board of directors
Corporation
and
One-Half
share
per
the
of
on
Fifty-Seven
Cents
(57V2^)
Company,
payable
share
1962
August
designated
record
at
July 16,
of
stockholders
to
the
close
1962.
div.'dend
of business
April
*
4
•
|
business
which
quarterly
15,
ended
months
dividend is
The
1962
to
record
of
holders
1962
10$,, per
a
3
1962.
June
payable
John MILLer, Secretary
June 6,
the
fcr
•
30,
fourth
its
of
Common Stock,
its
on
was
15,
declared
dividend
consecutive
the capital stock of
Board of
Mercantile
National
cf
Directors
terly
dividend
1962, the
31,
May
this day declared a regular quar¬
at
the
June
8,
stock¬
close
of
1962.
cn
Board of Directors
Selter
Jesse
CERRO
YALE & TOWNE
23
48
22
6
1
10
5
19
20
46
297th
Quarterly Dividend
5
Supplies
NOTICE
The Board of Directors of
Cerro
Corporation at
SANTA
New
TOPEKA
ATCHISON
THE
RAILWAY
FE
York,
Board
dividend
N.
Y„
29,
May
Directors has
of
M.
one-half cents
1962.
share
this
Broadway,
payable
to
on
(2iy2l)
the
on
Stock of the
on
a
July 2,1982
Record date:
per
June
Common
12,1962
Declared:
Corporation,
of
Share
Payable:
5,
IVlay 31, 1932
June 29, 1962,
stockholders
record
Elmer F. Franz
June 15, 1962.
Vice President
SWEARINGEN,
Assistant
120
June
cash divi¬
dend of twenty-seven and
of
R.
a
25i
a
AND
COMPANY
day declared
Twenty-five Cents (25c) per share,
being Dividend No. 127, on the Preferred Capital
Stock of this Company, payable August 1, 1962,
out of undivided net prolits for the year ending
June 36, 1962, to holders of said Preferred Capi¬
tal Stock registered 011 the books of the Com¬
pany at the close of business June 29, 1962.
The
on
1962, declared
DIVIDEND NOTICES
UALITY
business
June
on
Preferred Stock of the Corpora¬
tion,
or
of the Capital Stock of Lehval
Industries, Inc., who have not surrendered
such
shares
for
exchange
pursuant
to
or
Cash Dividend No. 168
a
for
A,
holding such
of
record
of
holders
the
of
registered in the name of each stock¬
holder of record June 15, 1962.
close
at
record
of
Series
June 30, 1962, payable
to stockholders
1932.
The
stock
common
Lehigh Valley
Stock,
Preferred
year ending
1962,
2,
shares
dividend payable July 6, 1962, in
of common stock amounting to
shares
%) of the
1962.
of
Directors
of
Inc., today declared a dividend
share on the $1.50 Cumulative
Convertible
DIVIDEND
extra
INC.
29,
May
3%
three per cent (3
INDUSTRIES,
VALLEY
LEHIGH
meeting held
DIVIDEND
Michael D. David
and Treasurer
Treasurer
New York 5,
N.
Secretary
Y.
the
CERRO
CORPORATION
YALE & TOWNE mfg.co.
Lock and
Hardware
Products since 1868
300 Park Avenue
Materials Handling Equipment since 1875
New York 22,
Cash dividends paid every year
N. Y.
since 1899
■
J/.1
COLUMBUS AND SOUTHERN OHIO
ELECTRIC COMPANY
{JO^cuzjzo-
CONTINENTAL
Dividend
on
Common Shares
The Board of Directors has declared
The Board of Directors
of
231ST
A
PREFERRED
quarterly dividend of V/2%
upon
($1.50
Columbus
a
the Pre¬
ferred Stock of The American Tobacco
Company, on June 1st,
1962, declared a div¬
idend of fifty-five cents
(55(f) per share on
the outstanding Com¬
mon
Company,
payable
in
1962,
to
stockholders
close
of
business June
will
cash
of
8,
on
record
1962.
July
at
and
Southern Ohio Electric
DIVIDEND
share) has been declared
2,
the
Checks
be mailed.
Shares of the Cor¬
poration, payable July
10, 1962, to share¬
holders of record at the
close of
business
Waterhouse
G. C. SHAFER, Secretary
ELECTRIC
COLUMBUS
A. T. Co.
on
Stock, payable July
1,
per
close of business June
this day
AND
ELECTRIC
SOUTHERN
a
quarterly dividend
the outstanding $5.50 Dividend Preferred
1962,
to
stockholders of record at the
15, 1962.
Common Dividend No. 69
The Board of Directors has declared this day a
dividend, for the second quarter of the
on
the
outstanding Common
year
regular quarterly
1962, of 55$ per share
Stock, payable July
holders
stock
at
of
1962,
to
of
such
close
of
bush
the
Co.
June 15, 1962.
be closed.
M. C.
WOODWARD, JR.
OHIO
TREASURER
COMPANY
May 31, 1962
I
1,
record
The stock transfer books will
not
the
©
share
$1.37|/2
ness
Treasurer
May 29,1962
of
on
June 25, 1962.
J. R.
COMPANY
BAKING
Preferred Dividend No. 94
^&ny2Xi72^
47
NOTICES
Company
39
Capital Expenditures
higher
prices
than report lower, 9% to 4%, the
report
sum-
page
to 1 Yr.
8
MRO
on
6 Mos.
90 Days
60 Days
30 Days
24
Production Materials
respond¬
comparative
By Order of the
April
Prices
week
same
,
Supplies
MRO
part of the year.
Our
Steel
Capital Expenditures
have
against
$26,121,375,335
1961.
: '
.
are:
Hand to
May
did
latter
at
President
Per Cent
1962, but cautioned that 26%
corresponding week
United States Lines
period
this
reported
from
obtain
to
Continued
their seasonal weakness. No general shortages are indicated at the
improve-
States
possible
all
from
Our preliminary totals
year.
Specific Commodity Changes
the
majority of our
no topping
out in
last
March
employment, notea since
is
ended
week
data
United
the
indi¬
NOTICES
that
remark
members
question, indicated they
con- consecutive month that this situasidered their inventories higher tion has prevailed,
On the tip side^are: Sugar and
than desirable.
determine whether
the
2,
it
stand
present time, marking the 13th
watching
the
those for the
figures
faded hopes for price relief and
last month, in reply to a special
close
for
the
from
country
weekly figures will be 4.1% above
in
have been reversed.
Some
the
June
of
which
will
with
compiled by the Chronicle, based
steel scrap dropped to an eightyear low, and fuel oils continued
bear
week
compared
Preliminary
ago.
year
this
increase
that
Saturday,
cities
advices
of
$25,105,132,994 for the
^ent stemming from this force
the balance- of 1962 'in in the
economy.
reasonably good shape, the cau¬
Some further cutting back is to
tion lignts are flashing a
little
more noticeably''It
is a situation -be expected from the 36% who
will
clearings
an
cities
cate
;
indicators, but it does seem that
the
long
slow
trend
toward
lengthening over the past j^ear
QOWll
through
which
None.
Buying Policy
Changes
members feel that
some
Bank
show
±rom
in April, and 44% in
lcp^ncu mia pcuuu
March' and 18% reduced their were mainly commodities taat
stocks' 11 is difficult to see any have shown price movement over
more boost to continued improve- the past month or two. Carbon
during May
mom en turn
thP
supply:
Clearances Increase
4.1% Above 1961 Week
Profit growth are discouraging
capital outlays. Hopes nevertheless remain high that favorable
depreciation legislation promised
for this summer will materialize,
There is no question but that
quarter.
During
the
past
two many will continue to sit on immonths, however, the rate of ac- provement and expansion plans
cumulation has dropped sharply, until the picture is clarified.
Production
May
Bank
telegraphic
on
chief
DIVIDEND
/
.
dom
improvement
,
short
'In
the two
_
ever-growing need for profit
As we have cautioned in preimprovement.
Fear
of
Federal vious commentaries, buying policy
knuckle-rapping appears to be a statistics are subject to more ran-
Steel
and
plywood,
the
production
,
oil,
Thursday, June 7, 1962
.
shrinking of the margin between
Purchasing Executives pulled
in their horns a bit further in
May, shortening up their commitments for production materials
and capital goods. We first hinted
Association of Purchasing Agents
Clearly, some of the pressures oi a
slight movement in this
Business
Survey
Committee, that had been building
under direction in March and followed
whose Chairman is E. F. Andrews,
prices nave relaxed in spite of a similar report in April.
Vice-President in Charge of Pur-
fuel
scrap,
.
polyethylene.
re¬
porting since April, 1961. Those
registering
employment
gains
numbered 27%, a tiny 1% off last
month's figure. While there are
still more adding than reducing,
Failures
Commodity Price Index
Signs of fatigue crept into the improvement. of business activity in
May. This is the consensus of
Purchasing Executives submitting
their latest report on the pulse
of
the
economy.
Last
week's
suffered
year,
Fewer names on
payroll are reported by 17%,
jump of 8% since last month
a
Price
Business
the
of
in May.
the
Food
TRADE and INDUSTRY
first
setback
Output
..
Volume
195
Number
6166
.
.
The Commercial and Financial Chronicle
.
is
Advice for the Investor
of
selling
the
the
is
opportune
tendering this
rally
market
and
resume
advice,
return
dubious of low
to
to
Mr.
Babson
normal
more
is
against
advises
gulf between the high
prices that stocks have been sell¬
question whether
stock market.
Nevertheless,
be
is
he
a
ing at and their dividends. These
low yields are unnatural and must
market's
of the
mindful
operations.
wide
corrected.
the
past
week,
almost
been asking what
has
everyone
has happened to the stock market.
The
have said "noth¬
since 1929." Yet the
sult from capital gains
the
Funds
.
get
not
may
.
.
derly decline.
which
for a
while.
like
it
What
Will
Industrial Average is
only about 20% from its alltime high which occurred at the
start of 1962.
The Industrials have
the
suffered
most; the utilities
less; while the rail¬
have suffered
roads have suffered the least.
the other
been
is
the
give much
what
cent
stocks
low
yields
attention
more
yielding.
are
Re¬
continue
cannot
great
a
business
im¬
divi¬
Market
in
dends,
Stock
evident
many
that
there
have
bargain hunters who
have bought stocks the past week.
This
has
market.
I
say
this not¬
withstanding that the market has
dealer in U. S.
municipal
and
is
acting
more
nor¬
mally.
situation can be cor¬
reducing the price
the
and
caused
however, do
some
rallies.
I,
not believe that all
I advise against selling
of stocks.
investment-grade
but
I
has
come
to
Latest in
a
stocks
question whether the
resume
firm's
First Boston Corp.
time
investing in
search
one
the
of
largest
firms
underwriting
(
is
somewhat.
trading and sales
The
of
the
in
are
on
the
6th floor.
new air-conditioned offices
decorated in traditional style
the
executive
and
public
Forms Financial Factors
LONG
BEACH, Calif.—David L.
Hauser is engaging in a securities
business from offices at 256 Siena
Drive,
under
Financial
issues
the
firm
Factors.
On
Commodities
getting
it into their heads that
everything
should go down in price.
There¬
fore, whether they are
houses, automobiles,
looking
for
orange
they
groves,
or
even
expect
bar¬
gains, and they pay no attention
to the prices of a month ago. - This
especially applies to used cars of
which
there
dealers
is
surplus and the
a
trying hard to convert
are
them into cash.
The banks
are getting frightened
begun to ask their cus¬
have
and
to
tomers
reduce
loans.
frightened; but bankers
are
They
being
easily
because
not
their
really
have
scared
rather
the
tomers.
it
is
loaning, but
are
of
money
their
cus¬
They do not know when
customers
their
for
reason
which they
money
their
no
will
to
want
use
to. buy
bargains
and hence the bank¬
money
themselves,
must be prepared to take care
ers
of them.
Most bankers
much
were
disturbed by President Kennedy's
actions when he lost his temper
the
over
price of steel.
They feel
Kennedy is against
profits, and, perhaps,
that President
business and
is too favorable to the labor lead¬
Even
ers.
ning
to
the
the brokers
feel
begin¬
are
owing to
investigations.
Some
SEC
brokers
this
way,
unjustly saying
even
are
that the past week
in
history
will go down
the "Kennedy Break."
as
Mutual
There
has
Funds
been
great sale of
a
mutual funds during the past two
It
years.
75,000
tual
is
reported
that
over
salesmen are selling mu¬
today. Most of the
exchange firms are indulg¬
funds
stock
ing in the
sale
mutual
of
mutual
of
which
funds
they
divide
can
a
series of optical maser
developments at Bell Telephone Laboratories, this
new
model is
a
solid state type
ruby crystal and capable of continuous operation. The optical maser (or "laser") generates a kind of light beam that may some day transmit telephone
calls, TV and data. Could conceivably carry far more communications than any radio system. Also a remarkably precise tool for study of atomic processes.
funds.
They are allowed a commission of
one-eighth of one percent on list¬
ed
stocks, and cannot afford to
have their salesmen go out and
solicit small investors for this fee;
but they get about 5% on the sale
sion
VOICES OVER A BEAM OF LIGHT.
using
The
Constant Search for
Research and
improving
commis¬
with
organization of the Bell System
your
Better
a
are
Way
vital factors in
communications services and holding down cost
the
salesmen.
When
salesman
a
sells
worth
dollars
sand
thou¬
a
mutual
of
funds, the operators of the Fund
generally must enter the stock
market and buy a certain amount
of
listed
stock,
has
or
market
stock
during the past two years. It will
be more difficult to sell mutual
funds
and
crease
until
stock
cent
a
in
the
his
will
in¬
the
re¬
of
news
market
turns
redeemed,
break
is
for¬
fund
mutual
shares
to
be
operators
Fund
sell
some
of their holdings.
believe
these
mutual funds
must
I
the
When
gotten.
holder
redemptions
we
tors
Therefore,
mutual fund opera¬
have had occurs.
the selling by
has
been
one
cause
dividends
on
mutual
funds
The
progress
are
organization,
and the
in communications.
Today there
one
than four
telephone
surely cost
you more
quality would be less.
Behind the
more
your
is
a
program
thousand scientists and engineers at
basic scientific research into
Bell
new
Telephone Laboratories. They
conduct
Bell
in
behalf
of
the
Telephone Companies and
Western
and
research
Electric, the manufacturing
supply unit of the Bell System.
that have
fits not
to
Without the close co-operation
of
research, manufacture and operations
come
discoveries
brought far-reaching bene¬
only to telephone
users
defense of the nation.
It
was
so-
BELL TELEPHONE
called bonus dividends which re¬
Owned
by
more
the
biggest
The electronic
form in bold
known
the transistor,
technological
"brains" that
are
adventuring along
un¬
paths by Bell Laboratories
scientists.
Telephone research and develop¬
ment, which have brought so
so
the basic scientific research
of
capable of guiding missiles first took
but
other businesses and the
many
the invention of
advances of all time.
of
wholly
ideas, principles and materials.
Out of it have
in
one
day-to-day research for
communications
of the Bell Laboratories that resulted
many,
much to
have but touched the fringe
of still greater progress to come.
SYSTEM
may
excepting the
System and its far-reaching
in
service would
the
of
decline in the stock market.
not be reduced,
a power¬
vitality of the Bell
are
perfectly safe; but they must go
down in price when a break such
as
discovery is
This
unlisted.
the
bolstered
The zest for
ful factor in the
than two million Americans
sec¬
tions, and functional elsewhere.
The newspapers,
television, and
radio have made so much of the
are
Under¬
The
Estate, Automobiles, and
big break that people
or¬
Buying and Re¬
/
-
the
located,
Department are on the
floor, while the Securities
are
the
in
new
which
on
room
Divisions
functions
The First Boston Corporation is
of
corporate
Cage and Accounting and billing
country's largest investment
firms, has moved its New York
office to new and larger quarters.
The corporation now occupies the
6th,
7th
and
8th floors
at
20
Exchange
Place.
The
55-story
building
was
formerly
head¬
quarters for City Bank Farmers
Trust Company.
one
and
writing
of the
field
the
ganization.
8th
Corporation,
reception
houses
In New Quarters
today;
Treasury securities,
bonds
bonds and stocks.
The 7th floor,
The First Boston
17
hand, almost everything
has suffered
Real
to
or¬
Readers, however,
rected only by
It
the stock
(2665)
rallied
see
provement
Do Next?
Dow-Jones
off
to
gradual and
indefinitely; without
newspapers
ing
had hoped
I
it corrected by a
yields and had hoped to see it gradually corrected.
should
During
sore
by foolish
investors, although general busi¬
ness is continuing good.
the
in
investing
many
up
As I have mentioned many times
before in this column, there is too
analysts
forecasting
are'
1
investment-grade stocks today, but does
time
In
stock
There
spots to be cleaned
By Roger W. Babson
Dean
well.
-
name
of
18
The Commercial and Financial
(2666)
Chronicle..
,
Thursday, June 7, 1962
.
weight of stock recommendations
The Market... And You
would
at
something
ommendations
trading and
Heavy
erratic gyra-
by prices continued in this
stock
market
but
with
tions
week's
industrials
still hold-
average
on
ing in the trading range that was
established
wild
the
when
week
last
made
slash
serious
576 and a
the
in
were
There was no sign of interven-
pretty much being led by a narrowing list of assorted quality and
glamour issues when the heavy
pressure wasn't around.
For the
general list, the balance between
gainers
and losers
was
pretty
much maintained except for the
second of the two Blue Monday's
tion from Washington, except comment deriding the panic and any
implied! prediction that business
is to hit the skids.- The more specific announcement is some time
away-—a revision of tax laws that
promises cuts from "top to bottom,
which the Treasury Secretary unveiled at a New York dinner. Action by
started to
have
that
standard
emerge
as
a
pattern. '
1
The Strange Face
The
strange face
the
was
American
Telephone, joining the other traditional
sprinters such as IBM,
Polaroid
Litton.
and
Like
the
list, it did little drastic
despite its wide moves, holding
well above the 98 V2 low that it
general
had posted during the much more
urgent selling of a week ago.
contrast, IBM
lows for the year.
new
the
were
the
In
still slipping to
was
poorest
The lows
prices
present shares and
for
seen
also
were
equivalent to new lows for the old
shares dating back to 1959 after
an
earlier split.
...
The
common
letters
£an—noted
each
"can
that
cut
in
now
70%,
a
were
had
margin calls and forced selling of stocks when no new money
appeared, that went on for the
last couple of weeks, there is sedoubt
laymen
credit.
the
over
to
move
to
make
trade
efficacy
it
in
years.
fv.p
nf
nnp
that
levels
MflV
only possible factor which could contribute to lower
bank stock prices at this time is their further
revaluation on the
of yield.
Historically,, banks have been regarded as yield
vehicles of investment, and, on the basis of current
in
so
and
"
:
•.
,
m 1
on
;
..
t
our
m
,
this article
than
such
struments
in
that
unhappy cate-
dubious.
Depreciation Reform
Some Optimism
The
to
Emerges
ability of the general list
its
ground
fairly well
sinking further and fur-
hold
into
kindling
new
low
ground
was
bit
of optimism, at
the professionals. At
a
least among
least tnere
been
the
gloom
slowly
was
evapor-
ating
Back
of
from
low
depreciation troubles of business
pretty much stalled and, m
for
1S
muc*J debate over
wh^ti}eJ *hey w°uld' in trutJi> be
as ^eJ^ul aj>. the sponsors allege.
in I960 when ail the talk
recession, the list dropped
early in the year to a
685
of
back
566
late
in
615 at the
at
proceeded
to
add
October, was
year-end, and
So
ao
far
iar
in
in
this reaction
inis. reaction,
cline has been from
the
tne
peak of 734
in mid-December, and a 1962
top
of 726, to a low of 576 on iviav
May 28,
15
,
..
r
--
-•
•
of
preferred
First
shares
'
W
able
have
the
the
irking
market
for
been
spectators.
general run of
some
of
CerSinly,
Preferreds Favored
a
issues it
hasn't been "another 1929"
pricewise, merely in the trading statistics and that not
surprising beof the vast number of stock
cause
splits
that
have
inflated
the
available supply of shares and
spread them to additional millions
of
stockholders
in
recent
years,
^gh8" Hst
With the exception of
by
appearance
the
a
pre-
,
total
showing at
•
<„
Y'
ranges;
so
have
random
a
Philips
N.
V.
owns
than
more
new
The
items that have
only a brief time
Trust
City
television
narrow
and
radio
sets,
elec-
&
-
High
number
of
listed
issues
had
recordsUcorne rasv'n^ °" ^
Two
peaks
important
still
volume
stand
and
the
1929
—
the
hardest
at a new
high is
appearance
an easy
chore for
shewed 186! totaled $1,371,110,000.
at the
the nV^prwee^s from^he^eTf
ei«ht "s°und" Preferreds
offering
record
one-day
4.7% level,
one-day
preferred at
4.6%,
one
a
four
at 4.8%,-Santa Fe's
flat
American
famous
others are Preferreds of
date of Oct.
average,
plane,
entire
trim
and from
had
been
29,
1929, the
much
lower
trimmed
38.33
a
th
at
The sue to
r>
number
Pacific shares<
5.3%.
nro*Wvorio
^
Gas, IVlacy, General Motors, Con—
solidated
common
spply
Philips
of
Tobacco,
.
.
,
N. V.
of
its philips
the
Edison, Champion Paper corporate
country'dumped'stocks^ the and American
shares
Philips
5%, and that of N.. V. and will simultaneously is-
fvera?eeV Tl1endLv heforeSt?hi
average.
1 he
day
before
the
Sugar
the
an
own
equal
common
Industries
proceeds
purposes,
for
i
n c
will
general
1
u
d i
n g
working capital requirements and
points, but
ARer the market's , trouncing, the continuing improvement, revolume soared to
16,410,000. Thus, and its uncertain air since, it might placement and expansion of plant
the more serious decline of Oct. 28
be logical to assume
tjhat the sheer and other facilities.
was
only
30.57
keep
;
con¬
112
4.00
64
114
115
Illinois
Trust
Eank
210
.
Detroit
84
69-
72
91-
61
27
2.0G
46,
1.68
68
88
95
57
88,
Bank
_:_A_
'
PRICE
*
'
1.40
4.4G
13.lx
>
12.9
/
;
v
.
12.4
16.8'
3.72
15.4
Matthew
and
The
ministration
in
"
Average
P./E. Ratio
,
.
' "'ll.lx
' : 'V
10.1
3.88
4.40'
120
;
;
»
1
N. Y.
12.2
14.8
'
""
*
4.10
"13 i '
18.3
-
18.3
,
3.55
'19.3
2.80
/
-
23.0
16.7
Analysts
to Hear
V.
Klein, President
of
National General Corporation, will
be
guest speaker
at the luncheon
meeting of the New York Society
of Security Analysts to be heid
June 8.
BANK
L.
and
INSURANCE
Akers,
Maurice
in
exchange for de¬
faulted mortgages. A.
one
^
2.80
-
Federal Housing Administration
debentures are issued by the Ad¬
will be
•
3.48
y
Deiter,
firm /will
have
offices at 40 Exchange Place, New
York City.
market
•
.
Kelly, executive Vice-
President;
plans
"•
•
Eugene
President;
Secretary.
'
14.3"
Vice-President; Harold Groll, Vice
Co.
'
.
3.13
35.2
YIELDS
3.93
*'
*
3.91
Formed in N.Y.C.
16.7?
3.72 "
;
.
13.3
Kelly Co.
v
4.47
,
...
3.71
^
1961
1962—
"
'f
12.0 '
4.47
x—__
17*0.
4.63%
13.1
«
33 7
r
-
Average
Yield
r
14.9'
4.34
4.74
31 0
i 35.0
18.0
!
-
13.4
-
,
44 5
16.8
-
P./E. Ratio
,
4.04
.
'
Outside New York City Banks
Average
4.49
be: John B.
2.81
.
to
make
these
P. Kelly &
an
active
securities
and
of four firms to do so.
:
■
33 8 '
;
20.8
*
'
41.4
21.0
"
.
2.54
EARNINGS RATIOS AND
Yield
•
22.Q
22.2
.
3!Q2
-
1.60
32.5
15.9
2.45.-
1.60
33.1
14 8
16.9'
22.2.'
1.70
^
45.0
11.3
2.80%
Average
1957-—n-
A. P.
35.2
11.9
" '
'"'-2.67
*
2.96
—New York City Banks—
f,r
_•
i
,
/'i
14.1
2.36
'
1952—4.40%
1-958-
i.
-
1.50
47
-
»
!
15.4x
/
3.40
0.60
95"
63
V
26.S
3.70
-
1.60
•:
88
'•
63
56^
'-
,
,
26.8
2.87
1.70
,
29.2
,
18.2
2.59
4.00
52
47
Bank
Fargo
r14.0
..14.2
.
3.12%
.
'1.60
.
V'
: 30.5%
•
National
Co
of
3.65
^' 3.65
.•
-
' 15.2x-:
3.90'"/
-
Prom
Hif'h Price
Earnings 1861-1962
1'"*.3.!68% '
'
'62
on
Yield
3.00
150
110
Chicago
of
Dividend
73Vs
1_
% Decline
-
Ratio Rased
^" '
$111 fS $1.97
103,
•.
2.S0
tronic tubes and semiconductors,incandescent and fluorescent
only reached 1000 for the first them.
•
lamps, pharmaceuticals, and vari- Formation of A. P.
Kelly & Co.
time in the late days of
1929; curThe preferreds, fnoreover offer ous other industrial and
consumer
to specialize in municipal securi¬
rently the total exceeds 1500 and
definitely above average yields electronic and electrical products. ties and Federal
1300 or more trade on a
Housing Admin¬
given that make it
easy for them
to Philips has plants in the Nether-:- istration debentures has been an¬
day as a consequence; in number compete
with banks for investor lands and in 29 other countries,
nounced by Alexander P. Kelly,
of declines, number of new
lows, funds. One publication's listing of Net sales of Philips Industries in
HI, President. Other officers will
The
to
'
ex¬
,
rent
82V2
qo.
Bank__„
Co
Trust
Eank
-
-
highs 99% of the shares of N. V. Philwhen-issued ips Gloeilampenfabrieken (Philips
been traded for
Industries)
which - manufactures.'
preferreds.
(Bid)
1.961-62
$53»/2
Ek.-N. Y,
City
City
Average
P.ating dealers to solicit subscripti°ns-
whencouple of utili-
issued shares of a
ties, the only issues bolstering the
sum
;
..^t.
1962
Wells
ney & Co., New York City, which
random Will-organize a group of partici-
new,
order
/P./E.
Cur-
Crocker-Anglo Nat'l Bank____
Nct'l Bank
L_
Security-First Nat'l Bank__!
aged in the U. S.tby Smith, Bar-
"New
BANKS
;
First Nat'l Bank -in Dallas^LRepublic National Bank.
nA'
transmittal letter appropricompleted.
Rotiemamscne
time,- In
of Clev-iland
Citizens & Southern Nat'l Ek.
Wachovia Eank & Trust Co.
Nat'l
S.ubscrip:boa. Agent,
York rib
*7,/h
l
York City, such coupons, ac-
ateiy
confirmed in the market's
Price
;
Nat'l
Eank
companied by payment in full of
the subscription price, together
with
payments, which is
Even
May 29,
Seatile-First
■
of
some
SELECTED
*. i
Trust
Natio-nal
nbearer formbydepositmg with
Sew
for
concern
dollar.
1
Continental
' :
^
sound
a
National
Morgan
Rights
29.
balance
our
Average New York Banks
Amsterdam, the
or
on the 1982
figures a reaction ter.rad st0<:ks havf been emerging
°£ Euro"
of a hair less than 21%.
as the preferred shelter for money Pean subscription agents.
And all of the so-far
premature seeking income until the market
The offering, which is not bereferences to 1929, while
inescap- climafc clears. .This conclusion is ing underwritten, is being man-"
/.r.
First
Nfl
May
on
-
.;
Bank
Chemical
1
'
com-"
118 75
or
past
interest rates should tend upwards. This
run,
unfavorable
administration, in its
Bankers
evidenced by coupons
™ay be exercised for
n^p.er
a
With all the uncertainties,
5133
record
®ddlt
in
.
at
participating
Rights
this country. There
are also other onerous proposals
...
its
~6,153,149
expire June 22
formgn earnings, not merely those
that are remitted to the parent
involved.
shares
held
American firms abroad. They
pay tax on all
dede
points during 1961
offering'
is
per share on tha bagis of one new
for each fiye common or
fou.ld make them
company
.
share
than
more
doven
additional
an
mon
offset by tax proposals that would
seriously hamper the operations of
115
than
more
would be
scene
y
stockholders the right to subscribe
are
iness
N
s
Netherlands)
this entire subject is somewas
near
agreement w*iat foreign to the market trouso
far
the
damage hasn't
Moreover, what beneficial
catastrophic. And some of effects would be added to the bus-
that
was
phili
Specific proposals to lighten the
without
ther
Questioned
the
over
occur-only as other
utilities, decline in price.
part
in
remain
•./'
"
'?
g°ry
*
been
about inflation, is anxious to
though the Federal Reserve is
anxious to keep short-term rates
low, there is no evidence that
long-term rates will also fall. The banking system has
adequate '
free reserves, and, to encourage
loaning, the discount rate could
fall. The Administration and Federal
Reserve, however, have taken "
no
action—an indication of our need for
maintaining rates. With
complete economic recovery, it is most likely that rates will rise— '
a
fact that augurs well for banks.
7/
"'y :
/
q\,^1 ^
1 (J OLOCKiIOIClGTS
to
maintain
Philips N. Y.
stimulating the market was far
easier. Now that so many of the
millions of stockholders have been
half of its 19821. top, joining frightened by an ominous
crack^
as
Beckman and*Texas Inprices, a comparable effect is <nn
have
gold stock intact and to prevent foreign countries from
the
^hronlcle-
are presented as those of the
or on y"J
1
they
as
.
less
now
attractive
as
verting dollars to gold, interest rates must remain high. This will
not only insure a greater return on fixed income •
securities in
this country, and in turn higher bank
earnings, but will also
mean greater
foreign deposits in cur banking system. Obviously,
-
y
predicated
pected
any time coin-,
the
6
-.
-•
.
xpressed
necessarily at
Previous margin cuts, and
apparent effect on brightening the stock market, were in periods when optimism reigned and
.
'
-
.
ofl jA
'
quick to get
were
is
•
enthusiasm
more
:
return, bank
not
are
several years. Further price depreciation will
similar investment media, such as
sur-
not to "miss the market":
as
rr,
the
a
second time.
a
others in the wide-moving
lows, with Polaroid
1953640—:^
at-!// stocks
were
appalled at the levels prices
tic period,
^
:'v"
;
basis
,,
had
prkes
that
people, the
many
oq
group were also busy carving out
new
:
.
The
reached in
easier-for
stocks
growth banks; are selling at fairly reasonable
multiples,' with
the current average being lower than at
any time in the past five
being that - many of these""
buyers are long-term holders who vy.!.Over the long
the
rious
Bank earnings
as
-
mise
market trouble is apparent has so
far been
unfounded.
And
after
any
lot t of
Some of the market rebounds,
when
margins,
round
-a
purchased for
about 50% less than at
tractive to
for
/
.
be
now
Dartiril]ariv
hope
change in Regulation Q.
-/,V
/.
;
on the whole-will be unchanged to slightly
.
$9}ioo, or
their highs."
rt"
usual
the
i
higher in 1962 witli the exception of .the West Coast
banks, which :
have the higher percentage of
time,, deposits. On the basis of V
fjve
issues —Pacific" Telephone, : earnings-for the
year,-New York-City banks are selling at their >
Montgomery Ward, Diana Stores, - lowest multiple in the past year or more, and are not high
priced /
American
Export
and '' Nationaly historically. Banks away from New York, which are characterized ::
posals.
Street's
to
*
was
the plan apparently hasn't
gotten down to specific pro- reached
The
•
jn market
use
PRICES AND INTEREST RATES
high price levels of six months ago, bank stock prices
have, declined appreciably. The
average decline approaches 30%—
which is a somewhat greater
figure than that of the Dow-Jones
Industrial Index of; 30 stocks. Some of this decline
occurred prior I
to the. recent sell-off in the stock
market and may be attributed >
description"
;
STOCK
From their
"Depressed Stocks for
Recovery." One firm's selection of
not be taken before January, and,
even
•«//•''
■
familiar
in fact,
this group
in
once-staid
£onEf*s
BANK
■
/y/*,>;'1
-
Another
Bank Stocks
—
^
Up on]y for 0rs> £he airr
craft, missile items,
rails and
st0res.
y-.j /.>■'*■
gyrations
out
"excellent
.
dge
still well
a
market
The
bringing
as
Week
This
with-prices cut back'
bard> yieids 0f 4% on the aver-'
SQ
And the 14,750,000 peaK
historic.
lull,
.a
even
this tone was 84-on
May 28, making it anything hue
average
bottom limit of volume of May 29 is
top one of 613.
y;- under the 1929 level.
flips gave
and
eclipsed and the later date such descriptions
became
the
crash
value.
was
most
of
Actually, with so many quality,
issues
caught in the whirlpool,
the now-depressed prices actually
seem
to be stimulating the rec¬
WALLACE STREETE
BY
be
but that is definitely not the case.:
STOCKS
Bought—Sold—Quoted
Laird, Bissell & Meeds
Members New York Stock
Members-American ^tock
Exchange
Exchange
120 BROADWAY, NEW YORK 5, N.
.
Telephone:
Bell
BArclay
Teletype NY
7-3500
1-1248-49
Specialists in Bank Stocks
Y<
Volume
Number 6166
195
.
.' The
.
Commercial and Financial Chronicle
(2667)
the
SECURITY SALESMAN'S
objective is worth its cost in
time,
The
energy,
and expenditure.
investor is a realist.
He is
the fellow who didn't ehase stocks
to the sky—he didn't
overbuy and
CORNER
BUTTON
JOHN
BY
his bank to obtain additional
run
purchasing
wealth for the shareholders
more
(if the investment happens to be
equity, or a discount preferred,
an
bond).
or
I
have
*.*
a
*
friend
*
-
who
is
in¬
an
vestment dealer who specializes in
during the past high
grade
income
producing
decade. He lives simply, and with5
bonds, common stocks; and mu¬
a
recognition that there are nat¬ tual funds. He has built a cli¬
ural
Amateur Speculators and Investors
a
A
be
price because they "bought in" at
"low"; level. * The invest¬
ment security salesmen must live
with these people.
There is very
little he can do to help them. But
salesman
should
ulator and evaluate his emotional
motivations,
times
curities
the
• because
there
are
these people domin¬
when
the
ate
buying and selling of se¬
by individuals.
During
past decade
increasing
eyer
the
security
could
be
lators."
what
an
a
does
not
such
a
participation,! in
markets
termed
Unless
makes
be
able
them.
Most
lose
must
capital
by
The
what
"amateur specu¬
security sales¬
a
He
wise
clientele
his
investor
a
has
trip;
he decides
basic
he
who
man
shaky foundation.
plans
map,
investment
build
this
universe
that
upon
values.
that
is
the risk he
ment that
hind
that
during
consists
It has not
day
creation
more
value
be-
it, from the expenditure of
been
of sales to
mutual
of
the past 10 years
solely of investors.
an
easy
road.
On
Monday, May 29, when the papers
were blazing forth with
headlines,
"Wall
Street
Crash,
Greatest
Since *1929," he had the largest
takes; (3) An invest¬
appreciate in price
can
the
to
with
commensurate
entele
his
funds
pect that
during 1962.
he will continue
business
as
•
desirable
customer
markets"
and
with
But
us.
difficult
he
an
during "bull
always be
will
investor is
who
to
do
business
some
want
Chicago Analysts
to Hear
do
Kodak Company, will address the
of
re-
adjusts to reality, earnings, yields,
his
effort of the people who are pro-
and the future
ducing the profits that will create
managed, sound companies whose
well
luncheon
meeting
ment Analysts
today
7)
(June
of
the
of
They
at
the
Hotel.
with
their
cannot
will become the year
out, customers of
security salesman.
year
Nevertheless,
be
a
J
consummated
individuals
in, and
dedicated
and
-
.
much
business
with
since
these
they
are
a
recurring phenomenon of the in¬
vestment, business, such as the
seven year plague, or the
periodic
swarms
of locusts that infest vari¬
parts of the universe, let us
analyze their motivations and try
ous
to understand them.
these
of
many
remain
a
(Incidentally,
people
more
will
now
reluctant
and
non-participating element in the
securities, speculating, and invest¬
ing rodeo during the next few
months,
or years—this is only ;a
personal opinion and may not be
of much interest or validity).
What Motivates
Amateur
an
•
Speculator
Barnum
not only was right, he,
hypocrite. The penchant
of the amateur speculator is to
"Get Something for
Nothing."; He.
was
no
,,
is the
same
person
who has forced
filling
station,
and
your
super-market, to ask you, "Do
You Save Stamps?"
He is easily
your '
,
motivated
because of his primal
to make money, quickly, and
without sacrifice .of time, study
urge
and work.
He is the fellow who
is
manipulated
by .skillful
press
agents, advertising agencies, "and
politicians, who. make
promises
they can never keep, and they
usually buy what is offered. They
eagerly sought the glamour stocks,
the- "fast movers," the "new: issues"
that
moved
to
a
hundred times
uranium,
and
termed the
cared
for
earnings, to
what finally
"exotic stocks."
for yield,
not
,
premium,
and they fell for every "gimmick"
in the security markets from one
for
space,
"
•
were
They
quality,
management, for earnings, or
price earnings ratios,
reasonable
their motivation
was simple, "ac¬
quisitiveness."
This, may sound
harsh, but it was not so long ago
that
the
saying
was
current
around the board-rooms that "the
FOR
people who have made any
in this market are those
only
money
40
under
years
of
BEATING
YOUR
COPPER'S
age"—remem¬
THE
ELEMENTS,
BEST
BUY
ber?
The second and
tion
of the
his
primal motiva¬
is
great
"self
amateur speculator
need and desire : for
preservation." All of us have
this need but the amateur specu¬
will
lator
buy stocks that are
chase phantoms dur¬
overpriced,
bull market, never sell when
a profit because he doesn't
want to pay the capital gains tax,
ing
a
he has
or
because
make
a
fuses
to
he believes he
should
larger profit—then he re¬
take his loss' because he
and admit that
he already has it.
These are the
These
metal—pure
who
will
wind
up
with
stocks that will not recover in the
next
"bull market," nor will such
that
their wallpaper—hoping
someday
-chance -to
they
unload
at
will
a
get
a
fantastic-
copper
with
a
little
tough,
could drive them into
you
undrilled oak with
driver if you
added.
to
They're
a
terrific buy for
the
test.
jobs like fastening the planking
weigh just
of
about
a
hull, crossbars
power
pole,
or any
on an
electric
hardware
ex¬
posed to the elements. They'll
never
rust—will stand up
kinds
of weather.
companies grow and prosper. They
will keep
made of Everdur®
bit of silicon and manganese
won't face reality
people
screws are
water.
And they're
in all
Even in salt
so strong
and
at
the
a
a
power screw¬
wanted to put them
Six lM-inch #8 screws
over
Yl
ounce,
penny's worth of
refinery price. Of
after you
contain
they
are
a
a
cost
great
one
of
not
using them
more.
terrific buy-
be
deal higher. This is but
alloys
our
can
simple example of the hun¬
course,
packaging, market¬
still
the
machine
bolts, nuts, nails—because
dreds of ways copper
ing, they cost considerably
But
their counterparts,
copper
add the cost of alloying,
fabrication,
as are
screws,
can
losses from
and
help prevent
nation's
or
copper
reduce
appalling annual
rust
Midland
.
substantial clients
as
Invest¬
Society of Chicago
speculators
all
or
eventually.
more
to
locate—you see, "He
something for noth¬
ing" and he is greatly outnum¬
bered by those who do!
*
doesn't
ex¬
I
to
this market
prospects of
the
CHICAGO,
111.—William , S.
Vaughn, President of the Eastman
customers
not
marks
or
ment
due
•«: / »'
whether
only the price level of
common
stocks,
but
everything
else.*
This is .the ■ investor who
still desires: (1) Safety of his sav¬
ings to the greatest extent pos¬
sible; (2) A return on his invest¬
in
and income produced.
An amateur speculator is a
very
people, and
tick, he will
them
amateur
be classified
can
seen
a
it is
in
available
are
market, and where these equities
can
also
be
bought at sensible
prices in relation to their earnings
understands these
man
not
have
we
such
laws
govern not
able to recognize an amateur spec¬
security
power
obligations
19
and corrosion,
easoaa
AnacondA
•
Financial Chronicle ;>
The Commercial and
Howard
Missouri.
BANKERS
Consolidations
New Branches
•
New Officers, etc.
•
approved by the Comp¬
the Currency and will
become effective June 8.
Stock¬
holders of both banks previously
of
it opens its
The bank's
original office in the . Republic
was
established as a branch of
the International Banking Corpo¬
ration in 1917. Heading the branch
will be Edilmiro Salas wso served
as an officer of First National City
in
Santo Domingo from 1928 to
Mr.
v:
1941.
*
*
*
Secretary, and in 1957 was
Executive Vice-President
in the Kowloon
of Hong Kong, located on
1
June
opened
section
bank.-
heads the Kow¬
having been trans¬
ferred from First National City's
main Hong Kong branch.
Charles Bradley
branch,
•
*
*
1
.
x
■.
bank, and of
;
has
New
Commerce,
as
charge
of the new Park Hills office. He
will be assisted' by Joseph Barthel,
who has been promoted to As¬
sistant Cashier.
D'Onofrio, formerly
A.
Patrick
Company,
that
announced
Washington
Assistant Vice-President.
F.
Caruso, formerly As¬
Assistant
to
the
of
charge
has been advanced
Vice-President
in
Loan De¬
Dealer
partment.
:
v.."
sfc
*
,
> *
six
Assistant
Treasurers at The Marine Mid¬
land
Trust
Company
of
New
York
has
been
announced by
of
election
The
8, at Knollwood Country
Club,
according 1 to ' Charles' R.
Perrigo of Hornblower & Weeks.
Perrigo, President of the
anticipates a turnout of
Mr.
group,
X
400.
over
George C. Textor,
Office
ton
succeeds
Vice-Presi¬
F. Talbert,
Raymond
the Washing¬
1955, who has
since
assume
a
post as
Vice-President with the Crocker-
to
resigned
National Bank, San Fran¬
cisco, Calif.
Ralph W. Utley, Assistant VicePrbsident
and
Manager
of the
Anglo
Bank's
to
turn
Carnegie Office, will re¬
take charge of the Mt.
Lebanon
President.l
with
Club,
a
mem¬
founded
was
in
Mr.
is
that
A.
and. Leonard
Office;
Siwek,
International Banking.
*
The
*
Federation
is
of the Invest¬
and
past president
4
Trust
and
York, opened its
The office, the
in the Bronx, lo¬
the
as
election
10th office June 5.
branch
at
cated
Williamsbridge
1800
*
as
in
Paul
L.
Mullaney
William J.
Hartmann, As¬
sistant Vice-President,
will be the
Manager of the Morris
He is head
of
the
St.
Louis office of the
Harris Bank's investment dept.
Park Of¬
*
*
Becker has joined
Secu¬
rity National Bank of Long
Island
Paul A.
Mr.
Cox
' *
*
*
1951, and Vice-President
ident in
in
,
The
East
1 Wichita,
*
Side
of
The
of
ment Company
Cole
First
is still
Invest¬
in addition to be¬
ants.
Rejoins Mason Brothers
■
(Special to The Financial Chronicle)
OAKLAND,
Janusch
has
State
Wichita,
Calif.
—
Richard
rejoined
J.
Mason
Brothers, First Western Building,
*
H:
Bank
,of
Kansas,
has
national Bank,
Executive Vice- converted into a
County Trust under the title of East Side Na¬
Company,
White Plains, N. Y„ tional Bank of Wichita, effective
will retire
on
July 1, after 38 May 25.
William W. Post,
President
Mr.
Vice-President
1956.
Assistant Vice-President in the
personal credit department.
:
Investment
First
of
Company/ Inc.
members
of
the
Stock Exchange.
Pacific
Coast
Mr. Janusch has
recently been with Sellgren, Mil¬
ler &
&
Co., Inc., and Hugh W. Long
Co., Inc.
third party has been added
of
Labor
Arthur
—Secretary
Goldberg. Although his stated in¬
tention is to induce "more volun¬
tide
of the game. For a
understanding of why this
important to under¬
nature of government
is
it
so,
the
bone,
head
of
Union
of
Britain's National
Railwaymen:
inability
nancial
of
the
"The fi¬
industry
increased wages cannot be
accepted as a reason for refusing
to pay
a
justifiable
wage
claim." Thus,
with the assistance of
the govern¬
ment, labor is able to constantly
win arbitrary and uneconomic in¬
Spending
of Capital
administration's
current
The
policy is perhaps best defined by
a
statement made by W. Rath-
creases in wages and fringe bene¬
including
fits. /X'X:-'': X VX
the govern¬
Living Costs Rising
ment, recognize that a stable eco¬
A
recent
newspaper
headline
nomic expansion requires steadily
increasing
capital expenditures. reported that the consumer price
index climbed to a record high in
Not only are new capital invest¬
economists,
employed
ments
needed to provide jobs for
by
the three million new job
hunters
April
month.
for the third
Government
consecutive
price
of¬
im¬ ficials said that they expect an¬
portant, increased production of other jump in the index for May,
consumer
goods ultimately de¬ perhaps matching the April rise.
In commenting on the
increase,
pends on a rising stock of plant
and
equipment.
Thus, while Robert J. Myers, Deputy Com¬
steadily increasing capital expen¬ missioner of labor statistics, told
ditures would not guarantee busi¬ a news conference that the April
ness
expansion in itself, it is a increase was "an irregular little
each
year,
but
more
even
significant factor in providing a
strong base for economic growth.
Conversely, while a decline in
capital expenditures on a year-toyear basis would not necessarily
bring about a recession imme¬
diately, a severe business decline
could not be avoided for long if
the
trend
were
not
ultimately
jump in a period of long price
stability that should continue at
least the rest of this year."
A look at the figures, however,
reversed.
had formerly been Vice-
President
joined Harris Bank in
1927, he was elected Sales Man¬
ager in 1947, Assistant Vice-Pres¬
fice.
*
CORRECTION
ANGELES, Calif.—In reporting the formation of Capital Con¬
sultants, Inc., 6505 Wilshire Boule¬
vard, it was
indicated that J.
Robert Cole, President of the new
ever, a
It is,
problematical
those
par¬
pres¬
company,
*
*
Cox, Vice-President in the
investment department of Harris
Trust and Savings Bank, Chicago,
Clark
with the bank, June 1.
Office."
as
June
Hostetler
this
stage
Most
Morris Park 111., celebrated his 35th anniversary ing President of Capital Consult¬
Road, is called "The
Mr.
of Merle
Vice-President and Economist.
this
Role
Chi¬
Mr. Mul¬
LOS
Bank,
Kennedy
ditures.
ac¬
d
and labor. During the
Administration,
how¬
agement
the
Bond
ticipates
"guide¬
f-.h
fringe
benefits were
once
at¬
tended by representatives of man¬
engendered uncertainty, and how
it affects plans for capital expen¬
of
America,
laney also
;•
take are in accordance
government's
the
lines."
cut in corporate taxes
a
even
stand
Bankers
been
*
Commerce
Union
The
Company, New
first
City, has
*
*
Cleveland, Ohio, announced
*
Bank
Ford
at
promoted to Manager.
with
and
will be sufficient to turn the
Dougherty, Manager of
ident
and
director
of
Catholic
the Ford City Office of Mellon
52nd Street Bank, will succeed Mr. Utley as Charities of the Archdiocese of
>n/" n■
Office; Clyde R. Claus, Midwest-1 Manager of the Carnegie Office. Chicago. *
ern
States Division; Jeffrey Lai- William
A.
Hallett,
Assistant
Manager
tions they
very
in
businessmen.
highly
governor
of
please—as long as the
they reach and the ac¬
the un¬
President
tary
cooperation" between the
Kennedy's
' anti - business"
and
two groups, the effect of his in¬
"anti-profits" attitude have all
tervention has been to create con¬
but
completely undermined the
fusion on the part of each of them.
past
cago.
decisions
by
induced
certainty
at
Club
they
as
market.
mentioned
of
Association
ment and
their
under
stock
sagging
was
fuller
the
prop
therefore,
Riverside
of
a
as
confidence
Kenneth W. Ake, Jr.,
kind,
Metropolitan
New
York
Division; William A. Murphy and
John J. Raphael, Jr., Yorktown
act
thus
Plaza Corp.,
tivities
William
likely invest a good deal of
tax
windfall in
securities,
of
a
rector
ment
would
brackets
income
di-
Mullaney
also
responsible exercise of free¬
In other words, manage¬
labor are "free" to act
dom."
column several weeks ago,
Mullaney,
newly-elected officers are:
The
2% cut in the corpo¬
income taxe rate this year if
7% investment credit is not
As
President of
Mullaney, Wells & Co., Chicago
was elected a Director of Illinois
Capital Investment Corp., Chicago.
L.
our
cisions, the years ahead will be a
brilliant chapter in the record of
the
Reduction?
a
rapidly
Named Director
charitable
Office.
600,
of
v:
appointed
He
Office.
Bond
The
bership
19n-
in
industries will accept the
productivity
benchmark
as
a
guide to wage objectives, and if
management will practice equiva¬
lent restraint in their price de¬
by Congress. Further¬
Although there have been many
more,
while Mr. Kennedy has
instances
of
direct
government
stated publicly that he is not par¬
intervention in the area of pricing
ticularly concerned with the gyra¬
decisions, Mr. Kennedy's assault
tions of the stock market, another
on
the
steel
companies which
.story just starting to make the
caused them to( rescind their ^re¬
t rounds
is: ;thafc he might also ask
cent |n:iee increase is perhaps the
!fcr a cut in personal income taxes
best
known instance
of such a
for c thosei «f ins .i/them higher
tax
policy.
'
brackets this year. The rationale
Discussions
over
wages
and
here is that those; in the higher
■
.
dent and Manager of
Enrico
'
■
June
Bank and
Pittsburgh, Pa.
Samuel M. Lin-
Bank's Foreign
Department, has been advanced to
sistant Cashier,
the
CHICAGO, 111.—The 51st annual
golf outing of The Bond Club of
Chicago will be held on Friday,
duff, Assistant Vice-President and
Manager
of
the
Mt. Lebanon
Office of Mellon Bank, has been
named
manager
of the Bank's
the
of
Manager
rate
which/ he
leaders
labor
major
particular interest is the
story, not yet widely circulated,
that he is prepared to ask Con¬
for
"If
stated:
Of
gress
Golf Outing
National
Mellon
The
Trust
Tax
Early
"guidelines"
in
Congress,
to
port
approved
Paul
Assistant Vice-President in
of
prepared to do anything and
everything possible to prevent a
new recession from occurring,
v
Chicago Bond Club
York,
National
Sterling
joined
and
Chairmen
from
Vice-President, to
position he was
January, 1961.
in
with
formerly
Booth,
S.
John
and
advanced
is
which
pointments:
S.
elected
period
another
if
of
summary
policy can be.found in President
Kennedy's recent Economic Re¬
is
Scotia, Toronto,
Robert L. Dales
Proctor
Deputy
Executive
Vice-
Nova
of
Canada,
party
and
him
to
accrue
shortly after the recession which
ended last spring. It appears that
he has tola his advisors that he
.
National Bank & Trust of Directors.
Mr.
Galvin
New York, announced
the following promotions and ap¬ Executive
of
f
■;
Bank
"Guidelines"
The
; Perhaps the best
the
administration's
business decline were to begin so
M.
John
Sterling
John
his
.
a
Company,
Bank
*
*
*
Robert S. Scheu as
President. Additionally, Baldwin
Maull, President of Marine Mid¬
*
*
$
' r.
land
Corporation,
was
named
Commercial Bank of North Amer¬ Vice-Chairman of the Board of
Directors
of
the Marine Trust
ica, New York, received approval
Company, and Albert L. Sander¬
from the New York State Bank¬
Senior Vice-President and
ing Department to ^ increase its son,
capital stock from $3,2*88,060, con¬ Secretary, and Martin J. Travers,
Senior Vice-President at Niagara
sisting of 657,612 shares of the
par value of $5 each, to $3,600,560, Falls, were advanced to Executive
consisting of 720,112 shares of the Vice-Presidents. Both Mr. Galvin
and Mr. Scheu were also named
same par value.
:
*
'*
'.A-'- \'
as
members of the bank's Board
.
loan
:
of the appointment Presidents.
Galvin as Chairman
of the Executive Committee and
Chief Executive
Officer of the
announced the
election of John E. Cookman to
its Grand Central Advisory Board.
;
commercial
would
liabilities
political
the
of
aware
ment was made
of
also
.
which
supervisor.
special meeting of the
of the Marine
Trust Company of Western New
York, Buffalo, N. Y., announce¬
Helm.
Helm
Mr.
Marcel Delabriandais,
well
is
Kennedy
Mr.
after¬
shortly
follow
to
wards,
becomes
who
of
Westchester,
Y., announced
regarding
Congressional election
Presidential
a
election
loan
: activities in Northern California,
Board of Directors
Board, it was
announced May 31, by Chairman
H.
was
time-plan
of
head
made
v
Advisory
Harold
N.
:
Mott
E.
Center
Vice-President,
Pierre,.
every way possible — e.- g.,
"guidelines"; it has laicj down
wage
and price in¬
creases, its direct intervention in
pricing decisions, its direct inter¬
vention in the process of collec¬
tive bargaining, and the inflation
which is a necessary result of its
fiscal and monetary policies. ;
the
this November and a
branch
National Bank
office in Armonk, Town of North Security - First
Los Angeles, Calif., elected Carl
Castle,;, has been received from
E. Carlson a Vice-President.
the Comptroller of the Currency.
Following
A'.
Bryant and Colonel
to its Rockefeller
Leonard
F.
■
Trust
has elected
Company, New York,
Frank
■
York
New
Bank
Chemical
R.
some
With
Frederick
that approval of a
1
June
*
Bank
Plains,
White
San Francisco,
President.
-
succeeding
Nathan Road.
loon
Vice
of the
•
most
Calif., elected Wilson H. Asdel a
and
elected
•
National
Assistant
Francisco,
San
-
critically unstable by
intervening in the economy in al¬
conferences be¬
lie their publicly'spoken words.
Although not yet confirmed pub¬
licly,
rumors
are
starting
to
spread that the President is even
more concerned about the nation's
economic health than most busi¬
nessmen
and private economists.
i'lr.
•
of America,
Bank
County
became
Bank,
City
National
}
lationships
in business is in sight
time to come, stories of
behind t)ie scenes
made, an
of
thereafter
Vice-President
Treasurer,
branch of First
New York,
87th overseas
The
was
California,
of
Calif.
signifi¬
capital expenditures. Our govern¬
ment today, has made these re¬
for
*
;■
are
cant upturn
Officer, has been assigned
to the Oakland Office of The Bank
with The
Treasurer
and*
Trust
he
1926
In
York.
;)'*'».
v
advisors
•
loudly proclaiming that a
Trust
County Trust Company from the
American
Trust Company, New
Assistant
'
Archibald Eccleston III,
New York.
1924, Mr. Post came
In
-! r
-
Produce Ex¬
New York
change Bank,
branch.
86th overseas
the
with
21-year absence as
a
■-
started 49 years ago as messenger
economic
of
staff
service with the bank.
Post's
career
in
banking approved the merger on March 6.
of
years
City Bank, New
York, returned to Santo Domingo,
Dominican Republic, June 4, after
his
While President Kennedy and
has been
troller
National
C., into North Carolina
Bank, Charlotte, N. C.,
N.
National
Revised Capitalizations
•
LEFKOE
R.
of Wilming¬
Merger of the Bank
ton,
BY M.
*
*
*
BANKS AND
has been
Tellor
Wayne
appointed an Assistant Cashier of
First National Bank in St. Louis,
NEWS ABOUT
First
Thursday, June 7, 1962
.
(2668)
20
price stability, they neglect to in¬
form us as to what they mean by
With
this
in
mind,
the
next
tells
a
story
that
neither
Mr.
Myers nor Mr. Kennedy are will¬
ing to admit. While they blithely
assure us that the last few years
have
exhibited a trend toward
question to ask is: what are the "price stability." The consumer
fqctors determining capital ex¬ price index has risen 3.48% over
the last three years, or 1.15% an¬
penditures?
...
Although not the only factor of nually. Even if we were to assume
inflation
will
remain
as
importance, a stable set of cost- that
price
relationships
is certainly "stable" as this indefinitely (an
one
of
ments
when.
the
more
important
considered by
examining
ele¬
businessmen
possible
new
prospect, at best, given
government's
inflationary
monetary and fiscal policies), a
unlikely
the
Volume
of
man
day,
20
and
Number 6166
195
;
.
at
just starting work to¬
away his first
dollar toward his retirement, will
find that the value of that dollar
shrunk by over 67%
time he reaches 65.
JOSEPH
BY
the
by
$39,576,735, equivalent to $7.59
a
MUTUAL FUNDS
putting
has
(2669)
and Financial Chronicle
The Commercial
.
share.
Comparable
Oct.
31,
1961,
and $8.40.
C. POTTER
The
stable
duty, and leave the rest
heaven," said Pierre Corneille,
17th Century French author.
"Do your
to
government induced
fringe bene¬
fits, one of the largest cost items
for many companies,
are
rising
due
to
government intervention
the
"
collective
bargaining
Uncertainty pervades and
the prospects for increasing capi¬
process.
have
exenditures
tal
This apt quotation was recalled
week \ by
the
beleaguered
of
inflation. Wages and
in
somewhat
become
best.
at
tenuous
President
/
have
does
Kennedy
last
mutual fun.., who
in May for classi¬
cal
reading.
With
the market
undergoing
the
worst
sinking
spell in a generation, many Wall
Streeters, who should have known
better, were reviling fundmen for
"not ; rescuing the stock market."
of
manager
a
time
had little
not
course,
District
Financial
chortle
ing.",
is only seeing the
consequences of his own policies
and actions coming home to roost.
He
funds
"the
that
.r
rebounded, of
fellows in the
were
quick to
few
a
;■
.
to support the
is
Nat'l Securities &
Research Elects
the
army
never
been set
of
forth
by reasonable men. A sug¬
gestion
that
they
have
other
duties would be ridiculous coming
Philip C. Smith,
Vice-President, Sales, of
Senior
their
of
and
had
even
from
been
kindly disposed toward the
who
men
if the
than
people who do ■ their
P-cking ox stocks, are deeply
about
cerned
tions.
have
have
the
market-
the
own
con¬
gyra¬
people,
who
always
about;
much
as
to implore the funds to bail
out the "fellows -who' are long
market
bear
the
for
as
payment last month under
in !-a
funds
to
National
Securities
&
Research
Corporation, 120 Broadway, New
York City..
Mr. Kahn will be
Policy Committee and
all
activities
•
rushed
of: the
with
in
"funds
the
member of
a
the
something of
was
a
disap¬
during
the
days
and Investment Department staff.
A past President of The New York
of this week
lease
Economics
was
based
that
heavy buyers of
were
securities
direct
statement
a
first two
." The re¬
.
on
.
a
study
cover¬
indicating
that brokers weren't the only ones
kept hopping last week.
ing
Society of Security Analysts and
currently Chairman of the Admis¬
sions Committee of the Financial
54
No
doubt, this kind of news can
on to
bring in others
Analysts
be
was
to support the
Federation, Mr. Kahn
formerly Vice-President in
funds,
mutual
counted
market.
sustain
charge of Investment Research at
should
A.
ing
spell,
few
If the list
another sink¬
friends.
G.
Becker
&
Co.,
Inc.,
and
Director of Research at E. F. Hut-
' T
ton & Co.
Mr.
joined National in
Manager of the Profit
Sharing, Trusts and Institutional
Department following six years of
funds
as
law
practice.. He: later became
Regional
Sales
Smith
Williams
55
New
York
was
College
Law
Hillside
The
and
He
a,
as
of
have
their
long
only
a
Now,
a
V,
cancel.
department,
this
which
standing
now
Aschkar &
gage
in
est W.
a
with the
the
were
Paul
securities business.
firm
trading
as
H,
H..
For¬
associated
Manager of
department.
which
Mr.
Both
Aschkar
Manager.
clear
lady
commitment.
had
had
when
goal
range
All
she
this
selling
sensitive chore that
work
order.
long-
a
the
do, in
respect for the
par¬
industry.
can
cided
to
character
Reports
we
Amid'O
wt
d-
Assuming
keep-their
it is
selling
close, -to
a
the
r!
mutual
pretty fair guess that from
tumult and shouting that
was
chase
For
of
green
re¬
of
that
the
the
for eoncern. '■
may be one of the most
of
a
important
lifetime.
It
should not be consummated in the
atmosphere
;
April
on
30
were
of a dollar-day sale.
Understandably, most fundmen
feel strongly that they should be
left to police themselves, but they
$17.64
a
New
share.
holdings
sun
123rd
QUARTERLY DIVIDEND
Procter
Eliminations
Gamble.
&
7 CENTS A SHARE
Friden,
Salada
Foods
Texas
Investors
Stock
121st
QUARTERLY DIVIDEND
assets
Fund,
Inc.
of
fund
busi¬
secret that
some
of the most
severely wounded
com¬
batants
this bear market
have
For it is
in
no
been folks who tried to
anticipate
the day-to-day trend amidst caring
for their customers, clients and
patients. From all this there could
develop an awareness that money
management—no less than vend¬
ing meat, bread and candles—re¬
quires a certain expertise.
24
Federal Street, Boston, Mass.
at April
30 amounted
$993,527,761, or $18.41 a share.
This compares with $978,730,731
of assets and $19.93 a share on
to
that
nounces
Trust
during
an¬
six
the
Wellington
A Name to Remember
to
April 30 it made new
investments
in
Cities
Service,
When Investing
$4.40 cumulative convertible pre¬
ferred,
Lake
Central
Airlines
6V2% convertible preferred, Beh-
Report
Total net assets of American Mu¬
at
holdings of North¬
increased
also
WELLINGTON
convertible
preferred and Royal
Petroleum 20-guilder par.
Dutch
eliminated Atchison, Topeka
&
Baltimore Gas
&
Electric,
Columbian Carbon,
Penn Dixie Cement, Republic Naural
Gas,
Tractor
Supply Co.,
It
Santa Fe Railway,
Rubber
S.
U.
Western
and
Balanced
Fund
capital, reasonable
cur¬
rent
income, and profit
possibilities.
Ask your
investment dealer.
for prospectus
or
write to
Ss
si:
of
assets
net
a
—
seeking conservation of
Ban-
corporation.
Growth Fund
I
FIND
cumulative
5%%
Airlines
west
Total
The Funds
tual Fund
9 CENTS A SHARE
Dividends payable June 22 to shareholders
of record at 4:30 P.M., June 8, 19S2.
*
s!:
Total
Stores,
and
Wall Strfeet len
Manufacturing,
Copperweld
will emerge a Steel and Montgomery Ward. It
there
respect for this
ness.
Putnam
The
amounted to $264,-
Wellington Company, Inc.
819,900 on April 30, compared
with $207,361,400 six months ear¬
lier and $144,586,700 a year ear¬
April 30 were $169,428,704, or $8.97 a share, according
to the semi-annual report.
This
lier, according to the
with
$170,126,118,
or
share, at Oct. 31, 1961.
names
appearing in the
portfolio during the latest quar¬
ter
include
Atlantic
Refining,
Philadelphia 3, Pa.
pared with $9.78 six months ear¬
lier and $9.44 on April 30, 1961.
compares
$9.83
per
Crown
Zellen'oach, Stokely-Van
Camp, Tennessee Gas Transmis¬
sion, Western Airlines and Westinghouse
Air
Over
Brake.
three-month
same
span
Beneficial
eliminated
the
the
Fi¬
national
Minerals
International
and
&
to
clined
*
Telephone
of
&
of
fiscal
its
The
year
on
April 30
of $301,613,-
net assets
stocks of Gulf State Util¬
ities and
were
•
in
commitment
♦
,
Sunray
Oil.
Mid-Continent
Chase
.
#
report
for
Fund
Oct.
the
of
This compares
$443.8 million
31,
April 30, 1962, put total net assets
describes
midyear, compared with
$8.92 at the end of the fiscal year
and $8.82 a year earlier.
THE
$7.83 at
si!
Vance
*
,
*
COMMON
j
Sanders & Co., Inc. reports
STOCK FUND
the first four months of
were
more
than
$23 million
while redemp¬
tions were some $13 million less
than those of a year ago. Henry
T.
Vance, President, said sales
through April 30 were m excess
of $94 million, against $71 million
for the same period last year.
ahead of last year,
of
GROUP SECURITIES, INC.
A mutual
fund investing for
income and
growth possibili¬
through seasoned com¬
mon. stocks .selected for, their
ties
quality..
'
!.„s
.
Mail this advertisement.
.» -
•
JFO
With Shearson,
Hammill
(Special to The Financial Chronicle)
LOS
D.
ANGELES,
Rains
has
joined
Hammill
Boulevard.
Address.
the
&
He
staff of
Co.,
was
3324
for¬
merly with Harris, Upham & Co.,
for many years.
Name.
Calif.—William
in its
six months ended
booklet-
prospectus
year,
Shearson,
'*
of Boston
Inc.
the
Wilshire
The
Fund,
196.1, end of the last
and $431.1 million at
midyear point in 1961. Net
asset value per share declined to
on
Radio Corp. of America
eliminated along with a pre¬
ferred
.
also reports that
company
common
resources
fiscal
1962
Boston Fund closed the first quar¬
ter
million.
$401.1
with
:!:
*
s(s
reports total net assets at the end
of its fiscal midyear on April 30
sales for
*
*
Television-Electronic
Chemicals
Telegraph.
semi-annual
Asset value per share de¬
$9.16 on April 30, com¬
report.
New
stamps for inves¬
many people, the pur¬
a
mutual-fund holding
investments
*_
out from
gone;
Surely, there-must be a better" 327,' or $19.22 a share, a year ear¬
lier.- -Three
months- earlier
the
way to sell mutual funds than- toutilize supermarket- booths com¬ share-value was $19.27.
tors.
