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,'
ESTABLISHED 18S9
Volume
Number
195
6142
;
shop-worn cliche about history repeating itself is
vividly brought to mind by recent events which
led to considerable discussion in Washington and
elsewhere about the
Must Be
durability of the revival of business
this time of an anti-recession
good many
and to the presentation at
:
program by the President. There are still a
left among us who remember rather sharply
,
about
New York Trust
how Presi¬
usher in
II
came
no
to
had to be made to
New Deal.
•r
| 1953, he
Helm
-"
into office in
national and
political
belief that 1962 will be
fellow
we
economic
short-term
as
who subscribes to
one
First
of
mention
tional
judgment in .bidding for funds when they can be
profitably in sound assets, and should drop
their rates and not bid up for deposits when they
are
not in a position to use them profitably and
safely. Perhaps this is asking a lot when we have
14,000 banks in the United States; but, if we are
rate.
of
1
us
expense
Harold h. Helm
of
cost
problems.
JAPANESE
SECURITIES
STATE
AND
bankers bidding
Section, starting
up
we
Telephone:
DIgby 4-7710
BONDS
interest costs is
State,.
on
New York 15
f'*
-
;
California
Members Pacific Coast
CITY
NATIONAL
.!.'/*
-y
Co.
&
.f-;;
•
-•
Exchange
•
■
L
.
Agency
Bonds and
Notes
Exchange
'
Municipal
'
Bond Division
Inquiries Invited
on
Southern
THE
CHASE
MANHATTAN
California Securities
Affiliate: Nikko Kasai Securities Co.
Bond Dept.
Net
To
T.L.WATSON&co.
-
;11
Teletype: NY 1-7(18
New York
T". LOS ANGELES
SAN FRANCISCO
ESTABLISHED
Markets
Active
Dealers,
Banks
Correspondent
—
Pershing & Co.
Brokers
Canadian Securities
CANADIAN
1832
Block
BANK
Maintained
and
DIVERSIFIED
CALIFORNIA
BONDS & STOCKS
Inquiries Invited
Members
Commission Orders
New York Stock
American
Canadian
Exchange
Exchange
Stock
Executed
On
All
Exchanges
CANADIAN DEPARTMENT
Teletype NY 1-2270
25 BROAD
STREET
NEW YORK 4, N. Y. /
DIRECT
VIRES TO MONTREAL AND
TORONTO
Dominion Securities
Goodbody & Co.
Grporatiom
MEMBERS NEW YORK STOCK EXCHANGE
bridgeport
•
perth amboy
2 BROADWAY
NEW YORK *
.1 NORTH LA SALLE ST.
CHICAGO
P
of the
in
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier
BANK
*' '-V
*4
v
one
and Public
Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
FIRST
■
Municipal
29.
page
Associate Member American Stock Exchange
Offices
'•
TOKYO
'
hope for. There will be little reduction in bank
costs through , (Continued on page 24)
Hope Street, Los Angeles 17,
:;
Teletype:
NY 1-2769 U
Head Office:
So.
623
Plaza
30 Broad Street
!'
operating
Lester, Ryons
MUNICIPAL
New York 5, N. Y.
BOND DEPARTMENT
Y
account are the cost of interest and the
salaries, plus fringe benefits. Automation
dealers and investors in corporate
1 Chase Manhattan
Company
.
started, but it is a slow, tedious program. It
will take a long time to show the accomplishments
Members New York Stock
Securities Co., Ltd.
Chemical Bank ®
' "
1
time are faced with a
operating expenses, of
has
complete picture of issues now registered with the SEC and poten¬
"Securities in Registration"
':
larger items. In fact, the two principal items in our
banking area, the recent increase
in interest rates allowed to be paid by commercial
banks under the Federal Reserve Board's regula¬
our
'
at the present
the increase in
which
In the domestic
afforded
Judgment
used
fairly rapid increase in our
of our
NOW IN REGISTRATION—Underwriters,
Bankers'
ceiling, then there would not be the urge or the
somewhat implied obligation to adopt the maxi¬
dan¬
tion Q was followed by many
Trust
going to maintain the freedom of which we are
so proud, we must get rid of restrictions and learn
depend upon business judgment in the manage¬
ment of our institutions.
If we had no specified
the time with
major na-
of
three
or
Would
My thesis is that bankers should be given free¬
dom of action, but they should use proper banking
All
most
spend
profitable outlet, would go into unsound banking
eventually bring the banking system
into the unfortunate position which developed in
mum
two
or
measures
ventures and
domestic
The Nikko
Kewlorklrust
this theory
restrictive
a
all, I would like to
one
many
as
Housing
HAnover 2-3700 t
the rates
deposits. I
on
to
banking matters with which we
will have to deal, but I will
two
am
get rid of
Municipal
Securities
TELEPHONE:
'
gers.
securities
tial undertakings in
adjusted so as to impose no ceiling
permitted for either savings or time
1929.
a
SECURITIES
a
be
good year ;;
a
their
toward
that
have
•
State and
and public
courage
joint responsi¬
bility in alerting the public
and
especially legislators and
political leaders of the serious¬
ness of these long-range as well
„
Housing,
international
with regard to our economic dangers. b:
awareness
bankers
enough that the new Administra! tion would not succeed in doing any such thing, as ad| mirable as it would have been. Such reinvigoration of
the economy as took place under the influence of a
"friendly regime" in Washington soon reached its limit,
and
it
was
evident that recessions were still quite
| possible.
g
^
We do not wish to be interpreted as saying that now
only a little more than a year after the inauguration of
President Kennedy business has (Continued on page 11)
Public
his
expresses
overriding issues confronting the economy, Mr.
the need for greater
solution, and
early
facts made. it evident
are
Helm
business, and a particularly busy one for bank¬
ing. All of the problems which I shall mention
will not be solved in 1962, but I hope I can convincingly show that it is
important that we make a de¬
was
U, S. Government,
good year for busi¬
a
Mr.
"overhanging economic problems."
concisely describes
termined .effort
came
be
banking,
for
to go to work with vigor to correct the
| loose fiscal management of his predecessor, and get our
4 budget in balance at a much lower figure than had been
customary; lor years past. But it was not long before the
"
particular,
It is my firm
J
,
the
sees
|-
substantial
When President Eisenhower
banker
As for
World War
political explanations
keep public thinking in line with the
rescue
the ceiling the rates they pay for both savings
time deposits. Banking opinion is divided—!
there are those who feel that regulation Q should
to
in order to
as is pos-i
sible. However, there is a large body of banking
economic problems we must face up to and solve, and sug- t
opinion which feels it is too dangerous to abandon
gests approaches we should take before it is too late. The
the restrictive measures of this regulation, because
earlier part of his address deals with some of the problems
according to them, it might lead to the bidding
found in the banking area. Mr. Helm would like to see the
up of the rates paid on savings and time deposits,
interest rate ceiling on time and savings deposits removed.0
with the result that these deposits, in order to seek
economic millennium, and until
the
in
uneasiness about several
The
Administration would
new
and,
ness
say in criticism of his predecessor, and assured the genfj eral public that with the access to power of the Demo¬
cratic party things would soon be definitely on the mend
again. Well, for a while there seemed to be a good deal
of improvement which the President said had been
j "planned that way." It was not long, however, before it
all too evident that the
Copy
and
Co., New York City
Though convinced that this will
campaign had a good deal to say
the- abolishment of poverty, and how relatively
quickly he was faced with a situation which obliged him
to try to explain why the actual course of events were
of a quite different order.
President Roosevelt following Hoover had much to
was
a
Resolutely jiConfronted
By Harold H. HelmChairman, Chemical Bank
dent Hoover in his first
,
50, Cents
Our Overhanging Economic Ills
rather
have
Price
New York 7, N. Y., Thursday, March 15, 1962
AS WE SEE IT
Ediimtai
The
Reg. TJ. S. Pat. Offic«
40
Exchange Place, New York 5, N. Y.
Teletype NY
1-702-3
WHitehall 4-8161
Electronic Industry
MUNICIPAL BOND DEPARTMENT
BANK OF AMERICA
N.T.&S.A.
SAN FRANCISCO
•
LOS ANGELES
i-'
Chronicle
The Commercial and Financial
2
of experts
advisory field from all sections of the country
which, each week, a different group
QUOTE
can
for broad markets
.
and
in the investment
us
•'
•'/*
'
v. • •
'■*,
•
\
;.I
Textron, Inc.—J. Irving McDowell,
in
broad
For truly
issue.
ing in effect new
potential are
are
New York 5
BOSTON
^he
of
an
.
above average'
little
Ben F. Ward
financ¬
ternal
entered,
^g
™uitv
equity.
GROSSMAN
pfth
•
in
insurance
Industrial
.
Dealers Ass'n
1961
0n
ciety in 1898, National
a stock life company in 1900
BONDS
Eidi
Phone:
WHitehall
NY
Teletype No.
1-2762
Markets
Virginia Securities
,
Call
us
in
complished
-
Bassett
'
Furniture
&
P.
for
All Issues
;
try
LYNCHBURG,
-
TWX LY 77
-
New York
produces
Textron Inc. V
•:
.
•
.
'iii'-v
'
M
Detroit
:•
.
;
Stock
-Exchange
^
'
A < M '-l
.]
Penobscot Building
1501
DETROIT
WOodward
26, MICH.
2-3855
'
,
not
SUrance.
go i n g ..to;
earn-in. the
f
ex-uti
have
the
,
.
Office
—
'
;,-
v;.
.
Bay
DE 75
;
■
V
.
'jt v'q•.
■
& CO., Inc.
question,
.to-..
day?" In mak¬
W A L L
9 9
SIR E EI
NEW YORK 5, N..:X.
:
xi.y
ing a case for
the, common
V
<;
the*
to;
City, Mich.
also
earning
,
of .directorsThe
^ strong board
ui!.'
"What: is " it,
evajUation of National Life
exceiience of management;and
b
.
himself
•the
long-runVf
V
,-
.
u r e
-ask
earnings
».
t
u
should
wfiich
should give great .^weight .to
.
stock
of
these
d
n
shares
length of service .as a,d'i- v,
-ls £2 years. The two senipr-M,*™"1* McDowe11
4' ently.
—-
Refined
—r
Liquid
Exports—-Imports—Futures
selling
»;
.
>
13
only
at
Raw
pres-"
v^ldln?
has one, of
SUGAR
Tex-
tron.. Inc.'- we
f i
s
';j
averagg
reetor
Branch
is
the unique po-
current
large
but vdoes
?heV
Dlgby 4-2727
•'-.
.
burthlkon^factoTwouid^ot: Jr" President^-are, within -the next annual dividend
broueh^hbou^s^h^an
rate of $1.25, •
^ear» completing 50 years of dedi^ Therefore, we have a; combinationr.
cated service.-The second eschelon of better than average dividend
enor-
^ with' S°h?d eamfg"
agemeni.
City
/
' "
Members
,
Midwest Stock Exchange *
with the constant emphasis today.
profit advantages of ordinary in-
Snfof lts wtstanding
Co.,
"
ordinai^n^ranc^wv.s.
with its industrial insurance
Xustacreasein valUrwithout the
sound
and Effective Tong-range
VIRGINIA
Victor 6-1333
Private wire to Shields &
"
stock Exchange
profitability and earnings stability ,•;!
force, except
company
-
MORELAND & CO.
.
..
pansion into this area of longtterm
($1^ million_of
force) which wasit r
Sterfhatlnthe
Shoe
STRADER and COMPANY, Inc.
LD 39
of
sition of being able to finance
company
one
;
Equipment for Discount;Houses and :
being
price
recent
help
The company is'in
markg value, was acthrough the efforts of
.insurance in
Industries
Furniture
Craddock-Terry
R. F.
'
L A. DARUNG CO.
>
McDowell, Dimond & Co.,
p
R
™vl nc*> : '
^g net level premium. plamrCtheLj;;
strongest valuation method in use).; ^
Nationals owi> sales
American
.
.
amoun s
increase
First
SOLD
.
reorganized as a legal reserve
1905. At that time,
total capital paid in by stockholders was
only $65,500 and life in,surance in force was slightly more
than $2 million. At the 1961 yearend, admitted assets were $960
million
and
insurance .in force
more than $6.1
billion. The current market value of National Life
stock is in excess of $600 million,
This remarkable growth in insurance in force and the consequent
3-7830
insurance
life
a- i118^ TmngS e
to
on the so-called growth stocks;.the:
piovide the large reserves neces- intelligent investor should now be,
sary. to
write t h e increasing taking a long hard look at not only'
and
-
Continuous
Par
m,
company- in%
Exchange Place, New York 5
40
the
of
J. IRVING McDOWELL
.
was
Odd Lots
on
(To Brokers and Dealers)
plus factors for future,
conditions,;"
are
Market, the
about 99.
these
has
—
^
mounted to $2.9 billion and pro-;
duced m-excess of $12 million m
.
BOUGHT
acquisition of insurance pro-'i.
All Other-Retail Stores.
quali- net operating income.'-These figties to a pronounced degree. It is ures are not significantly different
one of the largest stock life insurfr0m those of 1956. National Life
ance companies in.the U S
Origi-. has kept the industrial insurance
Members
Security
Y.
.
Life
National
& CO. INC.
N.
or dilution
.
of
increase
higher stand-
and
& Accident Insurance Co., stock is\
traded .in the Over-the-Counter
.
avoiding
thus
1
Largest Manufacturer- of Complete
.
sion,
branch offices
has shown
ing or the re
counted for only 40% of insurance
employment of a substantial por- ,,in force in 1956, represented 51%.
to finance expan- in .1961.
WEINBERG,
our
business and the continued growth
of sound companies may be con-*
fidently expected.
National: Life'
tion of earnings
S.
to
ordinary whole
which ac-
but
change
Direct wires
and, accordingly,,
appreciation of the
increased
thg .future
.
and- endowment,
life
'
Birmingham, Ala.
Mobile, Ala.
;
saieg * jn view of these
past
five years,
the
of
industrial 'insurance
The
written and maintained
of
profit; (3) in-;
margin
Wire System
In
amount
:
New Orleans, La.-
vaiue 0f and the ability to finance;"
upward trend and that it wijl -continue throughout the year. ;
prod¬
t
-NY 1-1557
-
Jof education
rthe new year on this .same strong tection
tenance
SAN FRANCISCO
Private
ar
Another?
of
the upgrading
is
periods
longer
Sep-.
best month evei
indicate that the company
k
Nationwide
last half of 1961' and
tember was-.the
uct; (2) main¬
CHICAGO
•
•
best six months of its.history
in. the
•
Teletype NY 1-40
PHILADELPHIA
and
had -
\experienced,.^Preliminary figures
national
4-2300
the
f
Exchange
employees generally -in industry'^
and business. The requirement for *
policies,; agency^ contracts,
emphasis, National^Life
rate than gross..
American Stock Exchange
WOrth
protection amounted to less than 20
(1) Sales in¬
at a
more
rapid
Associate Member
HAnover 2-0700
consideration
,,
creasing
Established 1920
Stock
-19 Rector St., New York 6, N. Y.
months of family-income.
,
sales
usually
;
found:...
Yorkj Stock Exchange
American
Members
=
in
;
characteristics
CORPORATION
120 Broadway,
^Members^ New,
r
stocks,; three
Co!
Steiner, Rouse &
J
lucrative maust iai du
.
Due to these dramatic changes
V
industrial
HANSEATIC
.
ordinary life
man-v
YORK
de-
signed * retain
for long-term growth
gredients of growth
hut » in
many,
but in
rity Analyst, J. C. Bradford &
Co., Nashville, Tenn. (Page 2)
a care--
program
exeertimialb^well suited. E
call "HANSEATIC."
NEW
thought-out
fully
medium
Asa
contracts and
agency
new
Company
speedy executions,
Bought—Sold—Quoted
plac- National Life & Accident Insur¬
policy contracts,
ance Co.—Ben F. Ward,, Secu-
promptly and decisively by
& Accident insurance
National Life
accurate,
and
coverage
Bradford &
Nashville, Term.
Company,
Parser, McDowell, Dimond &
Co., Providence, R. I. (Page 2)
ruption of the growth record was
indicated.
Management acted
F. WARD
BEN
Security Analyst, J. C.
ft. •
Alabama &
Selections
Louisiana Securities
for favoring a particular security.
participate and give their reasons
Over-the-Counter
any
...
.
Participants and
Their
'■
.
.
Thursday, March 15, 1962
.
.
Week's
This
Forum
A continuous forum in
You
Like Best...
The Security I
Dealers only
Banks, Brokers,
For
.
(1262)
them
long-run philosophy is the reserve
nm/ram
qtrPnfJthpnins*
e^rlv
the
^tarfpd
0f
for
the
;
the
Vw"
'
;
the
Fo
_
stock- M
us tauim
ana
f
the future.
benefit
its
and
comnanv
i
and M stick !V to
long-range
company
uL 1
in
A-life insurance
1940s
decisions
difficult
example of this conservative
An
"
1
4 '
-
'
.
-
;individual wh0 has rot
l5e inmvl?ual wnJ nfTLOl
n
followed the rapid growth of Tex -tron, the. appended table-, showing
+
mue' NatfoZl Life stock"1 ol.'T'Vd® h" s?les '£.r.om, 19'^"
on^S^the
be °f Partlcular ln"
contract is written on the basis of. parative
.an
assumed
rate
of
interest
reserves
well
We maintain
set up out of premiums as; fui
on
as
a
-mortality table.
1941 the basis
in:
was
.
•
I
Kent
written
of
about
that
of
leading industrial
interest
nies
of
roughly comparable
an
3.42%.
Shepard Niles Crane
& Hoist
As
;formance.
invested funds
on
result
a
•
•
law
for
per-
of the
1959
insurance
S
llf6
has
Over the^:
policies
.been reduced to 2.75%.
provjded
reserves
for
•
-
.
Corporation
<i
•
Maust Coal
rnm
&
Coke
any
for
banks, brokers,
and dealers,
John J. Meyers & Co.
30 Broad Street, New York 4, N.Y.
future decline in interest
In
the
opening
weeks
of
•
''
'
VG not unreasonable and appears not
tw
£cto?+;m
see,n ^ have hampered the growth of
earnings
havl become pSle ' the industry- ' . /
"
Under oresent conditions the
What of the future outlook for.
panv has been placed iS an Lcenthe industry? While approximately:
tionally strong position to weather
*°d ^
;
16.85
>308.20
*14.92
''244.23
addi--
™
Digitronics
$14.44
383.18
10.76
-
r
.254.58
8.70
245.79
; I957_____n
tionfil tnvPQ pynpptpfl for 1 QSQ^riH
9^S
Mi
(Millions)
-
income
companies
the
Federal Taxes
$473.12
'
1^60" " "
i959}r~~[~
' *
;. r-v .•
-
-
The effects
tax
-1961
compa-v
;
Income Before
-
(Millions)
of
required interest rate to supNational
Sales
Ending
voluntary have now been realized and ab- • ~ 1956__
ofv extra-legal, .reserves,, Sorbed. *• The
.company adequately-
creation
port
-
year
decidedly more conservative than;' Debember 31
business
31/2%> or more and
interest earned
the
•
assumed
s
-throughout-the industry averaged,
Moore
Organization, Inc.
I
other
-rate
which National
companies')
-(and
trading markets
on
companies ; in the industry.',
In j Capitalization of earning powder is 2
,6.50
•
^Excludes profit of $2.37 million from
sale of Textron Electronics stock.
to
As
the
outlook <or 1962,- the
Chairman of the Board, Rupert C.
Thompson, Jr. said recently he
e*P«cts sales of $550,000,000 in the
current year and commented as
follows:
^ese sales» we WU1 have
rates.5 0
life insurance, the average a base high t enough to make a
; amount
of insurance carried m, respectable return on common
1961
terms of disposable income, is ^till." equity.
While I am not forecast-;
woefully inadequate." In IdBO^the-'inig that we will do so, our first
year upon which complete fig-i objective is to make $3 a share
ness recession which began in the
ures
are
published, the average after full taxes. I believe we will
previous year and mounting un- life insurance carried per family have the volume of business to
employment was adversely affect- was $10,200 and the average. di$-t do that, if we have any kind of a
ing a large part of the market; posable personal income per fam-, decent year-"
'"\t
served by National Life, an inter- ily
was
$6,200.
Thus, insurance
Mr..,Th0mpson said Textron ac-
.
WHitehall 3-2850
throes of
a
carryover
of the busi-'last
23-Year
Performance of
35 Industrial Stocks
-
■
Teletype, New York 1-809
OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX
when the economy was still in the
,
'i
N. Q. B.
.
/
■
'
(This is under
;
circumstances to be construed
'
no
' «
solicitation Qfjin offer to buy,
any
'
as
.
v.).: '
K. f f crued Federal taxes of 30%-in 1961
an-offer to settlor'}'•$■/>
security referred to herein.)
and*:expects to
-accrue
40%- this
Continued on page 10
FOLDER
ON REQUEST
National Quotation Bureau
Incorporated
46 Front Street
New York 4, N. Y.
Volume
Number
195
6142
.
.
The Commercial and Financial Chronicle
.
(1263)
CONTENTS:
SBICs .Offer Attractive
'
Investment
'' '
"•
' " '■
:
•
,
^
f;
;
'
.
Management Consultants, Chicago, III.
V' vt
finds
many
buying opportunities.
the
;
SBICs
selling at
now
discounts
could
Confronted—Harold
represent
:
;
:
Page
V
-
Resolutely
POCKETFUL
1: '•
'
H.
OF
'
Helm______l__i__'____:__.._;_____Cover
—Samuel
M.
;
v
.
dump them
»,
SBICs Offer Attractive Investment Opportunities
^
performance of the small business funds and the holdings of
MISERABLES
.
.
The writer suggests various criteria to judge
Rubel_:.______J.________
Mary Carter Paint Co.—Ira U. Cobleigh
on
us
Obsolete Securities Dept.
3
,
99
those funds —20 are one year and older —which have gone public, y
The author discusses in particular seven of these funds.
\
'
;
v'v•'
■
..
pinpointed by Mr. Rubel who
are
substantial
>
"
growth, performance and encouraging opportunities said to< be
found in the relatively new
/
Our Overhanging Economic Ills Must Be
j".'
The
/
>\
^
-
COMPANY
AND
Articles and News
Publishers
SBIC Evaluation Service, and SBIC Market Report
!
B.S.
\
i
By Stanley M. Rubel, President, S. M. Rubel & Associate's, Financial- xind
Y,
Opportunities
'
•
3
WALL
STREET,
NEW
YORK
Telephone:; WHitehall 4-6551
4
7.".
Nineteen
sixty-one
was
a
made
the
fund .should be
closely watched. The industries in
vintage
.
by
Sickness Insurance in the U. S.—Melchior
.Palyi
''
•
'•
•'
•
.
•
12
'•
'"V '■'** i
;•
for the small business invest¬
companies (SBICs). The to¬ which investments are being made,"
Additional Ways to Invest Besides Common Stocks
tal number of all SBIC's increased age of companies being financed, *
during the percentage of equity rights' re¬ b:':[■ —Roger W.' Babson_„j_j_^
^
/year from 165 ceived,, interest-rate, terms of fi¬
! at Jan.; 1 .to nancing and others indicate extept.
;
^Invest, in Mutual .Funds for Professional Investing "c ; ;
449 at the end, of possible gain and commensurate
—John B. Sparling
o f
December.. risk, of loss, t Industry....diversifies-."
year
<
-
■
ment
.
Total
$175 million in
/January
to
13
STORES
-
INTL. STRETCH
,
18
PRODUCTS, INC.;
>FILON
Careful
study* will reveal which taking longer risks in
lion
order to reap
larger investment
end. The numgains if ventures being financed;
ber of small
prove successful.
Rate of invest¬
businesses re¬ ment, portfolio yield, earnings, per"
ceiving SBIC share from operations, - capital
:
financing 5 in-, gains per share, unrealized and
.creased
to realized, and others should be con¬
.(Stanley M. Rubel.
2,000 b y t h e sidered in developing a feel of the
end of
1961.
Market prices for performance of the SBIC.
SBIC shares also increased sub¬
Tangible evidence is now deter¬
stantially during the year.
At minable
regarding investment
January 1 the SBIC Price Index as
judgements as 45 companies ;.in*
compiled
by
SBIC
Evaluation
.
___
tion,. geographical distribution of
investments, size of loans are also
factors to be considered.; A:
capital
increased from
.over
KING'S DEPT.
1
$400 milat year's
SBIC's
CORP.
are
.
/
.Coming: in March 29 Issue
<. f
; .The
r
•
Spring edition of
Issue
showing
records
.
of
longevity
listed/and
1
stocks
will
be
CARY CHEMICAL
Canadian Common
our
dividend
cash
unlisted
published
payment
Canadianon
Stock
March
TASSETTE CORP.
common
29.
l
-
-
stood
Service
year-
the
to 15.4,-This compares-to an
trial average
•'
'
in
that
nesses
rants
those
sold
re¬
total
funds
this
SBIC's,
amounted
to
or
be
See It
Bank
and
Insurance
Cover
invested
fund
compared
Stocks.
DIgby 4-4970
27
price of an SBIC is.
the
of
book
value
to
reflect
;
by/the
per
share adjusted
price of its
companies with a
in
v.;" Einzig: "Britain's Supreme Effort to Obtain
public market. The average "pricewas
:
'-
..
King's Dept. Stores
Sane Wage
a
_____
9
—
American Int'l Bowling
•,.
.
From Washington Ahead of the News—Carlisle
,
premium" at end of December
16% over adjusted book value
Electronic Capital
8
-
Policy
..
■
increase; i n value
a 34%
gain.
Curtis Mathis
48
___
: Dealer-Broker Investment Recommendations-
?
selling
the basis
on
the market
investments
Coming Events in the Investment Ficld__
>
•
The only real measure of
busi¬
small
stock to
of-one
•
Bargeron.
'
10
___
Electronics Int'l Cap: Ltd.
-i;
per
^
Indications of Current Business Activity__-_,_
of an share. The "price-premiums" " of
j_.
28
SBIC and value of its investments, the various SBIC's can, be corre¬ 1/.1 ;..*■•,,
special criteria have been devel¬ lated to investment f performance
/Market ; . . and You (The)—Wallace Streete_»____
17
oped.
Since the basic ■ financial /and undervalued ,'pr overvalued
data -regarding
companies being situations determined./--: '
Mutual Funds c_JL-_________'
_/_____ :_-.2o
financed is either not publicly re*'
The
SBIC Evaluation * Service,
•»;
'•
A*.;
;? '•••
*
i
wealed, or must be maintained on for
example, compiles comprehen¬
News About Banks and Bankers__
22
a confidential basis, traditional se¬
sive statistics on the operation 'of
curity analysis procedures do not all
publicly held SBIC's, part of
Observations—A. Wilfred May——
apply.
1V; •'
A
.
Broadway, New York 5
..
(Editorial)
measured against
other equity rights owned
formance
public increased by 2V2 times the
•
can
against another.
i cost of SBIC investment. In terms
of
As We
by the SBIC's and in this way; per¬
in terms
As of Dec. 31
had
investments
stocks.
current market value of the war-g¬
performances
of their investments.
.
business
■
Certain SBIC's have shown
markable
their
39
;
of about 20% for the
'
for
J.F.Reilly&Co.,Inc.
Regular Features
,
have
The initial investment in the small
■
Jones Indus¬
increase in the Dow
year.
increased.
had
invested
are
markets
public
,
end
40%
averages
SBIC's
.which
At
11.1.
at
In analyzing the operation
•.
Singer, Bean
—
*'
•'
v:
•
i
■
•*
"
"
•
r
,
■
•••
•-
•
•
HA 2-9000
<
which is reproduced herewith. The
For
are
example, although
often following
we
privy to this data, it is not pos¬
specific
relating * to
performances, of
market
the SBIC's are based
earnings of companies in which it
tistics and
invested, growth rates, profit
has
of
Our Reporter
O
Governments
'l
: r
Public.Utility
of the ••v.
Publicly
on
,
c
/
J:;/ f
?>
Direct Wires
;
■
Chicago
,13
:•:
,
Cleveland
Philadelphia
'\ ■'
Securities
these sta¬
the contents
Performance
in many cases.
ency
on
on
Monthly Evaluation Service.
structure, or even financial solv¬
Teletype NY 1-1825 & 1-4844
comments
sible to reveal the SBIC's shares of
40 Exchange Place, N. Y.
—
; /
inc.
'•
•
'
Mackie,
&
-
St. Louis
-23
:
to
Los Angeles
San Francisco
Washington
'
/Securities Now in; Registration
29
ifi
.
Held SBIC's
Evaluation
In
Criteria to
Go By
Certain
studying the operation of an
SBIC it is necessary to first ascer¬
ence-
tain
>
circumstances
increased
background and experiof management., Und&r cer¬
tain
can
cess
the
be indicative of
investment
value
outper¬
/'
Prospective Security Offerings
/
Security I Like Best (The)
salary
capacity. Suc¬
by the
of their portfolio
or
unless
a
pany
vestments.
of ;
the/com¬
the
400
At Dec. 31, about 10%
businesses
Continued
in
on
Washington
PREFERRED STOCKS
and
Spencer Trask & Co.
U.
1868
%
„
-
-
New
York
Stock
Park
1
Weekly
.,
Copyright
,
Y.Vivi1 VTA.-
TELETYPE NY 1-5
TELEPHONE HAnover 2-4300
Chicago
Schenectady
Glens Falls
Worcester
,
48
—
1962
CHRONICLE
Reentered
Patent. Office
COMPANY,
2-9570
to
7,
Publishers
,
y
WILLIAM
;
D.
GEORGE
J.
SEIBERT,
Treasurer
Chicago
135
matter .Febru-
Rates
United
Members
States
of
$65.00, per year;
Canada,. $68.00 per year;
$72.00 per year.
U
S
Pan-American
in
Dominion
Other
of
countries
m V. FRANKEL &;C0.
INCORPORATED
15/ 1962
Thursday, (general^ news, and ad-,
vertising issue) and every Monday (com¬
plete statistical issue —' market quotation
records, corporation news, bank clearings,
state and city news,* etc.).
Office:
in
and
Union,
South
La
Salle
3,. 111. .{Telephone .STate
.
St.,
2-0613)..
Other Publications
v
i. /Every
Other
Dana
4
Possessions
MORRISSEY.s Editor
March
second-class
.Subscriptions
SEIBERT, President
DANA^
as
Subscription
•
'
CLAUDE
B.
ary 25,
1942, at the post office at New
York, N. Y., under the Act of March
8, 1879.
N. Y.
9576
by William
Company
Exchange
ST., NEW YORK 4, N.
Newark
Utilities
6
.—
You
Place, New York
Thursday,
Boston
S.
DANA
B.
REctor
.
Twice
FINANCIAL
Reg.
Founded
Southern Gulf
14
26
25
Nashville
/
which
page
WILLIAM
Albany
(The)
"Tax-Exempt Bond Market—Donald Mackey___
•
Published
specialized in
15
—
The COMMERCIAL and
For many years we
25 BROAD
Corner_J_L'
in which the SBIC has in¬
types of investments being
Members
2
public market is main¬
tained for the shares of
experience in finance or
business, and in time evaluation
of the progress of the SBIC are
/helpful indicators of ability.
have
■
State of Trade and Industry
cated by management of the SBIC
spe¬
program,
46
—
measured
It must, be noted, J.iowV v"Security Salesman's
-ever, that all investments are val¬
levels ued at cost unless otherwise indi¬ Ji'-.iifyJ.'i 'c ^
cialized
The
as
holdings.
in similar type ventures, per¬
sonal
SBIC's- have
formed others
r
Bank
$45.00
and
per
Note—On
the
•
rate
foreign
must
be
Quotation
year.
Record
,
,
Monthly
Postage extra)!
(Foreign
—
'
39
BROADWAY, NEW YORK 6
WHitehall
account
of
of
subscriptions
made
the
exchange,
in
New
fluctuations
remittances
and
York
.
advertisements
funds.
3-6633
in
for
Teletype NY 1-4040 Sc 1-3540
The Commercial and Financial Chronicle
4
\
.
.
(1264)
Thursday, March 15, 1962
Corporations Go Public."2 leges, whidh do not submit to the
Carlos L. Israels and proxy regxdations imposed by the
George M. Duff, Jr., its presents a Securities Exchange Act." 4 (Itali¬
were
omitted
in
sophisticated analysis of the legal, cized 1 words
financial and accounting problems .error.)
"When
S
OB SE
WILFRED MAY
A.
BY
A
Edited
Paribas Elects-v:.
by
Deroy "Director •"
which must be dealt with when a
porting requirements; and on the
other
hand,
the
initiation
of
greater laxity in these areas in
MARKET
EXPANDING
"LIQUIDITY"
New
Era
Encore
-
the
of. this
case
new
institution.
quarterly, corporate
"Barbers; chauffeurs, boot- .?
reporting
is to
be required
blacks, servant girls, elevator
(Chairman Taylor has been quoted
boys—all were eagerly crowd¬
as
stating that "he" will require
ing their way into the board¬
not
Annual,
of branch
rooms
brokerage of¬
fairly
behind
the Stock Ex¬
fices, where the ticker
sizzled, lagging hours
the
quotations on
change Floor.
"New
exchanges for common
stock trading were
sought and
New
York
being eagerly
Thus the
initiated.
Produce
Exchange,
apparently
perfectly happy to deal in
articles as vegetables and
which for years had
been
such
suddenly
lard,
built
a
addition and increased
large
its mem¬
bership for the purpose of trad¬
ing
in
corporate
equities."
—
writer's M.A. thesis'
market jamboree
of the nineteen-twenties, "Spec¬
From
on
this
the
stock
ulation and
Its Uneconomic Ef-
fects on Banking, Credit and
Industry" — gathering dust in
Columbia's
since
The
gone
Fayerweather
Hall
1932.
above
the Tatter
"if
call
circumstances
for them").
of the
by¬
context of last week's open¬
ing of New York's National Stock
Exchange in the Mercantile Ex¬
change Building on Harrison St.
in the produce area is not by way
company's securities are brought
to the market for the first time.
The volume sheds light on many
details in the security-marketing
the Board of Directors
from
such
type'of legislation; that is, in the
proposed extension of listed is¬
suers'
obligations to the OverMarket.
the-Counter
such
Since
regulation
must
be
uniformly
applied, will it be geared to the
highest or lowest denomination
of our new melange of exchanges?
And, fundamentally, this reach¬
knowledge of which has
mot:passed 'beybha the
process,
heretofore
circle of experts. ■
lawyers, businessmen may draw
some
reasonably clear inferences
,
trol
blessings
of
"economic"
speculative
stock
market activity.
When Go-Go
This
new
the
of
Public?
"yen" — the
degree of which is being con¬
tinually emphasized in statistics
ranging from the daily rate of
registration of new issues (70%
of
which, during the past six
months, were by companies going
will
con¬
can
the offering?
questions like these
and
Banque
Schwabacher & Co.
SAN
FRANCISCO, Calif.
has
Frantz
with
Montgomery
the
become
Schwabacher
New
Stock
Street,
York
and
Exchanges
as
members
Pacific
of
authors
The
was an
Hutchinson &
Weeden
&
R.
Act
is
1933
of
extent
to
often
that
a
Securities
the
too
great
estment
-
at 40 Wall St.
Mr.
was
officer of Frantz
Deroy
recently
f (Jan. 1, 1962)
elected Chairr
Co., Chicago and of
Board
the
of
de
Previously
Banque
Corporation
Co.,
the
of
man
Sauve
a
banking com¬
pany
located
Henri Deroy
W.
is
v
Co.
Now
c
Cor-
New York in-
of
Paris et Des Pays-Bas.
Incorporated,
Mr.
Deroy had been Vice-Chairof the parent Paris firm's
busi¬
man
of W. R. Suave Co., 250
West
Board of
57th
out
point
under
prospectus
e,
ran
poration
-
ness
Two Extremes
in
;
bond department.
Mr.
Frantz
was? formerly
vice
president of Luce; Thompson &
Crowe, Inc., resident in Albu¬
querque,
New
Mexico.
Prior
thereto he
Des
Paribas
Coast
manager
1960
et
vate ;>bank
100
Co.,
in
F
associated
& >
to
Pays-Bas, the
largest pri¬
Gene
—
elected
of Paribas
de' Paris
OV
;
is continuing the investment
commented upon.
are
been
municipal
eventually
the company do
with the proceeds of
These
the
company
What
rest?
Street, New York City. Offi¬
cers
are
William R. Sauve, Presi¬
dent, and Arthur Sauve, Secretary.
"liability document,"
Grant Jones Branch
designed primarily to protect the
company, its officers and directors LANHAM, Md. — Grant, Jones &
and the underwriters against lia¬
Company,
Inc.
has
opened
a
bility for a "misleading state¬
branch
office
at
6308
Martins
ment"; that a prospectus of this
type "leaps from caveat to caveat Lane, under the management of
with every other paragraph warn¬ Robert E. LeSueur.
ing the reader that while for the
moment the outlook is white, it
an
Stock Exchange mOve
Where
abilities?
man's
Deroy has
Corporation;-'Established
by
presented the
ample, .what is ..the company's
management situation?
Does '.it
have management of any depth or
is it. entirely
a matter of one
general over-ideal¬
ization Of the fictional
are
when
they
a r e : considering
whether to "go pub lie." For ex¬
ing for greater market liquefication
at
this
boom
time again
manifests the
criteria
what
to
G. A. Frantz With
A;
■-*
i:
Although the discussion in this
book
is. addressed
primarily to
as
contrast
in the degree of discipline
be¬
tween
Exchanges
will
be
the
confusion in applying Frear fBill
Stemming
is tied to the go-go
citation
Henri
a
Directors, and he is also
the Vice-Chairman of the Societe
d'lnvestissement
sified
Paris
de
The Societe is
Pays-Bas.
et
des
diver¬
a
closed-end investment fund
managed by the Banque de Paris
et Des Pays-Bas.
Now
The
Elliot, Evans Inc.
firm
name
of
Progressive
Investors, Inc., 52 Broadway, New
York City, has been changed to
Elliot, Evans Inc.'
'
could very easily turn to gray;
with absoluately no certainty that
joining those who are "being public for the first time) to the
it will not by tomorrow morning
beastly" by describing it as a
SEC's
resulting
mountainously be absolutely black."
merger^ via a common ticker-tape,
of growth stocks and Maine pota¬ increased work load. "Every cor¬
The opposite philosophy's'that
toes ("quite a' bouillabaise"'being poration,"
National
Stock
Ex¬ the prospectus is a "selling docu¬
one^ onlooker's-^omment,
as
re¬
change Chairman Taylor has re¬ ment," that it must'"read well"
and
make as many affirmative
ported by an unimpeachable
centlystated,1 "which is privately and
source).
optimistic statements about
held should think at least once a the
company and its business as
In fact, this initiation of another
Projection and
"stock
exchange" in New York year about going public. And the are permissible.
of
earnings
or
has a number of deadly serious time to think about it is long be¬ prognostication
connotations—particularly at this fore the step becomes advisable business conditions are not per¬
mitted; However, when one finds
time of the American Exchange's
—or necessary."
language such as "the manage¬
epochal crisis.
ment of the company believes,"
Immediately coming to mind is
A New Testament
; one will, in fact, be finding man¬
the striking contrast between, oh
Apart from the wide implica¬ agement's judgment as to matters
the one hand, the pressure 'now
about which the SEC insists the
tions of this $64 question, there
being applied on Amex officially
greatest care be taken.
has recently become available a
by the Securities and Exchange
most useful bible on the subject,
The "Introductory Statement"
Commission and unofficially by
of
-
the "Levy Committee," for major
tightening of its
listing and
re¬
to 'Go Public' for the Acqui¬
Capital," "The Commercial &
Chronicle," February 1, 1962.
of
noted
also
is
It
1 "When
sition
Financial
increas¬
that
ingly, particularly in first offer¬
ings, companies are being required
to include in their prospectuses a
so-called
ment."
It
"introductory
state¬
reasonably clear
seems
when
that
Commission
the
re¬
quires that such a statement be
included, the Commission staff
that
believes
the
issue
some
will look for
investor
ticated
has
The sophis¬
speculative elements.
an
introductory statement and if he
finds
the
it
will
footnote
first
look
further
under
the
the
to
table
on
the prospectus.
There he will find spelled out the
cover
page of
"fringe benefit"
compensation of
"cheap
the underwriters-warrants
stock
the like."
or
in the
The
presence
deal in
addition
of
which
to
the underwriters regular com¬
mission will indicate his
real
ap¬
praisal of the risk involved.
-
-
*
.*
*
..
.
•
■
CORRECTION v
Th£ first footnote in last week's
(MaTch
8)
Observations
should
have read: "The Jan. 30 Report of
POPULATION:
10,000■iln Parker, Ford's Dallas office alone, there
the
Special Committee for Study
Stock Exchange
('The Levy Committee') recom¬
mends the delisting of all issues,
of
the American
whether
enjoying
presently fully listed
unlisted
trading
or
is enough central office telephone
needs of
a
switching equipment to supply the
city of 10,000 people.
Communications,
manpower,
geographical distribution.
...
It all adds
privi¬
Retail
up to
Power in the Southwest. Retail Power that Parker,
Ford
2 "When
Corporations Go Public."
by Carlos L. Israels and George
M. Duff, Jr. Practicing Law Institute, 20
Vesey Street, New York 7, N. Y. 1962.
p.
390. $20. Mr. Israels, a partner in
the law firm of Berlack, Israels & Liberman, is a member of the editorial board
Edited
of the Law
Special
Institute and Chairman of its
Committee
dealing with invest¬
ment securities.
Mr. Duff, of Holtzmann,
Wise
and
Shepard, is a "Wall Street
lawyer" active
in representing •. under¬
writers and corporations? . '*■;
translates into action.
PARKER, FORD & COMPANY, INC., Investment Bankers,
.
Dallas:
Wichita
Facts:
over
Downtown
Falls
v
100
„
Exchange
Park
Temple
.Members Midwest Stock Exchange
Fort Worth
Tulsa
Lawton
Denton
El Paso
Sherman
.V, ?
'
full time
wire system
&
Abilene
representatives in 15 offices
9 man trading
between all. offices and all major'security markets
•'
■
Lubbock
Paris <
..
room
:
.
Amarillo
Ardmore
,
•
with interconnected
i
Volume
195
Number 6142
.
.
and Financial Chronicle
The Commercial
.
(1265)
1
.
Hi
I
'W
-
,
.
with
progress,
Victor Paint
Co.
with
Mary Carter Paint Co., when¬
ever
the brush dips, the profits
don't!
This energetic; company,
only ten years old, has achieved
an outstanding
growth,-within the
rather static paint industry, exr
panding only at the, xpte of about
2% annually.
v
\"-"4
The Do
It
Yourself Paint Market
American paint sales now
around
$1.8
billion,
a
total
year,
of
which roughly 5.0%/'are to "do it
yourself" homeowners. This is the
segment of
the
market
in which
Mary
Carter - successfully : spe¬
cializes, by offering high quality
products at thrift prices. Mary
Carter delivers
additional can,
an
at no extra, cost, with every can
purchased. Its slogan "Buy One—
Get
One
Free",
(even
though
viewed with
Federal
some
disfavor by the
Trade
Commission) has
proved an attractive sales device,
and has been exceedingly effec¬
tive
in
building up sales from
$2.2 million, in 1956, to $15.5 mil¬
lion
in
But
is
1961.
;
Debs. Offered
at
s
>
v
Mary Carter.
•
Production
and.
'
.
-
■
-V.
v
'
rr
doorsteps. It plans to
costs.
to
of factors
number
Carter
seed,
stores,
high profitability in
business. Whereas
the
lons
sets
Carter. A solid reputa¬
quality paints has been
built by use of ingredients from
top grade suppliers such as Dow,
American Cyanamid, DuPont, etc.;
by high competitive rating, es¬
tablished in independent labora¬
tory tests; and by awards of the
to
the
has
com¬
some
as
a
minimum
order
at
stores
About
On
paints—standard oil
and
based and water soluble
alkyd
latex paints;
Enamels, sealers and
related products such as brushes,
rollers and thinners, round
out
the
line to
Paints
items.
undergoing constant
are
improvement,
aims to
than 400
more
Mary
and
Carter
stay ahead of competition
ment
in
at its
new
Research
Center
Tampa, Florida. Here, Rol-Eze
was
perfected—the only latex
terior
primer
soluble
paint' that
>
on
uses
paints ;: are
water
a
wood.
new::
ex¬
-
growing type in the industry, and
unusual
earning
The steps, outlined above,
continued
Nov.
corporate
the
prospects
earnings.
ex¬
of
im¬
16,
at $15 (OTC), and earned 60 cents
is
against
traditional
the
cut
delivery
-
costs,
'
Completion
of
the
pipeline
1961, against 48
cents
;•/ ■'
capacity
paint
a
of
'
year,
a
and
combined
gallons
8,500,000
The merger,
redeemable
are
Feb.
28,
1974
or
after
and
at
The
^ion
comDanv
^11
aDnli-
makG
^he^debmitures
io hst
on
the New York Stock Exchange,
—-V. ;v*'>
PnnVp Jpr' Pn
•Dv/v/ivvy V3U \J\J,
\TOVY.Af1
JLN ctlllub \J V^ORriuII
./y'v'■'
Daniel D. O'Connell, formerly of
Lehman Brothers, New York investment bankers, has been ap-
Vice-President in charge
«(r!
nSfi?"
w
York offices of Booke and Com¬
Pa.nV.' financial and, .stockholder
relations counsel.
N°w loyied at 15, William St.,
B?°ke and Company s new offices
v..r
<
~
„
will coordinate eastern activities
of the Los Angeles-headquartered
national financial public relations
firm*
Until
his
recent
appointment,
Lehman Brothers for three years
in the firm's principal New York
$26.3 million of capital stock, and
after giving effect to the sale of
the estimated
the
of
pipeline. The company proposes to complete the financing of the initial pipeline by
an
|
Government
forward
for Puerto Rico
into
is
pleased to
merchandising,
positioned to progress
Its shares possess
qualities we
cus¬
attribute
to
growth
of
Development Bank
m
to prosper.
announce
the appointment of
Mr. David Larson
the
tomarily
stocks.
in
Prior to that, he was managing
partner of the DeWitt Conklin
Organization, financial and stockholder relations counsel.
cost of construction
initial
■
■
/
•
as
San Juan, Puerto
Vice President
45 Wall Street
ready...
New York 5, N. Y.
Rico
.•Ay.v/.'.y.'.v.y
mrnmm
The Bank Stock Survey
i.
i
A comparative analysis of the 1961 results of 45 leading
;
banks and bank
•
holding companies.
Copies wili be furnished
•
We deal
upon
;
request;
:
^
v;effective March 15,1962
;
:
WHEELER & CRUTTENDEN
'
actively in bank shares and offer
:
1
will be known
^
as
CO., INC.
\
specialized facilities for transactions at net prices.
our
CRUTTENDEN & CO., INC.
618 So.
Blyth 6. Co., Inc.
Spring St., Los Angeles lUCiilif-
v
NEW YORK
SAN
•
BOSTON : "
•
FRANCISCO
•
PHILADELPHIA
.
CHICAGO
•
LOS ANGELES
PITTSBURGH
♦
SEATTLE
•
CLEVELAND
•
•
•
5 PORTLAND
Member: Paeific Coast Stock
INDIANAPOLIS.
.
.
-
LOUISVtLLE
• •
PASADENA
-
FRESNO'
•
\
•
i
DETROIT
«
SPOKANE-
L
- -
MINNEAPOLIS
• — -
KANSAS
•
SACRAMENTO-
'
•
"
CITY
EUREKA
•
•
SAN DIEGO
-
-"a
w
SAN JOSE
•
PALO ALTO
•
' OXNARD
-'TACOMA
Midwest Stock
Madison 0UI50
Exchange
TWX: 1297-1298
Exchange
OAKLAND
,•
v
J
;
.
declining.
prices thereafter,
1311 Ponce de Leon Avenue
Now
on
that date at
option of the company at 103%, to and including
As of March 5, 1962, the company
had sold to its shareholders about
house
well
most
of
now
rapidly
discount
seems
Existing plants have
They
Mr. O'Connell was associated with
the
and
KJ5
include
moving
with
10% fewer people than 12 months
earlier.
"
J
•/fhe debentures are not redeemableprior to Mar. 1, 1972, except
by operation; of the sinking fund.
M
not
to
business
1
Netherlands.
France
addi¬
does
Altogether, this cost conscious
operation, all along the line, made
possible, at the end of 1961,
more
is
i
tn
,
through the sale of debt securities
in
tional
it
25%
com-
leum products.
Mary Carter Paint Co- operat¬
ing in the mainstream of "do-ityourself" household markets, and
do
the
are
185,187 shares of class "A"
stock offered in the pending ac¬
quisition of Victor Paint Co.
This
:
v
in
standing 1,544,000 class "A" shares
and
572,244
common
.(voting)
shares, each of $1 par value, dis¬
tributed among 4,500 stockholders.
Mary
Carter ships on its own trucks,
scheduling paint deliveries on the
outhaul, and a backhaul of sup¬
plies and raw materials inter¬
spersed
with
commercial
pay
loads.-
share
a
in the industry.
To
Water
the ; fastest
/
for 1960. Presently, there are out¬
25%,
nnnMar
offices as national sale* rpanager
for the ScUdder Fund of Canada,
Co..were.publicly offered at $9J/4 the debentures, the financing to; as well as refgional sales manager
date will aggregate about 86% of for the One WiUiaha Street. Fund,
per share. The stock sells today
1
by constant research and develop¬
more
<
the
company's
dealer discount on paint products
40%
of
16 oil companies which
represent the main groups supplying Western Europe with petro-
pany
and
1960, 250,000 class
"A" shares of Mary Carter Paint
sinde
portant
;
v
shareholders
$121,530,000. In 1961 the company
completed the first two phases of
its public financing
program
50
year.
pansion,
and
higher future
•->
g'aleg velocity is most
in
The
expected by Jan. 1, 1963. The cost
of
the
venture
is
estimated at
indicate
'
carry :
centers
the pipeline
leased
add
this
power.
company-owned, but
marketing accent is on
licensed, low - overhead outlets
of approval by Good House¬
that
carry
Mary
Carter paints
keeping, and certification by the
American Hotel Association.Ab ''v?, excfesiyely.«*These are geared to
make money on high; frequency
'•
*
(
sales* turnovers.
This
cash 1 and
Complete Pr oduct
;Line;;:yfJ'
:
Hackensack
ready
documented
an
growth rate and rising
90
seal
terior
'tS
Mary Carter Paint Co. has al¬
are
main
the
Indies.
to
outlets
Distribution is through
outlets (at 1961 yearend) in 36 states, Puerto Rico and
West
up
and
expects
120
retail
British
yards. It
leased depart¬
discount
Hartford
gallons.
703
in
feed and
discount
lumber
already set
ments
little as two gal¬
dealer, Mary Carter
ship
panies
and
in
Mary
open
departments in
hardware
and
contribute
the mar¬
keting and transportation ends of
,,
Mary Carter produces a com¬
plete line
of exterior and in¬
.
SSeoi,
for
;
I?Snhifin
payable
tt
A
«avment nf
?riLfvnJsi
isLe bv ma^uritv ^e ini
} mtfy
redemption pnee-
product diversification ing
in the
thrift-priced merchandising
•
Broader
or
|2,225,°00 annua% commencing
f
7^
distributing
Pipeline Co. 5M> % sinkfund debentures: due 1982,
"do-it-yourself" market is priced at 100 % % and- accrued in'■'■I There are a number of reasons
why. this company is, able to sell another objective. A variety of terest to yield approximately
fine paints at attractive prices. It carpentry tools, from a "99 cent 5.46% to maturity
has achieved company-wide high tool table" will, shortly be avail¬
levels of operating efficiency. In able in all Mary Carter Stores, nn thn
c
raw materials, it carries in inven¬
supplemented by home decorat¬
pnr!pnf'v
are
in
cJurrencytory only 50 items, as against as ing and improvement items. The
Headquartered in Paris, France,
ultimate goal is to derive 25%
many as 250 ,in the industry. Un¬
the company is constructing and
usually efficient paint dispersion of sales from sundry items. The
mills
and
specially engineered Marcar Division, serving commer¬
equipment eliminate many costly cial, industrial and institutional annual
capacity of 200,000 barrels
and time consuming steps in pro¬ customers and government agen¬
a
day extending about 475 miles
duction, which is carefully tail¬ cies, is expanding the volume of from
Lavera, a port near Marored
to
current
sales
^
require¬ wholesale business.
seilles, France, to refining centers
In
addition
to
ments. In this way, there is no
present retail
being constructed near Strasbourg,
necessity to carry large inven¬ store merchandising, the company
France, and Karlsruhe, Germany,
tories
of
finished
to
develop a variety
of
goods.
Four plans
in the upper Rhine area. The prooutlets.
It
has
tested
a
plants, stragically located in New other
ceeds of the issue wlli be applied
"Paint-Mobile"
permitting
cus¬
Jersey, Florida, Texas and Cali¬
toward the construction costs of
fornia reduce storing and shipping tomers to buy paint at their own
c,>!: iv-.t Marketing•
•
one
Sinking fund provisions for the
call for payments of
pat¬ jointly head a nationwide under-*
terns.
N7 -'.V.'
; r;
writing group offering for public
•
•*,'
entire
sale an issue of $40,000,000 South 2??
Broadened Products and Outlets
European
•'=
.
Efficient
-
Mary
tion
volume
*
in
European countries.
debentures
.
and
production arid
of
50%
sale of long-term debt
other acquisitioris that fit Morgan Stanley & Co. and Lazard
profitably into existing Freres & Co., New York City,
sibly
about
for
sales
only part of the progress story
at
account
now
'
more
well
At
f'
'
Pipeline Company
^ ^
*
1
1
r
,
with sales of $3 million (for fis¬
cal year ended Nov. 30, 1961).
blending colorful products
progressive merchandising.
*
*
Plans for 1962 envision 1,000 out¬
lets by "the- yeaivendp and pos¬
.
By Dr. Ira U. Cobleigli, Enterprise Economist
*
i
{
South European
capacity 'and',
this
augment
add 53 outlets in the Detroit area,
a company,
*
the sale of additional equity capi¬
tal
to its shareholders and the
will
Painting the profit picture iit
'
1
5
'
'
»
RENOt
•
Direct private wire to Asiel & Co., New
J
A
if
J. %•,
.
\
.
k
s•
I
"•
"p
*
^ ^
V
t
* '
I
"
York
^ * | 7'
*
s-
A
6
The Commercial and Financial■ Chronicle
(12C6)
TAX-EXEMPT BOND MARKET
By DONALD D. MACKEY
■
.
,
.
approximately
$200,000,000 of various tax-exempt
bonds which have sold at competi¬
tive bidding since we last" went
Bidding
munici-
business
resurgence
had
Thursday, March 15, 1962
.
In the following-tabulations we list the bond issues of
$1,000,000 or more for which specific sale dates have been set.
Awards
.
AAA
OA A
The market for state and
.
i^pea«^tr^ar^ncl: LargeK Issues" Scheduled, For Sale //
Recent
• •
,
.
been
the
for
AAA
J V
xr
'
,
V
'
/r
.
.
-
-4
1
v /hnl!1
't"
March 15
<
^
a.,^
in relative ^abundance/ Concurrently; our,banks have been* need-.,
fpl of revenues .and .improved
the
market
tax bonds. This issue
earnings.
cost
along: with
reluctance but with the real-
followed
some
that
izatiom
continue
tax
to
sense
common
-
<
„
.
w
make
' even
•GrowMl stock Disenchantme t
thoughtfully: turned: their attention to a greater use of their re and Financial sources through' a broader use of
tional
City
Other
of
Bank
Dallas.
3:00 p.m.
11:00
a.m.
12:15 p.m.
^
2,200,000
—3,000,000
1964-1992
11:00
1934-1992
Noon
University^-^-1^^:2,250,000
1965-2002
11:30
Alexandria, La. _L
Atlanta, Ga.
Eastern
1,400,000
Illinois
(Monday)
1,550,000*
4,500,000
2,900,000
3,500,000
Reoffered
March 20
yield from 1.65% to 3.10%, this
issue attracted good investor de¬
mand, with the -present balance
a.m.
March 16 (Friday)
March 19
major
10:00
Noon
a.m.
3:30 p.m.
1964-2001
L.; ;c
netJ interest
of this group include
Bank New York Trust
1963-1974
'1963-1981
11:00
78:00 p.m'.
Lycoming Coh Williamsport, Pa.__
Bank
.
2:00 p..m.
1965^1992;
to
state^ and1 municipal- tax-exempt bonds. This additional
bond
,
Chemical
Prices Narrowing
Commercial
Chronicle's
2.8641%;
of
members
>
_.
Bid-ASked
The
-
-a v
*
1965-1990
1,000,000
7 Competition within the lending, Co., Eastman Dillon/Union Se¬
Glasgow, Ky. (Electric Plant Bd.').
investment -sphere required serious attention'; curities
&
Co./ Drexel & Co., Pasadena
Indep. S. D., Texas__^._;
at higher' and
the commercial banks, ; asV Equitable Securities Corp.,. First Sioux
City Indep. Sch. Disl., Iowa
their best alternative, more Southwest Co. and Republic Na-*
Taylor Township Sch.'Dist., Mich.
\t
v i
prices;
7.
/,
^
associates1 at
awarded
was
First -' National
the
and
bonds
exempt
-
;
to
—
1,100,000*': 1963-1981.
15,000,000 ' 1963-1987
-
imfs
up- their municipal
bond portfolios, and this? type of ^business
still sets the market trend, fiduciaries*and other < investors have-
*
1,000,000
2,545,000
higher bids with reoffer- developed as had been envisioned week occurred. The issue inyplVed-. Louisiana Bond & Bldg/Comm/_generally
well
taken
by by both bankers and economists waff $10,800,000 Dallas,
Texa^.varj, 0sseo ind. S. D. No.1279, Minn.__.
investors. As more banks build and free reserves have prevailed, ious purpose (1963-1982) limitedsively
"
1963-1990
1963-1978
1,400,000'
Dalton, Ga.
>• press
has - been exceedingly
DeLand, Fla.
strong, with prices pushing to hew
Franklin County, Tenn.
high levels. On Monday (MarchHempstead Cent. S. D. No. 3, N. Y/ v
12), the first important sale of the; Knox
"County, S. D. No. R-l, Mo A
^
.
1,400,000
1,000,000
to
be strong, forecast for over a year that never
During the past1;week there has began to surge, although business
been no hint of market hesitancy has been generally good. Demand
as
dealers 'have
made
progres- for money did,; not* and has not
pal bonds continues to
\*
A _1 A
(Thursday)
Board of Education, West Va.i:
a.m.
v
7
a.m.
1:30 p.m.
? 1963-1982 w
7:30 p.m.
1963-1990 \
1967-1981v 74:00 p.hi.
1965-1990 :
7:30 p.m:
(Tuesday)
Chatham
1987-1991
2,000,000
1965-1981
1,290,000
1,500,000 ' > 1963-1990
6,900,000
1963-1982
1,545,000
1964-1982
1,000,000" 1965-1987
3,000,000 7 1964*1985;
County Sch. Dist., Ga
County, Skokie S. D. #68, 111.
Denton; Texas
^
1Glendale, Calif.
Plainville; Conn.———
St; Bernard Parish, La
*
7!
Spokane County-S» D. #81; Wash: 1
-Washington Public-Power Supply
Cook
11:00
a.m.
8:00 p.m.
Index, Which represents a and potentially much larger bank;
10:30 a.m.
$2,490,000. '
'
"
V ' ' '
of
the
high grade investor interest, when added to
10:00 a.m.
Tuesday
(March' 13),
was ; a
20-year bond offerings, averages the interest shown recently an hectic
Noon
day with four issues of- note
out at a 3.092% yield this week,
tax-exempts by individual inves- selling at competitive bidding. The
11:00 a.m.
Although this Index is only rep- tors disenchanted with some, of
10:00 a.m.
largest issue of the day consisted
resentative of the market's offered their growth stock
holdings, has of $25,000,000 Pennsylvania Gen¬
side;
it
may1 appropriately
be maintained a bullish, tendency in; eral State
System
10,500,000 - 1975-2012
2:00 p.m
Authority (1965-1989)
added that:the tax-exempt busitax-exempts that seems likely to bonds. The issue was* bought by
March 21 (Wednesday)
ness has
become unusually compersist for at least a while longer, the Halsey, Stuart &; Co.; Inc.
Cook
County,
Chicago
Heights
'
7
,7 '
• ;
u,,' 7 \
petitive and the spread between
Moreover, the regular run of group at a net interest cost of
Commission Sch. Dist. #170, 111.
1963-1978
3:00 p.m.
bid and asked prices
1,989,000
is^ narrower institutional bond buyers must 3.0537%. The runner-up bid, a net Lebanon, Tenn,
1984-2001
10:00 a.m.
than it has been for a few years,
;__7——
1,500,000
continue
to
satisfy
their
tax- interest cost of 3.072%, was made
3:00 p.m:
1963-1982
Mariinsburg, Greig etc. SD 1, N. Y.
1,800,000
High grade^ 1-23 year serial issues
exempt
income
needs.
Higher by Drexel & Co. and associates.
1963-1980
11:00 a.m.
Onondaga County, N. Y
2,030,000
Associated with Halsey, Stuart &
a£e dallJ bid for at profit spreads prices have made it; harder for
Purdue Univ., West Lafayette, Ind.
1960-2002
10:00 a.m.
of less than one point.
4,700,000
them recently but most of them • Co.,
Inc. as major members of Purdue.
1964-2001
10:00 a.m.
Univ., West Lafayette, Ind.
3,300,000
o
iooO/
ex averaged out at ^re noj. priced out of the market this underwriting are C. J. Devine
1967-1985
1:30 p.m.
3.123% a month' ago and,' partly
1,375,000
.St. Cloud Indep. S. D. 742, Minn;.
as yet.
v
&
Co., Goldrr.an, Sachs &t Co:,
1964-1983
because of the rapid market rise
Noon'; 7/'.'
Virginia -Folytechnic Institute!-7-:
1,430,000
Glore, Forgan & Co., Blair & Co., W. -Turin.&
3:00 p.m.
Lyonsdale, SD'l, N..Y,
1,800,000 7 1963-1982
inventories,' began to build up:
Technical Conditions Favor
Inc., Merrill Lynch, Pierce, Fenner
By the1 end of February; some "
Strong Market
March 22 (Thursday)
&
Smith Inc., Stone & Webster
price cutting, came: into play and
Qn March 2, state and 'municipal Securities
77 •
Corp., Salomon 'Bros: Adams & Arapahoe Counties Sch.
Dist: No. 28, Colo.—l-.7.
4:00 p.m.
i/iolncle'Xijaveraged out at ^a boncl inventories, as indicated by & Hutzler, R. W. Pressprich & Co.,
•
3,033,000
3.142%
1984-1998 -A 1;00 p.m.
yield.^Buymg market has
was quickly
Blue List offerings, totaled lk~Haupt & Co. and others. ScaJe.L LaWrencebttrg, I$'d. _^-^ili:--^->.7,;3,155,pOO
resumed
and
the
apout $535,000,000. In the past this to
1963rl986
ii 7:30 p.m.yield from 2.00% to 3l25%^ife^Worths EaW hlcfep. S.- D^ Texas--- .. a^QO^Qpp
steadily improved since.
abundance of float would have a variety of coupons, this account
"
•
-Mai^ch 26 (Monday)^^
As a matter of
perspective, we touched off a substantial market- has:been sold down to the'present:
1963-1982
•
1:00 p.m. ;
pa^ City Sch." Disti" Ohio;
1,200,000
point out that the'basic upward reaction. As we have
indicated, balance of $12 780,000.--.
77:7 • Roselle Park; Sch. Dist., N. J..— - 2,562,000 7 1983-1991'
8:00 p.m.'
market
trend1 took
off
in
early above, such a reaction has not 7 The CRy and Countvof Denver;
sioux city, Iowa
7^-2,225,000 7
December when our : yield Index followed in
this instance. An in- Colo, awarded $15,000,000 general;'
>
^
"V.
L ot /m
a
\
averaged 3.334%.
At < a
3.092% significant
reaction
briefly, oc- obligation water bonds due 1972- • * .7
-March. 27 (Tuesday)^
„
cross-section
- - ,
- -
-
—
-
,
,
.
,
_
.
.
..
^
^o
«
,
.
,
.
,
.
.
••
o
_
.
^
yield
of
as
March
14, the market
curred
and
investor
improvement represented is about resumed to the extent
s' points.
day's float, by the
Bullish Factors in Tax-Exempts
rp..
.
/thto
.
..
,
The
Blue List
same
-
Inc;
the
to
'•
syndicate7mahaged
i.6 ,as
fnv,^riaM»n0rms' 7^ .
2,500,000:
15,345,000 *
Lehman
and;
Bros; at
new issues
1963rl992
10:30
a.m.
1963-1988
10:30
a.m.
1964-1987
10:00
a.m;
:'772,200,000- 1963-19P0
Detroit City Sch. Dist., Mich.____
Grand. Rapids, .Mich.__r_-__-_._7_t_
het
a
1965-1986
10,000,000
2,650,000 ;
;
11:00
a.m.
jor members of this syndicate are" Miami (University Bd. of Trustees,
Co'ntinehtal Illinois. National* >BankJ • - Oxford, phio.* —..——-r —- - -
is less tllan not-mal- F«r the next
ee month, advertised new issue offer- & Trust Co.;' Phelps,* Fenh &* Co.,
ings total less than $325,000,000. Kidder, Peabody & Co., Eastman
p,,
^
Hnlw
1999
interest'cost of 3.227%: Other ma^
/ but $351,618,740. j
visible supply of
®nb'^U. j KaP?reC1^10n
ith
•»*
Crawfordsville, Ind.
?—.—-•
that "yester¬ jointly by Halsey, Stuart & Co.;: Detroit; Michigan —.— "7---——
™re'
-
.
interest
St." Louis
County,
Parkway
Con-
•
-r
.
•
1:00 p.m.;
.7--
-
V solidated Sch. Dist.;, Mo.:__
2,100,000 : 1983-1982
Were the figures even double this Dillbn,; Union Securities & Co>,,
7 - 7 : r March 28 (Wednesday)
7/,7
i S
/e,?sonmf amount it would not pose a serious Goldman; -Sachs ' & ' Co., " Cr /J; Arlingtcn County, Va.
7 -3,145,000 - 1963-1982
dresent
^
underwriting problem 'for the in- Devine & -Co.,. Stone &/Webster Bernalillo County, N. Mex.7-_A.-_i'• .1,900,000-' 1963-1978^
Securities Corp/and Blair & Co.,
fi t?7l fVmZh economi? a"d P°- dustry. Actually, from "a general
1965-1995
Consumers Public Power D., Neb.7 4,300,000
Inc. Reoffered to yield from 2.60%
the month. that
tne months
°-T market
a
heavier
orange Co. Sanitary Dist. #7? Cal. 3,700,000 V 1964-1992
might add points schedule viewpoint,
would hp ripcirahip
tta
to
3.40% -this issue' as. yet-has
plaquemines Parish, l.a
2.300.000' 1963-1982
generated only moderate demand fore react on
Valley gtreami- N.-' Y.v....
.1,33.2,000- 1963-1981
begins to set,in.
?
bidding are aImost certain':? to with about one-third of the issue v '
7.
v
it
should
be
understood that occur; The
■ *
•:March 29 (Thursday)
.largest issue thus far sold.
7
'
'< •"
*"5'' '.... 7;,7v "7
,
deterrent.
<
-
K:00.Pim.
-
.
Neon- 7/
...
,
_
nnft/
11:00 a^n.
-
•
.
.
/rnl
'
1
10:00 a.m.
_
11:00
a.m
11:00
a.m:
.
*2:00 p.m.
,
,
state
and
municipal
bonds
were
scheduled in this period
ISSUES
California (State).........
Connecticut (State)
New Jersey
Highway Auth., Gtd
New York
(State)_
Pennsylvania (State)___,
Delaware (State)
i
3.45%
S.3M
New
3.20%
3.10%
1981-1982
Wertheim & Co. Reoffered to yield
3.10%
2.95%
3%%
1974-1975
^rom 1.50%
2.90%
2.75%
3.15%
3.00%
3.20% 73.00%
3.40%
3.25%
14;
1962
1981
q oacj/
o
3%%
1981
3.25%
3J0%
3.35%
3.20%
1981
3 30%
315%
3%
March
Co.,
Smith, Barney & Co., R. W. Press¬
prich & Co., Shields & Co; and
1981-1982
3i/4%
York, N. Y.
this
3J/4%
3%%*
111
-
3%
1981-1982
Chicago,
major
members
of
include
Drexel a &
3 10%
Los^Angeles, Calif.-^^-.^—3%%
Baltimore, IVld
———
Other
3.20%
1981-1982
PhilC1I!niath'Ohp0 (U, T)
ladelphia, Pa
headed
by The First Boston Corp. as 3V8S.
1981-1982
1981-1982
Ph
due 1963-1992 to the group
33A%
2.90%
1939
3.35%
-3.25%
3%%
v
1981
Index#: 3.092% 7
;
Co., SpecLTax SD 1> Fla.
The City of Omaha, Neb. a very
infrequent; borrower and a^city
that
carries - the highest credit
rating awarded $5,700,000 vari¬
ous
to
bonds due
purpose
1964-1978
the group
headed by The First
National Bank of Chicago at a net
interest
of
cost
of
2.6088%.
National
Bank
&
Hayden; Stone
&
Trust
are
1976-1977
and
Co.
and
:
Spokane County S. D. #81, Wash.
•
:
5,000,000
7
25,000,000,
3,000,000
the order
spoken
and
4
The
was
'
-.7
ATLANTA 3, GEORGIA
JAckson 1-0316
/
„
Commercial
given;as the chief
the quick
>.
'
rare
Major
••
Wednesday (March 14), saW the
largest issue of dthe ;week come to
market
'
ill
competitive' bidding.
Continued
on
^age~7
1963-1987
1963-1992
1,420,000
Noon
1964-1983
'
2:00 p.m.
Noon-
?
;
\April'5 (Thursday)
*7 \
1968-1982
8:00 p.m.
Va
April 9 (Monday)
__
_
/rr
-7
.
London Ind.
1,800,000
,
1963-1981
,
April 10 (Tuesday)
:
Mayfield School District, Ohio
North
/'
1964-1985
—_____
^
bond
7;77-7.
Sale "
a.m.
1963-1990
25,020,000
Dist., Wash.__*—:
1,430,000
Georgia State Office Bldg. Auth.
(Atlanta) 7._7
7 7,000,000
New
for
11:00 a.m.
1965-1992
Alderwood Water
bank
reason
sellout./;;/:. '
Week's
were
account .was
buying in this relatively
*
Rpbirison-Humphrey Company,Iri't;
RHODHS-HAVERTY BLDG.
the
1963-1987
9,400,000
2,000,000
*
———
____
those of-Huntington
W
and,,"during /
;5/ 'v '
period, these bonds
for
marked ;closed.
10:30
April 4 (Wednesday)
Lafayette Parish, Par. Sch. Bd., La.
Philadelphia, Pa.
Wyckoff Township S. D., N. J
.
LOCAL STOCKS
1963-1977
.
Fairfax County, Va. ____;___i-__7
were
1978
Noon
April 3 (Tuesday)
Birmingham, Ala.
Los Angeles County, County Flood
Control District, Calif.____—__
Co- The- only1
maturities reoffered
CORPORATE BONDS
12",5OO,OO0
Shelby County, Tenn
Other
this; syndicate
1965-1980
6,500,000.
1,090,000
—_—-
Oak Park, 111
,
STATE AND MUNICIPAL
BONDS
25,000,000
—-•*;
1
—
Phelps, Fenn & Co., Dean Witter
& Co., Spencer Trask & Co., City
I894h
3,000,000
April 2~ (Monday)
Cook County, 111
Nashville, Tenn.
_
to 3.25%, about twothirds of the issue has; been sold.
members
ESTABLISHED
Brevard
..
$7,710,000
group
3%%
Housing Auth., (N. Y„ N. Y.)__ 3V2%
New
Allegheny /County,;/; Pa.
sold
various purpose bonds
(April 4)
relatively cheap when the present is $25,020,000
City of Philadelphia
market rise began. An
important Pa. -.serial" bonds." At
present, ho
MARKET ON REPRESENTATIVE SERIAL
SD
#343, Minn/..
"Sacramento, Calif.___—-7—
2,000.000
1:160,000
2,500,000
• 1963-1982
1:00 p.m.
2:00 p.m.
Sonoma Co. Flood Control & Water /
/ Conservation District, Calif
v/
,;
Dayton, Ohio
7//
/
7.
2,120,000
April 11 (Wednseday)
r
»
8,000,000
v
7
v
-
1963-1982
Noon
Auril 12 (Thursday)
Evangeline Par.; Parish S. Bd./ La.
La' Crosses Wis.
!
2,650,000
-1,075,000
1964-1982
2:00 p.m.
1963-1972
2:00 p.m.
Volume
Number 6142
195
.
.
.
The Commercial and Financial
Tax-Exempt
The
Texas IBA Group
Bond Market
MeetingProgram
will
.
Continued from
6
page
y
/
SAN
Texas
The State of Connecticut awarded 1
,
ANTONIO, Texas—The
Group of the Investment
Association
Bankers
has
an¬
'
Chronicle
(1267)
"afternoon
be
session
business
devoted
to
Computer to
panel discussion. Members of the panel are
William Chappell, First Boston
Corporation, Richard Walb.ert,
Blyth & Co., Inc.; David Powell,
Eppler, Guerin & Turner; Richard
Arneson,
Dittmar
&
Company,
Inc.;, and Williahf King, State Se¬
a
•' *
Give Mkt. Info.
y"
A
\
;
-
introduced in July, 1960, and is
currently being used in 650 bro¬
kerage
offices* throughout
the
country.
<*
•
electronic stock quotation
new
7
Scantlin
'Mr;
said
that
present Quotron equipment would
be converted to Quotron 11 as soon
system
to provide
stockbrokers as is practicable.
with-speeial-market analyses dur¬
Scantlin
Electronics, Inc. has
ing trading hours and detailed in-, also announced the development
.$53,680,000 Highway System 1968- 1
nounced the following program for
1975 bonds to the group headed
their annual meeting ' to be* held curities Commissioner of Texas. formation on individual securities of a new stock
quotation board
'jointly by The Chase Manhattan"
8-10 at the:'St.- Anthony The panel, will ,discuss the prob¬ {was: announced today by Scantlin for * stockbrokers.
Incorporating
Bank and Morgan Guaranty' Trust' April
lem of organization of syndicates, Electronics, Inc.
This is the first the latest electronic developments,
Hotel,.i ,
i U.
i k.-,s
,1
Co. on their ;bic(f of 100.07999999 1
April 9 there will be a morning problems aiid^answers" of a sales timer,that "such market analyses ; the*' board
represents
the
first
for a 2.60 % coupon; A dollar'price
become
available Con' a,.
business meeting/with Curtis H. -manager, and-questions'1 and an¬ .have
major development" in quotation
of
100.079999
also
for
a- 2.60%
C ; boards inJ 30 years, Mr. Scantlin
Bingham,
Bingham,
Walter
& swers regarding the Texa$>eecuri- "pushbutton" basis. i\c' : M
•coupon was »made' by The " First
ties-laws.'; ■**" •:T •>v/fV:/.y K<f; / : The/system is* called Quotron 11.: said.; It is expected that the new
Boston Corp; syndicate; This cover Hurry; Los Angeles, President of
Investment Bankers Association of ./••Tuesday
morning; ; April
10, Installation will' be made t in * 14 ; board will be available in the
in
terms
of
dollars ' is
said
to
Murray Hanson, man¬ there will be a tour through the /cities later in the year, according / third quarter of 1962.
.amount to 53/cents over-all for America,
Aerospace
Medical
Di¬ to John R. Scantlinj President.
.
aging director and counsel, Jer¬ Brooks
the entire issue.
; '■ :./'•;//
The service- provides instanta- ♦;
vision at
the Brooks Air/Force
ome J. O'Brien, director of the oil
Other
major members of the*
Pressprich Opens Branch
and gas division ' of the Depart¬ Base.\
/. '.jyyix;.*/.
'4• ;n.eous access to security price in¬
.winning group are Bankers Trust
formation
ment
and
market
of
the
analyses * ROCHESTER, N. Y. —R. W. Press¬
Interior;'; and Dr.
.Coy The-First National: Bank of
:
through': pushbutton
desk
units prich & Co. has announced the
Joseph D; Coppoek,. director, of
Syndication Portfolios
Chica^d, The;Northern * Trust Co.., the
'/located in each broker's office. opening of a new office "at 40
foreign : economic r advisory
C.
J./ Devine
&
j Syndication
Co., Eastman staff of the
Portfolios,
Inc.% is All desk units in an office can be' Main Street.
/
Department of State
Dillon, Union Securities- & Co.,
The investment firm
also an¬
conducting a securities business operated simultaneously. An elecas speakers. Mr. O'Brien will talk
The First National Bank of Ore¬
on
S.
the oil industry. Dr. Coppoek
from offices at 21 Maiden Lane,
trohic" computer located:in New nounced that Leon
Benham,
gon,. Paine,'Webber,
Jackson &
will address the group on the Eu¬ *r New York City: Officers are Joel York City processes stock market William B. Runion and Donald J.
Curtis, R. W. Pressprich & Co.r
.Ladenburg,
Thalmann
&
Co., ropean Common Market and the J. Bloch,- President; Stanley M. '■'data and supplies information to. Brooks will be associated in the
Equitable Securities Corp., F. S. present consideration by Congress Gruss,
representa¬
Vice-President;
and /A. the desk units over leased lines.- office as / registered
,
.
'
"
.
.
*
'
'
-
>
.
-
.
•
.
..
.
.
'
-
-
;
•
Moseley. & Co/, John Nuveen & of
Co., First National Bank in DaiMas, Estabrook & Co., Trust Co. of
.Georgia, arid t'.Dominick & Domi-%
nick. Scaled to yield from 2.20%
to 2.70%, at the end of the order
period about $15,000,000 of the ,*.
the
Tariff
laws.
} Quashen, Secretary.
was- tives':* /'■'■
/./f ThC stock quotation system
:/:■//■; ■"
.
March 15,1962
New Issue
•
bonds had been spoken for.
•;
v
This week's finai important sale
'
consisted
'Rico
of
Water
$12,500,000
:
bought
bonds
by
-;
Puerto
$53,680,000
Resources
(1964-1998)
the
-
^Authority
which
were/:.
~
headed
group
•
jointly; by,L. F; Rothschild & Co.,
•.
Wertheim
Jackson
.
-
ter
of
"
.
&
&
Co.,
Paine,
Curtis and
&
at
Co;
3.3985%.
The
bonds
good
buying
immediate: ;As''we
Slate oi
cost
of¬
were
fered to yield from 1.90% to 3.75%
and"
-
■'//;
Dean, Wit- /
interest
net
a
*
Webber,
;'
;,
:
111
demand/;:was
go
id "press,
'
ivivx;
••
•:; • **;
•
S.H-* i.
r,
"
about
'■
$1,500,000 bonds remain ifaf
; account.
•
■///./'/:/'';'/
Toll
♦'
The
Continue
Bonds
■,///
The
ii'J
'
.
Dated
/.
;
.
the«
Bond
April T, 1962
Interest Exempt
&
averaged at a
when
sampled- on
betterment
AND YIELDS OR
of
1
an
average
•
SSiv
•
6,710,000
%
:
Calumet '•
point; Florida Turn- -
up- one
up
-one-half;
Tunnel
4V2S
Kansas 3%s up
Bridge 4s
chusetts
half. With
revenue
•
:
one-
-.
reports
likely ,
-improvementI
from now on, further market
gains
in this category seem
probable.: :
Co.;
-
ANGELES, Calif.—Effective
March
15th, the firm ■ namel of
&
iis
*
Coast
and
Midwest
Exchanges, maintains
to Asiel &
!i
.*A*. .*•"
-
a
-
Stock
:
-.
>
-
t "•
'•
\
>
*•
,t'i
t
601
FRANCISCO, Calif.
f
Savings Banks in Connecticut and Massachusetts-'
.
These Highway System Bonds, Series
I
2.55 ^
opinion of "Counsel, valid and legally binding general obli¬
gations of the' State~of Connecticut, for the payment of the
principal and interest of which the full faith and credit of
/ the State
2.70
The above Bonds
•
are
are pledged, and that, for the payment of such prin¬
cipal and interest, the General Assembly of the State has powerto levy ad valorem taxes
upon all the taxable property within
offered when,
as
and if issued and received by
us,
California
to rate or amount.
;
Morgan Guaranty Trust Company
of New York
"
Bankers Trust Company
The First National Bank
*
of Chicago -
.
mm Northern Trust Company ;;;; C. J. Devine & Co.
*
—
Eastman Dillon, Union Securities & Co.
;
The First National Bank" Paine, Webber, Jackson & Curtis
My
of
Oregon
*
R. W. Pressirich & Co.
Securities
:;
Firs! National Bank
Street.
All
Trust
..
Co.,
Dcminick & Dominick
Company of Georgia
.
National State Bank
Newark
L. F. Rothschild & Co.
*
Bache & Co.
Francis I. duPont & Co.
*
Vfa. E. Pollock & Co., Inc.
Branch^
Corporation has opened
office
at
972
a
second
Broad
St.
*,
'
•>'
Company
,
Federation Bank and Trust Company
"
,
1
:
...
*
Goodbody & Co.
,
.....
Robert Garrett & Sons
Ernst & Company
Talmage & Co.
,
Estabrook & Co.
Cooley & Company Putnam & Co. Stern, Lauer & Co. Auchinclcss, Parker & Redpath City National Bank & Trust Co..
./■''
NEWARK, N. J.—United Planning
Stroud &
-
/
:
Planning
Los Angeles
.
Incorporated
>
were
California Company.
United California Bank
-
in Dallas
Wil-*'
&
Ladenburg, Thalmann & Co.
-
.'-.*•/.
(
Equitable Securities Corporation % / F. S. Mossley & Co.
j;--:.f
formerly with McDonnell & Co.
Incorporated
and
prior
there.o
United
as
and subject to prior sale and
_
Union
with First
B will-constitute'-, in
the
/• 1974 " 2.65%
The Chsss Manhattan Bank
.
associated; with.' EastmanV
Newark
>
>••
;*,
liam E. Card
well, Ernest D.^Hart- > "*.
man and Lee G.
McCoy have be-- " *-•
come
1971* 1 2.50 v.
e
approval of legality by Messrs. Hawkins, Delafield id Wood, Attorneys, New York, N. Y.
'
J
.
*'• ,\\ si*'
(Special to The Financial Chronicle)
Dillon,
'
both-principal and interest.
or as to
the State without limitation
Three With Eastman Dillon
SAN
State and for
.«•
(Accrued interest to be added)
direct wire
1
v;'
*•-
\
Co., New York.
V*:.
.
_
principal only
Legal Investment for Savings Banks and Trust Funds in New York>
*
2.40,
1975
as to
Cruttenden
Co., Inc.,
618 South
Spring Street, will be¬
come Cruttenden &
Co.,: Inc. The
firm, which is a member of the
Pacific
230!
mm
,
':
LOS
*
registrable
:./
; 1973- @100
6,710,000
Firm Name"Now-:'"
Cruttenden
*
1972
6,710,000
.
:
Principal arid semi-annual interest (July 1 and January 1) payable in Hartford,
•
/
*
seasonal
Wheeler
,
Cpy'.'i Connecticut or in New York City'. Coupon bonds.in denomination of $5,000,
-
t*
point and Massa-*
up
:„
6,710,000
one-half;,.
Turnpike^ 3.30s
show
-/;;M'k>
•
PRICE
1970-
.
6,710,000
Elizabeth
up
one-half; Mackinac
up one
*
'1969
6,710,000
6,710,000.
.
three-quarters;;.*-Chicago
to
.
improvement:. Kentucky
Western 4.85s are up •/'/ *'
Turnpike,
4%s
A :// j
"' 1968 " ; 2.20%
f $6,710,000
-
points.'; Since. -/
March 8,'the list- has shown- some
River
-
AMOUNTS, MATURITIES
/
previous week's In- * -■/
3.70%, -/Translated "to;>-.:;
was
pike
,
from present Federal Income Taxes
■iV.
Index
points,., this represents
"3%s
Due July lr 1968-75, incFv
week.
Turn- '
Co.
March 8.« The
further-
W-O *»i
-:*j:.;*://:
v
/'./;'/M
recent
Barney
3.64%*: yield
dex
-i
issues: have- done*-*/
in
-
Smith.
pike
..
.
'road**and'1* other klong-11
toll'
well
very
to Go
Higher*
term-revenue
.*
U;
!
2.60% Bonds
r
m$m.
'
ii
^
.
Green, Ellis & Andersen t: J
*
John C. Legg &Co.
*
*
•
-
*
i
The National City Bank
0f Cleveland
*•"•:
•
Kansas City, Mo.
v..
Chas. W. Scranfon & Co.
8
The Commercial and Financial Chronicle
(1268)
132
St. James St.,
real, Que., Canada.
DEALER-BROKER
*
INVESTMENT LITERATURE
* ;
West,
General Time
Mont¬
T
>fc
,
Abbott Laboratories
"
".h
;
!,:J
AND RECOMMENDATIONS
Glidden
—
&
Hutton
Wall Street,
Also available
W.
Mathieson
Broadway,
Olin
on
Corp.,
Corp.,
Sprague
and
Electric
Bulletin
Aluminum
Stocks—Memorandum
—Evans
Co.
Park
&
&
Manhattan
New
Bank
Incorporated, 300
Weeks,
Chase
5,
1
New
Plaza,
North
York
banks
Stock
Survey—Comparative
way,
Inc.,
Broad
89
1
n a
and
i
y s
counter
s
the
Mass.
—Shields
Utilities
&
—
44
the listed
industrial
the
industrial
National
Dow-Jones
the
in
and
&
stocks
Quotation
Street, New York 5, N. Y.
is an analysis of
Bureau
Paper
stock
Morrell & Company.
Japanese
Market
>
Securities
Yamaichi
York,
Inc.,
Review
of
Co.
Paper
Okamura
Industry
D.
Company.
Curtis
Building,
Register- Co.
Japanese Market—Survey—Daiwa
Broad¬
Company,
.
Stearns
—
&
Company
Analysis
—
—
Crutten-
—
S. S. Kresge
Salle
at
& Company, Inc., 85 State Street,
Boston, Mass. Also available is an
analysis of Swift & Co.
Libby,
McNeil
Libby—Memo¬
&
& Co., 120
Broadway, New York 5, N. Y.
&
—
Josephthal
Lorillard
Company—Analysis
Laird, Bissell
Broadway, New
&
—
Annual
Also available is
Wilmington,
ini
Meeds,
York
120
N.
5,
report
a
on
Y.
Ech¬
Report
—
New York
are
—
Report
—
Rey¬
data
5, N. Y. Also available
>
Aurora Plastics Corp.,
on
Purolator Products,
Gloray Knit¬
Also available
are
memoranda
Insurance
Stocks—Analysis
Co.,
9804; Wilshire
Tea
—
Memorandum—
,
Boulevard, Beverly Hills, Calif.
&
Company,
524
Merchandisers—Study—Van
Alstyne, Noel - & Co., 40 Wall
Street, New York 5, N. Y.
5, N. Y. Also available
on Radio Corporation
Canada
Wash¬
Dominion
ington Street, Reading, Pa.
Mass
and
United States Convertible Deben¬
Packers
Bridge
Limited,
Company, Ltd.,
Royal Bank of Canada.
Celanese—Bulletin—Rubin, Rennert &
tures—Survey—McFetrick & Co.,
Co., Inc., 56 Beaver Street,
4, N. Y.
New York
Central
Corp.
—
Hudson
Gas
Annual
Electric
&
Report
Central
—
Hudson
For banks, brokers and financial institutions.
Gas
&
Electric
Corp.,
Road, Poughkeepsie, N. Y.
South
Central
Our Research Department
Controller Co.
data
are
Gold
National
Cleveland 14,
report on
Oz
Publishing Co.—Memorandum
—Bohmfalk & Co., Inc., 51
Broad
Resources,
Inc.—Analysis
—Darius Incorporated, 80 Pine St.,
New York 5, N. Y.
Bank
of
Cleve¬
Pauley
Petroleum—Report—Wil¬
liam R. Staats & Co., 640 South
Spring Street, Los Angeles 14,
Calif.
Also
available
is
anal¬
an
ysis of Purex Corp. Ltd.
Pyramid
randum
Life
—
Insurance—Memo¬
Southern
Investment
Co., Inc., Johnston Bldg., Charlotte
2, N. C.
Raytheon Company—Data—Paine,
Webber, Jackson &
Curtis,
25
Broad Street, New York 4, N. Y.
Also available
are
data
on
Wm. H.
Rorer, Life & Casualty Insurance
Co., and Hartford Electric Light.
vertising
Companies,
and
Possis
Electronic Cor¬
Texas Research &
poration
—
Analysis
Dittmar
—
&
Company,
Inc.,
201
North
St.
Mary's
Street,
San
Antonio
5,
Texas.
.'O-''; ■T'vV;
Thatcher
Glass—Report—Herzfeld
30 Broad Street, New
York 4, N. Y. Also available are
reports
on
Dresser
Industries,
&
Stern,
Shoe Manufacturing, Fore¬
Green
memoranda
on
Royal Dutch, Kan¬
randum—Stern,
Frank, Meyer
Incor¬
Building,
Fox, Union Bank
Angeles 14, Calif.
Analysis
—
Wheat
C.
J.
-
COMPANY, INC.
'
'
Illinois.
-
Yale & Towne Manufacturing Cq.
—Report—H. Hentz & Co., 72 Wall
a
Y. Also
5, N.
New York
Street,
available is
bulletin
on
Railroad
Bonds.
Door—Review
Steel
Youngstown
—Hemphill, Noyes & Co., 8 Han¬
New York 4, N.
Street,
over
available
Also
are
reports
Cement,
Portland
v,;
Trading in Foreign Securities?
Dominion
sales. Current market price of
Tar
Memorandum
Jordan
&
—
Street,
Canada.
nearly $2 million in
Elgeet reflects
a
-
DUTCH
With direct cable
Chemical—
Watt
&
Toronto
-
ENGLISH-you
name
it
HONG
lower
Reid
Flintkote
cere
Street,
available
Stone
Troster, Singer & Co.
Friden
Security Dealers Association
—
Memorandum
and Company,
Salle
is
a
—
4, 111.
feel particularly well-qualified to provide
help and information when it comes to buying
or
selling foreign securities.
Also
For
on
—
Birr
Gas Trunk.
\
s
direct
call
to
our
foreign securities
&
Co., Inc., 155 Sansome Street, San
Francisco 4, Calif.
Trinity Place, New York 6, N.Y.
a
trading desk, just dial—WHitehall 4-4732.
Corp.
Memorandum
JUAN
we
Sin¬
memorandum
SAN
TORONTO
208 South La
Chicago
Container
—
PARIS
ROME
MADRID
&
Co., Inc.,
Union Commerce Building, Cleve¬
land 14, Ohio.
earn¬
Teletype NY 1-376; 377; 378
Corporation—Anal¬
offices in——
PANAMA
KONG
LONDON
Resistor
to
MONTREAL
GENEVA
:
ysis—Fulton,
ings multiple compared to many in the field of optics.
connections
FRANKFURT
Watt, 6
1, Ont.,
instrument and
Erie
should add
GERMAN
Edison Company — 1961
Report—Treasurer, Detroit
Edison Company, Detroit 26, Mich.
