Full text of Commercial and Financial Chronicle : June 8, 1961, Vol. 193, No. 6062

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The COMMERCIAL

ESTABLISHED

Volume

Reg. U. S. Pat. 0ffic9

1839

193

Number

New York

6062

chief

the

of

defender

Refutation of the

eral

promoting

By Melchior Palyi, Chicago, III.

notion

to

be

ployment" of available
in

the

a

the

and physical

ideal

closer

of

economic

this

notion.

state

look

at

affairs.
No

tury

But let

fication.

PICTURES

1930's

in

the

Deal's

New

assembly line is not the exclusive privilege of the
mammoth firms.

Actually,

second technological revolution has
This is illus¬
field of transportation. The railroads

a

evolved in the last two generations.
trated in the

virtual

a

was

There

in

early stage of
revolution, this

telephone:

cases

have

manufacturing

had some justi¬
if any, justi¬
a
generation

are,

Instead of

amounts to

Dr.

Melchior

Palyi

Candid photographs taken at
York

largest one-piece

generators, the

electric

appear

"The long-term,

are

progressing

Competition

on

To quote Dr.

general and pervasive increase

plant size throughout most industries has come

in
to

an

".

.

end.
.

.

as

a

result

of

new

decentralizing

tech¬

niques in the fields of power, material, machinery,
and

transportation, technology is

promote

a

smaller rather

the Annual Outing of the Bond

now

tending to

(Continued on page 28)

State,

Municipal

in today's pictorial section.

STATE

«nd

Lester, Ryons & Co.

MUNICIPAL

623

So.

Hope

Street, Los Angeles 17,
California

Members New York Stock Exchange
Associate Member American Stock Exchange

BONDS

Offices

in

Claremont, Corona

del Mar,

NT

4-7710
Office:

Riverside, San Diego, Santa Ana,
Santa Monica, Whittier

THE FIRST NATIONAL CITY BANK

Teletype:

Head

SAN

Notes

Oceanside, Pasadena, Pomona, Redlands,

Telephone:

Affiliate:

Bonds and

Encino, Glendale, Hollywood, Long Beach,

New York 4, N. Y.

DIgby

Agency

Members Pacific Coast Exchange

1-2759 U

OF NEW YORK

TOKYO

Inquiries Invited

on

Southern

California Securities

30 Broad Street

Nikko

Kasai

Securities

Bond Dept.

Co.

Teletype: NY 1-708

Net Active Markets

Correspondent

—

Pershing & Co.

t. l. Watson &Co.
ESTABLISHED

Brokers

Members

We offer to

Invited

expire

Canadian Exchanges

CANADIAN

CALIFORNIA

buy the above rights which
July 4, 1961, at the

on

current

Commission Orders Executed On All

Stock Exchange

HAnover 2-6000

DIVERSIFIED

Rights

LOBLAW, INC.

New York Stock Exchange

BANK

CANADA, LIMITED

1832

Block Inquiries

MANHATTAN

THE STEEL COMPANY OF

Maintained

To Dealers, Banks and

American

New York

LOS ANGELES

FRANCISCO

UNDERWRITER,

FIRST

and

(Washington):

J. M. Blair

Securities Co., Ltd.

BOND DEPARTMENT

DBAIiDR

industries

ing ground of large-scale enterprise.

and
the
medium ones, in due course also the "big," are all
eliminated by the biggest. Take, for instance, the
paper industry which operates what is, next to

The Nikko

NEW YORK

DISTRIBUTOR

few

promoting monopoly, this new techno¬

25 BROAD STREET

/

a

logical trend puts a premium on competition—by
permitting, or actually fostering, the entrance and
effective survival of smaller business units even
into realms which seemed to be the exclusive hunt¬

of course, manu¬

that, with the machine becoming ever-greater
ever-costlier, first the small competitor, then

JAPANESE

HAnover 2-3700

New York 15

each with

put the latter out of business.

Puts Premium

left

SECURITIES

COMPANY

car,

and Public

CHEMICAL BANK

TRUST

single

Housing

Municipal

Securities

a

further—thanks, in part also, to the decentraliza¬
tion in the transport and related industries.

processes which ne¬
stupendous equipment.
On the face of it, the assembly
line is scarcely fit for small
business. Yet, history does not
confirm the Marxian thesis:

New

of

Similar competitive developments have taken place

cessitate

of

or

Housing,

State and

I, and

thousand dollars worth of investment, are not only

several

A cen¬

facturing

certain

single truck

a

U. S. Government,

Public

until World War

monopoly

had to be large-scale operators. What has
happened since 1920 is history, though its full sig¬
nificance is not always understood. The owners of

capable of competing with a gigantic railroad sys¬
tem and its multi-billion capital "power," but in

an

by this time it
a'travesty of facts.

ISSUE:

Club

the mid-19th century
will grow to gigan¬
competitive enterprise.

The same
still haunts

ago;

23)

IN THIS

Similarly,
enterprise

Little,

fication

take

us

at

ago,

idea may have

em¬

on page

slogan,

or

industrial

the

resources

(Continued

all

collectivist camps.

the

quite plain that he regards just that

seems

in

propaganda.

theory,

production of useful goods and services and the

implication
as

manpower

ending
late

the

in

echoed

cratic"

a

saying. He speaks of "full

cry

anti-business and anti-"techno-

learned econ¬
omist, highly respected in his profession, but we venture
to wonder whether he is fully aware of the implications
to

perfectly capable of compet¬

are

like American Motors Co. has shown that even the

had

machine-apparatus

dimensions

tic
It

battle

Socialist

The

was—the

hustings prior to that time, but this is the first time, so
far as we can recall, that the matter has been spelled

seems

composition of our growth industries, and the

enterprises

they

degree to which that potential is being employed. Some
such doctrine has often been implied in official utter¬
ances
since the first of the year and on the political

of what he

minor

ing in the markets for processed paper.
in the auto industry a moderate sized

symbiosis between large and small

technological progress can require.

performance in terms

explicit detail. Mr. Heller is

Examined is the record of inven¬

competition."

ability of large-scale firms to finance the huge expenditures

potential existing at any given time and the

out in such

monopoly, this new technological trend puts a

on

units and the

in doubt that he, at least,

economic

measure

myth in pointing out that "instead of

tions, innovations and

growing as fast as we should in recent years—
growth refers to actual output or output poten¬
tials—and second, that they know how greater growth
can be induced without damage to our economic system.
Although Mr. Heller, like the author and finisher of the
New Frontier's faith, speaks in broad generalities, it is
equally clear that the President and his chief economic
adviser believe
that very large Federal outlays
are
necessary for the purpose.

in manufacturing

Dr. Palyi labels the

opposite is the case.

economic

an

premium

been

inclined

the

that

avers

public is. What is clear is, first, that the powers
Washington are convinced that we have not

of both the

widespread notion that modern technology

eliminates small business and competition

whether

is

Nowhere, not even in countries of the
is the basic production
concentrated in a single firm. Moreover, numerous
apparatus.

size of Sweden or Finland,

that be in

one

Copy

Concentration in Manufacturing

glad to publish in our May 25th issue. Defining the
term stagnationism, according to his own ideas, Walter
W. Heller, Chairman of the President's Council of Eco¬
nomic Advisers, is able to make it clear that neither he
nor
the Administration belong to that cult as thus in¬
terpreted. We, however, are not particularly interested
in the semantics of this issue, and we doubt if the gen¬

were

no

a

versus

philosophy, apparently stung by charges of "stagnationism," has issued an apologia pro vita sua which we

The Chairman leaves

Cents

frontier's

economic

new

50

Price

7, N. Y., Thursday, June 8, 1961

AS WE SEE IT

Editorial
The

FINANCIAL

market.

Direct Private Wires to

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

DEPARTMENT

Teletype NY 1-2270

£>0UthW€4t

25 BROAD

STREET

MRECT

COMPANY

Dominion Securhxeb

AND TORONTO

Geporatiom

Goodbody & Co.

NEW YORK 4, N. Y.

Associate Member American Stock Exchange

MEMBERS NEW YORK STOCK EXCHANGE

DAXiLiAS




WIRES TO MONTREAL

BRIDGEPORT

•

2 BROADWAY

PERTH AMBOY
f

1 NORTH LA SALLC IT.

NEW YORK

CHICAGO

~

.

40

Exchange Place, New York 5, N. Y.

Tel. WHitehall 4-8161

'

Tele. NY 1-702-3

Garment Industry
MUNICIPAL BOND

DEPARTMENT

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

•

LOS ANGELES

-0

2

/'or

The Commercial and Financial Chronicle

(2490)

Banks, Brokers, Dealers

only

The

Call "HANSEAT1C"

A continuous forum in which, each week, a different group of experts
in the investment and

broad

Contacts through

range

Dickson &

of

nation¬

our

make

sure

the widest

possible

at

Gas

Natural

Piedmont

Inc.

Co.,
Gas

Company,

was

Power

coverage,

pany

1 i

n

tion

The

Corporation

natural

Established 1920
Associate

from

Exchange

BOSTON

•

PHILADELPHIA

•

CHICAGO

System

Wire

the

Trans-

tion

it

traded

in

Piedmont

the

of

growth

community

The

serves.

the NASD

H. L. McAllister

stock

is

Over-the-Counter

the

Market and is quoted

includ¬

Charlotte,

regularly

on

Greensboro, High Point,
Burlington, Asheboro,
Huntersville, Randleman, Graham,

N.

Y.

Security

Dealers

Ass'n

In

BONDS
on

Toronto Stock

"»•

"•

Exchange Place, New York 5
Phone:

WHitehall

Teletype

No.

NY

mixing

one

owns

estimated effective

3-7830

having

capacity of

inqhes diameter which connect the
distribiitibh" systems of the com¬

with the main transmission
of Transcontinental, and

pany

1-2762

system

3,731 miles of 3-inch equivalent
pipe of distribution mains.
The
franchises expire at various dates
1969

from

Trading Interest In

is

South

Life Insurance Co. of Va.

On

Oct.

Wire to

New

York

first
with

City

the

of

shares

beginning

in

oper¬

the

$1,474,658

ended

$1

Operating

stock

of

value
for

par

31,
27%

970,393,

or

shown

for

415,300

shares

have

with every
to

the

CARE

friendship

The

during

was

spent

total

$1 package

world's

you

send

hungry thru the

is

Food Crusade, New




York

G.

not

quite

While

there

is

in

as

crude

probably

in

basic

same

here

in terms of

capacity—in

tion

the
sur¬

produc¬

more

sur¬

plus capacity than anywhere else

what

two

are

major

brighter than

factors

those

of

is

higher

the

major U. S. firms.
the

and

the

for

most

the

intermediate

important,
of

Policy early this

includes

and

the

for

for

of

1961
new

a

their

is

a

should

relationship

provincial

Pipeline, to widen the
margin of operating profit in mar¬
keting operations in central Can¬

to

cost

mand

by

the

where

most

of

Canadian

de¬

SECURITIES

consump¬

D AIWA

who

are

not

familiar

with the structure of the Canadian

in

industry,

the

stock
one

were

share for

work
Oil

given

it

might

be

helpful

to

within

Policy

which

will

the

National

operate.

At

the

present

time, Canadian crude oil

is

each

its

National

effect,

circumstances

solicitation of

an

offer

to

to

almost

used

be construed

buy,

any

OFFICE:

Telephone: BEekman 3-3622-3

rate

a

crude oil

of

production

liquefied petroleu m
such that, by 1963, it would'

800,000 barrels per day, as large
if

the4-1 Montreal refinery com¬

OIL AND

free

for

GAS

information

on

the

tax

shelter and other economic

be

to

found

This

is

oil

in

not

and

for

offer

an

advantages
gas
interests.
the

sale

of

such interests which

by

means

with

the

of

an

Securities

Commission.

ests

on

will

can
only be made
offering sheet filed

A

the
also

and
Exchange
of the offering
offering of inter¬

copy

latest

be

furnished.

by which

means

achieve this tar¬

ADMIRAL OILS, Inc.
600A

Bettes

Oklahoma

City

Building
6,

Oklahoma

natural growth of de¬
presently served by

by

areas

crude; and by increased
chiefly to
the
Pacific
of

area

is

IN
Send

sheet

three

SHELTERED

INVESTMENTS

of

and

are

TAX

Policy which, in
the industry to

directed

achieve

the

the

the

'Oil

United

of

will

the National Oil

respects which

in

Canada

LAMB0RN & CO., Inc
99

WALL

STREET

NEW YORK 5, N.

Y.

controlled

not

one

It

Lim¬
major

the

companies

only

States.

Companies

smallest

externally.

as

YORK

NEW

149 Broadway, New York 6, N. Y.

to

Cil

benefit

from

Policy in certain
not

are

SUGAR

obvious

so

the simple benefit of increased

production that will
companies
perhaps

for

this

shares have not

ably

to such

accrue

Imperial

as

Oil.

is

the

that

reason

reacted

It

Raw

—

-

—

Liquid

favor¬

as

DIgby 4-2727

and hence represent good value at

the

Refined

Imports- -Futures

Exports

those of other companies,

as

present

price

icy

Canadian

on

of

Briefly,

29.

Oil

Companies

Crude

of

Production

is not

pany

as

exclusively in the

an

offer

security referred

summarized

be

may

crude

an

oil.

to

to

sell,

or

herein.)

The

—

as

Com¬

ko*)k W

important producer
In

its

1960

output

amounted to only 3,900 barrels per
or

about 13% of its refinery

consideration
which

est,
in

severity
the
fields

in

the company

and to the
western

within the

tional

Oil

Giving
of

year.

the

to

pro-rationing

has

in

inter¬

an

in

1961

framework of the Na¬

Policy, it does not

ap¬

likely

that Canadian Oil
Companies'
production
in
1961
will be greater than 4,500 to 5,000
pear

barrels per day.
ever,

make

a

This would, how¬

moderate

contribu¬

to

earnings.
Refining—This

phase of Cana¬
Oil's operations should show
considerable improvement in 1961.
Of the integrated oil companies

Canada,

only

one

Canadian

which

does

Oil
not

is

the

have

7,000

additional

an

barrels

B.

a

day

Continued

on
on

a

6,000

bal-

page

INDUSTRIAL STOCK INDEX
23-Year

Performance

of

35 Industrial Stocks

a

refinery" in Montreal. Its 50,000
barrels a day refinery at
Sarnia,
Ontario has surplus capacity to
to

N. Q.

OVER-THE-COUNTER

dian

in

'^•Sav |N6^

expected increase

production

accommodate
no

Securities Co.9 Ltd,

partly correct
this imbalance. This was opposed
by the integrated companies as
being uneconomic. As a compro¬
mise, the Government announced

tion

arises.

For those

opera¬

record,
29, 1951, the holders of

(This is under
as

over

order

requirements in that

producibility but also, by
permitting a reduction in trans¬
portation tariffs over the Inter-

ada

building

in

Oil

The effect

sketch in at this point the frame¬

Looking back

rights to buy

JAPANESE

oil fields to the Montreal

market

National

a

year.

reasonable

more

general

-

the

into

of producibility.

day,

with

the

offices

a

products

only natural that pres¬
develop for the con¬
struction of a pipeline from the

the

the National Oil Policy

a

of

connection

adjoining

common

of

Canadian

is

not only to increase Canadian
production of crude petroleum to

to

_

branch

our

follows:

establishment

at

account

to

should

products, which in Can¬
generally projected at about

second,
term

wires

by

equivalent to only 66%

was

Limited

per
annum
compared with
2V2-3% in the United States. The

Charlotte.

the

total

demand for pe¬

troleum
ada is

NY 1-1557

the effect of the National Oil Pol¬

The first of these
rate of growth in

St., New York 6, N. Y.

Mobile, Ala.
Direct

was

and

.

case

Exbhange
Exchange

Orleans, La.- Birmingham. Ala.

produced for export to the United

ited

Sutton

the

the

apply

rest of the world

plus

D.

.

is

conditions

construc¬

on

headquarters

March

of

integrated

.

Canada.

period

building estimated
$475,000 on land owned

on

56%

Canadian

"in¬

situa¬

tions."

Stock

tion in 1960, while Canadian pro¬
duction of crude oil, including that

become

come

company

office

company

New

Ontario market. In total, imported
crude and products accounted for

coast

making the prospects for Cana¬
dian integrated companies some¬

year

expected

$5,000,000

included

tional

entirely

Montreal refineries

exports,

they
as

York Stock

American

The

crude, while there is

Canadian

—there

this

plant

1961

construction

from

tario;

of

known

placements, and additional peak
shaving
equipment
of
$232,000.

and

minds

have

customers, $1,670,000 for
system
improvements
and
re¬

food

served

are

imported

mand in

be

Also

Quebec.

get; by cutting down the flow of
products from Montreal to On¬

in

where

new

give

stage

the

pro¬

$2,570,000

provinces

There

reached

that

of

require

Members New
Members

plex,, however, and the smaller
refinery centers in the Atlantic

the industry can

oil

tegrated

870,281, and the construction

You

of

companies

$35,-

for

of

west

output in 1960.

major in¬

the end of 1960 amounted to

gram

Canada

important Montreal refinery com¬

plex had been captured for Cana¬
dian crude, and 45% greater than

pro¬

levels,

the

1960, were $14,over the revenyes

1959.

and

The

of

be

4%

$5,239,973
tion.

the

the

1960, 20,046,355 mcf of
delivered to 75,471 cus¬

was

refineries located in all provinces-

at

the

value.

tomers,

Steine r; Rouse & Co.
.19 Rector

com¬

price

prev¬

ducing

with a net income
of $992,516, or 53 cents per share
on
the present outstanding stock
of 1,268,322 shares of 50 cents par
During

Sutton, Manager, Re¬
Department,
Nesbitt,
Company, Limited,
Montreal, Canada. (Page 2)

gases

both

and

ended this year

gas

and

common.

revenues

Dec.

ended

basis

industry on a

the marketing

for

Dec. 31, 1951,
net deficit of $762,114 on

a

D.

as

alent

commis¬

showed

of

outstanding

capacity in virtually

branch of the

petition

and

providing

modest

year,

glamour left in oil.

most investors

company

revenues

Companhs Limited

world-wide

26,

a

the

Oil

excess

every

This

From

ating

Private

With

day.

LYNCHBURG, YA.
TWX LY 77

utilities

Corporation,

1950,

—5-2527—

Canadian

61,123,000 cubic feet of natural gas

STRADER and COMPANY, Inc.

Bought—Sold—Quoted

Companies, Limited

search

western

Exchange,

Exchange and Canadian

There is little

1960, the company
entered into a 20-year agreement
with
Transcontinental
Gas
Pipe

per

LD 39

North

the

Stock

Stock Exchange

rates.

to

as

Line

Commonwealth Natural Gas

of

Carolina

sions

Bassett Furniture Industries

company

subject to the jurisdiction and

regulations

American Furniture

The

2019.

to

Montreal

propane

installation,

20,000 mcf per day available for
peak shaving purposes; 165 miles
of transmission lines of up to 12

Odd Lots

—

company

an

(To Brokers and,Dealers)
40

Montreal, Canada
Members:

gas

Bids

Spencer and
South
Carolina,

East

The

Oil

Thomson* &

sure

Nesbitt, Thomson & Company, Limited,

Sampsonville, Woodruff, Belton,
Mauldin, Honea Path and Ander¬
son. It serves over 790,000 people.

& CO. INC.

•—G.

It

Manager, Research Department,

Greenville, Spartanburg, Iva, Star,

Members

Canadian

than 50%

D. SUTTON

G.

Salisbury,

Spencer,

&

of Canadian consumption and less

Salem,

Thomasville.

Dickson

N. C. (Page 2)

^

States,

quotations.

Winston-

S. WEINBERG,
GROSSMAN

Louisiana Securities

Chairman,
Committee,
R.
S.
Co., Inc., Charlotte,

substantial movement

is geared to the popula¬

which

ing

sec¬

that it is in the utility

reason

field and

Gas Pipe Line

area,

Piedmont

the

the

Corporation in
the

SAN FRANCISCO

Private

Nationwide

NY 1-40

Teletype

4-2300

Co., Inc.—

Gas

McAllister,

HAnover 2-0700

of

I like Piedmont Natural Gas for

continental

Broadway, New York 5

120
WOrth

location

of

Natural

L.

dollar in¬

the company.

gas

purchased

Member

Stock

American

tributes

s

Alabama &

10 years.

Carolinas, one of the
fast growing sections of the Coun¬
try,
offers
exceptional
growth
possibilities for a continuation of
the growth pattern already set by

company

d i

per

this stock
two
2-for-l split in

Natural Gas in the Piedmont

in

and

a.

$4.50
have

7.39 dollars for each

The

South Caro-

New York Hanseatic

at

now

the

after

vested in

and

others-

held

would

$4.50

or

Com¬

North

and

Selections

Executive

September 1951, worth at the pre¬
vailing
market
$33.25
for
the
original
stock purchased under
the rights at a net cost of $4.50,

incorporated under the
New York laws on May 22, 1950,
to acquire gas systems of Duke

HANSEATIC."

"Call

Piedmont

share. The purchaser of

Co., Inc., Charlotte, N. C.

Natural

Piedmont

getting

you re

particular security.

a

shares

two

shares

Inc.,

wide wire system.

To

for favoring

Chairman, Executive Committee, R. S.

service and

a

reasons

l. McAllister

h.

Week's

Participants

Their

.

H.

department offers

reaches

This
Forum

Thursday, June 8, 1961

.

advisory field from all sections of the country

participate and give their

Our experienced trading

Trigger-quick

Security I Like Best...

..

25

FOLDER

National

ON

REQUEST

Quotation Bureau
Incorporated

46 Front Street

New York

4, N. Y.

Volume

The

193

Number

6062

.

.

The Commercial and Financial Chronicle

.

(2491)

CONTENTS

Changing Growth Mix

By Lionel D. Edie,* Chairman, Lionel D. Edie & Co., Inc.

sectors of

some

our

and retardation in others, and

economy

company

a

rapid growth acceleration roughly from 1964 on for the ensuing ten
in

Articles and News

:

v

Dr. Edie's conclusions are based on his analysis of the changes

years.

composition of population, consumer demand, production, industry,

to stimulate the economy

Technological Progress

do

to our growth

after the mid-1960's. The writer discerns what he terms is

simultaneous

•

subject

from

things that happened

in

and

New Life Insurance Trends—Ira U.

i:

i

'

'

'

.

it';

i

■

m

3

i__

Cobleigh

>

had

we

great

Valuing Closely Held Stocks—C. J. Schwingle

long

a

fol7
depression.

two

in

American

country underwent

little

snarp

aecxine

those

Re¬

"The

Changing

After

Growth Mix."

today's

parfs 6f the

at

the
word
"change" to refer to the fact that
the
relationships
between
the
and

economy

were

of the growth

forms

L.

Regular

a

•

■'

'v

.'

Gulf American

14

Amer. Int'l

Kemmerer

rate

As

20

Singer, Bean

Features

in

We

It

See

1

(Editorial)

Cover

T

is

Bank and Insurance Stocks

22

Coming Events in the Investment Field

production mix,

and the changes
technological mix.

group

in the

8

Dealer-Broker Investment Recommendations

king kullen

This

grocery*

Eihzig: "Gloomy Outlook for British Government Securities" 15

increasing

the

whole

fabric

of

From Washington Ahead of the

7

News—Carlisle Bargeron

.

Indications of Current Business Activity

major

31

—

termining

need

I

is

de¬

a

not

trained

expand

time to time

from

consumers

affected by things
their

control,

period

types

by age
The

heads

and

america corp.

of

age

families

and

of

25

to

34

tion

and

certainly

revolution that has

34

individual

in

the

lifetime

of

two

years,

age

classes

of

24

13

Our Reporter on

Public

top and
involves cer¬

25

the average income

Now in Registration

Securities

have

specialized in

a

The
to

24

per

year.

in

trend

in

in

the

18

olds represents an in¬
the people with rela¬

the

25

to

The declining
34

Continued

stems

DIgby 4-4970

The Market.

.

State of Trade and

—

Industry

year

on

Tax-Exempt Bond Market—Donald D. Mackey

Gulf
American

and

Washington

page

Founded

1868

I

TELETYPE NY 1-5

Place,

CLAUDE
WILLIAM

D.

Chicaro
Schenectady

Worcester

Reentered

COMPANY, Publishers

to 9576

SEIBERT, President

SEIBERT,

Treasurer

MORRISSEY, Editor

Every

Thursday

vertising
plete

!

state

Other

—

corporation dpws

and

Chicago

news and ad¬
Monday (com¬
market quotation

every

issue

city

news,

Office:

3,

111.

135

bank

clearings,

etc.)
South

Bank

$45-00

Salle

second-class

matter

Febru¬

St.,

(Telephone STate 2-0613).

Other Publications

and

per

Quotation

year.

rate

foreign
must

be

Record

(Foreign

Note—On account
the

La

as

Subscriptions in United States,
U. S.
Possessions, Territories and Members of
Pan-American Union, $65.00 per year; in
Dominion
of
Canada,
$68.00
per
year;
Other Countries,
$72.00 per year.
'

(general

and

issue)

statistical

request

Subscription Rates

New York 7, N. Y.

DANA

on

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

Thursday, June 8, 1961

records,

Glens Falls

CHRONICLE

REctor 2-9570

Prospectus

Company

U. S. Patent Office
DANA

B.

Park

*

Copyright 1961 by William B. Dana

Twice Weekly

COMMERCIAL and

FINANCIAL

Members New York Stock Exchange

ST., NEW YORK 4, N. Y.

Issues

29

GEORGE J.

TELEPHONE HAnover 2-4300

Corp.*

48

You

All

Reg.

Spencer Trask & Co.

Land

6

age

25




2

5

Security I Like Best

PREFERRED STOCKS

Newark

17

and You—By Wallace Streete___.

.

The

The

Nashville

Broadway, New York 5

19

Salesman's Corner

Security

The

l|

increase

sharp
year

crease

the

Albany

39

Division in Consumer Spending

here

Boston

Request

J.F.ReilIy&Co.,Inc.

44

—

to

WILLIAM

25 BROAD

on

v

32

—.

Offerings____

Security

Prospective

Published

For many years we

*Prospectus

27

Securities

Utility

The

year.

Where does this lead us?

greatest

population

futterman corp.

4

Governments

realty

investments

range

bracket,

younger age group.

occurred

between

a

to

the

tively low incomes.
revolution

they

It is $5 to $6 thou¬
In other words, the
spending power of the slightly
older age group is roughly 50 to
60% higher per family unit than
the
spending power in the
sand

today.
This

Observations—A. Wilfred May

s

un¬

$4 thousand.

The

anybody

next

the

u.

21

News About Banks and Bankers

statistical mat¬

and

22

.

family spending unit is not $3 to

are

the

Mutual Funds

ters which I need not go into here.

consists of

ever

the

between

tain technical

relation
between these two groups of con¬
sumers has
undergone one of the
most far-reaching revolutions re¬
corded in the history of popula¬
years.

18

in

bottom of that range

in the age
bracket of 18 to 24 years, and the
second group consists of heads of
families and individual spending
units that are in the age bracket
spending units that

this

is

to $4 thousand

difference

In

group

in

group

age

groups.

first

average

unit

a

in

^

toehold in life,
income
per

a

of $3

defined

be

inexperienced;

year

that are beyond
in the current

best

can

the

spending

are

great cleavage has arisen
two types of consumers.

a

between

These

and

upon

and

themselves

relatively

are

trying to get

are

that proposition.
However, the different classes of
enlarge

they have not had

establish

business.": They

American

in

factor

and

that

reason

chance to

The ultimate consumer

business

con¬

mix.

demand

sumer

in the

changes

realty

*

people in the younger age
have relatively low income

spending unit, not because
they are not just as good people
as those older, but for the simple

Demand,

Consumer

in

the

First,

St. Louis

•

per

Changes

Philadelphia

numbers,

within

The

Dallas

48

Los Angeles

American business.

mix, the changes in the

demand

to

Cleveland

San Francisco

and
the
is actually dimin¬
numbers. This sets up

in

inc.

40 Exchange Place, N. Y.

Direct Wires

beyond.

unstable and unbalanced situa¬

tion

mackie,

HA 2-9000

Chicago

the

over

numbers.

group

Bowling

Standard Motor Prod.

18

rising trend

a

;

Teletype NY 1-1825 & 1-4844

This lower
rising trend

and they are
period—in fact,

in

age

an

in the consumer

' /

&

rate

older age group

I want to de¬

three

scribe

mix—the changes

..

Financial Problems of Our Senior Citizens—James A. Close__

II

a

decline

a

ishing

this purpose

:

.'>

Guy P. Harvey

12

'

already in the period—

rapidly

of the total

economy.

For

are

younger

relationships between

parts and pieces

entering

they

in the

extremes

these

War

now

of

birth

and even

years

World

and

period, they have been changing
H in* extreme
forms and I hope
i to
bring
out ? the
manner
and

'

'■

.r

.

and

other age group, 25 to 34
represents the pepole that
born during the depression

The

parts and pieces of the total econ¬
omy are changing. In.the current

of

in

now

accelerating

an

years,

v

shifting

group.

age

is

next five

„

of

a Very

Persons
born
at
now entering the 18

are

year

the

war,

and will continue in

re¬

method

24

bracket

Lionel D. Edie

the component

to

total

the

that time
to

1' '» '

.

Donald

now

are

sharply.

rose

framework,
I
use the
word,

to

people

Kimbrel

t

4-6551

■

White Shield

What Should Be the Attitude of Gold Mining Industry

older; they
reach¬
ing into the 25 to 34 year age
group that I have just mentioned.

had to do

"mix,"

his¬

numbers

.

Dept.

NEW YORK

WHitehall
■■

growing up; they are

are

sion of growth
with

in

stuff.

10

Antitrust in 1960 Decade—S. Chesterfield Oppenheim

the number of people born

tory,

Monroe
v,. '

come-to

up,

green

WALL STREET,

Telephone:

9

devastating

discus¬

the

M.
•.

which

in this

latively

In

those

to

developments

of

American

economy.

dry

the

Obsolete Securities

>

Commercial Banking's Current Legislative Position

average per¬

War II
major

the

lowed

Thanks

growth

high

very

a

World

overall

or

for

us

■

centage of unemployment, and the

-

-

ring to the

the

i

99

the '30s when for nearly a decade

terms refer-

fer

k'

time ago—the major depression of

terms

has

'

i

r'l

years, but most of the
about it has been in general

the

When bids

Cover
fci

The; Changing Growth Mix—Lionel D. Edie

.

ex-

ad infinitum

almost

}, in recent

of

and

PalyL:___
O

unique

a

stagnation

between

occurring

relationship

growth has been

of

about

talked

talk

,

provides a framework of reference for his prediction; v;

which

The

Wall Street

"

rate

plosion in our population and between different parts of our economy

-

.

'

Oasis

Concentration in

versus

Manufacturing—Melchior

:

in the next two to three years, but waxes
natural forces will

what

to

as

Page

He is skeptical as to what can be artifically done

technology.

enthusiastic

\

.

'

and

LlCHTEnSIflll

B.S.

New York investment counselor predicts moderate economic growth
rate in

3

of

the

New

extra).

fluctuations

York

BROADWAY, NEW YORK 6

Monthly,

funds.

WHitehall 3-6633

?

in

exchange,
remittances
for
subscriptions ahd
advertisements
in

INCORPORATED

39
<—

Postage

of 7

made

m V. FRANKEL & CO.

Teletype NY 1-4040 &

1;3540

4

The Commercial and Financial Chronicle

(2492)

Proposals for female represen¬
on
company boards of di¬

OBSERVATIONS...

rectors

advanced by Wilma
consistently op¬
posed, as would be the criterion
of race or color, for invoking an
(as

artificial
not

York

the distaff

at

investment world.

in the

side

In recent

cau¬

would

cern.

call

restraint

out

clientele of the fair sex
should be thus singled out is a bit
Why

segregation is practised

Clubs, esti¬
180,000-total

Investment

70,000 of

a

likewise

challenges
them
While the

the justification for singling
for

Clubs

sucker-ility.

constitute a gadget
boom, their

partly

the

of

stock

market

ladies'

beyond us!

conduct

lative

than

is

is

no

more

their

co

-

by the Exchange on those

males; and certainly no

the

than their

doing
tipping and other selling under
own
aegis (nor is any need

therefor indicated). The

Exchange

has licensed with its member firms

Representatives

at

One of the larger New

sex.

houses

out with

York

New

The

of Fi¬

Institute

Stock

technical

investment

15-20%

more

so

their
their

from

the

In

selling

of

mid-

the

vast

bonanza of the true in¬
the Mutual Fund, is the
army
of its peddlers, part-

time

and

Century
vestor,

a

full-time, comprised by

goodly proportion of
In

the

••

in

least

At
would

tive
the

-»

the two sexes'

degrees

offerings

award

of

that

compara¬

if

But

doctrinaire,

not

jl

booby prize to the

.

exercis¬
This

men.

and

tax

on

assets:—

of

dividends

on

interest:—Off for

Repeal

one

dividend

year.

credit:—a
1

chance.

It appears
actment of

spenders"
last

J.

this

cial

to

of

that the expected
curb

some

its

got

the "tax

on

big

en¬

fillip

from

will

actually be benefi¬

affected

the

restaurants

in

and

theaters

restoring

them

to

PERSONALITY

investment

trading

seller

of

dresses,

issue,

new

the

Charles of

Ritz, the fabulous cosmeticist

whose Manna from Heaven

eagerly

gobbled

ponderance of

by

up

male

was

a

so

pre¬

"investors."

Now

While

serious

volume,
IN

we

in

are

the

the

tax

area,

willful"

"a

of

fusal to turn

heiress'

re¬

her $3.8 million
trust fund to Princeton University.
The fund, grown
tions

and

by capital addi¬

appreciation

from

its

paltry
$4,000 when
irrevocably
given to her in 1938 by her father,
Shelby Cullom Davis, noted insur¬
ance
stock
specialist,
he
now
retrieve for

to

wants

donation

to

University. Neglect to confirm
transfer

the

contemplated gift

entailed

week

leaving

Princeton
the

the

young

invited

the

donee

Harold H. Helm

and

Chemical

Bank

Trust Company. And

Pacific Coast Stock Exchange

•

and other

Exchange • Chicago Board of Trade

leading commodity exchanges

Private leased radiotelegraph

This

•

NEW YORK

•

CHICAGO

CED

(Committee

for

Development).

80-page

tome

the

it

York

now seems

donor-father's

"In¬

dian-Giving"
attempt, and the
parent-child rift in this instance
be exceptional,

may

clearly
in

for

vocational

and

behold

training. But
the

—

actually

cover

simile

of

a

seriously

into

—

fac¬

a

stock

newspaper

lo

front

volume's

includes

quo¬

tation table!

lowing

from

relation

changes
I

etc.

of

to

stools,

or

the

constitutes

un¬

an

between-two-

actual

via

success,

"playing-by-ear."\
Dear

Mr.

May
to

I

tion

with

Cycles

as

letter

my
a

in

rebuttal
the June 1
a

Chronicle in

of the

connec¬

Timing

on

factor which deserves

consideration

in

attempt

any

to

appraise the cyclical outlook?
In

is

the first

a

place, I think there

great

difference

of

to

between

the

problem

of

trying to anticipate turning points
in the market cycle, as the former
the

not

based

action

of

on

Wall

of

Street

profes¬

tax-saving

the

the

and

only

name

a

few

outstanding

instances—was due to

failure to

a

check the conclusions drawn from

single

a

currently

popular

of

I

sincerely believe that

who

does

not

anyone

risk

to

want

to

the next 1929-1930, or
type of substantial (and
prolonged) market setback has a
much better chance of

feet

keeping his

the ground if he does not

on

rely

on any single approach to the
study of the cycle, no matter how
good its record in actual practice
during the preceding two or three

decades.

(Parenthetically,

theory that
itself

market

W

extreme
30

or

of

estate

bracket

tax with

ally lower gift tax,
immediate

Trading in Foreign Securities?

cipient's
tax

Under

GERMAN

-

DUTCH

-

ENGLISH -you name it

With direct cable connections

to

offices in—

FRANKFURT

MONTREAL

GENEVA

PANAMA

HONG

KONG

ANTHONY

GAUBIS

Investment

New York
June
To

Mr.

Counselors,

City

2, 1961

Gaubis:

In March, 1929, the now famous
Warning by Reserve Board Chair¬

Paul

Warburg,
based
on
factors,
was
thoroughly
and logical — but fol¬
lowed by a further 29% extension
man

credit

J.

stock
mic

Crash

booming
cataclys¬

market

"correctly"

eight

as

months

followers

interpreted

indicators

ous

the
the

starting

The

later.

of

until

Average)

market,

the

bearish

in

e

take

SAN

TORONTO
we

feel

particularly well-qualified

help and information when it
or

to

comes

to

provide

buying

For a direct call to our foreign securities
trading desk, just dial—WHitehall 4-4732.

tax

At
in

the

March,

Fulbright
1955, the

ponderantly
economic,

investigation
experts

testified

technical,

ment indicaters

that

and

on

INCORPORATED"

•

143




NEW YORK 5, N. Y.

offices in U. S., Canada and

abroad

trust

embodying

current income

trust

him.
is

creasingly shunned

pleasure in announcing that

wet"

in

President /

Trading

revo-

Searight, Ahalt & O'Connor, Inc.
Members Neiv York
NEW

Security Dealers Association
WASHINGTON

YORK

is also

Hence

the

becoming

in¬

as

having little

point. About its sole attraction is
psychological; as in getting the
non-professional
beneficiary's
portfolio

For Banks, Brokers

and Dealers

Foreign Securities

manage¬

ment.

Sold

Bought

Quoted

More attractive is the Revertible

which

creation

70 PINE STREET

Vice

must

at the time of its
specify a definite

of existence—a minimum

term

of

10 years

in the case of an individ¬
beneficiary, and 2 years
for a charity.
Here the great ad¬
vantage in contrast to the aboveual

Men llriicck, Lieber & Co.
''

MEMBERS

New York Stock Exchange

cited revocable arrangement, con¬
sists of the tax

being

payable

on

by

current income
your

child

or

125

Tel.:

MAIDEN

HA 5-T300

Private

LANE,
°

:

American Stock Exchange

as

NEW

YORK

38

Teletype NY 1-4-686

W ire System

to

Canada

pre¬

the

invest¬

(including, among

income.

payable by

Trust,

Merrill Lynch, Pierce, Fenner & Smith

re¬

father, the capital remains taxable
at his death at the high estate tax
rates, in lieu of gift tax. Moreover,

"feet

selling foreign securities.

the

bracketed

-

1928,

Crash.

the

that

revocable

JUAN

of

lower

as

who

vari¬

repurchased stock at even higher
prices in
1929, only to plunge
through
suicide
windows
post-

has joined our organization and has been elected

materi¬

a

well

"in¬

Anthony Gaubis & Co.,

Carl M. Trotte

is, leaving control
uninterruptedly with the donor-

still

ROME

MADRID

a

cability,

the

PARIS

LONDON

advantage

usual

current

on

as

also

trying to follow

recently discovered

high

a

I

believe it is desirable to avoid the

irrevocability

supplant

being

caught in

away)

trust-donor

ap¬

proach.

the incident

purposes.

provision

sum¬

the

1929,

the danger
irrevocability

to

show

spring of 1937,
the early months of 1946 —

mer

"Timing" Studies and "technical"
approaches

casual

a

will

overoptimism of the vast

majority

(D.

permitted

remarks

your

issue

even

record

reasoned

May:
be

that

the

fol¬

approaches, leads

falling
to

be

may

dicators.")

satisfactory "hedge"; and, as with
either

feels

sionals during periods as the

Timing method with other

other "technical"

worth

anyone

consumption,
supply of credit,

the

believe

that the

rebuttal

considerations

if

studie^ of production
to

in

review

from our corre¬
spondent Mr. Gaubis refers, held
that
indefinite coupling
of
his
Cycle

approach
not

Yours,

which

to

is

against those which

other

remarks

I
little unfair

a

any

"Timing"

as

Sec¬

important,

are

that

demonstrates

commitment

The

such

as

Theory)

1937-1938

delves

(that is, really giving the money
under the law entitles a

Serving Investors

ECON¬

policies; the causes of industrial
decline, past and future; unem¬
ployment problems and the need

are

for

circuit to Honolulu

New

of

likely that their "waiting" will be
permanent.
While

Exchange • American Stock Exchange

Honolulu Stock

DI ST RES S ED

over

representative
"waiting
at
the
President
Goheen
of
church,"

New York Stock Exchange

most

a

OMY, from the rarefied atmos¬
phere of that august research or¬
ganization,

Dow

more

implying

A REBUTTAL

highly publicized current in¬

cident

in

AND

state the serious longprinciple re-demonstrated by

last

Members

the

desk

our

GROWING

A

retroactive,

the

you

20

must

term

lady's

ft Co.

on

and
that

think

to

find

we

technique applied to

Our

to

Dean Witter

and

tape

crowded-out nontax-

TAX-SAVING

clothes,
and

sweaters;

and

'fabulous"

with

Exchange

the like.

Brooks,

play

of

ticker

scenes,

of

case

ondly,

in

material

illustrations

"INDIAN-GIVING"

Bobbie

the

indicate

to

upon

(or

change in the cyclical trend.

drawn

FROM OUR MAIL BOX

distributor of beauti¬

products;

impending

that it is wise to check its indica¬

sis

clientele.

with the daughter her willingness

Offices

serious

jacket

counted

be

can
an

taking

the distressed areas' problems and

testimony by tax ex¬
S. 'Seidman to the effect

that

the

44

eat

you

necessity to spoon-feed
prospective readers of their books'

com¬

week's

pert

Inc.,
manufacturer
of
preparations and perfumes,
supplier of beauty products;

fying

LOS ANGELES

Giving";

let

Thursday, June 8, 1961

.

tions

SPLIT

Economic

Expense account curb:—a

Inc.,

Complete Investment Service

•

*is

AREAS

stock

....

SAN FRANCISCO

not

cake and have it too.

your

outlays:

foreign

on

Withholding

new

dresses; Helene Curtis In¬

Max Factor,

capital

Dead.

.'

to be actu¬

sellers

and

tax

New

deducting

Midwest Stock

"Indian

does

be

cannot

assumed

promise in the offing.

UNDERWRITERS • BROKERS • DEALERS • DISTRIBUTORS
(.-A wtey....
.

statute

same

the hitherto

the

technique you
capital, tax

DEPARTMENT

—Dead.

Don,

recent

Nelly

by

manufacturers

ladies'

than

women

include

would

seem

competently

more

by

skirts,

,

investing

foolishness.

of

arbitrary,

with

.

in

your

principal

on

combined
the

out

of

case

In recent weeks this department
has cited examples of publishers'

Tax credit to business based

industries

some

appraisal

ally

and

testator

effec¬

our

highly

a

"above-normal"

we

women.

individuals

it is, of course, impossible to

areas

measure

whatever

shell

saving

gallantry of

authoritative
estimate of the outcome, includ¬
ing one time-table, of the pending
Kennedy tax proposals.

50-50

Double-Standard

A

is

Here

dustries

female attendance.

that

matches the

hair

a

to

si:

TAX ANGLING

member

getting

gentlemen

able

affiliate of the New
Exchange,
giving
courses, has

the

nance,
York

10

specu¬

manicurist.

York

office work).

other

Thus,
use

this defense of the ladies?

non-member busbands,

guidance

a

such female
(some of them helping

employs

licensees

other

or

market

less than 611 of the fair

no

con¬

hope

we

The women's important partici¬
pation in the nation's 15,000-or-so

membership,

women.

serious

for

May

bracketed

• •

mated at

total of

upholding the single

tion

of
popula¬

stockholder

popular

Registered

also

for

tiveness

nation's

new-issue flying, and the
like, Exchange officials have
urged the exercise of particular

its

call

the

ping,

No such

justify.
the la¬

Exchange's

tioning against indiscriminate tip¬

toward

to

consistency and logic likewise

lower

(completely exempt in the
a
charity).

standard in the investor area?

ified), has been pointing a nasty

finger

hard

Does

(un-Radar-

Stock

system"

"warning

is

standard.

double

Moreover, if it be true,
dies' 52% majority proportion

NORTH
The New

side

distaff

THE

IN

SEGREGATION

other

have been

Soss)

WILFRED MAY

A.

BY

tation

.

Volume

Number 6062

183

The Commercial and Financial Chronicle

.

.

.

5

(2493)

'

the

•

■

•

yield

market

decline.

going

We
the

ratios)

by

up

It

warranted

"technical"

Electric

a

|ias kept right

The State of

Retail

Trade
Price

economic

Auto

Production"

TRADE and INDUSTRY

indicators, whether used singly or
combined, make market timing

earlier

over

which had indicated
About

penditures—a

Index

Food

Business

improvement

surveys

decline.

neither

that

the

nor

able

Output

Carloadings

additional 67%.

an

conclude

must

Production

Steel

latter, the out-of-gear bond-

stock

on

'

•

,

.

.

usual—will

70%

of

larger

be

for

Washington — at
says the Iron Age.

than

modernization

rather than expansion of capacity.
Of course these plans are subject

Failures

Commodity Price Index

to

change,

depending

possible.—.A. W. M.

also

and

the

on

the

on

strength of the business

recovery

outcome

the

of

its monthly review

In

establishment
of

ment

the

under

and

direction

been

v a

no u n c e

d

H.

hew

a

of

The
depart¬
research
—

Phil

S.

li¬

by

Executive

d
E

e

durable

Presi-

-

d

a w a r

new

expand

stocks

expanded list of firm markets

and

business

did

Com¬

established in 1899 and
many years
was
a primary
market in sugar stocks. The firm
provides an extensive municipal
well

was

as

service

often happens in the initial
stages of recovery, some types of
activity which spurted upwards
early this year have found it dif¬

rebuilding

of

further stimulus

a

ficult to maintain the pace. Hous¬

dramatic

ing starts, which had drifted lower

throughout 1960 to

upswing in

activity during April

below

was

industrial sector. Not only

production,

orders,

new

and

the

to

if price increases for

the

as

has been asso¬
ciated with J. A. Hogle and Com¬
and

has

automobiles

attracted

have

partment prior to joining Edward
L. Burton & Company.

opening of

offices for Edward L.

Company.
located at
and

The
174

offices

new

fact

K.

Law¬

and

Company
has
been
formed with offices at 513 South
to

Columbus

Avenue

securities

business.

William

Kenneth

conduct

Partners

Lawrence

mild

recession

the

was

Business

Economic

Cycle

are

same

money

Week End.

G.

Lawrence.

tematic

.

mild

New

York—

$12,648,286

1,117,246

Philadelphia

S89.000

995,000

—

666,593

+

6.7

_____

Steel

Companies
They

Steel

cents to 10 cents

to

Administration

the steel industry to

on
an

increase,

make

can

ward evidence

against higher steel

prices.

Prices, Says

For

thing, they will rely, at

one

least
an

uphill

to

face

partially,
on
information
gathered by Sen. Kefauver's Sen-

boost

Continued

decide

page

30

m

Ssi

Easter.

H

i

•:$.

of

trailed
with a

1

year-to-

19%

the

in

by

1960

fi
I

first

<■&

in

May,

about

this

at

of

time

rose one

much

as

of

1

mil¬
as

The
declined

year.

unemployed

but
the

I

the
sea-

unem¬

II

level

recorded

in

the

ii;S

is*

pre¬

M

in

business

sentiment

&•>

M

McGraw-Hill survey of 1961 plant
and equipment

expenditure plans.

Such outlays are expected to total
$35.4

Coast-to-Coast

Correspondent Network

billion; while this is 1% be¬

low the

1960

level, it is

a measur¬

Corporate Securities * Underwriters of State,

Underwriters of

in

Stocks

Bonds

and

Markets

ANNOUNCE

TO

on

adequate

early

A

PLEASED

based

Council econo¬
be expected to lean to¬

passenger car sales

☆-

ARE

And

practice,

Municipal and Revenue Bonds * Complete Brokerage

WE

by

weekly

already developing in March and
early April was provided by a

ex¬

past

they

mists

Age"

companies
if

lead

past

on

+10.4

Battle if

Face

Boost
"Iron

9.9

+

seven

stave-off

0.6

710,922

Boston

by

up

easily

1,232,940

to

hands

hour.
The findings of the study could

%

$13,896,673

expected
his

metalworking

per

pressure

1960

is

in

Further confirmation of the im¬

Research,

of

go

follows:

centers

1961

study

points out this would be at about
the time the steel industry wages

the

Chicago——

battle

employment

provement

Indicators, edited

examination

The

(000 Omitted)

,

June 3—

•

B.

fall.

year.

the

ceding five months.

by Geoffrey H. Moore, offers sys¬

and

leading

President

The
have

preliminary totals stand at
$25,298,426,410
against
$23,415,614,150 for the same week in 1960.
Our comparative summary for

will

Council

the

study will be determined by what
is uncovered in early stages."

is

weekly clear¬
above those of

corresponding week last

far

in studying steel prices is not
yet
determined.
"Right
now,"
staffers say, " it is not a full-scale
investigation. The depth of the

ployment, at 6.9% of the civilian
labor force, remained around the

a

of

Bureau

a

8%

how

Just
go

Our

De¬

in April

seasonally adjusted rate of

necessarily point to either

or

in

6%

by 194,000 to 4,768,000,
194,000 to 4,768,000, but

strong recovery, since
history affords examples of both.
A new study by
the National

a
—

that

does not

Forms K. Lawrence Co.

new

decline

number

production

auspicious start, the
natural question is how far and
how fast the recovery will go. The

provide three times the pre¬

rence

usual

this

With

be

increases
they

claim

perhaps because

the

compared

lion

How Far and How Fast

are

the

will

price

they have done since mid-

as

Total

Burton and

South Main Street

Miss.

industrial

ings

obtain

to

it

steel

steelmakers

four months.

has been made up.

vious floor space.

LOUISVILLE,

in

for

deliveries

year

attention, but gains
extended into textiles, furni¬

decline

not

13%,

most

equipment. It seems reason¬
able to figure that by now half the

and enlarged

new

do

May,

ture, television, and industrial and

The firm has also announced of
the

possible

which

for

the

to see
learn about justifi¬

need."

clearings for all cities of
States

can

for

which

cities of the country, indicate that
for
the
week
ended
Saturday,

3,

we

told

going

February.. In the first 20 days of

farm

the

headed

AA-j

Preliminary figures compiled
by the Chronicle based upon tele¬
graphic advices from the chief

United

be

can

Council

Advisers

"We're

Age:

cation

ago.

the

Economic

what

clearings last week showed
increase compared with a year

June

steel
the

of

continued to improve in April and

May,

widespread

the past 10 years. He
trading and wire de¬

for

pany

units

back

in April,

data

However,

for May.
The re¬
broad base, encom¬
passing all major industrial sec¬
tors.
Rising output of steel and

Tunks is Q(irrently Presi¬
dent of the Utah Security Dealers

Ended

8% Above Same

members

two-month

a

allowance

covery is on a

i Mr.

but fell

sagged

indicated

rise

President.

Staff

Bank
an

a

rise, retail
sales figures, seasonally adjusted,

measured by the
Federal Reserve index, amounted
to 2.5% in April with a further

retailing of municipal bonds under
the direction of J. Alma Burrows,

annual rate

rate of 1,233,000.

a

After

factory work week was
The rise in industrial

production,

an

million

one

March

and

Week

for

making

are

justified.
of

Week Last Year

cember, rebounded to 1,317,000 in

lengthened.

as

primary underwriting and

Association,

Clearings

June 3 Were

advisers

study of steel prices to determine

excesses.

As

shipments rise, but, on a season¬
ally adjusted basis, more workers
were
employed in manufacturing

for

constulting

most

in the

dealers.

Burton

begins,

The

greater emphasis will be given to

financial

tive

or

will be given to recovery.

mountain securities. In addition to

pany

When

delivered.
Phillip S. Tunks

Inter-

L.

output,

than

of

growth and avoidance of specula¬

production is using up ma¬
terials faster than they are being

for

be¬

ensuing expansions.
to prolonging an expan¬
period
rests
in
balanced

sion

where

and

Edward

rapidly

more

recommendations

relationship

tween duration of contractions and

largely completed by the end
April.
However, some stock

of

activities

an

systematic

any

cutting continues where shipments
of finished goods have picked up

research

in

capital in¬
year.
Inven¬

this

later

tional Bureau studies fail to show

moderate

a

for

duration

depp;rtm|ent

trading

after the mod¬

The key

was

Company, Salt
Lake City.

will

plans

tory liquidation by manufacturers

and

The

in

vestment

L.

Burton

goods, and in

increase

of

t

n

much shorter time

increase in

activity during April erate contractions than after the
and May has erased any lingering severe ones." Since the recent de¬
doubts that the economy is in a cline ranked among the mildest
very
encouraging rebound from in the last forty years, business
recession lows.
Improvement in statistics may begin setting new
business sentiment—stimulated by records before many more months
better sales and.by some improve¬ have passed. Historically, periods
ment in earnings—has been most of business expansion have ranged
10
to 80 months with an
noticeable in the stepped-up from
The Na¬
tempo of ordering, particularly for average of 30 months.

that President Kennedy's

economic

Iron

Bank

be made in
least indirectly,

may

The metalworking magazine has

late capital investment.

industrial

Burton,

Vice

One finding, not un¬
naturally, is that "recovery to the
previous peak was attained in a

states that the marked

has

Tunks

R.

of

trading

perience.

National City Bank of New York

E. L. Burton Co.
SALT LAKE CITY, Utah

of business

and economic conditions the First

decision

learned

Administration's efforts to stimu¬

P. S. Tunks With

ultimately,

And

year.

the

ex¬

the

share

this

prices

3%

a

*

in

Comprehensive

*

Service
w.

Primary

&

Unlisted Securities

300

over

Research

THAT
Si

Ss§

i
::::x

S.

M.

SZYMCZAK

SIS
Members

New

MEMBER

(FORMER

OF

THE

OF THE

FEDERAL

Stock

York

BOARD OF GOVERNORS

1

Exchange
Midwest

Stock

RESERVE SYSTEM)

ASSOCIATED

WITH

US

NY 1-865

Corporate Teletype:

Cable

We

have

direct

wires

to

&■

I

WHitehall 3-7600

Telephone

NOW

Exchange

JY™ ^

x»

IS

American Stock Exchange

•

•

Address:

Municipal Teletype: NY 1-1691

gx

Sgj
W

GREGSONS

pl
SSS:

Correspondents in the following cities:

Si

BEVERLY HILLS
CINCINNATI
CLEVELAND
COLUMBUS
DALLAS
DENVER
DES MOINES
DETROIT
EL PASO
FARMINGTON, N. M.
FAYETTEVILLE, ARK.
FULLERTON
GRAND RAPIDS
HARRISBURG
HERKIMER, N. Y.
HOUSTON
INDIANAPOLIS JOPLIN KANSAS CITY KILMARNOCK, VA.
LOS ANGELES
MALONE
MINNEAPOLIS
NASHVILLE
NEW ORLEANS
PHILADELPHIA
PIKESVILLE, MD.
PITTSBURGH
<
PORTLAND, ORE: *
POTSDAM
REDLANDS. CAL.
ROME, N. Y.
ST. LOUIS •
SALT LAKE CITY
SAN ANTONIO
SAN DIEGO
SAN FRANCISCO
SANTA ANA
SANTA FE
ALBUQUERQUE
BOSTON

C. J. DEVINE & CO.
Wall Street,

48
Chicago

•

Boston

Cleveland

•

•

New York 5, N. Y.

Philadelphia

Cincinnati

•

•

Washington

St. Louis

•

•

Pittsburgh

San Francisco

SEATTLE

ASHEVILLE

ANAHEIM

BURLINGTON

TORONTO
WASHINGTON

☆"




BALTIMORE

CHICAGO

CHARLOTTESVILLE

TULSA

UTICA

WESTWOOD

SSS:

i

I
I
I

VICTORIA, TEX.

WHITTIER

„

.,

1

6

The Commercial and Financial Chronicle

(2494)

off

less

the

TAX-EXEMPT BOND MARKET

dealers

partly

BY DONALD D.

ment

due

the

approach
period.
a

active

very

Jupe is usually
period

for

Federal

situation

As credit demands enlarge,

tax-

interest

rate

structure

High

the

should

n

t_

x

or more

i

.l-

t

tabulations
June 8

,

Albuquerque Mun. S. D., N. Mex.
Cuyahoga Heights, Ohio

ation

is

new

less auspicious presently, for con-

New

York

veniently

firmed

bond

financing,

market

ahead

circumstances

handling

than

general

has

the

been

seem

business

the

in

case

week.

late spring and early sumperiods.

already

and

was

inventory situation
vorable

9,

1960,

the

bond total

450,
of

this

of

as

List
low

was as

On

price level

was

more

1961.

Futile and Dangerous
During

the

week

Reserve was a
chaser of 1-10

1961.

gener-

the

Federal

substantial

pur-

issues in the

year

open

yields

high grade bond

realistic price level seems
destined to emerge, particularly
for the longer term issues,

(20 years)

3.415%

a

year

yield

ago

against yesterday's (June 7)
yield
of
3.334%; up
3.296% a week ago.
The

issue

new

was

less

than

seems

least the

from

a

year

ago

likely to persist for at
future. We

near

are

went

into the
well

a

situation
we

technical

the

technical

improving prices,
year approaching the

market

summer

able

balanced

1960

and

this

are

price

with

becomes

let

startled

but
as

clearer almost

a

into

alone

higher

a

market

concern

officials

wage-price iri-

over

flation. Unfortunately as we may
further support the Treasury bond

generally

controls,

we

to

expect

may

some

come

sort of wage-price

"

deteriorating.'

Bidding Remains Aggressive

Tax-Exempts Still

Bargain

a

Considering

best net return.

current

and

municipal

close

to

With

20-year
grade state

high

coupon

bonds

yielding

or

those

bracket

individuals
or

higher,
tax-exempts than
taxable

in

fare

the

50%

better

in

pals.

week

has

aggressive.

As

issues
relatively

hinted

at

good

grade

prove

high

grade

investors

particularly

the

technical

market

our

is

much

future.

yielding

For this

earlier,

of

less favorable than it has been for
months and the various factors
involved appear not likely to im-

in

no

more

than

it^ takes but little figuring

turn

this

been

With

bonds.

corporates

5%,

municipal

3V2%, those institutions position

subject to the corporate tax rate,

towards

reason

the

to

munici-

dealers, and

dealer

w

The

i t h i

the

n

foreseeable

one

that

the

municipals

field

of

enjoy

against

debt

securities.

seem

to have backed

The

dealer banks

MARKET ON REPRESENTATIVE
.

Rate

.

California

(State)___

Connecticut

SERIAL

ISSUES

Maturity

Bid

Asked

New

3.70%

3.55%

3%%

(State)

1978-1980
1980-1982

3.40%

3.25%

Jersey Highway Auth., Gtd.__ 3%
New York
(State)
3%
Pennsylvania (State)
3%%
Vermont (State)
3VS%
New
Housing Auth. (N. Y., N. Y.) 31/2%
Los Angeles, Calif.
33/4%
Baltimore, Md.
31/4%

midst

that

seem

half-dozen

Recent

sizable

issues

count managed

Co.

and

The

authorized

by

district

1955,

in

7,

1961

for

power

The

its

about

remain

in

was

reoffered
a

3%%

1978-1980

3.70%

3.55%

1930

3.40%

3.30%

1980

3.35%

3.25%

1979

3.65%

3.50%

and

MR. JOSEPH L.

MORRIS

bidder

for

County

$17,000,000

Water

York, water
bonds

jors

revenue

of the municipal Bond
will

as

other

was

to

for

part

in

various

cou¬

generating, which is

due

to

the

made by the

present

a

Also

substantial

winning

in

account.
a

week ago, the

State Bond and Building Commis¬
sion, La. awarded $14,000,000 serial
(1962-1986) bonds to the account
Co.

jointly by C. J. Devine
Ira Haupt & Co.' In¬

and

among

writers

were

the

major

under¬

Salomon Brothers &

Hornblower

&

Robinson-Humphrey Company, Inc.
2000

Rhodes-Haverty Building
P.
,

.

O.

Box

County,




1962-1976

3,250,000
20,000,000
24,957,000

Noon

.

1962-1991

a.m.

Noon

(Friday)
1964-2001

2:00 p.m.

1964-1983

10:00

a.m.

(Saturday)

Tennessee_____

5,000,000

June 19

>

1962-1981

1:00 p.m.

■:<vA;A7-\

(Monday)

Columbus," Ga

3,000,000

1961-1990

2:30 p.m.

Union Co. Regional H. S. D. 1, N. J.

r

1,500,000

1962-1990

8:00 p.m.

June 20 (Tuesday)

:

Cudahy, Wisconsin
Farmington Sch. Dist., Mich
Fulierton, Calif.
Greenburgh Unified S. D. 6, N. Y.
Hamilton County, Ohio___
:____
Islip Unified S. D. 9, N. Y._

1,285,000
1,500,000

South

San

1963-1981

1,000,000

1962-1981

>

7:30 p.m.
7:30 p.m.

1,460,000
1,040,000

21

1962-1981

Noon

1962-1990

11:00

1963-1990

5,220,000
U.S.D.,Calif.
June

11:00

4,000,000
7,000,000

Francisco

1962-1990

1962-1981

1,440,000

Nashville, Tenn.
Norfolk, Va.'
Pittsburgh, Pa.

•

a.m.

a.m.

7:30 p.m.
11:00

a.m.

1,325,000

(Wednesday)
4,577,000
1,000,000

University, Ohio

1962-1990
1968-1986

2:00 p.m.

Noon

3,500,000

1963-2000

11:00

Kettering City School Dist., Ohio
Presbyterian-St. Luke's Hosp., 111.

2,400,000
1,000,000

1962-1985

Noon

1983-2000

Roanoke,

2,600,000

1962-1981

Virginia

June 22
Loudoun
Texas

a.m.

5:00 p.m.
Noon

(Thursday)

County, Va

2,000,000

;

(State of)

25,000,000

Warren, Ohio

2,850,000

June
Bexar

County,

utiaware

23

1962-1981

Noon

1936-1991

10:00

1967-1999

11:30

a.m.
a.m.

(Friday)

—__

2.200,000

1962-1979

10:30

a.m.

10,639,000

Texas

(Stace of)

June 27
Marshfield, Wisconsin
Newport, Ky.

1932-1981

11:00

a.m.

San

—

Diego, Calif.

Seottsdale,

(Tuesday)

c

Ariz.

.—

.

—

June

28

County, Texas__
Flood

1983-1987
1933-1992

10:00

a.m.

42,5C0,C00

1967-2001

10:00

a.m.

1961-1935

2:00 p.m.

7:00 p.m.

(Wednesday)

Columbia Hgts. Ind. S. D. 13, Minn.

Harris Co.

2,000,000
3,000,000

1,400,000

__.

1,100,000
27,000,000

Control

D., Tex.

2,500,009

Maryland State Roads Comm., Md.

15,000,000

Tennessee Valley Auth., Tenn

June
Altoona Sch.

Dist,, Pa

1962-1976

11:00

a.m.

' 50,000,000

29

(Thursday)
1,000,080

1962-1986

7:30 p.m.

2,520,000

.'

El Paso, Texas

1962-1935

9:30

a.m.

July 6 (Thursday)

Port of

obligations of
are

secured

levied

on

a

Louisiana,

state agency

by

specific

Mich.___

are

7:30 p.m.

4,300,009

priced

were

to

3.75%.

Louisiana
.

„

It

to

yield

was

and
8 of

from

reported

funds of the State of

were

substantial

Continued

on

July 10 (Monday)
Portland, Ore._

pur-

page

7

1,500,GOO

1962-1981

10:00

a.m.

1962-1981

9:00

a.m.

1962-1991

2:30 p.m.

July 11 (Tuesday)

taxes

beer under Act No.

that various

Established 1394

a.m.

1,867,000
1,600,000

June 17

Jackson U. S. D.,

1.75%

Telephone
JAckson 1-0316

11:00

11:00 a.m.

I. duPont & Co., Weeden
Co., and Goodbody & Co. These
bonds, while not a general obliga¬

bonds

Atlanta 1, Ga.

1962-1981

&

1948 of the State of Louisiana. The

1708

a.m.

6,000,000
1,200,000

11:00

tion of the State of

lhe

11:00

1964-2000

Weeks,

Francis

CONSULTANT ON MUNICIPAL FINANCING

a.m.

1991

1962-1981

Harris

Thursday,

11:00

a.m.

group.

balance of $9,200,000

remains

a.m.

1963-1986

re-

Initial investor reception has

pons.

10:00

a.m.

priced to yield from

3.90%

2:00 p.m.

1966-1986

ma¬

Co., and Paribas Corp. The

Hutzler,
serve

The

(1965-2001)

Goldman, Sachs & Co.,
B.
J. Van
Ingen & Co., R. W.
Pressprich & Co., W. H. Morton

&

department

1.

New

Noon

9:00

were

cluded

formerly head

Monroe

Authority,

June

011

managed

Vice President

approximation of

1962-1981

1962-1.981

10:00

the

account headed by HarriRipley & Co., Inc. and Smith,
Barney & Co., was the successful

bonds

MUNICIPAL BOND DEPARTMENT

ac¬

all

The

cover

of the

the

man

At

head

3.825%

As

situation.

in

President

yield

control

reasonable

a

been slow

Vice

The
1999

a.m.

7:30 p.m.

1962-1991

Kent State

3.30%

has been
appointed

to

coupon.

members

offering

i

account.

10:00

4,000,000
2,500,000

Babylon Unified Sch. Dist. 3, N. Y.
Dorchester County, Md
1.

3.15%

MR. LEX JOLLEY

the

1963-1990
1962-1979

1972-1991

bonds, no accurate balance
is available, but 40% in¬
vestor placement would
appear to

3.10%

that

of

3:30 p.m.
11:00 a.m.

7,000,000

term

3.40%

announce

20%

1962-1991
1968-1987

(Thursday)

figure

3.30%

pleased to

'were

a.m.

3,000,000

Hamilton

(1966priced to

to#3.50%

a.m.

1962-1978

2,847,000
1,665,000
3,000,000

24, N. Y.

June 15

to

by investors and at

a.m.

10:30

(Wednesday)

(State of)

growing

$18,750,000 term loan due in

2.40%
are

were

only

bonds

&

We

D.

University
Greenwood, Miss.

serial

2.50%

received

present

1977-1980

3.55%

S.

,

$11,250,000
from

well

1978-1979

3.60%

used

steadily

1980) bonds which

the

1980

F.

Colorado State

population.

be

3.3346%

be

principally in Sacramento
County,
of
continued
low-cost

3.15%

=

U.

14

,

the

cated

3.20%

Index

will

11:00

1963-1990

Honolulu City & County, Hawaii__

the

of

1962-1981

Lake Charles Har. & Ter.

$85,000,000

voters

a.m.

1,500,000

f

Va.___________

I

project, thus assur¬
ing
the
district, which encom¬
passes a 650-square mile area lo¬

3.35%

3%

June

County,

1

complete

3.25%

3.59%

ac¬

Boston

the

10:00

25,000,000

:

Dist., La.
Metropolitan St. Louis S. D
Mo.
Metropolitan Seattle, Wash
S^one & Webster Securities
Corp., .Philadelphia, Pa.
White, Weld & Co., and many
others. The proceeds of this issue,
June 16

3.30%

3.65%

revenue

jointly by Blyth &

First

1962-1976

1,706,000

County, Maryland..
Oxnard, California
Springfield, Massachusetts
Willoughby-Eastlake S. D., Ohio__

Corp.,
including C. J. Devine & Co.,
&
Co.,
Merrill
Lynch,
Pierce,
Fenner
&
Smith
Inc.,

1974-1975

1977

market.

the

10:00 a.m.

10,000,000

June

Brookhaven

Drexel

1978-1979

3i/4%

Indianapolis, Indiana
Kentucky (State of)
Vancouver, Washington

a

Arlington

to

2:00 p.m.

1962-1971

10:00

School District 10, N. Y

and

31/4%

New York City, N. Y._

bonds

1962-1981

1961-1980

.

Project

term

1962-1986

a.m.

5,200,000
1,918,000

Harford

and

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

Huntington & Smithtown Unified

Thursday, June 1, the Sacra¬
Municipal Utility District,
Calif., awarded $30,000,000 Upper

serial

1961-1974

1963-1982

mento

River

11:00

1,000,000

California

American

8:00 p.m.

1962-1986

6,025,000

number

to

8:00 p.m.

1962-1982

Florida State Board of Education..

On

31/2%

Cincinnati, Ohio
New Orleans, La.
Chicago, 111.

came

Noon

8:00 p.m.
Noon

Awards
a

1962-1966
1962-1980

Fauguier County, Va.__^

"turkeys."

During the past week
of

of

10:00 a.m.

41,425,000

Denton, Texas

of

the purchase

10:00 a.m.

1962-1966

11,275,000

East Brunswick Tp. S.
D., N. J

syndicate
men
fear
successful underwrit¬

missing one
ing more than

1978-1980

__

of

*

of

(Tuesday)

Connecticut (State of)_

un¬

low the leader." At times it would

count

31/0%

June 13

figuratively starv¬

are

the

very

.

issues

1962-1981

4,753,000
3,750,000

5,000,000
1,100,000

Carlsbad Mun. S. D., N. Mex._____
San Francisco, Calif—

plenty in¬
dulging in this,., silly game of "fol-

yield

plus factor, however, is
the relatively favorable price level

in

a

bond

(Monday)

Akron, Ohio

a

of
bonds,
purchase, at

reflects

with

banks,

within

blocks

out

cuts,

June 12

new

V

the final portion of the

the

prevailing unRelatively,
tax-exempt
bonds, easiness in all phases of the bond
continue to offer most investors market, the
bidding for state and
the

Moving

daily

market

Administration

market,
closer to

and

structure

reported,
increase

level. The monetary inflationary
factors alone are enough to have

with

unfavor-

an

balance

is
to

supporting the bond

ation,

pres-

of

summer

it

continue

through open market purchases
cannot effect a stable market situ-

too,

ently pressing $500,000,000. While
we

with

It

that

calendar,

voluminous

market,

more

as

aver-

age

account

within hours of their

ing

ally favorable, too, with the Com-

at

of the

period of time.

the dealers

mercial and Financial Chronicle's
Index

of

out

brief

182-day

■

total

7,

issues

most

move

healthy dealer situation. Most

$274,634,-

June

on

of

enough to

,

the

1,342,000
1,050,000
60,400,000
1,000,000
20,000,000

tending to
heavier, pricing should be realistic

price

municipal

as

$500,000,000

volume

since Feb. 28,

fa-

June

the reported

$451,044,000

The

quite

date.

Blue

against

as

ago

past

issue

hills and the average yield rates
were higher than at any time

the

year

the

Treasury invited ten$1,100,000,000 of 91-day

for

bills

a

market

money

in

In

up.

The

ders

mer

example,

the

perceptibly

recent

For

forming

x,

1,125,000

J.

^Middle Township Sch* Dist., N. J.
New York City, New YorkPulaski County Special S.
D., Ark.
Santa. Clara County, Calif..
be

gradually tend upward. This situ-

bond

^

list

(Thursday)

Albuquerque, New Mexico________

Howell Township Sch. Dist., N.

Price

we

for which specific sale dates have been set.

of

.

„

following

$1,000,000

Reserve

generally.
banks have

Victory

£

With the street inventory situation as heavy as it is, and with

exempt

,

,

al

the

ideas.

vacation

summer

Although

we

as

the

credit

Thursday, June 8, 1961

Larger Issues Scheduled For Sale
r.

asso-

have been reluctant to abruptly Moreover, the dealer
reduce their new issue bidding a greater capacity for inventory

Further confusion appears in state

municipal bond circles

their closer

the consequent better feel

the

and

with

..

price ideas than

generally. This seems
to their own invest-

needs and

ciation
and

their

in

.

Corpus Christi, Texas
>
Long Beach Unified S. D., Calif.__
Los Angeles City Fire
Dept., Calif.
___

Los

Angeles, Calif
Memphis, Tenn. _1_:

>

2,400,000

1,000,000
3,000,000
18,800.000
13,500,000

July 12 (Wednesday)
Sacramento-Yolo Port Dist., Calif.

7,000,000

Volume

193

Number

6062

.

.

The Commercial and Financial Chronicle

.

(2495)

Tax-Exempt
of

the

long

balance

present

$5,383,000.

BY

bonds.

is

In

...Ahead of the News

Continued from page 6

other

it

quota
out

.The-week's

000,000

largest issue,

State

of

Thoroughfare
enue

Ohio,

$32,-

Administration's farm bill has
an

culture

Major. revisions

Construction

rev¬

party aisle.

bonds, came to
Tuesday, June 6. The

on

syndicate

headed \ by

Brothers

Lehman

and

Halsey, Stuart &
Co., Inc., and including Glore,
Forgan & Co., Paribas Corp., and
others

many

issue

which

from

1.50%

the

won

scaled

was

to

issue.

3,15%

to

The

yield

is presently

Nassau

bids

County,
June

on

N.

Y.,

for

6,

sought

$19,731,000

various purpose general obligation
bonds due 1962-1990. The account

managed
tan

by

The

Bank

Bankers

Inc.,

Trust

Smith,

Chemical

Chase

and

Co.,

Blyth

Barney

Bank

Co., and others

Manhat¬

including

Co.,
the

York

the

was

&

Co.,

&

New

the

Trust

high bid¬

der for the issue. The bonds

were

reoffered to yield 1.70% to 3.80%,
with a 3.60% coupon. Investor re¬

ception

$12,000,000

of

the

bonds

presently out of account.
Also

the

'

-

was not able to sell the bill
which gave him nearly dictatorial

The

selection

visory
farm

committees

to

will

draw

begins.

aP

ifif

r,;

Freeman's

Objections have been raised to

points

of

the

Freeman bill and the

visions
farm

situation,

nearly the
The

same

leave

legislatively,

plans

many

contained

were

1

on

Tuesday, Milwaukee,
Wise., awarded $10,000,000 Water¬

in effect for

now

will

ATLANTA, Ga. — The RobinsonHumphrey Company, Inc., RhodesHaverty Building, have announced
that Lex

of

one

be

special'

renewed

the most laughable quotes
He says: "Wags are

of the

week.

circulating around Washington the
story that Kennedy is going to
demand

recount in the hope that
win."

a

debt

plan which probably will involve

the missile does.

at

a

a

Nixon

Congres¬

cut below the 55 million

acres

will

Another

is that the national

one

will

reach

of

#

the

Lex

before

moon

the
*

production,
with
in¬
creases in price supports up to 80
or 90%
of parity.
No

are:

national

marketing

President

Kennedy bill would have removed.

not

orders

having Congress reject
farm plans within 60 days of their

bill.

groups are

Secretary, the
probably require

Congressional approval. This will

over

according to

covery,

omists,

was

anything to

of

registering strong pro¬
being included in the

dollars

serve

many

had

a

few

been

The

re¬

pany,

econ¬

consultant

and

Union

Securities

&

This

announcement

of

Co.v Included

were1 Kidder. Pdaftodv
Co., Stone & WTebster Se!curii/i
ties Corp., Blair &
Co., Inc., Bear,
Stearns & Co., and Hornblower &

■

is under

off er to buy

an

into

dealing

as

circulation by the Administration.

in

general

issues.

.'»

J,kx '■i—' 1•

' .*

no

circumstances to be construed

as an

offer to sell

solicitation

or as a

of these securities. The offering is made only by the Prospectus.

any
•

..

•

Ft.-.'

as-maj'brs
&

Weeks. The issue

NEW

ISSUE

June 7; 1961

reoffered to

was

900,000 Shares

yield 1.50% to 3.70%. Investor in¬
terest

date

to

less

and

remain
On

000

has

than

in

been

10%

excellent

of

the

bonds

Public Service Electric

account.

Wednesday, June 7, $9,000,-

Madison

Metropolitan Sewer¬

District,

age

bonds

Wise.

and Gas

(1963-1980)

awarded

were

to

the

ac¬

Company

count

managed
jointly
ty
the
Continental Illinois National Bank

and

Trust

First

Co.

York,

and

Bank.

This

scaled

The

to

Common Stock

of
Chicago, The
City Bank of New

National

Chase

Manhattan

high grade issue
yield

from

(without nominal

or par

value)

was

1.80%

to

3.35%. After the initial order pe¬
riod, about $3,770,000 of the bonds
were

reported

sold.

Price

$52.25

per

Share

Toll Booths Active

Toll road

nice
we

revenues

increases

over

into the

go

are

a

showing

year

ago

as

The first

summer.

the May reports indicates that*
the
Illinois
State
Toll
Highway

of

increased

May

a

revenues

year

by 18%
Thus far

ago.

year, revenues are up

against

1960.

Copies of the Prospectus

may

only such of the undersigned

or

be obtained in

other dealers

State. in which this

any

or

brokers

as may

over

announcement

is circulated from

lawfully offer these securities in such State.

this

almost 25%

Among

other

toll

roads

showing good progress are,
Florida, Kansas, Richmond-Peters¬
burg, Texas, Greater New Orleans

Merrill

Lynch, Pierce, Fenner & Smith

1
,

Incorporated

and Jacksonville

Smith,

Barney

Bond

Index

since

the

Index

is

changed
The yield

report.
3.73% on June

before

it

1.

The

3.72%.

(June
a

that

expect

at

was

averaged
today
yield would be
We

little

last

was

week

Expressway. The
& Co.
Turnpike

7),

little

the

the

issues

weeks

ahead.

Until

tially

Hornblower 8C Weeks

Kidder, Peabody & Co.

Paine, Webber, Jackson 8C Curtis

Dean Witter 8C Co.

new

Hemphill, Noyes 8C Co.

Reynolds 3C Co., Inc.

Wertheim 8C Co.

A. C.
i

Corporation

Bache & Co.

A. G. Becker & Co.

Hamilton

Clark, Dodge 8C Co.

Incorporated

111. —The

engaging in

a

offices

Boulevard.

Lauren,

Alexander

Investment

at

Co., Inc. is
securities business
53

Officers

President;

West
are

Jackson

Joseph A.

Donald

A.

Smith, Vice-President; and F. L.
Lauren, Secretary.




Allyn and Company
Incorporated
i

American Securities

reduced, a buyer's market
undoubtedly prevail.

CHICAGO,

Ripley & Co.

Lehman Brothers

White, Weld 8C Co.

are

Bear, Stearns & Co.

Incorporated

In Securities Business

from

Harriman

mu¬

priced for quick sell¬
out, and inventories are substan¬
will

,

•

Incorporated

and

nicipal bond prices will be easier
in

Corporation

Incorporated
)

If

higher.

state

The First Boston

Blyth & Co., Inc.

Goodbody 8C Co.

'Hallsarten & Co.

R. W.

Shearson, Hammill 8C Co.

Pressprich & Go.

1894, acts

as

of

Southern municipal bonds, as well

mortgage revenue (19621990) bonds to the group managed
& Co.,
Smith,
Barney & Co., and Eastman Dillon,

municipal

distributor

works

jointly by Halsev, Stuart
Inc.,
Lehman
Brothers,

on

Robinson-Humphrey Com¬
established in

underwriter

million

put

as

financing.

is tak¬

the middle of March.

By that time only

However, cattlemen and other

tests

to have had

ing place. The actual start of

Secretary to date is win¬
ning his fight to have every farm
commodity included
under
the

transmission by the

seem

Joseph L. Morris

Joseph L. Morris, also Vice-Presi¬
dent, and formerly head of the
municipal bond department will

"affirma¬

do with the recovery that

The

Instead of

Kennedy's

tive anti-recession program" does

will be required to cover regional
or smaller areas.

Jolley

firm, has been appointed head

of the municipal bond
department.

#

national

the

Jolley, Vice-President of

of

sional review, is out. Congress will
enact a temporary one-year wheat

Congress will keep its right to
amend farm legislation which the

will

Cuba's

year.

Act, the School Milk

the

Kennedy bill.

Changes indicated

a

re¬

' Congressman Carroll D. Kearns
Pennsylvania, is responsible for

;

directly
vote of

gone

Officials

sys¬

be

foreign producers.

among

wheat growers without

of the

in

have

Humphrey Names

dim.

up

be

Secretary to

will

growers

another

re¬

point it is today.
last year defeated a

contained

the

is

June, and

without substantial change.

stampede wheat bill

would

from

same

House

bill which

general

will

suggested

which

Kennedy^

in

general, the

farming in the United
States, and now the real work of
hammering out an acceptable plan processes will be outlined.
powers over

for

farm laws

for .ad¬

changed.
Instead
of
Freeman' setting
the
qualifications, more democratic
programs

bill

Sugar

commodities

process '

Robinson-

the

Act and the Great Plains
program
will be extended. In

the Congress.

on

legislation,

that the norquota

The Wool

bill, Congress must work

a

its will

legislation

fairly good and about

was

wants

;

man

several

less than half sold.

of

Congress by the
leadership.- If the ^Administration

•

Secretary" of Agriculture Free¬

the; withholding

legislation from

Co^umttee (• and drastic
areTjefng^ discussed on

both sides of the

(1962-1972)

market

prevent

with the. House Agri¬

egg

be

will be canceled, but the
production will be parceled

extra
The

a

for beet

tained

The

laid

for

appears

tem

CARLISLE BARGERON

reported "as

Largest Award

farm

Hearings will be held

,

Week's

deletions could

some

made.

outlook

Bond Market
chasers

bill, and

FROM WASHINGTON

7

Francis I. duPont 8C Co.

F. S.

Moseley 8C Co.

G. H. Walker 8C Co.

market

8

The Commercial and Financial Chronicle

(2496)

reviews of American Natural Gas

son

and Piper Aircraft.

DEALER-BROKER

a

Baldwin

INVESTMENT LITERATURE

Hamilton—Memo¬

Lima

randum

Pershing & Co., 120
Broadway, New York 5, N. Y. i

AND RECOMMENDATIONS

—

Cigars

Bayuk

—

Memorandum

—

Technical

stock

M.

Products, Inc., and

market

Company—Analysis

Hanna

A.

analysis.

Park

Incorporated, 300
Avenue, New York 22, N. Y.

Also

available

& Co.,

—Evans

is

analysis

an

of

Joseph D. Goodman & Co., 1526
THAT

UNDERSTOOD

IS

IT

PARTIES

INTERESTED

SEND

TO

MENTIONED

FIRMS

THE

THE

WILL

FOLLOWING

BE

Chestnut

PLEASED

Royal Dutch Petroleum Company.
Hudson

available

Also

LITERATURE:

R.

on

Bell

Banks—Five
certain

City

New York

Chicago,

Banks—The Illinois

Western

and

of

comparison

year

Co., Inc., 231 South La Salle St.,
Chicago 4, 111.
Canada

States—

United

the

and

Districts—Study
Cross, Incorporated,
St., New York 5, N. Y.

—Roosevelt &

Oil

Companies—Analysis of first
earnings
—
Carl
H.

quarter

Pforzheimer

&

Co., 25 Broad St.,

Neighbors in Democracy—A study

New York 4,

of the similarities and differences

Over-the-Counter

in the

democratic governments

Canada

United

the

and

Distillers

Corporation

Limited,

1430 Peel St.,

of

States—

showing

Seagrams

stocks

Averages

Que., Canada.

the

used

—

the

the

Folder

compari¬

listed

in

and

industrial

Dow-Jones

35

over-the-

counte^ industrial stocks used in

Canadian Wheat Exports—Review

the

National

Quotation

Bureau

Montreal, P. O. Box
6002, Montreal, 3, Que., Canada.

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

Capital

year

of

—Bank

Stocks—Bulletin—

Goods

Hammill
&
Co.,
St., New York 5, N. Y.

14

Shearson,
Wall

Chemical

Industry—Review

36

Chemical—Bache

with

&

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

Chemical

Stocks

—

Review

—

Auchincloss, Parker & Redpath, 2
Broadway, New York 4, N. Y.
Electronics—Survey—Globus Inc.,
660 Madison Ave., New York 21,
N.

Inc.,
46
York 4, N. Y.

Public

Fire Casualty Insurance Stocks

—

Comparison and analysis of lead¬
ing stocks — Laird, Bissell &

Meeds, 120 Broadway, New York
5, N. Y.
•'/■;*'

Front

Street,

ton

&

York

Co., Inc., 52 Wall St., New
5, N. Y.

Puerto

terly

Rican

Securities

report

ernment

Puerto

Development

Rico,

Science

Quar¬

—

investors—Gov¬

to

San

Stocks

for

Bank

Juan, P.

of

Discussion

—

Investment

Com¬

—

listing -183

Loan

A.M.

Kidder

Companies—Report—
& Co., Inc., 1 Wall
St., New York 5, N. Y.

foreign ex¬
change
rates,
with
decimal
equivalents of shillings and pence

Tax

Sheltered Investments

in

—International Department, Man¬

and

Gas—Data

ufacturers Trust

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

Oils,
Okla¬

New York

Co., 44 Wall St.,

15, N. Y.

:j:

Japanese Market.—Review—Nikko
Securities

Co., Ltd., 25 Broad St.,

New York 4,

is

N. Y. Also available

special

a

Watch

Co.

report

Ltd.

Market

Yamaichi

Securities

Inc.,

—

Review
Co.

of

—

New

Ill

Broadway, New
6, N. Y. Also available are
analyses of Hitachi Machinery Co.

York

Ltd.

and

New

&

York

Co.,
N.

61

Y.

randa
and

Stock

Broadway,

Market

New

available

Yawata Iron &

Steel;

—

Survey

E.

Also

York

6, N. Y.
analyses of
Steel; Fuji Iron &

Hitachi

Limited

(elec¬

York

are

Co.

(plastics);

Yoko¬

hama Rubber Co.; and Showa Oil
Co.

Brush

Beryllium—Analysis—Ball,

Burge & Kraus, Union Commerce
available

Also
Telex

Canada

(N.

Disussion

—

Atlantic

York

4,

N.

discussion

a

Federal

and

Baird

W.

Wisconsin
Wis.

Y.
of

—

Review

—

Co., 25 Broad St., New

4, N. Y. Also available

and

Aqua-Chem, Inc.

Celanese

Welch Scientific

Korvette, Inc.

M.

Jorgensen

640 South Spring

&

Co.,

St., Los Angeles

Calif.

14,

Chmical—Memorandum

Batchker, Eaton & Co., 120
New York 5, N. Y.

Kendall

Co.

Witter

Dean

&

St.,

gomery

Memorandum

—

Co.,

—

Mont¬

45

Francisco

San

6,

review

of

National

Corporation

of

America

a

Steel Corp.

Celanese

Memorandum
ties

Hill, Darlington &

—

Grimm, 2 Broadway, New York 4,
Y.

Utilities

Kentucky

Co.

—

Memo¬

randum—Schwabacher & Co.,

100

Montgomery St., San Francisco 4,
Calif.

Also

randa

on

Taylor

available

Levitt

memo¬

are

Sons

&

Instrument

and

Inc.

Companies.

Co.—Analysis—Gruntal

&

are

Corporation

—Bulletin—Charles A. Taggart &

Co., Inc., 1516 Locust St., Phila¬
delphia 2, Pa. Also available is
memorandum

—

Co.—Analysis—Weingar-

Swift &

&

551
N.Y.

17,

Bishop & Bab-

on

Memorandum—Sutro

&

Co.,

sis—J.

A.

Co.

Palmolive

—

Memo¬

randum—Bruns, Nordeman & Co.,
115

Broadway, New York 6, N. Y.

Also available
Horn

&

memoranda

are

Hardart,

on

Indus¬

Napco

Carlisle

and

Commercial

Cohen,

Casualty Insurance Co.

of

Memorandum —Equi¬

—

Securities

table

Broad

40

Wall

Corp.

Solvents

Analysis

—

Simonson
Coal

St.,

New

Also available

&

Company

Lithium

Co.,
N.

on

Insurance.

Corporation

America,

of

Kaplan

&

Broadway, New York

120

5,

Y.

York

&

4,

Masco

Co., 25 Broad St., New
Y.

N.

Screw

Orvis

Products—Report—

Brothers

&

Co.,

Broad

15

St., New York 5, N. Y. Also avail¬
able
are
a
bulletin
on
Special
and

Growth

for

memorandum

Metal &
Palmolive, R.

Reynolds

J.

Arkansas

Rohr

Aircraft

Taylor

Y.

Cheme-

Colgate-

Thermit,

Louisiana

To¬

Gas,

Link-Belt.

and

McCormick

on

Armstrong

available

Also

International

Paper

Communications

are

data

Co.,

—

&
3,
on

Systems,

Inc.,

Chibougamau
Inc.

—

Mines.

Steel

McLouth

W.

dum—R.

available

is

Standard

Oil

Corp.—Memoran¬

memorandum

a

Co.

Corp.—Report—Underhill Securi¬
ties Corp., 19 Rector Street, New
York 6, N. Y.
Woolworth

W.

F.

&

—

Memo¬

-

Rule

—

Memorandum

Arrin

St.,

—

&

New

Co., Inc., 82
York 5, N. Y.

request.

Cowen
York

&

Form

Brassiere

Ltd.—Memorandum—

Co., 45

Wall St., New

on

5, N. Y.

N. Y.

Teletype NY 1-376; 377; 378

Trailer

Analysis

Rhoades
York

&

Chicago Analysts
Receive Slate
CHICAGO,
on

Register

Company
M.

Carl

—

Loeb,

Co., 42 Wall St., New

Oil

Nortex

Inc.,

York

5,

Review

—

New

Limited

Telephone

Royal

poration Ltd.,

West,

—

Securities Cor¬
244 St. James St.,

Montreal

Grain

Que.,

1,
a

—Shields &

Co., 44 Wall St., New

5, N. Y.