Fund,
months
i'
the- funds can
house in order,
that
own
spring
new
a
'
plete with
*-*
•
Since the lady de¬ Oct. 31, 1961.
her
monthly
suppose that comes Lexington, Income
751, equal to $18.81 a share. This
compares with assets of $289,909,-
are- cause
*
*
continue
payments,
rather
faith
of Ameri¬
with total
niques*
*
made
could
we
good conscience, was to state our
considerable
fund
that
for¬
Instruments.
the
sion frowns Oh certain sales tech-
formerly with the Los An¬
of
a
highest
geles office of Sellgren, Miller &
Co.,
quite
to
Spring Street to'en¬
new
which
was
merly with Marache & Co.
Total net assets of Commonwealth
that
Securities and Exchange Commis¬
Calif.:—Paul
Shipley will be
others
quires understanding and train¬
ing of personnel who must bring
Company- with offices
at 639 South
and
have arisen.
funds is
(Special to The Financial Chronicle)
formed'
many
own,
that
problems
of these of
seem
enough
He
Exchanges.
Coast
Trans¬
include / Broadway-Hale
Among the problems that have nance, ■ Campbell Soup, Columbia
around for quite some time Broadcasting, :F i r e m a n's Fund,
-is the matter of salespeople. With' Goodyear Tire & Rubber, Great
the passing of the years, it has Atlantic & Pacific Tea Co., Inter¬
Forming Own Co.
/
con¬
been
at
Paul Aschkar
has
also
would
it
press,
become
Aschkar
buyers"
heavy
fundmen
Road, Rye, N. Y.
LOS. ANGELES,
the
date,
were
the
Ford-
resides
that
assuming the
sellers, they
would rush in to spread the news.
To even the cursory reader of
graduated from
School.'
future
funds
Vice-President.
Mr.
ham
to
make
wonder whether, at
to
one
some
Vice-President,
returned
will
funds
"heavy
were
causes
first in
the New York Metropolitan Area
and then in Chicago. In 1961 Mr.
Smith
the
announcement
The
Smith
1954
now
Gas
believes strongly in the funds but
recommends no fund, pointed out
this
pointment when the Investment
Company Institute, at the end of
last
week's
frenzied
trading,
and Pacific
Harvester, Northern Natural Gas,
Oklahoma
Gas ; &
Electric and
be wise to
have
So it
Philip C. Smith
Stock
of
members
Street,
York
mission.
called to ask whether it would not
plan of
With the
all
declining.
Hope
Pittsburgh
Royal Dutch Petro¬
Tennessee
and
of the fund in¬
clude General Foods, International
fund shares
R. Kahn
leum
top-flight fund.
market plummeting, she
tractual
list because the asset value behind
Lawrence
assets totaled
net
at
$20,381,112, equal to
department, as an example, placed
has first-hand knowledge of the $16.22
per
share.
On April 30,
lady who had made the initial 1961, assets were $19,476,439, or
plead with traders to support the
are
30
Plate. Glass,
Stock
ture.
in the long-term future
sense
Inc.,
the
to
& Co., 623
Ryons
ords, Ford Motor Co.-,
•
should launch an
program at this-junc¬
investment
ticular fund and express our
makes
Fund,
quarterly report.
April
that they
them
Plainly, in the feverish month
of May, the fundmen went their
own
way
and
they
may
be
counted on to do this, whatever
the future may hold for the stock
It
Colonial
of
South
the New
added
been
During the same period
it sold Atlantic Refining, Central
never invested in stocks but
Illinois Public Service, Frito-Lay,
been solicited by fund sales¬
it will take salesmanship of Holt, Rinehart & Winston, Parke,
Davis & Co. and Sinclair.
highest
order
to
convince
those
for
As
funds.
market.
the
On
$100
million
James H. Orr,
has
staff of Lester,
'
protecting
beyond
investment
stockholders, it has
been
elected Senior Vice-President, In¬
vestments,
away
responsibility
has
Kahn
R.
stock
only be
can
by the fears that
gripped many people when stocks
plunged
sharply
amidst
hectic
trading.
If fundmen have any
explained
that freedom
lese
over
This
market is absurd and
Lawrence
buy¬
are
,
The notion that the function of
the funds
stand to
available for in¬
shoody practitioners run rampant. $100,883,226, or $11.27 per share,
One of the latter-aay prooieiiis against $90,260,522, equal to $11.70
a
share, a year earlier.
of the funds, coincidentally, is the
During the latest quarter the
neea for continued high-level in¬
vestment by the public. After all, company'bought American Metal
investors
in
the
funds, no less Climax, Courtaulds, Decca Rec¬
men,
.; When the market
good reasons for being concerned
about
our
country's
economic
health, but he shouldn't be too
surprised.
in
for
edicts while others rise under the
pressure
President
It to Heaven
Leave
cost-price
necessary
of
ANGELES, Calif.—Joseph N.
Alewine
*
announced by
were
relation¬
long-range
planning do not currently exist.
Instead, we have some prices held
down
by
arbitrary government
ships
*
assets
vestment
and Effect
Cause
Lester, Ryons Adds
(Speoial-to The Financial Chronicle)
LOS
*
Total net
figures at
$41,789,089
were
21
City
.State.
DISTRIBUTORS GROUP, INC.
80 Pine Street,
New York 5, N. Y.
22
The Commercial and Financial Chronicle
(2670)
Taking
underapprairal
appraisal. We
Short and Long
a
the
extremes
stock
All
good
Continued from page
took
owners
seller this
I think that the biggest
despite
year,
big secondary
some
blocks, has been the small stock-;
holder.
is
given for the decline in which I
can not agree. That is that we are
.
through with inflation.
been used
word has
latter
The
loosely. We have been in a
period of currency
debasement
and rising wages. This has affect¬
ed
the
cost
of living and
in¬
very
creased it.
'
directions
others.
It
*
costs
to
more
a
the
On
put up
fac¬
a
other
hand, it puts a
corporation profits.
<
Many commodities are in great
supply at low figures. There is
on
squeeze
here.
inflation
no
I
there
think
not
do
is
even
a
remote
possibility that we are
through with spending and mone¬
tary inflation. Quite the contrary,
I think we are increasing both.
The very concern of Washington
about wages and prices is a con¬
RISING
about
cern
They
prices.
•—not
and
wages
talking controls
are
supports.
Overall
tinue
dollar is going to con¬
a
to
less—the cost of
living is going to continue to rise;
A
buy
properly managed, selected and
equity position is going to
timed
continue
offer
to
better
tion than fixed dollar
protec¬
obligations,
a
mean
Be
"Lone
a
To Make
Wolf"
Money
principals
for
bit, the
is that to consistently profit
truth
in the market
wolf".
Not
course—I
"wolf
nitely
a
"lone
a
really a "wolf" of
not thinking of the
am
of
a
must be
one
Wall
Street"—but
defi¬
"loner", completely inde¬
pendent
in
one's
actions.
is
It
the
human
And if
and
herd
instinct.
danger
is
when
people
they are buying values when
in fact they are not. Then they
hang on until it is too late.
market
for
time
a
goes
with the herd—then almost
sooner
later
or
we
are
The
is
truth
of
one
valuation
all
are
we
locked in
us
every
investment
an
that
system
rests
on
fashion and popularity. We might
make fun of the ladies constantly
lengthening
skirts
this
and
shortening
the
here and
lone wolf—don't fol¬
a
crowd."
It
up
is
thousand
a
difficult
isn't
very serious,
waste of money.
a
except
But it is serious when
bid
one
And
Council
tells
of
This
have
1929
situations
Maybe
much
lunch
In
are
Company that it was ridiculously
high. He believed me and told me
to
sell 5,000 shares. I think I
sold
the first 1,000 at 170 and the rest
at
rising
him
prices.
that
I
bought
his
175.
In
not
convinced
wrong
and
he
shares
back
at
this
but
was
This
it
case, it went higher
much. I forget how
long
eventually
der $10
This
is
to
looking
independent
more
over
institutional
tabulation
our
portfolio
changes
the first quarter of this year,
for
the
aluminum
weakest
stocks
stocks
days. This
ins-1955
ton
were
at
up
a
has
and
the
last
been
Favorite
'
certainly
looks
is
most
we
have
our guns
like
of
we
difficult
to
un¬
do.
dis¬
It
is
at times when
are
course
or
of fashion, and
time
its
earnings
goes
the
same
off
issue
an
decline.
or
Usually the
things happen together.
Looked
at
certainly
P-E
the
wrong.
at
the
pessimism,
ratio
way,
the
one
maximum
combination of rising
a
and
rising
earnings. I
today's
wonder sometimes whether
analysts who
idea
can
how low
other
they
through
day
stance
and
came
Grande
upon
how
have any
I just
go
can
remains
when the skies
the
are
best
sales
nition of these periods is next
to
impossible. On the
is
its
hanpen-
pure
Denver
It
the
&
sold
Rio
under
earnings in 1947.- This
just before it started a
occurred
other
hand, it
reasonably feasible to recognize
of
Hemphill, Noyes ;& Co., Other new officers chosen
Keresey of Baker, Weeks & Co. for Secretary and
James F.
were
no*
.
:'
;
of
Smith, Barney & Co. and
Virgil Sherrill of Shields & Company.
Winners of the ex-President's cup for low gross in the golf
tournament were Thomas H. Choate, White, Weld & Co., and WJliam E. Hutton, W. E. Hutton & Co.
Other winners were:
:!;/
,'"V
V
„' *
'
We
seen.
H.
revision
some
not
have to
we
going
revision of the earnings
themselves on which the ratio is
through
or
are
we
,
a
<
.
Candee Cup for low net: W. Scott
based.
•
is
This
of
perhaps
course
the
What
Can
There
about
ton
I
remember
back
in
mending
mount.
the
It
purchase
was
selling,
it, at about $8
$2. It had iust
and
in
was
shape,
and
first
I recall
as
over
reorganized,
class
few
a
Para¬
earning
been
for
good
early
recom¬
of
financial
years
matter what
happened. One of
big clients bought a block and
long after it
so
He
loss
capital.
were
and
of
Of
course
allowed
to
the
gave
him
eventually
facts
a
very
profit.
Wall Street Is More Than
a
Barometer
What
can
we
see
around
come
am
—
thing
as
a
"real"
value
are
subject
for
securities.
Next,
that
we
to
labor
Cup for match play vs. par: Joseph O. Rutter, Rutter
Co., and Frank L. Mansell, Blyth & Co., Inc. .
Wallace C. Latour, Francis I. du Pont & Co., and E. A. Stan¬
ley, Jr., Bowne & Co., Inc., won the tennis tournament, defeating
Charles Symington, G. H. Walker & Co., and John Friday, Morgan
Stanley & Co. with scores of 6-4, 3-6 and 6-2.
Sumner Emerson, Morgan Stanley & Co., and John Glidden,
Stone & Webster Securities Corporation, won the consolations
'
doubles
match.
Robert A.
V
are
Powers, Smith, Barney & Co., was Chairman of the
field day.
things outfor
,
-'.'iiS) V- j'v
'
_
to
realizing this, I
What they do
is going to play a big
part in the future of the market.
another, and finally in enough, to
broadly mean something.
I
believe
was
abroad.
that
I
would
have
told
market
the
was1
very
broad. That the old line
modestly
going up,
were
even
hottest will be, or how cold
coldest, in a market sense.
I can say it can be very costly
to probe for a bottom.
•
V "
very
the
,
I
rather
that the ma¬
overpriced - issues
jority of the favorites of the re¬
going down.
•
.:
cent past have very little chance.
I might have
whispered private- '
It takes many years to correct
ly to sell IBM—but at the same
a
time to buy AT&T.
very
overdone technical and
many
were
of
have of
selective
a
course
seen
a
market,
general
price
Strangely,
felt
less
for
the
longer
optimistic.
luncheon
a
December.
of
48
The
I
run,
attended
analysts' last
their
of
average
expectation for the Dow next De¬
cember
selected
the
Eight
The
of
the
highest;
analysts
figures under 600. I
bottom
with 500
have
715.54.
was
862.
was
at
sure
as
of
the list, No. 48.
prediction. I would
my
done
was
better
to
constantly
keep it in mind.
in the last ten years
discredited.
Where
little
merit
If this view proves
correct,
then
have been using.
new
to
the fortunes of the
its
I
do
occur.
be
what
you
not
first.
course
strength has to
New
commence.
know
how
this
will
I doubt that the bottom will
high volume climactic day, or
we
will go down, and turn
about, and go right up again. This
can
probably only happen on a
piece of major unpredictable news.
a
that
make
a
ness.
It
some
likely
the
bottom and
will
distance
market
a
turn in dull¬
probably, be
on
its
will
way
quite
to
re-.
covery, before even the most as¬
tute recognize the change. It will
occur
first in
companies that
lie behind the shares. !
I
have
through a book of
1,000 charts to try to
to watch, and
investigate as possible big gainers
find
gone
in
issues
some
the
sustained
next
have
far
so
and
one
ing
issue, and then
at
seems
are
of
market letters
am
going
position
of
be low in
list, and with promise to move
higher./ '
<
It may seem a little like Alice
ite
seem
in
Wonderland
will visit
about
a
I
not
the
these
study,
more
the companies
in
ume
dends
and
strange
with
up
strength
places.
A
paid by the company in the
last 30 years. In the case of IBM
I think he figured it at 82 years.
Nothing is said about the taxes
So, like Alice, I wonder some¬
what it is we are really
looking for. As near as I can con¬
dense
it we
are
looking fir a
stock that we can sell to somebody
six months
else
a
later
more
at
Sets the Record Straight on
Diversification
have
I
closing, I want to
never
have,
stood
and
I
see
new
study
vol¬
and
then,
is
been
misquoted
simply
that I
misunder¬
on
the sub¬
said
made,
ever
was
by extreme
big
no
except
concentration in
one
issue.
I
some¬
fact,
have
fortune
...
say
stressed diversification.
in
ject.
Very, very few of us ever make
a
big fortune.
not
as
will
in
or
higher figure.
The
we
except
dividends
ing that American Telephone in
its drop from the high of last year
Tuesday's (May 29) low lost
value equal to all the cash divi¬
ques¬
More likely when our next mar¬
underway
while. I have never been
New York Times recently as say¬
In
thing. I do not know.
ket is
con¬
buy. I can't help but note a sta¬
tistician who was quoted in the
cur¬
analyses.
to look over
come
a
look for
to
this
in
but
does stop and wonder
perhaps where I felt it might es¬
tablish a value that others might
bankers.
might
in
once
one
one
favorable
tion, and maybe their competitors
and
nection
or
worth
Fifty, or likely to
the
Half
companies, and
see
if there is any hope for any
of them. There is no bargain in
buying something at a seemingly
low price, that is only worth a
low price, and has no prospects.
After, and if I find a handful
that
market valuation are all ad¬
and
to be look¬
them.
They
subject
up
the recipients had to deduct.
a
.
the
rently
go
dividends
times
selected
a.' half.
will
that
vancing together.
I want red chips turning to blue
—stocks not in the current Favor¬
upswing. „!
Will Investigate Dr-zen and
dozen
stocks
want
to
supposedly
I
tell
now
key will be. The decline
run
it
only years to effect the
needed change of ownership, but
something has to happen to affect
I
the key to the next round of mar¬
ket profits is not the same
key
not
exists,
takes not
minimum. None
can
real
They are all
currently unpopular. They are in¬
active. They are deflated. Brokers'
plus has been*,
holdings are near an irreducible
not
know, but I fear the
thinking that created the pricing
we
where
even
Stocks
Key to Pricing
do
situation,
merit exists.
fall.
I
am
I
because their earnings,
-
Instead
conclusive, than
trying to beat the gun.
more
success
comes
an open mind. *
"
V.'
from
spotting trends, than at¬
just returned from Lon¬
don. Had I made this talk before tempting
to* spot final high or
low price levels. I do not think
I left, I would not have
correcttly
predicted what occurred while I any of us can tell how hot the
I counsel
vou
be more
to
sure
'
I have
while
.
I can't say.
sure
don't do
or
More
ahead?
First, remember there is no such
thing as a certain forecast
no
such
work
and
Christie
&
themselves the better they will do, ■
(■"
Whether
our
government : will
has
here
without
business.
business
more
the
right and the stock recovered
good
*
The
not
practically half his
be
prosperous
can
healthy and
I
at having a
talk
terested in employment and taxes.
our
upset
of
what it should do.
or
Fundamentally, Washington is in¬
selling at 4V2.
was
rather
was
no
deal
great
a
Co.
-
.
Washington Do?
what if anything Washing¬
might do
I
the
forties going to Toledo and
is
Cluett, Harriman Ripley &
Incorporated and Avery Rockefeller, Jr., Dominick & Dcm-
inick.
paramount question of the day.
big upswing in both earnings and
generous
bluest. Recog¬
;
be
to
through
whether
go.
manual
a
by
Railroad.
know
to
seem
high P-E ratios
period of maximum
and
Elected to succeed Mr. Bogert as Vice-President was Blancke
■
Noyes
that
provide
of the P-E ratio. Now
see
we
other
makes
mathematically
obvious that the greatest
bargains
occur
Ad¬
and
economy
he calls it.
priced values
•
.
double barreled
a
out
group
at
the
Fifty list for
to lose money if
way
few
at
up
long time.
It is
a
in
also very popular
was
the
of
paper
the
ciplining
It
went, probably
share.
a
sticking to
it
5,000
Economic
about the present
prospects
as
Neither
unpopular.
clubs, etc. A little isolation
might lead
thought.
of
they
meet "■ together too
too many common
we
have
—
avoid
we
because
for the moment
telling
lot of Simmons
a
the
gone
investor status.
1
friend who had
of
us
three-year terms: Robert A. Powers
over¬
we
it is also serious if
solid
while.
a
!
basis for the stock market's "cor¬
as
price-earnings ratios, first in
group and then in another.
twice
I remember back in
a
a-
-
actually to
do. Because the crowd is right for
a
while
and
sometimes
a
long
more
•
directions of
Howard B. Dean of Harris, Upham & Co. for Treasurer.
\
Two new members of the Board of Governors were named for
their
fashion dictates. In fact,
as
thumbed
to stand
easy
say—"Be
times
right, and that
wrong.
It is
low
surely
will begin to
we
believe the herd is
not
„
profit by
keep ourselves apart,
we
the
varying degree
a
does
-
rection",
The
two
investment principles
devoid of emotions. Unfortunately,
on
to
;
level-
economic
think
decisions
share
•
in the markets is
move
price
state
Valuation of Stocks
level
all
but
—
»
judgment.
I
H. L. Bogert, Jr.
Blancke Noyes
Howard B. Dean
certainly affects
the cost of business financing.
The election was one of the main events of the Bond Club's
:
Mr. Heller (Chairman- of Presi¬ ; annual Field
Day at the Sleepy Hollow Country Club.
The
dent's
also necessary to make investment
we
deal
expectations
bound to affect business
visers)
1955, they were the
darling of the gods. Or, look at
IBM, which has been one of the
To talk about successful invest¬
ment
true
stock-
make-up.
the market re¬
of both. The
sweeping
Incorporated.-
the
However, the truth is it does
stinate.
sold. Back in
Must
them.-
little
of the Bond Club of New York to
W. Scott Cluett of Harriman Ripley & Co.,
their
say
conditions
.
the top of the list as being heavily
work out to better advantage.
One
in
to
make
other hand, you might
buy real low and be a little ob¬
creditor
position. It could
losing less—but whether a
lesser loss, or a profit, I feel sure
investments based on equities will
or
future
is
great
a
of
•
-
,
to
,
house.
tory or
the
We like
that
Basically,
indicator
succeed
*
barometer
This
come.
always have
the
of
to
point.
a
feel
the
'
.
,
Bogert, Jr., of Eastman Dillon, Union Securities &
We in
news.
to
was
flects
the
in
them
to
of
quickly.
On
•
.
decreased
—
losses
values in some
It has increased
things
the
on
used
market
prices
point is to have no illusions
as to where your expected profit
is coming from or what your risks
really are.
• "
; • ' If you know you are buying
too high but expect to resell even
higher there is some safety in that
knowledge. You will then cut your
currently
reason
one
of
up
The
Inflation
There
Street
stock
than rules or formulas count.
With
Doubts We Are Through
depends
Wall
trend early enough to follow it
profitably.
I might say, on the other hand,
"don't fight the trend". It sounds
contradictory but it isn't.
This is really one of these situ¬
ations
where
judgment
rather
a
3
well-rounded view.
a
come
,
%
Lawrence
Co., has been elected President
is that busi-.
getting better.
and
Much of the shape of things
'
..
„,
H.
hear today
we
is
„ness
especially^ in
—
market.
Thursday, June 7, 1962
.
.
N..Y. Bond Club Elects Officers
;
,
to
goes
Look at the Stock Market
.
well as overa
nation that
as
are
.
of
untutored
should certainly
try. They need diversification,
a
protection against their lack
knowledge,
or
experience,
or
risk-taking ability.
But
there
decision
I
is
one
suggest
kind
for
of
split
almost
Volume
That
everyone.
in time.
I
is
Number
6166
The Commercial and Financial Chronicle
...
diversification
of
any
can
us
for a century and a
steadily to the view
that "government should not
undertake
"a; duty, in at¬
tempting to perform which he
(it) must always be exposed
large,
the time to buy.. NOW is the time
to sell. THIS is the next sensa¬
half hold
tional leader.
Hence,
I, counsel
getting your
maybe pulling
•it out—^rather than diving'in.; - Each time
things happen to re<wet first—and
toe
enforce your
some
you,
.
pull
some
dis¬
of
for the
.
....
in fact
will, be whiprawed
certainly
you
bit
a
edge- cotild ever*be sufficient;
the duty of superintending
the industry of private peo¬
ple,. and of directing it to¬
wards the employments most
and
now
•
But'you find
it pays over
and over. :
;
:
' ' (v
r
Insurance premiums, we will all
agree, are fully worth what they
.
cost.
ket
Insurance
in
is worth its
*An
the stock
price
mar¬
suitable f to
well.
as
knowl¬
or
address
by Mr. Loeb before the
Investment Group cf Hartford,
Harvf-rJ,
Conn., May 31, 1962.
•>
Voices
land
are
of
interests
the
society."
j
•
-
antitrust
,
laws.
All
could not find
still heard in the
illustration
proclaiming such beliefs,
sincerity;
and
Smith's
doubtless with
control
of
all
in
we
them
much better
a
the
Adam
.
but the record of official
tions in
section
Tel. & Tel. Corp.
clear
Washington makes it
enough that no such
ideas prevail in the national
capital, and if one may judge
v
from
The First Boston
Corp., New York
underwriting group
that ii offering publicly an issue
of
$50,000,000
Mountain
States
Telephone & Telegraph Co. 4'%%
debentures, due June 1, 2002, at
City heads
102.35%
group
was
hand,-it
an
to
yield
4.375%.
awarded
the
have
is
all
habitual
and
evidence
and
seekers
which
after
-
help
Wash¬
traditional
American
about
dealing
with business.
■
"
It
is, of
Farmer, Too
say that all
with the ..New
,
the
his
be
.
prior to June 1, 1987.
Thereafter, they will be redeem¬
able
at
prices
ranging - from
for those
after June 1, 1997.
Froceeds from the sale will be
on
or
applied toward repayment of ad¬
from
company's
parent,
American Telephone & Telegraph
vances
•
proceeds
are
Headquartered
received.
in
.
Denver,
the
Malheur
such
services
County, Oregon,
s
It has been the
wrought enor¬
changes in public poli¬
laws.
They
this
and often do
may
forget about
The
$100
benefit
the
plate
per
human
event
will
relations
pro¬
of the National Conference
gram
legislation
special
Chase
pion,
Robert
Lewis
man,
L.
chair¬
chairman,
Co.;
and
eral Clay
General
George
D.
so
■
ceremony,
,
of
traditional
hood Award of the National
ference "for distinguished
in
the
field
of
human
and to be certain that
not
misunderstand
we
THE CHRONICLE
our
do
cur¬
Will Be Published June 14,1962
rent
problems, .let it be said
Tournament
that a good.: deal had taken
The
American
Stock
Exchange place before the New Deal
Five and Twenty Club, Fifteenth which would
hardly have met
Annual
Golf
Tournament
and
with the approval of our fore¬
Dinner will be
-
held June 14 at the
fathers.
Suoningdaie Country Club, Scarsdale, N.,Y. - /*■ ;•>
p
•
of
v
over
Square,
Harold
to
Han-
York
New
Swarthout
re¬
5
City.
has
become
a
Vice-President of H. Neuwirth &
v
Co..
sidizeJ. the
_
VAN
NUYS, Calif.—Kenneth R.
Cutler has opened offices at 13431
Weddington Street to engage in
years
he
was
fornia
Fund
pany.
' .',"
For
President
•
'
a
many
of
Management
'
Cali¬
Com¬
-~
PUBLIC UTILITY ISSUE will pre-
opinions and forecasts of the nation's public utility leaders
non-industry authorities on the outlook for this vital segment of the
nation's economy.
and
★
customs
certainly not ^
an
farmer.
Get your
the
1
!
5
'
*
perspective
on
this year's prospects and the future trends of
public utility industry.
* "•
Do
u
Bank
in
before
.
,
.
'
;
miss the
not
this
'
;
/
opportunity ;to advertise
important issue.
Please
•
•
your
Firm, Corporation
your
space
*
reserve
1
closing date of June 12th.
'
\
'
f"
!
'
'
Under
Regular advertising rates will prevail
.
.
for space
-
Government
—
in this important issue.
but this
type of favor for agriculture
long preceded President
Hoover.
What the New Deal
did, by and large, was to de¬
velop and advance the work
that had
already been started
THE COMMERCIAL & FINANCIAL CHRONICLE
■
i
1
25 PARK PLACE, NEW
i
'
YORK 7, N. Y.
*
RECTOR 2-9570
'
or
requirements
.
eral
(Special to The.Financial Chronicle)
business.
and
portant steps were taken to
place the farmer under the
protective wing of the Fed¬
Opens Own Office
securities
,
President Hoover further im¬
Kenneth Cutler
'
The 1962 edition of our ANNUAL
sent the official
,.
.anything they were the darl¬
ings, of the Republican party.
Again take agriculture. It was
long before the New Deal was
ever
thought of that we began
in one way or another to sub-
'
offices
4
invention of the New Deal. If
Co., Inc., have ac¬
quired the business of Swarthout
★
='
;
"
economics,
tariffs were
H. Neuwirth &
their
...
throughout
much of our history have not
been consistent with a fully
developed laissez faire system
Of H. NeuwirthCo.
Kemmerer, Inc., and have
,
Our tariff laws
Swarthout V.-P.
&
Con¬
service
relations."
American
philosophy. Yet in all fairness
moved
Gen¬
will receive the Brother¬
THE PUBLIC UTILITY ISSUE OF
much of the reckless aban¬
don
ASE 5 & 20 Golf
,
Elec¬
Woods,
Corp.
featured
a
Goldman,
Co;; Charles E. Wilson,
First Boston
have
Bros.;
former
Strauss,
!J. '*■-Weinberg,
$c
former
In
Bank;
Lehman
Atomic Energy Commission;
Sachs
tric
Manhattan
Lehman,
Sidney
number of the posed. The list might well be
a
must be held accountable for
in
.
in the grand
Waldorf-Astoria,
18,
not all these things. - Cer¬
tainly, there is nQ other single
regime and no other compa¬
rable period in history which
El Faso County, Texas. Its sub¬
sidiary Malheur Home Telenho^e
furnishes
of the
if
south of the Salmon River and in
Co.,:
Con¬
.
tion
'
June
cies and, we are afraid, in
other laws of the land. At the almost indefinitely extended,
private thinking about many,
of
furnishing communicaservices, mainly local and
toll telephone service, in
Arizona,
Colorado, Montana, New Mexico,
Utah
and
Wyoming, •' in • Idaho
ness
,
which
followers
mous
is engaged in the busi¬
; company
Deal
took
105.85%" for those redeemed prior
redeemed
chairman,
of Christians and Jews.
labor as well as taking repeated
and often
Harold
Boeschenstein,
Presi¬
agriculture controls many longs steps toward influenc¬
dent,
Oweng-Corning
Fiberglas
votes. Even ;before the New
ing the flow of capital into Corp., is serving as dinner chair¬
Deal came into existence, but
housing. So far from showing man.
particularly after it got well any disposition to withdraw
Committee members from the
underway, organized labor— or to bring practices and poli¬ financial world are: Robert B.
and other labor, too, for that cies
more
in keeping
with Anderson, Carl M. Loeb, Rhoades
matter
became subject of traditional American
ideas, & Co.; Paul C. Cabot, State Street
sharp deviation from the the Administration is even Investment Corp.; George Cham¬
customary
this started earlier ideas of
course,
to
redeemable
to May 31, 1968 to 100%
board
New York.
the Federal Gov¬
ernment, and for that matter
various local units, have been
Co., which are expected to ap¬
proximate $107,000,000 at the time
not
Clay,
tinental Can Company, to be held
For years
laissez jaire. now
insisting that more be
subject of spe¬ done to stimulate the con¬
advantage of the terrible cial treatment in
many laws struction of
1929 depression to install all
housing—in part
drawn and adopted in Wash¬
manner
of innovations, in
at least at Government exington and in the general at¬
Washington and to lead the titudes! and
polices of admin-, p e n s e. Naturally, subsidies
people to believe, that: it. is: to
istrative government at a 11 have been demanded and
Washington, and not to them¬
levels. The labor union and often granted to enable this,
selves, that they must look for
salvation. It is certainly true its members may; with im¬ that, or the other industry to
that Franklin Roosevelt and
punity forget about antitrust cope with the problems' all
will
debentures
D.
ballroom
Housing
the
dinner in honor of General Lucius
Monday,
And
on a
—
competitive sale June 5 on a bid
of 101.58% for the 4%% coupon.
The
community have been named
of
75
planning
committee
Of course,
at
become
guidances from:
ington.
>
r-;
at
The
by the
file
often
too
is
as
held
not
rank
great
The
issue
such
an
remotely consistent
philosophy
end in failure if not disaster.
ac¬
are
with
warning that public
of the produce of any
of
the people must
Mountain States
Debens. Offered
making
-
performance of whieh
human wisdom
no
.your stake.
You might,
then.
they
out
tration is
—
conclusions^ commit to innumerable delusions, and
Each' time
more.
appoint
23
but nothing is to be gained by
attempt unduly laboring the point.
to tell these
powerful crea¬
We have moved so far away
in this area and to initiate the tures of
special favor just from the traditional American
notion that the output of the what the
public welfare re¬
practices and beliefs that we
farmer, must, be
regulated quires - and - is hopeful that are in effect now
operating
from Washington in one
way they will take heed — but if
under a different system—al¬
or
another
as
it indeed
they do not, no one knows most as much like socialism
needed to. be if funds in the
precisely what this or any as the older laissez
faire
billions paid out to the farmer other Administration
could do which
saw
us
grow to such
were not to
bring something about it under existing laws. :
greatness.
close to disaster. Of course, These
powerful organizations,
this effort to control produc¬
moreover, have strongly held
tion was deeply affected with views
about special steps that Financiers on
politics, and has never been they think should be taken to
much of a success. And
long promote greater business ac¬ Dinner Committee
ago the farmer was made ex- -, tivity, faster
growth and more
Eight members of the financial
empt from the rigors of the employment, and none of
Continued from page 1
with total authority—NOW is
say
(2671)
present moment the Adminis¬
As We See It
'
•
think
not
do
195
24
The Commercial and Financial
(2672)
adjustments in the cost-price re¬
lationship, have eroded our earn¬
ing capacity. So this analysis will
Steel's Profit Problem
this
and
plants,
financial
7
profits
contro¬
arouses
Some
versy.
the
Profit Trends
and regard our
uncertain and sporadic.
beginning to question
record,
as
are
steel
all
of
wisdom
proach
after
to
profits have been
repeatedly
scored
by
"fantastic"
and
are cited
"unconscionable
year)
a
gouging."
cessive profits have been
tle
attacks
for
cry
measure
on
depend
will
riods
each
these
strikes
from
—
having occurred before
—
and reflect the
on cost-price relation¬
period
after-effect
ships.
in -.large
Second, to reflect the influence
volume, we can use quarterly
in
each of these periods.
This lets us evaluate profits at
sales
many
levels of sales activ¬
more
by
the
.
Thursday, June 7, 1962
.
52%
dot
the
on
shows
left
profit at a
quarterly sales volume of $2.5 bil¬
tortions caused by changes in tax
just over 4%
capital.
At
right, profits on quarterly sales of
about
$3.7
billion amounted to
just under 12% return on invested
regulations;
present
and
valid
annualized
basis
return
relationship to
So, they provide
comparison of
for
performance.
Each
sents
dot
chart
a
certain
for
terly sales volume.
the first dot
Chart No. 4
repre¬
quar¬
Finally, we come to our profitvolume path for the eight quarters
For example,
the left shows that
on
in
industry profit at
volume
to
a
of
last
that
a quarterly sales
billion amounted
$1.8
9% return
The
dot
profit
a
amounted to
invested
on
capital.
this
on
profit
amounting to
lion,
to
correct
a
invested capital.
volume of
of
greater understanding of
our
profit problem.
To this
end, I would like to
offer a new approach to under¬
the bat¬
steel by
during
1950-51, 1953-54-55,
1960-61. These pe¬
free
were
the strikes
to create
Ex¬
and
can
we
reduced
.
income tax rate to avoid the dis¬
a
periods
years:
1957-58,
The
this industry's ability
on
four
by con¬ past 12
misunderstanding.
word
therefore,
evidence of
as
select
evokes political emo¬
tions, when this serious hour calls
for objective study of the facts.
The course of future legislation,
$700 to $800 million
the range of
before-andhappened
a
has
relationships,
cost-price
profits—indis¬
find
progress—surrounded
very
profits* (in
industry
recent
Even
to
fusion and
"fabulous."
even
we
so
putably the essential prerequisite
guished array of critics. Politi¬
cians,
labor leaders, pseudoeconomists, and many well known
socialist
propagandists
have
at
various times denounced our prof¬
its
as
"exorbitant," "shameful,"
what
at
profits.
First, to reflect the influence of
And
distin¬
a
providing
—
look
our
ap¬
invest¬
ments.
Steel industry
cause-and-effect
the
take
Continued from page
uniformly
Chronicle
the
right
return
on
path
of return
in¬
what
happened to our
during these past 12
Note the descending levels
profit
years.
over
14%
following
period,
Chart No. 5
Here -is
shows
quarterly sales
$2.6 billion
a
little
a
1960-61
invested capital.
on
on
at
the
the 116-day strike in 1959.
investment following
on
each change
capital. The diagonal line
through these dots shows the cal¬
culated
profit-volume
path
for
in the cost-price re¬
lationship. Here is the result of
the cost-price squeeze.
Here is
1950
irrefutable evidence of the erosion
vested
and
1951, following
the 45-
of our profit potential. Let's ana¬
It is not my in¬ ity, for valid comparisons. Anal-, day strike in 1949.
tention to overwhelm this paper ysis of industry earnings for one
lyze this chart.
coercive
control
of government
Chart No. 2
with statistics; but the problem is or two quarters—by a few com¬
over private business.
:;
Chart No. 6
not simple. My purpose is to pre¬ panies—White House style—is not
Here are the 12 quarters during
And now this time-tested, antisent steel's profit problem as it nearly so revealing as study of the 1953-54-55
Let's compare profits during pe¬
who
those
seek
standing profits.
the
extend
to
strategem is being used
again. The White House points to
the profits of a few companies,
for one
or
two quarters, labels
them among the highest on rec¬
ord, and implies that we are prof¬
business
Profit
a
to 6%
5
on
our
cf time.
rent
$13.7 billion in total invest¬
ment, and on our annual sales
volume in the range
many
years
They appraise
our
wage
increases,
Profit
as
a
NO.
chart
showing
now,
each round of
consequent
CHART NO.
1
Profit
on
Capital
as
a
$2.8 billion:
1950-51.
amounted to
to
At
vested
13%
a
capital.
return
on
represents the
profit-volume path for these
the
in¬
The diagonal line
calculation of our
years.
is
our
14.4%
strike
in
5.9%
sales
our
investment
on
It declined to 8.9%
in
period.
1957-58;
volume,
our
in
It slipped
and reached
On the same
profit
as
a
re¬
turn
on
investment
is
approxi¬
mately one-fourth of what it was
12 years ago.
profit-volume path
Chart No. 7
in the 1957following the 36-day
1956. Note
volume
On quarterly
range of $2.6
profit amounted
return
1953-54-55
for the eight quarters
1958 period,
sales
3.7% during 1960-61.
Chart No. 3
Here
that the first
Let's
Profit
Capital
on
Companies
as
a
NO.
profits
at
an
Let's
3
Percent Return
Invested
For 16
Representing Over 87% of the Industry
compare
equivalent range of return.
CHART
Percent Return
Companies
Representing Over 87% of the Industry
to
in
on
2
Invested
equivalent
a
represents quar¬
billions of dollars.
profit as
a per cent return on invested capi¬
tal.
To determine profits, quar¬
terly pre-tax returns have been
and
of
these 12 years.
sales volume in the
over
to
return
base of the chart
For 16 Steel
For 16 Steel
the
for these companies
during the eight quarters in the
1950 to
1951
period.
Notice the
Percent Return
Invested
on
a
path
portant being: (1) cost-price re¬
lationships, and (2) volume. For
in it.
CHART
is
Here
profit
riods
Note
right, profits on quarterly
sales in the range of $3.4 billion
terly sales in
glamor
1952.
the left shows
invested capi¬
6%
over
The vertical scale shows
the
in
on
tal.
Chart No. 1
They are directly related
forces—the most im¬
and they fail to find
strike
industry.
not flucuate because
billion;
59-day
profit at a quarterly sales volume
of $2.2 billion, amouncing to just
to economic
of $13 to $14
period—following
the
that the first dot
trend for
quarterly returns by 16 com¬
panies representing 87% of the
576
concealed.
Profits do
levels
—showing the average
using time as the basis for com¬
parison, some important facts are
cur¬
of 36 separate quar¬
ters at 36 different volume
com¬
1961 as compared to
1960, or in 1961 versus '55 or '50?
But
when
profits are analyzed
and invest¬
return
most
try make in
They view our profits
ing public.
as
are
monly based on time comparisons.
example: what did the indus¬
gained much acceptance with the
community
analyses
For
iteering.
This charge, however, has never
financial
the earnings
relates to economic forces.
Steel
Capital
Companies
Representing Over 87% of the Industry
'
5
16 %
16%
I
a.
,.4.
a
..
14%
''
•</"
TJ
.
.
4)
4>
12%
<*■»
Vt
>
4>
C
■m
N
(A
10%
A
Y
4>
C
19J .3-5 4-5
5A
10%
N
e
•A
.I,,
-
14%
4)
12%
1 957 -58
^
>
4)
N
10%
10%
e
e
ci
8%
°
8%
0
c
c
3<
8%
6%
6%
«
c
6%
J
i
6%
s-.
4)
4%
4%
tr
2%
4)
2%
4%
4%
41
2%
2%
l.
ft-
4)
4)
Q.
O
0
$1.8 $2.0 $2.2 $2.4 $2.6 $2.8 $3.0 $3.2 $3.4 $3.6 $3.8 $4.0
$1.8 $2.0 $2.2 $2.4 $2.6 $2.8 $3.0 $3.2 $3.4 $3.6 $3.8 $4.0
Quarterly Sales in Billions of Dollars
0.
2%
Profit
as
a
Percent Return
Invested
on
CHART NO.
For 16 Steel
Profit
Capital
on
Companies
as
a
For 16 Steel
Representing Over 87% of the Industry
4%
/
2%
ft.
4)
a.
$1.8 $2.0 $2.2 $2.4 $2.6 $2.8 $3.0 $3.2 $3.4 $3.6 $3.8 $4.0
Quarterly Sales in Billions of Dollars
5
CHART NO.
Profit
Capital
on
as
a
6
Percent Return
Invested Capital
For 16 Steel
Companies
Representing Over 87% of the Industry
Companies
Representing Over 87% of
1950-61
16%
JL
/
O
Percent Return
Invested
6%
r
4%
c
the Industry
1950-61
n
16%
16%
o.
8%
ae~
6%
4)
Quarterly Sales in Billions of Dollars
CHART NO. 4
2
c
8%
4)
a
o
I
a
c
c
n
c
5 <
•*->
4)
c
°
;
c
c
c
c]
12%
•jr
4) "O
C
'
14%
TJ
M
10%
•
8%
16%
a
O
e
P
TJ
>
10%
9
12%
/*"«.
4)
TJ
i
12%
/—v
V
i
a
14%
14%
o
■
•
tj
o
16%
<
<o
I3DD-3
'*
"
,
j
•;.
.
o
16%
16%
a
OL
5
<Q
14%
14%
14%
14%
o
V,
TJ
®
«
12%
12%
/-v
/
4) TJ
>
«
C
10%
N
c
<0
°
c
r
y
r
-w
/
4)
ce
>
c
4)
O
k»
12%
.•
v
4> TJ
10%
8%
10%
8%
>
4)
C
c
a
0
3
11%
N
6%
c
10%
8%
c
6%
6%
19 60- 51
■M
4%
4)
4%
ce
4%
•M
V
*
2%
/
2%
c
4)
2%
O
ft.
4)
a
4)
•*->
c
y
5<
J
12%
4n
2
c
y
8%
«
O
4)
0
$1.8 $2.0 $2.2 $2.4 $2.6 $2.8 $3.0 $3.2 $3.4 $3.6 $3.8 $4.0
Quarterly Sales in Billions of Dollars
Quarterly Sales in Billions of Dollars
Quarterly Sales in Billions of Dollars
10 to 12%
take the
Number 6166
195
Volume
range
.
modernize with new equipment—
for ex¬
our
To
quarterly sales of $1.9 bil¬
dur¬
ing 1960-61 required average
quarterly sales in the range of $4
billion—or double the sales vol¬
erage
returns
invested
on
than
be¬
capital,
far
just
to
we
We
even—just
stay
to
Now
what
these
past
years—in¬
12
So
1951 to
in
an
average
1960-61.
and
of $11.6 billion
line shows what
The
has happened to our average after¬
tax profit as a per cent return on
It has dropped from
investment.
have
we
resorted
heavier
keep
been
long
a
time
in
for
we
following the
I
lift
that
realize
analyst
any
can
dollar transaction
into the dim and mystic realm of
simple
a
I submit that there
confusion.
can
have been unable to keep pace
with
favored
our
tition.
yf. /■'
foreign
compe¬
.'Vv
•
■
many
t
years
since the
now,
Liberalized
depreciation rules
tax credit legislation now be¬
and
the
fore
ungarnished facts. And ugly as
they may appear, they must be
and we must probe still
deeper to assess their true signifi¬
lead
no
here.
confusion
These
are
faced;
total
the
us
proponents of big govern¬
ment can look upon these facts
with joy.
They see our loss of
earnings as evidence of victory
for what they term the "public
answer
as
to believe.
us
in
cance.
will,
Congress
some
would
They will aid
future, but do not make
uie
up
Some
interest."
But
if
it
is
victory,
according to their socialistic pre¬
for inflation in the past.
So
they do not change our problem:
to meet
our
The
a
cepts, it will be short lived.
The true interests of the public
are
not served by loss of profit,
our
increase
Let's
to the
ing
competition,
Route to
turn
now
political
economic
some
must
we
Monday
Socialism
from economics
By review¬
arena.
ever
found
a
way
to
re¬
play the game that we're engaged
Funds for New Equipment
Let's
steel.
what has
see
Let's
look
waning profits
to
replace
at
in
occurred
the
effect
of
funds required
out and obsolete
on
worn
equipment; and funds required to
on
as
a
six
of
arsenal
weeks
up over
the
President wheeled into his all-out
economic foray
ness
leaders
aaginst big busi¬
an
was
awesome
dis¬
play of coldly determined political
and
for
fare
The
its
and
decidely
It would be
so¬
regi¬
that
greater profit is exceedingly
important to the long range wel¬
more
an
power
seldom, if
before, employed by govern¬
Every major governmental
ever
ment.
department got into the act."
recall
will
You
stances.
circum¬
the
United States Steel Cor¬
poration had raised its prices. To
discuss the merits of the U. S.
Steel decision here would be in¬
appropriate, and totally irrelevant.
But the issue it has raised is of
vital importance to
each of
and respected
and
us,
noted
to all free citizens. One very
this
"Is
quasi-Fascist sys¬
tem?
Is it a government under a
written constitution; or is it a gov¬
ernment by usurpation of legisla¬
tive authority?"
a
When the White House
was
As
could
steel,
the
of
act
then,
the
extend
it
and
more
enforce,
alone
markets
striction
choice
of
further.
of
more
more
and
until
sometimes
by
re¬
is
it
through
through
sometimes
afford to
not
let
this
happen
what
let's
summarize.
state
again
that
the
strictly
my
endorsement
Let
me
remarks
I
They
by Ameri¬
own.
my
deep
Institute, or by
companies. Yet, it
conviction that this
statement must
The
economic
be
made.
who
Capital
not
do
business
.
conform^to their de¬
pursuit of private
fend
Constitution
the
I
sure you will find it hard,
do, to witness the powers of
regimentation we are seeking to
defeat
abroad, now threatening
am
I
as
of life at home; to wit¬
government's inflationary
our
way
ness
over-spending,
and find inflation
industries
on
that must—
confine their
spending to the limits of their
balance sheets; to hear an appeal
for restraint,
and witness those
who voice
the appeal, deny
by
their actions, that this applies to
—
them; to hear demands for sacri¬
fice, when the sacrifice they seek
is freedom.
Many hundreds of thousands of
lives
Representing 87% of the Industry
the
and
principles for which it stands. Six
weeks ago, we had our answer.
who
steelmen,
Companies
i
enterp^se?;..
Sixteen months ago, the nation •
asked this Administration to de¬
have
duced the
given
battlefield
the
on
to preserve our
Steel
the
against
crees
problem this in-
Capital
under
or
by economic law
Iron and Steel
member
principle
by what Act of
Congress, does this oligarchy set
prices, malign free citizens, and
unleash retaliation against those
blamed
us.
nation
our
By
emergencies
freedoms
—
Percent of Net Profit
16
with
lives, I am sure you
hard, as I do, to accept
in which a tiny hard-
Constitution,
regulations, to get
CHART NO. 8
for
history,
their
or
their
fought
freedoms, or pro¬
overwhelming tonnages
of steel to
bring
us
victory, down
great
conflicts of
warfare, must view in
amazement
the
spectacle
the
through
modern
mute
Percent Return
nation's
confronted
profit system that has
great, and the
very constitutional freedoms they
have sworn to uphold.
And
through suicidal belief that they
will be able to profit from it. We
define
benefit
face
we
In this seri¬
government
officials, in
pursuit of monopoly power
business and industry, un¬
made
government
ignorance, sometimes
moral
cowardice,
is
fig¬
of
over
intervention, or
Inevitably the
and
of
late
too
any
problem
our
are
situation
ful
pro¬
approach
soon
enough;
failing to oppose the growing
"higher
can
a
inter¬
government
free
its
"guidelines" the
without
risk
to
controls.
government policies have
actually created.
People fall prey to socialism by
failing to recognize the signs of
can
up
success
cold
crises
which
no
and
breed
crises
over
can
our
the
abroad,
when our
government is asking servicemen
And the
have
nebulous
in
we
grave
controls,
terest"
of
of
more
are
some
when
in
grave.
as
hour
to build
And
to
and
profit statements.
political
equally
ous
un¬
result:
to
funds
our
and
wages
choice will be extension.
us
confidence,
on
is
rap¬
recover
dividends
more
recorded
leaving the
economy
relatively
becomes: abandon
Now
not
pay
more
be
The
to
more
to
future, and ulti¬
competition.
will
while
into
vention
offer
set
dare
duces harmful consequences.
"public in¬
viewed by the Admin¬
Their crime: they did
a
not
of
controls
did not conform to the
—
will
nation
dermine the
But
actions
istration.
the
efficiency.
more
free.
in¬
costs,
investor
to attract
The Task Ahead
their
must
restore
present moment, the
arbiter
as
rest
Law of the New Frontier
law"
We
their
transgressors.
obey
of
such
increased their
prices competitively, were treated
as
form
by
the
surpass our
will find it
which
indictment:
in
prices. It imagines—or pretends—
that
it
will
confine
price and
wage control to critical industries
disturbing, few considered it to be
The
markets
mately to
dictated
are
of
modernize
reduce
of
seeks, therefore, is to be the
official
must
to
all
price or wage controls
openly. It knows the public would
repudiate such policies. What it
pect all hell to break loose. The
White House clique displayed its
fury.
But what is more signifi¬
cant, it did so in a way implying
dire consequences: let the nation
tremble; retribution is at hand.
And what is more profoundly
as
idly
advocate
ex¬
now
a
industry and to
ures
the
of
Administration
raise,
factually reported
businessmen
toward
of
steel
interest
serve.
We
■
the
public
we
merely
bureaucrats.
formed of U. S. Steel's price
the newspapers
is
distribution
Every
democracy, or is it the
forerunner of
that
obvious direction
policies
and
commentator put it
this way:
as
of
the
error
socialism in which the pretense of
private property is retained, while
in fact, prices, wages, production
to Invested
7
may
dangerous.
economic
not spring
night. Change from a de¬
mocracy to government by
mentation is
seldom
quite
Invested
ago:
weapons
cialistic governments do
CHART NO.
Profit
just
Administration
now.
Contrary to popular belief,
in
from
"The
trends, we can do
morning quarter-
wellspring of backing, and move to change them
growth. When profits fall, funds in the future. But let's not count
on
for new investment vanish. When
being Monday morning quar¬
profits rise, investment funds terbacks in the game of politics.
Few have
decry specific power
but tnese are in ere iy
symptoms of an issue far more
Now listen to this newspaper
report
companies
because profit is the
abound.
We
tactics,
important that now law had been
violated. Yet U. S. Steel, and other
profits.
toll in wages and
unemployment.
We
must
meet
this problem head-on. The need
anti-business; when the real issue
is that Big Government is antiindividual rights.
..
without
question, serve to ease this prob¬
lem.
But they will not provide
be
must
it wisely.
use
fundamental
the
h.
moving in the direction of social¬
borrowings and the sale of stock
have been required to make up
strike.
of 9.7% fol19ao strike — and
average
We
grave.
caught in the crush between ris¬
basic to democ¬
are
to dismiss these actions
' ism.
borrow¬
finally to 5.8% following the 1959
an
is
profit—in the tra¬
free market economy—
more
a
We cannot permit slow
strangu¬
lation of our profits — as we are
racy.
days of the New Deal, observers
capital erosion, we have in¬
creased
our
debt
load, diluted
stockholders' equity, and heavily
mortgaged future earnings.
Yet
11.1% to
new
law
means.
It
sacrifice of traditional free¬
Few seem to recognize that
have been warning us that Amer¬
ica is
losing its freedoms, and
To the extent that
and sold stock.
and
this
doms.
faces
dition of
to take further
gain unrestrained
Sometimes, the final sei¬
is quite sudden, but it has
For
We have gone still further
ings.
dustry
generate
insight into
some
freedoms that
they
always
beyond this,
gone
to
have
we
means
•<
during
New
-
ing costs and competitive prices—
to
choke
off
our
progress,
to
weaken our market position and
making..
cause
creasing from $5.8 billion in 1950-
the
cept of public interest, we are be¬
ing asked to deny the fundamental
zure
more
they relate to the availabil¬ abreast of the wear and tear on
ity of funds for new equipment. existing facilities. Amendment of
However, the practice of pick¬ tax regulations to permit realistic
ing up figures out of context, and depreciation policies is long over¬
■.
.:j
misusing them to distort the truth, due.
Tax regulations providing any¬
seems to
have become a popular
pastime among industry critics. So thing less than full replacement
let's summarize this study with a allowance, in current dollars ad¬
more conventional approach.
justed for inflation are not enough,
if we are to compete on fair and
Chart No. 8
equal terms with foreign produc¬
•This chart shows the specific ers. And as noted speakers in the
net profit return on invested capi¬ steel industry have repeated, time
tal, taken from annual reports for and again, fair provision can't
the same 16 companies.-Note that come soon enough.
;
In the absence of adequate de¬
we have preserved the same causeand-effect time
periods for our preciation allowances, we have
before-and-after look at profit re¬ been forced to rely more heavily
turns as they relate to growth in on profits for income to reinvest—
investment.
The bars show how just to stay even. But as we have
capital investment has climbed already seen, profits are shrinking.
of
watching signs of public reaction,
pausing and changing their tactics,
then moving relentlessly onward
deprecia¬
have been allowed,
needed
tion
66%.
risen
have
costs
law
in the Administration's
appeal for
sacrifice in the name of its con¬
practice in the reporting of
—until
depreciation allowances.
Over the past 12 years, construc¬ power.
have
swallowed
closely-knit clique acquires
by slowly and tentatively
expanding their sphere of control,
ing
tion
legislation—the
Frontier.
25
power
replace¬
understated
are
countries
A
capital
for
Allowances
on
dwelt
have
inflated.
because of tax rules and account¬
profit returns on sales follow the
We
are
represent
facilities
ment of
point, the evidence is unassailable.
Further, analysis will show that
trend.'
they
they
erosion.
required 12 years ago.
This analysis conforms to estab¬
lished accounting practice in every
detail. From an accounting stand¬
ume
same
that
part,
of
by dictatorship, and you will find
this common pattern:
have explored and you
we
find
will
In
histories
begin with, dig into the profit
trends
To generate this return
(2673)
rapid.. The transformation comes
gradually, by stealth. Trace the
equipment that will reduce
costs to competitive levels.
new
ample. In the 1950-51 period, we
could generate this return on av¬
lion.
The Commercial and Financial Chronicle
.
.
their
presented,
when
sacrifice is
ridiculed
patriotic
by this Ad¬
ministration.
For 16
Steel
in
Companies
Billions
of
Dollars
Despite this effrontery, we must
our part and more,
continue to do
Representing Over 87% of the Industry
for
economic welfare and the
the
1950-61
5
public interest of the nation we
have helped to build.
We must
cooperate with government to do
this job effectively.
We can not
permit the misguided ambitions of
16%
16%
Q.
CO
14%
O
TJ
4)
12%
•*-»
Vt
x-s
4)
>
4)
C
•
O
=*
11% B$1.9
and
to
we
would
indeed
be
duty to all steelmen,
nation, if we did not
our
our
strive, with every effort we can
muster, to defend our freedoms.
Cooperation must result from
c
3
defeat these vital objec¬
And
derelict in
10%
C
c
few to
tives.
N
C
a
TJ
<
understanding
greater
—
of
the
problems steel faces—of our reso¬
lution to resolve them.
And to
4)
(X
the
serve
public
interest
best,
cooperation must be based on mu¬
c
tual
4)
respect for the traditions of
O
our
Km
American heritage.
4)
£L
$1.8 $2.0 $2.2 $2.4 $2.6 $2.8 $3.0 $3.2 $3.4 $3.6 $3.8 $4.0
1950-51
1953-54-55 1957-58
♦An address
.
1960-B1
General
Quarterly Sales in Billions of Dollars
Average
Average
Average
Average
by Mr. Maxwell before the
of the American Iron
Meeting
and
Steel
24,
1962.
Institute, New
York City, May
Yl <tN1
*
26
The Commercial and Financial Chronicle
(2674)
to
Roadblock:
Steel Industry
company—showed
decline
Ignorance of Its Problems
of
here
trend in profits on an industry¬
wide basis that cannot be ignored.
pent-up
demand for
consumer
Its serious
effect on the future
goods and the expansion taking
suffering from a profit squeeze
dare not be discounted.
wnicn is thwarting our efforts to place in the economy on a broad
front created the need for more
Stake of Shareholders
continue to go forward with badly
steel - producing
capacity. • The
needed
modernization of our
And
in
connection 'with
our
steel
companies
responded
by
plants.
profits, we must never overlook
spending an average of nearly a
To attain adequate profits and
the stake of our shareholders in
billion dollars a year for the next
to continue with modernization of
our business.
When we talk aboyt
decade in expanding their facili¬
these facilities, we need a busi¬
our
shareholders, we are talking
ties. New melting, rolling and fin¬
ness climate in which our indus¬
about one million persons, a num¬
ishing capacity was built at a
try and other industries can grow.
ber considerably larger than the
record rate.
Such a business climate can exist
total of employees in the steel in¬
only if government and industry
Steel Has Not Caused Inflation
dustry.
They
invested
money
have mutual
respect and confi¬
which has gone into plants and
Some of those who contend that
dence, each for the other, and co¬
steel has ignored the public inter¬ equipment, and they are entitled
operate to establish and maintain
to a reasonable return on their
est have charged us with contrib¬
that kind of a climate.
investments.
uting to inflation.
To that end it is important that
The people whose money is in¬
But neither steel, nor any other
those in positions of government
vested in the steel industry come
single industry, is a prime mover
have a full understanding of busi¬
from all walks of life.
/
of national inflation. This prob¬
ness problems.
Our
leading company in our
lem
must
be
stopped
largely
They must understand that cap¬
where it started — in the fiscal industry, after a study a few years
ital and profits are essential to
ago, indicated that about half of
the operation of American busi¬ policies of our government which its investors have an annual in¬
have
to do with spending and
ness.
They must recognize that
come of $5 thousand or less. There
deficit financing.
profitable
business
operations
is every reason to believe that this
Steel has never failed to meet
provide over one-half the entire
would hold
true of other
com¬
the nation's need.
We produce
income of our country—for gov¬
panies.
quality products which are con¬
ernment as well as for individuals.
For thousands of people, divi¬
It
is
equally important that tinuously being improved so as to dends from their investments in
be more useful to consumers.
leaders of business make it part
steel constitute a major source of
The prices of our products are
of their jobs to
understand the
income. Many families rely
on
well below prices of other mate¬
problems of government and their
dividends to help to put sons and
rials
which
fill
a
comparable
impact on the business commu¬
daughters through college, and to
need.
nity.
To conclude this point — the provide income for retirement.
Industry
and
government,
it
question of steel in the national Flags Notion to Skip Dividends to
seems to me, must seek the same
interest—I want to say this:
Pay for Modernization
objectives; namely, a nation eco¬
nomically healthy and able to de¬
The
steel
industry
provides
Recently I have heard the sug¬
fend its freedom
an expanding good employment and exceptional
gestion that the steel companies
economy, at home and in our for¬
wages for 700,000 employees and could
obtain the money needed
eign trade . . . industry that is has attracted the savings of well for modernization
by the simple
modern and efficient
an end over a million investors.
stroke of omitting all the divi¬
to inflation and its hardships on
We can be proud of the steel
dends on their equities. I wonder
people and businesses.
industry as an institution whose if those who gave birth to this
Since
there should be agree¬ contributions to our national in¬
idea ever thought of the conse¬
ment on these broad objectives, terests have grown greatly with
quences of such an act. Think of
what roadblocks stand in the way every
passing year.
We can be the damage that would be done—
of their achievement?
proud of steel as a metal indis¬ not only to individual investors,
pensable to the ever - improving but also to pension funds, invest¬
Overcoming Today's Roadblocks
standard of living in this great ment
trusts,
colleges
and
in¬
One confronting the steel indus¬
country of ours.
surance
companies, which like¬
try at this moment is that there
wise
are
shareholders
in
steel
Profits Are Not Adequate
exists
in
the
minds
of
many
companies
and
are
dependent
Americans, including public offi¬
Let me turn now to the second
upon these
dividends.
cials at all levels of government,
question that I believe is before
Equally alarming would be the
widespread confusion of fiction the public: Is the steel industry,
devastating effect upon business
with fact about our industry. This
making profits which are ade¬ and financial confidence
through¬
confusion
exists regarding such
quate to fulfill its responsibilities out the
country. No responsible
vital matters as steel's prosperity, to its
shareholders, its customers,
person
could seriously entertain
the economics of steel production and the
growing national econ¬ such a
suggestion.
and marketing, and even the rela-,
omy?
- V".
Neither
is
it
practical when
tionship of our industry to the
The * answer
to
that
question
national interest.
profits are inadequate for steel
must be "no."
If the questions being raised in
Despite all that has been done companies to seek the additional
funds they need by selling more
the public mind can be sorted out in
technological
advancements,
stock or by borrowing.
for
classification,
I should say tighter cost controls,
and im¬
Continued jrom page
«
(1) Does the steel industry con¬
duct its affairs in the national in¬
(2) Is the steel industry making
adequate profits?
the public be
Why should
(3)
with
concerned
the
adequacy
of
steel profits?
let
look
us
No
at
the
the
of
record
on
lifetime
the
of
most
of
nation in two world
cent
Korea.
In
the industry has
years,
vided
essential
and
wars
re¬
pro¬
materials
for
building
the
great
defensive
strength of our armed forces; and
it is today playing a telling part
in our exploration of space.
And,
profits
incidentally,
during
facts
are
that
no
so
war
plainly
what
years?
needs
one
about
The
the record
on
to
misread
them, unless he is determined to
do
The
so.
War
II
four
of
World
lowest
profit
years
the
were
'
years
for
Profit
as
steel
a
steel dropped
-
a
little
war
more
in
per
the
cent
of
past
sales
22.
in
from 8% in 1940 to
than
3%
during the
years.
finds
one
itself
are
is put up
listed
33rd
compared by The
National
City Bank of New
An
that
industry
makes
6.4 cents per dollar of net
assets, as ours did last year, can
hardly be said to make satisfac¬
tory profits.
And of greater importance, the
trend is downward. A comparison
only
of the
four-year period
1954-1957
1958-
with
the
1961
shows four declining trends.
most
We
recent years
Total
must
would
be
dreds
not
that
competing
with
hun¬
in¬
ment
dollars. A low
is
hardly
further
an
profit poten¬
inducement for
investments
in
the
steel
industry. As for borrowing, the
ability of any company to obtain
funds by this method at reason¬
ties
may
World
War
II,
the
great
I
repeat, - can # only
exist if government and industry
have
mutual
respect
for
each
source
Vacco Valve Co. :
industrial
other
the
in
address
♦An
1962.
countries
Common Offered
important competitive advantages.
Japan alone is exporting more
steel than the United States. In Public
for the first time in more
a century, our country
19j9,
mon
half
than
$4
imported more steel than it ex¬
ported—and this situation con¬
tinues to this day, with its present
offering
125,000
of
com¬
shares of Vacco Valve Co., at
share
per
is
being
California Investors, Los
made by
Angeles,
Net proceeds will
and associates.
company for the
land and construc¬
American economy.
tion of new facilities, acquisition
It has been estimated that tens of equipment tooling for a newly
of thousands of jobs wouia exist developed
filter, and other cor¬
future
and
in
steel
American
the
be
the
for
consequences
by the
used
purchase
industry
of
porate purposes.
today if the steel import and ex¬
;
"
;
of
1445
Lidr
port balance of former years con¬
combe Avenuer~ El Monte, Calif.,
tinued to prevail.
has developed and manufactures
Only by having'adequate profits
over
600 proprietary items of its
can we obtain!tne
capital neces¬
.own. Z design,
principally valves
sary to keep competitive in
the
and regulators for use in the oil,
growing world' markets." Without"
chemical and missile industries.
adequate profits, we can neither
plow money back- into plants nor
attract capital from investors to
do
changed, it is difficult to see how
we can keep pace in world mar¬
disadvantage
competitive
The
which
in
find
we
ourselves
Offering of 73,500 common shares
Vending Service, Inc;,
aggravated by the fact
depreciation provisions of
laws probably
are
the
least liberal of any industrial na¬
greatly
of Uneeda
at
tax
let
are
Washington to
situation by
this
"•
■
apparently
in
taken
of
r
of
a
re¬
•
working
and
capital.
>
of 250 Meserole
Street, Brooklyn, N. Y., is en¬
gaged in the purchase of new and
used coin operated vending ma¬
chines.
The
used
equiment is
overhauled and reconditioned to
The
tax
a
depreciation
will help some
These
equipment, research and devel¬
affiliates
••
being
existing
schedules.
and
purchase
by the company for the
improve
providing
facilities and
new
made
Corp., New York
modernize opments-investments- in -foreign
alone
:
Steps
being
is
share
Net proceeds will be used
City.
■
them.
per
Karen Securities
de¬
preciation
allowances
cio
not
permit companies to recover the
full
cost
of
replacing
existing
facilities,
$3
by Fabrikant Securities Corp.,
The present inadequate
tion.
v
is
that the
our
|
Common Offered
held.
once
-
Service, Inc.
kets, let alone regain the position
we
company
Uneeda Vending
is
situation
the
Unless
so.
The
company
companies. However, to really do
the
job needed we must have
basic changes in the whole ap¬
factory specifications at
proach to depreciation allowances
made
in
tax
our
laws.
to
We
ing this fact.
must
con¬
pany's
the com¬
Sales of both new
plant.
reconditioned
and
machines
' are
directly to the route oper¬
ators in the U. S., and abroad.
tinue to
earn
satisfactory profits.
impress upon our tax au¬
thorities the urgency of recogniz¬
Phila. Bond Club
:
Consequently, no matter where
the necessary funds come from—
from reinvested profits, the sell¬
the government and*
the nation have much to gain by
ing
of
of
equities, or borrowing—
their
availability depends upon
adequate profits.
;
• ;
,
Certainly,
,
completely modernizing this area
our
the
more
A Matter of Public Concern
we
to
come
the
laws
to
with
conform
favorable patterns exist¬
world.;
.
;
■
j
■
,
I
.
.
These
third
To Hear
on
Common Market
ing in other industrial nations of
the
Now
tax
ters
facts, I repeat, are mat¬
for public
concern,
and to
PHILADELPHIA,
Pa.—Dr.