Annual
producer of lenses and optical systems. Approved acquisi¬
scientific
y.Y..'.'.
.
Detroit
\
.The report discusses prospects for this
17-year old major
136-year old German
,
Line, of British Columbia Ltd. —■t Analysis
Doherty.
Roadhouse & Go., 335 Bay. Street,
Toronto, Ont., Canada.
if;
S3
MERRILL
and
Company, 1001 East Main Street,
Va.
Richmond 19,
Ohio.
—Freehling, Meyerhoff & Co., 120
South La Salle Street, Chicago 3,
OPTICAL
&
Los
Westinghouse Air Brake Company
—
Rayonier.
Co.
&
Interna¬
Van Camp Sea Food Co.—Memo¬
Alpha
Becker
and
—Mitchum, Jones & Templeton,
650 So. Spring St., Los Angeles
14, Calif.
ysis—A.
G.
Pipe Line-
Construction—Memorandum
Utah
Sealed Power Corporation—Anal¬
Copper Range Company—Bulletin
Members New York
on
Eagle
Corp., Kellwood Co., Naegele Ad¬
land—Report—McDonald & Com¬
pany, Union Commerce Building,
has prepared a
6-page
Craig-
.
bulletin
Canada Cement Company Ltd.—
Analysis—Royal Securities Corpo¬
ration Limited, 244 St. James St.,
West, Montreal 1, Que., Canada.
Also
available
are
analyses of
on
Truck Manufacturers—Analysis—
Mackay
a
of America.
lock's Inc., Caterpillar Tractor Co.
\
Also available
Rowan
Penington, Colket & Co., 70 Pine sas City Southern
tional Paper.
Street, New York 5, N. Y.
Associated Dry Goods Corp., Bul¬
N. Y.
.
Minn.
National
Steel—Bulletin—Goodbody & Co.,
2 Broadway, New York 4, N. Y.
Ltd., 61 Broadway, New York 6,
..
—
Hallum, Kinnard, Inc., 133 South
Seventh
Street,
Minneapolis
2,
Bridgeport Gas Co.—Data—A. M.
Government
is
Japanese Shipbuilding Industry —
Analysis—Nomura Securities Co.,
Hanover 2-2400
<
Report
Kidder & Co., Inc., 1 Wall Street,
—
New York
'i
—
De¬
investors
Co; and General Tire & Rubber.
a report on KuMachinery Works.
74
Inc.
Memorandum—Schitmer,
Atherton
&
Co., 50 Congress Street,
Boston 9; Mass. Also available are
Also available^ is
"
chusetts Companies.
most Dairies and Spiegel, Inc.
Manufacturing.
Street, New York 4, N. Y.
company
Transmission, Union Tank
•
randum
on
Patent
photographic
Na¬
Texas
Machine Corp.
ting Mills and Copper Range Co.
a
on
Chemical, Na¬
Co.—Analysis—Colby
Burroughs Corporation—Survey—
Walston & Co., Inc., 74 Wall St.,
of
reports
are
Gypsum
Telex,
.
reports on Industrial Acceptance
Corp. Ltd., Southern Natural Gas
tion
Report —
Company,
1401
Philadelphia 2, Pa.
&
—
Car Company, and Western Massa¬
Discussion
Ltd., 1 Chase Man¬
hattan Plaza, New- York 5, N. Y.
ELGEET
Newburger
Co.
&
Eastern
—
Bloedel < and
Powell
Standard, Life
Insur¬ MacMillan,
Company—Study—Robert H, River. Limited^-Analysis—Annett
Partners
Huff & Co., 210 West Seventh St.,
Ltd., 220 Bay .Street,
Los Angeles 14, Calif.
>»»»-7
-•
.....
y Toronto, Ont., Canada.
5,
nolds & Co., 120 Broadway, New
York 5, N. Y. Also available are
Securities Co.,
&
•
&
&
Stevens
P.
Transcontinental Gas
Rubber Industry
Japanese Market—Survey—Nikko
Sutro
Broadway,
tional
Moseley
S.
J.
velopment Bank for Puerto Rico,
San Juan, Puerto Rico.
>
(Japan) Ltd.
—
Report—S.
Beneficial
to
Life
Co., 26
4, N. Y. •- ■'
tional Distillers
den, Podesta & Co., La
Jackson, Chicago 4, 111.
Del.
>
Puerto Rican Securities
bota Iron &
—
&
Walnut Street,
Also available
P.
—
Electronics
Fuller
New York
Richards* & Co.,
621 South
Spring St., Los Angeles 14, Calif.
Inc.— Anal¬
Foresman
Ce¬
Hill
Beneficial Finance Co.,
Beneficial
Oklahoma
and
vannes,
ance
N. Y.
National
Co., Ltd., 149
New York 6, N. Y.
Scott,
Secretary, 601 West Fifth
Street, Los Angeles 53, Calif.
Sterling
Kellwood
Harrington
memoranda
are
s—
Co., 80 Pine Street, New York
Manu¬
Securities
Products
1 y s i
n a
Southern California Edison Co.—
Annual Report—Southern Califor¬
nia Edison Company, A. L. Cha-
Camp Paper Corp.—Sutro Bros. &
facturing Co., Ri6oh Company mid
Cash
on
Elec¬
Rixon
and
Beneficial Finance Co.
—
Inc.—A
Kirsch—Memorandum
Co.,
—
Wells, Inc.,
Drive,
San
Co., 80 Pine Street, New York 5,
and Walgreen.
Report
Analysis with
particular reference to Union Bag
New
Ill
Co.,
New
&
&
>
Inc.
New York.
Producing,
Servomation,
Also available
—
Broadway, New
York 6,"N. Y. Also available are
reports
on
Matsushita •».. Electric
Industrial
Broadway,
Gas
Co., 100 Mont¬
San Francisco 4,
Co., 50
Congress Street, Boston 2, Mass.
ysis—A. C. Allyn & Co., 122 So.
La
Salle Street,
Chicago 3, 111.
Co.
&
Street,
Labora¬
Ionics
,
memoranda
are
States
Associated
23-
Industry—Review—Fahne& Co., 65
6, N. Y.
York
—
,
York 5, N. Y.
and
Schwabacher
Box
Ana lysi s—
Report—F.
Richardson.
Ginn
John
.
French
&
Detailed
International Business Machines-
Memoran¬
&
ration—Analysis—Shearson, Hammill & Co., 14 Wall Street, New
in
used
Kline
—
Industries—Analy¬
sis—Hooker & Fay, Incorporated,
221 Montgomery Street, San Fran¬
cisco 4, Calif.
Anken Chemical and Film Corpo¬
over-the-
35
Smith,
tories
Levine's
&
Co., Inc.,
Woodward
Washington 5, D. C. Also
United
New York 4, N. Y.
Wall
Also
Guy's Foods,
Viscose—-Memorandum
tronics, Raychem
period — National Quotation
Bureau,
Inc.,
46
Front Streev
Discussion
Company,
available
way,
—Weil
Bldg.,
year
Electric
C.
Shawinigan
—
Power
Co., P.O.
6072, Montreal, Canada.
Parker, Ford & Company, Inc.,
Vaughan Building, Dallas 1, Tex.
Also
available
are
analyses of
Co., Inc.,
Building, Char¬
\
Bank
lotte 2, N.
Folder
—
Averages, both as to yield
market performance
over
a
10,
Street, Boston
Index
&
Calif.
Marino, Calif.
Broadway,
—
Dickson
Wachovia
compari¬
used
Averages
Company,
Discount
S.
dum—R.
Co.,
up-to-date
an
between
stocks
McKinnon, 2 Broad¬
New York 4, N. Y.
Industry—A
&
Report
Water
—Report—Blalack
2477
Huntington
Ira
Helene
American
Greensboro,
Shawinigan Water & Power Co.—
Annual
gomery
ment
available
showing
—
Missouri.
s—
—
&
porated, 60 Broadway, New York
4, N. Y. ' .v.
/\
Guaranty Bank of Phoenix, Ariz.
Memorandum—
Peck, 120
5, N. Y.
selected American
on
Lewis
Building,
Over-the-Counter
Industry—Discussion—
Chemical
Stock
Bank
McDaniel
-
—
&
Coastal
&
—David L. Babson
on
Girard
Report — Wood,
Co., 63 Wall Street,
York 5, N. Y.
—Scherck, Richter Company, 320
North Fourth Street, St. Louis 2,
—
bond
Carolina
—
Paper
New York
N. C.
son
Thomson
Stocks
breakdown
giving
Jefferson
analysis of 1961 results of 45 lead¬
ing banks and bank holding com¬
panies — Blyth & Co., Inc., 14
Wall Street, New York 5, N. Y.
Cement
Bank
E. F.
—
&
Grant
American Auto Stores, Inc.—Data
Comparative statistics
York.
T.
New
;
Adams
memorandum
a
Memorandum
—
N; Y.
6,
Allied
portfolio and
source
of income—Laird, Bissell
& Meeds, 120 Broadway, New York
5, N. Y.
Industry—Analysis—
Hornblower
is
City
Government
Avenue, New York 22, N. Y.
Cement
York
New
Corp.
Tennessee
York
Brunswick.
on
Copeland
eration
available
Also
American
Refrig¬
Corporation,
Chemical
Paper Company
Haupt & Co., Ill Broadway, New
Lamp,
and
Cohu
low,
philips
Fokker — Wins& Stetson, Inc., 26
New York 4, N. Y.
Hoogovens
42
5, N. Y.
data
Motors
Co.
Co.,
to
Memorandum
Thursday, March 15, 1962
—
Aeroquip
Netherlands—Review with partic¬
reference
&
Analysis — Wills, Bickle &
Company Ltd., 44 King Street,
West, Toronto, Canada.
ular
&
New York
are
Ltd.
issues—Carl M. Loeb,
selected
Rhoades
LITERATURE:
FOLLOWING
THE
—
Walker
Abitibi Power
Securities—Discussion
Aerospace
of
PARTIES
INTERESTED
SEND
TO
WILL BE PLEASED
MENTIONED
FIRMS
THE
THAT
UNDERSTOOD
IS
.
Memorandum—
—
Company, 7616
Avenue, La Jolla, Calif,
General Cable.
IT
.
Filor, Billiard & Smyth, 26 Broad¬
way, New York 4, N. Y.
1
:,v.
Analysis—
Co.,
Incorporated,
20
Broad Street, New York 5, N. Y.
Also available is an analysis of
Blair
.
LYNCH,
PIERCE, FENNER R SMITH INC
70 PINE STREET, NEW YORK 5, N. Y.
Y.
on
and
Volume
195
Number
6142
.
.
The Commercial and Financial Chronicle
.
the
Britain's Supreme Effort
To Obtain a Sane Wage Policy
'/'.A-
£
:#
* 7
V;.
yA
■'
'jr.'*.'.'
,'<"■ 7 "
■.»
'•
\
<7
•• •
Dr.
By Paul Einzig
■
'■■■
*>
•
'• *
*'v
.
'
level
•!' :*
* ' v.',V
'
i
1
'
-:./
financial
Mr.
four
Development Council
as
'•
labor's
in
obtaining
cooperation
mechanization
well
as
of their
quences
criticized
sharply
for
non-inflationary
a
Neo-Luddite
its
capacity.
him
<
has
been
Japanese
for
the
associated
U. S. operations in both
our
administrative
an
We
tivities
past
with
in
and
financial
have worked
the
over
connection
past
with
the
two
our
in
expand
another
toward
ingly
U.
,«.p
S.
Blewer's
appointment is
evidence
strong
and
of
the
Dr.
other rep¬
help to
operations here into
range
of
investment
banking matters."
increas¬
Mr. Blewer will make his head¬
Japanese financial
quarters at Nikko's New York of¬
community.;'Mr.
between
Blewer 1' will
9
Geo. Riggs With
Jennings, Mandel
PHILADELPHIA, Pa.—George
Riggs,
Jr.
has
become
associated
with
Jennings, Mandel & Longstreth, 121 South Broad Street,
members
of
the
New
York
cate
department.
Mr.
formerly Philadelphia
Riggs
nothing, it will be impossible to obtain voluntary reduction of
their demands. Dr.
Einzig finds this condition is prevalent in several
Free World countries,
^
'
to
This advertisement is neither
including our own, and he fears it will result
LONDON, England—The inaugu¬
the movement in
tween
an
offer to sell
This
detriment in the cold war,
our
nor a solicitation of an offer to buy
offering is made only by the Prospectus.
any
of these securities*
and
1812
Development Council on March 7
beginning of a supreme
in
marks the
Luddites succeeded
achieving their end, the
British standard of living would
effort
to
persuade
the
trade
cooperate in the elab¬
oration of a wages policy. In the
absence
of such a policy there
would be no reason why the in¬
have remained at its level of 150
unions
to
years
flationary "leapfrogging" of wage
achieved.
ration
erf
the
Economic
various trade unions
stop. Each union in
demands by
should
National
ever
turn claims to have been left be¬
round of wage
hind in the latest
1962. Had the
It
ago.
defeated
were
last
century and
If
remark¬
the
realize
for
need
($1 Par Value)
present-day
of
failed
union movements
trade
Common Stock
half could be
a
Luddites
the
the
BOWEY'S, INC
they
because
was
that
80,000 Shares
achieved during the
able progress
to
adopting
a
progressive policy, the result
more
increases and each wage increase
will be
originates on that ground a new
series
of
wage
increases.
The
that industrial expansion irt Com¬
munist countries would go ahead
only way to bring the vicious
spiral to a halt would be to induce
the trade unions to agree to a
Western
Unfortunately, the prospects of
reaching such an agreement are
very remote. Organized labor has
grown used to the annual rounds
of wage increases and, even if it
means
a
corresponding increase
in the cost of living, most workers
seem
to prefer the illusion of a
substantial nominal v increase in
small but
real increase of their wages
steady prices. Yet
as
under
Lord Hail-
sham, a leading member of the
government, declared the other
day, "unless we work out an in¬
policy together in the next
few months we are not going to
have a life together that is worth
come
living, and, what is more, we shall
not deserve to, either."
source
is that in Britain
the
organized labor
only
duties. Ever since
War, it has
been pampered
spoiled and accepts every con¬
rights
and
of the trouble
to believe, that it has
seems
its
as
birthright.
Even
increase of
wages by 7% during 1961 without
any increase in output, the trade
though there
was
movement
union
an
worked
resentment
violent
government's
feeble
up
a
the
about
at
attempt
restraint. Labor spokesmen
demand
"equality of sacrifices."
Yet if that principle were to be
wage
carried through it would mean not
of
increase
this year, as
wages
by
2V2%
suggested by the gov¬
production in the
would remain
countries
the influence
under
the
of
but
a
cutting
The
unsatisfactory
unionists
trade
pronounced in Britain but is not
Britain. There seems
be
the
similar
a
United
attitude
also
and
a
States
to
deadlock
cannot
to
be
a
broken
What
is
see
unionists
trade
it
that
is
to
refuse
attitude
their
prevents an increase in
productivity
and
output
on
a
alone that
scale
that
will
make
for
an
ap¬
preciably higher standard of liv¬
ing to all. Their restrictive prac¬
tices, especially their insistence
on featherbedding whenever tech¬
nical
progress
results
in
redun¬
dancy of labor, discourage indus¬
trial
firms
from
taking
full
elab¬
policy. Pend¬
wages
an
the
tion
be restrained is the con¬
can
the
exactly
Luddite
150
movement
years
arose
ago
in
with the
object of preventing redundancy
of labor by means of destroying
machinery.
What the
Luddites
wanted to achieve by means of
crude
violence,
their
spiritual
heirs, the trade unionists of our
days, seek to achieve by more
sophisticated devices. In substance
there is very little difference be¬
the
North
of
England
This
announcement
is not
tinued application of
disinflation¬
devices which are bound to
restrain effectively the expansion
ary
an
offer to sell nor a solicitation of an offer to buy
offering is made only by the Prospectus*
any
of these securities.
The
•
'
NEW ISSUE
March 13,1962
production and the further rise
living. All this
in the standard of
and
obvious
seems
trade
the
toxicated
claims to
too
are
Calumet Industries, Inc.
in¬
by
their
feeling of
enforce annual wage
to
power
elementary.
unions
see
$1,550,000
sense.
It is to be feared that in Britain
6V2%
the demand for equality of sacri¬
fices as a condition for a wage
Sinking Fund Subordinated Debentures
Due
policy will lead to a further in¬
crease in the burden
imposed on
corporation profits and a further
equalitarian
scaling
down
of
higher
incomes.
Unfortunately,
the British Government has got
into the habit of giving away its
counters without in¬
sisting on any quid pro quo. A
capital gains tax is about to be
introduced, not as part of the
bargain with the trade unions to
offset wage restraint, but uncon¬
February 1, 1982
100,750 Shares
Common Stock
bargaining
(Par value $.25
are
offered in
and 65 shares of
per
share)
-
units, each unit consisting of $1,000 principal amount of
common
stock. The debentures and the
be
separately transferable until June 1, 1962, without the
the representative of the underwriters.
consent
common
stock will
not
of the Company and of
this
will have
unions
trade
the
paid for by means of additional
concessions.
long
can
as
is
What
Price $1,032.50 Per Unit
to
of
be
(Plus accrued interest
the unions feel that they
it
impossible to induce
remain
them
to moderate their demands.
Copies of the Prospectus
Names Blewer
Japanese
been
one
-
American
named
finance
Resident
Agent
on
has
Co., Ltd.,
of Japan's "Big Four" securi¬
ties
dealers,
it
has
been
Yoshino,
Nikko
dent—in New York for
Blewer
new
Blair & Co.
Blunt Ellis & Simmons
Incorporated
Butcher & Sherrerd
Courts & Co.
T. C. Henderson & Co., Inc.
announced
had
post.
been
This is
a
that
business
belived
Son, Inc.
Mullaney, Wells & Company
Presi¬
John
named
Dallas Rupe &
Hallowell, Sulzberger, Jenks, Kirkland & Co.
Howard, Weil, Labouisse, Friedrichs and Company
Gakuzo
—
legally offer the securities in such state.
an¬
nounced.
visit
as may
of
Securities
Nikko
be obtainedfrom only such of the several Underwriters,
Cruttenden, Podesta & Co.
:
leading New York authority
may
including the undersigned,
Nikko Securities
the
the debentures from February 1, 1962)
get something for nothing,
will
A
on
so
worse
advantage of technical progress.
Almost
March 9,1962
agreement to that effect
only means by which infla¬
ing
of
Co.
&
be per¬
cooperate in the
oration of
Cruttenden, Podesta
in
can
unless trade unonists
suaded
any state
less
extent in other Western countries.
The
be obtained from the undersigned in
be lawfully offered.
particularly
confined to
to
may
in which such securities may
of
attitude
is
of wages
by something between 5 and 10 %
Copies of the Prospectus
taken to resist wage in¬
ditionally, which will mean that
concession to equalitarianism
will be simply taken for granted
to
correspond to f-the declining
and any concession on the part
trend of profits and dividends,
i
ernment,
Price $9.50 per share
mean
flation.
and no
cession
an
static
But
Principal Problem
The main
while industrial
measures
system of wage differentials.
their money wages to a
stagnation. It would
to
M.
the
to be
Taylor, Rogers & Tracy, Inc.
Watling, Lerchen & Co.
was
manager
Einzig contends that so long as labor is able to get something
v,.'
and
Philadelphia-Baltimore Stock Ex¬
changes, as manager of the syndi¬
fice, One Chase Manhattan Plaza. J. R. Williston & Beane.
reprimanded for giving in to labor without exacting a quid pro quo.
for
our
widest
ac¬
and
the
ties
the
the
our
in
years
States
resentatives here, he will
Kiendl
&
with
various
United
expect that, with
Sunderland
Mr. Yoshino added: "We believe
policy.
wage
attitude
British Government, also, is
demands. The
wage
years
that Mr.
understand the conse-
to
unwillingness
as
concern.
Blewer
serve
New York.
flf
the beginning of a supreme effort to secure
is
leading
a
has
position of this
a
well
J'
• 1
National Economic
Einzig describes England's newly instituted
Labor
with
American
an
the law firm of Davis Polk WardV..'f
.*'•
time
been chosen for
T
'
•••
first
(1269)
Rothschild & Co.
for
10
Financial Chronicle
The Commercial and
(1270)
of : S
Johnston,
\
FROM
fice
Us
Carolina,
confirmed from page
the
President
$700,000,000 postal
recently, passed-by;
""
: • /.?
his
get
increase
ics was organized in 1959 to give
the company a position in the
rap- "
2
and probably full corporate
year
taxes in
;
1963.'
House.
'
idly developing field of electron¬
objective,
he said, would be earnings of be¬
ics.
It
and
inlthe
last
tween $3 and $5 a
the
j
1961
went
into
-Textron's
.
BARGERON
Br CARLISLE
Thursday, March 15, 1962
...
THE SECURITY I LIKE BEST..;
•
agreement
no
.'rate
t h
Senate Post Of- \
has said if there
Committee,
won't
...Ahead of the News
o u
of the
Chairman
.
long-term
share. ;Eventu¬
is
75%
owned
the
ally, he added, the company would
raise
Kennedy's
the
is not sitting
Congress. Mr.
employes
so
unions
formidable
well
them.
Mr.
represent
to
Kennedy's
and
so
Kennedy
wants to give the employes at the
top appreciable increases while
only giving token raises to the
rank and file of employes. There
are, of course, far more rank and
file
employes
and they
have
with
Van Tngen
contention
is that the
turn
government needs, and
them, employes in
professional
and
scientific
can't
member of"
a
as
V.-Ps. /
such
boost
the
as
might
one
to
$23,000
after-tax
re¬
be
on
that
advance
he
head
wouldn't.
1961.
final
1960
were:
•
—(OOO's Omitted)—
-
'
-
„
•
1961:
■
1960
.
Y
• »
Sales
York,
F. Boice Miller
6,748
$20,000
a
year
men
4,538
Jan. 1, 1963 and to
.
.
.
,
v
,
,
,.
.
•
i
17
taken out the Congressman's take
served
home
charge of Florida trading in that
The Cabinet officers, of course,
only get $22,500 a year and they
have given up $100,000 and $300,000 a year jobs in private indus¬
try. They are invariably, however,
wealthy men and now want to
give their children something to
month.
brag about. After all, they will
is only
pay
in
the
,
.
a
,
office.
.
•
•
resident
manager'
in
linseed
of
—
•Industrial
15
_
_______
the
A
Now C & I Inv.
recommenda¬
20
17
postal employes for
100%
100%
A/partial listing of principal
name of
Incorporated,- products includes rocket engines
and. automaticlanding, systems,
increase of 7J/2% over three years. 608 Tampa-St., has been
changed
helicopters, fluid controls for air¬
They
want
14% -and
Senator to C & I Investments Incorporated;
craft, body and truck parts, pre¬
whom Mr.
go
Kennedy <
proposes
TAMPA, Fla.—The firm
Sound
an
.
Investments
cision machine tools,, rolling mills
for steel and aluminum, bathroom
fixtures, coated and synthetic fab¬
rics, finished woolens, spectacle
lenses
pany
Pacific Gas and Electric
ahd
Since
the
consummation ; of
its
Textron, in line with a
previously worked-out plan, has
gradually reduced its original in-'
those
Company
.
'
J
y
.
offer
i
.
sell or a solicitation of an offer to buy these securities. The offering is
made only by the Prospectus which
may be obtained in any State in.which this announcement is circulated
from only such of the undersigned and other dealers as may lawfully offer these securities in such State.
to
'
'
<
'
•
*
'
•
.
the
first
loan incurred in the
acquisition of
Spencer Kellogg has been paid off.
There
no
further
payments
May, 1963. With the in¬
emphasis on profitability,
are
due until
AMERICAN
j
new
products include:
mass-produced
LADENBURG, THALMANN
BAXTER
&
U.
)
.
4-cycle
SALOMON
Navy
BACHE &, CO.
BROTHERS
&,
HUTZLER
Radome
&
;
CO.
INCORPORATED
GOODBODY
KRAUS
GREGORY
&.
"y
-
built in this
construction
(Bell
&.
CO.
IRA
&.
CO.
glass
frames
(Shuron Optical),
eye
x
SONS
HAUPT
E.
SHELBY
POLLOCK
CULLOM
&,
CO.,
DAVIS &.
VAN
March 14, 1962
INC.
.*
BURNHAM
CO.
'
STERN
ALSTYNE, NOEL & CO.
'
■:
'
AND
COMPANY
BROTHERS
& CO.
■-
.
1 ■*
^
country
for
the
Aerosystems),
,
new
airborne
(Dalmo Victor),
scientifically - designed
-
now featuring
product—Linaqua—which
new
is
the
oil
first
ever
used
water-soluble
developed. It is
by
linseed
being
50 manufacturers of/
over
exterior paints.
now
Linaqua combines
the durability of an oil base with
an
water
easy
clean-up and
one
coat coverage, as well as excellent
adhesion to chalky and
faces;/
::
Lv
.
:/\;; / •'
damp
sur-
\ /
*:
As to the capabilities of
man/
agement, this '/growing1 'brganiza-^
tion; is presently headed by Rupert
C.
Thompson, Jr,.jr as/Chairman of
He already has had a
the Board.
successful
in
career
commercial
banking and his efforts have been
in the
direction of
bility
for
well
as
the
and
as
coordinating
rapid growth
As President and
the
of this company.
in
direct
is
George
operating charge, there
W i 11 i a m Millejr, a
t
younger man
with
lawyer and
a
and
a sta¬
dynamic drive:
of
purpose
furthering
bringing
a
a
training both:
as
engineer
abil¬
an
with the very necessary
ity and insight necessary to weld
this diverse organization together.
Under
group
Mr.
financial
to
urer
are
Miller
there
vice-presidents
three
are
as
well
as
a;
vice-president and treas¬
which several individuals
allotted the supervision of the
31 divisional managements.; These
management teams also supply the
necessary liaison to the senior ad¬
ministrative
for
gurs
and
a
which all
group
au¬
for
planned
development;
operating" profits!
future
/In summary/one of the
which
had
;
is
the
as
average
to
runs
out
in
with
the
normal
the
reserva¬
analyst
Textron's;
near
earn-r
future
and
corporate tax of
for^
children
with
no
4,939,365
ings
further
shares,
could
share. /
well
.•
dilution
of
Textron's
approach
Y,/•: ■'\
its
earn¬
$4
/'
a
> /,■ ;V.
With ! a present book value of
$24, a liberal yield of 4.6%, a low
earnings multiple ratio, and pos¬
.
sible
earnings of $4 a
market of 27
present
share, the
seems
like
high speed a pretty low price to. pay for a
aluminum
foil
(Pittsburgh growth stock.
- /
;
>
Steel
Foundry Engineering and
Textron Inc. is listed on both
Machine Division), new hydraulic
the New York Stock
Exchange and
riveting gun (Townsend), extru¬
sion break-through in
beryllium the Boston Stock Exchange; has
for space ships and nuclear fuel
paid dividends since 1942 and may
cladding (Nuclear Metals), and be
bought for income and appre¬
missile system test equipment
It is suitable for
(California Technical Industries). ciation.
trustees,
Additionally, Textron Electron¬ insurance companies, banks et al.
<
WM.
a
,
antenna
Pedioptic
BLAIR
..-v
BURGE &.
S.
ever
under
Waterbury Farrel),
& CO.
COMPANY
Spencer Kellogg is
paper
revolutionary RayCarl cold metal
forming machines
(Camcar and
""
BALL,
thermocopy
boat
mer
Inc.
SECURITIES CORPORATION
creased
52% then going into effect.
It is
a new
for office management's reply that with
copying machines (Photek), jet- long-range planning and with the
established balance of its divisions
propelled fiber glass boat (Dorsett
Marine), new light helicopter (Bell ampng ; consumer -goods, .,capital
Helicopter),1 rocket belt for U. S. goods and defense products, it wili
in the next year or two • reach a
Army, an automatic landing sys¬
tem for Navy carriers, new high volume of $600 million a year in
At that time, a tax
energy rocket engines1 for space gross, sales.
rate of 52% notwithstanding, and
satellites, the largest hydroskimnow
HALSEY, STUART &. CO.
showing
ings when the tax loss carry-over
r
'
white
June 1, 1994
.
announcement is not an
of
number
a
were
ing industry. -Yv/Y-v/
'*
'
Price 100% and accrued interest
fhis
which
has
Additional
.
by selling
assets
tions
outboard motor (Homelite)
{.
'1961
chemicals for, the protective coat¬
Refunding Mortgage: Bonds, Series HH,4%%
Due
com¬
in July,
acquired
was
animal.:
This
frames, cooking uten¬
sils, shoes, office copying equip¬
ment, proprietary drug items, fi¬
berglass boats, chain saws, special
$65,000,000
First and
products,,,
for $27.5 million in Textron stock.
as
.-.Textile
re¬
oil
feeds and soybean oils.
22
15
Defense
disappointed employes
President's
are
' '
.
.
The most
tions
■
.
about $1,300
as
24
29
_______
ployed by a private agency get as
high as $300 a day.
the
offer
diluting the equity of the oper¬
ating company. The-most recent
example is seen in Spencer-'Kellogg, a 68-year old manufacturer
______
make
-
to
; a low profit margin.
Already $13.5
//, million of a $22 million
three-year,
Some of the top
government 40 Wall Street,
2,129
418
employes
could
undoubtedly New York City. During the war; Net income
4,619 / 4,120
$28,000 on Jan. 1, 1965.
good in private industry but Mr. McCreery served with the ]
Earnings per share
$0.92
$0.85:
He wants to get these jobs com¬
private industry is not .offering U. S. Navy on convoy duty as
Textron's fundamental philoso¬
them enough jobs to threaten the Executive Officer of the Williams¬
petitive with private industry, he
says.
Government employes get government. Not by a long- shot. burg which was based in Iceland.; phy is the bringing of a new con30 days annual leave and 30 days
On Capitol Hill there are jobs He later served as Executive Offi-j cept into the broad spectrum of
business of what may be called
sick leave.
They get retirement of $17,000, $15,000, $16,000 and cer on the attack transport Storm'
and
health
insurance
to
which any number/above 10,000 even King in the Pacific. His last active; /multi-industry manufacturing" or
the introduction of top grade tal¬
they contribute.
for women. But they work long post was Commanding Officer;
ent from numerous Squrces in. the
Stenographers are paid around hours, including Saturdays, and aboard the hospital ship Samari/
when they go home during their tan, which took part in the Iwo" aclministrative, legal and .techni¬
$8,000 a year, better than the scale
cal fields to give cohesion, balance
of
stenographers in Washington boss' campaigns they have to pay Jima and Okinawa campaigns. He- and direction
to the several divi¬
their own
expenses.
They in¬ reverted to inactive duty in; 1946:
generally.
sions and the many operating sub¬
clude
lawyers,
economists and as a Captain, and rejoined B. J:
But as to the higher paid sci¬
sidiaries assembled
under
one
other professional
Van Ingen & Co. Inc.
entific and professional - employes
men? too.
management.
'
' ]
Mr. Miller started his invest¬
If Mj. Kennedy gets, his pro¬
they have a device for/ getting
Accordingly,. Textron Inc./now
around the ceiling.1 They work on posal through, it is almost a cinch ment banking career with' Bd.. C.i
com prises ,31
operating divisions
a per diem basi^ for $100
that the Congressmen and Sena¬
a day
Wright of St. Petersburg, later i-n six.major groups.; These prod¬
in some agencies and. $200. a day tors will raise their salaries, too.
uct
group sj w i t h ; percentage,
joining Robert H. Cook," Inc. He
in others.
The Defense Depart¬ Mr. Kennedy
in submitting his
became associated with Van Ingen changes, from 1960-1961 are listed
ment has 5,000 so-called consult¬
bill said that he would support
as follows:
/
ants working on a per diem basis.
them. The sum of $22,500 a year in/November, 1941 and was instru-'
% of Sales—
The Department of Commerce is which a Congressman gets sounds mental in
\ Y' Y L
" V?"
1961 *" ' I960 /■
opening and establish-'
trying to get its per diem pay- up like pretty good money but by the
6%
ing the firm's Miami office, First YAgrochemical
from $62.50 a day to $100. Some time/ tax
deductions, insurance,Automotive
18 "V/C17%*
National Bank Building, He has'
retirement
per diem workers who are em¬
and
health
care
are
Consumer
on
policy .of
Textron
treasury shares in ex¬
change for. acquisitions which, of.
course, has had the effect of nolt
,
'<■:
137,402 111,804.
Pre-tax profit
Fed. income taxes
of
a
shares
own
vestment
•
.
Fourth Quarter
<-
the
been
of
with
cents
9
or
common
management
its
months
black
merger,
quarter's. results
1961 compared with those of
for
in
office
New
The
the
on
It i.has
•
.
would be
p
in
nounced
led to believe. Mr. Kennedy wants
to
of ' all
self
hold
overturn,
20%
Cabinet.
so's
rivate interests. ciated with
the
Charlie
Wilson,
of
G e n e r a 1 Van"
Ingen
class.
Motors, it will be remembered,prior to World
He
is, however, exaggerating gave up all of his GM stock. But War II in the
the
plight of the higher grade John A. McCone, just appointed- institutional
the
Central
Intelligence
employes. The jobs never seem to to
sales
depart¬
Agency, gave up nothing and an¬ ment at the
go begging and there is no great
he
share
a
common
equity, which
approximately $5 a share.
William
A.
McCreery,"•of. New , /.While earnings fell off from
I
nave
known
two
or ■three'*
$2.93 in 1960 to $2.06 a share jn
York, and F. Boice Miller, resident
characters ; who
always
prated
1961, thefe were heavy starting up
manager in Miami, have been
about
the
sacrifice
they
were
costs fbr four new Textron plants
elected
Vice-Presidents of B. J.
making and finally left to go out
which, along with the early 1961
Van Ingen &
in
private business.
In ( a short
slowdown in general business, had:
Co. Inc., lead-:.,
while they were back to make
a retarding effect on the
company's
ing under¬
the sacrifice again and glad' to
earnings, .a YA//./■ -Ca [.Uf;
writers
and
make it, too.
dealers in mu¬
However, fourth quarter -earn-;
Mr. Kennedy is trying to' re¬
ings continued the pattern of
nicipal bonds.
verse
the
practice
of making Mr.
steady improvement in operations
McCreery
every high appointee divest him¬
experienced in the latter half of
has been asso- v
in history
down
proposal to
salaries of government
President
earnings of $287,000
like
to* make
by Textron
three
a
mill
.'is
11
AS WE SEE IT
entered
is.
current materials and current
i T Continued from
entering any
period of recession. What the
lack-lustre reports from the
field
during, recent- weeks
really mean remains for the
projects of ^ex¬
tremely doubtful value, or at
future
require
least that is the way
can get past an almost certainly hostile Congress. The
temporary nature of the relief
granted would rob it of much
of its potency, or so it seems
of
labor
1 '•
page
sistent with current ideas.'!
into
.
;
,
disclose.
to
It
evi-
is
to us;'•
seems
desire
broaden
to
expand
the
and
Chemical
are %doubtless
in}■ some 'in¬
stances humanitarian 'grounds
un-
at-
not only about improve-- tended to, tax forgiveness—as for taking some: such action,
ment (or growth) but about much as real tax reform, par- but we simply must
stop this
sustained upward trends. Nei- ticularly of- the drastic pro- business 'of ; making it easier
therjshould; we Vwish to.1 be^ gressiveness o^Tihe^existihg'- .and- eesibr ifor; those Who; dd
say
anythihg that
dent's
dent
now
to
seems
that the fact that
is clear is
show itself. What
plans, it
the
brushes
with
to work
,
to
;
live
•istration
has
done
is
or
in
en
so
-
\
.
-
..
,
uneasiness,
all that the President
had been
expected^—and," we
might add, expected of the
wrong. things, Somewhat 'the
san^,thing4could be said.of
the
"New
which
Era"
claimed
for
President
would not
■
enough
policies
the
Eisenhower: either
be done
are
J
f
*
-
why
tion.
:
No
action. of
in
tor
Francis
S.
The
Williams
in
1955.
;
Chemical
directors
Fund,
elected
new,
to
enable
active
in.
him,
;the
while
to; the
affairs,
Inc., Manager and Distribu¬
&
Osborn, Inc.;, Before that, Mr.
was
with the headquar¬
ters
the
of
Economic
,
li.U. ji
Vc?/-. V :
■''2j?
buy
'
,
"
*
of tjiese Debentures.
any
offer is made only by the Prospectusi
v
.
s
.
T
:
:
.
,
'
;
.
•
1
$40,000,000
^
r
the.
South European
....
Pipeline Company
.
{A French Company)
5%% Sinking Fund Debentures Due 1982
.:
>
able
(SOCIETE DVPIPE-LINE SVD-EUROPEEN)
)
.«
Dated'March 1, >1962
,
v
i
xi
\
.
I
*
w'
j
r
i
—u
J's(
* * ~
/
'
■
■■
;;;
'i
>
Interest
.
,
.
Due March 1,1082
•.
^
f
i
x
L
.
.
'
,
r
",
'
•
t
»
'1
»
payable September 1 and March 1 in Xew York City
>
there
sus¬
Price 100Vz%anckAccrued} Interest
'
f* 5
.
n»- <k-
It must be said that Presi-
dent
Kennedy
has
had?! the
with
courage to come forward
a
rather
far
reaching
y
pro-
-;
Copies of the Prospectus may be obtained in any State from.only such of the undersigned as
legally offer these Debentures in compliance with th&securities laws of such State,
of anti-recession activ- A
ity despite the obvious; dan¬
ger that such action on his
part at this time would likely
be interpreted in many quar¬
ters as indicating lack of con- f:
may
gram
i
fidence
tion.
in
The
remedies
the
is
that
what
is
MORGAN STANLEY &
DILLON, READ & CO. INC.
situa¬
current
trouble
lack
CO^
.
LAZARD FRERES & CO.
THE FIRST BOSTON CORPORATION
KUHN, LOEB & CO.
Incorporated
his
THE DOMINION SECURITIES CORPORATION
re¬
GLORE, FORGAN & CO.
GOLDMAN, SACHS & CO.
quired to do what is sought,
HARRIMAN RIPLEY & CO.
and indeed for the most part
Incorporated
likely in the end to be defi¬
nitely and positively harm¬
are
ful.
In
of
doubtful
k
individuals
merit—even
is
.
of
if "it
;
:
*
y
t $"*■:-■'>.
PARIBAS CORPORATION
March
H, 1962.
t.
Incorporated
J
i
i-- '■
•;
MERRILL LYNCH, PIERCE, FENNER
.
Incorporated
r..
SMITH, BARNEY & CO.
Incorporated
-
.
LEHMAN BROTHERS
KIDDER, PEABODY & CO.
;
CARL M. LOEB, RHOADES & CO.,
our
estimation, his;
plan to give the President
power to reduce the income
taxes
Cooperation
Administration.in Paris, France.
to
Shows Courage
Q'
Presi¬
Eberstadt
of
:
ture for business.
-f
also
F.
Cannell
remaining
Fund's
is
tained Vconfidence in the fu-r
*.~t
was
Barton, Durstine
office of Honorary Chairman
Eberstadt
F.
He
director of
,
get done. President Ken--.
nedy has been inclined to
swing back toward the New
Deal and its works, and in
t* V-'£
He
Chemical Fund, Inc.
Mr.
Cannell previously had been with
Merrill Lynch,
Pierce, Fenner &
Smith Incorporated and
prior to
that with Batten,
Peter B. Cannell
also
I960.'
and
& Co.
sort
any
firm
a
.which left
could
The
•to
such programs as these
is
no ; nourishment
for
in
the ."management of, Chemical
Inc. since he joined the
dent
we
TJu$wi^oiuicemeTi
great or permanent rewas
Trust
Vice-President of Chem¬
ical Fund, Inc. in
1957, Executive
Vice-President in 1959 and a di¬
for the most
his
personal popularity behind
his fiscal plans, and hardly ' ?
had .much right to expect any
~ rsuits from what he
Williams
partner
a
economy.
or
of
Co.* has been active
con¬
could not put
full.force of his party and
very
Mr.
,
the
Co.,
Wil¬
Old
■
be expected
the things
it;. On
wreck
?
could
trary, it was evident
that if continued such
would
1932,
called
nonsense
with any reasbn
to
do: any
of
Mr.
joining the Eber¬
in
the
Cannell, also
elected
■
there - was ' nothing in
conglomerate of ecothen
Before
firm
with
Mr,
in
Vf}.;
nomic I
Fundr. Inc.
F; Eberstadt &
by
.need' not'.expect a great deal
this. Administration is
that the things necessary to
works and the like. Despite
so
far;as it exists, is in considerable degree that too much
course,
all that
1955.
stadt
rector
The ' basic; reason
funds' for; public
&
Distributor
a
'Mr. Prestigiacomo has been as¬
large part of ex¬ lighten his administrative respon¬
isting national policies intact- sibilities. Mr, Eberstadt continues sociated with Eberstadt since 1950
could hope to be / very effec¬ as a director; of" Chemical Fund and has served' as
Assistant-Treas¬
do / to expedite/ procedures^ r
tive in building business corn and also as senior partner of F. urer of Chemical Fund since
1956.
there would be an appreciable <
Mr.
fidence, and any very .basic * Eberstadt & Co., whose whollySmith, a certified public
lag in these operations, but in
change in the course of r the owned subsidiary provides invest¬ accountant, has had extensive; ac¬
any event the ' way to eriAdministration can hardly be ment' management to Chemical counting
experience,
first
with
courage legitimate business is
Price Waterhouse & Co. and later
regarded as likely.
What is Fund and distributes itsv shares..'H'Vtpytvt.
•<ctr< tp
nbt to siphon off 1 arge
The
board also
elected
N.
J. with the'law firm of
really needed is a sweeping!
Debevoise,
change in the general tenor Prestigia'como -Secretary arid Plimpton'& McLean.
The basis for present disor
in
-
mAm<m
Thte - Basic -Reason
long
wholly-owned
Eberstadt
and
liams was elected
a
Vice-Presi¬
of; direc-i dent and a director of
Chemical
S. Wil¬
Fund, Inc. in 1942, Executive VicePeter B. President in 1951, and President
'
spending large
satisfaction
Chemical
r
us
F.
*
Manager
Fund,
tion~
much
additional
years.
rector of that firm's
Inc.,
Chair¬
new
Colony
Company in Boston. A
_
the
President.
the
Vice-Chairman and di¬
< subsidiary,
was
part
prospect of doing has laid a-term future of industry and
diametrically inconsi stent
basis for the unremitting ad-* trade in this
country. This, of:
-with the; program and the
vance which was to establish
course, is particularly true of
philosophy of the Administra¬
a
different order of growth his plan for
over
board
Francis
Chairman,; and
Cannell
'
Fund's
elected
Assistant
partner of F, Eberstadt
a
Eberstadt
these
enthusiasm about the
has
liams-
vigor at this
from
nothing that this Admin- time is quite enough to damp-
that
Williams,
is
their wits—-as many - now are
Presi-
off
Mr;
■ablest) - dq;Mthout any ques-!
As to the rest of the PresW
presently old ideas and presents then!
may
nob wish
law, is,to .be.desired^-is .likely \
to fail in its objective;
* ; ;
interpreted v as alleging that
anything in particular that
the Kennedy Administration:
has done is directly or chiefly
responsible? for such hesitation as has appeared or for
^
man,
Names Officers
tors
and
Treasurer.
r
Chemical Fund
payment' of
.
recession* and
problems a are
and Robert Smith As¬
Secretary
& Co. and
much unemployment insurance
dent enough, however, that more is required to bolster the will, '. we
suppose,strike a
the course of business is now economy against periodic popular political note. There
giving a bit of uneasiness to spells.of
those who had had so much to; til. these,
sistant
of
program
jjyA/.';"A'
His
.
to
it
broad
a
legislative action—all incon¬
to us, and in any event
or
public policy which\ would; Treasurer,
-
WHITE, WELD & CO.
;•
V~
;
SMITH
'■
DEAN WITTER & CO.
12
(1272)
The Commercial and Financial Chronicle
Our
JOHN
BY
Reporter
T.
gation have the greatest appeal to
the owners of the issues eligible
for the exchange in the recently
completed advance refunding
operation,/but it: is now being
bought by investors who were not
on
'•...'•A
involved in this maturity extend¬
ing offer of the Treasury because
the yield is attractive and the due
CHIPPENDALE, JR.
Next
The Treasury
nounced that
indicated
$1,800,000,000 would
from
1998
the
due
1995
along next
line, followed by the 4s of
and
or
not
existing, bull
has
been
market
been
in
distant
intermediate-
are
funds
earmarked
for
loans
provided
which
nominal
the
should
be
to
happen
business
in
a
"junior"
"bull" market in
well
obligations,
but
what
is
no
as
Governments,
bearing
question
loans,
at
on
are
on
the
same
the
due
time
long
is
the
non-restrict¬
-
120
New
York
Stock
that
become
its
partment.
of the
any
offer to sell,
nor a
1965078
Melchior
paid for voluntary sickness insur¬
ance—amount to less than 5% of
Palyi
the
over
income
associated
Municipal
Prior
to
E.
with
Sales
rise to
not
the
$2,300
of
was
that'• half
annual
even
of
;
It is
the
include the children!
just
a
in
for
offer to buy,
The
care
is
people's health and
productivity; its cost is
a
produc¬
investment, not just spending
consumer
goods.
March 14, 1962
300,000 Shares
But
Private
it
protection
per¬
sons,
protected
were
Shield and
if '{■
%
to
insurance
and
penses
against surgical
the
In
the
light
of
the
foregoing
i
Surgical
Expense
Expense
Regular Medical
Expense
12,312
32,068
76,639
1
5,350
12,890
4,713
54,156
21,589
55,506
,3,000
91,927
101,325
J
data
compiled
Council
from
64,891
71,813
108,931
111,435
'
:
75,395
116,944
official
82,615
121,045
131,962
87,541
sources
(New York).
by
the
American
iv':;
TABLE
t
Health
/•-
II
Total Benefit Disbursements
(Millions of Dollars)
Type of Benefit and Type of
Insuring Organization
Benefits Paid
% Increase
in 1959
Allen &
Company
A. C.
Allyn & Co.
Schwabacher & Co.
Blue
Cross,
Unterberg, Towbin Co.
$3,250
$753
604
671
11.1
152
175
15.1
:
r 12.5%
Bear, Stearns & Co.
Stein Bros. &
Boyce
n
10.2%
Blue
Shield, and
Medical Society Plans.__
Independent Plans
t
C. E.
12.5
12.0
Surgical & Medical Exp. Benefits:
——
Granbery, Marache & Co.
126
$2,889
Society Plans
Independent Plans
Company
13.0
112
in 1900
„
and
Medical
Total
Burnham and
1.647
$683
Blue
Companies
Cross, Blue Shield,
$1,477
1,458
Insurance
in I960
$1,319
Hospital Expense Benefits:
Copies of the Prospectus maybe obtained from the
undersigned only
in states in which the
undersigned is qualified to act as a dealer in
securities and in which the
Prospectus may legally be distributed.
ex¬
"regular
Surgical,
Expense*
115,949
121,432
123,038
127,896
*The
of
I
107,662
Insurance
Price $7 Per Share
cost
medical care."
is
Hospital
1950
;r
Blue
of
a
co-operative type. Similar
percentages obtained with respect
1956__j
'•t
by
Medical Society plans
1955
($1 Par Value)
hospital
of the total number covered.
Another 41 %, or 58 million
(000 Omitted)
1945
Common Stock
against
expenses to 79 million persons, or
And Regular Medical
1940
Products, Inc.
Coverage
of 1960 insurance
companies sup¬
plied
TABLE
End of Year—
$1,439
•
.
$1,599
'/
.
$838
——
$5,166
-r
'
.
n-1%
Loss-of-Income Benefits:
GRAND TOTAL
of
con¬
noteworthy that at the end
Number of People Protected for
Hospital,
NEW ISSUE
number
55%
beginning
"logical" follow-up.
basic argument is: Medical
essential
the
self-insured and the type of
tractual arrangement.
hospital
of $700.
on
cine the
Ira Haupt & Co. for four
years.
an
are
-—•with all-around socialized medi¬
of these securities. The offer is made only by the Prospectus.
International Stretch
capita annual
per
the
65. The
over age
claimed
All of which is
De¬
joining
Mr. Balis
people
financial
There
If so, the total
taxpayer would
nearly $6 billion. That does
burden
Balis
municipal bond department of
solicitation of
fantastic
a
"produce"
expenses
Exchange, have
Charles
Wertheim & Co.
the
them
on
an
Dr.
shows
reality,
tive
This announcement is neither
private medical -ex¬
together with premiums
.
President
Broadway,
City, members
firm in
1971. Not only did this obli¬
Co.,
York
has
4%
collectivism?
penses—
problem would emerge.
New
term
created
is the rest to follow on the road
Actually,
There¬
16 million
&
announced
intermediate
care.
as
Wertheim
leading issue
recently
lag
In
they have been in
the
se¬
this type
compulsory
sorb
of
Adds to Staff
Popular Treasury Bond
Issues
this
to
Wertheim & Co.
these
accelerated rate.
an
At
area
place,
funds
the -keeping1 of
tary authorities, the purchases of
selected Government bonds goes
vestment
took
ex¬
distant
more
the immediate past by the mone¬
Most
these
the
ed basis which
in
of
and
markets
corporates and
has been so
sentiment
until
With "the* money
and capital
on the easy-side because
of
the
absence of demand for
in fixed
some
foreseeable
markets
as
income bearing
securities since the change in in¬
because
increase
the
future.
There is positive evidence that
large amounts of money are being
invested
loanable
to
or
ican social
average American
time goes along?
This fore, an annual V2% should be
(see Table IV). And a large ma¬
very narrow margin of balance is added to the social
security tax jority of Americans
is insured, or
based
on
a
booming
economy —a tax on payrolls (up to $5,200
covered by non-government or¬
which may not become a reality.
income) to be carried in equal
A small/surplus could turn into a
ganizations, as shown in Table I;
proportion by employers and the
benefits are summarized in
large deficit which would have
employees. That would cover "all Table
II.
' '
<
a marked influence on
money and
costs," with a $20 deductible for
The data in Tables I and II do
capital market conditions.
up to 90 days in a hospital "for
not
include
information
about
a
single spell of illness" or for
voluntary protection against the
180 days in a nursing home;
also, loss of income due fo'
disability.
all "diagnostic" expenses over $20.
Table III
to
this
for
likely
for
for
"m
funds
tax-exempt bonds
good of late.
looked
the Central Bank is not to be
an
sizable
on
there
not
much
pected
are
currently
outlet in bonds in a
way. This
gives the an¬
to why the market action
seeking
swer
income
be
future. Therefore, an upward re¬
vision in either the prime rate or
or ..■■•"senior"
Governments,
all fixed
as
Whether
is
very
"junior bull"
in these issues.
to
is
Congress
that the Amer¬
to the
With its very small surplus if eco¬
nomic conditions should continue
though the great
even
spring, the demand
funds
prices of intermediate and longterm Government securities is be¬
household budget, as
indicated by the data of Table
IV,
Why pick on the medical costs—
ab¬
growth
maintaining health
hospitals, (.etc.
doctors,
consumer's
en¬
larged
of
the
for
are
And the former loom much
larger
than
the
latter in the average
And
President
Also, what will
1962/1963 budget
rate
com¬
"productive" investments
portant
than
pa¬
tients).
the
at
system
predicted
the
be
governmentalized,
fact, they are far more im¬
too. In
cost
the
curity
prediction
be
should be
if the recovery should assume the
an
therefore,
munity has to step in. By the same
token, food, housing, and sanita¬
should
majority are now of the opinion
that, while some betterment in
"Bull" Market in Bonds
(allegedly) too expensive for the
proposed /to
prime bank rate,
upping of the (dis¬
experiment and its
individual;
Medical
The unexpected bull market in
bonds, due largely to the slower
ascent
of
the business pattern;
might not be of too long duration
along with
The buying of Treasury obliga¬
tions is expanding so much that
the
current
upward
trend, in
children,
tion
S.
increase
past.
of
and
action of these obligations is ex¬
to be more stable in the
future than it has been in the
this
needs"
U.
Federal Budget Key Element
In Bond Picture
in the
medical
contemplating similar plans.
care
which
which had
not distant future.
market
"urgent
nearly all money market special¬
that, with the
advent
of
spring, the loan demand would be
sizable enough to bring about an
pected
sad
other States
ernment of the
count rate. Some still hold to this
a
The
(to
ists
safety
of Colorado's
on
institutions
minded investors since the market
as
sobering effect
President Kennedy, and the
"haunting fears" of old people—
they should be met by the Gov¬
far have not materialized.
so
a
nancial district since it had been
the well considered predictions of
will continue to attract the atten¬
ing referred to
is made to the State
/
said
33/2S due 1990 and
vice-versa.
Purchases of
too
By Dr. Melchior Piilyi, Chicago, III.
.
come
the
up by
those
have
surplus
pleasant sur¬
prise to most sections of the fi¬
amount
of
opinion
Government
bonds
as
institutional
term issues have also been stepped
There appears to be more than
well
':
Rates Likely
borrowers, save
refundings from time
to time by the Treasury.
as
in the
No Changes in Basic Interest
non-Federal
income
the
tinues to expand. From the avail¬
able reports, it seems as though
common
is to assert itself again.
for advance
of
of
ob¬
investors unless the inflation fear
The
tion
sale
be
1980
bonds
that
the
in
work
will
And there is apparently
going to be no great change in
existing investment policies of
at the start of 1961.
passing
to
put
funds
since
>
unnecessary
demand for this longer term bond
with the higher coupon rate con¬
will
sums
the 3s
This continues to leave the longarea or the
capital market
a
sizable
be
1975/85
addition, it is
stocks.
term
around
In
the
larger weekly bill offerings in its
money
raising operations,
the Treasury is staying with the
pattern which has been in use
since the Kennedy Administra¬
to
to
These
tained
obligations, including
over
that
continue
bonds.
new
tion took
stocks.
T
Figures cited show ample health-care is provided
privately making
the current-Administration plans for
adding to 0ASI
compulsory Federal health-care provisions.
Moreover, the writer
avers that the Government's
entry into this field will bring on a "fan¬
tastic financial
problem," and lead to socialized medicine. Reference
in
popularity, according
indications, is the 43/4% due
to
of investments in
expense
common
be raised through the sale of tax
anticipation bills which will ma¬
ture on Sept. 21, and can be used
to meet tax payments on Sept. 15.
By continuing to make use of
short-term
the
at
again came into the
when they an¬
last week
;
.
date fits well into their schedule.
market
Thursday, March 15, 1962
$839
0.1
$5,088
10.1
Volume
195
Number
6142
figure, it is difficult to maintain
that private enterprise and initia¬
of
The Commercial and Financial Chronicle
.
hospitals and other medical far
V ;Y.:''Yv-Y'"''
"'V
cilities.
..
.i
.1
tive
not capable
are
adequate
cost
of providing
protection
sickness
/ of
the
resort
to
against
insurance
The
the
Actually,
care.
and
to
Blue,Gross-Blue Shield type plans
is rapidly spreading. There were
at the end of 1960 nearly 50 mil¬
lion people left without
any kind
insurance;
probably
several
millions joined in 1961 and other
of
.
.
Even
of the
medical in¬
survey
system
of
surance
would
be
without
reference
to
ment
in
socialized
incomplete
experi¬
the
medicine
Additional Ways to Invest ;
;
Besides Common Stocks
-Y-Y:
financial
trouble
had to
measures
and
in¬
be
stituted,. virtually cancelling the
benefits.
Free-of-charge hospital
ing hardcore that is, supposedly,
care for the elderly has
been re¬
not in the position to carry even
duced to a "life and danger only"
relativelyV modest
insurance
basis.
His
or
her expenses
for
charges, or is uninsurable? Lately,
well
as
visits
several in¬
as
companies
have i intro¬
policies for the old-aged,
surance
duced
with the
to
now
doctor
maximum
a
office visits
or
a
six
of
year,
limited
are
home
and to hos¬
specifying unusually liberal terms. pital stay for 21 days per annum.
All these benefits were supposed
As it is, 53% of all people o:f 65to be available in an unlimited
arid-over were covered by health
fashion and at practically no cost
insurance at the middle of 1961.
Blue
Shield
brings
at
out
this
"all
to
needy
persons
less
measures
than
cost
economy
became imperative. The
—
—
of
care
kinds
all
wholly the
age group
risen from an
largely free of charge.
or
In this
category belong the "free
services
of
the
Federal
Govern¬
ment not
only to nearly two mil¬
of
the
military
establishment, but also to "vet¬
lion
8%
income,
or
more
Richard
women, who had been en¬
during a war — from the
Spanish American to the Korean
affected, whether
war—are
their
--
service;'
tended
free
Ofteil,
to
members
$1,500 million
By Sales Training Inst.
itures
231
total
on
of
this medical
public
health
expend¬
reached'$6,-
care
million in 1960—$850 million
than
more
in
the
previous
And they are rising.
philanthropies,
lay
organizations,
1960
$675
As to private
they
million
on
contributions
not
to
securities
sales¬
has been announced!;
Sales
Training
Institute's parent
noted that in light
of
the
stricter
regulations
and
examinations established
by the
National
Association
of
Security
expanded its
Dealers, S.T.I, has
teaching services to meet the
requirements.
Mr. Oiler is
a
new
today, one
speculative,
their
third of
be in
previously
Vice-
City.
to
to
Y
>
of the Utilities.
preferreds
Company Total.
_
3.400,000
550,000
550,000
Total, Persons Protected
:y®1Y
Per
.
Capita
"
Population (000's omitted)
Personal Per Capita Income.!......
*
Y
1950
'
$595
$1,491
Personal
'!
_^
_
$57.80
$109.99
16.05
27.66
11.37
Consumption
£_'■
;
6.92
Y-
T
Y-
-
f
Y
Fund,
Burr,
to
principal and interest.
My favorites are the U. S. Savings
as
Bends
Series
terest
is
cashed
re¬
.
of
months.
seven
Or
the
year.
10 years.
H
pay
cashed
be
at the
Mr.
Bank
like
also
4.16
York Life Insurance Co.
to
he
was
189.07
16.21
29.27
227.05
1,289.48
544.74
■"*
1.834.26
*
S;
Dept.
•'• '*
of
•
Commerce."
re¬
with
mention
interest paid by Savings and Loan
Daniel Reeves to
Admit. Two
readily at
YMunicipal Bonds and
next
rate
Municipal
of
is
non-taxable.
I
prefer the bonds of state capitals
cities
usually located in the in¬
the state. State capital
of
seldom
suffer from
can
Funds" which can
for
buying more
common
or
preferred stocks—or
for buying more bonds,
or
real
estate
whenever any bargains
as
be
Bonds
especially for those investors in
a high income bracket because in¬
thereon
which
time be turned into
any
cash. This last third I like to think
Governments
I
bonds
short-term
good.
unem¬
"Liquid
used
Drive, members of the New York
changes,
in
any
investments.
In
of " these
Stock
Coast
This advertisement is not
an
Ex¬
April 1 will admit Ed¬
ward J. Bourbeau and William A.
Barnes to
partnership. Y
Opens Branch Office
possible PINEHURST, N. C.—Plans Incor¬
Y
porated of Washington has opened
must say a word
Inflation. With Presi¬
closing,
regarding
on
later
—
occur
Pacific
and
I
dent
Kennedy spending Federal
money
so
freely it seems that
a
branch
Bank
office
Building,
in
the
under
Carolina
the
man¬
agement of Robert C. Fisher.
offering. No offering is made except by a Prospectus
filed with the Depart¬
of Law of the State of New York. Such filing does not constitute approval of the issue or the
sale thereof by the Department of Law or the Attorney General of the Slate of New York,
•//"■ 'V■' Y'YY;YYYYYYY YYTY
:YYYYY'Y':'T ; ':YY;: /YYY '• YYY YY/YfY :YY-^-'Y Y: YY
;y'
Share
Copies of the Prospectus may be obtained from the undersigned,
only in those stales and by those persons to whom the
undersigned may legally distribute the Prospectus.
8.59
163.02
Most
associated
Hayden, Stone & Co., where he
was manager of that firm's mutual
Associations, Commercial Banks, funds department.
Mutual Savings Banks, and Mu¬
Tel & Tel. Co. which puts out
debentures of the highest grade. tual Funds. These pay 4% or more.
This company has just issued $300 An ideal investment portfolio, in
million due in 32 years—yielding my humble judgment^ *iow. con¬
sists of about one-third in common
about*A>k%. First-mortgage bonds
in
preferred
of strong railroads are w or thy r of stocks;.; . one-third
stocks* or<>corporation bonds; and BE VERIFY
HILtiS, Calif.—Daniel
consideration. All State Bonds • i—
one-third in bank deposits or good Reeves &
not "revenue bonds"— should be
Co., 398; South Beverly
bonds, sticking to
mortgage bond except for large
corporations such as the American
446.43
157.34
&
Reed after ten
Y- 28.97
365,25
in
with
Waddell
cently
should
securities
years' sales experience with New
Accounts
or
I
n-
a
Kingsentered
1 955
Donald E. Kingsley
of
3%%.
t,
business
Both Series E and Series
about
Depart-
the
are
end
n
ley
S.
on
These Series H bonds
B.
nounced.
years
U.
e
in
which
the interest is paid by check twice
issued to
Following
the
preferreds we
may consider high-grade corpora¬
tion
bonds.
These
yield
about
end
Inc.,
Director
of the
on
Savings Bonds Series H,
a
quirements It sells at over $140
per share but yields nearly 5%.
the
at
nine
and
Corp. 7% Cum. Non-callable Pre¬
paid
One
Execu¬
tive
which the in¬
when the bond is
E,
riters
Edward
11.11
.13.47
Y- 67.12 J
Y -7.85
:__.l____________
6.35
'
Y-'
SOURCE^'.'Statistical Abstract of the United States, 1901,9..u/
On
U. S.
taxable
are
national
e r w
The
William Street
21.92
:
__..._YJJl-Y*•'Y,.; 54.13
♦Premiums1 less elaiins.
bulk of
Bonds
d
of
179,323
-
Care__Y
Transportation
Total
_
both
Steel
trust"
hand, the
Government
stocks
Of the Industrial
ferred should fit most investor
other
depression.
severe
a
has
u n
$2,223
$22.87
Y
.
Kingsley
City,
19(50
151.234
con¬
been
for
the One William Department of
Lehman Brothers, 1 William St.,
Y
*. New York
.
131,954
.1
A_
of
Price $15 Per
j" Drugs and Sundries
Y 4.81
Y Y Dentists ___;
Y v Y 3.18
Hospitals (privately controlled)J-YY;: 3.99
Insurance—Medical care and hosp'talY
.1.85
sFood
'"154.14
_ _ _
always be paid—prin¬
interest.
The Federal
E.
Consumption Expenditures
Y.yY
in
my
are
named assistant sales manager
42,436,000
1940
•___
.
to "Governments."
Donald
March 14, 1962
National;Realty Investors
9,500,000
a.
IV
Apparel
will
the
preferred
"collateral
'
come
and
uncertain toll
upon
■
,
.
We next
as
pay¬
6,100,000
_
no
Kingsley Named
By One William'
(No Par Value)
31,836,000
Employee Mutual Benefit Association
___
describe other
States
Turnpike
Common Shares
3,432,000
Plans
having
decline
above
1,000,000
35,268,000
a
investments.
New Issue
__
Prjvate Industry
Physicians
me
United
Avoid
into
long fixed maturity
sharply
The
Number of People Protected
14,298,000
Formal Paid Sick Leave Plans:
In Civilian Government Service.
Expenditures: '"
iMedical Care
the
50
under
get
bonds
all
or a
Government is the only "corpora¬
tion" which can print money in
and
purchased solely
Preferred stocks will
be
Y
Disability
Group Insurance._________________ 20.970,000
.'
Stocks
callable" preferreds. Best of these
to
should
clusions after 50 years of studying
non-taxable
are
depend
cipal
yield the most—nearly 5%. I pre¬
fer only the cumulative and "nonseem
worth
now
we
would
price.
worthy of mention. Al¬
These
today.
be
for income:
us.
World War, it could go to 25 cents
or less. This means that preferred
ment
Individual-Policy Insurance
Y
stocks
This week let
securities
If
of
ahead
is
dollar worth 100 cents
a
securities business from offices at
170 Riverside Dr., New York
Insurance Companies:
Personal
,
Revenue
these
receipts.
ployment. Moreover, their income
is largely derived from state taxa¬
;Sarah Osztreicher is conducting
-Type of Protection
cents.
maturity
interest—yet their interest
ments
case
terior
was
December 31, 1960
Net
to
which
some
are
though
Corporation Bonds
—cities
and
Coverage Against Loss of Income Due
Union-Administered
and
Preferred
TABLE jIU
In
or
State
Bonds
mentioned
investor's funds should
an
'
Net Insurance
tion.
popular groups
two of the most
common
Godfrey, Hamilton, Taylor & Co.,
construction
Deduction for Duplication,
investing
should be good for the "long pull."
To be safe, not more than one-
terest
Vice-President of
Opens Inv. Office
med¬
and
several of the most
organization,
providing
counting
the
for
President of Cannan Products, Inc.
in
discussed
I
common" stocks
Inc.
and
spent
"underprivileged" with
services;
school
In
year.
religious
by
appointment of Richard H.
Oiler, Jr. as President of Sales
Training Institute, a New York
men
function.
The
The
based
Y
to the eventual prospects for price inflation.
a
ex¬
annual
an
or so on
the
week
as
"subordinated"
Named
making the announcement,
family Lindsay
Hamilton, President of
Federal Financial
Planning Corporation,
The
spends
•
i^!
care
well.
as
Government
in
veterans'
the
not
or
ailmehts • -originated
Oiler
men
rolled
in
4i/2%.
and
ical
has
members
erans." Ten million
the
over
average $10,837 in
$24,555 in 1959—from 6'.8%
of the aggregate national
1949 to
to
of 65 and
Last
is
1940
13
to their income and safety merits but concludes with
as
foreboding warning
a
to
$2,500 a year
and at $6.10 for couples with less experiment of Colorado has had
a
sobering effect on other states
than
$4,000.
For
this
nominal
of the Union which were contem¬
price are provided surgery, anes¬
plating similar plans.
;
thesia,
radiation
treatment,
inP.
S.
In the context
of
the
hospital care for 70 days, etc.
above discussion, it is interesting
Moreover, people of the lowest to' note that,
according to U. S.
income brackets—partly also those
Bureau
of the Census data, the
in the middle brackets
receive
income (in millions of dollars) of
medical
Y
But the
(February,
of
come
preference
,
60"
over
residing in Colorado.
1962) a new
abuses
have raised the
"Senior
Citizens
Program"
at
such an extent that the
$3.20 a month per person with in¬
writing
Y
Today's sequel to last week's advice regarding equity investment
considerations and outlets takes in preferreds, and government,
private corporate and tax-exempt bonds. Mr. Babson expresses his
Y-
after. But what about the remain¬
Blue Shield
Y
The present
—
by the - State of Colo¬
By mid-1961, the plan was
serious
in
By Roger W. Babson f
inflation
eventual
in
stocks—and
'
un¬
dertaken
rado.
economy
likely to follow there¬
are
Experience ' ,,Y
short!;
a
American
v
millions
Colorado
(1273)
Lee Higginson Corporation
14
.The Commercial and Financial Chronicle
(1274)
Steel
Production
The State-of
,
'>>.
TRADE and INDUSTRY
iLook
'
Index
Price
Production
Business
v/:v -vv;;;.
'
v'/W ucts, Steel reported. Hit by slack
Impasse
Trade
Food
Auto
i
for
a
nickuo
in
steel
Failures
are
-
•
convinced union and
commodity Price index
t
are_iar apart
in
manage-
the
look,
Monthly
of
in part as follows:
"A
of
issue
March
Review
receive
York said 1 through
'
'
-
the
Federal will
the
Banks of New
Reserve
negotiations last week, the
possibility arises that the economy
wage
orders,
~
-
further
a
sharp
a
unless the
boost
spurt in steel
Administration
material
"ith
Tannarv
and
formation
the"framentarv
in-
fa^avS"able lor
thus
4n§
again
soon.
only
would
be
Such
stimulus
a
temporary,, how-
U
only
S
clue
/1:*
They resisted building inventories
January and ; February..:
users, such as automakers and appljance manufacturers, started to
pnt„c
in
size
of
the
thP
«f35?
Jations
ules,
*;
i«v*jwv*
material
finished
companies
plus
;
" calculated
a
;
)
in
their
hedging
v
■
+
Yor
j
the
stitute,
■,
,
American
ended
000
lulls.
This
than
its
share
of
such
for example,
year,
se-
vere
snowstorms blanketed large
parts of the country during January. Even though such an influ-
it
again the auto industry that
the decline. Auto assemblies
was
led
dropped
10%
from
December's
record annual rate of 7.3 million
not
most
notable
declines
in
January were in industrial production, nonagricultural employment, personal income, and retail
sales.
For
February,
the
reports
far indicate that automobile and
steel
ingot production
so
.
after
allowing for the
sonal
influences.
level,
the
was
normal
At
February
declined,
the
ended
March
March
10
this
3.
amounted
to
23,804,000
up
seasonal
"In
contrast
adjustment.
to
the
rable
declines
by manufacturers
goods,
■
in
of du-
Clearings 1.40
Than
Bank
show
Higher
do
iii 1961, ,Week
clearings
this
increase
the
i
Government
expendi-
that
the
pansion
With
wun
underlying forces
continue
tho
me ciri^.
sudden
All
quite
u
,
of
ex-
strong
C£
n
,
break-off of steel
points out that delay can
- no
harm. President
nniv
cav«
lf
•
<;Index of
,
iic
fi"i,rp
^
•'
v
"
-
;V
Production for
T'-
-
fnv
Week Ended
March 10,1963
*
J
.
East
Coast._
118
Buffalo
118
131
Detroit
163
Chicago '
unvom
133
™
will
an
year
ago.
compared
Preliminary
McDonald;': has
political
fences to keep in repair. He still
interest."
with
—.
.'v
°ur preliminary
f.
"in
press
the
**
;
/
125
Louis
122
Southern
100
Western
119
'
Total
; :
>
127.1
^____
*Index
•on
for
a
Auto
Wflatkma^rndde"
March
mru.timu.rv
halfwav
Ltween
z
ihe tw^ 4des ^ But th»?indnstrv
Pe \wh -™es But the industiy
;JS n« PrePa[ed to iac?®Pt a com
|^u~aj,v the result of Ffdc^l
stand
W ™tkS-
summary"
some of the Principal money
cen-
the
ters follows:
Week End.
,—(ooo's omitted)
Majr. jo—. 1962
s
,
i96i
rhSeVphia
Boston_.___
Kansas
city
scrap
Price composite dropped $1.50 to
.
—
2.5
$32.67 a i.gross ton, lowest since
February, 1961. Last week, No. 1
$33
%
York- $15,558,505 $15,959,266
jce
iSS
793.791
'So?
756,697
+
4.9
509,854
467,660
+
9.0
appears
of record.
NEW ISSUE
March 15, 1962
100,000 Shares
not
(Par Value $.10
per
near
the
entire
said
1
vthat
are
'1961'
•
-
assemblies
running
of production in
46%,/
1961.
;
m.inute before hedging against previous week,
a
possible strike.
:
^
but persisting some
45% ahead of 91,202 cars made in
r
the
continues
the
users
idea
announcement
"n
offer
to
buy
to
they
is under
any
no
were
a
the
closed
year
ago.
industry's
all
of
ventories, closed
its
Detroit
geles for
as
an
offer
to
sell
or as a
' k
/
March 12, 1962
-
*
.
50,000 Shares
.
.' "
Unicycle Corporation of America
'
VZU-C7CLS
■
Common Stock
,
(5(V Par Value)
Price $2 Per Share
Price $1.00 Per Share
Copies of the Offering Circular may be obtained from the Company
only in States in which the Offering Circular may legally be distributed.
'
Unicycle Corporation of America
221
Gentlemen: Kindly send
Name
Pedro, N.E., Albuquerque,1 New Mexico /
me a copy
of the Offering Circular.
.s.U.....v^r4.:..wL.,v,.Tr-'r-
Address
City
San
Ply¬
solicitation of
r'-'
Share)
week.
the week. The company
of these securities. The offering is made only by the Offering Circular.
New Issue
Copies of the Offering Circular may be obtained from the under'
signed only in States where the securities may be
legally offered.
plants
last
mouth plant and
Dodge-Plymouth
facilities at St. Louis and Los An¬
be construed
to
week
Chrysler Corp., effecting cutbacks
to adjust production to dealer in¬
give small
could still
circumstances
same
Fourof
Many admittedly are already far
out in gambling on no steel strike.
.Time is running out at the
mills,
although a slightly slower rate of
This
Liberty Street, New York 5, N. Y.
Telephone Bx\rclay 7-8171
'
5.4
4
'i$*
Rothenberg, Heller & Co., Inc.
the
which- was not com-'
ended until ^mid-August.
Ward's
.
count by
Out-
primarily engaged in the nuclear field)
Com mon Stock
total- of
since " Jan.
ahead
will
that ;
'output
iventory -buying. The rush jhad put in the week ended March 10
been: exPected from general users , was/-estimated at 132,364 units,
about 4%
below
137,883 in the
Yerf ho|ding off until the
Servonuclear Corp.
(T his Company is
current
run,
pletely
taL?SiroPMsaTs"U
S2" "r ThT "Se? Sai.nedt a FePrieve'
as a matter
of May
million
ln Pittsburgh, $32-$3.5 in Chi-1 from having to make the decisions
---- cago, and $32 in — on investing in sizable inventories.
Philadelphia.
only
said
agency
basis* of
end
model
^hdustry po^!as^,
Scrap is stm in a sh
plunge. Steel's steelmaking
the
•
:
/•*'-;*-
-
schedules, the 1962 model
"saa'!f ,n?. lesult of . Federal
at
9.
Thq, statistical
on
tiations.Steel looks for ingot out" 1
••
^28'283'974'316 against ": $27,893,- Put this-week to- be about the f '^Meanwhile, President Kennedy's
102,288 for the same week in 1961
same as the -2,350,000 .tons it esti- .request fo£ ^ .quick resumption of
totals
to U
of
the entire 1961 model
run, Ward's
Automotive•
Reports
said
on
non-intlationary guide-
about
•
production thus far in the
model/year has reached
3,675,000 units, equal to 68%
fact-finding board.
*
Period..-.li!■.'.;•
.u;
1962
.
are
Greater,>,Than, in "1961
■.d
>
Recommend settlement terms.
ernmenis
.^ ' "
production
Assemblies/to Date Arc
•
•Offer mediation services.;
Appoint
weekly
based
'
\
-
production
1957-1959.
Auto
,
of
average
for
national
;
The government could:
figures
telegraphic advices from the tion of bargaining, Mr. McDonald
chief cities of the country, indicate can claim the government, forced
ot
the.
that f°r the week ended
Jhat for the week ended Saturday, h1™. to terms and can silence any*
him
any
March 10, clearings for all cities of critics.
•
settlement
a
orders
55
«
165
Cincinnati
itself represents
-
125
Youngstown
Cleveland
nnt
Pi
it coif
;
>
Ingot
'
*'
emnlnvm^f cnS
total
v
by
follows:
as
n
which is determined to
David
week
of these shares having been sold, this advertisement
1962,
North
it'will
with
St.
hour
p
has about-three months * to .do
battle for his men, and now Presicomplied by the Chronicle, based dent Kennedy has urged resumpa
andtaam °UV
expected to continue upward. This
trend, as well as the stimulus
exerted
by the new orders for
durables, would seem to suggest
iinp
concludes
-Production
Ingot
Pittsburgh
2,Srf ™
^er
union
'leading' indicator, the United States for which it is , Curtailment in steelmaking opshowed a marked and
widespread possible to obtain weekly , clear- erations, - underway
for
three
increase in January;
according to »ngs will be 1.4% above those of weeks, may be checked by interreports
by purchasing 'agents, the corresponding week last year, ruption of the formal wage nego-
February,
demand
indirateH
-
Institute
of
/.
Districts for week ended March
10,
vnluntarilv
/ •'
a
moreover, further gains in orders
appear to have been registered irl
The
index
^
Th
upon
many economic series, new orders
iany
received
Steel
Bank
cars
the first 20 days of the month
below seasonal expectations while
department store sales moved
«
adptheir
i
,
Th
an early > settlement,"y one' steel
companyexecutive
told $ Steel,
Now I am afraid we've got. to
sea¬
in
(*127.8%), .or 57.2% above
period through March 11, 1961.
the
signed ThTstee?
1
through.':
.'year
.
retail
new
nio
,
"For a while, some industry men
were optimistic about chances for
go down the long road." " T-
'
f
v
tons
steel
new
a
./
In-
week; '
the
10, 1962, was 2,367,- :
(*127.1%), as against '
tons
(*126.7%) in "the /
Production
Indications are that: when the
IhnnlHhP hWnt
output and mineral production - bargaining teams' recessed; March +1°
'rTrt WpI
9
also declined, although the de- 2, they may have been eight cents me .present level,
The Iron Age points out that
crease
in
the former was
less apart in their-proposals.-The govthan 1%."
ernment has asked for a return to three courses of action/could be
negotiations by March 14.
U*
taken ' by
the
Administration,
information
mixed, with sale of
after
total output of all other nonmetal
durables fell 2%.
Nondurables
|0^ract
workpr_
settlement, but it won't come as
quickly or as easily as first hoped,
sales, Steel said.
■
^ W •;
the
"The
Slowdowns
and
wildcat
strikes
often precede contract expiration.
Prospects still favor a peaceful
units (seasonally adjusted), manufacturers sought to bring output
is essentially
seasonal, it is
fully taken into account of by more closely in line with
usual
seasonal
adjustment and during the first three weeks
techniques (which only correct for of February asssmblies were cut
the
average
effect
of
seasonal hack
further.
Autos
were
not,
forces) and may have an appreci- however, the
v only
industry to
able impact on business sentiment, show a decline in
January. The
ence
eaining remains before
g*
Steel
for
by
March
2,361,000
v
full month's shipments.. in-June.
'
compiled
Iron: and
production
tons
week
.
.
more:
'
plans.:;
Week Ended March 10, 1962
,
has
'■
re-
cutbacks, where they
and
not
was
>Steel
consumers: will' have
c
not
strike hedge. Cancel-
a
According to data
.
February indicates little if/; any ever, while rapid • conclusion of which is worse—paying for irisur-nsnea.request, oi,
improvement.
While
concurrent a noninflationary settlement would ance that may not be needed or'
U d a* %
decline*; in several broadlv based
clearly
addr^sto
the
long-run suffering
the
penalties
that
a
Says Quick Settlement of Steel
measures
do
of
course
raise strength
and
stability
of
the strike might impose.
Labor Dispute Contract Requires
/.
doubts, temporary hesitations dur- economy.
They can't
play
the waiting
'w;
Government Pressure
ing a cyclical advance are not unIndustrial
production
receded game
much longer: -Orders for
The'steel industry will stick to
usual. As Chairman Heller of the from its record
^CcIllUvr*
^
»y
high in December. May deliveries of.the most wanted
ppiliyip' a*P
pipbt ppntci npn"*
President's Council of Economic It fell back nearly 1% in
January products,such as cold rolled sheets hour in
resumed negotiations with
Advisers
remarked
recently, to its November level, the first and galvanized, should be in this
tup TTnit ri qtppiwnrkprs nf Amorevery recovery has its sharps and reversal
since
September,
1961 week. Orders for June delivery .
?in+B
tulmn
onfomohiin
chniild
hp
in
hv
Anril
15
AnH
m.
iron /iyC says.
flats, its spurts and pauses.'More- when automobile output had been should be in by April 15. And,
mL.
int nf harH hnr
over, the early,part of each year curtailed by
strikes. In January they won't be able to count on a
^
as
have
users
'
stale-s(,
have occurred, have been based on
revisions in user production sched¬
MiVhi
auto
k
tntai
i qri
~L. L
>
a
Steel Production Data for the
Sf
but-smaller
increase,
of
event
plans. Instead, vthey; !
on the basis of cur-,-
needs
amount
"If01'
aii oi luoi.tsig-
the
their
rent
in
steel orders in the second quarter,
hold
..key?, economic succeedsrin its announced inten-beef up stocks months
ago./"/ rolled", into
receded
slightly in Don of getting the bargaining goIt is too early to predict the
measures
the
to.ns in I960. Nearly all the Cana-
firms
of
number
into
tonnage / before
the
ordering
are
shipped 174>287 net tons
^
^
on
to
Smaller
the business out-
said
in
Major steel
.;
vised
"e"n.f £lore semifinished steel to
labor bar-
added
up
30
mate in negotiations.
business» Canada has been chan-
de-
mand during April now that users
magazine
In its analysis of
Thursday, March 15, 1962 *
.
The United States is boosting
Light of New Contract\ its buying of Canadian steel prod- "June
in April in
Carloadings
■iRetail
.
Pickup iii Steel Demand Expected
Electric' Output
:
.
.-.
State......
TEL..^..;....
.:
Volume,
195.,;Number 6142
plant at Ham(Mich.) ana another £ite
Newark (Del.) during the cur¬
at
week.
y
i\: ' 4
latest
the
Of
-
:
•'
.
week's
will
Motors
General
y
i
week
;
for
i
SECURITY SALESMAN'S
wheat, corn, nams, bei^
57.3%; Ford
Motor Co. ,27.0%;
Chrysler Corp. 6.7%; American
'
lambs.
;,AvV'V//'j
■
The next step
/;;/■//4:
BY j0hn button
when
when
and
is to report these
items correctly and if the
expense
CORNER
knows
15
not to make these investments.
■
lies, lard, cheese, sugar, cottonseed
oil and eggs. On the other hand,
prices moved lower for rye, bar¬
ley, milk, cocoa, steers, hogs and
•
output,
account
for
salesman
higher
prices
were
wholesale during the
quoted
tramck
(1275)
Chronicle
The Commercial and Financial
.
Slightly
at
will close its Dodge
rent
.
.
clerks down at the Internal Reve-<
Service don't agree, tell them
nue
that
If
they
can
take you. to
court.
sales-"
business man and
man in this country, who is
to account on this matter,
stand up and assert his legal
'
every
called
represents the sum
and
StudebakerHow to Sell Nuts and Bolts
would
1.9%.
,s/f 4
l/v total of the price per pound of 31
rights,
raw foodstuffs and meats in gen-*
In a .recent syndicated
column,, with these people—and the larger the
tax
courts
would
be
so
Electric Output 12.4% Higher
eral use. It is not a cost-of-living^
George E,;: Sokolsky said:. "Who-/ and important accounts are often
Than in 1961 Week
v
jammed? that
the • government
index. Its chief function is to show
ever in the Treasury is responsible
in this category—you don't invite would be
compelled" to take a
>/ The amount of electric energy the general trend of food .prices at. for the eurrent excitement over them
to
sup
with you at Joe's more realistic attitude toward the
distributed by the electric light the wholesale level.
expense account deductions, needs
Dirty Spoon. The Treasury De- essentiality of expense accounts
and power industry for the week
to be put on- the job. of selling; partment is doing some tall talkWholesale Commodity Price Index;
as a cost of doing business.
Possi¬
ended
Saturday, March 10, was
nuts and screws or some such obing, and some grave warnings are bly such a development would
/,/ Moves Fractionally Higher
estimated at 16,418,000,000 kwh.,
jects, so that he will learn what it being issued about the size of ex- teach the self-appointed arbiters,
The general wholesale commod¬
according to "the Edison Electric
really takes." Then he. makes the pense accounts that they will al- who are
lacking in knowledge
Institute. Output was 96,000,000 ity price level edged up slightly^ point .that the customer- doesn't low.
•
of the subject/ some of the ele¬
this past week but did not reach
kwn. below that of the previous
have to buy American made goods,
i; Quite frankly, there is no yard- mentary facts of life insofar as
week's total of 16,514,000,000 kwh., its month-ago height, reports Dun- he
can also buy products made in
stick the bureaucrats can devise the business world is concerned.
6 Bradstreet, Inc. Appreciable in¬
but 1,805,000,000 kwh., or 12.4%
Canada, . Japan, West Germany, that will give them a fair and just Vtfp-i-U 1
5•
r-"' v !• yv/v v ''**
Cvj 4:.'VV
A/ "I- /■•■A':*
above that of the comparable 1961 creases from the previous week etc.; and it doesn't matter to the
idea of what each individual salesin prices paid at wholesale for
week.
buyer where the goods originate; man's expense account should be/
wheat, oats and tin accounted pri¬
Motors
;
Packard
The
7.1%;
Corp.
Index
«
.
.
:
yr-
Larson Named
marily for the latest advance, off¬
Were
the United
States in the week ended Mar. 3,
board feet com¬
pared with 233,362,000; in the '■ prior
week, according to reports from
regional associations. A year ago,
the figure was 194,684,000 board
feet.
'
Compared with 1961 levels, out¬
put
rose
4%, -shipments
were
S.8% higher., and orders advanced
.
on
Following" are the figures in
of board feet for the
indicated:
Mar.
»
3,
New
1961
1962
203,932
199,490
245,907
213,733,
dropped
196,044
230,162
194,684
225,320
233,362
orders
Shipments
Mar. 4,
Feb. 24,
-
.1962
Production".
of
or
scene
one
steeh
It
is
selling- shoe-
is
not
that
unless
the
judgment
in
week
here in New York.,
below that
considerably
similar
the
when
a
ago
year
You
Easter
„
1961 Week
Volume in
Above
Iri1fercityJ tfhck < tonnage ih' the
week:':ended,'dXl&rch
ahead
was1 7.8%
3,
VOTUriie in the
of the
cor¬
to
aged
somewhat
fare
ties
better
it
than
terminals of
truck
400
carriers
mon
of
*
than
There
in
com¬
North
Central
to
—7' to
money.
of
after
two"
to
up
Rise in
March
ended
steady
in
364
—2;
Nationwide Department
.
the
1961.
,$100,COO
the
rose
to
,
earlier
week
44
this
of
in
size
32";
close
came"
the
In
ended
a
to
March
increase to
week
an
week
274
and
a
year
in
sales
offer to
buy
ago.
Wholesale
on
from
<$5.91
iThis
March
$5.90
marked
13,
a
the
the
edging to '■■jearlier:
of 5%
was
Price
*The
that
the
fifth
successive
index
has
^fluctuated by more than
■Compared
with
not
J
one
similar
the
cent.
day
comparable period in
-
-
S.
year
the
index
3.0%.:'
7
when
on
it stood
March
.'
13
-
at
$6.07,
was
down
-
*
1961.
/
Funakoshi
with
He
has
—
t
■ ■
Underwriters
become
Rutner,
have
agreed
offer initially 7 0,000
to
Jackson
& 4
Morgan & Co.
4
-
-
time
he
1 A
associ¬
Corpora-
or as
a
solicitation of
be obtained in
such other dealers
any
or
of the
above
shares to
Company and of Struthers Wells Corporation.
..
State in which this announcement is circulated from the
brokers
as
may
lawfully offer these securities in such
Incorporated
associ¬
11 West Seventh St.
formerly with Walston
& Co. Inc. and
or
since
Prior to
Transamerica
Share
per
Hirsch & Co.
Fredric 4'
Inc.,
was
offer to sell
/./ ■:
■.' .."v
ANGELES, Calif.
Gray,
an
•:
(Special to The Financial Chronicle)
ated
last
as
^
Joins Rutner, Jackson
LOS
$10
certain Officers and Directors of the
registered when
:
week
.
[week
circumstances to he construed
4;
undersigned
Inc.,
ichange
with
(Par Value 10< per Share)
3, were 10%
period -in 1961.-4
an
was
ated
1962,
3,-1962, a decrease of 3%
reported as against sales in
was
<•'
•
that
/Class A Stock
The Prospectus may
Dun & Bradstreet,
showed
only
a
fractional
1959.
David Larson'
Feb.
March
by
ager
on
March
same
New
as
Account Man¬
an
of these securities. The offering is made only by the Prospectus.
com-'
;The Wholesale
^compiled
Co.,
Struthers Scientific and International Corporation
compared with the same week in' -j
1961. For the four weeks ending
Price Index,
; Harriman
York,
tc
as¬
with
Broth¬
Brown
March 14,1962
Food Price Index
Steady for Fifth Consecutive Week
Food
sociated
right customers and prospects the
greater the good-will and the bet- PLAINFIELD,4N., J. — Paterson
Bond and James E. Schaefer, Res¬
ter his relationship will be with
ident Managers for Orvis Broth¬
them. Notice I qualify this—there
ers
& Co., 216 Park Avenue, are
are people who desire that the red
carpet be pulled out for them and becoming partners in the firm as
of March 1.
there are those who don't. A good
no
any
Larson
been
150,000 Shares*
For the week ended Feb. 24, a de¬
crease
\
ended
the Federal Redepartment store
York, City..for the
New
the
Mr.
has
in¬
to
ended
below
the current week from 279
324 in
last
was
3,
System
serve
office.
ers
you
in
the New York
&
he invests
cent th^t.
located
be
expenditure, the name
; "i
~-vi^rica Corpo "ation
of the prospect or account, where of : San Francisco from 1955 to
you took him and what you in- 1959
and. previously
with
the
vested. These expenditures are United California Bank in Los
investments and nothing more, Angeles. \
■.
Every efficient salesman knows
that the more he spends on the
Orvis Bros, to Admit
four-week
the
.According
com¬
week
of
1961.
Among
casualties involving losses under
parable
$100,000, there
many
solution
one
an¬
Mr.
will
made the
period
sales ad¬
vanced by 1%
over the corresponding period in 1961.
topping
from
40
and
Board's
down by 2%
were
week.
Failures with liabilities
week'
the
For
only
Presi¬
has
Larson
4
,
Puerto
nounced.
•
pared with the corresponding 1961
286.
was
Reserve
week
24, sales
failed than in pre-war 1939
the toll
when
dent
NEW ISSUE
compared with the like period in .'■/
290 in 1960. Some 27% more busi¬
„
for
Store
reported a 3% decrease for
ended March 3, 1962,
dex
,
„
named
Pico,
3% From 1961 Week
Federal
the
preceding week," reports Dun &
Bradstreet, Inc. Casualties were
moderately heavier than in the
similar week last year when 318
[occurred and also exceeded the
nesses
matter,
entertainment!'Inst'the date
store: sales •<, on: a:
country-wide basis as taken from
the
in
is
every
D epartment:
week
311
from
8
Sales Down
weeks
the
Bank
Rafael
Dr.
customer good-will, presents, pnd
People/Who
This announcement is under
West South Central. —5
to —l 'r Pacific —3
to.. 4-1; and
East South Central—1 to +3.