Co., Inc.—Bulletin—
Investors, Inc., 130
William St., New York 38, N. Y.
Lamula

Polar'ad

Electronics

Analysis

—

B.

reviews of Pacific Indus¬

and

Robin¬

A.

Secretary:

Stanley

A.

Winter,

Frederick

Treasurer:

J.

sterling, Chicago Title
Company.

Foer-

and Trust

Board of Governors:
Terms

term):

Duff,

expiring 1964 (three

Hartman

Anderson

L.

Butler,

and

Clark;

year

Jr.,
Wil¬

liam S. Gray, Harris Trust and
Savings Bank; and Waid R. Vanderpoel, First National Bank of
Chicago.
Terms

term):

expiring 1962

replacing
Clarence

of

terms

and

(one year

unexpired
Torrey, Jr.

the
E.

William

A.

Sten¬

(nominee for Vice-President),

Richard

C.

Barbour,

Allstate

In¬

Company; and Thomas N.

surance

Mathers, Mathers & Company.

Members

Committee

the

of

Nominations

on

Hartman

L.

were:

E.

Heikes, J.

C.

Franklin

Bickmore,

Harlan F. Eicher.

Customers Brokers

Quarterly Meeting

Corp.

Christopher

—

&

Association
will

Brokers

hold

of

Customers

their

quarterly

business meeting and dinner June
21 at Reuben's Restaurant, 6 East
58th

Street, New York City. The
meeting
will
begin

business

promptly
by

of

Also

St.

available

Regis

are

analyses
Air¬

United

Paper,

craft Corporation, and the Market

Prospects.
Quinta

Corporation

—

Report

Swarthout & Kemmerer, Inc.,

—

165

at 4:45, to be followed
cocktails, and dinner at 6:45
p.m.
Tickets for the dinner are
$6.50 per person.
Reservations
should be made before June 16
with Albert
F. Frank, Landen-

burg, Thalmann & Co.

Broadway, New York 6, N. Y.
C.

status

A.—Discussion
—

Sutro

available is

Rayonier, Inc.,

William

A. G. Becker and Company, Inc.

Co., 4722 Broadway, Kansas City,

Pine

are

Stein

Stenson, Northern Trust Company.

The

Fruit

John

St., New York 5, N. Y. Also avail¬
tries,

Elliott,

Lang

Farnham.

and

Canada.

review of Fed¬

Limited.

Petroleum—Memorandum

Pauley

nomina¬

Butler, Jr., Russell J. Eddy, Neil

N. Y.

—

Chicago, ,;has

of

following

Organiza¬

Broadway,

120

Hemphill, Noyes & Co., 15 Broad
able

the

Elections will be held June 15th.

Conklin

Review

eral

Society

President:
Roe

Corp.—Bulle¬

Gas

&

Witt

tion,

Committee

111. —The

Nominations of the Investment

tions for 1961-1962 Officers:

5, N. Y.

tin—De

R.
—

—

74 Wall St.,

N. Y.

5,

(resigned)

(California).

of

current

Association

Freuhauf

Report

—

Co., Inc.,

York

New

son

Cash

National

Penn

Co., 15 West
St., Kansas City 5, Mo.

122 South La Salle

Universal Electronics Laboratories

Pressprich & Co., 48

—

Securities

Electronic Components

Cochran

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

York

Memorandum

—

Co., 110 East First Str., Wichita
2, Kan.

Also available is

Lynch

Co.

&

Northern

Corporation

Oil

Wall

40

Industries—Analysis—A. C.

S.

Allyn & Co.,

a

Harris Intert.ype.

Memorandum—Milburn,

—

N.

5,

on

Co.,

&

5, N. Y.

St., New York

Vice-President:

Company—Analysis—

Magnavox

—

Weeks,

&

York
data

are

tron,

10th

memoranda

are

Accident

&

322

Corporation,

Nashville 3, Tenn. Also

available

Wall

Co., 25
St., New York 4, N. Y.

Theodore

Troster, Singer & Co.

Hogle

460

Calif.

Situations

Corp., 444
Seventeenth St., Denver 2, Colo.

Machinery—Analy¬

Shoe

United

Ave., New

Fifth

Co.,

Montgomery St., San Francisco 4,

Securities

McRae

—

Evans

upon

Broadway, New York

Co., 50
4, N. Y.

U.

Milk Street,

9, Mass.

&

York

—

Clayton Securi¬

—

Corporation, 79

Boston

Walston

Development

Lake Arrowhead

Droulia

Transformer

Distributors

St., Chicago 3, 111.

Inc.—Report—John H.

Analysis

—

Jersey)

Paper.

&

Market

Super

Analysts

is

available

(Canada),

(Trinity Place, New York 6,

Pulp

Virginia

presented

Co.,
65
Broadway, New York 4, N. Y. Also

(New

Co.

Oil

—Report—E. F. Hutton & Co.,
7616 Girard Ave., La Jolla, Calif.
Also available is a report on West

Life

&

&

St., New York 5, N. Y.

ten

Kawecki
—

Hentz

Swift

Memoran¬

—

Staats

R.

Oil

Mississippi Shipping and National

Fahnestock

—

Exquisite




J.

E.

Com¬

(Indiana)—Re¬
Co., 72 Wall

Co.

Standard

view—H.

Union St.,

Beaver

Dealers

—

Dillon, Union Securities
& Co., 15 Broad St., New York
5, N. Y. Also available is a report
Earle

on

Solvents.

Report — Ira Haupt & Co., 11
Broadway, New York 6, N. Y.
Celanese Corp. of America—Re¬

Calif.

The Warner Brothers Co.

Security

(Report

—

Eastman

on

memorandum

a

Mo.

Charles of the Ritz, Inc.
Howard Johnson Co.

York

International Telephone and Tele¬

Life &

randum—Hannaford & Talbot, 519
California
St., San Francisco 4,

Potter Instrument

HAnover 2-2400

Corp.

Rubber.

&

—

Midland

Coastal Publishers Co., Inc.

above

Broadway, New York 4, N. Y.
Corporation

is

able

Tennessee

DIT-MCO

Coastal Publications Corp.

on

Co.,

&

cals—Bulletin—Goodbody
2

Also avail¬

St., New York 5, N. Y.

Corporation of America

bell

Nedick's Stores, Inc.

74

on

Keyes Fibre Company and Camp¬

Daffin Corporation

Sigma Instruments, Inc.

New

Tire

Goodyear

1,

data

are

First Wisconsin Bankshares

Mass.

Adler Electronics, Inc.

Dynamic Instrument Corp.

Members

Milwaukee

Analysis—Schirmer, Atherton
Co., 50 Congress St., Boston

Prospectus

—

110 East

Co.,

Analysis—Hornblower
Refining

RECENT

trade

Survey

—

&

Ave.,

Delhi

We

Y. Also
of Cerro

Paper Board.

available

Also

Consolidation

Banks, Brokers and Financial Institutions

NEW ISSUES-

Co

New

Railway—Sur¬

way,
New York 5, N.
available
are
surveys

Corp.

Chemi¬

&

Co., 1 Wall

du Pont &

Francis I.

Standard

Minerals

Calif.

Pacific

Canadian

&

St.,

vey—Abraham & Co., 120 Broad¬

bacco,
For

Wall

—

—

Woolworth.

Hirsch &

York

is

Lines, Ltd.

Greenshields

—

Stores

Broadway,

Steamship

Inc, 64
5, N. Y.

York

—-

available

an

Y.)

tries,

Winslow, Cohu & Stetson, Inc., 26

W.

is

14,
Ohio.
analysis of

Incorporated.

Colgate
Co.—

—

F.

Cleveland

Building,

International

dum—William

groups.

Cetron Electronics—Memorandum

Memorandum
Piper, Jaffray &
Hopwood, 115 South Seventh St.,
Minneapolis 2, Minn.

Also

stock

40

cyclical

the

of

6,

memo¬

Derrick

&

New

5, N. Y. Also available

cock Manufacturing Co.

Simmons Co.

Broadway^

John

&

Canadian Breweries Ltd.

American Viscose

—

of

—

Hutton

New

available

Hoist

Report

—

and

Co., 63 Wall Street,

tabulation

a

Light

First National

on

Steel—Memorandum-

Republic

—

Shop Rite Foods.

graph

status

a

Corp.

F.

are

tronics); Kirin Breweries; Sumi¬
tomo
Chemical;
T o y o
Rayon;
Toanenryo Oil Company; Sekisui
Chemical

Broadway

Petroleum

Broadway,

on

2

Y.

—

&

York

New

N.

Nakagawa Electric Co.

—Nomura Securities Co., Ltd., 61
Also

N.

Broad¬

29

data

are

and

9, Pa.

mercial

Data

—

Boenning & Co., 1529 Walnut St.,
Philadelphia 2, Pa. Also available

*

Beane,

4,

Memorandum

American

Japanese

Oil

Industries—Analysis—J. R.

Williston

Ltd.

Co.,

Lewis

is

Co.,

Traction

Brazilian

H.

&

New York 6, N. Y.

way,

Central
Adson

Amerada

Japanese

York,

Citizen

on

Admiral

—

&

Paper

&

—Hess, Grant & Remington, Inc.,
123 South Broad St., Philadelphia

view

America.

Small

Quotations

Exchange

Folder

Hatch

Pulp

—

.

Foreign

Canada—

of

Company—Report

—Schweickart

Robert

panies—Review—Filor, Bullard &
Smyth, 26 Broadway, New York
4,- N.
Y. Also
available
is
an
analysis of Venture Capital Cor¬
poration

Co.

Caterpillar Tractor

R.

Ralph E. Samuel & Co., 2 Broad¬
way, New York 4, N. Y.
Business

Watch

Benrus

Analysis
Stocks—

Common

Comparative figures—G. A. Sax-

Small

Y.

Utility

memorandum

a

McCarthy, 320 Bay St., Toronto 1,
Ont., Canada.

National Quotation

—

Bureau,
New

particular reference to Rohm and
Haas, Olin Corporation, Monsanto
Chemical,
Union
Carbide,
and
Hooker

period

is

A.

Telephone

Power

Index

up-to-date

an

Montreal,

-

N. Y.

between

son

C.

Memorandum—Andras,

New York School

40 Wall

Philadelphia 2, Pa.

St.,

Thursday, June 8, 1961

...

soll

Bros.

&

Co.,

80

St., New York 5, N. Y. Also
a

discussion of Inger-

Rand.

Radio Shack Corp.—Memorandum

New Greene & Ladd
RICHMOND,
Ladd have
in

the

Ind.

opened

Leland

—

a

Branch

Greene

&

branch office

Hotel,

under

direction of Carl F. Bargmann.

the

Volume

193

Number

6062

.

.

The Commercial and Financial Chronicle

.

(2497)

ordinary

New Life Insurance Trends

cently

life

been

policies

and

loan

very

By Dr. Ira U. Cobleigh, Enterprise Economist

first

year.

rowing,

have

designed

cash

re¬

high

with

values

from

the

These permit bor¬

immediately,

the

maxi¬

value and applying it to the
premium next due, creating as a

mum

Containing
the

random comment

some

kinds

newer

of

policies

panies in

now

on

the growth

in life insurance,

available, and certain stock

com¬

result

position to benefit from them.

a

loan

low

a

net

interest

with

cost,

income

the

tax-deduct¬

ible.
If

life

insurance

stocks

were

listed they would

doubtless prove
popular market favorites today

as

electronics.

as

trade

less

counter,
their

because

they

actively
over-theshares do not get

life

anywhere

But

the attention that

near

profitability

plan was introduced which
customarily
added
a
certain
come

of

amount

term

insurance

to

a

life

whole

policy, and permitted
correspondingly
enlarged
pay¬
ments to beneficiaries for, usually,
20

This

years.

idea

is

now

ex¬

also

are

available

now

quantity discounts. That is, if you
a $50,000 policy the rate may

buy

couple of dollars

a

less

than

for

Moreover,
explicable

for some
used to

reason,

lated

the 1950 decade and today Ameri¬

example, is insured for $5,000 and
his wife and kids for $1,000 each.

cans

The

coverage

but

each

would

sales

ance

Life

than

insur¬

doubled

$586,448,000 in life

own

tection.

suggest.

more

The

amount

of

in

pro¬

insurance

family has been steadily ris¬
ing and today the average family
policy totals $10,200. By, or be¬

although he

fore

medical

per

1970

life

America's

insurance

first

trillion

will

be

dollar

in¬

While

mutual

is

1,000

stock
are

600

public

companies

shares

Life

notorious

back

tween

Jan.

dividends.

of
Life

fortunes

for

patient holders. Be¬

1, 1947 and Dec. 31,
Life, Connecticut Gen¬

1959 Aetna

eral,

delivery

made

prudent and

the
pay;

for it by
reinvesting

the

stock

for

they

up

and

and

for

insurance

dividends

have

remain

available

they have made

frequent

over

are

there

stock

are

cash

plowing
earnings,

the

Many of
held
family

but

with

purchase.

meager

by

companies.

closely

corporations,
over

two-thirds

written

companies, there

these

but

than

more

insurance

Jefferson

Standard, Lincoln

National, Travelers Life, Franklin
Life

and

shares

Continental

showed
in

crease

an

market

Assurance

in¬

average

value

of

over

or

the

policy

a

juvenile.

similar

type

Here

or

policy is
jumping

permanent

a

in¬

policy is written anytime

between

birth

and

14, which
expands to five times its original
coverage
nual

at

some

an¬

unchanged.

eveii

Many people,
have

age

21, with the

age

premium

though they

insurance

coverage,

apprehensive lest, by the time
they need7 or can afford more,
are

they

might

such

there

uninsurable.

be
are

number

a

of

For
new

policies which, when taken out,
provide "insured insurability" on
an

additional

until
To

a

certain

$1,000

term

any

of

years,

attained

or

age.

otherwise.

there

are

a

variety of

convertible

A whole

new

and

series of

1,100%.
This

is

indeed

longer than

There

that

are

lot

of

in

a

specialize

certain

companies
risks.

has

servants.

attractive

an

insuring
Life

Philadelphia

college

majors

in

Life

policy

new

students.

for

Postal

selling

by mail.
Fidelity
Life
of
Arizona, sells by mail
to parents of military
inductees.
Federal Life and Casualty, now
controlled by Channing Corp., is
selling life insurance by adding it
Continental

Phoenix,

to

the

product

fund sales

Citizens
sales

As

of

N.

with

Y.

has

now

Keystone
of

fact,

seemed

to

a

Cus¬

mutual
be

com¬

rather

surance

heavily with in¬
companies in their dis¬

tribution

policies.

of

Prudential

campaign

investment

This

situation

Life

for

to

lead

selected

annuity is a
thing in the in¬
dustry, with the biggest company,
Metropolitan, solidly against the
whole

idea.

D.

C.,

type
caused

off

in

a

variable

annuities,
whereby part of the annuity in¬

a

young

Annuity

Life

Co.
of
Washington,
doing its best to popu¬

is

larize

Meanwhile

Variable

company,

and

this

sell

a

flexible

new

income contract.

lot of prospects
We

the

the

current

industry

Many

sell

that

missions

bracket.

cash

in

So

in

men

in¬

much

so

their

place them

izing tax

begin to cite all
styles in life insur¬

but we did want to re-em¬
phasize the
remarkable
growth
ance,

factor, abetted by attractive
merchandise
life

lines.

insurance

tioned

here

Certain

companies

bid

fair

to

new

of the
men¬

be

re¬

warding performers, even though
they bask not in the Dow-Jones
spotlight.

company.

surance

booths in

couldn't

Another development we should
touch
upon
is
the
agents'
in¬
surance

from

supermarkets.

common

stocks. This variable

com¬

an

Named Director
Elmer E.

Myers, Vice-President of
&
Co., Inc., Newark,
J., underwriters and distribu-

Sandkuhl
N.

agon¬

they've hit

the idea of joining together

upon

the

formation

of

on

of

their

own

where

they can place
their business and profit from the
rising equity and market value
shares

capital

long-term

a

gain

basis.

(25%)

Such

an

or¬

ganization
is
Reinvestment
In¬
surance,
listed American Stock

Exchange,
interest
which

which

holds a major
Loyal American Life,

in

in

turn

controls

Hamilton

Life.

Finally,

we

fabulous

$176

which

field

has

ought

growth

(over

been

billion

a

cite

to

in
in

force)

Connecticut
stellar

the

life

group

Elmer E. Myers

in

General

tors,

was

elected

Automation

performer.

Director

a

Laboratories,

of

Inc.,

Westbury, L. I. at the company's
annual

Complete Coverage

Among reinsurers
Life of Dallas, and
tional.

matter

have

of

mutual

a

Fund.
a

funds

of

guaranteed,

most controversial

organization. Similarly

Life

tie-in

todian

line

be

the cash flow from

company,

instance, Government Em¬
ployees Life has concentrated on
civil

not

on

portfolio

a

in

men.

Specialized Companies

peting

at the lowest net cost

policies,

the average, now live

on

four years

time

provide basic life insurance

protection
per

amount

ensuing period

over

age.

For

accordion

surance

pay

same

pay lower rates, in be¬
recognition of the fact that

women,

into

without

exam.

somewhat

A

continues,

in¬

they

drops out at 21,
she is then able to

$1,000 coverage

individual

an

the

dustry.
life

convert

Papa

on

child

Now

policy.

$5,000

a

women,

higher premiums at the

rates

thousand

a

panded and we have! the "family
plan" whereby the husband, for

growth

and

depend

Insurance

There

be

would

come

but

9

there's

And

trend

nounced

—the

'Republic
Lincoln Na¬

are

a

toward

very

pro¬

of

coverage

rities, Inc. has been formed with

umbrella, and All State does this
Up

Forms Bittar Securities

verticality

life, fire and auto¬
under one cor¬
porate roof. Traveler's calls it an
under

in Mineola,

BROOKLYN, N. Y.—Bittar Secu¬

sale

mobile

meeting held

L. I.

the

and

Sears

coming

Roebuck

is

aegis.

American

offices at 259 Eighty-sixth
to engage

Anthony

in

A.

Street

securities business.

a

Bittar

is

President.

Heritage which is expanding into He was formerly with Filor, Bullnon-life insurance and develops ard & Smyth.

exciting

an

record and ho doubt many similar

opportunities
shares

in

right

gain

1960

if we
shrewd

now,

tunate,

for

the

or

in

life

decade

exist

This announcement is neither

only

are

for¬
to lo¬

enough

an

offer to sell

The

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

any

of these Debentures.

cate them.

Variety of Policies
About

dozens

policies, there have been
of

new

dustrial,
ment,

for

ordinary

20

in

ones

Whereas

years.

life,

20
endowment

year

in¬
pay¬

and

single payment annuities

were

main-items,

today,'

broad

there
of

array

policies
70%

at

of

population

our

partly

of

life

because

risks

they

the

Thirty-Seven Year

has

Debentures

Dated June 1, 1961

it's

coverage,

would

Telephone and Telegraph Company

over

now

companies

American

a

and

coverage

disposal. If

your

form

some

is,

$250,000,000

recent

decades

Due June 1, 1998

accept

have

Interest

turned

down years ago; and because

payable June 1 and December 1 in ♦Yew York City

they

provide policies better tailored to
individual and
For

people

who

illnesses,
dous

family needs.

example—people
had

people

in

occupations,
regarded

years

insurable

only

hazar¬

for

many

uninsurable,

if

"rated

up"

or
—

that is if they paid a premium
normally charged a person several

older.

years

Today,

Price 101.225% and Accrued Interest

serious

more

were

as

60,

over

suffered

about

the

Copies of the Prospectus may be obtained in any State from only such of the undersigned as
offer these Debentures in compliance with the securities laws of such Stale.

may

legally

only

exclusions would be highacrobats, test pilots on ad¬
vanced aircraft, and possibly
wire

moon-bound

rate

97

cants

are

The

At

100

every

any

or

policies are eagerly
Time was if you had a

personal finance company

if

would

have

died,

you

insurance

your

to pay it.

is

wide

personal

written

with

MORGAN STANLEY & CO.

appli¬

accepted.

now

loan,

most

of

newer

accepted.
bank

astronauts.

out

spread

term

life

are

and

GLORE, FORGAN & CO.

HARRIMAN RIPLEY &

estate

Now credit

loans

BLYTH & CO., INC.
CO.

field

of

of

credit

specialist. A
eral

LEHMAN BROTHERS

SMITH, BARNEY & CO.

Mr.

Old

under
T.

has

Life

the

of

Republic
been
a

A. C. ALLYN AND COMPANY

A. G. BECKER & CO.

Incorporated

WHITE, WELD & CO.

Incorporated

Richmond

in

this

field.

years ago

LEE HIGGINSON CORPORATION

Andrews

(formerly Commissioner of In¬
Revenue) is moving rapidly

Thirty

the family in¬




UORNBLOWER & WEEKS

W. E. HUTTON & CO.
F.S. MOSELEY &
,ENIAP.OC CURTIS
WEBBER, JACKSON&

of

ternal

forward

HEMPHILL, NOYES & CO.

DREXEL & CO.

Fed¬

presidency

Coleman

STONE & WEBSTER SECURITIES CORPORATION

now

insurance

newer company,

Bankers

(Va.)

life

Chicago

LAZARD FRERES & CO.

KIDDER, PEABODY & CO.

Incorporated

covering unpaid balances. In this
Life

GOLDMAN, SACHS & CO.

DEAN WITTER & CO.
June

7, 1961.

.»

10

The Commercial and Financial Chronicle

(2493)

of

Valuing Closely Held Stocks

study of the relationship of

a

1,053

value.

Of the 1,053 issues, none
selling at book value; 42%
selling above book value;

were

By C. J. Schwingle,* President, The American Appraisal Company,

were

Milwaukee, W is.

and

58%

value.

For the trust officer and others mastering the

where

valuation

stock

market

is

value

intricacies of capital
determinable

not

at
I.

and/or

where

value

book

where

of

value

market

the

Some

firm's:

consonant

not

true value

of

economic health,

500,000

that

traded

of these

officers.

trust

is

This

so

of

cause

prices

of

shares

closely- held

ber

relatively

im¬

instances

tomers

in

capacity

cus¬

supportable
values

C. j. Schwingle

for

stock

'.•■■■

closely held shares are many
and varied. In settling estates and
determining the basis for estate

and

the

on

market

vital

frequently

have

to

knowledge of the value of closely
held

shares customers

der

to

estate

inheritance

and

also

of

taxation.

closely held

of

Appraisals

or¬

level

the

anticipate

in

own

stocks

rep¬

in setting bid and
in sales transactions
and in setting the basis for stock
are

ask

used

prices

option plans. In
of

cases

when the trans¬
transfer, an

corporations,

action involves

of

evaluation

ties

to

critical
can

be

be

the

equi¬
becomes

separate

exchanged

exchange

number

corporations
valuations

of

v.

S.,

a

Book

Market

Just

or

levels.

quoted

as

closely

held

accurate

important is stag¬

gering. For roughly 470,000 of the

with
full

in

which

the

equity

time

will¬

a

to

for

both

market

hypothetical market; the
that

assumes

the

pur¬

begun

volatility of

shift

titanium

to

to

industry is

an

goods.

consumer

from

by

steel

stainless

of

users

to

fittings fo

*

chemical
for

processing
equipment
example, could easily rec uce

the

value

of

shares

industries

of

tooled exclusively for the machin¬

ing

of

stainless

of

steel.

shift

The

firms that

many

are

exclusively steel fabricators.
The

to

Firm

of the

which

industrial

the

also

health

examine

of

relative

the

the

might

be

inefficient

or

that induced high

equipment
operating costs

to

as

generate high handling and

communication

costs; or its plant

other

acquires

an

interest

in

terials

in

relation

to

raw

ma¬

la¬
supply might be poor. On the
hand, for opposite reasons,

bor

markets,

sources,

land

the

especially

might be in
favorable position

relation

competition within its

industrial group.

In

basing

the

appraisal
a

on

number

these

of

ap¬

Of
critical
importance is the
long-term economic health of the

Value

industry group in which the
poration belongs. Businesses

prices

cor¬

in¬

high

volume of
the

corporation
to

an

recall,

in

modern

buildings with
equipment, and they are
an
abundant supply of
favorably priced labor, raw ma¬
terials, and a growing market. A
modern
close

to

historic
within

example

of

an

industrial

difference

between

contrasts

group

is the

the

textile

a

were

have

is

It

changed

its

in

expensed

changed

summary

shares

of

a

corporation

the

to

economic

com¬

as

health

its

developed

LAST CHANCE TO ACCEPT

able

had

second

a

executives

who

the duties of their

Offer to Purchase 470,000 shares of Common Stock of

General Outdoor Advertising Co., Inc.

appropriate

fluence

per

superiors at
—

if

pressing effect
And
a

just

as

examination.

Whereas it is often

value

a

with

that

overly

is

conserv¬

ative management, a few key men

Share

retirement

near

Today, Thursday, June 8,1961, at 5 P.M., EDT

in

age

with

re¬

and

training,

no

an

extremely cautious sales program.

annual

go¬

addi¬

If

contributions

the

supporting

maximize

or

income.

net

capital

requested,

valuation

report

are

its

and

should

recog¬

nize that fact.

Another

classification

re-examination

vestment portfolio.

that

is

in¬

the

Not only must

be
studied,
under study

but
has
ownership in unlisted companies,,
an
investigation of these equities
the

also be required.

may

In

involving sale

cases

it

ger,
sider

is

very

or

mer¬

to

con¬

necessary

the

purpose
of the trans¬
If, for example, in acqui¬

merger a company with
history is acquiring a prof¬
itable company to take advantage
a

or

loss

of its tax

the

value

loss carry forward, then
of the profitable com¬

the

to

pany

loss

company

greater than would be the
the

Sales-Earnings Trend

a

investment in fixed assets will be

sition

valuable

part of

as

required to continue

similar

more

fixed
fresh

ing concern substantially above
undepreciated book value, this is
not necessarily significant. How¬
ever, of great significance is the
question
of whether
additional

stock

company

future earnings.

on

hidden assets have

buildings and equipment

have

may

than

is

iEarly

on value, so the
frequently need a

capital
a

v.

assets

bearing

true that

an

sales

the

•.

hidden

earninigs,

on

action.

placements

Which Expires

of

assume

of
7

year
.

termination of patent life of fran¬
chise agreement might have a de¬

policy and promotion effort is ag¬
gressive—then such a company's

burdened

$40

at

time

echelon
can

in¬

are
frequently encountered
searching capital stock valua¬
tion. Patents, royalty agreements,
favorable leases, negative coven¬
ants, licenses, and other intan¬
gibles
may
have important in¬

company

management

had

and

a

securities

portunities— if

m p a

other

are

if

op¬

studied,
ny
had

that

in

of

profit

inven¬

the

year

Assets

There

listed

to

in

Evaluating Hidden and Fixed

needs

alert

in

policy

is the internal manage¬
ment
of
the
corporation under
study. If the management is pro¬
and

which

carried work

the last
the
c o

gressive

weighing the

in

.

its group

a

on

inventory

usually high profit in the
change.

have the problem of

contained

appraiser at work

the economic

of
case

cluded work in process as an asset
and it therefore showed an un¬

Exchange,

lished

Another factor in

one

carried

In
however,
tory.

pared

February,

know

recently

its inventory, but had
labor and overhead on

items

the

health

The

scrap.

to

has

method

In

praisers, we
had never

in firms of this kind in 1956 would

value.

prices

for

involved as ap¬
found that the com¬

The

actual

or

either market

on

company was

1955, issue of The Exchange, pub¬
by the New York Stock

reflective of

in¬

which

and

sold

firm

accounting.

tional

seldom

are

a

over¬

the

entry

an

important

a

lower cost, more efficient cousins
in. North and South Carolina.

book values

so

of

used

been

also

whether

the

values,

value

longer

no

should

plants of Massachusetts and theiu

in

is

slow

his balance sheet that represented
substantial inventory of items that

chlorophyl * products
were
healthly in 1952, for ex¬
ample,
but
by
1956,
they had
begun
to
enter
an
eclipse.

volved

actual

manufacturer carried

assets

new to
South, for example, have lo¬

cated

there

In one case that I can
midwestern steel fittings

ventory.

in

Many of the companies
the

whether

excessively
moving items that tend to

of internal problems. The corpora¬
tion might be burdened with ob¬

solete

in

of inventory must

expose

because

poor

reduction

FIFO is used.

or

The analysis
also

process

Itself

corporation
under study belongs, the appraiser
must

LIFO

pany

Aside from consideration of the

group

harmful

a

working capital.
Inventories also
require close scrutiny.
The ap¬
praiser needs to know whether

our

stocks of

location

proaches must be taken..

market

had

con¬

its building layout might be such

considerations,

Represent

Actual

a

in knowledge, of the
being acquired and in the
future
productive
capacity and
earnings posture of the business.

the effects

Values Do Not

and

grounded

decision.

1947

market

after

v

confined

not

The

without

valua¬

a

attained

interest

The

-

in

be anticipated as in¬
permit their retirement

to

come

state

shortly
was

dwindle.

assets

blockage in Thomas A. Standish
U.

penalized

ings. The valuation thus must be

frequently do not represent actual

which

for

are

of

ratios

determined.

Most Corporations Are Not Public

The

The courts recoignized

be

future earnings, and his purchase
is in anticipation of those earn¬

easily depress

market

made

chaser

recognized

blockage—the effect

fair

tion

buying two things: initi¬
ally, he is buying equity in the
corporation. Secondly, jthe pur¬

stock

that

so

of mergers

below

of

chaser is

dumping of large vol¬

of shares—can

umes

establishment

willing buyer and

a

In this

distortions'induced by «an.ab¬

prices

appraiser undertakes

market

•

appraiser

jv^s but
pi the New
Stock
Exchange price. In

sudden

to

The use, from steel to aluminum, similarly,
approaches ' could affect the fair market value

and

exposure.

normally high market generated
by speculation. The courts have
of

have

prospects

and

also held that

several

shares would freely exchange be¬

with

the

f

of

thetical

seller,

the' court

discuss

.

makers

corporation within
its
own
family.
A
corporation
might well be in an expanding
and profitable
line, but its own

ing

case,

to

b?...

the

considered.

the

and

not

Unless

hoops could convert their
manufacturing capacity to other
plastic lines, the value of their
capital' shares would
obviously

some

an

that

may

decline.

a

hula

study. His investigation re¬
quires the structuring of a hypo-,

resent fair market value for estate

this

v.h

under

termined

is

v

fair market value for the shares

might -sud¬

shares.

it

cases,

involves

gift tax purposes. In Strong v.
Rogers, for example, the value
for a given stock as finally de¬

ning and in the creation of trusts,

be

levels. The courts have recognized

York

•,,

measures

tween

prices

■.

like

must

denly depress prices below normal
quoted

V'

key determinants of value

When

of the

gift taxes, for example, it is
obviously to the taxpayer's ad¬
vantage to have an independent
valuation
of
the
closely
held
Similarly, .in estate plan¬

.

capital stock valuation, his task

a

In another instance, the
sudden entry of a large block of

their

in

be

transactions

health

future

or

.

Market Value and Future Earnings

company.

need

—

in 1957, but within a
they too had entered

years,

economic health

might be short range speculative
purchases unrelated to earnings

The

which

and

reasonably

few

specific refine¬
ments are imposed
by Treasury
Department regulations.

num¬

traded, might

small

stock¬

gift tax
can
suffer

be repre¬

sentative of true value. The

shares

portant.

not

may

the

and

applies to all capital stock valua¬
tion studies, but in estate and gift

Among the traded stocks quoted,
market

the

is

the

tax

for

value

traded with enough

are

Stocks Sold Not at True Value

in which

setting

of

few thous¬

a

this,

estate

taxpayer

would

I

frequency to indicate their value.

which

they become
involved
in
cases

publicly, only

and stocks

frequency
with

curities.

the

and

bankers

by

of

in

the

be¬

discussion

and

commerce

the

in

for valu¬

held shares suggest
formula is avail¬

Because

United^ States, there is no
public
market
in
which
their
equities are traded. And. among
the 30,000 corporations which are

cially appropriate topic for study

basis

significant; losses unless he has
supportable valuation of this se¬

in¬

corporations

in industry and

the

simple

no

cases,

volved

blockage
and
well as the weak¬

as

closely

that
able.

nearly

book

of

significant bad debt record, and

the market

sumer

value

holder—or

valuating closely

of

a

Thursday, June 8, 1961

.

whether the amount of notes pay¬
able exceeds the amount that can

saturation

ing

capital structure, hidden assets, investment

corporate stocks is an espe¬

whereas

688%

•

effects

portfolio, value of shares for comparable companies, minority and

The problems of

selling

was

value,

.

at

was

majority stock, tax situation, and restrictions surrounding its stock.

held

book

Co.

the valu-

on

.

equities. Similarly, hula hoops
made a spectacular entrance into

book

determinants discussed are the

key valuation

of

M.

&

impact of this decline
of

speculation, as
nesses of using market prices and

and

not represent either market value or true

may

value.

is

32%
B.

The

appraiser explains the key determinants of value for the numerous
instances

selling below book

were

Armour

value.

An experienced

representative can be a difficult and complex task.

stock prices to book

common

.

loss

did

not

exist.

If

•,

case

is
if

com¬

a

acquires one of its principal
suppliers
or
sales
outlets, in
a

pany

Despite all efforts of the management of General Outdoor
the

stockholders

United States

Company,

as

accepting
Court

agent for

this

offer

holds

in

the

offer

of

Advertising Co.

until

5

Gamble-Skogmo,

the

Minneapolis has ruled that Allen &

Gamble-Skogmo, Inc.,

shares of General Outdoor

and

prevent

Very significant is the trend of
and earnings. And the
ap¬
praiser must also relate the ratio

vertical

of

lower

sales

from

District

to

P.M.,

may

common

purchase .470,000

stock at $40

per

share

Eastern Daylight Time

Thursday, June 8, 1961.

on

r

earnings to sales

period,
to
determine
whether
earnings
and gross profit have a downward
or
an.
upward
tendency
and
whether there is danger of un¬
healthy fluctuations in operating
costs.
If the ratio of earnings to
sales

isUower than

comparable

Gamble-Skogmo, Inc.,
be
are

obligated to purchase
tendered.

16 Wall




may

any

purchase all shares tendered but shall
shares unless

a

Shares should be tendered to

Street, New York 15, N. Y.

not

minimum of 470,000 shares
Bankers

Trust

Company,
.

ALLEN & COMPANY

over a

is

common

companies,

the

in

com-

there

savings

materials

creased
lem

consolidation

are

in

benefit

costs

cases

is

The
who

the potential
by the merger

by

produced
quisition: the buyer

by
in¬
orob-

by

or

profitability.
these

program,

generated

should

saving
or

ac¬

the seller?
In all fairness, the benefits should
probably be shared by both the
buyer and the seller.

under study may be mar¬
ginal and the appraiser must rec¬

or

panv

ognize that fact in

his valuation.

Capital structure is also

an

im¬

portant consideration in setting
capital stock values. The appraiser

Compiling Comparable Data
Most
tions
tion
for

significant

for

is

able

companies

stock

is

the

company

nized

markets.

ing

capital

lection

receivables,

whether

there

is

can

valua¬

assembly of statistics
comparable or near compar¬

position and ask himself whether

its

investiga¬
tax

the

must acertain its net current asset

is so low on work¬
that it must discount

in

inheritance

for

which

the

actively traded in recog¬
of

At

times

comoarative

the

se¬

companies

be difficult because the firms

Volume

which

for

mation

larger

193

Number 6062

public financial
available

is

infor¬

normally

are

and more diversified in
activities than is the case

'

their

A company

might be located in

as

small town and its

discount,

possible.
to

the relative

^strength and

financial

ratios,

come

inventory

turnqyqr,
'J" ■.f,"■;/./■
When the analysis is completed,

and 'debt.

the

appraiser

say

with authority that if

should

be

able
a

to

pru¬

dent investor would pay what he
fact paid for shares of the

i

Finally,
surround

the

be

stock

had

the

available

been

held

closely

available

willing
the

the

to

pay

facts

same

the

for

company

for

subject
were

as

published

com¬

panies.
for

Premium

by-laws

whether

is

the

being studied represents
ity or majority holding.

trolling
mands

con¬

stock

minor¬

a

A

con¬

interest

naturally com¬
premium over minority

a

interests.

influence

can

dividend

payout, the level of reinvestment, executive compensa¬

tion, the policy on additional stock
sales, and company operating pol¬
icy.
Frequently, minority inter¬
ests are locked in; they have little
these vital questions, and

on

precisely because they are minor¬
ity interests, the market for their
securities is penalized. There are
scores
of
companies
in
which
minority stockholders are unable
sell

to

which
<

who

their

interests

they receive

and

on

return be¬

no

the majority stockholders—

cause

Occasionally, sit-

mined

tion

can

also

influence

stock

Sections

Under

1371

through 1375 of the 1954 Revenue
Code,
no

domestic corporation with

a

more

of

stock

can

but one class

elect to be

taxed

as

this provi¬
Federal corporate in¬
come levy is not applied, and the
tax paid on profits is the same
as
ordinary income taxation. The
advantages of this section to tax¬
payers are significant, since op¬
portunity is given to avoid taxa¬
tion at the corporate level.
If
however, any of the stock of a
corporation invoking this option
passes into more than 10 hands,
or if another corporation or part¬
nership acquires any of the stock,
then the option is not permitted,
and corporate income taxes be¬
a

partnership. Under

the

sion,

,

than 10 individual stock¬
and having

holders

come

A

effective.

.

Since the return

on

investment

Young,

reduced through

trader

for

two

was

assigned to branches in

Burlingame, S^n. Mateo and Mill-

in.

engage

Officers

are

a

III, president; Max Cornfeld; vicepresident; Jack Greenblatt secre¬
tary; and Ogden R. Davies, treas-n

brae Until 1955 when he moved to

urer.

the head office. He was promoted

with Reynolds & Co., Ira Haupt &

to

relations

personnel

<

.

officer

status

the

at

Millbrae

1

office in 1953.

,

Co.

Mr. Longstreth

and

del &

was

loans.

This announcement is not

an

*

•

offer.to sell, or a solicitation of an offer to buy
offering is made only by the Prospectus.

of these securities.

any

The

Not a New Issue

June 7, 1961

123,000 Shares

The

minority

stock¬

FIRECO SALES LIMITED
(An Ontario Corporation)

(without

par

value)

intri¬

of the

some

Common Stock

of

capital stock valuation,
let me briefly touch on one case.
A family owned company had as¬
sets
of

stated

200

at

$11,000,000.

shares

was

made

$100

per

contested

of

at

A

stated

a

gift

Price $13 per

stock

common

value

share. The valuation was
on the premise that the
correct.

was

Copies of the Prospectus may be obtained from such of the undersigned as are qualified to act as dealers in securities in this State.

An

investigation disclosed sev¬
eral internal problems. Earnings
were declining, management poor,
no dividend payout, no market for
the stock, and—most important—
the

Share

of

showed

books

preferred

cumulative

a

stock

of
$3,500,000. A forecast of earnings,
pointed to some 20 years to payoff

McDonnell & Co.

arrearage

Incorporated

Bache & Co.

Francis I. duPont & Co.

Bear, Stearns & Co.

this arrearage.
the

On

premise of the current
structure,
the
common
stock in question had no value.
In a hypothetical reorganization,

Shields & Company

Goodbody & Co.

G. H. Walker & Co.
Incorporated

capital

assuming

that

Burns Bros. & Denton, Inc.

debentureswould
preferred
arid new preferred

arrears,

stock issued with

better.

a

On

$550

the

for

Adams & Peck

realistic divi¬

equity

appeared
basis, the
fair
market

this

supported

value

of

the

rate,

Van Alstyne, Noel & Co.

Joseph Walker & Sons

be issued to washout the

a

common

This announcement is not

of

stock

an

offer to self or a solicitation of an offer to buy
offering is made only by the Prospectus.

any

of these securities.

The

contrasted to book value

as

$8,500.

June 2, 1961

problem

closely held
ties

can

of

valuation

non-traded

or

involve

the

trust

of

equi¬

194,750 Shares

officer

for

probate of estate administra¬
tion, inheritance tax, purchase or
sale, or litigation by minority in¬

MARRUD, INC

terest.

In any case, protection of
trusteeship
is
best
assured
by
careful
assembly
of
the
facts,
thorough analysis, and competent
presentation supported by experi¬

enced

testimony

if

required.

Common Stock
(Par Value $2.00 Per Share)

My

prompts me to view
with askance many rule-of-thumb
own

exposure

formulas

such

as

of book value

ages

rigid

percent¬

rigid mul¬

or

Price $20.50 per

tiples of earnings.
*An

address

by

Share

Mr. Schwingle

before
the American Bankers Association, South¬
ern
Trust Officers Conference, Jackson,
Mississippi.

Copies of the Prospectus may be obtained from such of the under¬
signed as are qualified to act as dealers in securities in this State.

Howard Hirsch Honored

By Syracuse University
Howard C. Hirsch, senior partner
in

the

investment

firm

of

Hirsch

&

Co., members of the New York
Stock
Exchange and other ex¬

changes, has received an Honorary
Doctor
of
Laws
Degree
from
Syracuse

University,

it

was

McDonnell & Co.
Incorporated

Paine, Webber, Jackson & Curtis

A. C. Allyn and Company

an¬

nounced.

Mr. Hirsch accepted the degree

Unfortunate¬ at the 107th commencement exer¬
ly, it is not always possible to cises of the upstate University.
predict whether the form of own¬
ership will change, since it is pos¬
Chesson Securities Formed
sible that one person in a closely
held company will sell to another MYRTLE BEACH, S. C.—Richard
T. Chesson is engaging in a secu¬
person who may in turn sell his
stock to several persons and make rities business from offices at 401
1371

through

1375

in¬

Market

stocks

Twelfth Avenue, North under the
firm

operative.

Incorporated

Bache & Co.

Francis I. duPont & Co.

name

of

Chesson

Securities

Hayden, Stone & Co.

Equitable Securities Corporation

are

of

closely

frequently




held

penalized

Company. Mr. Chesson was form¬

erly with Powell, Kistler & Co.

Hemphill, Noyes & Co.

E. F. Hutton & Co.

Shields & Company

G. H. Walker & Co.

Incorporated

Shearson, Hammill & Co.

Incorporated

Halle &

Stieglitz

Evans & Co.
-

values

formerly

Warner, Jennings, Man-

Longstreth.

ownership changes.

Sections

business.

securities

Frank M. Longstreth

an¬

was

•

corporate in¬
come taxation, the value of stock
in a closely held corporation will
decline in value
to compensate
for
the
tax when
the form of

is

bond

He joined the.bank in 1950

Vice-President Frank

Montgomery Street,

officer.

a

Co., Inc. has been formed with of¬
fices in the Commerce Building to

and

other stockholders by cor¬

illustrate

To

The

own¬

E.

and

department
at
head office,

by-laws have a purchase
option at a level that is below the
appreciated level of a security.

minority holdings.

change in the form of

Bond

America's

porate

case

ership

300

of

trading section
before
that

bond

are prohibited
their shares as se¬

personal

level.

or

actions, but unless the company is
nearly insolvent, there is little
chance of breaking loose the investment
represented
by :• the

values.

Bank

as

ALLENTOWN, Pa.—Longstreth &

closely

many

holder may need or desire to sell
his interest, but he may suffer a
considerable loss if the corpora¬

much

Type of Ownership and Taxes

served
years.

the

provision is the
option to purchase at a predeter¬

uations of this kind lead to court
•

•

for

dend

A

Municipal

in

Longstreth Co. Formed

deDartment's

th6

stockholders

stock

profits.

that

Calif. —Pro¬

Vice-President

restrictive

typically in charge of
management—use executive com¬
pensation rather than dividends to
are

FRANCISCO,

Assistant

of

January

motion of Arthur J. Micheletti to

nounced by

and

curity

extract

■

In

book value of $8,500

Majority control
•

voice

A

options of first
purchase .options by
"corporate
treasury
or
the
original stockholders.
In
other

cacies

Stock

municipal
last

SAN

head

provide

refusal

Majority Holding

Perhaps the most essential
sideration

Promotes

the

most

would

named

11

held corporations, -the articles and

cases,

for

;

-r

.restrictions

considered.

be

from pledging

vestor

"

Shares

on

corporate shares should

for shares in the

•

-V;.;

■

Restrictions

comparable companies, he should
be willing to pay a given amount

"

Assigned to the department the
past six years, Mr. Micheletti was

stricted

has in

closely held cor¬
poration under study.
In short,
the analysis is designed to demon¬
strate what a knowledgeable in-

(2499)

Bank of America

operating

perform¬
ance
of
the
comparative
com¬
panies. This requries study and
adjustment of sales, earnings, in-

'

a

establish

sults of the selected companies in

;

because the market in which they
are
available for sale is limited.

nearly the same framework as
The comparison is made

closely held corporations.
In
making
comparisons,
the
goal is to place the operating re¬

'«

The Commercial and Financial Chronicle

.

reputation re¬
to a
narrowly confined
region.
In this instance, stock
ownership in the company would
not be highly liquid, like a listed
security, and the potential inves¬
tor would expect a compensating

with

'

.

.

Incorporated

H. Hentz & Co.

V

Emanuel, Deetjen & Co.

Oppenheimer & Co.

••

*

12

The Commercial and Financial Chronicle

(2500)

tion

transcends

The
would

provi¬

taxpayers

cal.

sion in the Internal Revenue Code

dividends

which

appropriate

Position

for

the

over

of these

political

the

moment

a

past few

votes

on

some

years

banking bills.

bad

Chairman, Federal Legislative Com¬
mittee, American Bankers Association and Chairman of the Board,
By M. Monroe Kimbrel,*

powers

Ga.

the appropriate Federal
supervisory agency, and to

taxpayers,

sured

ticality of developing a workable interest and dividend withholding

for

called

Senator

in

Federally chartered mutual

the

at

to

son

legislative process. Bank¬
ing is playing a more effective part
in the legisla¬
Federal

tive

Before

banking
ations
coming

generally
ognized

an

81st
a

national

country.

American

ciation

know

this

that

also

of

awareness

per¬

political responsibility on
part of bankers is nowhere
evident

more

than

the

in

mem¬

bership of The Independent Bank¬

Association, and

commend

we

them for it.
Some
leaders

banking's

most

field

this

Tax

banks.

members

and

Committee.

of

its

to

of

all

matters

It

is

ap¬

interest

associations, is

for

intention

in

on

of

that

seen

from the vote last

the minimum wage pro¬
'

I mention this because
much

about

"coalition"
ticular

on

par¬

of

liberals

between

and

con¬

in the
Congress will
bearing on the future of
banking legislation—no more than
have

will

no

division

the

in

alle¬

party

Multer

bar

every

Willis

tors

and

of

New

of

Bush

the

of

have dem¬

men

onstrated

effective

behalf

sound

Sena¬

Virginia

Connecticut

of

—all of these able

of

York,

Robertson

Prescott

leadership in
legisla¬

banking

tion.
The

has

little

action

to

on

date

meas¬

of interest to banking. Presi¬

ures

dent Kennedy
16

Congress

present

taken

assigned priority to
he
said
he
hoped

measures

would

be

passed

opportunuity.
banking

measure,

such

aid

as

the

at

None of
for

earliest

these

and only

is

few,

a

depressed

a

areas,

minimum

affect

wage,

banking substantially. This "must"
program has kept Congress occu¬

pied

with

along

organizational

internal

disputes,
executive agency nominations, and
the annual appropriations bills.
matters,

rules

The President's recent tax

mes¬

to

and

banking—one

favor¬

unfavorable.

one

first

the

to

nature

vote

a

place, the way a
Congress votes de¬

of

member

pends

savings banks.
are
the primary

these

sub¬
jects with which bankers will be

Taxation

when

We

most encouraged

are

President's

reference

of

a

extent

great

the

issue

conservative

the

on

before

him.

"coalition"

or

in the Senate during the last
of

Congress

high of 51%

In the House it

to

ranged

low

a

was

from

16%.

of

almost identi¬

consideration.

of

tax

an

equity and removal

preferences

certain

is

classes of

important

uniformity

need

now

granted
This

taxpayers.

step

toward

tax

financial

between

in¬

agreed
tax

efforts

sary

Since

the

important

ing institutions in the country
accorded

deductible

tax

are

reserve

provisions which substantially re¬

coordinating

and

the

secure

then

The

Independent

City Bankers, The

The

The

have

Committee,
Bankers

embarked

intensive program which

produce
is

operation

of

I

strongly
which

through the

united

a

an

hope

we

endeavor

an

As¬

on

results.

too

be successful only

can

the

responsibility in the Treasury
legislation containing

for drafting

the Administration's tax

proposals,
withholding.
These
meetings have been attended by
banking representatives who have
expert knowledge of the operating
including

transfer

stock
trust

front

such

Every

Members
made

of

fered

Congress

of

aware

tax

inequality

by the Harrison and Curtis

remedial
we

am

legislation
will

son

shows

to

and

we

will

support what
be

have

And

The

these

true,

qualities

President's

Many

message

of

on

in¬

familiar with the

are

co¬

taxes

educational

program

undertaken in 1959 and

was

by

tax

banks

other

and

institu¬

tional payors of interest and divi¬
dends at the request of Treasury
inform

individual taxpayers of

responsibility to report in¬
and

dividends

their

on

hand

tax

foreign governments and nationals
the

on

This

announcement

is neither

Congress.

an

offer

The

to

sell

nor a

Second, and more important, the
of most banking legisla¬

nature

ing its position
and

intended

if
be

imposed

solicitation of

an

offer

to

huy

any

of these Shares.

offer is made only hy the Prospectus.

"

New Issue

'

Another

Department

the

former

officials

Administration

opposed to withholding of
on
interest and dividends

because

of

problem

it

the

serious

would

June 7, 1%1

150,000 Shares

These

banks

F.D.I.C.

the

NAT

They

Class A Common Stock

structure."

Of

course,

the

Ways

has

(Par Value 25( per Share)

before

we

it

all

know

Means
two

that

Committee

identical

bills

which, if enacted, would not only
Price

increased

provide

#4.00

per

Share

revenue

but

Federal

would

also

tax

remove

interest

could

be

as

are

be obtained from such of the undersigned

ciations
tual

registered dealers in securities in this State.

mutual

savings

conversion

savings

sentative

Hardy & Co.
Filor, Bullard& Smyth
Straus, Blosser 8C McDowell




J. R. Williston 8C Beane
Midland Securities Co., Inc.
Kansas

City, Missouri

Harrison,
and Curtis,

Virginia,

by

Repre¬
Democrat of
Republican

of

banks

taxpayers

come

1959

effort

inform

to

their responsibility
encouraging. Accord¬
sample survey by the
of 1959 individual in¬
of

most

to

a

tax

that the

returns, it

been

50%

and

closed

the

by

gap

than

more

in

unreported

interest by slightly less than 50%.
Another

that the former

reason

ing system

be

started

returns

this year

pleted in all internal

matching

institutions

with

equal

withhold¬

It

to

was

thrift

The American Bankers Associa¬

its

at

record by resolution

on

convention

opposing

last

September
the estab¬

principle

in

lishment

of

Federal

a

Mutual

Savings Banks System.
The

Association

this

took

posi¬

tion for the following reasons:

(1)

There

grounds

are

satisfactory
base the

no

which

upon

additional
those

to

savings facil¬

States

that

ex¬

The

within

use

turns

four

and be

com¬

revenue

or

five

dis¬

years.

of automatic data process¬

will
the
and

greatly
of

facilitate
the
information returns

regular

income

thus enable

the

tax

re¬

Treas¬

not

do

mutual

savings banks.
(2) In the past, the dual bank¬
ing system has been extended
institutions

to

previously
need

for

that

al¬

had

sev¬

Forcing mutual sav¬
States that had
rejected or found no
upon

such

to be

seem

a

would

facilities

serious intrusion

on

States' rights.

(3)

Finally, the ABA

finds

no

grounds to substantiate the claim
that

the

savings

establishment

banks

additional

would

savings

in

of

mutual

stimulate

the

areas

where they are to be located. The
result
perse

create

probably would be to dis¬
existing savings rather than
new
savings.

Identical

auto¬

was

pected that such conversion would

ing

more

tax

a

unnecessary

matic data processing.

place these competing finan¬
a

was

dling of all

the first year after enactment, and

on

similar

institutions.

estimated

was

unreported dividend gap

had

also

basis.

mutual

banks

the

tricts

tax

into

the

and

Federal

ings

of

Missouri, could provide the
Treasury with about $350 million

cial

banks,

of

mu¬

Federal

into

sults

Treasury officials felt

introduced

banks

States.

their intention to convert the han¬

measures

State-chartered

and

savings

eral

among commercial

banks, savings
and loan associations, and mutual
savings
banks.
The
bipartisan

Bank

only

present discriminatory appli¬
cation of Federal income tax law

may

Loan

though not required to
so,
and would be supervised
by a new three-member commis¬
sion. The proposals authorize the
voluntary conversion of Federal
and State savings and loan asso¬
do

ready been authorized in the

the
Copies of the Prospectus

mandatory.

former Under
Secretary of
Treasury reported as late as
January of this year that the re¬

Treasury

and

be

Home

The

ing

tax

would

the

were

fair and sound

unreported

substantially
closed,
and
that
withholding could be forestalled.

and contribute to

a

private¬

System,

treatment."

fields would enlarge the revenues

NAST, INC.

be

organized without
and insurance by

Federal

tory

these

would

ly managed,
capital stock,

have

in

been

Congress V, by
Multer
of
New

donizio of New Jersey.

now

legislation

have

effect

this

in

Representative

and

"Remedial

the

York, Rains of Alabama, and Ad-

for

closing sentence to this
section, which
deals also
with
taxation of cooperatives and fire
and
casuality insurance compa¬
nies, the President states:

con¬

is

bankers

Savings Banks.

this

to

introduced

refund

create.

the

Banks

which

proposal

Mutual

of

Bills

in

a

to

to provide for a Federal Sys¬

one

were

in

Savings

commercial

cerns

ities

In

were

System

need

non-discrimina¬

and

interest and divi«_

on

Mutual

gap

assuring

Con¬

problems

dend income.

the

These provi¬

the

inform

many

withholding system

a

dures

Federal

withhold¬

difficulties that would be created

dividends

their

was reserv¬

any

on

to

of the

gress

of

eliminate

or

made

was

ing bill that might be introduced

hopeful that through co¬
operative effort and by strength¬
ening their enforcement proce¬

duce

income tax liability.

It

Surrey at these meet¬

ings that the A. B. A.

aim

87th

hand.

other

clear to Mr.

sions should be reviewed with the

concerned in the

in¬

or

tion went

Treasury

taxes

other

to widows, minors,
educational and other
exempt
organizations,
and

one

tax

returns.

were

unduly bur¬

and

dividend payors on the

terest and

the

dividends.

operative

to

be

not

banks

to

They would be permitted to join

recommendation

a

withholding
and

Interest

on

Dividends

includes

1960

rea¬

right !and

both

Withholding- of Tax

which

follow.

side.

our

terest

that

sure

dealing with rational

are

who

also

to develop a
withholding system

densome

tem

Once that is done I

on

to
it is vir¬

impossible

which would

as

bills.

men

is being made

effort

be

must

exists and the solution of¬

now

For

and

banks.

of

convince Mr. Surrey that

Federal

to achieve.

it

departments

departments

have been fortunate enough

we

as

favorable

emphasize

this

Tax

on

Roth

American

cannot

Surrey, Assist¬

charitable,

Committee

sociation

will

neces¬

Association, The Associa¬

Equality,

under

most

to

tion of Reserve

From Section 5 of the message,
entitled "Cooperatives and Finan¬
cial Institutions" I quote the fol¬

of

upon

equality

legislation.

their

"Some

a

began

their

terest

types of private savings and lend¬

of

and

program

stitutions.

lowing paragraph:

commercial

the

principles

take

Secretary of the Treasury, at
his request. Mr. Surrey will have

matter.

banker organizations

by the

the

to

five

to

ant

workable

for

Institutions

Mutual

of

all

on

this

and

action.

series of meetings have been

tually

however, may provide the
impetus for two proposals of great
able

informed

interest

or

which
report

problems that withholding would
create in the savings departments,
have

bankers

the

sage,

moment

commercial

A

determine
failing to

are

held with Stanley

cember

social security changes, and an in¬
creased

of

easily

to

ury

most significant of
these developments came last De¬

that

for greater tax

giance.

proposed cal, scaling down from a high
mark of 52% to, again, a low of
chartered
I believe .16%, based on the subject under

and the
Federally

from

Georgia, Representative Abra¬

ham

the

any

legislation. But,
firm belief that the divi¬

it is my

sion

hear

we

effect

the

have

can

piece

session

institutions, mandatory
withholding on dividends and in¬
terest, the Douglas interest dis¬

bill,

so-

month

financial

system

the

Thus,

of, Republicans

be

The

closure

con¬

strength, and is still operative

only the major areas of interest,
namely,
tax
uniformity
among

mutual

alike.

"coalition"

net

can

In

to review
the field
banking legislation. I will cover
my

developments

philos¬

as

highest caliber.

recent
of

respective

our

the

championed

servatives

Their

of mutual

political

party

in

from

come

both

and Southern Democrats increased

I

preciation of banking's political
role, as well as their co-operation
in

and

in

House
recorded
Republicans and

the

called

so

Association

remained vir¬

unchanged

servatives

able

have par¬
ticipated on behalf of the A. B. A.
in many meetings with the offi¬
cers
of the Independent Bankers
independent

Fair

however, the majorities
significance.

posal.

of

in

ophy,

gains

sonal
the

some

composition
Kimbrel

Monroe

M.

back to the

go

Congress of 1949-1951 to find

tually

Bankers Asso¬

12 years

in both Houses of Con¬

While the Senate

the

in

No¬

parallel. In the light of political

lose

We

last

President,

new

a

One has to

realities,

the

election

us

overwhelming majority of

bankers
g hout

banking has
in Congress by

now

are

Cooperation
that

well

Bankers

t h

r o u

been

of sound

cause

that

developments in

Probably

of

gress.

by

In

the

kept

Bankers

has

rec¬

rules.

been

political spectrum. Representative
Brent Spence of
Kentucky, for¬
mer
Representative Paul Brown

must be considered.

his party

-more

the

of

other classes

including

certain

which

background
against
all
legislative
interests

who for the first time in

be-

of

all

Bankers'
I'm

members

The

oper¬

is

suspension

The

dealing with specifics, I

vember gave

lation to sound

and

words, these banking issues
were
not measured
by partisan
political yardsticks.

How Congress Votes

legis¬

Senate

other

would like to describe briefly tne

of

portance
Federal

the

proce¬

establishment

reserves

to

statutory

same

regulatory

banks.

(

was

have

would

making these institu¬

the

debt

practical

im¬

the

ers

der

process,

and

legislation

both

by

passed

State level.

present time we have rea¬
be more optimistic about

At the

this

of

C.

House either by voice vote or un¬

simple annual interest—and be "enforced entirely"

amounts"—not

banks to the F. D. I.

Most

explains why disclosure of finance charges
Douglas' bill should be confined to "dollar

and

banks;

savings

in

for

and loan
savings

mutual

repeal

and

bad

dures

simplify the method of determin¬
ing the assessment paid by in¬

made to convince the Treasury of the imprac-

system; outlines the ABA's opposition to

authority

for

reserve

savings

tions subject to the

re¬

proposal

that

a

and

the effect of

applicable

bank

cooperative efforts of five commercial banker groups which joined
forces last December to secure tax uniformity legislation. Mr. Kimbrel
to

for

Such

insured bank mer¬

gers

uniformity between financial institutions, and

refers to efforts being

debts

authority

over

Curtis

-

repeal

establishes

the borrowing and lending powers
of national
banks, to vest final

is made to the President's encouraging

Reference

Congress.

bank

member

over

Board

Reserve

simply

banks.

requirements, to modernize

serve

Georgia banker reviews principal subjects concerning bankers in the
reference favoring tax

Federal

revise

Harrison

associations

During the

86th Congress laws were passed to

87th

Thursday, June 8, 1961

.

affilia¬

Recall

First National Bank, Thomson,

.

tions, both party and philosophi¬

Commercial Banking's
Current Legislative

.

in

the

last

bills

were

Congress

introduced

but,

the

as

sponsors

announced, they were
advanced only for study purposes.
Before
vened

cies

the

the

87th

given their

Finance

bill,

Congress

number of Federal

measure.

Home
the

a

had

con¬

agen¬

opinions

on

The

Housing and
Agency endorsed

expressing the belief that

it would tend to enlarge the sup-

Volume

193

Number 6062

.

.

The Commercial and Financial Chronicle

,

(2501)"
ply

of

mortgage funds and im¬
the flow of funds to FHAinsured and VA-guaranteed mort¬
prove

The

gages.

of

the

Board

Federal

of

Governors

Reserve

adopted

a

tioning

whether

neutral

of

and

would

only

position, ques¬
giving of

This

,

major

faced

desirable.

but

Loan

Bank

bill,
of

Federal

Home

Board

fearing

broad

Federal

opposed the
the conferring

that

investment

I mutual

powers

savings

on

banks

in

into

within

bill

a

introduced

Congress.
is

in

unless there
turnabout by the

complete
agencies who are doubtful
a

opposed

of,

the
idea,
of the proposal is

Douglas

Finance

Disclosure
last

discuss

is

closure
of

un¬

item

like

proposal would
extenders of credit to

the

recipient
in

of

writing

dollar

credit

a

disclosing

amount

of

the

charges involved, and would also
require that these charges be ex¬
pressed in terms of simple annual
interest. We understand that

changes
their

extent.

The
is

basic

full

objective

admirable

an

tnis 'prin'cipl.e

do

as

bill

is, the

Association

gated
which

20

tion

"that

that

each

tion

the

with

creed

recommenda¬

should

banks

all

require
fully in¬

be

charges

in

connec¬

instalment

an

the

promul¬

credit

customer

of

fact,

ago

years

includes

formed

In

instalment

an

others

many

the'credit' field.

in

of this

one—that

disclosure of finance charges.
in
the ABA
fully endorse

We

credit

transaction."
But

only

endorsement

our

applies

the requirement that fi¬
charges
be
disclosed
as

to

nance

the

sound

banking laws. Our success
depends largely upon the degree
of
understanding which bankers
establish

feature of the plan.
Even if such a requirement was

to

necessary

enable

the

cost

the

see

arise

-

of

people

credit,

difficulties
should

to
you

bill

be¬

maintain

First, it

is virtually impossible
certain finance charges

to express
in terms of

There

is

simple annual interest.
set

formula, or table
whereby the neighborhood garage
man,
for example, can compute
no

in terms of

the

that
be

simple annual interest

of

cost

month

And

it

formulas

devised,

constant

great

battery

a

period.

any

since

factors

over

a

3-

is doubtful
tables

or

there

are

involved

in

can

banking
in

the

and

relationship with

of

retail

credit

play

can

an

The

effective role

the future.
by Mr. Kimbrel before the
Bankers Association, Wash¬

Independent
ington, D. C.

trans¬

spft^of

the

consistent

tone

in

obligations by the
monetary authorities. It seems as
though the old liquidity prefer¬
idea

ence

with

the

is

could

in the
is

intermediate

maturities

be

put

be

inde¬

short-term is¬

also

a

afoot

move

investors to

many

the

it

market for Government

There

sues.

that the only real

(and

securities

by

again coming to life

result

pendent)

get

and

out

of

long-term

that the proceeds can
work in the near-term
so

to

and

the

apparent

discipline,
fears

all

is

lack

of

fiscal

creating
inflation
again. This type of

over

development has

been bull¬

never

for Government bonds.

ish

Even
and

though

the

late

demand

funds, there is
of

cum

summer

for

opinion around
demand

loanable

than

more

a

modi¬

that

does

even

increase,

by that time the prime rate could
still

Speak on
Japanese Market
Kuwayama,

New

York

Securities

Ltd.,
firm,

both

of

Nomura

Japan's lead¬
will

address

new

the

by
t h e
$1,800,000,000
of
money will be raised through
sale of a strip of bills, with
that

the/.auction
8.)

to

be held
today
the, whole amount,

for

the
International
Manage¬ is considered by the powers'that
Division, American M^ocre- be to be a new
financing technique

ment

ment Assn. and the Stanford Uni¬

versity Business School Alumni on
Thursday and Friday, June 8th
and 9th, respectively.

since

a

new

series of

$100,000,000

of

weekly bills

the

outstanding ones for
eighteen weeks.

of

will

be

added
a

to

period

On

Thursday morning, at the
Hotel Astor, Mr. Kuwayama will
discuss the historical development
of

Japan's

principal
to

capital

industry
for

market,

of

sources

funds

the

and

the

avail¬

critical

count
new

and

conditions

and

Treasury
can

bills.

tax

Part of this

will be used

in

for

means

issues

still

same

This

that

current

short-term

being used by the

Treasury to obtain
the

ac¬

money

bills, not turned

taxes.

financing

at

new

to retire that portion

income

are

loan

and

be used to pay for these

of the June 15 tax

consideration

by for¬
eign companies expecting to do
business in Japan.
He will also
speak on Japan's labor forces, the
problems of personnel, labor re¬
lations

The

new

time

em¬

to

want

only

and

the

funds, and

supply

the

Investor

yields

beliefs are strong and evi¬
dently growing that the expendi¬

tures

the

of

Government

will

continue to mount
and, with no in¬
in

crease

taxes,

bigger

and

deficits

in

main

the

past.

budget

which

Deficits

in

will

the

lead

deficits.

to

The

no

fluence
come

for

in

most

in the minds

those

short

that

adverse in¬

all

on

fixed

in¬

obligations, except

that

mature

in

a

very

period of time. It is evideni
the

opinions that recurring
Treasury deficits are to be looked

for in the future is responsible in
small

way

for

growing

ment

for

very

demand

short-term

securities.

kind

the

In

the

large

that

is

thinking is responsible in
measure for the liquidation
which has- been going on in the
intermediate and long-term Gov¬
i Vi"

that

the

purchases of Government obliga¬
tions r by
the
Federal
Reserve
Banks, especially in the five to ten
year range, have been exercising
a
stabilizing influence as far as
the

market

action

of

gations is concerned.
there

has

been

termediate

obli¬

term

issues

not been

but,

powers

inclined to

ac¬

want to

is

by

the

At the annual
on

New

York

tax-exempt cost

of

The

Federal

confining its

funding

of the

to

new

money raising and refunding
ventures. The new funds that are

being

obtained

by corporations
exempt entities are usu¬

and

tax

ally

very

effective in combatting
the unemployment situation.
Static
The

Yields

easy

that

powers

capital

yields

be

market

policy of the
helped the

has

even

long-term

on

bit from

up

a

in

the

though

have

where

they

past. The
increase in offerings of new nonFederal bonds has been sizeable
and

there

this

trend will not

are

Therefore,

it

indications that
continue.

is

being pointed
that, without this help from
monetary authorities, yields

out

the
on

no

the longest maturities of bonds

would

most

considerably

likely have
more.

strong

opinions

market

specialists

all

bonds will

not

gone

up

Also, there

are

among

that

maintains

its

headquarters

Japan.

Over

located in

are

100

if any from current levels.

in

Japan, Hono¬

lulu and New York.

Sony Corporation

Trotte Joins

(SONY KABUSHIKI KAISHA)
(A Japanese Company)

Searight, Ahalt
■

•'

Depositary Shares

branch

'

.

/

'
t

has

as

been

proposed by
General
of
New

Attorney

York

State?

Many

States

already have ef¬
fective laws dealing with this sub¬
ject. Would a Federal law super¬
sede

these,

covered

would

or

by

State

transactions

laws

be

ex¬

empted from coverage? The ABA
that

feels
out

a

disclosure

simple

a

quirement,
tered and

annual

best

can

law, with¬
interest re¬

State level.

At

least

have
in
-

administer the law?

two

-

expressed

Federal

agencies
reluctance to act

this capacity.
All

ment

annual

would

Searight, Ahalt & O'¬
Connor, Inc., 115 Broadway, New
York
City, as Vice-President in
charge of trading. Mr. Trotte who
has

considered,
interest

increase




been

the

in

the

of

manager

trading

ment of Aetna Securities

formerly
depart¬
Corpora¬

the

expense

This

B. C.

announcement

constitutes neither

an

offer to sell nor-a soliciythttoffer to buy these securities. The offering is made only by the Pro¬
spectus, copies-of which may be obtained in any Stats from such of
the undersigned as may lawfully offer these- securities-in such State.
of

tion.'

an

Christopher

To Admit Partner
ST.

LOUIS, Mo.—Norman R. Sup¬
on

the I partner

require¬

Price $17.50 Per Share

investment busi¬

for many years, was

ness

per

things

simple

with

be adminis¬

enforced entirely at the

Who would

Carl M. Trotte has become associ¬

ated

June

in

15th

the

will

New

become

York

a

Stock

Exchange firm of B. C. Christo¬
pher & Co., Kansas City, Mo.

Smith, Barney & Co.

:

The Nomura Securities Co., Ltd.

money

yields

advance

Represented by
200,000 American

Ltd.

the

bonds

immediate

that

dispose of them. On

Indicated

money

(Par Value 50 Japanese Yen per Share)

Co.

near-

market

left

2,000,000 Shares of Common Stock

•

actions
the

the

money

re¬

the long-term sector or
the capital market for
non-Federal

portunities in Japan." In his talk

Securities

by

and

money

operations

term sector

has

he will detail to the Stanford busi¬

Nomura

mu¬

Government

new

June 7, 1961

ness
alumni the many aspects of
Japan's burgeoning postwar econ¬
omy and growth.

obtaining

purposes is still not con¬
sidered to be out of line with
the
whole scale of
loaning rates.

New Issue

devote his talk to "Investment Op¬

is

And

for state and

money

Chamber

Building (65 Lib¬
erty Street), Mr. Kuwayama will

this

Government.

general luncheon

Commerce

of

small,

of

Friday in the Adams

of the

funds
corpo¬

very

50%

ployees' expectations.
meeting

has

significance.

still

than

stay

in there and make it easy for those
who

offer¬

bonds

nicipal

be sure,

selling of the in¬

cording to advices, the
be have

these

To

undertaken,
public

getting the
being used for

were

indications

the

of

gone

Fed's Stabilization Purchasing
are

the

mone¬

Govern¬

some

There

was

market

more

needed

addition, this

f-

since

of the

non-Treasury

are

borne

of

ernment issues,

of

purpose

since

followers

of the infla¬

an

which
rate

Govern¬

as

up

though the build-up in

as

calendar

cost

in

Federal

will

market

time

bearing

seems

the

capital

the

but what the rebirth

it

authorities

The

developed
in

doubt

money

tary

real

future

well

as

gone

"nudging operation"

of

hedge against the inflationary de¬
velopments which usually follow.
most

have"

ings

same influence on
investors' psychology as they have
had in the past,
namely what is
the best and most effective
way to

There is

exempt bonds
ments

the

were

likely have the

of

bonds.
Although
the
both corporate and tax-

on

inflationary

for the

reasons

budget

this

better

psychology
the

more attraction for
investors
because the yields are better
than
those which are available in
Gov¬

ernment

Inflation

around

announcement

(June

who

The

no

Short-Term Borrowings

The

those

near-term obligations.

and

More

of

manager

office

Co.

investing

ing

vulnerable.

Treasury

Yeiichi
the

be

of

tion fear will have

early fall should bring about

greater

needs

,

is

if the loan

To

Markets

new

offerings of corporate
tax-exempt bonds are still on

and

purchases

Treasury

a

*An address

offices

law. Should all commercial

and

representatives.

Federal legislative process,
the key to the successes

is

and

the

credit transactions be included, or
should the law be limited to con¬
sumer

close

a

issues

combination has proven that

few

of credit transactions.,
Then there is the
problem of
coverage
and
administration
of
a

the

were

have
market continues

defensive

a

proving
condition
of
business,
along with the boom psychology

same

Tokyo,

mass

such

about

display

.

themselves

keep

when

there

ample side and these nonFederal
securities
continue
to

legislators

the

elected

Room

law.

come

with

must

informed

which

the

CHIPPENDALE, JR.

liquid obligations.
It is quite evident that the im¬

with the public.

Bankers

able

represents the most objectionable

T.

pulled

the

sizeable

us.

already manifest interest and

factors

would

whatever

Especially in the field of Fed¬
legislation must we sustain

The expression of these amounts
in terms of simple annual interest

can

responsibil¬
manner
they

eral

dollar amounts.

compare

than ade¬

more

some

contemplated in the
but we do not know

are

bill,

new

believe

their

statement
full

I

these

presented to

are

to

charge dis¬
Senator Douglas

by

require all

the

are

meet

in

and

would

Senator's

furnish

ities

can

finance

the

bill

I

Charge

Bill

Illinois.

The

to

But

or

likely.

The

nation.

and

1 active participation which are ingeneral aispensaole to the achievement of

to

acceptance

the

quate

previous

a

However,

JOHN

been

though

as

Non-Treasury Bond

Congress,

communities,

capacities

our

on

our

looked

The

overcome

of

financing

Administration

present

to

home

previous

the

BY

problems to be

hand, there is evidence

bids have

sizeable buy orders in the market.

GOVERNMENTS

bankers, we have great
responsibilities—within our banks,

used

a

few

a

dividual

within

of

the other,
that

it

accepting the challenge with
vigor and determination.
As in¬ The Government

now

is only fair to point out that
these reports reflect the opinions

the

by

of the funds

It

Our Reporter on

and

confuse

that cannot be

none

some

other channels.

customer,
to

completes my review of
banking legislation in the

We have

might turn
for

the

serve

87th Congress.

broad investment powers to Fed¬
eral
mutual
savings banks was
The

to

public.

System

the

extending credit, both to the

lender

13

on

much

14

(2502)

The Commercial and Financial Chronicle

Court

Bar

such.

as

lower

and

have

per

Division

The

Supreme

Federal

courts

condemned

not

giantism

By S. Chesterfield Oppenheim,* Professor of Law, University of
Michigan; and Vice-Chairman, Section of Antitrust Law,
American

size

ness

Antitrust in 1960 Decade

has

enterprise
The Antitrust

se.

pending suits which

have overtones of anti-bigness but

Association

they

hardly be

can

classified

as

Survey of the present status and future prospects of antitrust action
is made by former Co-Chairman of the
Attorney General's National
Committee to Study the Antitrust Laws. Observations
include such

cases
based
the
directly upon
theory that excessive size of busi¬

general

of the American economy.

issues

violation

The

of

areas

price

uniformity, mechanical

rules, pre-merger notification, and

latter

antitrust

bigness,

as

"per

se"

pre-complaint evidence.

This

part of Professor Oppenheim's paper deals with patent-

trends

wherein

he

reviews

be

four

still

few

a

said

Justice

is

prcphecy of what the court might
in

do

the

invites

similar

the

predictions.

laws

become

American

The

article

economic

Antitrust

case.

faith

free

a

society.

distinctive

a

of

political

in

private

petitive enterprise

anti¬

major
trust

next

Sherman,

as

that

the

Commission

•jce.i

indoctrinated

and

and

people
with

which, for the

technical

final

the

the

on

their

say

Con¬

gressional

in¬

tention

either

Prof. S. C. Oppenheim

or

der

laws, like the Constitu¬
itself, are what the judges
they mean.

But

trust

predictability
field

also

executive.
eral

Trade

activate.

the

and
of

process

1960's,

forces

The first
will
of

deal

into

part of

with

an

1960

of

trative levels

day

is

continue

be

enforcement.

so

of

Straight Thinking

policy.

various

forms

conditions

and

able

loudly

Robert

the

Antitrust

In

of

an

inflationary

actually

competition

industry

in

market.

or

We cannot hope for all the com¬
petition that is theoretically pos¬
sible.

Second,
firm

his

monopoly

has

Alcoa

pace.

only

been

and

United

antitrust
each

nopoly

in

Shoe

able

to

of these firms

power

to

are

where

cases

was

single

a

prove

had

control

the
the

mo¬

market

There

appointee

will

price

and

markets,

a

will

be

the

attitude toward

to¬

So far

is

concerned,

whether

because

Administration's
Business Bigness.

the Justice

as

identify

frontal

a

Department

one
a

is

doubtful

be

able

attack

on

to

busi¬

that

firm can acquire or
stranglehold of mo¬

power.

Third,

competitors.

likelihood

1

there

is

Big

Three

guilty of conspiratorial
in

duct

bacco

The

offer

buy
by

any

offer
of

to

these

sell

auction

made

only

the

of

the

slogan in attacks

industries

or

few

sellers account for the

large

major
and

markets

percentage

sales.

The

these

oligopolies.
when

oligopoly
monopoly.

upon

which

a

production

economists

The

government

equate
with

of

in

call

danger
seeks to

market

based

nor

a

abuse

to¬

industry

the

trasted with the economic abstrac¬

of

this

connection,

antitrust

however,

enforcement

is

merger

Rule

still

an extensive
inquiry is an in¬

cases

Reason

of

escapable requisite to determina¬
of whether
a
corporate

acquisition of the stock or assets
of
another
corporation
violates

mechanisms

amended Section 7 of the Clayton

5,

market

behavior

Most

is

in¬

pow.er

1961

economists

this generalization.

from

the false

It

re¬

stems

Some government

join with
gress

and some

false

view

so-called

of

price

the

the

leadership

administered

prices

and

10c Per Share)

of

invariably

are

tacit

collusion

Since

the

tion,

among

them.
In

not

market

corporate

the

1960's

these

beliefs

In

my opinion,
what should

to

normal

When

they

will

competitive

products

be

in the

graphic

reasonably
interchangeable
respect to price, use
and
quality, economic forces usually
competitors to
prices of their

lower

to

cause

meet

price
form
in

has

or

higher prices wher
increases in. cost

ruled

that

uni¬

mere

parallel business behavior

or

price

in

other

respects is
merely circumstantial evidence
or

It

the

rivals

price leader to initiate a
increase.
The
Supremo

a

Court

meet

may

should

7

be

to

prohibited

effects -must

*

reasonably likely

markets

has

is

Federal

Department

have

resort

a

the

Trade

suits

merger

judicated
to

the

issue

of Jus¬

Commis¬

thus

been

far

ad¬

resolved

by
application

full-scale

Rule

geo¬

controversial

a

the

and

and

which

impact.

an

still

in

tice

sion

corporate

a

TJie

whether

of

an

relevant product

merger
•

as

competitive

shown

or

compel

Section

such.

as

adverse

responses

with

even

such

as

resulting ; from

merger

frcm

standardized

are

amended

be enforced

ness

contrary

are

be expected

mergers

antimerger
statute.
Moreover, this antitrust
provision does not condemn big¬

probably continue to be advocated.

of Reason.

fact is that in all but

The 1 ard

litigated

one

the courts have sustained the

case

Department of Justice attacks

that may show either independen
business decisions of each com¬

The

petitor

on

has

or

illegal

an

agreement.

Court said, "con¬

parallelism

has

not

yet

conspiracy out of the Sher¬
Act entirely."

Antitrust

suffered

its

the

attack

has

identical

on

polio

the

Division

al¬

dramatic, setbacks

vaccine,

Columbia

price?

the

Tulsa

Pictures

and

Continental

Baking cases.
Failure to prove genuine collusion
among competitors proved fatal to

rightly

mergers under amended Section 7.

another

antitrust

price

sults

in

in

failure

also ruled against every liti¬
gated merger in which the Com¬

mission

District

in

now

pending

Court
needed

in

com¬

quality,

competition

at

buyer levels, oligop¬
competition - can be as virile

issue

of

firms

lation

Rule

should
of

the

belief is that

In

a

by

will

the

antitrust vio¬

an

turn

on1

a

flexible

1911.

Cellophane
firm ei

-this

method of

In

case,

and

Commission

relax

the

to

Federal

the

in

the

1960'S.

sign that Congress

no

statutory curbs

merge

or

—

as

writer has recently put it,
anatomy of

a

on
one

the

on

merger.

Diversification and Vertical

As

a

diversification

a

functions has

per se

laws.

by

growth

inquiry.

power,

the

the

duPont

Court

of

adjudication

reaf¬

Reason
as

applied

the

an

price

or

abuse

such
as

are

products
held

been

accompanied

purpose

as

squeeze,

condemned
It

of

ever

Only when these forms of

business

illegal
leverage
for

1953

on

violation of the antitrust

circum¬

aLl

observation

bigness issues, it should be noted
.that neither vertical integration

case

by

Rule

final

and

inquiry ,into

area, the Supreme Court
given its blessing to this ap¬

of

Motors

belief is that

my

Justice

of

urge

and

proach since the majority opinion
of the Court in the Standard Oil
case

event,

any

nor

this

has

Supreme

duPont-General

And there is

on

case

the

on

under old Section 7.

case

and market
determination
of

relevant facts

stances in

Case

Decision

Reason

is

Supreme
throw
much

Integration

of Reason

whether there is

7,

the

thinking since its decision

the

among

as

bigness

the

power

the
Kin¬

and

Section

may

light

Court's

Shoe
of

in

and

held

which

violation

Trade

the seller and

the

Court,

of Brown

merger
ney

ment

brand names,

Case

Initial

re¬

So long as there is effec¬

Rule

the

the

to

in

oly

reviewed

overstress

non-price

inter-brand

has

Decision of the Hearing Examiner.
The Brown Shoe decision of the

recognize

to

of

Commission

." This

the

competition.

,

Trade

mergers will continue to come un¬
der close scrutiny of the Depart¬

barrier

service.

of

Federal

In
is

My long held

Street, New York, N. Y.

of

of

type

either promote or lessen competi¬

ftime,

SHARE

WOLF, INC.

this

growth.

Favors

Copies of the Offering Circular
may he obtained
t orn
the
undersigned and from such other dealers
may lawfully offer these securities i.i
this State.

concentration

by

petitors, which result in uniform
prices in a given market at a

-

I

Congressional

given

among the large
the small firms.

as

The

is to stop in its incipiency

undue
power

petition

COMMON STOCK

country.

purpose

conscious parallel conduct of com¬

on

INDUSTRIES, INC,

whether

is

test

acquisition creates the reason¬
able probability of a substantial
lessening of competition or tends
to create a monopoly in any line
of
commerce
in any section
of

Con¬

economists in

that

legal

the

attorneys woulc

members

some

The

Act.

notion that identi¬

cal prices of competitors are proof
of absence of competitive
rivalry.

tive

Wall

In

forms of business ex¬

as

tion

pervasiveness

79

conr

tainted with fallacious beliefs that

sound

LEWIS

as

preceding decades. These
considerations apply
to

same

...

In

There

PER

studies,

case

tions of

so.

50,000 shares

OFFERING PRICE $6.00

and

leaf

the government's case and

(Par 'Value

economics

antitrust

in

pansion.

in

Circular.

June

A

progress

toward

made
tion

con¬

mergers

Oil,

CLASS

and

American in¬
is being
greater sophistica¬

But

dustries.

oligopoly

the

LAMTRON

in

gap

regarding the

behavior

market

accomplishment of

power, not on the fact of oligopoly

ready

NEW ISSUE




this

on

the

bridge

to

structure,

and in

markets

As the Supreme

securities.

Offering

the

need

ing

factual information

of

marketing of their major brands
of cigarettes.
The conviction was

in

is

controlling

required by antitrust policy.
will be press¬

tion

In the 1946 Ameri¬

found

of

an

In this decade, there

Company case, the
in
cigarettes
were

The
an

concentration

Tobacco

can

man

to

Su¬

lower Federal

a

economic

scious

neither

from

the

way

whether a single firm,
oligopoly of several firms
in anindustry, is compatible with
the kind and quality of competi¬

interpreted the antitrust
condemning in and of

as

read

In
solicitationUnfment JS
of ail offer

nor

industry-wide
misuse

monopoly

arises

it

shall

we

nopoly

drive

against price fixing conspiracies.
The paramount
controversial is¬

adminis¬

little

maintain

of

exclude

is

be

continuation

free

1959

deciding

or

competitive

oligopoly.

an

Pullman,

rare.

with the presence of product sub¬
stitutes in virtually all American

with

laws
itself

indicia

Di¬

outdid

effective

or

given

any

A.

enforcement

Court

court has

ject
of

compatible with work¬

government

nounced

by

is

the

the anti¬
as

be

Neither

and

of

case

again reaffirmed this.
This is the only realistic

.

polar abstractions

antitrust

equal, force.
The
Attorney General has already an¬

vigorous antitrust

This

of

at

wielded

political
In the 1960's there will

to

issue

actuality,
competition
today imperfect. A realistic
antitrust
policy must settle for

period. Un¬
N.
Barnes,

Stanley

Bicks

Kennedy's

survey

antitrust policy

nonpartisan

necessity.

to

the

that

sue

and

essentialto

the

competition and absolute
monopoly cannot serve as guides

the

in

a

should
attack.

Act

Sherman

Klor's

the

oligopoly

on

ministration. The shillelagh in
the
hands of
Attorney General Robert

on

executive

seem

propositions

have satisfied the record of Thurman Arnold
in the F. D. R. Ad¬

at¬

decade.

the

some

perfect

In

in adding notches to
prosecutor's tomahawk.
He
chalked up a record that would

The latter part will
patent-antitrust trends, a
subject of particular interest td
the Patent Bar.
On

For

the

the

probabilities of antitrust in the

focus

me

predecessors

may

discussion

over-all

that

antitrust

boomed

account.
my

to

First,

statutory enact¬

sure

Hansen

heads

Mr.

Fed¬

this

Judge

can

ad¬

Act

be

can

vision,

tempt at forecasting will take all
of these

mere

in its in¬

practices,

antitrust

alone.

state

Criteria

Bicks, the three former Republi¬

the

the

projection

my

the

in

has

small business units

are

Victor

anti¬

the

Commission
In

antitrust

in

involves what

Congress

ministrative

antitrust

econ¬

waged

was

was

collusive

in

dicta

the

of

2

tion

numerous

oligopoly

monopoly charges under Sec¬

to

and

are

herently at odds with competitive

Constitutional mandate

a

than

trust trumpets will blare
as in the Eisenhower

-

.

antitrust

say

doctrine.

would

American

straight thinking
business bigness.

economic

Kennedy Administration

specific statutory language. That
is why it is often said that the
tion

and

antitrust

minds

We

the

direct

a

approach

technology

me

which

ments.

in

general

of

rather

ex¬

pressed

legal

image of

government

some

nostalgic desire to go

many

our

Let

antitrust

most

aspects

that

fancy.

have

nopoly. It matters little that the
lay public
is untutored in
the

part,
give the courts

reality

when competition

among

Republican

regarding the virtues of
competition and the vices of mo¬

nda rds

sta

American

futile

a

omy

cliches

Acts—contain

should

we

espoused

back to the early

index of

an

The

Federal Trade

Clayton

and

anti-bigness

be

and
com¬

and Democratic Parties cannot af¬
ford to be unmindful of the fact

—

the

of

knowledge that in
market
behavior,
oligopoly in¬
dustries in America. My position
is that so long as the few
large
firms in an industry compete ef¬
fectively and do not engage in
there

Thursday, June 8, 1961

..

common

structure

preme

on corporate
bigness. It is
long held conviction that such

an

antitrust has

a

mean

health

attack

require clarification.

Holmes,

not

the

members of Congress, some

economists

my

Law,

does

for

bad

attorneys have

where borderline issues

areas

is

unaware

some

propositions illustrating
patent misuse and antitrust violation, "hard core" judicial

protection of patent rights, and

units

ness

It is

.

a

have

or

of

are

the

market

monopolistic
they

been

antitrust violations.

is not

probable that the courts
Congress
will
depart
from

these

sound

principles.
But at
are
indications in
some quarters that diversification
of products is being viewed with
present

there

Volume

123

Number

60S2

.

(.

The Commercial and Financial Chronicle

.

(2503)

15
f

alarm

as

a

of

scurce

building

up

strategic advantages of giant en¬
terprises. If this is so, the ques¬
tion

still

.is

advantages

whether

are

or

patible with effective competition.
Diversification, like vertical in¬

tegration,

normal

forms
should

pected

Wise

shown

to

be

is pessimistic about the
prospects of

with

more

Per

Se

Continuing
survey,

Illegality

with
note

we

this

the

Supreme

Federal

characterizes

official financial

surcharges

lower

charted

and

the

is

ity, in restraints of trade that
do

not

demand

a

lottery.

policy to rely less

dubious

about

possible

a

u

the

policy

commerce.

in

and
in¬

an

domestic

However,
moderate
applicable to foreign

relaxations

LONDON, Eng.—In contrast with
the

firm

tone

displayed

low levels. This

for

because,
many

years,

first

time

come

American

en¬

export

import.

or

Anti-cartelism

government
tack

that

means

will

continue

combinations,

the

to

at¬

conspiracies

and other concerted action among

competitors
to

when the

Lx market

duction,
locate

divide

territories

customers.

straints
shown

of

pro¬

or

al¬

these

Once

trade

is

purpose

prices, control

re¬

factually

are

to

exist, they will be held
conclusively presumed to be un¬
reasonable

per

their

by

se

very

optimism
relative

commercial

boycotts

or

refusals to deal by sellers or buyers"are also in this category.
In'

pa^l'rig, We should note'that

in the

Simplicity Pacern case/ the
Supreme Court ruled that certain

discriminatory practices are ab¬
solutely banned under the Robinscn-Patman

their

Act,

-effect

These

irrespective

include

of

competition.

upon

discriminatory

brokerage

payments, advertising
promotional allowances
and

or

services and

give
ment

the

facilities.

proportionately
to

of

all

the

seller

same

is

Failure

to

equal treat¬
customers

deemed

of
sz

per

unlawful.