Wil-
Platzer, Austrian Ambas¬
sador to the United States, will be
fried
meet¬
Club of Phila¬
"yes," The public should indeed industry must speak up and speak delphia to be held on Tuesday,
June 19, at The Barclay Hotel.
be concerned, because a modern,
up clearly for the public's support
question:
public
Is all this
concern?
a
The
matter for
answer
is
help solve them every man with
management
responsibilities
in
of
the
that
kind
will
of
enable
business
us
to
climate
hold
costs
in line, improve profitability, and
help to meet competition from whatever
achieve this goal. Informed pub¬ source it comes,
' <
lic
To this end let, us do everything
opinion
can
help to
bring
ample of the profit squeeze from reason to bear on the problem of we can to improve our communi¬
which the industry suffers today.
rising employment costs. Informed cations with the public and with
With an almost identical vol¬ public opinion can help to per¬ our public officials. Let us never
ume
of business as in the first suade the government to revise stop seeking to gain better public
quarter of 1959, industry earnings its tax policies to recognize the understanding of the economics of
in the first quarter of this year— urgent
■
importance
of
keeping our industry.
We who have the responsibility
although varying from company American steel facilities competi¬
The results for the first quarter
of 1962 are another dramatic ex¬
^ ^
f
competition.
Postwar
plants,
equipment and low wage
are
giving steel producers
rates
able interest rates, is directly re¬
lated to its demonstrated ability
profits after taxes are down
22%; profits per dollar of sales are
down 20%; profits per dollar of
healthy, efficient steel industry
net assets are down 37%; and the is vital to the continued
progress
rate
of
profits retained in the of our national economy.
business is down 57%.
it comes.
by Mr. Patton before the
General Meeting of
American Iron and
Steel Institute, New Ycrk City, May 24,
have
moaern
And
public opinion
can
.
•
,
'/
,
conditions,
been recog¬
and our gov¬
ernment in the past, but certainly
they cannot be overlooked today
in
the
face
of
intense
foreign
not
(
these
success—and
with
them
new - facilities,
and
improvement
.
After
industry. We are not wringing our
hands. We simply want to get on
with
our. jobs, under
conditions
which give us a fair chance to do
in
nized by the public
vision
invest¬
or
in
countries,
available
of
in ouy
ounce
one
confidence in ourselves
the
this
credit for
for
lack
not
do
other, arid if, and only if, we have
postwar years—much of
the past five years—the ^in this country a business climate
that will enable us to hold costs
capital needs of the industry still
in line, improve profitability and
are
tremendous.
meet competition from whatever
The inadequacies of our facili¬
in
we
of other businesses and
billion
$14
We
tne more acute.
investment of over
our
modernization
.
forget
$109 billion
plants- and
for our national defense.
peace or
among
are
say,
dustries, including those in other
tial
41 industries whose profits
net assets
York.
in the campaign in
.
matter which
among
peril.
the steel industry has contrib¬
uted mightily to the defense of
to
steel in¬
dustry, however, our profits meas¬
ure out as inadequate.
First
Within
used
against earnings of the
steel industry in times of national
us,
are
corporate profits.
measure
Steel
answering the first question,
our
yardsticks
Many
terest?
In
in output per manhour,
our
profits
have
been
squeezed severely by the narrow¬
ing margin between our costs and
our extremely competitive prices.
that
equipment are obsolete today—
billion more will become
obsolete by 1970. ;
But steel's problems,
I would
Despite
'
provement
employees, fair profits - for
stockholders,' and
always
enough steel to meet the growing
needs of our nation whetner for
our
not
are
and $o0
„
fall into three main
categories. As I see it, these are
the questions:
we
in
move'ahead
to
our
economic studies
of America's industrial
.
they
indicated
have
,
that
this
In
alone. Extensive
want
building an ever more efficient
steel industry, with good jobs for
of the changing technology
facilities.
...
.
keenly
panies
steelmaking, and of tne
rapidity with whicu obsolescence
is overtaking our own plants and
.
.
tne
world
in
-
.
in the industry are
We
1
„
of
America's steel com¬
of managing
advancing
the rest
or
;
aware
serious down¬
a
rapidly
world.
$21/£ billion had been spent to im¬
prove plant efficiency in the in¬
tervening period.
We have
the
steel industries
than
more
with
tive
over-all
an
\et
34%.
Thursday, June 7, 1962
.
.
.
guest speaker at a luncheon
ing
of The Bond
Dr.
Platzer will speak
Common
Albert
Market."
A.
R.
on
"The
!
Wenzel,
resident
of Francis I. duPont &
is in charge of arrangements.
manager
Co.
H. A. Wall Co. Opens
Harvey A. Wall has opened offices
at 11 Broadway, New York City,
effective June 1 to engage in a
securities business under the firm
name
of H. A.
Wall Co.
,
,
Volume
195
Number 6166
i
»
The Commercial and Financial
.
Chronicle
Indications of Current
The
(2675)
following statistical tabulations
latest week
Business Activity
week
or
month available.
month ended
or
Latest
(per
capacity)—
cent,
Previous
Month
Week
Ago
on
Steel
Crude
42
-
and
56.5
62.5
70.0
June
2
1,586,000
1,646,000
1,820,000
2,052,000
May 25
7,278,560
8,299,000
7,344,810
8,321,000
7,068,010
May 25
7,267,410
8,292,000
Crude
to
runs
r 29,502,000
29,263,000
May 25
2,888,000
2,930,000
May 25
13,075,000
12,814,000
INSTITUTE:
condensate
(bbls.
average
Gasoline
output
(bbls.)
Kerosene
output
(bbls.)_
average
(bbls.)—
oil
output
(bbls.)
Residual
fuel
oil
output
(bbls.)—
Stocks at
refineries, bulk terminals, in transit, in pipe lines— \'
■'
;{
-1-
.
Revenue freight received
from
5,594,000
•
—May 25
40,486,000
,'41,017,000
of cars)
(no.
5,922,000
23,879,000
27,154,000
94,859,000
May 26
580,361
90,259,000
39,387,000
44,039,000
577,534
578,767
506,607
586,946
502,219
•
COKE
U.
S.
»■.
■
State and
,
I
municipal
„„Z
_T——r
OUTPUT
Bituminous
(U. S.
coal
and
STORE
206,600,000
166,500,000
CONSUMER
OF
138,000,000
33,300,000
42,000,000
34,400,000
36,500,000
SALES
output
FAILURES
(in 000
IRON AGE
CREDIT
8,255,000
8,515,000
May 26
312,000
300,000
294,000
308,000
May 26
148
156
153
137
,471,000
16,202,000
15,369,000
13,887,000
285
314
254
Electrolytic
—June
INDUSTRIAL)
DUN
—
of
as
(net tons)
THE
FEDERAL
April
term
*3,637,304
-4,726,113
3 063.382
3,797,001
"
RE¬
credit
30:
credit
$56,650
and
Single
loans
payment
3,073
11,325
10.558
13,365
.
16,877
3.084
11,515
loans
17,039
11,256
3,094
loans-—
41,423
11,333
modernization
$53,756
42,304
17,343
credit-:
$55,680
43,285
consumer
12,976
12,333
10 915
5,111
5,056
4,589
4,451
4.191
4 203
Service
3,803
3,729
3.541
credit
(New York)
(delivered)
(East St.
6.196c
Received
$66.44
$66.44
Crushed
$24.83
$25.17
$23.50
$36.83
Stocks
30.600C
30.600c
30.600c
30.675c
Produced
30
28.525c
28.575c
28.600c
29.650c
Shipped
May 30
9.500c
9.500c
9.500c
11.000c
May 30
J.
6.196c
$66.44
May 25
.
6.196c
$66.44
9.300c
9.300c
9.300c
10.800c
12.000c
12.000c
12.000c
11.500c
11.500c
11.500c
QUOTATIONS):
1
-
at
I
1
_II
May 30
:
York)
12.000c
May 50
—
at
11.500c
/
May 30
24.000c
24.000c
24.000c
BOND
PRICES
DAILY
116.000c
116.375c
120.750c
111.375c
AVERAGES:
Cake
89.42
89.35
90.06
5
87.72
87.86
87.32
April
30
June
5
91.91
"*"""
Public
S.
91.62
Group
89.37
89.78
86.91
86.38
82.03
YIELD
Government
5
82.40
5
84.55
June
5
89.09
June
a
Bonds
5
89.78
(tons)
(tons)
Industrials
April
(bales)
Orders
Group
:
•
:
...
82.52
,
•
84.68
84.17
84.81
89.09
88.27
89.78
88.67
received
—
Unfilled
:
Number
——_i—
—
at
of
end
period
3.75
3.66
226,400
113 800
n/ll7.700r
63,950,960
customers—Month
63,331,894
58,177,354
of
customers
$1,068,590
$981,032
60,103,210
58,994,828
221,253
309,400
312,177
31
60,238,163
273,796
March
at
327,210
318,657
3.94
4.61
4.61
4.27
4.30
4.30
CAN
5
4.42
4.41
4.46
4.43
TION)—Month
FABRICATED
5
4.61
4.60
4.64
4.68
Contracts
A
5
4.99
4.98
5.02
5.02
Shipments
5
4.82
4.81
4.85
_L——
_■——
TRANSACTIONS
FOR
4.48
5
5
4.43
5
361.7
4.48
4.54
4.41
June
361.9
May 26
1
OF
(AMERI¬
CONSTRUC¬
4.51
369.6
94
May 26
457,694 ;
;
323,759
330,628
91
METAL
(tonnage)—estimated
(tonnage)—estimated
OUTPUT
Month
468,481
432,421
111.68
320,360
331,806
Gold
^
(BUREAU
MINES)—
OF
of March:
production of recoverable metals in the
United
93
112.43
v1*" ■*•*
358,809
:
97
448,637
342,424
closed
4.51
4.43
364.3
318,172
345,165
-June
ACCOUNT
STEEL
STEEL
April:
States—
Silver
(in
Copper
122,160
fine
tons)
126 096
♦2,830,783
3,187,803
109,730
ounces)
short
(in
♦115,839
3,200,394
fine ounces)
(in
*101,327
100,335
24,554
Lead
L_—
<
OF
of
4.80
May 26
;
STRUCTURAL
INSTITUTE
June
-
AVERAGE=J 00—
ROUND-LOT
170,300
$1,066,329
ultimate
of
4.57
1
112.68
113.4C
(in
short
tons)——
23,522
♦21,923
Zinc
OIL, PAINT AND DRUG REPORTER PRICE INDEX—
1943
156,500
consumers—
March
3.74
May 26
—
—
(tons)
150,400
A
ultimate
to
(000's omitted)
ultimate
from
Revenue
Mine
(tons)
activity—
orders
141,700
133,000
of March
Month
4.28
ASSOCIATION:
(tons)
of
80,600
124,300
Kilowatt-hour sales
4.58
June
INDEX
PAPERBOARD
Percentage
93,200
130,800
EDISON ELECTRIC INSTITUTE—
88.67
90.06
,,r>
June
Group
Production
30
(bales)
(bales)
Shipped
5
Tim
ZZ
1
COMMODITY
NATIONAL
120 900
132,500
Linters—
5
»
Group
MOODY'S
138 200
107,200
30
(tons)
5
June
^
Utilities
190,800
140,900
109,900
April
June
;
Public
189,300
Meal—
and
June
Aa
Railroad
270,500
232,700
,
DAILY AVERAGES:
corporate
Baa
123,400
242,500
192,100
;
158,600
June
Average
668,100
156,900
(tons)
(tons)
Shipped
82.03
5-
June
:
Group
Group—
BOND
10,300
401.800
1,244,600
91.62
90.06
87.45
5
June
Utilities
MOODY'S
92.06
89.92
<87.32-
June
June
_1
Industrials
47,100
538,600
830,300
87.32
,
.„
22,900
437,200
(tons)
Produced
86.92
June
—z_—zzzzzzzzzzzzzzzzz""
Railroad
1—
(tons)
30
Produced
5
■
A
Baa
mills
at
April
Stocks
,
June
,
corporate
Aa
of
26.000c
May 30
at—
Government Bonds
Average
PROD¬
(tons)
Stocks
MOODY'S
SEED
COMMERCE—Month
Hulls-
I_ May
at—
(New
COTTON
OF
(tons)
Stocks
Louis)
AND
Seed—
Cotton
'•
6.196C
May 25
(primary pig, 99.5% ) at
tin
SEED
April:
May 30
M.
(St. Louis) at
Aluminum
COTTON
copper—
Lead
Straits
280
May 25
ton)
gross
Lead
r
66,381
3,650,930
:
credit
UCTS—DEPT.
(per lb.)_
(E. &
2
PRICES:
refinery at
refinery at—
"Export
U.
OF
intermediate
Noninstalment credit
&
Domestic
S.
94,305
'
steel
U.
*5,155,326
Charge accounts
.
(per gross ton)__
iron
METAL PRICES
,
♦5,249.631
OUTSTANDING—BOARD
and
consumer
Other
8,189.00C
May 31
COMPOSITE
Scrap steel (per
„
millions
Personal
250,000
'*•>
5,003,518
75,861
_w.
•___
Automobile
INDEX—FEDERAL RESERVE
AND
Pig
Zinc
short
Instalment
174,500,000
May 26
INC
Finished
tZinc
180,000
SYSTEM—REVISED SERIES—Esti¬
Repairs
'
607.000
170,000
4,927,657
•,
X—■—
——
GOVERNORS
Total
*
kwh.)
(COMMERCIAL
BRADSTREET,
-
31
1,002,000
787,000
781,000
ELECTRIC INSTITUTE:
Electric
,
225,400,000
231,000,000
196,600,000
tons)
$399,900,000
161,300,000
208,500,000
IZZ^May
—
SYSTEM—1947-49 AVERAGE—100
EDISON
$392,300,000
351,200,000
239,900,000
Z
BUREAU OF MINES):
lignite (tons)
Pennsylvania anthracite (tons)-.
DEPARTMENT
$559,700,000
231,200,000
Mav 31
Z_Z"~
Federal
COAL
$471,100,000
31
May 31
——1_„1
tons)—;
(net
coke
(net tons)
Oven coke stocks at end of month
495,925
508,166
(net
coke
BeehivA
in
j^ay
_
ZZZZZZZZZZZZZ May
construction
$1,789,000
736,000
951,000
924,000
municipal
$1,687,000
1,142,000
186,000
and
mated
construction
construction^—_.r
Public
$2,252,000
1,110,000
—
(BUREAU OF MINES)—Month of Apr.:
Oven
CIVINEW?RECORD0 CONSTEUCTION—1ENGINEERING
Private
Ago
Month
—
,
construction
SERVE
Total
RECORD
construction
S.
Production
88,534,000
i
NEWS
Federal
196,245,000
\
Year
Month
12,952,000
5,556,000
v
Previous
CONSTRUCTION-
construction
State
29,089,000
1,741,000
1199,855,000
25,569,000"
26,312,000
99,118,000
May 26*
connections
2,591,000
12,626,000
193,521,000
May 25
ASSOCIATION OF AMERICAN RAILROADS:
Revenue freight loaded (number of
cars)
r.
5,044,000
May 25 '
—
__
U.
Public
8,049,000
'
—May 25-
•—
——_—
Distillate fuel oil, (bbls.) at———_ 1—^.-1
Residual fuel oil (bbl$.) at
—•_
:
;
'
_
:
;
;
191,767,000
May 25
——
:
28,993,000
,
of that date:
(000's omitted):
Private
Distillate fuel
^ Finished gasoline (bbls.) at—
Kerosene., (bbls.) at
of May
of
_
stills—daily
""
CIVIL ENGINEERING
Total
output—daily
each)
are as
Month
54.5
•
of quotations,
cases
Latest
2
May 25
PETROLEUM
oil
gallons
(net tons)_
in
or,
ENGINEERING
ingots and castings
AMERICAN
^
date,
Ago
—June
Equivalent to—
*
that
cover production and other figures for the
Dates shown in first column are either for the
v
Year
Week
AMERICAN IRON AND STEEL INSTITUTE:
Indicated steel operations
-
27
(in
short
tons)—1_
42,608
*36,722
43,176
$1,172,389
$971,185
$1,060,220
•<
MEM¬
*
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions
Total
'
of
specialists
purchases—
stocks
in
sales
Other
sales—-J-——
^
sales
Othen transactions
Total
initiated
——
the
off
purchases
floor—■.
"
3,954,200
471,870
Banks
2,184,770
2,688,160
2,016,110
2,712,880
3,362,450
2,487,980
3,955,140
;
Savings
327,030
276,520
705,800
380,330
38,200
60,180
55,700
64,100
May 11
329,090
344,840
May 11
367,290
405,020
May 11
865,119
896,124
741,455
trust
savings banks
78,887
94,363
374,297
394,477
119,611
companies
114,467
106,218
316,940
638,360
sales-——
293,420
349,120
89,641
442,024
_
and
Mutual
May 11
May 11
1,265,891
Total
initiated
for
account
90,700
197,210
812,808
1,215,333
ONDARY
TIN
876,058
1,048.465
903,508
1,412,543
BUREAU
OF
May 11 •
sales
4,188,059
4,267,474
3,456,215
5,925.89*'
May 11
:
—
—
—
688,820
849.100
618,270
3,267,408
3,966,835
3,122,338
5,152,103
May 11
3,956,228
4,815,935
3,740,608
6,070,143
DEALERS
EXCHANGE
Odd-lot
sales
Number
of
—
AN.D
SPECIALISTS
SECURITIES
dealers
by
(customers'
N.
Y.
May 11
1,850,019
2,130,003
1,754,062
May 11
;
$108,669,405
$141,421,185
$94,100,605
1,834,004
1,847,051
1,644,161
May 11
2,500,321
$125,401,172
2,641,642
11,169
short
sales
May 11
45,953
39,965
18,167
Customers'
other
sales
May 11
1,788,051
1,807,086
May 11
$103,899,075
$122,492,493
1,625,994
$87,227,953
$125,622,698
May 11
544,490
513,070
485,050
831,600
May 11
May 11
544Z490
518*. 070
485^050
8Y1Z6OO
Dollar value
of
sales
Short sales
Other
sales
Rourd-lot purchases by dealers—Number of shares—
TOTAL
ROUND-LOT
EXCHANGE
FOR
Total
STOCK
AND
ACCOUNT
round-lot
SALES
ROUND-LOT
OF
ON
THE
STOCK
MEMBERS
N.
Y.
May 11
Total
—
576,280
31,640
U.
S.
5.r20
*40,960
36.950
33,370
.
*5,525
40,895
Z_.
period
of
*33,815
30,310
♦7,145
6,650
175
1*0
*6,970
6,490
5,280
*4,690
3 990
Secondary
2,080
2,280
2,500
$300,000,000
$300,000,000
$293,000,000
299,173,940
296,951,858
290,145,640
430,077
405,424
225,396
$299,604,017
$297,357,283
$290,371,037
434,028
434,992
396,445
$299,169,989
$296,922,290
$289,974,591
830,010
3,077,709
3,025,408
$299,604,017
$297,357,283
4,995,139
$290,371,037
8,140,542
$291,463,475
$291,362,144
$285,209,372
U.
S.
in
STATUTORY DEBT LIMITATION
GOVT.
As
scrap
transactions—.
manufacturing
of May 31
Total
(000's omitted):
amount
any
at
face
that
be
outstanding
time
may
Outstanding—
Total
public
gross
Guaranteed
debt
obligations
not
owned
by
the
Treasury
gross
public
debt
& guaranteed
obligations
1,039,000
1,138,180
818,310
1,047,280
18,091,230
18,985,000
15,591,290
19,130,230
20,123,180
16,409,600
gations
25,779,940
26,827,220
Balance
OF
under
subject
not
Grant
public debt obli¬
debt limitation
outstanding
Deduct—Other
May 11
DEPT.
33,815
period—
—
165
TRANSACTIONS
;
—
March
processed
Total
May 11
May 11
PRICES, NEW SERIES
(1957-59=100):
of
7,360
672,100
(SHARES):
sales—
LABOR
736,220
591,220
sales—
sales
WHOLESALE
end
at
STOCK
Short sales—
Other
2,630,473
by dealers—
shares—Total
35,435
STATES
UNITED
Primary
purchases by dealers (customers' sales)—
orders—customers' total sales
Number
THE
7,525
Z.
Consumed
Customers'
sales
Stocks
purchases)—t
i
IN
MINES —Month
beginning of
Intercompany
STOCK
Number of
Round-lot
$2,444,318
7,080
COMMISSION
shares
Dollar value
Odd-lot
ON
EXCHANGE
in
Stocks
Supply
Total
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDLOT
472,100
$2,238,053
TIN—CONSUMPTION OF PRIMARY AND SEC¬
918,040
May 11
1
sales—
435,571
(in long tons):
sales
Other*
114,630
933,835
members—
of
purchases
Short
Total
122,510
753,548
May 11
transactions
institutions
Total
May 11
1
—
—
round-lot
702,460
lending
263.646
$2,627,251
Miscellaneous
May 11
-
sales—
305,376
498,210
Individuals
the floor—
on
_.
sales—
Total
—
purchases
Other
Total
•
—
sales—
Total
i
.
Short
,
BANK
and loan associations—
Insurance companies
sales—
Other transactions
-
LOAN
(000's omitted):
2,438,240
sales
Total
.
March
674,290
Other
■
NONFARM
IN
HOME
—
of
3,044,320
Short
•
S.
528,110
May 11
,
U.
OF
BOARD—Month
2,942,610
May 11
.
Z
FINANCING
ESTATE
REAL
■.
656,73r
3,298,410
---May 11-
———_——
_
t
AREAS
May 11
Short
Total
,
which registered—■
in
to
total outstanding—
face
amount
above
of
obligations
issuable
authority
Commodity Group—
All
commodities
Farm
May 29
May 29
•••»
All
Z
commodities other
♦Revised
sold
on
than
farm
figure.. tNumber of
delivered
basis
96.7
a
99.6
99.9
a
UNITED
at
centers
and
orders
foods
Z May
29
May 29
.
92.2
100.9
93.9
92.3
100.8
a
As
100.9
a
General
A
reported since introduction of Monthly Investment Plan. tPrime Western Zinc
where freight from East
St. Louis exceeds one-half cent a pound,
a Not available.
not
STATES
GROSS
DEBT
GUARANTEED—(000's
*
Processed foods
Meats—
-
99.6
a
95.7
95.5
May 29
products
100.3
100.2
100.1
of
Net
May
31—
funds
balance
debt
Computed
DIRECT
—
>
annual average
AND
omitted):
3.236%
3.216%
5,161,665
3.075%
28
The Commercial and Financial Chronicle
(2676)
.
Thursday, June 7, 1962
,
,
X
* INDICATES
Now
Securities
in
Registration
service. Proceeds
For salaries, sales promotion and
working capital. Office—Statler Bldg., Park Sq., Boston.
Underwriter—Paisley & Co., Inc., 120 Broadway, N. Y.
Offering—Expected in late August.
•
—
NOTE
—
Because of the large number
of issues
awaiting processing by the SEC, it is becoming
predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed
items reflect the expectations of the underwriter
but are not, in general, to be considered as firm
increasingly difficult
to
offering dates.
Office—First National Bank
—Shields &
r
L.
A.
Steel Corp.
S.
Price—$4.50. Busi¬
Proceeds
repayment, equipment, and working capital.
March 29, 1962 filed 100,000 common.
ness—Sale of processed flat rolled strip steel.
debt
■—For
Blvd., Corona, N .Y,
Under¬
writer—Bernard L. Madoff, N. Y. Offering—In July.
.
Northern
Office—126—02
Instrument Co.
Accurate
April 24, 1962 ("Reg. A")
Business—Manufacture
component
electronic
of
debt
2435
Price—$2.50.
instruments
test
parts.
Co., Inc., 120 Broadway, N. Y.
Accurate
'
*—
company and 120,000 for a stockholder.
Business—Publication of mass
catalogues (for department stores and mail
order firms), a semi-annual
magazine and stamp collec¬
tors' books. Proceeds—For debt
repayment and working
capital. Office—551 Fifth Ave., N. Y. Underwriter—
Bache & Co., N. Y.
Offering—Indefinitely postponed.
'
•
...
.
All-Star
•
'
,
.
.
Packaging Corp.
•
Feb.
28, 1962 filed 80,000 common. Price—By amend¬
ment. (max. $3). Business—Design and manufacture of
folding paperboard cartons. Proceeds—For debt repay¬
,
ment
April 24,
and
working
Office—2412 VS.
capital.
All-State
Garfield
tures
Securities
subsidiaries conduct
Co., San Francisco.
-■*
•
v
trols and assemblies for the
ment
$13).
(max.
Business
drive
selling
stockholders.
—
automobiles.
devices for
starter
By amend¬
Rebuilding and sale of
missile, rockets and aircraft
Proceeds
For
—
Office—1313
S. Jay St., Kokomo,
Co., N. Y. and Raffensperger, Hughes & Co., Indianapolis.
Ind.
Underwriters—McDonnell
AdeSphi
Mar.
22,
Research & IV3fg.
1962
("Reg. A")
&
Co.
53,300
(6/25-29)
Price—$3.75.
common.
Business—Manufacture and distribution of diazo, brown,
and
blue
print paper. Proceeds—For debt repayment,
expansion & working capital. Office—3745 N. 2nd St.,
Philadelphia. Underwriter—Fred F. Sessler & Co., Inc.,
New
York.
Admiral
Jan.
*
•.•
\
Automotive
11, 1962 filed
•
Products, Inc.
100,000
common.
(6/25-29)
equipment ac¬
supplies. Proceeds — For expansion and
working capital. Office—3294 Steinway St., Astoria, N. Y.
Underwriter—Baruch Brothers & Co., Inc., N. Y.
and
Admiral Benbow Inn, Inc.
March 23, 1962 filed 101,578 common
subscription by stockholders
By amendment (max. $18).
chain
of restaurants
expansion,
S.
and
a
on
to
be
offered
l-for-5 basis.
a
Price—
Business—Operation
motor
hotel.
for
of
a
Proceeds—For
debt repayment and equipment.
Office—29
Blvd., Memphis.
Underwriter—James N.
Bellevue
Reddoch
&
Admiral
Co., Memphis.
Business
Systems, Inc.
1962 filed 70,000 common. Price—$3. Business
•—Designs and produces printed business forms. Proceeds
Feb. 28,
•—For
additional
sales
personnel, moving
other corporate purposes.
Underwriter—Fabrikant
ing—Expected in July.
expenses
Corp., N. Y. Offer¬
filed
amendment.
aluminum
minum
©
200,000
—
of
class A
common
Adtelk
Inc.
("Reg. A")
100,000
common.
Price—$1.15.
Business—A general
advertising and technical publishing
manufacture
and
doors,
Proceeds—For
sale
and
other
and
working
and
writer—E.
•
shares
dustrial
1987
to
the
on
be
basis
conv. subord. deben¬
subscription by stock¬
$100 of debentures for each 10
offered for
of
derwriters
&
Co., San Francisco,
Calif.
investment.
•
filed
250,000
lumber
Offering—
Price
Proceeds—For
—
1961
filed
construc¬
Price—By amendment (max.
Business—Transportation, distribution and sale of
Proceeds—For debt repayment and expansion. Of¬
fice—546 S. 24th Ave., Omaha.
Underwriter—Cruttenden, Podesta & Miller, Chicago.
American
amend¬
TWX: N.Y. 1-5237
-
Baltimore.
to
HOLTON, HENDERSON & CO., Los Angeles
laboratories.
ing
capital.
Price—$4.25.
Proceeds — For an acquisition, debt
repayment
general corporate purposes. Office—5007 iLytle
St.,
Pittsburgh, Pa. Underwriter—First Madison Corp., N. Y.
Bottling
Co.
(6/20)
5y ~1962( filed' $1,250,000 ' of 614 %* subordinated
sinking fund debentures due 1977 (with attached war-7
rants) and 312i,500 common. Price—By amendment ($8
acquisition.
.Manufacturing and dis-.
and Pepsi Coia syrup. Proceeds—
Office—1601 Guilford Ave., Balti¬
Underwriter—Suplee, Yeatman, Mosley Co., Inc.,
Philadelphia.
debt repayment and work¬
Bonnie Brae, Los Angeles.
Investors, Los Angeles.
Manufacturing
Corp.
•
1
(6/18-22)
filed 200,000
ness—Manufacture of
home.
Proceeds—For
working capital.
Park, Fla.
a
common.
Price—$2.50.
Busi¬
type of component constructed
debt
repayment,
equipment, and
Office—4950 71st Ave., North, Pinellas
Underwriter—Equity Securities Co., N. Y.
American.
Mortgage Investors (-6/18*22.)- : - m ^
8, 1962 filed 1,300,000 shares of beneficial-interest.
Prices—$15. Business — A newly-formed business trust
which plans to invest in first mortgages. Proceeds—For
.
Feb.
investment. Office—305 S. County Rd., Palm Beach', Fla.
Underwriter—Hayden, Stone & Co., N. Y. Note—This
company was formerly named American First Mortgage
American
133,333 common. Price—$3. Business
—Manufacture and sale of dolls. Proceeds—For equip¬
ment, advertising, and working capital. Office — 4116
Ave., Brooklyn, N. Y. Underwriter
Arrin & Co.,
Inc., N. Y. Offering—In July.
Modular
S.
Investors.
Allied Doll & Toy
Corp.
Feb. 27, 1962 filed
First
Proceeds—For
Office—660
Underwriter—California
■
Direct IT ire
Laboratories, Inc. (6/18-22)
28, 1962 filed 200,000 common. Price—By amend(max. $6). Business—Operation of hospitals and medical
Feb.
doors.
an
St., Indianapolis.
N. Y., and Crut-
$5).
and
For
Business
Proceeds—For
gas.
Nov. 27, 1961
for common). Business
Market
shares for each share held.
ness—Manufacture of aluminum and
fiberglass awnings
and aluminum combination
storm-screen windows and
tributing Pepsi Cola
E.
1962 filed
American
more.
DIgby 4-2370
Office—423
Busi¬
max.
display
boxes,
Gas Co.
(6/11-15)
26, 1962 filed 548,532 common to be offered for
subscription by stockholders on the basis of 3.6 new
(7/9-13)
100,000 common:
Pepsi-Cola
cardboard
March
$5.75.
working capital. Office—614 Equitable Bldg.,
Portland, Ore. Underwriter—Dempsey-Tegeler & Co.,
Inc., St. Louis. Note—This registration was temporarily
postponed.
Corp.
of
Flag & Banner Co. of New Jersey
100,000 common. Price—$3.25. Busi¬
ness—Production of flags, banners and accessories. Pro¬
ceeds—For taxes, debt repayment and working capital.
Office—1000 Main Ave., Clifton, N. J.
Underwriter—
K-Pac Securities Corp., N. Y.
and
Alcolac Chemical
sale
American
common.
company.
and
American
May 1,
Pacific Lumber Co.
1961
•
Proceeds—For
Underwriters—Reynolds & Co., Inc.,
tenden, Podesta & Miller, Chicago.
Imminent.
17,
;
:;
7^ American Fidelity Corp.
4, 1962 filed 500,000 common. Price—$11.
Co., Inc.
("Reg. A") 120,000
Securities
/
Packaging Corp. r
June
common.
Price—$2.50.
Business—Distributor of pens and other
advertising ma¬
terial. Proceeds
For working capital. Office — 11608
Ventura Blvd., Studio City, Calif. Underwriter—Pacific
Coast
&
—A small business investment
company.
Alan-Randal
27, 1961
Cardboard
N. Y., and Hallowell, Sulzberger,
Jenks, Kirkland & Co.,
Philadelphia.
Industries, Inc. (6/15)
23, 1962 ("Reg. A") 73,500 common. Price — $3.
Business—Manufacture and distribution of a variety of
air-supported structures, radar antennae, and solar re¬
flectors. Proceeds—For expansion and
working capital.
Office—30 Garden St., New
Rochelle, N. Y. Underwriter
—Fred F. Sessler & Co.,
Inc., N. Y.
Allegheny
Broadway, New York 6, N. Y.
Proceeds—For
general corporate purposes.
Office—1101 W. Cambria St., Philadelphia. Underwriters
—Milton D. Blauner & Co., Inc., M. L. Lee & Co.,
Inc.,
Mar.
vMarch
39
fasteners.
1962 filed 150,000 common. Price—$3.50. Business
boards, etc.
Allegheny Aluminum Industries, Inc.
*
missile
(6/25-29)
Jan. 5,
Co., N. Y.--Offering—Indefinitely postponed.
Oct
American
—Manufacture
Air-Tech
Dec. 21.
9P ^QG-., jfiric.
and
,
•
Kidder, Peabody & Co. and Dean Witter
—
writer—Robert; Garrett & Sons,
Members of New York Security Dealers Association
aircraft
equipment and other corporate pur¬
Office—Lawson Blvd., Oceanside, L. I., N. Y. Un¬
held.
specialty
Established 1942.
Ltd., Toronto.
Screw
edebt repayment,
chemical products. Proceeds—For
general corporate purposes.
Office-^-3440 Fairfield Rd., Baltimore.
Under¬
QUOTED
&
Mfg. Corp* (6/29)
1961 filed 150,000 common. Price — By amend¬
ment. Business—Manufacture of standard and
special in¬
Price—By amendment. Business—Produc¬
tion of oxygen, acetylene and other
gases, welding tools
and related equipment. Proceeds—For debt
repayment
and expansion. Office—150 E. 42nd
St., New York. Un¬
•
-
Price—50
in exploration,
Dec. 15,
'
March 23, 1962 filed 50,000 common.
Price—By
ment
(max. $6).
Business—Manufacture of
SOLD
shares.
derwriter—S. D. Fuller & Co., N. Y.
tion
-
Manning,
Bolt
poses.
due
holders
Business—A
BOUGHT
A.
American
tures
Alaska
for Banks. Brokers, Institutions
common
development and mining. Proceeds—For diamond drill¬
ing, construction, exploration and general corporate ex¬
penses.
Office—80 Richmond St., W., Toronto. Under¬
of
Office—20th Street, and Alle¬
Co., Inc.
Mining Co. Ltd.
1961 filed 400,000
31,
cents. Business—The company is engaged
alu¬
capital,
Office—St. Petersburg,
Malloy, Inc., St. Petersburg.
April 27, 1962 filed $44,546,300 of
Nov,
YOUR PRIME SOURCE FOR
corporate purposes.
Amerel
July
—
9
May 21, 1962
Co., Inc., Philadelphia.
Inc.
(6/18-22)
13, 1961 filed 73,000 common. Price—$7. Business
—Company plans to construct special type homes, and
engage in the general contracting business.
Proceeds—
gheny Avenue, Philadelphia, Pa. Underwriter—Francis I.
du Pont & Co., N. Y. Note—This
offering has been in¬
definitely postponed.
Reduction
&
International,
Nov.
Underwriter—Chase
shares
The
other corporate purposes.
Air
Alumatiron
For general
windows
products.
Electronics, Inc. (6/18-22)
28, 1962 ("Reg. A") 100,000 class A common.
$3. Business — Wholesaling and distributing of
—
Fla. Underwriter—B. C.
Business
storm
general real estate business with
a
land
on
and H. A. Riecke
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
and
Office—233 W. 42nd St., N. Y.
Securities
1961
deben¬
electronic parts, kits, components, etc. Proceeds — For
inventory and working capital. Office—2520 N. Broad St.,
Philadelphia. Underwriters—Albert Teller & Co., Inc.,
Master Corp.
May 26,
•
Price—$4. Business
—A warehouse distributor of automobile
cessories
Air
N. J.
subord.
Business—Company and
par.
Afisco
March
Price
Co., N. Y.
15, Sparta,
Corp., N. Y.
Price—At
of debt. Office—230 Park
Ave., * N. Y. UnderwritersBear, Stearns & Co., and Allen & Co., N. Y.
Proceeds—For equipment, debt repayment,
expansion and working capital. Office—90 Gazza Blvd.,
Farmingdale, N. Y.
Underwriter—Robbins, Clark &
Securities
1977.
development and home construction
Fla., Md., N. Y., and Ky. Proceeds—For repayment
in
industries.
—
due
emphasis
Aerodyne Controls Corp. (6/18-22)
Jan. 29, 1962
("Reg. A") 90,000 common.
Price—$2.
Business—Design, manufacture and sale of systems, con¬
Address—Route
(6/25-29)
Farts, Inc.
Properties, Inc. (6/12)
1962 filed $5,000,000 of conv.
Ave., Monterey Park, Calif.1 Underwriter—Pacific Coast
•
Accurate
Corp.
Mar. 30, 1962 filed 1,000,000 common.
Price—$3. Business
—insuring of buildings against fire, lightning and other
perils. Proceeds—For working capital. Office—3882 N.
Teutonia Ave., Milwaukee. Underwriter—None.
advertising and other corporate purposes. Office
—651
Third St., Newark, N. J.
Underwriter—Baruch
Bros. & Co., Inc., N. Y. Offering—In late July.
March 30, 1962 filed 100,000 common. Price
Insurance
•
ic Aerial Control Geotronics
May 28, 1962 ("Reg. A") 100,000 common.
Price—$3.
Business—Application of electronic and air photography
developments in the field of geodetic surveying and re¬
gional mapping. Proceeds—For debt repayment, equip¬
Aerosystems Technology Corp.
April 11, 1962 filed 165,000 common. Price—$3. Business
—Development, manufacture and marketing of certain
proprietary products and defense contracting. Proceeds
—For new products,
inventory and working capital.
ment,
amendment.
circulation
Bldg., Detroit. Underwriter
'
Co., N. Y.
r
■
ISSUE
for the
Price—By
Inc.
80,000 common.
Proceeds—For new products,
repayment and other corporate purposes. Office—
White Plains Rd., N. Y.
Underwriter—Paisley &
and
-T
REVISED
Arts, Inc.
27, 1962 filed 180,000 common, of which 60,000- will
be sold
Mortgage Corp.
April 27, 1962 filed 200,000 common. Price—By amend¬
ment. Business—The making and servicing of real estate
first mortgage loans.
Proceeds—For debt repayment.
.
ITEMS
•
PREVIOUS
Allied Graphic
Mar.
Advance
,
ADDITIONS
SINCE
—
Theodore
Options Corp.
11, 1962 ("Reg. A") 60,000 common.
Business—Company plans to sell "puts and
April
may
act
porate
as
a
broker-dealer.
purposes.
writer—Provost
Price—$5.
calls"
and
Proceeds—For general cor¬
Office—120 Broadway, N. Y.
Securities, Inc., N. Y.
.
Under¬
,
Volume
Number 6166
195
.
The Commercial and Financial Chronicle
.
.
American
Phoenix Corp.
24, 1962 filed 315,000 class A shares.
Jan.
Business—General real estate.
Office—320 Park Ave., N. Y.
purposes,
Interamerica Securities
•
American
March
tures
30,
Plan
Price—$10.
Proceeds—For corporate
Underwriter—
Corp., N. Y.
(6/18-22)
Corp.
1962
filed $2,480,000 of convertible deben¬
and 248,000 common shares (of which
will be sold for the company and 30,000 for
1982
due
218,000
stockholders). The securities will be offered in units of
one $10 debenture and one share. Price—By amendment
(max. $22,50 per unit). Business—Production and serv¬
icing of physical damage insurance on automobiles,
trucks and mobile homes. Proceeds—To purchase Ameri¬
can Fidelity Fire Insurance Co: Office—American Plan
Bldg., Westbury, N. Y. Underwriter—Bear, Stearns &
Co., N. Y.
American Safety Table Co., Inc.
May 23, 1962 filed $100,000 common. Price—By amend¬
ment
(max. $7). Business—Design, manufacture and
marketing of equipment used in the'sewing industry.
Proceeds—For expansion, debt repayment and working
capital. Address—Mohnton, Pa. Underwriter—Reuben
Rose & Co., Inc., N, Y.
American Southwest Realty
Trust (6/25-29)
Price—$11. Busi¬
ness—A real estate investment company. Proceeds—For
investment. Office—800 Hartford Bldg., Dallas. Under¬
writers—Kidder, Peabody & Co., N. Y. and Rauscher,
Pierce & Co., Inc., Dallas.
Feb. 12, 1962 filed 1,000,000 common.
•
American
Life
States
Insurance
Co.
1962 filed 300,000 common being offered in¬
itially for a 30-day period to its stockholders, and those
of its parent, American States Insurance Co. of record
June 2, with rights to expire July 5, 1962. The remaining
shares will then be offered to the public. Price — $4.25
($4.50 to the public). Business—Writing of ordinary and
group life insurance. Proceeds—For general corporate
purposes.
Office—532 N. Meridian St., Indianapolis.
Underwriter—City Securities Corp., Indianapolis.
Ames Department Stores, Inc.
April 27, 1962 filed 100,000 common. Price—By amend¬
ment
(max. $5).
Business—Operation of self-service
discount department stores. Proceeds—For debt repay¬
ment, expansion and working capital. Office—Mill St.,
Underwriter—Kahn & Peck, Cohn
Ampoules, Inc.
<,pr
(fu>r
ar
March 28, 1962 filed 5,900 qommon. Price—At-the-market. Business—Design and''development of sterile dis¬
...
_
hypodermic
posable
stockholders.
ampoulfes.
Office—34
N.
Proceeds—For selling
Main St., Hudson, Ohio.
Underwriter—None.
Anchor Industries Corp.
tion, and working capital. Office—26 Essex St., Hackensack, N. J. Underwriter—Amber, Burstein & Co., Inc.,
New York.
Apache Corp.
filed $3,750,000 of participating units in
Apache Canadian Gas & Oil Program 1962.
Price—
$7,500 per unit. Proceeds—Exploration and drilling for
oil and gas in Canada.
Office—523 Marquette Ave., Min¬
neapolis. Underwriters—The company and APA, Inc.,
Minneapolis (a subsidiary).
Inc.
(7/2-6)
March
are
30, 1962 filed 100,000 common, of which 80,000
the company and 20,000 by stockhold¬
Price—By amendment (max. $8.50). Business—Re¬
to be sold by
ers.
Achad Haam St.,
•
Associates, Inc. (6/25-29)
1961 ("Reg. A") 50,000 common.
Price—$4.
Business—Aeronautical research and development. Pro¬
ceeds—For working capital.
Office—224 E. 38th St.,
N. Y. Underwriter—Gianis & Co., N. Y,
Publishing Co., Inc.
1962 ("Reg. A") 103,000 common.
Price—$2.
Business—Publishing of a bowling magazine. Proceeds
—For general corporate purposes.
Office—14 W. 55th
St., N. Y. Underwriter—Dana Securities Co., Inc., 80
Wall St., N. Y. Note—This offering has been temporarily
postponed.
search, development and engineering under defense con¬
of bank loans, equipment,
plant expansion and working capital. Office—Paramus,
N. J. Underwriter—McDonnell & Co., N. Y.
tracts. Proceeds—Repayment
Barker Bros. Corp.
ment
of 6% conv. subord. de¬
bentures due 1990 to be offered in $100
shares
of
new
$3
cumulative
preferred
stock
and
205,105
shares to be offered for subscription by stock¬
common
holders
units; also 49,993
of
the
share for
on the basis of one
Price—For debentures, at
respective classes
each 10 held.
for stock, by amendment. Business—Manufacture,
purchase and sale of ice cream and other dairy products.
Proceeds—For debt repayment.
Office—1900 W. Slau-
Corp. (6/11-15)
1962 filed 100,000 common. Price—By amend¬
(max. $7.50). Business—Converter of linings and
interfacings used in the manufacture of clothing. Pro¬
ceeds—For expansion, debt repayment and working capi¬
tal. Office—335 W. 35th St., N. Y. Underwriter—To be
Feb. 23,
Barogenics, Inc. (7/30-8/3)
30, 1962 filed 100,000 common. Price — $7.50.
Business—Research and development in ultra high pres¬
sure technology and the design and sale of ultra
high
pressure equipment. Proceeds—For inventories, research,
ment.
March
r
and sales promotion. Office—51 E. 42nd
•
Assembly Products, Inc. (6/25-29)
March 29, 1962 filed $1,250,000 of 5Y2% conv. subord. de¬
c
Bay State Electronics Corp.
Price—At par. Business—Manufac¬
electronic devices. Pro¬
Oct. 27, 1961 filed 160,000 common. Price—By amend¬
ment.
Business—Development of products and tech¬
debt repayment,
equipment and working
Office—Wilson Mills Rd., Chesterland, Ohio.
Underwriters—Prescott & Co. and William T. Robbins
niques for use in the fields of oceanography, meteor¬
ology, seismology and ionospheric phenomena. Proceeds
—For product development and working capital. Office
—43 Leon St., Boston. Underwriter—To be named. Of¬
fering—Indefinitely postponed.
of
ture
1972.
electromechanical and
ceeds—For
&
Co., Inc., Cleveland.
Atlantic Capital Corp.
Aug. 29, 1961 filed 500,000 common. Price—$12.50. Busi¬
ness—A small business investment company. Proceeds—
For general corporate purposes. Office—744 Broad St..
Newark, N. J. Underwriter—To be named. Note—This
offering was indefinitely postponed..
Atlantic
Mid-Continent Corp.
^
600,000 common. Price—By amend¬
(max. $6). Business—A holding company. Primarily
insurance concerns. Proceeds — For acquisitions.
for
Office—8469
F.
E.
Jefferson
Ave., Detroit. Underwriter—
J. Winckler Co., Detroit.
it Atmosphere Control, Inc.
May 28, 1962 ("Reg. A") 200,000
Beacon
—Net asset value.
—For investment.
.
common.
Price—$1.50.
Atmospheric Controls, Inc.
("Reg. A") 40,000 common.
Proceeds
Bebell & Bebell Color
Price—$3.50.
Jan.
N. Y.
Ave., Los Angeles.
Underwriter—None.
in the long-term progress of
savings and loan associations, and allied financial busi¬
which plans to participate
nesses.
Proceeds—For investment.
Office—1118 Torrey
Pines Road, La Jolla, Calif. Dealer-Manager—Argus
nancial Sales Corp. (same address).
Fi¬
it Argus Inc.
May 29, 1962 filed $4,000,000 of 6% convertible subordi¬
nated debentures due 1972. Price—By amendment. Busi¬
ness—Manufacture and
distribution
of amateur motion
picture and still equipment. Proceeds—For debt repay¬
ment and working capital.. Office — 5950 W. Toughy
Ave., Chicago.
Co., Chicago.
Arnav
Underwriter-r-Freehling,
Industries, Inc.
Meyerhoff
&
(7/16-20).
Bene
ceeds—For
equipment/ expansion, and working capital.
Y. Underwriter—None.
Office—153 W. 36th St., N.
Automatic
Merchandising,
Inc.
May 24, 1962 filed 225,000 common, of which 125,000 are
to
be offered
by company and 100,000 by stockholders.
Price—By amendment (max. $6). Business—Company
operates, owns, services and leases coin-operated auto¬
matic vending machines.
Proceeds—For debt repay¬
ment, inventories, equipment and working capital. Of¬
N. Willow Ave., Tampa.
Underwriter—A. C.
Allyn & Co., Chicago.
(7/2-6)
("Reg. A") 70,000 common. Price—$2,625.
Business—Design, manufacture and installation of photo¬
graphic processing and control equipment.
Proceeds —
for advertising, expansion and equipment.1 Office—9821
Foster Ave,, Brooklyn, N. Y. Underwriter—Amber, Bur¬
stein & Co., Inc., N. Y.
Bernalen,
(6/18-22)
85,000 common.
Price—$3.
Business
Manufacture of handbags and related items.
Proceeds—For debt repayment and working capital. Of¬
fice—1621 S. San Pedro St., Los Angeles. Underwriter
27,
1961
("Reg.
A")
—
—Adams &
Co., Los Angeles.
•
Beryllium International, Inc.
Feb. 1, 1962 filed 1,000,000 common. Price—$5. Business
—Company plans to manufacture various type beryllium
products. Proceeds—For land and buildings, equipment,
and working capital. Office — 528 Union Trust Bldg.,
Washington, D. C. Underwriter—None. Note—This regis¬
tration
was
withdrawn.
Bestform
Foundations,
Inc.
of which 36,500
148,500 by stock¬
$20). BusinessDesign and manufacture of popular priced foundation
garments. Proceeds—For working capital. Office—38-01
47th Ave., L. I. C., N. Y. Underwriter—Smith, Barney &
Co., N. Y. Offering—Temporarily postponed,
Feb.
23,
1962
filed
185,000
common,
to be offered by the company and
holders. Price—By amendment (max.
are
Babs, Inc. (6/18-22)
Nov. 27, 1961 filed 150,000 common. Price—$4. Business
—Sale of dairy products, through "Dairy Drive-ins."
Proceeds—For debt repayment and working capital. Of¬
fice—32550 Pulaski Dr., Hayward, Calif. UnderwriterPacific Coast Securities Co., San Francisco. *
Big Mart Discount Stores
30, 1962 ("Reg. A") 60,000 common. Price—$5.
Business—Operation of one discount merchandise center
and four ladies' hosiery and lingerie stores. Proceeds—
For expansion, inventories, working capital and other
♦
60 warrants.
Price — By amendment.
Business—Manufacture of hydraulic system devices and
—For
Inc.
Berne, of California, Inc.
Oct.
fice—217
Bacardi Corp* (6/11-15)
March 8, 1962 filed 35,000 common.
parts for the aircraft and missile industries, etc. Pro-
Inc.
March 7, 1962
,
by the company and 25,000 by
stockholders. Price—By amendment. Business—Sale and
distribution of a photocopy machine and supplies. Pro¬
Cosmetics,
("Reg. A") 100,000 common. Price — $3.
Business—Importation, sale and distribution of Italian
cosmetics. Proceeds — For advertising, inventory and
working capital. Office—114 W. 13th St., N. Y. Under¬
writer—Granite Securities, Inc., N. Y.
Automatic Marker Photo Corp.
offered
Ima
March 2, 1962
Inc. (6/20)
28, 1961 filed 50,000 common. Price—$4. Business
—Design, manufacture and installation of electrical,
pneumatic, hydraulic and mechanical systems, controls
and devices to control and automatically operate indus¬
trial machinery and processes,
Proceeds—For general
corporate purposes. Office—3601 Merrick Rd., Seaford,
N. Y. Underwriter—S. Schramm & Co., Inc., N. Y.
be
A ippynft
14, 1962 ("Reg. A") 259,272 common. Price—$1.
Business—Design and development of an aircraft incor¬
porating radical concepts in design and construction.
Proceeds—For debt repayment and general corporate
purposes.
Office—201 N. Federal Highway, Deerfield
Beach, Fla. Underwriter—Consolidated Securities Corp.,
Pompano Beach, Fla. Note—This letter was withdrawn.
it Australia (Commonwealth of)
(6/20)
1962 filed $30,000,000 of bonds due 1982. Price
—By amendment.
Proceeds—To
assist in financing
various
public work projects.
Underwriter—Morgan
Stanley & Co., N. Y.
Dec. 29, 1961 filed $600,000 of 6% convertible subordi¬
nated debentures and 36,000 common stock purchase
warrants to be offered for sale in units of one $1,000
debenture and
(pHp
A
Feb.
June 1,
to
common. Price — $4.
color photographic prints^
of
slides, transparencies and photo-animations. Proceeds—
For equipment,
sales promotion, leasehold improve¬
a new product, and working capital. Office—108
W. 24th St., N. Y. Underwriter—Stevens, Hickey & Co.,
working capital.
Office—South Main St., Union, 111.
Underwriters—Pierce, Carrison, Wulbern, Inc., Jackson¬
ville, Fla. and A. M. Kidder & Co., Inc., N. Y.
1, 1961 filed 150,000 class A shares, of which 125,-
Production
—
75,000
("Reg. A")
1962
ments,
exhaust fans and kitchen cabinet hardware. Proceeds—
For plant expansion, equipment, debt repayment and
are
29,
Business
Aubrey Manufacturing, Inc. (6/25-29)
March 28, 1962 filed 140,004 common, of which 100,000
shares are to be offered by company and 40,004 by stock¬
holders.
Price—By amendment (max. $7). Business—
Design, manufacture and sale of kitchen range hoods,
Dec.
Laboratories, Inc.
(6/11-15)
For
repayment of loans, acquisition and
working capital. Office—715 N. Fayette St., Alexandria,
Va. Underwriter—First Investment Planning Co., Wash¬
ington, D. C. Offering—Indefinitely postponed.
—
Un¬
Business—Ownership, operation and' franchising of
beauty salons. Proceeds—For debt repayment; equip¬
ment; an acquisition and working capital. Office1—330
Chancellor Ave., Newark, N. J. Underwriter—Seymour
Blauner Co., N. Y.
Office—668
Aug. 22, 1961
Office—22 The Fenway, Boston.
Beauty Industries, Inc. (6/18-22)
April 19, 1962 ("Reg. A") 99,990 common; xPrice—$3.
Proceeds—For
capital.
Price
Proceeds
(John J.) Co., Inc.
May 28, 1962 filed 150,000 common. Price—$5. Business
—Company plans to process and can cranberries, and dis¬
tribute frozen cranberries and canned cranberry sauce.
Proceeds—For plant expansion, equipment and work¬
ing capital. Office—367 Main St., Wareham, Mass. Un¬
derwriter—Baruch Brothers & Co., Inc., N. Y.
equipment, inventories and work¬
Jenks Ave., St. Paul, Minn.
Underwriter—Pewters, Donnelly & Jansen, Inc., St.
Paul, Minn.
>
ing
Business—A mutual fund.
derwriter—None.
Business—Manufacture and sale of Misti-Cone humidi¬
fiers.
Investing Corp.
1961 filed 300,000 shares of capital stock.
Dec. 20,
^ Beaton
March 30, 1962 filed
ment
000
Argus Financial Fund, Inc.
Feb. 12, 1962 filed 800,000 capital shares to be offered In
exchange for certain securities acceptable to the Fund.
Price—Net asset value (expected at $12.50 per share).
Business—A diversified open-end investment company
St., N. Y. Under¬
writer—Globus, Inc., N. Y.
par;
son
(approx. $12). Business—Merchandising of home,
expansion and debt repayment. Office—818 W. Seventh
St., Los Angeles. Underwriter—William R. Staats & Co.,
Los Angeles.
Dec.
1962 filed $6,000,000
May 23,
(6/25-29)
commercial and institutional furnishings, Proeeeds—For
Automatic Controls,
Arden Farms Co.
1,
March 15, 1962 filed 200,000 common. Price—By amend¬
Ascot Textile
due
Barish
Sept,
Ascot
bentures
Tel-Aviv, Israel. Underwriter—Adanim
American Israel Investment Co., Inc.
•
March 21, 1962
Arde
Price—By
amendment. Business — A mortgage
lending company.
Proceeds—For general corporate purposes. Address—108
Jan. 29,
named.
29
Bank "Adanim" Mortgages & Loan Ltd.
Dec. 29, 1961 filed $556,000 of 6% cumulative
preference
dividend participating dollar-linked shares.
vFerry, N. J. Underwriter—Gianis & Co., Inc., N. Y.
• Artlin
Mills, Inc. (6/11-15)
Sept. 28, 1961 filed 135,000 class A common shares. Price
—$5. Business—The purchase, conversion, .decoration,
gift packaging and distribution of terrycloth towels and
cotton pillow cases. Proceeds—For inventory, repayment
of loans and working capital.
Office—1030 Pearl St.,
Long Branch, N. J. Underwriter—Mortimer B. Burnside & Co., Inc., N. Y.
(7/2-6)
Nov. 24, 1961 filed 38,500 common. Price—$8. Business
—Design and fabrication of precision sheet metal prod¬
ucts.
Proceeds—For machinery research, sales promo¬
•
ce^ds-rFor debt repayment and'the purchase of addi¬
tional equipment.
Office — 32 Industrial Ave., Little
capital.
March 22,
Southbridge, Mass.
& Co., N. Y.
(2677)
March
Price—$50.
Busi¬
ness—Distilling and bottling of "Bacardi" rum. Proceeds
a selling stockholder.
Address—San Juan, Puerto
Rico.
Underwriter—Eastman Dillon,
Co., N. Y.
Union Securities &
Continued
on
page
30
30
The Commercial and Financial Chronicle
(2678)
ment, inventory and working capital. Office—Fajardo,
Rico. Underwriter — Schweickart & Co., N. Y.
29
Continued from page
Expected sometime in
•
August.
Scarsdale, N. Y. Underwriter—Irwin
& Co., Inc., N. Y. Note
Karp
—
This registration was
withdrawn.
Biologies International, Inc.
1962 filed 125,000 common. Price—$3. Business
—Company plans to breed and supply animals for bio¬
logical research purposes. Proceeds—For equipment and
general corporate purposes. Offices — 7520 Bergenline
•
March 30,
Ave.,
This
North Bergen, N. J. Underwriter—None.
registration was withdrawn.
Blanche
Note—
v
& Associates, Inc.
(Ernest £.)
Price—$3.
Business—Application of electronic and mechanical data
processing techniques to solution of problems for gov¬
15, 1962 filed 80,000 class A common.
March
ernment
and
industry.
Proceeds—For equipment, sales
promotion and expansion. Office—10419 Fawcette St.,
Kensington, Md. Underwriters—Jones, Kreeger & Co.,
and First Investment Planning Co., Washington, D. C.
Chemical
Blane
golf course, swimming pool and cabana club,
Canaveral, Fla., and develop real estate,"
erect homes, apartment houses, motels, etc.
Proceeds—
For debt repayment and expansion. Office—309 Ainsley
Bldg., Miami, Fla. Underwriter—Willis E. Burnside &
Co., Inc., N. Y.
1 '
Inc.,
Industries,
Inc.
$2,000,000 of conv. subord. deben¬
— At
par. Business — A holding
company for 16 subsidiaries in the real estate and gen¬
eral contracting business. Proceeds—For general cor¬
porate purposes. Office—2600 Popular Ave., Memphis,
Tenn.
Underwriters—Lieberbaum & Co., and Morris
Cohon & Co., N. Y.
'
V:v'./
•
Price
1977.
due
Boston
Edison
Co.
(6/14)
18, 1962 filed $15,000,000 of first mortgage bonds
due 1992.
Proceeds—To refund a like amount of 5V4%
May
bonds 4m Oct. 1, 1989. Office—182 Tremont St., Boston.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; First Boston Corp.; Harriman Rip¬
ley & Co., Inc.; White, Weld & Co.; Lehman Brothers.
Bids—Expected June 14 (11 a.m. EDST).
Braun
Engineering Co.
May 11, 1962 filed $400,000 of 6V2% s. f. subord. deben¬
tures due 1974; also 109,990 common, of which 100,000
will be sold by the company and 9,990 by stockholders.
Price—For debentures, at par; for stock, by amendment
(max. $9). Business—Manufacture of automotive parts,
lock nuts and certain aluminum products.
Proceeds—
For
debt
repayment, working capital and' purchase of
leased office and plant.
Office—19001 Glendale Ave.,
Detroit. Underwriter—Watling, Lerchen & Co., Detroit.
Brinkmann
Mar.
26,
1962
Instruments,
filed 100,000
be
shares
are
to
shares
by
Inc.
common,
of
which 77,420
stockholders.
Chestnut Hilt
Nov.
/St., Hollywood,, Fla. .Underwriter
Clayton Securities
Corp., Boston, Mass. Offering—rExpected in September.
Capital Management Corp. - 1
- 1
("Reg. A") 60,000 common. Price—$5. Busi¬
ness—An investment company which will hold mort¬
gages, land contracts, etc.
Proceeds — For investment.
Office—44 E. Indian School Rd., Scottsdale, Ariz. Under¬
writer
Pacific Underwriters, Inc., Scottsdale, Ariz.
Note—The SEC has issued an order temporarily sus¬
Dec. 27 1961
Child
May
'■
pending this issue.
(Michael)
manufacture and
Gade, St. Thomas, Virgin Islands. UnderwriterN. Y.
'
*
"
Industries, Inc.
•
$7.
Cambridge, Mass./Uhderwriter^Gianis & Co., Inc., N; Y.
Church Builders, Inc.
'
Feb. 6, 1961 filed 50,000 shares of common stock, series
land Ave., Paterson,
—
of
N. J. Underwriter—To be named.
2.
common. Price—$3.25. Busi¬
Company processes black and white and color
photographic film, and sells photographic supplies and
equipment. Proceeds—For sales promotion, equipment
and repayment of loans. Office—21-20 45th Rd., L. I. C.,
N. Y. Underwriter—Amber, Burstein &
Co., Inc., N. Y.
Note—This registration was withdrawn.
ness
—
Calvert
March
are
ers.
30,
r
80,000 common, of which 40,000
to be offered by company and
40,000 by stockhold¬
Price—By amendment (max. $5). Business—Sale
and
tory,
distribution
working
Office—220E.
of .electronic
capital
23rd
Rosen & Appel, N. Y.
other
and
St.,
tubes.
N.
Y.
Proceeds—Inven¬
corporate
purposes.
Underwriter—Philips,
■
Cambridge Fund of California, Inc.
Sept. 28, 1961 filed 280,000 common. Price—By amend¬
ment. Business—General real estate. Proceeds—Debt
re¬
payment and working capital. Office—324 E. Bixby Rd.,
Long Beach, Calif. Underwriter—To be named.
•
•
Cameo
Lingerie,
Inc.
(6/25-29)
ers.
Price—$5. Business—Manufactuer of women's and
children's tailored panties. Proceeds—For debt (repay¬
share. Business—A closed-end diver¬
Management, Inc., Fort Worth.
Cincinnati Gas & Electric Co.
(6/21) 1 \
"
May 7, 1962 filed $25,000,000 of first mortgage bonds due
1992. Proceeds—To repay bank loans and. finance, con¬
struction.
Office—139 East Fourth St., Cincinnati. Un¬
derwriters— (Competitive).
Probable bidders:
Merrill
Lynch, Pierce, Fenner & Smith Inc.7Lehmari Brothers
(jointly
Mprgan> Stanley & Co.-W. E. Hutton & .Co.
(jointly); Halsey Stuart>& Co. Inc.; Blyth & Co., Inc.First Boston Corp. (jointly); Eastman Dillon, Union Se¬
curities & Co.-WHlte,
Weld & Co. (jointly).
Bids—
Cedar Lake Public Service Corp.
20,1962 filed 9,964 common. Price—$100. Business'
Company plans to qualify as a public utility and
furnish
water
and sewage
disposal servicesB in°&nd
around Cedar Lake, Ind. Proceeds —; To construct a
sewage disposal system. Address — R.R. N. 3, Box 28,
Cedar Lake, Ind. Underwriter—None.
March
—
Expected
-
June 21. Information Meeting—June 18 (11
EDST) at Irving Trust Co. (47th floor); One Wall
St., n .Y.
c;
V-v:
a.m.
of America, Inc. - /
27, 1962 filed $500,000 of 7% conv. subord. deben¬
tures due 1974 to be offered by the company and 65,000
common shares by stockholders.
The securities will be
offered in units consisting of $100 of debentures and 13
shares. ' Price—$178 per unit.
Business—Operation of
Cine-Dyne, Inc. //•;'
//'//
V'*'■•/ :•
May 25, 1962 filed 100,000 common. Price—$4. Business
—Production of motion picture and television programs.
five cemeteries in Kansas.
Inc., N. Y.
Cemeteries
.
March
mausoleums
of
and
Proceeds—For
Proceeds—For
construction
capital.
Office—3096
Hutchings St., Kansas City, Kan. Underwriter—Bernard
M. Kahn & Co., Inc., N. Y.
working
Industries
Centco
tories
and
new
June
ment
and
debt
Standard
Securities,
Jan.
are
•
•
H
Clark Cable
tures:
at
par.
1974.
Price—For
Business-—Company
stock:
was
J'/
a
March 22, 1962 filed 125,000 common, Price—*By amend¬
ment (max. $34). Business—^-Manufacture of trucks, sfelf-
propelled construction machinery and highway trailers.
Proceeds—For
selling
stockholders.
Office-^324; E.
Dewey Ave., Buchanan, Mich. Underwriter—Blyth &
Co., Inc., N. Y.
,
■
r
$5; for deben¬
formed to hold
a mortgage company, an insurance agency
real estate development company. Proceeds—For
Coburn Credit Co., Inc. (6/25-29)
April 27, 1962 filed $5,000,000 of conv. subord deben¬
tures, due 1982.
Price—By amendment. Business—A
St., N. W., Atlanta, Ga. Underwriters—Joseph Walker &
Sons. N. Y. and Clark, Landstreet & Kirkpatrick, Inc.,
Nashville, Tenn. Note — This company formerly was
named Continental Investment & Mortgage Co.
sales finance company. Proceeds—For work¬
ing capital and general corporate purposes. Office—53
consumer
N.
Park Ave., Rockville Centre, N. Y.
Brand, Grumet & Seigel, Inc., N. Y.
Century Food Processors, Inc.
May 28, 1962 filed 200,000 class A, of which 165,000 are
to be offered by company and 35,000 by stockholders.
Price—By amendment (max. $3). Business—Manufacture
of animal and
For
gan
Underwriter—
•
j
College Publishing Corp. (6/18-22)
March 16, 1962 ("Reg. A") 155,000 common. Price—$1.
Business—Composition, publication and distribution of
study manuals for examination preparation. Proceeds—
For equipment, expansion and other corporate purposes.
Office—142 Livingston St., Brooklyn, N. Y. Underwriter
—James Co., N. Y.
vegetable shortening products. Proceeds—
equipment and working capital. Office—3001 Michi¬
Ave., Detroit. Underwriter—Charles Plohn & Co.,
New York.
★ Century Molybdenum & Copper Co.
May 21, 1962 ("Reg. A'O 200,000 common; Price—$1.
Business—Acquisition and development of unpatented
mining claims in Arizona. Proceeds—For mining opera¬
tions and other corporate purposes. Office—55 N. Mat¬
lock St., Mesa, Ariz. Underwriter—None. -
*
Corp.
Clark Equipment Co.
50,000
stock¬
the stocks of
and
Price—$1.
April 30, 1962 filed $787,500 of 6%% conv. subord. de¬
bentures due 1972 to be offered for subscription by com¬
mon stockholders on the basis of $150 of debentures ;for
each 100 shares held. Price—At par.4 Business—Manu¬
facture of electrical, electronic and mechanical systems
and components, and replacement parts for aircraft, mis¬
siles and naval vessels. Proceeds—For working capital.
Office—3184 West 32nd St., Cleveland.4 Underwriter—
Robert L. Ferman & Co., Miami, Fla.,
Inc.,'
holders; also $1,200,000 of 6%% convertible subordinated
debentures due
Common,
writer—None.
Mortgage Co.:
26, 1962 filed 60,000 common, of which
to be offered by the company and 10,000 by
,
79,600
marketing of food products,
primarily a patented "Turkey Log," which consists of
frozen, compressed turkey meat. Proceeds—For equip¬
ment, debt repayment, plant expansion and working
capital. Office—2817 Pine St., Boulder, Colo. Under¬
Underwriter—To be named.