Commercial and industrial fail-
turned
Rico,
realistic
a
been
West
—3;
arid Mountain* —6 :
Latest Week
Tires
Development
salesman to keep accurate record-
some
Central
North
throughout the country;
Business Failures
has
this problem and that is for eacl'
clothing,
levels
1961
freight
general
Larson
Prove Their Case
Securities
Don't Sell
costs
,.rt
,
holding close to are investors fall into many cateregions and gories. There are some clients who
Announced March 9. Truck tondipping slightly in others. New^ would not/ indulge ?. in anything*
age was an even 8% ahead of the car sales, however, maintained a more than a hamburger if they
called at your office around noon
volume for the previous week of
healthy margin above the com¬
time and you invited them to take
this yean
parable weejk of last year.
lunch with you. But there are
Observance of the Washington
The total dollar volume of re¬
Birthday holiday by many busi¬ tail trade in the week under re¬ many other accounts, who live in
nesses
during the earlier week view was from 5 to 9% lower, large cities, who belong to excontributed, in part, to the week- than a year ago, according to spot pensive clubs, who know what it
is to go on a real fishing trip, who
to-week gain.
estimates
collected
by
Dun
&
live at the best hotels, and. who
These findings are based on the Bradstreet,
Inch Regional
esti¬ dine at the most
expensive resvaried
from
comparable
weekly survey of 34 metropolitan mates
taurants. When you do business
1961 levels by the following per¬
areas conducted by the ATA De¬
partment of Research and Trans¬ centages: South Atlantic: —16 to port Economics. The report re¬ —12; Middle Atlantic —14 to—10;
flects tonnage handled at more New - England/^12: to ~8East
week of/1961, the
Truckings Associations
responding
American
this
on
David
Vice-President of the Government
And Why Not Make' Them
purchases" were" in«
i3y Being A Peddler
lull swing. The late- Easter this
year
coupled
with
the
wintry: -."And here. Mr. Sokolsky puts his
weather
oisccuraged interest of finger right" on- the bull's eye as
shoppers in women's and men's far \as the investment business is
apparel. Home furnishings man¬ concerned. When you sell securi-
7.8%
Tonnage
Truck
get
Devel. Bank
customer
^~
.
Intercity
salesmen
V.-P. of Govt.
jwantS' to bd bribed but; of them will take their cases tc:
he likes to feel important enough court- Up to now, they have settle:
C o n-s iim e;r;" buying. • sagged
ta 'deserye;,-the *. 'Diamond; Jim the matter in the first ireview.
sharply in th'e" week/ended March
treatment,
and
if
the rather than go through .the bother
7 as gaie-f oree winds and extreme Brady'
American: salesman can't give it to and the expense of the court procold
besetv many, areas
of the.ountry; Over-all retail/ volume: him, a British salesman can right cedure.
On Retail SalCs ;
thousands
weeks
.whether
Stormy Weather Wrecks Havoc I laces
by 13.4%.
,
place
the- economic -
Lumber shipments in
totaled 213,733,000
The
salesmanship in because this varies with each
is important.1 salesman's; clientele, and his own
setting declines in. rye and steel
Again
quoting
Mr.
Sokolsky: judgment and salesmanship. As
scrap.
«
MApart fr;om price, salesmanship Mr: Sokolsky correctly states it,
On Monday* March 12, the Daily
is a tremendous factor
in
any
"Expense
accounts
are
normal
Wholesale Commodity Price Index
business and
salesmanship costs everywhere in business except in
advanced to 272.60 from 272.23 a;
money. I often receive letters from
the minds of the Treasury officials
week earlier and from 271.01 on
businessmen denying that theatre who probably learned salesmanthe
corresponding day of 1961.
tickets in New York, steaks in ship
at
the
Harvard
Business
However, it remained below the
night clubs and similar expendi- School." I'd go him even one bet273.55
registered on the similar
tures are necessary but it depends
ter and state categorically that,
aay of last month.
...,,
9.8%
Higher Than in 1961 Week
Shipments
Lumber
■a
V
•.
i
*
7\'
State.
16
(1276)
The Commercial and Financial Chronicle
David Cohen
LONG
Opens
Port
CITY, N. Y. —
David Cohen is conducting a se¬
curities
21-20
business
offices
from
at
has
DIVIDEND NOTICES
of
been
announced
Colt,
of the bi-
man
Mr.
Authority
by S. Sloan
GAS
tRst"**-
the
New
road,
sume
his
N. Y.
will
this day declared a
terly
dividend
regular
of
One-Half
and
has
of directors
board
the capital stock of
the
Company, payable May 15,
1962
on
stockholders of record
to
at the close of business
April 16,
1962.
John Miller, Secretary
March
13*
1962
Other
succeed
members
Bankers
National
CORPORATION
Pacific Gas &
MONTHLY.
Electric Co.
(9f)
Shareholders of Record
the close of business,
;to
at
heads
30, 1962, payable
April 20, 1962.
Electric Co., first and refunding
mortgage bonds, series HH, 4%%
dated Dec. 1, 1961 and due June
1,
George Gewanter
1994.
Executive Vice-President
NEW YOHK
The
bonds
were
offered
at
The
16, N.Y.
group
on
Proceeds from
the
awarded
was
bid of 99.32%.
the sale initially
company's
property.
The series HH bonds will be redeemable at the option of the
company at prices ranging from
105% to 100%. However, none of
Dry Corporation
The following dividends have been
debt
by the Board of Directors:
Preferred
Stock—A
to
Stock,
payable April 1, 1962, to
stockholders of record at the close
Common
Pacific
San
March 15, 1962.
on
incurred
from
interest
the
company of less
effective interest to the
of these bonds.
regular quarterly
dividend of $1.0625 per share on
the
$4.25
Cumulative Preferred
of business
dies,
and
of
will be
build¬
a
Broad and Chestnut
Streets, Phil¬
adelphia, under the supervision of
Robert Cryan as registered rep¬
resentative.
applied
&
Co., .members of
Stock
Exchange
Stock Exchange,
at-
Hicksville,. L;
I.,
of
and
lesser
military
containers,
in
extent
the
electronic
metal
the■■■
Principal
cus¬
company's products
electronics,
duced
as
cases
by the
transit
tion
ahct
for
containers
and
ATEC
left in 1950 to join the U;. S. Army
and after - discharge in
1953 be¬
came
associated with Philco
Cor¬
which firm he left in
join ATEC Corporation.
1957 to
pro¬
The
equipment
against shock, vibration and dete¬
rioration;
combination
cases
which permit operation of panelmounted equipment without re¬
1,
Gas
of
Francisco
245
is
costs
than
This announcement
is
neither
the
quarterly divi¬
dend of $0.25 per share on the Com¬
mon Stock,
payable April 1,1962, to
Market
calculated
,
natural
gas
northern
throughout
and
central
of
the sinking fund at 100% and
redemption other than for the
sinking fund at prices ranging
from
106 V2
Feb.
1,
initially
Proceeds
units
most
from
and
from
a
population
of
Checks will be mailed.
—
of Calumet
Refining Co. after de¬
$200,000 deposited in
application on the pur¬
price when consummated;
duction
escrow
chase
of
for
$103,000
to
repay
CHICAGO, 111.—Sanders & Com¬
pany
Inc.
office
at
under
has
120
the
opened
South
La
management
branch
a
Salle
of
St.,
Mark
Baxter.
.
an
offer to sell
Calumet
Industries,
| New England Gas
|
|
The
Trustees
have
I
declared
a
quarterly dividend of thirty-three
nancial
f
opened
|
cents
mon
|
|
payable April 15, 1962 to shareholders of record at the close of
|
|
|
I
business March 27, L962.
*
£
5e
•
.
i
-
*
•
Refining Co. Calumet is
principally in marketing
of low-cold test lubricating
oils,
fuel
oils
and
asphalt products
engaged
made from select, crude oils.
Seay Incorporates
DALLAS, Texas—Charles E. Seay,
Inc.. has been formedAtq continue
the investment business of Charles
E.
Seay, Life Building.
is
President
Edwin
L.
of
the
Sharpe
I
!'
•••-
:V
•
:
■
A- A
is
A.Johnson, Treasure*
|
nor
Price
branch
—
United
office
at
:*"*.•
a
solicitation of
an
offer
of
opened
Street,
—
United
Copies
to buy any
of
these
securities.
,
15, 1%2
,
yi
■<
■: ■
value)
William A. Mitchell.
per
the Prospectus
States
;A;
may
where
the
be
obtained
securities
share
D.
32
from
may
the
legally
undersigned
be
~yy "•s- T •" .".;v
M.
STUART
Fi¬
branch office at 70 High
the
direction
of
under
of
1257
Planning Corporation has
a
$4
Broadway, New York 4, N. Y.
&
only
in
such
offered.
'
CO.,
*
,
•:"VA A
1
name
Wuille-Sohngen & Associates,
East Foothill Blvd., has been
changed to William K. Wuille Co.
333
,
par
f
ARCADIA, Calif.—The firm
Fi¬
Opens Westerly Branch
|
illlllinilllllil!lllinil!IIIIIIIIIIIHIIIIIIIIIII!lllllllllltllll!ll!llllllll[lllllllllllllll!llllllllll!l^
a
firm.
Vice-Presi-
Now Wm. K. Wuille Co.
March
($.10
Planning Corporation has
WESTERLY, R. I.
nancial
March 8, 1962
Mr. Seay.
new
V
COMMON STOCK
Planning
Hartford Ave., under the direction
of Oliver DelBonis.
£
4
B.
|
•
JOHNSTON, R. I.
gen¬
10, 1961,1to ac¬
quire and operate substantially all
operating assets and business of
Seminole Secu¬
Southern Shopping
under the direction of J.
United Fin.
§
§
sr
(33<0 pei^sharc on -the comshares of the Association
with
Nov.
on
Thompson Brown.
60
and
for
in Burnham, 111., was
offices
formed
NEW ISSUE
Co.,
Inc.
has
opened
a
branch office in the Southern Of¬
| and Electric Association (
from
.
offer is made only by the Prospectus.
fice Building,
COMMON DIVIDEND NO.
loan
a
Cruttenden, Podesta & Co.;
$714,050
to
provide
funds
working capital.
j
-
rities
Center,
of
to pay the balance of
purchase price of the assets
•
Programming and Systems, Inc.
New Seminole Branch
NORFOLK, Va.
these
loan
$1,623,295
San Francisco.
J. W. Reilly, Vice Pres. & Secy.
on
$1,000,000 from Harris Trust &
Savings Bank, Chicago, will be
used by the company as follows:
40,000 Shares
ap¬
of
term
proximately 7,000,000 and includes
1962.
Transfer books will not be closed.
has
100%
sale
a
of
of business
March 15,
to
1981.
California
which
the
to
„
Vante, Sanders. Branch
The
St.,
retire
to
to
fund
issue by maturity. They are sub¬
ject to redemption for the account
en¬
stockholders of record at the close
|
sinking
gaged in furnishing electricity and
Stock—A
on
entitled
are
annual
company
primarily
without
ofthe ' underwriters.
of
payments
1962,
company and rep¬
debentures
benefits
common
;dent.
are used
to provide protec¬
electronic
Vice-President
of
Corporation
of Philadelphia. During the period
company
cases
been
aircraft,' poration,
missile and communications fields.
The
had
and to a^ 1946-50 he was associated with
making of Bache & Co. in Philadelphia. He
products.
in
Mr; Cryan joined 'Estabrook &
Co. in June, -1961. Prior to that
Treasurer
of the
consent
and
separately transfer¬
June
Calumet
•
'.
he
not
are
until
eral
Estabrook
the debentures.
on
debentures
the bonds may be redeemed
prior
to Dec. 1, 1966 from
proceeds of
DIVIDEND NOTICE
declared
tools
a
will become part of
treasury funds
and will be applied toward costs
of
additions
to
the
Canada
financing
eustont-builf, vpi r;q cl ai o ri sheet
are
bonds Mar. 13
A PUBLICLY 0WNE0 REAL ESTATE COMPANY
cases
able
the
Y., the company and its three
wholly-owned
subsidiaries,
are
primarily engaged in the manu¬
facture
The
resentatives
reduction
tomers for the
par and accrued interest.
375 FIFTH AVENUE
k
group of underwriters of-
fering_ $65,000,000 Pacific Gas &
March
on
a
accrued interest
stock
broker-dealers.
N.
Halsey, Stuart & Co. Inc., Chicago,
shares of common stock, at
price of $1,032.50 per unit, plus
a
weekly index and a
weekly bid-and-ask list of pub¬
licly-held companies in this field.
of
outstanding the New York
payable, to increase in¬ and the Boston
ventory, and for working capital. was founded in 1851.
per
the Class A Stock
new
construction
Located
and 65
Fund
a
accounts
Bonds Offered
distribu¬
the
the
to
U.
The Boa rd of Di rectors has
on
Mutual
of
ing. The balance
DISTRIBUTION
tion of nine cents
introduced
under¬
will be used for the purchase of
equipment,
share
are being offered
units, each consisting of $1,000
principal amount of debentures
Trust
Bank
Net proceeds from the
and
CONSECUTIVE
cash
The securities
member of the
a
Council and Connecticut Develop¬
ment Credit Corporation.
OF AMERICA
a
to
& Co., Chi¬
offering $1,-
group
in
Estabrook Branch
American Association of Railroads Frank Karasik & Co., Inc., New
York City, reports that the recent
Treasury Division, New York City
PHILADELPHIA, Pa.—Estabrook
Bar Association, and Connecticut offering of 100,000 shares of Meta¬ & Co. announces the
opening of a"
Chamber of Commerce, and is a tronics Manufacturing Corp., at new Sales Office in the Philadel¬
director
of
the
New
England $2 per share has been all sold.
phia National Banking Building,
THE.FIRST REPUBLIC
declared
are
Metatronics Mfg.
Stock All Sold
Mr. Kuhbach is
TH
of
a
debentures, due Feb. 1, 1982, and
100,750 shares of its common stock.
Maxwell
the
of
Division
The
heads
550,000 Calumet Industries, Inc.
6V2% sinking fund subordinated
Management-Distribution Compa¬
nies of Laird, Bissell & Meeds, 120
Broadway, New York City, has
writing group include:
1961.
ary,
II
minimum of
Ohlman, director/ has
Co.; The First announced.
Chicago; The
The
division
is
initiating the
Northern Trust Co.; C. J. Devine
CurtissA. Gerdes Kuhbach
services to accomodate increasing
& Co.; Eastman Dillon, Union Se¬
Wright Corp.
investor interest in the outstand¬
curities & Co.; The First National
as Vice-President for Finance and
ing stocks of sponsor companies
Bank of Oregon;
Controller,
serving either as investment ad¬
Paine, Webber, Jackson & Cur¬
Mr. Kuhbach's entire career has
visers for mutual funds, or dis¬
tis;
R.
W.
Pressprich
&
Co.;
been with the New Haven Rail¬
tributors of fund shares, or both,
Ladenburg,
Thalmann
&
Co.;
road which he joined in 1941 as
according to Mr. Ohlman.
Assistant Counsel. He served suc¬ Equitable Securities Corp.; F. S.
He said the new services will be
Moseley & Co.; John Nuveen &
cessively as Tax Counsel, Assistant
offered free of charge to news¬
General Counsel, Finance Counsel, Co., Inc.
papers,
business magazines and
Financial Officer, Vice-Presidentfinancial-trade periodicals, on re¬
Finance, and First Vice-President
quest,
Theywill also be made
before becoming Executive Viceavailable Ito
a
selected
list
of
President of the railroad in Janu¬
quar¬
share
cago,
variability with
weight and size.
Fund Index
2.60s.
as
reoffering, the bonds
scaled
to
yield from 2.20%
2.70%, according to maturity.
Doyle
who recently
joined the
(57
per
Cruttenden, Podesta
dimensional
Laird, Bissell
14
On
James J.
Fifty-Seven
Cents
as¬
new
position about
April 15.
He
Dividend No. 57
"The
bonds
will
New York 20,
to give component protection
a
and
purchased $53,680,000
State
of
Connecticut
Highway
System Bonds, Series B, due July
1, 1968 to 1975, inclusive.
The
group
bid
100.07999999
for the
Rail¬
30 Rockefeller Plaza
Bank
Guaranty Trust Co., of
joint managers of
underwriting group which on
March
Vice President
Haven
Manhattan
Units Offered
Morgan
an
agency.
Kuhbach,
of
COMPANY
Chase
Calumet Ind.
New York, are
Executive
NATURAL
The
case; instrument
wide range of re¬
tem
York
Chair¬
state
CONS OXIDATED
New
a
and
as
Port
the
Thursday, March 15, 1962
.
quirements; and modular metal
containers, which provide a re¬
usable shipping and storage sys¬
Names Kuhbach 3 Being Offered 1A:
appointment
of
A.
Gerdes
To Investors
Kuhbach
Director of Finance of
The
from
to meet
cases
The
Road.
Thirty-third
moval
Connecticut Bonds
Authority
ISLAND
.
.
INC.
Tel.: HA 5-6840
V
Volume
Chronicle
The Commercial and Financial
Number 6142
195
increase of nearly 20% in
share results.
Much of the good news in Gen¬
on
AND YOU
THE MARKET
BY WALLACE
(1277)
an
Tire
eral
has
well-received
been
market, a stock split to
be voted in April is no surprise
and its yield is a miniscule one.
the
by
Stocks found nothing in the news
warrant anyy different action
to
held this week, as
and
they have
for some weeks now, to a pattern
of aimless, churning markets with
trading at
a
low ebb/
^
v
>
"
Some of the
-
hopeful techfinding mild, and
tentative, upward tendencies but
little follow through showed. The
industrial average, which has been
stalled in the extremely narrow
range 'of
706-717 for some • six
nicians
•
-
-
more
were
in any
ing show of strength.
surge through
convinc-1 7
Upward Thrust Near?
there
was
around
investors
were
interested in the groups and
issues
that showed good technical and
fundamental prospects.
The longer any market can hold
in what effectively is a stalemate
in a narrow' trading range, so the
theory goes, the better the base
being built up for future action,
in this case the traditional spring
.rally,
■
i
Institutional
t
n
e r e s
t
un¬
of
the
neglected
without much fanfare.
tests
Solvents, which was once con¬
sidered a stagnant company, seems
poised on its fourth improvement
in year-to-year earnings since it
took oh a new management, cut
overhead and expanded out of the
rut it once lolled in as basically
supplier
of
materials
chemical industry.
One
the.
owned
in
have
been
admitted
as
general
partners
Dillon, Union Securities & Co., 15 Broad St., New York
City, it. has been announced.
•
•
General
largest
string
of
and
TV
cen^ court affirmation of the govpower
authorize
to
them, galvanized other advocates
of
Commercial
Mr.
non-network
radio
properties. Such tests, and the reernment's
Bernard G.
do
not
necessarily at
any
time coin«•
William H. Salisbury
Kenny
Vigurs will be the partner in charge of National Mutual
Fund Sales.
He
joined the firm in 1959, and has been prominently
identified with the mutual fund industry.
Mr.
Co. in
Kenny joined the predecessor firm of Eastman Dillon &
1956,
some
months before it merged with Union Securities
Corporation. He will continue with the firm's Buying Department.
Mr.
pay-TV but failed to influence
General Tire to the same degree.
Thomas A.
Vigurs
He
has
Salisbury joined Union Securities Corporation in
been
associated with the
partner, will represent the firm
Trading Department but,
on
Oils
back to $5.5 million for the best
•
occasion
on
able
were
to
showing in
Paramount Foam Industries
decade. And for a
make a better-than-average show- chemical operation with growth
ing, but only a couple of takeover prospects, its 15 - times - earnings
candidates went to any extreme
yprice tag on the results expected
lengths pricewise.
In fact,
the this year is a low ratio in a group
entire market showed far more where high ratios are the rule.
sober investment decisions than it
has for
a
long time.
Strike
Steel
Cloud
Clouding the issue for the over¬
all ecopomy was the possibly of a
steel strike in mid-year, plus the
associated. problem of how much
steel
inventory has been
that
lated
tions
would
off
worked
are
Auto
the
if
accumu¬
have
steel
settled without
to
be
negotia¬
a
strike.
indicated
hedging
against a steel strike by keeping
production high despite the fact
that
output
the
figures
factories
were
that autos in the hands of dealers
have passed the million line.
Only
Chrysler showed a disposition to
cut back production to
at least
slow the inventory accumulation.
Sudden production cutbacks in the
event
of
a
steel
settlement could
jar the general economy unless a
strong Spring upturn is. underway
then in other lines to take up
slack.
"■
the
Majority sentiment is still hope¬
ful that the rough winter weather
has had a hand in keeping con¬
sumer
in
sales static and production
areas well below any
various
boom level. If this is true, a
spring
pickup of significant size could
show up to rekindle interest in the
stock
market
generally.
Much
the better overall
climate.
.
was
As
one
economic
tabulation
dis-
closed, between last year's poor
.first quarter arid the fourth glowing quarter, the 30 companies in
the industrial average reported a
profit increase of 87%. That is not
a picture of profitless
operations,
the
By the time the full year's results
were in, despite the recession, the
company was able to report $2.58
a
share
on
more
(Par Value $.10
available
5
at
a
per
Share)
Price $4.00 per
Copies of the Prospectus
■
;
may
share
be obtained from such of the undersigned only in such
legally be offered.
States where the securities may
shares outstand¬
ing than the previous year when
the results came to $2.56. And the
1962 earnings projections point to
better results this year. Neverthe¬
less,
the shares recently were
Coburn & Middlebrook, Inc.
Fialkov & Co., Inc
Godfrey, Hamilton, Taylor & Co.
Incorporated
yield that reached
percent.
The
neglected aspect of General
apparent in its 1961 price
swing which was a mere 10 points
Cable is
the
entire year.
So far this
it has moved over a range
of only around four points. This
is not a stimulating record for a
company that is the largest
in¬
dependent factor in the wire and
cable business and an operation
that is generally rated as among
the most efficient in its industry.
for
year
There is little
glamour to Gen¬
Cable but it does participate
in one of the glamour operations
eral
on
the country, the wiring of mis¬
sile base
complexes.
One contract
with the Air Force for control and
a
solicitation oi
an
offer to buy these
March
The
now,
shares
at recent
(The Company is engaged primarily in manufacturing
metal containers for electronics equipment.)
Common Stock
(Par Value $.05
per
Share)
levels
Price: $2.00 per
Share
13^ times the projected 1962 re¬
sults
of
around
$3
a
share, both
low ratios in current markets.
Mistaken Identity
The
case
of the misnomer
2,1962
Metatropics Manufacturing Corp.
which is be¬
ran to $12 mil¬
have been only around 15V2 times
the
results
shown
in
1961 and
securities,
only by the Prospectus.
comunication cable,
Copies of the Prospectus may be obtained from the Undersigned in any
State in which the Undersigned may legally offer these sharesk
might
be General Tire & Rubber which,
despite the name, now derives
nearly two-thirds of its net income from rocketry and the entertainment field. The growth in
these areas was enough to enable
the parent company to report a
only. question being how far record year for its fiscal 1961
COMMON STOCK
Like the 30 index issues, earn¬
ings of General Cable increased
throughout 1961 and by the fourth
quarter had jumped to a level
70% ahead of the first quarter.
lion.
being made of a
"profit
pinch"
and
"profitless
prosperity" but the earnings re¬
ports, while spotty at times, in¬
dicated
a
good upturn for the
companies that were benefitting
from
a
ing delivered
Profits Still Respectable
a
Stock Exchange.
is
.
DacK.
as
the floor of the New York
7
..
1945.
Mr. Evans will be resident partner in San Diego, Calif.
expanding busily is cide with those of the i(Chronicle**
He
the
pharmaceutical
one
where They are
will be in charge of retail sales for the firm's offices in San Diego,
presented as those of the
it achieved prominence by acquir¬
author only.l
Escondido, Redlands & Riverside.
ing two Italian drug firms to put
it in the European market solidly.
With these acquisitions, the com¬
pany .now is prepared to widen
its participation in the domestic
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities.
drug arena behind the low-cost
The offer is made only by the Prospectus.
'
■
research
and
development pro¬
grams that can be done abroad.
March 13, 1962
NE W ISSUE
Earnings that had run over $6
million
in
1951, by 1958 were
down to a scant $1.4 million be¬
137,500 Shares
fore the company made its sig¬
Solvents
doubtedly was at a low ebb al¬
though some of the larger blocks
that showed up would seem to
indicate they were still active but
mostly in switching from one issue
(to another with brighter prospects.
Assuredly, nobody was reaching
for any issues without regard for
nificant turn for the better. Last
price and the fundamental factors
Luuumuciiicu iatwiav year^
sajes total not yet
that seepied so out-of-style not
t00| back to the 1951 level, profit was
iar
of
Eastman
pay-TV
RKO
its
[The views expressed in this article
.
where
area
to
participating
through
subsidiary,
Commer¬
cial
a
is
too,
items
making impressive showings
were
the solid
edge that the daily new highs held
over the new lows, a specific in¬
dication that many stocks were
poised to carry higher on any
show of determined strength and
that
Evans
M.
participation by its Aerojet subsidiary in the fast strides being
made • in the rocket business.
Somewhat submerged in its corr
rinrate lirieun
porate lineup is the >fac£ that it.
fact
it,
Impressive Showings
Some
More heartening
Vigurs, Thomas A. Kenny, William H. Salisbury and
Robert
.
•
to
Bernard G.
the average had gone to discount But General Tire's bright prosthe
improvement during
1961 pects kept it on various recomwhen it jumped more than^100(mended lists even though the ispoints on the year.
"'V";
'-.A' sue has come a long way. Helping
A! There has been no indication the future are such items as new,
that the improvement shown in efficient facilities to improve the
last year's final quarter has ended, earning power of its chemical and
One respected service estimated plastics business, a strong position
that profits, this year will run 15: in the tire business with sales and
to 20 % better than those reported * earnings growing, and expanded
for 1961.- And corporate predic-r
tions were distinctly glowing forby far the majority of the comweeks,,was at the-uppers efcd of^panies -that Were discussing, their
.the trading .range but not inclined/ 1962 outlook/ * ^■ .. -.Iff-.
V;
;
Eastman Dillon Admits Four
per
STREETE
17
Frank Karasik & Co.
Incorporated
Financial Chronicle
The Commercial and
18
.
.
Thursday, March 15, 1962
.
(1278)
the- of •, all - proportion* to
realistic reliable; or perhaps one who is
levels. It is a well , known and occasionally right, or even not in¬
'■:-,J highly-respected fact among pro- frequently just a guy with a repu¬
large supply of it is sitting- on
Funds for
Invest in Mutual
-
Sparling,* President, Planned Investments
.
Corp.,
Montreal, Canada
pointers on
■.-.-.iv.vv...v.
v
I
how
wonder
24
jnade
many
classic
the
womhpr
it
Here
ready
and
able
up
to
the
of
the
board, as
carefully as a
^hat period, wuj.
likely become one Of those crazy
rioti-ioKis 1Arfih*s'T
d T^lriCkTC! ' cntViArni TT CF
psychological markets .something
ctnpir
stock
same
paid for it.
we
pmwth
*n<5
•
ui
glue°your
if you
dition
-
■ *
,
and, just ; as quidkly
:.' -."r-r
their
4;
oeiectivitv
t
to
eoin*
is
invent-
thi<?i ^which
^0incy
have
*irsl> selectivity is gointo
than
important
more
ever.
else.
different
totallv
a
17?edn
Jchanges at
an
hut
bers of
at
-the
tape at the
•
of
Wnd
a
a
was
fair statement in
a
international
influences
and
immediate,
after---bad,
money
the
far
the
of
use
It
is,
that the
of
course,
the
of
of-
asm
to
money
take
ad-
Giidden
Co
a
salesman
convincingly
very
this
time, and he
a
firm,
promoted
primarily
because
a
Gas
*'."r
Pipe
Co.^JAl
1i +
•/-/
& MJ
Southern Natural Gas Co._
Co
C
&
O
-v
Fund
Continental
•<:
*
Stores
Fund
Fund
V
r
New York 5, N. Y.
HAnover 2-2474
' and :'opinion
of
fortunes
able
of
kind
one
and
another
every
uine
opportunities
of
this
•
kind
naturally, find' their way to the
professional managers, again be¬
cause
they are the ones who are
quickest to recognize genuine op¬
portunities, and it is their good¬
will which is most important to a
dealer who happens to be able to
make such an offering.
There' is.
another, little;, known
which
*
certain
i
way
in
prominent * invest¬
able
ment management' firms are
to
:
secure7, important
over
the
position
advantage
of' the
private
investor. This particularly applies
—16.7,
I
..
Co
dealers
When Investing
stock bro-
and
investment
WELLINGTON
manage-
M^FIIND
ment firms which receive the in-
formation from every direction—
comes
to . them because the
sources hope by this means to de-
,t.
421.3
it
4.7
—-
A Name to Remember
kers—and it is the independent,
v>-.
—
.
Now, I want to emphasize two
Stores, Inc. 415.7 ^professional
Corp
(P.)
lho fireatcst a< vantage.
during
—
than
Ltd.
just
a
buying
stocks,
Fund
capital, reasonable cur¬
income, and profit
sitting
rent
possibilities-
world
isn't
enough,
and
this> varying credibility of the sources,
brings me to the second mainhre-; There are -many thousands-of inquirement for the investor in the -vestment analysts. "Their compe-
tence,
"
.
When to Buy and .Sell
20 West 9th Street
BAItimore 1-1232
Balanced
,
time that lies ahead.
Kansas City 5, Mo.
a
seeking conservation of
bull market -period, investing demands far. more
request from
.,
seething5 with
of talk, scuttle-
flow
the
vestment
;^
There
times
are
to
judgment
and
bility varies all the
„
.
investorganizations,
regular parade of
various blocks of
occasionally become avail¬
at prices which are favor-
'rive benefit in the form of stock
exchange commissions. Secondly,
jt is at such a clearing house that
back and waiting for the profits ..such information can best be evalto
roll in.
Of course,
even
the uated, because it is only here that
most
astyte
selection
in
the intimate knowledge exists of the
Even
Principal Underwriter
40 Wall Street
-'constant
a
of
fbines here: /First—much of this
information originates with in-
o
54*|'
—
Tobacco
,
}
network
communication,
1
••C.4
^
Federated Dept.
Canada Ltd.
International
i
i"o
WADDELL & REED, iNc
*
"offerings"
a
S6'!4 to .recogt}ize It. first, der\ye
7.4:.
<
United States Tobacco Co._
on
community
as
tvpe of business. It all has to be
sifted, and evaluated, the wheat
+12.6
Z
f
,
Bethlehemr Steel Corp
Accumulative Fund
Prospectus
world
butt, " conjecture
6.3
also
4'
Railway
•
Lorillard
United
finds its way
if you will,
investment
free
affecting
—
is
separated from the chaff. It ;is
7.2'vitally, important that this be done
Phillips PetroleW co.IkZ —10.5 because there is wheat among the
Railroads
' -■ • - f ' x • chaff—and those with the judgOil
Sun
McCrory
□
ever
Imagine,
.print.
the
a
12.3
into
way
**-•'? 4
Gils
Income Fund
Funds
a
of
-
+13.7
c,.
United
In fact, much of it is
nature that it is of value
the whole
2.6
+
information
of
its
by ; able relative to the market. Gen¬
about economic factors and forces
Southern Pacific Co
United
0f information" conveyed
of
'
Gas
Co.
J-
United
'
Peoples Gas Light & Coke
1
United Science
into
4.4
—
>
fining Co._______________
Natural
5.9
flow
management
there
:
and above all of this,
over
finds
ment
stock
only before it
>
-
ed services.
>
Dodge Corp
American Smelting & Re■
,
...........
Quite
constant
word of mouth—fully as important, if not more so, than the print-
7 4
_
in their lives.
value
any
which
prominent firm of investment
cf such
Eastern
Phelps
I N C.
□
of
which
fi0w
Pipe Lines
Metals and Mining
llllJl rl IS
□
firms,
Getting the Choicer Offerings
pent with the brokerage business
^ also a clearing—house tor a vast
'4:19 7
_
IIIUHPI }\\ I I mid
□
of
.
P*0
Ampr' Hospital Supply Co.
Amer. Hnmibl Snnnlv Fn
by
Line
□
fh
th
managers which has no mvolve-
Ifi 5
Tno
rteicnnuia v^nenncdis, inc..
new
Tenn. Gas Trans. Co.__A__
United
A
-13.0
Chpmipals
Rpirhhold
for
Panhandle
□
big, successful and widely
whole stables of. so-called anajystswho never had an original thought
—And that is only the beginning!
2.7
-f
underwriting the sale of which is
well known
private investor
wrong
°
...
And then again, how many of us Chemicals
have succumbed to the enthusi- Monsanto Chemical Co._>_ + 1.4
has grown immense-
average
at
are mem¬
elements- nf investment nlannme
Building
„
listed stocks
think
to
wrong
besjt known firms
in 'the, investment,}i>usines^ have
Beverages
vantage of a bettergopportunity. Flintkote Co..
more
number
sa
;
data ^pertaining to these three
elements of investment planning
"
at the same• time:
,
,
„
tvelTsU^mo^compl^,
nomics
other
are most highly
regarded in the trade. On the con¬
™J* is absolutely impossible, for the
- v;;,,
%. private, investor-even if he has
only after an extended period Coca-Cola Co._
+ 6.0 nothing else to do.
.
during which he has not had the
Co:
—~
;•:% Getting News Before It's Printed
you
courage
If this
gcod
because
sometimes
the stoek
of'clairvoyant, "ever does come back-or,-if so,
of a lion,
Chinaman's chance."
the
have
thrown
have the cool nerve
tHmuiei
the
sixth
great gambler
»
a
the
something
known firms who
more
situation, anpythotx> vidual companies in eachin- PeAs1Jimilation appraisal and analbuy the stock as the pf*ice, falls,; ^try. For example,';:during a
•
of
£ r'nnthmoifs flood of
to average down his'cost, fie- recent three-month period the D-J
Quently only to find that he has industrial Average went up 2.5%
all that and in adi dt,
u
do
uo
quite
is
only those that
little- known
nose
can
there
and more technical data is being trary, some of the shrewdest and
drawn out of various countries best analysts are found in small
accelerating rate
.
nrnee^
is
It
with
case
And
that it is
1 his is a. ditticult process but more
re-appraisal because
daily)
mean
diffieiilt
,
buying side of the market
the
is
group.
so
u
•
of
than
n
T}
of
result
a
with the
nav<~. Deen so
aoln* inJs
he
been
the
on
value
unnatural that considerably more
weight is given "to opinion "Which!
emanates from" .analysts associated
national basis from country
country. The techniques for
to
laid
of the
professionals themselves, ~it is not
"ds&l ™ttf pfedS market trends
approaches..
distinct
three
quire
basis
observations. As
this general distinction among the
becdmfng
Uy
is
career
the
on
their
special advantage
re
whole
line
the necessary fore-
have had
ors
con¬
judgments and assume complete
responsibility for them—in- fact,
minent chansea before thev hat)-
astute
in¬
for
on
clusions that they advertise while
the latter have to live with theih
economies" of dif
Here 'asain
it
the
w
•
not required
are
responsibility
the biggest and
you
sense
buys
-
countries
fprpn!
normally
assume
vestment decisions based
of 1929. Fortunes will will be essential to detect im-
^
prospects for future
good
as
2K2L
opening of every day of the year
and never take it off till night—
ly.
ditions; of
tvi
to
studies
dent
and
former
stu¬
medical
of
whose business it is to sell securi¬
10 "Vsuccessful, on this continent are
And,
- hegirming
tn
he
annlied
of whether when afjderi t0 that selectivity *-must 2?
beginning to be app 1
ic minted
at 90
it aaae(J
10
i
^
yt throughout the western world,
is quoted at zu, it
also be constant
(and by that I
question
oomo
the
the
has
«>,
the "selling side" and those
associated with the "buying side"!
The former are members of firmSf
Thirdly;" it" is going- to become
increasingly important for the inTestor. to watch'the varying con-
isometime. during
tnougnt
xne
:
prospective ties and the latter of firms whose
performance,
including
function < it is. iq> - provide invest¬
money supply, consumer credit,
ment" rnanagement services. Theinventories and many others,
not to say that good opportunities
will not exist. In fact, the market
All+n?c of pnnr«e quite rcgarcuess
All this, r.f course, nuite regardless
stocks
on
faPP
race
less than
getting
principal
companies
are
nniilHn't
couldnt
we
;
market
arnSv started to so Hown ' and ^4°Pe' °f c'°m n? °ut al'/rIght
w™Save refused to^ sell It because thfp^d'ahSd il S hfr"
ZZ
the thoueht of
Pe"oa anead is going to re
market
source.
with
of the indicators of-
private investor to make money
in the market. And, conversely,
it will be a great deal easier for
him to lose a real bundle. This is
.
and
background of
whose
f
handicap.
He • is market
quotations
and
make
emotionally involved in his in- money. It is also gone when he
vestment decisions.
;
.could buy stocks, put them away
How many of us have bought and forget about them with any
whole
all
moment
can
hold .more
promise of success. And so, timing will be important—based on
careful technical analysis • of all
that we have
seen in a long time. It is going to
become far more difficult for the
fundamental
give
history
and
from. an;,in7'- the
hazardous
most
by Bernard dency to underestimate the prob- wiped out, There is no doubt that
,n jjere again, most people will
is: If you are tens .<>« fbe too late: Jt will become popular
own money,: he, has an additional
investors could Stick a phi in the t hold
"
Spanish securities,
everything
study
the
in
vestment standpoint
of us re- sells at the wrong time. -Apart like that
statement altogether from his natural-te - be made
else—to
the
tools used by the experts reputation of the
technical- market interpreta-
many
the
of
most
in
money
ago
years
Baruch.
make
the
.i
■:
things
tion. It's an obvious over-simpli- Two Kinds of Investment Analysts
fication,- but still not without ;' Aside from other differences,
a
great deal more difficult., The some validity that a course op- investment analysts belong to two
next five years are likely to be posite to that which is popular at
main groups — those associated
According to the writer, any
averages.
tation for seeing the wrong
' managers
post-war years, but I'm going to
suggest that it is/going to become
is not just buying an interest in the
number of funds
"have proven themselves consistently capable of outperforming the
market averages by a wide margin." The investor is warned that it
is becoming more difficult for him to invest successfully —timing,
selectivity, getting news before it is printed and obtaining the choicer
offerings —and that there are two kinds of investment analysts—
those associated on the "selling side" and those on the "buying
side." Funds, Mr. Sparling points out, give the best professional in¬
vestment management and have taken a steadily increasing share
of savings in competition with insurance and other savings media.
In fact, he predicts they will be as universally owned as individual
life insurance policies are today and will reach $100 billion in assets
in 1975 compared to $21 billion today and $'/2 billion 20 years ago.
market
investment
fessional
,A
it hasn't been too hard
know
to
buying a mutual fund
why
Difficult to
Invest Successfully , ,*
that the vast majority of private in any given situation. In any
This can be good or bad.''But investors
do their buying and event the weight which is given
it's a. tough decision for the man their selling at the wrong time, to any piece of information is
on
the receiving
end !.to./make, They are even made the subject based,- first, on how much sense
particularly if he is investing his of the statistical service known it makes in the light of all other
own
money. In spite of this, we
as the "Odd-lot Index"—one of known factors, and then on the
,V':/
all
advantages of investing in mutual
selecting a fund. Mr. Sparling explains
distributor arrays the
Canadian
funds and offers
*
> , It's Becoming More
Professional Investing
By John B.
moved?
shelf and. it just has to be
.
,
to
Z.-Over the
-
Ask your
investment dealer
for prospectus
or
write to
dependa-
way from A
of time all
course
Wellington Company, Inc.
times for buying and ^analysts who produce judgments
run
for
many
amateurs
prices
of
good
times get pushed
cover.
in
With
so
the/; market,
securities
some-
acquire
a
fessional
4
reputation
among
pro+
investment /^managers;
Each becomes known
temporarily"'out, professional
•
pride,
as
one
with
consistently
*.
Philadelphia 3, Pa.
Volume
the
in
fund
standing
Fiom
of
owners
to
has
time
a
out¬
an
in
the
shares
which
and because
to
principal
company
a
to
are
sold
be
to. the
public becomes very im¬
portant to■ those - same business
principals. It has been discovered,
'
the
world.'
excellent
in the portfolio of
a prominent mutual fund it has a
very beneficial effect on the fu¬
turn
ture
up
market for the
shares.
Con¬
sequently, it has become a com¬
monplace for such companies to
first offer
to
block of their shares
a
highly regarded mutual fund
a
this has made it
and
such
possible for
time
from time to
funds
to
up
tomarily takes such shares into its
portfolio at
10% discount. '
a
: I
dould go on indefinitely de¬
scribing the activities of invest¬
management organizations.
ment
I
talk
could
about
constant
the
field
trips made by industry spe¬
cialists who roam the face of the
free world seeking
new invest¬
ment
opportunities and keeping in
touch
close
at
first
hand
with
in industry, sizing
up
management calibre, investi¬
gating research programs, seeing
developments
first hand what is actually go¬
at
ing
;
inside companies in which
on
already have
invested or
which may be under consideration
for future investment. However, I
they
hc-pe I haVe^made my point.
It
is all of these things that lie beVhind the betted mutual funds.. As
and
more
more
the
people realize that
the better
performance of
funds is no accident
is
based
on
that
it
manage¬
are'
millionaire
the
even
that
beyond
to, duplicate
they are" turning to mutual fund
investment. In fact, it has become
a
hot topic;
Any business that
grows in 20 years from %l/2 billion
to $21 billion in assets is bound to
be. Such a rate of growth is noth¬
ing short of fantastic. If the busi¬
ness
it is
of this incredible
than in
•
its detractors
has
because
spite of it.
It is
•
this
on
a
more
growth
natural
guidance.
pleted
fund
industry, which has
with nothing .but' un¬
them
left
reserved
has
analysis ;of. the entire
an
Not
Buying
for
a
an
themselves
unbelievable
funds
—
they
rate
have
have
be¬
Corley
fund
a
will
for
fund managers may
may
creased
a
considerably
very
their
management
ability."
,
it
becomes
the
important
matter
look
Mr.
to
convenience
of
ownership. Is the fund
acquire from; a systematic
easy
other
the
accumut:
from, the
fund
under
needs
*An
a
the
variety of options which'are con¬ real,.
venient to the shareholder, and
who remain convinced that buy-r¬
so on? After having satisfied these
ing a mutual fund is just buying
requirements, then, it becomesT
in
interest
the
market
aver¬
look
desirable, to
at
the
have
one
look
you
hard
portantly; the^pCrforrhahce record'
of the
investment can
Rothenberg,
j
**
r.
other
funds
was
459:%.
's, Inc.
Offered
Mr. Sparling
of Westmount,
Cruttenden,
Podesta & Co., Chi¬
is offering 80,000 shares of
Bowey's, Inc. common stock at
$9.50 per share.
before
Mont¬
Of the total, 40,000 shares are
being sold by the company and
40,000
by
Capitol
Enterprises,
Inc.,
a
closed-end
investment
trust
which, prior to this offer¬
ing, owned all capital stock of
Bowey's.
.'j.
J
'•
of
.
.
as
used
for
plant
inventory;
development
products;
In conclusion I would like to
stock, mutual funds which
the past five, years have per¬ leave a few ideas of my own as to
formed as well as the four funds " where this particular segment of
repayment
of
•
ministrative expenses; and reserve
engaged
A
certain- large
American - fund
has,, There
averaged
some
since
market
a
the
fund
was
few years ago.
<•
will
be
funds
which
to
er
fund
Select A Fund
do- you
then,
select
once
you
facilities.
a
mutual
have con¬
;;
*
x:
-
The
ucts
to
and
under
iRich,"
accesso¬
the
Now
>
years
that
lie
mutual funds will become
schools
ters.
research
other
and
Planning
veterinary
companies,
a
Orleans
manufacturer,
trade
name
"Dari-
dairy, ice cream,
"fast
food," vending and other
industries.
Its principal office is
in Chicago.
...
schools, agricultural schools, phar¬
maceutical
is
and supplier of powders,
the
to
medical
universities,
working
toppings, flavorings, fruit
juice bases and related commodi¬
ties, some of which are marketed
sells its prod¬
company
Chicago,
Weisel, Kleinman
GARDEN
(2) Over .the
ahead
devices
nuclear
ries.
increase
syrups;
,
supplies, electro-phoresis tanks
and
their
private investor with his limited
How To
and
the
6% secured note out¬
■!•■; v.
The company of 679 N.
processor
development of high-voltage pow¬
will
reputation: in that
period and others which will suf¬
fer competitively. Most of all it
will be a trying - period for
the
add
experimentation
in
a
standing
and
capital, ^ v " -
St.,
in this
ning of my paper that the next
period. five years are going to be a real
and ; well test of investment management.
accruing to the com¬
the sale of* its 40,000
from
balance of
outstanding debt; general and ad¬
well khown Canadian mutual
then
shares will be used to reduce
mon
fund increased in the same
as
Proceeds
new
comparison. On the Cana¬ the investment industry is head¬ for
contingencies
and
working
dian scene, between April 1, 1950 ing, what I think" the future holds
capital.
Vi
,
*'
C
and the same date last year the.. for it. *,i
J
";
The company of 28-21 Astoria
Toronto
Stock
(1) First of. all I would reiterate
Exchange Indus¬
trial Index moved up 159% while- a statement I made at the begin¬ Blvd., Long Island City, N. Y., is
company's
approximately
outstanding,
2,500 shares (100%) of
convertible
preferred
' 6%
pany-
certain
of
the
or
shares
stock.
reloca¬
tions; purchase of machinery and
.
of
stock,
of
well
sale, Capitol Enter¬
will continue to- own
shares
common
Net proceeds from the financing
be
the
Inc.
110?000
Servonuclear. :Corp.,
•the
;
over
one
After
prises,
58%
will
Concluding Thought
fewer; thart; 55 com:-"
no
.
St., New York City.
of
all
changing future personal condi¬
tions. Is it possible for the shares
1, • 1930 and the end of De¬
to be exchanged for shares of an¬
cember, 1959, increased 307%. In
the same period the average in¬ other fund with .somewhat altered
crease. of the four oldest common .objectives without cost?
mutual
Broad
the, offering of 100,000
be in- the light of
shares, at ,$2 per share', has been
Jan.
stock
exchanges,
Hirsch
&
Co.
maintains its headquarters at 25
through
Jones Industrial Average between
There. are
stock
and
princi¬
pal
that the initial public sale of com¬
mon
Ex-
change
.
Edward M. Corley
Heller .& Co.,- Inc.,
City, has announced
York
New
Stock
Stock
cago,
address; by
New
j
member
financial
personal
Rotary Club
Canada. -
A
York
Stock Sold;
contention; By the same token it;
of the management. Organization
is not difficult to find any num¬
responsible in each' case. Finally,
ber of funds which have, proven
it is desirable for an investor to
themselves consistently capable of
know just how flexible his fund
out-performing the market aver¬
ages by a wide margin. The Dow-
of
a n-
Corpo¬
and
means
'
New
H
ration.
A
Servonuclear
actual
enough X.
performance record of the funds
no doubt that you could find:
being "considered and; more im¬
which would bear out this
If
age.
.serviced
of
seatic
planning. The mutual- fund in¬
dustry on this continent will have
assets of $100-billion by 1975.
To this day there appear to be
well informed .people
an
well
annuities,
Vice-Presi-
a
York
adapting the whole instrument to
variable
been
Corley
formerly
was
den t
plans,
Bond
need.
a n nou
-
at
of
Cor¬
.
has
it,
.
to
joined
manager
Department,
in¬
by well-to-do men who can
bequeath their own well .managed
property, accumulations but not
on
^
the
porate
of mutual fund invest¬
use
as
of
ment
vary
be
be
has
Company
the
use
otherwise
How
CITY,
N.
Y.—Dual
Corporation,
600
Old
Country Road, had announced the
cen¬
change of its corporate name to
Weisel, Kleinman & Co., Inc.
.
cluded that they do make a worth¬
investment
while
proven
here's where you may need a
help,
preferably
Well.'
medium?
proven
themselves because of the under¬
various
widely..'The emphasis
income
established
the'
of
funds.
that
the
at
other
in this field.';
insurance
ing
all
lation standpoint? What does the
which
fund do to keep the shareholder
;
":"
properly informed of his position
at all times? Is it possible to draw
Market; Average
respect
been done
stitutions in
cause
-
,
35% compound
yield through ups- and downs of
industry goes on grow¬
&
*
established
Funds Are Better Managed
in
growth
M.
Hirsch
.
255%.
competition with life
companies and other
types of savings media.
the
There
woman.
continent look
steadily increasing share
of the total savings and invest¬
ment of both individuals and in¬
a
be
and
speculative g r o w t h, relatively
(4) There will be an accelera¬
He made the state-- more .'stable long-term
growth, tion of the trend toward invest¬
ment that in the 26 years of the maximum income, maximum se¬ ment in equities by corporate
pen¬
history of his institute they have
funds.
The %■ largest
curity, or many varied combinar sion
single
come to believe-completely iri the
tions of, these. - Having; decided on ■ medium for this growing segment
indispensability
of
professional the
objectives' which best 'fit th? • of pension-ftind investment will
investment management,*'" and ; in'::
circumstances of the investor, the be mutual
funds.-; > , i : .*
u i.r
spite of the facilities of his or¬ next most
important step is to
(5) We are going to see rapid
ganization they have never aU look for. a
fund;: the quality of growth in what, we can refer to
tempted
to
provide' investment whose
management can be ex¬ as mutual fund services, not only
advice per se because they have
pected to be most successful in the v in systematic accumulation plans,
concluded that they cannot im¬
attainment of the objectives. Then but ' in
systematic
withdrawal
for
taken
But the
continued
existed which has always
tor in the selection
;
$na:lyst&
result of the mutual funds having
.
will
ever
.
investment
facilities
ment
but
man
in
of mutual fund investment by
; The first and -most important*fac¬ institutions
of
all
kinds.
There
^hohv-m^e
mutual
:
average
out-performed
large blocks of shares at
what is al tea dy
most advantageous prices—in fact,' prove; upon
we
know
one
fund -which cus¬ available." This after having com¬
pick
Edward
has
30,000 of the most, important
businesses
pany
Hirsch & Co.
of income in mutual funds by
•
Cherne, Research Director of the;: a personal" or .corporate investr
Research Institute of America, an ment is the
objective of the fund.
organization employing 5,00 pro- The goals which are sought by
fessional
:
over a given period.
tricky and perhaps annoying
part of this is that no single fund
all the others
examples in the indus¬
try of investment management, at
its best. During 1961, in New York
I? listened to an address by Led
Corley Joins
are
celeration
The
find
it isn't hard to
to fund
fund
We
(3)
going to see an ac¬
the
already rapid
growth of systematic investing out
the fund which has out-performed
it varies from
While
universally owned as individual
life-insurance policies are today.
19
as
question of looking at per¬
records
and
selecting
a
formance
sional investment management in
than
com¬
just
get
other medium the funds
that if the shares of
a
than almost
advantage of the best profes¬
particularly in the United States,
such
more
(1279)
liable independent source. It's not
lying facts of life I have referred
any
becomes
it
The Commercial and Financial Chronicle
.
full
position
vitally urgent
from
an
estate planning stand¬
point to become a public company.
When this decision is taken, natu¬
rally the future market action of
where
.
.
record.
the
closely held
a
themselves
of
managers
which
performance
time
find
the
of
case
mutual
6142-
Number
195-
from
little
some
re¬
Ijfe Insurance Investors,
inc.
INVESTING IN GROWTH POSSIBILITIES
....
.
"
A mutual fund which invests its assets exclusive!/ in the
slock of companies engaged in the life
in the United States and Canada.
is possible
Send for
capital appreciation rather than current income.
■
FREE
i
CAPITAL PUNNING SERVICES, INC.
i
t
»c
i
,
-
v
-
i
V' :;
Nashville 3, Tennessee
1022 Third National Bank Bldg,
•
Prospectus
CAPITAL
insurance business
The objective of this fund
r
/
Eastern Distributor,
■
.
'
...
"
CAMBRIDGE FINANCIAL CORP.
161 William Street
.
,
:
.
.C
-
,/T
New York 38, New York
NAME.
PLANNING
ADDRESS.
SERVICES, INC.
5
CITY.
.STATE.
DISTRIBUTOR
i
i
,
v
.1
20
The Commercial and Financial Chronicle
(1280)
Now Goar,
v
Heaton
BY JOSEPH
C. POTTER
American
"The
and
Bread
Selected
Butter
report
annual
of
Boston
Fund, covering the year
31, is out and once
makes fascinating reading.
Jan.
ended
american
more
The.symbojl of this balanced fund
shares
is
statue of Paul Revere astride
a
with
horse
his
in
Church
INC.
there
ing its history
North
Old
the
the
and
background
been times dur¬
have
must
marked by de¬
pression, war, boom, recession—
when the management, like the
Revolutionary
War
hero,
was
Prospectus from your dealer or
Selected Investments Co.
Chicago 3, III.
—
At
the
it
year
end
dismal
of
1932, the
net asset
organized,
was
enthusiasm
less
of
learning.
there on
that by
the
fund
prospered,
the
end
1936 value per share
whopping $12.32. Came
stood at
of
a
terrible
the
then
which
worse
1929
for
setback
of
investors
many
1937,
was
a
time than any year between
1932.
and
By the end of
share of Boston
1937 the value per
Fund
ing
setback
of
For
::
down to
was
span
who
$7.41, a sicken¬
40% within the
of
single
a
individual investors,
many
had
made
comeback
a
the
was
selected
income
possibilities. Sold only through registered
investment dealers. Ask your dealer for
free prospectus or mail this ad to
and
the
Fund/it
Boston
of
was
the
until
bor
end
bottom
disaster—net asset value
was
$6.09 at Dec. 31, 1941.
tered
Established 1894
reached
shortly after the Pearl Har¬
World
CALVIN BULLOCK, LTD.
War
II,
of
"Because
course,
al¬
radicaliy^lse, wjole fabric
of the economy
JSTKKKT,_NKW_Y(M 5
CP
Name
_____
Address.
lessened.
the
For
this
should
of
risk
the
reduces
loss
in¬
average
an
unex¬
pected emergency arise, necessi¬
tating raising cash at a time when
prices of common stocks generally
are
depressed. For the average
'man of the family'
it provides
peace of mind, arising from the
knowledge that should something
him he has left his
family not with investment prob¬
lems
but
with
satisfactory an¬
happen
to
And, we would
bread and butter.
like
add,
to
followed
actiVat§Mtffhe^years
reconversion,
exodus from the cities ahd
Dec.
31,
1961,
share
per
of
net asset
Boston Fund
$20.42. During the year, total
net
assets
and
the
number
of
shareholders soared to
new highs.
31, 1962, assets amounted
well
over
$305 million and
On Jan.
to
there
common
stocks
in income and
over
capital
the years.
were
38,446
Needless
to
stockholders.
say,
the
shrewd
Yankee managers of Boston Fund
are of more than
passing interest
Streeters, who will "rub¬
a fund's portfolio like
a Midlander getting his first view
of the Canyon from a sightseeing
bus.
And
now
they know that
during
the
three
months
that
berneck" at
ended Jan. 31, Boston Fund was
making such new acquisitions as
Babcock & Wilcox, Gulf Oil, West
Coast Telephone and Sears, Roe¬
buck.
■v
DIVERSIFIED
INVESTMENT FUND,*.
A balanced investment
in bonds, preferred stocks and
common
It also
holdings
IlnA
stocks.
Motors,
stepping up its
Ford
and
General
was
of
Commonwealth
Edison,
International Paper and Southern
California Edison.
At the
same
time it
was
reduc¬
ing its stake in American Tele¬
phone & Telegraph (to 104,780
shares from 116,380), Dow Chemi¬
cal, Gulf States Utilities, Monsan¬
to, Pacific Gas & Electric, Rohm
& Haas and disposing of three
oils:
Cities
Service,
Continental
Boston
to
Investing for long term growth
| possibilities in securities of companies |
in many
fields of scientific and
economic development.
Investors
General
it
nounced
Wall
Fund also
Streeters
is of
for
its
interest
annual
study of the investment habits of
college
and
university
endow¬
ment funds, begun in 1954.
The
latest study indicated anew the
exquisite taste of American aca¬
Trust
switched
has
an¬
from
a
returned
"the
to
#'i
Hugh W. Long and Company
Incorporated
Westminster at Ptrktr
•
Eliabeth, Now Jersey
net
.Acjyisers Fund Branchi ?
.
Y-■V"'''''
assets
PHOENIX, Ariz.—Advisers Fund
Management
Corporation
has
opened a branch office at 3336
of
as
shareholders
pated
that
"It
antici-
is
Sixteenth Street under
North
management
pley.
per share increased in the
six-month period from $11.73 to
$12.37.;In the same period num¬
ber
of
shares
outstanding
in^creased
by 285,169. Fund Presi¬
dent
Clive
Runnels,
Jr. -told
TheDominick
D.
the
Sam-
Fund, Inc.
A diversified closed-end
•
Investment
primary investment
will
continue
to
be
Company
Dividend No. 154
given to carefully selected 'defen¬
sive
Robert
of
,
that
emphasis
On March 13, 1962 a dividend
growth' issues of companies
likely to benefit from the rapid
growth
of
the
Southwestern
economy. Recent events, such as
the
the NASA's decision to locate the
to stockholders of record March
,
Apollo
'Moon
Shot'
lab
space
of 126 per
share
was
declared
on
capital stock of the Corpo¬
ration, payable April 14, 1962
in
30, 1962.
Houston,
reinforce your manage¬
ment's conviction that outstanding
investment opportunities abound
in America's industrial frontier,
Industry
mutual
A
JOSEPH S. STOUT
Vi®e'President and
fund
Plan,
Inc.,
Secretary
a
Life Fund
initially offered to
the public on Oct. 2, 1961, topped
$3,000,000 in net assets on Feb. 20,
according to Phil J. Schwanz,
[,
;
dividend
DIVIDEND
Life: Fund
Massachusetts
;
is
-
->
in
lent
the
paying
dividend'Vof
;| JO r *
snare from net.
a
rw;l
7
'
•
|6 cents
.
*
*
.
-■■>
Asthma
Research
on
closed the first quarter
31
Jan.
of fis¬
cal 1962 with total net assets at
certificates of record
trust
at.
and Hospital will honor
Houghton Axe with a gala"
performance
of
a
Gity
Center
the
1962 to holders
close
March 8, 1962.
Showcase
produced
slightly from $126,7.51,112 on
Oct. 31, 1961. Net asset value per
share at Jan. 31 was $9.745 against
Oct. 31.
on
their
In
'
dvydyn
es¬
,
of
:
business
"
-
the.
a
;* :' } A
occasion
and
evening, May
21
(1962)
at
the New York
Parker,
that the government bond
portion
10.7%.
During
the
Music
land
Oil
Air
&
W.
has
man,
R.
H.
Axe
44 Wall
The
■
an¬
per
Mrs.
recognized
as one
Axe,
of the foremost
February sales of $15,241,000 were reported by Inves¬
tors Planning Corp. of America.
February
share
a
on
Notice,
of Directors today
dividend
stockholders
to
of
for her contributions to American
'
:!:
*
*
Record
the eighth straight
month in
which the company's
volume set new highs in compari¬
like' months
to
son
years,
was
.
Walter
according
Benedick.
was
down
of : previous
President
,to
Last
16.6%
month's
from
women
industry and commerce.
Internationally
duping
the
year
a
100%
stock
12-
known
for
nance,
tual
1
Mrs. Axe heads five
investment
and
funds
lished
by
Corp.,
and
the
contributor
nancial
New
is
York
today
to
a
Treasurer
^7ri-^ontinmtai
wrwfiwatiotfi
14 Diversified Closed-End
Investment Company
First Quarter Dividends
Times
frequent
professional
Record Date March 20,1962
fi¬
journals.
32 cents
A
distinguished committee
than
Wedemeyer
as
Mrs.
t
on
general chairman,
Robert
F.
well behind the stake in General
reports that since the end of 1961
th
"no
broad
Roger L. Stevens is serving as
of
a
testimonial journal
editor
share
the COMMON STOCK
Payable April 1,1962
Wagner
Mrs.
67V* cents
a
share
on
the
$2.7Q PREFERRED STOCK
1
Payable April 1,1962
.
Motprs, Ford,
a
for
Mary, Roebling as coHowever, there is a marked simi¬ $40,000,000 as of March 9. During
larity in taste between this Fund the past fiscal year the number chairman of the hostess commit¬
of shareholders almost doubled.
and
the
tee; David G. Baird, Treasurer,
colleges, although the
and John W. Klqge, chairman of
IBM
(in which it has a better /
..
,
f v
* I
#.♦ '
' .
.
the tribute committee.
than $4,000,000 stake) holding is Provident Fund for
income, Inc.
been
L. T. Melly
editor of The Annalist, a weekly
financial publication then pub¬
included
have
!
a
creased its net assets to
e r e
'
mu¬
is
the event, with General Albert C.
v
1962. The dividend is payable
her
paid to shareholders of record
21, 1961.
Since the fiscal
year-end, the fund has further in¬
was
;
at
from net investment income.
dividend
more
record
March 19,
the
month period of $22,444,716 rep¬
resented a gain of 163%. During
the
; the close of business
leading role in economics and fi¬
monthly
increment
;
March 12, 1962.
director of major industrial cor¬
high of $18,porations. She is also a director on
275,000,
set
in
January,
but the National
Development Board
bettered by 21.8% the $12,515,000
of the Children's Asthma Institute
of February, 1961.
and Hospital, is a member of the
❖
:i:
Metropolitan Opera Guild and is
During the fiscal year ended Jan¬ a past president of the Women's
uary 31, 1962, the Life Insurance Bond Club. Mrs. Axe was a former
all-time
of 8 cents
the Capital Stock of
the Fund payable April 14,1962,
American
in
Board
declared
nounced.
finance, is
being honored as "The Woman
of the Year" in recognition of her
aid to asthmatic children, for her
support of medical research and
'
"
;y
St., New York 5, N. Y. / ■;
Dividend
Dow-
Chair¬
ling,
Mrs.
_
Rob¬
ert
Lines
Refining and United
5J/2%
preferred.
It
eliminated American Bakeries, E.
I.
du Pont
de Nemours & Co.,
Ford Motor, B. F. Goodrich and
R. H. Macy.
.
■;
.
Lazakd Fund, Inc.
and
Drama,
quarter
the fund added Armco Steel, Ash¬
'
THE
City Center of
of the portfolio increased to 14.1%
from
*
night
Supper,
on
Monday
*
quarterly report, WiR
Chairman,/and
A.
Mass.
bIncorporated#818 "
M i d-
Charles Devens, President, stated
liam
r(2ctiftantf, Trustee
50 State Street, Boston 9,
pecially for
up
$10.04
tfiibu'tauce
a
reported new high of $127,070,775,
June
Texaco. Incident¬
9,
of
Ruth
The
or
«tpayable* v j y
March
Institute
*
Incorporated Income Fund
Machines,
Standard
of
Jersey,
Texaco, Telephone, Eastman Ko¬
dak, Gulf Oil, E. I. duPont de Ne¬
mours
& Co., Christiana Securi¬
ties, General Motors and Standard
Boston Fundmen give top place
their portfolio to Telephone.
Children's
per
invest men ui
:
To Honor Mrs. Axe
The
dividend from ordinary income.
yi
Asthma Research
and
^ i
Inc.
c
/v'
variable
more
demicians, their preference run¬ Investors Inc. fund more than
ning (in order of total market doubled its net assets, v climbing
value) to International Business from $13,764,924 to
$36,209,640.
in
l
*
policy of declaring "uniform. President.
quarterly income divdends" and
Oil Co. of California.
j, *»t
Fund
V;
earn¬
Massachusetts
total
Oil and Shell Oil.
DIVERSIFIED GROWTH
STOCK FUND, „
*
Varied
The Funds Report
to Wall
Investing in
A
~
.,
current
will receive the 110th consecutive
of
value
selected for possibilities of growth
of
the Southwest."
wars,
was
INVESTORS,
freight
expect to
we
view
value
-
of the shares should
the value
be
in
$50,326,884 as com¬
pared with $44,390,545 on Aug. 31,
1961, a gain of 13.4%. Net asset
investing, fluctuations
in
corrected
tee; Walter Benedick, heading the
funds
committee, and
Benjamin Jayits, chairman of the
legal committee;
:
■
•
mutual
Feb. 28 totaled
policy generally preva¬
fund industry." The
dividend change becomes effective
on
March 30, when shareholders
by renewed
At
FUNDAMENTAL
past have
deferred
main¬
about
shortages, which
Texas
of the fund's program
the Scientific Revolution.
ONKWALL
7
As for
rocky road
not
was
m
•<,
..
include Ira Guilden, chairman of
investment banking commit¬
the
1930's, it
road.
a
after
stated:
expendi¬
carloadings with improved
ings "
swers."
year.
the debacle of the early
mutual fund owning stocks
for
investment quality, and
...
halls
the
objectives, stated in
the annual report, should be of
over-riding interest to the butch¬
er, baker and candlestick maker,
who have a large sense of thrift
but
only a small sense of the
ways of the marketplace, It says:
substantial
so
within
The fund's
vestor
From
$4.98.
was
fund
see
car
industry, finance, com¬
and government.
Other chairmen for the occasion
merce
recent
Stores, which excites considerably
Fund
A
the
tenance and the publicized
value behind each share of Boston
...
The
railroad
./reduced
ally, Boston Fund is strongly at¬
tracted to Federated Department
of balanced
tempted to cry out for help.
Steel
tures' of
brought
thirtieth
The
American
(formerly
Foundries) have
increased.
been
..yd
vyhich will be published in Mrs.
Axe's honor, • containing ^articles
ana \ tributes * from
leaders
of
Industries
Amsted
changed
Goar, Heaton & Johnston, Inc.
..
Thursday, March 15, 1962
.
.
SARASOTA, Fla.—The firm name
of
D.
W.
Heaton
&
Co.,
117
135 S. LaSalle St.,
.
changes" in policies aside from an
increase in hpldings of, railway
equipment common stocks. Hold¬
ings of Pullman Incorporated and
»
Central Avenue, has been
to
.
65
Broadway, New York 6, N. Y.
Volume
Number 6142
195
.
.
Financial Chronicle
The Commercial and
.
enrollment has permitted tices and policies as well as with
economic
and
political^ develop¬
IBA members to register
two, three and even four persons ments, both domestic and foreign,
for the first year; last year, mem¬ affecting investment banking.
higher
California
many
Paramount Foam
with
Industries
bers
were
'Nearly 120 investment banking
leaders and specialists from busi¬
ness,
government and academic
circles
are
participating in ■ the
1962
Institute as guest' speakers
&
Co., Inc.," New York
City, ., is 'manager of Can under¬
writing group which is making
.
$
initial'
sale
of Y. Paramount
stock,
,
Industries
Foam
through
common
public
the
137,500 shares, at $4.
Proceeds
•
-from
of
share.^^-/-.:
offering
a
financing
.the
,
will be used
primarily to purchase
and equip ment, and to expand manufactur¬
ing capacity.
'
and discussion leaders.
range
of
covered
,
subject
and
familiarized
will
matter
with
•
and- 19
38 states,
from
Illinois
and
31
came
Texas.
from
In
all,
Canada, and Puerto Rico
have registrants attending the 1962
Institute.
tificate
the
views
country ;and exchanging
them;
; V:
.,f;
with
.
Upon completing the three-year
Institute, registrants receive a Cer¬
their
of Merit in recognition of
specialized training for the
geographical breakdown of
the 1962 registrants by state shows
investment
b
than
75
New York far in the lead with 68
awarded this year.
A
•\ ;
.
A broader
registrants
with
Twenty-two
of
registrant in the first year of the
program due to lack of facilities.
Fialkov
Ohio
25.
benefit not only
through class discussion sessions,
but have the further advantage of
meeting others from all sections
Registrants
each limited to only one
Common Offered
the
(1281)
in
be
attendance,
mostly
from
New
More
will
preside
a
nk i
n
business.
g
certificates
at
will
be
Robert Mason
t h
e
.
graduation
will
deliver
the
21
graduation
ad¬
dress. : Nearly 550 graduates will
then have completed the threeyear program.
:
Opens Investment Office
ROCHESTER, N. Y.—Joseph Gera
is
conducting
ness
from
Avenue
a
securities
offices
under
the
at
531
firm
busi¬
Lyell
name
Country Securities. Mr.
Gera
formerly with Genesee
was
York
industry prac¬
City. Pennsylvania is second
luncheon
the closing
day, and
Valley Securities Inc. and Palmer,
with
will 'be
33
IBA President Curtis H.
Bingham
Pollachi
registrants,
followed
by
on
Coi
&
• *
M *V
<t*ri
it
additional machinery
the
of
which
N. J.,
the
synthetic
manufacture and sale of
foams
.
engaged 4in
is
company
Lodi,
in.
Headquartered
the
type,
polyester
comprises
of ure-
group
a
thane cellular materials. Its prod¬
ucts
"are "in
further
the
of
nature
which
materials
raw
subject
are
to
manufac¬
by; other producers for a
wide variety of items..
Net sales for the year ended
Dec.
31, 1961, amounted to $1,744,579, and net profit was $159,967, equal to 37 cents a share on
430,000 shares outstanding at the
year-end.
processing
or
ture
Institute of
Inv. Banking
Now in Session
PHILADELPHIA, Pa.-^The tenth
annual session of the Institute of
Investment Banking
the
of
tion
week,
ton
America
is
Associa¬
this
meeting
(Inarch 11-16) at the Whar¬
on
Com¬
and
Finance
of
School
merce
sponsored by
Bankers
Investment
the University df Penn-
:sylvaniavCampus: in Philadelphia:
In recognition of the tenth an¬
niversary of the Institute, those
IBA
leaders- who
in 'succession
.
.
headed up this executive
ment project during the
develop¬
past dec¬
ade will be honored at a luncheon
March
day of
announced Cur¬
tis H. Bingham, President,. Binghamt Walter & Hurry, Inc., Los
Angeles, and President of the As¬
on
16,
the closing
the 1962 program,
sociation.
These leaders
are:
Partner,- .Merrill
Lynch, Piercer Fenner & Smith
Norman ; Smith,
'
Inc., New York, Chairman, IBA
Education
Committee,
1950-53
'
v
(Institute! established/1953) -; '
W.
Carroll
-Mead,!; Partner; Mead,
Miller & Co.,
Baltimore, Chair-
man, IBA Education
\ 1953-57.'
Robert O.
Committee,
Shepard, Partner, Pres-
cott & Co.,
Cleveland, Chairman,
Committee, 1957-
IBA Education
1960.
Robert
Merrill
Mason,
Lynch,
J
-
Pierce, Fenner &- Smith Inc.,
Chicago, Chairman, IBA Educa-.
tion Committee, 1960-62.
H. H. Sherburne, Partner, Bacon,
Whipple
& Co., New York,
Chairman, Institute Planning
Committee, 1960-62.
A BRIGHT
format permitted
tomers is reinforced
we
modated
ners,
Officers, -and
which
other
compares
istration of 275
Edison invested
experi¬
a
with
money.
a reg¬
year ago.
drain
3-year
Committee.
.
executive
v
.gram-
*
^
invaluable
personnel' v> ;
heing^i)re^^d:'fb^^hfc^K^ J-T
IBA mdmb'er1
.
an
vfor: experienced,
•-•who rare^
v*
Hev pointed PU t:
the.Institute is
:
'ofgahizatio'ii^'^?.••,,:^
-
- -
The first
192'-f men
with
year class thi^yearrhas V'*
r-enrolled*?as ' Compared^
only
decade, Southern California
over one
Private
the
Operating
•;
for bigger;, better facili¬
billion dollars in plant
expansion. One billion dollars of Company
devel¬
opment program for investment
bankers is designed to develop in¬
dividual leadership ability and to
foster efficiency in all phases of
California
investment
banking operations, •
according, to Mr. Sherburne,
Chairman of the Institute Planning C "Lx.-L+
:
proving
...
again
..
.
that electric power, supplied by an
investor-owned company, meets
the people;
the needs .of
delivers at bargain rates. For an
amplification of our 1961 operations, see our
Nearly 360 junior part¬
personnel of IBA member
organizations enrolled for the pro¬
This
year
In the past
ties.
could be accom¬
year,
according to
enced
gram,
—
that
this
Mr. Mason.
spend each
by the millions of dollars
sub¬
a
breaking performance in 1961
,
stantial increase in the number of
registrants
our cus-
j
-
Expanded facilities and.a revised
program
FUTURE for
ELECTRIC
-
113
last
year.
.
This-f
~
•
-H-k?-•>
>
-
;
%
money.
Annual Report.
Money that did not
Federal till, or you
the taxpayer.
For your copy
of Edison's 1961 Annual Report,
please write A. L. Chavannes, Secretary, Soirthern
as
a
Edison
free enterprise,' Southern
was
of
Town and
able to
score a
record-
California Edison Company, 601 West Fifth Street,
Los Angeles 53,
California.
•'»,
The Commercial and Financial Chronicle
22
Thursday, March 15, 1962
;
(1282)
.
Assistant.Comp^retary, and George W.; Stewart, $300,000 to $350,000 by sale of new :
stock. '/
"Y.
/':/' '/*/..{•
/•-'/ £ ['
Wes- Treasurer. y; /
; YvI
v /
" . Y ley V. Taylor, Assistant/Secre- *
^ y* * #
'
The American Bank of Port Clin¬
r.'taries and Walter H.Cushpaan and The ^Franklin National Bank of
William J.,Caird,
troller; Donald M. Long and
•.
Managers.
*
New Officers, etc.
Branches
'.New
Consolidations
Revised Capitalizations
•
'/■/V;
V
*
York,
its
increased
has " changed -its -title
Ohio,
to The American
capital
common
/.//,{:/•<'/Stock from $17,250,000 to $17,595,-
*
*
-
Trust
&
Co., Chicago, 111., elected
Finch a Vice-President.;
formerly President
of
Lindley
Manufacturers Hanover Trust Co. sistant to the President and to. the Oren Root, New York State SuperNew York appointed Philip EL. chairman.
/-///V; ;: y.
; i. intendent of Banks and Chairman
Milner, Vice President as officer : /• Vyv.
*
*
# ■
the Banking Board, Mar. 9 anin charge of pubhc relaUons and The DolIar savings Bank of The nounced heY had
approved ' the
relations, editorial services, com- business development^ w ltn tne city of New York elected Robert merger application of Commercial
n>unity relations, public affairs ' k?nk jmce^ *
> C. Johnson as President and Chief
Bank of North America, New
Bank, New
T. Nolan
as Public Relations Director with
over-all
responsibility for press
The Chase Manhattan
He
York, has named Joseph
Northwest
and
special events.
=
://
■
* y/y-'
"■
h
Mr.
Company, New York, has elected
Mar.
nounced
it
7
was
join the bank's Grand
Advisory
Board;
Mr.
Jacobsen, the West Side Advisory
Beard,
and
Mr.
McGrath,
the
Center
Crawford
Advisory
is
President
the
for
Chemical
ft
a
President
Vice
Bank
York
of
The
1936
Feb.
on
Bank
moted
Trust
of
Bank's
111th
office
in
the
E.
Vice
has 131
.
ed
»j!
Tucker
has
Warner-
H.
elected
eh
*
of
The National Community Bank of
Rutherford, Rutherford, New Jer-
_
Fresidents.
-■
::'
*
'
j
-.
,
'
and
*'
■
'•
costs
,i
::j? y >
ing fund bonds
of ; the
'A/'l the Citizens First National Bank:
i y r and Trust Company of Ridgewood,
'
YvY ;Fji'st Natioral Bank of Allendale;
Y Y f' Allendale^ New Jersey, to consoli-
of preliminary
costs
4
work in
"
'
"
,
;
of the
new /power /plants
,
LIMITED
'
%Y
' Th6
Citizens
First
•
August 1, 1961, B.A.-Shawinigan Limited,
formerly jointly owned with - The- British- /
American
Oil
Company
Limited/ became*
wholly-owned and a division of the Chemicals /
Company. B.A. subscribed for 166,615 com- mon shares, or 2 5% of the issued share
capital
of the rCompany, by
transferring, its 50%
interest in B.A;-Shawinigan Limited and paying
$12,077,645 in cash. As a result of these
transactions, B.A. participated in the financing
of the
new
petrochemical plant already
tioned.,/;/
Y
men¬
By the rale of
Capital Expenditures amounted to$23,733,l 53
compared with $17,702,658 in I960. Includ¬
ed ; in these expenditures were major trans¬
construction
Feb/ 27
-
HIGHLIGHTS
"
.V,.,,
The
/
Total opercting revenues........
»
Net
earnings;;
.
.
$
on
preferred shares..........
Dividends
on
class "A"
Earnings
per common
common
shares/.
,:
/ Y
Y:
•
capital stoc1^ of The
National
Square,
1.51
~
.
'
Square.
Hamilton
stock
effective Mar.
v
'
•//
'
*
has -been
ap-
an; Assistant Vice-Presi¬
dent of the Western* Pennsylvania
the sales
department. / r
:•
;
coming to Pittsburgh,.
-
to
pany, Philadelphia, Pa.
\
♦/.' ,
~
-
*%
^
-
1
--s
%
•
/Effective/ Feb:
"
C.
/ :
'
^
the common
capital stock of The First-Knox
i National Bank of Mount Vernon,
27,
-
-
7,939,081 "
$488,989,810
■
7,827,793
$469,229,936
/
Mount Vernon, Ohio was increased
from
Shawinigan Water and Power Company,
Corporation and Southern Canada Power Company, Limited.
/.
$500 000
to
stock
dividend
and
to
A copy
$600,000 by a
from $600,000
$650,000 by sale of
SHAWINIGAN BUILDING
WATER
* *; 7/*"' * ;
',////" -/^-:/-// • •/•
National
' •
AND
,
,
r
POWER
•
*.
!
COMPANY
MONTREAl, CANADA
/
% y*
Bank,/ Houston,r Texas.
continue.;to
Hubbard- will
Mr."
serve
By
26,
advisory Director.
an
as
/
stock dividend effective Feb.
common capital stock of
a
the
TN* Sidney National Bank, Sidney,
Men'ana.
000
has
"
increased from $50,-
was
$150,000.//;
to
/'
*■
Bank
'
ft-
/ft
'
;
ft
"/
;
:>
'•'/• '.-••//• •*'/
a,
-.. -■:
of
Montreal/; Canada,
appointed Leslie M. Frost a
Director.
'/
,
'^•;//:•// :.//'
•-.
Unicycle Corp.
Of America.; /
new
stock.
The First National
Exchange Bank
Sidney, Ohio increased
its common capital stock effective
-Feb/23 from $250,000.to $300,000
by a stock dividend and from
>
,
Common Sold Y/vY:
/v..
?
-
^
•
»,
C"
T
,
i
\\
i- -
of¬
fering publicly, without under¬
writing,; 50,000 shares of ; its 50c
par common stock at $1 per share.
Net proceeds will, be used for the
repayment of debt, purchase of
inventories and-sales promotion/;
Unicycle Corp; of America is
The company
N.
of;221 San Pedro,;
Mexico,
organized under the corpora¬
E. Albuquerque, New
wa?
:
of Sidney,
SHAWINIGAN
of
Bank, Houston,
has been elect-;,.
edY Vice-President' 'of /Southern
.
oj the 1961 Annual Report, either in English or in French, may be obtained by writing to the"
Company at its head office, P.O. Box6072, Montreal, Canada. /
%
'
Y
"
'
~ • ■' "YY'
been
has
Advisory Boavd
State
National^Pank, Pittsburgh, Pa., in
:
r
80fi
//V; Y
Ford Hubbard, Jr/
The
pointed
.
1.55:
•.
'/"
director.
a
❖• •/. '
^Mitchell
the
Side
Texas.
/.>*
y?
to
named
North
i'V*
x
NOTE. The above figures reflect the consolidation of the accounts of The
THE
Brosnan
/; ;//
1.
*
William/M.^.Lee
/
758,156
-
80$
New
was
'banking division of Fir ft Pennsylvaiiia* Banking and Trust *• Com-
1,025,000-
/
Hamilton
increased from $300,000
$400 000 by 'the sale of new
*-Jersey
r
of
Bank
Mr. Lee was an Assistant Vice."/President; in the
corresnondent
13,985,067•
758,156
-
Gross plant investment
St. Maurice Power
William
•VV*,/'/:-yy':i
v;
82,741,871 /
.
1,025,000 Y
share
Dividends declared per common share...
Common shares outstanding December 31
$
88,075,914
Y."13,766,259
/, .%
Dividends
& '"S- %ft
common
First
v
common
>_:•
1960
Bank
Jersey
capital stock
Y from $8,500,000 to $9,000,000.//
net
1961
State
Newark/ New
increased its
;/
Prior
FINANCIAL
stock effective
new
National
Southern/
&
■-
National
The
jCf: Newark,
/
earnings of the Chemicals
Company and its wholly-owned subsidiaries in'
1961
amounted
to
s$2,087,788. Dividends
totalling $749,844 were paid to The Shawi¬
nigan Water and Power Company. ///-/ ." ; *
//-; /.•;/,/ /* ;///'
Pank, Atlanta; Ga., has elected D.¬
George /W.
-The • Fir§t^National Bank of Al-
.'Yf.'«• .lendale ha? - total assets , of $10 6'
Y^vY'^n^ilHoh and -total deposits of $9.8
Y;'A
million.. -Y/Y-;-Y
/-to
i
%-Consolidated
station
Citizens
National
.
/Yy Bank-has total assets of $45.5 mil- yVy /lion^ and total deposits of $42.1
>,y:YY;million'../.
' •"
'
/
On
were
A
capital stock of the
First^National Bank of Hollywood/
•'.
SHAWINIGAN CHEMICALS
severe
rentals
A/
/ i
;■/%/■:"V'/f/j///.
common
wood.",
C
issued. The construction
together with the
were
The
stock dividend.
Northern National. Bank of Ridge-
con¬
power developments.
/•', v ; Y.' ,W'.- *' " *1
' • • 'i\, •-
growth of the transmission and distri¬
bution system wilLrequire an estimated total;
expenditure for the period 1962-1966 of
approximately $175,000,000.Y ., - .
"
1961. Provincial
storage
mission line and terminal
:
$850,000 by .sale, of new stock and
from $850,000 to $1,020,000 • by a
'' date .under the title of "Citizens
•
two new
normal
Electricity by the Power
.■*•../
sis" / './•/»■;..
■
-
■
-.-vRidgewocd, New Jersey; and The« Hollywood, Florida, was increased
effective" Feb. ,28 from. $750,000 to'
for i96i
Financing: $20,000,000 of first mortgage sink¬
Operating Expenses were up 8% due to
larger power purchases and an increase of
4.2% in operation,: maintenance and general'
•
*
.
y/;'/::/.:•»
Y has^approved the, application^ of
.
^
nection with the
Total
water
Vice-
made
been
"/* v'//'
-
Comptroller of the' Currency
..
was
profits tax and
also higher, „Y v
•
.
"
costs
to,.
a
of February 2 5,
A.
;/
.
;
Company decided
which included
Frank
.
.
.
7,070 to 369,366.
storm
also
have
ban
Chicago,
L., r Evans,-;
•
$86,854,971, a record high.
Kilowatthour sales of primary, power to major
industries rose 4.6% and to residential cus¬
tomers 10.6%. Number of customers increased
sleet
William
and Thomas S. McLena-
Koepke
John Harris.
*
Bank,
Vice-President.
Senior
*
:•■/.;//. /.
*
,
elected
111.,
Trust
&
the
administration./ ;
National
Central
the
in
active
become
loan
'/•//",
been
Vice-President
a
cn,
./
and
dent
-•
expenses,
-
the
of
G. // Officers of the Quarter-Century seyv increased its common capital
v'.-i'
.-v-:"
•••
First- National
Bank/ of. Miami,
Trust Club elected at the annual dinner. Stock from $3,031,250 to $3,637,500
nffWr
i
Florida^ elected Harry.. ,H. B as sett:
Officer.
Y:
' •bn^y/Y/kare: • Martin
J. Conneely^.Presi-:-.by. the sale of new stock effective
President,' succeeding Ralph/Wri
'Y Joseph
Agolia, has been; ap-ATdent'p.i George
C.
Strackj -^Vice; Feb';1 27./-'-•
-:;■■// Y
pointed Assistant Trust;Officer; /President; William T. Isaac, Sec- •«•-.;^Y
\
**'■ "Y Crum, who retired effective-Mar.
is.:- / / ./•
Y The;
'!"• /"■// ;'/■!:
300,000-kilowatt
thermal electric generating station near Sorel. /
Shawinigan Chemicals Limited, a subsidiary
of the Power Company, started construction of
a $20 million petrochemical plant at Varennes,
Quebec, which will produce ethylene, propy¬
lene, butylene and other chemicals.
-Y^Y
Companies
Mr.
Illinois.
George Sintenis, Frank D. Miller,
Raymond D.
Hanson,
and
has pro-
McMonegal to
President,
and
.
Eroceedwith the 125,000rkilowatt DesMaurice
ydro-electric station on the upper St. Coeurs
Revenue from Sales of
■"//
.
prompt-Guaranty*
Company, Chicago,*
Beverlin has been^
Trust
&
bank's
new
Y
construct
in r!1947
/'/':•'///
% ;
Cashier
to
Bank
Company
Trust
Bank
»
B. Beverlin, was
Thomas
>]:
department,
and Vice-President in 1951.
❖
ated with the bank for a total of
3,989 years.
highlights
to
//;/.:'"
WiX wereSCprltfedHtrP
A9:
Y.
also
anniversary
banking
Liberty Bank and /-//;/;;;/;// ❖
associ-
^
river,
35th
Vice-President
Assistant
stock.
now
have
who
members
*
,
1961 the
the
to
*
area.
New Plants: In
his
He was;
elected Assistant Cashier in 1943,/
Harold
the
Chicago, ! Illinois,;
Bank,
ent bank, division in .1948.
Orchard
Park,
members include: An-"1 Ilarlfcrd National Bank
Co., Hartford, Conn.
drew D. Wilson, Miss Jane Camer-
York
New
Morgan
Assistant
T,°<ZC« 'h"fta«o(abr»h'
at
1900
Ralph Avenue, marking
New York
Wayne, Vice-President
becoming head of the correspond- ;
capital stock of The.
common
National
Quarter-
been
The club
of the club.
Chase
The
*
*
March 12,
on
of
he rePresident of
to- become
Sterling National..
The
New
welcomed into the
;
...i
Century Club of The Dime Savings
Bank of Brooklyn, New York by
even¬
Manhattan until 1929, when
signed
v
Company, New York
System
members, who in the past
completed 25 years of service
were
"
; head., of the, correspondent.
division, .Harris Trust and;
with the Bank March 7.
Trust Company.
*.
>:=
*
»:=
<■
'*•
bank
Park, New York, under the char¬
ter and title of
new
year
he
years
several, banks,
Bowery Savings Bank, New York.
$
15
next
1921, Mr. Pulvermacher continued
as
Board.
Mr.
Reserve
:S
Six
'
Y
1
County
of The
of* Orchard
Bank
of
Sayings Bank, New
York.
his
started
>Y: •'*'
-
of Norwich, Norwich, New York serving as Auditor of the Bank..
/ Mr.
C. J. Skidmore, whom he
was increased effective Mar,
1
tually becoming Vice President of
the Metropolitan Bank, New York George C. Johnson, President and from $1,458,600 to $1,487,760 by a succeeds, has occupied the post of
Vice President andCashier and,
Chairman of the Bank's Board of stock dividend and from $1,487,769
in 1917. When that Bank merged
will retain the title of Vice Presi¬
with the Chase National Bank in
Trustees, and Honorary Chairman to $1,633,620 by the sale of new
and Talbott
Rockefeller
Pulvermacher
worked
Harold H. Helm. Messrs. Crawford
Central
and
Lohg
the application of the
Liberty Bank and Trust Company,
Buffalo, New York to merge the
Newman, Chairman of
of Dun & Bradstreet,
the East River
of 75.
During
an¬
Chairman
by
Federal
Inc., has been elected a Trustee
Mar, 8
'
Frank J. McGrath and Glenn
Talbott to three of its Metropoli¬
Boards,
Board
the
&
banking career in 1902 as a mes¬
senger for the old Hide & Leather
National Bank, New York.
sen,
Advisory
Wilson
J.
President
Pulvermacher,
Sterling National Bank
at the age
Trusi
Morris D. Crawford, Arthur Jacob-
tan
York.
Bank for Savings, New
~
!i!
Richard H.
elected
was
National;
/
Trust /' Wayne started with the bank in
1927 in the mailing and messengerCompany, White Plains, N. Y. ■ Y:,
departmentY and worked in /the;
The Board of Governors of the trust department and moved."in
*
*
Y
r
,
Savings
Laughlin
a.l director
Trustee of the Seamen's
a
Newton
R.
Moines
Des
celebrated
smce xaou-
*'
elected
of
-
_
Beach, N. Y.
con-
1950
since
Bank
•
,
a
Mr- Johnson has been a Trustee
T5ank
State
and
r
was
Bank, Des Moines, Iowa.
28 approved
of the
York
who
Chairman
ot tne
has/also
D.- Lawrence
Y Ollter
been made a Vice President.
,
New
Bank
York
succeeds
He
Catharine
M.
1
»
Officer.
Frederick R, Wierdsma, has been
Trust Co., New York, died
Chemical
Robert
l^t^enternber"
merger
division,
subsidiaries of Joseph
11 y-o w n e d
o
was
Rockefeller Center
of the
last September,
he has been business development
coordinator in the metropolitan
,
Morgan Guaranty.
Milne
1961, Mr,
to
Hanover
nounced
Mar.
8
by
Henry C.
Alexander; Chairman of the Board.
Mr. Murphy is also a Director
of Morgan Guaranty International
Banking Corp. and Morgan Guar¬
anty International Finance Corp.,
w
1959
charge
Murphy as
a
Director of Morgan Guaranty
Trust Co. of New York was an¬
of Robert D.
Election
Executive'
•; /
-r
Continental Illinois National Bank
///
;
*
K
•
//
Bank.
*
#
000 by a stock dividend effective
Feb. 28. /' .v. .
Ruocco a Vice President and As-
'
/
'
*
Bank of New York,
elected ,'A„ Charles
State
Royal
New
(securities) yXongSIsland, Mineola, New York; ton,
„
" *'has
*
—
y
Davine,..
G;
James
BANKS
#
;
,
tion
laws
Mexico
on
of
the
Aug.
State
11,
of
New
1961, for the
primary-" purpose of manipEa'ctur-!
ing. assemblingr and selling unicycles. /
.-f
/ •
■ ••
.
Volume
195
6142
Number
•.
Chronicle
The Commercial and Financial
.
'(1283)
'i," i
v
23
-
.
Directors will vote March 20
on
1957. There is therefore" room for. earnings-of about
$1.80 on the new
proposed ' split of 21£-for-l: further improvement in earnings shares, the price-earnings ratio
which is also subject to approval
under, the present ceiling set by is 20.
*-"
/
;
.* y '
by the Massachusetts Department the commission,
<
r-i
the
'
•
,
*
.
V
...
BY
of
ELY
OWEN
Utilities.
Public
The directors
increase " the
intend
to
rate
the new share's to 33 cents
on
quarterly,
Company
deriving most of its
sales
of
enues
36%
.
a
revenues
rev¬
ities.
concerns
crease
of
of
years,
important industries are
were
titled to
a.
5.7% return
base
they have*shown a steady
metal
'.products, - food
products, increase from $3.12 in 1957 to
paper and printing, chemicals, sci¬
$4.35 last year and an estimated
entific instruments, rubber goods,$4.50 for 1962.
wearing
apparel,
etc.
Textiles
now
contributes only about 5%
■
consisting
plant
earlier
irregular. in
accom-
Button has been elected
Bos.on
ant
investment.
earned
company
net
Last
search fields in the greater Boston
Following
community.
the
Diversified
rate
Edison
has
been
net
recently
around
90
(1962
the
91-79V2)
creased
steadily
from
Boston
ohj split basis.
in'
4.5%
With
the
dend rate of $1.32, the
in-
plant, the return.. having
Assist-?
Investors
Before his election
Management
ton
be 3.7%.
Based
on
selling
was
dresen
a
&
by Investors
Mr. But¬
Company,
general partner of An-
Co.,
New
York
analyst for nine
facturers
divi-
ronto,
yield would
Life
Canada.