Corporations
themselves

these
are

should

to

per

prohibitions

s?

likely

noc

repealed

to

be

with
which

There

sensus

that

or

legis¬

is

substantial

con¬

the

anti-cartel

are

in

harmony with over-all antitrust
objectives. The per se RobinsonPatman

be

a

Act

violations

continue

Section 3 of the Clayton Act ap¬

plies to exclusive dealing arrange¬
ments and tying clauses which are
likely

reasonably

to

lessen

com¬

The recent

decision of the Supreme Court in

Tampa

Electric

Company

encouragement to the
the

Court

lends

belief

examination

com¬

deal¬

to

as

Clayton

to

effects

dollar

Act. " In

the

Court

give too much weight

quantitative

verse

of

Stations

Standard
seemed

the

ad¬

competition, such

volume

market shares.

of

measures

on

percentage

or

The Federal Trade

Commission and courts reviewing
the

facts

Commission's
have

Stations
ner.

in

expressly

showing
involves

that

that

the

that

necessarily
But to
of

continue

Government

fixed

interest

Loans

there

of

and

The

Loans

assumption

of fixed
securities
is

power

strong

as

as ever.

to

on

Takeover Offers

of

hand, confidence
rise in equities is
as it was until the

I960.' For

thing

During the
interrupted
be

to

came

of almost un¬
in equities,
it

years

rise

it

that

assumed

one

a

well-chosen

equities
be

badly-

likely to

are

pronounced.
may

and

As

re¬

resu,.

a

tendency

a

individual

the

average

investors

of

in

to check inflation in

raising

the

Bank

level. Should

long

Government

to

this

pursue

v

tend

to

keep

short-term
course

level
At

for

of

the

down

interest

this

would

ment

the

time,

likely to

it

however,
save

the

accentuation

inflation

of

device to be

of

the

as

checking inflation

This
'■

is neither

announcement
'

'd

:

an

York

Bar

degree cf the capital appreciation.

1960-61,

During
come

be

for

necessary

selective,

more

firms

it be¬
investors to

however,

and

experienced

for

entire

even

large

New Issue

he

practice in
rate

an

the

to

general

became

litigation

and

In

Securities

Business

Arthur Goodman is engaging in a

7% Bank

securities business from offices at

as

a

*••

•

.vrfibn. v!i'r "fr'-'1

nor a

solicitation of

/

■

,

an

offer to buy

:'»•
any

by the Pr'dspectus.

t

,

•

of th?se>securities.
'

(135,000 Shares)

v

■

•

155,000 Share

rising trend. So it
a

gamble to

result,

Government

invest in

As

a

when

Leans showed

signs of improving

owing to the absence of
in

was

a

the

a

further

of

cost

living, there
tendency on the
part of institutional investors and
distinct

the

on

Government

switch

which

Loans

into

back

INC.

offered

attractive yield than most

more

a

individual

of

part

to

investors,

of the favorite equities.

There

was

COMMON STOCK

widespread feeling that the giltmarket

edged

coming

adequate

risk

the

advisers

investment

many

of

(Par Value $1.00

its own. It offered
yield that in the opinion

provided
for

last

into

such high
of

long

at

was

of

per

share)

it

compensation

further

a

capital through

a

erosion

Price

resumption of

inflation.

$6.00

per

share

"

man¬

All of This

this

All
a

unfortunately,*
of the past. During recent

matter

months

the

investment

their

on

for

period. Moreover, there

brokers

or

qualified

to act,

may

be obtained from the undersigned

only in States in which such dealers

and in which the Prospectus

may

or

or

other

brokers

are

be legally distributed.

a

markets

for

investors
advised

or

equities,

they
capital

gained

the

of

under

which

trustees will

part

of

the

of

equities
the

be

Since
of

a

there

further

is

the

Pan American Securities

French & Crawford, Inc.

con¬

in

June 7, 1961
in

likelihood

the

Cantor, Fitzgerald & Co., Inc.

Nolting, Nichol & 0'Donnell Inc.

trust

also

decline

every

rise

D. Gleich Co.

en¬

gilt-edged prices.

inquiry

Pierce, Carrison, Wulbern, Inc.

legislation

new

towards

quite

Roman & Johnson

appreciations.

anticipation

the

effects

Aetna Securities Corporation

that

until

was

rising trend in the
equities, and, unless
were
particularly illunlucky in their choice

recently

tributed

26

so

purchasing power of their capital
by nearly 3%, which
has more than wiped out the yield

good

page

i4

has declined

invest

that the Court adopts an extended

dealers

invested

in

Stations—

Copies of the Prospectus

index

creeping up and those
in gilt-edged some
months ago now find that the real
who

Finally,

con¬

of- living

cost

been

has

itself
of

.

is.now

substantial

number

Matter of the Past

a

cost

of

corpo¬

that

certain

somefhing of
equities.

and Mil-

work.

Secondary Offering (20,000 Shares)

and

been

burn, where he has had extensive

industries

setbacks

has

76 William Street, New York City.

offer to sell

their equities declined in contrast

Yale

effective for

'The offering is to bionade bnly

,

the

admission to

umucky cnoice of the partic¬
ular equities was merely in the

to




New

of

Since

/U

a

He

June 26,

graduate in 1947

firm of Carter, Ledyard

rate.

prices of equitie

on

associated with the New York law

failure of the

a

Office.

editor

Law Journal.

is

in face

comment

was

due

hardly
the gilt-edged mar-*

decline

a

Regional

Mr. Young is a

may

it

as

of Haverford College and in 1950
of the Yale Law School, where he

affect
wide range of equities.

a

Young,

1961.

of

In

also

Llewellyn P.

York

will assume his duties

course,

level

rates.

affect

of

New

long-term interest rates.
same

itself,

new

of

TTI

Administrator of the Commission's

than

more

a fl

xlXiJ.ll.

Chairman William L. Cary of the

policy—about

new
room

the

Securities and Exchange Commis¬
sion has announced the
appoint¬

crisis

to

t?PCf

"*• ^

less

preference to

rate

run

SEC Names Young

payroll tax

a

opinion—it would

.

•

that, the difference between lucky

mere

on

of

was

impossible to go wrong if
one
invests in equities.. The gen¬
eral rising trend
was
so
strong

funds

Continued

trend

almost

"a

market

increase in the volume

and accentuate in the

it prove practicable

would result from

ar

making

indirect taxes and

on

for

the ris

on

an

downward

more

the monetary authorities to resort
to the new device of
surcharges

ket from

popular, because

more

likely to prefer to rely
on

a

of the Bank rate weapon than
the past. It is the intention of

one

other

become

many

of

may

up

crease,
and this
would
lead
to
further credit expansion which in
turn
would
aggravate
inflation

a

some¬

use

which there is

investment trusts and unit trustr

securities

setback last year.

titled

Standard

Reason

main

the setback
in
equities experienced
earlier
this year, following on their sharp

who

of

more

the

chosen

decline.

to

bearing

sequence." It is gratifying — al¬
though perhaps surprising to those

Rule

not

in general was due to

of

dollars is ordinarily of little

misread

need

large extent the firmness

a

however,

contract

substantial

of

Standard

restrictive

Electric,

states
a

findings

interpreted

Tampa

Government

a

there is

of

become

bolster

that

the

under

once

setback

which

chance

to

Treasury bills, however, the
liquidity ratio of banks would in¬

lottery, and it does

a

intention

In

not

petitive effects of exclusive

ing

of

pessimism.

non-stop
not as strong

of

equities
a

has

Government

of

■'

does

interpret its
earlier Standard Stations opinion
as precluding an extended Rule of
Reason

cost

result in

point in favor of Government
is the Government's
de-

adversely

a

subject of controversy.

petition substantially.

A

between

even

Sherman Act

the

of

Loans

pro¬

hibitions of the

to

steadiness

On

in

bid

the

effort

an

the
gilt-edged market by pursuing a
policy of de-funding. Should this

a

Loans

Speculation

the

Possibly
make

many

materialize.

de-funding to' bolster

Government

rise

relaxed

Congressional

by

lation.

on

pros¬

on

in

type, who are pre¬ Loans.
pared to risk a heavy loss if the
anticipated take-over bid fails to-

tendency towards profit
margins to narrow. Discrepancies

reconcile

compliance

more

those

investors

living, which gave rise to hopes
that,
after all,
the
purchasing
power of principal and interest on

nature.

Group

based partly

was

On.

speculative

doomed to decline is likely to be¬

certain amount of

a

countries

for

to

purchasing
interest
bearing.

of
the gilt-edged market
developed some months ago. This

to

resort

that the

for

guarded optimism'about the

deny

attract

taxes to check inflation,

prospects

disappointing,

was

the

may be pllowed when*
the conditions in trade with other pects

opportunities

the Bank rate and

with

profits

stand

thing like

:

living as a result of the stepping
up of wage demands, there seems
to be good ground for viewing the

until

commerce

terprise

for

clared

into

anti-cartel

demand

to

take-over

gilt-edged market.

all
of the
relevant recently by equities on the London
circumstances under a expanded. Stock Exchange, British Govern¬
ment
Loans
have
been
Rule of Reason approach.
weak,
Antitrust will continue to be an persistently and declined to new

quiry

speculative

for

appear

Dr. Einzig questions the new

on

capital

search

cross¬

are

inherently unlawful

therefore

popular

indirect taxes and payroll

as

reefs and shoals of per se illegal¬
deemed

Government loans; finds

expected to be subject to take-over offers

are

becoming something like

as

inter¬

and

have

and

where

areas

Court

courts

general

judicial

pretations in antitrust

popular;

equities of firms which

Dubious of De-funding
Consequences

un¬

which are expected to be
subject to take-over offers. This

currents in equities have tended to make unit and investment trusts

proven antitrust violations.

an

firms

Analytical commentary of developments in Britain's securities market

other-

are

coupled

making

investment.

strong demand for the equities of

be

are

of

instances, there is bound to be

■i.v..By Paul Einzig

of

growth which
sanctioned unless they

business

risk

choice

the other hand, so long as frequent
take-over
bids result
in
unex¬

Government Securities

com¬

than

lucky

those

not

are

rather

Gloomy Outlook for British

16

(2504)

The Commercial and Financial Chronicle

under

Sony Corp.
Common Offered

the

the U.

S.

Securities

Act

of

1933.

Sony, of Tokyo, Japan, will
proceeds

makes

Pursuant

to

June

a

7, 1961, pro¬

for

expansion.

transistorized

netic

tape

use

radios,

recorders

and

It

other

electronic products. The company
has three plants in Japan and one

New York and

at

offered

2,000,000

shares

this

of

common stk. The $3,500,000
offering is being made in the form

firm's

of

American

200,000

shares

priced at $17.50
American

Each

Depositary

represents

10

The

stock.

share.

per

Depositary share
shares

common

sale

marks

first

Japanese

com¬

a

pany's

stock

common

(par 50 yen), of which 42,000,000
outstanding on completion
of this offering. Morgan Guaranty
will be

Trust Co. of New York is

registered

THE

ATCHISON,
FE

York,

New

The

Board

of

TOPEKA

RAILWAY
N.

Y.,

AND

COMPANY

25,

May

of

the

30,

1961.

Directors has

the

at

close

of

business

June

1961.
R.

M.

SWEARINGEN,
Assistant

120

Broadway,

New York 5,

RMS Electronics

Common Offered

Company
3%

25

cent

per

par

share.

publicly

of

this

company's
at $3

stock

common

Proceeds

by the

company

porate

offered

will

be

used

for

general

cor¬

dividend payable July

extra

Bronx, N. Y., manufac¬

television

FM

and

radio

shares

of common

stock

amounting to

three per cent (3 %) of the

registered

in

the

common

of each

name

stock

member

will

CORPORATION

Board

will

J.

U.

of

Directors

held

June

on

declared

cash

a

(271/2li)

cents

stock¬

6, .1961,

and

twenty-seven

of

one-half

share

per

Stock

Common

of

a meet¬

dividend

THOMAS R.

Corporation, payable

of

on

the

June

on

30, 1961, to stockholders of
record

New York 22,

Secretary

N. Y.

dividend

of

Preferred

Directors

SI.75

Stock

stockholders

declared

share

per

July

record

June

B.

ATKINS,

the

on

payable

of

C.

has

1,

book

policy, written in business
cular

VALLEY

Board

Industries,
of

75C

of

NATURAL

to

1961.

Inc.,

today

share

a

Convertible

the half year

$1.50

1961.

Stock,

a

dividend

Series

A,

for

ending June 30, 1961, payable

July

1, 1961, to stockholders holding such
shares of record at close of business June

14,

1961.

The
of
or

holders

the

$50

tion,

First
par

or

of

Industries,

of

record

Preferred,

on

June

Second

14,

1961

Preferred,

Preferred Stock of the Corpora¬
the
Capital Stock of Lehval
Inc.,

who

shall

Dividend

not

have

"The
this

1960,

will

be

entitled

to

be

N. Y.

No.

54

of

terly

per

dividend
One-Half

and

share

the

on

1961

record

Prince

World

has

said

7,

The

a

Regent

of

$1.50

Horn blower

& Weeks in Los Angeles.

Max Pollock
42 Years in St.
Max

E.

Pollock,
of

P^esk'^nt

Co.,

Inc.,

Executive

Wm.

E.

Wall

45

Vice-

Pollock

Street,

&

New

at

of

Crown

by The
Belgium after

of

II.

securities

Baer

lan¬

is

engaging in

business

from

City under the firm
erick

such sub¬

operations,

name

Mr.

A.

Baer

Co.

of Fred¬

Baer

was

formerly with Bache & Co., Carl
M.

Loeb,

Rhoades

&

Max Pollock

offices

Street, New York

Co.,

York

Commonwealth
Funds Name Two

Harold Bell Opens
BILLINGS, Mont.—Harold R. Bell

SAN

is

ren

conducting

from

Before

coming to Washington,
Szymczak was vice-president

offices

securities business

a

at

2504

Beth

Drive

FRANCISCO, Calif. — War¬
Williams, Jr., has joined

D.

the Commonwealth

tual
under the firm

Northwestern

Bell &

City, dealers in U. S. Gov¬

ernment,
State,
Municipal
and
Corporate Bonds,
is celebrating
his 42nd year in Wall Street.

and

Steiner, Rouse & Co.

of Harold R.

name

Associates.

Funds,

Corporate
J.

Building,

has

and

been

Coleman

as

Darrell

elected

Vice-President,

announced

quar¬

(57V2<)

Group of Mu¬

Russ

Secretary

Winrich

sistant

DIVIDEND NOTICE

as¬

it

was

by Chairman S. Waldo

and

President Robert L.

Cody.

close

of

Mr.

August

stockholders

business

1961.
Miller,

Williams

was formerly
As¬
Secretary of Firstamerica
Corp., Los Angeles and earlier
was legal assistant to the President

sistant

of

UALITY

Secretary

of

Transamerica

Corp.

Mr.

Win-

rich joined Commonwealth in 1955

1961

as

their exchanging said shares
becoming holders of record of
Cumulative
Convertible
Preferred

securities

a

named

thereby

It

Stock, Series A.

senior

Executive Vice-President

G.

ELECTRIC COMPANY

was

1960.
that

has

joined
department
of

the
the

Commonwealth

M

•

and

in

announced

Locher

investment
COLUMBUS AND SOUTHERN OHIO

analyst

analyst

also

was

Eduard

EUGENE SCHOENER
i

Euper

higher

dividend upon
and

J.

Uni¬

Commander

a

at 525 East 89th

other nations.

of

Thomas

Frederick A. Baer Opens

and
abroad, and
problems were re¬
the
Federal
Reserve

director

n

trading
department of

decorated by the
Poland
in M936

the

Frederick A.

here

by

i

the

number

a

Fifty-Seven

payable

to

John

June

of

War

was

formerly

the capital stock of

the

at

17,

July

regular

of

Cents

Company,

15,

a

made

was

Order

many

years

Wisconsin,

institutions
was

the

how

System and by

and

lectured

University,

other

and

completed

on

market

of

Government

verna¬

technical

to

has

learning. He

sur¬

such shares for exchange pursuant to Agreement and Plan of Merger dated

^darch 21,

Plaza

board of directors

day declared

rendered
.

Rockefeller

Mr.

Cumulative

is

and

economic situations that have

solved

Lehigh Valley

declared

the

on

Preferred

2,

open

explain

COMPANY

New York 20,

of

as

occurred

GAS

INDUSTRIES, INC.

Directors

than

which

1962. It will treat

ous

Secy-Treas.

June

The

of

rates,
rate
structures,
demands, and reserve re¬
quirements. It will review vari¬

30

LEHIGH

rather

B.

business

Universities.

versity of Chicago, and

continue

preparing a
comparative monetary

on

A.
St.

University

the

is

Szymczak

at

Szymczak

American

municipal

also

Fordham

Mr.

discount

7%

1961,

19,

will

and

credit

CONSOLIDATED

a

He

holds

Degrees

to

of the
dealers in

one

countries.

own

pies

CORPORATION
of

most

Co.,
active

courages
to develop papers de¬
scribing monetary policies of their

guage,

WAGNER BAKING

consultant

as

&

Szymczak

M.

Mary's
College in Kentucky and DePaul
University in Chicago. He is an
honorary doctor of law at DePaul

'Many
attending his
course
on
."Comparative
Monetary
Policy"
are foreign students whom, he en¬

in

Board

Mr.

A.

in

invest¬

for

of Military Gov¬
Germany and then

nomics Division.

professorial
lecturer; in eco¬
nomics at Georgetown University,
where he has served since 1953.

jects

The

Reserve

be

act

for

been
I

e

ment

Ad¬

reconstruction

succeeded General William Draper^
as
director
of
the
entire
Eco¬

record that

Government and

Mr.

Michael D. David

300 Park Avenue

a

Office

ernment

a

ras

June 16, 1961.

on

was

Federal

years,

Devine

S.

Economic

on

Stock

has
t h

Lon¬

of

vision,

announced.

eclipsed because
present law forbids reappointment
after a single 14-year term. Coin-

country's

Corporation at

the

never

securities.

Cerro

been

Szymczak

of

to

f

o

Pacific

Exchange. Mr.
Euper
who

Later

appointed

was

Foreign

Fi¬

Bretton

mission

the

Street,

the

dent Truman as chief, Trade and
Commerce Branch, Economics Di¬

Szymczak

has

Board for 28

C.

the

wagner's

it

and

at

Inc.,

South

members

partment at the request of Presi¬

se¬

curities,

Keon

Co.,

618

He

Belgium.
In
1946, he
appointed by the War De¬

was

Gov¬

czak

holder of record June 14, 1961.

CAMPBELL, Secretary
One Broadway, New York 4, N. Y.

for

needs

cidentally, C. J. Devine & Co. is
marking its 28th year in business.
In his new capacity, Mr. Szym¬

CEBBO

ing
an

7, 1961, in

S.

he

of

ministration

specialists

U.

Monetary

year,

don

St.,

ernment

1931-33.

Conference

chairman

York

Governor

RMS Electronics of 2016 Bronxdale Ave.,

The

The Board of Directors has declared

in

purposes. 1

..

DIVIDEND I

and

in

associated

and

comptroller of the

Chicago

Thomas

—

with

Coast

that

invest¬

Street,

ANGELES, Calif.
has become

Euper

Spring

bankers

shares

J.

Chicago, Mr. Szym¬

as

Woods, N. H., in July 1944.

Devine & Co.,

City,

Cash Dividend No. 164

Stock

of

nancial

associ¬

Wall

(Special to The Financial Chronicle)

LOS

International

for

week, will be¬
come

of

was
previously clerk of the Su¬
perior Court of Cook County, 111.
Mr. Szymczak was U. S.
Advisor,

be¬

s

ment

antennae.

United States Lines

City

de-

h i

New

Wall

June

a

DIVIDEND NOTICES

■

by

Kennedy

48

tures

Y.

czak served

President
fore

A

director

League

A native of

was

accepted

was

sociation.

Reserve

ated with C. J.

Treasurer

N.

Federal

He

Thursday, June 8, 1961

.

T. J. Euper Now
With Keon & Co.

Glanz

&

Chicago.

Ridgemoor Building and Loan As¬

Europe last

100,000

of

Company

System

the

79

this day declared
Twenty-five
Cents
(25c)
per
share, being Dividend No. 125, on the Preferred
Capital Stock of this Company, payable August
1, 1961, out of undivided net profits for the
year
ending June 30, 1961, to holders of said
Preferred Capital Stock registered on the books
dividend

a

of

Hatterman
in

.

of Building and
Loan Associations and director of

member of the Board of Gov¬

a

ernors

of

educational

Illinois

D. C., June 7—
M. S. Szymczak, whose resignation
as

Savings Bank and vice-

Bank

also

WASHINGTON,

7, 1961, offer¬
ing circular, Martinelli & Co., Inc.,

DIVIDEND NOTICES

State

C.-J. Devine Co.

parture

positary for the ADRs.

Pursuant to

SANTA

the de¬

of

the

public offering of

Shannon, Ireland. Authorized
capital consists of 72,000,000 shares

&

president

mag¬

spectus, Smith, Barney & Co., and
The Nomura Securities Co., Ltd.,

associates, publicly

Trust

Szymczak Joining

.

Locher

ty.

REGULAR

Group.
formerly with

was

international division

Anglo
the

QUARTERLY

National

Banque

Mr.
the

of Crocker-

Bank

with

and

Populaire

Suisse

in

Switzerland.

DIVIDEND
The Board of Directors has

declared this day

Dividend

Chicago Analysts

Common Shares

on

COMMON STOCK DIVIDEND NO.10S

The Board of Directors
of Col um bus and

This is

Southern Ohio Electric

a

regular quarterly

Company,

dividend of

27*

share)

(50<O

ferred

the

per

share

on

outstanding Com¬
Shares of the Cor¬

mon

Payable

poration, payable July
10, 1961, to sharehold¬

on

Aug. 15,1961

of

business, July 20,1961

KARL SHAVER

SECRETARY

ers

of record at the

close

of

business

A

DIVIDEND

quarterly dividend of 1 Vi%
has been declared
Stock of The

Company,

payable

in

to

stockholders

close

of

business

be

a

the Pre¬

American Tobacco

1961,

will

upon

($1.50

June

9,

on

record

1961.

July
at

1,

SYSTEM, INC.




at

June

members
Harry L. Hilyard

SHAFER, Secretary

ELECTRIC

COLUMBUS

AND

ELECTRIC

SOUTHERN
COMPANY

the

Co.
OHIO

Midland

Hotel.

Form Roth, Gerard

Checks

mailed.

Vice President and Treasurer

May 37, 1961

8,

Roth,

of the

Gerard

New

&

York

Co.,

Stock

Exchange, will be formed with of¬
fices
York

the

GAS

8th

the

June 1, 1961

THE COLUMBIA

the Investment Analysts
So¬
ciety of Chicago to be held June
of

On

cash
of

Company, will be guest
speakeif at the luncheon meeting

on

June 26, 1961.
G. C.

PREFERRED

Products

June
2, 1961, declared a div¬
idend of fifty cents
on

PER SHARE

to holders of record at close

227TH

to Hear

CHICAGO, 111. — Maynard P.
Venema, chairman of the board
and
president of Universal
Oil

ties

at

15

Broad

City, to
business.

Alan

engage

Street,
in

Partners

Roth, member of
change,
and
Emanuel

a

New

securi¬

will

the

be

Ex¬

Gerard,
partners,. and Pamela
Gerard, limited partner.

general

Volume

193

Number

6062

.

.

THE MARKET.
BY

The Commercial and Financial Chronicle

.

.

WALLACE

investors. Chesapeake &
Ohio, unable by law to control an
airline, has been able to circum¬

STREETE

vent

that

and

bui'ld

up

Slick by taking $3.3 of
$5 million issue of debentures.

did

stocks

well

this

unison

in

week, to push their average back
to

line

700

the

tarried

for

it

where

handful

a

had

sessions

of

mid-May for the first time in
history.
Whether the initial nudge that
in

.

it

carried

standing

high

that

to

.

.

legitimate test of the old
high was still not clear, but it
raised little in the way of fresh
doubts that a new high would be
was

a

before too long.

seen

who

those

For

the peak of 705.96 wasn't
jeopardy from the 703
readings seen in this week Mon¬
day and Tuesday sessions when it
any

returned

the

to

700

But on

area.

the rally carried
705.29 with selling moving in

to

it from getting to the

which kept

peak of May 19. That could
construed as a rebuff.

705.96

be

technical

But

weren't

considerations

*

getting too much attention.
dotting the) new

issues

The

highs

persistent in their dayafter-day
appearances,
notably
Woolworth, the blue chip that was
neglected for more years, perhaps,
than any other in that exclusive
list

were

circle.

Throughout the mid-50's, Woolfive

to

only

one

of
shade over three points for
year's work. It is still one

a

full

of

overall,

points

seven

straggling

those

range

a

of the
has
to

components

rare

industrial

over

that

average

become

Canadian Pacific in 1960, an addi¬
tional
$20
million
after
taxes
would

be

Like

supplied

diversified

-

railroads, Canadian
Pacific has plenty of outside in¬
terests. In fact, it is more diversi¬

fied

than

American

any

the

owns

largest

road.- It

trucking

and

wholly
this

and has a
airline
although

been

having

trouble that is of little

profit

help to its

parent at the moment.
Canadian
around

Pacific
dozen

a

runs

has

a

the

get

by
into

business

chain

discount

set off

and

was

to

the strength was spreading

slowly
through
the
other
chain store
stocks to give them some life. In
any event, the 1961 range for the
shares already is in excess of a
score
of points
for a definitely

payout last

payout

to

and expects

year

improve this

year.

It gets oil
a

royalty revenue and has
wholly-owned oil company of its

own.

The business

news

International
well

the

Telephone, which

situated

rate

to

wonder-science

as

of

one

issues

in

the

1960

to show

the best profit

ratio

But
apparently the stress on
improving I.T. & T.'s profit pic¬
ture by a comparatively new man¬

is starting to

agement
The

take

hold.

has set as a fivedoubled volume and a

company

goal

year

a

improving

constantly

profit

margin, particularly since it is a
leading manufacturer in some of
world's

low-labor-cost

in

the labor bill is only

43%

some

of

its

areas

this country.

Only

sales

manufacturing

year

steel

for

consumers

wouldn't

vacations

steel business

the

keep

of

from

holding

ing

good jump when fall orders

a

up

well, and show¬

issue

steel

Gne

able

to

show

up

that

has

been

better than

the

industry generally has been Inland
Steel
which
operates
in
the

steel-consuming area
around
Chicago.
Its
operations
have consistently run ahead of the
industry
average.
With profitmargins likely to improve because
strategic

of

economies

internal

and

im¬

proved operating results, Inland is

show a good profit
comparison with
that of 1960.
With an indicated yield of more
expected

to

re¬

makes

it

one

1

a

of

Neglected Blue

Chip

The

quality items under pres¬
recently from external situ¬

sure

ations had one thing in common—
widespread suggestions from
brokers

of

and
to

New

services
hold

by

that

them.

Jersey

neglected

Standard

Wednesday, June 7, in the United States of 200,000 American De¬
positary Shares representing 2,000,000 common shares of Sony by
an
underwriting group headed by Smith, Barney & Co. and The

somewhat

was

these

Akio

Morita,
Executive
Vice-President of Sony
Corporation,
Tokyo, Japanese electronics manufacturer, is shown above (center)
signing
documents
covering
the
scheduled
public
offering

holders

al¬

sources

a famous name, sell¬
ing at around 14-times last year's
earnings for an unusually low ratio,

of

Nomura Securities Co., Ltd.

At left is Ernest B. Schwarzenbach,
partner of Smith, Barney & Co., and, right, Teruo Kurata, manag¬
ing director of The Nomura Securities Co., Ltd.

offering nearly 5% from one
nation's top
corporations.

The

the

Few

oil

issues have had

tained

investment

any

of

sus¬

demand

for

since

Jersey's

stock of

Act

Japanese company registered under the Se¬

a

of

1933, and the first public offering in the United
1931 of securities of a privately-owned
Japanese cor¬

States since

in fact since Suez disrupted

warranted

offering marks the first public sale in the United States

common

curities

operations of the international
companies. But the neglect isn't

poration.
Each American

profit

stock.

common

picture has been improving since
1957
and
jumped
12%
for
the

Depositary Share represents 10 shares of Sony
offering price is $17.50 per American De¬

The

positary Share.

quarter this year when good

earnings

of

Better Profit

at this time

in for favorable

come

analytical

comment, but the
have

had

to

air¬

convert—

expensively — to jet fleets since
early last year, haven't been very
although

traffic

has

American
Telephone has
brought
out
six
quarter-of-a-

years,

necessarily at any time coin¬
cide with those of the "Chronicle."
They are presented as those of the
author only.]

billion

sold

Morgan Stanley

of

issue

Proceeds
will

be

firms
new

a

American

4.68%

a

was

1,

101.225% and

maturity.

to

The

awarded to the group at

competitive sale June

bid of 100.399%

6 on

its

re¬

prior to June 1, 1971.

advances

The

with

redemption

the

fall,

about July

or

the

company's general
porate funds.

cor¬

19

new

debentures

to and

will be

103.725%

including May 31, 1972 and,
date, they will be re¬

that

at

103.56%

amount

on

principal

aries for the year

920,454,000 and
fore

interest

American

Pan

World

Airways is something of a favorite.
It did well last year with passenger
miles up 12%, cargo ton-miles up
18%

and

16%,

passenger

and

much

seems

better

revenue

This announcement is neither
these securities. The

prices
to

the

decreasing
principal

and after June

NEW

an

doesn't

that

one

has

opened

in

airline

market.

in

Airways

discussions

the

air

RMS

bright with the line poised
Attractive Rail Item

brink

and

even

there

is

Canadian Pacific, where
a

promise

of

radical

a

it

of

offer to sell

1, 1993.

nor a

a

good

load at high

cargo

coast-to-coast

ly conducted his

ing and unloading will speed up
considerably the time lost in such
operations.
Some
estimates are

is

less than half a
this year. Its yield

of

nudging 6% at
attracting

without
way

recent prices
much in the

berger & Co.

solicitation to buy

any

promise in Canadian Pacific
in
recommendations
of
a

The

lies

commission

set

up

to

aid

the

that

these

times

Slick's

and

required to offer under
the loW-fate^ that^result; in losses

window

are




capability

than

present

Price $3.00 Per Share

an

Copies of the Offering Circular

10
equip¬

some

may

be obtained from the undersigned.

ment.

tion,

roads

planes will provide

more

the second such set up in
less than two years. The recom¬
mendations
suggest
government
assistance for services the rail¬
roads,

share)

nonstop

effective cargo

of investment interest.

over

the

sole

bid

for

acquiring
Illinois
Shade
Cloth
Corp., the second largest maker of
hasn't

shades.

been

.

But

MARTINELLI & CO- INC.

diversifica¬

that mostly to tide it
changeover period, was

the

line

unattractive*: to :-in~>

i

New York 5, N.

79 Wall Street

BO

June 7, 1961

9-7850

own

business under the

speed

total

points

securities

business.

Mandel

Weinberger,
President
and
Dorothy
Ross,
Secretary. Mr. Weinberger former¬

planes this year. These can carry
and are so
constructed that mechanical load¬

range

a

are

Common Stock
per

on

in

Officers

offering is to be made only by the Offering Circular.

(par value $.25

office

Street, New York City, to

(a New York corporation)

cargo

branch

79 Wall

when

turboprop

new

change in the road's fortunes, has
been a quiet item hovering in a
dozen

a

engage

ELECTRONICS, INC

the

on

appearance

new

a

its

gets

is

cargo

with

$1,370,410,000

Mandel Weinberger & Co., Inc.
been formed with offices at

section. Yet Slick's prospects seem

Slick

be¬

Form Mandel Weinberger

100,000 Shares

normally

feature

Rails have few followers lately

compared

and

$7,was

Elliott Avenue.

profitwise, this year.
The

income

CENTEREACH, N. Y.—Equity In¬
vestors Co. of Wilmington,
Del.

ISSUE

headed for a
particularly

total

subsidi¬
were

1959.

up

year,

1960

deductions

the lines could make a
showing this year. In

section

operating
and its

company

telephone

better

this

total

the

has

Beginning with June 1, 1971 the

deemable

far

call

redemption payment will be made
from

from

cent

on

to

1961 at 107.75%, its $250,000,000 outstanding 27-year 5%% de¬
bentures due Nov! 1,
1986. The

debt

good pickup in

of

own

10,

underwritten corporate
financing operations of re¬
years.
In the last seven

ranks

Consolidated
revenues

Opens Branch Office
intends

company

major

a

subsidiary

$7,232,239,000 of
$13,180,747,000

capital stock and surplus.

telephone plant.

continued

ingly slated for

to

and

debt

in

under

to pick up. With costs
control, and business seem¬

for

extensions, additions and im¬

after

offering

company

associated

the

The

by the

issue

optional redemption price for the

debentures will not be

deemable

present

provements to the company's

which named the

43/4% coupon.
The

the

of

funded

for

for

June

due

priced at

a

consisted

$1,508,226,000,
$7,392,997,000

Co.

and

debentures,
are

due

Capitalization of American
Telephone and its principal tele¬
phone subsidiaries at Dec. 31, 1960

companies,
the
purchase of stock offered for sub¬
scription by such companies, and

com¬

Telegraph
37-year 4%% debentures.
The

of

used

cluding

group

$250,000,000

Telephone

by

of 4%s

its general corporate purposes in¬

of 143 investment
publicly on June 7

prised
offered

issues,
bidding, the

issue

an

Morgan Stan¬
ley group in October, 1960.

& Co. nation¬

underwriting

debenture

competitive

recent

and

wide

dollar

1992 marketed

Debs. Offered
A

-

at

most

Amer. Tel. & Tel.

mately

airlines

lines

that

somewhat

not

issue

nation's

the

were

accrued interest to yield approxi¬

Margins
Various

reports

[The views expressed ill this article
do

domestic

3%%, the return is above
average for
that of the general

than

•

That

merit to C. & O. at least.

1998,

attractive

start to arrive.

from

came

Airlines Facing

The
forecasts
were
still
favorable, however, and expecta¬
shutdown

moot.

speculation but apparently

Furthermore, it showed a
profit of 11% above the year

before, although I.T. & T. in the
past has not been noted for being

omy.

the

Slick's

of

rare.

year.

plants.

that

also

ability to turn in record sales last

last

were

is

first

steel

tions

particularly

vague,

success

entry into the cargo carrier field

electronic-missile fields, has been
short
of
spectacular despite its

bright,

including a downturn in
operations which put a little
weight on shares representing one
of the key segments of the econ¬

are

the

half of that in

wasn't overly

so

the

years,

I.T. & T.—A Wonder Science Issue

and

Dubious Business News

double,

and

the

the

look.

new

j

outstanding could about
per share earnings esti¬

dend

around.

decision

year,

convertible,

though it is

split.
commotion

the shares

since

last

debentures

1

§
too. |

kept

carryovers

tax-free

the

majority interest in Consolidated
Mining & Smelting from which
it received an $8.4 million divi¬

able

The

income

it

With

continue

also

hotels,

f

com¬

Pacific,

owned

has

Such

carryover.

in the country, eight ocean
that operate in both the

trace back to 1929 for its last stock

Woolworth's

There won't be any tax bill for
in 1961 since it has a loss

vessels

Atlantic

a

Slick

mates

grants.

as

well

some

American

is

worth hovered in annual ranges of

year,

suggestions

law,
against the $17 million of operat¬
ing income reported by
the

hourly basis

an

a

the

pany

the closing

use

averages,
in

to the road. One estimate is that if

Signing Agreements on Offering
Of Sony Corporation

sizable

a

stake in

Enough individual industrial

17

stitutional

AND YOU

.

(2505)

Y.

ot

investment

name

of Wein¬

18

The Commercial and Financial Chronicle

(2506)

of

What Should Be the Attitude

tries

inflation,

most

the

monetary

a

and

Genoa

in

coun¬

1922

In

held

nations

conference

in

world.

the

of

leading

Of the Gold Mining Industry

often dis¬

led to inflation,

war

astrous

re¬

University of Illinois, Urbana, Illinois

before the Colorado Mining Association,
explains why a higher price for gold is not a solution

repeat

a

is readiest to swear off liqu:r

,

morning after. Some
in the 1920's were in

the

tions

much

should be the attitude of the
gold mining industry. The economist applies a 25% gold reserve ratio
against short-term claims held by foreigners and finds we still have,
including our domestic requirements, a considerable margin of safety.
Dr. Kemmsrer concernedly agrees steps should be taken to check
the outflow of gold but his list of recommendations excludes resort
to devaluation and he points out why it would be a dangerous and
problems and comments on what

our

of

Britain

Economic Background
still
it

nithnnph

aixnougn

on
is

weak

a

a

recognize it
such.

to

reluctant

been

have

:

it

ard.

to-

is

day,

vis-a-vis foreign

As the

French

say:

the

land

"In

the

of

is

been

one-eyed

man

a

L.

Kemmerer

chosen

unit, in which
quoted.
In the
since
1934 that

monetary

our

all

prices

are

States,

United

to

You

gold

of

certain weight

a

need

wmw*

There

panic

flowed in

have

we

as

Donald

around

43%.

about

that

we

of the free world's gold;

1940's

the

means

simply

have had the lion's

this,

or

may

as

in

70%;
today,
been no

has

either

gold

as

it flowed out.

ask what good it has

done us to be on a gold standard.
our having
some inflation, Not even gq}fi can
MV.

M

weight of gold is 13.71
grains
(fine, or pure) and. we call it a
dollar.
The measure of value of
our dollar is what that amount of

altogether ■ prevent that. But it
has prevented our having as much

gold will trade for in the world,
Basically, a measure of value is
like a measure of length (the foot

a

.

meter)

or

(the

or

pound

count

of weight
kilogram).
We

a measure

or

these measuring units to

on

not to shrink or exAdmittedly, we have less

stay stable,

pand.
control
than

over

over

But

a

least

at

of

measure

grains of

gold

provides

us

a

blowing

is

a

a

fuse in

your

house.

It

warning, in the most sensitive
that the

(like the

spot,

current) is getting out of order. It
is well to have this warning device and to pay attention when

for

stability;

some

certain percentage of gold back

of our paper money and of bank
deposits limits the amount of bank
credit that we can create for bank
loans. When we create too much
money, the first sign that we have
done so is that gold starts to clow
out. A heavy loss of gold is like

number of
dollar. That

the

in

length,

inflation as many other nations
had. Requiring ourselves to hold

maintain the

can

for

value

of

measure

we

figure

same

a

had to abandon her gold standard,
English economists, led by John
Maynard
Keynes, blamed Britain's troubles on the gold standard
although that standard had served

England

well for

200

and

years,

not
on
the government's poor
judgment of six
years
before,

Meanwhile the Great Depression
had struck the United States u>o
and we soon made the gold standard one of our scapegoats also,

lhe 193U s
doned

currency

against

ounce.
holders

investment
United

this

than

Cd'^entrEd ^banks
Tl H

from

the

Treasury

has

come

led

there.

But

investment
most of

had

in

I

profit, in part by calling in gold.
Both the Great Depression and
stimulated

gold

mining, the Depression by lower¬
ing costs, the Devaluation by rais¬
ing the price paid for gold by
69%. On top of this there was ho
limit to how much gold the gov¬
The

take.

been

motor

about

in

but that number

1959

yellow

both

steps

ernment

This

can

has

mint

have 35 such dollars.

come

1 to

called

be

the

price,

But
the

or the price of gold.
price is not determined
the price of beans, or

this
way

is

wheat

shift

determined.

It

in

the

down with

supply of gold producers.

is not

It

market

price in that usual
sense; it is simply the number of
dollars that an ounce of gold will
coin
into.
Thus, if we should
a

raise

ever

$48

say

an

the

price

ounce, we

of

gold

to

should have

our

monetary mistakes and in thus restraining inflation. Without it the
buying power of the dollars in our
bonds,

pensions, insurance pol¬
bank accounts and Social
Security would be less than they
icies,

now

are.

Historical Background

does not

changes
the demand of gold buyers and
and

up

public and the government to

Down to the Civil War, we were
on
a
bimetallic
or
two-metal

standard of gold and silver, although, first silver, then gold was
the more important of the two
metals. During the Civil War and
for 13 years afterwards, to Jan.
2, 1879, we were on a paper
money standard.
(During these
there

Gold Room

in

avaianche."

ing

factor

^gja

further

A

that

was

contribut-

Europe

and

threatened by war and
people
and
governments
were sending funds here for safe¬
keeping. By 1941 we had $22.8
billion
of
gold.
During World
were

smart

War II nearly $3 billion left our
shores, but afterward it came
pouring back, and we reached an
all-time high of $24.7 billion on

Sept.

21,

1949.

Korean

and

Then
War

recession

a

exoenditures

puTled"ourabout "$3
tjme

195q

billion "a "sec^95^

and

Dur_

ing the rest of the 1950's, down to
1953

fiowed out in bad times

»nd came

"ackin

recently

as

(1958), it

{he

years'

three

as

was

Ylt

good times

ago

at $22.8 billion

up

to reduce the size of the dollar to

years

10

the New York Stock Exchange in
which gold was traded. Its price

n

fluctuated widely, reflecting the
effects of the fortunes of war on
our greenback dollar.)
The Civil
War inflation hurt a lot of people,

Why the Recent Outflow of Gold

grains to get $48 from an
gold.
In other words,

of

ounce

since

gold is the stuff in which all other

prices are expressed, its price is
upside-down by normal standards,
The higher the price of gold, the
the

less

dollar

is

especially

worth.

There is only one way in which
can consider the price of gold

was

a

laborers

and

middle

stand by that belief.
If
consider it too high, bring
us all the gold you like and we'll
pay you $35 an ounce for it, and
if you think it too low, bring us

class people, and so in 1879 we
came back to a money based on a
precious metal.
This time we
chose gold, much to the annoyanee of those who mined silver,
That is a story known to many
which I shall not go into here.
M°st major nations of the world
were
then going onto a gold
standard. It was the new mone-

all

tary fashion.

we

to

be

a
market price.
That is to
to the world: "We think that

say

$35 is
and

reasonable price for gold

a

we

you

the

that

merchandise

we

want, and for

worth

you

ounce

of

have

and

done

We must

can

gold.
this

take

services

every
away

an

Essentially

we

now

for

27

years,

continue to- do it to




$35

be

Their number grew

from nine in 1873 to 41 in
This was, accordingly,

a

1912.

period of

same

high

War

_

$1.8 billion respectively. We were
at
$17.7 billion on Dec. 31, and
are

at

$17.4 billion

happened in the

now.

What has

1950s, especially

in recent years, to cause this outflow?

Let

look

us

ingredients

in

at

the

48% of the world's motor vehicles.

swer.

I960,

our

average

excess

of

1950mer-

hurt

that

our

they were to share in the faster opinion, Kennedy has 'done well
growing world market, they would to revoke Eisenhower's moralehave to set up plants over there;1 damaging
order
to bring
back
soldiers' dependents. As for for¬
where labor is cheaper and some¬
;

times

conscientious,

more
are

block

cus¬

tariffs

and

nearer

do

bidding

Americans

abroad,

that
will be
hard
to
Cutting tourists'
tariff

enforce.

us.

As for the American side of the

free

to

import quotas from $500
will be helpful, but it

Board,

ence

Industrial

out

of

Confer¬

of

$1

every

national income in 1950, 63.7 cents
for

went

salaries

and

1959 that percentage

wages.

In

had risen to

most

prove
that

shoulder

friends

of the

foreign aid

more

burden. Yet that

gain

set by the fact that we

S.4

us.

were

Why

didn't

doing

it?

-other

Because
•

things

dustries

to

cents

6.1

have

by

or

one-

some

in¬

sought investments

lower, profits are
shrinking and the economy is

growing faster. But increasing
abroad

investments

draws

our

out

gold.
Periodic

States

talk

would

that

raise

the

the

United

of
something, I
suspect, to stimulate gold
out¬
flows.
Foreign
nations
which
think
that
this
might
happen
would
tend, in their own selfinterest, to convert into gold some
gold

of

has

the

also

debts

price

done

that

we

owe

them.

-gashed"ittmt: We made

air

we

annual

shall have

spend more in Latin America.
disapprove of the Multer bill
(H. R. 6900) to eliminate the 25%

I

back of Federal Re¬

reserve

notes

and

deposits. It re¬
for having
a gold
standard. As soon as gold
began to flow out again in quan¬
tity we should probably decide

moves

to

major

a

reason

stop it to keep the gold,
doing
that
we
should

in

abandoning

the

but
be
standard.

gold

The root of the matter is rising
labor costs and

tioned.

declining business

which

profits,

This

I

already

situation

to the fact that

able

devalue, they reap the
profit,
not
we.
If
many foreign nations really sus¬
pected that we would devalue,
there would be a much greater
rush for our gold than there has
been so far. Incidentally, the gold
has not really flowed out; it has
stayed in a deep sub-cellar of the

ances

When

unduly

men¬

is

attribut¬

we

let labor

unions

Then if

we

devaluation

France

the bars

carts and wheel them

on

the

across

Italy demands a
gold, workers put

or

few millions in

floor

from

our

caged

p^rt of the cellar to theirs. It is
significant that the free nations of
the world have

almost half

of all

their gold here, under earmark.

have
privileges not al¬
others; namely to have a
monopoly,
and
some
employ
lowed

Oh

violence

to

there

all kinds of unions,

are

maintain

it.

yes,

good,

medium

and

there

too many of the bad.

top

are

of

bad,

that

the

but

it

seems

On
allow

laws

tax

depreciation
allow¬
higher tax rates are
restrictive.
These
two
in
particular discourage

inadequate

and the

factors

innovation

business

and

expan¬

sion; hence economic growth. The

recipe that made us grow in
Century, and has made
Western
Germany grow in the

same

the

19th

1950s, would, if used again, speed
our growth again. It will keep
investments here, keep gold here,
keep the price level more stable,
and give us the more rapid eco¬
nomic
growth that we talk so
much
about.
Are
we
likely to
up

Adequacy of Our Gold Supply
There
in

are

the

many

public

adequacy of

world.
duced

that

be off¬

to

cents

third. Small wonder that

our

misconceptions

mind

about

the

gold holdings, and

adopt such policies?

towards

may

cents. Meanwhile
corporate
profits after taxes had fallen from
69.3

the

gold

suggestion

the

of

European

our

$41 billion of monetary gold in the

pull

is

petty. It will take time to develop
a European tourist business. I ap¬

National

free world plus, at a guess, $5 bil¬
lion
more
in
the
Communist

te

to

the

the

tenL

gold

$100

who has claims

ation

hold

picture, look at this. Acording to

chandise and service exports over
merchandise and service imoorts
excess, mind
you
was
$5 0
billion per vear That sort of.sitii-

been

if

^heTn-

of payments for
During the 11 years,

stop

have

gold

it alarmed people and
prestige there. In rpy

prepared;

Our alert industrialists knew

chief

international

our

balance

history.
needs

ore-World

jn the past three years we have
lost $2.3 billion, $1.1 billion and

great monetary stability in world

During World War I the

the

as

of

conceived
stop-gaps.
Anderson's
mission to
Germany was not diplomatically

New York Federal Reserve Bank.

on(j

perhaps

Secretly

serve

done us some good in alerting the

that the

means

hastily

pro¬

number,

gold

fairly stable, which
is quite important.
If a dollar is 13.71 grains of fine
gold, then from every troy ounce,
or 480 grains, of fine gold the gov-

gold

our

far taken to

so

outflow

the

not

world

the

in

camps.

The

of

a

harm

To

growth. It does not matter which
interpretation you accept (I am a
conservative); it is bad news to

where wages are

,i

the

is

that will prolong our
stimulate
unemploy¬
and
discourage
economic

e^mple it keeps the relationship we get the warning Thus far our ^tei'poured wnrm America''from
'Into" ?n
gold standard, feeble as it is, has
th
"pnlHpn

of the dollar with other currencies

took steps to end the rate

we

ment

by then only

was

of

time

policy

a

1950,
faster.

we

same

high

recession,

72% of the world

the

still

hold down wages. They see this as

example of
in 1951 the United

vehicles;

duced

is

it

We

margin

to raise interest rates and

in

growing

although

tion. To liberals it

perhaps

level

billion.

government will be under pressure

some

good

one

States produced

not

dollars. But the
buying power of the dollar "Rd
not
immediately change.
The
Treasury had made a $2.8 oillion

would

lower

has

it

but

tomers

ernment

in

ing the 1950s, whereas ours rose
quite *50%.
True,
Europe,
a

we

this

conservatives, it
suggests the possibilities, if con¬
tinued, of devaluation and infla¬

all, free Europe's index of

at

assume

against

considerable

a

What

not

suddenly became $6.8 billion

Devaluation

to

us

needed is $14 billion

flowing out?

promise

recently

in

and

of outflow of the last three years.

of the
Common Market for the years to

smaller gold

the

been

talk.

are

$2.5 billion, then the

or

$17.4

u

mighlt deimarid g <
After 193'6 no other n:
|5®ence had even a gold[ bullion

^/ thaT

have

The

mean,

gold at $35 an ounce. Gold coins

new

they

country.

what

s

that

of

rates

in every European country except

higher

have

safety

Switzerland have been consistently

cite

manrt

Interest

been

scare

banks

reserve

reserve

We

Eu¬

attractiveness

States.

Just to

of

gold bullion standard, based on

1933

ing

25%

a

$10 billion

and to the relatively decreas¬

started

Sf f

need

have

the

Those

have

central

gold for them. Let

investment
rope

claims

for much

of

hands

total

of

re¬

treasuries who alone may demand

invested

attractiveness

we

a

Yet less than half of them

investments

Americans

as

billion.

liabilities

occasion

heavily abroad? I think that we
may attribute it
to the growing

standard,

on

gold to turn it in and
receive paper money in payment.
Nine months later we returned to
a

have

$21

of

us

short-term

so

gold at $20.67 a fine
The government required

gold

our

based then

coin

Why

billion

short-term

hold

tions

industrial production, according to
the United Nations, rose 80% dur¬

In the spring of 1933 we aban-

prevented'

It has not

manufacturers

conservative

opposed that. In 1929 worid-wme
depression set in. In 1931 Britain

But through-

low.

share

we are on

It

way,

have

unions

heavy

gold. By law

our

$11.5

judged by experience, is quite
adequate. In addition, foreign na¬

abroad that made the great change
in the situation.

away,

out all

gold stand¬

ard?

a

they

1958,

The

prices and

strong

but

down,

indicating,
that for the present they
it

taking

think it is too

we

by saying

mean

that

in

king."
do

What

currencies would

since

especially

blind,

the

we

as

citizens

sharply. From 1933 to 1941,
even
to 1949, the world brought
us gold indicating, in a way, that
it
thought
$35
an
ounce
was
rather high for gold; since 1949,

left in the

world.

our

drop

.about the best
one

gold,

let

to

to force

was

these

is

chief

some $290 billion of
and bank deposits. This,

currency

From 1956 on,

It

and

two

are

against

serve

proximately balanced. Conse¬
quently, through 1955 gold inflows
and gold outflows were never of
long duration or great magnitude.

felt

she

But

it.

devalued

wages

it, we go off the gold standThe
value
of
the
dollar

have

as

But

have

banks

and

on

about

need

s

Germany,

Switzerland

There

claimants

1956

to

Fund
at ion

n

Western

France).

important factors to be
Down

other

Italy,

Britain,

or

investments in foreign nations
their investments were ap¬

our

Monetary

and

(chiefly

the

that would be too humiliating.

-

refused

one

each year what it had been earlier.

one

April, 1925.- She had in¬
sterling so much
the war that she should

alternative

the gold standard. The moment
legally prevent gold flowing
out, -say
refuse to let foreign
central

were

the

have

we

have

other

there

during

j

..

generation ago

the economists of a
would

and

one

«

too

get back.
such; she went

50%

flated her pound

on

standard

gold

a

But

7%

about

lars to the good each year, on the
average.

Thursday, June 8, 1961

International
iati<

billion dol¬

a

.

however, American
capital invested abroad rose
sharply. It was two or three times

and

are

na¬

to

hurry

a

was

in

back

temporary solution.

We

of

taken into account.

on

appearance

Dr. Kemmsrer

to

third

a

two

man

In

were

we

again as soon as possible. The
gold standard is
most popuiar
after a
bad inflation, just as a

Kemmerer,* Professor of Economics,

By Dr. Donald L.

expenditure of $4.7 billion, on the
average, for foreign aid. Even so,

solved to return to the gold stand¬
ard

..

New
at

a

on

gold

rate of

them.

ip

There is

being

over

pro¬
$1 billion

a year,
although not all goes into
monetary uses. Of the free world's
$41 ~ billion, We have 4Stf,; the

near

urging th^m.
Why Not
At this

"If

you

I fear not in

future, but we must keep

a

.

,,

,.

.

,

Higher Price for Gold?

point
can't

Drices'''anv

someone

lower

ririore

may

ask,

wages, or
than 'England

Volume

193

Number 6062

rcould in the latter 1920s and again
in

and

indirect

lowering

economy,

gold. If

we

don't put

(5) Urge
this

for

should have

connection

and their

SECURITY SALESMAN'S

practices

BY

JOHN

DUTTON

President

IN

right to veto in-

in

the

But

that

appropria-*

ANY

"

A

1
,

1

'

'»

t
have

mistake about that. And

no

There

are

many

States

what

Its

have

we

standard.

left of the

^

gold

They consider it archaic,
gets in the way of
They

plans.

run

can

our

feel

that they

■

it,

stand

-

and

it

We can't

won't

men

that

had

still

we

important

are

be

to

as

world's

the

when

bought

in

used

Review

treasure

a

of

August

showed

1959

emergencies,

chief

tion

customer

occasionally.

only

would find itself in the

spot

You

would

did.

once

hence

saving;

price for gold to solve your min-

leged to

ing problems, that you had jumped

u

'

a

from the

the rule is government by peaceful persuasion.
Take away their

frying

Even at

$35

into the fire,

pan

ounce

an

you

good thing. In how many
j

tries

will

limited

the

customer

of

amounts

have a
indus-

take

the

at

set

a

article

only on the

'

,

...

i
-

Industry

are

industry should be to press espeor keep what
is both to its interest and to f-e
of

it

to me, are

seems

fairly obvious,

would

attitudes

Your

i

general
public,
light the answers,

the

in this

be

of

two

categories; first, those affecting
gold directly; second, those affect¬
ing the soundness of our economy.
Let

first

look

us

at

the

af¬

one

fecting gold directly. You would
come
out
strongly in favor of
these:

(1) Keep the gold standard with
gold at $35

You are in

ounce.

an

industry "affected with a pub¬

an

lic interest."

$35

an

is of great

ounce

to

tance

Holding the price at

the

impor¬

economic welfare

of

Americans.

all

(2)
for

Press,

as

soon

circulation,
it

makes

before

as

even

practical,
coins in
1933. This

as

of gold

harder

to

get

rid

the

of

gold standard. In 1933 the
government had to call the coins
first to avoid a serious loss.

in

s

cheap money policies

became
evident to many people. Further¬
more,
by letting the public de¬
mand gold when people become
uneasy
over
spend-thrifty gov¬
ernment financial policies, it gives
them
a
check
on
Washington's
Its

the

This is
that democracy should

spending tendencies.

easy

way

(3)

other nations to go
gold standard, or better

Urge

back to
a

a

gold coin standard.
(4)

Oppose

interfere

gold.
blows

,

* An

address

measures

the

are




investment

They

eventually

quaintance

a

The

some

by

Dr.

laws" and

the

of

made

the

ac-

explicit

governing
margin accounts

registered
member

defined.

and

should

should be
which

place

squarely

the

and

Kemmerer

the

He also

responsibility

his

on

a

know

of the regulations

aware

shoulders

for

thoroughly checking the business
reputation and the character of
every

client.

new

The

listed stocks

many

experienced
to

traders,

believe

action

of

both of the

on

and

that

others,
all

not

is

without question in this respect. A
Congressman has introduced

to^provide

funds for

adequacy

of

>iSvestiation
ffovernine

determine

to

is

ested

stock,
volyed

who

who

or
in

na-

may

.

that

many

only interfast moving

a

group,

a

.,

.

are

following

in

thp'

nf

doubt

no

the

'
,

There

hill

be

are

or

in-

in

even

one

another • responsible for
unusual activity in a security, are
way

or

rnoving around the

them

have

these

using

bankers

—

to

they are

erators.

only shoe-string opIf the stock they buy goes

they take their profit and run;,
if it should go against them, you
up,

wfll srearSthey Tevlralgave
they never gave
will

the

swear

order

in

you
you

the first place.

before
Close

inS Association, Denver, Colo,

„

Q

Here

Phila. Inv. Women

case

that

is

an

.

there

.

example of

although

and,

was

I

„

a

can't

fraud

,

.

typical

.

.

hold

their

annual

outing

All

into

come

to

be

made.

the

transaction

check

it

doesn't

before
any

looks

If

out

this

at

time.

They

suspicious,

it, and -tries to -hurry
him go somewhere -else

with his business.

you

are

you

Remember,
responsible for losses, and

for

tlire

r

tli

d

!i

^^Lssdciation

j.

h.iphard J*

this time the firm

,

cashier

s

,

,^a9.cepted- Hetpointed;

out that his firm

violation

was in

the New

Stock Exchange,
is responsi-

Mr- Krell, class of 27,

°'f the Stock Exchange ruling that- ble for the development of finanplaces the responsibility for cial, cost, and operating reports
checking the credit of every new for the firm,
account

on

sentative,
trade

The

registered
the

on

repre-

managing

charge.

However, the
go through,
finally delivered

allowed

was

stock

an^

the

and

in

partner

was

payment

to

made,

was

considerable

but

not

worry

on

everyone's part.
went

Luckily the stock
Here is a typical case

Up.

c^id
grave

have

well

consequences

ferecj representative

resulted

in

In addition to lecturing on brokerage accounting and controllership techniques at Pace College
and the New York Institute of
Finance, Mr. Krell is the author
of the -chapter on "Security and
Commodity Brokerage" appearing
in the 'Encyclopedia of Business
Systems. He also assisted in the
preparation
of
the
accounting

for the regis-' textbook,
as

well

as

his

Security and Commod-

ity Brokerage.

firm

F

,

e

d

e r a

1

Reserve

regulations

specificaily prohibit member
ganizatlons, their

or-

partners,
and
voting stockholders, from arrang-

th??e that bind member organi2ations themselves.
The

Stock

peatedly

Exchange

warned

has

member

re-

firms

In^titut™™^

ac?ed

as a

tute's

.

Amerka

Chairman

Manasement

mittee

He

member

of

has

tional Bank
Moritz
Fricke

of

&

Inc.

income

and

expense

data

industry-wide basis.

as

a

matter

of record

1961

100,000 SHARES

ED-U-CARDS MFG. CORP.

Moyer,

will

COMMON

be

STOCK

Treasurer.

Committee
season

Chairmen

for

next

Cynthia F. Sorrick of

are

Robert Morris Associates—Educa-.

tion;

Betty Barber of Butcher

Sherrerd

—

Cotollessee

Share

&

Entertainment; Anne
of the

Saving

Beneficial

Fund

—

Member¬

ship and Jenny Almlof of Merrill
Lynch,

Price $3.00 per

Pierce,

Fenner

&

Copies of the offering circular
as

may

may

be obtained from such of the undersigned

legally offer these securities in this

state

Smith

Publicity.

KENNETH KASS

Arrangements have been made
for the group to attend the Play¬
house in the Park afterward.

,

Com-

been

a

the

as

Woodcock,
French,

Krell

of The Insti-

Control

also

Secretary and Ruth

as

„

Mr

Advisory Committee 0f the New York Stock
Exchange for the development of

of these shares having been sold, this advertisement appears only

are

Merscher of the Philadelphia Na*

Reynolds

announced.

June 6,

President;
Virginia Lee of Stroud & Co., Inc.
as
Vice-President; Katherine.
Co.

customer

your

b'etaTne suspicious and stated that
A partner and controller of
didn't believe that this;order' Thomson & McKinnon, members

Elizabeth A. Booth of A. Webster

&

you

facet of

like

let

.you,

If

Greenbrier Country Club. Officers
for the 1961-62 season will be in¬
stalled

a

office,

your

this

Do

place your order.

the

at

or

Be careful of drift-

Plan Outing
PHILADELPHIA, Pa.—On Tues¬
day,
June
20,
the
Investment
Women's Club of Philadelphia will

sub-

.a

...

._

deposit of securities,

anot+hf three thousand shares the Asssociation Riich;aid.J Reynolds,
ne^ da^*
association,

prove

intended,

account for any-

possible client. Know exactly how
when payment or delivery is

on

*ng ^or crec"* on terms other than

Call

t

aga.nstjay-

van!\f

supply them with capital, and otten

'

several will have no one to blame but
days{A "I?ieri they asked if he yourself if you get caught by these
would buy them a thousand, operators who are now working
shai*fs: He was by this time sold on the gullibility of unsuspecting,
on their responsibility and had be- and trusting, registered represencome Qulte friendly. He opened tatives throughout the country,
an_acc°unt for them and placed an
0f ,r. for the stock. Without TDr\pp f^nllpCPP
checking, and without a substan- Ji
fcJ
*la1
rE?yme+u
,e
w?s \Tomno Tlotnrl TTr»n11
bought. They then told him to t JM 9,K16S i-zQ/VlQ JA^Gll
^. yer ^ stock to a certain.
tOpII
h-ic hppn-HPrismatpd
mNew York

country. Many. without

been

volume

mcreaslng

'

and

been

regulations;

onpratinns

Ws exchanges
s

a

spedal SEC

a

existing

of

are

>of

rules and abide by them.

loan company-stock

these

Every

representative

firm

market

.

a few days ^getting acquainted, and who try to impress
you with their desirability as a

a

a

'

,

who spend

mostly confined
type
securities,
.

disci¬

to Follow

have received

or

.

who

ers

active, listed, stock that
making new highs on

very

had

rules

handling of

are

Guard

of

Inc. will be in charge of

that

free .flow of
all concealed
the gold standard.
,
with

They
at

any

to

was

sentative to get them

Your

on

the annual meeting of the Colorado Min-

Mutual

work.

is

business

risk

so

4

an

GOOD check

member

one

savers.

nonetheless fundamental

Dougherty

restoration

a

Government's

And if we would only folthem. neither the United
States nor the mining industry
™uld have ? Sold P.roble™ or a
slow economic growth problem.

ciallv hard to obtain

interest

on

prosaic pieces of counsel but they

The attitude of the gold mining

Viewed

eye

,,

Admittedly
Mining

watchful

a

Encourage the

save.

What Should Be the Attitude of
Gold

It

decree.

speculators

Spencjing proposals. This is true
regardless of which party is in
p0wer
Congressmen are under
greater pressure to spend than to

of self-interest.

The

supposedly

.

Federal

your

price of $35 an ounce, but I have
one

We live in

where

collapse.

Keep

price

elected here to dwell

consent

Be

of violence, and their monop-

oly will

without
dickering.
For
the
record,
I
should add that there are patriotic
reasons
for
your
backing
the
produced

violence?

use

democracy

use

un-

that

reason

(8) Oppose and expose the use
of
violence
by
unions.
Why
should they be especially privi-

higher

silver

discourages

capital formation.

Gold

same

.thus find that in urging a

that

the

coun-

that *n the case histories of 16
but the government would cease
nations, those with a farily stable
buying all that was offered and at. Price
level showed appreciable
a fixed price. It would buy when
economic growth and those with
it
wished
and
when
the
price sharply rising price levels showed
seemed attractive. Quite likely the very little economic growth. That
price of gold would fall, not"rise, is what one would expect. Inflachest

sources

Federal Tie-

Regulations.

stimulate

growth. With a two percent an-.
sellors to our government. A de- nual inflation, the half life of the
valuation then might very well dollar is 35 years; with three perraise the question of "Why not cent> it is 23 years; four percent,eliminate the gold standard altoyears; and five percent, 13
gether?" Presumably we would Years. A study in the Federal Rekeep the, say $15 billion of gold serve Bank of New York Monthly
these

regular
of

scope

and

..

stantial

„

n°t so.on two counts.

and banking

money

system better without it. Some of

the

Board

serve

to

do

'

,

Rule

Don't open

erences,

r.

registered repfirm-resentative, queried him for rehandled $13,398,000a of securities ports and
Quotes and talked about
O) C)PP9se talk of
We can
stand 3% inflation a year since. for one of these concerns, another their substantial holdings of varsuch firm had about
$4,500,000 in ious stocks,
^ would be a great stimulant to
loans outstanding at the time of
One day they asked the repreour economic growth." That is

presence

their

within

claimed

day who would be glad to be rid
of

to

fort' manP°wer and; thought as
economists "todo in dealing with tax pr0b"'

standard in the United

unable

-were

-fc

•

oneTntesTyouiia^^

,

lndividuals who
spend '"1 tlTT obtain credit from
so much time, ef-,.

** '

A Good
'

_

make

that

OF

Mem¬

plinary action by the Exchange.

.

•

WHICH

KITING

CONNOTATION.

ber 'firms

Investigate

be

.

OPERATION

POSSIBLE

CREDIT

tions

doing

up

would

employees to avoid such
as

settlement

HAS

bill; something he does not
just that, now have.*; We' should vnot ' vote
New Accounts!
only a tern- ourselves reforms, no matter howIt is now a matter of public rec- there is no doubt
porary and a dangerous solution,
that the transhigh sounding, that we", are notord that the SEC has obtained a action was
dangerous for the American pub-owiiiing?ito
beyond the confines of
pay
for with higher
permanent injunction against sev- Federal Reserve
.lie, and quite risky too for the taxes.
Regulations. Two
A
balanced
budget-will'
1
1
' Concerns-,;-Ofy the such speculators began to visit the
Sold mining industry. ^However, restore:confidence in the'dollar- ^
Crrmnnc
nf
fronrt
TVidpo
nf-F-5/-.A
Af
grounds of fraud.
welcome and profitable devalua-- both
l*hese corpo- office of a member firm regularly
at hOrpe and abroad,
v
rations
had .been
operating
as every day for several weeks. They
";
(6) Press for realistic tax and bankers for
speculators by mak- selected -a
ing communities,: it would be
quiet f-office •; where
deureciation law^
It
rpaobpd"
blow to the prestige of the dollar,
aeP^ciation laws, it nas reacnea ing loans on securities ito certain there was- not too much -trading

.hence, wind

19

paying a customer be¬
date,
tolerating
late delivery and late payment of
securities, AND PARTICIPATING

fore

^

the

the

dividual "items

back in order, we may, sometime

.

well .favor

:

;

■

(2507)

balanced budget. In :

a

the

finances

our

might

you

the following:.

prices to foreign customers. Such
devaluation means, of course,
oft
demanded
higher price

The Commercial and Financial Chronicle

.

affecting

temporary

of

way

a

.

As for the important measures,
the soundness of our.

-v

1948, why not lower the value

of the dollar?" That is

.

J. J. KRIEGER & CO., INC.

on

an

20

The Commercial and Financial Chronicle

(2508)

95%

1955,

Financial Problems of

of

curred since

increase

this

increase vsince

oc-

of the

1940 and 64%

1950.

.

rent high level of savings has not
been at its present level for very

.

Thursday, June 8, 1961

.

Flexible

Prefers

Retirement Age

must teach industry,
the
community, public service'
education, commerce and all of
Also,

we

study by the Securities and
Exchange Commission showed
how the net receipts of corporate
pension
funds
increased
about

ings

Nevertheless, personal savyear since 1955 have
exceeded $23 billion. I wonder if
our financial institutions are edueating these savers properly on

By Dr. James A. Close, Senior Vice-President and Investment

Retirement

50%

what

elastic and flexible because it is

Officer, The Merchants National Bank &

ceipts

;

,

A

Our Senior Citizens
Trust Company,

banker

Syracuse

cites

Senate

Subcommittee

data

revealing

institutions working

through industrial personnel officers enlighten savers on the NYSE
Monthly Instalment Plan, variable annuities and short-term trusts,
he calls

and

To

flexible.

tions to tie their contracts to a cost of

and

pension

their equity

number

financial

The

economic

and

as¬

pects of our older citizens are
rightfully
demanding
increased
I would like to confine

attention.

to three items.

brief

A

(1)
the

half

and

economic

older

citizens.
will

This
able
the
in

t

of
James A. Close

ernment

tive
may

|

construc¬
suggestions, some of which
seem quite startling.
And lastly,

The

some

of

situation

present
citizens

older

well'

was

our

brought

out in 1960 when the U. S. Senate

Subcommittee
the

such

that

the

of

Veterans

Retire¬
we note

aggregate income of the

aged in 1958 was^about $25 to $30
billion, about $10.5 to $11 billion
came
from
various
government
maintenance

income

programs.

Citizens

Senior

Our

not

?

only

Aging" made its
report. It is necessary to mention
briefly some of the data from this

have

and other studies in order that

two-thirds of spending units with

and

Aged

we

may

think constructively of what

may

be done to improve the situa¬

tion.

in the United
million persons aged

States

16.3

65 and

over.

9%

of

are

They comprise about
total

our

population.

The

problems of the aged are, how¬
ever, becoming increasingly seri¬
ous.
By 1980 they will total 24.3
millions and will comprise about
11% of our total population. By
contrast in 1900 only 4% of our

population
cal

65 or over. Medi¬
improved drugs and
have
sharply

was

science,

health

standards

lengthened

life span. In 1790
American white

our

the median age of

males

only

15.9 years

by
1950 it had nearly doubled to 30.4
was

—

As recently as 1900 the
average length of life for a white
female was 48.7 years—by
1957
years.

it had

jumped to 73.5 years. One
puts about 19% of our

estimate
entire

population

in

the

and

65

Our

Senior

less

both

than

sources.

woe¬

financial

re¬

The Senate Subcommittee

report states, "—at least half of
the
aged,
approximately
eight
million

people, cannot afford to¬
day, decent housing, proper nu¬
trition,
adequate
medical
care

(preventive and acute), or neces¬
sary recreation." Look at some of
data!

The median total money
in 1958 for

men

income

aged 65 and over

only $1,488. This average in¬

cludes

salaries

still

those

for

working but
does
not
include
men
receiving no income at all.
If
wages
were
deleted
and
if
those with

no

be

course,

money income were

the

included,

about 35 to

average

much
40 %

less.

of
Actually

would,

of the total

ag¬

gregate income of the aged in 1958
was derived from employment.
The
ages

—9%

figures

are

even

had

behind
more

incomes




the

aver¬

discouraging
of

1959

liquid

had

1958

and

assets

$200

of

sets
units

or

heads

of

spending

only $500. 73% had no

was

S.

none

retired

Savings Bonds, 52% had no

savings accounts, and 49% had no
of

life

The

accounts.

checking

held

insurance

amounts
also

were

beginning

Economic
of

study of the

our

Financial

and

older

our

citizens,

Aspects

need to

we

That they have inadequate

income.

(2) That they have a very small
of

accumulation

assets.

becoming

an

increasingly larger percentage
our total population.

of

(3) That they

are

Plans

less

than

to

other

plans.

employee
example,

For

earnings

of

in

to

the

1959

million

71

subject

were

by pension
welfare
persons

Security

Social

tax and aggregate payments made

•

je .CIO
during

the

the

interval

about,

+

can

these

he-

benefits

be

is

example, do we want
for nursing homes"

Aid

New

that

Banks

were

York.

in

1936

handling

This

report

New

York

had

an

aggregate

value

of

$296 million. By 1955 these 54
plans had grown to 2,560 and the
assets

had

billion

at

grown

the

end

to
of

have

we

to

educational

big

a

do.

How

workers
It 7'

many

V

,

that

lealize

at

for

-l

exa*

n

65

age

a

Tf

gnina

hp

snpnd

tn

$400

f.

his

durum

'uuu

V

„

,

If

tirement.

he

will

he

of

vears

ycais

snend

re-

01

$600

spends

le

tjie

individuals

jng

need

education

the role

is

P^y

sh°u>d

completely

out

people if

the

older

statistics

Report

of

of

of

the

the

rely

we

the!

on

McNamara

Senate

Subcom-

mittee.
Do

want

we

public

Federal

housing

for

Aid

for

Older

our

Citizens?

cider citizens because here

hospitals? And

that

now

have

we

kind

Administration, what
hospital insurance prowe going to have?

of

gram are

of

power
and

me

th^e

organized

fartors

Citizens

indicate

benefits

labor

Roth

of

that

on where to retire from
point of view. Many localities, particularly in the South
are
cheaper places in which to
live than some communities in

cost

a

York

State, for example.

Another constructive

to

1_ b

I

as

™

Syracuse's

^s

"Meals

on

^

;

.

of them may appear

some

quite "wild."
first

•

This

•

£i

+

is

the

others

for the

in

that

the

have
wp

npp.-l

pa7f of

officers

to

our

and

contacting emfinancial planning

are

to

as

employees. At the present
of personal savings

the flow

our

rate

on

personnel

who

ployees,
time

-fart

education

industrial

*1

of

economy
over

is

at

an

annual

$23 billion and

ings amount to about 7%

service

costs

-ir

a

ok

period by

year

aone

the

re-

an

annual

should

picture
savings

have
upon

a

brighter financial

retirement

program

were

if

16

almost

$7V>

aged

did

contributors. This change in our
distribution

September

Wherein lies the seeming paradox of a high flow of
savings in
our

economy

and yet

our

is

having

?a Y &s

DU^ alg0

economv

our

Up0n

It

nhilanthronv

nHvate

as

whole

a

economy as a wnuie
the whole role of

inadequate

to

seems

Prwate pmiantnropy. ft seems to
this

has

not

rpaiiZed bv

been ade-

welfare

,,

,

aeen-

,

Another suggestion is to conb'der the feasibility df haying
American Financial Institutions
tie their financial contracts to a
cost of living index. For example,
in Finland some bank deposits are
tied to a cost of living index so
that if the cost of living increases
so does your bank balance. We all
know what inflation has done to

Kardex issued some bonds which
but

whiefhaVhoTh

prinefpa?

and injov wuv,
interest tied to a
innrr
living index. With a long

a

+

?

±

^

trend

having

persistent and world-

as

®
?
lC*e'

inflation

to

7
be sen°usly considered
.

,.

,

Jjj P1S connection, the October

Foundation and

ness and Economic Conditions had

a

all

of

following little table showing

the

program

is

by volunteers. If volunteers

not available and if the
Present grant from a Foundation
r,ad n°t t»een forthcoming, you
C0ldd n°t suPPly two meals for
$1.25 which would mean that most
of our older citizens could not
participate in this program.

o^pa^vafurof iTS°

oougnt ^io,uju pai value oi u. o.

Treasury bonds in May, 1942.
The possibility of further infla-

tion in the years and decades
ahead needs to be recognized and
considered in our financial planning. At present many of our sav¬
ings are related to a fixed number
t

interest income

Before Tax

^

After Tax*

$250

$200

137

110

.192
18 years to May 1960
4,500
Income received, 18 years to May 1960 expressed in May 1942 dollars
■
2,473

154
3,604

1942
Income

annum

per

at 2%%

1960

expressed in May

dollars
in

1960

at

3%%

expressed

in May

1942 dollars
Income received,

Loss

of

income

from

inflation

1,980

$2,027

$1,624

Principal Value

Face value & cost of original investment
Face value of investment expressed inl942 dollars.^
Loss

in

face

Face value &

Recent

value

^$10,000
5,495

inflation

from

$4,505

cost of original investment

market

value

(at

95)

expressed

$10,000
in

May

dollars

1942

5,220

aged?

One factor,
of course, is the fact that the cur-

a

pronounced effect not only on the

not

Do Savers Know What to Do?

our

.

*At initial personal income tax rate.

million

plan to be poor!—they just didn't
plan not to be!

income for

of

manv

their

intelli-

gently planned.
Our

vears

fi om a large number of small con°ribu*°rs ra
ai? a *ew. *ar£e

term

v,

were

Income in

country having

a

of the entire

work

Income

rate of savings at the present time
of
over
$23
billion,
our
aged

former

issue of First National City
Bank's Monthly Letter on Busi-

exceptions

two

the total

the

^

.

sav-

aggregate income of the

a

T a *
J,
colleges received most of their
contributions from a few wealthy
individuals. Tn
ness s, the
Carnegies,
a a otners accumu a ® their mi 1 ns prior to
Pr°gressive income taxes ana today colleges are soliciting funds

of Dis-

was

in

a

°

fhat^n

resuited

e

three-

underwritten for

rently

posable Personal Income. In 1958
aged

h

f

^

$that fhis p/ogmm pre! been

with

suggestion

a

...

brings

program

our

week

in-

stated

POn

An American Corporation—Rand-

in

to

and

me

to

our

this country> not only in the last
20 years but in the last 200 years«

suggestion

isfhee^

people over dudes
malnutrition
and
keeps
age 65 will be won either at the
many of our older citizens out of
labor bargaining table or in our
our
hospitals. But where is the
legislatures, or both.
money going to come from to run
Now let me mention some con- an agency such as this? This Syrastructive
suggestions
that
occuse, New York operation is curcurred

need

we

if the facf^that
oro"
J inc' and Federal Es

Favors Cost of Livaig
Savings Clauses

employees

0i

both

Senior

our

itprr.

Anothpr

s

•„

ab^ ^rtt^°^wtaga^S tW° mel!f 3 citizens, five 7°meS
t07he days a
giowing
political
older
is

volun-

tarily'

w!'l §lve trem the

cases

PrmciPaA-

our

the Kennedy

retired

had

700

oniv

pw

can purchase a contract which in I10w.

New

Do we want Federal Aid for

earn-

that view of our older citizens, it is
°ur getting more and more difficult
t ey for even the few to retire wealthy

*>r

Another thing that some companies are doing which I think is
constructive is to educate their

most

productive

more

interesting that the Social Security Administration interviewed
18 000
retired people and found

n„afplv

which,

them
reach of

an

from

In this connection it is

years.

>*** income because each paymentis in part a return of their

makes

-

quaieiy realized oy weirare agen

$108 000

regarding nursing homes
mentioned that many of the nice
new
ones
cost
$750 per month
course,

varying

' '
will spend $108,000.
Wluch rely upon private conAnother item, about w leh we tributions. Also, from the point of

Journal

of

made

to person. Furthermore
increased longevity is giving

that

a

matter,

be

person

savings 0f

a

u

*70 000

individual

mcome

slightly more than 15 more years?

should

age

54

pension
and other employee welfare funds
that

would

I

it?

Many

in

of

is

A recent article in the Wall Street

ability

State

fault

munity and our workers would be
industrial personnel officers. And

Federal'Aid a"t1uitie=

under old-age,

shows

ties—whose

should be

earefnilv

about $25 to $30 billion.
I think that with the individuals

survivors, and dis¬
insurance
during
1959
amounted to
$10.6 billion com¬
pared to only $1 billion in 1950.
The expansion of pension plans
is documented by the preliminary
report, "Pension and Other Wel¬
fare Plans," by George A. Mooney,
Superintendent of Banks for the

other available facili-

think that the natural liaison officer between the financial com-

should think

want

we

to play. For
Federal

short term trusts

with

the

month

throneh

role

all

orohlein

until

expanded

and I believe it

what

annuities,
and

employers that mandatory reat age 65 is not valid,

tirement

their

male annuitant may expect to live

benefits

evnanded

The first thing we
thought

are

our

little

as

choosing—if they
not acquainted with variable
of

stock

ample,

operative?

come

not

S_
spend $4UU a
alle\late the problem month, he will spend a total of
alleviate

other
otnei

and
ana

un-

three months in any

every

1

u

not

the

$40

as

de-

is—what

now

do

savers

ment Plan for investing

here

Problem

+■•

do

these

difference between a
pension and a profit sharing plan
if they do not know of the
Stock Exchange's Monthly Install-

job

nlam

Immediate

mu

more

because

citizens

older

our

and

their

with

do

derstand inflation—if they do

for

other

and

sharing

If

know

re-

a

provided

pension

The question
we

The

of the
probable expansion of Social Se¬
curity
benefits
and more par¬
ticularly the Increasing coverage
for

income

The

offer

temporary

larger percentage of

nrofit

earlier,

in¬

(4) That their life span is
creasing.
Growth of Pension

less

to

a

by

ferred

creased

realize—

(1)

now

aoout

small.
In

sys-

to

older citizens will have

our

less

had

1959

at all. In 1959
median amount of liquid as¬

the

U.

In

of
than $2,000. About two-fifths
heads

what

Citizens have

inadequate

fully

was

aged

assets.

of

I feel that this situation is some¬

Inadequate Income

the

accumulation

category in 90 more years.

over

have

also

in

Today there

low incomes but they
an
outstandingly small

very

soared

from

re¬

were

as

pension

nearly $90 billion,
The significance of these
and
other studies is that a generation

mentioned. In

19%

of

assets

the

amounted

1950

same

$40 billion but by 1958 they

had

employment

non-working wives

sources

than

that

1958 this
slightly

The

persons.

private

and
in

to

income.

Administration, Railroad
ment Program, etc. When

of

"Problems

on

con¬

one-quarter

About

earners.

public
terns

them

item

aged 65 and over were
income from
employ¬

were

or

shows

source

by

by

about

was

doubled

20 million

over

the

covered

1950

that

but

had

tirement

this

from

about

about

or

ceiving income from various gov¬

to

s

1959

ment

think about.

(3)

already been

receiving

true

n

earnings

ovei

Here

male.

of

sources

all persons

(2) A COUple

i

the

of

inteiesting

the

June,

see

perspective.
Of p 0

and
less.

only $776

was

that

65

have

problem

its

and $4,900;

even

were

The

en¬

to

us

of

cerns

our

aged

women

Another

as¬

of

scale

the median

con¬

pects

of

At the other end
only 2.9% had in¬

between $4,500

the incomes

cerning the financial

the

of

comes

For

present

situation

incomes

had

less than $1,000.

examination
of

30%

about

only
2.7%
between $5,000
and
$6,000 and only 1.8% had incomes
of over $10,000.

comments

my

$500

that

workers

of

I.

"Graphic

shows

funds in

ten million

investment policy.

Francis

of

Company's

Presentation"
number

to

edition

1960

living index, and recommends

as

should

view?

pension and profit sharing trusts be granted greater leniency

that

they

savings. Are the Savings Banks,
Commercial Banks, Savings and
Loan Associations, Life Insurance
industry and the private Pension
Plans helping these savers do
what is best for them from an
overall coordinated point of

duPont

with inflation, the banker asks financial institu¬

cope

re-

total receipts from con-

are

The

industry to make the retirement age elastic and

upon

Net

1959.

to

lion.

the

Among the remedies

suggested, Dr. Close would have our savings

1955

each

tributions, investment income and
capital gains less expenses and
benefits paid out. In 1955 net receipts were only $2.1 billion and
they increased each year until
1959 when they totalled $3.2 bil-

Syracuse, N.Y.

financial plight of most of our senior citizens.

from

long.

Loss from

inflation

and

market

price depreciation

$4,780

Volume

193

Number 6062

.

.

The Commercial and Financial Chronicle

.

21

(2509)

of

dollars; savings accounts, life
insurance,
social
security, cash,
pension funds, annuities, etc.

increased

Common Stocks in Pension Funds"
A

last

sion

and

which

profit

as

sharing

South

provide

retirement
The

Branches

New

Offices,

etc.

Revised

Capitalizations

above

needs

of

workers.

our

and

Exchange

Commission
June

of

c'.ssets

of

funds

non-insured

totalled

book
The

study
released
in
1960, showed that the

value.

end

lion.

of

For

over

the

43i/2%

of

vested

in

$25 billion at

Theodore

G.

Kane

market
was

over

country

these

value

in

the

as

funds

trust

department

Jurie

stocks.

common

1948,

.

,

_

named
1955

in

Assistant

and

pension

™lcer also
1{1' 1958*
Bank

on/

lhe

the

announced

entitled

"Pension

Kastner

ployee

Welfare

that
of

less

the

than

plans

strictions

other

Plans"

42%

had

of

showed

the

assets

general

no

investments.

on

Em¬

re¬

As

a

matter of fact, nearly 49% of the
assets were limited to the New

York State legal list which meant
that a maximum of 35% could be
in

invested

plan

had

ment

stocks.

common

the

ridiculous

restriction

of

New

York

Retirement

nearly

invest¬

being

sion

Fund

phone

in

"re¬

Teachers'

is

invested

bonds.

of the

and

and

sion

Trust

The

in

Rohert

S

the

Hinklpv

F

III

Pen¬

for¬

was

of

mon

only

stocks.

The

long-time

residents,

Maiden

Lane

York, moved to
John

Street

The

pension
do

over

and

better

trustee

is

in

com¬

record

period of

a

profit

has

years,

where

competent

a

selecied

block

had

Trustee

leniency.

either

lower

benefits
the

greater

This would
for

cost

contribution

same

mean

the

same

benefits

greater

or

invest¬

for
the

to

Fund.
In

conclusion,

national

income

be

workers

and

to

enjoy

to

parties

is

me

education

Vice-

will

Whytock,
seven

of

at

years

The

the entire Broadway
Street

Ex-

to

announcing
this
action,
George A. Murphy, Chairman of
the
Board, said that studies of
future growth trends
the
bank will
soon

indicate that
outgrow its

better

Bank

studies

the

it
of

one

all

of

the

the

worker

personnel

professors,
perhaps,

officers,
communities

our

construct
Wall

One

program was

major

a

be

adjoining Hanover
r ty
Architectural

p r o p e

.

the

for

undertaken

«nn
tion

at

will

It is

one

and the
nnmnloted
completed

year,

will
will

he
be

ne/add.in
in

nnrlv
early

1964.

of

Central Bank

New

has

York

Frederick

Goodrich

N.

Financial Forum
Women

Pa.

A

—

Financial

successful

by

for

Central

Trust Capital Bank in cooperation
with
some
fifty of the leading

women's
of

the

has

clubs

and

Greater

been

tendance

organizations

Harrisburg

concluded.

Total

at¬

at the four sessions

was

approximately 3,200
of 800

The

public
to

women

and

Forum

was

service,

contribute

health

of

Area

or an average

men

and

families

financial

of the

commu¬

to

1

the

*

Conn,

and

Com¬

The

munity Bank and Trust Company,
New Haven, Conn, to consolidate
the

charter

title

of

Bank

of

and

National

for

investment

the

policies

the

of

will

Mauze

Mr.

supervision
division.

to

be

determined.

William
June

Minnick

F.

He

1.

was

retired

Assistant

on

Vice-

President and Manager of Mellon
National
Bank
' and Trust ComPittsburgh, Pa., Manchester

pany,

developed
the

were

primarily

Forum

also open to men.

sessions

In several

in

Hemeb

with de-

United

California

which

Bank,

».>-r

000 will exchange a total of 148,-

,

456 of its capital shares for all
outstanding shares of the three

Chicago,

from

institutions.

stock

increase the number of United
California shares to 5,134,327 from
4,985,871. State and Federal regu¬

111.

increased

was

$2,000,000 to $2,250,000 by

a

0£

shares

shares,

outstanding 225,000
value $10).

par

The

transaction will

latory authorities have to

approve

the merger.

By

the

sale

of

stock,

new

capital

common

stock

the
the

of

Little

Rock,

Little

North

Ark. was increased from $350,000
to $500,000, effective May 26.
25,000 shares,

Option Course

outstanding Ctol. Homer E Miller director of
education at the

value $20).

par

Put & Call

Rock,

Inc.,
On

May 26 the Office of the
Comptroller of the Currency ap-

40

Saul Lerner Co.,

Place,

Exchange

New

York City, is conducting a course
P/1 PJJ
Cal
oSf
a*
rm

n

Minnick began

Assistant Treasurer, and.Secretary
the following year, and Secretary
and Treasurer in May of 1946.
The Manchester Savings Bank be7
came
the Manchester Office of
Mellon National Bank and Trust
Company in 1951. At this time,
named

and

Robert

of

ager

Royal

Assistant

Vice-Presi

A.

Meyer, former Man¬

Mellon

Bank's

will

Mount

succeed

Mr.

Manager of the Man-

as

^

Chester Office.
*

*

«asliiiiKton, u. i,
$500 000
of

and

under
under

into

the

Morganfield
the
the

to

Waverly,
The

Morgan-

of
of

The

!s

and

in^ Pubhc.

"Morganfield
"Morganfield

National Bank." The effective date
was

of

as

the

close

to

°PenK1to brokers and the invest"

of

Bank

charter

National
title
title

merge

Waverly,

of

business

Col. Miller will discuss the opportunities for profit in buying
and selling options for regularly
traded stocks.

J. Vincent O'Neill, formerly Pres¬

ident

Fla.,

of

the

"

Dania

Bank,

Dania,

Bank

Boulevard National
Miami, Fla. * :
"• :

of

wasi increased
$600,000

by the

Becker V.-P.

.

>*

"

CHICAGO,- 111.—James V.

* -■"■■■'*

Birmingham,

Ala.

was

increased

from $4,000,000 to $5,000,000 by a
stock dividend; effective May 26.
(Number of shares
outstanding
500,000 shares, par value $10).
sjs

*

By

*

stock dividend

a

capital

the common
The
National

of

stock

Dono-

-

The common capital stock of the
Birmingham Trust National Bank.

ghue has been elected a vice-presldent of A. G. Becker &/Co. incorporated, 120 koutn L,a ~aiA®
Street, members 01 the New York
and Midwest Stock Exchanges.