1
.
A")
Business—Production and
Central Acceptance Corp. of Delaware
Nov. 29, 1961 filed 150,000 class A common. Price—$5.
Business—A sales finance company. Proceeds—For ex¬
pansion. Office—526 North Ave. East, Westfield, N. J.
Investment &
1, 1962 filed 50,000 common. Price—By amend¬
(max. $20).
Business—Production, distribution
* Clan Food Co.
May 28, 1962 ("Reg.
inven¬
repayment,
Spokane, Wash.
Central
/
.:T
Proceeds
selling Stockholders. "Office—575 Lexington Ave.,
N. Y. Underwrtier—Kidder, Peabody & Co., N. Y.
/
St., Whitestone, N. Y. Underwriter—Arnold Malkan &
Co., Inc., N. Y. Offering—Expected in late August. •
Co.
capital,
—For
working .capital.. Office—11-17 Clintonville
&
working
and exhibition of wide angle motion pictures.
Corp.
products,
expenses,
,/v-,r/"' ?
if Cinerama, Inc.
April 30, 1962 filed 120,000 common. Price—$5. Business-rManufacture of plastic and rubber film laminates,
a line of casting, laminating and embossing machinery.
Proceeds—For
production
.
debt repayment and other corporate purposes. .Office—
40 E. 49th St., N. Y. Underwriter—R. A. Holman 8c Co.,
-
Feb. 12, 1962 filed 160,000 common, of which
120,000 are
to be offered by the
company and 70,000 by stockhold¬
per
Distributor—^Associates
May 25, 1962 ("Reg. A") 100,000 class A common. Price
—$1.25. Business—Merchandising of coupons by vending
machines located in supermarkets. Proceeds—For work¬
ing capital and other corporate purposes. Office — 682
Main St., Stamford, Conn. Underwriter—Foundation Se¬
curities, Inc., N. Y.
debt repayment and working capital. Office—44 Forsyth
Electronics, Inc.
1962 filed
Price—$5.50
sified management investment company. Proceeds—For
investment. Office—501 Bailey Ave., Fort Worth, Tex.
CaSh-O-Matic Coupon Corp.
•
Calev Photolabs, Inc.
Jan. 29, 1962 filed 93,000
Pro¬
plastics, marble and ceramics
for the packaging and building industries. Proceeds—
For expansion, leasehold improvements,. repayment of
loans and other corporate purposes.
Office—250 Vree-
Aug. 21, 1961 filed 350,000 capital shares. Price
ers—Pennaluna
quisition of another toy company. Office—200 Fifth Ave.,
N. Y. Underwriter—Milton D. Blauner &
Co., Inc., N. Y.
educational toys.
.
Richard J. Buck & Co.,
Expected sometime in July.
sale of various type toys. Proceeds—For a proposed ac¬
of plastic
Chomerics, Inc.
' v". .:*/S;"'
April 27, 1962 (''Reg. A") 36,000 common. Price—$5.
Business—Development; manufacture and sale of plastic
specialties. Proceeds—For equipment, research and de¬
velopment, and working capital. Office^-341 Vassar St.,
general corporate purposes. Office—23 Dronnin-
Center Star Gold Mines, Inc.
April 10, 1962 ("Reg. A") 1,200,000 common. Price—25
cents. Business—For exploration, development and pro¬
duction of mineral deposits. Proceeds—For mining ex¬
penses.
Address—Box 469, Wallace, Idaho. Underwrit¬
•
Buddy L. Corp. (6/25-29)
April 2, 1962 filed 225,000 common. Price—By amend¬
ment (max. $10). Business — Design, manufacture and
sale
working capital. Office—1125 Close Ave.,
Bronx, N. Y.^ Underwriter—J. R. Williston & Beane,
New York.
; y
"'1;' ■'
28, 1962 filed 400,000 common. Price—$3.60. Busi¬
small business investment company. Proceeds
Distributors, Inc.
March 29, 1962 filed 100,000 common. Price—$5. Busi¬
ness
Operation of self-service discount department
stores. Proceeds—To retire outstanding debentures, and
for working capital. Office—1101 Albany Ave., Hartford,
Conn. Underwriter—Gianis & Co., Inc., N. Y. Offering—
—
Toys, Inc.
1962
ceeds—For
-V.v
ness—A
Casavan
Guidance
23,
filed 100,000 "common, of Which" 70,000
are to be offered by
company and 30,000 by stockholders.
Price—By amendment (max. $12^50). Business—Design,
—
offered
by the company and 22,5801
Price—By amendment (max.
$7.75). Business—Importing and distribution of scien¬
tific instruments. Proceeds—For research and develop¬
ment, equipment, debt repayment and other corporate
purposes. Office—115 Cutter Mill Rd., Great Neck, N, Y.
Underwriter—D. B. Marron & Co.r N. Y.
Bruce
Malkan Growth of Puerto Rico,
Inc., Cabrer Bldg., Ponce de Leon Ave., Santurce, P. R.
stockholders. Price—$7.50. Business—Design and manu¬
facture of women's, misses' and junior
sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley
Business—Production
1962 filed
26,
Underwriter—Arnold
Business—A small business investment company.
investment. Office—
743 N. Fourth St., Milwaukee. Underwriters1—Marshall
Co., and Loewi & Co., Inc., Milwaukee. "
'
j
Mass.
Offering—Temporarily postponed.
Mar.
Manufacture' of
$10).
gens
tures
(7/16-20)
27, 1961 filed 75,000 common. Price—$5 Business—
paints particularly for use in tropical
and
semi-tropical climates. Proceeds—for equipment
and working capital. Address—Sahturce, Puerto Rico.
Dec.
Proceeds—For debt repayment and
pounds for extruding and moulding into plastic prod¬
ucts. Proceeds — For debt repayment, equipment and
Bloomfield
Chemical Coatings Corp.
"
Caribbean Capital Corp.
working capital. Office—35 Pequit St., Camden,
Underwriter—Godfrey, Hamilton, Taylor & Co.,
—
Industries, inc.* '
.v*
29, 1961 filed 300,000 class A common, of wliich
225,000 are to be offered by the company and 75,000, by
—For
•
Proceeds
Capital Investments, Inc.
■
May 21, 1962 filed 86,370 common to be offered for sub¬
scription by stockholders on the basis of one new share
for each two shares held. Price—By amendment (max.
—The
N. Y.
Price—$10. Business — A real estate investment trust.
For investment. Office" — .2651-'E. 21st St.,
Tulsa, Okla. Underwriter—DeWitt, Herndon & Co. 4
Inc.
Cape
near
Feb.
Corp.
29, 1962 filed 120,000 common. Price—$3. Business
processing of plastic raw materials into com¬
Jan.
Hills Enterprises,
May 10, 1962 filed 100,000 common. Price—$5. Business
—Company was formed to own and operate a country
Offering—Postponed.
•
.
club and
gig Top Stores, Inc.
April 30, 1962 filed 85,000 common. Price—$4. Business
—Operation of retail toy, stationery and variety stores.
Proceeds—For expansion and working capital. Office—
832 Scarsdale Ave.,
Canaveral
Thursday, June 7, 1962
.
if Century Real Estate Investment Trust
June 4, 1962 filed 200,000 shares of beneficial interest.
Puerto
corporate purposes. Office—249 W. 34th St., N. Y. Under¬
writer—Amber, Burstein & Co., Inc., N. Y. Offering—
v.
•
Colonial Board Co.
(6/27)
March 28,
1962 filed 164,000 common, of which 115,000
to be offered by the company and 49,000 by stock¬
holders. Price—By amendment (max. $15). Business—
are
•
Manufacture of shoeboard and boxboard.
Proceeds—For
Volume
Number 6166
1,95
,
.
.
The Commercial and Financial Chronicle
expansion, equipment and debt repayment.. Office—615
Parker St., Manchester, N. H. Underwriter—Putnam &
Co., Hartford, Conn.
.
,
Columbia
Bancorporation (6/25)
Feb. 23,1962 filed $30,000,000 of convertible subordinated
debentures due 1987 and 1,500,000 common to be offered
in units of one $20 debenture and one share. Price—By
amendment. Business—A bank holding company recently
formed
to
acquire stock of First Western Bank &
Trust
Los Angeles. Proceeds—For acquisition of
First Western stock, and working capital. Office—1000
Co.,
Vermont
Ave., N. W., Washington, D. C. Underwriters—
Bear, Stearns & Co. and Allen & Co., N. Y.
■ ,././
,
_
Columbia
Gas
Systems, Inc. (6/7)
April 26, 1962 filed $25,000,000 of debentures due 1987.
Proceeds—For
construction.
Office-^-120
E.
41st
St.,
-
N.
Y.
Underwriters—(Competitive);
Probable bidders:
Voisin
&
•
and Midland
Co., N. Y.
City, Mo.
Kansas
•
Securities
Container
Corp. of America (6/13)
filed $25,000,000 of s. f. debentures due
June 1, 1987.
Price—By amendment. Business—Manu¬
facture of corrugated and solid fibre shipping contain¬
May
23,
1962
ers, folding cartons, and other paperboard and plastic
products. Proceeds—For expansion. Office—38 S. Dear¬
born
St., Chicago.
New
•
Underwriter—Kidder, Peabody & Co.,
Office—2724 Leonis Blvd., Los An¬
corporate purposes.
tion
Note—This registra¬
Underwriter—To be named.
withdrawn.
was
.'
May
Business—Investment in real estate mortgages.
'"'Commercial
Trust
-•
"V*,'
Co.l
Continental
"•
<
-■'
•
May 16, 1962 filed 150,000 common. Price — By amend¬
(max. $13). Business—Acquisition or administra¬
tion of mortgage loans for institutional investors. Com¬
also is engaged in the consumer loan business and
as an insurance agent or broker in connection there¬
with/ Proceeds—For debt repayment. Office—66 Pryor
acts
St., N. E., Atlanta. Underwriters—F. S. Moseley & Co.,
Co., Atlanta. /' /
;
Boston and Courts &
Computer Applications Inc. ■<
23, 1962 filed 87,000. common.' Price—By amend¬
ment (max. $5).
Business—Furnishing of services re¬
lated to use of electronic data processing equipment.
Proceeds—For expansion and working capital. Office—
March
30 E. 42nd St., N. Y.
Co., Inc., N. Y;
.
Underwriter—L. M. Rosenthal &
//J:-
Computer Components,
'
Continental
April 19, 1962
Inc.
Research, Inc.
("Reg. A") 50,000 common.
v
—
Proceeds
Mar. 26, 1962 filed 115,000 common. Price—$4. Business
and
sale
of
Office—1925
Euclid Ave., San Diego. Underwriter
Holton, Henderson & Co., Los Angeles. "
Securities
•
Continental
March 30, 1962
dispensers.
units
consisting of $100 of debentures and three war¬
Price—$100 per unit. Business—Operation of a
public transit system in Washington, D. C.; a new sub¬
rants.
Telephone Co. (7/16-20)
filed 475,000 common. Price—By amend¬
sidiary
D. C.
ment
(max. $15). Business—A telephone holding com¬
pany.
Proceeds—For debt repayment.
Office—111 S.
Bemiston St., St. Louis. Underwriters—Allen & Co. and
E. F. Hutton &
Oct.
24, 1961 filed 150,000 common. Price—$1.15. Busi¬
training devices. Proceeds — For expansion and
working capital. Office—9340 James Ave., S., Minne¬
apolis. Underwriter—E. Bruce Co., Minneapolis. Note—
Cooke
Computer Control*Co.,
Inc.
(6/11-15)
Jan. 24, 1962 filed 157,500 common;
to be offered by the company and
of which 62,500 are
95,000 by stockhold¬
ers. Price—By amendment. Business—Design and manu¬
facture of digital equipment. Proceeds—For debt re¬
payment: Office—983 Concord St., Framingham, Mass.
Underwriter—Kidder, Peabody & Co., N. Y.
• Dart
Drug Corp. (6/20)
May 10, 1962 filed $1,000,000 of conv. subord. debentures
due
1977.
Price—At par.
Business—Operation of ,14
named Control Dynamics, Inc.
was
.
discount retail
•
Computers, Inc.
//;■April 2, 1962 filed 10,000 common. Price—$40. Business
—Design, engineering, manufacture and sale of compu¬
ting systems and process control equipment. Proceeds—
For equipment, inventory and working capital. Office—
5123 Glenmont Dr., Houston. Underwriter—To be named.
Concord
Products, Inc.' (6/18-22)
1961 filed 120,000 common (with attached 3year warrants to purchase an additional 60,000 shares
at- $2 per share) to be offered in units of one share and
one-half warrant. Price—$2 per unit. Business—Manu¬
facture of cosmetics, toiletries, cleaning chemicals, jewelery, etc. Proceeds — For general corporate purposes.
Office
525-535 E. 137th St., New York City.
Under¬
writer—M. G. Davis, 150 Broadway, N. Y.
Nov. 28,
—
Concors
Inc.
class A common. Price—$3.
Business—Sale of food service and kitchen equipment.
Oct.
19,
Supply Co.,
For
equipment, debt repayment and other
corporate purposes. Office—110 "A" St., Wilmington, Del.
—
Underwriter-^-To be named.
Consolidated
Edison Co. of New York,
(6/19)
-
•
■/•■/
' •*
--
petitive). Probable bidders on the bonds: First Boston
Corp.; Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.
Bids—Expected June 19 (11 a.m. EDST) at company's
office.
Information Meeting—June
11, 1962 (10 a.m.
EDST).
'--s.KV.;Consolidated Leasing Corp. of America
April 27, 1962 filed $1,100,000 of 6^% subord. deben¬
tures due 1977 (with warrants); also 305,000 common
shares,' of which 285,000 will be sold by company and
20,000 by-stockholders. Price—For debentures, at par;
for stock,
cars,
by amendment
(max. $9). Business—Renting
Proceeds—For debt re¬
trucks and equipment.
payment, an-acquisition and other corporate purposes.
Office—1012 Baltimore Ave.. Kansas City, Mo.
Under
writer—Blair
&
Co., N. Y^ Offering—Expected in Aug.
Consolidated Vending Corp.
-
'
April 2, 1962 filed 70,000 common. Price—$5.75. Business
—Operation of vending machines. Proceeds—For debt
repayment working capital and other corporate purposes.
Office-^129 S. State St., Dover, Del. Underwriter—Dana
Securities
Co., Inc., N. Y. Offering—Expected in July.
Consumers Mart of
America, Inc.
(6/18-22)
Jan. 8, 1962 filed 72,000 common. Price—By amendment
Business—Operation of discount department stores. Pro¬
ceeds—For expansion and working capital. Office—4701
N.
Harlem
Ave.,
Chicago.- Underwriters—Rittmaster,
E., Washington, D. C. Underwriters—Laird & Co.,
Wilmington, Del. and Jones, Kreeger & Co/, Washing¬
ton, D. C.
Data Systems Devices of Boston, Inc.
April 26, 1962 filed 200,000 common. Price—$5. Business
—Company plans to design, develop and produce elec¬
tronic and electro-mechanical devices, including printers
photo-copy
for electronic
computers.
Proceeds—For product devel¬
machines,
opment, new plant and equipment and working capitaL
photographic laboratory equipment, etc. Proceeds—For
general corporate purposes. Office—5642-50 N. Western
Office—342
Western
Ave.,
Boston.
UnderwriterSchmidt, Sharp, McCabe & Co., Inc., Denver.
machines
and
the
copy
Ave., Chicago. Underwriter—Kenneth Kass, N. Y. Offer¬
Davos, Inc.
May 28, 1962 ("Reg. A") 35,000 common. Price—$6.50.
Business—Development and operation of a ski resort.
Proceeds—For
debt
repayment and working capital.
ing—Imminent.
•
Corporate Funding Corp.
(6/11-15)
April 26, 1962 ("Reg. A") 75,000 class A common. Price
$4. Business — A financial investment and holding
Proceeds—For expansion and working capital.
Broadway, N. Y. Underwriter—R.<F. Dowd
Co. Inc., N. Y.
...
Office—39
&
•
Cosnat Corp.
(6/25-29)
May 26, 1962 filed 190,000 common, of which 178,000 are
to be offered for public sale by the company and 12,000
outstanding by the present holders thereof.
Price—To be
by amendment. Business — The manufacture
of phonograph records. Proceeds—For
the repayment of debt, and working capital. Office—315
W. 47th St., N. Y. Underwriter—Van Alstyne, Noel &
Co., N. Y. Note—This firm was known formerly as the
Cosnat Record Distributing Corp. ■
supplied
and
Securities
Inc.
Dec.
Country Set Inc.
Mar. 2, 1962 filed 150,000 common. Price—By amend¬
ment (max. $8). Business—Design and manufacture of
sports and casual wear for girls and women. Proceeds
—For selling stockholders. Office — 1136 Washington
Ave.. St. Louis. Underwriter—Goodbody & Co., N. Y.
Offering—Temporarily postponed.
Courtesy Products Corp.
•
preparation of coffee, and the sale of coffee, tea, cream,
etc.
Proceeds—For debt repayment, advances to a sub¬
sidiary and general corporate purposes.
Office—1411
Palm St.,. San Diego, Calif
Underwriter—Pacific Coast
Securities Co., San Francisco.
•
Cousins Properties
March
29,
debentures
Inc.
1962
filed
$1,000,000
due
1972,
60,000
of 6V2%
common
subordinated
shares, and
war¬
shares. The securities
6 shares
and a warrant to purchase 2 shares. Price—By amend¬
ment (max. $140). Business—Engaged in residential real
estate development. Proceeds—For debt repayment and
other corporate purposes. Office—905 Fifteen Peachtree
Bids., Atlanta, Ga. Underwriters—McDonnell & Co.. Inc.,
N. Y„ and Wyatt. Neal & Waggoner, Atlanta. OfferingExpected sometime in late July.
,
rants
to
to be
purchase 20,000 common
will be offered in units of one $100 debenture,
I
filed 120,000 common, of which
offered by the public and 30,000 by a
1961
90,000
(6/25-29)
60,000 common. Price — $5.
Business — Construction and financing of shell homes.
Proceeds—For working capital. Address—Allendale, S. C.
Underwriter—Alessandrini & Co., Inc., N. Y.
DeLuxe
Dec.
•
•
Homes, Inc.
("Reg. A')
11, 1961
Deuterium Corp.
Sept. 28, 1961 filed 140,000 common with
rants to purchase an additional 140,000
offered for
share and
attached war¬
shares to be
subscription by stockholders in units (of one
warrant) on the basis of 3 units for each
one
5% preferred share held, 2 units for
A stock held and one unit for each
each 5% preferred
10
class B shares
unit. Business—Company plans to
manufacture and utilize all kinds of chemical materials.
held.
May 16, 1962 filed 150,000 common. Price—By amend¬
ment (max. $5).
Business—Manufacture, and sale or
lease to hotels and motels of electric wall units for the
29,
stock¬
holder. Price—By amendment. Business—Production and
sale of wood and metal framed pictures, wood utility
frames, etc. Proceeds—For debt repayment, inventory,
and working capital. Office—444 Courtland St., Mundelein, 111. Underwriter—To be named.
are
amendment
•
Decorel Corp.
-
.
(max. $5). Business—Importing
household and art goods at dis¬
count prices.
Proceeds—For working capital. Office—
460 Bay St;, San Francisco. Underwriter—Stewart, Eubanks, Meyerson & Co., San Francisco.
.
Inc.
Feb. 26, 1962 ("Reg. A") 52,000 class A common. Price—
$2.50. Business—Manufacture of draperies, furniture and
bed spreads for hotels and institutions. Proceeds—For
expansion and other corporate purposes. Office—1191
N. W. 22nd St., Mami, Fla. Underwriter—Lancer Se¬
curities Co., 92 Liberty St., N. Y.
i
May 14, 1962 filed 157,000 common, of which 127,000 are
to be offered by company and 30,000 by stockholders.
Price—By
Underwriter—Oxford
Decorative Interiors,
distribution
Cost-Plus,
Madison Ave., N. Y.
Corp., N. Y.
Office—232
company.
,
-of
distribution of office
Office—5458 Third St.,
N.
and marketing furniture,
Inc.
.-May -15, 1962 filed $100,000,000 of first and refunding
mortgage bonds due 1992.
Proceeds^—For construction.
Office—4 Irving Place, New York. Underwriters—(Com¬
-
Business—manufacture of
maximum)
drug stores primarily in the Washington,
metropolitan area. Proceeds—For debt repayment,
working capital and expansion.
Copymation, Inc.
filed 60,000 common. Price—by amendment
1961 filed 125,000
Proceeds'
D. C.
Dec. 28, 1961
($15
Office—3600 M St., N. W., Washington, D. C.
None.
(F. J.), Inc.
(6/18-22)
Washington,
in
Business—A
(6/18-22)
Dec. 29, 1961 filed 125,000 common. Price—$3.75. Busi¬
Dec/29, 1961 filed 100,000 class A cmnmon. Price — $5.
ness—Manufacture of high vacuum systems and elec¬
Business—Development and sale of d&tyhriced ^tB^ramtronic equipment. Proceeds — For debt repayment and
ming systems, for solution 6^ business problems by the
general corporate purposes. Office—145 Water St., South
use of digital computers. Proceeds — For general
cor¬ hrNorwalk. Conn. Underwriters—John R. Maher Associ¬
porate purposes; Office—1012 14th St., N/W., Washing¬
ates and Bull & Low. N. Y.
ton, D. G. Underwriter—Doft & Co., N. Y.
Computer Concepts Inc.
projects
• Dakota Bankers Trust Co.
May 28, 1962 ("Reg. A") 2,379 common. Price—$100. /
trust company licensed in North Dakota.
Proceeds—For working capital and investment.
Office
—112 N. University Dr., Fargo, N. Dak.
Underwriter—
.
and
formerly
Offering—July.
housing
Underwriter—None.
Co., N. Y.
firm
construct
to
Proceeds—For construction and general corporate
purposes.
ness—Development and production of electronic testing
This
—
D. C. Transit Systems, Inc.
April 30, 1962 filed $3,150,000 of 6Vz% conv. subord. de¬
bentures due 1977 and five-year warrants to purchase
an aggregate of 94,000 class A shares, to
be offered for
subscription by holders of class A and class B stock in
Price—$5.65.
oxygen
,
—Design, sale, fabrication and installation of acoustical
ceilings. Proceeds—For debt repayment and expansion.
Office—6500
Olson Memorial Highway, Golden Valley, Minneapolis.
Underwriter—Harold E. Wood & Co., St. Paul.
N. Y. Underwriter—To be named.
'
Department, Inc.
26, 1962 filed $1,200,320 of 7% conv. subord. de¬
due
1974 and 54,560
common
shares to be
offered in 2,728 units, each consisting of $440 of deben¬
tures
and 20 common shares.
Price—$550 per unit.
Business—A consumer sales finance company. Proceeds.
—For debt repayment.
Office—1775 Broadway, N. Y.
Underwriter
Bernard M. Kahn & Co., Inc., N. Y.
bentures
general corporate purposes.
ControlDyne, Inc.
90,000 are
stockhold¬
ers.
Price—$3. Business — Manufacture of miniature
Coils for relays used in computers, aircraft, missiles and
guidance systems. Proceeds—For general corporate pur¬
poses.
Office—88-06 Van Wyck Expressway, Jamaica,
'
Price—$1.50.
Underwriter—Continental
Ariz.
Business—Production
Proceeds—For
' •//
Dec. 6, 1961 filed 120,000 common, of which
to be offered by the company and 30,000 by
Corp.,
New York.
Office—Scottsdale Savings Bldg.,
working capital.
Scottsdale, Ariz.
Corp., Scottsdale,
ment
pany
Investment Corp.
("Reg. A") 200,000 common.
9, 1962
—For
•//'
Third
Investing
Crownco
Co. Inc.
(11 a.m. EDST) at the
Office—733
N. Y. Underwriter—Hampstead
Ave.,
Jan.
Electronics
Corp.
Nov. 21, 1961 filed 200,000 common. Price—$2.50. Busi¬
ness—Development and manufacture of television pic¬
ture
tubes.
Proceeds—For debt repayment and other
geles.
Corp.
Proceeds—For investment.
derwriter.
Credit
Industrial
Continental
f
31
May 28, 1962 filed 150,000 common and warrants to pur¬
chase 30,000 additional shares, to be offered in units of
one share and one warrant. Price—$2.25 per unit. Busi¬
ness—A corporate guidance and interim financing con¬
cern. Company may also act as a broker-dealer and un¬
York.
Merrill Lynch, Pierce, Fenner & Smith Inc.,-White, Weld
& Co/(jointly);, Morgan Stanley & Co.; Halsey, Stuart &
Bids—Expected June 7
company's office.;
Creative Ventures
Co., Inc.,
.
(2679)
Price—$20
per
start-up expenses for a laboratory and
Office—360 Lexington Ave., New York.
Proceeds—For
small
plant.
Underwriter—None.
•
Diamond
Dust Co.,
Inc.
(6/25-29)
1962 filed 102,000 common. Price—$3. Business
—Production of graded diamond powder and compound.
Proceeds—For
debt
repayment, additional personnel,
Feb. 27,
advertising
and
working
capital.
Office—77 Searing
& Co., N. Y.
Ave., Mineola, N. Y. Underwriter—Magnus
Diamond Mills Corp.
Jan. 23, 1962 filed 200,000 common,
to be offered by the company and
of which 120,000 are
80,000 by stockhold¬
Price—By amendment. Business—Manufacture of
nylon hosiery. Proceeds—For debt repayment
and working capital. Office—417 Fifth Ave.. N. Y.
Un¬
ers.
women's
derwriter—Drexel
&
Co.,
Philadelphia.
Offering—In¬
definitely postponed..
Continued
on page
32
\
32
The Commercial and Financial Chronicle
(2680)
Continued from page
Diversified
Real
Rocky Mount, N. C. Underwriter—Arnold Malkan & Co.,
31
Estate
Inc., N. Y. Note—This registration
Trust
Eastern
8, 1962 filed 1,000,000 shares of beneficial inter¬
Price—$10.
Business—A real estate investment
trust. Proceeds—For investment. Office—500 Fifth Ave.,
March
ment
Office
Co., Inc., (same address). Offering—Expected in Aug.
Doman
3
—
Helicopters, Inc.
general
corporate
&
purposes.
body & Co., N. Y.
Eastern
Properties Improvement Corp.
Aug. 22, 1961 filed $1,500,000 of subordinated debentures
due 1981 and 250,000 common shares.
Business—Research, development and construc¬
experimental helicopters. Proceeds—To obtain
of models, train service personnel, repay
debt, etc. Address—Municipal Airport, Danbury, Conn.
$1.25).
tures, $1,000; for stock, $10.
of
tate.
certification
Price—For deben¬
Business—General real
Proceeds—For the acquisition and
es¬
development of
real
properties, repayment of debt and engineering, etc.
Office—10 E. 40th St., New York. Underwriter—To be
Underwriter—None.
Thursday, June 7, 1962
.
wearing apparel. Proceeds—For working capital. Office
S. State St., Chicago. Underwriter—Allen
& Co.,
Offering—Postponed.
Everbest
Price—By amend¬
Center
Plaza, Philadelhia. Under¬
Co., Philadelphia and Kidder, Pea-
Penn
writers—Drexel
April 19, 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two new
shares for each three held. Price—By amendment (max.
tion
Proceeds—For
.
—36
N. Y.
(max. $16). Business—A small business investment
company.
Underwriter—Bacon, Johnson Realty Management
withdrawn.
Investment Co.
March 16, 1962 filed 450,000 common.
est.
N. Y.
Pennsylvania
was
.
Engineering Corp.
April 2, 1962 filed 100,000 class A shares. Price—$2.40.
Business—Manufacture and sale of long-lived electric
lamps. Proceeds—New product development, inventories
and working capital. Office—41 E.
Twelfth St., N. Y.
Underwriter—Planned Investing
Corp., N. Y.
Fairway Mart, Inc. (6/18-22)
1962 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of five discount merchandise cen¬
March 19,
ters.
Proceeds—For expansion,
advertising, inventories,
working capital and other corporate purposes. Office—
801 Market St.,
Youngstown, Ohio. Underwriter—A. J.
Carno Co., Inc., N. Y.
named.
•
_
Donaldson
Co.,
Inc.
Feb.
26, 1962 filed 80,000 common, of which 35,500 are
to be offered by the company and 44,500 by stockholders.
Price—By
amendment, (max.
manufacture
sale
and
of
air
$25).
Business—Design,
cleaners.
Proceeds—For
working capital. Office—1400 W. 94th St., Minneapolis.
Underwriter—Paine, Webber, Jackson & Curtis, N. Y.
Note—This registration was withdrawn.
Donmoor-lsaacson, Inc.
Feb. 26, 1962 filed 150,000 common, of which
to be offered by the company and 100,000
50,000 are
by stock¬
holders. Price—By amendment (max. $12). BusinessDesign and manufacture of boys knit shirts, sweaters,
and pajamas. Proceeds—For working capital. Office—
1115
N.
N. Y. Underwriter—Goodbody & Co.,
offering has been temporarily post¬
Broadway,
Y.
Note—This
poned.
•
Drever
Co.
amendment
(max.
$12).
Business—Design
and manufacture of industrial metallurgical furnaces.
Proceeds—For debt repayment, equipment and general
corporate purposes. Address — Red Lion Rd., and Philmont Ave., Bethayres, Pa.
Underwriters—Janney, Bat¬
tles & E. W. Clark, Inc. and Stroud & Co., Philadelphia.
Drew
Realty Corp.
March 6, 1962 filed 163,000 class A.
—General
real
Office—50
Broad
estate.
.Duiany InaSustroes^lnc.
Price—$10. Business
debt
repayment.
Underwriter—Drew Secu¬
26, 1962 filed 400,000 common. Price—By amend¬
(max. $6.25). Business—The canning and freezing
of
foods.
Proceeds—For
debt repayment.
Office—850
Third Ave., N. Y. Underwriter^Blair &
Co., Inc., N. Y.
Equipment Corp.
(6/18-22
)
Dec. 29, 1961 filed 100,000 common. Price—$2.50. Busi¬
ness—Manufacture of food service equipment. Proceeds
—For development and working capital. Office—79 Wal¬
worth St., Brooklyn, Underwriters — Carroll Co. and
Paul Eisenberg Co., Inc., N. Y.
Duro Pen
Co., Inc. (6/25-29)
Jan. 5, 1962 filed 125,000 common.
Price—$4. Business
—Manufacture of inexpensive ball point pens. Proceeds
—For debt repayment, equpiment and
working capital.
Office—573 Broadway, N. Y. Underwriter —
Godfrey,
Hamilton, Taylor & Co., N. Y.
•
Duro-Test
Corp.
April 6, 1962 filed $1,750,000 of subordinated debentures
due 1982 (with attached warrants) to be offered in units
consisting of $1,000 of debentures and a warrant to pur¬
chase
60
$1,000
per
shares. Price—By amendment (max.
unit). Business—Manufacture and sale of in¬
candescent, flourescent and mercury vapor lamps. Pro¬
ceeds—For working capital. Office—2321 Hudson
Blvd.,
North Bergen, N. J.
Underwriter—Auchincloss, Parker &
Redpath, N. Y. Offering—Expected in August.
common
Dyira Mfg. Co. (7/9-13)
April 2, 1962 ("Reg. A") 60,000 common of which
40,000
will be sold
by company and 20,000 by stockholders.
Price—$5. Business—Manufacture, installation and sale
of kitchen
ventilating hoods and exhaust fans. Proceeds
*—Expansion, new products and working capital. Office—
4865
Exposition Blvd., Los Angeles.
Co., Los Angeles.
mond Moore &
Underwriter—Ray¬
• Eastern
Camera & Photo
Corp. (6/25-29)
March 28 1962 filed
$500,000 of 6% conv. subord. deben¬
tures due 1972 and
50,000 common shares (of which 25,-
will
be sold
by the company and 25,000 by stock¬
The securities are to be offered in units of
one
debenture and 10 shares.
Price—By amendment.
holders).
$100
Business—Operation
ment
and
store
white
of retail
concessions.
stores and depart¬
also processes black
camera
Company
film
and repairs
photographic equipment.
Proceeds—For debt repayment and
working capital. Of¬
fice—68 W. Columbia
St., Hempstead, N. Y. Underwrit¬
ers—Edwards & Hanley,
Hempstead, L. I., and Street &
Co., Inc., N. Y.
•
Eastern Investors, Inc.
27, 1961 filed 10,000 common shares and
$625,000
of 6y2% con. subord.
debentures due 1972. Price—For
stock, $2.50: For debentures, at par.
Dec.
Business—A hold¬
for small loan and credit accident
insurance
subsidiaries. Proceeds—For investment in a
ing company
and
working
To be named.
capital.
-
,
Econ-O-Pay, Inc.
Oct. 26, 1961 filed 1,000,000
ness—A
dealer
recourse
General
corporate
Valley City, N. D.
Valley City, N. D.
common.
26,
1962
Price—$3.
finance business.
purposes.
Busi¬
Proceeds
Office—164
E.
Underwriter—Reserve
Main
Funds,
St.,
Inc.,
Industries, Inc.
of
instruments.
cameras,
lenses, accessories
and
optical
Proceeds—For debt repayment,
expansion,
working capital.
Office—111 Fifth Ave., N. Y. Un¬
derwriter—Lee Higginson Corp., N. Y. Offering—Tem¬
porarily postponed.
•
Electromagnetic Industries, Inc.
(6/25-29)
March 30, 1962 filed $250,000 of 6%% conv. subord. de¬
bentures due 1987, also 70,000 common
shares, of which
45,000
be offered by company and 25,000 by
Price—By amendment (max. $1 per com¬
mon
share). Business — Design, production, assembly,
distribution and sale of transformers, magnetic com¬
to
are
ponents and electronic instrumentation
and
control
de¬
subsidiary
Office—147
Northeast
equipment, debt repayment, a new
working capital. Office—Sayville Industrial
Park, Greeley Ave., Sayville, L. I., N. Y. Underwriter—
Pierce, Carrison, Wulbern, Inc., Jacksonville, Fla.
Main
St.,
and
Electromagnetics Corp. (7/2-6)
17, 1961 filed 75,000 common. Price—$5. Business
—Design and manufacture of precision nuclear magnetic
Nov.
instrumentation.
to
be offered in
Proceeds—For
general
units
of
y
.
and
common
100
50,000 warrants
and
common
50
warrants.
Price—By amendment. Business—Manufacture of con¬
cealed zippers. Proceeds—Debt
repayment, advertising
and working capital. Office—8
Washington Place, N. Y.
Underwriter—Jarco
Securities
Co., Inc., N. Y. Offering
—Indefinite.
Fastpak, Inc.
(6/18-22)
Nov. 30, 1961 filed 125,000 common.
Price—$5. Business
—The distribution of
nuts, bolts and other
fastening
devices
manufactured
repayment
and
by
general
others.
Proceeds—For
corporate
Place, Freeport, N. Y. Underwriter
debt
Office—8
purposes.
Arnold
—
Malkan & Co., Inc., N. Y.
filed
150,000 common, of which 100,000
are to be offered by the
company and 50,000 by stock¬
holders.
Price—By amendment.
Business—Wholesale
and
Fastline, Inc.
Sept. 28, 1961 filed 100,000
Benson
Ehrenreich Photo-Optical
Jan.
corporate
pur¬
Office—Sawyer Lane, Hudson, Mass. Underwriter
—Gianis & Co., Inc., N. Y.
poses.
•
Federal
Fire
&
Marine
Insurance
I
Co.
April
11, 1962 ("Reg. A") 125,000 common. Price—$2.
Business—Writing of special risk insurance. Proceeds
—For
reserves
—324
Guaranty
and
general
corporate purposes.
Denver. Underwriter
Bldg.,
Office
To
—
be
named.
Fidelity Mining Investments Ltd.
Nov. 30,
1961 filed 800,000
Price—By amend¬
common.
ment. Business—Exploration and testing of mining
prop¬
erties. Proceeds—For general
corporate purposes. Office
—62
&
Richmond St., Toronto. Underwriter—G. V.
Kirby
Associates, Ltd., Toronto.
•
F1FCO, Inc. (6/18)
I
May 17, 1962 ("Reg. A") 66,666 class A common. Price
—$3. Business—Application of sprayed fireproofing and
soundproofing compounds, and exterior building coat¬
ings; manufacture of plastic laminated panels, and sale
.
.
of
movable
wall
partitions. Proceeds—For debt
ment, inventory,
advertising and
other
repay¬
corporate
pur¬
Office—1465 N. E. 129th St., Miami, Fla. Under¬
poses.^
writer—Sinclair Securities, Inc., 37 Wall
St., N. Y.
• Financial
Corp. of Santa Barbara
March
16,
150,000
1962
to
are
filed
be
200,000
offered
capital
by
the
shares,
of
which
and
March 22, 1962 filed 125,000 common.
Price—$3. Busi¬
ness—Manufacture and distribution of components for
50,000
(max.
$20). Business—Company plans to acquire a savings and
loan association. Proceeds—For
acquisition of stock and
working capital. Office—1035 State St., Santa Barbara,
background music; design, construction and installation
of specialized closed circut TV
system. Proceeds—For
Offering—Indefinitely postponed.
debt repayment,
expansion, sales promotion and work¬
ing capital. Office — 103 E. Hawthorne Ave., Valley
Stream, N. Y. Underwriters—V. S. Wickett & Co., Inc.,
Thomas, Williams & Lee, Inc., and Crosse & Co., Inc.,
March 30, 1962 filed 75,000 capital
amendment (max. $105). Business
Electronic Transmission
N. Y.
'
.
Corp.
(6/25-29)
;
.'
.'/
Pike, Inc. (6/18-22)
Dec. 27, 1961
("Reg. A") 30,000 common. Price—$10
Business—Operation of supermarkets. Proceeds—For ex¬
pansion and working capital. Office—896 Old Country
Rd., Westbury, N. Y. Underwriter—Meadowbrook Se¬
curities, Inc. Hempstead, N. Y.
X
fmrPA
Flortrnnirc
$200,000 of" 6%% conv. debentures due
and $50,000 common, to be offered in units of
$200 of debentures and 50 shares. Price—$400 per unit.
Business—Manufacture
of
precision instruments, and
1974,
devices
for
measurement
and
control.
by
Pro¬
ceeds—For
plant expansion, inventory, and equipment.
Office—1202
Arnold Ave.,
New Castle, Del.
Under¬
writer—Weil & Co., Inc.,
Washington, D. C.
,
•
Financial
Emerson Electric Manufacturing Co.
•
&
Co., Los Angeles.
Inc.
shares. Price
—
By
Ownership of 11
—
(6/18)
March 9, 1962 filed 200,000 common.
ment
(max.
Underwriter—Blyth & Co., Inc., N. Y. Note—
withdrawn.
Equity Funding Corp. of America
Price—By amend¬
ment
(max. $6.50). Business—A holding company for
firms selling life insurance and mutual funds. Proceeds
—For new sales offices, advances to subsidiaries and
working capital. Office—5150 Wilshire Blvd., Los An¬
geles.
Underwriter—Wisconsin-Continental, Inc., Mil¬
$15).
company.
Business—A
&
Price—By amend¬
small
business
Proceeds—For investment.
Main
St., Bridgeport, Conn.
Co., N. Y.
invest¬
Office—955
Underwriter—P. W. Brooks
First New York Capital
Fund,
Oct.
27,
1961
Business—A
ceeds—For
filed
small
Inc.
2,770,000 capital shares.
business
investment.
Manhasset, N. Y.
investment
Office—1295
Price—$1.
company.
Pro¬
Northern Blvd.,
Underwriter—None.
First
Realty Co. of Boston
May 1, 1962 filed 150,000 common.
ment.
March 29, 1962 filed 240,000 common.
Federation,
Witter
First Connecticut Small Business Investment Co.
—Real
14, 1962 filed 435,784 common. Price—By amend¬
(max. $40). Business—Design, development and
manufacture of electrical products, and
research, and
development on certain military products. Proceeds—
For selling stockholders.
Office—8100 Florissant Ave.,
was
Dean
amendment
Angeles. Underwriters—Kidder, Peabody & Co. and Mc¬
Donnell & Co., N. Y.
Offering—Indefinitely postponed.
ment
St. Louis.
—
company
Price—By
California savings and loan associations. Proceeds—For
selling stockholders. Office
615 S. Flower St., Los
May
This registration
stockholders.
Calif. Underwriter
ment
In**
June 4, 1962 filed
electronic
shares
—
•
Ellner &
•
Dyna-Mod Electronics Corp. (6/11-15)
22, 1962 ("Reg. A") 143,000 common.
Price—$2.
Business—D e s i g n,
development and production of
"packaged" electronic circuits and
sub-systems. Pro¬
ceeds—For new products and
working capital. Office—
317 Main
St., East Rochester, N. Y. Underwriters—Gen¬
esee
Valley Securities Co., Inc., Rochester, and H. B.
Vesey & Co., Inc., Glens Falls, N. Y.
Jam
000
braking systems of' automatic
equipment. Proceeds—For selling stockholders. Address
—Echlin Rd. & U. S. 1, Branford, Conn. Underwriter—
plant
ment
Food
and
vices. Proceeds—For
(6/11-15)
Feb.
Dunfcill
electrical
stockholders.
Proceeds—For
St., N. Y.
rities Corp., (same address).
•
for
parts
distribution
March 9, 1962 filed 122,700 common, of which 42,500 are
be offered by company and 80,200 by stockholders.
to
Price—By
,
Echlin Manufacturing Co.
May 24, 1962 filed 210,000 common. Price—By amend¬
ment (max. $25). Business—Manufacture of
replacement
R.
•
Price—$10.
Business
estate management.
Proceeds—For debt repay¬
Office—7 Pemberton Sq., Boston. Underwriter—
W. Pressprich & Co.,
Boston.
Flex Electric
Products, Inc. (6/18-22)
March 16, 1962 filed $95,000 of 6% subord. debentures
due 1972 and 47,500 common shares, of which
44,650 are
to be offered by the company and
2,850 by selling stock¬
holders. The securities will be offered in units consist¬
ing of
one
attached
Design,
$100 debenture and 50
warrants). Price
manufacture and
—
sale,
shares (with
unit. Business—
amateur use, of
common
$350
per
for
lighting equipment and photographic accessories.
Proceeds
For equipment, new product
development,
camera
—
sales
promotion and other corporate purposes. Office—
24th St., Long Island
City, N. Y. UnderwriterBond, Richman & Co., N. Y.
waukee.
39-08
Esslinger's Industries of Philadelphia, Inc.
March 28, 1962 filed $850,000 of 6y2% conv. subord. de¬
bentures due 1977 and 112,500 common shares.
Price—
March 16, 1962 filed 200,000 common.
Debentures, $1,000; stock, $8. Business—Brewing of malt
beverages, the processing, cleaning and testing of metals
and the sale of galvanized iron and steel
products. Pro¬
debt repayment.
Office—10th & Callowhill
ceeds—For
Sts.,
Philadelphia.
Underwriter—Woodcock, Moyer,
Fricke & French, Inc., Philadelphia. Offering—In
July.
Evans, Inc.
Jan. 23, 1962 filed 130,000 common, of which
20,000 are
to be offered by the
company and 110,000 by stockhold¬
ers. Price—By amendment. Business —
Retail sale of
Florida
Bancgrowth, Inc.
Price—By amend¬
(max. $15).
Business—An investment company
specializing in bank stocks. Proceeds—For investment.
ment
Office—3356
Atlantic Blvd., Pompano
Beach, Fla. Un¬
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis. Of¬
fering—Imminent.
• Florida Water & Utilities Co. (6/21)
May 29, 1962 filed $750,000 of 5V2% conv. subord. de¬
due 1982.
Price—By amendment. Business
bentures
Operation of
systems.
water
distribution
Proceeds—For
debt
and
sewage
repayment,
collection
plant
expan-
Volume
sion
and
Miami.
6166
Number
195
.
N. W. 20th St.,
Co., N. Y.
working capital. Office—1491
Underwriter—Finkle
&
10, 1962 filed 169,420 common to be offered for
subscription by stockholders.
Price—By
amendment
(max. $2). Business—Company owns and licenses carton
pouring spout patents and die patents. Proceeds—For
100
W.
10th
Food &
May
24,
ers.
corporate
St., Wilmington,
Office—
purposes.
Underwriter—None.
Del.
Drug Research Laboratories, Inc.
filed
1962
be
offered
ical and
biological research and testing for the food, drug,
cosmetics, chemical and related industries. Proceeds—
For expansion,
equipment and debt repayment.
Ad¬
dress—Maurice Ave. at 58th
St., Maspeth, N. Y. Under¬
writers—Maltz, Greenwald & Co. and Rittmaster, Voisin
& Co., N. Y.
Forest
Electronics Corp.
21, 1961 ("Reg. A") 130,000 common. Price—$2.
Business—Research, design, manufacture, sale and dis¬
tribution of precision electronic and mechanical com¬
Dec.
ponents. Proceeds—For debt repayment, equipment and
general
corporate
Office
purposes.
425
—
S.,
Las
Vegas
Forst
(Alex)
&
(6/11-15)
Inc.
Sons,
Co., N. Y.
Products, Ltd., Inc. (6/11-15)
April 18, 1962 ("Reg. A") 100,000 class A common.
*
"42"
11
Financial
Founders
Inc.
Federation,
(Offering
to
Mills,
Sportswear, Inc.
March 27, 1962 filed 103,000 common.
Price—$3. Busi¬
ness—Design, manufacture and distribution of men's
outerwear, sportswear and rainwear.
Proceeds—For
plant expansion, equipment and working capital. Office
18
--Common
Clark
(Mortimer
Ascot
Textile
Co.,
Si
Inc.)
&
100,000
shares
Union
Securities
&
Co.)
(Stevens. Hickey & Co.)
Feabody
F.
Co )
&
(Blair
&
Inc.)
Co.,
Valley
,
Forst
.
,
H.
V<K$»vr
Jackson
Class A
Laird,
and
Bissell
&
Meeds)
Cooke
(Fulton,
Reid
Co.,
&
Inc.)
International
&
Protein
(Arnold
&
Malkan
Kinney Service
Inc.)
Corp
(Bear,
Stearns
(Eisele
Si
(A.
King, Libaire,
Fastpak,
Ben. Int.
262,500
Co.)
Orion
Electronics
(A.
Peerless Radio
Co.,
Inc.)
$350,000
Common
&
Co.,
Inc.)
$480,000
(Fulton,
Reid
&
Co.
&
Co.,
60,000
Inc.)
shares
Shelley Manufacturing
(George,
Wade,
Wenger
(L.
&
&
Co.)
General
150,000
shares
shares
Iona
12
(Tuesday)
Stearns
&
Co.
Norway
Allen
and
&
Co.
$5,000,000
Co.)
Bonds
(Bear,
Bonds
Kuhn, Loeb & Co., Inc.; Lazard
Barney & Co., Inc.) $25,000,000
&
Co.)
Schlumberger Ltd.
June
13
Common
Co.)
&
7GO.OOO
shares
Peabody
12
&
Co.)
$25,000,000
11:30
'
(Kuhn,
Lordhill
Marin
Boston
Molecular
Bonds
Co
(Bids
11
a.m.
EDST)
Read
&
Co.,
Air-Tech
Debentures
Inc.)
Great
Plains
F.
Sessler
Brooks
Witter
Co..
Inc.)
$220,500
Grumet
&
Si
—
&
shares
Units
Common
$2,450,000
Co.)
$300,000
Class
A
(Lee
Class A
150,000
Beane)
shares
Common
Co.)
$300,000
Co.,
Si
Inc.
Class A
Reuben,
and
Rose
Coi
&
Inc.)
$300,000
Welcome Baby,
(Globus,
World
Philadelphia
First
and
Inc.
-Common
Inc
$150,00®
Corp.)
Common
Scope Publishers, Inc
Securities
(Standard
Corp.)
$600,000
Debentures
Scope Publishers, Inc
Financial
Worth
Corp
A.
$350,000
Common
——
Bruce
Si
$305,000
Co.)
Si
Wynlit Pharmaceuticals,
Common
Inc.——
19
shares
125,000
Co.)
102,050
Siegel,
(Tuesday)
Inc.—Bonds
Consolidated Edison Co. of New York,
(Bids 11
Martin
$100,000,000
EDST)
a.m.
Maintenance Corp.———Common
(L. P.)
(Johnson,
Corp.)
Space
Lane
$500,000
(Wednesday)
June 20
Allegheny Pepsi-Cola Bottling Co
Mosley
Yeatman,
Inc.)
Co.,
—Common
312,500 shares
Debentures
Allegheny Pepsi-Cola Bottling Co.
Mosley
Yeatman.
(Suplee.
(Morgan
Stanley
Schramm
&
$30,000,000
Common
1.
&
Co.,
!___
and
Co.
$1,250,000
—Bonds
Co.)
&
Controls, Inc
(R.
(Laird
Inc.)
Co.,
of)
(Commonwealth
$200,000
Inc.)
—Debentures
—
Kreeger
Jones,
Co.)
&
$1,000,000
Ideal Toy Corp
Milk
Common
Weld
(White.
&
490,000
Inc.)
Co.,
Co
shares
Debentures
-
(Kidder, Peabody & Co., Inc.)
$20,000,000
Common
Tyler Pipe & Foundry Co
Southwest
(First
shares
120,000
Co.)
Inc.)
21
June
Capital
(Thursday)
(Bids to be received; $25,000,000
Florida
shares
Co.)
(Finkle &
Paul,
Debentures
& Utilities Co
Water
shares
34,200
Bonds
Cincinnati Gas & Electric Co
$750,000
Class A
Stores, Inc.
Harris
(Kiser, Cohn & Shumaker and Cruttenden,
Miller)
$300,000
Podesta &
Debentures
Grumet
Siegel,
&
Inc.)
&
Inc.
Co.,
$1,500,000
and
June
Common
;»
Heritage Equity Corp.)
Mercury
22
(Friday)
Debentures
Corp.)
$1.250;000
Investing
Corp.)
to
be
Semiconductor
Corp.
and
named)
$525,000
Piper,
Co
25
Si
Co.)
Si
$247,500
(Monday)
Common
Parts, Inc
&
Co.
and
Rafensperger,
100,000
Common
Hughes & Co.)
shares
Common
Adelphi Research & Mfg. Co
Capital
Jaffray
June
Accurate
(McDonnell
$1,750,000
Corp
75,000 shares
Common
Common
Inc;
Books,
(Meade
Equipment & Plastics Corp.-
Higginson
&
—
Joshua
(John
$315,000
Corp.—.—
Co.)
Systems Corp
(Underwriter
National
$150,000
$1,000,000
Cc.)
Si
(Standard 'Securities
Common
Si
shares
-Common
Inc.)
Bond,
Si
Securities
Coast
(Pacific
Pet
Common
(Cortlandt
Corp.—
(Birkenmayer
542,000
National Security Life Insurance
Industries, Inc
120,000
Co.)
&
—Common
Electronics Corp
Voron
_—Common
Co.)
Si
Morse Electro Products Corp
$40,000,000
Common
$280,000
—
Vendex, Inc.
$420,000
(Friday)
(Fred
$1,200,000
Inc.)
Co.,
Financial
Ackerman
(Stone,
National
June 15
&
Raceways, Inc.—;
$15,000,000
Texas Gas Transmission Corp
(Dillon,
Class A
Corp
(Brand,
(Thursday)
Edison
Food
$690,000
Co.)
Co.)
Corp.--—-
Williston
R.
(J.
Common
shares
72,000
Corp.)
Corp
(Brand,
$12,000,000
&
Stock
(Gateway
t
Class A
&
Stearns
Dart Drug Corp
& Beane and Doft & Co., Inc.)
(Dean
Met
June 14
$120,000
Common
County
Met Food
Capital
Inc.) $300,000
United Telephone Service, Inc._
Automatic
Corp.
Williston
Common
$600,000
Inc.)
Paper Converting Corp
Electronics
Common
Ltd.)
Co.,
Co
W.
$208,980
Jay, Winston & Co.,
(Bear,
-
Unison
Co.,-, Inc.)
$750,000
Corp.)
Securities
Loeb
Lewiston-Gorham
(J. R.
Bonds
CDST)
a.m.
.
Equip. Trust Ctfs.
Wisconsin Power & Light Co
(Bids
Securities
Liederman
Products
$6,405,000
EDST)
noon
&
Corp
E.
Common
(J. L.) & Son, Inc
Debentures
Jaylis Industries, Inc.-—
(D.
Turner
-
shares
Common
$600,000
—
(Meade
Australia
(Shearson, Hammill & Co.)
Debentures
Louisville & Nashville, RR—
(Bids
Rose
Livestock Financial Corp
of America
(Kidder,
Reuben
and
Enterprises, Inc
Coast
(P.
(Wednesday)
Container Corp.
(Pacific
Inc.)
Co.,
Securities
(Andresen
Thom-Tex
(Suplee,
Conditioning Corp
Films
Jayark
Kenner
shares
200,000
—
Stanley
(Morgan
Jamoco Air
Common
Stearns
Class A
Wasserman
Common
(Martin-Warren
Saxon Paper Corp
■
Wm. Stix
$600,000
Co
Inc.
Co.,
(Clayton
$15,000,000
of)
Smith,
&
Jackson's/Bvrons
Inc.;
& Co.,
and
&
(Minn.)
CDST)
a.m.
(Kingdom
(Harriman Ripley
Freres
10
Bruce
7
shares
Surgical Corp
Co. and
Co.,
Inc.)
&
Common
200,000
Industries, Inc
Common
150,000
Weeks)
&
$840,000
Debentures
Northern States Power Co.
(Bids
$800,000
Inc.——
Manufacturing
(Richard
All-State Properties, Inc
(Bear,
Common
Blauner
.
$1,000,000
Inc.)
Mfg., Inc.—.
(Thomas
'
June
$315,000
Inc
International Drug &
(Seymour
Inc.)
Co., Inc
Corp
(Andresen
shares
Common
(Switzer & Co., Inc.)
(Hornblower
.-Common
Inc
Debentures
Warwick,
Si
Securities
(D.
.—Units
146,000
Kletz & Co )
Enterprises,
.—Capital
Seigel,
&
shares
400,000
Common
Beane)
&
(Michael G.
Hargrove
Inc.)
(Standard Securities Corp.)
$332,500
Co.)
&
$200,000
Co.)
Equipment Corp
Cycle
Sternco
World
shares
Inc
Classics,
(Godfrey, Hamilton, Taylor & Co.) $486,000
June
200,000
Inc.—-
Richman
Williston
R.
House of Vision,
$357,500
Co
140.000
$199,998
Inc.)
Co.)
&
Products,
Common
Inc.)
Co..
ServiceMaster
F.),
Lamont)
Co
O'Neill
(Laren
Widmann
(J.
Class A
Jessup
and
Brooks
W.
(Bond,
Common
Salant & Salant, Inc.Peabody
Class A
Gemco-Ware Corp.
Ridgewood Financial Corp
(Kidder,
Common
-
Common
Electric
Grumet
Stephens (M.)
$625,000
Inc.)
Co.,
&
Si
Warwick,
Si
$300,000
_
(P.
Flex
Corp
(Kordan
Common
First Connecticut Small Business Investment
Common
&
$300,000
Co.
Corp
Gilhart
D.
$300,000
$250,000
—Common
Inc.)
(Sinclair Securities,
Capital
Inc.)
Inc.)
Co.,
Inc.)
:
Malkan
(Arnold
Multronics, Inc.
(Switzer & Co..
Co.,
Carno
J.
Inc.
$6,500,000
Common
:
FIFCO, Inc.
shares
Stout & Co.)
Eisenberg
t
Securities,
Fairway Mart, Inc.
Common
&
Paul
and
Pike, Inc
$450,000
Metropolitan Realty Trust
$468,750
Equipment Corp.——
Co.
&
Common
Inc
(Meadowbrook
Common
Co.,
Ellner
shares
Corp
—Common
Maher Associates and Bull & Low)
Food
(Carroll
Common
—
200,000
Co.)
Dunhill
$5,000,000
Hardlines Distributors, Inc
(McDonnell
J.),
(F.
(John R.
—Common
$240,000
(Rittmaster, Voisin & Co. and Midland Securities Co., Inc.)
72,000 shares
$300,000
Hampden Fund, Inc
-Units
Consumers Mart of America; Inc,
Common
(Llovd
$500,000
Davis)
(M. G.
$1,200,000
(Joseph W. Hurley & Co.)
Stelber
Common
Co.)
Co.)
&
Malkan
MacPherson
Steel Plant
Common
Inc
Products,
*
-.Common
Inc.
Gray,
&
i"$
<
shares
100,000
Products, Ltd., Inc.-
(Rutner,
Concord
Vesey' &
B.
(Alex.) & Sons, Inc
(McDonnell & Co.)
"42"
(Doft Si
Common
Securities Co., Inc. and
■;
Co., Inc.), $286,000
Witter
Common
(Albion
)
Computer Concepts Inc
shares
400,000
Debentures
Brothers Furniture
Sokol
$155,000
Co.)
(James
Common
Common
shares
40,576
Industries, Inc
(Brand,
$600,000
$255,000"
Co.),
$2,000,000
Co.)
Corp.
(Vickers,
Common
&
Debentures
Security Aluminum Corp
$299,970
College Publishing Corp.—
$300,000
Dyna-Mod Electronics Corp
(Genessee
(Adams
Richter
MacPherson
(Vickers,
Inc.——Common
Berne of Calitornia,
34
$825,000
>
Witter & Co.)
Roblin-Seaway
shares
Co.)
Inc.)
Co.,
Interonics, Inc
Roadcraft
Common
Securities
page
Common
&
Inc
(Arnold
$19,500,000
248,000
Co.)
&
Coast
Class A
Dulany Industries, Inc.
Brothers
Drugs,
(Dean
RF
200.000 shares
(Seymour Blauner Co.)
shares
157,500
International, Inc
Pay'n Save Corp
Common
Co.)
&
on
.
Common
Beauty Industries, Inc
Common
Dowd & Co., Inc.)
Continued
(Dean
$511,000
Inc.)
—
(Pacific
Common
Corporate Funding Corp
(R.
-
8% subordinated debentures
8% suborai-
1973 and $500,000 of
to
Pay'n Save Corp.-
Co., Inc.)
Units
Stearns
Inc.
Babs,
$300,000
Computer Control Co., Inc
(Kidder.
Riecke &
A.
Corp
(Bear,
$1,750,000
Bebell & Bebell Color Laboratories, Inc.
Stone
Plan
.Common
Dillon,
Malloy,
C.
(Hayden,
American
*
1
Corp.
(Eastman
H.
Laboratories, Inc
Common
named)
be
1969
serially
(Scherck,
Class A
and
Inc.
Co.,
American Modular Manufacturing Corp.—Common
(Equity Securities Co.)
$500,000
American Mortgage Investors
Ben. Int.
$675,000
Corp
(To
Bacardi
Burnside
due
Parkview
$180,000
Co.)
(California Investors)
Common
B.
&
International, Inc.——
American
Vr
518,532 shares
re¬
Discount Co.
Franklin
Feb. 9,1962 filed $500,000 of
Oceana
(Monday)
Teller
Cruttenden,
Inc.
indicating,
Webber, Jackson & Curtis, Boston.
Star
Four
(B.
Podesta & Miller)
Artlin
Business—Man¬
for
instruments
Inc., N. Y. Offering—Expected sometime in August.
Proceeds—For working capital. Office—
N. Y. Underwriter—Edward Lewis Co.,
factoring.
$300,000
by
Price—At par.
industrial
of
440 W. 34th St.,
and
(Albert
Common
stockholders'—underwritten
the basis of $100 of debentures for each
on
shares held.
common
cording and controlling temperature, pressure, flow and
other process variables. Proceeds—For plant expansion,
debt repayment and other corporate purposes.
Office—
38 Neponset Ave., Foxboro, Mass. Underwriter—Paine,
(Robbins,
Co.—.
stockholders
ufacture
May 4, 1962 filed 135,000 common. Price—$6. Business
—Commercial financing, industrial time sales financing
(Monday)
Gas
1962
20
Alumatron
June
Price
16,
Meeds, N. Y.
(Bids 11 a.m. EDST) $25,000,000
American
Co.,
* Foxboro Co. (6/25-29)
May 29, 1962 filed $12,209,000 of conv. subord. deben¬
tures due July 1, 1982 to be offered for subscription by
Alsco Electronics, Inc
Debentures
&
Television, Inc.
filed 211,250 capital shares. Price—By
amendment (max. $25). Business—Production and mar¬
keting of television films. Proceeds—For selling stock¬
holders.
Office—4030 Redford Ave., North Hollywood,
Calif. Underwriters—Paine, Webber, Jackson & Curtis,
N. Y. and Dempsey-Tegeler & Co., Inc., St.. Louis. Offer¬
ing—Indefinitely postponed.
March
(Baruch
(Thursday)
Underwriter—Magnus
Business—Manufacture and sale of cosmetics. Pro¬
advertising, and equipment.
Office—163418th St., Santa Monica, Calif.
Underwriters—Rutner,
Jackson & Gray, Inc., Los Angeles and Laird, Bissell &
ceeds—For
Aerodyne Controls Corp
June 7
Y.
N.
Broadway,
Four Star
1962 filed 100,000 common. Price—By amend¬
ment (max. $15).
Business—Wholesale distribution of
toys and games. Proceeds—For selling stockholders. Of¬
fice—2885 Jerome Ave., Bronx, N. Y. Underwriter—Mc¬
Donnell &
—665
33
Inc., N. Y. Offering—Expected sometime in July.
March 23,
June
NEW ISSUE CALENDAR
Columbia Gas Systems, Inc
K
Underwriter—Elmer
Nev.
Vegas,
Las
—$3.
107,500 common, of which 100,000
by company and 7,500 by stockhold¬
Price—By amendment (max. $5),^ Business—Chem¬
to
are
Blvd.,
Aagaard, Salt Lake City. '
•
Floseal Corp.
May
debt repayment and other
(2681)
The Commercial and Financial Chronicle
.
.
(Fred
Hopwood)
j
F.
Sessler
Si
Co.,
Inc.)
$199,875
Continued
on page
34
34
The Commercial and Financial Chronicle
(2682)
Office—141 North Ave.,
Continued from page 33
—Van
capital notes due about 1970. Price—At par. Busi¬
consumer finance company. Proceeds—For debt
nated
Ga. Underwriter—.None.
coa,
26, 1962 filed 140,000 common. Price—By amend¬
Business—Company plans to produce its Gyrojet
'
FW-4, a four-passenger amphibious autogiro. Proceeds
—To produce prototype models, and finance general
overhead and operating expenses. Office—10 E. 52nd St.,
N.
•
*
Underwriter—None.
Y.
/-
*
business
and
Hollywood,
chain
a
•
apparel stores.
.
Pro-
equipment and working capital. Office—1252 W. Peachtree St., N. W., Atlanta, Ga. Underwriter — Robert M.
Harris & Co., Inc., Philadelphia. Note—The SEC has is¬
sued an order temporarily suspending this issue.
ment
of debt and reduction of bank loans.
Puerto Rico Brewing
from page 33
Automotive
Products, Inc
Radio
Common
Brothers & Co.. Inc.) $400,000
(Baruch
Blauner
■
Hallowell,
Inc.; M. L. Lee & Co., Inc. and
Jenks, Kirkland & Co.) $525,000
Sulzberger,
American Southwest Realty Trust
(Kidder,
Peabody
Co.
&
Pierce
&
Co.,
Rite
Inc.)
(Prescott &
William
and
Co.
Aubrey Manufacturing,
(Pierce,
Robbins & Co., Inc.)
T.
Inc
Barish Associates, Inc
Barker
Bros.
&
Co.)
&
200,000
(Milton
Cameo
&
Co.,
Inc.)
shares
225,000
Lingeries, Inc
&
Co.)
Columbia
(Bear,
Grumet
&
Seigel,
Inc.)
' 'V '
$5,000,000
&
Co.)
Co.,
Inc.)
(Edwards & Hanley and
Electromagnetic
Carrison,
(Fierce,
S.
5,000
Inc..
Wulburn,
Carrison.
Inc.)
&
Cp.,
Inc.;
Crosse
Foxboro Co.
(Ofiering
Wulbern.
Transmission
Wickett
to
;
Aicojac
.
70,000
&
Inc.)
Co.,
^..Common
AMlSi&n#& R. L'. Day)
;
shatfes ;;
110,000
:
;
&
(W.
Taylor
Inc.Or
Co.
&
$360,000
r.;-v.; ~ ;
;
Magnus'■■■&
and
shares
Juiy
A.
Taylor &
(Richard
&
(Edwards
&
Co.)
Chemical
Langley & Co.) 550.000 shares
Blauner
D.
&
'
;
Co.)
Bruce
United
and
Inc.)
$1,590,000
100,000
:(Allen
&
Inc,
Co.,
and
Reuben
Rose
&
Co.,
Corp.
Co.,
& Co.)
(Godfrey,
Universal
Hamilton,
Co.,
&
Co.,
Inc.)
(Allen
Wolverine
Aluminum
&
Co.)
2,500
/June 26
units
;v
.v,
Common
100,000 shares
July 17
Common
Noel
&
Co.)
America!) Land Corp
(Morris
Cohon
Co.
&
Interstate Equity
and
'{Biyth & Co., Inc.,
Co., Inc.)
$10,000,000
Kapner, Inc.
F.
Dowd
&
Co., Inc.)
$300,000
Wilkens
&
Co.;
Inc.)
$250,000
Kelley Realty Corp
(Fulton, Reid
Corp.)
$297,500
:
\
Smith Inc.)
Power
(Bids
June 27
to
Pierce,
'
•v'".
Bonds
received)
•
$5,000,000
(
Class A
Co
(Bids
a.m.
,V;.
Bonds
-
,
;
.
Units
June
28
2s' nc
Hamilton,
Taylor
Co.
&
Common
and
Penzell
&
Co.)
166,666 shares
Co., Inc
(Geor.ee
■
——.Common
K.
Baum
Co.)
$651,300
Bowling Corp
(Jennings, Mandel
New York
&
CoJ~15,000
100,000
(Irving
J.
Rice
&
Co.,
Inc.)