He
of the New York
rity Analysts."'
estimated 1962
years
at
In-urance
.
is
Manu¬
member
a
Society of Secu¬
V
YyY
Greater Boston is the sixth larg¬
est metropolitan area
CONTINENTAL MOTORS CORPORATION
in the U. S.
facts and figures
from the
fourth
and. the
largest wholesale
center. It is p:obably the greatest
educational center in the country,
its 47 colleges including Harvard,
MIT, Wellesley, Radcliife, Boston
University, Brandeis, Boston Col¬
lege and Tufts University.; It is
also a national insurance? center,
companies having home offices
the greater Boston area.
The
tallest building in New England is
in
the
office
home
another
is
largest
of
one
SUBSIDIARIES
company,
the
creating
AND CONSOLIDATED
1961 annual rehort
73
second
complex %) in
the U. S.-with shops, restaurants,
m
ulti-block
business
buildings,
office and
gional
its own . re¬
magnificent
a
auditorium. Otl'er insurance
panies have recently erected
buildings
>Another VlekfSiifg
is
BosttJh
HIGHLIGHTS OE? THE FISCAL YEAR
com¬
new
extensive additions.
or
year's level, although sales-were lower in line with the trend
in which Vit
world} its fa¬
cilities including all the physical
and biological sciences, engineer¬
ing, medicine, social sciences, etc.
There is ever-increasing research
in
space
technology, nucleonics
the
of
*
- •
-y
, *
y
7 .\ ;\\
Stabilizing of the tax structure
way
stage/
This includes
in
or
a new
-
..,
houses;
downto
•-Common.
six
In
$20 mil¬
new
a
skyscraper,
w n
the
major
centers
and
thousands
$90
cf
in
regional
shopping
homes.
new
the
t
now
Boston
kw unit is
excess
share-'
Current liabilities
Net working
years
and
a
340
H H
Substantial
;
1959
1957
1958
J
$1,417,759
•
v
$2,637,475
CUSTOMERS
$3,583,301
$3,536,528
THOUSANDS
SERVE
$135,610,890
$131,415,279 '
.
;;-
r;-
?
.
capital
'7 • 7*
$0.43
7;
OF
IN
OF
HUN¬
WAYS,
ALL
•
;;'7r
$0.80'
ENGINES
CONTINENTAL
10,549,655
10,231,837
12,129,875
$139,946,152
$1.09
$1.07
$0.40
$0.60
$0.60
$0.55
$56,700,008
$59,657,338
$56,101,397
THE
FREE
WORLD
$0.35
$56,697,077
OVER
$64,454,365
-
$22,883,361
$22,912,690 y *$25,005,195
$21,289,109
$30,598,007
$33,813,716 J:
$33,787,318 ^
$34,812,288
$33,856,358
$34,652,143
Ratio of current assets
to current liabilities
000?
planned for 1965, wLh
be sold to neigh¬
'
$0.43
-i.
Current assets
Long-term debt
Property, plant, and -fit
equipment (net)
f
power to
are
|■
<
DREDS
share
common
v
$138,094,193
$1,420,788
earnings per
->-7 •••*
boring utilities.
omies
Net
Dividends per
Authority's
is
in 10 separate sections
two
past
i" "
v.*.*.*.*'
^
10,743,003 V
10,428,183
$127,873,594
Net earnings
program
city.
•'
Net sales
generating capacity;-Substantially
—-three large units were added in
the
•
1960
i96i
Engine output'?-: :,V >
(horsepower) fijfi
Forty-
are
Greater
Redevelopment
million .' renewal
the
$iw,0w,ow:"
isii;
Ended Oct. 31
Boston Edison is increasing < its
'
models to be introduced in 1962, a
new
Fiscal Years
of smaller
hotels, and
Were
under way
of
With
•
announced in .a re-V
cent six-month '.period.- The Bos¬
ton
tilsv^■
.
FIVE-YEAR REVIEW
"area, with thousands of individual
manufacturing .plants:
31
new
plants
■
-
dozen y
L three .'industrial .-parks
situated
-
....
suburbs; there
restaurants,
ones,
•:
•
town
planned by British investors; and
a :l,500-car
parking garage now
completed beneath historic Boston
;
'^-v
-7: strengthened distributor-dealer organization and efficient
facilities, Continental looks forward to a more favorable
'ih ''.Qyear. We intend to push forward aggressively in our
j programs to maintain our leadership in the engine field.
Park, a 45-acre tract * of
high-rise city apartment buildings
are
"•
'
,
River
lion
«jdes?:;'pafts^;7
k
—
.
and
:f:f; aid
.
Cen¬
feet of office, labora¬
and
technical
space;
the
Prudential Center; Charles
huge
iww-lias
Substantial contracts have been received from the
square
tory,
Selling and service training
' programs were continued and extended.-.
i w. 7 Promising hew engine models- and other .products were
L Li: >7 introduced during the year. A vigorous research and
b"
--development program is continuing.
multi-•'
ter; Technology Square with 800,-
-
Branch and distributor-dealer organizations were
|
.
'
000
.,
military for the LDS-427 Hypercycle multi-fuel engine and
^e 750-horsepower Diesel tank engine...
planning
the
Government
plants, and field
achieved in broadening
y, Continental's sales potential imforeign markets.
-..
7.
progress was
further strengthened during 1961.
by'the city administration seems
to have rejuvenated the city.
A
billion dollars of construction is
million-dollar
general business. Demand improved during the final half. *
;Considerable
and electronics.
under
consolidated1 subsidiaries for 1961 equalled
.
research,
doiibtless; leads
Earnings of Continental Motors Corporation and
the previous
.
industry Mn
"
;;: 2.5 to 1
•■
$1,460,000
2.1 to 1
2.8 to I';::
2.4 to 1
$1,640,000 •;?'
$2,000,000
-::
$16,392,626
$15,733,097
$16,223,841
$50,186,827
$49,529,352
$47,807,824
$15.21
$15.01
$14.49
y
$16,073,732
$16,140,139
equity a.'J .$49,725,374
$49,624,586
Y2.6 to 1
$2,355,000
l
"
v.
■*
$2,480,000
econ¬
anticioatcd at this plantr
Stockholders'
-
.
"
Other steps to
are
increaze efficiency
the installation of
a
Data
Book value per
V common share
Log¬
ging Computer and
an
Load
$15.07
$15.04
System. 5The
Despatching
Automatic
construction
years
program 'over y the
1961-5 ;i>.as ;foliowsy.; 'y
-
;196IvAfa-i-'-.-s.-i.-Jc_.'$17 million
.;.
1962_-_I___w-.___
22
'
-
million
-
yl963b_y.;____T• 44 million y:
1964
>-«
v—:!-•—.■
27
mil ion
'•
,»
196^.^.4'y-:'-—--J.-.-;.-25 million:
President Avila anticipates that
f
no new
financing will be requ'red
PR EC IS E r
P O W E R
AND
*yt
SERVICE
MICHIGAN
e
MUSKEGON
•
*1
■
FOR
A I
-'3-'4
R
,
City.
Co., To¬
i'
/
Di¬
Previous to that, he was a security
range
new
Investment Fund,
Growth Stock Fund and
Westminster Fund.
"
equivalent to 36 on the
5.5%
an
of
versified
com-
a
year
about
Vice-President
and a delegation of. leaders from Management Company, investment
industrial, commercial and ; re-s¬ advisor to Fundamental Investors,
•
of
on
.mainly
Management
ELIZABETH, N. J. —Edward N.
.
While share earn¬
$4.10 to $4.35.
and other-
receipts.
were
by. the Mayor
Of Investors
Mr. Avila
w
over
con¬
ings
industrial
*:y'
associates
his
panied
Massachu-
.
.
tribute 22% of industrial revenues
of
and
on
before
Security
pany's presentation, Mayor John
with.a gain .in ,states,.;In 1959, the Massachusetts ,.F. Collins made an interesting ad7%, and an in¬ Department
of
Public
Utilities dress on Boston's commercial re¬
in earnings per share from ruled that Boston Edison was en¬ juvenation and growth prospects.
revenues
from sales to other util-.
Electronics
the
Button Elected Asst. V.-P.
showing .in .1961
commercial,: 14%: industrial
and 11%
'
split basis. /
>
yR e g u l at ion:; in*
equity, finance
recent adaress
a
Edi¬
Boston
_
residential;
about 35 %
no
of
Analysts.in New York.
annum.
with
-compare'
made
son
Avila
the New York Society of
ing before 1967. The company's; setts while perhaps- not on the
equity ratio is around 44%..,-J <
generous side, seems less austere
The
company
made • a - good- than in some other New England
from
Electric
electricity.
are
per
{he
before 1964 and
population
of 1,510,858 in the city of Boston
and
39 ; adjacent
communities,
serves
dividend
,
present indicated rate of $1.20
•
Boston Edison
$1.32
or
'
This ,,vwould
Boston Edison
President
...»
LAND,
r
.
'■
«/•'
AND
5
w#4 /i
SEA
i
(
i
24
The Commercial and Financial Chronicle
{1284}
Continued from
years
is
porarily.
we
be increased tem¬
it is essential that
high degree of auto¬
a
handle
to
the ever-grow¬
business
transac¬
tions
and
to
satisfy
customer
demands for
the" most efficient
ing
of
volume
service
of
political
hold
of value,
employes who
supply of capable
and the means
payment and exchange, this
derangement, and, if I may so say,
this violation of the currency, to
be one of the most unpardonable
always will be the attracting to
the banking business of a constant
of political faults. He who tampers
courteous,
with the currency robs labor of
personal service to
the public. This is a problem for its bread. He panders, indeed, to
capital, which is keenall industry, which is another way greedy
sighted, and may shift for itself,
of saying that there is strong com¬
but he beggars labor,
which is
petition for the best qualified ca¬
honest, unsuspecting, and too busy
reer candidates and, therefore, we
should give due emphasis to the with the present to calculate the
future.
The
prosperity
of
the
growth characteristics of banking
with
its unlimited opportunities working classes lives, moves and
for both men and women. And here has its being in established credit,
be trained to render
can
efficient
and
and
I repeat my conviction that
banking is a growth industry.
may
industry never comes in
part of the spoils in that
scramble which takes place when
the currency of a country is dis¬
Problems
As
find
turn
we
national
three
which
very
problems,
important
related
are
thoughts
our
economic
and radiate many
our
paper
Did
is reaching a
our
economic
growth to absorb the
growing volume of people in our
labor
force
and
to
help; us
production to the point where
are
able to carry out both
domestic
international
and
mitments.
Since
rectly
these
three
home
and
abroad,
violent
bank
ever
do
his
7
budget
predicted a
budget
message
in
the
domestic
lion. If his estimates
tive,
this
would
are conserva¬
be
good
news
because in the last thirteen years
importance
the
faced
up
to
as
sible.
It
is
impossible
too
much
the
promptly
for
budget has been balanced only
four
stress
to
necessity
be
pos¬
as
lead
deficit
to
us
can
be
very
small
ye*
the
ments
to
action
for
tries
spending
Government account
many
omissions
and
small
(To
of
the
and
the exports of merchandise and
services, which bring dollars to
us, less the imports of merchan¬
*.
At
The private capital account con¬
of the investments abroad—
plish.
1960,
have
we
paid
in
r\
illustrate
discuss
six
this
of
to
Six Ways to Solve Our
.
Payments Problem
",v :
billion.
showed
a
deficit
government
of
$24.1
reduce,
billion.
account
showed
quotas
tariffs
,
goods.
The
)
official
an
to
need
improve
the
export
our
market
common
the door
we
recognition of
exports and
position
increase
is shut in
excluded..
are
before
faces and
our
t
.
A
by the President,
and the request to Congress for
power
to act, undoubtedly will
in
much
bitter
debate
in
the business
industries who
worry
many
$1.02
$ .96
can
leaders
must-
?
face
pre-
to meet it because! pro tec—
under present
bt>
be
be
a
a
conditions
temoorarv
temporary
can
nalliative
palliative.
competitive in world
This
calls
for
mar-
must
be
stopping
self-restraint
on
the part of both labor and manage-
living
ment
on
both
wages
and pricing
policies.
(2)
home
CENTRAL
H
;
imports.
Both
at
and
been
.
v
7
(3). Penalize Private Investment
Abroad. American companies have
Principal Offices
South Road, Poughkeepsie, N. Y.
M0m
'
pm
i
i
J
s
k
>
.j
...
playing
111
::x'xvx-x-x
of
free
all
most
of
world,
r e s
was
We
t o r e d.
United
world/including the
We must solve this problem t e.
hsid way, no matter ^ w ob
-
ma^ ^ the methods used.
J ^
0
T
,
.
.
...
,
like
,
I would
to; include
,
^—
here
•VWA'W.V
W^%V.VMVAWA>AW.%ViVAW&,V.VA^IVAV'>NX<K*X<AV
.
'
......
chairman of the Board
eral
ahd Gen-
China Banking
Corporation, in Manila. Dr. Sycip
wrote to me a tew weeks ago and
enclosed a copy of a letter he had
Fent
f0
our
Secretary of State,
Dean Rusk, commending America
Manager
the
help
st£bilize
the
philiDDineq
of
have
we
economy
given
of
Reranine the sad
to
the
ex-
Philippines. Keca ling tne saa
perience of currency devaluation
in China years ago, Dr. Sycip said:
"The Nationalist Government had
more
n
q
soldiers and, assisted by the
wa.
hotter
armed
than
the
plants in
u- s-» was better arm^d than tne
foreign countries so as to compete more advantageously in those
markets, and. particularly in the
iconhhoh market. The President is
recommending an increase in taxes
on profits abroad, whether brought
back to this country or not. We
.Communists. But those in power
been building many new
■
confidence
for
Decrease
abroad, this step has
popular. The President
recently reduced the duty free
imports for tourists from $500 to
$100not
1961 Annual Report will be sent upon request.
f *
countries
shake the confidence of the entire
world and make it most difficult
to conduct world trade until that
;
inflation at home and getting costs
of labor in line with productivity.
There
for 10th time in 12 yearsJ
..
\ aJ
of
the
system
currency
the
realize
they' must eventually
competition and be
kets.
years,
~
pound sterling, the United States
dollar is the reserve behind the
; V some timely remarks by a distinWe must reduce our costs and
guished Chinese banker and
increase our efficiency so that we
c^holar
Dr
Albino
Z
Sycip
$1.47
Dividends Declared Per Share
-
.
onlv
only
I960
GAS I ELECTRIC CORPORATION
our
the':other
the
in
Business
$1.54
<
of
none
of
costs
serves:
Earnings Per Share
:
valuation would solve
problems,; as* each
they foresee in this the beginning of a flood of imports of
goods at prices below their own
leaders
tion
our
do. enough of each: and every one
labored for years to get the various exchanges strengthened to the
Point where there could be free
convertibility among them. The
effort would be destroyed and
Congress and
pared
of
so serious that, no matter,
displeasing,.these and ;Q,ther
how
A devaluation on our part would
This statement
world
A copy
™
is
lem
.•
the hroK-
that
ately and we would be back where
wc started. Although about half
the world trade is conducted in
is
that
and increased
iq,mv
Tt
countries would devalue immedi-
ideal location for
(Dividends paid for 58 consecutive
Rejects Devaluation Alternative
,
by the President
think
v
f
on the policy to negotiate reduetions. in tariffs with various coun-
deficit of $56.3 billion, and er¬
and omissions showed a sur¬
ELECTRIC/ ICORPORATION
1961
annually, but this must be done
to_ accomplish our objective. .
corrective steps, may be, we must
Hi
increase
to
and
American
for
recent statement
reports on 1961
an
W"LA
period, the current ac¬ 7 ' (1> Increase Exports. To do this, to get our financial house in order,
it will be necessary to convince The alternative; rr- devaluation of
a
surplus of $55.6
The
private account foreign countries of the need to the dollar — is unthinkable. De-
result
as
points
showed
IentralHudson
it
these
For this
count
with
area
,
Of
?nd
crease
out
of
to make favorable changes, aggreSating as much as $3 to $4 billion
ao-
nenalize
foreign investment in this
country, decrease United States
military spending abroad, and decrease gifts and grants to underprivileged countries. !
us
.Afntt hOW
iAA
.
^minstlOn
I
as
burden
.
„
'tavIstmeT atooS? in!
private
time.
order to relieve
in
of the
some
_
point,
means
have carried up
we
.
nationals
.
annnm
to
for
expense
cipation in this project^ as
.stimu ate the . invest°? Priva^e capital by heir
„
well
I
nroach* Increase exports
in¬
■
7,
,
which
cou.n-
shifting
tempts are being made to have the
hard problem
To
will
volved in all accounts shows that,
from the beginning of 1950 to the
of
...
_
si3rt,
a
nr
both for short and long term made
of transactions
,
.
the
was
the
of
some
NATO
of
par5§pation in6 thi^^rofect
p
mentioned thst
to solve.
Any suggestion as to solution is
imnnnnlat*
rli-P-Pinnlf
+
unpopular or difficult to accomthis
the
hope
.
result of
a
the
JDe^eas1e Giftrs an?.?ra!\ts
J° GlJ<*er veloped Count les. At-
consequences
as
troops stationed
conversations have
to the present
and
develop
in
NATO
prepared
continuance of the present trend.
take dol¬
us.
summary
that
and
not
adverse
which will
A1
lars from
hand
are
,
our
with
them
internationally.
Action must be taken
promptly
to stop the spread of this opinion
transactions)
dise and services which
of
nation
a
domestically
unrecorded
The current account consists
as
Also,
keen
gotten out
we
for
there.
becoming current both
is
..
TT
pense
The
a
foreign
important
^ Decrease United States Mil-
courageous
quick solution.
the
~
itary Spending Abroad. Steps are
being taken to shift to Western
Germany some of our heavy ex-
.
problem, but
and
opinion
the
and the
/(-x
W™^lnc?, ourselves in
difficult
calls
in
financiai centers,
$2.3
.
_
at home and abroad that
to
&
a
which
tries
1/ GAS
about
was
..
.fJ?
under
those
*
*
kept
competitive with
at levels at least
balance of pay-
Errors
plus of $3.4 billion.
risen
0f interest would have to be
against
running
in
(3)
remaining
have
re-
(4)
a
Regulation Q was
recently modified to permit our
commercial banks to pay increased
to take the steps necessary to put
our financial house in
order, both
cover
A
market
common
in This Country.
avf.1111able» but we know
still
1961
1962 with
foreign
grouped
is
for
A
one
with
gold
our
Current account
x
Private capital account
end
the
increase Foreign Investment
(4)
gold
hillin
rors
years
fide
Our deficit
us.
main headings:
amounts, while the deficits in the'
full
Govern-
has
The
times, and then by
the
only $16.8 billion.
eliminated
is
transactions
countries
A
in
*
crisis
a
for the fiscal year ending June 30, more than we have taken
1963 with a surplus of $500 mil-:.* the amount of $21.4 billion.
the
should
can
the
Our
-
ianu-<
cially
The details of the figures for l9t>i
weakening and we
gold reserve at a
our
which
(1)
(2)
Ameri-
our
Se^7Gu
declined
$17.8 billion rates of interest on foreign bal-4.as. continued to decline so ances heid as time deposits. Rates
that it is now
by the citizens
of the
United
States, less certain investments
made in this country by citizens
of foreign countries,
ary
public, both
has in the
each
is
and confidence restored.
daily
American dollar, it is of paramount
that
overcome
international
our
of dollars,
committed to deliver
is
By the end of 1960,
sists
for
President Kennedy in his
com¬
on
fluctuations
labor
balance
bear
irredeemable
honest labor."
we
our
problems di¬
indirectly
confidence which the
at
in
-
or
indus¬
losing
four
com-
at the fixed rate ol $35 per ounce,
gain, or the rashness of daring
speculation; but they can bring
nothing but injury and distress to
the homes of patient industry and
national payments. The third is to
generate sufficient vitality in
the
ment
bread?
Certainly never. All these things
may gratify greediness for sudden
inter¬
our
benefit
Payments
are
unless
and
enrich the laborious?
ever
daily
budget. The second
balance in
Did
schemes
good to him who depends on his
balance in
a
ever
trious?
other
subsidiary prob¬
reaching
domestic
Did
projects
lems which will have to be solved.
The first is
wild
ordered.
we
ones
each
to
to
any
in
of the dollar is
sudden
for
holdings
of
will have to
we
rate
leading
I suggest that some preference
should be given to investments in
underdeveloped countries,
deficit
are
and has been
manufacturers to acquire or
build these plants abroad—especan
ties and Acceptances. If foreigners
decide they want to reduce their
balance.
paying out more than we
are taking in and, as a result, the
confidence in the long term value
Honest
Economic
Three National
the Federal Reserve and the
balance of payments. In our deal¬
ings with the rest of the world,
we
due
-are
United States Government Securi-
the
One of the most difficult prob¬
the
liabilities
mostly
of demand and time deposits with
And Our Dollar
lems
These
billion.
at short notice and consist
countries.
into
Balance
steady medium of payment.
changes destroy it.
a
All
estimates,
meeting,
of the
foreigners $6.4 billion of gold
our
reserves
and
creating
in their favor of $15
from
mercial banks and investments in
a
statement
this disturbance
wrong
it will be essential that
effort be made to bring
year,
made a
on
this
point, which I would like to quote:
"I
attacking this problem on the
end. We should be controlling and certainly not be increasing our costs of production,
which makes us less competitive
are
liabilities
in
move
every
strong
was
1963. fiscal
we
about
of
problems
biggest
our
as
people and to our ability to
out our long range plans.
York
his
to
have
who
some
about
reaching a balance
with some surplus. But, if his esti¬
mates seem to be over-optimistic
carry
very
are
all hoping that he will be
are
Daniel Webster in 1837, at a New
measure
possible.
One
we
dollar, because its soundness is so
to the well-being of
our
there
successful
States
United
the
while
reservations
deficit of $21.4
financed by delivering
aggregate
billion
financial
fundamental
may
But
achieve
mation
our
chance
some
cost
total
and
that
automation for several
there
in
confidence
1
page
the
be
Resolutely Confronting
Overhanging Economic Ills
This
high total figures. This would
first step in getting our
house
in
order, and,
very
Thursday, March 15, 1962
...
neglected to protect the integrity
cf-the currency and used
a
^brich
controls
themselves1' When
the
10 enTlcIi tnemseives. , w nen xne.
People's money became valueless,
•
the. people
as
well
as
the soldiers
,,
Volume
deserted
the
ment and
195 "• .Number
Nationalist
6142
Govern¬
joined the Communists."
.
.
.
international grants
on
ment tax revenues but to
and other
Economic Growth Rate
,
The third
big problem is to fos¬
ter a satisfactory rate of growth
for the American economy.
Why
do we need growth?
There are
but I will deal with
many reasons,
only four.
(1)
To
present
Make
More
have
Jobs.
At
high percent¬
age of unemployment of which a
good proportion looks like a hard
we
of
case
people who really want to
but. cannot find jobs..;. Also,
work
additions
the
a
to
next
the
two
labor
force
three
over
will
be high because of the large baby
crop of the war period.
Growth
at a more rapid rate will be nec¬
or
years
give
evidence
of
genuine
friendship and technical assist¬
ance which are often more accept¬
able.
studying
these
ap¬
might see clear to
our
international
grants and aid, thereby reducing
our budgetary
deficit and arrest¬
extend
Thus,
of
at
of
the
in
with
dollar
and
other.
method
prompt
litical
courage
their
resolution
(2) To Increase the Standard of
Living. While we now have the
business.
highest
profits, we cannot grow.
ing
standard
average
in
liv¬
of
the
world, it is like any
average in that large segments of
our population have an
extremely
low
standard
raised.
Increased
goods
and
this
way
which
should
is
the
are
solve
t
necessary
corporate
adequate
not
only
I
Profits
to
problems
it
aug¬
will
can
require
all
an
increased
needs
increase
to
without
in
a
po¬
that
the
of
much
realize
Bankers
have
be solved but,
informed and
Exchanges,
the
association
announced
them of the
following regis¬
tered representatives: Reginald M.
Menna and William P. N. Randall
in the
Philadelphia office. Melvyn
in
New
York
City, and
Weiss
Wish
Jerome
Atlantic
in
N.J.
ROME, N. Y.—Central New York
responsibility
Investing
branch
Corp.
office
at
has
129
South,
under
the
George D. Harris.
opened
Glen
m
«
only
(3) To Take Care of All of Our
have to devote
of
Beneficial
we
large percentage
production to defense, we
our
a
must increase production faster to
take care of the needs of our own
people and to
participate in help
to
underdeveloped countries not
already swallowed up behind the
Reports for 1961
Iron Curtain.
(4) To Make Full Use of New
Technology. Vast expenditures of
research
have
worlds
of
and much
spawned
scientific
new
information
is
coming. To take
advantage of this knowledge and
to
more
it in the form of
use
new
Earnings
ma¬
terials, new processes and
products, we-; must .increase
up
for 171,1 consecutive
year
new
>
growth rate. But for
thfere
must A be
v -v
<
•• Ct V
**«.»•
our
to grow,
us
climate
a',
J
Total
.
for
assets now.
8733,911.147
'
growth.
Growth
only
through
production;
investments
v
»
:
""
-
in
on
r;T;V
jobs.
•
"•■"'■V:
•
Company
facilities of production to
new
A V
Merger with Western Auto Supply
savings
and confidence to risk the savings
V' create the hew
-
'and
•
Tnvestrpent depends
' -V -'•
Nv.-•
about
come
can
",A
*.
'Confidence depends on the pre¬
vailing belief in the future value
of the dollar, plus the chance to
earn
.
satisfactory return
a
investment
made." There
incentive
to
margins
of
profit.
'
at
Earnings
Corporate
several
years.
V
an
'.
in
rate
output of
the year
products.
ficial
policies should be care¬
fully reviewed.
'So much power
been
placed
in
in
rates
is
the
of
threatens
cost
merger on
natural-
the
mation
toward
move
which
is
so
A
drive
working
hours
com-:
,
necessary
toward
-
to
408
strikes
which
retard
the
was
$222,788,956
Capital Stock and Surplus
accomplished by
Supply Company,
cost
'
stores.
$282,002,478,
$776,424,063
Amount of Loans Made
Notes and Accounts Receivable
a
Sales for 1961 totalled
o...
,
.
.
'
■
■
.
■
.
$643,652,071
"#Principal only'(unearned discount has been excluded).
!l.;•
;'-.v
.r,;/ A"
.v
vl.Wv./
/
•
'*»?;-•
''y'V'.'V
The infornvttion contained herein
System comprises
/A
should he read in
conjunction with the financial statements and notes;
,
.appearing in the 1961 Annual Report to Stockholders..? :
A Copy
of the
Report
...
r
Wn.i. lit: Furnished Upon Request
..
i
record high.
..
and
a
primarily durable goods.
jurisdictional
increase
rate
$1.00
Common Share
October 27, 1961 with West¬
company-owned stores and 3,737
-associate
leaders, would,, if successful; only
increase costs.
The production of
large quantities of goods is lost
^
Cash Dividends—Rate per
totals 1,342. Bene¬
world's largest system of
The Western Auto
shorter
the same pay,
by. certain labor
each year because of
Auto
chandise,
auto¬
at
advocated
now
$2.51
Common Share
.
improve the efficiency of produc¬
tion.
Net Income per
a
nation¬
wide organization selling at both retail
and wholesale a wide variety of mer-A^
ern
petitive position of many of our
products in world markets. " The
undue power of labor handicaps
the
end reached
now
Diversification
of
out
proportion to the increase in pro¬
ductivity. ; This additional incre¬
ment
.
hands of
the
labor
$ 32,723,720
Net Income
finance offices.
labor leaders that they can obtain
increases
the year
at
and
Labor
has
high oi $32,-
17th consecutive annual
offices
and to increase the
new
.1901
II 14.11 LHpIITS
peak—$643,652,071. Number of
was increased by fifty-five during
new
production to create new job op¬
portunities and to decrease costs
of production
another record
were at a new
723,720, the
Receivables
of
tools
new
was
increase/
Tax adjustments
should be made particularly for
depreciation allowances to stimu¬
late corporate
investment at an
accelerated
Sixty-One
lor Beneficial and its subsidiaries.
year
be
must
profit have been de¬
alarming; rate for
clining
Nineteen
the
on
.
a
BENEFICIAL loan is for a beneficial purpose.
economic
'of
growth.
Government spending for social
programs, no
matter how worthy,
minimum un¬
should be. kept to a
til
.
there
is
government
available
y
to
finance
income
them.
mance
W
All
spending is financed
either by taxation or by inflation,
government
.which
is
ation.
In
of
hidden
form
of
taxt
both
cases,
eventually
added
to
cost
production; and find their
way
into the price level. It would seem
that
1
Building, Wilmington, Delaware
&
these taxes
the
are
...
a
Beneficial
we
have
leaned
too
heavily
I,
y' '
ll
1,342 OFFICES
IN THE UNITED STATES, CANADA, ENGLAND AND
AUSTRALIA
I
a
Road
direction
of
Commitments in the World. If
:
Central N. Y. Branch
be done.
can
City,
'V.''
^
help make our leaders and the
general public
aware
of these
problems, and I hope they will
join me in urging these leaders to
these
Philadel¬
Stock
with
productivity; if
a
and
York
have
compa¬
and less employment.
these
New
phia-Baltimore
to
confidence
have
clearly the great loss which
be theirs if wages are fur¬
rable
complex problems.
o u
labor
they necessitate a further increase
in prices, thus causing more in¬
flation; if they force manufactur¬
ers
to price American products
out of additional markets; if they
lead us to less
total production
and stand firm in
to
of the economic dan¬
overhanging us.
I feel
aware
now
ther
•
PHILADELPHIA, Pa. —Bioren &
Co., 1424 Walnut Street, members
be
production
services
With
agencies with
They must have
Bioren Adds to Staff
confident the public is not
will
are, in my opinion, starting
take
steps to do something
tion of government
can
address by Mr. Helm before the
V
Bankers
Association,
Dallas,
March 3, 1962.
the
sure
They
to
the
courage
and firmness
meeting these problems.
Labor
or
more
each
.V'V;-•;
in
♦An
gers
intertwined
on
am
fully
High government officials seem
to be increasingly aware of the
interrelation
of
these problems.
workers.
to absorb all of these real
all
are
dependent
about them.
essary
I
see
,
and should be taken
to reduce the amount of competi¬
Steps
Public
Be
standard
decisions.
The present situation is stultify¬
ing to business and acts as a brake
on
economic growth.
arriving
to
employment, wages, profits,
of living and confidence
nues,
regulation
of industry is absolutely neces¬
sary, there should be more farsighted policies of regulation, and
a
Found
25
have
ac¬
press
Group
Texas,
that all of the
governmental reve¬
we
problems
that
there should be devised
to
and. to
political and labor leaders toward
the necessary decisions.
Interdependent
ing further inflationary pressures.
the
opinion
public
challenge
Sees Little Awareness by
Problems
we
sharply
To
the
cept
By
proaches,
cut
concerned
provide
satisfactory wages to render effi¬
cient services, to renew tools of
production, and
to finance re¬
search looking to future growth.
forms of monetary aid rather than
to
Our
(1285)
Chronicle
The Commercial and Financial
of
26
(1286)
The Commercial and Financial
V ;
•
'
.
held'
Continued
.
.
; ■«, 'T
portfolio
Thursday, March 15, 1962
.
v'~,
companies,; GWII 'dend of $0.64 per
share,. Growth vember, holding
gain of 151% at Dec. 31 on Capital loaned
steady at year$400,000 to Mans¬ end.
funds invested in these
■.
•/,;'
•" *
h,■ "
companies field Industries, a manufacturer
Tax selling is often
and an overall
cited as a
gain of 74% on all and distributor of
photographic disturbing element in the
funds invested. At Dec.
market
31, GWII products.
Debentures received
movement of SBIC's. Late
stock was priced at 38% over
in I960,,
book were convertible to
46,000 shares markets for
value per share.
SBIC's were rather,
of common.
had
from page 3
ket price of the shares of
this SBIC
publicly-held SBIC's had invested were at $21 early in
January. At
were
Dec. 31 the marketv was
publicly traded.
$30VzOn the basis of this measure¬ $31 y4.
During 1961 ECC had a
t.
Chronicle
a
Subsequently,
field had
The Franklin Corporation
The
Franklin
Corporation,
Mans¬ weak.
a public issue
and under
original agreement Growth
Capi¬
tal sold 20,000 shares at
a
capital
gain of $222,000. At end of
"
an
In
1961, prices firmed con¬
and by March had ad¬
siderably
vanced 40%
the levels at the
the year... '
over
beginning of
ment, the best performance during second underwriting of its shares SBIC founded- by the Franklin
Decem¬
"the year was by Electro-Science at a net price to the corporation -National Bank of Long Island and ber the market value
;pf remain¬
Investors, Inc. ESI is a $15 million of '$27 per shares This increased Arthur Roth,, Chairman of Board ing Mansfield holdings were over
total assets to over
.of
both" firms,
fund headed by James J.
has also shown double the $300,000. investment:
$33 million and
Ling, the
increased
Texas financier, Chairman of the also
strong
investment
book
value
performance; Mansfield's shares are now traded
per
share.
At Dec. 31
Board. The staff consists of
Starting at $10 early in January, on the American
ECC' shares
Joseph
Exchange.f
were
F. McKinney,
priced at 63% over book market price for shares reached ^ Mid-States
President, and men
Business
1
,
Organizers of
anticipated the
i
had
not.
overwhelming
ception
little
SBIC's
by
the
-
public
and
re-;
very.'
underwriting of new SBIC'
during spring,
.
shares- occurred
1961.
It
.
wasn't
until
late
June,
Capital Cor¬ that
value.
$18V4-$19 at Dec. 31.
underwriting/of SBIC shares
poration is a
security analysts,
comparatively small increased v
ECC m ade a remarkable
management consultants,
invest-? i Franklin astutely financed As-, SBIC that has
substantially, and in
corpo¬
developed', good June, July and
ment in Potter Instrument
rate treasurers,
Co. Jte- trex, Inc., a distributor of
August $111 mil¬
engineers, and oth¬
Elec¬ portfolio-performance. Underwrit¬ lion:
was'- underwritten.
ers.
On Jan. 1 ESI stock
ceiving rights to 666,667 shares tronics items that
ten in late 1960 at
was at
Unfor-,'
subsequently
$11, shares sold
$6%. At Dec. '31 the shares were upon conversion of notes
totaling became publicly held and in the at $14-$143/4 at Dec. 31, 5% under tunately, this heavy underwriting
schedule coincided with
quoted $121/2-$127/8. ESI's best in¬ $750,000, at Dec. 31 this investment fair df 1961 was
admitted to trad¬ Adjusted book value per share,'
declining.
SBIC
had a market value of over
vestment was $1.5 million
prices' and
seemed
to
in
$9 ing on the American Stock Ex¬
Mid-States -has made two in¬ weaken the
Tamar Electronics Industries.
million. Including an investment
market
Ai>
change. Franklin's investment in vestments that
excessively..
have
in a second
Had the
ter a public sale of
developed
heavy schedule occurred
company which also Astrex increased from $850,000 to
Tamar, and a
appreciable gains.
$420,000 was earlier in March, April and
spin-off dividend of Tamar stock has a public market for its
stock; $1,950,000 at Dec. 31. This invest¬ invested in
May,"
Parkview Drugs/ a it is likely that
to ESI
FCC's gains on investments
ment plus an investment
markets would
were
stockholders, ESI owned
in Sys¬ Kansas
City-based company oper¬ have been far more
833 % of investment
rights in 585,000 shares worth
cost, an over¬ tems, Inc., an integrated electron¬
orderly.
■
$11.9
ating in the discount store field.
all
million at Dec. 31.
gain of 63%
on
all
'There is evidence that
funds ics
manufacturer in FT or i' d
tax sell¬
a, This investment was valued at
invested.
$1.3
ESI has invested in thrpe
produced a gain of 120% on
other
ing,qc^rredoarlieriri .1961 thanfunds million at Dec. 31. The
Greater Washington
company previously, arid that
small businesses with
Industrial invested in these companies and a also invested
public mar¬
investors es¬
in Henry's Drive¬
Investments is a n o t h e r SBIC 35%
kets
for
their shares.
tablished : their losses in
gain on all funds invested at
Two
are
October
ins, Inc., a Chicago-based
which specializes in
system or earlier;
science ori¬ Dec. 31.
selling at prices above ESI's con¬
of
t
8
\vho have
been
t
,
.
.
-
franchised hamburger drive-in
The
Sperti Products,-Inc., a
improved^ condition of the
holding restaurants.. The $300,000 invested over
the
in Henry's had a
counter,
company with interests in
market value of
market: for
drugs,
was
shares of smaller
manufacturing of electronics and $750,000 at Dec. 31, resulting from
companies and
quoted at $22-$22% at Dec.
31.
the fact that more
missiles and other
businesses in:
products, is. in market price of the Henry's stock
About one year
SBIC portfolios
ago GWII in¬ registration for public sale of
at over double the
became publicly
its
$5 per share
vested $900,000 in
C.E.I.R. an in¬ shares. Franklin holds
held at gain to the SBIC
option price. '
150,000 in
contrib-.
dependent computer
uted to strength of
programming stock, warrants for 30,000 shares
share prices
These investments
and data
resulted in a at year-end.
processing firm. Deben¬ at $7.50 per share and has
invested gain of 184% of the amount
b
tures were received
origi¬
convertible to an additional $600,000
in 8% nally invested which
10% of stock. At the end
totals 92% Twenty Are
of De¬ 5-year notes.
-One Year and Older
of all investments
in small busi¬
cember GWII had
converted to
In 1962 prices of
Growth Capital,
SBIC shares
Inc., Cleveland, ness by Mid-States at Dec..31.
96,311 shares valued at $2.9 mil¬
has also shown
have gradually declined
good investment
and
lion. It had also
an;
distributed stock
performance. Its stock was
interesting differentiation in pric¬
Market Movements
in C.KI.R. to
selling
GWII shareholders in the
low $20's in
ing of SBIC shares has
which had. the
occurred:
January and
,
version price per share.
These in¬
vestments
with
public markets
have resulted in
investment gains
of 346 % over cost
of funds in¬
vested. In terms of all 11
invest¬
ments, the gain reached 155%
of
cost at Dec. 31.
surprisingly at Dec. 31
sold at the
highest multiple
of book value
per share (adjusted
to reflect market
value of
-
.
ESI
publicly
portfolio companies) of
any
under twice book
value.
The average
multiple of
all SBIC's was
116%.
SBIQ—-slightly.
effect^4^54pcipS
.the
Electronics Capital
Corporation^
perhaps Ithe best known of
SBIC's, and the first to have a
-
.
Not too
held
ented and electronics
companies.
Market price of GWII was
about
$12 early in January and
investment .jtoT$77038^
GWII
gave
stockholders
the
at
and
$241/2-$251/2 at
Capital
is
Like most
Dec. 31.
and
Of the 20 SBIC's in
operation
over-the-counter is¬
sues, SBIC's were bid
up to astro¬
Growth
fiilly invested
%
*/ear
or
longer,
14
ap$ 18%
pub-, free) based online initial
lie
offering
underwriting, has also ■shown: price of GWII
stock.
strong market performance. Mar¬
As a result of its
four
publicly
p^icq,
,
.
':Tt
over
PUBLICLY
HELD
SBICs
VITAL
Price-Premium
V,-'"
01(*•">.-_;v- •}
Total15
Initial
Assets
Washington,
Anderson New
D. C
England Capital, Boston
Capital Corp., Boston. L:
A.. '
Capital Corp. . Chicago
Boston
Business
Business Funds.
.2.6
10/61
15
Inc., Houston
19.6"
2.4
1.8
3.9
.N. Y.
,
33.3
Bridgeport
Capital. Minneapolis
First SBIC of New
Jersey. Newark
Florida
Capital Corp. . Palm Beach
1
,
16
10
1/2-
7
15
7. 50
7/
7.75
15
12
10
4/61
15
221/4-
12
17
7/8-
1 3/4■'i 11 1/8-
8
4
,
.
,
77
1.0
15
Capital Corp. , St. Louis
Capital Corp.
Philadelphia
Sierra
Capital Corp.
San Francisco
7.2
Science
.
N. Y. C.
17.3
6.4
Greenville. S.C.
Southwestern Capital
Corp.
.
8
.9
San
Diego
Techno Fund Inc.,
Columbus, Ohio
6.9
Capital Corp., Georgetown. Texas
Venture
9.8
N.Y.C.
2.5
Virginia Capital Corp., Richmond.
Va.
Capital Corp., N. Y. C.
Westland
Capital Corp.. L. A.
7/8
1/2
7/8
1/2
14
1/4
7/8
12
8
3/8
1/8
11.28
7/8
7.58
10. 10
13
3/4
1/2
10
5
11
7
7
5
5
5
3
3
12. 50
25
6.- 7.75
11
7.50
22
10.50
11
15. 07
7
1/2 •12
5/8- 7 7/8
3/4- 6
-
8
-
8
1/2
7/8
-10 1/8
-
81
11
11
-11
10.29
10. 00
1/8
a
1
Second
2
earnings in order
for losses
on
7
8
Includes
to
be taxed
amount
:
48
■
759
56
.357 ;•••• "• 159
7 402
-
.31
02
9
1.14
,.71*67;
5'
102'
4.61
1. ll2."
r"
-29
140
69
8
'13 :
'y 15
.
10
38
5
53
:;'V.
•
14
2
40
1
-r
n3'r;.
7
7 '77
.01*
'. 06**
287.
5.18
73
•'
6
198"
o
"108
-*) 7
6
30 *
10
7
76
7. t.:70 ;7.:"
.10
8
.02
16
'
:
'
03
3
.11
18
170
11
30
4
49
4
225
'36
7
16
.
134
11
.22,
26
13
50
41
13
;
.
2
120
7
,01
250
NA
,
2
64
133
^
55
10*J
'f;
:>.
>36-
60
14-
7 06
(.04)10„5
•
.04
148
(.11)
(• 03)
,
20
,01
-
,;M6„
'.•*
.
.
(1)
-.7;
..21
29
1
«,n
to
30.
1961.
at market
,
-
:
'
•
„
price
-
-4
at date
-
-
Total includes
capital gain realized of $. 53
Year ended
June 30.
r
1961.
Computed by
multiplying average of bid-ask price at month end of
portfolio companies
publicly held
by number of shares owned or to be owned
of equitv
upon full conversion
rights. If market
price was below cost, market
conversion nad
price was used only if
already been nude.
outsunding.
number of SBIC
shares
Gains
over cost
during 1961.
capital gain
as
'J.."
computed in
note 8
publicly held companies.
-7
unrealized capital
gain as computed in
note
investments in small
businesses.
12Book
8
divided
1
•
•'
by
V '.
divided
by
Bid
cost of
*•*''
cost of
adjusted
'
i'*
\
7
of investment
were
divided
by
at cost
uses
.
in small
businesses divided
SBAor other
15Total
assets are
value of
financing, thii
computed
relationship between
by total
percentage could
at cost and do
investments.
,
SBIC capital.
•
not
■
total
investments-
Thus if
an
;
19Nine
'-•
11/30/61,
months ended
Nine months ended
•••.
Represented entirely
by capital gains from
12/31/61.
*;'
12/31/61.:
month
•.
;•V- l/'S"v
capital gains oij
7.;
A
•
'•«
saies of7,'
'
>
•
*
-
7'1'
*"
period ended 9/30/61. :
%
7,
.
SBIC
■
7
.
;7'"'"'
*-:.*•
Income from
;'-V securities
reptesented all income,..
«21Thiee
-
•;
A'
'
.,'•
.-.
J.: ~"
"
v...-.;
'
'
exceed 100<Jb.
-
-7"»
reflect increases in
market,
■
at month end
divided
by book value per share.,
7'•
'•n'J
(under) average price premium for all
publicly held SBICs at month v■ i'
-«>' '• ;
;
■*'
'-v,
.
or
months ended
7 sale of
securities.-
to
reflect the
capital gains per share
11 at the end of each
month.
7 J .yV\
13Number of investments made
by each SBIC reflecu the different
in which
investments have been made
companies
and does-not
include additionalf>
financing or more than one type of
financing to a specific company.
'
of funds invested is the
-end.
13Six
as per note
14Percentage
price
17Over
-
•
.
Value Per Share is
*
-
•
'
capital gain of $. 08 per share.
per share.
unrealized
computed
4
;
July 31. 1961.
all
-
,
Total dividends
declared
10Shows
^Shows
declared.
-
3
investments in
has been
compare earnings power of various
SBICs.
of shares occurred.
underwriting
4Quarter ended June
sFour months ended
has elected
investments, this
Dividend in stock of
portfolio company valued
3
Six months ended
June 30, 1961.
.
:
6
tax as it
company, or has established provision for
losses equal
earnings.
to
-
7
;7; "7:
7 04* ■'
.60**
a
;
-'V.
,
"•Although Company has provided
added
back
1
(20) >
(22) ^
■
as
127 ; ,;■
3.-25 ^
■
.09
15-
19
no
provision for federal income
regulated investment
to net
-8 -.;.,
39
110
$324.8
^Company makes
.
9
68 M
r•
"3. 21
•.2019
07**
.
12
86
7
.10J
$
"
:"
15
(22), \
9. 67
i
-
30*f 7;
NA
-"V
24
9
147
97°
5
,:777':r7.7
071q
7- 05
.
-
.12
"
.02
77
(ii).:
•86
129
7. 16
;.
.
.02*
72
22
m.
97
6.'58
20
59
"4
9
10. 57
33
-7
(23)
(28)
(23)
( 8)
85
2.'71
81/2- 9 1/2
8 7/8- 9
437
(io)
10Q7-;
11.29
1/2
14
10
7'-
4. 26
10
25
( 4)
80;
9.13
5/8- 2 7/8
9 1/8- 9
1/2
7 7/8- 8
11
(17)
85
19. 16
2
84
'
;
oi^
32
1
"
.
150
10
33
7-4
•••
117.1 ".V
7.20
3/4- 8 1/4
1/2
9 3/8
'
104
7 8.93
9 1/8-
16
8
9
43?°
2.66.
->
,
r.23-
is*"
57
16
$.05
2 ].
,-.04
'(•01?
95
(24)
.798
9. 83
TOO
J2L.
91
-
.96;
8.63
80
(18)
90
106
.
61
7
12-
109
45
11
25
27
4
11
U
135
11.93
.12
21
r
(4)
70
84
.03
89
-77
7
"•
3
7?
44
55
14
08
'
(. 03)
7 7 V
35
:
120
9.36
n1/8
7
Invested
.04
27
,603
41
■'
4
'
7-.
j.
6.
111
13.75
19 1/4-19
3/8- 2 1/4
1/2- 9
3/4- 5 1/4
3/8- 6
16
10/61
1/62
-14
1/2
42
13.92
7/8
1/2
3/4
7-527'
19. 24
1
8
5/8
3/4
10
7 3/4
22 1/2- 19 1/4
13 1/2- 9
12. 50
■13
160
150
19
.22.;,;
14
21
17
7;,
7 Cost
;^.06''
;08?;;
23
18
7 L
60
18
9. 00
10. 84
34
7
49
178
13
NA
,9.
..
'£• dends"
Total
' Funds 7
\
3% Stk.
t; 15*1®
.27
.
5
(29)
114
.100
13
6.64
6. 00
9
Share
•v
.04
,11
ToJ
:
ment
22
7
7. 24
104
1/4
1/2-
10/60
10
1/2
8
•
10
3/8-
5.4
>
8 5/8
:■
157;
5/8
-
.01*
63
'(8)
132
3/4 19 1/2
23
1 25 1/8
9 1/8
9 1/4
8 1/2
9
>
14 5/8 -15
1/8
9/30/61
.
Total
InvestDivi-
Per
$ .31"
.03*
62
35
.,79
8
1.4
Water Industries
v
12.45
18
41
6
(14)
100
10.17
10
20
2/60
6/61
7/60
7/60
9/60
4.2
Texas
21
10
7/61
1/62
11/61
7/61
9.4
Southeastern Capital
Corp.. Nashville
10
11
6/61
3.9-
.
11
5.33
--
6 Mos.
3/31/61
21
(22)
94
16. 34
7
End
128^ ^ $;;37
3
To
8 V
Cap.
Gain
Yr.
Invested
-19
.
8.5
40
143
-
80# •
(33)
86
,
3.46
7
10
77.
10
:
7 8. 98
17
Inv.
.
13
148
12
20 5/8- 11 3/4
12; 50
.2/61
11/60
6/61
11/61
9/60
2.7 7
■
12.87
;
NA
13
■
75
3/8
6
1/4
20 1/2
9 1/8
(32).
Invested
Earnings Per Share
Funds
8
11.11
5 3/4
Inv.
14
°jo of
# of
(20)
.
10
11
Average,'
91
10
L
Funds
110
18 7,; 18
34
1676
Portfolio Gain
1/31/62
.
°h Of !;
#of
ll
121
9. 06
13
12
281/2-
14.02
10. 04
1/2
5/8- 8 3/4
7/8-13 1/4
1/4-3 1/2
8
9
v
88
26 1/2 27 1/4
3/4
16
76«fc
13.26
8 7/8
7/8
20
25
10
$10.20
-20
-
3/816 1/2-
1/2- 6 1/2
3/8- 10 1/2
1/8- 51/2
13
,
3/8-
5
10
11
12.50
3
21777';
1/62
.
,
7
69
3.6
12
io
10
i
8
'
8/61
Louis
Capital Corp.
5
6/60
10.1
.
.
18
10
8,
10
1/21/4-
1.4
Capital. St. Louis 7Minnesou Capital
Corp., Minneapolii
Monmouth
Capital Corp. Freehold. N.
J.7777', 777
Narragansett Capital Corp..
Providence, R. 1.
,
4
8
16.7
Mid-States Business
8
19
10.7
.
N. Y.
3/8
4/60
6/60
7
.
of
8
9.6
Washington Ind. Inv. .Washington. D. C.
Capital Inc.
Cleveland
Gulf-Southwest Capital
Corp.
Houston
Illinois
Capital Invest. Co..
Chicago
Marine Capital
Corp.
Milwaukee. Minneapolis
Midland
Capital Corp.
N. Y. C. & Buffalo
Southern Growth Ind,
1/2
1/8
5-77
Greater
Growth
r ' -'
11-3/4-12 1/2
4 -171/2
10
-10 1/2
9 1/8- 9
1/2
Company
3/30/6l14
(Under)
.108%
•
'
17
1/2- 8 5/8
1/2- 9 7/8
-3 1/4
15
10:27*
7/61
6/60
11.6
'
14>
10/60
5/60
1. 4
1/2-
11
5. 50
9/60
3.7
N. Y. C.
12
3.75
6/59
14.9
9
1/2-
For Each
Per7.
Share
$ '•! 3/4- 8
1/8
9
-
11
10
3/61
6/60
8/61
4.0
First Connecticut
SBIC,
First Midwest
16
•ll-:;;7;
6/61
8/61
5.9
-11
20 1/2-10
7/61
7.7
Science Investors, Dallas
10
12. 50
9/60
14.9
'
$11 3/4- 7 1/8
.15
Over
Value
Price
Bid«.
Ask
Low
V29 3/8-13 1/2
11
10/61
1.4
Francisco
$11
Book12
1/31/62
Range
High
15
9/60
2/61
8/61
6
Drug & Food Capital Corp.,
Chicago
Electronics Capital Corp. San
Diego, L. A.
Electro
Price
■
Price
20.8
;
Central Investment
Corp,, Denver
Citizens & Southern
Capital. Atlanta
Continental Capital, San
S. B. I. C.
Issue
1/60
.,
St.
1961-2
$1.9
Capital, San Francisco
Capital Investments, Milwaukee
Capital Southwest Corp;, Dallas
Capital for Technical Ind., L. A.
,
"
Percentage
Funds Invested
i»,
'
Offering
California Growth
Franklin Corp.
"
Public
(Millions)
Allied Capital
Cprp,,
&:}{.
v-
one .year
STATISTICS
Da,ie,.
■
P
one
are
currently
nomical levels' in
March, April and selling; over original
cently negotiated a $4 million bank
offering p^ice;
May of 1961, and then retreated 2 are
loan
(40%i <of net worth).
selling; at - the offering
The from these
uncomfortable levels and /4 are priced
company has elected to be taxed until
beloyr /offering
October. In the third
as a
week price. ' >•
regulated investment
;
.'//'"V''
of
company
October, prices firmed consid¬
and in December
declared a diviAveraging the market, perform-;
erably and increased
through No¬ ance of.\ all SBIC's
re¬
■ j
-
o-,
•>
iV
-■
f:£BIC EVALUATION
"'
Jr
SERVICE
-/Associates; Chicago, III.
-
«•
Published
V
'* J /'
tr.
*J' i.t"
'■
Monthly By S. M.
.
;•
:'y
Rubel &
it.
^•
'
'V
Volume
195
Number
«
6142
(1287)
Chronicle
The Commercial and Financial
..
feeling within the Board is .Important in that it gives an insight
into the Federal Reserve's thinking about the level of interest
rates generally. Even though the rates mentioned are on time and
savings deposits, it is unlikely that this opposition will readily
accept the raising of rates in other areas.
old, by Jan. 31, 1962, they had inr
creased 24.6% from issuance price;,
on the basis of average age of 1.3 ;
this represents
years,
annual
average
an
appreciation of 19%.
Market
This Week
/■•
Bank Stocks
—
t
performance .of those
underwritten in the past
SBIC's
,27
;
has 'been somewhat the op¬
posite. ' Only 1 is selling above of¬
fering price, 3 currently sell at the
offering price, and the rest , are
below initial offering price,
!
'
year
TAKING
ANOTHER
AT 1962
LOOK
BANK EARNINGS
-
;
StruthersScientific
not appear to -be
particularly bright at this writing. Loans, for example, have not
increased to any marked degree when compared with year-ago
k; The overall growth of more sea¬
levels. Moreover, many banks have committed themselves to pay
soned SBIC's has been impressive
increased interest on time and savings deposits in an. effort to
and
the fact that manyof the
//remain. competitive with mutual savings banks and savings and
newer
funds, are selling at ^ sub¬
v; loan
associations. Then, too,/the. return on funds put ; to work in
stantial discounts could represent
the investment, area remains rather static. The situation, of course,
buying opportunities. y-.y• /could
change markedly for the better should the trend of buslv
The future of SBIC's rests en¬
ness
move
sharply higher, and a concomitant rise occur in the
'The
outlook
for
bank
earnings
does
1962
in
City,
public
autuxe
future
the
uie
uu
on
and
ana
growth •
grow in
loan.demand...
loan.demand..
•
can,
continue to grow and
can
eventually
eventually" aede-
.
,
sale
A/stock
class
of
of
used
in the
curing.,of high quality
concrete blocks.
*iiux
. ..
iu
this
uixs>
all of the
ctix vx uic
offering,
uxxeimg,
__
V
"
j^
1"
v
.
st°ck °f the.
JPfOQUCuS-J.I1C.owhed by Stpu^ers Wells Corp.
--i V yvYVf*
-i
and, • on. completion of financing}
;
Burnham
Co., New York City,
&
•
onmmon.
.....
....
.
•
and
associates
000
shares
Inc.
$7
at
The
.
.
are
of
offering 300,stock of
common
Products,
Stretch
International
•.
.
v
Int.. Stretch
to
'
rrr«r»ttr
;:...,
Scientific *,&-Interna¬
table, - the trend yin -jthat area has not been too Y
Struthers Wells will own 85% of
this
exuberant even allowing for-the usual seasonal.. decline at t
-"the subsidiary's capital stock/ "
ve)o;>
Public market;for their. " time of the
year/ " - v'/' V ' : r. ''"[/ "/.r." / v
•
ehoroc
CRTP'i!
11l
•'
Net proceeds from the financing
;
- 11
*--■
■■■•'
"*'••/"
'
''•
shares, SBIC's will grow commen;/ Another clue, of course, to. the loan picture is provided by the
will be used for continued comsurately and greater numbers of
level of net free reserves of all of the reporting banks. Although
tmercial development of the com¬
SBIC's will be needed to provide
the recent total is the smallest for the year to date, this is not too
pany's/saline water
conversion
necessary growth capital.
comforting when weighed against the rather slow pace at which
//process;
organization and estabThd SBIC's and /other venture
the economy is presently moving.
;
[ ;
•
<
■;
lishment of engineering and sales
capital companies like American
agencies and offices in foreign
Research and Development Corpo¬ Y; Trends of Free Reserve and New York City Bank Loans in 1962
countries; establishing and equip¬
ration and Midwest Technical De/
(
i
New York City Banks
.
Increase From
Net Free
ping research and development
/ I Ind. and Comm.
velopment Company represent a
Previous Year
Week
'*'/-■ Reservest :,/'!//Jpoans
activities; and for payment of cer¬
method through which the inves¬
(Millions)
(Millions)
Ended /
1
(Millions)
tain outstanding debt.
The bal¬
tor; can speculate on small dy¬
i
Jan.
Y $383
5
; $11,062
:/ Y V; $261//
ance of the proceeds will be added
namic
growth
companies ; gen236!
12
v548
10,901,,
to general corporate funds.
erally more effectively than can. •
537
174/Y/r
19
10,768 / YZ/
The company of 111 W. 50th St.,
be
done
through
direct
stock
183
26
i/
654
i
10,673 ,
purchase of low-priced specula¬
/New York City, was organized in
213 '
470
Feb.
2
10,685
tive
shares
; traded
over-the210
9;// '■/'/ /./%//:.-384
August, 1961, to assume certain
/[ X, .. 10,624
counter.
1
'
162
"427 //
10,653
scientific, engineering and devel¬
10.659
190
461
Through trained management,
CY/;/ 23
opment
work
previously - con¬
127 / /
466
Mar.
2
negotiating investments at far bet- '
'
;:i•/;' 10,652
ducted by Struthers Wells.
The
-)
ter terms than the investor could
87 -"
350*10,628
obtain when issues become pub- - ;!'
company will operate in the U. S.
nrl
includ¬
processes,
for converting saline
water and the Petrotherm System,
a process
T
Prior
V'c.."/i-
cer¬
industrial
Wells
_of 150 000 shares at $10 per share.
accompanying
ana
and
prosper
development
tional Corp., through the offering'
development.of smaller businesses• .;h/r;.."The bank loan
picture - is -perhaps 'best .illustrated by the ex- /
m
this country.. If smaller comv
perience-of the New'.York City institutions. As Shown in the
panies
Co., Inc., New 'York
announced the initial
has
Struthers
;
tirely
uxexy
&
the
' Struthers
equipment and
ing
Hirsch
-
in
overseas
and commercial utilization of
tain
Stock Sold
,
and
share.
per
company
of
148
Madison
Ave., New York manufactures and
sells extruded rubber thread and
elastics.
braided
These items
are
■
.
'
produced by the company in three
plants operated in Rhode Island
and two plants in Puerto Rico.
'
..
proceeds
the
company
of the
$700,000
Approximately
net
will be applied
by
.
..
'
'
■
toward
reduc¬
the
—
„
tion
of
outstanding
ditional
$100,000
defray
debt;
an
ad¬
will be used to
expenses
•
.
-
t All
licly'held, careful investigation of
situation
each
and
made
is
with the
before
investment
continuous
contact
Y|
Trend
smalkbusiness afterward,.,
'
rUi7P>rci-Pir«afir»r»
+V10. ; a-iAr-if/VliA
r»-f
fci-v
divm^catio^M tjie^rtf
far.
the
-
-
'
"
'
-
•
^
2.78...
-.
1962
Rates
Interest
iimmM
,
/Y:YY/-19; :;_:;_'^2.73
■'
/
^
-
YY
:1
-
-/7 "
2.89
vv;-2.92!'
2.70
9
16."2.8l"
v
-
2.69"'
.Feb; ,2
4.13/- £i
•
2.90
rv-- 26 Yi-Y/u 2.67 YY/'
probably, betted potential'than /
if he wdre to invest In such coin-,panies directly;. .^/ , ;
.
week of
12
rnves--
^and
..
of
igi -—:——Bill Rates——*—-i.Y L®i*g '/;// Tax-Ex. Bonds
yiDays/i^^ 'l lSS Daysf .'/^Treasury. Bonds
(D-J Av.)j
/
protection /f
more
capital.
•V".
b!?-^iT^he+wn^^0rS
/caRte'ofc SBlG's/the average
tor-receives
;
will be added to working
* Estimate.
reporting banks.
■
-
from
arising
plant expansion, and the balance
-.4.13
'
•■•'
•
4.08
.13
:
3.38
3.32
4.H 1
•
2.90.
3.32.
...
'' .3.001
!
' 4.15 '
/■//-'4.16 ^
.
3.43
■
W
/;
ii-sk'
3.45m.
3.32,
/r-/'
*',
/
': 3.34
3.32
■
11 1
" 3.30
/
financing by the Treasury
billion
in
1961.
has exceeded
is
Lee-Higginson
New
not
In
addi-
that
o£
loaned, finds its;
way into investments,'either, iri" taxfexempts/05:. governments^ and
City,-/and associates are offering- so .far-in 1962 there has been-no increase in yield in; these invest^;;
./publicly., 1,000,000 shares; bf .Nb^vSH^
>!;:
altytional-/Realty Investors 'common
York
..
.
':-s
^YX^Another negative^^ factor ; insofa|/ as rising "interest rates here C
tpbbcerned;1was;>::theTbcent.teddCtioh,dh/the;Britikh';bki,nlt/
MS '■
The
company
on
Nov. 9,
qualify
trust
1
as
---
.-
---
business trust
a
from. 6% to 51/2%. This will undoubtedly impede the flow of funds
from this country as the spread between U. S. Treasury bills and
1961, and ik intended to
equivalent British investments is/narrow.With this action in
/Britain, it is very unlikely that either the rediscount rate or the
the/, /prime rate in this country will -increase.
real estate investment
as a
under
Internal
organized in
was
t
Massachusetts
section.
856
Revenue Code.
of
*
1
Highlights of the Past Decade
All of the above-mentioned factors point to less encouraging
.
....
Lee
Higginson is sponsor of theearnings for banks than were formerly expected/In this connecBrown, Harris, Stevens, Inc.,
tion, it may also be pointed out that there was less than unaniis the trust's advisor and manager,
/,/mous agreement among the'.Federal Reserve Board members on
-
1951
n
1961
The.trust; will ;seekrproperties'in
principal / metropolitan areas of
;
the U. S.
which offer' promise
.V,V
$164,000,000
140,260,000
15,419,725
39,764,828
158.0
according to reports, that total savings Were adequate for economic
Earnings Per Share.
1.68
2.77
65.0
expansion, hence there
of
Share-owners
59,765
106,384
78.0
Gross Revenues
Expenses.
decision to. amend,Regulation ;Q. Some expressed the view,
-
into agreement with 27 real estate
need to permit banks to pay higher
was no
/
./,!/;
.
,
(itotal number).
rat6S °n SaWngS and' time deP°sits- The existence of this
.// '•-'
.....
.
.
.
Net Income.
.
Columbia
of
"
BANK
out suitable real estate investment/
opportunities.
In
trust-
any
;.V"/
taxable,
qualifies,
investment'trust"
./to: its
of
its
or
."real
and
shareholders
at
distributes
least
90 %
/
on any
-
distributed
;;Y
ordinary income rates and
at
any„
Members New York Stock Exchange
Members American
120
v-
'
Stock
!
/
-
KENYA,
Telephone: BArclay 7-3500
v./
•
-.
..gains
rates-
^
Detroit Edison has paid dividends for
x1
52 consecutive years.t
,
,
ZANZIBAR
Branches In:
For
a
copy
of the 1961 Annual Report,
write to the Treasurer.
;
•.
INDIA, PAKISTAN. "CEYLON, BURMA,
j
KENYA, TANGANYIKA, ZANZIBAR,
UGANDA, ADEN, SOMALI REPUBLIC-/./■ /NORTHERN AND SOUTHERN
v
.
.
f
;;
.
-
/
BROADWAY, NEW YORK $, N. Y.
Teletype NY 1-1248-49
UGANDA,
in: ADEN,
^
Exchange
Specialists in Bank Stocks
distributed capital gains at capital;
STREET, S.W.I.
JAMES'S SQUARE, S.W.I.
'
Laird, BissellS Meeds
generation and transmission,
operating efficiency and in planning for the future.
The Annual Report is the story of another year of
successful operation and good financial progress.
,
Bell
on
l3 ST
Bankers to the Government
ordinary
income
in
E.C.3,
Branches
PARLIAMENT
54
Bought—Sold—Quoted
/
London
'
:
STOCKS
/
shareholders. Shareholders will be
on
advancements in power
Office:
BISHOPSGATE, LONDON,
-
estate,
capital gains distributed to its;
taxed
Head
/INSURANCE
serves more
in Southeastern
bank limited
/.
'.and
ordinary income, the trust,
will not be taxed
J
a
the
that
year
as
65 0
than four million people
Michigan. The Company's
': 1961 Annual Report describes continuing
nflt|0mfll and grindlays
which ?
ywill; cooperate. with' it in seeking:
,231,110,000':
/
,
Detroit Edison
District
74.0
$285,763,000
itoSest^^^^s'IS;/intereSt
the;
%
Progress
trust.
'
"
;
: RHODESIA
THE DETROIT EDISON COMPANY r.
-'vs 1
Detroit 26, Michigan
.
z'1/1; i :" •'
>
"
28
(1288).
The Commercial and Financial Chronicle
Indications of Current
The following statistical tabulations
latest week
Business
Activity
week
Latest
AMERICAN IRON AND
INSTITUTE:
STEEL
steel operations (per cent capacity)
Equivalent to—,'"'AA
v":;>
v A'"* A"
Steel ingots and castings (net tons)—_
„__Mar. 10
42
and
oil
condensate
(bbls.
average
Kerosene
(bbls.)
Distillate
;)
fuel
oil
7,402,810
2
2
8,418,000
29,214,000
1,580,000
7,449,760
.
7,406,010
8,755,000
-
8,474,000
29,509,000
28,273,000
3,620,000
3,599,000
3,447,000
3,250,000
Mar.
14,776,000
15,879,000
15.748,000
14,523,000
Mar.
A; 6,516,000
6,009,000
6,855,000
Month
Private
206,372,000
25,803,000
"203,736,000
Mar.
98,614,000
101,955,000
118,286,000
carriers
Federal
COAL
41,082,000
40,544;000
41,838,000
42,886,000
196,333,000
25,638,000 V
206,674,000
26,906,000
i.
(U.
Pennsylvania
S.
Slab
501,121
3
500,184
502,200
517,611
ELECTRIC
Electric
output
FAILURES
$417,700,000
$381,700,000
$520,000,000
$365,300,000
214,500,000
175,000,000'
356,600,000
144,200,000
Mar.
203,200,000
206,700,000
163,400,000
221,100,000
Mar.
New
162,800,000
131,600,000
136,800,000
114,900,000
000
BRADSTREET,
40,400.000
75,100,000
26,600,000
-<———————Mar.
7,300,000
Mar.
Not Avail.
PRICES
Electrolytic
(E.
JZinc
Straits
tin
S.
(New
Social
311
313
318
6.196c
6.196c
6.196c
6.196c
$66.44
$66.44
$66.44
$33.17
$36.83
$35.83
28.600c
Residential
27.350C
9.500c
9.500c
9.300c
9.300c
9.550c
Mar.
12.500c
12.500c
12.500c
12.000c
Hospital
Mar.
12.000c
12.000c
12.000c
11.500c
9.750c*
10.800c
Mar.
24.000c
24.000c
24.000c
121.000c
121.000c
103.125c
AA'" '-
t:
Sewer
88.33
87.40
86.90
89.13
Mar.13
86.51
86.38
86.11
88.40
Mar. 13
90.34
: 90.06
V'V; 89.78
92.93
Mar. 13
A
88.27
Mar. 13
Group
88.27
7i'lh81.66
A
Mar. 13
87.99
85,85
85.98
—Mah 13
,
85.59
91.05
83.53
83.40
87.18
87.05
89.78
88.40
88.27
87.86
Mar. 13
3.86
3.97
Mar. 13
4.67
4.68
4.39
4.41
4.54
4.54
4.71
4.72
5.05
5.06
Mar. 13
V
Mar. 13
V
.
Aa
Mar. 13
A
;
Mar. 13
Baa
i
Public
Mar. 13
1
Group
Industrials Group
MOODY'S
Orders
Mar. 13
Production
Percentage
of
PAINT AND
of
period
DRUG
Mar.
TRANSACTIONS
Short
on
the
Total
"A
2.660,130
322,270
520,220 A
17,800
2,756,180
Customers'
short
v
other
569,250
sales
330,280
•>.'
31.300
by
A
315,560
832,850
410,320
887,290
A'
,
109,450
131,200
813,250
1,158,420
925,416
1,289,620
1,018,036
1,161,715
3,597,570
3,816,310
3,940,255
4,959,415
563,980
187,330
2,978,120
Feb. 16
3,542,100
•
670,020
571,100
3,675,930
3,345,950
:A
ROUND-LOT STOCK
EXCHANGE AND
3,613,436
4,184,536
ACCOUNT
Total
OF
MEMBERS
round-lot sales—
Short sales—
Other sales„.
N.
2,018,497
2,356.501
$88,687,138
$106,222,899
$109,791,364
$117,211,707
1,941,880
1,825.891
On
13,674
16,636
I
1,753,126
1,928,208
1,809,255
sold
nther
than
$87,347,853
$95,631,256
$95,319,237
$114,393,522
557,690
551,390
*
IT.
S.
Revised figure,
+Number of orders
delivered basis at centers
where
on
'
64,348
4,800,702
,
31.:
$56,278
——^
$57,139
••
3,131
r;
f
./ 17.444
:
'•
-
11;232^13,432
'
•."
*
-
16,960
11,605
•loans.v.^^^/^^ *
..
43,163,
11,771-.
...
16,878
———
•
•
-
Z? 4,95o
4,892 Iv'v
.
3,634
FROM
of
MANU-
ITEMS
OF
U.
Commerce
S.
-•
13T69
4 5 507*-*,'A
-
.'5,438
-
"A* 5,329'
■1-'3,583-
635,010
733,255
486,742
536,317
628,704
364,893
98.693
104,551
121,049
$89,660,204
$47,202,802
I
Commission)—
income
$71,492,168
25,975,783
fo;
from
fixed
charges—
after
fixed
charges
:
:
■:—*.
5,763,232
107,746,600
69,524,006
30,838,952
—
75,287,238
5,050,416
92,279,004
charges
28,084,436
112.797,016
5,188,947
inccme___i
23,136,812
97,467,951
'
30,849,940
31,309,009
76,896,660
38,214,997
J ,4,113,486
-
61,440,052
-
__|
<3,762.972
3,757,644:
57,677,080
(way
& structure
&
taxes—,
equipment)
73,139,016
34,101,511
53,148,612
—
53,724,560
52,759,080
30,763,669
34,696,443
11,798,223
59,061,303
,
31,696,580
56,932,577
appropriations:
stock—
preferred
;
——
stock
491,750
•
557,690
'
551,390
499,380
491^750
680,270
793,090
697,970
^
678,830
face
'
fixed
DEBT
702,600
that
may
be
outstanding
Total gross public debt
.1' Guaranteed
1,093,140
18,064,300
23,069,990
17,331,160
19,463,330
18,766,900
obligations
•
not
owned
—
by
debt and
Grand
.6.
..6.'
89.4
88.8
109.7
6
95.5
.Mar.
6
127.4
-
•"
119.5
.
109.3
'
88.8
.
346,538
under
total
face
—_
$297,354,351" $296,860,014'
—
437,037
A
437,589
$290,739,657
v'■ 1. 399,281
outstanding—-—;—.- >$296,917,313/ $296,422,425"-$290,"340,376
amount
above
196,067
guaranteed
of
obligations
authority
I..'
issuable,
1,082,086.
_:
1,577,574
.2,659,623
119:7
89.3
371,130
^
r
*
119.1
290,543,590
the
—
outstanding public debt obli.gations not subject to debt limitation
'
Balance
.11.9.3
$293,000,000
Deduct—Other
.
6
$298,000,000
.
,r:
24,163,130
Mar.
2.22
LIMITATION
obligations—
834,090
4,213,263
3.49
tOOO's omitted):
amount
Treasury
18,629,240
>
761,437
;
time
any
X'V
2.99
296,983,221... 296,513,476
charges
Outstanding—
/
692,860
4,301,058
$298,000,000
to
STATUTORY
of Feb. 28
Total
793,090
income
of
<
UNITED
•
i 109.5
.109.6
95.0
95.1
JL27D
128.1
GROSS
DEBT
DIRECT
GUARANTEED— (000> omitted U
As
in-of Feb."
96.0
127.4
STATES
General
AND
\
....
A
..
v;V
A">
28—iZll—AAA!::——J————_v$297;354,351> $296,860,014 : $'290;739^57
funds
~
balance..
•
5,b25,587
A
Ann
4,981,499-
a
nn.'nic
J, 29^916
not
reported sinde introduction of
Monthly Investment
freight from past St. Louis
exceeds one-half cent a
'
Plail.
pound.
?Prime
Western
Zinc
-Net
debt
Computed
^291,728,764' $291,878,:515 *$284,4471741
annual
average.
3.180%
3.155%
'".V
3,3331
*
CLASS
A-
10,480
February:
—
v-:
3,139
:
SALES
AUTOMOBILE
42,588
11,525
'3,177
11,255'.
13,976'
1*4.906
-•,
$55,757
1
-
42,846.
•
deductions
fixed
GOVT.
at
——Mar.
and foodB.
3,493,740
'•■4,032,206
credit
•
common
Ratio
'
16.638,300
Mar.
farm
3,558,088
79,209
2,459,302
Mar.
Meats
Ah commodities
5"
S.
operating
9,636
.
;
term
vehicles
available
Dividend
2,468,938
8,651
Feb. 16
;
„
*5890,288
RE¬
SERIES—Esti-
ASSN.—Month
income
_
i
FEDERAL
FACTORY
U.
income
On
1,761,777
Feb. 16
Farm
,1,756,000
November: *
Depreciation
2,046,060
Feb. 16
products.
Processed fodds
THE
Total gross public
WHOLESALE PRICES, NEW
SERIES— U. S. DEPT. OF
LABOR
(-1947-49—100)1
Commodity Group—
%
"
1.
All
commodities
[
!
r^AA m
29,325,000
*
3,861.739 :
deductions
Federal
1,702,013
—
,
OF
intermediate
income
Income
STOCK
sales
tons)
,
>
'
861
*5,169,497
93,927:
credit —I
•
income
Net
Feb. 16
_
-
of
Total
.
•
Y.
(net
credit*,———
(Interstate
Income
Other
Feb. 16
TRANSACTIONS
(SHARES):
35
■"1,806,000;
5,275,9991*
;
—-—1——11—A
of
Miscellaneous
As
THE
ROUND-LOT STOCK
A
A;
36,540,000"
5,369,926
—J——_—
—i_—
INCOME
Total
5,216,065
Feb. 16
ON
IN
railway
Other
4,298,565
Feb. 16
SALES
*28,.,
'
—1
>
credit.—————————
number
Month
Net
917,500
Feb. 16
by dealers—Number of shares
TOTAL
29
*88 :
26
Jan.:
tons)
Jan.
VEHICLE
RYS.
974.385
922,700
_
Round-lot purchases
of
Number of passenger cars
Number of trucks and motor coaches
986,335
92,620
"
46
27
1,507,000
credit'—,
SELECTED
893,985
,
60
50
.
"520,800
Feb. 16
sales
of
as
consumer-
■•PLANTS
Total
469,100 1
Feb. 16
dealers—
Number of shares—Total
Short sales
Other sales
106
A;.-
*72
-31,990,000
payment lor.nsi-1 -J-Charge •aceounts__;r_-—l_.
MOTOR
51,700
379,020
-
Feb. 16
•
value
sales
.
267
*122
OUTSTANDING—BOARD
and
FACTURER'S
296,960
sales)—
sales
tons)
tons).
tons)—
CREDIT
Service
STOCK
sales
Customers'
total
(net
(net
Personal loans
3,533,550
386,140
A
Feb. 16
orders—customers'
A.:
*332
V:
678,470
2,855,080
18,600
312,480
A
447,180
2,309,000
Feb. 16
(customers'
lignite
Repairs and modernization
shares
by dealers
109
MINES)—Month
Automobiles—
3.40T.830 I
Feb. 16
Y.
OF
SYSTEM—REVISED
Instalment
SECURITIES EXCHANGE
COMMISSION
dealers (customers'
purchases)—t
Odd-lot purchases
Total
2,606,750
members—
N.
—
by
*78
82
■
—.—
Total consumer credit—.—;
A
111.85
Feb. 16
of
value
Round-lot
113.94
2,740,770
Feb. 16
EXCHANGE
of
•
454,860
STOCK TRANSACTIONS FOR
ODD-LOT ACCOUNT OF ODDLOT
DEALERS AND SPECIALISTS ON
Number
110.31
floor—
account
40
43
48
—
(net
short
Other
2,289,120
sales
of
316,648
I
2,220,550
sales
Dollar
340,317
Feb. 16
for
26
*40
117
development
A
(net tons')
coke
in millions
355,465
Feb. 16
transactions
purchases
Short sales
Number
t
2,309,860 A.-
Feb. 16
Total
sales
,
436,730
sales
Other
354,629
212
*45
69
MINES)—Month
GOVERNORS
SERVE
*89
v
OF
Noninstalment
Feb. 16
round-lot
-A:
*28
313
A;v
Single
Feb. 16
purchases
Short sales—.
Other sales
FOR
OF
,•
Feb. 16
Initiated
*337
38
A'A:
1
enterprises
and
(net
coke
CONSUMER
,
Feb. 16
sales
transactions
35
67
Oven coke stocks at end of month
367.8
438,950
1,852,390
,
_
Dollar
371.5
94
Feb. 16
sales.
Odd-lot
4.57 V
4.39
473,415
Feb. 16
sales
*35
4.43
.
96
Feb. 16
purchases
Total
';.A>
354,730
Feb. 16
transactions initiated off the floor—
Total
4.63
356
,
45
buildings.-—j„_
——i
anthracite
(BUREAU
Production
J
:
,7
.,
sales
Other
Total
4.79
460,067
111.72
Feb. 16
sales
Short
Other
Beehive
registered—
sales
Other
9
FOR
—
Total
Oven
5.01
96
REPORTER PRICE INDEX—
purchases
Total
4.57
4.91
353,540
349,612
t;
ACCOUNT OF MEMi
BERS, EXCEPT ODD-LOT DEALERS AND
SPECIALISTS ',
Transactions of specialists in stocks in
which
Other
4.34
5.08
:
4.21
483,209
Mar.
—
ROUND-LOT
372,414
Mar.
end
AVERAGE—180
Total
COKE
4.74
v
60
•
!
4.53:
mated
Mar.
at
•1,039
*81
*385
A:
'
73
*1,143
.
-
27
systems.
(BUREAU
Pennsylvania
3.66
4.56
--
368,8
Mar.
(tons)
21
""
February:
4.43 /A:, -';.
:
4.54
369.3
'
4.70 :.A<
4.62
Mar. 13
activity
orders
Total
4.62
4.53
INDEX
(tons)
(tons)
1949
4.90
A
4.03
.
■'AA
PAPERBOARD ASSOCIATION:
received
Unfilled
4.88
Mar. 13
COMMODITY
NATIONAL
■A'-
Mar. 13
;
Group
Utilities
OUTPUT
of
Bituminous coal
corporate
Railroad
COAL
DAILY AVERAGES:
Bonds
290
18
212
—
A—
,
90.34
Group
Group
Government
Average
_
service
1
and
81
363
*70
84.94
87.18
.„
Utilities
MOODY'S BOND YIELD
S.
83.79
Mar. 13
Public
Industrials
and
public
AA;,
a
292
356
—;■
other
18
*93
*362
34
institutional
nonresidential
Conservation
All
AA-AA.-
80
<
—
—
82.15
52
21
:
1,068
**
_
water
'
17
Water
87.86
81.29'
::>&1;54.'
53
;
58
'
76
:—-
service
,.
A
44%
A.Av
289
Sewer
Public
-
96
—i
and
75
-50
'365
:
Military facilities
Highways
vV
Mar. 13
:
Other
26.000c
121.875c
157
247
6.9
52
■;C.A':V A "A Educational
and
195
A'
80
AA
20
Industrial
11.000c
Mar.
.
69
telegraph
Administrative
AVERAGES:
76
A—
—
buildings
Mar.
at—
„'-i—
buildings
Mar.
at
273
—-
Nonresidential
-
265
buildings
construction
30.600c
28.725c
at
.—
352
175
recreational—
private
30.600c
-v; .■••.>365
190
public, utilities
28.625c
259
183
.
other
858
225
163
utilities
Other
91
,
863
224'':
garages—
^
Telephone and
292
-A>
97
-
346
warehouses—_
institutional
construction
939
*334
96
—
and
>
1,322
A-
-•
835
48
and
2,645
*1,210
;
302
—_—
A
and
3,684
'
A
.—
—'
_.
A.--
1,092
—
Miscellaneous
Public
$66.44
$32.50
*1,641
—————
nonresidential
Hospital
364
:
*2,977
1,490 %
——
"
*4,120
Educational
14,613,000
.
3,871'"
buildings
restaurants,
30.600C
corporate
Railroad
;
16,468,000
OF
alterations
buildings and
Other
28.675c
Aaa
OIL,
16,514,000
'
DEPT.
,
Mar.
Baa
61,605
214,956
2,803
Office
122
All
Aa
U.
357,000
119
Public
pig, 99.5%)
70,189
84,884
150,263
,
144,719
:
u—'
Mar.
York)
83,958
84,787
•
•
—
Commercial
.)
BOND PRICES DAILY
Government Bonds
Average
Aaa
'
Mar.
MOODY'S
U.
377,000
and
industrial
6,484,000
Mar.
at
6,307,895
of
——
buildings (nonfarm)
housing units
Farm
at
(East St. Louis)
(primary
16,418,000
Mar.
-
-—;
.
,
(in millions):
Nonhousekeeping
&
York) at
Louis) at
Aluminum
•
.
S.
February
construction
Nonresidential
QUOTATIONS):
copper—
(delivered)
Zinc
106,200,000
8,235,000
339,000
118
Mar.
M. J.
&
refinery
refinery at
(St.
DUN
(New
Lead
—
INC
Domestic
Export
Lead
8,000,000
of
Religious
INDUSTRIAL)
Pig iron (per gross ton)
Scrap steel (per gross ton)
5,569,423
79,243
construction_
Stores,
3
—Mar. 10
—:
AND
(tons
Residential
;
Mar.
kwh.)
grades
CONSTRUCTION—U.
new
Private
v'
(tons)
IRON AGE COMPOSITE PRICES:
Finished steel (per lb.)
METAL
output all
LABOR—Month
INSTITUTE:
(in
5/005/071./A, A
...
—
Additions
BUILDING
(tons)
(COMMERCIAL
4,637,970
472,863
DEPARTMENT STORE SALES INDEX—FEDERAL RESERVE
SYSTEM—1947-19 AVERAGE—100
.Mar.
EDISON
smelter
-Mar.
lignite
'•-]
pounds)
548,991
BUREAU OF MINES):
and
zinc
2,000
Total
anthracite
6,416,004
i
5,786,765
;
'
I
transport by 364
—-A———
.
Shipments (tons of 2,000 pounds)
Stocks at end of period (tons)—z.
Mar.
•—
9,568,954 V
6,905,947
ASSOCIATION, INC;—
freight
tons)
511,040
municipal
coal
10,352,000
;
—
February:' A
"24,572,000
CONSTRUCTION—ENGINEERING
————
OUTPUT
Bituminous
(in
528,293
construction
and
Ago
for
of
December:
general
3
construction
State
Year
Month
AMERICAN ZINC INSTITUTE, INC.—Month of
96,591,000
Mar.
at
at
construction
Public
of
Intercity
NEWS-RECORD:
S.
steel
tons)—Month
6,871,000
Mar.
freight loaded (number of cars)
-Mar.
Revenue freight received from connections (no. of
cars)— Mar.
Total U.
and
Previous
pipe lines-
Revenue
ENGINEERING
ingots
(net
AMERICAN TRUCKING
ASSOCIATION OF AMERICAN RAILROADS:
CIVIL
of that date:
7,197,360
8,526,000
30,097,000
2
either for the
are
are as
STEEL INSTITUTE:
castings produced
January——
Shipments of steel products (net tons)—
Month of January
—:
>
'
Mar.
(bbls.)
(bbls.)
2,446,000
IRON AND
..
Mar.
Mar.;
of quotations,
cases
——_
2
Mar.
(bbls.)
in
or,
Month
AMERICAN
?;
Mar.
at___—
oil
fuel
Residual
54.0
2,361,000
2;367,000
date,
Latest
83.5
.
production and other figures for the
cover
Dates shown in first column
-
'■•'Ago aa'
Ago
81.0
,;
•/../:
or
gallons
Stocks at refineries, bulk terminals, in transit, in
Finished and unfinished gasoline (bbls.) at
that
Steel
;1
output—daily
each)
Crude runs to stills—daily average
Gasoline output
(bbls.)
Kerosene output (bbls.)
Distillate fuel oil output (bbls.)
Residual fuel oil output (bbls.)
on
i Thursday, March 15, 1962
,
Year
Month
Week
81.0
.
Mar. 10
AMERICAN PETROLEUM INSTITUTE:
Crude
•
month ended
or
Previous
Week
Indicated
month available.
or
.
3.081%
'
Volume
Number 6142
195
.
.
The Commercial and Financial
;
Chronicle
(1289)
SINCE
in
Underwriter—Dempsey-Tegeler &
Co., Inc., St. Louis.
NOTE
—
Because of the
large number of issues \
-
Co.
to
repayment, equipment and other corporate pur¬
Office—Lawson Blvd., Oceanside, L. I., N. Y. Un¬
derwriter—S. D. Fuller & Co., N. Y.
(3/26-30)
American Cardboard
Ave., Melrose Park, 111. Underwriter—Shields & Co.,
: ■
Proceeds—For general corporate purposes.
St., Philadelphia. Underwriters
L_Milton D. Blauner & Co., Inc., M. L. Lee & Co., Inc.,
N. Y., and Hallowell, Sulzberger, Jenks, Kirkland & Co.,
Philadelphia.
boards, etc.
Office—1101 W. Cambria
it Alison Ayres, Inc. : 7/Y
/Y—'
28, 1962 filed 100,000 common. Price—$5. Business
—Design and manufacture of women's dresses. Proceeds
—For debt repayment, equipment, inventories and ad¬
vertising. Office—1400 Broadway, N. Y. Underwriter—
....
Feb.
A.
C.
E.
Electronics,
Inc.
<
'
'
Wall
St., N. Y. Underwriter
\ .
4
Bros., N. Y.
,/Y Accurate
Packaging
—
*
Bertner
•
Corp.
1962 filed 80,000 common. Price—By amend¬
ment. (max. $3). Business—Design and manufacture of
folding paperboard cartons. Proceeds—For debt repay¬
Feb.
28,
Third
—651
&
Bros.
N. J.
St., Newark,
Co., Inc., N. Y.
—A
more.
March
(3/26-30)
•
Aug.
1961
7,
Allied Doll & Toy
Feb. 27, 1962 filed
—Manufacture and
(4/2-6)
Co., N. Y.
>
Corp.
Z
of
dolls. Proceeds—For
•
moulds, machinery and equip¬
ment, research and general corporate purposes. Office—
250 Goffle Road, Hawthorne, N. J. Underwriter—Edward
Lewis & Co., Inc., N. Y. /;,/•YYY
new
Allied Entertainment Corp.
convertible
sub¬
American
Laboratories, Inc.
1962 filed 200,000 common. Price—By amend(max. $6) Business—Operation of hospitals and medical
laboratories. Proceeds—For debt repayment and working capital. Office—660 S. Bonnie Brae, Los Angeles,
Underwriter—California Investors, Los Angeles.
.
'
equip¬
advertising, and working capital. Office — 4116
First Ave., Brooklyn, N. Y. Underwriter — Theodore
Arrin & Co., Inc., N. Y/YYv
■
./YYY
Price—$5.
shares.
6%
•Feb. 28,
133,333/common* trice—$3. Business
sale
of
bentures, and capital funds. Office — 1472 Broadway,
Y. Underwriter—Myron A. Lomasney & Co., N. Y.
Note—The SEC has instituted "stop order" proceedings
challenging the accuracy and adequacy of this state¬
ment.
/'Y ",:'Y/ Y;Y Y'-'YYY.'
v-' • Y Y-' v;Y''Y\ -Y
:
'/'fS
■
Inc.
$500,000
N.
o
'
filed
insurance brokers. Proceeds—For the retirement of de¬
■
(4/9-13)
ment,
100,000 common
filed
installation of
and
&
Underwriter—Allen
The
—
/
20, 1961 filed 213,427 common, of which 200,000 will
be offered to the public and 13,427 to stockholders on
a
l-for-10 basis.
Price—By amendment. Business—A i'
small business investment company. Proceeds—For in¬
vestment.
Office—7720 Wisconsin Ave., Bethesda, Md.
importation and distribution of Italian
marble and mosaic tiles.
Proceeds — For the purchase
Business
Capital Corp.
Finance Co.,
1961
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 are primarily engaged in the automobile sale fi¬
nance business. One additional subsidiary is a Maryland
savings and loan association and two are automobile
1962
sales
Aero-Dynamics Corp.
American
April 21,
ordinated debentures due 1971; 75,000
Oct.
personnel, moving expenses and
other corporate purposes. Office—233 W. 42nd St., N. Y.
Underwriter—Fabrikant Securities Corp., N. Y.
•
Allied
broker-dealer-underwriter,
a
(a subsidiary).
drilling, shafting and bulk testing. Office—147 Mill
St., City of Grass Valley, Calif. Underwriter—None.
5
28, 1962 filed 70,000 common. Price—$3. Business
—Designs and produces printed business forms. Proceeds
additional
7
life insurance company,
a loan and finance company.
Proceeds—For gen¬
eral corporate purposes. Office—930 Grant St., Denver.
Underwriter—Nation-Wide Underwriters, Inc., Denver
Underwriter—Suplee, Yeatman, Mosley Co., Inc.,
5,
Diversified, Inc.
<
filed 110,000 common. Price—$7.50. Busi¬
holding company whose three subsidiaries are
and
For
Feb.
—For
a
i
("Reg. A") 1,900 common. Price—$100.
Business—Mineral exploration and assaying. Proceeds—
Inc.
Systems,
American
an
it Allied Beryllium Co.
supplies. Proceeds — For expansion and
working capital. Office—3294 Steinway St., Astoria, N. Y.
Underwriter—Baruch Brothers & Co., Inc., N. Y.
Business
For
—
Philadelphia.
and
Admiral
Dec. 21, 1961
ness—A
Proceeds
,:/• Allegheny Pepsi-Cola Bottling Co.
March 5,
1962 filed $1,250,000 of 614% subordinated
sinking fund debentures due 1977 (with attached war¬
rants) and 312,500 common. Price—By amendment ($8
max. for common). Business — Manufacturing and dis¬
tributing Pepsi Cola and Pepsi Cola syrup. Proceeds—
For an acquisition. Office—1601 Guilford Ave., Balti¬
11, 1962 filed 100,000 common. Price—$4. Business
warehouse distributor of automobile equipment ac¬
cessories
Busi¬
acquisition, debt repayment
general corporate purposes. Office—5007 Lytle St.,
Pittsburgh, Pa. Underwriter—First Madison Corp., N. Y.
purposes.
Admiral Automotive Products, Inc.
Jan.
N. Y.
and
Office
Underwriter—Baruch
ment, advertising and other corporate
& Beane,
Development Corp.
29, 1961 filed 60,000 common. Price—$6. Business
—Development and sale of vacant land. Proceeds—Debt
repayment and other corporate purposes. Office—1068
Broad St., Newark, N. J. Underwriter—To be named.
doors.