Leonard Joins

L. F. Rothschild

Bank of Commerce of Dallas, Dal-

las,

Texas,

increased

was

to

$400,000

and

from

from

$400,000 to $600,000 by the sale of

stock, effective date
(Number of outstanding

Donoghue Named

elected President of the

was

stock,

ngW

(Number
„

effective

of

nnn

shares

May

22.

a5I(j£f'becomeRassociatedLwith
ZFiothsTmd Ho
ager of

as

„„„

24,000

South La Salle Street. Mr. Leon-

outstanding ard was formerly for many years
with Harriman

„„„

60.000 shares, par value $10).

Ripley & Co. In-

corporated.

*

Johnson
of

Santa Fe National Bank, Santa Fe,

W. E. Goerg Opens

,

shares,

*

par

value

Ncw Mexico, increased its common

capital

*

County

National

Franklin, Franklin, Ind.

is

all

includes

If

and

stock

from

$400,000

to

$500,000 by a stock dividend effective

May

22.

(Number

of

E
a

securities

Gorgeis engaging in
business from offices

122 East 42nd Street, New York
City.

All of these shares having been

NEW

division

operating

has

Boyd,

George

nounced June 2 by

also
it

Trustee,

a

June 8, 1961

ISSUE

STOCKER & YALE, INC.

been

was

The

Common Stock

an¬

(no

announced

William

E.

par

value)

*

National Bank of New

Grace

York

i;

«:

i

Hoyt Ammidon,

*

f|

100,000 Shares

functions.

elected

sold, this advertisement appears as a matter of record only.

of

head

the

election

Jacobsen

of

i

Offering Price: $3.00 per Share

Assistant

as

women

guests

,

were

Mr.

specifically

urged

for

derstanding

to

bring

their

greater mutual
of

family

un¬

financial

Jacobsen

Bank

on

joined

March

Clearance Department.
he

was

(Special to The Financial Chronicle)

new

office

at

.-v

Copies-of the Offering Circular
State in which the

may

be obtained from the Undersigned in any
may legally offer these shares.
/.

Undersigned

-

SS

*

*

of New York

The Bank

&

York.

*

With R. S. Dickson

in the
Previously

associated with the Empire

Trust Co., New

matters.

the Grace

1943,

3,

360

opened

Park

a

Avenue,

First Weber Securities Corp.

the northwest corner of Park Ave.

CHARLOTTE,
Lunsford
R.
•

S.

is

N.

now

Dickson

&

C.

—

associated

with

Company,

Inc.,

Wachovia Bank Building.




Dedrick

-

and 52nd Street

The office

Douglas

on

will

Brown,

Vice-President,

June 1.

be

79 Wall Street

New York 5,

N. y.

/

managed by

Jr.,

Assistant

assisted

by *

J.

man-

their Chicago office at 231

new

15.

v,

shares

Bank

under

of

$300,000

Tilt common^ capital stock of the

The

Ky.,

Bank

Manager of that office.

Office,

Minnick

from

National Bank, Morganficld,

application

an

The

his banking

career
in
1916 as a bookkeeper
with the Manchester Savings Bank
and
Trust
Company.
He
was
named Assistant Secretary of that
Bank dp, 1934, a Director in 1940,

was

with

Wall Street Club. The course
consists of four sessions held on
successive
Mondays, beginning
^une
J1"01?1
10 p.m., and

proved

Cashier.

instances,

husbands

Bank

Drovers National Bank of Chicago,

June 3.

investment

Johnson

*

women,

chants

posits of $5,600,000.
has deposits exceeding $1,800,000,-

■

President.

Although

500,000; and the Farmers & Mer-

Ky.,

New Haven." The effective date is

direct

assume

administration

nity.

for

$18,500,000; the Southwest Bank in
Inglewood, with deposits of $15,-

Company.

the

of

Mr.

Bank

programs

Trust

ap-

proved the merger with the Bank
of Encino, which has deposits of

Curry

common capital stock of The

Honal Baak of New Haven New (Number of shares

Second

and

American National Bank of North

Comptroller of

Bank, Los An-

shareholders

by

Mr. Goodrich, who has been in
charge of the investment division,
will assume broader responsibility

which
a

designed

was

the

to

as

Vice-President

the

the Currency on May 24 approved
^Plication of The Second Na-

under

as

Assistant Trust Officer.

The

California

Calif

according
June

announcement

an

of

an

"The

ap-

James
Bernard C.

Cashier,

as

United

Hoyt Ammidon, President.

the

at each.

presented

to

Mauze

Jean

and

Vice-President

Senior

highly

Forum

presented

Presidents

President

*

of

Rus¬

and

as

^er

promoted

sell H. Johnson to Executive Vice-

HARRISBURg!

office

Feb.
States Trust Company

The United

*

Lewis, Chairman of

*

sale

ourselves.

even

of

shares,

Pacific National Bank, Nantucket,
Mass. died on June 1.

The

the

dividend, effective May 22. (Num-

and

con¬

once.

that

Hanover
about

addition

new

demolition of the
building will begin in

templated

(Number

20,000

*

E.

Board

dent

Street.

in this expansion
taken with the pur¬

the

of

23.

*

The first step

status

primarily
—

it is planned to

chase

problem

almost

of

it

May

outstanding

Mr.

In

to

capi-

-

Office.

Wall

from

addition

Win-

common

--

A

or. Frank
the

Bank,

Trust Officer and James L.
The

par value $10).

*

*

occupy

retired

our

much

a

involved

himself,
and

Maiden

by

change Place.

present

economic

and

retirement.

seems

that

level

our

possible for

financial
after

believe

high

of personal savings,

level

would

I

present

our

our

the

Headquarters Building. Therefore,

with

high

of

plans to expand its One
Street Headquarters Build-

ing to

ment

New

announces

given full

and

„

effective

shares

announced

as

shares,

20,000
*

*

*

field

the

Irving Trust Company, New York,

investment -powers. In many cases,
better investments would result if
the

of

Street. Mr. Why-

spent
*

Wall

*

week-end.

headed

Robert

has

sharing funds

,

quarters at 85

the

staff

branch,

tock

the 50-yearBank,

new

over

entire

Lane

district's

branch

Manhattan

Chase

*

dividend

increased its

,

Ilaven,

Maiden Lane.

investment

shown that

annninted

financial

the

shift to 85 John

at the present time

is

rharipq

anri

were

States Department.

I believe

assets

Deot.

Assistant Treasurers in the United

President

of its total

accounting

Controller's

merly invested 100% in bonds and
10%

Offi¬

T. Ryan as pen¬

named

Lawrence

One

,

Officer. John J. Villa-

was

officer

American Tele¬

Telegraph

Edward

franco

old

State

Fund

100%

cers

Trust

One

stricted 100% to cash."
The

personal

as

Olson

E.

Chester National Bank, Winchester,
■

.

appointment of Florence A. White,
John
K.
Daly,
and
John
W.

and

*

stock

a

3°lned the Bank tal stock from $100,000 to $200,000,

was

treasurer

How¬

the

By

Savings

Vice-President,

Hummel

Mass.
.

Powell, Assistant Treas-

urer.

6.

,

fn^ane'

in

of

the study made by the New
York
Superintendent of
Banks
ever,

Richard

pro-

T"u~4*"

^

nounced

in¬

were

been

Manhattan Bank, New York,
Rockefeller, President, an-

Chase

David

at

$28 bil¬
a whole

has

moted to Assistant Vice-President

outstanding

value $25)../

geles

pointment of Herbert Grunnet
Executive

„

The

1959

pension

111.

shares
par

*

Chicago

Chicago,

increasingly for the

Securities

outstanding

value $50).
*

-

will

skarei?
par

m

New

trusts

mentioned

we

°f

4,000 shares,

Consolidations

suggestion
investment of pen¬

the

stock from

BANKS AND BANKERS

constructive

concerns

its
common
capital
$50,000 to $200,000 by a
stock dividend, effective
May 25.

NEWS ABOUT

vf

mwmi

22

The Commercial and Financial Chronicle

(2510)

and

assets

MUTUAL

FUNDS

ROBERT

E.

RICH

on

$831,511,699 from
during
the
period.

$638,187,751'
value

from $15.32

climbed

example of the Welling¬
thinking, it is interesting to

ton

We set out last week to provide a

an

the close

note that at

close-up view of Wellington Man¬

largest

agement Co., its Wellington Fund,
its Equity Fund and its Robert H.

Wellington
found a in

Kenmore,
a
top-flight
security
analyst. They are worthy of study
by

Polaroid

associated with the
community, whether
livelihood

of

because

or

as

Hill

in¬

:

a

Wellington

would like to deal with

we

a nag¬

the

of

1

V-

now.

"That

it:
came

name

in

often than not, re¬
the question of whether to

buy

into

deferring,

by

live

often

to

decision.

a

is

Nor

in

ness

the

went

for

reason

evasive¬

dealing with the

the

become

to

on

stockholder

untried

in

the

Corp.

net

Washington
Fund

of

assets
a

s|:

Mutual

that

'

•

say

'No'

filter

the basis of some pre¬

on

conceived

ideas.

Well,-

we

ceived

ideas

new

and

we

never

out

were

share.

"We

feel that

in

of
at

keting

NATIONAL

tion

GROWTH

ability

says

and

At

opposed

as

traditional

more

Of

2.21

2.58

Kansas

3.60

4.62

3.11

5.88

Dallas

Equity

Francisco

9.75

Class
Central

City

Country

stocks

merely

do

because

think

their price is going to go up.

STOCKS

buy stocks because
their earnings are
If

SCRIES...

it.

is

mutual

a

fund

there

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

prospect

a

stocks,

knows

woods

are

price

NATIONAL SECURITIES &

Established 1930

Broadway, New York 5, N.Y

heard

of

too well,

only

fellows

of

the
who

they thought

going

up

or

1950-

June

on

7,

Inc.,

of

$6

the

first

7

7

10

asso¬

6

2

4

share,
sale

of

approach

of

Equity Fund is exemplified by
policy: 89% of the assets are
in companies whose future growth
this

rate

in

net

earnings

per

anticipates to be 10%

share it

Kansas

9

the overall economy.,,

This,

117th
QUARTERLY DIVIDEND

story.

the
in

is

Wellington

it

much

food

thought for the investment
fraternity and a practical sales kit
the

public.

who

folks
*

with

deal

ihe

".

Those

2

by the company for various
corporate purposes, including con¬
struction

of

building, new
machinery and plant equipment
and new office equipment.
;
new

a

deposits

9

CENTS

A

SHARE

110th
QUARTERLY DIVIDEND

EATON & HOWARD

STOCK FUND
7

CENTS A SHARE

The Funds Report
Chase Fund of Boston reports that

net assets amounted
to
$38,430,323, equal to $9.38 a
share.
This compared with $20,-

,at

April

30

728,396

and

months

$6.55

Guardian

Dividends

payable June 23

to shareholders of record
at 4:30 P.M.,

June

9,

1961.

24 Federal Street
Boston, Mass.




that

months

net
to

assets

$23.68

six

northeast

May

at

of

were

31,

the

Inc.

by

the

facturers,

to

salers

and

For
1961

the
the

•f

the

U.

S.,

and

ended

Jan. 31,
had, .net sales
andnet income
of

year

completion of the

current

financing, outstanding
capitalization of the company will
of

275,000 shares

stock

mon

gages

and

$53,634

of
of

com¬

mort¬

payable.

Reserve
and

City

#

Fund

their

(New

have

As to actual

■

York

showed

the

deposit growth, the
occurred in the

largest

increase

Atlanta

District

(68%).

This

followed by San Francisco
and

Dallas

(42%).

population
period.
this

had

(53%)

general,

in the

in¬

same

estimates

continue

for

favor the

to

the exception

with

areas

was

greatest

areas

Population

decade

same

In

the

in these

creases

of

however,

York

slight.

are

population

York

The

increases

the

in

New

with

areas

City,

largest

will

occur

metropolitan

corresponding deposit

in

increases

suburban

banks.

Al¬

Kelly

Vice-Presidents,

as

P.

as

Byrne

and

&

in

are

it

not

extend

and

Nassau

may

Westchester

Much of the population

the

in

District

Second

naturally

in

occur

Sufflok

County,

New

and

in

Beverly

the

have

gradually
the

to

increased

point

where

they represent from 50 to 60% of

NATIONAL AND GRINDLAYS

,

reports net

increase deposits and
ratio, earnings increases

not

help biit be greater

long run.
Although
lifted

offices

He

at

450

Head

Office:

will

sion

slow.

be

PARLIAMENT STREET,

13

ST. JAMES'S
to

formerly

with

other

(Chicago! is
affected by Illinois law whereby
no
branching is
possible.
The
western
states
generally permit
branching.

Much

has

in

done

California, Wash¬
ington, and Arizona to develop
this opportunity, and much of the
cost

has

already

with branches
suburban

The

been

absorbed

in the growing

now

areas.

outlook

1961

for

bank

earnings

substantial

to

an

increase

increase

banks

away

favorable

appears

in

will

from

in

loans

rumors

the

with
is

point

prime rate.

benefit, but tvo^e

New

York

and

Chi¬

should show better perform¬

cago

for the year.
In spite of a
drop in earnings for New York
City banks so far in 1961, bank

ances

indices

show

continued

"highs."
per

On the basis of earnings
share for 1961, these banks

selling

at

high

multiples.

Bank stocks of those banks in

growing

continue

areas

to

the

rise

but are not selling at historical
high multiples of earnings.

&

Analysis

Fire-Casualty

lnsurar.ce Stocks

S.W.I.

SQUARE, S.W.I.

the Government

Ave.

Jobin

in:

cn

Request

ADEN

KENYA, UGANDA. ZANZIBAR

Laird. Bissell 8 Mreds
Branches

INDIA,
i

PAKISTAN.

KENYA,

UGANDA.

in.

ADEN,

Members

CEYLON.

TANGANYIKA.

NORTHERN
was

The

Central Reserve City

Lead ng

London Branches

San

business from

James Investments, Ihc.

has

branch¬

ing, the opportunities for expan¬

Comparison

54

Opens

Ninety-third

State
on

main¬

—Raymond H. Gendron is engag¬

securities

the

26, BISHOPSGATE, LONDON, E.C.8

PETERSBURG, BEACH, Fla.

a

York

New

restrictions

some

Bulletin

ing in

the
can

over

BANK LIMITED

Bankers

ST.

have

With the abil¬

to

ity
loan

are

loans

and
J.

Fills and

R. H. Gendrcn

National

Security-First

loan ratios of 50%.

stock

post World War II period,

James

are

Chicago/banks tend to have
loans relative to deposits
(60% or more).
Banks such as

larger

All

yet

as

at 20 Pine Street,

branches

and

and

Assistant Vice-Presidents.

Co., Inc.
Y., and

more

The .New York'

possible, and recent

F.eadouarters cf Wm. E. Pollock
N.

the long run.

over

deposit growth, it is apparent
that branching will move slowly,

municipal, revenue and corporate
bonds, has announced the election

Thomas

population

benefit

to

bound

are

ban

their

Ward

in

improving economic conditions. A

banks

Richard J.

,

City banks should allow
them to participate in the subur¬

ment

cf John B. Hansen and

no

New York

In the

state,

with

in

southern Connecticut.

dealers in

An¬

consistent
of approxi¬

though the recent legislation per¬
mitting extension of branching of

Jersey,

and

areas

been

New

(Los

deposits, the banks in gaining

state-wide

for

a

year

shifts

the

estimates

growth

securities*

and

the New York District. Population

Wm. E. Pollock & Co., Inc., dealers
in U. S. Government and Govern¬

Agency

Banks

Chicago)

will

.Elects Officers

the

greatest loss of their share of de¬
posits, with a corresponding gain
occurring in country banks.

beyond

Wm. Pollock Co.

increased

have

Counties.

year,

$15,173,204, equal

#

in

company

$602,496
$112,378. Upon

consist

this year.

re¬

a

Stock

whole¬

650

about
Mexico

manu¬

through
exporters to other countries.

year.

Investors

to

company

located

Canada

marking

fiscal

1

from

percentage of the deposits in the
banking
system
in
the
period
1940-1960.
As
to
class, Central

Francisco, Calif., and Miami, Fla.
Fund,

share, compared with
$9,018,414 and $18.58 per share at
Oct. 31, 1260, and of the last fis¬
cal

made

*

*

Mutual

ports

Watsco, Inc., Hialeah, Fla., is
engaged principally in the. design
and manufacture of refrigeration
and
air-conditioning " component
and tools, particularly "valves used
in refrigerant systems;
Sales are

tained

♦

seven

E£»HC

share

a

earlier.

1

away

In this

anticipation of decline in earnings
for

With

underwriters and

BALANCED FUND

4

Francisco

in

20%, each

mately

9

2

Bank

shown
earnings

has

increase

9

4

National

geles)

8

8

3

...

for

for

EATON & HOWARD

is

then,
There

12
,

earnings

aproximately 7%.

period, 1958-1960, Security-

First

5

1960, earnings
to
25-30%.

available,

now

off

In

1961, with first quarter

in

far

same

7

10

->

City_,

Dallas
San

3

11

Minneapolis

the

per year or

higher—or about two, three times
the rate of growth expected for

So

are

6

7:

9

6

1

Louis

St.

5

1

._

Chicago

the

over

amounted

increases

12

5

13%.

increased

results

2

Cleveland

155,000

public

1969

119

Philadelphia

common

per

1960-

1960

8

Atlanta

Corp. and

price

of

professional

1950-

12

used

the

told

were

this by a tipster.
The

RESEARCH CORPORATION

up."

salesman, calling
who has bought

full

was

go

approach to

never

bought because
.

going to

better

a

we've

As any fund

on

with

securities selected for pos¬
sible long-term growth of

120

is

investing,

We

think that

we

Growth

1960

share of

per

1959

—

Est. Pop.

York

earnings
banks in

previous year.
On the average,
the earnings for New York banks

100.00%

Pop.

Reserve

in

increase

New York

Growth

District:

Net proceeds from the sale of
its 135,000 shares of stock will be

Fund,

we

39.60

Order of

New

100,000 shares of the stock.

the

buy

with the increase in
New York and Chi¬
cago
banks.
This may be best
illustrated by a comparison of the

20.77

100.00%

ex¬

of

earnings

39.65

27.30

Boston

Wagner, president and
director of the company. Follow¬
ing the sale of his 20,000 shares of
stock,
Mr.
Wagner
will
retain

mar¬

not

37.25

.

________

notable

few

a

compared

15.60

100.00%

35.45

City

with

period is the consistent increase
in
earnings of these banks
as

Bank:

of

Reserve

'

"We

Kenmore:

3.59

Deposit

William

will

to

City

$10.35

or

155,000 shares offered,
135,000 shares are being sold for
the company and 20,000 shares for

manufacturing skills."

Wellington

15.13

3.38

Western and

ceptions (Valley National Ba^k).
The
significant factor regarding
earnings in this latter postwar

the stock.

of produc¬

areas

14.03

Louis

Minneapolis

share at April

a

Watsco,

a

marking

this next decade

competitive
battlefield
put a lot more emphasis on

.

Chicago

Reserve

have
shown .substantial
In the period 1954-1960,
New
York
City banks had an
increase in earnings per share of
ings

increase

4.55

•

5.67

San

Naturally the return on
greater than that on gov¬
ernment bonds, hence bank earn¬
deposits.

loans is

Southeastern banks had a smaller

7.87

3.95

1

3.51

St.

EARNINGS

approximately 75%.

5.06

7.72

Richmond

This compares with $18,-

offered

shares
stock

attractive
puts the

the

-

30,

total net

year,

$26,586,299,

Securities

ciates

outstanding sales and merchan¬
dising ability. Kenmore reasons:

mind

the beaten

1960

4.06%
25.40

6.32

Richmond

Aetna

companies with

on

•

Common Offered

to

screen

potentially
The
staff

major emphasis

track for
investment opportunities."
off

statistical

a

companies.

at

Wellington do not rely on precon¬
looking

into

names

1940

5.54%
36.88

Philadelphia

Watsco, Inc.

with

McGraw fam-

"

out!

Member Bank Deposits

York

New

Fed.

not

"So it's always nice and safe to

Reserve

District:

Growth

buying some¬ appreciation, they have devised a
thing, even if it does go up. But if 1 screening
process
that is con¬
you do buy it and it goes down,
stantly feeding hundreds of new
look

Federal

Investors

April

on

fiscal

the

Bank Stocks

growth.
% Distribution of All

Boston

$68,-

were

-

for

deposits by Federal Re¬

.*.•

❖

413,511 and $8.92
30, 1960.

-

criticized

7.

reports that

assets

reports

close

unrealized

Today

7.A

*

deposits in
the trend

100.00%

apprecia¬
roore:
tion is about $12,000,000 and the
i"It is awfully easy for an an¬ -stock is
selling" around 10 times
alyst,
already
swamped
with the average cost to Wellington.
work, to say 'no' when a new
Over
at
Wellington Equity
name comes up.
As you know, in Fund, whose objective is longthis
business
you're very rarely term growth of capital through
-ily.

total

the

District:

serve

largest

company

the exception of the

Listen to Bob Ken-

hard to find.

Share

31

May

*

the V

higher.

*

of

Cleveland

7;j V-

.

those

of

449,077, or $25.33 a share, against
$61,575,113 and $22.79 per share
a year earlier.

Management was interviewed,
and, on occasion, wind up a study was made of the com¬
purchasing the stock long after pany's plans and only then was
it has gained widespread public 'the first block of stock
purchased.
acceptance.
Only, of course, by "The next year the commitment
that time the price is 10, 20 and
was
increased
and
Wellington
times

*

at

choice

50

•

7'7 -7'- --I

Niagara

field, had a very attractive
potential with its text books and
technical and trade publications."

They

dodging

regret

rein¬

Lehman

Mr.

BANK

Atlanta

leader in

a

as

company,

1

Lehman,

this

of these companies

one

the

that

A ":

'■7:' :

•

vestors, more
solve

said.

the

of

AND

represents

the banking system and

all 'dividends in full and fractional

shares

up

the

following

breakdown

the

of

dividends, it was
by
Robert Lehman,
President. Under the plan, stock¬
holders can automatically invest

v

1950's, when the publishing
business was not reputed for its
growth
potential.
But we did
pany,
the obscure company,, the 'some investigating and checking
unseasoned
company.
Many in¬ with our consultants and we felt

The

pur¬

may

shares

through

DEPOSIT TRENDS

under

announced

/

early

subject that confronts all
people who invest: the new com¬
ging

plan

vestment of their

knows
about
But, as Bob

—

company,

automatic div¬

an

additional

corporation

largest

in McGraw-

was

everyone

tells

Machines,

The

Publishing Co.

Sure,

Kenmore

story,

chapter

Business

.

This Week

leading

a

investment

stockholders

chase

STOCKS

$18.69

1

reinvestment

which

as

s]i

Corp.,

established

idend

be

to

stocks

wonder

gain

the

in

not

has

s!;

Lehman

closed-end

1960 the

gains
was

du Pont.

or

McGraw-Hill

second, and concluding,

this

In

such

unrealized

.

vestor.

Fund

International

everyone

financial

unrealized

of

The

to

Oct. 31, 1960.

on
$

As

.

II

—

BANK AND INSURANCE

to

rose

Share

Inside Wellington

ah

were

April 30, end of the.:
first half of the fiscal year. Total
assets

BY

values

share

peaks

new

Thursday, June 8, 1961

...

SOMALI
AND

BURMA

ZANZIBAR.
REPUBLIC.

SOUTHERN

&
RHODESIA

New York

Stock

Exchange

Members

American

Stock

Exchange

120

BROADWAY, NEW
Telephone:
Bell

BArclay

Teletype

Specialists

YORK 5, N.

in

NY

7-3500

1-1248-49

Bank

Stocks

Y

Volume

193

Number

6062

AS WE SEE IT
would

one

is

The Commercial and Financial Chronicle

.

Continued

doubt that wheat

useful

...

from

(2511)

1

page

not familiar to the

Chairman

Ol

edge.

course,

know

we

of the President's Economic how to do it, and have known
corn or
peanuts or any of the Advisers. Yet we must say ^ ^0F more than a century
other
ordinary farm crops, that we search what he has • and a half- The danger is that
Yet
woTfflflST'regard the pro- to say in vain for evidence of w® seem to be forgetting
duction of all the wheat, corn such
a
realization, and we what we once knew so well,
a

commodity,

or>

,

and

the

that

rest

could

we

must add that the various pro-

manage—or even all that we

grams, or many

could

the

fice

of them, that
proposed,
economic
acand are so artfully defended
being carried by Mr. Heller, seem to have

produce without sacriof

oth^r

tivities

now

J

—;

as

forward

been

economic

an

How About

ment

that

for

mo¬

a

good residential
housing as such is a useful
produce — when there is any
o

who

one

make

„

to

in

current

use

manpower and materials
the production of dwell-

in

ings

that

circumstances

could
be

moment

of

year

not

free

markets

to

such

ment—and

do not have,

markets

distributed

The

and apparently

not in contemplation.

are

of restraint, there-

or

simple system of natural lib-

$40 Billion to the Moon?

to

families who could have
any

There
There

is
is

good
goocl

erty

establishes

own

-•

for

reason

accord.

itself of

Every

its:

man,

as

hope of paying for them. A General Eisenhower
and long as he does not violate
the
laws of justice, is left
list of things that we could -the rest of
us, for that matter
now
produce in greater abunto'grow uneasylib~ouTth7s Perfectly free to pursue his
dance but which would be a PviHent fpnHpnrv in the Ken- own interest his own way,
11111

duced

would

nedy

every

-

long

a

Administration

that

1

be

one.

Some
of
them,
like
farm
products, could be produced

be

in

tions

,

superabundance

without
0th8r

branches of

Evidently much
total

when economic

ideals
is

a

goals

formulated.

are

deal

great

of

Pllif IPQ

but

cilities, but
realize
could
—

that
well

—-

'

money
and

•

——

nno

Waldmann

New

manager of

no

one

such

be

—- —

(or rather

resources)

hole

if

the

^

"

have

- —

moon
—

— —~

and
~~

overproduction of

sumer

bring
that

goods. We
ourselves
to

ing this suggestion has with

such

facts

chief Presidential

ad-

viser says that we now know
how to promote the greatest

not

believe

these

as

The

con-

can

r

,1:

possible

are

sound

human wisdom

or

ten

announcement

offer to

sell

or

securities.

is

as

under

a

The

circumstances

no

solicitation

offering

is

to

of an offer to

made

only

by

be

construed

as

an

^

Tripp

George R. Waldmann

the fiscal

of

New

York

Ohio

Murch

—

1961-62* to

year

for

succeed

Tripp & Co., has been nominated

for the vice-nresidencv
g

Curvin

Offering
in

Circular

which

the

bers

of the

New

vice-president of
tive

York

June

the firm

Barnev

CpP

*

Inc..

has

A

been

may. be

offices

.•

undersigned

legally offer

these
■

-

in

Fred

the

Hards"

^INCORPORATED " "

295 Madison Ave., New




York 17, N. Y.

U^nTCo?,ChlSmTn

the Tennis Committee. There
and^ArThibaWN.*Galloway7part- will be a $3 fee per person for the
ner in Sykes, Galloway & Dike- use of the courts.
of

Bankers

Trust

Co.,

treasurer;

G. R. Burt Opens

directors

Election

officers

of
—

and

gov-

-—

Burf ^ ^raducUng

JDut i

is

from

•'

'*■'
:->r*

secuxiues

at

lOSVo

Company.
and Comfikh*.;:

Form Cons.

10

Y^O.
1

^rarities

offices

pf"
"

Club-

yers

a

uuuuuuLuig

ernors, and action on other bust- business

•

tx

,

LIITTLE

,

Securities

ROCK, Ark.

Consoli¬

—

ACLHlll Jr3I*tR6r

dated

Purcell &

fices at 2801 West Roosevelt Road.

in

York
York
15th

Co., 50 Broadway, New

City,

members

Stock

will

of the New

Exchange,

admit

John

June

on

K.

Harden
'

to

'

Securities, Inc.
securities

a

Officers

are

is engaging

business

from

W.

Rewel

Butler,

of the

man

Board; Ralph G. Gra-

'

partnership.

ham,

vice-president;

and

a

these debentures

Form G & H Securities

terms

and

of

notes have

an

MIAMI, Fla.—G. and H. Securities inc. is engaging in a

business
Southwest
are

as

securities

offices

at

Warren W. Goldsmith, presi-

and Herbert L. Heiken, secretarytreasurer.

been

purchased by the undersigned,

between
a

the

matter of

parties.

This

record only.

$100,000.00

Convertible

Debentures

and

Senior

Notes

se¬

Hoerner, president; Glenn A.

M.

Mr.

secretary-treasurer.
was
formerly with

Nemrava,
Nemrava

Purvis &

Mack

v

J

LExington 2-5649

is

business
Drive

Investors,

Inc.,

has

committed

$75,000.00

purchase of additional 6% convertible debentures when
for further funds develop and upon fulfillment of

needs

certain

conditions by

Lightguard Electronic Manufacturing

Company, Inc.

Company.

Mass.

Servicing

—

conducting
from

under

Mutual

Electro-Science
for

Fund

Charles
a*

offices at

the

firm

131

Park

name

of R

Servicing.

Electro-Science Investors, Inc.

H.

securities

A Federal Licensee Under the Small Business Investment Act of 1958
727

South

8850

18th Terrace. Officers

dent; Philip Cook, vice-president;

agreement

appears

from

ISSUE

6%

are

M.v

E.

Gray, secretary-treasurer.

National

Officers

of-

president; Eugene E. Slcan, chair-

Opens

Guaranty

business.

BOSTON,

CO.

'

tournament

Lightguard Electronic Manufacturing Company, Inc.

R Mutual Fund

UNDERWRITER

R. TOPIK &

tennis

effec¬

Building to engage in

curities

obtained from the
may

doubles'

DENVER, Colo. — Nemrava &
Company has been formed with

compliance with the securities laios of such State.

(

will also be held. Entr.es should.

&

12th.

Nemrava Co.

share)

undersigned

Shepard W. Baker,

gj^1 gg ^fL00"31"8 1S P3y"

Winthron

vice-president of Smith

mem¬
Stock Ex¬

Allred, vice-president; and Steve
State in

Other members of the
are

Inc., Hanna Building,

Bank

the

Committee.

Eugene A. Mintkeski, treasurer of

announcement

(Special to The Financial Chronicle)

any

in

indicating handicap,
Black, Morgan Stan-

Morgan Stanley & Co.; John E.
Eekelberry, Clark, Dodge & Co.;

Forum

under

Co.,

Common Stock

shares

the '

send

nicipal

NEW

share

•

ley & Co-' Chairman of the Golf

V. K. Osborne

society.'
/Changes

Electronic Aids, Inc.

in

enter

Names String V.P.

,

100,000 Shares

Copies of

to

should

Committee

change, will elect Ralph E. String

Price: $3.00 per

made

II, Merrill

the office of president of the Mu¬

All

June 4, 1961

per

inter¬

be

Goss

planning

to William H.
J. C. L.

have occurred a
Y Mcrr
..since 1776, of course, some of. xAppUIIIto 1> . i.. lVlgl.
them requiring at Teast par- Eugene Berkowsky, formerly astial exceptions to this general sociated with Hill> Darlington &
rule—the rise of the so-called Grimm; has been app0inted Mannatural monopolies, tor ex- ager of the New York Office of
ample—but the precept still y K Qsborne & Sons, Inc., 40
stands unassailable. Let us Exchange Place.
ourselves of it again
ana again•

CLEVELAND,

(Par value $.10

and

should

W.

tournament

reservations,

suitable to the interest of the

Prospectus.

NFW ISSTTE

■

dollars.

Golf

wards the employments mos*

buy any of these

the

active

an

Richard

Those

Murch & Co.
This

•

Lynch, Pierce Fenner & Smith, '
Incorporated. Tariff for dinner is '

knowl¬

and

growth,

that

Reservations
with

Tib
Vi

.

ever be sufficient;
duty of superintending
the industry of private peo¬
ple, and of directing it top
I

' ~

the powers that be we are not
other capital
goods were in a position to say, but it is
brought into being. It might evident that it is in keeping
be even more
damaging to us with much that has been ofto have this
happen than to ficially said in recent months,
have

to

the

bring

of

sort

wrong

I he

edge could

beer

endeavor to send
.-

fifteenth

esting program has been planned
for the day and evening.

other

°f men.

..

no

in the

them back. Just what stand-

rat

a

— ■~TT

an

the
—

to

men

a.

manpower

down

ov.

decade in

pouring

jv» v va j.

There

its

Entertainment Committee, has an¬
nounced

,

expense

hold

nil Lynch, P.erce, Fenner &ofSmith
Incorporated,
Chairman
the

.

°.r orcler

exT
v.,,,.,

.

investment

like

in

^

"leaks? or "inspired stories"
which speak of some $40 billion to be spent in the current,

to

seems

increases

will

York

^Sv(,^^Tfeoma S 2Ta\

,W0Uld ental? very

UP

indicate.

in

cocmc

when

President

future than precise estimates

There

production fa-

nn

the

much larger

Washington these days about
investment in

those of any

-*•

expense of Perf°rm which he must althe taxpayer. Much more that ways be exposed to lnnumerable delusions, and for the
he has said and advocated
could be achieved only at proper performance of which

or

talk

«■

penditures at the

than

more

capacity or
economic production

must be taken into considera-

tion

*

substantial

economic

total

by large Federal
recommenda- lna11'

The

of

ad^ed

industry.

try and capital into competi-

tion with

cured

outlays.

of

annual field day Friday June 16th

the

a«d to bring both his indus-

to think
ill can

economic

Association

George R

—

drug" oTthe "market"'if pro"-

Investment

New York

He0ni'^r
^ipems.' Nornfore being thus completely The Port of New York Authority.
for the tournament ^u^a
taken away, the obvious and
\greens' fee of six dollars is pay¬
erence

we

this

at

it?

our

°J Nations :
"All systems either of pref-

of

ence

is the pres-

case

is

that it is

see

published in the

formu-

beginning ally—markets wholly free of
quite possible intermeddling by govern-

Administration

the

even

•

dence that • the Washington
authorities have been partieWarly forgetful. The best
formula for the purpose was

gener-

of it—but

•

without

would be the

could

or

tit

lVlUIllCip9,l J 01*11111

Bond'Department at the Sleepy Hollow Country
0f the Mercantile Trust Co., of Club, Scarborough - on - Hudson,
anc* there is disturbing evi- St. Louis, has been nominated for rifiTVnrh 'pw^
tvi

Mention of the forgetful. Here
given in The Wealth

would

use

and

Waldmann Named N. Y. Inv. Assn.
By New York
To Hold Outing

giving such Declaration of Independence,
matters a single thought. We H ^as been republished and
can
only suppose that the as- quoted times without number
sumption is that somehow the
more than once in this
"right things" would be pro- space
but circumstances
duced. But the only assur- seem to suggest that it needs
ance we know of that such again to be brought to the at¬

Housing?

doubts

one

has

conceived

lated

blessing?

No

President

23

Central Expressway, Richardson, Texas

24

The Commercial and Financial Chronicle

(2512)

son

Concentrated Course Offered

of Merrill

Lynch, Pierce, FenIncorporated, Chi¬
Chairman of the IBA Edu¬

cago,

To Securities Trainees

Committee.

cation

live,
WASHINGTON,

D.

Bankers

vestment

C. — The In¬
Association of

America and the New York Stock

cooperating in of¬
concentrated five-week
of two courses for train¬

Exchange
fering

a

program

are

in the securities business from

ees

July 30 to Sept. 2 at Northwestern

George A.

University, announced

Newton, IBA President and Part¬

G.

ner,

Louis.

Walker

H.

&

of

Members

Co.,

the

St.

enroll their employ¬

may

York

Stock

Stock

Exchange.

Exchange Procedures.

be

Protection of Customers.

Either

Problems

of the

secutively

course

Exchange

courses

provide

running
an

to

80

may

for

will

registrants.

excellent

and economical program for

charge

mation

train-

will

for

$475

in

full.

about

An

ing

new

women,

personnel, either

men

$150

for

the

according to Robert Ma-

all

covers

costs

course

instruction,

of

Stock

re¬

additional infor¬

these

Exchange members,
admitted

be

mit.

Joins

Shearson, Hammill

courses

may

CHICAGO,

111.—Martin R. Gold¬

stein is

affiliated with Shear-

now

Hammill

son,

Monroe
with

Committee

&

Street.

ation

of America

425 Thirteenth

Washington 4, D. C.

vine
While

these

course

are

offered

primarily
IBA

to

train

members

and

employees
New

of

York

is

NECK, N. Y.—Max
engaging

business from

name

of Ira David

Banking and Stock

course, Fundamentals
Investment Banking, is being

of

offered

for

third

the

time

on

a

concentrated four-week classroom
basis from July 30 to Aug. 25. In¬

the

by

this

has since been offered

course

each

year

as

IBA

in

augurated

1946,

FORECAST FOR ENERGY:

seventeen-week

a

cooperation with the
Business, Northwestern
University. The course will be
in

program
School

of

taught

by

Professors

Torgerson
with

assistance

the

Harold

Bion

and

B.

of

W.

Howard

other

fac¬

ulty members in the Northwestern
Finance Department.
of

Fundamentals

Investment

Soaring production will double
America's industrial demand

Banking is designed primarily to

give investment banking trainees
an

that

basic

intensive

so

they
into

grated

rapidly.

more

indoctrination

become

may

the
business
much
The following top¬

ing.

The

Financial

Read

to

and

Corporate

Instruments

State¬

Reports.

of

rapidly is America's industrial output expanding?
are some

chemicals

has

Concepts

of

Investment

Yield.
-

Financial

Special

Problems

of

the

Corporation.
Analysis of Major Classes of Se¬

curities.

this

is

Investment

Policies

and

Pro¬

uses

of energy

heat. Heat is energy, and
America's consumption

reason

will double by 1980..

Where will it

come

—

from? Much will

come

but wherever produced,

of energy in its most efficient

anil

a r

\

dresses

supplementary ad¬
also
be
given by

o u s

will

prominent investment bankers
these

specialized

aspects:

U.

energy

while

S.

million

Analysis; Institutional In¬
other

selected topics.
The

second

course, Stock Ex¬
change Operations, will be offend

Aug.

course

26

western

to

Sept.

established

was

at

This

2.

North¬

University in 1958 by the

members

of

the

New

York

pi pel iner of

expanding its present systems. Our natural gas

curities

and

—

energy sources,

new

pipelines, which stretch from the Mexican border to the
Atlantic

Policies;

large share

on

Government Securities; Municipal
Financing; Securities Merchandis¬
ing; Securities Salesmanship; Se¬
vestment

constantly searches for

—

from present
a

usable forms will be

transported via pipelines. Texas Eastern

grams.

from

requirements

just part of the

energy sources

Marketing of Securities.

of petro¬

216%; plastics, 173%; aluminum,

virtually doubled. The production and processing

of these

Basic

clues: From 1950 to 1959, output

increased

140%.Total output of business and industrial equipment

Investment

Banking.

V

How
Here

Economics of Investment Bank¬

How

by 1980

inte¬

ics will be covered in detail:

ments

for energy

Stock

Seaboard,

thousands

have

of factories

homes.

Our

capacity to provide fuel for

and -heat'for

Little

Big

Inch

more

than

three

pipeline system,

largest of its kind, delivers ever-increasing volumes of
energy
leum

in liquid form

—

a

wide range of finished petro¬

products—from Gulf Coast refineries" to Midwest

markets. With the future

bringing

new.

and greater de¬

mands, Texas Eastern is growing and diversifying today
to meet tomorrow's energy

needs..

..

-

..."■

.

.

Exchange and administered by the
Education

tral
is

Committee of the Cen¬

States

now

time

Group

of

the

JBA.

It

being offered for the first

as

part of this concentrated

a

summer

Professor Lor-

program.

ing C. Farwell of the Northwest¬
ern

School

of Business will

teach

this

portion of the dual program.
Experienced speakers on various

phases of stock brokerage will be
used to
supplement his instruc¬
tion.
Stock
Exchange Operations is
designed to acquaint the registrant

with the rules, practices and pro¬
of
the
organized
ex¬

cedures

changes, with particular reference
to the New York Stock
It

also

covers

the

Exchange.

regulations

of
the Securities and Exchange Com¬
mission and the National Associa¬
tion

of

Securities

taining to

market

Dealers
and

per¬

brokerage

office procedures, and emphasizes
sound business pract:'ces essential
to

good

brokerage-customer rela¬

tionships.

PRODUCERS

Securities

and

Security

Mar¬

kets.

Constitution

Listing

EASTERN

TRANSMISSION

CORPORATION

•

OF ENERGY

HOUSTON, TEXAS

Specific topics covered

are:

New York

PIPE LINERS
TEXAS

and

Stock

Rules

Requirements




of

the

Exchange.
of

the

•

PROCESSORS

•

TRANSPORTERS: NATURAL GAS

•

CRUDE OIL

•

PETROLEUM PRODUCTS V

in

a

Le-

securities

offices at 6054 Lit¬

tle Neck Parkway,

first

The

Ill West
formerly

Forms Ira David Co.
LITTLE

Operations.

Exchange

was

Street, N. W.

for the full program, or either
courses: Fundamentals

ees

Co.,

He

Irving Weis & Co.

of the two

of Investment

others

if facilities per¬

Investment Bankers Associ¬

Funda-

Stock Exchange Operations

or

Thursday, June 8, 1961

Announce¬

be obtained from:

benefit

the

and

course

.

Wash¬

ington office accompanied by
mittance

taking both. The tuition

of

mentals

courses

IBA

be taken indi¬

members

most from

con¬

both

be sent to the

ment Folder and
courses

materials, and

.

will

Applications
should

vidually, but employees of Stock

Secu¬

rities Business.

These two

limited

text

notebooks.

Education

Security Markets.

Current

Campus.

Enrollment in both

Broker-Customer Relationships.
Other

new

a

Evanston

Stock Delivery and Transfer.

meals,
and
attend
dormitory on the

have

classes in

will

Trainees

meals,

room,

Associa¬

tion and the New York Stock Ex¬

change

New

Smith

&

ner

.

"

under the firm
& Company.

Volume 193

Number 6062

...

A

Supplement to the Commercial and Financial Chronicle

Thursday, June 8, 1961

(1)

The Bond Club of New York

Carl

Stolle,

Lehman

William

W.

G. A. Saxton A Co., Inc.; Austin Patterson, First Boston Corporation; F. Brent
Neale,
Brothers; Chas. M. Litzel, White, Weld A Co.; Raymond W. Pyle, Bacon, Whipple A Co.

Chappell, First Boston Corp.; Paul Devlin, Blyth A Co., Inc.

Scott

Cluett,

Harriman Ripley &
White, Weld




Ijams,

W. C.

Robert

Langley A Co.; Lee Prather Stack, Jr., Bankers Trust
Borkland, Jr., Tucker, Anthony A R. L. Day.

M. Gardiner, Reynolds A Co.; B. J. Borkland, Tucker,
Anthony A R. L. Day; John C. Maxwell, Tucker, Anthony A
R. L. Day

Co., Incorporated; Jacob C. Stone, Asiel
Co.; Clarence W. Bartow, Drexel A Co.

A

Co.;

Ray

Stitz'er,

Smith, Barney A Co.; John H. Curran, Von Alstyne, Noel A Co.; Edward B. de Selding,
Spencer Trask A Co.; Worthington Mayo-Smith, Blair A Co., Incorporated

Bob Seebeck,

Maitland

William
A

John

Company;

Ernest

W.

William B. Chappell, First Boston Corporation; Earl K. Bassett,
W. E. Hutton A Co.; David B. McElroy, Clark, Dodge A Co., Inc.

E.

Bachert, The Bank of New York; George Nelson, Gregory A Sons; Frank Lucke, Laidlaw
Co.; H. Albert Ascher, Wm. E. Pollock A Co., Inc.; Darnall Wallace, Bache A Co.

Linen;
Robert

David
L.

Callaway, First of Michigan Corporation; August F. Huber, Spencer Trask A Co.;
Harter, First Boston Corporation; Albert B. Hager, jr., Halsey, Stuart A Co., Inc. '

(2)

Volume

.Thursday, June 8, 1961

193

Number 6062

...

37th Annual Field

Edwin

A.

Clarke,

Joshua

Hal

E.

A.

Singer, Deane A Scribner; C. Edward
Davis, Blair A Co., Incorporated; Malon

Murphy, Commercial A Financial Chronicle;
Commercial

A

Financial

Chronicle

Edwin

L. Beck,

Francis

D.
The

Bartow,
Chase

Jr.,

Bartow

Manhattan

Wood,

W.

Laud-Brown,

Bankers
E,

B.

Tnist Company; David Skinner, Harriman Ripley A
Vinson, De Haven A Townsend, Crouter A Bodine;
McMaster, Great American Insurance Co,

Co.,

H.

Choate,

White,

Lehman

Incorporated;

Weld A Co.; William E. Hutton, W. E. Hutton A Co.; Joseph A. Thomas,
H. Lawrence Bogert, Jr., Eastman Dillon, Union Securities A Co.

Brothers;




Leeds
Bank;

Gundy

John

T.

Allan

Grafmueller, Pyne, Kendall <ft Hollister;
S. Andrus, Malon S. Andrus, Inc.

A

A

C.

Co.;

Edward

Co.,

F.

A.

Eustis,

Francis
S.

A

Supplement to the Commercial and Financial Chronicle

Day

Spencer
Blyth

Trask & Co.; Ralph C. Sheets, Blyth A Co., Inc.; Edward
& Co., Inc.; Brittin C. Eustis, Spencer Trask A Co.

B. Bowman,
Johnston,

Glassmeyer,

Walter F. Blaine, Goldman, Sachs A Co.; John M. Lokay, Shearson,
Hammill A Co.; Kenneth J. Howard, J. A. Hogle & Co.

Inc.

Willard, Reynolds A Co.; William S. Wilson, Montgomery, Scott A Co.; George P. Rutherford,
Dominion Securities Corporation; Francis P. Gallagher, Kidder, Peabody A
Co.;
Donald S. Stralem, Hallgarten & Co.

Donald

D.

Mackey, Dominick & Dominick; Belmont Towbin, C. E. Unterberg, Towbin
A
Rand, Rand A Co.; George C. MacDonald, McLeod, Young, Weir, Incorporated

Thorburn

Co.;

M n^Sir?M WWi

„

Volume

193

Number 6062

A

...

John

L.

Wasserman, Asiel eft Co.; Rodney Boynton, Stone eft
Securities Corporation; Jonas H. Ottens,
Brothers

eft

Webster

William

H. Long, Doremus

eft

VI, IN"'-

>'

(3;

Co.; Elmer F. Dieckman, Glore, Forgan eft Co.; Fred McLellan, Kidder,
Lee W. Carroll, Lee W. Carroll eft Co. (Newark, N. J.)

Fred Stone, Marine Trust Company of Western New York; Wm, H.
Morton, W. H. Morton eft Co., Incorporated; William* D. Kerr,

Hutzler

Wertheim

G. H. Walker eft Co.; Lewis M. Weston, Goldman, Sachs eft Co.; Herbert
Marache, Jr., Granbery, Marache eft Co.; William T. Mclntire II, R. S. Dickson eft Co., Inc.

Frederick S. Wonham,

Hemphill, Noyes eft Co.; Francis J. Cullum, W. C. Langley eft Co.; William
Halle eft Stieglitz; Louis F. Wade, Domirtion Securities Corporation;
George C. Bradey, Evans eft Co., Incorporated




■

Thursday, June 8, 1961

Peabody eft Co.;

eft

"•

L. M. Blancke '

* ,•» WW'W'VWWif'iV ,v-''/'%<,•!

Sleepy Hollow Country Club

Weinberg, Goldman, Sachs eft Co.; Richard N. Beaty, Carl M. Loeb, Rhoades eft Co.; Blancke
Noyes, Hemphill, Noyes eft Co.; John F. Bryan, Reynolds eft Co.

Salomon

ft1

Supplement to the Commercial and Financial Chronicle

At

John

'

W.

M. Cahn, Jr.,

Co.

••••

E.

•

•••*'*

F.

^

>«

vr«¥S:P

Peet,

Burns

Edward H. Robinson, Schwabachpr eft Co.; John T. Monzani, Kuhn,
Loeb eft Co.; Titus W. Fowler, Merrill Lynch, Pierce, Fenner eft
Smith Incorporated; Brooke L. Wynkoop, Fahnestock eft Co.

.

Bros. A Denton Inc.; Homer O'Connell, Blair d Co., Incorporated;
Adams, Adams A Peck; Calvin Cross, Hedlgarten A Co.

Braman

B.

Craig Severance, F. Eberstadt eft Co.; Harold McGay, Jr., McDonnell eft Co., Incorporated; Andrew W.
Eberstadt, F. Eberstadt eft Co.; Everett G. Henderson, U. S. Trust Company;
James W. Wolff, Zuckerman, Smith eft Co.

(4)

Volume

Thursday, June 8; 1961

193

Number 6062

...

A

Supplement to the Commercial and Financial

Chronicle

Friday, June 2, 1961

William

Culbertson, Merrill Lynch, Pierce, Fenner A Smith Incorporated; Roger T. Gilmartin,
Stanley A Co.; V. Theodore Low, Bear, Stearns A Co.; William N. Bannard,
American Securities Corporation

H.

John

Hopper, First of Michigan Corporation; B. W. Pizzini, B. W. Pizzini A Co., Inc.;
Dalenz, Calvin Bullock Ltd.; Philip K. Bartow, Drexel A Co.;
Henry P. Cole, L. A. Mathey A Co.

K.

Morgan

Samuel

R.

Smith,

Winslow, Winslow, Cohu A Stetson, Inc.; Norman
Merrill Lynch, Pierce, Fenner A Smith Incorporated

P.

Paul

L.

Sipp,

Wertheim A

Jr.,

Eugene G. McMahon, J. Barth A Co.; Gene Marx, Bear, Stearns A Co.; David Larson, Brown
Harriman A Co.; Charles
Bergmann, R. W. Pressprich A Co.

Glenn

Stern,

Brothers

Hartranft, Clark, Dodge
Co., Inc.; Robert R. Krumm, W. H. Morton A Co., Incorporated;
Norman W. Stewart, F. S. Smithers A Co.; Joseph S. Nye, Nye A Whitehead;
Thomas D. Mann, Glore, Forgah A Co.
l
-




Co.; John

Lauer A

C.

Francis

Fitterer, Jr.,

Cunningham,

Co.; Charles V. Smith, Clark, Dodge A Co., Inc.

.

Frank

Kidder, Peabody A
Cooley A Company

John

Gaerste,

First Boston Corporation; Albert C. Purkiss, Walston A Co., Inc.; A. Peter
Auchincloss, Parker A Redpath; Richard Boesel, Jr., Hayden, Stone A Co.

King,

Charles

M.

Knoop,

Eckert, Morgan Guaranty Trust Co.; Macrae Sykes, Shields A Co.; George Murnane,
Freres A Co.; Arne Fuglestad, Lee Higginson Corporation; Joseph C.
Nugent,

Lazard
I

Co.;

John McG.

Mabon

A

Co.;

John

Clapp,

R. W. Pressprich

A

Co.

Jr.,

(I

•

r

Volume

193

Number 6062

The Commercial and Financial Chronicle

.

.

(2513)

25

'

■

Xfot IN
XT^Qt
INcll

Tnf*

dot,

Nat Nast, Inc., Kansas City, Mo., forms, sweat shirts, T-shirts,

II1U

presently

plete

pA-mwkA-n

VyOIIiniOll

*

W110I0Q

»

manufactures

line

children's

of men's,

com-

a

ladies'

and

shirts

and

bowling

blouses under the "Nat Nast" and
The initial public

offering of 150,000 shares of Nat Nast, Inc. class
A common stock, at a price of $4
share,

per

is

being

made

by

an

underwriting

group

Hardy &

Net pioceeds from

the

Co.

headed

by

financing will be used by the

company

to

expand

its manufac-

turing facilities, increase working

capital,

and

lines

apparel

of

to

introduce
for

markets.




new

recreational

clothing and

For the

1960, Nat Nast, Inc.
reported net sales of $1,985,235
and net earnings of $122,272, equal

"Swingster" brand names.
The
company's
distributors
sell
to
sporting goods stores, men's and

sales

totaled

ladies

a^er

taxes

specialty

shops, and

pro-

gym

bowling accessories.

year

to

54

cents

quarter

per

ending

share. In

March

its first

31,

$545,182 and

reached

1961,
profits

Fund Distributors Formed

Building to

business.

shirts

provide
or

their

teams

with

uniforms complete

with

lettering and advertising insignia.
The

company

intends

to

begin

consist

of

225,600

and

common

150,000

vertible

bowling skirts, Little League uni-

sundry debt.

notes;

Philip

are

president;

shares

shares

of

of

and

class

class

B

con-

$429,770

of

T

I

1

T^k

|7"iQ

uUlSd

be

can

barrels

has

5,000

new

a

day refinery in Alberta

a

this

securities

year' iTa^di-

this

year which will en-

CtfTa

province

' profitable

more

business from offices at 1246 South

basis.

Burnside Avenue, under the firm

to add to earnings this

of

<

KAQT

JJvZ/uU

page 2

company

LOS ANGELES, Calif. N. Eugene

name

"f T7

^cec* refinery yield basis. It is
tion, the

a

*1

I

XJJLlVVl/

Lontinued from

N.

N. E. Shafer Opens
Shafer is engaging in

•,

T»1

U.JL 1 L V

J.

Eugene

■

will

company

stock; $83,279 of 5%

manufacturing bowling slacks,

T

X

G. Weisberg, secretary-treasurer,

capitalization of the

A

1

in a securities

Upon completion

cents per share.

of current financing, outstanding

erally

Officers

Krelitz,

X llVl/

Sloan, vice-president; and Burton

or

teams

team sponsors, who gen-

engage

Pi

'TU,} ^ OP11

20

$45,169

^tfin tZn'lll the^shinfto
or

FTT1

runa LrisiriDUlors rormea

MINNEAPOLIS, Minn. Fund Distributors, Inc. has been formed
with offices in the Midland Bank

The

effect

of

both

will

be

year,

Transportation—All of Canadian

Shafer & Co.

Oil's

_

is

Ontario

refinery throughput

delivered

through the Interprovincial Pipe Line (in which a
2%

share

interest

about 20%
in

be

can

transportation.

.

the increase

Ontario

is

held)

and

of the cost of its crude

Ontario

in

It

in

ascribed

is

likely

to

that

total deliveries

1961-63

will

result

to

in

reduction in tariffs by Interprovincial. A tariff cut of .01c a bar¬
a

rel

to

Sarnia, considerably less
Interprovincial's two previ¬
cuts, would add to earnings
significant way.

than
ous

in

a

In

addition to these special fac¬
tors, the company's growth should
continue to improve reported

earnings. The dollar value of sales
has
1

increased

since

at

7.5%

annum

per

faster than average

a

for

rate
of

1954,

the industry, as a result
aggressive campaign to im¬
the quality and appearance

an

prove

of retail

service stations

oth¬

and

erwise

improve the corporate im¬
age of the company through in¬
tensive advertising.
Products are
distributed

in

all

provinces

of

Canada except Newfoundland and
British

Columbia

3,000

outlets.

being

placed

the

-

••

sale

through

More

some

emphasis

is

the company on
high-profit accessory

of

by

products and considerable

success

has been experienced in this con¬
nection. The company is also con¬

tinuing to expand its act'vities in
the

heating

chased
this

oil

four

field

and

established

pur¬

firms

for

in 1960.

purpose

In petrochemicals, Canadian Oil
Companies was the first to under¬

.

the

take

production

matics, benzene,
in

lene

Canada.

facilities

I

the

The

this

for

of

aro-

toluene and

xy¬

original

purpose

were

completed in 1957 and output rose ;
from

million

6

12.6 million
of

gallons in

in

benzene

1960.

The

1958 to

capacity

production

being

is

increased at the present time.
'

Financial data

dian

Oil

formed

in

Companies has out-per¬
the

other

oils

although profit margins

somewhat

lower.

hand, cash flow
is

sales
.

integrated

growth of net profit in recent

years,

V

show that Cana¬

..other

higher

integrated

flecting in part

the

On

as

are

other

percentage of

a

than almost
companies

alL
re¬

depreciation, de-

'

pletion and amortization writeoffs;

\

which

50%
i

generally

amount to

40 to

of net operating income.

In

1960,

the

per

share

$1.24

in

$1.23
Cash

1959

flow

earned

company

and

in

$1.10

share in

per

with

compared

1958.

1960

was

$4.30. Our estimates point to earn¬

ings of $1.75 to $1.85 for 1961 with
a

1962

with
«v

flow

cash

in

of $5.60

to $6.00

and:

earnings of $2.00 to $2.25
cash flow of $6.40 to $7.20.

a

At the current

shares

price of $29.00, the

therefore,

currently,

are

selling at 13.7 times 1952 earnings

(as against

an average

ratio

ings

during the past
1

at

only
the

In

pany

four years)

times

the

20

and

indicated

flow.

light

and

ships,

are

4.3

cash

1962

price/earn-

approximately

of

of these relation¬

comparing

this

com¬

with its competitors, which

currently selling at anywhere

from 7

cash

to 10 times

flow per

Canadian
sents

Oil

estimated 1962

share, we feel that

Companies

particularly

the market today.

good

repre¬

value in

'

26

The Commercial and Financial Chronicle

(2514)

A

^

+.

r

,

Continued

Next we turn to public policy

narti„„iar

nf

t0et

from page 15

^omnetftors

^

effect

ratterthan the

compentors ratner tnan tne eitect

determining whether there is
a
reasonably probable foreclosure
of a substantial volume of competi-

™

«f P"ce ainerentiai in tne
.

,

-

.

'

h

itb

of the exclusive
PP
ontitmct
nniinv
tvia isdealing contract.
The relevant
"
roT_a:nc ?n
hi' cnnarpiv
product line of commerce and the suemat remains to oe squareiy
geographic area of effective comin the Supreme Court is
petition must be determined be- whether
Congress intended to
fore
deciding whether there is P*o+ e c t-uidiviclual competitors
by

reason

of competi-

probable foreclosure
tmn

substantia

a

in

relevant market.

of the

are

s

though thep^e

difference

der the 1Sherman Aict

that

is

peacefully coexist as fountain- royalty payments on the package
Without attempting to state
heads of competitive private en- measured by a percentage of the refinements which distinguish the
terorise
licensee's sales of«equipment in cases, suffice it to say that the

^ Af

Jf®

commlrc^

APiP

thtt

Second, it is no longer dis- the licensed field. But nol royalty Supreme Court has not squarely
puted that a patentee will be rate for the package, less than the faced the question of whether use
0f preven|;ing injury to particular
denied equitable relief against package, or one patent, should be restrictions within the General
But
competit0rs it is improbable that direct
or contributory infringe- so disproportionate as to consti- Electric doctrine on articles that
the
pongress sensitive as it is to the ment if he goes beyond the lawtute i*1 practical effect economic may be put to various uses sur~

J:act°rs, jnentioned in
Steel case w ic

Columbia

the

a^npt^erei^yco^ or s me^^P

dS

differentials

substantially lessen the vigor

Most surprising

is the Court's reliance on the Rule

the

under

If

.

issue should be resolved in favor

Sa^nabl^probability rather than
probability rathe^th^
accomplished substantial lessening of competition,
Tampa Electric signals the willof

ingness
into

an

of

the

stances

Court

the Court to inquire
particularized circum-

of the specific case.
The
repudiates the implication

that its

previous exclusive dealing

decisions under Section 3 adopted

mechanical

a

illegal

per

mar-

se

Tvir.fr

in *ke number ar?

riQHCA.

Tying Clauses

the
the

Act

Sherman

Clayton

Court
ments

tying agree-

3

opinions

the

\n~

Court,

Supreme

that

of

opinion

belief is

my

tying clauses fall under the

antitrust
of the

whenever the

axe

owner

tying product has sufficient

economic

impose

to

power

appreciable restraint

over

To

this

me

an

sub-

a

stantial volume of interstate
merce.

only

There

exception In

marketing
trust

other

are

is

pre-

cannot

involving
where anti-

areas

practices
should

issues

not

ormnomic

the

,

but it is doubtful that Congress
will respond-to more than two

proposals.

legislative

and

be,

or

his authorized licensee to

vend. My oosLion is that such use
restrictions in the patent license

case

itself should bind the purchaser
who by contract, notice or knowl-

Sg

did

not

the reasonable-

consider

the purchased chattel are consist-

the

decision

ever

respectj

that

took

public policy of the

with the

ent

nt }aw becauge the patentee

Qf the gingle royalty rate

ness
In

The court

patent misuse

p2?.

antitrust vioiation. Justice

This was held a self. Suc.i equitable servitudes on

patents.

more

hran^

to

Glass

Shatterproof

the

is has exacted

reward beyond the

a

the Mercoid case is unsound A MgM questionabie., It is in con- mere price of the sold article and
s*}°"ld ^Lprc nf nthpr flict with antitrust policy and has placed limitations on one or
±erently than owners ol other principles of contract law.
more" of the various possible uses
kinds of property. Patent misuse
It
.g surprising that at times of the article thus sold,
may also constitute antitrust viot
t
counsel
wonder
whether
Another Suoreme Court clarilation if the misuse meets the Phe Antitrust Division considers iic^0nTs needed on the Question
standards and tests of violation fin exclusive patent iicense as a of multiple patent licenses Sunof the Sherman, Federal Trade badge Qf antitrust violation. As p0se the'oatentee has indi-iduallv
Commission or Clayton Acts. In former Co-Chairman of the At- and ,eDara+elv executed patent
my opinion, the Third and torney General's National Com- licenses with various licens-es
Seventh Circuit Courts of Appeals mittee tQ study the Antitrust and has fixed a first sale once'in
committed^ error m two recent Lawg> j can gay that neit;ler
licences The" Third
decisions by branding exclusive Judge Barnes, the other Co- rlremt^Comt (rfbASpBall llc^ntlv
dea!Img covenants in the market- Chairman and then head of the ^ ^d \^the Newbur^h case^tha"
ln§ of patented goods as per se Antitrust Division or his liaison
? J
JNcwoui^n case that

prices of competitors,
of how they come
about. There, will be three ring
antitrust
shows
on
Capitol Hill
irrespective

,

What

a

scribing reasonable specifications
for the tied product.
There

in

Thud it is erroneous; to brand
patent misuse as also a

identical

^

narrow

a

amount

services

ic

it

of Datent

the

,

edge, is in privity with those condltions.
The sale itself would
transfer the title but the purmanufactured and sold by the chaser should be held subject to
licensee, whether the license in- the lawful use restrictions stemeluded' the package or one or ming from the patent license it-

device

restrained

«

L

case

.

„

,

,

the recent Third entee

misapplied the Hazeltine rationale
to con: emn as mandatory package
patent licensing the charging of the
same rate of royalty, namely two
cents per square foot of glass

has
that

lease

a

oatented

of

in

every

com-

that

means

condemnation.

services to

or

regardless

ThirH

de-

legisla-

fauver's and Congressman Wright
Patman's committees It is in the

nlnl1prt

antitrust

of

method isa clear

*

other halls of Congress, rather than in
the Justice Department, Federal
Trade Commission or the courts,
that pressure will be brought to
Northern question
business
bigness, and

Act

cases

commerce

any

the

and

Sherman

Pacific

Court

,

mig

than the suppression of
competition in the tied product
or service.
Construing the Section

purpose

Suoreme

* *

pr

i

opries

.

soods

*

J*

«

.

.

Circuit Court of Appeals decision

in

^ouSlas afctum to that eitect in

The Supreme

that

hardly

serve

,

*

,

misuse

.

my opinion,

of his

scope

Datent

* p

3+of tion We may expect to hear per se!
virtu- particularly from
Senator Ke-

standards are

said

has

and

antitrust

new

is

e

Section

or

ally illegal per se.

mands for

pace ?

hearings

vestigations,

either

by

clauses tested

Tying

p

increase

an

This

Datent

gressional legislation in the
antitrust field.
In the present
Congress, the mood of certain Congressman and Congressional antitrust committees or subcommittees
will be to keep the antitrust pot
boiling. The Kennedy Adminiswitness

outside the

commerce

preuuiun.
Wnat are the prospects of Con-

will

coercion to accept only the pack- vive a when sale ofby the patvalid made a patented
article

age.

patented

reoudiating that interDreta*;on

tration

rule.

ket foreclosure

monopoly of the"claims of his;
invention to
restrain

ful

reasonable

proof

1961

Thursday, June 8,

of

in

tion

.

sanctioned territorial restrictions Supreme Court sustained a patent
in patent licenses so long as the license field of use restriction
the patent laws in relation to
purchaser who buys within an where the patented article was
antitrust policy. This area has allocated territory is not restricted initially sold with knowledge of
been one to which I have devoted in his right to resell anywhere both the licensee-vendor and the
^
meagure
of research and else in the United States.
purchaser that it was to be used
]aw teaching interest. I can only
The Supreme Court in Hazeltine outside the restricted field, A sale
provide here a thumb-nail sum- Research sustained package patent made outside the licensed terrination of propositions which re- licensing without coercion of the tory would also infringe the patmy beliefs and forecasts for licensee by requiring him to take ent fights when the purchaser has
.
decad
f antitrust.
the package and refusing a re- knowledge of the restriction,
and antitrust questPfor a license under only one
,
P inherently in con or some of the patents. Hazeltine
Borderline Issues Requiring
laws
&
fQr
. clarification

1)0(^3.00

I MlfjlJ

tr

„

.

Patent Laws and Public Policy

-I AhA

•

j

/\ T1 |7I LTM 1 Sly 1T1
^"■L

.

Congress
■

.

,

May

have

,

,

That issue should

patent misuse.

Favor

un^er

tpsted

heen

the

anti-

■

repreQentatives

p:e-eiu«uyt:b,

noticl A M^orat^mergerwhln trust doctrine applicable to exciufte combined cap i t a f of The
dealing covenants.

th^

.louk.-

txie

fnst sale puce limitations m
piUral patent licenses accounting

three-fifths of the production

o

and

acquiring
tions

exceed

ooinion

acquired

corpora-

In

$10,000,000.

this

ill-advised

is

my

legis-

K
and

the

Fourth, the Supreme Court has
provided guides to antitrust violations

through

of

abuse

patent

Policy
re£use to license.

can

tyrant

violations

when

occur

patentees

He

He

also

can

license

or

non-exclusive

twD or mtoe

licensees.

patentee

a

exclusive

an

£jibeparLent S
rights.
"Hard The o
core"
antitrust

Federal Trade Comission

T~ent

unilaterally,

Acting

Apmmn

thp

limit, rf General
t

+1

and

bevond

the

Electric doctrine

Illc-

^^cuclctl

CouSt%^essl

delegate to

cannot

in

Act

it

state

H„cHe

that

had"

Lue

no

he

combine their patent rights or a licensee the discretion as to the ca,,te^ r.vnsnm 'h^d otherw;,!
conspire among themselves orselection
of
another
licensee, carteli-ed
the
whole
indust™
mergers
through trade sources, with licensees—in short, any type Hence, if a patentee acts jointly throus controls hevnrTd its natant
with
a
presumption of per se The Department of Justice has of horizontal agreement — to fix with a licensee or other party ex- rights ' Mv nfsition is that the
legality rather than a conclusive power to bring a suit to enjoin a market prices, control production, cept a bona f.de agent of the Newhnra dec'stan
is
erroneous
presumption of per se illegality.
merger.
It would be desirable to divide territories or allocate cus- patentee, or gives such other party Multinie& natent licenses with
For example,
the Supreme give the Commission a like power, tomers. However, interchange of a vet0 power, with respect to f.
p..,.p 'ri' li ufration hnt
Court and lower Federal courts But a
requirement of pre-merger Patent rights (sometimes called selection of licensees, this is be- executed
m
n'p v
'h
each
be, resolved by mechanical
violation rules.

per se

Certain

conduct

have sufficient
of

such

significant

of

learning
contemplated

means

sanctioned

is

a

w

have

firmly

supported the basic
that
a
seller,
acting
unilaterally,
has
discretion
to

principle

_

select

his

there
of

no

is

unfair

customers,
provided
proof of a plus eiement
trade

trust violation.

practice

anti-

or

01 Appeals recently quoted
^PPeais recently quotea

./T

approval

eral

this

proposition

writer's

that

gen-

"individual

refusal to deal is preserved whenever it
is reasonably ancillary to
the

effectuation

of

lawful

mar-

keting objectives."
It

is

sive

lswful for

slso

sales

for

areas

seller to

3

distributors

long as there is effective
product
or
interbrand
competition
at the
seller
and
buyer
trust

so

levels.

seller

would

To
be

violation

restrict

sales

the

contrary,

he

marketing outlets
Iniurv

tn

n

Market
t

may

resell.

r?

ceing

the

used

commission
courts

ol

v*

•

Act

price

a

essential

trend

benefits that
that type of

to

be

can

enact-

by the federal Trade
and

^ost

of

decisions




is

a

permissible conduct
under either the patent or anti-

natenf

trust iaws.

ttan

yond legally

It is well settled that an uncon-

ditional sale of
kv

the

natentee

a

or

authorized

his

dence m antitrust investigations
P"?r to issuance of a civil comPi?1"'. There is a probability that

violation.

antitrust

examine

have

now

us

where patent rights

given

been

judicial
areas

areas

Let

core>.

..hard

protection

and

a

where borderline issues still

mfntrf'aTm gfvingtheAttornev n6ed clarification^
^
y
Desoite
the
£overnment,s
^

comDlaintP oToductiori ^amaterrial
P

fiLimpntqrv PT/irinpmi'Z

few

3t-

tempts to overrule it, the General

Electric doctrine still stands in its
announcement of a Rule of Reaantitmct rnmmitw t?p
son applicable to individual patent
rPpnmmPndP4 cimilar 1 i c e n s e limitations unilaterally
lp(d„iatin
h t
•
f
imposed by the patentee. In broad
d
?
:
t
h
f
" terms, General Electric held that
®
P
•
patentee is entitled to grant
rplp

d

f

Th

Attnrnpv

•

„

,

+he

onlv

Datent reward

+he priCe of the article

sought

is

However

^ price mi e a t tie nowei
the

Question whether

tion

upon

the

anv

restric-

purchaser

patentedartSe transgresses

of

DBtent law snd sntitrust l3w

a

both

My study of the case law on t' is

hope that Congress will
not give heed to legislative prous

LTis

horizoVal
palenleJ

thei-e

ta

agreement

^

aad

h»is

antitrust

nr

tne

.

vinia

nrnnf

of

between

licensees

a

the
or

among ^ licensees.
Concluding

Observa'ions

UDsena loi^s
concluding statement .is directed {o g fgw general observa.
tions derived from this survey of
Present status and future
.

<* a"titrust in this dec-

3de.

r

First, on the question of busi-

bigness, there is no need for
basic substantive revision of
antitrust laws. It would be
every restriction imposed upon little s. ort of disastrous to private
purchasers of patented articles. coir.pet.Lve enterprise to place a
There are certain types of restric- statutory limit on the size of an
aspect convinces me that the Su- ness
preme Court has not announced any
a rigid rule invariably outlawing ^ke

on
purchasers which are
absolutely bannei by Supreme
articles under the specifications Court rulings. For example, it is
posals to nullify the elemental of his patent for any royalty, or indisputable
that the Sherman
right of competitive iself-defense upon any condition the perform- Act, apart from its exemption of
in
good
faith
meeting
of
the ance of which is reasonably within valid and enforceable State Fair

Let

V

hnt

patented article

At nreseht the Department of 1
These four Propositions illus- licensee relinquishes the patent
A.. Prcsent the Department of
-~0wer to comnei trate areas of Patent misuse and rrononolv in the article sold when
arfas.°1t patent misuse and monopoly in the article sold when

Justice Pas no power to compel
Production of documentary evi-

tions

"a license to make, use, and vend

enterprise or its market shares,
This would destroy the incentive
and spirit to compete, not to mentlcm the utter impracticality of
setting a legislative or administrative ceiling on size or market

equally low price of a competitor the reward which the patentee Trade Act contracts, prohibits the shares on an over-all basis.
^ke Supreme Court has by his grant is entitled to secure." patentee from fixing the resale American industries are too dykeld is an absolute defense to Hence, any restrictions or condi- price after sale of a patented namic and diverse for such static
charges

of

price

discrimination
Act.

tions

powerful

force

of

small

business

in

an

illegal

The present

based

upon

proposed

contrary
to
policy goals
enacted

but

bills

national

antitrust

and
one

are

should

not

be

of them

may

be

pressured through.

a

patent license

reason-

ably ancillary to the lawful rights

exclusion

contained

in

Supreme Court.

article. The Supreme Court has
also invalidated restrictions on use
ented

General nally

article when it

sold

within

was

a

where the patent licensee

limitation

thorized to sell it.
Distinguishable, however,

and

General

restriction

Early

in

Supreme

a

a

Talking

field of

patent

Court

Second,

it is extremely

impor-

use

license,

case

decisions tures.

like

General

origi-

a corporation charged
with antitrust violation it believes

territory is not within the settled

Electric sanctioned first sale price
Pictures sanctioned

conceptions,

the or the place of resale of a pat- tant that

patent grant have been sustained

Circuit proponents who seek to dilute this by the
defense.
The

Appeals wnn respect to
element

by

tested

erating practices.

ment.

T

is

Rule of Reason inquiry into the
purposes of the interchange, its
degree of market power and its
effects as manifested by its op-

RjRe of Reason is But we should not ignore the of

discrimination.
of

for

half under the Robinson-Patman

proof of injury to competition, an
pnee

claimed

investigative
proportion

pooling),

patent

—a

whnfo

a

Kobmson-P^nmn

01

to

to whom these

discrimination_cases only
loar

dis-

or

rnmnviUnr
A«s

to

territory

dealers,

restrict the persons

in

public

any

an
of

out

far

confront these

a

attempts

outside the

retail

or

a

exposed to anti-

if

aesignated for his wholesale
tnbutors

burden

and

dealers

or

with

agencies

The Ninth Circuit

Court of
with

would

notification

\y,as au-

Talking

is

a

Pic-

There the majority of the

violation

areas,

should

per se
have the

fortitu.e
to
litigate
the
case
whenever it believes that the issues

involved

able and

are

are

fairly

iusdfi-

significant to

itself

Volume

to

and

the

have
a

industry

which

in

A corporation with

operates.

for

sources

6062.

Number

193

this

approach

should

fear of losing

greater

it
re¬

outcome

the

risking
and the

in

cost

agement

litigation

of

and

money

in

avoiding litigation under the cir¬
cumstances stated, or docile ac¬
ceptance of hard bargains in anti¬
consent

trust

undue
of

create

the

very

peril

with

freedom

of

lawful private enterprise man¬

decision-making

agerial

all

at

serve.

Remember

mate

antitrust

offering of 900,000 shares

Public

$52.25

unwar¬

the

are

Service

&

Gas

price

a

of

Lynch, Pierce, Fenner &

Smith Inc.
Net

at

share is being made by

per

Merrill

Electric

stock

common

and

from

the

of

sale

shares will

common

stocks.

In

their

bank

loans

counsel should be
ideological hostility to
patent rights on the false assump¬
tion that

company's

patent
of

conflict

intrinsically in
with the competitive goals
they

antitrust

the
tain.

It

be

main¬

this

that

concern

to

matter

a

of

falla¬

basic premises

of

patent laws and Patent

Sys¬
tem as generators of incentive to
invent an to invest high risk capi¬
tal in patented inventions and in
the research and development ex¬

that

penditures

bring

them

to

practicable commercial utilization
governmental use for national
and security. The Patent

or

defense

core"'

and

lawful

exclusive

of

yet

"hard

patent

the

defend

to

rights

willing

equally

be

of

abandonment

counsel

practices

which

to
patent

"hard

are

core"

"hard core"
antitrust
violations.
Similarly,
borderland patent-antitrust issues
in need of Supreme Court clari¬
fication should be pressed to final
adjudication.
Considerable
progress
toward
protection of the Constitutionally
sanctioned exclusive rights of the
misuses

patent

or

patentee has been made under the
For the first

Patent Code of 1952.

time

in

lation,
vices

the

facilities

gas facilities.

Public
Co.

contain

others

the

right

from

selling

pro-

grant shall
exclude all

to

making,

using

and

invention
throughout the United States. The
the

Cor'e

also

shall

have

sonal

patented

that

declares

patents

attributes

the

property and that

of

per¬

patent

a

shall be presumed to be valid.
So

far

toward

judicial

as

patents

there is

still

concerned,

are

for

cause

attitudes
concern

in

frequent excessive severity of the
courts in judging the validity of
the

patent

standard

the

on

issue

invention.

of

important is t

re

the

of

But

more

need of alertness

of the Patent Bar to detect in pat¬

ent-antitrust

luctance
doubts
and

resolve

to

in

favor

against

violation.

judicial

cases,

a

of

on

re¬

balance

patent

rights

finding of antitrust

There

is

no

way

knowing how frequently this
but this

curs

of
oc¬

potential threat

un¬

derscores the role of patent coun¬

persons,

State's
Feb.

suasive

case

for

protection

of

patent rig":ts believed to be within
the allowable range of both patent
and antitrust policy.
Fair

enforcement

of

promoted
economy.

many
a

only

forces that have

creative

Yet to

are

the

American

extent that

of

reside.

the

of

As

with

U.

the

total

of $405,778,811

income of

net

had

company

$50,378,010.

economic

liberties

ties, let

hope that the 1960 dec¬

15

recent

times

have

B.

earnings

price of 35

par

a

medi¬

the

and

high of 55 several years
Shawinigan Power, formerly

a

Gatineau

Power has had

multiple

of

recent

a

major

tained

While

at

this

P-E

a

is

seems

of

with

reasonable

com¬

growth

utility

smaller

rates

stocks
of

U.

of

with

growth

Si

been

due

more

but

favorable

a

in

Florida.

a

major

Alberta

source

also

Share

1959

.96

8

1958

.89

11

1957

.80

7

the

at

rate

of

16%

per

1956^

Domestic

1954

.55

.47

15

1952

.41

78

over

1951

.23

28

1958

1950

over

1959
8.

20

3.7

12

Fireco
at

an

7

Sales

$13

share.

a

offered

common

All

stock

9

5.0

14

Average—

7

17

Municipal

Util.

(Wholesale)
Other

Municipal

21

Industry

of
.6

Industrial

19

11

16

3.3

Power

Miscellaneous

13

4.4

__

5

8

.4

13

14

$25.7

10

company's

growth

of

the

gain

in

share

earnings

slow down

somewhat.

possibility

that

increase.

may

15

■

sale

will

be

affect
earnings,
the
company's rate schedules, provide
an offsetting increase in rates
subject to approval by the com¬

for

The
company
has long range
plans for development. Providing
It is believed that such
increased water supply as well as mission;
additional power, the B r a z e a u approval would be forthcoming in
view of the history of liberal reg¬
Project is being planned with an
initial cost of about $25 million or ulation in the province.

it

only

$165

per

be added

can

of

$60

per

additional
The

first,

as

kw; further
required;at

kw, plus
storage at
unit-

the

The dividend rate is very low—

units
a

,pnly

cost

cost

the

should

cf

be

own

stage

some

of

this*

ready

1964

or

it

150,000 kw plant
built for completion
will cost $21 million

and have

A. M. Shulman &

ducting

Coal will be supplied by a nearby

population

a

by

the

a

ber

of

sold

Co., Inc. is

other

retail

consumer

City.

THE PUBLIC UTILITY ISSUE OF

:

THE CHRONICLE

outlets

in

items

Canada.

Will Be Published June 15,1961

The

company's service includes
designing
and
furnishing
racks
and displays for its merchandise
and

It

selling and servicing staff.

a

also

sale

sells

merchandise

chain

to

without

and

service.

any

whole¬

other

The

stores
com¬

pany's

catalogue
lists
approxi¬
mately 1,200 items which are pur¬
chased

exclusively
from
Approximately
of the company's 1960 sales

and

our

ANNUAL 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.

made in the Province of On¬

was

tario.

The

company

services

de¬

partments in approximately 650
stores. For the year 1960, Loblaw
Groceterias
for 36%

Sales

Co.

Ltd.

the

★

Get your

the

perspective

on

this year's prospects and the future trends of

public utility industry.

accounted

of company sales.
of

ended

company

★

for

Do

not

miss the

opportunity to advertise

your

Firm, Corporation or

the

Dec.

31, 1960 totaled
$4,719,246 and net totaled $246,693, equal to $1.00 per share on
246,000 shares outstanding, com¬
pared with sales of $4,891,495 and
year

Bank

before

in

this

important issue. Please

reserve

your

space

requirements

closing date of June 13th.

of

$225,514, eaual to 92 cents
share on a like number of

shares for the 1959 year.

Capitalization

giving

effect

shares

246,000
no

sent the official

almost

manufacturers.

83%

★ The 1961 edition of

of

to

of

the

the

Regular advertising rates will prevail
for space

in this important issue.

company,

offering

common

is

stock,

par.

THE COMMERCIAL & FINANCIAL CHRONICLE
Forms Greenman Co.
Brian
a

M.

Greenman

securities

is

business

fices at 200 West 57th

25

York

Greenman

Company^

...

PLACE, NEW YORK 7, N. Y.

engaging
from

of¬

Street, New
City under the firm name of

free from erosion of the laudable

PARK

RECTOR

of
our

2-9570

con¬

offices at 26 Broadway, New York

capacity of 150,000 kw.

mainly in supermarkets, and

non-food

of

securities business from

Fireco

Sales, of 33 Racine Road,
Toronto, Canada, an Ontario cor¬
poration, is primarily a rack job¬

yield

A. M. Shulman Co. Opens

ear¬

lier. A coal-fired

1962;

a

but this is typical
growth stocks.

project

by

40c—providing

1.4%,

of

of the shares

received

a.

provincial, taxes,
While this would

naturally

Total

transported to eastern Canada and

company.

might

There is

company's out¬
No proceeds of

stock.

record

should continue, although the rate

Utils.

(Wholesale)
Oil

The

the United States.

The

.18

__

are
being sold for Fire¬
Management
Ltd., which

all

standing
the

Ltd.

i

15

1.5

Calgary

being

are

1

17

1953

$6.8

Power

in

amounts

'

7

etc.—
Farms_

and

"

27

.59

Inc.

Commercial

in

trillion

.75

1955^

1959

Small

increasing

underwriting group
initial public offering
of
123,000 shares of

an

27

14

1960

Rev.

(Mill.)

Villages,

City, heads

estimated

Percent.

Increase

than doubled. Revenues have

Towns,

be¬

and

follows:

as

-Percent-

of oil since

fast

grown

now

each

Inc.

of Canada's reserves. Gas reserves

have

are

for

stock.

$1.09

Recent growth is indicated
by the following table:

to

as

has

outstanding

1952

split
5-for-

Earnings

annum.

regula¬

tory climate has also helped,
has

been
and

there

1960

much

largely

of

has
1953

consumption has

increased

in share

the development of oil and gas

Alberta,

the

rate of domestic

earnings and P-E multiples of 30
to 35.
Admittedly the company's
had

shares

share

in
that

been

Other

number

a

1959—so

Increases.in>,
earnings (adjusted for splits) have

26 6.

as

in

15

its

since

decade the kw
load has increased 259%, and the

high historically, it

quite

pared

ratio

1

especially since 1950.

and

sells

50 years,

occurred

1960

improved its market
status—Calgary Power which at

29

some

growth has

cash.

Power

twice—3-for-l

aver¬

gain of
9%, looks interesting.
However, there is one growth
utility in Canada which has main¬

Calgary

past

Quebec
Power,
selling at less than 14 times earn¬
an

from internal

to> become

During

17.

ings although it has had
age
five-year earnings

the

over

Industry in the

is also being

June

adding
plant,

has helped the growth of earnings

Calgary Power has been

equal about 10% of U. S. reserves;

on

been

the War and

con¬

top growth stock, sells
about 18 times earnings.

continue

in existence for

age.

a

only

While

with

compares

to

is

expected
diversified.

more

C.

rapid

a

expected

next fifteen years;

present

ade will witness their coexistence




stocks

wayside.

formerly rated
growth stock, now sells at
ocre

a

McDonnell & Co., Inc., New York

making

also

since the company had been able
to
finance
construction
largely*

S.; and this rate of growth

Common Offered

in
us

growth

the

on

discovery of the Leduc field in
1947, and currently contains 81%

Fireco Sales Ltd.

of

equal importance with civil liber¬

were

Power,

come

antitrust policy and patent policy

symbolize

S.

by

growth

1,151,000 customers.

operating revenues
and

net

of the

than

1961

per

two

population

80%

For the 12 months ended March

31,

antitrust

rights

almost

or

28,

more

policy and equitable protection of
legitimate patent

Gas

1961, the company fur¬
nished electricity to over 1,410,000
customers,
and
gas
service
to

sel in

presenting in briefs and oral
argument an affirmative and per¬

&

Newark, N. J., is an oper¬
public
utility
supplying
electricity and gas in areas of
New Jersey in which over
4,800,000

expressly

patent

Electric

of

holds

the

Service

ating

stone

Code

that

program

$289,000,000, of
$257,000,000 was for electric
and $32,000,000 was for

which

history of this legis¬

the

construction

amounted to about

Bar should counsel constant alert¬
ness

current

As of Feb.

program.

28, 1961, the estimated cost of the

thinking usually stems from

disbelief in the
the

seek

laws

should

constant
cious

are

construction

of

payment

portion of the cost of the

a

aware

and

the U.

Province

at

Corporations and

areas.

tons

which program is now completed.
The low cost of
property additions

War II has enjoyed an annual in¬
crease
of 3.4% or double that of

U. S. utility

Canada there has been

formerly

term

the clear-cut per se

has

company

price-earn¬

high
many

which

sidered

violation

ELY

of Alberta since the end of World

is

purposes, including the repayment
of $10,000,000 of unsecured short-

within

be

to

OWEN

this

less price inflation in recent
years
fact
several
utility
stocks

antitrust charges are not believed

same

in

week

—in

initially be added to the general
funds" of the company and subset
quently used for general corporate

in

the

last

the

on

fallen

associates.

proceeds

the additional

/

column

ings ratios for

Co.

million

peaking units at its hydro
commented

the-patent-antitrust
considerations ap¬
ply when the patent practices or
Third,

areas,

BY

Calgary Power Ltd.

Common Offered
of

60

coal). The low cost coal, which
should remain relatively stable in
cost, should work out more ad¬

vantageously than if the company
continued using gas, with the ris-ing trend of cost at the well. The

We

which the

to

submitted.

are

SECURITIES

Electric & Gas

pre¬

of about

reserves

Public Service

Public

27

of

by Mr. Oppenheim before
Lawyers Club, Washington,

C.

D.

(2515)

strip mine costing only about $5.5
million.
(The company controls,

address

Patent

ulti¬

the

charges

courts

independent
issues

that

against

safeguards

ranted

business

strive to

costs

should

"An

the

>

PUBLIC UTILITY

respective spheres.

will

settlements,

interference

to

tend

and Financial Chronicle

man¬

Complacency

time.

Commercial

The

.

objectives each of these policies is
designed to achieve within their

such

by default than the fear of

case

.

.

28

The Commercial and Financial Chronicle

(2516)

half

only

Technological Progress

vs.

of

these

national

the

listed

are

securities

on

exchanges.

than

larger scale of operations.1

a

To

"Powered

begin

gas

with, electricity and
provide fuels at low cost, and

no

need

for clumsy
Even the one-man

longer

any

steam engines.
outfit

is

in

now

the

position

of

operating with "horsepowers," the
which

of

cost

prohibitive

would

century ago.

a

substitute

over,

been

utilize

to

them

had been

evolved, with the result
facilitating their use in rela¬

of

tively small plants. The applica¬
of
light metals, alloys and

tion

plastics is much better

suited for

small-scale

and

operation,

much

rule

wood

as

economical

more

a

than

But the most significant change
place in machine tools, re¬

took

advantage

industrial

competition.

limitations forbid a
ough-going discussion of

thor¬
this

Space
broad

subject.

phasize its

for

for

it to

on

most

advanced

level

cost

a

small,

acces¬

sometimes

diminutive,

plants.

even

This

de¬

centralizing trend goes in two di¬
One

rections.

is

the, creation

or

adaption of specialized tools.

Spe¬
frequently is the small

cialization

variations

in

local

few appurtenances, it also brings

a

the

element

important

speed output.

high¬
As measured by

...

of

speed, precision and
versatility — one multi - purpose

machine
ments
lent

—

with

whole

a

adjust¬

represent the equiva¬

may

of

automatic

pose

machines

series

machines;

of

few

a

special¬

multi-pur¬

replace whole

may

factories."
to

mobility, in

addition

adaptability, is another earmark

of

this

development,
significance.

mean

The

widespread

modern

of

business

ing—that
tion—is

it

eliminates

myth.

In

no

be

technical

with

"burdened"

and

marketing

problems outside the range of its
activities.

normal

profitable
put

for

special

up

It

Steel

to

of

a

combine

duction

with

needles.