(Boettcher
:
T»/r
u.
Multi
&
Inc.)
Co.)
K.
&
$700,000
Ben. Ints.
Pearl
(A.
to
Co.,
Inc.)
Common
Allyn
&
Co.
Debentures
Kidder
Dewar, Robertson
148,300 shares
&
Perfect Photo, Inc
Co.,Tnc._i-CIass A
■'
200,000 shares
Co.)
150,000
(Dean Witter &
Co.)
517,122
shares
..
.
<
(Tuesday)
•
'
~
(Bids
be
to
received)
Co.-——-Debentures
$100,000,000
/
;
-
Common
-•/'
shares
(Monday)
August 13
r
114,500
shares
Site-Fab, Inc.
(H.
P.
Hydro-Swarf, Inc.
.Common
Inc.)
.
.
Common
Black
&
Co.,
Inc.)
135,000
July 2
August
shares
Common
—
(Raymond
.
(Monday)
Anchor Industries
Moore
&
$485,000
Co.)
(Monday)
27
Peabody
Arde
(Offering
Corp.————
Burstein
&
Co.,
Inc.
Pancoast)
Co.)
Common
$308,000
,
;
,.i4
'
to
,
<
,
stockholders—Bids
--Common
to
be
received)
320,468 shares
•
_
November 7
Common
100,000 shares
.
/
'
-•*
.*
1;
(Wednesday)
Georgia Power Co
—Bonds
(Bids to be received) $23,000,000
(Amber,
Common
-
Burstein
&
Co.,
Inc.)
$183,750
Electromagnetics Corp.
(Gianis
Common
154,800 shares
Inc.)
—
(McDonnell &
&
Co.,
(Bids
November
$375,000
Honora, Ltd.
(Sunshine
Georgia Power Co
——
to be
Preferred
received) $7,000,000
Common
Inc.)
Common
Securities,
Inc.)
;
.
-
Stores, Inc.---——Common
August 7
Inc.—
O'Connor,
y
r:y.£ V-y'iV^T';
(Wednesday)
Southwestern Bell Telephone
Bernalen, Inc.
"
(Bear, Stearns & Co.)
&
■
.
Common
$300,000
•
Fuller &
Ahalt
(Amber.
—Common
and
D.
••
:
Laboratories,
(Searight.
$240,000~~~
stockholders—underwritten by
& Co., Inc.)
$5,023,800
Brewing Co.
C.
(S.
1
August
Inc.-
;
'
Iowa Public Service Co.-——
shares
Electronics Corp
(Ottering
Co.)
•
s
Common
Scott
(Friday)
$5,000,000
,
(G.
June 29
Joanell
Co
<BIyth & Co" Inc-) 260,000
State Industries, Inc.
.,
Co.,
&
D. Fuller & Co.)
(S.
Morton's Shoe
,
American Bolt & Screw Mfg. Corp.-
Common
Co..
$1,575,000
170,000 shares
Scientific
Schuss
$500,000 ;t '
(Globus, Inc.) $750/000'
^
Capital
Brunswick
Common
$250,000
Midwestern Mortgage Investors
Safe
units
shares
Testing Laboratories, Inc.
.
Mosler
New
—Capital
Longstreth)
(Robbins, Clark &
Micro-Dine Corp.
CDST)
Units
—
Grace & Co. and Norton, Fox &
Nationwide
noon
(White, Weld & Co.)
(John
Masters, Inc.
(Sterling,
&
12
Microdot, Inc.
•!■•{»
Common
Co.)
Norda Essential Oil & Chemical
(Thursday)
Gulf, Mobile & Ohio RR.——J—Equip. Trust Ctfs.
(Bids
&
July 31 .'(Tuesday)
.
„
(Godfrey,
Mac-Allan
$286,875
'
•/
July 30
i
& Co., Inc. and Walston &
Co., Inc.) 250,000 shares
,
.
Markets,: Inc.—
"* (Moran
_
„
'
(Monday)' hi
i:Barogenics, Inc. __k-i^i__^-il/Common f-
^ ;^••••»';;>c
EDST) -$24,000,000
(Monday)
■
;
-Common
11
$15,000,000
y
Telephone Corp.—----Debentures
(Bids to be received) $12,000,000
''''-U//"■
July 23
United
.
(Putnam & Co.> 164.000 shares
-
Rochester
'
$15,000,000
(Wednesday)
Board
$6,000,000
(Bids to be received)
Fenner
Co.__
be
$1,000,000
City Electric Co.—————____-Bonds
July 19 -(Thursday)/.
.
Preferred
Merrill Lynch,
Public Service Co. of New Hampshire.-'
Kreedman Realty & Construction
Corp
<Lee Higglnson Corp.) 200,000 shares
'
Pacific
Colonial
———Common
—
(Arnold,
Sierra
Ben. Int.
—
(Van Alstyne- N°el & c° ) 1,605,100 shares
Jaap Penratt Associates, Inc
Common
t
(R.
&
and
^
$10,000,000
Common
Puget Sound Power & Light Co
Debentures
Street &
Inc.)
'
$1,540,000
"
?
—-.-Class A
Co.)
&
Common
Polonitza,
&
(Bids to be received)
Atlantic
Investors
(R&D
shares
Leiberbaum
(Wednesday)
,
150,000 shares
250,000
Co.)
and
(Tuesday) -/'
July 18
.
Inc.----
;;
inc.—Com.
Missouri Power & Light Co.———————-Bonds
;
(Tuesday)
Lockfast Mfg. Co.,
•
&
Co.
&
(Garat
$444,000
Corp.;
J. Winckler
(F.
Inc.)
—Common
475,000 shares
Valu-Rack, Inc.
Units
...
Co..
Cohon
'
West Falls Shopping Center Limited
&
:Common
(Louis) Enterprises, Inc.
(Morris
$306,000
Partnership
'
;
Grand Bahama Development Co., Ltd.—Common
Lesser
—Common
$500,000
units
Hutton & Co.)
and E. F.
& Co.
450,000 shares
Inc.)
Inc.—-.-
Lewis
(Edward
Inc.) ;600
Co.,
Corp.—
$1,500,000
:
....Common
Taylor
Industries,
<.
(Ingram, Lambert & Stephen, Inc. and Reuben Rose & Co., Inc.)
Inc.)
...Common
and Oppenhelmer
Inc.
(Hodgdon
Common
Alstyne,
•"
/
;*
; •
:
General Investment Co. of Connecticut,
A
v
shares
Gould Paper Co
(Van
i: V;;;"
■;
Coatings
•
Gulf
,
;
Continental Telephone Co._
;
!
Class
Packaging Co., Inc
$990,000
Glensder Corp.
(Sprayregen, Haft & Co.)
:
;
(Afnol'd" Mal'ican Growth of ~Phferto- Ricef,' Inc:)-^
'
"
Common
Co.,
Units
Hanley)
'
* -' -
/(Bids to ibe received)- $50,000,030
■
"" V'-: ( Gianis ' &
.
•
Webber,
Girard Industries Corp
;
$750,000.
Inc.)
Telephone & Telegraph Co._-Debens.
$1,200,000
Common
Lomasney
Folonitza,
10 H Tuesday)
IX
/ V.\;
Telephone Co.
United-Overton
$375,000
Gaslight Club, Inc.
(Myron
&
;;ArnaV industries,
'
Hamilton,
'
$300,000
Enterprises, Inc _—-^—Common
New England
•
Garden State Small Business Investment Co._Com.
(Godfrey,
Co.)
&
-^ '/July-16; (Monday)
'
Co.) ;
•
Tujax Industries, Inc
(McDonnell &
by
C.
(Milton
units
& Lee, Inc.
Paine,
$12,209,000
Curtis)
Moore
Frederick's of Hollywo.od, Inc._^——^i—-Capital"'
(Garat
International; Jne:.^^_i^.L_eapital^v/A;
Trans-Alaska
Debentures
Jackson
;
shares
———Common
'
■
Common
underwritten
Marts
:
shares
_
stockholders,
50,000
Sons)
&
—
(Raymond
' '
v
Garrett
(Robert
Dyha: Mfg.; Co
;
;
Inc._;—-«v4--^---^CJommon
Controls,
Hamilton,
150.000
Towers
'
$250,000
Williams
Inc.)
Time
(Godfrey,
Common
Corp
Thomas,
-
—Common
Chemical .Corp.—
$567,000
Corp
(Packer-Wilbur. Co.,
Tork
Units
Street & Co., Inc.)
Industries,
•
,
><-?'
Inc.), $562,500
& Co.,
(Monday)
V;
Electromagnetic Industries, Inc.—Conv. Debentures
(V.
Blauner)
D.
•
(Godfrey, Hamilton. Taylor & Co.) $500,000
Electronic
Co.,;;Tnc.).. $375,000
-—————Common
-
Eastern Camera & Photo Corp
(Pierce,
v;";'(White
J;
$306,000
Co.)
-l-Common ' '■
•
-—Common
&
■
i
$500,000
(Straus, Blosser & McDpWell-and,Dempsey^Tfigeler
&
CO., Inc.) 450,000; shares
$300,000
Diamond Dust Co., Inc
(Magnus
Co., -Inc.)
&
Inc.—————Common
Aviation,
;'; Sampson
Common
&
Malkan
(Arnold Malkan & Co.,;Inc.) $325,000* ;
•
■
.
190,000 shares
Homes, Inc
(Alessandrini
,
by White, Weld & Co.)
•••••'
; •..
,
;
:1 Walston
;; ■
•'^
•
Industries, Inc.—----Common
(Arnold
'
.July 9
Securities
—
WPdcker,
\
Duro Pen' Co., IncCommon
:
:
Common
(Van Alstyne, Noel &
DeLuxe
_—Common
Co.)-150,000.'..-shares
1}
&
200,000 shares
Spears (L. B.),
;
/ .:
shares
1,500,000 units
Co.)
Corp
v.-,'
Inc;); 120,000
Units
Allen
and
Co.
Co.. flne^):- $372,00,0
River
Mill
v
Debentures
&
Bancorporation
Stearns
Cosnat
Saw
;:
■
v,
Coburn Credit Co., Inc
(Brand,
v
$950,000
i-'
.
Common
/
(Pacific Coast Securities Co.) 550,000 shares "
^ /■.J
Solid State Products, Inc._^——^_;_>_;--Common
;
•
—Common
(Schweickart
Inc.
Service
Skiers
Common
Blauner
D.
$375,000
Common
Co.)
Co.—__————Debentures
;
(Milton
shares
Buddy L. Corp.-—
&
Stearns
(General
Signalite
|
(McDonnell &
35
page
$1,250,000
——
(Offering to stockholders—underwritten
VC;;-:;-;.
V;S5,8oo,ooo
Servotronics, Inc.
Common
Staats
R.
Co.)
Associates,
Engineering
(Bear,
Inc.)
Common
Co.) $200,000
Corp
(William
Schaevitz
.
_
(Gianis
Co.,
Clark
Martin
A.
'
-
Nopco Chemical
'
Co.)
&
on
—Common
——
Kletz
G.
Mammoth Mart Inc.
.
$1,250,000
M. Kidder &
&
Lomasney
Co., Inc
(Michael
.
(Henry), Inc.-L_r-JJC.bmttion
(Robert
Common
W'ulbern, Inc. and A.
140,004 shares
Carrison,
..
A.
Electronics, Inc.————
Rosenfeld
Conv. Debentures
Products, lnc
Kaufman Carpet
♦
Common
.
(Robbins,
$11,000,000
Assembly
$4,500,000
Inc.)
——.
&
Inc.
(Myron
Common
Rauscher,
and
Regulators,
Continued
Units
Smith
&
Co. of New Jersey,
V
....Common
Co., Inc.) $300,000
.
*
:'V;
-
(Lee-Mosson
Co.,
&
Fenner
Service
Electric
Inc.'-'
Co., Inc
Pierce,
Lynch,
American Cardboard & Packaging Corp.__Common
D.
Corp.
Design
April 25,-.1962 ("Reg. A") 65,000 common.
Price—$3.
Business—Design and development of new. products for
various
industries.
Proceeds—For
debt
repayment,
(Merrill
(Milton
,
General
Gaslight CEub Inc./(6/25-29).V •
28, 1962 filed 100,000 common. Price—By amend¬
(max. $7) Business—Company operates four "key
clubs." Proceeds—For expansion, debt reduction, and
working capital. Office—13 E. Huron St., Chicago. Un¬
derwriter—Myron A. Lomasney & Co., N. Y.
Los Angeles.;
type apartment, industrial and office buildings. Proceeds
Admiral
,
Office—1180 Raymond Blvd., Newark, N. J.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
1962 filed 200,000 common. Price—By amend¬
Business—Construction and operation of various
Continued
Investment Co.
Feb.
—For prepayment
(6/18-22)
1962 filed 105,000 common. Price—$3. Busi¬
ness—Design', assembly and distribution of trophies,
plaques and awards.
Proceeds—For debt repayment,
new products, 'expansion and working capital.
Office—
2555 W. Diversey Ave., Chicago.
Underwriter—Michael
G. Kletz & Co., N. Y.
y
<
■
investment.
26,
ment.'
Inc.
Classics
General
March 23,
(6/25-29)
v'
>:
/;
Oct. 27, 1961 filed 330,000 common. Price—$3. Business
—A small business investment company.* Proceeds—For
Frouge Corp.
Jan.
nc.
.
expansion and other corporate purposes.
Office—6608 Holywood Blvd., Los Angeles. Underwriter
•
Industries,
Garden State Small Business
ceeds—For
—Garat & Polonitza, Inc.,
Gabriel
30, 1962 filed 100,000 class A common";shares.
Price—By ^ amendment (max. $11). Business—Design,
manufacture and distribution of toys and sporting goods;
Proceeds—For debt repayment Office—184 Fifth Ave.,
N .Y. Underwriter—Hemphill, Noyes & Co.,.N..Y., j
!nc.
women's
of
W. 34th St., N. Y. Underwriter—
Inc., N. Y. Offering—Ex¬
March
(7/9-13)
March 26, 1962 filed 150,000 capital shares, of which 70,000 are to be offered by company and 80,000 by a stock¬
holder. Price—$5. Business—Operation of a mail order
of
Frederick's
Office—19
Preiss, Cinder & Hoffman,
pected in early July.
ment.
/'•
Corp. (6/18-22)
9, 1962 filed 146,000 common. Price—By amend¬
ment (max. $8).
Business—A holding company for a
restaurant equipment manufacturer, a wholesale distribr
utor of houseware products and a company operating
leased discount departments dealing in hard goods. Pro¬
ceeds—For
debt
repayment, expansion and working
capital. Office—134-01 Atlantic Ave., Jamaica, N. Y.
Underwriter—J. R. Williston & Beane, N. Y.
Inc.
Stores
S.
pansion.
Frazier-Walker Aircraft Corp.
Jan.
Gemco-Ware
March
April 30, 1962 filed 140,000 common. Price—$4. Busi¬
ness—Operation of discount centers. Proceeds—For ex¬
UtUce—105 N. Sage St., Toc-
repayment ana expansion.
Underwriter
Alstyne, Noel & Co., N. Y. Offering—Postponed.
M.
G.
ness—A
Bridgeport, Conn.
Thursday, June 7, 1962
,
.
.
28
Southern Electric
(Wednesday)
Generating Co
(Bids to be received) $6,500 ooo
Bond*
>
Volume 195
Number 6166
.
.
.
The Commercial and Financial Chronicle
Continued from page 34
N. W., Washington, D. C.
Becker & Bryant, Inc.,
General
Devices, Inc.
Jan. 29, 1962. filed 140,000
common, to be offered, for
subscription by common stockholders.. Price-—By amend¬
ment.
Business—Development and
tronic
and
electromechanical
pected
and
Price—-$11. Busi¬
Proceeds—Expansion and
working capital. Office—Lyons Falls, N. Y. Underwriter
—Van Alstyne, Noel & Co., N. Y.
(7/16-20). \
1962. filed 200,000
1
.
Mar. 14,
/••
-1445
to
S.
West
stockholders
of
.
tures due 1977, 200,000 common and. 6-year warrants to
purchase/25,000 common at $1 per share to be offered in
units consisting of a $10 debenture, 8 common shares and
Underwriter—CtutSt., Los Angeled..
warrant. Price—$18 per unit.. Business—Extraction, ;
processing and sale of rock and sand. Proceeds—For a
plant and, other corporate purposes., Address—Hallandale, Fla. Underwriter—Mutch, Khanbegian, Flynn &
Green, Inc.. 115 Broadway, N. Y.
one
new
Government
Halo Lighting, Inc.
Mar.
27, 1962 filed 300,000 common, of which 100,000
sold by the company and 200,000 by a stock¬
Price—By amendment. Business—Manufacture
of recessed incandescent lighting fixtures. Proceeds—
For general corporate purposes.
Office—Chicago, UK
Underwriter—R W. Pressprich & Co., N. Y. Offering—
Temporarily postponed.
will be
holder.
Employees
Halsey Drug Co.
filed 79,500 common. Price—$4; Business
—Manufacture, packaging and sale of proprietary drug
products. Proceeds—For debt repayment, expansion and
other corporate purposes. Office—1827 Pacific St., Brook¬
lyn, N. Y. Underwriters—Packer-Wilbur & Co,, Inc., and
Alessandrini & Co., Inc., N. Y. Offering—In late July,
Business—A
consumer .finance company. Proceeds—For
working capital. Office—1700 Broadway, Denver. Under¬
March 30, 1962
writer—None.
.
Inc.
X
r
Feb. 12, 1962 filed 162,500 common, of which 12,500 are
to be offered by the company and 150,000 by stockhold¬
ers.
Price—By amendment (max. $8.50). Business—Di¬
rect mail selling of vitamin mineral products to eld¬
erly customers. Proceeds—For working capital. Office
—179 N. Michigan Ave., Chicago. Underwriters—Bacon,
Whipple & Co. and Freehling, Meyerhoff & Co., Chicago.
'
' '
Offering—Indefinitely postponed.
'
Granco, Inc.
.
■■ \
March 23, 1962 filed $600,000 of 6% conv. subord: de¬
bentures due 1977 to be offered in 1,200 units. Price—
•
$500 per unit. Business—Operation of jewelry stores,
jewelry concessions and a liquor concession in discount
department stores.. Proceeds—For debt repayment and
working capital. OffiOe—182 Second Ave.,: San Fran¬
Jan. 24, 1962 filed 500,000 common.
Price—$10. Busi¬
ness—A closed-end
investment
trust which plans to
cisco.: Underwriter—Midland Securities
•
2100
•
Grand
Bahama?
Reid & Co., Inc.,
<
;
Dec.
and
ment. Business-—Sale and development of. land on Grand
Bahama Island for residential and resort purposes. Pro¬
ceeds—For general corporate purposes. Office—250 Park
—To be
Continental Real Estate investment Trust.
general corporate purposes.
Rico.
Address—San Juan, Puerto
Underwriter—Edwards & Hanley, Hempstead, N. Y*
Gfactrbn'Bdat Cd.•
•
X'-V-
:
v;\
May; 4; .1962 ("Reg. A") 33,114 common. Price—At-themarketi Business—Manufacture: and- sale of fiberglass
pleasure boats,
Great Eastern. Insurance Co.
Proceeds—For selling ^stockholders. Of-?"
fice—9109 Reid Rd,,: Austin^ Texas. Underwriter—James;
C. Tucker & Co., Inc., Austin, Texas.;
"•
X:
•
April 13, 1962* filed 381,600 fcortimon. Price—By amendment (max. $5), Business^-Company plans to write certain types of fire and casualty insurance. Proceeds—For
general corporate purposes. Office—116 John St., N. Y.
Underwriters—Emanuel, Deetjen & Co., and Zuckerman,
Smith; & Co;, N% Y.v
*
-
•
Great Plains
dorp.. (6/15)
March' 26/1962 ("Reg.
commercials. Proceeds
Hardlines Distributors,
Jan.
By
—
For
a
new
building and
26,
1962
filed
200,000
Inc.
(6/11-15)
of which
100,000
common,
to be offered by the company and 100,000 by a, stock¬
holder. Price—By amendment. Business—Retail sale of
are
housewares, hardware,
lighting fixtures, automotive
accessories, etc. Proceeds—For debt repayment, expan¬
sion
and
working capital! /Office—1416 Providence
Highway, Norwood, Mass., Underwriter—McDonnell &!
Co., N. Y. li ;
"
'
...
•
—
Happy House, Inc.
700,000 common sharep .Price—SI.
Business—The marketing' of gifts, candles and greeting!
cards1 through franchised dealers.
Proceeds—For equipment, Xventory and' working' capital Office— t ' T^fh
Ave., S., Hopkins/ Minn. Underwriter—None. Offering
—Expected in July.
ment.
:
Productions, Inc.
200,000 capital shares. Price
July 28, 1961 filed
Price—$10. Business—Real estate. Proceeds—For invest¬
Office—530 St Paiil Placej Baltimore; Underwriter
named; Nbte---This firm formerly was known as
The Securities are to be offered in
29, 1961 filed
N. Y.
,
consisting of a $100' debenture; and 36 shares.." Price"
—By amCriditieht. * Business—Manufacture of • restaurant
and other type furniture which it sells principally to
dealers in Puerto Rico. Proceeds—For equipment and
investment. Office-^
Underwriter—Fulton,
working capital. Office—3501 Cahuega Blvd., Los An¬
geles." Underwiriter—Carl M. Loeb, Rhoades & Co., Inc.,
Ave., N. Y. Underwriter—Allen & Co., N. Y.
(6/25-29)
> /-/ ,///>->
Great Continental Real Estate Investment Trust
March 2.8; 1962 fled $250,000 of 6%, conv. subord. debenturfes: due 1972 and 90.000 common shares, to be sold by ».; Aug; 3, 1961 :filed • 300,000 shares of beneficial interest
units
(6/11-15)
amendment. Business—Production of television, cartoons
Girard industries Corp.
certain stockholders.
Inc.
Cleveland.
Hanna-Barbara
Development Co., Ltd.
.(7/16-20)"
' • /.
jJan. 23, 1962 filed 250,000 commomrPrioe -r- By amend¬
April 4, 1962 filed 254,000 common. Price—By amend¬
(max. $18). Business—Development and produc¬
tion of radar .and other specialized electronic systems.
Proceeds—For selling stockholders. Off ice—1815 Venice
Blvd., Los Angeles! Underwriter—Blyth & Co., Inc., Los
Angeles. Offering—Expected in July.
J
Hampden Fund,
become open end. Proceeds—For
East Ohio Bldg., Cleveland.
Co., Inc., Kansas
City, Mo. Offering—Expected in July.
...
ment
•
1962 filed
March 3Q, 1962 filed $250,000 of 8% subordinated deben¬
St., Anaheim, Calif.
common
28,
Hal landale Rock & Sand Cow
Corp., four rights for each share held, and to common
stockholders of Criterion Insurance Co., one right for each
share held.. Rights will expire June 29. Price—$7.50
—
,
Ore.
;
.
and mail order. Proceeds
For debt repayment, new
products, sales promotion and working capital. Office—
88 Cutter Mill Rd., Great
Neck, L. I., N. Y. Underwriter
—J. J. Krieger & Co., Inc., N. Y.
,
GiifiHan Corp.
Ave., Portland,
(6/25-29).
Corp.
$10,000,000
of 6^% conv. subord. .
debentures due 1977. Price—At par. Business—Company
is engaged in the development of planned communities
in Florida* Proceeds—For debt repayment and general
corporate purposes. Office — 557 Northeast 81st St.,
Miami, Fla. Underwriters — Morris Cohon & Co. and
Street & Co., Inc., N. Y.«
/
Government Employees^ Financial Gor|i.
■
Aug. 17, 1961 filed; 603,000 common being offered for
subscription by stockholders of affiliated companies at
the rate of one share for each 15 rights held of record
June 1, as follows: To common stockholders of Govern¬
ment Employees Insurance Co., two rights for each share
held; to common stockholders of Government Employees
Life Insurance Company, one right for each share held;
Broadway, N. Y.
Underwriter—King Merritt & Co., Inc., N. Y.
; :
• General Vitamsn
& Drug Corp.
April 3, 1962 ("Reg. A") 78,000 common. Price—$2.75.
Business—Sale of vitamins through department stores
•
10th
„tenden & Co., Inc.,'618 S. Spripg
Office—111
Research,
Southeast
Gulf American Land
Feb.
Gourmet Restaurants, Inc.
General Realty Income Trust
April 27, 1962 filed 1,000,000 shares. Price—A maximum
of $10.
Business—A real estate investment trust. Pro¬
Geriatric
•
\
April 30, 1962 ("Reg. A") 28,213 capital shares.
Price
$3.50. BusinessXoperatipn of restaurants in Disney¬
land Hotel; Proceeds—For selling stockholders. Office—
;
St.,* New Haven, Conn. Underwriters—Ingram, Lambert
& Stephen, Inc.; and Reuben Rose & Co.,
Inc., N; Y.
•
.
Underwriter—Darius Inc., N. Y. >'«
Orange
investment.
Office—915
ment.
ness—A small business investment
company. Proceeds—
For debt repayment and investment. Office—348
ceeds—For
.
and processing and selling of prepared
potato products. Proceeds—For a new plant and equip¬
-
price—$7.50. Busi¬
'
—
>
:
.
•
Food.
whole potatoes
.
common,
Washington, D. C. Underwriter—Shell Associates, Inc.,;
New York.
Products, Inc.
May 25, 1962 filed 100,000 common. Price—$4.50. Busi¬
ness
Growing, purchasing, distributing and selling
Underwriter—G. E. C.
Connecticut, Inc.
'
f
Gourmet
Economics Syndicate, Inc.
" April 11* 1962 filed 400,000 class A common. Price — $10.
Business—An insurance holding company. Proceeds—
For investment in
subsidiaries,, and working1 capital.
General Investment Co. of
"
May 28, 1962 filed 100,000 common. Price—$3. Business
—Furnishing of equipment for operation of coin-oper¬
ated dry cleaning and laundry establishments. Proceeds
—For expansion.
Office — 6400 Chillum Place, N. W.,
ness—Manufacture of paper.
systems
General
Securities, Inc., (same address).
in September.
Paper Co. (6/25-29)
Sept; 28, 1961 filed 140,000 common.
for, multiple telemetering. Proceeds—For inventory, debt
repayment, sales promotion, and working capital. Office
—Ridge Rd., Monmouth-Junction,"; N; J. Underwriter
—Hess, Grant & Remington, Inc., .Philadelphia. Note—
This registration will be withdrawn.
Office—625 Madison Ave.; N„ Y.
Gruman-Bond Equipment Corp.
Underwriter—Rouse, Brewer,
Washington, D. C. Offering—Ex¬
Gould
manufacture of elec¬
components
35
(2683)
:r"
A") 60,000 class A common. Price;
.
;•(6/25-29) /;. 1 -'..'X;;•
v" i, X ; —Sb. Business—Cpmpany plans to establish an industrial
• Hargrove Enterprises,? lnc.
(6/i8-£2) ;
bank and hn insurance agency. Proceeds—For working
23, 1962 filed 150,000. cornmbh;* of Which 60,000
/Dec. 8, 196J Tiled 160,000 common. Price—$5. Business
are to be" offered by the company and 90,000 by the com¬
>-capital,, debt repayment and expansion.;Office—368 Main
—Company plans to own and' operate, an amusement t'
St., Longmont, Colb. Underwriter—Birkienmayer & Co.,"
pany's parent, Glen Modes, Inc. Price^-By amendment
park. Proceeds-^For property development/ advertising,/
(max., $7)./ Business—Design,- production and• sale ;ef :l;Denvei:;/v
:'v: ■
;
and -working capital: Office—3100 Tremont! Ave;. Chevwofnen's fashion* accessories, and sportswear. Proceeds
v
Greater New York Box Co., Inc.
erly, Md. Underwriter — Switzer & Co.,, Inc., Silver
—For * general" corporate
purposes.
Office—417 Fifth
Dec. 29,. 1961 filed 100,000: common.. Price-rBy; amend¬
,Springs, Md..
■
Ave., N. Y. Underwriter—Sprayregen, Haft & Co., N. Y.
ment ($7 max.). Business—Manufacture^ of corrugated
Harley Products, Inc.
^!obe l«clustriesr litcw ..
XVx '/vxx/v i board and containers..; Proceeds—For general corporate
March 28, 1962 filed 75,000 common. Price—$4. Busi¬
Oct. 30, 196T filed 200.000 common, of which 100,000 are. ...purposes. Office—149 Entin Rd., Clifton, N. J. Under¬
ness—Design, production and distribution of belts and
to be offered, by the: company and
writer—D. H. Blair & Co., N.. Y. Offering—Temporarily
100,000 by stockrelated products. Proceeds—For sales promotion/expan¬
postponed, \,
;
holders.', Price—By amendment, Business—Manufacture
sion, inventory, and debt repayment. Office—476 Broad¬
of. miniature electric rpotors, powdered metal products,
way, N. Y. Underwriter—Finkle & Co., N. Y.
Greater Pittsburgh: Capital Corp.
and devices for the missile arid aircraft industries. ProNov.. 14, 1961 filed 250,000 common. Price-$11. Busi¬
Harrington & Richardson, Inc.
ceeds^-For debt repayment and working capital.; Office
ness— A small business investment company. Proceeds—
March 7, 1962 filed 180,000 common, of which 40,000 are
—1,784 iStanley Ave., Dayton. /Ohio; Undei^riter^MeX
For- investments - Office—952 Union Tfiist Bldg., Pittsto be offered by company ahd 140,000 by stockholders.
Donald & Co., Cleveland; Offering — Indefiiiitely post-,
;burgh; Underwriters—MooreV Leonard ^ T.vnch and sinPrice—By amendment (max. $30). Business—Manufac¬
poried;
'/X'.-'
/;i xx/X'v
,ger, Dean & Scribner, Pittsburgh. Offering'—Postponed.
ture and sale of M-14 rifles to U, S. Govt. Proceeds.:/Gold Leaf Pharmacal Co., Inc.,,.■
c / •.-••• ■', ;...
• GreenAcresFuntownlnc.
Equipment, plant expansion and working capital. Office
March 13, 1962 filed * 80,000; common. Price—$4.: Busi¬
—320 Park Ave., Worcester, Mas«?. Underwriter—ShearJan. 23,1962 filed 225,000 common to be offered for sub¬
ness—Manufacture, development rnd sale of, pharihaceU'.4 scription by stockholders of Bowling. Corp. of America,
son, Hammill & Co., N. Y. Offering—Temporarily post¬
tical and veterinarian products.' rroceeds—For advertis¬
poned.
parent. Price—$3. Business—Company will operate an
Glensder
March
Corp.
'
.
.
,
.
r
...
,
.
.
.
.
;
research, debt repayment and working capital.
Office—36 Lawtoh St., New Rochelle, N/Y.. Underwriter
—Droulia & Co., N. Y. '
">■X'
v;
r:X
ing,
■
Golden
Pagoda*' Inci
March 28, 1962 filed 260,000 common.
ness—Company
hotel.
plans
Proceeds—For
nianalbe
•
Price—$10. Busi¬
operate a tourist
to build and
construction. ■ .Office—1477. Kala-
Ave., Hilo; Hawaii. Underwriter—None.
Good-Era Realty & Construction Corp*
2, 1962 filed. 550,000 class A shares, Price—$10.
Business—Company plans .to develop, operate, construct
and manage real estate. Proceeds—For general corporate,
purposes. Office—151 N. Dean St., Englewood, N. J. Un¬
derwriters—Leiberbaum & Co. and Morris Cohbri! & Co.,
N. Y. Offering—Expected sometime in July.
April
>
Gotkam Investment Corp.
X• •
-■
Nov. 21*. 1961 filed 100,000 common.. Price-fr$6.
—Real estate investment.
Proceeds—For
tal, and other corporate purposes;
•»-.
Business.
working capi¬
Office—1707 H St.,
indoor, amusement and recreation area in'Green. Acres
Shopping Center, Valley Stream, L. I. Proceeds—For
general corporate purposes. Office—120 Broadway, N Y.
Underwriter — R, L» Warren Co., St. Louis. Note—This
registration
was
Harris
See Paul,
Hart's Food Stores, Inc.
March 28; 1962 filed 235,550 common. Price—By amend¬
ment (max. $16).
Business—Operation of supermarkets
withdrawn.
Green (Henry J.:) Instruments Inc.
April 30,1962 filed 150,000 common^ Price—$2.25, Busi¬
ness—Manufacture of precision instruments for measur¬
ing'atmospheric conditions. Proceeds—For debt repay¬
ment, equipment and working capital.
Office—2500
Shames Dr^ Westbury, L. I.,; N. Y. Underwriter—None.
Greenman'; Bros.,
Inc.
April 25, 1962 filed 150,000 common, of
which 75,000
(Paul) Stores, Inc.
Harris Stores, Inc.
selling stock¬
Rochester, N. Y. Un¬
Smith Inc.,
New York. Offering—Expected sometime in August.
and
small
holders.
food
to be offered by. company and 75,000 by stockholders.
Price—$10. Business—Wholesale and retail distribution
of toys; hobby lines- and sporting equipment. Proceeds
—For debt repayment, inventory and working capital.
Office—35 Engel St., Hicksville; N. Y. Underwriter—J.
R. Williston-& Beatte, N. Y.
Proceeds^—For
iXj Harwyn Publishing Corp.
Jan. £9, 1962 filed 300,000 class A common. Price
amendment.
are
stores.
Office—175 Humboldt St.,
derwriter—Merrill Lynch, Pierce, Fenner &
Business
—
Publishes
—
By.
illustrated encyclo¬
pedic work$ for children and operates an advertising
.
,
agency for sale of TV and radio spot time. Proceeds—
For working Capital,' Office—170 Varick St.,. N. Y, Un¬
derwriter—Van Alstyne, Noel & Co.; N. Y. Offering—
/Indefinite/"/
Continued
on
page
35
*
36
Continued
The Commercial and Financial Chronicle
(2684)
from page 35
Investment Trust
Hawaii Real Estate
.
May 18, 1962 filed 1,000,000 shares of beneficial interest
and eight-year stock purchase warrants to be offered in
units consisting of one share and one warrant. Price—
$10 per unit. Business—A real estate investment trust.
Proceeds—For
working
capital.
Address—Honolulu,
Hawaii. Underwriter—White, Weld & Co., Inc., N. Y.
Heartland
Development Corp.
March
28, 1962 filed 23,300 shares of 5% convertible
preference stock to be offered for subscription by stock¬
holders on basis of one preferred share for each 10 com¬
mon
held. Price—$12. Business—Real estate. Proceeds
—For general corporate purposes and debt repayment.
Office—40 Beaver St., Albany, N. Y. Underwriter—None.
Helix Land
Co., Inc.
filed 586,000 capital shares.
Price—By
amendment (max. $5).
Business—General real estate.
Proceeds—For general corporate purposes. Office—4265
Summit Dr., La Mesa, Calif. Underwriter—None.
April
27,
1962
it Herlin & Co., Inc.','
V'VV
May 29, 1962 filed 100,000 common, of which 80,000 are
be offered by company and 20,000 by stockholders.
Price—By amendment (max. $12.50). Business—Sale of
wrist watches to holders of food chain, cash register
tapes. Proceeds—For working capital. Office—2046 Bell
Ave., St. Louis.
Underwriter—Newhard, Cook & Co.,
to
Louis.
St.
Hickory Industries, Inc.
Aug. 31, 1961
("Reg. A") 40,000
Business—The
auied
manufacture
common.
Price—$5.
barbecue machines and
of
Proceeds—For equipment, inventory,
promotion, expansion and working capital. Office
—10-20 47th Rd., Long Island City, N. Y. Underwriter—
equipment.
saies
it Hyde Finance Co.
May 28, 1962 ("Reg. A") 60,000 common. Price—$5.
Business—A general finance company. Proceeds—To fi¬
nance premiums of automobile
insurance policies and
business loans.
Office—164 Milk St., Boston.
Under¬
writer—None.
Hydro-Swarf, Inc. (8/13)
30, 1962 filed 97,000 common, of which 80,000
sold by company and 17,000 by certain stock¬
holders. Price—$5. Business—Manufacture, assembly and
March
will be
sale of aircraft and missile components on a sub-contract
Valley View St., Buena Park, Calif. Under¬
writer—Raymond Moore & Co., Los Angeles.
Ideal Toy Corgi. (6/20)
k v. <■ •
May 1, 1962 filed 490,000 common, of which 250,000 will
be offered by company and 240,000 by stockholders. Price
,
—By amendment (max. $20). Business—Manufacture of
toys and related products. Proceeds — For debt repay¬
ment and general corporate purposes. Office — 184-10
Jamaica Ave., Hollis, Long
Island, N. Y. Underwriter—
White, Weld & Co., Inc., N, Y.
'
•
Illinois Bell Telephone
Co.
'
May 11, 1962 filed 3,771,577 common being offered for
subscription by stockholders on the basis of one new
share for each 10 shares held of record May 29, 1962.
Rights will expire June 29. A. T. & T., holder of 99.32%
of
outstanding stock, will subscribe for its pro rata share
of the offering. Price—$20. Proceeds—For debt repay¬
ment and general corporate purposes. Office—212 W.
Washington St., Chicago. Underwriter—None.
Income
Properties, Inc.
May 18, 1962 filed 200,000 class A shares and three-year
consisting of one class A
share and one warrant.
Price—By amendment (max.
Sept. 28, 1961 filed 120,000 common. Price—By amend¬
ment.
Business—Manufacture
of
products from test
Business—Real estate investment
debt repayment, ex¬
pansion and working capital. Office—1801 Dorchester
Rd., Brooklyn, N. Y. Underwriter—Crow, Brourman &
Chatkin, Inc., N. Y.
models.
•
J. B. Coburn
Associates, Inc., N. Y. Offering—Indefinite.
High Temperature Materials, Inc.
Proceeds—For equipment, research
and devel¬
$12 per class A share).
and
Index
jan.
working capital. Office—130 Lincoln St., Brighton, Mass.
ment.
Underwriter—To be named.
other
Hill
filed 2,265,138 common to
1961
be offered for
subscription by stockholders of Union Bank of California
on
share-for-share
a
vestment.
basis.
investment
management
Price—$3.
company.
Business—A
Proceeds—For in¬
Office—760 S. Hill St., Los Angeles. Under¬
\
r-'•
writer—None.
•
Hoffman
House Sauce
Co., Inc.
Feb. 28, 1962 filed $250,000 of*6y2%
ing
fund
subordinated sink¬
due 1977 and 25,650
convertible
debentures
common shares to be offered in units consisting of one
$500 debenture and 50 common shares. Price—$1,000 per
unit.
Business
Manufacture
of
liquid and semi-solid
salad dressings and specialty sauces. Proceeds—For debt
repayment and expansion. Office—109 S. Webster St.,
Madison, Wis. Underwriter—Milwaukee Co., Milwaukee,
—
Holiday Mobile Home Resorts, Inc.
31, 1962 filed 3,500,000 common and 5-year war¬
rants to purchase 700,000 shares, to be ofiered in units
of 5 shares and one warrant. Price—$50
pw unit. Busi¬
Jan.
ness—Development
Proceeds
and
For
operation
of
mobile
home
working
•
Hollingsworth Solderless
Feb.
27,
'Terminal Co.
1962
("Reg. A") 75,000 common. Price — $4.
Business—Manufacture, sale and development of solder-
—19
terminating products. Pro¬
ceeds—For debt repayment, equipment, advertising and
working
capital. Address—P. O. Box 430. Phoenixville,
Underwriter—Harrison & Co., Philadelphia. Offer¬
ing—Temporarily postponed.
•
Henora, Ltd.
Nov.
29, 1961
(7/2-6)
("Reg. A") 76,500
Business—Purchase
their
distribution
of
in
cultured
the
U.
S.
common.
pearls
in
Price—$3.75.
Japan
Proceeds—For
and
general
corporate purposes. Office—42 W. 48th St., N. Y. Under¬
writer—Sunshine Securities, Inc., Rego Park, N. Y.
House of Koshu, Inc.
'
March
29, 1962 filed 75,000 class A common. Price—$5.
Business—Importing of Japanese liquors. Proceeds—For
debt
repayment, advertising, inventory and working
capital. Office—129 S. State St., Dover, Del. Underwriter
—P. J. Gruber & Co., Inc., New York.
1
®
House of
.Vision, Inc.
(6/13)
Price—By amend¬
(max. $17). Business—A dispensing optician and a
manufacturer and distributor of optical
equipment. 'Pro¬
ceeds—For selling stockholders. Office—137 N, Wabash
Ave., Chicago.
Underwriter—Hornblower
&
Weeks,
Chicago.
ment
Kunsaker
Corp.
—
Business—Construction of homes and apartments on land
which company has acquired in Southern Calif. Proceeds
—For debt repayment
and other corporate purposes.
Office—15855 Edna PL, Irwindale, Calif, Underwriter—
Bateman, Eichler & Co., Los Angeles.
Hutton (E. L.) Associates, Inc.
March 29, 1962 filed 50,000 common.
common. Price—$15. Busi¬
ness—A small business investment company. Proceeds—
For general
•
Instromech
Price—$3.
acquisition
of land
building, equip¬
and
ment, inventory and other corporate purposes. Office—
4 Broadway Plaza,
Huntington Station. N. Y. Under¬
writer—Price Investing Co., N. Y. Offering—Late July.
Instron
Engineering Corp.
March 26, 1962 filed 120,000 common. Price—By amend¬
ment (max. $14).
Business—Development and produc¬
tion of equipment for use in testing the physical char¬
acteristics of various materials.
Proceeds—For selling
stockholders. Office—2500 Washington St., Canton, Mass.
Underwriter—None.
International
March
Drug & Surgical Corp. (6/13-22)
23, 1962 filed 150,000 class A shares. Price—$4.
Business—Importing, licensing, and manufacturing of
pharmaceutical and medical instruments. Proceeds—For
working capital and other corporate purposes. Office—
375 Park Ave., N. Y. Underwriters—Seymour Blauner
Co., and Wm. Stix Wasserman & Co., Inc., N. Y.
International Electronics- Corp.April 30, 1962 ("Reg. A") 75,000 class A common. Price
—$4. Business—Importing, processing and marketing of
electron tubes. Proceeds—For debt repayment and gen¬
eral corporate purposes.
Office—81 Spring St., N. Y.
Underwriter—Brand, Grumet & Seigel, Inc., N. Y.
®
International
March
26,
1962
Plastic. Container
filed
200,000
Corp*..
common.
Price—$2.50.
Business—Manufacture of plastic products produced by
extrusion and thermoforming.
Proceeds—For equip¬
17th St., Denver.
Office—818—
Underwriter—Amos C. Sudler & Co.,
Denver. Offering—Expected in August.
International
Protein
Corp.
(6/11-15)
Jan. 26, 1962 filed 90,000 common. Price—$5.
Business
—Distributes f ishmeal and animal by-product proteins.
Proceeds—For expansion, machinery, and working cap¬
Office—233 Broadway, N. Y. Underwriter—-Arnold
Malkan & Co., Inc., N. Y. Note—This firm formerly was
named Marine & Animal By-Products
Corp.
April 27, 1962 filed $18,000,000 of s. f. debentures due
1977, 360,000 common shares and five year warrants to
purchase 540,000 common shares to be offered in 180,000
units, each unit consisting of $100 of debentures, two
shares
and
warrants
Price—By
Price—$2.
Business—Manufacture and installation of terrazzo floor¬
ing, and the installation of marble and tile. Proceeds—
For equipment, debt repayment, working capital and
other corporate purposes.
Office—826 62nd St., Brook¬
lyn, N. Y. Underwriter—Drourr, Lampert & Co., Inc.,
New York.
Interstate
Equity
(6/25-29)
Mai eh 30,1962
filed 1,605,100 shares of beneficial interest.
Price—(max. $10). Business—A real estate investment
company. Proceeds—For investment. Office—450 Seventh
Ave., N. Y. Underwriter—Van Alstyne, Noel & Co., N. Y.
Interword
Film Distributors,
Inc.
common. Price—$4.
and
co-production of
Sept. 29, 1961 filed 106,250
distribution
Theatrical
Business
foreign
acquisition,
co-production, dubbing, adaptation and distribution of
films, and working capital. Office—1776 B'way, N. Y.
domestic
and
feature
films.
Underwriters—General
Proceeds—For
Securities
Co..
Trip., and
S. Kas-
Co., Inc., N. Y. Offering—Indefinitely postponed.
Investment IVlanagement Corp.
May 10, 1962 filed 100,000 common to be offered for sub¬
scription by stockholders on a 2-for-l share basis.
Unsubscribed shares will be offered to the public. Price
—To
stockholders, $2.50; to the public, $3.50. Business
—Manager and distributor for Western Industrial Shares,
Inc., a mutual fund. Proceeds—For debt repayment and
general corporate purposes. Office—818 17th St., Denver.
Underwriter—None.
»
Securities
investment
March
Co.
16, 1962 filed 250,00U common, of wiilch 125,000
be offered by
the company and 125,000 by a
to
are
stockholder. Price—By amendment (max.
—A
$20). Business
specializing in
repayment,
working capital and possible expansion. Office—901
Washington Ave., St. Louis. Underwriters — Scherck,
Richter Co., and Dempsey-Tegeler & Co., Inc., St. Louis.
the
investment
management
insurance
Proceeds
field.
company
—
For
^ Investors Realty Trust
,
May 31, 1962 filed 200,000 shares.
real
investment
estate
struction
trust.
Ave., N. W., Washington, D. C.
lotta
Business
Price—$10.
Proceeds-—For
Office—3315
investment.
and
debt
con¬
Connecticut
Underwriter—None.
(6/18-22)
IVganufacturang Co.
Jan. 26, 1962 filed 140,000 common, of which 125,000 are
to be offered by the company and 15,000 shares by a
P
r
i
c
e—$6.
Business—Manufacture
of
household electric appliances and electric motors. Pro¬
ceeds—For new products and working capital.
Office
—Regent St., Manchester, Conn. Underwriters—Richard
Bruce & Co., Inc., and Reuben Rose & Co., Inc., N. Y.
•
.Israel Hotels International, One.
Feb.
28, 1962 filed $4,036,000 of 6V2%
debentures
due
1980-86
and
sinking fund
de-
(with war¬
rants) to be offered for sale in units of one $1,000 deben¬
ture and 10 common (with 20 attached warrants). Also
registered were $2,760,000 of 6V2% dollar debentures
due 1980. Price—For units, $1,050 each; for debentures,
par.
Business—Company was formed to construct the
luxury hotel "Tel Aviv Hilton" at Tel Aviv, Israel. Pro¬
ceeds—For general corporate purposes.
O f f i c e—229
South
State
40,360
common
St., Dover, Del. Underwriter — American
Corp., New York City.
Israel Basic Economy
Jaap Penraat Associates,
Inc.
(6/25-29)
Jan. 30,
1962 filed 100,000 common. Price—$3. Business
designing, the design of teaching machines
and the production of teaching programs. Proceeds—
For expansion, new facilities and working capital. Office
—315 Central Park W., N. Y. Underwriter—R. F. Dowd
& Co., Inc., N. Y.
—Industrial
Jacksan's/Byrons Enterprises fine. (6/18-22)
13, 1962 filed $750,000 convertible subordinated
debentures due 1977; also 120,000 class A common, of
which 66,666 shares are to be offered by the company
and 53,334 by stockholders. Price—By amendment (max,
$12.50 for common). Business—Operation of a chain o 1
retail department stores. Proceeds—For debt repayment
and working capital. Office-^-29 N. W. 10th St., Miami,
Fla. Underwriter—Clayton Securities Corp., Boston.
March
Jamaica Public Service Ltd.
30, 1962 filed 215,000 common, of which 100,000
to be offered by company and 115,000 shares
by stockholders. Price — By amendment (max. $25).
Business—A holding company for a Jamaican Electric
utility. Proceeds—For acquisition of additional stock in
subsidiary. Office—507 Place D'Armes, Montreal, Canada.
March
shares
are
Underwriters
—
Stone & Webster Securities
Corp. and
Greenshields & Co., Inc., N. Y.
International Realty Corp.
shares.
Inc.
75,000 common.
A")
("Reg.
1962
15,
stockholder.
common.
Business—A contract manufacturer of precision products.
poses.
Industries, Inc.
("Reg. A") 100,000
30, 1962
Proceeds—For
unit).
Underwriter—None.
International Terrazzo Co.,
May
corporate purposes. Office—208 S. La Salle
St.. Chicago. Underwriter—A. C. Allyn & Co., Chicago.
Offering—Indefinite.
tional
Price—Net
purchase 110,000 class A shares at $4 per
shaie, to be offered in units, each consisting of one share
and one warrant. Price—$4 per unit. Business—Design,
development and manufacture of mechanical, electromecnanical and electronic equipment for government
agencies and the military. Proceeds—For equipment,
debt repayment and working capital. Office—Engineer's
Hill. Plainview. L. I., N. Y. Underwriter—International
Services Corp., Clifton, N. J.
warrants to
—A
Industry Capital Corp.
Dec. 26, 1961 filed 500,000
asset
Ave., N, Y.
Office
St., Woodstock, Vt
Underwriter—Searight,
O'Connor, Inc., N. Y. Offering—In July.
common
per
375 Park
Proceeds—For equipment,
Industrial Growth Fund of North America, Inc.
April 2O^-T962-'filed"i06',OOO common. Price — Net asset
value (max. $11.50). Business—A closed-end investment
company which plans to become Open-end in 1963. Pro¬
ceeds—For investment. Office—505 Fifth Ave.,; N. Y.
Distributor—Industrial Incomes Inc. (same address).
share plus 2%. Business—A closed-end in¬
vestment company. Proceeds—For investment.
Office—
value
and
ital.
30, 1962 filed $1,600,000 of convertible subordi¬
1977 and 250,000 common shares.
By amendment (max. $6 per common share).
nated debentures due
Price
abstracts.
Index"
ment, rent, salaries and working capital.
March 29, 1962 filed 150,000 common.
March
and
Financial
River
Ahalt &
less terminals and other wire
Pa.
indexes
"The
re¬
debt
repayment, expansion and
capital.
Office—4344 E. Indian School Road,
Phoenix. Underwriter—None.
—
Business-Publishes
March
Wis. Offering—Indefinitely postponed.
sorts.
Retrieval
promotion, office relocation, and working capital.
Street Co.
16,
&
Systems, Inc.
29, 1962 filed 125,000 common. Price—By amend¬
opment, leasehold improvements, repayment of debt and
Oct.
Proceeds—For
construction.
Systems Research Corp.
class A common and 9-month
International
dan &
warrants to be offered in units
-
Thursday, June 7, 1962
March 30,1962 filed 110,000
basis. Proceeds—For debt repayment and working capital.
Office—7050
.
.
.
to
purchase three addi¬
(max. $110 per
Business—Real estate investment. Proceeds-For
amendment
debt repayment, construction,
and other corporate pur¬
Office—919 N. Michigan Ave., Chicago. Under¬
writer—Kidder, Peabody & Co., N. Y. Offering—July.
Jamoco Air
Conditioning Corp. (6/18-22)
28, 1962 ("Reg. A") 40,000 common. Price — $3.
Business—Design, installation and maintenance of heat¬
ing, plumbing and air conditioning systems. Proceeds—
For inventory, equipment and other corporate purposes.
Office
954 Jamaica Ave., Brooklyn, N. Y.
Under¬
writer—Martin-Warren Co., Ltd,, N. Y.
Feb.
—
Jarcho Bros.,
Inc.
March 23, 1962 filed 240,000 common. Price—By amend¬
ment (max. $12).
Business—Installation of
plumbing,
Volume 195
Number 6166
.
.
.
The Commercial and Financial Chronicle
heating, ventilation and air-conditioning systems. Pro¬
ceeds—For selling stockholders. Office—38-18 33rd St.,
Long Island City, N. Y. Underwriter—Shearson, Hammill & Co., N. Y: Note—This offering was temporarily
postponed.
(2685)
Price—By amendment (max. $24). Business—Manu¬
facture, design, and distribution of plastic toys. Proceeds
—For general corporate purposes. Office—912 Sycamore
St., Cincinnati, Ohio. Underwriter—Kuhn, Loeb & Co.,
ers.
New York.
37
subsidiaries which operate, utilities, engage in construc¬
tion, and distribute electronic parts, Proceeds—For debt
repayment, construction and working capital. Office—
800 71st St., Miami Beach, Fla. Underwriter—Leeco Invesors
Corp. (a newly-formed subsidiary). Offering-
Jayark Films Corp. (6/18-22)
Aug. 24, 1961 filed 72,000 common, of which 50,000 are
to be offered by the company and 22,000 by stockhold¬
ers. Price—By amendment. Business—The distribution
Keystone Discount Stores, Inc.
May 24, 1962 filed 110,000 common. Price—By amend¬
ment ($5.25). Business—Operation of three retail dis¬
count stores. Proceeds—^For expansion. Address—R. D.
Imminent.
of; motion picture * and
No.
sanitary structures, fallout shelters and play sculptures.
Proceed*—For debt repayment,
sales promotion and
working capital. Office—145 W. 11th St., Huntington
Station, L. 1.. N. Y. Underwriter—Blank, Lieberman &
Co., Inc., N. Y. Offering—Expected sometime in July.
television 'films.' Proceeds—For
production4 oL films and working capital. Office—15. E.
48th St., N„ Y. .Underwriter—Pacific Coast Securities Co.,
Under¬
writers—Suplee, Yeatman, Mosley Co., Inc. and Wood¬
cock, Moyer, Fricke & French, Inc., Philadelphia. -
San Francisco.
Kine Camera Co., Inc.
Jaylis Industries, Inc. (6/18-22)
;
Oct. 18, 1961 filed 150,000 class A common. Price—$8.,
Business-^Manufactures patented traversing screens for
use as window
coverings, room dividers, folding doors,
etc.
Proceeds—For debt repayment and general
corpo¬
rate
purposes. Office—514 W. Olympic Blvd., Los An¬
geles. Underwriter—D. E. Liederman & Co., Inc., N. Y.
Jays Creations,
Inc.
;
Price—$4. Business
—Design, manufacture and sale of young women's wear.
Proceeds—For working capital and possible acquisitions.
Office—254 W. 35th St., N. Y. Underwriters—Seymour
Blauner
Co., and Wm. Stix Wasserman
Offering—Expected in mid-July.
&
Co.,
N. Y.
Jerlee Products Corp.
May 1, 1962 filed 75,000 common. Price—$4.25. Business
—Processing and distribution of vinyl roll plastic fabric
and vinyl tablecloths, and various foam rubber items.
Proceeds—For equipment, raw materials, debt repay¬
ment and working capital. Office—596-612 Berriman St.,
Brooklyn, N. Y. Underwriter—ft. P. Raymond & Co..
Inc., 26 Broadway, N. Y.
■
Jiffy Steak Co.
Feb. 5, 1962 filed 65,000
Price—By amend¬
ment.
Business—Processing,
packaging and sale of
frozen meat and meat products. Proceeds—For redemp¬
tion of 2,910 $50 par preferred shares, expansion, and
working capital. Address — Route 286, Saltsburg, Pa.
Underwriter—Arthurs, Lestrange & Co., Pittsburgh.
Joanell
Laboratories, Inc.
(6/29)
—
Forces and the manufacture of electronic control equip¬
ment. Proceeds—For general corporate purposes. Office
—102 Dorsa Ave., Livingston, N. J. Underwriter—Sea-
right, Ahalt & O'Connor, Inc., N. Y.
Kaiser-Nelson
Corp.
b
March 29, 1962 filed 140,000 common, of which 70,600
are to be offered by company and 70,000 by stockhold¬
ers.
Price—By
amendment
(max. $10).
Business—
Reclamation of metallics from steel slag; mining of sand
and gravel; and dismantling and salvage of industrial
buildings. Proceeds—For new plants, debt repayment
and working capital.' Office—6272
Canal Rd., Cleve¬
land.
Underwriter—Robert L.
Ferman
&
Co., Inc.,
Miami, Fla.
Kapner, Inc.
(6/25-29)
29, 1962 filed 50,000 common. Price—$5. Busi¬
ness—Mail order sale of merchandise. Proceeds—For
equipment and working capital. Office—1924 Washing¬
March
ton
Ave., Bronx, N. Y. Underwriter—Arnold, Wilkens &
Co., Inc., N. Y.
1962 filed 250,000 common. Price—$5. Busi¬
ness—Operation of a chain of retail stores selling carpets
and rugs. Proceeds—For expansion, inventory, debt re¬
payment and working capital. Office—1800 Boston Rd.,
Bronx, N. Y. Underwriter—Michael G. Kletz & Co., N. Y.
Corp.
March
29, 1962 filed 50,000 shares 6% cum. preferred
and four-year common stock purchase warrants to be
offered in units consisting of one preferred and one
warrant.
Price—By amendment (max. $101 per unit).
■April 9, 1962 filed 140,000 shares of capital stock of
100,000 will be offered by company arid 40,000
by stockholders. Price—By amendment (max. $17.50).
Business-r-Manufacture of prefabricated homes. Proceeds
—For a new plant. Office—1725 S. Gault Ave., Ft. Payne,
Ala. Underwriters—The Robinson - Humphrey Co., Inc.,
Atlanta, and J. C. Bradford & Co., Nashville. Offering—
Indefinitely postponed.
®
Hismey Service Corp.
(6/11)
March 28, 1962 filed 262,500 common, of which 112,500
are to be offered by the company and 150,000 by stock¬
holders. Price—By amendment (max. $12). Business—
debt
Office—30 E. 42nd St.,
Underwriter—Hayden, Stone & Co., N. Y. Offer¬
ing—Temporarily postponed.
Kay Foods Corp.
?
Dec. 29, 1961 filed 88,000 class A common shares, of
which 44,000 are to be offered by the company and 44,000
by stockholders. Price—$7. Business—Packing and sale
of fruit juice products. Proceeds—For general corporate
purposes. Office—241 N. Franklintown Rd., Baltimore.
Underwriter
Auchincloss, Parker & Redpath, Wash¬
ington, D. C. Offering—Indefinitely postponed.
—
•
Keene
Packaging Associates
1962 filed 165,000 common, of which 100,000
are to be offered by company and 65,000 by stockholders.
.?rice—$4. Business—Design and manufacture of semi¬
rigid vinyl plastic cases and containers for packaging.
April 2,
Proceeds
For
debt
repayment, working capital and
other corporate purposes. Office — 947 Newark Ave.,
Elizabeth, N. J. Underwriter—Hardy & Co., N. Y. Offer¬
ing—Expected in late July.
—
Kelley Realty Corp.
(6/25-29)
common. Price —
(max. $10). Business—Company owns
and operates apartment and office buildings. Proceeds—
For debt repayment. Office—?1620 S. Elwood St., Tulsa,
amendment
Okla.
and
Underwriters—Fulton, Reid & Co., Inc., Cleveland
Walston & Co., Inc., N. Y.
.
'
Kenner Products Co.
•
(6/18-22)
March 30, 1962 filed 542,000 common, of which 205,000
are to be offered by company and 317,000
by stockhold¬
Price—By amendment
(max. $18). Business—
Proceeds—For
purchase of leased plant. Office—Prince
Meade Sts., Trenton, N. J. Underwriter—Hemphill,
Noyes & Co., N. Y. Offering—Temporarily postponed.
&
•
Lesser
(Louis)
Enterprises, Inc. (7/16-20)
class A common. Price—
March 30, 1962 filed 1,000,000
$10, Business—Real estate management and construction.
Proceeds—For
debt repayment and general corporate
Office—8737 Wilshire Blvd., Beverly Hills,
Underwriters—Morris Cohon & Co. and Leiber-
purposes.
baum &
Co., N. Y.
Levine's
Inc.
The
and
clothing and dry goods stores. Proceeds
mercial buildings and conducting
—To buy additional automobiles.
stockholders.
operation of garages and parking stations; renting
leasing of cars; cleaning and maintaining of com¬
of funerals. Proceeds
Office—111 W. 50th
St., N. Y. Underwriter—Bear, Stearns & Co., N. Y.
;
(H.)
Kohnstamm & Co.,
drugs
Proceeds—For
Avenue of the Americas, N. Y. Underwriter
Kg 31 morgan
Corp.
Nov. 9, 1961 filed 100,000 common, of
to be sold by the company and 60,000
which 40,000 are
by stockholders.
amendment. Business—Manufacture of op¬
tical equipment. Proceeds-r-Fpr, flpbt t repayment. Office
Price—By
King St., Northampton,/Mass. Underwriter—Put¬
Co., Hartford.; Offering—Temppjarily postponed,
—347
nam
&
Kraft (John) Sesame Corp.
' • , tv'v/ ' ' <
I, 'H
May 24, 1962 filed $225,000 of 6% conv. subord. deben¬
tures, due 1972, and 150,000 common to be offered in
$300 debenture and 200 shares.
Business—Processing and distri¬
bution of sesame seed. Proceeds—For accounts receiv¬
unfts consisting of a
Price—$900 per unit.
able, inventories, plant expansion and working capital.
Office—2301 N. Main St., Paris, Texas. UnderwritersJohn A. Dawson & Co., and Leason & Co., Inc., Chicago.
Kreedman Realty &
Construction Corp.
(6/25-29.)
April 19, 1962 filed $5,000,000 of conv. subord. deben¬
tures due 1982 and 200,000 common shares to be offered
in units consisting of $25 of debentures and one common
share.
Price—By amendment (max. $27). Business—
Construction and operation of office buildings. Proceeds
—For
debt repayment.
Office—9350 Wilshire Blvd.,
Beverly Hills, Calif. Underwriter—Lee Higginson Corp.,
•
Kwik-Kold,
Inc.
29, 1962 ("Reg. A") 100,000 common of which
65,000 will be sold for company and 35,000 for stock¬
holders. Price
$3. Business — Manufacture of certain
patented cooling packages. Proceeds—For debt repay¬
ment and working capital. Office—Jennings Bldg., P. O.
Box 638, Moberly, Mo. Underwriter—John W. Flynn
& Co., Santa Barbara, Calif.
March
—
Lab-Line Instruments, Inc.
industrial, hospital and
Proceeds—:For debt re¬
construction, and working* capital. Office—
3070-82 W. Grand Ave., Chicago. Underwriter—R. W.
Pressprich & Co., N. Y. Note—This offering was tem¬
an
extensive
line of
clinical laboratory instruments.
payment,
porarily postponed.
Laminetics
r
Inc.
March 22, 1962 filed 80,000 common. Price—$3.50. Busi¬
ness—Production and sale of gift sets, linens, place mats,
etc.
Proceeds—For equipment, moving expenses, sales
and other corporate purposes. Office — 20
St., N. Y. Underwriter—Fabrikant Securities
Corp., N. Y. Offering—Expected in late July.
8908
For selling
Row, Dallas.
—
Ambassador
:
.
,
Inr
$4,000*000
April 9, 1962 filed
of 5V2%
convertible sub¬
Business
—Processing, canning, bottling and selling of fruits and
vegetables. Proceeds—For debt repayment and working
capital. Office—Fresno Ave. & Charter Way, Stockton,
Calif. Underwriter—Van Alstyne, Noel & Co., N, Y. Of¬
fering—Expected sometime in July.
ordinated debentures due
•
1977. Price—At par.
Lewistcn-Gorham
Raceways, Inc. (6/18)
14, 1962 filed $1,000,000 of QVz% first mortgage
bonds due 1977 and 200,000 common to be offered in
units consisting of a $500 bond1 and 100 shares. Price—
$500 per unit, Business—Conducting commercial parimutuel harness racing meets in Lewiston.and Gorham,
March
Maine.
Proceeds
For debt repayment, property im¬
provements and working capital. Office—33 Court St.,
Auburn, Maine. Underwriter—P. W. Brooks & Co., N. Y.
—
• Liberty Records, Inc.
April 2, 1962 filed $2,000,000 of convertible subordinated
debentures due 1977; also 100,000 common. Price — Byamendment (max. $20 per common share). Business —
Records and distributes stereo and monaural phonograph
records and albums. Proceeds—For expansion and work¬
ing capital. Office—6920 Sunset Blvd., Los Angeles. Un¬
derwriter—Crowell, Weedon & Co., Los Angeles, Note—
This registration was withdrawn.
Lilli Ann Corp.
March 29,1962 filed $750,000 of conv. subord. debentures
due
1977, also 100,000 common shares to be offered by
Price—By amendment. Business—Design,
manufacture and distribution of women's high fashion
suits and coats. Proceeds—Net proceeds from the deben¬
ture sale will be added to the general funds of the
stockholders.
company, a portion of which may be used to retire shortterm loans. Office—2701 16th St., San Francisco. Under¬
writers—Sutro & Co., San Francisco and F. S. Smithers
&
Co., New York.
Lily Lynn, Inc.
Feb. 23,1962 filed 150,000 common, of which 86,000 are to
be offered by the company and 64,000 by the stockhold¬
ers. Price—By amendment (max, $12). Business—Design,
manufacture
Feb.
—
Cnnrlc
("Titlio 1
and cosmetics; also industrial chemicals.
general corporate purposes. Office—161
—
Kidder,
Peabody & Co., Inc. Offering—Temporarily postponed.
food,
Office
Underwriter—Kidder, Peabody & Co., N. Y. Offering—
Indefinitely postponed.
Inc.
Feb. 21 1962 filed 160,000 common. Price — By amend¬
ment. Business—Manufacture of colors and flavors for
and
sale of women's casual dresses.
Pro¬
ceeds—For debt
repayment, working capital and expan¬
sion. Office—Herman L. Bishins Bldg., Riverside Ave.,
New Bedford, Mass. Underwriter — J. R. Williston &
Beane, N. Y. Offering—Temporarily postponed.
Lincoln
March
30,
Price—Net
Fund, Inc.
s
,
1961 filed 951,799 shares of common stock.
asset
value
plus a 7% 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—
For investment. Office—300 Main St., New Britain, Conn.
Distributor—Horizon Management' Corp., N. Y.
Business—A
promotion
W.
27th
Lee
Fashions, Inc. (6/25-29)
1961 filed 166,667 common. Price—By amend¬
ment. Business—Importing of low priced ladies' scarfs
and blouses. Proceeds—For debt repayment and work¬
Dec. 27,
ing capital. Office—2529 Washington Blvd., Baltimore.