'
28, 1962 ("Reg. A") 100,000 common. Price—$1.25.
Business—Design, development and sale of transistorized
ignition systems for engines. Proceeds—For equipment,
leasehold improvements, advertising and working capi¬
Office—80
Williston
American
Nov.
ness—Manufacture of aluminum and fiberglass awnings
and aluminum combination storm-screen windows and
Feb.
tal.
R.
/ Allegheny Aluminum Industries, Inc.
Dec. 21, 1961 filed 100,000 common. Price—$4.25.
Packaging Corp.
Jan. 5, 1962 filed 150,000 common, Price—$3.50. Business
—Manufacture
and
sale
of cardboard boxes,
display
,
J.
&
(3/26-30)
N. Y.
it A World off Music,-Inc.
^ ;*1
^.
March 6, 1962 (''Reg. A") 37,000 class A common. Price
•—$3.50. Business—Company plans to publish a new na¬
tional magazine titled "A World of Music." Proceeds—
For equipment and general corporate purposes. Office—
14011 Ventura Blvd., Sherman Oaks, Calif. Underwriter
—None.
^
ISSUE
poses.
toiletry preparations, particularly in the hair care field.
Proceeds—For selling stockholders. Office—2525 Armitage
REVISED
debt
;
Jan. 12, 1962 filed 68,000 common. Price — By amend¬
ment. Business—Manufacture and sale of cosmetics and
predict' offering dates
accuracy. The dates shown
in the index and in the accompanying detailed
items reflect the expectations of the underwriter
but are not, in general, to be considered as firm
offering dates. .;
' '•.</•*•• •••
increasingly difficult
with a high degree of
Alberto-Culver
;
PREVIOUS
ITEMS
•
Bldg., Portland, Ore.
awaiting processing by the SEC, it is becoming
ADDITIONS
* INDICATES
m
29
American
Investment Corp.
Management &
.
Dec. 20, 1961 filed 500,000 7% non-cumulative convert¬
ible preferred. Price—$10. Business—A management in¬
vestment company which plans to acquire firms in the
of America, Inc.'
Jan.
23, 1962 ("Reg. A") 125,000 common.
Price — $2.
insurance and finance fields. Proceeds—For general cor¬
Business—Music publishing; the manufacture and distri¬
Office — Warner Bldg., Washington,
bution of phonograph records, and the development and: porate purposes.
D. C. Underwriter—None.
production of TV jingles. Proceeds—For debt repayment
and working capital. Office—9171 Wilshire Blvd., Bev¬
Y
American Modular Manufacturing Corp.
/
erly Hills, Calif. Underwriter — Ellis Securities, Inc.,
Nov. 27, 1961 filed 200,000 common. Price—$2.50. Busi¬
Great Neck, N. Y. Offering—Expected in May. - rY
- \
ness—Manufacture of a type of component constructed
•
Aerodyne Controls Corp.
29, 1962 ("Reg. A"). 90,000 common.
Price—$2.
Business—Design, manufacture and sale of systems, con¬
trols and assemblies for the missile, rockets and aircraft
industries.
Proceeds—For equipment, debt repayment,
Jan.
Alloys & Chemicals Corp.
1961 filed 225,000 common.
Dec. 27,
V
home.> Proceeds—For
-
debt repayment,
equipment, and
'
Price—By amend-,
Office—4950 71st Ave., North, Pinellas
working capital.
'
Business—An aluminum smelter and refiner en-,
Park, Fla. Underwriter—Equity Securities Co., N. Y.
gaged in the production of aluminum alloys. Proceeds Y
American Mortgage Investors
—For selling stockholders.
Office—4365 Bradley Road,
Feb. 8, 1962 filed 1,300,000 shares of beneficial interest.
Cleveland. - Underwriter—Joseph, Mellen & Miller, Inc.,
Price—$15. Business — A newly-formed business trust
Cleveland.
;Y-Y;, •
•• "Y'
;Y Y',' .y
which plans to invest in first mortgages. Proceeds—For
• Almo Industrial Electronics Inc.
investment. Office—305 S. County Rd., Palm Beach, Fla.
(3/26-30)
expansion and working capital. Office—90 Gazza Blvd.,
Farmingdale, N. Y.
Underwriter—Robbins, Clark &
ment.
.
Co., N. Y. Offering—In late May./
Agency Tile Industries, Inc. (3/26-30)
Sept. 6, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Business—Importing, marketing and distributing ceramic
Proceeds—Debt payment, new
products, sales pro¬
advertising, new office and warehouse and
working capital. Office—522 W. 29th St., N. Y. Under¬
writer—International Services Corp., Paterson, N. J.
tiles.
Nov.
motion and
Ainsbrooke
Price—To be supplied by
present holders thereof.
Business
—
The
windows
products.
manufacture
and
doors,
and
and
sale
other
of
alu¬
Proceeds—For working capital, and
Office—20th Street, and Alle¬
other corporate purposes.
gheny Avenue, Philadelphia, Pa. Underwriter—Francis I.
du Pont & Co., N. Y. Note—This offering has been tem¬
porarily postponed.
Alan-Randal Co., Inc.
Oct. 27, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Business—Distributor of pens and other advertising ma¬
terial. Proceeds
—
For working capital.
Office
—
11608
Ventura Blvd., Studio City, Calif. Underwriter—Pacific
Coast Securities Co., San Francisco, Calif. Offering—In
April.
-
Alaska
----
All
-
-
----
American
...
~
Petroleum
15, 1962 filed 2,000,000 common. Price—$1. Busi¬
ness—Acquiring, exploring and developing oil and gas
properties. Proceeds—For debt repayment and other
corporate purposes.. Office—715 Midland Savings Bldg.,
Underwriter—None.
-
Alaska Pacific Lumber Co.
Nov.
ment.
17,
1961
(3/26-30)
filed 250,000 common.
Business—A
of
company was
Investors. Offering—In May.
Business—General real estate.
Co., Philadelphia.
y
American
Jan.
Y
International, Inc. (3/26-30)
1961 filed 73,000 common. Price—$7./Business
—Company plans to construct special type homes, and
engage in the general contracting business. Proceeds—
For general corporate purposes. Office—St. Petersburg,
Fla. Underwriter—B. C. Malloy, Inc., St. Petersburg. yY•
Alumatron
lumber
Price—By amend¬
company.
Proceeds—For
construction and working capital.
;
Amerada
•
Office—614 Equitable
American
Insurance
Co.
Realty & Petroleum Corp.
and also the oil and gas
Properties Trust
(3/19-23)
business. Proceeds—For repay¬
debt, sales and advertising, property improve¬
ments and possible acquisitions. Office—16 W. 61st St.,
N. Y. Underwriter—Troster, Singer & Co., N. Y.
ment of
American
Inc., (same address).
Southwest Realty Trust
Feb. 12, 1962 filed 1,000,000 common. Price—$11. Busi¬
ness—A real estate investment company. Proceeds—For
Mining Co. Ltd.
1961 filed 400,000 common shares. Price—50
is engaged in exploration,
investment.
Office—800 Hartford Bldg., Dallas.
Under¬
writers—Kidder, Peabody & Co., N. Y. and Rauscher,
Pierce & Co., Inc., Dallas. Offering—Expected in May.
•
American Space
Exploration, Inc.
1962 filed 250,000 common. Price—$2. Business
—Company plans to manufacture digital voltmeters, di¬
gital chonometers and solid state counters.
Proceeds—
For general corporate purposes. Office—3910 S. Kalamath St., Englewood, Colo. Underwriteiv-Preferred Se¬
curities, Inc., Denver. Note—This registration was with¬
Jan. 22,
March 2, 1962 ("Reg. A") 21,000 common. Price—$14.25.
Business—Design and manufacture of stationery for fi¬
nancial institutions. Proceeds—For equipment and work¬
— 7501
Pulaski Highway, Baltimore
County, Md. Underwriter—Robert Garrett & Sons, Bal¬
drawn.
ing capital. Office
Coupling Co., Inc.
filed 488,000 common. Price — By amend¬
ment. Business—Manufacture of pressure hydraulic hose
and metal tube assemblies. Proceeds—For selling stockAnchor
•
Jan. 26, 1962
American Bolt & Screw Mfg. Corp.
(4/16-20)
Dec. 15, 1961 filed 150,000 common. Price — By amend¬
ment. Business—Manufacture of standard and special in¬
aircraft
Life
expansion and legal reserves. Office—307 S. Orange Ave.,
Orlando, Fla. Underwriters—A. C. Allyn & Co.. Chi¬
cago and Goodbody & Co., N.: Y. Offering—In April.
•
development and mining. Proceeds—For diamond drill¬
ing, construction, exploration and general corporate ex¬
penses.
Office—80 Richmond St., W., Toronto. Under¬
writer—E. A. Manning, Ltd., Toronto.
dustrial
Pioneer
20,
Sept. 28, 1961 filed $2,000,000 of 6y2% conv. subord. de¬
bentures due 1971. Price—At par. Business—Real estate
cents. Business—The company
timore.
Underwriter—
1961 filed 400,000 common. Price—$5.50. Busi¬
ness—Writes life insurance in Florida. Proceeds — For
Amerel
31,
•
Office—320 Park Ave., N. Y.
Y.
American
Dec.
28, 1962 filed 112,000 shares of beneficial interest.
Price—$10. Business—A real estate investment trust.
Proceeds—For acquisition of a shopping center. Office
—6363 Wilshire Blvd., Los Angeles. Underwriter—Real
July
-
Corp.
1962 filed 315,000 class A shares. Price—$10.
Proceeds—For corporate
24,
purposes.
Feb.
Estate Underwriters,
Phoenix
Interamerica Securities Corp., N.
ic American Bank Stationery Co.
Corp.
Feb.
Denver.
distributor
.Nov. 13,
1961 filed 200,000 shares of class A common
stock, of which 50,000 shares are to be offered for public
sale by the company and 150,000 outstanding shares by
minum
and
writer—Albion Securities Co.. Inc.. N. Y.
May 26,
storm
Underwriter—Hayden, Stone & Co., N. Y. Note—This
formerly named American First Mortgage
class A shares. Price—By
Alson Mfg. Co.
(4/16-20)
Aug. 28, 1961 ("Reg. A") 75,000 common. Price—$4. Pro¬
ceeds—For equipment, repayment of loans and working
capital. Office—2690 N. E. 191st St., Miami, Fla. Under¬
Air Master Corp.
aluminum
155,000
&
100,000
by the
Price—$10.
Business—Manufacture
of
men's and boys' underwear and pajamas. Proceeds—For
expansion, inventory and working capital. Office—350
Fifth Ave., N. Y. Underwriters—Richard Bruce & Co.,
Inc., and Reuben Rose & Co., Inc., N. Y.
amendment.
filed
Business—Wholesaler
manufactured by others. Proceeds—For
working capital. Office — 412 N. 6th St., Philadelphia.,
Underwriters—C .C. Collings & Co., Inc. and Harrison
stockholders.
the
1961
electronic parts
(3/26-30)
Corp.
Jan. 8, 1962 filed 200,000 capital shares, of which
are
to be offered by the company and 100,000
27,
amendment.
and
missile
fasteners.
Proceeds—For
•.
v
;vaY
♦.
w
'
Continued on page. 30
30
The Commercial and Financial Chronicle
(1290)
Continued from
page
amendment. Business—The mail order
Anchor Industries Corp.
■
'•
.
Associated Baby
'
•.
■
Services,
"
•
and
Inc.
Jan.
to
-AJ..
17, 1962 filed 160,000 common, of which 60,000 are
be offered by the company and 100,000 by stockhold- "
tion, and working capital. Office—26 Essex
sack, N. J. Underwriter—^Amber, Bursteih
>
'
■
*
Industries, Inc.
Astro-Science
V
t
Proceeds—For sales promotion, new
development and general corporate purposes.
Office—Industrial West, Allwood-Clifton, N. J. Under¬
writers—Glass & Ross, Inc. and Globus, Inc., N. Y.
product
Appalachian Power Co. (4/17)
1, 1962 filed $25,000,000 of first mortgage bonds
due Apr. 1, 1992. Proceeds—For the prepayment of bank
loans and other corporate purposes. Office—Roanoke,
Va. Underwriters —
(Competitive). Probable bidders:
First Boston Corp.; Halsey, Stuart & Co., Inc.; Harriman
Ripley & Co., Inc.; Kuhn, Loeb & Co.-Eastman
Dillon, Union Securities & Co. (jointly). Bids—Apr. 17
(11 a.m. EST) at 2 Broadway, N. Y. Information Meeting
—Apr. 12 (3 p.m. EST) at same address.
•
Ga. Underwriter
The
(par $50). Price—By amendment. Business
production of basic granular and brick refractory
materials. Proceeds—For plant expansion* Office—845
Hanna Bldg., Cleveland. Underwriter — First Boston
Corp., N. Y. Offering—Imminent.
-/.f ■
/ /;
/
•
Bay State Electronics Corp. (4/16-20). 1 ; \
1961 filed 160,000 common. Price—By amend¬
Oct. 27,
/Business—Development of products and" tech¬
niques for use in the fields of oceanography, meteor¬
ology, seismology and ionospheric phenomena. Proceeds
—For product development and working capital. Office
—43 Leon St., Boston. Underwriter—-S. D. Fuller & Co.,
Atlantic Utilities Corp.
Jan. 26, 1962
filed 200,000 common. Price—$6. Business
and operation of water-treatment and
sewage-disposal
plants.
Proceeds—For
construction,
plant expansion, and a loan to a subsidiary.
Office—
—Construction
29th
N.
17850
Argus Financial Fund, Inc.
1962 filed 800,000 capital shares to be offered in
exchange for certain securities acceptable to the Fund.
Court,
Hardy & Co., N. Y.
•
(expected at $12.50 per share).
diversified open-end investment company
("Reg. A")
5, 1962
New York.
.
Investing Corp.
Dec. 20, 1961 filed 300,000 shares of capital stock.
Underwriter—
—Net
Inc.
Bebell &
Business—Manufacture and sale of Mist-I-Cone humidi¬
(same address).
■
;
' "
—
Price
("Reg. A") 300,000 common.
1962
Business
Development of underground
—
caverns
*
$1.
as
a
tourist attraction. Proceeds—For debt repayment. Office
—Suite No. 9—4344 E. Indian School Rd., Phoenix. Un¬
derwriter—Preferred
Securities, Inc., Denver.
—Expected sometime in April.
r
Arnav
Industries, Inc.
Offering
J'
(3/28)
Dec. 29, 1961 filed $600,000 of 6% convertible subordi¬
nated debentures and 36,000 common stock purchase
to
warrants
offered for
be
sale
in
units
of one $1,000
By amendment,
Business—Manufacture of hydraulic system devices and
parts for the aircraft and missile industries, etc. Pro¬
ceeds—For debt repayment and the purchase of addi¬
tional equipment.
Office — 32 Industrial Ave., Little
debenture
60
and
warrants.
Price
Ferry, N. J. Underwriter—Gianis & Co., Inc., N» Y.\
Aronoff &
Richling, Inc. (4/2-6)
27, 1961 filed 108,000 common. Price—By amend¬
ment (max. $5). Business—Design and manufacture of
women's junior sizes. Proceeds—For selling stockhold¬
Nov.
Office—1400 Broadway,
ers.
&
0
Co., N. Y.
Art
:
:
-
Packaging,
•
Inc.
Proceeds—For
equipment,, inventory and working capital. Office—126
Greenpoint Ave., Brooklyn, N. Y. Underwriter—Ber¬
nard L. Madoff, N. Y. Offering—In mid-April.
•
Artlin
Mills, Inc.
(3/28)
common
shares.
Price
Business—The
purchase, conversion, decoration,
gift packaging and distribution of terrycloth towels and
cotton pillow cases. Proceeds^-For inventory, repayment
of
loans
and working capital.
Office—1030 Pearl St.,
Branch, N. J. Underwriter—Mortimer B. Burn& Co., Inc., N. Y. -
Long
side
Arts
Dec.
& Crafts
20,
1961
Materials Corp.
filed
150,000 common, of which 100,000
are to be offered by the
company and 50,000 by a sell¬
ing stockholder. Price—By amendment. Business—Im¬
porting and sale of arts and crafts materials. Proceeds—
For general
Baltimore.
corporate purposes. Office—321 Park Ave.,
Stonehill & Co.,
Underwriter—Federman,
•
Publishing Co., Inc. (4/2-6)
("Reg. A") 103,000 common. ~ Price—$2.
Business—Publishing of a bowling magazine. Proceeds
29,
—For
1962
general
corporate purposes. Office—14 W. 55th
St., N. Y. Underwriter—Dana Securities Co., Inc., 80
Wall St., N. Y.
Ascot Textile
Corp.
Feb. 23,
ment.
1962 filed 100,000 common. Price—By amend(max. $7.50). Business—Converter of linings and
interfacings used in the manufacture
Office—715 N. Fayette St., Alexandria,
Planning Co., Wash¬
ington, D. C. Offering—In early April. »
-
•
Va. Underwriter—First Investment
,
Automatic
Controls, Inc.
"
Dec. 28, 1961 filed 50,000 commbni Price—$4/ Business
—Design, manufacture and installation of electrical,
pneumatic, hydraulic and mechanical systems, controls
and devices to control and automatically operate indus¬
trial machinery and processes.
Proceeds—For. general
corporate purposes. Office—3601 Merrick Rd., Seaford, ;
N. Y. Underwriter—S. Schramm & Co., Inc., N. Y. ////-p/
of
clothing. Pro-
I
VoLoT&Co
W
Mar.
—By
N
Underwriter Rittmas-
'
Y
..
J.rtsi
o
o
iSSfo??
B
Mt
S
C?'
*
i
,
2, 1962 fiM $25,000,000 of s.f. debs. due 1987. Price
amendment.
Proceeds—For
debt
repayment
and
I
Laboratories, Inc./
75,000
common. Price
color .photographic
of
$4.
prints,
;
Engineering Co.
,
Bechtold
_
(3/26)
Nov. 30, 1961 filed 135,000 conamon/of which. 95,000 are
to be offered by the company and 40,000 by a selling
stockholder. Price—By amendment. Business—Manufac¬
ture of specially designed thermosetting plastic fabri¬
cating
machinery. Proceeds—For
debt repayment and
Office—631 N. E. 45th St., Fort
other corporate purposes.
Lauderdale, Fla. Underwriter—Roman & Johnson, Fort
Lauderdale. Fla.
'
' *
/ Becton, Dickinson & Co. (3/26-30)
.
Jan. 26, 1962 filed 480,000 common, of which 200,000 are
Automatic Marker Photo Corp.
,
to be offered by the company and 280,000 by stockhold¬
Dec. 1, 1961 filed 150,000 class A shares, of which 125,ers^ Price—By
amendment. /Business—Manufacture, of
000 are to be offered by the company and 25,000 by',
products used in the medical profession. Proceeds—For
stockholders. Price—By amendment. Business—Sale and:;' expansion and
distribution of
a photocopy machine and
supplies. Pro¬
equipment, expansion, and working capital
ceeds—For
Office—153
•
W. 36th
St., N. Y.
Underwriter—None.
working capital. Office—East Ruther¬
Underwriter—F. Eberstadt & Co;, N. Y.
ford, N. J.
/
:
Roff a
Feb.
"B
14,
Of¬
ment.
■
Industrial
ical,
,
Instrument
./
15, 1961 filed
60,000 common/ Price—By amend¬
Business—Development and manufacture of chem¬
electrical
and
mechanical
instruments,
■'■•!"■".
■
•
1
a
group of U. S. banks. Underwriters — Morgan
Stanley & Co., and Smith, Barney & Co., Inc., N. Y.
precision
Bell Color
,"• ••••;:"
Mortgages & Loan Ltd.
Dec. 29, 1961 filed $556,000 of 6% cumulative
preference
dividend participating <rdollar-linked shares.
—
A
mortgage lending
company
("Reg.
A")
50,000'common.^
Price—$4
Business—Aeronautical research and development. Proceeds—For working capital.
Office—224 E. 38th St.
N. Y. Underwriter—Gianis &
Co., N. Y. Offering—In„
definitelv~DostDoned
27' 1962 filed 150,000 common: Price-$4. Business'
-Manufacture and sale of quilted and laminated vinyl
sheeting. Proceeds—Expansion and working capital. OfAve.,
91st
writers—Michael
G.
Voisin & Co., N. Y.
/ ;i:
v""
*
Business—A
distributor
electronic
of
parts and equip¬
Proceeds—For debt re¬
payment and other corporate purposes. Office—306 E.
Aldondra
Blvd.,- Gardenia, - Calif. Underwriters--Mitchum, Jones & Templeton, Los Angeles and Walston &
manufactured
by
others.
Co., N. Y.
3ene
Cosmetics, Inc..
1962 ("Reg. A") 100,000 common. Price — $3.
Business—Importation, sale and distribution of Italian
March 2,
garr Corn
fice—127-09
V-/''-
Electronic Corp.
20, 1961 filed $1,250,000 of convertible subordinated
debentures due 1977; also 75,000 common shares. Price—
For debentures: At par.
For stock: By„ amendment.
ment
Associates, Inc.
1961
repayment and working capital. Office
St., n. Y. Underwriter—Market Values,
Varick
Dec.
-
1,
ceeds—For debt
Bell
American Israel Investment Co., Inc.
Sept.
5, 1962 filed 130,000 common. Price—$4.50. Busi¬
ness—Engaged in commercial offset lithography,
Pro¬
Inc., n. Y.
Proceeds—For general corporate purposes. Address—108;
Achad Haam St., Tel-Aviv, Israel. Underwriter—Adanim
Barish
Lithographers, Inc.
Feb.
—225
Bank "Adanim"
Business
if Belgium (Kingdom of)
(3/29)
; // /. * •/ - /
March 14, 1962-filed $30,000,000 of external loan sinking
■ fund bonds due April 1,-1977.-;Proceeds—'To repay a loan
from
products and special purpose tools. Proceeds—For sell¬
ing stockholders. Office—200 N. Braddock Ave., Pitts-/4
burgh. Underwriter—Arthurs, Lestrange & Co., Pitts¬
burgh.
corporate
mond, Ky. Underwriter—-J. J. B. Hilliard*& Son, Louis¬
ville, Ky. "
//;•'/'
/
Underwriter—Eastman Dillon, Union Securities &
Co., n. y.
Nov.
general
Federal
Begley Drug Co.
5, 1962* ("Reg. A") 19,900 common.
Price—$15.
Business—Operation of a chain of drug stores. Proceeds
—For debt repayment. Office—201 E. Irvine St., Rich-
8,
35,000 common. Price—$50. Busi-;
ness—Distilling and bottling of "Bacardi" rum. Proceeds
a selling stockholder;
Address—San Juan, Puerto
p*::rr- (3/26-30),.t
n.
Feb.
Corp.
1962 filed
Bacharach
repayment, and
Highway, Deerfield
Beach, Fla. Underwriter—Consolidated Securities Corp.,
Pompano Beach, Fla.
if Bacardi
Rico.
debt
Office—201
purposes.
fice—32550 Pulaski Dr., Hayward, Calif. UnderwriterPacific Coast Securities Co., San Francisco. OfferingExpected sometime in May.
March
*'>
1962
Babs, Inc.:aV:
/J'1/••/;
27, 1961 filed 150,000 common. Price—$4. Business
of dairy products, through "Dairy Drive-ins.'*
Proceeds—For
working capital.
-
("Reg. A")" 259,272 common. Price—$1.
Business—Design and development of an aircraft incor¬
porating radical concepts in design and construction.
Nov.
taldOfftor^f3PS-Febter
Production
—
N. Y.;
working capital.
amendment.
Ascot
Jan.
Un¬
/
ments,
Price—By
N. Y. Offering—Sometime in April.
"f
slides, transparencies and photo-animations. Proceeds—
For
equipment, sales promotion, leasehold improve¬
a new product, and working capital. Office^-108
W. 24th St., N. Y. Underwriter—Stevens, Hickey & Co.,
"
•
—For
Sept. 28, 1961 filed 135,000 class A
—$5.
;
Fenway, Boston.
'
Color
Price
fund.' Proceeds
'
("Reg. A")
29, .1962
Business
Aug, 22, 1961 ("Reg. A") 40,000 common; Price—$3.50
Proceeds — For repayment of loans, acquisition and
Proceeds—For debt repayment and
70,000 class A. Price—$2. Busi¬
manufacture and sale of clear plastic,
formed "blisters" for packaging.
vacuum
•-
mutual
(3/26-30)
Jan.
—Sale
A")"
Jan. 26, 1962 ("Reg.
ness—Design,
N. Y. Underwriter—Carreau
-
J
*
Atmospheric Controls, Inc.
*
Arizona-New Mexico Development" CdrpJ^
Jan. 3,
—In late April.
Jolla, Calif. Dealer-Manager—Argus Fi-
Business—A
Office—22 The
Bebell
'
fiers. Proceeds—For equipment, advertising and work¬
in the long-term progress of
ing capital.
Office—668 Jenks Ave., St. Paul,
Undersavings and loan associations, and allied financial businesses.
Proceeds—For investment. Office—1118 Torrex^^iWiteirr^ewters, Donnelly & Jansen, St. Paul. Offering
nancial Sales Corp.
value.
derwriter—None.
Price—$3.45.f
which plans to participate
Pines Road, La
asset
(
—For investment.
86,000 common.
•.
.
{
Beacon*
;>///
Atmosphere Control,
Feb.
value
Opa Locka, Fla.
(4/30)i,''-V/'-/^
Inc.
ment.
,
Feb. 12,
Laboratories,
—By amendment. Business—Manufacture of pharmaceu¬
tical supplies and equipment. Proceeds—For debt repay¬
ment and working capital. Office—6301 Lincoln Ave.,
Morton Grove, 111. Underwriters—Lehman Brothers and
Merrill Lynch, Pierce,. Fenner & Smith Inc., N. Y.
Robinson-Humphrey Co., Inc.,
Atlantic Capital Corp
Meeting—Apr.
Baxter
Jan. 22, 1962 filed $10,000,000 of convertible subordinated
debentures due 1982, and 120,000 common shares. Price
Aug. 29, 1961 filed 500,000 common. Price—$12.50. Busi¬
ness—A small business investment company. Proceeds—
For general corporate purposes. Office—744 Broad St.,
Newark, N. J. Underwriter—Paine, Webber, Jackson &
Curtis, N. Y. C. Note — This offering was indefinitely
postponed.
*
—
shares
ence
Atlanta, Ga.
1992. Proceeds—For prepayment of bank
loans and other corporate purposes. Office—Roanoke,
Va. Underwriters
(Competitive). Probable bidders:
First Boston Corp.; Halsey, Stuart & Co., Inc.; Harriman
Ripley & Co. Inc.; Kuhn, Loeb & Co.-Eastman Dillon,
Union Securities & Co. (jointly). Bids—Apr. 24 (11 a.m.
Business—A
—
,
—The
30, 1961 filed 150,000 common. Price—$10. Business
—Operation of motels. Proceeds — For expansion and
working capital. Office—120 North Ave., N. W., Atlanta,
(4/24)
filed $20,000,000 of sinking fund debentures
asset
(3/27-28)
Lodges, Inc.
-
Basic Inc.
Oct.
Appalachian Power Co.
Price—Net
Atlanta Motor
.
filed
offered
Dec. 27, 1961 filed 70,000 cumulative convertible prefer¬
.
Mar.
EST) at 2 Broadway, N, Y. Information
12 (3 p.m. EST) at same address.
////:•;)■'.„v;.r;
1
1961 filed 232,500 common,; of which 150,000
are to be offered by the company and 82,500 by stock- :
holders.
Price—By amendment. Business—Design and *
manufacture of ground systems and equipment for the
support and servicing of electronic systems, aircraft and
missiles.
Proceeds—Repay debt and increase working
capital. Office—9449 W. Jefferson Blvd., Culver City,.
Calif.
Underwriter—W. C. Langley & Co., N. Y.
cals and detergents.
Mar. 1, 1962
due Apr. 1,
(3/19-23);
Corp.
Corp.
/ '
;
,; <
*
120,000 commbn/ of which 50,000
by the-company and 70,000 by stock¬
holders. Price—By amendment. (max.*. $11). Business—
Design, development, and manufacture of differential
pressure-measuring devices and related
instruments.
Proceeds—For working capital. Office—580 Monterey
Pass Rd., Monterey Park, Calif. Underwriter—E. F. Hutton & Co., n.
Yr-./-;;' >
1962
5,
to he
are
Sept. 27,
1962 filed 95,000 common. Price—$2. BusinessDevelopment, sale and distribution of specialty chemi¬
Jan. 5,
By
—
vitamins
of
sale
Proceeds—For
selling stockhold¬
ers.
Office—270 W. Merrick Rd., Valley Stream, L. I.,
N. Y. Underwriter—H. Hentz & Co., N. Y.
March
Fot equipment and working capital. Office—149 Madison
Ave;, N. Y. Underwriter—Brand, Grumet & Seigel, Inc.,
N. Y. Offering—Expected sometime in April.
.■•v"'
St., Hacken& Co., Inc.,
dietary products.
Barton Instrument
24, 1961 filed 38,500 common. Price—$8. Business
ers. Price—$7.50. Business — Operates diaper services,
—Design and fabrication of precision sheet metal prod- ." supplies linens, and publishes "Baby Talk" magazine
which is distributed mrU;' S. and " fanarfa
Proceedsucts.
Proceeds
For machinery research, sales promo-"; in tt• s
an<i Canada. PrnnpcHs—
Nov
•
Vitamins Corp.
23, 1962 filed 180,000 class A shares. Price
Barth
Jan.
»'
:
-
Thursday, March 15, 1962
Co., N. Y. and A. G. Becker & Co., Chicago.
Libertyville, 111. Un¬
derwriter—Paine, Webber, Jackson & Curtis, N. Y. Of¬
fering—Expected sometime in April.
'
holders. Office—342 N. Fourth St.,
Anscott Chemical
.
working capital. Office—1409 Winchester Ave., Ashland,
Underwriter—Eastman Dillon, Union Securities &
29
Ky.
New York.
.
.
Richmond ; Hill, Nv Y.-' Under-'
& Co., Inc., and Rittmaster
Kletz
.
cosmetics.
Proceeds■ For
advertising,' Thventory and
13th St., N. Y. Under¬
working capital. Office—114 W.
writer—Granite
Benjamin
Nov.
15,
1961
Securities, Inc., N. Y.
(W, A.)
filed
/
'
Inc.
50,000
common.
Price—By. amend¬
ment. Business—Publication of scientific texts and refer-
Volume
books.
ence
Number
195
Proceeds—For
6142
.
.
.
The Commercial and Financial Chronicle
Office—
capital,
working
Broadway, N. Y. Underwriter—None.
2465
Brach
/
Feb.
Berkshire Gas Co.
20, 1962 filed 26,500 common to be offered for sub¬
scription by stockholders. Price—By amendment (max.
Feb.
$24.50). Proceeds—For debt repayment. Office—20 Elm
Dec.
BernaBen,
Inc.
March 7, 1962
("Reg. A") 70,000 common. Price—$2,625.
Business—Design, manufacture and installation of photo¬
graphic processing and control equipment.
Proceeds —
for advertising, expansion and equipment.
Office—9821
Foster Ave., Brooklyn, N. Y, Underwriter—Amber,-Burstein. &
Co.) Inc., N.
(4/9)
Greenville, S. C. Note
1961
Corp.
(3/22)
filed
150,000 common, of which 30,000
are to
be offered by the company and 120,000
by the
stockholders. Price—By amendment. Business—A hold¬
ing company for a savings and loan association. Proceeds
—For acquisition of two insurance agencies and expan-
■„
^
•
& Sons
7,
Brentwood Financial
St., Pittsfield, Mass. Underwriter—Smith, Barney & Co.,
N. Y.
(E. J.)
1962 filed 210,000 common.. Price—By amend¬
ment. Business—Manufacture of popular priced candies.
Proceeds—For
selling stockholders.
Office—4656 W.
Kinbie St., Chicago.
Underwriter—Goldman, Sachs &
Co., N. Y.
<
,
(1291)
■<
13,
Office
sion.
—
12001
San
Vincente
Blvd., Los Angeles.
Underwriter—Hayden, Stone & Co., N. Y.
/
Y.Q////;.••
Breskin
Publications
Inc.
^
'
Feb. 28, 1962 filed 150,000 common. Price—By amend¬
California,; Inc. (4/2-6)
:
':v-f
ment. Business—Publishing of trade magazines/Pro¬
Oct.. 27,
1961 ("Reg.; A") 85,UUU common, y Price—$3..
ceeds—For the selling stockholders. Office—770 Lexingcusmess
Business
lvianuiacuire oi iwiiuoags and related items.
Manufacture of handbags ctuu icwicu "cuu.
tv
v < TTnrWwrH^r
a
n
T3or>L-o^ xr
Tno
Proceeds—For debt repayment and working capital. Of-;Ave., N. Y. Underwriter
fice
1621 S. San Pedro St.) Los Angeles. Underwrite!
N. Y. Offenng—Expected sometime in May.
v/*.. Bridge Electronics Co., Inc. /.
■—Pacific Coast Securities Co., San Francisco.
' "'-;i
Nov. 29, 1961 filed 225,000 common, of which 200,000 are
.Beryllium International, Inc.?
to be offered by the company, and 25,000 by the stockFeb. 1, 1962 filed 1,000,000 common. Price—$5. Business
holders.Price—$4. Business—Design and manufacture of
—Company plans to manufacture various type beryllium
electronic equipment and communication systems. Pro¬
products. Proceeds—For land and buildings, equipment,
ceeds—For general corporate purposes. Office—201 Lau¬
and working capital. Office — 528 Union Trust Bldg.,
rel St., Beverly, N. • J. Underwriter—Roth & Co., Inc.,
Washington, D. C. Underwriter—None.
Philadelphia. Offering—Expected in April., 1
• Besco Enterprises, Inc.
(4/2-9)
Briggs Leasing Corp.;
Oct. 27,
1961 filed 150,000 •. capital shares.
Price—By
Feb. 8, 1962 filed $650,000 of 6%% convertible subor¬
amendment. Business—A holding company whose sub¬
dinate debentures due 1972 and 65,000 common to be
sidiaries operate jewelry and photography departments
offered in 6,500 units, each consisting of $100 of deben¬
in discount department stores.
Proceeds—For debt re¬
tures and 10 shares. Price—By amendment (max. $150).
payment and expansion.
Office—1328-Washington St.,
Business—Long-term leasing of automobiles.. Proceeds
Oakland, Calif.
Underwritersr-Kleinerv Bell • & Co.,
—For possible acquisitions and working capital. Office
Beverly Hills, Calif, and Rittmaster, Voisin & Co., N. Y.
130 Cuttermill Rd., Great Neck, N. Y. Underwriter—
'• Best Plastics
D. H. Blair & Co., N. Y.
Corp.- (3/20).?/
^ /
*' >. ' ?
,
;
■Sept. 26/ 1961 filed 125,000 common, of which-100,000
Brown Engineering Co., Inc.
V V .•
/ •
•>
-•
will be sold by the company and 25,000 by stockholders.
Jan. 22, 1962 filed 80,000 common. Price — By amend¬
Price—$3. Business—Manufacture of
plastic novelties
ment. Business—Engineering and custom manufacturing
and party favors. Proceeds—New plant and equipment
activities pertaining to the space and missile programs.
"and working capital.- Office—945 • 39th St., Brooklyn,
Proceeds—For debt repayment and working capital. Ad¬
N. Y Underwriter—S. B. Cantor & Co., N. Y.
dress—P. O. Drawer 917, Huntsville, Ala. Underwriter—
• Beetform
Foundations, Inc.
Goodbody & Co., N. Y. Feb. 23,
1962 filed 185,000 common, of which 36,500
Brunswig Drug Co.
are to be offered by the company and 148,500 by stock¬
Jan. 15, 1962 filed 85,000 common. Price -— By amend¬
holders.'Price—By amendment (max. $20). Businessment.. Business—A wholesale drug distributor. Proceeds
Design, and manufacture of popular priced foundation
—For selling stockholders.
Address—Vernon, Calif. Un¬
-garments. Proceeds—For working capital. Office—38-01
derwriter—William R. Staats & Co., Los Angeles. Offer-1*
'47th Ave., L. I. C., N. Y. Underwriter—Smith, Bdrney &
ing—Expected sometime in April.
' /W
-Co., N. Y. Offering—In late April.
'
:
J
r-.A a*
•
of
Berne
Caldwell
Oct.
27,
tor
29,
ness
ment.
k Dec. 29, 1961 filed
ment. Business
Furnishes
packaging
materials
and
/^n^^e^iSg^/^fice^llSS
'•
\
'
Nov.
Campbell-Lurie Plastics,
~
•
writer—Florida
Capital Management Corp.
Dec. 27 1961 ("Reg. A") 60,000 common.
Price—$5. Busi¬
ness—An investment
company which will hold mort¬
gages, land contracts, etc.
Proceeds
Office—44 E. Indian School
Caprico International, Inc.
22, 1962 ("Reg A") 52,000 common. Price
$3.
Business—Design, manufacture and wholesaling of a
proprietary line of sporting goods. Proceeds—For gen¬
N. Y. Offering—Imminent.
Caribbean Capital Corp.
common.
Feb.
Proceeds—For
■.i
,
/.
gens
Bolsa Chica Oil Corp.
(4/9-13)
//'•". ,'C
-■
by
stockholders at
each 65
the rate
shares held.
of $100 of :■ debentures for
Price—At
par.
Business—Prospects
for, develops, produces, and markets oil and gas. Pro¬
ceeds—F^r debt repayment, exploration and development. Office—612 S. Flower St., Los Angeles. Under¬
writer—Bregman, Cummings & Co., N. Y.
•
Bonanza Air Lines,
7"
Inc.
/
T S
/Feb. 21,
electronic
•
electro-mechanical
Carolinas Capital Corp.
r
Bank Bldg., Charlotte, N. C. Underwriter—R.
S. Dickson & Co., Charlotte.
Carolina
•••■:
s/uVt *■;'
.
;jt({.jr:;iivV'.;•
i-Hi8
Telephone & Telegraph Co.
scription by stockholders
(4/13)
for each
10 held.
of bank loans.
N. C.
on
Price—$20.
the basis of
one
share
new
Proceeds—For repayment
Office—122 E. St. James
Street, Tarboro,
Underwriter—None.
Carrols, Inc.
Feb. 21, 1962 filed
688,375 common to be offered for sub¬
scription by stockholders of Tastee Freez Industries, Inc.,
parent company on the basis of one such share for each
shares of Tastee Freez held.
Price—$6. Business—
Franchising and supplying of stores and mobile units
selling a soft ice product and certain selected food prod¬
two
.
ucts.
Proceeds—For expansion. Office—176 W. Adams
St., Chicago. Underwriter—Bear, Stearns & Co., N. Y.
-
;
Casavan Industries, Inc.
Aug. 21, 1961 filed 350,000 capital shares. Price
$7.
—
Business—Production
for
For
of plastics, marble and ceramics
packaging and building industries. Proceeds—
expansion, leasehold improvements, repayment of
the
loans
and
other
corporate purposes.
Office—250 Vree-
land
Ave., Paterson, N. J. Underwriter—Foundation Se¬
curities, Inc., N. Y.
components.
prepayment
Central
Nov. 29,
Acceptance Corp. of Delaware
1961 filed
Business—A
sales
150,000 class A
finance
company.
common.
Inc.
March 23, 1961 filed 196,109 shares of capital stock. Prict
$1.15. Business—The company which began operations
•
Price—$5.
Proceeds—For
pansion. Office—526 North Ave. East,
Underwriter—To be named.
Carriers,
Crowell, Weedon &■. Co., Los Angeles. Offering—Immi-. ceeds—For working capital. Office—Kirk - Boulevard,
'
•» /
■ /_ /
? ,
?
".
' / Greenville, S..C, Underwriter—Capital Securities Corp.,
nent.
^
Feb. 16, 1962 filed 195,039 common to be offered for sub¬
1962 ("Reg. A") 40,000 common. Price — At-themarket. Business—Air transportation of persons,. ;.prop->«,» in 1954, is engaged in the research and development of
ertv and mail. Proceeds—For selling stockholder. Office j special material handling systems for industrial and
McCarran
Field, / Las
Vegas,
Nev. Underwriter—commercial use based on company-owned patents. ProFeb. 14,
?
(4/2-6)
general corporate purposes. Office—1200 North Carolina
of 4% notes and working
capital. Office—1142 W. Beardsley Ave., Elkhart, Ind.
Underwriter—Goldman, Sachs & Co., N. Y.
Cable
:
1961" filed
National
withdrawn.
and
?
Nov. 22, 1961 filed 500,000 common. Price—$10. Business
—A small business investment
company. Proceeds—For
by the company and 90,000 by stockholders.
Price—By amendment (max. $28). Business—Manufac¬
of
;
VSAV;
writer—Godfrey, Hamilton, Taylor & Co., Inc., N. Y.
"to be offered
ture
?
(3/19-23)
a
new
plant, repayment of debt, and working
capital. Office—22 N. 26th St., Kenilworthy N. J. Under-*
Corp. /?
1962 filed 125,000 common, of which 35,000 are
/Proceeds—For
28,
Co., N. Y.
Industries, Inc.
—For
^
Jan. 29, 1962 filed $1,024,700 of 6% convertible subordi¬
nated debentures due 1977, to be offered for subscription
"
Carmer
185,000 common, of which 135,000
are to be offered by the
company and 50,000 by a stock¬
holder. Price—$3.v Business—Conversion of raw
plastics
to basic shapes such as
rods, tubes and sheets. Proceeds
-
-
small business investment
company. Proceeds
general corporate purposes/ Office—23 DronninGade, St. Thomas, Virgin Islands. Underwriter—
Richard J. Buck &
'
(4/9-13) ^ ?
f
^ r f
.VYC. M. P. Corp.
Jan. 29,/1962-filed $1,000,000 of 6% conv. subord. deben- ' Jan. 19, 1962 filed 70,000 common. Price — By amendtures due 1977./ Price—At par. Business—Prospects for, < ment. Business—Manufacture of molded plastic products,
principally melamine dinnerwear. Proceeds—For expan¬
develops, produces, and markets oil and gas. Proceeds—
For debt repayment, "exploration, and development.
sion, working capital and debt repayment. Office—118
Of¬
/Santa Barbara, Santa Paula, Calif. Underwriter—Pistell,
fice—612 S.
Flower St., Los Angeles.
Underwriter—
Inc., N. Y.
/
; ?
-Bregmany* Cummings & Co., N. Y.
, \
? •
28, 1962 filed 400,000 common. Price—$3.60. Busi¬
ness—A
—For
Nov.
was
Office—76 Madison Ave., N.Y.
Underwriter—Douglas Barr, Zrike, Hart & Alkazin, Inc.,
^
Business Growth Funding Corp.
This registration
—
eral corporate purposes.
•
Sept. 20, 1961 filed-75,000 class A shares and a like
j number of class A warrants.
Price —- $4? Business—
—Making of loans to small business concerns/purchase
and installation of swimming pools and equipment. Pro< cf machinery
for lease, and the providing of manageceeds—-For debt repayment and general corporate purment counseling. Proceeds—For working capital.'Office
poses.
Office-^11933 Vose' St., North Hollywood, Calif. —527 Lexington Ave., N. Y; Underwriter—Darius Inc.,
Underwriter—Pacific Cohst Securities Co., San Fran- .—527 Lexington Ave., N. Y. Underwriter—None. Note—
Corp.
investment.
Jan.
("Reg. A") 75,000 capital shares, of which
Bolsa Chica Gil
For
•
Pride—By
are
cisco.VC
—
Rd., Scottsdale, Ariz. Under¬
writer—Pacific Underwriters, Inc.,
Scottsdale, Ariz.
Burros Corp.
Oct. 30, 1961 filed
? .•
Inc.
working capital.
Highway Ave., Jacksonville, Fla. Under¬
Growth Securities, Inc., Jacksonville.
Office—5440
to be offered by the company and 35,000 by
stockholders.- Price—$4. Business—Design, construction
;• 40,000
;
lv 1961
•/ .*.
gen¬
corporate purposes. Office—1405 Locust St.,
Oct. 27, 1961 filed 574,250
common, of which 500,000 are
to be offered by the company and
74,250 by a stock¬
holder. Price—$2.50.
Business—Company is engaged in
the plastic business as a converter of raw
materials.
Proceeds—For debt repayment
and
—
v
f
Phila¬
delphia. Underwriter—Godfrey, Hamilton, Taylor &
Co.,
Inc., N. Y. Offering—Expected sometime in March.
.
(3/20)....
;
Business—Recording and
eral
•
Haven.Pools
Co., N. Y/
distributing of phonograph records; Proceeds—For
>
Blue
&
Dec. 29, 1961 filed 200,000 class A
common, of which 40,000 are to be offered
by company and 160,000 by a stock¬
holder. Price—By amendment.
Corp. (3/26-30)
?///•■
1962 filed 100,000 class A capital shares? Price—
By amendment ($11 mak.).-? Business—Manufacture of
tures, imports and distributes artificial flowers. Proceeds
wading pools.
Proceeds—For the selling stockholders.
—For repayment of debt and general corporate purposes.
Office—300 Morgan Ave., Brooklyn, N. Y. Underwriter
/Office—111 W. 19th St., N. Y. Underwriter—Rodetsky,
c—a;.C. Allyn & Co., N. Y.
/k??/';.//???,
Walker & Co., Inc. N. Y. Offering—In early April?
;;
/ Blane Chemical
Corp. •;?//?.:>
Burton Mount Corp. (3/19-23) •// :
Jan./29, 1962 filed 120,000 common. Price—$3. Business
-The processing of plastic raw materials into
com- ■) Sept..22,-19617 filed 100,000 common. Price—$6, Business
; pounds "for, extruding 'and
moulding into plastic prod—Importation and distribution of copying machines and
l ucts. Proceeds
For debt repayment,, equipment and - supplies.. Proceeds—Repayment of debt, inventory, sales
/ working capital. Office—35 Pequit St., Camden, Mass.
promotion and other/ corporate purposes. Office—2147
V Underwriter—Godfrey,
Hamilton? Taylor/& /Co., Inc.,
Jericho Turnpike, New Hyde Park, N. Y.Underwriter—
N. Y." Offering—Expected sometime in May.
k
1 \
;
Reiner, Linburn & Co., N. Y..- '.
'Jan. 8,
>
Underwriter—Schweickart
Cameo-Parkway Records, Inc.
70,000 common, of which 40,000 are
to be offered by the company dnd 30,000 by stockhold-r
/ ers. Price—By amendment. "Business—Designs, manufac¬
Bilnor
V '
Office—Fajardo,
Puerto Rico.
MS". N"-X--_an_d Great Eastern Investment Co., Queen's
Village, N. Y. Offering- -Imminent.
Ave., Coiumbus, O,, Underwriters—Merrill, ,Turben & Co.; Inc., Cleveland and The Ohio 'Co.,- Columbus.
/Essex
'
Estate.
,
'77
Inc.
70,000 by stockhold¬
Price—$5. Business—Manufactuer of women's and
children's tailored panties.. Proceeds—For debt
repay¬
ment/inventory and working capital.
Price — $4.
working capital.
Office—309 Main St., blip, N. Y. Underwriters—Albion
Securities Co., Inc., N. Y., R. E. Investors Corp., Levit-
Business—Real
Lingerie,
named. Offering
,
ers.
N. Y. Underwriter—Lehman Brothers, N. Y. Offering—
Building Ventures, Inc.
27, 1961' ("Reg. A") 62,500
.
re-
Bixbv Rd? /
Feb. 12, 1962 filed 190,000
common, of which 120,000 are
to be offered by the
company and
(max.- $25). Business—The importing and
sale of Cutty Sark Scotch Whiskey. Proceeds—For debt
repayment and working capital. Office—620 Fifth Ave.,
/Oct.
Inc.
93,000
.
amendment
Big Drum, Inez//V//vvLA
Price—$5.
Business—General real csLdie. Proceeds—Debt
vicnwai tcdi estate. ■rrouccus—ueDi
Cameo
f0!-, Buckingham Corp..' ?$1
'
Photolabs,
1962 filed
Long Beach, Calif. Underwriter—To be
—Expected sometime in May.
.
«
shares.
payment and working capital. Office—324 E.
'
Expected in early May.
capital
common.. Price—$3.25. Busi¬
Company processes black and white and color
photographic film, and sells photographic supplies and
equipment. Proceeds—For sales promotion,
equipment
and repayment of loans. Office—21-20
45th Rd., L. I. C.,
N. Y.
Underwriter—Amber, Burstein & Co., Inc., N. Y^
Cambridge Fund of California, Inc. '
Sept. 28, 1961 filed 280,000 common.
Price—By amend--
_
>
137,500
—
.
common.
filed
Co., N. Y. Offering—Expected in April.
Jan,
'
19,* 1962 filed 500,000 class A
Publishing Corp.
1961
Calev
A.^x. Becker $ .Go.,
Feb.
indefinitely
was
-
text books and general educa¬
tional works. Proceeds—For
general corporate purposes.
Office—339 W. 51st St., N. Y.
Underwriter—S. B. Can¬
.
•
This offering
Business—Publishing of
—
Big "C" Stores, Inc. ;
Jan. 22, 1962 ("Reg. A") 18,000 common. Price—At-themarket.
Business—Company plans to operate super¬
markets
in
Washington and Oregon/ Proceeds—For
/selling stockholders. Office—1845 S. E. 3rd Ave./ Port¬
land, Ore,. Underwriters—J. Barth & Co. and First Cali¬
fornia Co.. San Francisco: Hill, Darlington & Grimm,
Seattle/Offering—Sometime in April. ;?//:/' /?//?/? ?::
—
postponed. /
31
Century Brick Corp. of America
ex¬
Westfield, N, J.
(3/26-30)
Nov. 9, 1961 ("Reg. A") 75,000 common. Price—$4. Busi¬
ness—Company has developed a process for producing
simulated brick facing for buildings. Proceeds—For
gen,
Continued
-
.
i'.
v..,)
I
t
on
page
32
32
Continued
The Commercial and Financial Chronicle
(1292)
from, page 31
St., Erie,
corporate purposes. Office—4506 Wi 12th
Co., Inc., N. Y.
eral
acquisition of First Western stock, and working capital."
Office—1000 Vermont Ave., N. W., Washington, D. C.
Underwriters—Bear, Stearns & Co. and Allen & Co., N. Y.
Pa. Underwriter—Sandkuhl &
Commerce
(4/16-20)
Sept. 28, 1961 filed $750,000 of 6% convertible subordi¬
nated debentures due 1976 with attached warrants to
purchase 15,000 class A shares to be offered in units (of
one $250 debenture and a warrant to purchase 5 shares)
for subscription by holders of class A and class B shares
Certified
at the rate
Industries,
of
Inc.
unit for each 50 shares held. Price—
one
for con¬
Proceeds—For expansion, equipment
and working capital. Office—344 Duffy Ave., Hicksville,
N. Y. Underwriter—Singer, Bean & Mackie, Inc., N. Y. $250
unit. Business—Production of concrete
per
struction purposes.
Champion Parts Rebuilders, Inc.
Feb.
2, 1962 filed 150,000 common, of
offered by company and 60,000
which 90,000 are
by stockholders.
Business—Rebuilding functional
parts for motor vehicles. Proceeds — For equipment,
working capital and other corporate purposes. Office—
4301 W. 69th St., Chicago. Underwriter—Straus, Blosser
to
be
Price—By amendment.
&
McDowell, Chicago,
r
28, 1962
("Reg. A")
100,000 common. Price
—
Business—The construction and financing of motion
Co., N. Y.
$2.
pic¬
general corporate purposes.
ture theatres. Proceeds—For
Office—234 W. 44th St.,
N. Y. Underwriter—M. R. Zeller
,
1961 filed 75,000 common. Price—$5 Businessof paints particularly for use in tropical
semi-tropical climates. Proceeds—for equipment
Dec. 27,
Manufacture
and
working
capital.
Chestnut Hill
Address—Santurce,
Puerto Rico.
be named.
Underwriter—To
Industries, Inc.
(3/26-30)
29, 1961 filed 300,000 class A common, of which
225,000 are to be offered by the company and 75,000 by
stockholders. Price—$7.50. Business—Design and manu¬
Nov.
women's, misses' and junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinley
St., Hollywood, Fla. Underwriter — Clayton Securities
Corp., Boston, Mass.
facture
Chez
of
(3/19)
Milhet, Inc.
Jan. 15, 1962 ("Reg. A") $100,000 of 7% convertible sub¬
ordinated debentures due 1967 and 50,000 common shares
in units of $100
debentures and 50 shares.
Price—$200 per unit. Business—Home food catering.
Proceeds — For debt repayment and general corporate
purposes. Office—500 N. W. 22nd Ave., Miami, Fla. Un¬
derwriter—Huntington Securities Co., Inc., N. Y.
to be offered
Church
Builders, Inc.
Feb. 6, 1961 filed 50,000 shares of common stock, series
2. Price—$5.50 per share. Business—A closed-end diver¬
sified
management investment company. Proceeds—For
investment.
Office—501
Bailey Ave., Fort Worth, Tex.
Distributor—Associates Management, Inc., Fort Worth.
Cinema
Studios
Inc.
Computer Components*Inc.
Dec. 6, 1961 filed 120,000 common, of which 90,000 are
to be offered by the company and 30,000 by stockhold¬
ers.
Price—$3. Business — Manufacture of miniature,
coils for relays used in computers, aircraft, missiles and
guidance systems. Proceeds—-For general corporate pur¬
poses.
Office—88-06 Van Wyqk Expressway/Jamaica,
N. Y. Underwriter—Jay W. Kaufmann & Co., N. Y.
•
Computer Concepts Inc. (4/23-27)
1961 filed 100,000 class A common. Price — $5.
Business—Development and sale of advanced program¬
Dec. 29,
ming systems, for solution of business problems by the
digital computers. Proceeds — For general cor¬
porate purposes. Office—1012 14th St., N. W., Washing¬
(4/2-6)
Dec. 14, 1961 ("Reg. A") 75,000 capital shares. Price—$1.
Business—Production of motion pictures. Proceeds—For
Computer Control Co., Inc.
(4/16^20)
Jan. 24, 1962 filed 157,500 common, of which 62,500 are
to be offered by the company and 95,000 by stockhold¬
ers. Price—By amendment. Business—Design and manu¬
facture of digital equipment.
Proceeds—For debt re¬
Computer Oriented Research & Engineering, Inc./
23, 1962 filed 135,000 common, of which 100,000
are to be offered by the company and 35,000 by a stock¬
holder. Price—$4. Business—Electronic data processing.
Proceeds—For computer systems development, additional
personnel, and working capital. Office—119 Federal St.,,
Pittsburgh. Underwriter — Arthurs, Lestrange & Co.,
Pittsburgh.
writer—To be named.
Concors Supply Co.,
Inc. (3/26-30)
100,000 class A common. Price—$4.
Business—Sale of food service and kitchen equipment.
Proceeds
For equipment, debt repayment and other
corporate purposes. Office—110 "A" St., Wilmington, Del.
Underwriter—Roth & Co., Inc., Philadelphia.
Oct.
Cineque Colorfiltn Laboratories, Inc.
Aug. 29, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Business—The production of slides and color film strips.
Proceeds—For equipment, sales promotion and advertis¬
ing. Office—424 E. 89th St., N. Y. Underwriter—Paul
Eisenberg Co., N. Y.
Citizens Life Ins. Co. of New York
(3/26)
Sept. 8, 1961 filed 147,000 common, of which 100,000 will
be sold by the company and 47,000 by a stockholder.
Price—By_ amendment. Business—The writing of or¬
dinary life, group life and group credit life insurance.
in
income
ties.
Office—33 Maiden Lane, N. Y.
Becker & Co., N. Y. (mgr.).
•
producing securi¬
Underwriter—A. G.
City Finance Co.,
Inc. (3/19-23)
21, 1961 filed 110,000 common. Price—By amend¬
ment. Business—Engaged in the consumer loan and fi¬
nance buisness in Maryland. Proceeds—For general cor¬
porate' purposes. Office—307 N. Eutaw St., Baltimore.
Underwriter—Stein Bros. & Boyce, Baltimore.
Dec.
.
Clute (Francis H.) & Son, Inc. (4/2-6)
Mvu'-'v
July 3, 1961 filed 1,000,000 common shares. Price—$1.50.
Business
—
The
manufacture
of
farm
and
industrial
equipment. Proceeds—For materials and inventory, re¬
search and development and working capital. Office—
1303 Elm St., Rocky Ford, Colo. Underwriter — Stone,
Altman & Co., Inc., Denver.
•
Coastal
Acceptance Corp. (4/2-6)
Dec. 11, 1961 filed 80,000 class A common, of which 68,000 are to be offered by the company and 12,000 by
stockholders. Price—$12.50. Business—A small loan fi¬
nance company. Proceeds—For debt
repayment. Office—
36 Lowell St., Manchester, N. H. Underwriter—Eastern
Investment Corp., Manchester, N. H.
—
Conductron
Dec.
18, 1962 filed 120,000 class A
(3/26-30)
125,000 class A
Corp.
20, 1961 filed
—
Consolidated
Edison
Co.
of
New
York,
of record
share for each
new
17
held
Mar.
29, with rights to expire Apr. 16. Price
—By amendment (max. $110). Proceeds—For repayment
of
N.
bank loans and
construction.
Office—4 Irving Place,
Y.
Underwriters—Morgan tSanley
Boston Corp., N. Y.
&
Co., and First
-
Construction
Design, Inc.
Feb. 12, 1962 ("Reg. A") 60,000 common. Price—$5. Busi¬
ness—Remodeling, modernizing and expanding residen¬
tial and commercial properties. Proceeds—To make con¬
struction loans to customers. Office—451 N. La Cienega
Blvd., Los Angeles. Underwriter—Thomas Jay, Winston
& Co., Inc., Beverly Hills, Calif.
/ v
Consultants
and Designers, Inc.
(3/22)
29, 1961 filed 180,000 common. Price—By amend¬
ment ($12 max.). Business—Furnishes technically skilled
personnel to industry and government. Proceeds—For
selling stockholders. Office—650 11th Ave., N. Y. Under¬
writer—Shearson, Hammill & Co., N. Y.
Dec.
hold¬
ing company recently formed to acquire stock of First
Western Bank & Trust
Co., Los Angeles. Proceeds—For
investment.
•
Offiee-r-50
State
Jan. 8, 1962
filed 72,000 common. Price—By amendment.
Business—Operation of discount department stores. Pro¬
ceeds—For expansion and working capital. Office—4701
N. Harlem Ave.,
Chicago.
Underwriters—Rittmaster,
Voisin & Co., N. Y. and Midland Securities Co., Inc.,
Kansas City, Mo.
,
Continental
Industrial
Electronics Corp.
Nov. 21, 1961 filed 200,000 common.
Price—$2.50. Busi¬
ness—Development and manufacture of television pic¬
ture
tubes.
Proceeds—For
corporate purposes.
geles. Underwriter
debt
repayment and other
Office—2724 Leonis Blvd., Los An¬
—
Amos
Investment
Treat
&
Co., Inc., N. Y.
Corp.
investment company. Proceeds — For working capital.
Office—Scottsdale Savings Bldg., Scottsdale, Ariz. Un¬
100,000
to be offered by the company and 30,000 by stock¬
holders; also1 $600,000 of 6%% convertible subordinated
debentures due 1974. Price—For stock: $5; for deben¬
are
tures:
at par. Business—Company was formed to hold
the stocks of a mortgage company, an insurance agency
and
a
Boston.
• Continental Sound Corp.
March 2, 1962
("Reg. A") 34,000
Price—$5.
common.
Business—Sound processing of commercial film used in
motion pictures and TV. Proceeds—For debt repayment
and working capital.
Office—722
Angeles.
Underwriter—Raymond
Angeles.
N.
Seward
Moore
&
St.,
Co.,
Los
Los
Control
Dynamics, Inc. (5/2-6)
24, 1961 filed 500,000 common. Price—$1.15. Busi¬
ness—Development and production of electronic testing
and training devices. Proceeds — For expansion and
working capital. Office—9340 James Ave., S., Minneapo¬
lis. Underwriter—Brandtjen & Bayliss, Inc., St. Paul.
Oct.
Cooke
Dec.
(F.
J.),
Inc.
29, 1961 filed 125,000
of
ness—Manufacture
common.
high
vacuum
Price—$3.75. Busi¬
systems
and
elec¬
tronic
equipment. Proceeds — For debt repayment and
general corporate purposes. Office—145 Water St., South
Norwalk, Conn. Underwriters—John R. Maher Associ¬
ates and Bull & Low, N. Y.
Copymation, Inc.
Dec. 28, 1961 filed 60,000 common.
Price—by amendment
Business—manufacture of photo-copy
machines and the distribution of office copy machines,
photographic laboratory equipment, etc. Proceeds—For
general corporate purposes. Office—5642-50 N. Western
Ave., Chicago, Underwriter—Kenneth Kass, N. Y.
maximum)
($15
•
Coral
Ridge Properties, Inc.
(4/23-27)
Feb. 5, 1962 filed $5,000,000 of 6y4% s. f. subord. debens.
due 1977 (with attached 10-year warrants to purchase
1,100,000 class A common). Price—By amendment. Busi¬
ness—Development and sale of land. Proceeds—For con¬
struction, possible acquisitions and working capital. Of¬
fice
716 N, Federal Highway, Fort Lauderdale, Fla.
Underwriters
Cruttenden, Podesta & Co. and A. C.
Allyn & Co., Chicago, 111., and J. R. Williston & Beane,
—
—
•
Y.
(4/10-12)
Corporate Funding Corp.
Jan.
9, 1962 ("Reg. A") 75,000 class A common. Price
$4. Business — A financial investment and holding
company. Proceeds—For expansion and working capital.
Office—39 Broadway, N. Y. Underwriter—R. F. Dowd
& Co. Inc., N. Y.
of
common.
Price—$3.
cosmetics.
Proceeds—For
repayment, working capital
debt
Sometime
•
in
and other corporate
N. Y. Under¬
Y. Offering-
April.
Cosnat Corp.
(4/9-13)
May 26, 1961 filed 231,444 common, of which 165,000 are
to be offered for public sale by the company and 66,444
outstanding by the present holders thereof. Price—To be
supplied by amendment. Business — The manufacture
and distribution of phonograph records. Proceeds—For
the repayment of debt, and working capital. Office—315
W. 47th St., N. Y. Underwriter—Van Alstyne, Noel &
Co., N. Y. Note—This firm was known formerly as the
Cosnat Record Distributing Corp.
Country Set, Inc.
2, 1962 filed 150,000 common. Price—By amend¬
(max. $8). Business—Design and manufacture of
sports and casual wear for girls and women. Proceeds
—For selling stockholders. Office — 1136 Washington
..
Mar.
ment
Ave,, St, Louis. Underwriter—Goodbody &
Jan.
26,
bentures
Inc.
Co., N. Y.
■
1962 filed $1,200,320 of 7% conv. subord.
due 1974 and 54,560 common shares to
de¬
be
offered in 2,728 units, each consisting of $440 of deben¬
tures and 20 common
shares.
Price—$550 per unit.
Proceeds
Office—1775 Broadway, N. Y.
Underwriter — Bernard M. Kahn & Co., Inc., N. Y.
Offering—Expected in late April.
Business—A consumer sales finance company.
—For
debt
repayment.
Cryplex Industries, Inc. (3/28)
10, 1961 filed 80,000 common. Price—$3.75. Busi¬
plastic jewelry, dress accessories
and novelties. Proceeds-—For product development, mov¬
Oct.
ness—Manufactures
ing
expenses
and working capital. Office—37 E. 18th St.,
—
Herbert Young & Co., Inc., N. Y.
N. Y. Underwriter
Custom Metal
Nov. 20, 1961 filed
—Manufacture
of
Products, Inc.
100,000 common. Price—$4. Business
metal components and
electronic
precise tolerances. Proceeds—For repay¬
corporate purposes. Office—626
Atkins Ave., Brooklyn, N. Y.
Underwriter—B1 a n k,
Lieberman & Co., Inc., N. Y.
hardware
to
ment of debt and other
•
Continental Investment & Mortgage Co.
Jan. 26, 1962 filed 130,000 common, of which
St.,
Underwriters—Hemphill, Noyes & Co., N. Y. and Paine,'
Webber, Jackson & Curtis, Boston. Note—This firm was
formerly named Federal Mortgage Investors.
Credit Department,
derwriter—To be named.
Bancorporation
ceeds—For
Consumers Mart of America, Inc.
wire and cable for electronic and electrical use/Proceeds
—For equipment, possible acquisitions and
working cap¬
ital. Office—1900 N. River
Rd., River Grove, 111. Under¬
Columbia
^
purposes. Office—15 Clinton St., Yonkers,
writer — Underhill Securities Corp., N.
one
Dec. 29, 1961 filed 2,000,000 common.
Price—By amend¬
ment ($3 max.). Business—A mortgage and real estate
Feb. 23,1962 filed $30,000,000 of convertible subordinated
debentures due 1987 and 1,500,000 common to be offered
in units.
Price—By amendment. Business—A bank
.
holders
the basis of
$4.
Cosmetically Yours, Inc.
29, 1962 ("Reg. A") 80,000
1962 filed
on
—
Mortgage Investors
(4/2-6)
^
Dec. 21, 1961 filed 1,700,000 shares of beneficial interest.
Price—By amendment. Business—A business trust which
plans to qualify as a real estate investment trust. Pro¬
Business—Manufacturer
5,
Price
common.
Continental
Jan.
Price—By
amendment. Business — Distribution of special types of
electric wire and cable, and the manufacture of insulated
writer—Divine & Fishman, Inc., N. Y.
75,000
947,924 cum. convertible preference
shares to be offered for subscription by common stock¬
Mar.
Continental
common.
("Reg. A")
Center, Pittsburgh, Pa. Underwriter — Cambridge Secu¬
rities, Inc., N. Y.
V;///''a'1
Inc.
v'/
(3/29)
19, 1961
Proceeds—For purchase of new automobiles, advertising
and promotion, and working capital. Office—4 Gateway
N.
Price—By
development in the
general field of electromagnetic radiation for the U. S.
Government. Proceeds—For debt repayment and other
corporate purposes. Office—343 S. Main St., Ann Arbor,
Mich. Underwriters
McDonnell & Co., and Halle &
Stieglitz, N. Y.
common.
amendment. Business—Research and
Coleman Cable & Wire Co.
Jan.
19, 1961 filed
Thursday, March 15, 1962
Continental Leasing Corp.
June
Concord
Products, Inc.
Nov. 28, 1961 filed 120,000 common (with attached 3year warrants to purchase an additional 60,000 shares
at $2 per share) to be offered in units of one share and
one-half warrant. Price—$2 per unit. Business—Manu¬
facture of cosmetics, toiletries, cleaning chemicals, jewelery, etc. Proceeds — For general corporate purposes.
Office—525-535 E. 137th St., New York City.
Under¬
.
repayment and working capital. Office-^-44-Forsyth
St., N. W., Atlanta, Ga. Underwriters-^)oseph Walker &
Sons, N. Y. and Clark, Landstreet & Kirkpatrick, Inc.,
Nashville, Tenn. Offering—In late April.
Feb.
working capital. Office—309 Ainsley Bldg., Miami, Fla.
Underwriter—Dalen Investments & Funds, Inc., Miami,
Proceeds—For investment
of
use
payment. Office—983 Concord St., Framingham, Mass,
Underwriter—Kidder, Peabody & Co., N. Y.
Chemical Coatings Corp.
and
Underwriter—Shearson, Hammill & Co., N. Y. >
;
debt
Feb.
ton, D. C. Underwriter—Doft & Co., N. Y.
Charter Credit Corp.
Feb.
(4/17)
Inc.
Co.,
Drug
9, 1962 filed 100,000 common. Price—By amend¬
ment (Max. 22). Business—Manufacture, packaging and
distribution of proprietary drugs. Proceeds—For selling
stockholdes. Office—505 Court St., Brooklyn, N.
Y.
:
real estate development company. Proceeds*—For
Cut & Curl, Inc.
20, 1961 filed 100,000 common. Price—$4. Business
—Operation of beauty salons. Proceeds—For expansion.
Office—67-11 Main St., Flushing, N. Y. Underwriter—M.
Dec.
.T
Mprri+t
Rr
Co..
Inc..
N. Y.
Volume
•
195
.Number 6142
Cybernetic Systems
Corp.
.
.
The Commercial and Financial Chronicle
.
(3/22)
•
Dec. 5, 1961 filed
100,000 class A shares. Price—$4. Busi¬
ness —
Company plans to operate a service to furnish
advice, assistance and skill in the field of data
process¬
ing.
Proceeds—For general corporate
purposes. Office
—71 W. 23rd
St., N. Y. Underwriter—Jay W. Kaufmann
& Co., N. Y.
if Daisy
Manufacturing
March 9,
sale
of
common.
and
rifles, toy guns, fishing rods and outdoor
Proceeds—For selling stockholders.
Address—
boots.
Rogers, Ark. Underwriter
Inc., Dallas. —-V: ••■';/// ■
Eppler, Guerin & Turner,
—
9,
1961
filed
100,000
and working capital. Office—945
St., Ontario, Calif. Underwriter—Morgan
Co., Los Angeles.
V
March 16
David &
;
decorative
Inc.
capital
shares.
Price—By
offered in units of
Ainsbrooke
(Richard
Singer
&
C.
Co.)
Debentures
Co.)
(Huntington
&
'
—
—'
Co.,
Inc.)
Co.,
Parker
Inc.)
(Bache
&
100,000
&
Loeb,,
&
Co.)
150,000
&
Seigel, Inc. and
&
Kesselman
Corp.
(Terrio
Inc.
&
Co.,
—
(Roth
Orlando Paper
&
(Blair
E.
Pir-O-Wood
&
•*'
$200,000
Malkan &
Co.,
Franklin
(Ezra
Kureen
Co.)
.^hares
f
.
;yyL"/''.—'v
Z
>
V
.
5
,
(Milton D.
Blauner
Honig's-Parkway, Inc.
1....-Units
(Richard Bruce & Co.,
9,000 units.
Common
&
Co;,
•
—.
.Common
Rose
'
.
Honora, Ltd.
$287,500
'
:
-—iCommon
-
Securities.
Inc.)
$286,875
Co.——.:—
20
Interstate
(Tuesday)
'
yy.;—
...Common
(S.
Blue
Haven
B.
Cantor
Pools.
_
__
_
Co.)
$375,000
...
Co.)
Co.)
(D.
$2,500,000
Webber,
Securities
...
E.
Jackson
Ltd.)
Co..
Curtis
&
Inc.)
Co.,
&
Kogel,
(Offering
Boston
Gard
Capital
Marsh
&
McLennan, Inc
Steel Corp
(McCarley
Common
Universal
Foods
Kraft Planned Homes,
(Best
Units
&
Co.,
Inc.)
Corp..
(Godfrey,
...Common
(L.
(Thursday)
(Hayden.
Stone
&
Co *
150,000
shares
(Jay
W.
(Offering
Co.)
180,000 shares
to
&
Co.)
by
Hardy
T
Co.)
$306,000
i»:;
s
£>•
Co.)
152,500
(Goldman, Sachs &
Co.
of
&
Co.)
(William,
Common
1
Pyramid
and Lehman
.
;
March
Decorel
23
...
(Paine,
v
Corp.)
(Baruch
(A.
Allyn & Co.
Growth
(Capital
,
Co., Inc.)
Common
(International Services Corp.) $300,000
Curtis and
100,000
units
Common
(Hemphill,
Sunset
House
Securities Corp.)
&
and
Paine,
$1,000,000
Ben. Int.
Webber, Jackson & Curtis)
shares
Folz Vending Co.,
(No
Intermountain
....
Common
.
?
1
v'
_
(Bache
Common
Inc
$330,000
underwriting)
Gas
&
Co.
and
Rides,
1
—_Common
,
•
„
Layne
200,000 shares
Units
l—
Co..„I;;-c.)
68,000
units
Robinson-Humphrey Co., Inc.)
Units
17.000 units
Common
Inc. and S. Kasdan & Co., Inc.)
f
,
Units
Inc
(Paul C. Kimball & Co.) 1,000 units
& Bowler Pump Co
(Crowell,
Common
.=
&
Common
$425,000
Kiddie
..
Co
(White,, Weld
.
(General Securities Co.,
-
$299,000
shares,,
$300,000
Interworld Film Distributors, Inc
$440,000
Corp.—
Inc.)
International Airport Hotel Systems, Inc
\
—Common
$600,000
Co.)., 120,000
Common
Bernard & DeBoff,
Common
Weedon
Class A
Corp.)
(Dempsey-Tegeler & Co., Inc.)
75,000 shares
Inc.
Co.)
Common
$1,500,000
Inc.)
General Battery & Ceramic Corp
Common
Distributing
—V.,'.,:(C-Towell,
Noyes & Co.
(Seymour,
300,000 shares
and Bioren & Co.)
&
Co..
&
Corp
(Eastern Investment
Common
■'V Sun City Dairy Products, Inc
——
Altman
Continental Mortgage Investors
American Securities
;? -.v
Industries, Inc
(Finkle
Inc.) $75,000
Electronic Controls, Inc.
(Midwest Planned Investments, Inc.)
$400,000
$5,000,000
Co.)
Capital
1.700.000
Industries, Inc...
C.
Common
—
&
& Son, Inc
(Francis H.)
Units
&
$255,000
Inc.
$200,000
Co.)
Inc
Jackson
Sterner Lighting,
Agency Tile Industries, Inc
Webber,
Southern
$375,000
Products, Inc
Brothers &
Plastics.
Clute
(Stone,
115,000 shares
Southeastern Propane Gas Co.—
O
(Monday)
Automotive
&
Corp
Dickson
S.
Coastal Acceptance
(Rodetsky, Walker & Co,,.Inc, and Boenning & Co.) $900,000
Common
Securities
L'
Units
$5,000,000
.Common
Malkan
Common
Co.)
(Dalen Investments & Funds,
Common
(Federman, Stonehill & Co.)
Shenk
120,000 shares
Common
Royaltone Photo Corp
$300,000
Co., Inc
(Underhill
March 26
Admiral
Inc.)
(R.
Studios
Cinema
$3,000,000
Inc
$206,000
Inc.)'
Co.,
Securities
Coast
Capital
Common
Co.)
\
Common
——
(Kleiner, Bell & Co. and Rittmaster, Volsin & Co.) 150,000 shares
$676,500
Morris Cohon &
Common 1
108,000 shares
Enterprises, Inc.———————.Capital
Besco
Carolinas
Grimm)
;
California, Inc
(Pacific
Gas Co.)
Development Corp
Corp.)
—Units
Corp——J—II.—.1 .Common
Camera
&
and
Publications,
Jomar
(Friday)
(Clayton Securities Corp.)
Kine
Land
&
$7,995,000
Common
Securities
(Dana
Berne of
-
'
.
Equip. Trust Ctfs.
Publishing Co., Inc
-
Ripley Industries, Inc., and
Common
Motti,
shares
RF Interonics, Inc
$35,000,000
—
&
Darlington
Ascot
—.Common
Pacific Northwest
200.000 shares
Noel & Co.)
Aronoff & Richling, Inc
—.Common
Capital Corp
(Arnold
Brothers)
and
.Common
Corp
Alstyne,
(Carreau & Co.)
$300,000
Inc.)
(Milton D. Blauner & Co., Inc.)
Debentures
America
David
Rico
Puerto
(Goldman, Sachs & Co.) 454,000 sharese
Sportsmen, Inc.
shares
103,000
Co.,
CO.———
Co.
&
&
95,000
(Hill,
shares
National Dairy Products
Corp.—
Printing Corp.
Glass
Witter
Puerto Rico
Common
dnPont
McDonald
J.
(Lieberbaum & Co.
Industries, Inc
(Francis
(T.
;.'
Common
Corp
&
Co.)
(Investment Planning Group)
$400,000
stockholders—underwritten
(Hardy
Melnor
&
Product Research of Rhode Island, Inc
Class A
.J.
Corp
Palm-Aire
,
(Dean
$620,000
Florida
Rothschild
Pref.
stockholders—underwritten by First
Stanley & Co.) 947,924 shares
Aero-Dynamics Corp.
$360,000
Common
,
Kautmann
Palm-Aire
F.
Northwestern
'
Common
Cybernetic Systems Corp.—..—.
Florida
V.
Common
—
Consultants and Designers, Inc
&
Inc.)
Co.,
&
New World Laboratories, Inc
Brentwood Financial Corp.
(Shearson, Hammill
Taylor
^Bonds
vv,
(Cambridge Securities, Inc. and Edward Lewis Co., Inc.) $500,000
—Common
—
Hamilton,
•
$1,000,000
Michaels (J.), Inc.
(Smith, Barney & Co.) 104,196 shares
March 22
.Common
—
Inc.)
"
(Monday)
April 2
100,000 shares
Inc
Co.,
Garey
130,000 shares
—
(Bids 12 noon EST)
.
—————.Common
Lithoid, Inc.
$250,000
—
&
of)—
Pacific Co
'
$100,000
—-
(Putnam <& Co.)
(Morgan Stanley & Co.) 673,215 shares
Tucker
Inc.)
Kollmorgen Corp. —
A
'
Morgan
end
(Van
Southern
Common
(Globus,
(Wednesday)
Common
Co. and Smith, Barney & Co., Inc.)
common
(Andy)
shares
Inc
to
Corp.
'
March 21
$500,000
Consolidated Edison Co. of New York, Inc
$1,700,000
125,000
Common
(Thursday)
and
Units
Liederman
$675,000
$300,000
Inc.)
$30,000,000
$25,000,000
(Jennings, Mandel & Longstreth)
145,000 shares
29
(Morgan Stanley &
Common
Johnson Electronics, Inc
Common
w.
(To be named)
Paine,
Co.;
Nikko
1
Inc.)
I—
Co,, Inc.) 319,090 shares
(Kingdom
Belgium
shares
53,829
Jaylis Industries, Inc
Common
Wham-O Mfg. Co
&
Capital
$300,000
Co.)
&
' ^
Common
Co.,
&
Jackson. & Curtis)
*****"*.• Wehber.
Common
Stearns
Fund, Inc.—.
(Bache
_—_
(Pacific Coast Securities
First Hartford
Realty Corp
(Putnam &
Japan
units
600
Industries, Inc
March
Vending Co
(Bear,
Common
Units
—;
—
Inc.)
Burnside
B.
Read &
(Blyth & Co., Inc.) 370,000 shares
Best Plastics Corp
.
(Wednesday)
National Cash Register Co.^*
Debentures
./
(Dillon, Read & Co., Inc.) $50,000,000
Youthcraft Creations, Inc.————
Class A
—Common
—.
(Sunshine
Howard Johnson
(Joseph W. Hurley & Co.) $208,980
■■
\
yyiV*
^
National Cash Register Co
Common
(Offering to stockholders—underwritten by Dillon,
,
Co., Inc.)
&
Class A
Common
(Hemphill, Noyes & Co.) 185,000 shares
——.——Common
Reuben
and
150,000 shares
Corp
(Netherlands Securities Co.,. Inc.)
Glass-Tite
Inc.)
-
■
shares
160,000
(Herbert Young & Co.,
Common
—
Inc.
'
Fidelity America Financial Corp.——.Common
$300,000
(Godfrey, Hamilton, Taylor & Co.) $486,000
March
— y *y
(Mortimer
;
L. Lee
Co.)
&
Cryplex Industries, Inc
Common
Inc.
Co., inc. and M.
$1,800,000
8?
Common
$660,000
Estabrook & Co.)
and
Industries. Inc
yyS'~ •
(Gianls & Co.,
Mills, Inc
100,000 shares
$700,000
V
$50,000,000
Co.)
Artlin
Ben. Int.
—
underwriting)
(No
,
Hillside Metal Products,
>
•
.
Common
Arnav
units
47,000
Happy House, Inc.
•
Inc.)
Baum &
Fuller
D.
X ;; March 28
Units
Co.)
Co,,
&
Steel Plant Equipment
r
./
$460,000
&
Co.
&
Noyes
(S.
Units
...
(Federman, Stonehill & Co.)
Common
------
(Hemphill,
Common
Realty Trust of Philadelphia
$310,000
(L. F.), Inc:
125,000
1
Lieberbaum
$1,500,000
Inc.)
Co.,
Power Industrial Products Co
-v—
Inc.)
—Common
Inc
PneumoDynamics Corp.
\
$332,500
Gateway Chemicals, Inc
——„—J——_
(Clayton Securities Corp.)
Univend Corp;
Stieglitz)
Loeb
(George K.
(A, G. Becker & Co., Inc.) $10,000,000
———Common
Inc.)
&
Lodges,
(Kuhn,
.Common
Inc
and
$300,000
Inc.)
Group,
King Louie Bowling Corp
shares
$400,000
Investors Corp.)
Co.
&
Common
Planning
International Telephone & Telegraph Corp.—Debs.
Class A
$2,250,000
'
Common
$810,000
—
Common
—
147,000
Inc.)
Halle
Corp.) $150,000
Garden State Small Business Investment Co.—Com.
(Godfrey, Hamilton, Taylor & Co., Inc.) $990,000
$300,000
First Republic Cofp. of America
•
Co., Inc.) 200,000 shares
Industries, Inc,
Inc;
i
.
—
Inc.)
Co.)
Everett Parks & Co.,
(Morris Cohon
Corp.—-I—-—---——
Co.,
Co., Inc.)
——
(G.
Class A
I
Cos., Inc.j. ^..—
.
and
Co.
Common
$1,050,000
Common
(Robinson-Humphrey
shares
Class A
Industries,
Planning Corp. and E. J.
Liederman, &
(Arnold
Widmann
..Common
120,000 shares
Co.)
&
Inc.)
(Tuesday)
Motor
Atlanta
Class A
Co.,
-fc
Co.,
&
First Philadelphia
and
Inc.
March 27
..Common
Corp.
(I. R. E.
100,000 shares
100,000
Fastline Inc.
Common
Executive
&
Finance
Tel-A-Sign,
do.)
Co., Inc.)
Roberts
Finance
Delford
Common
Corp
(Professional
Conductron
shares
Industries, Inc
(Street &
(D.
&
Co.)
&
-
Plastics, Inc
(Investment
.
shares
480.000
Concors Supply Co., Inc
(McDonnell
Inc.———„————
(F. L. Rossman
Becker
G.
(A.
$220,000
110,000
Common
.—....
Co.)
&
Common
$175,000
Baby, Inc.
(Globus,
Wiggins
Citizens Life Insurance Co. of New York..Common
Co., Inc.)
.
<Globus,. Inc.)
Miss Elliette,
Allyn
$306,000
135,000 shares
(Clayton Securities Corp.)
Common
Inc.)
(McDonnell
,
—
C.
Inc.)
Co.,
&
(Globus, Inc.)
Welcome
—
Johnson)
Common
Taylor
Valley Metallurgical Processing Co
Common
$300,000
$1,590,000
Inc.)
Products, Inc
Universal Lighting
shares
60,000
Common
Co.,
&
Blauner
D.
Hamilton,
(Godfrey,
Laboratories, Inc.—Common
(Sandkuhl &
Common
&
Co.)
&
and Magnus & Co.)
shares
Packaging Co., Inc
United
$511,000
Century Brick Corp. of America.
sharees
Mfg. Corp
(Milton
shares
155,000
Inc.; M. L. Lee & Co., Inc. and
Jenks, Kirkland & Co.) $525,000
Lestrange
Common
Trans-Alaska Telephone Co.
Common
Inc.)
Engineering Co
$600,000
Design
Co.)
Common
shares
343,551
Time Controls, Inc
(Godfrey, Hamilton, Taylor & Co.
150.000
Chestnut Hill Industries, Inc.—...
Common
———
&
& Weeks)
(Hornblower
34
Common —
Industries, Inc
Furniture
Thomasville
page
175,000 shares
& Co.)
Tork
Co.,
&
Sulzberger,
(A.
shares
Westmore, Inc.—-J
(Brand, Grumet
Bilnor
Common
Rhoades
Blauner
(F. Eberstadt &
shares
—
Malloy,
Becton, Dickinson & Co
$300,000
200,000
C.
(S. D. Fuller
'
.;
——.Class A
Harrison
on
Tennessee Industries, Inc..
Texas
Inc.)
shares
68,000
and
Inc.
(Roman &
Common
Co.)
Co.)
D.
Bechtold
..-Common
Hayden Publishing Co., Inc
M.
Continued
...Common
...
Co.)
&
to
are
shares
250,000
(Stevens, Hickey & Co.)
..^.Common
Family Record Plan, Inc
-
Co., Inc.)
&
Bebell & Bebell Color
110,000 shares
Redpath)
Co.,
&
(Arthurs.
$200,000
—,
&
(Harrison
Co.,
&
Bacharach Industrial Instrument Co
Units
Electro-Mite Engineering Co
•
Rose
(4/23-27)
120,000 common, of which 90,000
be offered by the public and 30,000 by a stockfiled
1961
29,
Price—
—Capital
Reuben
and
International, Inc.
Hallowell,
.Common
Inc
(Stein Brothers & Boyce)
Collings
(Milton
$555,000
_
District Photo, Inc.——
(Auchincloss.
Decorel Corp.
Dec.
American Cardboard & Packaging Corp.—Common
$600,000
;
Securities
City Finance Co.,
Parker
Inc.
Co.
(B.
Common
—
&
C.
Alumatron
$2,000,000
Industries, Inc.——
Oxford
Co.,
&
(Shields
—--_.«_-_-..Commoii
(Godfrey, Hamilton, Taylor
Milhet, Inc.
Prigal,
warrant.
one
Corp.——,
Bruce
Alberto-Culver
Langley & Co.) 232,500 shares
(Reiner, Linburn
Motor Parts
share and
one
(Dempsey-Tegeler
< C.
Corp.
(W.
&
Decorative
A'si'rJ-;-- K
$2,000,000
Alaska Pacific Lumber Co.—.————Common
Common
Mount Corp
Medex,
debt repayment and
Office—2445 N. Miami Ave.,
Linder
Underwriters—
Interiors, Inc. (4/9)
("Reg. A") 52,000 class A common. Price—
$2.50. Business—Manufacture of draperies, furniture and
bed spreads for hotels and institutions. Proceeds—For
expansion and other corporate purposes. Office—1191
N. W. 22nd St., Miami, Fla. Underwriter—Bayes, Rose
& Co., Inc., N. Y.
Proceeds—For
purposes.
Brooklyn, N. Y.
Feb. 26, 1962
Davis
(Monday)
Astro-Science
Marie
•
Almo Industrial Electronics Inc
(Troster,
House of
fabrics.
Union St.,
Office—794
Inc.
Miami, Fla.
Underwriter—Stirling,
Inc., 50 Broadway, N. Y.
(Friday)
Lighting Co
March 19
(Carl
equipment.
Nov.
American Realty & Petroleum
Corp
Chez
Dash,
general corporate
(Offering to stockholders—underwritten
by Blyth & Co., Inc.,
Boston Corp., and W. C.
Langley & Co.) 421,472 shares
Carmer
electronic
Price—$5. Business
—Designing, converting, importing and distributing of
First
Burton
Hampstead Investing Corp., Aetna Securities Corp., and
Atlas Securities Corp., N. Y.
covering
California
E.
&
NEW ISSUE CALENDAR
Long Island
of technical reports
$3.25 per unit. Business—Manufactures educational toys.
Proceeds—To repay debt and increase working capital.
manuals
(H.) Toy Corp.
27, 1961 filed 100,000 capital shares (with attached
warrants to purchase an additional 100,000 shares), to be
v:
Data-Design Laboratories,
Oct.
Price—By amend¬
Business—Design, manufacture
air
Business-^Publishing
Proceeds
and
—For debt repayment
Oct. 25, 1961 filed 108,000 common.
Co.
1962 filed 135,000
(max. $8.50).
ment
amendment.
33
(1293)
Weedon
&
Co.)
108,666
.Capital
shares
Continued
on
page
34
34
The Commercial and
(1294)
Continued from
33
page
I
of
sale
amendment. Business—Production and
metal framed pictures, wood utility
and
wood
Proceeds—For debt repayment, inventory,
working capital. Office—444 Courtland St., Mundeetc.
frames,
and
Atlanta,
Office—Atlanta Airport,
Underwriter—Courts & Co., Atlanta.
Ga.
•
Proceeds—For general
property and mail by air.
sons,
corporate
holder. Price—By
purposes.
DeLuxe
-J.,
•
Homes, Inc.
60,000 common. Price — $5.
Business
Construction and financing of shell homes.
Proceeds—For working capital. Address—Allendale, S. C.
Underwriter—Alessandrini & Co., Inc., N. Y. OfferingDec.
11,
("Reg. A")
1961
Financial Chronicle
rants
to
Mass.
■■-i:
Delford
(3/26-30)
Sept. 28, 1961 filed 95,000 common. Price—$3.50. Busi¬
ness—Manufacture of precision rubber extrusions. Pro¬
ceeds—Plant expansion, equipment, debt repayment andworking capital. Office—82-88 Washington St., Middletown, N< Y. Underwriter—I. R. E. Investors Corp^
Levittown, N. Y.
•
Delta
Feb. 7,
ment
Industries, Inc.
(4/9-13)
Airlines, Inc.
(
Business—The transporting of per¬
Continued from page
-../C.vrW'..
Denie's
Jan.
A.)
(John
(Horizon
Business—Purchase, manufacture and sale of
building materials. Proceeds—For debt repay¬
ment and working capital.
Office—373 Adams Ave.,
Memphis, Tenn. Underwriter—M. A. Saunders & Co.,
Inc., Memphis.
Deuterium
held.
shares
951,799
Macco
Price—$20
$4,000,000
National
(Bids
Investing Corp.)
(John
Recco, Inc.
(Bids
Capital
Bonds
.
:
Bonds
„
received)
be
to
.
(Offering
Vassar
Corp.
(J.
&
stockholders—no
to
Manufacturing
(Albion
(S.
shares
124,900
Beane)
$3,900,780
Scope Publishers, Inc
Common
&
April 4
New
Barney
General
Lazard
$10,000,000
to
(Carl
M.
Rhoades
Loeb,
Bros.
(Thursday)
Employees
Corp
(Offering to stockholders,
Debentures
PCS
(Lenchner,
'Allied
Capital
Chica
Oil
Chica
(Offering
Oil
&
Co.)
Corp
Sea-Wide
by
$1,024,700
Bregman,
Season
Cummings
& Sons
(Van
Noel
Alstyne,
& Co.)
165,000
(Searight.
Airlines,
Dialight
203,687
367,000 shares
Foods, Inc
Common
Gulf American Fire &
(Offering
to
Casualty Co
stockholders—no
April 17
(A.
Loral
C.
underwriting)
$452,008
Electronics
Model,
&
Co.)
:
v
.(Bids 11
Inc.)
Common
(Raymond Moore
'
56.225 shares
L:
1
■
.
'
Y
(Robinson-Humphrey
■
(Street
&
Inc
May 22
'
$25;000,000
f;
.rtr
(Switzer & Co., Inc.)
(Burnham
Publishers
&
$300,000
Co.)
250,000 shares
(Roth & Co.. Inc.) 541,000 shares
Spartan
International
(M.
Tec-Torch
H.
Co.,
(Scott,
Towers
Marts
(W.
21
Brands,
(A.
C.
.—Common
Securities
Coast
■;V
..
Co.)
.
Mac-Allan
...
C.
received)
$5,925,000
•
yV
.
Harvey
&
Common
Co..
Inc.)
$325,000
--Capital
April 18
Lone
Hornblower Ac
Weeks) 800,000 shares
Moyer.
(Norman)
Fricke &
Corp.)