Thus,

sis

obtains
the

and

for

or

basic

the

to

con¬

U.

steel

S.

pro¬

fabrication

of

healthy symbio¬

a

between

the

largest

absorbing

all others.

eliminating

or

Competition among the

equip the small unit in

end;

one

of basic
The

provided

by

specializa¬
one

exam¬

the fact that in the U. S.
109

over

with

annual

independent

in

engaged

none

processors

the other end.

illustrated, for

ple, by
are

on

the

on

opportunity for smaller

is

well

buyers and

as

products

business
tion

firms

steel

capacity.

fabrication,

than

more

500,000 tons

Opportunity by

specialization

brought

largely by the

new

the

solve

problem of distribution.

about

technology, is

in

the

thanks

household equipment, toys
gadgets, textiles, etc., quality
products in general. As a Lanca¬
cotton
the

manufacturer

nization,

its

(June 10, 1953):

"Unless

the

cotton

trade

alters

tinue to "be

a

need for many small

weaving sheds, not only on spe¬
cialty cloths, but on a reasonably
wide range of output."
Rapid

changes imply, however,
danger of early obsolescence.
is

where

the

multi-purpose

machine comes in.
The

Flexible

"rationalization,"

The

entrance

numerous
.

Multi-Purpose

firms

"growth"

and

survival
a

of

of

above

ognize
course

1 John

(one of the first to

the
of

full

impact

of

rec¬

electronic

and

fields—where
is

ress

this

Reyieui, 1948,




p.

151*

in

certain

also

vending

in

the

machine

of

In

the

U.

S.,

electronics
producers sprang up since Wcrld
War II, many equipped with new
scores

new

Not all survive, of

patents.

during

II,

such

as

in

made possible

was

of

shadow

the

the

industry, of

sive

taxation

and

wage

and

international

trade

giant

oppres¬

inflation,
barriers)

course.

drift of modern
there
at

play
to

capital

and

the

of

ventors

or

That they used
individual

from

and

in¬

small

firms, is com¬
knowledge. Has this situation
really changed in the 2Cth cen¬
tury? No, it has not; fundamental
theory, and almost every great
mon

invention

have

we

genius of
only

in

world

our

research

But

and small

to

the

of

of

new

firms, and in their abil¬

grow

rapidly.
(in 1960)

indication

ness

entrance

of

Declining
are

the

a

fur¬

effective¬

competition.

Perhaps nowhere is the symbio¬
sis

between

large and small units

pronounced than in the pro¬

duction

thetic

utilization

and

materials.

of

syn¬

Cellophane,

a

duPont achievement "has sparked
the establishment (in the U. S.)
of

great many small businesses,"

a

the

in

company's president reported
1949.
"Dupont has about 6,000

cellophane

customers,

less

than

100

The

rest

are

Much

of

which

big people.
largely small busi¬

are

.

.

laboratories

battal¬

and

ions of

highly paid scientists, vir¬
monopolize

the

of

of

and

uses

Street

techniques."
Journal, Nov. 16,
new

1949.)

inventor,
has

by

replaced

kind

in

was

the

this

lieved

writing,

to

be

"there

industry.
are

be¬

approximately 4.000

independent

autono¬

administered
the atom bomb,

and

of

reality

an

exceptional

situation).

This has become

monplace

opinion,

underwritten

such

distinguished

by

even

economist

a

the

as

the

U.

than

300

or

world-view

the "statist" crowd.

Harvard Pro¬

"A

the

M.

Blair,

modern

con¬

400

have

a

.

.

.

and

loc.

tit.,

p.

135

(Italics

Liquid

Fats;

Helicopter; Insulin; Jet Engine;
Kodachrome; Magnetic Recording;

a

almost perfect

for

.

.

.

ploy his wits to better his neigh¬
bor.
Unharpily, it is a fiction.
Technical
development has long
since become the preserve of the
scientist and the engineer.
Most
of the cheap and
simple inven¬
tions

have, to put it bluntly, been

made."3
Galbraith

actually contends that

innovations

stem

controlled by

competition
slow

tion

from

industries

"oligopolies"; where
obtains,
progress
is

been

this

That

absent.

or

has

is

fic¬
in

demonstrated

a

searching study of 61 recent (20th

"fundamental" inven¬
applied nature by Pro¬
John
Jewkes,
London

century)
tions of

an

School of Economics, and his col¬
laborators.4
in

Note

science

pure

"More

that discoveries

are

be

ranked

invention

in

the

of

the

sense

of

the

individual

as

that

pioneering work

3 American

lerman,

York,

raphy;

Capitalism,

p.

much

was

car¬

91.

Jewkes, D. Sawers and R. StilSourcei of Invention, New

The

St. Martin's

Radio;

Land
Quick

Safety

Razor;

Press,

Fastener."

Zip

(Jewkes,

82.)

The

individuals and small busi¬
nesses.
(Many
of
them
have
grown since into the medium or
large size category,
other

or

in the

are

In

of growing.)

process

numerous

they have been instru¬

cases

mental
in
utilizing and greatly
improving existing innovations. It

is

difficult indeed to draw

fast

and

tween

line

primary

contribution
and

of

distinction

inventions

of

hard

a

be¬

the

—

entirley

an

new

practically significant idea

and

fresh

a

point

of

limited facilities are capable
only of generating new ideas,

very

not

ac.ded to

(1)

this

information
the above

Universal

small

1959.

to

on

petroleum

bring

industry,

until

in¬

not

1958—was

(194.9)'the

out

ideas.

research

market

by

advice.

engineering

in a

So are,

majority of cases, licenses on new
inventions originated by the
larger firms.

The post World War

II

witnessed

has

era

near-

a

specialized
small enterprises by cross-licens¬
ing with patent-owners, especially
fabulous

growth

the

in

U.

keeping

with technological
an

be overcome

research
Swedish,

the

of

aid

the

may

co-operative
on

difficulties

The

S.

up

without

progress,

organ¬

Dutch,

patterns!.^

and British

The

of

public ignores the fact t "'at

innovations stemming from large-

Products, a
firms go in

as

funds

marketing

specialized, expert firms is avail¬
able to the small operator, as is

be

may

than

rather

novel

Moreover,

by

writer's

Unless
Big,

grow

acquire a reason¬
the market.
It

to

"brains"

have

izations

list.

Oil

firm,

corporated
to

from

cases

of

range

the

place

adequate staff,

few

very

able
takes

well.

as

rapidly, it does not take

so

funds

in

Cites Other Examples
A

and do

That holds

innovations.

ambition is to

firm's

a

so

ments.

—

given inventiveness and persever¬
ance—in a fashion that amounts

—

helps to create essential improve¬

them

developing

of

also

but

that

view

the

is in¬

of Kennametal

case

huge

first

method,

discovered by Vladimir Hensel, to

scale

enterprises

the

always

teamwork.

no

of

Frequently,

have

sentials

by

are

product

borrowed

been

acquired

or

outside;

cr

the

from

means

massive
their es¬

change straight run gasoline into
high octane variety. This was
tve key to one cf the most impor¬

they have been developed by in¬
dividuals, who happen to be as¬
sociated with the organization, on
their
own
initiative.
Actually,

tant

contrary

the

in

20th

century

mineral

which

(2)

oil

depend

"aromatic"

developments

processing,

also

most

on

the

of

Steel

Co., Warren,
(1927-1933) the

developed

first

continuous electrolvtic plat¬
ing lines,, making possible the in¬
expensive coating of steel strip.

The

employs

company

(3)
La

about

now

research

Steel

Co.,

many

by

Hammond,

without

ing

deforming
temperatures,

bars

at

resulting

properties,

prejudice to the machin¬

characteristics.

Presently,
world-wide licensing of the rele¬
vant

patents is under

(4)

1,000

ling profits in
1.000,000

pounds

its

ster¬

1947 to well over
in I960—to t^e

pounds

pioneering
development
managing director, Leon

its

by

Bagrit,
systems required in the

of control

advanced forms of automation.

(5)

In

the

Los

400

some

Angeles

"non-entertainment

electronics"

firms

related

automation:

to

mentation,

area,

produce

parts

instru¬

data-processing

and
them

computation,
few
of
equipped with original
patents.
Consolidated

originally

Engineering, for

one,

"war

a

sales

in

baby"
with
1945, grew to

$16.5 million 10

years later, due to
specializing in extremely sensi¬
tive
and precise
data-processing

instruments

such

as

recording

oscillographs.
(6)

Professor

collaborators
tion

in

Jewkes

mention

Germany

of

and

the
.

his

inven¬

cemented

in

Kodachrome

of

when

Eastman,

photography,

bookkeeper.

a

inventor

The

corks.

crown

musicians.

t'~e

of

traveFng

a

revolutionized

Carlson,

the

of

xerography, was a
lawyer.
The inventor of

the ball-point pen was at various
times sculptor, painter and jour¬
nalist.

The

dialing

automatic
was

undertaker.

an

system

All

successful

have
owes

was

inventors

were

he

inventor

the

razor,

salesman

of

way.

Elliot-Automation

growth—from

the

In

be.

to

the

different

has
been
"outsiders," if not by

"Gillette,
safety

patent

for

strength

used

no

dilettantes.

method

increased

is

innovation

an

was

in

it

sparked by

Ind., with about 500 employees at
present,
evolved
since
1951
a
elevated

opinion,

popular

process

what

from

joint

Systematic

Salle

to

invention

recent past, as in the remoter one,

chemicals.

Thomas

Ohio,

$832,000

omitted.

one-half

than

can

cases

'Polaroid'
Power Steering;

Freezing;

has
of

inducing technical
change.
There is no more
pleasant fiction than that techni¬
cal change is the product of the
matchless ingenuity of the small
man forced by competition to em¬

public

securities

of

Gyro-Com¬

700 people.

industry

few large firms an
instrument

be

spokesman:

benign Providence

made

4 Jchn

2 J.

ours.)

its

as

.

their

Microscope;

Hardening

pass;

Professor

late

Schumpeter.
And,
course, it fits perfectly in

S.

for

structive, especially also, because
it shows that small operators with

com¬

of
the
(Weltanschauung) of

Joseph

business

enterprises
predominantly en¬
gaged in manufacturing electronic
products
probably no more
in

re¬

(allegedly documented

development
that

the indi¬

institutional

the planned

fessor

Or take the electronics
At

Electron

invention

process.
Genius
gives
way
to
probability calculus, according to
a German scholar. In other
words,

extraordinary

the

to

thanks

it

.

the present con¬
cellophane was de¬
veloped by little firms who devised

ness.

now

tually

mous

Since,
they
have grown to a
multi-million
dollar
volume,

strength and heat resistance of
firm's carbide products.

granted that Big Bus¬
its
richly subsidized

with

iness,'

man's mind, and of

one

man's mind.

one

at which time its annual
amounted to a bare $75,000.

1937,
sales

Plating; Cinerama; Cottcn Picker;
Cyclotron; Domestic Gas Refrig¬
eration; Electric Precipitation;

by

and

processes

new

techniques.

emanate

to

introduction

about by
Pa.) since

Petroleum; Cellophane; Chromium

This is, of course, an incomplete
list of recent inventions originated

of

source

acquisition

(Latrobe,

Kennametal

p.

Innovations,

is

carbides" were brought

in merchandising

profits—of
accumulation — in manu¬

prime

wear

parts."

to virtual

Research

A

and corrosion-re¬
They report, also,
about the later
development of
this technique by American firms,
General Electric in particular. As
a
matter of fact, the most impor¬
tant improvements in "hard metal
of

sorts

sistant

by contributing
of the inventive

share

extremely

an

tough metal, vital for "dies, ma¬
chine-tool cuting edges and many

tomycin; Sulzer Loom; Synthetic
Light Polarizer; Titanium; Xerog¬

the

Inventions,

carbide,

tungsten

deserves special
ability of small

progress

major

a

And,

of

Cracking

1961

Thursday, June 8,

.

Self-winding Wrist-watch; Strep¬

fessor J. K. Galbraith may

in

to place:
Automatic
k e 1 i t e; Ball¬

.

"technical fac¬

that

treatment:
firms

technology.

another

was

this

Into

proper

Transmissions; B a
point Pen; Catalytic

Camera;

the

—

sidered

industry al¬
"dominated" by Giants—
an

seems

ideas

own

hindrance.

Conditioning;

stimuli,

tive

market—in

it

group

Air

that

kind

a

autonomous,

their

follow

em¬

were

Penicillin;

and

competitive
decentralizing

to

by risk-taking spirit,

But the prime proof of a competi¬

market

M.Blair, "Technology and Size/*

American Economic

in

technological prog¬

accentuated.

literally

new man¬

—

especially

....

events):2

of

chemistry, drugs and

cosmetics,

market

by big firms have
been greatly fostered by the de¬
velopment, in recent years,
of
highly flexible multi-purpose ma¬
chines.
Quoting the same author

the

search

occurs

industries

branches

(Wall

enterprises in

firms

War

successful Motorola, Inc.

All of which

(under

scratch

from

World

the very

hav¬

newcomers,

the team has supplanted

The fastest growth

ufacturing

new

"dominated"

as

and

The Growth Firms

sumption

Machine

started
since

or

vidual

more

variety and for rapid changes
manufacture, there will con¬

That

doorstep, together

automation.

even

stated

Financial Times of Lon¬

sufficiently to eliminate the need

the

being

on

ther

in

is

appurtenances of mecha¬

all

profit rates

for

technology.

new

with

parts,

don

operators,

brought

and

in

small

^production

mass

ity

it

of

the

to

Even

competi¬

That is brought with¬

reach

of

and

relative

is taken for

tive prices;

consists

machines

ing

annual sales, (con¬

more

or

of

ma¬

a

with $50

ones,

standardized products at

legedly

small

jority of the large
million

inter¬

today'have been the result of the

turing of goods of moderate size
and subject to variety and change
demand:

Equally
esting is the fact that even
years.

depends, above all
(leaving aside high quality prod¬
ucts), on the ability to deliver

Marketing

highly significant in the manufac¬

shire

fully

a

adequate way, enabling it not only
to produce cheaply,
but also to

type of manu¬
The latter cluster

suppliers of parts

as

20

novel

great numbers around the for¬

mer:

without

last

ceeded in

smallest

facturing units.
in

into the

go

car;

scarcely

Motors

for all the

plants

tiny particles that
struction

is

General

the

facturing

to

to

were

inventors

universities,
free

manufacturing industry of a major
country has a
single unit suc¬

development

uneconomical

such

the individuals

predominantly in the

or

the

electronics field entered it within

competi¬

units' forte, made possible by the

equipment fitted
for their size. It is promoted, in¬
cidentally, by the fact that the
large-scale producer may find it

of

clusively

that

Big is very much alive. What is
more, technical innovations tend

of

where

manufactur¬

economic

an

no

research

ployed in institutions, these insti¬
tutions were, as in the case of

the end

means

in

of

(Commercial and Finan¬
cial Chronicle, April 27, 1961.)
The majority of these firms ex¬
shops."

process.

notion,

technology

small

of

one

the

out of small laboratories and work

tor

Enhanced

backing

were

behalf

own

institutions and usually with lim¬
ited resources and assistance or,

the three basic criteria of machine

operations

who

men

their

composed of a few scientists,
engineers or technicians operating

sists

"Moreover, with the addition of

em¬

chief feature: making

equipment
sible

Suffice

the

available

of

demand.

dounding to the benefit of greatly
enhanced

can

ized

iron.

and

operate

intermittently
and quickly change the nature of
its product, thereby enabling the
small
plant to take the fullest

More¬

materials and

raw

techniques

new

have

by

electricity and
practically independent of its sur¬
roundings, the multi-purpose ma¬
chine

by

on

By far the largest number of them

Concentration in Mfg.
1

through

without

are

Continued jrom page

ried

working

.

ventors who
Swedish

were

domestic

guns

civilians.

were

in

20-

a

year-old Harvard student for
cess

cal

of

invention

refrigeration:

gas

in¬
Two

students

the

for

by

varieties

individual

technical

responsible

the

automatic

from

come

telephone

invented

suc¬

producing the first practi¬

light-polarizing material.

The

viscose rayon industry was largely
the result of the work of a con¬

sulting

chemist,

blower

and

An

glass-

bank

clerk.

is
being the father of
parking meter. J. B. Dunlcp,

credited

the

former

a

former

a

American

the

tire,

inventor
was

(Jewkes,
No

newspaperman

with

of

the

pneumatic

veterinary

a

pp.

surgeon.

117-8.)

denying,

of

course,

the

colossal technological progress ac¬

complished
large-scale
mendous

of

the

cf

efforts

the

tre¬

expenditures they incur

5 "Research

Factor

by

enterprises,

and

Industrial

Development
as
a
Progress," by M.
Bank

Zvegintzov, in National Provincial
Review, London, February 1955. 4

\

*

Volume

Number 6062

193

in order to foster

inventions

new

.

.

The Commercial and Financial Chronicle

.

This

and to improve the old.
ness

is

that

size

But Big¬
has drawbacks in the labora¬

tory, as in the machine shop and
the office.
Be that'as it may, in

research, too,

symbiosis
units

small

sort of competitive

a

big,

of

has

medium,

and

established.

been

illustrated., by
General

of

tories, with

Electric

fact

technicians in
the

same

appro¬

staff of 4,500

a

1955, "farmed out"
360 projects

to
217 public and private institutions.
year

and

development

When

go

done

by

slowdown

Again,

in

the

parts

is

make

we

find

we

that

it

this

is

approach

fruitful

out and look at the work

individual

companies.

research

our

worked
about

the

growth

mix together, what I see
temporary lull in the growth
factor, not a cessation, not a com¬
plete stoppage; but a temporary,

into

and pieces.

Labora¬

$60 million

a

priation and with
in

the

research organization of the

a

(2517)

efforts

to

have

we

rather

intensively
leading companies

200

United

States.

In

most

on

in

cases

have visited their

I think

in

the

there

that

would
the

but

might

next

as

such

policies

about

The Changing Growth Mix

a

Continued from

represents a decline in the

group

the

with

people

low

the

So

the

3

page

incomes.

larger

income

groups

are

growing rapidly and the high in¬
come
groups
are
declining, and
tnere you have a great divide in
the

consumer

business.

This divide is actu¬

ally

extreme than these facts
indicate, because we have

more

would

this

in

country

which

cept

statistical

a

con¬

call discretionary

we

Discretionary
that after

income

means

family has bought the
essentials of life
the food, the
a

—

have

absolutely must
is something left

they

that

things

there

—

discretionary in¬

Well, the

over.

the

of

come

age

upper

25

group,

34, is somewhere is the neigh¬

to

borhood

of

thousand a year,
discretionary income in

the

but

$2

is

The large
is
in the
group.
The younger
a
hard time making
They derive some fi¬

mix,

has

nancial aid from their parents and

they
borrow
some
money
on
the installment
plan, but by and large they are
up against a very tough financial
budgeting program. The low in¬
come spending units are rising by
leaps and bounds now and will
and

grandparents

be

the

and

years

high

three

next

the

for

so

much

income

enjoying

groups

spending

per

unit

actually declining in number.
situation
places
a
limit

are

That

spending ability
of these two very important age
the

on

consumer

there

but

groups

when

is

there

The

better.

comes

a

change

a

precise

for

and

time
the

exact

involves
a
number of problems but not to
get
into
any
technicalities,
I
may say that the change begins
as we aproach the middle '60s and
continues as we carry on during
the later '60s and the early '70s.
About 1964 is the dividing point.
of this time

designation

At

that

these

two

income

total

the

time

of

combined
Both go up
together.
That gives a sort of
skyrocketing curve of spending
begins to

groups
1975.

to

the

the

growth

of

con¬

currently and

are

three

next

in

the

four

or

years

middle and late '60s and

the

'70s,

early

changing

mix suggests accelerated

growth from the natural forces of
a

free economy.
I

this

out to

anybody. I am not trying to
find fault with policies by which
attack

the

But

light

Administration pro¬
stimulate the economy.

to

I

am

sumer

convinced

this

of

mix

change

in

the

that

the

in

1964.

United

Beyond

consumer

that

will

mix

date
be

a

and
irresistible force
this great acceleration of
in

demand, no
Government does

consumer

matter what the
or

does not do.

vidual

other

inherent
in

I

words,

I

am

in the free economy

and

this
the
trend and I derive it from

private industry. And from
derive a timing concept of

growth

this

comparison

a

industries.

of

The

the much

me

I

indi¬

overall

study

and

vidual
one

We

is

carried

have

the

this

exhaustive

rather

industry entered

period
four

in

growth

analysis
and

of Ameri¬

slowdown

a

three

some

or

still in that
slowdown period, and is likely to
continue there in the early years
of the '60s. But again after this
dividing point in time—roughly,
1964
many of these industries
is

ago,

years

—

have

that

stage

had

the

will

slowdown

Their rates of

comeback.

a

growth will again be speeded up.
The

other

60%

of

American

industry has relatively good rates
of

growth. In large measure these
have

rates

maintained

been

the

through

I
think
through the

recession.

they will continue

on

next three to four years.

But even

they
already
have
a
coefficient
of growth,
they will experience an accelera¬
tion as we approach the middle
though

superior

'60s.

standpoint

mix
the

industrial

the

or

in

changes
this

have

mix,

relationships

the

industries,

pattern of

same

with
we

tem¬

a

temporary in
years. Following
return to high¬

slowdown,

porary

of

terms

that

production

the

of

between individual

few

a

have

we

a

speed growth from a point a little
ahead of the middle '60s and on

through

of the '60s

rest

the

and

into the '70s.




effectiveness

the

in

slowdown

the

and

current

period

might

put the emphasis

side

positive

the

about

and

I

leave
on

the

talking

am

coming great accelera¬

tion of growth from

for

the

the

scien¬

tific

effort, and in the effective¬
ness of management in capitalizing
upon
the research in terms of
marketing new products.
The

is

effectiveness
to

not

be

of

terms

what

into

of

effort

the

measured

merely
of

percent

sales

although

research,

be

can

spending

3%

of

can

be

and

the other

getting

sales

marvelous
be

can

roughly 1964
10 years, the

ensuing

on

results

getting dis¬

appointing results. The difference
lie

must

somewhere

in

the

man¬

agement factor.
Not All
As
in

Research Is Effective

look

we

get

results

we

in

by the fact

certain

a

in

productivity

variations

capacity to
research work,

struck

is

there

this

There

is

the

of

call

growth mix and that
the technological mix.

I

field

the

either

of

en¬

expression

in

of

basic

science

science

be

can

it

or

can

in

be

application through engi¬
neering and research and develop¬
ment to

final product and to the

a

marketing of

all heard

We have

research

about

carried
Most
in

of

development

and

by American business.

on

discussion

this

overall

general,

has

been

terms.

We

spend so many billions of dollars
a

in

on

year

ment.

out vast sums of

put

direction. I

this

ested

in

spent. I
sults

research and develop¬
science.

We have space-age

the
am

and

I

am

amount

not

of

of

inter¬

interested in the

re¬

interested

the

am

results again in terms of a
down

money
money

science

and

of

in

break¬

research

Now,

I

as

that

final

I

it.;

philosophical supplement
to the story being presented here.

really

was

tion mix. There have been certain

great

economic
who

of

of

the

product.

They

intervals.

irregular. A given
a
major

very

are

laboratory may make
break-through this year
make

of

another

for

one

cannot force

You

it.

not

and
10

It

years.
out

comes

genius, tremendous

names

very

famous of these
was
Thomas
R.
Malthus,
His
theory was that population in all
faster

would

than

croach

tend

the

population

food

would
the

upon

increase

to

supply,

the

therefore
of

means

en¬

sub¬

sistence, and that this would give
to

certain

evils

work

and

certain

and

of
suffering,
starvation,
plague. He called population
growth an evil. He did not wel¬

it

come

as

optimistic feature of

an

was

his' 'Ideas

Now,

recently

have

in

re-created

evil.

an

form

the

of

a

story about the population explo¬

that

sion,

population
explosion
the under-developed

referring to

countries primarily,

there

where

where

and

is

a

the

improvement

in

greatly reduced the

If

rate.

the countries
high birth rate

projects ahead
countries
that have not reached a high level
the

one

populations of

many

picture that is staggeringly
fearful. I am not referring to that
get

a

of

kind

population explosion, nor

After Malthus there came along

to

another

student,

stimulating the
break-throughs in the whole field

Keynes,

who

stimulating
in

think

of

growth

terms

science

has

one

of

and

research

de¬

and

velopment. The idea that

can

one

manipulations bring about a
stable growth rate in the field of
by

science

in

and

research

de¬

and

velopment is not persuasive. And
if

cannot

one

growth

rate

bring

one

can

bring about a stable
in that field, how
about

stable

a

as

a

whole?
So
a

John Maynard
based his concepts

population premise. That
population premise was formed in
the late 1930s and the premise was
that we had arrived at a point
on

a

where

stagnation ruled the popu¬
trend in the more highly

lation

developed industrial countries. We
had reached the end of the road,
there would
in

increases
trine

was

be

no

further

major

population. The doc¬
postulated
upon
a

stagnation of population.
have these three

we

changing mix—in the

areas

of

consumer

demand, in the production and in¬
dustrial

side,

in

and

the

techno¬

logical side of science and research
and development.

Now, the third mix, the tech¬
nological mix, lends support to
timing

what I have said about the

face and

I

not here

am

To

my

far

or

to

the

first

two

In the

until about 1956
a

of

flood

the field

in

or

major

1957, there

of science and

and

was

break-throughs

development.

of

re¬

Since

number of industries noted
for major break-throughs appear
to have experienced a diminution
of this form of producivity.
At
some point this will pick up again
and

a

no

man

forecast

can

in

this

field and say

but

on

tions
a

I

just when it will be,
certain general considera¬
think that

resumption

both

major

on

and

a

we

should

see

grand scale of

minor

break¬

throughs in the field of science

as

this magic year 1964
and from there on into the next

we

move

to

10 years.

So, putting the three changes in

this, is

as

an

most
as

of

an

the discussion
American

many problems.

here

except

growth

those

mentioned.

It

American
not

they

done.

defend.

I

my

popula¬

nor

to pro¬

unemploy¬
tax

a

business.

attack

al¬

not

the

for

to write

nor

have

is

Asia,

solution

a

ment,

problems

I

include

tion explosion in

pound

not discuss¬

am

that

ones

to

has

economy

I

of

any

the

ready

be

us, than

of

aggregate.

The

ing

ap¬

under¬

law

for

Moreover,

here

those

I

who

know what ought to
neither
attack
nor

I

simply state my own
proposition for what it is worth
for anyone to evaluate as he
may
please.
But

it

I

hope

clear

that

that

for

I

have

made
of

reasons

in¬

ternal

changes in the relationships
population, of consumption, of

of

production and- of technology, we
are in a slow-down
period at the
moment

for

and

two

Then
and

should

sharply.

It

stay

may

three

should

we

we

great

we

to

emerge

will

from

ahead

move

be

opportunity

there

longer.

years

period

a

in

it

very

of

American

business

Perhaps I have dealt too much
figures and statistics and
changes in relationships of one

about

kind

or

that

are

another.

There

are things
important than

far more

tons 'and

dollars

and

things that

you can measure with

There

a

slide rule.

things on the moral and
mental side of the American econ¬
are

that are not readily measured
by any known yardsticks
and
yet they are more important in
the long run than the things that

omy

one

can

A

measure.

great

many

written of

a

in wisdom
favor

with God
can grow

everybody
and

in

We

ago it

years

was

young man, "He grew
and in stature and in

and man."
Any¬
in stature but not

can

favor
need

God

great

a

in

grow

with

wisdom

and

man.

regeneration

of wisdom,
tolerance, judgment,
sympathy, of the spiritual values
in

lives.

our

Otherwise,

these

materialistic factors of science and
research

and

population

ruin

can

us.

I present here a sermon in favor

of

trying to match

values
can

with

change
lag

up ,our

spiritual

values

the

measure

that

on

the

Stock

we

Ex¬

in Gross National Prod¬

or

That is

where

behind.

That

we

is

are

apt to

where

we

ought to give everything the big
push.
We must have the vision

population explosion as a regular,
constantly recurring thing forever
and ever and ever, and the other
based on stagnation in population
in advanced industrial economies.

trol of these

his

But

today

have a picture of

we

between

relationships

unique

period right after World
during the '50s and up

important

doctrine. I am men¬
tioning this to show that here are
two
great names, one based on
applaud

com¬

binations.

outlook.

thinking

proach, as a way to an
standing what is ahead of

and

the imagination to

stagnation
and
explosion.
We
have a
stagnation) of population
in the age group

and

have

we

of 25 to 34 years
an
explosion of

the age group of
18
to 24 years.
That has never
happened before in our lifetime

population

in

and I doubt if it will
in

lifetime.

our

happen again
But it has hap¬

It is something new. And
us to adapt our think¬

pened.

it behooves

ing
and

to

something that is so new

so

fundamental

to

the

eco¬

nomic life of the free economy

America.

To

of

great
change in the internal relation¬
ships between parts of the popu¬
lation
is
to
be
intrigued
and
seduced
that

by

will

a

not

ignore

lot

this

of propositions

stand

test

the

hard-boiled, down-to-earth,
istic analysis.

of

real¬

can

■

•

con¬

economy.

*An

address
annual

Industrial

City,

May

by

Dr.

meeting

Conference

19,

Edie before the
of
the
National
Board, New York

1961.

Samson, N. Y., Branch
Samson

Associates, Inc., invest¬
and general disti ib-

ment adviser

for

utor

Samson

Convertible

Securities and Capital Fund, Inc.,
and

open-end non-diversified in¬

vestment company, has announced
the

opening

Fifth

office at 680
York, with
Farrell, Jr. as Sales
of

Avenue,

William

B.

an

New

Manager.
Headquarters of Samson Asso¬

ciates, Inc.

are

in Briarcliff Manor,

N. Y.

Richard Wolf Opens
BELLEROSE, N. Y. — Richard
Wolf is conducting
a
securities
business
from
offices
at
83-07
252nd Street.

•

keep

great forces that are
being released within the Ameri¬

45th

for

economic

of

way

more

uct.

criticize

to

of

stagna¬

have to try to trans¬

we

late it into the

body

Malthus doctrine.

the

results

between

curing simultaneously. That is the
new development that we
have to

of industrial development, one can

talks about

one

of

most

death

and development do

regular

history

of men
brilliant in
population analysis.

been

field

One

the

thought,

have

the

in

names

research

at

con¬

popula¬

a

today the

tion and explosion as between dif¬
ferent parts of the
economy oc-

think

My first sub-division, the

mix,

have

alternation

do

Examines Our Population Trend

and

occur

these

sort of

sumer

We
an

intention

reviewed

have

Stagnation and

Explosion

new

a

optimistic side of

see

medicine has

not

on

three growth mixes. I want to add

gains and benefits of science

then,

great deal

a

story

The

search

Technological Mix

the

a

Simultaneous
V

years.

like

me

been

the next few years.

will

to

science, and the expression is, "a
break-through." A break-through
in

'60s

forms

War II and

to the third form

middle

the human life. It

pattern

now

it looks

frequently heard in the realm of

of growth. I
am sorry to say I cannot give too
much acceleration of growth
in
I advance

the

that is the

in

steady flow

an

and

rise

field

in

success

imagine.

outburst of growth factors arising
from this change in growth mix,

and

of

as

look

before

There

of

research
a

to

through for the ensuing 10

cycle

science. There is not

deavor.

little

countries

the

from

rather

are

that

the

over

companies

nearly

beyond that I
can see exciting possibilities. I see
the bright blue yonder from just

that

consideration. Two companies

a

years,

in

research and development and one

for

future

near

that

because

growth

unduly pessimistic impression.

I want to

of

growth rate in the economy

I do not want to dwell too much

on

have found that

we

very

effort, and when

So, looking at the problem from
the

research

the

indi¬

detail

find that about 40%

we

are

the

in

industry and a comparison
industry with another.

of

analysis

make

man¬

wide differences in
the effectiveness of the research,

is

fruitful field of

more

there

goes

re¬

my

to

off. And

pay

of

purpose

working with

capability of the

agement

in

parts

growth factor is important but to

We

talking
primarily about factors that are
In

on

States,

powerful
giving
growth

situation

component

in the pon-

going to be very difficult for
them to do much about it until
the

deal

search colleagues for a number of

it is

roughly

whether it

and

For

been

years

present

poses

second

coming acceleration

pointing

not

am

the

production.

an

consumer

the
two

production

production

of

have

on

relatively limited in effectiveness.
In the

the

the

little

too

or

with

by artificial means

spending

the

in
the

that I derive the idea

From

attempts

sumer

up.

consumers

stimulate

for

groups

in the two
combined from 1964 on to

by

power

that

age

move

of

be accelerated. I want to

can

four

or

mix

con¬

Everybody talks about produc¬
tion
growth, whether it is too

can

meet.

of

The Production Mix

higher
ends

the

families

that is

and

into

group

mix

mix.

relatively nominal.
discretionary
income
age

the

different age groups.
I
advance now
to

of the lower age group

the hands

of

number

terms

income.

in

demand,

sumer

structure of Ameri¬

can

changes

the

it

seem

I

that

of the advocates of

some

when

done

three

or

stimulate

not

But

be

the^growth rate

two

much

growth.

certain artificial

stimulate

for

of

rate

are

things

laboratories,
observed
their
research
effort,
and have attempted to talk with
the management about the policies
which
guide the research,
and

we

s.

a

29

30

The Commercial and Financial Chronicle

(2518)

STATE OF TRADE AND INDUSTRY

Other Chrysler plants lim¬

week.

ited

work

three

to

ending

days,

STS&St

And

committee

cnh-

mnnrvnnlv

or,ri

A tool steel maker reduced

ness.

carbide metal prices up to 20%,

standing with a proportional reduction in
he will investigate P™es of throwaway inserts and

Senator long ago

thlt

warning

fighting for automotive trim busi-

from page 5

issued

a

slP§ie tools.
'industry
'Scrap is showing new strength.
V At the same time, price cutting Steel's composite price on No. A
in
stainless
steel
and
boosting heavy melting grade was up $1 to
iSstrib5(?disSounts for oil coun- '$37.33 a gross ton after holding
the

in

increase

price

any

steel

try goads have also dampened any
chance of a steel

future.s

near

.

Continuation

price rise in the
V;*
of
price
cuts,

coupled with the fact steel mills
and steel service centers both continue to overlook some "extras"

special charges, is hardly the
atmosphere for steel price increases, the Iron Age points out.
In addition, many large steel users
say
they
would
resist
higher
or

priceSi
these

For

steel

some

reasons

while not ruling out
increase later this year

executives,

price

a

.,

,

American

"loll

would

soon

flat

Week Ended June s,

l

the American Iron and Steel In-

companies stitute, production for week endknow
it
take more ing June 3, 1961 was 2,052,000
than just saying they need higher tons (*110.1%), 1.2% under output
prices to push through any in- of 2,077,000 tons (*111.5%) in the
creases—and make them stick.
week ended May 27.
Production this year through
the steel
is going to

says,

,

.

sl

~

steel

for

the nation's proto pour more ingots this
than
they
did
in May,

ducers

month

magazine said.

Steel

There's

Index of Ingot Production by Dis-

tricts,
1961,

Production for

steelmaking
merely holds at the May pace, it
June

this

Of

Pittsburgh

IZZ_ZZZ

303

May

in

ported

demand for struc-

backlogs

^

fcm

construction

private

rqo^-ior^

c+T.™r^

is

enminv

coming

iTionnfan

Tor

preceding

tufers> wLe S deveToPrg

The

automotive industry is specifying

to

week,

re¬

Dun
&
Bradstreet, Inc.
climbed
considerably

above

the

299

comparable
the

264

occurring

week

in

1959.

a

Also,

businesses

more

1939

pre-war

in

and
21%

some

failed

when

the

ago

year

than

the

toll

303 in the similar week,

in

<

was

Tin plate
sonal

peak.

oneratins

demand is near a seaMost producers are.

The week's upturn was concen¬

failures

among

under

involving

$100,000,

which

rose

to 332 from 260 last week and

266

production

1960.
Casualties
running
$100,000, on the other hand,
dipped to 35 from 43 in the previ¬

above

remained

but

week

ous

the

this

33

of

:

'-■>>'

ago-

The

toll

creased
and

■

sharply

a

year

':;%•%

retailers

in¬

174 from

to

132,

construction

contrac¬

tors

jumped to 61 from 47.
As
well, mild rises occurred in manu¬
facturing, up to 64 from 58, and
in

wholesaling,

Commercial

accumulating

21

showed

the

only decline during the week, a
dip to 26 from 27, and was the
only group having fewer casual¬
ties

in

than
last

the

corresponding

In

year.

mortality

other

opera¬

exceeded

orders

senger

and

six

-

Canadian

Output
in

amount

power

^

of U.

The

of

trend in steel progiving impetus to talk

rising
is

duction

higher prices

^Steel

in the

industry,

reported

If market conditions are

favor-

able, there will be strong pressure
for an upward adjustment on or
Oct.

about

That's

I.

when

the

United Steelworkers get the third

installment

of

the

package

wage

they negotiated in January,
,

.

The

.

i

,

,

.

1960.
,

reached

of

by

electric

the

jncrease o{ 214%

gn

pas-

ployment cost increases of about
30

cents

an

hour

since

the

last

price increases in 1958.
But

from competing
products, imports, and
materials will cause

pressure

.domestic

nonferrous

steelmakers to

think twice about

increasing their prices.

April and the highest attainment

agency said that

?^o^Umfitfturned

11-3%.behind 611,260 units turned

,,

_

,,

.,

,

,

.

c

,

.^a_r^,s. said ^at au^o output of
wee^u

we

that

the

of

previous

14,390,000,000 kwh.
384,000,000
kwh.,
or
2.8%

above that of the comparable 1960
week.
Lumber

Shipments Were 13.3%

Behind That of 1960 Volume

hlg

because of the extended Memorial
Day J™hday.For the same week

da\ allowing a longer work
,,

,

,

T.,

...

Wlth thf Tuesday holiday this
year most automakers confined
y?!10"?,, ?
ua,ys
j




other

Compared with 1960 levels, out¬
put
declined
3.7%,
shipments
down

13.3%,

and

orders

5.2%.

rose

sellers

for

year,

thousands

are

the

the

plants took

a

other

GM

two-day holiday,

board

of

feet

oniy

five

of

its

Los Angeles site

were

the

week

week

Board's

in¬

ended

ended

May 20, an
reported. The

was

period

ended

May 27,
last

over

'

than

400

truck

carriers

mon

The

report

handled

tonnage

at

general

re¬

Food

Moves Up for Second Consecutive
Week

Wholesale

The

compiled

dex,

Price

Food

by

In¬

Brad-

&

Dun

street, Inc., moved slightly higher
this week, the second increase in
a

On June 6 it

row.

0.7% to

rose

$5.92 from the week earlier $5.88,
and it was up 0.3% from the $5.90
of

corresponding

the

May 20,

May 27,
1961

Production—

Shipments

_

Orders—_—

1961

May 28,
1960

226,266

234,749

224,565

_

239,025
238,767

259,154

219,219

220,642

_

209,688

date

year

a

Commodities
wholesale

advancing
this

cost

week

in

were

flour,
wheat,
corn,
rye,
beef,
bellies, cottonseed oil, eggs, po¬

Increase

of

1.8%

Above

an

the

Preceding Week

Loading

This

of

was an

revenue

increase of 10,310 cars

above

the

preceding

idled all

The loadings represented a

tatoes, raisins arid steers. Lower
were barley, hams, lard,

ended May

increase

de¬

the

For

year.

a

four

the

2%

period

same

weeks

May 27, a 3% increase was
reported above the 1960 period,
while
from
Jan.
1
to
May 27
showed

1%

a

increase

over

last

year's sales.

Stocker & Yale
June 8, 1961, it was reported that
the offering of 100,000 shares of
stock of

common

Inc.

at

$3

per

subscribed

and

The

offering

Stocker & Yale,

share
the

was

books

over¬

closed.

made by First
Corp., pursuant
to a May 16 offering circular.
Net proceeds from the financing
will be used by the company for

Weber

was

Securities

products;

The

Dun

&

resents the

of

and meats in

31

rep¬

price

foodstuffs

raw

general

cost-of-living
is

Inc.

Index

total of the

sum

pound

per

Bradstreet,
Price

Food

use.

index.

It

is

not

chief

Its

show the general
prices at the whole¬

to

i

Week

Reflecting
higher
grains, flour, steers,

prices

on

cotton

and

steel scrap,

the general wholesale
commodity price level moved up
appreciably in the latest week
from the prior period.
The Daily
Wholesale

Commodity Price In¬
dex, compiled by Dun & Brad¬
street, Inc., stood at 269.46 (1930100)

June

5, compared
May 26 and 272.80
the corresponding date a year
on

on

ago.
Bad

Weather Holds
Close

More

to

cold

the

held

consumer

this

prior

week

Ago

rainy

Memorial

ended

Retailing

Wednesday below the
over-all

retail
simi¬

in sales of major appliances,

passenger cars, and men's ap¬
parel offset slight gains in wom¬

en's

apparel, furniture, and food
products. Interest in linens, dra¬
peries and children's apparel were
to

last year.

total

The

dollar

marketing

depart¬

remainder of the pro¬

ceeds

initially will be added to
working capital and subsequently
used
to
cover
an
expected
in¬
crease

in

accounts

receivable, and

inventories

increase

to

of

mate¬

demonstration equipment
and finished products.
;
Stocker & Yale, Inc., Marblehead, Mass., is engaged in re¬
search, design and manufacture of
precision measuring instruments,
such as
comparators, projectors,
micromanipulators and lighting
products for assembly and control
equipment.
The
company
also
does special design and develop¬
ment
work
in
the
optical and
audio visual fields. Missile, elec¬
tronics, miniaturization and other
precision industries form the prin¬
cipal market for the company's
products.
For the fiscal year ended Dec.
31, 1960, Stocker & Yale, Inc., had
net
sales
of
$629,759
and
net
income of $42,405. Upon comple¬
tion
of
current
financing, out¬
standing
capitalization
of
the
company
will consist of 261,000
rials,

common

stock.

weather

remained close to the

close

its

and

Day

holiday
buying in the week

and

of

equipment
new prod¬
ucts; and for a sales promotion
and marketing program designed
to expand its distribution facili¬

shares of

and

and

trade

Year

a

purchase

for the manufacture of

ties

on

20 sales showed

over

ended

ment.

=

the same period
preceding week

over

In the

year.

sugar and milk.

32

department store
City for the
May 27 sales were
York

Lightguard Elect.
Private Deb. Sale
June 8,

1961, it
of

vertible

debentures

had

notes

this

been

volume

of

re¬

31, ranged from 2% below to 2%
higher than a year ago, according
to spot estimates collected
by Dun
& Bradstreet, Inc.

senior

and

sold

privately to
Electro-Science Investors, Inc., of
727

South

Central

Richardson,

Tex.

Electro-Science,

tail trade in the week ended
May

reported that
firm's 6% con¬

was

$100,000

Expressway,
In

addition,

small business
investment company licensed by
the SBA, committed $75,000 for
purchase of additional 6% con¬
vertible

a

debentures when needed

Lightguard.

by

Regional esti¬

mates

able

varied

1960

from

levels

the

With A. C. Allyn & Co.

compar¬

by the following

CHICAGO, 111.—Thomas P., Smith

percentages: Mountain +3 to +7;

has become

Allyn

North

South

Central

Central

—1

to

and

+3;

West

New

122

&

associated

Company

South La

Salle

with

A. C.

Incorporated,
Street.

of

61,097
cars
or
9.5%
below the corresponding week in
crease

cars

unchanged

East

1.8%

week.

1960,

lended

week

in price

a

New

in

research and development of new

ago.

The

Freight Car Loadings Showed

sales

Stock All Sold

index

Price

Re¬

com¬

freight

throughout the country.
Wholesale

Federal

System,

serve

last

the

to

more

terminals of
of

According

<

last

by the ATA De¬

Economics.

15

assembly
sjtes for Monday, but all were in
operation from Wednesday

a

previous week of

0.6%.

up

conducted

areas

the

for

weeks indicated:

or

Ford Motor Co. scheduled work
at

the

of

new

of American Railroads announced.

Twelve

ahead

partment of Research and Trans¬

year

assembly Monday
jn ejght plants, and Chevrolet division
operated at Willow Run

scheduled

Atlanta.

less

was

These findings are based on the
weekly survey of 34 metropolitan

in

figures

freight in
the week ended May 27, 1961, to¬
taled 578,767 cars, the Association

tors

tonnage

lar 1960 period. Declines from last

Following

Buick, Oldsmobile and

Pontiac divisions of General Mo-

product

from

May 27,
226,266,000
board
feet
compared with 239,025,000 board
feet in the prior week, according
to reports from regional associa¬
tions. A year ago the figure was
234,749,000 board feet.

v

l°wl.nS-

the

totaled

of 1960' Production was 115,068,
but the holiday came on a Men-

last week. A producer of stainless

competition

this

with 268.51
Lumber production in the United

°J 129>142 turned out last week

we;fr.;u

the

1961, sales advanced 2%

light Wholesale Commodity Price Index
Rises Appreciably from Prior
industry for the week

below

were

near. 9d

prices were cut through Friday. Chrysler Corp.'s
Hamtramck,
Mich,
plant
also
steel trimmed its quotations on worked Monday, but the Detroit
several grades up to 5% to meet Lynch Rd. Plymouth facility and
Some

volume

energy

over

^r any month since November of
last year'
rci s Automotive Re-

* Thelbiistical

for

four-week

electric

week's total of

542.303

to

in

tonnage

cent

per

trend of food

Week

an(j

industry has absorbed em-

one '

function

Higher

2.8%

1960

Saturday,
June
3,
was
at 13,887,000,000 kwh.,
according to the Edison Electric
Institute. Output was 503,000,000

and

S.

dex

as

Reserve

increase of 6%

May

Truck

Wholesale

failures

estimated

kwh.

of

4% Over April

cars

°*

those items.

on

than

1960

by considerable margins.

The

110.1

Increase

Federal

For

sale level.

based on average

an

production

vanized and hot rolled sheets, re-

fleeting the steady lengthening of
leadtime required by mills to fill

nounced.

to 43 from 39.

up

service

Than

out in the same month a year aS°>
se?vice centers are it; was eclual to 9?-2% of.the 546'"
inventories of galcar assernblies during May,

steel

Manv

Trucking

slightly

size

V:;

'.''

among

among

Electric

May Production of Passenger
Cars Showed

the

sales on
a
taken from

store

country-wide basis

cor¬

27, was 1.1%
thecorresponding
1960,
the
American
Associations, Inc., an¬

of

week

in

above

reported as against 26 in
preceding week and 34 in the
comparable week of last year.

canacitv

at

truck

ended

flects

States in the week ended

of°its schedihes'forward5'16'' S°me

Intercity

port

j

the

weekly Production for 1957-59.

Fabricators'

tended, and inquiry is developing
in encouraging volume
A larger
™0r®

10.9% above the

Department

of

increase

an

Store

Below

The 1960 Week

week

were
over-all

week's

was

ended

becoming more ex-

are

dropping

Casualties

119

"Index of

active

after

25

the

distributed

construction
continues.

,

25 Week

May

106

Total industry

that

1%

May 27,
responding week* of 1960 and an 1961, showed a decline of 1% be¬
increase
of
3,587 cars or 42%' low for the like period last year.

week

rebounded to 368 in the week

ures

ended

114

Western

producers of reinforcing
are operating close to

Fairly

in

368

125

Southern

in

This

cars or

were

115

Cincinnati

total).

the

(which

Commercial and industrial fail-' below-i that- of

Thirty

139

St. Louis

included

in

Declined

Sales

.

Business Failures Rebound to

levels

125

I___

(piggyback)
May 20, 1961

Nationwide Department

con¬

'

104

——

Chicago

capacity. Demand is strong, refleeting
the
seasonal
bulge in

and

___I"

Cleveland
Detroit

highway

50.7%;
above the 1959 week.
32.8%; IChrysler
Corp.
8.5%;
American
Motors
Intercity Truck Tonnage Was
Corp.
6.9% ;
and ; Studebaker1.1% Below Corresponding
Packard Corp. 1.1%.
;' ,'
I960 Week

tions,

bars

turals

output, General

more

or

Thursday, June 8, 1961

.

revenue

or

Co.

Motor

Ford

95

-

Youngstown

.

Some

week's

Motors Corp. accounted for

week

119

Buffalo

put, by more than 20%.
Ingot production this wGGk is
expected to slightly exceed the
2,080,000 tons that Steel estimates
the -industry
poured last week.
Steelmaking operations held
steady over Memorial Day.
steel

Week Eiuding
Coast-_ 104*

North East

the June, 1960, out-

will still top

3,

*index of ingot

much as

by as

tons

if

But

June

ended

for week
as folows:

May's

exceed

will

million

5%.

37,141,000

period through June 4, 1960.
The
Institute
concludes
with

good chance that June

a

production
nine

demand

strong

to

(*90.6%), or 30.7% below the
53,606,000 tons (*130.6%) in the

cause

may

amounted

3

June
tons

Cent

Per

Five

Continued

by

Tons

in

1,194

,

,

Million

Nine

May's

.

Output May Exceed

Steel

June

the

mid-week.

liabilities

According to data compiled by

things considered, the maga-

All

zine

followed

beginning

program

ended

.

year.

Production of iron ore pelletsa raw material for the iron and
ste^l industry — will set another
record this year in North America, even though iron and steel
output won't be close to record,
Steel reported,
U. S. plants will supply 12,850,000 tons; Canadian plants 1,400,000. Last year (also a record
setter) saw 11,651,000 tons come
from U. S. plants and 1,246,000
from Canadian plants. Pellet shipments are likely to set records
each year through 1968.

on

and

,

unchanged for three weeks,

face."

its

Corp.

Studebaker-Packard

three-day

trated

prices

Motors

one

highway trailers
tainers

Friday.
Continued

loaded with

.

decrease of 108,296
15.8% below th$ corre¬

and
or

Middle

Coast

—2

Atlantic,
to

were

12,121

cars

Atlantic

—3

to

+1;

and Mark Davis
Agency Form'd

+2;

South

East

South

Central —4 to .0; West North Cen¬

sponding week in 1959.
There

England,

Pacific

a

reported

tral —5 to —1.

HEMPSTEAD, N. Y.
Davis
a

at

—

The Mark

Agency, Inc. is conducting

securities

business from

114 Main Street.

offices

*

!»■

Volume

193

Number

6062

.

.

The Commercial and Financial Chronicle

.

Indications of Current

The

(2519)

following statistical tabulations

latest week

Business

Activity

week
Latest

AMERICAN

IRON

Indicated

steel

Equivalent
Steel

gallons

42

Crude

castings

and

Jun

(net

tons))

each)
stills—daily

(bbls.

average

oil

fuel

Residual

2,052,000

2,077,000

7,054,410

7,061,160
7,893,000

7,738,000

29,089,000

28,783,000

27,483,000

——May 26
,j—*

—May 26

•

May 26

....

1,741,000

12,952,000

1,693,000.

6,810,910
»'■

11,695,000

210,493,000
27,154,000

213,692,000

219,317,000
26,226,000

(bbls.)

at_—. May 26

90,259,000

86,867,000

84,008,000

at

44,039,000

43,390,000

41,275,000

39,997,000

OF

AMERICAN

May 26

—

'v;

RAILROADS:

freight

loaded

Revenue

freight

received from connections

of cars)-!

(number

,____May 27

578,767

568,457

544,356

cars)May 27

of

495,925

495,353

494,937

639,864
-

538,785

Total

U.

1

Jun

State

$399,900,000

$400,000,000

$418,800,000

$648,000,000

225,400,000

228,100,000

173,800,000

481,600,000

174,500,000

171,900,000

245,000,000

166,400,000

All

___Jun

138,000,000

123,600,000

191,900,000

131,300,000

Durable

Jun

and

municipal

36,500,000

48,300,000

53,100,000

35,100,000

May 27

7,980,000

*7,815,000

7,355,000

8,575,000

May 27

.'.

_

308,000

342,000

300,000

313,000

Federal
COAL OUTPUT

Bituminous

(U.

BUREAU

S.

and lignite
(tons)
anthracite (tons)

STORE

SALES

FAILURES

INDEX—FEDERAL

COMPOSITE

Finished

Pig

steel

iron

Scrap

AND

INDUSTRIAL)—DUN

METAL PRICES

Export
Lead

(St.

1

M. J.

(E. &

Zinc

(New

U.

11 r*>r

14,206,000

1

254

368

399

274

6.196c

6.196c

6.196c

Average

at

pig,

York)

Domestic

Export

at

29.050c

11.000c

11.000c

11.000c

12.000c

10.800c

10.800c

10.800c

11.800c

12.000c

12.000c

12.000c

13.500c

13.000c

Zinc—

11.500c

11.500c

11.500c

DAILY

26.000c

26.000c

26.000c

111.000c

107.625c

100.000c

jun

6

87.25

88.58

89.75

87.32

87.59

87.72

92.06

91.91

89.92

90.06

86.38

86.78

87,05

82.03

82.15

82.15

84.68

85.20

85.20

83.28

_jun

6

88.67

88.81

88.95

85.46

Jun

Group—

6

88.67

88.81

88.95

86.91

_____!
DAILY

*

•'

•

Tin,

6 V

3.90

3.75

3.60

__

4.59

4.58

4.27

4.28

New

Laredo,

4.45

4.41

4.60

99%

4.65

4.63

4.81

6

5.02

5.01

5.01

5.23

Bismuth

4.81

4.77

4.77

4.92

Platinum,

4.51

4.50

4.49

4.75

Cadmium

Orders

received

Production

of

4.49

4.64

367.9

367.9

376.1

end

of

AVERAGE=100

___

320,272

313,558

324,167

319,809

310,595

93

93

91

93

May 27

period

303,563

331,806

May 27
at

320,360

May 27

activity
(tons)

432,421

436,539

421,325

448,196

2

113.46

113.48

113.05

110.31

TRANSACTIONS

Transactions

of

Jun

ACCOUNT

specialists in stocks

in

AND

OF

SPECIALISTS

which

Other

3,632,070

4,072,180

654,800

727,870

Total

off

the

3,298,410

3,008,530

3,179,710

1,965,900

3,955,140

3,663,330

3,907,580

2,415,790

May 12

sales

Total

Other

484,250

653,640

May 12

,__

64,100

47,800

49,800

initiated

the

on

638,360

391,230

555,180

333,020

May 12

702,460

439,030

604,980

376,520

1,265,891

1,061,823

1,147,570

129,710

147,810

139,940

Rental

907,180

1,081,427

718,619

1,412,543

1,036,890

1,229,237

858,559

5,925,891

5,178,143

5,873,390

3,534,991

832,310

_May 12

5,152,103

4,306,940

4,816,317

3,017,539

5,139,250

5,741,797

Dollar

SECURITIES

—

dealers

925,480

of

orders—Customers'

Customers'

short
other

sales

total

Dollar

sales

:

ACCOUNT

round-lot

SALES

ROUND-LOT
OF

Other

ON

MEMBERS

All

$150,037,439

$83,414,474

N.

Y.

2,922,171

1,559,486

Food

9,986

10,039

17,181

2,630,473

2,422,007

2,912,132

1,542,305

$125,622,093

$118,523,110

$145,721,988

$73,966,740

on

—


http://fraser.stlouisfed.org/
J
Federal Reserve Bank of St. Louis

71.8

42.3

40.5

♦50.6
10.9

10.8

35.5

35.5

35.7

•13.0

11.7

12.5

12.5

12.5

14.0

13.9

47.3

income

27.6

27.6

26.2

32.2

for

•33.6

28.6

social

OF

100—As

—

and

243

242

224

225

213

255

240

244

145

DEPT.

=

385.9

231

FARMERS

S.

9.2

♦392.9

239

BY

9.4

393.6

income

150

INDEX

AGRICUL¬

of

April

15:

fresh

hay

158

202

208

209

260

211

286

264

216

161

257

517

517

494

250

259

831,600

746,590

883,820

419,810

883^820

4~19~810

Meat

672,100

641,330

781,820

593,980

Poultry

Dairy

...

products

1,047,280

953,130

1;022,470

792,470

25,779,940

23,057,300

25,630,680

15,051,040

26,827,220

24,010,430

26,653,150

15,843,510

ESTATE

Savings

May 30

*

May 30

118.9
86.5

107.7!

118.9
86.1

107.8;'

May 30

._

foods

92.6

tNumber of orders not reported since

91.6

May 30

127.8

FINANCING

OF

and

Insurance

Banks

and

Mutual

..May 30

T

145

eggs

U.

S.

127.8

119.3

introduction of Monthly Investment Plan,
centers where freight from East St. Louis exceeds one-half cent a pound.

loan

—

of

IN

HOME

March

savings

160

163

226

250

$837,697

$983,016

244

310

NONFARM

LOAN

BANK

(000's omitted):

associations

$1,060,220
94,363

119,371

320,533

376,567

106,218

companies
banks

78,487

394,477

companies
trust

309

231

and

BOARD—Month

May 12

257

257

305

Wool
REAL

'

246

animals

Individuals

....

crops

Livestock

746~590

AREAS

.

1.

at

88.6

•71.9

178

95,111

104.387

316,940

354,843

467,377

$1,996,515

$2,405,561

$1,934,200

institutions

398,760

$2,444,318

lending

265,927

472,100

'

Miscellaneous

basis

112.1

*84.4

10.9

vegetables,

Oil-bearing

U. S. DEPT. OF

foods.

delivered

271.7

107.3

250

$1,671,500

$1,748,800

1,230,500

1,045,900

1,377,800

119.7

87.4

89.7

108.5

'107.3

93.6

97.5

128.0

128.4

UNITED
11

STATES

BUREAU

(000's

sold

$401.9

272.1

Potatoes

(1947-49=100):

figure.

•$409.8

249

831~600

May 12

commodities other than farm and

•Revised

$31,600,000

42.4

Fruit

Group—

;

$31,800,000

72.1

grains

2,431,993

May 12

Meats

duty

85.7

persons

U.

—

grain

11,169

STOCK

_

...

S.

at morning

109.0

Cotton

2,641,642

TRANSACTIONS

...

products

Processed

All |

THE

commodities

Farm

$125,469,076

(SHARES):

WHOLESALE PRICES, NEW SERIES
—

U.

274.3

products

May 12

;

sales

LABOR

$125,401,172

May 12

sales

Commodity

§§Delivered

boxed.

Colburne,

9.5

Commercial

—May 12

STOCK

sales.

Total

1,726,857

sales—

Short

lot

226

farm

May 12

.

'.

STOCK

Fort

Tobacco

purchases by dealers—Number of shares.

ROUND-LOT

FOR

Total

2,810,582

May 12

;

EXCHANGE AND

carload

$410.3

contribution

RECEIVED

May 12

_

Round-lot

than

**F-o.b.

COMMERCE)—Month

nonagricultural

May 12

sales

TOTAL

2,348,457

May 12

sales

Other

of

interest

Feed,
;

dealers—
of shares—Total sales

Short

$1.50000

$31,900,000

payments

All

2,500,321

sales by

Number

$1.50000

$1.50000

STATES

Crops

value

Round-lot

$1.70000

14.0

employees'

Total

—

sales

Customers'

sales)

omitted)

professional

income

NUMBER

May 12
(customers'

less

0.5c.

income

TURE—1910-1914

May 12

by dealers

but

exceeds

insurance

633,330

COMMISSION

:

Odd-lot purchases

$1.40000

and bid and ask quotations per long ton

*

Personal

purchases)—t

shares.

value

Number

EXCHANGE

(customers'

$1.60000

50.8

OF

Transfer
Less

TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDDEALERS AND SPECIALISTS ON N. Y. STOCK

by

$82,000

3,650,869

723,021

LOT

of

more

or

Dividends

918,040

sales

(000's

and

6,070,143

Number

$2.25

$82,000

$1.50000

Farm

for account of members-

sales

EXCHANGE

74.000c

$2.25

$1.70000

income

labor

197,210

ss

Odd-lot

26.000c

74.000c

12.8

Other

PRICES
STOCK

23.250c

$1.60000

lots)

Government

1,215,333

Short
Other

28.100c

$82,000

Louis

industries

Service

_May 12

sales

Total

26.000c

billions):

personal

May 12

Total

tons

St.

of daily mean

31

(in

April

May 12

.

Total round-lot transactions

export

29.500c

26.000c

lb.)

33.000c

CIRCULATION- -TREASURY DEPT.

May 12

sales

(per

avge.

32.590c

29.000c

33.000c

„

36.250c

32.500c

London Metal Exchange.

Business

sales

Other

$35,000

$212,000

23.250c

..

Distributing industries

floor—

purchases

Short

99.518c

$35,000

r

and salary receipts, total
Commodity
industries
producing
Manufacturing only

43,500

May 12

transactions

107.219c

$205,000

36.250c

Wage

394,790

'

sales

Total

705,800

May 12

sales

Other

110.106c

79.335d

$2.80601

$203,000

pound).

East

from

March

Total

floor—

purchases

Short

of

of

of

449,890

.May 12

_

initiated

91.375c
•'

32.500c

pound,

ft Average

MONEY IN

2,417,180

656,730

May 12

transactions

79.559d

$2.79805

$2.25

(per

(DEPARTMENT

3,954,200

sales
-

£91.452

'

74.000c

pig

^Domestic five

1957.

session

registered
May 12

sales

T
pounds)

PERSONAL INCOME IN THE UNITED

sales

Other

79.375d

MEM¬

May 12
Short

91.375c

$35,000

76

weighted

refined

freight

included,

INDEX—

__.

FOR

BERS, EXCEPT ODD-LOT DEALERS

Total

of

end

where

As

ROUND-LOT

£83.849

$2.79396

,v

.

(per

13.000c
13.500c

£92.097

£82.733

pound)

(per

11.500c

12.000c

£83.914

figure. tEstimated totals based on reports from companies accounting for
of primary, 95% of secondary tin consumption in 1957 and 97% of total stocks

96%

May 27
;

____

OIL, PAINT AND DRUG REPORTER PRICE
1949

4.50

368.9

£76.824

•Revised

(tons)

orders

4.51

6

£68.220

12.000c

12.000c

._

delivered ton
(Per pound, small lots)
Cobalt, 97%
grade
(per
pound)

ASSOCIATION:

(tons)

Percentage
Unfilled

6

£77.412

91.375c

pound)

(per
I

•♦Nickel

..Jun

:

11.800c

£67.076

£82.395

ounce)

of

primary

4.42

4.68

6

PAPERBOARD

boxed

grade

4.44

INDEX

11.000c
10.800c

£67.881

price)

S.

ingot

6

Group

Group

U.

grade

6

COMMODITY

(per

99%

6

Group

11.000c
10.800c

Exchange—

flask

Aluminum—

_Jun
_

£243.006

£66.645

Antimony—
UNew York, boxed
(per pound)
Laredo,
bulk
(per pound)

4.77

4.61

4.30

£230.651

11.500c

(per ounce)
Exchange
(check)
York Straits..——

(per ounce
Quicksilver (per

3.87

6

,

Sterling

Gold

AVERAGES:

Bonds—

and

Sterling

79.49

6

pound)

Silver, London

84.68

6

(per

(per pound)

Silver^ "New York

87.45

Jun

York

Louis

St.

Silver

89.51

89.64

New

Western, delivered (per pound)
ttLondon, prompt (per long ton)
ttLondon, three months (per long ton)—_

85.20

91.62

30.302c

£248.233

-

East

86.69

6

32.600c

£229.158

£243.517

§§Prime

AVERAGES:

jun

YIELD

Common,

26.000c

111.250c

28.600c
27.781c

£242.409

Common, East St. Louis (per pound)
ttLondon, prompt (per long ton)
ttThree months, London (per long ton)

_.

NATIONAL

30,820

Lead—

32.600c

6

Industrials

•31,280

29.505c

28.675c

May 31

_

._____.—

MOODY'S

$54,770

29.985c

28.600c

Jun

Utilities

pound)

pound)

30.600c

May 31

Aa

Public

(per

(per

30.250c

_.

Railroad

refinery

refinery

30.600c

May 31

___.

99.5%)

Group

Baa

•$53,810

QUOTATIONS)—

May 31

at

corporate

Aaa

M. J.

&

May 31

Government

S.

(E.

29.525c

6

U.

PRICES

May 31

—__

BOND

22,640

$53,730

.

ttLondon, prompt (per long ton)__
ttThree months, London (per long ton)

....

Industrials

$32,140

*23,050

SALES

May:
Copper—

QUOTATIONS):

Group

MOODY'S

•$30,770

23,100

&

May 31

PRICES

Utilities

6,832,000

29,460

METAL

$32.50

6

Public

9,548,000

6,690,000

of dollars):

Total

$66.41

$36.50

6

Baa__

<8,802,000

$30,630

INVENTORIES

(millions

Nondurables

6.196c

$66.44

$36.50

corporate

Railroad

8,813,000

6,663,000

goods

Month of April

13,503,000

$66.44

Government Bonds

S.

Average

16,380,000

in manufac¬

May 31

(primary

Straits

BOND

14,390,000

$36.83

—

Louis)

Aluminum

MOODY'S

13,887,000

$66.44

at

St.

3

May 29

at

tin

employees

goods

MANUFACTURERS'

139

May 29

at

Louis)

(East

146

____May 29

at

York)

(delivered)

tZinc

of

Sales

;

ton)__—

gross

refinery

(New

15,492.000

100)—

manufacturing

Nondurable

&

Electrolytic copper—
Domestic refinery
at
Lead

159.2

15,476,000

=

turing industries—

PRICES:

ton)

gross

(per

146

jun

lb.)_

(per

(per

steel

137

jun

(COMMERCIAL

AGE

99.7

•158.2

avg. =100)—

Durables

May 27

BRADSTREET, INC
IRON

5,211,000

92.4

168.8

(1947-49

(1947-49 avg.

Estimated number

RESERVE

AVERAGE=I00

(in 000 kwh.)__

output

7,123,000

5,060,000

'

INSTITUTE:

ELECTRIC

Electric

12,334,000

6,363,000

$92.3

(production workers)

goods

Inventories—

SYSTEM—1947-49
EDISON

11,423,000

6,382,000

of

OF MINES):

coal

Pennsylvania
DEPARTMENT

11,413,000

900,000

DEPT.

manuiacturing

Jun

.

—

195,000

903,000
-

.

Jun

construction

705,000

193,000

5,031,000

S.

SERIES—Month

goods

Payroll indexes

construction

Public

776,000

manufacturing

Ail

construction

S.

Private

969,000

607,000

PAYROLLS—U.

Employment indexes

NEWS-RECORD:

$1,803,000

848,000

180,000

REVISED

manufacturing

All

$1,817,000

i

Nondurable

CONSTRUCTION—ENGINEERING

ENGINEERING

$1,789,000

of

:

municipal

LABOR

-

;

(no.

and

April:
All

15,446

EN¬

Month

—

•16,751

1,002,000

RECORD

—

construction

Durable

''

14,782

787.000

NEWS

EMPLOYMENT AND

91,453,000

(bbls.)

Ago

BRADSTREET,

CONSTRUCTION

Federal

OF

Year

Month

THE

construction

State

24,421,000

oil

Revenue

CIVIL

211,653,000

&

IN

construction

S.

Private

6,304,000

oil

fuel

fuel

ASSOCIATION

27,249,000

v

(NEW)

of that date:

Previous

(000's omitted):

U.

Public

12,305,000

5,930,000

—

April
Total

2,324,000

11,275,000

6,283,000

7,899,000

28,654,000

2,173,000,

5,922,000

Distillate

STATES—DUN
INC.—Month of April

1,775,000

7,249,710

8,049,000

—_——--May 26

> Residual

INCORPORATIONS

GINEERING

Stocks at refineries, bulk terminals, in transit, in pipe linesFinished and unfinished gasoline (bbls.) at
May 26
Kerosene
(bbls.)
at
-u.—
May 26
,■

BUSINESS

either for the

are as

Month
62.3

1,943,000

May 26

(bbls.)—.—
output
(bbls.I

of quotations,

cases

Ago

66.0

—May 26

output

oil

fuel

in

or,

are

Latest

oi

(bbls.)

average

(bbls.)
output
(bbls.)__

output

Distillate

10

date,

Year

Ago

71.0

that

CIVIL ENGINEERING

output—daily

to

runs

Kerosene

Week

70.0

10

Month

on

INSTITUTE:

condensate

and

Gasoline

Jun

month ended

UNITED

PETROLEUM

oil

Week

INSTITUTE:

Previous

production and other figures for the

cover

month available. Dates shown in first column

to—

ingots

AMERICAN
Crude

STEEL

AND

operations (per cent capacity)

or

or

31

tPrime Western Zinc

OF

EXPORTS
CENSUS

omitted):

—

AND
Month

of

March

.

Exports

Imports

IMPORTS

:

11<

'

!

32

The Commercial and Financial Chronicle

(2520)

Now

Securities

in

.

Thursday, June 8, 1961

ADDITIONS

Proceeds—For

research

and

equipment,

development,

Office—2 Com¬
Underwriter — Edward

repayment of loans and working capital.
of the large

NOTE—Because

number of

mercial

issues

becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
awaiting processing by the SEC, it is

but

are

not, in

Advanced

general, to be considered

Management Corp.

filed 300,000 shares of common stock. Price
—$3.50 per share. Business—The company was organ¬
ized in October, 1960 to operate an insurance home of¬
fice service and management company with the related

firm

as

Investment

Offering—Expected in

Jan. 13,1961

expectations of the underwriter

items reflect the

Y.

N.

Hindley & Co., New York City.
mid-July.

accompanying detailed

the

and in

index

the

in

Hicksville,

St.,

offering dates.

secondary purpose of owning investments in entities en¬

in

gaged

if Abbey Automation Systems, Inc,
6, 1961 filed 100,000 common shares.
Price — $3.
Proceeds—For new facilities, sales program, demonstra¬

&

II
H
•'if-

30,

tile

hangers,

—$1.15

Jan.

1961

6,

common

Price

Business—The

—

and

Title

Business—The

Y.

missile

Dollars

May

of

42,500 units, each

(letter of notification)

unit

to

cent)

consist

and

share

one

of

(par

stock

common

minum

unit. Business—The sale and redemption of trading
—
For printing trading stamps, cata¬
logues; advertising and franchise development. Office—
26 Broadway, New York, N. Y. Underwriter—J. B. Coburn Associates, Inc., New York, N. Y. Offering—Immi¬

(6/12-16)

for

missile,

filters

frequency
rocket

and

Sales

Marrud, Inc.

26

Common Offered
McDonnell & Co., Inc., New York
City,
headed
an
underwriting
group which made an initial pub¬
lic offering on Jpne 2 of 194,750
shares of Marrud, Inc. common
stock at $20.50 per share. Of the
offering, 100,000 shares are being
sold by the company and 94,750
shares are being sold by selling
stockholders.
Company proceeds
of the offering will be used to re¬
a bank loan and to provide
working capital for expansion.
pay

and

through

"

the

concessions
*

ment stores.

operation
in

of leased
discount depart-

At May 15, 1961 the

19,

July

for

31,

fiscal

the

1960

shares

of

&

for

28, 1961

the
to¬

year

ended

$6,608,505

solely of 500,stock, par

Haber, Martin Co. Formed

a

are

Co.

offices

securities

Jack H.

at

has
125

been
Broad

busines.

Partners

Haber, David A. Mar¬

tin and Herman Baker.

operated 74 concessions

Schirmer, Atherton Branch

in stores

located in 21

BANGOR, Maine

and

during 1961 the company plans to
•

©pen an additional 40 units and to
enlarge further its line of prod-




lb"""*"'" V

'

Atherton

branch

&

office

Co.
at

—

has
25

capital

and

of

stock,

of

shares

100,000

All-State

for

Properties,

The stock will be offered for subscription
of All-State Properties on the basis of one
shares held.

Business—The

Price—To

and

working

be supplied

construction

capital.

Office

and

opera¬

Proceeds—For
—

30

Verbena

Underwriter—Bear, Stearns

sale

Mamaroneck, N. Y. Underwriter—Alexandria
& Securities, Inc., Washington, D. C.

Avenue,

Investments

America-Israel Phosphate

Co.

(6/9)

23, 1960 filed 125,000 shares of common stock, each
of which carries two warrants to purchase two

additional
a

shares in the next issue of

common

discount of 25% from the offering price.

share.

shares, at

Price—$4 per

Business—The

phosphate
general

prospecting and exploration for
in Israel.
Proceeds—For
purposes.
Office — 82 Beaver Street,

mineral

business

resources

York

City. Underwriter—Seminole Securities
Inc., Pittsburgh, Pa., and New York City.
American

Electronic

J

^

Co.,

Inc.

Laboratories,

10,632 shares of class A common
stock to be offered for subscription by stockholders at

May

26,

1961

the rate of
—To

filed

one

new

share for each 10 shares held.

■

Price

1>

-V

be

supplied by amendment. Business—The com¬
pany is engaged in research and development in the field
of electronic communication equipment.
Proceeds—For

American

April

new

Office—121

poses.

28,

Facsimile

Business—The

Corp.

(letter of notification)

1961
stock

common

equipment, and other corporate pur¬
North Seventh Street, Philadelphia.

(par

cents).

25

40,000 shares of

Price—$3

manufacture of facsimile

share.

per

corhmunication

equipment. Proceeds—For equipment; sales promotion
and advertising; research and development, and work¬
ing capital. Office—160 Coit Street, Irvington, N. J. Un¬
derwriter—Shell Associates, Inc., New York, N. Y.
•

American Finance

April

21,

1961

filed

Co., Inc.

$500,000

(7/3-10)

convertible

6%

of

sub¬

ordinated debentures due 1971; 75,000 shares of common

stock,

and

25,000 common stock purchase warrants to
be offered for public sale in units consisting of one $200
debenture, 30 common shares and 10 warrants. Price—
$500 per unit. Business—The company and its subsidi¬
aries
nance

are

primarily engaged in the automobile

business. One additional

savings

and

loan

association

subsidiary is
and

two

a

are

t

sale fi¬

v:1''

Maryland

automobile

insurance

brokers.

bentures,

and capital funds. Office — 1472 Broadway,
City. Underwriter—Lomasney, Loving & Co.,

New York
New

York

Proceeds—For

the

retirement of de¬

City. Offering—Expected in

A/

late June.

if American Missiltronics Corp.
June 6, 1961 filed 125,000 shares of class A common.
Price—$4 per share. Business—The issuing firm is a

Electronic Aids
Common Offered
Pursuant to

YOUR PRIME SOURCE FOR

V"?

ing circular, R. Topik & Co., Inc.,
295 Madison Ave., New York City

41

is

offering

shares

of

to

this

the

public

firm's

10

100,000

cent

per

stock at $3 per share. Net

common

estimated

proceeds,

at

Center

a

Street

'■'if

s

all

$
n

$231,500,

will

be used by the company for
the purchase of raw materials and

expenses.

St., Baltimore, Md., is engaged in
the

design,

facture

development,

and

distribution

manu¬

of

tronic training devices and
instruments.

cal

North

of

.

Commercial

America,

115

B.

Green has

SOLD

-

'

become

as¬

sociated

Wall'Streets-New York City.^' *v»' L

Bertner

-

k

QUOTED

Bros.,

•I

Sfidmeu, si SIEGEL
39

under the management of Donald

with

BOUGHT

•$&

for Banks, Brokers, Institutions

is

With Bertner Bros.

Charles

ISSUES

elec¬

medi¬

Broadway,
New York City,
transfer agent for the stock.

Schirmer,
opened

|

May 26, 1961 offer¬

a

J.

Waring.

sale

other alu¬
capital, and

100,000 shares of
Price—$3 per share. Pro¬

Bowling Centers, Inc.
1961 filed 300,000 shares of

Bank

company

states

and

Electronic Aids of 857 N. Eutaw

&

Street, New York City, to engage
in

and

equipment, for sales promotion,
legal fees, salaries and leasehold

I

with

doors^

The

was

$2.

formed

and

Co., New York City.

common

Martin

common

working
Office—20th Street, and Alle¬

Avenue, Floral Park, N. Y.

net was $275,850.
Capitalization of the company
as of April
10, 1961, giving effect
to the offering and repayment of

000

manufacture

The

bowling centers in several states.

expansion

totaled

bank loans consists

A

repayment of bank loans,

by amendment.
tion of

and

value

class

of

Proceeds—For

for each nine

$216,946 compared with sales of $3,448,855 apd net of $151,208 for the
like 26 weeks ending Jan. 30, 1960.
Sales

For

by holders

$5,254,130 and net

Haber,
Marrud, Inc., of 189 Dean St.,
Norwood, Mass., is a Massachu¬
setts
corporation
retailing
cos¬
metics and beauty and health aids

Jan.

—

windows

stock (par 10 cents).

—

share

company

ended

Business

storm

products.

company

power

the

of

weeks

taled

shares

Inc., parent.

programs.

space

Corp.
filed 200,000

stock

—

New

which 200,000 shares will be sold for the account of the

if Advanced Electronics Corp.
May 31, 1961 ("Reg. A") 150,000 class A shares (par 10
cents). Price—$2. Business—Designs and manufactures
systems,

— $5.
insur¬

Allstate

Proceeds—To repay a loan, acquire new quarters,
expansion, inventory, and working capital. Office—
142 Mineola Blvd., Mineola, N. Y.
Underwriter—H. B.
Crandall Co., New York.

the

ness

Corp.

1961

Underwriter—Suplee, Yeatman, Mosley Co., Inc., Phila¬
delphia, Pa.

May

for

for

life

Office—1730

Services, Inc. (6/19-23)
April 17, 1961 (letter of notification) 100,000 shares of
capital stock (par 10 cents). Price—$3 per share. Busi¬
ness—The supplying of temporary office personnel. Pro¬
ceeds—To purchase assets of Rapid Computing Co., Inc.
and for general corporate purposes. Office—122 E. 42nd
Street, New York, N. Y. Underwriter—Hancock Secu¬
rities Corp., New York, N. Y.

ucts.

telemetry

Price

in

invest

Allison Business

periods

if Adelphi Electronics, Inc.
May 29, 1961 ("Reg. A.") 100,000 common shares (par 10
cents). Price—$3. Business—Distributes electronic prod¬

supplies

to

investment.

4,

common

share

expansion, new
equipment, and working capital. Office—1024 Burbank
Blvd., Burbank, Calif. Underwriter—Pacific Coast Secu¬
rities Co., San Francisco, Calif.

of over one year.
Proceeds—To repay loans; open new offices in Philadel¬
phia, Pa., and New Haven, Conn.; lease and equip a large
garage in New York City and lease additional trucks.
Office—1616 Northern Boulevard, Manhasset, N. Y. Underwriter^-Hill, Darlington & Grimm, New York City
(managing).

radio

1961

common

is engaged in the business of leasing

trucks

0:

Amcrefe

Reynolds

—

construction,

ceeds

filed 100,000 shares of class A stock, ol
are to be offered for public sale by the
company and 25,000 shares, being outstanding stock, by
the present holders thereof. Price—$10 per share. Busi¬
19, 1961
which 75,000

and

(letter of notification) 75,000 shares of
(par 10 cents). Price—$4 per share. Busi¬
of pre-cast and pre-stressed concrete
panels for swimming pools and pumps, filters, ladders,
etc. Proceeds—For building test pools; advertising, in¬
ventory and working capital. Office—102 Mamaroneck

Underwriter

Air-Space Devices Inc.
May 4, 1961 (letter of notification)

Jan.

automobiles

1

—

Akron-Cleveland

Office—3773

gheny Avenue, Philadelphia, Pa. Underwriter—Francis I.
du Pont & Co., New York City (managing).

nent.

ness—The company

plans

Proceeds—For

other corporate purposes.

Btamps. Proceeds

Leasing System, Inc.

26,

aluminum

per

A-Drive Auto

Master

amendment.

one

share of class A stock (par $1). Price—$7

one

For the selling stock¬
Rd., Akron, O.
& Co., Inc., New York City

paneling for houses. Proceeds

•

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

Corp.

April 14, 1961

Building, Minneapolis,
Co., Minneapolis.

company

concerns.

Air

Underwriter—None.
Discount

Office—1208
Minn.
Under¬

K St., N. Y., Washington, D. C. Underwriter—Affiliated
Underwriters, Inc., Washington, D. C.

—

Action

working capital.

and

if Affiliated Investment Corp.
May 29, 1961 filed 400,000 common shares.

launching platforms. Proceeds—To selling stockholders.
Office
43
North
Village Avenue, Rockville Centre,
N.

Alside, Inc.
May 11, 1961 filed 200,000 outstanding shares of common
the present hold¬
ers thereof. Price—To be supplied by amendment. Busi¬
ness—The manufacture and sale of aluminum siding and
stock to be offered for public sale by

Dec.

ance

of

Insurance

equipment,

Proceeds-—For

equipment.

writer—Naftalin &

Corp.

installation

Price
formed

to engage in the development, manufac¬

electro-Optical

To

construction

Business—The company was

share.

per

developmental work

outstanding shares of class A
be supplied by amendment.

filed 30,000

stock.

_

May

Inc.

Instruments,

ture, sale and lease of electronic, electro-mechanical and

metal tiles and other types of
Proceeds—For the repayment

Construction

&

Scientific

in March, 1961

general corporate purposes.

MissiJes

Acme

Little

Building,

May 19, 1961 filed 875,000 shares of common stock.

Office — 3425
Bagley Avenue, Seattle, Wash. Underwriter—Ralph B.
Leonard & Sons, Inc., New York City (managing).
loans and

and

Advanced

acoustical ceiling systems.
of

1961

(managing).

(6/15)

1961

acoustical

com¬

(7/3-7)

filed 120,000 shares of common stock.
Price
To be supplied by amendment.
Business — Tne
manufacture and sale
of plastic film raincoats and re¬
lated items for men, women and children.
Proceeds—
For
inventory, taxes, accrued sales commissions and
working capital. Office—Washington, Ga. Underwriter
—D. H. Blair & Co., New York City (managing).
28,

Rock, Ark.
Underwriter—Ad¬
vanced Underwriters, Inc., Little Rock, Ark.

filed 40,000 shares of common stock and
41,000 shares of preferred stock (par $10) to be offered
for public sale in units consisting of one share of com¬
mon
and one share of preferred stock.
Price—$15 per
unit.
Business—The company is engaged in the design,
manufacture and sale of fluorescent lighting systems,
Jan.

Proceeds—The

REVISED

Almar Rainwear Corp.

April

holders.

furniture

Rector

Co., Inc., New York.
Corp.

business.

the proceeds estimated at $851,895 as a
acquisition of interests in life insurance;

•

ISSUE

PREVIOUS

ITEMS

•

fixtures; for the establishment of a
sales organization and for working capital. Office—The

for

Long Island City, N. Y. Underwriter—John Joshua

Accesso

insurance

use

for the

reserve

Office—37-05 48th

laboratory and working capital.

tion
Ave..

the

will

pany

June

SINCE

Registration

{if

i:l

'

.

* INDICATES

I!
H

.

.

Olgby 4-2370

Broadway, New

fly

Snc

$3

York 6, N. Y.

Teletype No. N.Y. 1-5237

63
-■

,.

.

&j|

'

Volume

holding

193

for Jersey

company

circuit

Number

television

6062

.

.

«

Packing Co., and

manufacturer.

camera

The Commercial and Financial Chronicle

closed

a

Proceeds

For

the

purchase of equipment, research and
development,
expansion of the Missiltronics Division, advertising in¬
ventory and working capital. Office
136 Orange St

sion. Office—501
derwriters

(2521)

Third

South

First Boston

—

Ave., Phoenix, Ariz. Un¬
Corp., and Blyth & Co., Inc.

NEW ISSUE CALENDAR

(managing).

June

Arkansas

Valley Industries, Inc.

Newark, N. J. Underwriter—T. M. Kirsch
York City.

&

Co.,

New

Mortgage Investment Corp.
April 29, 1960 filed $1,800,000 4% 20-yr. collateral
bonds and 1,566,000 shares of class A
non-voting
It

stock.

offered

vestment

trust
com¬

is

proposed that these securities will be
public sale in units (2,000) known as In¬

for

Certificates, each representing $900 of bonds
Price—$1,800 per unit. Proceeds

and 783 shares of stock.
—To be used
carry

principally to originate mortgage loans and
until market conditions are favorable for

Underwriter

—

them
disposition.

Office

—

210 Center St., Little Rock. Ark

Amico, Inc. Offering

—

Expected in late

July.
American

May

Photocopy Equipment Co. (6/12-16)
filed 435,000 shares of common stock, of
50,000 shares will be offered for the account of
1961

16,

which

the company and 385,000 for certain

selling stockholders.
Price—To be supplied by amendment.
Business—The
manufacture and sale of desk-top photocopy machines,
paper and supplies, and binding equipment.
Proceeds—
The company will use its share of the proceeds for gen¬

$1,500,000

fund

debentures

Evanston,

111.

(managing).

^ A. T.

1961 filed 100,000

Price —By

Proceeds—For the repayment of debt, purchase of addi¬
120

machines, and other corporate

Office—

purposes.

56th

E.

St., New York.
Underwriter—Robert
Associates, Inc., New York.

Martin

A.

,

Marshall
•

Antilles Electronics Corp.
May 8, 1961 (letter of notification) 100,000 shares of class
A common stock (par 10 cents). Price — $3 per share.
Address—San Lorenzo, Puerto Rico. Underwriter—Fraser & Co., Inc., Philadelphia, Pa.

May 29,

Corp.

I

I

1961 filed $750,000 of participating units in the

for public sale in 100 units.

Price—$7,500 per unit. Busi¬
acquisition, holding, testing, developing and
operating of gas and oil leaseholds. Proceeds—For gen¬

ness—The

eral

purposes.
Office—523 Marquette Ave.,
Underwriter—APA, Inc., Minneapolis. Of¬

corporate

Minneapolis.

fering—Expected

in

(6/26-30)

Apache Corp.
March

mid-August.

1961 filed 300 units in the Apache Gas and
Oil Program 1962.
Price—$15,000 per unit.
Business—
The acquisition, holding, testing, developing and oper¬
ating of gas and oil leaseholds.
Proceeds—For general
31,

corporate purposes.

lish

First

^Australia

gram.

March

31,

1961

Program plans to engage in the real estate business, with
emphasis on the acquisition, development and operation
shopping centers, office buildings and industrial

erties.

Proceeds

—

For

Office

investment.

—

prop¬

523

Mar¬

quette Ave., Minneapolis, Minn. Underwriter—Blunt El¬
lis & Simmons, Chicago (managing).
Architectural

April 20,

Plastics Corp.

(6/121

(letter of notification) 103,191 shares of
common stock (par $1)
of which 26,326 shares are to be
offered by the company and 76,865 shares by the under¬
writer.

1961

Price—$1.25

capital.

per

share.

Proceeds—For working

Office—1355 River Road, Eugene, Ore.

Under¬

writer—Zilka, Smither & Co., Inc., Portland, Ore.
Arcs

Industries, Inc.

May 19,

(7/24-28)

1961 filed $1,630,000 of 6%

convertible subor¬
dinated debentures due 1971, to be offered for subscrip¬
by

common

for

debentures

stockholders

each

100

shares

manufacture

Business—The

electro-mechanical

computer fields.

on

devices

of

the

basis

held.

of

Price

—

$500
At

of

par.

electronic, electrical and

for

use

in

the

missile

and

Proceeds—To repay loans, purchase

a

and for working capital.
Office — 755 Park
Avenue, Huntington Station, L. I., N. Y. Underwriter—
Lomasney, Loving & Co., New York City (managing).

building,

Color Film

Arizona

Processing Laboratories, Inc.
filed 2,100,500 shares of common stock
for subscription by common stockholders

1961

23,

offered

to

be

on

the basis of

—22 cents per

one

new

share for each share held.

Price

share.

Business—The processing of black
and white and color film. Proceeds—To repay loans and
for working capital. Office—2 North 30th Street, Phoenix,
Underwriter—None.

Ariz.

Public

Arizona

April

Service

21,

1961- filed

stockholders

shares

Underwriter

—

—Blair

&

40th

(Paine,

Fiat

May

26,

nated

filed

1961

$20,800,000

of

common

debentures
30.

for

&

32

be

shares

supplied

held

by

of

on

488,986

the basis of

one

new

share for

each

15

the construction of
and

for

Mart,

Forgan

&

"

•

of record on May 23, with rights to expire
Price—$32.50 per share. Proceeds—For expan¬




E.

March

Control

•

BBM

.Motor

Manufacturing

Ram

cator

Co.

Office—42

division

a

W.

15th

(Paine,
&

Baltimore

Gas

&

Electric

Co.

Baltimore 3, Md. Underwriters—To be deter¬
mined by competitive bidding. Probable bidders: Halsey,
Stuart & Co. Inc.; White, Weld & Co., and First Boston

14,

Bids—To be received

(Amos'

common

stock.

Price—At par

on

Debentures

and

Smith,

Proceeds

Common
Inc.)

Brokers

$300,000

Bonds

11

$2,000,000

DST)

a.m.

&

Common
$299,000

Inc.)

Co.

Common

—

Hardy)

&

$300,000

Common

Inc
Inc.)

Co.

Securities

Jackson

Lee

$300,000

America--Ben.Int.

page

34

Peabody

Kidder,
500,000

Curtis;

&

Corp.)

Higginson

shares

Common

June

(Offering

|

Class A
Inc.;

Co.,

&

13

Debentures

Corp
&

$445,000

Co.)

(Tuesday)

Gas

Electric

&

Common

Co

stockholders—underwritten

to

and

Inc.

Lenchner,
$2,400,000

Bruno
Corp.)

Securities

Damroth
(Hecker

Pacific

$1,000,000

underwriting)

Blyth

by

Co. Inc).

&

shares

896,470

Bonds

Virginia Electric & Power Co
(Bids

14

Baltimore

11

$30,000,000

DST)

a.m.

(Wednesday)

Gas

—Debentures

Electric Co

&

(Bids

$20,000,000

received)

be

to

Bonds

Michigan Wisconsin Pipe Line Co
11

(Bids

(Hodgdon

June

15

Units

Partnership
Inc.)