Underwriters—Godfrey, Hamilton, Taylor & Co., N. Y.
and Penzell & Co., Miami Beach.
March 16, 1962 filed 250,000 class A
By
•
.
March 19, 1962 filed 80,000 common. Price—By amend¬
ment (max. $17.50). Business — Operation of a chairi of
facture of
Proceeds—For
Lenox, Inc.
Calif.
N. Y.
investment.
•
Manufacture and marketing of dinnerware and giftware.
.
repayment and working capital.
estate
.,!r;
holders.
Kingsberry Homes Corp.
23, 1962 filed 142,860 common, of which 122,168 are
to be offered by the company and 20,692 by stockhold¬
ers. Price—By amendment (max. $9). Business—Manu¬
Business—Real
'
utilities,
derwriter—Underhill Securities Corp., N. Y.
N. Y.
(7/2-6)
March 29,
Kavanau
Business
concrete
March 30, 1962; filed 172,500 common, of which 25,700
are to be offered by company
and 146,800 by stock¬
•
82,500 are
stockhold¬
ers. Price
By amendment. Business — Development of
simulated weapons training devices for U. S. Armed
Kaufman Carpet Co., Inc.
Price—$5,
Price—$3.50. Busi¬
ness—Manufactures steel re-inforced
—Importing and distribution of cameras, binocuiars and.
photographic equipment. Proceeds—For, debt repayment
and working capital. Office—889 Broadway, N. Y. Un¬
common.
Dec. 21, 1961 filed 114,500 common, of which
to be offered by the company and 32,000 by
•
Nov. 21, 1961 filed 75,000 common.
which
.
March 30, 1962 filed 80,000 common.
•
2, North Lebanon Township, Lebanon, Pa.
Lembo Corp.
Dec. 21, 1961 filed 100,000 common.
Lee-Norse
Co.
May 25, 1962 filed 272,000 common. Price—By amend¬
(max. $20). Business—Production of a coal min¬
ing machine. Proceeds—For selling stockholders. Office
—751 Lincoln Ave., Charleroi, Pa. Underwriter—Moore,
Leonard & Lynch, Pittsburgh.
ment
•
Lehigh Industries & Investment Corp.
Dec. 29, 1961 filed 2,000,000 class A common. Price—By
amendment. Business—A holding company for three
Livestock Financial Corp.
(6/18-22)
Feb 23, 1962 filed 245,000 common. Price—$10. Business
—An insurance holding company whose subsidiaries in¬
sure
new
the lives of all types of animals. Proceeds—To form
subsidiaries. Office—26 Piatt St., N. Y. Underwriter
—Shearson, Hammill & Co., N ,Y.
Lockfast Mfg. Co.
(6/26)
Jan. 11, 1962 ("Reg.'A") 85,000 common. Price — $3.50
Business—Manufacture of furniture hardware for sale
to furniture manufacturers. Proceeds—For debt repay¬
ment,
3006
steel inventories nad plant expansion. Office—
Ave., Baltimore. Underwriter—R & D
Boarman
Investors Corp., Port
Washington, N, Y.
Lockwood Grader Corp.
Feb. 20, 1962 filed $900,000 of
tures series B, (with warrants).
ture.
6% sinking fund deben¬
Price—$1,000 per deben¬
Business—Design, manufacture, sale and repair of
Continued
on
page
38
38
The Commercial and Financial Chronicle
(2686)
ment and working
Continued from page 37
machinery and equipment used in agriculture. Proceeds
equipment and general corporate
Office—7th & S Sts., Gering, Neb. Underwriter
Securities Corp., Lincoln, Neb. Offerpostponed.
ing—Temporarily
Logos Financial, Ltd.
April 11, 1962 filed 250,000 capital shares. Price — By
amendment (max. $10). Business—A diversified closed-,
end investment company.
.
Proceeds—For investment. Of¬
Smyth, N. Y.
investment. Y Office—990
Proceeds—For
Fifth
Ave. -at
.
Proceeds—For
moving expenses, working ' capital and
corporate purposes.
Office—1692 Utica Ave.,
general
Brooklyn, N. Y. Underwriter—D. J. Singer & Co., N. Y.
•
Mercury Books, Inc. (6/22)
Y
Y v
14, 1962 filed 55,000 common. Price—$4.50. Busi¬
Co., San Francisco.y'<
.•;<!//.
vVV'"U/"'' Iyy/ ness—Publishing of newly written popular biographies.
Proceeds—For
Marine Development Corp.'/'
working capital.
Office—15127 Walnut
;.y
St., Philadelphia. Underwriter—Meade & Co., N. Y. 7
March 30, 1962 ("Reg. A") 15,000 units consisting of one
Court, San Rafael, Calif.
N. Y. Underwriter—Filor, Bullard & '
fice—26 Broadway,
,
,
—First Nebraska
Thursday, June 7, 1962
Merco Enterprises, Inc. t,
April 20, 1962 filed 104,000 common, of which 33,000 are
to be offered by company and
71,000 by stockholders.
Price—By amendment (max. $7.50);. Business—Sale/of
phonograph records through leased record departments.
icas, N. Y. Underwriter — Hornblower & Weeks, N. Y.
Offering—Temporarily postponed.
;
^
'
Marin County Financial Corp* (6/18-22)
V
May 2, 1962 filed 102,050 capital shares, of which 27,790
are to be offered by company and 74,260 by stockhold¬
ers.
Price—By amendment (max. $18).
Business—A
holding company for a savings and loan association.
—For debt repayment,
purposes.
capital. Office—510 Ave. of the Amer¬
.
.
.
share
-
Underwriter—Dean Witter &
preferred
Feb.
.
Lordhill
(6/18-22)
March 30, 1962 filed 63,000 common. Price—$5. Business ;
—Company provides optometric services and dispensesoptical items. Proceeds—For expansion, a laboratory and - working capital. Office—130 W. 57th St., N. Y. Under¬
writers—J. R. Williston & Beane and Doft & Co., Inc.,
Corp.
.
«
N. Y.
Lunar
.
•
.
—For
—3773
None.
and
of
a
repayment
purposes.-
valve
of
stem
nents,
/YY/-';
instruments
and
systems
used
in
missiles
satellites, radar and communications systems.
—For
*
debt
repayment
and
working
capital.
and
Proceeds
Office—
Pasadena, Calif. Underwriter
Mid-America
Minerals, Inc.
yyY■ y/Yy;Y/Y*'/
2, 1962 filed 225,000 common to be offered for
subscription by stockholders on the basis of one new
April
1962. Price—
development.
expansion, preferred: stock redemption
working capital. Office—14 North Robinson, Okla¬
City. Underwriter—None../; y/ :'■■■Y;Vy.?
and
Midwest Planned
Investments, Inc. y:y yy-Y:"'
May 28, 1962 filed 250,000 common. Price—By amend¬
ment- (max.
$7)...Business—Company is engaged in Ihe
distribution of shares
on contractual
plan of other mutual
funds,- in trading in over-the-counter market, and> in
underwriting. Proceeds—For hiring and training of per¬
debt,
sonnel.
Office—1300
First National
Bank
Bldg., Minne¬
apolis. Underwriter—None.
•
Midwest Technical Development
Corp. '/'Y;
y„
26, 1962 filed 561,500 common to be offered for
subscription by stockholders on the basis, of one share
for each two shares held.
Price—By amendment (miax.
Feb.
•
Price—$2.50.
to
y::-/
homa
Office—76
lock
7
$7). Business — A closed-end management investment
company. Proceeds — For general corporate purposes.
protect
Proceeds
—
.
manufacture of miniature
search
metal
products. Proceeds—For
and
development
bellows
and
other
debt repayment,
re¬
Feb. 26,
1962 filed 500,000 shares of beneficial interests.
Price—$10. Business — A real estate' investment com¬
Proceeds—For investment and operating expenses.
pany.
"
Office—1630
Welton
cher.& Co., Denver.
St.,
.
:
Denver.
Underwriter—Boett~y'Y
Y'
•
Milmanco Corp.
working capital. Office—
•
; y
12 Rochelle Ave., Rochelle
Park, N. J. Underwriter—
May 2, 1962 ("Reg. A") 75,000 common, of which 64,200
Charels Plohri & Co., New York.
'YYyYy-'Y' y'YV,■' will be sold by company and 10,800 by stockholders.
Medical Industries Fund, Inc.
Price—$4.
Business—Company writes, prepares and
t
v '
Oct. 23, 1961 filed 25,000 common. Price—$10. Business
prints technical manuals for armed forces and industry.
—A closed-end
Proceeds—For debt repayment and expansion. Office—
investment company which plans to
620 7th Ave., Renton, Wash.
become
open-end.
Proceeds—For • investment in
the
Underwriter—Cruttenden
& Co., Inc., 618 S. Spring St., Los Angeles.
medical industry and capital growth situations.
Office
—677 Lafayette St., Denver. Underwriter—Medical As¬
• Minkus
Stamp & Publishing Co., Inc.
r
sociates, Inc., Denver.
y
April 27, 1962 filed 150,000 common. Price—By amend¬
Medical Video Corp.
ment (max. $6).
Business—Operation of leased stamp
Nov. 13, 1961 filed 250,000 common. Price—$10. Busi¬
and coin departments in department stores, and the
pub¬
ness—Manufacture
of
medical
electronic
equipment.
lishing of stamp albums and cataloguesY Proceeds—For
Proceeds—For general corporate purposes.
Officeexpansion and working capital.
Office—116 W. 32nd
Studio City, Calif. Underwriter—Financial
Equity Corp.,
St., N. Y. Underwriters — H. Hentz & Co. and Herzfeld
Los Angeles.
.
& Stern,, N. Y. Offering—Expected in
July.
Office
Americas, N. Y. Underwriter—Globus,
Inc., N. Y. Offering—Expected in August.
• Mammoth Mart Inc.
(7/2-6)
April 5, 1962 filed 200,000 common, of which 100,000 are
to be sold by company and 100,000 by stockholders. Price
—By amendment (max. $15). Business—Operation of
self-service discount department stores. Proceeds — For
debt repayment and working capital. Office—106 Main
St., Brockton, Mass. Underwriter—McDonnell & Co.,
New York
,
.
March 29, 1962 filed 72,000 common, of which 58,000 are
to be offered by company and 14,000 by stockholders.
and
..
..
.
Memorial
Services, Inc.
April 30, 1962 filed 1,200,000 common. Price—$1. Busi¬
ness—Company plans to acquire and operate funeral
Price—$3.50.
Proceeds—For acquisitions, debt repay¬
For
—
corporate
-
Office
2615 First National Bank
equipment, expansion and working capital. Office
Bldg., Minneapolis.
S, Jason St., Englewood, Colo.
Underwriter—None*
'
yy"
" Y'-'i
Underwriter—
■*' •
Y -y - ■'*.
YYYY'. ''y
YY./y./y.^ ,Y Midwestern Mortgage Investors (6/25-29)
•
miniature
Proceeds—For general corporate purposes.
Proceeds
other
(6/28)'
share for each four held of record June
1,
$6. Business—Oil and gas production and
Inc.'
Y y-'Y
7
7*
May 28, 1962 filed 150,000 shares of 8% convertible cu¬
mulative preferred stock. Price—$3. Business—Design
—145 Ave. of the
Products, Inc.
be
Proceeds—For
Mechmetal-Tronics
Mail Assembly Service, Inc.
y
April 27, 1962 filed 100,000 common. Price—$2.25. Busi¬
ness—Assembling of packages for shipment to post of¬
March 12, 1962 filed 335,000 common. Price—By amend¬
ment
(max. $20). Business—Manufacture of toiletries
Underwriter—To
—White, Weld & Co., N. Y.
yyY'YV'yyY
'/•"
Masury-Young Co.
tires, and wheel oil seals for truck lubrication.
handling systems. Proceeds—Expansion of sales and
engineering, new product development and equipment.
Office—179 Westmoreland Ave., White Plains, N. Y. Un¬
derwriter—T. W. Lewis & Co., Inc., N. Y.
'
Co., Inc., N. Y. Offering
'
/
Md.
April 30, 1962 filed 170,000 capital shares, of which 156,000 will be offered by company and .14,000
:by stock¬
holders. Price—By amendment (max. $20). BusinessDesign, development, manufacture and sale of compo¬
220 Pasadena Ave., .South
VV6\
•
Business—Manufacture
in computers, business machines and
Business—Manufacture,
packaging
and
proprietary drug products. Proceeds—
equipment, new products, debt repayment and work¬
ing capital.
Office—156 Tillary St., Brooklyn, N. Y.
v;y'-;
'
• Mechanex 'Corp. •;.'/'...V.Y .■ '•
,
May 28, 1962 ("Reg. A") 60,000 common.
data
cosmetics.
(6/25-29) y
St., Boston. Underwriter—Chace, Whiteside &
Winslow, Inc., Boston. Offering—Indefinitely postponed.
Price—$3. Business
—Design and marketing of magnetic memory units.
Company also plans to market transistor logic units and
and
Masters, Inc.
Roland
Magnetics Research Co. Inc.
April 30, 1962 filed 100.000 common.
'
Microdot Inc.
Corp.
nance
products.
equipment, and
Magic Fingers, Inc.
Dec. 29, 1961 filed 75,000 common. Price—$4. Business
—Production of a new electrically powered device for
massaging a person in bed. Proceeds — For general cor¬
porate purposes. Office—Route 17, Rochelle Park, N. J.
Underwriter—Stanley R. Ketcham & Co., Inc., N. Y.
Maradel
Masco
.
•
Offering—Temporarily postponed.
For
Chase,
common,
Dec. 4, 1961 filed 100,000 common. Price—$6. Business—y
Manufactures commercial and industrial floor mainte-
games. Proceeds—For general corporate purposes. Office •—130 E. 40th St., N. Y.
Underwriter—Darius Inc., N. Y.
•
100,000
.
—Production of educational and recreational devices and
sale pt various
Chevy
Maintenance Corp.
filed
by the company and 70,000
by a stockholder. The securities will be offered in units
of one $100 debenture and 10 common shares, except
that up to $700,000 of debentures and 70,000 shares may
be offered separately.
Price—For. debentures, at par; ;
for common,.$10.
Business—Operation of discount de-!
partment stores selling a wide variety of merchandise.
Proceeds—For
expansion.
Office—135-21
38th
Ave.,';
Flushing, N. Y. Underwriters—Sterling, Grace!'.& Co.,
and Norton, Fox & Co., Inc., N. Y. •*;••••'/Y:.y y: '
\7 7. Y /
ing—Temporarily postponed.
—Expected sometime in July.
P.)
1962
which 80,000 will be offered
promotion, a new publication and
working capital. Office—660 Madison Ave., New York.
Underwriter—Arnold, Wilkens & Co., Inc., N. Y. Offer¬
Securities
(L.
23,
March 22, 1962 filed $1,500,000 of 6% conv. subord. de¬
bentures
due
1972; also 150,000 common shares, • of
Proceeds—For
Underwriter—Dana
Martin
May 7, 1962 filed 180,000 common. Price—By amend- >
ment (max. $35).
Business—Production of valves and /
fittings for plumbing industry, component parts for theautomotive industry, and plastic and metal toys.
Pro-Y
ceeds^lMr'&elling^tackholders. Office—12825 Ford Rd.,
Dearborn, Mich.
Underwriter—Smith, Barney & Co.,
New York. Note—This registration was withdrawn.
-
Magazines For Industry, Inc.
Aug. 2, 1961 filed 100,000 common, of which 80,000 will
be offered by the company and 20,000 by stockholders.
Price—$5. Business—The publishing of business period¬
.
:""y'..;y", Western Ave.,
Press, Inc.
•
•
—
Drug Co., Inc.
area. Proceeds—For general
equipment. Proceeds—For debt repayment and work-Y general corporate purposes. Office—6425 Oxford St., St.
ing capital. Office—840 DeKalb Ave., N.. E., Atlanta.— Louis Park, Minn. Underwriter—Irving J. Rice & Co.,
Inc., St. Paul.' Y/f, Y 'J V 7-77Y" -YYYV-'Y.:-;
Underwriter—Johnson, Lane, Space Corp., Atlanta.
•
7;«7'V :
Mac-Allan
Manhattan
Metropolitan
King, Libaire, Stout & Co., N. Y.
'
;
(6/19)
• Micro-Dine
of which 20,000
Corp.- (6/25-29)
'
are
to be offered by company and 80,000 by a stock- : Feb. 13, 1962 filed 200,000 common.
Price—$3.50. Busi¬
holder. Price—$5. Business—Cleaning and maintenance Y ness—Manufacture, sale and operation of
vending ma¬
of buildings1 and the sale of janitorial supplies and • < chines. Proceeds—For debt
repayment, inventories and
•
March
Co., Inc. (6/25-29)
Feb. 23, 1962 filed 130,260 of class A common, of which
65,130 are to be offered by the company and 65,130
by stockholders. Price—$5. Business—Sale and distribu¬
tion of costume jewelry, ladies' handbags, and accesso¬
ries. Proceeds
For working capital.^ Office — 1650
Broadway, Kansas City, Mo. Underwriter—George K.
Baum & Co., Kansas City .
•
the New York
.
May 29, 1962 filed 60,000 common; Price—$3.75. Busi- Y named.
•''//Y V. yyy'y /"
ry'«' 77ness—Graphic design and printing. Proceeds—For pub- >
Metropolitan Realty Trust (6/11-15) v
Dec. 20, 1961 filed 1,000,000 shares of beneficial interest.
lishing a sales catalogue, developing a national sales
staff and working capital.
Office—812 Greenwich St.,
Price—$6.50. Business—A real estate investment trust.
N.
Y.
Underwriter—R. P. Raymond ■& Co., Inc., 26
Proceeds—For general corporate purposes. Office—1700
K St., N. W., Washington, D. C. Underwriter—Eisele &
Broadway, N. Y.
29, 1961 filed 100,000 common. Price—$6. Business
—Processing and packaging of frozen foods and the can¬
ning and bottling of fruits and vegetables. Proceeds—
For debt repayment and working
capital. Office—48
High St., Brockport, N. Y. Underwriter—None.
fices.
shares.
Tenth
Marshall
Magellan Sounds Corp.
Feb. 28, 1962 filed 60,000 common (with attached oneyear class A warrants to purchase 60,000 common shares
at $4 per share and two-year class B warrants to pur¬
chase 60,000 shares at $4.50 per share) to be offered in
units (each consisting of one share, one class A warrant
and one class B warrant). Price—$4 per unit. Business
^y-;'yy:" vYy//
y:
common
facilities
153-16
Lustig Food Industries, Inc.
use
Corp.
1961 filed 95,000
and other corporate purposes.
Office—; ■ ibles due 1967 and 60,000 common shares to be offered
Ave., Whitestone, N; Y. Underwriters-^- y in units consisting of $100 of debentures and 20 common
Ross, Lyon & Co.. Inc. (mgr.), Glass & Ross, Inc., and " shares, Price—$150 per unit. Business—Financing of re¬
tail sales. Proceeds—For working
Globus, Inc., N. Y. C. Offering—Postponed.
/y/:y
capital. Office—5422
new
Films, Inc.
subsystems for
27,
.
Dec.
icals.
cumulative
corporate purposes. Office—345 Underhill Blvd., Syosset.
Price—By
N. Y. Underwriters—Brand, Grumet &
amendment. Business—Conducts'research and develop- ■
Siegel, Inc., N. Y".
ment in electronics, optics, electro-optics, quantum elec- V
Metropolitan Acceptance Corp. *7~ ■ 1;/y7,'
Oct. 2, 1961 filed $300,000 of 6% subordinated convert¬
tronics,/etc. Proceeds — For expansion, acquisition " of
125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—Foi
filming and production and working capital. Office—
543 Madison Ave., N. Y. Underwriter—Fred F. Sessler
& Co., Inc., N. Y. Note—This firm formerly was named
Lunar Enterprises, Inc. Offering—Imminent.
•
8%
Marks -Polarized
June
Aug. 31, 1961 filed
•
Met Food Corp,' (6/18-.22)
and two shares; of Y,
-yVyy;
'y'y
March 30, 1962 filed $1,500,000 of convertible subordi¬
Price—$20 per unit. Business—Operation of a
nated debentures due 1977 to be offered
marina.; Proceeds — For construction,' equipment and
by company
and 34,200 common by stockholders.
working capital. —Address—Cummings, Ga. Underwriter
Priced—By amend¬
—First Fidelity Securities Corp., Atlanta. Offering—T- ment (max. $10). Business—Distribution of food and re¬
lated products to supermarkets and other retail stores in
July.
•
Lucks, Inc.
■
' . ■
'•
' - ■ '
Feb. 28, 1962 filed 282,496 common, of which 142,500
are to be offered by the company and 139,996 by stock¬
holders. Price—By amendment
(max. $5). Business—
Canning and marketing of vegetables and meats. Pro¬
ceeds—For expansion and debt repayment. Address—
Seagrove, N. C. Underwriter—J. C. Wheat & Co., Rich¬
mond, Va. Offering—Expected sometime in June.
•
of
common.
.
April 20,
homes. Proceeds—For acquisitions, debt repayment and
working capital. - Office—315 E. Sixth Ave., Helena,
Mont. Underwriter—Memorial Securities, Inc., Helena.
tion of self-service discount department stores.
Mercantile Stores Co., Inc.
May 24, 1962 filed 169,302 common. Price—By amend¬
ment
(max. $26). Business—Operation of a chain of
department stores. Proceeds—For selling stockholders.
Office—100
W.
10th St.,
Wilmington, Del.
—Clark, Dodge & Co., Inc., N. Y.
-
Underwriter
Miracle
are
ers.
Mart, Inc.
1962 filed 295,000 common, of which 140,000
to be offered by company and
155,000 by stockhold¬
Price—By amendment (max. $14). Business—Opera¬
—For
Proceeds
debt
repayment, expansion and working capital.
Office—370 W. 35th St., N. Y. Underwriter—McDonnell
& Co., N. Y.
Missile
Nov.
Valve
24, 1961
Business
valve.
—
Corp.
("Reg. A") 300,000
Production
and
common.
sale of
new
Proceeds—For purchase of the
Price
—
$1.
type butterfly
patent
and
pro-
Volume
195
Number 6166
.
.
,
The Commercial and Financial Chronicle
(2687)
duction
and
development of the valve.
Office
5909
Hollywood Blvd., Hollywood, Calif. Underwriter—Brown
& Co.,
Phoenix, Ariz.
porate purposes. Office—3306 Lancaster
Ave., Philadel¬
phia. Underwriters—William, David &
Motti, Inc. and
Crichton, Cherashore & Co., Inc., N. Y.
—
Molecular
Sept.
1,
Dielectrics, Inc.
1961
150,000 common, of which 135,000
be offered by the
company and 15,000 by Cardia
are
to
Price—$5. Business—The manufacture
electronic
and
Proceeds—For equipment, a
capital. Office—101 Clifton
of
ated
high-tem¬
insulation
electrical
materials.
working
Blvd., Clifton, N. J. Under¬
writers—To be named.
1
Molecular Systems
Corp. (6/18-22)
12, 1961 filed 140,000 common.
Price—$3. Business
—Production
of
polyethylene
materials
of
varying
grades. Proceeds
For
Office
—
sale
of
plastic letters,
corporate
equipment,
advertising - and working capital. Office—
Central Ave., Baltimore. Underwriters—
Street & Co., and Morris Cohon &
Co.; N. Y. Offering—
Expected sometime in late July.:
./■; : ,; r
retail stores
cleaners.
Proceeds
expansion
•
Morton's Shoe Stores, Inc.
(8/1)
16, 1962 filed 517,122 common, of which
175,000
to be offered
by company and 342,122; by stock¬
holders. Price—By amendment
(max. $18). Business—
Retail sale of popular
priced shoes. Proceeds—For debt
repayment and working capital. Office—558 Pleasant
New
,
&
-1
MoskatePs, Inc.
/>;: V '/ '
'
May 28, 1962 filed 104,000 capital shares, of which 20,000
(max,/$8).
Business—Operation of
a
chain of
Fenner
Offering-^Indefiniteiy postponed/;.//*£
>•*
Multi State
Industries, Inc. (6/25-29)
("Reg. A") 80,000 - common.
Price—$3.
Business—Design,, fabrication and marketing /of plastic
toys, games and novelties.Proceeds—For
equipment,
working capital and other corporate purposes.; Office—
275 New Jersey Railroad
Ave., Newark, N. J.r Under¬
/
April
•
6,
1962
writer—G. K. Scott & Co., Inc., N. Y.
;
New
Nov.
tions.
V '/
-
.
i
.
;
// /:
$3.
Proceeds—For debt repayment and general cor¬
porate purposes. Office—1610 14th St., N.
W., Washing¬
ton, D. C. Underwriter—T. J. McDonald &
Co., Inc.,
Washington, D. C. Offering—Imminent.
•
New
Jan.
,W„
Switzer & Co., Inc„
—
—
prepara¬
.
York
Testing Laboratories,
29, 1962 filed 50,000
common.
Inc. (6-25-29)
Price—$5. Business-
Analyzing and testing of electronic, chemical and other
materials. Proceeds—For
plant relocation, equipment,
and working capital. Office—47 West St., N. Y. Under¬
writer—Robbins, Clark & Co., Inc., N. Y.
Municipal Investment Trust Fund, Series 8 V
r,
April 28, 1961 filed $12,750,000 (12.500 units) of interests
Price
To be supplied by amendment.
Business
The
Nopco Chemical Co. (7/2-6)
May 4, 1962 filed $5,800,000 of conv. subord. debentures
due
1987 to be offered for
subscription by common
stockholders on the basis of $100 of debentures for each
20
shares held.
Business—Manufacture of industrial
investment.
chemical
—
—
fund will invest in
tax-exempt bdnds of states, counties,
municipalities and territories of the U. S. Proceeds—For
n. y. c.
-
•
National
May
11,
Sponsor—Ira Haupt &
•■•'•/■;
■/~
•
Co., Ill Broadway.
/••-/-. 7;1• •
•
and
Bag-O-Tunes, Inc.
1962
("Reg. A") 50,000 common.. Price—$5.
Business—Distribution of phonograph records. Proceeds
•—For expansion of warehouse
space, eauipment and in¬
ventories. Office—224-09 Linden
Blvd., Cambria Heights,
(Queens)vN. Y. Underwriter—Harrison
Securities, Inc.,
New York.
'
^
■ ' " '
' /
National Car Rental System Inc.
.
/
March
19. 1962 filed
subscription
2.000.000
common
*
to be offered
for
by
stockholders; unsubscribed shares will
be offered to the public.
Price—$1. Business—Rental of
Vehicles
sion.
and
related
Office—1000
writer—None.
activities. Proceeds—For
expan¬
Milner. Bldg., Jackson, Miss. Under¬
*
National Directories, Inc.
March 29, 1962 ("Reg. A") 100.000
common. Price—$2.75.
"Business—Compilation and publication of regional classi¬
fied telephone directories.
Proceeds—For general cor¬
specialties,
urethane foam
mainly
organic in
nature, and
Proceeds—For debt repayment
Office—60 Park Place, Newark, N. J.
-
plastics.
construction.
Underwriter—White, Weld
& Co., Inc., N. Y.
Nordon Corp., Ltd.
March 29, 1962 filed
375,000 capital shares, of which
100,000 are to be offered by company and
275,000 by
stockholders. Price—By amendment (max.
$6). Busi¬
ness—Acquisition and development of oil and natural
gas
properties.
Proceeds—For
drilling expenses and
t.
working capital. Office — 5455 Wilshire Blvd., Los An¬
geles.
Underwriter—Gregory-Massari,
Inc.,
Beverly
Hills, Calif.
•
Norda Essential Oil & Chemical
Co.,
March 20, 1962 filed 200,000 class A
Office—3833
W.
Underwriter—McCor-
Corp.
Price—By
amend¬
and
working
capital.
repay¬
O.
Address—P.
Underwriter—Johnston,
Lemon &
n
•
Nuveen Tax-Exempt Bond
Fund, Series 3
Oct. 17, 1961 filed
$15,300,000 of units representing frac¬
tional interests in the Fund.
Price
By amendment.
Business—The Fund will invest in interest
bearing obli¬
gations of states, counties and
municipalities of the
U. S., and political
subdivisions thereof which are be¬
lieved to be exempted from
Federal income taxes. Pro¬
ceeds—For investment.
Office—Chicago, 111. Sponsor—
John Nuveen &
Co., 135 So./La Salle St., Chicago. Of¬
fering—Expected in mid-July.
—
Nuveen Tax-Exempt Bond
Fund, Series 4
Oct.. 17, 1961 filed $15,000,00(1 of
/units t- representing
fractional interests in the Fund.
;
New World
expansion
10901, Pittsburgh.
;£o., Washington, D. C.
24,
Laboratories, Inc.
13, 1961 ("Reg. A") 100,000 common. Price
Business—Manufacture of cosmetics and hair
-
Jan. 5r 1962 ("Reg. A") 100,000 capital
shares. Price—$3.
Business—Production of electronic parts and
components
{and the furnishing of consulting services in the
radioengineering field. Proceeds—For debt
repayment, equip¬
ment, and working capital. Office—2000 P St.. N.
Washington, D. C. Underwriter
Silver Spring, Md;
"• ~"r "t
Box
Lynch, Pierce,
Inc.-Kidder; Peabody & Co.-White,
(jointly). Offering—Temporarily postponed.
•
capital.
(max. $15). Business—Research and
development
contracts using radioactive
tracers; precision
ment,
Smith
Plan
working
Highway, Madison, Wis.
Co., Chicago.
radio¬
held of record about May
14. Price—By amendment
Price—$11.
company. Proceeds
"—For'debt-repayment,- working capital; and general
corporate purposes. - Office—369 Lexington
Ave., N. Y..
/Underwriter—None.
/ ,/n '.V';/',":" 'J™,'
"
Multronics,lnc.(6/ll-15)
;
15
Realty Corp.
Y
1962 filed 150,000 class A shares.
Business-^-A real estate management
Jan.
/
;
&
Weld & Co.
su-
per.mar.kets, Proceeds—For debt repayment, equipment,
working capital. Office—59,Leggett St., East Hart¬
ford/Conn/1 Underwriter—D, H. Blair &
Co., Inc., N. Y.
and
share for each
for
radia¬
activity measurement; production of radioactive
isotopes
and the
furnishing of consulting and radiation
measure¬
ment services.
Proceeds—For equipment, debt
Carl
v•
ment
on
Underwriters—(Competitive). Probable bidders: Blyth &
Co.-Lehman. Brothers-Bear,, Stearns & Co.
(jointly);
M. Loeb, Rhoades &
Co.-Ladenburg, Thalmann &
Co.-Wertheim & Co. (jointly); Merrill
Office—320 Park Ave., N. Y.
& Co., Inc., N. Y.
Molt's Super
Markets,'-. Inc./.*/
March 29, 1962 filed.75,000 common.
Price—By amende
;
new.
common, of which 30,000
company and 140,000 by stock¬
amendment (max., $12).
Business—
ment
(max. $27). Proceeds — For loans to subsidiaries and
other corporate purposes. Office—441
Stuart St., Boston.
selling stockholders.
Underwriter—Blyth
one
29 with rights to expire June
&
by
Nuclear Science &
Engineering
March 29, 1962 filed
100,000 common.
pharmaceuticals
New
of
Mosler Safe Co. (6/25-29) ■ /
*•/'#■ "J'y///■/'//:■/'"
March 23, 1962 filed 260,000
common.: Price—By amend¬
ment (max. $20).
Business—Manufacture of safes, bank
vaults, security systems and office equipment,. Proceeds
.
/-For
mick &
• New
England Electric System
April 12, 1962 filed 872,786 common shares to be offered
for subscription
by common stockholders on the basis
Angeles, Calif.rUnderwriter—Thomas Jay,/Winston
Co., Inc., Beverly Hills, Calif. 'T ■/-
offered
Proceeds—For
Beltline
A. C. MacPherson &
Co., Toronto.
Los
&
tion.
Business—Exploration,
develop¬
mining. Proceeds—General corporate purposes.
Office—90 Industry St.,
Toronto, Canada. Underwriter—
Sale of artificial flowers and
florists''supplies. Proceeds
—For payment of income
taxes. Office—738 S. Wall
St.,
be
Price—By
Design, development and assembly of
instruments
detection, measurement and analysis of nuclear
ment and
are to be offered
by the company and 84,000 by stock¬
holders. Price—By amendment (max.
$8.50): Business—'
to
holders.
Campbell Island Mines Ltd.
Oct. 13, 1961 filed 475,000
commoray*t)f;> which-400,1)00 are
to be offered by the
company '.and 75,000 by a stock¬
holder.
Price—50c. v
Co..
v
Walker, Wachtel
Nuclear Data, Inc.
1962 filed 170,000
March 28,
are
ment, research, and working capital. Office—1130 Som¬
erset
St., New/Brunswick, N. J.
Underwriter—John
Schuss & Co., N. Y.
'
Price—$4.
•
expansion, equip¬
St.;
Bedford, Mass.. Underwriter—Dean Witter
—
Co., Inc., Boston.
1962
apparatus used in production of
and other chemicals. Proceeds — For
common.
of superettes.
Proceeds—For ex¬
pansion and working capital.
Office—10 Merrick Lane,
Northampton, Mass. Underwriter
—
cision
March
are
(6/12)
Business—Operation
Co., Inc. (6/28)
("Reg. A") 50,000 common. Price—$6.
Business—Design, development and manufacture of pre¬
28,
(Minn.)
Norwood's Superettes, Inc.
April 23, 1962 ("Reg. A")
75,000
New Brunswick Scientific
March
Co.
May 28, 1962 filed $25,000,000 external
loan bonds due15, 1977. Price—By amendment. *
Proceeds—For
acquisition / and
importation
of - capital
equipment.
Underwriters—Harriman Ripley &
Co., Inc.; Kuhn,
Loeb & Co.,
Inc.; Lazard Freres & Co., and
Smith,
Barney & Co., Inc., N. Y.
Office
11 Commerce
St.,
Newark, N.' J. Underwriter—Jennings, Mandel &
Longstreth, Philadelphia.
and
Power
June
Inc.
sition and working capital.
working capital. Office—122 W. 26th St., N. Y. Under¬
writer—Standard Securities Corp., N. Y.
N. y,
Tele-Systems,
States
Corp.-Blyth & Co., Inc. (jointly). Bids—June
12, 1962V
(10 a.m. CDST) in room
1100, 231 So. La Salle St., Chi-,
cago. Information
Meeting—June 7 (11a.m.
EDST) at
Schroder Trust Co., 57
Broadway, N. Y.
* Norway (Kingdom of)
(6/12) "
^,
Nationwide Bowling Corp.
(6/25-29)
Oct. 19, 1961 filed 100,000 capital shares
(with attached
warrants). Price—By amendment. Business—The
oper¬
ation of bowling centers. Proceeds—For
a realty
acqui¬
selling sewing machines
For
N.-M.
Co., N. Y.
(6/18-22)
—
..
•
$1,250,000 of 6%% -convertible sub¬
ordinated debentures due
March, "1977. Price
At par.
vacuum
E./Albuquerque,
systems. Proceeds—For inventory, debt
repayment and
working capital. Office—718 Atlantic Ave.,
Brooklyn,
,^N. Y. Underwriter—Ezra Kureen &
&
Business—Operates
N.
named.
purposes.
National
inventories,
and
be
Feb. 27, 1962 filed
82,000 common, of which 65,000 are
to be offered by
company and 17,000 by stockholders.
Price—$3. Business—Manufacture of closed circuit TV
Montebello Liquors, Inc.
April 5, 1962 filed 160,000 common.
Price—By amend¬
ment (max. $5).
Business—Blending, bottling and mar¬
keting of alcoholic beverages. Proceeds—For
Corp.
Alvarado,
Northern
—
Office—Mallory Plaza Bldg./ Danbury, Conn. Underwriters—Lee Higginson
Corp., N. Y. C.
and Piper, Jaffray &
Hopwood, Minneapolis (mgr.).
■
Morse Electro Products
Dec. 29, 1961 filed
and 20,000 by stock¬
Business—A life, accident and
company. Proceeds—For investment.
company
—
em¬
expenses, equipment and
working capital. Office—5606
Stuebner Airline
Rd., Houston.
Underwriter—W.
R.
Sauve Co., N. Y.
St.
130
—
de¬
April 26, 1962 filed $15,000,000 of first
mortgage bonds
Proceeds—For construction.
Office—15 South
Fifth Street,
Minneapolis.
Underwriters
(Competi¬
tive). Probable bidders:
Halsey, Stuart & Co. Inc.; Mer¬
rill Lynch,
Pierce, Fenner & Smith, Inc.;
Kidder, Peabody & Co.-White, Weld & Co.
(jointly); First Boston
Semiconductor Corp. (6/18-22)
May 11, 1961 filed 75,000 shares of capital stock:
Price
—To be supplied by
amendment. Business—The
design,
development, manufacture and sale of quality transistors
for military and industrial
use.
Proceeds
For new
equipment, plant expansion, working capital, and other
bossed sign faces,
quantity signs and-boat windshields.
Proceeds—For purchase of land and
building, moving
Bank
by
subord
due 1992.
National
★ Monarch Plastics Corp.
*;
••
./*;/
May 28, 1962 ("Reg. A")-; 140,000
common,
Price—$2.;
and
offered
•
Price—$17.50.
Underwriter—To
—
Business—Manufacture
be
holders.
conv.
Co., N. Y.
—
health ' insurance
equipment, research and de¬
working capital. Office
420 Bergen
Blvd., Palisades Park, N. J.
Underwriters—Stone, Ackerman &
Co., Inc., (mgr.) and Heritage Equity
Corp., N. Y.
and
and
to
are
Dec.
velopment
Proceeds—For
debt repayment, store ex¬
working capital. Address
Portage, Pa.
Underwriter—Cortlandt Investing Corp., N. Y.
National Security Life Insurance
Co.
(6/18-22)
March 23, 1962 filed
100,000 common, of which 80,000
product and
new
stores.
pansion
6%
Business—
Production of crude oil and natural
gas.
Proceeds—For
debt repayment,
working capital and other corporate
purposes. Office—1900 Life
Bldg., Dallas. Underwriter—
Carreau &
Equipment & Plastics Corp. (6/18-22)
Sept. 28, 1961 filed 105,000 common.
Price—$5. Business
—Operation of a cleaning and pressing
plant and affili¬
filed
of
Price—By amendment.
National
Co.
perature
Nortex Oil & Gas
Corp.
1962 filed $5,000,000
bentures due 1977.
April 27,
39
>
Price—By amendment.
Business—The Fund will invest In
interest-bearing obli~gations of states, counties, and
municipalities of the U. S.,
and; political subdivisions
thereofv which are believed
to be exempted from
Federal income taxes: Proceeds— "
For, investment.
"Office—Chicago,* 111. Sponsor—John
Nuveen & Co., 135 So. La Salle St..
Chicago. r
Oceana
International, Inc. (6/18-22)
v
i, 29//1962
filed 150,000 /common.
Price—$5.50.
Business—Manufacture and sale of synthetic
pearl but¬
March
tons.
Proceeds—For equipment and
working capital.
Office—1331 Halsey St.,
Brooklyn, N. Y. Underwriter—
Baruch Brothers &
Co., Inc., N. Y.
• Olympia Record Industries, Inc.
May 29, r 1962 filed 66,000 class A shares.
Price—$4.
Business—Wholesale distribution of
phonograph records
and albums. Proceeds—For debt
repayment, inventory,
product expansion and working
capital. Office—614 W.
51st St., N. Y.
Underwriters—Gianis & Co., Inc. and
Jed L. Hamburg Co., N. Y.
Optech, Inc.
26, 1961 filed 160,000 common. Price—$3. Business
—Research, development and fabrication of materials
Dec.
used
in optical electronics. Proceeds—For
equipment
working capital. Office—246 Main St.,
Chatham,
N. J. Underwriters—Stone. Ackerman &
Co., Inc., and
Heritage Equity Corp., N. Y. Offering—In July.
^ Orbit Stores, Inc.
May 28, 1962 filed 100,000 common. Price—By amend¬
ment (max. $6).
Business—Operation of two discount
type department stores. Proceeds—For
equipment, in¬
ventory, expansion and working capital.
Office—725
and
William
T.
Morrissey
Blvd.,
Boston.
Underwriter—
None.
Orion
Electronics
Corp.
(6/11-15)
Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi¬
ness—The manufacture of precision electronic
sub-sys¬
tems for the
generation, detection and control of fre¬
quencies up through the microwave region. Proceeds—
For expansion, equipment and
working capital. Address
Inc. (7/31)
shares. Price—By
—Tuckahoe, N. y. Underwriter—A. D. Gilhart & Co.,
Inc., N. y. C.
$15). Business—Manufacture, process¬
ing and distribution of natural and synthetic essential
oils, flavor, essences, etc.,, to food and drug industries.
Orr (J. Herbert)
Enterprises, Inc.
May 1, 1962 filed 285,000 common. Price—$10.50. Busi¬
ness—Company's subsidiaries manufacture cartridge tape
amendment (max.
Proceeds
—
For debt repayment,
working capital and
other corporate purposes. Office—601 W. 26th
St., N. Y.
Underwriter—S. D. Fuller & Co., N. Y.
recorders
and
programs
therefor and
men's
Continued
and
on
boys'
page
40
*
♦Vw
'
40
The Commercial and Financial Chronicle
(2688)
.
.
Thursday, June 7, 1962
.
312 Pearl
dress
Proceeds—For
trousers.
tising
capital.
working
and
debt
Ala.
Peckham
Underwriter—None.
Outlet
Mining Co.,
Inc.
Steel
States
Land
Peerless Radio
.
Packard-Bell Electronics Corp.
(6/25-29)
May 4, 1962 filed $5,023,800 of conv. subord. debentures
due 1977 to be offered for subscription by stockholders
basis
of
of debentures for each
$100
17 shares
held.
Price—At par. Business—Design, manufacture and
sale of consumer and defense electronic products. Com¬
also installs and services its TV receivers and
stereophonic units, and manufactures plywood doors,;
Proceeds—For
debt
repayment.
Office—12333
W.
Olympic
Blvd.,
Los
Angeles.
Underwriter—Kidder,
Peabody & Co., Inc., N. Y.
pany
Pak-Well
Paper Industries, Inc. |U*U
March 30, 1962 filed 150,000 class A common. Price—By
amendment (max. $13). Business—Manufacture of en¬
velopes, packaging materials of various kinds, wrapping
paper, stationery, and school supplies. Proceeds — For
selling stockholders. Office—198 W. Alameda, Denver.
Underwriter—Francis I. duPont & Co., N. Y.
debt
Kordan
repayment, inventory and working capital.
St., Lynbrook, N. Y. Underwriter—
Co., Inc., N. Y.
Wilbur
Office—19
in
working capital. Office — 9412 Wilshire Blvd., Beverly
Hills, Calif. Underwriter — Morris Cohon & Co., N. Y.
Note—This company was formerly named Westates Land
Development Corp.
■■ ; ■"
Y
\
the
(6/11-15)
parts and components to industrial customers. Proceeds
—For
units, each consisting of $100 of debentures
and 20 common shares. Price—$200 per unit. Business—
General real estate. Proceeds—For debt repayment and
on
Corp.
22, 1962 filed 120,000 common, of which 100,000
are to be offered by the company and 20,000 by stock¬
holders. .Price — $4. Business — Distribution of electric
Development Corp.
-
Business-
March
Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
debentures due 1976 and 300,000 common shares to be
offered
par.
of
—
Corp.
&
Pellegrino Aggregate Technico,
,
Inc..
„
Aug. 10, 1961 filed 130,000 class A common shares. Price
—$5. Business—The manufacture of building materials.
Proceeds—For payment of income taxes and Joans and
for working capital. Office—Woodbridge-Carteret Road,
Port
-
&
Reading, N. J. Underwriter—Mortimer B. Burnsida
Co., Inc., N. Y. Offering—Temporarily postponed.
•
Penn
class A common. Price—$4.
Business—Company plans to provide management and
financial consulting services to various businesses. Pro¬
ceeds—For equipment, salaries, advertising and working
capital. Office—6 Penn Center Plaza, Philadelphia. Un¬
—
None. Note
—
This registration was with¬
drawn.
100,000 capital shares. Price—By
amendment
(max.
$19).
Business—Writing of life,
health, accident and hospitalization insurance. Proceeds
—For working capital. Office—1310 Lady St., Columbia,
S. C. Underwriter—R. S. Dickson & Co., Charlotte, N. C.
28,
filed
1962
.
■
j.
Pan American
Beryllium Corp.
'
Feb. 28, 1962 filed 100,000 common. Price—$5. Business
—Company plans to mine for beryl ore in Argentina.
Proceeds
—
For
.
debt
corporate purposes.
repayment, equipment, and other
Office—39 Broadway, N. Y. Under¬
writer—To be named.
dress).
Realty & Development Corp.
Imminent.
Penta
Laboratories, Inc.
April 23, 1962 filed 85,920 common. Price—By amend¬
ment
(max. $4.25). Business—Development, manufac¬
ture and marketing of electron vacuum tubes. Proceeds
—For selling stockholders.
Office—312 N. Nopal St.,
Santa Barbara, Calif. Underwriter—Francis J. Mitchell
& Co., Newport Beach, Calif.
Proceeds—For general corporate purposes. Office
—70 N. Main St., Freeport, L. I., N. Y. Underwriter—
Underhill
Securities
Corp., N. Y.
Koenig, Lois, Inc.
May 10, 1962 filed 100,000 class A shares. Price—By
amendment (max. $8). Business—An advertising agency.
Proceeds—For selling stockholders.
Office—9 Rocke¬
feller Plaza, N. Y. Underwriters—Andresen & Co. and
Oppenheimer & Co., N. Y.
Paragon Pre-Cut Homes, Inc.
Aug. 25, 1961 filed 112,500 common. Price—By amend¬
ment. Business—Sale of pre-cut (finished) homes. Pro¬
ceeds—For working capital. Office—499 Jericho Turn¬
pike, Mineola, N. Y. Underwriter—A. L. Stamm & Co.,
N. Y. Offering—Postponed.
•
•
Parkview
Drugs, Inc. (6/18-22)
1962 filed $2,000,000 of conv.
subord. deben¬
Business—Operation of
drug stores and licensed departments in membership de¬
partment stores. Proceeds—For expansion, debt repay¬
ment, redemption of preference stock and other corpo¬
tures
rate
due
1977.
Price—At par.
Office—2323
Grand
Ave., Kansas
Mo. Underwriter—Scherck, Richter Co., St. Louis.
purposes.
City,
Parkway Laboratories, Inc.
Dec. 6, 1961 filed 160,000 common. Price—$5. Business
—Manufacture of drugs and pharmaceuticals. Proceeds
v-For an acquisition, research and other corporate
pur¬
poses. Office — 2301 Pennsylvania Ave., Philadelphia.
Underwriter—Arnold Malkan & Co., Inc., N. Y.
•
Paul, Harris Stores, Inc. (6/21)
April 2, 1962 ("Reg. A") 40,000 class A common. Price
—$7.50. Business—Operation of wearing apparel stores.
Proceeds—For equipment and working capital. Office—
2920 N. Tibbs, Indianapolis. Underwriters—Kiser, Cohn
& Shumaker, Indianapolis and
Cruttenden, Podesta &
Miller, Chicago.
Pay'n Save Corp. (6/18-22)
April 27, 1962 filed $1,200,000 of conv. subord. deben¬
tures due 1977, also 40,576 common shares to be offered
by stockholders. Price—By amendment (max. $17 for
common.). Business—Operation of hardware, drugstore
and
nurseries
businesses.
Proceeds—For
expansion,
working capital and other corporate purposes. Office—
514-524 Pike St., Seattle. Underwriter—Dean Witttr &
Co., San Francisco.
•
Pearl
Brewing Co. (6/25-29)
March 30, 1962 filed 148,300 common. Price—By amend¬
ment (max. $26). Business—Company owns and
operates
a brewery. Proceeds—For selling stockholders. Office—
'
N. Y.
Pa pert,
April 30,
Photo, Inc. (6/25-29)
14, 1962 filed 154,800 common. Price—By amend¬
ment (max. $20). Business—Photofinishing and the dis¬
tribution of photographic equipment and supplies. Pro¬
ceeds—For selling stockholders.
Office—4747 N. Broad
St., Philadelphia. Underwriter—Bear, Stearns & Co.,
Feb.
pany.
Corp.
18, 1962 filed 80,000 common. Price—$5. Business
—Manufacture of professional audio visual and sound
recording equipment. Proceeds—Debt repayment, equip¬
ment and working capital. Office—236 E. 46th St., N. Y.
Underwriter—To be named.
Pierce Proctor Schultte & Taranton
Investment
Co., Inc.
1961 filed $465,000 of 10-year 8% debentures.
Price—$15,000 per debenture. Business—The company
plans to organize and sell real estate syndicates. Proceeds—For general corporate purposes. Office—1807 N.
Central Ave., Phoenix.
Underwriter—None.
Dec. 20,
Piggyback Transport Corp.
April 30, 1962 ("Reg. A") 40,000 common.
Price—$5.
Business—Loading and unloading of trailers and autos
from freight cars, and freight consolidation and forward¬
ing. Proceeds—For equipment, expansion and general
corporate purposes. Office—1200 Seaboard Dr., Hialeah,
Fla.
1
•
Perma-Bilt
Enterprises, Inc.
May 28, 1962 filed 230,000 common. Price—By amend¬
ment (max. $8). Business—Merchandising, sale and con¬
struction of homes. Proceeds—For acquisition and devel¬
opment of land, and other corporate purposes. Office—
319 MacArthur Blvd., San Leandro, Calif. Underwriter—
Robert A. Martin Associates, Inc., N. Y.
Permeator
May
18,
1962
Corp.
filed 300,000 common
be
offered
for
Perpetual Investment Trust
9, 1961 filed 500,000 shares of beneficial interest.
Price—(For the first 10,000 shares) $10.80 per share.
(For the balance) Net asset value plus 8% commission.
Business—A real estate investment trust.
Eye
Underwriter—Sidney Z.
Washington, D. C.
N.
Petro-Capital Corp.
28,
1962 filed
556,700
common.
Price—$11.
investment company. Pro¬
business
ceeds—For
Sherry
general corporate purposes.
Office—6130
Lane, Dallas. Underwriter—McDonnell & Co.,
New York.
share for each five coi/hmon
shares
22.
of
held
Price
a
wide
of
—
common
or
on
15
being offered
the basis
of
one
for
new
participating preferred
record May 29. Rights will expire June
$33
range
per
of
Sacramento.
Proceeds—For
to be offered by company and
30,000 by stockhold¬
Price—$5. Business—Manufacture of wrought iron
ers.
furniture.
Proceeds
For inventory, advertising and
working capital. Office—4601 Georgia Rd., Birmingham,
Ala. Underwriter—Godfrey, Hamilton, & Taylor &
Co.,
N. Y. Offering—Expected sometime in July.
—
Plasticon
Chemicals, Inc.
Feb.
7, 1962 filed 150,000 class A capital shares. Price
—$3.50. Business—Manufacture of a plastic protective
coating and a water proofing solution. Proceeds—For
inventory, equipment, sales promotion, and other cor¬
porate purposes. Office—507 Fifth Ave., N. Y. Under¬
writer—Arden Perin & Co., N. Y. Offering—Late
July.
Playboy Clubs International, Inc.
May 28, 1962 filed 270,000 common. Price—By amend¬
ment. (max. $7). Business—Company is engaged in the
ownership and franchising of Playboy Clubs. Proceeds—
For debt repayment and general corporate purposes. Of¬
fice—232 E. Ohio St., Chicago. Underwriter—Divine &
Fishman, Inc., Chicago.
/. Y
Yr
" '
Y
;/v
.
Y
Policy-Matic Affiliates, Inc.
Oct. 16, 1961 filed 200,000 capital shares.
Price—$3.25.
Business—Leasing of insurance vending machines.; Pro¬
ceeds—General corporate purposes. Office—1001 15th
St.,
N.
W., Washington, D. C. Underwriter—To be named.
4
Polytronic Research, Inc.
June 7, 1961 filed 193.750 common
shares, of which 150,000 will be sold for the company and
43,750 for stock¬
holders. Price—By amendment. Business—Research and
development, engineering and production of certain
electronic
electronic
devices for aircraft, missiles, ?
oscilloscopes,
vending machines and language teaching ma¬
chines. Proceeds—For
expansion, repayment of debt and
working capital. Office—7326 Westmore Rd., Rockville,
Md. Underwriters—Jones, Kreeger & Co., and
Balogh &
Co., Washington, D. C. Note—This offering was post¬
•
Premier Microwave
Feb.
28,
1962
Corp.
filed
125,000 common, of which 50,000
are to be offered by the
company and 75,000 by stock¬
holders. Price—By amendment (max.
$12). Business—
Design and manufacture of microwave components. Pro¬
ceeds—For
—33
Van
debt repayment
and working capital. Office
New Broad St., Port Chester, N. Y. Underwriter—
Alstyne, Noel & Co.,, N. Y. Offering—Postponed,
Corp.
March 30, 1962 filed 150,000 common.
Price—$5. Business
—Real estate. Proceeds—For purchase of
mortgages, and
working capital. Office—18 Lancaster Rd., Union, N. J.
Underwriter—Jacey Securities Co., N. Y.
Prestige Capital Corp.
19, 1961 filed 200,000 common. Price—$5. Business
Oct.
—A small business
—To
•
be
investment company. Proceeds—For
Fifth Ave., N. Y. Underwriter
Office—485
named.
Primex Equities Corp.
Nov. 27, 1961 filed 335,000 class A common.
Price—By
amendment. Business—A real estate investment firm.
Proceeds—For
acquisitions and working cap¬
Hawley St., Binghamton, N. Y. Under¬
writers—D. H. Blair & Co., and Troster, Singer &
Co.,
N Y. Offering—Indefinitely postponed.
ital.
property
Office—66
Product
Research
Rhode
of
July 28, 1961 filed 330,000
Business —The
Island, Inc.
shares. Price—$2.05.
common
manufacture
of
vinyl
plastic products
automotive, marine and household fields.
repayment of debt, new equipment and
working capital. Office —184 Woonasquatucket Avenue,
used
in
the
Proceeds—For
Offering—Expected sometime in July.
Philips N. V.
April 3, 1962 filed 6,153,140
subscription by stockholders
in
Patterns, Inc.
1962 filed 100,000 common, of which 70,000
30,
investment.
* Pet Milk Co. (6/20)
May 29, 1962 filed $20,000,000 of s. f. debentures due
June 1, 1982. Price—By amendment.
Proceeds—For an
acquisition and repayment of debt. Office—Arcade Bldg.,
St. Louis.
Underwriters—Kidder, Peabody & Co., Inc.;
G. H. Walker & Co., N. Y., and Julien Collins & Co.,
Chicago.
March
restaurants
Plantation
March
Proceeds—For
W., Washington,
Mensh Securities Co.,
St.,
C.
Business—A small
six
Prescott-Lancaster
Nov.
D.
of
expansion, debt repayment and working capital. Office
—1626 J St., Sacramento.
Underwriter—Stewart, Eubanks,, Myerson & Co., San Francisco. Offering—Tem¬
porarily postponed.
ton, Taylor & Co., Inc., N. Y.
Office—1613
Ill Broadway, N. Y.
Restaurants, Inc.
Dec. 21, 1961 filed 125,000 common, of which 75,000 are
to be offered by the company and 50,000 by a sellihg
stockholder.
Price—By amendment. Business—Opera¬
poned indefinitely.
to
subscription by stockholders of National Petroleum
Corp. Ltd., parent, on the basis of one share for each
15 National shares held. Price—$5. Business—Manufac¬
ture, use and sale of a patented tool, "Permeator," used
in completion of oil and gas wells. Proceeds—For gen¬
eral corporate purposes.
Office—445 Park Ave., N. Y.
Underwriters—Irving Weis & Co., and Godfrey, Hamil¬
investment.
Underwriter—Willard Co.,
Pioneer
•
Pennsylvania Real Estate Investment Trust
Feb. 21, 1962 filed 500,000 shares of beneficial interest.
Price—$10. Business—A real estate investment company.
Proceeds
For debt repayment and acquisition and
working capital. Address — 2220 Philadelphia Saving
Fund Bldg., Philadelphia. Underwriters—Stroud & Co.,
Inc., Philadelphia, and Walston & Co., N. Y. Offering—
Perfect
PanAm
March 12, 1962 filed 400,000 class A stock.
Price—$10.
Business—A real estate holding and development com¬
general
Jan.
are
Pennsylvania Mutual Fund, Inc.
March 21, 1962 filed 1,000,000 capital shares. Price—By
amendment (max. $10.29). Business — A mutual fund.
Proceeds—For investment. Office—60 Wall St., N. Y.
Underwriter—Sackville-Pickard & Co., Inc. (same ad¬
—
Palmetto State Life Insurance Co.
March
Proceeds—For
Dealer-Manager—Smith, Barney & Co., N. Y.
tion
Square Corp.
March 30, 1962 filed 60,000
derwriter
throughout the free world.
Pictronics
convertible subordi¬
Price—At
1974.
construction, sale of liquid asphalt, production and
concrete, sand, gravel and crushed stone. Pro¬
ceeds
For debt repayment, equipment, purchase of
plant and other corporate purposes. Office—50 Haarlem
Ave., White Plains, N. Y. Underwriter—First Albany
Corp., Albany, N. Y.
Offering—Indefinitely postponed.
Westates
due
Road
sale
1961 filed 100,000 outstanding shares of capital
Btock (par 50 cents) to be sold by stockholders. Price—
$6. Business—The manufacture of steel products. Pro¬
ceeds—For the selling stockholder. Office—35124 Alvarado-Niles Road, Union City, Calif. Underwriters—First
California Co., Inc., and Schwabacher & Co., San Fran¬
Pacific
debentures
nated
June 21,
cisco (mgr.).
Inc.
Industries,
April 2, 1962 filed $500,000 of 6%
Feb. 28, 1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
tal. Address—Creede, Colo. Underwriter—None.
Pacific
corporate purposes. Office—Eindhoven, The Netherlands.
Parkway, San Antonio, Tex. Underwriters—A.
Allyn & Co., Chicago and Dewar, Robertson & Pancoast, San Antonio.
repayment, adver¬
Address—Opelika,
sale
C.
Continued from page 39
share.. Business — Manufacture
electronic, electrical and other
products in the Netherlands and 30 other countries for
North Providence, R. I. Underwriter—Fred F. Sessler &
Co., Inc., N. Y. Offering—Imminent.
Promistora Gold Mines, Ltd.
April 24, 1962 filed 750,000 capital shares, of which 500,000 are to be offered by company and
250,000 by stock¬
holders.
Price—50
ploration
of
cents..
mining
Business—Acquisition
claims
in
Canada.
and
Proceeds
ex¬
For
-
Volume 195
general
ronto,
corporate
...
Office—36
purposes.
Ontario, Canada.
Co., Toronto.
&
son
Number 6166
The Commercial and Financial Chronicle
★ Royalty Stores, Inc.
May 29, 1962 filed 75,000 common. Price—$3.75. Busi¬
ness—Operation of discount stores and wholesale distri¬
amendment.
Prosper-Way,
bution
Business—Manufacture
and
sale
elec¬
of
trically powered tools, and hand garden tools. Proceeds
—For debt repayment and working capital.
Office—411
N. Claremont Ave., Chicago.
Underwriters—Aetna Se¬
curities Corp., N. Y. and Cantor, Fitzgerald & Co., Inc.,
Beverly Hills, Calif.
Feb.
.
ceeds—For real estate, sales
promotion, acquisitions, and
working capital. Office—2484 W. Washington Blvd.. Los
of general merchandise.
Proceeds—For expan¬
sion, advertising, and other corporate purposes. Office
—10 Charles St., Floral Park, N. Y.
Underwriter—R. P.
Raymond & Co., Inc., 26 Broadway, N. Y.
Ruby
Properties Corp. of America
April 27, 1962 filed 300,000 class A shares.
amendment (max. $16). Business—Company
N. Y.
^
>1
Prosperity. Cleaners & Laundries, Inc. •
*
May 15, 1962 filed 100,000 common. Price — By amendment (max..»$5.50).
Business—Operation of a chain of
gage
»
Proceeds—For
investment.
.
Philadelphia,?
-Office—1324
Underwriter—None.'
v
Walnut
St.,1
;
'
Public
Co.,
Inc.
Price—By amend¬
(max. $17). Business—Operation of small loan of¬
fices. Proceeds
—41
St., Binghamton, N. Y. Underwriter—
Co., Inc., Chicago. Offering—Indefinite¬
A. G. Becker &
v
\
iV:-. -v-'
5,
1962
due 1992.
due
filed
New
$24,000,000
Hampshire (6/27)
of first mortgage bonds,
Proceeds—To redeem outstanding 5%% bonds,
1987,
5%% bonds, due 1989, and 5% bonds, due
short term loans, and for construction. Of¬
fice—1087 Elrn St., Manchester, N. H.
Underwriters-—
1990,
repay
(Competitive). Probable .bidders: Halsey, Stuart & Co.
,
■
.
,
withdrawn.
was
—Manufacture and distribution of metal purse and hand¬
Laboratories, Inc.
Feb. 27, 1962 filed 105,000 common. Price—$3.50. Busi¬
ness
Operation of a laboratory for contractual re¬
search, development and engineering in the chemical
field. Proceeds—For expansion of facilities, debt repay¬
ment and working capital. Office—396-406 Adams St.,
Newark, N. J. Underwriter—Keene & Co., Inc., N. Y.
—
Richmond
Corp.
House, Boston. Information Meeting—June 25 (3:30
EDST) at the same address.
K
quisition and other corporate purposes. Office—1106 Con¬
necticut Ave., N. W., Washington, D. C. Underwriter—
Roth & Co., Inc., Philadelphia.
Office—220
St., N. W., Washington, D. C. Underwriter—Hirschel
Co., Silver Spring, Md. Offering—Indefinite.
repayment and general corporate purposes.
&
Radgerock of America, Inc.
Dec.
29,
1961
filed
100,000
common.
Price—$2.50.
Business—Production of stone facing for buildings. Pro¬
ceeds—For debt reduction and general corporate pur¬
Address—Sebring, O. Underwriter—To be named.
poses.
•
shares.
unit.
Ridgewood Financial Corp. (6/11-15) :
^
March 30, 1962 filed 60,000 common, of which 11,250 are
to be offered by company and 48,750 by stockholders.
Price—By amendment (max. $9.75). Business—Owner¬
ship of stock of Ridgewood Savings Loan Co. of Parma,
in Cleveland. Proceeds—For organizational expenses and
to
natural
investment.
•
Puerto
Rico Brewing Co., Inc.
(6/25-29)
23, 1962 filed $2,500,000 of sinking fund deben¬
March
tures due 1977 and 500,000 common shares to be offered
in units consisting of a $10 debenture and two common
Price—$18 per
produce beer and
Business—Company plans
malta
(a ! non-alcholic
beverage). Proceeds—For construction and operation of
a
brewery : and working capital. Address—San Juan,
Puerto Rico. Underwriter—Merrill Lynch,
Pierce, Fenner
& Smith, Inc., N. Y.
it Puget Sound Power & Light Co. (6/26)
June 1, 1962 filed 150,000 preferred
(par $100). Price
—By amendment (max. $103). Proceeds—For prepay¬
ment
of
bank
loans
and
construction.
Office—1400
Washington
Bldg., Seattle. Underwriters—Blyth & Co.,
Inc., and Merrill Lynch, Pierce, Fenner & Smith Inc.,
Office—1717
E.
9th
St., Cleveland.
Under¬
writer—Fulton, Reid & Co., Inc., Cleveland.
Riker
March
Delaware
Corp.
29, 1962 filed 200,000 class A common and 50,000
warrants
to
be
offered
in
units
of four
shares and
one
.warrant.
Pulp Processes Corp.
Sept. 20, 1961 filed 140,000 common. Price—$5. Business
—Development of pulping and bleaching devices. Pro¬
ceeds—General corporate
purposes. Office—Hoge Bldg.,
Seattle, Wash. Underwriter—Wilson, Johnson & Higgins,
San Francisco. Note
This offering was temporarily
postponed.
&
Co., Inc., N. Y.
Rife
Electronics, Inc. (6/25-29)
29, 1962 filed 62,000 common. Price—$6. Business
—Sale and
distribution of receiving tubes, television
picture tubes, and electroinc components, parts and
equipment. Proceeds—For an acquisition, equipment and
working capital. Office—1927 New York Ave., Hunting¬
ton Station, N, Y. Underwriter—Robbins, Clark & Co.,
Inc., New York.
Rcadcraffc
Dec.
porate
purposes.
it Quick-N-Clean Corp. of Minnesota, Inc.
May 28, 1962 ("Reg. A") 205,000 common. Price—$1.15,
Business—Company plans to operate a chain of low
cost dry cleaning centers.
Proceeds—For debt repay¬
New
RF
Oct.
Interonics, Inc.
30,
1961
St., Brain-
(6/18-22)
filed 40,000
common. Price—$5. Business
frequency interference filters
and capacitors. Proceeds—For equipment, working cap¬
—Manufacture
of
radio
ital and other corporate purposes. Office—15 Neil
Qceanside,
N. Y.
Underwriter—Arnold
Malkan
Court,
&
Co-
N. Y.
•
Radio
Electric^ Service
Co.
of
New
Jersey,
Inc.
(6/25-29)
Jan. 23, 1962 ("Reg. A") 55,000 common, of which
50,000
will be offered by the company and 5,000 by stockhold¬
Price—$5. Business—Wholesaling of electronic parts,
supplies and equipment and the retailing of high-fidel¬
ity and stereophonic equipment and components. Pro¬
ers.
ceeds—Fcrr debt repayment,
expansion, moving expenses
working capital. Office—513-15 Cooper St., Camden,
N. J. Underwriter—Lee-Mosson & Co.,
Inc., N. Y.
and
—
Vickers, MacPherson & Warwick,
Industries,
Inc.
1962 filed $1,000,000 of 6%
29,
ordinated
working capital. Office—712 Fir
erd, Minn. Underwriter—None.
(7/9-13)
Business—A
$8).
—
San Francisco Capital Corp.
April 23, 1962 filed 60,000 common.
ness—A
—For
business
small
investment.
investment
Office—400
Price—$12.50. Busi¬
Proceeds
company.