(White, Weld & Co, and Stone
"■
'■
$35,000,000
&
;
T-' )
Co
$300,000
-
(Troster,
Securities
April
23
Coral
Corp.)
Podesta
&
Williston
Pen
Jiffy
Steak
&
Co.)
Co.;
&
A.
C.
Beare)
Allyn
$600,000
Common
.
„
sV;
.'
^.1 ^.
_ __
.;'
•
_Common
...
Co. and Federman, Stonehill
175,000 shares
Singer &
Fashions,
.
r
"
& Co.)
'
;
(Tuesday)
System..^—_Ii—_Common
Co.
and
J. ,R.
Lestrange &
.
(Bids 11 a.m. EST)
^
November 7
.Common
&
Co.)
65,000
Redpath)
(Bids
&
Co.
166,666 shares
and
PenZell
&
Co.)
(Bids
.
:
';
November
;
-
>
;
$25,000,000
:,
^ --
to be
28
(Bids
,
.;
Bonds
to be
received)
received)
$23,000,000"
i—Preferred
$7,OPOVQOA,.,-,5
(Wednesday)
:
Southern Electric Generating Co.
V
", --
- --
(Wednesday) :
Georgia Power Co
shares
Common
Taylor
/,
Georgia Power Co
:
$616,000
Inc.
$17,000,000
<Thursday).^
"
'V
$5,000,000
Class A
Parker
■
———ii-.Bonds
Columbia Gas Systems, Inc.,———^Debentures
Common
Hamilton,
'
'
.
0'
872,876 shares
May 31' (Thursday)
June 7
Debentures
&
Co
(Arthurs,
(Godfrey,
,
Co., Inc;_^^___Common /
England Electric
$500,000
(Godfrey, Hamilton, Taylor & Co.) $500,000
Lee
Class A
Inc.)
-(Bids to be received)
Co., Inc.———
(Auchincloss,
$300,000
<
—I—Common
Ridge Properties, Inc.—---
(Cruttenden,
Duro
>:
$10,000,000
(Offering to stockholders—bids to be received)
(Monday)
Kay Foods Corp—
(R. F. Dowd & Co., Inc.)
May 29
New
/
.
v.;/).
Computer Concepts Inc.—
(Tuesday)^
Corporate Funding Corp
Co.j
Alabama Power Co..
Common
(Schwabacher & Co.; J. Barth & Co. and Bear, Stearns &
Co.) 135,000 shares
(Switzer &
*]' Sportsways, Inc_
-
Corp.——Bonds
Webster
$40,000,000
.
Capital
French,
;
.
..Common
(George K. Bo.um & Co.) $651,300
Debentures
;_i—
Boston
Transcontinental Gas Pipe Line
(Doft
-—Common
and
'
(Wednesday)
Star Gas Co
Langley & Co.) 550,000 shares
Specialties Co
April 10
_
$700,000
.
Inc
(Woodcock.
Wiatt
Common
Ino.)
International, Inc
Allvn & Co.
Vitamin
Inc
Woodhill,
Inc.—
—Bonds
$20,000,000
,
(First
Common
received)
Great Eastern Foods Corp._—i_iy_—
—Equip.. Trust Ctfs.
be
be
(Monday)
May 28
-
.
.
Class B
Co., Inc
!
to
in
•
—.Common
Capital
Presidential Realty Corp
.
(Bids
::y(Bids to be received)
100,000 shares
Pacific
RR.
(Bids
$750,000
Multronics, Inc.
(Tuesday)
Utah Power & Light Co.—^L__—
.
Missouri Pacific
Common
Co., Inc. and Irving Weis & Co.)
f
$2,000,002
(Meade & Co.) $247,500'
,
Molecular Dielectrics,
Co., Inc.)
(Tuesday)
4
«
'
_Bonds
•
and
1
-
Mercury Books,
$300,000.
■
'
Capital
■—
Inc.
Co.,
Capital
Longstreth) 100,000 shares
(Monday)
May 14
May 15
—
—
&
Common
Republic-Franklin Life Insurance Co.—Class A
Common
$444,000
(Shearson, Hammill & Co.)
Airlines
,
'y-■/:
$800,000
Utah Power & Light Co.—
EST)
am.
i
^
w
shares
(Tuesday)
1
;
Futura
Kidder, Peabody & Co. and
Roland & Co.)
>
1
<
:
$325,000
Commerce Drug Co.,: Inc...
'
$7,500,000
Corp.,
(Lehman Brothers;
»»-ri
Common
/divn
100,000
Surety Co
Appalachian Power Co
.
-.-Common
L—
349,590 shares
Bowling Corp..
.
Common
Industry Capital Corp.
S
100,000 shares
Inc.)
,
(Hay, Fales & Co. and McLaughlin, Kaufman & Co.) $325,000
>
.
Capital
Inc;-_l--_---^_^iCbnimon .Wv
(Jennings, Mandel
(Offering to stockholders—underwritten by 'Kidder,
Peabody & Co.) 187,500 shares
> '
Common
Co.)
&
(Monday)
Nationwide
-Common
Co..
&■
-
Common
;
&
•
■
(Pacific Coast Securities Co.) 550,000 shares
Units
Casualtv
''
150,022 shares
National Vended Ski Insurance Corp
$800,000
O'Connor,
(Hodgdon
Western
'V
,
*
(Switzer & Co., Inc.)
--Common
Partnership
shares
Corp.
(Burnham
Extrin
Co.)
&
'(Lehman Brothers)
May 7
West Falls Shopping Center Limited
*
..Common
<fc
;
$300,000
Leonard & Lynch)
Ahalt
v
(Thursday)
Hargrove Enterprises,
Common
Co.)
&
$276,000
$75,000,000-
Manufacturing Co.
•-
Common
—
Inc.)
(Arnold Malkan k Co., Inc.)
Common
Inc
(Courts
Franklin
$375,000
Co.)
^
Spears (L. B.), Inc
shares
—.
(Bayes, Rose & Co., Inc.) $130,000
Delta
Odzer
Harry
Industries, Inc
(Moore,
,
Common
Interiors, Inc
Co..
,
Common
Seg Electronics Co., Inc
Common
Corp
Decorative
&
'
.
'v
Electronics, Inc
All
.
(Goldman, Sachs & Co.) 210,000 shares
Cosnat
and
Common
(Wednesday)
May 3
$350,000
Inc.—
Inc.,
(Janov
Debentures
Co.)
.
shares
131,500
Inc.)
Products, Inc.
$1,000,000
stockholers—underwritten
to
(E. J.)
Co.,
(Terrio
Debentures
Cummings
&
Brach
Seashore Food
shares
213,427
Corp
(Bregman,
Bolsa
Co.)
&
Capital
125,000 shares
..Common'
(Eids to be received)
Common
—
Inc.)
$1,250,000
Control Dynamics, Inc.—
———Common
•:
»
(Brandtjen^ifc Bayliss, Inc.) $575,000
$450,000
Inc
Co.,
Debentures
Corp.)
(Tuesday)
May 2
,:
Common
&
shares
Co._____
(White, Weld & Co., Inc.)
.
Common
Co.,
Processing,
Covato
.it
Corp,
Gilhart
D.
114,500
Wiley (John) & Sons, Inc.—
..Common
Inc.)
'
.Common
Inc.)
Southern Bell Telephone & Telegraph Co.__.Debs;
(Kidder, Peabody & Co. and Dean Witter & Co.) 200.000 shares
Common
&
&
Securities
—(
'
Inc.—
O'Connor,
(Irving J. Rice & Co., Inc.)
May 1
100,000 shares
Producers Cotton Oil Co.—
~
Corp
(Allen
Bolsa
1
&
Common
$300,000
Corp.
$300,000
Corp
Industries,
Electronics
Data
Ahalt
Co., Inc.)
shares
200,000
Inc.)
Inc.)
Murphy & Co.) $400,000
Saxton
A.
(A.
underwriting) $2,675,000
no
Ten-Tex
;
,
Common
Atlantic
Orion
Dowd &
»
—
(Blair & Co., Inc.) 230,000 shares
.
Common
Co.,
(Scott, Harvey & Co.,
North
EST) 670,000 shares
a.m.
(Friday)
(Monday)
Co.,
■
Capital
Inc
(G.
April 9
&
$10,000,000
$279,000
Inc
Securities
Premium
Common
(Offering to stockholders—bids 11
Inc.)
Sperti Products, Inc
and
;£
—_—Debentures
(Lehman Brothers and J. Barth & Co.)
Inc.
Nigeria Chemical Corp.—
-Pacific Power & Light Co
F.
Instrument
Common
Inc.)
Co.,
(Kidder, Peabody & Co.)
Narrows
Smith
&
(Standard
A
*
shares
120,000
Precision
$625,000
'
Pierce,)
Morse Electro Products Corp
shares
Class
Securities
(Pearson.
Government
Inc.)
Co.,
Productions,
Industries,
Debentures
April 6
&
Lynch,
Brothers and Merrill Lynch, Pierce,
Laboratories,
(Searight,
.
Maul
(First Boston Corp. and Lehman Brothers) $90,000,000
'
$750,000
157,500
Corp.—
(Albion
$8,000,000
Inc.)
Common
Co.)
&
Malkan
(Midland
__Bonds
Ohio Oil Co
April 5
(R.
Joanell
?
Common
Merrill
and
Smith
&
Fenner
Corp
Leasing
Hannett
received)
be
Inc.)
}
.
Common
Hanna-Barbara
(Wednesday)
Brothers
(Lehman
Units
Mackie,
&
,
(Monday)
Jaap Penratt Associates, Inc
shares
160,000
Debentures
$6,359,900
Laboratories, Inc
shares
Common
Co,)
Peabody
Scientific
Co., Inc.;
Co.. Inc.)
<fc
Orleans Public Service Co
(Bids
150,000
Co., Inc.; Seymour Blauner Co.
Sprayregen. Haft & Co.) $600,000
Smith,
and
Baxter
Common
(Netherlands Securities
Harriman Ripley &
Co., Inc.;
Co.)
&
Beane
(Arnold
300,000 shares
(Tuesday)
Co.;
&
Fuller
(Kiclder,
(City of), Norway^i-—-_^.-_^_Bonds
&
$20,000,000...
stockholders—underwritten by Shearson
Fenner
$300,000
Fastpak,' Inc.
First
Freres
Debentures
EST)
a.m.
Laboratories, Inc
Common
Co... Inc.)
Computer Control Co., Inc
(Offering to stockholders—underwritten by McDonald & Co. and
Ball, Burge & Kraus) 213,734 shares
(Kuhn, Loeb
Co._
Fuller
D.
(Singer,
Common
April 3
11
(Friday)
to
(Lehman
Certified Industries, Inc
Ohio
Oslo
(Bids
April 30
Baxter
Securities
D.
(S.
Western Reserve Life Assurance Co. of
(Standard Securities Corp.)
—.
Common
underwriting)
Bay State Electronics Corp
Capital
.
(Laren Co.) 140,000 shares
World
.V.
V;K
'XV-iW
Hammill & Co.)
American Bolt & Screw Mfg. Corp
Common
i
———
Williston
R.
Alson
Common
Wade, Wenger ServiceMaster Co
*•./'*../•'-P/; v"v"v
:
(Tuesday)
24
(Offering
April 16 (Monday)
Inc.) $600,000
120,000 shares
Co.)
$300,000
Capital
V
•
April 27
,
$6,000,000
Carolina Telephone & Telegraph Co
Class A
Tyler Pipe & Foundry Co.—
(First Southwest
•••,.-■
April
$35,000,000
(Friday)
April 13
$650,000 ;
Motti,
Class A
Inc.)
Co.;,
Livingston Oil Co
Trygon Electronics Inc.——————Common
&
&
(Kidder, Peabody & Co.) 371,750 shares
Mississippi Power Co..
—
David
$2,450,000
Pioneer- Co.—
£/:;-/-Hv:.?•"1
(Midland Securities Co., Inc.) 75,000 shares
(William,
Joshua
35
page
..Common
(Shearson, Hammill & Co.)
Appalachian Power Co
Common
on
Voron Electronics uorp—
$20,000,000
EST)
a.m.
<Continued
Livestock Financial Corp.—_—
Bonds
$525,000
Policy-Matic Affiliates, Inc.—:
(Balogh & Co., Inc.)
11:00
(Thursday)
April 12
$6,375,000
Equipment & Plastics Corp
(Cortlandt
v-
/,
•,
.
.
Devco, Inc.
7^'-'
Jan. 18, 1962 ("Reg. A") 10,000 common; Price—$12.50.'.
Business—Design and manufacture of boats, marine:
equipment and related products. Proceeds—For equip-*
ment and working capital. Office—Stark Industrial Park,
Charleston County, S. C.
Underwriter—Johnson, Cole-,
man, Manning & Smith, Inc., Charleston, S. C.
■1
Common
(Wednesday)
April 11
Municipal Investment Trust Fund, Pa. Series-_Ints.
Haupt Jk Co.)
start-up expenses for a laboratory and
Office—360 Lexington Ave., New York.■'■■."V
£•
plant.
shares
320,000
Pacific Power & Light Co
(Kidder, Peabody & Co. and Mitchum, Jones &
Templeton)
unit. Business—Company plans to"
per
Underwriter—None.
Western
Debentures
Co.—
(Ira
Co.)
(Bids 11 a.m. CST)
&
bet'
to
manufacture and utilize all kinds of chemical materials.'
Common
Peabody
Realty
&
Northern Indiana Public Service Co
„
Jones
& Co. and Mitchum,
Templeton) 150,000 shares
(Kidder,
shares
Proceeds—For
with attached war¬
First Lincoln Financial Corp
Macco Realty Co.—-.
140,000
Corp.
Sept. 28, 1961 filed 140,000 common
Common
Management Corp.)
an^nd-
15, 1962 filed 200,000 common.' Price—By
various
S3
Fund, Inc
'.v,
additional
an
5% preferred share held, 2 units for each 5% preferred'A stock held and one unit for each 10 class- B shares
small
:
Co.
Sons
(White, Weld
Lincoln
;v'.;V.,;:
ment.
Price—By amend¬
1962 filed 203,687 common.
(Max. $45).
Imminent.
purchase
Thursday, March 155"1962
.
.
offered for subscription by stockholders in units (of one
share and one warrant) on the basis of 3 units for each*
—
lein, 111. Underwriter—Clayton Securities Corp., Boston,
.
to be
received) $6,500,000'
.—Bonds
r
.
Volume
195
Number 6142
Continued ■»from page
^
:a'■
34
.•
.
.
The Commercial and Financial Chronicle
Proceeds
4>V;Vf/v'\*t-y
.s
—-
For
debt: repayment
Office—2120) Green
Ca31 c
Feb.
2, 1962
■
i
Inr
t
i
("Reg. A") .100,000 common.
(1295)
working capital.
Underwriter—Mer-
and
Rd., Cleveland.
Ave., Flushing, N. Y. Underwriters—Packer*Wilbur
Co., Inc. (mgr.). and Earle Securities Co., Inc., N .Y.
,
rill, Turben & Co., Inc., Cleveland.
Educational
Price—$2.25.
^ Drever Co.
March 9, 1962 filed 122,700 common, of which 42,500 are
tronic and missile industry. Proceeds—For debt repay¬
4 to be offered by company and 80,200 by stockholders.
ment.
equipment and working capital.
Office—7235
Price—By amendment
(max. ; $12). : Business—Design
Radford St.,/North Hollywood,
Calif.1 Underwriter—
and manufacture of industrial metallurgical furnaces.
Costello, Russotto & Co., Los Angeles. :
A 4"A A- Proceeds—For debt repayment, equipment and general
ID extra Corp.
•V
AA'*:'/
corporate purposes. Address — Red Lion Rd., and PhilFeb.. 28, 1962 filed 300,000 common.-Price—By amend¬
mont Ave., Bethayres, Pa.
Underwriters—Janney, Batment (max. $6). Business—Manufacture and test mar¬
.'•> ties & E. W. Clark, Inc. and Stroud & Co., Philadelphia./
keting of a vitamin-enriched sugar. Proceeds—For debt
/
Drew Realty.Corp.
-■■■•
//■//:
repayment,;* expansion and general corporate purposes. 1 March
6, 1962 filed 163,000 class A. Price—$10. Business A
Address—Drawer A-Kendall, Miami, Fla, Underwriter
;; —General real? estate.
Proceeds—For debt
Business—Manufacture
of
hermetic
seals
the
for
35
elec¬
Dec. 26,
Aids
&
Co., Inc.
1961 filed 100,000
common. Price—$5. Business
supplies/toys and notions. Proceeds—
equipment, inventories and working capital. Office
—1125 Okie St., N. E., Washington, D. C. Underwriter—
Wright, Myers & Bessell, Inc., Washington, D. C. Offer¬
—Sale
of
school
For
ing—Sometime in April.
/
~
.
repayment.
be named.
—To
?/AA/;-4 Office—50 Broad St., N. Y. Underwriter—Drew Secu- •
Dialight Corp. (4/9-13) '0j
rities. Corp., (same address). * ' f /<
. 4.
Dec. 22, 1961 filed 367,000 common.
Price—By amend¬ 4
Dulany Industries, Inc.
A "' A '
,
,'A ? A
ment.
Business—rDesign and manufacture of precisiont Feb. 26, 1962 filed 400,000 common. Price—By amend- '.!
engineered indicator lights for aircraft, missile and elec-.
ment- (max. $6.25).-Business—The canning and freezing /
tronic instruments. Proceeds—For selling..stockholders.
of foods.
Proceeds—For
debt
repayment. Office—850 1
Office—60 Stewart Ave,, Brooklyn, N. Y. Underwriter
A Third Ave., N. Y. Underwriter—Blair & Co., Inc., N. Y.A
..—Burnham & Co., N/.Y
■A Offering—Expected sometime in June.; -A
" v
Diamond Dust Co., Inc.
- 4 f
s; 5
Dunhill Food Equipment Corp..
; A ^
J
Feb. 27, 1962 filed 102,000 common. Price—$3, Business
Dec. 29, 1961 filed 100,000 common. Price—$2.50.'Busi—Production of graded diamond powder and compound.
ness—Manufacture of food service equipment. Proceeds
Proceeds—For
debt
repayment, additional personnel, i—For
development and working capital. Office—79 Waladvertising and working i: capital. 'Office—77 Searing
■
>
•
•
Educator & Executive Co.
Nov.
30, 1961 filed 174,900 common. Price—By amend¬
holding company for insurance con¬
Proceeds—For general corporate purposes. Office
—3857 N. High St., Columbus, Ohio. Underwriter—Mc¬
Donald & Co., Cleveland. Offering—Imminent. *
:
ment. Business—An
cerns.
.
Ehrenreich
Photo-Optical; Industries,4 Inc.
//•/**'
Jan. 26, 1962 filed 150,000 common, of which 100,000
are to be offered by the company and
50,000 by stock¬
holders.
Price—By amendment. /Business—Wholesale
?
•
•
distribution
lenses,
cameras,
accessories and
optical ;
instruments.; Proceeds—For
debt-repayment, expansion,
Office—-111 Fifth Ave., N. Y. Un¬
derwriter—Lee Higginson Corp., N./Y. Offering—April.
and working
.,
.
of
Transformer
Eisler
.
Feb.
capital.
28,
1962
Co.,IInc. A ..
75,000 common.
("Reg. A")
v.,
Price
$4.
—
•
Ave., Mineola/N, Y, Underwriters/Magnus & Co., N. Y.
•
Diamond
Mills
Corp.
J worth St., Brooklyn, Underwriters
—
Carroll Co. and
4 Paul Eisenberg Co., Inc., N. Y.
Business—Manufacture of transformers and inductors for
electrical
equipment. Proceeds — For debt repayment,
inventory and working capital. Office—16 N. Salem St.,
Dover, N. J/Underwritcr—Sherman & Hall, Inc., Allentown, Pa.
v
Duraiite Co., Inc.
150,000 are
Nov. 29, 1961 filed 128,000 common. Price—$4. Business
stockhold¬ A* —Design and manufacture of aluminum-frame outdoor
ers:; Price—By /amendment.
Business-Manufacture of
and porch furniture. Proceeds — For product developwomen's nylon hosiery. Proceeds—For debt repayment A
ment, equipment and working capital. Office—2 Barbour
and working capital.
Office—417 Fifth Ave., N. Y. Un¬
/ Ave., Passaic, N. J. Underwriter—Preiss, Cinder & Hoff¬
derwriter—Drexel & Co., Philadelphia:; Offerings-May.,
man Inc., N. Y.
'District Photo, Inc. (3/19-23)
Duro Pen Co., I nc. (4/23-27)
Nov. 16, 1961 filed 100,000 common, of which 80,000 are
Jan. 5, 1962 filed 125,000 common. Price—$4. Business
to be offered by the company and 20,000 by a stock¬
—Manufacture of inexpensive ball point pens. Proceeds
holder. Price—By amendment. Business—Processes and
—For debt repayment, equpiment and working capital.
prints
photographic
film
and
distributes
wholesale
Office—573 Broadway, N. Y. Underwriter — Godfrey,
photographic equipment.; Proceeds—For repayment of
Hamilton, Taylor & Co., N. Y.
.
debt, plant expansion, and working capital. Office—3306
Dyna-Mod Electronics Corp.
Wisconsin Ave., N. W., Washington, D. C. Underwriter
Jan. 22, 1962 ("Reg. A")'143,000 common.
Price—$2.
—Auchincloss, Parker & Redpath, Washington, D. C.
A Business—D e s i
g n,
development and production 1 of
r
Jan. 23, 1962 filed 250,000 common, of which
to be offered by the company and 100,000 by
Eldre
Feb.
•
be
to
Components,
Inc. t/A;
1962 filed 100,000 common, of which 75,000
5,
are
offered
by the company and 25,000 by a stock¬
Price—$4.
Business—Manufacture, assembling
holder.
and
processing of metal parts and products. Proceeds—
equipment, construction of a building, and working
capital. Office—187 N. Water St., Rochester, N. Y. Un¬
For
derwriter—Charles
Plohn
&
Co., N. Y, Offering—Late
April.
•
Electro-Mec
Instrument
Corp.
-
Diversified Collateral Corp.
Dec. 28,
/.
-n
...
A "packaged"
By amend¬
ment. Business—A mortgage investment company. Pro¬
ceeds—For general corporate purposes. Office—420 Lin¬
coln Road, Miami Beach, Fla.
(Underwriter — To be
named. Offering—Expected in early April/A,
1961 filed 78,000
common.
Price
.
■
!
ceeds—For
electronic
circuits
and
sub-systems.
Sept. 15, 1961 filed 168,250 common being offered for
subscription by stockholders of Waltham Precision In¬
strument.Co., Inc., parent, on the basis of one new share
for each 20 Waltham shares held of record March 8 with
rights to expire March 26. Price—$4.50. Business—Design
manufacture of potentiometers,
digitometers and
goniometers used in air-borne computing devices. Pro¬
ceeds—For selling stockholder, Waltham Precision In¬
strument Co. Office—47-51 33rd St., Long Island City,
and
Pro-
products and working capital.
Office—
317 Main St., East Rochester, N. Y. Underwriters—Gen¬
esee
Valley Securities Co., Inc./ Rochester, and H. B.
Vesey & Co., Inc., Glens Falls, N/?Y;
^ 4rif
new
N. Y.
.
Dynascan Corp.
*
Diversif ied
Discount & Acceptance
•
1
Corp.
! Jati;
29/ ^62 filed^'/^190,000 AkimihbhvVlPric^--^
aniend13, 1961 filed 125,000 common. Price—$4.50. Busi¬ A ment.
Business—Design, manufacture, and sale of elecness—A small loan investment, company. Proceeds—For
tronic test equipment/antennas, and microwave devices.
expansion. Office—707 Northwestern Federal Bldg., Min¬
Proceeds—For
selling stockholders.
Office—1801
W.
neapolis. Underwriter—Bratter & Co., Inc., Minneapolis. A Belle
Plaine
Dec.
1
■
^.Diversified Real
Estate Trust
March- 8, 1962. filed 1*000,000 shares
Ave., Chicago. Underwriter—H. M. Byllesby
Co., Chicago. Offering—Expected in April.
&
of beneficial inter¬
-
-Eastern
Manufacturing :Co.,
("Reg; A") 100,000/common.
Oct.
salaries
Business—A
real
Proceeds—For investment.
estate
investment
F^b;
Office—500 Fifth Ave.,
N^ Y.
Underwriter—Bacon, Johnson Realty iManagemerit
Co., Inc., (same address).
*
'
Dolphin-Miller Mines Ltd.AA/AAA/':
3, 1961 filed 1,600,000 capital shares, of which 1,200,000 shares are to be offered by the company and
400,000 shares by stockholders. Price—50c. Business—
Tlie exploration - and production of ores. Proceeds—For
<
•
Nov.
17, 1961 filed 75,000 common. Price—$5. Business
—Design and manufacture of precision nuclear magnetic
instrumentation. Proceeds—For general corporate pur¬
.
poses.
'
1962. filed - 80,000 common,; of which 35,500 are
by the company and 44,500 by stockholders.
Price—By amendment
(max. $25). Business—Design,
and
working capital. Office—147 Northeast Main St.,
Rocky Mount, N. C. Underwriter—Arnold Malkan & Co.,
.
.
Inc.
„
(4/2-6),
Nov. 29, 1961 filed 100,000 common. Price—$3. Business
—Design and manufacture of automatic electronic and
computer
controlled
drives and
systems,
helicopter
check-out, flight control and landing control systems and*
multi-contact relays and switches. Proceeds—For debt
repayment, working capital and other corporate purposse. Office—67 Southfield Ave., Stamford, ConnAUn-*
Eastern Investors,
stock, $2:50: For debentures, at par..Business—A hold¬
ing company for small loan and credit accident insurance
Proceeds—For investment in a subsidiary
to be offered
NAY.
/Electronic Controls,
4 subsidiaries.
Feb: 26,
Office—Sawyer Lane, Hudson, Mass. Underwriter
—Gianis & Co., Inc.,
Dec.
and general corporate purposes. Office; — 25
Adelaide St., W., Toronto, Canada. Underwriter—Brewis
&7White; Ltd., Toronto.
/Donaldson Co./Inc.
19^ 1962
(3/19-20)
.Electromagnetics Corp.
Inc.
27„ 1961 filed 10,000 common shares and $625,000
of 6V2% con. subord. debentures dues 1972. Price—For
Price*—$10.
trust.
Engineering Co.
Jan.r,8x, 1962 ("Reg. A") 100,000 common. Price — $3.
Business—Design, manufacture and sale of disposable
thermocouple lances. Proceeds—For equipment, debt re¬
payment and general corporate purposes. Office—-5619
Tulip St., Philadelphia. Underwriter—Harrison & Co.,
Philadelphia.
Aluminum
Inc.
Price—$3.
Business—Manufacture and distribution of screens, windows, doors, etc. Proceeds—For debt repayment, plant
expansion, and working capital. Office—910 Line St.,
Camden, N. J. Underwriter—H. A. Riecke & Co., Inc.,
Philadelphia.
est.
Underwriter—Sterling, Grace & Co., N. Y.
Electro-Mite
derwriter
—
& DeBoff,
Seymour, Eernard
Inc., N. Y.
AEIIner & Pike, Inc.
AAA'''
Det. 27,
1961 ("Reg. A") 30,000 common. Price—$10
manufacture and sale
-Eastern Properties Improvement Corp.
of
air cleaners. Proceeds—For
Business—Operation of supermarkets. Proceeds—For ex¬
working capital/ Office—1400 WA 94th St., Minneapolis.
Aug. 22, 1961 filed $1,500,000 of subordinated debentures'/ pansion and working capital. Office—896 Old Country
due 1981 and 250,000 common shares. Price—For debenUnderwriter—Paine, Webber, Jackson & Curtis, N. Y.
Rd., Westbury, N. Y. Underwriter—Meadowbrook Se¬
Offering—Expected sometime in May.
'
.
.
■/. 1 <, 4 tures, $1,000; for stock, $10. -Business—General real es¬
curities, Inc. Hempstead, N. Y. Offering—Mid-April,
tate. A Proceeds—For the acquisition ana development of
• Don
Mills, Inc.
i
Enviro-Dyne, Inc.
real properties, repayment of debt and engineering, etc.
Sept A 27, ,1961 ("Reg. A") 60,000:' conimon. Price—$5.
Feb. 13, 1962 ("Reg. A") 300,000 common. Price — $1.
Office—10 E. 40th St., New York. Underwriter—To be
Business—Financing of shipments of business machines.
Business—Research, development, manufacture and sale
Proceeds—General
/ . „
,
< ,
<.
, ;
corporate
purposes.
Office—Red / named.
of enviromental testing equipment. Proceeds—For equip¬
Rock Bldg.y Atlanta/ Ga. Underwriter—Stah'-Bee & Co.,
ment and other corporate purposes.-Off ice—24447 Haw¬
it Economic Security Corp.
Washington, D. C.
/•
;
^
March 8, 1962 ("Reg. A") $60,000 of 10% subord. de¬
thorne Blvd., Torrance, Calif. Underwriter — Garat &
/Inc., N. Y. Offering—Expected in April.
.
,
.
.
.
bentures due May ?14, 1972 and 30,000 common to be
26, 1962 filed 150,000 common, of which 50,000 are A offered in units, each, consisting of $100 of debentures
to be offered by the company . ahd":' i00,000 by" stock¬
and 50 common shares.
Price—$200 per unit. Business
holders. -Price—By- amendment-(max. $12). Business- C; —'An insurance agent and broker.
Proceeds—For adDesign and manufacture of boys knit shirts,\ sweaters, | vertising,. equipment/and working Vcapital.
Office—
and pajamas. Proceeds—For working capital.- Office— ; Room
614, 52 Broadway, New York, N. Y. Underwriter
1115 Broadway, N. Y. Underwriter—Goodbody & Co., 4 —None.
A;!/';
Donmoor-Isaacson,
Inc.;
Polonitza, Los Angeles.
Feb.
f
y;
in
Economy Food Enterprises Corp.
Nov. 29, 1961 ("Reg. A") 100,000 common.
Price—$3.
20, 1962 filed 90,000 common. Price—$9. Business— V Business—Sale and servicing of home food freezers and
Design, manufacture and; sale of misses' sportswear and
sale of bulk food to freezer owners. Proceeds—For gen¬
casual dresses. Proceeds—For selling stockholders. Office
eral corporate purposes. Office—180 Babylon Turnpike,
—rl407 Broadway, N. Y. Underwriter—Brand; Grumet &
f
Roosevelt, L. I., N. Y; Underwriter—Sentinel Securities
Seigel, Inc., N. Y
1 /•
-;
\
m
*
\ •
Planning Corp., and Bassior & Co., both of 101 Cedar
Doughboy Industries, Inc.
ASt., N. Y. Offering—Imminent.
:
Feb. 23,
1962 filed $4,000,000 • of convertible subordi¬
Econ-O-Pay/ Inc.
nated debentures due 1977. Price—By amendment. Busi¬
/ Oct. 26, 1961 filed 1,000,000 common.
Price—$3. Business
Manufacture of formula feeds for livestock and
;
City, N. D.
For- debt repayment,
equipment and working capital.
Address—New Richmond, Wis. Underwriter—Kalman &
;
;Extrin Foods,
Co., Inc.,. St. Paul, Minn.
Oct.
Dover Construction
Dec;
21A 1961' filed
debentures
-
••/•
Co. "A-r'A
/•/•../;«>*./ ;• ..v.' -:>-
$750,000 ^convertible ssubordinated
due
amendment.
;
1972, and 100,000 common. Price — By
Business—Construction and sale of homes.
,
'
/
,
A-
,
/
pany
also
teaching
plans to manufacture and sell■. < electronic
machines. - Proceeds—For product develop¬
Office—136-05 35th
confectionary industries. Proceeds—For addi¬
personnel, new products and possible acquisitions.
Office—70 Barclay St., N. Y. Underwriters—Hay/Fales
& Co., and McLaughlin, Kaufman & Co., N. Y. t
ing
A
>
1961-filed
ment and other corporate purposes.
(4/9-13)
and
tional
80,000 common. Price—$4. Business
—Distribution of electronic parts and equipment. Com¬
27,
Inc.
29, 1961 filed 100,000 common. Price—$3.25. Busi¬
bak¬
ness—Creation and manufacture of flavors for the
finance business. Proceeds
.Office—164 E. Main St.,
Underwriter—Reserve Funds, Inc.,
Edu-tronics, Inc.
1962 filed 130,000 common, of which 20,000 are
the company and 110,000 by stockhold¬
Price—By amendment. Business — Retail sale of
wearing apparel. Proceeds—For working capital. Office
S. State St., Chicago A Underwriter—Allen & Co.,
N. Y. Offering—Expected sometime in April.
Nov.
purposes.
Valley City, N. D.
owners.
—36
recourse
Valley
the making of construction
property
ers.
—
corporate
and
to be offered by
•
ness—-A dealer
'
Evans, Inc.
Jan. 23,
■
-General
.-A.
ment of debt and
Feb.
/
-f.
loans to
Proceeds—For repay¬
working capital. Office—430 First Ave.
North, Minneapolis. Underwriter—None.
mortgages and
builders
Inc.
poultry, semolina and durum flour for spaghetti making,
swimming pools and inflatable toys, and machinery for
heat sealing and labeling-plastic containers. Proceeds—
^
29, 1961 filed $3,000,000 of 8% subordinate deben¬
tures due 1965. Price—At par. Business—The investment
.
Donnkenny,
■
'.Equity Capital Co.
Nov.
.
n.
;
•
Fabco, Inc.
Jan;
1962
23,
("Reg. A")
Business—Manufacture
:
products.
Proceeds—For
«
•_
86,000 common. Price—$3.45.
glass and other plastic
of fiber
equipment/ inventories,
Continued
on
and
page
36
..
36
The Commercial and Financial Chronicle
(1296)
Continued from page
corporate
35
writer
Address—Stillwater, Minn.; Under¬
Donnelly & Jansen, Inc., St. Paul.
capital.
working
Pewters,
—
letter
Note—This
withdrawn.
was
Fairbanks Wire
/>///,/////.. 7/'
,
Proceeds
Dec. 6, 1961 filed 200,000 class A stock. Price—$3.
Underwriters—Netherlands Securities Co., Inc., Seymour
Blauner
Office—Walnut St., M D 23, Newburg. N. Y.
N. Y.
W.
Olympic
Blvd.,
Angeles.
Los
Fashion
Industries,
Underwriter—Bache
Inc.
Y^p^/v :/••,/
Aug. 8, 1961 filed 50,000
Co., N. Y.
Fleres
'
(A. J.)
Feb. 2, 1962 ("Reg.
ness—Manufacture
payment, equipment, inventory and working capital. Of¬
fice—Gauthier St., Tuskegee, Ala. Underwriter—Wright,
Myers & Bessel, Inc., Washington, D. C.
.
Fastline
Inc.
,
(3/26-30)
and
Sept. 28, 1961 filed $400,000 of 6% conv. subord. deben¬
tures due 1971 and 40,000 common shares to be offered
publicly in units of one $500 debenture and 50 common.
per
unit. Business—Manufacture of con¬
cealed zippers. Proceeds—Debt repayment, advertising
Oct.
and
devices
manufactured
Malkan & Co.,
others. Proceeds—For^ debt
corporate purposes. Office—8
N. Y. Underwriter — Arnold
Flower City
&
di Ave.,
Chemicals,
Inc.
Dec.
Fortune
1962 filed 200,000 common. Price—By amend¬
(max. $15).
Business—A small business invest¬
Proceeds—For investment. Office—955
Feb.
Main St., Bridgeport, Conn.
& Co., N. Y.
small
loan
company.
Price
Proceeds—For
common.
ness
—
erty
1961
Real
estate
investment.
Proceeds
—
Office
First Lincoln
the stock of
an
First
/• —$2.
29,
1962 filed 200,000
tapes.
Manhasset, N. Y.
'/,/:
!
First
Real
Office—1295
ment
trust.
Proceeds—For
■
Frazier-Walker Aircraft Corp.
Jan. 26, 1962 filed 140,000 common.
Price—By amend¬
ment. Business—Cohipany plans to'produce its Gyro
jet
FW-4, a four-passenger
—To produce
prototype
amphibious aiitogiro. Proceeds
models, and finance general
overhead and operating expenses. Office—10 E. 52nd
St.,
repay¬
N.
Y.
Underwriter—None.
New
Jan.
various/
type apartment, industrial and office buildings. Proceeds
an
acquisition, construction, and working capital.
Blvd.
—For
Office—141 North Ave.,
Bridgeport, Conn.
—Van Alstyne, Noel &
Investment Trust of
,_i
Futura
1962
-
L\.:r:
First
'
Dec.
Republic Corp. of America
19, 1961 filed $9,400,000 of 6^%
(3/26-30)
convertible
sub¬
ordinated debentures due 1982 and
188,000 class A shares
be offered for subscription
'to
by class A stockholders.»■
47,000 units, each consisting , of $200 of
debentures
and 4 class A shares. One
right will be issued for -each ;
class A share held, and 40
rights will be needed to pur-
-in
•
chase
one
unit.
Price—Ey amendment. Business—Gen¬
eral real estate. Proceeds—For debt
repayment and other
Underwriter
Co., N. Y. Offering—In April.
Jersey
filed 67,750 common. Price—$10. Business
—Real estate investment trust.
Proceeds—For general
corporate purposes. Office—477 Main St., Hackensack,
N. J. Underwriter—None.
4,
7T/-V'
Frouge Corp.
Jan, 26, 1962 filed 700,000 common. Price—By amend¬
ment.
Business—Construction and operation of
"
v>..-
General
components
and
systems
Leasing Corp.
(4/16-20)
1962
29,
Underwriter—Midland
Securities
Co., Inc., Kansas City,
Mo.
General
Mortgage Trust
8, 1962 filed 35,000 non-voting shares of beneficial
interest. Price—$10. Business—A real estate investment
Feb.
Proceeds—For
fields.
investment.
Proceeds—For
Shiloh.
Rd.,
Garland,
Brothers, N. Y.
Office—1221
Airlines
•
Harney
porate purposes. Office—8170 Beverly Rd., Los Angeles.
Underwriters—Raymond Moore & Co., Los Angeles and
Pacific Coast Securities
Co., San Francisco.
Gard
(Andy)
Corp.
(3/29)
Research, Inc.
12, 1962 filed 162,500 common, of which 12,500 are
by the company and 150,000 by stockhold- ;
Price—By amendment (max. $8.50). Business—Di¬
ers.
mail
rect
selling
—179 N.
Michigan Ave., Chicago. Underwriters—Bacon,
Whipple & Co. and Freehling, Myerhoff & Co., Chicago.
Giant
Tiger Stores, Inc. x
1962 filed 140,000 common. Price—$10. Business
—Company operates a discount department store chain.
Proceeds—For expansion and working capital/Office—
Mar. 2,
1407
cott
•
E.
&
40th St., Cleveland, Ohio. Underwriter—PresCo., Cleveland.
/V/'/' p/-'///</•:•/• //''77
Glass-Tite
Sept.
27,
1961
(3/28)'';
7/7777
filed
to be offered
chase of equipment, investment in a
subsidiary, research
-
and
development, moving expenses, and working capital. *
Office—725 Branch Ave., Providence, R. I. Underwriter
it Global Discounts, Inc..-//
Feb. 14, 1962 ("Reg. A") 120,000 common. Price—$2.50.
Business—Sale of objects of art in discount stores. Proceeds—For general .corporate purposes.
Office — 107
,
Ave., Manitou/Springs, Colo.
Copley & Co., Colorado Springs, Colo.
•'Global
plastic toys and 5
of other;.plastic ~
products."Proceeds—For general Corporate1 purposes. Ad¬
dress—Leetsdale, Pa. Underwriter—Van Alstyne, Noel
Nov.
3,
Steel
1961
-
Products Corp.
filed
v
,
,
Manitou
tdilet
Co., N. Y.
Industries, Inc.
185,000 common, of which 135,000 /
by the company and 50,000 by a stock- 7
holder.
Price—By amendment. Business—Manufacture
of glass-to-metal
hermetic seals.
Proceeds—For pur¬
are
housewares,
&
of vitamin mineral products to eld¬
Proceeds—For working capital.. Office
erly customers.
ment;
custom /molding
-
capital.
Office—3401
Underwriter—Lehman
to be offered
Dec. 15, 1961 filed 200,000 common. Price—
By amend¬
ment.1 Business—Manufacture of molded
and. the
Services
—Hemphill, Noyes & Co., N. Y.
(4/17)
Oct. 20, 1961 ("Reg. A") 60,000 common.
Price — $5.
Business — Furnishing of scheduled air
transportation
service. Proceeds—For debt repayment and
general cor¬
•
working
Texas.
Investor's
Geriatric
Feb.
••
Underwriter—None.
Estate
freezers,
investment. Office — 1616
Walnut St., Philadelphia, Pa. Underwriter—A. G. Beck¬
er &
Co., Inc., Chicago.
■.'/// '/;/■ '• ;r;./•'V,;///
•:
sale of TV
Northern
filed
Realty Trust (3/26-30)
3, 1962 filed 800,000 shares of beneficial interest.
Price—$12.50 per share. Business—A real estate invest¬
Capital Fund, Inc.
Oct 27, 1961 filed 2,770,000
capital shares/ Price—$1.
Business—A small business investment
company.
Proinvestment.
1961
Franklin
First New York
ceeds—For
m
Manufacturing Co.
Jan.
class A capital shares. Price
ment, working capital and other corporate purposes.
Office—505 Park Ave., N. Y. Underwriter—International Services Corp.,
Paterson, N. J.
..
t
electromechanical
("Reg. A") 62,000 common. Price—$4.50.
Business—General leasing of equipment. Proceeds—For
working capital. Office—1719 Gage Blvd., Topeka, Kan.
—
Distributing Corp.
Proceeds;—For debt
•
trust.
refrigerators, automatic
washers
and
a selling
stockholder. Office—6522nd Ave., N. E., Minneapolis. Underwriter
Lehman
Brothers, N. Y.'/•/ •' S/i
a
pictures and
capital.
(5/3)
349,590 common. Price—By amend¬
Business—Design, manufacture and sale of house¬
22,
hold
insurance
Business—Production, distribution and
motion
?'
driers. Proceeds—For
Corp.
National Television
Franklin
Dec.
Underwriter—White, Weld & Co., N. Y.//'
Jan.
and
multiple telemetering. Proceeds—For inventory, debt
repayment, sales promotion, and working capital. Office
—Ridge Rd., Monmouth Junction, N. J.
Underwriter /
—Hess, Grant & Remington, Inc., Philadelphia.; Offer¬
ing—Expected sometime in April.
■ ~
^ Geotechnical Corp.
March'7, 1962 filed 90,000 common, of which 80,000 are
to be offered by company and 10,000 by a selling stock¬
holder.
Price—By amendment (max. $22). Business—•
Design, development and manufacture of instruments
ana
systems used in seismology and other scientific
ment.
savings and loan association, oper¬
agency, holds conditional sales con¬
tracts on real estate and acts as trustee under deeds of
trust. Procee ds—For debt repayment and other
corporate purposes.
Office—628 W. Sixth St., Los Angeles.
ates
Devices, Inc.
St., Omaha. Underwriter—General
Corp. (same address).
•
(4/10)
Jan. 26, 1962 filed 320,000
common, of which 13,250 are
to be offered by the company and
306,750 by stockhold¬
ers.
Price—By amendment.
Business—The
company
owns
Office
for
components
coa, Ga. Underwriter—None.
prop¬
—
Financial
purposes.
nated capital notes due about 1970. Price—At
par. Busi¬
ness—A consumer finance
company. Proceeds—For debt
380-390 W. Middle Turnpike, ManUnderwriter—Putnam & Co., Hartford.
Chester, Conn.
amend¬
insurance
29, 1962 filed 140,000 common, to be offered for
subscription by common stockholders. Price—By amend¬
ment. Business—Development and manufacture of elec¬
Franklin Discount Co.
acquisitions, debt repayment and other corporate
purposes.
corporate
an
Feb. 9,1962 filed $500,000 of 8% subordinated debentures
due serially 1969 to 1973 and
$500,000 of 8% subordi¬
Busi¬
For
for
Bldg., Cleveland, O. Underwriter—Merrill,
Co., Inc., Cleveland.
General
repayment and expansion. Office—105 N, Sage St., Toc-
Realty Corp. (3/20)
filed 250,000 common. Price—$10.
Price—By
company
Jan.
Francisco.
Hartford
Oct.'30,
electronic
holding
Proceeds—For general
Turben &
Price—$6.50.
and
equip¬
Proceeds—For debt repayment, inventories and
working capital. Office—2280 Palou Ave., San Francisco.
Underwriter—Stewart, Eurbanks, Meyerson & Co., San
of
Business—A
—672 Hanna
Jan.
Electronics, Inc.
("Reg. A") 46,150
Corp. of America
1961 filed 266,000 common.
7,
ment.
tronic
1962
Business—Sale
working capital. Office — 751 Minnesota Ave., Kansas
City, Kan. Underwriters—Midland Securities Co., Inc.,
and Parker, Eisen, Waeckerle, Adams &
Purcell, Inc.,
Kansas City, Mo.
First
Under¬
ment.
Underwriter—P. W. Brooks
^ First Financial Corp.
March 6, 1962 ("Reg. A") 60,000 class A
6,
'AT/•-.
General
Aagaard, Salt Lake City.
March 9,
Business—A
machines and toll collection devices.
Proceeds—For selling shareholders. Office—Reading, Pa.
Underwriter — Dempsey-Tegeler & Co., Inc., St. Louis.
Industries, Inc.
I
////////■
ufacture of voting
ponents. Proceeds—For debt repayment, equipment and
general corporate purposes.
Office — 425 L&" Vegas
Blvd., S.j Las Vegas, Nev. Underwriter—Elmer K.
Lodi, N. J. Underwriter—Sutro Bros & Co., N. Y.
I;
.1;
and spark plugs; design and production of subminiature X
hermetically sealed relays and glass-to-metal seals; man- j;
Forrest Electronics Corp.
ment company.
—$5.
Proceeds—For
purposes.
21, 1961 ("Reg. A") 130,000 common. Price—$2.
Business—Research, design, manufacture, sale and distribution of precision, electronic and mechanical com¬
(4/2-6)/./
"
Dec.
First Connecticut Small Business Investment Co.
ment
v..':
General Battery & Ceramic Corp.
firm.
St., Toronto. Underwriter—G. V. Kirby
Nov. 29, 1961 filed 220,000 common, Price—By amend¬
ment. Business—Manufacture of vinyl plastic sheeting.
Proceeds—For selling stockholders. Office—199 Garibal¬
of houseware
Jan. 11 j 1962 filed 200,000 common. Price
By amend¬
ment. Business—Manufacture of replacement batteries
Folz Vending Co., Inc.
(4/2-6)
Sept. 26, 1961 filed 55,000 common. Price—$6. Business
—The distribution of novelties, candy, etc. through vend¬
ing machines. Proceeds—To repay loans, purchase ma¬
chines, and increase working capital. Office—990 Long
Beach Rd., Oceanside, N. Y. Underwriter—None.
Associates, Ltd., Toronto.
Plastics
310,000
purposes. Address—St. Thomas, Virgin Islands.
writer—Seidman Williams & Cantwell, N. Y.
Fidelity Mining Investments Ltd.
30, 1961 filed 800,000 common. Price—By amend¬
ment. Business—Exploration and testing of mining prop¬
erties. Proceeds—For general corporate purposes. Office
--V7-1
products and a company operating
dealing in hard goods. Pro¬
ceeds—For
debt' repayment, expansion and working
capital.
Office—134-01 Atlantic' Ave., Jamaica, N. Y.
Underwriter—J. R. Williston & Beane, N. Y.
«,
1961 filed 100,000 common. Price—$3.25. Busi¬
—
Design and manufacture of plastic
artificial
foliage and flowers. Proceeds — For general corporate
Nov.
Fields
Price—By amendment. Business—Compounding
packaging of chemical products, primarily deter¬
gents. Proceeds—For working capital. Office—8136 S.
Dobson Ave., Chicago. Underwriter—Federman, Stonehill & Co., N.
ness.
Inc., N. Y.
Richmond
corporate
f
leased discount departments
Nov. 29,
Fidelity America Financial Corp. (3/28)
3, 1961 filed 100,000 common. Price—$5. Business
—Commercial
finance
company.
Proceeds — Gen¬
eral corporate purposes. Office—42 S. 15th St., Phila.
Underwriter—Netherlands Securities Co., Inc.,, N. Y.
&
activities.
.
ic Gemco-Ware. Corp. •'/
'
filed 146,000 common.: Pfice—By amend¬ a////'' r
ment (max. $8).
Business—A holding company for•* a
I
restaurant equipment manufacturer, a wholesale distrib¬
l-for-3
a
—-
March 9, 1962
debt repayment and
Office — 1790 N./Federal
Highway, Pompano Beach, Fla. Underwriter—Hardy &
/
Co., N. Y.
•
—62
on
related
Oct.
v
ladies
(3/22)
filed 463,000 common, of which
be offered for subscription by the
to
general
by
repayment and general
Benson Place, Freeport,
;/
for
stock¬
basis, and 153,000 shares will be
sold to the public. Price—$2. Business—Purchase, devel¬
opment and sale of undeveloped real property and
(4/16-20)
Inc.
1961
are
holders
working capital. Office—8 Washington Place, N. Y.
N. Y,
Fastpak,
19,
shares
Nov. 30, 1961 filed 125,000 common. Price—$5. Business
—The distribution of nuts,
bolts and other fastening
s
metal frames
of
(3/26-30)
and
utor
Florida Palm-Aire Corp.
Underwriter—G. Everett Parks & Co., Inc.,
!
sale
Inc.
holder.
Co., East Orange, N. J.
Price—$575
m
Gateway Chemicals,
handbags.
Proceeds—For debt repayment, equipment
and working capital. Office—2024 Montieth St., Brook¬
lyn, N. Y.
Underwriters—Professional & Executive
Planning Corp., Long Beach, N. Y. and E; J. Roberts &
A")
("Reg.
1962
26,
Gaslight Club, Inc.
28, 1962 filed 100,000 common. Price—By amend¬
(max. $7) Business—Company operates four "key
clubs." Proceeds—For expansion,, debt reduction, and
working capital. Office—13 E. Huron St., Chicago: Un¬
derwriter—Myron A. Lomasney & Co., N. Yr «
Nov. 22, 1961 filed 100,000 common, of which 50,000 are
to be offered by the company and 50,000 by a stock¬
Mfg. Corp.
A") 80,000 common. Price—$3. Busi-.
63,000 common. Price—$4.75.
Business—Manufacture of blouses. Proceeds—Debt re¬
Feb.
;
Feb.
America
common. Price—$10. BusinessDistributor of Electronics Investment Corp., Contrac¬
tual Plans and broker-dealer registered with NASD.
Proceeds—To increase net capital and for investment.
Office—44 Wall St., N, Y. Underwriter—General Securi¬
ties Co., Int.; N. Y. Offering-^Imminent.
Inc. (3/19-23)
Nov. 20, 1961 filed 200,000 common. Price—By amend¬
ment.
Business—Sale of photographic portraits and al¬
bums. Proceeds—For selling stockholders. Office—2015
Investment Co.
ment
Fleetwood Securities Corp. of
Family Record Plan,
&
Co., and Sprayregen, Haft & Co., N.
Business
Office—1180 Raymond Blvd., Newark, N. J.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
ness—Company plans to acquire, invest in, and finance
patents and mew scientific technology. Proceeds—For
general corporate purposes. Office—375 Park Ave., N. Y.
Underwriter—First Madison Corp.,
Small
investment.
Busi¬
Businessequipment.
Thursday, March 15, 1962
.
Oct. 27, 1961 filed 330,000 common.. Price—$3. Business
—A small business investment company.. Proceeds—For
(V /
(4/16-20)
For debt repayment and general corporate
—
purposes.
.
First Scientific Corp.
.
(3/27-28)
Cohon
^
•
Co., Inc. "■
Oct. 30, 1961 filed 54,000 common. Price—$3.
Manufactures
specialized
machinery and
;
N. Y.
Garden State
Office—375 Fifth Ave., N. Y. Under¬
& Co. and Lieberhaum & Co.,
purposes.
writers—Morris
.
_1
x:
r
Underwriter-
■
*/
68,000 common.; ;Price—By amendof
prefabricated metal
,
Business—Manufacture
compartments. ? Proceeds—Debt . > repayment and.
general corporate purposes/; Office—10014 Avenue D, ;
Brooklyn, N. Y. Underwriter — Treibick, Seiden & For-
i-
Volume 195
Number 6!L42
.
.
.
The Commercial and Financial
Industries, Inc.,;
30, 1961 filed .200,000. common, of .which 100,000 are
to be offered by the company and; 100,000 by stock¬
holders. Price—By amendment. Business—Manufacture
of miniature electric motors, powdered .metal products
and devices for the missile and aircraft industries. Proceeds-r-For debt repayment and working capital. Office
—1784 Stanley Ave., Dayton.. Ohio. Underwriter—Mc¬
—Real estate investment.
Union ; Trust Bldg., Pitts-
Office—952
\
Green Acres Fiintowri Inc.
Jan, 23, 1962 filed 225,000 common to be offered for sub¬
scription, by stockholders of Bowling Corp. of America,
parent. Price—$3. Business—Company will operate an
indoor amusement
arid recreation
area
in Green Acres
amendment/ Business
a,
porate purposes. Office—97-36 50th Ave., Corona, N. Y.
Underwriter—Williamson Securities Corp., N. *y.,
e
11,
and other corporate purposes.
Office—1707 H St.,
share for each three held of record Mar. 12 with rights
N. W., Washington, D. C. Underwriter—Rouse, Brewer,:
to expire Mar. 26, 1962. Price—$15. Business—A closedBecker & Bryant, Inc., Washington, D. C.
, ' , '
/
;
:
end investment company. Proceeds— General corporate
• Gould Paper Co.
uii-vV ?
purposes. Office—314 N. B'way, St. Louis. Underwriter
Sept. 28, 1961 filed 140,000 common. Price—$11. Bust-;
—Edward D. Jones & Co., St. Louis.
'
*;
ness—Manufacture of paper. Proceeds—Expansion and
Gryphon.Fund, Inc.
N. Y. Underwriter
•
.
.
Gould Properties, Inc. - s ^
Jan. 26, 1962 filed 200,000 class A shares. Price —
Business—General real estate. Proceeds—For debt
.
re¬
PriceA-By amendment. Business—Publishes "Elec¬
tronic Design," a trade magazine in the electronic field.
Proceeds—For debt repayment. Office—850-3rd Ave.,
N. Y; Underwriter—Carl M.
At par.
Business
—
?
Business—Manufacture
of
dental
Feb.
cartridges
products. Proceeds—Production, advertising
and promotion of disposable needles.
Office—129-21
Merrick Blvd., Springfield Gardens, N. Y. Underwriter
—Paul Eisenberg Co. Inc., N. Y.
and related
Grand
Bahama
Development
Co.,
Office
714
—
Underwriter—None.
Boston
Bldg.,
aY;'";
A
a
Gray Drug Stores, .Inc.
Jan. 2, 1962 filed $5,230,000 of 5% convertible subordi¬
nated debentures due 1982, to be offered for subscription
by common stockholders on the basis of $100 of deben¬
tures for each 12 shares held. Price—By amendment.
Business—Operation of a retail drug chain. Proceeds—
For expansion and working capital. Office—2400 Superior
saies
¬
28,
at
Haltone Rental
Corp. ;aarav;
aaa. a" a.a,
18, 1961 ("Reg. A") ,150,000 common. Price—$2.
Business—Rental of furs arid fur garments. Proceeds—
For inventory,
equipment, advertising and leasehold im¬
provements. Office—350 Seventh Ave., N. Y. Under¬
writer—B. G. Harris &
nent.
.
Co., Inc., N. Y. Offering—Immi¬
a
-AA
■ : A
i
'' '
Hampden Fund, Inc.
1962 filed 500,000
Jan. 24,
common.
Price—$10. Busi¬
investment trust which plans to
Proceeds—For investment. Office—
2100 East Ohio Bldg., Cleveland. Underwriter—Fpiton,
Reid & Co., Inc., Cleveland.
A
ness—A
closed-end
a become
open
end.
Hanna-Barbara
a?
Dec.
Productions, Inc. A(4/16-20)
29, 1961 filed 200,000 capital shares. Price — By
amendment. Business—Production of television cartoons
and commercials.
Proceeds
For
building and
working capital. Office—3501 Cahuega Blvd., Los An¬
geles. Underwriter—Carl M. Loeb, Rhoades & Co., Inc.,
Ave.j Cleveland. Underwriter—McDonald & Co., Cleve¬
land. Offerings—In late April.
N. Y.
—
a
new
■
a;.a;aa vaaa^
Hannett Industries, Inc. (4/16-20)
Aug. 11, 1961 ("Reg. A") 100,000 common. Price—$3.
Business
Fabrication of components for missiles, jet
engines, aircraft landing gears and precision machines.
Proceeds— Machinery, research and development and
working capital. Office—40 Sea Cliff Ave., Glen Cove,
N. Y. Underwriter—Albion Securities Co., Inc., N. Y.
Grayson-Robinson Stores, Inc.
Jan. 26, 1962 filed $10,000,000 of 5% senior subord. de¬
bentures due 1985.
Price—By amendment. BusinessRetail sale of women's and children's apparel and photo¬
graphic and audio equipment. Proceeds—For expansion,
•diversification, and working capital. Office—550 W. 59th
St., N, y. Underwriter—Bear, Stearns & Co., N. y.
*'■
Great Continental Real Estate Investment Trust
—
Aug. 3, 1961 filed 300,000 shares of beneficial interest. a-Va Happy House, Inc. (3/26-30)
July 28, 1961 filed 700,000 common shares . Price—$1.
Price—$10. Business—Real estate. Proceeds—For invest¬
Business—The marketing of gifts, candies and greeting
ment. Office—530 St. Paul Place, Baltimore. Underwriter
cards through franchised dealers. Proceeds—For equip¬
—R. Baruch & Co., Washington, D. C. Note—This firm
formerly was known as Continental • Real Estate Invest¬
ment, inventory arid working capital. Office—11 Tenth
■
>
•
,
Corp. (5/28-6/1)
150,000 common. Price—$4. Business
^-Retail distributing of food freezers, frozen foods,, gro¬
ceries, etc. Prcoeeds — For general corporate purposes.
Office—3325
Keswick Rd., Baltimore. Underwriter—
Switzer & Co., Inc., Silver Spring, Md.
>(J.
Great Lakes Homes,
Inc.
26,1961 filed 93,000 common. Price—By amendment.
Business—Manufacture of custom-designed, factory built
"house
packages" consisting ; of basic carpentry for
> houses, and construction of shell homes. Proceeds—For
debt repayment and for working capital. Office—She¬
boygan Falls, Wis. Underwriter—The Milwaukee Co.,
.
Dec*
Milwaukee.
t
-'V.'\-y
\
Great Southern Real Estate Trust
Nov. 30,
1961 filed 320,000 shares of beneficial interest.
Price—By amendment.
Business—Real estate invest¬
ment. Proceeds—For general purposes of the Trust. Of¬
fice—200 First National Bank Bldg. Annex, Atlanta.
Underwriter—Courts & Co., Atlanta. Offering—Immi¬
nent;''
V
'
'-'A.'
'.a'-
''A-"'-
Greater New York Box Co., Inc.
Dec. 29, 1961 filed 100,000 common. Price—By amend¬
ment ($7 max.). Business—Manufacture of corrugated
:
board and containers. Proceeds—For general
a
purposes.
corporate
Office—149 Entin Rd., Clifton, N. J. Under¬
writer—D. H. Blair & Co., N. Y.
I Greater
Pittsburgh Capital Corp.
»
14, 1961 filed 250,000 common. Price—$11. Busi¬
ness—A small business investment company. Proceeds—
Nov.
Hardlines Distributors,
Jan.
Inc.
housewares, hardware, lighting fixtures, automotive
accessories, etc. Proceeds—For debt repayment, expan¬
sion
and
working capital.
Office—1416 Providence
Highway, Norwood, Mass. Underwriter—McDonnell &
Co., N. Y. Offering—Expected sometime in April;
-
Dec.
(5/7-11)
8, 1961 filed 160,000 common. Price—$5. Business
Inc.
—Company plans to own and operate an amusement
park. Proceeds—For property development, advertisirig,
and working capital. Office—3100 Tremont Ave., Cheverly, Md. Underwriter — Switzer & Co., Inc., Silver
Springs, Md.
J. B.
Proceeds—For equipment, inventory,
promotion, expansion and working capital. Office
Rd., Long Island City, N. Y. Underwriter—
Cohurn Associates, Inc., N. Y. Offering—Indefinite.
High Temperature Materials, Inc.
Sept. 28, 1961 filed 120,000 common. Price—By amend¬
ment.
Business—Manufacture
of products from
test
models.
Proceeds—For equipment, research and devel¬
opment, leasehold improvements, repayment of debt and
working capital. Office—130 Lincoln St., Brighton, Mass.
Underwriter—To be named. Offering—Expected in late
April.
Leasing Corp.
Jan. 29, 1962 ("Reg. A") 100,000 capital shares. Price—
$3. Business—General aviation. Proceeds—For working
capital, equipment, advertising and inventory. Office—
Fulton County Airport, Atlanta, Ga. Underwriter—First
Fidelity Securities Corp., Atlanta.
Hill Street Co.
Oct.
16, 1961 filed 2,265,138 common to be offered for
subscription by stockholders of Union Bank of Califor¬
nia on a share-for-share basis. Price—$3. Business—A
management investment company.
Proceeds—For in¬
vestment. Office—760 S. Hill St., Los Angeles. Under¬
writer—None.
Hillside Metal
Products, Inc. (3/26)
filed 300,000 common, of which 200,000
be offered by the company and 100,009
shares by stockholders. Price—$6. Business—Manufac¬
Dec. 15, 1961
shares are to
ture of steel office furniture. Proceeds—For debt repay¬
ment, plant expansion and working capital. Office—300
Passaic St., Newark, N. J. Underwriters — Milton D.
Blauner & Co. and M. L. Lee & Co., Inc., N. Y.
•
Hoffman House Sauce Co.,
Inc.
filed $250,000 of 6^% subordinated sink¬
ing fund convertible debentures due 1977 and 25,650
common shares to be offered in units consisting of one
$500 debenture and 50 common shares. Price—$1,000 per
unit. Business
Manufacture of liquid and semi-Solid
salad dressings and specialty sauces. Proceeds—For debt
repayment and expansion. Office—109 S. Webster St.,
Madison, Wis. Underwriter—Milwaukee Co., Milwaukee,
Wis. Offering—Sometime in May.
Feb. 28, 1962
—
if Holden-Day, Inc.
Feb. 28, 1962 ("Reg. A")
the-market.
technical
of
—
For expansion, debt repayment, and working
capital. Office—498 Seventh Ave., N. Y. Underwriter—
ceeds
Greenman Co., N. Y.
Proceeds-
Equipment, plant expansion and working capital. Office
Ave., Worcester, Mass. Underwriter—Shearson, Hammill & Co., N; Y,
^
„
and
scientific
textbooks.
Proceeds—For
Underwriter—None.
—
Phoenix. Underwriter—None.
•
Hollingsworth Solderless Terminal Co.
Feb.
27, 1962 ("Reg. A") 75,000 common. Price — $4.
Business—Manufacture, sale and development of solder-
less terminals and other wire
terminating products. Pro¬
equipment, advertising and
working capital. Address—P. O. Box 430, Phoenixville,
Pa. Underwriter—Harrison & Co., Philadelphia. Offer¬
ing—Sometime in May.
ceeds—For debt repayment,
Builders Acceptance
Corp.
1962 refiled 800,000 common. Price—$1. Busi¬
ness—Company makes home improvement, construction
and subdivision loans and buys, sell and trades in mort¬
gages and real estate.
Proceeds—For working capital.
Feb. 9,
St., Colorado Springs, Colo.
—
J. W. Kim & Co., 11 Broadway, N. Y.
Offering—Expected in early April,
Office—409
if Harrington & Richardson, Inc.
March 7, 1962 filed 180,000 common, of which 40,000 are
to be offered by coriipany and 140,000 by stockholders.
Price—By amendment (max. $30). Business—Manufac¬
—320 Park
46,000 common. Price — AtBusiness—Publication, distribution and sale
Holiday Mobile Home Resorts, Inc.
Jan. 31, 1962 filed 3,500,000 common and 5-year war¬
rants to purchase 700,000 shares, to be offered in units
of 5 shares and one warrant. Price—$50 per unit. Busi¬
ness—Development and operation of mobile home re¬
sorts. Proceeds
For debt repayment, expansion and
working capital. Office—4344 E. Indian School Road,
Home
S. Govt.
'''L
•
Hill Aircraft &
Harper Vending, Inc.
Jan. 12, 1962 filed 100,000 common. Price—$3.25. Busi¬
ness—Operation of automatic vending, machines. Pro¬
ture and sale of M-14 rifles to U.
common.
Price—$5.
barbecue machines and
-10-20 47th
cisco.
A
1962 filed 200,000 common, of which 100,000
are to.be offered by. the
company and 100,000 by a stock¬
holder, Price—By amendment. Business^—Retail sale of
26,
Hargrove Enterprises,
of
working capital. Office—728 Montgomery St., San Fran¬
Ave., S., Hopkins, Minn. Underwriter—None.
Great Eastern Foods
Jan. 29, 1962 filed
manufacture
allied equipment.
1962 filed $11,000,000 of 6%% conv. subord.
1977, to be offered for subscription by stock¬
the rate of $200 of debentures for each 60
commori shares held. Price—At par. Business1—Company
is engaged in the development of planned communities
in Florida. Proceeds—For debt repayment and general
corporate purposes. Office — 557 Northeast 81st St.,
Miami, Fla. Underwriters — Morris Cohon & Co. and
Street & CO.,.Inc., N. ya'aaa^
a 'Haa-a;/
•
Ltd.
•
■
Proceeds—
Hickory Industries, Inc.
("Reg. A") 40,000
Dec.
Ave., N. Y. Underwriters-Allen & Co., N. Y. Offering—
Expected sometime in April.
ment Trust.
Price—By
common.
Business—General real estate.
investment.
Aug. 31, 1961
Business—The
debs, due
Jan. 23, 1962 filed 250,000 common. Price — By amend¬
ment. Business—Sale and development of land on Grand
Bahama Island for residential and resort purposes. Pro¬
ceeds—For general corporate purposes. Office—250 Park
.
investment.
For
Underwriter—None.--'
holders
Price—$2.25.
anesthetic
amendment.
Gulf American Land Corp,
a
Graham Chemical Corp.
1962 ("Reg. A") 100,000 common.
Appley, Inc.
Oct. 27, 1961 filed 100,000 class A
Imminent.
Ala.
writer—None.
Jan. 22,
,av-va
(4/9-13)
Sept. 28, 1961 filed 226,004 common to be offered for
suoscription by stockholders on the basis of three new
shares for each 10 held. Price—$2. Business—Writing of
fire and casualty insurance. Proceeds—To increase capi
tal and surplus. Office—25 S. Perry St., Montgomery,
(4/6)
Company and its subsidiary provide automobile and mobile
home financing service on a nationwide basis to gov¬
ernment employees and military officers. Office—Govt.
Employees Insurance Bldg., Washington, D. C. Under¬
—
Loeb, Rhoades & Co., N. Y.
Herman &
Gulf American Fire & Casualty Co.
1962 filed $2,675,000 of 4&% conv. capital deben¬
tures due 1977 to be offered for subscription by common
stockholders on the basis of $100 of debentures for each
7 shares held of record Apr. 6 with rights to expire
Price
(3/19-23)
Office—16 Court St., Brooklyn, N. Y.
Underwriter—Arnold, Wilkens & Co., N. Y. Offering-
Denver.
Jan. 8,
30.
Hayden Publishing Co., Inc.
Proceeds—For
$10.
and general corporate purposes. Office—370
Lexington Ave., n. y. Underwriter—Stanley Heller &
Co., n. y. /;
".v-
about April
Price— By
encyclo¬
Jan. 11,1962 filed 1,000,000 shares of capital stock. Price
—Net asset value (for first 30 days, thereafter an addi¬
tional 8%% sales charge). Business—A mutual fund.
L-;
payment
Government Employees Corp.
common.
Publishes illustrated
ers.
•
working capital. Office—Lyons Falls,
—Van Alstyne, Noel & Co., N. Y.
,
Nov. 29, 1961 filed 150,000 common, of which 20,000 are
to be offered by the company and 130,000 by stockhold¬
1961 filed 99,288 common being offered for
'.subscription by stockholders on the , basis of one new
tal
—
.
pedic works for children and operates an advertising
agency for sale of TV and radio spot time. Proceeds^—
For working capital. Office—170 Varick St., N. Y. Un¬
derwriter—Van Alstyne, Noel & Co., N. Y. OfferingExpected in early April.
•
Griesedieck Co.
Sept.
Proceeds—For working capi¬
Proceeds—For
n
Harwyn Publishing Corp^
Jan. 29^ 1962 filed 300,000 class A
Valley Construction Corp.
Nov. 29, 1961" filed 80,000 common. Price—$5.25. Busi¬
ness—General, contracting for landscaping and construetion work. Proceeds—For debt repayment and other cor¬
,
Marine Electronics Corp.
27, 1961 filed 100,000 common; Of which 75,000 are
to be offered by the company and 25,000 by a selling
stockholder. Price—$4. Business—Manufacture of ma¬
rine and mobile communications and electronic equip¬
general corporate purposes.
Office—30-30 Northern
Blvd., Long Island * City^ N. Y. Underwriter—Charles
Plohn & Co., N. Y. Offering—In early April;
"
Valley Stream, L. I. Proceeds—For
purposes. Office—120 Broadway,' 'N. Y.
Underwriter-—R. L. Warren Co., St Louis.
Green
Hartman
ment and military transmitter-receivers.
Shopping Center,
general corporate:
37
Oct.
Scribner, Pittsburgh. Offering—Imminent.
ger, Dean &
,■"
^ Gold Leaf Pharmacal Co., Inc.
March 13, 1962 filed .8.0,000 common. Price—$4. Business—Manufacture, developmept arid sale of pharmaceu¬
tical and, veterinarian products. 'Proceeds—For, eidvertising, research, debt repayment and working capital. Of¬
fice—36 Lawton St., New Rochelle, N. Y. Underwriter—
Droulia & Co., N. Y.
'. s'",; * - •
^
Gotham Investment Corp.
i
Nov. 21,1961 filed 100,000 common. Price—$6. Business
(1297)
burgh. Underwriters—Moore, .Leonard & Lynch and Sin¬
Oct.
Donald. & Co., Cleveland. Offering—Indefinite.
investment.
For
Qlobe
•
Chronicle
North Nevada
Underwriter
Honig's-Parkway, Inc. (3/26-30)
1, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Company owns and operates three discount
stores in the Bronx selling bicycles, electric trains, toys,
Dec.
;
Continued
on page
39
38
Continued
The Commercial and Financial Chronicle.
(1298)
—Bache &
from page 37
engaged in diversified business activities. Proceeds—For
general corporate purposes. Office—161 E. 42nd St., New
Co., N. Y. and Robinson-Humphrey Co., Inc.,
Atlanta.
household
appliances,
general cor¬
Proceeds—For
etc.
•
York.
Telegraph Corp. ' ~
'
•
Business—Purchase
Loeb &
their
(3/26-30) f
Jan. 10, 1962 filed 53,829 common. ' Price—By amend- '
ment. Business—Sale of products through coin-operated
vending machines, and operation of industrial catering
facilities
in the New
England'.'area/-and Brass Rail
restaurants in New York City.
Proceeds—For selling
stockholders.
Office—251, East Grand Ave.,,. Chicago.
Underwriter—Bear, Stearns & Co., N. Y.
corporate purposes.
Office—42 W. 48th St., N.- Y» Under¬
writer—Sunshine Securities, Inc., Rego
House of Westmore,
Park, N. Y.
(3/19-23)
Inc.
Price—$4. Business
Oct. 27, 1961 filed 150,000 common.
Sale and distribution of cosmetics.
Proceeds—For sell¬
Y. Under¬
Kesselman
ing stockholders. Office—120 E. 16th St., N.
writers—Brand, Grumet & Seigel, Inc. and
Howard Johnson Co.
(3/26)
1962 filed 370,000 common. Price — By amend¬
ment (max. $55). Business—Operation of a chain of res¬
taurants. Proceeds—For selling stockholders. Office—89
March 5,
St., Wollaston, Mass. Underwriter—Blyth
& .Co.,
N/Y.J/^
Inc.,
Wholesale Groceries,
Hudson
Inc.
Investors
23, 1962 filed 100,000. Price—$8. Business—Pro¬
curement, storage and wholesaling of groceries and non¬
food items.
Proceeds—For debt repayment and work¬
Jan.
Feb.
R. Williston &
::
Hydra-Loc, Inc.
-r "
'
•
10,
1961
("Reg.
ties
to
22, 1961 filed $1,500,000 of 10% registered subordi¬
to
($1,000). Business—Purchase and sale?
Proceeds—For" investment. Of¬
i
fice—630 Fifth Ave., N. Y. Underwriter—None.
Index & Retrieval
Systems, Inc.
29, 1962 filed 125,000 common.
ment.
Business—Publishes
other
indexes and abstracts;
Price—By amend¬
and
Index"
Financial
"The
Proceeds—For equipment,
.
promotion, office relocation, and working capital.
River
Finance
Office
Feb.
•
*
which 125,000 are
and 15,000 shares by ab
offered
>
*
r
Johnson
Sept.
8,
Electronics, Inc.: (3/26-30) v,/;
1961 filed 125,000 capital shares/ Price—By
amendment.
& Thrift
Corp.
finance firm. Proceeds—For repayment of
Office—339
bentures
1980-86 and 40,360 common shares (with
to be offered for sale in units of one $1,000
debenture and 10 common shares (with warrants). Also
registered were $2,760,000 of 6J/2% dollar debentures
debt and ex¬
due
due
.
1980.
•
par.
ic Industrial Instruments, Inc.
to
■
(max. "$10).
Business—Design,
development and manufacture of electrolytic and ther¬
mal conductivity equipment; general purpose electronic
amendment
-'
eral corporate purposes. Office — 2050 Rockrose Ave.,
Baltimore. Underwriter—Rubin, Rennert & Co.", Inc., N.Y.
Offering-—Imminent.
'
Price—For units, .$1,05.0 each; for debentures,
Business—Company was formed to construct the
luxury hotel "Tel Aviv Hilton" at Tel Aviv, Israel. Pro¬
ceeds—For general/corporate purposes.
Office-—229
South State St., Dover, Del,
Underwriter — American
Israel Basic Economy Corp., New York City,
: /
Underwriter—None.
March 9, 1962 filed 120,000 common, of which 30,000 are
be offered by company and 90,000 by stockholders.
Electronics,;'Inc.//. *"'»M E ///
Oct. 24, 1961 filed 108,000 common. Price-r-$6.50.« Busi¬
ness—Wholesaling of electronic parts and /components
and equipment. Proceeds—For debt repayment and gen¬
warrants)
St., New Orleans/La.
Carondelet
.
Kann-Ellert
Oct. 30, 1961 filed $2,000,000 of 6% subordinated deben¬
due 1974. Price—At par. Business—A consumer
Price—By
;
Price—By amend¬
(max. $10). Business—Operation of a chain of re¬
tail stores selling low priced housewares, toys, etc.
Pro¬
ceeds—For redemption of all;outstanding 6% preferred
shares and working capital. Office—1200 Zerega Ave.,
Bronx, N .Y. Underwriter—Hayden, Stone & Co., N. Y.
Offering—Expected sometime in May.
Ave., N. Y. Underwriter—IFC Securi-.
.
Bargain Stores Corp. *
14,1962 filed-160,000 common.
ment
Corp., N. Y.
be
John's
/
$6,000,000
^ Israel Hotels International; Inc.
- •
V:
Feb". 28; 1962 filed $4,036,000 of 6%% sinking fund: de¬
tures
pansion.
filed
.
Underwriter—Searight,
St., Woodstock, Vt.
Ahalt & O'Connor, Inc., N. Y.
Industrial
:
t
real estate mortgages.
—19
Ev//
Business—The design and production of
by the company
Price—$6.
Business—Manufacture
of
/special electronic components for the commercial and
household electric appliances and electric motors. Pro*
military market/ Proceeds—For the repayment of debt,
ceeds—For new products and working capital. / Office :
and working capital. Address—Box 7, Casselberry, Fla.
—Regent St., Manchester, Conn; Underwriters—Richard/ : Underwriter—Jennings, Mandel & Longstreth, Phila.
Bruce & Co., Inc., and Reuben Rose & Co., Inc., N. Y.
-A* Johnson Manufacturing Corp.
*
Offering—Expected-sometime in May,.
March 2,
1962 ("Reg. A") 70,000 common. Price—$4.
lnu/3
Doaf*■ Parltfkrc
Inr*
/'Business-^—Research and development for new type fish¬
Jan. 24, 1962 filed $1,500,000 of 6%% subord. s. f. de-J
ing reel, hacksaw, C-clamp, etc. Proceeds—For equip¬
bentures, series A, due 1977 (with attached warrants).
ment, royalties and working capital. Office—70 Piedmont
Price—$1,000. Business—Meat packing. Proceeds—For,;
St., Worcester, Mass. Underwriter—None/; . - / ;!debt repayment, plant construction, and equipment. OfJomar Plastics, Inc;
: ' 1
r~ '
/ 1
fice—Denispn,, Iowa. Underwriter—First Nebraska Se¬
See Ripley Industries, Inc., below/ /
curities Corp., Lincoln, Neb,,.
„
"
'
„
nated debentures to be offered in five series due 1966
jan.
.
Funding Corp.
1962
19,
Manufacturing Co.
'/
Jam 26, 1962 filed 140,000 common, of
I. F. C. Collateral Corp.
kj£
•
stockholder;
Offering—Imminent.
1970. Price—At par
•
Distributors, Inc.
lona
eral corporate purposes. Office—-101? Park Ave., Hudson,
N. Y. Underwriter—McLaughlin, Kaufman & Co., N. Y.
Dec.
Film
Office—630 Fifth
■
Proceeds—For debt repayment and gen¬
control.
braxe
•
,
and investment in real estate. Proceeds—For investment. /
/,
A") 60,000 common. Price-$2.
Business—Design, development and manufacture of a
Oct.
named.
Jiffy Steak Co. :(4/23-27) / r *
>'. - E
Feb. 5, 1962 filed 65,000 common: Price—By amend¬
ment.
Business—Processing/ packaging
and "sale[ of
frozen meat and meat products.*, Proceeds—For redemp¬
tion of 2,910 $50 par preferred shares, expansion,. and
working capital. Address — Route 286, Saltsburg,: Pa.
Underwriter—Arthurs, Lestrange & Co., Pittsburgh.; . /
of 10% registered sub¬
ordinated debentures, of which $1,000,000 will mature
1966 and $5,000,000 from 1971 through 1975 (with war¬
rants). Price-—$1,000 per unit. Business—Purchase, sale
Office—Lyndhurst, N. J, Underwriter—J.
Beane, N. Y. Offering—In April
ing capital.
*"
^
r
be
• Joanell
Laboratories, Inc. (4/30)
'•r:;-/Dec. 21, 1961 filed 114,500 common, of which 82,500 are
(4/2-6)
Sept. 29, 1961 filed 106,250 common. Price—$4. Business (to be offered by the company and 32,000 by stockhold¬
ers. Price— By amendment.
Theatrical " distribution
and
co-production of foreign
Business—-/Development of
simulated weapons training devices for U. S. Armed
and domestic feature films. Proceeds—For acquisition,'
Forces and the manufacture of electronic control equip¬
co-production, dubbing, adaptation and distribution of
ment. Proceeds—For general corporate purposes. Office
films/ and working capital; Office—^1776 B'way, N; Y.
-Ll02 Dorsa Ave., Livingston, N. J. Underwriter—SeaUnderwriters—General Securities Co., Inc., and S. Has-dan & Co., Inc., N. Y.
rlght, Ahalt & O'Connor, Inc./N. Y.
/
|
*
Co., Inc., N. Y,
•
'
Vending Co.
Interworld
&
Beale
Co., Inc., N. Y.
Interstate
Underwriter—To
Jefferson
Stores, Inc.
/
Jan. 25,
1962 filed 110,000 capital shares.
Price—By
amendment. Business—Operation of discount appliance
stores.
Proceeds—For expansion.
Office—3700 N. W.
62nd St., Miami, Fla. " Underwriter •— Bregman, Cummings& Co., N. Y. Offering—In late May,:;::
-
\
debt repayment, construction, and working capi¬
tal. 'Office—320 Park Ave., N. Y. Underwriter—Kuhn,
1961
29,
&
filed $50,000,000 of sinking fund deben¬
April 1, 1987. Price—By amendment/ Proceeds
tures due
("Reg. A") 76,500 common. Price—$3.75.*
of cultured pearls in Japan and
distribution in the U. S. Proceeds—For general
,Nov.
Telephone
—For
Ltd/ (3/26-30)
Honora,
International
Rd., vE/'.v (3/27)
Inc.,
March 7, 1962
porate purposes.
Office — 2717-25 White Plains
Bronx, N. Y. Underwriters—Richard Bruce & Co.,
and Reuben Rose & Co., Inc., N. Y.
Thursday, March 15, 1962
.
Kay Foods Corp.
(4/23-27) *
Dec.
29, 1961" filed 88,000: elass A common shares, of
which 44,000 are to be offered by the company and 44,000
by stockholders. Price—$7. Business—Packing and/sale
of fruit juice products. Proceeds—For general corporate
purposes. Office—241 N. Franklintown Rd., Baltimore.
Underwriter
Auchincloss, Parker & Redpath, Washington, D. Cr '' ?"i'.V
Jaap Penraat Associates, Inc. (4/30) :
/
30; 1962 filed 100,000 common. Price—$3. Business/
.'J?. E* ' Edesigning, the design of teaching machines
Keeko, Inc. >
{
*■*'*:<
and the production of teaching programs. Proceeds—/
Dec. 1, 1961 ("Reg. A") 100,000 common. Price—$3. Busi¬
.For expansion, new facilities and working capital. Office :
and general corporate purposes.
Office^—89 Commerce
ness—Company plans to establish service stations and
H —315 Central Park W., N. Y. Underwriter—R. F. Dowd
Rd., Cedar Grove, N. J. Underwriter—Hayden, Stone &
& Co., Inc., N. Y. v.
EE vending machine outlets in the Denver area. Proceeds—
Co., Inc., N. Y.
/ For debt repayment and general corporate purposes.
ic Jackson's/Byrons Enterprises Inc.
Industry Capital Corp.
(4/9-13)
March 13, 1962 filed $75,000 convertible subordinated /Office—4970 Jackson St., Denver. Underwriter—Amos
Dec. 26, 1961 filed 500,000 common. Price—$15; Busi¬
C. Sudler & Co., Denver. Offering—Expected in April.
debentures due 1977; also 120,000 class A common, of
ness—A small business investment company. Proceeds—
which 66,666 shares are to be offered by the company
Kiddie Rides, Inc.. (4/2-6)•• /
/'////;. EE
For general corporate purposes. Office—208 S. La Salle
and 53,334 by stockholders. Price—By amendment
Sept. 12, 1961 filed $1,000,000 of 7% convertible subordi(max.
St., Chicago. Underwriter—A. C. Allyn & Co., Chicago.
$12.50 for common). Business—Operation of a chain of
nated debentures due 1971 and 30,000 common to be of¬
Information Systems, Inc.
retail department stores/Proceeds—For debt repayment
fered in units of $1,000 debentures and 30 of commoa
Nov. 13, 1961 filed 1,266,000 common to be offered to
and working capital. Office—29 N. W. 10th St.,
Price—By amendment. Business—The operation of* coin
Miami,
preferred and common stockholders of Ling-TemcoFla. Underwriter—Clayton Securities Corp.", Boston.
operated children's amusement equipment. Proceeds—
Vought, Inc. (parent) of record Nov. 30, 1961. Price—By
For repayment of loans, equipment and general corpo¬
Jamoco Air Conditioning Corp.
amendment. Business—Furnishes industrial information,
rate purposes. Office—2557 W. North Ave.,. Chicago/Un¬
Feb. 28, 1962 ("Reg. A") 40,000 common. Price — $3.
handling and control systems. Proceeds — For selling
derwriter—Paul C. Kimball & Co., Chicago.
/
Business—Design, installation and maintenance of heat¬
/;
stockholders. Office—10131 National Blvd., Los Angeles.
ing, plumbing and air conditioning systems. Proceeds—
Kine Camera Co., Inc.
Underwriter—None.
(3/23)
For inventory, equipment and other corporate purposes.
Nov. 21, 1961 filed 75,000 common. Price—$5. Business
Inland Underground Facilities, Inc.
Office— 954 Jamaica Ave., Brooklyn, N. Y.
Under¬ /—
Importing and distribution of cameras, binoculars, and
Dec. 7, 1961 filed 100,000 common. Price — $10. Busi¬
writer—Martin-Warren Co., Ltd., N. Y.
•*''EE EE
photographic equipment. Proceeds—For debt repayment
ness—Mining Of limestone and the operation of under¬
(The) Japan.Fund, Inc.
(3/26-30')
and working capital. Office—889 Btoadway, N. Y./Unground freezer and dry warehousing facilities. Proceeds
Oct. 19, 1961 filed 2,000,000 common.
Price — $12.50.
derwriter—Underhill Securities Corp., N. Y.
:
•
—For debt repayment, equipment and other corporate
Business—A diversified investment company. Office—25
purposes. Office—6500 Inland Dr., Kansas City, Kansas.
King Island Cosmetic Co.
Broad St., N. Y. Proceeds—For investment in Japanese
Underwriter—Scherck, Richter Co., St. Louis. Feb. 13, 1962
("Reg. A") TOO,500 common/ Price—$2.
securities. Underwriters—Bache & Co., and Paine, Web- • Intermountarn Gas Co.
Business—Company plans to market a therapeutic clay
ber, Jackson & Curtis, N. Y., and Nikko Securities Co;,
(4/2-6)
for use in manufacturing cosmetics. Proceeds—For debt
March 6, 1962 filed $3,400,000 of subordinated deben¬
Ltd., Tokyo, Japan. //•/ ../:■/////.,/
repayment and other corporaet purposes. Office—-734tures due 1987 and 68,000 common to be offered in units,
Jayark Films Corp.
''"
17th
St., Denver.
Underwriter—Birkenmayer & Co.,
each consisting of one $50 subordinated debenture and
Aug. 24, 1961 filed 72,000 common, of which 50,000 are
Denver.' ..//
one
common
share. Price—By amendment (max. $70).
•' /'. ; ./;
;■;').///;
to be offered by the company and 22,000 by stockhold¬
Proceeds
For debt repayment and general corporate
•
ers.
Price—By amendment. Business—The distribution
King Louie Bowlinig Corp. (3/27-28)
"
purposes. Office — 905 Main St., Bbise, Idaho. Under¬
of motion picture and television films. Proceeds—For
Sept. 27, 1961 filed 330,000 common. Price—$2. Business
writer—White, Weld & Co., Inc., N. Y.,'--•
.///
production of films and working capital. Office—15 E.
—Operates a chain of bowling centers. Proceeds—Repay
48th St., N. Y. Underwriter—Pacific Coast Securities
debt and
for other. corporate, purposes/ Office—8788
Co.,
ic Intermountain Gas Co.
and
—
Jan.
electrical
testing equipment; and automated pro¬
duction and test equipment used to manufacture and test
electronic components.' Proceeds—For debt repayment
;
—Industrial
■
.
.
.
.,
—
,
■
March
6,
1962
filed
63,803
common
to
be
offered
for
subscription by common stockholders on a l-for-10 basis.
Price—By amendment (max. $20). Proceeds—For debt
repayment and construction.
Idaho.
•
Office—905 Main St., Boise,
Underwriter—White, Weld & Co., N. Y.
International Airport Hotel
offered
in
Price—By
due
1977
units
of
and
one
amendment.
Miami
debt
repayment
International
Jaylis Industries, Inc. (3/26-30)
18. 1961 filed $850,000 of 6%% suboru. debentures
due
1971
in
Metcalfe Rd., Overland Park, Kan. Underwriter—George
K. Baum & Co., Kansas City, Mo.
King Pharr Canning Operations, Inc.'1962 ("Reg. A") $300,000 of 15-year 61/2% sub¬
and
Jan. 23,
units
ordinated convertible debentures.*
212,500 class A common shaies to be of¬
of one $100 debenture - and 25 class A
Price—$200. Business—Manufactures
patented
traversing screens for use as window coverings, room
dividers, folding doors, etc. Proceeds—For debt repay¬
ment
;
and
Price—At par.
Busi¬
ness—The canning and shipping of fruits and vegetables.
Proceeds—For acquisition of land and working capital.
Address
—
Cullman,
Ala.
Underwriter
—
Hendrix
&
and
airports. Proceeds
working capital. Address—
Jefferson Diversified Industries, Inc.
Dec. 29, 1961 filed 200,000 common. Price—$3.50. Busi¬
8, 1961 filed 100,000 common. Price—$1. Business
—A holding company for three subsidiaries in the wall
and floor, coating business. Proceeds—For product de¬
ness—Company plans to acquire and operate
velopment,
$100
common
debenture
Business
and
v
*
general corporate purposes/Office—514 W.
Olympic Blvd., Los Angeles. Underwriter—D. E. Liederman &
Co., Inc., N. Y.
:
170,000
operation of hotels located in
—For
'
Oct.
shares.
Systems, Inc.
1962 filed $1,700,000 of convertible subordinated
debentures
•
fered
r
(4/2-6)
Jan. 4,
San Francisco. Offering—Sometime in April.
or
—
shares
and
10
to
be
shares.
Establishment
near
Airport, Miami, Fla. Underwriters
concerns
Mayes, Inc., Birmingham, Ala.
Kogel, Inc.
.
v..;
\t.
•»
(3/26-30)
Dec.
advertising,
and
working capital.
Office—
Volume
26-32 Second
195
Number
6142
Feb. 21
1962 filed
Bedford, Mass.
Beane, N. Y.
160,000 common. Price
Business—Manufacture
of
Office—Herman
New
'
Kohnstamm & Co., Inc.
(H.)
ment.
sion.
St., Long Island City, N. Y. Underwriter—
Globus, Inc.
.
.The Commercial and Financial Chronicle
v.
colors
Lincoln
By amend¬
—
March
for
flavors
and
(1299)
Bishins Bldg.,
L.
Underwriter
R. Williston
Eaton
&
Fund, Inc. (4/2-6)
filed 951,799 shares
of
common
stock.
Price—Net
and cosmetics; also industrial chemicals.
general; corporate purposes. Office—161.
Proceeds—For
asset
Price—By amendment
Canning and marketing of vegetables and meats. Pro¬
ceeds—For expansion and debt repayment. Address—
Seagrove, N. C. Underwriter—J. C. Wheat & Co., Rich¬
mond, Va.
,
•
tical
equipment.xProceeds—For debt repayment.;t Office
&
nam
/
•
Nov. 22,
:Vj.
Co., Hartford.
Kraft Planned Homes, Inc.
(3/26-30) ^^;Tv*v-v^
Price—$5. Business
Proceeds—;
For debt repayment and general corporate purposes. Of—Z
fice-Al28\W.:; Broadway, Birard, Ohio.v Underwriter-r-V
Best & Garey & Co;, Inc.,* Washington/ D.-C,
holding
company
in "shell homes'^ field.
'
-
Lamb
Industries, Inc.
Dec.
1977
.:-(with» attached>warrants).