Co.,

&

$522,500

(Thursday)

Units

Corp
(Ralph

Leonard

B.

—Common

(Jamieson

De-Flectronics,

$297,000

Co.)

&

Common

Inc.

Arrin

(Theodore

$600,000

Inc.)

Sons,

&

Inc

Chroma-Glo,

G-W.

$30,000,000

DST)

a.m.

Toledo Plaza Limited

Co.

&

and T.

Kirsch & Co.)

M.

Golden

&

—Units

Co.,

Inc.)

$320,000

Common

Triangle Industries, Inc
(Robert

M.

Harris &

Inc.)

Co.

$340,000

Common

Industrial Control Products, Inc
Hindley

(Edward

Ivest

$112,000^

Ameritronics, Inc

Fund,

&

$495,000

Co.)

Common

Inc
(Ivest, Inc.)

150,000 shares

Capital

Lytton Financial Corp
(William

R.

Staats & Co. and Shearson,
300,000 shares

(Bache &

Photronics

Hammill & Co.)

(Offering

i

Co.)

...Common
—-Common

L.

D.

to

stockholders—underwritten by
& Co.) 150,000 shares

Sherman

(Bids

11

a.m.

DST)

Manufacturing
(Naftalin

16

Co.,

Bonds

Co

Southern Electric Generating
Universal

shares

155,000

Corp.

$20,000,000

Common

Co._;
Inc.)

$270,000

(Friday)

Capital

Carriers, Inc.__
196,109

(F.

Eberstadt

&

shares

,

i

—Debentures

Chock Full O' Nuts Corp
'

on

Inc.__i-Com.

$300,000

Co.)

(No-underwriting)

($2 per share).

$40,000,000

& Co.)

Barney

Manufacturing
&

Co

Karen

June

150,000 shares of

Continued

$150,000

Inc.)

Co.,

Services, Inc

Treat

Templeton,

Cable

Products, Inc.
(letter of notification)

1961

Common <
Securities

Inc.

Tassette,

June

Bel-Aire

April

Common
$1,000,000

Co.___

&

and

(jointly); Harriman Ripley & Co., Inc. and Alex.

(jointly).

$360,000

Mortgage Guaranty Insurance Co

Streets,

Corp.

& Co.)

Search Investments Corp

City.

(6/14)

Common;
Kesselmann
$500,000

Grumet & Seigel;
& Co. Inc.)

Inc

(Fraser

May 26, 1961 filed $20,000,000 of sinking fund debentures
due 1986.
Proceeds—For the repayment of bank loans
and for construction.
Office — Lexington and Liberty

$25,000,000

Co.)

&

Co.)

Webber,

Co.

-

Common

Rogers

Towbin

(General

Underwriter—
Shields & Co., New York City (managing).
•

St., New York

Sachs

Laboratories,

Electronics,

Corp.

equipment for photocopy ma¬
of the Bohn Dupli¬
of
Willmor
International
Corp.

shares

shares

220,462

Co.)

Real Estate Investment Trust of

Accesso

acquisition

100,000

Radiac, Inc

accessory

Proceeds—For

Curtis)

Common

(Hardy

May 26, 1961 filed 50,000 shares of common stock. Price
supplied by amendment. Business—The assem¬
chines.

$2,900,000

&

Brand,

(Bratter

—To be

bly and sale of

Debentures

Inc.)

Debentures '

Unterberg,

Travel

Brooks

W.

Co.,

Goldman,

Casper

Edison

National

1961

Photocopy

P.

Corp

(Metropolitan

Missouri

June

(letter of notification) 60,000 shares of
common stock
(par $1).' Price—$5 per share. Proceeds
—For advertising, new products and working capital. Of¬
fice—1007 East Second Street, Wichita, Kan.
Under¬
writer—Donald J. Hinkley & Co., Inc., Denver, Colo.
30,

Debentures
by

$1,500,000

&

Electronics

Co.,

Corp.

Common

Metropolitan Securities, Inc

Development, Inc. (6/12-16)
(letter of I notification) 40,000 shares of
common stock (par 5 cents). Price—$3.75 per share. Pro¬
ceeds—For further development of the "Skyjector."
Of¬
fice—342 Madison Ave., New York City. Underwriter—
First Philadelphia Corp., New York, N. Y., and United
Planning Corp., Newark, N. J.
Vacuum

$100,000

Inc

..Common

and

Brothers

&

1961

Automotive

&

(Lecluse

Automation

27,

Common,

Co.)

Jackson

and

(P.)

(Lehman

Marine

New York

Jan.

$625,000

shares

Research, Inc

(Netherlands

a

Chicago, 111. Underwriter—Glore,
City (managing).

Inc.)

Co.

50,000

Co., Inc.__

Lorillard

factory addition at Whippany, N. J.,
corporate purposes. Office—Merchandise

other

&

Inc.)

Co.,

Hanly;

Inc.

Research

Lannett

Busi¬

held

13.

&

Co.

about

amendment.

&

Weill)

Corp

Lee

(Whitney

Julie

subordi¬

record

Wickett

S.

Hydroswift Corp

1981 to be offered for sub¬
stockholders on the basis of $100

each

Price—To

V.

Common

Manufacturing Co., Inc

Brothers

debentures due July 1,

scription by

$15,000,000

Co.)

Common

Potoma &

L.

Industries

(Edwards

(6/33)

convertible

&

$300,000

Co.)

Industries, Inc

(No

America

$150,000

-Debentures

Brothers, Inc

(Lehman

Girard

Street, New York City. Underwriter—Jay W. Kaufmann
6 Co., New York City.
of

Planning Corp.)

Common

Webber,

Metal

Gimbel

processing service which involves
the breaking up of complex accounting operations into
simple tasks performable by its machines. Proceeds—To
purchase additional equipment.
Office — 71 West 23rd

Co.

Common

Weld

White,

&

Brooks

W.

offers customized data

Automatic Canteen

$128,988

u*

(Dempsey-Tegelih'

5

•

Inc.)

United

and

and

Co.

(Bids

w

Common

Co.,

stockholders—underwritten

to

(P.

(managing).

Corp. (6/26-30)
April 7, 1961 filed 110,000 shares of class A stock (par
cents). Price—$3 per share. Business—The company

&

Equity Capital Co

company

Procedures

shares

Inc
Berlind,

Dixon Chemical &

St., New York City. Underwriter

Co., Inc., New York City

Automated

Common

Co.__

Corp

and

&

formed to provide financial assistance to concerns active
in the vending industry. Proceeds — For investment.

East

Corp.

Chemical

(Offering

(C.

investment

management

.--Class A

$1,000,000

(Goldman, Sachs & Co. and Lehman Bros.) 1,000,000 shares

Automated

non-diversified

$636,000

435,000

Chemical Coatings,

Stanley & Co., New York (managing).

end

Brothers)

Electronics

Soto

Dixon

Morgan

Merchandising Capital Corp.
May 24, 1961 filed 400,000 shares of common stock. Price
—To be supplied by amendment. Business—A closed-

Inc.)

Grimm)

Corp

&

Co.,

component

14, 1961.

shares of common stock
(par $2.50), being offered for subscription by common

June

loans.

Co.

&

&

Smither

(M.

The Australian
currency
equivalent of the
proceeds will be applied toward capital works programs

Brown & Sons
Co.

Norman

Decitron

reserves.

by

Common

Ferman

Brothers

(Carter.

development, manufacture, sale and leasing of
vending machines. Proceeds—For the repayment of debt,

filed 1,000 units in the First Apache
Realty Program. Price—$5,000 per unit. Business—The

March

(Diran,

Curiey

(Commonwealth of)

financed

Common

$300,000

Consumers Automatic Vending, Inc

(6/27)
2, 1961 filed $25,000,000 of 20-year bonds due July
1, 1981. Proceeds—For the Commonwealth's international

being

Debentures

(Mineo

June

now

$600,000

Development, Inc

Products

(Lehman

UnderwriterCity (managing).

York

Inc.)

Colorplate Engraving Co

ness—The

(7/10-14)

Apache Realty Corp.

tion

Corp., New

Co.,

Plastics

Philadelphia

De

make

$750,000

Darlington

(First

Office—Bellemore, L. I., N. Y.
Street

L.

City

Proceeds—To estab¬

to

Inc.)

&

Brooks

(Zilka,

manufactured by others,

now

Co.,

(Monday)

Automation

indebtedness, add to inventory, and for working

Broad

June

underwriters for the Pro¬

12

(Hill,

Office—50 Broad Street,

buy ;equipment

Common
&

American Photocopy Equipment

Securities, Inc. Offering—Imminent.

subsidiaries,

reduce

of

•

June

Underwriter—Capital

parts of warning systems

$20,000,000

A-Drive Auto Leasing System, Inc

Audiographic Inc. (6/9)
27, 1961 filed 150,000 shares of common stock. Price
—$4 per share. Business—The manufacture and sale of

sidiary, APA, Inc., will act

of

(Rooert

Feb.

Office—523 Marquette Ave., Minne¬
apolis, Minn. Underwriter — The company and its sub¬
as

W.

(Lehman

burglar warning systems.

Inc.)

Williamhouse, Inc.

Counsellors, 50
Street, New York City. Note—This company was
formerly the Irving Fund for Investment in U. S. Gov¬

fire and

Debentures

(Armstrong & Co., Inc.)

Securities, Inc.
July 22, I960, filed 2,000,000 shares of common stock.
Price —$25 per share.
Business — A diversified invest¬
ment company, which will become an open-end company
with redeemable shares upon the sale and issuance of
the shares being registered.
Proceeds—For investment
City.

f

Co.,

Foods, Inc

Atlantic Fund for Investment in U. S. Government

York

Blyth &

Mfg. & Galvanizing Corp

Architectural

Office—10

Apache Canadian Gas & Oil Program 1961 to be offered

S.

and

Brooks

W.

(P.

U.

Co., New York.

capital.

(6/26-30)
Jan. 17, 1961 filed 88,739 shares of common stock (par
$1). Price—$3 per share. Business—Land development,
including the building of an air strip, a marina, and a
housing cooperative. This is the issuer's first public fi¬
nancing. Proceeds—For general corporate purposes, in¬
cluding $170,000 for construction and $12,000 for debt
reduction.
Office—Equitable Building, Baltimore, Md.
Underwriter—Karen Securities Corp., New York City.
Amity Corp.

it Apache

(P.

•

shares.

commop

Business—The leasing of vending machines
sale of merchandise for distribution therein.

amendment.

tional

brothers

Foods, Inc

Renaire

Broad

*

it American Univend Corp.

the

Renaire

June 1,
shares of common
stock (par 10 cents). Price—$3. Business—TV film pro¬
ductions. Proceeds—For general corporate purposes. Of¬
fice—130 W. 57th St., New York, N. Y. Underwriter-

ernment

and

Price—100%

1976.

due

(Lehman

U. Productions, Inc.
1961
("Reg. A.") 100,000

in U. S. Government securities.

Office—2100 West Dempster St.,
Underwriter — Lehman Brothers, New

York

May 29,

subordi¬

convertible

of

principal amount. Business—The production and sale
of chicken feed, hatching chicks and poultry. Proceeds
—For new facilities, the improvement of marketing im¬
provements, and for working capital. Office—Dardenelle,
Ark. Underwriter—A. G. Edwards & Sons, St. Louis, Mo.
(managing).

New

eral corporate purposes.

City

filed

sinking

nated

1961

of

American

mon

12,

9
(Friday)
Equipment Credit Corp

Clark

—

May

33

Co.)

$7,500,000

Continued

on

page

34

34

(2522)

Continued

The Commercial and Financial Chronicle

from

33

page

June

Harvey's Stores, Inc
(Maltz,

i

*

Income
.1

.

Greenwald

Co.)

$1,125,000

(E.

Dowd

P.

&

Co.,

Inc.)

&

Co.

Inc.

Inc.)

and

Bookshelf

Co.)

&

jl:

&

is

Co.

Kesselman

Church

Blair

&

(S.

Allison Business

i
(

Services, Inc.-

(Hancock

America-Israel

Securities

&

Inc.)

D.

Fuller

$300,000

Securities

...Common

Co.)

Broadcast

Street

(Harry

Webber,

—Common

Co.)

11

Bonds
DST)

a.m.

Capital for Technical Industries,

i
s

Co.)

(Royer Securities Co.)

Elgeet Optical

Singer

&

U. S. Home &

Hammill &

Co.

&

Meyer)

Gilbert Data

Securities

(Pistell,

Jefferson

Crow,

(R.

Model

D.

New

&

Co.

York

&

Co.)

$400,000

Hallowell,

Lee

&

&

Co.,

Tennessee

Sulzberger,

Inc.)

150,000

and

175,000

D.

Taddeo

Blauner

&

Shearson,

Hammill

Growth
(Reese,

Wrather

h

&

Co.)

;

Co.)

Inc.)

(Lee

Corp.)'

350,000.

Lehman

to

h'

20

be

Inc.)

Parker &

(Bids

11

DST)

a.m.

vtr'>

de

&

>'■;<<

(Paul),

(Michael

Common
150,000

Co.,

Inc.)

(First

Securities

Inc.)

&

&

Co.)

Boston

Corp.)

Capital

(Offering

•r,

stockholders—underwritten

to

Co.;

,

Francis

I.

du

Hammill

(George

K.

Pont

&

Holiday Sportswear,

Bonds

June

Co.)

&

Glore, Forgan
Shearson,

by

Co.

and

&

Co.)

Common

(Amos

Hunt Foods &
(Offering

Treat

&

Co.

Industries Inc
to

Goldman, Sachs & Co.)

Union

Oil

Co.

Read

June
Nash

22

&

Co.

American

Inc.)' $60,000,000

(due

June

1,

Comptometer

1991)

Debentures
(due

June

1,

W.

(Ofiering

Ihnen
&

Co.)

to
Glore,

&

Co.)

Boston

450,037

Corp.

(Eisele

Investors

and

new

equipment, lease of

a

plant,

and working capital.
Office —25970 W. 8 mile
Road, Southfield, Mich.
Underwriter
International
Equities Co., Miami, Fla.
—

Automonitor Corp.
8,. 1961 (letter of notification)

>

J

^

90,000 shares of
stock (par one cent).
Price—$2 per share. Pro¬
ceeds—To repay a
loan, purchase equipment; for plant
expansion, and working capital. Office
8525 Steller
Dr., Culver City, Calif. Underwriter—D. E. Liederman
& Co., Inc., 80 Pine
St., New York, N. Y.
common

—

•

Beryllium Manufacturing Corp.
Feb. 27, 1961 filed
105,000 shares of common stock. Price
—$4.50

>'!
»
i

per

beryllium

share. Business

components

and

—

The

other

fabrication

materials.

of

pure

Proceeds—

For expansion and

inventory, with the balance for work¬
ing capital. Office—253 W. Merrick Rd.,
Valley Stream,
L. I., N. Y. Underwriter—Eldes
Securities Corp., New
York City. Offering—Imminent.
Bid

D

May

17,

class

a

Chemical Co.

1961

(letter

common

stock

of

notification)

(par $1). Price

60,000
$5

shares

—

per

Big Boy Properties, Inc.
20, 1961 filed 100,000 shares of common stock
Price—$10 per share. Business—The company plans to
operate a chain of "Big Boy" restaurants in California.




purchase

of

to

&

&

Common

French,

Stout &

Inc.)

$600,000

Co. )

.Units

$2,600,000

n-'vC

Co.—rrBqnds;

received)

received)

Co.)

120,000

Loving

(Wednesday)

Electric
be

to

Co.)

(Bids

shares

October

Units

t

&

7A

$40,000,000

Corp

received)

Bonds

$12,000,000

be

received)

Bonds

$5,000,000

Mississippi Power Co
Common

&

!

$20,000,000

Bonds

be

to

(Bids

18

Preferred

be

to

received)

$5,000,000

(Wednesday)

iv

Georgia Power Co

$1,250,000

&

restaurants

King.

and

other

(Bids

Common

Treat

underwriting)

&

160,401

Bonds

&

(Bids

shares

300,000

Co.

$375,000

Lebaire,

Stout

Life

Co.)

&

Insurance

which

Industries,

filed

140,000

40,000 shares

(Bids

Inc.)

and

company

holders

present

Gulf

of

stock,

common

outstanding

Price

of

To

—

by the
supplied by

shares
be

amendment. Business—The manufacture and sale of food
service equipment
(for restaurants,

hotels,

etc.,)

and

houseware and hospital products. Proceeds—For
product

expansion,
poses.

working

Office—4546

writers

—

capital
West

Westheimer

&

and

other

corporate

Blue

Haven

St., Chicago, 111. Under¬
Co., Cincinnati and Divine &

30,

Industries,

1961

(letter of notification) 70,000 shares of
(par 10 cents). Price—$4 per share. Pro¬
inventory, reduce indebtedness and
for working capital. Office—11933 Vose
St., North Holly¬
wood, Calif. Underwriter—Pacific Coast Securities Co.,
increase

April 27,

&

Newman,

Inc.

filed 160,000 shares of common stock, of
which 90,140 shares are to be offered for public sale by
the company and
69,860 outstanding shares by the pres¬
ent

1961

holders thereof.

ment.

formation

Business—The

Price—To

be

supplied

by

amend¬

is a group of scientists
research, consultation and

company

and

engineers engaged in
product development in the fields of architectural acous¬
applied physics, instrumentation, psychoacoustics,

tics,

bio-medical

technology,

be

received)

Bond*

$15,000,000

(Thursday)

Co

Bonds
to

systems.

be

received)

Proceeds

—

$5,000,000

For

the

repayment

of

June.
-

Bonded

May

15,

common

—2328
&
•

Homes, Inc.

1961

(letter

stock

N.

.>

notification)

of

100,000

(par 10 cents). Price—$2

W.

per

shares

of''

share. Office 1

7th

St., Miami, Fla. Underwriter—Givens
Co., Inc., 1202 duPont Bldg., Miami 32, Fia.
Bookshelf

April

17,

common

of

1961
stock

Business—The

America,

(letter

(par
mail

of

10

Inc.

(6/26-30)

notification)
cents).

order

sale

Price

74,950 shares of
$4 per share.

—

of

religious books. Pro¬
moving expenses, new equipment and work¬
ing capital and general corporate purposes.
Office-—889
Broadway, New York, N. Y. Underwriter—D. H. Blair
& Co., New York, N. Y.
Bramalea

May
BeraneX

$8,000,000

ceeds—For

Inc.

stock

common

ceeds—To

$15,500,000

received)

debt, and working capital. Office—50 Moulton Street,.
Cambridge, Mass. Underwriter—Hemphill, Noyes & Co.,
New York City (managing).
Offering—Expected in late

pur¬

47th

Fishman, Inc., Chicago and New York City. Offering—
Expected in late June.

March

Power

(Bids

Inc.
shares

100,000

thereof.

to

December 7

$1,462,500

Co.—Common

$840,000

to be offered for public sale by

are

be

Class A

Office—1001 East Colorado Street, Glendale,

1961

1,

received)

Preferred

to

December 5
(Tuesday)
Virginia Electric & Power Co..

..Common

Inc.)

be

to

Georgia Power Co

shares

Common

Co.)

Securities,

of

March

the

$600,000

September 28 (Thursday)
Mississippi Power Co".

Inc.) $396,000

Underwriter—None.

Bolt

share.
Office—1708 W. Main St., Oklahoma
City, Okla. Under¬
writer—Donald J. Hinkley &
Co., Inc., Denver, Colo.

Proceeds —For

Co.

Co., Inc

Preferred

Bloomfield

May
the

Berlant

>;

be

to

(Bids

Common

&

Peabody

(Life

properties.

loan,

Inc.)

(Tuesday)

Gas

$7,822,000

Properties, Inc

shares

Calif.
a

Fricke

Libaire,

September 27
Rochester

Lehman

by

(Edward H.) & Son, Inc

Income

$2,000,000

from page 33

repayment of

Common

Co.,

(Tuesday)

(Bids

—Debentures

Corp.

*

(Amos

Common

stockholders—F*irst

Forgan

&

Forgan

$20,000,000

stockholders—no

to

Debentures

Baird

Glore,

Diamond Crystal Salt Co...

1896)

(Thursday)

(Offering

May

Finance

(Kidder,

(Robert

by

Corp

(Lomasney,

King,

(Bids

Debentures

Co.

Blair

H.

shares

60,0000

-

Northern Illinois Gas Co

—For

(D.

Debentures

(J. M.) Co., Inc

Continued

Rainwear

Inc.)

(Tuesday)

&

August 8

(Monday)

by

$38,799,500

of California

(D;llon(rRead & Co. Inc.) $60,000,000
Union Oil Co. of California
(Dillon,

Almar

—Debentures

stockholders—underwritten

Co.,

Blauner

$300,000

Electronics, Inc

July 3

$600,000

D.

August 15

Brothers)

Common

Inc.)

.Common
&

Northern States Power

..Common

stockholders—underwritten

(Fialkov

—Debentures
$1,630,000

Funding Corp. of New York

(Eisele

shares

of America

Co.)

Silver
to

(Wednesday)

Development Corp. of America

Co.)

stockholders—underwritten

(Offering

Taffet
June 21

to

shares

86,000

&

Co.)

Consumers Power Co

Co.

&

—Common

August 1
Investors

(Friday)

International

Inc

Baum

(Offering

&

shares

551,250

30

Sudler

Automatic Canteen

Common

-

C.

&

$300,000

Inc

Moyer,

shares

Corp

375,000

Co.)

Loving

Blauner

D.

(Woodcock,

$300,000

350,000

Chemical

Common

&

Philadelphia Laboratories, Inc

$500,000

.Common

Kletz

Sudler

Super Markets, Inc
(Milton

shares

Inc.

G.

C.

Dimension
(Milton

Packer's

Common

Rensis

Kaiser Aluminum

$50,000,000

Inc

Common
$300,000

(Wednesday)
Industries, Inc.

$600,000

Redpath)

Co.)

&

(Monday)
Industries, Inc.

Fifth

Units

,

Co.

Co.; Stone
$300,000

MacCormack &
Miller

July 24

$50,000,000

Group, Inc

(Amos

Eurofund,

).

Evans

Sellgren,

(Lomasney,

•

Consolidated Edison Co. of New York, Inc.

Common
Co.;

and

(Amos

received)

8r,

(Consolidated

(Tuesday)

4

July 19

—Bonds

Wej-It Expansion Products, Inc.—
June

$8,000,000

PST)

a.m.

..Bonds

Co...

Power

9

&

Youngberg

Microtron

Brothers)

Empire Life Insurance Co. of America
Hardeman

;

shares

200,000 shares/

Co.)

(Monday)

units

Inc._t.J_—
(P.

Common
Higginson

and

Common

Corp...
&

Corp

l'ontaine

(Thursday)

Finance

Electrarc,

Units

$1,500,000

Inc.

.

Co.)

&

shares

Marine Structures Corp....

$17,500 000

Units

Co.

(Hodgdon

Unj^
Co.

29

$1,620,000

Corp

>

received)

Valley Authority

$500,000

Corp
&

&

Bonds

Capital Properties, Inc
CMC

Common

Scheftei

&

(Auchincloss,

Brukenfeld

Loving &

(Lomasney,

i,

June

Co.)

&

Bowling & Leasing Corp

Western

$25,000,000

Arcs

shares

and

Co.

July 17

Inc

Weld

(Bids

shares

Suval Industries Inc.
(Milton

(Bids

(Grant,

.Common

Dempsey-Tegeler

and

Hammill

Electric

Chemonics

Bonds

Jemcs,

shares

Common

Co.)

285,000

Co.)

Co

53,125

Common

Brothers

Metals,

Common

Barney

be

do

&

.

$2,000,000

Inc.——
Co.

Production

/

(Wednesday)

(White,

Corp

(Lehman

Special

$300,000

Trap Rock Corp

(Smith,

Permian

Electric

Common

Inc.;

L.

Stanley

$5,000,000

Co.)

(Wednesday)

California

shares

,

(Tuesday)

July 12

shares

...Common

300,000

&

(Grant, Fontaine & Co.)

June 28

Class B Common

&

Co.,
M.

and

Massachusetts

$1,870,000

Inc

Blauner

Kirkland

(Morgan

(Bids

Corp

Baruch

Vending,

(Mnton

i

Inc.)

underwriting)

Electronics

Inc.)

Press,

Consolidated

Capital

300,000

1_.

and

V;

Inc.—Common

Debentures
Fuller

Richter

Common

Counsel Corp
(No

Micro

Redpath)

Co.

seoo.ooo

Co.)

underwriting)

D.

(Shearson,

(Tuesday)
(Commonwealth of}__

$350,000

Co

Crow,

Color

July 11

shares

Blauner

Seymour

Inc.;
&

Enterprises,

218,000

27

Australia

shares

Common

Co.)

&

Construction

June

$3,750,000

Common

387,500

Systems, Inc
(Schrijver

Jefferson

Corp.)

&

Units
$5,000,000

...

(Scherck,

Common

Parker

(Pistell,

Fox-staniey Pnoto Products, Inc
(Equitable

Corp.

World

■

,

Co.,

$550,000

110,000

units

8,000

Simmons)

&

Bruno

j.,

(No

Units

Co.)

Units

1

Co.)

&

Mountain

(S.

Telephone Co.——.Common
&

Common

—Common

Securities

Superstition
Vinco

Development Corp...

(Auchincloss,

$1,130,000

Heller

and

$412,500.

Co.)

Ellis

-V...:'j.

A

shares

200,000 shares

Co.)"

&

$1,085,000'

shares

Corp

Common

&

Simon

Witter

First Small Business Corp. of New Jersey.-Capital
(Snearson,

Inc.)

Vahlsing, Inc

$300,000

Co.)

140,000

(Armstrong & Co., Inc.) $300,000

Co., Inc.-

(i'roster,

(Netherlands

Curtis)

Instrument

$5,000,000

Diotron, Inc.__.

i

Hart

States

Triangle

Common

&

Inc

A.

M.

(Dean

Common
Common

(Dempsey-'iegeler

•

Southwestern

$20,000,000

Kane-Miller

Co.)

&

Enterprises, Inc
(I.

(Bids

&

Fuller

D.

(Blunt

Common

Recreation

$300,000

Brooklyn Union Gas Co

Common

Hammill

.Class

Jackson

_.Common

Co.—

320,000

Co.)

&

July 10 (Monday)
Apache Realty Corp

shares

(M'arron, Sloss & Co.,

$600,000

Inc

Odzer

Shearson,

Harwyn Publishing Corp
(N.

International,

and

Hager, Inc.

$500,000

Corp.)

Corp.

Fuller

D.

(S.

$2,000,000

Jewelry Corp

<Pair.e,

Common

Broad

(First

Gordon

*"

Audiographic Inc.

Higginson

$550,000

Inc.)

underwriting)

shares

Debentures

Co.)

Co.

July 5 (Wednesday)
Canandaigua Enterprises Corp

$275,000

168,000

Co.)

547,128

Capital

Corp.)

Phosphate Co

(Seminole

i

/-■-

(Lee

(S.

Common

Stone

&

Insurance

stockholders—no

$299,800

Common

Management,

—Common

Tanny Enterprises, Inc

Common
Co.)

Faradyne Electronics Corp

(Monday)

(

?!

Vic

Corp.

shares

Benefit
to

shares

75,000

Inc.)

Corp..

Treat

(Amos

tOlfering

$330,000

Fidelity Bankers Life Insurance Corp
June 19

;

Co.)

&

Co.,

&

Electronic

Survivors'

Class A

Thursday, June 8, 1961

.

Common

(Hodgdon

$4,500,000

Builders, Inc

(Hayden,

stock)

company's

H.

(Associates

Common
the

Minn.)

America, Inc

CompuDyne

$650,000

underwriting

1,728,337

of

Kaufmann

W.

(D.

$600,000

Terry Industries, Inc
(Greenfield

(Jay

Debentures
(Cooley

Minneapolis,

.

Inc

Seaboard

$22b;217

Units.
Inc.

Common

Seigel

&

Gruraet

Corp.)

Corp
(APA,

$900,000

Corp

Scope,
Common

Securities

Automated Procedures Corp

Common

(Walter J.) Corp

(.brand,

Stratton

Apache

$200,000

Co

Insurance

Schneider

Inc.)

(Monday)
(Karen

Units

(Espy & Wanderer,

:>

Mohawk

I:

&

Planning Corp

,

26

Amity Corp.

—Class A

.

man-made

machines

and

in¬

19,

Consolidated

1961

filed

Developments, Ltd.

$6,000,000

(U.

S.)

of

6V2%

sinking

fund debentures due July 1, 1973,
600,000 shares of com¬
mon stock and 240,000
12-year warrants (exercisable at

$10

per share) to be offered for publip sale in units, each
consisting of $50 of debentures, five common shares and

two

warrants.

Price

—

$100

per

unit.

Business

—

The

is

building a planned' industrial-commercialresidential community at
Chinquacousy, Ont., near To-

company
ronto.

-

Proceeds—To repay debt and for
working capital/
Office—P. O. Box 129,
Brampton, Ont., Canada. Under¬
writer—Shields & Co., New York

City (managing).

Volume

193

Number 6062

.

.

The Commercial and Financial Chronicle

.

(2523)
Broadcast

International,

Feb.

li*bl

common

stock

(letter

Inc. (6/19-23)
notification; ou,uou shares

of

five

(par
Business—Producers

cents).

Price—$5

of

share.

per

of radio and television
programs]
Proceeds—For general corporate
purposes. Office—3 W.
57,th St., New York City.
Underwriter—Harry Odzer Co ]

New

York, N. Y.

'

★ Brockton Edison Co.
June 6,

To

—

stock, prepay

a

retire

all

(par $100).

outstanding 6.40%

preferred
bank loan, and for construction. Office

—36

Main St., Brockton, Mass.
Underwriters—By com¬
petitive Bidding. Probable bidders: Kidder,
Peabody &
Co.; Kuhn, Loeb & Co., and Stone & Webster Securities
•Corp. "
/ / ■ •; •
;
■

w®

Brooklyn Union Gas Co. (6/19)
May 1, 1961 filed $20,000,000. of first mortgage bonds due
1986.

Proceeds—For

other

corporate

the

repayment

of bank

Office—176

purposes.

loans

Remsen

and

Street,

Brooklyn,

N. Y. Underwriters—To be determined by
competitive bidding. Probable bidders: Halsey, Stuart &

Co. Inc.; First Boston
Corp., and
Inc. (jointly); Merrill

Harriman Ripley & Co.,
Lynch, Pierce, Fenner & Smith
Inc.; White, Weld & Co.; Blyth & Co., Inc., and F. S.
Moseley & Co. (jointly). Bids—To be received on June
19, 1961 (11 a.m. DST).
Builtwell

Hemes, Inc.
May 25, 1961 filed $1,000,000 of convertible subordinated
debentures
due
1981
and
300,000 shares of common
stock, to be offered for sale in 100,000 units, each con¬
sisting of $10 of debentures and three common shares.
Price—To

be

supplied

by

amendment.

Business—The

construction

financing and sale of shell homes. Proceeds
the repayment of debt, the
opening of additional
offices and the financing of home sales.
Office—

—For

sales

Adrian, Ga. Underwriter—The Robinson-Humphrey
Co.;
Inc., Atlanta, Ga. (managing).
^ Business

Funds,

Inc.

2, 1961 filed 1,300,000 shares of capital stock.

Price

Business—A small business investment
company.
Proceeds
For
investment.
Office
201
Main
—

St.,
Houston, Texas. Underwriters—Clark, Dodge & Co., Inc.,
New York: Alex. Brown &
Sons, Baltimore, and Rotan]
Mosle & Co., Houston.
1
CSViC

—

Finance

Group, Inc. (6/29)
April 28, 1961 filed 150,000 shares of class A common
stock.
Price—To be supplied by amendment. Business
—The company, through its 20
subsidiaries, is engaged
the

South

consumer

Carolina

finance

business

in

North

Carolina,

and

Georgia.
Proceeds — For working
Office—1009 Wachovia Building, Charlotte, N. C.
& Redpath, Washing¬
ton, D. C.
capital.

Underwriter—Auchincloss, Parker
Cable

Carriers,

Inc.

(6/16)

March 23, 1961 filed 196,109 shares of
capital stock.
—To be supplied
by amendment. Business—The
pany which
research

for

industrial

and

commercial

be

ings

use

based

on

working capi¬
Greenville, S. C. Under¬

Cador

Production

Corp.

to purchase and lease back three build¬
by Tower's Marts, Inc., for use as
department stores. Proceeds—For acquisi¬

tion of the above

properties. Office—36 Pearl St., Hart¬
ford, Conn. Underwriter—Hodgdon & Co., Inc., Washing¬

ton,

D.

C. Y

Capital Southwest Corp.
May 8, 1961 filed 1,250,000 shares of common; stock.
Price—$11 per share. Business—A small business in¬
vestment

Proceeds—For

company.

investment.

Office

—6517

Hillcrest Avenue,
Dallas, Texas. Underwriter—
Rotan, Mosle & Co., Houston, Texas (managing).
■
.

•

Chalco

Jan.

/

30, 1961 filed 100,000 shares of

—$6

share.

per

the business of

Business—The

and

stock.

common

company

is

*

Price

engaged in

engineering, research, development,

ufacturing and installation of
tems

,

Engineering Corp.

man¬

custom communication sys¬

electronic, electro-mechanical

and

told

for

loans

military

and

Proceeds—For the repayment of

use.

for

working capital.
Office —15126
Broadway, Gardena, Calif. Underwriter
First
Street Corp., New York City
(managing).
—

•

Chemorciss

Nov.

14,

1960

Corp.
(letter

South
Broad

(7/17)
of notification)

100,000 shares of
stock (par one cent). Price—$3 per share. Busi¬
ness—Manufacturers of printed circuits for the missile
industries. Proceeds
For general corporate
purposes
and working capital. Office—990 S. Fairoaks
Ave., Pasa¬
common

Underwriter—S.

ceeds—For exampansion,
equipment,
tal.
Office—116 North 42nd Street,

'-V

and working capi¬

Omaha, Neb.

lit California
.June

filed

1961

$8,000,000

Proceeds —For

of

(7/12)

first

mtge.

the / repayment

of

bonds
bank

due

loans.

Foothill Blvd., San Bernardino, Calif.

Un¬

derwriters— Competitive

bidding.
Probable
bidders:
Halsey, Stuart & Co. Inc.; Kidder, Peabody & Co.; First
Boston Corp.; Merrill
Lynch, Pierce, Fenner & Smith
Inc. Bids—July 12 (9 a.m. PST) at the office of O'Melveny & Myers, Room 900, 433 South Spring
St., Los An¬
geles.

V

it Caivideo Electronics, Inc.
May 29, 1961 ("Reg. A.") 100,000
cents).

Price—$3.

common

shares

(par

Proceeds—For repayment of debt

capital. Office—18601 S. Santa Fe Ave.,!
Compton, Calif.^Underwriters—J. K. Norton & Co. and
Stern, Zeiff & Co., Inc., New York.

Canandaigua Enterprises Corp. (7/5)
May 2, 1961 filed $4,000,000 of sinking fund debentures

coffee.

Proceeds—For

(par five

for,public sale in units, each consisting of $500 of de¬
bentures, 30 class A shares, and 6-year warrants to pur-chase 15 class A shares at $5 per share. Price—To be
supplied by amendment. Business—The company owns a
majority stock interest in Finger Lakes Racing Associa¬
tion, Inc., which is erecting a thoroughbred race track at
Canandaigua, New York. The company plans to engage

entertainment

hotels, motels

activities

and

may

restaurants adjacent to the
construction, working caoital
corporate purposes.
Office—26 Broadway,
New York City. Underwriter—S. D. Fuller &
Co., New
York City (managing).
track.

or

genera1

Proceeds—For

©

CapPa'i Fer Technical Industries, Inc. (6/19-23)
April 10, 1961 filed 500,000 shares of common stock.
Price—$10 per share. Business—A small business invest¬
company.

Proceeds—To repay




expansion.

Office—425

Lex¬

Price—$6. Business—Developing and
products.
Proceeds — For general corporate
- Office —17
Jeffrey Lane, Hicksville, N. Y.

Wolf,

Inc., New York.

—

a

loan and to

pro¬

200,000

shares of common stock.
Business—The company plans to

both of New York

City.

Color

Reproductions, Inc.
May 10, 1961 (letter of notification) 950 units of
$95,000
of 6% subordinated
debentures, due June 30, 1971, and
47,500

shares

offered

in

of

common

stock

(par

one

cent)

to

be

units, each unit consisting of $100 of deben¬

tures and 50 shares of

common

stock.

Price—$287.50 per
unit. Business—The
company makes color photographs
and reproductions for
churches, institutions, seminaries
and schools. Proceeds—For
equipment; sales promotion;
repayment of loans; construction of
buildings and im¬
provements of facilities. - Office—202 E.
44th'St., New
York, N. Y. Underwriter—William, David &
Motti, Inc.,
New York, N. Y.
~
-

Color-Tone

May

1,

Originals,

1961

Inc.

(letter

of notification)
37,500 shares of
(par 10 cents). Price—$4 per share. Busi¬
ness—Manufacturers of greeting cards. Proceeds
For
stock

common

—

advertising; inventory; machinery and working capital.
Office—112 Pearl St., Mt.
Vernon, N. Y. Underwriter—■
D. Klapper Associates,
Inc., New York, N. Y.
•
Colorplate Engraving Co. (6/12-16)
April 25, 1961 (letter of notification) 75,000 shares of
common
stock
(par 10 cents).
Price
$4 per share.
—

Business—Color

photo-engraving. Proceeds—For repay¬
loans; acquisition of equipment, and working
capital. Office—311 W. 43rd Street, New York, N. Y.
Underwriter—Mineo & Co., 99 Wall
Street, New York,

ment

of

New York.

1

Components Specialties, Inc.
April 20, 1961 (letter of notification)

60,000 shares of
(par 10 cents). Price—$3.50 per share.
importation and sale of electronic sub-

stock

Busines:—The
miniature

components.
Proceeds
For repayment
of
debt; advertising, inventory and working capital. Office
—3 Foxhurst Road,
Baldwin, L. I., N. Y. UnderwriterFund Planning, Inc., New
York, N. Y.
—

•

Comptometer Corp. (7/3)
filed 160,401 shares of common stock to
subscription by holders of outstanding
common
stock; 6V2 % subordinated convertible sinking
fund debentures, series A, due
1970; and option agree¬
ments for the purchase of common shares.
Warrants
March 31, 1961
be offered for

will be issued

share held

on

the basis of

the

on

record

one

date,

right for each

common

right for each share

one

issuable upon conversion of a series A debenture; as if
such debenture had been converted, and one right for
each share issuable under the option agreements.
The
warrants will

provide that

one new

share will be issuable

for each eight rights tendered. Price—To be supplied by
amendment. Business—The company's activities are or¬
on

divisional basis—Business Machines, Com¬

a

munications and Electronics, Business Forms, Burke Golf
and

Worthington Golf Ball Divisions. Proceeds—For the

repayment of debt and for working capital. Office—5600
West

Jarvis Ave.,

Chicago, 111.

Underwriters

—

To be

named.

CompuDyne Corp. (6/26)
May 12, 1961 filed 168,000 shares of common stock, of
120,000 are to be offered for public sale by the
company and 48,000 outstanding shares by the present
which

•

Church

Feb.

Builders, Inc.

(6/26-39)

1961 filed 50,000 shares of

6,

common

stock, series

holders

Price—To be supplied by amendment.
furnishing of instruments and systems for
missile sites, and the design, development, assembly and
thereof.

Price—$5.50 per share. Business—A closed-end diver¬
sified investment company of the management type.

Business—The

Proceeds—For

manufacture of electronic and other devices used

investment.

Fort Worth. Texas.

Office—501

Bailey Avenue.

Distributor—Associates Management,

Inc., Fort Worth, Texas.
Syndicate, Inc.
1961 (letter of notification)

2,

100,000

shares

of

stock (par one cent). Price—$3 per share. Busi¬
ness—The production of motion pictures. Proceeds—For
the repayment of loans; purchase of equipment; produc¬
common

tion of four motion pictures, and working capital. Office
—619 W. 54th St., New York, N. Y. Underwriter—Fontana

Securities, Inc., New York, N. Y.
Products

City

April 27,

Corp.

subordi¬

1, 1982. Business—The com¬
pany and its subsidiaries distribute general merchandise,
and operate refrigerator car icing and vacuum cooling
cold storage warehouses,
oil

distribution

dairies, breweries and

facilities.

Proceeds—To

outstanding notes and for working capital.
—Lehman Brothers

City
•

and

retire

Underwriters

White, Weld & Co., New York

(managing).

Clark

Equipment Credit Corp. (6/9)
1961 filed $20,000,000 of debentures, series A,
due 1981. Price—To be supplied by amendment. Busi¬
ness—The financing in the U. S
and Canada of retail
time sales of products manufactured by Clark Equip¬
ment Co., parent. Proceeds—For the repayment of debt.

April 21,

Office—324

East

writers—Lehman
York

City

Dewey Ave., Buchanan, Mich. Under¬
Brothers and Blyth & Co., Inc., New

(managing).

•

missile

test

in the
facil¬

Computer Equipment Corp.

April

1961

5,

shares

of notification) 46,780 shares of
par) to be offered for subscription

(letter

stock

Common

(no

the basis of one new share for each
Price—$2.10 per share. Proceeds—For

on

held.

research and production, and general corporate
purposes^
Office — 11612 W. Olympic Blvd., Los Angeles. Calif.
Underwriter
Holton, Henderson & Co., Los Angeles,
—

Calif.

Offering—Imminent.

it Conolite, Inc.
June

1,

1961

filed

170,000 class A shares.

Business—Manufacturers

the
for

construction,

"Conolite,"

furniture and

electrical insulation.

a

Price —$5.

laminate used in

aircraft industries and

Proceeds—For the purchase of

Co., Inc.; the
working capi¬
414, 52 Broadway, New York. Under¬

the "Conolite" business of Continental Can

repayment of debt; moving expenses, and
tal.

Office—Suite

writer—Amos Treat &

Co., Inc., New York.

Consolidated Bowling Corp.
March 29,

1961 filed 738,000 shares of common stock

and

debentures, due
Prices—For the stock:. $3.50 per share,

$900,000 of 6% convertible subordinated
in

July,

1981.

for the debentures:

it Clarkson N. Potter, Inc.
May 29, 1961 ("Reg. A.") 165,000 common shares fpar
one
cent). Price—$1. Business—Book publishers. Pro¬
ceed:—For printing; authors' advances; advertising and
promotion; royalties and other corporate purposes. Of¬

and

inventory expansion, research and
development, the redemption of outstanding 6% deben¬
tures due Dec. 1, 1961, and working capital. Office—404
South Warminster Rd., Hatboro. Pa. Underwriter—Hayden, Stone & Co., New York City (managing).

10

1961 filed $15,000,000 of convertible

of aeronautical

Proceeds—For

by stockholders

(6/12-16)

nated debentures due June

and

automatic control
ities.

Cinema

May

plants,

and

City

Chroma-G'o, Inc. (6/15)
March 2, 1961 (letter of notification) 90,000 shares of
common stock
(par 50 cents). Price *— $3.30 per share.
Business
The manufacture of pressure sensitive em¬
blems. Proceeds—For payment of obligations; purchase
of equipment; and for working capital. Office—525 Lake
Ave., S., Duluth 2, Minn. Underwriter—Jamieson & Co.
Minneapolis, Minn.

coal

1976. 240,000 shares of class A
stock, and warrants
purchase 120,000 shares of class A stock to be offered

race

New York
iY/

cents).

designing

to

and

.

it Chrislin Photo Industries Corp.
May 29, 1961 ("Reg. A.") 50,COO shares of class A stock

due

recreational

Inc.,

Chock Full O' Nuts Corp. (6/16)
April 7, 1961 filed $7,500,000 of subordinated debentures,
due May 1, 1961. Price—To be supplied
by amendment.
Business—The operation of a chain of restaurants in the
New York City area, and the packaging and retail sale

working

construct

Co.,

2.

Electric Power Co.

.Office—2885

Un¬

(man¬

^

,

&

filed
share.

per

development, manufacture, packaging and
sale of industrial chemicals and
latex, resins and plastic
compounds for industrial and commercial use. Proceeds
—For plant
additions, repayment of debt, and working
capital. Office—1450 Ferry Avenue,
Camden, N. J. Un¬
derwriters—Ross, Lyon & Co., Inc., and Globus, Inc..

ganized

derwriter—Cruttenden, Podesta & Co.,'Chicago
aging). "

Schramm

(managing).

Laboratories, Inc.

1961

engage in the

common

Inc.

May 12, 1961 filed 100,000 shares of common stock. Price
—$4 per share. Business—Commercial printing and art.
Proceeds—For working capital.
Office—Chester, N. Y.

Underwriter—Lewis

photographic film, wholesale distribution of photographic
equipment, and operation of retail camera stores. Pro¬

1,

dena, Calif. Underwriters—Grant, Fontaine & Co., Oak¬
land, Calif, (managing); Evans MacCormack & Co., Los
Angeles, Calif.; Stone & Youngberg, San Francisco and
Sellgren, Miller & Co., Oakland, Calif.
Chester Litho

April 27,
Price—$2

mechanical

systems and devices for ground support facilities for
missile and space programs of the U. S. Government. The
company
also manufactures special purpose products

Corp., below.

Photo, inc./.'
V'v
May 29, 1961 filed 170,000 class A shares,
including 50,-000 to be sold by the company and
120,000 by stockhold¬
ers.
Price—By amendment. Business—The processing of

ment

Business—The

erected

retail discount

purposes.

★ Caiandra

in

be

to

unit.

per

ington Avenue, New York 17, N. Y. Underwriter—F.
Eberstadt & Co., New York City
(managing).

named.

See Consolidated Production

and

company plans

Price—$1,000

of

Proceeds—For

Boulevard,

writer—To

10

shares.

com¬

began operations in 1954, is engaged in the
development of special material handling

company-owned patents.
tal.
Office—Kirk

1991.

public sale in units of $1,000 of debentures and 20

Price

and

systems

★

for

fice—c/o Goldstein, Judd &
Gurfein, 655 Madison Ave.,
New York 21, N. Y.
Underwriter—None.
Clarkson

Capital Properties Inc. (6/29)
April 21, 1961 filed $600,000 of 9x/2% debentures due
1977 and 12,000 shares of common stock to be offered

—

June

—$11.

in

—Dempsey-Tegeler & Co., St. Louis, Mo.

common

1961 filed 40,000 shares of preferred

Proceeds

vide long term capital to small business concerns. Office
Westwood Blvd., Los Angeles, Calif. Underwriter

—1281

35

100%

of principal amount.

Business

real estate. Pro¬
ceeds
For
expansion.
Office — 880
Military Road,
Niagara Falls, N. Y. Underwriter—None.

—Operates bowling centers and owns
—

I

36

(2524)

The Commercial and Financial Chronicle

Continued from page 35
Edison Co. of New York,

Consolidated

Inc.

(6/20)

May 9, 1961 filed $50,000,000 of 30-year first mortgage
Office—4

bonds.

Irving Place, New York City. Under¬
writers — To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.; First Bos¬

ordinated

manufacturing facilities and working capital. Office—50
E. Third St., Mount Vernon, N. Y. Underwriter—Theo¬
dore Arrin & Co., (managing) and T. M. Kirsch & Co.,
both of New York City.
'
•

De

Soto Chemical

(6/12-16)
1,000,000 outstanding shares of

13th floor of 4

ness

Production Corp.

(7/11-15)

Production

Corp., buys and manages fractional interests
in producing oil and gas properties.
Proceeds—For in¬
vestment, and working capital. Office—14 North Robin¬
son,
Oklahoma City, Okla.
Underwriter — Shearson,
Hammill & Co., New York City (managing). Note—This
company formerly was named Cador Production Corp.

Address—1350

Underwriters

Automatic

Vending,

(6/12-16)

Inc.

—

Sachs

cleaning, sanitation maintenance and
Proceeds—For the repayment of
expansion. Office—Jackson, Miss. Un¬
derwriter—Courts & Co., Atlanta, Ga. (managing).

(6/12)

(par
cent), of which 30,000 shares are to be offered for
public sale by the company and 20,000 outstanding
shares by the present holders thereof.
Price — $2 per

ceeds

The

equipment

&
•

the

U.

S.

Government.

Eastern

Dec.

Camera

ness—Operating

Pro¬

For research and development and for

&

Photo

Corp.

(letter of notification) 75,000 shares of
stock (par 10 cents). Price—$4 per share. Busi¬

1960

29,
.non

con

design, manufacture and sale of

for

appliances. Proceeds—For general corpo¬
and working capital.
Office — 44 Beaver

purposes

Street, New York 4, N. Y. Underwriter—A. D. Gilhart
Co., Inc., New York, N. Y.

March 16, 1961 filed 50,000 shares of common stock

one

—

laundering.

Dynamic Vending Corp.
April 26, 1961 (letter of notification) 75,000 shares of
common
stock
(par 10 cents).
Price — $4 per share.
Business—The purchase and sale of vending equipment

Ave., Chicago, 111.
Co., and Lehman

&

in

used

debt and product

rate

share. Business

1971, and 400,000 outstanding
stock to be offered for public

by amendment. Business—The manufacture and sale of

and electrical

Decitron Electronics Corp.

electronic
Consumers

Koster

South

Goldman,
Brothers, New York City.
•

due

common

200,000 units, each consisting of one $10 par
supplied

household

—

holder.

May 26, 1961 filed 200,000 shares of common stock. Price
be supplied by amendment.
Business—The com¬
pany, which plans to change its name to Consolidated

—To

in

products

The manufacture and sale of paints, industrial
coatings and wallpaper. Proceeds—For the selling stock¬

Irving Place, New York City.

Consolidated

Thursday, June 8, 1981

.

by the present holders thereof. The securities wilL

be sold

Coatings, Inc.

Corp.; Morgan Stanley & Co. Bids—To be received
at the company's office on June 20 at 11 a.m. Informa¬
tion Meeting—Scheduled for June 13 at 10 a.m., on the

•

.

debenture and two class A shares. Price—To be

May 4, 1961 filed
com¬
mon stock, to be offered for public
sale by the present
holder thereof (Sears, Roebuck & Co.). Price—To be re¬
lated to the current market price of the stock on the
New York Stock Exchange at the time of the sale. Busi¬

ton

debentures

shares of class A
sale

.

chain of retail stores and concessions

a

working
capital. Office—850 Shepherd Ave., Brooklyn, N. Y., Un¬

sell.ng

March 31, 1961 filed 125,000 shares of common stock (par
10

derwriter—M. L. Lee &

phonographic film. Proceeds—To reduce indebtedness in¬
curred by acquisitions, to pay notes due, and for general

Price—$5 per share.

cents).

maintenance

tion,

Business—The installa¬

servicing

and

of

automatic

vending

machines, including complete in-plant automatic cafe¬
terias, in the metropolitan New York area. Proceeds
—For equipment, the reduction of debt and other cor¬
porate purposes.
Office — 59-05 56th Street, Maspeth
N.

Y.

Underwriters—Diran, Norman

&

Co., and
Co., Inc.. both of New York City.

Wickett &

Life

Cortez

Insurance

V.

S.

Denver

Real

12, 1961 filed 500,000 shares of common stock
Price—$3 per share. Business—The company is engaged
in the business of

writing life insurance, annuity policies
and re-insurance. Proceeds—For general corporate pur¬
poses. Office—304 Main St., Grand Junction Colo. Under¬
writer—None.

offer

Investment

Fund

promise of growth and increased values.

corporate

jointly
which

drawn

Colo.

•

construction
in

of

Florida.

Office

purposes.

general corpo¬
Hollywood
Boulevard,

5707

company

ent

holders

Business—The

ment.

phonograph

supplied

manufacture

records.

debt, and working capital.

amend¬

debt.

manufacture

and

distribution

of

Hr-

Co.,

The manufacture and

packaging of household liquid de¬
tergents for distribution under private labels. Proceeds
—For general corporate purposes. Office—Jefferson and

Sts., Camden,

N.

J. Underwriter—Carter,

Ber-

lind, Potoma & Weill, New York City (managing).
Custom

May

8,

Shell

1961

Dallas

May 26,
which

by

Airmotive, Inc.
1961 filed 390,000 shares of

350,000

the

shares

company

holders

present

amendment.

to

are

be

offered

stock, of
public sale

for

and 40,000 outstanding shares by
thereof.
Price
To
be
supplied

the
by

—

military customers.
Proceeds — For
realty acquisitions, the repayment of debt, and for ex¬
pansion. Office—6114 Forest Park Road, Dallas, Texas.
Eppler,

Guerin

&

Turner,

Inc.,

Dallas

(managing).
Data

April

1961

(letter

of

notification) 75,000 shares of
no
par common stock. Price—$4 per share.
Business—
The research, design and development of advanced
digi¬
tal

computer programs. Proceeds—To purchase or lease
equipment. Office—1334 Main St., Waltham,
Mass. Underwriter
First Weber Securities

computer

—

Wall

St., New York

Corp.,

79

City.

26,

1961 filed 60,000 shares of
Price— $4.25 per share. Business—The
a

consultant

advisor

or

in

common

company

stock.

acts as

matters

pertaining to data
processing problems and equipment. Proceeds—To de¬
velop data processing systems and for working capital.
Office—8113-A Fenton Street, Silver
Spring, Md. Under¬
writer

—

District

First

of

Investment

Planning

Co.,

Washington,

May 15, 1961 (letter of notification) 3,000 shares of 5V2%
cumulative

preferred stock. Price
At par ($100 per
share). Office—214 Perry St., Davenport, Iowa. Under¬
writer—Quail & Co., Inc., Davenport, Iowa.
—

13,

ness

—

1961
stock

The

assemblies.

1981

to

be

offered

manufacture
struction of
—1260

P.

of

a

sulfuric

acid.

Proceeds—For

the

plant and for working capital.

new

Office

&

debentures,

amendment.

Research, Inc.

liquid
and

due

1978.

sulfur
of

Price—To

be

supplied

ing capital.

Dollar

Price

—

fund.

$1

4642

(6/15)
(letter of notification)

(par 10 cents). Price—$1

manufacture

Proceeds




—

of

For

electronic

112,000 shares of
per share. Busi¬

working capital and miscellaneous
Office—505 Washington St., Lynn, Mass. Un¬

investment.

diversified

Office

—

the

Dec.

Fibres,

Inc.

27, 1960 filed 500,000 shares of 7% preferred stock
convertible);
50,000
class
A
common

manufacture

and

sale

shares.

common

of

glass fibre for

of

notification) 100,000 shares of
par)., Price—$2 per share. Office—

Baltimore, Md. Underwriters—Bertner
& Co., New York, N. Y.

Edden

Capital Corp.

filed

for

Corp.

of

612,463

shares

subscription by

one

new

share

of

for

each

the purchase

of

and

inventory;

to
on

three

shares

be

held.

supplied by amendment. Business
The
is licensed under the Small Business Invest¬
—

in the electronics field.

Bear, Stearns & Co., New York City
j

(managing),

Elgeet Optical Co., Inc. (6/19)
March 28, 1961 filed 180,000 shares of common stock.
Price
$6.50 per share.
Business — The production of
—

lenses

and
optical systems for camera manufacturers.
Proceeds—For repayment of bank loans, new machinery,

and

research and development, with the

glass fibre threads, mats and rovings for use in the pro¬
duction of reinforced plastics. Proceeds—For
working
capital and the purchase of additional equipment. Office
—1037 Jay St., Rochester, N. Y. Underwriter — None.

balance for general
Office—838 Smith Street, Rochester,
Underwriter—Troster, Singer & Co., New York

corporate purposes.
N.

Y.

City

(managing).

Empire Life Insurance Co. of America

stock to be offered for public sale by the
present holders
thereof. Price—To be supplied by amendment. Business

(6/29)
14, 1961 (letter of notification) 30,000 shares of
capital stock (no par). Price—$10 per share. Proceeds—
To go to selling stockholders. Office—2801 W. Roosevelt
Road, Little Rock, Ark. Underwriter—Consolidated Se¬

—The company

curities, Inc., 2801 W. Roosevelt Road, Little Rock, Ark.

Donnelley (R. R.) & Sons Co.
May 17, 1961 filed 270,000 outstanding shares of

March

common

is the largest commercial printer in the
selling stockholders. Office—350 E.
22nd St., Chicago 16, III. Underwriter—Harriman
Ripley
U.

&

S.

Proceeds—To

Co., New York

April

10,

class A
share.

City

Chemical

1961

(managing).
of

stock

Business—The

for public sale in units of one
preferred and 25 common

Corp.

(letter

common

Enterprise Hotel Development Corp.
May 19, 1961 filed 242,000 shares of common stock and
9,680 shares of preferred stock (par $100) to be offered

notification)

(par

one

80,000

shares

cent). Price—$2.25

development and

shares.

of

was

per

manufacture

build and

of

chemical products. Proceeds—For general corporate
pur¬
poses.

Underwriters

York City and
L.

Planned Investing Corp., New
Fidelity Investors Service, East Meadow,
t—

by

own

a

the

per

unit.

Business—The

Commonwealth* of

Puerto

May 24,

Milner Corp.

1961,

filed

$2,000,000

-construction.

turce, P. R.
•

of

6%

convertible

sub¬

Rico

to

luxury, beach-front hotel in San Juan.

hotel will be operated under a 30-year lease by a
subsidiary of Sheraton Corp. of America. Proceeds—For

I., N. Y.
Dumas

company

The

Office—222 Newbridge Ave., East Meadow, L. I.,

Y.

Price-—$150

formed

Office—1205 Ponce de Leon Avenue, San-

Underwriter—None;

.

j1 '

'

Equity Capital Co. (6/12-16) c
April 7, 1961 filed 100,000 shares of common stock (par
$1.25). Price—To be supplied, by-amendment.. Businesi
,

components

stock

stockholders

common

common

Proceeds—For investment.
Office—1400 Fifth Ave., San Diego, Calif. Underwriter—

Business—The

insulation

Co., Inc., Boston, Mass. Of¬

i

(voting) and 300,000 common shares (non-vot¬
ing). Price—$10 per share for the preferred and $1 per

share for the class A and

(no

Rd.,

Earl

1961

basis

cerns

(6/5-9)

(cumulative

&

ment Act of 1958 and provides long-term
investment
capital and management services to small business con¬

Bldg., Minneapolis, Minn. Underwriter—Fund Dis¬
tributors, Inc.
Glass

25,

company

mutual

Bank

Dolomite

and

Price—To

Midland

736

Products

stock

be offered

Business—A

For

Rensis

(letter

Electronics

May

Co., Inc., New York City

Fund, Inc.
100,000,000 shares of capital stock.

share.
r—

de

1961

Belair

Bros,

filed

per

Proceeds

11,

common

|

1961

ignition field for sale

equipment,

May

Office—1260 Broad Street, Bloomfield, N. J.

Mutual

April 25,

(managing).

—

Electronic

by

coatings.
Proceeds — For con¬
plant, repayment of debt, and work¬

new

&

of

fering—Expected in June.

production of sulfuric acid,
aluminum sulfate, chromic acid

dioxide,

a

the purchase

Alto, Calif. Underwriter—■

International, Ltd.

derwriter—P.

(6/12-16)

Business—The

Underwriter—P. W. Brooks &

•

Strauss

—For

corrosion-resistant

struction

Proceeds—For

Co., San Francisco, Calif,

S.

expenses.

Dixon Chemical

California.

—

Street, Bloomfield, N. J. Underwriter—
Brooks & Co., Inc., New York City
(manag¬

ing).
•

So.

•
Electrarc, Inc. (6/29)
April 21, 1961 filed 100,000 shares of common stock,
Price
$5 per share. Business — The research and de¬
velopment of arc welding and wire shielding. Proceeds

con¬

Broad

W.

1973. Price—To be supplied by
erection of apartments and

1,

Business—The

the United States. Proceeds
For research,
development, and working capital. Office—222 Park
Ave., South, New York City. Underwriters—Robert A.
Martin Associates, Inc., and Ezra Kureen Co., both of
New York City.

for

N.

De-Flectronics, Inc.

common

due

of

and

—

Dubow

April

debentures

in

June

due

outside of

subscription by holders of the company's common stock.
Price
To be supplied by amendment. Business — The

Columbia.

Davenport Water Co.

•

1961

repayment

Inc.

ture of products in the automotive

(6/12-16)
filed $1,500,000 of 6% convertible sub¬

income

the

May 5, 1961 filed 70,000 shares of capital stock. Price—
supplied by amendment. Business—The manufac¬

Offering—-Imminent.

Datatrol Corp.

April

31,

and

Pa.

To be

shares

Processing, Inc.

12,

Homes,

Electra

Industries, Inc.

(managing).

for commercial and

—

March

ordinated

common

Business—The overhaul of aircraft engines

Underwriter

Dixon Chemical

equipment

new

J.

(6/19-23)

Underwriter—Royer Securities Co., Philadelphia, Pa.
•

for

Office—Palo

1961

(letter of notification) 100,000 shares of
common stock
(no par). Price—$3 per share. Proceeds—
For
raw
materials, production, testing and working
capital. Office — 3650 Richmond St., Philadelphia, Pa.

fund

shares of
common
stock
(par 10 cents).
per share.
Proceeds—To erect sample homes, repay a loan, and for
expansion and working capital. Office—412 W. Saratoga
St., Baltimore, Md. Underwriter—T. J. McDonald & Co.,
Washington, D. C.
120,000
Price—$2.50

&

in Kutztown, Pa., and
cement
companies.

quarry

a

limestone

additional land.

March 31, 1961 filed $2,900,000 of 6% convertible
sinking

Homes, Inc.
of notification)

(letter

homes

Drive, St. Clair, Mich. Underwriter—Kidder, Peabody &
Co., New York City (managing).
Diotron, Inc.

Inc. (6/12-16)
March 30, 1961 filed 50,000 shares of common stock (par
$1).
Price—To be supplied by amendment.
Business—

Masters

be supplied by amendment. Proceeds—
stockholders.
Office — 916 South Riverside

selling

March 29,

siding and aluminum accessories;
Proceeds—For plant expansion, new equipment and the
development of new products. Office—5820 Center Ave¬
nue, Pittsburgh, Pa.
Underwriters — Adams & Peck;
Allen & Co., and Andresen & Co., all of New York City.
Curley

Eichler

amendment.

aluminum

with¬

Street

May 16, 1961 filed $2,000,000 of convertible subordinated
debentures

Corp.

had

is

common

To

r

Business —The

enameled

&

stock. Price—To

May 1, 1961 filed $2,000,000 of convertible subordinated
debentures due 1976. Price—To be supplied by amend¬
ment.

City

of

Street, New York City.
Crown Aluminum Industries

York

of

Office—Kutztown,

of

Office—315 West 47th

Corp.,

Corp.

operation of

production

repayment

the

Underwriter—Amos Treat &

Co., New York City (managing).

Lime

distribution

and

Proceeds—For

by

Street

underwriter

Underwriters—Stroud &
Co., Inc., Philadelphia and Warren W. York & Co., Inc.,
Allentown, Pa. (co-managers).

•
Diamond Crystal Salt Co.
(7/3-7)
May 22, 1961 filed 300,000 shares of outstanding

be

Broad
New

Co., Inc.,

the

Price—To

Eastern

Proceeds—For

Proceeds—For

—

Underwriter—Amos Treat

and 44,444 outstanding shares by the pres¬

that First

underwriter.

as

ness—The

single-family residences and

(managing).

thereof.

Street,

the

and

Hollywood, Fla.

of

Columbia

ment

rate

stock,

W.

March 31, 1961 filed $700,000 of subordinated debentures,
due 1976.
Price—At 100% of principal amount.
Busi¬

New

1961

Office—68

Development Corp. of America (6/21)
>
March 30, 1961 filed 200,000 shares of common
stoclf (par
10 cents).
Price—$3 per share. Business—The develop¬

which 105,556 shares are to be offered for public sale by

May 26,

and

Co., Inc., New York.

Bosworth, Sullivan & Co., Inc., and
& Co., both of Denver, Colo, (managing)!

Boettcher

photographic supplies and
prints black and white

and

processes

purposes.

reported

was

Proceeds

Office—660 17th Street, Denver,

also

Hempstead, N. Y. Underwirter—First Broad Street Corp.,
Inc., New York, N. Y. Note—This company formerly was
named Eastern Camera Exchange, Inc. .June 7, 1961 it

—

communities

Record

Distributing Corp.
filed 150,000 shares of common

Estate

will offer investors the opportunity to participate
in large and diversified real estate investments

Underwriters

Co.

Co., New York City.

film

cameras,

equ pment;

May 15, 1961 filed 600,000 shares in the Fund. Price—
To
be supplied
by amendment.
Business—The Fund

—For investment.

Jan.

Cosnat

—

Volume

193

Number

6062

.

.

The Commercial and

.

Chronicle

Financial

(2525)
The

making of short-term construction and second
loans, and the buying of improvement loan
obligations from the holders thereof. Proceeds—To re¬
—

mortgage
debt

tire

for

and

working

capital.

Office

—

430

First

Avenue

North, Minneapolis, Minn. Underwriter—Paine,
Webber, Jackson & Curtis, New York City (managing).
ic Ets-Hokin

& Galvan,
1, 1961 filed 209,355

June

shares, including 100,-

common

Price—By amendment.

Business—Installs electrical

purposes.

Office—551

San Francisco,

St.,

Noel
•

general corporate

Calif.
Underwriter
Co., New York (managing).

&

Eurofund, Inc.

—To

one

Mission

Van Alstyne,

—

be

invests

supplied

by

securities

in

First

Small

Business

Investment

Tampa, Inc.
share.

per

amendment.

Business—The

Price
Fund

To

Surety Corp.

May 31, 1961 filed 736,493 outstandnig shares of capital
stock to be offered for sale
by stockholders. Price—By
Business—The company owns

ings & Loan Association,

shares held.

—

erates

an

deeds

of

a

California

Surety Sav¬
corporation; op¬

insuranec agency, and acts as
trust
Proceeds
For general

a

—

.

trustee under

corporate pur¬

Olive1 Ave., Burbank, Calif. Under¬
writer—Dempsey-Tegeler & Co., St. Louis (managing).
Office—237

poses.

of

companies having operations in
the Common Market Area of Europe. Proceeds—For in¬

April 21,

vestment.

the

Office—14

Wall

Street, New York City. Un¬
derwriters—Glore, Forgan & Co., (managing); Francis
I. du Pont & Co.; Shearson, Hammill & Co., all of New
York

City.

common

stock.

from

specifications supplied by customers.
equipment, repayment of a loan, inven¬
tory, advertising and working capital. Office—114 Man¬
hattan Street, Stamford, Conn.
Underwriters—Globus,
Proceeds—For

Inc., and Lieberbaum & Co., both of New York City.

Faradyne Electronics Corp.

filed

1961

30,

Office—Highway 44 and Baldwin Blvd., Corpus Christi,
Distributor—Flato, Bean & Co., Corpus Christi,
Flora

Price

—$1 per share. Business—The manufacture of electronic
solid state power controls designed by the company's

Jan.

1961 filed 2,000,000 shares of participation in
Price—$10 per share. Business—A new real
investment trust. Proceeds — For investment.

Fund.

estate

May

Mir

Candy Corp.
1961 (letter of notification) 85,700
stock
(par 10 cents). Price—$3.50

24,

common

of

share.

Proceeds

capital, and expan¬
Broadway, Brooklyn, N. Y.
Under¬
writers—Security Options Corp.; Jacey Securities Co.
and Planned Investing Corp. all of New York
City.
Office—1717

Ford

(6/26-30)

$2,000,000

shares
per

Business—The manufacture of candy products.
—For repayment of loans; working
sion.

Motor

Co.

May 26, 1961 filed 2,750,000 outstanding shares of

of 6% convertible sub¬
ordinated debentures. Price—100% of principal amount.
Business—The company is engaged in the manufacture
and distribution of high reliability materials and basic

holders thereof. Price—To be related to the current mar¬
ket price of the stock at the time of the sale. Proceeds

electronic

—For

components, including dielectric and electro¬

lytic capacitors and precision tungsten wire forms.
ceeds—For the

Office—471

Pro¬

payment of debts and for woorking capital.
Street, Belleville, N. J. Under¬

Cortlandt

writer—S. D. Fuller Co.
Federal

May

Factors, Inc.
1961 filed $700,000

8,

6V2% convertible sub¬
70,000 shares of com¬
supplied by amendment. Busi¬
of

ordinated debentures due 1976 and
stock.

mon

Price—To be

finance

ness—A

Proceeds—To repay loans,
and for working capital. Office—400 S. Beverly Drive,
Beverly Hills, Calif. Underwriters—Thomas Jay, Win¬
ston

Co.

company.

&

Co., Beverly Hills, Calif.; Maltz,
and Globus, Inc., New York, N. Y.

ic Ferson Optics, Inc.
May 29, 1961 ("Reg. A.")
Price—$4.

par).

development

75,000

Greenwald &

common

shares

(no

and

promotion, and working capital.
Springs, Miss. Underwriters—McLarty

&

Duddleston, Jackson Miss.; Beil & Hough, Inc., St.
Petersburg, Fla.; J. C. Bradford & Co., Nashville, Tenn.;
Clement A. Evans & Co., Inc. and Robinson-Humphrey
Co., Inc., Atlanta, Ga. and Pierce, Carrison, Wulbern,
Inc., Jacksonville, Fla.
•

Fiat Metal

Manufacturing Co., Inc.

(6/12-16)

March 29, 1961 filed 220,462 outstanding shares of com¬
mon stock
(par 10 cents), to be offered for public sale

by the present holder thereof. Price—To be supplied by
amendment. Business—The manufacture and distribution

of prefabricated metal shower cabinets, glass shower en¬
closures and pre-cast shower floors. Proceeds—For the

selling stockholder. Office — Michael Court, Plainview,
L. I., N. Y. Underwriter—Dempsey-Tegeler & Co., St.
Louis and New York City.
1

Fidelity Bankers Life Insurance Corp. (6/26-30)
April 27, 1961 filed 547,128 shares of common stock.
Price
To be supplied by amendment.
Business — The
—

writing of ordinary,
13

states

and

the

additional capital.

group

District

and credit life insurance in
of

Columbia.

Proceeds—For

Office—Broad at Willow Lawn, Rich¬

mond, Va.
Underwriters — Lee Higginson Corp., and
Shearson, Hammill & Co., both of New York City (man¬
aging).
•

Fifth

Dimension Inc.

(7/24-28)

May 25, 1961 filed 60,000 shares of common stock. Price
—To be supplied by amendment.
Business—The design,

development, manufacture and sale of precision instru¬
ments for measurement and control applications.
Pro¬
ceeds

For

—

research

and

new

development.

product

Office—P, O. Box 483, Princeton, N. J. Underwriter—
Milton D. Blauner & Co., Inc., New York City (manag¬
ing).

.

15,

$100

per

own

an

1961 filed 20,000 shares of the Fund. Price—
share. Business—The Fund was organized in

opportunity to
interest in diversified income-producing proper¬
an

ties, chiefly real estate. Proceeds—For investment. Of¬
fice—627 Salem Avenue, Dayton, Ohio.
Sponsor^-The
Dahio

offered

selling

for

public sale by the present

stockholder

(the

Ford

Foundation).

June.

Fox-Stanley Photo Products, Inc. (6/19-23)
March 29, 1961 filed 387,500 shares of common stock
(par $1) of which 50,000 shares are to be offered for
public sale by the company and 337,500 outstanding
shares by the present holders thereof. Price—To be
sup¬
plied by amendment. Business—In May 1961 the Com¬
pany plans to take over the businesses of The Fox Co.,
San

Antonio, Tex., and the Stanley Photo Service, Inc.,
Louis, Mo., which are now engaged in the processing
photographic films and the sale of photographic
equipment. Proceeds—For working capital and possible
future acquisitions. Office—1734 Broadway, San Antonio,
Tex. Underwriter—Equitable Securities Corp.,
Nashville,
St.

Tenn.

Frederick-Willys Co., Inc.
1961 (letter of notification)

150,000 shares of
(par five cents). Price—$1.15 per share.
Proceeds—To repay debt, purchase additional equipment,
for research and development, and working capital. Of¬
fice—6519 Nicollet Avenue, Minneapolis, Minn. Under¬
writer—Continental Securities, Inc., Minneapolis, Minn.
common

stock

Frontier
March 16,

stock. Price—To be supplied by amendment. Busi¬
ness—The transportation by air of passengers, property
and

mail

between

66

cities in

11

states.

Proceeds—For

the

selling stockholders.
Office — 5900 E. 39th Ave.,
Denver, Colo. Underwriter—To be named.
G-W

Ameritronics, Inc.

25, 1961 filed 80,000 shares of common stock and
160,000 warrants to purchase a like number of common
shares, to be offered for public sale in units, each con¬
sisting of one share of commoh stock and two warrants.
Each warrant will entitle the holder thereof to

purchase
one share of common stock at
$2 per share from March
to August 1961 and at $3 per share from September 1962
to February 1964. Price — $4 per unit. Business — The
company
(formerly
Gar
Wood
Philadelphia
Truck
Equipment, Inc.), distributes, sells, services and installs
Gar Wood truck bodies and equipment in Pennsylvania,
Delaware, and New Jersey, under an exclusive franchise.
Proceeds
For general corporate purposes.
Office—■
Kensington and Sedgley Avenues, Philadelphia, Pa. Un¬
—

•

&

Co., Inc, Philadelphia, Pa.

Garan Inc.

Co., Dayton, Ohio.

Office—112
Street, New York City. Underwriter—J. R. WilBeane, New York*City (managing). Offering
—Expected in late July.
&

Economics

Corp.

March

1961 filed 130,000 shares of common stock.
per share. Business—The company is active in
the over-the-counter market as both broker and prin¬
8,
Price—$5

1961 filed 1,000,000 shares of beneficial interest
in the Trust. Price—By amendment. Business—Real es¬

cipal, sells mutual fund securities and life insurance, and
finances the payment of life insurance premiums. Pro¬
ceeds—For additional working capital. Office—130 W.
42nd Street, New York City.
Underwriter—Continental

Office—15 William St., New York. Dis¬
tributor—Aberdeen Investors Program, Inc., New York.

Planning Co., 130 West 62nd
Offering—Expected in June.

• First

National

Real

Estate

Trust "

June 6,

tate investment.

•

First

Small

Business

Corp.

—

investment




company

organized

in

July,

New York

City.

1960,

Boulevard, Bellerose, N. Y. Under¬
Co., New York, N. Y. Offering-

• Getz
June

common

Resistance, Inc.
1961 (letter of notification)

stock

(par

(William)

6,

1961

10

cents).

Price

Business—The manufacture of precision

filed

Corp.
105,000 shares of

common of which
80,000 shares are to be offered by the
company and 25,000 shares by a stockholder.
Price—By amendment Pro¬
ceeds—For repayment of a bank loan
and general cor¬

porate
cago.

Office—7512

purposes.

S.

Greenwood

Ave., Chi¬
& Co., Chicago.

Underwriter—Bacon, Whipple
Scientific

Corp.
(letter of notification) 30,000 shares of
(par 10 cents).
Price —$10 per share.
Business—Research, development and manufacturing in
technological fields.
Proceeds
For general corporate
Feb.

27,

1961

stock

common

—

Office—30 Broad Street, New
York, N. Y.

purposes.

Un¬
derwriter—Kidder. Peabody &
Co., Inc., New York, N. Y.
Gibbs
(T. R.) Medicine Co., Inc.
May 26, 1961 filed 110,000 shares of class A stock. Price
—$3 per share. Business—The
manufacture, marketing
and distribution

of proprietary
drug products. Proceeds
advertising and general corporate purposes. Of¬
fice—1496 H Street, N.
E., Washington, D. C. Under¬

—For

writer—None.
•

Gilbert. Data

April 14,
Price—$2

1961

Systems, Inc. (6/19-23)
1175,000 shares of common

filed

stock.

share. Business—The affixing of
price tags,
packing, warehousing of apparel and other services for
department and chain stores. Proceeds—For
plant addi¬
tions, repayment of debt and working capital. Office—
per

441

&
•

Ninth Ave., New York
City. Underwriter—Schrijver
Co., New York City.
Gilbert Youth

Research, Inc.

May 29, 1961 filed 65,000 shares of
which 50,000 shares are to be
offered

common

stock,

of

for public sale by
the company and
15,000 outstanding shares by the pres¬
ent stockholder. Price—To be

supplied by amendment.

Business

does

The

—

conducts

company

telephone

sales

and books which

promotion
related to

are

consumer

and

research,
articles

prepares

relate to, paerchandising advice to the teenage youth and student fields. Pro¬
ceeds—For working capital.' Office—205 E.
42nd Street,
New York City.
Underwriter—McDonnell &
or

Co., N. Y.

Gimbel

Brothers, Inc.

(6/12-16)
May 11, 1961 filed $25,000,000 of sinking fund deben¬
tures, due June 1, 1981. Price4/— To be supplied by
amendment. Business—The
issuer, together with its sub¬
sidiaries, constitutes one of the country's larger depart¬
will

store
be

organizations.

used

to

preferred stock,
struction

of

Proceeds

redeem

with

branch

the

the

St.

—

issuer's

balance

stores

Office—33rd

poses.

and

to

About

$4.50
be

general

$7,850,000

cumulative
for

con¬

corporate

pur¬

used

and

Broadway, New York City.
Underwriters—Lehman Brothers and Goldman, Sachs &
Co., both of New York City (managing).
Industries Corp.

(6/12-15)

March 22, 1961 filed
50 cents). Price—$5

100,000 shares of common stock (par
per share. Business—The manufac¬
ture, and sale of certain types of furniture to retail deal¬
ers.

Proceeds—For

capital.

a

new

plant, equipment and working
Puerto Rico. Underwriter-

Office—San Juan,

Edwards &

Hanly, Hempstead, N. Y. (managing). Brand,
Seigel, Inc.; Kesselmann & Co., Inc.; Casper

Rogers & Co., Inc., New York City.
Golden

March
Price

of

sale

Triangle Industries, Inc. (6/15)
1961 filed 87,500 shares of common

29,
$4

—

South

share.

per

doll

horses.

Business

carriages,

Proceeds

—

—

hobby

For

The

horses

working

stock.

manufacture

and

capital.

pony

Office

and

stock
—

100

30th

and Jane Streets,
Pittsburgh, Pa. Under¬
writer—Robert M. Harris & Co., Inc., Philadelphia.

Goodway Printing Co.
May 23, 1961 filed 247,500 shares of
of which 60,000 shares

by the

are

to be

no

par

capital stock,

offered for public sale

and

187,500 outstanding shares by the
Price
To be supplied by
Business—Commercial printing
and
the
publication of technical journals for prime defense con¬
tractors.
Proceeds—For working capital. Office—4030
Chestnut St., Philadelphia, Pa. Underwriter —
Paine,
Webber, Jackson & Curtis, New York City (managing).
Offering—Expected in July.
company

present

holders

Gordon

April

21,

&

1961

thereof.

—

Breach, Science Publishers, Inc.
(letter of notification) 80,000 shares of

stock

common

(par 10 cents). Price—$1.75 per share.
Business—Publishers of scientific textbooks. Proceeds—
For working capital.
Office —150 Fifth Avenue, New
York, N. Y. Underwriter—First Weber Securities Corp.,

New York, N. Y.
Gordon Jewelry Corp. (6/26-30)
May 5, 1961 filed 140,000 shares of class A stock. Price
—To be supplied by amendment.
Business—The com¬
pany
two

conducts
life

sion.

a

retail

insurance

credit jewelry business

subsidiaries.

Proceeds—For

and has
expan¬

Office—Stewart

Bldg., Houston, Texas. Under¬
Paine, Webber, Jackson & Curtis, New York
City (managing).
writer

100,000 shares of
— $3
per share.
wire sound re¬
sistors, restance networks and measuring instruments.
Proceeds—For repayment of loans; working capital and
April 24,

April 18, 1961 filed 300,000 shares of capital stock (par
$1), to be offered for public sale by the present holder
thereof. Price
$12.50 per share. Business — A small
business

Street,

General

of New Jersey

(6/19-23)

Pharmaceutical Corp.
(letter of notification) 50,000 shares of
stock (par 10 cents).
Price—$4 per share. Busi¬

writer—T. M. Kirsch
Imminent.

Lambert, Miss., and for working capital.

General

Seidler

Investors

amendment.

May 29, 1961 filed 120,000 shares of common stock. Price
—$6.50 per share. Business—The manufacture of men's
and boys' sport shirts.
Proceeds—To equip a new plant

liston

E.

1961

Grumet &

(6/15)

Jan.

derwriter—Fraser

28,

Girard

mon

R.

ness—The distribution and sale of
geriatric pharmaceuti¬
cals. Proceeds—For general
corporate purposes. Office—
45 Commonwealth

Airlines, Inc.

1961 filed 250,000 outstanding shares of com¬

I.

Geriatric

ment

April 20,

W. 34th

1961, to provide investors with

May,

the

be

Office—Dearborn, Mich. Underwriter—Blyth & Co., Inc.,
New York City (managing). Offering—Expected in late

at

,

First Diversified Fund

May

to

com¬

of

Proceeds—To purchase machinery for

Address—Ocean

stock

mon

Co., Inc., New York, N. Y., and
Corp., Levittown, N. Y.

Giannini

Texas.

Controls, Inc.
May 19, 1961 filed 150,000 shares of

•

Realty Fund

Texas.

Fairfield

engineers

Flato

Office—430 Southern Boule¬

Underwriters—Flomenhaft,

&

common

Proceeds

provide investment
capital. Office—Tampa, Fla. Underwriter—None.
First

general corporate purposes.
vard, Bronx, N. Y.

Feb.

Company

Oct. 6, 1960 filed 500,000 shares of common stock. Price

—$12.50

amendment.

(6/20)

share for each two

new

St., Newark, N. J. Underwriters—Shearson,
Hammill & Co., New York City and Heller &
Meyer,
East Orange, N. J. Offering—Expected in early June.

Proceeds

May 18, 1961 filed 551,250 shares of common stock (par
$1) to be offered for subscription by stockholders on the
basis of

Broad

of

and electronic systems in missile installations.
—For

810

Inc.

000 to be sold by the company and 109,355 by stockhold¬
ers.

by the National State Bank of Newark, sole stockholder.
Proceeds—For investment and working capital. Office—

37

—

Greater Arizona

May

1,

common

•

Mortgage Co.
(letter of notification) 100,000 shares of
stock (par $1).
Price—$3 per share. Proceeds

1961

Continued

on

page

38

38

Continued

(2526)

from page 37

—For working

Suite

The Commercial and Financial Chronicle

debt, and working capital. Office—660 Grain Exchange,
Minneapolis. Underwriter—None.

Office—Mayer Central Building,

capital.

Hickory

115, Phoenix, Ariz.

Co., New York,
Phoenix, Ariz.

Underwriters—Henry Fricke
Y. and Preferred Securities, Inc.,

N.

March

ness

1961

stock

Growth

-

Underwriter—First Boston Corp., New York City

—

To

is licensed

company
cern.

be

Capital Corp.
1,250,000 shares of common stock.
supplied by amendment. Business — The
as

a

small business investment

Proceeds—For investment. Office—Esperson Build¬

•

Hager

March 31,. 1961 filed 200,000 shares of common stock

(no
be supplied by amendment. Business—
The financing and sale of household food freezers and
the

consumer.

company

holders

Inc.
1

and 120,050 outstanding shares by the present

thereof.

Business—The

Price—To

be

manufacture

supplied by
sale

and

of

amendment.

women's

For

j

working capital. Of
Underwriter—Michael G. Klete &

products.

Proceeds—For

Office—19200

expansion.

So. Western

Ave., Torrance, Calif. Underwriters—Kuhn,
Loeb & Co., Inc., and
Tucker, Anthony & R. L. Day,
both of New York City
(managing). Offering—Expected
in

late

June.

•

ized

books

the

and

materials.

repayment

of

Proceeds

debt.

—

Office—5

South Buckout Street,
Irvington-on-Hudson, New York.
Underwriter—Michael G. Kletz & Co., New York City
(managing).
•

Harvey's Stores, Inc.

April 28,
A

stock

holders

1961
to

150,000 outstanding shares of class
for public sale by the
present
Price—$7.50 per share. Business—The

offered

operation

of

chain

a

stores

of

women's

wear

and

children's

in

Ohio, Indiana, Illinois and Michigan.
selling stockholders.
Office —500
Seventh Avenue, New York
City. Underwriter—Maltz,'
Greenwald & Co., New York
City (managing). Offering
■—Expected in mid-June.
Proceeds —For

the

•

-

Harwyn Publishing Corp. (6/26)
March 30, 1961 filed
110,000 shares of class A common
stock (par 10 cents).
Price—$3.75 per share. Business—
The

publishing of illustrated encyclopedic works, princi¬

pally for children. Proceeds—For general
corporate
poses.
Office—170 Varick Street, New York
City.
derwriter—N. A. Hart & Co.,
Bayside, N. Y.

pur¬

Un¬

Hathaway Instruments, Inc.
May 5,

filed 351,280 shares of common
stock, of
to 90,000 shares are to be offered for
public
by the present holders thereof and the balance
by
company.
Price — At-the-market at time of sale.

which
sale

the

1961

up

Business—The

design, manufacture and sale of electric
power
recording instruments. Office—2401 E. Second
Avenue, Denver, Colo.
Underwriters—Bear, Stearns &
Co. and Wertheim &
Co., New York, N. Y.
if Hazeltine Investment Corp.

*

June 5, 1961 filed 13,000 5%
preferred shares ($100 par)
and 13,000 common shares to be
offered for sale in units
of one preferred and one
common
share.
Price—$101
per

real

unit.

Business—The acquisition and
development of
estate.
Proceeds—For
investment, repayment of




of

of

buoyancy

defense.

Life Insurance Co.

non-participating ordinary life and
Proceeds—For

ance.

investment

and

life insur¬

group

general

corporate
Office—175 West Jackson Boulevard, Chicago,
Underwriter—A. G. Becker & Co., Chicago
(man¬

purposes.

111.

de¬

aging).

Proceeds—

•

International

Cablevision Corp.
23, 1961 filed 164,850 shares of class A common
stock. Price—$10 per share. Business—The construction
and operation of television cable systems. Proceeds—For
expansion, general corporate purposes, and to offset

May

deficits anticipated during the commencement of certain
Florida operations. Office—New York City. Underwriter
—James Anthony & Co.,

Inc., New York City (manag-

ing).

"

\

,

;•■■■

/.

,

International

May

facilities, special food trucks and work¬
ing capital. Address—Miami, Fla. Underwriter—Amber,
Burstein & Co., Inc., 40 Exchange Place,: New York,
N. Y.

• International Marine, Inc.
29, 1961 ("Reg. A.") 75,000

May
one

and

by

the

repayment

.......

common

shares

(par

to be sold by the company

underwriter.

Price—$4.

Proceeds—

of

International Silver Co.
(6/30)
May 116, 1961 filed $7,822,000 of convertible subordinated
debentures due Aug. 1, 1981 to be offered for
subscrip¬
tion by common stockholders on the basis of $100 of

—

Utah.

I C Inc.
June 29,

debentures
.

and in the preparation of the concentrate

and

15,000

are

debt, advertising, inventory, and
working capital. Office—790 N. E. 79th St., Miami, Fla.
Underwriter—Albion Securities
Co., Inc., New York.

Proceeds—For general funds, including ex¬

1960 filed 600,000 shares of com. stock (par $1)
Price—$2.50 per share. Proceeds—To further the corpo¬

cent) of which 60,000

For

Office—1750 South 8th Street, Salt Lake City,
Whitney & Co., Salt Lake City,

Underwriter

stock

Flight Caterers, Inc.
(letter of notification) 75,000 shares of
(par one cent). Price—$4 per share. Pro¬

ceeds—For plant

February, 1957, makes and wholesales products
the fiberglass industry, including par¬
ticularly fiberglass boats known as "HydroSwift" and

pansion.

1961

1,

common

in

rate purposes

filed

be

thereof.

apparel

(6/16)

Inland

May 18, 1961 filed 375,000 shares of common stock. Price
supplied by amendment. Business—The writing

—To be

services for

Utah.

and

Inc.
("Reg. A.") 60,000 common shares, (par 25
Price—$5. Proceeds—For product development,
inventory, and working capital. Office—1000 Connecti¬
cut Ave., N. W., Washington, D'. C. Underwriter—Mackall & Coe, Washington, D. C.
\

Hydroswift Corp. (6/12-16)
Oct. 20, 1960 filed 120,000 shares of common stock. Price
—$3 per share. Business—The firm, which was organ¬

"Skyliner."

expansion

and

Proceeds—•

cases.

cents).

•

tion
For

production

motor

Jc Information for Industry,

Hydrodyne Industries, Inc.
19, 1961 (letter of notification) 75,000 shares of
common stock
(par one cent).
Price — $2.50 per share.
Business
The manufacture of hydraulic components.
Proceeds
For purchase of equipment and
inventory;
marketing and sales promotion; repayment of loans; re¬
search and development; moving expenses and installa¬
tion costs; preparation of catalogues and other
literature;
reserves
and general
corporate purposes.
Office —15
Holman Boulevard, Hicksville, L. I., N. Y. Underwriter
—United Planning Corp., Newark, N. J.

and

educational

the

rocket

May 24, 1961

and

new

Harvey House, Inc.
May 8, 1961 filed 140,000 shares of common stock. Price
—$3 per share. Business—The publication and distribu¬
of

and

underwater research

in

—

fice—Stanton, Calif.
-Co., New York City (managing).

mill

food

used

*

The

—

Proceeds—For

Harvey Aluminum (Inc.)
May 16, 1961 filed 1,000,000 shares of class A common
stock.
Price—To be supplied by amendment.
Business
-—The production of primary aluminum and aluminum

distributes

be

capital. Office—
C. Underwriter
—Atlantic Equities Co., Washington, D. C.