Montgomery
St., San
Underwriter—Cantor, Fitzgerald & Co., Inc.,
Beverly Hills, Calif.
Francisco.
,
Santa
Fe
Drilling Co.
March 30, 1962 filed 160,000 common, of which 100,000
are to be offered by company and 60,000 by stockholders.
Price—By amendment (max. $33). Business—Furnishes
labor and equipment to major oil companies and drills
for oil. Proceeds—For debt repayment and equipment.
Office—11015 Bloomfield Ave., Santa Fe Springs, Calif.
Underwriter—Dean Witter & Co., Los Angeles. Offering
—Expected
debentures
due
1982.
(6/18-22)
convertible sub¬
Price—At par. Business
—Purchase and sale of scrap steel and other metals and
operation of
rolling mill, a stevedoring business and
companies. Proceeds—For general cor¬
porate purposes. Office—101 East Ave., North Tonawanda, N. Y. Underwriter—Brand, Grumet & Seigel, Inc.,
two
•
a
demolition
York.
Rarta
Saturn
in
late
1962.
Plastic
Electronics
tion of high fidelity
amplifiers, transformers, etc. Pro¬
equipment, inventory, moving expenses and
working
capital.
Office—10665
Harry
Hines
Blvd.,
Dallas. Underwriter—Reese, Scheftel & Co., Inc., N. Y.
Save-Mor Drugs,
Inc.
28, 1961 ("Reg. A") $300,000 of 6% 15-year subord.
conv. debentures. Price—At par. Business—Operation of
a chain of drug stores. Proceeds—For general corporate
purposes. Office—3310 New York Ave., N. E., Washing¬
ton. D. C. Underwriter—C. A. Taggart, Inc.. Towson, Md.
Dec.
Mill
River
Dec.
15, 1961 filed 200,000 common. Price—$5. Business
plastic housewares, baby products and
other plastic items. Proceeds—For debt repayment and
other
corporate purposes. Office—1517 Jarrett Place,
Bronx, N. Y. Underwriter—Arnold Malkan & Co., Inc.,
N. Y. Offering—Imminent.
—Manufactures
(Henry), Inc. (6/25-29)
March 23, 1962 filed 120,000 common. Price—By amend¬
ment
(max. $10). Business—Design, manufacture and
sale of women's dresses. Proceeds—For a selling stock¬
holder. Office—498 Seventh Ave., N. Y. Underwriter—
Robert A. Martin Associates, Inc., N. Y,
•
Sawyer's
Inc.
26, 1962 filed 240,000 capital shares, of which
140,000 are to be offered by company and 100,000 by
stockholders. Price—By amendment (max. $9). Business
—Manufacture and distribution of stereo photographs
and viewers. Proceeds—For working capital. Address—
Portland, Ore. Underwriter — Straus, Blosser & Mc¬
Dowell, Chicago. Offering—Temporarily postponed. /
Saxon Paper
Corp.
printing
paper
and paper products. Proceeds—For debt
Underwriter—Bear, Stearns & Co., N. Y.
Schaevitz
Engineering
13, 1962 filed 150,000 common, of which 100,000
offered by company and 50,000 by a selling
(max. $10). Business
—Design and
manufacture of measuring, indicating,
recording, testing and controlling devices used in air¬
craft and missile systems. Proceeds — For expansion.
to
be
stockholder. Price—By amendment
Address
—
U.
S. Route
"Old
Business — Develops
and prints
color, and black and white photographic
film. Proceeds
For equipment and working capital.
Office—245 7th Ave., N
Y. Underwriter — Federman.
Stonehill & Co., N. Y. Offering—Expected sometime in
—
-r
130, Pennsauken, N. J. Under¬
writer—Bea^, Stearns & Co., N. Y-
holders.
-
.
(6/25-29)
March
March 2, 1962 filed
ment
(max. $35).
-
(6/12)
repayment and expansion. Office—240 W. 18th St., N< Y.
Royaltone Photo Corp.
29, 1961 filed 300,000« common/of which 100,000
are to be offered byihe company and 200,000 by stock¬
Nov.
July.
(7/2-6)
Mar.
are
Rosenfeld
-amendment.
Inc.
1962 filed 100,000 common. Price—$5. Busi¬
ness—Design, development and manufacture of steel
products for home use. Proceeds—For working capital.
Office—1051 Saw Mill River Rd., Yonkers, N. Y. Under¬
writer—Arnold Malkan & Co., Inc., N. Y.
March 30, 1962 filed 200,000 common. Price—By amend¬
ment (max. $9). Business — Wholesale distribution of
Corp.
Price —By
Industries,
March 29,
•
Roblin-Seaway
March
and
(max.
Saw
Office—139 W. Walnut Ave., Gardena,
Calif. Underwriter
15, 1962 filed 150,000 capital shares. Price—$1.
Business—Mining. Proceeds—For debt repayment, sur¬
veying and general corporate purposes. Office—Suite
1212, 55 York St., Toronto. Underwriter—Asta Corpora¬
tion Ltd., Toronto.
ment
Inc.
— By amend¬
holding company for a
real estate concern, motor inn, shopping centers, bowl¬
ing establishments, etc. Proceeds—For debt repayment
and working capital. Office—222 E. Erie St., Milwaukee.
Underwriters
Straus, Blosser & McDowell, Chicago
and Dempsey-Tegeler & Co., Inc., St. Louis.
ment
(6/18-22)
Corp.
1961 filed 400,000 common. Price—By amend¬
Business—Design, manufacture and sale of mobile
homes and office trailers. Proceeds—For general cor¬
26,
Inc., N. Y.
Queensway Mines Ltd.
Enterprise?,
ceeds—For
Proceeds—For
March
Sampson
writer—H. Neuwirth
ment.
N.
•
Corp.
May 3, 1962 ("Reg. A") 80,000 class A common. Price
—$3.75.
Business—Design, manufacture, and distribu¬
• Pyramid Plastics Corp.
May 28, 1962 ("Reg. A") 5,000 non-voting common. Price
—$10. Business — Research and development of an un¬
derground
conduit, and couplings for such conduit.
156
ing—Imminent.
Business—A real estate
company.
Proceeds—For
construction, acquisitions, debt repayment and working
capital. Office—LaGorce Sq., Burlington, N. J. Under¬
—
equipment and working capital. Office—
Milton Ave., Baltimore.
Underwriter—None.
frames, for certain manufacturers. Proceeds—For
repayment, equipment, and working capital. Pro¬
ceeds—From the stock sale will go to selling sharehold¬
ers.
Office—413 Thatford Ave., Brooklyn, N. Y. Under¬
writer—I. R. E. Investors Corp., Levittown, N. Y. Offer¬
Price—$30 per unit.
development and management
Jan.
New York.
bags
debt
Feb. 28, 1962 filed 450,000 common. Price
Dec. 21, 1961 filed 142,858 common. Price—$7. Business
—A real estate investment company. Proceeds—For debt
Publishers Co., Inc.
Nov. 28, 1961 filed 541,000 common. Price—By amend¬
ment. Business—Book publishing. Proceeds—For an ac¬
.
.
.
Securities & Co. (jointly); Kidder, Peabody & Co.-Blyth
& Co., Inc. (jointly); White Weld &
Co.; Lehman Broth¬
ers.
Bids—June 27 (11 a.m. EDST) in Room 166, Parker
•
Sage International Inc.
April 30, 1962 filed 150,000
.
Resin Research
Inc.; Equitable Securities Corp.-Eastman Dillon, Union
p.m.
*
capital shares. Price—By
amendment (max.1 $13).
Business—Operation of mem¬
bership discount department stores. Proceeds—For ex¬
Regulators, Inc. (6/25-29)
Jan. 29, 1962 filed 75,000 common, "Of which 50,000 are
pansion and inventories.
Office—315 S. Beverly Dr.,
to be offered by the company and 25,000 by Electronic '« Beverly Hills, Calif. Underwriters—First California Co.
Specialty Co., parent. Price—$5. eBusiness—Design and
Inc., San Francisco and Allen & Co., N. Y.
; V
/ *
manufacture of regulating and control devices used in
Salant & Sa!ant, Inc. (6/11-15)
the electric and electronic fields.
Proceeds—For debt
March 23, 1962 filed 150,000 class A shares. Price—By
repayment and working capital. Office—455 W, Main < amendment
(max. $35). Business—Manufacture of men's
St., Wyckoff, N. J. Underwriter—Myron A. Lomasney &
utility and sports' clothes. Proceeds—For selling stock¬
Co., n. y.
;.
V;
./
holders. Office—330 Fifth Ave., N. Y.—Underwriters—
• Research
Products, Inc.
Kidder, Peabody & Co., and Jessup & Lamont, N. Y.
Dec. 28, 1961 filed 250,000 common. Price—$9. Business
Salro Manufacturing Corp.
—Manufacture of lithographic blankets used in printing.
March 19, 1962 filed $250,000 of 7% convertible subordi¬
Proceeds—For
debt
repayment and working capital.
nate debentures due 1972, and 16,500 outstanding com¬
Address—Hato Rey, Puerto Rico. Underwriters—Gross
mon shares to
be offered in units consisting of $500 of
& Co. and Elmaleh & Co., Inc., N. Y. Note—This regis¬
debentures and 33 shares. Price—$632 per unit. Business
tration
•^• Public Service Co. of
June
common.
For general corporate purposes. Office
—
Chenango
ly postponed.
Ave., N. Y. Underwriter — Stanley
Co., N. Y. Offering—Expected in mid-July. v ' '
,
Loan
March 28, 1962 filed 170,000
ment
Fifth
745
corporate purposes. Address—Box 1088, Wallace, Idaho.
Underwriter—Pennaluna & Co., Spokane, Wash.
cer¬
-
.
May 21, 1962 filed .100,000 .shares of beneficial interest.
Price—$10.-- Business—Aureal estate investment .trust.
—
Heller &
dry-cleaning ;and laundry stores. Proceeds—For selling
stockholders.: Office
48-12 :25th St., Astoria, N. Y.,
Underwriter—Edwards & Hanly, Hempstead, L. I., N. Y. Prudent Realty. Investment Trust
a
. .
<
Price—By
owns
estate, general insurance agency and a mort¬
servicing company. Proceeds—For debt repayment.
Office
1962
cents.
tain real
,
Silver
Mines, Inc.
("Reg. A") 2,400,000 common. Price—12%
Business—Exploration and development of mineral
deposits. Proceeds—For debt repayment and general
Jan. 2,
Real
Angeles, Calif. Underwriters—Crosse & Co., Inc., v. S.
Wickett & Co., Inc. and
Thomas, Williams & Lee, Inc
'
41
Ram Tool Corp.
May 16, 1962 filed $800,000 of 6V2% subord. debentures
due May 31, 1972 (with attached warrants).
Price—By
Yonge St., To¬
C. MacPher-
Underwriter—A.
Inc.
7, 1962 filed 85,500 common. Price—$3. Business
•^Development and promotion of "one stop dry cleaning
and laundry"establishments, and the sale and main¬
tenance of dry
cleaning and laundry equipment. Pro-
(2689)
Schlitz
(Jos.)
Milwaukee"
holders.
Brewing Co.
347,543 common. Price — By amend¬
Business—Brewing of "Schlitz" and
beers.
Office—235
W.
writer—Glore, Forgan
definitely postponed.
Proceeds—For selling stock¬
St., Milwaukee. Under¬
Galena
&
Co.,
Chicago.
Offering—In¬
Continued
on
page
42
42
The Commercial and Financial
(2690)
Continued from page 41
Expected June 26,
Schlumberger Ltd. (6/12-13)
May 11, 196J tiled 700,030 common.
Price—By amend¬
(max.
$80).
Business—Furnishing of electrical
logging and related services to oil well drillers, and the
design
and
manufacture
of
electronic
and
electro¬
•
equipment,
components
and
Jan.
for
Pro-
systems.
(
Corp.'
-
126,000
common.
Price—$4.50. Busi¬
as
debt
indicators and circuit components. Proceeds—
equipment' and working capital.
Ave., Neptune, N. J. UnderwriterMilton D. Blauner & Co., N. Y.
repayment,
Heck
.
finishes
"school
pictures."
Proceeds
For
—
plant
Scientific
Equipment Manufacturing Corp.
filed 83,500 common.
Price—$6.
Busi¬
of
sterilizers, multi-dose jet vac¬
cine
injectors,
operating lights
and
other
medical
equipment.
Proceeds—For inventories,
new
products
1962
ness—Manufacture
and moving
mont, N. Y.
Office—20
expenses.
North
Underwriters—Coggeshall
Fuller & Co., N. Y.
Ernest M.
Scripps-Howard
Ave.,
&
Larch-
Hicks
and
Broadcasting Co.
ates
TV, radio and FM broadcasting stations. Proceeds
—For selling stockholders. Office—1121 Union
Central
Bldg., Cincinnati. Underwriter—First Boston Corp., N. Y.
Offering—Indefinitely postponed.
Security Aluminum Corp. (6/18-22)
26, 1962 filed 200,000 common. Price—By amend¬
ment. Business—Manufacture of alumnium
sliding win¬
Jan.
doors.
Proceeds—For equipment,
moving ex¬
working capital. Office—503 E. Pine Ave.,
Compton, Calif. Underwriter—Vickers, MacPherson &
Warwick, Inc., N. Y.
and
penses
•
Seg Electronics Co., Inc.
Sept. 28, 1961 filed 110,UOO common.
ment.
for
Business—Design
data
and
program
and
Price—By amend¬
manufacture
of
networks
transmission, filters, transceivers
and related
electronic equipment. Proceeds—For
equip¬
ment, research and development, repayment of loans
and
working capita?
Office—12 Hinsdale St.,
Brooklyn. Un¬
derwriter
Searight, Ahalt &
—
O'Connor, Inc., N. Y.
Offering—Temporarily
Selective
Feb.
28,
postponed.
Financial
1962
filed
Corp.
500.000
of which 405,000
for subscription by holders of
the A,
B and C stock of Selective
Life Insurance Co., an affili¬
ate, on the basis of 4 company shares for each class A or
to
are
B
be
—
nix.
Underwriter—None. Note—Warrants, expiring in
about 120 days, will be mailed to
stockholders about
May 4.
Sentinel Properties
Corp.,
May 1, 1962 filed 200,000 class A
Business—Real
of
estate
building.
Underwriter—None.
•
common.
Price—$10.
investment.
a
Servotronics, Inc.
Proceeds—For con¬
Office—565 Fifth Ave., N. Y.
1962 filed 125,000 capital shares. Price
Business—Design, development and manufacture of
—
cision control
components and
ceeds — For debt
$3.
pre¬
associated products/Pro¬
repayment, equipment and working"
Office
190 Gruner
Rd., Cheektowaga, N. Y.
Underwriter—General Securities Co., Inc., N. Y.
capital.
—
Shainberg (Sam) Co.
March 30, 1962 filed
236,000 common. Price—By amend¬
ment (max. $13). Business —
Operation of a chain of
junior department stores and self-service
discount
stores.
Proceeds—For
selling stockholders. Office—1325 WarSt., Memphis. Underwriter—New York
Securities
Co., 52 Wall St., N. Y.
ford
■
•
Dec. 29, 1961 filed
—Manufacture of
(6/11-15)
55,000 common. Price—$6.50. Business
automatic
equipment
for
packaged foods, and various food
serving devices. Pro¬
equipment, advertising, plant expansion and
working capital. Office—3800 N.
W., 32nd Ave., Miami,
Fla.
Underwriter—George, O'Neill & Co., Inc., N. Y.
Sierra Pacific Power Co.
^^2 filed
$5,000,(00
1992. Office—220 S.
(6/26)
of first
mtge. bonds due
Virginia St., Reno, Nev. Underwrit¬
ers—(Competitive.) Probable bidders: Kidder,
Peabody
& Co-White, Weld & Co.
(jointly); Salomon Brothers
& Hutzler;
Halsey, Stuart & Co. Inc.; Stone & Webster
Corp.-Dean
to brokers
Corp. '.v'/■.
Witter
&
Co.
(jointly)
Bids-
I;.-,';
.; •
\
27,
y
1962
V;•-./■
/,'V-;'/.
■/:.A£./;
ness—Sale
of cigarettes,, coffee,
beverages,'candy etc.,
through vending machines. Proceeds—For debt repay¬
ment, leasehold improvements, expansion and working
capital. Office—354 Hempstead Ave., West Hempstead,
N. Y. Underwriter—M. H. Myerson
&.Co.., Inc.; N.,
at
•
v
Y.|
v
\'•'•:;;'' •'• /■''•
.
'Raymond &
Offering—^Expected in
Statewide Vending Corp.;
fv. ■. /.% '
March 23,. 1962 filed 88,250 common.
Priee—$4.25—Busi¬
.
Pacific Coast Securities Co., San Francisco. Note — This
firm formerly was named National Vending; Ski Insur.-,
ance
Y;
c.v
sporting centers
Proceeds—For inventory, advertising and working capi¬
tal.
Office—420 Lexington Ave., N. Y.
Underwriterr-
Steel
Plant
Equipment Corp.
( 6/18-22) :<Z
j:
Oct. 2, 1961 ("Reg, A") 69,660
common.vPrice—$3., Pro¬
ceeds—For equipment and working
capital, Addressr—
Sokol Brothers Furniture Co., Inc. (6/18-22)
Sept. 28, 1961 filed 240,000 common. Price—$2.50 Busi¬ ;■
Norristown, Pa. Underwriter—Joseph W. Hurley & COi,
ness—The instalment retailing of furniture,
appliances
Norristown, Pa.
;;
'.A
and other household
goods. Proceeds
For expansion
modernization of buildings, repayment of debt and
working capital. Office—253 Columbia St.,\ Brooklyn,
N. Y. Underwriter—Albion Securities
Stelber
and
Co., Inc., N. Y.
•
Solid State
Feb.
1,
1962
Products, Inc.
filed
110,000
(6/25-29)
<
Jan.
/
;
'
«
y...:U
'jT
^ iy
N. Y. Underwriter—Lloyd
and
working
capital.
Office-*-219—9th St., San
Underwriter—Frank J. Mohr Investment
cisco.
rities, San Francisco.
Solon
■
■
fittings and connectors. Proceeds—For debt repayment,
inventory, equipment and working capital. Office—8,14
E; 29th St., Los Angeles. Underwriter —. Thomas
Jay,
Winston & Co., Inc., Beverly Hills/ Calif.
.!■
■■
Sfernco
Fran¬
Secu-.'
ers.
tion of fish foods and distribution of various
types of fish
Stratford
March
V
-
Southeastern Towing & Transportation
Co.,
29, 1961? ("Reg. A") 100,000 common.
—95
..
Fla.
March 20,
ness—A
Price—$3.
operation of towing boats.
William St., N. Y.
:
Karp
:
-
&
/
Co.,
Inc.,
68
Spears (L. B.), Inc. (7/2-6)
Oct. 30, 1961 filed 65,000
common/Price—$5. BusinessOperation of retail furniture stores. Proceeds
For
working capital. Office—2212 Third Ave., N. Y. Under¬
writer—Arnold Malkan &
—
V-
precision machinery. Proceeds—For the
purchase of
patents,
Office—730
Blair &
repayment
Grand
St.,
drug
and
cer¬
of
debt, and working capital.
Hoboken, N. 'J. Underwriter—^
Co., N. Y. Offering—Expected in July.
Sportsways, Inc.
Feb. 20,
to be
1962 filed 175,000 common, of which
50,000 are
offered by company and
125,000 by a stockholder.
Price—By amendment,
(max. $7). Business—Manufac¬
distribution of skin diving equipment and ac¬
cessories. Proceeds—For
working capital. Office—7701
E. Compton
Blvd., Paramount, Calif. Underwriters—
Troster. Singer & Co., and
Federman., Stonehill & Co.,
ture
N.
Feb.
X- Offering—Temporarily postponed.
Electronics, Inc.
May
1962
25,
("Reg.
A") 69,000 common.
Price—$5.
Business—Manufacture, sale and distribution of elec-
Busi¬
common.
(6/25-29)
•
//
.r
.
Price—$4., Business
28, 1962 filed 325,000 common, of which 294,000
to be offered by the company and
31,000 shares by a
stockholder. Price—$3. Business—Manufacture and sale
of baked goods. Proceeds^—For debt
repayment and gqn-
.
„
are
.
;
eral corporate purposes. Address—New York & Drexel
Aves., Atlantic City, N. J. Underwriter—Balogh & Co.,
Washington, D. C.
;
;
'•
-
Szemco, Inc. _/, ;
'-;v- .;•;,/. / •..I;• ,•...
' Dec; 29, 1961 filed 66,666 common.
Price—By amend¬
ment
($1.50 max.). Business—Design and manufacture
lof ordnance, automotive, aircraft and guided
misgile
parts and components. Proceeds—For selling stockhold¬
ers,
Office—4417
Okechobe
Rd., West Palm Beach, Fla.
Underwriter—None.
f
and
• Stack
:
Price—$3.50.
—Distribution of eggs and dairy products in Florida and,
other southeastern states. Proceeds—General corporate
'purposes. Office—3601 N. W. 50th St., Miami, Fla. Un¬
derwriter— Finkle & Co;, N. Y.
;T.
;
-v.:
•
Superior Bakers,: Inc. (6-25-29); r;
v
; /
food products, electrical and
electronic devices
Products, Inc.
Oct. 27, 1961 filed .110,000
—
and
;
./ Sun City Dairy
<
purposes.
Nov. 29, 1961 filed
230,000 common of which 200,000 are
to be offered
by the company ana JO, 000 by stockholders.
Price—By amendment. Business—Manufacture of
.
research and development.- Office—5960 Main
St., North¬
.
sewage
'
be. named.
east, Minneapolis. ; Underwriter—Irving J; Rice & Co.,
Inc., St. Paul. •■/■
;..V
A"'.W-J'''''
tenance and ownership of
public water distribution and /
-
Inc. - »
Price—$20., Busi¬
ness—Development,, design and manufacture of gears
and gear assemblies, precision instruments and
appliances.
Proceeds—For equipment, working ; capital and
;
Co., Inc., N. Y.; 'C, ":V\
Spenard Utilities, Inc;
March 30, 1962 filed
117,541 common, of which 50,000
are to be offered
by company and 67,54lifcy stockhold¬
ers. Price—$2.50.
Business-^Installation, operation, main¬
disposal systems. Proceed—For general corporate
Office—3110-: Northern Lights Blvd., Anchor¬
age, Alaska. Underwriter—To be named.- Note
This
registration was withdrawn.
v:
v;'
:
*
/ •
Sperti Products, Inc., '
;
common.
estate investment company. Proceeds—For
Office—50 E. 40th St., N. Y. Underwriter—
real
^ Summit Gear Co., Inc.
May 29, 1962 filed 167,000 common.
•'VV;:
B.
Realty & Construction Fund,
1962 filed 500,000
investment.
To
Drive,
Underwriter—Irwin
N. Y. Underwriter—Mortimer
Co., Inc., N. Y.''
;
Stratton
:
Inc.
which
by the company and 97,000 by
Price—$6. Business—Commercial fi¬
Proceeds—For debt repayment.:. Office
company.
Madison Ave.,
Burnside &
:
of
.
to be offered
stockholders.
nance
Proceeds—For debt repayment, conversion of a
boat, and
working capital. Office—3300 N. W. North River
Miami,
are
the
1962 filed 700,000 common. Price—By amend¬
(max. $13.80). Business—A real estate investment
trust. Proceeds—For investment.- Office—600
E. Wash¬
and
Financial Corp. \
29, 1962 filed 315,000 class, A, shares
218,000
,r
April 2,
Business—Construction
aquarium
new
ment
Nov.
offered by. the company and 75,000 by stockhold¬
Price—$6. Business—Manufacture, sale and distribu¬
supplies for hobbyists." Proceeds—Fori a
plant and working capital. Office—52 Cottage Plaza,
Allendale, N. J. Underwriter — Andresen & Co., N. Y.
Dec. 28, 1961 filed 75,000 common.
Price—By amendment.
Business—Installation of its coin operated
laundry equip¬
ment at designated residential locations.
Proceeds—For
selling stockholders. Office—115 L St., S. E. Washington,
D. C. Underwriter—None. *
-
are
be
to
and
ington St., Orlando, Fla. Underwriter—None.
Industries, Inc. -;(6/18-22)
,?;•>■ "x :'"A:
21, 1962 filed 115,000 class A, of which 40,000
Feb.
;
Southeastern Real Estate Trust
Berriman St.,
Brooklyn,
Securities, Inc.;:' v-^
Stephens Mfg. Co., Inc. (6/18-22)
; ;:
1962 ("Reg; A") 75,000 capital shares. Prices—
$4. Business—Manufacture and distribution of electrical
k\{Ls"':-y'
Industries, lnc.:,-v\\':;
Price—$3; Business
(SV1.)
Proceeds—For debt repayment
.
common.-
March 28,
Amusement & Vending Co,- - ;•••>•» >
May 4, 1962 ("Reg. A") 60,000 common, of which 54,000
are to be offered
by company and 6,000 by stockholders.
Price—$5. Business—Operation of coin operated amuse¬
ment rides for children.
Cycle.Corp.'^(.6/13*22);;
1962 filed 200,000
product line.- Office—744
new
Price—By amend¬
Business—Development, manufacture and sale of
semiconductor devices. Proceeds—For a new
plant, debt
repayment and woj^qg capitals Office—1 Pingree
St.,
Salem, Mass. Underwriter—Tucker, Anthony & R. L.
Day, N. Y. ':
:,
common.
Solo
5,
—Manufacture of bicycles, tricycles and toy automobiles.
Proceeds—For debt repayment, moving; expenses and! a
ment.
handling
ceeds—For
Securities
vending machines
'
State Life Insurance Co. of Colorado
-
writer—None.
Skiers Service Corp. (6/25-29) V
Oct. 30, 1961 filed 550,000 common.
Price—By amend¬
ment.
Business—Distribution of coin-operated
insur¬
tain
Shelley Manufacturing Co.
Broadway,-N.
accident insurance;. Proceeds—For'investment and
working capital. Office—1760 High St., Denver. Under-,
•
(6/25-29)
March 30,
26
and
■v
ance
v:
' V.
.
filed: 300,000
common.
Price—By
amendment (max. $5). Business^—Writing of
life, health
repayment, acquisition of land arid
Office — 1093 Frank Rd., Columbus,
common,
two-thirds share for each class C share of
Selective Life held.
Remaining 94,822 and any unsub¬
scribed shares will be offered
publicly. Price—To public,
$6; to stockholders, $5.
Business—Company plans to en¬
gage in the consumer
finance, mortgage, general fi¬
nance and
related businesses. Proceeds
For general
corporate purposes. Office—830 N. Central
Ave., Phoe¬
Inc.,
March
debt
working capital.
Starmatic Industries, Inc.-
Co.,
.
Ohio. Underwriter—H. P. Black & Co., Inc., Washington,
offered
share and
struction
For
in aircraft and missiles.
aging materials and packaging machines: Proceeds—For
debt .repayment and other, corporate purposes. Office—
252 W. 30th St.,1f N. Y./ Underwriter—R. -P.
,
March 20, 1962 filed 375,000 common.
Price—By amend¬
ment (max. $20).
Business—Company owns and oper¬
dows and
'J'/,
—
•
late August.;
and
equipment, acquisitions, and working capital. Office—
1610 N. Mill St.,
Jackson,, Miss. Underwriters—Equi- :>
table Securities Corp.. Nashville, and Kroeze,
McLarty
& Duddleston, Jackson, Miss.
Offering—Postponed.-;
April 30,
.
(max. $4). Business—Construction of homes. Pro¬
ceeds
use
Nov:; 3, 196-1 filed 100,000 dommon.; Price—By "amendment. Business:—Manufacture .of
boxes, brochures, pack-
Site-Fab, Inc.* (6/29)
•••'.;/.,• r.-Vv*,.:,Feb. 27, 1962 filed 135,000 common. Price — By amend-;
ment
equipment.
Proceeds—For new
products and
working capital. Office—45 Washington St., Binghamton, N. Y. Underwriters—Arnold Malkan & Co., Inc. and
Dean Samitas & Co. Inc., N. Y.
■■■'A''-
.*
,
Pictures, Inc.
1962 filed 60,000 common and 40,000 class A
common, of which 41,864 common are to be offered by
the company; the
entire class A and 18,136 common
will be offered by stockholders.
Price—By amendment
($35 max.). Business—Company develops, prints, and
tronic
expansion, equipment and working
capital. Office—2980 N. San- Fernando Blvd., Burbank,
Calif. Underwriter—First California
Co., Inc., San Fran¬
cisco.j ">'
.-•!V/•
consisting of $1,000 of debentures and warrants to pur¬
Price—By amendment s, (max. $20). Business—Develop¬
chase 20 shares) for subscription by holders of its
class>>r ment and sale of a new type combination lock. Proceeds
debentures due 1976. Price—By amend¬
—For equipment, research and development and work¬
ment. Business—General real estate. Proceeds—For acing capital. Office—150 Broadway, N. Y„ Underwritersquisition of property. Office—67 W. 44th St., N. Y. Un¬
Charles Plohn & Co. and B. W. Pizzini & Co., N. Y.■»
derwriter—None.
7,
Thursday, June 7, 1962
perature ducting systems for
A stock and 10%
School
.
Proceeds—For plant
Feb. 28, 1962 filed $5,500,000 of 6V2% subordinated con¬
vertible debentures due 1977 and 110,000 5-year warrants v
ated Development arid Research Corp., parent, on the
to purchase a like amount,of class A common.
They Ib&sis of one new share for each 10 company shares
held,
company plans to offer the securities in 5,500 units (each
and one-share for each 30 shares of Associated held.
Feb.
.
.
Stainless Steel Products, Inc.
^
May 28, 1962 filed 100,000 capital shares, of which 75,000
are to be offered
by company and 25,000 by stockholders.
Price—By amendment (max. $10). Business—Design, de¬
velopment and manufacture of high pressure, hign tem¬
Simplex Lock Corp.
:
>
April 20, 1962 filed 20,000 common to be offered for sub-;
scription by stockholders of the company and of Associ-'
>
.
use
For
Office—1933
ley & Co., N. Y.
(Walter J.)
1962 filed
29,
ness—Manufacture, sale and development of glow lamps
ceeds—For selling stockholders. Office—408 Bank of the
Southwest Bldg., Houston. Underwriter—Morgan Stan¬
Schneider
•
(6/25-29)
Sigrtailte Inc.
ment
mechanical
(11 a.m. EDST), at 49 Federal
22 (10:30 a.m.
1962
St., Boston. Information Meeting—June
EDST) at 90 Broad St., 19th floor.
Chronicle
•
Tabach
Industries, Inc. (6/25-29)
March 29, 1962. ("Reg. A") 50,000 common. Price
,
—
$6.
Business—Manufacture and sale of women's wear. Pro¬
ceeds—For debt repayment/ leasehold improvements and
expansion. Office—217 E.
Eight St., Los Angeles, Calif.
Underwriter—Costello, Russotto & Co., Los Angeles.;
Costello, Russotto & Co., 9301 Wilshire
Blvd., Beverly Hills, Calif.
Underwriter
—
Volume
Number 6166
195
.
.
The Commercial and Financial Chronicle
.
(2691)
v
Tactaar Fluid
Trasd
Controls, Corp.
United Camera
Corp.
12, 1962 filed 150,000 common. Price—By amend¬
ment
(max. $9). Business—Design and sale of special
cameras for scientific photography.
Proceeds—For gen¬
trol1 equipment used in
Proceeds—For
selling
missiles, helicopters and aircraft.
stockholders ' Address—Bridge¬
port, Conn. Underwriters—Stroud & Co., Inc. and Penmgton, Colket & Co., Philadelphia. Offering—Indefinite¬
ly postponed.
<,
\
>
•
,
•
.
.
Taylor Publishing Co.
corporate
Telephone
year-books and commercial printing. Proceeds—For. sell¬
ing stockholders. Office—6320 Denton Dr., Dallas. Un¬
derwriters—Merrill Lynch, Pierce, Fenner & Smith.Inc.,
N.;y„ and Dallas .Rupe & Sop, Inc., Dallas, Tex. Offer¬
ing—Indefinitely postponed, k
r."
■/•,"
^ United
ceeds
holder.. Price—$6.
.
(
;
Technical Capital Corp.'
.
;■
V '
•
;
?
-Trans-Western
—For investment.
Office—235 E. 42nd St., N.
Y.
"-
Tellite Corp. Y'\.; <*\
;. ■■•/i
J aft. 29, 1962 filed 125,000 common. Price—$3., Business
—Manufacture of "Tellite,". a new material used in con¬
Transarizona
ex¬
W.
Co,, Inc.,
com¬
Pro¬
For
—
Inc.
(7/23-27)
15, 1962 filed 100,000 common. Price—$5. Busi¬
ness—Operation of "Foodtown" supermarkets. Proceeds
—For general corporate purposes. Office—531 Ferry St.,
of dry cleaning and laundry plants/ Proceeds—For debt
repayment. Office—1167-65th St., Oakland, Calif. Under¬
writer—Granbery, Marache & Co„ N. Y.
•
;•
;
Under¬
writer—Straus, Blosser & McDowell, Chicago.
&
Corp.
Finance
United Markets
Service Industries
April 2, 1962 filed 100,000 common, of which 20,000 are
to be offered by company and -80,000 by stockholders.
.Price—By amendment (max. $10). Business--Operation
ApriL 30, 1962 filed-500,000 common. Price—$10. Busi¬
ness—A small business investment company.
Proceeds
Davis
March
Newark, N. J. Underwriter—Morari & Co., Newark, N. J.
;
r f V*
.
Proceeds—For construction, and ac¬
Underwriter—Milton D. Blauner & Co., Inc., N. Y.
;
.
G.
general corporate purposes.
Office—618
Washington St., Dorchester, Mass. Underwriter—None.
quisition, repayment of debt, and other corporate pur¬
poses.
Office — HQ E. 6th Ave., Anchorage, Alaska.
,
Underwriter—M
Y.
May 28, 1962 ("Reg, A") 7,000 class A non-voting
mon/Price—$7. Business—A small loan company.
29, 1961 filed 265,000 common, of which 250,000 are
be offered by the company and 15,000 by a stock¬
t to
N.
St.,
N. Y. Offering—Expected sometime in July.
(6/.25-29)
Co.
Dec.>21, 1961 filed 152,000 common. Price—By amend¬
ment. Business —- Production and distribution of school«.
•;
43rd
purposes.
Trans-Alaska
Business
—Operation of retail camera stores. Proceeds—For
pansion and general corporate purposes. Office—25
Nov.
,
,
..
v
,
<
Office—17136 Ventura Blvd.,Encino, Calif.
Under^writeiwj. A. Hogle & Co., Salt
Lake City. Offering—Indefinitely postponed.
eral
Exchange, Inc.
Jan. 29, 196*2 filed 105,000 common.- Price—$3.
Feb.
March 29, 1962 filed 90,000 common. Price—By amend¬
ment (max. $7.50). Business—Manufacture of fluid con¬
43
-
'
★ United National Insuiance Co.
May 29, 1962 filed 77J)00 common. Price—$15. Business
•„—Sale of automobile insurance, and the writing of fire
and extended coverage insurance.
Proceeds—For ex-
pansion.
Resources, Inc.
Office—225
S.
15th St., Philadelphia.
Under¬
writer—Suplee, Yeatman, Mosley Co.,-Inc., Philadelphia.,
May 28, 1962 filed 500,000 capital shares. P^ice—$1.50.,^ ; • United-Overton Corp. (6/25-29) *
" /
y *
Business—Exploration, development and /production of
Mar. ,26, 1962 filed 450,Quo common, of which 90,897 are
to be offered by the company and 359,103
expan¬
by stocksion,. research and development, acquisition a technical
holders. Price—By amendment (max. $18).' Business—
library, and working capital, Office—200 S. Jefferson / ital. Office—201 E. 4th St„ Casa Grande, Ariz. UnderOperates hard goods' departments in discount depart¬
,Stv Orange N. J. Underwriter —-.Magnus & Co., N. Y.
writer—None.,
ment stores. Proceeds—For debt repayment. Office—19
• Transcontinental Gas Pipe Line Corp.
Offering—Expected sometime in .August... .
Needham St., Nugent Highlands, Mass. Underwriters—
;
■ _/,
;
nection
with
electronic
circuits.
,the Lake Shore copper deposit near Casa .Grande, Ariz.Proceeds—For equipment, exploration and.working eap-
Proceeds—For
\
»
'
•
•
T,en*Tex, Corp;
;
V-./.Kj,-/ *';'/v:-,
.
tufted textile products. Proceeds—For debt repayment
and working capital. Office—4813 Tennessee Ave., Chat¬
Underwriter—Irving J. Rice
Offering—Expected in August.
&
Co.,
•
Inc.,
>
.......
''
St.
v
other
corporate
purposes.
Owensbqro, Ky.
York'." -
Office—3800
y /•''"* ;
Texas Technical
Oct.
Capital, Inc.
16, 1961 filed 275,000
ment
Frederica
—1947
amend¬
Proceeds—General corporate purposes. Office
Gray Ave.;-Houston. Underwriters
F. S.
.Co., N. Y., and Moroney, Beissner & Co.,
Inc., Houston. Note--This company formerly was named
Texas Electro-Dynamics Capital, inc.? '
I
•
[ ' 1v
&
Inc...
Ave., El Cajon, Calif. Underwriter—To
Offering—Indefinitely postponed.
-
Transportation
..
-
Electronic
S.
Publications,
,
Inc.
books. Proceeds—Debt repayment,
expansion and work¬
Office—480 Lexington Ave., N. Y. Under¬
writer—Douglas Enterprises, 8856 18th Ave,, Brooklyn.
ing capital.
be
•
States
United
March
Investment Co.
Realty &
1962 filed 150,000 capital shares. Price—By
(max. $8). Business — General real estate.
Proceeds—For working capital. Office—972 Broad St.,
Newark, N. J. Underwriter—H. Hentz & Co., N. Y. Offer¬
ing—Expected sometime in July.
30,
amendment
.
.
.
Business
For new
—
Sept. 26, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Publishing of military and industrial hand¬
29, 1961 filed 100,000 common. Price—$5. Business
—Research and development in the data and image
for the Handicapped, Inc.
May 2, 1962 filed 80,000 common. Price—$2. Business—
/.Company plans to sell franchises for "Mobile Care," a
specialized method for transporting the aged and handit capped.
Proceeds—For
advertising,
equipment
and
working capital. ■» Office^2079 Wantaugh Ave., Wantaugh, N/ Y. Underwriter—Weisel, Kleinman & Co., Inc.,
/ Garden City, N. Y.
^
Price—By
U.
Nov.
named.
general packaging business. Proceeds
frey, Hamilton, Taylor & Co., Inc., N. Y.
and transmission field. Proceeds—For debt
repayment and other corporate purposes. Office—1000
-v
Co,, Inc., and Oppenheimer & Co„ N. Y.
machinery, debt repayment and working capital. Office
—4511
Wayne Ave., Philadelphia. Underwriter—God-
processing
.
,
common.
—A
;
Corp., N. Y. Offering—Imminent.
;N." Johnson
W.
Smithers
.
.!
St.,
(max. $20).Business—A small business investment
company.
Transdata,
:
Underwriter—Dillon, Read & Co. Inc.,
/
New
Securities
Webster
•
mission Corp, :(S/14)
•;« .May 24, 1S62 filed.$40,000,00J,of debentures, due June 1,.
1982. Price—By amendment, Business—Operation; of an
.interstate pipeline-system, for transportation of natural
gas.
Pfoceeds-r-^For debt repayment, construction and
&
United Packaging Co., Inc. (6/25-29)
Nov. 29, 1961 filed 102,OUU common. Price—$3.
ton, Tex. Underwriters—White, Weld & Co. and Stone &
•
•
v
Texas ©as
/.
McDonnell
and
("Reg. A"). 120,000 common, Price—$2.30.<
Business—Manufacture of a machine, for production of
Paul.
28, 1962 filed $30,000,000 of debentures due 1982;
150,000 shares of cumulative preferred stock. Price
By. amendment. Business—Company owns and oper¬
ates an interstate pipeline system for the transportation
and sale of natural gas. Proceeds—To prepay loans and
increase working capital. Office—3100 Travis St., Hous-
-May
\
Jan. 31,4962
tanooga.
^
.
.
,
•
.
U.
Scientific Corp.
S.
22, 1962 filed 85,000 common. Price—$4. Business
—Company plans to merchandise and distribute a line of
consumer
products, including an air -vent cigarette
holder; a transistor ignition unit for .automobile spark
Mar.
Tftermogas -Cor/;,'■/ X '}.■-'/ ;i'Y
-; Tremco Manufacturing C6. *
.?/'*
Feb: 26, 1962 filed. 150,000 class A common. Price-r- By
May 25, 1962 filed. 800;000 common.> Price—By amend¬
ment .'(max. $15K
Business—Distribution - of, "LP>gas,, ;amendment (max.'$15) Business—Producer of protective
tanks and. .accessories,- and gas fueled, household appli¬
coatings,- sealants, mastics/paints, etc. Proceeds — For
ances.
Proceeds—For acquisitions, debt repayment, and / selling stockholders. Office—10701 Shaker Blvd., Cleve¬
land. Underwriter—-McDonald & Co., Cleveland. Qfferequipment;- Off ice—4509 E/ 14th St., Des Moines-, Un¬
derwriter—A. C, Allyn & Co., Chicago.
ing—Temporarily postponed.
.
V '
-
J
plugs, and
a
increase
to
.
-
small plastic capsule containing a chemical
efficiency of spark plugs. Proceeds — For
equipment, inventory, advertising and sales promotion,
research, and working capital. Office—220 E. 23rd St.,
Underwriter—Edward Lewis Co., Inc.; N. Y. Of¬
N. Y.
•
fering—Expected in August.
...
;<v
Tronchemics- Research Inc.
Jitc* V*'?* /
■ -HV
March 30, 1962 filed 100,000 common. Price—By amend¬ j May 10, 1962 filed 400,000 common. Price—$1. Business
—Research and development and manufacture of prod¬
ment. (max.. $10). Business—Development of electronic
ucts in the fields of data processing, process control and
and electrical devices used in
plumbing and heating
chemical and food processing. * Proceeds—For research
fields and the manufacture of compact electric water
and development, working capital and other corporate
heating units. Proceeds—For equipment, working capi¬
purposes. Z Office—7620
Lyndale Ave. :S., Minneapolis.
tal and other corporate purposes. Office — 492 Grand
s
Underwriter—J. M. Dain & Co., Inc., Minneapolis.
Blvd., Westbury, N. Y. Underwriter—J. B. Coburn Asso¬
/•'
•
United
Thermotronios Corp.,
■
.
•*
company.
working
ciates,^ Inc.,N/Y.
.
h
of
writing
items.
paper
Proceeds—For
-the
debt repayment and working capital. Address—Highway
3, Rio Grande,'Puerto Rico. Underwriter—Meade & Co.,
N/y.
•
v
;>
:/-• / ;•;.*•
.'b
-
common/of which, 80,000
s
5
^
,
.Thompson Manufacturing Co., Inc./(6/25-29)
Dec. 22, 1961;filed 90,Q00
are to
be offered by the
y
snares
company and 10,00.0 by stock¬
Price—$4. ^Business—Design and manufacture
of special machinery for the paper industry and the
construction of bowling alleys. Proceeds—For expansion
and general corporate purposes. Office—Canal St., Lan¬
caster, N. H. Underwriter—Packer-Wilbur Co., Inc., N. Y.
international
i
:
—
—
Sepulveda Blvd., El Segundo, Calif. Underwriter—Vickers, MacPherson & Warwick, Inc., N. Y. Offering—Temporarily postponed.
V
' ;.
.
.
Top Dollar Stores, Inc.
;
.>
,
-
common, of which J00,0i00 are
to be offered by company and
100,000 by stockholders.
M^y 1, .1962 filed, 200,000
Decv 12, )96l
ment..
filed
Inc.
150,000
Business—Design and
trolled
switches.
(6/25-29)
manufacture
Proceeds—For
of
time
debt repayment,
•
con¬
■
International, Inc.
1, .1962 filed
550,000
capital
expan¬
E.
42nd
Langley & Co., N. Y.
St., N. Y.
.
•
By
.
-
■
,
amendment
Proceeds
For
general
Universal Telephone, Inc.
1962 filed 150,000 common. Price—By amend¬
$5,625). Business—Operation of telephone
111., and Wis. Proceeds—For expan¬
sion and working capital. Office—2517 E. Norwich St.,
Milwaukee. Underwriter—Marshall Co., Milwaukee.
March 29,
ment
..
iron
k
-Unison Electronics Corp.
•
*
*
1
*
»
f
filed 100,000 common. Price—By amend¬
Business—Company operates the "Kellogg Plan"
which provides
single
source
Proceeds—For
100% financing and construction through
for renewing older residential properties.
debt
repayment, sales
financing and
working capital. Office — 1959 S. LaCienega Blvd.,
Angeles.
Underwriter—HoLton, Henderson & Co.,
Angeles.
•
Urethane of Texas,
be
offered
$5.05
per
in
units of one
unit.
A and 250.000 common to
share of each
Business—Manufacture
Proceeds—For
foams.
Los
Los
Inc*
Feb. 14. 1962 filed 250,000 class
equipment,
Price—
class.
urethane
of
working
capital,
and other corporate purposes. Office
Republic National Bank Bldg., Dallas
UnderFirst Nebraska Securities Corp., Lincoln, Neb.
leasehold expenses
—2300
1
writer
—
Offering—Temporarily postponed.
Utah Concrete
Pipe Co.
March 30, 1962 ("Reg. A") 100,000 common. Price—$1.50.
Business — Manufacture of high-precision instrument
8, 1962 filed 110.000 common. Price —
ment (max, $10). Business — Manufacture
missile guidance systems.
equipment and working
capital. Office — 1634 Marion St., Grand Haven, Mich.
Underwriter—Gateway Stock & Bond, Inc., Pittsburgh.
concrete
for
aircraft
and
Proceeds—For debt repayment,
.
(6/18-22)
'
March 29, 1962
ment.
corporate
Proceeds—For selling stockhold¬
Rd., Swan, Texas. UnderwriterDallas.
f
Redevelopment Corp.
Urban
products.
Office—Lindale
(max.
facilities in N. Mex.,
Tyler Pipe & Foundry Co. (6/20)
Jan. 25, 1962 filed 120,000 common.
Price—By amendment.
Business—Design, development and manufacture
cast
Office—
general corporate purposes.
Road, Hawthorne, N. J. Underwriter—Edward
Lewis & Co., Inc., N. Y. Note—This company formerly
was .named
Aero-Dynamics Corp.
(6/18-22)
which 60,000 are
by a stockholder.
$15) Business—Sale of
—
Price—r$5<
snares.
and mosaic
ment, research and
a
(max.
common
250 Goffle
•
& Son, lnc.
merchandise.
components
Underwriter—W. C.
■
j /
Office—East Main St., Scottsville, Ky. Underwriter—Bear, Stearns & Co.* N,. Y.
•
Business — Company, builds and operates
retail .discount denartment stores. Proceeds—For expan¬
Office—41
distribution
;
common.
Price—$12.
of ferrous and non-
industrial
;
(J. L.)
First Southwest Co.,
amendment,
sion.
and
.
Turner
ers.
(6/25-29)
shares. ^Price
25;000
filed 100,000
importation and distribution of Italian
tiles.
Proceeds — For the purchase
and installation of new moulds, machinery and equip¬
purposes.
of
and working capital. 5 Office—1 Grove St, Mount
Vernon, N. Y, Underwriters— Godfrey, Hamilton, Taylor
& Co., and Magnus & Co., N. Y.
*
Towers EVIarts
A")
(6/25)
Industries, Inc.
7, .1961
marble
•
sion,
Feb.
NL Y, \
retail
.
^
;
metals
Price—By
Pripe—;By amend¬
common.
Metal & Supply Co., Inc.
("Reg.
.Universal
Aug.
Business —The
Mar. 27, 1962 -filed 120,000 common, of
to be offered by company and 60,000
,
Price—$5*
Torli Trme Centra's,
1962
•
Turbodyne Corp/ "
"
March 2, 1962 filed 127,500 common. Price—$5. Business
—Research, development and production and overhaul¬
ing of gas turbine engines/ Proceeds—For debt repayment, research and development, a new plant and work¬
ing capital. Office — 1346 Connecticut Avenue, N. W.,
Washington, D. C. Underwriter—Sandkuhl & Co., Inc.,
•
Business—Operation of a chain of self-servr
ice retail stores selling clothing, housewares, etc.
Pro¬
ceeds—For expansion, equipment and working capital.
Office—2220 Florida: Ave., Jasper, Ala.
Underwriter—
'Philips, Rosen, Appel and Walden, N. Y.
'• '
Offering—Expected in August.
supplies. Proceeds—For
Marietta St., N. W., AtNeal & Waggoner, and
Robinson-Humphrey Co., Inc., Atlanta.
i
,
-
working capital.
Office—285
lanta.
Underwriters—Wyatt,
•
N
525
(J. M.)
17,
ferrous
Hotel
For construction. Office
Tull
May
Fund, Inc.
United Variable Annuities
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th- Street, Kansas City, Mo.,
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.
/
company
Business—Wholesale
Corp.
Jan. 2, 1962 filed. 175,000 common. Price—By amend¬
ment ;($10 max.). Business—Hotel ownership, and man¬
agement. Proceeds
•
is engaged in ,the wholesale distribution
of electrical supplies and -equipment Proceeds — For.
debt repayment and working capital. Office—514 E. 7.3rd
St., N. Y. Underwriters—Richard Bruce & Co., Inc., and
Reuben Rose & Co., Inc.; N. Y. •• -. :*'*''«•
6 :■ r ; •
;
v.:>
holders.
Thunderbird
.,;
/ Mar. .23, 1962 filed 150,000 class A .shares, of which 100;r,
/ 000 are to be offered by company and .50,000 /by stock¬
holders. Price—$8. Business—'Through its•subsidiaries
Thom-Tex Faper Converting Corp. ,'(6/18-22)
/
March 15, 1962 filed 70,000 common. Price—$4. Business
—Manufacture
-
(6/18-22)
Proceeds—For debt repayment, equipment and
capital. Office—645 First Ave., N. Y. Under¬
R. Williston & Beane. N, Y,
.
Tujax Industries,; Inc. .(6/25-29 )
Inc.
writer—J.
~
-
Telephone Services,
March 30, 1962 filed 150,000 class A common. Price—By
amendment (max. $5). Business—A telephone holding
Feb.
By amend¬
and sale of
pipe, masonry products, corrugated metal pipe,
telephone conduit and miscellaneous concrete products.
Continued
on
page
44
44
The Commercial and Financial Chronicle
(2692)
and supplies to franchise holders. Proceeds—For debt
repayment, new building and equipment and other cor¬
Continued from page 43
Proceeds—For debt repayment and working capital. Of¬
fice—379 17th St., Ogden, Utah. Underwriter—Schwabacher
&
Co., San Francisco.
Offering
Wallace
postponed.
U-Teil
Corp.
Sept. 18, 1961 ("Reg. A") 33,097 common. Price — $5.
Business
Operation of a discount department store.
Office—3629 N. Teutonia Ave., Milwaukee, Wis. Under¬
writer
Continental Securities Corp., Milwaukee, Wis.
Offering—Temporarily postponed.
—
—
•
Aug. 28, 1961 filed 100,000 common. Price—$5. Business
•—The manufacture of prefabricated
buildings and build¬
ing components. Proceeds—For working capital. Office
765
—
River
St..
N.
Paterson.
J.
Underwriter
named. Note—This registration was
To
—
be
withdrawn.
be
to
offered
by company and 100,000 by stockholders.
Price
$5. Business — Wholesale distribution and retail
merchandising of health and beauty aids, housewares,
kitchenwares, wearing apparel and other goods.
Pro¬
ceeds—For debt repayment.
Office—2925 S. San Pedro
St., Los Angeles. Underwriter—Garat & Polonitza, Inc.
Vapor Corp.
buses
and
aircraft; and door control devices for
rail passenger cars. Proceeds—For selling stockholders.
Office—80
E.
Jackson Blvd., Chicago.
Underwriter—
cars,
William
Blair
&
Co., Chicago.
Offering
—
Indefinitely
postponed.
Vendex, Inc.
(6/18)
Jan.
12, 1962 ("Reg. A") 300,000 common. Price — $1.
Business—Manufacture of coin operated vending ma¬
chines.
Proceeds—For
porate
acquisition
an
Office—1290
purposes.
and
general
Bayshore Blvd.,
cor¬
BurlinCo.,
game, Calif.
Underwriter—Pacific Coast Securities
San Francisco.
Vending Components, Inc.
March
ness
30,
Feb.
12, 1962 filed 400,000 common. Price—By amend¬
(max. $22). Business—Company makes short-term
real estate loans, acquires, develops and sells land, and
engages in the mortgage loan correspondent business.
Proceeds—For selling stockholders.
Office—1111 Hart¬
ford Bldg., Dallas.
Underwriter—Harriman Ripley &
•
1962 filed
100,000
Price—$4. Busi¬
common.
mixers, taps, etc., for vending machines. Proceeds—For
expansion, new products and other corporate purposes.
Office—204
Railroad
Ave., Hackensack, N. J.
Under¬
writer—Keene & Co., Inc., N. Y.
Verlan
Publications, Inc.
March
30,
to
be
are
1962
•
filed
89,500
Electronics, Inc.
1962 filed 150,000 common. Price—$5. Business
—Manufacture, lease and sale of an amusement device
Golfit. Proceeds
general
corporate
—
purposes.
For
debt
Office—1
repayment and
Bala
Ave., Bala-
Cynwyd, Pa. Underwriter—D. L. Greenbaum Co., Phila¬
delphia. Offering—In late July.
Video
Waterman
Corp.
April 6, 1962 filed 1,000,000
common. Price—$1.15. Busi¬
ness—DeveJopment, manufacture and distribution of pic¬
ture
tubes. Proceeds—For equipment, inventories and
working capital. Office—729 Centinela Blvd., Inglewood,
Calif. Underwriter—Naftalin &
Co., Inc., Minneapolis.
Mar.
Engineering
26,
1962
filed
Co.,
Price—$4.
Business
Company designs, fabricates, installs and
services closed circuit television
systepis. Proceeds—For
debt repayment,
advertising, equipment and expansion.
Office—Riggs Rd. and First Place, N. E., Washington,
D. C.
Underwriter—Mitchell, Carroll & Co.. Inc.. Wash¬
ington, D. C.
common.
—
Virco Mfg. Corp.
April 20, 1962 filed 250,000 common, of which 50,000 are
to be offered by
company and 200,000 by stockholders.
Price—By amendment (max. $5.75). Business—Manu¬
facture and sale of classroom
furniture,
tables and chairs. Proceeds—For
folding banquet
general corporate pur¬
Office—15134
poses.
So.
Vermont
Ave., Los An^ips,
Underwriter—Crowell, Weedon & Co., Los Angeles.
•
Virginia Electric & Power Co.
May 4, 1962 filed 650,000 common. Proceeds—For con¬
struction.
Office—Richmond
9,
Va.
Underwriters—
(Competitive). Probable
Fenner
&
Smith
bidders: Merrill
Lynch, Pierce
Inc.; Stone & Webster Securities Co.;
Kuhn, Loeb & Co.-Ladenburg, Thalmann & Co.-Allen &
Co. (jointly).
Offering—Temporarily postponed.
Vcron Electronics
July 28, 1961
filed
Corp. (6/18-22)
100,000 class A shares.
Price
$3.
Business—The manufacture of electronic test
equipment,
the sale, installation and
servicing of industrial and
commercial communications equipment and the
furnish¬
ing of background music. Proceed*—For
—
tooling, pro¬
duction, engineering, inventory and sales promotion of
its products and for
working capital.
Office — 1230 E.
Mermaid
Lane,
Wyndmoor, Pa. Underwriters
John
Reuben, Rose & Co., Inc., N. Y.
—
Joshua & Co., Inc., and
Wade
Dec.
28,
Wenger ServiceMASTER Co.
1961
filed
(6/11-15)
140,000 capital shares. Price—By
amendment. Business—Sale of franchises for
on-location
cleaning and moth-proofing of rugs,
furniture, etc. Com¬
pany also manufactures and sells
cleaning equipment
;J
Y.
N.
Offering—
(mgr.).
Inc.
("Reg. A") 220,000 common. Price—$1.25.
Manufacture of airborne and shipboard vi¬
May 21, 1962
Business
—
bration
monitoring devices. Proceeds—For equipment,
advertising, marketing and working capital. Office—4343
Twain St., San Diego. Underwriters—Hannaford & Tal¬
bot, San Francisco and S. C. Burns & Co., Inc., N. Y.
•
Welcome
Baby, Inc.
(6/18-22)
Dec.
28, 1961 filed 75,000 common. Price—$2. Business
—Company renders direct mail public relations, sales
promotion and advertising services to mothers on behalf
of retail stores. Proceeds—For debt repayment and gen¬
eral
corporate purposes. Office—210-07 48th Ave., Bayside, N. Y. Underwriters—Globus, Inc., and First Phila¬
delphia Corp., N. Y.
repayment, expansion and
808 Dakin St., New Orleans.
debt
—
Howard, Weil, Labouisse, Friedrichs &
—
Co., New Orleans.
*
Welsh
Panel
Wiggins Piastres, Inc.
Oct.
("Reg. A") 100,000 common. Price—$3.
compression, transfer and injection
materials. Proceeds—For debt re¬
general corporate purposes.
Office—180
1961
20,
Business—Custom
molding
plastic
of
payment
and
Investors
Corp., Nf Y. -Offering—Imminent'. "j,v •*
Willpat Productions, Inc.
May 9,
1862
;
("Reg. A")
160,000 common. Price—$1.25.
of
full-length motion pictures.
Business—Production
Proceeds—For
new films, debt repayment
and working
Office—1025 Connecticut Ave.r N. W., Wash¬
capital.
Underwriter—Bevan
ington, D. C.
ington, D. C.
Winslow
-
.
& Co.r Inc., Wash¬
;
Electronics, Inc.
Dec.
28, 1961 filed 125,000 common. Price—$4. Business
—Design and manufacture of precision electrical and
electronic measuring devices and test equipment. Pro¬
ceeds—For debt repayment and other corporate pur¬
poses. Office—1005 First Ave., Asbury Park, N. J. Under¬
writer—Amos Treat & Co., Inc., N. Y.
Wisconsin Power & Light Co.
(6/13)
May 14, 1962 filed $12,000,000 of first mortgage bonds
due 1992. Proceeds—For repayment of bank loans, and
construction. Office—122 West Washington Ave., Madi¬
son,
Wis. Underwriters—(Competitive) Probable bid¬
ders: Halsey, Stuart & Co. Inc.; White, Weld & Co.Kidder, Peabody & Co. (jointly); Eastman Dillon, Union
Securities Corp.-Equitable Securities Co. (jointly); Blyth
& Co. Inc.-Lehman Brothers (jointly); Kuhn, Loeb &
Co.-Salomon Brothers & Hutzler (jointly); Smith, Bar¬
ney & Co.-Robert W. Baird & Co. (jointly). Bids—June
13 (11:30 a.m. CDST) at 20 N. Wacker Dr., (21st floor),
Chicago.
•
' /.
Wolf
Co.
Corp.
March 30, 1962 filed 135,000 common. Price—By amend¬
Jan.
ment
ordinated debentures due 1977
(max. $9). Business—Company processes plywood
sheets into factory finished wall panelling. Proceeds—
Equipment, inventories; fand working capital. Address—
•
Way, Longview, Wash. Underwriter
Co., Miami, Fla.
(rti :?,4
V
West Fails
Shopping Center Limited Partnership
(6/25-29)
Nov. 14, 1961 filed $444,000 of limited partnership inter¬
ests to be offered in 444 units. Price—$1,000. Business—
Development of
Proceeds—For
K
&
a shopping center at Falls Church, Va.
general corporate purposes. Office—1411
St., N. W., Washington, D. C. Underwriter—Hodgdon
Co., Inc., Washington, D. C.
Western
March
Lithographers,
1962 filed $4,500,000 of 6.5% convertible sub¬
(with attached warrants)
to be offered for subscription by stockholders of class
A stock on the basis of $500 debentures for each 100
class A shares held. Price—$500 per unit. Business—•
Real estate. Proceeds—For debt repayment and realty
acquisitions. Office—10 E.'40th St., N, Y. Underwriter
—S. E. Securities, Inc., 10 East 40th St., New York. •
Wolverine
ceeds—For
equipment, debt repayment, and inventory.
Office—3407 N. El Paso, Colorado Springs, Colo. Under¬
writer—Copley & Co., Colorado Springs, Colo.
Pioneer Co.
Feb. 19, 1962 filed 371,750 capital shares of which 175,000
are to be offered by the
company and 196,750 by stock¬
holders. Price—By amendment (max. $42). Business—
debt repayment.
Blvd., Los Angeles. Underwriter
Office
—
;—
3243 Wilshire
Kidder, Peabody &
13, 1961 filed 32,000 shares of beneficial interest.
Price—$6.25.
Business—A
small business
investment
company.
Proceeds—For investment.
Office—403
Colo.
Underwriter—Westco
Corp.,
Mich. Underwriter—Lehman
was
White
Feb.
26,
Brothers, N. Y. Note—This
indefinitely postponed.
Lighting Co.
("Reg. A")
1962
75,000 common. Price — $4.
Business—Manufacture and distribution of electrical and
lighting fixtures. Proceeds—For debt repayment, equip¬
ment and working capital.
Office—5221 W. Jefferson
Blvd., Los Angeles. Underwriter—Costello. Russotto &
Co., 9301 Wilshire Blvd., Beverly Hills, Calif. Offering
—Imminent.
Widman
(L. F.),
Inc.
(6/11-15)
Oct. 27, 1961 filed 162,000 common, of which
102,006 are
to
be offered by the company
and 60,000 by stock¬
holders. Price—$3. Business—Operates a chain of retail
drug stores. Proceeds—Expansion, equipment and work¬
ing capital. Office—738 Bellefonte Ave., Lock Haven, Pa;
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Wiegand
(Edwin
L.)
Co.
March 30, 1962 filed 606,450 common.
Price—By amend¬
ment.
Business—Manufacture of electrical
ments for
tions.
heating ele¬
industrial, commercial and household applica¬
Proceeds—For
Corp.
26, 1962 filed 130,000 common. Price—By amend¬
ment (max. $27). Business — Manufacture and sale of
work clothing. Company is also engaged in industrial
laundering and garment rental. Proceeds—For debt re¬
payment, acquisitions and working capital. Office —
25th
E.
1768
&
St.,
Underwriter—Hornblower
Cleveland.
Weeks, N. Y. Offering—Temporarily postponed.
World Scope
Publishers, Inc.
(6/18-22)
July 31, 1961 filed 100,000 common shares and $350,000
of 6% senior conv. subord. debentures due 1972. Price—
$6; for debentures $90. Business—Publishing
encyclopedias and other reference books. Proceeds
—For debt repayment, working capital and other cor¬
porate purposes. Office—290 Broadway, Lynbrook, N. Y.
Underwriter—Standard Securities Corp., N. Y.
•
Worth
Financial Corp.
(6/18-22)
Mar.
Whirlpool Corp.
'
April 25, 1962 filed 1,000,000 common. Price—By amend¬
ment (max. $30,125). Business—Manufacture and sale of
home appliances.
Proceeds — For selling stockholder
(Radio Corp. of America). Address — Benton Harbor,
offering
Wear
Work
of
Nov.
St., Aurora,
Aurora, Colo.
(6/25-29)
For stocks:
Western States Real Investment Trust
Ursula
Corp.
Mar.
The making of loans secured by first liens on real estate.
Proceeds—For
Aluminum
1962 filed 100,000 common. Price— By amend¬
ment (max. $6.50). Business—Processing and manufac¬
turing of aluminum building products. Proceeds—For a
new building
and equipment. Office—1650 Howard St.,
Lincoln Park, Mich. Underwriter—F. J. Winckler & Co.,
Detroit.
Inc.
1962 ("Reg. A") 120,000 common.' Price—
$2.50. Business—General printing and lithography. Pro¬
Western
26,
March 5,
30,
Co., N. Y. Offering—Expected in July.
Inc.
125,000 class A
Steamship Corp.
writer—Shields & Co., Inc.,
Temporarily postponed.
•
Color
Video
—
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment.
Business — The carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and working cap¬
ital. Office—71 Saint Joseph St., Mobile, Ala.
Under¬
Victor
Jan. 23,
as
airplanes.
poses.
—
payment and other corporate purposes. Office — 915
Broadway, N. Y. Underwriter—Searight, Ahalt & O'Con¬
nor, Inc., N. Y.
known
type
For expansion and general corporate pur¬
Office—Civic Memorial Airport, E. Alton, 111.
Underwriter—White & Co., Inc., St. Louis.
Proceeds
—Ferman &
offered
Price
Proceeds—For
Kingsland Rd., Clifton, N. J. Underwriters—Investment
Planning Group,: Inc., East Orange,; N. J., and Triangle
»
30, 1961 filed 90,000 common, of which 60,000 are to
be offered by the company and 30,000 by a stockholder.
Price—$6.25. Business—Sells Cessna Airplanes and sup¬
80,000
by company and rf9,500 by a stock¬
By amendment (max. $5.50).
Busi¬
ness — Preparation and
production of books, catalogues
and
other printed
material.
A subsidiary publishes
photography books. Proceeds—For expansion, debt re¬
holder.
(7/2)
Aviation, Inc.
P. O. Box 329 Panel
/
which
of
common,
Walston
Oct.
Manufacture, design and sale of metal valves,
—
stores.
ment
—
Feb. 2, 1962 filed 156,762 common. Price — By amend¬
ment. Business—Manufacture of steam generators for
diesel locomotives; temperature control systems for rail
Wiener Shoes Inc.
April 2, 1962 filed 80,000 common. Price — By amend¬
ment (max. $11). Business—Operation of.a chain of shoe
Underwriter
plies; also repairs and services various
•
Valu-Rack, Inc. (7/16-20)
'
May 4, 1962 filed 200,000 common, of which 100,000 are
Thursday, June 7, 1962
.
working capital. Office
Investments, Inc.