Price—At'
& Co.
Litton
28,
'
Industries
*
("Reg. A")
1962
debentures Ato
be
•
^
'''
$300,000 of 6%
offered
in
■'/ *
<i"* ^,
subord.
denominatioins
Price—At par.Business—Manufacture and
of
-i
•
Lay ne & Bowler Pump Co.
-
sure
new
Dec.
Estate.
0 r ;
Lee
Dec.'27,
Fashions, Inc. (4/23-27)1961 filed 166,667 common,
electronic
r*'//.
icals.
Proceeds—For promotion, a new publication and
working capital. Office—660 Madison Ave., New York.
Underwriter—Arnold, Wilkens & Co., Inc., N. Y. Offer¬
ing—In late April.
/
year
*
—Production of educational and recreational devices and
Inc. //
("Reg. A") 85,000 common!/Price
to
repayment' of;
furniture
of
furniture
manufacturers.
hardware
Proceeds—For
—
for
debt
Magic Fingersy Inc.
Z
1961 filed 75,000 common. Price—$4. Business
—Production of a new electrically powered device for
messaging a person in bed. Proceeds—For general cor¬
porate purposes. Office—Route 17, Rochelle Park, N. J,
$3.50
Dec. 29,
sale
repay¬
steel inventories nad plant expansion." Office—
3006 Boarman Ave., • Baltimore. Underwriter—R & D
Investors Corp., Port Washington, N. Y.
/x/-/</•'
ment,
Price—By amend¬
Underwriter—Stanley R. Ketcham & Co., Inc., N. Y.
Mandrel
Lockwood Grader Corp.
Feb.- 20,^1962. filed $900,000 of
ment
to
,
named
St.; Miami Beach, Fla. Underwriter—To
(a newly-formed subsidiary). 7fx'-.:-//
be
?
Leighton Mobile Homes, Inc.,
Jan. 11, 1962 50,000 class A shares. Price — $5. Busi¬
ness— Sale of mobile homes and development of real
property for lease to owners of mobile homes. Proceeds—
For debt
repayment, expansion, and working capital. Of¬
fice—Route 25 Lake Grove.
Brookhaven, L. I. N. Y. Un¬
derwriter—George M, Curtis Co., N. Y.
/
•'
Lembo
Dec. 21.
Corp.
•
1961 filed 100,000 common.
ness—Manufactures
steel
Price—$3.50.
re-inforced
concrete
share for
each 20
held
Rd.,
Mineola, N. Y. /Underwriters—Blyth & Co., Inc.,
Corp., and W. C. Langley & Co., N. Y.
ic Lone Star Gas Co.
(4/18)
March 14, 1962 filed $35,000,000 of sinking fund deben-?
tures due April 1, 1987. Proceeds — For repayment of
bank loans, and construction/Office—301 South Harwood
St., Dallas. Underwriter—First Boston Corp., N. Y.
Loral
utilities,
Feb. 28,
Electronics
derwriters—Lehman
ceeds—For debt
expan¬
t
ic Maradel Products, Inc.
March 12, 1962 filed 335,000 common.
Price—By amend¬
Business—Manufacture of toiletries
and cosmetics.
Proceeds—For acquisitions, debt repay¬
ment and working capital. Office—510 Ave. of the Amer¬
icas, N. Y. Underwriter—Hornblower & Weeks, N. Y.
ment
(max.
$20).
common.
stockholders.
Office—825
Bronx
Brothers,
Price
River
—
Ave., N. Y. Un¬
Kidder, Peabody
&
Co.,
Model, Roland & Co., N. Y.
Lowell
•
Marie Design &
Mfg. Corp.
Toy Manufacturing Corp.
Dec. 27, 1961 filed 120,000 common, of which. 100,000 are
to be offered by the company and 20,000 by the stock¬
holders. Price—$5. Business—Design, manufacture and
sale of toys,and games. Proceeds—For equipment, ad¬
vertising and working capital. Office—1074 Brook Ave.,
(3/19)
Nov. 14, 1961 ("Reg. A") 55,000 common. Price—$4. Busi¬
ness — Manufacture of waste water filters and filtering
systems, t Proceeds — For debt repayment and working
capital. Office—610 W. 18th StM Hialeah. Fla. Under¬
writer—Terrio
&
Co., Inc., Washington, D. C.
Marine & Animal
ment.
and
repayment, working capital and
(4/9-13)
By amend-,
Business—Research, development and oroduction
electronic military products. Proceeds—For selling
Station, L. I..
Lily Lynn, Inc.
Feb. 23,1962 filed 150,000 common, of which 86,000 are to
be offered by. the company and 64.000 bv, the stockhold¬
ers. Price—By amendment (max. $12)«
Business—Design,
'manufacture and sale of women's casual dresses. Pro¬
Corp.
1962 filed 56,225
of
Co., Inc., N. Y.
,
First Boston
Busi¬
Underwriter—Blank, Lieberman &
16, with rights
expire April 2. Price—By amendment (max. $55).
Proceeds—For, a new plant. Office—250 Old Country
sanitary structures, fallout shelters and play sculptures
Proceeds—For debt repayment, sales promotion and
working capital.
Office—145 W. 11th St., Huntington
N. Y.
of record March
to
be offered
—
~
71st
Industries, Inc.
27, 1962 filed 303,900 common, of which 220,000 are
by the company and 83,900 by stockhold¬
ers.
Price—By amendment (max. $20). Business—De¬
sign and manufacture of specialized photo-electric color
sorting machines and geo-physical exploration devices.
Proceeds
For debt repayment, acquisition of 90,000
shares of its own stock, and working capital. Office—800
Welch Rd., Palo Alto, Calif. Underwriter—Domir^k &
Dominick, N. Y.
Z >
;
Feb.
6% sinking fund debentures series B, (with warrants). Price—$1,000 per deben¬
ture. Business—Design, manufacture, sale and repair of
machinery and equipment used in agriculture. Proceeds
—For debt repayment, equipment and general corporate
Lehigh Industries & Investing Corp.
/ purposes. Office—7th & S Sts., Gering, Neb.; Underwriter
/Dec, 29, 1961 filed 2,000,0d0 class A common. Price—By
^--First Nebraska Securities Corp.;'Lincoln, Neb.
amendment.
Business—A holding
company
for three
Long Island Lighting Co. (3/16)
/
subsidiaries which operate utilities, engage in .construc¬
Feb. 16, 1962 filed 421,472 common, to be offered for
tion, and distribute electronic parts/ Proceeds—For debt
subscription" by stockholders on the basis of one new
repayment,: construction and working capital. Office—
800
Proceeds—For general corporate purposes. Office
St., N. Y. Underwriter—Darius Inc., N, Y."*
games.
—130 E. 40th
',//> Lockfast Mfg. Co.,
11, 1962
Magellan Sounds Corp.
28, 1962 filed 60,000 common (with attached oneclass' A warrants to purchase 60,000 common shares
at $4 per share and two-year class B warrants to purchase 60,000 shares at $4.50 per share) to be offered in
units (each consisting of one share, one class A warrant
and one class B warrant). Price—$4 per unit. Business
-
Feb.
—•
Jan.
/
x Magazines For
Industry, Inc.
Aug. 2, 1961 filed 100,000 common, of which 80,000 will
be offered by the company and 20,000 by stockholders.
Price—$5. Business—The publishing of business period¬
held.
i Business—Manufacture
Business—Importing of low; priced ladies' scarfs
arid 'blouses.- Proceeds-^For debt repayment1 and work-^
ing capital. ' Office—2529 Washington Blvd., /Baltimore.
Underwriters—-Godfrey,'Hamilton, Taylor & Co., N. Y.
and~Penzelt& Co., Miami Beach.!
4
J
■ //V\x:///;./
(4/23)
Corp.
'•
Ave., Wayne, Pa. Underwriter — Drexel &
Co., Philadelphia. Offering—Sometime in May.
and
-
Underwriters—Kidder, Peabody & Co., N. Y. and /
Manchester
Price—By amendment. Business—Explora¬
tion and development of oil and gas properties. Proceeds
—For debt repaybient, expansion and working capital.
Office
Mid-Continent Bldg.,Tulsa./ Underwriter—
Shearson, Hammill & Co., N. Y. '..J;.7
V'1//,
common. /Price—$5
Proceeds—F
of
the lives of all types of animals. Proceeds—To form
subsidiaries. Office—26 Piatt St., N. Y. Underwriter
shares
Off ice;—41 E.; 42rid;;St., N»: Y. :rUnderwriter—Nonev
debt.
of homes.
repayment and general corporate
Office—7844 E. Rosecrans Ave., Paramount,
Madway Main Line Homes, Inc.
March 6, 1962 filed 50,000 common. Price — By amend¬
ment
(max. $10). Business—Production, sale, erection
*and financing of manufactured homes. Proceeds^—For
the financing of credit sales of homes. Office—315 E.
Livingston Oil Co. (4/27)
Feb. 26, 1962 filed $6,359,900 of convertible sinking fund
debentures; to be offered for subscription by stockhold-,
ers on the basis of $100 debenture for each 34 common,
Corp42^;2S%!J§C
7I,' 1961 filed 405,000 class :'A
Business—Real
into
/
turbine pumps and' the.: sale^'of domestic water systemr.
./equipment manufactured-" by a subsidiary/ Proceeds—ForT,selling stockholders.,' Office—2943 Vail Ave., Los
Angeles, x UnderwriterX—Crowell, fWeeden & Co., Los
Angeles^?:'c-xXxS'
convertible
of
—Shearson, Hammill & Co., N .Y.
(4/2-6) ■"'l rr:
and sale
debt
•
securities
and
basis
Feb 23, 1962 filed 245,000 common. Price—$10. Business
—An insurance holding company whose subsidiaries in¬
filed /108.666 capital "shares. - Price—By
Business—Manufacture and sale, of vertical
Leader-Durst
common
// •/; Livestock ■ Financial
distribution:
Business—Construction
Mitchum, Jones & Templeton, Los Angeles.
Clark, Dodge & Co., Inc., N. Y. Offering
—Expected in some time in Early April.
1961
22,
amendment.
purposes.
the
on
Brothers
products used by construction industry,: appliance
makers; etc. • Proceeds—For equipment, debt repayment
and working "capital.; Office—1561 Chapin Rd., Montebello, Calif./Underwriter—None. -
Realty Co.
Proceeds—For
.
of
Dec.
Macco
amendment.
debt repayment and working capital.
Office—336 Foot¬
hill Rd., Beverly Hills, Calif.
Underwriters—Lehman
$5,000."
—
(4/2-6)
Dec. 21, 1961 filed $4,000,000 of conv. subord. debentures
due
1977;
also 1150,000 common shares.
Price—By
$100 of debentures for each
Price—By amendment. Business—Manu¬
systems and componefttS,="businfess
machines, commercial electronic equipment, * nuclearpowered submarines and othen'vessels ^Proceeds^For
conv.
/
accesso¬
.
•
10 shares held.
general corporate purposes. Office—1321
St;,- Denver.' Underwriter—Bosworth, Sullivan
Co.; Inc., Denver.
•, : •
' ' 7 •
'
'
jewelry, ladies' handbags, and
Proceeds
For working capital. Office — 1650
Broadway, Kansas City, Mo. Underwriter—George K.
Baum & Co., Kansas City
Calif,
facture
'■>
costume
ries.
common
Bannock
Lasco
of
outstanding
Proceeds—For
Feb.
Mac-Allan
tion
'A
Industries, Inc. /■>
29,
Jan. 8, 1962 filed $50,748,100 of conv. subord. debentures
due 1987 to be offered for subscription by holders of
March 8, 1962 ("Reg. A") $300,000 of 6%% convertible
subordinated sinking fund debentures due March L 1977.'
Price — $1,000 each. Business — A factoring company."
;•&
Office—48
Co., Inc. (5/28-31)
23, 1962 filed 130,260 of class A common, of which
65,130 are to be offered by the company and 65,130
by stockholders. Price—$5. Business—Sale and distribu¬
.
debt repay¬
ment, plant expansion and working capital. Office—500
Edward Lamb Bldg., Toledo/ Underwriter—Blair & Co.,
N. Y.. Offering—Expected some-time in April. -rjr(S. R.)
•
—
par.
heaters,
aluminum products. x-Proceeds—For
^ Langsam
capital.
Feb.
Littelfuse, Inc.
Jan. 26,
1962 filed 100,000 common, of which 50,000
are to be offered by the company and 50,000 by stock-/
holders. Price—By amendment. Business—Manufacture
of various products for the electronic, automotive ; and
electrical
industries.
Proceeds—For 7 equipment,
and
working capital. Office—1865 Miner St., Des Plaines,
111. Underwriter
Cruttenden, Podesta & Co., Chicago,/
Offering—Expected in April.
■.•// ■/•x-/ ./V-"'
*iv: sv'
plumbing-fixtures/water softeners; sugar cane agricul¬
tural equipment; aluminum doors, storm windows, and
related
28,
-
■
due
working
Co., Inc.
1961 ("Reg. AM) 150,000 common. Price—$2.
Business—Design and manufacture of automatic filling .(
machines and related equipment. Proceeds—For debt re¬
payment and working capital. Office — 191 Berry St.,
Brooklyn, N. Y, Underwriter—A. J. Gabriel Co., N. Y.
1961 filed 150,000 common. Price—By amend¬
($5 maximum). Business—Publication and sale of
paperback school books; manufacture of stuffed novel¬
ties, college pennants, etc.; and distribution of medical,
nursing and law books. Proceeds—For /debt repayment
and working capital. Office—128 Oliver St., Paterson,
28,-1961 filed $2,200,000 of s.- f.; subord. debentures
Business—Manufacture of gas and electric water
and
Nov.
Ross, Inc. and Samson, Graber & Co., Inc., N. YJ
N. J, Underwriter—Andresen & Co., N. Y.
>
repayment
MRM
ment
^
Dec.
debt
High St., Brockport, N. Y. Underwriter—None.
Littlefield, Adams & Co.
indoor, "advertising displays, Vahd to'ys./r Proceeds — For
building improvements, equipment and working capital.
Office-^-3200 Snelling Ave., Minneapolis.
Underwriter
—Hayden, Stone & Co., N. Y,?
•
«•
*
For
Glass &
March-12; 1962 filed 150,-000 common. Price—By amend¬
ment (max.-SI 1).. Business—Manufacture of permanent
■
,
clothing. Proceeds —/ For debt repayment and working
capital. Office—112 W. 34th St., N. Y. Underwriters—
Lab-Line
Lakeside Industries, Inc..
/ Lustig Food Industries, Inc.
/
Dec„ 29, 1961 filed 100,000 common. Price—$6. Business
—Processing and packaging of frozen foods and the can¬
ning and bottling of fruits and vegetables. Proceeds—
Little Ruffy Togs, Inc.
J/.''
'/•.///
7
Nov. 29, 1961 filed 165,000 common. Price—By amend-;
ment. Business ■— Manufacture and sale of children's Z
Instruments, 'Inc.
'*■-/; 2k;:
Feb. 23, 1962 filed 142,860 common, of which 122,168 are
to-be offered by the company and 20,692 by stockhold¬
ers. Price—By amendment
(max. $9). Business—Manu¬
facture of an extensive line of industrial, hospital and
clinical laboratory instruments. Proceeds—For debt re¬
payment, construction,- and working capital. Office—
3070-82 W. Grand Ave., Chicago. Underwriter—R. W.;
Pressprich & Co., N. Y
t*&(X ■'}''{ :QS?]
:■■■
543 Madison
Cleveland Ave., Highland Park, N. J.
Underwriter—
Godfrey, Hamilton, Taylor & Co., Inc., N. Y. <v
: '
r
Dec.-14, 1961' filed- 200,000 common.
—A
Films,- Inc.
filming and production and working capital. Office—
Ave., N. Y. Underwriter—Wright, Myers &
Bessel, Inc., Washington, D. C. Note—This firm formerly
was .named
Lunar Enterprises, Inc. Offering—In Aprils
1961 Hied 120*000 common. Price—$3. Business
—Development and manufacture of equipment and sys¬
tems .for
the-" photographic
data processing industry.
Proceeds—For general corporate purposes. Off ice-r-232 L
King St., Northampton, Mass. [Underwriter—Put- y
Lunar
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—For
.
-^347
of which 142,500
139,996 by stock¬
(max. $5). Business—
common,
holders.
Business—A
of the Americas,
Avenue
Co., ,N. Y.
be offered by the company and
to
are
value plus a 7% selling commission.
non-diversified,
open-end, managementN. Y. Underwriter — Kidder,
type investment company whose primary investment ob¬
Peabody & Co., Inc. Offering—Expected in May.
„/'/. V jective is capital appreciation and, secondary, income,
derived from the sale of put and call options. Proceeds—
• Kollmorgen
Corp. (3/26-30)
For investment. Office—300 Main St., New Britain, ConnNov. 9, I9bi filed loOjOuO common, of whicn 40,000 are«
Distributor—Horizon Management Corp., N. Y.
to be sold by the company and 60,000 by stockholders. :
!/■ ;
Price—By amendment.
Business—Manufacture of op- L
Lithoid, Inc. (3/26-30) 7
"''v
food, i'drugs
&
Lucks, Inc.
Feb. 28, 1962 filed 282,496
1961
30,
N. Y. Underwriters—H. M. Frumkes & Co. and
Batchker,
Riverside Ave.,;
J.
—
39
Jan.
By-Products Corp.
Price—$5.
26, 1962 filed 90,000 common.
—Distributes fishmeal and animal by-product
Proceeds—For
Business
proteins.
expansion, machinery, and working cap¬
ital.
Office—233 Broadway, N. Y. Underwriter—Arnold
Malkan & Co., Inc., N. Y. Offering—Expected in late
April.
Marks Polarized Corp.
June
27,
1961
amendment.
new
facilities
.
.
filed
95,000
Proceeds—For
and
other
common
shares. /Price—By
acquisition of
expansion,
corporate
purposes.
Continued
on
Office—
page
40
40
Lyon & Co., Inc.
N. Y. Underwriters(mgr.), Glass & Ross, Inc., and
Globus, Inc., N. Y. C.
-■;..
/■/
:
//•;V
(3/21)
Feb. 7, 1962 filed 673,215 common, of which 225,000 will
be offered by the company and 448,215 by stockholders.
Price—By amendment. Business—Insurance brokerage.
Proceeds—For general corporate purposes. Office—231
So. LaSalle St., Chicago. Underwriter — Morgan Stan¬
Marsh
ley
McLennan,
&
Inc.
Real Estate Investment Trust
("Reg. A") 30,000 shares of beneficial in¬
Business—A real estate investment
fund. Proceeds—For working capital. Office—1025 In¬
dustrial Ba^k Bldg., Providence. Underwriter—None.
• Massasoit
March 1, 1962
Price—$10.
1977
9, 1962 filed $5,000,000 of / 5%% senior notes due
170,000 common. Price—By amendment (max.
and
Notes: 105%; Stock: $12). Business—A commercial and
industrial finance company. Proceeds—For general cor¬
Fifth Ave., N. Y. Under¬
porate purposes. Office-—350
writer—F. Eberstadt & Co., N. Y.
Masury-Young Co.
Dec. 4, 1961 filed 100,000 common. Price—$6. BusinessManufactures commercial and industrial floor mainte¬
products.
nance
Proceeds
For
—
debt,
of
repayment
and other corporate purposes. Office—76
St., Boston. Underwriter—Townsend, Dabney &
equipment,
Roland
McWood
Corp.
8, 1962 filed $3,100,000 of 6% subordinated con¬
vertible debentures due 1974 and 310,000 common to be
offered in 31,000 units, each consisting of $100 of deben¬
tures and 10 shares. Price—By amendment (max. $160).
Business
Company buys crude oil from producers,
transports it to own storage areas and sells it to refiners.
Proceeds—For debt repayment and working capital. Of¬
fice—Oil & Gas Building, Abilene, Tex. Underwriter—
Pempsey-Tegeler & Co., Inc., St. Louis. Offering—May.
Feb.
—
•
Medex, Inc. (3/19-23)
Sept. 27, 1961 filed 110,000
Price—By amend¬
ment.
Business^-Development and manufacture of a
limited line of hospital and surgical supplies. Proceeds
—For construction, inventory, research and working cap¬
ital.
common.
Office—1488 Grandview
Ave., Columbus, Ohio. Un¬
derwriter—Globus, Inc., N. Y.
Medical
Oct.
Fund, Inc.
26,
1961 filed 2,000,000 capital shares. Price—$10.
Business—A closed-end diversified investment company.
Proceeds—For
investment
in
firms
serving modern
medicine. Address
New York, N. Y. Underwriter—
Fleetwood Securities Corp. of America, 44 Wall St., N. Y.
—
Medical Industries
Fund, Inc.
Oct. 23, 1961 filed 25,000 common.
—A
closed-end
become
investment
open-end.
Price—$10.
company
Proceeds—For
Business
which
plans
investment
to
the
in
medical
industry and capital growth situations. Office
—677 Lafayette St., Denver. Underwriter—Medical As¬
sociates, Inc., Denver.
Medical Video Corp.
Nov. 13, 1961 filed 250,000 common.
Price—$10. Busi¬
ness—Manufacture
of
medical
electronic
equipment.
Proceeds—For
general
corporate purposes. Office—
Studio City, Calif. Underwriter—Financial
Equity Corp.,
Los Angeles.
•
Melnor
11, 1961 ("Reg. A") 15,000 shares of beneficial in¬
Price—$20. Business—A real estate investment
trust which plans to own interests in medical office
buildings, hospitals, etc. Proceeds—For working capital.
Address—Van West, Ohio. Underwriter—J. Allen McMeen & Co., Fort Wayne, Ind. Offering — Expected in
April.
Industries, Inc.
for each two
Nov. 15, 1961 fiied 152,500
common, of which 52,500 are
to be offered by the
company and 100,000 by stock¬
holders.
Price
$11.
Business — Manufacture
of
and
garden
sprinkling
equipment.
Proceeds—
For general corporate
purposes. Office—Moonachie,
Underwriter—Francis I. duPont & Co., N. Y.
Meteor
Oct.
31,
Business
Enterprises, Inc.
("Reg. A") 100,000
1961
—
igniters, etc.
eral
Manufacture
Price—$3.
common.
electric
barbecue
motors,
Proceeds—For
corporate
North
of
N. J.
purposes.
Hollywood,
debt repayment and gen¬
Office—5356 Riverton Ave.,
Underwriter—Kolb & Law-;
Calif.
rence, Inc., Las Vegas, Nev.
Metropolitan Acceptance Corp.
2, 1961 filed $300,000 of 6% subordinated convert¬
ibles due 1967 and 60,000 common
shares to be offered
in units consisting of $100 of debentures
and 20 common
shares. Price—$150 per unit.
Business—Financing of re¬
Oct.
tail
sales.
Proceeds—For
working
Western
Ave., Chevy Chase, Md.
Baruch & Co.,
Washington, D. C.
Metropolitan Realty Trust
Dec. 20, 1961 filed
1,000,000 shares
Price—$6.50.
Business—A
real
capital. Office—5422
Underwriter
R.
—
$7). Business — A closed-end management investment/
Proceeds
For general corporate purposes.
—
2615 First National Bank Bldg., Minneapolis.
Underwriter—None.
Oct. 16, 1961 filed 200,000 common.
Price—$2. Busi¬
ness—Company plans to engage in the commercial fi¬
and factoring business. Proceeds—General corpo¬
purposes. Office—1730 K
C.
Underwriter—Affiliated
Mil
of beneficial interest.
estate
investment
trust.
purposes
Office—1700
St., N. W., Washington, D. C. Underwriter—Eisele &
King, Libaire, Stout & Co., N. Y.
K
Michaels
(J.), Inc.
(3/26-30)
Components, Inc.
("Reg. A") 150,000 class A shares.
#
Nov.
ferred
1961
common, of which 20,600 are
by the company and 82,400 by stockhold¬
ers. Price—By amendment.
Business—Retail sale of fur¬
niture, major appliances, bedding, etc., through a chain
of four stores. Proceeds—For
construction of
a
new
store.
,
,
Missile
in
the
•
Narrows Premium Corp. (4/16-20)
Sept. 25, 1961 filed 100,000 common. Price—$4. Business
—Financing of casualty insurance premiums in New
York State.
fice—9805
1
Proceeds—General corporate purposes.
Fourth Ave., Brooklyn, N.
Pearson, Murphy & Co., Inc., N. Y. '
National
Feb.
due
to
Cash
Register Co.
Of¬
Y. Underwriter>•!
(3/28)
21, 1962 filed $50,000,000 sinking fund debentures
1987
be
to
be
offered
basis of
one
offered publicly;
for
new
also 319,090
common
subscription by stockholders
on
the
share for each 25 shares held. Price—
By amendment (max. $115
per
share for common). Busi¬
ness—Production, distribution and servicing of business
("Reg. A") 300,000
and
sale
common.
of
Price
—^
$1.
new
/
Dielectrics,
Inc.
(4/9-13)
filed
product and working
capital. Office—101 Clifton Blvd., Clifton, N. J. Under¬
writers—Street & Co., Inc. and Irving Weis & Co.- N. Y.
new
Molecular
Systems Corp.
12, 1961 filed 140,000 common. Price—$3. Business
of
polyethylene
materials
of
varying
grades. Proceeds — For equipment, research and de¬
velopment and working capital. Office — 420 Bergen
Dec.
Blvd., Palisades Park, N. J. Underwriters—Stone, Acker& Co., Inc., (mgr.) and Heritage Equity Corp., N. Y.
man
R.)
W.
aircraft and missile industries. Pro¬
repayment, inventories and research and
development. Office—4820 Alcoa Ave., Los Angeles.
Underwriter—None.
—
Proceeds—For equipment, a
(E.
-
;'//'•!'//.,;Z
Enterprises,:-. Inc.
ceeds—For debt
150,000 common, of which 135,000
are to be offered by the company and 15,000 by Cardia
Co. Price—$5. Business—The manufacture of high-tem¬
perature electronic and electrical insulation materials.
Moore
T.
—Engaged
Price—
Securities, Inc., Denver. Offering—In April.
1,
Ill Broadway,
'
Fair-
Engineering, Inc.
Dec. 29, 1961 filed 250,000 common.
Price—$8. Business
Proceeds—For
Molecular
Sponsor—Ira Haupt & Co.,
,
N.
Mississippi-Red River Transport Co.
Jan. 22, 1962 filed 200,000 common. Price — By amend¬
ment ($2.50 estimated). Business — A motor carrier of
petroleum products. Proceeds—For purchase of tugs and
barges and construction of docking facilities. Office—
2809 N. Main St., Fort Worth, Tex. Under writer—Wil¬
liam N. Edwards & Co., Fort Worth, Tex.
Sept.
Common¬
struction, equipment, and working capital. Office—124
S. 18th St., Philadelphia.
Underwriter—Suplee, Yeat-;
man, Mosley Co., Philadelphia.
>
of
Y. Offering—Imminent.
Production
invest in tax-exempt bonds of the
Jan. 24, 1962 filed 100,000 common.
Price—$5. Business/
theatrical holding company.
Proceeds—For con¬
type butterfly
purchase of the patent and pro¬
duction and development of the valve.
Office — 5909
Hollywood Blvd., Hollywood, Calif. Underwriter—Pre¬
—
shares. ;Price--/$3.r
—A
Valve Corp.
24, 1961
Business
(4/9-13)
of
Music
amend¬
Design, manufacture and distribution
of women's dresses. Proceeds—For debt repayment, in¬
ventory and expansion. Office—1919 S. Los Angeles St.,
Los Angeles. Underwriter—F. L. Rossmann & Co., N. Y.
Missile
will
investment.
Elliette, Inc. (3/19-23)
Oct. 10, 1961 filed 100,000 common. Price—By
v
Multronics, Inc.
N. Y. C.
Co., Inc., N. Y. and I. R. E. Investors Corp.,
Business
Co., Inc.
repayment and working capital. Office—708 Bigley Ave.,
Miss
ment.
Electronics
Jan. .16, 1962 filed 140,000 common. Price—$3.50. Business
—Wholesale distribution of radios, television sets and
other electronic products and parts. Proceeds—for debt
tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
precision metal com¬
ponents, assemblies and sub-assemblies. Proceeds—For
debt
repayment
and
working
capital.
Office—9-11
Cleveland St., Valley Stream, N. Y.
Underwriters—T.
Levittown, N.
By
parts.
—
Nov. 17, 1961
Kirsch
—
fund will invest in
20, 1961 ("Reg. A") 100,000 capital shares. Price—
$3. Business—Manufacture of switches and other elec¬
tronic components.
Proceeds — For general corporate
purposes. Office—1400 Mill Creek Rd., Gladwyne, Pa.
Underwriter—Seymour Blauner Co., N. Y. Offering—
April.
M.
(3/19-23)
Municipal Investment Trust Fund, Series B ///'i
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price
To be supplied by amendment. Business — The
Co., Inc.
126,000 common,
Business—Manufacturer
Inc.
120,000 class A shares. Price
Pennsylvania and its political sub-divisions.
Proceeds—For investment.
Sponsor—Ira Haupt & Co..
Ill
Broadway, N. Y. C.
/\//:
'
Milli-Switch Corp.
$1.
Industries,
filed
working capital.
wealth
Dec.
Milo
Parts
1961
amendment. Business—Distribution of automobile
Proceeds — For debt repayment and
fund
common.
of which 100,000
will be sold by the company and 26,000 by certain stock¬
holders. Price—By amendment. Business—Manufacture
of men's and boy's hats. Proceeds — For purchase of a
building, plant equipment, and working capital. Address
—2700 Canton St., Dallas; Underwriter—Eppler, Guerin
& Turner, Inc., Dallas.
1961 filed
30,
Municipal Investment Trust Fund, First Pa.
Series
(4/2-6)
April 28, 1961 filed $6,375,000 (6,250 units) of interests.
Price—To be supplied by amendment.
Business—The-
Miller Brothers Hat
18,
Motor
Oct.
ment, and working capital. Office—2000 P St., N. W.,
Washington, D. C. Underwriter — Switzer & Co., Inc.,
Silver Spring, Md.
Investors
Price—$5. Business
equipment.
Proceeds—For sales promotion, inventory and working
Capital. Office—1101 E. Tremont Ave., Bronx, N. Y.
Underwriters—H. M. Frumkes & Co., Abraham & Co.,
and Berman, Sterling &' Vine Co., N, Y.
Co.
Feb. 23, 1962 filed 150,000 common, of which 60,000 are
to be offered by the company and 90,000 by stockhold¬
ers.
Pe£' 20L196i *iled, 103'0C0
to be offered
St., N. W., Washington,
Underwriters, Inc.
—Distribution of dry cleaning and laundry
Dec.
stockholders/ Office—1047 Com-;
Ave., Boston., Underwriters — Blyth & Co.,
Brothers, N. Y. Offering—In April.
Inc. and Lehman
Business—Production of electronic parts and components,
and the furnishing of
consulting services in the radioengineering field. Proceeds—For debt repayment, equip¬
National Corp.
1962 filed 100,000
Proceeds—For selling
monwealth
v
Feb, 26, 1962 filed 500,000 shares of beneficial interests.
Price—$10. Business — A real estate investment, com¬
pany. Proceeds—For investment and operating expenses.
Office—1630 Welton St., Denver. Underwriter—Boettcher & Co., Denver.
Feb. 28,
common.
Price—By amend¬
ment. Business—Retail sale of popular-priced foot wear.
Jari|5/1962 ("Reg; A") 100,000 capital
nance
rate
Shoe, Inc.
26, 1962 filed 630,000
Charleston, W. Va. Underwriters—Maltz, Greenwald &
Co,. N. Y. and Clayton Securities Corp., Boston,
Midwestern Investment Corp.
—Production
Proceeds—For general corporate
Morse
Jan.
Mountain
(max.
company.
—
lawn
shares held. Price—By amendment
Office
valve.
(3/22)
—
Office—900-908 S. Oyster Bay Rd.,
Hicksville, N. Y. Un-r
derwriter—Street & Co., Inc., N. Y.
Development Corp.
Feb. 26, 1962 filed 561,500 common to be offered for
subscription by stockholders on the basis of one share
Midwestern Mortgage
100,000 common, of which 60,000
are to be offered by the company and 40,000 by share¬
holders. Price—By amendment. Business—Manufacture
Of component parts and accessory equipment for ma¬
chines used in production of glass containers. Proceeds
—For
debt
repayment, construction, equipment, and
working capital; Office—111 South 15th St., Millville,
N. J. Underwriter — Kidder, Peabody & Co., N. Y.
filed
1962
15,
Investment Trust
Dec.
(4/16-20)
Maul Bros. Inc.
Jan.
general corporate purposes. Office—6425 Oxford St., St.
Park, Minn. Underwriter—Irving J. Rice & Co.,
Inc., St. Paul.
debentures due March, 1977. Price — At par.
Business—Operates retail stores selling sewing machines,
and vacuum cleaners. Proceeds
For expansion and
working capital. Office—122 W. 26th St.* N. Y. Under¬
writer—Standard Securities Corp., N. Y.
Louis
Medical
Thursday, March 15, 1962
.
ordinated
Corp.
13, 1962 filed 200,000 common. Price—$3.50. Busi¬
ness—Manufacture, sale and operation of vending ma¬
chines. Proceeds—For debt repayment, inventories and
Midwest
,
Electro Products Corp.
(4/30)
29, 1961 filed $1,250,000 of 6V2% convertible sub¬
Dec.
Feb.
D.
Tyson, Boston.
t
Micro-Dine
.
Morse
Y. Underwriter—
Midwest Technical
Mastan Co., Inc.
Feb.
Brooklyn, N.
terests.
& Co., N. Y.
terests.
St.,
L. F. Rothschild & Co., N. Y.
Whitestone,
Ave.,
Tenth
153-16
Ross,
Smith
Office—182
from page 39
Continued
Financial Chronicle
The Commercial and
(1300)
Price—By amendment ($14 max.). Business—Manu¬
facture, sale
or rental of girls' gym suits, academic caps
and gowns, and choir robes. Proceeds—For debt repay¬
ment and general corporate purposes. Office—932 Dakin
St., Chicago. Underwriter—A. G. Becker & Co., Chicago.
Offering—Expected sometime in May.
machines. Proceeds—For expansion and
working capital.
Office—Main & K Sts., Dayton, Ohio.
Underwriter-
Dillon, Read & Co., Inc., N. Y
National
Dairy Products Corp. (3/22)
1, 1962 filed $35,000,000 sinking fund debentures
15, 1992. Price—By amendment. Business—
Purchase, manufacture, processing and distribution of
diversified dairy and other food products. Proceeds—For
March
due
March
general
N. Y.
corporate
purposes/ Office—260
Madison
Ave.,
Underwriters—Goldman, Sachs & Co., and Lehman
Brothers, N. Y.
/
-
,
:
National Equipment & Plastics Corp.
(4/2-6)
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
ated
stores.
Proceeds—For
debt
store
ex¬
pansion and working capital. Address — Portage,
Underwriter—Cortlandt Investing Corp., N. Y.
repayment,
Pa.
National
Family Insurance Co.
26, 1961 filed 200,000 common. Price—$5. Business
—Writing of automobile insurance. Proceeds—For addi¬
tional capital and reserves. Office—2147
University Ave.,
St. Paul, Minn. Underwriter—None.
Dec.
^ National Reinforced Plastics Corp.
Feb. 28, 1962 ("Reg. A") 18,000 common.
Price—$12.50.
Business
—
Production
of
reinforced
plastic
products.
Proceeds—For
equipment, inventories and working cap¬
ital. Office—North Bedford St., Manchester, N. H. Un¬
derwriter—Eastern Investment Corp.,
Manchester, N. H.
National Semiconductor Corp.
May 11, 1961 filed 75,000 shares of capital stock. Price
—To be supplied by amendment. Business—The
design,
development, manufacture and sale of quality transistors
for military and industrial use.
Proceeds
For new
equipment, plant expansion, working capital, and other
corporate purposes. Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters—Lee Higginson Corp., N. Y. C.
and
Piper, Jaffray & Hopwood, Minneapolis (mgr.).
Offering—Sometime in April.
—
Volume
195
Number
6142
.
.
The Commercial and
.
National
Tele-Systems, Inc.
27, J 962 filed 82,000 common, of which 65,000 are
offered by
company and 17,000 by stockholders.
Price—$3. Business—Manufacture of closed circuit TV
be
writer—G. A. Saxton &
Proceeds—For inventory, debt repayment and
working capital. Office—718 Atlantic1 Ave., Brooklyn,
N. Y. Underwriter—Ezra Kureen
Co., N. Y.
systems.
•
National
Vended
Ski
Northern
By amend¬
Business—Company rents and launders
Northern
selling stock¬
Underwriter—Horn-
Office—Elizabeth, N. J.
•
Bowling Corp.
John
Oct.
Z and
Un¬
to
Proceeds—For
New
Orleans,
Probable
construction.
v
Office—317
New
1,
and
and
appliances.
construction.
Office
Proceeds—For
—
&
159
Nov.
13, 1961
Business—Manufacture
tions.
Proceeds—For
porate
ton,
D.
purposes.
C.
expire
of
cosmetics
Office—1610
and
hair
and
$3.
cor¬
14th
J.
V
Gas '&
Electric
common
7*. 77il$
Mar.' 27, > 1962.
Office—321
of
record
$6.
Price—$38.
N.
on
the
basis
of
one
8, with rights to
Proceeds—For
con-
■
Harvey
Lynch,
Business—The manufacture of steel products.
Pro¬
selling stockholder., Office—35124 Alvarado-Niles Road, Union City, Calif. /Underwriters—First
California Co., Inc., and Schwabacher & Co., San Fran¬
cisco (mgr.). Offering—Indefinitely postponed. 77,7-
U
being offered for sub¬
Mar.
Electronics Corp.
.
'
St., Oklahoma City.
Pierce, Fenner & Smith
Pacific Westates Land Development Corp.
:v
Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
debentures due 1976 and 300,000 common shares to be
offered in units, each consisting of $100 of debentures
and 20 common shares. Price—$200 per unit. Business—
General.real estate. Proceeds—For debt repayment and
working capital. Office — 9412 Wilshire Blvd.. Beverly
Hills, Calif. Underwriter — Morris Cohon & Co.. N,,»Y.
Note—This company was formerly named Westates Land
Development Corp. Offering—Expected in April.
Pal-Playwell
v
Inc.
Nov.
28, 1961 filed 100,000 common. Price—$4. Business
—Design, assembly and manufacture of toys. Proceeds—
For debt repayment and working capital. Office—179-30
93rd Ave., Jamaica, N. Y. Underwriter—Tyche Securi¬
ties, Inc., N. Y. 7v ;;77sV'7' 7" 7:'
7/Z/•'/•/•:7 ■'/.
Pan
American Beryllium Corp.
28, 1962 filed 100,000 common. Price—$5. Business
—Company plans to mine for beryl ore in Argentina.
Feb.
Proceeds
corporate
;
—
For
debt
purposes.
writer—To
be
Nigeria
Chemical Corp. (4/16-20)
7, 1961 filed 90,000 common. Price—$5. Business
—Company plans to construct a plant for production
of ethyl alcohol and derivatives and to distill and sell
Dec.
industrial and potable alcohol in Nigeria. Proceeds—For
repayment,
and
working
capital.
Of¬
fice—1060 Broad St.,
Newark, N. J. Underwriter—Scott,
Harvey & Co., Inc., Fairlawn, N. J.
Real
Estate Trust
Nov. 13, 1961 filed 2,000,000 shares of beneficial interest
Price—$10.
Business—Real
estate
investment
trust.
Proceeds—For acquisition of property and
working cap¬
ital.
Office—475 Fifth Ave., N. Y. Underwriter—None
North Atlantic
Industries, Inc. (4/16-20)
26,; 1961: filed 131,500 common, of which' 120,000
will be sold by the
company and 11,500 by a stockholder.
amendment.
Business—Manufacture
of
pre¬
■
'
"
repayment, equipment, and other
Office—39 Broadway, N. Y. Under¬
named.Z:/777 7/7777//: 777 7'77:' '77/-'
Optech, Inc.
Pan-Video Productions,
Inc.
7
7
26, 1961 filed 160,000 common. Price—$3. Business 7 Dec. 15, 1961 filed
100,000 common. Price—$3. Business—Research, development and fabrication of materials
Production of films. Proceeds — For general corporate
used
in
optical electronics. Proceeds—For equipment
purposes. Office—200 W. 57th St., N. Y. Underwriter—
and
working capital. Office—246 Main St., Chatham,
R. J. Curylo Co., 2166 Broadway, N. Y/
■
—
N. J. Underwriters—Stone, Ackerman & Co.,
Inc., and
•
Papekote, Inc.
77/' 7"•
Heritage Equity Corp., N. Y. /, ''.7;. 7'77 777/ 7#7'; 777/
Dec, 1, 1961 ("Reg. A") 60,000 common. Price—$5. Busi¬
7
Orion
Electronics Corp,
(4/16-20)
ness—Development and sale of chemical processes used
Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi¬
in the field of paper coating. Proceeds—For general cor¬
ness—The manufacture of precision electronic sub-sysporate purposes/ Office—443 W. 15th St.. N. Y. Under¬
terns for the generation, detection and control of fre¬
writer—Edward Lewis Co., Inc., N. Y. Offering—Immi¬
quencies up through the microwave region. Proceeds—
nent.
.7777777, 7; ' ' 7 777 ' 7 ; '■ /,
//>
;
:/.
For expansion, equipment and working capital. Address
• Parker Finance
Corp. (3/19-23)
—Tuckahoe, N. Y. Underwriter—A. D. Gilhart & Co.,
;Oct. 27, 1961 filed 135,000 common. Price—$6. Business
Inc., N. Y. C. ' :;/"/7'V;,/ 77
7 — Financing of commercial accounts receivable.
Pro¬
Orlando Paper Corp.
(3/19-23)
'/777/1/
ceeds—For debt repayment.
Office—8650 Cameron St.,
Oct. 11, 1961 ("Reg. A") 80,000 common.
Price—$2.50.
Silver Spring, Md.
Underwriter—D. E. Liederman &
Business—Manufacturer of miscellaneous paper products.
7 Co., Inc., N. Y./
Proceeds—For debt repayment and
general corporate
Parkway Laboratories, Inc.
purposes. Office—Oceanside, L. I., N. Y. Underwriters—
Dec. 6, 1961 filed 160,000 common. Price—$5. BusLiesi
Professional & Executive Planning Corp., Long Beach,
1 —Manufacture of drugs and pharmaceuticals. Proceeds
N. Y., and E. J. Roberts & Co., East
Orange, N. J.
vFor an acquisition, research and other corporate pur¬
★ Oslo
(City of), Norway (4/3)
poses. Office — 2301 Pennsylvania Ave., Philadelphia.
March 9, 1962 filed $10,000,000 of s. f. external loan
Underwriter—Arnold Malkan & Co., Inc., N. Y.
Offer¬
bonds due April 1, 1977.
Price—By amendment. Pro¬
ing—Expected sometime in April.
ceeds—For the City's Loan Fund to be advanced from
Patent Merchandising Corp.
time to time to certain municipal enterprises for
capital
Nov. 22, 1961 filed 100,000 common (with attached fiveexpenditures.
Underwriters—Kuhn,-Loeb & Co. .Inc.;
year warrants to purchase an additional 100,000 shares)
Harriman Ripley & Co., Inc.; Lazard Freres &
Co., and
to be sold in units of one share and one warrant. Price
Smith, Barney & Co., Inc., N. Y.
—$3.50 per unit. Business—Company plans to market
/
Outlet Mining Co.,. Inc. •
<
r :u.t
»
patented products, or products which it considers to be
Feb. 28, 1962 filed 900,000 common. Price—$1. Business
patentable. Proceeds—For general corporate purposes.
—Mining. Proceeds—For equipment and working capi¬
tal. Address—Creede, Colo. Underwriter—None.
Continued on page 42
■
'
77'7
Corp.
ceeds—For the
Co.
stockholders
20 held
Steel
States
Dec.
Office—223 W. Madison St., Chicago. Underwriter
—H. M. Byllesby &
Co., Chicago.
Price—By
-
—Auchincloss, Parker & Redpath, Washington, D. C.
St., N. W., Washing¬
McDonald & Co., Inc.,
poses.,
•
.•;
Proceeds—For debt repayment and working capital. Of¬
fice—8605 Cameron St., Silver Spring, Md. Underwriter
prepara¬
general
Debentures: At par; Stock: By amendment. Business-^
Distribution of electronic parts and
equipment and elec¬
trical supplies. Proceeds — For
general corporate pur¬
Sept.
(4/4.)Z/v././•'7/';7 /7,\
6, 1962 filed $90,000/000' Of sinking fund deben¬
1987; Price—By amendment. Business—Pro¬
due
14, 1962 filed 100,000 common. Price—By amend¬
(max. $9). Business—Furnishes research and de¬
velopment services in the field of operations research.
Jan. 17, 1962 filed $2,000,000 of convertible subordinated
debentures due 1982 and 110,000 class A shares. Price-
North America
7.7;
Pacific
7 June 21, 1961 filed 100,000 outstanding shares of capital
stock (par 50 cents) to be sold by stockholders. Price—
ment
Testing Laboratories, Inc.
debt
believed
Federal income taxes. Proceeds—
Olympia Mines, Inc.
Sept. 1, 1961 filed 300,000 capital shares. Price—$1.35.
Business—The exploration and development of mines.
Proceeds—For mining operations./ Office—44 Court St.,
Price—$5. Business—
Analyzing and testing of electronic, chemical and other
materials.
Proceeds—For plant relocation,
equipment,
and working capital. Office—47 West
St., N. Y. Under¬
writer—Robbins, Clark & Co., Inc., N. Y. Offering-—In
ear];* June.
equipment,
are
&
-
^Office—Chicago,
Underwriter—Merrill
Jan. 29, 1962 filed 50,000 common.
Newark
which
Power
Light Co. (4/11)
$35,000,000 of first mortgage bonds
due 1992. Office—920 S. W. Sixth Ave., Portland, Ore.
Underwriters—(Competitive). Probable bidders; Halsey,
Stuart & Co., Inc.; Lehman Brothers; Eastman Dillon,
Union Securities & Co.; Blyth & Co.-White, Weld &
/ Co. (jointly). Bids—Expected April 11 (11 a.m. EST).
Information Meeting—April 2 (3:30 p.m.) at 2 Rector
St., N. Y.
7
7; v 77 '77 77.
in the Fund.
thereof
1.
•
debt
—•
Underwriter—
Feb..27, 1962 filed
777
Feb.
debt repayment
Underwriter—T.
New York
Ohio Oil Co.
7 struction.
Washington, D. C.
•
Pacific
Sponsor-
Brooklyn, N. Y. Underwriter — Gaumont Corp., Ltd.,
Toronto. 7; ■ 777'' 7777 •; //7-7':7/ '• 77'7'y.- '7777'•'"7.Z
St.,
Securi¬ 7Z7 Operations Research,! nc.
Laboratories, Inc. (3/26-30)
("Reg. A") 100,000 common. Price
Cajon Blvd., San Diego.
Co., Inc., San Diego.
26 with rights to
Price—By amendment (max. $30). Pro¬
ceeds—For debt repayment and construction. Officii—
920 S. W. Sixth Ave., Portland, Ore. Underwriters—
(Competitive). Probable bidders: Ladenburg, Thali an
& Co.; Kidder, Peabody & Co.; Lehman Brothers-East¬
man Dillon, Union Securities & Co.-Bear, Stearns & Co.Dean Witter & Co. (jointly). Bids—Scheduled for April
5 (11 a.m. EST) in Room 2033, 2 Rector St., N. Y.
expire May
Thames
Webster
El
Roberts &
ac¬
Power & Light Co.
(4/5)
27, 1962 filed 672,299 common to be offered for
subscription by stockholders on the basis of one ivw
111. Sponsor—John
Co., 135 So. La Salle St., Chicago.
f ■
share for each
,
World
Office—Chicago, 111,
135 So. La Salle St., Chicago.
subdivisions
investment..
scription by
Corp./ /
electric
C.
Price—By amend¬
expansion and working capital.
Pacific
Inc., N. Y.
Newport, R. I. Underwriter—Stone
ties Corp., N. Y.
'
New
political
Oklahoma
("Reg. A") 9,007 common to be offered
for subscription by stockholders on a
l-for-16 basis.
Price—At-the-markeh Business—Generation and sale of
repayment
& Co.,
Feb. 8, 1962 filed 328,912 common,
1962
electricity
N.
and gas. Proceeds—For general corporate
Office—539 S. Main St., Findley, Ohio. Under¬
writers—First Boston Corp. and Lehman Brothers, N. Y.,
Underwriter—None.
March
Office—6125
duction of oil
Price—$11.
Business—A real estate management
company. Proceeds
—For debt repayment,
working capital, and general
corporate purposes.
Office—369 Lexington Ave., N. Y.
• Newport Electric
Proceeds—For
,
^777:''
7
Business—Sale and installation of automobile
cessories.
purposes.
Corp.
150,000 class A shares.
1962 filed
1961 filed
Pacific
ment.
Tax-Exempt Bond Fund, Series 4
17, ,1961 filed $15,000,000 of units representing
tures
Plan. Realty
24,
investment.
Nuveen
March
—"
(Competitive).
Equitable Securities Corp.-Eastman
Dillon, Union Securities & Co.,. (jointly); First Boston
Corp.; White, Weld & Co.; Halsey, Stuart & Co. Inc.;
Kidder, Peabody & Co. - Stone & Webster Securities
Corp. (jointly). Bids—April 4. at 2 Broadway (28th
floor), New York City.
Jan.
''7-77:
(3/26-30)
—
Nuveen &
77
Barrone
bidders:
La...Underwriters
10,
Big Wheel 7 77777 •
Oct. 26, 1961 filed 100,000 common.
Tax-Exempt Bond Fund, Series 3
;
17, 1961 filed $15,300,000 of units representing frac¬
be exempted from
For-
20, 1962 filed $8,000,000 of first mortgage bonds due
1992.
St.,
(4/4)
infor¬
Products
P-G
77
Price—By amendment.
Business—The Fund will invest in interest-bearing obli¬
gations of states, counties, and municipalities of the U. S.,
derwriter—Mayo & Co., Philadelphia.
Feb.
related
1962 filed 95,000 common, of which 60,000 are
by the company and 35,000 by stockhold¬
Price-TBy amendment. B u s i n e s s—Manufacture,
fractional interests
corporate pur¬
statistical
—
Nuveen
Service
of
share for each 20 held of record Mar.
Co., Toronto.
Philadelphia.
Business—Furnishing
Manufacturing Co., Inc.
110,055 common. Price—By amend¬
ment. Business
Manufactures appliance replacement
parts and accessories. Proceeds — For debt repayment,
expansion and working capital. Office—230 E. 162nd St.,
N. Y'. Underwriters—Kahn & Peck, Cohn & Co., N. Y.
Note—This registration was withdrawn.
://;
offered
ceeds—For
New Hope Academy of the Arts, Inc.
Jan. 17, 1962 filed 150,000 common. Price—$10. Business
—Operation of a school of performing arts for children
Public
•
Oct.
lieved to be exempted from Federal income taxes. Pro-
/ Business—Exploration,
develop¬
mining. Proceeds—General corporate purposes.
Office—90 Industry St., Toronto, Canada.; Underwriter—
Orleans
-
interests in the Fund. Price
By amendment.
Business—The Fund will invest in interest bearing obli¬
gations of states, counties and municipalities of the
U. S., and political subdivisions thereof which are be¬
Price—50c.
Rd.,
(4/16-20)
training personnel, new equip¬
ment, expansion and working capital. Office—75 W. St.*,
N. Y. Underwriters—Lenchner, Covato & Co., Inc., Pitts¬
burgh, Pa., and Harry Odzer Co., N. Y.
debt
tional
ment and
and young adults. Proceeds—For
general
Inc.
Proceeds—For
mation.
Nuveen
13, 1961 filed 475,000 common, of which 400,000 are
offered by the company and 75,000 by a stock¬
New
and
Processing,
Feb.
Oct.
be
Whitemarsh
For
Data
Price—$3.75.
(Co., San Francisco and Pacific Northwest Co., Seattle.
New Campbell Island Mines Ltd.
Office—152
—
PCS
expansion, and equipment. Office—5801 East Marginal
Way South, Seattle, Wash. Underwriter—Dean Witter &
repayment. Office—235 N. 9th St., Lincoln, Nebr. Under¬
writer—First Nebraska Securities Corp., Lincoln.
poses.
j
Price—$5. Business
cabinets
ex¬
Oct. 6, 1961 filed 100,000 common of wliich 25,000 are to
be offered by the company and 75,000 by stockholders.*
warehousing and distribution of a diversified line of
glass containers. Proceeds—For debt repayment, plant
filed
A. C. MacPherson &
•
24,
to be
ers.
At par. Business—Design and manufacture of steam and
hot. waterf boilers. Proceeds—For construction and debt
holder.
Proceeds
Northwestern Glass Co.
Jan.
Co., Inc.
$400,000 of first mortgage sinking
fund bonds due 1977 (with warrants) and
15,000 shares
of 6% series A convertible preferred (par
$10). Price—
to
wooden
/•
•
Nebraska Boiler
Oct.
(4/10)
repayment, expansion,
and working capital. Office—201-221 Godwin
Ave., Paterson, N. J. Underwriter—United Planning Corp., New¬
ark, N. J.7/7/,,7
.
1961
kitchen
of
Proceeds—For
pansion and debt repayment. Office—6701 N. Broad St.,
Philadelphia. Underwriter—Blair & Co., Inc., N. Y.
Corp.
common.
appliances.
(5/7-11)
19, 1961 filed 100,000 capital shares (with attached
warrants). Price—By amendment. Business—The oper¬
ation of bowling centers/ Proceeds-~For a
realty acqui-7
sition and working capital.
Office — 11 Commerce St.,
Newark, N. J. Underwriter—Jennings, Mandel & Longstreth, Philadelphia.,
.
29,
Products
Nov.; 29, 1961 filed 78,000
Oct.
Dec.
Wood
—Manufacture
Weeks, N. Y.
Nationwide
Public Service Co.
Finance Cos., Inc.
(3/19)
28, 1961 filed 200,000 common. Price—By amend¬
ment. Business—A finance company.
Co., Inc., N. Y.
-
work clothes and uniforms. Proceeds—For
holders.
blower &
Indiana
41
Oxford
Nov.
6, 1962 filed $20,000,000 of first mortgage bonds
series L due 1992. Proceeds—For working
capital. Office
—5265
Holman Ave.,
Hammond, Ind. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.; White, Weld & Co.; Equitable
Securities Corp.; Eastman Dillon, Union Securities &
Co.-Lehman
Brothers-Bear, Stearns & Co. (jointly);
Dean Witter & Co.
Blyth & Co., Inc. - Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly); Kuhn, Loeb &
'•Co.-American
Securities
Corp.
(jointly). Bids—April
10, 1962 (11 a.m. CST) at Harris Trust & Savings Bank,
.Chicago.
■■■ *
//;■',/•//"\
/
Corp. (5/7-11)
Oct. 30, 1961 filed 550,000 common.
Price—By amend¬
ment.
Business—Distribution of coin-operated insur¬
ance vending
machines to brokers at sporting centers.
Proceeds—For
inventory, advertising and working capi¬
tal.
Office—420 Lexington Ave., N. Y.
UnderwriterPacific Coast Securities
/Co., San Francisco, v
—
(1301)
March
Insurance
National Work-Clothes Rental
March 6, 1962 filed 500,000 common. Price
ment (max. $11).
Chronicle
cision electronic instruments.
Proceeds—Repayment of
debt, new product development, inventory and working
capital. Office—Terminal Dr., Plainview, N. Y. Under¬
Feb.
to
Financial
42
The Commercial and Financial Chronicle
(1302)
Thursday, March 15, 1962
.
•
Office—521 5th
Ave., N. Y. C. Underwriter—Hampstead
Investing Corp., N." Y. Note—This registration will be
withdrawn.
.ZZZ-'' *
Patent Research &
Development, Inc.
15, 1962 filed 150,000 common. Price—$5. Busi¬
ness—Design, manufacture and sale of new products in
various fields. Proceeds—For general corporate purposes.
Office—35 Third Ave., Long Branch, N. J. Underwriter
—Louis R. Dreyling & Co., Inc., New Brunswick, N. J.
tenance
Oct.
Continued from page 41
ceeds—For real estate,
ceeds—General corporate purposes.
N.
W., Washington, D. C.
Inc., Washington, D. C.
Office—1001 15th St.,
Underwriter—Balogh & Co.,
'N, Y.
Feb.
Pellegrino Aggregate Technico, Inc...:
Aug. 10, 1961 filed 130,000 class A common shares. Price
—$5. Business—The manufacture of building ^materials.
Proceeds—For payment of
income taxes and loans and
Office—Woodbridge-Carteret Road,
Port Reading, N. J. Underwriter—Mortimer B. Burnside
& Co., Inc., N. Y. Offering—Temporarily postponed.
for working capital.
holders. Price—By amendment. Business—Research and
engineering
devices
for
production of certain
missiles, oscilloscopes,
and
aircraft,
Penthouse
Feb.
28,
1962
Club,
Inc.
80,00(1
filed
of which 70,000
are to be offered by the' company and 10,000 by stock¬
holders. Price-^-$5.; Business-Operation of a private din¬
common,
ing and catering club and a motel. Proceeds^-For ex¬
pansion and working capital.1 0ffice05th & Locusts
Sts., Philadelphia. Underwriter—To be named.
Pennsylvania Real Estate Investment Trust
Feb. 21, 1962 filed 500,000 shares of beneficial interest.
Price—$10. Business—A real estate investment company.
Proceeds
For
debt
acquisition and
Saving
Fund Bldg., Philadelphia. Underwriters-^-Stroud & Co.,
Inc., Philadelphia, and Walston & Co., N. Y.
—
working
capital.
and
repayment
Address
2220 Philadelphia
—
Perfect Photo, Inc.
14, 1962 filed 154,800
Feb.
common. Price—By amend¬
Business—Photofinishing and the dis¬
photographic equipment and supplies. Pro¬
ceeds—For selling stockholders/ Office—4747 N. Broad
St., Philadelphia.
Underwriter—Bear, Stearns & Co.,
ment
(max. $20).
tribution of
N. Y.
Offering—Expected in late May.
,r'
Perpetual Investment Trust
9, 1961 filed 500,000 shares of beneficial interest.
Price—(For the first 10,000 shares) $10.80 per share.
(For the balance) Net asset value plus 8% commission.
Business—A real estate investment trust.
Proceeds--For
Power Co.
15, 1962 filed 536,221 common being offered for sub¬
scription by stockholders on the basis of one new share
for each 15 held'of record March 7, with rights to ert-i
pire March 21. Price—$39. Proceeds—For debt repay¬
ment and expansion*. Office—929 E St., N. W.y Washing¬
ton; D'. C. Underwriters—Dillon, Read & Co. Inc.; N. Y.
and Johnston, Lemon & Co., Washington, D. C.
Office—1613 Eye St., N. W., Washington,
Underwriter—Sidney Z. Mensh' Securities Co.,
Washington, D. C.
D.
C.
Pictronics Corp.
Jan.
V
18, 1962 filed 80,000
—Manufacture
:
Price—$5. Business
common.
of
professional audio visual and sound
recording equipment. Proceeds—Debt repayment, equip¬
ment and working
capital. Office—236 E. 46th St., N. Y.
Underwriter—Bayes, Rose & Co., Inc., N. Y.Y"
Pierce Proctor Schultte & Taranton
Investment Co., Inc.
Dec.
20, 1961 filed $465,000 of 10-year 8%
Price—$15,000
plans to
?
debenture.
debentures.
Business—The
company
organize
and sell real estate syndicates. Pro¬
general corporate purposes. Office—1807 N.
Underwriter—None.1
ceeds—For
Central
per
Ave., Phoenix;
Pioneer
Restaurants, Inc.
Dec. 21, 1961 filed
125,000 common, of which 75,000 are
to be offered by the
company and 50,000 by a selling
stockholder.
tion
of
Price—By amendment.
six
restaurants
in
Business—Opera¬
Sacramento.
Proceeds—For
expansion, debt repayment and working capital. Office
—1626 J
St., Sacramento.
Underwriter—Stewart, Eubanks, Myerson & Co., San Francisco.
Pir-O-Wood
Nov.
Industries, Inc.
28, 1961 filed 62,000
Sale
of
prefabricated
wood
and
Price—$5. Business
plastic specialized
components.
Proceeds—For general corporate
Broadway, N. Y. Underwriter
Malkan & Co.,
Inc., N. Y.
Office
1182
—
Plasticon
and
Arnold
bentures
a
water
proofing
of
a
plastic
solution.
protective
Proceeds—For
equipment, sales promotion, and other
porate
purposes. Office—507
writer— Arden Perin &
Fifth Ave.,
N. Y.
cor¬
Under¬
Co.> N. Y.
•
in
due
'
:
-v'
*■'
Y
:;v
-
$4,000,000 of 5%
subord. de¬
1971 and .200,000 class A shares to be of¬
conv,
25,000 units, each consisting of $160 of deben¬
tures and eight shares.
Price—$200 per unit.
Business
—Real estate and construction. Proceeds — For general
corporate purposes. Office—San Juan, Puerto Rico. Un¬
derwriters—Lieberbaum & Co., and Morris Cohon & Cft,
4
New York.
Products Co. (3/27)
1961 filed 160,000 class A common, of which
"
-
^
*
Pulp Processes Corp. Y
Y/Z 'Y/Y..- YU-YvYY:
/Sept. 20, 1961 filed 140,000 common. Price—$5. Business
Z—Development of pulping and bleaching devices. ProZceeds—General corporate purposes. Office—Hoge Bldg.,
Seattle, Wash. Underwriter—Wilson, Johnson & Higgins,
San Francisco. Note W This offering was' temporarily
postponed..■ Zyr- Z
;Y-Y • Y/.t:y\ Z"; - -;
133,333 are to be offered by the company and 26,667 by
present stockholders. Price—By amendment." Business—
Warehouse
distribution
of
corrosion
resistant
stainless
steel
pipe, tubing, valves, etc. Proceeds—For repayment
of
debt, expansion, and working capital. Office—352
Harrison St., Passaic, N. J. Underwriter—S. D. Fuller
& Co., N.
^
Precision
Dec. 28,
Automotive
1961 filed 100,000
'
Pyramid
ment.
Price—By amend¬
replacement
common.
Publications,/Inc. (3/26-30)
24, 1961 filed 115,000 common. Price—By amend¬
Nov.
Components Co.
Business—Publication
and
sale
of
man's magazine.
pocket-size
ment. Business—Manufacture of carburetor
paperback books and
parts.
Proceeds — For debt repayment, retirement of
6% pfd., and working capital.
Address — Ballwin, Mo.
Underwriter—G. H. Walker & Co., Inc., N. Y.
expansion, debt repayment, and working capital. Office
—444; Madison Ave., N. Y.
Underwriter—Milton D.
Blauner & Co., Inc., N. Y.
^
•
Precision
Instrument Co.
Y'Y Quaker City
(4/30) \
manufacture
;
(
Office—94 Gazza
—Meadowbrook
RF
Oct.
<\
Realty Corp. (4/9-13) v
Jan.» 29, 1962 filed 250,000 class B common. Price—By
amendment. Business—Acquisition and development of
real estate projects. Proceeds—For debt repayment and
the purchase of stock in subsidiaries. Office186 S.
Broadway/ White Plains. N. Y. Underwriter—Burnham
& Co., N. Y.
/
;
investment.
—D.
Office—485 Fifth
Gleich
&
Ave.,
N. Y.
(3/26-30)
-
of
40,000
radio
YYYY%; Y*.V.YY
1Y;-.V Y/- .Z Z..v-,Z:ZY/.
1,250,000 common. Price—Up to $4.
N. Y.
..»"r'
16,;1961 filed
Business—Company plans to build and operate an auto¬
mobile racing center. Proceeds—General corporate pur¬
poses.
"Office—21
N. 7th
writer—None.
.
Y
Radio Electric
St., Stroudsburg, Pa;. UnderZ:Z ZY'YY-" ;/:•/'Z
Service Co, of New
Jersey, Inc.
'
Jan. 23, 1962 ("Reg. A") 75,000 common, of which 67,500
will be offered by the company and 7,500 by stockhold-
■
*
Price—$4. Business—Wholesaling of electronic parts,
supplies and equipment and the retailing of high-fidel¬
ity and stereophonic equipment and components. Pro¬
ers.
Wilmington, Del.
Primex
Equities Corp.
Nov. 27, 1961 filed 400,000 shares of 60c cumulative con¬
vertible preferred, and 400,000 of class A
common, to
be offered in units of one share each. Price—By amend¬
Business—A
ceeds—For
1961 filed
Racing Inc.
Underwriters
Co., N. Y., and Laird, Bissell & Meeds,
Blvd.y Farmingdale, N. Y, Underwriter
Oct.
•
Prestige Capital Corp.
19, 1961 filed 200,000 common.; Price—$5. Business
—A small business investment
company. Proceeds—For
.
common. Price—$5. .Business
frequency interference; filters
and capacitors. Proceeds—For equipment, working cap¬
ital and other corporate purposes. Office—15 Neil Court,
Oceanside, N. Y. Underwriter—Arnold Malkan & Co.,
Presidential
Oct.
.
Securities, Inc., Hempstead, N. Y. -K/Z
Interonics, Inc.
30,
—Manufacture
N. Y, Underwriter—
'
Proceeds—For
Quality Brake Rebuilders, Inc. ;:z-YZ/Y/Y/'Y
Jani 3,> 1962 ^(r'Reg.' A")
300,000 common.
Price^—$i;
Business-—Rebuilding and reconditioning of automotive
brake shoes. Proceeds—For general corporate purposes.
75,000
^
enclosures.
equip¬
aadvertising and working capital; Office — 234
St., Brooklyn, N. Y. Underwriter—M. J. Merrit*
& Co., Inc., N. Y.
/.
*
.
Y'
>
are to be offered
by the company and 75,000 by stock¬
holders. Price—J3y amendment.(majt. $12); BusinessDesign and manufacture of microwave components. Pro¬
ceeds—For debt repayment and working capital. Office
—33 New Broad St., Port Chester,
Van Alstyne, Noel & Co., N. Y.
radiator
Russell
Co., San >Ffancisco.
which
and
ment,
-
<
of
IncftvY^
.
boiler
-
magnetic tape re¬
cording equipment. Proceeds—For debt repayment, con¬
struction and working capital. Office—1011 Commercial
St., San Carlos, Calif. Underwriters—Lehman Brothers,
Premier Microwave Corp/
Feb. 28, 1962 filed 150,000 common,
Industries,
Proceeds—For
28, 1961 filed 87,500 common;: Price—$4. Business
■'——Design and manufacture, of •. metal cabinets/ 'boxes,
of instrumentation
N. Y. and J. Barth &
a
Nov.
Dec. 28,1961 filed 125,000 capital shares of whidh 111,000
are to be offered
by the company and 14,000 by stock¬
holders. Price—By amendment. Business:—Development
property
real
estate
investment
acquisitions
Office-MJO Hawley St.,
—None.'
and
firm.
working
ceeds—For debt repayment, expansion, moving expenses
and working capital. Office—513-15 Cooper St., Camden,
N. J.
Underwriter—D. L.
Pro¬
capital.
Binghamton, ,N. Y. Underwriter
•
'/'///v:'''''
':/v-SY."; YZYYZYYV
Printing Corp. of America (3/22)
28, 1961 filed 454,OuO common. Price—By amend¬
ment. Business—Printing of t^ade and business periodi¬
cals and textbooks by lithography. Proceeds—For selling
stockholders. Office—71 W. 35th St., N. Y. Underwriter
—Goldman, Sachs & Co., N/Y£:/Ay'Y
; v;-*
Dec.
.
class A capital shares. Price
Business—Manufacture
coating
—
Chemicals, Inc. "■
Feb, 7, 1962 filed 150,000
$3.50.
inventory,
purposes.
,
Power Industrial
Nov. 22,
ment.
(3/19-23)
common.
(3/26-30)
24, 1961 filed
fered
.
investment.
Y_
Nov.
Feb.
and
Nov.
V.V-/Y
•
*"
.
:■
•
• Puerto Rico
Capital Corp.- (3/26-30)
Sept. 13, 1961 filed 300,000 common: Price—$10. Business
working capital. Office—7326 Westmore Rd., Rockville,; —A small business investment company. Proceeds—For
Md. Underwriters—Jones, Kreeger & Co., and Balogh &
-general corporate purposes. Address—San Juan, Puerto
Rico.. Underwriter—Hill, Darlington & Grimm,; N. Y.
Co., Washington, D. C. Note—This offering was post¬
Puerto Rico Land and Development CorpYYYYY
poned indefinitely.
•
6
r ;
it PenAm Realty & Development Corp.
12, 1962 filed 400,000 class A stock.
Price—$10.
Business—A real estate development company.
Pro¬
ceeds—For general corporate purposes.
Office—70 N.
Main St., Freeport, L. I., N'. Y. Underwriter—Underhill
Securities Corp., N. Y.
/'
Inc.
electronic vending machines and language teaching ma¬
chines. Proceeds—For expansion, repayment of debt and
Potomac Electric
March
''
/
(4/9-13)
541,000 common. Price—By amend¬
ment. Business—Book publishing. Proceeds—For an ac¬
quisition and other corporate purposes. Office—-1106 Con¬
necticut Ave., N. W., Washington, D. C. Underwriter-^Roth & Co., Inc., Philadelphia; Y
Y
jY;/"ZY;
Research, Inc.
June 7, 1961 filed 193,750 common shares, of which 150,000 will be sold for the company and 43,750 for stock¬
development,
Y
Publishers Co.,
Nov. 28, 1961 filed
Polytronic
electronic
of
dry cleaning and laundry equipment. Pro¬
sales promotion, acquisitions, and
working capital/Office—2484 W. Washington Blvd., Los
Angeles, Calif. Underwriters—Crosse & Co., Inc., V. S.
Wickett & Co., Inc. and Thomas, Williams & Lee, Inc\.
Policy-IVIatic Affiliates/ Inc. (4/2-6)
16, 1961 filed 2UU,UU0 capital snares. Price—$3.25.
Business—Leasing of insurance vending machines. Pro¬
.
Greenbaum-v&
Co., Phila. Y
Raiford's, Inc.
ZYZ/:: YZ'Y'Y.zY '; ■ Z'Z^rYY;1'Y "
Feb.
6, 1962 ("Reg. A")- 75,000 common. ; Price—$4.
Business—Operation of stores- which sell' prescription
shoes.
Proceeds—For
debt
repayment and
working
capital.
Office—62 Monroe
Ave., Memphis. Yunderwriter—M. A. Saunders & Co., Inc., Memphis. Y
;
.
•
Recco, Inc.
Oct.
(4/2-6)^-;',"
^
1961 filed 75,000 class A shares." Price — By
/ amendment.-Business—Operates record, card
and sta¬
tionery departments in discount.;stores. Proceeds—For
Producers Cotton Oil Co. (4/16-20)
ZY;/YY expansion. Office—1211-(Walnut St./ Kansas City, Mo.
Jan. 18, 1962 filed 200,000 common, Price—By amend¬
Z Underwriter—Midland Securities Co., Inc., Kansas City,
ment. Business—Growing cotton, operating cotton gins,
Mo.':
Z -Y;
•:/.
•; :
" Y-'Y'.-ZZ.-.- ZYv. :
processing cottonseed and selling raw cotton and cotton¬
Red Wing Fiberglass Products, Inc.
seed products. Proceeds—For expansion. Office—2907 S.
July 28, 1961 ("Reg. A") 260,000 common.:Price—$1.15.
Maple Ave., Fresno, Calif. Underwriters—Kidder, Pea; Proceeds
—
Debt repayment, building improvements,
body & Co., N. Y. and Dean Witter, San Francisco.
equipment, research and development, and working cap¬
Product Research of Rhode Island, Inc.
ital. Office—Industrial Park, Red Wing, Minn. Under¬
V
(3/26-30)
'
ZYY —
Y.
writer—York & Mavroulis, Minneapolis: Note—This let¬
July 28, 1961 filed 330,000 common shares. Price—$2.05.
ter was temporarily postponed.
Y ;
19,
■
Plasto-O-Tron, Inc.
-
Jan.
26, 1962 ("Reg. A") 84,666 common.
Price—$3.
Business—Design and manufacture of vacuum thermoforming machinery for production of plastic
packaging
materials.
and
sion
N. J.
Proceeds—For
working capital.
inventory, equipment,
expan¬
Office—60 Park PL, Newark,
& Co., N. Y.
Underwriter—Armstrong
Plymouth Discount Corp.
Aug. 28, 1961 ("Reg. A")
100,000 common. Price—$3.
Business—Consumer sales
financing. Proceeds—For re¬
payment of notes and
working capital. Office — 2211
Church Ave.,
Brooklyn, N, Y. Underwriter—M. Posey
Associates, Ltd., 50 Broadway, N. Y.
Pneumo Dynamics
Corp. (3/27)
Dec. 22
1961 filed
to be offered
Price-By
cision
for
ital*
150,000 common, of which 100,000 are
by the company and 50,000 by stockholders
amendment.'Business—Manufacture
hydraulic, pneumatic
marine,
and
mechanical
aircraft, ordnance and industrial
a£Quisition of
Cifice3781
E.
77th
use.
pre¬
Pro-
a company and working cap¬
St., Cleveland. Underwriter—
Hemphill, Noyes & Co., N. Y.
ton.
of
equipment
and Estabrook & Co., Bos¬
'
••
.
.
Business
The
manufacture
of vinyl plastic products
marine and household fields.
Proceeds—For repayment of debt, new equipment and
working capital. Office —184 Woonasquatucket Avenue,
in
used
North
—
the
automotive,
Providence, R. I. Underwriter—Investment Plan¬
East Orange, N. J.
ning Group,
Prom
Feb.
Motor Hotel, Inc.
19, 1962 filed 50,000 class A common. Price — By
(max. $10). Business — Company owns and
amendment
operates
a motor hotel. Proceeds—For expansion. Office
and Main Sts., Kansas City, Mo.
Underwriter—•
Barret, Fitch, North & Co.j Inc., Kansas City.
—6th
Prosper-Way,
Inc.
7, 1962 filed 85,500 common. Price—$3. Business
—Development and promotion of "one stop dry cleaning
and laundry"
establishments, and the sale and main¬
Feb.
/
Y YZ Y>
ZYY Y.
Electronics Corp.; March 1, 1962 ("Reg. A") 80,000 common. Price—$3.75.
Business—Wholesale distribution of automobile radios,
replacement parts/ air-conditioners, etc. PrOceedSr—Fbr
inventories, reseairch and development £ind; working
capital. Office—46-25 58th St., Woodside 77, N". Y. Un¬
derwriter—General Securities Co., Inc., Nl Y. ; '
Rego
Radio &
.
Regulators, Inc.
'-Z Z 'Y ';';Z 'r'
"Jan. 29, 1962 filed 75,000 common, of which 50,000 are
to be offered by the company'and 25,000 by Electronic
Specialty Co., parent. Price—$5. Business-Y-Design and
manufacture of, regulating and control devices used in
the
electric
and
electronic
fields.' Proceeds-^F'orv debt
working capital. Office—455 W. Main
St., Wyckoff, N. J. Underwriter—Myron A. Lomasney &
Co., N. Y.
repayment
and
Volume
Renta
195
Camera
Number 6142
...
The Commercial and Financial Chronicle
(1303)
43
International
holders.. Price — By amendment. Business
screen windows, doors, railings and handrails. Proceeds
Develops
and
prints' color, and black and white photographic
—For debt repayment and expansion. Office—Route
119/
accessories. •.
film. ProceedsFor equipment and
working capital/' Indiana, Pa. Underwriter — Moore, Leonard & Lynch,
Proceeds—For
advertising; equipment and reserves." Of¬
Office—245 7th Ave/ N. Y. Underwriter —
Federman, ' Pittsburgh.
fice—Virginia & Truckee Bldg., Carson
Stonehill & Co., N. Y.
City, Nev. Un¬
.*
/ f
■./•://'■/://../,'
• Sea-Wide
derwriter—None.;.
Electronics, Inc. (4/16-20)
///'.// / / • •'■/ ./ '< :;/7/.
;'
Rubber & Fibre Chemical Corp.Sept. 26, 1961 filed 200,000 common. Price—$4. Business^
•Republic-Franklin LifeInsurance Co. (5/14-18)
Sept. 25, 1961 filed 120,000 common. Price—$5. Business
—Importing of goods from Japan. Proceeds—For debt
Feb. 15,; 1962 filed
266,667 class A common;'Price-—$7.50.
—Exploitation of a new process for reclaiming .unvul-v repayment. Office—Stokely St., and Roberts Ave., Phila-Business—A legal reserve life insurance
canized rubber. Proceeds—Purchase of
company. Pro¬
equipment and
delphia, Pa. Underwriter—Janov & Co., Philadelphia.
ceeds—For debt
repayment; operating expenses and in¬ / existing plant building,
repayment of debt, and working
vestment. Office—12 N. Third
Security Acceptance Corp.
St/Columbus, Ohio. Un¬
capital. Office—300 Butler "St.; Brooklyn/N. Y. Under¬
March 7/ 1961 filed 100,000 shares of class A common /
derwriter—Robinson-Humphrey Co., Inc., Atlanta.. ; ;:
writer—To be named..
;////,;;//;//■/;:
stock and $400,000 of 1Vz% 10-year debenture bonds, to 1
Research
Products, Incr/Z///// i/■ ://>■ /// 7/7/
//■' Ruby Silver: Mines, Inc.«,; ■ /./
11 be offered in units consisting of $100 of debentures and *
Dee. 28, 1961 filed 250,000 common.
Price—$9. Business * ; Jan.- 2,, 1962 C'Reg. A")
2,400,000 common./ Price—12^/ 25 shares of stock. Price—$200 per "unit. Business—The
—Manufacture of lithographic blankets used in
printing.;
/cents. Business—Exploration and development of mineral ^ purchase of conditional sales contracts on home appli¬
Proceeds—For debt ; repayment and);
working\}capital/
deposits. Proceeds—For debt repayment/ and general ? ances: Proceeds
For working capital "and expansion. *
Address—Hato Rey, Puerto - Rico.
Underwriters—Gross :
corporate purposes. Address—Box 1088, Wallace,. Idaho/• Office—724 9th St., N. W., Washington/D. C.
Under¬
& Co., and Elmaleh &
Co., Inc., N. Y.
///7/V)// < ZZ/r 7I Underwriter—Pennaluna &
writer—None. Note—This registration was withdrawn. '
Co., Spokane, Wash. <
./
Resin Research
Laboratories, Inc. 1
/. • Rucker Co.
•/ / Security Aluminum Corp.
'•
'c/:
Feb, 27/1962 filed 105,000 common/
;/
*
7
Price—$3.50. Busi¬
Feb/*16, 1962 filed 129,000 common/of which 43,000 are ! Jan. 26, 1962 filed 200,000 common, Price—By amend-;
ness —; -Operation
of a laboratory for contractual
re-,
•to be offered by the
company and 86,000 by stockhold-/ ment/Business—Manufacture of alumnium sliding win¬
search, development and engineering in the chemical
dows and doors J: Proceeds—For equipment, moving ex¬
ers:i Price—By
field.- Proceeds—For expansion of
amendment/(max/;$13)/ Business—De-;
facilities/ debt repay- ■
penses and working capital.-Office—503 E. Pine Ave., s.
ment and working
capital./Office—396-406 Adams St., / sign, development, manufacture .and sale of electronic,/
Compton, -Calif. Underwriter—Vickers, MacPherson &electric,
hydraulic
and
pneumatic
control
Newark, N. J. Underwriter—Keene & Co., Inc., N. Y. /
systems/
Warwick, Inc., N. Y.
/Proceeds—For repayment of bank loans/ Office—4700
Rex Craft
Associates, Inc.
7
San Pablo Ave., Oakland, Calif.
Security Equity Fund, Inc.
Underwriter—SchwaDec. 27, 1961
("Reg.-A")/100,000 common. Price
$3.
bacher & Co., San Francisco./Offering,—
Expected in ; Dec. 14, 1961 filed 400,000 capital shares. / Price—Net/
Business—Design, installing and constructing packaged
asset value plus 6%. Business—A mutual fund. Proceeds
"May./:////://;;':;/://:://:
commercial interiors and exteriors for
buildings. Pro¬
—For investment. Office
700-Harrison St., Topeka, /
7
S. M. S. Instruments, Inc.
ceeds—For general corporate
purposes. Office—Route 315
Kan. Underwriter—Security Management Co., Inc., To¬
Nov. 28, 1961 filed 100,000 common.
& Vine St.,
Price—$3.25. Busi¬
Avoca, Pa. Underwriter—M. G. Davis & Co.,
.//;/ ■■/;'
:/ '
ness—Repair and maintenance of aircraft•<instruments / peka*Inc.," N. Y.4';^v
S
•
and accessories. Proceeds—For
Richmond Corp.
Seg Electronics Co., Inc. (4/16-20)
equipment, debt repay¬
Dec. 21, 1961 filed 142,858 common.
ment, and other corporate purposes/ Office — Idlewild / Sept. 28, 1961 filed 110,000 common/ Price—By amend¬
Price—$7. Business
International: Airport,
—A real estate investment
Jamaica/ N. YS Underwriter—< ment. Business—Design and manufacture of networks,
company. Proceeds—For debt
Febv
—
28/ 1962
;
("Reg./A^ 50,000-
Business—Rental
and
sale
of
•
common.. Price—$3
cameras
and
■
.
-
—
?
—
■
.
To be named.
repayment and
,
for
'
gene-al corporate purposes. Office—220
St., N. W., Washington, D. C. Underwriter—Hirschel/ /
Saladmaster Corp.
& Co., Silver
J an. 3, • 1962 filed $700,000 of 6%- siibord. convi deben-f
Spring,. Md. Offering—Expected in April.
•
tures due 1972 and 126,030 common1'
Ridge Tool Co.
(of which 15,399
shares are to be offered by
Dec. 28, 1961 filed 284,586 class A common.
the^company'and 110,631
Price—By
shares by stockholders). Price—For
amendment.
Business—Manufacture of pipe working
debentures/at par;
for stock, by amendment.'Business—Sale'of
tools and machines. Proceeds—For
kitchenware,
selling stockholders.
..
Ridgerock of America, Inc.
29,
1961 - filed
100,000
common.
Price—$2.50.
Business—Production of stone facing for buildings. Pro¬
ceeds—For
poses.
debt: reduction
Address
—
Brothers & Co.*
;
"
.
program
transmission, filters, transceivers
equipment. Proceeds—For equip¬
ment, research and development, repayment of loans and?:
working capital. Office—12 Hinsdale St., Brooklyn. Un¬
derwriter—Searight, Ahalt & O'Connor, Inc., N. Y.
Selective
food
cutting
machine.
Feb.
Proceeds—For
are
28,
Financial
be
to
1962 filed
offered
for
.
ment
real
(max.
estate
/
*>
-j.
.
a
Sampson Enterprises, Inc.
corporate pur¬
Underwriter — Baruch "
,
and
Selective
$8).
Business—A
concern, motor
Life held. Remaining 94,822 and any unsub¬
scribed shares will be offered publicly. Price—To public,
^
Feb. 28, 1962 filed 450,000 common. Price
and' general
Sebring, O.
Inc., N. Y.
and
Corp. •
500,000 common, of which 405,000
subscription by holders of the A;
debt repayment and general corporate"
purposes. Office Z B and C stock of Selective Life Insurance Co., an affili¬
—131 Howell St., Dallas.
Underwriter—Parker, Ford & ^ ate, on the basis of 4 company shares for each class A or
B share and two-thirds share for each class C share of
Cor, Inc., Dallas, f f .
'
*
tablewear
Office—400 Clark St., Elyria, Ohio.
Underwriters—White/
Wefld & Co., N. Y; and McDonald &
Co.,, Cleveland.
Dec.
data
and related electronic
K
By amend¬
company: for a
holding
-—
inn/shopping: centers, bowl-
$6; to stockholders, $5. Business—Company plans to en¬
gage in the consumer finance, mortgage,
general fi¬
nance
and related businesses. Proceeds
For general
corporate purposes/ Office—830 N. Central Ave^, Phoe¬
*
ing establishments, etc. Proceeds—For» debt repayments
and working capital, Office—222-E. Erie
St., Milwaukee.
nix. Underwriter—None.
/(3/26-30) !^ vV;::-7
Underwriters
Straus, BJo^er
McDowell, Chicago
Oct. 27/196 P filed 100,000 comrifion shares of
and Dempsey-Tegeler &
Ripley'and
7: Shaver Food Marts, Inc.
Co., Inc.,' St. Louis. /
•/
100,000; of Jomar to' be offered in - units consisting of one
Dec. 19, 1961 filed 170,000 class A : common, of which
Save-Mor Drugs, Inc.-" -'
share of each company. Price-—By amendment. Business
/ Dec. 28, 1961 ("Reg. A") $300,000 of 6%" 15-year subord. , 30,000 will be sold by the company and 140,000 by cer¬
—Manufacture of wood and plastic heels for women's
tain stockholders. Price
conv; debentures. Price—At par/ Business—Operation of v
By; amendment. Businessshoes, -metal molds and" dies, bowling pins, bowling*
a chain of1
drug stores. Proceeds—For general corporate / Operation of seven supermarkets in the Omaha-Council
shoes and related products. Proceeds—For
general cor¬
/Bluffs area." Proceeds—For expansion. Office—139 S/
purposes; Office—3310 New York Ave:, N. E., Washing¬
porate purposes. Office—4067 Folsom Ave. St. Louis and
ton, D. C. Underwriter—C. A. Taggart, Inc., Towson, Md. / 40th St., Omaha, Neb.' Underwriters—J.' Cliff Rahel 8c
Rio Piedras, Puerto Rico.
Underwriters^-Paine; Webber,
Co.; and Storz-Wachob-Bender Co., Omaha.
Schaevitz Engineering
Jackson- &-Curtis and American Securities•
Corp., N. Y.
Shelley* Manufacturing Co.
March 13, 1962 filed 150,000 common, of which'
100,000
>?>• Rising's Inc. /
;' ■. ■ f
Dec. 29/1961 filed 55,000 common. Price—$6.50. Business
are to be- offered by company and 50,000 by a -sellings'
Jan: 18/ 1962 filed
"100,000-capital shares. Price' ^-/ $3.
stockholder/'Price—By amendment (max. $10)/Business /—Manufacture* of automatic equipment for handling
Business—Distribution of electrical and electronic
parts,
—Design: and manufacture o*f measuring,., indicating,;/ packaged foods, and various food serving devices- Pro¬
components and equipment. Proceeds—For debt repay-,
recording, testing and controlling devices used in air- ? ceeds—For equipment, advertising, plant expansion and
ment and working capital. Office—451 N. Vermont
Ave.,
craft and missile systems. Proceeds *— For'
working capital. Office—3800 N. W., 32nd Ave., Miami,
expansion^
Los Angeles./Underwriterr—Garat &
Polonitza, Inc., Los
Fla. Underwriter—George; O'Neill & Co., Inc.; N. Y/ *
Address
U. S. Route 130, Pennsauken, N. J. Under-"
Angeles. Offering—Expected sometime, in April.
: /
:
• Shenk
writer—Bear, Stearns & Co., N. Y.
V
Industries, Inc. (3/26-30) j->7;.-'7'7//'
.
-/• Rite
Electronics; Inc.////
Nov. 28, 1961 filed 150,000 common, of which 135,000
Schenuit Rubber Co* / / //* /
J an'. 29, 1962 filed 62,000* common. *Price—$6. Business
shares are to be offered by the company and 15,000 by
| Fe]b. 26, 1962 filed 240,000 rclass A common. Price
By
—Sale and' distribution of
receiving tubes/ television
amendment (max. $17). Business—Manufacture of tires/ f a stockholder. Price—$6. Business—Manufacturer of repicture > tubes, M and electroinc components, parts and
/. and tubes. Proceeds—For selling stockholders. Office.— ; built automobile parts/ Proceeds—For debt repayment
equipment. Proceeds—For ari acquisition, equipment and
;
Railroad
&
Union
Aves.,
Baltimore. Underwriter—/ and working capital. Office—2101 S. High St., Colum¬
working. capital/Office—1927 New York Ave., Hunting¬
; Robert Garrett & Sons, Baltimore.
bus, Ohio. Underwriters—Rodetsky, Walker & Co., Inc.,
ton Station. N
Y. Underwriter—Robbins, Clark &
Co.,
N Y. and Boenning & Co., Philadelphia/
// 1
v
/•/• Schlitz (Jos.) Brewing Co.
>Inc./N. Y. Offering—In early June.v ,
•;
Siconor Mines Ltd.-'
7/7
March 2, 1962 filed 347,543 common. Price*— By
./ fl•//'""
amend-/
Roadcraft Corp.'- 777/7; v. ./
ment (max. $35). Business—Brewing of/"Schlitz''
and/ Sept. 18, 1961 filed 250,000 common. Price—By amend¬
Dec. 26/ 1961 filed 400,000 common.
Price—By amend¬
"Old Milwaukee" beers. Proceeds—For
selling stock-'/ ment. Business-—The exploratory search for silver in
ment.
•
iRiptey Industries, Inc., and Jomar Plastics,
Inc.
—
■-
»
—
_
(
.
'
—
-
•
,
•
-
—
,
■
■
,
.
.
f
s
Business—Design, manufacture
homes
and
porate
and sale of mobile
holders. Office—235 W.
trailers.
Proceeds—For
general cor¬
Office—139 W. Walnut Ave., Gardena,
Calif. Underwriter
Vickers, MacPherson &
—
^
Rochester Capital
Oct. 30,
•
Warwick,
Inc., N. Y,
m
Leasing Corp.
1961 filed $625,000 of
6%
convertible
//
-
1
nated/debentures due 1972 and-" 100,000 class A
.
(Walter J.)
-
..
5
V derwriter—None. ;
Offerings-Imminent.
Rona
Dec. 15,
/
Plastic. Corp.
1961 filed .200,000
* 7
'
•
* /
v
'f
v
School
Co., Cleveland.
-
-
Pictures/ Inc.;-*
////.Feb. 7, 1962 filed 60,000 common and 40,000 class A*
common/of which 41,864 common are to be offered by
the- company; the entire class A and
18,136 common -
common. sPrice—$5/ Business
/ will be offered by stockholders. Price—By amendment
plastic housewares, baby products ; and
($35 max.). Business—Company develops, prints, and*
other plastic items. Proceeds—For debt
repayment and
finishes "school pictures." Proceeds — For plant and/
other
corporate;, purposes. Office—1517 Jarrett Place,
,equipment, acquisitions, and working capital. Office—
Bronx, N. Y. Underwriter—Arnold Malkan &
Co., Inc.,
1610 N/ Mill St., Jackson,, Miss. Underwriters—EquiN/Y. Offering—Expected sometime in
table Securities Corp., Nashville, and
April.//.j/;/.//
Kroeze, McLarty
ic Rosenau Brothers, Inc. ' /'/-'•/
& Duddleston,
/7'ZJackson, Miss.
/
March 8/ 1962 iiled 300,000. common, of which
150,000
Seashore Food Products, Inc./ (4/16-20) : •
are to be offered
by the company and 150,000 by stock¬
./Aug. 29, 1961 /("Reg. A") 75,000 common.
Price — $4
holders.
Price—By amendment (max. $12). Business—
Business—The manufacturing and processing of assorted;
/Manufacture and. sale of girl's dresses and sportswear.
food products. Office—13480 Cairo
Lane, Opa Locka, $
Proceeds—For
debt
repayment.