May

design, engineering, construction and installa¬
missile launching bases and related facilities for
forces.

and

—

to

expenses, equipment and working
1025
Shoreham Bldg., Washington, D.

equipment and facilities, the repayment of
loans and working capital. Office—West Caldwell, N. J.
Underwriters—Michael G. Kletz & Co., Inc., and John
H. Kaplan & Co., both of New York
City.

ness—The

armed

propellants,

vices for

• Hardeman
(Paul), Inc. (6/29)
April 26, 1961 filed 350,000 shares of common stock (par
25 cents).
Price—To be supplied by amendment. Busi¬

tion of

packages

Business

150,000 shares of
Busi¬
glass

For

Hydro-Space Technology, Inc.
May 12, 1961 filed 300,000 shares of common stock, of
which 155,000 shares are to be offered for
public sale by
the company and 145,000 outstanding shares by the
pres¬
ent holders thereof. Price—$3 per share. Business—The
design, engineering, production and sale of cartridge
and

suits

purchase of equipment
and inventory and for plant modernization. Office—533
7th Ave., New
York City.
Underwriter — Butcher &

the

material

((aq|uated devices, the evaluation of propulsion systems

and costumes. Proceeds—For the

Sherrerd, Philadelphia, Pa.

amendment.

(letter of notification)

stock (par one cent). Price—$2 per share.
ness—The manufacture of a new patented fiber

Sachs & Co., New York City (managing).

man,

May 17, 1961 245,000 shares of common stock, of which
94,950 shares are to be offered for public sale by the
company

processes,

by

—

common

Industries

supplied

(6/15)

Industrial Materials, Inc.

April 27, 1961

filed

be

Inc.

share. Business—The engineer¬
precision machining of electronic

For research and development,
inventory, equipment, start-up costs of semi-conductor
production, and for working capital. Office—78 Clinton
Rd., Caldwell Township, N. J. Underwriter — Edward
Hindley & Go., New York City. Offering—Imminent.

products. Proceeds—For construction and work¬
ing capital. Office—Fullerton, Calif. Underwriter—Gold¬

working capital. Office—2926 Fairfield
Ave., Bridgeport, Conn. Underwriter—Marron, Sloss &
Co., Inc., New York City (managing). Offering — Ex¬
pected in mid-June.
Handmacher-Vogel,

&

Products,

per

components. Proceeds

& Chemical Companies, Inc.
(letter of notification) 40,000 shares of
(par one cent).
Price—At-the-market.

grocery

Proceeds—For the repay¬

ment of debt and

•

1961

Price—To

par). Price—To

frozen foods to

Foods

Control

Price—$3
ing, / designing and

Inc.
(6/21)
$38,799,500 of convertible subordi¬
nated debentures due July 1,
1986, to be offered to the
holders of the outstanding common on the basis of $100
principal amount of debentures for each 12 shares held.

(6/26-30)

Inc.

1961

stock

May 23,

construct

for

(managing).

10 cents).

Plastics

Hunt

ing, Houston, Texas. Underwriters—Harriman Ripley &
Co., New York City and Underwood, Neuhaus & Co.,
Inc., Houston (managing).

City

Industrial

motion; expansion and working capital. Office—4077
Park Avenue, Bronx
57, N. Y. Underwriter—J. I. Magaril Co., New York, N. Y. Offering—Imminent.

con¬

and

March 10, 1961 filed 165,000 shares of common stock (par

pro¬

filed

repay

Co., Inc., New York City.

Stores, Inc.
(letter of notification)

1961

common

debt

owns and

to

To be added to the company's general funds. Office—99
South Lake Ave., Pasadena, Calif.

stock

29,

plans

"

Business—The manufacture of plastic items. Proceeds—
For the repayment of debt;
advertising and sales

Guif-Southwest

Price

working

85,700 shares of
(par $2.50). Price—$3.50 per share. Office
—2306 Foshay Tower,
Minneapolis, Minn. Underwriter
—M. H. Bishop & Co., Minneapolis, Minn.

(managing). Offering—Expected in late June.
1961

17,

Howe

company

and

Underwriter—Blyth &

common

•

Corp., the

houses

Independence Life Insurance Co. of America
May 24, 1961 filed 150,000 shares of capital stock, of
which 100,000 shares are to be offered for public sale
by the company and 50,000 outstanding shares by the
present holders thereof. Price —, 'To be supplied by
amendment. Business—The writing of life and
disability
insurance, principally in southern California. Proceeds—

Home-Maker

March

apartment

Proceeds—To

more.

York

(managing).

May

six

working
Office—1801 Dorchester Road, Brooklyn, N. Y.
Underwriter—Eisele & King, Libaire, Stout & Co., New

Office—311 West Eighth St., Kansas City, Mo.
Underwriter—George K. Baum & Co., Kansas City, Mo.

Gulf Oil Corp.
May 26, 1961 filed 1,670,000 outstanding shares of capital
stock (par $8,333) to be offered for public sale by the
present holders thereof. Price—To be related to the cur¬
rent market price at the time of the sale. Proceeds—For
the selling stockholders. Office—Gulf Bldg., Pittsburgh

19,

and children. Proceeds—For additional

women

(7/3)

capital.

For general corporate purposes.

capital.

.

May

two

•
Holiday Sportswear, Inc. (6/20)
April 21, 1961 filed 86,000 shares of common stock. Price
—To be supplied by amendment. Business—The manu¬
facture and saie of specialized bowling apparel for
men,

Properties

May 9, 1961 filed 100,000 shares of common stock. Price
—To be supplied by amendment. Business—The com¬
pany plans to engage in all phases of the real estate
f business.
Proceeds — To reduce indebtedness, construct
! apartment units, buy land, and for working capital. Office—Suite 418, Albert Bldg., San Rafael, Calif. Under¬
writer—Pacific Coast Securities Co., San Francisco, Calif,
(managing).

Inc.

Price Investors

as

operates

Offering—Imminent;

-

30, Pa.

known

(letter of notification) 25,000 shares of
(par 10 cents). Price—$5 per share. Busi¬
—

Properties,

class A stock (par
Business—Formerly

Inc.

Manufacturers of barbecue machines and allied

—

Income

Thursday, June 8, 1961

.

March 31, 1961 filed 150,000 shares of
50 cents).
Price—$9.75 per share.

Office—10-20 47th Road, Long Island City, N. Y. Under¬
writer—J. B. Coburn Associates, Inc., New
York, N. Y.

(letter of notification) 100,000 shares of
(par $1). Price—$3 per share. Address—
Lynn, Mass. Underwriter—Mann & Creesy, Salem, Mass.
17,

common

1961
stock

equipment. Proceeds

Growth, Inc.

May

9,

common

'

Industries,

•

..

for

each

15

shares

held

of

record

June

30

with

rights to expire about July 17. Price—To be sup¬
plied by amendment. Business — The manufacture and

sale of silverware, flatware and table accessories. Pro¬
enfranchising of bottlers, the local and national pro¬
and
advertising of its beverages, and where ceeds—For the retirement of such 7% cumulative pre¬
ferred shares as are tendered to the company during a
necessary to make loans to such bottlers, etc.
Office—•
704 Equitable Building,
period commencing June 12. Office—16 East 40th Street,
Denver, Colo. UnderwritersNew York City.
Industrial Securities Corp. and Amos C. Sudler & Co.,
Underwriter—Lehman Brothers, New
York City (managing).
both of Denver, Colo. Offering—Expected in late
July.
..

motion

I

T A

April

Invesco Collateral

Electronics Corp.

7,

(letter of notification) 60,000 shares of
common stock. Price—$5
per share. Business—Manufac¬
tures electronic equipment and components. Proceeds—
For

1961

general corporate

purposes.

Office—Lansdown, Pa.

Underwriter—Woodcock, Moyer, Fricke & French, Inc.,
Philadelphia, Pa.
Ihnen (Edward H.) & Son, Inc.
(7/3)
May 16, 1961 filed 75,000 shares of common stock. Price
—$5 per share. Business—The construction of public and
private swimming pools and the sale of pool equipment.

Proceeds—To
and

for

reduce

indebtedness, to buy equipment,
capital. Office—Montvale, N. J. Un¬
Amos Treat & Co., Inc., New York City

working

derwriter

—

(managing).
Income

Planning Corp.

(6/16)
(letter of notification) 5,000 shares of
cumulative preferred stock (no par) and 10,000 shares
Dec.

29,

of class A

units

common

consisting

shares of
open

1960

a

of

one

Price

(par 10 cents) to be offered in

share

of

preferred

and

two

$40 per unit. Proceeds—To
branch office, development of business and

common.

new

stock

for

—

working capital. Office—3300 W. Hamilton Boule¬
vard, Allen town, Pa. Underwriter—Espy & Wanderer,

Inc., Teaneck, N. J.

March

6,

Corp.

1961 filed $900,000

of 6%

registered subordi¬

nated debentures to be offered in three series of

$300,000

each, due June 30, 1965, 1966 and 1967, respectively.
Price—$4,315; $4,190 and $4,079 per $5,000 of debentures.
Business—The company, a wholly-owned subsidiary of
Investors Funding Corp. of New York was organized
under New York law in
June, 1960, to purchase, invest
in and sell real estate

mortgages.

ment. Office—511 Fifth

Proceeds—For invest¬

Avenue, New York City. Under¬

writer—None.
•

Investors Funding Corp. of New York

May

1,

1961 filed $2,000,000

of registered

(8/1)
subordinated

debentures due 1976 (with class A warrants to
purchase
20,000 class A shares) and 40,000 shares of class A stock
to be offered for public sale in units
consisting of one
$500 debenture and 10 class A shares. Price—$650 per
unit.

Business—The

buying, selling and investing in real
particularly apartment houses in the New York
City area.
Proceeds—Fori general corporate purposes.
Office—630 Fifth
Avenpe, New York City. Underwriter
—Eisele & King,
Libaire, Stout & Co., New York City.
estate

Investors Preferred Life Insurance Co.
March

30, 1961 filed 400,000 shares of
Price—$2.40 per share. Business—The

(7/3)

common

company

stock.

is

au-

Volume

Number

193

6062

.

.

The Commercial and Financial Chronicle

.

(2527)
thorized to sell life, accident and health insurance. Pro¬
ceeds—To be added to capital and surplus. Office—310

Dec.

Spring Street, Little Rock, Ark.

stock.

Underwriter—Life Se¬

curities, Inc., P. O. Box 3662, Little Rock.
Israel-Rassco

"Isras"

March

Investment Co.

1961 filed 30,000 shares
share. The company

27,

per

construction

the

ceeds—For

of

of

may, but

hotels,

office buildings,
Israel.

chousing projects and the like. Office—Tel Aviv,
Underwriter—None.

Feb.

\

common stock.

Price

offering. Business
A
non-diversified, open-end investment company,
whose stated objective is capital appreciation. Proceeds
—

Office

investment.

—For

—

One

State

Mass.

Underwriter—Ivest, Inc., One
ton, Mass.

April

Price

$4

—

per

.

—

common

Trie

purpose

of

blood

company

and

made

also operates blood donor centers
Philadelphia. Proceeds—For the selling

company

stockholders.

Office—300

West

43rd

company

associations.

and

Corp., acts

grouping and

tor

the stocks of several

owns

loan

agency,

It

through

a

trustee

as

California

operates

subsidiary,

Title

Acceptance

capital.

trust deeds securing loans
Proceeds—To repay loans and

Office —8150

Sunset

Calif. Underwriters—William
Co., Los Angeles and Shearson, Hammidl
York City
(managing).

Street, New York

City. Underwriter—None.

savings

insurance

an

under

by the associations.

working

also

Hollywood,

Boulevard,
Staats

jrt.

&

Co.,

&

New

Kreisler

(Charles), Inc.
1961 (letter of notification) 60,000 shares of
(par $1). Price—$5 per share. Business

27,

—Sale

★ M. B. M„ Corp.
May 26, 1961 ("Reg.

stock

and

rental

of

A.")

$300,000

of

6%%

sinking

fund

Proceeds—Acquisi¬
tion of cars for rental purposes; acquisition of additional
salesroom; advertising and sales promotion and for
working capital. Office—241 Park Avenue, New York,

equipment notes to be offered

June

automobiles.

2, 1961 filed $25,000,000 of firt mtge.
bonds, series

Price

4

N. Y.
Underwriter—Albion Securities Co., Inc.. New
York, N. Y. Note—Albion Securities Co., has withdrawn

At

in

units

of

$1,000.

Proceeds—For

par.,.

repayment of loans, and
working capital. Office—1331 S. 20th St.,
Omaha, Neb.
Underwriter—First Trust Co. of
Lincoln, Neb.

W

& F

Graphic Arts & Industrial Photographic
Supply Co.
May 1, 1961 filed 80,000 shares of class A common
stock,
of which 60,000 shares are to be
offered for the account
of the issuing
company and 20,000 shares, representing
outstanding stock, are to be offered for the account of

underwriter.

^

Co.'

Business

the

for

in New York and

as

/

Insurance

share.

Boston,

Street, Bos¬

1961 filed 300,000 shares of class A

1L

stock.

Life

National

Jackson

.

Street,

State

used

testing. The

common

at the time of the

asset value

—Net

cells

Feb.

Ivest

Fund, Inc. (6/15)
20, 1961 filed 150,000 shares of

Biologicals, Inc.
23, 1960, filed 100,000 outstanding shares of class A
Price—$6 per share. Business—The manufacture,
packaging and distribution of a line of diagnostic serums
and

Ltd.

ordinary stock.
is not ob¬
ligated to, accept payment in State of Israel bonds. Pro¬

Price—$62

Knickerbocker

39

Krystinel Corp.
/
■"
April 12, 1961 filed 90,000 shares of class A stock. Price
—$2.50 per share. Business—The company produces fer-

plans to engage in the life insurance business. Proceeds
—r or
capital funds, and working capital. Office—245

rites, which are ceramic-like materials with magnetic
properties, and conducts a research and development

West

f

program

the present holders thereof. Price
To be supplied by
amendment. Business—The distribution of
photographic

ment and

ceeds—For

Michigan Avenue, Jackson, Mich.- Underwriter—

Apex Investment Co., Detroit.
•

Construction

Jefferson

May

/'!■•/.

Co.

:

(6/19)

1961 filed 340,000 shares of common stock, of
110,000 shares are to be offered for public sale

10,

which

by the company and 230,000 outstanding shares by the
'

present holders thereof.
Price—$5.50 per share.
Busi¬
ness—The company bids on government contracts for the
erection of buildings, roads, dams, airstrips and canals
and undertakes construction contracts for private com¬
mercial interests on a lump sum or a cost-plus-fixedtee basis. Proceeds — For the purchase of equipment,
office
75 First St., Cambridge, Mass. Underwriter—
Pistell, Crow, Inc., New York City.
"
—

r

•
'

Counsel

Jefferson

March

•

-

:

13, 1961 filed 30,000 shares of class B common
stock (non-voting). Price,—$10 per share. Business—The
company was organized under Delaware law in January
1961 to sponsor the organization of the Jefferson Growth
Fund, Inc., a new open-end diversified investment com¬
pany of the management type. Proceeds—For organiza¬
tional and operating expenses. Office—52 Wall St., New

Jolyn Electronic Manufacturing Corp.
April 24, 1961 (letter of notification) 64,500
stock

common

(par

one

drift meters, sextants

.

.

•

•

•*

of

Price

—

machine

and related items.

shares of

per share.
tool products,

$3

Proceeds—For

Research

Julie

130th

West
E.

Laboratories, Inc.

Street,

New

York

City. Underwriter

Unterberg, Towbin Co., New York City

(man-

aging).
•

Jungle Juice Corp.
28, 1960 (letter of notification)

.

•

Kaiser A'uminum

(6/29)

major producer of primary alumi¬
fabricated aluminum products. Proceeds—For
is

company

and

num

I

& Chemical Corp.

1961 filed 375,000 shares of common stock, of
which 250,000 shares are to be sold for the account of
the company and 125,000 shares for the selling stock¬
holder. Price—To be supplied by amendment. Business
May 31,

-—The

a

working capital. Office — 300 Lakeside Drive, Oakland,
Calif. Underwriter—First Boston Corp., New York City
and
•

Witter

Dean

Calif.

& Co., San Francisco,

Kaiser Aluminum

* Chemical Corp.

1961 filed 61,169 outstanding shares of 4%%
cumulative convertible (1961 series)
preference stock
March

and 305,834 outstanding shares of common
offered for public - sale by the holders
Price—To be supplied by amendment. Business

par)

stock,

to

thereof.
•

be

is a producer pf primary aluminum and
aluminum products.
Proceeds—For the selling stock¬
holders.
Office — 300 Lakeside Drive. Oakland. Cah'f.

—The company

Underwriter
drawn
•

June

—

None.

Note

—

This statement wis with¬

2.

Kane-PiHer Corp.

(7/10-14)

stock. Price
is a wholesaler

May 17, 1961 filed 120,000 shares of common
<

Business—The company

—$5 per share.!
and

distributor

taurants,

of grocery products to

steamship

institutions, res¬

lines and the like.

Proceeds—For

working capital.
Office — 81 Clinton
Street, Yonkers, N. Y. Underwriters—Netherlands Secu¬
rities Co., Inc., and Seymour Blauner Co., both of New
York City and J. J. Bruno & Co., Pittsburgh, Pa.
inventory,

•jr Keltner

and

Electronics,

Inc.

May 31, 1961 ("Reg. A.") 150,000 common shares (par
25 cents).
Price—$1. Proceeds—For research, working
capital and repayment of

debt.

Office—1045 W. Hamp¬

St., Enelewood, Colo. Underwriter—Schmidt, Sharp,
McCabe & Co., Inc., 17.17 Stout St., Denver, Colo.

den




purchase

stock, of
public sale by the
company and 20,000 outstanding shares by the present
holders thereof. Price—To be supplied
by amendment.
Proceeds—To repay loans and for working capital. Of¬
fice—5309 South Park Blvd., Houston, Tex. Underwriters
—Rowles, Winston & Co., and Fridley & Frederking,

the

Street, New York City.
Lannett Co.,

7,

1961

(6/12-16)

Inc.
(letter

of

notification)

150,000 shares

building, research and development, and a sales
training program. Office—Frankford Ave., and Allen St.,
Netherlands

one

Securities

U.

S.

French

of

per¬

Prospectors

Corp.

retail sale of

June

000

L4961 filed

750,000 common shares, of which 525,offered for sale in the U. S., and 225,000 in
Price—By amendment. Business—The company

will

be

Canada.

plans to

Ltd.

build and

transmission

Bremerton

pany

was

com¬

as

joint venture.

a

Proceeds—

Lewis & Clark Marina,

Inc.
(letter of notification) 150,000 shares of
stock (par $1). Price—$2 per share. Address—
Yankton, S. D. Underwriter—E. W. Behrens & Co., Inc.,
Sioux Falls, S. D.

Price

1961

filed

951,799

shares

of

common

Marine

stock.

Net asset value plus a 7% selling commission.
Business — A non-diversified, open-end, management-

Sept.

type investment

common

is

capital

whose primary investment ob¬
appreciation and, secondary, income

Management

Corp.,

New

Britain.

stock

of

★

Price—To be supplied by amendment. Business
of fluorescent lighting fixtures for

N. Y.

it Long Island

debt

75,000 shares of
share. Proceeds—For ex¬

Structures

1961

stock

and

Street,

Electric

Co.

(6/27)

1961 filed $17,500,000 of first mortgage bonds,

due
for

1991.

Proceeds

construction.

Worcester,

Mass.

—

For

Office

the
—

repayment of
Southbridge

939

Underwriters—To

be

deter¬

mined by competitive bidding. Probable bidders:
Stuart & Co. Inc.; First Boston Corp.; Merrill

Halsey,
Lynch,
Pierce, Fenner & Smith Inc.; Kidder, Pea body & Co.,
and Coffin & Burr, Inc. Bids—To be received on June
27, 1961.

New York. N. Y.

Lighting Co.

June 2, 1961 filed $25,000,000 of first

mtge. bonds, series
due 1991.
Proceeds—For construction. Office—250
Old Country Road, Mineola, N. Y. Underwriters—Com¬
petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp., and Blyth & Co., Inc. (jointly);
L,

ic Mercury Horseshoe Co.
May 24, 1961 ("Reg. A.") 206,310 common shares. Price
($1). Proceeds—For purchase of inventory and
equipment, and for working capital. Office—12 E. 21st
St., Baltimore 18, Md. Underwriter—None

—At par

W. C. Langley & Co. and Smith, Barney & Co. (jointly).
Offering—Expected in late July.
•

per

Massachusetts

(par 10 cents). Price—$3 per
operation of bowling alleys. Proceeds—For
corporate purposes.- Address—Mattituck, L. I.,

Underwriter—Tau Inc

1,

April 24,
series F,

shares of
share. Busi¬

ness—The

general

notification)

Price—$4

luma, Calif. Underwriter—Grant, Fontaine & Co., Oak¬
land, Calif.

Long Island Bowling Enterprises, Inc.
24, 1961 (letter of notification) 100,000
stock

(letter of

in the fabrication of sheet metal parts for mis¬

common

commercial, institutional and industrial buildings. Office
—Conyers, Ga. Underwriters—Bache & Co., New York
City and Robinson-Humphrey Co., Inc., Atlanta, Ga.

common

1960
stock.

Marine

Feb.

manufacture

May

Inc.

Corp. (7/17)
(letter of notification; 100,000 shares ol
(par one cent). Price—$3 per share. Pro¬
ceeds—To purchase raw materials, advertising and for
working capital. Office—204 E. Washington St., Peta-

136,000 shares are to be sold for the account of
the company and 90,000 shares for certain selling stock¬
holders.

Electronics Manufacturing

June.
common

which

—The

&

siles, rockets, radar and marine items.
Address — 319
W. Howard St., Hagerstown, Md. Underwriter—Lecluse
& Co., Washington, D. C.
Offering—Expected in early

Lithonia

Lighting, Inc.
May 23, 1961 filed 226,000 shares of

22,

penses

options., Proceeds--

For investment. Office—300 Main St., New Britain, Conn.

Distributor—Horizon

of

(6/12-16)

company

derived from the sale of put and call

Proceeds—For

Foncier

electrical
and
electronic
equipment
purchase of equipment and tooling, re¬
search and development and working capital.
Office—
199 Devon Terrace, Kearny, N. J.
Unaerwriter—Meada
& Co., New York, N. Y. Offering—Imminent.

—

jective

gas

Van-

Proceeds—For

Fund, Inc.

30,

to

pipeline from

a

Angeles, Washington.
Credit

natural

Columbia

subsidiary will build

Office—508

Manufacture

1961

Lincoln

underwater

British

Marcon Electronics Corp.

common

March

an

Feb. 27, 1961 (letter of notification) 30,000 shares of com¬
mon stock (par $1).
Price-^$10 per share.
Business—"

None.

9,

to Port

from

Montreal.

For exploration and development of oil lands.
Office—
Rothschild Blvd.,
Tel-Aviv, Israel. Underwriter—

22

May

a

Bldg., Van¬
couver, B. C. Underwriters—(In U. S.) Bear, Stearns &
Co., New York. (In Canada) W. C. Pitfield & Co., Ltd.,

organized in October 1959 as a consolidation
licensees who had been oper¬

of individual and corporate

ating in the oil business

Island and

cover

operate

pipeline

construction.

Business—The

mail

sporting goods and recreational

Street, Chicago, 111. Underwriter—None.

totally

partially in Israel bonds.

Price

Proceeds—For the repayment of debt and
purposes.
Office —227 West Madison

Oct. 27, 1960 filed 1,500,000 ordinary shares. Price—To
be supplied by amendment, and to be payable either
or

shares held.

Business—The

★ Magna Pipe Line Co. Ltd.

Cournand, the issuer's presi¬
selling stockholder. Office — 767 5th Ave., New
York City.
Underwriter—Goldman, Sachs & Co., New
York City (managing).
Oil

common

corporate

omer

dent,

Israel

for

supplied by amendment.

equipment.
m

Proceeds—To E. L.

"Lapidoth"

be

order and

the

in

offered

share for each two

new

—To

Lanvin-Parfums, Inc.
May 17, 1961 filed 440,000 shares of common stock. Price
—To be supplied by amendment. Business — The im¬
fumes.

be

Mages Sporting Goods Co.
May 1, 1961 filed 1,029,961 shares of common stock to be
offered for subscription by stockholders on the basis of

new

—

100,000 will

Houston.

of

stock. Price—$2 per share. Business—The man¬
ufacture and sale of pharmaceuticals. Proceeds—For a

common

Philadelphia, Pa. Underwriter
Co., Inc., New York City.

Ga.

MacGregor Bowling Centers, Inc.
May 3, 1961 filed 120,000 shares of common

which

property.
Office—18 E. 41st Street, New York
Underwriter—Tenney Securities Corp., 18 E. 41st

City.

30,

($100
•

above

Robinson-Humphrey Co., Inc., Atlanta,

—

(managing).

contract to purchase the fee title to the Lafayette

a

Building in Detroit, Mich. /Proceeds—To

••

120,000 shares of
common
stock (par 25 cents).
Price — $2.50 per share.
Proceeds—For working capital and expansion.
Address
—Seattle, Wash. Underwriter—Fidelity Investors Serv¬
ice, East Meadow, N. Y. Note—Fidelity Investors Service
is no longer underwriting this issue. Oct.

-

owns

a

(6/12-16)
filed 100,000 outstanding shares of com¬
mon
stock to be offered for public sale by the present
stockholder.
Price—$10 per share. Business—Basic research and development leading to the design, manufacture and sale of precise electronic components and instrum en ts. Proceeds—For the selling stockholder. Office
•

writer

Lafayette Realty Co.
April 28, 1961 filed 129.3 limited partnership interests.
Price—$5,000 per interest.
Business—The partnership

portation and distribution

March 29, 1961

—C.
,

Expected

loan, working capital, and general cor¬
porate purposes. Office—Urban Avenue, Westbury, L. I.,
N. Y.
Underwriter—Kerns, Bennett & Co., Inc., New
York, N. Y.
repayment of

—603

•

cent)..

manufacture

Business—The

.

—

mid-June.

about

-

Offering

York City. Underwriter—None.

supplies to amateur and professional
photographers. Pro¬
working capital and general corporate pur¬
poses. Office—220 Luckie St., N. W.,
Atlanta, Ga. Under¬

working capital, Office—P. O. Box 6, Fox Is¬
land Road, Port Chester, N. Y.
Underwriters—Ross, Lyon
& Co., Inc., and Schrijver & Co., both of New York
City.

April

(6-19-23)

Corp.

—

for ferrite products. Proceeds—For the repay¬
ment of a loan, research and development, new equip¬

.

Lorillard

May

(P.)

Co.

(6/12)

filed $40,000,000 of sinking fund deben¬
tures due June 1, 1986. Price—To be supplied by amend¬
11,

1961

Business—The manufacture and sale of cigarettes,
chewing tobacco and little cigars. Proceeds—For the re¬
payment of bank loans. Office—200 East 42nd St.,.New
York City. Underwriters—Lehman Brothers and Smith,
Barney & Co., both of New York City.
ment.

Lytton Financial Corp. (6/15)
30, 1961 filed 300,000 shares of capital stock.
Price—To be supplied by amendment.
Business—The

March

,

Metropolis Bowling Centers, Inc.
May 1, 1961 filed 198,000 shares of common stock, of
which 120,000 shares are to be offered for public sale by
the company and 78,000 outstanding shares by the present holders thereof. Price—About $5 per share. Business
—The

acquisition and operation of bowling centers, prin¬
cipally in New York City. Proceeds—To improve exist¬
ing properties and acquire other bowling centers. Office
—647

Fulton

Street,

Brooklyn,

N. Y.

Underwriters-

Continued

on

page

40

40

JThe Commercial and Financial Chronicle

(2528)

Continued from

Underwriter

Mo.

Kussell

&

(managing); Thomas, Williams &
Co., New York City.

Saxe, Inc.,

Lee, Inc., and V. S. Wickett &
Offering—Expected in mid-June.
•

(.letter of notification; 10U,UUU share* of
common stock
(par $1). Price—$3 per share.

17,

I960

A

class

Proceeds

Office

For working capital.

—

Underwriter
Brokers, Inc., Washington, D. C.
W., Washington, D. C.

N.

Wisconsin

Michigan

—

919-18th St.,

—

Metropolitan

Halsey, Stuart & Co. Inc.; First Boston Corp.; Blyth &
Co., Inc. Bids—To be received on June 14 at 11 a.m.
(DST) in Suite 4950, 30 Rockefeller Plaza, New York
City.
Electronics

Micro

Price

(6/19-23)

Corp.

31, 1961 filed 100,000 shares of common stock.
$4 per share.
Business — The manufacture of

—

printed circuits for the electronics industry. Proceeds—
$124,000 for new plant, $76,000 for equipment, and $110,000 for working capital. Office—1191 Stout St., Denver,
Colo. Underwriter—R. Baruch &

Co., Washington, D. C.

(managing).
if Micro Tek Engineering Corp.
May 25, 1961
(letter of notification) 60,600 shares of
class B common (par $1) to be Offered for subscription

stockholders

present

by

each five shares held.

subsidiaries.

to

Microtron

March

Office

—

Industries,

Villa

Oak

550

common

stock

Proceeds

—

Baton

Blvd.,

parts;

working

Office

—

Amos

purchase

300,000 shares of

&

Co., Denver, Colo.

Semiconductor

Microwave

Price

—

$1

equipment;

share.
of

per

inventory

capital; and research and development.
Fairfax, Denver, Colo. Underwriter —

C. Sudler

S.

120

of

manufacture and sale of microwave devices and
instruments.
Proceeds—For additional equipment, re¬
search, inventory and working capital.
Myrtle Avenue, Richmond Hill, N. Y.

if Mid-Continent Corp.
5, 1961 filed 140,000

June

Business

—

and

ment

General

116-06

—

Underwriter

shares.

common

—

Office—997

invest¬
Monroe

Underwriter—James N. Reddock & Co.,

Ave., Memphis.
Memphis.
Midwestern

Inc.;

12

at

11

(DST)

a.m.

1900, 60 Broad¬

in Room

Acceptance Corp.

Sept. 8, 1960, filed 1,169,470 shares of common stock and

Price

share of stock and 85 cents of debentures.

one

$1

unit.

Business —The

will do
interim financing in the home building industry.
Pro¬
ceeds—To start its lending activities.
Address—P. O.
Box 886, Rapid City, S. D. Underwriter—None.
—

per

if Mill Factors Corp.
May 31, 1961 filed 75,000

common

company

shares.

Price

—

By

Business—General

amendment.

factoring in the textile
Proceeds—For working capital, and
of debt. Office—380 Park Ave., South,

and

apparel fields.

the

repayment
York.

New
York

Underwriter

—

Lee

Higginson

Corp.,

New

(managing).

Minnesota

Scientific Corp.
24, 1961 filed 1,500,000 shares of common stock.
Price—$1.15 per share. Business—The company is li¬
March

censed under the Small Business Investment Act of
and

is

registered

with

the

SEC

as

a

1958

non-diversified,

closed-end,

management
investment
company,
which
will invest in the fields of electronics, physics and chem¬

istry.

Proceeds—For investment and operating expenses.

Office

—

Minn.

Minn.
tional

First

National

Bank

Underwriter—Bratter
Note—This

company

Scientific Corp.

Building,

&

Minneapolis,
Minneapolis,
formerly named Na¬

Co.,

was

Inc.,

I,

ers

•

Modei

Vending,

1,

100,000 shares of
(par 30 cents). Price—$3 per share. Pro¬
ceeds—To repay notes, for research and
development,
equipment and working capital. Office—1st St., South¬
east & Richardson St., New
Brighton, Minn. Underwriter
common

stock

—None.
•

Missile

Sites,

Inc.

March 30, 1961 filed 291,000 shares of common stock.
Price—$5 per share. Business—A prime contractor with
governmental agencies for the building of missile and
radar sites and other specialized facilities. Proceeds—For
working capital. Office—11308 Grandview Ave., Wheaton, Md. Underwriter—Balogh & Co., Inc., Washington,
D. C.

be supplied by amendment. Business—The opera¬
tion of vending machines for the retail sale of cigarettes,

candy and
The

variety of other food and drink products.

a

company

chines

and

also

operates coin-type
devices.

amusement

phonograph

Proceeds

—

For

ma¬
new

equipment, modernization of accounting procedures, and
general corporate purposes. Office—4830 N. Front Street,

Philadelphia, Pa.
Underwriter—Milton D. Blauner &
Co., Inc., New York City (managing), Hallowell, Sulz¬
berger, Jenks, Kirkland & Co., Philadelphia, Pa., and
M. L. Lee & Co., Inc., New York City. Offering—Ex¬
pected about mid-June.
Modern

Homes

Offering—Imminent.

8,

shares.

Price—To be supplied by amendment.
construction, financing and sale of shell
principally in the southern and southwestern por¬

common

(letter of notification) 151,900
stock
(par 10 cents). Price—$1.50
manufacturers

of

shares of
per share.

technical

equipment.
Proceeds
For payment of loans; machinery and office
equipment; reduction of current liabilities; research and
development and working capital. Office—245 4th St.,
Passaic, N. J. Underwriter — Hopkins, Calamari & Co.,
Inc., 26 Broadway, New York, N. Y.
—

Missouri Edison Co.

May 1,

1961

filed

(6/12)

$2,000,000 of first mortgage bonds,
series C. The company is a subsidiary of Union Electric
Co. Proceeds—For the repayment of loans and for ex¬




Price—To

subordinated

1, 1981 and $1,000,000 of series B
debentures, due July 1, 1981.

supplied by amendment. Business—The
a variety of industrial products includ¬

be

of

ing woodworking and packaging equipment, power saws,

auxiliary power plants, centrifugal pumps, inboard ma¬
rine engines and a line of leisure time and
sporting

goods merchandise. Proceeds—To retire on or about Oct.

all outstanding 7J/2% convertible debentures; to
loans, and for other ^corporate purposes.
Office—208 Wisconsin Avenue, Milwaukee, Wis. Under¬
writer—Robert W. Baird & Co., Milwaukee (managing).
1, 1961

bank

repay

National

Bagasse

Products Corp.

14, 1961 filed 16,200 units, each unit consisting
of
$100 of 15-year 7%
subordinated debentures, 30
shares of class A common and 10 warrants
(to buy
a

like

per

hard

Proceeds—To finance the sale of addi¬

Office—P. O. Box 1331,

Valdosta, Ga.
Ripley & Co., New York City

of

number

unit.

Business

board

homes

tions of the U. S.

(6/22)

subordinated

manufacture

build

Underwriter—Harriman

Co., Inc.

debentures, due July

waste

tional shell homes.

(J. M.)

30, 1961 filed $1,000,000 of series A

convertible

Business—The

and

product

class

A
shares).
Price — $163.85
Manufactures composition board,
insulating
board
from
bagasse,
a
—

of

refining.

sugar

Proceeds

—

To

Gravier
St., New Orleans, La. Underwriters—S. D. Fuller & Co.,
New York City, and Howard, Weil, Labouisse, Friedrichs
&

a

plant at Vacherie, La. Office—821

new

Co., New Orleans (managing). Offering—Imminent.

•

March

Moderncraft Towel

Dispenser Co., Inc.
March 30, 1961 filed 80,000 shares of common stock, ol
which 73,750 shares are to be offered for public sale by
the company and 6,250 outstanding shares by the under¬
writer. Price—$4 per share. Business—The manufacture
and

sale of

an

improved towel dispensing cabinet.

advertising, research and development,

Pro¬
pay¬

of

debt, and working capital.
Office — 20 Main
Belleville, N. J. Underwriter—Viekers, Christy
Co., Inc., New York City.

Street,
&

Mohawk

Insurance

Co.

fice—198
&

Broadway, New York City. Underwriter—R. F
Co., Inc., 39 Broadway, New York 6, N. Y.

Mokan Small Business Investment

Corp., Inc.
Jan. 17, 1961 filed 3,000 shares of common stock. Price
—$100 per share. Business—The company was organized
under Kansas law in October 1960 and is applying to
the Small Business Administration for a Federal license
to operate as a small business investment company. Pro¬
ceeds—For general corporate purposes. Office — 719
Walnut St., Coffeyville, Kan. Underwriter—None.
Inc.
April 11, 1961 (letter of notification) 75,000 shares of
common stock (par 10 cents). Price—$4
per share. Busi¬
ness—The sale of lumber, building supplies and hard¬
ware.
Proceeds—To repay loans and for working cap¬
ital. Address—Monticello, N. Y. Underwriter—J. Lau¬
rence & Co., Inc., New York, N. Y.

common
shares, to be offered for public sale in units
consisting of one common share and one-fifth of a war¬
rant.
Price—To be supplied by amendment.
Business

—The distribution and retail sale of
Proceeds—For

Shell

1961

1,

Homes, Inc.

filed

$3,000,000 of 8% subordinated de¬
bentures due July 1, 1986; 150,000 shares of common
stock; 150,000 first warrants and 150,000 second warrants,
to be offered for public sale in units, each consisting of
one $20 debenture, one common
share, one first warrant
and

one

second

amendment.

shell

homes.

Business

Office

—

Price

The

505

—

To

be

construction

supplied
and

sale

by
of

Morgan

Street, Knoxville,
Underwriter—Johnson, Lane, Space Corp., Savan¬

Tenn.
nah

warrant.

—

(managing).

Mortgage Guaranty Insurance Co. (6/15)
Oct. 17, 1960 filed 155,000 shares of common stock (pai
$1). Price—To be supplied by amendment. Business—

Insuring lenders against loss
gage
loans, principally on

on

residential first mort¬

single family non-farm
capital and surplus. Office—606
Avenue, Milwaukee, Wis. Underwriter
Co., New York City (managing). Note—This

Proceeds—For

—Bache &

stock is not qualified for sale in New York State. Offer¬

ing—Expected in June.
Motor Travel

Services, Inc. (6/12-16)
(letter of notification) 260,000 shares of
common
stock (par 25 cents).
Price—$1.15 per share.
Proceeds—For
an
advertising program and working
capital.
Office — 1521 Hennepin Avenue, Minneapolis,
May

2,

Minn.

1961

Underwriter—Bratter

&

Co.,

Inc.,

Minneapolis,

Minn.

Municipal Investment Trust Fund, Series B
April 28, 1961 filed $12,750,000 (l2,500 units) of interests.
Price
To be supplied by amendment. Business — The
counties,
municipalities and territories of the U. S. Proceeds—For
investment. Sponsor—Ira Haupt & Co., Ill Broadway,
New York City. Offering—Expected in mid-June.
Municipal

Investment Trust Fund,

First Pa.

Series

April 28, 1961 filed $6,375,000 (6,250 units) of interests.
Price—To be supplied by amendment.
Business—The
fund will invest in tax-exempt bonds of the Common¬
wealth of Pennsylvania and its political sub-divisions.
Proceeds—For investment.
Sponsor—Ira Haupt & Co.,
Ill Broadway, New York City.
Offering—Expected in
mid-June.

the

phonograph records.
repayment of loans and for working

capital. To expand retail operations. Office—1905 Kerri¬
gan Avenue, Union City, N. J. Underwriter—A. T. Brod
& Co., New York City (managing).
National

April

Radiac, Inc.

(6/12-16)

of notification) 75,000 shares of
common stock (no par).
Price—$4 per share. Business—
The manufacture of organic and inorganic scintillators
for the detection and measurement of ionizing radia¬
24,

(letter

1961

tion. The company also produces the high quality crys¬
tals which serve as integral components of the detec¬
tion

instruments.

Proceeds

—

For

working capital and

general corporate purposes. Address — Newark, N.
Underwriter—Hardy & Hardy, New York, N. Y.

J.

National Semiconductor Corp.

May 11, 1961 filed 75,000 shares of capital stock. Price
—To be supplied by amendment. Business—The design,
for

military and industrial use.
Proceeds — For newequipment, plant expansion, working capital, and other
corporate purposes. Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters — Lee Higginson Corp., NewYork City and Piper, Jaffray & Hopwood, Minneapolis

(managing).
•

Morris

29, 1961 filed 100,000 shares of common stock
five-year warrants to purchase an additional 20,000

development, manufacture and sale of quality transistors

Monticello Lumber & Mfg. Co.,

May

National Mercantile Corp.

and

•

(6/16)

Aug. 8, 1960, filed 75,000 shares of class A common stock
Price—$12 per share. Proceeds—For general funds. Of¬

fund will invest in tax-exempt bonds of states,

1961

Business—The

Nash

March

Co.

May 10, 1961 filed $5,500,000 of subordinated debentures
due June 15, 1981 and 550,000 shares of common stock
to be offered for public sale in 275,000 units, each unit
consisting of $20 principal amount of debentures and two
common

•

•

Construction

—

Missile-Tronics Corp.

May

O'Donnell, Inc., Pensacola, Fla. and Guardian Secu¬
Corp., Miami, Fla.

March

(6/19-23)

Inc.

West Wisconsin

Electronics, Inc.
1961 (letter of notification)

Johnson, Fort Lauderdale, Fla.; Nolting, Nichol

&

&

homes.

IWiratel

Ma>

Underwriters—Aetna

rities

New York City. Information Meeting—Scheduled
June 6, at 11 a.m. (DST) second floor, Bank-r
Trust Co., 16 Wall St., New York City.

$994,050 of 6% debentures, to be offered for public sale
in units of

Office—1515 N. E. 2nd Ave., Miami, Fla.
Securities Corp., New York; Ro¬

ing capital.
man

to be held

Dowd

Price—$7.50.

Proceeds—For

subsidiaries.

to

Office

Washington, D. C.

estate.

real

advances

Co.

way,

ment

Inc.

Instruments

&

ment,

Planning Co.,

June

ceeds—For

.

May 12, 1961 filed 120,000 shares of common stock.
Price—$3 per share. Business—The research, develop¬

First Investment

&

Inc.

26, 1961 ("Reg. A.") 86,250 common shares (par
10 cents). Price—$3. Proceeds—For research and work¬

•

(7/19)

Inc.

cents).

10

(par

For

Stuart

if Nail-Tone,

Thursday, June 8, 1961

May

(managing).

(letter of notification)

1961

1,

Proceeds—For loans

Underwriter—None.

Rouge, La.
•

basis of one share for

the

on

Price—$3.60.

bidders: Halsey,

—To

(6/14)

April 21, 1961 filed $30,000,000 of first mortgage pipe
line bonds, due 1981. Proceeds—For construction. Office
•—500 Griswold St., Detroit, Mich. Underwriters—To be
determined by competitive bidding. Probable bidders:

March

Probable

April 27, 1961 filed 150,000 shares of common stock. Price

Line Co.

Pipe

bidding.

—

Kidder, Peabody & Co., and White, Weld & Co. (joint¬
ly), Salomon Brothers & Hutzler. Bids—To be received
on

(6/12-16)

Metropolitan Securities, Inc.

Nov.

Office—123% North Fourth Street, Louisiana,
To be determined by competitive

pansion.

39

page

. . .

New York Trap

(6/19-23)

Rock Corp.

May 19, 1961 filed 175,000 shares of common stock. Price
—To be supplied by amendment. Business—The quarry¬

ing,

processing and marketing of crushed stone. Pro¬
expansion. Office—162 Old Mill Road, West

ceeds—For

Nyack, N. Y. Underwriter—Smith, Barney & Co., New
York City (managing).
Nissen Trampoline Co.
May 4, 1961 (letter of notification) 9,400 shares of com¬
mon
stock (par $1). Price—At the market. Proceeds—•
For the selling stockholders. Office—930 27th Ave., S.W.,
Cedar Rapids, Iowa.
Underwriter
Woods, St. Louis, Mo.

—

Yates, Heitner

&

Nitrogen Oil Well Service Co.
May 22, 1961 filed 100,000 shares of common stock.
Prices—$10 per share for 51,000 shares to be offered to
Big Three Welding Company; $10 per share for not
less than 24,500 shares to be offered to holders (other
than Big Three) of the outstanding common on the basis
of one new share for each 1% shares held; and $10.60
per any unsubscribed shares. Business—The
company
furnishes high pressure nitrogen to the oil and gas
industry. Proceeds—For general corporate purposes, in¬
cluding $880,000 for the purchase of 20 additional liquid
nitrogen high pressure pumping units.
Office—3602 W.
11th St., Houston, Texas. Underwriter — Underwood,
Neuhaus & Co., Inc., Houston, Texas.

if North Atlantic Life Insurance Co. of America
June 2, 1961 filed
1,386 common shares. Price—$350.
Business—The
State
and

license

poses.

Office

sell

Proceeds—For
—

Mineola, N. Y.
North

has applied for a New York
life, accident and health insurance

company

to

annuities.

Meadow

general

Brook

corporate

National

Bank

pur¬
Bldg.,

Underwriter—None.

Electric

Co.

March 30, 1961 filed 22,415 shares of common stock
offered for subscription by stockholders of record

to be
May
15.
Price—To be supplied by amendment.
Business—
This subsidiary of
L. M. Ericsson Telephone Co. of
Stockholm, Sweden,^manufactures telecommunications
equipment, remote control systems, electromechanical
and electronic
components, and power supply assemblies.
Proceeds—To repay loans and for working capital. Of¬
fice—553

South

writer—None.

.

Market
-

•

Street,

Galion,
„

Ohio.

Under¬
-

.

%

Volume

193

Number

n

6062

.

.

The Commercial and Financial Chronicle

.

(2529)

i'S

Northern Illinois Gas Co.
(6/22-7/11)
May 24, 1961 filed 450,037 shares of common stock to be
offered for subscription by stockholders on the basis of

'9

one new

share for each 16 shares held of record June 22.

with rights to expire July 11. Price—To be
supplied by
amendment. Proceeds—For construction. Office—50 Fox
&
%

|

St., Aurora, 111. Underwriters — First Boston Corp., and
Glore, Forgan & Co., both of New York City.
Oceanarium,

Inc.

May 22, 1961 filed 125,000 shares of

?! ^

common stock, of
62,500 shares are to be offered for public sale by
the company and 62,500 outstanding shares
by the pres¬

which

holders

ent

thereof.

Price—To

Business—The

ment.

be

company

supplied

operates

by

amend¬
"Marineland

of the

Pacific," an exhibition of fish and trained aquatic
animals, near Los Angeles, Calif. Proceeds—For work¬
ing capital.
Office—Marineland, Los Angeles County,
Calif.

Underwriter—Blyth & Co., Inc., New York City.
Old Empire, Inc.
May 1, 1961 filed $700,000 of convertible subordinated
due

debentures

1971.

Price

—

At

Business

par.

—

The

manufacture,

packaging and distribution of cosmetics,
pharmaceuticals and household, chemical and industrial
specialties. Proceeds—For the repayment of bank loans,
property improvements and working capital. Office—
865 Mt. Prospect Avenue, Newark, N. J. Underwriter—
Laird, Bissell & Meeds, Wilmington, Del.
Maiden

One

April

Price—$3
fund

Lane Fund, Inc.
filed 300,000 shares of
share. Business—This is

1961

7,

per

which

will

stock.

common
a

new

mutual

hold

only convertible debentures and
U. S. Treasury bonds. Proceeds—For investment. Office
•—One Maiden

Lane, New York City. Underwriter—G. F.
Co., Inc., New York City. Offering — Ex¬
about mid-June.

Nicholls

pected

&

Ormont

Drug & Chemical Co., Inc.
May 2, 1961 (letter of notification) 100,000 shares of
common stock (par 10 cents). Price—$3
per share. Busi¬
ness—Manufacturers of drugs. Proceeds—For
expansion,
and working capital. Office—38-01 23rd
Ave., Long Is¬
land

City, N. Y. Underwriter—Havener Securities Corp.,
New York, N. Y.
1
Outdoor

Development Co., Inc.
May 25, 1961 filed $2,705,000 of subordinated debentures
due June 1, 1976, warrants to purchase
108,200 shares of

Lawrence, L. I., N. Y. Underwriter—Arnold, Wilkens &
Co., New York, N. Y.
Perini

Corp.

the

ceeds—For

present holders

thereof. Price—To

be

supplied by
company is engaged in the
construction and
general contracting business in the
U. S. and Canada and recently entered the real estate
development field. In addition it will control and operate
the National League Baseball Club of
Milwaukee, Inc.
Proceeds—To repay loans and for general corporate pur¬
poses. Office — 73 Mt. Wayte Ave., Framingham, Mass.
Business—The

amendment.

Underwriters—F. S. Moseley & Co., Boston,
Mass., and
Paine, Webber, Jackson & Curtis, New York City.

—To repay debt; establish a

working

capital.

branch sales office, and for

Office—Walden

Drive, Augusta, Ga.
Underwriter—Granbery, Marache & Co., New York City.
Pacific

May

24,

Gas

1961

be offered

of

one

&

Electric

filed

for

Co.

(6/13)

896,470 shares

of

stock,

common

subscription by stockholders

co

the basis

on

13, with rights to expire July 5. Price—To be supplied
by amendment. Proceeds—For the repayment of bank
loans, and for construction. Office—245 Market St., San

Francisco,

Calif.

Underwriter—Blyth

&

Co.,

Inc., New

Street, Midland, Texas. Underwriters—Lehman Brothers
and Shearson, Hammill & Co., both of New York City
(managing).
•
Philadelphia Laboratories, Inc. (7/24-28)
May 26, 1961 filed 75,000 shares of common stock. Price
—$8 per share.
Business—The development, manufac¬

ture and sale of

pharmaceuticals, vitamins and veterinary
— For
the repayment of debt, and
other corporate purposes.
Office —- 400 Green Street,
Philadelphia,
Pa.
Underwriter-—Woodcock,
Moyer,
Fricke, & French, Inc., Philadelphia.
products.

Proceeds

•

Packer's Super

Markets, Inc.

Corp. (6/15)
1961 filed 150,000 shares of common stock (par
cents), to be offered for subscription by stockholders

10

the

on

held.

basis

of

three

Price—To

new

shares

for

each

four

shares

be

supplied by amendment. Business—
development and manufacture of optical

The

design,

and

electro-optical

systems

and

components

used

in

aerial

reconnaissance, photo-interpretation, photo-gramand optical scanning devices. Proceeds — For
working capital, research and development, and new
equipment. Office—134-08 36th Road, Flushing, N. Y.
Underwriter—L. D. Sherman & Co., New York City.
metry

Pickwick

the real estate and

the

($175,000), to repay a bank note ($65,000),
working capital. Office—Hunting¬
Station, New York. Underwriters—Theodore Arrin &

ton

Co., Inc., Katzenberg, Sour & Co., and Underhill, Secu¬
rities Corp*., all of New York City.
Pickwick Recreation

April 21,

corporate

Proceeds
53rd

St.,

&

Co.,

York

City

Pan

general corporate purposes.

Brooklyn,

Blauner
New

For

—

York

N.

Inc.,

Y.

and

City
Office

area.
—

25

Underwriters
M.

L.

Lee

—
Milton D.
Co., Inc., both of

Resources, Inc.
May 11, 1961 (letter of notification) 40,000 shares of
common stock
(par $1). Price—$7 per share. Office—600
Glendale Federal Bldg., Glendale(3, Calif. Underwriter
■—Fred Martin & Co., 1101 Woodland Dr., Norman, Okla.
•

Panacolor, Inc.
Feb. 24, 1961 filed 200,000 shares of common stock (par
20 cents). Price—$4 per share. Business—The company
plans to engage in the business of developing and print¬
ing color film primarily for the motion picture and tele¬
vision industries. Proceeds—For the construction of two
machines

to

promotion, market development and

sales

(no par).

Price—$3

per

100,000 shares of
share. Proceeds

for construction, working capital and, general
purposes.
Office—921-1001 Riverside Drive,

—For

print color film by the Panacolor Process;

officers'
salaries; for mortgage and interest payments; and for
working capital. Office—6660 Santa Monica Blvd., Holly¬
wood, Calif, and Room 1744, 120 Broadway, New York
City. Underwriter — Federman, Stonehill & Co., New
York City (managing).

1961
stock

Services,

(letter of notification) 16,000 shares of
(par $1). Price—$5.50 per share. Proceeds

general corporate

Plasticon

purposes.

Office

C. Underwriter

D.

Investment

—

—

Sade

&

the

of

one

Plasticon

share

for

each

three

and 400,000 shares are to
offered to holders of the company's $1,200,000 of 5%

Leyghton-Paige shares

held,

share, in all cases.
Business—The manufacture of large plastic containers.
Proceeds—To discharge the indebtedness represented by
Plasticon's 5% promissory notes, with the balance for
more
equipment and facilities.
Office — Minneapolis,
notes.

promissory

Minn.

Price

—

$3

per

Underwriter—None.

Piatt

Resources,

Inc.

May 24, 1961 filed 150,000 shares of common stock. Price
—To be supplied by amendment. Business—The com¬
pany was organized in November 1960 to acquire, exploit
and develop patents, and to assist inventors in develop¬
ing" and marketing their inventions. Proceeds—For gen¬
eral

York

Office — 608 Fifth Ave., New
Underwriters—N. A. Hart & Co., Bayside,

corporate purposes.

City.

N. Y., Darius,

Inc., New York City and E. J. Roberts &
Co., Inc., Ridgewood, N. J.

ic Pell

Pharmaceuticals, Inc.
1961 ("Reg. A.") 150,000 common shares (par
cents).
Price—$2.
Proceeds—For equipment, ex¬

May 24,
five

Office—1 Bel¬
mont Ave., Bala-Cynwyd, Pa.
Underwriter—R. P. & R.
A. Miller &
Co., Inc., Philadelphia.
pansion, inventory, and working capital.

Peninsula

April 27,
common
Mi.

Publishing & Printing Corp.

of notification) 57,000 shares of
stock (par one cent). Price—$3'per share. Busi¬
1961

(letter

ness—Newspaper publishers. Proceeds—For sales pro¬
motion; construction of a storage building; repayment of
a loan and
working capital. Office — 379 Central Ave.j




—

&

Co., New York.

Electronics, Inc.
April 12, 1961 (letter of notification) 100,000 shares of
common stock (par 25
cents). Price—$3 per share. Busi¬
ness—The

manufacture of television and FM radio an¬
Proceeds—For general corporate purposes.
Ad¬
dress—2016 Bronxdale Ave.,
Bronx, N. Y. Underwriter—tennae.

Martinelli &

Co., New York, N. Y.

• Radiation Instrument Development Laboratory,
Inc.
June

1, 1961 filed 100,000

666 to be offered for sale

stockholders.

common shares, including 86,by the company and 13,334 by
amendment. Business—Devel¬

Price—By
designs and produces electronic instruments for the

ops,

detection

of atomic radiation.
Proceeds—For working
capital, and expansion.
Office — 61 East North Ave.,
Northlake, 111. Underwriter—Hayden, Stone & Co., New
York City (managing).
Ram

Dec.

28,

common

Electronics, Inc. (6/12-16)
1960 (letter of notification) 75,000 shares of
stock (par 10 cents). Price—$4 per share. Busi¬

ness—Manufacturers of electronic and replacement part*
for television receivers and other electrical circuits. Pro¬

ceeds—For

general corporate purposes. Office—600 In¬
Ave., Paramus, N. J. Underwriter—General Se¬
curities Co., Inc., 101 West 57th St., New York City.

dustrial

•
Resl Estate Investing
Association, Inc. (6/12)
May 22, 1961 filed $50,000,000 series A 6% 20-year par¬
ticipating notes to be issued in 2,000 units of $25,000

each.
The
in

Price—At

company

100%

was

first mortgages

in land
—For

City.

of

principal

amount.

Business—

organized in February 1961 to invest
on

income

producing properties and

which buildings have been erected. Proceeds

on

investment.

Office—60

East

42nd

St., New York

Underwriter—None.

Real

Estate

Investment

Trust

of

America

(6/12-16)
March 31, 1961 filed 500,000 shares of beneficial interest
in the Trust. Price—To be supplied by amendment. Busi¬
ness—The Trust which was organized in 1955 to acquire
the

of

assets

three

Massachusetts

business

trusts

now

holds real estate properties in 12 states and the District
of Columbia.
Proceeds — For investment.
Office — 294

Washington

St., Boston, Mass. Underwriters — Paine,
Webber, Jackson & Curtis; Kidder, Peabody & Co., and
Lee Higginson Corp., all of New York City.
inc

l?0cco

1961

17,
A

(letter of notification)) 60,000 shares of
stock
(par one cent). Price—$5 per
open a new licensed department in

common

share. Proceeds—To
1961.

Office—1211

Walnut St., Kansas

writer—Midland Securities
Recreation

City, Mo. Under¬
Co., Kansas City, Mo.

Enterprises,

(6/26-30)

Inc.

1961 filed 110,000 units of common stock and
warrants, each unit to consist of one share of class A
common
and two common stock purchase warrants for
the purchase

of class A

common

(one exercisable at $5.50

share for 18 months and the other at $6 per share
months).
Price—$5 per unit.
Business—The
company plans to operate a chain of bowling alleys in
per

within 36

the

rpidwestern states, initially in Missouri and Kansas.

Proceeds—For the building of
6000

bowling centers. Office—

Independence Ave., Kansas City, Mo.

—I. M. Simon &

Simmons

Reher

Underwriter

Co., St. Louis, Mo.
Research

Inc.

May 8, 1961 filed 150,000 shares of capital stock. Price—
$6 per share. Business—The research and development
of processes in the field of surface and biochemistry.

plant construction, equipment, research
development, sales promotion and working capital.
Broad .St., Bridgeport, Conn. Underwriter
—McLaughlin, Kaufmann & Co., New York City (man¬
aging).
Proceeds—For

Corp.

May 29, 1961 filed 150,000 shares of class A stock. Price
—$5 per share. Business—The company is a real estate
investment firm.
Proceeds—For investment.
Office—
New York

City.

Underwriter—None.

Polymetric Devices Co.
May 24, 1961 filed 90,000 shares of common stock. Price
—$3.75 per share. Business—The company sells devices
for the measurement or control of pressure, temperature,

acceleration, displacement, strain and force.
Proceeds—For working capital. Office—-130 South Easton
torque,

Rd.,

Pro¬

March 16,

Corp.

basis

equipment.

RMS

Co.,

1961 filed 665,666 shares of common stock, of
which 90,666 shares are tp be publicly offered, 25,000
shares are to be offered to Leyghton-Paige Corp., 150,000
shares are to be offered to Leyghton-Paige stockholders
on

technical

it Quality Importers, Inc.
1, 1961 filed 200,000 common shares.
Price
By
Business—Imports and1 distributes Scotch
and Irish whiskeys.
Proceeds—To repay loans and for
working caiptal. Office—55 Fifth Ave., New York. Un¬

class

Inc.

May 8,

•

of

of

amendment.

and

Office—545

•

Patent

relocation

June

April

Bldg., Washington,
Washington, D. C.

be

notification) 65,000 shares of
cent). Price—$4 per share. Busi¬

manufacturers

—

Underwriter—Fairman & Co., Los An¬

Helicopter

Pilgrim

(managing).

American

for

Center, Inc.

(letter of notification)

1961
stock

common

—To pay

April 25,

New

Proceeds—

balance for

common

the

in

Corp.

of

one

business; new equipment; ex¬
pansion, and working capital.
Office
1562-61st St.,
Brooklyn, N. Y. Underwriter—William, David & Motti,
Inc., New York, N. Y.

homes

with the

self-service

stores

business.

Net proceeds, estimated at $444,000, will be used to buy
land for shell homes construction and to start building

May 25, 1961 filed 100,000 shares of common stock. Price
—$6 per share. Business—The operation of 22 retail
food

construction

geles, Calif.

(7/24-28)

(par

ness—The

Photronics

Feb. 24,

Burbank, Calif.

York City.

(letter

stock

common

Permian

Corp. (6/19-23)
April 28, 1961 filed 285,000 outstanding shares of com¬
mon stock to be offered
for public sale by the present
holders thereof.
Price—To be supplied by amendment.
Business—The marketing of crude oil.
Proceeds—For
general corporate purposes.
Office — 611 West Texas

share for each 20 shares held of record June

new

1961

derwriter—Sutro Bros.
•

in

supplied by amendment. Business—The
construction, sale and financing of shell homes. Proceeds

8,

&

\.

Instrument

May

Price—To

be

Q-Line

30, 1961 filed 1,451,998 shares of common stock
(par $1), of which 1,350,000 are to be offered for public
sale by the company, and 101,998 outstanding shares by

Organization, Inc.
May 23, 1961 filed 110,000 shares of common stock.
Price—$5 per share. Business—The company- is engaged

be offered

Office—Hurffville, N. J. Underwriter—Harrison

Co., Philadelphia, Pa.

\

March

stock, and 324,600 shares of common stock to
for public sale in 54,100
units, each consist¬
ing of $50 of debentures with an attached warrant to
purchase two common shares, and six shares of common.
common

ital.

41

Glenside, Pa.
D. C.

Underwriter

—

Weil

&

Co.,

Inc.,

Washington,
Power

Designs Inc.

1961 filed 500,000 shares of common stock (par
10 cents).
Price—$2 per share.
Business—The design,
manufacture and sale of power supply equipment for the

conversion| of commercial AC power. Proceeds—To re¬
loans, for expansion and working capital. Office—
1700 Shames Drive, Westbury,
N. Y.
Underwriter —
Pistell, Crow, Inc., New York City.

pay

Precision

Specialties, Inc.
May 15, 1961 (letter of notification) 100,000 shares of
common stock (par 10 cents).
Price—$3 per share. Busi¬
ceeds—To

manufacture
repay

loans

Foods, Inc. (6/9)
1961 filed $600,000 of debentures, 6V2% con¬
1976, to be offered for public sale by

vertible series due
the company

and 125,000 shares of common stock, (par $1)

100,000 shares are to be offered for sale by the
and 25,000 outstanding shares by the present
holders thereof.
Price—At 100% of principal amount,

of which

company

for

the

debentures

and

$6

per

share

for

the

Business—The retail distribution of food freezers,

March 31,

ness—The

Renaire

March 30,

of

precision instruments. Pro¬
for construction, purchase of

equipment; research and development, and working cap¬

stock.
frozen

foods, groceries, vitamins, proprietary medicines and
sundries, principally in the Philadelphia and Baltimore
trading areas.

Proceeds—For construction, the purchase
from the sales of food

of installment contracts resulting
and

freezers, and for working capital.

timore Pike,
&

Office—770 Bal¬
Brooks

Springfield, Pa. Underwriter—P. W.

Co., Inc., New York City.

Ripley Co., Inc.
May 19, 1961 filed 82,500

t

shares of common stock, of
shares are to be offered for public sale by
the company and 57,500 outstanding shares by the pres¬
ent holders thereof.
Price—To be supplied by amendwhich 25,000

Continued

on

page

42

42

The Commercial and Financial Chronicle

(2530)

Continued from page

and distribution of

photoelectric street light controls, centrifugal blowers
and
other electronic equipment.
Proceeds—For new
product development. Office—One Factory Street, Middletown, Conn.
Underwriter — Dominick & Dominick,
New York City (managing).

Brothers, Inc.

Rockower

shares of common
public sale by the
Price —To be supplied by

May 1, 1961 filed 140,000 outstanding
stock (par 30 cents) to be offered for

thereof.

holders

present

Business—The retail sale of men's and boys'

amendment.

Proceeds—For the selling stockholders. Office
—160 West Lehigh Avenue, Philadelphia.
Underwriter
—Drexel & Co., Philadelphia.
clothing.

Hart &

(managing).

Co., Bayside, N. Y.
Instruments,

Servonic

research, design, development, manufac¬
precision devices consisting primarily of
electromechanical transducers, for a variety of military,
ment,
1644

Proceeds—For new equip¬

plant expansion and working capital.
Office—
Whittier, Calif.
Underwriter — C. E. Unterberg,

Towbin Co., New

Chemical

&

April 24, 1961 filed 500,000 shares of common stock.
Price—$2.50 per share. Business—Acquisition, develop¬

amendment. Business

ment, and exploration of mining properties. Proceeds—
For general corporate purposes. Office — 1406 Walker
Bank Bldg., Salt Lake City, Utah. Underwriter—None.,

and

manufacture

—The

ceeds

Philadelphia, Pa. Under¬
& Co., New York City and

Stenton Ave.,

4865

—

account

the

For

—

Office

pharmaceuticals. Pro¬
of the selling stockholders.
of

sale

writers—Kidder, Peabody
Schmidt, Roberts & Parke, Philadelphia(
•

managing).

Rowan Controller Co.

May 24, 1961 filed 200,000 shares of common stock. Price

equipment. Proceeds—For the retirement of debt and
product expansion.
Office—2315 Homewood Avenue,

converting and distribution of urethane foam
products to industry. Proceeds — For expansion, new
equipment, repayment of debt, and working capital. Of¬
fice—4542 East Dunham St., City of Commerce, Calif.
Underwriter
Garat & Polonitza, Inc., Los Angeles
-—

Outdoor Advertising Co.,

Ruth

Inc.

Address

porate purposes.

—

R. D. No. 2, Albany, N. Y.

Underwriter—Lewis & Stoehr, New York, N. Y.
Schneider

(6/16)
common

March 24,

on

real

the

Corp.

Price—$5 per share. Business—Organ¬
1961, the company plans to engage in

cents).

10

(par
ized

(Walter J.)

30, 1961 filed 120,000 shares of class A

March

business and

estate

allied activities.

Proceeds

general corporate purposes. Office—67 West 44th
New York City. Underwriters—Brand, Grumet
Seigel, Inc., and Kesselman & Co., Inc., both of New

—For

Street,
&

York City.

May 9, 1961 filed 450,000 shares of common stock. Price
per share. Business—A small business investment

Proceeds—For investment. Office—Juniper &
Sts., Philadelphia, Pa. Underwriters—Blair &
Co., Inc., New York City; Stroud & Co., Inc., and Wood¬
cock, Moyer, Fricke & French, Philadelphia, Pa.

company.

Vvainut

(7/3)
1961 filed 75,000 shares of common stock.
Price
To be supplied by amendment. Business — The
research and development of projects for agencies of the
U.
S.
Government.
Proceeds—For
the repayment of
Scope,

equipment.

Proceeds—For repayment of
loans; new equipment, research and development, plant
improvement, purchase of inventory, advertising and
working capital. Office — 787 Bruckner Boulevard,
Bronx, N. Y. Underwriter—L. C. Wegard & Co., 28 West
State

Trenton,

St.,

Inc.

28,

—

production and marketing of new products, and
working capital.
Office—121 Fairfax Drive, Falls

Price

$5,000

—

Business

unit.

per

The

was

company

'

V;.'./'

Skiffs, Inc.;
1961 filed 100,000; shares " of Common stock.
be
supplied by amendment. Business—The
manufacture and sale of "sea skiffs" a type of inboard
motor boat. Proceeds—For the repayment of debt, the
development of retail outlets, property improvement,
and working capital. Office—Toms River, N. J. Under¬
writer—Warner, Jennings, Mandel & Longstreth, Phila¬
delphia (managing). Offering—Expected in early July.
19,

Price—To

Slater

May

Electric

18,

for

by

Inc.

filed

1961

100,000

150,000 shares of class A stock, of
are to .he offered for public sale

shares

the company and 50,000'l^fftstanding shares by the
holders thereof.
Price — To be supplied by

present

trols

manufacture

of

electrical
con¬

sile application.

City

Canal

Office—417

—Amos Treat &
Search

Street, New York City. Underwriter
Co., Inc., New York City (managing).

Investments

Corp. (6/12)
Jan. 4, 1961 filed 1,000,000 shares of common stock. Price
•—$1 per share. Business—A non-diversified closed-end
investment company.
Proceeds — For working capital
and

for investments.

apolis, Minn.

Office—1620 Rand

Tower, Minne¬

Underwriter—None.

27,

nated

1961

filed $3,000,000

debentures.

of 6%

Price —100%

of

series A

subordi¬

principal

amount.

Business— The company and its subsidiaries are

engaged

in the retail

financing of new and used automobiles, mo¬
homes, appliances, furniture and farm equipment for
purchasers, and the wholesale financing of dealers' in¬
bile

ventories of such automobiles and direct
sumers,

other
tal.

lending to con¬
and the writing of automobile, credit life, and

types of insurance.

Office—1100 Bannock

Proceeds—For

working capi¬
Street, Denver, Colo. Under¬

writer—None.

Security Acceptance Corp.
March 7, 1961 filed 100,000 shares of class A common
stock and $400,000 of 7%% 10-year debenture
bonds, to
be offered in units consisting of
$100 of debentures and
25 shares of stock. Price—$200 per unit. Business—The
purchase of conditional sales contracts on home appli¬
Proceeds

Office—724

9th

For working capital and expansion.
St., N. W., Washington, D. C.
Under¬
—

writer—None.

+ Security Air Vent, Inc.
May 26, 1961 ("Reg. A.") 96,000 common shares, (par 50
cents). Price—$1.
Proceeds—For repayment of loans;
purchase of inventory, and working capital. Office—715
W.

Railroad

Avenue, Scottsbluff,

Neb.

Underwriter—

None.

•
Sony Corp.
May 3, 1961 filed 798,200 shares of common stock (par
50 yen) to be offered for subscription by common stock¬

holders resident in the U. S., on the basis of one new
share for each share held of record March 1. Rights ex¬

pired April 21. Price—At
manufacture

Suppliers, Inc., is engaged in the importation and
distribution of a wide variety of
photographic equip¬




and

par

sale

the

issuer.

table
•

radio

and

Southeastern

Capital Corp.
May 16, 1961 filed 500,000 shares of common stock (par
$1). Price—$12.50 per share. Business—A small busi¬
ness
investment company.
Proceeds — For investment.
Office—Life &

Casualty Tower, Nashville, Tenn.

writer—Paine,

City

Southwestern States TeEephicne Co.

19,

Webber,

struction.

Office—300 Montgomery St., San Francisco,
Calif/Underwriter—Dean Witter & Co., San Francisco

(managing).
Special Metals, Inc. (6/28)
May 16, 1961 filed $2,656,250 principal amount of 6%
subordinated debentures due July 1, 1976 and
159,375
in

Jackson

&

Curtis,

New

1961

(letter

stock

Fire

of

(par $4).

Insurance Co.

notification) 23,500^ shares of
Price—$10 per share, Office—
& Ashman, 1527 Alfred I. du

debentures and three common
amendment. Business
has contracted to buy the Metals Divi¬
$50

of

be supplied by

Kelsey-Hayes Co., and will produce special high

temperature metal alloys by vacuum melting for use in
jet aircraft engines.
Proceeds—To repay a bank loan.
Office
New
Hartford, N. Y.
Underwriters — White,
Weld & Co., Inc., and Lehman Brothers, both of New
—

York City

(managing).

be

supplied

machines
notes

by

in

and
the

general

common stock. Price
Business—The com¬
copy - making
Proceeds — To
pay
off

amendment.

manufactures

pany

sells

and

accessories.

amount

corporate

of

office

$422,826, with the balance for
Office—Chicago, 111.
Un¬

purposes.

derwriter—Rodman

&

Renshaw,

Chicago, 111.

(manag¬

ic Speilman

Engineering,

June

filed

6,

1961

150,000

Inc.

Price

shares.

common

—
By
loan and

amendment. Proceeds—For the repayment of a
for

working capital. Office

722-32 Brookhaven Drive,-

—

Carrison, Wulbern,

Orlando, Fla. Underwriter—Pierce,
Inc., Jacksonville.

Spencer Laboratories, Inc.
May 1, 1961 (letter of notification) 1,624 shares of cl&ss
common stock
(no par) to be offered for subscription
by stockholders on the basis of four shares for each five
A

shares held, with the unsubscribed shares to be sold
the public. Price—To stockholders, $100 per share;
the public, $110 per share. Business—Manufacturers

Pharmaceuticals.

Proceeds

For testing

—

to:
to
of

products,

new

inventories; marketing and

Standard

Brands

The manufacture and

Co.

Paint

paints,

direct retail sale of

enam¬

els, varnishes and allied products in the Southern Cali-.
fornia area. Proceeds—For the repayment of debt, the
retirement

of

outstanding

debentures

8%

for

and

ex¬

W.; 190th St., Torrance, Calif.
Underwriters—Sutro Bros. & Co., and Allen & Co., both
Office

pansion.
of

York

New

4300

—

(managing).

City

June.

Standard
March

27,

Offering—Expected
..

.

in

■

Life Insurance Co. of N. Y.
filed 162.000 shares of common stock
subscription by holders of common and
the basis of two new shares for each five

Security

1961

to be offered for

class A stock

on

held.

shares

Price

Business—The

—

writing

To; be
of

life,

supplied by amendment.
accident and health in¬

Of¬
Underwriter—<

Proceeds—For general corporate purposes.

surance.

Fifth Avenue, New York City.

fice—111
None.

-

Sta+e Loan

18,

tures

;

.

Firance Corp.

filed

1961

due

&

$25,000,000

Price—To

1981.

be

Proceeds—For the repay¬

Business—Consumer finance.
ment of loans.

of sinking fund deben-:
supplied by amendment.

Office—1200 18th

Street, N. W., Washing¬
ton, D. C. Underwriters—Johnston, Lemon & Co., Wash¬
ington, D. C., and Eastman Dillon, Union Securities &
Co., New York City (managing).
Stratton

Corp.

(6/16)

March

City.
Southern

Electric Generating Co.

(6/15)

$20,000,000 of first mortgage bonds
due June 1, 1992.
Proceeds—For construction. Office—
600 North 18th Street, Birmingham, Ala. Underwriters
—To be determined by competitive bidding.
Previous
8,

1961

filed

bidders: Halsey, Stuart &
Fenner

&

Smith

Inc.

Co. Inc.; Merrill Lynch, Pierce,
and Blyth & Co., Inc. (jointly);

Morgan Stanley & Co.; White, Weld & Co., and Kidder,
Peabody & Co. (jointly); Eastman Dillon, Union Secu¬
&

Co.;

Equitable Securities Corp., and Drexel &

Co., (jointly); First Boston Corp. Bids—To be received
June 15 at 11 a.m. (DST) in Room 1600, 250 Park Ave¬
for

of

Price—To

sion of

York

Guilmartin, Bartel
Pont Building, Miami, Fla. Underwriters—Beil & Hough,
Inc., St. Petersburg, Fla.; Nolting, Nichol & O'Donnell,
Inc., Pensacola, Fla.; Sterling, Grace & Co., New York

nue,

stock (par $2) to be offered for public

common

units

—The company

May

c/o

May

(6/26)
stock. Price

common

Under¬

(managing).

Southern American

May

Office—Dallas,. Texas. Underwriter—Equi¬
Corp., Nashville, Tenn. (managing),

Securities

-Tj>: be supplied by amendment. Proceeds—For con¬

(about 14 cents). Business
of transistorized

receivers, magnetic tape recorders and other
electronic equipment. Proceeds—For expansion. Office
—Tokyo, Japan. Underwriter—None.

rities

• Service Photo Industries, Inc.
May 26, 1961 filed 150,000 class A shares (par one cent).
Price —$4.
Business —The company, formerly Service
Photo

Avenue, Glen Cove, L. I., N. Y.
Unterberg, Towbin Co., New York

(managing).

common

ances.

E.

television

Securities Credit Corp.
Jan.

Cliff

Underwriter—C.

—The

Price

Sea

The

—

industrial, commercial
and
residential
buildings. Proceeds—To reduce outstanding loans, pur¬
chase additional equipment, and for working capital,

Proceeds—For the selling stockholders.

held.

amendment. Proceeds—To pur¬
chase the 55%
of the outstanding common stock oi.
Carolina Life Insurance Co. not heretofore owned by

by

May 2, 1961 filed 265,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—

used

Office—45

share for each five shares

new

supplied

in

Business

equipment, principally wiring devices and lighting

(7/3) J.

one

be

general corporate purposes.
Office—10 Pine St., Morristown, N. J. Underwriter—E.
T. Andrews & Co., Hartford. Conn.

amendment.

1961 filed 100,000 outstanding shares of com¬
mon stock to be offered for public sale by the present
holders thereof. Price—$5.50 per share. Business—The
manufacture of warning signals, control boxes, intervalometers and related equipment for aircraft and mis¬

April 26,

C

Co.

Insurance

ing).

Sica

April

which

Seaboard Electronic Corp.

—

15, 1961 to acquire the Hotel Sherman
Chicago. Proceeds—To purchase the above property.
Office—10 E. 40th Street, New York City. Underwriter
in

v

Life

March 28, 1961 filed 80,000 shares of common stock, to
be offered to holders of the outstanding common on the

May 24, 1961 filed 125,000 shares of

March

on

purposes.

(managing).

Southland

—To

29, 1961 filed 1,096 of limited partnership shares.

formed

City

corporate

Speed-O-Print Business Machines Corp.

Sherman Co.
March

debt,

Church, Va. Underwriter—Hodgdon & Co., Inc., Wash¬
ington, D. C. Offering—Imminent.

•

N. J.

Corp.

Capital

-—$8

•

and ventilation

stock

—None.

Science

March

Business—The

1961

common

1961

York

shares.

(letter of notification) 75,000 shares of
(par one cent),
Price — $4 per share.
manufacture of high altitude breathing

April 26,

(letter of notification) 80,000 shares of
class A stock (par 10 cents). Price—$3 per share. Busi¬
ness—Outdoor advertising.
Proceeds—For general cor¬
10,

capital and other

sale

Shepard Airtronics, Inc.

timore, Md.
•

property, work¬
Office—1674
Meridian Avenue, Miami Beach, Fla. "Underwriters —
Hirsch & Co., and Lee Higginson Corp., both of New
ing

shar.es of

(managing).

Baltimore, Md. Underwriter—Stein Bros. & Boyce, Bal¬

March

amendment. Business—The manufac¬

ture,

May 29, 1961 filed 50,000 shares of common stock. Price
—To be supplied by amendment.
Business—The manu¬
facture
and sale of industrial controls and electrical

repayment of debt, the development of

May/29, 1961 filed 110,000 shares of

Shelley Urethane Industries, Inc.
To be supplied by

ment of

—To

Co.

May 24, 1961 filed 130,000 outstanding shares of common
stock to be offered for public sale by the present holders
thereof. Price—To be supplied by

Price

Business—The develop¬
unimproved land in Florida. Proceeds—For the

100% of principal amount.

basis of

York City.

Minerals

Shasta

Realty & Utilities Corp.
1961 filed $3,140,000 of 6% convertible deben¬
with warrants to purchase 31,400 common

tures due 1976,

debentures and warrants for five common shares.

ture and sale of

uses,.

Thursday, June 8, 1961

.

Southern

May 26,

—Ai

Business—The

industrial and scientific

.

shares, to be offered for public sale in units of $500 of

Inc.

April 26, 1961 filed 95,000 shares of no par common
stock, of which 50,000 shares are to be offered for public
sale by the company and 45,000 shares by the present
holders thereof.
Price—To be supplied by amendment.

(William H.)ylnc.

Rorer

advertising

and other corporate purposes. Of¬
fice—33 East 17th St., New York.
Underwriter—N. A.
sales promotion,

and

Business—The manufacture

ment.

Proceeds—For the repayment of debt,

ment.

41

.

New
June

York
12

at

Information Meeting—Scheduled
p.m.,
(DST) on 5th floor of 55 Wall

City.
3

Street, New York

City.

3, 1961 filed $650,000 of 5% convertible subordi¬
debentures, due Dec. 1. 1981. Price—At 100% of
principal amount. Business—The development and op¬

nated

eration

of

a

winter

Stratton Mountain

construction.

and

summer

in southern

Office—South

recreational

Vermont.

resort

on

Proceeds—For

Londonderry,

Vt.

Under¬

writer—Cooley & Co., Hartford, Conn.
•

Sur»

Valley

Associates

March

30, 1961 (letter of notification) $205,000 of lim¬
ited partnership interests to be offered in units of $5,000,
or

fractional units of not less than $2,500.

working capital.
writer—Nat

Proceeds-—For
Under¬
Associates, Inc., New York City.

Address

Berger

—

Harlingen, Texas.

Supermarkets Operating Co.
May 10, 1961 filed 125,000 shares of common stock. Price
—To be supplied by amendment. Business—The opera-

Volume

193

Number

6062

.

.

The Commercial and Financial Chronicle

.

(2531)
of

tion

ohain

of

/'Shop-Rite" supermarkets and the
marketing
of
"Huber's
Sunbeam"
—
For working capital, and
general corporate purposes. Office—1416 Morris Ave.,
*Union, N. J. Underwriters—Robert Garrett & Sons, Bal¬
timore, Md., and G. H. Walker & Co., New York City.
a

production

and

bakery products. Proceeds

If

Superstition Mountain
(7/10-14)

Enterprises, Inc.

30,

Price

—

of

foot

Superstition

Mountain

Apache

near

Junction,

It has developed part of the property to form the

Ariz.

Apacheland Sound Stage and Western Street, architec¬
turally designed for the 1870 period, which is used for
the shooting of the motion picture and television pro¬
ductions. Proceeds—To purchase and develop additional

Office—Apache Junction, Ariz.

property.

Underwriter

v-V*

—None.
•

Supronics Corp.

May 29, 1961 filed 90,000 shares of common stock. Price
—To be supplied by amendment.
Business—The com¬

is engaged

pany

in the distribution of wholesale

trical equipment and supplies.

Proceeds

elec-r

For the

—

re¬

of bank loans and other corporate purposes.
Office—224 Washington St., Perth Amboy, N. J. Under¬
writers—Amos Treat & Co., Inc., and Standard Secu¬

payment

rities

Corp.,; both

of

New

York

City

Bruno-

and

Lenchner, Inc., Pittsburgh, Pa.
Survivors'

March 30,

policyholders, employees
Price—$21.70 per share.

Co.

(7/3)

and company representatives.
Business — The company is

(6/19-23)

Industries Inc.

April 27, 1961 filed 125,000 share^ of common stock, of
which 100,000 shares are to be offered for public sale
the

by

outstanding shares

25,000

and

company

by the

present holders thereof. Price—$4 per share. Business—
The manufacture of supported vinyl plastic sheeting for
the

automobile, furniture and clothing industries.

tPro-

ceeds—For additional equipment, product expansion and

working
Y.

N.

Office—Cantiagua

capital.

Underwriters

Brukenfeld

&

Milton

—

D.

Road,

Blauner

Westbury,
&

Co.,

and

Co., both of New York City. Offering—

Expected about mid-June.
T.

V.

Development Corp.

Proceeds—For the

debt, the expansion of product lines and
working capital. Office—469 Jericho Turnpike, Mineola,
repayment of
Y.

Underwriters

Kesselman &
Co., and Brand,
Seigel Inc., both of New York City (manag-

&

Templeton,

South

La

Salle

Sponsor—John Nuveen & Co., Chi¬

Corp.

(6/12-16)
30, 1961 filed $445,000 of 5Vz% convertible de¬
bentures, due 1969.
Price — 100% of the principal

March

Business

amount.

The

—

management and

of shares of four investment

distribution

companies, and also private

investment

counselling. Proceeds—To increase the sales
subsidiaries, to establish a new finance com¬
pany, and for general corporate purposes.
Office—630
Third Avenue, New York City. Underwriter—Hecker &
Co., Philadelphia, Pa.
efforts

of

Tennessee

Investors, Inc.
May 16, 1961 filed 500,000 shares of common stock to be
publicly offered, and 4,206 common shares to be offered
to holders of the outstanding common on the basis of
one

share for each nine shares

new

held.

Prices—$12.50

share for the public offering and $11.40 per share
rights offering. Business—A small business in¬
vestment company. Proceeds — To finance the com¬

per

for

—

•

'

•

V

..

Taddeo

\

v

Bowling & Leasing Corp.

.

activities

loans to

of

small

providing

equity

capital

and long
Office,—Life and

business concerns.

Casualty Tower, Nashville, Tenn. Underwriter—Paine,
Webber, Jackson & Curtis, New York City (managing).
Terry
Feb.

28,

which

Industries, Inc. (6/16)
1961 filed 1,728,337 shares of

557,333 shares

are

the issuing company

of

(6/19-23).

offered for the account

to be

and

of

1,171,004 shares, represent¬

the first 12,000

shares will go to Netherlands Trading Co.
the proceeds will be used to pay past
due legal and accounting bills, to reduce current indebt¬
edness, and for working capital. Office—11-11 34th Ave.,
Long Island City, L. I., N. Y. Underwriter — (For the
company's shares only) Greenfield & Co., Inc.. New

The

balance

of

it Texas Eastern Transmission Corp.
June 7, 1961 filed $30,000,000 of debentures
1,

1981

and

200,000 shares

($100

preferred

par).

of

subordinated

Proceeds—For the

due

July

convertible

repayment

of

debt and for construction. Office—Memorial Professional

Bldg., Houston. Underwriter—Dillon, Read & Co., New
(managing).

York

stock

and

50,000 class A warrants to purchase common
public sale in units consisting of
$240 of debentures, 50 common shares and 20 warrants.
Price
$640 per unit.
Business — The construction of
bowling centers. Proceeds—For construction and work¬
ing capital. Office—873 Merchants Road, Rochester. N Y.

stock to be offered for

—

1961 filed $25,000,000 of 25-year sinking fund
debentures, due 1986. Price—To be supplied by amend¬
Business—The research, manufacture, and sale of
products in the missile, space, electronics and aircraft
fields. Proceeds
For general funds, including debt re¬
duction.
Office—23555 Euclid Avenue, Cleveland, Ohio.
Underwriters—Smith, Barney & Co., New York City and
McDonald & Co., Cleveland, Ohio
(managing). Offer¬
ing—Expected in late June.
ment.

—

Underwriter—Lomasney, Loving & Co., New York City
(managing).
Electronics, Inc. (6/30)
April 28. 1961 filed 132,000 shares of common stock.
Price
$3 per share.
Business — The manufacture of
electronic equipment, principally electronic test equip¬
ment, partial electronic systems and assemblies, and the
fabrication of electronic components, for use primarily
—

in

the

communications

equipment, capital

field.

Proceeds—For

improvements

and

additional

capital.
Expressway, Woodside,
Co., Inc. (managing);
Stanley Heller & Co., Amos Treat & Co., Inc., all of New
York City.
Office—27-01

N.

Y.

Brooklyn

working

Queens

Underwriters—Fialkov

1,000 outstanding shares of $0.70
convertible preferred stock (par $10) and

29,

filed

1961

cumulative

outstanding shares of common stock to be
public sale by the holders thereof. Price—At
the market. Business—The design, engineering and con¬
struction of an office building and research laboratory;
and the assembling and distribution of radios, television
sets and electric organs. Proceeds—For the selling stock¬
holders.
Office
745 Fifth Avenue, New York City.
1,172,243

offered for

—

Underwriter—None.
'

"

''

&

ic Thorobred Enterprises, Inc.
June 2,
1961 filed 85,000 common shares.
Price—$4.
Business
The breeding of thoroughbred race horses.
Proceeds—To purchase land, build a stable, and buyadditional horses.
Office—8000 Biscayne Blvd., Miami,
—

Taft Broadcasting Co.
May 26, 1961 filed 376,369 outstanding shares of com¬
mon stock to
be offered for public sale by the present
.

holders thereof;
Business—The
I

stations.

Price—To

operation

Proceeds—For

be

supplied by amendment.
and radio broadcasting

—Harriman Ripley & Co., Inc., New York City

(manag¬

ing).
7asset*e,

Feb. 15,

—$12

Inc.

,(6/12-16)

1961 filed 200,000 shares of class A stock. Price

per

share. Business—The company

under Delaware law in
and sale

of

"Tassette,"

Underwriter—Sandkuhl & Co., Inc., Newark, N.

and New York City.-

J.,

•

of TV

selling stockholders. Office
—1906 Highland Avenue, Cincinnati, Ohio. Underwriter

•

Fla.

Toledo

the

1959

to

finance

was

the

organized

exploitation

patented feminine hygiene aid.
Proceeds—For advertising and promotion, market devel¬
a

medical research and administrative expenses.
Office—170 Atlantic St., Stamford, Conn.. Underwriter—
Amos Treat & Co., Inc., New York City (managing);

opment,

common

ent

stock to be offered for
public sale

holders

ment.

thereof.

Business
radio

seven

Price—To

The

—

operation of

broadcasting

stockholders.

by the pres¬
supplied by amend¬

be

six

Office

television

and

Proceeds—For

stations.

the

70

Niagara St., Buffalo,
Loeb, Rhoades & Co., and
Bear, Stearns & Co., both of New York City (managing).
—

N. Y. Underwriters—Carl M.

Transcontinental
March

15, 1961

Investment Co.

(letter of notification) 120,000 shares of
(par $1). Price—$2.50 per share. Pro¬

stock

common

ceeds—For advances to subsidiaries.

Office—278 S. Main

Street, Salt Lake City, Utah. Underwriter—Continental
Securities Corp., 627 Continental Bank
Building, Salt
Lake City, Utah.
Trebor Oil Co. Ltd.

May 1, 1961 filed $150,000 of limited partnership inter¬
ests

to

be

offered for public sale in

$1,000

per

unit.

leases

and

the

First

National

Proceeds—For

the

150

units.

Price—

acquisition

oil

of

development
Bank

of,; thereof.
Office—213
Building, Abilene, Texas. Under¬

writer—None.