Co., N. Y. Note—This registration is being withdrawn.
Homes Corp. of Delaware
Val-U
N. Wayne, Chicago.
porate purposes. Office — 2117-29
Underwriter—Laren Co., N. Y.
Indefinitely
—
.
.
selling
stockholders.
Thomas
Office—7500
22, 1962 filed 61,000 common. Price—$5. Business
—Financing of commercial accounts receivable. Pro¬
ceeds—For general corporate purposes. Office—114 E.
40th St., N. Y.
Underwriter—D. A. Bruce & Co., N. Y.
Wynlit Pharmaceuticals,
Inc.
(6/18-22)
1961 filed 125,000 common. Price—By amend¬
ment. Business—Development and manufacture of phar¬
maceuticals and medical products. Proceeds—For general
corporate purposes. Office—91 Main St., Madison, N. J.
Underwriter—Andresen & Co., N. Y.
Dec.
•
28,
Zayre Corp..
April 20,
1962 filed
475,000
common,
of which 175,000
to be offered by company
and 300,000 by stockhold¬
ers.
Price—By amendment (max. $20).
Business—Op¬
eration of self-service department stores and apparel
specialty stores. Proceeds—For working capital. Office
—One Mercer Rd., Natick, Mass. Underwriter—Lehman
are
Brothers, N. Y. Offering—Temporarily postponed.
Zeckendorf
Properties Corp.
March 30, 1962 filed 100,000 class B common. Price—By
amendment (max. $16). Business—Real estate. Proceeds
—For
general corporate purposes Office—383 Madison
Ave., N. Y. Underwriter—Harriman Ripley & Co., Inc.,
York. Offering—Indefinitely postponed.
New
Zero
March
Mountain,
30, 1962
Inc.
("Reg. A")
100,000 common. Price—$3.
Business—Operation of underground
Blvd., Pittsburgh. Underwriters—Eastman Dil¬
lon, Union Securities & Co., N. Y., Moore, Leonard &
Lynch, Pittsburgh and Reinholdt & Gardner, St. Louis.
capital.
Offering—Temporarily postponed.
writer—Don D. Anderson &
ities.
cold storage facil¬
Proceeds—Expansion, debt repayment and working
Address—Box 594; Fayetteville, Ark.
Under¬
Co., Inc., Oklahoma City,
.
Number 6166
195
Volume
.
.
The Commercial and. Financial Chronicle
.
(2693)
45
\'
r
.Co.-Shields & Co. (jointly); Equitable Securities Corp.Eastman Dillon, Union.Securities & Co. (jointly); First !
•BOston Corp.; Lehman Brothers; Morgan Stanley & Co;
Bids—Expected Nov. 7.
Registration—Scheduled for
ATTENTION UNDERWRITERS!
Do you
have; an issue you're planning to register?
Corporation
Our
to know
about; it
News7 Department
so
th'at
we can- prepare
similar to those you'll find hereunder.
Would
write
you
us
- -
telephone
us
at
an
Oct. 5.
like
would
item
2-9570
or
at 23 Park Place, New York 7, N. Y.
Prospective Offerings
Atlantic City
Electric Co. (7/18)
May 29,1962 it was reported that this utility plans to sell
$15,000,000 of first mortgage bonds due 1992. Proceeds—
For construction. Office—1600 Pacific Ave., Atlantic City,
N. J; Underwriters—(Competitive). Probable bidders:
Halsey, Stuart & Co. Inc.; "White, Weld & Co.-Shields &
Co. (jointly); Lee Higginson Corp.; Kuhn, Loeb &Co.American Securities Cor.-Wood, Struthers & Co. (joint¬
ly). Bids—-Expected July 18. Information Meeting—-July
23 (11 a.m. EDST) at 90 Broad St., 19th floor, N. Y.
Baltimore
Gas
&
Electric
Co.
Mairch 9, 1962 it was reported that this company plans
to issue about $25,000,000 of first mortgage bonds in
the second half of 1962 or early 1963. Office—Lexington
and
Liberty Sts., Baltimore 3, Md. Underwriters—(Com¬
petitive), Probable bidders: Halsey, Stuart & Co. Inc.;
White, Weld & Co .-First Boston Corp; (jointly); Harriman Ripley & Co., Inc.-Alex. Brown & Sons
(jointly).
Cincinnati
Gas &
Electric Co.
petitive). Probable bidders: Merrill Lynch, Pierce, Fen¬
ner & Smith, Inc.-Lehman Brothers
(jointly); Morgan
Stanley & Co.-W. E. Hutton & Co. (jointly); Halsey,
Stuart & Co., Inc.; Blyth & Co., Inc.-First Boston Corp.
(jointly); Eastman Dillon, Union Securities & Co.-White,
Weld & Co. (jointly). Bids—Expected June 21. Informa¬
tion Meeting—June 18 (11 a.m. EDST) at Irving Trust
Co. (47th floor), One Wall St., N. Y.
11,
it was reported that this newly formed
Co., plans to sell $10 to $20
spring. Office—297
1961
Small Business Investment
million of common stock in the late
South
High
St.,
named.
Columbus,
Consumers
Underwriter—To
O.
,\r
-
r
,u
.
_,
be
>.
Power Co.
Jan. 9, 1962 it was reported that this company plans to
sell about $40,000,000 of securities, probably first mort¬
bonds, about mid-year. Proceeds—For construction.
Office—212 "West Michigan Ave., Jackson, Mich. Under¬
gage
writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; White, Weld & Co.-Shields & Co. (jointly);
Harriman Ripley & Co. Inc.-First Boston Corp. (jointly);
Morgan Stanley & Co.
Delaware Power & Light Co.
it was reported that the company has post¬
poned until early Spring of 1963 its plan to issue addi¬
tional common stock.
The offering would be made to
common stockholders first on the basis of one share for
each 10 shares held. Based on the number of shares out¬
March 9,1962
on Dec. 31, 1961, the sale would involve about
418,536 shares. Proceeds—For construction. Office—600
Market St., Wilmington, Del. Underwriters—(Competi¬
tive). Probable bidders: Carl M. Loeb, Rhoades & Co.;
W. C. Langley & Co.-Union Securities Co.
(jointly);
Lehman Brothers; First Boston Corp.; White, Weld &
Co.-Shields & Co. (jointly); Kidder, Peabody & Co.Merrill Lynch, Pierce, Fenner & Smith Inc. (jointly).
standing
Florida
Power Co.
plans
about
457,26? additional common shares on a l-for-20 basis.
Office—101 Fifth St., South, St. Petersburg, Fla. Under¬
writers—To be named. The last rights
offering of com¬
May 4, 1959 was underwritten by Kidder, Peabody & Co., and Merrill Lynch, Pierce, Fenner & Smith
Inc., N. Y. Offering—Expected in October, 1962.
mon
on
Florida Power & Light Co.
Sept. 18, 1961, it was reported that the company may is¬
sue $25,000,000 of bonds in the second half of 1962. Office
—25 S. E. 2nd Ave., Miami, Fla. Underwriter—To be de¬
termined by competitive bidding. Probable bidders: Mer¬
rill Lynch, Pierce, Fenner & Smith Inc. and Kidder,
Peabody & Co. (jointly); Halsey, Stuart & Co., Inc.;
White, Weld & Co.; First Boston Corp.; Blyth & Co., Inc.
Food Fair Properties, Inc.
11, 1962 stockholders authorized the company to
756,000 shares of a new convertible preferred stock
which will be offered to stockholders through subscrip¬
May
issue
tion
rights
on
a
l-for-10 basis. Price—By amendment.
Business—Development and operation of shopping cen¬
ters. Proceeds—To retire outstanding 6% preferred stock
purchase up to $6,000,000 convertible debentures of
Major Realty Corp., an affiliate. Office—223 East Alleg¬
hany Ave., Philadelphia. Underwriter—To be named.
The last rights offering in December 1957 was under¬
written by Eastman Dillon, Union Securities & Co.,
and
New York.
Salomon
cdst)
Brothers
Houston
Mar.
&
Hutzler.
Bids—June 28
;•!, .^
V-;;;
Lighting & Power Co.
in Chicago.
28, 1962 it
;
(12
noon
'C'"'-.
I
Lynch,, Pierce, Fenner & Smith Inc.Brothers-Equitable Securities Corp. (jointly):
First Boston Corp.; Kuhn, Loeb & Co.
:
reported that this company plans
to sell $30,000,000 of first mortgage bonds due 1992. Office-r-900 Fannen St., Houston, Tex. Underwriters —
was
(Competitive.) Probable
Dillon, Union
Eastman
bidders: Lehman
BrothersSecurities
&
Co.-Salomon
Brothers & Hutzler
(jointly); Kidder, Peabody & Co.Equitable Securities Corp. (jointly); Halsey, Stuart &
Inc.; and Blyth & Co., Inc.-First Boston Corp.Lazard Freres & Co. (jointly). Bids—Expected in June.
Co.
Illinois
sell
Power Co.
early
1963. Office—500 South 27th St., Decatur, 111. Under¬
writers—To be named. The last sale of bonds on May 21,
1958 was made through First Boston Corp. Other bidders
were:
Halsey, Stuart & Co. Inc.; White, Weld & Co.Merrill Lynch, Pierce, Fenner & Smith, Inc. (jointly);
or
Eastman
Dillon, Union Securities & Co.; Harriman Rip¬
ley & Co., Inc.-Glore, Forgan & Co. (jointly).
June
6, 1962 it
offer
stockholders
(8/27)
reported that this utility plans to
the right to subscribe for an addi¬
was
320,468 common shares on a l-for-10 basis. Ad¬
dress—Orpheum-Electric Bldg., Sioux City. Underwrit¬
ers—(Competitive). Probable bidders: Blyth & Co.; Carl
M. Loeb, Rhoades &lJCcK; 'Ladenbtttg, Thalmann & Co.Wertheim* & Co. (jointly); Merrill Lynch, Pierce, Fen¬
ner
& Smith Inc.-Kidder, Peabody & Co.-White, Weld
& Co. (Jointly). Bids—Expected Augr 27:
Jamaica Water
Supply Co.
March 20, 15*62 it was reported that this utility plans
to sell $3,000,000 of mortgage bonds and $2,000,000 of
preferred and common stocks. Proceeds—For debt re¬
payment, and construction. Office — 161-20 89th Ave.,
Jamaica, N. Y. Underwriters—To be named. The last
sale of bonds on May 3, 1956 was made by Blyth & Co.
Other bidders were: Halsey, Stuart & Co; Inc.; Kidder,
Peabody & Co.; White, Weld & Co.
The last several
issues of preferred were sold privately. The last sale
of common on May 9, 1956 was made through Blyth &
Co.,. Inc.
ir Jersey Central Power & Light Co.
June 6, 1962 it was reported that this company plans'to
sell $11,000,000 of first mortgage bonds due 1992 in the
fourth quarter. Address—Madison Ave., at Punch Bowl
Rd., Morristown, N. J. Underwriters— (Competitive).
Probable bidders: First Boston Corp.; Halsey, Stuart &
Co. Inc.; Eastman Dillon, Union Securities & Co.-Salomon Brothers & Hutzler-Merrill Lynch, Pierce, Fenner
& Smith Inc. (jointly); Kidder, Peabody & Co.; White,
Weld & Co.
•
Louisville & Nashville RR.
(6/13)
reported that this road plans to sell
about 6,045,000 of 1-15 year equipment trust certificates.
Office—^-220 E. 42nd St., N. Y. Underwriters—(Competi¬
tive.). Probable bidders: Halsey, Stuart & Co. Inc.; Salo¬
mon Brothers & Hutzler. Bids — Expected June 13
(12
noon EDST)
at the company's office.
was
.
Northern Natural Gas Co.
Feb. 28, 1962 it was reported
that the company's 1962
expansion program will require about $40,000,000 of
external financing to be obtained entirely from long
or short term borrowing. Office—2223
Dodge St., Omaha,
Neb. Underwriter—To be named. The last sale of de¬
bentures on Nov. 16, 1960 was handled on a negotiated
basis by Blyth & Co., Inc., N. Y.
(Minn.)
6/12)
March 19, 1962 it was reported that this company in¬
tends to sell $15,000,000 of 30-year first mortgage bonds
due
1992.
Proceeds—For
expansion.
Office—15
So.
5th
St., Minneapolis. Underwriters—(Competitive). Probable
bidders: Halsey, Stuart & Co.; Merrill Lynch,
Pierce,
Fenner & Smith Inc., Peabody & Co., and White, Weld
& Co. (jointly); First Boston Corp. and
Blyth & Co.>
Inc. (jointly). Bids—June 12, 1962 (10 a.m.
CDST) in
Room 1100 at 231 So. La Salle St., Chicago. Information
Meeting—June 7, 1962 (11 a.m. EDST) at Schroder Trust
Co., 57 Broadway, N. Y.
Panhandle Eastern Pipe Line Co.
8, 1961 it was reported that this company ex¬
pects to sell about $72,000,000 of debentures sometime in
1962, subject to FPC approval of its construction program.
Office—120 Broadway, New York City.
Underwriters—
Merrill Lynch, Pierce, Fenner & Smith
Inc.* and Kidder
Peabody & Co., both of New York City (mgr.). Offering
—Expected in the fourth quarter of 1962.
March
Pennsylvania Power & Light Co.
Feb. 20, 1962 Jack K. Busby, President and C. E. Oakes,
Chairman/ stated that the company will require about
$93,000,000 in debt financing in the period 1962 to 1970.
Proceeds—For construction and the retirement of $17,-
000,000 of maturing; bonds. Office—9th and Hamilton
Sts., Allentown, Pa. Underwriters—To be named. The
last sale of bonds on Nov. 29, 1961 was won at com¬
petitive bidding by White, Weld & Co., and Kidder,
Peabody & Co, Other bidders were Halsey, Stuart &
,
Co. Inc.; First Boston Corp.-Drexel & Co.
(jointly).
Public Service Co. of Colorado
March 9, 1962 it was reported that this company plans
to sell about
$30,000,000 of common stock to stockhold¬
through subscription rights during the fourth quar¬
or the first quarter, of 1963. Office—900 15th
St., Denver, Colo. Underwriters — First Boston Corp.,
Blyth & Co., Inc., and Smith, Barney & Co., Inc.
ers
ter of 1962
^Rochester Telephone Corp. (7/19)
June 6, 1962 it was reported that this company plans to
issue $12,000,000 of debentures due 1987. Proceeds—To
repay bank loans, and redeem outstanding 4% deben^.
tures due 1963. Office—10 Franklin St.,
Rochester, N. Y.
Underwriters—(Competitive). Probable bidders: First
Boston Corp.; Eastman Dillon, Union Securities & Co.Kidder, Peabody & Co. (jointly); Halsey, Stuart & Co.
Inc.; Kuhn, Loeb & Co. Bids—Expected July 19.
.
San Diego Gas & Electric Co.
Merrimac-Essex Electric Co.
May 9, 1962 it
last sale of bonds on July 14, 1960, was
by First Boston Corp. Other bidders were:
Halsey, Stuart & Co:, Inc.; Blyth & Co., Inc-Equitable
Securities Corp. (jointly); Glore, Forgan & Co.
The
Northern States PowerCo.
utility expects to
$25,000,000 of debt securities in late 1962
ir Iowa Public Service Co.
named.
handled
reported that this subsidiary of New
England Power Co., plans to merge with two other com¬
panies, in July after which it will issue $20,0.00,000, of
first mortgage bonds. Office — 441 Stuart St., Boston.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Kidder, Peabody & Co.-White, Weld
& Co. (jointly); Merrill Lynch, Pierce, Fenner & Smith
Inc.-Eastman Dillon, Union Securities & Co. (jointly);
First Boston Corp.
was
ic Missouri Power & Light Co. (7/17)
June 6, 1962 it was reported that this utility plans to
sell $6,000,000 of first mortgage bonds due 1992. Office—
106 West Hight St., Jefferson City, Mo. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.; White, Weld & Co. Bids—Ex¬
pected July 17.
Monterey Gas Transmission Co.
April 24,1961 it was reported that Humble Oil & Refin¬
ing Co., a subsidiary of Standard Oil Co. of New Jersey,
and Lehman Brothers, had formed this new company
to transport natural gas from southwest Texas to Alex¬
andria, La., for sale to United Fuel Gas Co., principal
supplier to other Columbia Gas System companies.
It
is expected that the pipeline will be financed in part by
public sale of bonds. Underwriter — Lehman Brothers,
New York City (managing).
.
Georgia Power Co. (11/7)
On Jan. 12, 1962 it was reported that this subsidiary Of
the Southern Co. plans to offer $23,000,000 30-year first
mortgage bonds in November.
Office—270 Peach tree
Bldg., Atlanta, Ga. Underwriters—(Competitive). Prob¬
able bidders: Halsey, Stuart, & Co., Inc.; Harriman Rip¬
ley & Co., Inc.; Blyth & Co., Inc.;'Kidder, Peabody &
Merrill
'
May 23, 1962 it
March 19, 1962 it was reported that this company
to offer stockholders the right to subscribe for
Inc.;
Stuart. St.,,-Boston.; Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Kidder. Peabody &* Co.-White, Weld & Co; (jointly);
Lehman
tional
Columbus Capital Corp.
Qffice—441
Georgia PowerCo. (11/7)
f
12, 1962 it Was reported that this subsidiary of New England Telephone & Telegraph Co. (7/10)
the Southern Co. plans to offer $7,000,000 of preferred
May 16, 1962 it was reported that this company plans
stock in November;
Office—270 Peaehtree BIdg., At¬
tor selT $50,000,000 debentures, due 2002. Proceeds—To
lanta, Ga,. Underwriters— (Competitive). Probable bid¬
repay advances from-A. T.* & T., parent company. Office
ders? Blyth & GOh Inc.; First Boston Corp.; Morgan
—185 Franklin St.,. Boston. Underwriters—
(Competitive)
Stanley & Co.; Eastman Dillon, Union Securities & Co.Probable bidders: First Boston Corp.; Morgan
Stanley &
Equitable Securities Corp. (jointly); Lehman Brothers.
Co.; Halsey, Stuart & Co. Inc. Bids—Expected July 10
Bids—Expected Nov. 7.
Registration—Scheduled for
at 195 Broadway, N. Y. - -- - ;• •
>
Oct. 5.
,vv
-r. .. *>■/,;
:** Northern Illinois Gas Co.
it Gulf, Mobile & Ohio RR. (6/28)
Feb. 28, 1962, it was reported that the company expects
June 6, 1962 it was reported that this road plans to sell
to raise $125,000,000 to finance its 1962-66 construction
$1,575,000 of 1-15 year equipment trust certificates.
program. About $25,000,000 of this, in the form of a debt
Office—230 S. Clark St., Chicago. Underwriters—(Com¬
issue, will be sold in the Second half of 1962. Office—
petitive). Probable bidders: Halsey, Stuart & Co; Inc.;
615 Eastern Ave., Bellwood, 111. Underwriters—To be
Feb. 28, 1962 it was reported that this
(6/21)
April 17, 1962 it was reported that this utility plans to
sell $25,000,000 of 30-year first mortgage bonds. Office—
139 East Fourth St., Cincinnati. Underwriters—(Com¬
Dec.
;
c
Oii Jan.
—*
REctor
••
-
tion.
New England Power Co.
May 8, 1962 it was reported that this utility plans to sell
$12,000,000 of 30-year first mortgage bonds in Novem¬
ber, 1962. Proceeds—For debt repayment and construe-
March 19, 1962 it was reported that this company plana
to sell about 500,000 common to stockholders in late
1962 to raise some $17,500,000. Office—861 Sixth Ave.,
San
Diego, Calif. Underwriter—Blyth & Co., Inc.> N. Y«
Southwestern Bell Telephone Co.
(8/7)
May 29, 1962 it was reported that this A. T. & T. sub¬
sidiary plans to sell $100,000,000 of debentures. Proceeds
—^To repay advances from parent, and for construction.
Office—1010 Pine St., St. Louis. Underwriters—(Com¬
petitive). Probable bidders: Halsey, Stuart & Co. Inc.;
Morgan Stanley & Co. Bids—Expected Aug. 7.
Southern
Electric
Generating Co.
(11/28)
On Jan. 12, 1962 it was reported that this subsidiary oi
the Southern Co. plans to offer $6,500,000 30-year first
mortgage bonds in November. Office—600 N. 18th St.,
Birmingham, Ala. Underwriters—(Competitive) Prob¬
able bidders: First Boston Corp.; Halsey Stuart & Co.,
Inc.; White, Weld & Co.-Kidder, Peabody & Co. (jointly);
Merrill Lynch, Pierce, Fenner & Smith Inc.-Blyth &
Co., Inc. (jointly); Eastman Dillon, Union Securities &
Co.-Equitable Securities Corp.-Drexel & Co. (jointly);
Morgan Stanley 8c Co. Bids—Expected Nov. 28. Regis¬
tration—Scheduled for Nov. 1.
•
Windjammer Cruises,' Ltd.
April 18, 1962 it was reported that the company plans
to register 90,000 ordinary shares. Price—$4. Business—
Operation of "Windjammer" sailing ship cruises. Pro¬
ceeds — For acquisition of additional vessels. Office —
P. O. Box 918, Nassau, Bahamas. Underwriter — J, I.
Magaril Co., Inc., N. Y.
46
The
(2694)
■
,
'
commercial ana Financial
can
our
Our New Foreign Credit
internal consumption to bal¬
sume.
plus any special credit or financial
data that is deemed to be neces¬
i
;
r
I
should emphasize that
creased limits are applicable to
outstanding unpaid shipments,
con¬
,
must find
excess
F. Eberstadt* & Co., Managers & Distributors, Inc., 65 Broadway,
New York City, has announced, the appointment of three new
officers: John F. Van Deventer and Donald Av Young as Vice-
its way
Presidents
other countries.
Twenty
nations
one
-
similar credit insurance programs.
Canada has. had such
and
Robert Smith
as
Secretary. arid Treasurer.
have
-
operation
an
since 1946 and Great Britain since
19181
Both
.successful.
are.
-The
■*
to
avenue
V
President
has
;warned
that
w?e
must meet
.
,.
Our government and the mem¬
bers of FCIA believe that credit
foreign business com¬
He said recently: "We insurance will
play a vital role*
the energies of all
in putting the United States up ;
our people to the vital
task of front
his shipments outstanding at any
in the world's exporting
keeping our industry competitive
one time. He should not base re¬
race.
rr. "'*:'"-r- /'A'A
:
and expanding our exports."
Members of
quests on the amount of annual
Working in cooperation with
sales.
Foreign? Credit Insurance Ass'ii
the nation's business community
Rate Basis
Ed. Note: The following is a list
and the Export-Import Bank, our
The rates for credit insurance
of
the
companies Which were
goal at FCIA is to do just this.
are based on Just two factors: one,
members of the Foreign Credit
At this juncture I would like Insurance Association as of
the credit terms extended, two,
May
the country to which the goods to- explain some of the features 17,
1962.
Participations range
of the policy.
from $25,000 to $100*000, with the
are
being shipped. The political
It is an annual contract which bulk of the- companies being hi '
risk, it should be noted, is greater
covers 95% of the exporter's po¬
in some countries than others.
the first-named category.
The exporter can determine his litical risk and 85% of his credit
Aetna
Casualty and Surfety Co.
Aetna* Insurance' Co,
•
■
'
:
premium on a monthly basis, ac¬ risk.
*
The commercial credit cover¬ Allstate Insuranee Co.
cording to shipments, by referring
American Casualty' Co. of Reading, Pa,
to a schedule of rates attached to age simply
says:
"The insurers American Employers' Insurance Co.
the policy. A 10% advance pre¬ will indemnify
-'
•.
'
the insured in American" Home1 Assurance Co: '
S.
mium- is required. This is credited U.
dollars for 85%
of the American' Mutual Liability Insurance Co.
Atlantio Mutual. Insurance Co.
against the final premium at the amount of the insured's loss- in¬ Boston* Insurance- Co,
end of the year, or applied to the curred in connection with eligible Camden Fire Insurance Association
r
'
•
^
policy for the new year. Insurance shipments caused by the occur¬ Celina Mutual Insurance Co.
Cincinnati Insurance-. Co,
Z
agents and brokers are familiar rence after shipment of: (a) in¬ Commercial Union Insurance Co. of N. Y. "
with this convenient plan for pay¬ solvency
of
the
buyer;
or Consolidated Mutual -Insurance Co.
'ing premiums.
(b) failure of the buyer to pay Continental Casualty Co.
Therefore, the exporter should
his requests for increased
limits to the maximum value of
rlimit
•
we
■}
develop additional ex¬ programs also appear, to be> suc¬
port business. The United States cessful in the other countries.
; i
cannot
afford
to
spepd more
It; is time,.. don't you think, to
inabroad
than" it gets • back. The. catch
up.
;:
; :
*.
sary.
.{•
; >
current
trade situation requires
explore .every possible
foreign
that
scratched
seriousness of the
The
juric
F. Eberstadt Names Officers
.
pro¬
we
i
This
to
quested by buyers of higher limit
policies must include at least two
of the credit reports referred to,
than
more
upon
which
economy,
much
duces
depend
longer
no
our
ance
Insurance Association
nation. We have hardly
the surface.
>
.
V,
iflursuayji
•
'
We
Continued from page 8
chronicle
petition.
must harness
,
.
■
.
.
.
.
•.
■
■-
*•
John F. Van Deventer
Donald A* Young
Robert Smith
Mr. Van Deventer joined F. Eberstadt & Co. in 1951 and has
been a Vice-President of Chemical Fund* since
1952; specializing
in the
he
drug and oil industries.
associated
was
& Film Corp.,
Prior to joining Chemical Fund,
and General Aniline
with Bankers Trust Co.
#.~r -
•„
..*■'/
■,
.
'■
■
•
Mr. Young joined the Eberstadt firm- in 1952 and became a
Chemical Fund Vice-President in 1956. He specializes in the
phono¬
graphic, glass and rubber industries,
.v
/
>
Smith; a certified'public accountant,^ joined^ Eberstadt in
Before that, he was with Price Waterhouse :& Co.
and later
the law firm of Bebevoise, Plimpton & McLean;
-
Miv
1961.
with
.
F, Eberstadt & Co., Managers & Distributors,. Inc.;^ a whollyowned subsidiary of F,: Eberstadt - & Co;, acts'as- investment manf
ager for Chentical' Fimd, Inc: and distributes the Fund's shares to
•
the public through securities
dealers,
:
:
^
.
■
,
-
Exports
covered by
unconfirmed
or
confirmed
of
letters
the insured within six months
to
due
credit after
of
date
payment the
in whole or
delivered to
and accepted by the buyer." Any
gross invoice value,
in part, of products
and exports to
Canada need not
reported to the insurance com¬
pany. All other exports, however,
mUst
be
reported.
Otherwise, loss insured under the political
there would be an" adverse selec¬ risk coverage, of course, is ex¬
under
the
commercial
tion of risk
meaning that ex¬ cluded
Credit
insurance
is
porters could insure only those? coverage:
available
to
exporters
through
shipments5 where the credit riskyour
insurance
representatitve.
was poor.
Through him you can obtain an
We are now developing a con¬
explanatory brochure, application,
tract form of policy which will
forms and a sample policy.
protect the exporter from the
To bring: the story of the For¬
time he receives an order until
eign Credit Association to the
the order is delivered and paid
be
—
,
attention
We are also developing a policy
of
porters is
for.
a
know
all
American
tremendous task. We
that,exporters
to
apply to the medium term hazardous
nature
credit field, a period from one to1 credit risks
We
five years1 as contrasted with the
180 days to one-year period for
the short term policy. We expect
have this policy
to
in
force
by
however, that, the
surance'
here
has
it
as
In
realize the,
of
insuring
will
in
the
confident,
are
new credit in¬
program
countries.
ex¬
succeed
many
other
U.
S., as else¬
early summer.
where, it is essential that an ex¬
porter must be satisfied" that hfS
Over 300 Policies Issued
buyers are entitled to his credit.
Though we opened our doors >■ Credit insurance is not intended
business
for
less
than
three
months ago, it is encouraging to
be able to report that already we
have issued more than 300 policies
with
aggregate insured liability
of $160 million. On this basis, it
an
is reasonable
to expect
that
our
be a> substitute
to
partments
ability.
New
Jersey, with its major port
facilities
at
Port
Newark, Port
Elizabeth and Camden, will play
a
vital part in this program. As
of the nation's larger indus¬
one
trial
states* New Jersey has an
important stake in the area- of
export trade. Ohe only need ex¬
amine the recent report made by
Secretary
of Commerce Luther
Hodges to assess
the
Garden
State's role. In 1960s, exports from
this state totalled $897 million
and
all
indications
are
that
this
figure will increase substantially.
I
feel
certain
that
the
Foreign
for
for
credit de¬
management
any form of insurance
is made available to provide
coverage against the unforeseen
and the unexpected.
our
is fully op¬
program
an
exporter no longer
should be hesitant to compete in
the foreign markets. He will be
on
equal or better footing with
exporters of other countries who
have long enjoyed export guaran¬
tee
insurance,
The
government
surance
and
the
in¬
industry—working hand-
Confident Business Will Expand
Nation-wide
Firemen's
General
Because
policy
is
the
credit
assignable,
insurance
we
believe
it will be easier for the exporter
to obtain loans from his bank* We
realize that bank loans are made
on the basis of'balance sheets and
knowing that their clients, as well
as
themselves, are protected by
credit
In
Insurance
Insurance
insurance.
Co.
'
•
oft Newark, N*
Co;
Accident
Hardware
Home
Mutual
•
Jefferson
Liberty
Co.
ance?
■-
.
The
America
Company, of New York
Co.
-
'
Middlesex** Mutual Assurance* Co.
r
•
*
Service
<
v
-
National
Co.
Fire
.
National
Union
Fire-
Mutual '
Nationwide
New
Insurance-
Hampshire
-
of
Co.
'
■
* -■*
Hartfordr
Insurance Co.
Co.
Insurance
Co.
Insurance
Pacific* Insurance-
»* ■
-»
;
of Ne\y
Company
York
,
Pee'rless. Insurance
Co;
PKoenix* Assurance
Gompany oft New York
.
Phoenix
Insuranee'"Company
Potomac
Insurance
Providence
Pubiic
Washington
Service- Mutual
Quaker
City
Reliance
*
Cb;
Co.
Insurance
Insuranee
Insurance
of .Hartford*
V
Insurance
Co.
Paul'* Fire
and
Marine
.
United' Benefit
United
{•United
Co.
Fire
Co;.
Ihsurance
Co.
f Universal Insurance Cos
Worcester
Mutual9 Fire
Insurance
Col
Corp.
Insurance
*
•
good demand; with
balance;
$1,500,000.
sold
on
behalf of 14' counties
The
School program
is* largely
money
state motor Vehicle
is
Sudler Opens
bought by The Chase Man¬
in¬
cost of 3.1784%;
This win¬
expect'ed Shortly.
Branch
—
New York Trust Co., Kuhn, Loeb
at
12
Go:*,
Philadelphia
.
National
group: at
a
net interest* cost of 3.19 %. Other
members- * of the
were
East
Bank, Shields- & Co., Ladenburg,
of Thalmann .& Co., Wertheim & Co:
and Stone. & Webster Securities
T.; Lorenz,
Corp; The.bonds were offered to
WiHratore & Beane Branch yield from 1.90% to 3.35% and'
,as we go to press a balance of $1,S.
R.
Williston
&
Beane
has
455,000 remains in account.
opened' a branch- office at 360
On Wednesday May 6, the City
Lexington Avenue,* New York
of Lake Worth,. Florida awarded
City, under the management of
$1,800,000
water
and. electric
Harvey J. L'Hommedieu.
revenue (1965-1988) bonds to the
syndicate headed jointly by The
.
winning* group
Barney* < &
Co.,
& Co;, Goldman,
Smith,
-
Phelps;; 'Fenn
Sachs
&
Co.,
The
Co.
and
John
second
Nuveen
best- net
in¬
at
3.223 %. The
bonds-'
Of¬
were
fered to
go- to press the5 unsold balance
we
is- $1,050,000:
the
nating
'
-
-
-
,
3.10%
a
iiet interest cdst,
made by thG';Wertheini & Co.
group. The bonds were scaled- to
was
yield * 1.90%
in 1964 to* 3.25% in
1987. Other members of the win¬
-
ning
direction
June
6
the
unsold
balance
is
City Transit Issue
in
$1,384,000.
New
York
■
<
The%
William
turn, the advantages of credit
picture
country-wide is insurance'will extend to suppliers
With Calif. Investors
First Boston Corp. and Dominick
equally bright. While most of our of exporters. Though
indirectly,
business today has developed in they too will benefit.
LOS ANGELES*
Calif. —Walter & Dominick at a net interest cost
We all recognize that our for¬ Sedach, formerly with Mora* and'
the metropolitan New York area
of 3.5702%, The runnerup
bid
—about 75% of the total—I am eign- trade must be expanded. Our Co., has joined the staff of Cali¬
designating a 3.571% net interest
unfavorable trade balance must fornia
Investors, 6544 Olympicr
confident our range of business
was
be corrected^ To- do so,, we must
made, by Smith, Barney &
Boulevard, members of the- Pa¬
will soon expand to the rest of the sell more in the world
Co.
markets. cific Coast Stock Exchange.
and ' associates.
The
bonds
The
(1965-1987)
revenue
bonds which Were awarded to the
Harriman Ripley & Co.
syndicate include* Kidder
Peabody & Go., Goldman, Sachs
&
Coi, Laidlaw & Co., A*. G.
group.
;
*
Becker & Co., R. H. Moultox> &
Other members of the winning
Cor, William P. H^rpe^ & Son &
syndicate include Morgan Guar¬
Co. At the close of business?-on
anty Trust Co., Chemical Bank
Co.,. has opened* &
office
under
>.1
~
On
hattan Bank syndicate at a net
Jersey State Chamber of' Commerce,
Newark, N. J.
.branch
r
•
Wednesday's largest sale Was
$6,750,000 Springfield; "Mo.,< pub¬
yield 2.00% in 1965-to
and is payable solely from funds* 3.35% in 1986. The last' maturity
(1987) carried' a 2% coupon and
allocated for this purpose* to the
counties by the State Board1 of Was-offered to yield. 3.85%. As
State
was
Co;
-
New
Boulder,
the present- balance
cbst was entered
by the
the: overall
The
bonds' Halsey, Stuart & Co., Ink grchip
ning. bid compared very favorably
with the second bid, a 3.18% net
♦An addiess by Mr. Sheehy before the interest cost, which was made by
Export Opportunities Conference* of the the
Halsey, Stuart & Co., Inc.
a
1 with
being $170,000,
terest
of application,, by the
Amos- C. Sadler &
cellent
&
terest
•{•Formal approval-
Governing * Committee'
yield. Investor' interest
well rated bond; was ex¬
this
,
General' Insurance
Co.
Insurance
Zurich
in
lic-utilities-
This issue Was also* in
offered" at
are
Wednesday ' the cify of
Washington sold $3,Another, important
Sale
on Spokane,
515,000: City: improvement bonds
Tuesday involved" $5,000,009 Hill's-^
borough County (Tampa), Florida" (1964-1987) • to"the Bankers Trtist
Co. group at a- net interest ebst
special tax school district No*. 1
bonds- due* 1964-1981. The issue of 3.08%. The second bid,? desig¬
States Liability Insurance Co.
Washington
Tuesday
was
and
coupon
3.75%
a
revenues.
States. Fire Insurance Co.-
Wolverine
on
•
3V4%
split between
three5 groups. Ira Haupt *' .& CP.
and associates purchased $4,360,000 of bonds; The Interstate Se¬
curities Corp. group bought $1,640,000 of bonds and the balance
of $1,250,000 were purchased by
Halsey, Stuart & Co., Inc; and*
derived froni
^
*
Indemnity Co.
Tri-State Insurance
counties
Education.
Insurance* Co.
.
Security Mutual Casualty
Springfield Insurance Co.
Transit' Casualty Co.
' • '
■Transport Insurance Co.
14=
of
and'the award
under the
Co.
Seaboard' Surety Co;
of
sold
$7,250,000 School
(1963-1982) bonds on be¬
were
Co.
Royal Indemnity* Co.
St.
■
.
Insurance
Casualty
Co. • .
National Casualty
Board
/
2.25%
in 1965 to 3.60% in 1986. The 1987
and
1988 -maturities - carried
a
associates.
•
fMonarch Insurance Company, of Ohio
Mutual-
State
Florida
,
half
1
Co.
Casualty
Insurance
*
:
revenue
Co.
Insurance
$1,750,000.
Education
North
of
Mutual
Mutual
3.30%
coupon, investor demand
has- been good with Today's bal¬
Indemnity
,Casualty Co. ...
Insurance
Lumbermens
MFA
a
r-
,
and
Company
Mutual
J;
Co.
Insurance
Insurance
Were offered to yield from
-
delphia National Bank. Reoffered
to yield from 1.70% to 3.50% for
Company .of America
Great American Insurance Co,
Hanover fiisurartcef Co*.
*
"
Hartford
Continued from page 6
-
COLORADO SPRINGS, C o 1 ov
Credit Insurance Association will records,
nevertheless, it is reason¬
be an important factor in helping able to' assume that the banks
to develop New Jersey's export will' more
readily make loans
growth potential.
Fireman's Fund Insurance
in-hand—offer the1 exporter every
reasonable protection against both
political' and credit risks:
TAX-EXEMPT BOND MARKET
Co.
Insuranee
Empire Mutual Insurance Cot
Employers- Mutual Liability Insurance Co.
Export I^urancft, Co.
h
■
Travelers
It—like
—
liability will exceed $750 million
After
by the end of this year in the erative,
short term field alone.
or
Cosmopolitan
^Cosmopolitan' Mutuar Insurance Co.
As
the
Making
market
for
<
t
municipals
has backed away from its recent
high level the likelihood of at¬
tracting
bond
revenue
projects
into the sphere of negotiation has
become more remote.
However,
Phelps,
Fenn
&
Co.,
Lehman
Brothers, White Weld & Co.
B.
Jk Van Ingen &
managers
are"
000,000' New
Authority
to
Co.
and
as
joint
negotiate
$92,-
York
revenue
City
Transit
bonds.
The
proceeds will be used to purchase
724'
is
new
cars
and
the
financing
anticipated prior to the fall.
Volume
Number 6166
195
.
.
The Commercial and Financial Chronicle
.
rpi,„ Qf of/-v r,f TP A DP onrl TXTDTTSTPV
Ilie Oldie Ul -L lVrl.L'.L/ £UlU. LIN UUUiiH
„
for
centers
money
week End.
,—
.June2—
-
city
Kansas
'ztool
+
1.7
388,684
+
2.9
1962
o
r*8o1%'
tons
1962
i
me
P
of
the
U.
auto
S.
.
up fractionally
this week, reported Dun & Brad-
.
of the last 43 weeks,
with the nlast 22 weeks was 1961>
of regan over-all tonnage gam
in-
istered
from
that
^
of
units 3t year. However the
stock-market gyrations, day, topping the 5,408,625
gain has heen
the
corre-
street, Inc. Lambs, wheat and
narrow margin the considerably
lower prices quoted for oats, rubber, steel scrap and tin
lhe — ?reViOUS
to year
yoar
°n JuI?e 4' the Daily Wholesale
Comrnoditv Price Indev
-
during the
narrower
Reports said this week.
8
.
270
*1
,
rye
appreciably in wholesale cost,
and these gains outweighed bv a
rose
passen- last few weeks than that found
during the first quarter of 1962.
ger cars made in the entire 1961
ing ta for plantpledges equipment
earli?r
to- spend,model year,' Ward's Automotive:
and
more
-
each
ton- price level edged
showed
iirst 21 weeks of 1962 together
*
rr>
areas
from
and
also
org rr
mZmiJ \hl
1 !Lg
0
similar"
•
last
tn
exceeded
26Q 46
dat
vear
ctay last year.
Lumber Output 8.7% Above
inphpn
*
-i
TJle statistical agency said the
1961
Wholesale Food Price Index
Major Producers told steel that current model run will ultimately
Lumber production in the United Steady At Previous Week's Low
the pr0fiC s(*ueeze wd* spur+ more be second-best in automotive his- States in the week ended May 26,, The Wholesale Food Price Index
spenafaig than. it will deter or tory, rising SOme 23% from a year totaled 245,801,000 board feet, compiled .by Dun^ & Bmdstreet'
P°stPDne- At. alm?st every com- ago to about 6,650,000, bettered compared with 240,040,000 in the Inc., held even this week at*5 74
-
week
the
in
**
*
decreased
47
^s. year than they did in 1961.
In-
1586600
was
a^aiLt
as
<
j
All or Lrast Year
the close of operations last Satur-
steelmakers last week were hold-
week
the
for
Despite
r-
ofYear
All
SV9£LmS1B
spproxuxifltcly 5,416,000
Spend ng O wn
,
th^American^ron^and1^^!
nrnH^tl
*
Output
SiiAfiiiinff Down
the
for
1
June
Week Mded June
j
For
•
Only U. S. Steel Will Scale
5.0
—
Data
Prnriiirtion
puzzled.
°of
variety
registered
while only 12
t° step up ordering has suppliers increases.
Thirty-
mill products.
989,000
wLk ^ded
*
'
nage,
The failure of canmakers
overstocks on a wiae variety o
710,922
1,038,000
698,656
409,017
Boscon„l—/*
areas
degree.
-rhirtv
buildup.
orfY wide
overstocks
(ooos omitted)—%
1S62
1961
Sago0!!:: "SS "i&SS i ii
philaueiphia
shipmenis, are dropping off to a
eiteht per cent (the hig est P
of the principal
follows:
•
some
poststnke
the
Continued from page. IS
mary
(2695)
saw
i t =,;vr fovsjs .«£*■* „„ PWM0„ ssr aajsaats. zs
•jamsaa T«sa* seas sssrz&ui »—« ™*» - xv? #™-r awv" ~ • **mm « t4
orjgmaiiy piug a c
seCond-best volume for Doara Ieei*
3.1% from
24 7%
or
tT
the
|
\
cars
above
nprlnrf thrniSi' June 3, .1901.
period through Tune 3 19bl
y
the industry's tevel
Corp.
steel
g
Jhe Institute concludes witi No. 1 producer, has scaled its
,
^©.stricts1 for'week^nc ed
'
1062
follow?'
as
lanuaryX c^mpaiw
outlavs a'pprraching ^:he
Million it^ St last
June
J"ne
forerast
.index of Ingot
„2fi
year
^26 muUjm it spe
production lor
-
y
i
64
Youngstown
the
Chicago
smallest since those 0f 1950.
—
83
-1—-—
Cincinnati
86
.
Iwivn11
"""""""
western
July steel
.
1 no
'
Total
85.1
k
"
-
•
;
f
of
^index
production
for
production
weekiy
based on
1957-1959.
average
.
.
be
ordering may
at^^^^ti.^rom
^^
cars
turned out in the
^
P'a"ts were closed for Memonai
a
y*
expected,
little stronger than mills
The Iron A9e reported yesterday.
Jn recent weeks the
*
-
May only in that one less regular
Steel's Improving New Order Kate
93
St. Louis
Rail Freight Fractionally Gains
order
new
rolled
figures
fcA-
in
the
2404140
580,361
the
cars,
products for July shipment. American
Association
Railroads
wL^sS
mated at 15)471;000 000 kwh
the
to
Institute.
Edison
of
>
ac.
Electric
Output was 731,000,000
P5kiI
toWtrfttefSfl
/oodsP™?
'chw
cost; ol-Imng index Its chief
?
of
trend of fnnH
31
raw
nrl^^f ^n gePeFal
d p ces at the whole~
sale lvl
pre-
wltt
RetaiI SaIes Ease Slightly
Consumer buying lacked steam
in the week ended last May
we k.
announced.
%Hct!TZ
pound
per
IKh^in!''
i
registered durina the
were
in
S SS
7116 amount of electric energy
distributed by the electric light
ended Saturday, June 2.
Dips
week"
corn, oats, lard, cheese, milk,
Ma,27. coffee, cottonseed oil, cocoa, eggs
22^266 and steers. These mild declines
Ma, 19.
245 891
kwh.. less than that of the
Over Last Year's Week
sizable orders for flat-
some
the
Ma, 26.
Pr0duction
cording
rate has improved. Important in
Loading of revenue freight in
the gains encouraging producers the week ended May 26 -totaled
are
Compared with 1961 levels, out- date last
put rose 8.7%.
Following are
June output, according to the thousands of board
statistical agency, will be below weeks indicated:
the
111
Detroit
since January, 1960.
be
Cleveland
$5.92 on the similar
year and also was short
of the $5.90 in 1960.
.
on record, and highest
output for the industry
—SIRS S&LZliSfe !8&
»«^f«.cars •
p
y :
0f
. work dajr js available to the in-
North East Coast
::
wag
There ls ori? notaSe exception: the month
with
no
30-
substantial pre-Memorial
However, both mill shipments This was a decrease «fp6;585 cars Business Failures Continue Down Day rush developing.
However,
and operating rates are still mov- or 1.1% below1;; the . 'preceding
jn Holiday Week
over-all volume did hold a modest
?,,
Steel production this, year .will in^
clown, thenatiorrai metal- weefe.; r
r,-^V
■
1 Commercial and industrial failprobably be the largest In five working weekly pointed out. The
The loadings represented ahih- tires edged down to 280 in the
' T\/r P ^
^ratic regional
years
despite ' the r continuing recent slim boost in ordering is crease
of 1,594 cars or three- holiday week ended May 31 from Patteras•^Ieas clothing gained
Steel
1962
Probably
Output Will
Largest in Five-Years
Be
->
•.
downtrend in sieeimaklng opera-
ticms,
Steel
magazine' 'predicted
this week.
Ti
„.ni
nr.j.
no.
will
It
:
:
.
.
miliin-n
million
iir:
115
hp
be
:
tons
»e«ied
tlogapiK^ptei»wV^ra-.-tenths of 1% above the corre- 285 in the preceding week, report- ^hife Mav Xhhe"
S Wefir'
-Stsponding week in .1961, but a de- ed Dun & Bradstreet, Inc. AipT,r!if !
L ?ener»ally
And. while some mills are en- crease of 59,503 cars or 9.3% be- though casualties dipped to the
P"rShafs of ^.™»tare
couraged* b<v the recent July iow the corresponding week in second-lowest level so far in 1962 pic\kad UP aad alr conditioners
ordering, others remain pessimis- 1960.
??ev^^ exceededI hv
mSmtP and Iawn equipment continued to
tic about next month's sales. ,
There were 14 022 cars reported margin the 254 occurring in the top the llst in home ^oods shop^c"s o£..®19
a
pas December—and it 'may not
some enthusiasts ^dieted
last
Roth
reach lliknriUion, but itds likely
placed
°o oe5lnmSfo„rars « ® On^large "auto
in 1061'.
-
tons
appliance
automakers and
shee"
,
ijiere were
cars reported
margin tne zd* occurring m tne
Say fai?e?s fr MghVa™
ton-
cotpan^ ta S
^^ri6'rAdi1ibh mea"s Jujy 1?^
-TOrf
total). This was an increase of
Large casualties involving lia-*
tjus^. 3^6 millio^ as. the mUls had feared. But the 1^901 cars or 15.7% above the cor- bilities in excess of $100,000
mark the l0W" responding week of 1961 and 3,095 dropped sharply to 29 from 43 a
rmHicrn. Fourth quarter
Pjodufe- point of die sales year.
.
0r 28.3% above the 1960 week.
< week
-ago
but
they
remained
in"
How much recovery there is^ - cumulative piggyback loadings slightly more numerous than the
?8
t<^>.
. ,on; later in- the,,^thrrd quarter depends for the fiYSt 20 weeks of 1962 td^-26 in. the' comparable week,- last
^^,n,
orders for taled 259,781 cars for ah increase year. A contrasting increase occonsun.er
ddrab^, and spendmo 1963 modeL-cars. The July t01^* of 43,954 cars or 20.4% above the curred among smaller failures
r°T capital equipment.
nages seem ear-marked for close- corresponding period of 1961, and with losses Under $100,600, lifting
^hclngot outputW%ek^w4lthat outs .ol 1962 production runs. . 49-717 Carsr or 23.7% above the thelrfetOU to 251 from 242 In the
less -than the ,1,620,000 tons
One supplier points out its July
'
this
something kke=
ur
y
-
1
a
-
were poured last!
Output was 1.6% below the
!previous week s.
.
Scrap also continued
its de-
Sfeel
estmiates
week.
l
cline. -Steels
i^o,
l;
.
A11 tne
Autos
.
^
corresponding
period
in
1960.
tonnage feu.- a large automaker is There were 59 Class I U. S. railthe largest for any July in "the
road systems originating this type
last three years. Two producers traffic in this
year's week comwhich
Specialise
m
flat-rolled pared with 58 one
year ago and
products say orders have moved 53 j
the corresponding week in
up
sharply.;. Another reports
gross-ton^o $25.17. moderate
Dull
°f
on
Pitnvidn Rriirht Stint In
Provide Bright Spot In
;
;
composite
price
l^a^^tingx grade' dipped
i¬ter $1,16 a
Market-
'
the
few
bright
aull
otherwise
steel
spots?; m .ah
market, the
-magazine said
running
about parallel with
demand
.third of May were the largest for
,the period
ter
since
all
for
production
Steel
the
more,
195o. Third quar-
production schedules call for
1.2 million cars, and, tentatively,
it looks like 1.8 million cars could
a
nages
reason:
.
has
is
0.9%
Substantial
from
deferred
The
week's
decline
was
con-
centrated in manufacturing, where
casualties fell to 46 from 59, and
in commercial services, off to 18
from 24.
On the other hand, the
toll among retailers rose to 141
from 134 in the preceding week
and the toll among construction
contractors
ton-
behind
the
volume
for
the
previ0Us week of this year
earlier
These findings are based on the
months are finally being shipped.
lantic
States, down to 56 casualties from 82 a week earlier in
New England with 5 as against
16, and in the Mountain States
by the ATA De- with 7 as against 16. In contrast,
built-in the October-December ferments from other months will partment of Research and Trans- failures climbed noticeably higher
period. Tbalpace would push 1962 .make up about 10% of its June
p0rt Economics.
The report re- in four regions, including the East
-production to 6.7 million units.
shipments.
" fleets tonnage handled at more North Central, up to 68 from 50.
Electrical appliance makers reThese "hold" tonnages are add- than 400 truck terminals of com- and the South Atlantic, up to 43
port shipments are running 10% ing to mill uncertainty. One wire mon carriers of
general freight from 32.
Casualties equalled or
.ahead
of
last
year s.
But
the products sales official comments
throughout the country.
ran
above last year's levels in
manufacturers
have
built
up —-""We have as much tonnage as
The
terminal
survev
for
last three of the six major geographic
stocks
of finished
goods to the i have ever seen in the hold week showed increased tonnage regions
point where they are beginning status.
I'd
estimate
it
almost from a
year ago at 27 localities,
Canadian failures dipped to 37
to coast, so steel purchases have
equals
the
tonnage
we
have while seven points reflected de- from 40 in the preceding week
been disappointing.
scheduled
for
the
next
three creases from the 1961 level. Jack- and were appreciably lower than
Purchasing - agents" leave
no
months."
sonville and Oklahoma City ter- the 49 in the corresponding week
weekly survey of 34 metropolitan
,
For
example,
one
mill
says
de-
areas
conducted
be
.
doubt
about
inventories
the
in
course
the
of
next
steel
three
months.
'
SteeVs
the
mills
watch
auto
steel
buying,
fastest
survey
pace
since
the
-liquidation in late 1960, following
minals reflected year-to-year ton—
other consuming Indusare
contributing
o n 1 y
moderately to the buying picture,
respectiVely
Producers
0f
tries
quarterly
of in•ventories shows they will decline
at
While
supplying the construe-
tiou steel market say
are
only shapes
nage
gains
0f
24 3%
and
of 1961,
213%
increases
Wholesale Cammadity p"£e Index
Inches Above Prior Week
Compared with the immediately
After hitting the lowest level in
almost a year in the prior week,
cities
Five other terminals
showed
more
With
and
tonnage
than 10%.
showing real activity. Tinplate preceding week, 22
metropolitan
the general wholesale commodity
th
vacation
weather
season
fav°rab*
^ ^ ^ t0 3 ^
^ ^
^ ^
taU„taad?, in
r®p10rted.
ranged, from 1% below to 3%
higher than last year according to
spot estimates collected by Dun &
Bradstreet, Hie.
Regional estimartes -:.varied from ^comparable
1961 levels by the following mer!Jgian/?rS?
h Central
4 to 0; Mountain
and Pacificp2 toj 4-2; Middle Atlantic—l-toWest South Cen*fa^ 9 ,°a^"JK
^en*ral
+1 to
East South Central -j-2
to +6^ and South Atlantic +3 to
H-L
r,
f
f
fi.
S wS
Wfek End*nff May 26
<
fSi
_
Department
edged to> 46 from 42
and among wholesalers to 29 from
week ended May 26 was an even 26.
In all industry and trade
g% ahead of the volume in the groups, mortality matched or excorresponding week of 1961, the ceeded comparable 1961 levels.
American
Trucking Associations
Tolls fell off in the holiday
announced. Truck
tonnage
was week
mostly in the Middle At-
ratio between
the
1
prior week and 228 in 1961.
intercity truck tonnage in the
little distorted.
The
^
Last Year's Week
steel
middle mill shipments and new orders
^
.
Truck Tonnage Up 5% Over
dropped to the point where it iS
not much higher than new orders.,
What's
sales'
p
:
^
sheetirl dema^d^ls
general
-
•
gam.
Rlght n0W'
The durable go^s sector is one products.
a 1960
ing
^ead
than^in^ when the pre-war
^May
;
im
store
sales
on
a
country-wide basis as taken from
the Federal Reserve Board's index reported an 8%-increase for
the week ended May 26, 1962,
compared with the like period in
1961. For the week ended May 19,
sales were up 7% compared wi+h
the corresponding 1961 week. In
the four-week period ended May
26, 1962, sales were 9% above
the corresponding period in 1961.
Form Mutual Funds Inc
'v
"
J "
,
*
!
MARIETTA, Ga.—Mutual Funds,
Inc. has been formed with offices
3t 902 Hickory Drive to engage in
securities business. Andrew C.
Ramsey is President. He was
formerly with Budd & Co., Inc.
®
I
D
'*' ***
I
^
Ooens
™
SALT LAKE CITY, Utah
Jack
R. Lee is engaging in a securities
busJness from offices at 2070
Logan Avenue under the firm
name of Jack R. Lee and Company. Mr. Lee was formerly with
Edward L. Burton & Co.
— A
43
The Commercial and Financial Chronicle
(2696)
Thursday, June 7, 1962
.
sociation
WASHINGTON AND YOU
annual
party—'
summer
Cocktail party at Hotel
al,
June
14;
MeadowbrooK
CACKLES 8 CO,
BEHIND-THE-SCENES INTERPRETATIONS
Continent^
golf tournament at
County Club, June
15.
-SECURITIES-
FROM THE NATION'S CAPITAL
June
14-15,
1962
(Toronto
Montreal)
Canadian: Group
:
&
•
Investment
Bankers Association Meeting
(June
C.—Congress: passed the tax revision measure,
and the Senate Committee has re-
WASHINGTON, D.
has made very slow progress thus
this
session
on •
so-called
far
ported it out favorably.. ',
■,
legislation. The new fiscal,'
The Senate got off on a long
year starting July 1 is just ahead,
debate for days after days on the
Nevertheless, no major bill'has frazzled and old, old poll tax
issue.
'A:
Election years are not regarded
the most
productive from a
Five
states levy
Back in January there
,
poll taxes
June
wind
the
Fourth
of. July.
it-was' tied
and
Scarborough-on-Hudson, N. Y.
17720, 1962 (Canada)
Investment Dealers' Association of
Canada
the
lhe,°ddS "J
;
The
Congress has been called
Drawback
other day
-
legislative
to
action
expeditious
is
the
well:
of this rather
The
(
"T
title from the
in
heavily
Club"
T
and
members who
populated
P°stal rate increase. It is
its
gets
a
red-hot
jfue. The House has'approved
live
b*U and it
par-'
areas,
is now up to the
to
ticularly in the Northeast sectiony Senate
other approve it or
*eJect*h Meantime, millions of
households each day are^ having
of
our
country,
who
fly
into?
Washington on Tuesday mornings
and fly
out again on Thursday a
*»JS1
afternoons
mail boxes at the subsidized
.
„
June 28, 1962
"The
.
ex-
peo*e of the pe<?^
!
Thf House has before it
million
•
-
,
;
*1
:
'
''
V
:
to create
-
h?tt
Canitni
J
oTtiie
try
have
*a™,°r'
The
been
a
elec
employment in sections of
Many
members
of
Congress
weekly letters and mail
them
to, the weekly
and daily
write
newspapers in their districts orstate.
One of the most unusual
Capitol Hill is
Senator Stephen M. Young, Demo¬
,
coun-i a subsequent aPP™priation.
•
,
crat of Ohio.
There
raise
proposal
P P
are a
Obviously, things
FederflUnav' pick up in
Federal pay Things are
and
'
going
are
to
Congress before longgoing to have to
move
faster.
There
ing
the
other important pend¬
are
proposals,
Federal
like
extension
excise and
of
corporate
tax legislation which is
absolutely
certain of passage. Then there
are
prcposals to raise the
pay
of Fed-
eral
employees, aid to education,
transit proposal, the allimportant reciprocal trade
legis-
the
mass
lation
and
foreign aid authoriza-
tion.
The
House
Committee
Ways
has
and
Means
approved
the
Once Congress makes up
its mind to settle down and
work,
the
law-makers
can
grind
out
legislation at
In
the
states
two-party
;Xn^;
where
system,
is
?af
1/
fast clip.
a
in
the
a
-
lot
of
offing
is
ThereUkA
d
to
scene. **®wever, there
'
5
801116
0
y Can
campaign effectively with quickie
trips home to deliver talks, and at
the
same
time
impress
the
con-'
most important that he remain
has given approval of the
foreign
the
authorization. The House has
a
cam-
reciprocal trade program, and the
House Appropriations
Committee
aid
Sometimes he
ate
Club"
constituents
S
breaks, all "Sen¬
because he .tells
rules
occasionto
on
go
a
lake,
of their
some
stituents by
job
in
declaring
that
Washington
vital issues. That is
an
With
on
easy
are
the Veterans
Foreign Wars, American Legion,
U. S. Chamber of
Commerce, Na¬
tional
Association of
Manufac¬
turers, AFL-CIO, just to mention
a
>
few."
He
.■>":'a
then
what
he
went
calls
on
to
;'
describe
trend., Said he:
"Atrend
which
is
increasing,
which is really an added horror, is
Congressional breakfasts.... Most
a
,
it
is
on
these
way
Des
Moines
Club,
June
27,
[This column is intended
to reflect
interpretation
from the nation's Capital and may or
may not coincide with the "Chronicle's"
own
views.]
calendar
Ohioans
in
if
United
a
"he
and
dinners
could
Tree
However,
"wear
and
added
tear
that
him
on
June
the
and
:.*
"Presently with new emerging
coming along every day,
nations
than
110
maintaining
ington.
holds
As
at
cocktail
are
embassies
a
rule
least
least
17
a
are
are
now
in-Wash¬
each
embassy
receptions or
two
parties
Senators
at
nations
7-10, 1962
Group
Bankers Association
June 8,
1962
June
ciations
maintaining lobbies
in
Washington. Many of these lobby¬
ing groups invite all Senators to
receptions and dinners. A few of
(Ponte
>-■
Vedra
(Santa Barbara,
.V
Bankers
Association
14,
1962
St. Paul)
Twin City
nual
picnic
-
field day to be held Sept.
21, at
Losantville
and
Club
golf
14-15, 1962
City, Mo.)
Kansas
TRADING MARKETS
Botany Industries
Maxson Electronics
Official
41st
K
Films
Waste King
'I '•••.
York
telephone number is
an¬
tournament
LERNER & CO., INC.
(Kansas
Investment Securities
10 Post Office
City Security Traders As-
Square, Boston 9, Mass.
Telephone
Teletype
HUbbard 2-1990
4
.,
CAnal 6-4592
at White Bear Yacht Club.
June
Country Club.
Attention Brokers and Dealers
.Our New
(Minneapolis-
Bond
(Cincinnati,
American Cement
(New York City)
Municipal Bond Club of New York
Annual Outing at the Westchester
Country Club.
asso¬
1962
Municipal Bond Dealers Group of
Cincinnati, annual fall party, with
8, 1962
June
"Now hold your hats—there are
Meeting.
Chicago annual golf
outing at Knollwood Country Club.
There
approximately 300 national
Investment
(Chicago, 111.)
which
dinners.
Vedra,
Bond Club of
to
state
(Ponte
Fia.)
Southern
invited,
year,
;
13-15,
Beach, Fla.)
v.',;.v:;U
Florida Security Dealers Associa¬
tion annual convention.» £
^ C : -
a
the
sleep entailed would be
almost beyond belief." He went
onto say:
'AAa a' u
: 'V,
most
IN INVESTMENT FIELD
load'
of
more
Sept.
the
he
Meeting.
outing.
20-21, 1962
Ohio)
Washington
doubtless
Rocky
ment Bankers Association
Board of Governors Fall Meeting.
night."
every
loss
in
7.
(Denver, Colo.)
Mountain Group Invest¬
Sept.
States
Senator accepted all or a majority
of the cocktail parties and recep¬
tions
Association
Sept. 12, 1962
Investment
Washington. He told
that
Bankers
Municipal Conference at the PickCongress Hotel.
Sept. 19-21, 1962
Calif.)
letter
a
Sept. 11^12, 1962 (Chicago, 111.)
Investment
the "behind the scene"
:V
-;
Sept. 7-8, 1962 (Gearhart, Ore.)
Pacific Northwest Group Invest¬
ment Bankers Association
Meeting
Sept. 13-14, 1962 (Chicago, 111.) J
Municipal Bond Club of Chicago
Senators decline."
Congress biding its time,
,
there
Iowa
Wakonda
Club
(a cocktail
party and dinner will be held at
telling them of the feverish social
is
iron(^niitethi^a<t90nh-iu°nd
works
Those Receptions
he wrote his constituents
Qaicker Pace Expected
:
still up in the
medical care
on
;
come in
few mumblings that
if the late Speaker of the House
air.
So are the
for: Sam Ray burn were still alive,
the aged
proposal, sugar act ex-: things would be moving faster,
tension, postal rate increase bill, This, is debatable.
n
farm bill
writers
or simply replies
charges that they
lation approved by the Senate is. do not know what they are talking
in the form of an authorization.: about.
V -Vy V ;
contributing
of
Bankers
the
such associations
to
stantial unemployment. The legis-
(Des Moines, Iowa)
Association
27th anual field day at
Investment
approach,
of
a
public works projects
The money would have to
'
sales
to campaign—if one can get away
jump into
■
Perhaps scattered primarv
tions in various parts
of
with it.
t'.the country that have heavy sub-|
+hnc£
nw
sort
preceding the.dinner).
•
Backlog of Pending Legislation
a
^
havi
:
_
on
that
upon
the
Senate-passed
bill
authorizing
President Kennedy to spend $750
back home.
.
frowns
Bullsnortel!"
letter
Usually there is little, if any;
business, conducted on Fridays in
Congress simply because the "T
and T Club" members want to
get
•
SEC
last
There is substantial controversy
underway
over
the -proposed
exclusive unofficial
club.
>
America annual Conference at the
Santa Barbara Biltmore.
w"11 aIso mark the second debt
this
(well known to members increase voted by Congress
of
Congress)
"T and. T Club.", year> a"d the third in the
There are quite a few members
year and a half.
- known
of
ment Bankers Association of
^08 billion or $8 billion more
Dian the present ceiling. This will
drawback
Club
23-26, 1962 (Santa Barbara,
Calif.)
California Group of the Invest¬
Poss after some stiff opposition. It
1
at
Murray
June
upon
No.
meeting
Richelieu,
(Louisville, Ky.)
Louisville annual
summer outing and election at
the
Big Springs Country Club,
to raise the national debt limit to
member of.
Congress said he thought that the
one
annual
June 19, 1962
Bond
»ebt Limit Increase Likely
;
.
1
46th
Manoir
Bay, Quebec.
up
over
now
No.
(New York City)
of
New
Association
June
in a long, long debate
the Administration's voter
re-'qualification measure. Finally the
and) leadership sidetracked the issue
the> as1 the session was : dragging on
general election. There is a pos-^. and on without producing any real
sibility this will be done, although' results.
Then
up 'to
mid-August,
they are talking -about
cessing in the early autumn
returning in November after
15, 1962
York, 16th annual Field Day, at
Sleepy
Hollow
Country
Club,
was
moved
Securities
Investment
on
they Presidential > andCongressional
hope that Congress would* elections.
/•
up its affairs early or about1
More recently the Senate got
usual
15,
June
(Philadelphia, Pa.)
Associa¬
tion annual outing at Whitemarsh
Valley County Club.
Philadelphia
voters. Each uses the money
for public education. However,
legislative standpoint.
This one many people regard the tax as a
has certainly been a typical elec-; terrible thing when a state levies
tipn year on Capitol Hill.
•
v * an impost on people who vote hu
as
Toronto;
JunC 15, 1962
,
"must"
yet become law.
14,
Montreal).;;
BS
69
Jbt
Cove Vitamin & Pharmaceutical
Common
NSTA
FOREIGN
CLUB
OF
20 BROAD
LOUISVILLE
SECURITIES
STREET
•
&
Clo Inc.
and
Warrants
Bought—Sold—Quoted
SPECIALISTS
NEW YORK 5, N. Y.
Common
,
<
.
.
The Bond Club of
Louisville will hold their annual
summer outlng and election of officers on June 19
at the Big
Springs Country
Club. Reservations
(tariff for members $15, for
guests $20) should
be made with
Tyrus R. Davis, The Bankers Bond Co.
Warrants
Versapak Film & Packaging
Carl Marks
BOND
and
TEL: HANOVER 2-0050
TELETYPE NY 1-971
KILL, THOMPSON & CO., INC.
70 Wall
Street, New York 5, N. Y.
Tel. WH 4-4540
Tele. NY 1-0154
j
I
@FedFRASER