Office—Fox St.
and
Fla. Underwriters—Terrio & Co.,
Washington, D. C. / .
Roberts Ave., Philadelphia.
Underwriters—Burpham & / • Season-All
Industries, Inc. (4/16-20)
/
/ ;
Co/ and Zuckerman, Smith & Co.,. N/Y. 7■/";
/Z/,//'/'//
Feb. 26, 1962 filed 100,000
common, of which 50,000 are
Royaltone Photo: Corp/i. (3/26-30) ?••'//./ /;.//..
-to be offered'by
company and .50,000 by stockholders.
Nov. 29,. 1961 filed 300,000 common, of which
100,000
Price—By amendment (max, $30). Business—Manufac¬
are to be offered by the
company and 200,000 by stock¬
ture and distribution of aluminum combination
storm."
—Manufactures
•
>
.
.
:
Signalite Inc.
Jan. 29, 1962 filed 126,000 common. Price—$4.50. Busi¬
purchase a like amount of class A common.
The
ness—Manufacture, sale and development of glow lamps
company plans to offer the securities in 5,500 units/each//for use as indicators and circuit components. Proceeds—
consisting of $1,000 of debentures-and warrants to pur-", For de.bt repayment,, equipment and working capital.
//to
^
Proceeds—For general corporate pur¬
Richmond St., West, Toronto, Canada/
Underwriter—None,
Corp.
offered in 12.500 units each
consisting of $50 of deben¬
/ chase 20 shares) for subscription by-holders of its class/
tures and eight shares. Price—$90
per unit. Business—
A stock and 10% debentures due 1976.
Price—By amend¬
Manufacture and sale of
furniture, equipment, and sup¬
ment. Business—General real estate. Proceeds—For acplies to schools, hotels, hospitals and industrial com¬
quisition of property. Office—67 W. 44th St., N. Y. Unpanies.; Proceeds—For working/capital. Office—8 " Jay
St:, Rochester/ N/Y*. Underwriter—Saunders, Stiver &
poses,: Office—62
Feb. 28, 1962 filed $5,500,000 of 6%% subordinated con¬
vertible-debentures due 1977 and 110,000 5-year warrants-
be
to
Schneider
'
•
subordi¬
northern Ontario.
Galena St., Milwaukee. Under*
writer—Glore, Forgan & Co., Chicago. Offering—In May//
purposes.
office
Office—1933
Heck
Ave., Neptune, N. J, UnderwriterN. Y. C//;/;;/
Milton D/ Blauner & Co.,
Site-Fab,
Inc.
Feb. 27, 1962 filed
135,000 common. Price — By amend¬
(max. $4). Business—Construction of homes. Pro¬
ceeds'— For debt repayment, acquisition of land and
working capital. Office — 1093 Frank Rd., Columbus,?
Ohio. Underwriter—H. P. Black & Co., Inc., Washington,
ment
D. C.
,//
/■•/ ;//.,
///
Sixty Realty Trust
Feb. 28, 1962 filed 350 common. Price—$1,000. Business
—Company plans to qualify as a real estate investment
trust. Proceeds—For general corporate purposes. Office
—909 Howard Bldg., Providence, R. I. Underwriters—G.
H. Walker & Co., Providence and Blair & Co., N. Y.
Ski
&
Recreation Corp.
^
Jan. 29,
1962 filed 120,000 class A common (with warrants)/Price—$4,45. Business—Development and Opera¬
tion of a ski, and year-round resort. Proceeds—For con¬
struction of the resort. Office—Sheridan Springs :Rd.,
Lake Geneva, Wis. Underwriter—To be named.
Sokol
•
Brothers Furniture Co.,
Inc.
Sept. 28, 1961 filed 240,000 common. Price—$2.50 Busi¬
ness—The instalment retailing of furniture, applian-es
z
*
"
•
Continued
on
page
44
•
44
Continued
The Commercial and
(1304)
from
43
page
and
other household
and
Sportsways,
working
N.
capital.
—
For expansion
buildings, repayment of debt and
Office—253 Columbia St.,; Brooklyn,
goods. Proceeds
Underwriter—To
Y.
be
Price—By
ture
named.
amendment,
and distribution
cessories.
which 50,000 are
by a stockholder.
(max. $7). Business—Manufac¬
>
,
diving equipment and ac¬
working capital; Office—7701
E.
Compton Blvd., Paramount, Calif. Underwriters—
Troster, Singer & Co., and Federman, Stonehill & Co., <
N. Y. .0-";
':7;V' ,7
•7.7///' 77:7 7
J 77,'//
Solid State
Products, Inc..
1, 1962 filed 110,000 common. Price—By amend¬
ment. Business—Development, manufacture and sale of
semiconductor devices. Proceeds—For a new plant, debt
prepayment and working capital. Office—1 Pingree St.,
Salem, Mass. Underwriter—Tucker, Anthony & R. L.
Day, N. Y.
7 7>\77/7;;■;7 7;/;VFeb.
•
:
Star Tank
;
.
Boat
&
Thursday, March 15, 1962
.
Corp., N. Y. Offering—Expected in mid-May.,
of skin
Proceeds—For
:
.
ceeds—For plant expansion and/working capital.. Office
—Hammondsport, N... Y.
Underwriter—First Boston.
(5/28-31)
Inc.
Feb. 20, 1962 filed 175,000 common, of
to be offered by company and 125,000
modernization of
Financial Chronicle
it Teaching Systems, Inc,
■< ■' • 'v.,'77/
^7 v\March 8, 1962
("Reg. A") 50,000 common. Price-42.
Business—Production and. v sale, of musical educational
records.
Proceeds—For equipment, sales promotion and
working capital. Office—1650 Broadway,/ N./Y. Under¬
writer—Ezra Kurean Co., N.
Y7/7/;,/•■///^7/7/"■ '77^
Co., Inc.
Technical'
Feb. 27, 1962 filed 307,000 common, of which 27,000 are to
be offered by the company and 280,000 by stockholders;
Price — By amendment (max. $18). Business — Manu¬
Animations,. Inc.--.
,,
c.
;
*
/
.
Nov. 30,
1961 filed $211,400 of 7% conv. subord. deben¬
tures due 1972 (with warrants) to be offered for sub¬
scription by holders of class A and class B common at
boats. Pro- 7
the rate of $100 of debentures for each 280 shares held.
Office—Goshen; Ind. Un¬
Price—$100 per unit ($100 of debentures and one war¬
derwriter—A. G.. Becker & Co., Inc., Chicago. Offering
rant to purchase 14 class A shares)/ Business—Design
—In May.
and manufacture of animated transparencies- and other
Starmatic-Industries, Inc.
technical training aids and displays/Proceeds—For debt
D. C. Underwriter—None.
„
Nov. 3, 1961 filed 100,000 common. Price—By amendrepayment, expansion, research; and working; capital.:
7
Sonic Development Corp. of America
ment.
Business — Manufacture
of boxes, brochures,; /
Office—11 Sintsink Dr., East Port Washington, N, Y.
Oct. 27, 1961 filed 56,000 common, of which 30,000 are
packaging materials and packaging machines. Proceeds
Underwriters—Bull & Low; John R, Maher Associates;
—For debt repayment and general corporate purposes.
to be offered by the company and 26,000 by stockhold¬
and R. Topik & Co., Inc., N. Y. Offering—Late March. 7
Office
252 W. 30th St., N. Y. Underwriter — To be
ers. Price—$5. Business—Design, development and man¬
it Technical Information Systems & Service, Inc.
named.
ufacture of devices using sound or fluids as a source of
;,
March 2,/1962
("Reg. A") 45,786 common. Price—$5,
• Steel Plant
energy. Proceceds—For general corporate purposes. Of¬
Equipment Corp. (3/27)
Business—Collection, storage, retrieval and dissemina¬
fice—260 Hawthorne Ave., Yonkers, N. Y, Underwriter
Oct. 2, 1061 ("Reg. A") 69,660 common. Price—$3. Pro¬
tion of basic component information for design engineers^
—Meadowbrook Securities Inc., Hempstead, N. Y.
ceeds—For equipment and working capital. Address—
Proceeds—For equipment, sales promotion, and research
Southeastern Propane Gas Co. (3/26)
Norristown, Pa. Underwriter—Joseph W. Hurley & Co.,
and development. Office—1430 W. Peachtree St., N. W.,
Jan. 30, 1962 filed 75,000 common. Price—By amend¬
Norristown, Pa.
Atlanta.i Underwriter—None.
'
;7?7 Solon Industries, Inc.
; v/;*
j7/; «V7/7/7/" 7/
Dec. 28, 1961 filed 75,000 common. Price—By amendment.
Business—Installation of its coin operated laundry equipment at designated 1 residential locations; Proceeds—For
selling stockholders. Office—115 L St., S. E. Washington,
,
facture of aluminum and fiberglass pleasure
ceeds—For (working
capital.
•
(
—
,
ment.
lated
poses.
Underwriters—A.
&
,
Business—Sale of liquefiedpetroleum /ga$ and re¬
Proceeds—For general corporate pur¬
Office — 617 du Pont Plaza Center, Miami, Fla.
Stelber
Cycle Corp.
Jan. 5, 1962 filed $240,000 of 8% convertible debentures
due 1972 and 60,000 common shares to be offered in
units, each consisting of one $200 debenture and 50
shares. Price—$500 per unit.
Business—Manufacture of
bicycles, tricycles and toy automobiles, Proceeds—For
products.
Co.,
C.
Co., Chicago and Bioren
Allyn &
Philadelphia.
Southeastern
Towing & Transportation Co., Inc.
("Reg. A") 100,000 common. Price—$3.
Business—Construction and operation of towing boats.
Proceeds—For debt repayment, conversion of a boat, and
working capital. Office—3300 N. W. North River Drive,
Miami, Fla. Underwriter—Irwin Karp. & Co., Inc., 68
William St., N. Y.
Nov.
29,
debt
Southern
Growth
ceeds—For investment.
Office—Poinsett Hotel
Insurance
tion of fish foods and
Pro¬
distribution
ventory.
rights to expire Mar. 21. Price*—$30. Business-—Genera¬
and
distribution
Panhandle
of
electric
Proceeds—For
area.
energy
debt re¬
purposes.
•
Spartan International Inc. (4/9-13)
Dec. 22, 1961 filed 175,000 common.
Price—$4. Business
—Manufacture of metal shower
receptors, precast
rceptors, prefabricated
metal
showers,
radiators and rope and twine. Proceeds—For
in Canada. Office—52-55 74th
a
•
baseboard
new plant
;
Spencer Gifts, Inc.
Price—By amendment. BusinessMail order, sale of general merchandise. Proceeds—For
debt repayment and working capital. Office—1601 Al¬
(4/30-5/4)
Nov. 29, 1961 filed 230,000 common of which
200,000 are
to be offered by the
company and 30,000 by stockholders.
Price—By amendment. Business—Manufacture of drug
and food products, electrical and electronic
devices and
precision machinery. Proceeds—For the purchase of cer¬
tain patents, repayment of
debt, and working capital.
Business—Broker and dealer
•
Sportsmen, Inc. (3/22)
29, 1961 filed $100,000
Underwriter—
vertible
debentures due 1977
of
6%
and
50,000
common
16',
1961 filed 250,000 common.
Business—A small business investment company.
ment.
Proceeds—General corporate
& '//
r
Price—By amend¬
purposes...
Office—1947 W.
Gray Ave., Houston. Underwriters—F. S. Smithers- & Co.,
N. Y., and Moroney, Beissner & Co., Inc., Houston,
•
26,
shares
1961
are
to
stockholders.
■"
Industries, Inc. (3/26-30) ;
V
175,000 common, of /which 150,000
be offered by the company and 25,000 by
Price—By amendment. Business—Manu¬
Texas Tennessee
Oct.
filed
..
Office—4417 Okechobe Rd.,
«
\.v
*Y
21, 1961 filed
ment. Business
—
.152,000
caster, N. H. Underwriter—Packer-Wilbur Co., Inc., N. Y.
Thunderbird
International
Hotel
Corp.
•
.
1962 filed 175,000 common. Price—By amend¬
ment ($10 max.). Business—Hotel ownership and man¬
agement. Proceeds — For construction. Office — 525 N.
Sepulveda Blvd., El Segundo, Calif. Underwriter—Vickers, MacPherson & Warwick, Inc.;,N. Y. /77"77'./7
West Palm Beach, Fla.
■
common.
Proceeds—For expansion
general corporate purposes. Office—Canal St., Lan¬
and
Price—By amend¬
2,
~
Production and distribution of school
("Toshiba")
Tokyo Shibaura Electric Co., Ltd.
year-books and commercial printing. Proceeds—For sell- 7 Dec. 8, 1961 filed 50,000,000 common shares to- be . of¬
ing stockholders. Office—6320 Denton Dr., Dallas. Unfered to stockholders on the basis of one new- share
derwriter—Dallas Rupe & Son, Inc., Dallas, Tex.
Taylor Wine Co., Inc.
.
Feb.
are
15,
to
1962
ness—Manufactures
filed
be coffered
210,312 common, of which'170,000
publicly by stockholders, and1 40,312
.
.
a
broad
Proceeds
line of electrical and
—
.7
v
777
*
7
Tomorrow's
ac-
$25)./.Business—Production of various type wines.;Pro-
tronic equipment.
Tokyo, Japan, Underwriters~-^None..
(max.
.
30./Price-^$0.125/Busielec?
For expansion. ;5 Office—
for each two held of record Dec.
shares for subscription by the stockholders for the
count of the company. -Price—By amendment
& Motti, Inc., N. Y. Offer¬
»
Oct.
Taylor Publishing Co.
glass household items. Proceeds—For general corporate
purpose.
Office—131 Saw Mill River Rd., Yonkers. N. Y.
ing—Imminent.
r. ■
Electro-Dynamic Capital/ Inc. 7 /
Jan.
Dec.
shares.
Underwriter—William, David
•,*'
Texas
construction of bowling alleys.
Underwriter—None.
to be
consisting of $20 of debentures and
Price—$60 per unit. Business—Design and
manufacture of fishing and
archery equipment and fiber
10
Paul.
Superior Bakers,. Inc.
28, 1962 filed 325,000 common, of which 294,000
are to be offered by the company and 31,000 shares by a
stockholder. Price—$3. Business—Manufacture and sale
ers.
con¬
offered in units, each
Miami, Fla. Un¬
of
parts and components. Proceeds—For selling stockhold¬
processing and
subordinated
Business—Manufacture
corporate
Underwriter—Crowell, Weedon
.
7 / ~' ~r / \ -v~;
"
("Reg. A")
Szemco, Inc.
Dec. 29, 1961 filed 66,666 common.
Price—-By amend¬
ment ($1.50 max.).
Business—Design and manufacture
of
ordnance, automotive, aircraft and' guided missile
Price — $2.50.
gold and silver bullion
7
1962
specialty steel castings for railroads, and mechanics hand
Thompson Manufacturing Co., Inc.
Dec. 22, 1961 filed 90,000 common, of which 80,000 shares
and working capi¬
Office—Salisbury, Md. Underwriter—Paine, Webber, 7> are to be offered by the company and 10,000 by stock¬
Jackson & Curtis, N. Y. Offering—Expected sometime
holders.
Price—$4. Business—Design and manufacture
in May.
7
:.:7;/;Vy
7..; '//
'
of special machinery for the paper industry and the
smelting. Proceeds—For a new refinery, debt repayment
and working capital. Office—E. William
St., Hopelawn
(Woodbridge), N. J. Underwriter—Flomenhaft, Seidler
& Co., N. Y. Offering—Imminent.
V
Nov.
(4/30-5/1)
Corp.
120,000 common. Price—$2.30.
a
machine for production of
tufted textile products. Proceeds—For debt repayment
and working capital. Office—4813 Tennessee Ave., Chat¬
tanooga. Underwriter—Irving J. Rice & Co., Inc., St.
31,
tools. Proceeds—For debt repayment
common.
in
and other non-ferrous me.tals. It also does
expan¬
tal.
Blair & Co., N. Y
Spiral Metal Co., Inc.
7, 1961 ("Reg. A") 100,000
Proceeds—For
—
bany Blvd., Atlantic City. Underwriter—Carter, Berlind,
& Weill, N. Y.
Dec.
circuits.
,
Potoma
J.
electronic
facture of water coolers, water cans and portable hot
Proceeds—For
debt
repayment
Aves., Atlantic City, N. J. Underwriter—Balogh & Co., .7 beverage dispensers.
and general corporate purposes. Office—6502 Rusk Ave.,
Washington, D. C.
Houston.
Underwriter
S. D. Fuller & Co., N. Y.
Symington Wayne Corp.
...
Thomasville Furniture Industries, Inc. (3 26-30)
Feb. 23, 1962 filed $5,005,700 of convertible subordinated ' Jan. 16, 1962 filed 343,551 common. Price—By amend¬
debentures due 1982, to be offered for subscription by
ment.
Business—Manufacture of household furniture.
common stockholders (and warrant
holders) at the rate
Proceeds—For the selling shareholders.
of $100 of debentures for each 38 common
Office—401 E.
(or warrants)
Main St., Thomasville, N. C. Underwriter—Hornblower
held. Price—By amendment. Business—Manufacture of
& Weeks, N. Y.
gasoline dispensing pumps, service station equipment,
of which 15,000 are
120,000 shares by a
N.
with
Ten-Tex
Jan.
of baked goods. Proceeds—For debt
repayment and general corporate purposes. Address—New York & Drexel
selling stockholder.
Hoboken,
nection
sion, research and development, acquisition a technical
library, and working capital. Office—200 S. Jefferson
St., Orange, N. J. Underwriter—Magnus & Co., N. Y.
Feb.
—
St.,
<
29, 1962 filed 125,000 common. Price—$3. Business
—Manufacture of "Tellite," a new material used in con¬
Sunset House
Blvd., Los Angeles.
Co., Los Angeles.
(L. B.), Inc. (4/16-20)
Oct. 30, 1961 filed 65,000 common.
Price—$5. Business—
Operation of retail furniture stores. Proceeds
For
•
Tellite Corp.
merchandise and operation of two retail stores. Proceeds
—For selling stockholders. Office—3485 S. La Cienega
Spears
Inc.
and
Jan.
Distributing Corp. (3/26-30)
14, 1962 filed 120,000 common. Price—By amend¬
ment (max. $20). Business—Mail order sale of general
Ave., Maspeth, L. I., N. Y.
Sperti Products,
N. W. 50th St.,
,
Feb.
Underwriter—M. H. Woodhill, Inc., N. Y.
Jan. 29, 1962 filed 135,000
common,
to be offered by the
company and
Office—3601
Proceeds—General
vr*
. d
New Jersey
derwriter—Finkle & Co., N. Y.
con¬
working capital. Office—2212 Third Ave., N. Y. Under¬
writer—Arnold Malkan &
Co., Inc., N. Y.
states.
'
other corporate purposes. Office—1017
Ave., S. E., Washington, D. C. Underwriter
—Turnbull, Deter & Sullivan, Inc., Charlottesville, Va.
repayment
|^innv Underwriter—Mid*
InvestmentsfXhc^'Minneapolis. *
southeastern
other advertis¬
of
Dairy Products, Inc. (3/26-20)
27, 1961 filed 110,000 common. Price—$4. Business
—Distribution of eggs and dairy products in Florida and
other
Manufactures illu¬
$1; for debentures, at par ($100). Business—Production
television programs, Proceeds—For equipment, debt
lighting
Sun City
working capital. Office—720 Mercantile
Dallas Bldg., Dallas, Tex.
Underwriter—Dillon, Read &
Co., N. Y.
Grand
Tele-Cine ^fnc«
Oct.
and
—
signs and
Dec. 29, 1961 ("Reg. A") 100,000 common and $100,000
of 6% 5-year subordinated debentures, Price—For stock,
Inc.
28, 1961 filed 90,000 common. Price—$3. Business
—Publishing and distributing telephone directories. Pro¬
ceeds—For repayment of bank loans, additional equip¬
ment, expansion and working capital. Office—60 N. State
St., Wilkes-Barre, Pa. Underwriter—G. K. Shields &
Co., N. Y.
Jan. 30, 1962 filed 442,362 common shares being offered
Office—730
;
Business
non-illuminated
and
ing material.
Proceeds — For debt repayment and
working capital.
Office — 3401 W. 47th St., Chicago.
Underwriter—Clayton Securities Corp., Boston.
Suburban Directory Publishers,
for subscription by stockholders on the basis of one new
share for each 20 shares held of record Mar. 6 with
crete
fluorescent
1961 filed $900,000 of convertible subordinated
due 1974 and 180,000 common to be offered
units consisting of $100 of debentures and 20 common.
minated
Dec.
Southwestern Public Service Co.
payment
in
of various types of fish
outdoor
(3/19-23)
Tel-A-Sign, Inc.
Price—By amendment.
.
working;, capital, equipment, in¬
Address—Winsted,
west Planned
Turner, Inc., Dallas and R. J. Edwards, Inc.,
of
.
debentures
Lighting, Inc. (3/26-30)
2, 1962 ("Reg. A") 260,000 comnjoi^Erice—&U5.
Business—Manufacture
Oklahoma City.
transmission
•
Sterner
Co.
...
1961 filed 100,000 common. Price—$3.25. Busi¬
Design and manufacture, of inert gas welding
Oct. 30,
aquarium supplies for hobbyists. Proceeds—For a
plant and working capital. Office—52 Cottage Plaza,
Allendale, N. J. Underwriter—Andresen & Co., N. Y.
devices. Proceeds—For
the Texas
product
new
Oklahoma?, and Arkansas. Proceeds-^For redemption of
surplus fund certificates and expansion. Office—5620 N.
Western Ave., Oklahoma City. Underwriters—Eppler,
tion,
new
and
Building,
Jan.
in
a
Industries, Inc.
21, 1962 filed 115,000 class A, of which 40,000 are
to be offered by the company and 75,000 by stockholders. Price—$6.
Business—Manufacture, sale and distribu¬
Dec. 26, 1961 filed 220,000 common. Price—By amend¬
ment. Business—Writes automobile casualty insurance in
Guerin &
and
■?
(4/9-13)
Inc.
equipment. Proceeds—For debt repayment, expansion
working capital. Office—153 Union Ave., East Ruth¬
erford, N. J. Underwriter—Scott, Harvey & Co., Inc.,
Fairlawn, N. J.
7 '
Berriman
expenses
—
Co.,
and
Sternco
Greenville, S. C. Underwriter-—Capital Securities Corp.,
Greenville, S. C. «
1
<
Southwestern
ness
Feb.
(3/26-30)
shares. Price—$6.
company.
moving
Office—744
Nov. 28,
St., Brooklyn, N. Y. Under¬
writers—Lloyd Securities, Inc., Richard Bruce & Co.,
Inc., and Reuben Rose & Co., Inc., N. Y.
/ -
Industries, Inc.
June 28, 1961 filed 100,000 common
Business—A small business investment
repayment,
line.
1961
Tec-Torch
•
_
Industries, Jnc. *
Feb. 16, 1962 filed 300,000 common, .of which 100,000 are
to be offered by the company ahd .200,000 by Stockhold?
..
.
!jl'
'
*
r
Volume
195
Number
6142
:
,
.
The Commercial and Financial Chronicle
(1305)
ers.v
Price—$6.
Business—Design, manufacture and sale
.
of women's and children's footwears Proceeds—For debt"
repayment, * -■ equipment,-; 'leasehold
working
capital;' Office—703
improvements
and
-
Bedford
Ave.,-Brooklyn,
N. Y.
Underwriter—Godfrey,; Hamilton, Taylor & Co.,
Inc., -N. Y. Offering—Expected sometime in May.
(
Torch
Twentieth Century Capital Corp/
1961 filed 250,000 common. Price—By amend¬
ment. Business—A small business investment company.
merchandising
Nov. 24,
Proceeds—For
S. La
general
stations.
purposes. * Off ice—134
corporate
St., Chicago. Underwriter—Bacon, Whipple
& Co., Chicago.
/,
trolled switches. Proceeds—For debt repayment,
con¬
expan¬
sion, and working capital. Office—1 Grove St.,-Mount
Vernon, N. Y. Underwriters—Godfrey, Hamilton, Taylor
&
Co., and Magnus & Co., N. Y.
,ji
Towers Marts International, Inc. (4/9-13)
1, 1962 filed 550,000 capital shares. Price
Feb.
amendment.
Business
—
—
By
Company builds and operates,
retail discount department stores. Proceeds—For expan¬
sion. : Off ice—41 E. 42nd St., N. Y. Underwriter—W. C.
Langley & Co., N. Y.
e
w
>'•'
;; '
"
"<
/
Traid
,
Corp.
12, 1962 filed 150,000 common. Price—By amend¬
ment (max. $9).
Business—Design and sale of special
cameras for scientific
photography. Proceeds—For gen¬
eral corporate purposes.
Office—17136 Ventura Blvd.,
Encino, Calif.
Underwriter—J. A. Hogle & Co., Salt
Lake City. Offering—Expected in mid-May.
Feb.
Trans-Alaska Telephone Co.: (3/26-30)
Nov. 29, 1961 filed 265,000 common, of which 250,000 are
to be offered by the company and 15,000 by a stock¬
holder.
Price—$6. Proceeds—For construction, and ac¬
quisition, repayment of debt, and other corporate pur¬
poses.
Office — 110 E. 6th Ave., Anchorage, Alaska.
Underwriter—Milton D. Blauner & Co., Inc., N. Y.
•
* Transcontinental Gas Pipe Line Corp. (4/18)
March 13, 1962 filed $40,000,000 of first mortgage pipe¬
line bonds due 1982. Business—Company owns and oper¬
ates/am interstate pipeline system/for the transportation
and sale of natural gas. Proceeds—For debt
repayment,.
Office—31 00 Travis St., > Houston, • Tex/ Underwriters— /
White, Weld & Co., and Stone & Webster Securities
;v/
Transdata, inc.
Ultra
Plastics
Inc.
T;-;
equipment,
Dec.
14,
Business
and miscellaneous concrete
products.
Proceeds—For debt repayment and
working capital. Of¬
fice—379
U-Tell Corp.
'''-'v't;
Sept. 18, 1961 ("Reg. A")
Business
("Reg. A")
of
73,500
new
and
used
Price
$3.
coin-operated
—
Research
United Aero
Products Corp.
.
conv.
Vahlsing, Inc.
Jan. 29, 1962 filed
100,000 common.
ment. Business—Grows,
Office—Easton, Maine. Underwriter—Pistell, Inc., N. Y.
Val-U Homes Corp. of Delaware
Aug. 28, 1961 filed 100,000 common. Price—$5. Business
—The manufacture of prefabricated
buildings and build¬
ing components. Proceeds—For working capital. Office
—765 River
St., Paterson, N. J. Underwriter
To be
named. /■ .7/>.7-7 :/V..,::77 7.:
v; /•
subord. deben¬
Business—Manufacture of
precision machined parts for the aircraft, missile, elec¬
—
industries.
Proceeds—Debt repay¬
/, '■
ment, research and development, expansion and working
Valle's Steak House
Dec. 22, 1961 filed
78,812 common, of which 55,736 are to
be offered by the
company and
-
Transport Industries, Inc.
16.
1962
("Reg.
A")
75.000
Business—Design and manufacture
mobile
Price
common.
of
truck
—
and
$4.-
auto-/,
brake
systems. Proceeds—For inventories/; ad¬
vertising and working capital. Office—Pearl & Elk Sts.,
Albion, Pa. Underwriter—A. J. Davis Co., Pittsburgh.
Tremco
Manufacturing Co.
Feb. 26, 1962 filed 150,000 class A common. Price — By
amendment (max. $15). Business—Producer of protective
coatings, sealants, mastics, paints, etc. Proceeds — For
selling stockholders. Office—10701 Shaker Blvd., Cleve¬
land. Underwriter—McDonald & Co., Cleveland. Offer¬
-
.
ing—In May. '•-v
///;;
Trenton
Foods, Inc.
Jan. 26, 1962 filed 100,000 common.: Price—By amend¬
ment.
Business—Preparation and packaging of meat
food products for other firms and the large scale breed¬
ing of pigs. Proceeds—For debt repayment, plant ex¬
pansion and working capital. Office—4733 Belleview,
Kansas City, Mo. Underwriter — Scherck, Richter Co.,
St. Louis.
•
-
Tri-Department Stores Associates
s
9, 1962 filed $2,436,000 of limited partnership in¬
terests. Price—$6,000 per interest. Business—Company
Feb.
United Investors Life Insurance Co.
Dec.
15,
1961
filed
562,500
■
of which 472,100
shares are to be offered for subscription by stockholders
of Waddell & Reed,
Inc., parent, on the basis of one
United
share
for
each
two
common,
Waddell
shares
held.
remaining 90,400 shares will be offered to certain
sons
associated
with
derwriters—H.
and
per¬
ment.
;
1480
Lake
(3/26-30)
Nov. 29, 1961 filed 102,000 common.
Price—$3. Business /
—A general
packaging business. Proceeds — For .new
machinery, debt repayment and working capital.: Office
—4511 Wayne Ave.,
Philadelphia. Underwriter—God¬
frey, Hamilton, Taylor & Co., Inc., N. Y.
"
rail
passenger cars. Proceeds—For selling stockholders.
Office—80 E.
Jackson Blvd., Chicago.
Underwriter—
William Blair & Co., Chicago.
Vassar
,/
U. S. Controls, Inc.
: \
Sept. 28, 1961 filed 40,000 units (each consisting of two
Corp.
(4/2-6)
Dec. 27, 1961 filed 124,900
common, of which 55,000 are
to be offered by the
company and 69,900
by stockholders.
common
Price—By; amendment.
and
.
distribution of
duction
For
of
debt
Business—Design,
aids
for
manufacture
hair
styling, and the pro¬
eyebrow pencils, lip liners, etc. Proceeds—
repayment, equipment and working capital.
Office—585 Gerard Ave., N. Y. Underwriter—J. R. Williston & Beane, N. Y.
Underwriter—Darius, Inc., N. Y.
Electronic
books. Proceeds—Debt repayment,
expansion and work¬
chines.
Trygon Electronics Inc.
Corp., N. Y.
(4/2-6)
Price—$6. Business—Design, manufacture and sale
of power supplies. Proceeds—For debt repayment and
working capital. Office—111 Pleasant Ave., Roosevelt,
ers.
L. I., N. Y.
N. Y.
•
Tucker
Underwriter—William, David & Motti, Inc.,
Steel
Co., Inc. (3/21)
("Reg. A") 12,500 units, each consisting
shares and one (par $10) 7% convert¬
ible subordinated debenture due April 1, 1972. Price—
$20 per unit. Business — Steel fabricating. Proceeds—
Plant additions, inventory and debt repayment. Office—
2000 A St., Meridian, Miss. Underwriter—McCarley &
Co., Inc., Asheville, N. C.
\/
Feb.
23,
of two
1962
common
.
Turbodyne Corp.
~
Underwriter—Rosmar
Jan.
•
-
Toronto.
—
Inc.
Publications, Inc. •
o
("Reg. A") 100,000 common. Price—$3.
Business—Publishing of military and industrial hand¬
Dec. 22, 1961 filed 100,000 common, of which 52,000 are
to be offered by the company and 48,000 by stockhold¬
s,
Rd.,
Vapor Corp.
v:.
Feb. 2, 1962 filed 156,762 common. Price
By amend¬
ment. Business—Manufacture of steam
generators for
diesel locomotives; temperature control
systems for rail
cars,: buses and aircraft; and door control devices for
Underwriter—Adler Securities
.
Shore
Corp., Ltd., Toronto.
Sept. 26,
the fee
:
Price—By amend¬
Business—National distributor of automotive parts
Canada. Proceeds—For
selling stockholders. Office—
in
formed for the purpose of acquiring for investment
title to three discount department stores. Pro¬
ceeds—For debt repayment. Office—30 E. 42nd
St., N. Y.
was
i
Essex,
Co., Inc., N. Y.
&
Van Der Hout Associates Ltd.
Nov. 29, 1961 filed 100,000 common.
,
S.
•//;
pyrotechnics industries. Proceeds—For debt
repay¬
and general corporate
purposes. Office —
Conn./Underwriter—McDonnell
Reed, Inc., Kansas City,
Mo., and Kidder, Peabody & Co.; N, Y, Offering—Ex¬
pected in late April.
*
1
'
;;
' /
<U.
:,//;>A./'/:/.\
ment
parent company or its sub¬
Price—By amendment. Business—A legal re¬
serve life insurance
company. Proceeds—For the account
of Waddell & Reed. Office—20 W. 9th
St., Kansas City,
Mo. Underwriters—Waddell &
>
Co., Portland, and R. W.
Valley Metallurgical Processing Co. (3/26-30)
Oct. 23, 1961 filed 70,000 common.
Price—$15. Business
/ —Production of metal powders for the rocket, munitions
The
shares and one warrant). Price—$4.50 per unit.
Business—Manufacture of automatic control systems.
Proceeds—For repayment of debt, a sales and advertis¬
ing program, research and development, equipment and
working capital. Office — 410 Fourth Ave., Brooklyn.
Payson &
•
the
Packaging Co.,
•
•
1961
San
•
investment. Office—20 W. 9th
Street, Kansas City, Mo.
& Reed. Inc., Kansas
City, Mo.
Offering—Expected in late April.
Underwriter—Waddell
(3/19-23)
("Reg. A") 115,000 common. Price—$2.50.
Business—Operates coin-vending machines for food and
drink. Proceeds
For expansion and working capital.
Office—28 O'Brien
Place, Brooklyn, N. Y. Underwriter
—Ezra Kureen Co., N. Y.
^
:
I:
.
:•
'
-
Offering—Expected
sometime
in
June.
as
Golfit. Proceeds
For debt repayment and
Office—1 Bala Ave., BalaCynwyd, Pa. Underwriter—D. L. Greenbaum Co., Phila¬
delphia. Offering—In late June.
—
Industries, Inc.
1961 filed 95,000 common. Price—$2. Business
—Design, assembly, production and sale of creative arts,
crafts, hobbies and educational toys. Proceeds—For debt
repayment. Office—68 Thirty-third St., Brooklyn, N. Y.
Dec. 26,
• Universal
Foods Corp. (3/21) "
v
Jan. 25, 1962 filed
104,196 common, of which 47,248 are
to be offered by the
company and 56,948
Underwriters—Globus, Inc., and Ross, Lyon & Co., N. Y.
Vitamin Specialties Co.
St., Milwaukee. Underwriter—Smith, Barney & Co., N. Y.
N. Y;
Francisco.
Victor
Visual Arts
—
Price—By
amendment.
Business—Production of
yeast and other food products. Proceeds—For possible
diversification and acquisitions. Office—221 E. Buffalo*
(4/9-13)
Nov. 6, 1961 ("Reg. A") 100,000 capital shares.
Business — Sale of vitamin products and
•
Universal Lighting Products, Inc. (3/26-30)
~
Sept. 21, 1961 filed 175,000 common.. Price—$1. Business
—Manufacturer of lighting fixtures and
display and
$1.
ma¬
an
general corporate purposes.
Sept. 29, 1961
ment, research and development, a new plant and working capital. Office — 1346 Connecticut Avenue, N. W.,
Washington, D. C. Underwriter—Sandkuhl & Co., Inc.,
vending
Proceeds—For
known
*
Univend Corp.
ers.
—
Electronics, Inc.
Jan. 23, 1962 filed 150,000 common.
Price—$5. Business
—Manufacture, lease and sale of an amusement device
by stockhold¬
-
'
.*
acquisition and general cor¬
porate purposes. Office—1290 Bayshore
Blvd., Burlingame, Calif. Underwriter—Pacific Coast Securities
Co.,
United Variable Annuities Fund, Inc.
'
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
March 2, 1962 filed 127,500 common. Price—$5. Business
—Research, development and production and overhaul¬
ing of gas turbine engines. Proceeds—For debt repay¬
Vendex, Inc.'>•
12, 1962 ("Reg. A") 300,000 common. Price
Business—Manufacture of coin operated
ing capital. Office—480 Lexington Ave., N. Y. Under¬
writer—Douglas Enterprises, 8856 18th Ave., Brooklyn.
/;
stock¬
Portland, Maine. Un¬
M.
Pressprich & Co., N. Y.
sidiaries.
United
a
Price—By amendment. Business—The opera¬
tion of four restaurants in Maine and
Mass. Proceeds—
For expansion, debt
repayment and general corporate
purposes. Office—646 Forest
Ave.,
■V' United Camera Exchange, Inc.
Jan. 29, 1962 filed 105,000 common.!
Price—$3. Business
—Operation of retail camera stores. Proceeds—For ex¬
.
23,076 shares by
holder.
postponed.
—
Feb.
Price—By amend¬
packages, and ships fresh frozen
Proceeds—For inventory, and
working capital.
potatoes.
tures due 1971. Price—At par.
nuclear
Business
—
"
Sept. 28., 1961 filed $600,000 of 6%
Price—$5.
regulators for oil, chemical
acquisition of land,
equipment and working capital. Office—1445 Lidcombe
Ave., El Monte, Calif. Underwriter
California Inves¬
tors, Los Angeles.
&
and accessories. Proceeds—For expansion^ working cap¬
ital, and possible acquisitions. Office —■ Pacific National
Bank Bldg./Bellevue^Wash. Underwriter—To be named.
store.
and missile industries. Proceeds—For
Unishops, Inc.
,1962 filed 275,000 common, of which 25,000 are
to be offered by the
company and 250,000 by stockhold¬
ers.
Price—By amendment (max. $16). Business—Re¬
tailing of men's and boys' clothing. Proceeds—For work¬
ing capital. Office—15 Linden Ave., East, Jersey City,
N. J. Underwriter—Hornblower &
Weeks, N. Y.
pansion and general corporate purposes. Office—25 W.
Capital, Inc.
43rd St., N. Y. Underwriter—M. G. Davis &
Co., Inc.,
Nov; 27, 1961 filed 47,000 common.
Price—By amend-, ?;N. Y.
?
'
ment. Business
Manufacture of high pressure valves
Trans-Pacific
$5.
—
Vacco Valve Co.i:/.V">:./<:.'///;/• /.L/t
Feb. 12, 1962 filed
100,000 common.
—Production of valves, and
'
common.
.
•
common. Price
discount department
a
—
/. capital. Office—Columbus Rd., Burlington, N. J. Under¬
Nov. 29, 1961 filed 100,000 common. Price—$5. Business
writer—* Hess, Grant &
Remington, Inc., Philadelphia.
^Research and development in the data arid image
Note—This offering was indefinitely
processing and .transmission field. Proceeds—For debt
repayment rind other corporate purposes/ Office—1000
N. Johnson Ave., El Cajon, Calif. Underwriter—N. C.
Roberts & Co., Inc., San Diego. '
33,097
Operation of
Offering—Imminent.
Feb. 26
and
—
Office—3629 N. Teutonia
Ave., Milwaukee, Wis. Under¬
writer
Continental Securities Corp.,
Milwaukee, Wis.
vending and recreational machines. Proceeds—For gen-;
eral corporate purposes. Office—166
Clymer St., Brook¬
lyn, N. Y. Underwriter—Capital Consultants Corp., N. Y.
tronics
17th St.,
Ogden, Utah. Underwriter—SchwaCo., San Francisco. Offering—In May.
bacher &
•
Purchase
—
pipe,
telephone conduit
.'/-///
Vending Service, Inc.
1961
capital,
Utah Concrete Pipe Co.
:'Xy
Uneeda
working
Feb. 8, 1962 filed 110,000 common. Price —
By amend¬
ment (max. $10). Business —
Manufacture and sale of
concrete pipe, masonry
products, corrugated metal
St., Philadelphia. Underwriter
:—To be named.
J.
leasehold expenses and other
corporate purposes. Office
Republic National Bank Bldg., Dallas. Under¬
writer—Rowles, Winston & Co., Houston.
Sept. 19, 1962 filed 175,000 class A common. Price—$4.
Business—Manufacture of urethane foam board and the
production of new patented plastic signs. Proceeds—For
equipment, debt repayment, inventory and working capi¬
tal. Office—875 North 28th
Westwood,' N.
—2300
Tyler Pipe & Foundry Co. (4/2-6 ):V'l;'?vJan. 25, 1962 filed 120,000 common.
Price—By amend¬
ment. Business—Design, development and manufacture
of cast iron products.
Proceeds—For selling stockhold¬
ers.
Office—Lindale Rd., Swan, Texas. UnderwriterFirst Southwest Co.,
Dallas^"'
•
Ave.,
Y.
Feb. 14, 1962 filed 250,000 class A and
250,000 common to
be offered in units of one share of
each class. Price—
$5.05 per unit.
Business—Manufacture
of
urethane
foams.
Proceeds—For
.
Business—Design and manufacture of time
Bergenline
Urethane of Texas, Inc.
■
Rubber Co.,
Inc.
v '■>* ' • t .'V
21 Brands, Inc. (4/9-13)
'
:
s
Jan. 26, 1962 filed 110,000 common. Price—$3.50. - Busi¬
Dec. 22, 1961 filed 800,0001
common, of which 550,000
ness—Manufacture of Waterproof rubber footwear. Pro¬
are to be offered
by the company and 250,000 by stock¬
ceeds—For equipment, moving expenses, expansion and
holders. Price—By amendment. Business—Distribution
working capital. Office—1302 Inwood Ave., N. Y. Un¬
of imported and American wines and Whiskies. Proceeds
derwriter—Carroll Co., N.'Y.
—For debt repayment, expansion and
working capital.
;Tork Time Controls, Inc. (3/26-30)
Office—23 W. 52nd St., N. Y. Underwriters—A. C.
Allyn
Pec. 12, 1961 filed 150,000 common. Price—By amend¬
& Co., and Hornblower & Weeks.
;
r ;
f
/
*
ment.
—
Office—55
Underwriter—Globus, Inc., N.
Salle
.
equipment for use in gasoline service
Repayment of debt and working
Proceeds
capital.
45
•
Price—$3.
proprietary
drugs. Proceeds—For debt repayment and working cap¬
ital. Office—3610-14 N. 15th St., Philadelphia. Under¬
writer—Woodcock, Moyer, Fricke & French, Inc., Philadelphia.
;
%
-• ^
4
; \
*. ■*,
.
s
'
:
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'
•
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1
;
Continued
on
page
46
46
,
(1306)
Continued from
The Commercial and Financial Chronicle
.1
page
45
'
.
r
Proceeds—For
,
debt
Voi-Shan
Industries, Inc.
Co.,n.,y.
100,000 common. Price—By amend¬
ment. Business
Design and manufacture of, specialty
engineered industrial components. Proceeds—For selling
^stockholders. Office—739 E. Walnut St.,; Pasadena, Calif.
^Underwriter—A. G. Becker & Co., Inc., Chicago.; Offer¬
Feb.
28, 1962 filed
•
/
Corp.
Western States Real Investment Trust
installation
,
and
servicing
Ohio
;
•
f
Aurora,;Colo.
of. industrial;and
•
•/'■
1
'
'
,
I
;
.
Offering—Expected sometime in April.
Wade/Wenger-ServiceMASTER
(4/2-6)
28, 1961 filed 140,000 capital shares. Price^-By
"
i"
r
maceuticals and medical products. Proceeds—For
corporate purposes. Office—91
•
<
.
:
Underwriter—Harriman Ripley
&
•
60,000 are to
stockholder.
Price—$6.25. Business—Sells Cessna Airplanes and sup¬
also repairs and services various type airplanes.
For expansion and general corporate pur¬
plies;
Proceeds
—
Memorial Airport, E.
iUnderwriter—White & Co.,5 Inc., St. Louis.
Office—Civic
poses.
•
Warlick
Press,
;
Alton,
111.
Nov.
;i
■.*'eral
'
Los
•
>
*
Washington Mining Corp.
!
28,
shares
("Reg. /A"); 150,000. common. ?Price—$2.
exploratory mining operations for
mercury.' Proceeds —: For debt repayment: and general
corporate purposes. Office —:708:JN.i Carr St., jTacoma,
filed
1961
are
—
$4.
135,000
ATTENTION
Do you have
'
common,
which
of
&
2,; 1962
\V*l» '
y
•••
i
;
UNDERWRITERS!
issue you're planning to register?
Corporation News Department would like
Our
45,000
an
to know about it
to be offered by the company and 90,000 by
that
so
can
we
prepare an item
similar to those you'll find hereunder.
Price—By
Would
corporate purposes. Office—124 E. Olympic!Blvd.,
Angeles. Underwriters—Schwabacher & Co., and J.
JNL Y.
Office—2263 Valdina St., Dallas. * Un¬
derwriter—Eppler, Guerin & Turner,, Inc., Dallas.
Price
common.
amendment. > Business—Design
:and manufacture of ladies' dresses. Proceeds—For gen-
Inc.
working capital.
75,000
(4/9-13)
(Norman);Co.
stockholders.
j
'Jan.
?March
Wiatt
Barth
25, 1962 filed 180,000 common. Price—By amend¬
ment. Business—Printing of legal and financial docu¬
ments.
Proceeds—For debt repayment, equipment,, and
~
("Reg. A")
lighting fixtures.'Proceeds—For debt repayment, equip¬
ment and working: capital.
Office—5221 W. Jefferson
Blvd., Los Angeles. Underwriter—Costello,- Russotto &
Co., Los Angeles.
Aviation, Inc.
Oct. 30, 1961 filed 90,000 common, of which
be offered by the company and 30,000 by a
Lighting Co.
26, 1962
Laboratories,: Inc.
1961 filed 120,000 common. Price—$4.50. Busi¬
ness—Development and manufacture of ethical pharma¬
ceuticals, non-prescription drugs, vitamins, etc/ Proceeds
—For repayment of debt and working capital. Office—
150 S. Dean
St., Englewood, N. J. Underwriter—Sulco
Securities, Inc., N. Y. :
• ;
yv':
/Business—Manufacture and distribution of electrical and
\
Walston
White
Feb.
engages in the mortgage loan, correspondent; business.
Proceeds—For selling stockholders. Office-^-llll Hart¬
Dallas.
Zenith
Underwriter—
:!
Nov. 22,
capitals
ton, D. C.
Investments, Inc.
Bldg.,
.
marketing, product develop¬
Office^-4903 Auburn: Ave./
Bethesda, Md.i Underwriter—Weil & Co., Inc., Washing¬
ment and-working
Feb.
Co., N. Y.
City, N. Y.
Paine, Webber, Jackson & Curtis, N. Y,
lication of technical papers,
Underwriter—Laren Co., N. Y.
ford
Proceeds — To finance increased accounts re¬
ceivable and for other corporate purposes. Office—21-09
Borden Ave., Long Island
Inc. >
Price—$3.75. * Business
—Rendering of consulting, services pertaining to elec¬
tronic system analysis. * Proceeds—For expansion, pub¬
cleaning and moth-proofing of rugs, furniture, etc. Comalso manufactures and sells cleaning ^equipment
supplies to franchise holders. Proceeds—For debt
repayment, new building and equipment and other cor¬
porate purposes. Office, — 2117-29:N. Wayne, Chicago.
12, 1962 filed 400,000 common. Price—By amend¬
ment (max. $22).*Business—Company makes short-term
real estate loans, acquires, develops and sells land, and
v
r
Youthcraft Creations, Inc.
(3/28)
Dec, 6, 1961 filed 130,000 class A shares, of Which 20,000
are to be offered
by the company and 110,000 by stock¬
holders. Price—By amendment.
Business—Design and
manufacture of foundation garments for
"juniors"' and
Oct. 5, 1961 filed 65,000 common.
and
:
general
women.
White Electromagnetics,
on-location
rpany
Wallace
.
Main St., Madison, N. J.
Underwriter-—Andresen & Co., N. Y.
Dec.
v
t
.
,
Wham-O
be named.
.
* >'; ,7
y'v Wynlit Pharmaceuticals, Inc.
T
Dec. 28, 1961* filed 125,000 common.
Price—By amend¬
ment.' Business—Development and manufacture of
phar¬
-
amendment. Business—Sale of franchises for
.
Wulpa Parking Systems, Inc.
Oct. 13, 1961
("Reg. A") 75,000 common, Price-r-$4.
Business—Company plans to manufacture a parking de¬
vice called the "Wulpa Lift." Proceeds—To
open loca¬
tions and increase working capital. Office—370 Seventh
Ave., N. Y.Underwriter—Ehrlich, Irwin & Co., Inc., Ijf. Y.
Cprp.j
;>>
was postponed indefinite¬
* ' ;•• "
y *
A
Mfg. Co. (3/20)
Dec. 26, 1961 filed 145,000 common, of which 72,500 are
ing of background music. Proceeds—For tooling, pro¬
to be offered by the company and 72,500 by stockholdduction, engineering, inventory and sales promotion of
its products and for working capital.
Office — 1230 E. & ers. Price—By amendment. Business—Design,; manufacture and sale, of toys and games,. sporting goods and
Mermaid Lane, Wyndmoor, f Pa.
Underwriter, —. John
I housewares. Proceeds—For working capital. Office—835
.1 Joshua & Co., Inc., N. Y.
E.iEl/Monte %St., San; Gabriel, ( Calif. Underwriter-»—To
commercial communications equipment and the furnish¬
of
ly.
?
St., Aurora, Colo,; Underwriter—Westco
Ursula
Ltd.
Co., N. Y. Note—This offering
13, 1961 filed 32,000 shares of beneficial interest.
Price—$6.25. - Business—A small. business investment
company.
Proceeds—For investment./ Office—403
Corp.(4/23-27)
'
July 28, 1961 filed 100,000 class A shares. Price — $3.
Business—The manufacture of electronic test equipment,
sale,
'
•
Fund
common. Price—$100. Busi¬
plans to invest primarily in equity se¬
foreign issuers. Office—Bank of Renhuda
Bldg., Hamilton, Bermuda. Underwriter — Burnham &
curities
Nov.
Y% Underwriter—Andresen & Co.,;N. Y.
/the
,v
Thursday, March 15, 1962
.
ness—The Fund
\■.
29, 1961 filed 213,734 common to be offered for
subscription by stockholders on the basis of two new
shares for each 3 held.,Price—By amendment. Proceeds
—For expansion., Office—335 Euclid Ave., Cleveland.
Underwriters — McDonald & Co., and Ball, Burge &
Kraus, Cleveland.
\
1962 filed 190,000 class A shares. Price—$10.25.
Business—Preparation - of technical publications.': Pro¬
ceeds—For selling stockholders.* Office-7-241 Church St.,
Voron Electronics
of
Co.
Assurance
'
.
Sept. 19, 1961 filed 100,000
Dec.
Jan. 29,
,N.
■
Life
Western: Reserve
(4/2-6)
ing—Expected sometime in May.
Volt Technical
—
r.-«
—
,
Worldwide
— 3243
Wilshire
Kidder, Peabody &
repayment. Office
Blvd., Los Angeles. Underwriter
.
write
you
us
telephone
REctor
at
us
.
2-9570
or
at 25 Park Place, New York 7, N. Y.
/
Co., San Francisco; and Bear, Stearns & Co.,
,-j^ :v
Widman
(L. F.), lnc.
(3/19-23)
Prospective Offerings
/
Oct. 27, 1961 filed 162,000 common, of which 102,000 are
to
be offered by the company and \60,000 by stockholders.; Price—$3. Business—Operates a chain of retail
drug stores. Proceeds—Expansion, equipment and work¬
ing capital. Office—738 Bellefonte Ave., Lock Haven, Pa.
Alabama
Power Co.
(5/31)
■
On Jan. 12, ,1962 it was reported that this
subsidiary of
the Southern Co. plans to offer $17,000,000 30-year first
mortgage bonds in June.- Office—600 N. 18th St., Bir-
•
•
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
i mingham, Ala.
Underwriters—(Competitive) Probable
Wiggins Plastics,i Inc. (3/26-30)
'
ybidders: j Blyth r>& Co. Inc.-Kidder, > Peabody ?:& 1 Co.
20, 1961 <VRpg. A") 100,000 common. Price*-$3.
(jointly); Morgan Stanley & Co.; First. Boston'Corp.;
i Business—Custom
Eastman Dillon, Union Securities & Co.-Equitable Secu¬
compression,; transfer and injection
Wash. Underwriter—None.
rities Corp.-Drexel & Co. (jointly); Lehman
molding of plastic materials. Proceeds—For * debt reBrothers,
Waterman Steamship Corp.
>
payment and general corporate purposes.1 Office—180 ; Halsey, Stuart & Co. Inc. Bids—Expected
May 31.:
Aug. 29, 1961 filed 1,743,000 common.. Price—By amend¬
t Kingsland Rd., Clifton, N. J.
Underwriter—Investment
ment.
Business — The carrying of liner-type cargoes.
•;/•»•• Assembly Products,^ Inc.
(Planning Group, Inc., East Orange, N. J. '
Proceeds—For the purchase of vessels, and working cap¬
/ March 12, 1962 stockholders authorized company to issue
ital. Office—71 Saint Joseph St., Mobile, tAla. Under¬
Wiley (John)
Sons, InCi (5/1)
up to $1,250,000 of conveirtibleu debentures.' The proposal
writer—Shields & Co. Inc., N. Y. (mgr.). .Offering—Ex¬
fFeb. 21,> 1962 filed 150,022 shares of capital.; Price — By
to change the company's name to
API, Inc., was post¬
amendment.
Business—Publication
of text
pected sometime in late May.
books for
poned because of certain legal' problems./Business—
college, post-graduate and adult education courses, and /Manufacture
of
Weinkles Liquor Stores,; Inc.
electro-mechanical
instruments 'and
■k professional
books, encyclopedias, handbooks, etc. Proequipment. 3 Proceeds—For working capital/ Office—75
Dec. 27, 1961 filed 165,000 common, of which 80,000 are
vceeds—For selling stockholders./ Office—440 Park Ave.,
/Wilson Mills Rd.,; Chesterland, O. a Underwriter—To be
to be offered by the company and 85,000 by stockhold¬
"N/.Y. Underwriter—White, Weld & Co., Inc., N. Y. ;
named. The last public financing by the
ers. Price—$4.50. Business—Retail sale of liquor in and
company (sale
Business—Conducts
:
.
i
Oct.
.
^
,
,
.
working capital/Office
Ave., Miami, Fla. UnderwriterCharles Plohn & Co., N. Y.t Offering—In, April.
about Miami, Fla. Proceeds—For
N.
—2305
W.
Welcome
Baby, Inc. * (3/26-30)
1961 filed 75,000 common. Price—$2. Business
—Company renders direct mail publics relations, sales
promotion and advertising services to mothers on behalf
D.vE. Liederman & Co., Inc., N.
of retail stores. Proceeds—For debt repayment
was
Dec.
•
purposes.
•
and gen¬
was
T
,
Inc.
underwritten by L. B.
.
-
_
-
.
-
was reported that this company £lans
"Reg. A" eovering 135,500 Common. Price—$1.
Business—Operates a communications network for the
to
products.
indefinitely postponed.
Sept. 25, 1957)
on
"March. 14, 1962 it
Business—The printing of towels and other
Proceeds—For repayment of loans.
Office—2357 S. Michigan Ave., Chicago. / Underwriter—
textile
common
Schwinn & Co., Cleveland.
Auto Machine Systems,
Price—$2.
28,
eral corporate
of
Windsor Texprint, Inc.
Aug. 25, 1961 filed 265,000 common, of which 250,000 are
to be offered by the company and 15,000 by stockholders.
12th
•
file
a
purchase ,and sale of used cars.^Proceeds—General corporate purposes. Office—Westbury, L. I., N. Y. Under¬
Y.Note—This offering
,
writer—T. M. Kirseh Cor,'Inc.," N.
Y.'y/'.
Electronics,-Inc.
;1; • Baltimore 7 Gas & Electric Co.
;
Dec. 28, 1961 filed 125,000 common. Price—$4. Business
••March 9,. 1962 it was reported that this
company plans
—Design and manufacture of precision electrical and
.: to
issue about $25,000,000 of first mortgage bonds in
electronic measuring devices and test equipment. -Pro/ the second half of 1962 or early 1963.
Office—Lexington
ceeds—For debt repayment and other corporate pur¬
and Liberty Sts., Baltimore 3, Md.
Underwriters—(Com¬
poses. Office—1005 First Ave., Asbury Park, N. J. Under¬
petitive). Probable bidders:; Halsey, Stuart 8c Co. Inc.;
writer—Amos Treat & Co., Inc., N. Y.
White, Weld & Co.-First Boston Corp. (jointly); HarriWolf Corp.
man Ripley
>
'•;•" /
& Co.,, Inc.-Alex. Brown & Sons (jointly).
Jan. 26, 1962 filed $4,500,000 of 6.5% convertible sub¬
-.;ic Boss-Linco Lines,/Inc. v.
' ./:v;
ordinated debentures due 1977 (with attached warrants)
--•March-2, 1962 an application was filed with the ICC'covto be offered for subscription by stockholders of class
ering 115,000 class A common shares/of which 15,000
A stock on the
Office—210-07 48th Ave., Bay-
Winslow
side, N. Y. Underwriters—Globus, Inc., and First Phila¬
delphia Corp., N. Y.
:
V.
.
•
West Bay
-
i
Financial Corp.
^
March 7, 1962:("Reg. A") ;60,000 common. Price — $5.
Business—A savings and loan association. Proceeds—For
expansion, investments and possible acquisition of simi¬
lar businesses.? Office — 1275 W. Redondo Beach Blvd.,
Gardena, Calif.^Underwriter—Mitchum,/Jones
pleton, Los Angeles.
•
West Falls
&
,■*
.
Tem-
,
•
Shopping Center Limited Partnership
(4/16-20)
Nov. 14, 1961
;
.
basis
filed $444,000 of limited partnership inter-
class
Development of a shopping center at Falls Church, Va.
Proceeds—For general corporate purposes. Office—1411
St., N. W., Washington, D. C. Underwriter—Hodgdon
& Co., Inc., Washington,. D. C.
Wolverine
$58).
and
each four held.
Price—By amendment
types
of
insurance. ••Proceeds—To
(max.
increase
Lincoln Park,
Detroit. ..
.,
capital funds. Office—916 Walnut St., Kansas City, Mo.
Underwriter—Kidder, Peabody
Co., N. Y.
1
Western Pioneer Co.
*
Corp.
.
.
Columbus
-
.
Dec.
11,: 1961
million of
.
South
Capital Corp.
it was reported
common
High
,
that
this
newly formed
St.,
.
Co., plans to sell $10 to $20
spring. Office—297
Columbus, O.
Underwriter—To
be
stock in the late
named.
.
.
Columbia
to
and other reference books." Proceeds—For repayment of
Gas
Systems,
Inc. (6/7)
reported that this company plans
debentures due 1987. Office—120
bidders:
debt,
*
and 100,000 by certain
Business—A. motor freight
company
Small Business Investment
Publishers, Inc. (4/2-6)
filed 300,000 common«. snares, i Price—By
amendment.r Business—The publishing of encyclopedias
*
by the
serving the principal cities of New York State.
Proceeds—For working. -capital./ Office—226 OhioSt.,
Buffalo, N. Y. Underwriter—Doolittle & Co., Buffalo.
.
Mich. Underwriter—F. J. Winckler & Co.,
/
sold
carrier
.World Scope
July 31,
(4/23-27)
1962 filed 371,750 capital shares of which 175,000
are to be offered by the company and. 196.750-by stock¬
holders. Price—By amendment (max. $42)..Business—
The making of loans secured by first liens on real estate.
Feb, 19,
Aluminum.
*
be
;stockholders. .Price—$7.75.
St., N. Y. Underwriter
By amend¬
ment (max.,$6.50). Business—Processing and manufac¬
turing of aluminum building products. Proceeds—For a
new building
and equipments Office^—1650 Howard St.,
Business—Writing of automobile, general liability
other
would
held.
March 5, 1962 filed 100,000 common. Price
Surety Co.
(4/16-20), ~
Feb. 16, 1962 filed 187,500 capital shares to be offered for
subscription by stockholders on the basis of one new
share for
estate.
of $500 debentures for each 100
Price—$500 per unit. * Business—
Proceeds—For ,:debt repayment and realty
shares
acquisitions. Office—10 E.,40th
—S. E. Securities, Inc., N. Y.
K
Western Casualty &
A
Real
ests to be offered in 444 units. Price—$1,000. Business—
■
On Mar. 7,
1961
working
capital and
general
corporate
Office—290 Broadway, Lynbrook, N. Y.
Standard Securities Corp., N. Y.
1962 it
was
$25,000,000 of
E./41st St., N.-Y.t Underwriters—(Competitive). Probable
Merrill Lynch, Pierce, Fenner & Smith Inc -
purposes.
Underwriter—
sell
•
White, Weld & Co., (jointly); Morgan Stanley & Co •
Halsey, Stuart & Co., Inc.: Bids — Expected June 7
(11:00 a.m. EST) at the company's office.
' •
-
Volume 195
:
■
Number 6142
.
.
The Commercial and Financial Chronicle
,
that this company plans to
pell about $40,000,000 of securities, probably first mort¬
gage bonds, about mid-year. Proceeds—For construction.
Jan.: 10, 1962 it was reported
,
Ventures
Corp.
.
as a Japanese Government financial insti¬
supply long-term funds to Japanese industry
for promotion of economic reconstruction and industrial
development. Office—Tokyo, > Japan. Under writers—T o
be named.'The last sale of bonds on Oct. 3, 1961 ($20,-
Proceeds—For general corporate purposes. Office
'—NewYork- City.Uriderwriter — Hampstead Investing
,Corp., N. Y.
/ ;/
'X//1/
shares and lease-of each other's jet planes during their
respective busiest seasons. The CAB later disapproved
this plan and ordered the airlines to;divest themselves
of
>•
Miss.
Underwriters
(Competitive). Probable bidders:
& Co.-Equitable .Se¬
Delaware Power A:tight Co.
;
v';
V.; curities Corp. (jointly)/Halsey, Stuart & Co. Inc.; Jderrill Lynch, Pierce, Fenner & Smith Inc.; Bids—Expected
•March .9; 1962 it was reported that the company has post¬
April 12. Registration—Scheduled for Mar. 16.
poned until early ^Spring of 1963, its plan to issue addi¬
tional common stock., : The offering would be made to
!', Missouri I Pacific RR(4/17) ■
common Stockholders first on the basis of > one share for
Feb, 21, 1962 it was reported that this company plans to
,eaeh 1(1 shares held, Pased .on the number of shares out- 1 issue
$5,925,000 of equipment trust certificates due an¬
standing on Dec. 31, 1961, the sale would involve about
nually/Mar. 15, 1963-77, Office—Missouri Pacific Bldg.,
:418,536; shares'.' ^Proceeds—For construction. Office—600
St. Louis. Underwriters—(Competitive). Probable bid¬
/Market St., Wilmington, Del. Underwriters—(Competi¬
ders: Halsey, Stuart & Co. Inc.; Salomon Brothers &
tive). Probable bidders: Carl M.: Loeb; Rhoades & Co.;
Hutzler. Rids—Expected Apr. 17.
I
W. C. Langley & Co.-Union Securities Co.
(jointly);
Lehman Brothers; First Boston Corp.; White, Weld &
Monterey Gas Transmission Co.
Co.-Shields &, Co. (jointly); Kidder, -Peabody & Co.April 24,1961 it was reported that Humble Oil & Refin¬
Merrill Lynch, Pierce', Fenner & Smith Inc. (jointly).
ing Co., a subsidiary of Standard Oil Co. of New Jersey^
and Lehman Brothers, had formed this new company
/ Devoe A Raynolds Co., Inc.
to transport natural gas from southwest Texas to Alex¬
Feb. 28, 1962 it was reported that 400,000 shares of this
andria, La,, for sale to United Fuel Gas Co., principal
firm's stock would be offered publicly, of which 200,000
supplier to other Columbia Gas System companies.
It
shares would be sold by the company and 200,000 by
is expected that the pipeline will be financed in part by
Merritt-Chapman & Scott Corp., which, now holds 96.9%
public sale of bonds/ Underwriter — Lehman Brothers,
of the total outstanding. Business—Manufacture of in¬
New York City (managing).
;
dustrial finishes and paints. Office—401 W. Main St.,
.National Airlines, Inc.
/Louisville, Ky. Underwriter—To be named.
May 8,1961, it was reported that the CAB had. approved
) Florida Power Qorp...
the company's plan to sell publicly 400,000 shares of
Feb. 28, 1962* it was .reported that the company plans to
Pan American World Airway's Inc., subject to final ap¬
sell $25,000,000" of first mortgage bonds in May, and
proval of the Board and the SEC. The stock was or¬
additional common' stock in the fall.-Stockholders have
iginally obtained under a Sept# 9, 1958 agreement under
preemptive rights. Office—101 Fifth St., South, St. Peters- * which the two carriers agreed to a share-for-share ex¬
burg, Fla. Underwriters—To be named. The last sale of
change of 400,000 shares and the lease of each others jet
bonds on Oct. .21, I960 was made through Halsey, Stuart
planes during their respective busiest seasons. The QAB
& Co., Inc. Other bidders were: Kidder, Peabody & Co.late^, disapgrc^ye^ this plan and ordered the airlines to
^ Merrill Lynch, Pierce, Fenner & Smith, Inc. (jointly) tf.
;divest vthepiselves of the stock. Price
About $20 per
Lehman Brothers-Blyth & Co, (jointly); Eastman Dillon,'
,share. Froceeds—To repay,a $4,500,000 demand loan, and
Union Securities & Co.-Harriman Ripley.& Co. (jointly);
other corporate purposes. Office—Miami International
First Boston Corp. The,last, rights offering of common
Airport, Miami 59,, Fla: Underwriter—Merrill Lynch,
1 on.. May 114, 1959 was underwritten by Kidder, Peabody
•>.& .Co., and Merrill Lynch, Pierce, Fenner & Smith, N. Y.
Nevada Northern Gas Co.
Feb. 28, 1962 it was reported that this subsidiary of
/
Florida Power & Light Co.:
>
;
Southwest Gas Corp., plans to sell $2,000,000 of common
Sept. 18,s 1961,"it was reported -that the company niay isstock publicly in May. Office—2011 Las Vegas Blvd.,
sue $25,000,000; of bonds in the second half of 1962. Office
South, Las Vegas, Nev. Underwriter—Eastman Dillon,
; —25 S. ,E. 2nd Ave.,;Miami, Fla. Underw.ritei>—To be de¬
Union Securities & Co., N. Y.
termined by competitive bidding. Probable bidders: MerNew England Electric System (5/29)
/ rill
Lynch; Pierce, Fenner & Smith Inc. and - Kidder,
Feb. 13, 1962 it was reported that this company plans
Peabody & Co. i(jointly); Halsey, Stuart & Co., Inc.;
White, Weld A/Co.; First Boston CorpBlyth & Co., Inc. ; to offer stockholders in June the right to subscribe for an
..additional .872,876 common shares on a l^for-15 basis.
":ic- Ford 'Motor. Co. •;// \:-,r•v'/.• •V'
Officev-441 r Stuart- St., Boston, Mass. Underwriters—
■;
March 14; 1962, it was: reported that the Ford 'Foundation'~
(Competitive). Probable bidders: Blyth & Co.-Lehman
plans to issue 2,250,000 shares of the Foundation's holdBrothers-Bear; Stearns & Co. (jointly); Carl M. Loeb,
tings of : Ford Motor common/ stock. Office —1 American
/Rhoades & Cp.-Ladenburg, Thalmann & Co.-Wertheim
Road, Peairborq,, Micb- Underwriters — To be named.
& Co. (jointly); Merrill Lynch, Pierce, Fenner & Smith
Previous- offerings of Ford, Motor stock by the Founda?
: Inc.rKidder, Peabody & Co .-White, Weld
& Co/ (joint¬
/xion were "underwritten bygroups headed by Blyth &
ly),. Bids—May 29. Registration—Scheduled for April 12.
; Co., Inc. (mgr.)-First Boston Corp.-Goldman; Sachs &
Northern Illinois Gas Co.
>' r\
Co'.-Kuhn,; Lpeb .& Co: Lehman Brpthers^Merrill Lynch,;
Feb. 28, :1962 it was: reported that the company, expects
Pierce, Fenner, & Smith Inc.-White1, Weld> & Co.-(joint*
to raise $125,000,000 to finance its 1962-66 construction
*ly). Offering—Expected in late April.
;
/ ;
program. About $25,000,000 of this, in the form of a debt
\
Georgia Power C6. (11/7)
issue, will be sold in the second half of 1962. Office—
k On Jan. 12, .1962 it was reported that .this subsidiary of
615 Eastern Ave./ Bellwood, 111. Underwriters—To be
the* Southern Co. plans to off^r ,$23,000,000 30-year first
named. The last sale of bonds on July -14, 1960, was
i mortgage: bonds
in November. Office—270 Peachtree
handled by : First * Boston Corp. Other bidders were:
) Bldg;, Atlanta. vGa. Underiyriters--r(Competitive). Prob- "
Halsey, Stuart & Co., Inc.; Blyth & Co., IncrEquitable
* able Mdders/Halsey/Stuart & Co., Inc.; Harriman RipSecurities Corp. (jointly); Glore, Forgan & Co.
1 ley & Co., Inc.; Blyth >& Co., Inc.; Kidder, Peabody A
^Northern Natural Gas Co.
(Co.-Shields & Co. (jointly); Equitable Securities Corp.Feb. 28,. 1962 it was reported that the company's 1962
I Eastman Dillon, Union Securities & Co. (jointly) ;:First
expansion program^ will require about $40,000,000 of
% Boston. Corp.; Lfehman Brothers;; Morgan Stanley .& Co.
external financing, to be obtained > entirely from long
■i Rjds—Exp&cted Nov.; 7. •/ Registration—Scheduled ,for
or short term burrowing. Office—2223 Dodgq St., Omaha,
>4-';;/'/: 5;" V j/; ^
Neb. Underwriter—To be named. The last- sale of de¬
Georgia paWer Cd.^Cli/7)' •"'///:-V>:
/v./,-. bentures on Nov.
16, 1960 was handled on a negotiated
1 On Jan, 12,. 1962 if was reported .that this subsidiary of
basis by Blyth & Co., Inc.# N. Y.
;
i. the Southern. Cp.
plans" to /offer ..$7,000,000 of preferred ;
Norton Co. '•
^
"-'/
/ rtock^ inj; November • Office—270 Peachtree Bldg./ AtJan. 17, 1962 it was reported that this closely held com¬
i lanta, Ga. ^Underwriters—1 Competitive); - Probable bidpany had postponed until at least the second quarter
) ders: Blyth ;&/. Co., Inc.; /First Boston Corp.; Morgan
of .19.62 its original, plan to make. a public offering, of
: Stanley dc Co.; Eastman Dillon, Union Securities & -C.o.-'
Equitable Securities Corp/ (jointly); Lehman Brothers. tits stock, due to the inability to obtain a favorable tax
ruling from the IRS. Business—Manufacture of various
/ Bids—Expeeted -Nov. y7.
Registration—Scheduled for.
abrasives and cutting/machines. Office—New Bond St.,
Oct. 5.
t
"yV
''"y
:V*'.
Worcester, Mass. Underwriter—To be named.
;
House of Koshu, Inc.
Oceania International, Inc.
Nov. 13, 1961 it was reported that this company plans
Dec. 27, 1961 it was reported that this company plans to
, to file & registration covering
65,000; common. .pricer-$5.
file a registration covering about 150,000 common shares.
i. Businessrrr-Importers of Japanese liquors and liqueurs.
Price—$5.50. Business—Manufacture of simulated pearl
Proce.eds-i-For expansion, Office—Beverly Hills, Calif.
buttons. Proceeds—For a new plant. Office—Brooklyn,
Underwriter-r-P. J. Gruber & Co., Inc., N. Yi
N. Y. Underwriterrr-Baruch Brothers & Co., Inc., N. Y.
•.
Panhandle Eastern Pipe
line Co.
>
ti, - 196L it was reported, that ihis company ex¬
pects to sell about $72,000,000 of debentures sometime in
1962, subject to FPC approval of its construction program.
Office—120 Broadway, New York City. Underwriters—
Merrill Lynch; Pierce, Fenner
Smith Inc., and Kidder
Peabody & Co^ both of New York City <mgr.). Offering
—Expected in the fourth quarter of 1962.
v
-
,
Eastman" Dillon, Union Securities
.
Pennsylvania Pewer &:Ugfit
..
.
Chairman, stated .that .the company will require about
$93,000,000 in debt financing in the period 1962 to 1970.
Proceeds—For construction and the retirement of $17,-
000,000 of maturing $ bonds. Office—9th and Hamilton
Sts., Allentown, Pa. Underwriters—To be named. The
last sale of bonds on Nov. 29, 1961 was won at com¬
petitive bidding by White, Weld & Co., and Kidder,
Peabody & Co. Otiier bidders were Halsey, Stuart &
Co. Inc.; First Boston Corp.-Drexel .& Co. (jointly).
r#
Public^Service .Co., of .Colorado
March 9,
1962 it
was reported that this company plans
$30,000,000 of common. stock to stockhold¬
through subscription rights during the fourth quar¬
ter of 1962. or the first quarter 1 of 1963: Office—>900 15th
St., Denver, Colo. Underwriters — First Boston Corp.,
Blyth & Co., Inc^ and Smith, Barney ;& Co., Inc.
to sell about
ers
San Diego Gas A Electric Co.
Sept. 12, 1961 it .was reported that this company plana
to sell about 500,000 common to stockholders in mid.1962 to raise some $17^00,000. Office—861 Sixth Ave^
•
San
Diego, Calif. Underwriter—Blyth & Co., Inc., N. Y,
Seaboard Air Line RR.
Jan. 23, 1962 it
was reported that this company plans to
sell $5,565,000.pf 1-15 year equipment trust certificates
later this year. This is the final installment of a $11,-
j
130,000 issue, which; will Jhelp finance the purchase' of
$13,929,533 of. additional rail equipment. Office—3600
W. Broad St^ Richmond, Va. .Underwriters—(Competi¬
tive).. Probable.bidders: Halsey, Stuart
mon Brothers & Hutzler.
&^ Co. Inc.; Salo¬
Southern Bell^ Telephone & Telegraph Co. (5/1)
Feb/ 27, 1962 it was reported/that this A. T. & T. sub¬
sidiary plans to sell $75,000,000 of debentures due May 1,
2001. Proceeds—For construction. Office—67 Edgewood
-
Ave.# S. E., Atlanta, Ga./Underwriters—(Competitive).
Probable bidders:! Morgan Stanley & Co., and Halsey,
Stuart & Co.- Inc. Bids—Expected May 1.
,
,
.
Coi/"''
Feb. 20, 1962 Jack K, Busby, President and C. E. Oakes,
..
•
Under-
Lynch, Pierce, Fenner & Smith Inc.
Marcn
mortgage bOpds in April. Office—2500 14th St;, Gulfport,
.
the stock. Office—135 East 42nd St., N. Y.
writer—Merrill
Mississippi Power Co. (4/12)
On Jan. 12, 1962 it was reported that this subsidiary of
the Southern Co.; plans to offer, $6,000,000 30-year first
pany.
company'a. plan to sell its 400,000 share holdings of
sale by July 15,1964/ The stock was originally obtained
under a Sept. 9, .1958 agreement under which the, two
carriers agreed to a share-for-share exchange of 400,000
000,000) was underwritten by First, Boston Corp., Dillon,
Read & Co. Inc., and Smith, Barney & Co., Inc.
On Mar.1 5, 1962 this company reported that it 'plans
early registration of 150,000 units, each consisting of,
one common share and 1/5 warrant. Price—$2.25.' Busi¬
ness—A corporate guidance and interim ■ financing com¬
Airways, Inc.
National Airlines, Inc.
However, it said Pan Am must
start selling the stock, within, one year and complete the
tution to
•
.
the
ated in 1951
writers—(Competitive). Probable bidders: Halsey, Stuart
Co. Inc.; White, Weld, A Co.-Shields & Co. (jointly);
Harriman Ripley & Co. Inc.-First Boston Corp; (jointly);
Morgan Stanley & Co.
;&
47
Oct. 30,1961 it was reported that the CAB had approved
that the Japanese. Finance
Ministry had authorized the bank to issue $30,000,000
of Guaranteed External Loan Bonds, preferably in the
U. S,, in fiscal 1962. Business—The bank was incorpor¬
Office-^212 West Michigan Ave., Jackson, Mich. Under¬
Creative
Pan American. World
Japan Development Bank
Consumers Power Co;
Jan. 9, 1962 it was reported
•
(1307)
Electric
Generating Co. (11/28)
On Jan. 12, 1962 it was reported that this subsidiary ol
the Southern Co. plans to offer $6,500#000 30-year first
mortgage: bonds to November. Office—600 N. 18th St.,
Birmingham,: Ala. Underwriters — (Competitive) Prob¬
able bidders: First Boston Corp.; Halsey Stuart & Co^
Inc.; White, Weld A Co.-Hiddor, Peabody & Co. (jointly);
Merrill Lynch,:;Pierce,- Fenner A Smith Inc.-Blyth A
Co., Inc. (jointly); Eastman' Dillon, Union Securities &
Co.-Equitable Securities Corp.-Drexel A Co. (jointly)J
Morgan Stanley A Co. Bids—Expected Nov. 28. Regis¬
tration—Scheduled Jor Nov. 1.
Southern
.
-
•«
,
'
•'
K
-
./Southern Pacific Co.
.
(3/29)
Mar. 8, 1962 it was
reported that this company plans to
sell $7,995,000 of 1-15 year equipment trust certificates.
Office—165 Broadway, N. Y., Underwriters—(Competi¬
tive). Probable bidders: Salomon Brothers & Hutzler;
Halsey, Stuart A Co.r Inc. Bids—Mar. 29 at 12 noon
'
(EST).
.
htah PowaiA Llglit JCo«
1
.
.
.
.
Illinois
'
i
Power
Feb: 284 1962 it
Co.
was
writers—To be named. The last sale of bonds
-
May 21,
1.958 was made through'First Boston Corp: Other bidders
'.were: Halsey,• Stuart & Co; Inc.;
White,-Weld. & Co.*
Merrill
Lynch,./Pierce, .Fenner
on
& Smith, Inc. (jointly);
;k Eastman Dillon# Union Securities & Co*.; Harriman'Rip3 ley & Co., Inc.-Glore, Fprgan .& Co.
(jointly).
Bids—Expected May 22.
Virginia' Eloctrtc A Powor Co.
this company plans to
Oct. 2, 1961 it, was reported that
sell $30,000,000 to $40,000,000 of
but
-
Overnite Transportation
reported that this utility expects to
sell $25,000,000 of debt securities in late 1962 or early
1963. Officer-500-South 27th St.. Decatur, 111. Under-
Co.
it was stated that Harwood Cochrane,
president, plans to offer publicly about 140.000 shares
of-his common stock holdings. It is expected that the of¬
fering would be made in late March, subject to approval
Jan.
no
securities in mid-1962
decision has been made yet as to type.
Office—•
Richmond 9, Va/Underwriters—To be named. The last
sale of bonds In June 1961 was handled, by Halsey, Stuart
& Co., Inc. and associates.
25/ 1962
of the ICC.. Business—Company is ;motor carrier
of
freight in Virginia, the Carolinas, Georgia and Tennessee,
Office—UOO Ninth- St. Rd., Richmond, Va. Underwriters
—Hornblower & Weeks; N.1 Y., and J. C; Wheat & Co.,
Richmond.
:
IS/22)
that subject to approval of
directors, the company plans to sell about $20,000,000
of mortgage bonds and $10,000,000 of common stock in
May. Office—1407^W/ Nmth Temple St.; Salt Lake City,
Underwriters—(Competitive). Probable bidders on the
bonds: First Boston Corp.-Blyth A Co., Inc. (jointly);
Kidder, Peabody ' A Co.; Halsey. Stuart A Co., Inc.;
Salomon Brodiers A Hutzler; White, Weld & Co./Stone
& Webster Securities Corp. (jointly); Eastman Dillon,
Union Securities A Co.-Smith, Barney A Co. (jointly);
Lehman Brothers-Bear, Steam :A Co. (jointly). The
last issue of .common on Sept< 17, 1957 was underwritten
by Blyth A Co., Inc.-Ridder, Peabody & Co -Merrill
Lynch, Pierce, Fenner^ A Smith, Inc. (jointly). Other
bidders were First Boston Corp., and Lehman Brothers.
Jan. 17, 1962 it was reported
Virginia Electric A Power Co. (6/5)
1962 it was reported that this company, plans
650,000 common shares. Office—Rich¬
mond 9, Va. Underwriters — (Competitive). Probable
bidders: Merrill Lynch/ Pierce, Fenner & Smith Inc.;
Stone & Webster Securities Co. Bids —; June 5 in New
York City.. Information Meeting—June 1, 1962 at 11:00
a.m. in New>Yark City.
•
March 9,
to offer publicly
.
,
1
•
I
/
.
/
Financial'Chronicle
The Commercial and
(1308)'
48
Thursday, March 15, 1962
tion
WASHINGTON AND YOU
decennial
loss when the next
enumeration
is
conducted.
Meantime, the total population
of the
South as designated by re¬
gions by the Bureau of the Census
BEHIND-THE-SCENES INTERPRETATIONS
remains
CAPITAL
FROM THE NATION'S
as
I960:
*,
Northeast
D. C. —Unques¬
tionably some dramatic popula¬
changes have occurred in the
decade
was
national
tion
reason
Southern States for the past sev¬
of
eral
from several
reports
indicate there
slowdown in the out-
been
a
migration of the Negro race since
last Fall. The primary reason is
the Negro families that once de¬
moved to other
try.
lihood
agriculture for a live¬
on
are
finding
work op¬
more
portunities in the urban areas of
Dixie.
Department of Agriculture
service issued a
The
market research
report
farm real estate market
on
developments
a
that
showed
reached
on
few days which
Nov.
1,
1961,
new
highs.
increases in
12 months.
value in the preceding
Most
farmland
the
of
states
All states ex¬
showed
Maine
31
in
values
farmland
the
of
South chalked up greater percent¬
gains than other sections of
country, but all sections of
our
country showed an uptrend.
The gain in the South—the rise
in Florida was 9% higher than a
the
ago—indicates that the agri¬
over
now
the
impact
sharp
growing out of the out-migration
of so many persons of the Negro
race.
income
Farm
in
South
the
was
higher the past year than at any¬
time since 1953, Perhaps that was
a
contributing
why
factor
many
Negro families are hesitating now
about
following
their
brothers
and sisters to the big cities of the
North, like Chicago, Philadelphia,
New Ybrk, Pittsburgh,
and
Washington,
Baltimore
to name
few.
a
going
not
More
and
industries
more
Growth
races.
portunities, of
rates
and
course,
state.
to
1950s
For
little
was
tional.
are
job
op¬
from
vary
instance
the
The
short
of
population
sensa¬
continues
to increase faster than any South¬
state,
or
the United States
as
whole for that matter.
When
ducted
had
the
it
a
persons.
were
the out¬
fast
or
been
years is the
many,
as
•.'.
-
has
1950
increase
an
of
16.5%.
out-migration
of
more
than 1,400,000 Negroes, the
percentage of increase in popula¬
tion in-the Southern region was,
greater than any region except
the fast-growing West.
Despite
growth has
some
other
as
region
over
Some pro¬
amateur economists
parts of the country.
the
however, that the migration
probably been a good thing
simple reason there have
not been enough jobs to go around
from the nation's Capital and
may not
feel
last
that
population of
Of the total
the "behind the scene"
sections of the South.
during the past
decade, but Louisiana and Texas
grew more rapidly than
the na¬
tional average, and so did Mary¬
land,
Virginia
and
Delaware,
which
called
are
COMING
IN INVESTMENT FIELD
"They DOUBLED their product sales over last weekthis week they sold two!"
Besides the losses in two states,
growth
rates
relatively
were
low, especially in Oklahoma, Ken¬
March
tucky, Alabama and Tennessee.
New
in
rates
Rate
country, but their loss
South
the
are
high.
Therefore,
population of a state or
a
county means that people have
gone somewhere else to live and
make a living. The 16 Southern
states have a total of 1,418 coun¬
traditionally
in
including Texas'
254 and
Georgia's 159, and more than 100
each in Kentucky, North Caro¬
lina and Virginia.
ties,
More
than
800
these
of
coun¬
ties, most of them predominantly
rural, lost population.
On the
other hand there were 249 South¬
counties of the
had
that
than 1,in-migration.
;
Most of these counties
like
counties
were
Harris
urban
County
(Houston), Tex.; Orleans Parish
(New Orleans), La.; Dade County
(Miami),
Fla.,
and
Jefferson
County (Birmingham), Ala., as
examples.
The
the
the fact
of
members
the
from
that
thousands
many
of
white
the
Northern
offset
was
race
moved
states
Studies
by
at the Bu¬
experts
of the Census show that the
migration
states
decade
is
400,000
persons.
parts of
the
estimated
now
this
number
net
migration
the
con¬
white, and 11,500,000 Negro.
Bureau
1950-60
at
of
1,the
is
are
adjust to
Many
equivalent to the
Negroes from
surroundings. That
new
Negroes
age
16.5%
during the
in
of the old
1950 had moved out
Magnolia
in
1959
By
than white opera¬
only
about one-
South
lion-white.
were
left
the
of
white
South
for
per¬
job
in
cline
number
the
soil
rich
the
largest
Delta
sustained
counties
loss
of
Negro
young
Despite
the
large
loss
groes, the percentage of
tion of the Negro race in
in Ne¬
popula¬
Missis¬
sippi, remains the largest of
of the 50
any
states.
Increase in Industrialization
A
or
one
out of seven.
Since
the
1940
of the far-
one
reaching changes of the last dec¬
ade-was
NEW-
of
reduction
)the
in
the
the
the
farms
becoming mechanized, in¬
big robot-type of cotton
cluding
during
the
amounted
1959
the
in
about
■
.
reduction
five
v
in
tion
from
been
the
half
South
the
ly
There
is
1954.
(New York City)
Traders
Security
Association
of
New York Dinner at the Waldorf-
Astoria.
4, 1962
May
(Pittsburgh, Pa.)
Pittsburgh Securities Traders As¬
sociation
Annual
Spring Outing
at the Oakmont Country Club.
May 6-9, 1962
(Seattle, Wash.)
Association
National
Mutual
of
Savings Banks 42nd annual con¬
ference at the -Olympic Hotel.
May 9-12, 1962 (White Sulphur
Springs)
tinue
during:
the
Firms Board
none
the
of
expected
grow
to
Some
Attention Brokers and Dealers
Botany Industries
Maxson
Waste
,
/
Electronics
Official
Our
New
?
Films
King
.
York
telephone number is
CAnal 6-4592
some
LERNER & CO., Inc.
substantially
average,
up
a
Investment Securities
states
10 Post Office Square, Boston
popula-
XSF
9, Mass,
Teletype
Telephone
HUbbard
QUOTED
MARKETS
American Cement
than
and
Southern
roll
Exchange
Governors spring
TRADING
of
faster
national
the
of
that
indication
grow
of
In¬
%:-f-},"',"
average,
doubt
than
but
is
will
Association
meeting at the Dearborn Inn.
were
1960s.
Bankers
meeting of Board of Governors.
the growth in the South will con¬
ISSUES
-
every
no
in
Hotel.
April 27, 1962
usual¬
those
who
Southland, there
more
jobs
for
less
to
of Investment Bank¬
of America, an¬
nual meeting at the St. Anthony
Association
ers
rapidly, but the
South in losing probably gained
economically in the long run. The
people who left got more, and bet¬
ter jobs. When they left their na¬
will
fallen
Texas Group
stead it grew less
ten-
farm
number
migra¬
South, the total
population of this region would
have increased by 19.5%, which
would have been a little larger
one-third. By
had
net
no
the
national
of all
(San Antonio,
(Detroit, Mich.)
states
1959
1962
Stock
the
-
April 8-10,
Tex.)
Association
there
the
1954
at
the Waldorf Astoria Hotel.
May 14-15, 1962
Had
sharecroppers
years
to nearly
number
v
■
As¬
Dinner
Population: Growth Forecast
remained'behind.
agricultural workers
in
was \' dramatic
with
Dealers
Annual
Investment
tive
ants
SOLD
age
Security
36th
er, and a more Stable income than
farming, which is a risky business.
of 'persons
engaged
in
agricultural pursuits in all sec¬
tions of this country. The decline
The
-
average
farmers in the South has increased
than the country as a whole.
study by the Bureau of the
pickers.
BOUGHT
farm
* of
operators,
the
South
still
has
nearly 250,000 commercial farms,
I960.'
number
opportunities in other parts of the
YODR PRIME SOURCE FOR
«#
>;
Many by about five years because fewer
communities in Mississippi had an and fewer
young men are
en¬
even higher rate of out-migration.
gaging in this type of work for a
The counties in the table-top flat, livelihood.
They are seeking high¬
State
South
:
farm
sixth of the farm operators in the
of
The increase of
of
number
Negro operators decreased
rapidly
more
living in Mississippi
Census shows that
thousands
also
the
in
marked
a
young
is True, regardless of the section
of the country, of course. *
More than one-half of the teen
of
South.
sons
decline
been
Many of the small farms lacked
people trying
to find better employment oppor¬ the resources to provide full em¬
tunities. They leave behind their ployment
for the persons who
parents and the older people who were dependent upon them for a
would find it more
difficult to livelihood;
Despite the great de¬
migrants
the
from
other
to
during
country
South
was
also
had
owners.
tors.
to Dixie to make their home.
reau
There
families.
net
Southern
by
more
an
30, 1962 (New York City)
York
sociation
High Birth
Traditionally
Census officials in the capital say
the
EVENTS
.
losses in
population in Arkansas and West
Virginia.
losses
or
may
coincide with the "Chronicle'*"
states
Southern
by the Bureau of the Census. Off¬
Birth
reflect
rate
setting these gains were
the
to
interpretation
views.]
own
only did Florida grow at a
Not
spectacular
55,000,000
43,500,000
census
showed
[This column is intended
has
for the
growth rate in Florida during the
a
;;.
which
Southern
the
fessional and
400
locating in the South and thus are
offering more job opportunities to
both
the
Negro and the white
ern
for
on
been
ern
More Job Opportunities
state
'
•,
,
migration
reason
cultural communities of the South
are
parts of the coun-
\
.
The records show that
age
year
■j
increase
The
tens
had
in many
pended
cept
so
was
in
G:.^
enumerated,
44,677,819, an
by 5,199,833 or
13.2%; North Central 51,619,139,
an increase over 1950 by
7,158,377
or
16.1%; West 28,053,104, an in¬
crease of 7,863,149 or 38.9%; South
54,973,113, an increase of 7,776,025
the
than
growth.
many of the
of
Negroes
thousands
ward
states
Southern
has
a
of the Ne¬
larger urban areas
gro race to the
of the Nation.
However,
been
has
There
years.
tremendous migration
little less
a
average
other
any
nation. Here is the
our
breakdown
WASHINGTON,
than
greater
region of
BS
2-1990
69
Co ve Vitamin & Pharmaceutical
g
for Banks, Brokers, Institutions
Common and Warrants
-
Versapak Film & Packaging
!u„r„ d SIEOEL
V
39
too.,
'/i 2
/fxLy.
19V2
Broadway, New York 6, N. Y.
Common & Warrants
^Sj Carl Marks & Ho. Inc.
FOREIGN
20 BROAD
SECURITIES
STREET
TEL: HANOVER 2-0050
,
Direct
Dlgby 4-2370
Teletype No. N.Y. 1-5237
Wire to Holton, Henderson &
Co., Los Angeles
•
Bought—Sold—Quoted
SPECIALISTS
NEW YORK 5. N. Y.
TELETYPE NY
<
1-971
hill, thompson & co., inc
t
70 Wall Street, New York 5, N. Y.
I Tel. WH
4-4540
Tele. NY 1-0154
@FedFRASER