•

.V

Plaza

Limited Partnership

(6/14)

April 7, 1961 filed $522,500 of interests in the partner¬
ship to be offered for public sale in 209 units. Price—
$2,500 per unit. Business—The partnership was organ¬
ized under Maryland law in April 1961 to acquire, de¬
velop and operate the Toledo Plaza apartment project in
Prince George County, Md., scheduled for occupancy
in

May, 1961. Proceeds—For the purchase of the above
property. Office—1411 K St., N. W., Washington, D. C.
Underwriter—Hodgdon & Co., Inc., Washington, D. C.
Tonka

Toys,

ic Tresco, Inc.
June 5, 1961 filed
100,000 common shares.
Price—$5.
Business—Manufactures transformers for electronic

equipment.

Proceeds—For

search

development, to finance

and

the

repayment of
a

new

debt, re¬
subsidiary

and for other corporate purposes. Office—3824 Terrance
York
•

Underwriter—Amos Treat & Co., New

(managing).

Triangle Instrument Co.

March 30,
common
ness

The

—

(6/26-30)

1961 (letter of notification) 100,000 shares of
(par one cent). Price—$3 per share. Busi¬

stock

manufacture

components.

of

Proceeds—For

precision

instruments

equipment,

and

inventory,

the
capital. Office—Oak
Place, Syosset, L. I., N. Y. Underwriter
—Armstrong & Co., Inc., New York City.
repayment

of

debt,

and

working

Drive and Cedar

Tungsten Mountain Mining Co.
7, 1961 (letter of notification)

April

400,000

shares

of

stock (par 25 cents). Price — 62V2 cents
per
share. Proceeds—For mining expenses. Office—511 Secu¬
rities Bldg., Seattle, Wash. Underwriter—H. P. Pratt &
common

Co., Inc., Seattle, Wash.
Turbodyne Corp.
May 10, 1^61 filed 200,000 shares of common stock. Price
—$2 per share. Business — The research, development,
manufacturing and marketing of space and" rocket en¬
gines, and related activities. Proceeds—For research and
development, and working capital. Office—1346 Con¬
Ave., N. W., Washington, D. C. Underwriter—
T. J. McDonald & Co., Washington, D. C.
necticut

Union Oil Co.

of California (6/21)
filed $60,000,000 of debentures due June
1, 1986 and $60,000,000 of convertible subordinated de¬

1961

18,

bentures

due

amendment.

June

1,

1991.

Proceeds—For

standing $120,000,000 3V4%
due

bentures
Los

April

Angeles, Calif.

Price—To
the

be

supplied

retirement

of

the

by

out¬

convertible subordinate de¬

Office—Union Oil Center,
Underwriter—Dillon, Read 8c Co.,

1, 1981.

Inc., New York City (managing).
United

May

Electro

Plastics Corp.
(letter of notification) 250,000 shares of
stock (par 10 cents). Price—$1.15 per share.

15,

1961

common

Thcmpson-Starrett Co., Inc.
March

Taffet

and trans¬

Underwriter

Transcontinent Television Corp.
May 25, 1961 filed 400,000 outstanding shares of class B

May

Thompson Ramo Wooldridge Inc.

May 24,

.

March 31, 1961 filed $600,000 of 8% convertible subordi¬
nated debentures due 1971, 125,000 shares of common

hotels, restaurants

as

Office—Jerusalem, Israel.

St., Philadelphia.
stock

common

shares, to be related to A.S.E. prices at time of the
offering. For the stockholders' shares, the price will be
supplied by amendment. Business — The company, for¬
merly Sentry Corp., is primarily a general contractor for
heavy construction projects. Proceeds—The proceeds of

,'v

enterprises such

—None.

the

'

inS)-

various

port industries.

selling

Damroth

-

replacement knobs for television sets.

Grumet

Street, Chicago, 111.
cago, 111.

Office —135

York City.

May 26, 1961 filed 100,000 shares of common stock. Price
—$5 per share. Business—The manufacture and sale of

N.

investment.

For

—

ing outstanding stock, are to be offered for the account
of the present holders thereof. Price—For the
company's

City, Mo. Underwriter—None.
Suva'

states, counties, municipalities and territories of the
U. S., and political subidivisions thereof which are be¬
lieved to be exempted from Federal income taxes. Pro¬

term

qualified to write life-insurance in the state of Missouri.
Proceeds—For expansion of the business into other states
and for reseives. Office — 4725 Wyandotte St., Kansas
•

Price—To be filed by amendment. Business
—The fund will invest in interest bearing
obligations of

pany's

Insurance

1961 filed 50,000 shares of common stock to
initially to stockholders and thereafter to

offered

be

Benefit

certificates.

ceeds

1961 filed 2,000,000 shares of common stock.
$2.50 per share. 'Business — The company was
formed in March, 1959 to develop real property at the

Jan.

Tax-Exempt Public Bond Trust Fund, Series 2
23, 1961 filed $10,000,000 (10,000 units) ownership

Feb.

43

Office—510

First

Ave.

N., Minneapolis, Minn.

Under¬

writer—None.
United Foods, Inc.
May 25, 1961 filed 125,000 shares of common stock. Price
—$8.50 per share. Business—The storing of grain for a
U. S. Government agency; cold storage warehousing;
the freezing, packaging and marketing of vegetables;
the freezing and packaging of shrimp; the feeding and
marketing of fattened cattle, and the operation of a
small business financing company. Proceeds—For ex¬
pansion and working capital. Office—1235 Shadowdale,
Houston, Tex. Underwriter—Dempsey-Tegeler & Co., St.
Louis, Mo.

United Investors Corp.

May 26, 1961 filed 76,109 shares of class A stock. Price
—$10 per share.
Business—The company plans to ac¬

quire 15 realty properties in eight states. Proceeds—For
the repayment of debt, property acquisitions, and work¬
ing capital. Office—60 E. 42nd Street, New York City.
Underwriter—None.
U.

S.

Fiberglass Products Co.»
1961 filed 200,000 shares of common stock.
per share.
Business—The company plans to
manufacture fiberglass shingles, beams, purlin and other
materials.
Proceeds
For working capital, inventory
April 27,
Price—$2

—

equipment, and sales promotion.
Office — Clarkville, Texas. Underwriter—Hauser, Murdock, Rippey &
and

Co., Dallas, Texas.

Inc.

Bruno-Lenchner, Inc., Pittsburgh; and Karen Securities

(par
$1) of which 60,000 shares will be offered for public sale
by the company and 95,000 shares by the selling stock¬

May 11, 1961 filed 300,000 shares of class A capital stock.
Price—To be supplied by amendment. Business — The

Corp., New York City.

holders.

amendment. Business
plastic and metal toys.

planning, development and marketing of single-familyhome communities in New Jersey. Proceeds—For the

Office—Mound, Minn.
York City (managing).

repayment of loans, purchase of land and

—The

Tax-Exempt Public Bond Trust Fund
Jan.

16,

1961

filed $5,000,000

of interests

(5,000

units).

Price—To be computed on the basis of the trustees eval¬
uation

of the underlying public bonds, plus
a
stated
percentage (to be supplied by amendment) and dividing

the

sum

thereof

by

5,000.

Business

—

The

trust

was

formed by John Nuveen & Co., Chicago, 111., to invest in
tax-exemot obligations of states, counties, municipalities
and

territories

of

the

United

States.

Sponsor

—

John

Nuveen & Co., 135 South La Salle Street, Chicago, 111.




May 22, 1961 filed 155,000 shares of common stock

Price—To be supplied by

manufacture

Proceeds—For

and

working

sale

fo

capital.

Underwriter—Bache & Co., New
Tourist
March

Industry Development Corp.

Ltd.

1961 filed $2,000,000 of 7% subordinated de¬
benture stock due 1981, convertible into class B ordinary

29,

Business—The
company was organized in 1957 for the purpose of fi¬
nancing tourist enterprises in Israel. Proceeds—To repay

stock.

Price—100% of principal amount.

advances from the State of Israel and to make loans to

•

U. S. Home &

Development Corp.

(6/26-30)

development

properties. Office — 52 Neil Ave., Lakewood, N. J.
Underwriter—Auchincloss, Parker & Redpath, Washing¬
of

ton, D. C., and New York City.
U.
Jan.

S.

Mfg. & Galvanizing Corp.
of notification)

196L (letter

3,

common

M

stock (par 10 cents).

(6/9)

100,000 shares ot
Price—$3 per share. ProContinued on page 44

44

The Commercial and Financial Chronicle

(2532)

Continued

North

1500

from page 43

Dale

Highway, Tampa, Fla.

Mabry

writer—Alex. Brown & Sons,

ceeds

liabilities,

current

reduce

To

—

promotion,

sales

purchase inventory, and for working capital.
Office—
5165 E. 11th Avenue, Hialeah, Fla.
Underwriter—Arm¬
strong & Co., Inc., 15

share. Business—A new

Fund, Inc.

Underwriter—Waddell

&

Kansas City,
1961.

Reed, Inc.,

in the fall

Offering—Expected

of

Mo.

(6/15)

Manufacturing Co.

Universal

(letter of notification) 135,000 shares ol
common stock (par 10 cents) of which 35,000 shares are
to be offered for the account of the company and 100,000

Feb.

1961

23,

The

—

manufacture

signs. Proceeds—For the reduction of debt, sales promo¬

Price—$10
mutual fund. Proceeds—For

9th Street, Kansas City, Mo.

Office—20 W.

investment.

(letter of notification) 100,000 shares of
cent). Price—$3 per share. Busi¬
and installation of highway

1961

tion, inventory and reserves. Office—4700 76th St., Elmhurst, L. I., N. Y. Underwriter—Amber, Burstein & Co.,
40 Exchange Place, New York 5, N. Y.
Wayne Manufacturing Co.

industrial

of

Price

sweepers.

Office

amendment.

—

1201

E.

—

To

be

Lexington

supplied
St.,

by

Pomona,

Underwriters—Mitchum, Jones & Templeton, Los

stock, by the selling stockholders.
Price
$2 per share. Proceeds — For working capital.
Office—516 W. 4th Street, Winona, Minn. Underwriter—

Calif.

Naftalin

Wej-it Expansion Products, Inc. (6/29)
4, 1961 (letter of notification) 300,000 shares of
common stock
(par 10 cents). Price—$1 per share. Pro¬
ceeds—For plant and facilities, moving equipment, in¬
ventory, working capital and repayment of a loan. Office
—4 S. Santa Fe Dr., Denver, Colo. Underwriter—Amos
C. Sudler & Co., Denver, Colo.

outstanding

shares,

—

&

Co., Inc., Minneapolis, Minn.

of office

Proceeds—For the selling stockhold¬
York. Underwriter—

buildings.

Office—850 Third Ave., New

ers.

Angeles and Schwabacher & Co., San Francisco

May

West Coast

Kuhn, Loeb & Co., New York (managing).

be

To

which

of

shares

stock.

common

supplied by amendment.

Business

1961

24,
—

(6/26)
filed 300,000

Inc.

Vahlsing,

April
Price

The

—

acquire the business of F. H. VahlMaine grower and shipper of potatoes and
for the proc¬
essing of potatoes. Proceeds—For the repayment of debt
and working capital.
Office,—Easton, Maine. Under¬
writer—Pistell, Crow, Inc., New York City (managing).
plans to

company

Inc.,

sing,
to

a

operate a plant now being constructed

•

Varian Associates

with rights to

expire June 19. Price—$50. Business—The

manufacture and sale of microwave tubes, and
electronic components and systems for military, com¬
mercial and industrial use. Proceeds—For a new plant,
design,

equipment, the repayment of bank loans and for work¬

Hansen Way, Palo Alto, Calif.
Witter & Co., San Francisco (man¬

Office—611

capital.

ing

Underwriter—Dean

aging).
Lab.

Equipment,

Proceeds—For general
corporate purposes.
Office—3300 West Olive Avenue,
Burbank, Calif. Underwriter—Hill Richards & Co. Inc.,
Los Angeles (managing).
Westbury Fashions, Inc.
10,

outstanding shares by the pres¬
be supplied by amend¬
ment. Business
The design, manufacture and sale of
casual dresses for girls and women. Proceeds—For ex¬
pansion, the repayment of loans, equipment, and work¬
ing capital. Office — 1400 Broadway, New York City.
Underwriter
McDonnell & Co., Inc., New York City

the company and 52,000

systems

vacuum

and

Proceeds

equipment.

—

For

the repayment

of debt, plant expansion, equipment, sales
promotion and working capital. Office—Northport, N. Y.
Underwriter—Stanley R. Ketcharh & Co., New York.

stock and
150,000 five-year warrants, to be offered for public sale

in

1961 filed 150,000 shares of

units of

one

share of stock and

common

one

warrant.

Price—

unit. Business—The design, development and
automatic equipment for packaging
items in special heat-shrinkable film. Proceeds—To re¬
pay loans, for additional equipment and inventory; and
for working capital. Office—928 Broadway, New York
City. Underwriters—Hill, Thompson & Co. (managing);
Hampstead Investing Corp., and Globus, Inc., all of New
$3,125
sale

per

versatile

of

York

City.

Vic

Tanny Enterprises,

Inc.

(7/3-7)

11, 1961 filed 320,000 shares of Class A common
stock (par 10 cents) of which 120,000 shares will be of¬
fered for the account of the company and 200,000 shares
by the present holder thereof. Price—To be supplied by
amendment. Business—The
of

operation of

a

national chain

gymnasiums and health centers for men and women.
will use its part of the proceeds

Proceeds—The company
for

opening of new gymnasiums and the promotion
of home exercise equipment. Office—375 Park Ave., New
York City. Underwriter—S. D. Fuller & Co., New York
City.
the

Vinco Corp.

May

(7/10-14)

1961 filed $2,000,000 of 6%

19,

dinated debentures due

Price—At

1976.

of princi¬

100%

Business—The production of gauges and
measuring instruments and the manufacture of precision
parts and subassemblies for the aircraft, missile and
other industries.
Proceeds—For the repayment of debt,
expansion, working capital and reserves for possible fu¬
ture acquisitions.
Office—9111 Schaefer Highway, De¬
pal

1

convertible subor¬

amount.

troit, Mich. Underwriter—S. D. Fuller & Co., New York
City (managing).
Virginia Electric & Power Co.

(6/13)

May

12, 1961 filed $30,000,000 of first and refunding
mortgage bonds, series Q, due June 1, 1991. Proceeds—
For

construction.

Office—700

East

mond, Va. Underwriters—To be

Franklin

determined

St., Rich¬
by compe-

titive

bidders: Halsey, Stuart & Co.
Inc.; Stone & Webster Securities Corp.; Eastman Dillon,
Union Securities & Co.; Salomon Brothers & Hutzler;
Goldman, Sachs & Co. Bids—To be received on June 13,

—

(managing).
Western

filed 700,000 shares of common stock. Price
of additional accounts receivable and also

the purchase

be tised to liquidate current and long-term liabil¬
ities.
Office — 1201 Continental Bank Bldg., Salt Lake

Business—Factoring.
Underwriter—Elmer
Aagaard, Newhouse Bldg., Salt Lake City, Utah.

City, Utah.
K.

Growth

Western

shares

each;

52,107 outstanding shares by selling
trading commences. Price—For the

and
after

stockholders

$100

company's stock:

a.m.

for

June

8

at

11

a.m.

(DST)

at

the above

address.

Walter,

May 18,
bentures

80,000

Business—The

property in California for single-family homes, the in¬
vestment in notes or contracts secured by single-family

(Jim)

Corp.

amendment.

of

shares).

Price

Business—The

shell

homes.

—

To

be

supplied

construction, and mortgage
Proceeds—To

reduce

debt and finance the sale of additional homes.




by

bank

Office—

(managing).

Mo.

Wrather

Corp.

(6/19-23)

1961 filed 350,000 shares of common stock (no
par). Price—To be supplied by amendment. Business—
The company manufactures and sells Stephens power
and sail boats, and various marine and sporting goods
manufactured by others.. It also plans to acquire the stock
March 29,

of

Muzak

Wrather Hotels, Inc..

Corp.,

Wrather Realty

Corp., Stephens Marine, Inc., and various television film
properties. Proceeds — For construction, repayment -of
debt and working capital. Office — 270 North Canon
Drive., Beverly Hills, Calif. Underwriter—Lee Higginson
Corp., New York City (managing). Offering—Expected
in

early June.

Wyoming Wool Processors, Inc.
5, 1961 filed 700,000 common shares. Price—$1.
Business—The processing of wool.
Proceeds—For the
June

and working
Underwriter

purchase of equipment, building rental,
capital.
Address—Box 181, Casper, Wyo.
—None.

Valley Turf Club, Inc.

Yakima

May

(letter of notification) 2,240 shares of no
stock and $224,000 of certificates of in¬
be offered in units of
(a) one common

16, 1961
common

par

debtedness

and one

to

or (b) 10 common shares
Price—(a) $110 or (b) $1,100.
Fairgrounds, Yakima, Wash.
:— Colopy, Elliott & Miller, Inc., Seattle,

$100 certificate

one

$1,000 certificate.

Office—Central Washington
Underwriter
Wash.

Youngwood Electronic Metals, Inc.
April 13, 1961 filed 75,000 shares of common stock. Price
—$4 per share. Business—The design, development and

stampings principally
Proceeds—For the
repayment of debt; inventory; research and develop¬
ment, and working capital.
Office—204 North Fifth
Street,
Youngwood,
Pa.
Underwriters — BrunoLenchner, Inc., Pittsburgh and Amos Treat & Co., New
York City. Offering—Expected in June.

manufacture of precision parts or
in the semi-conductor

used

industry.

Zurn

thereof.

holders

present

sale

and

facture

Price

be

To

—

supplied

by

design, development, manu¬
mechanical power
transmission

Business—The

amendment.

of

devices and indus¬

equipment, hydromechanical piping

straining mechanisms. Proceeds—For new
equipment, and working capital. Office—2214 West 8th
St., Erie, Pa. Underwriter—Lee Higginson Corp., New
York City (managing).

trial pipe line

phases of the real estate business.
ordinary expenses, repayment of loans

Proceeds—For

working capital. Office—636 North La Brea Ave.,
Angeles, Calif. Underwriter—Reese, Scheftel & Co.,
Inc., New York City.
and

Land

Western

know about it

to

30,

Office—1031

investment.

First

Western

to register?

have an issue you're planning

Corporation

Our

Fund

Trust

UNDERWRITERS!

ATTENTION
Do you

1961 filed 200,000 shares of beneficial inter¬
est in the Fund. Price — $10 per share.
Business — A
closed-end real estate investment trust. Proceeds—For
March

Inc.

Industries,

May 25, 1961 filed 175,000 shares of common stock, of
which 71,530 shares are to be offered for public sale by
the
company
and 103,470 outstanding shares by the

other

and

homes,

News
so

would

Department

like

that we can prepare an item

similar to those you'll find hereunder.
Would
write

Bldg., Oakland,

you

us

telephone

at 25 Park

at

us

REctor

2-9570

or

Place, New York 7, N. Y.

Calif. Underwriter—To be named.

Inc. (69)
filed 106,000 shares of common stock.
Price
$6 per share. Business — The manufacture and
sale of paper products including envelopes, announce¬
ments and
advertising materials. Proceeds—To repay
debt and for working capital. Office—185 Kent Avenue.
Williamhouse,

March

27,

1961

—

Underwriter—Robert L. Ferman & Co.,

Brooklvn, N. Y.
Inc., Miami, Fla.
Williams

Brothers

Co.

May 19, 1961 filed 350,000 outstanding shares of common
stock to be offered for public sale by the present hold¬
ers
thereof.
Price — To be supplied by amendment.
construction

Business—The

pects
For

of

the

Tulsa

pipelines

and

other

as¬

heavy construction industry. Proceeds—
stockholders. Office—National Bank of

the

'selling

Underwriter—Reynolds &
(managing).

Building, Tulsa, Okla.

Co., Inc., New York City
Wilshire

Co.

Insurance

stock (par
stockholders on

17, 1961 filed 187,000 shares of common

Feb.

$2)

of

being

offered

the basis of one

for

new

subscription

by

share for each share held of record

14, with rights to expire June 16. Price—$5 per
share.
Business—The writing of workmen's compensa¬
April
tion,

common

Office—5413

carrier liability and automobile (physical

West

Proceeds—To increase capital funds.
Washington Boulevard, Los Angeles,.

Underwriter—None.

par

($100).

fice—6040

Price—At

Proceeds—For inventory and expenses. Of¬
Truman Rd., Kansas City, Mo.
Underwriter

common

Inc.

equipment, hospital surgical instruments and the metals
industry. It also makes fluorescent lighting fixtures and
a

product for gauging the level of liquids. Office—First
Birmingham, Ala. Underwriter—Lehman

National Bldg.,

Brothers, New York City.
•

Alabama Great Southern RR.

May 24, 1961 it was reported that this road plans to file
a
financing plan with the ICC on or about June 12
covering the proposed issuance of $5,500,000 of mortgage
boncls.

Offices—Birmingham, Ala., and 70 Pine St., New
City. Underwriter—To be determined by competi¬
bidding. Probable bidders: Halsey, Stuart & Co. Inc.;
Salomon Brothers & Hutzler; First Boston Corp. Note—■

York
tive

This proposed offering has
Alamo

Gas

Supply Co.

been withdrawn.
,

reported^that
of about

this company is nego¬
$18,000,000 to $20,000,000

expansion of facilities. Office—.
San Antonio, Tex. Underwriters — White, Weld & Co.,

of bonds. Proceeds—For

New

Yorl^ City and Underwood, Neuhaus & Co., Inc.,

Houston, Tex.
All

Wonderbowl, Inc.
6,

Associates,

April 11, 1961, it was stated that this company is seek¬
ing to acquire other firms with compatible product lines
and that equity financing may be needed to finance
current expansion program. Business — The company
manufactures
ultrasonic cleaning systems for missile

24, 1961 it was
tiating for the sale

—None.

Feb.

Prospective Offerings
Acoustica

Jan.

,

^ Winters Pharmaceuticals, Inc.
May 26, 1961 ("Reg. A.") 399 preferred shares.

1961 filed $20,000,000 of first subordinated de¬
due 1981 (with attached warrants to buy up to

common

financing

unit. For the selling stock¬
development of

per

At-the-Market.

holder:

Calif.

•

(6/19-23)

Corp.

1961 filed 202,107 shares of class A common
stock (par 10 cents), of which 150,000 shares are to be
offered for public sale by the company in units of 10
17,

—Scheduled

11

Louis,
•

Ave., St. Louis Mo.

DeSoto

may

damage) insurance.

at

Inc.

Factors,

(DST) on the 23rd floor of One Chase
Manhattan Plaza, New York City. Information Meeting

1961

Office—
Underwriters—Scherck,
Co., and Dempsey-Tegeler & Co., both of St.
Proceeds—To selling stockholders.

newspapers.

Los

May

(7/10-14)

Inc.

Press,

1961

—

March

Versapak Film & Packaging Machinery Corp.
March 30,

Price—To

thereof.

holders

16,

share and

1961 filed 120,000 shares of common stock, of
which 68,000 shares are to be offered for public sale by
ent

Color

filed 218,000 shares of common stock of
which 203,000 shares will be offered to the public and
15,000 shares to employees. Price—To be supplied by
amendment. Business—The printing of magazines and

primarily in California.

centers

—$1.50 per share. Proceeds—To be used principally for

Inc.

May 29, 1961 filed 80,000 shares of common stock. Price
—$4 per share. Business—The manufacture of industrial

high

company

present

June 29, 1960

Vatronic

•

1961

and 13,434 outstanding shares by the
holders thereof. Price—$9.75 per share. Busi¬
ness—The company plans to acquire and operate bowling

by the

May

May 1, 1961 filed 347,883 shares of capital stock being of¬
fered for subscription by shareholders on the basis ol
one new share for each
10 shares held of record June 1

World

May

^

Bowling Corp.

filed 128,434 shares of common stock, of
115,000 shares are to be offered for public sale

May 26,

•

(man¬

aging).
•

it Uris Buildings Corp.
June 2, 1961 filed 159,403 outstanding shares of common
to be offered for sale by stockholders. Price—By amend¬
ment.
Business—The construction, operation and leasing

contract payable, accounts payable, and
the balance for working capital. Office
—7805 Sunset Blvd., Los Angeles, Calif. UnderwriterStandard Securities Corp., Los Angeles, Calif.

Richter

May 29, 1961 filed 40,000 outstanding shares of capital
stock to be offered for public sale by the present hold¬
ers thereof.
Business—The design, manufacture and sale

Thursday, June 8, 1961

.

notes payable and

420
•

.

—To discharge a

stock (par one

ness

April 11, 1961 filed 2,500,000 shares of stock.
per

Sign Corp.

March 30,
common

William St., New York, N. Y.

United Variable Annuities

Walter

Under¬
Baltimore, Md. (managing).

.

1961

(letter

stock.

of

150,000 shares of
($2 per share). Proceeds

notification)

Price—At

par

American

May

1,

filed

shortly

1961

it

Airways Co.

was

reported

covering

75,000

that

a

shares

"Reg. A"
of

will be

common

stock.

Volume

193

Number 6062

.

.

The Commercial and Financial Chronicle

.

(2533)

Price—$4

share.

per

Conn.
Under¬
Inc., New York City (manag¬

ing)American

•

Export Lines, Inc.
was reported that this company plans to
sell $18,000,000 of government insured merchant marine
May 3, 1961 it
bonds due
The

Sept. 1, 1961-1985. Price—At
operates passenger

company

tween New York

75%

cover

of

and cargo

Business—
vessels be¬

Ports, India and Burma. Proceeds

the

construction.

under

par.

City and the Great Lakes to the Medi¬

terranean and Red Sea

•—To

cost

Office

four

of

vessels

new

now

39

Broadway, New York
City. Underwriter—First Boston Corp., New York City
and Childs Securities Corp., Chicago, 111.
American
Dec. 21,
refile a
of

The

Playlands

—

This will

stock.

intends

company

recreation park on

196

16, 1961 it was stated in the company's 1960 annual
report that this utility plans to sell both first mortgage
bonds and
000

full

a

operate

to

acres

filing. Business—
amusement

an

of land

and

Liberty, N. Y.

near

Proceeds—For development of the land. Office—55 South
Main St., Liberty, N. Y. Underwriter— M. W. Janis &

Co., Inc., New York City.

1962 to finance its $45,000,Office—Fourtin & Main Sts.,

Cincinnati, O. Underwriter—(Bonds) To be determined
by competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.
Lehman Brothers

and

(jointly); Morgan Stanley & Co.
and W. E. Hutton & Co. (jointly); Blyth &
Co., Inc.,
and First Boston Corp. (jointly); Eastman
Dillon, Union
Securities & Co., and White, Weld & Co. (jointly).
The
last issue of common stock (81,510 shares) was sold
pri¬
vately to employees in August, 1960.
Interstate

Gas

company's treasury department that the company is
awaiting a hearing before the full FPC with reference
to approval of its application for expansion of its
sys¬
tem, which will require about $70,000,000 of debt fi¬
nancing which is expected in the latter part of 1961.
Proceeds—For expansion.
rado Springs, Colo.
Gas

Office—P. O. Box 1087, Colo¬

1962. Office—2

41st

Broadway, New York City. Underwriters
by competitive bidding. Probable
bidders: Halsey, Stuart & Co., Inc.; First Boston Corp.;
Harriman Ripley & Co., Inc.; Kuhn, Loeb & Co. and
•Eastman Dillon, Union Securities & Co. (jointly).
be

—To

determined

Arizona

Public

May 26, 1961 it

in

bonds
—501

about

and

summer

November.

South

Co.

reported that this company is con¬
of about $5,000,000 of preferred stock

sidering the sale
this

Service

was

Third

$35,000,000

Proceeds—For

of

first

be

18,

1958

the

First Boston Corp. The

26,

The

named.

made privately through Blyth & Co., and
last sale of bonds on March

was

1959

Columbus

privately through Blyth &
Co., and First Boston Corp.
However, the company
stated that there is a possibility that these bonds will
be sold at competitive bidding, in which case the follow¬
ing are expected to bid on them: Halsey, Stuart & Co.
Inc.; Kidder, Peabody & Co.; First Boston Corp.; Blyth
&

Co.; White, Weld & Co.,
Pierce, Fenner & Smith Inc.

Inc.,

and

Merrill

Lynch,

March

Washington,

D. C. Underwriters—To be named.

Seam-Matic, Inc.
May 24, 1961 it was reported that this
full
filing shortly covering 100,000

company

plans

a

sale of

hospital equipment. Office—25-11 49th
Street, Astoria, L. I., N. Y. Underwriter—First Weber
Securities Corp., New York City.
Baltimore Gas & Electric Co.

May 15, 1961 it
issue

about

1961

was

reported that this

company

or

early 1962.
Office — Lexington and Liberty
Baltimore 3, Md. Underwriters—To be deter¬
mined
by
competitive
bidding.
Probable
bidders:
Halsey, Stuart & Co. Inc.; White, Weld & Co., and First
Boston Corp.
(jointly); Harriman Ripley & Co., Inc.,
and Alex. Brown & Sons (jointly).

Streets,

Caldor, Inc.
March 15, 1961 it

reported that a full filing will be
made soon covering an undisclosed number of common
shares. Price—$5 per share. Business—Operates a chain
of

was

discount stores in Northern Westchester and Connec¬

ticut.

Office—Riverside, Conn. Underwriter—Ira Haupt
& Cp., New York City (managing). Registration—Tem¬
porarily postponed.
Canada

Dry Corp.

May 16, 1961 it

Jan.

was

stockholders

record

for

date

the

those

right

to

entitled

to

Business—The manufacture and
ated and alcoholic

U.

S.

and

Canada.

subscribe

distribution

beverages, extracts and
Office

is
of

July

11.

carbon¬

syrups

10, 1961 it

Office—72
—To

reported

Electric

the

Co.

will

company

sell

Eaison

Co.

W. Adams Street, Chicago, 111.

Consolidated

by competitive

May

Edison

Underwriters

bidding.

Probable

Co.

of

New

York,

Inc.

>

1961, H. C. Forbes, chairman, stated that the
must issue almost $100,000,000 of securities
in late 1961 and early 1962. He added that if the com¬
pany decides to issue any of the
1,000,000 ,-shares of
16,

company

cumulative

preference stock approved by shareholders
at the May 15 annual meeting, it will be on the basis
of convertibility into common with subscription rights to
shareholders. Office—4 Irving

Place, New York
City. Underwriter—To be named. The last rights offer¬
ing to stockholders (of debentures) on Jan. 28, 1959 was
underwritten by Morgan Stanley & Co., and First Bos¬
ton Corp., both of New York City. The last sale of bonds
on
Nov. 23, 1960 was handled by First Boston Corp.,
and Halsey, Stuart & Co., Inc. (jointly). Morgan Stanley
& Co., also bid competitively on this issue.
Consumers

Power

Co.

(8/15)

Carbonic

8,

—

To

Cosmetic

be

Chemicals

Corp.
May 10, 1961 it was reported that this firm expects to
register 100,000 shares of 10 par common stock. Price—
$4 per share. Business — The firm manufactures per¬
fumes, cosmetics, and hair dyes. Proceeds—For general
corporate purposes. Office—5 East 52nd St., New York
City. Underwriter—Nance-Kieth Corp., 99 Wall St., New
York 5, N. Y.
Cosmetically Yours, Inc.
16, 1961 it was reported that this corporation is
contemplating a public offering. Business—The manu¬
May

facturing

sale

and

cosmetics.

of

Office —15

Clinton

Street, Yonkers, N. Y. Underwriter—P. J. Gruber & Co.,

City.
Magazine &

New York

Inc.,

Cowles

May 3,

Equipment Corp.
was reported that

$300,000 of units, consisting of

full filing of about

common

stock, bonds and
expansion of the

business. Office—97-02 Jamaica Ave., Woodhaven, N. Y.
Underwriter—R. F. Dowd & Co., Inc.
Louisiana

Electric Co.,

Inc.,*

Feb.

21, 1961 it was reported that the company is con¬
sidering the issuance of $6,000,000 of bonds or deben¬
tures in the latter part of 1961. Office — 415 Main St.,
Pineville; La. Underwriters—To be named. The last is¬
of

April 21, 1959 was bid on by Kidder,
Peabody & Co. and Rauscher, Pierce & Co., Inc. (joint¬
ly); Salomon Bros. & Hutzler, and Merrill Lynch, Pierce,
sue

bonds

on

Fenner & Smith Inc. (jointly); Halsey, Stuart & Co.,
Inc.; White, Weld & Co.




it

Broadcasting,

.,

expansion.

Office—1404 111 Street, College Point, N. Y.

Underwriter—To be named.

Empire Fund, Inc.
8, 1961 it was reported that the Federal Internal

March

tax free exchange of shares for Corporate

a

Securities.

It

is expected that a registration statement
covering this "centennial-type" fund will be filed with
the SEC shortly.
Office—Pittsburgh, Pa.

Exploit

Films,

Inc.

March 8, 1961 it was reported that this
company plans
a full filing covering
100,000 common shares. Price—$5

share. Proceeds—For the production of TV and mo¬
films, the reduction of indebtedness, and for
working capital. Office—619 W. 54th Street, New York
City. Underwriter—McClane & Co., Inc., 26 Broadway,
per

tion picture

New

York

City (managing).

Fashion

Flair Stores, Inc.
April 27, 1961 it was reported that this company plans
shortly a "Reg. A" covering 86,350 shares of common
stock. Price—$3 per share. Business—The discount sale
to

of

consumers

ceeds—For

St.,

women's

dresses

general corporate

New

York

City.

and

sportswear. Pro¬
Office—53 West

purposes.

Underwriters—Ronwin

Se¬

Corp., Staten Island, N. Y., and Security Options
Corp., New York City.
First

National

Bank of Toms

River

(N.

J.)

March 22, 1961 it was reported that stockholders voted
on this date to increase the authorized stock to
provide
for payment of a 66%% stock dividend and sale of 20,000
new shares of common
(par $5) to stockholders on the

basis of

one

new

share for each 20 shares held of record

July 17, with rights to expire Aug. 17. Price—About $22
per share. Proceeds—To increase capital. Office—Toms

River, N. J. Underwriter—None.
Florida

Power &

Light Co.

May 11/1961, it

was reported that the company may is¬
the second half of 1961 to finance its cur¬

bonds in

sue

rent

$40,000,000 construction

Office—25 S. E.

program.

2nd Ave., Miami, Fla. Underwriter—To be determined
by competitive bidding. Probable bidders: Merrill Lynch,

Pierce,

Fenner & Smith Inc. and Kidder, Peabody &
(jointly); Halsey, Stuart & Co., Inc.; White, Weld
Co.; First Boston Corp.; Blyth & Co., Inc.

Co.
&

Gabriel

Co.

April 27, 1961, the company announced plans to form a
new
subsidiary, Rocket Power, Inc., by merging the
present Rocket Power, Talco and Bohanan divisions. In
fall

of 1961, stock of the new subsidiary would be
through subscription rights to Gabriel stockhold¬

—

Madison

Ave., New York City. Underwriter—Goldman,
Co., New York City (managing).
I
Power

&

stockholders first

10

shares

held.

Based

on

the basis of

on

the

one

number

share for each

of

shares

out¬

standing on Sept. 30, 1960, the sale would involve about
418,536 shares valued at about $14,600,000.
The last of¬

fering

of

common

sisted of 232,520

of

record

June

eight

shares

—600

to stockholders

June, 1956,

in

shares offered at $35

6,
held.

a

con¬

share to holders

the basis of one share for each
Proceeds—For construction.
Office

on

Market

To

be

Street, Wilmington, Del.
Underwriter—
determined
by competitive bidding.
Probable

bidders: Carl M.

and debenture holders with about 20%

ing going

to

the public.

of the offer¬

Office —1148

Euclid Avenue,
Underwriters—To be named. The last

Prescott, Shepard & Co., Inc., Cleveland.
Service

Gas

April 19,

stockholders
shares

Co.

1961, the

company

voted

to

reported that oh April

authorize

a

new

issue

of

18

150,000

of

preferred stock (par $100).
The company is
considering the sale of between $5,000,000 to $7,500,000
of

preferred and

Office

700

issue

may

some

bonds at the

same

time.

Scarritt

Bldg., Kansas City, Mo.
Under¬
writers—To be named. The company has never issued
preferred stock, but the last sale of common on April
—

19, 1954 was handled by Kuhn, Loeb & Co., Eastman
Dillon, Union Securities & Co., Reynolds & Co., and
Allen & Co.

The last sale of bonds on July 6, 1958 was
privately through Eastman Dillon, Union Securi¬
ties & Co., New York City and Stern Brothers & Co.,
Kansas City, Mo.

made

Telephone Co. of California
1961 it was reported that this subsidiary of
General Telephone & Electronics Corp. plans to sell
Feb.

1,

about
2020

$20,000,000 of bonds in December 1961. Office —
Monica Blvd., Santa Monica, Calif. Under¬

Santa

writers

—

To

be

determined

by

competitive

Probable bidders: Halsey, Stuart & Co.

Light Co.

7, 1961 it was reported that the company has
postponed until early 1962 its plan to issue additional
common
stock.
The offering would be made to com¬
mon

ers

General

Inc.

was

Feb.
a

warrants will be made. Proceeds—For

Central

1961

Delaware

1960 it

equipment, particularly
marine, airborne and underwater devices. Proceeds—For

Cleveland, Ohio.
financing by the company in September, 1959, was han¬
dled by Carl M Loeb, Rhoades & Co., New York City and

New York City.

Dec.

reported that this company plans
$2,000,000 of bonds. Business—

determined by competitive bidding.
Halsey, Stuart & Co. Inc.; White, Weld
& Co. and Shields & Co. (jointly); Harriman Ripley &
Co., and First Boston Corp. (jointly); Morgan Stanley
& Co. Bids—Expected to be received about August
15.

writer

Probable bidders

Sachs &

Cohu & Stetson, all of

was

The manufacturer of electronic

the

blower

Weeks, and Winslow

Corp.
21, 1961 it

the issuance and sale of

offered

reported that this corporation will
issue stock later this year. The firm denied the report.
Business
Publishing and allied fields. Office — 488

&

Edo

May 24, 1961 it was reported that this company plans
to sell $40,000,000 of first mortgage bonds in August.
Office—212 West Michigan Ave., Jackson, Mich. Under¬

Ave., New York
City. Underwriter—To be named. The last rights offer¬
ing (of common stock) on Aug. 25, 1958 was underwrit¬
ten by Eastman Dillon, Union Securities & Co., Horn—

is

curities

was

determined

be

It

Tulsa, Okla. Underwriters—First Boston Corp.; Morgan
Stanley & Co.; Carl M. Loeb, Rhoades & Co.

36th

bidders: Halsey, Stuart &
Co,, Inc.; First+Boston Corp.;
Kidder, Peabody & Co.; White, Weld & Co.; Blyth & Co.,
Inc.; Merrill Lynch, Pierce, Fenner & Smith, Inc.

in the

Park

100

was

Ohio

reported that this company plans to
sell $30,000,000 of bonds in the second quarter of 1961.

reported that this

company plans to
subscribe to an undis¬
closed amount of debentures. An SEC registration state¬
ment is expected to be filed in June and the anticipated

offer

it

1961

Commonwealth

plans to

$20,000,000 of first mortgage bonds in late

Southern

St., Columbus 15, Ohio. Underwriter—Dillon, Read & Co

common

shares
of com¬
share. Business—The manufac¬

stock. Price—$3 per

mon

ture and

13,

&

Mississippi, Alabama, Georgia and the
expected that the multi-million dollar
pipeline will be financed in part by the sale of bonds
and that it will be in operation
by late 1961. Office—
Carolinas.

be
on

$10,000,000 additional common stock in late 1961.
Proceeds—For expansion purposes. Office—215 N. Front

Audio-Visual

Teaching Machines, Inc.
May 24, 1961 it was reported that a "Reg. A" will be
filed shortly covering 75,000 shares of common stock
(par 10 cents). Price—$4 per share. Business—The man¬
ufacture and distribution of teaching machines, language
laboratories and program texts. Proceeds—For expan¬
sion. Office—Suite 405, 1025 Connecticut Ave., N. W.,

Y. Underwriters—To

about

handled

also

was

N.

Inc.; Morgan
Stanley & Co.; Merrill Lynch, Pierce, Fenner & Smith
Inc., and White, Weld & Co. (jointly). The last sale of
common stock on May
4, 1960 was handled by a group
headed by Merrill Lynch, Pierce, Fenner & Smith
Inc.;
Shields & Co.; R. W. Pressprich &
Co., and Carl M.
Loeb, Rhoades & Co.

Office

Ave., Phoenix, Ariz. Underwriters—
last sale of preferred stock on June

To

17,

determined by competitive bidding. Probable bidders
the
debentures:
Halsey, Stuart & Co.

mortgage

construction.

Street, New York

and Louisiana to

approval of

April 24, 1961 it was reported that this company is con¬
sidering the sale of either $20,000,000 of debentures, or
$25,000,000 of common stock in the fall. Office—120 East

this

Dixie Pipeline Co.
April 17, 1961 it was reported that this firm, recently
formed by eight major oil
companies, plans to build a
1,100 mile liquified petroleum gas pipeline from Texas

Revenue Service had granted this fund's
application for

System, Inc.

subsidiary of
Inc., plans to sell $35,000,000 to $40,000,000 of bonds late in 1961 or early in

that

(jointly); Kidder, Peabody & Co., and
Lynch, Pierce, Fenner & Smith Inc. (jointly).

Merrill

March

Co.

Oct. 17, 1960 it was reported by Mr. A. N. Porter of the

Columbia

Appalachian Power Co.
Feb. 1,
1961 it was reported
American Electric Power Co.,

in

stock

common

construction program.

Colorado

be

and Shields & Co.

Feb.

Corp.

1960 it was reported that this company plans to
registration statement covering 300,000 shares

common

Cincinnati Gas & Electric Co.

Office—Danbury,

writer—Edward Lewis Co.

45

Loeb, Rhoades & Co., New York; W. C.

Corp.

Equitable Securities

and

Weld & Co. and

curities

Corp. (jointly); White,
Kidder, Peabody & Co. (jointly); Paine,

Jackson &

Webber,

bidding.
Inc.; First Boston

Curtis,

and

Stone

&

Webster

Se¬

Corp.

General

Telephone Co. of Florida
reported that this subsidiary of Gen¬
Electronics Corp., expects to offer
about $15,000,000 of bonds in November. Office — 610
Morgan St., Tampa, Fla- Underwriters—Stone & Webster
Securities Corp., and Paine, Webber, Jackson & Curtis,

Feb. 8, 1961 it was
eral Telephone &

both

of

New York

Georgia

Sept. 14, 1960 it
shares

of

City.

-

Bonded Fibers,
was

common

Inc.

reported that registration of 150,000
is expected. Offices—Newark,

stock

Langley & Co., and Union Securities Co. (jointly); Leh¬
man

Brothers; First Boston Corp.; White, Weld & Co.,

Continued

on

page

46

46

The Commercial and Financial Chronicle

(2534)

Continued

J., and Buena Vista, Va. Underwriter—Sandkuhl
Company, Newark, N. J., and New York City.

N.

and

(10/18)
Dec. 29, 1960 this subsidiary of the Southern Co., ap¬
plied to the Georgia Public Service Commission for per¬
mission to issue $15,500,000 of 30-year first mortgage
bonds, and $8,000,000 of new preferred stock. Proceeds—
For construction, plant modernization or refunding of
-outstanding debt. Office—Electric Bldg., Atlanta 3, Ga.
Underwriters
To be determined by competitive bid¬
Georgia Power Co.

—

Previous bidders for bonds included Harriman
Ripley & Co., Inc.; Lehman Brothers; Blyth & Co., Inc.,
Kidder, Peabody & Co., and Shields & Co. (jointly);
First Boston Corp.; Morgan Stanley & Co.; Halsey, Stuart
ding.

.

Inc.; Equitable Securities Corp., Eastman Dillon,
Union Securities & Co. (jointly). Previous bidders for
&

Co.

preferred were First Boston Corp., Lehman Brothers,
Morgan Stanley & Co.; Eastman Dillon, Union Securities
& Co.; and Equitable Securities Corp.
Bids—Expected
be received

to

4, 1960 it was reported that this subsidiary of The
plans to sell $5,000,000 of 30-year bonds.
North Pace Blvd., Pensacola, Fla.
Under¬
writer—To be determined by competitive bidding. Pre¬
Jan.

Southern Co.,
Office—75

included Halsey, Stuart & Co. Inc.;

bidders

Mer¬

Lynch, Pierce, Fenner & Smith Inc.; Salomon Bros.
Hutzler and Drexel & Co. (jointly); Equitable Secu¬

rill
&

Kidder, Peabody & Co. and White, Weld
(jointly). Bids—Expected to be received on Dec

rities
&

Corp.;

Co.

7, 1961.
Hawaiian Telephone Co.
March

1961

8,

sell about

to

1130

it was reported that this company plans
$5,000,000 of common stock to stockhold¬

Office—
Underwriter

this year.

Honolulu 13, Hawaii.

Alakea Street,

Offering—

Expected in July.
Inc.

Masters

McCulloch

New

Jan

reported that this subsidiary of New
plans to sell $20,000,000 'of
16,
Mass. Underwriters
To be determined by competitive
bidding. Probable bidders: Halsey, Stuart & Co. Inc.;
Kuhn, Loeb & Co.; Equitable Securities Corp., and Blair
& Co. (jointly); Merrill Lynch, Pierce, Fenner & Smith
Inc., Kidder, Peabody & Co., and White, Weld & Co.
(jointly); First Boston Corp.; Lehman Brothers. Offer¬
ing—Expected in October.

Corp.

motors and McCulloch chain saws.

Calif.

Edison Co.

Feb.
1, 1961 it was reported
General Public Utilities Corp.,

Northern

subsidiary of

this

that

March

Pike, Muhlenberg Township, Berks County, Pa. Under¬
writers
To be determined by competitive bidding.
—

Halsey, Stuart & Co. Inc.; White, Weld

Co.; Kidder, Peabody & Co. and Drexel & Co.
ly); Blyth & Co., Inc.
&

(joint¬

ber

April 12, 1961 it was reported that this company plans
to sell 100,000 common shares. Price — $5 per share.
Business
Food distribution. Proceeds — For working

—None.

Co.,

Northern States Power Co.

sell

Oct.

17,

between

1960 Mr. T. H. Wharton, President, stated that
$25-$35 million dollars is expected to be raised

file

tiometers

pending on market conditions. Proceeds—For construc¬
tion and
repayment of bank loans. Office — Electric

nurposes.

Building, Houston, Texas. Underwriter — Previous fi¬
nancing was headed by Lehman Brothers, Eastman Dil¬

lon,

Securities

Union

&

Co.

and

•

Bros.

Salomon

Hutzler.

&

>

it was reported that a "Reg. A" will be
covering an initial offering of 50,000
common shares. Price—$3. Business—The
design, man¬
ufacture and sale of fiberglass sprayup systems and other
reinforced plastic resin equipment. Proceeds—For gen¬
eral corporate purposes. Office—Sarasota, Fla. Under¬
writer—J. I. Magaril Co., Inc., New York.
May 31, 1961
filed
shortly

Jan.

Power Co.

10, 1961 it was reported that this company

Probable bidders: Halsey, Stuart
Merrill Lynch, Pierce, Fenner & Smith, Inc.;
Kidder, Peabody & Co., and White, Weld & Co. (jointly);

mon

competitive bidding.

Probable bidders on the

bonds: Halsey, Stuart & Co. Inc.; Blyth &
LazarcFFreres & Co., and First Boston Corp.

Co., Inc.;

(jointly);
Lynch, Pierce, Fenner & Smith Inc.; Kidder,
Peabody & Co., and White, Weld & Co. (jointly); Salo¬
Merrill

mon

and Eastman Dillon, Union Secu¬

Bros. & Hutzler,

rities & Co.
able bidders
&

Freres

(jointly); Equitable Securities Corp. Prob¬
on the common: Blyth & Co., Inc.; Lazard

Co.;

Kidder,

Peabody &

Co.;

Merrill Lynch,

Pierce, Fenner & Smith, Inc.

reported that this company plans
about $8,500,000 of first mort¬
gage bonds.
Office—710 North Twelfth Blvd., St. Louis,
Mo. Underwriter—Halsey, Stuart & Co. Inc., Chicago.
1961

16,

it

was

Industrial Gauge
Oct. 5,
mon

& Instrument Co.

reported that 100,000 shares of com¬
will be filed. Proceeds — Expansion of the

1960 it

stock

was

business, and for the manufacture of a new product by a
subsidiary. Office—1947 Broadway, Bronx, N. Y. Under¬
writer—R. F.

&

Dowd

International

Parts

Co.

Inc.

Corp.

control

First

and expansion.

stockholders

&

be determined by

Girardeau, Mo. Un¬

The last five

rights offerings

Blake
W.

business and properties of the Pa¬
Telephone-Northwest division which operates; in
Washington, Oregon, and Idaho. All of the stock of the
new company will be owned
by Pacific Telephone but

cific

St., New Haven, Conn.. Under¬
& Co., New Haven.

Scranton

Cecil

"as

Chairman,

the

licly
last

announced

cago,

111. Underwriter—H. M. Byllesby & Co., Chicago

(managing).
Interstate

Department Stores,

Inc.

May 24, 1961, Murray D. Safanie, chairman, stated that
the company is considering the issuance of about $6,00,000 of convertible subordinated
debentures, late this
summer.

Office—111 Eighth Ave.. New York City.

John's Bargain

Stores Corp.

May 17, 1961 it was reported that this company plans to
a registration statement shortly covering an undis¬

file

closed number of

tion

of

a
^

goods.

common

shares. Business—The opera¬

1960

chain of discount stores selling household

Office—1200 Zerega Ave., Bronx, N. Y. Under¬

writer—To be named.
Kansas Power &

Light Co.

March

15, 1961 it was reported that this company is
considering the issuance of $10,000,000 to $15,000,000 of
bonds in the third or fourth qarter of 1961. Proceeds—
For construction. Office—800 Kapsas Ave., Topeka, Kan.
Underwriter—First Boston

aging).




Corp., New York City (man¬

months

6-9

the

after

repay

portion

a

of its debt.

Office—140

New

offering of common stock to shareholders on Feb. 25,
was not underwritten, However, A. T. & T., which
over

90%

of the outstanding shares, exercised its

rights to subscribe to its pro rata share of the offering.
The

last

Feb.

17, 1960

Inc.

Underwriter

The

sale

of
was

debentures

other

one

by

Pacific

Telephone

on

underwritten by Halsey Stuart & Co.,

competitive bid

on

issue

was

made

by Morgan Stanley & Co.

Monterey Gas

Transmission

Pan American World

Co.

May 8, 1961 it

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

and

this

lease

change of 400,000 shares and the lease of each others jet

planes during thier respective busiest seasons. The CAB
later disapproved this plan and ordered the airlines to
divest themselves of the stock. Price — About $20 per

$4,500,000 demand loan, and

of

each

other's

during their
disapproved
plan and ordered the airlines to divest themselves
busiest

of the stock.

Inc.

share. Proceeds—To repay a

the

respective

seasons.

The

jet

planes

CAB

Office—135 East 42nd

later

St., New York City.

Underwriter—To be named.

May 8, 1961, it was reported that the CAB had approved
the company's plan to sell publicly 400,000 shares of
Pan American World Airway's Inc., subject to final ap¬

proval of the Board and the SEC. The stock was or¬
iginally obtained under a Sept. 9, 1958 agreement under
which the two carriers agreed to a share-for-share ex-

Airways, Inc.

reported that the CAB ordered this

to sell its 400,000 share holdings of National
Airlines, Inc., and to file a plan of sale with the board
within 30 days. The stock was originally obtained under
a Sept. 9, 1958 agreement under which the two carriers
agreed to a share-for-share exchange of 400,000 shares

supplier to other Columbia Gas System companies.
It
that the pipeline will be financed in part by
public sale of bonds. Underwriter — Lehman Brothers,
New York City (managing).
Airlines,

was

company

is expected

National

About

sale, Pacific Northwest will sell debentures pub¬

to

owns

—None.

Street, Key West, Fla.

Directors.

of

Montgomery St., San Francisco, Calif. Underwriter—The

and business properties in the
Proceeds—To expand company's business.

Duval

practicable" it will be offered for sale to
stockholders at a price to be fixed by

as

Board

stock

financing of residential
Office—700

soon

Pacific Telephone

Investment Corp.

Carbonell,

will acquire the

cern

is preparing a "Reg. A" filing covering
150,000 shares of common stock.
Price — $2 per share.
Business—The company is engaged in first mortgage

standing common shares. Business—Manufactures auto¬
mobile equipment and "Midas Mufflers." Office—Chi¬

Telephone & Telegraph Co.

1961 stockholders of this A. T. & T. subsidiary
approved a plan to form a new company to be known as
the Pacific Northwest Bell Telephone Co. The new con¬

that this company

Florida Keys.

the

Pacific

Mortgage &

April 17, 1961 it was reported that a registration will be
filed shortly covering an undisclosed number of out¬

1961

Calif.

Home Construction Co.

1960,

that

March 24,

Office—446

12,

3,

urer

April 18, 1961 it was reported that this company is con¬
sidering a public offering of securities, but the details
have not yet been decided upon. Office—Valdosta, Ga.
Underwriter—Harriman Ripley & Co., New York City.
Dec.

competitive bidding. Probable bidders:

Lighting Corp.
it was reported by Paul A. Miller, Treas¬
company will probably go to the market
for $30,000,000 to $50,000,000 of new financing in 1961
and that it probably would not be a common stock offer¬
ing.
Office—600 California Street, San Francisco • 8,

Jan,

April 27, 1961 it was reported that this company, re¬
cently formed through a merger of Teleprinter Co., and
Grist Manufacturing Co., plans to
sell about 400,000
shares of common stock to raise approximately $5,000.-

Monroe

Service Co.

Halsey, Stuart & Co. Inc., and Kidder, Peabody & Co.
Offering—Expected in September.

Corp.

Modern

|

Public

April 3, 1961 the company applied to the FPC for permisison to issue up to $4,000,000 of first mortgage bonds.
The company stated that it would sell the full amount if
it concurrently redeemed all outstanding $1,500,000' of
5%% bands, otherwise only $2,500,000 of the new bonds
would be issued. Office—Huron, S. D.
Underwriter—To

Co., St. Louis.
Mite

Bldg., Portland, Ore. Underwriter—Lehman

Northwestern

underwritten by Edward D. Jones

were

approximately $2,000,000 of

Pacific

Office—400 Broadway, Cape

to

(jointly).

Brothers, New York.

Co.

named.

Co.. Inc.
Aug. 8.

&

on

stock. Proceeds—For construction. Office—Pub¬

Service

lic

April 11, 1961 it was reported that this company plans
to sell about 50,000 additional common shares to stock¬
holders in September or October on a l-for-10 rights
basis.

Blyth

1961 it was reported that this company plans to
registration statement shortly covering $6,000,000

a

common

Office—2500
14th
St., Gulfport, Miss. Underwriter—To be deter¬
mined by competitive bidding.
Previous bidders for
bonds were Eastman Dillon, Union Securities & Co., and
Equitable Securities Corp. (jointly); Halsey, Stuart &
Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.
Previous bidders for preferred stock included Halsey,
Stuart & Co. Inc.; Eastman Dillon, Union Securities &
Co., and Equitable Securities Corp. (jointly). Bids—Ex¬
pected to be received on Sept. 28.

derwriter—To be

and

of first mortgage bonds and

Southern Co., plans to sell publicly $5,000,000 of 30-year
bonds
and
$5,000,000 of preferred stock
(par $100)

Utilities

Corp.

^ Northwest Natural Gas Co.

1961 it was reported that this subsidiary of The

Missouri

Boston

June 7,
file

(9/28)

Mississippi Power Co.
Jan. 4,

Co. Inc.;

Bids—Expected to be received

guidance

missiles. Proceeds—For general corporate
Office—Roosevelt, L. I., N. Y. Underwriter—
Rector St., New York City.

writer—Charles

the sale later this year of

ground

and

systems

000.

RR.

Illinois Terminal
Jan.

&

Underhill Securities Corp., 19

plans to

$10,000,000 of bonds and about $5,000,000 of com¬
in the third quarter of 1961.
Proceeds—To repay
loans and for construction. Underwriters—To be deter¬

sell

mined by

computers,

Proceeds—For construction

Hupp Systems, Inc.

Idaho

in

used

bonds in the third quarter of 1961.
Salle Street, Chicago 4, 111.;
15 So.

La

competitive bidding.

a

publicly sometime in 1961, probably in the form of pre¬
ferred and debt securities, with the precise timing de¬

(8/8)

Street, Minneapolis 2, Minn.; Ill Broadway, New
6, N. Y.
Underwriters — To be determined by

York

1961 it was reported that this company plans
registration statement shortly covering 55,000
shares of common stock (par 10 cents). Price—$4 per
share. Business—The manufacture and design of poten¬
to

So.

Blyth & Co.,

—

reported that this company plans to

was

$20,000,000 of

Fifth

Micro-Lectric, Inc.
May 23,

Power Co.

Lighting &

Houston

1961 it

Offices—15

(managing).

New York City

Inc.,

October. Proceeds—For construction. Office—2223

or

Jan. 10,

capital. Office — 45-10 Second Ave., Brooklyn, N. Y.
Underwriters—Brand, Grumet & Siegel, and Kesselman
&

Gas Co.

15,

Dodge St., Omaha 1, Neb. Underwriter
New York City (managing).

Food Co.

Metropolitan

Natural

1961, the company reported that it expects
to raise about $80,000,000 of new money in 1961. Present
plans are for issuance of about $30,000,000 of debentures
by mid-year and an additional $30,000,000 to $35,000,000
of debentures by year-end. It is also expected that some
$12,000,000 to $15,000,000 of common stock will be sold
to stockholders through subscription rights in Septem¬

plans to sell about $10,-

000,000 of first mortgage bonds and $5,000,000 of deben¬
tures in August or September. Office — 2800 Pottsville

Probable bidders:

System

bonds. Office—441 Stuart St.; Boston
—

Century Boulevard, Los Angeles 45,

West

was

Electric

first mortgage

Business—The corporation manufac¬

1962.

time in

tures Scott outboard

Office—6101

England Power Co.

24, 1961 it

England

V
Jan. 9, 1961 it was reported that this corporation will
schedule its initial public financing for late
1961 or
some

International

Office—Miami

purposes.

—

corporation la
Business—The
operation of a chain of discount houses. Office—135-21
38th Avenue, Flushing 54, L. I., N, YA/>/•

6, 1961 it was reported that this
contemplating its first public financing.
Jan.

—

through subscription rights later

ers

Park, L. I., N. Y. Underwriter—To be named.

Thursday, June 8, 1961

.

National Hospital Supply Co., Inc.
May 1, 1961 it was reported that a "Reg. A" will be filed
shortly covering 100,000 shares of common stock. Price
—$3 per share. Business—The distribution of medical
equipment. Office—38 Park Row, New York City. Un¬
derwriter
Edward Lewis Co. Inc., New York
City
(managing).
/

Offic^—2060 Jericho Turnpike, New Hyde

Metropolitan

(12/7)

Gulf Power Co.

vious

filing of about 500,000 common shares (par $1). Busi¬
ness—The company owns a chain of lumber yards on
Long Island.

corporate

.

Airport, Miami 59, Fla. Underwriter—Merrill Lynch,
Pierce, Fenner & Smith Inc., New York City (man¬
aging).
V '

May 2, 1961 it was reported that this company, formerly
named Macrolse Lumber & Trim Co., Inc., plans a full

Oct. 18.

on

other

Industries

Macrose

from page 45

.

Panhandle
March

8,

1961

Eastern

it

Pipe Line Co.

that this company ex¬
pects to sell about $72,000,000 of debentures in Septem¬
ber, subject to FPC approval of its construction program.
-

was

reported

Office—120 Broadway, New York City.

Underwriters—

Merrill

Lynch, Pierce, Fenner & Smith Inc., and Kidder
Peabody & Co., both of New York City (managing).

Pennsylvania Power & Light Co.
April 11, 1961 it was stated in the 1960 annual report
that

this

utility expects to spend

$140,000,000 on new

$
s?
>■'!

Volume

Number

193

6062

The

Commercial and Financial Chronicle

(2535)

construction in the 1961 to 1965 period, of which about
$56,000,000 will have to be raised through the sale of
securities. However, the company now sees no necessity
for the sale of equity securities, but expects to convert

ft

its

present $35,000,000

—9th and'Hamilton

ers—To be

are

favorable.

Streets, Allentown, Pa.

named.

fied amount of additional bonds for other purchases was
also approved. Proceeds — For general corporate
pur¬

poses, including the possible acquisition of Central of
Georgia Ry. Office—Washington, D. C, Underwriter—
Halsey, Stuart & Co. Inc., will head a group that will

of bank loans to long-term debt

when securities market conditions

bid

Office

Underwrit¬

The last four bond issues

privately.

The last public offering of bonds on Oct. 4,
1945 was underwritten by Smith, Barney & Co.; First
Boston Corp.; Dillon, Read & Co., Inc., and associates.

;n

$4.50

share. Business—The design, development and
of
electronic
systems, instruments and
equipment including microwave, radar and underwater

"June

1, 1961 it was reported that this company plans to
issue 50,000 common shares.
Price—$6.
Business—The
'operation of recreation clubs. Proceeds—For expansion
•and working capital.
Office -— 15th and Locusts Sts.,
•Philadelphia. Underwriter—Valley Forge\Securities Co.,
Offering—Expected in late June.

Public Service Co. of

Sterile Medical

May

$1,500,000

to $2,000,000 of

com¬

Electric

Corp.

Underwriter

York

(9/27)

To

—

of

Co. Inc.;

Kidder, Peabody & Co., White, Weld & Co.
and Shields & Co. (jointly); Kuhn, Loeb & Co.; Salomon
.Bros, & Hptzler, Eastman Dillon, Union Securities & Co.,

Bank

June

Dale

Other

Ave.,

New Brunswick,
August or September.

bidders

stock

Feb.

on

13,

1960

made

was

Office—Bridgeport, Conn.

-

—

Stuart

Gas

ceived

through

that

(6/28)

electronically

controlled

Proceeds—For general corporate

Raton,

Underwriter—J.

Fla:

I.

automation

purposes.

Inc.,

New

23,

California

"need

it

1961

additional

an

Edison Co.

March

struction program. No decision has yet been made
whether the funds will be raised by
_

sale of preferred stock or

bank loans,

bonds. Office—601 West Fifth

Co., Equitable Securities Corp.

Union

market

1961,

with

Proceeds

conditions.

Office—Watts

—

timing
To

depending

retire

loans.

bank

be

Southern

»Nov.

Building,

determined

1960

21,

$33,000,000 of

approved

stockholders
new

restaurant

ters,
tures,

1,

Lewis

New
000

offering circular dated June
Wolf, Inc., 79 Wall St.,
York, publicly offered 50,-

shares

common

The

of

this

stock

at

was

all

stock

firm's

$6

class

per

sold.

A

share.

Net

pro¬

ceeds, estimated at $234,000, will
be used by the company for the
purchase of equipment, expansion,
the
repayment of debt and for

working capital.
Lamtron

Northwest

Industries
Miami

iw




has

of

Court,

1425

Miami,

never

and

-motel

(jointly).

coun¬

cabinets, stools, booth fix¬
tables, night stands, office

furniture and the like. Most of its
sales

have

been

through

made

motel and restaurant and furniture

distributors,

and

contractors

de¬

New

signers

in

the

south-central
Caribbean

consists

southeastern

states,

area.

of

750,000

250,000 class B

and

in

and

common

A

The

York

and

shares, of

,

is

announced

President.

Chairman

of

the

Trust

Company,

York

of

Trust

and

the

Board,
Company.

ML C. Gladstone Opens

GREAT

C.

In

13

bonds.

or

Office

60

—

Hudson

it

Secu¬

was

Light Co.

reported that

sell

Robert

W.

Baird

&

Co., New York and
Co., Inc., Milwaukee (jointly).

Wisconsin Southern Gas Co.

business

Gay Drive.

12, 1960 it

from

offices
<

at

was

reported in

a

company

prospectus

undetermined amount of capital stock or bonds
Proceeds—For the repayment
short-term bank loans incurred for
an

will be sold in 1961-1962.
of

property addi¬

tions.

Wis.

Office

Sheridan Springs Road, Lake Geneva,
Underwriter—The Milwaukee Co., Milwaukee, Wis.
—

(managing).

The

company, located at 13-05
Ave., Long Island City, New
York, creates, designs, manufac¬

44th

tures and sells

a

wide variety

of

card games and educational items

offering circular dated May
24, 1961, Kenneth Kass and J. J.
Krieger & Co., Inc., both of New
an

York

000

will

NECK,| N.

Y.—Matthew
Gladstone is conducting a se¬

spectively

1961

Ed-U-Cards Mfg.
Com. Stk. Offered

City, publicly offered 100,-

shares

stock

curities

outstanding.

been

Koenig,

Chairman

New

which 50,000 and~75,000 shares re¬
are

has

the

Capitalization

class

Massie

Committee, Chemical Bank

former

debentures

this company plan9
about $6,500,000 of preferred stock in the third
quarter of 1961. Proceeds—For expansion. Underwriters
—The last sale of preferred stock in
May, 1958 was
handled
by Smith, Barney &
to

offering of preferred

of Adrian M.

P.

Massie

Mr.

Trust

19,

that

to the Board of Directors of Cerro

Robert

B

Wisconsin Power &

Dec.

Named Pirector
The election

Corporation

outstanding class A stock of WUI.
Then
Telegraph woud purchase 250,000 shares
stock for $100,000 and WUI would sell $4,-

..

issued bonds, but its last

by

the

class

Jan.

was

furniture

bars,

shares

10

Street, New York City. Underwriter—American
rities Corp. (managing).

be

Fla., manufactures and assembles
and fixtures including

Stock Offered
an

of

bonds. The issuance of an unspeci¬

Lamtron Common
In

issuance

the

$4,000,000 of sub¬

In

500,000 <pf

reported that this company is con¬
sidering issuance of $50,000,000 of bonds to replace 8
seven-year term loan.
Office—400 Main St., East Hart¬
ford, Conn. Underwriter—To be named. The company

Railway Co.

of

25%

& Co.

15, 1961 it

Inter¬
by

issuance

the

Western Union

United Aircraft Corp.
Feb.

Western Union

plan provides for

addition, American Securities Corp., New
City, would purchase from Western Union Inter¬
national about 133,000 additional shares of class A stock
giving American Securities ownership of approximately

of

Stearns & Co.

Birmingham. Ala. Underwriter
by competitive bidding.
Probable
bidders: Halsey, Stuart & Co. Inc.; First Boston Corp.:
Blyth & Co. and Kidder, Peabody & Co. (jointly).

—To

of stock.

determined by competitive bidding.
(Preferred) First Boston Corp.; Dillon
Inc.; Lehman Brothers; White, Weld & Co.;
Blyth & Co., Inc.; Kuhn, Loeb & Co.; Harriman Ripley
& Co., Inc., and Merrill Lynch, Pierce, Fenner & Smith
Inc. (Bonds) First Boston Corp.; Halsey, Stuart & Co.
Inc.; Blyth & Co., Inc., and Eastman Dillon, Union Se¬
curities & Co.
(jointly); Lehman Brothers and Bear,

on

The

York

September.

Probable bidders:
Read

precise

the

in

Electric Co.

derwriters—To

(jointly).

it was reported by Mr. Loren Fitch, com¬
comptroller, that the utility is contemplating the
$35,000,000 of 20-year first mortgage bonds some¬

in

stock

1961 it was reported that this company plans
$30,000,000 of new money this summer by debt
financing or sale of preferred stock. Proceeds—For ex¬
pansion. Office—315 N. 12th Blvd., St. Louis 1, Mo. Un¬

sale of

time

preferred

or

Inc.

graph Co. in units of $100 of debentures and

to raise

Oct. 28, 1960
pany

that this subsidiary of
Co., expects to sell about

May 24,

Gas Co.

Natural

bonds

Telegraph Co.

ordinated debentures and 400,000 shares of class A stock
to be offered to stockholders of Western Union Tele¬

Broadway, New York City. Underwriters—
Lynch, Pierce, Fenner & Smith Inc., and Kidder,
Peabody & Co., both of New York City (managing).

May 12, 1948 was handled
on a
negotiated basis by First Boston Corp., New York
-City and associates. The last sale of bonds in April 1961
was bid on by Blyth & Co.; First Boston Corp., Dean
Witter & Co. (jointly); Halsey, Stuart & Co. Inc.; Kuhn,
&

of

Union

company,

national,

reported

was

Power Co.

Western Union International of about

Office—120

last sale of preferred stock on

Southern

it

Penn

10,

Western

Merrill

the

St., Los Angeles, Calif. Underwriter—To be named. The

Loeb

1961

$50,000,000

to

as

or

8,

New

City.

Feb. 28, 1961 it was reported that the FCC has
approved
the company's plan to transfer its Atlantic cable
system
to a newly organized

and industrial finance company. Pro¬
For additional working capital.
Office — 1107

Panhandle Eastern Pipe Line

reported that this company will
$35,000,000 to finance its 1961 con¬

was

Co.; Inc.,

Inc.; W. C. Langley & Co.; Lehman Broth¬
Eastman Dillon, Union Securities & Co., and First
Boston Corp. (jointly); Harriman
Ripley & Co.; Kidder,
Peabody & Co. and White, Weld & Co. (jointly).

Trunkline Gas Co.

Southern

May

by Blyth &

ers;

Underwriter—Trinity Secu¬
Exchange Place, New York City. Offer¬
ing—Expected in early July.

York.

underwritten

Stuart & Co.

consumer

—

1960 annual report
$12,000,000 for new

—

rities Corp., 40

Office—Boca

Co.,

Magaril

ceeds

devices.

spend

1961, J. Lee Rice, Jr., President of Allegheny
Power System, Inc., parent
company, stated that West
Penn expects to sell about
$25,000,000 of bonds in 1962.
Office
800
Cabin Hill Drive, Hempfield
Township,
Westmoreland County, Pa. Underwriters—To be deter¬
mined by competitive bidding. Probable bidders:
Halsey,

Broadway, New York City.

of

to

in 1961, most of which is
expected to be
the sale of securities. Office—1714 California

was

West

shortly

sale

1960

Feb.

reported

was

filed

plans

Sept.

16,

York

that a registration state¬
covering 250,000 shares of
stock (par 10 cents). Price—$6 per share. Busi¬
be

ness—A

common

stated in the

was

company

St., Everett, Wash. Underwriter—To be named. The last
sale of bonds and preferred stock in
May and July 1960
was done privately. The last sale of common on

Trust

Automation, Inc.
May 31, 1961 it was reported that a full filing will be
made shortly covering 70,000 shares of class A common
stock. Price—$4. Business—The design, manufacture and

Telephone Co.

construction

was

1961 it

will

ment

Sjostrom

the

raised by

1961.
Office—416 West Third Street, Owensboro,
Underwriter—Dillon, Read & Co., New York City.

May 23,

Coast

April 11, 1961 it

Trinity Funding Corp.

N. J.: Underwriter—To be named.

Dec. 5, 1961.

on

West

ter of

Ky.

Co. Inc.; Stone & Webster Securities
Corp.;
Dillon, Union Securities & Co.; Salomon Broth¬
Hutzler; Goldman, Sachs & Co. Bids—To be re¬

&

ers

Transmission

11, 1961 it

&

Eastman

28.

Jan.

..r,

(12/5)

23, 1961, the company announced plans to sell
$15,000,000 of securities, possibly bonds or debenture.
Office
Richmond 9, Va. Underwriters — To be deter¬
mined by competitive
bidding. Probable bidders: Halsey,

Corp.
reported that this company plans to
sell $10,000,000 to $15,000,000 of bonds in the third
quar¬

Underwriter—Moran &

Inc., 25 Livingston
Offering—Expected by

J.

Virginia Electric & Power Co.

Merrill

were

N.

March

Mabry Hwy., Tampa, Fla. Under¬

competitive

New York

Texas

Sel-rex Corp. :
May 16, 1961 it was reported that this firm is contem¬
plating its first public financing.
Business — Precious
metals manufacturing.
Office—75 River Road, Nutley,

-

Office—1001 North Central Ave.,
Phoenix, Ariz. Under¬
writer — Louis R. Dreyling &
Co.,

Proceeds —For expan¬

Co., Newark, N. J.

,

to

Co., C. J. Devine & Co., all
of New York City and the Northern Trust
[Co., Chicago;
Blyth & Co., Inc.; Halsey, Stuart & Co. Inc.; The First
Boston Corp. Bids—To be received in New York
City on

'

•

City.

common

cal

Scully Inc.
May 31, 1961 it was reported that a "Reg. A" will be filed
shortly covering 100,000 shares of common stock. Price—
$3 per share. Business — The manufacture and sale of
precision recording equipment.

plans

May 24, 1961, it was reported that this U. S. Government
body plans to sell $50,000,000 of bonds. Office—Knoxville, Tenn. Underwriters—To be determined by com¬
petitive bidding. Probable bidders: The Chase Manhattan
Bank, Morgan Guaranty Trust Co. of New York, Chemi¬

and Equitable Securities Corp. (jointly); Blyth & Co.,
Inc.; The First Boston Corp. Bids—To be received about
Sept. 27.

sion.

No.

Stone & Webster Securities Corp.
Tennessee Valley Authority

by competitive bidding. Probable bidders: Halsey, Stuart
&

firm

Lynch, Pierce, Fenner & Smith Inc.; Goldman, Sachs
& Co.; Stone & Webster Securities
Corp. The last sale

determined

be

this

29,
Inc., New

the company stated it plans to issue about
$15,000,000 of 30-year bonds in September. Proceeds—
construction.

that

par common stock.

writers—To be named. The last sale of bonds on June
1960 was handled by Halsey, Stuart & Co.

Jan. 24, 1961
For

reported

was

shares of 10c

Office—111

selling stockholders. Office—Tampa, Fla.
Underwriter—Beil & Hough, Inc., St. Petersburgh, Fla.
Offering—Expected about mid-August.
&

it

publishing. Office^-117 E. 31st Street, New York
City. Underwriter—Allen & Co., New York City.
Valley Title & Trust Co.
i ..*>
V
May 15, 1961 it was reported that this company plans to
register 120,000 shares of 10c par common stock. Price—
$5 per share. Proceeds—For general corporate purposes.

Tampa Electric Co.
May 10, 1961 it was reported that this company plans
to spend over $80,000,000 on new construction in
the
next three years. No financing is planned this
year but
in 1962 the company may issue bonds or common stock.

stock. Business—A truck, tank car transporter. Pro¬

Gas

1961

zine

Products, Inc.

—

ceeds—For the

Rochester

.

—

Redwing Carriers, Inc.
'*'Jl
.May 23, 1961 it was reported that this company plans
to file a plan with the ICC covering a proposed sale by
mon

Universal Publishing &
Distributing Corp.
May 10, 1961 it was reported that this company is con¬
sidering the issuance of common stock. Business—Maga¬

•

Price—$2.50
per-share. Proceeds — For general corporate purposes.
Office
434 Buckelew
Ave., Jamesburg, N. J. Under¬
writer
Louis R. Dreyling & Co., Inc., 25 Livingston
Ave., New Brunswick, N. J. Offering—Expected in July
or August.

St., Denver, Colo. Underwriter — Last equity financing
handled on a negotiated basis by First Boston Corp;

of

15,

file 120,000

2, 1960, W. D. Virtue, treasurer, stated that com¬
pany plans the sale of about $20,000,000 of common stock
to be offered stockholders through subscription, rights
in mid-1961. Proceeds—For expansion. Office—900 15th

stockholders

on Sept.
17, 1950 was underwritten by Harriman
Ripley & Co., Inc., New York and associates.

—

?f!

Colorado

"Dec.

certain

stock

devices. Proceeds—For
equipment, and
working capital. Office—9001 S. W. 64th Court, S. Miami,.
Fla.l Underwriter
Hampstead Investing Corp., New
York City. Registration—Expected in mid-June.

-*4'.

Page 16.

on

per

communication

.

Advertising Notices

Appear

manufacture

^ Penthouse Club, Inc.

-Philadelphia.

Dividend

the bonds.

on

Spectron, Inc.
May 23, 1961 it was reported that this company, a suc¬
cessor to F. Hastings
Stephens Laboratories, Inc., plans
to sell 85,000 shares of class A common stock. Price—

sold

were

47

the

at

be

of

$3

this

per

used

firm's

share.

by the

repayment

of

common

Proceeds

company

ioans,

for

promo¬

under

the

Cards."
dren's

card

largest
kind
ten

in

selling
the

months

were

game

that

its

chil¬

line is now the

of

its

for

the

line

game

world.

Sales

ending Feb.

$668,632.41

"Ed-U-

mark

trade

It believes

with

28,

net

1961
earn¬

tion, expansion of the school de¬

ings of approximately 9 cents per

partment,

share

new

games

and

development

and puzzles.

of

on

the

155,000

shares out¬

standing prior to this offering.

K»

48

The Commercial and Financial

(2536)

Chronicle

..

.

Thursday, June 8, 1961

COMING

WASHINGTON AND YOU

CACKLES 8 CO.-STOCK AVERAGE

[~^

BEHIND-THE-SCENES INTERPRETATIONS

XV

EVENTS

/A/ W "

CAPITAL

FROM THE NATION'S

IN INVESTMENT FIELD

C.

D.

WASHINGTON,
i

growing rapidly.
i.ave

\

Americans
Quilala

UI

UAiiiuiiii

been

ture

apparently

into

peering

the

fu¬

trying to figure out what is
for
it.
Everything
is

ahead

neither

bad

all

seems,

far

as

all

nor

is

concerned.

Senators
mined

seemingly

to

States

deter¬

are

tighten

the

United

control

transmission.
G. Magnuson

Senator Warren
of Washington,

Senate

Chairman of the
Committee,

Commerce

would prohibit

successive
from becoming

increases

rate

until

effective

pending

decided

were

by

the

The

future

and for the
If

which

Senator

has

all

the

backing of the National As¬

out

sociation

Railroad

of

and

ities Commissioners, is
the industry

would

fect

Util¬

that

one

so-called

is

is

being

by

being

a

num¬

where natural

used

and

more

gas

more.

The Federal Power Commission
well

thinks

itself

the

of

legis¬

lation.

Magnuson's

cally

higher

have

ahead
the

Commission

Power

indefinite

on

Federal
prohibition

present

pricing

clauses;

Commission to

permit the

sus¬

pend rate changes involving gas
sold

resale

for

use;

for

industrial

require the Commission to
a
finding in certificate
that initial prices are in

make
cases

the

public interest, and place a
on decisions by hear¬

examiners

the

and

the gas

and

rougher
natural

gas

by

Mr.

one

Under

bill,

tougher

industry

The small
as

mission

the

than

Federal

Power

be

would

Carroll

Com¬

required

to

measures,

of

most

by the Federal
The

Commission.

indus¬

not been intro¬
Senator
Magnuson has
has

bill

try's

introduced

has

requested

Power

are

Chair¬

instance,

For

major

them

bills

industry

Harris

seven

a

state lines.

across

duced.

introduced

of

score

a

measures

other

numerous

pending

toed
the

natural

that

coal

the
the

from

industry, which has

competition
gas industry,

natural

for a national fuels
Apparently the study

striving

ural

re¬

quire disputed rate increases be
put in escrow to assure refunds
to consumers if they are sub¬

sequently denied.
the

At

bill

Carroll's

Both

would

Senator
authorize

the FPC to make rate

increases

try

is

seeking

mission the power to grant tem¬

ever,

There is

ris

the

tee,
that

some

a

possibility that the
become
Har¬

Oren

Chairman

Commerce

of

Commit¬

has

expressed the opinion
the bill might pass Con¬

gress.

Depletion Allowance in Danger
For

some

natural

reason

the

oil

and

industry are not
popular with a substantial part
of the membership of Congress,
nor

gas

with

some

agencies

of

the

executive branch of the govern¬
ment.

Many

members

of

Con¬

and many people in
private life, are against the de¬
pletion
allowance
that
these
gress,

industries

not

to

obtain.




indus¬

get tight

to

re¬

end use. How¬

gas

opposition

that they

mean

a

Robert E.

Blixt, St. Paul Director,

Robert

and

D.

Lacey,

new

from

one

public

a

of

the

in the
hearings

placed

was

Senate

policy

a

Seminar

described

In

and trading in

F.

E.

New

at the

industry.

the

Yet,

pot-shots tak¬

highly

is

Co.

&

York

Madison

IThis

column

intended

is

to

re¬

flect the "behind the scene" interpretation from the nation's Capital
and may or may not coincide with

of

the

are

Hutton's
John

formerly
York

New

was

president
Board of Trade.

cago

lectures

The

Cla-

President

that, assist¬
of the Chi¬

the

to

com¬

W.

Mercantile Ex¬

change and, prior to
ant

bill

the

by

June

14-15,

St.

the "Chronicle's"

are

as

Twin City Analysts

a

Elect Officers

companies dealing in products
on

offer

of

Norton, Jr.
of

the

was

—

sociation

gains

Society

party June 15 at Hotel Continen¬

tal;

Mr.

and

banquet

outing,

6.

June 16, 1961

Club

Bond

outing

chanics

is

Manager

of

the

department at J. M. Dain

of

charts

tax

along
who

a

year

with
was

Donald

term

H.

Glarner

of

trading, hedging
for

and

dis¬

being

prac¬

speculating,
opportunities

use

for

June 16,

has

told

Vice-President;

&

Secretary;

in

Hassing,

Treasurer;

the direction of David Weisman.

Ocean

House

branch office
Hotel

June

annual

to suspend rate changes
for industrial use.
The Commission once again
Congress to

gas
no

end

so-

control of the

industry, but it has made
specific recommendation

how tnis

Several

should
years,

be done.
ago

a

bill

that

New

of

Sleepy

at

Country Club.

17, 1961

(Milwaukee, Wis.)

Oconomowoc, Wis.
17-20, 1961

California

ference

(California)

Group

at

Santa

June 22-25, 1961

Investment

of

Association

Bankers

annual

con¬

Barbara, Calif,
(Canada)

Investment Dealers Association of

Canada annual meeting at Jasper

Lodge, Jasper, Alta.

annual

(Boston)

Municipal

Bond

Club

outing at the New Ocean

House, Swampscott, Mass.
Attention Brokers and Dealers:

MARKETS

American Cement

Botany Industries
W. L. Maxson

Official Films
Waste

Carl Marks & Co. Inc.
FOREIGN
20 EROAD

SECURITIES
STREET

TEL: HANOVER 2-0050

•

Our New

York telephone

have

number is

SPECIALISTS

NEW YORK 5, N. Y.

TELETYPE NY 1-971

f

LERNER & CO., Inc.
Investment

Securities

10 Post Office Square,

Congress

would

King

CAnal 6-3840

Telephone
HUbbard

passed

outing

TRADING

the provision of
Magnuson

gas

asked

(New York City)

Association

under

Senator

called utility-type

Golf

Congress

right

has

1961

Women's

Moore,

the

York

June 23, 1961

SWAMPSCOTT, Mass.—H. Hentz
Co. has opened a

Jersey spring

Montclair

Country Club.

Park

New Hentz Branch

President

W.

Gaylord

named
R.

as

tax

savings.

Co., Inc., Minneapolis. He will

serve

of

rules

New

ing at Oconomowoc Country Club,

possible

contracts,
Exchanges,
me¬

of

(New Jersey)

Upper

at

prohibiting successive rate in¬
creases, but urged that the pro¬
hibition be limited to pipelines.
It likewise supports the provi¬
sion that would give FPC the
in

of

Milwaukee Bond Club annual out¬

topics

types

are

operations

tices,

Norton

research

cussed

the

Meadow-

outing June 16 at
Club.

brook Country

June

Among

Security Traders As¬
party—cocktail

summer

interested in

are

and

Nicollet

the

to

savings.

elected Presi¬
Cities

Twin

Henry

Security Analysts at their 1961

June

&

Minn.

exchanges and

opportunities

new

speculators who
capital

MINNEAPOLIS,

futures

Club 40th annual

(Kansas City, Mo.)

15-16,

Kansas City

Hollow

to

(Minneapolis-

party June
14 at
Hotel, Minneapolis.

Investment

traded

Williams

outing at the White Bear Yacht
Club, White Bear Lake, Minn.
June 15; preceded by a cocktail

&

presented

1961

Twin City Bond

public service to investors. They
are
designed to assist executives

views. 1

own

George

Ad¬
Con¬

Annual

Minn.)

Paul,

June

member of
division,

He

Ave.,

sessions of two
being conducted

modities

gett,

on

City.

each

a

currently

the sub¬
audience at its

650

evening

important to the welfare of the

is

seminar

office,

Four

by

a

capacity

a

hours

industry

brokerage

Hutton

presenting

tices "extortionate." There have
been many other

commodity futures
firm of

the

Fifth

University, Montreal.

to numerous requests
enlightnment on the hedging

markets,

Business

and

Sir

at

Schools

Canadian

of

Commerce

ference

Commodities

response

for

branch

who

on

Meantime, the Federal Power
that it supports

Sacra¬

Inn,

(Montreal,

1961

12-13,

ministration

E. F. Hutton Conducts

present pipeline-FPC rate prac¬

Francis

Commission

Traders

Spring Outing

Canada)
Association
of

ject to

Brown

June

Program

Chairman.

the

G.

would

fuels

prevent

study.

measure may

Arkansas,

House

does

coal

personal

their

seek

Representative
of

in

cases.

Magnuson
law.

increases

rate

on

fuels
they

because

the

that

aware

strictions

extreme

get

by California Governor Edmund

per¬

are

the

to

opposed

are

Rayburn

Harris

approach

retroactive, and grant the Com¬
porary

Sam

Speaker

Chairman

policy

to

industry. For instance,

annual

proposed.

sonally
time

same

Senate-House joint
as
was
originally

by a
committee,

and

poor

gas

dent

authorize the FPC to

a

record

not

would

effort

statement

a

would

policy.

Security

Sacramento

the

of

powerful

(San Francisco,

9-11, 1961
Francisco

San

no

unclear.

are

felt

is

legislation con¬
other things
the gas industry
are

involve

that

over

gas

there

tinues,

continues

battle

then

Since

measure.

ve¬

relations standpoint for the nat¬

Fuels

Policy
the

control,

Eisenhower

This session of Congress has

I
been

W.

It

June

well

customers

our

bill passed.

will be made in the Senate, and

operative.

makes

makes them sick!"

country. It will have better days
than it is now encountering.

Natural

Over

the

concerted

meas¬

by various members.
Battle

utility-type

industry itself has made

are

both Houses

in

introduced

ures

there

the

President

but

provide specific permission be¬
fore any pipeline rate inrreas^s
become

one

Association annual

en

of different kinds, and

The

the

of

on

CF

selling two billion

one

Country Club,

Calif.)

producer is described

pending.

Magnuson.

terms

the

the

on

service—he

new

after the other

ended

speculation

some

Westchester

mento, Calif.

Decontrolled

is

City)

(New York

9, 1961

the

at

Capitol Hill that the liberal bloc
in
Congress
is making some
headway in the proposal to de¬
control the small gas producers.

As

proposal by Senator John A.
of
Colorado would be

our

legislation

session

Com¬

Carroll

"It's

will

Congress

industry itself wants.

Be

the

Rye, N. Y.

Small Producers Would

mission.
A

that

this

at

pass

time limit

ing

at

get

chance

no

Phila¬

at

Bond
Club
of
New
York annual meeting and outing

together and ap¬
prove an industry-wide policy.
Therefore, there is practically
to

of

outing

Municipal

across

the

annual

town, Pa.
June

to the public,
industry itself was

story

while

(Philadelphia, Pa.)
Association

Philadelphia Cricket Club, Flour-

position marched
getting their side of

in

annual

:\

delphia

Opponents of the natural gas
industry's

League

Whyte's, 344 West 57th

Investment

the

on

at

June 9, 1961

industry.

gas

other things, would for¬
the

wages.

(New York City)

Bowling

Street.

could

It
depressing effect

a

man

among

to

dinner

being allowed to
rising costs with realisti¬

have

8, 1961

STANY

have
wait

company

Numerous

measure,

June

before

year

malize

to

like

years

Tougher Measure
Senator

on

their

rate

also

7 by a cocktail party
reception at the Roose¬
velt Hotel).

ef¬

the

have

not

would

There

advocated

cities

of

will

it

June

ceded

and dinner

little

is

there

law

throwing cold water

urally

is watching closely.

stop

measure

strongly
ber

tion annual Field Day at the Ce¬
dar Rapids Country Club
(pre¬

legislation

Magnuson

(Cedar Rapids, Iowa)

industry

the

country.

that

of

June 8, 1961

Investment

meeting.

Iowa Investment Bankers Associa¬

investment funds. Investors nat¬

"pyramiding."
The

the

becomes

of

Association

Bankers

the

for

essential
of

(Ponte Vedra, Fla.)

SolifHSi ''Group

discover

to

order

welfare

trying

by

proposal

Magnuson,

It

ones

Federal

Commission.

Power

in

reserves

new

7-11

June

are

danger of losing the
incentive that the industry

requires

is pressing for passage of his bill
winch

nor

year

distant,

offset

government's

natural gas production and

over

this

serious

in

doubt

Democratic

'Western

Two

the oil and gas

are

not

next but not too far

good, it

Washington

as

facts

industries,

tax

The industry itself

has

iil-

in it.

vested

The

The

—

ry

2-1990

Boston 9, Mass.
Teletype
BS 69